MIRA INFORM REPORT

Report Date :

13.08.2012

IDENTIFICATION DETAILS

Name :	TI STEELS PRIVATE LIMITED
Registered Office :	24, Swaran Park, Udyog Nagar, Near Rajdhani Park, Metro Station, Mundka, Delhi – 110041
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.06.2003
Com. Reg. No.:	55-120658
Capital Investment / Paid-up Capital :	Rs.500.000 Millions
CIN No.: [Company Identification No.]	U27109DL2003PTC120658
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Stainless Steel, Duplex and Super Duplex Steel and High Nickel Base Super Alloys steel.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1800000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears accumulated losses recorded by the company. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	D (Long Term Rating)
Rating Explanation	This rating are in default or expected to be in default soon
Date	20.12.2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office / Head Office:	24, Swaran Park, Udyog Nagar, Near Rajdhani Park, Metro Station, Mundka, Delhi – 110041, India
Tel. No.:	91-11-45650645
Fax No.:	91-11-46560645
E-Mail :	nilesh_balaji@hotmail.com sales@tisteels.com
Website:	www.tisteels.com
Corporate Office :	Shop No. 81, C. P. Tank Road, Mumbai- 400 004, Maharashtra, India
Tel. No.:	91-22-66151924/66595024/22425753
Fax No.:	91-22-23810153
E-Mail :	sales@tisteel.com
Factory :	Plot no 15, Phase III, Gondpur Industrial Area, Dist. Sirmour, Paonta Sahib – 173025 Himachal Pradesh, India
Tel. No.:	91-1704-265071
Fax No.:	91-1704-265071/226091
E-Mail :	sales@tisteel.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Rekesh Kapoorchand Sanghvi

Designation :

Director

Address :

Room No. 110, 1st Floor, Kimrah Bhavan, 7th Khetwadi Back Road, Mumbai – 400 004, Maharashtra, India

Date of Birth/Age :

01.06.1978

Date of Appointment :

29.09.2009

DIN No.:

00342793

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27109MH2006PTC163546	VINAY FERROMET PRIVATE LIMITED	Director	04/08/2006	04/08/2006	-	Active	NO
2	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Director	29/09/2009	05/03/2009	-	Active	NO
3	U01403MH2010PTC199413	VINAY AGRI-BUSINESS DEVELOPERS PRIVATE LIMITED	Director	28/01/2010	28/01/2010	-	Active	NO

Name :

Mr. Kapoorchand Ashmalji Sanghvi

Designation :

Managing Director

Address :

7B/9 – III Floor, Navjeevan Society, Lamington Road, Mumbai – 400 008, Maharashtra, India

Date of Birth/Age :

27.09.1952

Date of Appointment :

28.06.2007

DIN No.:

00350861

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27109MH2006PTC163546	VINAY FERROMET PRIVATE LIMITED	Director	04/08/2006	04/08/2006	-	Active	NO
2	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Managing director	29/12/2008	28/06/2007	-	Active	NO
3	U01403MH2010PTC199413	VINAY AGRI-BUSINESS DEVELOPERS PRIVATE LIMITED	Director	28/01/2010	28/01/2010	-	Active	NO

Name :

Ms. Pooja Gambhir

Designation :

Director

Address :

Farm No. 8, Ashoka avenue, Central Drive DLF, Chattarpur, New Delhi – 110 030, India

Date of Birth/Age :

30.11.1977

Date of Appointment :

20.09.2006

DIN No.:

00680298

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1987PTC029285	PRINCE ICE FACTORY PRIVATE LIMITED	Director	13/07/2006	13/07/2006	07/05/2007	Active	NO
2	U45201DL2004PTC124623	AGK PROPERTIES PRIVATE LIMITED	Director	11/08/2006	11/08/2006	03/06/2011	Active	NO
3	U74899DL1995PTC070091	J S MELTING AND ROLLING PRIVATE LIMITED	Director	20/08/2006	20/08/2006	03/06/2011	Active	NO
4	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Director	20/09/2006	20/09/2006	-	Active	NO

Name :

Mr. Nilesh Kapoorchand Sanghvi

Designation :

Director

Address :

7B/9, Navjivan Society, 3rd Floor, Lamington Road, Mumbai – 400 008, Maharashtra, India

Date of Birth/Age :

12.02.1977

Date of Appointment :

29.09.2009

DIN No.:

00881084

Other Directorship:

.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72900MH2000PTC127749	BALAJI INTER INFO SYSTEMS PRIVATE LIMITED	Director	17/07/2000	17/07/2000	30/03/2009	Active	NO
2	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Director	29/09/2009	14/01/2009	-	Active	NO
3	U70100MH2009PTC197989	VINAY REALSTRUCTURE PRIVATE LIMITED	Director	18/12/2009	18/12/2009	-	Active	NO

Name :

Mr. Praveen Jain

Designation :

Director

Address :

F-26/95, Sector 7, Rohini, New Delhi – 110 085, India

Date of Birth/Age :

11.03.1967

Date of Appointment :

25.05.2007

DIN No.:

01354475

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27109DL2004PTC130526	AJAY ALLOYS PRIVATE LIMITED	Director	10/11/2004	10/11/2004	10/02/2009	Active	NO
2	U51909DL2006PTC152164	PARVEEN COMMODITY BROKERS PRIVATE LIMITED	Director	16/08/2010	18/08/2006	10/08/2011	Active	NO
3	U27310DL2006PTC154593	KBSP ALLOYS PRIVATE LIMITED	Director	01/08/2012	03/10/2006	-	Active	NO
4	U74899DL1987PTC029285	PRINCE ICE FACTORY PRIVATE LIMITED	Director	12/04/2009	01/05/2007	-	Active	NO
5	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Director	25/05/2007	25/05/2007	-	Active	NO

Name :

Mr. Abhey Ram Jain

Designation :

Director

Address :

F - 26/95, Sector 7, Rohini, Delhi – 110 085, India

Date of Birth/Age :

15.07.1942

Date of Appointment :

04.08.2008

DIN No.:

01354691

Other Directorship:

No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27109DL2004PTC130526	AJAY ALLOYS PRIVATE LIMITED	Director	10/11/2004	10/11/2004	10/08/2011	Active	NO
2	U27310DL2006PTC154593	KBSP ALLOYS PRIVATE LIMITED	Director	01/08/2012	06/04/2007	-	Active	NO
3	U74899DL1987PTC029285	PRINCE ICE FACTORY PRIVATE LIMITED	Director	01/08/2012	29/10/2007	-	Active	NO
4	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Director	04/08/2008	04/08/2008	-	Active	NO
5	U51909DL2006PTC152164	PARVEEN COMMODITY BROKERS PRIVATE LIMITED	Director	02/03/2009	02/03/2009	10/08/2011	Active	NO

Name :

Mr. Rakhee Rakesh Sanghvi

Designation :

Director

Address :

7B/9, Navjivan Society, 3rd Floor, Lamington Road, Mumbai – 400 008, Maharashtra, India

Date of Birth/Age :

26.02.1977

Date of Appointment :

29.09.2011

DIN No.:

02472195

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Director	29/09/2009	14/01/2009	-	Active	NO

Name :

Ms. Rekha Nilesh Sanghvi

Designation :

Director

Address :

7B/9, Navjivan Society, 3rd Floor, Lamington Road, Mumbai – 400 008, Maharashtra, India

Date of Birth/Age :

27.02.1978

Date of Appointment :

29.09.2009

DIN No.:

02472249

Other Directorship:

No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Director	29/09/2009	14/01/2009	-	Active	NO

Name :

Mr. Kirtikumar Kapoorchand Sanghvi

Designation :

Director

Address :

7B/9, Navjivan Society, 3rd Floor, Lamington Road, Mumbai – 400 008, Maharashtra, India

Date of Birth/Age :

21.10.1978

Date of Appointment :

29.09.2009

DIN No.:

02472299

Other Directorship:

No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Director	29/09/2009	14/01/2009	-	Active	NO
2	U70100MH2009PTC197989	VINAY REALSTRUCTURE PRIVATE LIMITED	Director	18/12/2009	18/12/2009	-	Active	NO

Name :

Ms. Anita Kirt Sanghvi

Designation :

Director

Address :

7B/9, Navjivan Society, 3rd Floor, Lamington Road, Mumbai – 400 008, Maharashtra, India

Date of Birth/Age :

29.04.1976

Date of Appointment :

29.09.2009

DIN No.:

02595958

Other Directorship:

.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Director	29/09/2009	05/03/2009	-	Active	NO

Name :

Mr. Satish Dalichand Sanghvi

Designation :

Director

Address :

201/B, Pratiksha Tower, 2nd Floor, R. S. Nimkar Marg, Faras Road, Mumbai – 400 008, Maharashtra, India

Date of Birth/Age :

01.06.1978

Date of Appointment :

29.09.2009

DIN No.:

02600923

Other Directorship:

.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Director	29/09/2009	26/03/2009	-	Active	NO

Name :

Ms. Stuti Gambhir

Designation :

Director

Address :

Farm No. 8, Ashoka avenue, Central Drive DLF, Chattarpur, New Delhi – 110 030, India

Date of Birth/Age :

26.09.1982

Date of Appointment :

20.09.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vinay Feromat Private Limited, India	12250000
Kapoor Chand A. Sanghavi	1500000
Urmiladevi K Sanghavi	1100000
Rakesh K. Sanghavi	1600000
Nilesh K. Sanghavi	2000000
Kirti K. Sanghavi	2200000
Rakhi R. Sanghavi	2000000
Rekha N. Sanghavi	2000000
Anita K Sanghavi	1300000
Satish D. Sanghavi	150000
Ajay Alloys Private Limited, India	10720000
Prince Ice Factory Private Limited, India	6000000
Abheyram Jain	200000
A G K Properties Private Limited, India	557800
Pearl Handicraft Private Limited, India	100000
Rupa Merchant Private Limited, India	100000
Pooja Gambhir	1820000
Aarti	825000
Stuti Gambhir	1040000
Naresh Gambhir	1988700
Jyoti Gambhir	548500
Total	50000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	59.46
Directors or relatives of Directors	40.54
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Stainless Steel, Duplex and Super Duplex Steel and High Nickel Base Super Alloys steel.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Vijaya Bank, 17 Barakhamba Road, New Delhi – 110001, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	(A)115.415	(C)128.269
Working capital loans banks secured	(B) 66.051	(D) 65.841
Total	181.466	194.110
Note: (A) Secured by way of hypothecation of machinery and building besides personal guarantee of the director's of the company (B) Secured by way of hypothecation of machinery and building besides personal guarantee of the director's of the company (C) Secured against hypothecation of raw material, stores and spares, semi-finished and finished goods, documentary bills and debtors besides personal guarantee of the director's of the company. (D) Secured against hypothecation of raw material, stores and spares, semi-finished and finished goods, documentary bills and debtors besides personal guarantee of the director's of the company.

Banking Relations :	--
Auditors :
Name :	K.M.Agrawal and Company Chartered Accountants
Address :	Opposite State Bank of Patiala, Jagadhari Raod, Yamuna Nagar -135001, Haryana, India
PAN.:	AAEFK8228L

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		500.000	500.000	386.870
2] Share Application Money		0.000	0.0000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(44.085)	(47.612)	0.000
NETWORTH		455.915	452.388	386.870
LOAN FUNDS
1] Secured Loans		181.466	194.110	210.191
2] Unsecured Loans		0.000	0.000	0.700
TOTAL BORROWING		181.466	194.110	210.891
DEFERRED TAX LIABILITIES		7.076	7.638	8.813
TOTAL		644.457	654.136	606.574
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		215.597	246.053	422.204
Capital work-in-progress		200.212	179.337	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	108.871	118.281	128.182
	Sundry Debtors	211.125	349.407	223.501
	Cash & Bank Balances	0.684	0.308	6.190
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	48.015	25.703	51.456
Total Current Assets		368.695	493.699	409.329
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	95.230	126.643	254.948
	Other Current Liabilities	44.470	138.716	21.706
	Provisions	0.700	0.300	0.000
Total Current Liabilities		140.400	265.659	276.654
Net Current Assets		228.295	228.040	132.675
MISCELLANEOUS EXPENSES		0.353	0.706	51.695
TOTAL		644.457	654.136	606.574

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		481.439	254.989
		Other Income		0.534	1.315
		TOTAL (A)	832.771	481.973	256.304
Less	EXPENSES
		Consumption of Raw Material Packing Material Store and Spare etc.		355.213	245.790
		Manufacturing Expenses		26.770	21.927
		Personal Expenses		18.320	4.872
		Administrative Expenses		3.358	3.417
		Selling Expenses		3.534	2.313
		Preliminary Expenses		0.353	0.353
		Increase/Decrease in stock of Finished Goods and Stock in Progress		8.571	(53.847)
		TOTAL (B)	829.071	416.119	224.825
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial and Depreciation )	65.854	31.479
Less	FINANCIAL EXPENSES (D)			28.302	29.653
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			37.552	1.826
Less/ Add	DEPRECIATION/ AMORTISATION (F)			35.709	30.104
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		3.700	1.843	(28.278)
Less	TAX (H)		0.172	(0.875)	2.914
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		3.528	2.718	(31.192)
	Earnings/(Loss) Per Share (Rs.)		0.71	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.42	0.56	12.17
Net Profit Margin (PBT/Sales)	(%)	NA	0.38	11.09
Return on Total Assets (PBT/Total Assets}	(%)	1.00	0.37	6.91
Return on Investment (ROI) (PBT/Networth)		0.01	0.00	0.07
Debt Equity Ratio (Total Liability/Networth)		0.71	1.02	1.26
Current Ratio (Current Asset/Current Liability)		2.63	1.86	1.48

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note:

Registered office of the company has been shifted from Plot No.17-18, 1^st Floor, F – Block, Behind Jain Temple, Commercial Shopping Complex No.1, New Delhi, India to the present address w.e.f.10.02.2011

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U27109DL2003PTC120658
Name of the company	TI STEELS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Farm No. 8, Ashoka Avenue, Central Drive DLF Chhattarpur, New Delhi – 110030, India
Type of charge	Immovable property Movable Property Machinery
Particular of charge holder	Director of Industries of Himachal Pradesh, Through Disrict Industries Centre, HP, District Simor, Nahan – 173001, Himachal Pradesh, India Email: marchech21@rediffmail.com
Nature of description of the instrument creating or modifying the charge	1. Agreement of hypothication for central capital investment subsidy dated 24-04-2008. 2. Agreement for availing central capital investment subsidy dated-24-04-2008.
Date of instrument Creating the charge	14.03.2008
Amount secured by the charge	Rs.3.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per agreement central capital investment subsidy of the applicable scheme. repayment in Terms of Repayment Repayment in case of default by the company agreement of availing central capital investment subsidy dated, 24-04/2008. Margin As per terms and conditions of the agreement.
Short particulars of the property charged	Land, building and machinery of the company situated at Plot No-15, Govindpur Industrial Area Ph-III, Ponta Sahib, HP.

FIXED ASSETS

· Land Leasehold

· Building

· Plant and Machinery

· Furniture and Fixture

· Computer

· Air Conditioner

· Refrigerator

· Television

· Cooler

· Scooter

· Car

· Cycle

· Motor Cycle

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.34
UK Pound	1	Rs.86.45
Euro	1	Rs.68.04

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.