MIRA INFORM REPORT

Report Date :

21.08.2012

IDENTIFICATION DETAILS

Name :	EASTERN COPPER MANUFACTURING COMPANY PRIVATE LIMITED
Registered Office :	42/ 1, Strand Road, 2^nd Floor, Kolkata – 700007, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.03.1996
Com. Reg. No.:	21-078561
Capital Investment / Paid-up Capital :	Rs. 31.764 Millions
CIN No.: [Company Identification No.]	U27109WB1996PTC078561
TAN No.: [Tax Deduction & Collection Account No.]	CALE01477A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Copper and Aluminium Products.
No. of Employees :	150 (Approximately)

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 400000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company appears to be low. 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 dealings 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	B+ (Long Term Rating)
Rating Explanation	Having high risk of default regarding timely servicing of financial obligation
Date	May 2012

Rating Agency Name	CRISIL
Rating	A4 (Short Term Rating)
Rating Explanation	Having minimal degree of safety regarding timely payment of financial obligation. It carry very high credit risk and susceptible to default
Date	May 2012

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.

INFORMATION PARTED BY

Name :	Mr. Ravi
Designation :	Director
Contact No.:	91-9830042157
Date :	20.08.2012

LOCATIONS

Registered Office :	42/ 1, Strand Road, 2^nd Floor, Kolkata – 700 007, West Bengal, India
Tel. No.:	91-33-22184196/ 22685465/ 33292553
Mobile No.:	91-9830042157 (Mr. Ravi)
Fax No.:	91-33-22684197
E-Mail :	hooks@vsnl.com agarwalrkca@gmail.com info@easterncoppercalcutta.com
Website :	www.easterncoppercalcutta.com
Location :	Owned
Factory :	Banira Industrial Estate, Jalan Complex, Jungalpur, Howrah, West Bengal, India
Tel. No.:	91-33-32980254
Fax No.:	91-33-26692735

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Rajiv Choudhary
Designation :	Director
Address :	13, Hardutt Rai Chamaria Road, Howrah – 711101, West Bengal, India
Date of Birth/Age :	08.09.1965
Date of Appointment :	22.01.2001
DIN No.:	00715736

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	Company/ LLP Status	Defaulting status
1	U27109WB1996PTC078561	EASTERN COPPER MANUFACTURING COMPANY PRIVATE LIMITED	Director	22/01/2001	22/01/2001	Active	NO
2	U74140WB2010PTC143394	EASTERN MERCHANDISE PRIVATE LIMITED	Director	12/03/2010	12/03/2010	Active	NO
3	U74999WB2011PTC164436	EASTERN ALUMINIUM MANUFACTURING COMPANY PRIVATE LIMITED	Director	01/07/2011	01/07/2011	Active	NO

Name :	Mr. Ram Gopal Choudhary
Designation :	Director
Address :	13, Hardutt Rai Chamaria Road, Howrah – 711101, West Bengal, India
Date of Birth/Age :	05.01.1939
Date of Appointment :	07.01.2008
DIN No.:	00973567

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	Company/ LLP Status	Defaulting status
1	U51392WB1952PTC020411	NON FERROUS METAL INDUSTRIES PRIVATE LIMITED	Director	28/09/1996	28/09/1996	Active	NO
2	U27109WB1996PTC078561	EASTERN COPPER MANUFACTURING COMPANY PRIVATE LIMITED	Director	07/01/2008	07/01/2008	Active	NO

Name :	Mr. Ravi Choudhary
Designation :	Director
Address :	13, Hardutt Rai Chamaria Road, Howrah – 711101, West Bengal, India
Date of Birth/Age :	02.10.1963
Date of Appointment :	27.03.1996
Voter ID No.:	WB/24/162/417237
DIN No.:	00715885

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	Company/ LLP Status	Defaulting status
1	U27109WB1996PTC078561	EASTERN COPPER MANUFACTURING COMPANY PRIVATE LIMITED	Director	27/03/1996	27/03/1996	Active	NO
2	U74140WB2010PTC143394	EASTERN MERCHANDISE PRIVATE LIMITED	Director	12/03/2010	12/03/2010	Active	NO
3	U74999WB2011PTC164436	EASTERN ALUMINIUM MANUFACTURING COMPANY PRIVATE LIMITED	Director	01/07/2011	01/07/2011	Active	NO

Name :	Mr. Tanmay Choudhary
Designation :	Director
Address :	13, Hardutt Rai Chamaria Road, Howrah – 711101, West Bengal, India
Date of Birth/Age :	06.01.1990
Date of Appointment :	11.08.2008
DIN No.:	02297500

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Ravi Choudhary	237740
Eastern Merchandise Private Limited, India	783100
Ziwani Barter Private Limited, India	20000
Daisy Abhra Private Limited, India	10000
Sthirlakshmi Mercantile Private Limited, India	20000
Abharani Vinimay Private Limited, India	10000
Active Vincom Private Limited, India	25000
Navratan Vinimay Private Limited, India	15000
DMK Machine O Services Consultants, India	5000
Neral commodities Private Limited, India	15000
Pushpanjali Intrade Private Limited, India	25000
Vidya Devi Choudhary	3300
Harshika Metals Private Limited, India	10000
Sonata Dealers Private Limited, India	10000
Inox Dealers Private Limited, India	15000
Mohit Dealers Private Limited, India	25000
Sri Balaji Dealtrade Private Limited, India	15000
Ashis Choudhary	24750
Ram Gopal Choudhary	261850
Anuj choudhary	11700
Rajiv Choudhary	201450
Manish Choudhary	4990
Sajan Choudhary	6000
S K Choudhary and Sons HUF	6340
Ratan Kumar Choudhary	12500
Suruchi Choudhary	206150
Anuradha Choudhary	141100
Ram Gopal Choudhary (HUF)	275300
Sajan Kumar Choudhary HUF	9700
Pradip Goenka HUF	1000
Ravi Goenka HUF	1000
Ravi Goenka	61000
Ravi Kumar Choudhary (HUF)	235850
Rajiv Choudhary (HUF)	99550
Pushpa Kejriwal	5000
Madalsa Devi Choudhary	315050
Critcare Marketing Private Limited, India	20000
Dipa Choudhary	7000
Anil Goenka HUF	25000
TOTAL	3176420

AS ON 08.12.2011

Names of Allottees	No. of Shares
Patalganga Barter Private Limited, India	3000
Ziwani Barter Private Limited, India	3000
Ankur Steels Limited, India	4000
Abhilasha Tradevin Private Limited, India	4000
Suryoday Suppliers Private Limited, India	4000
Gainfull Suppliers Private Limited, India	4000
Metropole Vinimay Private Limited, India	2000
Genesisvyapaar Private Limited, India	4000
Vantage Vinimay Private Limited, India	4000
Saraswati Vyapaar Private Limited, India	2000
TOTAL	34000

AS ON 30.09.2011

Equity Shares Break Up	Percentage of Holding
Bodies corporate	42.13
Directors or relatives of Directors	37.13
Other top fifty shareholders	20.74
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Copper and Aluminium Products.
Products :	· Copper · Aluminium · Busbars, Flats, Strips, Pipes, Rods, Wires · Tin - Plated Busbars and Wires · Copper Profiles for Commutators · Special Profiles · Anodes · Forged and Cast Copper Contact Clamps, Shoe, Lugs, Equalizer, Terminal Plates and Pressure Rings · Forged and machined Copper components as per customer's drawings · Forged Copper Ring · Extruded and drawn Copper Bus Tubes · Flexible Jumper Busbar · Bunched and Stranded Copper Cable · Water Cooled Cables · Cotton Covered Paper Covered Varnish bonded fiberglass covered Nomex covered round and rectangular Copper conductor.
Exports :
Countries :	· Middle East Countries · South Africa · Pakistan · Sri Lanka · Bangladesh · Bhutan
Imports :
Products :	· Raw Material
Countries :	· Singapore
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Actual Production
Copper Packed	Kgs.	1573422.730
Alluminium	Kgs.	8198.900

GENERAL INFORMATION

Suppliers :

· Sterlite Industries India Limited

Customers :

Wholesalers and Retailers

· Chittaranjan Locomotive Works

No. of Employees :

150 (Approximately)

Bankers :

· Small Industries Development Bank of India (SIDBI), Kotak Branch, 8^th Floor, Constantia Building, 11, Dr. U. N. Brahmachari Street, Kolkata-700017, West Bengal, India

· The Federal Bank Limited, NW – 101, Belilious Park, East West Bye Pass Road, Howrah – 711101, West Bengal, India

· ICICI Bank

· Citi Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
The Federal Bank Limited (Cash Credit) (Secured against Hypothecation of stock and Factory Building)	134.051	54.408
The Federal Bank Limited (Term Loan) (Secured against Hypothecation of Machinery)	21.006	22.112
CITI Bank (Car Loan) (Secured against Car)	0.000	0.012
Kotak Mahindra Bank Limited (Car Loan) (Secured against Car)	0.075	0.177
Axis Bank (Car Loan) (Secured against Car)	0.137	0.233
The Federal Bank Limited (Car Loan) (Secured against Car)	0.000	0.256
HDFC Bank Limited Car Loan (Ford) (Secured against car)	0.280	0.000
HDFC Bank Limited Car Loan (Tata Pickup) (Secured against car)	0.600	0.000
The Federal Bank Limited Loan A/c (Secured against Fixed Deposit)	0.000	0.566
SIDBI (Secured against fixed Deposit)	2.405	0.000
The Federal Bank Limited Loan A/C (Secured against hypothecation of Machinery)	2.930	0.000
TOTAL	161.484	77.764
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors, Shareholders, Relatives of Directors and Company/ Firm in which directors are substantially Interested	2.393	2.671
Others	25.912	16.025
TOTAL	28.305	18.696
Federal Bank Cash Credit Limit Rs. 200.000 Millions and TL Limit Rs. 5.000 Millions

Banking Relations :	--
Auditors :
Name :	R.A.D.S. and Company Chartered Accountants
Address :	“Siddha Gibson”, Suite No.214, 2^nd Floor, 1 Gibson Lane, Kolkata – 700069, West Bengal, India
Tel. No.:	91-33-22318715/ 8971/ 30228156
Facsimile :	91-33-22318971
Email :	info@radsco.in
Website :	www.radsco.in
PAN No.:	AAFFR5845P
Sister Concern :	· Choudhary Metal and Alloy Company · Inter Sales India

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs. 35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3176420	Equity Shares	Rs.10/- each	Rs. 31.764 Millions

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs. 35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3210420	Equity Shares	Rs.10/- each	Rs. 32.104 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		31.764	31.764	29.364
2] Share Application Money		17.000	0.000	0.000
3] Reserves & Surplus		51.437	47.778	23.059
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		100.201	79.542	52.423
LOAN FUNDS
1] Secured Loans		161.484	77.764	56.576
2] Unsecured Loans		28.305	18.696	2.946
TOTAL BORROWING		189.789	96.460	59.522
DEFERRED TAX LIABILITIES		1.055	0.620	0.588
TOTAL		291.045	176.622	112.533
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		112.785	44.053	40.362
Capital work-in-progress		0.000	43.102	2.612
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	112.983	47.456	32.883
	Sundry Debtors	117.209	71.606	46.005
	Cash & Bank Balances	18.214	14.143	12.132
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	27.316	17.184	15.407
Total Current Assets		275.722	150.389	106.427
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	48.044	33.279	23.346
	Other Current Liabilities	48.143	26.337	12.400
	Provisions	1.275	1.306	1.124
Total Current Liabilities		97.462	60.922	36.870
Net Current Assets		178.260	89.467	69.557
MISCELLANEOUS EXPENSES		0.000	0.000	0.002
TOTAL		291.045	176.622	112.533

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	686.103	416.584	377.052
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		37.461	18.520	13.097
Less	FINANCIAL EXPENSES		21.518	10.229	8.022
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		15.943	8.291	5.075
Less/ Add	DEPRECIATION/ AMORTISATION		10.747	4.339	4.299
	PROFIT BEFORE TAX		5.196	3.952	0.776
Less	TAX		1.537	0.809	0.745
	PROFIT AFTER TAX		3.659	3.143	0.031
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.283	2.140	2.109
	BALANCE CARRIED TO THE B/S		8.942	5.283	2.140
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	47.947	20.436	20.407
	TOTAL EARNINGS		47.947	20.436	20.407
	Earnings Per Share (Rs.)		1.15	1.07	0.01

Particulars	31.03.2012
Sales Turnover (Approximately)	800.000

Expected Sales (2012-2013) : Rs.1000.000 Millions

The above information has been parted by Mr. Ravi.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	0.76	0.95	0.21
Return on Total Assets (PBT/Total Assets}	(%)	1.34	2.03	0.53
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	0.01
Debt Equity Ratio (Total Liability/Networth)		2.88	1.98	1.84
Current Ratio (Current Asset/Current Liability)		2.83	2.47	2.89

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

FORM 8

Corporate identity number of the company	U27109WB1996PTC078561
Name of the company	EASTERN COPPER MANUFACTURING COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	42/ 1, Strand Road, 2^nd Floor, Kolkata – 700 007, West Bengal, India E-Mail: hooks@vsnl.com
This form is for	Modification of charge
Charge identification number of the charge to be modified	10273912
Type of charge	· Movable property (not being pledge)
Particular of charge holder	Small Industries Development Bank of India (SIDBI), Kotak Branch, 8^th Floor, Constantia Building, 11, Dr. U. N. Brahmachari Street, Kolkata-700017, West Bengal, India
Nature of instrument creating charge	Deed of Hypothecation executed by the company in favour of SIDBI
Date of instrument Creating the charge	27.02.2012
Amount secured by the charge	Rs. 6.200 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Loan I of Rs.2.400 Millions : 10% p.a. p.m. subject to coverage under Energy Efficiency Line of Credit Loan II of Rs.3.800 Millions: PLR+0.5% (presently 13.25% p.a. p.m.). Reset every 2years. Terms of repayment Loan I of Rs. 2.400 Millions: 40 monthly installments of Rs. 0.060 Million each commencing after 3 months from date of first disbursement of the loan. Loan II of Rs. 3.800 Millions: 50 monthly installments of Rs. 0.076 Million each commencing after 6 months from date of first disbursement of loan. Margin Loan I : 28.89% approx. Loan II : 33.33% Extent and operation of the charge The charge operates as an exclusive first charge / extension of exclusive first charge on movable properties of the company in favour of SIDBI to secure due repayment and discharge by company to SIDBI of its Term Loan II of Rs.3.800 Millions with all dues payable as per Letter of Intent dated February 27, 2012 / Loan Agreement dated February 27, 2012 in addition to exclusive first charge already created for securing earlier Term Loan I of Rs.2.400 Millions. Total amount secured is Rs.6.200 Millions. Other Terms and conditions as per Letter of Intent dated February 27, 2012 / Loan Agreement dated February 27, 2012.
Short particulars of the property charged (Including location of the property)	Movable properties of the Company pertaining to its project as described in the Loan agreement including, movable, plant, machinery, machinery spares, tools and accessories, and all other movable, present and future; located at Company's factory at Baniara Industrial Estate, Jalan Complex, Right Lane - 6, Jungalpur, Domjur, Howrah [(J.L. No. 26, R.S. Khatian No. 307, appertaining to R.S. Dag No. 631 in Mouza Baniara, ADSR Office Domjur], District Howrah. All movable assets hypothecated to SIDBI vide earlier Deed of Hypothecation dated March 21, 2011
Particulars of the present modification	The company has extended exclusive first charge on movable assets already charged to SIDBI to also secure Term Loan II of Rs.3.800 Millions from SIDBI (in addition to securing existing Term Loan I of Rs.2.400 Millions from SIDBI) and created exclusive first charge on movable assets to be acquired under project being assisted by Term Loan II of Rs.3.800 Millions from SIDBI, in favour of SIDBI. Amount secured stands enhanced from Rs. 2.400 Millions to Rs.6.200 Millions.

TRADE REFERENCES

· Sterlite Industries India Limited

· Chittaranjan Locomotive Works

FIXED ASSETS

· Factory Land

· Factory Shed

· Plant and Machinery

· Bobbins

· Tools and Dies

· Factory Building

· Electrical Fittings

· Generator

· Motor Car

· Motor Cycle

· Furniture

· Office Equipment

· Computers

· Mobile Phone

· Air Conditioner

· Motor Pump

· Refrigerator

· Transformer

· Water Pump

· Tubewell

· Television

WEBSITE DETAILS:

PROFILE:

Subject, a name that is synonymous with India's most trusted producers of critical industrial copper semies. Over the years, their products have proven their superiority in terms of quality in processing and manufacturing of advanced industrial products both in the domestic and industrial market. They achieve their strategic objectives by continuously updating their product range, introducing new processes and identifying new application areas for products.

Upgradation and quality control play a key role in the subject strategy. They want to continue to set ourselves apart from their competitors through their products and services and further increasing their competitive advantage. Market responsiveness and close coordination with their customer base on a regular basis enables them to identify market needs at an early stage and to guide their upgradation process on a targeted basis.

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 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. 55.70
UK Pound	1	Rs. 87.54
Euro	1	Rs. 68.85

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	DPT

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	YES
--AFFILIATION	YES/NO	YES
--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.