MIRA INFORM REPORT

Report Date :

06.02.2012

IDENTIFICATION DETAILS

Name :	AMITASHA ENTERPRISES PRIVATE LIMITED
Registered Office :	101, Dharmapeth Extension, Shivaji Nagar, Nagpur – 440010, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.04.1993
Com. Reg. No.:	11-071552
Capital Investment / Paid-up Capital :	Rs.42.000 Millions
CIN No.: [Company Identification No.]	U27200MH1993PTC071552
TAN No.: [Tax Deduction & Collection Account No.]	NGPA00529E
PAN No.: [Permanent Account No.]	AABCA4423B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Providers of Turnkey Solutions in the field of High Voltage Transmission Line Tower, Telecommunication Towers and Custom Built Steel Structures.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba [53]

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 2060000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financial position of the company appears to be good. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	101, Dharmapeth Extension, Shivaji Nagar, Nagpur – 440010, Maharashtra, India
Tel. No.:	91-7104-235536
Fax No.:	91-7104-235208
E-Mail :	shilpa@amitasha.com
Website :	http://www.amitasha.com
Factory :	36, Village Nildoh, Hingna Road, Nagpur - 440016, Maharashtra, India
Tel. No.:	91-7104-236198 / 235207
Fax No.:	91-712-2248288
E-Mail :	aepl@amitasha.com

DIRECTORS

As on 30.09.2011

Name :

Mrs. Vimla Surendramohan Singh

Designation :

Director

Address :

F/No. 101, Yesh Complex, Telankedi Layout, Near SBI, Ati Road, Nagpur – 440033, Maharashtra, India

Date of Birth/Age :

26.10.1941

Date of Appointment :

17.04.1993

DIN :

02170720

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29290MH1983PTC029484	SUNRISE STEEL INDUSTRIES PRIVATE LIMITED	Director	16/03/1983	16/03/1983	Active	NO
2	U27200MH1993PTC071552	AMITASHA ENTERPRISES PRIVATE LIMITED	Director	17/04/1993	17/04/1993	Active	NO
3	U27200MH1999PTC120088	ANSHIKA FASTENERS PRIVATE LIMITED	Director	28/05/1999	28/05/1999	Active	NO
4	U51109MH2010PTC200860	VIMLA TRADELINK PRIVATE LIMITED	Director	13/03/2010	13/03/2010	Active	NO

Name :

Mr. Rajendra Mohan Singh

Designation :

Managing Director

Address :

101, Shivaji Nagar, Nagpur - 440010, Maharashtra, India

Date of Birth/Age :

21.03.1961

Date of Appointment :

01.04.2008

DIN :

01538980

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29290MH1983PTC029484	SUNRISE STEEL INDUSTRIES PRIVATE LIMITED	Director	16/03/1983	16/03/1983	Active	NO
2	U27200MH1999PTC120088	ANSHIKA FASTENERS PRIVATE LIMITED	Director	28/05/1999	28/05/1999	Active	NO
3	U27200MH1993PTC071552	AMITASHA ENTERPRISES PRIVATE LIMITED	Managing director	1/4/2008	4/12/1999	Active	NO
4	U51109MH2010PTC200353	HARNEET TRADELINK PRIVATE LIMITED	Director	23/02/2010	23/02/2010	Active	NO
5	U24117WB1983PTC036426	ALEX POLYMERS PVT LTD	Director	2/3/2010	2/3/2010	Active	NO
6	U51909WB2007PTC119097	NIRAJ VINIMAY PRIVATE LIMITED	Director	17/05/2010	17/05/2010	Active	NO

Name :

Mr. Yogendra Mohan Surendra Mohan Singh

Designation :

Director

Address :

101, Dharampeth, Nagpur - 440010, Maharashtra, India

Date of Birth/Age :

3.08.1963

Date of Appointment :

12.04.1993

DIN :

02361791

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29290MH1983PTC029484	SUNRISE STEEL INDUSTRIES PRIVATE LIMITED	Director	30/05/1988	30/05/1988	Active	NO
2	U27200MH1993PTC071552	AMITASHA ENTERPRISES PRIVATE LIMITED	Director	12/4/1993	12/4/1993	Active	NO
3	U27200MH1999PTC120088	ANSHIKA FASTENERS PRIVATE LIMITED	Director	28/05/1999	28/05/1999	Active	NO
4	U74900MH2010PTC200011	MANUJ ENTERPRISES PRIVATE LIMITED	Director	11/2/2010	11/2/2010	Active	NO
5	U24117WB1983PTC036426	ALEX POLYMERS PRIVATE LIMITED	Director	2/3/2010	2/3/2010	Active	NO
6	U51909WB2007PTC119097	NIRAJ VINIMAY PRIVATE LIMITED	Director	17/05/2010	17/05/2010	Active	NO

Name :

Mrs. Harneet Rajendra Singh

Designation :

Director

Address :

101, Shivaji Nagar,, Dharampeth Extension, Nagpur - 440010, Maharashtra, India

Date of Birth/Age :

18.11.1965

Date of Appointment :

12.04.1993

DIN :

00225386

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27200MH1993PTC071552	AMITASHA ENTERPRISES PRIVATE LIMITED	Director	12/4/1993	12/4/1993	Active	NO
2	U51109MH2010PTC200353	HARNEET TRADELINK PRIVATE LIMITED	Director	23/02/2010	23/02/2010	Active	NO

Name :

Mr. Jagjot Singh Anand

Designation :

Director

Address :

G - 14, Sector -39, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

26.10.1964

Date of Appointment :

01.04.2008

DIN :

00588056

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U55202DL2004PTC125432	ABG CATERING SERVICES PRIVATE LIMITED	Director	15/01/2005	15/01/2005	31/01/2012	Active	NO
2	U74899DL2005PTC141067	PRECISION EQUITY PARTNERS PRIVATE LIMITED	Director	22/09/2005	22/09/2005	3/3/2008	Active	NO
3	U23201DL2005FTC141975	ENSEARCH PETROLEUM PRIVATE LIMITED	Director	3/3/2008	22/08/2006	-	Active	NO
4	U11201DL2005PTC142975	EN QUEST PROJECTS PRIVATE LIMITED	Additional director	22/08/2006	22/08/2006	-	Active	NO
5	U11102MH2006PTC159351	FLAT EARTH OIL AND GAS PRIVATE LIMITED	Director	24/08/2006	24/08/2006	28/09/2007	Active	YES
6	U11200MH2006PTC160232	FLAT OCEAN RESOURCES PRIVATE LIMITED	Director	28/08/2006	28/08/2006	25/08/2007	Active	NO
7	U23200MH2006PTC159354	BLUE OCEAN OIL AND GAS PRIVATE LIMITED	Director	29/08/2006	29/08/2006	25/08/2007	Active	YES
8	U65929DL1997PTC086138	ULIKE INFINLEASE PRIVATE LIMITED	Director	29/09/2007	20/03/2007	-	Active	NO
9	U27200MH1993PTC071552	AMITASHA ENTERPRISES PRIVATE LIMITED	Director	1/4/2008	1/4/2008	-	Active	NO
10	U11101DL2009PTC190928	GRH OIL AND GAS PRIVATE LIMITED	Director	4/6/2009	4/6/2009	-	Active	NO
11	U11100DL2009PTC193631	GRH HOLDINGS PRIVATE LIMITED	Director	27/08/2009	27/08/2009	-	Active	NO
12	U14200DL2010PTC197845	TERRAQUEST GEOPHYSICAL SERVICES PRIVATE LIMITED	Director	11/1/2010	11/1/2010	-	Active	NO
13	U11200DL2010PTC210649	ENQUEST DRILLING PRIVATE LIMITED	Director	22/11/2010	22/11/2010	-	Active	NO
14	U74996DL2006PTC153202	ENQUEST OFFSHORE PRIVATE LIMITED	Director	4/6/2011	16/01/2011	-	Active	NO
15	U55101DL2011PTC225231	BLAZE HOSPITALITY PRIVATE LIMITED	Director	20/09/2011	20/09/2011	-	Active	NO

Name :

Mr. Tapankumar Ramanimohan Datta

Designation :

Director

Address :

Lokseva Nagar, Bhamti, Nagpur - 440022, Maharashtra, India

Date of Birth/Age :

05.01.1946

Date of Appointment :

01.01.2007

DIN :

01297147

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vimla Surendramohan Singh	842778
S. M. Singh (HUF)	490762
Rajendra Mohan Singh	833064
R. M. Singh (HUF)	455762
Harneet Rajendra Singh	44402
Yogendra Mohan Singh	833064
Y.M.Singh (HUF)	455762
Renu Yogendra Singh	44402
Sunrise Steel Industries Private Limited, India	200004
Total	4200000

As on 30.09.2011

Equity Share Break Up Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Providers of Turnkey Solutions in the field of High Voltage Transmission Line Tower, Telecommunication Towers and Custom Built Steel Structures.

PRODUCTION STATUS [As on 31.03.2011]

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Finished [Mfg]	MT			30114.48
Scrap Steel	MT			1507.925***
*** Includes 186.911 MT generated from Jobwork Production.

Particulars	Unit	Installed Capacity	Actual Production
Galvanised Transmission.Line Towers
a. Production with Own Raw Material	MT	42000	30114.48
b. Production with Client’s Raw Material	MT	42000	6327.99
Note: The Company does not require obtaining capacity license for its product

GENERAL INFORMATION

Customers :

-Power Grid corporation of India Limited
-KEC International Limited
-Kalpataru Power Transmission Limited
-West Bengal State Electricity Board
-Various State Electricity Boards

-ABB Transmit Oy. Finland
-ABB – Sweden, Norway and Germany
-Siemens, Germany
-SAG GmbH, Germany

-Tata Projects Limited
-Ericsson India Limited

No. of Employees :

Not Available

Bankers :

• Punjab National Bank, MIDC Hingna Road Branch, Hingna Road, Nagpur - 440012, Maharashtra, India
• State Bank of India
• HDFC Bank
• ICICI Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans from banks	[A]338.701	[B]116.866
Rupee term loans from financial institutions	[C]4.195	[D]5.427
Deferred sales tax loan	6.082	6.082
Total	348.978	128.375
(A) SBI Term Loan - I and SBI Term Loan - II Rs.7.653 millions SBI IFB - Cash Credit Account 331.048 millions (B) SBI Term Loan - I 3.787millions SBI Term Loan - II 21.759 millions SBI IFB - Cash Credit Account 91.319 millions (C) HDFC Bank Loan A/c (Accord) and HDFC Bank Loan A/c (Maruti Dzire) 0.057 million HDFC Bank Loan A/c (Maruti SX4) 0.038 million HDFC Bank Loan A/c (Benz) 2.740 millions HDFC Bank Loan A/c (Vento) 0.700 million ICICI Bank Loan A/c ( Civic) 0.658 millions (D) HDFC Bank Loan A/c (Accord) 0.186 million HDFC Bank Loan A/c (Maruti Dzire) 0.217 million HDFC Bank Loan A/c (Maruti SX4) 0.254 million HDFC Bank Loan A/c (Benz) 3.800 millions HDFC Bank Loan A/c (Vento) and ICICI Bank Loan A/c ( Civic) 0.969 million
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Other debt – Anshika Investments	6.496	6.168
Total	6.496	6.168

Banking Relations :	--
Auditors :
Name :	Dhoot Bagadia and Company Chartered Accountants
Address :	Saraswat Bank Building, Gandhibagh, Nagpur, Maharashtra, India
PAN :	AAAFD7387D
Related Parties :	Anshika Fasteners Private Limited Anshika Investments Sunrise Steel Industries Private Limited Sai Servo Station S.M.Singh and Company Enquest Drilling Private Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,200,000	Equity Shares	Rs.10/- each	Rs.42.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		42.000	42.000	42.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		475.197	450.119	327.090
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		517.197	492.119	369.090
LOAN FUNDS
1] Secured Loans		348.978	128.375	267.084
2] Unsecured Loans		6.496	6.168	8.054
TOTAL BORROWING		355.474	134.543	275.138
DEFERRED TAX LIABILITIES		9.235	8.508	9.043
TOTAL		881.906	635.170	653.271
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		152.466	142.366	141.777
Capital work-in-progress		4.188	0.000	0.000
INVESTMENT		20.010	6.500	1.400
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	247.933	314.122	276.312
	Sundry Debtors	626.824	456.375	465.980
	Cash & Bank Balances	35.568	32.692	22.513
	Other Current Assets	58.088	32.496	105.229
	Loans & Advances	85.317	131.270	9.572
Total Current Assets		1053.730	966.955	879.606
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	275.642	351.845	154.476
	Other Current Liabilities	16.953	28.913	156.964
	Provisions	55.963	100.026	58.267
Total Current Liabilities		348.558	480.784	369.707
Net Current Assets		705.172	486.171	509.899
MISCELLANEOUS EXPENSES		0.070	0.133	0.195
TOTAL		881.906	635.170	653.271

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1830.945	1755.972	1501.705
		Other Income	30.740	28.756	12.861
		TOTAL	1861.685	1784.728	1514.566
Less	EXPENSES		1758.385	1543.506	1405.157
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION		103.300	241.222	109.409
Less/ Add	DEPRECIATION/ AMORTISATION		21.467	19.348	18.820
	PROFIT / [LOSS] BEFORE TAX		81.833	221.874	90.589
Less	TAX		32.187	74.178	35.368
	PROFIT / [LOSS] AFTER TAX		49.646	147.696	55.221
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	NA
Less	APPROPRIATIONS
		Proposed Dividend	21.000	21.000	9.040
		Tax on Dividend	3.568	3.568	1.537
	BALANCE CARRIED TO THE B/S		NA	NA	44.644
	IMPORTS – Capital Goods		NA	4.534	NA
	Earnings/[Loss] Per Share (Rs.)		11.82	35.14	13.15

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.67	8.27	3.64
Net Profit Margin (PBT/Sales)	(%)	4.47	12.63	6.03
Return on Total Assets (PBT/Total Assets}	(%)	6.78	20.00	8.87
Return on Investment (ROI) (PBT/Networth)		0.16	0.45	0.24
Debt Equity Ratio (Total Liability/Networth)		1.36	1.25	1.75
Current Ratio (Current Asset/Current Liability)		3.02	2.01	2.38

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE :

The Financial results have shown a marked improvement over the previous year, for the same period, The Company has achieved healthy growth rate in turnover during the year. Therefore, the income from Manufacturing and Providers of Turnkey Solutions in the field of High Voltage Transmission Line Tower, Telecommunication Towers and Custom Built Steel Structures has increased from Rs. 1755.971 millions to Rs. 1830.945 millions. The Company expects better performance during the year.

CURRENT SCENARIO:

Set up in the Hingna Road Industrial Area of Nagpur, in the Sate of Maharastra (India) AMITASHA’s plant houses a modern Fabrication Facality rigged with necessary infrastructure including CNC Lines to fabricate high precision steel structures with amazing accuracy and a Galvanizing Plant with a bath size 10 x 0.9 x 1.5 meters with a holding capacity of 100 MT of zinc and a comprehensive production capacity of 24000 MT per annum. In house test laboratory is fully equipped to carry out all the required tests as per Indian, British, American, ISO and other specification as per client requirements. With its dedicated resolve to "Deliver as Committed" AMITASHA has earned a high reputation in dependability with its clients. For major projects in India, it is now associated with domestic and international power and telecom major such as TATA Projects, ABB Sweden, Siemens Germany , Ericsson India , Tata Tele Services etc. The Customer list for Transmission Line Tower includes Power Utilities and Power Majors from more than 20 countries. AMITASHA has been the first company in India to have successfully manufactured and supplied complete Emergency Restoration System structures to power Grid corporation of India, For the 800 KV Kishenpur Moga Line, in association with COBRA of Spain. AMITASHA was again the first in India to Engineer, Manufacture, Supply and Install the entire Steel Work for the 2 X 500 MV Back-to-Back Convertor at the Bhadravati Sub-Station of Powergrid Corporation of India Limited. This Project was executed for Powergrid Corporation on behalf of GEC ALSTOM T and D of UK.

FUTURE OUTLOOK:

In the current year the Company is looking for new areas for its products application, which has resulted in development of new areas of Company’s products. The Company is confident of achieving increased turnover and profit for the year. The Company has laid special emphasis on development for export market and has increased its efforts in this direction, which has resulted into encouraging results for the Company.

Contingent Liabilities

a) Following are the guarantees given by the company during the year 2010-11

PARTICULARS AMOUNT ( Rs.in millions)

Bank Guarantee with SBI 35.766

Bank Guarantee with PNB -

Total 35.766

Against the total bank guarantee of Rs.35.766 millions, the company has provided margin money in the form of FDR amounting to Rs.5.087 millions to SBI.

b) Company has filed appeals at appropriate level for disputed Excise Duty and Disputed Sales Tax. In the opinion of management it is expected the favorable outcome, based on the decision in earlier assessment year therefore contingent liability is not provided for.

Bankers Charges Report as per Registry

Corporate identity number of the company	U27200MH1993PTC071552
Name of the company	AMITASHA ENTERPRISES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	101, Dharampeth Extension, Shivaji Nagar, Nagpur – 440010, Maharashtra, India
This form is for	Creation of charge
Type of charge	Movable Property
Particular of charge holder	Punjab National Bank, MIDC Hingna Road Branch, Hingna Road, Nagpur - 440012, Maharashtra, India Email : avmcompanysecretaries@gmail.com
Nature of instrument creating charge	1. Agreement of Hypothecation of Goods, 2. Counter Indemnity (Both Documents constitute for combined charge)
Date of instrument Creating the charge	23.04.2011
Amount secured by the charge	Rs.6.615 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - Interest rate or such other rate as agreed between the Borrower Company and the Bank from time to time. Penal Interest in addition to agreed rate in case of default. Terms of Repayment - Repayment, 179 Days Margin - Margin rate, 10% in the shape of FDR under Bank Lien Extent and Operation of the charge - At the request of the Borrower Company the Bank has sanctioned Foreign Letter of Guarantee for Euro 105000.00 equivalent to INR Rs.6.615 millions against First Charge and Hypothecation of All Goods and Moveable Property of the Company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First Charge and Hypothecation of All Goods and Moveable Property of the Company.

FIXED ASSETS :

• Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Computer
• Office Equipments
• Vehicles

Web Details

Company Profile

Amitasha was set up in 1993 with a modest plant capacity of 600 MT per month in association with KEC International Limited, India’s premier tower manufacturing company. After a successful association of seven years with KEC, AMITASHA has over the past six years established itself into a respectable entity by itself. Since that first order there has been no looking back for AMITASHA, which is now confidently associating with major Multi-Nationals for large Power and Telecom projects in India and Abroad.

Current Scenario :

Set up in the Hingna Road Industrial Area of Nagpur , in the Sate of Maharastra (India) AMITASHA’s plant houses a modern Fabrication Facality rigged with necessary infrastructure including CNC Lines to fabricate high precision steel structures with amazing accuracy and a Galvanizing Plant with a bath size 10 x 0.9 x 1.5 meters with a holding capacity of 100 MT of zinc and a comprehensive production capacity of 24000 MT per annum. In house test laboratory is fully equipped to carry out all the required tests as per Indian , British , American , ISO and other Specification as per client requirements.

With its dedicated resolve to “Deliver as Committed” AMITASHA has earned a high reputation in dependability with its clients. For major projects in India, it is now associated with domestic and international power and telecom major such as TATA Projects, ABB Sweden, Siemens Germany , Ericsson India , Tata Tele Services etc. The Customer list for Transmission Line Tower includes Power Utilities and Power Majors from more than 20 countries.

AMITASHA has been the first company in India to have successfully manufactured and supplied complete Emergency Restoration System structures to power Grid Corporation of India, For the 800 KV Kishenpur Moga Line, in association with COBRA of Spain.

AMITASHA was again the first in India to Engineer, Manufacture, Supply and Install the entire Steel Work for the 2 X 500 MV Back-to-Back Convertor at the Bhadravati Sub-Station of Powergrid Corporation of India Limited. This Project was executed for Powergrid Corporation on behalf of GEC ALSTOM T and D of UK.

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.48.96
UK Pound	1	Rs.77.46
Euro	1	Rs.64.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		53

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.