MIRA INFORM REPORT

Report Date :

11.01.2012

IDENTIFICATION DETAILS

Name :	DILIP BUILDCON LIMITED
Registered Office :	E-5/99, Arera Colony, Bhopal – 462016, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.06.2006
Com. Reg. No.:	10-018689
Capital Investment / Paid-up Capital :	Rs.352.380 Millions
CIN No.: [Company Identification No.]	U45201MP2006PLC018689
TAN No.: [Tax Deduction & Collection Account No.]	BPLD2761D
PAN No.: [Permanent Account No.]	AACCD6124B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Real Estate Builders and developers
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 4200000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is doing well. 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 :	E-5/99, Arera Colony, Bhopal – 462016, Madhya Pradesh, India
Tel. No.:	91-755-2461064
Fax No.:	91-755-4247574
E-Mail :	db@dilipbuildcon.co.in
Website :	http://www.dilipbuildcon.co.in

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Dilip Suryavanshi
Designation :	Managing Director
Address :	E-5/90 Arera Colony, Bhopal, Madhya Pradesh, India
Date of Birth/Age :	12.10.1956
Date of Appointment :	12.06.2006
DIN No.:	00039944

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	U85195MP2006PTC018330	SHIVAM MEDICAL AND RESEARCH INSTITUTE PRIVATE LIMITED	Director	01-07-11	25-01-06	25-08-11	Active	NO
2	U45201MP2006PLC018689	DILIP BUILDCON LIMITED	Managing director	26-08-10	12-06-06	-	Active	NO
3	U92490MP2006PTC019134	DILIP MASS COMMUNICATION PRIVATE LIMITED	Director	01-07-11	18-12-06	-	Active	NO
4	U45203MP2007PTC019459	SURYAVANSHI INFRASTRUCTURE PRIVATE LIMITED	Managing director	22-09-07	19-04-07	-	Active	NO
5	U13100MP2006PTC018743	KYMORE IRON ORE PVT LTD	Director	04-05-10	04-05-10	-	Active	NO
6	U62200MP2010PTC023673	HIGH FLY AIRLINES PRIVATE LIMITED	Director	31-05-10	31-05-10	-	Active	NO
7	U14200MP2010PTC024166	SURYAVANSHI MINERALS PRIVATE LIMITED	Director	19-08-10	19-08-10	-	Active	NO
8	U55101MP2010PTC023903	WINNER HOTELS PRIVATE LIMITED	Director	30-10-10	30-10-10	-	Active	NO
9	U45200MP2011PLC026188	DBL NADIAD MODASA TOLLWAYS LIMITED	Director	18-06-11	15-06-11	-	Active	NO
10	U45200MP2011PLC026234	DBL SARDARPUR BADNAWAR TOLLWAYS LIMITED	Director	22-06-11	22-06-11	-	Active	NO
11	U45200MP2011PLC026586	DBL SILWANI-SULTANGANJ TOLLWAYS LIMITED	Director	17-08-11	17-08-11	-	Active	NO
12	U45300MP2011PLC027193	DBL MUNDI-SANAWAD TOLLWAYS LIMITED	Director	28-11-11	28-11-11	-	Active	NO
13	U45200MP2011PLC027212	DBL SITAMAU-SUWASARA TOLLWAYS LIMITED	Director	29-11-11	29-11-11	-	Active	NO

Name :	Mrs. Seema Suryavanshi
Designation :	Director
Address :	E-5/90 Arera Colony, Bhopal, Madhya Pradesh, India
Date of Birth/Age :	07.11.1961
Date of Appointment :	12.06.2006
DIN No.:	00039946

Other Directorship:

Top of Form S.No. Bottom of Form	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	U85195MP2006PTC018330	SHIVAM MEDICAL AND RESEARCH INSTITUTE PRIVATE LIMITED	Director	25-01-06	25-01-06	25-08-11	Active	NO
2	U45201MP2006PLC018689	DILIP BUILDCON LIMITED	Whole-time director	26-08-10	12-06-06	-	Active	NO
3	U92490MP2006PTC019134	DILIP MASS COMMUNICATION PRIVATE LIMITED	Director	18-12-06	18-12-06	-	Active	NO
4	U45203MP2007PTC019459	SURYAVANSHI INFRASTRUCTURE PRIVATE LIMITED	Director	19-04-07	19-04-07	-	Active	NO
5	U13100MP2006PTC018743	KYMORE IRON ORE PRIVATE LIMITED	Director	04-05-10	04-05-10	-	Active	NO
6	U62200MP2010PTC023673	HIGH FLY AIRLINES PRIVATE LIMITED	Director	31-05-10	31-05-10	-	Active	NO
7	U14200MP2010PTC024166	SURYAVANSHI MINERALS PRIVATE LIMITED	Director	19-08-10	19-08-10	-	Active	NO
8	U55101MP2010PTC023903	WINNER HOTELS PRIVATE LIMITED	Director	30-10-10	30-10-10	-	Active	NO
9	U45200MP2011PLC026188	DBL NADIAD MODASA TOLLWAYS LIMITED	Director	15-06-11	15-06-11	-	Active	NO
10	U45200MP2011PLC026234	DBL SARDARPUR BADNAWAR TOLLWAYS LIMITED	Director	22-06-11	22-06-11	-	Active	NO
11	U45200MP2011PLC026586	DBL SILWANI-SULTANGANJ TOLLWAYS LIMITED	Director	17-08-11	17-08-11	-	Active	NO
12	U45300MP2011PLC027193	DBL MUNDI-SANAWAD TOLLWAYS LIMITED	Director	28-11-11	28-11-11	-	Active	NO
13	U45200MP2011PLC027212	DBL SITAMAU-SUWASARA TOLLWAYS LIMITED	Director	29-11-11	29-11-11	-	Active	NO

Name :	Mr. Devendra Jain
Designation :	Whole Time Director
Address :	E-5/99 Arera Colony, Bhopal, Madhya Pradesh, India
Date of Birth/Age :	03.07.1973
Date of Appointment :	01.04.2009
DIN No.:	02374610

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	U45203MP2007PTC019459	SURYAVANSHI INFRASTRUCTURE PRIVATE LIMITED	Director	19-04-07	19-04-07	-	Active	NO
2	U45201MP2006PLC018689	DILIP BUILDCON LIMITED	Whole-time director	26-08-10	01-04-09	-	Active	NO
3	U45200MH2007PTC168263	SRAJAN INFRASTRUCTURE DEVELOPERS AND BUILDERS PRIVATE LIMITED	Director	05-10-09	05-10-09	-	Active	NO Bottom of Form
4	U45200MH2007PTC168167	VASUDHA INFRASTRUCTURE DEVELOPERS AND BUILDERS PRIVATE LIMITED	Director	05-10-09	05-10-09	-	Active	NO
5	U55101MP2010PTC023903	WINNER HOTELS PRIVATE LIMITED	Director	06-07-10	06-07-10	-	Active	NO
6	U45200MP2011PLC026188	DBL NADIAD MODASA TOLLWAYS LIMITED	Director	15-06-11	15-06-11	-	Active	NO
7	U45200MP2011PLC026234	DBL SARDARPUR BADNAWAR TOLLWAYS LIMITED	Director	22-06-11	22-06-11	-	Active	NO
8	U45200MP2011PLC026586	DBL SILWANI-SULTANGANJ TOLLWAYS LIMITED	Director	17-08-11	17-08-11	-	Active	NO
9	U45300MP2011PLC027193	DBL MUNDI-SANAWAD TOLLWAYS LIMITED	Director	28-11-11	28-11-11	-	Active	NO
10	U45200MP2011PLC027212	DBL SITAMAU-SUWASARA TOLLWAYS LIMITED	Director	29-11-11	29-11-11	-	Active	NO

Name :	Mr. Sanjay Mehta
Designation :	Director
Address :	47, Manishpuri Colony, Near Saket Kolar Road, Bhopal – 462016, Madhya Pradesh, India
Date of Birth/Age :	03.02.1966
Date of Appointment :	15.07.2011
DIN No.:	00007582

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	U74140MP2002PTC015276	PYRAMID CONSULTANTS AND SERVICES PRIVATE LIMITED	Director	22-10-10	13-09-02	15-07-11	Active	NO Bottom of Form
2	L24239MH1988PLC047759	SYNCOM FORMULATIONS (INDIA) LIMITED	Director	31-07-04	31-07-04	-	Active	NO
3	L45201GJ1994PLC023920	WELSPUN PROJECTS LIMITED	Director	15-03-05	15-03-05	14-08-10	Active	NO
4	U45201MP2006PLC018689	DILIP BUILDCON LIMITED	Director	30-09-11	15-07-11	-	Active	NO

Name :	Mr. Aditya Vijay Singh
Designation :	Director
Address :	59, Amrapali Enclave Chuna Bhatti, Kolar Road, Bhopal – 462016, Madhya Pradesh, India
Date of Birth/Age :	23.10.1944
Date of Appointment :	15.07.2011
DIN No.:	03585519

KEY EXECUTIVES

Name :	Mr. Sambedna Jain
Designation :	Secretary
Address :	Purwal Bhawan Near Railway, Station Vidisha, Madhya Pradesh, India
Date of Birth/Age :	10.08.1983
Date of Appointment :	07.04.2011
PAN No.:	AOGPJ4171B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	Address	No. of Shares
Dilip Suryavanshi	E-5/90 Arera Colony, Bhopal, Madhya Pradesh, India	29423029
Seema Suryavanshi	E-5/90 Arera Colony, Bhopal, Madhya Pradesh, India	5730000
Dilip Mass Communication Private Limited, India	E-5/99 Arera Colony, Bhopal, Madhya Pradesh, India	75000
Guneet Anand	K-322, Tarapore Towers, Oshiwara, Andheri (West), Mumbai, Maharashtra, India	10000
Shivam Medical and Research Institute Private Limited, India	E-5/99 Arera Colony, Bhopal, Madhya Pradesh, India	1
Dilip Suryavanshi HUF	E-5/99 Arera Colony, Bhopal, Madhya Pradesh, India	1
Karan Suryavanshi	E-5/90 Arera Colony, Bhopal, Madhya Pradesh, India	1
	Total	35238032

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Bodies corporate	0.21
Directors or relatives of Directors	99.79
Total	100.00

BUSINESS DETAILS

Line of Business :

Real Estate Builders and developers

GENERAL INFORMATION

Customers :

· Madhya Pradesh Public Work Department

· National Highways Authority India, New Delhi

· Road and Building Department, Ahmadabad, Gujarat

· Water Resources Department (M.P.)

· Narmada Hydroelectric Development Corporation Limited (M.P.)

· Valecha Engineering Limited, Mumbai

· Suryavanshi Infrastructure Private Limited

· Pan India Infrastructures Private Limited, Mumbai

· M/s Essel Infra projects Limited, Mumbai

· PNC Infratech Limited, Agra

· Top worth Infra Private Limited, Mumbai

· Montercarlo Construction Limited, Ahmadabad

· Ashoka Buildcon Limited, Nasik, Maharashtra

No. of Employees :

Not Available

Bankers :

SREI Equipment Finance Private Limited, 'Vishwakarma', 86C, Topsia Road, Kolkata - 700046, West Bengal, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans banks secured	1370.871	598.648
Working capital loans banks secured	661.609	228.981
Working capital loans others secured	0.000	5.245
Total	2032.480	832.874
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans financial institutions unsecured	18.008	420.737
Rupee term loans others unsecured	682.281	0.000
Rupee term loans unsecured	0.000	0.000
Total	700.289	420.737

Banking Relations :	----
Auditors :
Name :	Naresh Rajani and Company Chartered Accountant
Address :	MIG-1/5, Amber Complex, Zone-II, M.P. Nagar, Bhopal – 462011, Madhya Pradesh, India
Tel. No.:	91-755-2571157
E-Mail :	nrajanica@yahoo.com
Subsidiaries :	Suryavanshi Infrastructure Private Limited CIN No.: U45203MP2007PTC019459

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs.600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
35238032	Equity Shares	Rs.10/- each	Rs.352.380 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		352.380	260.405	173.536
2] Share Application Money		0.000	183.950	0.000
3] Reserves & Surplus		706.844	260.989	186.208
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1059.224	705.344	359.744
LOAN FUNDS
1] Secured Loans		2032.480	832.874	460.688
2] Unsecured Loans		700.289	420.737	18.800
TOTAL BORROWING		2732.769	1253.611	479.488
DEFERRED TAX LIABILITIES		36.547	14.379	7.151
TOTAL		3828.540	1973.334	846.383
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2212.897	959.435	469.934
Capital work-in-progress		1.201	204.638	1.079
INVESTMENT		224.549	64.980	56.050
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	643.905	10.522	45.962
	Sundry Debtors	1295.119	659.562	61.448
	Cash & Bank Balances	456.571	166.487	82.137
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	293.042	101.605	220.421
Total Current Assets		2688.637	938.176	409.968
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		57.097	16.889
	Other Current Liabilities	1190.792	52.181	21.608
	Provisions	108.102	84.919	52.602
Total Current Liabilities		1298.894	194.197	91.099
Net Current Assets		1389.743	743.979	318.869
MISCELLANEOUS EXPENSES		0.150	0.302	0.451
TOTAL		3828.540	1973.334	846.383

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	4373.573	2330.506	1649.561
		Other Income	21.628	41.238	36.301
		TOTAL (A)	4395.201	2371.744	1685.862
Less	EXPENSES
		Consumption materials changes inventories	778.929	814.036
		Manufacturing Service Cost	1012.892	385.721
		Contract Cost	1182.977	521.191	1426.295
		Employee Related Expenses	288.439	114.357
		Administrative, Selling and Other Expenses	176.538	64.487
		Research development expenses	0.985	0.566
		TOTAL (B)	3440.760	1900.358	1426.295
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		954.441	471.386	259.567
Less	FINANCIAL EXPENSES (D)		174.230	97.761	54.855
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		780.211	373.625	204.712
Less/ Add	DEPRECIATION/ AMORTISATION (F)		228.412	90.416	62.166
	PROFIT BEFORE TAX (E-F) (G)		551.799	283.209	142.546
Less	TAX (H)		186.887	124.377	48.843
	PROFIT AFTER TAX (G-H) (I)		364.912	158.832	93.703
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		150.361	89.364	NA
Less	APPROPRIATIONS
		Dividend	NA	6.510	4.338
	BALANCE CARRIED TO THE B/S		351.915	150.361	89.364
	Earnings Per Share (Rs.)		10.35	4.50	4.04

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.30	6.69	5.55
Net Profit Margin (PBT/Sales)	(%)	12.61	12.15	8.64
Return on Total Assets (PBT/Total Assets}	(%)	11.25	14.92	16.20
Return on Investment (ROI) (PBT/Networth)		0.52	0.40	0.08
Debt Equity Ratio (Total Liability/Networth)		3.80	2.05	1.58
Current Ratio (Current Asset/Current Liability)		2.06	4.83	4.50

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U45201MP2006PLC018689
Name of the company	DILIP BUILDCON LIMITED
Address of the registered office or of the principal place of business in India of the company	E-5/99, Arera Colony, Bhopal – 462016, Madhya Pradesh, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	SREI Equipment Finance Private Limited, 'Vishwakarma', 86C, Topsia Road, Kolkata - 700046, West Bengal, India
Nature of instrument creating charge	Deed of Hypothecation.(LBP534)
Date of instrument Creating the charge	28/12/2011
Amount secured by the charge	Rs. 1.842 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 13.01% per annum. Terms of repayment Amount repayable in 35 monthly installments of Rs.0.063 millions each. Margin Rs.0.096 millions Extent and operation of the charge As per deed of hypothecation. Other Nil
Short particulars of the property charged (Including location of the property)	1 no. Caterpillar DG Set.(Within India)

FIXED ASSETS :

· Land

· Plant and Machinery

· Computer

· Office equipments

· Vehicles

· Furniture and Fixtures

WEBSITE DETAILS :

History:

Began over a decade ago, Dilip Buildcon Limited (DBL) is a Bhopal based ISO 9001:2000 Company named after its owner Mr. Dilip Suryavanshi.

Mr. Suryavanshi, having an experience of more than 20 years in the field of construction, chiefly Infrastructure Development, is the major Shareholder and Managing Director of DBL.

Dilip Buildcon Limited is the successor to Dilip Builders that was founded as the proprietorship concern in 1988-89. On April 1, 2007 the business of the proprietorship firm was taken over with all assets and liabilities by DBL. Earlier, M/s Dilip Builders was a notable name in the state of Madhya Pradesh for its ascendancy in the road development sector helped by spurt in highway projects across the state.

DBL is a Class A-V Firm (unlimited value Contractors), registered with Public Works Department Bhopal and also with the Water Resource Department Madhya Pradesh. The firm is primarily engaged in the execution of contracts for construction of roads all over the state of Madhya Pradesh under contracts awarded from different Govt. departments such as MPPWD.

The overall achievements of the company are due to combined efforts of the strong management and committed human resources as well as adept exploitation of huge equipment resources.

Mr. Dilip Suryavanshi is a postgraduate in Civil Engineering, who commenced his business as builder and developer in 1988-89. In the initial years, commercial building construction was the major focus area of the firm. With the growing emphasis on Infrastructure Development in the country, Madhya Pradesh also has seen tremendous development and new projects being floated in Road sector both on payment basis and through Private Investment (BOT). Dilip Buildcon Limited forayed in this line of activity in last five years. At the outset, only Payment based contracts were taken up and thereafter they have also entered into Road BOT projects.

Being the Managing Director of the company, he maintains liaison with Govt. Departments and also looks after strategic areas related to tendering, bidding and planning the projects

BOARD OF DIRECTORS

Mr. Devendra Jain, Director, aged 36 years, is a Civil Engineer and has been involved in this line of activity for the past 15 years. He has been associated with DBL as one of its key management team members for over a decade. The projects completed under his leadership are worth more than Rs. 800.00 crore in terms of contract value. He sensibly looks after project-implementation along with the quality of work and ensures timely completion. Formerly, designated as a senior management executive, Mr. Jain has been co-opted among the board of directors .

Mr. Bharat singh, designated as the President of the company having a vast experience in the infrastructure sector. He is leading a strong technical team as well as administrative staff of over 200 persons employed at the head office controlling the operation through down the line staff. His Leadership abilities and expertise in the area of finance have been instrumental in the growth and success of DBL

Mr. Karan Suryavanshi, son of DBL's MD Mr. Dilip Suryavanshi is just 22 year old. Irrespective of his age and experience, he plays a vital role in the organization. After finishing graduation degree in business administration, his keenness and pursuit brought him into his family business. Now, he is designated as CEO of the firm looking into all management and administrative operations. His energy and enthusiasm keeps him up against every challenge. That is what the key attribute of this young CEO.

GROUP OF COMPANIES:

* Dilip Buildcon Limited

* Shivam Medical and Research Institute Private Limited

* Suryavanshi Minerals Private Limited

* Dilip Mass Communication Private Limited

* Suryavanshi Infrastructure Private Limited

* High Fly Airlines Private Limited

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. 52.22
UK Pound	1	Rs. 80.39
Euro	1	Rs. 66.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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	-

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