MIRA INFORM REPORT

Report Date :

17.01.2012

IDENTIFICATION DETAILS

Name :	SHREE GLOBAL TRADFIN LIMITED (w.e.f. 24.10.1996)
Formerly Known As :	BENSONS STEELS LIMITED
Registered Office :	35, Ashok Chembers, Broach Street, Devji Ratensey Marg, Majid Bunder, Mumbai-400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.10.1986
Com. Reg. No.:	11-041252
Paid-Up Capital :	Rs.6428.530 Millions
CIN No.: [Company Identification No.]	L27100MH1986PLC041252
TAN No.: [Tax Deduction & Collection Account No.]	MUMS39362B
PAN No.: [Permanent Account No.]	AAACB2975J
Legal Form :	A Public Limited Liability Company. The Company’s shares are listed on stock exchange.
Line of Business :	Manufacturer and Trader of coils and cold rolled steel sheet.
No. of Employees :	11 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 30200000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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 – 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

INFORMATION DENIED BY

Name :	Mr. J. K. Sarda
Designation :	Accounts and Finance Head
Contact No.:	91-22-23480526
Date :	05.07.2011

LOCATIONS

Registered Office :	35, Ashok Chembers, Broach Street, Devji Ratensey Marg, Majid Bunder, Mumbai-400009, Maharashtra, India
Tel. No.:	91-22-23756526/ 23480526
Fax No.:	91-22-23756526
E-Mail :	Sgtl2008@gmail.com investors@sgtl.in
Website:	http://www.sgtl.in

DIRECTORS

As on 30.09.2010

Name :

Mr. Vasudevan Yelleshwaram

Designation :

Director

Address:

A -19/20, Parjanya Society, Ram Chandranagar, Dombivali (East), Thane-421201, Maharashtra, India

Date of Birth/ Age:

14.12.1953

Qualification :

B.Com.

Date of Appointment:

31.07.2008

DIN :

02278644

Name :

Mr. N K Mohan

Designation :

Director

Address:

32/1146, Tilak Nagar, Chembur, Mumbai-400089, Maharashtra, India

Date of Birth/ Age:

28.07.1960

Date of Appointment:

31.01.2009

Name :

Mr. Ravindra Anant Deshpande

Designation :

Director

Address :

E/7/3-2, Shree Gajanan Darshal, Co-operative Housing Society, Sector-7, Sanpada, Navi Mumbai-400705, Maharashtra, India

Date of Birth/Age :

26.09.1950

Qualification :

B.E.

Date of Appointment :

31.07.2010

DIN :

01003990

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	U65922MH1995PLC087292	EUROPA ENTERPRISES LIMITED CN	Director	28/09/2007	22/01/2007	-	Active	NO
2	U45202MH2008PTC178902	REVIVE BUILDZONE AND DEALERS PRIVATE LIMITED	Director	14/02/2008	14/02/2008	-	Active	NO
3	U45202MH2008PLC178896	BUILDZONE PROPERTIES LIMITED	Director	14/02/2008	14/02/2008	28/06/2010	Active	NO
4	U45202MH2008PLC178897	BULLS EYE PROPERTIES LIMITED	Director	14/02/2008	14/02/2008	28/06/2010	Active	NO
5	U45202MH2008PLC178899	NIRVAN PROPERTIES LIMITED	Director	14/02/2008	14/02/2008	22/06/2010	Active	NO
6	U70102MH2009PLC189951	MARTAND PROPERTIES LIMITED	Director	29/01/2009	29/01/2009	30/10/2009	Active	NO
7	L27100MH1986PLC041252	SHREE GLOBAL TRADFIN LIMITED	Director	30/09/2010	31/07/2010	-	Active	NO

Name :

Mr. Ramanathan Rajamani

Designation :

Director

Address :

67, A/4, Brindavan Complex, Majwada, Thane-400601, Maharashtra, India

Date of Birth/Age :

22.12.1952

Date of Appointment :

29.09.2008

Name :

Mr. Mohan Krishnamoorthy

Designation :

Director

Address :

32/1146, Tilak Nagar, Chembur, Mumbai-400089, Maharashtra, India

Date of Birth/Age :

28.07.1960

Qualification :

B.Com.

Date of Appointment :

29.09.2009

DIN :

02542406

Name :

Mr. Shashi Gopal Nair

Designation :

Director [w.e.f. 27.05.2011]

Address :

10, Skandgiri, Ganesh Mandir Road, Dombivali [East], Thane – 421201, Maharashtra, India

Date of Birth/Age :

01.04.1948

Date of Appointment :

30.09.2011

DIN :

00056445

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	U45200MH1987PLC042112	ARISTO REALTY DEVELOPERS LIMITED	Director	10/9/2004	10/9/2004	27/05/2011	Active	NO
2	L27100MH1986PLC041252	SHREE GLOBAL TRADFIN LIMITED	Director	30/09/2011	27/05/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. R Rajalakshmi
Designation :	Secretary
Address :	5, Narmada, Plot No. 24A, Sector 14, Vashi, Navi Mumbai-400705, Maharashtra, India
Date of Birth/Age :	08.08.1965
Date of Appointment :	01.09.2009
PAN :	AAEPR3584Q
Name :	Mr. J. K. Sarda
Designation :	Accounts and Finance Head
Name :	Shashi Gopal Nair
Designation :	Manager [w.e.f. 01.08.2011]

SHAREHOLDING PATTERN

As on 30.09.2011

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	154091800	74.87
Sub Total	154091800	74.87
(2) Foreign	-	-
Total shareholding of Promoter and Promoter Group (A)	154091800	74.87
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	12541446	6.09
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	420041	0.20
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	38740274	18.82
Any Others (Specify)	16439	0.01
Clearing Members	16438	0.01
Sub Total	51718200	25.13
Total Public shareholding (B)	51718200	25.13
Total (A)+(B)	205810000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	205810000	-

As on 30.09.2011

Names of Shareholders	No. of Shares
Vedisa Properties Limited, India	4122510
Reva Properties Limited, India	4136397
Martand Properties Limited, India	4332900
Archive Reality Developers Limited, India	4080290
Auster Properties Limited, India	4029100
Jogia Properties Limited, India	4003660
Cikura Properties Limited, India	4045033
Karburi Properties Limited, India	4287710
Buildzone Properties Limited, India	1444690
Bullseye Properties Limited, India	2398759
Indraneel Properties Limited, India	4342950
Nirvan properties Limited, India	4442090
Prasoon Properties Limited, India	4342960
Rochan Properties Limited, India	3985751
Total	53994800

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies Corporate	81.08
Other top fifty shareholders	18.89
Others	0.03
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of coils and cold rolled steel sheet.
Products :	H.R. Coils/ Cold Rolled Steel Sheet M.S Channel/ M.S Angle H.R Plate / M.S Beam

GENERAL INFORMATION

No. of Employees :	11 (Approximately)
Bankers :	Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai-400021, Maharashtra, India The Vyasya Bank Limited, Foreign Exchange Department, Nariman Point, Mittal Tower, A Wing, 4^th Floor, Mumbai-400021, Maharashtra, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	M.V Krishna Moorthy Chartered Accountant
Address:	15, Srivalli, Rifile Range, Ghatkopar (West), Mumbai-400086, Maharashtra, India
Tel No.:	91-22-25152685
Email:	mvkm@hotmail.com
PAN :	AADPM9668F
Subsidiaries :	Pragya Realty Developers Private Limited CIN : U45400MH2007PTC172751

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
300,000,000	Equity Shares	Rs. 5/- each	Rs.1500.000 Millions
60,000,000	Preference Shares	Rs.100/- each	Rs.6000.000 Millions
	Total		Rs.7500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
205,810,000	Equity Shares	Rs. 5/- each	Rs.1029.050 Millions
53,994,800	Preference Shares	Rs.100/- each	Rs.5399.480 Millions
	Total		Rs.6428.530 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		6428.530	1029.050	1029.050
2] Share Application Money		0.000	5419.569	0.000
3] Reserves & Surplus		1282.365	1282.365	1282.365
4] (Accumulated Losses)		[153.579]	[119.779]	[132.107]
NETWORTH		7557.316	7611.205	2179.308
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		7557.316	7611.205	2179.308
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.256	0.298	0.389
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		4449.791	3409.706	3174.006
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	108.117	349.040	640.165
	Cash & Bank Balances	518.096	57.048	14.681
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6419.609	7250.502	7379.950
Total Current Assets		7045.822	7656.590	8034.796
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1182.453	1153.380	2472.400
	Other Current Liabilities	2754.330	2301.980	6557.315
	Provisions	1.770	0.029	0.168
Total Current Liabilities		3938.553	3455.389	9029.883
Net Current Assets		3107.269	4201.201	[995.087]
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		7557.316	7611.205	2179.308

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	6993.250	3524.521	3074.318
		Other Income	4.908	12.035	37.580
		TOTAL (A)	6998.158	3536.556	3111.898
Less	EXPENSES
		Purchases	6788.791	3453.989	3065.1570
		Administrative, Selling and Other Expenses	237.569	65.638	41.624
		Employed Related Expenses	5.565	4.476	4.082
		TOTAL (B)	7031.925	3524.103	3110.863
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		[33.767]	12.453	1.035
Less	FINANCIAL EXPENSES (D)		0.000	0.006	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		[33.767]	12.447	1.035
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.095	0.091	0.091
	PROFIT BEFORE TAX (E-F) (G)		[33.862]	12.356	0.944
Less	TAX (I)		[0.062]	0.028	0.128
	PROFIT AFTER TAX (G-I) (J)		[33.800]	12.328	0.816
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		[119.779]	[132.107]	[132.923]
	BALANCE CARRIED TO THE B/S		[153.579]	[119.779]	[132.107]
	Earnings Per Share (Rs.)		[0.16]	0.06	--

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011
Type	1^st Quarter	2^nd Quarter
Net Sales	251.520	1627.290
Total Expenditure	253.410	1655.370
PBIDT (Excl OI)	[1.890]	[28.080]
Other Income	0.000	3.000
Operating Profit	[1.890]	[25.080]
PBDT	[1.890]	[25.080]
Depreciation	0.030	0.020
Profit Before Tax	[1.920]	[25.100]
Tax	0.000	0.000
Profit After Tax	[1.920]	[25.100]
Net Profit	[1.920]	[25.100]

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	[0.48]	0.35	0.03
Net Profit Margin (PBT/Sales)	(%)	[0.48]	0.35	0.03
Return on Total Assets (PBT/Total Assets}	(%)	[0.48]	0.16	0.01
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Liability/Networth)		0.52	0.45	4.14
Current Ratio (Current Asset/Current Liability)		1.79	2.22	0.89

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS and OVERALL PERFORMANCE

The Company has incurred a net loss of Rs.33.800 Millions for the year under review as against profit of Rs.12.328 Millions in the last year. The total Income of the Company was Rs.6998.158 millions as against Rs.3536.556 Millions during the last year.

MANAGEMENT DISCUSSION AND ANALYSIS

The core business of the Company is Trading. The Management discussions and analysis is given hereunder:

Industry structure and development : Company is engaged in trading activity primarily having vast potential and now being getting attention of the organised sector.

Segment-wise Performance : The Company is operating on only one broad segment and hence separate segmental reporting is not applicable. The Company has no activity outside India.

Outlook: The outlook for 2011-12 has to be viewed in the context with overall economic scenario etc.

Bankers Charges Report as per Registry

Corporate identity number of the company	L27100MH1986PLC041252
Name of the company	SHREE GLOBAL TRADEFIN LIMITED
Address of the registered office or of the principal place of business in India of the company	35, Ashok Chembers, Broach Street, Devji Ratensey Marg, Majid Bunder, Mumbai-400009, Maharashtra, India
This form is for	Creation of Charge
Type of charge	Book Debts Others – Current Assets
Particular of charge holder	Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai-400021, Maharashtra, India Email : john.fernandes@kotak.com
Nature of instrument creating charge	Deed of Hypothecation
Date of instrument Creating the charge	21.10.2010
Amount secured by the charge	Rs. 262.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As may be specified by the bank from time to time Terms of Repayment BG- Tenor Upto 6 Months and then renewable on monthly basis. Margin BG- Minimum cash margin of 10% shall be provided upfront in the form of Fixed Deposit. (100% cash margin for guarantees covering disputed liabilities) Lien shall be marked on the FD till such time as the BG is cancelled and returned to the bank. Extent and Operation of the charge First and exclusive charge by way of hypothecation of current assets, investments and loan and advances of the borrower, in favour of KMBL to secure the repayment of financial facilities granted by the bank to the borrower.
Short particulars of the property charged	The whole of Borrower’s current assets, Investments and Loan and Advances present and future.

Fixed Assets:

• Computers
• Software Development
• Office Equipments
• Motor Car
• Furniture and Fixture

WEBDETAILS

Business Description

Shree Global Tradefin Limited is an India-based company. The Company is engaged in the business of trading. The Company’s principal products include hot rolled (HR) coils/cold rolled steel sheet, mild steel (MS) channel / M.S. angle and H.R. plate/ MS beam. For the nine months ended 31 December 2010, Shree Global Tradefin Limited's revenues totaled RS5.5B, up from RS2.45B. Net income totaled RS19M, up from RS1.1M. Revenues reflect a significant increase in income from operations. Net income also reflects an increase in gross profit margins. Shree Global Tradefin Limited is an Indian-based company. The company is engaged in the business of trading steel products.

Board of Directors

Shri. Vasudevan Yelleshwaram

Shri. Vasudevan Yelleshwaram is Independent Non-Executive Chairman of the Board of Shree Global Tradefin Limited He has experience in the field of accounts, finance and legal areas. He has formerly worked with few top companies manufacturing steel products. He holds B. Com.

Shri. R. A. Deshpande

Shri. R. A. Deshpande is Independent Non-Executive Director of Shree Global Tradefin Limited He holds B. E. (Civil). He has experience in the field of Engineering at the managerial level. He has formerly worked with few top companies manufacturing steel products. Other Directorship: Revive Buildzone and Dealers Private Limited

Mr. N. K. Mohan

Mr. N. K. Mohan is Independent Non-Executive Director of Shree Global Tradefin Limited He has 26 years of experience in the field of financial and managerial Accounts. He was formerly associated with known companies at senior positions. He holds B.Com.

Shri. Shashi Nair

Shri. Shashi Nair is Independent Non-Executive Director of Shree Global Tradfin Limited. He holds B.A. He has 33 years of experience in Steel Industry.

Press Release

Approval of Scheme of Arrangement

20 December 2011

India, Dec. 20 -- Shree Global Tradefin Limited has informed BSE that the Equity Shareholders of the Company at their Court convened meeting held on December 20, 2011, approved unanimously the Scheme of arrangement between Ragini Trading and Investments Limited and Parishram Properties Private Limited and Shree Global Tradefin Limited and Pragya Realty Developers Private Limited and their respective Shareholders and Creditors u/s 391 to 394 of the Companies Act, 1956 and reduction of preference share capital.

Shree Global Tradefin gets approval for the scheme of arrangement

08 June 2011

India, June 08 -- Shree Global Tradefin has received an approval for the scheme of arrangement between Ragini Trading and Investments, Parishram Properties, Shree Global Tradefin and Pragya Realty Developers. The company has received an approval at its board meeting held on June 06, 2011.As per the arrangement, the company has received approval to demerge by way of transfer of demerged undertakings of Ragini Trading and Investments, Parishram Properties and Shree Global Tradefin to Pragya Realty Developers and to merge the Ragini Trading and Investments and Parishram Properties comprising remaining business of demerged companies viz. Ragini and Parishram with Shree Global Tradefin.Further, the scheme of arrangement is subject to the approval of High Court under section 391 to 394 and section 100 of the companies Act, 1956 and subject to other necessary approvals.Shree Global is engaged in trading activities. The company's principal activity is to manufacture and trade coils and cold rolled steel sheet. It earns its income from trading in iron and steel.

Post Offer Public Announcement

07 April 2011

India, April 07 -- Centrum Capital Limited has submitted to the Exchange a copy of the Post Offer Public of the Open Offer as published in newspapers with respect to Open Offer by Shree Global Tradefin Limited (hereinafter referred to as "the Acquirer") along with and on behalf of Trump Investments Limited(hereinafter together referred to as "the PAC") to the equity shareholders of Lloyds Steel Industries Limited ("Target Company or LSIL") to acquire 7,82,67,650 fully paid up Equity Shares of Rs.10/- each, representing 20% of the emerging voting capital of Lloyds Steel Industries Limited, at a price of Rs.13.95/- per fully paid-up Equity Share("Offer Price") payable in cash (the "Offer" or "Open Offer") in accordance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and subsequent amendments thereto ("Regulation").

Updates on Open Offer

15 March 2011

India, March 15 -- Centrum Capital Ltd ("Manager to the Offer"), for and on behalf of Shree Global Tradefin Limited ("Acquirer") and Trump Investments Limited ("Person Acting in Concert" or "PAC") has issued this Third Corrigendum to the Public Announcement ("Third Corrigendum") to the Equity Shareholders of Lloyds Steel Industries Limited ("Target Company"), which is in continuation of and should be read in conjunction with the Public Announcement ("PA") dated on October 25, 2010, the Letter of Offer dated February 24, 2011 ("Letter of Offer"), the Corrigendum to the PA dated February 24, 2011 ("First Corrigendum") and the Second Corrigendum to the PA and the Letter of Offer dated March 09, 2011 ("Second Corrigendum"), pursuant to and in compliance with Regulation 10 and Regulation 11(1) and other provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and subsequent amendments thereto ("SEBI (SAST) Regulations").The Equity Shareholders of the Target Company are requested to note the following development/ amendment with respect to and in connection with the PA, the Letter of Offer, the First Corrigendum and the Second Corrigendum.In terms of the Loan Agreement(s) entered into by the Target Company with IFCI Limited ("IFCI"), IFCI vide its letter dated March 04, 2011 (received by the Target Company on March 09, 2011) withdrew the nomination of Shri R. Parthasarathy from the Board of Directors of the Target Company with effect from March 04, 2011.Paragraph 9 under Section V of the PA regarding Information on the Target Company and the table provided at paragraph 16 on page 26 of the Letter of Offer providing details of the Board of the Target Company stands modified to this effect. Terms used but not defined in this Third Corrigendum shall have the same meaning as assigned in the PA, the Letter of Offer, the First Corrigendum and the Second Corrigendum. All other terms and conditions of the Open Offer remain unchanged.

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.51.65
UK Pound	1	Rs.79.09
Euro	1	Rs.65.31

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--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	NO
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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