MIRA INFORM REPORT

Report Date :

21.01.2012

IDENTIFICATION DETAILS

Name :	TOPWORTH PIPES AND TUBES PRIVATE LIMITED
Formerly Known As :	AKSHATA PIPE INDUSTRIES PRIVATE LIMITED
Registered Office :	Raheja Centre, Office No.4, Ground Floor, 214, Free Press, Journal Marg, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.11.2005
Com. Reg. No.:	11-157395
Capital Investment / Paid-up Capital :	Rs.82.272 Millions
CIN No.: [Company Identification No.]	U29120MH2005PTC157395
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of ERW black and galvanized pipes from 15 mm to 100 mm.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 5396000
Status :	Recently Commenced Business
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Though the company was incorporated in the year 2005, the company has recently commenced its commercials business activities w.e.f 16^th September, 2010. The company has achieved sizable turnover in its first year of operation. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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 :	Raheja Centre, Office No.4, Ground Floor, 214, Free Press, Journal Marg, Nariman Point, Mumbai – 400021, Maharasahtra, India
Tel. No.:	91-22-41511414
Fax No.:	Not Available
E-Mail :	mailadmin@topworthgroup.com gssandhu@topworthgroup.com
Website :	www.topworthgroup.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Abhay Narendra Lodha

Designation :

Director

Address :

602, Vaitarna, Sir Pochkhanwala Road, Worli Seaface, Worli, Mumbai – 400030, Maharasahtra, India

Date of Birth/Age :

01.06.1971

Date of Appointment :

18.11.2005

DIN No.:

00052194

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	U27100MH2000PTC127176	Champalal Motilal Steel Company Private Limited	Director	14-06-00	14-06-00	-	Active	YES
2	U51420MH2004PTC146381	Topworth Steels And Power Private Limited	Director	01-05-11	18-05-04	-	Active	NO
3	U51420MH2004PTC148075	Pheonix Impex Private Limited	Director	18-08-04	18-08-04	-	Active	YES
4	U70102MH2005PTC150548	Akshata Realtors Private Limited	Director	11-01-05	11-01-05	-	Active	NO
5	U70102MH2005PTC150547	Phoenix Realtors Private Limited	Director	11-01-05	11-01-05	-	Active	NO
6	U51100MH1999PTC121425	Poscho Steels Private Limited	Director	02-05-05	02-05-05	-	Active	YES
7	U63040MH2003PTC142659	Benreeza Travel Services Private Limited	Director	16-05-05	16-05-05	-	Active	YES
8	U29120MH2005PTC157395	Topworth Pipes and Tubes Private Limited	Director	18-11-05	18-11-05	-	Active	NO
9	U62200MH2006PTC162557	Avicore Aviation Private Limited	Director	09-06-06	09-06-06	-	Active	YES
10	L67120MH1982PLC026924	Supreme Holdings and Hospitality (India) Limited	Director	19-06-06	19-06-06	08-09-11	Active	NO
11	U51909MH2006PTC163344	Royalways Trading and Investment Services Private Limited	Director	27-07-06	27-07-06	03-03-08	Amalgamated	NO
12	U63011MH2006PTC163690	Avicore Cargo Private Limited	Director	09-08-06	09-08-06	-	Active	YES
13	U40108MH2007PTC167396	Topworth Energy Private Limited	Director	21-08-07	12-02-07	-	Active	NO
14	U27109CT2004PTC016643	Crest Steel and Power Private Limited	Managing director	01-04-09	01-04-07	-	Active	NO
15	U27203MH2007PTC176991	Topworth Aluminium Private Limited	Director	20-12-07	20-12-07	-	Active	NO
16	U27109MH1993PLC074950	Topworth Urja and Metals Limited	Director	26-04-08	26-04-08	-	Active	NO
17	U45202MH2008PTC182415	Topworth Infra Private Limited	Director	19-05-08	19-05-08	-	Active	NO
18	U14200MH2008PTC182964	Topworth Metals and Energy Private Limited	Director	31-05-08	31-05-08	-	Active	NO
19	U74140MH2008PTC184384	Topworth Management Private Limited	Director	07-07-08	07-07-08	-	Active	NO
20	L28999GJ1992PLC018570	Gujarat Foils Limited	Managing director	14-05-11	14-07-08	-	Active	NO
21	U74140MH2007PTC172898	Rockdude Management Consultants Private Limited	Director	20-08-08	20-08-08	-	Active	YES
22	U11200MH2009PTC190088	Topworth Petroleum Private Limited	Director	03-02-09	03-02-09	-	Active	NO
23	U45202MH2009PTC191809	Rockdude Infra Private Limited	Additional director	24-08-09	24-08-09	-	Active	NO
24	U40109MH2009PTC196427	Topworth Gujarat Power Private Limited	Director	14-10-09	14-10-09	-	Active	NO
25	U93000DL2010NPL198079	Topworth Foundation For Social Development	Director	18-01-10	18-01-10	-	Active	NO
26	U62200MH2010PTC199116	Topworth Airways Private Limited	Director	20-01-10	20-01-10	-	Active	NO
27	U45208MH2010PTC202453	Topworth Tollways (Satna) Private Limited	Director	27-04-10	27-04-10	-	Active	NO
28	U45203MH2010PTC202797	Topworth Tollways (Ujjain) Private Limited	Director	06-05-10	06-05-10	-	Active	NO
29	U52100MH2010PTC201234	Sohil Mercantile Private Limited	Director	31-05-10	31-05-10	-	Active	NO
30	U52300MH2010PTC201225	Ronak Mercantile Private Limited	Director	31-05-10	31-05-10	-	Active	NO
31	U52100MH2010PTC201518	Akzo Commerce Private Limited	Director	31-05-10	31-05-10	-	Active	NO
32	U45202MH2010PTC203879	Topworth Construction Projects Private Limited	Director	08-06-10	08-06-10	-	Active	NO
33	U74210DL2009PTC188932	GFl Infra Private Limited	Director	10-09-10	10-08-10	-	Active	NO
34	U63090WB1994PTC066715	Anika Tie-Up Private Limited	Director	11-10-10	11-10-10	-	Active	NO

Name :

Mr. Ashwin Narendra Lodha

Designation :

Director

Address :

502, Vaitarna, Sir Pochkhanwala Road, Worli Seaface, Worli, Mumbai – 400030, Maharasahtra, India

Date of Birth/Age :

03.05.1975

Date of Appointment :

18.11.2005

DIN No.:

00066948

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	U27100MH2000PTC127176	Champalal Motilal Steel Company Private Limited	Director	14-06-00	14-06-00	-	Active	YES
2	U51909MH2001PTC133035	Akshata Mercantile Private Limited	Whole-time director	01-04-09	27-09-02	-	Active	YES
3	U51420MH2004PTC148075	Pheonix Impex Private Limited	Director	18-08-04	18-08-04	-	Active	YES
4	U70100MH2005PTC157373	Riya Real Estates Private Limited	Director	17-11-05	17-11-05	-	Active	NO
5	U29120MH2005PTC157395	Topworth Pipes and Tubes Private Limited	Director	18-11-05	18-11-05	-	Active	NO
6	U62200MH2006PTC162557	Avicore Aviation Private Limited	Director	23-11-06	23-11-06	-	Active	YES
7	U40108MH2007PTC167396	Topworth Energy Private Limited	Director	25-08-10	12-02-07	-	Active	NO
8	U27109CT2004PTC016643	Crest Steel and Power Private Limited	Director	05-05-07	05-05-07	-	Active	NO
9	U70100MH1982PTC027614	Parishram Properties Private Limited	Director	31-08-07	31-08-07	-	Active	NO
10	U51900MH1982PTC027434	Dilshad Trading Co Private Limited	Director	29-09-07	29-09-07	24-11-11	Active	NO
11	U27203MH2007PTC176991	Topworth Aluminium Private Limited	Director	20-12-07	20-12-07	-	Active	NO
12	U40108MH2008PTC179667	Topworth Power Private Limited	Director	04-03-08	04-03-08	-	Active	NO
13	U14100MH2008PTC179793	Topworth Cement Private Limited	Director	07-03-08	07-03-08	-	Active	NO
14	U14200MH2008PTC182964	Topworth Metals and Energy Private Limited	Director	31-05-08	31-05-08	-	Active	NO
15	U74140MH2008PTC184384	Topworth Management Private Limited	Director	07-07-08	07-07-08	-	Active	NO
16	U74140MH2007PTC172898	Rockdude Management Consultants Private Limited	Director	20-08-08	20-08-08	-	Active	YES
17	U11200MH2009PTC190088	Topworth Petroleum Private Limited	Director	03-02-09	03-02-09	-	Active	NO
18	U45202MH2008PTC182415	Topworth Infra Private Limited	Additional director	11-05-09	11-05-09	-	Active	NO
19	U45202MH2009PTC191809	Rockdude Infra Private Limited	Additional director	24-08-09	24-08-09	-	Active	NO
20	U40109MH2009PTC196427	Topworth Gujarat Power Private Limited	Director	14-10-09	14-10-09	-	Active	NO
21	U62200MH2010PTC199116	Topworth Airways Private Limited	Director	20-01-10	20-01-10	-	Active	NO
22	U45208MH2010PTC202453	Topworth Tollways (Satna) Private Limited	Director	27-04-10	27-04-10	-	Active	NO
23	U45203MH2010PTC202797	Topworth Tollways (Ujjain) Private Limited	Director	06-05-10	06-05-10	-	Active	NO
24	U51420MH2004PTC146381	Topworth Steels And Power Private Limited	Additional director	10-05-10	10-05-10	-	Active	NO
25	U52100MH2010PTC201234	Sohil Mercantile Private Limited	Director	31-05-10	31-05-10	-	Active	NO
26	U52300MH2010PTC201225	Ronak Mercantile Private Limited	Director	31-05-10	31-05-10	-	Active	NO
27	U52100MH2010PTC201518	Akzo Commerce Private Limited	Director	31-05-10	31-05-10	-	Active	NO
28	U45202MH2010PTC203879	Topworth Construction Projects Private Limited	Director	08-06-10	08-06-10	-	Active	NO
29	U63090WB1994PTC066715	Anika Tie-Up Private Limited	Director	11-10-10	11-10-10	-	Active	NO

Name :

Mr. Sanjiv Goel

Designation :

Director

Address :

522, Clover Citadel, wanorie, Pune – 411040, Maharashtra, India

Date of Birth/Age :

27.02.1958

Date of Appointment :

06.09.2011

DIN No.:

03616090

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	U27109CT2004PTC016643	Crest Steel And Power Private Limited	Additional director	06-09-11	06-09-11	-	Active	NO
2	U29120MH2005PTC157395	Topworth Pipes and Tubes Private Limited	Additional director	06-09-11	06-09-11	-	Active	NO

Name :

Mrs. Kanchan Murarka

Designation :

Director

Address :

Godavari Building, Flat No.902, Pochkhanwala, Worli Road, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

06.01.1966

Date of Appointment :

23.09.2008

DIN No.:

00058823

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	U51909WB1996PTC080732	Ritambara Agents Private Limited	Director	14-06-98	14-06-98	01-08-11	Active	NO
2	U51909WB1996PTC080745	Harison Agent Private Limited	Director	10-12-98	10-12-98	01-08-11	Active	NO
3	U65990WB2000PTC119019	Radiovani Holding Private Limited	Director	30-08-03	30-08-03	05-06-07	Active	NO
4	U74140MH2004PTC149211	Premier Supplies and Services Private Limited	Director	21-10-04	21-10-04	31-03-07	Active	NO
5	U23201MH1997PLC110834	Ispat Energy Limited	Director	26-10-04	26-10-04	09-07-07	Active	NO
6	U23100MH1997PLC110901	Amba River Coke Limited	Director	26-10-04	26-10-04	26-07-07	Active	NO
7	U45200MH1994PTC084104	Decorum Villa Private Limited	Director	31-12-04	31-12-04	26-06-07	Active	NO
8	U40100MH1994PLC084055	Central India Power Company Limited	Director	23-03-06	23-03-06	14-06-07	Active	NO
9	U27310AP2006PLC051268	Andhra Global Pellets Limited	Director	04-10-06	04-10-06	09-07-07	Active	NO
10	U67190MH2008PTC178922	Krps Financial Services Private Limited	Director	15-02-08	15-02-08	-	Active	NO
11	U29120MH2005PTC157395	Topworth Pipes and Tubes Private Limited	Director	23-06-08	23-06-08	-	Active	NO
12	U40108MH2008PTC179667	Topworth Power Private Limited	Additional director	23-06-08	23-06-08	-	Active	NO
13	U40108MH2007PTC167396	Topworth Energy Private Limited	Director	30-09-09	15-01-09	-	Active	NO
14	U45202MH2008PTC182415	Topworth Infra Private Limited	Additional director	17-08-09	17-08-09	30-09-09	Active	NO
15	U27109MH1993PLC074950	Topworth Urja and Metals Limited	Additional director	02-11-09	02-11-09	19-02-10	Active	NO
16	L28999GJ1992PLC018570	Gujarat Foils Limited	Director	30-09-11	16-05-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Abhay N. Lodha	2749750
Ashwin N. Lodha	2333500
Vaibhav Loadha	3000
Akshata Retailers Private Limited, India	10500000
Pheonix Retailers Private Limited, India	11965000
Excel Global Fze	4833530
TOTAL	32384780

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	14.93
Bodies corporate	69.37
Directors or relatives of Directors	15.70
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of ERW black and galvanized pipes from 15 mm to 100 mm.
Products :	Hsaw Pipes Erw Black Pipes Mild Steel Pipes Galvanised Pipes Carbon Steel Pipes

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of Baroda, Fort University Branch, Mumbai – 400023, Maharashtra, India
• HDFC Bank Limited
• ICICI Bank
• Oriental Bank of Commerce
• Kotak Mahindra Private Limited
• Punjab National Bank

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
HDFC Bank (Secured by way of hypothecation of vehicles)	0.591	0.728
Kotak Mahindra Private Limited (Secured by way of hypothecation of vehicles)	2.689	0.533
ICICI Bank (Secured by way of hypothecation of vehicles)	0.292	0.000
Terms Loans from Banks (Secured by first pari passu mortgage over land and charge on all immovable and movable assets of the company. Second charge on pari passu basis on current assets of the company)	1132.228	0.000
Cash Credit – Oriental Bank of Commerce (Secured by hypothecation of stock and book debts and second pari passu charge on fixed assets of the company)	195.718	0.000
Bills Payable	1258.547	0.000
Total	2590.065	1.261
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Body Corporate	18.400	2.110
Total	18.400	2.110

Banking Relations :	--
Auditors :
Name :	Jasraj Rathi Chartered Accountant
Address :	Flat No.102-103, Building No.7, Agarwal Nagari, Nalasapora, Vasai Link Road, Vasai (East), Thane – 401208, Maharashtra, India
PAN.:	AATPR6097F

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs.350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
32384780	Equity Shares	Rs.10/- each	Rs.323.848 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8227222	Equity Shares (Out of the 8217222 shares issued during the year 8059720 shares were allotted at the premium of Rs.115 per share and 7411250 shares at the premium of Rs.30 per share)	Rs.10/- each	Rs.82.272 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		82.272	0.100	0.100
2] Share Application Money		951.622	711.709	1.100
3] Reserves & Surplus		315.024	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1348.918	711.809	1.200
LOAN FUNDS
1] Secured Loans		2590.065	1.261	0.000
2] Unsecured Loans		18.400	2.110	39.834
TOTAL BORROWING		2608.465	3.371	39.834
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3957.383	715.180	41.034
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		236.511	125.252	27.307
Capital work-in-progress		3439.428	554.281	10.812
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.291	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	49.220	32.319	0.814
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	421.762	8.625	2.697
Total Current Assets		484.273	40.944	3.511
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	187.337	3.795	0.804
	Other Current Liabilities	15.127	1.143	0.000
	Provisions	0.585	0.578	0.012
Total Current Liabilities		203.049	5.516	0.816
Net Current Assets		281.225	35.428	2.695
MISCELLANEOUS EXPENSES		0.219	0.219	0.220
TOTAL		3957.383	715.180	41.034

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	2.01	0.01	33.88
Current Ratio (Current Asset/Current Liability)	2.39	7.42	4.30

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULT

The company has not commenced commercial operations during the year and therefore no profit and loss account has been prepared for the year ended 31^st March 2010.

BUSINESS OPERATION

Project Facility and Technology

The company successfully setup the pipe plant near Khopoli At District Raigad (Maharashtra) capable of producing 300000 TPA H-Saw Pipes as well as 75000 TPA ERW Pipes. The project facilities for the HSAW pipes consists of the state of the art latest technology from Germany having spiral plant with all the latest quality testing facilities and coating plant (3LPE + internal)

Project Finance

The entire debt requirement of the project is being financed by consortium arrangement with the Nationalized Banks, Punjab National Bank as a lead banker, The company is regular in payment of interest during the year.

FORM 8

Corporate identity number of the company	U29120MH2005PTC157395
Name of the company	TOPWORTH PIPES & TUBES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Raheja Centre, Office No.4, Ground Floor, 214, Free Press, Journal Marg, Nariman Point, Mumbai – 400021, Maharashtra , India Email : mailadmin@topworthgroup.com
This form is for	Creation of charge
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	Punjab National Bank, Foreshore Road Branch, 1^st Floor, Raheja Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India Email : sborase@gmail.com
Nature of instrument creating charge	1. Joint Deed of Hypothecation Dated:- 27.04.2011 2. Working Capital Consortium Agreement Dated:- 27.04.2011 3.Supplemental Memorandum of Deposit of Title Deeds Dated:-27.04.2011
Date of instrument Creating the charge	27.04.2011
Amount secured by the charge	Rs.5350.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: PNB- Base rate + 4.75% p.a, OBC - Base rate + 4.75% p.a, SBI - Base rate + 5.25% p.a, Syndicate -Base rate + 4.75% p.a, State Bank of Patiala - Base rate + 5% p.a, Bank of Baroda-Base rate + 4.75% p.a Terms of Repayment: -- Margin: Stocks - 25%, Book Debts - 40% Extent and operation of the charge: PRIME Security: First pari passu charge by way of hypothecation on entire current assets relating to the Borrowers including Present and future Borrower's Stocks of Raw Materials, Semi-Finished and Finished Goods, Stores and Spares not relating to Plant and Machinery (Consumable Stores and Spares) Bills Receivables and Book Debts. COLLATRAL Security: Second pari passu charge by way of Hypothecation on movable fixed assets of the Borrower's lying and being at the Borrower's Project for WC Facilities Others: The mortgage shall be by way of Collateral security ranking pari passu inter se amongst members of PNB consortium on second charge basis for working capital limits of Rs.5350.000 millions subject to first charge thereon already created in favour of Term Lenders ranking pari passu inter se for total limit of Rs.2923.600 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First pari passu charge on stocks of raw materials, semi - finished and finished goods, stores and spares not relating to the Plant and Machinery, bills receivable, book debts, claims and all monies receivable and all other movables of the Borrower and Second pari passu charge on all of the present and future movable fixed assets viz. plant and machineries, accessories, equipments, furniture, fixtures, electrical fittings, computers, technological installations and vehicles etc.

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Vehicles
• IT Equipment
• Software
• Office Equipment
• Furniture and Fixture

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.50.33
UK Pound	1	Rs.77.96
Euro	1	Rs.65.31

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		31

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.