MIRA INFORM REPORT

Report Date :

16.07.2012

IDENTIFICATION DETAILS

Name :	CENTURY METAL RECYCLING PRIVATE LIMITED (w.e.f. 23.03.2006)
Formerly Known as :	CENTURY ALUMINIUM INDUSTRIES PRIVATE LIMITED
Registered Office :	W-5/16, Western Avenue, Sainik Farm, New Delhi – 110062
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.07.1994
Com. Reg. No.:	55-60453
Capital Investment / Paid-up Capital :	Rs.32.707 Millions
CIN No.: [Company Identification No.]	U74899DL1994PTC060453
TAN No.: [Tax Deduction & Collection Account No.]	DELB07578E
PAN No.: [Permanent Account No.]	AAACB3682J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Aluminum and Zinc Alloy Ingots
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 2800000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Profitability of the company appears to be low. 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 good 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 :	W-5/16, Western Avenue, Sainik Farm, New Delhi – 110062, India
Tel. No.:	91-11-51618203 / 29554559
Fax No.:	91-1275-262977
E-Mail :	sanjay.g@century.in secretarial@century.in
Website :	www.cmr.co.in
Administrative Office :	Plot No. 1, Sector 25, Faridabad – 121004, Haryana
Tel. No.:	91-129-2238059 / 3058001-4
Fax No.:	91-129-2235356
E-Mail :	cnfc@cnfcindia.com
Corporate Office :	Village Tararpur Tehsil Palwal District, Faridabad- 121102, Haryana, India
Tel. No.:	91-9254355877/78/79
Fax No.:	91-1275-262977
E-mail :	century@century.in
Unit 1 :	Palwal, Haryana, India
E-mail Id :	century@century.in
Unit 2 :	Haridwar, Uttarakhand, India
Tel No.:	91-133-4239541
E-mail Id :	haridwar@century.in
Unit 3 :	Gurgaon, Haryana, India
Tel No.:	91-124-3225738
E-mail Id :	gurgaon@century.in
Unit 4 :	Bhiwadi, Rajasthan, India
Tel No.:	91-1493-512120
E-mail Id :	bhiwadi@century.in

DIRECTORS

As On 20.10.2011

Name :	Mr. Gauri Shankar Agarwal
Designation :	Chairman
Address :	F-170B, Western Avenue, Sainik Farm, New Delhi – 110062, Delhi, India
Date of Birth/Age :	04.07.1940
Date of Appointment :	25.07.1994
PAN No.:	ADEPA0101D
DIN No. :	00595378

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1994PTC060453	CENTURY METAL RECYCLING PRIVATE LIMITED.	Director	25/07/1994	25/07/1994	-	Active	NO
2	L67120DL1992PLC123134	SUVRIDHI FINANCIAL SERVICES LIMITED	Managing director	15/11/2007	15/11/2002	-	Active	NO
3	U00331DL2005PTC139891	GRAND METAL RECYCLING PRIVATE LIMITED	Director	23/08/2005	23/08/2005	-	Active	NO
4	U00337DL2005PTC139870	GRAND METAL INDUSTRIES PRIVATE LIMITED	Director	23/08/2005	23/08/2005	-	Active	NO
5	L74900DL1981PLC011425	INDO GULF INDUSTRIES LIMITED	Director	30/03/2007	20/12/2006	23/09/2011	Active	NO
6	U37100HR2012PTC046421	CMR ALUMINIUM COMPANY PRIVATE LIMITED	Director	4/7/2012	4/7/2012	-	Active	NO

Name :	Mr. Mohan Agarwal
Designation :	Managing Director
Address :	F-170B, Western Avenue, Sainik Farm, New Delhi – 110062, Delhi, India
Date of Birth/Age :	12.07.1963
Date of Appointment :	07.08.2006
PAN No.:	ADEPA0100C
DIN No. :	00595232

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1994PTC060453	CENTURY METAL RECYCLING PRIVATE LIMITED.	Managing director	7/8/2006	25/07/1994	-	Active	NO
2	L67120DL1992PLC123134	SUVRIDHI FINANCIAL SERVICES LIMITED	Director	1/11/2002	1/11/2002	-	Active	NO
3	U00337DL2005PTC139870	GRAND METAL INDUSTRIES PRIVATE LIMITED	Director	23/08/2005	23/08/2005	-	Active	NO
4	U00331DL2005PTC139891	GRAND METAL RECYCLING PRIVATE LIMITED	Director	23/08/2005	23/08/2005	-	Active	NO
5	U37100HR2012PTC046421	CMR ALUMINIUM COMPANY PRIVATE LIMITED	Director	4/7/2012	4/7/2012	-	Active	NO

Name :	Mr. Mayank Pareek
Designation :	Whole- time- Director
Address :	176, Ashoka Enclave –I, Faridabad – 121003, Haryana, India
Date of Birth/Age :	01.11.1972
Date of Appointment :	18.08.2003
PAN No.:	AECPP5693J
DIN No. :	00595657

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1994PTC060453	CENTURY METAL RECYCLING PRIVATE LIMITED.	Whole-time director	7/8/2006	18/08/2003	-	Active	NO
2	U37100DL2012PTC235715	INNOVATIVE RECYCLING PRIVATE LIMITED	Director	11/5/2012	11/5/2012	-	Active	NO
3	U37100HR2012PTC046421	CMR ALUMINIUM COMPANY PRIVATE LIMITED	Director	4/7/2012	4/7/2012	-	Active	NO

Name :	Ms. Bhavana Sharma
Designation :	Nominee Director
Address :	50, Vaishali Apartments, IIT Campus, New Delhi – 110016, India
Date of Birth/Age :	07.12.1967
Date of Appointment :	20.10.2011
DIN No. :	00956209

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999DL2000PLC103253	FOUR C PLUS (INTERNET) COMPANY LIMITED	Nominee director	2/12/2005	2/12/2005	23/06/2007	Active	NO
2	L17120MH1981PLC025388	POLYGENTA TECHNOLOGIES LIMITED	Nominee director	16/01/2007	16/01/2007	14/05/2007	Active	NO
3	U25111KL1986PLC004449	RADO TYRES LTD	Nominee director	8/9/2008	8/9/2008	14/12/2011	Active	NO
4	L74899DL1995PLC064215	MOHINDRA FASTENERS LIMITED	Nominee director	17/02/2009	17/02/2009	11/5/2011	Active	NO
5	L74999MH1975PLC018397	ELECTRONICA MACHINE TOOLS LIMITED	Nominee director	30/10/2010	30/10/2010	-	Active	NO
6	U34200DL2008PTC172214	CARNATION AUTO INDIA Private LIMITED	Nominee director	4/5/2011	4/5/2011	-	Active	NO
7	U74999DL2000PLC106206	SATYAM CINEPLEXES LIMITED	Nominee director	23/09/2011	17/06/2011	-	Active	NO
8	L29219AP1983PLC004319	LOKESH MACHINES LTD	Nominee director	30/09/2011	2/7/2011	-	Active	NO
9	U40200GJ2006PLC048397	SABARMATI GAS LIMITED	Director	29/09/2011	18/07/2011	-	Active	NO
10	U74899DL1994PTC060453	CENTURY METAL RECYCLING PRIVATE LIMITED.	Nominee director	20/10/2011	24/08/2011	18/05/2012	Active	NO
11	U24139GJ1994PLC023944	MARCK BIOSCIENCES LIMITED	Nominee director	3/5/2012	3/5/2012	-	Active	NO
12	U28910HP1989PLC008963	HIM TEKNOFORGE LIMITED	Nominee director	22/05/2012	22/05/2012	-	Active	NO

MAJOR SHAREHOLDERS

As On 20.10.2011

Names of Shareholders	No. of Shares
Mohan Agarwal	788955
Gauri Shankar Agarwal	667714
Saraswati Devi	3681
Mohan Agarwal HUF	17
Gauri Shankar Agarwal – HUF	59158
Kalawati Agarwal	393760
Pratibha Agarwal	534921
Ramayana Polymers Private limited – India	497336
Forever Multimedia Private Limited – India	500760
Sanjivani Infrastructure Private Limited – India	667680
Grand Metal Recycling Private limited – India	573520
Suvridhi Financial Services Limited – India	912498
Indian Automotive Components Manufacturers Private Equity Fund-1-Domestic, India	500000
Total	6100000

As On 20.10.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Venture Capital	8.20
Bodies corporate	51.66
Directors or relatives of Directors	40.08
Other top fifty shareholders	0.06
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Aluminum and Zinc Alloy Ingots
Products :	Aluminum Alloy Ingots Zinc Alloy Ingots

GENERAL INFORMATION

Customers :

• Yamaha
• Honda
• Shriram
• Subros
• Mitsubishi
• Suzuki
• Maruti Suzuki
• Kiran Udyog
• Sage Metals Limited
• Kangaro
• Escorts
• Groz

No. of Employees :

Not Available

Bankers :

• IDBI Bank Limited, Indian Red Cross Building, 1-Red, Cross Road, New Delhi – 110001, Delhi, India
• HDFC Bank, Amba Deepa Building, K. G. Marg, New Delhi – 110001, India
• State Bank of India, Commercial Branch, Vardhman Trade Centre, plot No.3 and 4, 2^nd Floor, Nehru Place, New Delhi – 110019, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee Term Loans Banks Secured	1.164	2.622
Rupee Term Loans Financial Institutions Secured	74.721	0.000
Foreign Currency Loans Banks Secured	21.150	51.886
Foreign Currency Loans Financial Institutions Secured	56.490	82.311
Working Capital Loans Banks Secured	407.885	243.026
Working Capital Loans Financial Institutions Secured	326.786	152.136
Loans Taken For Vehicles Secured	0.694	1.191
Loans Taken For Fixed Assets Secured	98.392	98.392
Total	987.282	631.564
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loans Directors Unsecured	1.700	10.550
Other Debt Unsecured	9.600	1.600
Total	11.300	12.150

Banking Relations :	--
Auditors :
Name :	K.N Gutgutia and Company Chartered Accountants
Address :	11K, Gopal Tower, 25, Rajender Place New Delhi – 110008, Delhi, India
Pan No.:	AACFK6448G

CAPITAL STRUCTURE

As On 20.10.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6100000	Equity Shares	Rs.10/- each	Rs.61.000 Millions

As On 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3270700	Equity Shares	Rs.10/- each	Rs.32.707 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		32.707	32.707	32.707
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		679.041	420.583	296.032
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		711.748	453.290	328.739
LOAN FUNDS
1] Secured Loans		987.282	631.564	537.651
2] Unsecured Loans		11.300	12.150	7.753
TOTAL BORROWING		998.582	643.714	545.404
DEFERRED TAX LIABILITIES		37.238	39.222	30.289
TOTAL		1747.568	1136.226	904.432
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		525.481	545.501	478.724
Capital work-in-progress		35.031	5.671	5.859
INVESTMENT		1.911	1.911	1.913
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	695.373	419.564	113.845
	Sundry Debtors	546.419	410.199	376.084
	Cash & Bank Balances	106.014	55.773	46.104
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	459.571	148.133	149.353
Total Current Assets		1807.377	1033.669	685.386
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	464.211	371.325	235.503
	Other Current Liabilities	52.021	31.819	15.793
	Provisions	106.000	47.382	16.154
Total Current Liabilities		622.232	450.526	267.450
Net Current Assets		1185.145	583.143	417.936
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1747.568	1136.226	904.432

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	8323.463	4313.374	3015.226
		Other Income	0.100	0.100	0.100
		TOTAL (A)	8323.563	4313.474	3015.326
Less	EXPENSES
		Office Expenses	7927.448	4100.190	2964.051
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	7927.448	4100.190	2964.051
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		396.115	213.284	51.275
Less	FINANCIAL EXPENSES (D)		56.952	37.216	39.763
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		339.163	176.068	11.512
Less/ Add	DEPRECIATION/ AMORTISATION (F)		41.116	32.295	25.437
	PROFIT BEFORE TAX (E-F) (G)		298.047	143.773	(13.925)
Less	TAX (I)		39.590	19.222	(1.555)
	PROFIT AFTER TAX (G-I) (J)		258.457	124.551	(12.370)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		199.011	74.460	86.830
	BALANCE CARRIED TO THE B/S		457.468	199.011	74.460
	EARNINGS IN FOREIGN CURRENCY		21.346	12.366	0.000
	Earnings Per Share (Rs.)		79.02	38.08	(3.78)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.11	2.89	(0.41)
Net Profit Margin (PBT/Sales)	(%)	3.58	3.33	(0.46)
Return on Total Assets (PBT/Total Assets}	(%)	12.78	9.10	(1.20)
Return on Investment (ROI) (PBT/Networth)		0.42	0.32	0.04
Debt Equity Ratio (Total Liability/Networth)		2.28	2.41	2.47
Current Ratio (Current Asset/Current Liability)		2.90	2.29	2.56

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	Yes
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Note:

The Registered Office of the company was shifted from “F-170 B, Western Avenue, Sainik Farm, New Delhi – 110062, India” to the present address w.e.f. 27.09.2011

Operations:

As appearing from the financial results given above, the company registered remarkable growth both in terms of sales volume as well as profits.

During the year, the turnover of the company was Rs. 8931.621 Millions as against Rs. 4554.175 Millions for the previous year, registering a growth of 96%. Further PAT (Profit after Tax) of the company also increased from 124.551 Millions to 258.457 Millions registering a growth of 107%. During the year under review, the company has not earned any income from the sale of its long-term investments.

The Company’s production capacity is 1,59,600 MT per annum and the company has utilized its plant capacity upto 42.81 % during the year under consideration.

Gurgaon plant of the company which was started in financial year 2009-2010 has become fully operational. Now the company is running three plants in India i.e. Palwal (Haryana), Gurgaon (Haryana) and Haridwar (Uttarakhand) and as a part of the growth policy, the Company is setting up new plant at Bhiwadi (Rajasthan) at which 70% work has already been completed and this plant is also expected to start its commercial production by the end of November, 2011

Contingent Liabilities:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
Outstanding letter of credit (L/C)	25.144	46.046
Outstanding bank guarantees	16.214	38.064
Bills discounted with banks	642.116	233.759

BANKERS CHARGES REPORT AS PER REGISTRY

	U74899DL1994PTC060453
Name of the company	CENTURY METAL RECYCLING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	W-5/16, Western Avenue, Sainik Farm, New Delhi – 110062, India E-mail id : secretarial@century.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10093568
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge Others (Current and Fixed Assets)
Particular of charge holder	State Bank of India, Commercial Branch,3and4, II Floor, DDA Building, Vardhman Trade Centre , Nehru Place, New Delhi – 110019, India E-mail Id : parmar.c.shekhar@sbi.co.in
Nature of instrument creating charge	1.Sanction Letter Dated 14/03/2012 2.Supplemental Working Capital Consortium Agreement 3.Supplemental Joint Deed of Hypothecation 4.Interse Agreement between State Bank of India, IDBI Bank, ICICI Bank, and HDFC Bank
Date of instrument Creating the charge	28.03.2012
Amount secured by the charge	Rs.1581.600 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As decided by the consortium members from time to time. Terms of Repayment on demand Margin As decided by the consortium members from time to time . Extent and Operation of the charge First pari-passu charge on all the current assets Extension of charge on all the fixed assets (except Haridwar and Gurgaon Units which were financed by SIDBI.)
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First pari-passu charge on whole of the current assets of the borrower namely ,stocks of RM , stocks in process , semi-finished goods ,finished goods ,including stocks in transit and spares not relating to plant and machinery ( Consumable and stores ) , bills receivables , and book-debts and all other movable assets both present and future whether now lying loose or in case or which are now lying or stored in or about or shall hereinafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about of the borrower's factories premises, and godowns situated at Tatarpur and other places in the state of Haryana and other part of country or wherever else the same may be or be held by any party to the order or disposition of the borrower or in the course of transit or on high seas or on order or delivery ,howsoever and wheresoever in the possession of the borrower and either by way of substitution or addition. Extension of charge over the entire fixed assets( except Haridwar and Gurgaon Units which were financed by SIDBI) both present and future. Pari-passu charge over land and building by EM measuring 76 kanal 12 marla at vill.-Tatarpur, Teh.-Palwal, Faridabad bearing sale deed dated 09/08/2005 No. 4175 entered in book no -2250 page no. 126 Bahi no -1 , book no 2260 page no 23-24 registered at Jt. Sub registrar Palwal and all the Plant and Machinery installed or to be installed and all other present and future infrastructures thereon . The above charge is to secure working capital facilities sanctioned by SBI,IDBI,HDFC and ICICI Bank on pari-passu basis and SBI acting as lead bank of above consortium
Date of instrument modifying the charge	22.02.2011
Particulars of the present modification	Credit facilities sanctioned by SBI Consortium now enhanced to Rs.1581.600 Millions as under : State Bank of India Rs.591.600 Millions IDBI Bank Ltd Rs. 490.000 Millions ICICI Bank Ltd. Rs. 300.000 Millions HDFC Bank Ltd. Rs. 200.000 Millions Total Rs. 1581.600 Millions And SBI is acting as lead bank of the consortium.

Fixed Assets

• Land
• Factory
• Non Factory Building
• Office Building
• Plant and Machinery
• Electrical Installation
• Office Equipments
• Furniture and Fixture
• Computer
• Tools
• Vehicles

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.55.66
UK Pound	1	Rs.85.89
Euro	1	Rs.67.88

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.