MIRA INFORM REPORT

Report Date :

20.07.2012

IDENTIFICATION DETAILS

Name :	VULCAN INDUSTRIAL ENGINEERING COMPANY LIMITED (w.e.f. 29.06.2006)
Formerly Known As :	VULCAN INDUSTRIAL ENGINEERING COMPANY PRIVATE LIMITED
Registered Office :	302, Sai Chambers, Opposite Railway Station, Santacruz (East), Mumbai -400055, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.07.1971
Com. Reg. No.:	11-015257
Capital Investment/ Paid-up Capital:	Rs.10.307 Millions
CIN No.: [Company Identification No.]	U74210MH1971PLC015257
TAN No.: [Tax Deduction & Collection Account No.]	MUMV10520G
PAN No.: [Permanent Account No.]	AAACV2931Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Wholesalers, Suppliers, Exporters and Manufacturers of foot mounted gearbox, gear boxes such as industrial gearbox, automotive gearbox, commercial gearbox, reduction gearbox, single stage gearbox, and worm reduction gearbox, etc.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 2070000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Trade relations are fair. Business is active. General financial position is satisfactory. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 :	302, Sai Chambers, Opposite Railway Station, Santacruz (East), Mumbai -400055, Maharashtra, India
Tel. No.:	91-2692-236032
Fax No.:	91-2692-236032
E-Mail :	vulcan@viecl.com
Website :	http://www.viecl.com
Head Office :	A-2/440, GIDC, Vithal Udyognagar, Anand - 388121, Gujarat, India
Tel. No.:	91-2692-236032
Fax No.:	91-2692-238723
E-Mail :	marketing@viecl.com
Unit I :	Survey No. 1091, Sunav – Kasor Road, Piplav, Anand - 388121, Gujarat, India
Tel. No.:	91-2697-235811
Fax No.:	91-2697-235877
E-Mail :	rajesh@viecl.com

DIRECTORS

As on: 30.09.2010

Name :

Mr. Jayantilal Gokaldas Gandhi

Designation :

Whole Time Director

Address :

Manjul, Bakrol Road, Vallabh Vidya Nagar, Anand - 388120, Gujarat, India

Date of Birth/Age :

27.12.1927

Qualification :

B.E. Mech

Date of Appointment :

31.07.1971

Din No.:

00044754

Name :

Mr. Sanjay Jayantilal Gandhi

Designation :

Managing Director

Address :

Manjul, Bakrol Road, Vallabh Vidya Nagar, Anand - 388120, Gujarat, India

Date of Birth/Age :

21.12.1963

Qualification :

B.E. Mech

Date of Appointment :

01.09.1984

Din No.:

00044714

Other Directorships :

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	U74210MH1971PLC015257	VULCAN INDUSTRIAL ENGINEERING COMPANY LIMITED	Managing director	01/04/2009	01/09/1984	-	Active	NO
2	U27310GJ2007PTC051647	VULCAN STEEL CAST PRIVATE LIMITED	Director	03/09/2007	03/09/2007	-	Strike off	NO

Name :

Mr. Rajiv Jayantilal Gandhi

Designation :

Whole Time Director

Address :

Manjul, Bakrol Road, Vallabh Vidya Nagar, Anand - 388120, Gujarat, India

Date of Birth/Age :

06.04.1965

Qualification :

B.E. Mech

Date of Appointment :

01.09.1984

Din No.:

00044737

Name :

Mr. Ankit Sanjay Gandhi

Designation :

Additional Director

Address :

Manjul, Bakrol Road, Vallabh Vidya Nagar, Anand-388120, Gujarat, India

Qualification :

M.B.A.

Date of Appointment :

01.06.2010

Din No.:

00044642

Other Directorships :

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	U51100GJ1999PTC035484	OASIS MARKETERS PRIVATE LIMITED(TR FR W B )	Director	10/06/2005	10/06/2005	-	Strike off	NO
2	U65910GJ1992PTC017318	P J PATEL AND SONS FINANCE PRIVATE LIMITED	Managing director	10/06/2005	10/06/2005	-	Strike off	NO
3	U27310GJ2007PTC051647	VULCAN STEEL CAST PRIVATE LIMITED	Director	03/09/2007	03/09/2007	-	Strike off	NO
4	U74210MH1971PLC015257	VULCAN INDUSTRIAL ENGINEERING COMPANY LIMITED	Director	30/09/2010	01/06/2010	-	Active	NO
5	U29199GJ1993PTC019564	VULCAN TECHNO PRIVATE LIMITED	Director	23/11/2010	23/11/2010	-	Active	NO
6	U65923GJ1996PLC029041	AAMIT FIN-TRADE LIMITED	Director	21/01/2011	21/01/2011	-	Active	NO

Name :

Mr. Serugalathur Ramnath Rajagopal

Designation :

Director

Address :

12, Greenview Apartment, 119, Southern Venue, Kolkata, India

Qualification :

B.E. Mech

Date of Appointment :

01.04.2005

Din No.:

01126919

Other Directorships :

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	U01409WB1985PTC038602	CARLMANN SCHMIDT (INDIA) PRIVATE LIMITED	Managing director	21/02/1985	21/02/1985	-	Active	NO
2	U51909WB1988PTC044737	CAPRON MARKETING PRIVATE LIMITED	Director	02/12/2002	02/12/2002	-	Active	NO
3	U74210MH1971PLC015257	VULCAN INDUSTRIAL ENGINEERING COMPANY LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO

Name :

Mrs. Meghna Bipin Gandhi

Designation :

Additional Director

Address :

6/27, Kalyan Building, 3rd Floor, 134, Khadilkar Road, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

19.06.1980

Date of Appointment :

01.04.2011

Din No.:

03471063

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2010

Names of Shareholders	No. of Equity Shares
Jayantilal Gokaldas Gandhi	191600
Sanajy Jayantilal Gandhi	179930
Rajiv Jayantilal Gandhi	153120
Bhavna S. Gandhi	103040
Ankit Sanjay Gandhi	128525
Ami S. Gandhi	17910
Mona R. Gandhi	100020
Master Aditya Gandhi	122500
Ajit Kantilal Sheth	12610
Panna Ajit Sheth	11010
Total	1020265

Names of Shareholders	No. of Preference Shares
Kusumbena. Patel	10
Kishor Motwani	10
Rekha R. Desai	10
Nikul M. Patel	10
Saroj Motwani	20
Vikram A. Patel	10
Ashwin R, Shah	10
Nirupa A. Shah	10
Chandubhai S. Patel	10
Manish C. Patel	10
Sushman Shah	10
Kokila D. Shah	10
Nayana P. Patel	10
Gaurang M. Shetwala	10
Manjulaben R. Shah	10
Chandrika K Shah	10
Siddharth C. Patel	10
Bhushanbhai Patel	8000
Total	8180

As on: 30.12.2011

Names of Allottees	No. of Shares
Sushma Dalvi	1960
Amit Fintrade Private Limited, India	39196
Vulcan Techno Private Limited, India	26470
Amit Sheth	6331
Total	73957

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2010

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Wholesalers, Suppliers, Exporters and Manufacturers of foot mounted gearbox, gear boxes such as industrial gearbox, automotive gearbox, commercial gearbox, reduction gearbox, single stage gearbox, and worm reduction gearbox, etc.

Products :

Product Description	ITC Code
Tube well drilling and core drilling machinery	84304110

PRODUCTION STATUS (As on: 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Spares and Components	Nos.	NA	9000	6783
Gear Box	Nos.	NA	500	293
Drill Rod	Nos.	NA	7000	4056

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Canara Bank, Station Road, Anand - 388001, Gujarat, India

· Bank of Baroda, Vallabh Vidhyanagar Branch, Nana Bazar, Opposite Nalini College, District Anand – 388120, Gujarat, India

· Axis Bank Limited

· HDFC Bank Limited

· ICICI Bank Limited

· State Bank of India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans secured	438.386	239.070
Working capital loans banks secured	216.828	177.211
Loans taken for fixed assets secured	7.369	9.226
Total	662.583	425.507
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans unsecured	5.900	2.850
Share unsecured loans joint ventures	11.630	3.500
Total	17.530	6.350

Banking Relations :	--
Auditors :
Name :	J.L. Gandhi and Associates Chartered Accountants
Address :	A 92 Vishranti Estate Opp Yash Complex Near Narayan Garden Gotri Road Vadodara - 390007, Gujarat India
PAN No.:	AAAFJ3450H
Subsidiaries :	· VSA Mining Equipment Pty Limited · Vulcan USA Inc

CAPITAL STRUCTURE

As on: 30.09.2011

Authorised Capital : Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.10.802 Millions

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1485000	Equity Shares	Rs.10/- each	Rs.14.850 Millions
15000	12% Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.0.150 Million
	Total		Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1022515	Equity Shares	Rs.10/- each	Rs.10.225 Millions
8180	12% Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.0.082 Million
	Total		Rs.10.307 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		10.307	10.307	10.307
2] Share Application Money		24.750	4.500	4.500
3] Reserves & Surplus		484.583	335.012	231.659
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		519.640	349.819	246.466
LOAN FUNDS
1] Secured Loans		662.583	425.507	432.638
2] Unsecured Loans		17.530	6.350	3.400
TOTAL BORROWING		680.113	431.857	436.038
DEFERRED TAX LIABILITIES		39.797	27.142	28.417
TOTAL		1239.550	808.818	710.921
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		773.059	481.321	476.036
Capital work-in-progress		10.588	49.171	15.515
INVESTMENT		9.162	3.996	0.186
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	233.844	147.170	103.221
	Sundry Debtors	518.043	393.372	299.321
	Cash & Bank Balances	46.820	30.604	31.579
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	38.562	20.744	17.445
Total Current Assets		837.269	591.890	451.566
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	322.125	224.910	201.855
	Other Current Liabilities	47.411	17.455	8.000
	Provisions	20.992	75.195	22.527
Total Current Liabilities		390.528	317.560	232.382
Net Current Assets		446.741	274.330	219.184
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1239.550	808.818	710.921

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1080.720	983.043	888.605
		Other Income	52.080	4.930	14.559
		TOTAL (A)	1132.800	987.973	903.164
Less	EXPENSES
		Consumption materials changes inventories	439.263	393.594
		Manufacturing service costs	28.672	21.657
		Contract cost	40.651	33.638
		Employee related expenses	95.040	80.148
		Employee related expenses	216.699	170.396
		Research development expenditure	0.056	0.001
		TOTAL (B)	820.381	699.434	687.308
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		312.419	288.539	215.856
Less	FINANCIAL EXPENSES (D)		57.774	52.128	43.588
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		254.645	236.411	172.268
Less/ Add	DEPRECIATION/ AMORTISATION (F)		76.405	69.298	51.886
	PROFIT BEFORE TAX (E-F) (G)		178.240	167.113	120.382
Less	TAX (H)		34.169	63.761	43.764
	PROFIT AFTER TAX (G-H) (I)		144.071	103.352	76.618
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		200.084	126.754	65.171
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.022	0.035
		Transfer to Capital Redemption Reserve	30.000	30.000	15.000
	BALANCE CARRIED TO THE B/S		314.155	200.084	126.754
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	74.473	156.899
	TOTAL EARNINGS		NA	74.473	156.899
	IMPORTS
		Raw Materials	NA	39.166	46.063
		Capital Goods		28.157	137.336
		Stores & Spares		0.896	0.636
		Trading Goods		1.611	0.000
		Packing Material		0.853	0.000
	TOTAL IMPORTS		NA	74.473	156.899
	Earnings Per Share (Rs.)		139.78	101.08	75.10

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	12.72	10.46	8.48
Net Profit Margin (PBT/Sales)	(%)	16.49	17.00	13.55
Return on Total Assets (PBT/Total Assets}	(%)	11.07	15.57	12.98
Return on Investment (ROI) (PBT/Networth)		0.34	0.48	0.49
Debt Equity Ratio (Total Liability/Networth)		2.06	2.14	2.71
Current Ratio (Current Asset/Current Liability)		2.14	1.86	1.94

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	No
Line of Business	No
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Note:

The Registered Office of the company has been shifted from 134 Khadilkar Road, Mumbai - 400004, Maharashtra, India to the present address w.e.f. 01.03.2007

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U74210MH1971PLC015257
Name of the company	VULCAN INDUSTRIAL ENGINEERING COMPANY LIMITED
Address of the registered office or of the principal place of business in India of the company	302, Sai Chambers, Opposite Railway Station, Santacruz (East), Mumbai -400055, Maharashtra, India E-mail: vulcan@viecl.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10310199
Type of charge	Book debts Movable property (not being pledge) Others (Stocks, Movable Plant and Machinery and Vehicles)
Particular of charge holder	Bank of Baroda, Vallabh Vidhyanagar Branch, Nana Bazar, Opposite Nalini College, District Anand – 388120, Gujarat, India E-mail: vallab@bankofbaroda.com
Nature of instrument creating charge	Supplemental Composite Agreement of Hypothecation of Goods, Book Debts, Movable Machinery and Vehicles
Date of instrument Creating the charge	29.03.2012
Amount secured by the charge	Rs.209.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Adhoc Cash Credit : 2.00% additional than the applicable rate of Interest (Present 2% + Base Rate i.e. 12.75% = 14.75% applicable) Terms of Repayment Adhoc Cash Credit Facilities : 3 Months Margin Cash Credit : 25% on Stock, 25% on Book Debts 25% on movable machinery Extent and Operation of the charge Hypothecation of all its stock of Raw materials, Semi finished and finished goods, book debts , outstanding moneys, receivables, claims, bills, contracts, engagement and securities of the borrower, specific items of movable machinery/vehicles/ crafts etc as more particularly described in the agreement Others Bank of Baroda has granted additional Adhoc Cash Credit of Rs. 30.000 Millions. Terms and conditions and securities for earlier credit facilities remains same as per the principal agreement of Hypothecation dated 26/08/2011 Hypothecation of Plant and machinery, Present and Future, is On Pari Passu basis with canara bank Hypothecation of Stock and book Debts, Present and Future, is On Pari Passu basis with Canara Bank
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All Stock Of Raw Materials, Semi Finished and Finished Goods Both Present And Future - (1) Village Piplav, Taluka petlad District Anand (2) Plot no. A2/439 and A2/440, GIDC, Vitthal Udyognagar, District Anand All The Present And Future Book debts, Outstanding Moneys, Receivables, Claims, Bills, Contracts, Engagement and Securities of the Borrower Specific Items of Movable Machinery/vehicles/Crafts etc. Situated at (1) Village Piplav, Taluka petlad District Anand (2) Plot no. A2/439 and A2/440, GIDC, Vitthal Udyognagar, District Anand All as more specifically specified in the Second Schedule to the Principal Hypothecation Agreement Dated 26/08/2011 and agreement attached herewith
Date of instrument modifying the charge	30.12.2011
Particulars of the present modification	Bank of Baroda has granted additional Adhoc Cash Credit Facility of Rs. 30.000 Millions Overall Credit Facilities stands increased to Rs. 209.5 Millions.

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Equipments, Appliances and Tools

· Pattern and Dies

· Electrical Installation

· Office Equipments

· Computer and Software

· Motor Cars

· Scooter and Cycle

· Tractor and Trailor

AS PER WEBSITE DETAILS:

MAJOR MILESTONES IN VULCAN'S HISTORY

1. 1971: Started as a private limited company in Mumbai to supply mud pumps and drilling accessories.

2. 1972: Started manufacturing drill pipes on a sub-contract basis.

3. 1984: First manufacturing unit set up in Mumbai.

4. 1985: Shifted to Anand to set up a manufacturing facility that was supported by a determined engineering team.

5. 1993-1994: Processed first orders for rope shovel and dragline spares.

6. 1995: Commenced supply of Shovels spares for the world market.

7. 1996-1998: Developed and supplied major and minor sub-assemblies i.e. swing gear boxes, propel and crowd gear boxes, and started manufacturing industrial gear boxes.

8. 1997: First order received for a RO/VO gearbox for Steel Plant.

9. 1997: Achieved ISO certification

10. 2000: Commenced offering services for refurbishing of assemblies.

11. 2000: Listed as an approved vender for Drill pipes with Ingersoll Rand now as Atlas Copco(Ingersoll Rand).

12. 2003: Started there first major refurbishing jobs of a P and H 1900 shovel, completed in 2004. Eventually refurbished 08 jobs BE 195 Shovels, 02 for P and H 1900 and 05 for PandH2300XP.

13. 2004: Commenced supply of major fabricated components for Rope Shovels like Dipper Handle, Crawler Frame and Boom.

14. 2004: First order received for dismantling, refurbishing, shifting, erection and commissioning of 10/60 dragline.

15. 2004: Supplied Roller Press Gearbox PSZA 335 to Cement Plant.

16. 2005: First order for Vertical Rolling Mill Gearbox BCV630 from a cement plant and then after added the same to there standard range of gearboxes.

17. 2005: Order for Central Drive Gearbox for Cement Mill and repeat order of the same in 2007.

18. 2007: Started up there Sunav factory, which eventually will house the entire Vulcan operations in Anand.

19. 2008: Set up Vulcan South Africa in Johannesburg.

20. 2008: Started supplying spares and gearboxes to OEM’s like Bucyrus, BEML, etc.

21. 2008: Became an approved vender for Drill pipes with Sandvik

22. 2009: Set up Vulcan USA in Chicago.

23. 2010: Increased infrastructure with in-house Foundry for centrifugal castings.

24. 2010: Started manufacturing buckets for draglines and shovels

25. 2010: Formed an alliance with L and H Industrial covering engineering, manufacturing and marketing.

26. 2010: Signed a contract for 06 years for supply of critical gears for dragline with BHP Billiton, South Africa.

27. 2010: Approved vendor for Optimum Coal.

28. 2010: Executed order for Sandvik for manufacturing Stacker Reclaimer.

29. 2010: Started manufacturing Friction Welded Drill Pipes.

30. 2010: Installed India’s Largest CNC Gear Hobbing machine Liebherr LC6000.

31. 2010: Refurbished 24 cubic meter W2000 Dragline.

32. 2010: Started manufacturing Raise Bore Drill Pipes.

33. 2010: Manufactured there first Blast Hole Drill Machine.

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.55.38
UK Pound	1	Rs.86.75
Euro	1	Rs.68.06

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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.