MIRA INFORM REPORT

Report Date :

25.07.2012

IDENTIFICATION DETAILS

Name :	PCM STRESCON OVERSEAS VENTURES LIMITED
Registered Office :	PCM Tower, 3rd Floor, 2nd Mile, Sevoke Road , Siliguri – 734001, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.03.2006
Com. Reg. No.:	21-108486
Capital Investment / Paid-up Capital :	Rs.6.543 Millions
CIN No.: [Company Identification No.]	U45203WB2006PLC108486
TAN No.: [Tax Deduction & Collection Account No.]	CALP07790G
PAN No.: [Permanent Account No.]	AACEP2571Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Pre-stressed Concrete Sleepers.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has earned some profits during the year. Accumulated losses appears to be declining. Trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a safe and secured 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Agency Name	Rating
CRISIL	B-/Stable

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered/ Corporate Office :	PCM Tower, 3rd Floor, 2nd Mile, Sevoke Road , Siliguri – 734001, West Bengal, India
Tel. No.:	91- 353-2777028/ 029/ 040/ 041
Fax No.:	91- 353-2540734
E-Mail :	pcm@pcmgroup.co.in info@pcmstrescon.com pcm@pcm970up.co.in
Website :	http://www.pcmstrescon.com www.pcmgroup.co.in
Kolkata Office :	4A, Pollock Centre 410, Swaika Centre, 4^th Floor, Kolkata – 700001, West Bengal, India
Overseas Offices :	Located at: · Kingdom Of Saudi Arabia · United Arab Emirates

DIRECTORS

As on: 30.09.2011

Name :

Mr. Kamal Kumar Mittal

Designation :

Managing Director

Address :

4A, Pollock Street, Swaika Centre, 4^th Floor, Darjeeling, Kolkata – 700001, West Bengal, India

Date of Birth/Age :

28.12.1959

Date of Appointment :

06.03.2006

DIN No.:

00240334

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	U70101WB1987PTC042378	JAMS BUILDERS PRIVATE LIMITED	Director	28/07/1987	28/07/1987	-	Active	NO
2	U51909WB1991PTC053397	PCM CEMENT CONCRETE PRIVATE LIMITED	Director	01/08/1995	01/08/1995	-	Active	NO
3	U45201WB1997PTC086014	SHREE SHYAM DEVELOPMENT PRIVATE LIMITED	Director	15/05/1998	15/05/1998	-	Strike off	NO
4	U52322WB1992PLC056609	UNI WEARS LIMITED	Director	30/09/1998	30/09/1998	-	Active	NO
5	U45201WB1998PTC088287	PCM RESORTS AND DEVELOPERS PRIVATE LIMITED	Director	19/11/1998	19/11/1998	-	Active	NO
6	U70109WB1997PTC085928	TASU ESTATE PRIVATE LIMITED	Director	05/01/1999	05/01/1999	-	Active	NO
7	U51109WB1999PTC088608	MULTITECH MERCHANDISE PRIVATE LIMITED	Director	11/01/1999	11/01/1999	-	Active	NO
8	U45201WB1997PTC085977	SATHI BUILDERS PRIVATE LIMITED	Director	25/02/1999	25/02/1999	-	Active	NO
9	U01409WB1999PTC090065	PCM AGRO PRODUCTS PRIVATE LIMITED	Director	13/08/1999	13/08/1999	-	Active	NO
10	U70102WB1995PTC073973	OM DEVELOPERS PVT.LTD.	Director	31/05/2000	31/05/2000	24/08/2010	Active	NO
11	U72200WB2002PTC095305	PCM NETWINGS COMMUNICATIONS PRIVATE LIMITED	Director	21/10/2002	21/10/2002	-	Strike off	NO
12	U85195WB2003PTC095750	SULABH DIAGNOSTIC CENTRE PRIVATE LIMITED	Director	04/02/2003	04/02/2003	-	Active	NO
13	U45309WB2003PTC096869	PCM STRESCON INTERNATIONAL PRIVATE LIMITED	Director	29/08/2003	29/08/2003	-	Active	NO
14	U40105WB2005PLC103660	PCM HYDEL POWER CORPORATION LIMITED	Director	09/06/2005	09/06/2005	-	Active	NO
15	U45201WB2005PTC105851	NEELKAMAL NIRMAN COMPANY PRIVATE LIMITED	Director	07/10/2005	07/10/2005	-	Active	NO
16	U85110WB2005PTC105999	TM MEDICARE PRIVATE LIMITED	Director	25/10/2005	25/10/2005	-	Active	NO
17	U72200WB2006PTC108316	INAM BUSINESS SOLUTIONS PRIVATE LIMITED	Director	27/02/2006	27/02/2006	-	Active	NO
18	U45203WB2006PLC108486	PCM STRESCON OVERSEAS VENTURES LIMITED	Managing director	01/04/2010	06/03/2006	-	Active	NO
19	U45203WB2006PTC111882	UTTAR BANGA UNAYAN PRIVATE LIMITED	Director	22/11/2006	22/11/2006	-	Active	NO
20	U45203WB2006PTC111888	UTTAR BANGA REALTORS PRIVATE LIMITED	Director	22/11/2006	22/11/2006	-	Active	NO
21	U80904DL2008NPL176253	HIMACHAL EDUCATION AND LEARNING PARK FOUNDATION	Director	02/04/2008	02/04/2008	-	Active	NO
22	U51909WB2008PTC128322	NORTH BENGAL UFA EXPORTS PRIVATE LIMITED	Director	07/08/2008	07/08/2008	-	Active	NO
23	U01132WB2009PTC135479	SAMSING ORGANIC TEA PRIVATE LIMITED	Director	02/07/2009	02/07/2009	14/06/2012	Active	NO
24	U01132WB2009PTC135478	YANGTONG ORGANIC TEA PRIVATE LIMITED	Director	02/07/2009	02/07/2009	-	Active	NO
25	U40105WB2009PLC138976	PCM POWER TRADING CORPORATION LIMITED	Director	22/10/2009	22/10/2009	-	Active	NO
26	U01132WB1998PTC089959	BAMANDANGA TEA ESTATES PRIVATE LIMITED	Director	01/03/2010	01/03/2010	14/06/2012	Active	NO
27	U45400WB2012PTC172712	PCMS INFRASTRUCTURE COMPANY PRIVATE LIMITED	Director	23/01/2012	23/01/2012	-	Active	NO

Name :

Mr. Anand Kumar Mittal

Designation :

Director

Address :

PCM House, Sevoke Road, Siliguri, Darjeeling – 734001, West Bengal, India

Date of Birth/Age :

02.10.1971

Date of Appointment :

06.03.2006

DIN No.:

00250975

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	U51909WB1991PTC053397	PCM CEMENT CONCRETE PRIVATE LIMITED	Director	14/10/1991	14/10/1991	-	Active	NO
2	U51109WB1997PTC084084	SIMCO COMMOTRADE PRIVATE LIMITED	Director	03/11/1997	03/11/1997	-	Active	NO
3	U24117WB1998PTC086811	PCM CHEMICALS PRIVATE LIMITED	Director	24/03/1998	24/03/1998	-	Active	NO
4	U45201WB1997PTC086014	SHREE SHYAM DEVELOPMENT PRIVATE LIMITED	Director	15/05/1998	15/05/1998	-	Strike off	NO
5	U01132WB1999PTC090329	PCM TEA PROCESSING PRIVATE LIMITED	Director	20/09/1999	20/09/1999	-	Active	NO
6	U65993WB1996PTC078103	HTC FINANCE PRIVATE LIMITED	Director	08/12/1999	08/12/1999	-	Active	NO
7	U70102WB1995PTC073973	OM DEVELOPERS PRIVATE LIMITED	Director	31/05/2000	31/05/2000	24/08/2010	Active	NO
8	U70109WB1995PTC075845	SHREE OM LEFIN PRIVATE LIMITED	Director	31/05/2000	31/05/2000	-	Active	NO
9	U72200WB2002PTC095305	PCM NETWINGS COMMUNICATIONS PRIVATE LIMITED	Director	21/10/2002	21/10/2002	-	Strike off	NO
10	U45309WB2003PTC096869	PCM STRESCON INTERNATIONAL PRIVATE LIMITED	Director	04/12/2003	04/12/2003	-	Active	NO
11	U51217WB1980PLC033184	R P WAREHOUSE AND TEA INDUSTRIES LIMITED	Director	12/04/2005	12/04/2005	-	Active	NO
12	U40105WB2005PLC103660	PCM HYDEL POWER CORPORATION LIMITED	Director	09/06/2005	09/06/2005	-	Active	NO
13	U45203WB2006PLC108486	PCM STRESCON OVERSEAS VENTURES LIMITED	Director	06/03/2006	06/03/2006	-	Active	NO
14	U70101WB2005PTC105112	PARMATMA HOUSING PRIVATE LIMITED	Director	08/06/2007	08/06/2007	-	Active	NO
15	U85110WB2005PTC105999	TM MEDICARE PRIVATE LIMITED	Additional director	02/08/2007	02/08/2007	-	Active	NO
16	U40105WB2009PLC138976	PCM POWER TRADING CORPORATION LIMITED	Director	22/10/2009	22/10/2009	-	Active	NO
17	U27106WB2003PTC097185	PCM ALLOYS STEELS PRIVATE LIMITED	Director	01/04/2011	01/04/2011	-	Active	NO
18	U70109WB2011PTC162181	HIMALAYAN INFRA PROJECTS PRIVATE LIMITED	Director	02/05/2011	02/05/2011	-	Active	NO
19	U70100DL2011PTC218591	DAKSHYA INFRA DEVELOPERS PRIVATE LIMITED	Director	04/05/2011	04/05/2011	-	Active	NO
20	U22190WB2011PLC165114	PRINT CONTEMPORARY MEDIA VENTURES LIMITED	Director	19/07/2011	19/07/2011	-	Active	NO
21	U45400WB2012PTC172712	PCMS INFRASTRUCTURE COMPANY PRIVATE LIMITED	Director	23/01/2012	23/01/2012	-	Active	NO

Name :

Mr. SABYASACHI MUNSHI

Designation :

Director

Address :

P-1, CIT Road, Scheme – VIM, 2^nd Floor, Phulbagan, Kolkata – 700054, West Bengal, India

Date of Birth/Age :

06.12.1963

Date of Appointment :

06.03.2006

DIN No.:

00001350

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	U26956WB1978PLC031650	STRESCON INDUSTRIES LIMITED	Managing director	23/05/1990	23/05/1990	-	Active	NO
2	U45309WB2003PTC096869	PCM STRESCON INTERNATIONAL PRIVATE LIMITED	Director	29/08/2003	29/08/2003	-	Active	NO
3	U74999WB2004PTC099213	RAILTRACK CONCRETE PRODUCTS PRIVATE LIMITED	Director	04/08/2004	04/08/2004	-	Active	NO
4	U27310WB2005PLC103148	GPT CASTINGS LIMITED	Director	16/05/2005	16/05/2005	21/08/2009	Active	NO
5	U72200WB2006PTC108316	INAM BUSINESS SOLUTIONS PRIVATE LIMITED	Director	27/02/2006	27/02/2006	-	Active	NO
6	U45203WB2006PLC108486	PCM STRESCON OVERSEAS VENTURES LIMITED	Director	06/03/2006	06/03/2006	-	Active	NO
7	U24233WB1992PLC056410	ESSKAYJAY INTERNATIONAL LIMITED	Director	15/07/2008	15/07/2008	11/05/2010	Active	NO
8	U45400WB2012PTC172712	PCMS INFRASTRUCTURE COMPANY PRIVATE LIMITED	Director	23/01/2012	23/01/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Kamal Kumar Mittal	17500
Niranjan Kumar Mittal	12500
Anand Kumar Mittal	12500
Nishant Mittal	2500
Sabyasachi Munshi	10000
Ruprant Munshi	10000
Shohom Munshi	5000
PCM Cement Concrete Private Limited, India	400000
Eeskayjay International Limited, India	1000
Strescon Industries Limited, India	1000
Niranjan KR Mittal	9250
Munshi Holding Private Limited, India	500
PCM Alloys Steels Private Limited, India	72500
PCM Tea Processing Private Limited, India	25000
Heaven Mercantile Private Limited, India	75000
Total	654250

As on: 19.03.2012

Names of Allottees	No. of Shares
Anand Kumar Mittal	1750
Total	1750

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Bodies corporate	87.89
Directors or relatives of directors	12.11
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pre-stressed Concrete Sleepers.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Indian Overseas Bank, Sreemani Market Branch, 204/1, Bidhan Sarani, Kolkata - 700006, West Bengal, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	0.000	23.600
Foreign currency loans banks secured	0.000	90.000
Other debt secured	46.660	385.953
Total	46.660	499.553

Banking Relations :	--
Auditors :
Name :	Gujrani and Company Chartered Accountants
Address :	42A, C.R. Avenue, 3rd Floor, Kolkata – 700012, West Bengal, India
PAN No.:	AACFG6855D
Fellow Subsidiaries :	PCM Hydel Power Corporation Limited
Holding Company :	PCM Cement Concrete Private Limited
Enterprise over which any person described in above is able to exercise significant influence :	HTC Finance Private Limited CIN No.: U65993WB1996PTC078103

CAPITAL STRUCTURE

After: 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
656000	Equity Shares	Rs.10/- each	Rs.6.560 Millions

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
654250	Equity Shares	Rs.10/- each	Rs.6.543 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		6.543	6.543	6.543
2] Share Application Money		0.025	0.025	0.000
3] Reserves & Surplus		105.307	116.384	105.307
4] (Accumulated Losses)		(111.607)	(203.829)	(267.617)
NETWORTH		0.268	(80.877)	(155.767)
LOAN FUNDS
1] Secured Loans		46.660	499.553	463.299
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		46.660	499.553	463.299
DEFERRED TAX LIABILITIES		0.000	0.117	0.000
TOTAL		46.928	418.793	307.532
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		315.256	484.713	1121.149
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		32.069	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	77.728	376.600	81.700
	Sundry Debtors	275.585	395.484	35.633
	Cash & Bank Balances	267.633	464.321	192.820
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	464.625	215.439	193.182
Total Current Assets		1085.571	1451.844	503.335
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.635	862.181	799.379
	Other Current Liabilities	1405.319	885.834	587.581
	Provisions	24.206	34.453	4.677
Total Current Liabilities		1438.160	1782.468	1391.637
Net Current Assets		(352.589)	(330.624)	(888.302)
MISCELLANEOUS EXPENSES		0.016	211.252	74.685
OTHER ASSETS		52.176	53.452	0.000
TOTAL		46.928	418.793	307.532

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2313.898	2440.642	170.812
		Other Income	67.919	50.982	47.573
		TOTAL (A)	2381.817	2491.624	218.385
Less	EXPENSES
		Consumption materials changes inventories	843.543	954.864
		Manufacturing service costs	929.527	941.011
		Employee related expenses	31.185	23.623
		Administrative selling other expenses	297.191	259.931
		TOTAL (B)	2101.446	2179.429	322.021
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		280.371	312.195	(103.636)
Less	FINANCIAL EXPENSES (D)		16.473	63.533	14.071
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		263.898	248.662	(117.707)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		180.266	168.572	149.923
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		83.632	80.090	(267.630)
Less	TAX (I)		(8.591)	16.303	0.197
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)		92.223	63.787	(267.827)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(203.830)	(267.617)	0.210
	BALANCE CARRIED TO THE B/S		(111.607)	(203.830)	(267.617)
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings		NA	NA	170.254
	TOTAL EARNINGS		NA	NA	170.254
	Earnings Per Share (Rs.)		141.00	98.00	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.87	2.56	(122.64)
Net Profit Margin (PBT/Sales)	(%)	3.61	3.28	(156.68)
Return on Total Assets (PBT/Total Assets}	(%)	5.97	4.14	(16.47)
Return on Investment (ROI) (PBT/Networth)		312.06	(0.99)	1.72
Debt Equity Ratio (Total Liability/Networth)		5440.37	(28.22)	(11.91)
Current Ratio (Current Asset/Current Liability)		0.75	0.81	0.36

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Passport No of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No

OPERATIONS

The company from its operations in Saudi Arabia has generated revenue of Rs.2313.800 Millions from sale of Sleepers. The company is in the process of getting further orders at Saudi Arabia which shall increase the revenues of the Company.

FIXED ASSETS:

· Portable Cabin

· Air Conditioner

· Computer and Printer

· EOT Crane

· Fax Machine

· Furniture and Fixture

· Generator

· Mobile Phone

· Motor Car

· Water Dispencer

AS PER WEBSITE DETAILS:

PROFILE

Subject is a Manufacturer of Pre-stressed Concrete Sleepers in the Kingdom of Saudi Arabia, having its branch registered in the Kingdom. With its expertise, experienced and skilled human resources, it is committed to provide customized solution for Railway track infrastructure across the world. The Company has developed and adopted latest state of the art technology to meet Clients’ requirements as per various stringent international technical / quality norms and has successfully executed projects in various parts of the world. Subject has also successfully executed two Greenfield projects for production and supply of 2.57 million Pre-stressed Concrete Railway Sleepers for North South Railway Project of Saudi Arabia Railways (SAR), Kingdom of Saudi Arabia.

The Group has three plants for the manufacture of Concrete Sleepers in India. All three manufacturing plants are approved by the Research, Design and Standards Organization (RDSO), under the Ministry of Railways, Govt. of India. The Group has manufactured and supplied more than 4 million Concrete Sleepers to the Indian Railways till date.

A Group Company has also manufactured and supplied the entire quantity of 0.45 million dual-gauge sleepers to Bangladesh Railways for the Asian Development Bank (ADB) supported prestigious JAMUNA Bridge Rail Link Project.

Group Companies are also engaged in other activities such as Flash Butt Welding, Real Estates, Tea manufacturing and Hydel Power Generation.

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.56.02
UK Pound	1	Rs.86.89
Euro	1	Rs.67.84

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	2
--CREDIT LINES	1~10	1
--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		15

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

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.