MIRA INFORM REPORT

Report Date :

15.06.2012

IDENTIFICATION DETAILS

Name :	K P BUILDCON PRIVATE LIMITED
Registered Office :	Shop No. 1, Higher Ground Floor, Firdos Tower, Adajan Patia, Surat – 395009, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.07.2001
Com. Reg. No.:	04-039763
Capital Investment/ Paid-up Capital:	Rs.11.200 Millions
CIN No.: [Company Identification No.]	U45201GJ2001PTC039763
TAN No.: [Tax Deduction & Collection Account No.]	SRTK01272F
PAN No.: [Permanent Account No.]	AABCK7077K
Legal Form :	Private Limited Liability Company
Line of Business :	· Civil and Electric · Manufacturing and Trading of Fabricated Steel
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. 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 normal for business dealings at 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 :	Shop No. 1, Higher Ground Floor, Firdos Tower, Adajan Patia, Surat – 395009, Gujarat, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	pravin@pkgroup.com
Website :	www.kpgroup.co
Head Office :	A-1 and 2, Firdous Tower, New Rander Road, Adajan Patia, Surat -395009, Gujarat, India
Tel. No.:	91-261-2764757
E-Mail :	info@kpgroup.co
Corporate Office :	1/98 A/B Ground Floor, Golandaz Building, Golandaz Street , Nanpura, Surat - 395001, Gujarat , India
Mobile No.:	91-9825412382 (Mr. Major Bhatt)
E-Mail :	major.bhatt@kpgroup.co
Galvanize Plant :	Block No. 69, Opposite Ashwariya Dyeing, Post. Vareli, Dist. Surat - 395305, Gujarat, India
Tel. No.:	91-261-2764757
Mobile No.:	91-9879385734 (Mr. Yakub Raje)
E-Mail :	yakub.raje@kpgroup.co
Fabrication Unit 1 :	Road No. 5, Plot No. 511, GIDC, Sachin, Surat - 394305, Gujarat, India
Tel. No.:	91-261-2764757
Mobile No.:	91-9879385734 (Mr. Yakub Raje)
E-Mail :	yakub.raje@kpgroup.co
Fabrication Unit 2 :	Plot No. 1716, Panoli GIDC Estate, Near Ankleshwar, District Bharuch, Gujarat, India
Tel. No.:	91-261-2764757
Mobile No.:	91-9979166786 (Mr. Yusuf Dabhoya)
E-Mail :	yusuf.dabhoy@kpgroup.co
Zonal Offices :	Located at: · Gujarat · Maharashtra · Rajasthan · Karnataka · Uttar Pradesh · Kolkata · Andhra Pradesh · Madhya Pradesh · Tamilnadu
Overseas Office :	Plot No. 11720, Mungwi Road, Heavy Industrial Area, Lusaka, Zambia P.O. Box 33682
Mobile No.:	0978019943/ 955770235 (Mr. Siraz Patel)

DIRECTORS

As on: 29.09.2011

Name :

Mr. Farukbhai Gulam Patel

Designation :

Director

Address :

J-1, Nishat Society, Adajan Patia, Rander Road, Surat – 395009, Gujarat, India

Date of Birth/Age :

24.03.1972

Date of Appointment :

10.07.2001

DIN No.:

00414045

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	U45201GJ2001PTC039763	K P BUILDCON PRIVATE LIMITED	Director	10-07-01	10-07-01	-	Active	NO
2	U24110GJ2000PTC038027	VAISHALI SALT AND CHEMICALS PRIVATE LIMITED	Director	15-12-01	15-12-01	-	Dormant	NO
3	U45202MH2008PLC178435	K.P.I. GLOBAL INFRASTRUCTURE LIMITED	Director	01-02-08	01-02-08	-	Active	NO
4	U28112GJ2008PTC052912	K.P. STRUCTURAL AND GALVANISING PRIVATE LIMITED	Director	14-02-08	14-02-08	-	Active	NO
5	U40100GJ2010PTC059169	K.P. ENERGY PRIVATE LIMITED	Director	08-01-10	08-01-10	-	Active	NO
6	U17120GJ2010PTC059879	K P SILK FAB PRIVATE LIMITED	Director	16-03-10	16-03-10	-	Active	NO
7	U24247GJ2011PLC066180	K P PERSONAL CARE LIMITED	Director	04-07-11	04-07-11	-	Active	NO

Name :

Ms. Rashida Gulam Patel

Designation :

Director

Address :

J-1, Nishat Society, Adajan Patia, Rander Road, Surat – 395009, Gujarat, India

Date of Birth/Age :

07.08.1953

Date of Appointment :

10.07.2001

DIN No.:

01676460

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	U45201GJ2001PTC039763	K P BUILDCON PRIVATE LIMITED	Director	10-07-01	10-07-01	-	Active	NO
2	U45202MH2008PLC178435	K.P.I. GLOBAL INFRASTRUCTURE LIMITED	Director	01-02-08	01-02-08	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2011

Names of Shareholders	No. of Shares
Faruk Gulambhai Patel	332577
Rashida Gulambhai Patel	42806
Gulambhai Ali Patel	41,650
Ifran Shahabuddin Mombasawala	30,000
Vahida Faruk Patel	26,935
Yakub Isa Raje	31,750
Mohammed Azazat Haque	10,000
Laique .S. Mombasawala	31,900
Ilyas Hasan Ali Patel	75,256
Aayesha .F. Patel	20,000
Abdul Latif Abdul Aziz Mansuri	10,000
Kantilal Jamnadas Jariwala	54,376
Harishbhai Kantilal Jariwala	60,312
Jay Harish Kumar Jariwala	21,875
Hemaben Harish Jariwala	30,156
Nirmalaben Kantilal	30,938
Ishaqbhai Gemalsingh Raj	25,000
Sardar Mohan Raja	73,438
Suleman Musa Patel	46,875
Yakub Vali Mohammed Patel	14,844

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

· Civil and Electric · Manufacturing and Trading of Fabricated Steel

GENERAL INFORMATION

Customers :

· ZTE

· Indus Tower

· Vodafone

· Airtel

· Torrent Power

· Reliance Communication

· GSPC

· Quippo

· Reliance Infocomm

· WTTIL

· Gammon

· Wipro

· GMR

· Indu Group

No. of Employees :

Not Available

Bankers :

State Bank of India, 301,A Wing, 3rd Floor, International Trade Centre, Majura Gate, Ring Road, Surat - 395002, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Cash Credit [Against hypothecation of stock and book debt of the company]	129.342	93.811
Banks Loan against Vehicles [Against hypothecation vehicles]	4.457	7.996
Total	133.799	101.807
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Deposits from Share Holders	23.865	23.849
Total	23.865	23.849

=
Banking Relations :	--
Auditors :
Name :	Bipinchandra J. Modi and Company Chartered Accountants
Address :	B.No. 18/A, Prakash Co-operative Housing. Society, Behind Intelligent Guidence Classess, Athwalines, Surat – 395001, Surat, India
Tel. No.:	91-261-2665349
Mobile No.:	91-9376822354
E-Mail :	bjmodi@gmail.com
PAN No.:	AAHFB2203M

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1120000	Equity Shares	Rs.10/- each	Rs.11.200 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		11.200	11.200	11.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		64.583	57.885	48.075
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		75.783	69.085	59.275
LOAN FUNDS
1] Secured Loans		133.799	101.807	80.292
2] Unsecured Loans		23.865	23.849	19.357
TOTAL BORROWING		157.664	125.656	99.649
DEFERRED TAX LIABILITIES		2.821	2.563	1.367
TOTAL		236.268	197.304	160.291
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		35.250	33.401	21.972
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	1.189	1.367
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	119.863	117.161	41.443
	Sundry Debtors	95.068	115.319	171.912
	Cash & Bank Balances	2.438	5.860	2.004
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.163	4.612	4.729
Total Current Assets		221.532	242.952	220.088
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	19.755	72.469	79.494
	Other Current Liabilities	0.040	0.000	0.000
	Provisions	0.719	7.769	3.642
Total Current Liabilities		20.514	80.238	83.136
Net Current Assets		201.018	162.714	136.952
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		236.268	197.304	160.291

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	656.572	430.084	304.419
		Other Income	1.597	0.236	0.372
		TOTAL (A)	658.169	430.320	304.791
Less	EXPENSES
		Material Consumed and Works Charges	583.344	330.859	246.873
		Payment To Employees	31.445	39.029	15.039
		General and Administration Expenses	12.483	16.881	9.349
		Managerial Remuneration	0.524	5.686	5.219
		Director Remuneration	0.470	3.900	2.880
		Loss on Sales of Fixed Assets	0.000	0.197	0.000
		TOTAL (B)	628.266	396.552	279.360
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		29.903	33.768	25.431
Less	FINANCIAL EXPENSES (D)		17.005	14.250	9.830
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.898	19.518	15.601
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.917	2.415	0.982
	PROFIT BEFORE TAX (E-F) (G)		9.981	17.103	14.619
Less	TAX (H)		3.299	5.926	4.239
	PROFIT AFTER TAX (G-H) (I)		6.682	11.177	10.380
	Earnings Per Share (Rs.)		5.96	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.02	2.60	3.41
Net Profit Margin (PBT/Sales)	(%)	1.52	3.98	4.80
Return on Total Assets (PBT/Total Assets}	(%)	3.89	6.19	6.04
Return on Investment (ROI) (PBT/Networth)		0.13	0.15	0.25
Debt Equity Ratio (Total Liability/Networth)		2.35	2.98	3.08
Current Ratio (Current Asset/Current Liability)		10.80	3.03	2.65

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	Yes
Line of Business	Yes
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	No
Major Suppliers	No
Major Customers	Yes
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 32-Basement, Fazal Shopping Centre, Adajan Patia, Rander Road, Surat - 395009, Gujarat, India to the present address w.e.f. 09.12.2006

CONTINGENT LIABILITIES:

(Rs. In Millions)

Particular	31.03.2011	31.03.2010
Counter guarantee given to Banks Against guarantee issued by bank to Third party.	3.660	0.952

FIXED ASSETS:

· Air Condition

· Computer

· Camera

· Eicher

· EPBX Machinery

· Furniture and Fixtures

· Generator

· Mobile Hand Set

· TATA 207 (New)

· Plant and Machinery

· Vehicle

· Vibrator Machine

· Cycle

· Water Purifier

· Land

· Motor Pump

· Weighing Scale

· Instrument

AS PER WEBSITE DETAILS:

PROFILE

Subject is established on 2001. It aims at providing single window solution to all infrastructural requirements of telecom service providers. It has emerged as a leading turnkey service provider in telecom industry.

Presently Subject is National TSP Vendor for Indus, Reliance, Tata and Doing OFC Laying and O and M of OFC for more than 1000 KM.

The Subject leverages the individual strengths of its promoting companies leading to efficient turnkey solution for its customers. It believes in building cooperative business environment to extract the benefits of value chain.

Subject is committed to its clients with a customer-oriented strategy, focusing on innovative and customized products and services. It business lines include Tower Supply and Services, Shelter, Installation, Intelligent Power Supply Unit, Civil and Electrical works at sites, OFC Route construction, BTS Installation and Commissioning, Project Management Services, Turnkey Service Provider.

Subject has project offices in circles co-located with the customer’s offices for liaison, technical support and service. It focus on high quality, excellent service, low operating cost and meeting customer requirements to enhance their competitiveness and profitability. Thus Subject creates a long term value and a potential growth for its customers. They also create transparency about work process for there customer by PMS.

The comprehensive turnkey solution leads to savings on capital investments and ensures a faster project implementation. Thus Subject has emerged as leading Turnkey Service Provider (TSP) for telecom service providers.

In last few years Subject has achieved many remarkable milestones acting as Turnkey Service Provider for giants like Reliance Infocomm, Bharti Infra, WTTIL, Fascel Limited. Know as Hutch and Idea Cellular Limited. Now with it’s current structure it has moved forward as a "Single Window Solution" provider for the industry that speeds up time to market, reduce clutter on the tower, streamline deployment and take efficiency to new heights.

MANAGEMENT

Mr. Patel Mohammadilyas Hasanali

Executive Director

· Mr. Ilyas H Patel is a commerce graduate and a very successful businessman in textile industry at Surat.

· He is one of the key ally of KP Group and stake holder for various group ventures in infrastructure, textiles and energy.

Mr. Ashish Ashwin Mithani

Deputy General Manager

· A Management Graduate from Saurashtra University (1994) topped in the university, selected in campus interview and started career with Reliance Industries Limited, Commercial and Legal Department, Hazira.

· In 1998, started his own business and dealt on Logistics Management with Ceat Limited for Six Years. Promoted India’s first exclusive Auto LPG Infrastructure Company in 2006 and remains biggest stake holder in the company engaged in pan India network of Gas Stations.

· Since 2008 is exclusively involved in research and development of commercial model of wind turbines suiting tail end needs of end users.

· Has overall exposure and hands on experience on corporate affairs and corporate communications, joint ventures, energy infrastructure project fund raising and management and alternate energy concept designs and awareness building activities.

Mr. Irfanahmed Mombasawala

Sr. Vice President

· Mr. Irfan S Mombasawla a young professional with strong educational background as post graduate in Commerce, Computer Applications and Law, M.Com, MCA, LLB. He enjoys involvement with the Group since inception, earlier as consultant and last couple of years as key member in top management hierarchy.

· He has professional experience of more than 20 years in the field of corporate laws, accounts, finance & management. Groups’ systems and entire accounting codes are designed and taken care by him.

· He is well read and provides vital inputs on new business avenues, project finance, legal documentations and analysis of prospective business proposals.

Mr. Firoz Syed

General Manager

· 9 years broad experience in projects, operations and HSSE. Also providing consultancy in the field of Carbon Asset Management. His background provides a practical appreciation of handling projects in industrial gases, technical and HSSE consultancy in petroleum products mainly LPG. Have managed multiple projects for gases plants, inter-fuel conversions, HSE MS, written safety cases, developed management system structures and requirements which focus on key issues, and have used qualitative risk assessment techniques to help individuals understand how they can improve safety.

· He has worked in Deneb Solutions, Shell Gas (LPG) India Private Limited, Air Liquide West India Private Limited, etc.

Dr. Rajesh C. Iyer

Executive Director (New Venture of Eco. Engines)

· He is an Executive Director in New Venture of Eco. Engines with KP Group.

· He graduated in Mechanical Engineering from Bangalore University in 1997 and later finished his Masters in Engineering from Sardar Vallabhbhai Regional College of Engineering and Technology, Surat in 2001

· He served as an academician at Sarvajanik College of Engineering and Technology, Surat.

· He was nominated one amongst the 30 Indian Scientists who represented India along with 30 German Scientists at the1st Indo German Frontiers for Engineering Symposium ( INDOGFOE ) held at Chennai, India, Oct – 2009 which was jointly organized by the Department of Science and Technology, India and the Alexander Von Humboldt Foundation, Germany.

Dr. S.A. Channiwala

Professional Director (New Venture of Eco. Engines)

· He is a Professional Director in New Venture of Eco. Engines with KP Group.

· Dr. Salim Abbas Channiwala obtained his B.E. (Mech.) degree from the South Gujarat University (India),and M.Tech. (Mech.) and Ph. D. (Mech.) egrees from I.I.T., Bombay (India). He has served on the faculty of S. V. NATIONAL INSTITUTE OF TECHNOLOGY, ICHCHHANATH, SURAT – 395 007 since 1981 and has held academic positions as Lecturer, Associate Professor and Professor.

· He is also Member of Selection Committee for Teaching. He also held the life membership of ISTE, membership of STAI, Editorial Board of Int. of Sugar Tech, Board of Studies, SGU, Surat, Advisory Board, Surat Chamber of Commerce, Project Implementation Committee, SMC, Surat, Life Member of Combustion Institute, and Member of Board of Studies, M.J. University, Vadodra. He also held the position of Dean of Post Graduate Studies and Research from 2003 to 2005.

Mr. Yusuf Dabhoya

Vice President

· He is mechanical Engineer from the batch of 1979.

· He has his own Building construction business from 1980.

· He is in construction field from last 27th years.

· He is with Subject since 2004.

· He is looking after the tower foundation work, tower erection work and tower manufacturing work. He is also looking after the OFC work.

Mr. Yakub I. Raje

Vice President – Production

· His qualification is DME in the year 1964

· He had started his currier with Hindustan Tractor Limited in 1965 as shop floor inspector in Q.C.

· He has the experience of 36 years in Batly Boi Limited as Inspector in Q.C. Department.

· He is in the Subject From 2005.

· Presently he is the vice president (Production) in Subject

· He is looking after Fabrication Plant and Galvanize unit in there company.

Mr. Paresh A. Pandya

Vice President.

· His qualification is DCE in 1989.

· He had started his career with Nila Bauart Engineering Limited, Baroda.

· He has the experience of 18 years in Industrial work like road and drain, reservoir, storage tanks, Admin Building and Residential Building.

· He is in the company since 2001

· Presently he is the vice president in Subject

· He is looking after Execution, work planning, Client Billing etc in there company.

Mr. Pradip Katheriya

Executive Director

· He is B.E. Civil, M.E. Structure and pursuing his M.B.A. through IGNOU.

· He had started his career with Sterling Engineering Consultancy Private Limited as Design Engineer and responsible for Design and Analysis of G+32 stored residential buildings.

· He is also expert in Site Coordination, preparation of drawing and estimation.

· He has also served Reliance for Substation Building, Industrial Construction.

· Mr. Pradip is very proficient at Structure Software like STAAD/Pro, ETABS, SAP, NISA, MIDAS Gen and Drafting Software like AutoCAD, MICROSTATION.

· He has Overall experience of 6 years in industry.

Mr. Azazul Haque

PRO to Chairman

· He is PRO to Chairman.

· A Mechanical Engineer with more than 30 years Industrial Projects Construction Experience.

· In the long span in Industrial Projects Construction career he had associated with severalCompanies such as M/S: Presssteel Fabrication Private Limited. M/S: Jaihind Welding Works Private Limited M/S : Shrenivash Plate Structural’s Private Limited

· He is purchase head for all over India.

Mr. Unmesh Bhatt

General Manager – Projects

· He is G M Projects in Subject and looking after overall execution.

· He was Major in Army

· He has done his Engineering from IIT and ME from LD College.

· Having an experiance in gradet casting, foundry, fabrications, machine shop, etc.

Mr. Debal Sinha

General Manager – Corporate (KP Energy)

· He has rich experience with techno commercial background in Project Management, Operation and Maintenance Management, Business Development and business Retention. Also has vast experience in Power Plant (Power Generation and Distribution), General Industrial Electrical, Utilities etc. He has worked with Air force as head of Power Plant and Electrical department and also worked with Reliance Synergy.

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] 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.55.79
UK Pound	1	Rs.86.37
Euro	1	Rs.70.07

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.