1. Summary Information

		Country	India
Company Name	RMC SWITCH GEARS LIMITED	Principal Name 1	Mr. Ashok Kumar Agarwal
Status	Moderate	Principal Name 2	Mr. Vitthal Das Agarwal
		Registration #	17-008698
Street Address	7 KM From Chaksu, Khotkawada Road Village-Badodiya, Tehsil-Chaksu, Tonk Road, Jaipur, Rajasthan, India.
Established Date	23.08.1994	SIC Code	--
Telephone#	91-141-2751377	Business Style 1	Manufacturer
Fax #	91-141-2754079	Business Style 2	-
Homepage	-	Product Name 1	Phase Bus Bar
# of employees	Not Available	Product Name 2	Pole Clamps
Paid up capital	Rs. 6,455,000/-	Product Name 3	Indicators
Shareholders	Directors or relatives of Directors 96.89 % Other top fifty shareholders 3.11%	Banking	The Federal Bank Limited
Public Limited Corp.	No	Business Period	18 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (32)
Related Company
Relation	Country	Company Name	CEO
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	143,993,000	Current Liabilities	72144000
Inventories	42,230,000	Long-term Liabilities	213,645,000
Fixed Assets	115,942,000	Other Liabilities	75,000
Deferred Assets	0	Total Liabilities	285,864,000
Invest& other Assets	53,797,000	Retained Earnings	46,192,000
	0	Net Worth	70,098,000
Total Assets	355,962,000	Total Liab. & Equity	355,962,000
Total Assets (Previous Year)	307,164,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	305,173,000	Net Profit	812,000
Sales(Previous yr)	217,114,000	Net Profit(Prev.yr)	2,049,000

MIRA INFORM REPORT

Report Date :

07.03.2012

IDENTIFICATION DETAILS

Name :	RMC SWITCH GEARS LIMITED (w.e.f. 13.03.2009)
Formerly Known as :	· RFH MENTAL CASTINGS LIMITED (w.e.f. 29.12.2008) · RFF METAL CASTINGS PRIVATE LIMITED
Registered Office :	7 KM From Chaksu, Khotkawada Road Village Badodiya, Tehsil Chaksu, Tonk Road, Jaipur-303901, Rajasthan, India.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.08.1994
Com. Reg. No.:	17-008698
Capital Investment / Paid-up Capital :	Rs. 6.455 Million
CIN No.: [Company Identification No.]	U27310RJ1994PLC008698
TAN No.: [Tax Deduction & Collection Account No.]	JPRR02366A
PAN No.: [Permanent Account No.]	AAACR6750K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of power distribution equipments
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 280000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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/ Factory:	7 KM From Chaksu, Khotkawada Road Village Badodiya, Tehsil Chaksu, Tonk Road, Jaipur-303901, Rajasthan, India.
Tel. No.:	91-141-2751377
Fax No.:	91-141-2754079
E-Mail :	rfhjaipur@yahoo.com indu123@hotmail.com
Corporate Office :	B-11 (B&C), Malviya Industrial Area, Jaipur-302017, Rajasthan, India
Tel. No.:	91-141-2751377 / 2754079
Fax No.:	91-141-2754079
E-Mail :	sales@rfhjaipur.com info@rfhgroup.co.in

DIRECTORS

As on 30.09.2011

Name :

Mr. Ashok Kumar Agarwal

Designation :

Chairman Cum Managing Director

Address :

B-103, B Manu Marg, Tilak Nagar, Jaipur-302004, Rajasthan, India.

Date of Birth/Age :

28.06.1956

Date of Appointment :

23.08.1994

DIN No.:

00793152

Other Directorship :

	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27310RJ1994PLC008698	RMC SWITCH GEARS LIMITED	Director	23/08/1994	23/08/1994	-	Active
2	U28939RJ1999PTC015768	RAJASTHAN HARDWARE PRIVATE LIMITED	Director	30/09/2000	30/09/2000	20/01/2012	Active
3	U51101RJ1994PTC008010	PRIME ASIA LOGISTIC PRIVATE LIMITED	Director	5/2/2001	5/2/2001	29/08/2008	Active
4	U27106GJ1995PTC026068	BALEX PRIVATE LIMITED	Director	24/08/2001	24/08/2001	-	Active
5	U28999RJ2009PTC029929	ACME METAWIRES PRIVATE LIMITED	Additional director	15/03/2010	15/03/2010	-	Active
6	U55101RJ2009PTC029435	Kalpa Taru Heritage Hotels Private Limited	Director	18/11/2010	23/09/2010	-	Active

Name :

Mr. Vitthal Das Agarwal

Designation :

Director

Address :

B-103, B Manu Marg, Tilak Nagar, Jaipur-302004, Rajasthan, India.

Date of Birth/Age :

03.04.1930

Date of Appointment :

23.08.1994

DIN No.:

01167878

Name :

Mr. Ankit Agarwal

Designation :

Director

Address :

B-103, B Manu Marg, Tilak Nagar, Jaipur-302004, Rajasthan, India.

Date of Birth/Age :

09.03.1982

Date of Appointment :

20.11.2008

DIN No.:

00793035

Other Directorship :

.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51433RJ1995PTC010262	RAJASTHAN FITTING HOUSE PRIVATE LIMITED	Director	30/04/2001	30/04/2001	-	Active	NO
2	U27310RJ1994PLC008698	RMC SWITCH GEARS LIMITED	Additional director	20/11/2008	20/11/2008	-	Active	NO
3	U31506RJ2009PTC028908	EUROFLUX LITE ( INDIA ) PRIVATE LIMITED	Director	18/05/2009	18/05/2009	-	Active	NO

Name :

Mr. Prakash Chandra Agarwal

Designation :

Director

Address :

A 20, MGD Market, Triplia Bazar, Jaipur-302002, Rajasthan, India.

Date of Birth/Age :

10.01.1948

Date of Appointment :

30.03.2009

DIN No.:

01007385

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27203RJ1986PTC003578	RAJASTHAN ALUMINIUM HOUSE PRIVATE LIMITED	Director	21/03/1986	21/03/1986	-	Active	NO
2	U27310GJ1985PTC007951	SHANTI METALS PVT LTD	Director	9/8/1989	9/8/1989	-	Active	NO
3	U27106GJ1995PTC026068	BALEX PRIVATE LIMITED	Director	1/4/2011	3/6/1995	-	Active	NO
4	U28939RJ1999PTC015768	RAJASTHAN HARDWARE PRIVATE LIMITED	Director	30/09/2000	30/09/2000	-	Active	NO
5	U27203RJ2007PTC024877	APEX ALUMINIUM EXTRUSION PRIVATE LIMITED	Director	21/08/2007	21/08/2007	-	Active	NO
6	U27310RJ1994PLC008698	RMC SWITCH GEARS LIMITED	Director	30/03/2009	30/03/2009	-	Active	NO

Name :

Mr. Purshottam Kumar Gupta

Designation :

Director

Address :

D Ambabari, Jaipur-302012, Rajasthan, India.

Date of Birth/Age :

13.03.1950

Date of Appointment :

30.03.2009

DIN No.:

00441682

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27107RJ1995PTC010173	ABHISHEK FORGINGS PVT LTD	Director	7/6/1995	7/6/1995	-	Active	NO
2	U45201RJ2006PTC023453	KRISHNA DHAM HOUSING PRIVATE LIMITED	Director	13/12/2006	13/12/2006	1/10/2008	Active	NO
3	U27310RJ1994PLC008698	RMC SWITCH GEARS LIMITED	Director	30/03/2009	30/03/2009	-	Active	NO

Name :

Mr. Shankarlal Agarwal

Designation :

Director

Address :

AE 166, Shalimar Bagh, New Delhi-110088, India.

Date of Birth/Age :

14.05.1957

Date of Appointment :

30.03.2009

DIN No.:

01341113

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67120DL1996PTC076151	ARGENT LEASING AND FINANCE PRIVATE LIMITED	Director	15/03/2010	24/07/2000	-	Active	NO
2	L51909DL1985PLC021453	KALYANI COMMERCIALS LIMITED	Managing director	29/08/2011	13/09/2001	-	Active	NO
3	U72200DL2005PTC142555	Next Horizon Resources Private Limited	Director	14/11/2005	14/11/2005	4/9/2009	Active	NO
4	U70101AS2005PLC007672	SPEEDY CONSTRUCTIONS LIMITED	Director	14/10/2006	14/10/2006	4/7/2008	Active	NO
5	U51109DL2008PTC177265	KOTA TRUCKS PRIVATE LIMITED.	Director	25/04/2008	25/04/2008	-	Active	NO
6	U27310RJ1994PLC008698	RMC SWITCH GEARS LIMITED	Director	30/03/2009	30/03/2009	-	Active	NO

Name :

Mr. Arvind Kaul

Designation :

Director

Address :

90, Shive Shakti Nagar, Jagatpura, jaipur-302017, Rajasthan, India.

Date of Birth/Age :

10.04.1969

Date of Appointment :

01.09.2010

DIN No.:

02839626

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31909RJ2010PTC030860	ENERTRAK METER PRIVATE LIMITED	Director	1/2/2010	1/2/2010	-	Active	NO
2	U27310RJ1994PLC008698	RMC SWITCH GEARS LIMITED	Additional director	1/9/2010	1/9/2010	-	Active	NO
3	U29308RJ2011PTC034293	ENERTRAK INSTRUMENTS PRIVATE LIMITED	Director	23/02/2011	23/02/2011	-	Active	NO
4	U31900RJ2011PTC037000	VAIDYUTI INNOVATIONS PRIVATE LIMITED	Director	14/11/2011	14/11/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vitthal Das Agrawal(huf)	157000
Santosh Agrawal	106000
Ankit Agrawal	90500
Parwati Bai	82900
Ashok Kumar Agrawal (HUF)	56300
Ashok Kumar Agrawal	39060
Ashok Kumar Jain	26600
Neha Agarwal	24500
Ankit Agarwal HUF	24000
Vitthal Das Agrawal	13100
Atika Agrawal	5500
Chandra Bhan Gupta	5000
Ashok Dusad	1900
Chandra Prakash Bohra	1700
Hari Mohan Gupta	1500
Manoj Kumar Gupta	1500
Nirmal Chand Lodha	1000
Jatanmal Jain	600
Surendra Kumar Bardia	600
Vinay Chand Nitin Kumar (HUF)	500
Ranu Choudhary	500
Laxmi Narayan Chawalwala	500
Total	640760

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	96.89
Other top fifty shareholders	3.11
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of power distribution equipments

Products :

Item Code	Product Description
902890.00	Meter Box
902890.10	Electric Meter Parts

· Aluminum Lugs

· Hinged Type Link Disconnector

· HRC Fuse Base

· Indicators

· Isolator

· Kit Kats

· LT CT Meter Boxes

· LT Distribution Boxes

· LT Junction Boxes

· MCCB

· Metal Meter Boxes

· Meter Cupboard

· MIP Boxes

· Neutal Bus Bar

· Phase Bus Bar

· Pole Clamps

· Protection Boxes for Transformers

PRODUCTION STATUS

Particulars	Unit	Actual Production
Meter Boxes /parts/ Dist. Boxes	Nos.	221075
Meter Boxes /parts/ Dist. Boxes	Kgs	89010.48
Boards, Panels and Cobinets (Not Equipped)	Nos.	199319.00
Boards, Panels and Cobinets (Equipped)	Nos.	22542
M.S.Scrap	Kgs	434180.00

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Federal Bank Limited, Federal Towersp B No. 103, Alwaye, Eranakulam-683101, Kerala, India.

· ICICI Bank Limited

· HDFC Bank limited

· Bank of Baroda

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From the Federal Bank Limited (IPS 1005)	52.178	52.109
From the Federal Bank Limited (IPS 73)	0.161	0.508
From the Federal Bank Limited (825)	78.535	68.932
ICICI Bank Limited	0.692	1.026
HDFC Bank limited	1.486	0.969
Bank of Baroda	0.844	0.952
Total	133.896	124.496
Unsecured Loan
From director	38.012	52.192
Inter-corporate Deposits	28.257	14.653
Deferred payment of sales tax	13.480	13.480
Total	79.749	80.325

Note : Term Loan

· Secured by way of first charge ranking pari passu on the entire fixed assets of the company, both present and future

· Repayable within one year:

Rs. In Millions

As at 31.03.2011	As at 31.03.2010
11.276	11.446

Working Capital Borrowings

· Secured by way of hypothecation of all inventories, book-debts and other receivables of the company. Also secured by way of first charge ranking pari passu on all immovable assets of the company, both present and future.

Other Secured Loans

· Secured by way of hypothecation of vehicles

Banking Relations :	--
Auditors :
Name :	Saraswat and Company Chartered Accountant
Address :	B-5, Jaipur Tower, Jaipur-302017, Rajasthan, India.
PAN.:	AANFS8091A

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
645560	Equity Shares	Rs.10/- each	Rs. 6.455 Million

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		6.456	6.456	4.336
2] Share Application Money		17.450	13.500	21.200
3] Reserves & Surplus		46.192	43.880	22.751
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		70.098	63.836	48.287
LOAN FUNDS
1] Secured Loans		133.896	124.496	52.527
2] Unsecured Loans		79.749	80.325	81.248
TOTAL BORROWING		213.645	204.821	133.775
DEFERRED TAX LIABILITIES		0.000	0.000	0.570
TOTAL		283.743	268.657	182.632
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		115.942	93.567	21.606
Capital work-in-progress		53.769	38.803	17.709
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	42.230	23.329	8.324
	Sundry Debtors	86.557	93.376	171.119
	Cash & Bank Balances	26.702	37.100	11.419
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	30.734	20.933	11.116
Total Current Assets		186.223	174.738	201.978
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	66.838	35.552
	Other Current Liabilities	5.306	2.905	57.982
	Provisions	0.075	0.050	0.763
Total Current Liabilities		72.219	38.507	58.745
Net Current Assets		114.004	171.231	143.233
MISCELLANEOUS EXPENSES		0.028	0.056	0.084
TOTAL		283.743	268.657	182.632

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	305.173	217.114	337.509
		Other Income	2.493	3.429	2.053
		TOTAL (A)	307.666	220.543	339.562
Less	EXPENSES
		Raw Material Consumed	147.704	125.728	167.770
		Increased / decrease in inventory	1.434	(17.199)	1.300
		Manufacturing Expenses	103.223	76.481	126.970
		Administrative and Other Expenses	14.571	7.840	15.615
		Selling and distribution Expenses	9.457	7.311	2.235
		Preliminary Expense	0.028	0.028	0.028
		TOTAL (B)	276.417	200.189	313.918
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.249	20.354	25.644
Less	FINANCIAL EXPENSES (D)		24.119	12.685	17.408
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.130	7.669	8.236
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.298	6.286	3.423
	PROFIT BEFORE TAX (E-F) (G)		0.832	1.383	4.813
Less	TAX (I)		0.020	(0.666)	1.692
	PROFIT AFTER TAX (G-I) (J)		0.812	2.049	3.121
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.316	8.267	5.362
	BALANCE CARRIED TO THE B/S		11.128	10.316	8.267
	IMPORTS
	TOTAL IMPORTS		5.070	1.069	NA
	Earnings Per Share (Rs.)		1.26	3.17	-

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.26	0.93	0.92
Net Profit Margin (PBT/Sales)	(%)	0.27	0.64	1.43
Return on Total Assets (PBT/Total Assets}	(%)	0.28	0.52	2.15
Return on Investment (ROI) (PBT/Networth)		0.01	0.02	0.10
Debt Equity Ratio (Total Liability/Networth)		4.08	3.81	3.99
Current Ratio (Current Asset/Current Liability)		2.58	4.54	3.43

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS:

The year was a moderate one for the company. The turnover increased by around 42% as compared to that of 2009-2010 and diversification project of Energy Meter Division was completed. In the current year, the Energy Meter Division has commenced the commercial production and company is hopeful of significant turnaround in the performance of the company.

FORM 8:

Corporate identity number of the company	U27310RJ1994PLC008698
Name of the company	RMC SWITCH GEARS LIMITED
Address of the registered office or of the principal place of business in India of the company	7 Km. From Chaksu, Khotkawda Road, Village Badodiya, Tehsil Chaksu, Tonk Road, Jaipur-303901, Rajasthan, India Email- indu123@hotmail.com
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	90070171
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	The Federal Bank Limited, Federal Towersp B No. 103, Alwaye, Eranakulam-683101, Kerala, India.
Nature of instrument creating charge	Agreement of Cash Credit, Term Loan, Bank Guarantee, Letter of Credit dated 21.01.2012
Date of instrument Creating the charge	21.01.2012
Amount secured by the charge	Rs. 280.000 Million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 4.03% above the base rate of the bank from time to time subject to minimum interest @14.78% p.a. the present base rate of bank 10.75% Terms of Repayment Cash credit on demand, BDLC on demand, term loan repayable over the period of 84 months after moratorium of 12 months Margin On Stock - 25% On Book debts - 50% Extent and Operation of the charge Hypothecation of raw material, semi finished and finished goods and the book debts of the company First and exclusive charge on all movables and immovable assets including factory land & building, plant and machinery, miscellaneous fixed assets present and future except vehicles.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Factory land and building situated at B-11 ( B & C ) Malviya Industrial Area, Jaipur Factory building at Khasra No 157 at 7 Km from Chaksu, Kothkhawada Road, Village Barodiya, Tehsil Chaksu, District Jaipur Land and Building on Khasra No 163 & 164 at 7 Km from Chaksu, Kotkhawada Road, Village Barodiya , Tehsil Chaksu, District Jaipur.
Date of instrument modifying the charge	08.06.2011
Particulars of the present modification	The overall limit has been increased to Rs. 280.000 Million (present limits are Rs. 80.000 Million cash credit, Rs. 80.000 Million term loan, Rs. 80.000 Million bank guarantee, Rs. 20.000 million letter of credit, Rs. 20.000 Million LCBD)

CONTINGENT LIABILITY:

Rs in Millions

S. No	Particulars	2010-2011	2009-2010
I	Performance & Financial Guarantees given by Banker on behalf of the Company	129.187	61.654
II	Disputed Indirect Taxes	0.275	0.275
III	Corporate Guarantees given to banks for credit facilities/ performance guarantees extended by them to M/s. Acme Metawire Pvt. Ltd., Jaipur, a related company	45.000	Nil
IV	Estimated Amounts of Contracts remaining to be executed on Capital Account (Net of Advances)	Nil	7.866

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.50.02
UK Pound	1	Rs.79.31
Euro	1	Rs.66.02

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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.