MIRA INFORM REPORT

Report Date :

09.05.2012

IDENTIFICATION DETAILS

Name :	NeoSym Industry LIMITED (w.e.f. 17.04.2012)
Formerly Known as :	Indian SMELTING AND REFINING COMPANY LIMITED
Registered Office :	Lal Bahadur Sastri Marg, Bhandup, Mumbai – 400078, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.12.1932
Com. Reg. No.:	001910
Capital Investment / Paid-up Capital :	Rs.6.134 Millions
CIN No.: [Company Identification No.]	U74999MH1932PLC001910
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Non-Ferrous Semis, Non-Ferrous Alloys, Ferrous Castings.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 5086816
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. General financial position appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The concern can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	Lal Bahadur Sastri Marg, Bhandup, Mumbai – 400078, Maharashtra, India
Tel. No.:	91-22-25784331
Fax No.:	91-22-25784180
E-Mail :	mail@indiansmelting.com

DIRECTORS

AS ON 10.06.2011

Name :	Mr. Chandrakant Birla
Designation :	Director
Address :	24 Aurangzeb Road, New Delhi – 110011, Delhi, India
Date of Birth/Age :	09.01.1955
Date of Appointment :	31.10.2000

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	L21011OR1936PLC000117	ORIENT PAPER AND INDUSTRIES LTD.	Director	29/09/1978	29/09/1978	-	Active	NO
2	L29130WB1946PLC013643	NATIONAL ENGG.INDUSTRIES LTD	Director	23/02/1979	23/02/1979	-	Active	NO
3	L74999AP1955PLC000656	HYDERABAD INDUSTRIES LTD	Director	04/02/1980	04/02/1980	-	Active	NO
4	L34103WB1942PLC018967	HINDUSTAN MOTORS LTD	Director	13/01/1982	13/01/1982	-	Active	NO
5	U74899DL1995PLC064560	BIRLASOFT (INDIA) LIMITED	Director	20/01/1995	20/01/1995	-	Active	NO
6	U74999MH1932PLC001910	NeoSym Industry Limited	Director	31/10/2000	31/10/2000	-	Active	NO
7	U34103MP2005PLC017319	AVTEC LIMITED	Nominee director	28/06/2005	28/06/2005	-	Active	NO
8	L24231DL2003PLC119441	Fresenius Kabi Oncology Limited	Director	27/01/2006	27/01/2006	29/08/2007	Active	NO
9	U51109WB1918PTC003010	BIRLA BROTHERS PVT LTD	Director	29/12/2008	29/12/2008	-	Active	NO
10	U26940OR2011PLC013933	Orient Cement Limited	Additional director	23/07/2011	23/07/2011	-	Active	NO

Name :	Ms. Amita Birla
Designation :	Director
Address :	24 Aurangzeb Road, New Delhi – 110011, Delhi, India
Date of Birth/Age :	07.12.1956
Date of Appointment :	11.07.2007

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	U67190MP1901PLC000439	GWALIOR FINANCE CORPORATION LIMITED	Director	27/01/1981	27/01/1981	-	Active	NO
2	U65921WB1946PLC014242	HINDUSTHAN DISCOUNTING CO LTD	Director	24/03/1984	24/03/1984	-	Active	NO
3	U74899DL1995PLC064560	BIRLASOFT (INDIA) LIMITED	Director	16/03/1995	16/03/1995	-	Active	NO
4	U74999MH1932PLC001910	NeoSym Industry Limited	Director	10/06/2008	11/07/2007	-	Active	NO
5	L29130WB1946PLC013643	NATIONAL ENGG.INDUSTRIES LTD	Additional director	30/07/2008	30/07/2008	-	Active	NO

Name :	Mr. Gograj Chiranjilal Joshi
Designation :	Director
Address :	A-11, Building No.17, Government Offices Flats, Hali Ali Park, Mumbai – 400034, Maharashtra, India
Date of Birth/Age :	01.08.1929
Date of Appointment :	18.05.1989

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	U74999MH1932PLC001910	NeoSym Industry Limited	Director	18/05/1989	18/05/1989	-	Active	NO
2	U67190MH2003PTC140325	PRAJO MULTISERVICES PRIVATE LIMITED	Director	07/05/2003	07/05/2003	-	Active	NO

Name :	Mr. Athul Singhi
Designation :	Director
Address :	Flat No.401 A El Dorado, Kashinath Dhuru Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India
Date of Birth/Age :	07.02.1957
Date of Appointment :	31.10.1994

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	U99999MH1952PLC008941	INDUSTRY HOUSE LIMITED	Director	20/12/1990	20/12/1990	-	Active	NO
2	U65923MH1991PLC060619	BIRLA FINANCIAL CORPORATION LIMITED	Director	08/11/1993	08/11/1993	-	Active	NO
3	U74999MH1932PLC001910	NeoSym Industry Limited	Managing director	01/11/2009	31/10/1994	-	Active	NO
4	U51909MH1995PTC220116	OLYPAB TRADES PRIVATE LIMITED	Director	01/06/2005	01/06/2005	-	Active	NO

Name :	Mr. Ananthanarayanan Sankara Narayanan
Designation :	Director
Address :	12, First Avenue Harrington Road, Chetput, Chennai – 600031, Tamilnadu, India
Date of Birth/Age :	29.07.1942
Date of Appointment :	06.07.2004

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	U74899DL1995PLC064560	BIRLASOFT (INDIA) LIMITED	Director	16/05/2000	16/05/2000	-	Active	NO
2	U74140WB1991PTC094523	ACCORD GROUP (INDIA) PRIVATE LIMITED	Director	01/04/2002	01/04/2002	27/03/2008	Active	NO
3	L34103WB1942PLC018967	HINDUSTAN MOTORS LTD	Director	24/05/2004	24/05/2004	-	Active	NO
4	U74999MH1932PLC001910	NeoSym Industry Limited	Director	06/07/2004	06/07/2004	-	Active	NO
5	U34103MP2005PLC017319	AVTEC LIMITED	Nominee director	28/06/2005	28/06/2005	-	Active	NO

Name :	Mr. Srinivasa Varadhan Echambadi Tirumalai
Designation :	Director
Address :	B-249, First Floor, Greater Kailash, Part I, New Delhi – 110048, Delhi, India
Date of Birth/Age :	29.03.1956
Date of Appointment :	21.04.2006

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	U31901WB1961PLC025330	HM EXPORT LTD	Director	22/03/2004	22/03/2004	-	Active	NO
2	U74999MH1932PLC001910	NeoSym Industry Limited	Director	21/04/2006	21/04/2006	-	Active	NO
3	U15421WB1934PLC008026	RANCHI ENTERPRISES AND PROPERTIES LTD.	Director	22/08/2007	04/01/2007	-	Active	NO
4	U51900WB1966PLC026949	SOORYA VANIJYA & INVESTMENTS LTD.	Director	05/01/2007	05/01/2007	-	Active	NO
5	L02710MP1938PLC000132	CENTRAL INDIA INDUSTRIES LTD.	Additional director	03/09/2007	03/09/2007	-	Active	NO
6	U62200DL2004PLC131655	FORUM I AVIATION LIMITED	Director	24/09/2008	13/11/2007	-	Active	NO
7	U72200DL1999PLC100410	BIRLASOFT ENTERPRISES LTD	Additional director	13/02/2009	13/02/2009	-	Active	NO
8	U74899DL1971PLC005601	AMER INVESTMENTS (DELHI) LIMITED	Director	24/05/2010	28/12/2009	-	Active	NO
9	U72900DL2010PLC197773	BIRLA SOFT LIMITED	Director	07/01/2010	07/01/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dattatray Chintamani Thattle
Designation :	Vice President and Company Secretary
Address :	Flat No.401, Laxmi Vilas Society, Near Ghantali Mandir, Thane – 400602, Maharashtra, India
Date of Birth/Age :	02.04.1965
Date of Appointment :	19.10.1993

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 10.06.2011

Names of Shareholders	No. of Shares
Arun Kumar Singhi	50
Alok Khaitan	100
Athul Singhi	100
Balkrishna Nevatla	10
Baroda Agents and Trading Company Private Limited, Kolkata	16250
Beniprasad Mahadeo Singhi	5
Birla Bombay Private Limited, Kolkata	79400
Birla Corporation Limited, Kolkata	52000
Bajinath Balasaria and Anandidevi Salasaria	50
Beniprasad Singhni	50
Bhanwarilal Joshi	50
Bhagwanidevi Singhi	50
Beniprasad M. Singhi	440
Chiranjilal Gograj	50
Calcutta Medical Institute, Kolkata	60,400
Calcutta Hospital Institute, Kolkata	80,000
C.D.Tharte	25
Devendra Kumar J. Mishra	50
Digamber Pundlik Patkar	50
Gwaiior Finance Corporation Limited, Kolkata	21,055
GeeSa Patkar	50
Jitendra Kumar Mundra S Smt. Sunita Mundra	50
Jhaveri Kamal Narottam and Jhaveri	25
Kashiprasad Chokhani	50
Keshav Kumar Goenka	50
Kewal Chand Ojha	50
Kusum Singhi Laxmi House	50
Kamal Narottam Jhaveri and Mons Kamal Jhaveri	50
Laxmi Kumar Saboo	50
Mahendra Kumar Jain and Be!a Jain	50
Mohini Mohan Varde and Mohan	1,000
Manjushree Shrivardhan Nevatia and Malti Kamalnayan Nevatia and Vivek Kamalnyan Nevatia	30
Mahendra Kumar Loyalka	50
Malti K. Nevatia and Shri Vivek K. Nevatia and Smt. Manjushree V. Nevatia	25
Madhuri V. Nevatia and Shri Vidhuvadan V. Nevatia	25
Malli Kamalnayan Nevatia and Shri Vivek Kamalnayan Nevatia and Smt. Manjushree Shrivardhan Nevatia	50
Malti K. Nevatia S Shri Vivek Kamalnayan Nevatia	50
Mona Kamal Jhaveri and Mr. Kamal Narottam	25
Manish M. Shah	50
Manoj S. Mishra	100
Nandkishore Goenka	50
Nand Kumar Saboo	50
N.K. Jhunjhunwala	25
Parmeshwar Dayal Lakhotia and Smt. Snehiata Lakhotia	50
Pradeepkumar Ramnikla! Dhruva and Smt. Prabhavati Ramniklai Dhruva and Shri Ramniklai Chottala	50
Premratan D. Daga and Smt. Saroj Devi	50
Padmavati Investment Limited, Kolkata	40,800
Radhakrishna Ladsariya	50
Ramkrishna Narayan Naik	50
Ramniklal Chhotailal Dhurve and Prabhadevi Ramniklal Dhurve	50
Rukmini Sanwarmal Khaitan	50
Rajiv Khaitan	100
Ramdev Verma	50
Rukmini Birla Educational Society, Kolkata	80000
Rajan M Shah	50
Sanwarmal Prabhudayal khaitan	60
S P Shorewala	50
Shashikaladevi Singhi	50
Shashikumar Bhandari	50
Suryakant Sheth	50
Sumant Vasantrao Raut and Bharat Sumant Raut and Suresh Wamanrao Mulgaonkar	50
Jagannath Educational Society, Kolkata	80,000
Govinddeo Educational Society, Kolkata	80,000
Surendra Nenlala Parikh	50
Sushil Kumar Bhandari and Chanda Bhandari	100
Suresh Mulgaonkar and Ashwini Mulgaonkar	1,000
Suryaprabha Agrawal	50
Suman Singhi	50
Vasu Dev Goenka	50
Vidya Birla	100
Virendrakumar Mishra	50
Vishwanath Maheshwari	50
Vimla Maheshwari	50
Zenith Distributors and Agents Limited, Kolkata	18,000
Total	613,400

Equity Shares held by each Bodies Corporate as on 10.06.2011

Names of Shareholders	No. of Shares
Baroda Agents and Trading Company Private limited, Kolkata	16250
Birla Bombay Private limited, Kolkata	79400
Birla Corporation Limited, Kolkata	52000
Gwalior Finance Corporation Limited, Kolkata	21055
Padmavati Investment Limited, Kolkata	40800
Zenith Distributors and Agents Limited, Kolkata	18000
Total	227505

Equity Shares held by each Directors or relatives of Directors as on 10.06.2011

Names of Shareholders	No. of Shares
Chiranjilal Gograj Joshi	50
Athul Singhi	100
Suman Singhi	50
Total	200

As On 10.06.2011

Category	Percentage
Bodies corporate	37.08
Directors or relatives of Directors	0.03
Other top fifty shareholders	62.80
Others	0.09
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Non-Ferrous Semis, Non-Ferrous Alloys, Ferrous Castings.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Bank of Baroda, Backbay Reclamation Branch, Ram Mahal, Backbay Reclamation,, Mumbai - 400020, Maharashtra, India

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Working capital loans banks secured	408.099	395.562
TOTAL	408.099	395.562
UNSECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Fixed deposits unsecured	8.688	6.629
TOTAL	8.688	6.629

Banking Relations :	--
Auditors :
Name :	M.M. Nissim and Company Chartered Accountant
Address :	Barodawala Mansion, B-Wing, 81, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Associates/Subsidiaries :	NA

CAPITAL STRUCTURE

AS ON 10.06.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions
400000	Equity Shares	Rs.100/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
613400	Equity Shares	Rs.10/- each	Rs.6.134 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		6.134	6.134	6.134
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1265.570	1185.679	1136.607
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1271.704	1191.813	1142.741
LOAN FUNDS
1] Secured Loans		408.099	395.562	357.201
2] Unsecured Loans		8.688	6.629	7.254
TOTAL BORROWING		416.787	402.191	364.455
DEFERRED TAX LIABILITIES		27.811	(18.271)	0.000
TOTAL		1716.302	1575.733	1507.196
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		756.034	783.278	823.829
Capital work-in-progress		76.424	24.495	58.209
INVESTMENT		3.015	3.015	3.015
DEFERREX TAX ASSETS		0.000	0.000	34.174
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	655.252	534.233	347.037
	Sundry Debtors	793.228	689.076	431.608
	Cash & Bank Balances	13.217	5.448	3.796
	Other Current Assets	2.952	2.541	2.294
	Loans & Advances	259.699	196.700	160.690
Total Current Assets		1724.348	1427.998	945.425
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	608.984	492.858	208.030
	Other Current Liabilities	201.900	130.473	129.609
	Provisions	32.635	39.722	19.817
Total Current Liabilities		843.519	663.053	357.456
Net Current Assets		880.829	764.945	587.969
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1716.302	1575.733	1507.196

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	5235.852	3911.911	3471.167
		Other Income	45.632	50.152	50.863
		TOTAL (A)	5281.484	3962.063	3522.030
Less	EXPENSES
		Consumption materials changes inventories	3973.575	2924.429
		Manufacturing service costs	463.641	384.571
		Employee related expenses	431.804	348.188	3605.353
		Administrative selling other expenses	110.856	85.708
		TOTAL (B)	4979.876	3742.896	3605.353
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		301.608	219.167	(83.323)
Less	FINANCIAL EXPENSES (D)		68.732	66.986	105.272
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		232.876	152.181	(188.595)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		102.289	101.068	92.854
	EXCEPTIONAL IMCOME EXPENSES		0.000	20.281	0.000
	PROFIT BEFORE TAX (E-F) (G)		130.587	71.394	(281.449)
Less	TAX (I)		43.543	15.146	(94.789)
	PROFIT AFTER TAX (G-I) (J)		87.044	56.248	(186.660)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	906.031	683.596	771.815
		Other Earnings	0.453	0659	0.000
	TOTAL EARNINGS		906.484	1342.596	771.815
	IMPORTS
		Raw Materials	16.836	102.891	33.305
		Stores & Spares	5.357	4.734	10.945
		Capital Goods	16.618	3.311	21.132
	TOTAL IMPORTS		38.811	110.936	65.382
	Earnings Per Share (Rs.)		142.00	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.66	1.42	(5.30)
Net Profit Margin (PBT/Sales)	(%)	2.49	1.83	(8.11)
Return on Total Assets (PBT/Total Assets}	(%)	5.26	3.23	(15.91)
Return on Investment (ROI) (PBT/Networth)		0.10	0.06	(0.24)
Debt Equity Ratio (Total Liability/Networth)		0.99	0.89	0.63
Current Ratio (Current Asset/Current Liability)		2.04	2.15	2.64

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter's background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	--
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

FORM 8:

Corporate identity number of the company	U74999MH1932PLC001910
Name of the company	NeoSym Industry Limited
Address of the registered office or of the principal place of business in India of the company	Lal Bahadur Sastri Margbhandup, Mumbai – 400078, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book Debts Movable Property Immovable Property
Particular of charge holder	BANK OF BARODA
Nature of instrument creating charge	Supplemental Joint deed of Hypothecation Memorandum of deposit of title deeds dated 24th March, 2012. (both agreements constitute a single charge)
Date of instrument Creating the charge	24/03/2012
Amount secured by the charge	Rs.1050.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest To be stipulated/charged as per terms of sanction of each Bank reviewed from time to time. Terms of Repayment As may be notified by the Bank and the Borrower. Margin To be stipulated/charged as per terms of sanction of each Bank reviewed from time to time. Extent and Operation of the charge Further Supplemental Memorandum of deposit of title deeds. The charge is enhanced from Rs.770.000 Millions to 1050.000 Millions BOB Rs. 840.000 Millions SCB Rs. 210.000 Millions Total Rs.1050.000 Millions
Short particulars of the property charged	The whole of the current assets of the Borrower namely stocks both present and future, viz. raw materials, semi finished goods, finished goods, goods in transit, stores and spares not relating to plant and machinery (consumable stores and spares) and bills receivable, book debts and other movables both present and future. All present and future of movable properties of the Borrower including without limitation its movable pland and machinery, furniture and fittings, equipment, computers hardware, computer software, machinery spares tools and accessories and other movables.
Particulars of the present modification	The charge is enhanced from Rs.770.000 Millions to Rs.1050.000 Millions and further equitable mortgage of land or ground situated at Kanjur Village in Bhandup, admg.67,966.14 sq. mtrs. or thereabouts bearing City Survey Nos.599,601,602 and 606 (all freehold) and 596 597, 598, 603, 604 605 and 607 (part) (all leasehold) and Khot's Nos.86 (parts 3,5,6 and 9), 88 (parts 1 to 5 and 7 to 9) 89 (parts 1, 35, to 9, 11 and 12) 90 (parts 2,3,5,7,8,9,11,12 and 13 )91 (parts 2 to 7 and 93 more described in Schedule B-1,2, and 3

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.53.34
UK Pound	1	Rs.86.09
Euro	1	Rs.69.36

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.