MIRA INFORM REPORT

Report Date :

12.11.2012

IDENTIFICATION DETAILS

Name :	ASTA INDIA PRIVATE LIMITED
Registered Office :	161/162, Mittal Court, A Wing, 16^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.02.2005
Com. Reg. No.:	11-151488
Capital Investment / Paid-up Capital :	Rs.552.100 Millions
CIN No.: [Company Identification No.]	U27100MH2005PTC151488
TAN No.: [Tax Deduction & Collection Account No.]	MUMA28803F
PAN No.: [Permanent Account No.]	AAFCA1141A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Continuously Transposed Conductors (CTC).
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 1800000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company is under pressure. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BB+ (Cash Credit)
Rating Explanation	The inadequate credit quality it carry high credit risk.
Date	July, 2012

Rating Agency Name	ICRA
Rating	A4+ (Non Fund Based Facilities)
Rating Explanation	The risk prone credit quality it carry high credit risk.
Date	July, 2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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 Office :	161/162, Mittal Court, A Wing, 16^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22854261/ 2/ 3/ 4
Fax No.:	91-22-22843611
E-Mail :	general@metmin.in general@asta.in
Website :	www.asta.in
Factory :	Plot No.725-726, GIDC, Manjusar, Taluka Savli, Vadodara – 391 775, Gujarat, India
Tel. No.:	91-265-2250388 91-2667-665000
Fax No.:	91-265-2251335 91-2667-264270

DIRECTORS

As on 30.09.2011

Name :

Mr. Nimesh Jha

Designation :

Managing Director

Name :

Mr. Nalin Somchand Parikh

Designation :

Director

Address :

161, Urvashi, 66, Napean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

02.01.1935

Date of Appointment :

22.02.2005

Date of Ceasing :

13.03.2012

DIN No.:

00106844

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	U45202MH1970PTC014701	WRM PRIVATE LIMITED	Director	08/07/1970	08/07/1970	-	Active	NO
2	U51209MH1975PTC018421	K PARIKH AGENCIES PRIVATE LIMITED	Director	04/08/1975	04/08/1975	-	Active	NO
3	U67120MH1986PTC038916	FLEURETTE INVESTMENTS PRIVATE LIMITED	Director	12/02/1986	12/02/1986	-	Active	NO
4	L27109PY1982PLC000199	EASTCOAST STEEL LIMITED	Director	22/01/1990	22/01/1990	-	Active	NO
5	U65923MH1990PTC054964	METMIN FINANCE AND HOLDINGS PRIVATE LIMITED	Director	18/01/1993	18/01/1993	-	Active	NO
6	U67120MH1993PTC071474	METMIN INVESTMENT AND TRADING PRIVATE LIMITED	Director	14/03/1994	14/03/1994	-	Active	NO
7	U13200MH1997PTC108796	METMIN EXPLORATION PRIVATE LIMITED	Director	17/06/1997	17/06/1997	-	Active	NO
8	U27100MH2005PTC151488	ASTA INDIA PRIVATE LIMITED	Director	23/02/2005	23/02/2005	13/03/2012	Active	NO
9	U63000GJ1995PTC026113	E COMPLEX PRIVATE LIMITED	Director	24/03/2005	24/03/2005	01/12/2006	Active	NO
10	U65910MH1998PTC207448	ANJANA FINCAP PRIVATE LIMITED	Director	08/08/2006	08/08/2006	-	Active	NO
11	U27310MH2007PTC174545	METTUBE INDIA PRIVATE LIMITED	Director	27/09/2007	27/09/2007	-	Active	NO
12	U45202MH2008PTC178300	ISHAN ARCADE PRIVATE LIMITED	Director	28/01/2008	28/01/2008	19/01/2012	Active	NO
13	U45202MH2008PTC178298	GAYATRI ARCADE PRIVATE LIMITED	Director	28/01/2008	28/01/2008	19/01/2012	Active	NO
14	U27310MH2011PTC223052	ASTA COPPER PRODUCTS PRIVATE LIMITED	Director	15/10/2011	15/10/2011	-	Active	NO

Name :

Mrs. Anita Nalin Parikh

Designation :

Director

Address :

161, Urvashi, 66, Napean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

27.09.1937

Date of Appointment :

24.12.2009

Date of Ceasing :

13.03.2012

DIN No.:

00115278

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	U67120MH1986PTC038916	FLEURETTE INVESTMENTS PRIVATE LIMITED	Director	12/02/1986	12/02/1986	-	Active	NO
2	U51209MH1975PTC018421	K PARIKH AGENCIES PRIVATE LIMITED	Director	11/07/2002	11/07/2002	-	Active	NO
3	U27100MH2005PTC151488	ASTA INDIA PRIVATE LIMITED	Director	30/09/2010	24/12/2009	13/03/2012	Active	NO
4	U65923MH1990PTC054964	METMIN FINANCE AND HOLDINGS PRIVATE LIMITED	Director	23/07/2010	24/12/2009	16/08/2011	Active	NO
5	U27310MH2007PTC174545	METTUBE INDIA PRIVATE LIMITED	Director	14/05/2010	24/12/2009	16/08/2011	Active	NO
6	U67120MH1993PTC071474	METMIN INVESTMENT AND TRADING PRIVATE LIMITED	Director	23/07/2010	24/12/2009	16/08/2011	Active	NO
7	U13200MH1997PTC108796	METMIN EXPLORATION PRIVATE LIMITED	Director	21/05/2010	24/12/2009	16/08/2011	Active	NO
8	U27310MH2011PTC223052	ASTA COPPER PRODUCTS PRIVATE LIMITED	Director	15/10/2011	15/10/2011	-	Active	NO

Name :

Mr. Rajan Mittal

Designation :

Additional Director

Address :

Unit 1-19-03, Lanai Kiara Condominium No. 1, Jalan Kiara 3, Bukit Kiara, Kuala Lumpur 50480

Date of Birth/Age :

13.01.1966

Date of Appointment :

10.01.2012

Date of Ceasing :

13.03.2012

DIN No.:

02191501

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	U18101MH1998PTC114797	SPYKAR LIFESTYLES PRIVATE LIMITED	Nominee director	06/07/2011	06/07/2011	11/05/2012	Active	NO
2	U27100MH2005PTC151488	ASTA INDIA PRIVATE LIMITED	Additional director	10/01/2012	10/01/2012	13/03/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Asta Singapore Pte Limited, Singapore	55209850
Asta International Pte Limited, Singapore	100
Total	55209950

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Continuously Transposed Conductors (CTC).

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Licensed Capacity *	Installed Capacity #	Actual Production #
Transposed Conductors	Kgs.	4000000	4000000	2341438
Copper	Kgs.	--	--	817407

NOTE:

1. *Licensed Capacity is per annum and as per the Industrial Entrepreneurs Memorandum submitted with the Ministry of Industries.

2. #Installed Capacity is per annum and, being a technical matter, is certified by the management and relied upon by the auditors.

GENERAL INFORMATION

Customers :

· Siemens

· BHEL

· Areva

· ABB

· Kanohar

· IMP Powers Limited

No. of Employees :

Not Available

Bankers :

· Bank of Baroda, Corporate Financial Services Branch, First Floor, R C Dutt Road, Alkapuri, Vadodara – 390 007, Gujarat, India

· Lord Krishna Bank Limited, Sahar Plaza, J.B. Nagar, Andheri Kurla Road, Andheri, Mumbai – 400 059, Maharashtra, India

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Working capital loan	16.739	30.606
Total	16.739	30.606

Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Foreign currency loan	322.002	358.356
Total	322.002	358.356

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji park, Dadar, Mumbai – 400 028, Maharashtra, India
PAN No.:	AAEFP5579P
Holding Company :	Asta Singapore Pte Limited, Singapore
Ultimate Holding Company:	Metrod (Malaysia) Berhad, Malaysia
Fellow Subsidiaries :	· Asta GmbH, Austria · Asta Inc, USA · Asta Conductors, China

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs.600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
55209950	Equity Shares	Rs.10/- each	Rs.552.100 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		552.100	552.100	437.057
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.405
4] (Accumulated Losses)		(97.665)	(72.169)	0.000
NETWORTH		454.435	479.931	437.462
LOAN FUNDS
1] Secured Loans		16.739	30.606	0.000
2] Unsecured Loans		322.002	358.356	347.512
TOTAL BORROWING		338.741	388.962	347.512
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		793.176	868.893	784.974
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		775.717	811.449	54.920
Capital work-in-progress		0.000	3.244	725.575
INVESTMENT		0.000	0.000	6.047
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	59.462	67.705	9.773
	Sundry Debtors	166.129	47.665	0.000
	Cash & Bank Balances	32.429	18.973	22.564
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	39.760	22.515	15.114
Total Current Assets		297.780	156.858	47.451
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	260.657	84.010	45.450
	Other Current Liabilities	18.516	17.828	1.936
	Provisions	1.148	0.820	1.633
Total Current Liabilities		280.321	102.658	49.019
Net Current Assets		17.459	54.200	(1.568)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		793.176	868.893	784.974

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	TURNOVER		726.400	107.100	72.575
	TOTAL EXPENDITURE		NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX		(25.496)	(72.574)	1.455
Less	TAX		0.000	0.000	0.693
	PROFIT (LOSS) AFTER TAX		(25.496)	(72.574)	0.762
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(72.169)	0.405	(0.357)
	BALANCE CARRIED TO THE B/S		(97.665)	(72.169)	0.405
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2.432	0.000	NA
		Professional Fees	2.102	0.651	NA
	TOTAL EARNINGS		4.534	0.651	NA
	IMPORTS
		Raw Materials	2.293	2.791	NA
		Stores & Spares	2.073	1.523	NA
		Traveling Expenses	2.924	0.741	NA
	TOTAL IMPORTS		7.290	5.055	NA
	Earnings / (Loss) Per Share (Rs.)		(0.46)	(1.31)	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	(3.51)	(67.76)	2.00
Return on Total Assets (PBT/Total Assets}	(%)	(2.37)	(7.49)	1.42
Return on Investment (ROI) (PBT/Networth)		(0.05)	(0.15)	0.00
Debt Equity Ratio (Total Liability/Networth)		1.36	1.02	0.91
Current Ratio (Current Asset/Current Liability)		1.06	1.53	0.97

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	Yes
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BACKGROUND:

Subject is promoted by Metrod (Malaysia) Berhad, a well known Malaysian company having many manufacturing units under its fold in different countries. The company is a subsidiary of ASTA Singapore Pte Limited, Singapore, a wholly owned subsidiary of ASTA Holdings GmbH, Austria. The company is engaged in manufacturing Continuously Transposed Conductors (CTC). The company's plant is situated at Savli Industrial Estate of Gujarat Industrial Development Corporation (GIDC) near Vadodara in the state of Gujarat and was commissioned on 1^st July, 2009.

OPERATIONS AND FUTURE OUTLOOK:

During the year, the Company achieved higher turnover of Rs.726.400 Millions as compared to Rs.107.100 Millions. During the period of 9 months of Previous Year and incurred lower loss after tax of Rs.25.500 Millions as compared to Rs.72.500 Millions during the previous year.

ASTA India has set up a world class CTC manufacturing unit in India based on Austrian technology. The processes of getting government and customer approvals have largely been completed. This takes time as the customers have to get their transformers type tested before approval is given to a new source. ASTA India has already secured a market share of more than 25% and is recognized and respected as the best CTC producer in India. The unit also making positive cash contribution to the earnings. A new product Mica Taped Conductor for large power generators has recently been introduced to broaden the portfolio.

While India is a price sensitive market, the demand for CTC of world class quality and technology is increasing as more and more high-end transformers are specified for the transmission network in India. With its leading technology and quality, ASTA India is well on its way to secure a market leadership and bright future in India.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10151937
Corporate identity number of the company	U27100MH2005PTC151488
Name of the company	ASTA INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	161/162, Mittal Court A Wing, 16^th Floor, Nariman Point, Mumbai-400021, Maharashtra, India
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge Immovable Property
Particular of charge holder	Bank of Baroda, Corporate Financial Services Branch, First Floor, R C Dutt Road, Alkapuri, Vadodara – 390007, Gujarat, India Email: corbar@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	1. Deed of Release of Mortgage {DRM} 2. Instrument Relating to Deposit of Title Deeds {IRDTD} Both dated 20.12.2011 modifying a single charge.
Date of instrument Creating the charge	20.12.2011
Amount secured by the charge	Rs.210.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 1. 3.00% above base rate per annum with monthly rests. 2. Export Packing Credit (EPC) interest rate as per RBI/FEDAI/Bank's guidelines from time to time. Terms of Repayment 1. In case of Export Packing Credit (EPC)-within 180 days from the date of disbursement. 2. In case of other credit facilities i.e. Cash Credit, Letter of Credit(Inland/Foreign), Bank Guarantee-on Demand Margin 1. Cash Credit-25% on Stocks, 30% on receivables including EPC - 10% 2. Letter of Credit-10% Cash Margin 3. Bank Guarantee- Rs.10.000 Millions FDR Cash Margin upto BG Limit of Rs.9.200 Millions 15% for BG Limit of Rs.25.800 Millions Extent and Operation of the charge Bank has released mortgage charge over immovable property of Company viz. Plot No.726 including Road adm. 45283.68 sq. mtr. at Savli Industrial Estate, GIDC, Baroda, to DRM and in lieu thereof Company created EM by deposit of Title Deeds relating to immovable property viz. Plot No.725 adm.71642.60 sq. mtr. in Savli Ind. Estate, GIDC, Baroda, to IRDTD to secure the limits aggregate to Rs.210.000 Millions granted by the Bank.
Short particulars of the property charged	Hypothecation of all present and future Stock of RM, Semi finished and Finished Goods and Book Debts, O/s. monies, receivables, claims, bills etc and securities. Equitable Mortgage by deposit of Title Deeds relating to immovable property viz. Plot No.725 adm.71642.60 sq. mtr. in Savli Industrial Estate, GIDC, Baroda
Particulars of the present modification	Bank has released mortgage charge over immovable property of Company viz. Plot No. 726 including Road adm. 45283.68 sq. mtr. at Savli Industrial Estate, GIDC, Baroda, des. in Sch. to DRM and in lieu thereof Company created EM by deposit of Title Deeds relating to immovable property viz. Plot No.725 adm.71642.60 sq. mtr. in Savli Industrial Estate, GIDC, Baroda to IRDTD to secure the limits aggregate to Rs.210.000 Millions granted by the Bank.

CONTINGENT LIABILITIES:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Bank Guarantees	27.122	27.122
Outstanding Letters of Credit	12.919	0.000
Total	40.041	27.122

Note:

Future cash outflows in respect of the above are dependent on the future performance of the obligations by the company and/or other parties.

FIXED ASSETS:

· Leasehold Land

· Buildings

· Office Equipment

· Furniture and Fixture

· Computer

WEBSITE DETAILS:

PROFILE:

Subject is a part of Global Equity Partner Group (with Head Quarters at Austria) which has a global presence in the field of Copper and Copper products.  ASTA Elektrodraht, Austria, who have established themselves as global leader for providing Electrical Winding solutions across the globe with global market share of over 25%. The talent, technology and technical know-how available with ASTA, Austria, which has over 100 years of experience in the field, was best utilized by the Group by expanding its business in China, and India that gave birth to ASTA-China and ASTA-India.

Subject is an emerging quality producer of Continuously Transposed Conductors (CTC) which would be catering to the demand of both national and international manufacturers of large Power transformers and other wide variety of transformers where CTC is used as the current carrying component of the equipment.

Subject plant shares the vision and commitment to quality that was established over a century ago in Austria. Vadodara based facility is located on 71642 sq.mtrs. area and houses 8911 sq.mtrs. of manufacturing space.

By working closely with customers and their sister companies in Austria and China, the Subject facility prides itself on meeting and exciding customer requirements and strives for complete customer satisfaction.

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 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 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.54.34
UK Pound	1	Rs.86.97
Euro	1	Rs.69.43

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	-
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.