MIRA INFORM REPORT

Report Date :

03.10.2012

IDENTIFICATION DETAILS

Name :	KALPANA FORGINGS LIMITED
Registered Office :	C-98, Flat No. 6, 8-Southern Avenue, Maharani Bagh, New Delhi-110065
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.02.1995
Com. Reg. No.:	55-065467
Capital Investment / Paid-up Capital :	Rs.21.100 Millions
CIN No.: [Company Identification No.]	U74899DL1995PLC065467
TAN No.: [Tax Deduction & Collection Account No.]	DELK06469B DELK05617D
PAN No.: [Permanent Account No.]	AAACK0594N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Automobile Forgings, Automobile Parts and Sweet Metal Components, etc.
No. of Employees :	Not Available

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 999000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered 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 – 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	CRISIL
Rating	BB + [Cash Credit]
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	26.09.2011

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 :	C-98, Flat No. 6, 8-Southern Avenue, Maharani Bagh, New Delhi-110065, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	gs_fbd@yahoo.com
Factory :	Plot No. 34/35, Sector 6, Faridabad-121006, Haryana, India
Tel No.:	91-129-5063571/5063572/4063571/4063572

DIRECTORS

AS ON 27.09.2011

Name :

Mr. Bhagwan Sahai Sharma

Designation :

Managing Director

Address :

House No. 716, Sector 7 C, Faridabad-121006, Haryana, India

Date of Birth/Age :

18.12.1950

Date of Appointment :

16.02.1995

Voter Id No.:

HR/06/52/681098

Din No.:

00360547

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	Company/ LLP Status	Defaulting status
1	U74899DL1995PLC065467	KALPANA FORGINGS LIMITED	Managing director	01/01/2010	16/02/1995	Active	NO
2	L25199DL1984PLC017693	K R RUBBERITE LIMITED	Director	01/01/2002	01/01/2002	Active	NO
3	L65910DL1985PLC019976	AKASHNA GLOBAL STEEL LIMITED	Director	01/01/2002	01/01/2002	Active	NO
4	U18101DL2000PTC104331	ANODE EXIM PRIVATE LIMITED	Director	29/09/2009	27/03/2009	Active	NO

Name :

Mr. Kailash Kumar Sharma

Designation :

Director

Address :

House No. 717, Sector 7 C, Faridabad-121006, Haryana, India

Date of Birth/Age :

10.06.1954

Date of Appointment :

16.02.1995

Voter Id No.:

HR/06/52/681104

Din No.:

00360965

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	Company/ LLP Status	Defaulting status
1	U74899DL1995PLC065467	KALPANA FORGINGS LIMITED	Director	16/02/1995	16/02/1995	Active	NO
2	U74899DL1999PTC100840	BLOWELL AUTO PRIVATE LIMITED	Director	27/07/1999	27/07/1999	Active	NO
3	L25199DL1984PLC017693	K R RUBBERITE LIMITED	Director	01/01/2002	01/01/2002	Active	NO
4	L65910DL1985PLC019976	AKASHNA GLOBAL STEEL LIMITED	Director	01/04/2009	02/12/2002	Active	NO
5	U18101DL2000PTC104331	ANODE EXIM PRIVATE LIMITED	Director	29/09/2009	01/04/2009	Active	NO

Name :

Mr. Ghan Shyam Sharma

Designation :

Director

Address :

House No. 715, Sector 7 C, Faridabad-121006, Haryana, India

Date of Birth/Age :

14.03.1962

Date of Appointment :

16.02.1995

Voter Id No.:

HR/06/52/681100

Din No.:

00360339

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	Company/ LLP Status	Defaulting status
1	U74899DL1995PLC065467	KALPANA FORGINGS LIMITED	Director	16/02/1995	16/02/1995	Active	NO
2	L65910DL1985PLC019976	AKASHNA GLOBAL STEEL LIMITED	Director	01/01/2002	01/01/2002	Active	NO
3	L25199DL1984PLC017693	K R RUBBERITE LIMITED	Whole-time director	01/11/2008	01/01/2002	Active	NO
4	U18101DL2000PTC104331	ANODE EXIM PRIVATE LIMITED	Director	29/09/2009	27/03/2009	Active	NO
5	U74899DL1999PTC100840	BLOWELL AUTO PRIVATE LIMITED	Director	20/09/2010	08/01/2010	Active	NO

Name :

Mr. Kanhaiya Lal Sharma

Designation :

Whole Time Director

Address :

House No. 712, Sector 7 C, Faridabad-121006, Haryana, India

Date of Birth/Age :

09.06.1956

Date of Appointment :

16.02.1995

Voter Id No.:

HR/06/52/681106

Din No.:

00360497

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	Company/ LLP Status	Defaulting status
1	U74899DL1995PLC065467	KALPANA FORGINGS LIMITED	Whole-time director	01/01/2010	16/02/1995	Active	NO
2	L25199DL1984PLC017693	K R RUBBERITE LIMITED	Director	02/12/2002	02/12/2002	Active	NO

Name :

Mr. Devendra Kumar Sharma

Designation :

Whole Time Director

Address :

House No. 718, Sector 7 C, Faridabad-121006, Haryana, India

Date of Birth/Age :

07.06.1966

Date of Appointment :

27.11.2001

Voter Id No.:

HR/06/52/681102

Din No.:

00360590

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	Company/ LLP Status	Defaulting status
1	U74899DL1995PLC065467	KALPANA FORGINGS LIMITED	Whole-time director	01/12/2011	27/11/2001	Active	NO

Name :

Mr. Vinod Sharma

Designation :

Whole Time Director

Address :

House No. 703, Sector 7 C, Faridabad-121006, Haryana, India

Date of Birth/Age :

16.10.1973

Date of Appointment :

02.12.2002

Din No.:

00361003

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	Company/ LLP Status	Defaulting status
1	U74899DL1995PLC065467	KALPANA FORGINGS LIMITED	Whole-time director	10/01/2008	02/12/2002	Active	NO

Name :

Mr. Rameshwar Prasad Sharma

Designation :

Director

Address :

House No. 703, Sector 7 C, Faridabad-121006, Haryana, India

Date of Birth/Age :

10.10.1946

Date of Appointment :

11.12.2006

Din No.:

01184390

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	Company/ LLP Status	Defaulting status
1	U74899DL1995PLC065467	KALPANA FORGINGS LIMITED	Director	27/09/2007	11/12/2006	Active	NO

Name :

Mr. Vinay Sharma

Designation :

Director

Address :

House No. 717, Sector 7 C, Faridabad-121006, Haryana, India

Date of Birth/Age :

31.03.1981

Date of Appointment :

01.04.2010

Din No.:

02899990

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	Company/ LLP Status	Defaulting status
1	U74899DL1995PLC065467	KALPANA FORGINGS LIMITED	Whole-time director	20/01/2012	01/04/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2011

Names of Shareholders	No. of Shares
Bhagwan Sahai Sharma	473190
Kailash Kumar Sharma	25810
Kanhaiya Lal Sharma	31560
Ghan Shyam Sharma	57860
Devendra Kumar Sharma	15620
Sanyog Sharma	76210
Akashna Global Steel Limited, India	482200
Latesh Sharma	73000
Sunita Sharma	45250
K.K. Sharma HUF	18200
Sneh Sharma	9000
Kanchan Sharma	13700
Abhishek Sharma	22600
Kalpana Sharma	3700
Kanika Sharma	5700
Karuna Sharma	2200
Nirmal Sharma	28400
Pushpa Sharma	13300
Vinay Sharma	2500
K.R. Rubberite Limited	390000
Rameshwar Prased Sharma	30500
Vinod Sharma	8600
R.P. Sharma HUF	12000
N.L. Sharma HUF	21500
D.K. Sharma HUF	21200
G.S. Sharma HUF	25300
K.L. Sharma HUF	15300
Sushmita Sharma	32200
Bhawna Sharma	23400
Anode Exim Private Limited, India	130000
TOTAL	2110000

AS ON 27.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	47.50
Directors or relatives of directors	52.50
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automobile Forgings, Automobile Parts and Sweet Metal Components, etc.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Rough Steel Forgings	73261910
M.V. Parts	87089900

PRODUCTION STATUS [AS ON 31.03.2011]

INSTALLED CAPACITY

20000 T.P.A.

PARTICULAR	ACTUAL PRODUCTION
Forgings and Auto Parts [In Nos.]	2857605
Forgings and Auto Parts [In Kgs.]	40300

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of Patiala, B-1/11, Sector 11, Main Branch, Faridabad-121006, Haryana, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Working Capital Loan [Cash Credit] Working capital loans from S.B.O.P. [Secured against hypothecation of stocks and debtors, second charge on plant and machinery, land and building of the company and personal guarantee of directors]	4.040	33.088
Term Loans State Bank of Patiala [Secured against first charge of investment in immovable property of the company and personal guarantee of directors]	29.051	38.978
TOTAL	33.091	72.066
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Loan From Directors	3.715	4.302
TOTAL	3.715	4.302

Banking Relations :	--
Auditors :
Name :	Anil Dinesh and Associates Chartered Accountants
Address :	308, Shakti Chambers, 1378/21, Naiwala Karol Bagh, New Delhi-110005, India
PAN No:	AAGPG5125J

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2110000	Equity Shares	Rs.10/- each	Rs.21.100 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		21.100	21.100	21.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		228.766	199.914	185.918
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		249.866	221.014	207.018
LOAN FUNDS
1] Secured Loans		33.091	72.066	95.578
2] Unsecured Loans		3.715	4.302	7.634
TOTAL BORROWING		36.806	76.368	103.212
DEFERRED TAX LIABILITIES		5.042	4.946	5.428
TOTAL		291.714	302.328	315.658
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		116.747	104.740	111.996
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		127.389	135.423	130.262
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.173	15.526	19.734
	Sundry Debtors	63.394	60.762	48.395
	Cash & Bank Balances	0.303	0.234	0.626
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	40.936	49.096	39.903
Total Current Assets		115.806	125.618	108.658
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	41.260	27.537	14.536
	Other Current Liabilities	15.634	30.469	14.270
	Provisions	11.570	5.845	6.871
Total Current Liabilities		68.464	63.851	35.677
Net Current Assets		47.342	61.767	72.981
MISCELLANEOUS EXPENSES		0.236	0.398	0.419
TOTAL		291.714	302.328	315.658

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	346.863	308.148	222.388
		Other Income	189.081	120.215	133.423
		TOTAL (A)	535.944	428.363	355.811
Less	EXPENSES
		Manufacturing and Other Expenses	474.551	388.810	299.282
		Preliminary and Deferred Expenses Written Off	0.163	0.170	0.137
		TOTAL (B)	474.714	388.980	299.419
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		61.230	39.383	56.392
Less	FINANCIAL EXPENSES (D)		11.473	10.660	20.191
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		49.757	28.723	36.201
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.239	9.389	10.176
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		40.518	19.334	26.025
Less	TAX (H)		11.666	5.338	4.558
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		28.852	13.996	21.467
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		81.814	67.818	46.351
	BALANCE CARRIED TO THE B/S		110.666	81.814	67.818
	Earnings / (Loss) Per Share (Rs.)		13.67	6.63	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.38	3.27	6.03
Net Profit Margin (PBT/Sales)	(%)	11.68	6.27	11.70
Return on Total Assets (PBT/Total Assets}	(%)	17.42	8.39	11.79
Return on Investment (ROI) (PBT/Networth)		0.16	0.09	0.13
Debt Equity Ratio (Total Liability/Networth)		0.42	0.63	0.67
Current Ratio (Current Asset/Current Liability)		1.69	1.97	3.05

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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	80020441
Corporate identity number of the company	U74899DL1995PLC065467
Name of the company	Kalpana Forgings Limited
Address of the registered office or of the principal place of business in India of the company	C-98, Flat No. 6, 8-Southern Avenue, Maharani Bagh, New Delhi-110065, India
Type of charge	Book Debts Movable Property [not being pledge] Immovable Property Others
Particular of charge holder	State Bank of Patiala, B-1/11, Sector 11, Main Branch, Faridabad-121006, Haryana, India
Email	braria1953@yahoo.co.in b
Nature of description of the instrument creating or modifying the charge	1. Letter regarding grant of individual limits with the overall limits dated 10.02.2010. 2. Agreement of loan for overall limit dated. 10.02.2010 For creating equitable mortgage. 3. SBP 630 for plot no. 35, sector - 6, Faridabad. 4. SBP 630 for plot no. 34, sector - 6, Faridabad. 5. SBP 630 for cinema site at crown Interiorz mall in Faridabad. 6. SBP 630 for shop no.s-33,, s-34 and s-35 at crown interiorz mall in Faridabad.
Date of instrument Creating the charge	10.02.2010
Amount secured by the charge	Rs.140.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 0.75% below BPLR floating for cash credit presently 11.50% 0.75% below BPLR floating on term loan of Rs. 65.000 Millions presently 11.50% At BPLR Floating On Term Loan of Rs.30.000 Millions Presently 12.25% Terms of Repayment 1. Working Capital Limits - On Demand. 2. Term loan of Rs. 65.000 Millions repayable in 59 monthly installments, of Rs.1.084 Million each commencing from 31.01.2008 and last60th installment of Rs.1.044 Million payable on 31.12.2012. 3. Term loan of Rs. 30.000 Millions repayable in 60 monthly installments of Rs.0.500 Million each commencing from 30.04.2008 and last installment payable on 31.03.2013. Margin 1. Raw-Material - 25% 2. Work - in - Process - 25% 3. Finished Goods - 25% 4. Book -Debts - 33% Extent and Operation of the charge Exclusively First Charge.
Short particulars of the property charged	Plot no. 34, sector - 6, Faridabad measuring 9811.67 sq. Yards and building constructed thereon. Plot no. 35, sector - 6, Faridabad measuring 9811.67 sq. Yards and building constructed thereon. Cinema site measuring 39054 sq. Ft. Of super area (38804 sq. Ft. On third floor and 250 sq. Ft. On ground floor) at crown interiorz mall, 21 km stone, Delhi Mathura road, Faridabad. Shop no.s-33, s-34 and s-35 at 2nd floor at crown interiorz mall, Faridabad.
Date of latest modification prior to the present modification	17.01.2008
Particulars of the present modification	The company has already created modified charge for working capital and term loan of Rs. 208.878 Millions on 17.01.2008. Out of the above amount, Term Loan of Rs. 11.378 Millions, Term Loan of Rs. 27.500 Millions and Term loan of Rs. 10.000 Millions have been adjusted and working capital limits has been reduced from Rs. 65.000 Millions to Rs. 45.000 Millions. Now the charge has been modified from 208.878 Millions to Rs. 140.000 Millions with the renewal of limits.

CONTINGENT LIABILITY NO PROVIDED FOR:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Sales tax surety	0.300	0.300
Interest on local area development tax pending in appeal [general stay given by the Supreme Court of India]	0.878	0.878
TOTAL	1.178	1.178

FIXED ASSETS:

• Factory Land
• Building
• Factory Building Road
• Plant and Machinery
• Tools and Dies
• Generator and Transformer
• Motor Cycle and Scooter
• Furniture and Fixtures
• Air Conditioner
• Computer
• Cycle
• Office Equipments
• Motor Car
• Motor Truck
• Electric Fittings
• Rickshaw
• Testing Equipments

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.52.78
UK Pound	1	Rs.85.16
Euro	1	Rs.67.79

INFORMATION DETAILS

Report Prepared by :

TPT

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	6
--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	NO
--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.