MIRA INFORM REPORT

Report Date :

20.10.2012

IDENTIFICATION DETAILS

Name :	NICHROME INDIA LIMITED
Registered Office :	Safire Park Galleria, 2^nd Floor, 4, Mumbai-Pune Road, Wakdewadi, Shivaji Nagar, Pune-411 005, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.01.1960
Com. Reg. No.:	11-11575
Capital Investment / Paid-up Capital :	Rs.66.125 Millions
CIN No.: [Company Identification No.]	U28113MH1960PLC011575
TAN No.: [Tax Deduction & Collection Account No.]	PNEN00250F
PAN No.: [Permanent Account No.]	AAACT4161C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Packaging Machines.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 632792
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an old and a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at 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	BBB [Long Term Loan]
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	14.06.2012

Rating Agency Name	CRISIL
Rating	A3 [Short Term Loan]
Rating Explanation	Moderate degree of safety it carry higher credit risk.
Date	14.06.2012

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.

INFORMATION PARTED BY

Name :	Mr. Santosh Mahabaleshwar
Designation :	Accounts Manager
Contact No.:	91-20-32507082

LOCATIONS

Registered Office/ Corporate Office :	Safire Park Galleria, 2^nd Floor, 4, Mumbai-Pune Road, Wakdewadi, Shivaji Nagar, Pune-411 005, Maharashtra, India
Tel. No.:	91-20-66011001
Fax No.:	91-20-4011001
E-Mail :	finance@nichrome.com
Website :	http://www.nichrome.com
Area :	6500 sq ft
Location :	Owned
Factory :	Shrimal, at post wing, Khandala Gala No. 769 B, 772 B and 773 District-Satara, Maharashtra, India
Tel. No.:	91-2169-284063/64/65/67
Fax No.:	91-2169-284066
Offices and Dealers :	LOCATED AT :- India :- Ø Bangalore Ø Chennai Ø Indore Ø New Delhi Ø Kolkata Ø Mumbai Ø Hyderabad WORLDWIDE :- v ASEAN v Middle East v SAARC v CIS v Africa

DIRECTORS

AS ON 30.07.2011

Name :

Mr. Shriniwas Vinayak Joshi

Designation :

Chairman

Address :

857, Savali Apartment, Bhandarkar Road, Pune-411004, Maharashtra

Date of Birth/Age :

07.03.1937

Date of Appointment :

03.04.1990

Din No.:

00227320

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	U28113MH1960PLC011575	NICHROME INDIA LIMITED	Whole-time director	01/04/2010	03/04/1990	-	Active	NO
2	U74950PN1998PTC114617	NICHROME FLEXIBLE PACKAGING PRIVATE LIMITED	Director	24/04/1998	24/04/1998	-	Active	NO
3	U74220PN2002NPL017463	NATIONAL AGRICULTURE AND FOOD ANALYSIS AND RESEARCH INSTITUTE	Director	13/12/2002	13/12/2002	14/09/2010	Active	NO
4	U72200PN2005PTC020413	NICHROME INFO MANAGEMENT PRIVATE LIMITED	Director	15/03/2005	15/03/2005	-	Active	NO

Name :

Mr. Harish Prabhakar Joshi

Designation :

Managing Director

Address :

857, Savali Apartment, Bhandarkar Road, Pune-411004, Maharashtra

Date of Birth/Age :

16.09.1964

Date of Appointment :

11.09.2000

Din No.:

00227288

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	U74950PN1998PTC114617	NICHROME FLEXIBLE PACKAGING PRIVATE LIMITED	Director	24/04/1998	24/04/1998	Active	NO
2	U28113MH1960PLC011575	NICHROME INDIA LIMITED	Managing director	01/04/2012	11/09/2000	Active	NO
3	L29290MH2000NPL127775	INSTITUTE OF PACKAGING MACHINERY MANUFACTURERS OF INDIA	Director	12/08/2009	12/08/2009	Dormant	NO

Name :

Mr. Ashok Natwarlal Kothary

Designation :

Director

Address :

5D, 5/6, Himali Co-operative Housing Society 8+13/1/2 Erandwana Pune-411004

Date of Birth/Age :

13.09.1949

Date of Appointment :

22.10.1994

Din No.:

00811919

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	U65910MH1986PTC040687	CONCORD MARKETING AND FINANCIERS PRIVATE LIMITED	Director	13/06/1990	13/06/1990	-	Active	NO
2	U28113MH1960PLC011575	NICHROME INDIA LIMITED	Director	22/10/1994	22/10/1994	-	Active	NO
3	U74140MH1997PTC109282	QUAESTOR CONSULTANTS PRIVATE LIMITED	Director	08/07/1997	08/07/1997	-	Active	NO
4	L24110MH1973PLC016247	UNIVERSAL STARCH CHEM ALLIED LIMITED	Director	28/10/1999	28/10/1999	-	Active	NO
5	U72200PN2001PTC016510	FOUR J'S DEVELOPMENT TOOLS (INDIA) PRIVATE LIMITED	Director	22/10/2001	22/10/2001	-	Active	YES
6	U72200PN2005PTC020413	NICHROME INFO MANAGEMENT PRIVATE LIMITED	Director	15/03/2005	15/03/2005	-	Active	NO
7	U72900PN2005PTC020512	DESIGN AUTOMATION PUNE PRIVATE LIMITED	Director	05/04/2005	05/04/2005	26/03/2006	Active	NO
8	U74140PN2005PTC021354	PHOENIX KNOWLEDGE MANAGEMENT PRIVATE LIMITED	Director	28/09/2005	28/09/2005	11/06/2007	Active	YES
9	U15421MH1981PLC025191	UNIQUE SUGARS LIMITED	Additional director	24/04/2010	24/04/2010	-	Active	NO
10	U01407PN2009PTC134990	BAIF AGRO AND BIO TECHNOLOGY PRIVATE LIMITED	Director	29/09/2010	25/06/2010	-	Active	NO
11	U00069PN2006PTC022285	ATRIUM HOSPITALITY AND PROPERTY MANAGEMENT PRIVATE LIMITED	Director	10/07/2010	10/07/2010	-	Strike off	NO

Name :

Mr. Mohanlal Chimanlal Gujarathi

Designation :

Director

Address :

Advait 1277, Shukrawar Peth, Subhash Nagar, Lane No- 6, Pune-411002

Date of Appointment :

16.10.2000

Din No.:

00988542

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	U74140PN1994PTC079902	PRABODH ARTHA WARDHINI PRIVATE LIMITED	Director	27/07/1994	27/07/1994	Active	NO
2	U65923PN1997PTC108406	PRABODH ARTHA-SANCHAY PRIVATE LIMITED	Director	30/05/1997	30/05/1997	Active	NO
3	U72200MH1997PTC106779	PRABODHAN INFOSYSTEMS PRIVATE LIMITED	Director	11/10/1997	11/10/1997	Strike off	NO
4	U74992PN2000PTC014593	PRABODH ARTHA SAMWARDHAN PRIVATE LIMITED	Director	14/03/2000	14/03/2000	Active	NO
5	U28113MH1960PLC011575	NICHROME INDIA LIMITED	Director	16/10/2000	16/10/2000	Active	NO
6	U74999PN2004PTC019763	PRABODH ARTHA SAMPADA PRIVATE LIMITED	Director	20/09/2004	20/09/2004	Active	NO
7	U74900PN2009PTC133394	MANODAY CORPORATE CONSULTANTS PRIVATE LIMITED	Director	20/01/2009	20/01/2009	Strike off	NO
8	U74140PN2009PTC133393	MANODAY MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	20/01/2009	20/01/2009	Strike off	NO

Name :

Mr. Pramod Madhukar Chaudhari

Designation :

Director

Address :

Kinnari, 6, Vee Nimbkar Co-operative Housing Society 80/A, off Baner Road, Pune-411007

Date of Appointment :

16^.04.2005

Din No.:

00196415

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	L27101PN1985PLC038031	PRAJ INDUSTRIES LIMITED	Whole-time director	01/08/2012	08/11/1985	-	Active	NO
2	U28113MH1960PLC011575	NICHROME INDIA LIMITED	Director	16/04/2005	16/04/2005	-	Active	NO
3	U72200PN2001PTC016563	ACCELTREE SOFTWARE PRIVATE LIMITED	Director	25/08/2006	25/08/2006	09/06/2009	Active	NO
4	L70200MH2002PLC136849	MAN INFRACONSTRUCTION LIMITED	Director	03/08/2009	30/11/2006	08/08/2012	Active	NO
5	U74900PN2008PTC131691	P-CUBE ENTERPRISES PRIVATE LIMITED	Director	26/03/2008	26/03/2008	-	Active	NO
6	U41000MH2007PLC175261	NEELA SYSTEMS LIMITED	Nominee director	06/01/2012	06/01/2012	-	Active	NO
7	U73100PN2007NPL129455	ENTREPRENEURSHIP DEVELOPMENT CENTER	Director	29/08/2012	11/08/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Santosh Mahabaleshwar
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.07.2011

Names of Shareholders	No. of Shares
Shriniwas Vinayak Joshi Jointly with Jayashree S. Joshi	3965472
Jayashree S. Joshi Jointly with Shriniwas Vinayak Joshi	322560
Harish P. Joshi	3360
Mrunalini H. Joshi	3360
Ashok Kothary	3360
Rita A. Kothary	3360
Jehan A. Kothari	3360
Harish P Hoshi Jointly with Mrunalini H. Joshi	1957648
Mrunalini H. Joshi Jointly with Harish P Hoshi	350000
TOTAL	6612480

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Packaging Machines.

GENERAL INFORMATION

No. of Employees :

200 (Approximately)

Bankers :

Ø The Shamrao Vithal Co-operative Bank Limited, Deccan Gymkhana Branch, Pune – 411 004, Maharashtra, India

Ø Bank of Baroda, Laxmi Road Branch, Hari Vithal Chambers, Budhawar Peth, Pune – 411 002, Pune, Maharashtra, India

Ø Bank of Baroda, Camp Branch, Pune – 411 001, Maharashtra, India

Ø ICICI Bank, ICICI Towers, Bandra Kurla Complex, Mumbai – 400051, Maharashtra, India

Facilities :

SECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans banks	8.133
Rupee term loans financial institutions	1.273	14.297
Working capital loan	32.645
TOTAL	42.051	14.297
UNSECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Loans directors	0.900
Public deposits	1.930	11.213
Deferred sales tax loan	6.059
Other debts	0.650
TOTAL	9.539	11.213

Banking Relations :	--
Auditors :
Name :	Naniwadekar and Company Chartered Accountants
Address :	1, Janaki Apartments, 47/5A, Erandwane, Pune – 411004, Maharashtra, India
Tel. No.:	91-20-25439238 / 25448641
Fax No.:	91-20-25439238
E-Mail :	nanico@vsnl.com

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6612480	Equity Shares	Rs.10/- each	Rs.66.125 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		66.125	37.785	37.786
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		92.073	92.224	68.514
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		158.198	130.009	106.300
LOAN FUNDS
1] Secured Loans		42.051	14.297	30.253
2] Unsecured Loans		9.539	11.213	12.543
TOTAL BORROWING		51.590	25.510	42.796
DEFERRED TAX LIABILITIES		10.506	10.643	10.673
TOTAL		220.294	166.162	159.769
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		75.160	73.793	78.797
Capital work-in-progress		16.523	3.718	3.718
INVESTMENT		0.186	0.186	0.186
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	78.640	73.707	75.104
	Sundry Debtors	115.497	83.748	71.223
	Cash & Bank Balances	11.681	11.270	8.472
	Other Current Assets	28.401	0.000	0.000
	Loans & Advances	15.227	31.819	31.413
Total Current Assets		249.446	200.544	186.212
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	61.556	46.538	55.793
	Other Current Liabilities	53.566	55.728	49.679
	Provisions	6.194	9.813	8.935
Total Current Liabilities		121.316	112.079	114.407
Net Current Assets		128.130	88.465	71.805
MISCELLANEOUS EXPENSES		0.295	0.000	5.263
TOTAL		220.294	166.162	159.769

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	558.269	495.107	485.472
		Other Income	4.047	3.866	4.783
		TOTAL (A)	562.316	498.973	490.255
Less	EXPENSES
		Material Consumed and Manufacturing Expenses	312.656	277.234	275.166
		Manufacturing Service Costs	13.973	0.000	0.000
		Employee Cost	100.634	93.638	80.049
		Selling and Distribution Expenses	0.000	39.268	42.487
		Administrative Expenses	61.562	17.029	16.881
		Miscellaneous Expenditure written off during the year	0.000	5.263	1.945
		Increase/(Decrease) in Finished Goods	0.000	0.156	16.838
		TOTAL (B)	488.825	432.588	433.366
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		73.491	66.385	56.889
Less	FINANCIAL EXPENSES (D)		4.621	4.545	7.816
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		68.870	61.840	49.073
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.812	7.391	7.529
	PROFIT BEFORE TAX (E-F) (G)		61.058	54.449	41.544
Less	TAX (H)		21.577	19.671	12.813
	PROFIT AFTER TAX (G-H) (I)		39.481	34.778	28.731
Add	SHORT PROVISION FOR EARLIER YEARS (TAXATION)		NA	(0.017)	0.000
	PRIOR PERIOD EXPENSES			0.000	0.031
	TRANSFERRED FROM DEFERRED SPECIAL CAPITAL		NA	0.079	0.079
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	28.492	9.248
Less	APPROPRIATIONS
		Transfer to General Reserve		5.228	0.756
		Interim Dividend		2.267	1.889
		Tax on Dividend	NAs	1.220	0.963
		Tax on Interim Dividend		0.385	0.321
		Proposed Dividend		7.179	5.668
	BALANCE CARRIED TO THE B/S		NA	47.053	28.492
	Earnings Per Share (Rs.)		5.85	9.20	7.60

Expected Sales (2011-2012) : Rs. 600.000 Millions

The above information has been parted by (Mr. Santosh Mahabaleshwar - Accounts Manager)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.02	6.97	5.86
Net Profit Margin (PBT/Sales)	(%)	10.93	11.00	8.55
Return on Total Assets (PBT/Total Assets}	(%)	18.80	19.85	15.68
Return on Investment (ROI) (PBT/Networth)		0.38	0.42	0.39
Debt Equity Ratio (Total Liability/Networth)		1.09	1.06	1.48
Current Ratio (Current Asset/Current Liability)		2.05	1.79	1.63

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
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	No
34]	External Agency Rating, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U28113MH1960PLC011575
Name of the company	NICHROME INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	Saffire Park Galleria, Pune - Mumbai Road Shivaginagar, Pune-411005, Maharashtra, India Email: finance@nichrome.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90085301
Type of charge	Movable property (not being pledge)
Particular of charge holder	Bank of Baroda, Pune Camp Branch, Pune – 411001, Maharashtra, India Email: poocam@bankofbaroda.com
Nature of instrument creating charge	Supplemental Composit Agreement of hypothecation of goods, book debts, moveable machinery, plant and machinery, other fixed assets and Vehicles dated 3rd January, 2012
Date of instrument Creating the charge	03.01.2012
Amount secured by the charge	Rs.142.600 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 13.75% Per Annum Terms of Repayment As per principal agreement Margin 25% on the stocks 25% on book debts 25% on movable machinery 20% on non fund facilities (BG and LC) Extent and Operation of the charge First Charge on all the borrowers stocks of raw material, stocks-in-process, finished goods, consumable spares and packing materials, all the book debts etc. for the overall credit faculties of Rs.142.600 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Raw materials, stocks-in-process, finished goods, consumable spares and packing materials, vehicles, all the book debts of the company lying in Company's premises and godown.
Particulars of the present modification	Existing credit facilities are increased to Rs.142.600 Millions by sanction of following additional facilities : 1. Cash credit facility increased by Rs. 10.000 Millions i.e. from 50.000 Millions to 60.000 Millions 2. Fresh term loan of Rs. 18.900 Millions 3. Fresh demand loan of Rs. 3.700 Millions And reduction of Term Loan I by Rs.4.000 Millions. All the hypothecated property of the company will continue to cover these revised facilities.

FIXED ASSETS:

Ø Building – office

Ø Building – Factory

Ø Land – Factory

Ø Well

Ø Road

Ø Plant and Machinery

Ø Electrical Installation

Ø Furniture and Fixture

Ø Office Equipments

Ø Computer

Ø Canteen Equipments

Ø Vehicles

Ø Patterns

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 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.53.72
UK Pound	1	Rs.86.15
Euro	1	Rs.70.17

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
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	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.