MIRA INFORM REPORT

Report Date :

20.09.2012

IDENTIFICATION DETAILS

Name :	KSH INTERNATIONAL PRIVATE LIMITED [w.e.f. July 1979]
Formerly Known As :	BHANDARY METAL EXTRUSION PRIVATE LIMITED
Registered Office :	11/3, 11/4 and 11/5, Village Birdewadi, Chakan, Taluka-Khed, Pune – 410501, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.07.1979
Com. Reg. No.:	11-141032
Capital Investment / Paid-up Capital :	Rs. 9.565 Millions
PAN No.: [Permanent Account No.]	AAACB1897K
CIN No.: [Company Identification No.]	U28129PN1979PTC141032
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Copper and Aluminium Conductor.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 1100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and reputed company having satisfactory track. Trade relations are reported as fair. Financial position is satisfactory. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealing 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.

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	BBB (Long Term Loans)
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk.
Date	March 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.

INFORMATION PARTED BY

Name :	Mr. D. K. Warrier
Designation :	Account Manager
Contact No.:	91-22-27410367
Date :	18.09.2012

LOCATIONS

Registered Office / Factory 1 :	11/3, 11/4 and 11/5, Village Birdewadi, Chakan, Taluka-Khed, Pune – 410501, Maharashtra, India
Tel. No.:	91-22-27410367
Fax No.:	91-22-27412418
E-Mail :	dskalera@kshinternational.com vbokil@gmail.com devdaswariyar@kshinternational.com accounts@kshinternational.com
Website :	www.kshinternational.com
Location :	Owned
Head Office / Factory 2 :	J-25, M.I.D.C., Taloja, District Raigad - 410208, Maharashtra, India
Tel. No.:	91-22-27410367/ 274101426/ 27401425
Fax No.:	91-22-27412418
E-Mail :	kshintl@vsnl.com
Website :	www.kshinternational.com

DIRECTORS

AS ON 10.08.2011

Name :	Mr. Rajesh Kushal Hegde
Designation :	Whole Time Director
Address :	Buena Monte, NCL Co-operative Housing Society, Off Pashan Road, Pune-411008, Maharashtra, India
Date of Birth/Age :	29.08.1970
Date of Appointment :	01.09.1996
DIN No.:	00114193

Name :	Mr. Rohit Kushal Hegde
Designation :	Whole Time Director
Address :	Buena Monte, NCL Co-operative Housing Society, Off Pashan Road, Pune-411008, Maharashtra, India
Date of Birth/Age :	09.08.1974
Date of Appointment :	01.11.2000
Voter ID No.:	MT/42/247/0054462
DIN No.:	00134926

Name :	Mr. Kushal Subbayya Hegde
Designation :	Managing Director
Address :	Buena Monte, NCL Co-operative, Housing Society, Off Pashan Road, Pune-411008, Maharashtra, India
Date of Birth/Age :	07.11.1938
Date of Appointment :	09.09.2010
Voter ID No.:	SAO3590296
DIN No.:	00135070

Name :	Mrs. Pushpa Kushal Hegde
Designation :	Whole Time Director
Address :	Buena Monte, NCL Co-operative Housing Society, Off Pashan Road, Pune-411008, Maharashtra, India
Date of Birth/Age :	10.10.1948
Date of Appointment :	09.12.1983
Voter ID No.:	SAO3590783
DIN No.:	00137395

Name :	Mr. Sudhakar Venkat Rao
Designation :	Whole Time Director
Address :	12/316, Roop Nagar, Vivek, Bandra (East), Mumbai-400051, Maharashtra, India
Date of Birth/Age :	07.09.1949
Date of Appointment :	30.09.2008
DIN No.:	01627303
Name :	Mr. Ganesh Prasad Elkaje
Designation :	Whole-time Director
Address :	Elkaje House, H No 1-94, Netla Mudnur Village, Nerlakatte PO, Bantwal, D.K. Nerlakatte-574253, Karnataka, India
Date of Birth/Age :	09.05.1967
Date of Appointment :	13.10.2010
DIN No.:	03274531

KEY EXECUTIVES

Name :	Mr. D. K. Warrier
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 10.08.2011

Names of Shareholders	No. of Shares
Kushal Subbayya Hegde	38795
Pushpa Kushal Hegde	10099
Shubhkamal Leasing and Investment Private Limited, India	13496
Rajesh Kushal Hegde	16630
Rohit Kushal Hegde	16630
TOTAL	95650

AS ON 10.08.2011

Equity Shares Break Up	Percentage of Holding
Bodies corporate	14.11
Directors or relatives of Directors	85.89
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Copper and Aluminium Conductor.

Products :

Product Description	Item Code No. (ITC Code)
Paper covered Copper and Aluminium Strips/ Wires and Bunch Conductors	85446010
Enamel Covered Copper Strips/ Wires and bunch conductors	85446010
Continuously Transposed Copper Conductors	85446090

Exports :

Products :

· Copper

· Aluminium Conductor

Countries :

· Europe

· Australia

· Middle East

· Japan

· US

· Bangladesh

Imports :

Products :

· Raw Material

Countries :

· Middle East

· Sweden

· USA

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Copper
Own Copper	MT	4360	2802.749
Job Works	MT		5835.288
Total (A)			8638.037
Aluminium
Own Aluminium	MT		0.558
Job Work	MT		14.308
Total (B)			14.866
TOTAL (A+B)			8652.903

No license is required for the products which company is engaged in manufacturing. Installed capacity is as certified by the management.

GENERAL INFORMATION

Suppliers :

Hindalco

Customers :

End Users

· ABB Limited

· Bharat Heavy Electricals Limited

· Bosch

· Bharat Bijlee

· Crompton Greaves

· Dupont

· EMCO

· IMP Power

No. of Employees :

200 (Approximately)

Bankers :

State Bank of India, Commercial Branch, ‘Bullet’ L. N. Road, Dadar (East), Mumbai-400014, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans secured
Rupee term loans banks secured	168.354	131.067
Working capital loans secured
Working capital loans banks secured	184.832	120.303
Loans taken for fixed assets secured
Loans taken for vehicles secured	1.639	0.299
Total	354.825	251.669
Notes: (A) (Against equitable Mortgage of Factory, Land and Buildings Hypothecation of Machinery and Personal Guarantee of Directors) (Due within a Year Rs 23.600 Millions) (Previous Year Rs. 27.500 Millions) (B) (Cash Credit and Export Credit Facilities have been secured by Hypothecation of Raw Materials, Semi Finished Goods, Trade Bills and Personal Guarantee of Directors and Collateral Security of Factory Land and Buildings and Plant and Machinery) (C) Against Vehicles Purchased under the Hire Purchase Secured against Hypothecation of respective vehicles (Due within a Year Rs 0.441 Million) (Previous Year Rs. 0.198 Million)

Banking Relations :	--
Auditors :
Name :	A. S. Alva and Company Chartered Accountants
Address :	Flat 1-5, Himali Housing Society, Erandavane, Pune-411004, Maharashtra, India
Tel. No.:	91-20-25434527/25440143/25434752
Fax No.:	91-20-25440143
E-Mail :	shrinivasalva@gmail.com
PAN.:	ABYPA9734A
Enterprises over which any person described in (a) & (b) above and other directors and their relatives are able to exercise significant influence :	· I Logistics Private Limited · Kamal Diesels Private Limited · Kushal Motors and Electricals Private Limited · Shubhakamal Leasing and Investment Private Limited · Waterloo Distributors Private Limited · Waterloo Motors Private Limited · Kamal Motors · Kushal Electricals · Waterloo Motors · Kamal Auto Centre · Fortune Distributors (Formerly: Waterloo Distributors.) · KSH Distriparks Private Limited

CAPITAL STRUCTURE

AS ON: 10.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
95650	Equity Shares	Rs.100/- each	Rs. 9.565 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
95650	Equity Shares	Rs.100/- each	Rs. 9.565 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		9.565	9.565	5.280
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		266.387	197.705	121.757
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		275.952	207.270	127.037
LOAN FUNDS
1] Secured Loans		354.825	251.669	87.574
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		354.825	251.669	87.574
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		630.777	458.939	214.611
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		253.750	239.278	73.580
Capital work-in-progress		1.623	2.835	5.089
INVESTMENT		88.750	62.350	31.453
DEFERREX TAX ASSETS		3.940	0.079	4.329
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	102.175	78.060	42.979
	Sundry Debtors	298.418	160.800	70.557
	Cash & Bank Balances	11.856	7.402	6.471
	Other Current Assets	0.000	0.066	0.000
	Loans & Advances	85.273	72.592	45.326
Total Current Assets		497.722	318.920	165.333
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	100.386	72.505	5.367
	Other Current Liabilities	75.116	55.218	19.904
	Provisions	39.506	36.800	39.904
Total Current Liabilities		215.008	164.523	65.175
Net Current Assets		282.714	154.397	100.160
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		630.777	458.939	214.611

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1387.477	948.480	1192.034
		Other Income
		TOTAL	1387.477	948.480	1192.034
Less	EXPENSES
		Office Expenses
		Administrative Expenses	1283.536	834.924	1152.334
		Advertising Expenses
		TOTAL	1283.536	834.923	1152.334
	PROFIT BEFORE TAX		103.941	113.556	39.700
Less	TAX		35.539	41.050	11.994
	PROFIT AFTER TAX		68.402	72.506	27.706
Less	ADJUSTMENT IN RESPECT OF PREVIOUS YEARS		0.280	(3.485)	0.473
	BALANCE		68.682	69.021	27.233
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		154.912	105.148	77.915
Less	APPROPRIATIONS
		Dividend	0.000	10.560	0.000
		Tax on Dividend	0.000	1.794	0.000
		Transfer to General Reserve	0.000	6.903	0.000
	BALANCE CARRIED TO THE B/S		223.594	154.912	105.148
	EXPORT VALUE		707.324	443.973	568.119
	IMPORTS
		Raw Materials	147.781	36.597	24.983
		Stores & Spares	0.000	0.037	0.237
		Capital Goods	0.000	53.803	0.000
	TOTAL IMPORTS		147.781	90.437	25.220
	Earnings Per Share (Rs.)		715.13	721.60	515.78

Particulars	31.03.2012
Sales Turnover (Approximately)	1450.000

Expected Sales (2012-2013): Rs.1700.000 Millions

The above information has been parted by Mr. Mr. D. K. Warrier

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.93	7.64	2.32
Return on Total Assets (PBT/Total Assets}	(%)	13.83	20.34	16.62
Return on Investment (ROI) (PBT/Networth)		0.38	0.55	0.31
Debt Equity Ratio (Total Liability/Networth)		2.06	2.01	1.20
Current Ratio (Current Asset/Current Liability)		2.31	1.94	2.54

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. in Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Creditors due others	100.386	72.505	5.367
Total	100.386	72.505	5.367

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	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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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]	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	Yes
34]	External Agency Rating, if available	Yes

REVIEW OF BUSINESS

The Market in terms of quantity remained by and large unchanged. However with the shift in demand for a portion of the quantity from PICC to CTC ,there has been improvement in overall Value Addition .The Turnover of the company has increased by 48.90% as compared to last year, which is primarily due to increase in exports (from 17% to 19.60 % ) and also due to higher LME prices.

PLANS AND PROSPECTS

The prospects in Electrical Manufacturing Industry continue to be bright. This would translate to an increase in demand for large power transformers .Competition is seen in their country both from within and overseas, especially for CTC. Inspite of such challenging situations, KSH has been able to perform well mainly due to their commitment to Quality and timely deliveries.

As the demand for CTC continues to grow, KSH has embarked on installing a 3^rd CTC manufacturing machine within the state of the art clean room, which has enabled it to enter the 765 KV and 1200 KV segment. In this year, we have been able to obtain, an approval for manufacture of CTC for 765 KV transformers by the prestigious Power Grid Cooperation of India Limited (PGCIL).

OPPORTUNITIES

As there is a power-deficit country, massive investment in the power sector, regardless of any change in the political system, is likely to continue. KSH therefore, during the last several years has attempted to modernize and widen its range of the product including CTC. The new and emerging 765 KV segment of Transformers (Extra High Voltage) also presents a significant opportunity for KSH.

Subject product is one of the principal and critical inputs in the manufacture of electrical equipments, growth of electrical industry ,especially in India and the emerging markets and Middle east is expected to translate into a rising demand for our CTC .This factor would induce a sustained growth for KSH in the coming years .

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	90243850
Corporate identity number of the company	U28129MH1979PTC021512
Name of the company	KSH INTERNATIONAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	5 - Madhav Nagar, Bhavani Shankar Road, Dadar (West), Mumbai-400028, Maharashtra, India E-mail: vbokil@gmail.com
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Industrial Finance Branch, Tara Chambers, 2^nd Floor, Pune Mumbai Highway, Near Mariaal Police Chowky, Wakdewadi, Pune-411003, Maharashtra, India
Email	milind.bankapure@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum for Recording extension of Mortgage by Deposit of Title Deeds covering enhanced limits and /or creation of Equitable Mortgage on additional properties for existing limits and enhanced limits and additional facilities executed to create charge over immovable properties as depicted denoted and geographicated in the Memorandum of Title Deed itself
Date of instrument Creating the charge	02.08.2011
Amount secured by the charge	Rs.486.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Sanction Letter under reference IFB/CREDIT/RM I/393 Dated 21/02/2011 duly acknowledged by the Company through its Directors. Terms of Repayment As per Sanction Letter under reference IFB/CREDIT/RM I/393 Dated 21/02/2011 duly acknowledged by the Company through its Directors. Margin As per Sanction Letter under reference IFB/CREDIT/RM I/393 Dated 21/02/2011 duly acknowledged by the Company through its Directors. Extent and Operation of the charge SBI IFB Pune will have first and exclusive charge over the properties depicted denoted and geographicated under the schedule of Properties which is the inherent part of the Memorandum of Title Deeds deposited in Banks favour by the Directors on behalf borrower company. S/s. Kushal S. Hegde, Rajesh K. Hegde, Rohit K Hegde and Sushri Pushpa Hegde have set personal guarantee for the repayment of loan. The Charge will be in continuous mode till the repayment entire loan with interest. Others The Company, by virtue of the Board Resolution passed on 24/03/2011,has given assent to all the Terms and Conditions, Covenants, as provided in the Bank's Sanction Letter No. IFB Pune / AMT / 423 Dated 23.03.2011, and Sanction Letter under reference IFB/CREDIT / RM I / 393 Dated 21.02.2011 duly acknowledged by the Company in physical form and have been authorized the Directors, to file eform-8 for modifications in the existing limits and in the nature and scope of the charge on agreed terms
Short particulars of the property charged	I) All that piece of land known as Plot no.J-25 in the Taloja Industrial Area within the village limits of Padghe Taluka Panvel District Kolaba admeasurment 2780sq Mtrs. or thereabouts. II) All that piece and parcel of the land and ground situated within the registration sub district Taluka Khed District khed bearing gat no 11/1/2A and 11/2 village Birdawadi Tal. Khed adm.8000 sq. mtrs. III) All that piece and parcel of land adm.00H 21 are-2100 sq mtrs+00h.40aar-4000sq mtrs out of (Old Gat No11/1/1A/3)New Gat11/3 land adm00H.49aar-4900 sq mtrs+00H.40are-4000sq mtrs out of cont.. IV) (0 aar-8000sq mtrs Old Gat No11/1/1A/4)New Gat No11/4 totally ad measuring 00h.70Are7000 Sq.mtrs+80Are-8000 Sq Mtrs situated at Div. Pune Sub Division Taluka Khed District Pune within the local limits V) Jurisdiction of Sub Registrar Khed and Zilla Parishad Pune within the limits of Panchayat Samiti Taluka Khed GP Mauje Birdawadi and bounded and geographicated. VI) All the stated properties as depicted, denoted and geographicated in the Memorandum of Deposit of Titles itself deposited in Banks favour by the Directors duly authorized to act on behalf of Company.
Date of latest modification prior to the present modification	21.03.2011
Particulars of the present modification	By this modification, although there is no change in the existing credit facilities extended by the Bank to the Borrower Company to the tune of Rs.486.500 Millions , by the execution of Deposit of Memorandum of Title Deeds carried out in Bank's favour, the quantum of amount secured is restricted up to Rs.436.500 Millions

TRADE REFERENCES:

· Hindalco

· ABB Limited

FIXED ASSETS

· Land – Leasehold Land

· Land – Freehold Land

· Building

· Plant and Machinery

· Electrical Installation

· Office Equipment

· Tools and Dies

· Furniture and fixture

· Computer

· Vehicles

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. 54.26
UK Pound	1	Rs. 88.15
Euro	1	Rs. 71.03

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		54

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	-

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