MIRA INFORM REPORT

Report Date :

23.02.2013

IDENTIFICATION DETAILS

Name :	SOLID (INDIA) LIMITED (w.e.f. 05.02.2007)
Formerly Known As :	SOLIDMEC EQUIPMENTS LIMITED (w.e.f. 20.09.1996) SOLIDMEC EQUIPMENTS PRIVATE LIMITED
Registered Office :	Plot No. 500, Opposite Indo German Tool Room, Phase - IV, G.I.D.C., Vatva, Ahmedabad -382445, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.05.1992
Com. Reg. No.:	04-017682
Capital Investment / Paid-up Capital :	Rs. 32.500 Millions
CIN No.: [Company Identification No.]	U29199GJ1992PLC017682
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Trading of Road and Civil Construction Plant and Machinery and Allied items.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 640000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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

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 :	Plot No. 500, Opposite Indo German Tool Room, Phase - IV, G.I.D.C., Vatva, Ahmedabad -382445, Gujarat, India
Tel. No.:	91-79-25832459 / 2939 / 3300 / 4700 / 25890400 / 2000 / 2100 / 3400
Fax No.:	91-79-25835300 / 2583100 / 25895300
E-Mail :	ketanrm@hotmail.com contact@solidindialtd.com
Website :	http://www.solidindialtd.com
Sales and Service :	Located At Pune Nagpur Hyderabad Janu and Kashmir Rajasthan Uttar Pradesh Assam Chhattisgarh Karnataka Tamilnadu Delhi Kerala Maharashtra Orissa Jharkhand Uttar Pradesh North India West Bengal Andhra Pradesh
Overseas Office :	Located At Algeria France Nigeria Libya U.A.E Afghanistan Jordan – Syria Egypt Kenya Canada New Zealand U. K. Tunisia Iraq

DIRECTORS

As on 29.09.2012

Name :

Mr. Hasmukhbhai Vashrambhai Dodia

Designation :

Managing Director

Address :

A/74, Girivar Bunglow, Isanpur, Ahmedabad - 380008, Gujarat, India

Date of Birth/Age :

03.12.1958

Date of Appointment :

07.20.2012

DIN No.:

01287798

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	U29130GJ2000PLC037122	SOLID 2000 TRADE LIMITED	Director	03-01-00	03-01-00	-	Strike off	NO
2	U29199GJ1992PLC017682	SOLID (INDIA) LIMITED	Managing director	07-02-12	07-02-07	-	Active	NO
3	U63023GJ2008PLC052624	SOLID LOGISTICS LIMITED	Director	10-01-08	10-01-08	06-10-08	Strike off	NO
4	U52390GJ2008PLC054161	SOLID EXPORTS (INDIA) LIMITED	Managing director	01-08-08	09-06-08	-	Active	NO
5	U45201GJ2008PLC054336	SOLID INFRASTRUCTURE LIMITED	Director	27-06-08	27-06-08	-	Active	NO
6	U52339GJ2009PTC057613	RAMAA MACHINERY EQUIPMENTS PRIVATE LIMITED	Director	24-07-09	24-07-09	-	Active	NO
7	U74900GJ2010PTC060755	ADOR EXPORTS PRIVATE LIMITED	Director	17-05-10	17-05-10	02-08-10	Active	NO

Name :

Mr. Dhirajlal Vashrambhai Dodia

Designation :

Whole-Time Director

Address :

10/A, Sarvodaya Society, Jawahar Chowk Maninagar, Ahmedabad- 380008, Gujarat, India

Date of Birth/Age :

13.01.1963

Date of Appointment :

07.02.2012

DIN No.:

01185989

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	U29130GJ2000PLC037122	SOLID 2000 TRADE LIMITED	Director	03-01-00	03-01-00	-	Strike off	NO
2	U29199GJ1992PLC017682	SOLID (INDIA) LIMITED	Whole-time director	07-02-12	01-09-02	-	Active	NO
3	U63023GJ2008PLC052624	SOLID LOGISTICS LIMITED	Director	10-01-08	10-01-08	-	Strike off	NO
4	U29248GJ2008PTC055350	SOLMEC EARTHMOVERS PRIVATE LIMITED	Director	04-11-08	04-11-08	-	Active	NO

Name :

Mr. Nipul Hasmukhbhai Dodia

Designation :

Managing Director

Address :

A/74, Girivar Bunglow, Isanpur, Ahmedabad - 380008, Gujarat, India

Date of Birth/Age :

03.07.1982

Date of Appointment :

07.02.2012

DIN No.:

01616438

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	U29199GJ1992PLC017682	SOLID (INDIA) LIMITED	Managing director	07-02-12	07-02-07	-	Active	NO
2	U52390GJ2008PLC054161	SOLID EXPORTS (INDIA) LIMITED	Director	09-06-08	09-06-08	-	Active	NO
3	U45201GJ2008PLC054336	SOLID INFRASTRUCTURE LIMITED	Director	27-06-08	27-06-08	-	Active	NO
4	U29199GJ1999PTC037107	BLUESTAR ROAD EQUIPMENTS PRIVATE LIMITED	Additional director	22-01-10	22-01-10	-	Active	NO

Name :

Mr. Kumar Hasmukhbhai Dodia

Designation :

Whole-Time Director

Address :

A/74, Girivar Bunglow, Isanpur, Ahmedabad - 380008, Gujarat, India

Date of Birth/Age :

14.05.1986

Date of Appointment :

07.02.2012

DIN No.:

01616400

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	U29199GJ1992PLC017682	SOLID (INDIA) LIMITED	Whole-time director	07-02-12	07-02-07	-	Active	NO
2	U52390GJ2008PLC054161	SOLID EXPORTS (INDIA) LIMITED	Director	09-06-08	09-06-08	-	Active	NO
3	U45201GJ2008PLC054336	SOLID INFRASTRUCTURE LIMITED	Director	27-06-08	27-06-08	-	Active	NO

Name :

Mr. Anil Hasmukhbhai Dodia

Designation :

Whole-Time Director

Address :

A/74, Girivar Bunglow, Isanpur, Ahmedabad - 380008, Gujarat, India

Date of Birth/Age :

14.01.1989

Date of Appointment :

13.12.2007

DIN No.:

01928674

Name :

Mr. Jaimish Dhirajlal Dodia

Designation :

Additional Director

Address :

10/A, Sarvodaya Society, Jawahar Chowk Maninagar, Ahmedabad- 380008, Gujarat, India

Date of Birth/Age :

17.05.1990

Date of Appointment :

28.05.2010

DIN No.:

02325034

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	U63023GJ2008PLC052624	SOLID LOGISTICS LIMITED	Director	10-02-09	10-02-09	-	Strike off	NO
2	U29199GJ1992PLC017682	SOLID (INDIA) LIMITED	Additional director	28-05-10	28-05-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Dhirajlal Vashrambhai Dodia	330000
Hasmukhbhai Vashrambhai Dodia	835000
Hasmukhbhai Vashrambhai Dodia – HUF	295950
Dhirajlal Vashrambhai Dodia – HUF	114450
Chandrikaben Dhirajlal Dodia	10000
Kusumben Hasmukhbhai Dodia	81000
Nipul Hasmukhbhai Dodia	491000
Kumar Hasmukhbhai Dodia	260400
Ramaben Dodia	19200
Anil Hasmukhbhai Dodia	213000
Solid Exports (India) Limited, India	600000
Total	3250000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	18.46
Directors or relatives of Directors	81.54
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trading of Road and Civil Construction Plant and Machinery and Allied items.

PRODUCTION STATUS

Particulars	Unit	31.03.2011
Actual Production	No.	37

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of Baroda, Vatva Industrial Estate Branch, Vatva, Ahmedabad - 382445, Gujarat, India
• HDFC Bank
• Axis Bank
• ICICI Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Term Loans From Bank of Baroda	4.868	7.476
Vehicle Loans Against H.P of Vehicles From Bank :
H.D.F.C Bank	2.528	1.937
Bank of Baroda	0.322	0.488
Axis Bank	0.000	0.620
ICICI Bank	0.098	0.317
From Others :
Kotak Mahindra Prime Limited	0.410	0.700
Tata Capital Limited	0.346	0.120
SHORT TERM BORROWINGS
From Bank of Baroda
Export Packing Credit	84.624	42.617
Cash Credit	10.079	9.915
Total	103.275	64.190
Note: (i) Term Loans from Bank of Baroda is Secured Against Equitable Mortgage of Land and Factory Buildings, Hypothecation of Plant and Machineries, Stocks, Bookdebts etc. and further Guaanteed by the Directors of the Company. (ii) Outstanding Term Loan Vehicle Loan and Loans and advances from related Parties are repayable over Two/Three years from 31st March, 2012. Export Packing Credit and Cash Credit from Bank of Baroda are Secured Against Equitable Mortgage of Land and Factory Buildings, Hypothecation of Plant & Machineries, Stocks, Bookdebts etc. and further Guaanteed by the Directors of the Company

Banking Relations :	--
Auditors :
Name :	K. R. Majmudar and associates Chartered Accountants
Address :	312, Tulsi Complex, Mithakhali Six Roads, Navrangpura, Ahmedabad – 380009, Gujarat, India
PAN.:	ADOPM0180F
Enterprises having common Key Management Personnel:	Solid Infrastructure Limited Solid Exports ( India ) Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3250000	Equity Shares	Rs.10/- each	Rs.32.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3250000	Equity Shares	Rs.10/- each	Rs.32.500 Millions

The Reconcilation of the number of shares outstanding

Particulars	Number	Rs. In Millions
Shares outstanding at the beginning of the year	2,700,000	27.000
Shares Issued during the year	550,000	5.500
Shares bought back during the year	--	--
Shares outstanding at the end of the year	3,250,000	32.500

The Details of Shareholders holding more than 5% Shares

Name of Shareholder	No. of Shares held	% of Holding
Mr. Hasmukhbhai V. Dodia	835,000	26%
Solid Exports (India) Limited	600,000	18%
Mr. Nipul H. Dodia	491,000	15%
Mr. Dhirajlal V. Dodia	330,000	10%
Mr. Hasmukhbhai V. Dodia- HUF	295,950	9%
Mr. Kumar H. Dodia	260,400	8%
Mr. Anil H. Dodia	213,000	7%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		32.500	27.000	23.000
2] Share Application Money		0.000	0.000	2.600
3] Reserves & Surplus		128.740	52.305	49.676
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		161.240	79.305	75.276
LOAN FUNDS
1] Secured Loans		103.275	64.190	64.337
2] Unsecured Loans		11.152	5.702	7.843
TOTAL BORROWING		114.427	69.892	72.180
DEFERRED TAX LIABILITIES		3.233	2.961	2.067
TOTAL		278.900	152.158	149.523
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		172.139	97.069	91.068
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.005
DEFERREX TAX ASSETS		0.000	0.000	0.000
Other Non-Current Assets		8.708	7.062	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	107.969	67.593	55.695
	Sundry Debtors	20.021	14.372	40.620
	Cash & Bank Balances	0.126	1.438	0.983
	Other Current Assets	2.281	3.042	0.140
	Loans & Advances	38.000	29.830	25.192
Total Current Assets		168.397	116.275	122.630
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	36.239	31.034	49.923
	Other Current Liabilities	31.386	34.778	11.612
	Provisions	2.719	2.436	2.645
Total Current Liabilities		70.344	68.248	64.180
Net Current Assets		98.053	48.027	58.450
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		278.900	152.158	149.523

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	134.851	157.522	154.606
		Other Income	0.143	0.418	0.877
		TOTAL (A)	134.994	157.940	155.483
Less	EXPENSES
		Cost of materials consumed	94.531	118.823
		Changes in inventories of work-in-progress	(34.324)	(27.588)	141.141
		Employee benefits expenses	19.026	14.545
		Other expenses	36.969	36.941
		TOTAL (B)	116.202	142.721	141.141
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		18.792	15.219	14.342
Less	FINANCIAL EXPENSES (D)		10.245	6.730	7.112
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.547	8.489	7.230
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.652	3.201	2.371
	PROFIT BEFORE TAX (E-F) (G)		4.895	5.288	4.859
Less	TAX (H)		1.615	2.501	1.802
	PROFIT AFTER TAX (G-H) (I)		3.280	2.787	3.057
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.498	7.868	5.476
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	0.000	0.396
		Dividend	NA	0.135	0.230
		Tax on Dividend	NA	0.022	0.039
	BALANCE CARRIED TO THE B/S		NA	10.498	7.868
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports
		For Direct Export	35.872	86.207	48.910
		For Deemed Export	16.060	21.656	23.703
	TOTAL EARNINGS		51.932	107.863	72.613
	Earnings Per Share (Rs.)		1.02	1.03	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.43	1.76	1.97
Net Profit Margin (PBT/Sales)	(%)	3.63	3.36	3.14
Return on Total Assets (PBT/Total Assets}	(%)	1.44	2.48	2.27
Return on Investment (ROI) (PBT/Networth)		0.03	0.07	0.06
Debt Equity Ratio (Total Debt /Networth)		0.71	0.88	0.96
Current Ratio (Current Asset/Current Liability)		2.39	1.70	1.91

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	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]	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	No

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Loans and Advances from Related Parties	11.152	5.702
Total	11.152	5.702

Bankers Charges Report as per Registry

Corporate identity number of the company	U29199GJ1992PLC017682
Name of the company	SOLID (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 500, Opposite Indo German Tool Room, Phase - IV, G.I.D.C., Vatva, Ahmedabad -382445, Gujarat, India ketanrm@hotmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10157492
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Bank of Baroda, Vatva Industrial Estate Branch, Vatva, Ahmedabad - 382445, Gujarat, India indvat@bankofbaroda.com
Nature of instrument creating charge	Certificate of Modification and Satisfaction of Additional Hypothecation Charge for Rs. 10.000 Millions
Date of instrument Creating the charge	30.10.2012
Amount secured by the charge	Rs.100.895 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 3.50% above base rate i.e. 13.50% Terms of Repayment 51 Monthly Installments Of Rs. 1.64 Lacs Each With Last Installment Of 1.95 Lacs, First Installment To Commence After One Month From The Date Of First Disbursement. Margin 25% For Rm, Sip, Fg, Stores & Spares And Packing Materials 25% For Book-Debts Up To 90 Days 27% On Tl Extent and Operation of the charge First and Exclusive Charge on the Assets Stated
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of entire raw materials ,stock in process, stores, spares , packing materials, finished goods, Plant and machinery and book debts of the company both current and future Plot No. 625 and Free Hold Factory Shed Situated At Phase Iv Vatva Industrial Area, Ahmedabad. Plot No. 500 and Free Hold Factory Shed Situated At Phase Iv Vatva Industrial Area, Ahmedabad. Plot No. 518 and Free Hold Factory Shed Situated At Phase Iv Vatva Industrial Area, Ahmedabad.
Date of instrument modifying the charge	12.03.2012
Particulars of the present modification	Modification and Satisfaction of Additional Hypothecation Charge For Rs. 10.000 Millions and Charge For Credit Facility of Rs. 100.895 Millions Still Continuing.

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office equipment
• Computer
• Electric Installation
• Office Building

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.54.43
UK Pound	1	Rs.73.20
Euro	1	Rs.71.91

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.