MIRA INFORM REPORT

Report Date :

12.01.2013

IDENTIFICATION DETAILS

Name :	UTTAM STRIPS LIMITED (w.e.f. 22.06.2011)
Formerly Known As :	UTTAM STRIPS PRIVATE LIMITED
Registered Office :	39, Okhla Industrial Area, Phase – III, New Delhi – 110020
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.10.2006
Com. Reg. No.:	11-154866
Capital Investment / Paid-up Capital :	Rs.91.850 Millions
CIN No.: [Company Identification No.]	U27310DL2006PTC154866
TAN No.: [Tax Deduction & Collection Account No.]	DELU03248A
PAN No.: [Permanent Account No.]	AAACU8548C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is engaged in manufacturing of CRCA Steel and Precision Tubes.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 3600000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management have failed to file its latest financial with the government department. As per previous year’s, the company seems to be performing good. There appears improvement in its liquidity position. Trade relations are reported to be fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

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

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	B- (Term Loan)
Rating Explanation	Having high risk of default regarding timely servicing of financial obligation.
Date	June 2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office / Corporate / Head Office :	39, Okhla Industrial Area, Phase – III, New Delhi – 110020, India
Tel. No.:	91-11-41003055/ 41003056/ 41003057
Fax No.:	91-11-41003058
E-Mail :	rishimiglani@uttamstrips.com
Website :	http://www.uttamstrips.com
Factory :	Plot No. 496 [A and C], Phase – I, RIICO Industrial Area, BHiwadi, District – Alwar, Rajasthan, India
Tel. No.:	91-1493-220323 – 26
Fax No.:	91-1493-220327

DIRECTORS

As on: 29.09.2010

Name :

Mr. Rishi Miglani

Designation :

Director

Address :

W – 55, Great Kailash Part- I, New Delhi – 110048, India

Date of Birth/Age :

08.12.1977

Qualification :

Graduate

Date of Appointment :

18.10.2006

PAN No.:

AHUPM0370N

DIN :

00272138

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	U74899DL1971PTC005589	BHUTANI AND COMPANY PRIVATE LIMITED	Director	17/07/1992	17/07/1992	22/10/2012	Active	NO
2	U51900MH1984PLC031992	KREDENCE MULTI TRADING LIMITED	Director	20/03/2001	20/03/2001	05/02/2010	Active	NO
3	U29105DL2005PTC143271	ARJUN ISPAT INDIA PRIVATE LIMITED	Director	05/12/2005	05/12/2005	-	Active	NO
4	U27310DL2006PLC154866	UTTAM STRIPS LIMITED	Director	18/10/2006	18/10/2006	-	Active	NO
5	U67120MH1981PTC025930	ARCHISHA INVESTMENTS PRIVATE LIMITED	Director	15/11/2006	15/11/2006	15/09/2012	Active	NO
6	U18204DL2007PTC166954	ZION APPARELS PRIVATE LIMITED	Additional director	24/06/2008	24/06/2008	01/04/2011	Strike off	NO
7	U35999DL2009PTC195515	UTTAM COMPONENTS PRIVATE LIMITED	Director	26/10/2009	26/10/2009	-	Active	NO
8	U27106DL2005PTC143226	SOIN STEEL PRIVATE LIMITED	Additional director	01/11/2009	01/11/2009	30/09/2010	Active	NO
9	U72300DL2010PTC202750	VERVE I T SOLUTIONS PRIVATE LIMITED	Additional director	17/05/2010	17/05/2010	-	Active	NO
10	U45400DL2007PTC166491	GURU PROPTECH PRIVATE LIMITED	Additional director	17/11/2011	17/11/2011	-	Active	NO
11	U27100DL2011PTC228498	UTTAM INOX PRIVATE LIMITED	Director	09/12/2011	09/12/2011	-	Active	NO
12	U34100DL2011PLC213138	UTTAM AUTOCORP LIMITED	Additional director	18/01/2012	18/01/2012	-	Active	NO

Name :

Mr. Ramesh Kumar Miglani

Designation :

Director

Address :

W – 55, Great Kailash Part- I, New Delhi – 110048, India

Date of Birth/Age :

14.04.1940

Qualification :

Graduate

Date of Appointment :

18.10.2006

PAN No.:

AAJPM4271A

DIN :

00272755

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	U27310UP1936PTC000748	SHRI GANGA GALVANISING COMPANY PRIVATE LIMITED	Director	01/01/1973	01/01/1973	01/01/2012	Active	NO
2	U74899DL1971PTC005589	BHUTANI AND COMPANY PRIVATE LIMITED	Director	20/06/1989	20/06/1989	-	Active	NO
3	U67120MH1981PTC025930	ARCHISHA INVESTMENTS PRIVATE LIMITED	Director	20/02/2003	20/02/2003	15/09/2012	Active	NO
4	U29105DL2005PTC143271	ARJUN ISPAT INDIA PRIVATE LIMITED	Director	05/12/2005	05/12/2005	-	Active	NO
5	U27310DL2006PLC154866	UTTAM STRIPS LIMITED	Director	18/10/2006	18/10/2006	-	Active	NO
6	U18204DL2007PTC166954	ZION APPARELS PRIVATE LIMITED	Additional director	24/06/2008	24/06/2008	01/04/2011	Strike off	NO
7	U72300DL2010PTC202750	VERVE I T SOLUTIONS PRIVATE LIMITED	Additional director	17/05/2010	17/05/2010	-	Active	NO

Name :

Mr. Vimal Kaul

Designation :

Additional Director

Address :

Pocket- C, Flat No. 42B, Gangotri Enclave, G K-II, Alaknanda, New Delhi – 110019, India

Date of Birth :

12.04.1965

Qualification :

Graduate

Date of Appointment :

15.11.2010

DIN :

01750000

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	U27320DL2007PTC169618	ISHITA METAL TRADERS PRIVATE LIMITED	Director	19/10/2007	19/10/2007	-	Active	NO
2	U27106DL2005PTC143226	SOIN STEEL PRIVATE LIMITED	Additional director	01/11/2009	01/11/2009	30/09/2010	Active	NO
3	U27310DL2006PLC154866	UTTAM STRIPS LIMITED	Additional director	15/11/2010	15/11/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2010

Names of Shareholders	No. of Shares
Arjun Ispat India Private Limited, India	1100000
ArchishaI Investments Private Limited, India	604500
Rajat Miglani	12500
Ramesh Kumar Miglani	53500
Rishi Miglani	329500
Rajinder Miglani	1672500
Kredence Multi Trading Limited, India	200000
Sai Nath Trading Company Private Limited, India	200000
lshita Metal and Trading Private Limited, India	1000000
Palak Agency Private Limited, India	1000000
Uttam Exports Private Limited, India	427500
Total	6600000

As on: 20.09.2011

Names of Shareholders	No. of Shares
Verve IT Solutions Private Limited, India	956400
Ishita Metal Traders Private Limited, India	187520
Total	1143920

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2010

Category	Percentage
Bodies corporate	31.33
Directors or relatives of directors	68.67
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in manufacturing of CRCA Steel and Precision Tubes.

PRODUCTION STATUS (As on: 31.03.2011)

Particulars	Unit	Qty.
Licensed Capacity	Tonnes	150000
Installed Capacity	Tonnes	120000

Particulars	Actual Production
CR Coils	1974460.00
CR Sheets	12248721.00
CR Strip	33411427.00
H.R. Coil / Sheet in Coil	1553853.00
H. R. Slit	7920.00
HROP Sheet	1178440.00
MS Steel Tubes	5508725.00
MS Wire	267838.00
Scrap	2125890.00
Sheet and Coil 2^nd Grade	1635310.00
Steel Tube 2^nd Grade	270140.00
C R Strip 2nd Grade	318550.00
H B Wire	75052.00

GENERAL INFORMATION

Customers :

· Maruti Udyog

· Hero Honda

· Eicher

· IFB

· Carrier

· Bajaj Auto

· Crompton Grooves

· Godrej

· Escorts

No. of Employees :

Not Available

Bankers :

· Oriental Bank of Commerce, A-Block, Connaught Place, New Delhi - 110001, India

· Bank of Maharashtra

· HDFC Bank Limited

· lClCl Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	544.613	651.796
Rupee term loans financial institutions secured	21.495	3.453
Working capital loans banks secured	1437.218	538.350
Total	2003.326	1193.599

Banking Relations :	--
Financial Institution :	Intec Capital Limited, 701, Manjusha, 57 Nehru Place, New Delhi - 110019, India
Auditors :
Name :	Jatinder Arora and Associates Chartered Accountants
Address :	M-1, Kirti House, 1/6, Kirti Nagar Industrial Area, New Delhi – 110015, India
Tel. No.:	91-11-25911464
Mobile No.:	91-9810018083
E-Mail :	Jd_associates9375@rediffmail.com
PAN :	ADHPA7136P
Associates :	Arjun Ispat (India) Private Limited

CAPITAL STRUCTURE

As on: 28.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12500000	Equity Shares	Rs.10/- each	Rs.125.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10328920	Equity Shares	Rs.10/- each	Rs.103.289 Millions

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
9185000	Equity Shares	Rs.10/- each	Rs.91.850 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		91.850	66.000	31.725
2] Share Application Money		285.980	258.547	206.780
3] Reserves & Surplus		538.995	281.740	106.702
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		916.825	606.287	345.207
LOAN FUNDS
1] Secured Loans		2003.326	1193.599	843.366
2] Unsecured Loans		11.500	5.000	0.000
TOTAL BORROWING		2014.826	1198.599	843.366
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2931.651	1804.886	1188.573
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		999.994	966.432	756.258
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	688.911	219.775	121.633
	Sundry Debtors	1055.211	455.839	175.270
	Cash & Bank Balances	42.918	0.920	1.053
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	337.694	303.577	268.088
Total Current Assets		2124.734	980.111	566.044
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	34.151	45.959	33.904
	Other Current Liabilities	153.095	94.199	0.106
	Provisions	6.077	1.869	0.210
Total Current Liabilities		193.323	142.027	34.220
Net Current Assets		1931.411	838.084	531.824
MISCELLANEOUS EXPENSES		0.246	0.370	0.491
PREOPERATIVE EXPENSES			0.000	0.000
TOTAL		2931.651	1804.886	1288.573

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income	3285.926
		Other Income	28.105
		TOTAL (A)	3314.031
Less	EXPENSES
		Consumption materials changes inventories	2500.292
		Manufacturing service costs	363.262
		Employee related expenses	71.679
		Administrative selling other expenses	47.243
		TOTAL (B)	2982.476
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		331.555
Less	FINANCIAL EXPENSES (D)		210.292
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		121.263
Less/ Add	DEPRECIATION/ AMORTISATION (F)		90.581
	PROFIT BEFORE TAX (E-F) (G)		30.682
Less	TAX (H)		6.077
	PROFIT AFTER TAX (G-H) (I)		24.605
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.940
	BALANCE CARRIED TO THE B/S		28.545
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	268555.07 USD
		Commission Earnings
		Other Earnings
	TOTAL EARNINGS		268555.07 USD
	Earnings Per Share (Rs.)		2.68

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	1538.437	236.034
		Other Income	16.252	0.071
		TOTAL (A)	1554.689	236.105
Less	EXPENSES
		Raw Material Consumed	1192.302	254.412
		Power and Fuel Expenses	29.847	8.762
		Manufacturing Expenses	72.085	6.322
		Wages and other benefits	51.130	11.414
		Excise Duty Paid	114.431	20.801
		Administrative Expenses	6.400	1.708
		Selling and Distribution Expenses	15.045	4.656
		Misc. Expenditure	0.123	0.123
		Increase / [Decrease] in Stocks	[117.301]	[91.263]
		TOTAL (B)	1364.062	216.935
	PROFIT/[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		190.627	19.170
Less	FINANCIAL EXPENSES (D)		115.255	11.346
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		75.372	7.824
Less/ Add	DEPRECIATION/ AMORTISATION (F)		69.839	7.337
	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		5.532	0.487
Less	TAX (H)		1.870	0.210
	PROFIT / [LOSS] AFTER TAX (G-H) (I)		3.663	0.277
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.277	0.000
	BALANCE CARRIED TO THE B/S		3.940	0.277
	Earnings/[Loss] Per Share (Rs.)		0.55	-

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.74	0.23	0.12
Net Profit Margin (PBT/Sales)	(%)	0.93	0.36	0.21
Return on Total Assets (PBT/Total Assets}	(%)	0.95	0.28	0.04
Return on Investment (ROI) (PBT/Networth)		0.03	0.01	0.00
Debt Equity Ratio (Total Liability/Networth)		2.41	2.21	2.54
Current Ratio (Current Asset/Current Liability)		10.99	6.90	16.54

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

WORKING RESULTS:

The turnover of the company during the period under consideration was at Rs.3285.900 Millions as against the turnover of Rs.1538.400 Millions during the year 2009-2010. CAPEX of Rs.124.100 Millions had been undertaken for capacity synchronization. The implementation could be completed by the end of the fiscal year 2010-11. With a view to conserve financial resources, Directors do not recommend any dividend.

FUTURE PROSPECTS:

The turnover of the company should double this financial year considering the enhanced capacities. Further the company has ventured into production of Home Furnishing products for export market as the value added production. The company has confirmed orders in hand and in future as well. The construction of factory building for Home product division is in progress.

ENERGY PROSPECTS:

The company intends to continue with the conservation of energy policy and hopes to yield better results. However the provisions of Section 217(1) (e) regarding information for investment made on energy conserving devices is not applicable to the company.

(Rs. In Millions)

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Other debt unsecured	11.500	5.000
Total	11.500	5.000

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U27310DL2006PLC154866
Name of the company	UTTAM STRIPS LIMITED
Address of the registered office or of the principal place of business in India of the company	39, Okhla Industrial Area, Phase – III, New Delhi – 110020, India E-mail: rishimiglani@uttamstrips.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10073411
Type of charge	Immovable property
Particular of charge holder	Oriental Bank of Commerce, A-Block, Connaught Place, New Delhi - 110001, India E-mail: bm0179@obc.co.in
Nature of instrument creating charge	Memorandum of deposit of title deed
Date of instrument Creating the charge	26.12.2012
Amount secured by the charge	Rs.3749.200 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest NA Terms of Repayment NA Margin NA Extent and Operation of the charge Charge of industrial Land and Building at Prop No.SP-496 (A and C) RIICO Industrial Area, Bhiwadi, District Alwar, Rajasthan Term Loan - OBC Rs.884.200 Millions BOM Rs.160.000 Millions, SBBJ Rs.100.000 Millions FBWC - OBC Rs.1000.000 Millions, BOM Rs.100.000 Millions, SBBJ Rs.20.00 Millions, P and S Bank Rs.150.000 Millions, SBP Rs.200.000 Millions NFBWC- OBC Rs.600.000 + 0.50 (5%OF10CR)=Rs.60.50 Millions, SBP Rs.350.000 Millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Prop No.SP-496 (A and C) RIICO Industrial Area, Bhiwadi, District Alwar, Rajasthan
Date of instrument modifying the charge	18.09.2007
Particulars of the present modification	Modified Limit of Rs. 3749.200 Millions.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Computer

· Office Equipments

· Electrical Installations

· Motor Car

· Motor Cycle

· Air Conditioner

· Water Systems

· Tube Mill

· Fuel and other Utilities

· Laboratory Equipments

· Misc. Equipments

· Piping Erection of all utilities

· Trucks

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.54.54
UK Pound	1	Rs.88.05
Euro	1	Rs.72.29

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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		36

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.