MIRA INFORM REPORT

Report Date :

31.07.2013

IDENTIFICATION DETAILS

Name :	SHRADDHA ISPAT PRIVATE LIMITED
Registered Office :	Kohinoor Estate Building, Nos. C 1, Office No.15, Mulla Road, Kirkee, Pune – 411 003, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.06.1995
Com. Reg. No.:	11-089176
Capital Investment / Paid-up Capital :	Rs.4.999 Millions
CIN No.: [Company Identification No.]	U28910MH1995PTC089176
PAN No.: [Permanent Account No.]	AAHCS4567G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of M.S. Billets.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 2610000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company has performed well and achieved sizeable profit during the year 2011-2012. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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 :	Kohinoor Estate Building, Nos. C 1, Office No.15, Mulla Road, Kirkee, Pune – 411 003, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9225907619 (Mr. Lalit Agrawal)
Fax No.:	Not Available
E-Mail :	csadeshpande@gmail.com
Factory 1 :	S. No.53/1, Village Santona, Taluka Sanguem, Goa, India
Tel No.:	91-832-2616319/ 20
Fax No.:	91-832-2616271
Factory 2 :	Plot No. M-1, Cuncolim Industrial Estate, Concolim – 403 703, Goa, India
Tel No.:	91-832-2865648

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Premprakash Lacchiram Goyal

Designation :

Director

Address :

S. No.13, H. No.1, 2, 3 and 4, Kohinoor Residency 3, Phase Planet, Near Spicer College, Pune – 411 007, Maharashtra, India

Date of Birth/ Age :

10.11.1955

Date of Appointment :

20.06.1995

PAN No.:

AFOPG9961M

DIN No.:

00389633

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	U28910MH1995PTC089177	SANT GYANESHWAR STEELS PRIVATE LIMITED	Director	05/06/1995	05/06/1995	-	Active	NO
2	U28910MH1995PTC089176	SHRADDHA ISPAT PRIVATE LIMITED	Director	20/06/1995	20/06/1995	-	Active	NO
3	U27320MH1995PTC088354	INDRAYANI FERROCAST PRIVATE LIMITED	Director	29/07/2001	29/07/2001	-	Active	NO
4	U27100PN2010PTC135413	SAFAL ISPAT INDIA PRIVATE LIMITED	Director	28/01/2010	28/01/2010	-	Active	NO

Name :

Mr. Yogesh Vedprakash Goyal

Designation :

Director

Address :

38, Priyadarshni Colony, Bhokardhan Road, Jalna – 431 203, Maharashtra, India

Date of Birth/ Age :

24.09.1964

Date of Appointment :

01.11.2002

DIN No.:

01604557

PAN No.:

AAWPG1301L

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	U27106GA1994PTC001582	SHIRDI STEEL RE-ROLLERS PRIVATE LIMITED	Director	01/07/1999	01/07/1999	-	Active	NO
2	U28910MH1995PTC089176	SHRADDHA ISPAT PRIVATE LIMITED	Director	01/11/2002	01/11/2002	-	Active	NO

Name :

Mr. Ashwinikumar Ramkumar Poddar

Designation :

Director

Address :

130, Sindh Society, Aundh, Pune – 411 007, Maharashtra, India

Date of Birth/ Age :

12.09.1960

Date of Appointment :

02.06.2003

DIN No.:

01447110

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	U28910MH1995PTC089176	SHRADDHA ISPAT PRIVATE LIMITED	Director	02/06/2003	02/06/2003	-	Active	NO
2	U27106PN1984PTC033322	AJINKYA ELECTROMELT PRIVATE LIMITED	Managing director	01/06/2004	01/06/2004	-	Active	NO
3	U27320MH1995PTC088354	INDRAYANI FERROCAST PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
4	U14106MH1997PTC110653	C'CURE BUILDING PRODUCTS PRIVATE LIMITED	Director	03/12/2009	03/12/2009	-	Active	NO
5	U27100PN2010PTC135413	SAFAL ISPAT INDIA PRIVATE LIMITED	Director	28/01/2010	28/01/2010	-	Active	NO
6	U74210PN2007PTC139629	PUSHPAK INFRACON PRIVATE LIMITED	Director	28/09/2011	21/01/2011	-	Active	NO

Name :

Mr. Deepchand Sonraj Oswal

Designation :

Director

Address :

586/A, Flat No.1, DCYFL-7, Girija Nayak Society, Gultekadi, Pune – 411 037, Maharashtra, India

Date of Birth/ Age :

25.12.1958

Date of Appointment :

02.06.2003

DIN No.:

00607673

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	U27101MH1992PTC064801	PUSHPAK STEEL INDUSTRIES PRIVATE LIMITED	Managing director	09/01/1992	09/01/1992	-	Active	NO
2	U28910MH1995PTC089176	SHRADDHA ISPAT PRIVATE LIMITED	Director	02/06/2003	02/06/2003	-	Active	NO
3	U27100PN2010PTC135413	SAFAL ISPAT INDIA PRIVATE LIMITED	Director	28/01/2010	28/01/2010	-	Active	NO
4	U74210PN2007PTC139629	PUSHPAK INFRACON PRIVATE LIMITED	Director	28/09/2011	21/01/2011	-	Active	NO

Name :

Mr. Aditya Arunkumar Poddar

Designation :

Director

Address :

130, Sindh Society, Aundh, Pune – 411 007, Maharashtra, India

Date of Birth/Age :

17.12.1981

Date of Appointment :

01.04.2008

DIN No.:

01725241

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	U27106PN1984PTC033322	AJINKYA ELECTROMELT PRIVATE LIMITED	Whole-time director	20/08/2007	01/04/2000	-	Active	NO
2	U27320MH1995PTC088354	INDRAYANI FERROCAST PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
3	U28910MH1995PTC089176	SHRADDHA ISPAT PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO

Name :

Mr. Rahul Deepchand Oswal

Designation :

Director

Address :

586/A, Flat No.1, DCYFL-7, Girija Nayak Society, Gultekadi, Pune – 411 037, Maharashtra, India

Date of Birth/Age :

30.12.1984

Date of Appointment :

01.04.2008

DIN No.:

02202821

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	U28910MH1995PTC089176	SHRADDHA ISPAT PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
2	U74210PN2007PTC139629	PUSHPAK INFRACON PRIVATE LIMITED	Director	28/09/2011	21/01/2011	-	Active	NO

Name :

Mr. Prakash Sohanraj Oswal

Designation :

Director

Address :

586/A, Flat No.1, DCYFL-7, Girija Nayak Society, Gultekadi, Pune – 411 037, Maharashtra, India

Date of Birth/Age :

16.04.1969

Date of Appointment :

01.04.2008

DIN No.:

02202856

Name :

Mr. Vinodkumar Vedprakash Goyal

Designation :

Director

Address :

S. No.13, H. No.1, 2, 3 and 4, Kohinoor Residency 3, Phase Planet, Near Spicer College, Pune – 411 007, Maharashtra, India

Date of Birth/Age :

25.12.1957

Date of Appointment :

01.04.2008

PAN No.:

AAUPG3001D

DIN No.:

01604780

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	U28910MH1995PTC089177	SANT GYANESHWAR STEELS PRIVATE LIMITED	Director	05/06/1995	05/06/1995	-	Active	NO
2	U27106GA1994PTC001582	SHIRDI STEEL RE-ROLLERS PRIVATE LIMITED	Director	22/09/1997	22/09/1997	-	Active	NO
3	U27320MH1995PTC088354	INDRAYANI FERROCAST PRIVATE LIMITED	Director	29/07/2001	29/07/2001	-	Active	NO
4	U27106PN1984PTC033322	AJINKYA ELECTROMELT PRIVATE LIMITED	Additional director	01/04/2008	01/04/2008	08/09/2008	Active	NO
5	U28910MH1995PTC089176	SHRADDHA ISPAT PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
6	U14106MH1997PTC110653	C'CURE BUILDING PRODUCTS PRIVATE LIMITED	Director	03/12/2009	03/12/2009	-	Active	NO
7	U27100PN2010PTC135413	SAFAL ISPAT INDIA PRIVATE LIMITED	Director	28/01/2010	28/01/2010	-	Active	NO

Name :

Mr. Mayank Vinod Goyal

Designation :

Director

Address :

S. No.13, H. No.1, 2, 3 and 4, Kohinoor Residency 3, Phase Planet, Near Spicer College, Pune – 411 007, Maharashtra, India

Date of Appointment :

01.04.2008

DIN No.:

02061353

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	U28910MH1995PTC089176	SHRADDHA ISPAT PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
2	U27320MH1995PTC088354	INDRAYANI FERROCAST PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Vinodkumar Vedprakash Goyal	3620
Premprakash Lacchiram Goyal	4000
Sushama Vinodkumar Goyal	498
Aditya Arunkumar Poddar	2100
Kashyam Ashwinikumar Poddar	1035
Mayank Vinod Goyal	2700
Arunkumar Ramkumar Poddar	2000
Ashok Sonraj Oswal	2000
Ashwinikumar Ramkumar Poddar	3500
Deepchand Sonraj Oswal	2000
Prakash Sonraj Oswal	2000
Rajesh Sonraj Oswal	2000
Sanjay Sonraj Oswal	2000
Madhu Arunkumar Poddar	2000
Punita Ashwinikumar Poddar	2000
Savitridevi Ramkumar Poddar	1000
Uttam Sonraj Oswal	1635
Vijay Sonraj Oswal	1500
Yogesh Vedprakash Goyal	4545
Radharani Premprakash Goyal	2817
Sangeeta Vijay Oswal	500
Sunil Omprakash Garg	4545
Total	49995

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	90.91
Other top fifty shareholders	9.09
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of M.S. Billets.

Products :

Item Code No. (ITC Code)	72031000
Product Description	Mild Steel Billets
Item Code No. (ITC Code)	72071920
Product Description	Sponge Iron

PRODUCTION STATUS [AS ON 31.03.2012]

Particulars	Unit	Installed Capacity
Sponge Iron	M.T.	72000.000
Mild Steel Billets/Ingots	M.T.	45000.000

Particulars	Unit	Actual Production
Sponge Iron Division
Sponge Iron Waste Products	M.T.	50078.000
Segregated Coat Dust	M.T.	18850.745
Fly Ash Bricks	Nos.	5895404.000
Steel Melting Division
M.S. Ingots/Billets	M.T.	27865.7000
Runners/Risers	M.T.	37.090

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
• The Cosmos Co-operative Bank Limited, Khadki Branch, Pune – 411 030, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
SHORT-TERM BORROWINGS
Rupee Term Loan From Banks	3.399	3.196
TOTAL	3.399	3.196

Banking Relations :	--
Auditors :
Name :	Nagaraj Kale Chartered Accountant
Address :	G-4, Rosa Maria Complex, Opposite Costa Factory, Aquem, Margao – 403 601, Goa, India
Tel. No.:	91-832-2715880/ 2713144
Mobile No.:	91-9923410236
Fax No.:	91-832-2713144
E-Mail :	kalenagaraj@rediffmail.com
PAN No:	AHNPK0563C
Other Related Parties :	Shirdi Steel Re-Rollers Private Limited Indrayani Ferro Cast Private Limited Pushpak Steel Industries Private Limited Sant Gyaneshar Steel Limited Bhuleshwar Steels and Alloys Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
49995	Equity Shares	Rs.100/- each	Rs.4.999 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	4.999	4.999
(b) Reserves & Surplus	649.470	614.347
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	654.469	619.346
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	3.399	3.196
(b) Trade payables	415.663	63.023
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	23.923	17.973
Total Current Liabilities (4)	442.985	84.192
TOTAL	1097.454	703.538
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	312.988	337.938
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	17.484	17.423
(c) Deferred tax assets (net)	18.082	19.850
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	50.497	28.141
Total Non-Current Assets	399.051	403.352
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	187.229	150.138
(c) Trade receivables	93.404	89.225
(d) Cash and cash equivalents	272.974	29.982
(e) Short-term loans and advances	126.960	23.966
(f) Other current assets	17.836	6.875
Total Current Assets	698.403	300.186
TOTAL	1097.454	703.538

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.999
2] Share Application Money		0.000
3] Reserves & Surplus		609.945
4] (Accumulated Losses)		0.000
NETWORTH		614.944
LOAN FUNDS
1] Secured Loans		8.875
2] Unsecured Loans		0.000
TOTAL BORROWING		8.875
DEFERRED TAX LIABILITIES		0.000
TOTAL		623.819
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		296.566
Capital work-in-progress		41.925
INVESTMENT		14.327
DEFERRED TAX ASSETS		22.719
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	170.686
	Sundry Debtors	32.590
	Cash & Bank Balances	65.823
	Other Current Assets	0.000
	Loans & Advances	97.922
Total Current Assets		367.021
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	77.689
	Other Current Liabilities	0.562
	Provisions	40.488
Total Current Liabilities		118.739
Net Current Assets		248.282
MISCELLANEOUS EXPENSES		0.000
TOTAL		623.819

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1980.000	1679.900	1574.200
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		69.829	32.299	106.987
Less/ Add	DEPRECIATION/ AMORTISATION		20.339	20.744	18.121
	PROFIT / (LOSS) BEFORE TAX		49.490	11.553	88.866
	INCOME TAX PAYMENTS / PROVISION (INCLUSIVE OF DEFERRED AS 22)		10.514	5.029	13.511
	PROFIT / (LOSS) AFTER TAX		36.865	6.150	75.355
	EARNINGS IN FOREIGN CURRENCY		0.000	0.000	0.000
	Earnings / (Loss) Per Share (Rs.)		737.37	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	4.66	1.73	13.39
Return on Investment (ROI) (PBT/Networth)		0.07	0.02	0.14
Debt Equity Ratio (Total Debt/Networth)		0.01	0.01	0.01
Current Ratio (Current Asset/Current Liability)		1.70	4.05	3.09

LOCAL AGENCY FURTHER INFORMATION

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	Yes
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

OPERATING RESULTS:

The company achieved a turnover of Rs.1980.000 Millions (net of excise duty) as against Rs.1679.900 Millions (Net of excise duty) in the previous year the reason being the problems associated with acquisition of iron ore and related problems in the global market hitting the domestic market abnormally, the operating Profit of Rs.36.866 Millions (After income tax and deferred tax and depreciation) is better as compared to the Rs.6.150 Millions in the just preceding year. Far better improvements in the operating performance of the manufacturing processes are underway.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10214191	25/01/2011 *	78,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	B07471287
2	10192173	23/11/2012 *	421,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	B66153552

* Date of charge modification

FIXED ASSETS:

· Leasehold Land

· Land Development

· Bore Well

· Office Building

· Factory Building

· Plant and Machinery

· Computers

· Furniture and Fixtures

· Vehicles

· Electrical Installation

· Auxiliary Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.83
UK Pound	1	Rs.91.76
Euro	1	Rs.79.33

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.