MIRA INFORM REPORT

Report Date :

03.06.2013

IDENTIFICATION DETAILS

Name :	KARAMTARA ENGINEERING PRIVATE LIMITED KARAMTARA FASTENERS PRIVATE LIMITED (AMALGAMATED WITH KARAMTARA ENGINEERING PRIVATE LIMITED) (Amalgamated w.e.f. 13.01.2012)
Registered Office :	117 Morya Estate, Andheri Link Road, Andheri (East), Mumbai – 400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.05.1996
Com. Reg. No.:	11-099333
Capital Investment / Paid-up Capital :	Rs. 60.000 Millions
CIN No.: [Company Identification No.]	U45207MH1996PTC099333
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Transmission, Telecom Tower.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 1800000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The latest financial of 2012 are not made available to us. As per previous years record, there appears an increase in the income as well as net profitability during 2011. However, trade relations are fair. Business is active. Payments are recorded as usually 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB+ (Stable) = Long term fund based, non fund based and long term loans
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	February 2013

Rating Agency Name	ICRA
Rating	A2+ = Short term fund and non fund based
Rating Explanation	Strong degree of safety and low credit risk
Date	February 2013

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 :	117 Morya Estate Oshivara Link Road, Andheri (West), Mumbai-400053, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	prasad.oak@karamtara.com prasanta@karamtara.com
Website :	www.karamtara.com
Corporate Office :	705, Morya Estate Oshivara Link Road, Andheri (West), Mumbai-400053, Maharashtra, India
Tel. No.:	91-22-26731000 / 40710000
Fax No.:	91-22-26731015
Factory 1:	Plot No. B-8/2, MIDC, Tarapur, Boisar – 401506, Maharashtra, India
Tel. No.:	91-2525-261640
Fax No.:	91-2525-261540
Factory 2:	A-12, MIDC, Tarapur, Boisar-401506, Maharashtra, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Hanwant Manbir Singh

Designation :

Director

Address :

401, 4^th Floor, Goswani Towers, Jai Hind Society, 11^th NS Road, Juhu, Mumbai-400049, Maharashtra, India

Date of Birth/Age :

02.03.1938

Date of Appointment :

07.11.2001

DIN No.:

00583469

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	U45207MH1996PTC099333	KARAMTARA ENGINEERING PRIVATE LIMITED	Director	07/11/2001	07/11/2001	-	Active	NO
2	U28991MH2003PTC142645	KARAMTARA FASTENERS PRIVATE LIMITED	Director	13/10/2003	13/10/2003	-	Amalgamated	NO
3	U31200MH2005PTC153385	KARAMTARA STEEL PRIVATE LIMITED	Director	18/05/2005	18/05/2005	-	Amalgamated	NO
4	U28100MH1973PLC016533	E M I TRANSMISSION LIMITED	Director	06/07/2006	06/07/2006	01/04/2012	Active	NO
5	U27104MH2004PTC144308	POONA GALVANIZERS PRIVATE LIMITED	Director	13/01/2008	13/01/2008	-	Active	NO
6	U28111DL2006PTC148519	SUNDER ROLLING MILLS PRIVATE LIMITED.	Director	09/09/2011	03/03/2011	-	Amalgamated	NO

Name :

Mr. Tanveer Singh

Designation :

Director

Address :

401, 4th Floor, Goswani Towers, Jai Hind Society, 11th NS Road, Juhu, Mumbai-400049, Maharashtra, India

Date of Birth/Age :

21.01.1970

Date of Appointment :

08.05.1996

DIN No.:

01689287

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	U45207MH1996PTC099333	KARAMTARA ENGINEERING PRIVATE LIMITED	Director	08/05/1996	08/05/1996	-	Active	NO
2	U28991MH2003PTC142645	KARAMTARA FASTENERS PRIVATE LIMITED	Director	13/10/2003	13/10/2003	-	Amalgamated	NO
3	U27104MH2004PTC144308	POONA GALVANIZERS PRIVATE LIMITED	Director	30/01/2004	30/01/2004	-	Active	NO
4	U31200MH2005PTC153385	KARAMTARA STEEL PRIVATE LIMITED	Director	18/05/2005	18/05/2005	-	Amalgamated	NO
5	U93000MH2010PTC200627	KARAMTARA FINANCIAL SERVICES PRIVATE LIMITED	Director	08/03/2010	08/03/2010	-	Active	NO
6	U01403MH2010PTC200904	KARAMTARA AGROTECH PRIVATE LIMITED	Director	15/03/2010	15/03/2010	-	Active	NO
7	U45202MH2010PTC202907	KARAMTARA REALITY PRIVATE LIMITED	Director	10/05/2010	10/05/2010	-	Active	NO
8	U28111DL2006PTC148519	SUNDER ROLLING MILLS PRIVATE LIMITED.	Director	09/09/2011	03/03/2011	-	Amalgamated	NO

Name :

Mr. Rajiv Singh

Designation :

Director

Address :

401, 4th Floor, Goswani Towers, Jai Hind Society, 11th NS Road, Juhu, Mumbai-400049, Maharashtra, India

Date of Birth/Age :

07.03.1973

Date of Appointment :

15.05.1996

DIN No.:

01689209

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	U45207MH1996PTC099333	KARAMTARA ENGINEERING PRIVATE LIMITED	Director	15/05/1996	15/05/1996	-	Active	NO
2	U28991MH2003PTC142645	KARAMTARA FASTENERS PRIVATE LIMITED	Director	13/10/2003	13/10/2003	-	Amalgamated	NO
3	U27104MH2004PTC144308	POONA GALVANIZERS PRIVATE LIMITED	Director	30/01/2004	30/01/2004	-	Active	NO
4	U31200MH2005PTC153385	KARAMTARA STEEL PRIVATE LIMITED	Director	18/05/2005	18/05/2005	-	Amalgamated	NO
5	U93000MH2010PTC200627	KARAMTARA FINANCIAL SERVICES PRIVATE LIMITED	Director	08/03/2010	08/03/2010	-	Active	NO
6	U01403MH2010PTC200904	KARAMTARA AGROTECH PRIVATE LIMITED	Director	15/03/2010	15/03/2010	-	Active	NO
7	U45202MH2010PTC202907	KARAMTARA REALITY PRIVATE LIMITED	Director	10/05/2010	10/05/2010	-	Active	NO
8	U28111DL2006PTC148519	SUNDER ROLLING MILLS PRIVATE LIMITED.	Director	09/09/2011	03/03/2011	-	Amalgamated	NO
9	U91110MH1999NPL122117	ENTREPRENEURS' ORGANIZATION MUMBAI	Director	15/07/2011	15/07/2011	31/03/2013	Active	NO
10	L45200MH2007PLC174147	PROZONE CAPITAL SHOPPING CENTRES LIMITED	Director	28/09/2012	20/04/2012	-	Active	NO
11	U70101MH2007PTC173672	ALLIANCE MALL DEVELOPERS CO PRIVATE LIMITED	Additional director	01/03/2013	01/03/2013	-	Active	NO

Name :

Mr. Inderjeet Singh

Designation :

Director

Address :

401, 4th Floor, Goswani Towers, Jai Hind Society, 11th NS Road, Juhu, Mumbai-400049, Maharashtra, India

Date of Birth/Age :

10.12.1947

Date of Appointment :

08.05.1996

DIN No.:

01689417

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	U45207MH1996PTC099333	KARAMTARA ENGINEERING PRIVATE LIMITED	Director	08/05/1996	08/05/1996	-	Active	NO
2	U28991MH2003PTC142645	KARAMTARA FASTENERS PRIVATE LIMITED	Director	13/10/2003	13/10/2003	-	Amalgamated	NO
3	U31200MH2005PTC153385	KARAMTARA STEEL PRIVATE LIMITED	Director	18/05/2005	18/05/2005	-	Amalgamated	NO

Name :

Ms. Gaitri Singh

Designation :

Director

Address :

401, 4th Floor, Goswani Towers, Jai Hind Society, 11th NS Road, Juhu, Mumbai-400049, Maharashtra, India

Date of Birth/Age :

20.09.1972

Date of Appointment :

07.11.2001

DIN No.:

01225861

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	U45207MH1996PTC099333	KARAMTARA ENGINEERING PRIVATE LIMITED	Director	07/11/2001	08/05/1996	-	Active	NO
2	U64203MH2007PTC174622	ZEON TELESERVICES PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Strike off	NO

Name :

Ms. Sonal Singh

Designation :

Director

Address :

401, 4th Floor, Goswani Towers, Jai Hind Society, 11th NS Road, Juhu, Mumbai-400049, Maharashtra, India

Date of Birth/Age :

24.08.1972

Date of Appointment :

08.05.1996

DIN No.:

01277322

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	U45207MH1996PTC099333	KARAMTARA ENGINEERING PRIVATE LIMITED	Director	07/11/2001	08/05/1996	-	Active	NO
2	U64203MH2007PTC174622	ZEON TELESERVICES PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Strike off	NO
3	U01403MH2010PTC200904	KARAMTARA AGROTECH PRIVATE LIMITED	Director	15/03/2010	15/03/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Prasad Arun oak
Designation :	Secretary
Address :	506, Anil Apartment Chs, Near VPM School, Off Mithagar Road, Mulund (East), Mumbai – 400081, Maharashtra, India
Date of Birth/Age :	16.05.1978
Date of Appointment :	01.03.2012
PAN No.:	AAHPO1985B

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
Inderjeet Singh	1250000	25%
Tanveer Singh	1250000	25%
Rajiv Singh	1250000	25%
Hanwant Manbir Singh	1250000	25%
	5000000	100%

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Transmission, Telecom Tower.
Products :	Fabrication, Galvanising, Manufacturing, Erection and Commission of Telecom and Transmission Towers

PRODUCTION STATUS

Particulars	Unit	31.03.2011
Licensed and Installed Capacity	MT PA	60000
Production	MT PA	43924.28

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• ICICI Bank, C-99 Shreeji Tower, Near Ahinsha Circle, C-Scheme, Jaipur – 302001, Rajasthan, India
• Axis Bank, Laxmi The Mall, Building No. 5, laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400053, 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	69.911	85.263
Working capital loans secured
Working capital loans banks secured	375.228	57.733
Total	445.139	142.996
Note: Secured and Guaranteed by personal guarantee of Directors and against mortgage of Fixed Assets of the Company.

Banking Relations :	-
Financial Institution :	Tata Capital Limited, One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai-400001, Maharashtra, India
Auditors :
Name :	Choksi and Choksi Chartered Accountants
Address :	15/17, Raghavji ‘B’ Building, Ground Floor, Raghavji Road, Off Kemps Corner, Mumbai-400036, Maharashtra, India
PAN No.:	AAAFC2633B
Related Parties :	Sonal Events and Management Services (One of the Directors is proprietor)
Subsidiaries :	Karamtara Steel Private Limited CIN No.:- U31200MH2005PTC153385 Karamtara Fasteners Private Limited CIN No.:- U28991MH2003PTC142645 K.T. Engineering FZE Sunder Rolling Mills Private Limited Note: Earlier Karamtara Fasteners Private Limited was subsidiary of Karamtara Engineering Private Limited but now it has amalgamated with Karamtara Engineering Private Limited w.e.f 13.01.2012.
Associates :	Poona Galvanizers Private Limited Karamtara Agro-tech Private Limited Karamtara Financial Services Private Limited Karamtara Reality Private Limited Zeon Teleservices Private Limited

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Rs.10/- each	Rs. 1500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 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		50.000	50.000	50.000
2] Share Application Money		98.500	98.500	0.000
3] Reserves & Surplus		307.451	212.978	153.064
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		455.951	361.478	203.064
LOAN FUNDS
1] Secured Loans		445.139	142.996	124.909
2] Unsecured Loans		166.278	68.901	70.366
TOTAL BORROWING		611.417	211.897	195.275
DEFERRED TAX LIABILITIES		34.332	10.735	7.839
TOTAL		1101.700	584.110	406.178
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		401.761	257.973	182.910
Capital work-in-progress		2.898	0.417	0.000
INVESTMENT		163.997	161.590	159.101
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	515.628	405.065	207.805
	Sundry Debtors	832.690	413.234	625.559
	Cash & Bank Balances	238.462	238.215	102.228
	Other Current Assets	0.000	0.000	50.393
	Loans & Advances	167.215	107.518	91.377
Total Current Assets		1753.995	1164.032	1077.362
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1065.068	812.127	800.044
	Other Current Liabilities	105.657	140.275	107.326
	Provisions	50.226	47.500	105.825
Total Current Liabilities		1220.951	999.902	1013.195
Net Current Assets		533.044	164.130	64.167
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1101.700	584.110	406.178

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3120.380	2413.533	1908.479
		Other Income
		TOTAL	3120.380	2413.533	1908.479
Less	EXPENSES
		Office Expenses	2855.340	2141.544	1652.827
		Administrative Expenses
		Advertising Expenses
		TOTAL	2855.340	2141.544	1652.827
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		265.040	271.989	255.652
Less	FINANCIAL EXPENSES		121.601	109.428	102.939
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		143.439	162.561	152.713
Less/ Add	DEPRECIATION/ AMORTISATION		17.221	27.161	19.372
	Excess due to Changes in Depreciation Method		(40.183)	0.000	0.000
	PROFIT BEFORE TAX		166.401	135.400	133.341
Less	TAX		66.097	50.395	49.796
	PROFIT AFTER TAX		100.304	85.005	83.545
Less	Prior Period Item		0.000	1.692	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	10.096	8.500	0.000
		Proposed Dividend	5.000	20.000	0.000
		Corporate Tax on Dividend	0.830	3.399	0.000
	BALANCE CARRIED TO THE B/S		84.378	51.414	83.545
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.718	0.000	0.000
	TOTAL EARNINGS		0.718	0.000	0.000
	Earnings Per Share (Rs.)		20.06	17.00	16.71

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.21	3.52	4.38
Return on Total Assets (PBT/Total Assets}	(%)	7.72	9.52	10.58
Return on Investment (ROI) (PBT/Networth)		0.36	0.37	0.66
Debt Equity Ratio (Total Debt/Networth)		1.34	0.59	0.96
Current Ratio (Current Asset/Current Liability)		1.44	1.16	1.06

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	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

UNSECURED LOANS:

Particulars	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans unsecured
Rupee term loans banks unsecured	41.278	47.963
Loans directors unsecured	125.000	20.938
Total	166.278	68.901

Note :

Loan from directors/Shareholders/corporates

PERFORMANCE

The Company has achieved Gross sales of Rs. 3311.600 Millions for the year ended March 31, 2011. The Company posted Net Sales of Rs. 3093.900 Millions and profit before tax of Rs. 166.400 Millions for the Financial Year 2010-2011 as against Net Sales of Rs. 2395.200 Millions and profit before tax of Rs. 135.400 Millions in 2009-2010. Earnings Before Interest, Depreciation, Tax and Amortization (EBITDA) was Rs. 265.000 Millions for the Financial Year 2010-2011 as against Rs. 272.000 Millions in 2009-2010.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U45207MH1996PTC099333
Name of the company	KARAMTARA ENGINEERING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	117 Morya Estate Oshivara Link Road, Andheri (West), Mumbai-400053, Maharashtra, India.
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10331463
Type of charge	Book debts Others
If Others, Specify	Current Assets and Stocks
Particular of charge holder	Tata Capital Limited, One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai-400001, Maharashtra, India avan.domasis@tatacapital.com
Nature of instrument creating charge	Deed of Modification dated 12.03.2013
Date of instrument Creating the charge	12.03.2013
Amount secured by the charge	Rs. 200.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Long Term lending Rate (LTLR)@18.00% per annum. Terms of repayment Principal and Interest amount to be repaid in 48 months. Margin N.A. Extent and operation of the charge The charge extends to the due to repayments of the principal amount of INR 200.000 Millions including interest, Additional interest, charges, costs, expenses and all other monies payable under the loan agreement dated 20.12.2011. In case of default in payment of interest, principal or monies payable under the loan agreement from the due date additional interest @2% p.m. will be levied as panel interest.
Short particulars of the property charged (Including location of the property)	All present and future current assets including book debts, outstanding monies receivables, claims and bills, which are now due and owing to the borrower excluding those current assets specifically charged for project specific limits. All the present and future stocks in trade consisting of raw material, finished goods, goods in process of manufacturing, fixed assets, other merchandise, and whatsoever being movable properties.
Particulars of the present modification	Charge dated 20.12.2011 was created by hypothecation of Plant and Machinery and Industrial premises appearing in the Schedule. The Plant and machinery and Industrial premises mentioned in Schedule shall stands deleted and replaced by Book Debts, current assets and stocks more.

FIXED ASSETS

• Factory Building
• Land
• Office / Flat / Guest House
• Plant and Machinery
• Office Equipments
• Furniture and Fixtures
• Computers
• Motor Car

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. 56.50
UK Pound	1	Rs. 86.01
Euro	1	Rs. 73.68

INFORMATION DETAILS

Information Gathered by :	--
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	7
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.