MIRA INFORM REPORT

Report Date :

08.06.2013

IDENTIFICATION DETAILS

Name :	SIKKIM FERRO ALLOYS LIMITED
Registered Office :	108/A, Anand Bhawan, 1^st Floor, ‘C’ Wing, 163/165, V.P. Road, Opposite Sikka Nagar, Mumbai – 400004, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.03.1998
Com. Reg. No.:	11-113802
Capital Investment / Paid-up Capital :	Rs. 15.600 Millions
CIN No.: [Company Identification No.]	U28910MH1998PLC113802
TAN No.: [Tax Deduction & Collection Account No.]	MUMS43397E
PAN No.: [Permanent Account No.]	AAGC81158
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Importer and Supplier of Industrial Raw Materials and Trading in all types of Ferrous and Non Ferrous Metals and has also started providing some processing services such as slitting, shearing, metal cutting etc.
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 2700000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	November 12, 2012

Rating Agency Name	CRISIL
Rating	Short term rating : A3+
Rating Explanation	Moderate degree of safety and high credit risk.
Date	November 12, 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 / Head Office:	108/A, Anand Bhawan, 1^st Floor, ‘C’ Wing, 163/165, V.P. Road, Opposite Sikka Nagar, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-66109926/ 66109922/ 66109900
Fax No.:	91-22-66109924
E-Mail :	info@sikkimferroalloys.com info@trisonsimpex.com prascs@gmail.com prascs12@yahoo.co.in
Website:	www.sikkimferroalloys.com
Godown 1:	Gala No.2, Thakkar Compound, Anjur Phala Road, Val – Village, Taluka – Bhiwandi, Thane, Maharashtra, India
Godown 2:	Gala No.11, Diamond industrial Estate, Ahmedabad Mumbai Highway Road, Near Almoat Factory, Vasai, Thane, Maharashtra, India
Branch Office 1:	Block No. C-123, Zaveri Industrial Estate, B/H C.L. Vidahlaya, Kathwada, Ahmedabad, Gujarat, India
Tel. No.:	91-79-22901098
Branch Office 2:	Door No.10/11-70, G.P. Complex No.15, Fathenagar, Hyderabad-500016, Andhra Pradesh, India
Tel. No.:	91-22-66109926/ 66109922/ 66109900
Fax No.:	91-22-66109924
Email:	info@sikkimferroalloys.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Jitendra Champalal Kanungo

Designation :

Director

Address :

56/64, Gainson Building, 1st Floor, Nanubhai Desai Road, Mumbai – 400004, Maharashtra, India

Qualification :

Under Graduate

Date of Appointment :

26.09.2003

PAN No.:

ACMPK0190K

DIN No.:

00447436

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	U27200MH1989PTC054265	SHRUTI RE-ROLLERS PRIVATE LIMITED	Director	20/09/1997	20/09/1997	10/06/2011	Active	NO
2	U28910MH1998PLC113802	SIKKIM FERRO ALLOYS LIMITED	Director	26/09/2003	26/09/2003	-	Active	NO
3	U45101AP2006PTC050660	GORLAS INFRASTRUCTURE PRIVATE LIMITED	Additional director	18/08/2009	18/08/2009	-	Active	NO
4	U72200AP2005PLC048391	GORLAS TECHNO SPACE LIMITED	Additional director	18/08/2009	18/08/2009	-	Active	NO
5	U65994MH1991PTC064193	MANE FINANCE PRIVATE LIMITED	Additional director	28/06/2011	28/06/2011	-	Active	NO
6	U45201MH2006PTC166501	SHREE RAJLAXMI INFRASTRUCTURES PRIVATE LIMITED	Additional director	13/02/2012	13/02/2012	-	Active	NO
7	U67120MH1984PTC034339	BIKRAMPUR INVESTMENTS AND TRADING PRIVATE LIMITED	Additional director	21/03/2012	21/03/2012	-	Active	NO

Name :

Mr. Hiralal Nagraj Kanungo

Designation :

Director

Address :

14, Mansabhai Bhawan, 3rd Floor, Nanubhai Road, Mumbai-400004, Maharashtra, India

Date of Birth/Age :

12.09.1971

Qualification :

Under Graduate

Date of Appointment :

29.09.2003

DIN No.:

00426255

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	U27200MH1989PTC054265	SHRUTI RE-ROLLERS PRIVATE LIMITED	Director	20/09/1997	20/09/1997	10/06/2011	Active	NO
2	U28910MH1998PLC113802	SIKKIM FERRO ALLOYS LIMITED	Director	01/01/2002	01/01/2002	-	Active	NO

Name :

Mr. Kamlesh Manohar Kanungo

Designation :

Director

Address :

Shripati Arcade, 31st Floor, Flat-1, August Kranti Maidan, Nana Chowk, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

15.03.1977

Qualification :

B.Com

Date of Appointment :

04.03.1998

PAN No.:

ABBPK9675R

Voter ID No.:

ISD1638022

DIN No.:

00223181

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	U28910MH1998PLC113802	SIKKIM FERRO ALLOYS LIMITED	Director	04/03/1998	04/03/1998	-	Active	NO
2	U74899DL2001PTC109665	AARSHABH FERRO ALLOYS PRIVATE LIMITED	Director	01/10/2001	01/10/2001	21/08/2012	Active	NO
3	U51410MH2004PTC145350	TRISONS METALEX PRIVATE LIMITED	Additional director	15/02/2012	26/03/2004	28/03/2012	Active	NO
4	U45201MH2006PTC164873	ROYAL BUNGLOWS PRIVATE LIMITED	Managing director	23/09/2006	23/09/2006	-	Active	NO
5	U45200MH1979PTC021090	SANJAY CONSTRUCTION AND FINANCE PRIVATE LIMITED	Director	15/07/2008	15/07/2008	15/12/2011	Active	NO
6	U45200MH2008PTC185624	AAHANA INFRASTRUCTURE PRIVATE LIMITED	Director	15/09/2008	15/09/2008	-	Active	NO
7	U45101AP2006PTC050660	GORLAS INFRASTRUCTURE PRIVATE LIMITED	Additional director	18/08/2009	18/08/2009	-	Active	NO
8	U72200AP2005PLC048391	GORLAS TECHNO SPACE LIMITED	Additional director	18/08/2009	18/08/2009	-	Active	NO
9	L26940BR1991PLC007980	LAKSHMI CEMENT AND CERAMICS INDUSTRIES LIMITED	Director	25/09/2010	08/09/2010	-	Active	NO
10	U74120MH2010PTC209157	D3 FASHIONS PRIVATE LIMITED	Director	19/10/2010	19/10/2010	-	Active	NO
11	U67120MH1984PTC034339	BIKRAMPUR INVESTMENTS AND TRADING PRIVATE LIMITED	Additional director	01/11/2010	01/11/2010	-	Active	NO
12	U45202MH2010PTC204144	BUZZACTIVE INFRAPROJECTS PRIVATE LIMITED	Director	01/06/2011	01/06/2011	-	Active	NO
13	U31109MH2008PTC178288	KPC HI-TECH PRIVATE LIMITED	Director	08/06/2011	08/06/2011	30/08/2011	Active	NO
14	U65994MH1991PTC064193	MANE FINANCE PRIVATE LIMITED	Additional director	28/06/2011	28/06/2011	-	Active	NO
15	U45400MH2011PTC224417	TRACE DEVELOPMENT PRIVATE LIMITED	Director	28/11/2011	28/11/2011	22/06/2012	Active	NO
16	U74999MH2012PTC232894	TECHNOSTAR CONSTRUCTION PRIVATE LIMITED	Director	03/07/2012	03/07/2012	-	Active	NO
17	U74999MH2012PTC232951	T3 CITY DEVELOPERS PRIVATE LIMITED	Director	04/07/2012	04/07/2012	-	Active	NO
18	U74900MH2012PTC233040	D3 ARCADE PRIVATE LIMITED	Director	05/07/2012	05/07/2012	-	Active	NO
19	U74120MH2012PTC232982	TRISONS CASA PROJECTS PRIVATE LIMITED	Director	05/07/2012	05/07/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Manohar Poolchand Kanugo	25010
Kamlesh Manohar Kanugo	49940
Rajendra K Mehta	10
Prakash Sanghavi	10
Sunil Parikh	10
Jamnalal Dokwal	10
Sudhir Talati	10
Manohar Manak Alloya Limited	75000
Khaniyalal Sharma	34760
Priya Sharma	17380
Emreld Commercial Limited	12000
Global Capital Market Limited	16000
Kaivwal Nain Shaney	12000
Dimple Kamlesh Kanugo	110000
Javada India Impex Limited, India	70000
Alka Diamond Industries Limited	30000
Hema Trading Company Limited	60000
Jai Shelters Private Limited, India	181818
Wescon Finance Leasing Private Limited, India	242856
Megh Leasing Investment Limited, India	623213
Total	1560027

AS ON 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	84.04
Directors or relatives of Directors	15.96
Total	100.00

BUSINESS DETAILS

Line of Business :

Importer and Supplier of Industrial Raw Materials and Trading in all types of Ferrous and Non Ferrous Metals and has also started providing some processing services such as slitting, shearing, metal cutting etc.

Products :

Item Code No.	Product Description
73045910	Used in industries as raw material
72191111	S.S. Coils used in industries as raw material

Ø Concentrates

Ø Metals

Ø Metal Scraps

Ø High Nickle

Ø Ferro Alloys

Ø Stainless Steel

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø HDFC Bank Limited

Ø Kotak Mahindra Bank Limited

Ø Yes Bank Limited

Ø Axis Bank Limited, Axis House, Bombay Dyeing Mills Compund, Pandurang Budhakar Marg, Worli, Mumbai - 400025, Maharashtra, India

Ø Union Bank of India, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term loans
From banks
HDFC Bank - Car Loan (Secured against motor car)	0.510	0.974
Kotak Mahindra Bank - Car Loan (Secured against motor car)	1.339	2.657
Yes Bank - Long Term Loan (Secured against personal property of Director situated at Khopoli)	55.000	0.000
Working Capital Loans (Primarily Secured by hypothecation of stock and book debts and collaterally secured by mortgage of immovable property of Associate Company, pledge of fixed deposits & personal guarantees of all the Directors)	383.809	84.420
HDFC Bank - Car Loan (Secured against motor car)	0.464	0.424
Kotak Mahindra Bank - Car Loan (Secured against motor car)	1.318	1.215
Total	442.440	89.690

Banking Relations :	--
Auditors :
Name :	Batliboi and Purohit Chartered Accountants
Address :	204, National Insurance Building, 2nd Floor, D N Road, Fort, Mumbai – 400001, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFB0915F
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Ø Reliance Stainless Steel Ø Aarshabh Ferro Alloys Private Limited [U74899DL2001PTC109665] Ø Trisons Metalex Private Limited [U51410MH2004PTC145350] Ø Manohar Manak Alloys Private Limited [U27100MH1986PTC039259]

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1560027	Equity Shares	Rs.10/- each	Rs.15.600 Millions

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		15.600	13.225	13.225
2] Share Application Money		120.000	95.000	0.000
3] Reserves & Surplus		540.005	399.065	367.493
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		675.605	507.290	380.718
LOAN FUNDS
1] Secured Loans		442.440	89.690	117.095
2] Unsecured Loans		711.308	147.151	114.820
TOTAL BORROWING		1153.748	236.841	231.915
DEFERRED TAX LIABILITIES		0.000	0.000	0.065
TOTAL		1829.353	744.131	612.698
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.463	12.647	7.067
Capital work-in-progress		2.500	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.501	0.114	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	851.279	766.983	239.151
	Sundry Debtors	2105.226	1013.711	490.431
	Cash & Bank Balances	147.999	181.249	6.882
	Other Current Assets	3.191	0.010	0.000
	Loans & Advances	1.045	0.005	32.226
Total Current Assets		3108.740	1961.958	768.690
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1269.306	1229.092	139.147
	Other Current Liabilities	14.670	0.000	0.000
	Provisions	9.875	1.496	23.932
Total Current Liabilities		1293.851	1230.588	163.079
Net Current Assets		1814.889	731.370	605.611
MISCELLANEOUS EXPENSES		0.000	0.000	0.020
TOTAL		1829.353	744.131	612.698

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	6749.048	4312.242	2073.410
		Other Income	36.927	18.653	1.189
		TOTAL (A)	6785.975	4330.895	2074.599
Less	EXPENSES
		Purchases of stock-in-trade	6712.215	4734.907
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(88.933)	(522.826)
		Employee benefit expense	4.998	2.264
		Other expenses	46.379	49.595
		TOTAL (B)	6674.659	4263.940	2022.629
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		111.316	66.955	51.970
Less	FINANCIAL EXPENSES (D)		34.950	17.090	28.569
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		76.366	49.865	23.401
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.467	2.365	1.102
	PROFIT BEFORE TAX (E-F) (G)		72.899	47.500	22.299
Less	TAX (H)		27.249	17.227	7.622
	PROFIT AFTER TAX (G-H) (I)		45.650	30.273	14.677
	IMPORTS
		Raw Materials	1044.981	1291.646	684.863
	Earnings Per Share (Rs.)		33.99	23.87	19.54

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.67	0.70	0.71
Net Profit Margin (PBT/Sales)	(%)	1.08	1.10	1.08
Return on Total Assets (PBT/Total Assets}	(%)	2.34	2.41	2.87
Return on Investment (ROI) (PBT/Networth)		0.11	0.09	0.06
Debt Equity Ratio (Total Debt/Networth)		1.71	0.47	0.61
Current Ratio (Current Asset/Current Liability)		2.40	1.59	4.71

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

NOTE

The registered office of the company has been shifted from 65/773, Habib Building Room No.18, 1^st Floor, C P Tank Road, Mumbai – 400004, Maharashtra, India to present address with effect from 06.12.2006

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Other loans and advances	326.166	147.151
Union Bank of India (Buyers Credit / Letter of Credit)	167.276	0.000
Yes Bank Limited (Buyers Credit / Letter of Credit)	217.866	0.000
Total	711.308	147.151

CORPORATE INFORMATION:

Subject was incorporated in the year 1998. The company over the years has created a niche for providing industrial raw materials and caters to various industries or users like Foundries, Steel plants, Forgings, Pipe manufacturers, Mole convertors, Aluminum based industries etc. The company is currently into trading in all types of ferrous and non ferrous metals: Stainless Steel Sheets, Plates, Coils, pipes, billets, H.R/ C.R, Seamless/ Welded, Prime/ Seconds/ Stock lots, Ferro Alloys, high Nickel scrap etc. Besides trading, company has also started providing some processing services such as slitting, shearing, metal cutting etc.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U28910MH1998PLC113802
Name of the company	SIKKIM FERRO ALLOYS LIMITED
Address of the registered office or of the principal place of business in India of the company	108/A, Anand Bhawan, 1st Floor, ‘C’ Wing, 163/165, V.P. Road, Opposite Sikka Nagar, Mumbai – 400004, Maharashtra, India E-mail: prascs@gmail.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Others
Particular of charge holder	Axis Bank Limited, Axis House, Bombay Dyeing Mills Compund, Pandurang Budhakar Marg, Worli, Mumbai-400025, Maharashtra, India E-mail: suyashri@vsnl.com
Nature of instrument creating charge	Deed of Hypothecation of Current Assets (Stock and Book Debts) {DOH} dated 21.09.2012
Date of instrument Creating the charge	21.09.2012
Amount secured by the charge	Rs.300.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction letter no. AXISB/CO/MC-II/AK/0-291/12-13 dated 11.07.2012 or as stipulated by bank from time to time. Terms of Repayment As per sanction letter no. AXISB/CO/MC-II/AK/0-291/12-13 dated 11.07.2012 or as stipulated by bank from time to time. Margin As per sanction letter no. AXISB/CO/MC-II/AK/0-291/12-13 dated 11.07.2012 or as stipulated by bank from time to time. Extent and Operation of the charge Bank granted Cash Credit, Letter of Credit, LER facilities agg. to Rs.300.000 millions The facilities are secured by hypothecation by way of 1^st pari passu charge on present and future stock of RM, SIP, FG, cash and Other Current Assets etc. lying at Company's factory or premises or elsewhere or in transit, Book Debts, O/s, monies, receivables, claims, bills etc. due and owing to Company in course of its business.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1^st pari passu charge on present and future stock of RM, SIP, FG, cash and Other Current Assets etc lying at Co's premises or elsewhere or in transit. 1^st pari passu charge on Book Debts, O/s, monies, receivables, claims, bills etc. due and owing to Company in course of its business.

FIXED ASSETS:

Ø Plant and equipment

Ø Furniture and fixtures

Ø Vehicles

Ø Motor vehicles

Ø Office equipment

Ø Computer equipments

Ø Other equipments

Ø Computer software

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. 56.74
UK Pound	1	Rs. 88.53
Euro	1	Rs. 75.20

INFORMATION DETAILS

Report Prepared by :

BVA

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
DEFAULTER
--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

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