MIRA INFORM REPORT

Report Date :

26.03.2013

IDENTIFICATION DETAILS

Name :	BHASKARPARA COAL COMPANY LIMITED
Registered Office :	Crystal Tower, 1^st Floor, G E Road, Opposite Minocha Petrol Pump, Telibandha Raipur-492006, Chhattisgarh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.11.2008
Com. Reg. No.:	10-020943
Capital Investment / Paid-up Capital :	Rs. 171.862 Millions
CIN No.: [Company Identification No.]	U10100CT2008PLC020943
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the work development of Coal Block so that coal can be mined from the block.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 720000
Status :	Project Under Implementation Stage
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the company was incorporated in the year 2010. It is yet to commenced to commercial operation as the company project is under implementation stage. However, capital base of the company is good. Payment terms are 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

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 :	Crystal Tower, 1^st Floor, G E Road, Opposite Minocha Petrol Pump, Telibandha Raipur-492006, Chhattisgarh, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	sec@electrotherm.com

DIRECTORS

AS ON 27.09.2012

Name :	Mr. Shailesh Bhanwarlal Bhandari
Designation :	Director
Address :	A-1, Skylark Apartment, Satellite Road, Satellite, ahmedabad-380015, Gujarat, India
Date of Birth/Age :	01.07.1958
Date of Appointment :	21.11.2008
DIN No.:	00058866

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	U99999GJ1985PTC007918	LIBERTY FINANCE AND LEASING COMPANY PRIVATE LIMITED	Director	30/03/1992	30/03/1992	01/08/2011	Active	NO
2	U74999GJ1993PLC019436	AHMEDABAD AVIATION AND AERONAUTICS LIMITED	Director	11/05/1993	11/05/1993	05/06/2012	Active	NO
3	U85110GJ2000PLC038270	WESTERN INDIA SPECIALITY HOSPITAL LIMITED	Director	27/06/2000	27/06/2000	-	Active	NO
4	U99999MH1997PTC109321	PROTECT NATURE PRIVATE LIMITED	Director	01/10/2001	01/10/2001	20/05/2008	Active	NO
5	U72200GJ2000PTC037573	MANGALAM INFORMATION TECHNOLOGIES PRIVATE LIMITED	Director	16/11/2004	16/11/2004	03/10/2006	Active	NO
6	U63040GJ1998PTC035148	PALACE TOURS AND AIR CHARTERS PRIVATE LIMITED	Director	28/01/2005	28/01/2005	05/06/2012	Active	NO
7	U34100GJ2005PTC047055	INDUS ELEC-TRANS PRIVATE LIMITED	Director	11/11/2005	11/11/2005	05/06/2012	Active	NO
8	U29120GJ2006PLC047656	E-MOTION POWER LIMITED	Director	03/02/2006	03/02/2006	05/06/2012	Active	NO
9	U28930GJ2006PLC047896	TIM ENGINEERING TECHNOLOGIES LIMITED	Director	07/03/2006	07/03/2006	02/11/2006	Active	NO
10	L74140GJ1992PLC016891	MAGNUM LIMITED	Director	03/10/2006	03/10/2006	29/09/2012	Active	NO
11	U65910GJ1984ULT006872	ALWAR TRADING AND INVESTMENT CO	Director	14/12/2006	14/12/2006	01/08/2011	Active	NO
12	U24132GJ2007PTC049709	AFGHAN TRADING PRIVATE LIMITED	Director	04/01/2007	04/01/2007	-	Active	NO
13	U18101GJ2003PTC041860	JAYSHRI PETRO-YARN PRIVATE LIMITED	Director	20/01/2007	20/01/2007	05/06/2012	Active	NO
14	U45202GJ2007PTC049871	PALANPUR REALITY DEVELOPERS PRIVATE LIMITED	Director	25/01/2007	25/01/2007	08/08/2011	Active	NO
15	U67190GJ2007PTC049870	BHANDARI BROTHERS COMMERCIAL PRIVATE LIMITED	Director	25/01/2007	25/01/2007	-	Active	NO
16	L29249GJ1986PLC009126	ELECTROTHERM (INDIA) LIMITED	Managing director	01/02/2009	29/03/2007	-	Active	NO
17	U74120GJ2007PTC050639	KAPPA CONSULTANCY PRIVATE LIMITED	Director	24/04/2007	24/04/2007	10/04/2012	Active	NO
18	U45201GJ2007PTC050971	S B REALTY DEVELOPERS PRIVATE LIMITED	Director	28/05/2007	28/05/2007	01/08/2011	Active	NO
19	U45202GJ2007PTC050969	SURAJ REAL ESTATE PRIVATE LIMITED	Director	28/05/2007	28/05/2007	-	Active	NO
20	U45201GJ2007PTC050970	INDUS REAL ESTATE PRIVATE LIMITED	Director	28/05/2007	28/05/2007	-	Active	NO
21	U45201GJ2007PTC050995	NEW DELHI REAL ESTATE PRIVATE LIMITED	Director	30/05/2007	30/05/2007	05/06/2012	Active	NO
22	U72900GJ2007PTC051679	EIL SOFTWARE PRIVATE LIMITED	Director	07/09/2007	07/09/2007	05/06/2012	Active	NO
23	U74900GJ2007PTC051889	EIL HOSPITALITY PRIVATE LIMITED	Director	04/10/2007	04/10/2007	05/06/2012	Active	NO
24	U72200GJ2007PTC051905	EIL SOFTWARE SERVICES OFFSHORE PRIVATE LIMITED.	Director	05/10/2007	05/10/2007	05/06/2012	Active	NO
25	U45201GJ2007PTC052102	PALACE INFRASTRUCTURE PRIVATE LIMITED	Director	02/11/2007	02/11/2007	05/06/2012	Active	NO
26	U45201GJ2007PTC052101	EIL REALTY PRIVATE LIMITED	Director	02/11/2007	02/11/2007	05/06/2012	Active	NO
27	U72900GJ2007PTC052121	EIL TECHNOLOGY PRIVATE LIMITED	Director	06/11/2007	06/11/2007	05/06/2012	Active	NO
28	U72400DL2006PTC149601	LOGIX INFOSOFT PRIVATE LIMITED.	Director	28/01/2008	28/01/2008	29/01/2008	Active	NO
29	U40100GJ2008PLC053326	ELECTROTHERM ENGINEERING AND PROJECTS LIMITED	Director	25/03/2008	25/03/2008	-	Active	NO
30	U45201GJ2008PTC053328	SUN RESIDENCY PRIVATE LIMITED	Director	25/03/2008	25/03/2008	01/08/2011	Active	NO
31	U40100GJ2008PTC053327	SUN INFRAPOWER PRIVATE LIMITED	Director	25/03/2008	25/03/2008	01/02/2011	Active	NO
32	U74140GJ2008PTC054523	SURAJ ADVISORY SERVICES PRIVATE LIMITED	Director	21/07/2008	21/07/2008	05/06/2012	Active	NO
33	U45201GJ2008PTC054524	CRYSTAL REAL ESTATE PRIVATE LIMITED	Director	21/07/2008	21/07/2008	05/06/2012	Active	NO
34	U74140GJ2008PTC054554	S N ADVISORY PRIVATE LIMITED	Director	23/07/2008	23/07/2008	05/06/2012	Active	NO
35	U80222GJ2008NPL054607	ELECTROTHERM FOUNDATION	Director	29/07/2008	29/07/2008	05/06/2012	Active	NO
36	U28900GJ2008PLC055179	GUJARAT MINT ALLOYS LIMITED	Director	07/10/2008	07/10/2008	05/06/2012	Active	NO
37	U10100CT2008PLC020943	BHASKARPARA COAL COMPANY LIMITED	Director	21/11/2008	21/11/2008	-	Active	NO
38	U34102GJ2008PLC055557	ET ELEC-TRANS LIMITED	Director	27/11/2008	27/11/2008	15/07/2009	Active	NO
39	U27205GJ2008PLC055556	INDUS COILS AND PLATES LIMITED	Director	27/11/2008	27/11/2008	07/03/2012	Active	NO
40	U31109GJ2009PTC056070	ELECTRA TRANSFORMERS PRIVATE LIMITED	Director	05/02/2009	05/02/2009	26/06/2012	Active	NO
41	U13203DL2007PLC165534	GSY EUROFIBRES LIMITED	Director	30/09/2010	19/01/2010	15/04/2011	Active	NO
42	U27109GJ2004PLC066347	SHREE RAM ELECTRO CAST LIMITED	Director	30/09/2010	21/05/2010	-	Active	NO
43	U40102MH2007PTC175289	PALACE SOLAR ENERGY PRIVATE LIMITED	Director appointed in casual vacancy	29/05/2010	29/05/2010	17/11/2011	Active	NO
44	U51109GJ1991PLC057955	HANS ISPAT LIMITED	Director	30/09/2010	01/06/2010	-	Active	NO
45	U21012GJ1995PLC064736	SHREE HANS PAPERS LIMITED	Director	30/09/2010	01/06/2010	-	Active	NO
46	U45400GJ2010PTC061585	SBRB REAL ESTATE PRIVATE LIMITED	Director	14/07/2010	14/07/2010	19/08/2011	Active	NO
47	U29219GJ1993PLC019848	FIREFLY ENERGY LIMITED	Additional director	18/09/2010	18/09/2010	11/05/2012	Active	NO
48	U29307GJ2010PLC062347	ELECTROTHERM SOLAR LIMITED	Director	18/09/2010	18/09/2010	25/09/2010	Active	NO

Name :	Mr. Kailashchand Deepchand Birla
Designation :	Director
Address :	1503, Shagun Tower, B-Wing, Gen. A K Vaidya Marg, Goregaon (East), Mumbai-400063, Maharashtra, India
Date of Birth/Age :	02.07.1958
Date of Appointment :	21.11.2008
DIN No.:	00005791

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	U26940AP1993PLC016002	DAKSHIN CEMENTS LIMITED	Director	06/09/2004	06/09/2004	-	Active	NO
2	L26940GJ1944PLC000749	SHREE DIGVIJAY CEMENT CO LIMITED	Director	16/10/2006	16/10/2006	25/03/2008	Active	NO
3	U10101CT2007PTC020161	MADANPUR (NORTH) COAL COMPANY PRIVATE LIMITED	Nominee director	09/01/2007	09/01/2007	17/04/2007	Active	NO
4	U10100CT2008PLC020943	BHASKARPARA COAL COMPANY LIMITED	Director	21/11/2008	21/11/2008	-	Active	NO
5	U14200RJ2012PTC038369	GOTAN LIME STONE KHANIJ UDYOG PRIVATE LIMITED	Additional director	23/07/2012	23/07/2012	-	Active	NO

Name :	Ms. Radhamohan Shrinarayan Gupta
Designation :	Director
Address :	Vikram Cement Staff Colony, Sr EP Bungalow, Vikramnagar – Khor, Neemuch-458470, Madhya Pradesh, India
Date of Birth/Age :	15.05.1952
Date of Appointment :	21.11.2008
DIN No.:	00848068

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	Company/ LLP Status	Defaulting status
1	U26941HP1996PLC019173	HARISH CEMENT LIMITED	Nominee director	06/09/2006	06/09/2006	Active	NO
2	U10100CT2008PLC020943	BHASKARPARA COAL COMPANY LIMITED	Director	21/11/2008	21/11/2008	Active	NO

Name :	Mr. Narendrakumar Babubhai Dalal
Designation :	Director
Address :	11, sumit Apartment, Near Ramdev Nagar, Char Rasta Satellite, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	08.03.1961
Date of Appointment :	20.07.2009
DIN No.:	00058946

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	L29249GJ1986PLC009126	ELECTROTHERM (INDIA) LIMITED	Whole-time director	01/02/2009	01/03/1994	31/12/2012	Active	NO
2	U34102GJ2008PLC055557	ET ELEC-TRANS LIMITED	Director	27/11/2008	27/11/2008	-	Active	NO
3	U27205GJ2008PLC055556	INDUS COILS AND PLATES LIMITED	Director	27/11/2008	27/11/2008	05/03/2012	Active	NO
4	U40100GJ2008PLC053326	ELECTROTHERM ENGINEERING AND PROJECTS LIMITED	Director	30/09/2009	01/12/2008	-	Active	NO
5	U10100CT2008PLC020943	BHASKARPARA COAL COMPANY LIMITED	Director	25/08/2009	20/07/2009	-	Active	NO
6	U27109GJ2004PLC066347	SHREE RAM ELECTRO CAST LIMITED	Director	30/09/2010	20/05/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2012

Names of Shareholders	No. of Shares
Shailesh Bhandari Jointly with Electrotherm (India) Limited, India	1
Narendra Dalal Jointly with Electrotherm (India) Limited, India	1
Nagesh Bhandari Jointly with Electrotherm (India) Limited, India	1
Electrotherm (India) Limited, India	9045124
Kailash Chand Birla Jointly with UltraTech Cement Limited, India	1
Radha Mohan Gupta Jointly with UltraTech Cement Limited, India	1
Mukesh B Agarwal Jointly with UltraTech Cement Limited, India	1
UltraTech Cement Limited, India	8141047
TOTAL	17186177

AS ON 27.09.2012

Equity Shares Break Up	Percentage of Holding
Bodies corporate	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the work development of Coal Block so that coal can be mined from the block.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Manubhai and Company Chartered Accountant
Address :	2^nd Floor, B Wing, Premium House, Near Gandhigram Railway Station, Navrangpura, Ahmedabad-380009, Gujarat, India
PAN No.:	AAFFM2086H
Holding Company :	Electrotherm (India) Limited CIN No.:- L29249GJ1986PLC009126
Related Parties :	Ultratech Cement Limited CIN No.:- L26940MH2000PLC128420

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs.10/- each	Rs. 750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17186177	Equity Shares	Rs.10/- each	Rs. 171.862 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		171.862	170.912	93.520
2] Share Application Money		13.761	0.000	0.000
3] Reserves & Surplus		(5.285)	(2.193)	0.000
4] (Accumulated Losses)		0.000	0.000	(0.890)
NETWORTH		180.338	168.719	92.630
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		180.338	168.719	92.630
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		59.337	55.258	0.000
Capital work-in-progress		106.279	99.550	85.564
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	9.545	5.079	7.009
	Other Current Assets	5.249	0.000	0.000
	Loans & Advances	0.208	9.008	0.091
Total Current Assets		15.002	14.087	7.100
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.211	0.023	0.017
	Other Current Liabilities	0.050	0.129	0.017
	Provisions	0.019	0.024	0.000
Total Current Liabilities		0.280	0.176	0.034
Net Current Assets		14.722	13.911	7.066
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		180.338	168.719	92.630

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.000	0.000	0.000
		TOTAL (A)	0.000	0.000	0.000
Less	EXPENSES
		Employee Benefit Expenses	0.279	0.200	0.000
		Other Expenses	2.814	1.102	0.890
		TOTAL (B)	3.093	1.302	0.890
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(3.093)	(1.302)	(0.890)
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(3.093)	(1.302)	(0.890)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(3.093)	(1.302)	(0.890)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(3.093)	(1.302)	(0.890)
	Earnings Per Share (Rs.)		(0.18)	(0.14)	(1.01)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.00	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(4.16)	(1.88)	(12.54)
Return on Investment (ROI) (PBT/Networth)		(0.02)	(0.01)	(0.01)
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		53.58	80.04	208.82

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	No
24]	Banking facility details	No
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

PROGRESS OF THE COMPANY

The Company has been incorporated for extraction of coal for captive use by the Promoter Companies. The Company has been allocated a coal block, namely, Bhaskarpara Coal Block, Jhilmili Coal Field, District Surguja, Chattisgarh by the Ministry of Coal, Government of India.

The Company has made good achievement in project execution as per the implementation schedule. The Company has appointed experienced consultants / advisors for various activities of the Company. The Company has obtained various approvals from the Government Authorities like approval of administrative permission of mining lease for 30 years, Change of name of the partner from Grasim to Ultratech Consequent upon demerger of M/s. Grasim Industries Limited in to M/s. Samruddhi Cement Limited and subsequent to amalgamation of M/s. Samruddhi Cement Limited. Into M/s. Ultra Tech Cement Limited as per order of Honable High Court of Madhya Pradesh, Mumbai and Gujarat.

FIXED ASSETS

• Land
• Furniture and Fixtures
• Vehicles
• Motor Vehicles
• Computer Equipments
• Office 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. 54.09
UK Pound	1	Rs. 82.46
Euro	1	Rs. 70.49

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		27

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.