MIRA INFORM REPORT

Report Date :

23.05.2013

IDENTIFICATION DETAILS

Name :	RAVI TECHNOFORGE PRIVATE LIMITED (w.e.f.19.05.2009)
Formerly Known As :	SAURASHTRA IRON FORGING PRIVATE LIMITED
Registered Office :	S. No. 50P/1, Behind Toll Plaza, National Highway-27, Village Pipaliya, Taluka Kotda Sangani, Gondal - 360311, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.02.1990
Com. Reg. No.:	04-013398
Capital Investment / Paid-up Capital :	Rs. 244.915 Millions
CIN No.: [Company Identification No.]	U27100GJ1990PTC013398
TAN No.: [Tax Deduction & Collection Account No.]	RKTS01189G
PAN No.: [Permanent Account No.]	AADCS1608N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Bearing Races, Auto Parts and Other Forged Components with CNC Finished Turning.
No. of Employees :	225 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 1425000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company a moderate track record. Mr. Alpesh from the accounts department has provided all information to us. The reserves appear to be still improving. There appears sharp dip in the profitability during 2012. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term rating : BB-
Rating Explanation	Moderate risk of default
Date	April 2013

Rating Agency Name	ICRA
Rating	Short term rating : A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	April 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.

INFORMATION PARTED BY

Name :	Mr. Alpesh
Designation :	Accounts Department
Contact No.:	91-2827-270425
Date :	22.05.2013

LOCATIONS

Registered Office/ Factory 1 :	S. No. 50P/1, Behind Toll Plaza, National Highway-27, Village Pipaliya, Taluka Kotda Sangani, Gondal - 360311, Gujarat, India
Tel. No.:	91-2827-270425/ 26
Fax. No.:	91-2827-252894
E-Mail :	info@ravitechnoforge.com info@sif-india.com chetan.gandhi@ravitechnoforge.com alpesh@vaviteshnoforge.com
Website :	www.ravitechnoforge.com
Location :	Owned
Branch Office/ Factory 2 :	Survey No. 211, Plot No. 7/8, Veraval (Sharpar) Industrial Area, Rajkot Gondal Highway, Rajkot – 360024, Gujarat, India
Tel. No.:	91-2827-252193/ 252194/ 252463
Fax No.:	91-2827-252894
E-Mail :	info@ravitechnoforge.com info@sif-india.com chetan.gandhi@ravitechnoforge.com
Location :	Owned

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Amrutlal Khimjibhai Bharadia

Designation :

Whole-time director

Address :

Ronak, 6, Ashtron Society, Plot - 131, Rajkot, Gujarat, India

Date of Birth/Age :

17.10.1951

Date of Appointment :

20.09.2011

PAN No.:

ABPPB8021J

DIN No.:

00279153

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	U27100GJ1990PTC013398	RAVI TECHNOFORGE PRIVATE LIMITED	Whole-time director	20/09/2011	22/02/1990	Active	NO

Name :

Mrs. Ranjanben Amrutlal Bharadia

Designation :

Whole-time director

Address :

Ronak, 6 Ashtron Society, Plot No. 131, Rajkot, Gujarat, India

Date of Birth/Age :

26.10.1954

Date of Appointment :

20.09.2011

PAN No.:

ABPPB8083J

DIN No.:

00371426

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	U27100GJ1990PTC013398	RAVI TECHNOFORGE PRIVATE LIMITED	Whole-time director	20/09/2011	10/04/2004	Active	NO

Name :

Mr. Rajeshkumar Khimjibhai Bharadia

Designation :

Whole-time director

Address :

Raj, 138-Ashtron Society, Rajkot – 360001, Gujarat, India

Date of Birth/Age :

23.11.1973

Date of Appointment :

20.09.2011

PAN No.:

ABTPB8591M

DIN No.:

02016210

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	U27100GJ1990PTC013398	RAVI TECHNOFORGE PRIVATE LIMITED	Whole-time director	20/09/2011	31/01/2008	Active	NO

Name :

Mrs. Kunjanben Rajeshkumar Bharadia

Designation :

Whole-time director

Address :

138, Ashtron Society, Road - 5, Near Kalawad Road, Rajkot - 360005, Gujarat, India

Date of Birth/Age :

01.06.1976

Date of Appointment :

20.09.2011

PAN No.:

ACDPB3678E

DIN No.:

02081240

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	U27100GJ1990PTC013398	RAVI TECHNOFORGE PRIVATE LIMITED	Whole-time director	20/09/2011	31/01/2008	Active	NO

Name :

Senthilarumugam Thiruvadi

Designation :

Nominee Director

Address :

A3, 313 Sneha Apartment Gadavari Block, National Games Village, Karamangala, Bangalore – 560047, Karnataka, India

Date of Birth/Age :

23.02.1956

Date of Appointment :

27.12.2011

DIN No.:

03431263

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	U85110KA1995PLC017248	CANBANK VENTURE CAPITAL FUND LIMITED	Managing director	18/02/2011	18/02/2011	-	Active	NO
2	U27200MH2000PLC126598	COLOUR ROOF (INDIA) LIMITED	Nominee director	24/02/2011	24/02/2011	-	Active	NO
3	U31108DL2006PTC152517	ASIATIC ELECTRICAL AND SWITCHGEAR PRIVATE LIMITED	Nominee director	24/02/2011	24/02/2011	09/04/2012	Active	NO
4	U24299KL1994PLC007681	MERCHEM LIMITED	Nominee director	24/02/2011	24/02/2011	24/05/2012	Active	NO
5	U72200KA2001PTC028959	VINYAS INNOVATIVE TECHNOLOGIES PRIVATE LIMITED	Nominee director	20/08/2011	20/08/2011	-	Active	NO
6	U27100GJ1990PTC013398	RAVI TECHNOFORGE PRIVATE LIMITED	Nominee director	27/12/2011	27/12/2011	-	Active	NO
7	U85110AS1985PLC002447	G N R C LIMITED	Nominee director	22/05/2012	22/05/2012	-	Active	NO
8	U18101KA2002PLC030185	SCOTTS GARMENTS LIMITED	Nominee director	08/12/2012	08/12/2012	-	Active	NO
9	U13101GJ1994PLC067515	ASHAPURA GARMENTS LIMITED	Nominee director	20/12/2012	20/12/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Alpesh
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Equity Shareholders	No. of Shares
Amrutlal K Bharadia	880264
Shantilal Baradia	22600
Jagdish Bharadia	141100
Rajeshbhai Bharadia	2825441
Rajanben Amrutlal Bharadia	1139962
Hansaben Bharadia	75000
Chandrika Valambia	7000
Ranmalbhai Khunti	12250
Mahendrabhai Dasani	7000
Ratilal G. Panchasara	10500
Narendra Valambia	10500
Harishbhai Vaghadia	7000
Kunjanben Bharadia	1417107
Amrutlal K Bharadia - HUF	238072
Anjali Bharadia	180500
Anitaben Bharaqdia	73315
Chandravadan Gajjar	50002
Harkant Popatlal Anadkat	45001
Kirtiben V. Vadgama	16300
Vasumatiben Vadgama	20002
Vimalbhai Vadgama	30052
Kishorbhai Khambhayata	184000
Ramniklal Shamji Bakrania	10001
Hemantlal K. Bakranla	1
Kishorbhai H. Bokranla	1
Vrajlal Govindbhai Kharecha	125001
Manojbhai Vadilal Gandhi	1
Ishwarlal J. Jogani	1
Jeevanlal J Jagani	1
Dhirajlal G Hirapara	250001
Jitendra G. Hirapara	125000
Canbank Venure Capital Fund Limited, India	415944
Total	8318920

Names of Preference Shareholders	No. of Shares
Vakil Yadav	1052530
Deepak Davde	659750
Naresh Sonar	500200
Canbank Venure Capital Fund Limited, India	13960140
Total	16172620

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Venture Capital	5.00
Directors or relatives of directors	82.30
Other top fifty shareholders	12.70
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Bearing Races, Auto Parts and Other Forged Components with CNC Finished Turning.

Products :

ITC Code	Product Descriptions
73261990	Forged Bearing Rings
84829900	Turned Bearing Rings
84829900	Heat Treated Rings

Exports :

Products :

Finished Goods

Countries :

Ø France

Ø USA

Imports :

Products :

Raw Material

Countries :

Ø China

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Forged Races	Nos.	4800000	6685843
Turned Races	Nos.		5919133
Heat Treated Rings	Nos.		1423

GENERAL INFORMATION

Customers :

Manufacturing Company

No. of Employees :

225 (Approximately)

Bankers :

Ø Bank of India, Bhakti Nagar (SSI), 7/11, Bhaktinagar Station Plot, Rajkot – 360002, Gujarat, India [Tel No.: 91-281-2461582]

Ø HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term loans from banks	247.688	200.861
Term loans from others	1.798	0.000
Other loans and advances	20.022	30.495
Foreign currency term loans from banks	77.307	31.469
Rupee term loans from others	122.825	120.787
Total	469.640	383.612

Banking Relations :	--
Auditors :
Name :	Ranpura Desai and Company Chartered Accountants
Address :	Star Avenue, 1st Floor, Dr Radhakrishnan Road, Opposite Rajkumar College, Rajkot – 360001, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAAAA0000A

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs. 10/- each	Rs. 110.000 Millions
16500000	Preference Shares	Rs. 10/- each	Rs. 165.000 Millions
	Total		Rs. 275.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8318920	Equity Shares	Rs. 10/- each	Rs. 83.189 Millions
16172620	Preference Shares	Rs. 10/- each	Rs. 161.726 Millions
	Total		Rs. 244.915 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		244.915	101.155	62.877
2] Share Application Money		0.000	0.000	2.800
3] Reserves & Surplus		111.455	94.015	52.150
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		356.370	195.170	117.827
LOAN FUNDS
1] Secured Loans		469.640	383.612	235.809
2] Unsecured Loans		17.071	2.091	10.078
TOTAL BORROWING		486.711	385.703	245.887
DEFERRED TAX LIABILITIES		9.922	2.313	2.402
TOTAL		853.003	583.186	366.116
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		390.953	203.497	165.309
Capital work-in-progress		492.885	88.168	39.479
INVESTMENT		1.476	1.482	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	140.854	131.680	80.177
	Sundry Debtors	185.969	189.980	143.790
	Cash & Bank Balances	0.775	0.165	0.485
	Other Current Assets	65.423	25.625	4.705
	Loans & Advances	82.393	143.217	24.697
Total Current Assets		475.414	490.667	253.854
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	122.255	137.846	80.165
	Other Current Liabilities	375.874	54.994	13.648
	Provisions	9.596	7.788	1.785
Total Current Liabilities		507.725	200.628	95.598
Net Current Assets		(32.311)	290.039	158.256
MISCELLANEOUS EXPENSES		0.000	0.000	3.072
TOTAL		853.003	583.186	366.116

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	702.195	637.092	259.596
		Other Income	12.204	8.174	10.812
		TOTAL (A)	714.399	645.266	270.408
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	608.992	543.684	215.794
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		105.407	101.582	54.614
Less	FINANCIAL EXPENSES (D)		47.470	30.294	27.479
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		57.937	71.288	27.135
Less/ Add	DEPRECIATION/ AMORTISATION (F)		32.696	23.385	22.213
	PROFIT BEFORE TAX (E-F) (G)		25.241	47.903	4.922
Less	TAX (H)		10.509	15.261	1.864
	PROFIT AFTER TAX (G-H) (I)		14.732	32.642	3.058
	EARNINGS IN FOREIGN CURRENCY
		Fob Value of Exports	Euro - 3088000.45 USD - 120649.39	Euro – 3196060.49 USD – 79470.80	Euro – 7506 USD - 375934
	IMPORTS
		Raw Materials	Euro – 172900 Euro – 155000 USD - 15353	Euro – 174351.34 USD – 4531.84	Euro – 18420 USD – 43124.74
	Earnings Per Share (Rs.)		0.60	3.23	0.49

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.06	5.06	1.13
Net Profit Margin (PBT/Sales)	(%)	3.59	7.52	1.90
Return on Total Assets (PBT/Total Assets}	(%)	2.91	6.90	1.17
Return on Investment (ROI) (PBT/Networth)		0.07	0.25	0.04
Debt Equity Ratio (Total Debt/Networth)		1.37	1.98	2.09
Current Ratio (Current Asset/Current Liability)		0.94	2.45	2.66

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans and advances from related parties	7.893	2.091
Other loans and advances	9.178	0.000
Total	17.071	2.091

Note:

The registered office of the company has been shifted from Survey No. 211, Plot No. 7/8, Veraval (Sharpar) Industrial Area, Rajkot Gondal Highway, Rajkot – 360024, Gujarat, India to present address w.e.f.29.09.2012

REVIEW OF OPERATION:

During the year, the company achieved remarkable growth and achieved overall gross turnover of Rs. 746.459 Millions including export sales of Rs 243.128 Millions as compared to corresponding previous year's gross turnover of Rs. 686.084 Millions including export sales of Rs 195.779 Millions. Likewise, total profit before depreciation, taxation and other items was Rs. 104.405 Millions as compared to Rs. 101.502 Millions in the corresponding period of previous year, and Net Profit before and after taxation was Rs. 25.241 Millions and 14.732 Millions respectively as compared to Rs 47.903 Millions and Rs 32.642 Millions respectively for the corresponding period of previous year. The Board of Directors expects further increase in the sales and profitability of the Company in the year to come.

FINANCIAL REVIEW:

As Members are aware, the company during the year, in order to meet the increasing requirement of funds to cope with expansion program, increased the authorized capital upto Rs. 275.000 Millions and paid up capital upto Rs. 244.900 Millions. The company has entered into Share Subscription cum Shareholders Agreement with Canbank Venture Capital Fund Limited [CVCFL] for equity participation on 9th December, 2011 and accordingly issued and allotted 415,944 Equity Shares of Rs. 10.00 each at a premium of Rs. 15.00 each AND 139,60,140, 12.5% Coupon bearing Optionally Convertible Cumulative Preference Shares of Rs. 10/- each, both on 27th December, 2011.

EXPANSION DETAILS

The company has started functioning at new factory located at Survey No. 50/P, B/h Toll Plaza, Rajkot Gondal N.H. 27, Village Pipaliya, Tal : Gondal, District Rajkot from the month of October, 2011. The company is in progress of fulfilling production and sales schedules from time to time. During the year, the company achieved remarkable growth in terms of sales and profitability, despite of timing loss in shifting Plant and Machinery and production schedule involved in shifting of the factory at new site at Pipaliya. The Directors are confident that the company shall perform to the best of its capacity in the year to come.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27100GJ1990PTC013398
Name of the company	RAVI TECHNOFORGE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	S. No. 50P/1, Behind Toll Plaza, National Highway-27, Village Pipaliya, Taluka Kotda Sangani, Gondal - 360311, Gujarat Email: info@ravitechnoforge.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge) Others [Vehicle Loan]
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India Email: cpu-retailassetoperations.rocefiling@hdfcbank.com CIN No.: L65920MH1994PLC080618
Nature of description of the instrument creating or modifying the charge	Agreement for Loan and Guarantee-LAN - 23491397
Date of instrument Creating the charge	30.01.2013
Amount secured by the charge	Rs. 1.260 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As may be prescribed by the bank. Terms of Repayment 36 Equal Monthly Installment of Rs. 0.042 Million commencing from 05th March, 2013 Margin Not Applicable Extent and Operation of the charge The Charge shall remain in operation till the full repayment of all outstanding dues to the Bank against vehicle Loan [Refinance] of Rs. 1.260 Millions, covered under three vehicles Others Nature of Facility : Vehicle Loan Details of vehicle : SML 15 ISUZU, Model No. ZT -54 Bus
Short particulars of the property charged	Hypothecation of Vehicle : SML 15 ISUZU, Model No. ZT -54 Bus

FIXED ASSETS:

Ø Land

Ø Buildings

Ø Office building

Ø Factory building

Ø Plant and equipment

Ø Other plant and equipment

Ø Furniture and fixtures

Ø Vehicles

Ø Motor vehicles

Ø Office equipment

Ø Computer 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 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. 55.52
UK Pound	1	Rs. 84.09
Euro	1	Rs. 71.67

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.