MIRA INFORM REPORT

Report Date :

05.10.2013

IDENTIFICATION DETAILS

Name :	FUELCO COAL INDIA LIMITED
Registered Office :	Fulwanti Palace, 926, Adeshpande Layout, Central Avenue, Nagpur-440008, Maharashtra
Country :	India
Financials (as on) :	31.03.2012 (Profit and Loss A/c)
Date of Incorporation :	10.08.2004
Com. Reg. No.:	11-147921
Capital Investment / Paid-up Capital :	Rs. 60.000 Millions
CIN No.: [Company Identification No.]	U10100MH2004PLC147921
TAN No.: [Tax Deduction & Collection Account No.]	NGPF00212C
PAN No.: [Permanent Account No.]	AAACF8231B
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Subject deals in Indigenous, Imported Steam Coal, Wash Coal, Liaisoning for Coal and Transportation.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Latest balance sheet of 2012 is not available with us. As per the available record, there appears a significant increase in the sales turnover but the profit margin seems to be low. However, financial position of the company is decent. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of the long standing experience of the promoters, the company can be considered 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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BB+
Rating Explanation	Moderate risk of default
Date	15.10.2012

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4+
Rating Explanation	Minimal degree of safety and very high credit
Date	15.10.2012

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.

INFORMATION DENIED BY

Name :	Mr. Maheshwari
Designation :	Accountant
Contact No.:	91-712-2770045
Date :	04.10.2013

LOCATIONS

Registered Office :	Fulwanti Palace, 926, Adeshpande Layout, Central Avenue, Nagpur-440008, Maharashtra, India
Tel. No.:	91-712-2770018/21/45/65/70
Fax No.:	91-712-2770088
E-Mail :	fuelcogroup@sify.com fuelcoindia@dataone.in
Website :	http://www.fuelcogroup.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Navlkishore Ganpatlal Agarwal

Designation :

Managing Director

Address :

Fulwanti Palace, 926/B, Deshpande Lay out, Central Avenue, Nagpur-440008, Maharashtra, India

Date of Birth/Age :

20.07.1960

Date of Appointment :

01.10.2009

DIN No.:

00548590

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	U99999MH1994PTC076273	SHRI SHYAM AGRO PRODUCTS PRIVATE LIMITED	Director	28/01/1994	28/01/1994	-	Active	NO
2	U40100MH2004PLC147537	FUELCO POWER AND MINING LIMITED	Director	16/07/2004	16/07/2004	-	Active	NO
3	U10100MH2004PLC147921	FUELCO COAL INDIA LIMITED	Managing director	01/10/2009	10/08/2004	-	Active	NO
4	U10200MH2004PLC147922	FUELCO WASHERIES (INDIA) LIMITED	Managing director	01/10/2009	10/08/2004	-	Active	NO
5	U27100MH2004PLC147926	FUELCO ISPAT (INDIA) LIMITED	Director	11/08/2004	11/08/2004	-	Active	NO
6	U51505WB2004PTC098070	VAIRAVI ELECTRICAL PRIVATE LIMITED	Director	28/09/2010	28/09/2010	-	Active	NO
7	U51909WB2004PTC098098	SAPHIRE MARKETING PRIVATE LIMITED	Director	28/09/2010	28/09/2010	-	Active	NO
8	U52390WB2010PTC143051	LIFELINE DEALTRADE PRIVATE LIMITED	Director	16/02/2012	16/02/2012	-	Active	NO
9	U51909WB1989PTC046647	SUMIT SALES AGENCY PRIVATE LIMITED	Director	16/02/2012	16/02/2012	-	Active	NO
10	U22110WB2004PTC100744	SIDHANT PRODEV PRIVATE LIMITED	Director	02/11/2012	02/11/2012	-	Active	NO
11	U51900WB2009PTC133588	ONKAR COMMODEAL PRIVATE LIMITED	Director	02/11/2012	02/11/2012	-	Active	NO

Name :

Mr. Kamalkishore Ganpatlal Agrawal

Designation :

Director

Address :

Fulwanti Palace, 926/B, Deshpande Lay out, Central Avenue, Nagpur-440008, Maharashtra, India

Date of Birth/Age :

20.08.1955

Date of Appointment :

10.08.2004

DIN No.:

00548514

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	U99999MH1994PTC076273	SHRI SHYAM AGRO PRODUCTS PRIVATE LIMITED	Director	28/01/1994	28/01/1994	-	Active	NO
2	U40100MH2004PLC147537	FUELCO POWER AND MINING LIMITED	Director	16/07/2004	16/07/2004	-	Active	NO
3	U10100MH2004PLC147921	FUELCO COAL INDIA LIMITED	Director	10/08/2004	10/08/2004	-	Active	NO
4	U10200MH2004PLC147922	FUELCO WASHERIES (INDIA) LIMITED	Director	10/08/2004	10/08/2004	-	Active	NO
5	U27100MH2004PLC147926	FUELCO ISPAT (INDIA) LIMITED	Director	11/08/2004	11/08/2004	-	Active	NO
6	U63013MH2008PTC182418	CICAL EXPORTS PRIVATE LIMITED	Director	19/05/2008	19/05/2008	-	Active	NO
7	U26900MH2009PTC197592	FUEL CORPORATION OF INDIA PRIVATE LIMITED	Managing director	04/12/2009	04/12/2009	-	Active	NO
8	U10300MH2012PLC235770	FUELCOAL CORPORATION INDIA LIMITED	Director	14/09/2012	14/09/2012	-	Active	NO

Name :

Mrs. Sarojdevi Navlkishore Agrawal

Designation :

Director

Address :

Fulwanti Palace, 926/B, Deshpande Lay out, Central Avenue, Nagpur-440008, Maharashtra, India

Date of Birth/Age :

10.09.1963

Date of Appointment :

01.04.2009

DIN No.:

01435420

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	U27100MH2004PLC147926	FUELCO ISPAT (INDIA) LIMITED	Director	15/02/2007	15/02/2007	-	Active	NO
2	U99999MH1994PTC076273	SHRI SHYAM AGRO PRODUCTS PRIVATE LIMITED	Director	15/02/2007	15/02/2007	-	Active	NO
3	U10200MH2004PLC147922	FUELCO WASHERIES (INDIA) LIMITED	Director	15/02/2007	15/02/2007	-	Active	NO
4	U40100MH2004PLC147537	FUELCO POWER AND MINING LIMITED	Director	15/02/2007	15/02/2007	-	Active	NO
5	U10100MH2004PLC147921	FUELCO COAL INDIA LIMITED	Whole-time director	01/04/2009	15/02/2007	-	Active	NO
6	U51909WB2004PTC098098	SAPHIRE MARKETING PRIVATE LIMITED	Director	28/09/2010	28/09/2010	31/12/2012	Active	NO
7	U51505WB2004PTC098070	VAIRAVI ELECTRICAL PRIVATE LIMITED	Director	28/09/2010	28/09/2010	31/12/2012	Active	NO
8	U52390WB2010PTC143051	LIFELINE DEALTRADE PRIVATE LIMITED	Director	16/02/2012	16/02/2012	-	Active	NO
9	U52100WB2010PTC144927	VICTOR TRADECOMM PRIVATE LIMITED	Director	16/02/2012	16/02/2012	-	Active	NO
10	U22110WB2004PTC100744	SIDHANT PRODEV PRIVATE LIMITED	Director	02/11/2012	02/11/2012	31/12/2012	Active	NO
11	U51900WB2009PTC133588	ONKAR COMMODEAL PRIVATE LIMITED	Director	02/11/2012	02/11/2012	31/12/2012	Active	NO

Name :

Mr. Satram Lokumal Keswani

Designation :

Director

Address :

House No. E 44, Sector 44, Noida-201303, Uttar Pradesh, India

Date of Birth/Age :

28.04.1932

Date of Appointment :

15.02.2007

DIN No.:

00190790

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	L85191UP1972PLC003545	KASHIPUR SUGAR MILLS LIMITED	Director	10/01/1973	10/01/1973	-	Under liquidation	NO
2	U74899DL1974PTC007533	CHEMPROJECT CONSULTING PRIVATE LIMITED	Managing director	22/11/1974	22/11/1974	-	Active	NO
3	L27109HR1980PLC010724	PRAKASH INDUSTRIES LIMITED	Director	30/10/1980	30/10/1980	-	Active	NO
4	U74899DL1974PTC007313	CHEMCON FABRICATORS (DELHI) PRIVATE LIMITED	Director	28/01/1983	28/01/1983	-	Active	NO
5	U74899DL1992PTC048649	AEN ASSOCIATES PRIVATE LIMITED	Director	06/05/1992	06/05/1992	-	Active	NO
6	U21011UR1985PLC007433	KHATEMA FIBRES LIMITED	Director	15/09/1995	15/09/1995	30/04/2013	Active	NO
7	U21012UR1988PLC009679	CHEEMA PAPERS LIMITED	Director	20/05/1996	20/05/1996	28/12/2009	Active	NO
8	L21010MH1993PLC071683	SAFFRON INDUSTRIES LIMITED	Director	09/08/2001	09/08/2001	01/11/2009	Active	NO
9	U40100MH2004PLC147537	FUELCO POWER AND MINING LIMITED	Director	15/02/2007	15/02/2007	-	Active	NO
10	U10200MH2004PLC147922	FUELCO WASHERIES (INDIA) LIMITED	Director	15/02/2007	15/02/2007	-	Active	NO
11	U10100MH2004PLC147921	FUELCO COAL INDIA LIMITED	Director	15/02/2007	15/02/2007	-	Active	NO
12	U27100MH2004PLC147926	FUELCO ISPAT (INDIA) LIMITED	Director	15/02/2007	15/02/2007	-	Active	NO
13	L72100DL1972PLC005971	PERFECTPAC LIMITED	Director	29/09/2008	30/01/2008	-	Active	NO

Name :

Mr. Anshul Agrawal

Designation :

Director

Address :

Fulwanti Palace, 926/B, Deshpande Lay out, Central Avenue, Nagpur-440008, Maharashtra, India

Date of Birth/Age :

30.12.1990

Date of Appointment :

01.10.2010

DIN No,:

03273673

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	U27100MH2004PLC147926	FUELCO ISPAT (INDIA) LIMITED	Director	01/10/2010	01/10/2010	-	Active	NO
2	U10100MH2004PLC147921	FUELCO COAL INDIA LIMITED	Director	01/10/2010	01/10/2010	-	Active	NO
3	U40100MH2004PLC147537	FUELCO POWER AND MINING LIMITED	Director	01/10/2010	01/10/2010	-	Active	NO
4	U10200MH2004PLC147922	FUELCO WASHERIES (INDIA) LIMITED	Director	01/10/2010	01/10/2010	-	Active	NO
5	U99999MH1994PTC076273	SHRI SHYAM AGRO PRODUCTS PRIVATE LIMITED	Director	01/10/2010	01/10/2010	-	Active	NO
6	U52100WB2010PTC144927	VICTOR TRADECOMM PRIVATE LIMITED	Director	16/02/2012	16/02/2012	-	Active	NO
7	U51909WB1989PTC046647	SUMIT SALES AGENCY PRIVATE LIMITED	Director	16/02/2012	16/02/2012	-	Active	NO
8	U51505WB2004PTC098070	VAIRAVI ELECTRICAL PRIVATE LIMITED	Director	31/12/2012	31/12/2012	-	Active	NO
9	U22110WB2004PTC100744	SIDHANT PRODEV PRIVATE LIMITED	Director	31/12/2012	31/12/2012	-	Active	NO
10	U51909WB2004PTC098098	SAPHIRE MARKETING PRIVATE LIMITED	Director	31/12/2012	31/12/2012	-	Active	NO
11	U51900WB2009PTC133588	ONKAR COMMODEAL PRIVATE LIMITED	Director	31/12/2012	31/12/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Maheshwari
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders	No. of Shares
Navalkishore Agrawal	584000
Kamalkishore Agrawal	1000
Jugalkishore Agrawal	1000
Anshul Agrawal	1000
Chhayadevi Agrawal	1000
Sarojdevi Agrawal	267500
Savitadevi Agrawal	1000
Navalkishor Agrawal(Shree Shyam Coal Services- Proprietor)	1300000
Sarojdevi Agrawal (Propreitor Anshul Infrastructure)	1000000
Onkar Commodeal Private Limited, India	2843500
Total	6000000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	47.39
Directors or relatives of Directors	52.61
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject deals in Indigenous, Imported Steam Coal, Wash Coal, Liaisoning for Coal and Transportation.

Products :

Product Description	ITC Code
Bitumonous Coal	27011200

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai – 400021, Maharashtra, India

· State Bank of India, Sevasadan Branch, Central Avenue, Nagpur-440008, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Working Capital Loan from bank	76.069	67.665
Total	76.069	67.665

Banking Relations :	--
Auditors :
Name :	Mr. Pradeep Bagadia Chartered Accountant
Address :	Fawara Chowk, Gandhibag, Nagpur-440002, Maharashtra, India
PAN No.:	ABBPB5772E
Related Parties :	· Fuelco Ispat (India) Limited · Fuelco Power and Mining Limited · Fuelco Washeries (India) Limited · Shree Shyam Coal Services · Shree Shyam Agro Products · Anshul Infrastructure

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs. 10/- each	Rs. 60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs. 10/- each	Rs. 60.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital60.000		60.000	31.565
2] Share Application Money		1.039	0.000
3] Reserves & Surplus		92.905	33.943
4] (Accumulated Losses)		0.000	0.000
NETWORTH		153.944	65.508
LOAN FUNDS
1] Secured Loans		76.069	67.665
2] Unsecured Loans		42.368	56.199
TOTAL BORROWING		118.437	123.864
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		272.381	189.372
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.830	2.038
Capital work-in-progress		0.000	0.000
INVESTMENT		13.123	1.717
DEFERRED TAX ASSETS		0.129	0.115
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.442	5.177
	Sundry Debtors	291.463	130.667
	Cash & Bank Balances	1.284	0.912
	Other Current Assets	0.000	0.000
	Loans & Advances	92.943	68.275
Total Current Assets		395.132	205.031
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	131.462	12.398
	Other Current Liabilities	0.000	0.000
	Provisions	7.458	7.330
Total Current Liabilities		138.920	19.728
Net Current Assets		256.212	185.303
MISCELLANEOUS EXPENSES		0.087	0.199
TOTAL		272.381	189.372

Note: Balance sheet for the year 2012 is not available only Profit and Loss A/c is available.

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1500.836	918.524	536.759
		Other Income	1.579	0.307	0.030
		TOTAL (A)	1502.415	918.831	536.789
Less	EXPENSES
		Purchases of stock-in-trade	1416.034	628.486
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(147.044)	(4.264)
		Employee benefit expense	4.812	4.254
		Other expenses	186.164	268.912
		TOTAL (B)	1459.966	897.388	522.305
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		42.449	21.443	14.484
Less	FINANCIAL EXPENSES (D)		32.811	12.773	7.318
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.638	8.670	7.166
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.742	0.554	0.184
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		8.896	8.116	6.982
Less	TAX (H)		2.606	2.508	2.336
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		6.290	5.608	4.646
	Earnings Per Share (Rs.)		1.05	0.93	1.47

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.42	0.61	0.87
Net Profit Margin (PBT/Sales)	(%)	0.59	0.88	1.30
Return on Total Assets (PBT/Total Assets}	(%)	NA	2.04	3.37
Return on Investment (ROI) (PBT/Networth)		NA	0.05	0.11
Debt Equity Ratio (Total Debt /Networth)		NA	0.77	1.89
Current Ratio (Current Asset/Current Liability)		NA	0.84	10.39

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	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	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	No

UNSECURED LOANS:

Particulars	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Loans from directors	42.368	56.199
Total	42.368	56.199

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10358330	26/04/2012	30,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38 A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B40687386
2	10151477	16/06/2011 *	700,000,000.00	STATE BANK OF INDIA	HINGNA INDUSTRIAL ESTATE (NAGPUR) BRANCH, MIDC A REA, PLOT NO. X - 43, NAGPUR, Maharashtra - 440016, INDIA	B16988883

* Date of modification charge

FIXED ASSETS:

· Computer

· Furniture and Fixture

· Mobile Handset

· Invertors

· Air Conditioner

· Water Purifier

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. 61.40
UK Pound	1	Rs. 99.29
Euro	1	Rs. 83.68

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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.