MIRA INFORM REPORT

Report Date :

21.10.2013

IDENTIFICATION DETAILS

Name :	ALTECH ALLOYS INDIA PRIVATE LIMITED
Registered Office :	A-83/2, Phase – I, MIDC Kagal, Hathknangale, At Post Halsawade, District Kolhapur – 416216, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.04.2005
Com. Reg. No.:	25-020618
Capital Investment / Paid-up Capital :	Rs. 9.355 Millions
CIN No.: [Company Identification No.]	U27203PN2005PTC020618
TAN No.: [Tax Deduction & Collection Account No.]	KLPA01603A
PAN No.: [Permanent Account No.]	AAFCA2178K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Non-Ferrous and Castings Metals.
No. of Employees :	70 (Approximately)

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 93000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears drastic dip in profit of the company during financial year 2012. External borrowing of the company seems to be huge. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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.

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.

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. Shinde
Designation :	Sales Co-ordinate
Contact No.:	91-9922445441
Date :	19.10.2013

LOCATIONS

Registered Office :	A-83/2, Phase – I, MIDC Kagal, Hathknangale, At Post Halsawade, District Kolhapur – 416216, Maharashtra, India
Tel. No.:	91-231-2305054
Mobile No.:	91-9922445441 (Mr. Shinde)
Fax No.:	91-231-2305053
E-Mail :	altechalloys@yahoo.co.in accounts@altechalloys.in milikul@rediffmail.com marketing@altechalloys.com
Website :	http://www.altechalloys.com
Location :	Owned
Factory :	D-121, MIDC Kagal-Hatkanangale Industrial Area, Kolhapur – 416216, Maharashtra, India
Location :	Owned

DIRECTORS

As on: 29.09.2012

Name :	Mr. Sanjeev Purushottam Tungatkar
Designation :	Director
Address :	C-5, Jayant Residency Mali Colony, Takala, Kolhapur – 416008, Maharashtra, India
Date of Birth/Age :	13.04.1962
Date of Appointment :	25.04.2005
DIN No.:	00006770
Name :	Mr. Uday Bhaskar Thite
Designation :	Director
Address :	CC-S-553/1, Flat No.G-1, Narayan Vihar R Ajendra Nagar, Kolhapur – 416004, Maharashtra, India
Date of Birth/Age :	29.09.1954
Date of Appointment :	25.04.2005
DIN No.:	00006773
Name :	Mr. Satish Ravaji Kadukar
Designation :	Director
Address :	F/4, Narayan Vihar Opposite Water Tank, Rajendra Nagar, Kolhapur – 416004, Maharashtra, India
Date of Birth/Age :	16.03.1969
Date of Appointment :	25.04.2005
DIN No.:	00006764
Name :	Mr. Vilas Balasaheb Jadhav
Designation :	Director
Address :	Flat No.G-1, Shrikrupa Apartment, Plot No.46, Rajendra Kolhapur – 416004, Maharashtra, India
Date of Birth/Age :	31.03.1956
Date of Appointment :	25.04.2005
DIN No.:	00008086
Name :	Mr. Gajanan Ravaji Kadukar
Designation :	Director
Address :	383/E, Sushila Apartment, Rajarampuri, 12^th Lane, Kolhapur – 416008, Maharashtra, India
Date of Birth/Age :	14.09.1961
Date of Appointment :	25.04.2005
DIN No.:	00006775
Name :	Mr. Pradeep Balkrishna Tendulkar
Designation :	Additional Director
Address :	17/243/B, Sainandan Park, Near Rama Udyan, Miraj – 416410, Maharashtra, India
Date of Birth/Age :	01.02.1967
Date of Appointment :	06.12.2010
DIN No.:	03263480

KEY EXECUTIVES

Name :	Mr. Shinde
Designation :	Sales Co-ordinate

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Uday Thite	185124
Sanjeev Tungatkar	185121
Satish Kadukar	151469
Vilas Jadhav	151467
Gajanan Kadukar	168299
Rajendra Rajguru	1
Asha Gund	3
Sushila Thakkar	3
Lata Purandare	2
Sunanda Khare	2
Snehmaee Bhonde	1
Vivekanand Kulkarni	300
Balkrishna Tungatkar	1
Swati Awate	1
Mona Joshi	1
Nalini Nene	1
Rajeshkumar Khare	1
Sanjiwani Avchat	1
Vasant P. Tapaswi	1
Vaishali Tapaswi	1
Pradeep Tendulkar	93530
Narhari Kamat	150
Total	934580

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of directors	99.96
Other top fifty shareholders	0.04
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Non-Ferrous and Castings Metals.
Exports :
Products :	Non-Ferrous and Castings Metals
Countries :	USA
Imports :
Products :	Raw Materials
Countries :	China Gulf Country
Terms :
Selling :	Depends
Purchasing :	Advance

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Licensed Capacity	Installed Capacity	Actual Production Qty. (Nos.)
Hot-top Division
Altech Ladle 40 Kg.T	Not Available	Not Ascertained	7377
Altech Sleeve S-12 O.E. 50	Not Available	Not Ascertained	9552
Altech Sleeve 50x80 B.I.	Not Available	Not Ascertained	71616
Altech Sleeve 50x125 F.I.	Not Available	Not Ascertained	43695
Alluminium Foundry Division
Lub Oil Sump Casting	Not Available	Not Ascertained	425
Adapter Oil Pan	Not Available	Not Ascertained	448
Lub Oil Cooler Cover	Not Available	Not Ascertained	25
Head Oil Filter	Not Available	Not Ascertained	117
Hexa Division
Hexachlorethane (Kg)	Not Available	Not Ascertained	381936

GENERAL INFORMATION

Customers :

• Ashapura Casting
• Bharat Earth Movers Limited
• Business Combine Limited
• Ceraflux India Private Limited
• Jai Metal Tech
• Kolhapur Steel Limited
• Kirloskar Oil Engines Limited
• Mantri Autocast
• Mayura Steel Private Limited - II
• Mayura Steel Private Limited - III
• Mutha Founders Private Limited
• Shriram Foundry Limited
• Sound Casting Private Limited
• Sound Casting Private Limited-II
• Super Craft Foundry

No. of Employees :

70 (Approximately)

Bankers :

· Janata Sahakari Bank Limited, Kolhapur Branch, 1436, C Ward Laxmipuri, Kolhapur - 416002, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long term borrowings
Term loans from banks	70.259	27.172
Short term borrowings
From banks cash credit	41.261	23.657
Loans and advance form other	2.440	0.000
Total	113.960	50.829

Banking Relations :	--
Auditors :
Name :	K G B and J Associates Chartered Accountants
Address :	103, 1^st Floor, Kalpataru Plaza 1086/A, E Ward, Opposite Hemkiran Desel, Rajaram Road, Kolhapur – 416001, Maharashtra, India
PAN No.:	AABFG2326E

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
935480	Equity Shares	Rs.10/- each	Rs. 9.355 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.355	9.353
(b) Reserves & Surplus	13.966	13.188
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	23.321	22.541
(3) Non-Current Liabilities
(a) long-term borrowings	81.931	37.279
(b) Deferred tax liabilities (Net)	2.144	1.956
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	84.075	39.235
(4) Current Liabilities
(a) Short term borrowings	43.701	23.657
(b) Trade payables	20.780	7.358
(c) Other current liabilities	27.491	17.526
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	91.972	48.541
TOTAL	199.368	110.317
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	135.651	33.621
(ii) Intangible Assets	0.206	0.000
(iii) Capital work-in-progress	0.000	27.885
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.000	0.625
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3.127	2.804
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	139.984	64.935
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	25.581	12.896
(c) Trade receivables	25.478	15.690
(d) Cash and cash equivalents	1.129	1.104
(e) Short-term loans and advances	6.964	15.571
(f) Other current assets	0.232	0.121
Total Current Assets	59.384	45.382
TOTAL	199.368	110.317

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		8.418
2] Share Application Money		0.000
3] Reserves & Surplus		6.288
4] (Accumulated Losses)		0.000
NETWORTH		14.706
LOAN FUNDS
1] Secured Loans		19.533
2] Unsecured Loans		2.878
TOTAL BORROWING		22.411
DEFERRED TAX LIABILITIES		1.473
TOTAL		38.590
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.522
Capital work-in-progress		0.000
INVESTMENT		0.500
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.254
	Sundry Debtors	9.826
	Cash & Bank Balances	0.880
	Other Current Assets	0.000
	Loans & Advances	10.681
Total Current Assets		28.641
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	9.267
	Other Current Liabilities	1.293
	Provisions	3.513
Total Current Liabilities		14.073
Net Current Assets		14.568
MISCELLANEOUS EXPENSES		0.000
TOTAL		38.590

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	101.723	92.451	54.440
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	97.755	82.736	47.677
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION)		3.968	9.715	6.763
Less/ Add	DEPRECIATION/ AMORTISATION		2.983	1.215	1.103
	PROFIT AFTER DEPRECIATION		0.985	8.500	5.660
Less	PRELIMINARY EXPENSES WRITTEN OFF		0.000	0.000	0.005
	PROFIT BEFORE TAX		0.985	8.500	5.655
Less	TAX		0.208	2.800	1.791
	PROFIT AFTER TAX		0.777	5.700	3.864
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.100	0.400	0.536
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	6.000	4.000
	BALANCE CARRIED TO THE B/S		NA	0.100	0.400
	EARNINGS IN FOREIGN CURRENCY		0.000	0.000	2.784
	IMPORTS
		Raw Materials	0.000	0.000	21.922
		Resale	0.000	0.000	5.124
	TOTAL IMPORTS		0.000	0.000	27.046
	Earnings Per Share (Rs.)		0.84	6.09	6.09

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.76	6.17	7.10
Return on Total Assets (PBT/Total Assets}	(%)	0.50	10.40	10.84
Return on Investment (ROI) (PBT/Networth)		0.04	0.38	0.39
Debt Equity Ratio (Total Debt/Networth)		5.39	2.71	1.52
Current Ratio (Current Asset/Current Liability)		0.65	0.93	2.03

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

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Long term borrowings
Loans and advance from shareholders	11.672	10.107
Total	11.672	10.107

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10441179	12/07/2013	2,200,000.00	JANATA SAHAKARI BANK LIMITED	KOLHAPUR BRANCH, 1436, C WARD, LAXMIPURI, KOLHAPUR, MAHARASHTRA - 416002, INDIA	B81252736
2	10441182	12/07/2013	3,700,000.00	JANATA SAHAKARI BANK LIMITED	KOLHAPUR BRANCH, 1436, C WARD, LAXMIPURI, KOLHAPUR, MAHARASHTRA - 416002, INDIA	B81253791
3	10394850	29/11/2012	9,000,000.00	JANATA SAHAKARI BANK LIMITED PUNE	KOLHAPUR BRANCH, 1436, C WARD, LAXMIPURIK, KOLHAPUR, MAHARASHTRA - 416002, INDIA	B65122608
4	10367862	13/07/2012	10,000,000.00	JANATA SAHAKARI BANK LIMITED PUNE	KOLHAPUR BRANCH, 1436, C WARD, LAXMIPURI, KOLHAPUR, MAHARASHTRA - 416002, INDIA	B44628824
5	10367864	13/07/2012	10,000,000.00	JANATA SAHAKARI BANK LIMITED PUNE	KOLHAPUR BRANCH, 1436, C WARD, LAXMIPURI, KOLHAPUR, MAHARASHTRA - 416002, INDIA	B44629111
6	10321389	05/11/2011	16,000,000.00	JANATA SAHAKARI BANK LIMITED PUNE	KOLHAPUR BRANCH, 1436, C WARD LAXMIPURI, KOLHAPUR, MAHARASHTRA - 416002, INDIA	B27018324
7	10306170	22/07/2011	101,570,000.00	JANATA SAHAKARI BANK LIMITED PUN	KOLHAPUR BRANCH, 1436, C WARD, LAXMIPURI, KOLHAPUR, MAHARASHTRA - 416002, INDIA	B20498952
8	10282887	18/04/2011	5,000,000.00	JANATA SAHAKARI BANK LIMITED PUNE	KOLHAPUR BRANCH, KOLHAPUR, MAHARASHTRA - 416001, INDIA	B11474350
9	10268532	17/02/2011	6,000,000.00	JANATA SAHAKARI BANK LIMITED PUNE	KOLHAPUR BRANCH, KOLHAPUR, MAHARASHTRA - 416001, INDIA	B06898886
10	10264809	13/01/2011	30,000,000.00	JANATA SAHAKARI BANK LIMITED PUNE	KOLHAPUR BRANCH, KOLHAPUR, MAHARASHTRA - 416001, INDIA	B04827879
11	10255412	13/07/2012 *	25,000,000.00	JANATA SAHAKARI BANK LIMITED PUNE	KOLHAPUR BRANCH, 1436, C WARD, LAXMIPURI, KOLHAPUR, MAHARASHTRA - 416002, INDIA	B44628709
12	10254412	15/11/2010	3,480,000.00	JANATA SAHAKARI BANK LIMITED PUNE	KOLHAPUR BRANCH, KOLHAPUR, MAHARASHTRA - 416001, INDIA	B00601377
13	10237951	25/08/2010	5,000,000.00	JANATA SAHAKARI BANK LIMITED PUNE	KOLHAPUR BRANCH, KOLHAPUR, MAHARASHTRA - 416001, INDIA	A93975001
14	10212851	07/06/2010 *	4,000,000.00	JANATA SAHAKARI BANK LIMITED PUNE	KOLHAPUR BRANCH, KOLHAPUR, MAHARASHTRA - 416001, INDIA	A88089172
15	10212852	25/03/2010 *	15,000,000.00	JANATA SAHAKARI BANK LIMITED PUNE	SHAHUPURI BRANCH, SHAHUPURI, KOLHAPUR, MAHARASHTRA - 416001, INDIA	A83765289
16	10199000	21/01/2010	1,500,000.00	JANATA SAHAKARI BANK LIMITED PUNE	KOLHAPUR BRANCH, 1436, C WARD, LAXMIPURI, KOLHAPUR, MAHARASHTRA - 416002, INDIA	A77994127
17	10129998	16/10/2008	650,000.00	JANATA SAHAKARI BANK LIMITED PUNE	KOLHAPUR BRANCH, 1436, C WARD, LAXMIPURI, KOLHAPUR, MAHARASHTRA - 416002, INDIA	A50462548
18	10122247	16/10/2008 *	1,850,000.00	JANATA SAHAKARI BANK LIMITED PUNE	KOLHAPUR BRANCH, 1436, C WARD, LAXMIPURI, KOLHAPUR, MAHARASHTRA - 416002, INDIA	A50462092
19	10122248	16/10/2008 *	5,000,000.00	JANATA SAHAKARI BANK LIMITED PUNE	KOLHAPUR BRANCH, 1436, C WARD, LAXMIPURI, KOLHAPUR, MAHARASHTRA - 416002, INDIA	A50461953
20	10069255	21/09/2007	1,200,000.00	THE JANATA SAHAKARI BANK LIMITED	KOLHAPUR BRANCH, 1436, C WARD, LAXMIPURI, KOLHAPUR, MAHARASHTRA - 416002, INDIA	A23927429
21	10069254	21/09/2007	1,700,000.00	THE JANATA SAHAKARI BANK LIMITED	KOLHAPUR BRANCH, 1436, C WARD, LAXMIPURI, KOLHAPUR, MAHARASHTRA - 416002, INDIA	A23927684
22	10012230	04/08/2006	5,000,000.00	JANATA SAHAKARI BANK LIMITED	1444,SHUKRAWAR PETH, THORALE BAJIRAO ROAD, PUNE, MAHARASHTRA - 411002, INDIA	A03130796

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Electrical Installations

· Plant and Machinery

· Pollution Control Equipment

· Furniture

· Office Equipment

· Computer

· Computer Systems

· Hero Honda CD Deluxe

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. 61.28
UK Pound	1	Rs. 99.02
Euro	1	Rs. 83.80

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
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	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
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.