MIRA INFORM REPORT

Report Date :

22.10.2013

IDENTIFICATION DETAILS

Name :	DEVI IRON AND POWER PRIVATE LIMITED
Registered Office :	102, Krishna Kiran Complex, Old Bagael Ganj Road, Opposite Parnam Mall, Nagpur - 440008, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	31.03.2004
Com. Reg. No.:	11-145461
Capital Investment / Paid-up Capital :	Rs. 95.445 Millions
CIN No.: [Company Identification No.]	U27100MH2004PTC145461
PAN No.: [Permanent Account No.]	AABCD9753D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Sponge Iron.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 2190000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part of Mahamaya Group. It is an established company having satisfactory track record. Profit margins of the company reported to be fair. Overall fundamental of the company appears to be sound and healthy. Trade relations are fair. Business is active. Payment terms are usually correct. 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

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	January 10, 2013

Rating Agency Name	CRISIL
Rating	Short term rating : A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	January 10, 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 DECLINED BY

Name :	Mr. Sunny Singhal
Designation :	Finance Department
Contact No.:	91-771-4228000/ 4228085
Date :	21.10.2013

LOCATIONS

Registered Office :	102, Krishna Kiran Complex, Old Bagael Ganj Road, Opposite Parnam Mall, Nagpur - 440008, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	ca.sunnysinghal@gmail.com asilraipur@sify.com
Website :	http://www.mahamayagroup.in
Corporate Office :	3rd Floor, Mahamaya Tower, Opposite Anupam Garden, G.E. Road, Raipur – 492010, Chhattisgarh, India
Tel. No.:	91-771–4228000/ 4228085/ 4228065
Fax No.:	91-771–4228066/ 4030984
Branch Office :	Village Tanda, Dhershiva, Raipur, Chhattisgarh, India

DIRECTORS

AS ON 26.09.2012

Name :

Mr. Ramanand Agrawal

Designation :

Director

Address :

A -11/5, Sector - 3, Udaya Society, Tatibandh, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

16.03.1936

Date of Appointment :

01.08.2010

PAN No.:

ACIPA2285M

DIN No.:

00597125

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	L27107CT1988PLC004607	MAHAMAYA STEEL INDUSTRIES LIMITED	Director	23/05/1988	23/05/1988	Active	NO
2	U27106CT1984PLC002529	RAIPUR FERRO ALLOYS LIMITED	Director	16/01/1989	16/01/1989	Active	NO
3	U27320CT1984PLC002698	RAJESH RE-ROLLERS LTD	Managing director	01/01/1997	01/01/1997	Active	NO
4	U27100MH2004PTC145461	DEVI IRON AND POWER PRIVATE LIMITED	Director	01/08/2010	01/05/2008	Active	NO
5	U27102CT2003PLC015614	SHREE SHYAM SPONGE AND POWER LIMITED	Director	01/05/2008	01/05/2008	Active	NO
6	U27106CT2002PLC015056	ABHISHEK STEEL INDUSTRIES LIMITED	Director	19/09/2008	19/09/2008	Active	NO
7	U51109WB2005PTC105292	CALLIDORA TRADERS PRIVATE LIMITED	Director	29/09/2010	13/08/2009	Active	NO
8	U85100CT2010NPL021722	MAHAMAYA CHARITABLE FOUNDATION	Director	12/04/2010	12/04/2010	Active	NO
9	U74900DL2009PTC195521	ADEPT I T SOLUTIONS PRIVATE LIMITED	Director	29/03/2012	29/03/2012	Active	NO

Name :

Mr. Rishikesh Dixit

Designation :

Director

Address :

Behind Balaji Traders, Shri Nagar Khamtarai, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

15.07.1970

Date of Appointment :

10.11.2006

PAN No.:

AGBPD7173N

DIN No.:

01006224

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	U27106CT2002PLC015056	ABHISHEK STEEL INDUSTRIES LIMITED	Director	01/10/2005	01/10/2005	Active	NO
2	U27100MH2004PTC145461	DEVI IRON AND POWER PRIVATE LIMITED	Director	10/11/2006	10/11/2006	Active	NO
3	U27101CT2000PLC013968	MAHALAXMI TECHNOCAST LIMITED	Director	12/01/2009	12/01/2009	Active	NO
4	U27106CT1984PLC002529	RAIPUR FERRO ALLOYS LIMITED	Director	22/01/2009	22/01/2009	Active	NO
5	U27102CT2003PLC015614	SHREE SHYAM SPONGE AND POWER LIMITED	Director	28/09/2010	01/07/2010	Active	NO
6	U51109WB1995PTC067754	ANTRIKSH COMMERCE PRIVATE LIMITED	Director	23/02/2011	23/02/2011	Active	NO

Name :

Mr. Rajesh Agrawal

Designation :

Director

Address :

A-11/5, Sector-3, Udaya Society, Tatibandh, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

04.06.1972

Date of Appointment :

12.12.2012

DIN No.:

00806417

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	U27101CT2000PLC013968	MAHALAXMI TECHNOCAST LIMITED	Director	15/03/2000	15/03/2000	01/11/2009	Active	NO
2	L27107CT1988PLC004607	MAHAMAYA STEEL INDUSTRIES LIMITED	Managing director	01/10/2010	15/05/2004	-	Active	NO
3	U51109WB1995PTC067754	ANTRIKSH COMMERCE PRIVATE LIMITED	Director	28/02/2007	28/02/2007	-	Active	NO
4	U27102CT2003PLC015614	SHREE SHYAM SPONGE AND POWER LIMITED	Director	28/09/2007	02/04/2007	-	Active	NO
5	U72200WB2003PTC096791	MARK VISION MULTI SERVICES PRIVATE LIMITED	Director	30/09/2009	13/08/2009	-	Active	NO
6	U27106CT2002PLC015056	ABHISHEK STEEL INDUSTRIES LIMITED	Director	29/09/2010	22/02/2010	-	Active	NO
7	U85100CT2010NPL021722	MAHAMAYA CHARITABLE FOUNDATION	Director	12/04/2010	12/04/2010	-	Active	NO
8	U65993WB1992PTC056510	ESCORT FINVEST PRIVATE LIMITED	Director	23/04/2012	23/04/2012	-	Active	NO
9	U27100MH2004PTC145461	DEVI IRON AND POWER PRIVATE LIMITED	Director	12/12/2012	12/12/2012	-	Active	NO
10	U93000DL2009PTC187390	JSR NETWORKS PRIVATE LIMITED	Additional director	12/02/2013	12/02/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sunny Singhal
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2012

Names of Shareholders	No. of Shares
Antriksh Commerce Private Limited, India	889500
Abhishek Steel Industries Limited, India	488000
Ramanand Agrawal	105000
Mahalaxmi Technocast Limited, India	2937375
Rekha Agrawal	312500
Gulab Bai Agrawal	449250
Ramanand Agrawal (HUF)	310000
Mahamaya Steel Industries Limited, India	2000000
Callidora Traders Private Limited, India	965000
Escort finvest Private Limited, India	887900
Shree Shyam Sponge and Power Limited, India	200000
Total	9544525

AS ON 30.03.2013

Names of Allottees	No. of Shares
Abhishek Steel Industries Limited, India	570000
Mahamaya Steel Industries Limited, India	564000
Shree Shyam Sponge and Power Limited, India	214000
Total	1348000

AS ON 26.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	87.67
Directors or relatives of directors	12.33
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Sponge Iron.

Products/ Services :

ITC Code No.	Product Descriptions
72031000	Sponge Iron

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Licensed and Registered Capacity	Installed Capacity	Actual Production
Sponge Iron (M.T./PA) (Opening)	60000	60000	42983.600
Add: Addition during the year	--	30000	--
Closing Capacity	--	90000	--

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Punjab National Bank, PNB, Katoratalab Branch, Raipur, Chhattisgarh, India

· Karnataka Bank, Fafadih Chowk, Raipur - 492001, Chhattisgarh, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks [Secured by way of first pari charge on assets of the company]	293.623	291.906
SHORT TERM BORROWINGS
Term loans	180.378	136.614
Total	474.001	428.52

Banking Relations :	--
Auditors :
Name :	Batra Deepak and Associates Chartered Accountants
Address :	Office No. 28, 2^nd Floor, Ashoka Plaza Complex, Vidhan Sabha Road, Raipur, Chhattisgarh, India
Income-tax PAN of auditor or auditor's firm :	AAFFB9707Q
Enterprises over which key Management Personnel and their relatives exercise significant influence with whom transactions have taken place during the year :	· Mahamaya Steel Industries Limited [L27107CT1988PLC004607] · Abhishek Steel Industries Limited [U27106CT2002PLC015056] · Shree Shyam Sponge and Power Limited [U27102CT2003PLC015614] · Antriksha Commerce Private Limited [U51109WB1995PTC067754]
Enterprises under indirect control of the Company with whom no transaction had taken place during the year :	· Callidora Traders Private Limited · Mark Vision Multi Services Private Limited [U72200WB2003PTC096791]

CAPITAL STRUCTURE

AFTER 26.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
12,000,000	Equity Shares	Rs. 10/- each	Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,892,525	Equity Shares	Rs. 10/- each	Rs. 108.925 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9,544,525	Equity Shares	Rs. 10/- each	Rs. 95.445 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	95.445	83.241
(b) Reserves & Surplus	385.487	280.520
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	67.400	40.700
Total Shareholders’ Funds (1) + (2)	548.332	404.461
(3) Non-Current Liabilities
(a) long-term borrowings	293.623	291.906
(b) Deferred tax liabilities (Net)	34.437	31.274
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	328.060	323.180
(4) Current Liabilities
(a) Short term borrowings	180.378	136.614
(b) Trade payables	87.250	59.834
(c) Other current liabilities	73.952	108.300
(d) Short-term provisions	25.163	17.237
Total Current Liabilities (4)	366.743	321.985
TOTAL	1243.135	1049.626
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	377.444	373.750
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	456.155	417.647
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.414	1.439
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	8.895	7.893
(e) Other Non-current assets	0.200	0.000
Total Non-Current Assets	844.108	800.729
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	209.286	159.376
(c) Trade receivables	63.424	19.271
(d) Cash and cash equivalents	33.969	22.545
(e) Short-term loans and advances	64.989	26.160
(f) Other current assets	27.359	21.545
Total Current Assets	399.027	248.897
TOTAL	1243.135	1049.626

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		83.241
2] Share Application Money		9.950
3] Reserves & Surplus		270.249
4] (Accumulated Losses)		0.000
NETWORTH		363.440
LOAN FUNDS
1] Secured Loans		475.279
2] Unsecured Loans		0.000
TOTAL BORROWING		475.279
DEFERRED TAX LIABILITIES		23.816
TOTAL		862.535
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		343.627
Capital work-in-progress		356.247
INVESTMENT		1.439
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	88.018
	Sundry Debtors	14.922
	Cash & Bank Balances	15.018
	Other Current Assets	16.935
	Loans & Advances	68.580
Total Current Assets		203.473
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.796
	Other Current Liabilities	1.273
	Provisions	15.182
Total Current Liabilities		42.251
Net Current Assets		161.222
MISCELLANEOUS EXPENSES		0.000
TOTAL		862.535

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Turnover	848.789	760.991	505.575
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		96.487	78.511	55.887
Less	FINANCIAL EXPENSES (D)		52.194	38.496	16.549
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		44.293	40.015	39.338
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.429	17.785	12.106
	PROFIT BEFORE TAX (E-F) (G)		24.864	22.230	27.232
Less	TAX (H)		7.283	11.958	15.521
	PROFIT AFTER TAX (G-H) (I)		17.581	10.272	11.711
Less	APPROPRIATIONS
		Transfer to General Reserve	1.758	1.027	1.171
	BALANCE CARRIED TO THE B/S		15.823	9.245	10.540
	Earnings Per Share (Rs.)		2.02	1.23	1.69

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	3.17	3.53	4.98
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	0.07
Debt Equity Ratio (Total Debt/Networth)		0.86	0.47	1.31
Current Ratio (Current Asset/Current Liability)		1.09	0.77	4.82

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	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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10130440	16/04/2012 *	572,206,000.00	PUNJAB NATIONAL BANK AND KARNATAKA BANK	PNB ,KATORATALAB BRANCH, RAIPUR, KARNATAKA BANK, FAFADIH CHOWK, RAIPUR, RAIPUR - 492001, CHHATTISGARH, INDIA	B38594818
2	10100725	01/09/2007	107,800,000.00	PUNJAB NATIONAL BANK	PHOOL CHOWK, RAIPUR - 492001, CHHATTISGARH, INDIA	A25062340

* Date of charge modification

Note:

The registered office of the company has been shifted from 202, Steel Chambers, Wardhaman Nagar, Nagpur – 440008, Maharashtra, India to the present w.e.f.15.05.2007

OPERATIONS:

The Company has achieved turnover of Rs. 848.789 Millions during the year as against last year’s turnover of Rs. 760.990 Millions. Hence there is an increase of 11.54% over last year. Profit after tax has also increased from 10.271 Millions to 17.581 Millions thereby registering 71.17 % growth as compared to last year.

CONTINGENT LIABILITIES [AS ON 31.03.2012]:

a) Estimated amount of contracts remaining to be executed on capital account (net of advances) Rs. 100.000 Millions (Rs. 150.000 Millions).

b) Demand against various show cause notices from Central Excise Department Rs. 45.560 Millions.

FIXED ASSETS:

· Land

· Buildings

· Factory building

· Plant and equipment

· Other pollution reduction equipment

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other 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. 61.49
UK Pound	1	Rs. 99.41
Euro	1	Rs. 84.12

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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