MIRA INFORM REPORT

Report Date :

21.09.2013

IDENTIFICATION DETAILS

Name :	SHREE NAKODA ISPAT LIMITED
Registered Office :	Near Railway Crossing, Mowa, Raipur- 492007, Chattisgarh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.04.2000
Com. Reg. No.:	10-014186
Capital Investment / Paid-up Capital :	Rs. 29.557 millions
CIN No.: [Company Identification No.]	U27109CT2000PLC014186
TAN No.: [Tax Deduction & Collection Account No.]	JBPS02640B
PAN No.: [Permanent Account No.]	AAHCS2143Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Sponge Iron, M.S. Ingot/Billets products and Generation of Power.
No. of Employees :	Not Divulged

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 3150000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company appears to be low. Sales and profit of the company has dipped in 2012. However, trade relation 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.

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.

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

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-771-2282230)

LOCATIONS

Registered Office / Head Office:

Near Railway Crossing, Mowa, Raipur- 492007, Chattisgarh, India

Tel. No.:

91-771-2282230

Fax No.:

91-771-2282130

E-Mail :

rkagrawal40@yahoo.co.in

Website :

www.nakodagroup.com

Factory ;

Phase II, Siltara Industrial Growith Centre, Siltara, Raipur – 493221, Chattisgarh, India

Tel. No.:

91-789-8989701 / 8989702

Fax No.:

91-771-2282130

E-Mail :

sales@nakodatmt.com

snil@nakodagroup.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Virendra Goel

Designation :

Managing Director

Address :

B-35, Sectar-4, Devendra Nagar, Raipur, Chhattisgarh, India

Date of Birth/Age :

02.10.1960

Qualification :

B.Com

Date of Appointment :

15.03.2012

PAN No.:

AEHPG8427N

DIN No.:

00043016

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	U15141CT1991PLC006808	SHREE NAKODA INDUSTRIES LIMITED	Director	05/12/1991	05/12/1991	-	Active	NO
2	U23109CT2002PLC015315	CG COAL AND POWER LIMITED	Director	30/09/2002	30/09/2002	-	Active	NO
3	U27109CT2000PLC014186	SHREE NAKODA ISPAT LIMITED	Managing director	15/03/2012	15/02/2003	-	Active	NO
4	U01410CT2005PLC018224	CHHATTISGARH CAPTIVE COAL MINING LIMITED.	Director	13/04/2008	28/12/2005	-	Active	NO
5	U10300CT2006PLC020006	MADANPUR SOUTH COAL COMPANY LIMITED	Director	23/09/2008	27/02/2008	-	Active	NO
6	U27101CT2009PLC021220	SHREE NAKODA ISPAT AND POWER LIMITED	Director	09/06/2009	09/06/2009	-	Active	NO

Name :

Mr. Ramesh Chandra Goel

Designation :

Whole-time director

Address :

B-35, Sectar-4, Devendra Nagar, Raipur, Chhattisgarh, India

Date of Birth/Age :

12.02.1952

Qualification :

B.Com

Date of Appointment :

01.10.2008

PAN No.:

AEIPG4921L

DIN No.:

00309349

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	U15141CT1991PLC006808	SHREE NAKODA INDUSTRIES LIMITED	Director	05/12/1991	05/12/1991	-	Active	NO
2	U65921CT1993PLC007472	SHREE NAKODA GLOBAL LIMITED	Director	29/01/2003	29/01/2003	31/10/2012	Active	NO
3	U27109CT2000PLC014186	SHREE NAKODA ISPAT LIMITED	Whole-time director	01/10/2008	15/02/2003	-	Active	NO

Name :

Mr. Sanjay Goel

Designation :

Whole-time director

Address :

B-35, Sectar-4, Devendra Nagar, Raipur, Chhattisgarh, India

Date of Birth/Age :

25.01.1969

Qualification :

B.Com

Date of Appointment :

01.10.2008

PAN No.:

ACZPG8039Q

DIN No.:

00043096

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	U15141CT1991PLC006808	SHREE NAKODA INDUSTRIES LIMITED	Director	05/12/1991	05/12/1991	-	Active	NO
2	U65921CT1993PLC007472	SHREE NAKODA GLOBAL LIMITED	Director	02/02/1993	02/02/1993	31/10/2012	Active	NO
3	U27109CT2000PLC014186	SHREE NAKODA ISPAT LIMITED	Whole-time director	01/10/2008	15/02/2003	-	Active	NO
4	U27101CT2009PLC021220	SHREE NAKODA ISPAT AND POWER LIMITED	Director	09/06/2009	09/06/2009	-	Active	NO

Name :

Mr. Anant Dave

Designation :

Whole-time director

Address :

Near B.T.I., Shankar Nagar, Raipur, Chhattisgarh, India

Date of Birth/Age :

24.08.1968

Date of Appointment :

01.04.2009

DIN No.:

02481182

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	U27109CT2000PLC014186	SHREE NAKODA ISPAT LIMITED	Whole-time director	01/04/2009	01/04/2009	-	Active	NO
2	U27101CT2009PLC021220	SHREE NAKODA ISPAT AND POWER LIMITED	Director	25/09/2010	12/06/2009	-	Active	NO

Name :

Mr. Saroj Kumar Jha

Designation :

Whole-time director

Address :

C-7, Maruti Homes Mohba Bazar, Hirapaur Road, Kota, Raipur, Chhattisgarh, India

Date of Birth/Age :

01.12.1977

Date of Appointment :

01.03.2011

DIN No.:

03426446

Name :

Mr. Pradeep Kumar Panda

Designation :

Whole-time Director

Address :

Vimal Inciave, A/02 Bhanpuri, Raipur – 494224, Chhattisgarh, India

Date of Birth/Age :

02.04.1955

Date of Appointment :

10.07.2013

DIN No.:

05249298

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	U27100MH2000PLC125893	SKS ISPAT AND POWER LIMITED	Whole-time director	29/09/2012	09/04/2012	05/03/2013	Active	NO
2	U27109CT2000PLC014186	SHREE NAKODA ISPAT LIMITED	Whole-time director	10/07/2013	10/07/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Sanjay Goel	61900
Saroj Goel	14300
Shyamlal Goel and Sons (HUF)	177750
Ramesh Chandra Goel	204250
Virenrlra Goel	365800
Nirmala Goel	209500
Ashok Kumar Goel	400
Surendra Goel	402200
Ramcsh Chandra God (HUF)	112000
Ashok Kumar God (HUF)	160000
Rekha Goel	100000
Virendra Goel (HUF)	128500
Anita Goel	59000
Online Information Technologies Limited, India	55000
Vikram Goel	19125
Sangeeta Goel	613000
Oshin Investment and Finance Private Limited, India	11000
Sidh Housing Development Company Limited, India	15200
Albatross Share Registry Private Limited, India	42200
Gyaneshwar Trading and Finance Company Limited, India	14000
ONE2E Solutions India Private Limited, India	37000
Goel Zenith Agro Private Limited, India	25600
Shree Nakoda Industries Limited, India	87000
Woodland Securities Private Limited, India	4200
Bhadrawati Ispat and Energy Limited, India	36800
Total	2955725

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	11.10
Directors or relatives of Directors	88.90
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Sponge Iron, M.S. Ingot/Billets products and Generation of Power.

Products :

Item Code No. (ITC Code)	Product Description
72031000	Sponge Iron

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Sponge Iron	MT	--	165000	31612.000
Power	MW	--	18	--
Ingots/Billets	MT	--	60000
Dolachar	MT	--	--	24175.000
Fly Ash	MT	--	--	2157.000
M.S. Billets	MT	--	--	0.000
Ingots	MT	--	--	0.000
Scrap(Runner/Riser)	MT	--	--	0.000
Fly Ash Bricks	MT	--	--	0.000
Power	Units	--	--	124271900.000

Note:

1. Licensed Capacity is not applicable in view of the Company’s product having been diligence as per the New Liberalised Licensing Policy announced by the Government of India.

2. Installed Capacity is as certified by the Management and not verified by the Auditors being a technical matter.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Bank of Baroda, MID Corporate Branch, 2^nd Floor, LIC Investment Building, Pandri, Raipur - 492004, Chhattisgarh, India

· Indian Overseas Bank, Gurunank Chowk, MG Road, Raipur - 492001, Chhattisgarh, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWING
Rupee term loans from banks	835.566	798.195
SHORT TERM BORROWING
Working capital loans from banks	770.247	466.446
Total	1605.813	1264.641

Banking Relations :	--
Auditors :
Name :	Umesh Chandra and Company Chartered Accountants
Address :	214, Deshbandu Complex, Raipur, Chhattisgarh, India
Tel. No.:	91-771-3296238
Mobile No.:	91-9425503008 / 9329100331
PAN No.:	ADCPG6321P
Associates :	· Shree Nakoda Industries Limited CIN No.: U15141CT1991PLC006808 · Shree Nakoda Golobal Private Limited CIN No.: U65921CT1993PLC007472 · Gole Zenith Agro Private Limited CIN No.: U51219CT1994PTC008201 · Shree Nakoda Ispat and Power Limited CIN No.: U27101CT2009PLC021220 · Ashok Tradares · Goel Polymers · Chhattisharh Captive Coal Minning Limited · CG Coal and Power Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2955725	Equity Shares	Rs.10/- each	Rs.29.557 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	29.557	27.449
(b) Reserves & Surplus	759.024	636.407
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	58.400
Total Shareholders’ Funds (1) + (2)	788.581	722.256
(3) Non-Current Liabilities
(a) long-term borrowings	973.177	901.816
(b) Deferred tax liabilities (Net)	24.129	22.462
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	997.306	924.278
(4) Current Liabilities
(a) Short term borrowings	770.247	466.446
(b) Trade payables	308.301	172.728
(c) Other current liabilities	57.994	41.417
(d) Short-term provisions	9.033	34.183
Total Current Liabilities (4)	1145.575	714.774
TOTAL	2931.462	2361.308
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1371.477	1399.603
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	286.320	98.970
(iv) Intangible assets under development	179.751	11.851
(b) Non-current Investments	33.996	9.744
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	10.592	10.464
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1882.136	1530.632
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	665.553	377.915
(c) Trade receivables	91.014	163.012
(d) Cash and cash equivalents	10.187	9.431
(e) Short-term loans and advances	282.572	280.318
(f) Other current assets	0.000	0.000
Total Current Assets	1049.326	830.676
TOTAL	2931.462	2361.308

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		26.827
2] Share Application Money		33.200
3] Reserves & Surplus		489.780
4] (Accumulated Losses)		0.000
NETWORTH		549.807
LOAN FUNDS
1] Secured Loans		874.038
2] Unsecured Loans		102.965
TOTAL BORROWING		977.003
DEFERRED TAX LIABILITIES		25.049
TOTAL		1551.859
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		822.097
Capital work-in-progress		174.049
Expenditure pending allocation, net		9.221
INVESTMENT		9.744
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	309.884
	Sundry Debtors	133.974
	Cash & Bank Balances	30.849
	Other Current Assets	0.000
	Loans & Advances	218.033
Total Current Assets		692.740
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	112.912
	Other Current Liabilities	21.331
	Provisions	21.749
Total Current Liabilities		155.992
Net Current Assets		536.748
MISCELLANEOUS EXPENSES		0.000
TOTAL		1551.859

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2137.207	2639.104	1475.386
		Other Income	1.472	1.918	2.085
		TOTAL (A)	2138.679	2641.022	1477.471
Less	EXPENSES
		Cost of materials consumed	1102.110	586.646
		Purchases of stock-in-trade	749.183	1637.186
		Employee benefit expense	16.871	16.408
		Other expenses	79.151	82.448
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(12.144)	15.325
		TOTAL (B)	1935.171	2338.013	1203.168
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		203.508	303.009	274.303
Less	FINANCIAL EXPENSES (D)		111.891	106.038	89.223
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		91.617	196.971	185.080
Less/ Add	DEPRECIATION/ AMORTISATION (F)		65.270	54.623	57.108
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		26.347	142.348	127.972
Less	TAX (H)		7.022	26.199	16.843
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		19.325	116.149	111.129
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		373.986	257.837	146.708
	BALANCE CARRIED TO THE B/S		393.311	373.986	253.837
	EARNINGS IN FOREIGN CURRENCY		39.273	45.152	0.000
	Earnings / (Loss) Per Share (Rs.)		6.54	42.31	41.42

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.90	4.40	7.52
Net Profit Margin (PBT/Sales)	(%)	1.23	5.39	8.67
Return on Total Assets (PBT/Total Assets}	(%)	1.08	6.35	8.45
Return on Investment (ROI) (PBT/Networth)		0.03	0.20	0.23
Debt Equity Ratio (Total Debt/Networth)		2.21	1.89	1.78
Current Ratio (Current Asset/Current Liability)		0.92	1.16	4.44

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10435025	22/06/2013	430,000,000.00	BANK OF BARODA	MID CORPORATE BRANCH, 2ND FLOOR, LIC INVESTMENT BUILDING, PANDRI, RAIPUR - 492004, CHHATTISGARH, INDIA	B78836426
2	10388577	03/11/2012	40,000,000.00	BANK OF BARODA	MID CORPORATE BRANCH, 2ND FLOOR, LIC INVESTMENT BUILDING, PANDRI, RAIPUR - 492001, CHHATTISGARH, INDIA	B62811484
3	10357064	05/05/2012	40,000,000.00	BANK OF BARODA	MID CORPORATE BRANCH, 2ND FLOOR, LIC INVESTMENT BUILDING, PANDRI, RAIPUR - 492001, CHHATTISGARH, INDIA	B40115149
4	10031508	13/07/2013 *	2,735,900,000.00	BANK OF BARODA	MID CORPORATE BRANCH, 2ND FLOOR, LIC INVESTMENT BUILDING, PANDRI, RAIPUR - 492001, CHHATTISGARH, INDIA	B84130731

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from directors	126.705	102.275
Other loans and advances	10.906	1.346
Total	137.611	103.621

OPERATIONS

Due to adverse market conditions, the net revenue from operations of the Company has decreased to Rs. 2137.200 Millions as compared to Rs.2639.100 Millions in the previous year. As a result, the Company the net profit of the Company has also decreased to Rs. 19.300 Millions as compared to Rs. 116.100 Millions in the previous year. The company expects to achieve better results during the current year.

CONTINGENT LIABILITIES (AS ON 31.03.2012):

(Rs. in millions)

(a). Contingent liabilities in respect of Bank Guarantee of Rs. 2.705 millions issued by Bank of Baroda in favour of CSIDC and and Rs. 3.398 millions issued by Indian Overseas Bank in favour of SLDC, similarly Bank Guarantee of Rs. 21.306 millions issued by Bank of Baroda in favour of South Eastern Coal Fields Limited (SECL) has not been provided in the books.

(b). Disputed liability of Rs. 12.599 millions (Previous year Rs. 12.599 millions) on account of Cenvat credit on Capital Goods (Structural Items) againsts which the company has preferred an appeal to CESTAT, New Delhi. Out of total isputed liability of Rs. 12.599 millions the company has alredy pre deposited Rs. 6.297 millions (Previous year Rs. 6.297 millions).

(c). Disputed liability of Rs. 1.013 millions (Previous year Rs. 1.013 millions) on account of Export of Iron Ore Fines through Merchant Exporter against which the company has preferred an appeal to CESTAT, New Delhi.

(d). Disputed liability of Rs. 4.123 millions (Previous year Rs. 4.123 millions) on account of Cenvat credit on Capital Goods (Structural Items) againsts which the company has preferred an appeal to CESTAT, New Delhi. Out of total disputed liability of Rs. 4.123 millions the company has alredy pre deposited Rs. 1.300 millions (Previous year Rs. Nil).

FIXED ASSETS

· Land

· Buildings

· Factory Building

· Other Building

· Plant and Equipment

· Factory Equipments

· Furniture and Fixtures

· 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.62.24
UK Pound	1	Rs.99.90
Euro	1	Rs.84.23

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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

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

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

RATING EXPLANATIONS

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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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