MIRA INFORM REPORT

Report Date :

01.04.2014

IDENTIFICATION DETAILS

Name :	BHAGAWATI INTERNATIONAL LIMITED
Registered Office :	S-492/A, Greater Kailash I, New Delhi-110048
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.07.1974
Com. Reg. No.:	55-091462
Capital Investment / Paid-up Capital :	Rs.40.333 Millions
CIN No.: [Company Identification No.]	U29268DL1974PLC091462
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of Production of Glass Re-Inforced GRP Pipes.
No. of Employees :	50 [Approximately] [In Office + In Factory]

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 175900
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has not filed its latest financial (i.e. 2013) with the government department. As per financial of 2012 there seems sharp dip in the turnover, the company also seems to have incurred a loss. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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. Dilip
Designation :	Marketing Executive
Contact No.:	91-8802965730
Date :	29.03.2014

LOCATIONS

Registered Office :	S-492/A, Greater Kailash I, New Delhi-110048, India
Tel. No.:	91-11-29236977
Fax No.:	91-11-29230698
E-Mail :	bhagwatiglasses@gmail.com
Website :	http://www.bhagwatiinternational.com
Corporate Office :	A-27B, Sector-16, Noida-201301, Uttar Pradesh, India
Tel. No.:	91-120-4749901
Fax No.:	91-120-4749901
Area :	1500 Sq. Ft.
Location :	Owned
Factory:	Plot No. 3F/3G, Echotech-II, Udyog Vihar, Greater Noida-201308, Uttar Pradesh, India
Area :	2 Acer
Location :	Owned
Kolkata Office :	67, Park Street, Kolkata-700016, West Bengal, India
Tel No.:	91-33-22292624 / 22296257
Fax No.:	91-33-22172990

DIRECTORS

AS ON 30.09.2012

Name :

Mr. Rakesh Samarat Bhardwaj

Designation :

Director

Address :

S-492/A, Greater Kailash I, New Delhi-110048, India

Date of Birth/Age :

09.07.1962

Date of Appointment :

01.10.1980

Din No.:

00029757

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	U29268DL1974PLC091462	BHAGAWATI INTERNATIONAL LIMITED	Director	01-10-1980	01-10-1980	-	Active	NO
2	U51109WB1965PTC026534	BHAGWATI STEEL PRIVATE LIMITED	Director	27-07-1981	27-07-1981	-	Active	NO
3	U85110DL1995PLC073381	SOMA MEDICAL INTERNATIONAL LIMITED	Director	20-10-1995	20-10-1995	22-07-2010	Active	NO
4	U74899DL2000PLC108768	BHAGAWATI COMBAT SYSTEMS LIMITED	Director	07-12-2000	07-12-2000	-	Active	NO
5	U50200DL2004PTC124083	BHAGWATI HEAVY EQUIPMENTS MAINTENANCE AND SERVICES PRIVATE LIMITED	Director	14-01-2004	14-01-2004	-	Active	NO
6	L24111RJ1974PLC005789	BHAGAWATI GAS LIMITED	Managing director	01-07-2009	01-07-2004	-	Active	NO
7	U74899DL1993PTC056157	LAVINO PORTFOLIOS PRIVATE LIMITED	Director	27-03-2006	27-03-2006	-	Active	NO
8	U45204DL2007PTC169977	KAMAKSHI BRICON PRIVATE LIMITED	Director	30-10-2007	30-10-2007	-	Active	NO
9	U29220DL2011PTC226178	FLOW TECH HOTELS PRIVATE LIMITED	Director	12-10-2011	12-10-2011	-	Active	NO

Name :

Mr. Vivek Sharma

Designation :

Director

Address :

67, Park Street, Kolkata-700016, West Bengal, India

Date of Birth/Age :

01.08.1973

Date of Appointment :

20.01.1998

Din No.:

00041217

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	U51109WB1965PTC026534	BHAGWATI STEEL PRIVATE LIMITED	Director	25-05-1994	25-05-1994	Active	NO
2	U29268DL1974PLC091462	BHAGAWATI INTERNATIONAL LIMITED	Director	20-01-1998	20-01-1998	Active	NO
3	U74899DL1993PTC056157	LAVINO PORTFOLIOS PRIVATE LIMITED	Director	15-07-1998	15-07-1998	Active	NO
4	U74899DL2000PLC108768	BHAGAWATI COMBAT SYSTEMS LIMITED	Director	07-12-2000	07-12-2000	Active	NO
5	U92120AP2003PTC040301	MOTHER VISION PRIVATE LIMITED	Director	16-01-2003	16-01-2003	Active	NO
6	L24111RJ1974PLC005789	BHAGAWATI GAS LIMITED	Whole-time director	01-06-2008	09-07-2007	Active	NO
7	U45204DL2007PTC169977	KAMAKSHI BRICON PRIVATE LIMITED	Director	01-05-2008	01-05-2008	Active	NO

Name :

Mr. Trikkur Pisharath Nandan

Designation :

Director

Address :

70-B, B-5, Dhwalgiri, Sector 34, Noida-201301, Uttar Pradesh, India

Date of Birth/Age :

17.06.1962

Date of Appointment :

11.04.2007

Pan No.:

APFPP8431A

Din No.:

00749732

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	U27109WB1971PTC027999	S K STEELS PRIVATE LIMITED	Director	06-07-2006	06-07-2006	Active	NO
2	U29268DL1974PLC091462	BHAGAWATI INTERNATIONAL LIMITED	Additional director	11-04-2007	11-04-2007	Active	NO
3	U29220DL2011PTC226178	FLOW TECH HOTELS PRIVATE LIMITED	Additional director	09-03-2013	09-03-2013	Active	NO

Name :

Mr. Arivu Selvam

Designation :

Director

Address :

203 , Tagore Road Hostel, Minto Road Complex, Minto Road, Delhi – 110002, India

Date of Birth/Age :

02.06.1967

Date of Appointment :

30.09.2011

Din No.:

03620738

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	U29268DL1974PLC091462	BHAGAWATI INTERNATIONAL LIMITED	Director	30-09-2011	01-09-2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Dilip
Designation :	Marketing Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2012

Names of Shareholders	No. of Shares
B.P. Bhardwaj	5100
Ramrup Sharma	850
S.K. Sharma	13150
S.K. Steels Private Limited, India	583510
Kamakashi Bhardwaj	2000
Kanta Devi Bhardwaj	70100
Lavino Portfolios Private Limited, India	60000
Peethambra Granites Private Limited, India	200000
Rakesh Samarat Bhardwaj	2670490
Vijaya Sharma	1050
Shashi Sharma	1050
Suman Bhardwaj	700
Rekha Bhardwaj	700
Shachi Bhardwaj	345635
Tara Devi Sharma	39000
Bhagawati Combat System Limited, India	40000
TOTAL	4033335

AS ON 30.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	21.91
Directors or relatives of directors	78.09
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Production of Glass Re-Inforced GRP Pipes.

Products :

PRODUCT DESCRIPTION	ITEM CODE
GRP Pipes	39173990

• FRP / GRP Pipes
• FRP / GRP Rehabilitation Pipes
• FRP / GRP Insulated Panels
• SME Panels
• FRP / GRP Chairs
• FRP / GRP Fan Blades
• FRP / GRP Auto Parts
• Epoxy Rods

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity in ‘000 meters (On Single shift basis per year)*	Actual Production Qty
GRP Pipes	Meter	20	3573

NOTE: *As certified by the management and relied upon by the Auditors being a technical matter.

GENERAL INFORMATION

No. of Employees :

50 [Approximately] [In Office + In Factory]

Bankers :

• Kotak Mahindra Bank Limited
• State Bank of India, NEPZ Branch, Phase-II, Noida - 201305, Uttar Pradesh, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Term Loans From State Bank of India	2.298	2.230
Vehicle/Equipment Loan	0.230	0.947
Short Term Borrowings
From Banks
Working Capital Loans	22.748	15.557
TOTAL	25.276	18.734

Banking Relations :	--
Auditors :
Name :	Chaturvedi and Company Chartered Accountants
Address :	405-407, Chiranjiv Tower, 43, Nehru Place, New Delhi-110019, India
Tel. No.:	91-1126432388/26463013/26284488
Fax No.:	91-11-26467586
E-Mail :	chaturvedico@airtelmail.in delhi@chaturvedico.com
Website :	http://www.chaturvedico.com
PAN No:	AABFC9567F
Subsidiary :	Bhagawati Combat Systems Limited [U74899DL2000PLC108768]

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4033335	Equity Shares	Rs.10/- each	Rs.40.333 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	40.333	40.333
(b) Reserves & Surplus	3.644	5.592
(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)	43.977	45.925
(3) Non-Current Liabilities
(a) Long-term borrowings	2.528	3.177
(b) Deferred tax liabilities (Net)	2.664	0.397
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.676	0.000
Total Non-current Liabilities (3)	5.868	3.574
(4) Current Liabilities
(a) Short term borrowings	64.614	50.610
(b) Trade payables	7.130	17.158
(c) Other current liabilities	20.720	32.238
(d) Short-term provisions	0.518	0.390
Total Current Liabilities (4)	92.982	100.396
TOTAL	142.827	149.895
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	58.630	58.409
(ii) Intangible Assets	11.501	9.218
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.632	1.632
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.117	0.037
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	71.880	69.296
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	15.703	12.583
(c) Trade receivables	7.666	22.839
(d) Cash and cash equivalents	0.739	7.180
(e) Short-term loans and advances	30.181	32.499
(f) Other current assets	16.658	5.498
Total Current Assets	70.947	80.599
TOTAL	142.827	149.895

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		36.750
2] Share Application Money		0.575
3] Reserves & Surplus		0.325
4] (Accumulated Losses)		0.000
NETWORTH		37.650
LOAN FUNDS
1] Secured Loans		4.010
2] Unsecured Loans		60.057
TOTAL BORROWING		64.067
DEFERRED TAX LIABILITIES		0.397
TOTAL		102.114
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		53.117
Capital work-in-progress		9.218
PRE-OPERATIVE EXPENDITURE INCLUDING CAPITAL ADVANCES		2.890
INVESTMENT		1.632
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.306
	Sundry Debtors	12.662
	Cash & Bank Balances	6.984
	Other Current Assets	0.000
	Loans & Advances	20.190
Total Current Assets		49.142
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.580
	Other Current Liabilities	2.915
	Provisions	0.390
Total Current Liabilities		13.885
Net Current Assets		35.257
MISCELLANEOUS EXPENSES		0.000
TOTAL		102.114

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	28.156	77.550	26.671
		Other Income	1.734	2.895	1.011
		TOTAL (A)	29.890	80.445	27.682
Less	EXPENSES
		Cost of Material Consumed	9.371	51.625
		Employee Benefits Expense	8.591	10.853	25.024
		Other Expenses	8.763	14.701
		Changes in Inventories of Finished Goods and Work‐in‐ Progress and Stock in Trade	(3.222)	(0.977)
		TOTAL (B)	23.503	76.202	25.024
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.387	4.243	2.658
Less	FINANCIAL EXPENSES (D)		3.953	2.078	0.272
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.434	2.165	2.386
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.115	2.065	2.198
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		0.319	0.100	0.188
Less	TAX (H)		2.266	0.000	0.132
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(1.947)	0.100	0.056
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.425	0.324	0.268
	BALANCE CARRIED TO THE B/S		(1.522)	0.424	0.324
	EARNINGS IN FOREIGN CURRENCY
		Sales of MS Steel Scaffoldings	NA	0.000	1.176
	TOTAL EARNINGS		NA	0.000	1.176
	IMPORTS
		Raw Materials	NA	51.625	17.267
		Stores & Spares	NA	1.330	0.509
	TOTAL IMPORTS		NA	52.955	17.776
	Earnings / (Loss) Per Share (Rs.)		(0.48)	0.03	0.02

Particulars	31.03.2013
Sales Turnover [Approximately]	33.000

Expected Sales (2013-14) : Rs.34.000 Millions.

The above information has been parted by Mr. Dilip.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(6.51)	0.12	0.20
Net Profit Margin (PBT/Sales)	(%)	1.13	0.13	0.70
Return on Total Assets (PBT/Total Assets}	(%)	0.23	0.07	0.18
Return on Investment (ROI) (PBT/Networth)		0.01	0.00	0.00
Debt Equity Ratio (Total Debt/Networth)		1.53	1.17	1.70
Current Ratio (Current Asset/Current Liability)		0.76	0.80	3.54

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	40.333	40.333
Reserves & Surplus	5.592	3.644
Net worth	45.925	43.977
long-term borrowings	3.177	2.528
Short term borrowings	50.610	64.614
Total borrowings	53.787	67.142
Debt/Equity ratio	1.171	1.527

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	26.671	77.550	28.156
		190.765	-63.693

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	26.671	77.550	28.156
Profit	0.056	0.100	(1.947)
	0.21%	0.13%	(6.92%)

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	Yes
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	Yes
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]	PAN of Proprietor/Partner/Director, if available	Yes
32]	Date of Birth 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	10193355	31/03/2011 *	47,700,000.00	STATE BANK OF INDIA	NEPZ BRANCH, PHASE-II, NOIDA - 201305, UTTAR PRADESH, INDIA	B13043963

* Date of charge modification

COMPANY OVERVIEW:

The company is engaged in the business of production of Glass Re-Inforced GRP Pipes.

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Short Term Borrowings
Loans Repayable on Demand
From Other Parties	41.866	35.053
TOTAL	41.866	35.053

FIXED ASSETS:

• Land Leasehold
• Factory Building
• Furniture and Fixtures
• Office Equipments
• Plant and Machinery
• Vehicles

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.60.10
UK Pound	1	Rs.99.85
Euro	1	Rs.82.57

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	2
--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.