MIRA INFORM REPORT

Report Date :

07.08.2014

IDENTIFICATION DETAILS

Name :	AJWA PROJECTS PRIVATE LIMITED
Registered Office :	M-71, Silver Spring Complex, Near Bhulka Bhawan School, Adajan, Surat – 395009, Gujarat
Country :	India
Financials (as on) :	31.03.2014 (Provisional)
Date of Incorporation :	12.03.2011
Com. Reg. No.:	04-064399
Capital Investment / Paid-up Capital :	Rs.0.920 Million
CIN No.: [Company Identification No.]	U45200GJ2011PTC064399
PAN No.: [Permanent Account No.]	AAJCA3093P
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in the business of Fabrication Works and Erection.
No. of Employees :	1790 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Rating reflects decent liquidity position marked by improvement in performance of the company over previous year. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

NEWS

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes that many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 %! Equities came in second with annualized return of 15.5 %! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Mohammad Khursheed Alamkhan
Designation :	Director
Contact No.:	91-9726693127
Date :	05.08.2014

LOCATIONS

Registered Office :	M-71, Silver Spring Complex, Near Bhulka Bhawan School, Adajan, Surat – 395009, Gujarat, India
Tel. No.:	91-261-2786786
Mobile No.:	91-9726693127 (Mr. Mohammad Khursheed Alamkhan)
Fax No.:	Not Available
E-Mail :	corporatefincon@yahoo.com ajwappl@yahoo.com rbksurat@gmail.com info@ajwaprojects.com mkemkalam@yahoo.com
Website :	http://www.ajwaprojects.com
Location :	Owned

DIRECTORS

(AS ON 31.03.2014)

Name :

Mr. Mohammad Khursheed Alamkhan

Designation :

Director

Address :

B-3, Ganga Sagar Society, Adajan Patoya, Rander, Surat – 395009, Gujarat, India

Date of Birth/Age :

06.06.1957

Qualification :

Under Graduate

Experience :

30 years

Date of Appointment :

01.04.2013

PAN No.:

AEBPK1354E

DIN No.:

02861761

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	U45200GJ2011PTC064399	AJWA PROJECTS PRIVATE LIMITED	Whole-time director	01/04/2013	12/03/2011	Active	NO

Name :

Mrs. Zareenabegum Moh. Khursheed Alamkhan

Designation :

Director

Address :

B-3, Ganga Sagar Society, Adajan Patoya, Rander, Surat – 395009, Gujarat, India

Date of Birth/Age :

25.04.1967

Qualification :

30 years

Experience :

Under Graduate

Date of Appointment :

12.03.2011

PAN No.:

AACPS5313R

DIN No.:

02846616

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	U45200GJ2011PTC064399	AJWA PROJECTS PRIVATE LIMITED	Whole-time director	01/04/2013	12/03/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.03.2014)

Name of Shareholders	No of Shares
Mohammad Khursheed Alamkhan	47000
Zareenabegum Moh. Khursheed Alamkhan	25000
Heena Mohd. Khursheed Alamkhan	20000
Total	92000

(AS ON 30.09.2013)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of Fabrication Works and Erection.

GENERAL INFORMATION

Suppliers :

· Jain Distributors

· Wilsons Gass

· ARC Weld Equipment’s

· Ashapura Trading Company

· Ashirwad Gas

· Auto Link

· B. D. Gupta and Sons Private Limited

· C P Enterprises

· Essel Weld Enterprises

· Gem Elektro Mech

· Icon Welding Equipment’s

· J K Sales and Services

· Pandit Rao Bhim Rao Sonar

· Piyush Enterprises

· R K Corporation

· Rahil Trading Company

· Shubham Power Tools

· Swastik Enterprises

Customers :

· Essar Heavy Engineering

· Essar Project (India) Limited

· Jindal Steel and Power Limited

· Larsen and Toubro Limited

No. of Employees :

1790 (Approximately)

Bankers :

· Allahabad Bank

864, Alaknanda Apartment, Athugar Street, Nanpura, Surat – 395007, Gujarat, India

· ICICI Bank

Surat, Gujarat, India

· State Bank of India

Facilities :

Credit Limit : Rs.20.000 Millions from Allahabad Bank

Secured Loans	31.03.2014 (Rs. In Millions)
ICICI OMNI Car Loan	0.177
Allahabad Bank – 50078729178	10.631
Total	10.808

----------------------------------------------------------------------------------------

Secured Loans	31.03.2013 (Rs. In Millions)
Short Term Borrowings
Loans repayable on Demand from Banks CC From Allahabad Bank	19.425
Total	19.425

Banking Relations :	--
Auditors :
Name :	M. Mantri and Company Chartered Accountants
Address :	Union Trade Centre, Near Udhna Darwaja, Ring Road, Surat, Gujarat, India
PAN No.:	AAGFM0871R
Associates/Subsidiaries :	· M. K. Enterprise M-72, Silver Spring Complex, Near Bhulka Bhawan School, Adajan, Surat, Gujarat, India Line of Business : Fabrication and Erection

CAPITAL STRUCTURE

(AS ON 31.03.2014 - Provisional)

Authorised Capital:

No. of Shares	Type	Value	Amount
110000	Equity Shares	Rs.10/- each	Rs.1.100 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
92000	Equity Shares	Rs.10/- each	Rs.0.920 Million

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014 (Provisional)
SHAREHOLDERS FUNDS
1] Share Capital		0.920
2] Share Application Money		0.000
3] Reserves & Surplus		16.438
4] (Accumulated Losses)		0.000
NETWORTH		17.358
LOAN FUNDS
1] Secured Loans		10.808
2] Unsecured Loans		2.436
TOTAL BORROWING		13.244
DEFERRED TAX LIABILITIES		0.000
TOTAL		30.602
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.902
Capital work-in-progress		0.000
INVESTMENT		0.738
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	46.225
	Cash & Bank Balances	11.754
	Other Current Assets	4.072
	Loans & Advances	1.000
Total Current Assets		63.051
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	8.052
	Other Current Liabilities	20.281
	Provisions	7.756
Total Current Liabilities		36.089
Net Current Assets		26.962
MISCELLANEOUS EXPENSES		0.000
TOTAL		30.602

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.920	0.500
(b) Reserves & Surplus	11.418	4.522
(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)	12.338	5.022
(3) Non-Current Liabilities
(a) long-term borrowings	0.187	0.187
(b) Deferred tax liabilities (Net)	0.121	0.074
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.308	0.261
(4) Current Liabilities
(a) Short term borrowings	19.425	5.967
(b) Trade payables	4.209	2.856
(c) Other current liabilities	7.568	10.395
(d) Short-term provisions	1.422	0.770
Total Current Liabilities (4)	32.624	19.988
TOTAL	45.270	25.271
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.280	3.239
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.427	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	3.707	3.239
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	29.085	10.972
(d) Cash and cash equivalents	7.542	8.175
(e) Short-term loans and advances	4.907	2.852
(f) Other current assets	0.029	0.033
Total Current Assets	41.563	22.032
TOTAL	45.270	25.271

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014 (Provisional)
	SALES
		Income (Fabrication Works)	142.019
		Other Income	5.123
		TOTAL (A)	147.142
Less	EXPENSES
		Purchases	12.458
		Construction Materials	0.013
		Consumables DIR – L and T	2.068
		Medical L and T	0.014
		On Site Fine and Deduct	0.070
		Sub Cont Dedu by LNT	0.264
		Workmen Compensation	0.177
		Account Software Expenses	0.002
		Consumable	0.447
		Diesel Expenses	0.062
		Electrical Expenses	0.030
		Food Expenses	0.169
		Insurance	0.059
		Makin Engineers	0.260
		Miscellaneous Expenses	0.105
		P F Directly Paid by C	1.990
		Petrol Expenses	0.734
		Pooja Expenses	0.029
		Salaries Office	2.035
		Services Office	12.184
		Staff Quarters Rent	1.038
		Stationery and Printing	0.092
		Travelling Expenses	0.271
		Vehicles	1.109
		Wages A/c	99.606
		Other Expenses	2.681
		TOTAL (B)	137.967
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.175
Less	FINANCIAL EXPENSES (D)		2.143
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.032
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.507
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		6.525
Less	TAX (H)		1.515
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		5.010
	Earnings Per Share (Rs.)		54.46

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Revenue from Operations	126.150	53.032
		Other Income	0.002	0.000
		TOTAL (A)	126.152	53.032
Less	EXPENSES
		Cost of Materials Consumed	19.403	11.781
		Purchases of Stock-in-Trade	0.000	0.000
		Employees benefits expense	85.128	32.194
		Other expenses	14.751	6.811
		TOTAL (B)	119.282	50.786
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.870	2.246
Less	FINANCIAL EXPENSES (D)		1.567	0.453
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.303	1.793
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.725	0.385
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		4.578	1.408
Less	TAX (H)		1.462	0.486
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		3.116	0.922
	Earnings Per Share (Rs.)		34.00	18.44

KEY RATIOS

PARTICULARS		31.03.2014 (Provisional)	31.03.2013	31.03.2012
PAT / Total Income	(%)	3.40	2.47	1.74
Net Profit Margin (PBT/Sales)	(%)	4.59	3.63	2.66
Return on Total Assets (PBT/Total Assets}	(%)	9.89	10.21	5.57
Return on Investment (ROI) (PBT/Networth)		0.38	0.37	0.28
Debt Equity Ratio (Total Debt/Networth)		0.76	1.59	1.23
Current Ratio (Current Asset/Current Liability)		1.75	1.27	1.10

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014 (Provisional)
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	0.500	0.920	0.920
Reserves & Surplus	4.522	11.418	16.438
Net worth	5.022	12.338	17.358
Secured Loans	5.967	19.425	10.808
Unsecured Loans	0.187	0.187	2.436
Total borrowings	6.154	19.612	13.244
Debt/Equity ratio	1.225	1.590	0.763

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014 (Provisional)
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Income	53.032	126.15	142.019
		137.875	12.579

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014 (Provisional)
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Income	53.032	126.15	142.019
Profit	0.922	3.116	5.01
	1.74%	2.47%	3.53%

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 one years	Yes
12]	Profitability for last one 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	Yes
18]	Major customers	Yes
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

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UNSECURED LOANS

Particulars	31.03.2014 (Rs. In Millions)
M. K. Alam Loan	1.387
Heena Enterprise Loan (Mkalam)	0.427
Zarina Begum Loan	0.622
Total	2.436

Particulars	31.03.2013 (Rs. In Millions)
Long Term Borrowings
Term Loans from Directors/ Shareholders/ Relatives qqqaa M K Alam Khan	0.187
Total	0.187

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COMPUTATION OF TOTAL INCOME

(RS. IN MILLIONS)

Particulars	2013-2014
INCOME FROM BUSINESS OR PROFESSION
Net Profit as per P and L Account		3.116
Add: Items Disallowed or Considered Separately
Provision for Income Tax	1.415
Provision for deferred tax	0.047
Depreciation as per companies act,	0.725	2.187
Book Profit		5.303
Less: Items Allowed
Depreciation as per Income Tax Act, 1961		0.572
TOTAL INCOME		4.731
COMPUTATION OF TAX
Tax on Rs.4.731 Million		1.419
Add: Education Cess Tax		0.043
		1.462
Less: TDS		2.434
Refundable		(0.972)

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STATEMENT OF ASSETS AND LIABILITIES

MR. MOHAMMAD KHURSHEED ALAMKHAN

(RS. IN MILLIONS)

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own/ Joint Name	Location/ Address	Purchases Cost	Present Value	Whether Encumbered
Flat / House	--	B-3, Ganga Sagar Society, Adajan Patiya, Surat	0.225	40.000	Yes
Other (Office)	Jointly Held (1/2)	M-72, Silver Spring, Adajan, Surat	0.529	6.750	Yes
		Total		46.750

MOVABLE PROPERTY

INSURANCE POLICIES

Name of Company and Branch	Sum Assured
LIC Policies	0.435
Kotak Life Insurance	0.080
Total	0.515

TERM DEPOSITS

Term Deposit Receipt No.	Bank/ Branch Name	Maturity Amount
FD	Dena Bank	Rs.2.706 Millions
Total		Rs.2.706 Millions

VEHICLES

Type of Vehicles	Present Value
Car (Beat)	Rs.0.514 Million
Car (Beat)	Rs.0.367 Million
Total	Rs.0.881 Million

CAPITAL INVESTED IN BUSINESS

Ajwa Projects Private Limited

Rs.1.800 Millions

OTHER INVESTMENT / ASSETS

Other Fixed Assets	0.018
Sundry Debtors	0.240
Loans and Advances	8.742
Cash and Bank	0.041
Other Assets	0.361
Total	9.402

DETAILS OF LIABILITIES

AS BORROWER

Borrowed from	Outstanding Balance
Allahabad Bank	0.316
Dena Bank	2.400
ICICI Bank	0.676
Unsecured Loans	8.809
Other Liabilities	1.000
Total	13.201

LEGAL HEIRS/ FAMILY PARTICULARS

Name	Relation	Age	Address
Mrs. Zareenabegam Mohammad Khursheed Alamkhan	Wife	47	B-3, Ganga Sagar Society, Adajan Patoya, Rander, Surat – 395009, Gujarat, India
Ms. Heena Khan	Daughter	22

------------------------------------------------------------------------------------------------------------------------------

STATEMENT OF ASSETS AND LIABILITIES

MRS. ZAREENABEGUM MOH. KHURSHEED ALAMKHAN

(RS. IN MILLIONS)

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own/ Joint Name	Location/ Address	Purchases Cost	Present Value
Residential		Plot No.465, 466, 467, 468, Srinath Nagar	0.220	14.000
Flat / House	--	Dindoli	1.857	18.000
Other (Office)		M-72, Silver Spring, Adajan, Surat	0.770	13.500
	Jointly Held (1/2)	M-72, Silver Spring, Adajan, Surat	0.529	6.750
		Total		52.250

MOVABLE PROPERTY

INSURANCE POLICIES

Name of Company and Branch	Sum Assured
ICICI Pru. Life Insurance	0.387
Total	0.387

INVESTMENT IN GOVT. SECURITIES LIKE BONDS / PPF/ NSC/ KVP/ IVP ETC.

Bond/ Certificate No.	Face Value
NSC	0.020
Total	0.020

CAPITAL INVESTED IN BUSINESS

Ajwa Projects Private Limited

Rs.2.050 Millions

OTHER INVESTMENT / ASSETS

Other Fixed Assets	0.058
Sundry Debtors	9.007
Loans and Advances	1.500
Cash and Bank	0.576
Other Assets	3.112
Total	14.253

DETAILS OF LIABILITIES

AS BORROWER

Borrowed from	Outstanding Balance
Allahabad Bank	0.328
Unsecured Loans	9.568
Sundry Creditors	0.996
Provisions	1.462
Other Liabilities	0.141
Total	12.495

LEGAL HEIRS/ FAMILY PARTICULARS

Name	Relation	Age	Address
Mr. Mohammad Khursheed Alamkhan	Husband	57	B-3, Ganga Sagar Society, Adajan Patoya, Rander, Surat – 395009, Gujarat, India
Ms. Heena Khan	Daughter	22

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INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/ Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10309996	04/07/2012 *	20,000,000.00	ALLAHABAD BANK	ATHUGAR STREET, NANPURA, SURAT - 395007, GUJARAT,  INDIA	B43200393

* Date of charge modification

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FIXED ASSETS:

· A.C.

· Car

· Camera

· Computers

· T.V.

· Furniture and Fixtures

· Mobile Phones

· Welding Rectified

· Drying Oven

· Fire Extinguisher

· Heavy Machines

· Machinery

· Cycle

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 records 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.61.34
UK Pound	1	Rs.103.44
Euro	1	Rs.81.96

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUM
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		41

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.