MIRA INFORM REPORT

Report Date :

28.08.2014

IDENTIFICATION DETAILS

Name :	AS R MULTIMETALS PRIVATE LIMITED (TR CO)
Registered Office :	Survey No.394 To 400, N H No 8A Village, Chhandawada Bhachau, Kutchh – 370201, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.05.2005
Com. Reg. No.:	04-046090
Capital Investment / Paid-up Capital :	Rs. 220.027 Millions
CIN No.: [Company Identification No.]	U27200GJ2005PTC046090
PAN No.: [Permanent Account No.]	AAECA9439L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of various metals, TMT Bars, other bars of Iron and non-alloy steels, angles, shapes and sections of iron and non-alloy steel.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating reflects sound financial risk profile marked by improvement in performance of the company. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealing at usual trade terms and condition.

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

N E W S

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 their 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 tat 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB
Rating Explanation	Having moderate degree of safety and carry moderate credit risk
Date	14.05.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3+
Rating Explanation	Having moderate degree of safety and carry higher credit risk
Date	14.05.2014

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. Vivek
Designation :	Chief Finance Officer
Contact No.:	91- 9979887193
Date :	26.08.2014

LOCATIONS

Registered Office / Factory :	Survey No.394 To 400, N H No 8A Village, Chhandawada Bhachau, Kutchh – 370201, Gujarat, India
Tel. No.:	91-2837-283671
Mobile No.:	91-9979895106 (Mr. Vijay Kumar)
Fax No.:	91-2837-283672
E-Mail :	asr.multimetals@yahoo.co.in info@asrmultimetals.com asrmmpl@gmail.com sales@asrmultimetals.com career@asrmultimetals.com
Website :	http://www.asrmultimetals.com

DIRECTORS

As on: 30.09.2013

Name :

Mr. Vishal Malhotra

Designation :

Additional Director

Address :

227/33/3, Aryapuri, Muzaffarnagar – 251001, Uttar Pradesh, India

Date of Birth/Age :

19.09.1967

Date of Appointment :

16.05.2005

DIN No.:

00345341

PAN No.:

AAUPM4754H

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	U27310UP1985PTC007342	GARHWAL ROLLING MILLS PRIVATE LIMITED	Director	18/06/1989	18/06/1989	-	Active	NO
2	U27109DL2004PTC130197	A S R MULTIMETALS PRIVATE LIMITED	Director	01/04/2005	01/04/2005	-	Not Available for eFiling	NO
3	U27200GJ2005PTC046090	AS R MULTIMETALS PRIVATE LIMITED (TR CO)	Additional director	16/05/2005	16/05/2005	-	Active	NO

Name :

Mr. Atul Kasturilal Aggarwal

Designation :

Director

Address :

Plot No.141, Sector 2, Gandhidham – 370201, Gujarat, India

Date of Birth/Age :

07.09.1963

Date of Appointment :

16.05.2005

DIN No.:

00316317

PAN No.:

AADPA3078P

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	U27109DL2004PTC130197	A S R MULTIMETALS PRIVATE LIMITED	Director	26/10/2004	26/10/2004	-	Not Available for eFiling	NO
2	U74899DL1994PTC059899	ASR EXPORTS PRIVATE LIMITED	Director	26/10/2004	26/10/2004	17/10/2012	Active	NO
3	U27200GJ2005PTC046090	AS R MULTIMETALS PRIVATE LIMITED (TR CO)	Director	16/05/2005	16/05/2005	-	Active	NO
4	U70101DL2010PTC203987	KLA DEVELOPERS PRIVATE LIMITED	Director	10/06/2010	10/06/2010	-	Active	NO
5	U45201GJ2010PTC060284	MAHADEV MALLS PRIVATE LIMITED	Director	01/07/2010	01/07/2010	-	Active	NO
6	U27100DL2012PTC245665	ASR Steels and Power Private Limited	Director	04/12/2012	04/12/2012	-	Active	NO

Name :

Mr. Santosh Aggarwal

Designation :

Director

Address :

Plot No.141, Sector 2, Gandhidham – 370201, Gujarat, India

Date of Birth/Age :

03.12.1932

Date of Appointment :

16.05.2005

DIN No.:

00316316

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	U27200GJ2005PTC046090	AS R MULTIMETALS PRIVATE LIMITED (TR CO)	Director	16/05/2005	16/05/2005	-	Active	NO
2	U27109DL2004PTC130197	A S R MULTIMETALS PRIVATE LIMITED	Director	19/06/2007	19/06/2007	-	Not Available for eFiling	NO
3	U70101DL2010PTC203987	KLA DEVELOPERS PRIVATE LIMITED	Director	10/06/2010	10/06/2010	-	Active	NO
4	U74899DL1994PTC059899	ASR EXPORTS PRIVATE LIMITED	Director	28/09/2012	28/09/2012	17/07/2013	Active	NO
5	U27109GJ2013PTC073233	ASR MET TECH PRIVATE LIMITED	Director	03/01/2013	03/01/2013	-	Active	NO

Name :

Mr. Arun Kumar Aggarwal

Designation :

Additional Director

Address :

Plot No.40, Sector No.1, Gandhidham – 370201, Gujarat, India

Date of Birth/Age :

14.08.1962

Date of Appointment :

16.05.2005

DIN No.:

00316311

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	U74899DL1994PTC059899	ASR EXPORTS PRIVATE LIMITED	Director	23/12/2004	23/12/2004	-	Active	NO
2	U27200GJ2005PTC046090	AS R MULTIMETALS PRIVATE LIMITED (TR CO)	Additional director	16/05/2005	16/05/2005	-	Active	NO
3	U27109DL2004PTC130197	A S R MULTIMETALS PRIVATE LIMITED	Director	19/06/2007	19/06/2007	-	Not Available for eFiling	NO
4	U27109GJ2013PTC073233	ASR MET TECH PRIVATE LIMITED	Director	03/01/2013	03/01/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vivek
Designation :	Chief Finance Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Arun Aggarwal	9653964
Atul Aggarwal	6600818
Rupakshi Aggarwal	1315000
Mahesh Kumar Sunderlal Vaswani	32400
Remy Aggarwal	2426046
Aadish Aggarwal	1974500
Total	22002728

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of various metals, TMT Bars, other bars of Iron and non-alloy steels, angles, shapes and sections of iron and non-alloy steel.

Products :

Description of product or services	ITC number of product
TMT Bars and other Bars of Iron and non-alloy steel	7214
Angles, Shapes and Sections of Iron and non-alloy steel	7216

Imports :

Products :

Iran, Coal, Scrap and Pillates

Countries :

· South Africa

· Dubai

· Middle East

· Ukraine

· USA

· Bahrain

Terms :

Selling :

Cash / Credit

Purchasing :

L/C / Cash / Credit

GENERAL INFORMATION

Customers :	Wholesalers, Retailers, Dealer and Distributors
No. of Employees :	500 (Approximately)
Bankers :	State Bank of India, Mid Corporate Group Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara - 390007, Gujarat, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Satish Aggarwal and Associates Chartered Accountants
Address :	4/5B, 1st Floor, Asaf Ali Road, New Delhi – 110002, India
PAN No.:	ABCFS9747B
Subsidiaries : (As on 31.03.2011)	Vishalakshi International Pte. Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22002728	Equity Shares	Rs.10/- each	Rs.220.027 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	220.027	220.027
(b) Reserves & Surplus	482.368	400.642
(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)	702.395	620.669
(3) Non-Current Liabilities
(a) long-term borrowings	265.181	173.064
(b) Deferred tax liabilities (Net)	150.266	123.888
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	415.447	296.952
(4) Current Liabilities
(a) Short term borrowings	284.509	416.769
(b) Trade payables	395.966	360.202
(c) Other current liabilities	101.812	95.955
(d) Short-term provisions	27.559	14.631
Total Current Liabilities (4)	809.846	887.557
TOTAL	1927.688	1805.178
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1092.279	941.204
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.230	4.176
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	2.382	2.382
(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	1094.891	947.762
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	473.316	444.675
(c) Trade receivables	183.019	249.384
(d) Cash and cash equivalents	7.616	47.263
(e) Short-term loans and advances	168.846	116.094
(f) Other current assets	0.000	0.000
Total Current Assets	832.797	857.416
TOTAL	1927.688	1805.178

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		220.027
2] Share Application Money		0.000
3] Reserves & Surplus		355.239
4] (Accumulated Losses)		0.000
NETWORTH		575.266
LOAN FUNDS
1] Secured Loans		576.403
2] Unsecured Loans		47.514
TOTAL BORROWING		623.917
DEFERRED TAX LIABILITIES		112.765
TOTAL		1311.948
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		984.785
Capital work-in-progress		0.230
INVESTMENT		2.382
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	452.795
	Sundry Debtors	205.952
	Cash & Bank Balances	49.124
	Other Current Assets	0.000
	Loans & Advances	152.459
Total Current Assets		860.330
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	174.345
	Other Current Liabilities	343.124
	Provisions	18.310
Total Current Liabilities		535.779
Net Current Assets		324.551
MISCELLANEOUS EXPENSES		0.000
TOTAL		1311.948

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	3751.557	3314.122	2986.702
		Other Income	8.746	7.383
		TOTAL (A)	3760.303	3321.505	2986.702
Less	EXPENSES
		Cost of Materials Consumed	2742.912	2473.211
		Changes in inventories of finished goods work-in-progress and stock-in-Trade	18.790	22.752	NA
		Employee Benefit Expenses	68.661	59.022
		Other Expenses	662.566	553.478
		TOTAL (B)	3492.929	3108.463	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		267.374	213.042	NA
Less	FINANCIAL EXPENSES (D)		52.257	70.958	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		215.117	142.084	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		77.508	69.186	NA
	PROFIT BEFORE TAX (E-F) (G)		137.609	72.898	NA
Less	TAX (H)		53.935	27.074	NA
	PROFIT AFTER TAX (G-H) (I)		83.674	45.824	51.275
	IMPORTS
		Raw Materials and Consumables	NA	NA	670.494
	TOTAL IMPORTS		NA	NA	670.494
	Earnings Per Share (Rs.)		3.80	2.08	2.54

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.23	1.38	1.72
Net Profit Margin (PBT/Sales)	(%)	3.67	2.20	NA
Return on Total Assets (PBT/Total Assets}	(%)	7.15	4.05	NA
Return on Investment (ROI) (PBT/Networth)		0.20	0.12	NA
Debt Equity Ratio (Total Debt /Networth)		0.78	0.95	1.08
Current Ratio (Current Asset/Current Liability)		1.03	0.97	1.61

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	220.027	220.027
Reserves & Surplus	400.642	482.368
Net worth	620.669	702.395
long-term borrowings	173.064	265.181
Short term borrowings	416.769	284.509
Total borrowings	589.833	549.690
Debt/Equity ratio	0.950	0.783

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2986.702	3314.122	3751.557
		10.963	13.199

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2986.702	3314.122	3751.557
Profit	51.275	45.824	83.674
	1.72%	1.38%	2.23%

LOCAL AGENCY FURTHER INFORMATION

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

NATURE OF BUSINESS:

Company is engaged in the business of trading and manufacturing of various metals, TMT Bars, other bars of Iron and non-alloy steels, angles, shapes and sections of iron and non-alloy steel.

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10388094	17/01/2013 *	918,400,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE, VADODARA -  390007, GUJARAT, INDIA	B66245374
2	10487623	17/09/2012	90,000,000.00	MAGMA FINCORP LIMITED	MAGMA HOUSE, 24 PARK STREET, KOLKATA - 700016, WEST BENGAL , INDIA	B62813423
3	10130461	07/11/2008	585,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE, VADODARA - 390007, GUJARAT, INDIA	A51314144
4	10091897	09/02/2008	20,000,000.00	BANK OF BARODA	KANDLA FREE TRADE ZONE BRANCH, GANDHIDHAM - 370201, GUJARAT , INDIA	A33807371
5	10069339	22/09/2007	150,000,000.00	ALLAHABAD BANK	S.P. NAGAR BRANCH, B/H SARDAR PATEL SEWA, SAMAJ BHAVAN, C G ROAD, AHMEDABAD - 380006, GUJARAT, INDIA	A24189342
6	90108128	08/03/2014 *	1,318,400,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE, VADODARA - 390007, GUJARAT, INDIA	C10090850
7	90111856	09/07/2014 *	1,318,400,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE, VADODARA – 390007, GUJARAT, INDIA	C10092500

TRADE REFERENCES

· Jindal Steel

· Adani Power and Steel

FIXED ASSETS

· Building

· Plant Machinery

· Computer Equipments

· Office Equipments

· Other Equipments

· Furniture Fixtures

· 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 judgment 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 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.60.47
UK Pound	1	Rs.100.15
Euro	1	Rs.79.65

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	JAY

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.