MIRA INFORM REPORT

Report Date :

28.08.2014

IDENTIFICATION DETAILS

Name :	JAILAXMI CASTING AND ALLOYS PRIVATE LIMITED
Registered Office :	Gut No.75, Farola Village, Aurangabad Paithan Road, Taluka Paithan, District Aurangabad – 431005, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.08.2004
Com. Reg. No.:	11-148067
Capital Investment / Paid-up Capital :	Rs. 150.000 Millions
CIN No.: [Company Identification No.]	U27100MH2004PTC148067
TAN No.: [Tax Deduction & Collection Account No.]	NSKJ01535C
PAN No.: [Permanent Account No.]	AABCJ4567F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of M. S. Billets and Rolled Products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There seems some dip in the profit of the company during 2013, borrowings recorded by the company seems to be huge and increasing. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings 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 – 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	CARE
Rating	Long term bank facilities : “BB”
Rating Explanation	Moderate risk of default.
Date	15.04.2014

Rating Agency Name	CARE
Rating	Short term bank facilities : “A4”
Rating Explanation	Minimal degree of safety and It carry very high credit risk.
Date	15.04.2014

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 31-03-2012.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-2431-251236)

LOCATIONS

Registered Office / Factory :	Gut No.75, Farola Village, Aurangabad Paithan Road, Taluka Paithan, District Aurangabad – 431005, Maharashtra, India
Tel. No.:	91-2431-251236/ 37/ 251212
Fax No.:	91-2431-251212/ 251236
E-Mail :	bhandareassociates@gmail.com jailaxmicasting@yahoo.com sales@jailaxmicasting.com
Website :	http://www.jailaxmicasting.com
Export Sales Office :	Office No.5, 1st Floor, Patel Shopping Center, Sainath Road, Malad (West), Mumbai – 400064, Maharashtra, India.
Tel. No.:	91-22-28813066/ 28813086
Fax No.:	91-22-28813086
E-Mail :	jcapl.exports@gmail.com exports@jailaxmicasting.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Manish Omprakash Agrawal

Designation :

Director

Address :

Flat No D – 45, Pride Park, Vedant Nagar, Station Road, Aurangabad, Maharashtra, India

Date of Birth/Age :

25.02.1975

Date of Appointment :

18.08.2004

PAN No.:

AAYPA2294G

DIN No.:

00574440

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	U21017MH1996PTC102685	AURANGABAD BUSINESS FORMS PRIVATE LIMITED	Director	19/09/1996	19/09/1996	06/12/2013	Active	NO
2	U27100MH2004PTC148067	JAILAXMI CASTING AND ALLOYS PRIVATE LIMITED	Director	18/08/2004	18/08/2004	-	Active	NO
3	U92114MH1996PTC100696	KINESCOPE (INDIA) PRIVATE LIMITED	Director	30/01/2010	14/01/2010	-	Active	NO
4	U45202MH2010PTC204240	PRIDE VENTURES (INDIA) PRIVATE LIMITED	Director	15/06/2010	15/06/2010	-	Active	NO
5	U40101MH2010PTC205619	GANRAJ STEELS AND POWER PRIVATE LIMITED	Director	19/07/2010	19/07/2010	-	Active	NO

Name :

Mr. Navin Hanumanprasad Bagadiya

Designation :

Director

Address :

H. No. 4, Nilkanth Vihar, Golegaonkar Colony, Station Road, Aurangabad, Maharashtra, India

Date of Birth/Age :

26.07.1974

Date of Appointment :

20.11.2004

PAN No.:

ABNPB2077L

DIN No.:

00574513

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	U21017MH1996PTC102685	AURANGABAD BUSINESS FORMS PRIVATE LIMITED	Director	19/09/1996	19/09/1996	06/12/2013	Active	NO
2	U27100MH2004PTC148067	JAILAXMI CASTING AND ALLOYS PRIVATE LIMITED	Director	20/11/2004	20/11/2004	-	Active	NO
3	U27203MH2004PTC146410	AURANGABAD ALLOYS PRIVATE LIMITED	Additional director	25/02/2008	25/02/2008	16/03/2010	Active	NO
4	U92114MH1996PTC100696	KINESCOPE (INDIA) PRIVATE LIMITED	Director	20/08/2009	05/06/2009	-	Active	NO
5	U45202MH2010PTC204240	PRIDE VENTURES (INDIA) PRIVATE LIMITED	Director	15/06/2010	15/06/2010	-	Active	NO
6	U40101MH2010PTC205619	GANRAJ STEELS AND POWER PRIVATE LIMITED	Director	19/07/2010	19/07/2010	-	Active	NO
7	AAA-1097	AJANTA DISHA PRIDE VENTURES LIMITED LIABILITY PARTNERSHIP	Designated Partner	08/12/2010	08/12/2010	-	Active	NO
8	AAA-4052	AJANTA DISHA PRIDE CONSTRUCTIONS LIMITED LIABILITY PARTNERSHIP	Designated Partner	10/03/2011	10/03/2011	-	Active	NO
9	AAA-5596	PRIDE CONSTRO - VENTURES LIMITED LIABILITY PARTNERSHIP	Designated Partner	15/07/2011	15/07/2011	-	Active	NO
10	AAA-8565	SIMAR PRIDE VENTURES LIMITED LIABILITY PARTNERSHIP	Body corporate as Designated Partner	28/03/2012	28/03/2012	-	Active	NO
11	AAA-8709	ZAMBAD DISHA PRIDE INFRASTRUCTURES LIMITED LIABILITY PARTNERSHIP	Body corporate as Designated Partner	09/04/2012	09/04/2012	-	Active	NO
12	AAB-0109	CITY BHARATI TECHNO - HERITAGE LIMITED LIABILITY PARTNERSHIP	Designated Partner	12/07/2012	12/07/2012	-	Active	NO
13	AAB-7482	A. A. B. DEVELOPERS LLP	Body corporate as Designated Partner	05/09/2013	05/09/2013	29/10/2013	Active	NO
14	AAB-7897	SSK PRIDE NESTS LLP	Body corporate as Designated Partner	30/09/2013	30/09/2013	-	Active	NO

Name :

Mrs. Shardadevi Radhesham Agrawal

Designation :

Director

Address :

Bharat Nagar, Near Shivaji Statue, Jalna, Maharashtra, India

Date of Birth/Age :

27.01.1955

Date of Appointment :

18.11.2010

PAN No.:

AAPPA5578E

DIN No.:

01155774

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	U27100MH2002PTC135063	DEVGIRI HOLIDAY RESORTS PRIVATE LIMITED	Director	05/03/2002	05/03/2002	Strike off	NO
2	U27100MH2004PTC148067	JAILAXMI CASTING AND ALLOYS PRIVATE LIMITED	Director	18/11/2010	18/11/2010	Active	NO

Name :

Mr. Srinivas Jayaram Palasuledesai

Designation :

Director

Address :

RH – 2, Anand Vihar, Opposite Dhoot Bungalow, Paithan Gate, Aurangabad, Maharashtra, India

Date of Birth/Age :

07.02.1968

Date of Appointment :

19.08.2008

DIN No.:

02279223

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	U27100MH2004PTC148067	JAILAXMI CASTING AND ALLOYS PRIVATE LIMITED	Director	19/08/2008	05/08/2008	Active	NO

Name :

Mr. Pankaj Radheshyam Agrawal

Designation :

Director

Address :

Block No. A – 6, CTSNO – 18349/3, Pride Plaza, Station Road, Aurangabad, Maharashtra, India

Date of Birth/Age :

30.08.1981

Date of Appointment :

29.09.2009

PAN No.:

AGCPA4888J

DIN No.:

02411583

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	U27100MH2004PTC148067	JAILAXMI CASTING AND ALLOYS PRIVATE LIMITED	Director	29/09/2009	16/06/2009	Active	NO
2	U27200MH1988PTC046773	RHISHI STEELS AND ALLOYS PRIVATE LIMITED	Director	30/09/2010	25/02/2010	Active	NO
3	U40101MH2010PTC205619	GANRAJ STEELS AND POWER PRIVATE LIMITED	Director	19/07/2010	19/07/2010	Active	NO

KEY EXECUTIVES

Name :	Pooja Vijay Potdar
Designation :	Secretary
Date of Appointment :	27.03.2012
PAN No.:	BBYPP0838H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
R.R. Agrawal	146330	9.76
Rhishi Steel Private Limited	417980	27.87
Pankaj R. Agrawal	72030	4.80
Shardadevi R. Agrawal	71830	4.79
Neetu A. Agrawal	10580	0.71
Shraddha P Agrawal	31250	2.08
Manish O. Agrawal	168750	11.25
Navin H Bagadiya	141286	9.42
Vipin B. Bagadiya	168750	11.25
Nitin V. Bagadiya	168750	11.25
Vandan A N. Bagadiya	20000	1.33
H.M.Bagadiya – H.U.F.	7464	0.50
Pride Ventures (India) Private Limited	75000	5.00
Total	1500000	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	67.00
Other top fifty shareholders	33.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of M. S. Billets and Rolled Products.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· The Cosmos Co - Operative Bank Limited, Plot No 13001/01, Rokdiya Hanuman Colony, Jalna Road, Aurangabad - 431001, Maharashtra, India

Union Bank of India, Aurangabad Main Branch, Paithan Gate, Aurangabad - 431001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	228.624	297.655
Working capital loans from banks	575.589	442.047
Loans taken for vehicles	4.364	7.929
Loans taken for other fixed assets	145.477	0.000
SHORT TERM BORROWINGS
Rupee term loans from banks	189.447	130.429
Total	1143.501	878.060

Banking Relations :	--
Auditors :
Name :	Kailash and Associates Chartered Accountants
Address :	7, Agrawal House, Bansilalnagar Station Road, Aurangabad, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAUPA4535G
Associate :	Aurangabad Alloys Private Limited CIN No.: U27203MH2004PTC146410
Other Related Parties :	· Kinescope (India) Private Limited CIN No.: U92114MH1996PTC100696 Rhishi Steels And Alloys Private Limited CIN No.: U27200MH1988PTC046773 Aurangabad Alloys Private Limited CIN No.: U27203MH2004PTC146410

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital:

No. of Shares	Type	Value	Amount
1,500,000	Equity Shares	Rs. 100/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
1,500,000	Equity Shares	Rs. 100/- each	Rs. 150.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	150.000	150.000	150.000
(b) Reserves & Surplus	361.312	299.086	189.837
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	511.312	449.086	339.837
(3) Non-Current Liabilities
(a) long-term borrowings	1035.573	818.947	816.738
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1035.573	818.947	816.738
(4) Current Liabilities
(a) Short term borrowings	189.447	130.429	0.000
(b) Trade payables	209.382	257.367	129.078
(c) Other current liabilities	139.185	190.279	59.755
(d) Short-term provisions	10.873	12.847	18.087
Total Current Liabilities (4)	548.887	590.922	206.920
TOTAL	2095.772	1858.955	1363.495
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	752.369	500.639	434.922
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.230	0.130	0.131
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	752.599	500.769	435.053
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	652.982	481.690	334.136
(c) Trade receivables	566.187	748.351	556.506
(d) Cash and cash equivalents	52.652	68.344	18.594
(e) Short-term loans and advances	7.520	8.172	9.553
(f) Other current assets	63.832	51.629	9.653
Total Current Assets	1343.173	1358.186	928.442
TOTAL	2095.772	1858.955	1363.495

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	2720.200	3092.700	2533.013
Less	EXPENSES
		TOTAL	NA	NA	2406.889 (Including Depreciation)
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		125.406	179.650
Less/ Add	DEPRECIATION/ AMORTISATION		50.351	40.400
	PROFIT/ (LOSS) BEFORE TAX		75.055	139.250	126.124
Less	TAX		15.000	30.000	35.000
	PROFIT/ (LOSS) AFTER TAX		60.055	109.250	91.124
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.086	1.836	NA
	BALANCE CARRIED TO THE B/S		61.141	111.086	NA
	EARNINGS IN FOREIGN CURRENCY		0.000	96.450	NA
	Earnings Per Share (Rs.)		40.04	72.83	60.75

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
		2.21	3.53	3.60
Return on Total Assets (PBT/Total Assets}	(%)	3.58	7.49	9.25
Return on Investment (ROI) (PBT/Networth)		0.15	0.31	0.37
Debt Equity Ratio (Total Debt/Networth)		2.40	2.11	2.40
Current Ratio (Current Asset/Current Liability)		2.45	2.30	4.49

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	150.000	150.000	150.000
Reserves & Surplus	189.837	299.086	361.312
Net worth	339.837	449.086	511.312
long-term borrowings	816.738	818.947	1035.573
Short term borrowings	0.000	130.429	189.447
Total borrowings	816.738	949.376	1225.020
Debt/Equity ratio	2.403	2.114	2.396

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)
Total Income	2533.013	3092.700	2720.200
		22.096	(12.044)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	2533.013	3092.700	2720.200
Profit	91.124	109.250	60.055
	3.60%	3.53%	2.21%

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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10315585	11/10/2011 *	50,000,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED	PLOT NO. 13001/01 ROKDIYA HANUMAN COLONY, JALNA ROAD, AURANGABAD, MAHARASHTRA - 431001, INDIA	B25841404
2	10231536	06/01/2014 *	1,490,000,000.00	THE COSMOS CO - OPERATIVE BANK LIMITED	PLOT NO 13001/01, ROKDIYA HANUMAN COLONY JALNA ROAD, AURANGABAD, MAHARASHTRA - 431001, INDIA	B94442639

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Intercorporate borrowings	0.000	19.030
Loans and advances from directors	81.519	52.286
Total	81.519	71.316

COMPANIES AFFAIR

The Company undertook New Up-Gradation Projects i.e. L.D. Converter, Vacuum Degassing and also Air Pollution Control Equipment etc. New R.C.C. Internal Road Construction Project was also completed. Total Capital Cost during the year 2012-13 was Rs. 302.081 Millions. Company has applied for recognition of R and D to the Dept. of Science and Industrial Research and also Patents for these Projects.

The Financial Year 2012-13 was challenging year considering unstable global economic conditions. Further local issues such as sticky inflation, high interest rate and policy bottlenecks had direct impact of a shaky global environment on domestic growth. This has led Indian Economic growth to hit a decade low of 4.7% in 2012-13. All these factors adversely impacted the Industries. Everybody was making efforts to save themselves from the clutches of recession. Indian rupee weakened considerably. This has resulted in sharp decline in the sales / profits.

In spite of adverse conditions, the Company has registered net profit of Rs. 60.055 Millions, after providing for Income Tax Rs. 15.000 Millions and Rs.50.351 Millions for depreciation. Added to this, the brought forward balance of Profit of the earlier year Rs. 1.086 Millions the total surplus available was Rs. 61.141 Millions. The Board of Directors have resolved to transfer Rs.60.000 Millions to the General Reserve A/c and carry forward Rs. 1.141 Millions to the Balance Sheet.

FIXED ASSETS

· Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Office Equipment

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

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	DIV
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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		30

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.