MIRA INFORM REPORT

Report Date :

28.08.2014

IDENTIFICATION DETAILS

Name :	SHERA ENERGY PRIVATE LIMITED
Registered Office :	F-269-B, Road No.13, Vishwarkarma Industrial Area, Jaipur – 302013, Rajasthan
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	08.12.2009
Com. Reg. No.:	17-030434
Capital Investment / Paid-up Capital :	Rs. 170.300 Millions
CIN No.: [Company Identification No.]	U31102RJ2009PTC030434
TAN No.: [Tax Deduction & Collection Account No.]	JPRS09761D
PAN No.: [Permanent Account No.]	AANCS6187Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Copper and Aluminium Items.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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 record. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealings 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

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 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “BB+”
Rating Explanation	Moderate risk of default regarding timely servicing and high credit risk.
Date	28.10.2013

Rating Agency Name	CRISIL
Rating	Short term rating : “A4+”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	28.10.2013

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 DECLINED

MANAGEMENT NON-COOPERATIVE (Tel.: 91-141-2330056)

LOCATIONS

Registered Office/ Factory 1 :	F-269-B, Road No.13, Vishwarkarma Industrial Area, Jaipur – 302013, Rajasthan, India
Tel. No. :	91-141-2330058/ 2330056
Fax No. :	91-141-2330058
E-Mail :	cscorporatesolicitors@hotmail.com piyush@sheraenergy.com geet@sheraenergy.com
Website :	www.sheraenergy.com
Factory 2 :	G1-63 to 66, RIICO Industrial Area, Kaladera, Jaipur – 303801, Rajasthan, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Ashok Kumar Dusad

Designation :

Director

Address :

C86, Nehru Nagar, RPA Road, Prem Colony, Jaipur, Rajasthan, India

Date of Birth/Age :

03.01.1973

Date of Appointment :

28.09.2012

DIN No. :

01664729

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	U31909RJ1996PTC011519	KESHAV ELECTRICALS PVT LTD	Managing director	17-12-2010	20-04-2007	13-02-2012	Active	NO
2	U27205RJ2011PTC035257	SHERA METAL PRIVATE LIMITED	Director	28-01-2013	20-05-2011	-	Active	NO
3	U31102RJ2009PTC030434	SHERA ENERGY PRIVATE LIMITED	Director	28-09-2012	04-04-2012	-	Active	NO

Name :

Mr. Sheikh Naseem

Designation :

Managing Director

Address :

S-II, Park Paradise, Scheme No. 8, Mahadev Nagar, Vaishali Nagar, Jaipur, Rajasthan, India

Date of Birth/Age :

19.09.1970

Date of Appointment :

17.12.2010

PAN No. :

AHRPM4934B

DIN No. :

02467366

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	U31102RJ2009PTC030434	SHERA ENERGY PRIVATE LIMITED	Managing director	17-12-2010	08-12-2009	Active	NO
2	U45201RJ2011PTC034296	ISHA INFRAPOWER PRIVATE LIMITED	Director	23-02-2011	23-02-2011	Active	NO
3	U31909RJ2011PTC035258	SHERA INFRAPOWER PRIVATE LIMITED	Managing director	20-05-2011	20-05-2011	Active	NO
4	U27205RJ2011PTC035257	SHERA METAL PRIVATE LIMITED	Director	28-09-2012	16-07-2012	Active	NO
5	U27201RJ2013PTC041739	SHERA COPPER PRIVATE LIMITED	Director	05-03-2013	05-03-2013	Active	NO
6	U31909RJ2011PTC035485	RAJPUTANA INDUSTRIES PRIVATE LIMITED	Additional director	22-05-2014	22-05-2014	Active	NO

Name :

Shivani Sheikh

Designation :

Director

Address :

S-I, Park Paradise, Scheme No.8, Mahadev Nagar, Vaishali Nagar, Jaipur, Rajasthan, India

Date of Birth/Age :

03.11.1971

Date of Appointment :

08.12.2009

PAN No. :

AOSPS8523A

DIN No. :

02467557

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	U31102RJ2009PTC030434	SHERA ENERGY PRIVATE LIMITED	Director	08-12-2009	08-12-2009	Active	NO
2	U45201RJ2011PTC034296	ISHA INFRAPOWER PRIVATE LIMITED	Director	23-02-2011	23-02-2011	Active	NO
3	U31909RJ2011PTC035258	SHERA INFRAPOWER PRIVATE LIMITED	Director	20-05-2011	20-05-2011	Active	NO
4	U31909RJ2011PTC035485	RAJPUTANA INDUSTRIES PRIVATE LIMITED	Director	13-06-2011	13-06-2011	Active	NO

Name :

Mr. Sunil Dangayach

Designation :

Director

Address :

8/395, Vidhyadhar Nagar, Jaipur, Rajasthan, India

Date of Birth/Age :

10.01.1976

Date of Appointment :

10.06.2014

DIN No. :

03580516

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	U31102RJ2009PTC030434	SHERA ENERGY PRIVATE LIMITED	Director	10-06-2014	19-08-2011	Active	NO

Name :

Mr. Piyush Sharma

Designation :

Additional Director

Date of Appointment :

28.11.2013

DIN No. :

03620959

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	U24232RJ2008PTC027372	MOMENTUM BIOTECH PRIVATE LIMITED	Director	20-09-2011	21-08-2011	Active	NO
2	U27205RJ2011PTC035257	SHERA METAL PRIVATE LIMITED	Director	30-09-2013	26-11-2012	Active	NO
3	U31102RJ2009PTC030434	SHERA ENERGY PRIVATE LIMITED	Additional director	28-11-2013	28-11-2013	Active	NO

KEY EXECUTIVES

Name :	Shruti Soni
Designation :	Secretary
Address :	K-38, Himmat Nagar, Tonk Road, Jaipur, Rajasthan, India
Date of Birth/Age :	20.11.1986
Date of Appointment :	14.07.2011
PAN No.:	AHFPR0443J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Equity Shareholders	No. of Shares
Sheikh Naseem	7369334
Shivani Sheikh	700000
Isha Infrapower Private Limited, India	5720667
Isha Sheikh	200000
Mahesh Kumar Sain	53333
Narendra Singh	53333
Pramod Sharma	46667
Sahil Sheikh	200000
Vijay Sharma	46667
Duke Business Private Limited, India	20000
Javic Trading Private Limited, India	33333
Nakshatra Business Private Limited, India	20000
Pajan Trading Private Limited, India	33333
Printage Offset Private Limited, India	33333
Total	14530000

Names of Preference Shareholders	No. of Shares
Small Industrial Development Bank of India	2500000
Total	2500000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	40.00
Directors or relatives of Directors	59.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Copper and Aluminium Items.

Products :

Item Code No. (ITC Code)	Product Description
85441190	Manufacturing of Copper and Aluminium Items

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Installed Capacity	Actual Production
Winding Wire	7080 MT per annum	5554 MT
Transformers	6000 Nos per annum	5028 Nos.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· State Bank of Bikaner and Jaipur, VKI Area Branch, Road No. 5, Jaipur - 302013, Rajasthan, India

Small Industries Development Bank of India, First Floor, Umrao Complex, Sansar Chandra Road, Jaipur - 302001, Rajasthan, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	44.034	35.821
Loans taken for vehicles	2.006	3.239
SHORT TERM BORROWINGS
Working capital loans from banks	286.737	295.950
Total	332.777	335.010

Banking Relations :	--
Auditors :
Name :	Karnani and Company Chartered Accountants
Address :	15, Venkateshwar Colony, Sodala, Jaipur, Rajasthan, India
Income-tax PAN of auditor or auditor's firm :	ACMPK6325Q
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Isha Infrapower Private Limited CIN No.: U45201RJ2011PTC034296 Rajputana Industries Private Limited CIN No.: U31909RJ2011PTC035485 Shera Infrapower Private Limited CIN No.: U31909RJ2011PTC035258 Shera Meetals and Enginers Shera Metal Private Limited CIN No.: U27205RJ2011PTC035257 Shivani Electricals
Other Related Party :	SS Structures

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
17,500,000	Equity Shares	Rs.10/- each	Rs. 175.000 Millions
2,500,000	Preference Shares	Rs.10/- each	Rs. 25.000 Millions
	Total		Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14,530,000	Equity Shares	Rs.10/- each	Rs. 145.300 Millions
2,500,000	Preference Shares	Rs.10/- each	Rs. 25.000 Millions
	Total		Rs. 170.300 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	170.300	145.300	84.155
(b) Reserves & Surplus	64.177	33.190	31.130
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.200	14.800	0.000
Total Shareholders’ Funds (1) + (2)	234.677	193.290	115.285
(3) Non-Current Liabilities
(a) long-term borrowings	82.962	41.865	57.061
(b) Deferred tax liabilities (Net)	8.912	6.241	3.164
(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)	91.874	48.106	60.225
(4) Current Liabilities
(a) Short term borrowings	286.737	295.950	249.326
(b) Trade payables	236.276	152.612	50.284
(c) Other current liabilities	23.237	29.275	3.043
(d) Short-term provisions	2.934	2.949	0.838
Total Current Liabilities (4)	549.184	480.786	303.491
TOTAL	875.735	722.182	479.001
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	145.806	99.801	75.830
(ii) Intangible Assets	0.007	0.007	0.007
(iii) Capital work-in-progress	1.763	8.481	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6.000	4.500	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.153	3.223	6.190
(e) Other Non-current assets	0.063	2.548	0.772
Total Non-Current Assets	158.792	118.560	82.799
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	80.081	70.556	60.965
(c) Trade receivables	533.518	447.144	291.892
(d) Cash and cash equivalents	51.453	43.103	22.973
(e) Short-term loans and advances	43.087	33.247	20.372
(f) Other current assets	8.804	9.572	0.000
Total Current Assets	716.943	603.622	396.202
TOTAL	875.735	722.182	479.001

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	2413.116	2174.584	1952.960
Less	EXPENSES
		TOTAL	2299.859	2086.542	1898.203
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		113.257	88.042	54.757
Less	FINANCIAL EXPENSES		59.125	52.985	27.358
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		54.132	35.057	27.399
Less/ Add	DEPRECIATION/ AMORTISATION		7.550	4.777	1.248
Add	Extraordinary Items		0.408	0.017	0.051
	PROFIT/ (LOSS) BEFORE TAX		46.990	30.297	26.202
Less	TAX		15.129	9.680	8.484
	PROFIT/ (LOSS) AFTER TAX		31.861	20.617	17.718
	Earnings / (Loss) Per Share (Rs.)		2.19	1.82	4.15

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.32	0.95	0.91
Return on Total Assets (PBT/Total Assets}	(%)	5.41	4.27	5.47
Return on Investment (ROI) (PBT/Networth)		0.20	0.16	0.23
Debt Equity Ratio (Total Debt/Networth)		1.58	1.75	2.66
Current Ratio (Current Asset/Current Liability)		1.31	1.26	1.31

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	84.155	145.300	170.300
Reserves & Surplus	31.130	33.190	64.177
Share Application money pending allotment	0.000	14.800	0.200
Net worth	115.285	193.290	234.677
long-term borrowings	57.061	41.865	82.962
Short term borrowings	249.326	295.950	286.737
Total borrowings	306.387	337.815	369.699
Debt/Equity ratio	2.658	1.748	1.575

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	1952.960	2174.584	2413.116
		11.348	10.969

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	1952.960	2174.584	2413.116
Profit	17.718	20.617	31.861
	0.91%	0.95%	1.32%

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	10435082	25/06/2013	7,500,000.00	STATE BANK OF BIKANER AND JAIPUR	VKI AREA BRANCH, ROAD NO. 5, JAIPUR, RAJASTHAN -  302013, INDIA	B78861895
2	10435278	19/06/2013	1,250,000.00	STATE BANK OF BIKANER AND JAIPUR	VKI AREA BRANCH, ROAD NO. 5, JAIPUR, RAJASTHAN -  302013, INDIA	B78941861
3	10435280	19/06/2013	1,250,000.00	STATE BANK OF BIKANER AND JAIPUR	VKI AREA BRANCH, ROAD NO. 5, JAIPUR, RAJASTHAN -  302013, INDIA	B78942331
4	10412911	25/02/2013	25,000,000.00	STATE BANK OF BIKANER AND JAIPUR	V K I AREA BRANCH, ROAD NO.5, JAIPUR, RAJASTHAN -  302013, INDIA	B71168942
5	10389535	05/12/2012	5,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	FIRST FLOOR, UMRAO COMPLEX, SANSAR CHANDRA ROAD, JAIPUR, RAJASTHAN - 302001, INDIA	B63174007
6	10328218	14/12/2011	20,000,000.00	STATE BANK OF BIKANER AND JAIPUR	V K I AREA BRANCH, ROAD NO.5, JAIPUR, RAJASTHAN -  302013, INDIA	B29494507
7	10234103	27/07/2010	51,000,000.00	STATE BANK OF BIKANER AND JAIPUR	V K I AREA BRANCH, ROAD NO.5, JAIPUR, RAJASTHAN -  302013, INDIA	A92014976
8	10205013	10/06/2014 *	840,000,000.00	STATE BANK OF BIKANER AND JAIPUR	V K I AREA BRANCH, ROAD NO.5, JAIPUR, RAJASTHAN -  302013, INDIA	C09689928

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from directors	36.922	2.805
Total	36.922	2.805

OPERATIONS AND FINANCIAL REVIEW

The year 2012-13 has been very flourishing year for the company. The company has achieved various landmarks in improving operational efficiencies and undertaking of new initiatives. The company has undertaken several new initiatives in higher capacity utilization, cost reduction measures and effective inventory and cash flow management and operational efficiencies.

FIXED ASSETS

Tangible Assets

· Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Motor Vehicles

Office Equipment

Computer Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.47
UK Pound	1	Rs.100.15
Euro	1	Rs.79.65

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	MRI

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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		44

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.