MIRA INFORM REPORT

Report Date :

06.12.2014

IDENTIFICATION DETAILS

Name :	SURYA ALLOY INDUSTRIES LIMITED (w.e.f.22.10.2007)
Formerly Known As :	SURYA ALLOY INDUSTRIES PRIVATE LIMITED
Registered Office :	1/1, Camac Stret, 3^rd Floor, Kolkata – 700017, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.11.1990
Com. Reg. No.:	21-050102
Capital Investment / Paid-up Capital :	Rs. 99.600 Millions
CIN No.: [Company Identification No.]	U27104WB1990PLC050102
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CALS04850G
PAN No.: [Permanent Account No.]	AADCS5890E
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Importer of Steel, Railway Track Materials and Ferro Alloys.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (17)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow and delayed
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. The downgrade reflects delays by Surya Alloy in Servicing its debt, the delays have been caused by the company’s weak liquidity. Stemming from lack of cash accruals and high gearing. The rating also takes into consideration on the weak performance of the company due to which the management has failed a letter with the CDR Cell to avail the benefit of restructuring schemes. Further, the CDR Schemes which were approved vide letter of approval dated 29^th December 2012 were successfully implemented. Business is active. Payment terms are slow and delayed. The company can be considered for business dealings on a safe and secured 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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	D (Long Term Rating)
Rating Explanation	Instruments with rating are in default or are expected to be in default soon.
Date	18.11.2014

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 (GENERAL DETAILS)

Name :	Mr. R.N. Chatterjee
Designation :	Export Manager
Contact No.:	91-33-22298877/ 91-983193337
Date :	04.12.2014

LOCATIONS

Registered Office :	1/1, Camac Stret, 3^rd Floor, Kolkata – 700017, West Bengal, India
Tel. No.:	91-33-22298877
Mobile No.:	91-983193337 (Mr. R.N.Chaterjee)
Fax No.:	91-33-22297223
E-Mail :	mp@bhaskargroup.com gb@bhaskargroup.com
Website :	http://www.mp@bhaskargroup.com
Factory :	Located at: · Durgapur, West Bengal, India · Bajora, West Bengal, India · Meghalaya, India

DIRECTORS

As On 30.09.2014

Name :

Mr. Ashish Rungta

Designation :

Managing Director

Address :

5K New Road, Alipore, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

23.06.1977

Date of Appointment :

01.01.2013

DIN No.:

00394925

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	U70101WB1995PTC074152	BHASKAR PROPERTIES PVT.LTD.	Director	11/09/1995	11/09/1995	-	Active	NO
2	L65993WB1978PLC031393	BHASKAR INDUSTRIAL DEVELOPMENTS LIMITED	Director	01/03/1996	01/03/1996	10/09/2009	Active	NO
3	U27104WB1990PLC050102	SURYA ALLOY INDUSTRIES LIMITED	Managing director	01/01/2013	16/05/1996	-	Active	NO
4	U27106WB1988PTC045542	MANASH FORGINGS Private LTD.	Director	07/01/1999	07/01/1999	22/06/2009	Active	NO
5	U27101WB2004PTC195282	TIRUMALA BALAJI ALLOYS PRIVATE LIMITED	Director	01/03/2004	01/03/2004	-	Active	NO
6	U51909WB1996PTC076543	WHITESTONE CONSULTANTS PVT LTD	Director	28/04/2006	28/04/2006	24/08/2009	Active	NO
7	L51109WB1995PLC071126	BHASKAR SHRACHI ALLOYS LTD	Managing director	01/08/2008	28/08/2007	02/07/2012	Active	NO
8	U51909DL1996PTC204913	BRIGHTSUN MERCHANTS PVT LTD	Director	12/02/2008	12/02/2008	15/03/2010	Active	NO
9	U74210WB1989PTC046619	PARTH ISPAT (INDIA) PRIVATE LIMITED	Director	23/09/2009	20/07/2009	-	Active	NO
10	U27310WB2014PTC199395	TRIVIKRAM STRUCTURALS PRIVATE LIMITED	Director	09/01/2014	09/01/2014	-	Active	NO
11	U70102WB2014PTC199856	TRIVIKRAM ESTATES PRIVATE LIMITED	Director	29/01/2014	29/01/2014	-	Active	NO

Name :

Mr. Alok Garodia

Designation :

Director

Address :

4a, Kanak Angan, City Centre, Durgapur – 713216, West Bengal, India

Date of Birth/Age :

07.10.1974

Date of Appointment :

24.01.2012

DIN No.:

05176856

Name :

Mr. Anil Kumar Parmar

Designation :

Director

Address :

Vrindavan Apartment 67A, Ballygunge Circular Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

19.01.1958

Date of Appointment :

24.03.2014

DIN No.:

06746988

Name :

Ranjan Kro

Designation :

Director

Address :

13^th, Mile Tamiulkuc HI Brynihat, Meghalaya - 793101

Date of Birth/Age :

08.02.1970

Date of Appointment :

01.12.2007

DIN No.:

00548586

KEY EXECUTIVES

Name :	Mr. Chandan Tripathi
Designation :	Secretary
Address :	129, Naba Mahajati Road, 2^nd Floor Guhapara Nalta, Kolkata – 700028, West Bengal, India
Date of Birth/Age :	05.07.1985
Date of Appointment :	12.06.2014
PAN No.:	AOWPT6669L
Name :	Asoke Kumar Banerjee
Designation :	Secretary
Address :	13/2/1, Amritalal Mukharjee Lane, Shibpur/ Kolkata, Howrah – 711102, West Bengal, India
Date of Birth/Age :	23.04.1972
Date of Appointment :	01.11.2012
PAN No.:	AHZPB5454H
Name :	Mr. R.N. Chatterjee
Designation :	Export Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Ashish Rungta	88530	0.89
Bengal General Trading Company Private Limited, Kolkata	2335000	23.44
Tulsyan and Sons Private Limited, Kolkata	2234500	22.43
Whitestone Consutants Private Limited	1509000	15.15
Bhaskar Ispat Private Limited, Kolkata	2872500	28.84
Vaibhav Vinimay Private Limited	900000	9.04
Urmila Rungta	20470	0.21
Total	9960000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	98.91
Directors or relatives of Directors	1.09
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Steel, Railway Track Materials and Ferro Alloys.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	· Middle East · Bangalore · Europe
Imports :
Products :	Raw Material
Countries :	· Italy · Vietnam
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Asia Mineral Limited, Europe
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Glencore, U.K.
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

300 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Durgapur, West Bengal, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· United Bank of India, Old Court House Street Branch, 11, Hemanta Basu Sarani, Kolkata – 700001, West Bengal, India

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400021, Maharashtra, India

· The Bank of Rajasthan Limited, G.C. Avenue, Kolkata – 700013, West Bengal, India

· Indian Overseas Bank, Jawaharlal Nehru Road Branch, 35/1, Jawaharlal Nehru Road, Kolkata – 700071, West Bengal, India

· Indian Overseas Bank, Tegharia Branch, 137, Podar Vihar, V.I.P. Road, Kolkata – 700052, West Bengal, India

· Punjab National Bank, Large Corporate Branch, 44, Park Street, Kolkata – 700016, West Bengal, India

· State Bank of Mysore, Bentinck Street Branch, 1 and 2, Old Court House Corner, Kolkata – 700001, West Bengal, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan from banks	1627.664	1496.178
SHORT TERM BORROWINGS
Rupee term loans from banks	645.060	637.764
Total	2272.724	2133.942

Auditors :
Name :	Goenka Baheti and Asociates Chartered Accountants
Address :	4B, Ganpat Bagla Road, 1st Floor, Kolkata - 700007.
PAN No.:	AAFFB5597E
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As On 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs. 10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9,960,000	Equity Shares	Rs. 10/- each	Rs. 99.600 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	99.600	95.600	95.600
(b) Reserves & Surplus	438.682	759.370	945.531
(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)	538.282	854.970	1041.131
(3) Non-Current Liabilities
(a) long-term borrowings	1798.016	1533.545	420.471
(b) Deferred tax liabilities (Net)	82.866	82.866	82.866
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.055	4.217	2.155
Total Non-current Liabilities (3)	1885.937	1620.628	505.492
(4) Current Liabilities
(a) Short term borrowings	645.060	637.764	1421.041
(b) Trade payables	433.625	425.331	489.548
(c) Other current liabilities	180.387	164.114	449.735
(d) Short-term provisions	0.454	0.354	1.425
Total Current Liabilities (4)	1259.526	1227.563	2361.749
TOTAL	3683.745	3703.161	3908.372
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1516.957	1571.049	1605.404
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.628
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	27.000	27.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.244	3.167	0.942
(e) Other Non-current assets	4.550	4.550	4.550
Total Non-Current Assets	1524.751	1605.766	1638.524
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	609.560	528.176	589.513
(c) Trade receivables	1083.329	985.315	1194.015
(d) Cash and cash equivalents	77.538	229.747	68.510
(e) Short-term loans and advances	385.408	350.025	414.471
(f) Other current assets	3.159	3.632	3.339
Total Current Assets	2158.994	2096.895	2269.848
TOTAL	3683.745	3702.661	3908.372

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	3422.004	3430.494	3972.328
		Other Income	3587.538	3556.471	25.596
		TOTAL (A)	7009.542	6986.965	3997.924
Less	EXPENSES
		Cost of material consumed	2652.458	2503.653	3127.223
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(40.477)	(25.598)	(13.869)
		Employees benefits expenses	74.284	70.171	59.016
		Other expenses	4334.400	4301.257	630.767
		TOTAL (B)	7020.665	6849.483	3841.461
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(11.123)	137.482	156.463
Less	FINANCIAL EXPENSES (D)		245.972	238.014	258.240
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(257.095)	(100.532)	(101.777)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		90.182	86.461	81.683
Add	PRIOR PERIOD ITEMS BEFORE TAX		0.579	0.831	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(346.698)	(186.162)	(183.460)
Less	TAX (H)		0.000	0.000	0.053
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(346.698)	(186.162)	(183.513)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(202.131)	(15.969)	191.665
	BALANCE CARRIED TO THE B/S		(548.829)	(202.131)	8.152
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	381.299	0.000	84.932
	TOTAL EARNINGS		381.299	0.000	84.932
	IMPORTS
		Raw Materials	12.815	66.214	149.505
		Stores & Spares	12.815	66.214	7.424
	TOTAL IMPORTS		25.630	132.428	156.929
	Earnings / (Loss) Per Share (Rs.)		(34.81)	(18.69)	(22.41)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	(10.13)	(5.43)	(4.62)
Operating Profit Margin (PBDIT/Sales)	(%)	(0.33)	(4.01)	3.93
Return on Total Assets (PBT/Total Assets}	(%)	(9.41)	(5.06)	(4.73)
Return on Investment (ROI) (PBT/Networth)		(0.64)	(0.22)	(0.18)
Debt Equity Ratio (Total Liability/Networth)		4.54	2.54	1.77
Current Ratio (Current Asset/Current Liability)		1.71	1.71	0.96

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	95.600	95.600	99.600
Reserves & Surplus	945.531	759.370	438.682
Net worth	1041.131	854.970	538.282
long-term borrowings	420.471	1533.545	1798.016
Short term borrowings	1421.041	637.764	645.060
Total borrowings	1841.512	2171.309	2443.076
Debt/Equity ratio	1.769	2.540	4.539

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	3972.328	3430.494	3422.004
		(13.640)	(0.247)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	3972.328	3430.494	3422.004
Profit	(183.513)	(186.162)	(346.698)
	(4.62%)	(5.43%)	(10.13%)

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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	---------------------
22]	Litigations that the firm / promoter involved in	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION:

CULCUTTA HIGH COURT

Status of APPEAL FROM ORDER(APO) 448 Of 2010

UNION OF INDIA Vs. SURYA ALLOY INDUSTRIES LTD.

Pet’s Adv: NRIPENDRA RANJAN MUKERJEE

Res’s Adv:

Court No. : 17 Last Listed On : Friday, December 03, 2010

Category : MONEY CLAIMS/COMPENSATION/DAMAGES/MESNE PROFITS

CONNECTED APPLICATION(S) No Connected Application.

CONNECTED MATTER(S) No Connected Cases.

Case Updated on: Thursday, December 09, 2010

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10426655	16/05/2013	3,156,400,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, 44, PARK STREET, KOLKATA,  West Bengal - 700016, INDIA	B75462887
2	10423119	10/07/2014 *	3,351,200,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATION BRANCH, 44, PARK STREET, KOLKAT  A, West Bengal - 700016, INDIA	C14997357
3	10274142	29/01/2011	4,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, M  UMBAI, Maharashtra - 400021, INDIA	B08661944
4	10187377	12/06/2013 *	3,156,400,000.00	STATE BANK OF INDIA	Commercial Branch, Kolkata, 24, Park Street, Kolk  ata, West Bengal - 700016, INDIA	B78398641
5	10188961	18/11/2009	70,000,000.00	STATE BANK OF INDORE	9, BRABOURNE RAOD, KOLKATA, West Bengal - 700001,  INDIA	A74568536
6	10194102	21/12/2011 *	335,000,000.00	UNITED BANK OF INDIA	Old Court House Street Branch, 11, Hemanta Basu S  arani, Kolkata, West Bengal - 700001, INDIA	B28560878
7	10181994	11/11/2011 *	123,500,000.00	STATE BANK OF BIKANER & JAIPUR	N. S. Road Branch,, 14, N. S. Road,, Kolkata, Wes  t Bengal - 700001, INDIA	B26791434
8	10157770	12/06/2013 *	3,156,400,000.00	STATE BANK OF INDIA	Commercial Branch, Kolkata, 24, Park Street, Kolk  ata, West Bengal - 700016, INDIA	B78400702
9	10063387	26/03/2014 *	3,156,600,000.00	Indian Overseas Bank	JAWAHARLAL NEHRU ROAD BRANCH (Title Deed holder),  35/1, JAWAHARLAL NEHRU ROAD, KOLKATA, West Bengal  - 700072, INDIA	C07115611
10	10057484	30/04/2007	47,800,000.00	INDIAN OVERSEAS BANK	TEGHARIA BRANCH, 137, PODDAR VIHAR, V. I. P. ROAD  ,KOLKATA, West Bengal - 700052, INDIA	A16982985

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	170.352	37.367
Total	170.352	37.367

FIXED ASSETS

· Land

· Buildings

· Factory Buildings

· Plant and Equipment

· Furniture and Fixture

· Vehicles

· Motor Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

No 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. 61.85
UK Pound	1	Rs. 96.73
Euro	1	Rs. 76.53

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUB
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	--
--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		17

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.