MIRA INFORM REPORT

Report Date :

11.12.2014

IDENTIFICATION DETAILS

Name :	TI STEELS PRIVATE LIMITED
Registered Office :	1/9, B Jindal House, Asaf Ali Road, New Delhi - 110002
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.06.2003
Com. Reg. No.:	55-120658
Capital Investment / Paid-up Capital :	Rs.500.000 Million
CIN No.: [Company Identification No.]	U27109DL2003PTC120658
IEC No.:	0507026438
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCT9896R
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Stainless Steel Billets, Ingots, Wire rods, Round Bars, Flat Bars, Bush Bars, Hex Bars, Circles, Flanges, Fittings etc.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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. Management has failed to file its financials after 2011 with government department. Mr. Nilesh Sanghvi, Director provided general and financial statement for the year 2012, 2013 and 2014. Rating is constrained on account of high working capital intensity, competitive nature of industry and low reserves. However, company has successfully wiped out its accumulated losses. However, trade relation are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Cash Credit = BB -
Rating Explanation	Inadequate credit quality and high credit risk
Date	October, 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. Nilesh Sanghvi
Designation :	Director
Contact No.:	91-9318084101 (Mr. Nilesh)
Date :	08.12.2014

LOCATIONS

Registered Office :	1/9, B Jindal House, Asaf Ali Road, New Delhi – 110002, India
Tel. No.:	Not Available
Mobile No.:	91-9318084101 (Mr. Nilesh) / 91-9318084108 (Mr. Rakesh)
Fax No.:	Not Available
E-Mail :	sales@tisteels.com
Website :	http://www.tisteels.com
Area :	250 Sq. Ft.
Location :	Rented
Corporate Office :	Shop No. 81, C. P. Tank Road, Mumbai - 400004, Maharashtra, India
Tel. No.:	91-22-66151924/ 66595024/ 22425753
Fax No.:	91-22-23810153
E-Mail :	sales@tisteels.com
Location :	Owned
Factory :	Plot No.15, Phase III, Gondpur Industrial Area, Ponta Sahib, District Simour – 173025, Himachal Pradesh, India
Tel. No.:	91-1704-265071
Fax No.:	91-1704-265071
Area :	16756 Sq. Ft.
Location :	Leased

DIRECTORS

As on 30.09.2011

Name :

Mr. Kapoorchand Ashmalji Sanghvi

Designation :

Managing director

Address :

7B/9 – III Floor, Navjeevan Society, Lamington Road, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

27.09.1952

Qualification :

SSC

Experience :

More than 40 Years

Date of Appointment :

29.12.2008

DIN No.:

00350861

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	U27109MH2006PTC163546	VINAY FERROMET PRIVATE LIMITED	Director	04/08/2006	04/08/2006	-	Active	NO
2	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Managing director	29/12/2008	28/06/2007	-	Active	NO
3	U01403MH2010PTC199413	VINAY AGRI-BUSINESS DEVELOPERS PRIVATE LIMITED	Director	28/01/2010	28/01/2010	-	Active	NO

Name :

Mr. Rakesh K. Sanghvi

Designation :

Director

Address :

Room No. 110, 1^st Floor, Kimrah Bhavan, 7^th Khetwadi Back Road, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

17.07.1975

Qualification :

B.Com

Experience :

More than 20 Years

Date of Appointment :

29.09.2009

DIN No.:

00342793

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	U27109MH2006PTC163546	VINAY FERROMET PRIVATE LIMITED	Director	04/08/2006	04/08/2006	-	Active	NO
2	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Director	29/09/2009	05/03/2009	-	Active	NO
3	U01403MH2010PTC199413	VINAY AGRI-BUSINESS DEVELOPERS PRIVATE LIMITED	Director	28/01/2010	28/01/2010	-	Active	NO

Name :

Ms. Pooja Gambhir

Designation :

Director

Address :

Farm No. 8, Ashoka avenue, Central Drive DLF, Chattarpur, New Delhi – 110030, Delhi, India

Date of Birth/Age :

30.11.1977

Qualification :

CA

Date of Appointment :

20.09.2006

DIN No.:

00680298

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	U74899DL1987PTC029285	PRINCE ICE FACTORY PRIVATE LIMITED	Director	13/07/2006	13/07/2006	07/05/2007	Active	NO
2	U45201DL2004PTC124623	AGK PROPERTIES PRIVATE LIMITED	Director	11/08/2006	11/08/2006	03/06/2011	Active	NO
3	U74899DL1995PTC070091	J S MELTING AND ROLLING PRIVATE LIMITED	Director	20/08/2006	20/08/2006	03/06/2011	Active	NO
4	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Director	20/09/2006	20/09/2006	-	Active	NO

Name :

Stuti Gambhir

Designation :

Director

Address :

Farm No. 8, Ashoka avenue, Central Drive DLF, Chattarpur, New Delhi – 110030, Delhi, India

Date of Birth/Age :

26.09.1982

Qualification :

MBA

Date of Appointment :

20.09.2006

Name :

Mrs. Anita Kirti Sanghvi

Designation :

Director

Address :

7B/9 – III Floor, Navjeevan Society, Lamington Road, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

29.04.1976

Qualification :

HSC

Experience :

More than 12 Years

Date of Appointment :

29.09.2009

DIN No.:

02595958

Name :

Mr. Satish D. Sanghavi

Designation :

Director

Address :

7B/9 – III Floor, Navjeevan Society, Lamington Road, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

01.06.1978

Qualification :

B.Com

Experience :

More than 18 Years

Date of Appointment :

29.09.2009

DIN No.:

02600923

Name :

Mrs. Rekha Nilesh Sanghvi

Designation :

Director

Address :

7B/9 – III Floor, Navjeevan Society, Lamington Road, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

27.02.1978

Qualification :

B.Com

Experience :

More than 15 Years

Date of Appointment :

29.09.2009

DIN No.:

02472249

Name :

Mrs. Rakhi Rakesh Sanghvi

Designation :

Director

Address :

7B/9 – III Floor, Navjeevan Society, Lamington Road, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

26.02.1977

Qualification :

B.Com

Experience :

More than 15 Years

Date of Appointment :

29.09.2009

DIN No.:

02472195

Name :

Mr. Abhey Ram Jain

Designation :

Director

Address :

F - 26/95, Sector 7, Rohini, Delhi – 110085, India

Date of Birth/Age :

15.07.1942

Date of Appointment :

04.08.2008

DIN No.:

01354691

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	U27109DL2004PTC130526	AJAY ALLOYS PRIVATE LIMITED	Director	31/03/2014	10/11/2004	-	Active	NO
2	U27310DL2006PTC154593	KBSP ALLOYS PRIVATE LIMITED	Director	31/03/2014	06/04/2007	-	Active	NO
3	U74899DL1987PTC029285	PRINCE ICE FACTORY PRIVATE LIMITED	Director	31/03/2014	29/10/2007	-	Active	NO
4	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Director	04/08/2008	04/08/2008	-	Active	NO
5	U51909DL2006PTC152164	PARVEEN COMMODITY BROKERS PRIVATE LIMITED	Director	02/03/2009	02/03/2009	10/08/2011	Active	NO

Name :

Mr. Praveen Jain

Designation :

Director

Address :

F-26/95, Sector 7, Rohini, New Delhi – 110085, India

Date of Birth/Age :

11.03.1967

Qualification :

HSC

Date of Appointment :

25.05.2007

DIN No.:

01354475

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	U27109DL2004PTC130526	AJAY ALLOYS PRIVATE LIMITED	Director	10/10/2013	10/11/2004	-	Active	NO
2	U51909DL2006PTC152164	PARVEEN COMMODITY BROKERS PRIVATE LIMITED	Director	10/10/2013	18/08/2006	31/03/2014	Active	NO
3	U27310DL2006PTC154593	KBSP ALLOYS PRIVATE LIMITED	Director	01/08/2012	03/10/2006	-	Active	NO
4	U74899DL1987PTC029285	PRINCE ICE FACTORY PRIVATE LIMITED	Director	12/04/2009	01/05/2007	-	Active	NO
5	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Director	25/05/2007	25/05/2007	-	Active	NO

Name :

Mr. Nilesh Kapoorchand Sanghvi

Designation :

Director

Address :

7B/9 – III Floor, Navjeevan Society, Lamington Road, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

12.02.1977

Qualification :

B.Com

Experience :

More than 20 Years

Date of Appointment :

29.09.2009

DIN No.:

00881084

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	U72900MH2000PTC127749	BALAJI INTER INFO SYSTEMS PRIVATE LIMITED	Director	17/07/2000	17/07/2000	30/03/2009	Active	NO
2	U27109DL2003PTC120658	TI STEELS PRIVATE LIMITED	Director	29/09/2009	14/01/2009	-	Active	NO
3	U70100MH2009PTC197989	VINAY REALSTRUCTURE PRIVATE LIMITED	Director	18/12/2009	18/12/2009	-	Active	NO
4	U01403MH2010PTC199413	VINAY AGRI-BUSINESS DEVELOPERS PRIVATE LIMITED	Additional director	22/02/2014	22/02/2014	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2011

Names of Shareholders	No. of Shares	Percentage of Holding
Vinay Feromat Private Limited, India	12250000	24.50
Kapoorchand A. Sanghvi	1500000	3.00
Urmiladevi K Sanghvi	1100000	2.20
Rakesh K. Sanghvi	1600000	3.20
Nilesh K. Sanghvi	2000000	4.00
Kirti K. Sanghvi	2200000	4.40
Rakhi R. Sanghvi	2000000	4.00
Rekha N. Sanghvi	2000000	4.00
Anita K Sanghvi	1300000	2.60
Satish D Sanghvi	150000	0.30
Ajay Alloys Private Limited	10720000	21.44
Prince Ice Factory Private Limited	6000000	12.00
Abheyram Jain	200000	0.40
AGK. Properties Private Limited	557800	1.12
Pearl Handicraft Private Limited	100000	0.20
Rupa Merchant Private Limited	100000	0.20
Pooja Gambhir	1820000	3.64
Aarti Gambhir	825000	1.65
Stuti Gambhir	1040000	2.08
Naresh Gambhir	1988700	3.98
Jyoti Gambhir	548500	1.10
Total	50000000	100.00

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	59.46
Directors or relatives of Directors	40.54
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Stainless Steel Billets, Ingots, Wire rods, Round Bars, Flat Bars, Bush Bars, Hex Bars, Circles, Flanges, Fittings etc.
Products :	· Ingots · Billets · Round Corner Square Bars (RCS) · Wire Rods · Wires · Round Bars · Bright Bars · Hexagon Bars (A/F) · Square Bars · Flats Bars · Angles · Channel
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Stainless Steel Billets, Ingots, Wirerods, Round Bars, Flat Bars, Bush Bars, Hex Bars, Circles, Flanges, Fittings etc.	M. Tons	NA	60000 P.A	20000 P.A

GENERAL INFORMATION

Suppliers :

Reference :	Gautam Traders
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 :	Metal Tech India
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 :

250 (Approximately)

Bankers :

· Vijaya Bank, Dharma Palace, N.S. Patkar Marg, Gamdevi Branch, Mumbai – 400007, Maharashtra, India

Auditors :
Name :	K.M. Agrawal and Company Chartered Accountants
Address :	Opposite State Bank of Patiala, Jagadhari Road, Yamuna Nagar - 135001
Tel. No.:	91-1732-226061/ 254162
Mobile No.:	91-9996802800
E-Mail :	agrawalravinder@hotmail.com
PAN No.:	AAEFK8228L
Memberships :	---
Collaborators :	---
Sister Concern :	· Vinay Ferromet Private Limited Address: 81, C.P Tank Road, Ground Floor, Mumbai, Maharashtra, India Line of Business: Dealer of Ferrous and Non Ferrous Metals.

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 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	500.000	500.000	500.000
(b) Reserves & Surplus	9.949	(19.289)	(35.084)
(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)	509.949	480.711	464.916
(3) Non-Current Liabilities
(a) long-term borrowings	29.952	59.663	84.447
(b) Deferred tax liabilities (Net)	7.166	6.572	7.738
(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)	37.118	66.235	92.185
(4) Current Liabilities
(a) Short term borrowings	178.436	117.981	66.498
(b) Trade payables	83.540	140.024	109.365
(c) Other current liabilities	6.123	19.231	92.490
(d) Short-term provisions	22.784	15.163	15.038
Total Current Liabilities (4)	290.883	292.399	283.391
TOTAL	837.950	839.345	840.492
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	287.646	327.021	368.189
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	2.919
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6.533	11.183	23.302
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	294.179	338.204	394.410
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	188.440	215.172	91.979
(c) Trade receivables	341.529	258.849	329.648
(d) Cash and cash equivalents	0.681	2.516	1.261
(e) Short-term loans and advances	13.121	24.604	23.194
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	543.771	501.141	446.082
TOTAL	837.950	839.345	840.492

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1534.412	1349.805	1100.826
	Other Income	0.000	0.000	0.000
	TOTAL	1534.412	1349.805	1100.826
Less	EXPENSES
	Cost of Materials Consumed	1272.836	1299.270	894.712
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	54.067	(128.033)	(0.276)
	Employees benefits expense	28.658	20.282	34.035
	Other expenses	73.423	64.282	77.184
	TOTAL	1428.984	1255.801	1005.655
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	105.428	94.004	95.171
Less	FINANCIAL EXPENSES	24.351	26.719	30.136
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	81.077	67.285	65.035
Less/ Add	DEPRECIATION/ AMORTISATION	41.217	46.755	52.523
	PROFIT/ (LOSS) BEFORE TAX	39.860	20.530	12.512
Less	TAX	10.622	4.735	3.511
	PROFIT/ (LOSS) AFTER TAX	29.238	15.795	9.001
	Earnings / (Loss) Per Share (Rs.)	0.58	0.32	0.18

Expected Sales (2014.2015): Rs.2050.000 Million

The above information has been parted by Mr. Nilesh Sanghvi (Director).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	1.90	1.17	0.81
Operating Profit Margin (PBDIT/Sales)	(%)	6.87	6.96	8.64
Return on Total Assets (PBT/Total Assets}	(%)	4.76	2.45	1.49
Return on Investment (ROI) (PBT/Networth)		0.08	0.04	0.03
Debt Equity Ratio (Total Liability/Networth)		0.41	0.37	0.32
Current Ratio (Current Asset/Current Liability)		1.87	1.71	1.57

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	500.000	500.000	500.000
Reserves & Surplus	(35.084)	(19.289)	9.949
Net worth	464.916	480.711	509.949
long-term borrowings	84.447	59.663	29.952
Short term borrowings	66.498	117.981	178.436
Total borrowings	150.945	177.644	208.388
Debt/Equity ratio	0.325	0.370	0.409

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	1100.826	1349.805	1534.412
		22.617	13.677

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	1100.826	1349.805	1534.412
Profit	9.001	15.795	29.238
	0.82%	1.17%	1.91%

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	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	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	No
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	10512928	26/03/2014	75,000,000.00	NKGSB CO-OP BANK LIMITED	Laxmi Sadan, 361, Vithalbhai Patel Road,, Mumbai,  Maharashtra - 400004, INDIA	C15027618
2	10099949	14/03/2008	3,000,000.00	Diractor of industries of Himachal Pradesh	Through District industries Centre,HP, District S  imour, Nahan, Himachal Pradesh - 173001, INDIA	A36998912
3	80023441	17/09/2012 *	170,150,000.00	VIJAYA BANK	DHARMA PALACE, N. S. PATKAR MARG,, GAMDEVI BRANCH, MUMBAI, Maharashtra - 400007, INDIA	B60623972

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.61.95
UK Pound	1	Rs.97.15
Euro	1	Rs.76.15

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		31

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.