MIRA INFORM REPORT

Report Date :

18.12.2014

IDENTIFICATION DETAILS

Name :	LIPI BOILERS LIMITED
Formerly Known As :	LIPI BOILERS PRIVATE LIMITED
Registered Office :	Mahindra Chambers, May Fair, A-4, Dhole Patil Road, Pune - 411001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.09.1974
Com. Reg. No.:	11-017766
Capital Investment / Paid-up Capital :	Rs.43.500 Millions
CIN No.: [Company Identification No.]	U28131MH1974PLC017766
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	PNEL00118G
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Sale of Boilers and Parts.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 850000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Management of the company has failed to file its financial for the year 2014 with the government department. As per available financial of 2013, there seem drastic dip in the profit and sales turnover of the company. However, general financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be 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 – 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	CARE
Rating	NSIC – CARE MSE Rating = SE3C
Rating Explanation	Moderate performance capability and low financial strength (suspended)
Date	29.11.2013

Reason for suspension: The rating have been suspended as the company has not furnished the information required by CARE for monitoring of the rating.

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. Sorate
Designation :	Accounts Assistant
Contact No.:	91-20-66849900
Date :	18.12.2014

LOCATIONS

Registered Office :	Mahindra Chambers, May Fair, A-4, Dhole Patil Road, Pune - 411001, Maharashtra, India
Tel. No.:	91-20-32900293 / 30900294
Fax No.:	91-20-26165947
E-Mail :	contact@uttamlipi.com gramarathnam_uttam@yahoo.com
Area :	10500 Sq. Ft
Location :	Owned
Factory :	E-5, Industrial Area, Chikhalthana, Aurangabad - 431210, Maharashtra, India.
Area :	12000 Sq. Ft
Location :	Owned

DIRECTORS

As on 27.09.2013

Name :

Mr. Rajkumar Adlakha

Designation :

Director

Address :

KD-51, Kavi Nagar, Gaziabad - 2001002, Uttar Pradesh, India

Date of Birth/Age :

22.01.1956

Qualification :

B.E. Medical

Date of Appointment :

01.10.2008

Din No.:

00133256

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	U74899DL1983PLC015815	UTTAM INDUSTRIAL ENGINEERING LIMITED	Director	28/05/1983	28/05/1983	22/07/2009	Active	NO
2	U74899DL1985PTC022459	UTTAM PROPERTIES PRIVATE LIMITED	Director	06/11/1985	06/11/1985	-	Active	NO
3	U74899DL1985PTC022623	SHREE UTTAM COLONISERS PRIVATE LIMITED	Director	29/11/1985	29/11/1985	-	Active	NO
4	U93000DL1988PTC033076	UTTAM CAR WASH PRIVATE LIMITED	Director	08/09/1988	08/09/1988	20/10/2009	Active	NO
5	U45200PN1981PTC024955	UTTAM INFRA PROJECTS & ENGINEERING COMPANY PRIVATE LIMITED	Director	03/10/1992	03/10/1992	-	Active	NO
6	U28131MH1974PLC017766	LIPI BOILERS LIMITED	Director	01/10/2008	03/10/1992	-	Active	NO
7	U70102DL1990PLC038971	UTTAM HOUSINGINFRA LIMITED	Director	15/04/1997	15/04/1997	-	Active	NO
8	L99999UR1993PLC032518	UTTAM SUGAR MILLS LIMITED	Managing director	01/09/2012	28/07/1998	-	Active	NO
9	U51909PN2000PTC017659	TELMA TRADING PRIVATE LIMITED	Director	27/03/2000	27/03/2000	-	Active	NO
10	U15426UP1994PLC016697	SHUBHAM SUGARS LIMITED	Director	31/05/2004	31/05/2004	-	Active	NO
11	U15520DL2004PLC128347	UTTAM DISTILLERIES LIMITED	Director	16/08/2004	16/08/2004	-	Active	NO
12	U51909DL2004PTC129025	DIVINE GRACE ENTERPRISES PRIVATE LIMITED	Director	14/09/2004	14/09/2004	-	Active	NO
13	U74899DL1988PTC030926	HLM MANAGEMENT SERVICES PRIVATE LIMITED	Director	04/12/2006	04/12/2006	01/01/2009	Active	NO
14	U80302DL2005PTC137428	UTTAM LIFESTYLE HOTELS PRIVATE LIMITED	Director	30/09/2008	20/07/2007	-	Active	NO
15	U55101DL2008PTC177202	UTTAM ELITE HOTELS PRIVATE LIMITED	Director	24/04/2008	24/04/2008	-	Active	NO
16	U93000DL2011PTC228415	UTTAM CHAND ADLAKHA & SONS IPR HOLDINGS PRIVATE LIMITED	Director	08/12/2011	08/12/2011	-	Active	NO
17	U29253PN2012PLC141864	UTTAM ENERGY SYSTEMS LIMITED	Director	06/01/2012	06/01/2012	24/05/2013	Active	NO
18	U67190DL1993PTC052533	UTTAM ADLAKHA & SONS HOLDINGS PRIVATE LIMITED	Director	29/09/2012	05/03/2012	-	Active	NO
19	U99999DL1969GAP005106	INDIAN SUGAR EXIM CORPORATION LTD.	Nominee director	24/01/2013	24/01/2013	30/09/2013	Active	NO

Name :

Mr. Vijaykumar Ghuliani

Designation :

Director

Address :

A-273, New Friends Colony, New Delhi - 110065, India

Date of Birth/Age :

09.06.1941

Qualification :

B.E. Medical

Date of Appointment :

31.03.2009

Din No.:

00810725

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	U28131MH1974PLC017766	LIPI BOILERS LIMITED	Director	31/03/2009	22/08/1995	-	Active	NO
2	U45200PN1981PTC024955	UTTAM INFRA PROJECTS & ENGINEERING COMPANY PRIVATE LIMITED	Director	25/09/2010	23/04/2010	-	Active	NO

Name :

Mr. Balram Adlakha

Designation :

Director

Address :

32, Western Avenue, Sainik Farms, New Delhi – 110062, India

Date of Birth/Age :

29.07.1987

Date of Appointment :

01.07.2013

Din No.:

03586918

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	U45200PN1981PTC024955	UTTAM INFRA PROJECTS & ENGINEERING COMPANY PRIVATE LIMITED	Director	19/09/2011	01/08/2011	-	Active	NO
2	U29253PN2012PLC141864	UTTAM ENERGY SYSTEMS LIMITED	Managing director	01/07/2013	06/01/2012	-	Active	NO
3	U28131MH1974PLC017766	LIPI BOILERS LIMITED	Director	01/07/2013	01/04/2012	-	Active	NO
4	U15520DL2004PLC128347	UTTAM DISTILLERIES LIMITED	Director	31/08/2013	10/06/2013	-	Active	NO
5	U70102DL1990PLC038971	UTTAM HOUSINGINFRA LIMITED	Director	29/08/2013	10/06/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sorate
Designation :	Accounts Assistant

MAJOR SHAREHOLDERS

As on 27.09.2013

Names of Shareholders	No. of Shares
Vijaykumar Goel	3125
Lipi Cinsultants Private Limited, India	104164
Rajkumar Adlakha	1689375
Rajan Adlakha	2084
Amita Adlakha	3334
Ranjan Adlakha	2084
Sonia Adlakha	2084
Shomna Adlakha	1250
Pariksha Fin-Invest-Lease Limited, India	1570000
New Castel Finance and Leasing Private Limited, India	233470
Adharshila Capital Services Limited, India	559030
G.M Coloni Sers Private Limited, India	180000
Total	4350000

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2013

Category	Percentage
Bodies corporate	60.84
Directors or relatives of Directors	39.09
Other top fifty shareholders	0.07
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Sale of Boilers and Parts.

Products :

Product Description	Item Code No. (ITC Code)
Steam Generation Boilers and Its Parts	84.02

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Thermax Limited
Name of the Person :	Not Divulged
Contact No.:	91-20-66122100 (Not Responding)
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Brahmaputra Biochem Private Limited
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 :

80 (Approximately)

Bankers :

Banker Name	Indian Overseas Bank
Branch Address	Pune Cantonment Branch, Wonderland, 7 M.G. Road, Pune-411001, Maharashtra, India
Person Name (With Designation)	Mr. Suresh (Relationship Manager)
Contact Number	91-20-26130998
Name of Account Holder	Lipi Boilers Limited
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	5 Years
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	LC = Rs.60.000 Millions CC = Rs.40.000 Millions
Account Operation	Satisfactory
Remarks (If any)	Banker gave positive response about the subject company they are satisfied with their banking transaction.

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
From Indian Overseas Bank	1.233	0.290
From Tata Capital Limited	0.000	0.075
From Axis Bank Limited	1.774	0.000
From ICICI Bank Limited	0.493	0.000
SHORT TERM BORROWINGS
From Indian Overseas Bank	39.609	32.790
Total	43.109	33.155

Notes:

Long Term Borrowings:

The above loans are secured against hypothecation of vehicles and further secured by personal guarantees of certain directors of the company

Short Term Borrowings

(Secured by hypothecation of stocks and book debts and further secured against mortgage of factory land and building of the company. The loan is further secured by personal guarantees of certain directors)

Banking Relations :	--
Auditors :
Name :	Rajendra K. Kumar and Associates Chartered Accountants
Address :	57, Navyug Market, Gaziabad-201002, Uttar Pradesh, India
Tel. No.:	91-120-2790426 / 2797683
Fax No.:	91-120-4105323
E-Mail :	rkkumar.ca@gmail.com
PAN No.:	ACYPK1743J
Memberships :	--
Collaborators :	--
Enterprises significantly influenced by individuals having significant influence substantial interest :	Uttam Industrial Engineering Limited Lipi Consultants Private Limited Telma Trading Private Limited Uttam Toyata Uttam Sugar Mills Limited Uttam Sucrotech International Limited Uttam Sucrotech Limited Sekhri Finance and Investments Private Limited Uttam Energy System Limited

CAPITAL STRUCTURE

As on 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5200000	Equity Shares	Rs. 10/- each	Rs.52.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4350000	Equity Shares	Rs. 10/- each	Rs.43.500 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	43.500	43.500	43.500
(b) Reserves & Surplus	255.556	249.317	212.683
(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)	299.056	292.817	256.183
(3) Non-Current Liabilities
(a) long-term borrowings	3.500	0.365	2.856
(b) Deferred tax liabilities (Net)	4.306	4.012	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.835	1.525	1.231
Total Non-current Liabilities (3)	9.641	5.902	4.087
(4) Current Liabilities
(a) Short term borrowings	39.609	32.790	0.000
(b) Trade payables	37.690	22.257	21.328
(c) Other current liabilities	222.436	153.580	205.767
(d) Short-term provisions	6.670	20.197	13.244
Total Current Liabilities (4)	306.405	228.824	240.339
TOTAL	615.102	527.543	500.609
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	60.785	50.141	44.219
(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	321.504	291.198	290.698
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	11.415	20.395	21.413
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	393.704	361.734	356.330
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	96.599	72.274	98.986
(c) Trade receivables	29.146	21.043	8.067
(d) Cash and cash equivalents	31.131	23.430	20.553
(e) Short-term loans and advances	63.156	48.513	16.673
(f) Other current assets	1.366	0.549	0.000
Total Current Assets	221.398	165.809	144.279
TOTAL	615.102	527.543	500.609

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		311.872	377.530	199.908
		Other Income		5.826	38.999	16.946
		TOTAL		317.698	416.529	216.854
Less	EXPENSES
		Cost of Materials Consumed		229.303	247.271	125.533
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(20.404)	16.893	(4.186)
		Employee Benefits Expenses		45.339	36.143	24.913
		Other Expenses		41.935	58.195	31.020
		TOTAL		296.173	358.502	177.280
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			21.525	58.027	39.574
Less	FINANCIAL EXPENSES			5.078	2.172	2.004
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			16.447	55.855	37.570
Less	DEPRECIATION/ AMORTISATION			4.670	2.899	2.413
	PROFIT/(LOSS) BEFORE TAX			11.777	52.956	35.157
Less	TAX			2.797	17.403	11.672
Less	PRIOR PERIOD ITEMS			2.742	(1.082)	1.974
	PROFIT/(LOSS) AFTER TAX			6.238	36.634	21.511
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			127.253	110.618	109.107
Less	APPROPRIATIONS
			Transfer to General Reserve	2.500	20.000	20.000
	BALANCE CARRIED TO THE B/S			130.991	127.253	110.618
	IMPORTS
			Raw Materials	0.000	3.778	31.225
	TOTAL IMPORTS			0.000	3.778	31.225
	Earnings / (Loss) Per Share (Rs.)			2.06	8.17	5.40

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	2.00	9.70	10.76
Operating Profit Margin (PBIDT/Sales)	(%)	6.90	15.37	19.80
Return on Total Assets (PBT/Total Assets}	(%)	4.01	22.41	16.75
Return on Investment (ROI) (PBT/Networth)		0.04	0.18	0.14
Debt Equity Ratio (Total Debt /Networth)		0.14	0.11	0.01
Current Ratio (Current Asset/Current Liability)		0.72	0.72	0.60

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	43.500	43.500	43.500
Reserves & Surplus	212.683	249.317	255.556
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	256.183	292.817	299.056
Long Term borrowings	2.856	0.365	3.500
Short Term borrowings	0.000	32.790	39.609
Total borrowings	2.856	33.155	43.109
Debt/Equity ratio	0.011	0.113	0.144

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	199.908	377.530	311.872
		88.852	(17.3910

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	199.908	377.530	311.872
Profit	21.511	36.634	6.238
	10.76%	9.70%	2.00%

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	No
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	Yes
25]	Conduct of the banking account	Yes
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

COMPANY INFORMATION

The Company was incorporated on 11th September 1974. The registered office of the company is located at Mahindra Chamber May Fair A-4, Dhole Patil Road Pune, Maharashtra and Factory at E-5, M I D C, Industrial Area, Chikalthana Aurangabad, Maharashtra. The Company is engaged in the business of manufacturing and sale of Boilers and Parts.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10463800	28/11/2013	428,500,000.00	Indian Overseas Bank	Mid Corporate Branch, 915/2,, Aryabhushan Bhavan, 1st Floor, Ferguson College Road, Pune, Maharashtra  - 411004, India	B90943267
2	10437958	12/07/2013	3,173,000.00	Indian Overseas Bank	Pune Cantonment Branch,, Wonderland, 7 M.G. Road, Pune, Maharashtra - 411001, India	B80089501
3	10335835	17/12/2013 *	100,000,000.00	Indian Overseas Bank	Pune Cantonment Branch,, Wonderland, 7 M.G. Road, Pune, Maharashtra - 411001, India	B92906965
4	10302049	20/07/2011	590,000.00	Indian Overseas Bank	Pune Cantonment Branch,, Wonderland, 7 M.G. Road, Pune, Maharashtra - 411001, India	B18753970
5	10292528	29/05/2011	540,000.00	Tata Capital Limited	One Forbes, Dr V B Gandhi Marg,Fort, Mumbai, Maharashtra - 400001, India	B15112949
6	90089021	04/01/2007 *	1,811,500,000.00	Punjab National Bank	Mohan Nagar, Ghaziabad, Ghaziabad, Uttar Pradesh - 201002, India	-
7	90088482	18/03/2005 *	100,000,000.00	State Bank Of India	Sib Branch, Navyug Market, Ghaziabad, Uttar Pradesh, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.63.58
UK Pound	1	Rs.99.98
Euro	1	Rs.79.39

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.