MIRA INFORM REPORT

Report Date :

29.12.2014

IDENTIFICATION DETAILS

Name :	SUNVIK STEELS PRIVATE LIMITED
Registered Office :	No 23, 3^rd Floor, Next Mother Theresa School, Bahubali Nagar, MES Road, Jalahalli, Bangalore – 560013, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.09.2003
Com. Reg. No.:	08-032546
Capital Investment / Paid-up Capital :	Rs.307.500 Millions
CIN No.: [Company Identification No.]	U27310KA2003PTC032546
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRS14283D
PAN No.: [Permanent Account No.]	AAHCS6286N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Sponge Iron, M S Ingots, TMT Bars etc. and also engaged in Power Generation.
No. of Employees :	33 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1220000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The management has failed to file its financial record with government department for the year 2014. As per available financial record of 2013, general financial position of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are reported to be usually 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	CRISIL
Rating	Long Term Rating = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	02.07.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3
Rating Explanation	Moderate degree of safety and high credit risk
Date	02.07.2014

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 :	Ms. Pushpa
Designation :	Assistant Accounts Manager
Contact No.:	91-80-23084700
Date :	27.12.2014

LOCATIONS

Registered Office :	No 23, 3^rd Floor, Next Mother Theresa School, Bahubali Nagar, MES Road, Jalahalli, Bangalore – 560013, Karnataka, India
Tel. No.:	91-80-23084700
Fax No.:	91-80-23084799
E-Mail :	vsl@airtelmail.in mail@sunvik.in
Website :	www.sunviksteels.com
Factory :	Survey No. 59-72, Jodidevarahalli, Kallambella Hobli, Sira Taluk, District Tumkur – 572125, Karnataka, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Vivek Kumar Kejriwal

Designation :

Managing director

Address :

G-13/04, Platinum City, Yeshwantpur, Bangalore – 560022, Karnataka, India

Date of Birth/Age :

19.01.1971

Date of Appointment :

11.09.2003

PAN No.:

ACXPV7536R

DIN No.:

00798892

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	U27310KA2003PTC032546	SUNVIK STEELS PRIVATE LIMITED	Managing director	11/09/2003	11/09/2003	-	Active	NO
2	U13100KA2008PTC046604	KEJ MINERALS PRIVATE LIMITED	Director	19/06/2008	19/06/2008	09/09/2014	Active	NO

Name :

Mr. Mahendra Kumar Prathaviraj Kachhara

Designation :

Director

Address :

# 9-D, Abhilasha, August Kranti Marg, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

11.02.1962

Date of Appointment :

11.09.2003

DIN No.:

02283218

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	U27310KA2003PTC032546	SUNVIK STEELS PRIVATE LIMITED	Director	11/09/2003	11/09/2003	-	Active	NO
2	U45200MH2004PTC145933	VALUE DEVELOPERS PRIVATE LIMITED	Director	14/05/2004	14/05/2004	-	Active	NO
3	U51109MH2008PTC186802	BHAV TRADE LINKS PRIVATE LIMITED	Director	16/09/2008	16/09/2008	01/10/2010	Active	NO
4	U45202MH2010PTC198372	KSHITIJ REALTORS PRIVATE LIMITED	Director	04/01/2010	04/01/2010	-	Active	NO
5	U27100MH2011PTC212275	SUN METALLICS & ALLOYS PRIVATE LIMITED	Director	13/01/2011	13/01/2011	20/07/2012	Active	NO
6	U27101MH2011PLC219683	SUNLAND RECYCLING INDUSTRIES LIMITED	Whole-time director	01/10/2011	12/07/2011	-	Active	NO

Name :

Mr. Sandeep Manoharlal Shishodia

Designation :

Director

Address :

Sun Metal Castings, LLC, PO Box 3787, Ajman, UAE

Date of Birth/Age :

26.10.1973

Date of Appointment :

11.09.2003

PAN No.:

BHOPS3381N

DIN No.:

02908284

Name :

Mr. Raghavachari Srinivasan

Designation :

Director

Address :

C-6-1, Llyods Garden, Appa Saheb Marathe Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

30.05.1931

Date of Appointment :

01.09.2012

DIN No.:

00003968

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	L10101WB1974PLC094602	GRAPHITE INDIA LIMITED	Director	12/08/2014	12/10/1993	-	Active	NO
2	L24239MH1983PLC029714	ELDER PHARMACEUTICALS LIMITED	Director	15/12/1997	15/12/1997	05/06/2014	Active	NO
3	L51109WB1993PLC057984	BEEYU OVERSEAS LIMITED	Director	31/07/2001	31/07/2001	30/05/2007	Active	NO
4	L36912MH1986PLC041203	GOLDIAM INTERNATIONAL LIMITED	Director	02/05/2002	02/05/2002	-	Active	NO
5	U65991MH1994PLC078879	JM FINANCIAL ASSET MANAGEMENT LIMITED	Director	19/04/2003	19/04/2003	25/01/2012	Active	NO
6	L24222WB1902PLC001540	SHALIMAR PAINTS LIMITED	Director	29/01/2005	29/01/2005	26/09/2014	Active	NO
7	L51109WB1998PLC087076	MCLEOD RUSSEL INDIA LIMITED	Director	23/07/2014	11/03/2005	-	Active	NO
8	L01132WB1949PLC017715	WILLIAMSON MAGOR & CO. LIMITED	Director	10/09/2014	29/03/2005	-	Active	NO
9	U72900MH2005PTC154805	NAYAMODE SOLUTIONS PRIVATE LIMITED	Director	15/07/2005	15/07/2005	-	Active	NO
10	U24222MH2005PTC215180	SNOWCEM PAINTS PRIVATE LIMITED	Director	04/10/2005	04/10/2005	-	Active	NO
11	L74999MH1995PLC085878	SOLAR  INDUSTRIES INDIA LIMITED	Director	25/10/2005	25/10/2005	01/04/2009	Active	NO
12	L31300TG1985PLC005844	XL ENERGY LIMITED	Director	16/12/2006	01/03/2006	30/06/2011	Active	NO
13	L74210MH1999PLC122886	J. KUMAR INFRAPROJECTS LIMITED	Additional director	16/07/2007	16/07/2007	-	Active	NO
14	U70102TG2005PTC047145	SUCHIRINDIA INFRATECH PRIVATE LIMITED	Director	30/09/2008	01/09/2008	15/07/2013	Active	NO
15	U17110MH2005PLC190937	SHUBHALAKSHMI POLYESTERS LIMITED	Director	23/09/2011	24/02/2011	14/02/2014	Active	NO
16	U27310KA2003PTC032546	SUNVIK STEELS PRIVATE LIMITED	Director	01/09/2012	01/09/2012	30/03/2014	Active	NO
17	U74900MH2009PTC192055	NEWTURN CONSULTING PRIVATE LIMITED	Director	03/11/2012	03/11/2012	-	Active	NO
18	U65991MH1994PTC078880	JM FINANCIAL TRUSTEE COMPANY PRIVATE LIMITED	Director	23/07/2013	10/05/2013	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Pushpa
Designation :	Assistant Accounts Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Equity Shareholders	No. of Shares
Vivek Kumar Kejriwal	4345043
Mahendra Kumar Prathaviraj Kachhara	169600
Sandeep M Shishodia	4304937
Anju Kejriwal	50000
Ashok K Kothari	100
Rajendra Jain	100
Sajjan Devi Kachhara	600100
Manoj Kumar Jain	10
Madan Lal	10
Anjana Devi Ranka	860000
Premdevi Surender Kachhara	2670100
Total	13000000

Names of Preference Shareholders	No. of Shares
Usha Vasant Shah and Others	15000
Ashok Vasanji Dedhia and Others	18500
Kamlesh Meghji Gada and Others	13500
Vishanji Meghji Rajgor and Others	25000
Savajsingh Jethuba Gohil and Others	24000
Kishor Virji Gala, and Others	19000
Madhavji S Katira HUF and Others	13500
Pragna Pankaj Gala, and others	15000
Vasanji Premji Gala, and Others	14000
Amit Vasnji Savla and Others	18500
Hansbai Maganlal Nagda and others	18000
Jatin Shailesh Joshi and Others	20500
Dhanvanti Pravinchandra Voraand Others	16500
Jayabai Laxmichand Shah and others	16500
Premji Murji Galia and Others	18500
Bhikhubhai R Barach HUF and Others	23000
Manoj Nagindas Sagar and Others	21500
Rajesh Vithal Parulekar and Others	19000
Baban P More HUF and Others	21000
Damayanti Dayaram Hemani and Others	18000
Jubeda Hameed Bhatti and Others	15000
Ramila Dinesh Dand and Others	18000
Sindhubai Prabhakar Bhalerao and Others	15000
Vasant K Malde HUF and Others	18500
Global Parasol Re-Insurance Brokers Private Limited, India	300000
Vivek Kumar Kejriwal	165000
Anjana Devi Ranka	75000
Ashok Kumar Ranka HUF	200000
Nikhil Ashok Ranka	50000
Mahaveer Kumar Ranka	65000
Mahaveer Kumar Ranka HUF	50000
Sunitha M Ranka	35000
Rohit Vyaapar Private Limited, India	200000
Sherawali Comtrade Private Limited, India	200000
Total	1775000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	33.11
Bodies corporate	60.27
Directors or relatives of Directors	6.62
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Sponge Iron, M S Ingots, TMT Bars etc. and also engaged in Power Generation.

Products :

Product Description	Item Code No. (ITC Code)
Sponge Iron	72031000
M S Billets	72071920
Hot Rolling Products	72083790

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

Abu Dhabi

Imports :

Products :

Raw Material

Countries :

UAE

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Sponge Iron	MT	N. A.	90,000	85,060*
M.S. Ingot	MT	N. A.	60,000	48,409.48**
TMT Bars etc	MT	N. A.	60,000	35911.250
Power Plant	Units	N. A.	10 MW	70,924,108***

Notes:

*Captive consumption for manufacture of MS Ingots 22,289.200 MT (9,903)

**Captive Consumption for manufacture of TMT Bars 38,531.570 MT (21,825)

*** Captive Consumption 60,430,978

GENERAL INFORMATION

Suppliers :

Reference :	MBB Ispat, Karnataka 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

Customers :

Reference :	JMD Ispat, Karnataka 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

· NCC Limited

· NCC Urban infrastructure Limited

· Gammon India Limited

· Karnataka State Police Housing Corporation Limited

· Pebble Bay Developers Private Limited (Rahaja Group)

· Salarpuria Properties Private Limited

· Bagmane Constructions Private Limited

· SKY Line Construction

· Prestige Estates Projects Private Limited

· Brigade Group

· Puravankara Project Private Limited

· RNR Constructions Private Limited

· Plasma Developers

· Subham Builders

· Oceanus Dwellings Private Limited

· Bhanu Steels and Alloys

· Matangi Iron and Steel Company

· G. K. Steels

· Shri Lakshmi Steels Suppliers

· Jindal Steels

No. of Employees :

33 (Approximately)

Bankers :

· State Bank of India, Industrial Finance Branch, World Trade Centre, Cuffe Parade, Mumbai - 400005, Maharashtra, India

· State Bank of India, Industrial Finance Branch, The Arcade, 2nd Floor, World Trade Centre, Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India

· Citi Bank, Bangalore, Karnataka, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Rupee term loans from banks	322.864	409.378
Rupee term loans from others	20.767	0.512
Loans taken for fixed assets	2.026	4.101
SHORT TERM BORROWINGS
Working capital loans from banks	388.276	259.501
Total	733.933	673.492

Banking Relations :	--
Auditors :
Name :	P K Rungta and Company Chartered Accountants
Address :	D-1, Jyothi Chmabers, # 134/1, Infantry Road, Bangalore-560001, Karnataka, India
PAN No.:	AAJPR5048Q
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Sun Metal Casting LLC

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
16000000	Equity Shares	Rs.10/- each	Rs.160.000 Millions
3400000	Preference Shares	Rs. 100/- each	Rs.340.000 Millions
	Total		Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13000000	Equity Shares	Rs. 10/- each	Rs.130.000 Millions
1775000	Preference Shares	Rs. 100/- each	Rs.177.500 Millions
	Total		Rs.307.500 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	307.500	220.000	190.000
(b) Reserves & Surplus	120.492	107.903	71.588
(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)	427.992	327.903	261.588
(3) Non-Current Liabilities
(a) long-term borrowings	539.672	613.540	611.987
(b) Deferred tax liabilities (Net)	0.000	3.689	11.286
(c) Other long term liabilities	0.100	0.100	0.100
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	539.772	617.329	623.373
(4) Current Liabilities
(a) Short term borrowings	388.276	259.501	248.721
(b) Trade payables	138.155	293.056	213.142
(c) Other current liabilities	128.122	126.175	123.862
(d) Short-term provisions	11.499	27.730	1.829
Total Current Liabilities (4)	666.052	706.462	587.554
TOTAL	1,633.816	1,651.694	1,472.515
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	833.996	819.754	951.585
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.499	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.010	0.010	0.010
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	18.222	15.472	14.804
(e) Other Non-current assets	0.000	0.000	0.131
Total Non-Current Assets	852.228	835.735	966.530
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	527.578	451.411	245.904
(c) Trade receivables	152.091	245.520	175.783
(d) Cash and cash equivalents	36.683	39.610	32.007
(e) Short-term loans and advances	65.236	79.418	52.291
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	781.588	815.959	505.985
TOTAL	1,633.816	1,651.694	1,472.515

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	NA	NA	2570.197
Less	EXPENSES		NA	NA	2386.707
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	217.606	183.490
Less	DEPRECIATION/ AMORTISATION		NA	163.990	194.890
	PROFIT/(LOSS) BEFORE TAX		NA	53.616	(11.400)
Less	TAX		NA	17.301	2.311
	PROFIT/(LOSS) AFTER TAX		12.589	36.315	(13.711)
	Earnings / (Loss) Per Share (Rs.)		0.85	2.61	(1.26)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	NA	3.25	(0.77)
Return on Investment (ROI) (PBT/Networth)		NA	0.16	(0.04)
Debt Equity Ratio (Total Debt /Networth)		2.17	2.66	3.29
Current Ratio (Current Asset/Current Liability)		1.17	1.15	0.86

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	190.000	220.000	307.500
Reserves & Surplus	71.588	107.903	120.492
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	261.588	327.903	427.992
Long Term borrowings	611.987	613.540	539.672
Short Term borrowings	248.721	259.501	388.276
Total borrowings	860.708	873.041	927.948
Debt/Equity ratio	3.290	2.662	2.168

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 one year	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)	Yes
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	No
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Loans and advances from related parties	146.515	62.285
Loans and advances from others	7.500	7.500
Other loans and advances	40.000	129.764
Total	194.015	199.549

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10199649	16/01/2010	500,000.00	Axis Bank Limited	Sme Centre, # 41, Sheshadri Road, Anand Rao Circle, Bangalore, Karnataka - 560009, India	A78396322
2	10168355	24/06/2009 *	315,000,000.00	State Bank Of India	Industrial Finance Branch,, World Trade Centre, Cuffe Parade, Mumbai, Maharashtra - 400005, India	A67413922
3	80014069	04/03/2013 *	938,500,000.00	State Bank Of India	Industrial Finance Branch, The Arcade, 2nd Floor, World Trade Centre, Cuffe Parade, Colaba, Mumbai, Maharashtra - 400005, India	B73643686

*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 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.63.64
UK Pound	1	Rs.98.98
Euro	1	Rs.77.74

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	VNT

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
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.