MIRA INFORM REPORT

Report Date :

11.02.2014

IDENTIFICATION DETAILS

Name :	IAC ELECTRICALS PRIVATE LIMITED
Registered Office :	701, Central Plaza, 2/6, Sarat Bose Road, Kolkata – 700 020, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.01.1987
Com. Reg. No.:	21-041799
Capital Investment / Paid-up Capital :	Rs.22.419 Millions
CIN No.: [Company Identification No.]	U31102WB1987PTC041799
TAN No.: [Tax Deduction & Collection Account No.]	CALI00177C
PAN No.: [Permanent Account No.]	AAACI6040B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Exporting of Power Transmission Line Hardware and Accessories.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1131800
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects healthy growth prospects in the power transmission segment and above average financial risk profile marked by decent profitability achieved by the company. The 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB – [Long Term]
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	16.01.2013

Rating Agency Name	CRISIL
Rating	A3 [Short Term]
Rating Explanation	Moderate degree of safety and high credit risk.
Date	16.01.2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Abhishek
Designation :	Account/ Finance Department
Contact No.:	91-33-24858814/15
Date :	10.02.2014

LOCATIONS

Registered Office/ Headquarters :	701, Central Plaza, 2/6, Sarat Bose Road, Kolkata – 700 020, West Bengal, India
Tel. No.:	91-33-24858814/ 15/ 16/ 17
Fax No.:	91-33-24858820
E-Mail :	info@iacelectricals.com
Website :	http://www.iacelectricals.com
Factory Unit 1 :	6/1, Bamacharan Roy Road, Behala, Kolkata – 700 034, West Bengal, India
Factory Unit 2 :	Sankrail Industrial Park (Plot No.53), Village - Jaladhulagori P.O. – Dhulagori, Bombay Road (NH – 6), Howrah – 711 302, West Bengal, India

DIRECTORS

AS ON 28.09.2013

Name :

Mr. Man Mohan Garodia

Designation :

Director

Address :

FE-384, Sector - III, Salt Lake City, Kolkata – 700 106, West Bengal, India

Date of Birth/Age :

27.10.1942

Date of Appointment :

27.01.1987

PAN No.:

ADSPG3447Q

DIN No.:

00825672

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	U31102WB1987PTC041799	IAC ELECTRICALS PRIVATE LIMITED	Director	27/01/1987	27/01/1987	-	Active	NO
2	U19111WB1991PTC052447	KAYCEE KALA FINVEST PRIVATE LIMITED	Director	28/08/2007	28/08/2007	01/04/2010	Active	NO
3	U72200WB2008PTC121504	MIDAS TECHNOSYSTEM PRIVATE LIMITED	Director	07/01/2008	07/01/2008	01/04/2010	Active	NO
4	U51909WB1993PTC058643	RAINEY TRADING PRIVATE LIMITED	Director	10/11/2008	10/11/2008	01/04/2010	Active	NO
5	U51109WB2005PTC105312	REBATI AGENCIES PRIVATE LIMITED	Director	09/03/2010	09/03/2010	-	Active	NO
6	U51909WB2008PTC123278	TECHNO MERCANTILE PRIVATE LIMITED	Director	10/05/2011	10/05/2011	-	Active	NO
7	U52100WB2010PTC149612	GOLDENGATE DISTRIBUTORS PRIVATE LIMITED	Director	11/05/2011	11/05/2011	-	Active	NO
8	U65900WB2012PTC180301	CACHET FINANCE PRIVATE LIMITED	Director	13/04/2012	13/04/2012	-	Active	NO
9	U70102WB1991PLC052724	LANSDOWN DEVELOPERS SERVICES LIMITED	Director	18/03/2013	18/03/2013	-	Active	NO

Name :

Mr. Brij Mohan Garodia

Designation :

Director

Address :

9A, Ananda Building, 116, Southern Avenue, Kolkata – 700 029, West Bengal, India

Date of Birth/Age :

20.01.1948

Date of Appointment :

31.03.2010

PAN No.:

ADDPG2527J

DIN No.:

01917787

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	U72200WB2008PTC121504	MIDAS TECHNOSYSTEM PRIVATE LIMITED	Director	07/01/2008	07/01/2008	01/04/2010	Active	NO
2	U31900WB2008PTC125846	TLP ELECTRICALS PRIVATE LIMITED	Director	19/05/2008	19/05/2008	01/04/2010	Active	NO
3	U51909WB2006PTC112219	ENDEAVOUR VYAPAAR PRIVATE LIMITED	Director	21/02/2013	03/08/2009	-	Active	NO
4	U51109WB2005PTC105312	REBATI AGENCIES PRIVATE LIMITED	Director	21/02/2013	09/03/2010	-	Active	NO
5	U31102WB1987PTC041799	IAC ELECTRICALS PRIVATE LIMITED	Director	31/03/2010	31/03/2010	-	Active	NO
6	U51909WB2008PTC123278	TECHNO MERCANTILE PRIVATE LIMITED	Director	21/02/2013	10/05/2011	-	Active	NO
7	U52190WB2010PTC148511	GOLDSTAR DEALTRADE PRIVATE LIMITED	Director	21/02/2013	11/05/2011	-	Active	NO
8	U65923WB2012PTC180298	IGNIVA FINANCE PRIVATE LIMITED	Director	13/04/2012	13/04/2012	-	Active	NO

Name :

Mr. Nishant Garodia

Designation :

Director

Address :

FE-384, Sector - III, Salt Lake City, Kolkata – 700 106, West Bengal, India

Date of Birth/Age :

06.08.1975

Date of Appointment :

31.03.2010

PAN No.:

ADQPG4997H

DIN No.:

01981888

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	U31102WB1987PTC041799	IAC ELECTRICALS PRIVATE LIMITED	Director	31/03/2010	30/06/2007	-	Active	NO
2	U51909WB2006PTC112219	ENDEAVOUR VYAPAAR PRIVATE LIMITED	Director	03/08/2009	03/08/2009	-	Active	NO
3	U52100WB2010PTC149612	GOLDENGATE DISTRIBUTORS PRIVATE LIMITED	Director	21/02/2013	11/05/2011	-	Active	NO
4	U65900WB2012PTC180301	CACHET FINANCE PRIVATE LIMITED	Director	13/04/2012	13/04/2012	-	Active	NO

Name :

Mr. Adarsh Garodia

Designation :

Director

Address :

9A, Ananda Building, 116, Southern Avenue, Kolkata – 700 029, West Bengal, India

Date of Birth/Age :

06.10.1976

Date of Appointment :

31.03.2010

PAN No.:

ADCPG2521P

DIN No.:

01917780

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	U31900WB2008PTC125846	TLP ELECTRICALS PRIVATE LIMITED	Director	19/05/2008	19/05/2008	01/04/2010	Active	NO
2	U31102WB1987PTC041799	IAC ELECTRICALS PRIVATE LIMITED	Director	31/03/2010	31/03/2010	-	Active	NO
3	U52190WB2010PTC148511	GOLDSTAR DEALTRADE PRIVATE LIMITED	Director	11/05/2011	11/05/2011	-	Active	NO
4	U65923WB2012PTC180298	IGNIVA FINANCE PRIVATE LIMITED	Director	13/04/2012	13/04/2012	-	Active	NO
5	L15491WB1997PLC082808	DHUNSERI INVESTMENTS LIMITED	Additional director	13/08/2012	13/08/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Abhishek
Designation :	Account/ Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2013

Names of Shareholders	No. of Shares
Man Mohan Garodia	8821
Brij Mohan Garodia	10622
Nishant Garodia	13771
Adarsh Garodia	7072
Man Mohan Garodia and Sons HUF	2010
Brij Mohan Garodia and Sons HUF	4728
Bimala Garodia	7797
Neera Garodia	16175
Ashish Garodia	8091
Tani Garodia	2400
Meenakshi Garodia	3400
Endeavour Vyapaar Private Limited, India	84502
Rebati Agencies Private Limited, India	54800
TOTAL	224189

AS ON 28.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	62.14
Directors or relatives of directors	37.86
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Exporting of Power Transmission Line Hardware and Accessories.

Products :

PRODUCT DESCRIPTION	OVERHEAD TRANSMISSION LINE FITTINGS
(AS PER MONETARY TERMS)	ITEM CODE NO. (ITC CODE)
Articles Predominantly of Iron and Steel	732690.19
Articles Predominantly of Aluminium	761610.00
Articles Predominantly of Copper	741999.09
Machines and Mechanical Appliances	847990.09
Scrap of Iron and Steel	720429.09
Scrap of Aluminium	760200.00
Scrap of Copper	740440.01

Exports :

Products :

Finished Goods

Countries :

· Nepal

· Bangladesh

· Zambia

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	2010-11
Licensed Capacity		NA
Installed Capacity		NA
Actual Production
Aluminium Tubular Bus Bar	Sets	10
Clamps and Connectors	Sets	5481
Conductor Accessories	Sets	148481
Die Sets and Spares	Sets	41
Flexible Copper Bond	Sets	11262
G. Wire/E. Wire Accessories	Sets	29166
Hardware Fittings	Sets	72791
Hydraulic Compressor	Sets	5
Vibration Damper	Sets	106936
Waste and Scrap of Aluminium	KG	33812.100
Waste and Scrap of Iron and Steel	KG	78908.590
Waste and Scrap of Zinc	KG	7727.000

GENERAL INFORMATION

Suppliers :

· Krishna Alex

· Rishab Forging Private Limited

Customers :

Bajaj Electricals Limited

No. of Employees :

200 (Approximately)

Bankers :

· State Bank of Bikaner and Jaipur, Park Street Branch, 20B, Park Street, Kolkata – 700 016, West Bengal, India

· HDFC Bank Limited, Central Plaza, 2/6, Sarat Bose Road, Kolkata – 700 020, West Bengal, India

· ICICI Bank Limited, Landmark Race Course Circle, Alkapuri, Vadodara – 390 015, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Short Term Borrowings
Working Capital Loans From Banks	67.170	14.717
TOTAL	67.170	14.717

Banking Relations :	--
Auditors :
Name :	O.P. Harlalka and Company Chartered Accountants
Address :	12, B.B.D. Bag (East), Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22306805
Fax No.:	91-33-22300808
E-Mail :	ophc@rediffmail.com
Website :	www.ophc.co.in
PAN No:	AAAFO5385J
Other Related Parties :	· Rebati Agencies Private Limited · Endeavour Vypaar Private Limited · Techno Mercantile Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.100/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
224189	Equity Shares	Rs.100/- each	Rs.22.419 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	22.419	22.419	22.419
(b) Reserves & Surplus	260.540	202.029	157.320
(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)	282.959	224.448	179.739
(3) Non-Current Liabilities
(a) long-term borrowings	80.218	79.919	41.790
(b) Deferred tax liabilities (Net)	3.752	2.994	2.768
(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)	83.970	82.913	44.558
(4) Current Liabilities
(a) Short term borrowings	67.170	14.717	0.000
(b) Trade payables	292.063	98.752	51.851
(c) Other current liabilities	93.112	85.059	33.089
(d) Short-term provisions	0.472	0.397	0.243
Total Current Liabilities (4)	452.817	198.925	85.183
TOTAL	819.746	506.286	309.480
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	77.652	61.704	44.659
(ii) Intangible Assets	1.359	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	9.969
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.087	1.088	1.087
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.175	0.248	1.299
(e) Other Non-current assets	0.000	0.000	1.224
Total Non-Current Assets	80.273	63.040	58.238
(2) Current assets
(a) Current investments	0.000	0.158	0.121
(b) Inventories	341.956	166.773	80.577
(c) Trade receivables	330.636	248.695	146.664
(d) Cash and cash equivalents	18.117	6.210	7.356
(e) Short-term loans and advances	48.764	21.410	16.496
(f) Other current assets	0.000	0.000	0.028
Total Current Assets	739.473	443.246	251.242
TOTAL	819.746	506.286	309.480

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	1051.638	951.757	550.837
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		117.484	87.392	53.743
Less	FINANCIAL EXPENSES (D)		21.620	14.252	2.590
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		95.864	73.140	51.153
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.264	6.964	4.685
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		86.600	66.176	46.468
Less	TAX (H)		28.089	21.467	15.862
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		58.511	44.709	30.606
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		172.136	127.427	96.821
	BALANCE CARRIED TO THE B/S		230.647	172.136	127.427
	EARNINGS IN FOREIGN CURRENCY		NA	3.453	0.471
	Earnings / (Loss) Per Share (Rs.)		261.00	199.43	137.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	10.57	13.10	15.57
Return on Investment (ROI) (PBT/Networth)		0.31	0.29	0.25
Debt Equity Ratio (Total Debt/Networth)		0.52	0.42	0.23
Current Ratio (Current Asset/Current Liability)		1.63	2.23	2.95

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	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	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10295129	29/09/2012 *	150,000,000.00	STATE BANK OF BIKANER AND JAIPUR	PARK STREET BRANCH, 20B, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA	B62544788
2	10295132	16/05/2011	70,000,000.00	STATE BANK OF BIKANER AND JAIPUR	PARK STREET BRANCH, 20B, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA	B16173999
* Date of charge modification

REVIEW OF OPERATIONS:-

The Company’s operations in Financial Year 2012-13 comprised manufacturing and sale of Power Transmission Line Hardware and Accessories. During the year, the company’s revenue from operations is Rs. 1051.638 Millions (including Export Sales of Rs. 13.530 Millions) as against Rs. 951.757 Millions of previous year (including Export Sales of Rs. 3.453 Millions) and profit before tax of Rs. 86.600 Millions as against Rs. 66.176 Millions of previous year. Hence, both the Revenue from operations as well as Profitability of the company has increased over last year. The Board of Directors are trying their best to improve the performance of the company.

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Loans and Advances From Related Parties	80.000	79.570
Other Loans and Advances	0.218	0.349
TOTAL	80.218	79.919

FIXED ASSETS:

· Freehold Land

· Building

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computers

· Electrical Fittings

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 records 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] 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.62.19
UK Pound	1	Rs.102.14
Euro	1	Rs.84.74

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.