MIRA INFORM REPORT

Report Date :

27.02.2014

IDENTIFICATION DETAILS

Name :	ECHJAY INDUSTRIES PRIVATE LIMITED
Registered Office :	83, Bajaj Bhavan, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	31.12.1960
Com. Reg. No.:	11-011912
Capital Investment / Paid-up Capital :	Rs.49.990 Millions
CIN No.: [Company Identification No.]	U27200MH1960PTC011912
TAN No.: [Tax Deduction & Collection Account No.]	MUME04876E
PAN No.: [Permanent Account No.]	AAACE1157B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Steel Forgings.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

A (61)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 27000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Fundamentals of the company is decent. Financial position of the company is strong and healthy. Trade relation reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal 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 services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term Rating = AA-
Rating Explanation	High degree of safety and low credit risk
Date	13.02.2013

Rating Agency Name	CRISIL
Rating	Short term rating = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	13.02.2013

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 DENIED

Management Non-Cooperative (Tel No.: 91-22-22042044)

LOCATIONS

Registered Office :	83, Bajaj Bhavan, Nariman Point, Mumbai – 400 021, Maharashtra, India.
Tel. No.:	91-22-22024044/ 22028674/ 22021221/ 22021008
Fax No.:	91-22-22045685
E-Mail :	echjay@vsnl.com bagaria@mtnl.net.in rsvathane@gmail.com
Website :	http://www.echjayindustries.com
Location :	Owned
Factory :	Aji Industrial Estate, Lalpari Lake Road, Rajkot – 360 003, Gujarat, India.
Tel. No.:	91-281-2387482/ 83/ 84/85/ 86/ 87 / 3018300 / 3018333
Fax No.:	91-281-2387847
E-Mail :	echjay@wilnetonline.net echjay_wesphil@yahoo.com echjay@echjayindustries.com
Location :	Owned

DIRECTORS

As on 28.09.2013

Name :

Mr. Vinodchandra Harilal Doshi

Designation :

Chairman and Managing Director

Address :

Echjay House, 5^th Floor, 31 – A, Carmichel Road, Mumbai – 400 026, Maharashtra, India.

Date of Birth/Age :

05.07.1937

Qualification:

Inter Science

Date of Appointment :

31.12.1960

DIN No.:

01470566

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	U27200MH1960PTC011912	ECHJAY INDUSTRIES PRIVATE LIMITED	Managing director	31/12/1960	31/12/1960	-	Active	NO
2	U91110PN1965NPL018870	ASSOCIATION OF INDIAN FORGING INDUSTRY	Director	13/07/1980	13/07/1980	18/10/2008	Active	NO
3	U65990MH1981PTC024916	V H DOSHI AND SONS INVESTMENT CO PRIVATE LIMITED	Director	04/08/1981	04/08/1981	-	Active	NO
4	U67120MH1981PTC025014	SAMARATH DOSHI INVESTMENT CO PRIVATE LIMITED	Director	17/08/1981	17/08/1981	-	Active	NO
5	U67120MH1981PTC023844	HARI MAHAVIN INVESTMENTS COMPANY PRIVATE LIMITED	Director	07/12/1981	07/12/1981	-	Active	NO
6	U17110MH1985PTC036185	ECHJAY CHEM IMPEX PRIVATE LIMITED	Director	09/05/1985	09/05/1985	-	Active	NO
7	U27101MH1985PTC035285	ECHJAY ALLOY AND SPECIAL STEEL PRIVATE LIMITED	Director	23/06/1986	23/06/1986	-	Active	NO
8	U28900MH1987PLC042139	PALANPUR ENGINEERING AND FABRICATIONS LTD	Director	27/06/1988	27/06/1988	-	Active	NO
9	U51900MH1984PTC034816	ECHJAY OVERSEAS TRADES PRIVATE LIMITED	Director	30/01/1991	30/01/1991	-	Active	NO

Name :

Mr. Deven Vinodchandra Doshi

Designation :

Wholetime Directors

Address :

Echjay House, 5^th Floor, 31 – A, Carmichel Road, Mumbai – 400 026, Maharashtra, India.

Date of Birth/Age :

28.04.1965

Qualification:

B.E. (Mech.) (U.S.A)

Date of Appointment :

29.08.1996

DIN No.:

01470571

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	U27200MH1960PTC011912	ECHJAY INDUSTRIES PRIVATE LIMITED	Director	29/09/1986	29/09/1986	-	Active	NO
2	U28900MH1987PLC042139	PALANPUR ENGINEERING AND FABRICATIONS LIMITED	Director	27/06/1988	27/06/1988	-	Active	NO
3	U67120MH1981PTC023844	HARI MAHAVIN INVESTMENTS COMPANY PRIVATE LIMITED	Director	02/05/1991	02/05/1991	-	Active	NO
4	U65990MH1981PTC024916	V H DOSHI AND SONS INVESTMENT CO PRIVATE LIMITED	Director	06/05/1991	06/05/1991	-	Active	NO
5	U27101MH1985PTC035285	ECHJAY ALLOY AND SPECIAL STEEL PRIVATE LIMITED	Director	28/02/1992	28/02/1992	-	Active	NO
6	U67120MH2001PTC131492	HARLEY SECURITIES PRIVATE LIMITED	Director	23/04/2001	23/04/2001	-	Active	NO
7	U17110MH1985PTC036185	ECHJAY CHEM IMPEX PRIVATE LIMITED	Director	06/10/2003	06/10/2003	-	Active	NO
8	U91110PN1965NPL018870	ASSOCIATION OF INDIAN FORGING INDUSTRY	Director	23/09/2007	23/09/2007	-	Active	NO

Name :

Mr. Paras Vinodchandra Doshi

Designation :

Whole Time Directors

Address :

Echjay House, 5^th Floor, 31 – A, Carmichel Road, Mumbai – 400 026, Maharashtra, India.

Date of Birth/Age :

20.05.1967

Qualification:

B.E. (Mech.) (U.S.A)

Date of Appointment :

28.05.1992

DIN No.:

01470533

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	U28900MH1987PLC042139	PALANPUR ENGINEERING AND FABRICATIONS LIMITED	Director	27/06/1988	27/06/1988	-	Active	NO
2	U67120MH1981PTC025014	SAMARATH DOSHI INVESTMENT CO PRIVATE LIMITED	Director	16/04/1991	16/04/1991	-	Active	NO
3	U27200MH1960PTC011912	ECHJAY INDUSTRIES PRIVATE LIMITED	Director	28/05/1992	28/05/1992	-	Active	NO
4	U27101MH1985PTC035285	ECHJAY ALLOY AND SPECIAL STEEL PRIVATE LIMITED	Director	30/07/1992	30/07/1992	-	Active	NO
5	U67120MH2001PTC131492	HARLEY SECURITIES PRIVATE LIMITED	Director	26/11/2012	26/11/2012	-	Active	NO

Name :

Mrs. Jyoti Vinodchandra Doshi

Designation :

Director

Address :

Echjay House, 5^th Floor, 31 – A, Carmichel Road, Mumbai – 400 026, Maharashtra, India.

Date of Birth/Age :

13.10.1941

Date of Appointment :

01.04.1991

DIN No.:

01470559

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	U65990MH1981PTC024916	V H DOSHI AND SONS INVESTMENT CO PRIVATE LIMITED	Director	04/08/1981	04/08/1981	-	Active	NO
2	U17110MH1985PTC036185	ECHJAY CHEM IMPEX PRIVATE LIMITED	Director	09/05/1985	09/05/1985	-	Active	NO
3	U27200MH1960PTC011912	ECHJAY INDUSTRIES PRIVATE LIMITED	Director	01/04/1991	01/04/1991	-	Active	NO
4	U67120MH1981PTC025014	SAMARATH DOSHI INVESTMENT CO PRIVATE LIMITED	Director	16/04/1991	16/04/1991	-	Active	NO
5	U51900MH1984PTC034816	ECHJAY OVERSEAS TRADES PRIVATE LIMITED	Director	30/04/1991	30/04/1991	-	Active	NO
6	U67120MH1981PTC023844	HARI MAHAVIN INVESTMENTS COMPANY PRIVATE LIMITED	Director	02/05/1991	02/05/1991	-	Active	NO
7	U65990MH1981PTC024913	VINODCHANDRA DOSHI INVESTMENT COMPANY PRIVATE LIMITED	Director	06/05/1991	06/05/1991	-	Active	NO

Name :

Ms. Amita Vinodchandra Doshi

Designation :

Director

Address :

Echjay House, 5^th Floor, 31 – A, Carmichel Road, Mumbai – 400 026, Maharashtra, India.

Date of Birth/Age :

16.05.1971

Date of Appointment :

01.04.1991

DIN No.:

01470574

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	U27200MH1960PTC011912	ECHJAY INDUSTRIES PRIVATE LIMITED	Director	01/04/1991	01/04/1991	-	Active	NO
2	U51900MH1984PTC034816	ECHJAY OVERSEAS TRADES PRIVATE LIMITED	Director	30/04/1991	30/04/1991	-	Active	NO
3	U65990MH1981PTC024913	VINODCHANDRA DOSHI INVESTMENT COMPANY PRIVATE LIMITED	Director	06/05/1991	06/05/1991	-	Active	NO

KEY EXECUTIVES

Name :	Mr. R. K. Bharadvaj
Designation :	Company Secretary

MAJOR SHAREHOLDERS

As on 28.09.2013

Names of Shareholders	No. of Shares	% of Holding
Deven Vinodchandra Doshi	50	0.01
Vinodchandra Harilal Doshi	1560	0.31
Jyoti Vinodchandra Doshi	1560	0.31
Paras Vinodchandra Doshi	50	0.01
Amita vinodchandra Doshi	50	0.01
Vinodchandra Doshi Investment Company Private Limited, India	124610	24.93
Samarath Doshi Investment Company Private Limited	98895	19.78
V H Doshi N S Investment Company Private Limited	98895	19.78
Echjay Overseas Trades Private Limited	49420	9.89
Hari Mahavin Investment Company Private Limited	124810	24.97
Total	499900	100.00

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2013

Category	Percentage
Bodies corporate	99.00
Directors or relatives of Directors	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Steel Forgings.

Products :

Products Description	ITC Code
Finished and Semi-Finished Steel Forgings for Pipes and Tubes etc.	732690.15
Finished and Semi-Finished Steel Forgings for Auto Parts and others	732690.17
Sponge Iron Steel	720310.00

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

· HDFC Bank Limited

· Bank of India, Nariman Point, Mumbai, Maharashtra, India

· Citi Bank

· Axis Bank

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term loans from banks	97.681	133.404
Short Term Borrowings
Working capital loans from banks	39.863	11.201
Total	137.544	144.605

Notes:

Long Term Borrowings:

Term loan is secured by way of hypothecation of six windmills installed at Gujarat State and is guaranteed by the Directors of the Company.

Amount outstanding as on 31/03/2012 Rs.133.404 Millions (2838000 USD) [Previous Year Rs.180.165 Millions (3800000 USD)] of which Rs.36.000 Millions is repayable within one year.

Short Term Borrowings:

Overdraft from bank are secured by hypothecation of Stocks and Book Debts and is guaranteed by the Directors of the Company.

Banking Relations :	--
Auditors :
Address :	H. P. Kumbhani and Company Chartered Accountants
Tel. No.:	Malhotra House, 1^st Floor, Opposite GPO, Mumbai – 400 001, Maharashtra, India
PAN No.:	AABPK6736E
Subsidiary Company :	· Palanpur Engineering and Fabrications Limited U28900MH1987PLC042139
Associates :	· Vinodchandra Doshi Investment Company Private Limited CIN No.: U65990MH1981PTC024913 · Harley Securities Private Limited CIN No.: U67120MH2001PTC131492
Others :	· Sanghvi Machines Tools Private Limited Sanghv CIN No.: U51502MH2006PTC160331

CAPITAL STRUCTURE

As on 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
499900	Equity Shares	Rs.100/- each	Rs.49.990 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	49.990	49.990	49.990
(b) Reserves & Surplus	6,577.951	5,885.619	5,186.545
(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)	6,627.941	5,935.609	5,236.535
(3) Non-Current Liabilities
(a) long-term borrowings	97.681	133.404	180.165
(b) Deferred tax liabilities (Net)	230.495	255.595	276.065
(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)	328.176	388.999	456.230
(4) Current Liabilities
(a) Short term borrowings	39.863	11.201	0.020
(b) Trade payables	367.925	314.627	498.933
(c) Other current liabilities	54.998	50.141	64.883
(d) Short-term provisions	1,817.640	1,514.140	1,224.159
Total Current Liabilities (4)	2,280.426	1,890.109	1,787.995
TOTAL	9,236.543	8,214.717	7,480.760
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1,608.205	1,777.816	1,807.692
(ii) Intangible Assets	1.281	0.000	0.000
(iii) Capital work-in-progress	62.610	1.117	35.831
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1,672.096	1,778.933	1,843.523
(2) Current assets
(a) Current investments	3,984.771	3,181.391	2,491.221
(b) Inventories	450.974	494.938	674.437
(c) Trade receivables	851.388	885.902	855.462
(d) Cash and cash equivalents	196.184	106.283	127.862
(e) Short-term loans and advances	2,081.130	1,767.270	1,488.255
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	7,564.447	6,435.784	5,637.237
TOTAL	9,236.543	8,214.717	7,480.760

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	TOTAL INCOME		4836.718	NA	NA
Less	EXPENSES		3572.082	NA	NA
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1264.636	1249.670	NA
Less	DEPRECIATION/ AMORTISATION		288.094	275.260	NA
	PROFIT/(LOSS) BEFORE TAX		976.542	974.410	NA
Less	TAX		303.500	290.810	NA
	PROFIT/(LOSS) AFTER TAX		673.042	683.600	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.425	9.352	NA
	Provision for deferred tax liability being credit		(25.100)	20.470	NA
	APPROPRIATIONS
		Transfer to General Reserve	670.000	700.000	NA
		Provision for dividend	5.810	4.997	NA
	BALANCE CARRIED TO THE B/S		NA	8.425	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1292.552	892.364	NA
	TOTAL EARNINGS		1292.552	892.364	NA
	Earnings Per Share (Rs.)		1397.00	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	13.92	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	10.64	11.86	NA
Return on Investment (ROI) (PBT/Networth)		0.15	0.16	NA
Debt Equity Ratio (Total Debt /Networth)		0.02	0.02	0.03
Current Ratio (Current Asset/Current Liability)		3.32	3.40	3.15

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	49.990	49.990	49.990
Reserves & Surplus	5186.545	5885.619	6577.951
Net worth	5236.535	5935.609	6627.941
long-term borrowings	180.165	133.404	97.681
Short term borrowings	0.020	11.201	39.863
Total borrowings	180.185	144.605	137.544
Debt/Equity ratio	0.034	0.024	0.021

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last one year	Yes
12]	Profitability for last two 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	No
18]	Major customers	No
19]	Payments terms	No
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	----------
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

OPERATIONS:

The demand within India reduced considerably with the M and HCV sectors registering negative growth. Due to this the company could not increase its total sales, as planned. However, while several companies in this field have registered reduced turnover for this year, we have been able to more or less maintain the same performance in FY 2012-13. This top line was lower by 1.5% and net profit came down by only 1% as compared to the previous year. This has largely been possible by developing various new overseas customers by focusing on exports which grew by 45%. For the current year (FY 2013-14) to the demand remains bleak as the commercial vehicle segment is very sluggish. During this time the company has worked very hard in streamlining its production lines to achieve better efficiencies and quality. The efforts have been recognized by its customers, and when demand picks up, we would be well placed to take advantage and resume back on a growth track.

Energy cost continue to be a concern considering the continuous increase in prices of Industrial gas, and therefore the company has started switching over to electrically heated induction furnaces to reduce gas consumption. The wind mills set up earlier, apart from assisting in cutting down power bill, have commenced yielding revenues after depreciation.

The company continues to be in a sound financial condition with almost zero debt and the investment portfolio growing steadily.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10019751	13/02/2010 *	180,000,000.00	State Bank of India	Gymkhana Branch, Near Galaxy Hotel, Rajkot, Gujarat - 360001, India	A83399840
2	90217652	15/02/1993	32,000,000.00	Industrial Development Bank of India	IDBI Tower, Cuffe Parade, Bombay, Maharashtra - 400005, India	-
3	90217496	21/01/1994 *	154,869,000.00	Bank of India	Para Bazar, Rajkot, Gujarat, India	-
4	90216947	18/12/1986 *	1,600,000.00	The Industrial Development Bank Of India	Nariman Point, 227 V K Shah Marg Nariman Point, Bombay, Maharashtra - 400021, India	-
5	90216832	23/12/1982	9,550,000.00	The Industrial Credit and Investment Corpo of India Limited	163 Backbay Reclamation, Bombay, Maharashtra - 400020, India	-
6	90216817	20/10/1982	2,100,000.00	The Industrial Credit and Investment Corpo of India Limited	163 Backbay Reclamation, Bombay, Maharashtra - 400020, India	-
7	90216793	19/05/1982	2,008,000.00	The Industrial Credit and Investment Corpo of India Limited	163 Backbay Reclamation, Bombay, Maharashtra - 400020, India	-
8	90216788	18/12/1986 *	9,000,000.00	The Industrial Credit and Investment Corpo of India Limited	163 Backbay Reclamation, Bombay, Maharashtra - 400020, India	-
9	90216050	12/02/1976	2,300,000.00	The Industrial Credit and Investment Corpo of India Limited	163 Backbay Reclamation, Bombay, Maharashtra - 400020, India	-
10	90219899	19/01/1976	1,900,000.00	Bank of India	70/80 Mahatma Gandhi Road, Bombay, Maharashtra - 400001, 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.61.94
UK Pound	1	Rs.103.31
Euro	1	Rs.85.11

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		61

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.