1. Summary Information

		Country	India
Company Name	SKS FASTENERS LIMITED	Principal Name 1	Mr. Sushil Kumar P Bindal
Status	Moderate	Principal Name 2	Mr. Vinod V Jain
		Registration #	11-131826
Street Address	1990, Ambethan road, Chakan Tal Rajgurunagar Dist., Pune – 410501, Maharashtra
Established Date	19.12.1996	SIC Code	--
Telephone#	91-2135-254822 / 254018	Business Style 1	Manufacturer
Fax #	91--2135-252901	Business Style 2	--
Homepage	www.sksfasteners.com	Product Name 1	Tensile fasteners
# of employees	Not Divulged	Product Name 2	Stud
Paid up capital	Rs.79,213,000/-	Product Name 3	Hing Pin
Shareholders	Directors or relatives of directors – 100%	Banking	Bank Of India
Public Limited Corp.	NO	Business Period	18 years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	B (26)
Related Company
Relation	Country	Company Name	--
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	194,709,000	Current Liabilities	119,796,000
Inventories	74,464,000	Long-term Liabilities	189,584,000
Fixed Assets	214,931,000	Other Liabilities	46,092,000
Deferred Assets	0,000,000	Total Liabilities	355,472,000
Invest& other Assets	431,000	Retained Earnings	49,850,000
		Net Worth	129,063,000
Total Assets	484,535,000	Total Liab. & Equity	484,535,000
Total Assets (Previous Year)	478,547,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	683,551,000	Net Profit	4,571,000
Sales(Previous yr)	683,035,000	Net Profit(Prev.yr)	22,453,000

MIRA INFORM REPORT

Report Date :

09.07.2014

IDENTIFICATION DETAILS

Name :	SKS FASTENERS LIMITED
Formerly Known As :	SKS FASTNER PRIVATE LIMITED
Registered Office :	1990, Ambethan road, Chakan Tal Rajgurunagar Dist., Pune – 410501, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.12.1996
Com. Reg. No.:	11-131826
Capital Investment / Paid-up Capital :	Rs.79.213 Millions
CIN No.: [Company Identification No.]	U27109PN1996PLC131826
TAN No.: [Tax Deduction & Collection Account No.]	PNES11110B
PAN No.: [Permanent Account No.]	AACCS5427L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of high tensile fasteners.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 510000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Reserve of the company seems to be low during 2013. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal for business dealings with some caution.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers with hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating =B+
Rating Explanation	Have moderate risk of default
Date	14.08.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating =A4
Rating Explanation	Have minimal degree of safety and carry very high credit risk
Date	14.08.2013

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 DENEID BY

Name :	Mr. Ajit Tripathy
Designation :	Marketing Manager
Contact No.:	91-7798989461
Date :	04.07.2014

LOCATIONS

Registered Office :	1900, Ambethan Road, Chakan Taluka, Rajgurunagar, Pune 410501, Maharashtra, India
Tel. No.:	91-2135-254822 / 254018
Mobile No. :	91-7798989461
Fax No.:	91--2135-252901
E-Mail :	finance@sksmail.com sales@sksmail.com mkt@sksmail.com
Website :	www.sksfasteners.com

DIRECTORS

As on: 30.09.2013

Name :

Mr. Sushil Kumar P Bindal

Designation :

Chairman and Managing Director

Address :

A-201, Mantri Lawns, Anand Park, ITI Road Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

18.09.1954

Date of Appointment :

01.04.2014

PAN No :

AARPB9266C

DIN No :

00484253

Name :

Mr. Vinod V Jain

Designation :

Director

Address :

P-15, Vishal Garden, Shikrapur Road, Chakan, Pune – 410501, Maharashtra, India

Date of Birth ;

08.12.1975

Date of Appointment :

18.10.2002

PAN No :

ACNPJ7830L

DIN No :

00484344

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	U27109PN1996PLC131826	SKS FASTENERS LIMITED	Director	18/10/2002	18/10/2002	-	Active	NO
2	U45209PN2005NPL020885	RIVER VALLEY INFRASTRUCTURE SERVICES	Director	16/06/2005	16/06/2005	-	Strike off	NO
3	U91100PN2013NPL148542	CHAKAN CHAMBER OF COMMERCE INDUSTRIES AND AGRICULTURE	Director	21/08/2013	21/08/2013	-	Active	NO

Name :

Mrs. Meenal S Bindal

Designation :

Director

Address :

A-202, Mantri Lawns, Anand Park, ITI Road Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

06.12.1982

Date of Appointment :

01.08.2007

PAN No :

ANGPS7212K

DIN No :

01682193

Name :

Mr. Sudhanshu S Bindal

Designation :

Director

Address :

A-202, Mantri Lawns, Anand Park, ITI Road Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

21.07.1982

Date of Appointment :

15.06.2003

PAN No :

AEKPB4514N

DIN No :

00677932

Name :

Mr. Rajiv Agarwal

Designation :

Director

Address :

D-4, Alcon Square, Plot No. 71/1+2+3, Sector – 7, Indrayani Nagar, Bhosari, Pune – 411026

Date of Birth :

05.09.1974

Date of Appointment :

21.07.2010

PAN No :

AAZPA7995F

DIN No :

00535060

Name :

Mr. Sanwarmall M. Changoiwala

Designation :

Director

Address :

P-222, C.I.T. Scheme, Kankurgachi, Kolkata -110070, West Bengal, India

Date of Birth :

15.04.1940

Date of Appointment :

28.09.2013

DIN No :

00247785

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	U15491WB1954PTC021973	GOPALDHARA TEA CO PVT LTD	Director	02/04/1982	02/04/1982	-	Active	NO
2	U51228WB1970PTC027776	SOONGACHI TEA INDUSTRIES PVT LTD	Director	14/02/1986	14/02/1986	-	Active	NO
3	U15491WB1958PLC023772	THE NEW GLENCOE TEA COMPANY LIMITED	Managing director	01/04/2007	10/11/1986	-	Active	NO
4	U29130WB1990PLC048300	AVON TEA LIMITED	Director	10/10/1999	10/10/1999	-	Active	NO
5	U51909WB2010PTC142342	TEA EXPERTS INDIA PRIVATE LIMITED	Director	16/02/2010	16/02/2010	28/01/2013	Active	NO
6	U27109PN1996PLC131826	SKS FASTENERS LIMITED	Director	28/09/2013	01/09/2013	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Shraddha S. Kavathekar
Designation :	Secretary
Address :	22/9, Shree Prasana Housing Siciety Bibwewadi, Pune – 411037, Maharashtra, India
Date of Birth/Age :	26.05.1988
Date of Appointment :	28.06.2011
PAN No.:	CCDPK7977D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Sushil Kumar Bindal	1488374	18.79
Sushil Kumar Bindal HUF	2398019	30.27
Pushpa Bindal	767246	9.69
Sudhanshu S. Bindal	738233	9.32
Meenal S. Bindal	819715	10.35
Sudhanshu S. Bindal HUF	859130	10.85
Bhagirath Arya	850000	10.73
Rajiv Agarwal	10	0.00
Meena Jain	579	0.01
Total	7921306	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of high tensile fasteners.
Products :	· Flange Bolt · Precoated Adhesive Patch · Special Cold Forging · Combination Screw · Engine Fastneres · Serrated Bolts · Wheel Hub Bolt · Stud

PRODUCTION STATUS 2013:

Particulars	2012-13	2011-12
High tensile (Installed Capacity)	13000 (MT)	12980 (MT)

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Bank Of India, Pune Main Branch, 8-A, Coyaji Road, Camp, Pune – 411001, Maharashtra, India

· Bank Of India, Pimpri Branch, Pimpri, Pune – 411018, Maharashtra, India

· Axis Bank Limited, Survey No. 186, CTS No.3189, Opposite PCMC Auditorium, Near Tata Motors, Station Road, Chinchwad, Pune – 411033, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Term Loan From Banks	42.496	53.180
Other Loan And Advances	2.034	0.970
SHORT TERM BORROWINGS:
Loans Repayable On Demand	96.545	81.610
Total	141.075	135.760

Banking Relations :	--
Auditors :
Name :	CMRS and Associates Chartered Accountants
Address :	Office no. 12, PJ chambers, Mumbai – Pune Road, Pimpri, Pune – 411018, Maharashtra, India
PAN No.:	AAAFC8309G

CAPITAL STRUCTURE

As on: 30.09.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
11450000	Equity Shares	Rs.10/- each	Rs.114.500 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
7921306	Equity Shares	Rs.10/- each	Rs. 79.213 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	79.213	79.213	79.213
(b) Reserves & Surplus	49.850	45.278	32.031
(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)	129.063	124.491	111.244
(3) Non-Current Liabilities
(a) long-term borrowings	93.039	103.684	70.932
(b) Deferred tax liabilities (Net)	17.223	19.356	16.708
(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)	110.262	123.040	87.640
(4) Current Liabilities
(a) Short term borrowings	96.545	81.610	61.549
(b) Trade payables	37.361	50.158	44.709
(c) Other current liabilities	82.435	74.028	65.781
(d) Short-term provisions	28.869	25.220	13.724
Total Current Liabilities (4)	245.210	231.016	185.763
TOTAL	484.535	478.547	384.647
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	214.272	200.469	168.440
(ii) Intangible Assets	0.659	0.668	0.720
(iii) Capital work-in-progress	0.000	2.282	1.105
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.431	0.431	0.431
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.518	0.525	0.464
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	215.880	204.375	171.160
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	74.464	86.920	73.945
(c) Trade receivables	155.486	148.262	109.884
(d) Cash and cash equivalents	12.749	13.148	10.943
(e) Short-term loans and advances	0.106	0.090	0.184
(f) Other current assets	25.850	25.752	18.531
Total Current Assets	268.655	274.172	213.487
TOTAL	484.535	478.547	384.647

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	683.551	683.035	537.756
		Other Income	2.921	3.994	1.298
		TOTAL (A)	686.472	687.029	539.054
Less	EXPENSES
		Cost of Materials Consumed	394.288	405.612	322.489
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	16.378	(5.479)	2.711
		Employees benefits expense	41.610	33.649	24.684
		Other expenses	177.858	176.227	128.846
		TOTAL (B)	630.134	610.009	478.730
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		56.338	77.020	60.324
Less	FINANCIAL EXPENSES (D)		22.635	17.696	14.832
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		33.703	59.324	45.492
Less/ Add	DEPRECIATION/ AMORTISATION (F)		27.563	24.079	9.781
	PROFIT BEFORE TAX (E-F) (G)		6.140	35.245	35.711
Less	TAX (H)		1.569	12.792	11.791
	PROFIT AFTER TAX (G-H) (I)		4.571	22.453	23.920
	Earnings Per Share (Rs.)		0.58	2.83	3.02

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.67	3.27	4.44
Net Profit Margin (PBT/Sales)	(%)	0.90	5.16	6.64
Return on Total Assets (PBT/Total Assets}	(%)	1.27	7.41	9.32
Return on Investment (ROI) (PBT/Networth)		0.05	0.28	0.32
Debt Equity Ratio (Total Debt/Networth)		1.47	1.49	1.19
Current Ratio (Current Asset/Current Liability)		1.10	1.19	1.15

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	79.213	79.213	79.213
Reserves & Surplus	32.031	45.278	49.850
Net worth	111.244	124.491	129.063
long-term borrowings	70.932	103.684	93.039
Short term borrowings	61.549	81.610	96.545
Total borrowings	132.481	185.294	189.584
Debt/Equity ratio	1.191	1.488	1.469

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	537.756	683.035	683.551
		27.016	0.076

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	537.756	683.035	683.551
Profit	23.920	22.453	4.571
	4.45%	3.29%	0.67%

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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN:

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Deferred Payment Liabilities	48.141	49.334
Deposits From Others	0.368	0.200
Total	48.509	49.534

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10276715	31/05/2011 *	27,500,000.00	BANK OF INDIA	PIMPRI BRANCH,, PIMPRI, PUNE - 411018, MAHARASHTRA, INDIA	B15323561
2	10242391	14/01/2011 *	60,000,000.00	BANK OF INDIA	PIMPRI BRANCH, PIMPRI, PUNE - 411018, MAHARASHTRA, INDIA	B04700498
3	10242392	14/01/2011 *	9,100,000.00	BANK OF INDIA	PIMPRI BRANCH, PIMPRI, PUNE - 411018, MAHARASHTRA, INDIA	B04703476
4	10242562	14/01/2011 *	10,000,000.00	BANK OF INDIA	PIMPRI BRANCH, PIMPRI, PUNE - 411018, MAHARASHTRA, INDIA	B04706412
5	10246677	14/01/2011 *	1,000,000.00	BANK OF INDIA	PIMPRI BRANCH, PIMPRI, PUNE - 411018, MAHARASHTRA, INDIA	B04709309
6	10246994	18/01/2013 *	264,600,000.00	BANK OF INDIA PUNE MAIN BRANCH	8-A,COYAJI ROAD, CAMP, PUNE - 411001 , MAHARASHTRA, INDIA	B67995175

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 judgment 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.59.80
UK Pound	1	Rs.102.42
Euro	1	Rs.81.32

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.