MIRA INFORM REPORT

Report Date :

02.06.2014

IDENTIFICATION DETAILS

Name :	UNIQUE FORGINGS (INDIA) PRIVATE LIMITED
Registered Office :	Plot No. 601 G. I. D. C. Industrial Estate, Near Karamsad Railway Station, Vithal Udyognagar - 388121, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.03.2007
Com. Reg. No.:	04-050410
Capital Investment / Paid-up Capital :	Rs. 47.500 Millions
CIN No.: [Company Identification No.]	U29190GJ2007PTC050410
TAN No.: [Tax Deduction & Collection Account No.]	BRDU00529E
PAN No.: [Permanent Account No.]	AAACU8895Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of forged and machined components as per customer’s specifications for industrial use and automobile industry.
No. of Employees :	Information declined by the management.

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. 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 – 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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Cash Credit = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	May, 2013

Rating Agency Name	ICRA
Rating	Stand by line of credit = A3
Rating Explanation	Moderate degree of safety and high credit risk.
Date	May, 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 BY

Name :	Mr. Harish Sarkhedi
Designation :	Accounts Department
Contact No.:	91-2692-233517
Date :	30.05.2014

Name :	Mr. Jayendra Patel
Designation :	Accounts Department
Contact No.:	91-2692-236343
Date :	30.05.2014

LOCATIONS

Registered Office / Factory :	Plot No. 601 G. I. D. C. Industrial Estate, Near Karamsad Railway Station, Vithal Udyognagar - 388121, Gujarat, India
Tel. No.:	91-2692-233517 / 236343 / 235220
Telefax :	91-2692-236343 / 233516
Mobile :	91-09825073761 (Mr. Pravin Sherasiya) 91-09825046552 (Mr. Haresh Sarkhedi) 91-09825008419 (Mr. Vaju Sherasiya ) 91-09825046551 (Mr. Gunvant Sherasiya)
Fax No.:	91-2692-236343
E-Mail :	info@uniqueforgings.in
Website :	http://www.uniqueforgings.in

DIRECTORS

AS ON 26.09.2013

Name :

Mrs. Meena Gunvantbhai Sherasiya

Designation :

Director

Address :

MAAN, Uco Park, Near Old Water Tank, V.V. Nagar, Anand – 388120, Gujarat, India

Date of Birth/Age :

16.06.1967

Date of Appointment :

20.08.2008

DIN No. :

02030142

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	U28113GJ1996PTC028960	AEP INDUSTRIES PRIVATE LIMITED	Director	04/03/1996	04/03/1996	-	Active	NO
2	U33120GJ2005PTC047161	RADIANT CONTROLS AND AUTOMATION PRIVATE LIMITED	Director	29/11/2005	29/11/2005	-	Active	NO
3	U29190GJ2007PTC050410	UNIQUE FORGINGS (INDIA) PRIVATE LIMITED	Director	20/08/2008	03/04/2007	-	Active	NO

Name :

Mr. Pravin Nanjibhai Sherasiya

Designation :

Director

Address :

Anand, Uco Park, Near Old Water Tank, V.V. Nagar, Anand – 388120, Gujarat, India

Date of Birth/Age :

28.02.1966

Date of Appointment :

20.08.2008

DIN No. :

01472437

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	U29190GJ2007PTC050410	UNIQUE FORGINGS (INDIA) PRIVATE LIMITED	Director	20/08/2008	03/04/2007	-	Active	NO
2	U28910GJ1993PTC018981	SHRADHA FORGE PVT LTD	Director	12/04/2007	12/04/2007	-	Active	NO

Name :

Mrs. Bhavnaben Pravinbhai Sherasiya

Designation :

Director

Address :

Anand, Uco Park, Near Old Water Tank, V.V. Nagar, Anand – 388120, Gujarat, India

Date of Birth/Age :

27.10.1970

Date of Appointment :

20.08.2008

DIN No. :

02030160

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	U33120GJ2005PTC047161	RADIANT CONTROLS AND AUTOMATION PRIVATE LIMITED	Director	29/11/2005	29/11/2005	-	Active	NO
2	U29190GJ2007PTC050410	UNIQUE FORGINGS (INDIA) PRIVATE LIMITED	Director	20/08/2008	03/04/2007	-	Active	NO

Name :

Mrs. Bharti Vrajlal Sherasiya

Designation :

Director

Address :

Anand, Uco Park, Near Old Water Tank, V.V. Nagar, Anand – 388120, Gujarat, India

Date of Birth/Age :

01.01.1965

Date of Appointment :

20.08.2008

DIN No. :

01767808

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	U29190GJ2007PTC050410	UNIQUE FORGINGS (INDIA) PRIVATE LIMITED	Director	20/08/2008	03/04/2007	-	Active	NO

Name :

Mrs. Rasila Haresh Sarkhedi

Designation :

Director

Address :

AVADH, Uco Park, Near Old Water Tank, V.V. Nagar, Anand – 388120, Gujarat, India

Date of Birth/Age :

10.05.1965

Date of Appointment :

20.08.2008

DIN No. :

01139373

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	U33120GJ2005PTC047161	RADIANT CONTROLS AND AUTOMATION PRIVATE LIMITED	Director	29/11/2005	29/11/2005	-	Active	NO
2	U29190GJ2007PTC050410	UNIQUE FORGINGS (INDIA) PRIVATE LIMITED	Director	20/08/2008	03/04/2007	-	Active	NO

Name :

Mr. Vrajlal Nanjibhai Sherasiya

Designation :

Director

Address :

PARAM, Uco Park, Near Old Water Tank, V.V. Nagar, Anand – 388120, Gujarat, India

Date of Birth/Age :

25.03.1961

Date of Appointment :

20.08.2008

DIN No. :

00401456

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	U28113GJ1996PTC028960	AEP INDUSTRIES PRIVATE LIMITED	Managing director	04/03/1996	04/03/1996	-	Active	NO
2	U29190GJ2007PTC050410	UNIQUE FORGINGS (INDIA) PRIVATE LIMITED	Director	30/03/2007	30/03/2007	-	Active	NO
3	U28910GJ1993PTC018981	SHRADHA FORGE PVT LTD	Director	12/04/2007	12/04/2007	-	Active	NO

Name :

Mr. Haresh Dudabhai Sharkhedi

Designation :

Director

Address :

PARAM, Uco Park, Near Old Water Tank, V.V. Nagar, Anand – 388120, Gujarat, India

Date of Birth/Age :

25.03.1961

Date of Appointment :

30.03.2007

DIN No. :

00560872

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	U29190GJ2007PTC050410	UNIQUE FORGINGS (INDIA) PRIVATE LIMITED	Director	30/03/2007	30/03/2007	-	Active	NO
2	U28910GJ1993PTC018981	SHRADHA FORGE PVT LTD	Director	12/04/2007	12/04/2007	-	Active	NO

Name :

Mr. Gunvantbhai Nanjibhai Sherasiya

Designation :

Director

Address :

MAAN, Uco Park, Near Old Water Tank, V.V. Nagar, Anand – 388120, Gujarat, India

Date of Birth/Age :

01.06.1970

Date of Appointment :

30.03.2007

DIN No. :

00560870

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	U29190GJ2007PTC050410	UNIQUE FORGINGS (INDIA) PRIVATE LIMITED	Director	30/03/2007	30/03/2007	-	Active	NO
2	U28910GJ1993PTC018981	SHRADHA FORGE PVT LTD	Director	12/04/2007	12/04/2007	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Harish Sarkhedi
Designation :	Accounts Department

Name :	Mr. Jayendra Patel
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2013

Hareshkumar D. Sarkhedi	8,55,000
Gunvantbhai N. Sherasiya	8,55,000
Pravinkumar N. Sherasiya	8,55,000
Bhartiben V. Sherasiya	8,55,000
Vrajlal N. Sherasiya	3,32,500
Rasilaben D. Sarkhedi	3,32,500
Bhavnaben P. Sherasiya	3,32,500
Meenaben g. Sherasiya	3,32,500
Total	47,50,000

AS ON 26.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of forged and machined components as per customer’s specifications for industrial use and automobile industry.

PRODUCTION STATUS AS ON 31.03.2013 :

Particulars	Unit	Licenced Capacity	Installed Capacity
Forgings	Tons	NA	14400

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· State Bank of India, SP. Com. Branch, Jay Laxmi Plaza, Ganesh Crossing, Anand- 388001, Gujarat, India

· HDFC Bank

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term loans from Bank
State Bank of India [Term loan of Building and Machinery]	27.278	39.156
HDFC Bank – Motor Car A/C 16993546	0.699	1.176
State Bank of India – Motor Car A/C 31183916080	0.019	0.123
State Bank of India – Motor Car A/C 3255035451	1.767	0.000
SHORT TERM BORROWINGS
Working capital loans from Bank
State Bank of India
C/C – Stock A/C 30157104407	65.398	39.569
TOD A/C, 30184073769	0.000	5.059
C/C – Stock A/C 3025127951	0.000	0.000
Total	95.161	85.083

Banking Relations :	--
Auditors :
Name :	P. D. Parikh and Company
Address :	P. D. Parikh and Company, Opposite UCO Park, Vallabh Vidyanagar – 388120, Gujarat, India
No.:	ADOPP8540K
Tel. No.:	91-2692-231030 (o) 91-265-2310752 (R)
Fax No.:	91-2692-239732
E-Mail :	Pdparikh1942@yahoo.co.in
Related Party:	Unique Industries AEP Company AEP Industries Private Limited Shradha Forge Private Limited

CAPITAL STRUCTURE

AS ON 26.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4750000	Equity Shares	Rs.10/- each	Rs.47.500 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	47.500	47.500	47.500
(b) Reserves & Surplus	117.700	85.974	57.764
(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)	165.200	133.474	105.264
(3) Non-Current Liabilities
(a) long-term borrowings	101.600	112.176	30.170
(b) Deferred tax liabilities (Net)	9.864	7.283	3.619
(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)	111.464	119.459	33.789
(4) Current Liabilities
(a) Short term borrowings	65.398	44.627	104.399
(b) Trade payables	114.190	99.133	53.113
(c) Other current liabilities	1.184	0.609	5.005
(d) Short-term provisions	3.852	2.867	2.518
Total Current Liabilities (4)	184.624	147.236	165.035
TOTAL	461.288	400.169	304.088
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	190.371	187.291	137.710
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	24.978
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.003	0.003	0.003
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.014	0.263
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	190.374	187.308	162.954
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	57.943	42.205	29.139
(c) Trade receivables	205.604	165.746	106.787
(d) Cash and cash equivalents	1.282	0.348	0.949
(e) Short-term loans and advances	4.892	3.466	2.229
(f) Other current assets	1.193	1.096	2.030
Total Current Assets	270.914	212.861	141.134
TOTAL	461.288	400.169	304.088

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	633.527	549.901	412.904
	Other Income
	TOTAL (A)	633.527	549.901	412.904
Less	EXPENSES
	Cost of Materials Consumed	556.923	481.852	359.113
	Purchases of Stock-in-Trade
	Employees benefits expense
	Other expenses
	TOTAL (B)	556.923	481.852	359.113
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	76.604	68.049	53.791
Less	FINANCIAL EXPENSES (D)	21.424	19.589	16.383
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	55.180	48.460	37.408
Less/ Add	DEPRECIATION/ AMORTISATION (F)	8.023	6.465	5.375
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	47.157	41.995	32.033
Less	TAX (h)	15.431	13.785	10.073
	PROFIT/ (LOSS) AFTER TAX (G-h)	31.726	28.210	21.960
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	85.974	57.764	35.804
	Balance Carried to the B/S	117.700	85.974	57.764
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	5.393	11.198	3.639
	TOTAL EARNINGS	5.393	11.198	3.639
	IMPORTS
	Capital Goods	NA	NA	16.793
	TOTAL IMPORTS	NA	NA	16.793
	Earnings / (Loss) Per Share (Rs.)	6.680	5.940	4.620

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	5.01	5.13	5.32
Net Profit Margin (PBT/Sales)	(%)	7.44	7.64	7.76
Return on Total Assets (PBT/Total Assets}	(%)	10.22	10.49	11.48
Return on Investment (ROI) (PBT/Networth)		0.28	0.32	0.30
Debt Equity Ratio (Total Debt /Networth)		66.01	45.46	104.68
Current Ratio (Current Asset/Current Liability)		1.47	1.45	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	47.500	47.500	47.500
Reserves & Surplus	57.764	85.974	117.700
Net worth	105.264	133.474	165.200
long-term borrowings	30.170	112.176	101.600
Short term borrowings	104.399	44.627	65.398
Total borrowings	134.569	156.803	166.998
Debt/Equity ratio	1.278	1.175	1.011

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)
Total Income	412.904	549.901	633.527
		33.179	15.207

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	412.904	549.901	633.527
Profit After Tax	21.960	28.210	31.726
	5.32%	5.13%	5.01%

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	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	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

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10072448	24/04/2012 *	113,700,000.00	State Bank of India	SP. Com. Branch, Jay Laxmi Plaza, Ganesh Crossing, Anand- 388001, Gujarat, India	B91404632
2	10045739	07/05/2012 *	113,700,000.00	State Bank of India	SP. Com. Branch, Jay Laxmi Plaza, Ganesh Crossing, Anand- 388001, Gujarat, India	B40421976
3	10067931	30/03/2007	41,807,000.00	State Bank of India	SP. Com. Branch, Jay Laxmi Plaza, Ganesh Crossing, Anand- 388001, Gujarat, India	A13621628

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans repayable on demand
Form Directors	69.925	70.000
From Director’s Relatives	1.912	1.721
Total	71.837	71.721

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.59.03
UK Pound	1	Rs.98.91
Euro	1	Rs.80.34

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	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	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		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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