MIRA INFORM REPORT

Report Date :

11.06.2014

IDENTIFICATION DETAILS

Name :	PUSHP FORGINGS PRIVATE LIMITED
Registered Office :	G-63-64, Badharna Industrial. V.K.I.A Extan, Jaipur - 302013, Rajasthan
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.09.2002
Com. Reg. No.:	17-017803
Capital Investment / Paid-up Capital :	Rs. 46.296 Millions
CIN No.: [Company Identification No.]	U29130RJ2002PTC017803
TAN No.: [Tax Deduction & Collection Account No.]	JPRP01631A / JPRP01632B
PAN No.: [Permanent Account No.]	ABEPM3979K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of all kinds of forgings ball rollers, ball bearings, roller bearings, niddle roller bearings, taper roller bearings, bearing rings, bearing housing and all other items of allied nature and all sorts of parts, spares, accessories and fittings.
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 346000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company seems to be low during 2013. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing with some cautions.

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	CARE
Rating	Long term bank facilities : “BB-”
Rating Explanation	Have moderate risk of default.
Date	30.01.2014

Rating Agency Name	CARE
Rating	Short term bank facilities : “A4”
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	30.01.2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-141-2460208)

LOCATIONS

Registered Office :	G-63-64, Badharna Industrial. V.K.I.A Extan, Jaipur - 302013, Rajasthan, India
Tel. No. :	91-141-2460208/ 2460901/ 2460321/ 2460921
Fax No. :	91-141-2460901
E-Mail :	jpsassociates@hotmail.com pfplaccount@supersonic.com info@pushpgroup.net
Website :	www.pushpgroup.net

DIRECTORS

As on 21.09.2013

Name :

Mr. Ram Sahai Jangir

Designation :

Director

Address :

238-239, Vijay Bari, Path No.1, Dher Ka Balaji, Vishwakarma, Jaipur – 302012, Rajasthan, India

Date of Birth/Age :

10.05.1952

Date of Appointment :

16.11.2002

DIN No. :

00290406

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	U29130RJ1996PLC012459	PEE TEE TURNERS LIMITED	Director	12/08/1996	12/08/1996	-	Active	NO
2	U29130RJ1998PTC015148	SUPERSONIC TURNERS PRIVATE LIMITED	Director	29/09/1998	29/09/1998	31/03/2010	Active	NO
3	U29130RJ2002PTC017803	PUSHP FORGINGS PRIVATE LIMITED	Director	16/11/2002	16/11/2002	-	Active	NO
4	U29130RJ2013PTC044175	PUSHP RINGS PRIVATE LIMITED	Director	31/10/2013	31/10/2013	-	Active	NO

Name :

Anita Poddar

Designation :

Director

Address :

E-3A, Kanti Chandra Road, Bani Park, Jaipur – 302006, Rajasthan, India

Date of Birth/Age :

20.08.1966

Date of Appointment :

02.01.2006

DIN No. :

00792905

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	Company/ LLP Status	Defaulting status
1	U18101RJ1997PTC013577	R.S. SAREES PRIVATE LIMITED	Director	15/03/2000	15/03/2000	Active	NO
2	U70101RJ2005PTC021598	HARSHRITU COLONISERS PRIVATE LIMITED	Director	16/11/2005	16/11/2005	Active	NO
3	U29130RJ2002PTC017803	PUSHP FORGINGS PRIVATE LIMITED	Director	02/01/2006	02/01/2006	Active	NO
4	U45201RJ2004PTC020060	SAND DUNE BUILDCON PRIVATE LIMITED	Director	07/02/2006	07/02/2006	Active	NO
5	U51101RJ1991PTC005841	JAIPUR SALES PRIVATE LIMITED	Director	14/12/2007	14/12/2007	Active	NO
6	U85110RJ2010PTC033469	HARMONY HAPPINESS HEALTH PRIVATE LIMITED	Director	21/02/2012	21/02/2012	Active	NO

Name :

Mr. Ram Swroop Jangir

Designation :

Director

Address :

238-239, Vijay Bari, Path No.1, Dher Ka Balaji, Vishwakarma, Jaipur – 302012, Rajasthan, India

Date of Birth/Age :

15.08.1960

Date of Appointment :

10.09.2002

DIN No. :

00810646

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	U29130RJ1998PTC015148	SUPERSONIC TURNERS PRIVATE LIMITED	Director	01/04/2000	01/04/2000	31/03/2010	Active	NO
2	U29130RJ2002PTC017803	PUSHP FORGINGS PRIVATE LIMITED	Director	10/09/2002	10/09/2002	-	Active	NO
3	U29130RJ1996PLC012459	PEE TEE TURNERS LIMITED	Director	30/09/2010	30/03/2010	-	Active	NO
4	U29130RJ2013PTC044175	PUSHP RINGS PRIVATE LIMITED	Director	31/10/2013	31/10/2013	-	Active	NO

Name :

Mr. Lal Chand Jangid

Designation :

Director

Address :

238-239, Vijay Bari, Dher Ka Balaji, Jaipur – 302012, Rajasthan, India

Date of Birth/Age :

13.11.1954

Date of Appointment :

07.05.2010

DIN No. :

03053190

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	Company/ LLP Status	Defaulting status
1	U29130RJ1996PLC012459	PEE TEE TURNERS LIMITED	Director	30/09/2010	30/03/2010	Active	NO
2	U29130RJ2002PTC017803	PUSHP FORGINGS PRIVATE LIMITED	Director	07/05/2010	07/05/2010	Active	NO
3	U29130RJ2013PTC044175	PUSHP RINGS PRIVATE LIMITED	Director	31/10/2013	31/10/2013	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.09.2013

Names of Shareholders	No. of Shares
Ram Swaroop Jangir	105834
Ram Sahai Jangir	80000
Lal Chand Jangid	80000
Sobhag Mal Jangid	15800
Deependra Pareek	20000
Anita Poddar	201429
Updesh Gupta	1
Rajendra Prasad Agarwal	1
Shankar Poddar	4285
Jadav Devi Jangid	101500
Shree Ganesh Welfare Trust, India	4020721
Total	4629571

As on 21.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	86.85
Directors or relatives of Directors	12.72
Other top fifty shareholders	0.43
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of all kinds of forgings ball rollers, ball bearings, roller bearings, niddle roller bearings, taper roller bearings, bearing rings, bearing housing and all other items of allied nature and all sorts of parts, spares, accessories and fittings.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

State Bank of Bikaner and Jaipur, V K I Area Branch, Road No.5, Jaipur - 302013, Rajasthan, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loans – From Bank (From State Bank of Bikaner and Jaipur, Vishwakarma Industrial Area Branch, Jaipur secured by way of equitable mortgage of land and building of the company situated at plot No. 63, 64, 64A, Badharna, RIICO (Extn.) Industrial Area, Jaipur and hypothecation of all plant and machinery and other movable assets of the company)	3.619	6.772
Vehicle Loans (From HDFC Bank, TATA Capital Limited and SBBJ Bank secured by way of hypothecation of respective vehicles)	0.763	0.619
SHORT TERM BORROWINGS
Loan Repayable on Demand - From Bank (From State Bank of Bikaner and Jaipur, Vishwakarma Industrial Area Branch, Jaipur secured by way of hypothecation of company’s raw material, stock-in-process, finished goods, stores and spares, book debts and other current assets, present and future. ROI is 12.65% p.a.)	99.968	98.987
Total	104.350	106.378

Banking Relations :	--
Auditors :
Name :	G. K. Mittal and Associates Chartered Accountants
Address :	"Shree Dham", R-20, Yudhisther Marg, C-Scheme, Jaipur – 302005, Rajasthan, India
Tel. No. :	91-141-4021472/ 4021474-75
Fax No. :	91-141-4021476
Income-tax PAN of auditor or auditor's firm :	AAAFG6829P
Enterprises over which key managerial personnel exercises significant influence :	· Pee Tee Turners Limited · Perfect Turners · Pushp Industrial Tools · Pushp Engineering Works · Pushp Industries Bangalore · Pushp Enterprises

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4,700,000	Equity Shares	Rs.10/- each	Rs. 47.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,629,571	Equity Shares	Rs.10/- each	Rs. 46.296 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	46.296	46.296	46.296
(b) Reserves & Surplus	40.030	36.748	34.470
(c) Money received against Share Warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.211	0.211	0.211
Total Shareholders’ Funds (1) + (2)	86.537	83.255	80.977
(3) Non-Current Liabilities
(a) long-term Borrowings	11.890	22.781	44.726
(b) Deferred Tax Liabilities (Net)	1.920	1.882	2.027
(c) Other Long Term Liabilities	2.965	17.144	5.144
(d) long-term Provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	16.775	41.807	51.897
(4) Current Liabilities
(a) Short Term Borrowings	99.968	98.987	90.693
(b) Trade Payables	80.309	75.864	67.514
(c) Other Current Liabilities	10.392	5.347	1.689
(d) Short-term Provisions	1.534	1.269	1.088
Total Current Liabilities (4)	192.203	181.467	160.984
TOTAL	295.515	306.529	293.858
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible Assets	56.518	59.243	59.564
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital Work-in-Progress	0.000	0.326	1.059
(iv) Intangible assets under Development	0.105	0.105	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	0.015	0.060	0.104
Total Non-Current Assets	56.638	59.734	60.727
(2) Current assets
(a) Current Investments	0.000	0.000	0.000
(b) Inventories	119.614	128.529	124.483
(c) Trade Receivables	99.437	102.654	79.279
(d) Cash and Cash Equivalents	4.764	5.589	13.626
(e) Short-term Loans and Advances	11.719	7.454	7.092
(f) Other Current Assets	3.343	2.569	8.651
Total Current Assets	238.877	246.795	233.131
TOTAL	295.515	306.529	293.858

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		415.363	324.083
		Other Income		2.757	5.707
		TOTAL	431.220	418.120	329.790
Less	EXPENSES
		Cost of Materials Consumed		276.736	209.774
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		6.326	(3.855)
		Employees benefits expense		11.693	9.100
		Other expenses		91.406	79.778
		TOTAL	398.911	386.161	294.797
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		32.309	31.959	34.993
Less	FINANCIAL EXPENSES		19.404	20.061	23.696
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		12.905	11.898	11.297
Less/ Add	DEPRECIATION/ AMORTISATION		8.101	8.597	8.919
Less	PRELIMINARY EXPENSES WRITTEN OFF		0.044	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX		4.760	3.301	2.378
Less	TAX		1.478	1.023	0.738
	PROFIT/ (LOSS) AFTER TAX		3.282	2.278	1.640
	EARNINGS IN FOREIGN CURRENCY		24.028	17.424	43.043
	Earnings / (Loss) Per Share (Rs.)		0.71	0.49	0.35

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.76	0.54	0.50
Net Profit Margin (PBT/Sales)	(%)	NA	0.79	0.73
Return on Total Assets (PBT/Total Assets}	(%)	1.61	1.08	0.81
Return on Investment (ROI) (PBT/Networth)		0.06	0.04	0.03
Debt Equity Ratio (Total Debt/Networth)		1.29	1.46	1.67
Current Ratio (Current Asset/Current Liability)		1.24	1.36	1.45

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	46.296	46.296	46.296
Reserves & Surplus	34.470	36.748	40.030
Share Application money pending allotment	0.211	0.211	0.211
Net worth	80.977	83.255	86.537
long-term borrowings	44.726	22.781	11.890
Short term borrowings	90.693	98.987	99.968
Total borrowings	135.419	121.768	111.858
Debt/Equity ratio	1.672	1.463	1.293

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	329.790	418.120	431.220
		26.784	3.133

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	329.790	418.120	431.220
Profit	1.640	2.278	3.282
	0.50%	0.54%	0.76%

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 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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10398961	31/12/2012	500,000.00	STATE BANK OF BIKANER AND JAIPUR	ROAD NO.5, V K I AREA BRANCH, JAIPUR, RAJASTHAN - 302013, INDIA	B66471103
2	10347789	29/06/2013 *	140,000,000.00	PUNJAB NATIONAL BANK	SSI BRANCH, V K I AREA, JAIPUR, RAJASTHAN - 302017, INDIA	B80075823
3	10311866	28/12/2012 *	94,315,000.00	STATE BANK OF BIKANER AND JAIPUR	ROAD NO.5, V K I AREA BRANCH, JAIPUR, RAJASTHAN - 302013, INDIA	B66470980
4	90069168	01/10/2012 *	149,112,000.00	STATE BANK OF BIKANER AND JAIPUR	ROAD NO.5, V K I AREA BRANCH, JAIPUR, RAJASTHAN - 302013, INDIA	B59928499
5	90068921	11/11/2004 *	16,100,000.00	STATE BANK OF BIKANER AND JAIPUR	VKI AREA, JAIPUR, RAJASTHAN, INDIA	-
6	90071082	11/09/2003	33,000,000.00	STATE BANK OF BIKANER AND JAIPUR	V. K. I. AREA BRANCH, JAIPUR, RAJASTHAN, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
From Related Parties	6.648	12.330
From Others	0.860	3.060
Total	7.508	15.390

WORKING AND FUTURE PROSPECTS

The Company has successfully marched ahead on the growth path. During the year, the Company was able to perform comparatively well with the foresightedness and the effective strategic planning of the trusted Directors and eventually touched the turnover level of Rs. 431.220 Millions as against Rs, 418.120 Millions during last year, which is appreciable. The Company posted a Net Profit (After tax) of Rs. 3.282 Millions as compared to Rs. 2.278 Millions in the previous year, which is also satisfactory.

The Directors foresee enough growth prospects for the Company in near future and are hopeful to report better performance of the Company in the y4ears to come.

FIXED ASSETS

· Land

· Building – Factory

· Building – Office

· Tubewell

· Plant and Machinery

· Air Conditioner

· Electrical Installations

· Office Equipments

· Computers

· Furniture and Fixtures

· Material Handling Equipments

· Laboratory Equipments

· Motor Vehicles

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.59.26
UK Pound	1	Rs.99.63
Euro	1	Rs.80.59

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	MRI

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	YES
--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.