MIRA INFORM REPORT

Report Date :

26.06.2014

IDENTIFICATION DETAILS

Name :	JUPITER ALLOYS AND STEEL (INDIA) LIMITED
Registered Office :	11, Stayen Dutta Road, Kolkata – 700029, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.02.1982
Com. Reg. No.:	21-034569
Capital Investment / Paid-up Capital :	Rs.26.327 Millions
CIN No.: [Company Identification No.]	U28998WB1982PLC034569
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Supplier of Steel Casting, Coupler Bogies and Rolling Mill.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. As per the available financials of 2012, the general financial position of the company seems normal. 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 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 wih 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=BB+
Rating Explanation	Moderate risk of default.
Date	05.03.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating=A4+
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	05.03.2014

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 PARTED BY

Name :	Mr. Rajiv
Designation :	Finance Head
Contact No.:	91-33-40111777
Date :	19.06.2014

LOCATIONS

Registered Office :	11, Stayen Dutta Road, Kolkata – 700029, West Bengal, India
Tel. No.:	91-33-40111777 / 24550203 / 25648895
Fax No.:	91-33-24660870 / 24550202
E-Mail :	customercare@jupiteralloys.com
Head Office :	11, Satyen Dutta Road, Lake Market, Kolkata – 700029, West Bengal, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Vivek Lohia

Designation :

Director

Address :

15A, Mandevilla Garden, Kolkata – 700019, West Bengal, India

Date of Appointment :

01.09.2000

DIN No.:

00574035

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	U51909WB1993PTC059571	USHA BUSINESS DEVELOPMENT PVT LTD	Director	26/07/1993	26/07/1993	25/03/2009	Active	NO
2	U28998WB1982PLC034569	JUPITER ALLOYS AND STEEL (INDIA) LTD	Director	01/09/2000	01/09/2000	-	Active	NO
3	U51909WB1995PTC074104	CAMILLA DISTRIBUTORS PVT.LTD.	Director	30/01/2004	30/01/2004	27/03/2009	Active	NO
4	U32109WB1990PTC049623	MANGALAM OVERSEAS PVT.LTD.	Director	08/03/2004	08/03/2004	24/03/2009	Active	NO
5	U30007WB2000PTC092142	JUPITER FORGINGS & STEEL PRIVATE LIMITED.	Director	09/09/2005	09/09/2005	-	Active	NO
6	U35202WB2006PLC110822	JUPITER WAGONS LIMITED	Director	27/07/2006	27/07/2006	-	Active	NO
7	U27100WB2007PTC117981	JUPITER METAL SPRING PRIVATE LIMITED	Director	22/08/2007	22/08/2007	11/08/2011	Active	NO
8	U27100WB2008PLC128165	JESSOP WAGONS AND COACHES LIMITED	Director	01/08/2008	01/08/2008	05/09/2010	Active	NO

Name :

Mr. Vikash Lohia

Designation :

Director

Address :

15A, Mandevilla Garden, Kolkata – 700019, West Bengal, India

Date of Appointment :

01.09.2000

DIN No.:

00572725

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	U30007WB2000PTC092142	JUPITER FORGINGS & STEEL PRIVATE LIMITED.	Director	14/07/2000	14/07/2000	-	Active	NO
2	U28998WB1982PLC034569	JUPITER ALLOYS AND STEEL (INDIA) LTD	Director	01/09/2000	01/09/2000	-	Active	NO
3	U32109WB1990PTC049623	MANGALAM OVERSEAS PVT.LTD.	Director	08/03/2004	08/03/2004	07/02/2009	Active	NO
4	U35202WB2006PLC110822	JUPITER WAGONS LIMITED	Director	27/07/2006	27/07/2006	-	Active	NO
5	U27100WB2007PTC117981	JUPITER METAL SPRING PRIVATE LIMITED	Director	22/08/2007	22/08/2007	31/03/2011	Active	NO

Name :

Mr. Samir Kumar Gupta

Designation :

Additional Director

Address :

Flat-2D, Block-A, Bijay Sankha 304, WSL Bose Road, Kolkata – 700047, West Bengal, India

Date of Appointment :

15.12.2003

DIN No.:

00576571

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
U28998WB1982PLC034569	JUPITER ALLOYS AND STEEL (INDIA) LTD	Additional director	15/12/2003	15/12/2003	Active	NO
2
U35202WB2006PLC110822	JUPITER WAGONS LIMITED	Director	27/07/2006	27/07/2006	Active	NO
3	U74900WB2013PTC192343	HTTC OVERSEAS TRAINING AND TESTING SERVICES PRIVATE LIMITED	Director	17/04/2013	17/04/2013	Active	NO
4
U74900WB2013PTC194900	QUIVAN SKILL EMPOWERMENT PRIVATE LIMITED	Director	20/06/2013	20/06/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajiv
Designation :	Finance Head

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Shreekant Agarwal	1
Vivek Lohia	13086
Vikash Lohia	16405
Ritu Lohia	2450
Usha Lohia	5250
Adhiraj Lohia	4000
Sharda Lohia	2000
Karisma Goods Private Limited	90200
Murari Lal Lohia	56875
M. L. Lohia (HUF)	8000
Jupiter Metal Spring Private Limited	60000
Anish Consultants and Credit Private Limited	5000
Total	263267

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Bodies corporate	58.95
Directors or relatives of Directors	41.05
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Steel Casting, Coupler Bogies and Rolling Mill.
Exports :
Products :	Finished Goods
Countries :	USA
Imports :
Products :	Raw Material
Countries :	USA
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

No. of Employees :

300 (Approximately)

Bankers :

· Axis Bank Limited, Corporate Banking Branch, 1, Shakespeare Sarani, AC Market, 3^rd Floor, Kolkata – 700071, West Bengal, India

· The Federal Bank Limited, R N Mukherjee Road Branch, 1, R N Mukherjee Road, Kolkata – 700001, West Bengal, India

· Oriental Bank of Commerce, S.S>I. Calcutta Branch, 43, Rashbehari Avenue, Kolkata – 700026, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Axis Bank Term Loan II	2.000	0.000
Axis Bank Term Loan III	23.155	0.000
The Federal Bank Limited Term Loan I	0.000	10.447
The Federal Bank Limited Term Loan II	0.000	8.000
Against Vehicle	0.000	0.158
Against Other Assets	4.145	0.000
Short Term Borrowings
Working Capital Loan from Schedule Bank	238.853	186.146
Total	268.153	204.751

Banking Relations :	--
Financial Institution :	· Reliance Capital Limited, “H” Block, 1^st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai – 400710, Maharashtra, India · L & T Finance Limited, L&T House, Ballard Estate, Mumbai – 400001, Maharashtra, India
Auditors :
Name :	Sanjay Jain and Associates Chartered Accountants
Address :	11, Esplanade Row, Kolkata – 700069, West Bengal, India
Tel. No.:	91-33-22108761
PAN No.:	ACTPJ6095P

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
263267	Equity Shares	Rs.100/- each	Rs.26.327 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	26.327	23.327
(b) Reserves & Surplus	182.303	146.437
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	208.630	169.764
(3) Non-Current Liabilities
(a) long-term borrowings	29.300	18.605
(b) Deferred tax liabilities (Net)	14.044	10.296
(c) Other long term liabilities	77.483	18.756
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	120.827	47.657
(4) Current Liabilities
(a) Short term borrowings	243.416	195.773
(b) Trade payables	150.888	177.133
(c) Other current liabilities	37.319	30.180
(d) Short-term provisions	13.950	16.463
Total Current Liabilities (4)	445.573	419.549
TOTAL	775.030	636.970
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	206.401	189.434
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	70.875	6.640
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.503	1.443
(e) Other Non-current assets	0.044	0.058
Total Non-Current Assets	278.823	197.575
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	246.582	212.837
(c) Trade receivables	175.633	155.407
(d) Cash and cash equivalents	14.943	12.560
(e) Short-term loans and advances	56.163	55.940
(f) Other current assets	2.886	2.651
Total Current Assets	496.207	439.395
TOTAL	775.030	636.970

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		23.327
2] Share Application Money		0.000
3] Reserves & Surplus		124.133
4] (Accumulated Losses)		0.000
NETWORTH		147.460
LOAN FUNDS
1] Secured Loans		235.955
2] Unsecured Loans		8.000
TOTAL BORROWING		243.955
DEFERRED TAX LIABILITIES		0.000
TOTAL		391.415
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		186.271
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	181.114
	Sundry Debtors	180.024
	Cash & Bank Balances	10.035
	Other Current Assets	0.000
	Loans & Advances	43.735
Total Current Assets		414.908
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	209.836
	Provisions	0.000
Total Current Liabilities		209.836
Net Current Assets		205.072
MISCELLANEOUS EXPENSES		0.072
TOTAL		391.415

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	865.119	851.522	960.786
		Other Income	1.665	1.304	1.179
		TOTAL (A)	866.784	852.826	961.965
Less	EXPENSES
		Cost of Materials Consumed	465.528	427.384
		Purchase of Stock-in-trade	173.703	203.708
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(44.241)	11.749
		Employee Benefits Expenses	14.101	11.059
		Other Expenses	170.825	124.953
		Exceptional Items	0.000	0.012
		TOTAL (B)	779.916	778.865	904.329
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		86.868	73.961	57.636
Less	FINANCIAL EXPENSES (D)		42.832	35.732	31.212
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		44.036	38.229	26.424
Less	DEPRECIATION/ AMORTISATION (F)		8.950	7.618	5.624
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		35.086	30.611	20.800
Less	TAX (H)		11.220	10.520	7.149
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		23.866	20.091	13.651
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		51.322	31.231	17.580
	EARNINGS IN FOREIGN CURRENCY		75.188	51.322	31.231
	Earnings Per Share (Rs.)		101.39	86.13	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.75	2.36	1.42
Net Profit Margin (PBT/Sales)	(%)	4.06	3.59	2.16
Return on Total Assets (PBT/Total Assets}	(%)	4.98	4.86	3.46
Return on Investment (ROI) (PBT/Networth)		0.17	0.18	0.14
Debt Equity Ratio (Total Debt /Networth)		1.31	1.26	1.65
Current Ratio (Current Asset/Current Liability)		1.11	1.05	1.98

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(INR in Mlns.)	(INR in Mlns.)
Share Capital	23.327	26.327
Reserves & Surplus	146.437	182.303
Net worth	169.764	208.630
long-term borrowings	18.605	29.300
Short term borrowings	195.773	243.416
Total borrowings	214.378	272.716
Debt/Equity ratio	1.263	1.307

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	960.786	851.522	865.119
		(11.372)	1.597

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	960.786	851.522	865.119
Profit	13.651	20.091	23.866
	1.42%	2.36%	2.76%

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	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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Unsecured Loan	2.130	9.627
Advance from Related Party	2.433	0.000
Total	4.563	9.627

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10471444	31/12/2013	1,260,000.00	RELIANCE CAPITAL LTD	"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA	B93973899
2	10452653	20/09/2013	15,000,000.00	FEDERAL BANK LIMITED	R N MUKHERJEE ROAD BRANCH, 1, R N MUKHERJEE ROAD, KOLKATA, WEST BENGAL - 700001, INDIA	B86504172
3	10372836	13/08/2012	2,150,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA	B56485501
4	10363040	25/05/2012	3,577,754.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA	B42638353
5	10353354	10/04/2012	2,407,030.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA	B38830071
6	10344702	05/03/2012	3,250,000.00	L & T FINANCE LIMITED	L&T HOUSE,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	B35938265
7	10346196	28/03/2013 *	398,400,000.00	AXIS BANK LIMITED (LEAD BANK)	CORPORATE BANKING BRANCH,, 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR,, KOLKATA, WEST BENGAL - 700071, INDIA	B73422024
8	10339312	07/02/2012	2,242,620.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA	B33752403
9	10327525	14/11/2011	4,800,000.00	L & T FINANCE LIMITED	L&T HOUSE,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	B29390440
10	10316634	20/09/2011	2,238,376.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA	B24919557
11	10224046	03/05/2010	880,000.00	L & T FINANCE LIMITED	L&T HOUSE,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	A87206363
12	10131688	17/11/2008	4,000,000.00	L & T FINANCE LIMITED	L&T HOUSE,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	A51685394
13	10086725	20/12/2011 *	466,000,000.00	THE FEDERAL BANK	R N MUKHERJEE ROAD BRANCH, 1 R N MUKHERJEE ROAD, KOLKATA, WEST BENGAL - 700001, INDIA	B28397206

*Date of modification Charges

FIXED ASSETS:

· Land and Site Development

· Factory Shed and Office Premises

· Plant and Machinery

· Moulds

· Computers

· Office Equipment

· Furniture and Fixture

· 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.60.28
UK Pound	1	Rs.102.28
Euro	1	Rs.82.05

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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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