MIRA INFORM REPORT

Report Date :

01.10.2014

IDENTIFICATION DETAILS

Name :	CHETAN INDUSTRIES LIMITED
Formerly Known As :	BELL CEMENTS LIMITED
Registered Office :	SCF 18-19, Sector 28C, Chandigarh – 160002 (U.T.)
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.12.1995
Com. Reg. No.:	53-017464
Capital Investment / Paid-up Capital :	Rs. 16.048 Millions
CIN No.: [Company Identification No.]	U26941CH1995PLC017464
PAN No.: [Permanent Account No.]	AAACC9253E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Galvanised and Black Steel Pipes, Hollow Sections and LTZ Profiles.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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. Profitability of the company is low. However, the rating takes into consideration company’s healthy operational risk profile and sound liquidity position of the company. 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 condition.

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No. : 91-771-2325676)

LOCATIONS

Registered Office :	SCF 18-19, Sector 28C, Chandigarh – 160002 (U.T.), India
Tel. No. :	91-172-4668000
Fax No. :	91-172-4667111
E-Mail :	finance@jagan.in chd@jagan.in
Factory :	Urla Industrial Area, Urla Road, Raipur, Chattisgarh, India
Tel. No. :	91-771-6457345/ 46/ 2100676/ 2325676
Fax No. :	91-771-2322676
E-Mail :	sk@jagan.in

DIRECTORS

As on 30.09.2013

Name :

Mr. Madan Mohan Singla

Designation :

Director

Address :

H. No. 105, Sector - 28A, Chandigarh - 160002, India

Date of Birth/Age :

07.09.1964

Qualification :

Graduate

Date of Appointment :

14.12.2001

PAN No.:

ABCPM9724E

DIN No. :

00156668

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	L27106CH1991PLC011536	J T L INFRA LIMITED	Managing director	01-04-2012	29-07-1991	-	Active	NO
2	U26941CH1995PLC017464	CHETAN INDUSTRIES LIMITED	Director	14-12-2001	14-12-2001	-	Active	NO
3	U70100CH2004PTC027236	JAGAN REALTORS PRIVATE LIMITED	Director	23-06-2004	23-06-2004	-	Active	NO
4	U70101CH2004PTC027705	SHREEOM COMMERCIAL REALESTATE PRIVATE LIMITED	Director	08-12-2004	08-12-2004	27-01-2012	Active	NO
5	U26942HP1984PTC005703	RADIANT CEMENT CO PRIVATE LIMITED	Director	25-09-2006	25-09-2006	06-06-2009	Active	NO
6	U27300DL2007PTC164077	M V M METAL AND ALLOYS PRIVATE LIMITED	Director	29-05-2007	29-05-2007	27-02-2010	Active	NO
7	U30007CH1989PTC031720	J R ELECTRONICS AND PACKAGINGS PRIVATE LIMITED	Director	01-12-2007	01-12-2007	29-01-2008	Active	NO
8	U45209CH2008PLC031322	MIRAGE INFRA LIMITED	Director	30-08-2012	14-08-2008	-	Active	NO
9	U00000CH1990PLC010011	JAGAN INDUSTRIES LIMITED	Director	01-04-2013	01-04-2013	-	Active	NO

Name :

Mr. Vijay Singla

Designation :

Director

Address :

H. No. 105, Sector - 28A, Chandigarh - 160002, India

Date of Birth/Age :

26.12.1966

Qualification :

Graduate

Date of Appointment :

20.09.1999

PAN No. :

ACWPS2938M

DIN No. :

00156801

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	U00000CH1990PLC010011	JAGAN INDUSTRIES LIMITED	Director	12-01-1990	12-01-1990	30-04-2013	Active	NO
2	L27106CH1991PLC011536	J T L INFRA LIMITED	Whole-time director	01-04-2012	29-07-1991	-	Active	NO
3	U27109CH1994PTC014251	HIMANI STEELS PRIVATE LIMITED	Director	01-11-1995	01-11-1995	-	Active	NO
4	U26941CH1995PLC017464	CHETAN INDUSTRIES LIMITED	Director	20-09-1999	20-09-1999	-	Active	NO
5	U70100CH2004PTC027236	JAGAN REALTORS PRIVATE LIMITED	Director	23-06-2004	23-06-2004	-	Active	NO
6	U70101CH2004PTC027705	SHREEOM COMMERCIAL REALESTATE PRIVATE LIMITED	Director	08-12-2004	08-12-2004	27-01-2012	Active	NO
7	U26942HP1984PTC005703	RADIANT CEMENT CO PVT LTD	Director	25-09-2006	25-09-2006	06-06-2009	Active	NO
8	U27300DL2007PTC164077	M V M METAL AND ALLOYS PRIVATE LIMITED	Director	29-05-2007	29-05-2007	-	Active	NO
9	U30007CH1989PTC031720	J R ELECTRONICS AND PACKAGINGS PRIVATE LIMITED	Director	01-12-2007	01-12-2007	29-01-2008	Active	NO
10	U27100CH2008PTC031279	RADIANT FERROMETALS PRIVATE LIMITED	Director	20-06-2008	20-06-2008	15-04-2013	Active	NO
11	U45209CH2008PLC031322	MIRAGE INFRA LIMITED	Director	30-08-2012	14-08-2008	-	Active	NO

Name :

Mr. Mithan Lal Singla

Designation :

Director

Address :

H. No. 105, Sector - 28A, Chandigarh - 160002, India

Date of Birth/Age :

01.04.1942

Qualification :

Graduate

Date of Appointment :

10.09.2004

PAN No. :

AAHPL0184H

DIN No. :

00156885

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	U00000CH1990PLC010011	JAGAN INDUSTRIES LIMITED	Director	12-01-1990	12-01-1990	-	Active	NO
2	L27106CH1991PLC011536	J T L INFRA LIMITED	Director	30-05-2014	29-07-1991	-	Active	NO
3	U26941CH1995PLC017464	CHETAN INDUSTRIES LIMITED	Director	27-08-2012	10-09-2004	-	Active	NO
4	U45209CH2008PLC031322	MIRAGE INFRA LIMITED	Director	10-10-2008	10-10-2008	14-12-2009	Active	NO

Name :

Mr. Rakesh Garg

Designation :

Director

Address :

House No. 116, Sector - 9, Panchkula - 134109, Haryana, India

Date of Birth/Age :

08.01.1970

Qualification :

Graduate

Date of Appointment :

14.12.2001

PAN No. :

ABNPG2870N

DIN No. :

00184081

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	L27106CH1991PLC011536	J T L INFRA LIMITED	Whole-time director	01-04-2012	29-07-1991	Active	NO
2	U26941CH1995PLC017464	CHETAN INDUSTRIES LIMITED	Director	14-12-2001	14-12-2001	Active	NO
3	U24230CH2005PLC028280	SHARVILA PHARMACEUTICALS LIMITED	Director	25-04-2005	25-04-2005	Active	NO
4	U70109CH2010PTC032044	JTL REAL ESTATE PRIVATE LIMITED	Director	23-02-2010	23-02-2010	Strike off	NO
5	U27109CH1994PTC014251	HIMANI STEELS PRIVATE LIMITED	Director	07-10-2010	07-10-2010	Active	NO
6	U45201CH2007PTC030843	TRIVENI PROJECTS AND RESORTS PRIVATE LIMITED	Director	30-09-2013	19-04-2011	Active	NO

Name :

Mr. Chetan Singla

Designation :

Whole-time Director

Address :

H. No. 105, Sector - 28A, Chandigarh - 160002, India

Date of Birth/Age :

03.03.1987

Qualification :

Graduate

Date of Appointment :

16.08.2012

PAN No. :

BBDPS18668

DIN No. :

00549795

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	U45209CH2008PLC031322	MIRAGE INFRA LIMITED	Director	14-08-2008	14-08-2008	20-03-2014	Active	NO
2	U26941CH1995PLC017464	CHETAN INDUSTRIES LIMITED	Whole-time director	16-08-2012	04-12-2009	-	Active	NO
3	U85190CH2008PTC031303	TRICITY MEDICARE PRIVATE LIMITED	Director	29-09-2010	01-09-2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Mithan Lal Singla	102210	6.37
Madan Mohan Singla	500510	31.19
Vijay Singla	481810	30.02
Rakesh Garg	476040	29.66
Shukla Singla	1150	0.07
Prem Kumar and Sons (HUF)	32000	1.99
Madan Mohan Singla (HUF)	1360	0.08
Nikita Singla	9680	0.60
Total	1604760	100.00

Allottee as on 17.03.2014

Names of Allottee	No. of Shares
Deep Iron and Steel Private Limited, India	2500
Total	2500

As on 30.09.2013

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 :

Manufacturer of Galvanised and Black Steel Pipes, Hollow Sections and LTZ Profiles.

Products :

Item Code No. (ITC Code)	Product Description
73069011	ERW Pipe (Black and Galvanized)

PRODUCTION STATUS (AS ON 31.03.2011)

PARTICULARS	31.03.2011 (Qty. in M.T.)
LICENSED CAPACITY
Black and Galvanised Pipes and Tubes	28800
M.S. Strips	43000
INSTALLED CAPACITY (AS CERTIFIED BY MANAGEMENT)
Black and Galvanised Pipes and Tubes	28800
M.S. Strips	43000
ACTUAL PRODUCTION
Black Pipes and Tubes	17381.320
Galvanized Pipes	17474.145
Rejection Pipes	795.450
MS Scrap of Pipes	649.080
M.S. Strips	20730.170
Scrap of M.S. Strips	1585.200

NOTE: Production does not include generation of Zinc scrap and Zinc dross 247.600 M.T. and 194.77 M.T. respectively.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Oriental Bank of Commerce, Sector 8C, Chandigarh - 160017, Chandigarh, India

· Punjab National Bank, Sector 26, Chandigarh - 160026, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	30.817	0.178
SHORT TERM BORROWINGS
Loans repayable on demand from banks	121.238	190.051
Total	152.055	190.229

Banking Relations :	--
Auditors :
Name :	Joglekar Maitra and Company Chartered Accountants
Address :	MIG-D- 18, Shailendra Nagar, Raipur - 492001, Chhattisgarh, India
Income-tax PAN of auditor or auditor's firm :	ADBPG7101Q
Associate Concern :	JTL Infra Limited CIN No.: L27106CH1991PLC011536

CAPITAL STRUCTURE

After 30.09.2013

Authorised Capital : Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 16.068 Millions

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,604,760	Equity Shares	Rs.10/- each	Rs. 16.048 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	16.048	16.048	16.048
(b) Reserves & Surplus	108.582	103.771	102.644
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	1.000	1.000	1.000
Total Shareholders’ Funds (1) + (2)	125.630	120.819	119.692
(3) Non-Current Liabilities
(a) long-term borrowings	52.352	27.328	2.244
(b) Deferred tax liabilities (Net)	2.781	3.046	1.736
(c) Other long term liabilities	0.000	4.800	0.000
(d) long-term provisions	0.861	0.576	0.245
Total Non-current Liabilities (3)	55.994	35.750	4.225
(4) Current Liabilities
(a) Short term borrowings	121.238	190.051	138.508
(b) Trade payables	11.664	11.595	23.859
(c) Other current liabilities	17.328	12.222	8.992
(d) Short-term provisions	5.695	6.167	4.366
Total Current Liabilities (4)	155.925	220.035	175.725
TOTAL	337.549	376.604	299.642
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	129.248	148.348	101.110
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	9.267	9.267	10.056
(e) Other Non-current assets	0.000	0.000	1.432
Total Non-Current Assets	138.515	157.615	112.598
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	108.370	92.897	83.354
(c) Trade receivables	81.670	102.702	86.789
(d) Cash and cash equivalents	3.166	1.347	6.990
(e) Short-term loans and advances	5.001	21.311	8.467
(f) Other current assets	0.827	0.732	1.444
Total Current Assets	199.034	218.989	187.044
TOTAL	337.549	376.604	299.642

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1114.025	976.986	909.749
		Other Income	1.086	1.641	1.785
		TOTAL (A)	1115.111	978.627	911.534
Less	EXPENSES
		Cost of Materials Consumed	936.245	837.932	753.488
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	9.315	(20.676)	0.995
		Employees benefits expense	12.400	10.892	9.709
		Other expenses	108.355	114.009	115.947
		TOTAL (B)	1066.315	942.157	880.139
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		48.796	36.470	31.395
Less	FINANCIAL EXPENSES (D)		23.804	23.692	12.876
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		24.992	12.778	18.519
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.121	9.768	9.356
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		5.871	3.010	9.163
Less	TAX (H)		0.960	1.883	2.831
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		4.911	1.127	6.332
	Earnings / (Loss) Per Share (Rs.)		3.11	0.70	3.95

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.44	0.12	0.69
Net Profit Margin (PBT/Sales)	(%)	0.53	0.31	1.01
Return on Total Assets (PBT/Total Assets}	(%)	1.74	0.80	3.06
Return on Investment (ROI) (PBT/Networth)		0.05	0.02	0.08
Debt Equity Ratio (Total Debt/Networth)		1.38	1.80	1.18
Current Ratio (Current Asset/Current Liability)		1.28	1.00	1.06

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	16.048	16.048	16.048
Reserves & Surplus	102.644	103.771	108.582
Share Application money pending allotment	1.000	1.000	1.000
Net worth	119.692	120.819	125.630
long-term borrowings	2.244	27.328	52.352
Short term borrowings	138.508	190.051	121.238
Total borrowings	140.752	217.379	173.590
Debt/Equity ratio	1.176	1.799	1.382

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	909.749	976.986	1114.025
		7.391	14.027

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	909.749	976.986	1114.025
Profit	6.332	1.127	4.911
	0.70%	0.12%	0.44%

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10386682	30/10/2012	43,000,000.00	ORIENTAL BANK OF COMMERCE	SECTOR 8, CHANDIGARH, CHANDIGARH - 160017, INDIA	B62135371
2	10104369	18/06/2014 *	300,000,000.00	ORIENTAL BANK OF COMMERECE	SECTOR 8C, CHANDIGARH, CHANDIGARH - 160002, INDIA	C10279768

* 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 from others	21.535	27.150
Total	21.535	27.150

OPERATIONS OUTLOOK

During the year Gross Turnover of the company was recorded Rs.1278.832 Millions as compare to the previous year figures of Rs. 1096.235 Millions, showing a significance increase in the Company’s Turnover. The Expenditure of the company has also been increased from Rs. 975.617 Millions to Rs. 1109.239 Millions during the current year. Income side proportionately increases more than as compared to expenditure side of the company. Resultantly, due to increase in income the net surplus of the company goes up to Rs. 5.871 Millions as compared to previous year’s surplus of Rs. 3.010 Millions. For improving margins, company took various steps for reduction in the cost of production and overheads, Company is optimizing its capacity utilization for achieving the economies of scale.

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

· Bridges Roads Ports Culverts

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.61
UK Pound	1	Rs.100.28
Euro	1	Rs.78.21

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--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		43

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.