MIRA INFORM REPORT

Report Date :

02.10.2014

IDENTIFICATION DETAILS

Name :	RAVIN CABLES LIMITED
Registered Office :	302, Akruti Trade Centre, 3^rd Floor, Road No.7, MIDC, Marol, Andheri (East), Mumbai - 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.11.1982
Com. Reg. No.:	11-028700
Capital Investment / Paid-up Capital :	Rs. 209.230 Millions
CIN No.: [Company Identification No.]	U31300MH1982PLC028700
PAN No.: [Permanent Account No.]	AAACR6590F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacture and marketing of power cables and cable accessories and project involving installation and commissioning of power cables.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 3500000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “PRYSMIAN CAVI E SISTEMI ENERGIA ITALIA SRL, ITALY”. It is established company having moderate track record. As per registrar of companies the date of balance sheet (i.e. financial file) is shown as 31.03.2013 but the document related to the financial are not available from any source. As per available financial record of 2012, the rating takes into consideration company’s below average operational performance and losses that company has incurred from its operational activities. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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 – 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BB+
Rating Explanation	Inadequate credit quality and high credit risk
Date	12.06.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	12.06.2014

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 31-03-2014.

LOCATIONS

Registered Office / Head Office :	302, Akruti Trade Centre, 3^rd Floor, Road No.7, MIDC, Marol, Andheri (East), Mumbai - 400093, Maharashtra, India
Tel. No.:	91-22-30816666
Fax No.:	91-22-30816661
E-Mail :	vijay.karia@ravincables.com ho@ravincables.com
Website :	www.ravincables.com
Factory :	Gat No. 227 / 230, Alandi-Markal Main Road, Markal Village, Taluka – Khed, District Pune – 412105, Maharashtra, India

DIRECTORS

As on 26.12.2013

Name :

Mr. Vijay Pramod Karia

Designation :

Chairman cum Managing Director

Address :

A-1202, Surya Apartments, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

06.04.1965

Date of Appointment :

01.08.2012

DIN No.:

00621999

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	U31300MH1982PLC028700	RAVIN CABLES LIMITED	Managing director	01-08-2012	01-04-1987	-	Active	NO
2	U99999MH1970GAP014629	INDIAN ELECTRICAL AND ELECTRONICS MANUFACFTURERS ASSOCIATION	Director	16-09-2009	16-09-2009	27-09-2013	Active	NO

Name :

Mr. Piyush Jagdishchandra Karia

Designation :

Whole Time Director

Address :

903, Nova-B, Akruti Niharika Complex, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

19.08.1966

Date of Appointment :

01.01.2012

DIN No.:

00621985

Name :

Mario Giorgio Tomasi

Designation :

Director

Address :

Viale Roma No.24, Province of Trento Municipality of Riva Del Garda, Italy 38066

Date of Birth/Age :

17.11.1970

Date of Appointment :

30.09.2010

DIN No.:

03008139

Name :

Mr. Hans Gunnar Hoegstedt

Designation :

Director

Address :

VIA Aurelio Saffi, 33 Milano – 20123, Italy

Date of Birth/Age :

21.03.1968

Date of Appointment :

30.09.2010

DIN No.:

02921080

Name :

Mr. Mahmut Tayfun Anik

Designation :

Director

Address :

31, Str Privata Della Chiocciola, Carimate Co Denmark 22060

Date of Birth/Age :

03.03.1953

Date of Appointment :

30.09.2010

DIN No.:

03008139

KEY EXECUTIVES

Name :	Mr. Vinayak Motiram Shrsat
Designation :	Secretary
Address :	9/A/ 401, Ekta Chs, Nhada Colony, Chandivali, Andheri (East), Mumbai – 400072, Maharashtra, India
Date of Birth/Age :	03.06.1965
Date of Appointment :	01.08.2006
PAN No.:	AAAPS6554M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.12.2013

Note: SHAREHOLDING DETAILS FILE ATTACHED

As on 26.12.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	51.69
Bodies corporate	0.01
Directors or relatives of Directors	46.90
Other top fifty shareholders	1.40
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture and marketing of power cables and cable accessories and project involving installation and commissioning of power cables.

Products :

Description of product or services	ITC number of product
Electrical Cables and Wires	85446090

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Shamrao Vitthal Co-Operative Bank Limited, Khar Branch,, Mumbai - 400052, Maharashtra, India

· Central Bank of India, Abdul Rehman Street Branch, 142/144 Abdul Rehman Street, Mumbai - 400003, Maharashtra, India

· Barclays Bank Plc, 801/808, Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

· HSBC Limited

· HDFC Bank Limited

· Standard Chartered Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Term loan from bank	0.000	15.555
Short-term borrowings
From a bank:
Cash credit	165.145	116.250
Overdraft	156.948	161.634
Packing credit	276.718	72.365
Total	598.811	365.804
Long-term borrowings Term loan from bank - Rupee term loan taken from Shamrao Vitthal Co-operative Bank Limited taken in 2007-08 carrying an interest at applicable PLR less 2%. It is repayable in 60 monthly instalments commencing from April, 2008. As at year end monthly 12 instalments are outstanding. It is secured by way of first equitable mortgage charge on the Land and Building and by way of first Hypothecation charge on Plant and Machinery, Furniture and Fixtures, Electrical Installations and Other Fixed Assets acquired from the proceeds of the term loan. Term loan is further secured by personal guarantees of Mr. Pramod M. Karia, Mr. Vijay P. Karia and Mr. Piyush J. Karia. Interest free sales tax loan - In terms of eligibility certificate for new units for sales tax incentives under Part - I of 1993 package scheme of incentives as notified under Government of Maharashtra Resolution No. IDL/1093/889/IND/8 dated 07-05-1993, the Company has been granted the benefit of sales tax deferral by SICOM limited in respect of sales tax dues under the Maharashtra Sales Tax Act and the Central Sales Tax Act. The Company availed the benefits of sales tax deferral aggregating to Rs 95.298 Millions over the financial year 1999-00 to financial year 2004-05 which is repayable over the period from 2010-11 to 2019-20, as per the repayment schedule prescribed by the Department of Sales Tax. Short-term borrowings Short term borrowings from banks carry interest rate between 12% - 15% p.a., computed on a monthly basis on the actual amount utilised, and are repayable on demand. The said borrowings are secured by way of first charge on all existing and future current assets of the Company and charge on all existing and future fixed assets. Short term borrowings are further secured by personal guarantees of Mr. Pramod M. Karia, Mr.Vijay P. Karia, Mr. Piyush J. Karia and Mrs. Jaswanti J. Karia.

Banking Relations :	---
Auditors :
Name :	BSR and Company Chartered Accountants
Ultimate Holding Company:	Prysmian SPA
Holding Company:	Prysmian Cavi E Sistemi Energia S.R.L. (Prysmian Cavi)
Associate Company:	Power Plus Cable Company L.L.C. (PPC)
Fellow Subsidiaries of Ultimate Holding Company:	· Prysmian Baosheng Cable Company Limited (Prysmian China) · Prysmian Kabel und Systeme GmbH (Prysmian Germany) · Prysmian Cables et Systeme France S.A.S. (Prysmian France) · Prysmian Cavi e Sistemi Italia Srl (Prysmian Italy) · Prysmian Cables and Systems B.V. - Netherland (Prysmian Netherland) · Prysmian Cables and Systems – UK ( Prysmian Hampshire)
Enterprises over which individuals described in clause C(i)(a) and C (i) (c) above have control / significant influence directly/ indirectly:	· Vijay Industrial Electricals (VIE) · Bharat Warehousing Agency (BWA) · Sale n Ware Aid (SNW) · Special Cable Industries (SCI)

CAPITAL STRUCTURE

As on 26.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
24500000	Equity Shares	Rs.10/- each	Rs.245.000 Millions
500000	Preference Shares	Rs.10/- each	Rs.5.000 Millions
	Total		Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20923011	Equity Shares	Rs.10/- each	Rs.209.230 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	209.230	209.230
(b) Reserves & Surplus	686.274	849.818
(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)	895.504	1059.048
(3) Non-Current Liabilities
(a) long-term borrowings	75.431	101.100
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	8.372	9.687
Total Non-current Liabilities (3)	83.803	110.787
(4) Current Liabilities
(a) Short term borrowings	598.811	350.249
(b) Trade payables	1144.330	768.253
(c) Other current liabilities	129.994	133.089
(d) Short-term provisions	5.533	4.558
Total Current Liabilities (4)	1878.668	1256.149
TOTAL	2857.975	2425.984
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	188.789	213.930
(ii) Intangible Assets	5.621	1.160
(iii) Capital work-in-progress	1.051	0.604
(iv) Intangible assets under development	0.000	0.622
(b) Non-current Investments	291.223	291.223
(c) Deferred tax assets (net)	0.000	25.855
(d) Long-term Loan and Advances	36.330	54.730
(e) Other Non-current assets	253.559	88.131
Total Non-Current Assets	776.573	676.255
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	322.707	436.409
(c) Trade receivables	1414.989	1093.025
(d) Cash and cash equivalents	172.705	133.248
(e) Short-term loans and advances	89.482	84.335
(f) Other current assets	81.519	2.712
Total Current Assets	2081.402	1749.729
TOTAL	2857.975	2425.984

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		209.230
2] Share Application Money		0.000
3] Reserves & Surplus		1048.574
4] (Accumulated Losses)		0.000
NETWORTH		1257.804
LOAN FUNDS
1] Secured Loans		41.546
2] Unsecured Loans		95.661
TOTAL BORROWING		137.207
DEFERRED TAX LIABILITIES		0.000
TOTAL		1395.011
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		224.362
Capital work-in-progress		5.204
INVESTMENT		196.202
DEFERREX TAX ASSETS		6.407
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	429.245
	Sundry Debtors	569.694
	Cash & Bank Balances	285.651
	Other Current Assets	36.547
	Loans & Advances	199.682
Total Current Assets		1520.819
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	157.020
	Other Current Liabilities	275.790
	Provisions	125.173
Total Current Liabilities		557.983
Net Current Assets		962..836
MISCELLANEOUS EXPENSES		0.000
TOTAL		1395.011

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	4394.460	2598.598	1660.989
		Other Income	10.996	50.191	11.704
		TOTAL (A)	4405.456	2648.789	1672.693
Less	EXPENSES
		Cost of Materials Consumed	2600.162	1753.327
		Cost of turnkey projects	782.913	255.650
		Purchases of Stock-in-Trade	331.598	382.160	1646.227
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	111.218	21.812
		Employees benefits expense	146.813	131.648
		Other expenses	452.713	262.561
		TOTAL (B)	4425.417	2807.158	1646.227
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(19.961)	(158.369)	26.466
Less	FINANCIAL EXPENSES (D)		82.564	22.690	57.951
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(102.525)	(181.059)	(31.485)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		35.164	36.653	40.674
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(137.689)	(217.712)	(72.159)
Less	TAX (H)		25.855	(18.953)	(7.026)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(163.544)	(198.759)	(65.133)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.729	200.488	265.621
	BALANCE CARRIED TO THE B/S		(161.815)	1.729	200.488
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods	95.861	114.805	485.573
	TOTAL EARNINGS		95.861	114.805	482.573
	IMPORTS
		Raw Materials	505.761	781.464	278.064
		Stores & Spares	0.348	0.000	0.00
		Capital Goods	0.000	1.971	0.136
		Traded Goods	310.403	378.642	13.671
	TOTAL IMPORTS		816.512	1162.077	291.871
	Earnings / (Loss) Per Share (Rs.)		(7.82)	(9.50)	(3.76)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(3.71)	(7.50)	(3.89)
Net Profit Margin (PBT/Sales)	(%)	(3.13)	(8.38)	(4.344)
Return on Total Assets (PBT/Total Assets}	(%)	(5.37)	(10.33)	(4.13)
Return on Investment (ROI) (PBT/Networth)		(0.15)	(0.21)	(0.06)
Debt Equity Ratio (Total Debt /Networth)		0.75	0.43	0.11
Current Ratio (Current Asset/Current Liability)		1.11	1.39	2.73

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	209.230	209.230
Reserves & Surplus	849.818	686.274
Net worth	1059.048	895.504
long-term borrowings	101.100	75.431
Short term borrowings	350.249	598.811
Total borrowings	451.349	674.242
Debt/Equity ratio	0.426	0.753

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1660.989	2598.598	4394.460
		56.449	69.109

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1660.989	2598.598	4394.460
Profit	(65.133)	(198.759)	(163.544)
	(3.92%)	(7.65%)	(3.72%)

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	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

BACKGROUND

Subject was incorporated on 11 November 1982. The Company is engaged in the business of manufacturing and marketing of power cables and cable accessories and project involving installation and commissioning of power cables.

OPERATIONAL PERFORMANCE

For the year the Company achieved a turnover of Rs. 4394.460 Millions (Previous Year – Rs. 2598.598 Millions). The Company has incurred Net Loss of Rs. 163.544 Millions (Previous Year – Net Loss of Rs.198.759 Millions). The Company registered an increase of more than 69% in sales turnover as compared to Previous Year. The Directors are confident of further improving the performance during the current Financial Year.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Interest free sales tax loan	75.431	85.545
Total	75.431	85.545

CONTINGENT LIABILITIES

Rs. In Millions

Particulars	31.03.2012	31.03.2011
Pending declaration forms under Central Sales Tax Act	56.706	19.461
Guarantees given by the Banks on behalf of the Company	512.447	589.233
Excise duty related matters under litigation	15.371	0.803
Corporate guarantees aggregating AED 419.04 lakhs (previous year AED 419.04 lakhs) on behalf of M/s. Power Plus Cables Co. LLC (PPC) to National Bank of Abu Dhabi (NBAD) in respect of loans availed by PPC from NBAD.	581.059	521.296
Income tax liability (towards penalty) in respect of which the Company is in appeal in respect of Assessment Year 2007-2008.	0.000	0.236
Claims raised by the vendors but not acknowledged as debts	3.532	0.00

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10123027	27/06/2009 *	200,000,000.00	BARCLAYS BANK PLC	601/603, CEEJAY HOUSE, SHIVSAGAR ESTATE, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	A67823518
2	90240523	03/03/2014 *	2,150,000,000.00	CENTRAL BANK OF INDIA	A R STREET, 142/144, ABDUL REHMAN STREET, MUMBAI, MAHARASHTRA - 400003, INDIA	C05973672

* Date of charge modification

FIXED ASSETS

Tangible

· Freehold land

· Buildings

· Plant and equipments

· Furniture and fixtures

· Vehicles

· Office equipments

Intangible

· Computer software

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.61.75
UK Pound	1	Rs.100.06
Euro	1	Rs.77.95

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NTH

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	6
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	6
--CREDIT LINES	1~10	4
--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		39

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.