MIRA INFORM REPORT

Report Date :

04.10.2014

IDENTIFICATION DETAILS

Name :	BIPICO INDUSTRIES (TOOLS) PRIVATE LIMITED
Registered Office :	4/D 2 Kakad House, 4th Floor, 11, Sir V Thackersey Road, Mumbai – 400020, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.02.1972
Com. Reg. No.:	11-015621
Capital Investment / Paid-up Capital :	Rs. 10.030 Millions
CIN No.: [Company Identification No.]	U29220MH1972PTC015621
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Cutting Tools.
No. of Employees :	100 (Approximately)

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 230000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects moderate financial risk profile marked by thin profit margin and increased in the borrowings of the company during 2013. However, trade relations are reported as 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 – 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 willfully 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 = BB
Rating Explanation	Moderate risk of default.
Date	March 24, 2014

Rating Agency Name	CRISIL
Rating	Short term = A4+
Rating Explanation	Minimal degree of safety it carry very high credit risk.
Date	March 24, 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.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Ms. Archana
Designation :	Export-Import Assistance
Contact No.:	91-22-22003881
Date :	01.10.2014

LOCATIONS

Registered Office :	4/D 2 Kakad House, 4th Floor, 11, Sir V Thackersey Road, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22034386/ 22034388
Fax No.:	91-22-22034387
E-Mail :	accounts@bipicoexp.com mumbai@bipicoexp.com
Website :	http://www.bipico.com
Location :	Owned
Locality :	Commercial
Corporate Office :	506-A, Lotus House, 5th Floor, 33, Sir V. Thackersey Road, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22003881/ 22000747
Fax No.:	91-22-22001631
Pune Office :	Block No 2 and 22, Mahalaxmi Heights, Ground Floor, Sunrise Garden, Pune-Mumbai Highway, Morwadi, Pimpri, Pune – 411018, Maharashtra, India
Tel. No.:	91-20-27463709/ 27463711
Fax No.:	91-20-27463710
E-Mail :	pune@bipicoexp.com
Dubai Office :	Bipico Industries (Tools) Private Limited – BFC Office No. C1-618 F, Block No. C1, Ajman Free Zone, Dubai, U.A.E.
E-Mail :	dubai@bipico.com
Factory :	Nadarkha, Post Box No. 36, Chikhli Road, Bilimora, District Navsari - 396321, Gujarat, India
Tel. No.:	91-2634-284629/ 284630/ 283695
Fax No.:	91-2634-283256
E-Mail :	info@bipicoexp.com sales@bipicoexp.com exports@bipicoexp.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Pramit Kanubhai Patel

Designation :

Managing director

Address :

52-B, Embassy Apartment, 46, Nepean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

26.08.1968

Experience :

21 Years

Date of Appointment :

12.06.1992

DIN No.:

00681889

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	U29220MH1972PTC015621	BIPICO INDUSTRIES (TOOLS) PRIVATE LIMITED	Managing director	12/06/1992	12/06/1992	Active	NO
2	U31300MH1994PTC083467	PEAMTEE FINE WIRES (INDIA) PRIVATE LIMITED	Director	05/12/1994	05/12/1994	Active	NO
3	U29220MH2007PTC173218	BIPICO BANDSAWS (INDIA) PRIVATE LIMITED	Director	18/08/2007	18/08/2007	Active	NO
4	U24222GJ2013PTC073654	ROYAL SPECTRUM PRIVATE LIMITED	Director	21/02/2013	21/02/2013	Active	NO

Name :

Mrs. Kinnari Pramit Patel

Designation :

Whole-time director

Address :

52-B, Embassy Apartment, 46, Nepean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

06.11.1967

Experience :

3 Years

Date of Appointment :

01.12.2009

DIN No.:

01997442

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	U29220MH1972PTC015621	BIPICO INDUSTRIES (TOOLS) PRIVATE LIMITED	Whole-time director	01/12/2009	08/09/2003	Active	NO
2	U29220MH2007PTC173218	BIPICO BANDSAWS (INDIA) PRIVATE LIMITED	Director appointed in casual vacancy	26/11/2008	26/11/2008	Active	NO
3	U31300MH1994PTC083467	PEAMTEE FINE WIRES (INDIA) PRIVATE LIMITED	Director appointed in casual vacancy	07/04/2011	07/04/2011	Active	NO

Name :

Nupur Bhupendra Patel

Designation :

Director appointed in casual vacancy

Address :

Anil Kunj, 37th Road, B/H National College, Bandra, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

21.02.1979

Date of Appointment :

07.04.2011

DIN No.:

01424285

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	U92190MH2008PTC183844	WHITELEAF ENTERTAINMENT MEDIA PRIVATE LIMITED	Director	23/06/2008	23/06/2008	15/09/2011	Active	NO
2	U74999MH2008PTC187349	FUTURETRONICS EQUIPMENTS PRIVATE LIMITED	Director	08/10/2008	08/10/2008	-	Active	NO
3	U61100MH1982PTC027448	TCRC SURVEYORS AND ASSESSORS PRIVATE LIMITED	Director	28/02/2009	28/02/2009	-	Active	NO
4	U63000MH2004PTC150185	INSPECTRA INTERNATIONAL (INDIA) PRIVATE LIMITED	Director	19/05/2010	19/05/2010	-	Active	NO
5	U74990MH2010PTC203522	TCRC INFRA SERVICES PRIVATE LIMITED	Director	28/05/2010	28/05/2010	-	Active	NO
6	U29220MH1972PTC015621	BIPICO INDUSTRIES (TOOLS) PRIVATE LIMITED	Director appointed in casual vacancy	07/04/2011	07/04/2011	-	Active	NO
7	U80904MH2012PTC234074	SAI PRIYA GLOBAL EDUCATION PRIVATE LIMITED	Director	02/08/2012	02/08/2012	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Archana
Designation :	Export-Import Assistance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Kanubhai Z. Patel HUF	7236	7.21
Bipico Benefit Trust	25125	25.05
Pramit K Patel with Kinnary Patel	19835	19.78
Tushar Patel and Pramit Patel	32458	32.36
Kinnary Patel with Pramit Patel	7146	7.12
Pramit Patel HUF	7983	7.96
Meha P Patel 258 Guardian Pramit Patel	258	0.26
Master Mihir P. Patel through Guardian Pramit Patel	258	0.26
Total	100299	100.00

AS ON 27.03.2014

Names of Allottees	No. of Shares
Kanubhai Z. Patel HUF	4489
Pramit K Patel with Kinnary Patel	13165
Tushar Patel and Pramit Patel	16242
Kinnary Patel with Pramit Patel	4854
Pramit Patel HUF	5317
Meha P Patel	3042
Master Mihir P. Patel	3042
Total	50151

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	25.05
Directors or relatives of directors	74.95
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Cutting Tools.
Exports :
Products :	Cutting Tools
Countries :	· European Countries
Imports :
Products :	Raw Material
Countries :	· China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Bohler, Austria

Erasteel, Switzerland

Customers :

Wholesalers and Retailers

· V Belt, UAE

Harbor, USA

No. of Employees :

100 (Approximately)

Bankers :

· Bank of Baroda

Jawahar Road, Bilimora - 396321, Gujarat, India

· Citi Bank

Fort, Mumbai, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loans [Secured against hypothecation of Milling Machine]	23.514	6.606
Vehicle Loans [Secured against hypothecation of specific vehicles]	2.592	1.190
SHORT TERM BORROWINGS
Cash Credit facilities from a Bank [Secured against hypothecation of Stock, book debts, plant and machinery and against personal guaranteed provided by the Directors]	72.435	38.505
Total	98.541	46.301

Banking Relations :	--
Auditors :
Name :	Rajendra and Company Chartered Accountants
Address :	1311 Dalamal Tower, 211, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22855770
Fax No.:	91-22-22834243
E-Mail :	contact@rajendraco.com
Income-tax PAN of auditor or auditor's firm :	AAAFR1878D
Related Party :	Bipico Sagen and Werkzeuge GmbH, Germany

CAPITAL STRUCTURE

AFTER 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs. 100/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150,450	Equity Shares	Rs. 100/- each	Rs. 15.045 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs. 100/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100,299	Equity Shares	Rs. 100/- each	Rs. 10.030 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	10.030	10.030	2.495
(b) Reserves & Surplus	47.878	40.754	33.942
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	57.908	50.784	36.437
(3) Non-Current Liabilities
(a) long-term borrowings	314.910	299.126	287.560
(b) Deferred tax liabilities (Net)	18.298	14.747	12.337
(c) Other long term liabilities	2.481	2.418	2.380
(d) long-term provisions	10.364	8.051	4.972
Total Non-current Liabilities (3)	346.053	324.342	307.249
(4) Current Liabilities
(a) Short term borrowings	72.435	38.505	55.417
(b) Trade payables	10.542	22.830	15.107
(c) Other current liabilities	28.560	25.441	24.123
(d) Short-term provisions	7.700	7.824	3.367
Total Current Liabilities (4)	119.237	94.600	98.014
TOTAL	523.198	469.726	441.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	177.992	160.464	155.561
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.336	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	12.342	7.850	15.242
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	190.334	168.650	170.803
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	199.273	208.720	176.631
(c) Trade receivables	123.895	77.782	75.838
(d) Cash and cash equivalents	1.408	4.678	11.996
(e) Short-term loans and advances	8.288	9.896	6.432
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	332.864	301.076	270.897
TOTAL	523.198	469.726	441.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	401.438	345.595	326.458
		Other Income	2.743	1.651	2.512
		TOTAL (A)	404.181	347.246	328.970
Less	EXPENSES
		TOTAL (B)	336.766	284.350	279.978
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		67.415	62.896	48.992
Less	FINANCIAL EXPENSES (D)		37.700	36.000	32.378
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		29.715	26.896	16.614
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.960	16.810	15.514
	PROFIT BEFORE TAX (E-F) (G)		12.755	10.086	1.100
Less	TAX (H)		4.751	2.491	0.627
	PROFIT AFTER TAX (G-H) (I)		8.004	7.595	0.473
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		22.110	16.416	16.536
Less	APPROPRIATIONS
		Transfer to General Reserve	0.800	1.073	0.100
		Dividend	0.752	0.752	0.173
		Tax on Dividend	0.128	0.122	0.029
	BALANCE CARRIED TO THE B/S		28.434	22.110	16.416
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	102.783	72.781	71.433
	Earnings Per Share (Rs.)		79.80	75.72	18.96

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.98	2.19	0.14
Net Profit Margin (PBT/Sales)	(%)	3.18	2.92	0.34
Return on Total Assets (PBT/Total Assets}	(%)	2.44	2.15	0.25
Return on Investment (ROI) (PBT/Networth)		0.22	0.20	0.03
Debt Equity Ratio (Total Debt/Networth)		6.69	6.65	9.41
Current Ratio (Current Asset/Current Liability)		2.79	3.18	2.76

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	2.495	10.030	10.030
Reserves & Surplus	33.942	40.754	47.878
Net worth	36.437	50.784	57.908
Long-term borrowings	287.560	299.126	314.910
Short term borrowings	55.417	38.505	72.435
Total borrowings	342.977	337.631	387.345
Debt/Equity ratio	9.413	6.648	6.689

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	326.458	345.595	401.438
		5.862	16.159

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	326.458	345.595	401.438
Profit	0.473	7.595	8.004
	0.14%	2.20%	1.99%

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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	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	10096474	01/07/2012 *	12,000,000.00	BANK OF BARODA	JAWAHAR ROAD, BILIMORA, GUJARAT - 396321, INDIA	B43028398
2	90164401	15/10/2003	850,000.00	BANK OF BARODA	JAWAHAR ROAD BRANCH, BILIMORA, GUJARAT, INDIA	-
3	90162309	20/09/1990 *	4,000,000.00	BANK OF BARODA	JAWAHAR ROAD BRANCH, BILIMORA, MAHARASHTRA, INDIA	-
4	90162228	17/12/2013 *	117,144,000.00	BANK OF BARODA	JAWAHAR ROAD, BILIMORA, GUJARAT - 396321, INDIA	B93816213
5	90162221	01/01/1989	2,500,000.00	BANK OF BARODA	JAWAHAR ROAD, BILIMORA, GUJARAT, INDIA	-
6	90161930	31/03/1987 *	1,500,000.00	BANK OF BARODA	JAWAHAR ROAD BRANCH, BILIMORA, GUJARAT, INDIA	-
7	90161885	12/03/1986 *	850,000.00	BANK OF BARODA	JAWAHAR ROAD BRANCH, BILIMORA, GUJARAT, INDIA	-
8	90161883	20/08/1985	850,000.00	BANK OF BARODA	JAWAHAR ROAD BRANCH, BILIMORA, GUJARAT, INDIA	-
9	90161604	18/04/1981	850,000.00	BANK OF BARODA	JAWAHAR ROAD BRANCH, BILIMORA, GUJARAT, INDIA	-
10	90161484	08/08/1978	450,000.00	BANK OF BARODA	JAWAHAR ROAD BILIMORA FIST, BULSAR, GUJARAT, INDIA	-
11	90161387	14/03/1975	300,000.00	BANK OF BARODA	BILIMORA, BILIMORA, GUJARAT, INDIA	-
12	90161380	19/12/1974	1,041,000.00	GUJRAT STATE FINANCIAL CORPORATION	JASDARSHAN BUILDING, ASHRAM ROAD, AHMEDAGAD, GUJARAT, INDIA	-
13	90161368	03/08/1974	200,000.00	BANK OF BARODA	10/12 BOMBAY SAMACHAR MARG FORT, BOMBAY, MAHARASHTRA, INDIA	-

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans from Directors/ Shareholders	288.804	291.330
Total	288.804	291.330

PERFORMANCE

The total revenue of the Company during the year ended 31st March 2013 stood at Rs. 401.438 Millions (Previous year 345.595 Millions) which shows a growth of 16% over the year ended 31st March 2012 and earned a profit before tax of Rs. 12.755 Millions as compared to its previous years profit of Rs. 10.009 Millions.

FIXED ASSETS:

· Freehold land

Leasehold land

Buildings

Borewell

Plant and Equipment

Electrical Installation

Office and Other 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. 61.75
UK Pound	1	Rs. 100.07
Euro	1	Rs. 77.95

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.