MIRA INFORM REPORT

Report Date :

11.10.2014

IDENTIFICATION DETAILS

Name :	EURO PRATIK ISPAT PRIVATE LIMITED
Registered Office :	401,Vishakha, Akashganga Complex, Vijay Garden Road, Behind Ganesh Mandir, Ghobundar Road, Thane (West), Thane – 400615, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.05.2004
Com. Reg. No.:	11-146542
Capital Investment / Paid-up Capital :	Rs.21.262 Millions
CIN No.: [Company Identification No.]	U27100MH2004PTC146542
TAN No.: [Tax Deduction & Collection Account No.]	MUME05455C
PAN No.: [Permanent Account No.]	AABCE3210A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Sponge Iron and Steel.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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 :	Exist
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of account of company’s moderate financial risk profile and thin profitability levels of the company. However, trade relations are fair. Business is active. Payments 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 slowly 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	ICRA
Rating	Cash Credit Facility = BB-
Rating Explanation	Inadequate credit quality and high credit risk
Date	August 2013

Rating Agency Name	ICRA
Rating	Inland Letter of Credit = A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	August 2013

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

Name :	Mr. Himanshu
Designation :	Finance Manager
Contact No.:	91-9300203582
Date :	10.11.2014

LOCATIONS

Registered Office :	401,Vishakha, Akashganga Complex, Vijay Garden Road, Behind Ganesh Mandir, Ghobundar Road, Thane (West), Thane – 400615, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9300203582 (Mr. Himanshu)
Fax No.:	Not Available
E-Mail :	rkscaryp@yahoo.co.in
Factory 1 :	Gram Tanda P.O. Dharsiwa and Opposite Mamta Nursing Home Jawahar Nagar, Raipur Ho, Raipur – 492001, Chhattisgarh, India
Tel. No.:	91-771-3292254
Factory 2 :	Hargarh Industrial Area, Hargarh, Sihora, Jabalpur, Madhya Pradesh, Jabalpur, Madhya Pradesh, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Mahendra Kumar Goenka

Designation :

Managing Director

Address :

Kotma, Anuppur - 484440, Chhattisgarh, India

Date of Appointment :

20.11.2012

DIN No.:

02221893

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	U02710MP2005PTC017961	MAA SAMLESHWARI STEELS PRIVATE LIMITED	Director	14/09/2005	14/09/2005	-	Active	NO
2	U27101CT2009PTC021047	MRA GLOBAL PRIVATE LIMITED	Director	10/02/2009	10/02/2009	-	Active	NO
3	U08011WB1990PTC131772	R.B.M. FINANCE PVT.LTD.	Director	22/08/2011	22/08/2011	28/01/2013	Active	NO
4	U13203TG2011PLC075319	SEW Minerals Limited	Additional director	29/08/2011	29/08/2011	30/08/2012	Active	NO
5	U27100MH2004PTC146542	EURO PRATIK ISPAT PRIVATE LIMITED	Managing director	05/12/2012	22/10/2011	-	Active	NO
6	U63011CT2004PTC016906	RAIPUR HANDLING AND INFRASTRUCTURE PRIVATE LIMITED	Additional director	24/12/2011	24/12/2011	-	Active	NO
7	U62200CT2012PTC000231	SYNA AVIATION PRIVATE LIMITED	Director	14/03/2012	14/03/2012	-	Active	NO
8	U01410CT2006PTC018502	TIRUPATI GEMS PRIVATE LIMITED	Director	01/06/2012	01/06/2012	01/03/2014	Active	NO
9	U51909WB2008PTC124334	NIRNIDHI MARKETING PRIVATE LIMITED	Director	11/12/2012	11/12/2012	-	Active	NO
10	U70101CT2012PTC000675	Infrasys Infrastructure Private Limited	Director	31/12/2012	31/12/2012	01/03/2014	Active	NO
11	U14200MH2008PTC186978	RENAISSANCE MINING AND MINERAL PRIVATE LIMITED	Director	06/03/2013	06/03/2013	-	Active	NO
12	U27100CT2008PLC020751	ROSHNI STEEL AND POWER LIMITED	Director	28/03/2013	28/03/2013	-	Active	NO
13	U13209CT2013PTC001012	TANDEM MINING PRIVATE LIMITED	Director	16/08/2013	16/08/2013	01/03/2014	Active	NO

Name :

Mr. Manoj Kumar Agrawal

Designation :

Director

Address :

Juni Line,, Sadar Bazar, Bilaspur - 495001, Chhattisgarh, India

Date of Appointment :

02.04.2012

DIN No.:

00492849

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	U26941CT1991PTC006814	LAXMAN CEMENT PVT. LTD.	Director	06/12/1991	06/12/1991	-	Active	NO
2	U27104CT2004PTC016440	AIRAN STEEL AND POWER PRIVATE LIMITED	Director	04/03/2004	04/03/2004	-	Active	NO
3	U27102CT2009PTC021321	AIRAN METALIKS PRIVATE LIMITED	Director	07/08/2009	07/08/2009	-	Active	NO
4	U27100MH2004PTC146542	EURO PRATIK ISPAT PRIVATE LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO

Name :

Mr. Rakesh Agrawal

Designation :

Director

Address :

Shri Kunj, Juni Line,, Sadar Bazar, Bilaspur - 495001, Chhattisgarh, India

Date of Appointment :

17.08.2012

DIN No.:

00492882

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	U27104CT2004PTC016440	AIRAN STEEL AND POWER PRIVATE LIMITED	Director	04/03/2004	04/03/2004	-	Active	NO
2	U27102CT2009PTC021321	AIRAN METALIKS PRIVATE LIMITED	Director	07/08/2009	07/08/2009	-	Active	NO
3	U27100MH2004PTC146542	EURO PRATIK ISPAT PRIVATE LIMITED	Director	17/08/2012	17/08/2012	-	Active	NO

Name :

Mr. Alok Agrawal

Designation :

Director

Address :

Shri Kunj, Juni Line,, Sadar Bazar, Bilaspur - 495001, Chhattisgarh, India

Date of Appointment :

17.08.2012

DIN No.:

05352457

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	U27100MH2004PTC146542	EURO PRATIK ISPAT PRIVATE LIMITED	Director	17/08/2012	17/08/2012	-	Active	NO
2	U27104CT2004PTC016440	AIRAN STEEL AND POWER PRIVATE LIMITED	Director	19/07/2013	19/07/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Himanshu
Designation :	Finance Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Suresh D Gala	33324
Dhiraj D Gala	10
Dharmi Sales Private Limited, India	5715
MRA Global Private Limited, India	30
R.B.M. Finance Private Limited, India	437116
Linkup Vintrade Private Limited, India	25000
Truthful Dealcomm Private Limited, India	50000
Sanskar Commodeal Private Limited, India	25000
Silverson Logistics Private Limited, India	25000
Everfast Infrastructure Private Limited, India	12500
Jagdhara Dealcomm Private Limited, India	12500
Laxman Prasad Agrawal on behalf of Laxman Prasad Agrawal (HUF)	410000
Laxman Prasad Agrawal	50000
Rajendra Prasad Agrawal	100000
Manoj Agrawal	100000
Rakesh Kumar Agrawal	30000
Alok Agrawal	100000
Abhay Agrawal	60000
Jayant Airan	140000
Rishi Agrawal	20000
Anguri Devi Agrawal	180000
Renuka Agrawal	40000
Meena Agrawal	140000
Neha Agrawal	100000
Pooja Agrawal	30000
Total	2126195

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	27.88
Directors or relatives of Directors	10.82
Other top fifty shareholders	61.30
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Sponge Iron and Steel.
Terms :
Selling :	L/C, Cheque and Credit
Purchasing :	L/C, Cheque and Credit

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

• Bank of Baroda, Mangla Chowk, Mungeli Road, Bilaspur - 495001, Chhattisgarh, India
• Central Bank of India, Main Branch, G. E. Road,, Raipur - 492001, Chhattisgarh, India
• Axis Bank Limited, Opposite New Bus Stand, Jivan Bima Marg, Pandri, Raipur - 492004, Chattisgarh, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Term Loans From Others (Secured by hypothecation of vehicle) (Repayable in 36 installment staring from May 2012 and last installment falling due to April 2014.)	0.000	0.309
From body corporate	108.000	0.000
SHORT TERM BORROWINGS
Cash Credit Limit (Cash Credit Limit is secured by hypothecation of stocks, raw material, stock of consumable stores, stock in transit, finished goods, book debts and personnel guarantee of directors)	43.713	91.247
Total	151.713	91.556

Banking Relations :	--
Auditors :
Name :	R.K. Singhania and Associates Chartered Accountants
Address :	205, First Floor, Samta Colony, Raipur – 492001, Chattisgarh, India
PAN No.:	AAGFR3093N
Associates :	MRA Global Private Limited Laxman Cement Private Limited Airan Steel and Power Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2126195	Equity Shares	Rs.10/- each	Rs.21.262 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	21.262	4.762	4.762
(b) Reserves & Surplus	118.665	86.570	84.207
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	69.600	25.000
Total Shareholders’ Funds (1) + (2)	139.927	160.932	113.969
(3) Non-Current Liabilities
(a) long-term borrowings	108.310	0.309	0.000
(b) Deferred tax liabilities (Net)	0.762	0.289	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	109.072	0.598	0.000
(4) Current Liabilities
(a) Short term borrowings	43.713	91.247	92.057
(b) Trade payables	95.274	60.941	56.203
(c) Other current liabilities	221.305	397.178	349.590
(d) Short-term provisions	0.031	1.715	1.979
Total Current Liabilities (4)	360.323	551.081	499.829
TOTAL	609.322	712.611	613.798
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	103.097	108.427	119.709
(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	6.432	6.000	6.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6.290	5.824	6.367
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	115.819	120.251	132.076
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	173.015	67.403	190.848
(c) Trade receivables	92.433	62.069	5.436
(d) Cash and cash equivalents	1.877	0.761	0.687
(e) Short-term loans and advances	226.178	113.488	43.642
(f) Other current assets	0.000	348.639	241.109
Total Current Assets	493.503	592.360	481.722
TOTAL	609.322	712.611	613.798

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	561.862	260.145	217.456
		Other Income	8.499	0.344	0.000
		TOTAL (A)	570.361	260.489	217.456
Less	EXPENSES
		Cost of Materials Consumed	316.897	80.382	151.461
		Purchase of Stock-in-trade	331.864	106.068	19.137
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(130.865)	31.474	4.044
		Employee Benefits Expenses	2.995	5.332	4.832
		Other Manufacturing Expenses	22.188	13.474	12.705
		Other Administrative Expenses	4.719	6.896	5.704
		TOTAL (B)	547.798	243.626	197.883
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		22.563	16.863	19.573
Less	FINANCIAL EXPENSES (D)		9.714	5.447	7.353
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.849	11.416	12.220
Less	DEPRECIATION/ AMORTISATION (F)		7.725	8.073	7.952
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		5.124	3.343	4.268
Less	TAX (H)		1.530	0.980	0.876
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		3.594	2.363	3.392
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		44.612	42.249	3885.737
	BALANCE CARRIED TO THE B/S		48.206	44.612	42.249
	Earnings / (Loss) Per Share (Rs.)		3.62	4.96	7.12

Particulars	31.03.2014
Sales Turnover (Approximately)	950.000

Expected Sales (2014-2015): Rs.1000.000 Millions

The above information has been parted by Mr. Himanshu

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.63	0.91	1.56
Net Profit Margin (PBT/Sales)	(%)	0.91	1.29	1.96
Return on Total Assets (PBT/Total Assets}	(%)	0.85	0.47	0.70
Return on Investment (ROI) (PBT/Networth)		0.04	0.02	0.04
Debt Equity Ratio (Total Debt /Networth)		1.09	0.57	0.81
Current Ratio (Current Asset/Current Liability)		1.37	1.07	0.96

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	4.762	4.762	21.262
Reserves & Surplus	84.207	86.570	118.665
Share Application money pending allotment	25.000	69.600	0.000
Net worth	113.969	160.932	139.927
long-term borrowings	0.000	0.309	108.310
Short term borrowings	92.057	91.247	43.713
Total borrowings	92.057	91.556	152.023
Debt/Equity ratio	0.808	0.569	1.086

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	217.456	260.145	561.862
		19.631	115.980

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	217.456	260.145	561.862
Profit	3.392	2.363	3.594
	1.56%	0.91%	0.64%

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 four years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	Yes
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

LITIGATION DETAILS

Case Details
Bench:- Bombay
Presentation Date:-				01/09/2014
Lodging No.:-		ITXAL/1574/2014		Filing Date:-		01/09/2014
Petitioner:-	THE COMMISSIONER OF INCOME TAX-8		Respondent:-		EURO PRATIK ISPAT PRIVTAE LIMITED
Petn.Adv:-	ARVIND PINTO (0)
District:-	MUMBAI
Bench:-	DIVISION
Status:-	Pre-Admission		Category:-		TAX APPEALS
Last Date:-	09/09/2014
Last Coram:-	REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER
Act :-		Income Tax Act, 1961		Under Section:-		260A

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Term loans from directors and relatives	0.310	0.000
Total	0.310	0.000

COMPANY OVERVIEW:

The company is engaged in the manufacturing of sponge Iron.

OPERATIONS:

During the year, company’s turnover was Rs.570.361 Millions and net profit before provision for tax was Rs.5.124 Millions only. Management believes that the market condition of the product which the company is producing is very bright in future.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10383904	30/10/2012	90,000,000.00	Bank Of Baroda	Mangla Chowk, Mungeli Road, Bilaspur, Chhattisgarh - 495001, India	B61080982
2	90376823	05/07/1972	8,500,000.00	Central Bank Of India	Lal Darwaja, Ahmedabad, Gujarat, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.16
UK Pound	1	Rs.98.62
Euro	1	Rs.77.67

INFORMATION DETAILS

Information Gathered by :	HLT
Analysis Done by :	KAR
Report Prepared by :	VNT

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	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		34

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.