MIRA INFORM REPORT

Report Date :

13.10.2014

IDENTIFICATION DETAILS

Name :	SHAH BROTHERS ISPAT PRIVATE LIMITED
Registered Office :	5A/5B, Trust House, Dr. E Broges Road, Opposite Shirodkar High School, Parel (East), Mumbai – 400012, Maharashtra
Country :	India
Financials (as on) :	31.03.2014 (Consolidated)
Date of Incorporation :	04.08.2004
Com. Reg. No.:	11-147842
Capital Investment / Paid-up Capital :	Rs.14.350 Millions
CIN No.: [Company Identification No.]	U27101MH2004PTC147842
TAN No.: [Tax Deduction & Collection Account No.]	MUMS45609E
PAN No.: [Permanent Account No.]	AAKCS2766A
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Exporter, Importer and Suppliers of Boiler Quality Steel Plates and Stroke Coils.
No. of Employees :	75 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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. The rating takes into consideration company’s improved operational performance which has resulted into profit achieved from its operational activities and decent 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Rating = BB + (Suspended)
Rating Explanation	Inadequate degree of safety and high credit risk
Date	December 2013

Rating Agency Name	ICRA
Rating	Short Term Rating = A4 + (Suspended)
Rating Explanation	Minimal degree of safety and very high credit risk
Date	December 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. Atmaram Madhe
Designation :	Accounts Executive
Contact No.:	91-22-40555444
Date :	10.10.2014

LOCATIONS

Registered Office :	5A/5B, Trust House, Dr. E Broges Road, Opposite Shirodkar High School, Parel (East), Mumbai – 400 012, Maharashtra, India
Tel. No.:	91-22-40555444 (Mr. Atmaram)
Mobile No.:	Not Available
Fax No.:	91-22-23436925
E-Mail :	accounts@sbispat.com sales@sbispat.com
Website :	http://www.sbispat.com
Location :	Rented
Warehouse 1 :	L-5, Taloja Industrial Area, MIDC, Taluka-Panvel, District – Raigad, Maharashtra, India
Location:	Owned
Warehouse 2 :	1425/1426/1427, Kalamboli Warehouse Complex, Kalamboili, Navi Mumbai – 410 218, Maharashtra, India
Location:	Owned
Branch Office 1 :	Shop No.718, Loha Mandi, Ghaziabad – 201 001, Uttar Pradesh, India
Branch Office 2 :	E-7, 7^th Floor, Vardan Complex, Ahmedabad – 380009, Gujarat, India
Branch Offices :	Also located at: Bangalore Bhilai Chennai Delhi Hyderabad Vadodara

DIRECTORS

As on 30.09.2013

Name :

Mr. Rajesh Chinubhai Shah

Designation :

Director

Address :

31, Anupam, 11, Manav Mandir Road, Malabar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

10.07.1965

Date of Appointment :

04.08.2004

DIN No.:

00022645

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	U74999MH1971PTC015360	PEACE FORT CHEMIND ENGINEERING PRIVATE LIMITED	Director	15/07/1972	15/07/1972	-	Active	NO
2	U27101MH2004PTC147842	SHAH BROTHERS ISPAT PRIVATE LIMITED	Director	04/08/2004	04/08/2004	-	Active	NO

Name :

Mr. Sanjiv Pravin Mehta

Designation :

Director

Address :

15, Nirmal Mahal, Bomanji Petit Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

14.12.1963

Date of Appointment :

04.08.2004

DIN No.:

00022691

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	U74999MH1971PTC015360	PEACE FORT CHEMIND ENGINEERING PRIVATE LIMITED	Director	20/11/1990	20/11/1990	-	Active	NO
2	U27101MH2004PTC147842	SHAH BROTHERS ISPAT PRIVATE LIMITED	Director	04/08/2004	04/08/2004	-	Active	NO
3	U29130MH2000PLC127762	DELUX BEARINGS LIMITED	Director	20/09/2013	20/09/2013	28/03/2014	Active	NO
4	AAA-0653	DEVIPRASAD STEELS & SERVICES LLP	Designated Partner	28/01/2010	28/01/2010	02/09/2011	Active	NO

Name :

Mr. Chinubhai Himatlal Shah

Designation :

Director

Address :

13/3, Anupam, Manav Mandir Road, Malabar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

13.03.1936

Date of Appointment :

04.08.2006

DIN No.:

00022747

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	U74999MH1971PTC015360	PEACE FORT CHEMIND ENGINEERING PRIVATE LIMITED	Director	15/07/1972	15/07/1972	-	Active	NO
2	U27101MH2004PTC147842	SHAH BROTHERS ISPAT PRIVATE LIMITED	Director	04/08/2006	04/08/2006	-	Active	NO

Name :

Mr. Pravin Pranlal Mehta

Designation :

Director

Address :

15, Nirmal Mahal, Bomanji Petit Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

31.08.1935

Date of Appointment :

04.08.2004

DIN No.:

00026803

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	U74999MH1971PTC015360	PEACE FORT CHEMIND ENGINEERING PRIVATE LIMITED	Director	15/07/1972	15/07/1972	-	Active	NO
2	U92112MH1974PTC017802	NEW EXCELSIOR THEATRE PRIVATE LIMITED	Managing director	02/06/1975	02/06/1975	-	Active	NO
3	U55204MH2000PTC124453	NEW EXCELSIOR CATERERS PRIVATE LIMITED	Managing director	24/02/2000	24/02/2000	-	Active	NO
4	U27101MH2004PTC147842	SHAH BROTHERS ISPAT PRIVATE LIMITED	Director	04/08/2004	04/08/2004	-	Active	NO

Name :

Mr. Dharmesh Chinubhai Shah

Designation :

Director

Address :

1-A/1, Giriraj, 11, Altamount Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

25.06.1964

Date of Appointment :

04.08.2004

DIN No.:

00038177

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	U74999MH1971PTC015360	PEACE FORT CHEMIND ENGINEERING PRIVATE LIMITED	Director	20/11/1990	20/11/1990	-	Active	NO
2	U36940MH1995PTC095129	GTI TOYKRAFT PRIVATE LIMITED	Director	08/12/1995	08/12/1995	-	Active	NO
3	U27101MH2004PTC147842	SHAH BROTHERS ISPAT PRIVATE LIMITED	Director	04/08/2004	04/08/2004	01/04/2014	Active	NO
4	U45202MH2010PTC200001	PARTHESH INFRASTRUCTURE PRIVATE LIMITED	Director	01/04/2010	01/04/2010	01/04/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Atmaram Madhe
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Chinubhai Himatlal Shah Jointly Manjuben C. Shah Jointly Dharmesh C. Shah	72000
Chinubhai Himatlal Shah Jointly Manjuben C. Shah Jointly Rajesh C. Shah	72000
Pravin Pranlal Mehta Jointly Ranjanbala Mehta Jointly Sanjiv Mehta	215250
Sanjiv Pravin Mehta Jointly Heena Mehta	257000
Dharmesh Chinubhai Shah Jointly Sangeeta Shah	243950
Rajesh Chinubhai Shah Jointly Minal Shah	243950
Ranjanbala Pravin Mehta Jointly Pravin P. Mehta Jointly Sanjiv P. Mehta	80000
Heena Sanjiv Mehta Jointly Sanjiv P. Mehta	143500
Pravin P. Mehta HUF through its Karta Pravin P. Mehta	10000
Ranjanbala P. Mehta Jointly Pravin P. Mehta	11750
Chinubhai H. Shah Jointly Manjula C. Shah	85600
Total	1435000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Exporter, Importer and Suppliers of Boiler Quality Steel Plates and Stroke Coils.
Products :	Ferrous and Non - Ferrous Metal Boiler Quality Plates High Tensile Steel Plate Alloy Steel Plate Mild Steel Products HR Coils
Exports :
Products :	Finished goods
Countries :	Dubai
Imports :
Products :	Finished goods
Countries :	Ukraine China Russia
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	75 (Approximately)
Bankers :	Central Bank of India and 3 Others, Corporate Finance Branch, 1^st Floor, M.M.O Building, M G Road, Fort, Mumbai – 400 023, Maharashtra, India · Bank of Baroda, Cuffe Parade, Mumbai, Maharashtra, India · State Bank of India, Chembur, Mumbai, Maharashtra, India · Union Bank of India, fort, Mumbai, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	H.M. Mody and Company Chartered Accountants
Address :	12, Indus Court, A Road, Churchgate, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-22046924
Fax No.:	91-22-22873255
PAN No.:	AGBPM4701B
Subsidiaries :	Shah Brothers Ispat FZE
Other Related Parties :	Peacefort Chem-Ind. Engg. New Excelsior Theatre Private Limited Meshco Steels

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1435000	Equity Shares	Rs.10/- each	Rs.14.350 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

CONSOLIDATED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	14.350	14.350	14.350
(b) Reserves & Surplus	1089.921	1009.239	1258.412
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	30.000	30.000	0.000
Total Shareholders’ Funds (1) + (2)	1134.271	1053.589	1272.762
(3) Non-Current Liabilities
(a) long-term borrowings	221.275	269.140	86.251
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	2.020	1.210	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	223.295	270.350	86.251
(4) Current Liabilities
(a) Short term borrowings	354.999	234.973	291.548
(b) Trade payables	3442.003	2912.864	2892.188
(c) Other current liabilities	18.564	56.334	33.398
(d) Short-term provisions	1.114	0.457	0.446
Total Current Liabilities (4)	3816.680	3204.628	3217.580
TOTAL	5174.246	4528.567	4576.593
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(ii) Intangible Assets	511.467	526.536	475.538
(iii) Capital work-in-progress	0.000	0.000	51.050
(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)	1.987	1.987	1.986
(d) Long-term Loan and Advances	82.284	14.333	16.944
(e) Other Non-current assets	69.888	62.464	30.350
Total Non-Current Assets	665.626	605.320	575.868
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1021.053	1663.163	1194.413
(c) Trade receivables	2900.900	1707.892	2078.128
(d) Cash and cash equivalents	354.033	294.050	465.203
(e) Short-term loans and advances	100.674	160.989	200.748
(f) Other current assets	131.960	97.153	62.233
Total Current Assets	4508.620	3923.247	4000.725
TOTAL	5174.246	4528.567	4576.593

CONSOLIDATED PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	6948.663	5867.704	8524.758
		Other Income	195.398	129.442	128.491
		TOTAL (A)	7144.061	5997.146	8653.249
Less	EXPENSES
		Purchases of Stock-in-Trade	5995.811	6114.822	7419.766
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	642.111	(468.751)	744.259
		Employees benefits expense	22.618	19.826	53.369
		Operating and Other expenses	181.155	266.963	216.248
		TOTAL (B)	6841.695	5932.860	8433.642
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		302.366	64.286	219.607
Less	FINANCIAL EXPENSES (D)		258.207	290.959	191.462
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		44.159	(226.673)	28.145
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.300	13.149	4.311
	PROFIT BEFORE TAX (E-F) (G)		39.859	(239.822)	23.834
Less	TAX (H)		(54.392)	2.610	(41.312)
	PROFIT AFTER TAX (G-H) (I)		94.251	(242.432)	65.146
	Earnings Per Share (Rs.)		656.80	(1689.40)	453.90

CONSOLIDATED KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	1.32	(4.04)	0.75
Net Profit Margin (PBT/Sales)	(%)	0.57	(4.09)	0.28
Return on Total Assets (PBT/Total Assets}	(%)	0.77	(5.30)	0.53
Return on Investment (ROI) (PBT/Networth)		0.04	(0.23)	0.02
Debt Equity Ratio (Total Debt /Networth)		0.51	0.48	0.30
Current Ratio (Current Asset/Current Liability)		1.18	1.22	1.24

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	14.350	14.350	14.350
Reserves & Surplus	1258.412	1009.239	1089.921
Net worth	1272.762	1023.589	1104.271
long-term borrowings	86.251	269.140	221.275
Short term borrowings	291.548	234.973	354.999
Total borrowings	377.799	504.113	576.274
Debt/Equity ratio	0.297	0.492	0.522

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	8524.758	5867.704	6948.663
		(31.169)	18.422

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	8524.758	5867.704	6948.663
Profit	65.146	(242.432)	94.251
	0.76%	(4.13%)	1.36%

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

Note:

The Registered office of the company has been shifted 406 Giriraj, S T Road, Mumbai – 400009, Maharashtra, India to the present address w.e.f. 23.03.2012

INDEX OF CHARGES

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10364746	18/06/2012	120,000,000.00	Central Bank of India	Corporate Finance Branch, 1st Floor, Mmo Building, M. G. Road, Mumbai, Maharashtra - 400023, India	B43296375
2	10364745	18/06/2012	226,000,000.00	Central Bank of India	Corporate Finance Branch, 1st Floor, Mmo Building, M. G. Road, Mumbai, Maharashtra - 400023, India	B43296045
3	10321501	24/10/2011	700,000,000.00	State Bank of India	COMMERCIAL BRANCH,1548/A, SADASHIV PETH, TILAK ROAD, PUNE, MAHARASHTRA - 411030, INDIA	B27083369
4	10134345	24/11/2008	300,000,000.00	Central Bank Of India	Corporate Finance Branch, Mmo. Building,1st Floo  R,M.G.Road,Fort, Mumbai, Maharashtra - 400001, India	A53083986
5	10054510	18/04/2007	150,000,000.00	UNION BANK OF INDIA	Veer Nariman Road Branch, Raj Mahal, Veer Nariman Road, Churchgate, Mumbai, Maharashtra - 400020, India	A16339202
6	10048052	20/03/2007	500,000,000.00	Central Bank Of India	Corporate Finance Br, Central Bank Building, Fort,  Mumbai, Maharashtra - 400001, India	A13088869
7	10110101	03/11/2006	143,000,000.00	Bank Of Baroda	Cuffe Parade Branch, G. D. Somani School Building, G. D. Somani School Marg, Cuffe Parade, Mumbai, Maharashtra - 400005, India	A09042284
8	10008546	16/03/2012 *	5,196,400,000.00	Central Bank of India & 3 Others	Corporate Finance Branch, 1st Floor, Mmo Building, M. G. Road, Mumbai, Maharashtra - 400023, India	B42069112
9	80007073	04/04/2012 *	5,196,400,000.00	Central Bank of India & 3 Others	Corporate Finance Branch, 1st Floor, Mmo Building, M. G. Road, Mumbai, Maharashtra - 400023, India	B42068221
10	10006349	29/05/2006	674,400,000.00	Union Bank Of India Limited	Maharashtra, India	A01341924

* Date of charge modification

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 :	NYA
Analysis Done by :	KRN
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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--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		44

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.