MIRA INFORM REPORT

Report Date :

17.10.2004

IDENTIFICATION DETAILS

Name :	INSCO STEELS LIMITED
Formerly Known As :	BHARDA PROPERTIES LIMITED
Registered Office :	208, 2^nd Floor Ashirwad CHS, Ahmedabad Street Caranc Bunder Mumbai-400009
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.09.1994
Com. Reg. No.:	11-081233
Capital Investment / Paid-up Capital :	Rs.400.000 Millions
CIN No.: [Company Identification No.]	U45200MH1994PLC081233
TAN No.: [Tax Deduction & Collection Account No.]	MUMI09735F
PAN No.: [Permanent Account No.]	AABCI0975N
Legal Form :	A closely held public limited liability company
Line of Business :	The company is engaged in the business of steel trading and other products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (28)

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 :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile marked by below average liquidity position 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 dealing with some caution. Note: site visit was conducted at the address which you have provided. Our executive has successfully traced the subject company. In the company our executive had word with Mr. Deepak Chauhan. He has provided contact number (022-23483737) of the subject company and denied to disclose any other information to us. During the visit our executive has not found name board of the subject company and he observed that company was located in the industrial area and area of subject premises is around 150 SQ.

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	CARE
Rating	Long term bank facilities BB-
Rating Explanation	Inadequate credit quality and high credit risk
Date	April 14, 2014
Rating Agency Name	CARE
Rating	Short term bank facilities A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	April 14, 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 :	208, 2^nd Floor Ashirwad CHS, Ahmedabad Street Caranc Bunder Mumbai-400009, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	Insco.steels@redifmail.com

DIRECTORS

As on 29.08.2013

Name :

Mr. Vinod Kumar Jatia

Designation :

Director

Address :

Damodar Bhawan, 3^rd Floor, Bhulabhai Desai Marg, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

02.04.1957

Date of Appointment :

16.09.2010

DIN No.:

00091115

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	U51900MH1981PLC024687	MAKALU TRADING LIMITED	Managing director	01/07/2014	24/06/1981	-	Active	NO
2	U70101MH1989PTC050776	DELAWARE PROPERTIES PRIVATE LIMITED	Director	21/04/1989	21/04/1989	-	Active	NO
3	U74899DL1981PTC012009	ASIAN HOLDINGS PRIVATE LIMITED	Director	29/08/1992	29/08/1992	15/05/2008	Active	NO
4	U51109WB1993PTC060631	BRIDHI COMMERCIAL PVT LTD	Director	01/11/1993	01/11/1993	-	Active	NO
5	U00776MH1994PLC081224	HELMET TRADERS LIMITED	Director	19/09/1994	19/09/1994	-	Active	NO
6	U65990MH1988PTC048910	YARDLEY INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Director	21/09/1994	21/09/1994	-	Active	NO
7	L67120MH1982PLC026924	SUPREME HOLDINGS & HOSPITALITY (INDIA) LIMITED	Managing director	01/07/2011	27/11/1995	-	Active	NO
8	U51909MH1989PTC050675	SUPERWAYS ENTERPRISES PRIVATE LIMITED	Director	28/10/1998	28/10/1998	-	Active	NO
9	U51900MH2000PTC123802	OGARDHANI EXPORTS PRIVATE LIMITED	Director	04/06/2001	04/06/2001	-	Active	NO
10	U51909MH2002PTC134615	SHRILEKHA TRADING PRIVATE LIMITED	Director	25/02/2002	25/02/2002	-	Active	NO
11	U45200MH1994PTC081267	Indrajit Power Private Limited	Director	15/01/2004	15/01/2004	23/04/2013	Active	NO
12	U55101MH2005PTC151196	GRANDEOUR HOTELS PRIVATE LIMITED	Director	10/02/2005	10/02/2005	-	Active	NO
13	U74300MH1988PTC046932	GOPANI IRON AND POWER (INDIA) PRIVATE LIMITED	Director	10/10/2005	10/10/2005	-	Active	NO
14	U55101KA2005PTC036952	NEW INDIA HOTELS AND RESORTS PRIVATE LIMITED	Director	26/10/2005	26/10/2005	06/04/2009	Active	NO
15	U55100MH2005PTC157086	JATIA HOTELS & RESORTS PRIVATE LIMITED	Managing director	10/06/2009	27/10/2005	-	Amalgamated	NO
16	U51909MH2006PTC163344	ROYALWAYS TRADING & INVESTMENT SERVICES PRIVATE LIMITED	Director	29/09/2007	11/12/2006	-	Amalgamated	NO
17	U65910MH1987PTC042110	PRAWAS LEASING AND FINANCE PRIVATE LIMITED	Additional director	06/05/2009	06/05/2009	30/09/2009	Active	NO
18	U70100MH1982PTC027614	PARISHRAM PROPERTIES PRIVATE LIMITED	Director	10/08/2009	06/05/2009	25/11/2011	Amalgamated	NO
19	U65921KA1996PTC020353	OPPORTUNE TRADING PRIVATE LIMITED	Director	30/09/2010	30/06/2010	20/09/2012	Active	NO
20	U45200MH1994PLC081233	INSCO STEELS LIMITED	Director	22/08/2011	16/09/2010	-	Active	NO
21	U51101MH1994PTC081163	Duli Trade & Commodities Private Limited	Director	05/09/2011	28/09/2010	24/10/2011	Active	NO
22	U99999MH1996PTC103123	Superways Investment & Finance Private Limited	Director	23/09/2013	23/03/2013	-	Active	NO
23	U65990MH1990PTC059029	CHEERFUL COMMERCIAL PRIVATE LIMITED	Director	22/08/2013	22/08/2013	-	Active	NO
24	U74999MH1965PTC013257	CHEM MACH PRIVATE LIMITEDN	Additional director	26/08/2013	26/08/2013	-	Active	NO
25	L74999MH1999PLC013394	PUDUMJEE INDUSTRIES LIMITED	Director	15/09/2014	17/09/2013	-	Active	NO
26	AAC-3989	HAWKEYE AERIAL CONSULTANCY SERVICES LLP	Designated Partner	24/06/2014	24/06/2014	-	Active	NO

Name :

Riyaz Shaikh

Designation :

Director

Address :

603, mitha tower, sector 17, plot no. 41, vashi, navi Mumbai-400703, Maharashtra, india

Date of Birth/Age :

17.09.1973

Date of Appointment :

16.09.2010

DIN No.:

00016646

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	U65910MH1987PTC042110	PRAWAS LEASING AND FINANCE PRIVATE LIMITED	Director	20/11/2001	20/11/2001	30/07/2012	Active	NO
2	U80100MH2002PTC135039	AAREN EDUCARE PRIVATE LIMITED	Director	28/02/2002	28/02/2002	30/07/2012	Active	NO
3	U67120MH1992PLC066402	RAGINI TRADING AND INVESTMENTS LIMITED	Director	04/12/2004	04/12/2004	22/02/2010	Amalgamated	NO
4	U67120MH1993PLC073593	TRUMP INVESTMENTS LIMITED	Director	15/07/2005	15/07/2005	-	Active	NO
5	U74999MH2007PTC167476	INDRAJIT POWER TECHNOLOGY PRIVATE LIMITED	Director	02/02/2007	02/02/2007	-	Active	NO
6	U45200MH1994PTC081267	Indrajit Power Private Limited	Director	04/07/2009	06/05/2009	23/02/2012	Active	NO
7	U45200MH1994PLC081233	INSCO STEELS LIMITED	Director	22/05/2014	16/09/2010	-	Active	NO
8	U51101MH1994PTC081163	Duli Trade & Commodities Private Limited	Director	05/09/2011	28/09/2010	07/05/2012	Active	NO
9	U40100MH2011PTC215074	INDRAJIT PROPERTIES PRIVATE LIMITED	Director	21/03/2011	21/03/2011	-	Active	NO

Name :

Suresh Kumar Garg

Designation :

Director

Address :

Flat No. B, 103, Panchvati Appt., Vijay Baug, Opp. Roshan Petrol Pump, Kalyan Murbad Road, Kalyan (W), 421301, Maharashtra, India

Date of Birth/Age :

26.01.1962

Date of Appointment :

01.02.2012

DIN No.:

00523393

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	U51109WB1994PLC064879	FLAKT DEALCOMM LTD	Director	05/02/2002	05/02/2002	14/04/2008	Active	NO
2	U45200MH1994PLC081365	SIMON DEVELOPERS AND INFRASTRUCTURE LIMITED	Director	07/08/2012	01/02/2012	-	Active	NO
3	U45200MH1994PTC081317	BABHARI PROPERTIES PRIVATE LIMITED	Director	23/08/2012	01/02/2012	-	Active	NO
4	U40100MH2011PTC215074	INDRAJIT PROPERTIES PRIVATE LIMITED	Director	29/09/2012	01/02/2012	-	Active	NO
5	U51101MH1994PTC081163	Duli Trade & Commodities Private Limited	Additional director	01/02/2012	01/02/2012	07/05/2012	Active	NO
6	U45200MH1994PTC081267	Indrajit Power Private Limited	Additional director	01/02/2012	01/02/2012	23/02/2012	Active	NO
7	U45200MH1994PLC081233	INSCO STEELS LIMITED	Director	21/09/2012	01/02/2012	25/02/2014	Active	NO
8	U51430MH2004PTC144353	ICASA TRADING COMPANY PRIVATE LIMITED	Director	23/07/2012	01/03/2012	03/03/2014	Active	NO
9	U67190MH1995PTC086113	MATRI CHAYA INVESTMENTS AND TRADERS PRIVATE LIMITED	Director	29/09/2012	20/07/2012	-	Active	NO
10	U74999MH2013PLC249449	LLOYDS LUXURIES LIMITED	Director	21/10/2013	21/10/2013	03/02/2014	Active	NO
11	AAC-5634	DIGITAL GUARDIANZ LLP	Designated Partner	08/08/2014	08/08/2014	-	Active	NO
12	AAC-7433	TEAMWORK PROPERITIES DEVELOPMENTS LLP	Designated Partner	23/09/2014	23/09/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Prashant Puri	5
Shree Global Tradefin Limited, India	6
Suresh Kumar Garg	1
Riyaz Shaikh	1
J K Sarda	1
Indrajit Properties Private Limited, India	39999980
Prawas Leasing And Fiancé Private Limited, India	6
Total	40000000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of steel trading and other products.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Allahabad Bank, Industrial Fiancé Branch, Allhabad Bank Building, 37, Mumbai Samachar, Fort, Mumbai-400023, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
SHORT TERM BORROWINGS
Loan repayable on demand from Bank	159.772	104.329
Total	159.772	104.329

Banking Relations :	--
Auditors :
Name :	M.V. Krishnamoorthy and Company Chartered Accountant
Address :	15, Srivalli Rifle Rang Ghatkoper (W0, Mumbai- 400086, Maharashtra, India
PAN No.:	AADPM9668F
Holding Company:	Indrajeet Properties Private Limited CIN No. U40100MH2011PTC215074

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity shares	Rs.10/- each	Rs.400.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40000000	Equity shares	Rs.10/- each	Rs.400.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	400.000	400.000	400.000
(b) Reserves & Surplus	63.540	43.597	22.919
(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)	463.540	443.597	422.919
(3) Non-Current Liabilities
(a) long-term borrowings	1056.720	150.828	171.196
(b) Deferred tax liabilities (Net)	0.007	0.003	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)	1056.727	150.831	171.196
(4) Current Liabilities
(a) Short term borrowings	166.466	104.329	93.486
(b) Trade payables	2780.085	3552.175	4831.089
(c) Other current liabilities	532.239	1030.471	460.811
(d) Short-term provisions	0.000	10.400	12.151
Total Current Liabilities (4)	3478.790	4697.375	5397.537
TOTAL	4999.057	5291.803	5991.652
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.032	0.039	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.015
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.758	1.415	2.073
Total Non-Current Assets	0.790	1.454	2.088
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	4130.081	4134.871	5288.030
(d) Cash and cash equivalents	285.161	269.299	163.694
(e) Short-term loans and advances	578.252	883.632	535.728
(f) Other current assets	4.773	2.547	2.112
Total Current Assets	4998.267	5290.349	5989.564
TOTAL	4999.057	5291.803	5991.652

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	13779.072	14764.883	9147.007
		Other Income	71.913	55.118	13.136
		TOTAL (A)	13850.985	14820.001	9160.143
Less	EXPENSES
		Cost of Materials Consumed	13733.850	14713.191	9033.548
		Purchases of Stock-in-Trade	0.000	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.000	0.000
		Employees benefits expense	0.384	0.308	1.057
		Other expenses	4.383	2.407	1.029
		TOTAL (B)	13738.617	14715.906	9035.634
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		112.368	104.095	124.509
Less	FINANCIAL EXPENSES (D)		82.510	73.018	96.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		29.858	31.077	28.509
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.007	0.002	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		29.851	31.075	28.509
Less	TAX (H)		9.908	10.396	9.891
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		19.943	20.679	18.618
	Earnings / (Loss) Per Share (Rs.)		0.50	--	---

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	0.14	0.14	0.20
Net Profit Margin (PBT/Sales)	(%)	0.22	0.21	0.31
Return on Total Assets (PBT/Total Assets}	(%)	0.60	0.59	0.48
Return on Investment (ROI) (PBT/Networth)		0.06	0.07	0.07
Debt Equity Ratio (Total Liability/Networth)		2.64	0.58	0.63
Current Ratio (Current Asset/Current Liability)		1.44	1.13	1.11

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	400.000	400.000	400.000
Reserves & Surplus	22.919	43.597	63.540
Net worth	422.919	443.597	463.540
long-term borrowings	171.196	150.828	1056.720
Short term borrowings	93.486	104.329	166.466
Total borrowings	264.682	255.157	1223.186
Debt/Equity ratio	0.626	0.575	2.639

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 / Total Income	9147.007	14764.883	13779.072
		61.418	-6.677

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 / Total Income	9147.007	14764.883	13779.072
Profit	18.618	20.679	19.943
	0.20%	0.14%	0.14%

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	No
8]	No. of employees	No
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	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	Yes
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 from 1 Pearl Mansion (N) 91 M Karve Road, Maharashtra, Mumbai-400020 to present address w.e.f. 06.09.2011

UNSECURED LOANS

Unsecured Loans	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Intercorporate borrowing	1056.720	79.632
Loan and advance from other	0.000	71.196
SHORT TERM BORROWINGS
Other loans and advances	6.694	0.000
Total	1063.414	150.828

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10259211	30/08/2013 *	2,500,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, ALLAHABAD BANK BUILDING  , 2ND FLOOR, 37, SAMACHAR MARG, FORT,, MUMBAI, Ma  harashtra - 400023, INDIA	C05109251

FIXED ASSETS

• Furniture and fixture
• Plant and machinery
• Office Equipment
• Vehicle
• Computers

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.61.47
UK Pound	1	Rs.98.23
Euro	1	Rs.78.66

INFORMATION DETAILS

Information Gathered by :	SUV
Analysis Done by :	KAR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
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	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		28

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.