MIRA INFORM REPORT

Report Date :

20.10.2014

IDENTIFICATION DETAILS

Name :	VIRAJ IMPEX PRIVATE LIMITED
Registered Office :	Vijraj House, 5^th Floor, 47 PD, Mellore Road, Opposite to Loha Bhavan, Masjid (East), Mumbai – 400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	07.03.1988
Com. Reg. No.:	11-046416
Capital Investment / Paid-up Capital :	Rs.16.842 Millions
CIN No.: [Company Identification No.]	U51900MH1988PTC046416
TAN No.: [Tax Deduction & Collection Account No.]	MUMV10157A
PAN No.: [Permanent Account No.]	AAACV3656L
Legal Form :	Private Limited Liability Company
Line of Business :	Trading in Iron and Steel and Mainly Imports Flat Steel Products.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B(32)

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 and loss incurred from its operational activities during financial year 2013. However, trade relations are fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealing with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund Based Limit (Cash Credit) = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	September 2014

Rating Agency Name	ICRA
Rating	Non Fund Based Limit = A3+
Rating Explanation	Moderate degree of safety and higher credit risk
Date	September 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

Name :	Mr. Dinesh Chanchlani
Designation :	Accounts Executive
Contact No.:	91-22-61295000
Date :	17.10.2014

LOCATIONS

Registered Office :	Vijraj House, 5^th Floor, 47 PD, Mellore Road, Opposite to Loha Bhavan, Masjid (East), Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-23481446 / 61295000
Fax No.:	91-22-23480499 / 61295024
E-Mail :	virajimpex@hathway.com virajimpex@virajimpex.com
Sales Office :	KL-6/11/15, Sector 3E, Kalamboli, Navi Mumbai – 410218, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Ratanlal Kanyalal Didwania

Designation :

Whole Time Director

Address :

Flat No.20, 10^th Floor, New Usha Kiran, 15 Carmichael Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

02.08.1935

Date of Appointment :

01.10.2012

PAN No.:

ACQPD3760L

DIN No.:

00220820

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	U51900MH1978PTC020237	DIDWANIA IMPORT AND EXPORT COMPANY PRIVATE LIMITED	Whole-time director	22/03/1978	22/03/1978	-	Strike off	NO
2	U27109AS1984PLC002202	ASSAM GALVANIZING INDUSTRIES LIMITED	Whole-time director	02/08/1984	02/08/1984	-	Strike off	NO
3	U70101MH1986PTC041043	NIRBHAY HOLDINGS PRIVATE LIMITED	Whole-time director	07/11/1988	07/11/1988	-	Active	NO
4	L99999MH1985PLC082517	KAVI COMMERCIAL COMPANY LIMITED	Whole-time director	01/10/2012	12/11/1990	-	Active	NO
5	U51900MH1988PTC046416	VIRAJ IMPEX PRIVATE LIMITED	Whole-time director	01/10/2012	06/12/1990	-	Active	NO
6	U29299GJ1992PLC018611	GUJARAT PIPAVAV MARINE ENGINEERS LIMITED	Whole-time director	23/11/1992	23/11/1992	-	Active	NO
7	U31300GJ1980PLC054048	LUMEN MAGNETIC WIRES LIMITED	Managing director	03/04/1998	03/04/1998	-	Active	NO
8	U35110MH1997PLC111092	VINAYAGA MARINE PETRO LIMITED	Whole-time director	01/10/2012	19/01/2004	-	Active	NO
9	U70100MH1999PTC121018	VIRAJ PROPERTIES PRIVATE LIMITED	Whole-time director	03/07/2007	03/07/2007	-	Active	NO

Name :

Mr. Kailash Ratanlal Didwania

Designation :

Managing Director

Address :

30, Altamount Road, Chapsey Terrace, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

01.05.1959

Date of Appointment :

01.10.2013

PAN No.:

ACQPD3758A

DIN No.:

00226080

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	U51900MH1978PTC020237	DIDWANIA IMPORT AND EXPORT COMPANY PRIVATE LIMITED	Whole-time director	22/03/1978	22/03/1978	-	Strike off	NO
2	U51900MH1988PTC046416	VIRAJ IMPEX PRIVATE LIMITED	Managing director	01/10/2013	07/03/1988	-	Active	NO
3	U70101MH1986PTC041043	NIRBHAY HOLDINGS PRIVATE LIMITED	Whole-time director	07/11/1988	07/11/1988	-	Active	NO
4	U31300GJ1980PLC054048	LUMEN MAGNETIC WIRES LIMITED	Whole-time director	21/03/1998	21/03/1998	-	Active	NO
5	U70100MH1999PTC121019	ATMIKA PROPERTIES PRIVATE LIMITED	Whole-time director	27/07/1999	27/07/1999	-	Active	NO
6	U29299GJ1992PLC018611	GUJARAT PIPAVAV MARINE ENGINEERS LIMITED	Director	05/08/2009	05/08/2009	-	Active	NO
7	U35110MH1997PLC111092	VINAYAGA MARINE PETRO LIMITED	Whole-time director	01/10/2013	14/03/2013	-	Active	NO

Name :

Mr. Prakash Ratanlal Didwania

Designation :

Whole Time Director

Address :

Flat No.20, 10^th Floor, New Usha Kiran, 15 Carmichael Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

15.06.1960

Date of Appointment :

01.10.2012

PAN No.:

AFQPD0874A

DIN No.:

00225978

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	U51900MH1988PTC046416	VIRAJ IMPEX PRIVATE LIMITED	Whole-time director	01/10/2012	07/03/1988	-	Active	NO
2	U70101MH1986PTC041043	NIRBHAY HOLDINGS PRIVATE LIMITED	Whole-time director	07/11/1988	07/11/1988	-	Active	NO
3	L99999MH1985PLC082517	KAVI COMMERCIAL COMPANY LIMITED	Managing director	01/10/2012	15/10/1990	-	Active	NO
4	U70100MH1999PTC121036	RIYA SHRIYA PROPERTIES PRIVATE LIMITED	Whole-time director	28/07/1999	28/07/1999	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dinesh Chanchlani
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Kailash Didwania	20
Prakash Didwania	20
Suman Didwania	2500
Krishna R. Poddar	2500
Krishna Bal Poddar	2500
Ratnidevi S. Timbrewala	100
Lalitadevi S. Timbrewala	150
Sushil S. Timbrewala	200
Rekha Bhuwalka	1000
Sunil Kumar Shah	500
Sitaram Bhuwalka	1000
Manjudevi Poddar	1400
Satyanarayan Sharad Poddar	250
R S Bhuwalka	1000
Manjudevi Didwania	7000
Parmeshwari R. Didwania	8250
O P Poddar	600
R K Vaish	600
Prasad Jagdish Gupta	700
Ram Niwas Bagaria	500
Sauchagyavati Bagaria	500
Ushadevi Agarwal	500
Ramesh Kumar Lath	500
Atmika Didwania	8000
Aayush Didwania	8000
Sunita Didwania	84530
Nirbhay Holdings Private Limited	17600
Vimal Didwania	18000
Total	168420

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	10.45
Directors or relatives of Directors	81.68
Other top fifty shareholders	7.87
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading in Iron and Steel and Mainly Imports Flat Steel Products.
Imports :
Products :	Raw Material
Countries :	China Japan Russia
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

No. of Employees :	20 (Approximately)
Bankers :	Central Bank of India, Corporate Finance Branch, 1^st floor, MMO Building, Fort, Mumbai – 400009, Maharashtra, India Bank of Baroda, Nariman Point Branch, Foreshore Building, Gen Bhosale Marg, Nariman Point, Mumbai – 400021, Maharashtra, India UCO Bank , Flagship Corporate Branch, Nariman Point, 1^st Floor, Mafatlal Centre, Mumbai – 400021, Maharashtra, India Indian Bank, Delhi Lakshmi Vilas Bank Limited, Fort Jammu and Kashmir Bank Limited, Fort Branch
Facilities :	--

Banking Relations :	---
Auditors :
Name :	Bhatt and Mathur Chartered Accountant
Address :	402, Star Manor, Anand Road Extension, Near Ruia Hall, Malad (West), Mumbai – 400064, Maharashtra, India
PAN No.:	AAAFB5870F
Subsidiary Company :	· Viraj Overseas Corporation Private Limited, Singapore
Associates :	· Vinayaga Marine Petro Limited, India CIN No: U35110MH1997PLC111092 · Kavi Commercial Company Limited, India CIN No: L99999MH1985PLC082517 · Riya Shriya Properties Private Limited, India CIN No: U70100MH1999PTC121036

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
350000	Equity Shares	Rs.100/- each	Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
168420	Equity Shares	Rs.100/- each	Rs.16.842 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	16.842	16.842	16.842
(b) Reserves & Surplus	397.094	451.868	444.554
(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)	413.936	468.710	461.396
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	3.509	3.796
(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)	0.000	3.509	3.796
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1,323.556	1,816.182	1,219.760
(c) Other current liabilities	41.389	42.662	52.491
(d) Short-term provisions	0.000	0.000	2.230
Total Current Liabilities (4)	1,364.945	1,858.844	1,274.481
TOTAL	1,778.881	2,331.063	1,739.673
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	38.323	41.107	45.476
(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	64.102	64.102	64.102
(c) Deferred tax assets (net)	29.009	0.000	0.000
(d) Long-term Loan and Advances	22.163	17.345	1.284
(e) Other Non-current assets	2.293	2.293	2.293
Total Non-Current Assets	155.890	124.847	113.155
(2) Current assets
(a) Current investments	15.068	11.832	11.697
(b) Inventories	476.643	174.944	272.103
(c) Trade receivables	805.258	722.973	638.907
(d) Cash and cash equivalents	242.348	1,194.686	405.673
(e) Short-term loans and advances	17.181	48.590	198.369
(f) Other current assets	66.493	53.191	99.769
Total Current Assets	1,622.991	2,206.216	1,626.518
TOTAL	1,778.881	2,331.063	1,739.673

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	3000.000 (Approximate)	4187.222 (Gross Income)	3742.503 (Gross Income)
		Other Income		NA	NA
		TOTAL		NA	NA
Less	EXPENSES			NA	NA
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			16.549	145.251
Less	FINANCIAL EXPENSES		NA	5.582	5.555
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			10.967	139.696
Less	DEPRECIATION/ AMORTISATION			3.462	3.343
	PROFIT/(LOSS) BEFORE TAX			7.505	136.353
Less	TAX			0.191	50.408
	PROFIT/(LOSS) AFTER TAX		(54.775)	7.314	85.945
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		451.868	444.554	358.609
	BALANCE CARRIED TO THE B/S		397.093	451.868	444.554
	Earnings Per Share (Rs.)		(325.23)	43.427	510.30

Particulars	31.03.2014
Sales Turnover (Approximately)	4500.000

The above information has been parted by Mr. Dinesh Chanchlani.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	NA	0.33	8.14
Return on Investment (ROI) (PBT/Networth)		NA	0.02	0.30
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.19	1.19	1.28

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	16.842	16.842	16.842
Reserves & Surplus	444.554	451.868	397.094
Net worth	461.396	468.710	413.936
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

CORPORATE INFORMATION:

Subject is engaged in business of trading in Iron and Steel and mainly imports flat steel products from various countries for resale in India.

BUSINESS REVIEW

The Company deals in the flat steel product viz. prime/stock lot flat products like Hot Rolled, Cold Rolled Coils/Sheets/Plates, Non Alloy Steel Rod, M.S. Billets etc.

Company’s sales were down by 26.84% during the F.Y. 2012-13 as compared to previous F.Y. 2011-12 and the margin of the Company was also hit mainly due to depreciation of the local currency and volatility in steel prices in the F.Y.2012-13. During the F.Y.2012-13, rupee has depreciated against US$ due to Europes financial crisis, which led to higher costs for imports.

Persistent slowdown in demand from key end-user industries kept the consumption growth muted during F.Y. 2012-13.

Steel industry mainly derives its demand from other sectors like infrastructure, aviation, engineering, construction, automobile, pipes and tubes etc. Thus its intense integration with other important segments makes it a strategic focus area for the Government as well.

India Ratings and Research (Ind-Ra) anticipates that growth in Indian steel sector will gain momentum in 2014 on the back of growth in other economic segments. The World Steel Association (WSA) projects that local steel demand in India would increase by 5.9 per cent and 7 per cent in 2013 and 2014 respectively.

INDEX OF CHARGES

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10118032	11/06/2011 *	1,250,000,000.00	CENTRAL BANK OF INDIA	Corproate Finance Branch,1st Floor, M. M. O. Building, M.G Road, Fort, Mumbai, Maharashtra - 400023, India	B15828619
2	10063497	04/08/2007	11,500,000.00	BANK OF BARODA	International Business Branch, Foreshore Bldg, Gen Bhosale Marg, Nariman Point, Mumbai, Maharashtra - 400021, India	A19868389
3	90214133	03/09/2004	30,000,000.00	BANK OF BARODA	International Business Branch, Foreshore Bldg, Gen Bhosale Marg, Nariman Point, Mumbai, Maharashtra - 400021, India	-
4	90213707	11/07/2008 *	150,000,000.00	BANK OF BARODA	Nariman Point Branch, Foreshore Bldg, Gen Bhosale Marg, Nariman Point, Mumbai, Maharashtra - 400021, India	A42813121
5	90213685	12/07/2010 *	2,500,000,000.00	UCO BANK	Flagship Corporate Branch, 1st Floor, Mafatlal Centre, Nariman Point, Mumbai, Maharashtra - 400021, India	A90714080
6	90212972	04/01/1997	25,000,000.00	INDIAN BANK	Conaught Place, New Delhi, Delhi - 110001, India	-
7	90212876	14/06/1996	10,000,000.00	THE LAKSMI VILLAGE BANK LIMITED	64; V G Gandhi Marg, Fort Mumbai, Mumbai, Maharashtra - 400001, India	-
8	90212778	27/11/1995	5,000,000.00	INDIAN BANK	45/90; Conaught Place, New Delhi, Delhi - 110001, India	-
9	90212727	12/09/1995	20,000,000.00	INDIAN BANK	45/90; Conaught Place, New Delhi, Delhi - 110001, India	-
10	90212573	24/11/1994	10,000,000.00	ALLAHABAD BANK	Industrial Finance Branch 17/90; Chennai Hotedl, Conaught Place, New Delhi, Delhi - 110001, India	-

* 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.61.61
UK Pound	1	Rs.99.11
Euro	1	Rs.77.89

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	KLS

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	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.