MIRA INFORM REPORT

Report Date :

22.10.2014

IDENTIFICATION DETAILS

Name :	BELMAKS METAL (INDIA) LIMITED
Registered Office :	A-89 and A-90, first Floor, Freedam Fighter Enclave, Neb Sarai, New Delhi - 110068
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	15.11.1994
Com. Reg. No.:	55-062732
Capital Investment / Paid-up Capital :	Rs. 2.000 Million
CIN No.: [Company Identification No.]	U74899DL1994PLC062732
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in Manufacturing, Production and Jobbing of Automobile Parts and Components.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 470000
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 established track record of business operations supported by decent liquidity position and fair profitability levels 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 conditions.

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.

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. Narendra Bhatia
Designation :	Account Head
Contact No.:	91-9810622710
Date :	20.10.2014

LOCATIONS

Registered Office :	A-89 and A-90, first Floor, Freedam Fighter Enclave, Neb Sarai, New Delhi – 110068, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	khandelwalmallhotra@gmail.com
Website :	www.belmaks.in
Factory :	Plot No 9C, Industrial Area, Sector 2, Pithampur – 454775, Madhya Pradesh, India
Tel. No.:	91-7292-421815

DIRECTORS

As on 30.09.2013

Name :

Ms. Radha Krishan Bhatia

Designation :

Director

Address :

1294, Sector 14, Faridabad, India

Date of Birth/Age :

15.11.1937

Date of Appointment :

15.11.1994

DIN No.:

00309879

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	U74899DL1994PLC062732	BELMAKS METAL ( INDIA ) LIMITED	Director	15/11/1994	15/11/1994	-	Active	NO
2	U34300DL1981PLC121392	BELMAKS AUTOMOTIVES LIMITED	Director	15/10/1997	15/10/1997	-	Active	NO
3	U74900DL2000PLC108336	BELMAKS METAL AND ALLOYS LIMITED	Director	27/10/2000	27/10/2000	-	Active	NO
4	U36101DL2001PLC111605	GEEKEN COMFORT SOLUTION LIMITED	Director	09/07/2001	09/07/2001	-	Active	NO
5	U72900DL2002PTC117631	BELMAKS SOLUTIONS PRIVATE LIMITED	Director	11/11/2002	11/11/2002	-	Active	NO
6	U40101DL2004PLC128373	LAKHANI BELMARK ELECTRIC POWER LTD	Director	01/08/2005	01/08/2005	-	Active	NO
7	U27109DL2004PLC129932	LAKHANI BELMAK STEEL LIMITED	Director	05/10/2005	05/10/2005	-	Active	NO
8	U23209DL2006PTC146355	KESHAV BIO-FUELS PRIVATE LIMITED	Director	15/02/2006	15/02/2006	07/08/2009	Active	NO
9	U74899DL1985PTC022679	UNIMOTIVE AUTO PARTS PRIVATE LTD	Director	22/02/2006	22/02/2006	-	Active	NO
10	U23209DL2006PLC145500	RAKETM WIRELESS TECHNOLOGIES LIMITED	Director	17/03/2006	17/03/2006	-	Active	NO
11	U21109DL2004PLC126913	LAKHANI BELMAKS ISPAT GADWAL LIMITED	Director	30/09/2006	30/09/2006	-	Active	NO
12	U74899DL1992PTC051150	SHIRAN ELECTRICALS PRIVATE LIMITED	Director	17/09/2007	17/09/2007	-	Active	NO
13	U29300DL1973PTC081697	BELMAKS PRIVATE LIMITED	Director	06/09/2008	06/09/2008	-	Active	NO
14	U34300DL2009PTC187330	BELMAKS CHASIS PRIVATE LIMITED	Director	05/02/2009	05/02/2009	-	Active	NO

Name :

Mr. Sanjay Bhatia

Designation :

Director

Address :

1294, Sector – 14, Faridabad, India

Date of Birth/Age :

06.09.1964

Date of Appointment :

15.11.1994

DIN No.:

00309904

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	U29300DL1973PTC081697	BELMAKS PRIVATE LIMITED	Additional director	03/02/2011	01/04/1986	-	Active	NO
2	U74899DL1993PTC051864	HELPFUL CREDIT AND LEASING PRIVATE LIMITED	Director	03/09/1994	03/09/1994	29/08/2011	Active	NO
3	U74899DL1994PLC062732	BELMAKS METAL ( INDIA ) LIMITED	Director	15/11/1994	15/11/1994	-	Active	NO
4	U34300DL1981PLC121392	BELMAKS AUTOMOTIVES LIMITED	Director	15/10/1997	15/10/1997	-	Active	NO
5	U74900DL2000PLC108336	BELMAKS METAL AND ALLOYS LIMITED	Director	27/10/2000	27/10/2000	31/12/2009	Active	NO
6	U36101DL2001PLC111605	GEEKEN COMFORT SOLUTION LIMITED	Director	09/07/2001	09/07/2001	31/08/2009	Active	NO
7	U72900DL2002PTC117631	BELMAKS SOLUTIONS PRIVATE LIMITED	Director	11/11/2002	11/11/2002	31/08/2009	Active	NO
8	U21109DL2004PLC126913	LAKHANI BELMAKS ISPAT GADWAL LIMITED	Director	25/11/2004	25/11/2004	-	Active	NO
9	U40101DL2004PLC128373	LAKHANI BELMARK ELECTRIC POWER LTD	Director	01/08/2005	01/08/2005	-	Active	NO
10	U45201DL2005PTC140843	LAKHANI BELMAKS DEVELOPERS PRIVATE LIMITED	Director	16/09/2005	16/09/2005	-	Strike off	NO
11	U45201DL2005PTC140826	LAKHANI INFRASTRUCTURE PRIVATE LIMITED	Director	16/09/2005	16/09/2005	-	Strike off	NO
12	U27109DL2004PLC129932	LAKHANI BELMAK STEEL LIMITED	Director	05/10/2005	05/10/2005	-	Active	NO
13	U23209DL2006PTC146355	KESHAV BIO-FUELS PRIVATE LIMITED	Director	15/02/2006	15/02/2006	-	Active	NO
14	U74899DL1985PTC022679	UNIMOTIVE AUTO PARTS PRIVATE LTD	Director	16/02/2006	16/02/2006	-	Active	NO
15	U23209DL2006PLC145500	RAKETM WIRELESS TECHNOLOGIES LIMITED	Director	17/03/2006	17/03/2006	-	Active	NO
16	U70101DL2005PTC140571	VARDAAN DEVELOPERS INDIA PRIVATE LIMITED	Director	09/09/2006	09/09/2006	-	Active	YES
17	U27101DL2005PTC140563	LAKHANI STEELS PRIVATE LIMITED	Director	09/09/2006	09/09/2006	-	Strike off	NO
18	U74899DL1992PTC051150	SHIRAN ELECTRICALS PRIVATE LIMITED	Director	17/09/2007	17/09/2007	-	Active	NO
19	U34300DL2009PTC187330	BELMAKS CHASIS PRIVATE LIMITED	Director	05/02/2009	05/02/2009	-	Active	NO
20	U70101DL2011PTC223347	TWYLIGHT INFRASTRUCTURE PRIVATE LIMITED	Additional director	10/08/2011	10/08/2011	-	Active	NO
21	U27209DL2012PTC235301	BELL HUAYI SPINNING PRIVATE LIMITED	Director	04/05/2012	04/05/2012	-	Active	NO

Name :

Mr. Raahil Krishan Bhatia

Designation :

Director

Address :

1294, Sector – 14, Faridabad, India

Date of Birth/Age :

24.09.1988

Date of Appointment :

17.09.2007

DIN No.:

01729516

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	U74899DL1994PLC062732	BELMAKS METAL ( INDIA ) LIMITED	Director	17/09/2007	17/09/2007	-	Active	NO
2	U23209DL2006PTC146355	KESHAV BIO-FUELS PRIVATE LIMITED	Director	12/03/2009	12/03/2009	-	Active	NO
3	U29300DL1973PTC081697	BELMAKS PRIVATE LIMITED	Additional director	01/02/2011	01/02/2011	-	Active	NO

Name :

Mr. Manoh Kumar Row

Designation :

Additional Director

Address :

House 184, Silver Spring, AB By Pass Road, Indore, India

Date of Birth/Age :

01.01.1970

Date of Appointment :

08.10.2012

DIN No.:

05263420

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	U40101DL2008PLC219872	CAPARO POWER LIMITED	Whole-time director	01/04/2012	27/03/2012	20/06/2012	Active	NO
2	U74899DL1994PLC062732	BELMAKS METAL ( INDIA ) LIMITED	Additional director	08/10/2012	08/10/2012	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Radha Krishna Bhatia	10
Sanjay Bhatia	130010
Rajat Bhatia	10
Sudesh Bhatia	10010
Geneet Bhatia	10
Bhavna Bhatia	55010
Baldev Raj	10
Raahil Krishan Bhatia	5000
Total	200070

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 :

Subject is engaged in Manufacturing, Production and Jobbing of Automobile Parts and Components.

GENERAL INFORMATION

No. of Employees :

Not divulged

Bankers :

• Citibank N.A, Jeevan Bharti Building, 4^th floor, 124 connaught circus, Connaught Place, New Delhi – 110001, Delhi, India
• Catholic Syrian Bank Limited, Neelam Bata Road, Nit Faridabad, Faridabad – 121001, Haryana, India
• Axis Bank
• HDFC Bank Limited

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
FNCR Citi Bank Loan	20.000	20.000
HDFC Bank Limited car Loan	0.000	0.015
Axis Bank Loan (Skoda)	0.367	0.0
HDFC Car Loan (Toyota Liva)	0.700	0.0
The Catholic Syrian Bank term loan new	6.197	9.328
Total	27.264	29.343

Banking Relations :	---
Auditors :
Name :	Malhotra Khandelwal and Company Chartered Accountant
Address 1 :	E- 205, Basement, Greater Kailash, Part II, New Delhi – 110048, India
Address 2 :	42, First Floor, Neelam Flyover, NIT Faridabad – 121001, India
Tel. No.:	91-129-2413848/2418846
PAN No.:	AABFM1846P

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200070	Equity Shares	Rs.10/- each	Rs. 2.000 Million

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	2.000	2.000	0.500
(b) Reserves & Surplus	162.526	142.432	109.025
(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)	164.526	144.432	109.525
(3) Non-Current Liabilities
(a) long-term borrowings	27.750	65.568	17.237
(b) Deferred tax liabilities (Net)	5.487	4.032	1.641
(c) Other long term liabilities	0.000	6.248	27.232
(d) long-term provisions	0.785	0.834	0.418
Total Non-current Liabilities (3)	34.022	76.682	46.528
(4) Current Liabilities
(a) Current Liabilities	108.016	81.179	17.441
(b) Trade payables	67.314	50.590	52.903
(c) Other current liabilities	20.137	33.313	40.834
(d) Short-term provisions	8.255	15.300	7.200
Total Current Liabilities (4)	203.722	180.382	118.378
TOTAL	402.270	401.496	274.431
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	221.592	208.914	75.865
(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	13.756	13.756	13.756
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.914	1.212	0.526
(e) Other Non-current assets	0.010	0.011	0.012
Total Non-Current Assets	237.272	223.893	90.159
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	51.031	41.408	22.512
(c) Trade receivables	44.212	29.592	26.800
(d) Cash and cash equivalents	20.960	47.060	43.546
(e) Short-term loans and advances	48.795	59.543	91.414
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	164.998	177.603	184.272
TOTAL	402.270	401.496	274.431

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	721.334	745.647	465.968
		Other Income	6.227	3.524	3.164
		TOTAL	727.561	749.171	469.132
Less	EXPENSES
		Cost of Materials Consumed	542.892	579.803	348.925
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(10.044)	(18.399)	95.150)
		Employees benefits expense	29.168	18.484	12.847
		Other expenses	88.267	96.239	73.958
		TOTAL	650.283	676.127	430.580
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		77.278	73.044	38.552
Less	FINANCIAL EXPENSES		23.705	12.326	6.815
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		53.573	60.718	31.737
Less/ Add	DEPRECIATION/ AMORTISATION		23.923	9.614	8.275
Less	Previous year provision written off		0.152	0.005	0.138
Less	Preliminary Expenses Written Off		0.001	0.001	0.001
	PROFIT BEFORE TAX		29.803	51.098	23.323
Less	TAX		9.710	17.691	7.679
	PROFIT AFTER TAX (G-H)		20.093	33.407	15.644
	Earnings Per Share (Rs.)		100.43	166.98	312.46

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.76	4.46	3.33
Net Profit Margin (PBT/Sales)	(%)	4.13	6.85	5.01
Return on Total Assets (PBT/Total Assets}	(%)	7.67	13.18	8.95
Return on Investment (ROI) (PBT/Networth)		0.18	0.35	0.21
Debt Equity Ratio (Total Debt /Networth)		0.83	1.02	0.32
Current Ratio (Current Asset/Current Liability)		0.81	0.98	1.56

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	0.500	2.000	2.000
Reserves & Surplus	109.025	142.432	162.526
Net worth	109.525	144.432	164.526
long-term borrowings	17.237	65.568	27.750
Short term borrowings	17.441	81.179	108.016
Total borrowings	34.678	146.747	135.766
Debt/Equity ratio	0.317	1.016	0.825

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	465.968	745.647	721.334
		60.021	(3.261)

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	465.968	745.647	721.334
Profit	15.644	33.407	20.093
	3.36%	4.48%	2.79%

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	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	No
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	----------------------
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	No

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Belmaks Private Limited	0.000	34.050
Vardhaan Developers India Private Limited	0.000	2.175
Sh. Sanjay Bhatia	0.485	0.000
Total	0.485	36.225

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10447676	15/07/2013	50,000,000.00	Citibank N.A	Jeevan Bharti Building, 4th Floor, 124 Connaught Circus, Connaught Place, New Delhi, Delhi - 110001, INDIA	B84329333
2	10271497	15/07/2013 *	20,000,000.00	Citibank N.A	Jeevan Bharti Building, 4th Floor, 124 Connaught Circus, Connaught Place, New Delhi, Delhi - 110001, INDIA	B84327907
3	10236570	15/02/2012 *	90,000,000.00	CATHOLIC SYRIAN BANK LIMITED	NEELAM BATA ROAD,, NIT FARIDABAD, FARIDABAD, Haryana - 121001, INDIA	B34068015

* Date of charge modification

FIXED ASSETS

• Air Cooler
• Building
• Computer
• Vehicle
• Dies and Fixture
• Electricity Fittings
• Factory shed
• Fire Extinguisher
• Furniture and fixture
• Gauges and Instrument
• Land
• Office Equipment
• Plant and Machinery
• Tools and Implements

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 records 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] 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.61.29
UK Pound	1	Rs.99.15
Euro	1	Rs.78.58

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	KAR
Report Prepared by :	ART

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	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.