MIRA INFORM REPORT

Report Date :

08.09.2014

IDENTIFICATION DETAILS

Name :	IOT ANWESHA ENGINEERING AND CONSTRUCTION LIMITED (w.e.f. 24.04.2008)
Formerly Known As :	ANWESHA COMTECH ENGINEERING LIMITED (w.e.f. 06.10.2007) ANWESHA COMTECH ENGINEERING PRIVATE LIMITED
Registered Office :	"IOT Anwesha House" Senate Square, A-Tower, Vuda Road, Gotri, Vadodara – 390021, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.05.1998
Com. Reg. No.:	04-034128
Capital Investment / Paid-up Capital :	Rs.3.003 Millions
CIN No.: [Company Identification No.]	U29199GJ1998PLC034128
PAN No.: [Permanent Account No.]	AABCA9599A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company is primarily engaged in the business of erection of Oil, comfier and fire Water Storage tanks, RO Plant, ETP Plants, Piping and Pipe rack foundation and related civil and Structural work for Refineries in India and overseas.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Not Available
Comments :	Subject is an established company having satisfactory track record. There is a dip in profit of the company in the year 2013. However overall financial position of the company is decent. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for business dealing 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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH
Rating	Long Term Issuer Rating = A-
Rating Explanation	Adequate degree of safety and low credit risk
Date	30.04.2013

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 DENIED BY

Name :	Mr. Bhavesh
Designation :	Assistant General Manager in Finance
Contact No.:	91-256-3936200
Date :	02.09.2014

LOCATIONS

Registered Office :	"IOT Anwesha House" Senate Square, A-Tower, Vuda Road, Gotri, Vadodara – 390021, Gujarat, India
Tel. No.:	91-256-3936200
Mobile No.:
Fax No.:	91-265-2371375
E-Mail :	asim.chandra@iotgroup.in iotaec.info@iotgroup.in
Website :	http://www.iotaec.com
Manufacturing Unit :	No. 716, Road No. 'C', Plot No. 301 and 305, Road No. 12, GIDC, Manjusar, Savli, Vadodara – 391775, Gujarat, India
Storage and Maintenance Unit:	Plot No. 315, Road No. 12, GIDC, Manjusar, Savli, Vadodara – 391775, Gujarat, India

DIRECTORS

As on 27.09.2013

Name :

Mr. Asim Chandra

Designation :

Whole Time Director

Address :

D-19, Kartikey Nagar, Division - IV, lskon Temple Road Off Side, Gotri, Vadodara – 390015, Gujarat, India

Date of Birth/Age :

14.01.1958

Qualification :

B. Com

Date of Appointment :

01.04.2012

PAN No.:

AAVPC7411L

DIN No.:

00210266

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	U29199GJ1998PLC034128	IOT ANWESHA ENGINEERING AND CONSTRUCTION LIMITED	Whole-time director	01/04/2012	20/05/1998	-	Active	NO
2	U27100GJ2005PTC046110	COMTECH METALS PRIVATE LIMITED	Director	20/05/2005	20/05/2005	-	Active	NO
3	U85310GJ2005NPL046651	MANAV SEVA FOUNDATION	Director	24/08/2005	24/08/2005	-	Active	NO
4	U26933GJ2006PTC048524	AMBALIKA CERAMSOL PRIVATE LIMITED	Director	21/06/2006	21/06/2006	-	Active	NO
5	U45208GJ2011PTC064890	COMTECH SYNTHESIS PRIVATE LIMITED	Director	11/04/2011	11/04/2011	29/10/2012	Active	NO
6	U45200GJ2011PTC065678	COMTECH CONSTRUCTION COMPANY PRIVATE LIMITED	Director	01/06/2011	01/06/2011	-	Active	NO
7	L28999WB1937PLC009099	STEWARTS AND LLOYDS OF INDIA LIMITED	Director	26/07/2013	03/09/2012	-	Active	NO
8	U74200MH2007PLC170617	IOT ENGINEERING PROJECTS LIMITED	Director	14/09/2012	14/09/2012	10/03/2014	Active	NO
9	U80300GJ2014NPL080387	ANWESHA COMPOSITE EDUCATION FOUNDATION	Director	06/08/2014	06/08/2014	-	Active	NO

Name :

Mr. Jatin Jamnadas Mavani

Designation :

Director

Address :

B-602, Cottage Land, Sector – 19 A, Nerul, Navi Mumbai – 400706, Maharashtra, India

Date of Birth/Age :

14.12.1957

Date of Appointment :

30.09.2008

DIN No.:

00189932

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	L28999WB1937PLC009099	STEWARTS AND LLOYDS OF INDIA LIMITED	Director	28/07/2004	28/07/2004	-	Active	NO
2	U74200MH2007PLC170617	IOT ENGINEERING PROJECTS LIMITED	Director	22/09/2008	14/06/2007	10/03/2014	Active	NO
3	U74200MH2007PLC173770	IOT DESIGN AND ENGINEERING LIMITED	Director	21/08/2008	03/09/2007	-	Active	NO
4	U40107TN2007PLC065671	IOT MABAGAS LIMITED	Director	10/12/2007	10/12/2007	-	Active	NO
5	U29199GJ1998PLC034128	IOT ANWESHA ENGINEERING AND CONSTRUCTION LIMITED	Director	30/09/2008	12/01/2008	-	Active	NO
6	U45208OR2009PLC011389	IOT UTKAL ENERGY SERVICES LIMITED	Nominee director	25/09/2013	08/12/2009	14/11/2013	Active	NO
7	U45204MH2010PTC200970	IOT INFRASTRUCTURES PRIVATE LIMITED	Director	14/09/2011	27/03/2010	-	Active	NO
8	U74990MH2011PTC219074	MABANAFT CARBON INDIA PRIVATE LIMITED	Director	24/06/2011	24/06/2011	18/10/2011	Active	NO
9	U40104DL2010PTC209644	KAZAKHSTANCASPISHELF INDIA PRIVATE LIMITED	Nominee director	17/10/2013	17/10/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 27.09.2013

Names of Shareholders	No. of Shares
IOT Infrastructure and Energy Services Limited, India	244240
Asim Joydev Chandra	27278
Sukla Chandra	28279
Annesha Chandra	500
Jayanta Bhuyan	1
Jatin Mavani	1
Hirnanshu Mohapatra	1
Total	300300

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2013

Category	Percentage
Bodies corporate	81.00
Directors or relatives of Directors	19.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is primarily engaged in the business of erection of Oil, comfier and fire Water Storage tanks, RO Plant, ETP Plants, Piping and Pipe rack foundation and related civil and Structural work for Refineries in India and overseas.

GENERAL INFORMATION

Customers :

· Indian Oil Corporation Limited

· Hindustan Petroleum Corporation Limited

· Thermax

· Bharat Petroleum Corporation Limited

· Tata Projects Limited

· Larsen and Toubro Limited

· Adani Port Limited

· IOT Infrastructure and Energy Service Limited

· Nicco Corporation Limited

· Hindalco Industries Limited

· Vatech Wabag Limited

· Toya Engineering

· ROLTA Engineering Limited

No. of Employees :

Information denied by management / (Approximately)

Bankers :

State Bank of India, Alkapuri Branch, R. C. Dutt Road, Alkapuri, Vadodara - 390007, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	29.683	55.842
Short Term Borrowings
Working capital loans from banks	576.060	247.318
Total	605.743	303.160

Banking Relations :	--
Auditors :
Name :	Oeloitte Haskins and Sells Chartered Accountants
Address :	31. Nutan Bharat Society, Alkapuri. Baroda- 390007, Gujarat, India
PAN No.:	AADFD2337G
Holding Company :	· IOT Infrastructure and Energy Services Limited CIN No.: U23200MH1996PLC102222
Subsidiary Company :	· lOT Anwesha Engineering and Construction LLC
Fellow Subsidiary Company :	· Stewarts And Lloyds of India Limited (5and L) · lOT Engineering and Construction Services Pte Limited (IOTEeS Singapore) · lOT Engineering Project Limited (IOTEP) · lOT Infrastructure Private Limited · lOT Engineering And Construction Services Lie (I0TECS Oman) · lOT Design and Engineering Limited (IOTDE) · faT Canada Limited · Newsco Directional and Horizontal Drilling Services(Asia) Inc · PT lOT Energy Services Indonesia Limited · lOT UTKAL Energy Services Limited · lOT Engineering and Construction LLC Oman
	·
Associate:	· Comtech Metals Private limited Indian Oil Corporation limited (fOCl) · Oil tanking Gmbh (OT) · Zuari Indian Oil tanking Limited (ZIOTl) · Indian Oil Skytanking Limited (IOSl) · lOT Mabagas Limited (Formerly known as lOT Cuddalore Construction and Terminals Limited) · Comtech Middle East wll, Bahrain

CAPITAL STRUCTURE

As on 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300300	Equity Shares	Rs.10/- each	Rs.3.003 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	3.003	3.003	3.003
(b) Reserves & Surplus	717.908	620.934	356.509
(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)	720.911	623.937	359.512
(3) Non-Current Liabilities
(a) long-term borrowings	29.683	55.842	73.311
(b) Deferred tax liabilities (Net)	0.000	0.000	1.828
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	10.010	1.034	1.132
Total Non-current Liabilities (3)	39.693	56.876	76.271
(4) Current Liabilities
(a) Short term borrowings	760.044	247.318	80.488
(b) Trade payables	553.539	491.232	348.595
(c) Other current liabilities	73.109	92.197	302.490
(d) Short-term provisions	391.641	363.835	187.156
Total Current Liabilities (4)	1,778.333	1,194.582	918.729
TOTAL	2,538.937	1,875.395	1,354.512
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	469.742	495.807	433.638
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	80.879	50.028	12.894
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	13.125	13.125	13.125
(c) Deferred tax assets (net)	19.536	20.849	0.000
(d) Long-term Loan and Advances	20.241	13.121	13.589
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	603.523	592.930	473.246
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	56.088	38.984	38.772
(c) Trade receivables	351.409	364.875	542.289
(d) Cash and cash equivalents	37.381	22.017	64.731
(e) Short-term loans and advances	453.370	349.525	235.474
(f) Other current assets	1,037.166	507.064	0.000
Total Current Assets	1,935.414	1,282.465	881.266
TOTAL	2,538.937	1,875.395	1,354.512

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2,208.636	2627.003	1467.845
		Other Income	6.616	70.027	37.612
		TOTAL (A)	2,215.252	2,697.030	1,505.457
Less	EXPENSES
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(17.473)	(7.723)	(11.001)
		Employee Benefits Expenses	216.168	168.895	102.292
			19.182	18.606	12.507
		Other Expenses	1,695.797	2030.145	1126.498
		TOTAL (B)	1,913.674	2,209.923	1,230.296
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		301.578	487.107	275.161
Less	FINANCIAL EXPENSES (D)		82.186	31.12	40.356
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		219.392	455.987	234.805
Less	DEPRECIATION/ AMORTISATION (F)		74.606	80.856	40.282
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		144.786	375.131	194.523
Less	TAX (H)		47.812	110.706	70.494
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		96.974	264.425	124.029
	EARNINGS IN FOREIGN CURRENCY		0.000	33.461	0.000
	Earnings Per Share (Rs.)		323.00	881.00	413.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.38	9.80	8.24
Net Profit Margin (PBT/Sales)	(%)	6.56	14.28	13.25
Return on Total Assets (PBT/Total Assets}	(%)	5.97	20.94	14.64
Return on Investment (ROI) (PBT/Networth)		0.20	0.60	0.54
Debt Equity Ratio (Total Debt /Networth)		1.10	0.49	0.43
Current Ratio (Current Asset/Current Liability)		1.09	1.07	0.96

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	3.003	3.003	3.003
Reserves & Surplus	356.509	620.934	717.908
Net worth	359.512	623.937	720.911
long-term borrowings	73.311	55.842	29.683
Short term borrowings	80.488	247.318	760.044
Total borrowings	153.799	303.160	789.727
Debt/Equity ratio	0.428	0.486	1.095

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	1,467.845	2,627.003	2,208.636
		78.970	(15.926)

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	1,467.845	2,627.003	2,208.636
Profit	124.029	264.425	96.974
	8.45%	10.07%	4.39%

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	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	----------
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Working capital loans from banks	183.984	0.000
Total	183.984	0.000

GENERAL INFORMATION

The Company was incorporated on 20th May, 1998 under the Companies Act, 1956 as Anwesha Comtech Engineering Private limited with Corporate Identity Number (CIN) U29199GJ1998PLC034128 and the Company was converted to a Public limited Company on 26^th October 2007 as Anwesha Comtech Engineering limited. Subject (Formerly Indian Oil Tanking limited) acquired 81% of the Equity capital in the Company effective from January 8, 2008 and the Company has become a subsidiary of lOT Infrastructure and Energy Services limited. Subsequent to the acquisition of the company by lOT Infrastructure and Energy Services limited the name of the company was changed from Anwesha Comtech Engineering limited to lOT Anwesha Engineering and Construction limited effective from April 24, 2008.The Company is primarily engaged in the business of erection of Oil, comfier and fire Water Storage tanks, RO Plant, ETP Plants, Piping and Pipe rack foundation and related civil and Structural work for Refineries in India and overseas.

OPERATIONS:

During the year, Company has earned the revenue of Rs.2215.252 Millions and profit after tax of Rs.96.974 Millions as against the revenue of Rs.2697.030 Millions and profit after tax of Rs.264.425 Millions compared to previous year.

The Company has been continuing to put thrust on minimizing the operating costs thereby to generate more surpluses in coming years.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10034090	09/01/2007	400,000.00	State Bank of India	Alkapuri Banch, R C Dutt Road, Alkapuri, Baroda, Gujarat - 390007, India	A09691072
2	10024005	20/10/2006	490,000.00	State Bank of India	Alkapuri Branch, Alkapuri, Baroda, Gujarat - 390005, India	A06057822
3	90106907	01/04/2004	297,000.00	ICICI Bank Limited	Landmark Building, Race Course Circle, Baroda, Gujarat, India	-
4	90106855	24/01/2004	300,000.00	ICICI Bank Limited	Landmark Building, Race Course Circle, Baroda, Gujarat, India	-
5	90106787	26/08/2003	569,000.00	ICICI Bank Limited	Landmark Building, Race Course Circle, Baroda, Gujarat, India	-
6	90104161	31/12/2012 *	1,578,600,000.00	State Bank of India	Alkapuri Branch, R. C. Dutt Road, Alkapuri, Vadodara, Gujarat - 390007, India	B66664681
7	90106621	02/01/2013 *	1,578,600,000.00	State Bank of India	Alkapuri Branch, Alkapuri, Baroda, Gujarat - 390005, India	B66749177
8	90106620	16/08/2003 *	14,500,000.00	State Bank of India	Alkapuri Branch, Alkapuri, Baroda, Gujarat - 390005, India	-
9	90106571	09/10/2001	273,000.00	State Bank of India	Baroda, Baroda, Gujarat, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.45
UK Pound	1	Rs.99.46
Euro	1	Rs.79.46

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	VNT

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	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		48

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.