MIRA INFORM REPORT

Report Date :

22.09.2014

IDENTIFICATION DETAILS

Name :	PRITHVI FERRO ALLOYS PRIVATE LIMITED
Registered Office :	CF-366, Salt Lake City, Sector – I, Kolkata – 700064, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.01.2008
Com. Reg. No.:	21-121962
Capital Investment / Paid-up Capital :	Rs.56.700 Millions
CIN No.: [Company Identification No.]	U27100WB2008PTC121962
PAN No.: [Permanent Account No.]	AADCR8843E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Ferro alloy, steel and power plants.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Even though the company was incorporated on 22^nd January 2008, it has recently commenced its business operations. It is having moderate track record. As claimed by Mr. Vinit Kandoi, Deputy General Manager in Finance that company has started its commercial operation form April 2014. However, trade relations are improving. Business is active. Payment terms are slow. The company can be considering for business dealing with great 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 slowly 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	CRISIL
Rating	Ong Term Rating = B-
Rating Explanation	Risk prone credit quality and very high credit risk
Date	15.09.2014

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 DENIED BY

Name :	Mr. Vinit Kandoi
Designation :	Deputy General Manager in Finance
Contact No.:	91-33-23216530
Date :	19.09.2014

LOCATIONS

Registered Office / Corporate Office :	CF-366, Salt Lake City, Sector – I, Kolkata – 700064, West Bengal, India
Tel. No.:	91-33-23216530
Fax No.:	91-33-23216444
E-Mail :	ajitsaria.naman@gmail.com easterntea@rediffmail.com info@prithvigroup.net
Gurgaon Office :	92, GF, Akashneem Marg, DLF Phase – III, Gurgaon – 122002, Haryana India
Tel. No.:	91-124-4055819
Fax No.:	91-124-4055819
Nagpur Office :	Lussin Tower, Plot No.3, 3rd Floor, Kannamwar Nagar, Opposite Sonegaon Police Station, Wardha Ro, Nagpur– 440025 Maharashtra, India
Tel. No.:	91-712-2288981
Fax No.:	91-712-2288980
Guwahati Office :	Dehang Arcade, G.S. Road, Guwahati – 781001, Assam, India
Overseas Office :	Baker street, London, United Kingdom

DIRECTORS

As on 30.09.2013

Name :

Mr. Bijay Kumar Garodia

Designation :

Director

Address :

CF-366, Salt Lake City, Sector – I, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

26.08.1957

Date of Appointment :

24.09.2008

DIN No.:

00044379

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	U20101AR1982PTC001975	BORDURIA TIMBER PRODUCTS PRIVATE LIMITED	Director	19/05/1993	19/05/1993	06/02/2008	Active	NO
2	U26942ML2003PLC007125	MEGHALAYA CEMENTS LIMITED	Director	12/06/2003	12/06/2003	-	Active	NO
3	L01403AS1999PLC005741	BARAK VALLEY CEMENTS LIMITED	Whole-time director	01/06/2014	31/05/2004	-	Active	NO
4	U10300WB1999PLC088668	TRANS ASIA DRILLING INTERNATIONAL LIMITED	Director	02/05/2005	02/05/2005	31/12/2007	Active	NO
5	U40105WB2005PLC104912	PRITHVI ENERGY LIMITED	Director	30/09/2013	24/08/2005	-	Active	NO
6	U15209AS2005PTC007819	PRITHVI DAIRY PRIVATE LIMITED	Director	31/12/2005	31/12/2005	14/06/2010	Active	NO
7	U55101AS1988PTC002946	R G GARODIA PROPERTIES PRIVATE LIMITED	Director	06/01/2006	06/01/2006	24/01/2008	Active	NO
8	U13100AS1994PTC004127	Pritthvi Global Ventures Private Limited	Director	18/01/2006	18/01/2006	24/01/2008	Active	NO
9	U70109WB2006PLC111457	DHARIWAL INFRASTRUCTURE LIMITED	Director	03/10/2006	03/10/2006	24/11/2009	Active	NO
10	U40104WB2006PLC112070	OASYS POWER LIMITED	Director	01/03/2007	12/12/2006	15/11/2009	Active	NO
11	U51909AS2007PTC008327	PRITHVI NIRMAAN PRIVATE LIMITED	Director	24/02/2007	24/02/2007	29/01/2010	Active	NO
12	U40101WB2007PLC114357	NIRLON POWERCEM LIMITED	Additional director	12/12/2013	21/03/2007	-	Active	NO
13	U26942ML2007PLC008269	MEGHABOND CEMENTS LIMITED	Director	18/07/2007	18/07/2007	15/11/2009	Active	NO
14	U10103WB2007PTC117640	CANIS MINES AND MINERALS PRIVATE LIMITED	Director	06/08/2007	06/08/2007	15/11/2009	Active	NO
15	U27100WB2008PTC121962	PRITHVI FERRO ALLOYS PRIVATE LIMITED	Director	24/09/2008	22/05/2008	-	Active	NO
16	U14200ML2008PTC008340	ADITYA MINING & STEEL PRIVATE LIMITED	Director	16/10/2008	16/10/2008	04/01/2013	Active	NO
17	U40104WB2008PTC130577	DHARIWAL POWER & ALLOYS PRIVATE LIMITED	Director	15/11/2008	15/11/2008	-	Active	NO
18	U20211AS1985PLC002383	GLOBE POWER & STEEL LIMITED	Director	30/09/2009	01/08/2009	26/07/2010	Active	NO
19	U26940AS2009PLC009197	VALLEY STRONG CEMENTS (ASSAM) LIMITED	Director	21/08/2009	21/08/2009	29/01/2010	Active	NO
20	U01407WB2009PTC133772	PHYTO BIOTECH PRIVATE LIMITED	Director	30/09/2010	01/12/2009	21/01/2013	Active	NO
21	U27205AP2009PLC066507	TOP METALS LIMITED	Director	31/12/2009	31/12/2009	-	Active	NO
22	U16009AS1999PTC005896	NEWZONE INDIA PRIVATE LIMITED	Director	27/09/2010	26/07/2010	24/12/2012	Active	NO
23	U01132AS1962PLC001188	GOOMBIRA TEA CO LTD	Director	11/08/2014	05/01/2011	-	Active	NO
24	L70101WB1980PLC032922	KHARIKATIA TEA & INDUSTRIES LIMITED	Director	30/09/2011	16/02/2011	07/03/2013	Active	NO
25	U27310AP2012PTC084395	SRI VAIBHAV LAXMI METALS PRIVATE LIMITED	Director	26/11/2012	26/11/2012	-	Active	NO
26	U16009AS1999PTC005937	VISION INDUSTRIES PRIVATE LIMITED	Director	15/02/2013	15/02/2013	-	Active	NO

Name :

Mr. Naman Ajitsaria

Designation :

Director

Address :

CF-366, Salt Lake City, Sector – I, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

20.10.1983

Date of Appointment :

22.01.2008

DIN No.:

01555240

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	U01132WB1950PLC094361	THE EASTERN TEA ESTATES LIMITED	Whole-time director	01/04/2013	22/06/2007	-	Active	NO
2	U40105WB2005PLC104912	PRITHVI ENERGY LIMITED	Director	21/09/2007	13/08/2007	-	Active	NO
3	U51109WB1995PTC072446	ADARSH INFRAPROJECTS PRIVATE LIMITED	Director	27/09/2008	18/12/2007	-	Active	NO
4	U27100WB2008PTC121962	PRITHVI FERRO ALLOYS PRIVATE LIMITED	Director	22/01/2008	22/01/2008	-	Active	NO
5	U70100WB2008PTC124175	PRITHVI INFRAPROJECTS PRIVATE LIMITED	Director	14/03/2008	14/03/2008	-	Active	NO
6	U26940WB2008PTC124160	VISION CEMENTS PRIVATE LIMITED	Director	14/03/2008	14/03/2008	-	Active	NO
7	U14200ML2008PTC008334	PRITHVI MINING & STEEL PRIVATE LIMITED	Additional director	20/06/2014	24/09/2008	-	Active	NO
8	U74900WB2010PTC149114	DOYEN OVERSEAS PRIVATE LIMITED	Director	24/05/2010	24/05/2010	-	Active	NO
9	U02001WB1997PTC083270	PRITHVI KHANIJ SAMPADA PRIVATE LIMITED	Director	30/09/2010	26/07/2010	-	Active	NO
10	U74930WB2010PTC154921	PRITHVI INDUSTRIES PRIVATE LIMITED	Director	23/11/2010	23/11/2010	29/03/2013	Active	NO
11	U01407WB2009PTC133772	PHYTO BIOTECH PRIVATE LIMITED	Director	24/09/2012	06/07/2012	21/01/2013	Active	NO
12	U40104WB2008PTC130577	DHARIWAL POWER & ALLOYS PRIVATE LIMITED	Director	22/09/2012	06/07/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Preeti Agarwal
Designation :	Secretary
Address :	CF-366, Salt Lake City, Sector – I, Kolkata – 700064, West Bengal, India
Date of Birth/Age :	25.04.1981
Date of Appointment :	01.09.2013
PAN No.:	ADNPA0205D
Name :	Mr. Vinit Kandoi
Designation :	Deputy General Manager in Finance

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Sarawagi Kumar Ramesh	205000
Ajitsaria Lall Shankar	152000
Garodia Kumar Bijay	105000
Ajitsaria Naman	105000
Shankar Lall and Sons (HUF)	150000
Sarawagi Urmila	50000
Sarawagi Nitin	101500
R. K. Agarwalla and Sons (HUF)	150000
Ajitsaria Devi Chanda	150000
Ramgopal Garodia and Sons (HUF)	1500
Garodia Gunjan	100000
B. K. Garodia and Sons (HUF)	150000
Garodia Nishant	150000
Garodia Bina	50000
Swastik Commercial Private Limited, India	250000
Prithvi Finvest Company Private Limited, India	1000000
Woodstock Exports Private Limited, India	1000000
Asharam Leasing and Finance Private Limited, India	250000
Prithvi Energy Limited, India	1500000
Sarawagi Pankaj	50000
Total	5670000

As on 31.03.2014

Names of Shareholders	No. of Shares
Prithvi Global Ventures Private Limited, India	3725000
Total	3725000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	70.55
Directors or relatives of Directors	19.63
Other top fifty shareholders	9.82
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Ferro alloy, steel and power plants.

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

· Punjab National Bank, Large Corporate Branch, 44,Park Street, Kolkata - 700016, West Bengal, India

· Bank Of Baroda, Corporate Financial Services Branch, 4, India Exchange Place, Kolkata - 700001, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Term loans from banks	746.169	543.903
Loans taken for fixed assets	0.588	0.795
Total	746.757	544.698

Banking Relations :	--
Auditors :
Name :	R. Khurana and Company Chartered Accountants
Address :	7, Waterloo Street, Kolkata - 700069. West Bengal, India
PAN No.:	AACFR8112J
Associates :	· Prithvi Energy Limited · Top Metals Limited · Meghalaya Cements Limited · Prithvi Global Investments Pte Limited

CAPITAL STRUCTURE

After 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9395000	Equity Shares	Rs.10/- each	Rs.93.950 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5670000	Equity Shares	Rs.10/- each	Rs.56.700 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	56.700	56.700	41.700
(b) Reserves & Surplus	360.557	360.528	225.507
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	10.000	150.000
Total Shareholders’ Funds (1) + (2)	417.257	427.228	417.207
(3) Non-Current Liabilities
(a) long-term borrowings	866.340	639.909	105.049
(b) Deferred tax liabilities (Net)	0.000	0.000	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)	866.340	639.909	105.049
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	72.935	53.384	8.800
(d) Short-term provisions	0.022	0.013	0.004
Total Current Liabilities (4)	72.957	53.397	8.804
TOTAL	1,356.554	1,120.534	531.060
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	20.093	19.816	18.929
(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	929.560	787.702	323.449
(b) Non-current Investments	2.758	92.100	92.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.013
(e) Other Non-current assets	275.246	143.150	69.205
Total Non-Current Assets	1,227.657	1,042.768	503.696
(2) Current assets	0.000	0.000	0.000
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.783	3.647	1.578
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	128.114	74.119	25.786
Total Current Assets	128.897	77.766	27.364
TOTAL	1,356.554	1,120.534	531.060

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	INCOME	NA	NA	NA
	EXPENSES	NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX	0.042	0.030	0.013
Less	TAX	0.013	0.009	0.004
	PROFIT/(LOSS) AFTER TAX	0.029	0.021	0.009
	Earnings / (Loss) Per Share (Rs.)	0.01	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	0.01	0.01	0.01
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Debt /Networth)		2.08	1.50	0.25
Current Ratio (Current Asset/Current Liability)		1.77	1.46	3.11

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	41.700	56.700	56.700
Reserves & Surplus	225.507	360.528	360.557
Share Application money pending allotment	150.000	10.000	0.000
Net worth	417.207	427.228	417.257
long-term borrowings	105.049	639.909	866.340
Short term borrowings	0.000	0.000	0.000
Total borrowings	105.049	639.909	866.340
Debt/Equity ratio	0.252	1.498	2.076

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	No
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year
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
LONG TERM BORROWINGS
Other loans and advances	119.583	95.211
Total	119.583	95.211

PERFORMANCE AND FUTURE OUTLOOK

Ferro alloys industry is a part of core sector, which supplies crucial intermediaries to the steel industry. Its growth is primarily related to the growth of steel industry domestically as well as globally. Steel Industry is marking a century since stainless steels were first created, patented and produced. During the 100 years, stainless steel has grown to be an integral part of their modern world. Indian Ferro Alloys industry has also grown during the year 2012-13. The company is at its evolution state and the production has not yet begun therefore the profit of the Company for the financial year under review is basically interest earned.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10494247	25/04/2014	304,300,000.00	Punjab National Bank	Large Corporate Branch, 44, Park Street, Kolkata, West Bengal - 700016, India	C04164745
2	10470194	08/01/2014	30,000,000.00	Bank of Baroda	Corporate Financial Services Branch, 4, India Exchange Place, Kolkata, West Bengal - 700001, India	B93510642
3	10315171	25/04/2014 *	873,200,000.00	Punjab National Bank	Large Corporate Branch, 44, Park Street, Kolkata, West Bengal - 700016, India	C04148391

*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.60.81
UK Pound	1	Rs.100.06
Euro	1	Rs.78.47

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	2
--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		26

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.