MIRA INFORM REPORT

Report Date :

30.09.2014

IDENTIFICATION DETAILS

Name :	RASHTRIYA METAL INDUSTRIES LIMITED
Registered Office :	Sir M. V. Road, J. B. Nagar, Andheri (East) Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.11.1946
Com. Reg. No.:	11-005378
Capital Investment / Paid-up Capital :	Rs. 65.130 Millions
CIN No.: [Company Identification No.]	U99999MH1946PLC005378
TAN No.: [Tax Deduction & Collection Account No.]	MUMR14494E
PAN No.: [Permanent Account No.]	AAACR3982P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Non-ferrous Semis and Copper Alloys.
No. of Employees :	Information decline by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 2000000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct The company can be considered normal for business dealings at usual 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facility = BBB-
Rating Explanation	Moderate degree of safety. It carry moderate credit risk
Date	17.09.2013

Rating Agency Name	CARE
Rating	Short term bank facility = A 3
Rating Explanation	Moderate degree of safety. It carry higher credit risk
Date	17.09.2013

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

Management Non Cooperative (Tel No. 91-66923311)

LOCATIONS

Registered Office/Factory :	Sir M V Road, J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-56923311 / 28323311 / 66923311 / 734-2584548 / 33733000
Fax No.:	91-22-28366366
E-Mail :	cvs@rashtriyametal.com kda@rashtyiyametal.com sales@rashtriyametal.com mail@rashtriyametal.com chhogmal@gmail.com nilesh@rashtriyametal.com
Website :	http://www.rashtriyametal.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Premratan Damani

Designation :

Director

Address :

23, Moti Mahal, Churchgate Reclamation, Mumbai – 400 020, Maharashtra, India

Date of Birth/Age :

15.05.1936

Date of Appointment :

29.02.1982

DIN No.:

00030400

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	L17111PN1907PLC000258	THE JAMSHRI RANJITSINGHJI SPINNING AND WEAVING MILLS COMPANY LIMITED	Managing director	24/05/2010	21/07/1966	-	Active	NO
2	U70100MH1971PTC015031	LOTUS PROPERTIES PRIVATE LIMITED	Director	02/03/1971	02/03/1971	-	Active	NO
3	U99999MH1946PLC005378	RASHTRIYA METAL INDUSTRIES LIMITED	Director	28/02/1982	28/02/1982	-	Active	NO
4	L22100WB1941PLC119187	BINANI METALS LIMITED	Director	13/02/1984	13/02/1984	24/10/2011	Active	NO
5	U55101MH1988PTC048549	NANDINI APPARTMENTS PRIVATE LIMITED	Director	18/08/1988	18/08/1988	-	Active	NO
6	U67120MH1983PLC029627	SAMBHAW HOLDINGS LIMITED	Director	02/07/2007	02/01/2007	24/10/2011	Active	NO
7	U73100MH1970NPL014686	M.VISVESVARAYA INDUSTRIAL RESEARCH AND DEVELOPMENT CENTRE	Director	27/08/2008	27/08/2008	-	Active	NO
8	L27109PY1982PLC000199	EASTCOAST STEEL LIMITED	Director	29/09/2010	28/01/2010	-	Active	NO
9	U40106MH2010PTC202013	SIMPLEX RENEWABLE RESOURCES PRIVATE LIMITED	Director	12/08/2011	08/12/2010	-	Active	NO
10	U67120MH1997PTC109273	K JAYANTILAL SECURITIES PRIVATE LIMITED	Director	18/11/2011	18/11/2011	16/03/2012	Active	NO

Name :

Mr. Rameshwardas Binani

Designation :

Director

Address :

33 B, Rowland Road, Kolkata – 700 020, West Bengal, India

Date of Birth/Age :

04.11.1938

Date of Appointment :

25.09.1984

DIN No.:

00347822

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	U99999MH1946PLC005378	RASHTRIYA METAL INDUSTRIES LIMITED	Director	25/09/1984	25/09/1984	-	Active	NO
2	U70109WB1988PTC045189	PRAGDAS MATHURADAS PRIVATE LIMITED	Director	28/10/1988	28/10/1988	-	Active	NO
3	U65921WB1988PTC045315	F B TRADING PRIVATE LIMITED	Director	20/03/1989	20/03/1989	-	Active	NO

Name :

Mr. Shrikishan Fomra

Designation :

Director

Address :

Yadav Bhavan, 20 ft Sikar Ajmer Bipass Road, P. O. Hirapur, Jaipur – 306 001, Rajasthan, India

Date of Birth/Age :

06.02.1940

Date of Appointment :

25.09.1984

DIN No.:

00829166

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	U99999MH1946PLC005378	RASHTRIYA METAL INDUSTRIES LIMITED	Director	25/09/1984	25/09/1984	-	Active	NO
2	U65921WB1988PTC045315	F B TRADING PRIVATE LIMITED	Director	20/03/1989	20/03/1989	-	Active	NO
3	U51109WB1992PTC057184	SHRUTI RESOURCES PRIVATE LIMITED	Director	15/12/1992	15/12/1992	-	Active	NO
4	U24231RJ2005PTC021206	GULMARG CHEMICALS PRIVATE LIMITED	Director	02/07/2011	02/07/2011	29/09/2012	Active	NO

Name :

Mr. Chandrakant Bhula

Designation :

Director

Address :

72/74, Annapurna Sadan, V P Road, 2^nd Floor, Mumbai – 400 004, Maharashtra, India

Date of Birth/Age :

01.11.1941

Date of Appointment :

25.09.1984

DIN No.:

00206381

Name :

Mr. Balkirshna Binani

Designation :

Managing Director

Address :

28/30, Anantwadi, Mumbai – 400 020, Maharashtra, India

Date of Birth/Age :

02.01.1951

Qualification :

Post Graduate

Date of Appointment :

01.07.2006

DIN No.:

00175080

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	U51900MH1944PTC004177	BINANI COMMERCIAL CO PRIVATE LIMITED	Director	20/03/1969	20/03/1969	-	Active	NO
2	U99999MH1946PLC005378	RASHTRIYA METAL INDUSTRIES LIMITED	Managing director	01/07/2011	01/07/1971	-	Active	NO
3	U27100MH1942PTC003729	PRAGDAS MATHURADAS (BOMBAY) PRIVATE LIMITED	Director	07/12/1984	07/12/1984	-	Active	NO
4	U70101MH1989PTC050773	PONTIAC PROPERTIES PRIVATE LIMITED	Director	01/03/1989	01/03/1989	-	Active	NO
5	U70101MH1989PTC050777	SANTANA PROPERTIES PRIVATE LIMITED	Director	01/03/1989	01/03/1989	-	Active	NO
6	L99999MH1950PLC020987	THE NAV BHARAT REFRIGERATION AND INDUSTRIES LIMITED	Director	03/10/1989	03/10/1989	22/08/2011	Active	NO
7	U45200MH1997PTC105861	DEVPRIYA DEVELOPERS PRIVATE LIMITED	Director	14/02/1997	14/02/1997	-	Active	NO
8	L65990MH1985PLC035268	TARRIF CINE AND FINANCE LIMITED	Director	07/10/2004	07/10/2004	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

SHARE HOLDING DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	66.88
Directors or relatives of Directors	31.43
Other top fifty shareholders	1.69
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Non-ferrous Semis and Copper Alloys.

Products :

Product Description	ITC Code
Non – Ferrous Semis Copper and Copper Alloys	7409

PRODUCTION STATUS

Particulars	Unit	Installed Capacity	Actual Production
Non-Ferrous Semis	MT	11872.00	7083.26

Note:

1. Installed capacity is as certified by the Management and not verified by the Auditors, being a technical matter.
2. Production, Turnover and Stock quantity have been rounded off to the nearest MT.
3. Turnover does not include conversion charges received.

GENERAL INFORMATION

No. of Employees :

Information decline by the management

Bankers :

· Bank Of India And Bank Of Baroda And Punjab National Bank, Chakala Branch, Opposite Sangam Cinema, Sir M. V. Raod, Andheri (East), Mumbai – 400093, Maharashtra, India · State Bank Of India, Commercial Circle, Ngn Vaidya Marg, Bank Street, Horniman Circle, Pb No. 10141, Mumbai – 400001, Maharashtra, India · Yes Bank Limited, 9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli,, Mumbai - 400018, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Chhogmal and Company Chartered Accountants
Address :	206, Apollo Chambers, Mogra Road, Andheri (East), Mumbai – 400 069, Maharashtra, India
PAN No.:	AACFC2079H
Associates :	Pragdas Mathuradas (Bom) Private Limited CIN No.: U99999MH1944PTC004190 Binani Commercial Company Private Limited CIN No.: U51900MH1944PTC004177 Vasundhara Developers Private Limited CIN No.: U70100MH1987PTC042305

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5350000	Equity Shares	Rs. 10/- each	Rs. 53.500 Millions
200000	Preference Shares	Rs. 100/- each	Rs. 20.000 Millions
	Total		Rs. 73.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4513012	Equity Shares	Rs. 10/- each	Rs. 45.130 Millions
200000	Preference Shares	Rs. 100/- each	Rs. 20.000 Millions
	Total		Rs. 65.130 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	65.130	45.130	45.130
(b) Reserves & Surplus	452.489	402.258	457.214
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	20.000	20.000
Total Shareholders’ Funds (1) + (2)	517.619	467.388	522.344
(3) Non-Current Liabilities
(a) long-term borrowings	254.603	391.971	387.559
(b) Deferred tax liabilities (Net)	42.020	23.157	28.262
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	8.743	6.854	6.900
Total Non-current Liabilities (3)	305.366	421.982	422.721
(4) Current Liabilities
(a) Short term borrowings	517.048	483.643	437.634
(b) Trade payables	304.437	362.589	231.736
(c) Other current liabilities	217.654	163.957	162.616
(d) Short-term provisions	19.243	0.784	64.599
Total Current Liabilities (4)	1058.382	1010.973	896.585
TOTAL	1881.367	1900.343	1841.650
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	621.910	625.497	607.901
(ii) Intangible Assets	0.349	0.133	0.170
(iii) Capital work-in-progress	283.030	223.038	105.012
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	18.782	11.823	12.274
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	20.589	14.573	8.978
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	944.660	875.064	734.335
(2) Current assets
(a) Current investments	0.000	15.000	63.809
(b) Inventories	411.745	450.700	428.549
(c) Trade receivables	298.520	311.474	315.086
(d) Cash and cash equivalents	84.270	85.475	108.055
(e) Short-term loans and advances	72.510	110.332	144.317
(f) Other current assets	69.662	52.298	47.499
Total Current Assets	936.707	1025.279	1107.315
TOTAL	1881.367	1900.343	1841.650

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1801.363	1856.467	3003.807
		Other Income	214.844	61.799	63.895
		TOTAL (A)	2016.207	1918.266	3067.702
Less	EXPENSES
		Cost of material consumed	1275.079	1457.950	2546.233
		Purchases of stock-in-trade	0.000	56.247	20.793
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	45.150	(52.075)	(136.831)
		Employee benefit expenses	99.915	89.348	78.965
		Other expenses	320.645	277.945	243.968
		TOTAL (B)	1740.789	1829.415	2753.128
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		275.418	88.851	314.574
Less	FINANCIAL EXPENSES (D)		145.377	111.912	100.165
	PROFIT / LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		130.041	(23.061)	214.409
Less/ Add	DEPRECIATION/ AMORTISATION (F)		42.447	43.741	36.896
	PROFIT / LOSS BEFORE TAX (E-F) (G)		87.594	(66.802)	177.513
Less	TAX (H)		37.363	(11.569)	65.928
	PROFIT / LOSS AFTER TAX (G-H) (I)		50.231	(55.233)	111.585
	Earnings / Loss Per Share (Rs.)		7.71	11.13	(12.24)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.49	(2.88)	3.64
Net Profit Margin (PBT/Sales)	(%)	4.86	(3.60)	5.91
Return on Total Assets (PBT/Total Assets}	(%)	5.55	(4.01)	10.29
Return on Investment (ROI) (PBT/Networth)		0.17	(0.14)	0.34
Debt Equity Ratio (Total Debt /Networth)		1.49	1.87	1.58
Current Ratio (Current Asset/Current Liability)		0.89	1.01	1.24

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	45.130	45.130	65.130
Reserves & Surplus	457.214	402.258	452.489
Share Application money pending allotment	20.000	20.000	0.000
Net worth	522.344	467.388	517.619
long-term borrowings	387.559	391.971	254.603
Short term borrowings	437.634	483.643	517.048
Total borrowings	825.193	875.614	771.651
Debt/Equity ratio	1.580	1.873	1.491

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	3003.807	1856.467	1801.363
		(38.196)	(2.968)

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	3003.807	1856.467	1801.363
Profit	111.585	(55.233)	50.231
	3.71%	(2.98%)	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	No
10]	Designation of contact person	No
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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10514122	29/05/2014	200,000,000.00	FULLERTON INDIA CREDIT COMPANY LIMITED	MEGH TOWERS, THIRD FLOOR, OLD NO-307, NEW NO-165  , POONAMALLEE HIGH ROAD, MADURAVOYAL, CHENNAI, TAMILNADU - 600095, INDIA	C15781255
2	10496687	15/03/2014	50,000,000.00	BANK OF INDIA	ANDHERI MID CORPORATE BRANCH, 28, MDI BLDG., 1ST  FLOOR, S.V. ROAD, ANDHERI (WEST), MUMBAI, MAHARASHTRA - 400058, INDIA	C05174073
3	10459040	23/09/2013	113,083,000.00	BANK OF INDIA	ANDHERI MID CORPORATE BRANCH, 28, MDI BLDG., 1ST  FLOOR, S.V. ROAD, ANDHERI (WEST), MUMBAI, MAHARASHTRA - 400058, INDIA	B89092399
4	10223799	21/05/2010	25,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD,WORLI, MUMBAI, MAHARASHTRA -  400018, INDIA	A87166427
5	10200191	22/06/2011 *	1,029,900,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH MUMBAI, N.G.N.VAIDYA MARG,MUMBAI, MAHARASHTRA - 400023, INDIA	B16484602
6	10159661	18/02/2014 *	1,085,900,000.00	STATE BANK OF INDIA	STATE BANK OF INDIA, FORT, MUMBAI, MAHARASHTRA -  400001, INDIA	C02393031
7	80033603	22/06/2011 *	557,200,000.00	BANK OF INDIA - LEAD BANK	ANDHERI MID CORPORATE BRANCH, BOI BUILDING, 1ST  FLOOR, 28, S V ROAD, ANDHERI (WEST),MUMBAI, MAHARASHTRA - 400058, INDIA	B18270389
8	80033602	03/02/2012 *	557,200,000.00	BANK OF INDIA - LEAD BANK	ANDHERI MID CORPORATE BR. MDI BUILDING ,1ST FLO  OR , 28 S V ROAD , ANDHERI (WEST), MUMBAI, MAHARASHTRA - 400058, INDIA	B33911173

* Date of charge modification

FIXED ASSETS:

• Land
• Building
• Plant and Equipments
• Motor Vehicles
• Furniture and Fixtures

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. 61.42
UK Pound	1	Rs.99.72
Euro	1	Rs.77.93

INFORMATION DETAILS

Information Gathered by :	HEN
Analysis Done by :	DIV
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.