MIRA INFORM REPORT

Report No. :	315566
Report Date :	02.04.2015

IDENTIFICATION DETAILS

Name :	SHREE VAISHNAV CASTING PRIVATE LIMITED
Registered Office :	104, Shiv Ashish Complex, Plot No.10, 19th Road, Near Malhar Hotel, Chembur (East), Mumbai – 400071, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.05.2007
Com. Reg. No.:	11-170497
Capital Investment / Paid-up Capital :	Rs.23.489 Million
CIN No.: [Company Identification No.]	U27310MH2007PTC170497
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAKCS7987D
Legal Form :	Private Limited Liability Company
Line of Business :	The subject is engaged into manufacturing of MS billets in various sizes from MS Scrap. Currently it has also started its trading activity in MS Angles, MS Channels and on the floor of the Commodity Exchange.
No. of Employees :	520 (Approximately)

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

Maximum Credit Limit :	USD 2120000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Rating = BBB+
Rating Explanation	Have moderate degree of safety and carry moderate credit risk
Date	13.10.2014

Rating Agency Name	CARE
Rating	Short Term Rating = A2
Rating Explanation	Have strong degree of safety and carry low credit risk
Date	13.10.2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Mohan Vijayprakash Agrawal
Designation :	Director
Contact No.:	91-9822064820
Date :	01.04.2015

LOCATIONS

Registered Office :	104, Shiv Ashish Complex, Plot No.10, 19th Road, Near Malhar Hotel, Chembur (East), Mumbai – 400071, Maharashtra, India
Tel. No.:	91-22-67304400
Mobile No.:	91-9822064820 (Mr. Mohan Vijayprakash Agrawal)
Fax No.:	91-22-67304411
E-Mail :	mca@arkscs.com
Location :	Leased
Factory :	B-3, MIDC Palkhed, Taluka Dindori, Nashik - 422202, Maharashtra , India
Tel. No.:	91-2557-228500 / 01
Fax No.:	91-2557-228510
Admin Office :	B-10, NICE area, MIDC, Satpur, Nashik - 422207, Maharashtra , India
Tel. No.:	91-253-6810415 / 2355622
Fax No.:	91-253-6810415 / 2355622

DIRECTORS

As on 27.09.2014

Name :

Mr. Dinesh Shersingh Agarwal

Designation :

Director

Address :

Vaishnav Sadan Bunglow No.2, Vikas Classique CHS, Behind Basant Cinema, Chembur, Mumbai - 400074, Maharashtra, India

Date of Appointment :

01.05.2007

DIN No.:

00636328

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	U27300MH1994PTC077564	SHREE VAISHNAV ISPAT PRIVATE LIMITED	Director	06/04/1994	06/04/1994	-	Active	NO
2	U27100MH2004PTC145976	SHREE VAISHNAV INDUSTRIES PRIVATE LIMITED	Director	29/04/2004	29/04/2004	-	Active	NO
3	U74900MH2007PTC170481	SHREE VAISHNAV UDYOG PRIVATE LIMITED	Director	01/05/2007	01/05/2007	-	Active	NO
4	U27310MH2007PTC170497	SHREE VAISHNAV CASTING PRIVATE LIMITED	Director	01/05/2007	01/05/2007	-	Active	NO
5	U51109MH2005PTC228504	SHREE VAISHNAV METAL AND POWER PRIVATE LIMITED	Director	14/03/2008	14/03/2008	-	Active	NO
6	U51109WB2005PTC105587	SUNBEAM SUPPLIERS PRIVATE LIMITED	Director	31/05/2008	31/05/2008	-	Active	NO

Name :

Mr. Shersingh Omprakash Agarwal

Designation :

Director

Address :

Vaishnav Sadan Bunglow No.2, Vikas Classique CHS, Behind Basant Cinema, Chembur, Mumbai - 400074, Maharashtra, India

Date of Appointment :

01.05.2007

DIN No.:

00636417

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	U27100MH1996PTC100963	SHREE VAISHNAV ALLOYS PRIVATE LIMITED	Director	12/01/2004	12/01/2004	-	Active	NO
2	U27100MH2004PTC145976	SHREE VAISHNAV INDUSTRIES PRIVATE LIMITED	Director	29/04/2004	29/04/2004	-	Active	NO
3	U74900MH2007PTC170481	SHREE VAISHNAV UDYOG PRIVATE LIMITED	Director	01/05/2007	01/05/2007	-	Active	NO
4	U27310MH2007PTC170497	SHREE VAISHNAV CASTING PRIVATE LIMITED	Director	01/05/2007	01/05/2007	-	Active	NO
5	U51109MH2005PTC228504	SHREE VAISHNAV METAL AND POWER PRIVATE LIMITED	Director	14/03/2008	14/03/2008	-	Active	NO
6	U51109WB2005PTC105587	SUNBEAM SUPPLIERS PRIVATE LIMITED	Director	31/05/2008	31/05/2008	-	Active	NO
7	U27101MH2009PTC192733	SHREE VAISHNAV WIRE & ROD PRIVATE LIMITED	Director	27/05/2009	27/05/2009	-	Active	NO
8	U27300MH1994PTC077564	SHREE VAISHNAV ISPAT PRIVATE LIMITED	Director	15/11/2010	15/11/2010	-	Active	NO
9	U70102MH2013PTC245210	SHREE HARI OM LIFESPACES PRIVATE LIMITED	Director	04/07/2013	04/07/2013	-	Active	NO
10	U70102MH2007PTC176552	JUST DEVELOPERS PRIVATE LIMITED	Director	02/01/2014	02/01/2014	-	Active	NO

Name :

Mr. Mohan Vijayprakash Agrawal

Designation :

Director

Address :

Ramchandra Kutir, 9 Yeshomandir Society, Takli Road, Near Ravindra High School Dwarka, Nashik - 422011, Maharashtra, India

Date of Appointment :

03.03.2008

DIN No.:

00850400

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	U29230MH2001PTC133277	NARSINHA ENGINEERING PRIVATE LIMITED	Director	05/09/2001	05/09/2001	-	Active	NO
2	U45200MH2007PTC172915	JAI VIJAY LANDMARKS PRIVATE LIMITED	Director	07/08/2007	07/08/2007	-	Active	NO
3	U27310MH2007PTC170497	SHREE VAISHNAV CASTING PRIVATE LIMITED	Director	03/03/2008	03/03/2008	-	Active	NO

Name :

Mr. Bhagwandas Ramkisan Agrawal

Designation :

Director

Address :

Ramchandra Kutir, 9 Yeshomandir Society, Takli Road, Near Ravindra High School Dwarka, Nashik - 422011, Maharashtra, India

Date of Appointment :

03.03.2008

DIN No.:

00850551

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	U29230MH2001PTC133277	NARSINHA ENGINEERING PRIVATE LIMITED	Director	05/09/2001	05/09/2001	-	Active	NO
2	U45200MH2007PTC172915	JAI VIJAY LANDMARKS PRIVATE LIMITED	Director	05/02/2008	05/02/2008	-	Active	NO
3	U27310MH2007PTC170497	SHREE VAISHNAV CASTING PRIVATE LIMITED	Director	03/03/2008	03/03/2008	-	Active	NO

Name :

Mr. Madhusudhan Bhagwandas Agrawal

Designation :

Director

Address :

Ramchandra Kutir, 9 Yeshomandir Society, Takli Road, Near Ravindra High School Dwarka, Nashik - 422011, Maharashtra, India

Date of Appointment :

03.03.2008

DIN No.:

00850649

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	U29230MH2001PTC133277	NARSINHA ENGINEERING PRIVATE LIMITED	Director	05/09/2001	05/09/2001	-	Active	NO
2	U45200MH2007PTC172915	JAI VIJAY LANDMARKS PRIVATE LIMITED	Director	07/08/2007	07/08/2007	-	Active	NO
3	U27310MH2007PTC170497	SHREE VAISHNAV CASTING PRIVATE LIMITED	Director	03/03/2008	03/03/2008	-	Active	NO

Name :

Mr. Harish Vijayprakash Agrawal

Designation :

Director

Address :

Ramchandra Kutir, 9 Yeshomandir Society, Takli Road, Near Ravindra High School Dwarka, Nashik - 422011, Maharashtra, India

Date of Appointment :

28.10.2009

DIN No.:

01660944

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	U45200MH2007PTC172915	JAI VIJAY LANDMARKS PRIVATE LIMITED	Director	05/09/2007	05/09/2007	-	Active	NO
2	U51109WB2006PTC107779	PRABHATARA VYAPAAR PRIVATE LIMITED	Director	24/12/2008	24/12/2008	-	Active	NO
3	U51109WB2006PTC107085	SUMANGAL BARTER PRIVATE LIMITED	Director	25/05/2009	25/05/2009	-	Active	NO
4	U29230MH2001PTC133277	NARSINHA ENGINEERING PRIVATE LIMITED	Director	01/06/2009	01/06/2009	-	Active	NO
5	U27310MH2007PTC170497	SHREE VAISHNAV CASTING PRIVATE LIMITED	Director	28/10/2009	28/10/2009	-	Active	NO
6	AAB-7218	SHREE SHYAM HOUSING LLP	Designated Partner	21/08/2013	21/08/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 27.09.2014

Names of Shareholders	No. of Shares
Agrawal Bhagwandas Ramkisan	25000
Agrawal Jyoti Mohan	5000
Agrawal Madhusudan Bhagwandas	25000
Agrawal Meena Vijayprakash	15000
Agrawal Mohan Vijayprakash	25000
Agrawal Pooja Madhusudan	10000
Agrawal Rakhi Harish	5000
Agrawal Sushila Bhagwandas	15000
Prabhatara Vyappar Private Limited	183200
Sumangal Barter Private Limited	482500
Agarwal Dinesh HUF	5000
Agarwal Dinesh Shersingh	16000
Agarwal Shersingh Omprakash	44750
Shree Vaishnav Industries Private Limited	82500
Shree Vaishnav Ispat Private Limited	149580
Shree Vaishnav Metal and Power Private Limited	62550
Sunbeam Suppliers Private Limited	439325
Trinity Commondeal Private Limited	293000
Shree Samruddhi Steel and Alloys Private Limited	336250
Peggy Tumbe	50000
Total	2269655

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2014

Category	Percentage
Bodies corporate	89.39
Directors or relatives of Directors	8.41
Other top fifty shareholders	2.20
Total	100.00

BUSINESS DETAILS

Line of Business :	The subject is engaged into manufacturing of MS billets in various sizes from MS Scrap. Currently it has also started its trading activity in MS Angles, MS Channels and on the floor of the Commodity Exchange.
Products :	Square Billet Nickel Bars Peeled Bar Roll Bar
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :
Products :	Raw Materials
Countries :	Dubai
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

520 (Approximately)

Bankers :

• State Bank of India, Commercial Branch, N.G.N. Vaidya Marg, Horniman Circle, Fort, Mumbai - 400001, Maharashtra, India
• State Bank of India, Commercial Branch, Swastik Chambers, Sion-Trombay Road, Chembur, Mumbai - 400071, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Rupee term loans from banks	410.634	370.868
SHORT TERM BORROWINGS
Loans repayable on demand from banks	431.318	337.940
Total	841.952	708.808

Auditors :
Name :	M.B Agrawal and Company Chartered Accountants
Address :	204, Mahtre Pen Building, Senapati Bapat Marg, Dadar (WEST), Mumbai – 400028, Maharashtra, India
PAN No.:	AABFM5230D
Memberships :	--
Collaborators :	--
Associates (Companies under same management) :	R.V. Steel (Partnership Concern) Dinesh Steel (Proprietor Mr. Shersingh Agarwal) Shree Vaishnav Alloys Private Limited Shree Vaishnav Ispat Private Limited CIN No.: U27300MH1994PTC077564 Shree Vaishnav Udyog Private Limited Shree Vaishnav Industries Private Limited Shree Vaishnav Finance (Partnership Concern) Shree Vaishnav Metal and Power Private Limited Narsinha Engg. Private Limited Sunbeam Suppliers Private Limited Shree Vaishnav Wire and Rod Private Limited Agrawal Business Corporation Shree Shyam Steels

CAPITAL STRUCTURE

As on 27.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2269655	Equity Shares	Rs.10/- each	Rs.22.697 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	21.009	17.904	15.904
(b) Reserves & Surplus	653.056	481.798	364.686
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	67.500	82.200	14.500
Total Shareholders’ Funds (1) + (2)	741.565	581.902	395.090
(3) Non-Current Liabilities
(a) long-term borrowings	510.634	472.762	221.531
(b) Deferred tax liabilities (Net)	64.016	33.283	28.218
(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)	574.650	506.045	249.749
(4) Current Liabilities
(a) Short term borrowings	431.318	337.940	279.484
(b) Trade payables	433.420	323.546	285.091
(c) Other current liabilities	90.016	31.774	35.732
(d) Short-term provisions	16.957	8.651	2.267
Total Current Liabilities (4)	971.711	701.911	602.574
TOTAL	2,287.926	1,789.858	1,247.413
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	796.838	348.145	336.719
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	208.500	469.619	30.719
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.053	0.050	0.050
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.141	0.134	0.086
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1,006.532	817.948	367.574
(2) Current assets
(a) Current investments	10.011	10.011	10.010
(b) Inventories	594.285	554.320	486.510
(c) Trade receivables	469.529	274.956	314.851
(d) Cash and cash equivalents	73.439	45.946	32.264
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	134.130	86.677	36.204
Total Current Assets	1,281.394	971.910	879.839
TOTAL	2,287.926	1,789.858	1,247.413

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	INCOME		NA	NA	NA
	EXPENSES		NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX		94.228	59.101	59.198
Less	TAX		32.428	19.989	20.236
	PROFIT/(LOSS) AFTER TAX		61.800	39.112	38.962
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	36.361	0.000	0.000
	TOTAL EARNINGS		36.361	0.000	0.000
	Earnings / (Loss) Per Share (Rs.)		27.23	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	4.53	4.48	4.87
Return on Investment (ROI) (PBT/Networth)		0.13	0.10	0.15
Debt Equity Ratio (Total Debt /Networth)		1.27	1.39	1.27
Current Ratio (Current Asset/Current Liability)		1.32	1.38	1.46

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	15.904	17.904	21.009
Reserves & Surplus	364.686	481.798	653.056
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	14.500	82.200	67.500
Net worth	395.090	581.902	741.565
Long Term borrowings	221.531	472.762	510.634
Short Term borrowings	279.484	337.940	431.318
Total borrowings	501.015	810.702	941.952
Debt/Equity ratio	1.268	1.393	1.270

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	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	No
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	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Loans and advances from related parties	100.000	101.894
Total	100.000	101.894

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10495366	03/03/2014	136,500,000.00	Andhra Bank	Nanavati Mahalaya,, 18, Homi Modi Street, Fort, Mumbai, Maharashtra - 400023, India	C04688008
2	10495908	03/03/2014	250,000,000.00	State Bank Of Tranvacore	Commercial Br.,N M Wadia Building,, 125, M. G. Road, Fort, Mumbai, Maharashtra - 400023, India	C04608253
3	10475971	23/12/2013	1,039,000,000.00	State Bank Of India	Commercial Branch, N.G.N. Vaidya Marg,, Horniman Circle, Fort,, Mumbai, Maharashtra - 400001, India	B95637872
4	10402491	20/12/2012	305,000,000.00	State Bank Of Travancore	N M Wadia Building, 125,M G Road, Mumbai, Maharashtra - 400021, India	B67909002
5	10163979	29/10/2012 *	864,800,000.00	State Bank Of India	Comercial Branch (Advances), N.G.N. Vaidya Marg, Bank Street, Horniman Circle, Post Box No.10141, Mumbai, Maharashtra - 400001, India	B61658704

*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.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	RAS
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	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	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.