MIRA INFORM REPORT

Report No. :	315570
Report Date :	07.04.2015

IDENTIFICATION DETAILS

Name :	BALBIR METALS AND POWER PRIVATE LIMITED
Registered Office :	Office No.423, Nav Vyapar Bhavan, P. Dmello Road, Carnac Bunder, Masjid (East), Mumbai – 400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.01.2007
Com. Reg. No.:	11-166989
Capital Investment / Paid-up Capital :	Rs. 29.800 Million
CIN No.: [Company Identification No.]	U27310MH2007PTC166989
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMB17216D
PAN No.: [Permanent Account No.]	AADCB0452D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of all type of TMT Steel Bar, TMT Steel Bar, etc.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 400000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company possesses on acceptable financial profile marked by moderate networth base along with slight working capital intensive operations. Management has witnessesd a decline in its revenue base, whereas has reported a nearly stable albeit modest net profitability which may further impact the margins during FY14. However, trade relaions are seems to be fair. Business is active. Payment terms are reported as slow but correct. On view of extensive experience of the promoters, the company can be considered for business dealings at usual trade terms and conditions, with slight 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 – 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	CRISIL
Rating	Long term rating: “BB+”
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	13.01.2014

Rating Agency Name	CRISIL
Rating	Short term rating: “A4+”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	13.01.2014

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. Sanjiv
Designation :	Account Head
Contact No.:	01.04.2015
Date :	91-9322481812

LOCATIONS

Registered Office :	Office No.423, Nav Vyapar Bhavan, P. Dmello Road, Carnac Bunder, Masjid (East), Mumbai – 400009, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	bmppl@balbir.co.in
Factory 1 :	Furnace Division, Survey No. 263/3/2/7, Village Sayli, Silvassa – 396230, Dadra and Nagar Haveli, India
Factory 2 :	Rolling Mills Division, Survey No. 263/3/2/8, Village Sayli,Silvassa – 396230, Dadara and Nagar Haveli, India

DIRECTORS

AS ON 30.09.2014

Name :

Prabhat Bhusan

Designation :

Director

Address :

901, Cliff Towers, Mount Mary, Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

24.10.1942

Date of Appointment :

30.09.2014

PAN No.:

00141867

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	U27310UP1987PTC008947	BALBIR STEELS PVT LTD	Director	26/12/2013	25/08/1987	-	Active	NO
2	U27106MH1997PTC191941	BALBIR ROLLING MILLS Private Limited	Whole-time director	01/10/2014	21/03/1997	-	Active	NO
3	U21029GA2003PTC003284	GURUKRUPA STEEL AND ROLLING MILLS PRIVATE LIMITED	Director	15/06/2006	15/06/2006	-	Active	NO
4	U51420MH2004PTC144998	HANU TRADING PRIVATE LIMITED	Director	28/09/2007	19/03/2007	-	Active	NO
5	U65920MH1995PTC095093	HAVELI FINANCE Private Limited	Director	16/07/2007	20/03/2007	19/12/2011	Active	NO
6	U25203MH2007NPL171991	THERMEX REBAR MANUFACTURERS' ASSOCIATION	Director	18/09/2010	18/09/2010	-	Active	NO
7	U55101DN2010PTC000348	BHUSHAN HOTEL RESORT PRIVATE LIMITED	Director	29/12/2010	29/12/2010	-	Active	NO
8	U45400MH2011PTC216862	P. BHUSHAN RESIDENCY PRIVATE LIMITED	Director	29/04/2011	29/04/2011	-	Active	NO
9	U55101MH2011PTC216866	P. BHUSHAN HOSPITALITY PRIVATE LIMITED	Director	29/04/2011	29/04/2011	-	Active	NO
10	U28112MH2012PTC235791	BALBIR STEEL ROLLING PRIVATE LIMITED	Director	14/09/2012	14/09/2012	-	Active	NO
11	U28113MH2013PTC241964	BALBIR INGOT PRIVATE LIMITED	Director	17/04/2013	17/04/2013	-	Active	NO
12	U29142MH1999PTC122521	BALBIR PROFILES PRIVATE LIMITED	Director	30/09/2014	09/12/2013	-	Active	NO
13	U27310MH2007PTC166989	BALBIR METALS & POWER PRIVATE LIMITED	Director	30/09/2014	09/12/2013	-	Active	NO
14	U27104MH1991PTC193858	BALBIR CASTINGS PRIVATE LIMITED	Director	29/09/2014	02/06/2014	-	Active	NO
15	U40102MH2007PTC174729	BALBIR POWER PRIVATE LIMITED	Director	29/09/2014	02/06/2014	-	Active	NO

Name :

Rakesh Kumar Sharma

Designation :

Director

Address :

Flat No. 501, Building No. 1, Shiv Valley, Kalyan, Thane – 421301, Maharashtra, India

Date of Birth/Age :

06.09.1951

Date of Appointment :

01.11.2011

PAN No.:

01545079

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	U27310UP1987PTC008947	BALBIR STEELS PVT LTD	Director	25/08/1987	25/08/1987	06/08/2012	Active	NO
2	U27104MH1991PTC191940	BALBIR ALLOYS PRIVATE LIMITED	Director	29/09/2007	19/03/2007	-	Active	NO
3	U29142MH1999PTC122521	BALBIR PROFILES PRIVATE LIMITED	Director	28/09/2007	19/03/2007	-	Active	NO
4	U27107MH2007PTC173295	BALBIR ISPAT PRIVATE LIMITED	Director	20/08/2007	20/08/2007	10/02/2009	Active	NO
5	U27310MH2007PTC166989	BALBIR METALS & POWER PRIVATE LIMITED	Director	01/11/2011	01/11/2011	-	Active	NO

Name :

Vikas Bhushan

Designation :

Director

Address :

201, Arjuna Towers, Mount Mary Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

04.07.1969

Date of Appointment :

12.01.2007

PAN No.:

00144455

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	U27101MH1997PTC193860	MATHURA STRIPS PRIVATE LIMITED	Director	06/04/1998	06/04/1998	-	Active	NO
2	U27106MH1997PTC191941	BALBIR ROLLING MILLS Private Limited	Whole-time director	01/10/2014	22/12/2000	-	Active	NO
3	U21029GA2003PTC003284	GURUKRUPA STEEL AND ROLLING MILLS PRIVATE LIMITED	Director	15/06/2006	15/06/2006	13/08/2012	Active	NO
4	U27310MH2007PTC166989	BALBIR METALS & POWER PRIVATE LIMITED	Director	12/01/2007	12/01/2007	-	Active	NO
5	U65920MH1995PTC095093	HAVELI FINANCE Private Limited	Director	16/07/2007	20/03/2007	-	Active	NO
6	U25203MH2007NPL171991	THERMEX REBAR MANUFACTURERS' ASSOCIATION	Director	25/06/2007	25/06/2007	22/09/2007	Active	NO
7	U40102MH2007PTC174729	BALBIR POWER PRIVATE LIMITED	Director	04/10/2007	04/10/2007	01/12/2008	Active	NO
8	U28112MH2010PTC211691	V B STEEL PRIVATE LIMITED	Director	31/12/2010	31/12/2010	-	Active	NO
9	U29142MH1999PTC122521	BALBIR PROFILES PRIVATE LIMITED	Director	10/09/2011	03/01/2011	-	Active	NO
10	U28910MH2011PTC212735	BALBIR STRUCTURE PRIVATE LIMITED	Director	27/01/2011	27/01/2011	-	Active	NO
11	U55204MH2011PTC212736	NEETIKA HOTEL & RESTAURANT PRIVATE LIMITED	Director	27/01/2011	27/01/2011	-	Active	NO
12	U28910MH2011PTC214161	AKARSH STEEL ENTERPRISES PRIVATE LIMITED	Director	28/02/2011	28/02/2011	-	Active	NO
13	U28112MH2012PTC235791	BALBIR STEEL ROLLING PRIVATE LIMITED	Director	14/09/2012	14/09/2012	-	Active	NO
14	U28113MH2013PTC241964	BALBIR INGOT PRIVATE LIMITED	Director	17/04/2013	17/04/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjiv
Designation :	Account Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Vikas Bhushan	220000
Nalini Bhushan	260000
Balbir Alloys Private Limited, India	380000
Balbir Rolling Mills Limited, India	430000
Balbir Profile Private Limited, India	455000
Gurukrupa Steel and Rolling Mills Private Limited, India	455000
Alembic Securities Private Limited, India	50000
Alpha Chemie Trade Agencies Private Limited, India	20000
Buniyad Chemicals Limited, India	30000
Mihir Agencies Private Limited, India	65000
Talent Infoway Limited, India	40000
Luxer Properties Private Limited, India	50000
Haveli Finance Private Limited, India	50000
Balbir Structure Private Limited, India	545000
Total	2980000

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	83.89
Directors or relatives of Directors	16.11
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of all type of TMT Steel Bar, TMT Steel Bar, etc.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

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

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

No. of Employees :

Information declined by the management.

Bankers :

Union Bank of India, Kapurbavdi Branch, Dhanlaxmi Industrial Estate, Gokul Nagar, Old Agra Road, Thane - 400601, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS
Cash credit limits from Union Bank of India
Balance as per bank	89.242	134.604
	9.022	0.417
Total	98.264	135.021

Auditors :
Name :	Kamal Kumar and Associates Chartered Accountants
Address :	Shop No. 18, Emerald Plaza, Hirananadani Meadows, Thane (West), Mumbai – 400051, Maharashtra, India
Tel No.:	91-22-41006034
Fax No.:	91-22-21730954
E-Mail :	mail@cakamaljain.com
PAN No.:	AAXPK6869J
Memberships :	Not Available
Collaborators :	Not Available
Entity over which key management personnel is able to exercise significant influence :	Balbir Rolling Mills Limited Balbir Profiles Private Limited Balbir Steel Rolling Private Limited Hanu Trading Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

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
2980000	Equity Shares	Rs. 10/- each	Rs. 29.800 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	29.800	29.800	29.800
(b) Reserves & Surplus	116.612	116.379	116.160
(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)	146.412	146.179	145.960
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	7.700	6.747	5.649
(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)	7.700	6.747	5.649
(4) Current Liabilities
(a) Short term borrowings	98.264	135.021	133.826
(b) Trade payables	6.462	4.149	10.339
(c) Other current liabilities	0.917	1.342	8.053
(d) Short-term provisions	9.222	8.857	0.483
Total Current Liabilities (4)	114.865	149.369	152.701
TOTAL	268.977	302.295	304.310
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	67.912	57.728	55.153
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	3.907	9.874	5.327
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.555	0.555	0.555
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	9.727	6.424	0.000
Total Non-Current Assets	82.101	74.581	61.035
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	51.569	99.869	112.069
(c) Trade receivables	71.007	98.870	77.729
(d) Cash and cash equivalents	47.397	12.412	20.467
(e) Short-term loans and advances	16.713	16.373	33.010
(f) Other current assets	0.190	0.190	0.000
Total Current Assets	186.876	227.714	243.275
TOTAL	268.977	302.295	304.310

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Turnover	1034.627
		Other Income	NA
		TOTAL (A)	NA	1226.251	1209.215
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	1203.707	1186.055
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		Including	22.544	23.160
			Financial
Less	FINANCIAL EXPENSES (D)		And	17.061	14.406
			Depreciation
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		Expenses	5.483	8.754
Less/ Add	DEPRECIATION/ AMORTISATION (F)			3.830	7.293
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)			1.653	1.461
Less	TAX (H)			1.435	0.460
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.233	0.218	1.001
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		20.679	20.461	19.460
	BALANCE CARRIED TO THE B/S		20.912	20.679	20.461
	Earnings / (Loss) Per Share (Rs.)		0.08	0.07	0.34

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.02	0.02	0.08
Operating Profit Margin (PBDIT/Sales)	(%)	NA	1.84	1.92
Return on Total Assets (PBT/Total Assets}	(%)	391.14	0.57	0.49
Return on Investment (ROI) (PBT/Networth)		7.07	0.01	0.01
Debt Equity Ratio (Total Debts/Networth)		0.67	0.92	0.92
Current Ratio (Current Asset/Current Liability)		1.63	1.52	1.59

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	29.800	29.800	29.800
Reserves & Surplus	116.160	116.379	116.612
Net worth	145.960	146.179	146.412
long-term borrowings	0.000	0.000	0.000
Short term borrowings	133.826	135.021	98.264
Total borrowings	133.826	135.021	98.264
Debt/Equity ratio	0.917	0.924	0.671

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Turover	1034.627	1225.251	1209.215
		18.424	(1.309)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1034.627	1225.251	1209.215
Profit	1.001	0.218	0.233
	0.10%	0.02%	0.02%

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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10156409	06/04/2009	100,000,000.00	UNION BANK OF INDIA	KAPURBAVDI BRANCH, DHANLAXMI INDUSTRIAL ESTATE, GOKUL NAGAR, OLD AGRA ROAD, THANE (W), THANE, Maharashtra - 400601, INDIA	A61649638
2	10082049	17/05/2012 *	57,500,000.00	UNION BANK OF INDIA	KAPURBAVDI BRANCH, DHANLAXMI INDUSTRIAL ESTATE,  GOKUL NAGAR, OLD AGRA ROAD, THANE, Maharashtra - 400601, INDIA	B41169251
3	10080545	17/05/2012 *	105,000,000.00	UNION BANK OF INDIA	KAPURBAVDI BRANCH, DHANLAXMI INDUSTRIAL ESTATE,  GOKUL NAGAR, OLD AGRA ROAD, THANE, Maharashtra - 400601, INDIA	B41295239
4	10050902	17/05/2012 *	50,000,000.00	UNION BANK OF INDIA	KAPURBAVDI BRANCH, DHANLAXMI INDUSTRIAL ESTATE,  GOKUL NAGAR,OLD AGRA ROAD, THANE (W), THANE, Maharashtra - 400601, INDIA	B41132119
5	10050903	17/05/2012 *	100,000,000.00	UNION BANK OF INDIA	KAPURBAVDI BRANCH, DHANLAXMI INDUSTRIAL ESTATE,  GOKUL NAGAR, OLD AGRA ROAD, THANE (W), THANE, Maharashtra - 400601, INDIA	B41129701

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and Machinery
• Electrical Installations
• Office Equipments
• Computer
• Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] 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. 62.16
UK Pound	1	Rs. 92.73
Euro	1	Rs. 68.23

INFORMATION DETAILS

Information Gathered by :	SUV
Analysis Done by :	SUB
Report Prepared by :	JYO

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
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--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		42

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.