MIRA INFORM REPORT

Report No. :	316794
Report Date :	10.04.2015

IDENTIFICATION DETAILS

Name :	SYNERGY GREEN INDUSTRIES PRIVATE LIMITED
Registered Office :	392, E Ward, Shahupuri, Kolhapur – 416001, Maharashtra
Tel. No. :	91-231-2658375
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.10.2010
Com. Reg. No.:	11-137493
Capital Investment / Paid-up Capital :	Rs. 177.600 Million
CIN No.: [Company Identification No.]	U27100PN2010PTC137493
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	KLPS08450B
PAN No.: [Permanent Account No.]	AAOCS8603A
Legal Form :	Private Limited Liability Company
Line of Business :	The Company manufactures Heavy Cast Iron(CI) and SG Iron Castings required for Wind Turbines, Machine Tools and for Pumps and Valves.
No. of Employees :	260 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred huge accumulated losses which has eroded net worth of the company. Rating further constrained on account of delays by Synergy in meeting interest obligations on its term loan due to weak liquidity profile. Business is active. Payments are reported to be slow and delayed. The company can be considered for business dealings on safe and secured 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “D”
Rating Explanation	Lowest-credit-quality and very low prospects of recovery
Date	11.09.2014

Rating Agency Name	CRISIL
Rating	Short term rating: “D”
Rating Explanation	Instruments with this rating are in default or expected to be in default on maturity.
Date	11.09.2014

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 PARTED BY

Name :	Mr. Ram Birangaddi
Designation :	Senior Office Account
Contact No.:	91-231-2658375
Date :	10.04.2015

LOCATIONS

Registered / Corporate Office:	392, E Ward, Shahupuri, Kolhapur - 416001, Maharashtra, India
Tel. No.:	91-231-2658375
Fax No.:	91-231-2658375
E-Mail :	vsr@synergygreenind.com rbb@synergygreenind.com
Website :	http://www.synergygreenind.com
Location :	Owned
Factory :	C18, MIDC, Kagal, 5-Star Industrial Area, Hatkanagale, Kolhapur - 416216, Maharashtra, India
Tel. No.:	91-231-2658375 91-230-2305311/ 2305312
Fax No.:	91-231-2658375

DIRECTORS

As on 17.09.2014

Name :	Mr. Sachin Rajendra Shirgaokar
Designation :	Managing director
Address :	Meena Sarlshkar Heritage, Opposite Circuit House, Tarabai Park, Kolhapur - 416001, Maharashtra, India
Date of Birth/Age :	26.02.1966
Date of Appointment :	01.01.2011
PAN No.:	ACLPS8941H
DIN No.:	01512497
Name :	Mr. Sohan Sanjeev Shirgaokar
Designation :	Managing director
Address :	A/P, Ugar Khurd, Taluka Athani, District Belgaum - 591316, Karnataka, India
Date of Birth/Age :	07.12.1982
Date of Appointment :	01.01.2011
PAN No.:	ALLPS5534R
DIN No.:	00217631
Name :	Mr. Rajendra Vinayak Shirgaokar
Designation :	Director
Address :	A/P, Ugar Khurd, Taluka Athani, District Belgaum - 591316, Karnataka, India
Date of Birth/Age :	10.06.1935
Date of Appointment :	21.12.2011
DIN No.:	00542644
Name :	Mr. Prafulla Vinayak Shirgaokar
Designation :	Director
Address :	A/P, Ugar Khurd, Taluka Athani, District Belgaum - 591316, Karnataka, India
Date of Birth/Age :	11.09.1938
Date of Appointment :	21.12.2011
DIN No.:	00151114
Name :	Mr. Chandan Sanjeev Shirgaokar
Designation :	Director
Address :	A/P, Ugar Khurd, Taluka Athani, District Belgaum-591 316, Karnataka, India
Date of Birth/Age :	20.10.1977
Date of Appointment :	21.12.2011
DIN No.:	00208200
Name :	Mr. Niraj Shishir Shirgaokar
Designation :	Director
Address :	Rishi Apartment, Lane 6, Kalyani Nagar, Pune 410006, Maharashtra, India
Date of Birth/Age :	25.05.1972
Date of Appointment :	21.12.2011
DIN No.:	00254525
Name :	Mr. Jeevan Vasant Shirgaokar
Designation :	Director
Address :	9, Amey Co-operative Housing Society, Mali Colony, Takala, Kolhapur - 416008, Maharashtra, India
Date of Birth/Age :	18.04.1957
Date of Appointment :	21.12.2011
DIN No.:	00254572
Name :	Mr. Anant Shriniwas Huilgol
Designation :	Director
Address :	2147, Shrinivas, Tarabai Park, Kolhapur - 416003, Maharashtra, India
Date of Birth/Age :	03.06.1939
Date of Appointment :	21.12.2011
DIN No.:	00254492
Name :	Vendavagali Srinivasa Reddy
Designation :	Whole-time director
Address :	Flat No. 507, 5^th Floor, of HR-1, Hari Pooja Puram, 177 E Ward, Nagala Park, Kolhapur – 416003, Maharashtra, India
Date of Birth/Age :	01.06.1969
Date of Appointment :	28.09.2012
PAN No.:	AECPR3729M
DIN No.:	03425960
Name :	Mr. Shishir Suresh Shirgaokar
Designation :	Director
Address :	12, Kostaka House, 31 Pali Road, Bandra (West), Mubai – 400050, Maharashtra, India
Date of Birth/Age :	06.01.1945
Date of Appointment :	19.01.2011
DIN No.:	00208235

KEY EXECUTIVES

Name :	Mr. Ram Birangaddi
Designation :	Senior Office Account

MAJOR SHAREHOLDERS

As on 17.09.2014

Names of Equity Shareholders	No. of Shares
Sachin Rajendra Shirgaokar	5000
Sohan Sanjeev Shirgaokar	5000
S. B. Reshellers Private Limited, India	2622982
Sachin Rajendra Shirgaokar and Laxmi Sachin Shirgaokar	363114
Laxmi Sachin Shirgaokar and Sachin Rajendra Shirgaokar	20000
Rajendra Vinayak Shirgaokar and Sachin Rajendra Shirgaokar	10000
Chandan Sanjeev Shirgaokar and Radhika Sanjeev Shirgaokar	3951
Radhika Sanjeev Shirgaokar and Chandan Sanjeev Shirgaokar	371176
Sohan Sanjeev Shirgaokar and Radhika Sanjeev Shirgaokar	3952
Radhika Sanjeev Shirgaokar and Sohan Sanjeev Shirgaokar	371177
Prafulla Vinayak Shirgaokar and Smita Prafulla Shirgaokar	51266
Smita Prafulla Shirgaokar and Prafulla Vinayak Shirgaokar	14650
Shishir Suresh Shirgaokar and Savita Shishir Shirgaokar	84932
Vendavagali Srinivasa Reddy and Kuberi Vendavagali Reddy	750000
Vinayak Shirgaokar Investments Private Limited, India	72500
Prafulla Shirgaokar Investments Private Limited, India	15000
Suresh Shirgaokar Investments Private Limited, India	59246
Prabhakar Shirgaokar Investments Private Limited, India	4500
D. M. Shirgaokar Investments Private Limited, India	100433
Jeevan Vasant Shirgaokar	14460
Anant Shrinivas Huilgol and Asha Anant Huilgol	34218
Anant Huilgol and Namita Sandeep Huilgol	205
Asha Anant Huilgol and Sandeep Anant Huilgol	9945
Mukund Krishnaji Kulkarni and Alakananda Mukund Kulkarni	11474
Shhradha Dinkar Shirgaokar	409
Sandhya Ashok Gupta	410
Total	5000000

Names of Preference Shareholders	No. of Shares
Sachin Rajendra Shirgaokar	596600
S. B. Reshellers Private Limited, India	596000
Vendavagali Srinivasa Reddy and Kuberi Vendavagali Reddy	25000
The Ugar Sugar Works Limited, India	640000
Vendavagali Srinivasa Reddy	15000

As on 17.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	57.00
Directors or relatives of Directors	42.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company manufactures Heavy Cast Iron(CI) and SG Iron Castings required for Wind Turbines, Machine Tools and for Pumps and Valves.

Products :

Product Description	Item Code No. (ITC Code)
Structure Base	7325
Blade Adapter, Axle Pin 4001231-6, Rotor Hub, Base Frame, Hub D. No. 30.05.2733g, Main Axel, Hollow Shaft	8412

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Gods

Countries :

• Scotland
• Malaysia

Imports :

Products :

Raw Material

Countries :

• China
• Italy
• South Africa

Terms :

Selling :

Cash and Credit (30/60/90 Days)

Purchasing :

Cash and Credit (30/60/90 Days)

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	MTC Business Private Limited, Mumbai
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 :

End Users and OEM’s

Reference :	Region Powertech Private Limited, Chennnai
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 :

260 (Approximately)

Bankers :

• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Banker Name	Bank of Baroda
Branch Address	Morarji Khimji Building, Near Jain Basti, 1st Lane, Shahupuri, Kolhapur - 416001, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash/ Credit = Rs. 73.000 Million TL = Rs. 310.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loan from Banks	344.540	289.371
SHORT TERM BORROWING
Working capital loans from banks	79.806	73.576
Total	424.346	362.947

Auditors :
Name :	P G Bhagwat Chartered Accountant
Address :	Cs No 250 / B/2, Lower Ground Floor, Shop No. 3, Anant Paradise, Nagala Park, Kolhapur – 416003, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFB0762E
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	S.B. Reshellers Private Limited, India CIN No.: U29199MH1949PTC007210
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	The Ugar Sugar Works Limited CIN No.: L15421PN1939PLC006738 Shantaram Machineries Private Limited CIN No.: U29254MH1981PTC025896 Mohan Shirgaokar Investments Private Limited CIN No.: U67110PN1993PTC072412 D M Shirgaokar Investments Private Limited CIN No.: U65993PN1987PTC045227 Suresh Shirgaokar Investments Private Limited CIN No.: U65993PN1987PTC045234 Sanjiv Shirgaokar Investments Private Limited CIN No.: U65993MH1989PTC053183 Vinayak Shirgaokar Investments Private Limited CIN No.: U65993PN1987PTC045242

CAPITAL STRUCTURE

As on 17.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Million
1,300,000	Preference Shares	Rs.100/- each	Rs. 130.000 Million
	Total		Rs. 180.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Million
1,276,000	Preference Shares	Rs.100/- each	Rs. 127.600 Million
	Total		Rs. 177.600 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	177.600	153.100	121.600
(b) Reserves & Surplus	(180.678)	(90.527)	0.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	6.900	15.654
Total Shareholders’ Funds (1) + (2)	(3.078)	69.473	137.254
(3) Non-Current Liabilities
(a) long-term borrowings	344.540	289.371	251.683
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	16.962	24.490	19.601
(d) long-term provisions	1.860	1.071	0.405
Total Non-current Liabilities (3)	363.362	314.932	271.689
(4) Current Liabilities
(a) Short term borrowings	95.911	73.576	0.000
(b) Trade payables	144.138	62.631	0.000
(c) Other current liabilities	50.307	74.932	6.554
(d) Short-term provisions	0.839	0.384	0.146
Total Current Liabilities (4)	291.195	211.523	6.700
TOTAL	651.479	595.928	415.643
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	373.915	408.113	15.041
(ii) Intangible Assets	1.803	3.507	0.000
(iii) Capital work-in-progress	17.203	13.624	365.511
(iv) Intangible assets under development	0.000	0.000	4.449
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	19.821	17.127	0.000
(d) Long-term Loan and Advances	2.424	2.676	2.783
(e) Other Non-current assets	3.907	3.374	2.460
Total Non-Current Assets	419.073	448.421	390.244
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	117.395	60.879	0.000
(c) Trade receivables	86.186	57.254	0.000
(d) Cash and cash equivalents	4.185	3.233	4.938
(e) Short-term loans and advances	0.633	0.023	0.026
(f) Other current assets	24.007	26.118	20.435
Total Current Assets	232.406	147.507	25.399
TOTAL	651.479	595.928	415.643

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income
	Other Income
	TOTAL	372.400	95.440	0.000
Less	EXPENSES
	TOTAL	279.600	203.094	0.000
	PROFIT/ (LOSS) BEFORE TAX	92.800	(107.654)	0.000
Less	TAX (I)	182.951	(17.127)	0.000
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	(90.151)	(90.527)	0.000
	Earnings / (Loss) Per Share (Rs.)	(14.36)	(15.01)	0.00

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(24.21)	(94.85)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	15.10	(19.05)	0.00
Return on Investment (ROI) (PBT/Networth)		(30.15)	(1.55)	0.00
Debt Equity Ratio (Total Debt /Networth)		(143.10)	5.22	1.83
Current Ratio (Current Asset/Current Liability)		0.80	0.70	3.79

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	121.600	153.100	177.600
Reserves & Surplus	0.000	(90.527)	(180.678)
Share application pending allotment fund	15.654	6.900	0.000
Net worth	137.254	69.473	(3.078)
long-term borrowings	251.683	289.371	344.540
Short term borrowings	0.000	73.576	95.911
Total borrowings	251.683	362.947	440.451
Debt/Equity ratio	1.834	5.224	(143.096)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	95.440	372.400
		290.193

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	95.440	372.400
Profit	(90.527)	(90.151)
	(94.85%)	(24.21%)

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT

Rs. In Million

Particular	31.03.2014	31.03.2013	31.03.2012
Current maturities of long-term debt	13.516	48.474	0.245

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	Yes
12]	Profitability for last two 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	Yes
18]	Major customers	Yes
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	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

CORPORATE INFORMATION

Incorporated as on 08-10-2010, Company is a subsidiary of S.B.ReshellersPrivate Limited. The Company manufactures Heavy Cast Iron(CI) and SG Iron Castings required for Wind Turbines, Machine Tools and for Pumps and Valves.

ECONOMY AND INDUSTRY OVERVIEW:

Indian economy continued with its lower GDP growth rate due to policy paralysis from government and volatile global market conditions. Interest rates continued to be at higher levels as inflation was above the RBI?s comfort zone. With change in government at centre, there is sign of improvement in the economic sentiment. New government has announced policy support to wind industry by the way of bringing back accelerated depreciation benefit scheme.

Wind turbine industry is becoming one of the key power sources in India’s energy security mission, with its zero fuel and water requirements and no pollution to environment. Presently India’s cumulative wind energy installations are at 20 GW and estimated potential is 300 GW. Share of country’s total energy produced is presently at 8% and estimated to grow up to 15% by the year 2020.

With improved economic conditions and policy support, demand for the wind industry is expected to show significant upward trend. There are totally 19 wind turbine manufacturers in country with an installation capacity of 7,500 MW per annum. Table 1 shows the wind turbine installations trend. In the near term installations are expected to reach 5,000 MW per annum.

Prospects for the Current Year:

Company has built a credible image in the wind turbine market along with diversified customer base. As the wind turbine market is poised for descent growth, company is expected to improve its performances significantly during the years to come.

Primarily previous year revenues were dependent on just two wind customers M/S Wind World & M/S Regen power tech. Having received development orders from other major customers like M/S ZF transmission, M/S Gamesa and M/S Kenersys, additional revenues are expected to add from current year onward.

Company has received large enquiries from international wind turbine manufacturers like M/S Vestas Denmark, M/S GE USA & M/S RE Power Germany and expected to get a breakthrough during the current year. This will provide an opportunity for large scale growth to organization.

As a business strategy towards diversification from single industry, company has established large customer base from non wind industry as well. Company is aiming at one third of business from this segment.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Term Loan	16.105	0.000
Total	16.105	0.000

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10430224	11/05/2013	32,400,000.00	BANK OF BARODA	MORARJI KHIMJI BUILDING, NEAR JAIN BASTI, 1ST LANE, SHAHUPURI, KOLHAPUR - 416001, MAHARASHTRA, INDIA	B76776806
2	10312545	31/07/2012 *	109,000,000.00	BANK OF BARODA	MORARJI KHIMJI BUILDING, NEAR JAIN BASTI, 1ST LANE, SHAHUPURI, KOLHAPUR - 416001, MAHARASHTRA, INDIA	B55902720
3	10312548	29/03/2012 *	337,600,000.00	BANK OF BARODA	MORARJI KHIMJI BUILDING, NEAR JAIN BASTI, 1ST LANE, SHAHUPURI, KOLHAPUR - 416001, MAHARASHTRA, INDIA	B37285855
4	10260756	22/12/2010	800,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B03348877

* Date of charge modification

FIXED ASSETS

v Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

v Intangible Assets

· Computer Software

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.62.26
UK Pound	1	Rs.92.49
Euro	1	Rs.66.99

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	KAR
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--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
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		11

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.