MIRA INFORM REPORT

Report No. :	316274
Report Date :	14.04.2015

IDENTIFICATION DETAILS

Name :	BHARAT INSULATION COMPANY (INDIA) LIMITED w.e.f. 23.12.2011
Formally Know as:	JYOTI WIRE INDIA LIMITED
Registered Office :	B - 32, Wagle Industrial Estate, Road No. 18, Opposite MTNL Office, Thane - 400604, Maharashtra
Tel No.:	91-22-25812790
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.10.1974
Com. Reg. No.:	11-017814
Capital Investment / Paid-up Capital :	Rs. 30.600 Million
CIN No.: [Company Identification No.]	U31300MH1974PLC017814
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACJ3727E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacture, Exporting of Electrical household and other goods, wind made copper.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 490000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There seems some dip in the profit of the company during FY 2014 however net worth of the company is satisfactory. General financial position of the company is normal and acceptable for business dealing. Trade relation are reported as fair. Business is active. Payments terms are reported to be usually correct. Trade company can be considered normal for business dealing 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	CRISIL
Rating	Long Term Rating = BBB-
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	18.8.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3
Rating Explanation	Moderate degree of safety and carry higher credit risk
Date	18.08.2014

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

Name :	Mr. Dinesh Naik
Designation :	M. Accounts
Contact No.:	91-22-25812790
Date :	09.04.2015

LOCATIONS

Registered Office :	B - 32, Wagle Industrial Estate, Road No. 18, Opposite MTNL Office, Thane - 400604, Maharashtra, India
Tel. No.:	91-22-25812790/25823911/25823912/25812789
Fax No.:	91-22-25823913
E-Mail :	talukdarbk@bicwire.com pareshage@bicwire.com bic@bicwire.com sales@bicwire.com bicfactory@bicwire.com
Website :	http://www.bicwires.com
Factory 1 :	E - 7, Walij Industrial area, M.I.D.C, Aurangabad - 431133, Maharashtra, India
Tel. No.:	91-240-2556550/2555644/2564170
Fax No.:	91-240-2554681
E-Mail :	bicahd@bicwirw.com
Factory 1 :	44/2, Vaghdhara River Road, Near Swastik Box, Village - Dadra, Dadra Nagar Haveli - 396230, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Dhiren Dulerai Mehtra

Designation :

Managing Director

Address :

Kanchan Ashoknagar, Co-Operative Housing Society Limited, N S Road, No 10, JVPD Scheme, Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

27.09.1960

Date of Appointment :

01.02.2015

DIN No.:

00249017

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	U31300MH1974PLC017814	BHARAT INSULATION COMPANY (INDIA) LIMITED	Director	01/02/2015	07/08/1981	-	Active	NO
2	U45400MH1971PLC015518	TERRAPLAZO REALTY MANAGEMENT LIMITED	Director	31/01/2012	25/09/1981	30/03/2012	Active	NO
3	U99999MH1972PLC015551	COVERED WIRES LIMITED	Director	25/09/1981	25/09/1981	08/05/2010	Active	NO
4	U74210MH1972PTC015679	SONA CONSTRUCTION AND METAL INDUSTRIES PRIVATE LIMITED	Director	25/09/1981	25/09/1981	-	Active	NO
5	U51900MH1986PTC040722	CARNATION HEALTHFOOD PVT LTD	Director	06/10/1986	06/10/1986	-	Strike off	NO
6	U29199MH2006PTC165037	RELIABLE MACHINES & TECHNOLOGY PRIVATE LIMITED	Director	14/02/2007	14/02/2007	-	Active	NO
7	U31300MH1973GAP016998	WINDING WIRES MANUFACTURERS ASSOCIATION OF INDIA	Director	15/09/2011	15/09/2011	-	Active	NO
8	AAC-5103	TRANSCENDENT REALTY AND METALS LLP	Designated Partner	26/07/2014	26/07/2014	-	Active	NO

Name :

Mr. Sarosh Sorab Iranindia

Designation :

Director

Address :

A - 12A Ness Baug Nana Chowk, Mumbai - 400007, Maharashtra, India

Date of Birth/Age :

27.11.1960

Date of Appointment :

28.09.2012

DIN No.:

00056809

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	U45400MH1971PLC015518	TERRAPLAZO REALTY MANAGEMENT LIMITED	Director	18/03/1996	18/03/1996	20/01/2012	Active	NO
2	U65920MH1995PTC090696	MACQUARIE CAPITAL SECURITIES (INDIA) PRIVATE LIMITED	Director	21/07/2005	21/07/2005	30/06/2008	Active	NO
3	U67120MH1995PTC089592	MACQUARIE CAPITAL SECURITIES (INDIA) PRIVATE LIMITED	Director	21/07/2005	21/07/2005	20/11/2008	Amalgamated	NO
4	U67190MH2007PTC168966	MACQUARIE WEALTH MANAGEMENT (INDIA) PRIVATE LIMITED	Director	20/03/2007	20/03/2007	30/06/2008	Strike off	NO
5	U72900MH2000PTC124367	RELIANCE EQUITIES INTERNATIONAL PRIVATE LIMITED	Whole-time director	15/10/2008	15/10/2008	29/10/2009	Amalgamated	NO
6	U67190MH2010PTC209904	VIOLET ARCH CAPITAL ADVISORS PRIVATE LIMITED	Additional director	18/11/2010	18/11/2010	10/03/2011	Active	NO
7	U74140MH2007PTC200509	JEFFERIES INDIA PRIVATE LIMITED	Whole-time director	30/09/2011	31/03/2011	-	Active	NO
8	U31300MH1974PLC017814	BHARAT INSULATION COMPANY (INDIA) LIMITED	Director	28/09/2012	20/01/2012	-	Active	NO

Name :

Mr. Rajiv D Suri

Designation :

Director

Address :

802, Joama II, Pali Road, Bandra, Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

24.09.1957

Date of Appointment :

28.09.2012

DIN No.:

00419320

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	U15100MH1993PTC072814	SURI FOODS PVT LTD	Director	13/07/1993	13/07/1993	-	Active	NO
2	U45400MH1971PLC015518	TERRAPLAZO REALTY MANAGEMENT LIMITED	Director	11/03/1996	11/03/1996	20/01/2012	Active	NO
3	U31300MH1974PLC017814	BHARAT INSULATION COMPANY (INDIA) LIMITED	Director	28/09/2012	20/01/2012	-	Active	NO

Name :

Mr. Vinod D Mehta

Designation :

Chairman Cum Managing Director

Address :

11, Mount Eminance, 5^th floor, N Gamadia cross Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

03.01.1944

Date of Appointment :

05.10.1974

DIN No.:

00328076

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	U99999MH1972PLC015551	COVERED WIRES LIMITED	Director	13/03/1972	13/03/1972	-	Active	NO
2	U45400MH1971PLC015518	TERRAPLAZO REALTY MANAGEMENT LIMITED	Director	31/01/2012	13/03/1972	-	Active	NO
3	U74210MH1972PTC015679	SONA CONSTRUCTION AND METAL INDUSTRIES PRIVATE LIMITED	Director	13/03/1972	13/03/1972	-	Active	NO
4	U31300MH1974PLC017814	BHARAT INSULATION COMPANY (INDIA) LIMITED	Director	05/10/1974	05/10/1974	-	Active	NO
5	U51900MH1986PTC040722	CARNATION HEALTHFOOD PVT LTD	Director	26/09/1996	26/09/1996	-	Strike off	NO
6	U31300MH1973GAP016998	WINDING WIRES MANUFACTURERS ASSOCIATION OF INDIA	Director	09/08/1997	09/08/1997	15/09/2011	Active	NO
7	U70100MH1983PTC030780	MULUND PROPERTIES DEVELOPERS PVT LTD	Director	10/12/2003	10/12/2003	-	Active	NO
8	U29199MH2006PTC165037	RELIABLE MACHINES & TECHNOLOGY PRIVATE LIMITED	Director	14/02/2007	14/02/2007	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dinesh Niak
Designation :	M. Accounts

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Madhurita Dhire Mehta	3069
Parul Vinod Mehta	8
Mulund Properties Developers Private Limited, India	1
Dhiren D Mehta (HUF)	1
Diren Duleria Mehta	167057
Sanat D Mehta	62433
Gayatri Dhiren Mehta	3060
Shivani Dhiren Mehta	3060
Vinod D Mehta	67311
Total	306000

As on 27.02.2015

Names of Allottees	No. of Shares
Madhurita Dhire Mehta	10
Parul Vinod Mehta	546
Sanat D Mehta	204
Gayatri Dhiren Mehta	10
Shivani Dhiren Mehta	10
Vinod D Mehta	220
Total	1000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture, Exporting of Electrical household and other goods, wind made copper.

Products :

Product description	Item code no. (itc code)
Winding Wire of Enamelled Copper	85441110
Others With Cross Section Less Than 6mm	74081990
Other Plates, Sheets Etc of Refined Copper	74091900
Other Winding Wire of Copper

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

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 :

End Users, OEMs

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 :

150 (Approximately)

Bankers :

Banker Name	Bank of India
Branch Address	Andheri Branch, Mumbai, 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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Intercorporate Borrowings	80.460	0.000
Short Term Borrowing
Loans and advance from Director	0.000	19.719
Total	80.460	19.719

Auditors :
Name :	Chaturvedi and Shah Chartered Accountant
Address :	A/3, Laxmi Tower, 1^st Floor, Bandra Kurla Complex, Mumbai 400051, Maharashtra, India
PAN No.:	AAAFC0662N
Memberships :	--
Collaborators :	--
Enterprises in which key management personnel have significant influence:	Reliable Machines and Technology Private Limited, India [U29199MH2006PTC165037] Sona Construction and Metal Industries Private Limited, India [U74210MH1972PTC015679]

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
320,000	Equity Shares	Rs.100/- each	Rs.32.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
307,000	Equity Shares	Rs.100/- each	Rs. 30.700 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
320,000	Equity Shares	Rs.100/- each	Rs.32.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
306,000	Equity Shares	Rs.100/- each	Rs. 30.600 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	30.600	30.600	30.600
(b) Reserves & Surplus	142.419	128.27	104.686
(c) Money received against share warrants	0.000	0.000	0.000
			0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	173.019	158.87	135.286
(3) Non-Current Liabilities
(a) long-term borrowings	80.460	63.661	64.441
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	80.46	63.661	64.441
(4) Current Liabilities
(a) Short term borrowings	155.864	19.719	32.921
(b) Trade payables	176.299	295.203	301.561
(c) Other current liabilities	60.874	29.617	43.394
(d) Short-term provisions	1.407	0.896	1.578
Total Current Liabilities (4)	394.444	345.435	379.454
TOTAL	647.923	567.966	579.181
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	52.643	53.794	61.973
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	67.274	19.65	19.543
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.241	0.241	0.241
(c) Deferred tax assets (net)	7.910	7.637	1.692
(d) Long-term Loan and Advances	9.730	9.233	26.487
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	138.798	90.555	109.936
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	138.285	157.677	182.232
(c) Trade receivables	284.877	254.546	217.215
(d) Cash and cash equivalents	45.097	39.654	53.529
(e) Short-term loans and advances	40.866	25.534	16.269
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	509.125	477.411	469.245
TOTAL	647.923	567.966	579.181

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2179.738	2206.979	2306.709
		Other Income	6.204	10.075	7.745
		TOTAL	2185.942	2217.054	2314.454
Less	EXPENSES
		Cost of Materials Consumed	1922.793	1937.904	2076.287
		Purchases of Stock-in-Trade	1.405	1.110	0.256
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	21.059	33.629	6.973
		Employees benefits expense	30.263	24.813	25.925
		Other expenses	135.780	133.045	115.654
		Prior period item before tax	(0.054)	(0.514)	0.000
		TOTAL	2111.246	2129.987	2225.095
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		74.696	87.067	89.359
Less	FINANCIAL EXPENSES		44.878	47.315	55.178
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		29.818	39.752	34.181
Less/ Add	DEPRECIATION/ AMORTISATION		12.163	13.494	11.894
	PROFIT BEFORE TAX		17.654	26.258	22.287
Less	TAX		3.505	2.674	2.594
	PROFIT AFTER TAX		14.149	23.584	19.693
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		119.318	95.734	76.041
	BALANCE CARRIED TO THE B/S		133.467	119.318	95.734
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports		40.221	21.380	19.284
	IMPORTS
	Raw Materials		0.000	5.774	5.530
	Components and Stores parts		2.935	2.014	0.888
	Trading Purchase		1.079	0.000	0.000
	Capital Goods		31.791	8.705	0.083
	TOTAL IMPORTS		35.805	16.493	6.501
	Earnings Per Share (Rs.)		46.24	77.07	19.69

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.65	1.07	0.85
Operating Profit Margin (PBDIT/Sales)	(%)	3.43	3.95	3.87
Return on Total Assets (PBT/Total Assets}	(%)	3.09	4.86	4.00
Return on Investment (ROI) (PBT/Networth)		0.10	0.17	0.16
Debt Equity Ratio (Total Debt /Networth)		1.37	0.52	0.72
Current Ratio (Current Asset/Current Liability)		1.29	1.38	1.24

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	30.600	30.600	30.600
Reserves & Surplus	104.686	128.270	142.419
Net worth	135.286	158.870	173.019
long-term borrowings	64.441	63.661	80.460
Short term borrowings	32.921	19.719	155.864
Total borrowings	97.362	83.380	236.324
Debt/Equity ratio	0.720	0.525	1.366

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)
Sales	2306.709	2206.979	2179.738
		(4.323)	(1.234)

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	2306.709	2206.979	2179.738
Profit	19.693	23.584	14.149
	0.85%	1.07%	0.65%

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	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	Yes
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

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Intercorporate Borrowings	0.000	63.662
Short Term Borrowing
Loans and advance from Directors	155.864	0.000
Total	155.864	63.662

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10526137	27/09/2014	35,000,000.00	THE SARASWAT CO-OPERATIVE BANK LTD	MITTAL COURT, A WING, 1ST FLOOR, VIDHAN BHAVAN MA RG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, I NDIA	C29857273
2	10505857	05/06/2014	1,700,000.00	THE SARASWAT CO-OP. BANK LIMITED	RASEC DADAR BRANCH, 50, LAXMAN ZULLA, 1ST FLOOR,, RANADE ROAD, DADAR(WEST),, MUMBAI, MAHARASHTRA - 400028, INDIA	C09137753
3	10490389	03/04/2014	25,500,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA - 400018, INDIA	C03838448

FIXED ASSETS

Building

Plant and Machinery

Factory and Building

Equipment

Computer

Air conditioner

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.62.39
UK Pound	1	Rs.91.06
Euro	1	Rs.66.16

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	DIV
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		46

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.