MIRA INFORM REPORT

Report No. :	317378
Report Date :	14.04.2015

IDENTIFICATION DETAILS

Name :		UIC UDYOG LIMITED [w.e.f.16.04.2007]
Formerly Known As :		UIC WIRES LIMITED
Registered Office :		Anandlok, Block A, 1st Floor, 227, A. J. C. Bose Road, Kolkata – 700020, West Bengal
Tel. No.:	91-33-22808811
Country :		India
Financials (as on) :		31.03.2014
Date of Incorporation :		21.12.1995
Com. Reg. No.:		21-076114
Capital Investment / Paid-up Capital :		Rs. 67.000 Million
CIN No.: [Company Identification No.]		U27109WB1995PLC076114
TAN No.: [Tax Deduction & Collection Account No.]		CALU01985E
PAN No.: [Permanent Account No.]		AAACU3431C
Legal Form :		A Closely Held Public Limited Liability Company
Line of Business :		Manufacturer, Exporter and Importer of Steel Wires and Wire Products.
No. of Employees :		300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has processed weak operational performance which has resulted into losses incurred from its operational activities. Rating further constrained on account of company’s weak financial risk profile marked delays in debt servicing and restructuring of debt through CDR package. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great 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	CARE
Rating	Long-term Bank facilities = B-
Rating Explanation	Risk prone credit quality and carries very high credit risk.
Date	November 24, 2014

Rating Agency Name	CARE
Rating	Short-term Bank facilities = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	November 24, 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. Manish Tripathi
Designation :	Chief Finance Manager
Contact No.:	91-33-30588850
Date :	13.04.2015

LOCATIONS

Registered Office :	Anandlok, Block A, 1st Floor, 227, A. J. C. Bose Road, Kolkata – 700020, West Bengal, India
Tel. No.:	91-33-22808811/ 8812/ 8813/ 30588850
Fax No.:	91-33-22809492
E-Mail :	jsaha@uicwires.com ja_saha@yahoo.co.in info@uicwires.com sales@uicwires.com mtripathi@uicwires.com
Website :	http://www.uicudyog.com
Location :	Rented
Locality :	Commercial
Factory 1 :	Iron and Steel wires/ Card/ Gill/ Metapin Station Road, Khanyan, Hoogly, West Bengal, India
Factory 2 :	Iron and Steel wires Industrial Growth Centre, Phase III Kalyani, Nadia, West Bengal, India
Factory 3 :	Wind Power Village Akrale, Taluka – Nandurbar, District Nandurbar, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Bhanwar Lal Jajodia

Designation :

Managing director

Address :

CF-286, Sector-I, Salt Lake City, Kolkata - 700064, West Bengal, India

Date of Birth/Age :

22.12.1949

Qualification :

Under Graduate

Date of Appointment :

31.03.2011

PAN No.:

ACKPJ1856D

Voter ID No.:

WB/20/139/735244

DIN No.:

00576094

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	U65993WB1995PTC075046	UIC FINANCE PRIVATE LIMITED	Director	24-10-1995	24-10-1995	-	Active	NO
2	U27109WB1995PLC076114	UIC UDYOG LIMITED	Managing director	31-03-2011	21-12-1995	-	Active	NO
3	U29130WB1970NPL027659	STEEL WIRE MANUFACTURERS 'ASSOCIATION OF INDIA	Director	28-09-2006	28-09-2006	-	Active	NO
4	U70101WB2007PTC117583	UIC INFRASTRUCTURE INDIA PRIVATE LIMITED	Additional director	31-08-2007	31-08-2007	18-10-2010	Active	NO
5	U27101WB1992PLC056678	UIC INDUSTRIES LIMITED	Director	28-10-2010	28-10-2010	-	Active	NO

Name :

Mr. Ram Chandra Bajaj

Designation :

Whole-time director

Address :

CG-242, Sector-I, Salt Lake City, Kolkata - 700091, West Bengal, India

Date of Birth/Age :

02.07.1952

Qualification :

Graduate

Date of Appointment :

01.04.2002

PAN No.:

AFRPB9765M

Voter ID No.:

RJ/08/063/444323

DIN No.:

00568295

Name :

Mr. Vishnu Prasad Jajodia

Designation :

Director

Address :

153K, Bagadiya Road, Sujangarh, District Churu, Sujangarh, District Birbhum – 331507, Rajasthan, India

Date of Birth/Age :

21.03.1986

Qualification :

Under Graduate

Date of Appointment :

30.09.2013

DIN No.:

06697563

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	Company/ LLP Status	Defaulting status
1	U27109WB1995PLC076114	UIC UDYOG LIMITED	Director	30-09-2013	23-09-2013	Active	NO
2	U27101WB1992PLC056678	UIC INDUSTRIES LIMITED	Additional director	07-11-2013	07-11-2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Manish Tripathi
Designation :	Chief Finance Manager
Name :	Jayanta Saha
Designation :	Secretary
Address :	Basu Villa, Ground Floor, 66 Kayastha Para Main Road, Kolkata - 700078, West Bengal, India
Date of Birth/Age :	30.11.1961
Date of Appointment :	01.08.2001
PAN No.:	BBNPS9703B
Voter ID No.:	WB/12/077/354240

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Bhanwar Lal Jajodia	493518
Mahendra Kumar Jajodia	277340
Madhu Devi Jajodia	354740
Prity Agarwal	701840
UIC Finance Private Limited, India	356000
Kavita Kedia	975012
Swati Bhalotia	813520
Mayank Agarwal	200000
Madan Lal Jajodia (HUF)	178600
Ankita Jajodia	839450
Bhanwar Lal Jajodia (HUF)	178600
Mahendra Kumar Jajodia (HUF)	184300
Bajrang Jajodia	227200
Bajrang Jajodia (HUF)	178600
Sangita Jajodia	230500
Pooja Jajodia	193000
Kunal Jajodia	391630
Akshat Jajodia	282150
UIC Industries Limited, India	244000
Total	7300000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	8.22
Directors or relatives of directors	91.78
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Steel Wires and Wire Products.

Products/ Services :

ITC Code No.	Product Descriptions
72171010	Woven Sacks

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

· Sri Lanka

· Bangladesh

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cash, Cheque and Credit

Purchasing :

Cash, Cheque and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

End Users

Reference:	Larsen and Toubro Limited (Mumbai)
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

· NTPC

· NHPC

· Kalpataru Power Transmission

· Jyoti Structures Limited

· KEC

· Jharkhand State Electricity Board

No. of Employees :

300 (Approximately)

Bankers :

Bank Name:	ICICI Bank Limited
Branch:	Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Industrial Development Bank of India

44; Shakespearc Sarani, Kolkata - 700017, West Bengal, India

· DBS Bank Limited

Kolkata, West Bengal, India

· State Bank of India

Commercial Branch, Kolkata, West Bengal, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	892.365	26.850
Foreign currency term loans from banks	599.400	475.125
SHORT TERM BORROWINGS
Loans repayable on demand from banks	1068.987	1794.942
Total	2560.752	2296.917

Banking Relations :	--
Auditors :
Name :	Chhaparia and Associates Chartered Accountants
Address :	8, Camac Street, Shantiniketan Building 5^th Floor, Suite No 502 and 515 Kolkata – 700017, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AADFC1689C
Associates :	· UIC Industries Limited · UIC Finance Private Limited · IC Infrastructure India Pvt Ltd · Bhavya Innovation Software Private Limited · Rampurhat PSC Sleepers Limited
Other Related Party :	Rampurhat PSC Sleepers Limited

CAPITAL STRUCTURE

AFTER 30.09.2014

Authorised Capital : Rs. 150.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 75.000 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs. 10/- each	Rs. 150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6,700,000	Equity Shares	Rs. 10/- each	Rs. 67.000 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	67.000	67.000	67.000
(b) Reserves & Surplus	898.988	1344.078	1421.462
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	75.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1040.988	1411.078	1488.462
(3) Non-Current Liabilities
(a) Long-term borrowings	1521.612	501.975	514.018
(b) Deferred tax liabilities (Net)	21.807	23.868	43.866
(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)	1543.419	525.843	557.884
(4) Current Liabilities
(a) Short term borrowings	1068.987	1874.942	1951.989
(b) Trade payables	183.508	662.270	161.475
(c) Other current liabilities	76.294	164.920	115.076
(d) Short-term provisions	1.696	2.068	46.545
Total Current Liabilities (4)	1330.485	2704.200	2275.085
TOTAL	3914.892	4641.121	4321.431
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	782.113	844.184	965.457
(ii) Intangible Assets	0.000	0.153	0.368
(iii) Capital work-in-progress	205.554	221.247	66.636
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	14.805	1.138	1.333
(d) Long-term Loan and Advances	507.306	531.353	512.505
(e) Other Non-current assets	12.185	13.078	19.526
Total Non-Current Assets	1521.963	1611.153	1565.825
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	568.429	647.945	645.152
(c) Trade receivables	1663.831	2211.227	1880.636
(d) Cash and cash equivalents	95.433	102.842	93.688
(e) Short-term loans and advances	65.236	67.441	136.061
(f) Other current assets	0.000	0.513	0.069
Total Current Assets	2392.929	3029.968	2755.606
TOTAL	3914.892	4641.121	4321.431

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	439.378	5060.072	4497.345
		Other Income	6.029	8.705	6.198
		TOTAL (A)	445.407	5068.777	4503.543
Less	EXPENSES
		Cost of Materials Consumed	228.079	2482.759	2693.821
		Purchases of Stock-in-Trade	41.933	1914.068	1073.359
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	83.033	(37.998)	(281.122)
		Employees benefits expense	27.629	78.793	72.498
		Other expenses	215.260	380.833	315.198
		TOTAL (B)	595.934	4818.455	3873.754
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(150.527)	250.322	629.789
Less	FINANCIAL EXPENSES (D)		247.487	246.283	226.236
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(398.014)	4.039	403.553
Less/ Add	DEPRECIATION/ AMORTISATION (F)		62.602	101.068	100.625
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(460.616)	(97.029)	302.928
Less	TAX (H)		(15.526)	(19.645)	106.665
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(445.090)	(77.384)	196.263
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings (FOB Basis)	3.719	46.780	29.529
	IMPORTS
		Raw Materials	0.000	32.410	6.181
	Earnings Per Share (Rs.)
	Basic		(66.43)	(11.55)	29.29
	Diluted		(60.97)	(11.55)	29.29

Expected Sales (2014-2015): Rs. 1500.000 Million

The above information has been parted by Mr. Manish Tripathi (Chief Finance Manager)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(101.30)	(1.53)	4.36
Operating Profit Margin (PBDIT/Sales)	(%)	(34.26)	4.95	14.00
Return on Total Assets (PBT/Total Assets}	(%)	(12.47)	(2.20)	7.12
Return on Investment (ROI) (PBT/Networth)		(0.44)	(0.07)	0.20
Debt Equity Ratio (Total Debt/Networth)		2.49	1.68	1.66
Current Ratio (Current Asset/Current Liability)		1.80	1.12	1.21

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	67.000	67.000	67.000
Reserves & Surplus	1421.462	1344.078	898.988
Net worth	1488.462	1411.078	965.988
Long-term borrowings	514.018	501.975	1521.612
Short term borrowings	1951.989	1874.942	1068.987
Total borrowings	2466.007	2376.917	2590.599
Debt/Equity ratio	1.657	1.684	2.682

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	4497.345	5060.072	439.378
		12.512	-91.317

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	4497.345	5060.072	439.378
Profit/ (Loss)	196.263	(77.384)	(445.090)
	4.36%	(1.53%)	(101.30%)

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
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	Yes
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	10501912	21/01/2015 *	1,084,100,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JEEVANDEEP, 1, MIDDLETON STREET, JEEVANDEEP BUILDING, 2ND FLOOR, KOLKATA, WEST BENGAL - 700071, INDIA	C41620428
2	10382781	24/04/2013 *	450,500,000.00	DBS BANK LIMITED (ACTING AS SECURITY TRUSTEE ON BEHALF  OF DBS BANK-SINGAPORE)	4A, NANDALAL BASU SARANI, KOLKATA, WEST BENGAL - 700071, INDIA	B73971525
3	10343146	14/09/2012 *	96,000,000.00	ICICI BANK LIMITED	3A, GURUSADAY ROAD, 2ND FLOOR, KOLKATA, WEST BENGAL - 700019, INDIA	B59087981
4	10264302	10/11/2014 *	2,455,100,000.00	IDBI BANK LIMITED	CORPORATE BANKING GROUP, 44, SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700017, INDIA	C32869786
5	10252578	21/01/2015 *	1,371,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JEEVANDEEP, 1, MIDDLETON STREET, JEEVANDEEP BUILDING, 2ND FLOOR, KOLKATA, WEST BENGAL - 700071, INDIA	C41618257
6	10187382	09/11/2009	6,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	6TH FLOOR, AKRUTL CENTRE POINT, MIDC CENTRAL ROAD, ANDHERI EAST, MUMBAI, MAHARASHTRA - 400093, INDIA	A73654428
7	10133590	18/12/2008 *	179,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA	A53117230
8	10093192	19/03/2008	89,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A34199992
9	10095767	05/11/2009 *	95,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	6TH FLOOR, AKRUTL CENTRE POINT, MIDC CENTRAL ROAD, ANDHERI EAST, MUMBAI, MAHARASHTRA - 400093, INDIA	A73654345
10	10071298	04/10/2007	50,000,000.00	THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED	HONGKONG HOUSE, 31 B B D BAG, KOLKATA, WEST BENGAL - 700001, INDIA	A24339095

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	29.847	0.000
SHORT TERM BORROWINGS
Loans repayable on demand	0.000	80.000
Total	29.847	80.000

REVIEW OF PERFORMANCE

During the year, the gross turnover of the Company was Rs. 468.200 Million against Rs. 5417.000 Million in the previous year. There is Loss before Tax of Rs. 460.600 Million against loss of Rs. 97.000 Million in the previous year. However, these figures are not comparable as the Company could not run its manufacturing operations for the full year due to suspension of works at its Wires Divisions.

GUJARAT PROJECTS

Due to unfavourable economic scenario, the Company has still kept on hold the proposed 180,000 MT per annum

capacity Wire Drawing Unit for manufacture of various types of Non-alloy Steel Wires (both Galvanised and Non-Galvanised) at Bharuch in the state of Gujarat.

SALE OF WIND MILLS

As per the restructuring scheme, subsequent to the Balance Sheet date, the Company has sold all the 4 Nos. Wind Power Generating Units located at Coimbatore in the state of Tamilnadu and after re-payment of the balance term loan amount for the said project from the sale proceeds, infused the surplus cash in the common pool.

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Office equipment

· Other equipments

· 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. 62.37
UK Pound	1	Rs. 91.60
Euro	1	Rs. 66.49

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	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		26

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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