MIRA INFORM REPORT

Report No. :	319171
Report Date :	23.04.2015

IDENTIFICATION DETAILS

Name :	SHRI BALAJI INDUSTRIAL PRODUCTS LIMITED
Formerly Known As :	BALAJI INDUSTRIAL PROCUCTS LIMITED
Registered Office :	48, Industrial Area, Jhotwara, Jaipur – 302012, Rajasthan
Tel. No.:	91-141-2340609/2340809
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.11.1983
Com. Reg. No.:	17-002831
Capital Investment / Paid-up Capital :	Rs. 131.682 Million
CIN No.: [Company Identification No.]	U27106RJ1983PLC002831
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	JPRB01532G
PAN No.: [Permanent Account No.]	AAACB7092E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is enagaed in the manufacturing of mill internals (castings and forgings) which are used as a grinding media in thermal power plants (grinding of coal), cement (grinding of clinker) and minning.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1700000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The rating reflects company’s established track record in the castings and forgings industry supported by long-standing client base and improved financial performance during financial year 2014. The company has fair profit margin. The rating also takes note of favourable gap between trade receivables and payables during FY2014. Trade relations reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE RATINGS
Rating	Long Term Rating = “BBB”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	July 23, 2014

Rating Agency Name	CARE RATINGS
Rating	Short Term Rating = “A3+”
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	July 23, 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. Somani
Designation :	Accounts Head
Contact No.:	91-141-2340809
Date :	22.04.2015

LOCATIONS

Registered Office/ Factory (Unit 1) :	48, Industrial Area, Jhotwara, Jaipur – 302012, Rajasthan, India
Tel. No. :	91-141-234060/ 2340809/ 2340807/ 6623777
Fax No. :	91-141-2340807
E-Mail :	cs@balaji-castings.com support@balaji-cashings.com balaji_ltd@sify.com balaji_ltd@rediffmail.com
Website :	www.balaji-castings.com
Factory (Unit 2) :	117-119, Industrial Area, Jhotwara, Jaipur – 302012, Rajasthan, India

DIRECTORS

AS ON 30.09.2014

Name :

Kailash Kumar Kanodia

Designation :

Managing Director

Address :

D-49, Amba Bari, Jaipur – 302012, Rajasthan, India

Date of Birth/Age :

06.07.1957

Qualification :

Graduate

Date of Appointment :

01.01.2013

PAN No.:

ADRPK6756F

DIN No. :

00274449

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	U27106RJ1983PLC002831	SHRI BALAJI INDUSTRIAL PRODUCTS LIMITED	Managing director	01/01/2013	21/11/1983	-	Active	NO
2	L51909RJ1987PLC018226	NEHA RESOURCES LIMITED (TRANSFERRED FROM WEST BENGAL)	Director	07/12/1999	07/12/1999	-	Active	NO
3	U28133RJ2008PLC025821	SHRI BALAJI INDUSTRIAL ENGINEERING LIMITED	Director	06/02/2008	06/02/2008	-	Active	NO
4	U74999WB1994PTC064490	UDAIPURIA COMMODITIES PVT.LTD.	Director	27/01/2009	27/01/2009	30/10/2012	Active	NO
5	U27101RJ1995PLC011261	WIN FERRO ALLOYS LIMITED	Director	30/09/2009	08/06/2009	-	Active	NO
6	U51909RJ1996PTC036608	SYNOX MARKETING PVT LTD	Director	12/04/2010	12/04/2010	-	Amalgamated	NO

Name :

Ashish Kanodia

Designation :

Whole-Time Director

Address :

D-49, Prabhu Chaitanya Marg, Ambabari, Jaipur – 302012, Rajasthan, India

Date of Birth/Age :

18.02.1983

Qualification :

Graduate

Date of Appointment :

14.02.2006

PAN No. :

AHHPK7462L

DIN No. :

00117243

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	U27106RJ1983PLC002831	SHRI BALAJI INDUSTRIAL PRODUCTS LIMITED	Whole-time director	01/01/2013	14/02/2006	-	Active	NO
2	U28133RJ2008PLC025821	SHRI BALAJI INDUSTRIAL ENGINEERING LIMITED	Director	06/02/2008	06/02/2008	-	Active	NO
3	U51109WB1994PTC064367	MIRIK VINIMAY PVT LTD	Director	29/09/2009	13/07/2009	-	Active	NO
4	U51102RJ1985PTC003295	PAWANSUT MARKETING PRIVATE LIMITED	Director	30/09/2009	13/07/2009	-	Active	NO
5	U51909RJ1994PTC037280	JEWELROCK BARTER PRIVATE LIMITED	Director	10/05/2010	10/05/2010	-	Amalgamated	NO
6	U27101RJ1995PLC011261	WIN FERRO ALLOYS LIMITED	Director	30/09/2011	26/08/2011	-	Active	NO

Name :

Sudhir Kumar Bansal

Designation :

Whole-Time Director

Address :

C-47, Rajapark, Jaipur – 302004, Rajashthan, India

Date of Birth/Age :

30.07.1948

Qualification :

Graduate

Date of Appointment :

01.10.2010

PAN No. :

ACTPB5323J

DIN No. :

00170512

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	U27106RJ1983PLC002831	SHRI BALAJI INDUSTRIAL PRODUCTS LIMITED	Whole-time director	01/10/2010	20/02/1994	-	Active	NO
2	U18101RJ2000PTC022946	LOWWEAR ALLOY PRODUCTS PRIVATE LIMITED	Director	07/08/2000	07/08/2000	-	Active	NO
3	U28133RJ2008PLC025821	SHRI BALAJI INDUSTRIAL ENGINEERING LIMITED	Director	06/02/2008	06/02/2008	-	Active	NO

Name :

Sujata Devi Kandoia

Designation :

Whole-Time Director

Address :

117, Industrial Area, Jhotwara, Jaipur – 302012, Rajasthan, India

Date of Birth/Age :

01.08.1962

Qualification :

Graduate

Date of Appointment :

01.04.2010

PAN No. :

ADRPK6755G

DIN No. :

00255615

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	U51102RJ1985PTC003295	PAWANSUT MARKETING PRIVATE LIMITED	Director	10/05/1985	10/05/1985	-	Active	NO
2	L51909RJ1987PLC018226	NEHA RESOURCES LIMITED (TRANSFERRED FROM WEST BENGAL)	Director	30/01/2010	07/12/1999	-	Active	NO
3	U74999WB1994PTC064490	UDAIPURIA COMMODITIES PRIVATE LIMITED	Director	27/01/2009	27/01/2009	-	Active	NO
4	U27106RJ1983PLC002831	SHRI BALAJI INDUSTRIAL PRODUCTS LIMITED	Whole-time director	01/04/2010	01/02/2010	-	Active	NO

Name :

Chedi Lal Khowala

Designation :

Director

Address :

48 Industrial Area, Jhotwara, Jaipur – 302012, Rajasthan, India

Date of Appointment :

15.02.2001

DIN No. :

02472863

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	U27101RJ1995PLC011261	WIN FERRO ALLOYS LIMITED	Director	03/04/1996	03/04/1996	26/08/2011	Active	NO
2	U27106RJ1983PLC002831	SHRI BALAJI INDUSTRIAL PRODUCTS LIMITED	Director	15/02/2001	15/02/2001	-	Active	NO

Name :

Gunjan Khatri

Designation :

Director

Address :

76, Ravindra Bhawan, Iit Roorkee, Haridwar - 249401 , Uttarakhand, India

Date of Appointment :

30.09.2009

DIN No. :

02788523

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	U27106RJ1983PLC002831	SHRI BALAJI INDUSTRIAL PRODUCTS LIMITED	Director	30/09/2009	12/10/2008	-	Active	NO
2	L51909RJ1987PLC018226	NEHA RESOURCES LIMITED (TRANSFERRED FROM WEST BENGAL)	Director	30/09/2009	20/10/2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Somani
Designation :	Accounts Head
Name :	Gyaneshwar Kumar
Designation :	Secretary
Date of Appointment :	01.07.2013
PAN No. :	ATPPK7787C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Nawal Kumar Kanodia	20610
Kailash Kumar Kanodia	177560
Sudhir Kumar Bansal	10753
Sujata Devi Kandoia	243746
Nirmal Kumar Kanodia	18481
Hiramony Kanodia	15312
Lowwear Alloys Private Limited, India	1255508
Mirik Vinimay Private Limited, India	3230501
Neha Resources Limited, India	4519328
Ashish Kanodia	289048
Pawansut Marketing Private Limited, India	130064
Udaipuria Commodities Private Limited, India	3011744
Shashi Bansal	10560
Shri Balaji Industrial Engineering Limited, India	235000
Total	13168215

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	94.03
Directors or relatives of Directors	5.97
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is enagaed in the manufacturing of mill internals (castings and forgings) which are used as a grinding media in thermal power plants (grinding of coal), cement (grinding of clinker) and minning.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

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

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 :

· State Bank of Bikaner and Jaipur, Industrial Area, Jhowara, Jaipur – 302012, Rajasthan, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loans from banks	86.164	34.528
SHORT TERM BORROWINGS
Working capital loans from banks	557.611	632.577
Total	643.775	667.105

Statutory Auditors :
Name :	Girdhari Lal Sharma Chartered Accountants
Address :	B-31, Ganesh Nagar, New Sanganer Road, Jaipur, Rajasthan, India
PAN No.:	AFMPS7396L
Internal Auditors :
Name :	G. L. Gupta and Associates Chartered Accountants
Address :	1443, Baba Harishchandra Marg, Chandpol Bazar, Jaipur, Rajasthan, India
Memberships :	Not Available
Collaborators :	Not Available
Relatives of Key Management Personnel :	K. K. Kanodia (HUF)

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs. 10/- each	Rs. 150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13168215	Equity Shares	Rs. 10/- each	Rs. 131.682 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	131.682	127.682	127.682
(b) Reserves & Surplus	494.598	463.097	447.370
(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)	626.280	590.779	575.052
(3) Non-Current Liabilities
(a) long-term borrowings	107.846	91.303	85.540
(b) Deferred tax liabilities (Net)	34.137	21.138	10.180
(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)	141.983	112.441	95.720
(4) Current Liabilities
(a) Short term borrowings	557.611	632.577	549.877
(b) Trade payables	271.553	259.229	251.933
(c) Other current liabilities	33.945	27.926	36.000
(d) Short-term provisions	0.000	0.000	0.059
Total Current Liabilities (4)	863.109	919.732	837.869
TOTAL	1631.372	1622.952	1508.641
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	417.257	434.114	431.717
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	89.072	4.291	8.975
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	13.018	13.018	10.018
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	180.291	205.264	210.764
(e) Other Non-current assets	0.000	0.000	58.014
Total Non-Current Assets	699.638	656.687	719.488
(2) Current assets
(a) Current investments	1.300	1.300	1.300
(b) Inventories	202.849	264.239	288.832
(c) Trade receivables	486.199	467.166	272.071
(d) Cash and cash equivalents	56.437	53.405	55.567
(e) Short-term loans and advances	184.949	180.155	171.383
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	931.734	966.265	789.153
TOTAL	1631.372	1622.952	1508.641

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1746.449	1634.502	1295.383
		Other Income	33.693	52.832	36.705
		TOTAL (A)	1780.142	1687.334	1332.088
Less	EXPENSES
		Cost of Materials Consumed	930.212	976.690	837.171
		Purchases of Stock-in-Trade	60.958	4.242	9.036
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	21.357	(14.700)	45.039
		Employees benefits expense	41.979	37.211	34.529
		Other expenses	554.663	538.133	383.526
		Exceptional Items	4.484	0.439	0.000
		TOTAL (B)	1613.653	1542.015	1309.301
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		166.489	145.319	22.787
Less	FINANCIAL EXPENSES (D)		101.539	89.751	85.123
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		64.950	55.568	(62.336)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		27.451	26.984	19.956
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		37.499	28.584	(82.292)
Less	TAX (H)		21.999	12.858	(26.202)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		15.500	15.726	(56.090)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	390.053	537.591	NA
	TOTAL EARNINGS		390.053	537.591	NA
	IMPORTS
		Raw Materials	260.373	365.795	NA
		Components and Stores parts	0.000	0.000	NA
		Capital Goods	43.619	5.475	NA
	TOTAL IMPORTS		303.992	371.270	NA
	Earnings / (Loss) Per Share (Rs.)		1.21	1.23	(4.39)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.89	0.96	-4.33
Operating Profit Margin (PBDIT/Sales)	(%)	9.53	8.89	1.76
Return on Total Assets (PBT/Total Assets}	(%)	2.45	1.78	(5.52)
Return on Investment (ROI) (PBT/Networth)		0.06	0.05	(0.14)
Debt Equity Ratio (Total Debts/Networth)		1.06	1.23	1.10
Current Ratio (Current Asset/Current Liability)		1.08	1.05	0.94

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	127.682	127.682	131.682
Reserves & Surplus	447.370	463.097	494.598
Net worth	575.052	590.779	626.280
long-term borrowings	85.540	91.303	107.846
Short term borrowings	549.877	632.577	557.611
Total borrowings	635.417	723.880	665.457
Debt/Equity ratio	1.105	1.225	1.063

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2014	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1295.383	1634.502	1746.449
		26.179	6.849

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1295.383	1634.502	1746.449
Profit	(56.090)	15.726	15.500
	(4.33%)	0.96%	0.89%

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

RESULTS OF OPERATIONS:

Total revenues earned during the year amounted to Rs.1780.142 Million compared to that of Rs.1687.334 Million in the previous financial year. During the year, the income from operations was Rs 1746.449 Million compared to Rs. 1634.502 Million in the previous financial year. This reflects increase of Rs.111.947 Million, The profit before tax has increased from Rs. 28.611 Million in the previous financial year to Rs. 37.529 Million in the current financial year. The profit before interest, depreciation and tax during this period is Rs 42.012 Million as compared to the previous financial year PBIDT i.e. Rs. 29.050 Million.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10452280	14/09/2013	80,000,000.00	STATE BANK OF BIKANER & JAIPUR	INDUSTRIAL AREA, JHOWARA, JAIPUR, Rajasthan - 302012, INDIA	B86356185
2	10214977	26/03/2010	30,000,000.00	STATE BANK OF BIKANER & JAIPUR	INDUSTRIAL AREA, JHOTWARA, JAIPUR, Rajasthan - 302012, INDIA	A84435544
3	10215806	26/03/2010	50,000,000.00	STATE BANK OF BIKANER & JAIPUR	INDUSTRIAL AREA, JHOTWARA, JAIPUR, Rajasthan - 302012, INDIA	A84436310
4	90067988	20/05/2014 *	1,150,000,000.00	STATE BANK OF BIKANER & JAIPUR ( CONSORTIUM WITH A  XIS BANK LTD.)	INDUSTRIAL AREA, JHOTWARA, JAIPUR, Rajasthan - 302012, INDIA	C06819007

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loans from others	3.633	13.393
Deferred sales tax loan	8.177	22.505
Loans and advances from directors	9.872	20.877
Total	21.682	56.775

FIXED ASSETS

• Land
• Buildings
• Office building
• Factory building
• Plant and equipment
• Factory equipments
• Vehicles
• Computer equipments
• Other equipments

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. 62.82
UK Pound	1	Rs. 93.85
Euro	1	Rs. 67.59

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUM
Report Prepared by :	JYO, TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--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		45

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.