MIRA INFORM REPORT

Report No. :	334986
Report Date :	06.08.2015

IDENTIFICATION DETAILS

Name :	E COMPLEX PRIVATE LIMITED (w.e.f. 06.03.2007)
Formerly Known As :	METDIST INDUSTRIES PRIVATE LIMITED
Registered Office :	Survey No. 658, Village Rompara II, Taluka Rajula, Rajula – 365560, Gujarat
Tel. No.:	91-22-66199000 (Mr. Kirti)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.05.1995
Com. Reg. No.:	04-026113
Capital Investment / Paid-up Capital :	Rs.271.093 Million
CIN No.: [Company Identification No.]	U63000GJ1995PTC026113
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Exporting of Ships.
No. of Employees :	2200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Subject has achieved better growth in sales turnover but has reported loss from its operation during FY 2014. Rating takes into consideration, subjects below average financial risk profile marked by accumulated losses recorded by the company and huge external borrowing taken by the company which may act as a threat to its liquidity position. These rating weaknesses are partially offset by the long track record of operations and extensive experience of promoters. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. Subject can be considered for business dealing with some 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Kirti
Designation :	Senior Manager
Contact No.:	91-22-66199000
Date :	05.08.2015

LOCATIONS

Registered Office :	Survey No. 658, Village Rompara II, Taluka Rajula, Rajula – 365560, Gujarat, India
Tel. No.:	91-22-66199000 (Mr. Kirti)
Fax No.:	Not Available
E-Mail :	kirti.solanki@tipavavdoc.com cs@ecomplex.co.in
Website :	http://www.pipavavdoc.com
Factory :	Located At: Tipavav
Head Office :	Skil House 209 Bank Street Cross I Ane For Mumbai – 400023, Maharashtra, India

DIRECTORS

As on 26.09.2014

Name :

Mr. Bhavesh Prataprai Gandhi

Designation :

Director

Address :

New Breach Candy Co-op Society Limited, D/4 4^th Floor, 70C Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

21.01.1966

Date of Appointment :

06.07.2007

DIN No.:

00030623

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	U24230MH1989PLC053959	METROPOLITAN OVERSEAS LIMITED	Director	19/10/1989	19/10/1989	12/08/2011	Active	NO
2	U24200MH1988PLC046817	DONYI POLO PETROCHEMICALS LIMITED	Director	07/01/1990	07/01/1990	-	Active	NO
3	U40106DL1993PLC054607	EMGEE SOLOR LIMITED	Director	29/07/1993	29/07/1993	24/09/2007	Strike off	NO
4	U99999DL1993PLC054664	ESQUIRE GUJRAT PETRO CHEMICALS LIMITED	Director	29/07/1993	29/07/1993	24/09/2007	Strike off	NO
5	U31400MH1993PLC074343	HORIZON INDIA BATTERIES LIMITED	Director	05/10/1993	05/10/1993	24/09/2007	Active	NO
6	U23200DL1994PLC058624	RENEWABLE ENERGY TECHNOLOGY INDIA LIMITED	Director	26/04/1994	26/04/1994	24/09/2007	Strike off	NO
7	U24110TG1984PTC005079	VIPLA ORGANICS PRIVATE LIMITED	Director	08/08/1994	08/08/1994	24/09/2007	Strike off	NO
8	U45102MH1995PTC084308	AWAITA PROPERTIES PRIVATE LIMITED	Director	05/01/1995	05/01/1995	-	Active	NO
9	L36911MH1983PLC178299	SKIL Infrastructure Limited	Director	05/01/1995	05/01/1995	-	Active	NO
10	U45300GJ1998PLC033589	POSEIDON INFRASTRUCTURE LIMITED	Director	20/01/1998	20/01/1998	24/09/2007	Strike off	NO
11	U45200MH1995PTC095021	HORIZON LIFESTYLE INFRASTRUCTURE PRIVATE LIMITED	Director	13/04/1998	13/04/1998	25/09/2007	Active	NO
12	U29110MH1990PLC055506	SKIL Infrastructure Limited	Director	17/04/1999	17/04/1999	-	Amalgamated	NO
13	U45201MH2000PLC150280	Mumbai SEZ Limited	Director	05/04/2000	05/04/2000	30/03/2015	Active	NO
14	U65993GJ2000PTC039105	SEA KING CONSORTIUM INVESTMENTS PRIVATE LIMITED	Director	21/12/2000	21/12/2000	24/09/2007	Strike off	NO
15	U72900GJ2002PLC040721	DIGITRA INFO STRUCTURE LIMITED	Director	13/05/2002	13/05/2002	24/09/2007	Strike off	NO
16	U45200MH2004PTC146973	NAVI MUMBAI SEZ PRIVATE LIMITED	Director	26/09/2006	04/10/2004	-	Active	NO
17	U45200MH2005PTC154303	URBAN INFRASTRUCTURE HOLDINGS Private LIMITED	Director	28/06/2005	28/06/2005	-	Active	NO
18	U45203MH2005PTC155377	SKIL SHIPYARD HOLDINGS PRIVATE LIMITED	Director	16/08/2005	16/08/2005	-	Active	NO
19	L35110GJ1997PLC033193	PIPAVAV DEFENCE AND OFFSHORE ENGINEERING COMPANY LIMITED	Whole-time director	01/04/2013	30/12/2005	-	Active	NO
20	U63000GJ1995PTC026113	E COMPLEX PRIVATE LIMITED	Director	06/07/2007	01/12/2006	-	Active	NO
21	U40101MH2008PLC181157	Energy India Corporation Limited	Director	15/04/2008	15/04/2008	-	Active	NO
22	U22190MH2006PTC162666	ACE PUBLICATIONS & PROMOTIONS PRIVATE LIMITED	Director	30/09/2008	28/07/2008	16/03/2009	Active	NO
23	U74910DL2009PLC191789	SHITUL OVERSEAS PLACEMENT AND LOGISTICS LIMITED	Additional director	02/09/2009	02/09/2009	21/06/2010	Active	NO
24	U74999MH1924NPL001128	BOMBAY CHAMBER OF COMMERCE AND INDUSTRY	Director	14/06/2011	14/06/2011	06/06/2013	Active	NO
25	U55204MH2012PLC233615	NAYROH LIFESTYLE AND LEISURE INFRASTRUCTURE LIMITED	Director	20/07/2012	20/07/2012	-	Active	NO
26	U29253MH2012PTC238456	MAZAGON DOCK PIPAVAV DEFENCE PRIVATE LIMITED	Director	03/12/2012	03/12/2012	05/12/2012	Active	NO

Name :

Mr. Ajit Dinkar Dabholkar

Designation :

Director

Address :

D-801, Pearl Drop, Great Eastern Gardens, L.B.S Marg, Kanjurmarg (West), Mumbai – 400078, Maharashtra, India

Date of Birth/Age :

19.06.1965

Date of Appointment :

28.09.2011

DIN No.:

03504203

Name :

Mr. Rajiv Sarman Shukla

Designation :

Director

Address :

B1101, Prathamesh Residency, Dadabhai Road, Andheri, Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

21.12.1974

Date of Appointment :

27.09.2013

DIN No.:

02143904

KEY EXECUTIVES

Name :	Mr. Kirti
Designation :	Senior Manager
Name :	Mr. Ankit Lalit Dewan
Designation :	Secretary
Address :	Flat No. 401 A, Sai Vihar Co-op Housing Society, Subhash Nagar, Lal Chowki, Kalyan – 421301, Maharashtra, India
Date of Birth/Age :	03.09.1988
Date of Appointment :	18.11.2013
PAN No.:	ANAPD4211D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2014

Names of Shareholders	No. of Shares
Pipavav Defence and Offshore Engineering Company Limited, India	21709320
Shekhar Gandhi Jointly with PIPAVAVDOC	1
Ajit Dabhokar Jointly with PIPAVAVDOC	1
Debashis Bir Jointly with PIPAVAVDOC	1
Parag Pukhan Jointly with PIPAVAVDOC	1
Raveendran Koorma jointly with PIPAVAVDOC	1
Umesh Bhatt jointly with PIPAVAVDOC	1
Seshndri Chari jointly with PIPAVAVDOC	1
Total	21709327

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Exporting of Ships.
Products / Services :	Ships and Service providing of building activity
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Ships
Countries :	European Countries
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

2200 (Approximately)

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
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

Financial Institutions :	IDBI Trusteeship Services Limited (CIN No.: U65991MH2001GOI131154)
Address :	Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India
Email Id.:	itsl@idbitrustee.co.in
Auditors :
Name :	GPS and Associates Chartered Accountants
Address :	A-1 Sindhi Niwas Sitaladevi Temple Road, Near Rang Udyan, Mahim, Mumbai 400016, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFG4422H
Memberships :	--
Collaborators :	--
Holding company:	Pipavav Defence And Offshore Engineering Company Limited, India L35110GJ1997PLC033193
Fellow Subsidiary :	Pipavav Marine and Offshore Limited PDOC Pte. Limited Pipavav Lighter Than Air Systems Private Limited (w.e.f 18th March, 2014)
Other Related Parties :	SKIL Infrastructure Limited, India U29110MH1990PLC055506 Grevek Investments And Finance Private Limited, India U65990MH1993PTC070326

CAPITAL STRUCTURE

As on 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs.600.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21709327	Equity Shares	Rs.10/- each	Rs.217.093 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	217.093	217.093	217.093
(b) Reserves & Surplus	(64.364)	(6.950)	(30.153)
(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)	152.729	210.143	186.940
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	1715.048	415.813
(b) Deferred tax liabilities (Net)	42.751	58.364	47.157
(c) Other long term liabilities	753.000	753.000	753.000
(d) long-term provisions	0.453	0.386	0.339
Total Non-current Liabilities (3)	796.204	2526.798	1216.309
(4) Current Liabilities
(a) Short term borrowings	1691.821	1300.000	1.052
(b) Trade payables	340.443	21.049	9.143
(c) Other current liabilities	2194.855	137.323	107.314
(d) Short-term provisions	0.088	0.070	0.244
Total Current Liabilities (4)	4227.207	1458.442	117.753
TOTAL	5176.140	4195.383	1521.002
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1404.971	1449.836	1352.971
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	435.326	197.302	131.104
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2881.659	2517.731	32.038
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4721.956	4164.869	1516.113
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	443.427	0.000	0.000
(d) Cash and cash equivalents	0.623	0.881	0.331
(e) Short-term loans and advances	10.134	29.633	4.558
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	454.184	30.514	4.889
TOTAL	5176.140	4195.383	1521.002

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	TOTAL REVENUE	2923.113	148.972	119.333
Less	TOTAL EXPENSES	2996.197	114.562	79.605
	PROFIT/ (LOSS) BEFORE TAX	(73.084)	34.410	39.728
Less	TAX	(15.670)	11.207	10.760
	PROFIT/ (LOSS) AFTER TAX	(57.414)	23.203	28.968
	Earnings / (Loss) Per Share (Rs.)	(2.64)	1.07	1.33

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	36.817	111.418	66.360

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(1.96)	15.58	24.27
Return on Total Assets (PBT/Total Assets}	(%)	(1.54)	0.86	2.86
Return on Investment (ROI) (PBT/Networth)		(0.48)	0.16	0.21
Debt Equity Ratio (Total Debt /Networth)		11.08	14.35	2.23
Current Ratio (Current Asset/Current Liability)		0.11	0.02	0.04

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	217.093	217.093	217.093
Reserves & Surplus	(30.153)	(6.950)	(64.364)
Net worth	186.940	210.143	152.729
long-term borrowings	415.813	1715.048	0.000
Short term borrowings	1.052	1300.000	1691.821
Total borrowings	416.865	3015.048	1691.821
Debt/Equity ratio	2.230	14.348	11.077

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	119.333	148.972	2923.113
		24.837	1,862.190

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	119.333	148.972	2923.113
Profit	28.968	23.203	(57.414)
	24.27%	15.58%	(1.96%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 905/906 Sakar-II, Ellisbridge Corner, Ellisbridge, Ahmedabad – 380006, Gujarat, India to the present address w.e.f. 26.09.2012

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loan from Banks	0.000	1715.048
Short-term borrowings
Loans and Advances from Others	161.300	0.000
Others loans and advances	1530.521	1300.000
Total	1691.821	3015.048
Note : LONG TERM BORROWINGS 1 The unsecured loan of Rs.1715.048 Million included in current maturities of long term borrowings in Note 10 is secured by way of Mortgage of approximately 66 acres of land belonging to other Corporates. 2 Repayment Terms: The unsecured loan carry an interest rate of 19.00% p.a. and is repayable in 3 equal quarterly installments commencing from August, 2014 to February, 2015. 3 The unsecured loan is guaranteed by promotor group Company i.e SKIL Infrastructure Limited and holding Company i.e. Pipavav Defence and Offshore Engineering Limited and further secured by 2,80,00,000 fully paid up equity shares of the Pipavav Defence and Offshore Engineering Company Limited and 3,200,000 fully paid up equity shares of Everon Education Limited held by the promotors. 4 The unsecured loan is further guaranteed by one of the director of Pipavav Defence and Offshore Engineering Company Limited. 5 As at March 31st, 2014, the Company has overdue of Rs. 125.997 Million (Previous Year: Rs. 22.383 Million) towards interest. SHORT TERM BORROWINGS 1 Unsecured Loans from Body Corporates as referred to above includes: i) Rs.1123.021 Million secured by first charge by way of mortgage of land admeasuring 61.41.50 Hectare equivalent to about 151.426 acre situated at Borgaon, Taluka Pen, District Raigad in the State of Maharashtra owned by other corporates. ii) Rs.407.500 Million secured by registerd mortgage of 19.5 acres of land parcel located at Raigarh District,Maharashtra owned by corporates and individual. 2 Unsecured Loans from Body Corporates of Rs.1123.021 Million are further secured by Pledge of 1,81,10,647 or such number of fully paid up equity shares held by the promoters of the Pipavav Defence and Offshore Engineering Company Limited and Pledge of 25% fully paid up equity share of SKIL Infrastructure Limited (on fully diluted basis), subject to minimum 6,37,28,003 number of shares. 3 The above Unsecured Loans from Body Corporates is guaranteed by Pipavav Defence and Offshore Engineering Company Limited and loan of Rs.1123.021 Million are further guaranted by SKIL Infrastructure Limited. 4 The above Unsecured Loans from Body Corporates is further guaranteed by one of the director of Pipavav Defence and Offshore Engineering Company Limited. 5 As on March 31, 2014, the Company has overdue of Rs.1123.021 Million (Previous Year: Rs. 400.000 Million) and Rs.154.375 Million (Previous Year: Rs. 23.059 Million) towards the principal and interest respectively.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10545389	31/12/2014	100,000,000.00	CORPORATION BANK	PHOENIX MILL COMPOUND,SENAPATI BAPAT MARG, LOWER  PAREL, MUMBAI, Maharashtra - 400013, INDIA	C41583261
2	10524384	27/09/2014	150,000,000.00	Edel Finance Company Limited	Edelweiss House, Off. C.S.T Road, Kalina,, Mumbai,  Maharashtra - 400098, INDIA	C26890327
3	10358623	17/05/2012	1,300,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA	B40815755

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Income Tax	13.360	1.360
Third party claims	84.048	64.344

FIXED ASSETS

• Land
• Building
• Plant and Equipment
• Furniture and Fixture
• Office Equipment

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.63.81
UK Pound	1	Rs.99.15
Euro	1	Rs.69.31

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	SAN
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	3
--RESERVES	1~10	1
--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		27

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.