MIRA INFORM REPORT

Report No. :	338519
Report Date :	26.08.2015

IDENTIFICATION DETAILS

Name :	AANCHAL ISPAT LIMITED (w.e.f. 21.08.2014)
Formerly Known As :	AANCHAL ISPAT PRIVATE LIMITED (w.e.f. 29.11.2012) VINITA PROJECTS PRIVATE LIMITED
Registered Office :	Mouza-Chamarailnational Highway 6, Liluah, Howrah – 711114, West Bengal
Mobile No.:	91-9830651105 (Mr. Deepak)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.01.1996
Com. Reg. No.:	21-076866
Capital Investment / Paid-up Capital :	Rs. 42.833 Million
IEC No.:	Not Available
CIN No.: [Company Identification No.]	U27106WB1996PLC076866
TAN No.: [Tax Deduction & Collection Account No.]	CALA16218G
PAN No.: [Permanent Account No.]	AAACV8542M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in manufacturing of Mild Steel TMT Re-bars, Structural Rre-bars, angles, channels, TMT Bars, MS Round and other Ssectional products.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1996 and it is engaged in manufacturing of mild steel TMT re-bars, structural RRE-BARS, angles, channels, TMT bars, MS round and other SSECTIONAL products. Subject is an established company having satisfactory track record. Rating takes into consideration company's sound financial risk profile marked by established track record of business operations and favorable gap between trade payables to its receivables. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condition.

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	CRISIL
Rating	Long term rating: BB- (Suspended)
Rating Explanation	Inadequate credit quality and high credit risk.
Date	24.06.2015

Rating Agency Name	CRISIL
Rating	Short term rating: A4+ (Suspended)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	24.06.2015

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 DECLINED BY

Name :	Mr. Deepak
Designation :	Account Officer
Contact No.:	91-9830651105
Date :	25.08.2015

LOCATIONS

Registered Office / Manufacturing Unit:	Mouza-Chamarailnational Highway 6, Liluah, Howrah – 711114, West Bengal, India
Tel. No.:	Not Available
Mobile No.:	91-9830651105 (Mr. Deepak)
Fax No.:	Not Available
E-Mail :	aanchalispat@gmail.com info@aanchalishpat.com
Godown:	Pelipara, P.S. Kanksa, District. Burdwan, West Bengal, India
Branch / Sales Office:	7th Floor, Room No. 5, Fortuna Towers, 23A, N.S. Road, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22316131/32
Corporate Office:	Paridhan Garment Park 19, Canal South Road, SDF-V, Block-E, Module-503 Kolkata- 700015, West Bengal, India
Tel No.:	91- 33-2251 0128/2323 0052/62

DIRECTORS

As on 05.09.2014

Name :

Mr. Mukesh Goel

Designation :

Managing director

Address :

AD – 235, Salt Lake City, Sector – 1, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

01.10.1977

Date of Appointment :

12.08.2014

DIN No.:

00555061

PAN No.:

ADDPG2668N

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	U27106WB1999PTC089254	DURGA ALLOY & STEEL PRIVATE LIMITED	Director	22-04-99	22-04-99	31-03-14	Active	NO
2	U18109WB2004PLC100039	AANCHAL COLLECTION LIMITED	Director	04-10-04	04-10-04	-	Active	NO
3	U27109WB2006PTC107325	KHUSH ISPAT PVT LTD	Director	17-01-06	17-01-06	31-03-14	Active	NO
4	U27310WB2008PTC124171	AANCHAL IRON & STEELS PRIVATE LIMITED	Director	14-03-08	14-03-08	-	Active	NO
5	U27310WB2008PTC124179	HALDIA ALLOYS & ISPAT PRIVATE LIMITED	Director	17-03-08	17-03-08	-	Active	NO
6	U27100WB2008PTC124444	KHUSH METALLIKS PRIVATE LIMITED	Director	25-03-08	25-03-08	-	Active	NO
7	U26942WB1995PLC073703	AANCHAL CEMENT LIMITED	Director	14-05-08	14-05-08	-	Active	NO
8	U74900WB2009PTC135111	MAINA SECURITIES PRIVATE LIMITED	Director	15-05-09	15-05-09	-	Active	NO
9	U27106WB1996PLC076866	AANCHAL ISPAT LIMITED	Managing director	12-08-14	23-12-09	-	Active	NO
10	U15312WB2007PTC113374	Jaya Rice Mills Private Limited	Director	18-03-10	18-03-10	-	Active	NO
11	U15312WB2007PTC113375	Kalayani Rice Mills Private Limited	Director	30-04-10	30-04-10	-	Active	NO
12	U51909WB2008PTC131338	PRATIK SUPPLIERS PRIVATE LIMITED	Director	14-03-11	14-03-11	-	Active	NO
13	U51909WB2007PTC115284	PENGUIN CREATION PRIVATE LIMITED	Additional director	21-06-11	21-06-11	-	Active	NO

Name :

Mr. Manoj Goel

Designation :

Director

Address :

AD – 235, Salt Lake City, Sector – 1, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

18.06.1980

Date of Appointment :

03.09.2014

DIN No.:

00554986

PAN No.:

AHMPG7204K

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	U18109WB2004PLC100039	AANCHAL COLLECTION LIMITED	Director	04-10-04	04-10-04	-	Active	NO
2	U27109WB2006PTC107325	KHUSH ISPAT PVT LTD	Director	17-01-06	17-01-06	30-06-14	Active	NO
3	U27310WB2008PTC124171	AANCHAL IRON & STEELS PRIVATE LIMITED	Director	14-03-08	14-03-08	-	Active	NO
4	U27310WB2008PTC124179	HALDIA ALLOYS & ISPAT PRIVATE LIMITED	Director	17-03-08	17-03-08	-	Active	NO
5	U27100WB2008PTC124444	KHUSH METALLIKS PRIVATE LIMITED	Director	25-03-08	25-03-08	-	Active	NO
6	U26942WB1995PLC073703	AANCHAL CEMENT LIMITED	Director	11-04-08	11-04-08	-	Active	NO
7	U27106WB1999PTC089254	DURGA ALLOY & STEEL PRIVATE LIMITED	Director	19-11-08	19-11-08	30-06-14	Active	NO
8	U74900WB2009PTC135111	MAINA SECURITIES PRIVATE LIMITED	Director	15-05-09	15-05-09	-	Active	NO
9	U27106WB1996PLC076866	AANCHAL ISPAT LIMITED	Director	03-09-14	23-12-09	-	Active	NO
10	U15312WB2007PTC113374	Jaya Rice Mills Private Limited	Director	18-03-10	18-03-10	-	Active	NO
11	U15312WB2007PTC113375	Kalayani Rice Mills Private Limited	Director	30-04-10	30-04-10	-	Active	NO
12	U51909WB2008PTC131338	PRATIK SUPPLIERS PRIVATE LIMITED	Director	14-03-11	14-03-11	-	Active	NO
13	U51909WB2007PTC115284	PENGUIN CREATION PRIVATE LIMITED	Additional director	12-07-11	12-07-11	-	Active	NO

Name :

Mr. Sudhir Kumar Budhia

Designation :

Director

Address :

BL-5, 3^rd Floor, Flat No. 105, Bidhan Nagar, Kolkata – 700067, West Bengal, India

Date of Birth/Age :

21.11.1979

Date of Appointment :

30.07.2014

DIN No.:

02869779

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	U51909WB2010PTC141193	PINNACLE VINVEST PRIVATE LIMITED	Director	21-01-10	21-01-10	23-06-10	Active	NO
2	U51909WB2010PTC141192	MODESTY VINIMAY PRIVATE LIMITED	Director	21-01-10	21-01-10	20-02-12	Active	NO
3	U74140WB2008PTC127422	ARYA ADVISORS PRIVATE LIMITED	Director	28-01-10	28-01-10	12-11-12	Active	NO
4	U51101WB1997PTC084331	ESHA INVESTMENT & TRADING PRIVATE LIMITED	Additional director	26-02-10	26-02-10	06-06-11	Active	NO
5	U70102WB2010PTC142033	BLOSSOM DEALERS PRIVATE LIMITED	Director	12-05-10	12-05-10	01-03-11	Active	NO
6	U93000WB2010PTC156398	Sovereign Trustee Company (I) Private Limited	Director	29-12-10	29-12-10	31-03-13	Active	NO
7	U51909WB2010PTC142210	EMPIRE SUPPLIERS PRIVATE LIMITED	Director	21-02-11	21-02-11	02-11-11	Active	NO
8	U51909WB2009PTC138683	RANGMAHALA VINIMAY PRIVATE LIMITED	Director	21-02-11	21-02-11	02-11-11	Active	NO
9	U74140WB2012PTC183734	MANGALRASHI CONSULTANTS PRIVATE LIMITED	Director	01-02-13	01-02-13	-	Active	NO
10	U27106WB1996PLC076866	AANCHAL ISPAT LIMITED	Director	30-07-14	30-07-14	-	Active	NO

Name :

Mr. Mukesh Agarwal

Designation :

Director

Address :

36, Rajnarayan Roychowdhury Ghat Road, Howrah Municipal Corp, Shibpur, Howrah – 711102, West Bengal, India

Date of Birth/Age :

20.04.1972

Date of Appointment :

01.09.2014

DIN No.:

06954595

KEY EXECUTIVES

Name :	Mr. Ritesh Shaw
Designation :	Chief Executive Officer
Address :	135, J Netaji, S C Bose Road, East Line, 1^st Floor, Kolkata – 700040, West Bengal, India
Date of Appointment :	01.09.2014
PAN No.:	AQBPS4390L
Name :	Mr. Deepak
Designation :	Account Officer
Name :	Babita Kaur Bagga
Designation :	Secretary
Address :	60/12/4,Naskar Para Lane,Howrah, Kolkata - 711103, West Bengal, India
Date of Appointment :	06.09.2014
PAN No.:	BLDPB6387C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 05.09.2014

Names of Shareholders	No. of Shares
Pratik Suppliers Private Limited, India	4128000
Mukesh Goel	1994850
Manoj Goel	1716900
Maina Securities Private Limited, India	4740000
Aanchal Cement Limited, India	180000
Monika Goel	42000
Rashmi Goel	33000
Sitaram Goel	15000
Total	12849750

Equity Share Break up (Percentage of Total Equity)

As on 05.09.2014

Category	Percentage
Bodies corporate	72.45
Directors or relatives of Directors	27.55
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing of Mild Steel TMT Re-bars, Structural Rre-bars, angles, channels, TMT Bars, MS Round and other Ssectional products.

Products :

Item Code No.	Product Description
72071920	Mild Steel (M.S.) Billets

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

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 :

Information declined by the management

Bankers :

• Punjab National Bank, 268/2, G. T. Road; Liluah, Howrah - 711204, West Bengal, India
• The Karur Vysya Bank Limited, Post Box No.21, Erode Road, Karur - 639002, Tamil Nadu, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks	9.304	9.505
Other loans and advances	0.048	0.628
Short-term borrowings
Loans repayable on demand from banks	250.735	228.515
Total	260.087	238.648

Banking Relations :	--
Auditors :
Name :	R Modi and Company Chartered Accountants
Address :	Poddar Court, Gate No-01, 5^th Floor, Room No-507, 18 Rabindra Sarani, Kolkata-700001, West Bengal, India
PAN N Income-tax PAN of auditor or auditor's firm :	AARFR2379A
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AFTER 05.09.2014

Authorised Capital : Rs. 220.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 208.538 Million

As on 05.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
22000000	Equity Shares	Rs.10/- each	Rs. 220.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12849750	Equity Shares	Rs.10/- each	Rs. 128.498 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4283250	Equity Shares	Rs.10/- each	Rs. 42.833 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	42.833	42.833	41.233
(b) Reserves & Surplus	186.988	179.305	166.964
(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)	229.821	222.138	208.197
(3) Non-Current Liabilities
(a) long-term borrowings	31.852	31.539	10.980
(b) Deferred tax liabilities (Net)	8.473	8.484	8.287
(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)	40.325	40.023	19.267
(4) Current Liabilities
(a) Short term borrowings	250.735	228.515	197.066
(b) Trade payables	151.844	175.916	142.429
(c) Other current liabilities	10.356	40.602	60.430
(d) Short-term provisions	24.890	18.942	21.520
Total Current Liabilities (4)	437.825	463.975	421.445
TOTAL	707.971	726.136	648.909
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	58.780	62.751	65.154
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.710	0.711
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7.706	27.886	22.092
(e) Other Non-current assets	8.600	4.200	1.800
Total Non-Current Assets	75.086	95.547	89.757
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	259.690	195.035	297.895
(c) Trade receivables	350.059	379.168	205.410
(d) Cash and cash equivalents	6.738	29.934	11.735
(e) Short-term loans and advances	16.398	26.452	44.112
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	632.885	630.589	559.152
TOTAL	707.971	726.136	648.909

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1903.772	1439.106	1537.360
	Other Income	1.777	2.171
	TOTAL (A)	1905.549	1441.277	1537.360
Less	EXPENSES
	Cost of Materials Consumed	929.359	537.181
	Purchases of Stock-in-Trade	897.054	675.128	1496.774
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(71.658)	102.421
	Employees benefits expense	4.017	2.005
	Other expenses	91.765	78.600
	TOTAL (B)	1850.537	1395.335	1496.774
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	55.012	45.942	40.586
Less	FINANCIAL EXPENSES (D)	38.602	32.533	29.045
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	16.410	13.409	11.541
Less/ Add	DEPRECIATION/ AMORTISATION (F)	4.550	4.488	4.307
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	11.860	8.921	7.234
Less	TAX (I)	4.177	2.980	2.718
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	7.683	5.941	4.516
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	24.213	18.272	13.756
	Balance Carried to the B/S	31.896	24.213	18.272
	Earnings / (Loss) Per Share (Rs.)	1.79	1.39	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	0.000	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	(3.070)	(4.408)	0.000

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.40	0.41	NA
Operating Profit Margin (PBIDT/Sales)	(%)	2.89	3.19	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.68	1.23	1.12
Return on Investment (ROI) (PBT/Networth)		0.05	0.04	0.03
Debt Equity Ratio (Total Debt /Networth)		1.23	1.17	1.00
Current Ratio (Current Asset/Current Liability)		1.45	1.36	1.33

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	41.233	42.833	42.833
Reserves & Surplus	166.964	179.305	186.988
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	208.197	222.138	229.821
long-term borrowings	10.980	31.539	31.852
Short term borrowings	197.066	228.515	250.735
Current maturities of long-term debts	0.000	0.000	0.000
Total borrowings	208.046	260.054	282.587
Debt/Equity ratio	0.999	1.171	1.230

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)
Total Income	1537.360	1441.277	1905.549
		(6.250)	32.213

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	1537.360	1441.277	1905.549
Profit	4.516	5.941	7.683
	0.29%	0.41%	0.40%

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	Yes
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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
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	Yes
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

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from others	22.500	0.000
Other loans and advances	0.000	21.406
Total	22.500	21.406

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10361394	27/04/2012	1,100,000.00	THE KARUR VYSYA BANK LIMITED	43, STRAND ROAD, BURRA BAZAR, KOLKATA, WEST BENGAL - 700007, INDIA	B41938911
2	10246852	24/02/2014 *	332,500,000.00	THE KARUR VYSYA BANK LIMITED	POST BOX NO.21,, ERODE ROAD, KARUR, TAMIL NADU - 639002, INDIA	C00649848

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Vehicles
• Office equipment
• 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 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.66.71
UK Pound	1	Rs.104.10
Euro	1	Rs.77.11

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.