MIRA INFORM REPORT

Report No. :	338468
Report Date :	26.08.2015

IDENTIFICATION DETAILS

Name :	SHAH FOILS LIMITED (w. e. f. 16.03.2011)
Formerly Known As :	SHAH FOILS PRIVATE LIMITED
Registered Office :	26, Block B, Galaxy Signature, Science City Road, Sola, Amedabad-380060, Gujarat
Mobile. No.:	91-9328255431 (Mr. Jinny)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.04.2004
Com. Reg. No.:	04-043927
Capital Investment / Paid-up Capital :	Rs. 60.000 Million
CIN No.: [Company Identification No.]	U27209GJ2004PLC043927
IEC No.:	0804004501
TAN No.: [Tax Deduction & Collection Account No.]	AHMS07743B
PAN No.: [Permanent Account No.]	AAICS0490F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Importers of cold rolled stainless steel coils, strips and circles.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. For the financial ended 2014, sales turnover the company has declined which has resulted into dip in profit of the company during a year under a review. However, rating takes into consideration extensive experience of SFL’s promoters in the steel industry supported by above average financial base along with sound net worth base and moderate debt protection metrics of the company. Trade relations are fair. Business is active. Payment terms 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 – 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 = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	11.07.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	11.07.2014

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Jinny Patwa
Designation :	Finance Manager
Contact No.:	91-9328255431
Date :	25.08.2015

LOCATIONS

Registered Office :	26, Block B, Galaxy Signature, Science City Road, Sola, Amedabad-380060, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9328255431 (Mr. Jinny)
Fax No.:	Not Available
E-Mail :	info@shahfoils.com accounts@shahfoils.com
Website :	http://www.shahfoils.com
Location:	Owned
Locality:	Commercial
Administrate Office/ Factory :	1820/1, Santej, Santej Khatraj Road, Opposite Raj Nagar Bus Stop, Near GEB Sub Station, , Taluka – Kalol, Gandhinagar – 382721, Gujarat, India
Tel. No.:	91-2764-286234/286894
Fax No.:	91-2764-268178
Location:	Owned
Locality:	Industrial

DIRECTORS

AS ON: 30.09.2014

Name :

Mr. Ramesh Manilal Shah

Designation :

Director

Address :

A-2, Madhu Sagar, Building Kempas, Corner, A. K. Marg, Mumbai, Maharashtra, India

Date of Birth/Age :

07.01.1950

Date of Appointment :

06.04.2004

Pan No:

AAIPS6516K

DIN No.:

00311818

Name :

Mr. Mahendra Manilal Shah

Designation :

Director

Address :

Flat No. 1201, 12^th Floor, Spenta Tower, Fogest, Street, Gowalya Tank, Mumbai-400036, Maharashtra, India

Date of Birth/Age :

01.02.1953

Date of Appointment :

06.04.2004

DIN No.:

00312465

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	U27209GJ2004PLC043927	SHAH FOILS LIMITED	Director	06/04/2004	06/04/2004	-	Active	NO
2	U51909MH2008PTC180038	NOBEL TRADEWINGS PRIVATE LIMITED	Director	13/03/2008	13/03/2008	-	Active	NO
3	U17110GJ1995PTC027596	SURYAKIRAN ROLLING MILLS PRIVATE LIMITED	Director	20/02/2010	20/02/2010	-	Active	NO
4	U27109GJ2010PTC063142	SUNRISE STAINLESS PRIVATE LIMITED	Director	04/12/2010	04/12/2010	-	Active	NO
5	U27100GJ2013PTC073221	STEELOY ROLLING MILLS PRIVATE LIMITED	Director	02/01/2013	02/01/2013	15/11/2014	Active	NO

Name :

Mr. Kartik Rameshbhai Shah

Designation :

Managing Director

Address :

1004, Pushkar Apartment, Judges Bunglow Road, Bodak Dev, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

24.08.1973

Date of Appointment :

01.08.2013

Pan No:

AMZPS2692H

DIN No.:

00311690

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	U27209GJ2004PLC043927	SHAH FOILS LIMITED	Managing director	01/08/2013	06/04/2004	-	Active	NO
2	U52342GJ2007PTC051294	SUNRISE TRADEWINGS PRIVATE LIMITED	Director	10/07/2007	10/07/2007	24/02/2010	Active	NO

Name :

Mr. Lekhraj Parasmal Kanungo

Designation :

Additional director

Address :

Plot No-189, Sector-04, Gandhidham-370201, Gujarat, India

Date of Birth/Age :

14.09.1956

Date of Appointment :

01.04.2010

DIN No.:

00256669

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	U51909GJ2003PTC041892	SMITA EXIM PRIVATE LIMITED	Director	24/01/2003	24/01/2003	-	Active	NO
2	U45201MH2001PTC132866	P AND K PLINTH PRIVATE LIMITED	Director	15/01/2004	15/01/2004	-	Active	NO
3	U27200MH2004PTC149403	SANKALP FOILS PRIVATE LIMITED	Director	04/11/2004	04/11/2004	01/08/2010	Active	NO
4	U51100GJ2005PTC046863	SHANTINATH MOTORS PRIVATE LIMITED	Director	05/10/2005	05/10/2005	17/02/2011	Active	NO
5	L24238MH1950PLC008313	THE KUTCH SALT AND ALLIED INDUSTRIES LIMITED	Director	31/12/2005	31/12/2005	-	Active	NO
6	U51100MH2004PTC146355	RSBL COMMODITIES PRIVATE LIMITED	Additional director	10/11/2006	10/11/2006	29/09/2007	Active	NO
7	U27209GJ2004PLC043927	SHAH FOILS LIMITED	Additional director	01/04/2010	01/04/2010	-	Active	NO
8	U51101MH2012PTC229130	FARLIN COMMODITIES PRIVATE LIMITED	Director	03/04/2012	03/04/2012	07/09/2013	Active	NO
9	U70101RJ2011PTC036581	TRANSLAND DEVELOPERS PRIVATE LIMITED	Director	18/04/2012	18/04/2012	06/11/2012	Active	NO
10	U51101MH2012PTC231558	Smita Investrade Private Limited	Managing director	28/05/2012	28/05/2012	-	Active	NO
11	AAC-9625	SMITA IMPEX LLP	Designated Partner	24/11/2014	24/11/2014	-	Active	NO
12	AAE-1942	M. NAHAR AND RATNAKAR CONSTRUCTIONS LLP	Designated Partner	17/06/2015	17/06/2015	-	Active	NO
13	AAE-1943	M. NAHAR AND RATNAKAR DEVELOPERS LLP	Designated Partner	17/06/2015	17/06/2015	-	Active	NO
14	AAE-1944	M. NAHAR AND RATNAKAR INFRA LLP	Designated Partner	17/06/2015	17/06/2015	-	Active	NO

KEY EXECUTIVES

Name :	Lokesh L Dave
Designation :	Company Secretary
Name :	Mr. Jinny Patwa
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 30.09.2014

Names of Shareholders	No. of Shares
Sukhraj Singhvi	600000
Babulal Singhvi	600000
Rameshchandra Shah	868000
Mahednra Shah	560000
Kartik Shah	459000
Lekhraj Kanungo	670000
Manjudevi Kanungo	250000
Preksha Kanungo	250000
Smita Exim Private Limited	150000
Suryakiran Rolling Mills Private Limited	130000
Ashok A. Singhvi	600000
Jignesh R. Shah	86000
Meghna K. Shah	86000
Pratik M. Shah	86000
Kina J. Shah	69000
Nipa B. Patel	67000
Ruchit M. Shah	67000
Bhumika A. Gandhi	67000
Asmitaben M. Shah	67000
Surekhaben R. Shah	0
Jignesh R. Shah - HUF	67000
Kartik R. Shah – HUF	67000
Mahendra M. Shah – HUF	67000
Rameshchandra M. Shah – HUF	67000
Total	6000000

As On: 17.03.2015

Names of Proposed Allottee	No. of Shares (Post Issue)	% Post Offer
Suryakiran Rolling Mills Private Limited	800000	13.67

Equity Share Break up (Percentage of Total Equity)

AS ON: 30.09.2014

Category	Percentage
Bodies corporate	4.67
Directors or relatives of Directors	95.33
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importers of cold rolled stainless steel coils, strips and circles.

Products :

Item Code No. (ITC Code)	Product Description
72262021	S. S Hot Rolled Coil

· Stainless Steel Coils

· Stainless Steel Strip

· Stainless Steel Circles

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Products :

Raw Material

Countries :

China

Malaysia

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

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 :

End Users

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 :

300 (Approximately )

Bankers :

Banker Name	State Bank of India
Branch Address	Commercial Branch, Ellis bridge, Ahmedabad, 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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee Term Loan from Banks	35.056	50.154
Deferred payment for acquisition of fixed assets	0.973	0.919
SHORT TERM BORROWING
Working capital loans from banks	492.950	509.017
Total	528.979	560.090

Financial Institution:	SREI Infrastructure Finance Limited, Vishwakarma, 86C,Topsia Road (South), Kolkata - 700046, West Bengal, India
Auditors :
Name :	Bhanwar Jain and Company Chartered Accountants
Address :	302, Kaling Complex, Near Mount Carmel School, Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26583107
Fax No.:	91-79-26587038
E-Mail :	bmjain2001@yahoo.co.in
PAN No.:	AACFB8898F
Memberships :	Not Available
Collaborators :	Not Available
Sister Concerns:	· Sunrise Enterprise · Mahaveer Petroleum
Associate :	· Sunrise Stainless Private Limited

CAPITAL STRUCTURE

AS ON: 30.09.2014

Authorised Capital: Rs. 75.000 Million

Issued, Subscribed & Paid-up Capital: Rs. 68.000 Million

AS ON: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6500000	Equity Shares	Rs.10/- each	Rs. 65.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs. 60.000 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	60.000	60.000	60.000
(b) Reserves & Surplus	256.876	231.230	197.082
(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)	316.876	291.230	257.082
(3) Non-Current Liabilities
(a) long-term borrowings	88.529	138.573	175.010
(b) Deferred tax liabilities (Net)	42.539	46.670	51.204
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.082	4.383	2.602
Total Non-current Liabilities (3)	136.150	189.626	228.816
(4) Current Liabilities
(a) Short term borrowings	492.950	509.017	638.037
(b) Trade payables	225.750	218.618	98.865
(c) Other current liabilities	40.904	34.472	26.231
(d) Short-term provisions	10.784	21.531	12.130
Total Current Liabilities (4)	770.388	783.638	775.263
TOTAL	1223.414	1264.494	1261.161
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	312.269	276.504	266.644
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	33.172	0.260	11.632
(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	0.655	0.655	6.809
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	346.096	277.419	285.085
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	365.865	329.516	202.924
(c) Trade receivables	385.031	481.553	426.709
(d) Cash and cash equivalents	6.042	94.118	249.318
(e) Short-term loans and advances	110.993	62.552	54.504
(f) Other current assets	9.387	19.336	42.621
Total Current Assets	877.318	987.075	976.076
TOTAL	1223.414	1264.494	1261.161

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from Operations	2309.581	2375.727	2214.001
	Other Income	0.441	0.838	6.816
	TOTAL (A)	2310.022	2376.565	2220.817
Less:	EXPENSES
	Cost of Materials Consumed	1937.343	2027.770	1772.605
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(46.180)	(105.801)	26.054
	Employees benefits expense	41.835	38.818	30.716
	Other expenses	216.546	252.655	202.673
	TOTAL (B)	2149.544	2213.442	2032.048
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)	160.478	163.123	188.769
Less:	FINANCIAL EXPENSES (D)	97.353	74.176	91.219
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	63.125	88.947	97.550
Less:	DEPRECIATION/ AMORTISATION (F)	42.087	37.792	36.917
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	21.038	51.155	60.633
Less:	TAX (H)	6.653	16.997	13.706
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	14.385	34.158	46.927
	Earnings / (Loss) Per Share (Rs.)	2.40	5.69	7.82

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	15.796	18.835	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	175.225	100.786	(14.602)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.62	1.44	2.12
Operating Profit Margin (PBIDT/Sales)	(%)	6.95	6.87	8.53
Return on Total Assets (PBT/Total Assets}	(%)	1.77	4.05	4.85
Return on Investment (ROI) (PBT/Networth)		0.07	0.18	0.24
Debt Equity Ratio (Total Debt /Networth)		1.84	2.22	3.16
Current Ratio (Current Asset/Current Liability)		1.14	1.26	1.26

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	60.000	60.000	60.000
Reserves & Surplus	197.082	231.230	256.876
Net worth	257.082	291.230	316.876
long-term borrowings	175.010	138.573	88.529
Short term borrowings	638.037	509.017	492.950
Total borrowings	813.047	647.590	581.479
Debt/Equity ratio	3.163	2.224	1.835

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)
Revenue from Operations	2214.001	2375.727	2309.581
		7.305	(2.784)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operations	2214.001	2375.727	2309.581
Profit	46.927	34.158	14.385
	2.12%	1.44%	0.62%

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)	Yes
16	No. of employees	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from E – 1 Terrace Apartment, Navrang Pura, Ahmedabad – 380009, Gujarat, India to the present address w. e. f. 01.04.2012

UNSECURED LOAN:

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS:
Intercorporate Borrowings	52.500	87.500
Total	52.500	87.500

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10504414	09/06/2014	786,200,000.00	State Bank of India	MID CORPORATE GROUP, COMMERCIAL BRANCH, PARAMSIDDHI COMPLEX, OPPOSITE V.S.HOSPITAL, ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	C07388267
2	90110914	09/06/2014 *	122,500,000.00	State Bank of India	MID CORPORATE GROUP, COMMERCIAL BRANCH, PARAMSIDDHI COMPLEX, OPPOSITE V.S.HOSPITAL, ELLISBRIDGE, AHMEDA  BAD, GUJARAT - 380006, INDIA	C07385826

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Claims against company not acknowledged as debt	30.015	36.955
Guarantees	22.197	19.697

FIXED ASSETS:

Tangible

· Factory Building

· Factory Equipment

· Furniture and Fixtures

· Motor Vehicles

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. 105.10
Euro	1	Rs. 77.11

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KRN
Report Prepared by :	THR

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	4
--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		43

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.