MIRA INFORM REPORT

Report No. :	351773
Report Date :	08.12.2015

IDENTIFICATION DETAILS

Name :	SURENDRA MINING INDUSTRIES PRIVATE LIMITED
Registered Office :	Weigh Bridge Road, Barbil, District Keonjhar – 758035, Orissa
Tel. No.:	91-6767-262164
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.12.1992
Com. Reg. No.:	15-003215
Capital Investment / Paid-up Capital :	Rs. 492.733 Million
CIN No.: [Company Identification No.]	U13203OR1992PTC003215
IEC No.:	2306001235
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAICS1804M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Sponge Iron and Billet. (Confirmed by management)
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 1274000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established in the year 1992 and it is engaged in the manufacturing of sponge iron. The company belongs to the SN Mohanty Group, which has been in the business of iron ore mining in Odisha for over four decades. For the financial year ended 2014, the company possesses moderate operational performance and it has incurred huge loss from its operational activities during the year under a review. Rating remain constrained on account of company’s moderate financial profile marked by negative reserves along with weak liquidity position and leverage balance sheet profile of the company. Rating also constrained on account weakening of company’s business profile because of muted revenue growth and low profitability on account of subdued sponge iron prices. Rating weakness is partially offset by extensive experience of the promoters in the mining and steel intermediaries industry backed by strong financial support provided by SN Mohanty Group. Trade relations are reported as fair. Payments are reported to be slow but correct. In view of aforesaid, the company 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	CRISIL
Rating	Long term rating : BB+
Rating Explanation	Inadequate-credit-quality and high credit risk.
Date	27.11.2015

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 31-03-2015.

INFORMATION PARTED BY (Partial Details)

Name :	Ms. Snehalata Das
Designation :	Back Office Executive
Contact No.:	91-674-2433177
Date :	08.12.2015

LOCATIONS

Registered Office/ Head office :	Weighbridge Road, Barbil, District Keonjhar – 758035, Orissa, India
Tel. No.:	91-6767-262164
Fax No.:	91-6767-275362
E-Mail :	snmbbl@sify.com bntassociates@rediffmail.com
Website :	www.snmgroups.com
Corporate Office :	Flat No.301, 2^nd floor, B-15, BJB Nagar, Bhubaneswar-751006, Odisha, India
Branch Office :	79, Budha Nagar, 2^nd floor, Bhubaneswar-751006, Odisha, India
Tel. No.:	91-674-2310748
Rourkela Office :	X-18, 7 and 8 Area, Civil Township, Rourkela-769004, India
Tel No.:	91-661-6536303
Fax No.:	91-661-2400303

DIRECTORS

As on 27.09.2014

Name :

Mr. Prabodh Mohanty

Designation :

Managing Director

Address :

Station Road, Barbil, Keonjhar – 758035, Orissa, India

Date of Birth/Age :

03.12.1963

Date of Appointment :

16.12.1992

PAN No.:

ABHPM1745Q

DIN No.:

00674835

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	U13203OR1992PTC003215	SURENDRA MINING INDUSTRIES PRIVATE LIMITED.	Managing director	16/12/1992	16/12/1992	-	Active	NO
2	U45201OR1958NPL008546	EASTERN ZONE MINING ASSOCIATION	Director	17/01/1995	17/01/1995	-	Active	NO
3	U13100OR2005PTC008209	KHUNTPANI MINING PRIVATE LIMITED	Director	14/06/2005	14/06/2005	-	Active	NO
4	U51420OR2005PTC008353	MINERAL OVERSEAS PRIVATE LIMITED	Director	19/09/2005	19/09/2005	-	Active	NO
5	U32300OR1987PTC011013	VISHAL METALLICS PRIVATE LIMITED	Director	29/09/2007	01/03/2007	-	Active	NO
6	U70101OR2007PTC009428	SURENDRA ESTATE PRIVATE LIMITED	Managing director	06/07/2007	06/07/2007	-	Active	NO
7	U55101OR2007PTC009471	TREND HOTELS PRIVATE LIMITED	Director	16/08/2007	16/08/2007	24/11/2015	Active	NO
8	U74899DL1969NPL005064	FEDERATION OF INDIA MINERAL INDUSTRIES	Director	18/08/2009	18/08/2009	-	Active	NO
9	U85100OR2009NPL011422	EZMA FOUNDATION	Director	16/12/2009	16/12/2009	-	Active	NO
10	U31909OR2010PTC011575	ALFA SOLAR TECHNOLOGIES PRIVATE LIMITED	Director	03/07/2010	03/07/2010	-	Active	NO
11	U01403OR2005PTC008295	SURENDRA AGRITECH PRIVATE LIMITED	Director	01/08/2011	01/08/2011	-	Active	NO
12	U92132OR2006PTC008938	LOTUS FILMS PRIVATE LIMITED	Director	27/08/2011	27/08/2011	-	Active	NO
13	U31300OR2012PTC015276	SURENDRA POWERTECH PRIVATE LIMITED	Director	23/04/2012	23/04/2012	-	Active	NO
14	U31300OR1995PLC004111	MUTUAL INSULATED CABLES AND CONDUCTORS LIMITED	Director	01/11/2013	01/11/2013	-	Active	NO

Name :

Mr. Tribikram Mishra

Designation :

Whole time director

Address :

QRS No. B/245, Koelnagar, Rourkela – 769014, Orissa, India

Date of Birth/Age :

15.06.1959

Date of Appointment :

25.03.2013

DIN No.:

06588800

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	U32300OR1987PTC011013	VISHAL METALLICS PRIVATE LIMITED	Whole-time director	25/03/2013	25/03/2013	-	Active	NO
2	U13203OR1992PTC003215	SURENDRA MINING INDUSTRIES PRIVATE LIMITED.	Whole-time director	25/03/2013	25/03/2013	-	Active	NO

Name :

Mr. Pradipta Kumar Mohanty

Designation :

Director

Address :

26/C, Jayadurga Nagar, Bhubaneshwar, Budheswari, Khurda – 751006, Orissa, India

Date of Birth/Age :

20.07.1960

Date of Appointment :

16.12.1992

PAN No.:

ABKPM7377H

DIN No.:

00674776

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	U13203OR1992PTC003215	SURENDRA MINING INDUSTRIES PRIVATE LIMITED.	Director	16/12/1992	16/12/1992	-	Active	NO
2	U01403OR2005PTC008295	SURENDRA AGRITECH PRIVATE LIMITED	Director	10/08/2005	10/08/2005	-	Active	NO
3	U32300OR1987PTC011013	VISHAL METALLICS PRIVATE LIMITED	Director	02/01/2007	02/01/2007	-	Active	NO
4	U91110OR2005NPL007946	ORISSA SPONGE IRON MANUFACTURERS' ASSOCIATION	Director	29/06/2007	29/06/2007	-	Active	NO
5	U70101OR2007PTC009428	SURENDRA ESTATE PRIVATE LIMITED	Director	06/07/2007	06/07/2007	-	Active	NO
6	U31300OR2012PTC015276	SURENDRA POWERTECH PRIVATE LIMITED	Director	23/04/2012	23/04/2012	-	Active	NO
7	U31300OR1995PLC004111	MUTUAL INSULATED CABLES AND CONDUCTORS LIMITED	Director	22/01/2014	22/01/2014	15/02/2014	Active	NO

Name :

Mr. Pragati Kumar Mohanty

Designation :

Director

Address :

Station Road, Barbil, Keonjhar – 758035, Orissa, India

Date of Birth/Age :

16.10.1965

Date of Appointment :

16.12.1992

PAN No.:

ABHPM1746P

DIN No.:

00674877

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	U13203OR1992PTC003215	SURENDRA MINING INDUSTRIES PRIVATE LIMITED.	Director	16/12/1992	16/12/1992	-	Active	NO
2	U13100OR2005PTC008209	KHUNTPANI MINING PRIVATE LIMITED	Director	14/06/2005	14/06/2005	-	Active	NO
3	U32300OR1987PTC011013	VISHAL METALLICS PRIVATE LIMITED	Director	29/09/2007	20/03/2007	-	Active	NO
4	U70101OR2007PTC009428	SURENDRA ESTATE PRIVATE LIMITED	Director	06/07/2007	06/07/2007	-	Active	NO
5	U51420OR2005PTC008353	MINERAL OVERSEAS PRIVATE LIMITED	Director	10/04/2008	10/04/2008	-	Active	NO
6	U92132OR2006PTC008938	LOTUS FILMS PRIVATE LIMITED	Director	22/07/2011	01/05/2008	-	Active	NO
7	U31909OR2010PTC011575	ALFA SOLAR TECHNOLOGIES PRIVATE LIMITED	Director	03/07/2010	03/07/2010	-	Active	NO
8	U01403OR2005PTC008295	SURENDRA AGRITECH PRIVATE LIMITED	Director	01/08/2011	01/08/2011	-	Active	NO
9	U31300OR2012PTC015276	SURENDRA POWERTECH PRIVATE LIMITED	Director	23/04/2012	23/04/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2014

Names of Shareholders	No. of Shares
Prabodh Mohanty	1672795
Pragati Kumar Mohanty	1608245
Dipty Mohanty	149245
Surendra Nath L. Mohanty	50
Kiran Bala L. Mohanty	215
Minati Mohanty	9000
Soma Mohanty	9000
Pradipta Kumar Mohanty	1478730
Tribikram Mishra	50
Total	4927330

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Sponge Iron and Billet. (Confirmed by management)
Products :	Sponge Iron
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name	Punjab National Bank
Branch Address	Large Corporate Branch, 44 Park Street, Kolkata – 700016, West Bengal, 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

· State Bank of India, Barbil Branch, Barbil – 758035, Orissa, India

· Small Industries Development Bank of India, OCHC Building, 4^th Floor, Janpath, Bhubaneshwar – 751001, Orissa, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loans from Banks	558.498	580.874
Total	558.498	580.874

Auditors :
Name :	BNT and Associates Chartered Accountants
Address :	Plot No. 784/786, Lane-3,Biju Pattnaik College Road, Jaydev Vihar, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABFPT3971P
Memberships :	--
Collaborators :	--
Entities in which KMP and Relatives of KMP can exercise significant influence	Mohanty and Visal Metalics Private Limited

CAPITAL STRUCTURE

As on 27.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.100/- each	Rs. 500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,927,330	Equity Shares	Rs.100/- each	Rs.492.733 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	492.733	492.733	245.733
(b) Reserves & Surplus	(46.821)	164.178	163.631
(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)	445.912	656.911	409.364
(3) Non-Current Liabilities
(a) long-term borrowings	699.998	580.874	53.704
(b) Deferred tax liabilities (Net)	6.775	5.871	6.386
(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)	706.773	586.745	60.090
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	128.571	34.254	57.719
(c) Other current liabilities	26.272	5.407	7.042
(d) Short-term provisions	0.000	1.475	15.011
Total Current Liabilities (4)	154.843	41.136	79.772
TOTAL	1307.528	1284.792	549.226
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1146.591	164.467	161.191
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	961.803	139.574
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	40.033	34.411	32.739
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	20.251	18.729	132.398
Total Non-Current Assets	1206.875	1179.410	465.902
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	37.164	45.254	46.909
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	13.384	11.509	12.180
(e) Short-term loans and advances	20.750	43.359	24.235
(f) Other current assets	29.355	5.260	0.000
Total Current Assets	100.653	105.382	83.324
TOTAL	1307.528	1284.792	549.226

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TURNOVER	914.300	606.700	634.800
Less	EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	(250.700)	NA	NA
Less	TAX (H)	(39.701)	NA	NA
	PROFIT/ (LOSS) AFTER TAX	(210.999)	0.547	33.300
	Earnings / (Loss) Per Share (Rs.)	(42.82)	0.11	NA

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 flows from (used in) operation	103.412	(40.862)	72.284

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Turnover)	(%)	(23.08)	0.09	5.25
Return on Total Assets (PBT/Total Assets}	(%)	(19.78)	NA	NA
Return on Investment (ROI) (PBT/Networth)		(0.56)	NA	NA
Debt Equity Ratio (Total Debt /Networth)		1.57	0.88	0.13
Current Ratio (Current Asset/Current Liability)		0.65	2.56	1.04

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	245.733	492.733	492.733
Reserves & Surplus	163.631	164.178	(46.821)
Net worth	409.364	656.911	445.912
long-term borrowings	53.704	580.874	699.998
Short term borrowings	0.000	0.000	0.000
Total borrowings	53.704	580.874	699.998
Debt/Equity ratio	0.131	0.884	1.570

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)
Turnover	634.800	606.700	914.300
		(4.427)	50.701

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Turnover	634.800	606.700	914.300
Profit/ (Loss)	33.300	0.547	(210.999)
	5.25%	0.09%	(23.08%)

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	No
8]	Designation of contact person	No
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

WORKING RESULT:

During the year the Company has able to achieve the turnover of Rs.914.300 Million. After charging all other expenses the net loss is amounting of Rs.250.700 Million. The company completed the installation of the SMS and Power project which started its production in the month of August 2013.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and Advances from Directors	111.500	0.000
Loans and Advances from Others	30.000	0.000
Total	141.500	0.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10378603	18/03/2014 *	42,100,000.00	IDBI Bank Limited	IDBI Bank Limited, 2ND FLOOR, IDBI HOUSE, JANPATH, UNIT-9, BHUBANESWAR, Orissa - 751022, INDIA	C02309490
2	10300781	27/01/2012 *	750,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, 44 PARK STREET, KOLKATA, West Bengal - 700016, INDIA	B34261966
3	10279098	17/03/2011	96,000,000.00	AXIS BANK LIMITED	ARCH BISHOP'S HOUSE, SATYANAGAR, BHUBANESWAR, Orissa - 751007, INDIA	B10232510
4	10167835	29/07/2009	5,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	OCHC BUILDING, 4TH FLOOR, JANPATH, BHUBANESWAR, Orissa - 751001, INDIA	A66354234
5	10167838	29/07/2009	5,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	OCHC BUILDING, 4TH FLOOR, JANPATH, BHUBANESWAR, Orissa - 751001, INDIA	A66354481
6	10138349	23/12/2008	140,000,000.00	AXIS BANK LIMITED	BARBIL BRANCH, BARBIL, Orissa - 758035, INDIA	A54679394
7	80037094	22/06/2005	1,990,000.00	CITICORP FINANCE (INDIA) LIMITED	SHANTINIKETAN, 3RD FLOOR, MAIN ROAD, BISTUPUR, JAMSEDPUR, Bihar - 831001, INDIA	-
8	80037092	12/09/2009 *	57,000,000.00	STATE BANK OF INDIA	BARBIL BRANCH, BARBIL, BARBIL, Orissa - 758035, INDIA	A72352412
9	80037093	02/12/2009 *	120,500,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	OCHC BUILDING 4TH FLOOR, JANPATH, BHUBANESHWAR, Orissa - 751001, INDIA	A74272253

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Furniture and fixture
• Plant and machinery
• Vehicle
• Computer
• 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.66.74
UK Pound	1	Rs.99.61
Euro	1	Rs.70.66

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	JYTK

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	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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		32

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.