MIRA INFORM REPORT

Report No. :	305118
Report Date :	03.02.2015

IDENTIFICATION DETAILS

Name :	AGROFAB MACHINERIES (INDIA) PRIVATE LIMITED

Registered Office :	W-119, MIDC Industrial Area, Hingna, Nagpur – 440028, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	29.07.1991

Com. Reg. No.:	11-062712

Capital Investment / Paid-up Capital :	Rs.19.894 Millions

CIN No.: [Company Identification No.]	U29210MH1991PTC062712

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 :	Subject is engaged in manufacturing and supply of precision machined components and assemblies for automotive and other engineering applications.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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. The rating takes into consideration the company leverage capital structure and decline in the profit of the company during FY 2014. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings 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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

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 31-03-2014.

LOCATIONS

Registered Office/ Administrative and Head Office:	W-119, MIDC Industrial Area, Hingna, Nagpur – 440028, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	agrofabmachineries@yahoo.com

DIRECTORS

As on 29.09.2014

Name :

Mr. Sureshchand Jaiswal

Designation :

Director

Address :

Row House No. 14, Poonam Vihar, Nagpur – 440022, Maharashtra, India

Date of Birth/Age :

10.06.1962

Date of Appointment :

28.12.1991

DIN No.:

00996069

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	U29210MH1991PTC062712	AGROFAB MACHINERIES (INDIA) PRIVATE LIMITED	Director	28-12-91	28-12-91	-	Active	NO
2	U55200MH1996PTC101764	LEROY HOTELS PRIVATE LIMITED	Additional director	25-02-08	25-02-08	-	Active	NO
3	U27310MH2008PTC183309	ISHAN CASTINGS PRIVATE LIMITED	Director	09-06-08	09-06-08	-	Active	NO

Name :

Mr. Asha Jaiswal

Designation :

Director

Address :

Row House No. 14, Poonam Vihar, Nagpur – 440022, Maharashtra, India

Date of Birth/Age :

17.08.1967

Date of Appointment :

30.10.2001

DIN No.:

00996180

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	U29210MH1991PTC062712	AGROFAB MACHINERIES (INDIA) PRIVATE LIMITED	Director	30-10-01	30-10-01	-	Active	NO
2	U27310MH2008PTC183309	ISHAN CASTINGS PRIVATE LIMITED	Director	09-06-08	09-06-08	-	Active	NO

Name :

Mr. Akash Sureshchand Jaiswal

Designation :

Director

Address :

Row House No. 14, Poonam Vihar, Nagpur – 440022, Maharashtra, India

Date of Birth/Age :

18.08.1983

Date of Appointment :

15.09.2005

DIN No.:

01185740

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	U29210MH1991PTC062712	AGROFAB MACHINERIES (INDIA) PRIVATE LIMITED	Director	15-09-05	15-09-05	-	Active	NO
2	U27310MH2008PTC183309	ISHAN CASTINGS PRIVATE LIMITED	Director	09-06-08	09-06-08	-	Active	NO

Name :

Mr. Nikhil Sureshchand Jaiswal

Designation :

Director

Address :

Row House No. 14, Poonam Vihar, Nagpur – 440022, Maharashtra, India

Date of Birth/Age :

27.06.1987

Date of Appointment :

27.09.2012

DIN No.:

05126864

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	U29210MH1991PTC062712	AGROFAB MACHINERIES (INDIA) PRIVATE LIMITED	Director	27-09-12	02-12-11	-	Active	NO
2	U27310MH2008PTC183309	ISHAN CASTINGS PRIVATE LIMITED	Director	25-09-12	03-12-11	-	Active	NO
3	U93030MH2013PTC244798	ANANT AVIATION PRIVATE LIMITED	Director	19-11-14	19-11-14	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares	%age holding
Shri Suresh Jaiswal	197960	99.51
Asha Jaiswal	245	0.12
Nikhil Jaiswal	245	0.12
Akash Jaiswal	245	0.12
Shiny Akash Jaiswal	245	0.12
Total	198940	100.00

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturing and supply of precision machined components and assemblies for automotive and other engineering applications.

Products :	Precision machined components and assemblies for automotive and other engineering applications

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :	Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

· Axies Engineering Systems

· Eureka Forbes

· Mechnokrat Engineering Systems Private Limited

· Mona Traders

· New Anurag Marketing

· S.A.Field Marketing and Services

· Spacewood Office Solutions Private Limited

· A.K. Enterprises

· Alfa Corporation

· Bombay Intelligence Security (India) Limited

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 :

· Nagpur Nagarik Sahakari Bank Limited, Nagpur Nagarik sahakari Bank Limited, South Ambazari, Hingna Road, Nagpur- 440024, Maharashtra, India

· Shishak Sahakari Bank Limited, Dharampeth, Nagpur, Maharashtra, India

Facilities :

Secured Loan

31.03.2014

(Rs. in Millions)

31.03.2013

(Rs. in Millions)

Long-term Borrowings

Term Loans

From Banks

*Secured

40.234

27.578

**Secured-From NBFC'S

7.256

1.858

Short-term borrowings

From Banks :

*Secured

36.518

51.052

**Installment Payable Within One Year

17.830

8.506

Total

101.838

88.994

* Note :-

Details of Secured Loans taken from banks :-

Secured loans	Rs. In Millions Sanctioned	Terms of Payment (in months)	Secured Against	Rs. In Millions	Principal Outstanding for 2014-15
HDFC Bank Loan	2.000	36	Against Fortuner Car	1.021	0.687
NNSB Term Loan A/C 03219/5	5.000	50		2.763	1.089
NNSB Term Loan A/C 03236/5	29.500	80		16.850	4.358
NNSB Term Loan A/C 3210/11	20.000	60		17.202	2.584
SSBL Term Loan 717	9.800	24		0.507	2.472
SSBL Term Loan no. 766	2.900	70		1.889	0.400
Total	69.200			40.234	11.590

Note (A) *

1) Mortgage of Land & Building .(Plot no W-119/120 ,Hingna MIDC Industrial Area, Nagpur)

2) Hypothecation of Plant & Machineries.

3) Term Loan A\c no 3210/11 is Sanctioned by Bank for the Payment of Letter of Credit Issued to Ishan Castings Private Limited, As the same is

Sanctioned on 31.03.2014 it is taken in Books However the said Loan is Disbursed on 17.04.2014.Based on Santion Letter the liability of L\C is

**Note :-

Details of Secured Loans taken from NBFC'S :-

Secured loans	Rs. In Millions Sanctioned	Terms of Payment (in months)	Secured Against	Rs. In Millions	Principal Outstanding for 2014-15
Volkswagen Finance Private Limited	2.200	36	Against Audi Car	0.401	0.771
Reliance Capital	9.143	48	Against Plant and Machinery	6.855	1.864
Total				7.255	2.635

* Note :-

Details of Secured Loans taken from banks (Short Term) :-

Secured loans	Rs. In Millions Sanctioned	Terms of Payment (in months)	Secured Against	Rs. In Millions
HDFC Loan	1.070	35	Against Truck	0.101
NNSB CC A/c no 06	17.500		Against Plant and Machinery and Land and Building	17.762
SSBL Term Loan no 700	4.800	60	Against Plant and Machinery	0.961
Shikshak Sahakari Bank Limited- CC 88	17.500		Against Plant and Machinery and Land and Building	17.695
Total				36.518

**Note :-

Details of Principal (Installment) payable in F.Y.2014-15.

Particulars	Rs. In Millions
On Secured Loans from Banks	11.590
On Secured Loans from NBFC'S	2.635
On Unsecured Loans taken from Banks	1.790
On Unsecured Loans taken From NBFC'S	1.814
Total	17.829


Banking Relations :

Auditors :
Name :	KPRK and Associates Chartered Accountants
Address :	Zero Mile Stone, Opposite Govt. Book Depot, Civil Lines, Nagpur – 440001, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAGFG6923Q

Memberships :	--

Collaborators :	--

Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

200000	Equity Shares	Rs.100/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

198940	Equity Shares	Rs.100/- each	Rs. 19.894Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	19.894	19.894	19.894
(b) Reserves & Surplus	37.002	30.798	19.919
(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)	56.896	50.692	39.813

(3) Non-Current Liabilities
(a) long-term borrowings	58.881	46.694	37.743
(b) Deferred tax liabilities (Net)	9.978	8.663	7.036
(c) Other long term liabilities	19.094	12.345	17.280
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	87.953	67.702	62.059

(4) Current Liabilities
(a) Short term borrowings	54.348	60.258	23.629
(b) Trade payables	57.619	43.760	32.839
(c) Other current liabilities	5.246	4.174	1.909
(d) Short-term provisions	2.273	2.130	3.898
Total Current Liabilities (4)	119.486	110.322	62.275

TOTAL	264.335	228.716	164.147

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	85.776	73.955	64.178
(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	3.000	3.000	3.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	43.200	46.116	30.806
(e) Other Non-current assets	16.579	8.845	8.845
Total Non-Current Assets	148.555	131.916	106.829

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	46.013	40.895	24.936
(c) Trade receivables	23.297	19.698	14.290
(d) Cash and cash equivalents	11.514	5.363	0.960
(e) Short-term loans and advances	5.784	6.334	4.515
(f) Other current assets	29.172	14.510	12.617
Total Current Assets	115.780	86.800	57.318

TOTAL	264.335	218.716	164.147

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	NA	302.183	222.831
	Other Income	NA	1.841	5.293
	TOTAL (A)	NA	304.024	228.124

Less	EXPENSES
	TOTAL (B)	NA	274.730	200.363

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	18.321	29.294	27.761

Less	FINANCIAL EXPENSES (D)	3.852	9.209	7.382

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	14.469	20.085	20.379

Less/ Add	DEPRECIATION/ AMORTISATION (F)	5.209	4.767	3.849

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	9.260	15.318	16.530

Less	TAX (I)	3.056	4.439	5.835

	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	6.204	10.879	10.695

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	21.574	10.695	0.000

	Balance Carried to the B/S	27.778	21.574	10.695

	Earnings / (Loss) Per Share (Rs.)	31.19	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	NA	3.60	4.80

Operating Profit Margin (PBIDT/Sales)	(%)	NA	9.69	12.46

Return on Total Assets (PBT/Total Assets}	(%)	3.54	7.10	10.26

Return on Investment (ROI) (PBT/Networth)		0.16	0.30	0.42

Debt Equity Ratio (Total Debt /Networth)		1.99	2.11	1.54

Current Ratio (Current Asset/Current Liability)		0.97	0.79	0.92

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	19.894	19.894	19.894
Reserves & Surplus	19.919	30.798	37.002
Net worth	39.813	50.692	56.896

long-term borrowings	37.743	46.694	58.881
Short term borrowings	23.629	60.258	54.348
Total borrowings	61.372	106.952	113.229
Debt/Equity ratio	1.542	2.110	1.990

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE: Registered office of the company has been shifted from 305, Ocean View Union Park, Pali Hill, Mumbai, Maharashtra, India to the present address w.e.f. 05.02.2014

FINANCIAL PERFORMANCE

During the period the operating performance of the enterprise has improved due to better capacity utilization of the company. The company is having good potential in job work of fabrication. The Directors are continuously looking for avenues for future growth of the Company.

CORPORATE INFORMATION

Subject having its registered office at Nagpur, is a Private Limited Company limited by Shares, incorporated under the provision of Companies Act, 1956. The Company is engaged in manufacturing and supply of precision machined components and assemblies for automotive and other engineering applications. The Company has got ISO 9001-2000 certification for quality management system standard from DET NORSKE VERITAS as per certificate no.45504-2009-AQ-IND-RVA as per requirement of Mahindra and Mahindra Limited., core customer of the Company. Company is registered under Micro, Small & Medium Enterprises (MSME).

UNSECURED LOAN

PARTICULARS

31.03.2014

(Rs. in Millions)

31.03.2013

(Rs. in Millions)

Long-term Borrowings

Term Loans

From Banks

***Unsecured

2.243

5.439

****From NBFC - Unsecured

3.788

7.571

*****Others

5.360

4.248

Short-term borrowings

From Other Parties- Unsecured

0.000

0.700

Total

11.391

17.958

***Note :-

Details of Unsecured Loans taken from banks :-

Unsecured loans	Rs. In Millions	Principal Outstanding for 2014-15
HDFC Bank - Business Loan	1.176	0.979
Kotak Mahindra Bank Limited. – Business loan	1.067	0.812
Total	2.243	1.790

****Note :-

Details of Unsecured Loans taken from NBFC's :-

Unsecured loans	Rs. In Millions	Principal Outstanding for 2014-15
Religare Finvest Limited	2.317	0.735
Bajaj Finvserv Loan A/c	1.472	1.080
Total	3.789	1.814

*****Note : -

Details of Other Long Term Borrowings

Unsecured loans	Rs. In Millions
Monarch Multilayers Private Limited	0.640
Monarch Plastics Private Limited	0.433
R.K.Trading Company	0.871
Bakliwal Commodity Private Limited	1.858
Sanjot Bhasin	0.915
Shriram Narayandas and Sons	0.519
Prakash Iron Foundry	0.126
Total	5.360

*Note :- As per management declaration the loan will not be payable within one year,hence considered as long term.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10467707	29/11/2013	9,142,500.00	RELIANCE CAPITAL LTD	"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE C ITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA	B92560085
2	10282777	15/04/2014 *	110,300,000.00	NAGPUR NAGARIK SAHAKARI BANK LIMITED	NAGPUR NAGARIK SAHAKARI BANK LIMITED, SOUTH AMBAZ ARI ,HINGNA ROAD,, NAGPUR, MAHARASHTRA - 440024, INDIA	C03014040
3	10222049	28/04/2010 *	9,800,000.00	SHIKSHAK SAHAKARI BANK LTD	GANDHISAGAR, NAGPUR, MAHARASHTRA - 440018, INDIA	A87594693
4	10169214	11/07/2009	4,900,000.00	SHIKSHAK SAHAKARI BANK LTD	GANDHISAGAR ,, NAGPUR, MAHARASHTRA - 440018, INDIA	A66722174
5	10169213	10/07/2009	4,900,000.00	SHIKSHAK SAHAKARI BANK LTD	GANDHISAGAR ,, NAGPUR, MAHARASHTRA - 440018, INDIA	A66721614
6	10116773	20/06/2008	6,600,000.00	SHIKSHAK SAHAKARI BANK LTD	GANDHISAGAR ,, NAGPUR, MAHARASHTRA - 440018, INDIA	A43065952
7	10116776	18/06/2008	6,600,000.00	SHIKSHAK SAHAKARI BANK LTD	GANDHISAGAR ,, NAGPUR, MAHARASHTRA - 440018, INDIA	A43065705
8	90165522	16/02/2004	5,000,000.00	SHIKSHAK BANK	DHARAMPETHBRANCH, NAGPUR, MAHARASHTRA, INDIA	-
9	90165501	30/09/2003	3,000,000.00	SHIKSHAK BANK	DHARAMPETHBRANCH, NAGPUR, MAHARASHTRA, INDIA	-
10	90165361	08/03/2000	8,500,000.00	SHIKSHAK BANK	DHARAMPETHBRANCH, NAGPUR, MAHARASHTRA, INDIA	-

* Date of charge modification

FIXED ASSETS

· Freehold Land

· Building and Site Development

· Plant and Machinery

· Furniture and Fixture

· Air Conditioner

· Inverter

· Refrigerator

· Fax Machine

· Printer

· Mobile

· Water Purifier

· Time and Attendance System

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.61.88
UK Pound	1	Rs.93.27
Euro	1	Rs.69.94

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit