MIRA INFORM REPORT

Report No. :	307005
Report Date :	06.02.2015

IDENTIFICATION DETAILS

Name :	THYSSENKRUPP ELECTRICAL STEEL INDIA PRIVATE LIMITED
Registered Office :	Village Wadivarhe, Post Gonde, Taluka Igatpuri, Nashik - 422403, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.07.2000
Com. Reg. No.:	11-127807
Capital Investment / Paid-up Capital :	Rs.3149.349 Millions
CIN No.: [Company Identification No.]	U27100MH2000PTC127807
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and sale of low carbon cold rolled electrical and mild steel.
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 is constrained on account of company’s moderate financial risk profile and losses that company has incurred from its operational activities. However, trade relations are fair. Business is active. Payments 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

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 / Factory :	Village Wadivarhe, Post Gonde, Taluka Igatpuri, Nashik - 422403, Maharashtra, India
Tel. No.:	91-2553-225182
Fax No.:	91-2553-225181
E-Mail :	Tushar.Lakhmapurkar@thyssenkrupp.com Avinash.gandhi@thyssenkrupp.com
Website :	http://www.tkesindia.com
Warehouse :	Located At · Jalandhar · Ballabhgarh · Vadodara · Indore · Hyderabad · Bangalore
Sales Offices:	Located At Delhi West India Pune Vadodara South India Bangalore Coimbatore Indore Hyderabad

DIRECTORS

As on 05.08.2014

Name :

Mr. Kesava Iyer Venkatesan

Designation :

Managing Director

Address :

Plot No. 41, SSA Ashwin Nagar CIDCO, Nashik - 422009, Maharashtra, India

Date of Birth/Age :

14.07.1962

Date of Appointment :

01.04.2010

DIN No.:

00056671

PAN No.:

ABZPV1074B

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	U27109DL1991NPL042878	COLD ROLLED STEEL MANUFACTURERS ASSOCIATION OF INDIA	Director	20/08/2002	20/08/2002	08/10/2014	Active	NO
2	U27100MH2000PTC127807	THYSSENKRUPP ELECTRICAL STEEL INDIA PRIVATE LIMITED	Managing director	01/04/2010	23/06/2004	-	Active	NO
3	U27109MH2006PTC161325	Rothe Erde India Private Limited	Director	03/07/2006	03/07/2006	-	Active	NO
4	U31100MH1982PTC028406	RISHABH INSTRUMENTS PRIVATE LIMITED	Director	30/12/2014	29/09/2014	-	Active	NO

Name :

Mr. Chandra Shekhar Mathur

Designation :

Director

Address :

A-12, Nizamuddin East, New Delhi, Delhi, India

Date of Birth/Age :

10.02.1951

Date of Appointment :

09.09.2000

DIN No.:

00003232

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	U67190DL1996PTC078233	MOHINDER PURI AND COMPANY PRIVATE LIMTED	Director	17/04/1996	17/04/1996	-	Active	NO
2	U67190DL1996PTC078228	R P MALHAN AND COMPANY PRIVATE LIMITED	Director	17/04/1996	17/04/1996	26/03/2008	Active	NO
3	U29199DL1996PTC082591	ENGEL MACHINERY INDIA PRIVATE LIMITED	Director	11/10/1996	11/10/1996	-	Active	NO
4	U27205DL1996PTC082592	SWAROVSKI INDIA PRIVATE LIMITED.	Director	11/10/1996	11/10/1996	-	Active	NO
5	U29299TZ1997PTC020837	DEMAG CRANES AND COMPONENTS (INDIA) PRIVATE LIMITED	Director	16/07/1997	16/07/1997	02/06/2011	Active	NO
6	U72200PN1997PTC014786	MAGNA STEYR INDIA PRIVATE LIMITED	Director	15/09/1997	15/09/1997	-	Active	NO
7	U72200DL1971PLC005742	TECHNIP INDIA LIMITED	Alternate director	12/09/2011	01/03/2000	13/02/2013	Active	NO
8	U27100MH2000PTC127807	THYSSENKRUPP ELECTRICAL STEEL INDIA PRIVATE LIMITED	Director	09/09/2000	09/09/2000	-	Active	NO
9	U24239DL1999PTC098162	THYSSENKRUPP ELEVATOR (INDIA) PRIVATE LIMITED	Director	17/06/2002	17/06/2002	14/05/2007	Active	NO
10	U74140DL1991PTC044890	ARBITER CONSULTING PRIVATE LIMITED	Director	31/07/2002	31/07/2002	-	Converted to LLP and dissolved	NO
11	U29295DL1995PTC166241	SMS PLASTICS TECHNOLOGY PRIVATE LIMITED	Director	10/10/2003	10/10/2003	-	Active	NO
12	U74140DL2004PTC124745	WTS India Private Limited	Director	19/02/2004	19/02/2004	-	Active	NO
13	U51909DL2004PTC130091	ROTHENBERGER INDIA PRIVATE LIMITED	Director	19/10/2004	19/10/2004	31/12/2008	Active	NO
14	U74999DL2001NPL112520	INDO AUSTRIAN BUSINESS FORUM	Director	19/05/2005	19/05/2005	-	Active	NO
15	U34300DL2005PTC140947	RLE INDIA PRIVATE LIMITED	Director	20/09/2005	20/09/2005	15/12/2009	Active	NO
16	U74140DL1994PTC057018	ASM RESEARCH PRIVATE LIMITED	Director	17/10/2005	17/10/2005	-	Active	NO
17	U24222RJ2007FTC024955	PLANTAG COATINGS INDIA PRIVATE LIMITED	Director	07/09/2007	07/09/2007	01/12/2007	Active	NO
18	U74140DL2008PTC176661	R P MALHAN & COMPANY CONSULTANTS PRIVATE LIMITED	Director	11/04/2008	11/04/2008	-	Active	NO
19	U24200MH2000PTC123800	Sempertrans India Private Limited	Alternate director	06/04/2009	06/04/2009	17/04/2009	Active	NO
20	U74899DL1999PTC097862	PERGO INDIA PRIVATE LIMITED	Director	30/09/2009	18/08/2009	18/11/2010	Active	NO
21	U74899DL1992PTC050702	NEOLITE ZKW LIGHTINGS PRIVATE LIMITED	Alternate director	05/12/2013	19/12/2012	-	Active	NO
22	AAA-8712	ARBITER CONSULTING LLP	Designated Partner	09/04/2012	09/04/2012	12/06/2012	Active	NO

Name :

Mr. Michael Johannes Thiemann

Designation :

Director

Address :

Flat No. 409, 410, Samudra Mahal Premises, Dr. A. B. Road, Mumbai - 422018, Maharashtra, India

Date of Birth/Age :

25.08.1946

Date of Appointment :

30.11.2007

DIN No.:

00061988

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	U74200MH1977PTC020041	ThyssenKrupp Industrial Solutions (India) Private Limited	Director	01/10/2009	15/08/1993	30/05/2014	Active	NO
2	U74999MH1947PTC005508	THYSSENKRUPP INDUSTRIES INDIA PRIVATE LIMITED	Alternate director	13/11/2007	13/05/2004	31/03/2013	Active	NO
3	U27100MH2000PTC127807	THYSSENKRUPP ELECTRICAL STEEL INDIA PRIVATE LIMITED	Director	30/11/2007	30/11/2007	-	Active	NO
4	U74990MH2013PTC242392	THYSSENKRUPP INDIA PRIVATE LIMITED	Managing director	01/07/2013	23/05/2013	-	Active	NO

Name :

Mr. Joydeep Bidyut Bhattacharjee

Designation :

Whole-time Director

Address :

H17, Thakkars Retreat Juna Gagapur Naka Gangapur Road, Nashik – 422005, Maharashtra, India

Date of Birth/Age :

14.11.1968

Date of Appointment :

01.01.2010

DIN No.:

02813496

PAN No.:

ABTPB2350E

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	U27100MH2000PTC127807	THYSSENKRUPP ELECTRICAL STEEL INDIA PRIVATE LIMITED	Whole-time director	01/01/2010	01/01/2010	-	Active	NO
2	U29268MH2010PTC205326	THYSSENKRUPP ENGINE COMPONENTS INDIA PRIVATE LIMITED	Director	29/09/2014	24/09/2014	-	Active	NO

Name :

Mr. Peter Horst Biele

Designation :

Director

Address :

Zum Baerler Buscm 3 47199 Duisberg, Germany

Date of Birth/Age :

09.12.1956

Date of Appointment :

26.11.2009

DIN No.:

02859931

Name :

Mr. Heinz Heinrich Pafferath

Designation :

Director

Address :

Herderallee 3 47191 Duisberg, Germany

Date of Birth/Age :

17.01.1949

Date of Appointment :

26.11.2009

DIN No.:

02859965

Name :

Mr. Luc Claude Marie Vendeville

Designation :

Director

Address :

32 Rue Edgar Quinet Bethune 62400, France

Date of Birth/Age :

12.09.1958

Date of Appointment :

23.11.2010

DIN No.:

03378972

Name :

Mr. Volker Senger

Designation :

Director

Address :

Flat No. 3, B Wing, Diwani Society, Sai Nagar, Rajmata Hall, RTO Corner, Dindori Road, Nashik – 422003, Maharashtra, India

Date of Birth/Age :

04.04.1960

Date of Appointment :

06.06.2013

DIN No.:

06590940

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	U27100MH2000PTC127807	THYSSENKRUPP ELECTRICAL STEEL INDIA PRIVATE LIMITED	Director	30/09/2013	06/06/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 05.08.2014

Names of Shareholders	No. of Shares
ThyssenKrupp Electrical Steel GMBH, Germany	314934880
ThyssenKrupp Electrical Steel Verwaltun Sgesellschaft MBH, Germany	20
Total	314934900

Equity Share Break up (Percentage of Total Equity)

As on 05.08.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and sale of low carbon cold rolled electrical and mild steel.

Products :

Product Description	Item Code No. (ITC Code)
Flat Rolled Products of Mild Steel	72091830
Flat Rolled Products of S I L Icon Electrical Grain Oriented	72251100
Flat Rolled Products of S I L Icon Electrical Non Grain Oriented	72251900

Brand Names :

--

Agencies Held :

--

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

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
Experience :	Not Available
Maximum Limit Dealt :	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
Experience :	Not Available
Maximum Limit Dealt :	Not Available
Remark :	Not Available

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

--

Auditors :
Name :	B B S R and Company Chartered Accountants
Address :	1st Floor, Lodha Excelus Apollo Mills Compound, N M Joshi Marg ,Mahalaxmi, Mumbai-400011, Maharashtra, India
PAN No.:	AAKFB4397F
Memberships :	--
Collaborators :	--
Holding company:	ThyssenKrupp Electrical Steel Gmbh, Germany
Ultimate Holding Company:	ThyssenKrupp AG, Germany
Fellow Subsidiary company:	Rothe Erde India Private Limited, India CIN No.: U27109MH2006PTC161325 Thyssenkrupp Engine Components India Private Limited, India CIN No.: U29268MH2010PTC205326 Thyssenkrupp Industries India Private Limited, India CIN No.: U74999MH1947PTC005508 Thyssenkrupp Mannex Asia Pte Limited, Singapore Uhde India Private Limited, India
Other related party:	ThyssenKrupp Steel Europe AG, Germany

CAPITAL STRUCTURE

As on 05.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
340000000	Equity Shares	Rs.10/- each	Rs.3400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
314934900	Equity Shares	Rs.10/- each	Rs.3149.349 Millions

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	3,149.349	3,149.349	3,149.349
(b) Reserves & Surplus	340.399	933.783	1,821.521
(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)	3,489.748	4,083.132	4,970.870
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	123.372	137.966	114.922
Total Non-current Liabilities (3)	123.372	137.966	114.922
(4) Current Liabilities
(a) Short term borrowings	0.000	882.821	827.326
(b) Trade payables	190.013	274.668	1,048.529
(c) Other current liabilities	128.538	140.123	217.245
(d) Short-term provisions	459.328	460.438	357.042
Total Current Liabilities (4)	777.879	1,758.050	2,450.142
TOTAL	4,390.999	5,979.148	7,535.934
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1,694.027	1,841.857	1,296.843
(ii) Intangible Assets	0.678	0.111	0.169
(iii) Capital work-in-progress	6.248	83.135	630.882
(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)	24.289	25.755	54.767
(d) Long-term Loan and Advances	140.518	184.638	108.495
(e) Other Non-current assets	1.140	0.000	0.000
Total Non-Current Assets	1,866.900	2,135.496	2,091.156
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1,225.439	2,321.044	3,691.552
(c) Trade receivables	533.739	799.531	999.068
(d) Cash and cash equivalents	241.466	114.909	2.178
(e) Short-term loans and advances	517.236	602.369	725.876
(f) Other current assets	6.219	5.799	26.104
Total Current Assets	2,524.099	3,843.652	5,444.778
TOTAL	4,390.999	5,979.148	7,535.934

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		4772.000	6605.000	3691.000
		Other Income		175.000	125.000	89.000
		TOTAL (A)		4947.000	6730.000	3780.000
Less	EXPENSES
		TOTAL (B)		5105.000	7114.000	3823.000
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			(158.000)	(384.000)	(43.000)
Less	FINANCIAL EXPENSES (D)			56.000	143.000	18.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(214.000)	(527.000)	(61.000)
Less	DEPRECIATION/ AMORTISATION (F)			337.000	331.000	114.000
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			(551.000)	(858.000)	(175.000)
Less	TAX (H)			42.000	30.000	52.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			(593.000)	(888.000)	(227.000)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			933.000	1821.000	2048.000
	BALANCE CARRIED TO THE B/S			340.000	933.000	1821.000
	EARNINGS IN FOREIGN CURRENCY
			FOB Value	13.250	11.780	6.730
	TOTAL EARNINGS			13.250	11.780	6.730
	IMPORTS
			CIF value of the imports	2189.710	3300.790	2845.800
	TOTAL IMPORTS			2189.710	3300.790	2845.800
	Earnings / (Loss) Per Share (Rs.)			(1.88)	(2.82)	(0.72)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(12.43)	(13.44)	(6.15)
Operating Profit Margin (PBDIT/Sales)	(%)	(3.31)	(5.81)	(1.16)
Return on Total Assets (PBT/Total Assets}	(%)	(12.64)	(14.62)	(2.55)
Return on Investment (ROI) (PBT/Networth)		(0.16)	(0.21)	(0.04)
Debt Equity Ratio (Total Debt /Networth)		0.00	0.22	0.17
Current Ratio (Current Asset/Current Liability)		3.24	2.19	2.22

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	3149.349	3149.349	3149.349
Reserves & Surplus	1821.521	933.783	340.399
Share Application money pending allotment	0.000	0.000	0.000
Net worth	4970.870	4083.132	3489.748
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	827.326	882.821	0.000
Total borrowings	827.326	882.821	0.000
Debt/Equity ratio	0.166	0.216	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	3,691.000	6,605.000	4,772.000
		78.949	(27.752)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	3,691.000	6,605.000	4,772.000
Profit	(227.000)	(888.000)	(593.000)
	(6.15%)	(13.44%)	(12.43%)

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 three 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	Yes
17]	Major suppliers	No
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	No
24]	Banking facility details	No
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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
SHORT TERM BORROWINGS
Loans repayable on demand from banks	0.000	132.821
Intercorporate borrowings	0.000	750.000
Total	0.000	882.821

REVIEW OF OPERATIONS

During the year, the financial performance of the Company has suffered due to slow-down in the Indian economy and the over capacity for their products in the domestic market. The impact of slow-down has affected all kinds of business in general, and particularly their type of steel industry was impacted due to oversupply from domestic as well as overseas market. Despite making efforts to cut cost, improve product-mix and timely fulfillment of orders booked, the result for the period was negative.

The company made net turnover of Rs.4772.000 Millions and suffered loss before tax Rs.551.000 Millions as compared to Loss before tax of Rs.858.000 Millions. Last year on a turnover of Rs.6605.000 Millions. Reduction in losses, by 35% is the result of various cost cutting measures and optimization of product portfolio.

STEEL INDUSTRY: OVERVIEW AND OUTLOOK

The Indian economy has shown resilience compared to other global economies but could not avoid slow down completely that was visible in below 5% GDP growth in 2013-2014, Vis--vis 8% growth achieved during 2007-2011. The decline was across all the sectors due to domestic and external factors, high inflation, wide fiscal deficit and unfavorable domestic savings and investment rate. Despite strong fundamentals and structural support, uncertainty and consequent lack of confidence held back investments in India in the form of capital infusion. The above factors were reflected in the company’s performance last year, despite many efforts taken they could not avoid loss that was mainly on account of lower demand and weakening prices. The company continues to face challenges on account of lower demand, higher cost of credit and excess supplies. Cost cutting measures continue unabated and more steps are being taken to nip breakdowns at initial stages to avoid maintenance costs. Aggressive steps are being taken to bring down the inventory and other working capital requirements.

NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.87
UK Pound	1	Rs.94.07
Euro	1	Rs.70.19

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	VNT

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	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		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.