MIRA INFORM REPORT

Report No. :	307189
Report Date :	07.02.2015

IDENTIFICATION DETAILS

Name :	INDU CORPORATION PRIVATE LIMITED (PART-IX)
Registered Office :	Nishuvi, 4^th Floor, 75, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.04.2006
Com. Reg. No.:	11-160932
Capital Investment / Paid-up Capital :	Rs.49.000 Millions
CIN No.: [Company Identification No.]	u27104mh2006ptc160932
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMI07109E
PAN No.: [Permanent Account No.]	AABCI4951L
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is in the business of distribution of steel and zinc, also engaged in trading in imported ferrous and non-ferrous metals and other commodities.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration ICPL’s established market position, led by its promoter’s extensive experience in trading and distribution of steel and zinc, sound financial base and fair liquidity profile of the company. Trade relations are fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	30.06.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3
Rating Explanation	Moderate degree of safety and high credit risk
Date	30.06.2014

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 31-03-2014.

LOCATIONS

Registered Office/ Head Office :	Nishuvi, 4^th Floor, 75, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-43005100 / 24962034 / 41005300 / 24950465 / 24962032 / 43005105
Fax No.:	91-22-43005105 / 24950465
E-Mail :	mail@talojasteel.com info@inducorp.co.in bhaskar.gandhi@gmail.com admin@inducorp.co.in
Website :	www.inducorporation.com
Area :	2500 Sq. Ft.
Location :	Owned
Warehouse :	Plot No.A-1, M.I.D.C. Taloja Industrial Area, Taloja, District Raigad – 410208, Maharashtra, India
Tel. No.:	91-22-27412387 / 27411097
Fax No.:	91-22-27411097

DIRECTORS

As on 30.09.2014

Name :

Mr. Indukumar Shantilal Kapashi

Designation :

Director

Address :

503, Pleasant Palace, 16, N.D. Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

03.01.1936

Date of Appointment :

03.04.2006

PAN No.:

AADPK3605N

DIN No.:

00008413

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	L51900MH1985PLC037452	KAPASHI COMMERCIAL LIMITED	Whole-time director	01/02/2010	11/09/1985	-	Active	NO
2	U67120MH1985PTC036721	NISHUVI TRADING PRIVATE LIMITED	Director	10/02/1988	10/02/1988	-	Converted to LLP	NO
3	U27107MH1995PTC090193	TALOJA STEEL PRIVATE LIMITED	Director	04/07/1995	04/07/1995	-	Amalgamated	NO
4	U70102MH1989PLC053258	NASHIMA DEVELOPERS LIMITED	Director	19/07/1995	19/07/1995	-	Amalgamated	NO
5	U65990MH1992PTC065170	SHREEJEE INVESTMENTS PRIVATE LIMITED	Director	12/10/1999	12/10/1999	22/09/2008	Active	NO
6	U99999MH1994PTC081524	CHANDESHWARI TRADING AND FINANCE PRIVATE LIMITED	Director	30/09/2006	14/11/2005	09/01/2013	Active	NO
7	U27104MH2006PTC160932	INDU CORPORATION PRIVATE LIMITED (PART-IX)	Director	03/04/2006	03/04/2006	-	Active	NO
8	U01400MH2007PTC174648	N P K ENTERPRISE PRIVATE LIMITED	Director	30/09/2013	17/05/2013	-	Active	NO
9	AAC-9320	NISHUVI TRADING LLP	Designated Partner	18/11/2014	18/11/2014	-	Active	NO

Name :

Mr. Sevantilal Shantilal Kapashi

Designation :

Director

Address :

703, Pleasant Palace, 16, N.D. Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

12.03.1935

Date of Appointment :

03.04.2006

PAN No.:

AADPK3641A

DIN No.:

00008435

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	U67120MH1985PTC036721	NISHUVI TRADING PRIVATE LIMITED	Director	03/07/1985	03/07/1985	-	Converted to LLP	NO
2	L51900MH1985PLC037452	KAPASHI COMMERCIAL LIMITED	Whole-time director	01/02/2010	11/09/1985	-	Active	NO
3	U65990MH1992PTC065170	SHREEJEE INVESTMENTS PRIVATE LIMITED	Director	31/01/1992	31/01/1992	22/09/2008	Active	NO
4	U27107MH1995PTC090193	TALOJA STEEL PRIVATE LIMITED	Director	04/07/1995	04/07/1995	-	Amalgamated	NO
5	U74999GJ1991PTC015740	INDRAMATI PROPERTIES AND CREDIT PRIVATE LIMITED	Director	21/03/1996	21/03/1996	02/12/2008	Active	NO
6	U50400MH1989PLC054707	RUNISHA COMMERCIAL LIMITED	Director	27/08/2001	27/08/2001	-	Amalgamated	NO
7	U27104MH2006PTC160932	INDU CORPORATION PRIVATE LIMITED (PART-IX)	Director	03/04/2006	03/04/2006	-	Active	NO
8	U01400MH2007PTC174648	N P K ENTERPRISE PRIVATE LIMITED	Director	30/09/2013	17/05/2013	-	Active	NO
9	AAC-9320	NISHUVI TRADING LLP	Designated Partner	18/11/2014	18/11/2014	-	Active	NO

Name :

Mr. Paresh Sevantilal Kapashi

Designation :

Director

Address :

703, Pleasant Palace, 16, N.D. Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

10.02.1966

Qualification :

B.E., MBA

Date of Appointment :

03.04.2006

PAN No.:

AADPK4862B

DIN No.:

00008486

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	U50400MH1989PLC054707	RUNISHA COMMERCIAL LIMITED	Director	20/12/1989	20/12/1989	-	Amalgamated	NO
2	L51900MH1985PLC037452	KAPASHI COMMERCIAL LIMITED	Director	11/06/1993	11/06/1993	-	Active	NO
3	U67120MH1985PTC036721	NISHUVI TRADING PRIVATE LIMITED	Director	12/01/1994	12/01/1994	-	Converted to LLP	NO
4	U27107MH1995PTC090193	TALOJA STEEL PRIVATE LIMITED	Managing director	04/07/1995	04/07/1995	-	Amalgamated	NO
5	U65990MH1992PTC065170	SHREEJEE INVESTMENTS PRIVATE LIMITED	Director	28/06/2002	28/06/2002	22/09/2008	Active	NO
6	U27104MH2006PTC160932	INDU CORPORATION PRIVATE LIMITED (PART-IX)	Director	03/04/2006	03/04/2006	-	Active	NO
7	AAC-9320	NISHUVI TRADING LLP	Designated Partner	18/11/2014	18/11/2014	-	Active	NO

Name :

Mr. Nimish Indubhai Kapashi

Designation :

Director

Address :

Pleasant Palace, Flat No.503, 5^th Floor, Narayan Dabholkar Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

18.06.1970

Qualification :

B. Com

Date of Appointment :

03.04.2006

PAN No.:

AADPK3624K

DIN No.:

00073665

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	U70102MH1989PLC053258	NASHIMA DEVELOPERS LIMITED	Director	30/08/1989	30/08/1989	-	Amalgamated	NO
2	L51900MH1985PLC037452	KAPASHI COMMERCIAL LIMITED	Director	11/06/1993	11/06/1993	-	Active	NO
3	U67120MH1985PTC036721	NISHUVI TRADING PRIVATE LIMITED	Director	12/01/1994	12/01/1994	-	Converted to LLP	NO
4	U27107MH1995PTC090193	TALOJA STEEL PRIVATE LIMITED	Managing director	04/07/1995	04/07/1995	-	Amalgamated	NO
5	U65990MH1992PTC065170	SHREEJEE INVESTMENTS PRIVATE LIMITED	Director	28/06/2002	28/06/2002	22/09/2008	Active	NO
6	U99999MH1994PTC081524	CHANDESHWARI TRADING AND FINANCE PRIVATE LIMITED	Director	30/09/2006	14/11/2005	09/01/2013	Active	NO
7	U27104MH2006PTC160932	INDU CORPORATION PRIVATE LIMITED (PART-IX)	Director	03/04/2006	03/04/2006	-	Active	NO
8	AAC-9320	NISHUVI TRADING LLP	Designated Partner	18/11/2014	18/11/2014	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Paresh S. Kapashi	931000	19.00
Nimish I. Kapashi	931000	19.00
Sevantilal S. Kapashi	955500	19.50
Indukumar S. Kapashi	955500	19.50
Sushila S. Kapashi	514500	10.50
Nitina I. Kapashi	514500	10.50
Nandini P. Kapashi	49000	1.00
Bhakti N. Kapashi	49000	1.00
Total	4900000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is in the business of distribution of steel and zinc, also engaged in trading in imported ferrous and non-ferrous metals and other commodities.

Products :

Product Description	Item Code No. (ITC Code)
Other Bars and Rods of Iron or Non-Alloy not further worked then forged, hot rolled or not extruded, but including those	7214.10
Other Bars and Rods of zinc not further worked then forged, hot rolled or not extruded, but including those	7901

Brand Names :

--

Agencies Held :

--

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

Oriental Bank of Commerce, Opera House Branch, Shreejee Chambers, Tata Road No.2, Opera House, Mumbai – 400004, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
SHORT TERM BORROWINGS
Working capital loans from banks	326.137	423.113
Total	326.137	423.113

Auditors :
Name :	Vinod K. Mehta and Company Chartered Accountants
Address :	B-5, 2^nd Floor, Satyam Shopping Centre, Ghatkopar (East), Mumbai – 400077, Maharashtra, India
PAN No.:	AADFV6947N
Memberships :	--
Collaborators :	--
Related Party:	· Nishuvi Corporation · N P K Enterprise Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4900000	Equity Shares	Rs.10/- each	Rs.49.000 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	49.000	21.000	21.000
(b) Reserves & Surplus	504.863	509.707	491.491
(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)	553.863	530.707	512.491
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.525	0.656	1.148
(c) Other long term liabilities	357.519	356.591	264.634
(d) long-term provisions	7.796	6.199	5.125
Total Non-current Liabilities (3)	365.840	363.446	270.907
(4) Current Liabilities
(a) Short term borrowings	329.184	423.996	100.603
(b) Trade payables	997.880	763.997	1,246.258
(c) Other current liabilities	1.534	9.010	4.841
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	1,328.598	1,197.003	1,351.702
TOTAL	2,248.301	2,091.156	2,135.100
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	281.969	280.177	264.456
(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	15.824	15.903	16.010
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.302	2.207	2.168
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	300.095	298.287	282.634
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	240.895	333.069	302.041
(c) Trade receivables	1,507.470	1,258.085	1,356.683
(d) Cash and cash equivalents	61.698	70.403	113.833
(e) Short-term loans and advances	127.678	99.475	48.365
(f) Other current assets	10.465	31.837	31.544
Total Current Assets	1,948.206	1,792.869	1,852.466
TOTAL	2,248.301	2,091.156	2,135.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	10,446.684	8,458.562	7,153.173
		Other Income	8.529	8.374	18.119
		TOTAL (A)	10,455.213	8,466.936	7,171.292
Less	EXPENSES
		TOTAL (B)	10,225.638	8,265.252	6,941.143
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		229.575	201.684	230.149
Less	FINANCIAL EXPENSES (D)		187.099	165.021	158.475
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		42.476	36.663	71.674
Less	DEPRECIATION/ AMORTISATION (F)		10.148	9.215	7.887
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		32.328	27.448	63.787
Less	TAX (H)		9.172	9.232	20.010
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		23.156	18.216	43.777
	Earnings / (Loss) Per Share (Rs.)		4.73	8.67	20.85

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.22	0.22	0.61
Operating Profit Margin (PBDIT/Sales)	(%)	2.20	2.38	3.22
Return on Total Assets (PBT/Total Assets}	(%)	1.45	1.32	3.01
Return on Investment (ROI) (PBT/Networth)		0.06	0.05	0.12
Debt Equity Ratio (Total Debt /Networth)		0.59	0.80	0.20
Current Ratio (Current Asset/Current Liability)		1.47	1.50	1.37

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	21.000	21.000	49.000
Reserves & Surplus	491.491	509.707	504.863
Share Application money pending allotment	0.000	0.000	0.000
Net worth	512.491	530.707	553.863
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	100.603	423.996	329.184
Total borrowings	100.603	423.996	329.184
Debt/Equity ratio	0.196	0.799	0.594

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	7,153.173	8,458.562	10,446.684
		18.249	23.504

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	7,153.173	8,458.562	10,446.684
Profit	43.777	18.216	23.156
	0.61%	0.22%	0.22%

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	Yes
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	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	Yes

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
SHORT TERM BORROWINGS
Loans taken for fixed assets	3.046	0.883
Total	3.046	0.883

WORKING RESULT:

The Sales for the year ended 31st March, 2013 amounted to Rs.10446.684 Millions as compared to Rs.8458.562 Millions in the previous year, registering growth of 23.50%. The Company earned the Net Profit of Rs.23.156 Millions as compared to Rs.18.216 Millions in the previous year registering reduction of about 27.12% as compared to previous year. Reduction in Profit is due to increase in finance cost and purchase cost of materials.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10047705	31/12/2012 *	1,700,000,000.00	Oriental Bank Of Commerce	Opera House Branch, Shreeji Chambers,, Tata Road No. 2, Opera House, Mumbai, Maharashtra - 400004,  India	B66855560
2	90159155	10/03/2003	25,000,000.00	Global Trust Bank Limited	15; Maker Chamber, Nariman Point, Mumbai, Maharashtra - 400021, India	-
3	90157479	29/04/2000	10,000,000.00	Global Trust Bank Limited	15; Maker Chamber, Nariman Point, Mumbai, Maharashtra - 400021, India	-
4	90158776	03/10/1996	15,000,000.00	Global Trust Bank Limited	Makar Chambers 111, Nariman Point, Mumbai, Maharashtra - 400021, India	-
5	90156198	26/05/2007 *	240,000,000.00	Oriental Bank Of Commerce	Shreejee Chambers, Tata Road No. 2, Girgaum, Mumbai, Maharashtra - 400004, India	-
6	90156163	20/10/1995 *	17,540,000.00	Global Trust Bank Limited	Makar Chambers 111, Nariman Point, Mumbai, Maharashtra - 400021, India	-

*Date of modification Charges

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	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		NEW BUSINESS

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.