MIRA INFORM REPORT

Report No. :	307670
Report Date :	14.02.2015

IDENTIFICATION DETAILS

Name :	SKI CARBON BLACK (INDIA) PRIVATE LIMITED
Registered Office :	Aditya Birla Centre, S.K. Ahire Marg, Worli, Mumbai-400030, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.04.2013
Com. Reg. No.:	11-241741
Capital Investment / Paid-up Capital :	Rs. 325.100 Millions
CIN No.: [Company Identification No.]	U23201MH2013PTC241741
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AASCS9916L
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is primarily engaged in the manufacture and sale of carbon black
No. of Employees :	(Approximately) Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 19000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an establishing company with limited operation history as it has been incorporated in year April 2013. The company operates as a subsidiary of Aditya Birla Group Company. The company appears to be in sound financial position. However, trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual business at usual business terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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

Rating Agency Name	ICRA
Rating	Long term rating A+
Rating Explanation	Adequate degree of safety slow credit risk.
Date	Oct, 2013

Rating Agency Name	ICRA
Rating	Short term rating A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	Oct, 2013

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 :	Aditya Birla Centre, S.K. Ahire Marg, Worli, Mumbai-400030, Maharashtra, India
Tel. No.:	91-22-66525000
Fax No.:	91-22-24995729
E-Mail :	priyanka.baheti@adityabirla.com
Unit	Renukoot, Uttar Pradesh, India (Unit Hi-Tech Carbon, Gummidipoondi) K-16 Phase II Sipcot Industrial Complex Gummidipoondi Tiruvallur District-601201, Tamilnadu, India Patalganaga, Maharashtra, India

DIRECTORS

As on 09.09.2014

Name :

Mr. Santrupt Misra

Designation :

Director

Address :

3101-3201 Zahra Tower Dr. E Moses Road Worli , Mumbai-400018, Maharashtra, India

Date of Birth/Age :

15.08.1965

Date of Appointment :

09.09.2014

DIN No.:

00013625

Voter ID No.:

TDW1588573

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	U73100MH1999PTC118379	ADITYA BIRLA MANAGEMENT CORPORATION Private LIMITED	Director	01/01/2002	15/06/1999	-	Active	NO
2	U74140MH2001PLC132863	BIRLA MANAGEMENT CENTRE SERVICES LIMITED	Director	25/07/2001	25/07/2001	-	Active	NO
3	L26940MH2000PLC128420	ULTRATECH CEMENT LIMITED	Director	06/07/2004	06/07/2004	10/09/2008	Active	NO
4	U74200MH2006PLC158951	ADITYA BIRLA SCIENCE AND TECHNOLOGY COMPANY LIMITED	Director	17/01/2006	17/01/2006	-	Active	NO
5	U27203WB1938PLC009515	INDIAN ALUMINIUM CO LTD	Director	27/06/2006	27/06/2006	-	Amalgamated	NO
6	U52209GJ2007PLC052134	RUDI MULTI TRADING COMPANY LIMITED	Director	07/11/2007	07/11/2007	28/02/2009	Active	NO
7	U74999MH1924NPL001128	BOMBAY CHAMBER OF COMMERCE AND INDUSTRY	Director	26/06/2009	26/06/2009	08/06/2010	Active	NO
8	U85110MH1998PTC114343	ASIAN HEART INSTITUTE & RESEARCH CENTRE PRIVATE LIMITED	Director	19/10/2010	14/02/2010	-	Active	NO
9	U23201MH2013PTC241741	SKI CARBON BLACK (INDIA) PRIVATE LIMITED	Director	09/09/2014	01/10/2013	-	Active	NO
10	U01400MH2013PTC250486	SARSAN ENTERPRISES PRIVATE LIMITED	Director	28/11/2013	28/11/2013	-	Active	NO

Name :

Gopi Krishna Tulsian

Designation :

Director

Address :

32 Peacock Palace 69 Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

02.02.1937

Date of Appointment :

09.09.2014

DIN No.:

00017786

Voter ID No.:

JRW1335371

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	U70109WB1985PLC038472	PIC PROPERTIES LTD.	Director	09/09/1985	09/09/1985	-	Active	NO
2	U67120MP1994PLC008447	SAMRUDDHI SWASTIK TRADING AND INVESTMENTS LIMITED	Nominee director	10/05/1995	10/05/1995	-	Active	NO
3	U67120MP1994PLC008446	SUN GOD TRADING AND INVESTMENT LIMITED	Nominee director	15/05/1995	15/05/1995	-	Active	NO
4	U99999MH1952PLC008941	INDUSTRY HOUSE LIMITED	Director	25/06/1997	25/06/1997	-	Active	NO
5	U67120MH1997PTC253259	SUNBEAM TRADING & INVESTMENTS PRIVATE LIMITED	Director	13/09/1997	13/09/1997	-	Active	NO
6	U65920MH1986PLC041322	BIRLA INDUSTRIAL FINANCE (INDIA) LIMITED	Director	21/08/1998	21/08/1998	24/06/2011	Active	NO
7	U67120MH1987PLC043065	BIRLA INDUSTRIAL INVESTMENTS (INDIA) LTD	Director	21/08/1998	21/08/1998	24/06/2011	Active	NO
8	U64200MH1995PLC086464	BIRLA TELECOM LIMITED	Director	30/06/1999	30/06/1999	-	Strike off	NO
9	U17110MH2000PTC127428	BGH EXIM Private Limited	Director	27/06/2000	27/06/2000	-	Active	NO
10	U17110MH2000PLC127427	ADITYA BIRLA POWER COMPANY LIMITED	Director	27/06/2000	27/06/2000	-	Active	NO
11	U72900MH2000PTC129116	BIRLA TMT HOLDINGS PRIVATE LIMITED	Director	12/10/2000	12/10/2000	-	Active	NO
12	U64200MH2000PTC129356	IGH HOLDINGS PRIVATE LIMITED	Director	24/10/2000	24/10/2000	-	Active	NO
13	U99999GJ2001PLC062239	ADITYA BIRLA INSURANCE BROKERS LIMITED	Director	26/12/2001	26/12/2001	-	Active	NO
14	U70100MH2000PTC127785	B G H PROPERTIES PRIVATE LIMITED	Director	15/04/2002	15/04/2002	-	Active	NO
15	U92110MH2002PTC135228	APPLAUSE ENTERTAINMENT PRIVATE LIMITED	Director	15/04/2002	15/04/2002	-	Active	NO
16	U65993MH2002PTC135827	TGS INVESTMENT & TRADE PRIVATE LIMITED	Director	09/05/2002	09/05/2002	-	Active	NO
17	U72300MH1999PTC122375	INFOCYBER INDIA PRIVATE LIMITED	Director	27/11/2002	27/11/2002	-	Active	NO
18	U72900MH2003PTC138702	APPLAUSE BHANSALI FILMS PRIVATE LIMITED	Director	16/01/2003	16/01/2003	-	Active	NO
19	U92132TG2004PTC042536	APPLAUSE ENTERTAINMENT AP PRIVATE LIMITED	Director	30/01/2004	30/01/2004	-	Active	NO
20	U24111OR1981PLC000917	MANGALAM CARBIDE LTD	Director	23/07/2004	23/07/2004	05/10/2013	Active	NO
21	U65900MH1988PTC048551	NAMAN FINANCE AND INVESTMENT PVT LTD	Director	28/09/2007	14/08/2007	-	Active	NO
22	U65990MH1988PLC048117	Aditya Birla Retail Limited	Director	29/09/2008	12/03/2008	-	Active	NO
23	U52520TG1990PTC011172	TRINETHRA SUPERRETAIL Private LIMITED	Director	29/09/2008	22/04/2008	-	Amalgamated	NO
24	U18101TG2002PTC073589	FABMALL (INDIA) PRIVATE LIMITED	Director	29/09/2008	22/04/2008	-	Amalgamated	NO
25	U01409MH2002PTC135738	GREEN ACRE AGRO SERVICES PRIVATE LIMITED	Director	23/06/2008	09/06/2008	-	Active	NO
26	U45200MH2007PTC173199	ABG REALTY AND INFRASTRUCTURE COMPANY PRIVATE LIMITED	Director	30/09/2009	03/11/2008	-	Active	NO
27	U67190MH2007PTC171369	BIRLA FAMILY INVESTMENTS PRIVATE LIMITED	Additional director	03/11/2008	03/11/2008	30/01/2009	Active	NO
28	U93000MH2008PTC185265	OSIRIS CORPORATE SERVICES PRIVATE LIMITED	Director	30/09/2009	09/05/2009	-	Active	NO
29	U72200MH2008PTC182132	OSIRIS INFO SERVICES PRIVATE LIMITED	Director	30/09/2009	09/05/2009	-	Active	NO
30	U72300MH2007PTC170118	OSIRIS E-INFRATECH PRIVATE LIMITED	Director	30/09/2009	09/05/2009	-	Active	NO
31	U14220MH2011PLC219760	ADITYA BIRLA NATURAL RESOURCES LIMITED	Director	13/07/2011	13/07/2011	-	Active	NO
32	U23201MH2013PTC241741	SKI CARBON BLACK (INDIA) PRIVATE LIMITED	Director	09/09/2014	01/10/2013	-	Active	NO
33	L65993GJ1995PLC064810	ADITYA BIRLA MONEY LIMITED	Director	09/09/2014	25/03/2014	-	Active	NO
34	U51501GJ2003PLC065196	ADITYA BIRLA COMMODITIES BROKING LIMITED	Director	09/09/2014	25/03/2014	-	Active	NO
35	AAA-2378	CHATURBHUJ ENTERPRISES LLP	Designated Partner	27/09/2010	27/09/2010	-	Active	NO
36	AAA-2468	SIDDHIPRIYA ENTERPRISES LLP	Designated Partner	08/10/2010	08/10/2010	-	Active	NO

Name :

Mr. Dilip Roopsingh Gaur

Designation :

Director

Address :

Flat No. 2202- A and 2202- B 22^nd Floor Springs 1 Island City Center G. D. Ambedkar Marg, Dadar (East), Mumbai-400014, Maharashtra, India

Date of Birth/Age :

20.05.1957

Date of Appointment :

05.01.2013

DIN No.:

02071393

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	U45201GJ1998PLC035047	DAHEJ HARBOUR AND INFRASTRUCTURE LIMITED	Director	28/02/2008	28/02/2008	-	Active	NO
2	U23201MH2013PTC241741	SKI CARBON BLACK (INDIA) PRIVATE LIMITED	Director	05/04/2013	05/04/2013	-	Active	NO
3	L26940MH2000PLC128420	ULTRATECH CEMENT LIMITED	Whole-time director	15/10/2014	15/10/2014	-	Active	NO

Name :

Mr. Satsh Pai

Designation :

Director

Address :

Apartment No. 4202 The Imperial South Tower, B. B. Nakashe Marg Tardeo Mumbai-400034, Maharashtra, India

Date of Birth/Age :

29.12.1961

Date of Appointment :

09.09.2014

DIN No.:

06646758

Voter ID No.:

ISD5004346

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	L27020MH1958PLC011238	HINDALCO INDUSTRIES LIMITED	Whole-time director	10/09/2013	13/08/2013	-	Active	NO
2	U23201MH2013PTC241741	SKI CARBON BLACK (INDIA) PRIVATE LIMITED	Director	09/09/2014	01/10/2013	-	Active	NO
3	U27203MH2007PLC166651	HINDALCO-ALMEX AEROSPACE LIMITED	Director	30/09/2014	12/03/2014	-	Active	NO

Name :

Mr. Shyam Sunder Rathi

Designation :

Managing Director

Address :

Hi-Tech Carbon Township A1QTR Verkadu Village Gummidioondi, Thiruvallur-601201, , Tamilnadu, India

Date of Birth/Age :

05.06.1967

Date of Appointment :

01.10.2013

DIN No.:

02255407

Voter ID No.:

HMV2173748

Name :

Mr. Surendra Goyal

Designation :

Whole time director

Address :

1104 Tower 2 Raheja Tipco Heights Rani Sati Marg Malad (East), Mumbai-400097, Maharashtra, India

Date of Birth/Age :

20.06.1964

Date of Appointment :

01.10.2013

DIN No.:

00171025

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	U51909MH2004PTC150272	SARAS EMERGING TRADE AND SERVICES PRIVATE LIMITED	Director	29/12/2004	29/12/2004	-	Active	NO
2	U72900MH2000PTC125419	RAMAYANA TECHNOLOGIES PRIVATE LIMITED	Director	02/05/2006	02/05/2006	-	Active	NO
3	U70101MH2006PTC162459	SURE PROPERTIES PRIVATE LIMITED	Director	29/05/2006	29/05/2006	-	Active	NO
4	U23201MH2013PTC241741	SKI CARBON BLACK (INDIA) PRIVATE LIMITED	Whole-time director	01/10/2013	01/10/2013	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Priyanka Baheti
Designation :	Company Secretary
Address :	B2-44 Orchhids Mahindra Gardens, S.V. Road, Goregaon (West), Mumbai-400062, Maharashtra, India
Date of Birth/Age :	06.06.1982
Date of Appointment :	01.09.2013
Voter ID No.:	GMN/1192061

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 09.09.2014

Names of Shareholders	No. of Shares
Ski Carbon Black (Mauritius) Limited	32509499
Bhanwer Lal Ajmera	1
Total	32509500

Equity Share Break up (Percentage of Total Equity)

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 :	Subject is primarily engaged in the manufacture and sale of carbon black
Products :	Carbon black
Brand Names :	Not Available
Agencies Held :	Not Available
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

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

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014
Long Term Borrowing
Term loans from banks	3325.000
Deferred payment liabilities	430.500
Short Term Borrowing
Working capital loans from banks	2796.500
Total	6552.000

Auditors :
Name :	BSR and Company LLP Chartered Accountants
Address :	Lodha Excelus, 5th Floor N M Joshi Marg, Apollo Mills Compound Mahalaxmi, Mumbai - 400011, Maharashtra, India
PAN No.:	AAAFB9852F
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	SKI Carbon Black (Mauritius) Limited
Fellow Subsidiary company :	Columbian Chemicals Company, Delaware Alexandria Carbon Black Company S.A.E Liaoning Birla Carbon Company Limited

CAPITAL STRUCTURE

As on

Authorised Capital :

No. of Shares	Type	Value	Amount
115,000,000	Equity Shares	Rs.10/- each	Rs.1150.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
32,509,500	Equity Shares	Rs.10/- each	Rs.325.095 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	325.100
(b) Reserves & Surplus	6381.500
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	6706.600
(3) Non-Current Liabilities
(a) long-term borrowings	3755.500
(b) Deferred tax liabilities (Net)	72.600
(c) Other long term liabilities	0.000
(d) long-term provisions	89.400
Total Non-current Liabilities (3)	3917.500
(4) Current Liabilities
(a) Short term borrowings	2796.500
(b) Trade payables	2648.600
(c) Other current liabilities	2314.200
(d) Short-term provisions	210.300
Total Current Liabilities (4)	7969.600
TOTAL	18593.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5752.200
(ii) Intangible Assets	175.400
(iii) Capital work-in-progress	256.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	133.000
(e) Other Non-current assets	0.000
Total Non-Current Assets	6316.600
(2) Current assets
(a) Current investments	0.000
(b) Inventories	5127.000
(c) Trade receivables	5547.300
(d) Cash and cash equivalents	3.700
(e) Short-term loans and advances	1543.800
(f) Other current assets	55.300
Total Current Assets	12277.100
TOTAL	18593.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014
	SALES
		Income
		Other Income
		TOTAL (A)	21831.800
Less	EXPENSES
		TOTAL (B)	20036.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1795.800
Less	FINANCIAL EXPENSES (D)		838.500
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		957.300
Less/ Add	DEPRECIATION/ AMORTISATION (F)		678.100
	PROFIT BEFORE TAX (E-F) (G)		279.200
Less	TAX (H)		72.600
	PROFIT AFTER TAX (G-H) (I)		206.600
	Earnings Per Share (Rs.)		6.36

KEY RATIOS

PARTICULARS		31.03.2014
Net Profit Margin (PAT / Sales)	(%)	0.95
Operating Profit Margin (PBDIT/Sales)	(%)	8.23
Return on Total Assets (PBT/Total Assets}	(%)	1.52
Return on Investment (ROI) (PBT/Networth)		0.04
Debt Equity Ratio (Total Debt /Networth)		0.98
Current Ratio (Current Asset/Current Liability)		1.54

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 one year	Yes
12]	Profitability for last one year	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	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

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Office equipment
• Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.13
UK Pound	1	Rs.95.77
Euro	1	Rs.71.05

INFORMATION DETAILS

Analysis Done by :	SUC
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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.