MIRA INFORM REPORT

Report No. :	303878
Report Date :	23.01.2015

IDENTIFICATION DETAILS

Name :	OM BESCO RAIL PRODUCTS LIMITED
Formerly Known As :	OM BESCO ROLLING STOCK ENGINEERING PRIVATE LIMITED
Registered Office :	2B, Grant Lane, 1^st Floor, Room No.106, Kolkata – 700 012, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.03.2008
Com. Reg. No.:	21-123604
Capital Investment / Paid-up Capital :	Rs.225.600 millions
CIN No.: [Company Identification No.]	U29253WB2008PLC123604
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCO0215H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in setting up manufacturing facility of alloy steel casting products (bogies, couplers, draft gears) to be used in railway freight wagons.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 642000
Status :	Project under implementation
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a part of reputed “O.P. Tantia Group”. It is a proposed project which is still under implementation and will serve raw material requirements of the parent company as a backward integration strategy. Mr. Akash Shah, accountant claimed that the project will be operational by the end of January 2015. Trade relation seems to be improving. Business is active. Payment terms are reported as unknown. In view of experienced promoters, 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	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	CARE
Rating	Long Term Bank Facilities: BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	16.10.2013

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.

INFORMATION PARTED BY

Name :	Mr. Akash Shah
Designation :	Accountant
Contact No.:	91-22-24407644
Date :	21.01.2015

LOCATIONS

Registered Office :	2B, Grant Lane, 1^st Floor, Room No.106, Kolkata – 700 012, West Bengal, India
Tel. No. :	Not Available
Fax No. :	Not Available
E-Mail :	besco2@vsnl.com mds@ombesco.in info@ombesco.in aakashshah.cka@gmail.com
Liaison Office :	8, Anil Maitra Road, Ballygunge, Kolkata – 700 019, West Bengal, India
Tel. No. :	91-33-24407644
Fax No. :	91-33-24404011
Works :	P.O. Mugma, P.S. Nirsa, District Dhanbad – 828 204, Jharkhand, India

DIRECTORS

AS ON 22.08.2014

Name :

Mr. Madhusudan Tantia

Designation :

Director

Address :

4, Sarat Chatterjee Avenue, Kolkata – 700 029, West Bengal, India

Date of Birth/Age :

19.01.1962

Date of Appointment :

05.03.2008

DIN No. :

00031226

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	L27109WB1928PLC006190	BESCO LIMITED	Director	01-09-1991	01-09-1991	-	Active	NO
2	U74140WB2004PTC098425	BESCO ENGINEERING AND SERVICES PRIVATE LIMITED	Director	27-04-2004	27-04-2004	-	Active	NO
3	U74140WB1966PTC026861	BASCON (CONSULTANTS) PRIVATE LIMITED	Director	28-04-2006	28-04-2006	-	Active	NO
4	U67120WB1981PTC033760	SELLWIN INVESTMENTS PRIVATE LIMITED	Director	28-04-2006	28-04-2006	-	Active	NO
5	U65921WB2008PTC123398	OM BESCO GROUP HOLDINGS PRIVATE LIMITED	Director	03-03-2008	03-03-2008	-	Active	NO
6	U45400WB2008PTC123428	OM BESCO INFRASTRUCTURE PRIVATE LIMITED	Director	03-03-2008	03-03-2008	-	Active	NO
7	U29253WB2008PLC123604	OM BESCO RAIL PRODUCTS LIMITED	Director	05-03-2008	05-03-2008	-	Active	NO
8	U35203WB2004PTC170971	OM BESCO SUPER FRICTION PRIVATE LIMITED	Director	30-09-2009	08-12-2008	-	Active	NO
9	U51909WB2009PTC137058	ONUS VANIJYA PRIVATE LIMITED	Director	13-11-2013	13-11-2013	-	Active	NO

Name :

Mr. Chandra Shekhar Jalan

Designation :

Whole-time Director

Address :

FD-324, Salt Lake City, Kolkata – 700 106, West Bengal, India

Date of Birth/Age :

19.07.1948

Date of Appointment :

01.08.2014

DIN No. :

01023586

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	U27100WB2007PTC114251	SARITA METAL PRIVATE LIMITED	Director	19-03-2007	19-03-2007	-	Active	NO
2	L72200WB2000PLC111253	IKF TECHNOLOGIES LIMITED	Managing director	21-10-2009	27-06-2009	30-03-2010	Active	NO
3	U40101WB2002PLC095491	SHYAM METALICS AND ENERGY LIMITED	Director	30-09-2010	23-02-2010	05-11-2012	Active	NO
4	U74999WB2011PTC164033	DISCOVERY ONLINE TUITION PRIVATE LIMITED	Director	22-06-2011	22-06-2011	23-03-2012	Active	NO
5	U74999WB2011PLC164885	DISCOVERY KNOWLEDGE SYSTEMS LIMITED	Director	13-07-2011	13-07-2011	23-03-2012	Active	NO
6	U29253WB2008PLC123604	OM BESCO RAIL PRODUCTS LIMITED	Whole-time director	01-08-2014	23-11-2011	-	Active	NO
7	U51109WB2005PTC104437	SURPATI TRADELINK PRIVATE LIMITED	Director	20-10-2012	20-10-2012	20-10-2012	Active	NO

Name :

Mr. Samar Jha

Designation :

Director

Address :

4/D/9, Ekta Heights, 56, Raja S.C. Mullick Road, Kolkata – 700 032, West Bengal, India

Date of Birth/Age :

09.12.1950

Date of Appointment :

10.12.2012

DIN No. :

02936104

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	U74999DL2003GOI118633	RAIL VIKAS NIGAM LIMITED	Nominee director	05-01-2010	05-01-2010	14-07-2010	Active	NO
2	U65910DL1986PLC026363	INDIAN RAILWAY FINANCE CORPORATION LIMITED	Nominee director	26-10-2010	26-10-2010	21-04-2011	Active	NO
3	L23101AS1961PLC001173	INDIA CARBON LIMITED	Director	07-09-2012	30-03-2012	-	Active	NO
4	U29253WB2008PLC123604	OM BESCO RAIL PRODUCTS LIMITED	Director	10-12-2012	10-12-2012	-	Active	NO
5	U40104WB1985SGC039154	THE WEST BENGAL POWER DEVELOPMENT CORPORATION LIMITED	Director	01-12-2014	01-12-2014	-	Active	NO

Name :

Mr. Hemant Madhusudan Nerurkar

Designation :

Director

Address :

5C-Road, Northern Town, Bistupur, Jamshedpur – 831 001, Jharkhand, India

Date of Birth/Age :

20.10.1948

Date of Appointment :

22.08.2014

DIN No. :

00265887

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	U63090WB2002PLC094134	TM INTERNATIONAL LOGISTICS LIMITED	Nominee director	18-01-2008	22-01-2003	06-02-2010	Active	NO
2	U45205OR1998PLC005448	THE DHAMRA PORT COMPANY LIMITED	Director	06-05-2005	06-05-2005	04-02-2008	Active	NO
3	U45209PN2005PLC020270	TATA BLUESCOPE STEEL LIMITED	Director	30-05-2006	30-05-2006	22-05-2012	Active	NO
4	U27109WB1997PLC084005	TATA STEEL PROCESSING AND DISTRIBUTION LIMITED	Director	23-10-2007	13-07-2006	04-02-2008	Active	NO
5	U45201OR2006PLC008971	TATA STEEL SPECIAL ECONOMIC ZONE LIMITED	Director	11-10-2006	11-10-2006	01-03-2008	Active	NO
6	L27310WB1990PLC050000	TATA METALIKS LIMITED	Director appointed in casual vacancy	11-01-2008	11-01-2008	29-10-2009	Active	NO
7	U23101WB2005PLC101608	HOOGHLY MET COKE AND POWER COMPANY LIMITED	Director	28-05-2008	11-01-2008	24-04-2009	Amalgamated	NO
8	U24111JH1995PLC009020	JAMIPOL LIMITED	Director appointed in casual vacancy	18-01-2008	18-01-2008	28-10-2009	Active	NO
9	L27100MH1907PLC000260	TATA STEEL LIMITED	Managing director	13-08-2010	09-04-2009	01-11-2013	Active	NO
10	U27205MH2009PLC195034	CENTENNIAL STEEL COMPANY LIMITED	Director	19-08-2009	19-08-2009	-	Amalgamated	NO
11	U26921OR1958PLC000349	TRL KROSAKI REFRACTORIES LIMITED	Director	15-09-2012	27-08-2011	-	Active	NO
12	U27310MH2012PLC232512	TATA STEEL ODISHA LIMITED	Director	22-06-2012	22-06-2012	01-11-2013	Active	NO
13	U14290DL2013NPL261671	SKILL COUNCIL FOR MINING SECTOR	Director	06-12-2013	06-12-2013	-	Active	NO
14	U25199WB1976PLC030532	TEGA INDUSTRIES LIMITED	Director	29-09-2014	01-04-2014	-	Active	NO
15	L72200AP1990PLC011146	NCC LIMITED	Director	25-09-2014	09-04-2014	-	Active	NO
16	L35921TN1949PLC002905	TUBE INVESTMENTS OF INDIA LIMITED	Director	06-08-2014	05-05-2014	-	Active	NO
17	L29142TN1992PLC021997	IGARASHI MOTORS INDIA LIMITED	Director	30-07-2014	23-06-2014	-	Active	NO
18	U29253WB2008PLC123604	OM BESCO RAIL PRODUCTS LIMITED	Director	22-08-2014	14-07-2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mithun Pal
Designation :	Secretary
Address :	Sarat Colony, Near No.3 Airport Gate, P.O. Rajbari Colony, Kolkata – 700 081, West Bengal, India
Date of Birth/Age :	04.07.1985
Date of Appointment :	18.08.2014
PAN No.:	BJUPP2536E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 22.08.2014

Note:

Shareholding details file attached.

AS ON 22.08.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	98.91
Directors or relatives of Directors	1.09
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in setting up manufacturing facility of alloy steel casting products (bogies, couplers, draft gears) to be used in railway freight wagons.
Products :	Alloy Steel Casting Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
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 :

Banker Name	Bank of Baroda
Branch Address	Indian Exchange Place Branch, 4, Indian Exchange Place, Kolkata – 700 001, West Bengal, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	369.163	246.646
SHORT TERM BORROWINGS
Other loans and advances (Secured overdraft facility against fixed deposit)	11.318	30.370
Total	380.481	277.016

Banking Relations :	--
Auditors :
Name :	Ajay Kumar Gupta Chartered Accountant
Address :	Balajee Ganges, Block - A, 4^th Floor, Flat-401, 105/D, Bidhan Nagar Road, Kolkata – 700 067, West Bengal, India
PAN No.:	AGQPG1499K
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AFTER 22.08.2014

Authorised Capital : Rs.300.000 millions

Issued, Subscribed & Paid-up Capital : Rs.280.000 millions

AS ON 22.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23500000	Equity Shares	Rs.10/- each	Rs.235.000 millions

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22560000	Equity Shares	Rs.10/- each	Rs.225.600 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	225.600	110.410	17.960
(b) Reserves & Surplus	(0.897)	32.266	32.100
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	6.000	1.800
Total Shareholders’ Funds (1) + (2)	224.703	148.676	51.860
(3) Non-Current Liabilities
(a) Long-term borrowings	369.163	246.646	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	0.000	0.000	0.000
Total Non-current Liabilities (3)	369.163	246.646	0.000
(4) Current Liabilities
(a) Short term borrowings	11.318	30.370	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	8.708	1.257	0.274
(d) Short-term provisions	0.013	0.013	0.003
Total Current Liabilities (4)	20.039	31.640	0.277
TOTAL	613.905	426.962	52.137
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	482.364	248.136	24.626
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	81.230	72.456	14.659
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	563.594	320.592	39.285
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	50.283	106.270	12.827
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.028	0.100	0.025
Total Current Assets	50.311	106.370	12.852
TOTAL	613.905	426.962	52.137

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	0.000	0.000	0.158
		Other Income	0.078	0.311	0.051
		TOTAL	0.078	0.311	0.209
Less	EXPENSES
		Purchases of stock-in-trade	0.000	0.000	0.145
		Employee benefit expense	0.165	0.000	0.000
		Other expenses	0.951	0.071	0.054
		TOTAL	1.116	0.071	0.199
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(1.038)	0.240	0.010
Less	FINANCIAL EXPENSES		0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(1.038)	0.240	0.010
Less/ Add	DEPRECIATION/ AMORTISATION		0.000	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX		(1.038)	0.240	0.010
Less	TAX		0.000	0.075	0.003
	PROFIT/ (LOSS) AFTER TAX		(1.038)	0.165	0.007
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.141	(0.024)	(0.031)
	BALANCE CARRIED TO THE B/S		(0.897)	0.141	(0.024)
	Earnings / (Loss) Per Share (Rs.)		(0.05)	0.01	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.00	0.00	4.43
Operating Profit Margin (PBDIT/ Sales)	(%)	0.00	0.00	6.33
Return on Total Assets (PBT/Total Assets}	(%)	(0.79)	0.13	0.04
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Debt/Networth)		1.69	1.86	0.00
Current Ratio (Current Asset/Current Liability)		2.51	3.36	46.40

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	17.960	110.410	225.600
Reserves & Surplus	32.100	32.266	-0.897
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	1.800	6.000	0.000
Net worth	51.860	148.676	224.703
Long Term borrowings	0.000	246.646	369.163
Short Term borrowings	0.000	30.370	11.318
Total borrowings	0.000	277.016	380.481
Debt/Equity ratio	0.000	1.863	1.693

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	0.158	0.000	0.000
		(100.000)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	0.158	0.000	0.000
Profit	0.007	0.165	(1.038)
	4.43%

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	Yes
10]	Designation of contact person	Yes
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	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

NOTE:

The registered address of the company has been shifted from Krishna Building, Room No.207, 2^nd Floor, 224, A.J.C. Bose Road, Kolkata – 700 017, West Bengal to the present address w.e.f. 07.11.2011.

PROJECT STATUS

The project implementation is generally satisfactory and as per schedule.

The land development has been completed. The Boundary Wall for the area has already been completed, except a small portion where the factory gate would be coming up. The main plant building is complete with erection of necessary Gantries. The flooring inside the plant is fully completed as required.

The Stores building is fully completed and in use. All major equipments are already at plant site. The foundations for all major machineries are ready except for the Heat Treatment Equipments which should be ready by July, 2015, require to be put to use in early August, 2014.

All long delivery items of other fixed assets are already at site, or are ready for delivery at suppliers end. Agreement with DVC for supply of Power has already been finalized and necessary financial commitments made. The revised COD as approved in the review proposal by September, 2014 is likely to be achieved.

CHANGES IN CAPITAL STRUCTURE

During the year, there has been no change in the Authorised Share Capital of the Company. As on 31^st March, 2014, the Authorised Share Capital of the Company is Rs.250.000 millions divided into 25 Lakh equity shares of Rs.10 each.

The Directors propose to increase the Authorised Share Capital of the Company from Rs.250.000 millions to Rs.30 crores, to be divided into 300 lakh equity shares of Rs.10 each.

During the year the Company has allotted 8306500 equity shares of face value of Rs.10 each and issued 3212500 bonus shares of face value of Rs.10 each out of Securities Premium. Consequent to the allotment, the paid up share capital of stands at Rs.225.600 millions as on 31.03.2014.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10411576	07/03/2013	500,000,000.00	BANK OF BARODA	INDIAN EXCHANGE PLACE BRANCH, 4, INDIAN EXCHANGE PLACE, KOLKATA, WEST BENGAL - 700001, INDIA	B70698576

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.61.69
UK Pound	1	Rs.93.33
Euro	1	Rs.71.49

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUB
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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	--

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