MIRA INFORM REPORT

Report No. :	325615
Report Date :	04.06.2015

IDENTIFICATION DETAILS

Name :	METENERE LIMITED (w.e.f 31.03.2015)
Formerly Known as :	SBICAP TRUSTEE COMPANY LIMITED
Registered Office :	138-139 Main Road Gazipur, New Delhi - 110096
Tel. No.:	91-11-47109175 / 91-11-47109141
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.02.1997
Com. Reg. No.:	55-084906
Capital Investment / Paid-up Capital :	Rs.412.525 Million
CIN No.: [Company Identification No.]	U27107DL1997PLC084906
TAN No.: [Tax Deduction & Collection Account No.]	DELM04703G
PAN No.: [Permanent Account No.]	AAACM8484F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of production of non ferrous metals.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 25000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well – established company having fine track record. The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and sound profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual trade 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	28.01.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	28.01.2015

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 DENIED BY

Name :	Mr. Neha
Designation :	Accountant
Contact No.:	91-11-47109141
Date :	25.05.2015

LOCATIONS

Registered Office :	138-139 Main Road Gazipur, New Delhi - 110096
Tel. No.:	91-11-47109175 / 91-11-47109141
Fax No.:	91-11-47109103
E-Mail :	sanjeev.arora@mtil.in tarun.agarwal@metenere.com priyanka.singh@metenere.com
Website :	www.mettradeindia.com
Factory 1 :	Village Mohtli, Dhamtal, Tehsil- Indora District Kangra – 176404, Himachal Pradesh, India
Factory 2 :	152, SICOP Industrial Area, Kathua – 184101, Jammu and Kashmir, India
Factory 3 :	Survey No. 590,591,593, Village Bhimasar, Taluka Anjar,  Gandhidham, District Kutch -370201, Gujarat, India
Factory 4 :	Village Bheel Akbarpur, Main G.T Road, Dadri, District –G.B Nagar, Noida, Uttar Pradesh, India
Factory 5 :	IGC, SIDCO Phase – 1 Samba - 184121, Jammu and Kashmir, India

DIRECTORS

As on : 30.09.2014

Name :

Mr. Raman Gupta

Designation :

Managing Director

Address :

F-73, Preet Vihar, Delhi – 110092, India

Date of Birth/Age :

29.12.1959

Date of Appointment :

26.11.2010

PAN No.:

ABAPG1217G

DIN No.:

00106876

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	U74899DL1986PLC033985	Metenere (Global) Limited	Managing director	15/03/2011	02/06/1986	-	Active	NO
2	U27107DL1997PLC084906	Metenere Limited	Managing director	26/11/2010	04/02/1997	-	Active	NO
3	L74899DL1994PLC057192	NIVEDAN FIN-INVEST-LEASE LIMITED	Director	12/02/1998	12/02/1998	25/11/2010	Active	NO
4	U74899DL1994PTC057627	PASA INVESTMENT AND LEASING PRIVATE LIMITED	Director	01/08/1998	01/08/1998	-	Amalgamated	NO
5	U74100DL1996PLC148276	SHREY INDUSTRIES LIMITED	Director	25/10/1999	25/10/1999	-	Amalgamated	NO
6	U27109DL2003PTC122061	IND-METCHEM PRIVATE LIMITED	Director	03/09/2003	03/09/2003	10/12/2009	Amalgamated	NO
7	U27109DL2003PTC122060	FACTUAL METAL & ALLOYS PRIVATE LIMITED	Director	03/09/2003	03/09/2003	03/09/2007	Active	NO
8	U24119DL2003PTC120594	GUPTA PIGMENTS PRIVATE LIMITED	Director	07/06/2004	07/06/2004	-	Amalgamated	NO

Name :

Mr. Ankur Singh

Designation :

Whole-Time Director

Address :

A-404, Pawittra Apartment, Near Dharmasila, Cancer Hospital, Vasunhar Enclave, Delhi – 110096, India

Date of Birth/Age :

12.11.1971

Date of Appointment :

17.07.2012

PAN No.:

ANWPS1321D

DIN No.:

02712564

Name :

Mr. Subash Chandra Tandan

Designation :

Director

Address :

62, Arya Nagar, Sitapur – 261001, Uttar Pradesh, India

Date of Birth/Age :

25.01.1946

Date of Appointment :

28.09.2010

PAN No.:

AAJPT5649R

DIN No.:

03008428

KEY EXECUTIVES

Name :	Mr. Neha
Designation :	Accountant
Name :	Ms. Priyanka Singh
Designation :	Secretary
Address :	C 64/A, Opp. Durga Mandir, Janta Garden, Samaspur, Delhi – 110001, India
Date of Birth/Age :	07.07.1982
Date of Appointment :	10.07.2014
PAN No.:	BXQPS0691R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2014

Names of Shareholders	No. of Shares
Raman Gupta	49608575
Raman Gupta, Karta of Raman Gupta (HUF)	6000000
Raman Gupta, trustee of Mahjan Family Welfare Trust	60000
Raman Gupta, trustee of Amar Devi Family Welfare Trust	5025000
Metenere (Global) Limited	305774455
Shrey Gupta	46056585
Kiran Gupta	1
Total	412524616

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	74.12
Directors or relatives of Directors	23.19
Other top fifty shareholders	2.69
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of production of non ferrous metals.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Vijaya Bank
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged
Bank Name	Punjab National Bank
Branch	7, Bhikaji Cama Place, Africa Avenue, New Delhi – 110066, India

• United Bank of India, Asaf Ali Road, Branch, 2A/3, New Delhi – 110002, India
• Bank of India, New Delhi large Corporate Branch, PTI Building, 4 Sansand Marg, New Delhi – 110001, India
• IDBI Bank Limited, 11^th Floor, Surya Kiran Building, K.G. Marg, New Delhi – 110001, India
• Standard Chartered Bank, Credit Risk Control, Narain Manzil, 23, Barakhamba Road, New Delhi – 110001, India
• State Bank of Mysore, Connaught Place Branch, Anthriksh Bhavan, 22 K.G. Marg, New Delhi – 110001, India
• Kotak Mahindra Bank Limited, 15-16, UGF, Ambadeep, 14 K G Marg, New Delhi – 110001, India
• The Hongkong and Shaghai Banking Corp. Limited, 25, Barakhamba Road, New Delhi – 110001, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loan from Bank	2848.242	2827.604
Term loans from others	16.311	33.540
Other loans and advances	0.000	2.945
Short-term borrowings
Other loans and advances	10599.619	7289.589
Total	13464.172	10153.678

Financial Institution :	ING Vysya Bank Limited, Narian Manzil, Ground Floor, Shop No. G1 to G5, 1 Floor, Shop No. 1001 to 1007, Barakhamba Road, New Delhi – 110001, India SBICAP Trustee Company Limited, 202, Maker Tower, E, Cuffe Parade Colaba, Mumbai – 400005, Maharashtra, India
Auditors :
Name :	Daver Sikri and Company Chartered Accountants
Address :	4222/1,Ansari Road Daryaganj, New Delhi – 110002, India
PAN N Income-tax PAN of auditor or auditor's firm :	AATPS9582J
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Met Trade (Global) Limited, India U74899DL1986PLC033985
Joint Venture :	Met Trade (UAE) FZC, United Ar ab Emirates Afromet S.P.R.L, South Africa
Associates :	Nivedan Fin-Invest-Lease Limited, India L74899DL1994PLC057192 Amardevi Family Welfare Trust
Associates/Subsidiaries :

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
620000000	Equity Shares	Rs.1/- each	Rs.620.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
412524616	Equity Shares	Rs.1/- each	Rs.412.525 Million

After As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
620000000	Equity Shares	Rs.1/- each	Rs.620.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
423631068	Equity Shares	Rs.1/- each	Rs.423.631 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	412.525	395.857	371.357
(b) Reserves & Surplus	8350.917	7671.728	6337.203
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	34.300	250.000	550.000
Total Shareholders’ Funds (1) + (2)	8797.742	8317.585	7258.560
(3) Non-Current Liabilities
(a) long-term borrowings	2864.553	2864.089	1280.035
(b) Deferred tax liabilities (Net)	103.745	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	25.991	24.043	21.554
Total Non-current Liabilities (3)	2994.289	2888.132	1301.589
(4) Current Liabilities
(a) Short term borrowings	10599.619	7289.589	5959.399
(b) Trade payables	1439.901	925.475	970.769
(c) Other current liabilities	821.675	698.614	496.737
(d) Short-term provisions	229.577	155.721	155.046
Total Current Liabilities (4)	13090.772	9069.399	7581.951
TOTAL	24882.803	20275.116	16142.100
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6304.300	4583.900	4718.877
(ii) Intangible Assets	10.726	13.613	7.244
(iii) Capital work-in-progress	1898.246	2530.466	1018.554
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	56.112	56.113	385.667
(c) Deferred tax assets (net)	0.000	66.505	50.435
(d) Long-term Loan and Advances	607.219	1453.699	252.109
(e) Other Non-current assets	3.157	12.899	5.086
Total Non-Current Assets	8879.760	8717.195	6437.972
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8344.146	6328.498	4555.234
(c) Trade receivables	4725.486	3533.688	2546.574
(d) Cash and cash equivalents	92.255	52.776	559.889
(e) Short-term loans and advances	2841.156	1642.959	2042.431
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	16003.043	11557.921	9704.128
TOTAL	24882.803	20275.116	16142.100

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from Operations	21312.679	16485.004	14223.694
	Other Income	44.585	8.023	47.341
	TOTAL (A)	21357.264	16493.027	14271.035
Less	EXPENSES
	Cost of Materials Consumed	18798.833	13682.544	11458.715
	Purchases of Stock-in-Trade	85.505	507.647	515.289
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2281.859)	(1067.993)	(1071.883)
	Prior period items before tax	0.000	0.000	3.323
	Employees benefits expense	133.565	145.795	137.907
	Other expenses	1868.458	1249.266	1546.903
	TOTAL (B)	18604.502	14517.259	12590.254
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	2752.762	1975.768	1680.781
Less	FINANCIAL EXPENSES (D)	1420.391	792.897	609.052
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	1332.371	1182.871	1071.729
Less/ Add	DEPRECIATION/ AMORTISATION (F)	574.350	435.924	501.642
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	758.021	746.947	570.087
Less	TAX (H)	248.566	(155.205)	93.003
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	509.455	902.152	477.084
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	5769.900	4865.945	6534.300
	TOTAL EARNINGS	5769.900	4865.945	6534.300
	Earnings / (Loss) Per Share (Rs.)	1.25	2.42	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	628.557	450.443	261.387
Cash generated from operations	0.000	0.000	0.000

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.39	5.47	3.35
Operating Profit Margin (PBIDT/Sales)	(%)	12.92	11.99	11.82
Return on Total Assets (PBT/Total Assets}	(%)	3.31	4.24	3.88
Return on Investment (ROI) (PBT/Networth)		0.09	0.09	0.08
Debt Equity Ratio (Total Debt /Networth)		1.60	1.27	1.03
Current Ratio (Current Asset/Current Liability)		1.22	1.27	1.28

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	371.357	395.857	412.525
Reserves & Surplus	6337.203	7671.728	8350.917
Share Application money pending allotment	550.000	250.000	34.300
Net worth	7258.560	8317.585	8797.742
long-term borrowings	1280.035	2864.089	2864.553
Short term borrowings	5959.399	7289.589	10599.619
Current Maturities of Long-Term Debts	261.387	450.443	628.557
Total borrowings	7500.821	10604.121	14092.729
Debt/Equity ratio	1.033	1.275	1.602

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	14223.694	16485.004	21312.679
		15.898	29.285

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	14223.694	16485.004	21312.679
Profit	477.084	902.152	509.455
	3.35%	5.47%	2.39%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: The registered address of the company has been shifted from F-73, Preet Vihar, Delhi – 110092, India to 138-139, Main Road, Gazipur Near Bharat Petrol Pump, Delhi – 110096, India to the present address w.e.f 05.01.2005.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10540245	07/11/2014	2,550,625.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G  ARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA	C38948568
2	10540024	07/11/2014	100,000,000.00	Bank of India	10th Floor Chanderlok Building, 36 Janpath, Delhi - 110001, INDIA	C38854030
3	10526111	29/09/2014	2,667,600.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA	C29731122
4	10523217	10/09/2014	850,000,000.00	Vijaya Bank	31C, DDA SHOPPING CENTRE, 3RD FLOOR, OPP. MOOLCHA  ND HOSPITAL, DEFENCE COLONY, Delhi - 110024, INDIA	C24644148
5	10489927	31/03/2014	170,000,000.00	PUNJAB NATIONAL BANK	7, BHIKAJI CAMA PLACE, NEW DELHI, Delhi - 110066,  INDIA	C03744372
6	10442151	27/03/2015 *	14,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, Maharashtra - 400005, INDIA	C48120380
7	10349409	14/11/2014 *	2,960,000,000.00	PUNJAB NATIONAL BANK	Mid Corporate Branch, H-1/A 11, SECTOR 63, NOIDA  , Uttar Pradesh - 201307, INDIA	C34674507
8	10322294	15/12/2011	34,000,000.00	RELIGARE FINVEST LIMITED	D3, P3B,, District Centre, Saket, New Delhi, Delhi - 110017, INDIA	B27531375
9	10319306	28/11/2011	29,200,000.00	RELIGARE FINVEST LIMITED	D3, P3B,, District Centre, Saket, New Delhi - 110017, INDIA	B25906462
10	10174336	04/11/2009 *	550,000,000.00	IDBI BANK LIMITED	3RD FLOOR, RED CROSS SOCIETY BUILDING, 1-RED CROSS ROAD, NEW DELHI, Delhi - 110001, INDIA	A73612400

FINANCIAL RESULTS

The Company in this financial year achieved a total revenue of Rs.21312.679 Million as compared to Rs 16485.004 Million during previous year. The Company has earned profit before tax of Rs 758.021 Million during the current year as compared to Rs 746.947 Million during last year. This was primarily achieved due to addition of new customers in the domestic and as well as international markets.

OPERATIONAL EXCELLENCE

The Company strives to ensure the customer’s loyalty to the Company, a continuing thrust on quality is essential. In keeping with this motto, the Company has ISO 9001:2000 certification from International Certification Registry Limited. The Company has exhaustive quality management service system at its plants. As part of the Company’s core values of responsible corporate citizenship, the Company is committed to preserve the environment

The state of art furnace to achieve maximum yield and minimum fuel consumption for different varieties of materials has been installed and put into operations at Gandhidham. The variety of product which can be catered through there Rolled product section at Himachal Pradesh is very versatile.

During the year, new customers have been added both in domestic and export segments. On the export side, the Company has developed new customers in countries like Korea and Japan. This will add significant volumes to total business turnover in year to come.

FIXED ASSETS

• Land
• Building
• Office Building
• Factory Building
• Plant and Equipment
• Pollution reduction equipment
• Factory Equipment
• Emission reduction equipment
• Furniture and fixtures
• Vehicles
• Ships vessels
• Aircrafts helicopters
• Motor vehicles
• Office equipment
• Computer equipments
• Leasehold improvements
• Livestock
• Bridges roads ports culverts [
• Railway sidings
• Books periodicals
• Plantations

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.63.83
UK Pound	1	Rs.97.10
Euro	1	Rs.69.73

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		54

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