MIRA INFORM REPORT

Report No. :	327628
Report Date :	18.06.2015

IDENTIFICATION DETAILS

Name :	DAS OFFSHORE ENGINEERING PRIVATE LIMITED

Registered Office :	‘Sagar Uday’, Plot No.F-3, Agroli, C.B.D. Belapur, Navi Mumbai – 400614, Maharashtra
Tel. No.:	91-22-67606760

Country :	India

Financials (as on) :	31.03.2015 (Provisional)

Date of Incorporation :	18.12.1992

Com. Reg. No.:	11-070045

Capital Investment / Paid-up Capital :	Rs.20.000 Million

CIN No.: [Company Identification No.]	U74210MH1992PTC070045

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	MUMD07104G

PAN No.: [Permanent Account No.]	AACD5996K

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in construction and civil construction activities.

No. of Employees :	2500 (Approximately)

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

Maximum Credit Limit :	USD 2000000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. Rating takes into consideration company’s above average financial risk profile supported by fair balance between trade payables to its receivables and sound debt protection metrics of the company. As per provisional financial record of 2015, company has reported growth in its sales turnover and reported sound profitability from its operations. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of sound operational profile, 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Nitin Khade
Designation :	Manager (Finance)
Contact No.:	91-22-67606760
Date :	17.06.2015

LOCATIONS

Registered / Head Office :	‘Sagar Uday’, Plot No.F-3, Agroli, C.B.D. Belapur, Navi Mumbai – 400614, Maharashtra
Tel. No.:	91-22-67606760
Fax No.:	91-22-27570795
E-Mail :	dasoffshore@dasoff.com ashok@dasoff.com
Website :	www.dasoffshore.com
Location :	Owned
Locality :	Commercial

Workshop :	D-377, D-382, D-389, TTC MIDC, Near Indian Oil Blending Plant, Kuksheth Village, Navi Mumbai-400706, Maharashtra, India
Tel. No.:	91-22-65168270 / 651405697
Fax No.:	91-22-27684745 / 27684752

Branch Office :	Das Cold Storage, Opposite Vasant Dada Milk Centre, Mani Rajori Road, Vasumbe, Tasgaon, District Sangli-416312, Maharashtra, India
Tel. No.:	91-2346-250135
Fax No.:	91-2346-250312

Corporate Office :	Sagar Kiran, Plot No. F-1, Agroli, C.B.D. Belapur, Navi Mumbai – 400614, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :	Mr. Datta Dagadu Khade
Designation :	Managing Director
Address :	C6/1/0:2 Sector – 5, CBD Belapur, Navi Mumbai, Thane – 400614, Maharashtra, India
Date of Birth/Age :	01.08.1950
Date of Appointment :	06.06.1994
DIN No.:	00430783

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	U74210MH1992PTC070045	DAS OFFSHORE ENGINEERING PRIVATE LIMITED	Managing director	06/06/1994	06/06/1994	-	Active	NO
2	U29214PN1998PTC021364	DAS AGROTECH PRIVATE LIMITED	Director	10/08/1998	10/08/1998	-	Active	NO
3	U01409PN2000PTC021363	DAS DAIRY AND FARMS PRIVATE LIMITED	Director	07/11/2000	07/11/2000	-	Active	NO
4	U45200MH2009PTC189731	DAS Infrastructure Private Limited	Director	20/01/2009	20/01/2009	-	Active	NO
5	U29268MH2009PTC191862	DAS INSTRUMENTATION PRIVATE LIMITED	Director	20/04/2009	20/04/2009	-	Active	NO
6	U45200MH2009PTC192002	DAS SEZ MARINE PRIVATE LIMITED	Director	24/04/2009	24/04/2009	-	Active	NO
7	U51101MH2012PTC228683	DAS ENTERPRISES PRIVATE LIMITED	Director	26/03/2012	26/03/2012	-	Active	NO
8	U74120MH2012PTC228670	DAS RESOURCES PRIVATE LIMITED	Director	26/03/2012	26/03/2012	-	Active	NO
9	U65900MH2012PTC228693	DAS HOLDING PRIVATE LIMITED	Director	26/03/2012	26/03/2012	-	Active	NO
10	U74120MH2012PTC228768	DAS CORPORATE SERVICES PRIVATE LIMITED	Director	27/03/2012	27/03/2012	-	Active	NO

Name :

Mr. Ashok Dagadu Khade

Designation :

Whole-time Director

Address :

C6/1/0:2 Sector – 5, CBD Belapur, Navi Mumbai, Thane – 400614, Maharashtra, India

Date of Birth/Age :

01.06.1955

Date of Appointment :

18.12.1992

DIN No.:

00431082

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	U74210MH1992PTC070045	DAS OFFSHORE ENGINEERING PRIVATE LIMITED	Whole-time director	18/12/1992	18/12/1992	-	Active	NO
2	U29214PN1998PTC021364	DAS AGROTECH PRIVATE LIMITED	Director	10/08/1998	10/08/1998	-	Active	NO
3	U01409PN2000PTC021363	DAS DAIRY AND FARMS PRIVATE LIMITED	Director	07/11/2000	07/11/2000	-	Active	NO
4	U45200MH2009PTC189731	DAS Infrastructure Private Limited	Director	20/01/2009	20/01/2009	-	Active	NO
5	U29268MH2009PTC191862	DAS INSTRUMENTATION PRIVATE LIMITED	Director	20/04/2009	20/04/2009	-	Active	NO
6	U45200MH2009PTC192002	DAS SEZ MARINE PRIVATE LIMITED	Director	24/04/2009	24/04/2009	-	Active	NO
7	U51101MH2012PTC228683	DAS ENTERPRISES PRIVATE LIMITED	Director	26/03/2012	26/03/2012	-	Active	NO
8	U74120MH2012PTC228670	DAS RESOURCES PRIVATE LIMITED	Director	26/03/2012	26/03/2012	-	Active	NO
9	U65900MH2012PTC228693	DAS HOLDING PRIVATE LIMITED	Director	26/03/2012	26/03/2012	-	Active	NO
10	U74120MH2012PTC228768	DAS CORPORATE SERVICES PRIVATE LIMITED	Director	27/03/2012	27/03/2012	-	Active	NO

Name :

Nishant Datta Khade

Designation :

Whole

Address :

C6/1/0:2 Sector – 5, CBD Belapur, Navi Mumbai, Thane – 400614, Maharashtra, India

Date of Birth/Age :

11.06.1978

Date of Appointment :

29.09.2006

DIN No.:

00431128

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	U74210MH1992PTC070045	DAS OFFSHORE ENGINEERING PRIVATE LIMITED	Whole-time director	29/09/2006	01/06/2006	-	Active	NO
2	U74120MH2012PTC228670	DAS RESOURCES PRIVATE LIMITED	Additional director	08/06/2012	08/06/2012	-	Active	NO
3	U85100MH2012NPL236357	Access4all Social Foundation	Director	28/09/2012	28/09/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nitin Khade
Designation :	Manager (Finance)

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Ashok Dagadu Khade	46000	23.00
Suresh Dagadu Khade	46000	23.00
Jayashree Ashok Khade	20000	10.00
Suman Suresh Khade	20000	10.00
Datta Dagadu Khade	68000	34.00
Total	200000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in construction and civil construction activities.

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :
Selling :	Cash and Cheque

Purchasing :	Cash and Cheque

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Maruti Lift and Safe Techique Private Limited

Name of the Person :

Mr. Ankit Gupta (Director), Mandvi

Contact No.:

91-9320425385

Since How Long Known :

11 Years

Experience :

Payment Behaviour	Market Goodwill	Overall
Excellent	Excellent	Excellent

Maximum Limit Dealt :

Rs.50.000 Million

Remark :

Mr. Ankit Informed that the subject have excellent behaviour in payment.

Customers :

Reference :	Oil and Natural Gas Corporation Limited
Name of the Person :	Mr. Sudhir Vasudeva (Chairman)
Contact No.:	91-9869222952
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Mr. Sudhir denied to provide he is opinion about subject company.

No. of Employees :

2500 (Approximately)

Bankers :

Banker Name	Abhyudaya Co-operative Bank
Branch Address	Parel Village Branch
Person Name (With Designation)	Mr. Sampat (General Manager)
Contact Number	91-9819200994
Name of Account Holder	Das Offshore Engineering Private Limited
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	1992
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash Credit and Term loan = Rs.826.000 Million
Account Operation	Not Divulged
Remarks (If any)	Mr. Sampat (General Manager) is denied to provide feedback.

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015 (Provisional)	As on 31.03.2014
LONG TERM BORROWING
Secured Term Loans From Bank
Vehicle Loans	7.278	0.655
Working Capital Term Loans	290.231	199.891
Secured Term Loans From Other Parties
Vehicle Loans	0.000	1.125
SHORT TERM BORROWING
Loans Repayable on Demand
Cash Credit From Banks	149.949	148.231
Total	447.458	349.902

Auditors :
Name :	Tembey and Mhatre Chartered Accountants
Address :	120, Udyog Mandir No.1, Bhagoji Keer Marg, Mahim, Mumbai – 400016, Maharashtra, India
PAN No.:	AAAFT4024B

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.100/- each	Rs.100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

200000	Equity Shares	Rs.100/- each	Rs.20.000 Million

As on 31.03.2015

Authorised Capital: Not Available

Issued, Subscribed & Paid-up Capital: Rs.20.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

PROVISIONAL BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
	(Provisional)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	20.000	20.000	20.000
(b) Reserves & Surplus	684.683	603.070	602.983
(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)	704.683	623.070	622.983

(3) Non-Current Liabilities
(a) long-term borrowings	297.509	201.673	128.266
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	36.816	7.926
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	297.509	238.489	136.192

(4) Current Liabilities
(a) Short term borrowings	152.692	150.287	106.245
(b) Trade payables	85.235	141.236	136.179
(c) Other current liabilities	67.727	196.895	105.808
(d) Short-term provisions		0.350	0.382
(f) Other Long term liabilities	42.374	0.000	0.000
Total Current Liabilities (4)	348.028	488.768	348.614

TOTAL	1350.220	1350.327	1107.789

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	211.318	158.589	163.116
(ii) Intangible Assets	0.000	1.388	2.313
(iii) Capital work-in-progress	521.250	503.584	451.393
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.271	2.271	30.501
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	55.040	137.401
(e) Other Non-current assets	0.000	0.000	11.134
Total Non-Current Assets	734.839	720.872	795.858

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	205.989	122.185	45.324
(c) Trade receivables	156.289	160.790	129.051
(d) Cash and cash equivalents	4.186	58.970	56.999
(e) Short-term loans and advances	93.758	115.441	72.640
(f) Other current assets	155.159	5.188	7.917
(g) long term loans advances other than capital advance	0.000	136.506	0.000
(h) Fixed deposits and interest	0.000	30.375	0.000
Total Current Assets	615.381	629.455	311.931

TOTAL	1350.220	1350.327	1107.789

PROVISIONAL PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015 (Provisional)	31.03.2014
	SALES
	Income	1062.617	839.300
	Other Income	20.630	7.019
	TOTAL	1083.247	846.319

Less	EXPENSES
	Cost of Materials Consumed	308.350	186.085
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(83.804)	(75.330)
	Employees benefits expense	180.514	248.097
	Extraordinary Items	(4.907)	0.000
	Other expenses	467.569	421.189
	TOTAL	867.722	780.041

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	215.525	66.278

Less	FINANCIAL EXPENSES	54.762	41.844

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	160.763	24.434

Less/ Add	DEPRECIATION/ AMORTISATION	37.127	23.984

	PROFIT/ (LOSS) BEFORE TAX	123.636	0.450

Less	TAX	42.024	0.361

	PROFIT/ (LOSS) AFTER TAX	81.612	0.089


	Earnings / (Loss) Per Share (Rs.)	408.06	0.44

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2015

(Provisional)

31.03.2014

31.03.2013

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2015 (Provisional)	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	7.68	0.01	NA

Operating Profit Margin (PBDIT / Sales)	(%)	20.28	7.90	NA

Return on Total Assets (PBT/Total Assets}	(%)	14.96	0.05	NA

Return on Investment (ROI) (PBT/Networth)		0.18	0.00	NA

Debt Equity Ratio (Total Debt /Networth)		0.64	0.56	0.38

Current Ratio (Current Asset/Current Liability)		1.77	1.29	0.89

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015 (Provisional)
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	20.000	20.000	20.000
Reserves & Surplus	602.983	603.070	684.683
Net worth	622.983	623.070	704.683

long-term borrowings	128.266	201.673	297.509
Short term borrowings	106.245	150.287	152.692
Total borrowings	234.511	351.960	450.201
Debt/Equity ratio	0.376	0.565	0.639

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015 (Provisional)
	(Rs. In Million)	(Rs. In Million)
Sales	839.300	1062.617
		26.608

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015 (Provisional)
	(Rs. In Million)	(Rs. In Million)
Sales	839.300	1062.617
Profit	0.089	81.612
	0.01%	7.68%

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	No
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	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
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 two years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	No
29	Profitability for last two years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	----------------------
33	Market information	----------------------
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015 (Provisional)	As on 31.03.2014
SHORT TERM BORROWING
Loans and advances from related parties
Datta D. Khade (Interest free repayable on demand)	2.743	2.058
Total	2.743	2.058

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10525873	23/07/2014	4,744,000.00	HDFC BANK LIMITED	HDFC Bank House, Senapati bapat Marg, Lower Parel , Mumbai - 400013, Maharashtra, INDIA	C29649225
2	10462305	01/11/2013	250,000,000.00	ABHYUDAYA CO-OPERATIVE BANK LIMITED	Administrative Office, K. K. Tower, Abhyudaya Bank, Lane, Off. G. D. Ambekar Marg, Parel Village,, Mumbai - 400012, Maharashtra, INDIA	B90376369
3	10462694	30/10/2013	2,022,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai - 400001, Maharashtra, INDIA	B90543570
4	10463334	30/10/2013	2,022,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai - 400001, Maharashtra, INDIA	B90779208
5	10422567	15/03/2013	100,000,000.00	Abhyudaya Co.operative Bank Limited	Administrative Office, K. K. Tower, Abhyudaya Bank , Lane, Off G. D. Ambekar Marg, Parel Village, Mumbai - 400012, Maharashtra, INDIA	B73981847
6	10477775	30/12/2014 *	886,000,000.00	ABHYUDAYA CO-OPERATIVE BANK LIMITED	Administrative Office, K.K. Tower, Abhyudaya Bank, Lane, Off. G. D. Ambekar Marg, Parel Village., Mumbai - 400012, Maharashtra, INDIA	C41262296
7	10212616	10/03/2010	19,500,000.00	TATA CAPITAL LIMITED	ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI - 400001, Maharashtra, INDIA	A83326330
8	10205164	06/03/2010	1,032,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, Maharashtra, INDIA	A80449499
9	10137157	06/01/2009	3,360,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, Maharashtra, INDIA	A54385059
10	10127569	27/10/2008	10,000,000.00	ABHYUDAYA CO-OP. BANK LIMITED	Administrative Office, K.K. Tower, Abhyudaya Bank, Lane, Off G.D. Ambekar Marg, Parel Village, MUMBAI - 400012, Maharashtra, INDIA	A49636905

* Date of charge modification

FIXED ASSETS

Land
Building
Machinery
Computers
Office Equipments
Vehicles
Furniture and Fittings
Electrical Installation

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.64.11
UK Pound	1	Rs.100.31
Euro	1	Rs.72.16

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	KAR

Report Prepared by :	PNM

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	NO
--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.

MIRA INFORM REPORT

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