MIRA INFORM REPORT

Report No. :	327434
Report Date :	20.06.2015

IDENTIFICATION DETAILS

Name :	APPLE INDUSTRIES LIMITED (w.e.f 04.06.2015)
Formerly Known As :	SINCERELY FINANCE AND INVESTMENT PRIVATE LIMITED
Registered Office :	H.No.1/3787 First Floor Bhagwanpur Khera, Ramnagar Shahdara, Delhi - 110032
Tel. No.:	91-120-4204461/62
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.03.2008
Com. Reg. No.:	55-175180
Capital Investment / Paid-up Capital :	Rs.57.360 Million
CIN No.: [Company Identification No.]	U74120DL2008PLC175180
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Trader of Steel, Pig Iron, Billets, Ingots, Rolled Products and Mining of Iron Ore.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 2700000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2008. The company is an integrated steel plant. Management has failed to file its financial record with government department for the year 2014. As per registrar of companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2013 but the documents related to the financials are not available from any source. As per the available financials of the year 2012, the company has low profitability margin. As per the registrar of the company it is shown that business in active. Payments terms are unknown In the view of unavailability of required data the company can be considered for business dealings with cautions.

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 DENIED BY

Not Able to Contact Tel No.:91-120-4204461/62 – Continently Ringing.

LOCATIONS

Registered Office :	H.No.1/3787 First Floor Bhagwanpur Khera, Ramnagar Shahdara, Delhi - 110032
Tel. No.:	91-120-4204461/62
Fax No.:	Not Available
E-Mail:	office@applegroup.co.in info@applegroupco.in

DIRECTORS

As on 30.09.2013

Name :

Mr. Narendra Garg

Designation :

Director

Address :

F-22, Model Town ll, Delhi, India

Date of Birth/Age :

09.011.1953

Date of Appointment :

11.03.2008

DIN No.:

00013348

Name :

Mr. Yogendra Garg

Designation :

Managing Director

Address :

10A, New Mandi, Muzaffar Nagar, Uttar Pradesh, India

Date of Birth/Age :

01.12.1951

Date of Appointment :

18.07.2011

DIN No.:

00168529

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	U15423UP1988PTC009627	H.M.GUR WARE HOUSING PRIVATE LIMITED	Director	11/05/1988	11/05/1988	27/11/2013	Active	NO
2	U27310UP1989PTC011480	DURRANG ISPAT PRIVATE LIMITED	Director	18/12/1989	18/12/1989	20/08/2007	Active	NO
3	U74899DL2000PLC107500	TIRUPATI BIO-TECH LIMITED	Director	04/09/2000	04/09/2000	02/12/2013	Active	NO
4	U28113DL2001PLC171407	TIRUPATI UDYOG LIMITED	Additional director	11/02/2011	09/05/2001	16/04/2012	Active	NO
5	U45400DL1998PTC095689	GREENTECH BUILDING SOLUTIONS PRIVATE LIMITED	Director	12/08/2009	04/05/2004	07/01/2012	Active	NO
6	U74899DL2005PTC137278	TIRUPATI CYLINDERS Private Limited	Director	06/06/2005	06/06/2005	06/06/2013	Active	NO
7	U27200DL2007PLC169960	AMRITVARSHA COMMART LIMITED	Director	29/10/2007	29/10/2007	15/06/2009	Active	NO
8	U65921UP1995PLC017672	AMRITVARSHA FINANCE AND LEASING LIMITED	Director	30/09/2008	30/10/2007	15/03/2013	Active	NO
9	U27106UP1985PTC007112	DOON ALLOYS AND CASTING PRIVATE LIMITED	Director	27/09/2012	26/02/2008	-	Active	NO
10	U74120DL2008PLC175180	APPLE INDUSTRIES LIMITED	Managing director	18/07/2011	11/03/2008	-	Active	NO
11	U27310DL2006PTC153902	NIRMAN STELCO PRIVATE LIMITED	Director	30/09/2010	01/04/2010	-	Active	NO
12	U51909DL2005PTC133197	MOONBEAM GLOBAL PRIVATE LIMITED	Director	29/09/2010	01/05/2010	22/12/2014	Active	NO
13	U51909DL2008PTC181866	LAUREATE ENTERPRISES PRIVATE LIMITED	Director	30/09/2010	01/05/2010	01/11/2014	Active	NO
14	U27106DL2010PTC202826	MANOHAR METALLOYS PRIVATE LIMITED	Additional director	06/10/2012	18/05/2010	-	Amalgamated	NO
15	U27101DL2010PTC202918	M.G METALLOY PRIVATE LIMITED	Director	19/05/2010	19/05/2010	15/03/2013	Active	NO
16	U27100DL2010PTC202913	SHUBH SPONGE IRON PRIVATE LIMITED	Director	19/05/2010	19/05/2010	25/03/2012	Amalgamated	NO
17	U15531DL2005PLC241645	HINDUSTAN SPIRITS LIMITED	Director	23/09/2011	18/04/2011	02/06/2014	Active	NO
18	U27107MH1985PTC035271	AMRITVARSHA ISPAT PVT LTD	Director	06/06/2014	30/04/2011	03/10/2014	Active	NO
19	U74900UP2009PTC038550	HINDUSTAN COMMART PRIVATE LIMITED	Additional director	09/07/2011	09/07/2011	30/03/2012	Active	NO
20	U27106DL2010PTC200110	ANKUSH ALLOYS PRIVATE LIMITED	Director	29/09/2012	16/11/2011	30/10/2014	Active	NO

Name :

Mr. Akash Gupta

Designation :

Director

Address :

KC-18, Kavi Nagar, Ghaziabad, Uttar Pradesh, India

Date of Birth/Age :

28.12.1980

Date of Appointment :

30.09.2008

DIN No.:

01755562

Name :

Mr. lftadad Hossain

Designation :

Director

Address :

Sayedpara Eakpaharia, Barwan, Murshidabad, Kolkata, West Bengal, India

Date of Birth/Age :

31.12.1971

PAN No.:

DIN No.:

03545889

Name :

Mr. Pawan Garg

Designation :

Director

Address :

8-2-684/1/1, Banjara Hills, Road No.12, Ward-6, Circle-VII, Hyderabad, Telangana, India

Date of Birth/Age :

02.12.1961

Date of Appointment :

30.09.2011

DIN No.:

01626915

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	L27104DL1972PLC206966	APPLE METAL INDUSTRIES LIMITED	Director	30/09/2008	03/06/2007	07/07/2009	Active	NO
2	U27200DL2007PLC169960	AMRITVARSHA COMMART LIMITED	Director	29/10/2007	29/10/2007	15/06/2009	Active	NO
3	U74120DL2008PLC175180	APPLE INDUSTRIES LIMITED	Director	30/09/2011	11/03/2008	-	Active	NO
4	U45400TG2012PLC078402	Apple Infra and Projects Limited	Director	04/01/2012	04/01/2012	-	Active	NO

Name :

Mr. Vivek Gautam

Designation :

Secretary

Address :

U-19, 24/25, DLF Phase-lll, Gurgaon, Haryana, India

Date of Birth/Age :

10.03.1986

MAJOR SHAREHOLDERS

Shareholders Details File Attached

As on 30.09.2013

Category	Percentage
Bodies corporate	86.48
Directors or relatives of Directors	0.73
Other top fifty shareholders	12.79
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Steel, Pig Iron, Billets, Ingots, Rolled Products and Mining of Iron Ore.
Products :	Steel Pig Iron Billets Ingots Rolled Mining of Iron Ore
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 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	Punjab National Bank
Branch	ECE House, 28-A, K.G. Marg, New Delhi -110001, India
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

Facilities :

Secured Loan	31.03.2012 (Rs. in Million)	31.03.2011 (Rs. in Million)
Long-term Borrowings
Rupee Term Loan from Bank	1328.564	1151.489
Short-term borrowings
Loans repayable on demand from Banks	276.550	147.254
Loans and Advances from Others	16.041	0.000
Other loans and Advances	65.943	3.625
Total	1687.098	1302.368

Auditors :
Name :	Dinesh S. Agarwal and Associates Chartered Accountants
Address :	609/B, Mangalarambh Kore Kendra Road, Borivali West, Mumbai, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFD8338A
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Apple Sponge and Power Limited Apple Alloys Private Limited Tirupati Udyog Limited Apple Rolling Mills Limited Apple Commodities Limited Madan Gopal Alloys Private Limited Manan Power Private Limited Sanidhya Steels Private Limited Apple Metalloy Private Limited Shubh Sponge Iron Private Limited Mastermind Trade in Private Limited Nirman Stelco Private Limited Apple Carbon Private Limited Apple Rolling Mills Limited India (U27104KA2005PLC036259) Apple Commodities Limited India (U51109DL2000PLC103297) Tirupati Udyog Limited India (U28113DL2001PLC171407) Mastermind Trade-In Private Limited, India (U51109DL2006PTC153875) Apple Sponge & Power Limited, India (U27101DL2004PLC130241) Apple Carbon Private Limited, India (U27310AP2010PTC066567)

CAPITAL STRUCTURE

As on 31.03.2012

No. of Shares	Type	Value	Amount
57360000	Equity Shares	Rs.10/- each	Rs.57.360 Million

As on 30.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Million

Issued and Subscribed Capital :

No. of Shares	Type	Value	Amount
9616500	Equity Shares	Rs.10/- each	Rs.96.165 Million

Paid up Capital :

No. of Shares	Type	Value	Amount
7215000	Equity Shares	Rs.10/- each	Rs.72.150 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	57.360	57.360
(b) Reserves & Surplus	878.481	874.549
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	28.265
Total Shareholders’ Funds (1) + (2)	935.841	960.174
(3) Non-Current Liabilities
(a) long-term borrowings	1611.900	1163.975
(b) Deferred tax liabilities (Net)	52.875	43.826
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1664.775	1207.801
(4) Current Liabilities
(a) Short term borrowings	358.534	150.879
(b) Trade payables	96.939	471.058
(c) Other current liabilities	93.027	1.619
(d) Short-term provisions	3.600	0.750
Total Current Liabilities (4)	552.100	624.306
TOTAL	3152.716	2792.281
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	926.323	807.786
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	345.622	134.522
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.015	0.015
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1032.784	1056.836
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	2304.744	1999.159
(2) Current assets
(a) Current investments	23.130	31.630
(b) Inventories	283.542	116.854
(c) Trade receivables	257.756	501.332
(d) Cash and cash equivalents	68.294	0.950
(e) Short-term loans and advances	214.746	141.683
(f) Other current assets	0.504	0.673
Total Current Assets	847.972	793.122
TOTAL	3152.716	2792.281

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		32.085
2] Share Application Money		435.215
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(28.004)
NETWORTH		439.296
LOAN FUNDS
1] Secured Loans		775.409
2] Unsecured Loans		11.151
TOTAL BORROWING		786.560
DEFERRED TAX LIABILITIES		28.115
TOTAL		1253.971
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		631.226
Capital work-in-progress		286.872
INVESTMENT		31.630
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.764
	Sundry Debtors	0.831
	Cash & Bank Balances	232.753
	Other Current Assets	0.000
	Loans & Advances	101.573
Total Current Assets		339.921
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	36.499
	Provisions	0.020
Total Current Liabilities		36.519
Net Current Assets		303.402
MISCELLANEOUS EXPENSES		0.841
TOTAL		1253.971

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2012	31.03.2011	31.03.2010
	SALES
	Income	1505.105	1101.742	0.738
	Other Income	8.415	0.093	0.800
	TOTAL	1513.520	1101.835	1.538
Less	EXPENSES
	Cost of Materials Consumed	1217.628	936.233	0.224
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(14.769)	(25.798)	0.150
	Employees benefits expense	0.828	1.364	0.022
	Prior Period items before tax	0.050	0.057	0.000
	Other expenses	72.382	32.835	0.063
	TOTAL	1276.119	944.691	0.459
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	237.401	157.144	1.079
Less	FINANCIAL EXPENSES	148.600	99.589	0.948
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	88.801	57.555	0.131
Less	DEPRECIATION/ AMORTISATION	72.223	53.980	0.000
	PROFIT/ (LOSS) BEFORE TAX	16.578	3.575	0.131
Less	TAX	12.646	16.461	28.135
	PROFIT/ (LOSS) AFTER TAX	3.932	(12.886)	(28.004)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(40.891)	(28.004)	(28.004)
	Balance Carried to the B/S	(36.959)	(40.890)	(56.008)
	Earnings / (Loss) Per Share (Rs.)	0.69	(3.98)	(0.49)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2012	31.03.2011	31.03.2010
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PAT / Sales)	(%)	0.26	(1.17)	(1820.81)
Operating Profit Margin (PBIDT/Sales)	(%)	15.77	14.26	146.21
Return on Total Assets (PBT/Total Assets}	(%)	0.59	0.13	NA
Return on Investment (ROI) (PBT/Networth)		0.02	0.00	(0.06)
Debt Equity Ratio (Total Debt /Networth)		2.11	1.37	1.59
Current Ratio (Current Asset/Current Liability)		1.54	1.27	NA

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	32.085	57.360	57.360
Reserves & Surplus	435.215	874.549	878.481
Share Application money pending allotment	28.115	28.265	0.000
Net worth	495.415	960.174	935.841
long-term borrowings	775.409	1163.975	1611.900
Short term borrowings	11.151	150.879	358.534
Total borrowings	786.560	1314.854	1970.434
Debt/Equity ratio	1.588	1.369	2.106

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	0.738	1101.742	1505.105
		149,187.534	36.611

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	0.738	1101.742	1505.105
Profit	(28.004)	(12.886)	3.932
	(3794.58%)	(1.17%)	0.26%

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	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	No
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	No
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

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Million)	31.03.2011 (Rs. in Million)
Long Term Borrowing
Loans and Advances from Related Parties	243.971	12.486
Other loans and Advances	39.365	0.000
Total	283.336	12.486

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10571825	08/12/2014	1,100,000,000.00	SINCERELY FINANCE & INVESTMENT PRIVATE LIMITED	9-H, 9TH FLOOR, 15, HANSALAYA BUILDING, BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA	C54837018
2	10479271	30/12/2013	3,008,500,000.00	PUNJAB NATIONAL BANK	ECE HOUSE, K.G. MARG, DELHI, Delhi - 110001, INDIA	B97070874
3	10314697	18/07/2012 *	160,000,000.00	Punjab National Bank	ECE House, K.G. Marg,, Connaught Place, New Delhi - 110001, INDIA	B43945187
4	10219166	08/04/2010	1,342,400,000.00	PUNJAB NATIONAL BANK	ECE HOUSE, 28-A, K.G. MARG, NEW DELHI, Delhi - 110001, INDIA	A85076289
5	10219169	18/07/2012 *	300,000,000.00	Punjab National Bank	ECE House, K.G. Marg,, Connaugt Place,, New Delhi, Delhi - 110001, INDIA	B43945732
6	10133695	03/12/2008	580,000,000.00	PUNJAB NATIONAL BANK	E C E HOUSE, K G MARG, NEW DELHI, Delhi - 110001,  INDIA	A52488608

FIXED ASSETS

Tangible Assets

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

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.63.81
UK Pound	1	Rs.101.25
Euro	1	Rs.72.16

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	TRI
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION		3
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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.