MIRA INFORM REPORT

Report No. :	328709
Report Date :	27.06.2015

IDENTIFICATION DETAILS

Name :	HI-TECH PIPES LIMITED
Registered Office :	505, Pearl Omaxe Tower, Netaji Subhash Place, Pitampura, New Delhi-110034
Tel. No.:	91-11-23210501
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.01.1985
Com. Reg. No.:	55-019750
Capital Investment / Paid-up Capital :	Rs. 31.430 Million
CIN No.: [Company Identification No.]	U27202DL1985PLC019750
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELKH00408C
PAN No.: [Permanent Account No.]	AAACH1224Q
Legal Form :	A Closely Held Public Limited liability Company
Line of Business :	Manufacturer and Supplier of Steel Coils, Pipes and Tubes.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated on 2nd January 1985, it is established company having satisfactory track record. It is engaged in manufacturing of electric resistances welded pipes, steel tubes for oil, gas and water, cold rolled etc. The rating are strengthen on companies above the average operational performance marked by its long established track record and extensive experience of its promoter in the steel and pipes industry and diversified product portfolio. However this rating are partially offset by, company exposure to high competition, resulting low profitability margin, marked by its moderate balance sheet profile, and low debt covering metrics. Trade relation are fair. Business is active. Payments are reported to be usually correct. In view of sound operational backed by its established track record and experienced promoters, the company can be considered for 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

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) DEFAILTERS’ 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. Sanjeev
Designation :	V P Finance
Contact No.:	91-9643008516
Date :	24.06.2015

LOCATIONS

Registered Office :	505, Pearl Omaxe Tower, Netaji Subhash Place, Pitampura, New Delhi-110034, India
Tel. No.:	91-11-23210501/ 41440011
Mobile No.:	91-9643008516 (Mr. Sanjeev)
Fax No.:	91-11-23210501/ 503
E-Mail :	hitech12@bol.net.in
Website :	http://www.hitechpipes.in
Factory :	Plot No.10, Industrial Area, Sikandrabad – 203205, Uttar Pradesh, India
E-Mail :	info@hitechpipes.in
Unit I :	Plot No.16, Industrial Area, Sikandrabad – 203205, Uttar Pradesh, India
E-Mail :	info@hitechpipes.in
Mailing Address	64/5/16, Site – IV, Sahibabad industrial Area, Uttar Pradesh – 201010, India
Tel. No.:	91-120 4645000 (50 Lines)
Fax No.:	91-120-4645050

DIRECTORS

Name :

Mr. Ajay Kumar Bansal

Designation :

Managing Director

Address :

39/41, Punjabi Bagh, Delhi – 110026, India

Date of Birth/Age :

28.08.1957

Qualification :

Commerce Graduate

Date of Appointment :

01.10.2007

PAN No.:

AADPB6897R

DIN No.:

01070123

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	U27202DL1985PLC019750	HI-TECH PIPES LTD	Managing director	01/10/2007	02/01/1985	-	Active	NO
2	U74899DL1987PTC028273	JNG CONSTRUCTION PRIVATE LTD.	Director	05/09/1991	05/09/1991	-	Active	NO
3	U74899DL1993PTC053185	GUJRAT HI-TECH STEELS PRIVATE LIMITED	Director	21/04/1993	21/04/1993	-	Active	NO
4	U51909DL2006PTC146955	VARADA IMPEX PRIVATE LIMITED	Director	15/04/2006	15/04/2006	07/08/2007	Active	NO
5	U70101DL2005PTC139368	AKS BUILDCON PRIVATE LIMITED	Director	01/09/2006	01/09/2006	-	Active	NO
6	U01403DL2007PTC161018	HI-TECH AGROVISION PRIVATE LIMITED	Director	22/03/2007	22/03/2007	-	Active	NO
7	U72900DL2003PTC119120	WEBMAN TECHNOLOGIES PRIVATE LIMITED	Director	21/08/2007	24/07/2007	30/03/2009	Active	NO
8	U74899DL1986PTC025735	HARSO STEELS PRIVATE LIMITED	Director	19/02/2009	19/02/2009	14/03/2015	Active	NO
9	U27100DL2011PTC214434	HTL ISPAT PRIVATE LIMITED	Director	20/02/2011	20/02/2011	-	Active	NO
10	U27320DL2011PTC214435	HTL METAL PRIVATE LIMITED	Director	20/02/2011	20/02/2011	-	Active	NO
11	U17291DL2012PTC233793	HI-TECH TERRYSOFT PRIVATE LIMITED	Director	30/03/2012	30/03/2012	-	Active	NO

Name :

Mrs. Tanvi Kumar

Designation :

Director

Address :

H No 353, PKT-E, Mayur Vihar-II, Delhi – 110092, india

Date of Appointment :

20.03.2015

DIN No.:

06413301

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	U72900DL2012FTC244984	eFront Delta India Private Limited	Director	16/11/2012	16/11/2012	06/09/2013	Active	NO
2	U27202DL1985PLC019750	HI-TECH PIPES LTD	Director	20/03/2015	20/03/2015	-	Active	NO

Name :

Mr. Anish Bansal

Designation :

Director

Address :

39/41, Punjabi Bagh, Delhi – 110026, India

Date of Birth/Age :

02.11.1984

Qualification :

B.Sc.(Economics in Banking and Finance)

Date of Appointment :

20.05.2015

PAN No.:

AHDPB2140G

DIN No.:

00670250

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	U70101DL2005PTC139368	AKS BUILDCON PRIVATE LIMITED	Director	01/09/2006	01/09/2006	-	Active	NO
2	U01403DL2007PTC161018	HI-TECH AGROVISION PRIVATE LIMITED	Director	22/03/2007	22/03/2007	-	Active	NO
3	U27202DL1985PLC019750	HI-TECH PIPES LTD	Director	20/05/2015	19/02/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjeev
Designation :	V P Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Jaswant Rai	1200
Naresh Kumar Bansal	104400
Ajay Kumar Bansal	457800
Rakesh Kumar Bansal	121200
Pardeep Kumar Bansal	2400
Brij Lal Sharma	24000
Ashok Kumar Bansal	6000
Harbans Lal HUF	9600
Kumud Bansal	24000
Parveen Bansal	270000
Reeta Rani	24000
Santosh Kumari	12000
A.V.R. Trends International Private Limited, India	120000
Richi Bansal	54000
Anish Bansal	268800
Vipul Bansal	276000
Abhinav Bansal	81600
Krati Bansal	36000
R.P. Aggarwal Karta R.P. Aggarwal and Sons HUF	60000
Shweta Bansal	270600
Ajay Kumar Bansal (HUF)	260400
Hi-tech Agrovision Private Limited, India	258000
AKS Buildcon Private Limited, India	276000
Everest Grow More Finance	100000
Abhiruchi Distributors Private Limited, India	25000
Total	3143000

As on 30.09.2014

Names of Allottees	No. of Shares
Ajay Kumar Bansal	278550
Amrutlal Chagganlal patel	94000
Subhadraben Bhaggubhai Patel	90000
Narangbhai	90000
Brijal Nikunj Patel	30000
Kamlaben Amrutlal Patel	30000
Motiben NarangbhaiPatel	30000
Total	642550

As on 30.09.2014

Category	Percentage
Bodies corporate	24.79
Directors or relatives of Directors	68.99
Others	6.22
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Steel Coils, Pipes and Tubes.

Products :

ITC Number	Product Description
73063090	Black steel tube
72091730	C. R. Product

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Countries :

UK

Imports :

Countries :

Ukraine

Terms :

Selling :

Cash, Cheque and Credit (60 Days)

Purchasing :

Cash, Cheque and Credit (60 Days)

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Retailers and End Users

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

No. of Employees :

400 (Approximately)

Bankers :

Banker Name	State Bank of Patiala
Branch Address	Surya Nagar, Rampuri, Ghaziabad -201011, Uttar Pradesh, 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

• Canara Bank, H-54, Connaught Place, New Delhi – 110001, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loans from banks	84.074	77.863
Rupee term loans from others	4.530	5.118
Other loans and advances	0.915	3.241
SHORT TERM BORROWINGS
Working capital loans from banks	933.926	801.164
Other loans and advances	0.000	9.882
Total	1023.445	897.268

Auditors :
Name :	N.C. Aggarwal and Company Chartered Accountants
Address :	102, Hasrha House, Karampura Commercial Complex, New Delhi -110015, India
Tel. No.:	91-11-25920555-56
Pan No.: :	AAAFN9149H
Memberships :	Not Available
Collaborators :	Not Available
Associate enterprise over which key management personnels and their relative exercise significant influence, whom transaction have been taken place during the year:	Harso Steel Private Limited Rama Steel Tubes Limited JNG Construction Private Limited Hi-Tech Agrovision Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs. 10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3143000	Equity Shares	Rs. 10/- each	Rs. 31.430 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	31.430	4.680	4.680
(b) Reserves & Surplus	332.303	299.651	278.919
(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)	363.733	304.331	283.599
(3) Non-Current Liabilities
(a) long-term borrowings	168.012	116.155	43.164
(b) Deferred tax liabilities (Net)	10.521	10.531	11.808
(c) Other long term liabilities	10.850	10.850	10.350
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	189.383	137.536	65.322
(4) Current Liabilities
(a) Short term borrowings	933.926	811.046	740.398
(b) Trade payables	496.210	448.991	438.024
(c) Other current liabilities	230.345	157.445	183.758
(d) Short-term provisions	35.432	31.406	34.810
Total Current Liabilities (4)	1695.913	1448.888	1396.990
TOTAL	2249.029	1890.755	1745.911
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	291.023	265.680	250.811
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	71.318	51.794	39.068
(iv) Intangible assets under development	0.449	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	18.098	17.658	17.783
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	380.888	335.132	307.662
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	729.644	615.578	611.193
(c) Trade receivables	717.166	575.917	556.139
(d) Cash and cash equivalents	68.984	59.298	54.871
(e) Short-term loans and advances	352.347	304.830	216.046
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1868.141	1555.623	1438.249
TOTAL	2249.029	1890.755	1745.911

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	3864.190	3711.982	3499.869
	Other Income	6.312	5.366	6.815
	TOTAL (A)	3870.502	3717.348	3506.684
Less	EXPENSES
	Cost of Materials Consumed	3202.903	2888.408	2955.487
	Purchases of Stock-in-Trade	277.545	368.991	159.108
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(114.638)	(17.767)	(38.066)
	Employees benefits expense	53.330	51.587	42.944
	Other expenses	256.017	246.975	219.691
	TOTAL (B)	3675.157	3538.194	3339.164
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	195.345	179.154	167.520
Less	FINANCIAL EXPENSES (D)	120.942	115.194	108.546
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	74.403	63.960	58.974
Less/ Add	DEPRECIATION/ AMORTISATION (F)	34.233	32.429	28.814
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	40.170	31.531	30.160
Less	TAX (H)	14.269	10.799	10.628
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	25.901	20.732	19.532
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)	38.986	38.254	38.721
Less	APPROPRIATIONS
	Transfer to General Reserve	20.000	20.000	20.000
	Total (K)	20.000	20.000	20.000
	Balance Carried to the B/S (I+J-K)	44.887	38.986	38.253
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	10.164	4.326	1.885
	TOTAL EARNINGS	10.164	4.326	1.885
	IMPORTS
	Raw Materials	0.000	0.000	0.000
	Components and Stores parts	0.000	0.000	0.000
	Capital Goods	0.000	2.919	0.000
	TOTAL IMPORTS	0.000	2.919	0.000
	Earnings / (Loss) Per Share (Rs.)	8.24	6.60	41.74

Particulars	31.03.2015
Sales Turnover	5000.000

Expected Sales (2015-2016) : Rs. 7000.000 Million

The above information has been parted by Mr. Sanjeev

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	15.810	12.055	13.022
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.67	0.56	0.56
Operating Profit Margin (PBIDT/Sales)	(%)	5.06	4.83	4.79
Return on Total Assets (PBT/Total Assets}	(%)	1.84	1.71	1.77
Return on Investment (ROI) (PBT/Networth)		0.11	0.10	0.11
Debt Equity Ratio (Total Liability/Networth)		3.07	3.09	2.81
Current Ratio (Current Asset/Current Liability)		1.10	1.07	1.03

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	4.680	4.680	31.430
Reserves & Surplus	278.919	299.651	332.303
Share Application money pending allotment	0.000	0.000	0.000
Net worth	283.599	304.331	363.733
long-term borrowings	43.164	116.155	168.012
Short term borrowings	740.398	811.046	933.926
Current Maturities of Long Term Debt	13.022	12.055	15.810
Total borrowings	796.584	939.256	1117.748
Debt/Equity ratio	2.809	3.086	3.073

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	3499.869	3711.982	3864.190
		6.061	4.100

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	3499.869	3711.982	3864.190
Profit	19.532	20.732	25.901
	0.56%	0.56%	0.67%

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)	Yes
16	No. of employees	Yes
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	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 15/1, 1^st Floor, Asaf Ali Road, New Delhi – 110002, India to the present address w.e.f. 01.11.2013

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2014 (Rs. in Million)
LONG TERM BORROWINGS
Intercorporate borrowings	61.091	13.116
Loans and advances from related parties	17.402	16.817
Total	78.493	29.933

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10513381	31/07/2014	53,632,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C15355977
2	10513229	26/07/2014	39,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C15250665
3	10461166	27/09/2013	370,000,000.00	CANARA BANK	H-54, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001,  INDIA	B89911598
4	10212908	13/12/2013 *	1,361,000,000.00	STATE BANK OF PATIALA	SURYA NAGAR, RAMPURI, GHAZIABAD, UTTAR PRADESH - 201011, INDIA	B95501912
5	10212924	04/03/2010	846,200,000.00	STATE BANK OF PATIALA	SURYA NAGAR (RAMPURI), GHAZIABAD, UTTAR PRADESH - 201011, INDIA	A82563941
6	10118145	23/08/2008	6,000,000.00	RELIANCE CAPITAL LTD	"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA	A44048981
7	80036003	22/09/2009 *	23,600,000.00	STATE BANK OF PATIALA	A-61, RAMPURI, SURYA NAGAR, GHAZIABAD, UTTAR PRADESH - 201011, INDIA	A70996509
8	90049117	31/05/2002	2,500,000.00	U.P .FINANCIAL CORPORATION	14/88; CIVIL LINES, KANPUR, UTTAR PRADESH, INDIA	-
9	90048384	15/01/2003 *	130,000,000.00	STATE BANK	PATIALA - C - 92; SURYA NAGAR, GHAZIABAD, UTTAR PRADESH, INDIA	-
10	90048097	12/09/2000	5,000,000.00	U.P .FINANCIAL CORPORATION	14/88; CIVIL LINES, KANPUR, UTTAR PRADESH, INDIA	-

* Date of charge modification

FIXED ASSETS

• Buildings
• Office building
• Factory building
• Plant and equipment
• Other plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Other equipments

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. 63.60
UK Pound	1	Rs.100.09
Euro	1	Rs. 71.23

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	KSH
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.