MIRA INFORM REPORT

Report No. :	309960
Report Date :	04.03.2015

IDENTIFICATION DETAILS

Name :	GALWALIA ISPAT UDYOG PRIVATE LIMITED [w.e.f.23.12.2014]
Formerly Known As :	GALWALIA ISPAT UDYOG LIMITED [w.e.f.29.12.2006] GALWALIA ISPAT UDYOG PVT LTD
Registered Office :	A-80, Vivek Vihar Phase-I, Delhi - 110095
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.09.1985
Com. Reg. No.:	55-021934
Capital Investment / Paid-up Capital :	Rs. 95.470 Millions
CIN No.: [Company Identification No.]	U74899DL1985PTC021934
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACG5408K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Steel, Alloy Steel Metals, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 1060000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are fair. Business is active. Payment terms are reported as usually correct. 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	November 14, 2013

Rating Agency Name	CRISIL
Rating	Short term rating = A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	November 14, 2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

LOCATIONS

Registered Office :	A-80, Vivek Vihar Phase-I, Delhi – 110095, India
Tel. No.:	91-11-22142705
Fax No.:	Not Available
E-Mail :	galwalia@kvsgroup.co.in
Website :	http://www.kvsgroup.co.in
Factory :	Narain Nagar Industrial Estate, Nainital Road, Kashipur - 244713 (U.S. Nagar), Uttarakhand, India
Tel. No.:	91-5947-262767
Fax No.:	91-5947-262679

DIRECTORS

AS ON 26.09.2014

Name :

Arpan Jindal

Designation :

Managing director

Address :

Gopi Kripa Kunj, Ram Nagar Road, Kashipur - 244713, Uttarakhand, India

Date of Birth/Age :

26.04.1984

Qualification :

M.B.A

Date of Appointment :

01.06.2014

DIN No.:

00223527

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	U45202DL2004PTC126897	KUMAUN GARHWAL INFRASTRUCTURAL INDUSTRIAL CORPORATION PRIVATE LIMITED	Director	27/09/2005	27/09/2005	-	Active	NO
2	U74899DL1985PTC021935	ANNAPURNA STEELS PRIVATE LIMITED	Director	18/11/2006	18/11/2006	-	Active	NO
3	U51311DL1996PLC079814	KASHI VISHWANATH TEXTILE MILL LIMITED	Whole-time director	26/05/2014	01/12/2006	-	Active	NO
4	U74899DL1985PTC021934	GALWALIA ISPAT UDYOG PRIVATE LIMITED	Managing director	01/06/2014	08/12/2006	-	Active	NO
5	U70109DL2007PLC157891	SIDHIVINAYAK HORTICULTURE LIMITED	Director	15/01/2007	15/01/2007	-	Active	NO
6	U27106DL2008PTC177615	KVS ISPAT PRIVATE LIMITED	Director	05/05/2008	05/05/2008	27/07/2009	Active	NO
7	U65993DL1995PLC275870	SHARMA INVESTMENTS LIMITED	Director	29/12/2009	05/10/2009	-	Active	NO
8	U64201DL1985PTC021933	KASHI VISHWANATH STEELS PRIVATE LIMITED	Director	29/09/2012	16/07/2012	-	Active	NO

Name :

Mr. Akshay Jindal

Designation :

Director

Address :

Gopi Kripa Kunj, Ram Nagar Road, Kashipur - 244713, Uttarakhand, India

Date of Birth/Age :

05.11.1979

Qualification :

B.B.A

Date of Appointment :

29.12.2009

DIN No.:

00223492

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	U51311DL1996PLC079814	KASHI VISHWANATH TEXTILE MILL LIMITED	Managing director	01/11/2012	05/12/1996	-	Active	NO
2	U51909DL1999PTC100195	UTTRANCHAL OVERSEAS PRIVATE LIMITED	Director	11/06/1999	11/06/1999	-	Active	NO
3	U45202DL2004PTC126897	KUMAUN GARHWAL INFRASTRUCTURAL INDUSTRIAL CORPORATION PRIVATE LIMITED	Director	27/09/2005	27/09/2005	-	Active	NO
4	U74899DL1985PTC021935	ANNAPURNA STEELS PRIVATE LIMITED	Director	18/11/2006	18/11/2006	-	Active	NO
5	U65923DL2006PLC157011	KAMLAPATI INFRASTRUCTURE LIMITED	Director	26/12/2006	26/12/2006	-	Active	NO
6	U27106DL2008PTC177615	KVS ISPAT PRIVATE LIMITED	Director	05/05/2008	05/05/2008	27/07/2009	Active	NO
7	U74899DL1985PTC021934	GALWALIA ISPAT UDYOG PRIVATE LIMITED	Director	29/12/2009	18/12/2009	-	Active	NO
8	U74120DL1989PTC035928	SHATABDI PAPER MILLS PRIVATE LIMITED.	Director	29/09/2011	29/04/2011	-	Active	NO
9	U64201DL1985PTC021933	KASHI VISHWANATH STEELS Private Limited	Director	29/09/2012	16/07/2012	-	Active	NO

Name :

Mr. Devendra Kumar Agarwal

Designation :

Director

Address :

A-80, Vivek Vihar -Phase -I, New Delhi - 110095, India

Date of Birth/Age :

17.06.1957

Qualification :

B.TECH

Date of Appointment :

25.07.1991

DIN No.:

00753173

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	U27209UR1980PTC004995	JINDAL POLYMER PRODUCTS PRIVATE LIMITED	Director	21/08/1980	21/08/1980	-	Active	NO
2	U64201DL1985PTC021933	KASHI VISHWANATH STEELS PRIVATE LIMITED	Managing director	01/07/2013	26/10/1985	-	Active	NO
3	U74899DL1985PTC021934	GALWALIA ISPAT UDYOG PRIVATE LIMITED	Director	25/07/1991	25/07/1991	-	Active	NO
4	U74899DL1985PTC021935	ANNAPURNA STEELS PRIVATE LIMITED	Director	15/09/1991	15/09/1991	-	Active	NO
5	U74120DL1989PTC035928	SHATABDI PAPER MILLS PRIVATE LIMITED	Director	13/02/1996	13/02/1996	30/04/2011	Active	NO
6	U51311DL1996PLC079814	KASHI VISHWANATH TEXTILE MILL LIMITED	Director	20/06/1996	20/06/1996	-	Active	NO
7	U51909DL1999PTC100195	UTTRANCHAL OVERSEAS PRIVATE LIMITED	Director	11/06/1999	11/06/1999	-	Active	NO
8	U45202DL2004PTC126897	KUMAUN GARHWAL INFRASTRUCTURAL INDUSTRIAL CORPORATION PRIVATE LIMITED	Managing director	11/06/2004	11/06/2004	-	Active	NO
9	U67120DL1995PLC273511	TOMAR INVESTMENTS LIMITED	Director	25/05/2006	25/05/2006	-	Active	NO
10	U65993DL1995PLC275870	SHARMA INVESTMENTS LIMITED	Director	09/01/2007	09/01/2007	-	Active	NO
11	U70109DL2007PLC157891	SIDHIVINAYAK HORTICULTURE LIMITED	Director	15/01/2007	15/01/2007	-	Active	NO
12	U27106DL2008PTC177615	KVS ISPAT PRIVATE LIMITED	Director	24/03/2009	24/03/2009	-	Active	NO
13	AAA-0050	KVS INFRAATECH LLP	Designated Partner	25/06/2009	25/06/2009	-	Active	NO

Name :

Mr. Pramod Singh Tomar

Designation :

Director

Address :

763, Gireetal Ward No. 1 chamunda, Kashipur - 244713, Uttarakhand, India

Date of Birth/Age :

27.03.1961

Qualification :

Inter Pass

Date of Appointment :

08.12.2006

DIN No.:

02140797

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	Company/ LLP Status	Defaulting status
1	U67120DL1995PLC273511	TOMAR INVESTMENTS LIMITED	Director	03/04/1995	03/04/1995	Active	NO
2	U74899DL1985PTC021934	GALWALIA ISPAT UDYOG PRIVATE LIMITED	Director	08/12/2006	08/12/2006	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2014

Names of Shareholders	No. of Shares
Yogesh Kumar Jindal	590
Madan Mohan Jindal	10
Devendra Kumar Agrawal	560
Arpan Jindal	4500
Akshay Jindal	4500
Yogesh Kumar Jindal Karta	10
Sudha Jindal	280
Annapurna Steels Private Limited	41652
Jindal Polymers Products Private Limited	52125
Kasha Vishwanath Steels Limited	390725
Kumaun Garhwal Infrastructural Industrial Corporation Limited	306100
Sharma Investment Private Limited	42925
Tomer Investment Private Limited	42925
Shatabdi Paper Mills Private Limited	29196
Kamlapati Infrasture Limited	16300
Sidhivinayak Holding Limited	22300
Sanchita Jindal	1
Venue Jindal	1
Akshay Jindal HUF	1
Arpan Jindal HUF	1
KVS Ispat Private Limited	1
Total	954703

AS ON 26.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	98.91
Directors or relatives of directors	1.09
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Steel, Alloy Steel Metals, etc.

Products/ Services :

ITC Code No.	Product Descriptions
72163100	Billet
73259910	Casting
72071920	MS Beem, MS Channel
72043000	M S Scrap (Trading)
72142090	TMT (Trading)

Brand Names :

--

Agencies Held :

--

Exports :

Products :

--

Countries :

--

Imports :

Products :

--

Countries :

--

Terms :

Selling :

--

Purchasing :

--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

Customers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

No. of Employees :

Not Available

Bankers :

Bank Name:	Not Available
Branch:	Not Available
Person Name (with Designation):	Not Available
Contact Number:	Not Available
Name of Account Holder:	Not Available
Account Number:	Not Available
Account Since (Date/ Year of A/c Opening):	Not Available
Average Balance Maintained (Optional):	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Available
Account Operation:	Not Available
Remarks:	Not Available

· Bank of India

New Delhi Corporate Banking Branch, 37, Shaheed Bhagat Singh Marg, Connaught Place, New Delhi - 110001, Delhi, India

· Punjab National Bank

Kashipur Branch, Kashipur - 244173, Uttarakhand, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from others	23.274	28.080
SHORT TERM BORROWINGS
Working capital loans from banks	312.315	312.133
Total	335.589	340.213

Banking Relations :	--
Auditors :
Name :	Sharda and Sharda LLP Chartered Accountants
Address :	Tehri Pulia, Kathgodam, Haldwani - 263139, Uttarakhand, India
Income-tax PAN of auditor or auditor's firm :	ACMFS9294G
Entities where Key Management Personnel or relatives of Key Management Personnel have control with whom transactions are made :	· Kashi Vishwanath Steels Limited [U64201DL1985PLC021933] · Kashi Vishwanath Textile Mill Limited [U51311DL1996PLC079814] · Kashi Enterprises · KVS Ispat Private Limited · KVS Infratech LLP

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,500,000	Equity Shares	Rs. 100/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
954,703	Equity Shares	Rs. 100/- each	Rs. 95.470 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	95.470	91.797	91.797
(b) Reserves & Surplus	218.648	202.611	179.935
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	56.499	68.500	63.000
Total Shareholders’ Funds (1) + (2)	370.617	362.908	334.732
(3) Non-Current Liabilities
(a) Long-term borrowings	23.274	28.080	90.661
(b) Deferred tax liabilities (Net)	0.000	0.000	1.169
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	23.274	28.080	91.830
(4) Current Liabilities
(a) Short term borrowings	312.315	312.133	305.255
(b) Trade payables	270.225	321.495	279.883
(c) Other current liabilities	76.836	128.698	144.068
(d) Short-term provisions	3.505	8.064	3.710
Total Current Liabilities (4)	662.881	770.390	732.916
TOTAL	1056.772	1161.378	1159.478
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	269.487	310.502	362.667
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	10.124	9.355	7.040
(c) Deferred tax assets (net)	2.398	0.615	0.000
(d) Long-term Loan and Advances	35.016	22.230	20.065
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	317.025	342.702	389.772
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	295.134	416.880	459.364
(c) Trade receivables	327.378	304.718	246.832
(d) Cash and cash equivalents	77.758	59.481	43.793
(e) Short-term loans and advances	39.477	37.597	19.717
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	739.747	818.676	769.706
TOTAL	1056.772	1161.378	1159.478

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	2852.944	3224.084	2575.616
		Other Income	4.349	3.232	0.976
		TOTAL (A)	2857.293	3227.316	2576.592
Less	EXPENSES
		Cost of Materials Consumed	2028.585	2362.208	1969.526
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	92.830	29.800	-120.505
		Employees benefits expense	36.892	38.862	32.729
		Other expenses	572.934	636.218	523.997
		TOTAL (B)	2731.241	3067.088	2405.747
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		126.052	160.228	170.845
Less	FINANCIAL EXPENSES (D)		72.051	80.896	86.614
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		54.001	79.332	84.231
Less/ Add	DEPRECIATION/ AMORTISATION (F)		45.258	54.651	65.689
	PROFIT BEFORE TAX (E-F) (G)		8.743	24.681	18.542
Less	TAX (H)		0.787	2.239	4.142
	PROFIT AFTER TAX (G-H) (I)		7.956	22.442	14.400
	Earnings Per Share (Rs.)
	Basic		--	24.45	15.69
	Diluted		--	14	15.69

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.28	0.70	0.56
Operating Profit Margin (PBDIT/Sales)	(%)	4.42	4.97	6.63
Return on Total Assets (PBT/Total Assets}	(%)	0.84	2.14	1.61
Return on Investment (ROI) (PBT/Networth)		0.02	0.07	0.06
Debt Equity Ratio (Total Debt/Networth)		0.91	0.94	1.18
Current Ratio (Current Asset/Current Liability)		1.12	1.06	1.05

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	91.797	91.797	95.470
Reserves & Surplus	179.935	202.611	218.648
Share Application money pending allotment	63.000	68.500	56.499
Net worth	334.732	362.908	370.617
Long-term borrowings	90.661	28.080	23.274
Short term borrowings	305.255	312.133	312.315
Total borrowings	395.916	340.213	335.589
Debt/Equity ratio	1.183	0.937	0.905

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2575.616	3224.084	2852.944
		25.177	-11.511

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2575.616	3224.084	2852.944
Profit	14.400	22.442	7.956
	0.56%	0.70%	0.28%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10203591	29/12/2009	50,700,000.00	PUNJAB NATIONAL BANK	MATA MANDIR ROAD, KASHIPUR, UTTARAKHAND - 244713, INDIA	A79431714
2	10097069	03/03/2008	272,500,000.00	PUNJAB NATIONAL BANK	BRANCH OFFICE, KASHIPUR, KASHIPUR, UTTARAKHAND - 244713, INDIA	A36154052
3	10019465	16/12/2014 *	552,702,319.00	PUNJAB NATIONAL BANK	MATA MANDIR ROAD, KASHIPUR, UTTARAKHAND - 244713, INDIA	C38736864

* Date of charge modification

BACKGROUND

Subject owns a manufacturing unit of Angle, Beam, Channels, Etc. in its unit at Kashipur. The Company commenced commercial operations in May, 2007.

REVIEW OF OPERATION

During the financial year, the company achieved a turnover of Rs. 2852.944 Millions as against Rs. 3224.084 Millions during the last year showing a decrease of around 11.51%. In the financial year 2013-14, the company achieved Net Profit of Rs. 7.956 Millions as against Rs. 22.442 Millions during the last year.

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· 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. 61.84
UK Pound	1	Rs. 95.14
Euro	1	Rs. 69.25

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.