MIRA INFORM REPORT

Report No. :	310021
Report Date :	07.03.2015

IDENTIFICATION DETAILS

Name :	AMBA SHAKTI STEELS LIMITED (w.e.f.15.10.2010)
Formerly Known As :	K. P STEEL PRODUCTS LIMITED
Registered Office :	21/6, West Patel Nagar, Delhi
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.03.1989
Com. Reg. No.:	55-127527
Capital Investment / Paid-up Capital :	Rs. 230. 000 Million
CIN No.: [Company Identification No.]	U27104DL1989PLC127527
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACK3178J
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Stainless Steel Products, TMT Bars
No. of Employees :	103 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 810000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a well-established company having moderate track. The company possesses a moderate financial profit marked by modest net worth base comprising low reserves along with moderate working capital requirements pertaining to backward integrated operations. Management has witnessed an acceptable revenue base, whereas reported a low profit margin and slight decline in its net profitability during FY 14. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. In view of extensive experience of the promoters, the company can be considered for business dealings with caution.

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 : BB
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations
Date	31.12.2014

Rating Agency Name	CRISIL
Rating	Short terms rating : A4+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	31.12.2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Atul
Designation :	Accounts Head
Contact No.:	91-9808338830
Date :	02.03.2015

LOCATIONS

Registered Office :	21/6, West Patel Nagar, New Delhi, India
Tel. No.:	91-11-25885225 / 25885226
Mobile No.:	91-9808338830 (Mr. Atul)
Fax No.:	91-11-25886914
E-Mail :	ambasteels@rediffmail.com ca_company@rediffmail.com
Location :	Owned
Factory Office :	7^thK. M. Meerut Road Muzaffarnagar – 251003, Uttar Pradesh, India
Area :	Owned

DIRECTORS

As on 23.09.2014

Name :

Mr. Kamal Goel

Designation :

Director

Address :

M – 12, Greater Kailash – I, New Delhi – 110048, India

Date of Birth/Age :

22.02.1966

Date of Appointment :

12.07.2004

DIN No.:

00303363

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	U74899DL1973PTC006467	DURGA ISPAT PVT LTD	Director	30-11-1985	30-11-1985	01-11-2014	Active	NO
2	U35923DL1997PLC087812	GOA ISPAT LIMITED	Director	09-06-1997	09-06-1997	06-12-2014	Active	NO
3	U51299DL1999PTC098109	S M SUGAR PRIVATE LIMITED	Director	01-07-2014	28-08-2000	-	Active	NO
4	U24304DL1995PLC195746	GOA SPONGE AND POWER LIMITED	Director	01-10-2002	01-10-2002	-	Active	NO
5	U27104DL2003PLC127526	AMBA SHAKTI ISPAT LIMITED	Director	01-08-2013	12-07-2004	01-11-2014	Active	NO
6	U27104DL1989PLC127527	AMBA SHAKTI STEELS LIMITED	Director	12-07-2004	12-07-2004	15-10-2014	Active	NO
7	U27104OR2004PLC007916	KONARK CONCAST AND POWER LIMITED	Director	17-12-2004	17-12-2004	09-07-2008	Active	NO
8	U27109DL2004PLC128830	SHREE SIDHBALI ISPAT LIMITED	Director	12-03-2005	12-03-2005	-	Active	NO
9	U45201DL2006PTC145579	KONARK BUILDWELL PRIVATE LIMITED	Director	30-01-2006	30-01-2006	12-05-2011	Active	NO
10	U27104DL2006PLC146413	AMBA IRON AND STEEL CO. LIMITED TFR. FROM U.P. TO DELHI	Director	24-09-2010	16-02-2006	09-01-2014	Active	NO
11	U72900DL2004PTC183874	EMIRATES TECHNOLOGIES PRIVATE LIMITED	Director	19-01-2007	19-01-2007	-	Active	NO
12	U45400DL2007PTC163188	KONARK INFRAPROJECTS PRIVATE LIMITED	Director	09-05-2007	09-05-2007	10-04-2013	Active	NO
13	U51109GJ1991PLC057955	HANS ISPAT LIMITED	Director	25-12-2007	25-12-2007	30-06-2010	Active	NO
14	U27310DL2008PLC177452	AMBA SPONGE & POWER LIMITED	Director	10-01-2009	10-01-2009	-	Active	NO
15	U28121DL2010PLC207588	AMBA CYLINDERS LIMITED	Director	26-08-2010	26-08-2010	-	Active	NO
16	U70100DL2011PLC215949	AMBA INFRASTRUCTURE LIMITED	Director	16-03-2011	16-03-2011	-	Active	NO
17	U70102DL2008PTC177097	EMIRATES INFRASTRUCTURE PRIVATE LIMITED	Director	18-07-2011	18-07-2011	-	Active	NO
18	U27101DL2013PLC251766	AMBASHAKTI INDUSTRIES LIMITED	Director	08-05-2013	08-05-2013	-	Active	NO
19	U27106DL2014PLC266460	AMBASHAKTI UDYOG LIMITED	Director	18-03-2014	18-03-2014	23-04-2014	Active	NO

Name :

Mr. Pankaj Goel

Designation :

Additional director

Address :

M – 12, Greater Kailash – I, New Delhi – 110048, India

Date of Birth/Age :

10.03.1970

Date of Appointment :

15.11.2014

DIN No.:

00224355

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	U74899DL1973PTC006467	DURGA ISPAT PVT LTD	Director	10-07-1989	10-07-1989	01-11-2014	Active	NO
2	U35923DL1997PLC087812	GOA ISPAT LIMITED	Director	09-06-1997	09-06-1997	06-12-2014	Active	NO
3	U51299DL1999PTC098109	S M SUGAR PRIVATE LIMITED	Director	01-07-2014	28-08-2000	-	Active	NO
4	U24304DL1995PLC195746	GOA SPONGE AND POWER LIMITED	Director	01-10-2002	01-10-2002	-	Active	NO
5	U27104DL1989PLC127527	AMBA SHAKTI STEELS LIMITED	Additional director	15-11-2014	12-07-2004	-	Active	NO
6	U27104DL2003PLC127526	AMBA SHAKTI ISPAT LIMITED	Director	30-06-2011	12-07-2004	01-11-2014	Active	NO
7	U27104OR2004PLC007916	KONARK CONCAST AND POWER LIMITED	Director	17-12-2004	17-12-2004	09-07-2008	Active	NO
8	U27109DL2004PLC128830	SHREE SIDHBALI ISPAT LIMITED	Director	22-02-2005	22-02-2005	-	Active	NO
9	U45201DL2006PTC145579	KONARK BUILDWELL PRIVATE LIMITED	Director	30-01-2006	30-01-2006	12-05-2011	Active	NO
10	U27104DL2006PLC146413	AMBA IRON AND STEEL CO. LIMITED TFR. FROM U.P. TO DELHI	Director	16-02-2006	16-02-2006	09-01-2014	Active	NO
11	U72900DL2004PTC183874	EMIRATES TECHNOLOGIES PRIVATE LIMITED	Director	29-03-2006	29-03-2006	-	Active	NO
12	U45400DL2007PTC163188	KONARK INFRAPROJECTS PRIVATE LIMITED	Director	09-05-2007	09-05-2007	10-04-2013	Active	NO
13	U27310DL2008PLC177452	AMBA SPONGE & POWER LIMITED	Director	30-04-2008	30-04-2008	17-01-2009	Active	NO
14	U28121DL2010PLC207588	AMBA CYLINDERS LIMITED	Director	26-08-2010	26-08-2010	-	Active	NO
15	U70100DL2011PLC215949	AMBA INFRASTRUCTURE LIMITED	Director	16-03-2011	16-03-2011	-	Active	NO
16	U70102DL2008PTC177097	EMIRATES INFRASTRUCTURE PRIVATE LIMITED	Director	18-07-2011	18-07-2011	-	Active	NO
17	U13100DL2011PTC228718	ELEGANT MINES PRIVATE LIMITED	Director	26-12-2011	26-12-2011	25-10-2012	Active	NO
18	U51909DL2011PTC219235	RAGHAV TRADEX PRIVATE LIMITED	Director	16-01-2012	16-01-2012	13-12-2013	Active	NO
19	U70101DL2005PTC252354	ADHUNIK DATAMATICS PRIVATE LIMITED	Additional director	30-04-2013	01-03-2013	28-05-2013	Active	NO
20	U70100DL2013PTC247394	A D REALBUILD PRIVATE LIMITED	Director	13-07-2013	13-07-2013	-	Active	NO

Name :

Mr. Manish Goel

Designation :

Whole-time director

Address :

22, Prem Vihar, Jansath Road, Muzaffarnagar - 251001, Uttar Pradesh, India

Date of Birth/Age :

07.09.1973

Date of Appointment :

01.05.2010

DIN No.:

00211773

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	U27104DL1989PLC127527	AMBA SHAKTI STEELS LIMITED	Whole-time director	01-05-2010	04-10-2004	-	Active	NO
2	U27310DL2008PLC177452	AMBA SPONGE & POWER LIMITED	Director	30-04-2008	30-04-2008	-	Active	NO
3	U51909DL2011PTC219235	RAGHAV TRADEX PRIVATE LIMITED	Director	16-01-2012	16-01-2012	08-02-2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Atul
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2014

Names of Shareholders	No. of Shares	%age holding
Kamal Goel	127695	5.55
Pankaj Goel	477095	20.74
Reena Goel	138344	6.01
Ritu Goel	147216	6.40
Pankaj Goel and Sons (HUF)	167730	7.29
Kamal Goel and Sons (HUF)	173920	7.56
S.K Goel and Sons (HUF)	218000	9.48
Adhunik Datamatics Private Limited	850000	36.96
Total	2300000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 23.09.2014

Category	Percentage
Bodies corporate	36.96
Directors or relatives of Directors	53.57
Other top fifty shareholders	9.47
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Stainless Steel Products, TMT Bars

Products :

Item Code No.	Product Description
72141090	TMT BAR

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

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 :

Retailers and End Users

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 :

103 (Approximately)

Bankers :

• Oriental Bank of Commerce, 13-B, New Mandi, Muzaffarnagar - 251001, Uttar Pradesh, India
• Panjab National Bank, New Mandi, Jansath Road, Muzaffarnagar - 251001, Uttar Pradesh, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	112.713	0.502
Short-term borrowings
Loans repayable on demand from banks	194.491	236.154
Total	307.204	236.656

Auditors :
Name :	A Jain Agarwal and Company Chartered Accountants
Address :	203/17, Sadar, Bazar, Upper Storey, Muzaffarnagar – 251001, Uttar Pradesh, India
Tel. No.:	91-131-2437493 / 2436685
E-Mail :	jainagarwal@rediffmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAMFA6693H
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates :	Shree Sidhbali Ispat Limited Adhunik Datamatics Private Limited (U70101DL2005PTC252354)
Others related parties :	Amba Iron and Steel Company Limited (U27104DL2006PLC146413) Orris Trade- Link Private Limited (U51109DL2006PTC265251)
Sister Concern :
Name :	Durga Ispat Private Limited
Address :	Muzaffarnagar – 251001, Uttar Pradesh, India

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2400000	Equity Shares	Rs.100/- each	Rs.240.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2300000	Equity Shares	Rs.100/- each	Rs.230.000 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	230.000	230.000	230.000
(b) Reserves & Surplus	54.363	51.125	46.121
(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)	284.363	281.125	276.121
(3) Non-Current Liabilities
(a) long-term borrowings	214.803	73.118	2.410
(b) Deferred tax liabilities (Net)	24.765	20.778	18.626
(c) Other long term liabilities	1.557	1.263	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	241.125	95.159	21.036
(4) Current Liabilities
(a) Short term borrowings	195.161	236.844	224.885
(b) Trade payables	209.818	162.693	164.614
(c) Other current liabilities	35.306	3.934	4.549
(d) Short-term provisions	11.847	6.390	6.203
Total Current Liabilities (4)	452.132	409.861	400.251
TOTAL	977.620	786.145	697.408
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	286.624	163.485	140.252
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	24.148	12.615	20.718
(iv) Intangible assets under development	0.000	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	8.529	10.262	8.159
(e) Other Non-current assets	20.114	12.357	10.165
Total Non-Current Assets	339.415	198.719	179.294
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	338.877	318.031	326.882
(c) Trade receivables	196.448	156.501	131.106
(d) Cash and cash equivalents	10.816	56.421	20.353
(e) Short-term loans and advances	23.324	19.768	8.794
(f) Other current assets	68.740	36.705	30.979
Total Current Assets	638.205	587.426	518.114
TOTAL	977.620	786.145	697.408

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	2291.699	2002.609	1997.466
	Other Income	1.346	1.610	1.692
	TOTAL	2293.045	2004.219	1999.158
Less	EXPENSES
	Cost of Materials Consumed	1865.694	1624.914	1630.790
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(33.996)	(1.998)	(14.584)
	Employees benefits expense	16.786	16.931	13.435
	Other expenses	388.083	327.081	336.206
	Extraordinary Items	(0.024)	0.000	0.000
	TOTAL	2236.543	1966.928	1965.847
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	56.502	37.291	33.311
Less	FINANCIAL EXPENSES	33.857	18.951	15.890
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	22.645	18.340	17.421
Less/ Add	DEPRECIATION/ AMORTISATION	14.597	11.082	10.229
	PROFIT/ (LOSS) BEFORE TAX	8.048	7.258	7.192
Less	TAX	4.808	2.255	-0.809
	PROFIT/ (LOSS) AFTER TAX	3.240	5.003	8.001
	Earnings / (Loss) Per Share (Rs.)	1.41	2.18	3.48

Expected Sales (2014 - 2015): Rs. 3000.000 Million

The above information has been parted by Mr. Atul (Accounts Head).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.14	0.25	0.40
Operating Profit Margin (PBIDT/Sales)	(%)	2.47	1.86	1.67
Return on Total Assets (PBT/Total Assets}	(%)	0.84	0.94	1.06
Return on Investment (ROI) (PBT/Networth)		0.03	0.03	0.03
Debt Equity Ratio (Total Debt /Networth)		1.44	1.10	0.82
Current Ratio (Current Asset/Current Liability)		1.41	1.43	1.29

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	230.000	230.000	230.000
Reserves & Surplus	46.121	51.125	54.363
Net worth	276.121	281.125	284.363
long-term borrowings	2.410	73.118	214.803
Short term borrowings	224.885	236.844	195.161
Total borrowings	227.295	309.962	409.964
Debt/Equity ratio	0.823	1.103	1.442

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	1997.466	2002.609	2291.699
		0.257	14.436

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	1997.466	2002.609	2291.699
Profit	8.001	5.003	3.240
	0.40%	0.25%	0.14%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	Yes
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	10109577	03/09/2013 *	750,000,000.00	ORIENTAL BANK OF COMMERCE	13-B, NEW MANDI, MUZAFFARNAGAR, UTTAR PRADESH - 251001, INDIA	B87829602
2	10100347	03/07/2013 *	750,000,000.00	ORIENTAL BANK OF COMMERCE	13-B, NEW MANDI, MUZAFFARNAGAR, UTTAR PRADESH - 251001, INDIA	B82126939
3	10053018	03/07/2012 *	1,400,000.00	GE CAPITAL TRANSPORTATION FINANCIAL SERVICES LIMITED	AIFACS BUILDING 1, RAFI MARG, NEW DELHI, DELHI - 110001, INDIA	B42514232

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Other loans and advances, others	102.090	72.616
Short-term borrowings
Other loans and advances, others	0.670	0.690
Total	102.760	73.306

FIXED ASSETS

• Motor vehicles
• Office equipment
• Factory building
• Plant and equipment
• Vehicles
• Buildings
• Office building

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 judgment 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 records 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.62.20
UK Pound	1	Rs.94.71
Euro	1	Rs.68.60

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	SUB
Report Prepared by :	RCH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	2
--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		31

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 unfavorable 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.