MIRA INFORM REPORT

Report No. :	312538
Report Date :	17.03.2015

IDENTIFICATION DETAILS

Name :	INTERNATIONAL TRANSMISSION LIMITED (w.e.f. 13.06.2011)

Formerly Known As :	INTERNATIONAL TRANSMISSION PRIVATE LIMITED

Registered Office :	501, Vasudeo Chambers, 5^th Floor, Opposite D. Mart, Mulund-Goregaon links Road, Bhandup (West), Mumbai – 400078, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	21.12.1984

Com. Reg. No.:	11-034869

Capital Investment / Paid-up Capital :	Rs. 171.860 Million

CIN No.: [Company Identification No.]	U74999MH1984PLC034869

IEC No.:	Not Available

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 of Hardware Electrical Boards.

No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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 is an established company having satisfactory track record. The rating reflects company sound financial risk profile marked by healthy net worth position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. The company can be considered normal 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

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

EXTERNAL AGENCY RATING

Not Available

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Samant
Designation :	Accounts Department
Contact No.:	91-22-25667599
Date :	14.03.2015

LOCATIONS

Registered Office :	501, Vasudeo Chambers, 5^th Floor, Opposite D. Mart, Mulund-Goregaon links Road, Bhandup (West), Mumbai – 400078, Maharashtra, India
Tel. No.:	91-22-25667599/88
Fax No.:	91-22-25666400
E-Mail :	accounts@intrasltd.com info@intransltd.com ganesh40031@GMAIL.COM
Website :	http://www.intransltd.com

Factory :	Mumbai-Nashik Highway, Shahpur, Thane – 421601, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Sunderji Mulji Shah

Designation :

Managing Director

Address :

41/42, Jayanti Apartment J D Road, Mulund (W), Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

06.06.1942

Date of Appointment :

22.12.1984

DIN No. :

01750378

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	U74999MH1984PLC034869	INTERNATIONAL TRANSMISSION LIMITED	Managing director	22/12/1984	22/12/1984	-	Active	NO
2	U27106MH1981PTC024820	KONKAN WIRES PRIVATE LIMITED	Managing director	24/07/1986	24/07/1986	-	Active	NO
3	U27200MH1986PLC040468	BHARAT WIRE ROPES LIMITED	Whole-time director	30/06/2010	24/07/1986	31/12/2010	Active	NO
4	U74999MH1991PTC063218	HEAT N BLAST (INDIA) PRIVATE LIMITED	Managing director	10/09/1991	10/09/1991	-	Active	NO
5	U45200MH1996PTC098388	AATGAON INDUSTRIAL PREMISES PRIVATE LIMITED	Managing director	25/03/1996	25/03/1996	-	Active	NO
6	U74210MH1957PTC010863	P.S.A. ENGINEERING WORKS PRIVATE LIMITED	Director	23/11/1998	23/11/1998	-	Active	NO
7	U51109MH1999PTC248529	SIDHI MARKETING PRIVATE LIMITED	Director	28/03/2009	28/03/2009	-	Active	NO
8	U29253MH2009PTC195323	FRESCO RADIATOR PIRVATE LIMITED	Managing director	29/08/2009	29/08/2009	-	Active	NO
9	U65929DL1996PTC077016	S S P FINVEST PRIVATE LIMITED	Director	15/05/2010	15/05/2010	07/10/2011	Active	NO
10	U51909WB1993PTC059970	WATTKINS COMMERCE PVT LTD	Director	02/08/2010	02/08/2010	-	Active	NO
11	U45206MH2010PTC202098	APT SPACE MANAGEMENT PRIVATE LIMITED	Director	03/11/2010	03/11/2010	-	Active	NO
12	U72200MH2008PLC178316	STARVISION MEGA CITY LIMITED	Director	05/01/2011	05/01/2011	-	Active	NO
13	U51100WB1992PLC118977	CEMFIL ENTERPRISES LIMITED	Director	11/03/2011	11/03/2011	02/11/2012	Active	NO
14	U67120WB1996PTC172015	JAINEX SECURITIES PVT LTD	Director	06/04/2011	06/04/2011	-	Active	NO
15	U51909WB1990PTC048461	INNOVATIVE COMMERCIAL PVT LTD	Director	09/05/2011	09/05/2011	10/05/2011	Active	NO
16	U45200MH2011PTC219153	SAMADHAN INFRACON PRIVATE LIMITED	Director	27/06/2011	27/06/2011	-	Active	NO
17	U70100MH2011PTC219878	OASIS SPACE MANAGEMENT PRIVATE LIMITED	Director	18/07/2011	18/07/2011	-	Active	NO

Name :

Mr. Dinesh Sunderji Shah

Designation :

Director

Address :

41/42, Jayanti Apartment J D Road, Mulund (W), Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

20.12.1966

Date of Appointment :

21.12.1984

DIN No. :

01750790

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	U74999MH1984PLC034869	INTERNATIONAL TRANSMISSION LIMITED	Director	21/12/1984	21/12/1984	-	Active	NO
2	U27106MH1981PTC024820	KONKAN WIRES PRIVATE LIMITED	Director	24/07/1986	24/07/1986	15/03/2008	Active	NO
3	U74999MH1991PTC063218	HEAT N BLAST (INDIA) PRIVATE LIMITED	Director	10/09/1991	10/09/1991	-	Active	NO
4	U27200MH1986PLC040468	BHARAT WIRE ROPES LIMITED	Director	01/04/1993	01/04/1993	30/06/2010	Active	NO
5	U45200MH1996PTC098388	AATGAON INDUSTRIAL PREMISES PRIVATE LIMITED	Director	25/03/1996	25/03/1996	-	Active	NO
6	U74210MH1957PTC010863	P.S.A. ENGINEERING WORKS PRIVATE LIMITED	Director	23/11/1998	23/11/1998	-	Active	NO
7	U51109MH1999PTC248529	SIDHI MARKETING PRIVATE LIMITED	Director	28/03/2009	28/03/2009	-	Active	NO
8	U29253MH2009PTC195323	FRESCO RADIATOR PIRVATE LIMITED	Director	29/08/2009	29/08/2009	-	Active	NO
9	U65929DL1996PTC077016	S S P FINVEST PRIVATE LIMITED	Director	15/05/2010	15/05/2010	07/10/2011	Active	NO
10	U51909WB1993PTC059970	WATTKINS COMMERCE PVT LTD	Additional director	02/08/2010	02/08/2010	-	Active	NO
11	U51100WB1992PLC118977	CEMFIL ENTERPRISES LIMITED	Director	11/03/2011	11/03/2011	02/11/2012	Active	NO
12	U67120WB1996PTC172015	JAINEX SECURITIES PVT LTD	Director	06/04/2011	06/04/2011	-	Active	NO
13	U51909WB1990PTC048461	INNOVATIVE COMMERCIAL PVT LTD	Director	09/05/2011	09/05/2011	10/05/2011	Active	NO

Name :

Mr. Devchand Mulji Shah

Designation :

Director

Address :

6A – Welworth Co-operative Housing Society Limited, Nsroad, Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

27.12.1950

Date of Appointment :

22.12.1984

DIN No. :

01751284

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	U74999MH1984PLC034869	INTERNATIONAL TRANSMISSION LIMITED	Director	22/12/1984	22/12/1984	-	Active	NO
2	U27106MH1981PTC024820	KONKAN WIRES PRIVATE LIMITED	Director	24/07/1986	24/07/1986	15/03/2008	Active	NO
3	U27200MH1986PLC040468	BHARAT WIRE ROPES LIMITED	Director	24/07/1986	24/07/1986	31/12/2010	Active	NO
4	U74999MH1991PTC063218	HEAT N BLAST (INDIA) PRIVATE LIMITED	Director	10/09/1991	10/09/1991	-	Active	NO
5	U45200MH1996PTC098388	AATGAON INDUSTRIAL PREMISES PRIVATE LIMITED	Director	25/03/1996	25/03/1996	-	Active	NO
6	U74210MH1957PTC010863	P.S.A. ENGINEERING WORKS PRIVATE LIMITED	Director	23/11/1998	23/11/1998	-	Active	NO
7	U51109MH1999PTC248529	SIDHI MARKETING PRIVATE LIMITED	Director	28/03/2009	28/03/2009	-	Active	NO
8	U29253MH2009PTC195323	FRESCO RADIATOR PIRVATE LIMITED	Director	29/08/2009	29/08/2009	-	Active	NO
9	U65929DL1996PTC077016	S S P FINVEST PRIVATE LIMITED	Director	15/05/2010	15/05/2010	07/10/2011	Active	NO
10	U51909WB1993PTC059970	WATTKINS COMMERCE PVT LTD	Additional director	02/08/2010	02/08/2010	-	Active	NO
11	U51100WB1992PLC118977	CEMFIL ENTERPRISES LIMITED	Director	11/03/2011	11/03/2011	02/11/2012	Active	NO
12	U67120WB1996PTC172015	JAINEX SECURITIES PVT LTD	Director	06/04/2011	06/04/2011	-	Active	NO
13	U51909WB1990PTC048461	INNOVATIVE COMMERCIAL PVT LTD	Director	09/05/2011	09/05/2011	10/05/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Samant
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Sunderji Shah	3542500	21.71
Devchand Shah	2918500	17.88
Dinesh Shah	3757000	23.02
Sunderji Shah – HUF	1300000	7.97
Devchand Shah – HUF	1300000	7.97
Dinesh Shah – HUF	1300000	7.97
Jaya Sunderji Shah	96200	0.59
Pratibha Deevchand Shah	806000	4.94
Shailee Dinesh Shah	1300000	7.97
Total	16320200	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Hardware Electrical Boards.

Products :	Electrical Boards

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Credit

Purchasing :	Credit

PRODUCTION STATUS : Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Century Extrusion Limited
Name of the Person :	Mr. J.P. Singh (Marketing Manager)
Contact No.:	91-9323801050
Since How Long Known :	12 Years
Experience :	Good
Maximum Limit Dealt :	Monthly Rs. 10.000 Million (Approximately)
Remark :	They gave us positive response about subject company they are satisfied with their payment behavior and market goodwill

Reference :	Apar Industries Limited
Name of the Person :	Mr. Rajiv Vora
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

Customers :

Reference :	L and T
Name of the Person :	Mr. Sandeep (Assistant Manager)
Contact No.:	91-9717002538
Since How Long Known :	3 Years
Experience :	Good
Maximum Limit Dealt :	Rs. 120.000 Million (Approximately) Yearly
Remark :	They gave us positive response about subject company they satisfied with their. Product quality and delivery behavior.

No. of Employees :

100 (Approximately)

Bankers :

Banker Name	Canara Bank
Branch Address	Mulund West Branch, Mumbai, Maharashtra, India
Person Name (With Designation)	Mr. Gokhale (Assitant Manager)
Contact Number	91-22-25601789 / 25923684 / 25677300
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 LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS
Loans repayable on demand
From Bank Overdraft facility	NA	8.923
Total	NA	8.923


Auditors :
Name :	Gajaria Shah and Associates Chartered Accountants
Address :	3, Laxmi Niwas, 1^st Floor, Zaver Road, Mulund (W), Mumbai – 400080, Maharashtra, India
Tel. No.:	91-22-25643844 / 25605636
E-Mail :	k.gajaria@rediffmail.com
PAN No.:	AAAFK7135Q

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

20000000	Equity Shares	Rs.10/- each	Rs.200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

17186000	Equity Shares	Rs.10/- each	Rs. 171.860 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	171.860	13.220	13.220
(b) Reserves & Surplus	206.052	295.178	249.150
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	226.209	226.350	223.750
Total Shareholders’ Funds (1) + (2)	604.121	534.748	486.120

(3) Non-Current Liabilities
(a) long-term borrowings	99.825	56.920	1.612
(b) Deferred tax liabilities (Net)	0.891	1.275	1.275
(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)	100.716	58.195	2.887

(4) Current Liabilities
(a) Short term borrowings	3.991	8.923	22.509
(b) Trade payables	82.952	77.250	94.882
(c) Other current liabilities	0.000	6.000	3.000
(d) Short-term provisions	11.237	9.042	13.135
Total Current Liabilities (4)	98.180	101.215	133.526

TOTAL	803.017	694.158	622.533

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	180.699	184.309	186.188
(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	17.982	25.098	25.732
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	31.935
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	198.681	209.407	243.855

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	51.277	30.271	34.032
(c) Trade receivables	321.073	292.568	208.016
(d) Cash and cash equivalents	0.116	0.181	42.924
(e) Short-term loans and advances	0.978	1.288	0.000
(f) Other current assets	230.892	160.443	93.706
Total Current Assets	604.336	484.751	378.678

TOTAL	803.017	694.158	622.533

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	820.614	753.604	674.226
	Other Income	20.084	9.832	15.412
	TOTAL (A)	840.698	763.436	689.638

Less	EXPENSES
	Cost of Materials Consumed	543.668	563.465	576.884
	Employees benefits expense	12.872	9.899	7.729
	Other expenses	187.014	119.906	66.466
	TOTAL (B)	743.554	693.270	651.079

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	97.144	70.166	38.559

Less	FINANCIAL EXPENSES (D)	3.689	2.814	1.925

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	93.455	67.352	36.634

Less/ Add	DEPRECIATION/ AMORTISATION (F)	7.490	7.906	7.452

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	85.965	59.446	29.182

Less	TAX (H)	16.451	13.418	6.947

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	69.514	46.028	22.235

	Earnings / (Loss) Per Share (Rs.)	4.04	2.68	15.82

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PARTICULARS
Net Profit Margin (PAT / Sales)	(%)	8.47	6.11	3.30

Operating Profit Margin (PBDIT/Sales)	(%)	11.84	9.31	5.72

Return on Total Assets (PBT/Total Assets}	(%)	10.95	8.89	4.89

Return on Investment (ROI) (PBT/Networth)		0.14	0.11	0.06

Debt Equity Ratio (Total Debt /Networth)		0.17	0.12	0.05

Current Ratio (Current Asset/Current Liability)		6.16	4.79	2.84

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	13.220	13.220	171.860
Reserves & Surplus	249.150	295.178	206.052
Share Application money pending allotment	223.750	226.350	226.209
Net worth	486.120	534.748	604.121

long-term borrowings	1.612	56.920	99.825
Short term borrowings	22.509	8.923	3.991
Total borrowings	24.121	65.843	103.816
Debt/Equity ratio	0.050	0.123	0.172

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	674.226	753.604	820.614
		11.773	8.892

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	674.226	753.604	820.614
Profit	22.235	46.028	69.514
	3.30%	6.11%	8.47%

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%	No
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

The Registered office of the company has been shifted Metalex Industries Compound Junction of TATA Agra Road Bhandup West, Mumbai – 400078 India to the present address w.e.f. 25.10.2008

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loans and advances from related parties
Sunderji M Shah		6.864
Dinesh S. Shah		7.880
Devchand M Shah		(1.610)
Jaya S. Shah		13.567
Pratibha D Shah		18.549
Shaili D. Shah		10.950

Other Loans and advances
Bharat Shot Blasting		0.077
Bharat Wire Ropes Limited		0.143
Naina Vazir		0.500
Total	NA	56.920

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90213589	17/11/2006 *	113,500,000.00	CANARA BANK	CANARA BANK, MULUND WEST BRANCH, MUMBAI, MAHARASHTRA - 400080, INDIA	A08767360
2	90215487	28/02/1996 *	6,000,000.00	CANARA BANK	MULUND WEST BRANCH, MUMBAI, MAHARASHTRA - 400080, INDIA	-
3	90214447	31/05/1991	5,000,000.00	CANARA BANK	MULUND WEST, MUMBAI, MAHARASHTRA, INDIA	-
4	90212173	28/02/1996 *	5,000,000.00	CANARA BANK	MULUND WEST BRANCH, MUMBAI, MAHARASHTRA - 400080, INDIA	-
5	90215186	28/02/1989	1,000,000.00	CANARA BANK	MULUND WEST, MUMBAI, MAHARASHTRA - 400080, INDIA	-
6	90215184	17/01/1989	500,000.00	CANARA BANK	MULUND WEST, MUMBAI, MAHARASHTRA - 400080, INDIA	-
7	90214347	01/08/1988	1,000,000.00	CANARA BANK	H.R.T. ROAD MULUND WEST, MUMBAI, MAHARASHTRA, INDIA	-
8	90211801	11/07/1988	262,300.00	CANARA BANK	MULUND WEST, MUMBAI, MAHARASHTRA - 400080, INDIA	-
9	90214344	08/06/1994 *	2,500,000.00	CANARA BANK	H.R.T. ROAD MULUND WEST, MUMBAI, MAHARASHTRA, INDIA	-
10	90215160	28/02/1996 *	6,000,000.00	CANARA BANK	MULUND WEST BRANCH, MUMBAI, MAHARASHTRA - 400080, INDIA	-

* Date of charge modification

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. 62.82
UK Pound	1	Rs. 92.83
Euro	1	Rs. 66.17

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	DIV

Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

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