MIRA INFORM REPORT

Report No. :	321006
Report Date :	11.05.2015

IDENTIFICATION DETAILS

Name :	ADVANCE STEEL TUBES LIMITED
Registered Office :	45/3, Industrial Area Site – IV, Sahibabad, Ghaziabad – 201010, Uttar Pradesh
Tel No :	Not Available
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.03.1978
Com. Reg. No.:	20-004583
Capital Investment / Paid-up Capital :	Rs. 7.400 Million
CIN No.: [Company Identification No.]	L24231UP1978PLC004583
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCA6765B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacture of M. S. Pipes, Transmission Light Tower, Power Substructures, M.S. Poles etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well – established company having fine track record. For the financial year ended 2014, sales turnover of the company has declined but it has able to maintained profitability margins at 3.53%. Rating also takes into consideration promoters’ extensive industry experience supported by decent financial base and healthy net worth of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of decent financial profile, the company can be considered good for normal 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	12.05.2014
Rating Agency Name	Crisil
Rating	Short Term Rating (A2)
Rating Explanation	Strong degree of safety and low credit risk.
Date	12.05.2014

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 DECLINED BY

Name :	Mr. Subhash Jain
Designation :	General Manager
Contact No.:	91-11-43041400
Date :	04.05.2015

LOCATIONS

Registered Office :	45/3, Industrial Area Site – IV, Sahibabad, Ghaziabad – 201010, Uttar Pradesh, India
Tel. No.:	91-120-4178300
Mobile No.:	91-11-43041400 (Mr. Subhash Jain)
Fax No.:	91-120-4178300
E-Mail :	Not Available
Website :	http://www.advance.co.in
Work 1 :	Plot No. 3, Sector – 2, Integrated Industrial Estate, Ranipur, Haridwar, Uttrakhand, India
Tel. No.:	91-1334-235331
Fax No.:	91-1334-235330
E-Mail :	haridwar@advance.co.in
Work 2 :	102, Phase – III, Industrial Estate, Gangyal, Jammu, Jammu and Kashmir, India
E-Mail :	info@advance.co.in
Corporate Office :	81. F.I.E. Patparganj, Delhi – 110092, Delhi, India
Tel. No.:	91-11-43041400
Fax No.:	91-11-22145978
E-Mail :	info@tirupatipipes.com info@advance.co.in
Website :	http://www.tirupatistructurals.com http://www.advance-india.com

DIRECTORS

As on: 30.09.2014

Name :

Deoki Agarwal

Designation :

Managing Director

Address :

B – 16, Swasthya Vihar, Delhi, Delhi – 110092, India

Date of Birth/Age :

04.05.1949

Date of Appointment :

12.03.1975

DIN No.:

00586794

PAN No.:

AAGPA8928F

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	L24231UP1978PLC004583	ADVANCE STEEL TUBES LIMITED	Managing director	01/07/2008	12/03/1979	-	Active	NO
2	U27101DL1990PLC039747	ADVANCE ISPAT (INDIA) LIMITED	Director	05/04/1990	05/04/1990	-	Active	NO
3	U51109UP1992PTC014655	ADVANCE ENTERPRISES PRIVATE LIMITED	Director	19/08/1992	19/08/1992	-	Active	NO
4	U00899DL1992PTC138021	ADVANCE STEEL STRIPS PRIVATE LIMITED	Director	15/10/1992	15/10/1992	-	Amalgamated	NO
5	U74899DL1995PLC064697	FARSIGHT SECURITIES LIMITED	Director	15/09/1995	15/09/1995	-	Active	NO
6	U65992DL2003PTC118855	GEOFIN INVESTMENTS PRIVATE LIMITED	Director	01/12/2004	01/12/2004	-	Active	NO
7	U72300DL2007PTC168466	UNITRON SOFTECH PRIVATE LIMITED	Director	26/07/2013	04/05/2013	-	Active	NO

Name :

Daulat Agarwal

Designation :

Director

Address :

B – 16, Swasthya Vihar, Delhi, Delhi – 110092, India

Date of Birth/Age :

08.11.1943

Date of Appointment :

29.09.1980

DIN No.:

00586956

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	L24231UP1978PLC004583	ADVANCE STEEL TUBES LIMITED	Director	29/09/1980	29/09/1980	-	Active	NO
2	L65929WB1990PLC048280	MARDA COMMERCIAL & HOLDINGS LTD	Managing director	16/09/2007	16/04/2002	-	Active	NO
3	U27101DL1990PLC039747	ADVANCE ISPAT (INDIA) LIMITED	Director	23/04/2010	23/04/2010	-	Active	NO

Name :

Lalit Agarwal

Designation :

Director

Address :

B – 16, Swasthya Vihar, Delhi, Delhi – 110092, India

Date of Birth/Age :

07.10.1960

Date of Appointment :

14.11.1987

DIN No.:

00109920

PAN No.:

AADPA8981B

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	L24231UP1978PLC004583	ADVANCE STEEL TUBES LIMITED	Director	03/11/2011	14/11/1987	-	Active	NO
2	U27101DL1990PLC039747	ADVANCE ISPAT (INDIA) LIMITED	Director	05/04/1990	05/04/1990	-	Active	NO
3	U51109UP1992PTC014655	ADVANCE ENTERPRISES PRIVATE LIMITED	Director	19/08/1992	19/08/1992	-	Active	NO
4	U15142UP1998PTC023241	ADVANCE HIGHTECH AGRO PRODUCTS PRIVATE LIMITED	Director	18/03/1998	18/03/1998	-	Active	NO
5	U70200DL1995PTC210168	TAK BUILDTECH PRIVATE LIMITED	Director	03/07/1998	03/07/1998	-	Active	NO
6	L65929WB1990PLC048280	MARDA COMMERCIAL & HOLDINGS LTD	Director	05/04/2000	05/04/2000	-	Active	NO
7	U25209DL1988PLC117190	TIRUPATI STRUCTURALS LIMITED	Managing director	01/01/2012	30/09/2002	-	Active	NO
8	L52110DL1985PLC020059	SOPHIA EXPORTS LIMITED	Director	17/11/2005	17/11/2005	-	Active	NO
9	U27101DL2004PTC129044	GAURISHANKAR ALLOYS PRIVATE LIMITED	Director	10/06/2008	10/06/2008	20/03/2012	Active	NO
10	U45200DL2009PTC195712	Phool Chand Infrastructure Private Limited	Additional director	10/04/2010	10/04/2010	-	Active	NO
11	U72300DL2007PTC168466	UNITRON SOFTECH PRIVATE LIMITED	Director	26/07/2013	04/05/2013	-	Active	NO

Name :

Aashish Agarwal

Designation :

Whole Time Director

Address :

B – 16, Swasthya Vihar, Delhi, Delhi – 110092, India

Date of Birth/Age :

03.04.1973

Date of Appointment :

01.10.1998

DIN No.:

00026311

Name :

Vilas Dubey

Designation :

Director

Address :

M – 10, Sector – D – 1LDA, LDA Colony, Kanpur Road, Lucknow - 226012, Uttar Pradesh, India

Date of Birth/Age :

28.12.1967

Date of Appointment :

03.11.2011

DIN No.:

00150464

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	U67110WB1999PLC150541	SHREE HARI BARTER LIMITED	Director	27/02/2003	27/02/2003	-	Active	NO
2	U72200WB2006PTC121314	UDGAM INFOTECH AND REAL ESTATE PRIVATE LIMITED	Director	22/02/2006	22/02/2006	-	Active	NO
3	U51109WB2008PTC128114	SUNFAST TRADELINKS PRIVATE LIMITED	Director	01/09/2008	01/09/2008	31/10/2014	Active	NO
4	U22222UP2008PTC034651	VASINDRA COMMUNICATIONS PRIVATE LIMITED.	Director	05/10/2010	05/10/2010	-	Active	NO
5	U55101WB1994PTC126260	SAKSHI TIE-UP PRIVATE LIMITED	Director	01/04/2011	01/04/2011	29/03/2012	Active	NO
6	L24231UP1978PLC004583	ADVANCE STEEL TUBES LIMITED	Director	29/09/2012	03/11/2011	-	Active	NO

Name :

Naresh Maheshwari

Designation :

Director

Address :

KU – 112, Vishakha Enclove, Delhi, Delhi – 110034, India

Date of Birth/Age :

08.07.1958

Date of Appointment :

03.11.2011

DIN No.:

00218051

Name :

Parul Mishra

Designation :

Secretary

Address :

909, Hindon Heights, Sector – 4, Vaishali, Ghaziabad – 201010, Uttar Pradesh, India

Date of Birth/Age :

20.12.1979

Date of Appointment :

03.11.2011

PAN No.:

AOTPM3111M

KEY EXECUTIVES

Name :	Parul Mishra
Designation :	Secretary
Address :	909, Hindon Heights, Sector – 4, Vaishali, Ghaziabad – 201010, Uttar Pradesh, India
Date of Birth/Age :	20.12.1979
Date of Appointment :	03.11.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companies(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	4.73
Bodies corporate	74.95
Directors or relatives of Directors	19.81
Other top fifty shareholders	0.51
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of M. S. Pipes, Transmission Light Tower, Power Substructures, M.S. Poles etc.

Products :

Product Description	Item Code No. (ITC Code)
Other Tubes and Hallow Profiles	7306
Steel Tubes	73069090

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

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 :

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 :

Not Divulged

Bankers :

Not Available

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loan from Bank	43.684	35.717
SHORT TERM BORROWING
Working Capital Loans from Bank	92.174	141.726
Total	135.858	177.443

Auditors :
Name :	Ashok Somani and Associates Chartered Accountant
Memberships :	--
Collaborators :	--
Associates :	Marda Commercial and Holdings Limited Advance Ispat (India) Limited Tirupati Structurals Limited Advance Enterprises Private Limited
Joint Venture:	Pir Panchal Construction Private Limited

CAPITAL STRUCTURE

As on: 30.09.2014

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
740000	Equity Shares	Rs.10/- each	Rs. 7.400 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	7.400	7.400	7.400
(b) Reserves & Surplus	673.196	624.595	567.963
(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)	680.596	631.995	575.363
(3) Non-Current Liabilities
(a) long-term borrowings	43.684	35.717	37.531
(b) Deferred tax liabilities (Net)	0.000	0.000	(0.703)
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.993	1.675	1.128
Total Non-current Liabilities (3)	44.677	37.392	37.956
(4) Current Liabilities
(a) Short term borrowings	156.976	196.886	243.623
(b) Trade payables	94.604	96.621	54.793
(c) Other current liabilities	49.661	32.724	20.926
(d) Short-term provisions	39.027	30.016	13.364
Total Current Liabilities (4)	340.268	356.247	332.706
TOTAL	1065.541	1025.634	946.025
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	114.189	123.266	123.736
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	85.057	67.428	63.248
(iv) Intangible assets under development	0.000	0.899	0.899
(b) Non-current Investments	29.565	23.413	14.817
(c) Deferred tax assets (net)	2.334	(1.007)	0.000
(d) Long-term Loan and Advances	22.971	23.372	23.245
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	254.116	237.371	225.945
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	257.900	226.662	231.666
(c) Trade receivables	354.546	420.659	407.810
(d) Cash and cash equivalents	119.643	64.069	24.695
(e) Short-term loans and advances	64.547	67.332	49.710
(f) Other current assets	14.789	9.541	6.199
Total Current Assets	811.425	788.263	720.080
TOTAL	1065.541	1025.634	946.025

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1,421.184	1677.726	1587.782
		Other Income	25.336	15.936	13.586
		TOTAL	1446.520	1693.662	1601.368
Less	EXPENSES
		Cost of Materials Consumed	940.670	1304.039	1279.760
		Purchases of Stock-in-Trade	118.939	21.684	32.499
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	7.849	2.757	28.276
		Employees benefits expense	52.926	51.408	51.416
		Other expenses	206.203	186.744	167.494
		TOTAL	1326.587	1566.632	1559.445
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		119.933	127.030	41.923
Less	FINANCIAL EXPENSES		31.068	40.421	37.367
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		88.865	86.609	4.556
Less/ Add	DEPRECIATION/ AMORTISATION		18.569	11.570	11.944
	PROFIT BEFORE TAX		70.296	75.039	(7.388)
Less	TAX		19.952	16.687	4.045
	PROFIT AFTER TAX		50.344	58.352	(11.433)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.006	(11.024)	0.409
Less	APPROPRIATIONS
		Transfer to General Reserve	48.500	43.600	----
		Dividend	1.480	1.481	----
		Tax on Dividend	0.011	0.000	----
		Tax on Dividend for Earlier Year	0.251	0.241	----
	BALANCE CARRIED TO THE B/S		2.108	2.006	(11.024)
	Earnings Per Share (Rs.)		68.03	78.85	(15.45)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.54	3.48	(0.72)
Operating Profit Margin (PBDIT / Sales)	(%)	8.44	7.57	2.64
Return on Total Assets (PBT/Total Assets}	(%)	7.41	8.03	(0.85)
Return on Investment (ROI) (PBT/Networth)		0.10	0.12	(0.01)
Debt Equity Ratio (Total Debt /Networth)		0.29	0.37	0.49
Current Ratio (Current Asset/Current Liability)		2.38	2.21	2.16

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	7.400	7.400	7.400
Reserves & Surplus	567.963	624.595	673.196
Net worth	575.363	631.995	680.596
long-term borrowings	37.531	35.717	43.684
Short term borrowings	243.623	196.886	156.976
Total borrowings	281.154	232.603	200.660
Debt/Equity ratio	0.489	0.368	0.295

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	1587.782	1677.726	1421.184
		5.665	(15.291)

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	1587.782	1677.726	1421.184
Profit	(11.433)	58.352	50.344
	(0.72)%	3.48%	3.54%

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	No
8]	No. of employees	No
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	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	No
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

OPERATIONS:

During the financial year 2013-14, the Gross Sales decreases by 17.09% whereas profit before tax decreased by 6.23%. After the provisions for tax, the company earned profit after tax of Rs. 50.300 Million.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans and Advances from Related Parties	64.802	55.160

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10472532	31/12/2013	48,000,000.00	Standard Chartered Bank	9-10, Bahadur Shah Zafar Marg, 1st Floor, Express  Building, Delhi, Delhi - 110002, INDIA	B94340809
2	10162052	18/05/2009	211,000,000.00	Bank of India	New Delhi Corporate Banking Branch, 37, Saheed Bh  agat Singh Marg, New Delhi, Delhi - 110001, INDIA	A63876767
3	10162055	18/05/2009	211,000,000.00	Bank of India	New Delhi Corporate Banking Branch, 37, Saheed Bh  agat Singh Marg, New Delhi, Delhi - 110001, INDIA	A63876825
4	10141533	24/12/2008	7,500,000.00	FEDERAL BANK LTD	M-17,CONNAUGHT CIRCUS, NEW DELHI, NEW DELHI, Delh  i - 110001, INDIA	A56493240
5	10138822	24/12/2008	15,000,000.00	Bank of India	New Delhi Corporate Banking Branch, 37, Saheed Bh  agat Singh Marg, New Delhi, Delhi - 110001, INDIA	A55176259
6	10138882	24/12/2008	15,000,000.00	Bank of India	New Delhi Corporate Banking Branch, 37, Saheed Bh  agat Singh Marg, New Delhi, Delhi - 110001, INDIA	A55176549
7	10048324	04/04/2007	250,000.00	FEDERAL BANK LTD	M-17,CONNAUGHT CIRCUS, NEW DELHI, NEW DELHI, Delhi - 110001, INDIA	A14322234
8	10038148	29/12/2006	967,000.00	FEDERAL BANK LTD	M-17,CONNAUGHT CIRCUS, NEW DELHI, NEW DELHI, Delhi - 110001, INDIA	A10720464
9	10060762	09/12/2006	50,000,000.00	FEDERAL BANK LTD	M-17,CONNAUGHT CIRCUS, NEW DELHI, NEW DELHI, Delhi - 110001, INDIA	A09703737
10	90277899	31/05/2013 *	530,000,000.00	Bank of India (Lead Bank)	New Delhi Mid Corporate Branch, 37, Saheed Bhagat Singh Marg, Connaught Place, New Delhi, Delhi - 1  10001, INDIA	B80564917

* 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.64.04
UK Pound	1	Rs.99.03
Euro	1	Rs.71.76

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KAR
Report Prepared by :	DDD

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
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.