MIRA INFORM REPORT

Report No. :	319807
Report Date :	16.05.2015

IDENTIFICATION DETAILS

Name :	DARPAN VINIMAY PRIVATE LIMITED MRIDUL ISPAT - A DIVISION OF DARPAN VINIMAY PRIVATE LIMITED
Registered Office :	22, Strand Road, 1^st Floor, Kolkata - 700027, West Bengal
Tel. No.:	91-33-24883034
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.01.2005
Com. Reg. No.:	21-101069
Capital Investment / Paid-up Capital :	Rs. 2.852 Million
CIN No.: [Company Identification No.]	U51909WB2005PTC101069
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCD0992M
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of iron and Steel
No. of Employees :	19 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 200000
Status :	Satisfactory
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 (GENERAL INFORMATION)

Name :	Mr. Rishi Kothari
Designation :	Assistant Manager
Contact No.:	919574004992
Date :	11.05.2015

LOCATIONS

Registered Office :	22, Strand Road, 1^st Floor, Kolkata - 700027, West Bengal, India
Tel. No.:	91-33-24883034
Mobile No.:	91-9574004992 (Mr. Rishi)
Fax No.:	Not Available
Area :	Owned
Location :	Commercial
Warehouse :	A-14,15, chongodar, Steel town, Ahmedabad, Gujarat, India
Branch Office:	B-804, “NIRMAN”, Behind Navrangpura Bus Stand. Navrangpura Ahmedabad -380009, Gujarat, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Rohit Bihani

Designation :

Whole Time Director

Address :

‘Gautam Enclave’ 7/5 Burdawan Alipore, Kolkata - 700027, West Bengal, India

Date of Birth/Age :

30.12.1972

Date of Appointment :

02.05.2007

DIN No.:

00179927

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	U74140WB1982PTC035229	ROBERTS MCLEAN CONSULTANTS PVT LTD	Director	04/10/1993	04/10/1993	22/02/2011	Strike off	NO
2	U45202WB1992PTC055902	SARVODAY PROMOTERS PVT LTD	Director	19/02/2001	19/02/2001	-	Active	NO
3	U80901WB1991PTC053046	BIHANI EDUCARE PRIVATE LIMITED	Director	20/02/2001	20/02/2001	-	Active	NO
4	U70101WB1991PTC051371	SHREEKUNJ PROMOTERS PVT LTD	Director	06/03/2001	06/03/2001	-	Active	NO
5	U65993WB1996PTC081170	PURBACHAL FINANCIAL SERVICES PVT.LTD.	Director	26/12/2002	26/12/2002	-	Active	NO
6	U51109WB1996PTC078177	VISION PROCON PVT LTD	Director	08/03/2003	08/03/2003	-	Active	NO
7	U51909WB1996PTC076604	DYNASTY AGENTS PVT LTD	Director	23/09/2003	23/09/2003	-	Active	NO
8	U51420WB1994PTC061645	PROCTOR MARKETING PVT LTD	Director	14/10/2003	14/10/2003	-	Active	NO
9	U65191WB1996PTC078680	TIMES FINANCE PVT LTD	Director	20/08/2004	20/08/2004	-	Active	NO
10	U51109WB1992PTC055118	FLAWLESS EXPORTS PVT LTD	Director	17/02/2005	17/02/2005	-	Active	NO
11	U70101WB2005PTC104560	SHIVAANGAN REALTORS PRIVATE LIMITED	Director	23/11/2006	23/11/2006	-	Active	NO
12	U51909WB2005PTC101069	DARPAN VINIMAY PRIVATE LIMITED	Director	02/05/2007	02/05/2007	-	Active	NO
13	U51909WB2004PTC099424	WRINKLE DISTRIBUTORS PRIVATE LIMITED	Director	22/05/2007	22/05/2007	-	Active	NO
14	U51909WB2005PTC101050	POPULAR COMMERCIAL PRIVATE LIMITED	Director	15/06/2007	15/06/2007	-	Active	NO
15	U51909WB2005PTC101241	GIRIRAJ VYAPAAR PRIVATE LIMITED	Director	11/12/2007	11/12/2007	-	Active	NO
16	U45201WB2004PTC098545	BALAJI ABASAN PRIVATE LIMITED	Director	03/11/2008	03/11/2008	-	Active	NO
17	U70109WB2012PTC173930	SUBHREKHA PROJECTS PRIVATE LIMITED	Director	16/04/2013	16/04/2013	-	Active	NO
18	U70109WB2012PTC173870	ARROWSPACE NIRMAN PRIVATE LIMITED	Director	16/04/2013	16/04/2013	-	Active	NO
19	U74999WB2012PTC173931	ARHAM PACKAGING GOODS PRIVATE LIMITED	Director	16/04/2013	16/04/2013	-	Active	NO

Name :

Mr. Raghav Bihani

Designation :

Whole Time Director

Address :

‘Gautam Enclave’ 7/5 Burdawan Alipore, Kolkata - 700027, West Bengal, India

Date of Birth/Age :

10.11.1980

Date of Appointment :

02.05..2007

DIN No.:

00179962

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	U45202WB1992PTC055902	SARVODAY PROMOTERS PVT LTD	Director	20/02/2001	20/02/2001	-	Active	NO
2	U80901WB1991PTC053046	BIHANI EDUCARE PRIVATE LIMITED	Director	20/02/2001	20/02/2001	-	Active	NO
3	U70101WB1991PTC051371	SHREEKUNJ PROMOTERS PVT LTD	Director	06/03/2001	06/03/2001	-	Active	NO
4	U65993WB1996PTC081170	PURBACHAL FINANCIAL SERVICES PVT.LTD.	Director	26/12/2002	26/12/2002	-	Active	NO
5	U51420WB1994PTC061645	PROCTOR MARKETING PVT LTD	Director	14/01/2003	14/01/2003	-	Active	NO
6	U51109WB1996PTC078177	VISION PROCON PVT LTD	Director	08/03/2003	08/03/2003	-	Active	NO
7	U51909WB1996PTC076604	DYNASTY AGENTS PVT LTD	Director	23/09/2003	23/09/2003	-	Active	NO
8	U65191WB1996PTC078680	TIMES FINANCE PVT LTD	Director	20/08/2004	20/08/2004	-	Active	NO
9	U51109WB1992PTC055118	FLAWLESS EXPORTS PVT LTD	Director	17/02/2005	17/02/2005	-	Active	NO
10	U70101WB2005PTC104560	SHIVAANGAN REALTORS PRIVATE LIMITED	Director	23/11/2006	23/11/2006	-	Active	NO
11	U51909WB2005PTC101069	DARPAN VINIMAY PRIVATE LIMITED	Director	02/05/2007	02/05/2007	-	Active	NO
12	U51909WB2004PTC099424	WRINKLE DISTRIBUTORS PRIVATE LIMITED	Director	22/05/2007	22/05/2007	-	Active	NO
13	U51909WB2005PTC101050	POPULAR COMMERCIAL PRIVATE LIMITED	Director	15/06/2007	15/06/2007	-	Active	NO
14	U51909WB2005PTC101241	GIRIRAJ VYAPAAR PRIVATE LIMITED	Director	11/12/2007	11/12/2007	-	Active	NO
15	U45201WB2004PTC098545	BALAJI ABASAN PRIVATE LIMITED	Director	03/11/2008	03/11/2008	-	Active	NO
16	U74999WB2012PTC173931	ARHAM PACKAGING GOODS PRIVATE LIMITED	Director	26/04/2014	26/04/2014	-	Active	NO

Name :

Mr. Shree Narayan Bihani

Designation :

Whole Time Director

Address :

‘Gautam Enclave’ 7/5 Burdawan Alipore, Kolkata - 700027, West Bengal, India

Date of Birth/Age :

12.04.1946

Date of Appointment :

02.05.2007

DIN No.:

00126879

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	U70101WB1991PTC051371	SHREEKUNJ PROMOTERS PVT LTD	Director	09/04/1991	09/04/1991	-	Active	NO
2	U14102RJ1992PTC006955	SHREE GIRIRAJ GRANITES AND INDUSTRIES PRIVATE LIMITED	Director	15/09/1992	15/09/1992	28/08/2014	Active	NO
3	U45202WB1992PTC055902	SARVODAY PROMOTERS PVT LTD	Director	19/02/2001	19/02/2001	-	Active	NO
4	U80901WB1991PTC053046	BIHANI EDUCARE PRIVATE LIMITED	Director	20/02/2002	20/02/2002	-	Active	NO
5	U51909WB1996PTC076604	DYNASTY AGENTS PVT LTD	Director	23/09/2003	23/09/2003	-	Active	NO
6	U51420WB1994PTC061645	PROCTOR MARKETING PVT LTD	Director	30/12/2003	30/12/2003	-	Active	NO
7	U51109WB1996PTC078177	VISION PROCON PVT LTD	Director	02/01/2004	02/01/2004	-	Active	NO
8	U65993WB1996PTC081170	PURBACHAL FINANCIAL SERVICES PVT.LTD.	Director	02/04/2004	02/04/2004	-	Active	NO
9	U65191WB1996PTC078680	TIMES FINANCE PVT LTD	Director	20/08/2004	20/08/2004	-	Active	NO
10	U51109WB1992PTC055118	FLAWLESS EXPORTS PVT LTD	Director	17/02/2005	17/02/2005	-	Active	NO
11	U70101WB2005PTC104560	SHIVAANGAN REALTORS PRIVATE LIMITED	Director	23/11/2006	23/11/2006	31/01/2015	Active	NO
12	U51909WB2005PTC101069	DARPAN VINIMAY PRIVATE LIMITED	Director	02/05/2007	02/05/2007	-	Active	NO
13	U51909WB2004PTC099424	WRINKLE DISTRIBUTORS PRIVATE LIMITED	Director	22/05/2007	22/05/2007	-	Active	NO
14	U51909WB2005PTC101050	POPULAR COMMERCIAL PRIVATE LIMITED	Director	15/06/2007	15/06/2007	-	Active	NO
15	U51909WB2005PTC101241	GIRIRAJ VYAPAAR PRIVATE LIMITED	Director	11/12/2007	11/12/2007	-	Active	NO
16	U45201WB2004PTC098545	BALAJI ABASAN PRIVATE LIMITED	Director	03/11/2008	03/11/2008	31/01/2015	Active	NO
17	U74999WB2012PTC173931	ARHAM PACKAGING GOODS PRIVATE LIMITED	Director	16/04/2013	16/04/2013	31/01/2015	Active	NO
18	U70109WB2012PTC173930	SUBHREKHA PROJECTS PRIVATE LIMITED	Director	16/04/2013	16/04/2013	-	Active	NO
19	U70109WB2012PTC173870	ARROWSPACE NIRMAN PRIVATE LIMITED	Director	16/04/2013	16/04/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rishi Kothari
Designation :	Assistant Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Rohit Bihani	41000
Raghav Bihani	42000
Meenakshi Bihani	36900
Sunaina Bihani	10000
Devpriya Bihani	10000
Shree Narayan buhani	45300
Amritrashi Agencies Private Limited	6250
Anusikha Commercial Private Limited	6750
Apurva Consultants Privaate limited	17500
Avaru Resourced Private limited	8750
Chaturbhuj Cincom Private Limited	3750
Cynosure Company Private Limited	10000
Mainak Construction and Builders Private Limited	11250
Manpasand Agency Private Limited	2500
Rudrapriya Barter Private Limited	6250
Swati Vincom Private Limited	17750
Woodsticks Barter Private Limited	6250
Yasaswi Traders Private Limited	3000
Total	285200

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	35.06
Other top fifty shareholders	64.94
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading of iron and Steel
Products :	Iron Steel
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	L/C, Cash and Credit (60 Days)
Purchasing :	L/C, Cash and Credit (60 Days)

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 :

19 (Approximately)

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	Navarangpura, Kolkata, West Bengal, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banker Name	Axis Bank
Branch Address	Panchvati crossing, Kolkata, West Bengal, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Term Loan From bank	1.701	2.042
Short Term Borrowing
Loans Repayable on demand	79.843	80.318
Total	81.544	82.360

Auditors :
Name :	R L Mundhra and Company Chartered Accountant
Address :	859/745, marshal House, Netajisubhas Road Kolkata - 700001, West Bengal, India
PAN No.:	AAAEF0104N
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
350,000	Equity Shares	Rs.10/- each	Rs. 3.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
285,200	Equity Shares	Rs.10/- each	Rs. 2.852 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	2.852	1.852	1.852
(b) Reserves & Surplus	68.784	26.235	23.368
(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)	71.636	28.087	25.220
(3) Non-Current Liabilities
(a) long-term borrowings	1.701	2.042	2.344
(b) Deferred tax liabilities (Net)	0.432	0.393	0.124
(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)	2.134	2.435	2.468
(4) Current Liabilities
(a) Short term borrowings	130.972	116.423	68.891
(b) Trade payables	3.599	3.217	0.008
(c) Other current liabilities	14.422	3.934	2.460
(d) Short-term provisions	3.261	2.799	1.715
Total Current Liabilities (4)	152.254	126.373	73.074
TOTAL	226.024	156.895	100.762
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19.811	21.359	8.650
(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	1.905	1.905	1.905
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.029	0.024	0.016
(e) Other Non-current assets			0.004
Total Non-Current Assets	21.745	23.288	10.575
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	53.738	40.105	29.067
(c) Trade receivables	128.105	81.401	54.960
(d) Cash and cash equivalents	15.601	7.305	3.507
(e) Short-term loans and advances	6.835	4.796	2.653
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	204.279	133.607	90.187
TOTAL	226.024	156.895	100.762

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES (APPROXIMATELY)		1270.000	1200.000	N.A
Less	EXPENSES
		TOTAL	N.A	N.A	N.A
	PROFIT BEFORE TAX		5.132	4.221	5.413
Less	TAX		1.584	1.354	1.818
	PROFIT AFTER TAX		3.548	2.867	3.595
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.467	7.600	4.005
	BALANCE CARRIED TO THE B/S		14.015	10.467	7.600
	Earnings Per Share (Rs.)		12.44	10.05	12.61

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	2.29	2.72	5.48
Return on Investment (ROI) (PBT/Networth)		0.07	0.15	0.21
Debt Equity Ratio (Total Debt /Networth)		1.85	4.22	2.82
Current Ratio (Current Asset/Current Liability)		1.34	1.06	1.23

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1.852	1.852	2.852
Reserves & Surplus	23.368	26.235	68.784
Net worth	25.220	28.087	71.636
long-term borrowings	2.344	2.042	1.701
Short term borrowings	68.891	116.423	130.972
Total borrowings	71.235	118.465	132.673
Debt/Equity ratio	2.825	4.218	1.852

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 two 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	No
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	No
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

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
Loans Repayable on demand	51.129	36.105
Total	51.129	36.105

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10270389	06/03/2013 *	80,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, Maharashtra - 400013, INDIA	B74265646

* 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 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.63.57
UK Pound	1	Rs.100.29
Euro	1	Rs.72.37

INFORMATION DETAILS

Information Gathered by :	MAN
Analysis Done by :	SUB
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--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		42

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.