MIRA INFORM REPORT

Report No. :	348775
Report Date :	08.11.2015

IDENTIFICATION DETAILS

Name :	BALAJI PRESSURE VESSELS PRIVATE LIMITED (w.e.f. 27.10.2015)
Formerly Known As :	BALAJI PRESSURE VESSELS LIMITED (w.e.f. 08.11.1991) BALAJI PRESSURE VESSELS PRIVATE LIMITED
Registered Office :	2/A, SV Co-Operative Industrial Estate, Idajeedimetla, Hydrabad – 500055, Telangana
Mob. No.:	91-9347205518 (Ms. Aruna)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.05.1982
Com. Reg. No.:	01-003496
Capital Investment / Paid-up Capital :	Rs. 49.791 Million
CIN No.: [Company Identification No.]	U24111TG1982PTC003496
IEC No.:	Not Applicable [As claimed by Company management the company does not Export and Import]
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Empty LPG Cylinders, Radiators for transformers and also Exporter of Hand Pumps, Drilling Rings and Trucks.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company incorporated in the year 1982. It is a part of PPS Group. It has established position in the manufacturing of Liquified Petroleum Gas Cylinder Industry. The rating takes into consideration less reserve level and increasing external borrowings in the year 2014. Moreover, the company has reported decrease in its sales turnover and profit in the same consecutive year. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of long track record of business operations, the company can be considered for business dealings with usual trade terms and conditions. NOTE: The name of the subject company has been converted from public company to private company as on the date 27^th October 2015.

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

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 31-03-2015.

INFORMATION DECLINED BY

Name :	Ms. Aruna
Designation :	Admin Manager
Contact No.:	91-9347205518
Date :	06.11.2015

LOCATIONS

Registered Office :	2/A, SV Co-Operative Industrial Estate, Idajeedimetla, Hydrabad – 500055, Telangana, India
Tel. No.:	Not Available
Mobile No.:	91-9347205518 (Ms. Aruna)
Fax No.:	Not Available
E-Mail :	bpvl_pps@yahoo.com bpvl@pps-india.com adminbpvl@ppsgroup.in
Website :	http://pps-india.com
Corporate Office :	No. 8-2229/230, 4th Floor, Hotel Sreenidhi Nivas, Red Cross Road, Secunderbad, Telangana, Inida
Tel. No.:	91-40-27705118/ 1069
Fax No.:	91 40-2770 1029

DIRECTORS

AS ON 26.09.2014

Name :

Mr. Ramesh Kumar Padmanabhuni

Designation :

Managing director

Address :

138 B And C Jeevaratna Nilayam, Sindhi Colony Prenderghast Road Ram Gopal Pet, Secunderabad - 500003, Andhra Pradesh, India

Date of Birth/Age :

26.05.1966

Date of Appointment :

25.09.2007

DIN No.:

00633248

Name :

Padmanabhuni Subramanyam Setty

Designation :

Director

Address :

No 938 20 Mn 2 Stg 2 Blk, Near Bda CX, Bangalore - 560070, Karnataka, India

Date of Birth/Age :

01.06.1946

Date of Appointment :

19.05.1982

DIN No.:

01472063

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	U24111TG1982PTC003496	BALAJI PRESSURE VESSELS Private Limited	Director	19/05/1982	19/05/1982	-	Active	NO
2	U29120KA1983PLC005254	KARNATAKA WATER PUMPS LIMITED	Managing director	04/04/1983	04/04/1983	-	Active	NO
3	U29100KA1986PTC007538	STANDARD WATER PUMPS PRIVATE LIMITED	Director	26/03/1986	26/03/1986	-	Active	NO
4	U45200TG1994PTC002454	SRI SAPTHAGIRI REAL ESTATE Private LIMITED	Director	20/05/1994	20/05/1994	-	Active	NO
5	U26942KA2000PLC028283	FERRO CEMENTS PRE FAB LIMITED	Director	13/12/2000	13/12/2000	-	Active	NO
6	U25209TG1983PTC004008	GANESH ENGINEERING INDUSTRIES PRIVATE LIMITED	Director	21/12/2002	21/12/2002	-	Active	NO
7	U31900TG1995PTC021354	SAIBABA FLAME PROOF SWITCH GEARS PRIVATE LIMITED	Director	13/08/2003	13/08/2003	-	Active	NO
8	U27109KA1982PLC005059	KARNATAKA PRESSURE VESSELS LIMITED	Additional director	18/06/2015	18/06/2015	-	Active	NO

Name :

Padmanabhuni Lakshmaiah Chetty

Designation :

Director

Address :

10-3-18/8, Nehru Nagar, East Marredpally, Hyderabad - 500020, Andhra Pradesh, India

Date of Birth/Age :

01.07.1939

Date of Appointment :

19.05.1982

DIN No.:

01647125

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24111TG1982PTC003496	BALAJI PRESSURE VESSELS PRIVATE LIMITED	Director	19/05/1982	19/05/1982	Active	NO
2	U45200TG1994PTC002454	SRI SAPTHAGIRI REAL ESTATE PRIVATE LIMITED	Director	20/05/1994	20/05/1994	Active	NO

Name :

Mr. Pentam Setty Sudhakar

Designation :

Director

Address :

1/950-1 Haroon Street, Omkar Nilayam Kadiri, Anathapur - 515411, Andhra Pradesh, India

Date of Birth/Age :

25.07.1948

Date of Appointment :

19.05.1982

DIN No.:

02439984

Name :

Mr. Chandra Sekhar Padmanabhuni

Designation :

Director

Address :

Plot No 92 Gunrock Enclave, Manovikas Nagar, Karkhanna, Hyderabad - 500015, Andhra Pradesh, India

Date of Birth/Age :

02.10.1958

Date of Appointment :

18.07.1998

DIN No.:

02440081

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U27109KA1982PLC005059	KARNATAKA PRESSURE VESSELS LIMITED	Director	01/12/1982	01/12/1982	Active	NO
2	U45200TG1994PTC002454	SRI SAPTHAGIRI REAL ESTATE PRIVATE LIMITED	Director	20/05/1994	20/05/1994	Active	NO
3	U24111TG1982PTC003496	BALAJI PRESSURE VESSELS PRIVATE LIMITED	Director	18/07/1998	18/07/1998	Active	NO
4	U25209TG1983PTC004008	GANESH ENGINEERING INDUSTRIES PRIVATE LIMITED	Director	21/12/2002	21/12/2002	Active	NO
5	U31200TG2003PTC041212	SAI BHAVANI TRANSFORMERS PRIVATE LIMITED	Director	23/06/2003	23/06/2003	Active	NO
6	U31900TG1995PTC021354	SAIBABA FLAME PROOF SWITCH GEARS PRIVATE LIMITED	Managing director	13/08/2003	13/08/2003	Active	NO
7	U28113TG1986PTC006503	B.P.V. FABRICATORS PRIVATE LIMITED	Director	20/10/2004	20/10/2004	Strike off	NO
8	U74140TG2010PTC067636	TAVCO CONSULTING PRIVATE LIMITED	Director	22/03/2010	22/03/2010	Strike off	NO
9	U29120KA1983PLC005254	KARNATAKA WATER PUMPS LIMITED	Additional director	18/06/2015	18/06/2015	Active	NO

Name :

Padmanabhuni Lakshmaiah Nagaraj Vinay Kumar

Designation :

Director

Address :

No 219, Awho Colony, Road No-12, Gunrock Enclave, Phase-2, Secunderabad - 500009, Andhra Pradesh, India

Date of Birth/Age :

02.02.1979

Date of Appointment :

25.09.2007

DIN No.:

02440826

KEY EXECUTIVES

Name :	Ms. Aruna
Designation :	Admin Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2014

Names of Shareholders	No. of Shares
P Ramesh Kumar	2707025
P Archana Ramesh	854895
P Lakshmaiah Setty	63590
P Vasuvamba	128375
P Vinay Kumar	163605
P Subramanyam Setty	169190
P Anuradha	37350
P Reddy Kumar	21900
P Padma	79200
P. Chandraszkhar	162790
P. Jyothi	13500
B. Chandra sekharan	151710
L. Vijaykumar Setty	124980
L. Phalguna Kumar	77370
L. Varalakshmi	75900
P. Sudhakar	55340
G. Lavanya	9000
P. Veenakumari	9000
B. V. Papanna Gupta	3120
G. Vasundara	9000
G. Gowtham	3000
G. Ravindra	3000
G Satyananaryana	6660
G Sarpavani	9000
G. Radha Krishna	6000
G. K. rama Murthy and G. R. Shantha Ram	3000
G. Lakshmi Devamma	13320
P. Murali	18300
Total	4979120

AS ON 26.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	98.51
Other top fifty shareholders	1.49
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Empty LPG Cylinders, Radiators for transformers and also Exporter of Hand Pumps, Drilling Rings and Trucks.
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Central Bank of India

RP Road, Secunderabad, Secunderabad - 500003, Andhra Pradesh, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term loan from bank (Central bank of India, Secundrabad Branch	0.990	0.000
Vehicle loans Axis Bank Limited	0.280	1.046
SHORT TERM BORROWINGS
Loans repayable on demand
From Banks
Working capital loans
Central Bank of India (CC a/c 1102600085)	20.352	23.149
Central Bank of India (O.D (Book debts-1102600653)	10.034	9.877
Other loans and advanced
Advance recd from custormers	3.496	1.540
Total	35.152	35.612

Banking Relations :	--
Auditors :
Name :	Laxminiwas Neeth and Company Chartered Accountants
Address :	H. No. 402, 4^th Floor, Moghulg Court, Basheer Bagh, Hyderabad – 500001, Telangana, India
Tel. No.:	91-40-23228838
fAX No.:	91-40-23228310
Income-tax PAN of auditor or auditor's firm :	AADFL4504H
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	· Archan Consultancy · Sai Baba Flame-Proof Switchgears Private Limited · Karnataka Pressure Vessels Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,979,120	Equity Shares	Rs. 10/- each	Rs. 49.791 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	49.791	49.791	49.791
(b) Reserves & Surplus	29.644	26.173	23.400
(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)	79.435	75.964	73.191
(3) Non-Current Liabilities
(a) Long-term borrowings	107.411	96.070	68.189
(b) Deferred tax liabilities (Net)	3.089	4.452	7.570
(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)	110.500	100.522	75.759
(4) Current Liabilities
(a) Short term borrowings	33.882	34.566	38.288
(b) Trade payables	98.180	92.596	170.755
(c) Other current liabilities	1.473	1.329	7.809
(d) Short-term provisions	0.000	2.045	2.848
Total Current Liabilities (4)	133.535	130.536	219.700
TOTAL	323.470	307.022	368.650
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	36.423	39.870	62.873
(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	6.500	6.500	6.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	42.923	46.370	69.373
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	27.872	34.721	65.097
(c) Trade receivables	146.227	162.728	155.730
(d) Cash and cash equivalents	21.581	26.652	48.318
(e) Short-term loans and advances	84.867	36.551	30.132
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	280.547	260.652	299.277
TOTAL	323.470	307.022	368.650

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	410.369	549.477	521.317
		Other Income	1.816	3.055	1.883
		TOTAL	412.185	552.532	523.200
Less	EXPENSES
		Cost of Materials Consumed	287.183	409.527	436.221
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	10.484	14.600	(23.349)
			9.990	9.203	24.102
		Employees benefits expense	21.885	22.191	7.629
		Other expenses	54.457	71.041	49.868
		TOTAL	383.999	526.562	494.471
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		28.186	25.970	28.729
Less	FINANCIAL EXPENSES		19.037	15.153	17.186
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		9.149	10.817	11.543
Less/ Add	DEPRECIATION/ AMORTISATION		4.887	4.862	6.116
	PROFIT/ (LOSS) BEFORE TAX		4.262	5.955	5.427
Less	EXTRAORDINARY ITEMS		0.000	0.000	0.208
Less	TAX		0.224	-1.227	0.061
	PROFIT/ (LOSS) AFTER TAX		4.038	7.182	5.158
	Earnings Per Share (Rs.)		0.81	1.44	1.04

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.98	1.31	0.99
Operating Profit Margin (PBDIT/Sales)	(%)	6.87	4.73	5.51
Return on Total Assets (PBT/Total Assets}	(%)	1.34	1.98	1.50
Return on Investment (ROI) (PBT/Networth)		0.05	0.08	0.07
Debt Equity Ratio (Total Debt/Networth)		1.78	1.72	1.45
Current Ratio (Current Asset/Current Liability)		2.10	2.00	1.36

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	49.791	49.791	49.791
Reserves & Surplus	23.400	26.173	29.644
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	73.191	75.964	79.435
Long-term borrowings	68.189	96.070	107.411
Short term borrowings	38.288	34.566	33.882
Total borrowings	106.477	130.636	141.293
Debt/Equity ratio	1.455	1.720	1.779

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	521.317	549.477	410.369
		5.402	(25.316)

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	521.317	549.477	410.369
Profit	5.158	7.182	4.038
	0.99%	1.31%	0.98%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATIONS DETAILS

CEA 17 / 2007

CEASR 563 / 2007

CASE IS:PENDING

PETITIONER		RESPONDENT
COMMISSIONER OF CUSTOMS AND CENTRAL EXCISE	VS	M/S.BALAJI PRESSURE VESSELS LTD
PET.ADV. : BATHULA RAJKIRAN(SC-EXCISE&CUSTOMS)		RESP.ADV. : CHANDRASEN REDDY
SUBJECT: REFUND CLAIM		DISTRICT:  HYDERABAD

FILING DATE:  14-03-2007	POSTING STAGE :  FOR ADMISSION
REG. DATE    :   23-03-2007	LISTING DATE :  03-04-2007	STATUS   :  ---------

HON'BLE JUDGE(S):

JUSTICE BILAL NAZKI

NOOTY RAMAMOHANA RAO

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10093499	20/08/2013 *	95,000,000.00	CENTRAL BANK OF INDIA	MAHABOOB CALLEGE, R.P.ROAD, SECUNDERABAD - 500003, ANDHRA  PRADESH, INDIA	B83496059

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
FDRs from directors and others	82.761	71.644
Sales tax deferment	23.380	23.380
Total	106.141	95.024

GENERAL INFORMATION

The company is limited company incorporated in 1982 under the provisions of the companies Act, 1956. The company is engaged in Manufacturer empty LPG Cylinders, Radiators for transformers and Export of Hand Pumps, Drilling Rings and Trucks.

FIXED ASSETS:

· Factory Land

· Plant and Machinery

· Furniture And Fittings

· Computers

· Vehicles

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.65.69
UK Pound	1	Rs.99.95
Euro	1	Rs.71.55

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KIN
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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

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

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

RATING EXPLANATIONS

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

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

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