MIRA INFORM REPORT

Report No. :	350772
Report Date :	25.11.2015

IDENTIFICATION DETAILS

Name :	OMKAR INFRACON PRIVATE LIMITED

Registered Office :	11, James Hicki Sarani (Formally Known As 11, Dacres Lane), 1^st Floor, Kolkata – 700069, West Bengal
Tel. No.:	91-33-22624441

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	12.02.2010

Com. Reg. No.:	21-142132

Capital Investment / Paid-up Capital :	Rs.6.504 Million

CIN No.: [Company Identification No.]	U70200WB2010PTC142132

IEC No.:	Not Divulged

TAN No.: [Tax Deduction & Collection Account No.]	CALO03308E

PAN No.: [Permanent Account No.]	AABCO2501L

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in the business of manufacturing sand lime bricks (fly-ash bricks), hollow bricks, pavers etc.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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 :	Clear

Comments :	Subject was incorporated in the year 2010, having satisfactory track. Management has filed financials for the year 2015 with Registrar of Companies, but it could not be made available from any source. For the year 2014, the company has achieved decent sales turnover marked by satisfactory profitability margin. Operational performance has improved as compared to previous year. The company possesses adequate networth base, however reported moderate cash accruals which has declined as compared to previous year. Trade relations are fair. Business is active. Payments are slow but 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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= B+
Rating Explanation	Risk prone credit quality and carries very high credit risk.
Date	20.02.2015

Rating Agency Name	CRISIL
Rating	Short term rating= A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	20.02.2015

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 DENIED

Management Non Co-operative (91-33-22624441)

LOCATIONS

Registered Office :	11, James Hicki Sarani (Formally Known As 11, Dacres Lane), 1^st Floor, Kolkata – 700069, West Bengal, India
Tel. No.:	91-33-22624441 / 22624443
Fax No.:	Not Available
E-Mail :	shankarsaraf@yahoo.co.in sk@omkarinfracon.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Shankar Saraf

Designation :

Director

Address :

New Alipore Residency, Flat No.2d, Unit-Lilly, Block -II, 45A, Buroshibtalla Main Road, Kolkata - 700038, West Bengal, India

Date of Birth/Age :

12.03.1977

Date of Appointment :

12.02.2010

DIN No.:

00199864

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	U51109WB2005PTC105586	STAR TRADE VINIMAY PRIVATE LIMITED	Director	09/12/2014	23/09/2005	20/03/2015	Active	NO
2	L51216WB1992PLC055629	KAUSHALYA INFRASTRUCTURE DEVELOPMENT CORPORATION LTD	Director	28/09/2007	29/05/2007	12/02/2013	Active	NO
3	U45400WB2008PTC121961	SHAGUN SHREE BUILDCON PRIVATE LIMITED	Director	22/01/2008	22/01/2008	-	Active	NO
4	U70200WB2010PTC142132	OMKAR INFRACON PRIVATE LIMITED	Director	12/02/2010	12/02/2010	-	Active	NO
5	U70109WB2011PTC159522	SHREE SHYAM INFRANIRMAAN PRIVATE LIMITED	Director	21/02/2011	21/02/2011	-	Active	NO
6	U70109WB2011PTC159520	SALASAR INFRANIRMAAN PRIVATE LIMITED	Director	21/02/2011	21/02/2011	-	Active	NO
7	U70109WB2011PTC160778	JAIMATA INFRACON PRIVATE LIMITED	Director	15/03/2011	15/03/2011	27/10/2014	Active	NO
8	U70109WB2011PTC160970	OMKAR INFRANIRMAAN PRIVATE LIMITED	Director	18/03/2011	18/03/2011	-	Active	NO
9	U70109WB2009PTC133552	SUBHSHREE GRIHNIRMAN PRIVATE LIMITED	Director	09/06/2011	09/06/2011	-	Active	NO
10	U74140WB2009PTC135636	SMART MONEY FINANCIAL CONSULTANTS PRIVATE LIMITED	Director	20/06/2011	20/06/2011	31/08/2015	Active	NO
11	U74999WB2011PTC169631	OMKAR MOVERS PRIVATE LIMITED	Director	21/11/2011	21/11/2011	-	Active	NO
12	U51909WB2011PTC162054	KHUSHI DEALMARK PRIVATE LIMITED	Director	29/09/2014	30/06/2014	-	Active	NO
13	U70102WB2014PTC204553	MPK PROPERTIES PRIVATE LIMITED	Additional director	09/12/2014	09/12/2014	29/04/2015	Active	NO
14	U70102WB2015PTC207729	AVATAR REALCON PRIVATE LIMITED	Director	08/09/2015	08/09/2015	-	Active	NO

Name :

Mr. Sandeep Kumar Khandelia

Designation :

Director

Address :

New Alipore Residency, Lily 3B, 45A, Buroshibtalla Main Road, Kolkata - 700038, West Bengal, India

Date of Birth/Age :

19.10.1973

Date of Appointment :

25.02.2010

DIN No.:

00973754

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	U74140WB2005PTC104484	KUSHAL SOLUTIONS PRIVATE LIMITED	Director	01/08/2005	01/08/2005	-	Active	NO
2	U70200WB2010PTC142132	OMKAR INFRACON PRIVATE LIMITED	Director	25/02/2010	25/02/2010	-	Active	NO
3	U70109WB2011PTC159522	SHREE SHYAM INFRANIRMAAN PRIVATE LIMITED	Director	21/02/2011	21/02/2011	-	Active	NO
4	U70109WB2011PTC159520	SALASAR INFRANIRMAAN PRIVATE LIMITED	Director	21/02/2011	21/02/2011	-	Active	NO
5	U70109WB2011PTC160778	JAIMATA INFRACON PRIVATE LIMITED	Director	15/03/2011	15/03/2011	27/10/2014	Active	NO
6	U70109WB2011PTC160970	OMKAR INFRANIRMAAN PRIVATE LIMITED	Director	18/03/2011	18/03/2011	-	Active	NO
7	U70109WB2009PTC133552	SUBHSHREE GRIHNIRMAN PRIVATE LIMITED	Director	09/06/2011	09/06/2011	-	Active	NO
8	U74140WB2009PTC135636	SMART MONEY FINANCIAL CONSULTANTS PRIVATE LIMITED	Director	24/06/2011	24/06/2011	02/09/2011	Active	NO
9	U74999WB2011PTC169631	OMKAR MOVERS PRIVATE LIMITED	Director	21/11/2011	21/11/2011	-	Active	NO
10	U51909WB2011PTC162054	KHUSHI DEALMARK PRIVATE LIMITED	Director	29/09/2014	30/06/2014	-	Active	NO
11	U70102WB2014PTC204553	MPK PROPERTIES PRIVATE LIMITED	Additional director	09/12/2014	09/12/2014	29/04/2015	Active	NO
12	U74900WB2015NPL205074	Fly Ash Bricks & Blocks Manufacturers' Federation	Director	22/01/2015	22/01/2015	-	Active	NO
13	U70102WB2015PTC207729	AVATAR REALCON PRIVATE LIMITED	Director	08/09/2015	08/09/2015	-	Active	NO

Name :

Mr. Ashok Chowdhary

Designation :

Director

Address :

"Mani Mansion", 9/1, Lower Rowdon Street, Block - B, Flat No. 4S, Kolkata - 700020, West Bengal, India

Date of Birth/Age :

11.12.1959

Date of Appointment :

14.02.2011

DIN No.:

00005578

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	L51109WB1983PLC035835	KAJAL (INDIA) LTD	Director	25/02/1992	25/02/1992	Amalgamated	NO
2	U74210WB1996PTC082057	TRISTAR METALLURGICAL PRIVATE LIMITED	Whole-time director	07/01/2014	19/11/1996	Active	NO
3	U27101WB1998PTC086279	RAMAKANT INTERNATIONAL PRIVATE LIMITED	Director	07/01/1998	07/01/1998	Active	NO
4	U27107OR2008PTC010082	PRABHU FERRO & ISPAT PRIVATE LIMITED	Director	25/06/2008	25/06/2008	Active	NO
5	U26960WB2010PTC146739	TRUSTCHEM MINMET PRIVATE LIMITED	Director	05/05/2010	05/05/2010	Active	NO
6	U70200WB2010PTC142132	OMKAR INFRACON PRIVATE LIMITED	Director	14/02/2011	14/02/2011	Active	NO
7	U74999WB2011PTC169631	OMKAR MOVERS PRIVATE LIMITED	Director	21/11/2011	21/11/2011	Active	NO

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders		No. of Shares
Shankar Saraf		20000
Manisha Saraf		5000
Sandeep Kumar Khandelia		23000
Bimla Devi Khandelia		5000
Shankar Saraf (HUF)		20000
Malka Devi Saraf		5000
Sandeep Khandelia (HUF)		30000
Ashok Chowdhary		166975
Kushal Solutions Private Limited, India		108975
Subhshree Grihanirmaan Private Limited, India		149500
Star Trade Vinimay Private Limited, India		116975

Total		650425

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	57.72
Directors or relatives of Directors	42.28
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of manufacturing sand lime bricks (fly-ash bricks), hollow bricks, pavers etc.

Products :	Sand Lime Bricks (Fly-Ash Bricks) Hollow Bricks Pavers

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

Customers :

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Banker Name :	State Bank of India
Branch :	N. S. Road Branch, 8, N. S. Road, Kolkata – 700001, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Term Loans
Banks	39.631	48.206
Others	0.246	1.449

Short Term Borrowings
Loan repayable on demand
Banks	14.854	16.342

Total	54.731	65.997

Financial Institution :	Tata Capital Financial Services Limited, One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai – 400001, Maharashtra, India

Auditors :
Name :	Vinita Agrawal and Company Chartered Accountants
Address :	Unit No-18, 5^th Floor, Bagati House, 34, Ganesh Chandra Avenue, Kolkata – 700013, West Bengal, India
Tel. No.:	91-33-22152342 / 22152343
PAN No.:	AETPB8603M

Memberships :	Not Divulged

Collaborators :	Not Divulged

Related Parties :	· Subhshree Grihanirmaan Private Limited · Startrade Vinimay Private Limited · Kushal Solutions Private Limited · Shankar Saraf (HUF) · Sandeep Khandelia (HUF) · Omkar Bricks and Blocks · Tristar Metallurgical Private Limited · Shree Shyam Infranirmaan Private Limited · Omkar Infranirmaan Private Limited · Jaimata Infracon Private Limited · Omkar Movers Private Limited · Salasar Infranirmaan Private Limited · Omkar Bricks and Blocks

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount

750000	Equity Shares	Rs.10/- each	Rs.7.500 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

650425	Equity Shares	Rs.10/- each	Rs.6.504 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	6.504	6.504	4.600
(b) Reserves & Surplus	88.371	85.173	58.913
(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)	94.875	91.677	63.513

(3) Non-Current Liabilities
(a) long-term borrowings	59.685	62.484	8.025
(b) Deferred tax liabilities (Net)	0.000	0.290	0.000
(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)	59.685	62.774	8.025

(4) Current Liabilities
(a) Short term borrowings	15.208	19.084	5.120
(b) Trade payables	16.923	8.092	0.924
(c) Other current liabilities	18.571	20.227	8.753
(d) Short-term provisions	0.560	0.306	0.005
Total Current Liabilities (4)	51.262	47.709	14.802

TOTAL	205.822	202.160	86.340

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	129.551	136.274	32.355
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	36.367
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.064	0.333	0.026
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	130.615	136.607	68.748

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	37.281	25.732	0.000
(c) Trade receivables	20.972	21.622	0.000
(d) Cash and cash equivalents	7.043	8.602	4.698
(e) Short-term loans and advances	1.459	9.200	12.860
(f) Other current assets	8.452	0.397	0.034
Total Current Assets	75.207	65.553	17.592

TOTAL	205.822	202.160	86.340

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012

	TOTAL INCOME	146.087	72.561	0.081

Less	TOTAL EXPENSES	143.150	70.956	0.062

	PROFIT/(LOSS) BEFORE TAX	2.937	1.605	0.019

Less	TAX	(0.261)	0.291	0.006

	PROFIT/(LOSS) AFTER TAX	3.198	1.314	0.013

	Earnings Per Share (Rs.)	4.92	2.85	--

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	13.234	17.087	2.329
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
Return on Total Assets (PBT/Total Assets)	(%)	1.43	0.79	0.04

Return on Investment (ROI) (PBT/Networth)		0.03	0.02	0.00

Debt Equity Ratio (Total Debt /Networth)		0.93	1.08	0.24

Current Ratio (Current Asset/Current Liability)		1.47	1.37	1.19

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	4.600	6.504	6.504
Reserves & Surplus	58.913	85.173	88.371
Net worth	63.513	91.677	94.875

long-term borrowings	8.025	62.484	59.685
Short term borrowings	5.120	19.084	15.208
Current Maturities of Long term debt	2.329	17.087	13.234
Total borrowings	15.474	98.655	88.127
Debt/Equity ratio	0.244	1.076	0.929

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
Total Income	0.081	72.561	146.087
		89,481.481	101.330

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	0.081	72.561	146.087
Profit	0.013	1.314	3.198
	16.05%	1.81%	2.19%

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	No
8	Designation of contact person	No
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	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION

Subject is a private company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Being a private company, its shares are not listed on any stock exchanges in India. Subject is engaged in the business of manufacturing sand lime bricks (fly-ash bricks), hollow bricks, pavers etc.

NOTE:

Registered office of the company has been shifted from Abhishek Point, 152, S.P. Mukherjee Road, 1st Floor, Kolkata – 700026, West Bengal, India to the present address w.e.f. 27.05.2011

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Loans and advances
Directors	8.128	1.010
Body Corporates	11.680	11.819

Short Term Borrowings
Directors	0.129	0.000
Body Corporates	0.225	2.742

Total	20.162	15.571

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10420441	30/03/2013	700,000.00	Tata Capital Financial Services Limited	One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	B73383796
2	10364705	05/05/2015 *	80,360,000.00	State Bank of India	SME N. S. Road Branch, 9, Brabourne Road, Kolkata, West Bengal - 700001, India	C58842071
3	10300688	02/08/2011	1,600,000.00	HDFC Bank Limited	Hdfc Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	B18220863

*Date of modification Charges

FIXED ASSETS:

· Agricultural Land

· Converted Land

· Land Development

· Factory Shed and

· Plant and Machinery

· Office Equipment

· Furniture and Fixture

· Miscellaneous Fixed Assets

· Electrical Installations and Fittings

· Computer and Computer Peripherals

· 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 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.66.35
UK Pound	1	Rs.100.66
Euro	1	Rs.70.47

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	AMR

Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--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	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		44

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.