MIRA INFORM REPORT

Report No. :	343147
Report Date :	03.10.2015

IDENTIFICATION DETAILS

Name :	PAWANJAY SPONGE IRON LIMITED
Registered Office :	Infront of Amrit Ganga, STI Chowk, Civil Township, Rourkela – 769004, Orissa
Mob. No.:	91-9437027763 (Mr. Gobind Nayak)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.01.2000
Com. Reg. No.:	15-006060
Capital Investment / Paid-up Capital :	Rs. 500.00 Million
CIN No.: [Company Identification No.]	U27102OR2000PLC006060
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the manufacturing and trading of Iron and Steel goods.
No. of Employees :	Information declined by the management

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2000 having satisfactory track. Profit of the company has sharply declined during FY 2014. However, net worth position of the company is satisfactory. General financial position of the company is normal and acceptable for business dealings. Further, the rating also takes into consideration favorable gap between trade payables and trade receivables. Trade relations are reported as fair. Business is active. Payment terms are reported as 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	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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Gobind Nayak
Designation :	Finance Department
Contact No.:	91-9437027763
Date :	01.10.2015

LOCATIONS

Registered/ Admin Office :	Infront of Amrit Ganga, STI Chowk, Civil Township, Rourkela – 769004, Orissa, India
Tel. No.:	91-661-2401413
Mobile No.:	91-9437027763 (Mr. Gobind Nayak)
Fax No.:	Not Available
E-Mail :	pawanjaysponge@gmail.com
Works :	Village Bijabahal. P.S. Birmitrapur, District Sundargar, Orissa, India

DIRECTORS

AS ON 30.09.2014

Name :

Gyanchand Prasad Agrawal

Designation :

Managing Director

Address :

East Gola Road, Upper Bazar, Lohardaga – 835302, Jharkhand, India

Date of Birth/Age :

28.04.1950

Date of Appointment :

01.02.2014

DIN No.:

00635014

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	U27102OR2000PLC006060	PAWANJAY SPONGE IRON LIMITED	Managing director	01/02/2014	31/01/2000	-	Active	NO
2	U27102JH2003PLC010250	PAWANJAY STEEL & POWER LIMITED	Managing director	07/07/2003	07/07/2003	-	Active	NO
3	U45209OR2007PTC009613	ROURKELA WATER RESOURCES CONSORTIUM PRIVATE LIMITED.	Director	08/11/2007	08/11/2007	-	Strike off	NO
4	U15491WB1985PLC038495	KHALARI CEMENTS LIMITED	Director	17/10/2008	17/10/2008	-	Active	NO
5	U10100JH2008PTC013349	NORTH DHADHU MINING COMPANY PRIVATE LIMITED	Director	22/10/2008	22/10/2008	-	Active	NO

Name :

Ankur Madaan

Designation :

Additional Director

Address :

House No. 1277, Town: Rajpura, Patiala – 140401, Punjab, India

Date of Appointment :

12.03.2015

DIN No.:

07002199

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	L27209MH1994PLC076015	Scan Steels Limited	Director	30/12/2014	24/10/2014	-	Active	NO
2	U27102OR2000PLC006060	PAWANJAY SPONGE IRON LIMITED	Additional director	12/03/2015	12/03/2015	-	Active	NO

Name :

Rishi Mohta

Designation :

Additional Director

Address :

Flat No- 308, 3rd Floor, Rashmi Enclave, Bhubaneswar – 751006, Orissa, India

Date of Appointment :

12.03.2015

DIN No.:

07121552

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	U27102OR2000PLC006060	PAWANJAY SPONGE IRON LIMITED	Additional director	12/03/2015	12/03/2015	-	Active	NO
2	U27100WB2008PTC127980	KARMA RE-ROLLERS PRIVATE LIMITED	Additional director	21/08/2015	22/06/2015	-	Active	NO

Name :

Rajesh Gadodia

Designation :

Additional Director

Address :

Main Road, Rajgangpur, Sundargarh – 770017, Orissa, India

Date of Appointment :

29.12.2014

DIN No.:

00574465

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	U27106OR1990PLC002685	SCAN STEELS LIMITED	Managing director	15/02/2014	11/12/1990	-	Amalgamated	NO
2	U51109WB1996PTC080243	ARTLINE COMMERCE PVT LTD	Director	07/03/2001	07/03/2001	-	Active	NO
3	U27104OR1999PLC005820	SCAN SPONGIRON LIMITED	Director	23/02/2004	23/02/2004	20/06/2008	Active	NO
4	U27102OR2004PLC007689	SCAN UDYOG LIMITED	Director	27/07/2004	27/07/2004	-	Amalgamated	NO
5	U55101WB2005PTC139892	SHRISTI RESORTS AND MULTIPLEX PRIVATE LIMITED	Director	19/04/2005	19/04/2005	-	Active	NO
6	U52190OR2005PTC008248	NIYATI FOODS PRIVATE LIMITED	Director	02/06/2006	02/06/2006	25/09/2009	Active	NO
7	U23109WB2004PTC097816	NAV DURGA FUEL PRIVATE LIMITED	Director	31/01/2007	31/01/2007	-	Active	NO
8	U27102OR2007PLC009177	SCAN ENERGY & POWER LIMITED	Managing director	01/09/2012	21/02/2007	-	Active	NO
9	U51109WB2005PTC105290	MANXINE AGENCIES PRIVATE LIMITED	Director	26/12/2009	26/12/2009	24/03/2015	Active	NO
10	U70104WB2007PTC120587	APEX REAL ESTATE PRIVATE LIMITED	Director	27/03/2010	27/03/2010	-	Amalgamated	NO
11	U51109WB1995PTC070354	TOPGRAIN BARTER PVT. LTD.	Director	27/03/2010	27/03/2010	-	Amalgamated	NO
12	U67120JH1992PLC004987	JAMSHEDPUR SECURITIES LIMITED	Director	10/04/2010	10/04/2010	29/12/2014	Active	NO
13	U74140WB2005PTC105713	MANJIT MANAGEMENT SERVICES PRIVATE LIMITED	Director	01/05/2010	01/05/2010	-	Amalgamated	NO
14	U51109WB2005PTC105746	PEACOCK VINIMAY PRIVATE LIMITED	Director	01/05/2010	01/05/2010	-	Amalgamated	NO
15	U51109WB2005PTC105639	SHIVVANGAN ADVISORY SERVICES PRIVATE LIMITED	Director	01/05/2010	01/05/2010	-	Amalgamated	NO
16	U63011WB1946PTC013200	BAYANWALA BROTHERS PVT LTD	Director	01/05/2010	01/05/2010	24/03/2015	Active	NO
17	U51109WB1996PTC076501	GOPIKAR SUPPLY PVT LTD	Director	01/05/2010	01/05/2010	29/12/2014	Active	NO
18	U51909WB1990PTC049974	ASCON MERCHANDISE PVT LTD	Director	26/10/2010	26/10/2010	27/12/2014	Active	NO
19	U52321WB1992PTC057205	CONSOLIDATED MERCANTILES PVT.LTD.	Director	26/10/2010	26/10/2010	27/12/2014	Active	NO
20	U51909WB2009PTC140207	AMRITPHAL DEALER PRIVATE LIMITED	Director	12/08/2013	30/08/2012	-	Amalgamated	NO
21	U51909WB2009PTC138697	BRINDABAN SALES PRIVATE LIMITED	Director	12/08/2013	30/08/2012	-	Amalgamated	NO
22	U51109WB2006PTC111533	LUCRE MERCHANT PRIVATE LIMITED	Director	21/08/2013	02/11/2012	-	Amalgamated	NO
23	U51109WB2006PTC111499	SLICK VYAPAAR PRIVATE LIMITED	Director	20/08/2013	02/11/2012	-	Amalgamated	NO
24	U27100TG2008PLC058999	ECO STEEL INDIA LIMITED	Director	24/08/2013	17/06/2013	-	Active	NO
25	L27209MH1994PLC076015	Scan Steels Limited	Managing director	24/10/2014	14/03/2014	-	Active	NO
26	U27102OR2000PLC006060	PAWANJAY SPONGE IRON LIMITED	Additional director	29/12/2014	29/12/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Gobind Nayak
Designation :	Finance Department

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Gyanchand Prasad Agarwal	4085300
Damayanti Devi Agarwal	609000
Umesh Prasad Agarwal	2440600
Anita Agarwal	107510
Debdas Banerjee	100
Naval Kishore Singh	39500
Jagabandhu Tripathy	24500
Nihar Ranjan Nanda	44500
Prasana Kumar Mallik	15000
Shyama Prasad Mohanty	40000
Satyananda Prusty	15000
Suresh Bhakta	20000
Tulsi Commosales Private Limited, India	6210000
Puskar Dealcom Private Limited, India	8410000
Helpful Tie-up Private Limited, India	280000
Suncity Deal Trade Private Limited, India	7350000
Hytone Agency Private Limited, India	970000
Transcend Vinimay Private Limited, India	808899
Total	31469909

AS ON 23.07.2015

Names of Allottees	No. of Shares
Shubham Dealmark Private Limited, India	815000
Ascon Merchandise Private Limited, India	550000
Total	1365000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	85.12
Directors or relatives of Directors	14.48
Other top fifty shareholders	0.40
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the manufacturing and trading of Iron and Steel goods.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

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 :

Not Divulged

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 :

Information declined by the management

Bankers :

Banker Name	Bank of India
Branch Address	Bhubaneswar Mid Corporate Branch, N-1/298, Nayapalli, Bhubaneswar – 751015, Orissa, 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

• Central Bank Of India, Janpath Branch, Bhubaneswar, 95, Janpath, Unit-III, Bhubaneswar – 751001, Orissa, India
• Punjab National Bank, 111,Station Square, Bhubaneswar – 751001, Orissa, India

GFacilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee term loans from banks	5.000	25.000
Other loans and advances	0.029	0.278
Total	5.029	25.278

Auditors :
Name :	Srb and Associates Chartered Accountants
Address :	5Th Floor, Idco TowerJanpath
PAN No.:	AAXFS6281Q
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners With Key management personnel and their relatives :	Dolomite Mining Corporation

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs. 500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs. 500.000 Million

AFTER 30.09.2014

Authorised Capital: Rs. 600.000 Million

Issued, Subscribed & Paid-up Capital: Rs. 572.799 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	500.000	452.110	342.110
(b) Reserves & Surplus	173.202	172.649	150.253
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	33.000
Total Shareholders’ Funds (1) + (2)	673.202	624.759	525.363
(3) Non-Current Liabilities
(a) long-term borrowings	93.465	66.573	65.923
(b) Deferred tax liabilities (Net)	33.615	33.744	40.845
(c) Other long term liabilities	0.250	0.250	18.869
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	127.330	100.567	125.637
(4) Current Liabilities
(a) Short term borrowings	696.056	625.732	491.677
(b) Trade payables	186.220	221.433	343.054
(c) Other current liabilities	47.499	62.414	53.223
(d) Short-term provisions	2.100	4.258	2.850
Total Current Liabilities (4)	931.875	913.837	890.804
TOTAL	1732.407	1639.163	1541.804
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	372.110	334.199	354.480
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	60.408	60.408
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6.094	6.094	6.860
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	32.551	29.690	39.686
(e) Other Non-current assets	0.550	0.200	0.630
Total Non-Current Assets	411.305	430.591	462.064
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	579.708	467.010	437.052
(c) Trade receivables	531.728	356.403	524.656
(d) Cash and cash equivalents	10.330	149.367	65.911
(e) Short-term loans and advances	197.763	233.892	51.352
(f) Other current assets	1.573	1.900	0.769
Total Current Assets	1321.102	1208.572	1079.740
TOTAL	1732.407	1639.163	1541.804

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	3027.115	2233.665	1652.883
	Other Income	2.191	3.415	2.021
	TOTAL	3029.306	2237.080	1654.904
Less	EXPENSES
	Cost of Materials Consumed	198.048	381.689	394.076
	Purchases of Stock-in-Trade	2570.412	1546.589	926.410
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.924	0.294	26.131
	Employees benefits expense	19.176	18.721	23.153
	Other expenses	109.021	149.065	166.245
	TOTAL	2898.581	2096.358	1536.015
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	130.725	140.722	118.889
Less	FINANCIAL EXPENSES	106.537	98.360	81.034
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	24.188	42.362	37.855
Less/ Add	DEPRECIATION/ AMORTISATION	23.064	23.435	23.628
	PROFIT BEFORE TAX	1.124	18.927	14.227
Less	TAX	0.085	-3.469	5.524
	PROFIT AFTER TAX	1.039	22.396	8.703
	Earnings Per Share (Rs.)	0.02	0.45	0.17

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) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.03	1.00	0.53
Operating Profit Margin (PBIDT/Sales)	(%)	4.32	6.30	7.19
Return on Total Assets (PBT/Total Assets}	(%)	0.07	1.20	0.96
Return on Investment (ROI) (PBT/Networth)		0.00	0.03	0.03
Debt Equity Ratio (Total Debt /Networth)		1.17	1.11	1.06
Current Ratio (Current Asset/Current Liability)		1.42	1.32	1.21

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	342.110	452.110	500.000
Reserves & Surplus	150.253	172.649	173.202
Share Application money pending allotment	33.000	0.000	0.000
Net worth	525.363	624.759	673.202
long-term borrowings	65.923	66.573	93.465
Short term borrowings	491.677	625.732	696.056
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	557.600	692.305	789.521
Debt/Equity ratio	1.061	1.108	1.173

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	1652.883	2233.665	3027.115
		35.138	35.522

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	1652.883	2233.665	3027.115
Profit	8.703	22.396	1.039
	0.53%	1.00%	0.03%

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	----
33	Market information	----
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

Note: Registered office of the company has been shifted from Y-20, Civil Township Rourkela – 769004, Orissa, India to the present address w.e.f. 01.04.2015.

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Other loans and advances	88.436	41.295
SHORT TERM BORROWING
Loans repayable on demand from banks	696.056	625.732
Total	784.492	667.027

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10404878	11/08/2015 *	1,025,000,000.00	BANK OF INDIA	BHUBANESWAR MID CORPORATE BRANCH, N-1/ 298, NAYAP  ALLI, BHUBANESWAR, Orissa - 751015, INDIA	C63561930
2	10366021	25/06/2012	80,000,000.00	STATE BANK OF TRAVANCORE	BHUBANESWAR BRANCH, N1/40, IRC VILLAGE, NAYAPALLI  , BHUBANESWAR, Orissa - 751015, INDIA	B43898337
3	10355652	26/03/2012	120,000,000.00	CENTRAL BANK OF INDIA	JANPATH BRANCH, BHUBANESWAR, 95, JANPATH, UNIT-II  I, BHUBANESWAR, Orissa - 751001, INDIA	B39614789
4	10060110	11/12/2009 *	100,000,000.00	Punjab National Bank	111A,, station Square, Bhubaneswar, Orissa - 7510  01, INDIA	A75909283
5	80035840	01/07/2010 *	431,000,000.00	BANK OF INDIA	BHUBANESWAR BRANCH, 129, ASHOK NAGAR, UNIT-II, JA  NPATH, BHUBANESWAR, Orissa - 751009, INDIA	A92619451

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and Equipments
• Furniture and Fixture
• Vehicles
• Office Equipments

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. 65.55
UK Pound	1	Rs. 99.17
Euro	1	Rs. 73.08

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	JYO

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	3
--LIQUIDITY	1~10	5
--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	NO
--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	--

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