MIRA INFORM REPORT

Report No. :	343600
Report Date :	06.10.2015

IDENTIFICATION DETAILS

Name :	ASTRON ZIRCON PRIVATE LIMITED
Registered Office :	Block No. C, 309, 3^rd Floor, Supath – II Complex, Vadaj, Ahmedabad – 380013, Gujarat
Tel. No.:	91-2772-229391
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.01.2011
Com. Reg. No.:	04-067384
Capital Investment / Paid-up Capital :	Rs.10.000 Million
CIN No.: [Company Identification No.]	U26933GJ2011PTC067384
IEC No.:	Not Available
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 Ceramic Raw Material Like Zirflour, Zirconium Silicate and Opacifier.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 179000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively new company incorporated in the year 2011. It is having moderate track. Rating takes into consideration moderate financial risk profile of the company marked by highly leveraged capital structure along with minimal reserve level of the company in FY14. The company has reported decrease in its sales turnover in the year under consideration along with thin profit margin. Trade relation are fair. Business is active. Payment terms are reported to be slow but correct. In view of high external borrowings, the company can be considered for business dealings with some caution.

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.

LOCATIONS

Registered Office :	Block No. C, 309, 3^rd Floor, Supath – II Complex, Vadaj, Ahmedabad – 380013, Gujarat, India
Tel. No.:	91-2772-229391
Fax No.:	91-2772-229791
E-Mail :	info@astronzircon.com d_shahca@yahoo.com
Website :	www.astronzircon.com
Corporate Office/ Factory :	96, GIDC Estate, Opposite Bayer India Limited, Motipura, Himatnagar – 383001, Gujarat, India
Tel. No.:	91-2772- 229391/229591
Fax No.:	91-2772- 229791
E-Mail :	sales@astronzircon.com info@astronzircon.com

DIRECTORS

As On : 30.09.2014

Name :

Mr. Hasmukhbhai Mangaldas Thakkar

Designation :

Director

Address :

251, Shrinagar Society, Gokulnagar, Himatnagar-383001, Gujarat, India

Date of Birth/ Age :

27.07.1962

Date of Appointment :

08.10.2011

DIN No.:

01434452

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	U51900MH1946PTC014289	VISHWA GLASS AND CERAMICS PRIVATE LIMITED	Director	29/09/2007	01/04/2007	01/03/2013	Active	NO
2	U26109GJ1996PTC028852	WELSUIT GLASS AND CERAMICS PRIVATE LIMITED	Director	30/09/2013	18/10/2007	-	Active	NO
3	U01403GJ2007PTC052418	ASTRON CERA PRIVATE LIMITED	Director	21/12/2007	21/12/2007	-	Strike off	NO
4	U26933GJ2003PTC043020	SPIRE CERA-FRIT PRIVATE LIMITED	Director	30/09/2013	11/02/2008	-	Active	NO
5	U26100GJ2009PTC057678	SUNRISE GLASS INDUSTRIES PRIVATE LIMITED	Director	31/07/2009	31/07/2009	-	Active	NO
6	U26913GJ2003PTC043017	KANERIA GLASS AND CERAMICS PRIVATE LIMITED	Director	09/09/2009	09/09/2009	-	Strike off	NO
7	U99999GJ1996PTC031012	TANISH CERACHEM PRIVATE LIMITED	Additional director	08/10/2010	08/10/2010	-	Active	NO
8	U26915GJ2011PTC066981	ASTRON INTERNATIONAL PRIVATE LIMITED	Director	02/09/2011	02/09/2011	-	Active	NO
9	U26933GJ2011PTC067384	ASTRON ZIRCON PRIVATE LIMITED	Director	08/10/2011	08/10/2011	-	Active	NO
10	U26100GJ2012PTC069590	ASTRON GLASS AND CERAMICS PRIVATE LIMITED	Director	27/03/2012	27/03/2012	01/11/2012	Active	NO
11	U26933GJ2012PTC071159	AXOLO CERAMIC PRIVATE LIMITED	Director	16/07/2012	16/07/2012	-	Active	NO
12	U26933GJ2012PTC071344	QUANTAS GLASS AND CERAMIC PRIVATE LIMITED	Director	30/07/2012	30/07/2012	10/09/2013	Active	NO
13	U26933GJ2012PTC071355	EXCELLENT GLASS AND CERAMICS PRIVATE LIMITED	Director	30/07/2012	30/07/2012	09/07/2015	Active	NO
14	U26933GJ2012PTC071374	SUPERKING GLASS AND CERAMIC PRIVATE LIMITED	Director	31/07/2012	31/07/2012	-	Active	NO
15	U26100DL1970NPL005313	ALL INDIA GLASS MFRS'. FEDERATION.	Director	29/09/2012	29/09/2012	28/09/2013	Active	NO
16	U26990GJ2013PTC077177	HINDUSTAN ZIRCON PRIVATE LIMITED	Director	11/10/2013	11/10/2013	-	Active	NO

Name :

Mr. Upeshkumar Hasmukhlal Thakkar

Designation :

Director

Address :

251, Shrinagar Society, Gokulnagar, Himatnagar-383001, Gujarat, India

Date of Birth/ Age :

04.01.1985

Date of Appointment :

10.06.2013

DIN No.:

01536048

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	U51900MH1946PTC014289	VISHWA GLASS AND CERAMICS PRIVATE LIMITED	Director	29/09/2007	01/04/2007	-	Active	NO
2	U26109GJ1996PTC028852	WELSUIT GLASS AND CERAMICS PRIVATE LIMITED	Whole-time director	30/09/2008	29/09/2007	06/10/2012	Active	NO
3	U01403GJ2007PTC052418	ASTRON CERA PRIVATE LIMITED	Director	21/12/2007	21/12/2007	-	Strike off	NO
4	U26933GJ2003PTC043020	SPIRE CERA-FRIT PRIVATE LIMITED	Whole-time director	11/02/2008	11/02/2008	-	Active	NO
5	U26915GJ2011PTC066981	ASTRON INTERNATIONAL PRIVATE LIMITED	Director	02/09/2011	02/09/2011	-	Active	NO
6	U26933GJ2011PTC067384	ASTRON ZIRCON PRIVATE LIMITED	Director	10/06/2013	08/10/2011	-	Active	NO
7	U26100GJ2012PTC069590	ASTRON GLASS AND CERAMICS PRIVATE LIMITED	Director	27/03/2012	27/03/2012	01/11/2012	Active	NO
8	U26933GJ2012PTC071159	AXOLO CERAMIC PRIVATE LIMITED	Director	16/07/2012	16/07/2012	-	Active	NO
9	U26933GJ2012PTC071344	QUANTAS GLASS AND CERAMIC PRIVATE LIMITED	Director	30/07/2012	30/07/2012	-	Active	NO
10	U26933GJ2012PTC071355	EXCELLENT GLASS AND CERAMICS PRIVATE LIMITED	Director	30/07/2012	30/07/2012	09/07/2015	Active	NO
11	U26933GJ2012PTC071374	SUPERKING GLASS AND CERAMIC PRIVATE LIMITED	Director	31/07/2012	31/07/2012	-	Active	NO
12	U26990GJ2013PTC077177	HINDUSTAN ZIRCON PRIVATE LIMITED	Director	11/10/2013	11/10/2013	-	Active	NO

Name :

Mr. Honey Upeshkumar Thakkar

Designation :

Director

Address :

251, Shrinagar Society, Gokulnagar, Mahavir Nagar, Himatnagar-383001, Gujarat, India

Date of Appointment :

01.11.2012

DIN No.:

03569572

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	U26933GJ2011PTC067384	ASTRON ZIRCON PRIVATE LIMITED	Director	01/11/2012	01/11/2012	-	Active	NO
2	U26933GJ2003PTC043020	SPIRE CERA-FRIT PRIVATE LIMITED	Additional director	05/03/2015	05/03/2015	-	Active	NO

Name :

Mrs. Shushilaben Hasmukhbhai Thakkar

Designation :

Director

Address :

251, Shrinagar Society, Gokulnagar, Mahavirnagar, Himmatnagar-383001, Gujarat, India

Date of Appointment :

05.01.2015

DIN No.:

03569575

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	U26915GJ2011PTC066981	ASTRON INTERNATIONAL PRIVATE LIMITED	Director	01/01/2015	01/01/2015	-	Active	NO
2	U26933GJ2011PTC067384	ASTRON ZIRCON PRIVATE LIMITED	Director	05/01/2015	05/01/2015	-	Active	NO
3	U26933GJ2003PTC043020	SPIRE CERA-FRIT PRIVATE LIMITED	Additional director	05/03/2015	05/03/2015	-	Active	NO

Name :

Ms. Bhawana Gaurav Thakkar

Designation :

Director

Address :

251, Shrinagar Society, Gokulnagar, Mahavirnagar, Sabarkantha, Himatnagar- 383001, Gujarat, India

Date of Appointment :

10.06.2013

DIN No.:

06604361

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	U26109GJ1996PTC028852	WELSUIT GLASS AND CERAMICS PRIVATE LIMITED	Director	30/09/2013	10/06/2013	-	Active	NO
2	U26933GJ2011PTC067384	ASTRON ZIRCON PRIVATE LIMITED	Director	10/06/2013	10/06/2013	-	Active	NO
3	U26933GJ2012PTC071355	EXCELLENT GLASS AND CERAMICS PRIVATE LIMITED	Director	24/06/2015	08/06/2015	-	Active	NO
4	U26933GJ2008PTC052576	CRYSTAL CERAMIC INDUSTRIES PRIVATE LIMITED.	Director	10/08/2015	29/06/2015	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares
Hasmukh M. Thakkar	307500
Upesh Thakkar	260000
Honey Upeshkumar Thakkar	260000
Sushilaben Thakkar	212500
Balkrishna M Thakkar	2500
Rajeshkumar V. Nimbhavni	2500
Narendrakumar M Thakkar	2500
Total	1000000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Ceramic Raw Material Like Zirflour, Zirconium Silicate and Opacifier.
Products :	· Zircon Sand · Zirconium Silicate · Chemical Analysis of Zirconium Silicate · Chemical Analysis of Zircon Flour · Chemical Analysis of Zircon Sand · Chemical Analysis of Zirconium Silicate
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Bank Name	Kotak Mahindra Bank Limited
Branch	36-38A, Nariman Bhavan, 227-D, Nariman Point, Mumbai- 400021, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

· Axis Bank Limited, Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad- 380006, Gujarat, India

Auditors :
Name :	Aniket Darshan and Associates Chartered Accountants
Address :	A/46 , Sanidhya Complex , Opposite Capital Com. Center , Ashram Road , Ahmedabad- 380009, Gujarat, India
PAN No:	AAOFA9402E
Memberships :	Not Available
Collaborators :	Not Available
Group of Companies: (As per Indirect Sources)	· Astron International Private Limited · Spire Cera Frit Private Limited · Welsult Glass and Ceramics Private Limited · Zircon Cera Tech Glazes · Hidustan Zircon Private Limited · Shreenath Ceramics Industries · Vishwa Glass and Ceramics Private Limited · Sunrise Glass Industries Private Limited · Astron Zinc Industries · Quantas Glass and Ceramic Private Limited

CAPITAL STRUCTURE

As On : 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs. 70.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 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	10.000	10.000	10.000
(b) Reserves & Surplus	12.529	5.547	8.421
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	40.000	65.000	46.500
Total Shareholders’ Funds (1) + (2)	62.529	80.547	64.921
(3) Non-Current Liabilities
(a) long-term borrowings	275.864	309.943	257.300
(b) Deferred tax liabilities (Net)	0.000	0.000	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)	275.864	309.943	257.300
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	209.202	88.571	123.060
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	1.399	3.035	1.397
Total Current Liabilities (4)	210.601	91.606	124.457
TOTAL	548.994	482.096	446.678
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	37.163	40.689	35.924
(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	2.477	2.027	0.097
(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	39.640	42.716	36.021
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	217.839	113.709	128.300
(c) Trade receivables	262.619	306.860	263.123
(d) Cash and cash equivalents	2.065	8.350	1.910
(e) Short-term loans and advances	26.131	9.866	17.077
(f) Other current assets	0.700	0.595	0.247
Total Current Assets	509.354	439.380	410.657
TOTAL	548.994	482.096	446.678

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	594.487	905.285	446.073
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
Less	PROFIT (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		10.692	11.339	10.906
Less/ Add	DEPRECIATION/ AMORTISATION		3.710	4.675	2.423
	PROFIT (LOSS)BEFORE TAX		6.982	6.664	8.483
Less	TAX		0.000	0.000	0.000
	PROFIT (LOSS)AFTER TAX		6.982	6.664	8.483
	Earnings Per Share (Rs.)		6.98	6.66	8.42

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 flows from (used in) operations	NA	NA	NA
Net cash flows from (used in) operating activities	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.17	0.74	1.90
Return on Total Assets (PBT/Total Assets}	(%)	1.28	1.39	1.90
Return on Investment (ROI) (PBT/Networth)		0.11	0.08	0.13
Debt Equity Ratio (Total Debt /Networth)		4.41	3.85	3.96
Current Ratio (Current Asset/Current Liability)		2.42	4.80	3.30

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	10.000	10.000	10.000
Reserves & Surplus	8.421	5.547	12.529
Share Application money pending allotment	46.500	65.000	40.000
Net worth	64.921	80.547	62.529
long-term borrowings	257.300	309.943	275.864
Short term borrowings	0.000	0.000	0.000
Total borrowings	257.300	309.943	275.864
Debt/Equity ratio	3.963	3.848	4.412

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	446.073	905.285	594.487
		102.945	(34.332)

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	446.073	905.285	594.487
Profit	8.483	6.664	6.982
	1.90%	0.74%	1.17%

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	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

Index of Charges:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10529074	22/10/2014	3,050,000.00	Axis Bank Limited	Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad- 380006, Gujarat, India	C32230724
2	10320770	05/12/2011	583,918,000.00	KOTAK MAHINDRA BANK LIMITED	36-38a, Nariman Bhavan, 227-D, Nariman Point, Mumbai - 400021, Maharashtra, India	B26671974
3	10320786	05/12/2011	175,418,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, Nariman Bhavan, 227-D, Nariman Point, Mumbai - 400021, Maharashtra, India	B26674747

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. 65.39
UK Pound	1	Rs.99.05
Euro	1	Rs.73.09

INFORMATION DETAILS

Analysis Done by :	KIN
Report Prepared by :	HRS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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