MIRA INFORM REPORT

Report No. :	346832
Report Date :	28.10.2015

IDENTIFICATION DETAILS

Name :	PCM STRESCON OVERSEAS VENTURES LIMITED
Registered Office :	PCM Tower, 3^rd Floor, 2^nd Mile, Sevoke Road, Siliguri – 734001, West Bengal
Tel. No.:	91-353-2777028
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.03.2006
Com. Reg. No.:	21-108486
Capital Investment / Paid-up Capital :	Rs.6.560 Million
CIN No.: [Company Identification No.]	U45203WB2006PLC108486
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CALP07790G
PAN No.: [Permanent Account No.]	AAECP2571Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Pre-compressed heavy-haul concrete sleepers.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 5260000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2006 and it is a manufacturer of pre-stressed concrete sleepers. Rating takes into consideration extensive experience and expertise in railway sleeper manufacturing projects supported by sound financial base and favorable gap between trade payables to its receivables. Rating strengths is partially offset by the volatility in company’s revenue because of the tender-based nature of its operations and its large working capital requirements. Trade relations are reported as fair. Payment terms are reported to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

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	CRISIL
Rating	Long term rating = BB-
Rating Explanation	Inadequate credit quality and high credit risk.
Date	October 27, 2014

Rating Agency Name	CRISIL
Rating	Short term rating = A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	October 27, 2014

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 (91-353-2777028)

LOCATIONS

Registered / Corporate Office :	PCM Tower, 3^rd Floor, 2^nd Mile, Sevoke Road, Siliguri – 734001, West Bengal, India
Tel. No.:	91-353-2777028 / 029/ 040/ 041
Fax No.:	91-353-2540734
E-Mail :	info@pcmstrescon.com pcm@pcmgroup.co.in rajib@pcmgroup.co.in
Website :	www.pcmstrescon.com
Kolkata Office :	10C Middleton Row, 4^th Floor, Block C, Kolkata – 700071, West Bengal, India
Overseas Office :	Located At : · Kingdom of Saudi Arabia · United Arab Emirates
Factory :	Located At: Rajasthan, India
Overseas Factory :	Located At: · Saudi Arabia · Dubai

DIRECTORS

As on 30.09.2014

Name :

Mr. Sabyasachi Munshi

Designation :

Director

Address :

AE-666, Salt Lake City, Sector I, Kolkata - 700064, West Bengal, India

Date of Birth/Age :

06.12.1963

Date of Appointment :

06.03.2006

DIN No.:

00001350

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	U26956WB1978PLC031650	STRESCON INDUSTRIES LIMITED	Managing director	23/05/1990	23/05/1990	-	Active	NO
2	U45309WB2003PTC096869	PCM STRESCON INTERNATIONAL PRIVATE LIMITED	Director	29/08/2003	29/08/2003	-	Active	NO
3	U74999WB2004PTC099213	RAILTRACK CONCRETE PRODUCTS PRIVATE LIMITED	Director	04/08/2004	04/08/2004	-	Active	NO
4	U27310WB2005PLC103148	GPT CASTINGS LIMITED	Director	16/05/2005	16/05/2005	21/08/2009	Active	NO
5	U70102WB2006PTC108316	UTTAR BANGA RESIDENCY PRIVATE LIMITED	Director	27/02/2006	27/02/2006	-	Active	NO
6	U45203WB2006PLC108486	PCM STRESCON OVERSEAS VENTURES LIMITED	Director	06/03/2006	06/03/2006	-	Active	NO
7	U24233WB1992PLC056410	ESSKAYJAY INTERNATIONAL LIMITED	Director	15/07/2008	15/07/2008	11/05/2010	Active	NO
8	U45400WB2012PTC172712	PCMS Infrastructure Company Private Limited	Director	23/01/2012	23/01/2012	-	Active	NO
9	U70109DL2014PTC267835	COMSA PCMS Infra Private Limited	Director	05/06/2014	05/06/2014	-	Active	NO

Name :

Mr. Kamal Kumar Mittal

Designation :

Managing Director

Address :

Bankim Nagar, Opposite Nayak Nursing Home, Post Office, Sevoke Road, Siliguri - 734401, West Bengal, India

Date of Birth/Age :

28.12.1959

Date of Appointment :

06.03.2006

DIN No.:

00240334

Name :

Mr. Anand Kumar Mittal

Designation :

Director

Address :

Bankim Nagar, Opposite Nayak Nursing Home, Post Office, Sevoke Road, Siliguri - 734401, West Bengal, India

Date of Birth/Age :

02.10.1971

Date of Appointment :

06.03.2006

DIN No.:

00250975

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	U51909WB1991PTC053397	PCM CEMENT CONCRETE PRIVATE LIMITED	Director	14/10/1991	14/10/1991	-	Active	NO
2	U51109WB1997PTC084084	SIMCO COMMOTRADE PRIVATE LIMITED	Director	03/11/1997	03/11/1997	10/04/2014	Active	NO
3	U24117WB1998PTC086811	PCM CHEMICALS PRIVATE LIMITED	Director	24/03/1998	24/03/1998	-	Active	NO
4	U45201WB1997PTC086014	SHREE SHYAM DEVELOPMENT PRIVATE LIMITED	Director	15/05/1998	15/05/1998	-	Strike off	NO
5	U01132WB1999PTC090329	PCM TEA PROCESSING PRIVATE LIMITED	Director	20/09/1999	20/09/1999	-	Active	NO
6	U65993WB1996PTC078103	HTC FINANCE PRIVATE LIMITED	Director	08/12/1999	08/12/1999	01/04/2014	Active	NO
7	U70109WB1995PTC075845	SHREE OM LEFIN PRIVATE LIMITED	Director	31/05/2000	31/05/2000	-	Active	NO
8	U70102WB1995PTC073973	OM DEVELOPERS PRIVATE LIMITED	Director	31/05/2000	31/05/2000	24/08/2010	Active	NO
9	U72200WB2002PTC095305	PCM NETWINGS COMMUNICATIONS PRIVATE LIMITED	Director	21/10/2002	21/10/2002	-	Strike off	NO
10	U45309WB2003PTC096869	PCM STRESCON INTERNATIONAL PRIVATE LIMITED	Director	04/12/2003	04/12/2003	-	Active	NO
11	U51217WB1980PLC033184	R P WAREHOUSE AND TEA INDUSTRIES LIMITED	Director	12/04/2005	12/04/2005	-	Active	NO
12	U40105WB2005PLC103660	PCM HYDEL POWER CORPORATION LIMITED	Director	10/01/2015	09/06/2005	-	Active	NO
13	U45203WB2006PLC108486	PCM STRESCON OVERSEAS VENTURES LIMITED	Director	06/03/2006	06/03/2006	-	Active	NO
14	U70101WB2005PTC105112	PARMATMA HOUSING PRIVATE LIMITED	Director	08/06/2007	08/06/2007	07/02/2015	Active	NO
15	U85110WB2005PTC105999	TM MEDICARE PRIVATE LIMITED	Additional director	02/08/2007	02/08/2007	-	Active	NO
16	U40105WB2009PLC138976	PCM POWER TRADING CORPORATION LIMITED	Director	22/10/2009	22/10/2009	20/03/2014	Active	NO
17	U27106WB2003PTC097185	PCM ALLOYS STEELS PRIVATE LIMITED	Director	01/04/2011	01/04/2011	28/12/2013	Active	NO
18	U70109WB2011PTC162181	HIMALAYAN INFRA PROJECTS PRIVATE LIMITED	Director	02/05/2011	02/05/2011	-	Active	NO
19	U70100DL2011PTC218591	DAKSHYA INFRA DEVELOPERS PRIVATE LIMITED	Director	04/05/2011	04/05/2011	-	Active	NO
20	U22190WB2011PLC165114	PRINT CONTEMPORARY MEDIA VENTURES LIMITED	Director	19/07/2011	19/07/2011	-	Active	NO
21	U45400WB2012PTC172712	PCMS Infrastructure Company Private Limited	Director	23/01/2012	23/01/2012	-	Active	NO
22	U70109DL2014PTC267835	COMSA PCMS Infra Private Limited	Director	05/06/2014	05/06/2014	-	Active	NO
23	U70102WB2003PTC095750	RAILTRACK EQUIPMENTS SERVICES PRIVATE LIMITED	Director	06/02/2015	06/02/2015	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Kamal Kumar Mittal	17500
Niranjan Kumar Mittal	12500
Anand Kumar Mittal	14250
Nishant Mittal	2500
Sabyasachi Munshi	10000
Ruprani Munshi	10000
Shohom Munshi	5000
PCM Cement Concrete Private Limited, India	400000
Esskayjay International Limited, India	1000
Strescon Industries Limited, India	1000
Niranjan Kr. Mittal	9250
Munshi Holding Private Limited, India	500
PCM Alloys Steels Private Limited, India	72500
PCM Tea Processing Private Limited, India	25000
Heaven Mercantile Private Limited, India	75000
Total	656000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	87.65
Directors or relatives of Directors	10.94
Other top fifty shareholders	1.41
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pre-compressed heavy-haul concrete sleepers.

Products :

Product Description	Item Code No. (ITC Code)
Articles of Cement, of Concrete or Artificial Stone, Whether or Not Reinforced	68109990

Brand Names :

Not Available

Agencies Held :

Not Available

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 :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	Indian Overseas Bank
Branch Address	India Exchange Place Branch, P-35, India Exchange Place, 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 (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Term loans from banks	297.563	251.328
Loans taken for fixed assets	0.398	1.892
Total	297.961	253.220

Auditors :
Name :	Gujrani and Company Chartered Accountants
Address :	Kolkata, West Bengal, India
PAN No.:	AACFG6855D
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	PCM Cement Concrete Private Limited, India
Subsidiary company :	PCM Cement and Alloys LLC, Saudi Arabia
Other Related Parties :	· Strescon Industries Limited, India · PCMS Infrastructure Company Private Limited, India · HTC Finance Private Limited, India · Himalayan Infra Projects Private Limited · Himalayan Alloys Steel Trading Company

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
656000	Equity Shares	Rs.10/- each	Rs.6.560 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	6.560	6.560	6.560
(b) Reserves & Surplus	1834.557	1175.894	1091.172
(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)	1841.117	1182.454	1097.732
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	475.434	361.489	15.642
(b) Trade payables	57.840	176.393	36.730
(c) Other current liabilities	30.869	366.400	224.086
(d) Short-term provisions	3.253	0.000	0.023
Total Current Liabilities (4)	567.396	904.282	276.481
TOTAL	2408.513	2086.736	1374.213
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.522	9.168	10.300
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	12.514	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	68.131	66.356	69.472
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	261.332	178.739	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	350.499	254.263	79.772
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	26.227	321.161	0.000
(c) Trade receivables	82.164	259.927	114.609
(d) Cash and cash equivalents	35.701	64.960	168.457
(e) Short-term loans and advances	1913.922	1186.425	1011.375
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	2058.014	1832.473	1294.441
TOTAL	2408.513	2086.736	1374.213

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	2375.772	958.292	528.282
	Other Income	55.800	17.728	1210.722
	TOTAL	2431.572	976.020	1739.004
Less	EXPENSES
	Cost of Materials Consumed	426.097	266.007	29.816
	Purchases of Stock-in-Trade	868.575	484.893	65.551
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	76.673	(81.226)	66.787
	Employees benefits expense	95.565	66.227	35.780
	Extraordinary items	0.000	3.116	0.000
	Other expenses	249.758	147.340	331.113
	TOTAL	1716.668	886.357	529.047
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	714.904	89.663	1209.957
Less	FINANCIAL EXPENSES	57.975	22.851	2.331
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	656.929	66.812	1207.626
Less/ Add	DEPRECIATION/ AMORTISATION	1.504	1.386	110.951
	PROFIT/ (LOSS) BEFORE TAX	655.425	65.426	1096.675
Less	TAX	0.015	0.000	23.120
	PROFIT/ (LOSS) AFTER TAX	655.410	65.426	1073.555
	Earnings / (Loss) Per Share (Rs.)	999.10	99.73	1639.45

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	(176.494)	(441.832)	0.000

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	27.59	6.83	203.22
Operating Profit Margin (PBDIT / Sales)	(%)	30.09	9.36	229.04
Return on Total Assets (PBT/Total Assets}	(%)	28.16	3.24	84.05
Return on Investment (ROI) (PBT/Networth)		0.36	0.06	1.00
Debt Equity Ratio (Total Debt/Networth)		0.26	0.31	0.01
Current Ratio (Current Asset/Current Liability)		3.63	2.03	4.68

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	6.560	6.560	6.560
Reserves & Surplus	1091.172	1175.894	1834.557
Net worth	1097.732	1182.454	1841.117
long-term borrowings	0.000	0.000	0.000
Short term borrowings	15.642	361.489	475.434
Total borrowings	15.642	361.489	475.434
Debt/Equity ratio	0.014	0.306	0.258

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	528.282	958.292	2375.772
		81.398	147.917

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	528.282	958.292	2375.772
Profit	1073.555	65.426	655.410
	203.22%	6.83%	27.59%

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

Note:

Registered address has been shifted from the 4A, Pollock Centre 410, Swaika Centre, 4^th Floor, Kolkata – 700001, West Bengal, India to the present address w.e.f. 20.12.2007

OPERATIONS

The company from its operations in Abu Dhabi has generated revenue of Rs 2375.800 Million from the contract of Etihad Rail, Phase I. The company is in the process of getting further orders at Middle East which shall increase the revenues of the Company.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Rupee term loans from others	176.948	99.244
Loans and advances from related parties	0.525	9.025
Total	177.473	108.269

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10573116	15/05/2015	182,265,000.00	BANK OF BARODA	SILIGURI BRANCH, HILL CART ROAD, SILIGURI - 734001, WEST BENGAL, INDIA	C55545511
2	10478805	24/02/2014 *	1,090,000,000.00	INDIAN OVERSEAS BANK	INDIA EXCHANGE PLACE BRANCH, P-35, INDIA EXCHANGE  PLACE, KOLKATA - 700001, WEST BENGAL, INDIA	C00645143

* Date of charge modification

FIXED ASSETS

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer 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 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.64.95
UK Pound	1	Rs.99.73
Euro	1	Rs.71.84

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	PNM

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	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	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		45

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.