MIRA INFORM REPORT

Report No. :	346716
Report Date :	30.10.2015

IDENTIFICATION DETAILS

Name :	KSE ELECTRICALS PRIVATE LIMITED
Registered Office :	Chatterjee Internet Centre, 33A, Chowringhee Road, 7^th Floor, Block No. 2, 3 and 9, Kolkata - 700071, West Bengal
Tel. No.:	91-33-22887600/01/02
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.07.1996
Com. Reg. No.:	21-080466
Capital Investment / Paid-up Capital :	Rs. 42.049 Million
CIN No.: [Company Identification No.]	U51505WB1996PTC080466
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CALK03248A
PAN No.: [Permanent Account No.]	AABCK1911C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Transmission and Distribution Line Hardware’s Cable Terminals, Lugs and Connectors, Earthing and Lightening Protection Materials.
No. of Employees :	Information declined by the Management

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Erstwhile established as a partnership firm in the year 1962 by Late Shri S.K. Banka, Klippon Systems and Electricals (KSE) commenced operations by manufacturing of basic Electrical Cable Accessories. In 1996, the firm was corporatized into a Private Limited Company and thereafter the name of the company was changed to its present name. Currently, KSE is an ISO 9001:2000 and ISO 14001:2004 certified company. Rating takes into consideration company’s rich experienced promoters and long track record of the company, wide product portfolio, empanelment with large number of domestic and international bodies for supply of material. The rating also factors in company's strong financial risk profile with low gearing and healthy debt protection measures. Rating further take into account on company’s growing scale of operations along with decent profitability margin over the years. The ratings are however, constrained by the client concentration risk, risks arising on account of volatility in raw material prices and cyclical and fragmented nature of industry. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal 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	CRISIL
Rating	Long Term Rating (Cash Credit) = BBB- (Suspended)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	16.06.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating (Bank Guarantee) = A3 (Suspended)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	16.06.2015

Reason for Suspension: Absence of requisite information.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION DECLINED

Management non-cooperative (91-33-22887600)

LOCATIONS

Registered Office :	Chatterjee Internet Centre, 33A, Chowringhee Road, 7^th Floor, Block No. 2, 3 and 9, Kolkata - 700071, West Bengal
Tel. No.:	91-33-22887600/01/02
Fax No.:	91-33-22887605
E-Mail :	info@kse.in
Website :	www.kse.in
Factory :	Jalan Industrial Complex, 3rd Main Road, 4th Left Lane, National Highway No. 6, P.O. Begri, Howrah - 711 411, West Bengal, India
E-Mail :	factory@kse.in

DIRECTORS

As on 30.09.2014

Name :

Mr. Siddharth Banka

Designation :

Managing Director

Address :

4, HO, Chiminh Sarani, Kolkata – 700 071, West Bengal, India

Date of Birth/Age :

05.09.1978

Date of Appointment :

28.02.2014

PAN No.:

AEEPB5465J

DIN No.:

00800647

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	U31300WB1999PTC089592	UML ENGINEERS PRIVATE LIMITED	Director	02/12/2014	10/06/1999	-	Active	NO
2	U51909WB1995PTC068997	MADHULIKA DEALCOMM PRIVATE LIMITED	Director	27/02/2007	27/02/2007	-	Active	NO
3	U51505WB1996PTC080466	KSE ELECTRICALS PRIVATE LIMITED	Managing director	28/02/2014	11/04/2007	-	Active	NO
4	U51505WB1999PTC088679	KSE ENTERPRISE SOLUTIONS PRIVATE LIMITED	Managing director	09/02/2012	07/02/2012	-	Active	NO
5	U72300WB2014PTC203966	KSE TECHNOLOGIES PRIVATE LIMITED	Director	29/10/2014	29/10/2014	-	Active	NO

Name :

Mr. Gautam Banka

Designation :

Director

Address :

4, HO, Chiminh Sarani, Kolkata – 700 071, West Bengal, India

Date of Birth/Age :

05.09.1978

Date of Appointment :

18.08.2000

PAN No.:

ADSPB9407H

DIN No.:

00800600

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	U51505WB1999PTC088679	KSE ENTERPRISE SOLUTIONS PRIVATE LIMITED	Director	09/02/2012	21/01/1999	28/02/2014	Active	NO
2	U51505WB1996PTC080466	KSE ELECTRICALS PRIVATE LIMITED	Director	18/08/2000	18/08/2000	-	Active	NO
3	U70101WB1986PTC040694	LYONS PROPERTIES PRIVATE LIMITED	Director	13/01/2007	13/01/2007	-	Active	NO

Name :

Mr. Anand Banka

Designation :

Director

Address :

4, HO, Chiminh Sarani, Kolkata – 700 071, West Bengal, India

Date of Birth/Age :

28.02.1983

Date of Appointment :

11.04.2007

PAN No.:

AHXPB8643E

DIN No.:

01314765

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	U51505WB1999PTC088679	KSE ENTERPRISE SOLUTIONS PRIVATE LIMITED	Director	28/02/2014	11/08/2005	-	Active	NO
2	U51505WB1996PTC080466	KSE ELECTRICALS PRIVATE LIMITED	Director	11/04/2007	11/04/2007	-	Active	NO
3	U72300WB2014PTC203966	KSE TECHNOLOGIES PRIVATE LIMITED	Director	29/10/2014	29/10/2014	-	Active	NO
4	U70101WB1986PTC040694	LYONS PROPERTIES PRIVATE LIMITED	Director	20/12/2014	20/12/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Kumkum Banka	659226
Gautam Banka	669600
Siddharth Banka	774900
Anand Banka	603150
Nicky Banka	456250
Namrata Banka	252250
Rashmi Banka	497000
Gautam Banka (HUF)	30924
Siddharth Banka (HUF)	60000
Janki Das Hanumam Bux	300
Amit Agarwal	300
Sabita Agarwal	300
KSE Enterprise Solutions Private Limited, India	383250
Total	4387450

As on 26.03.2015

Names of Allotee	No. of Shares
Gautam Banka	56250
Siddharth Banka	37500
Anand Banka	375000
Rashmi Banka	25000
Siddharth Banka (HUF)	225000
Total	178750

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	8.73
Directors or relatives of Directors	91.26
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :
Products/Services :	Split Bolt Connectors Bimetallic Lugs Insulation Piercing Connectors Mechanical Screw Connectors M Types Compression Connectors Cable Lugs and Connector
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	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 :

State Bank of India, Overseas Branch, Kolkata, Samriddhi Bhavan, Block -A, 1, Strand Road, Kolkata- 700001, West Bengal, India

Bank Name	DBS Bank Limited
Branch	4A Nandalal Basu Sarani, Kolkata- 700071, 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
LONG TERM BORROWING
Rupee term loans from banks (Secured by way of Hypothecation of Car)	43.908	0.484
SHORT TERM BORROWING
Rupee term loans from banks	233.038	222.314
Total	276.946	222.798

Financial Institution:

Siemens Financial Services Private Limited, 130, Pandurang Budhkar Marg, Worli, Mumbai- 400018, Maharashtra, India

Auditors :
Name :	R Tulsian and Company Chartered Accountants
Address :	7/1 C, Jatindra Mohan Avenue, Kolkata - 700 006, West Bengal, India
Tel. No.:	91-33-25431785 / 2270 / 2271
Fax No.:	91-33-25432270
E-Mail :	tulsian_tax@hotmail.com
PAN No.:	AAGFR4955B
Memberships :	--
Collaborators :	--
Company Under Common Control:	KSE Exports Private Limited
Subsidiary:	KSE Electricals JLT, United Arab Emirates

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4566200	Equity Shares	Rs.10/- each	Rs. 45.662 Million

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4387450	Equity Shares	Rs.10/- each	Rs. 43.874 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4204950	Equity Shares	Rs.10/- each	Rs. 42.049 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	42.049	41.712	13.127
(b) Reserves & Surplus	288.048	245.756	230.401
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	3.400	3.400	10.300
Total Shareholders’ Funds (1) + (2)	333.497	290.868	253.828
(3) Non-Current Liabilities
(a) long-term borrowings	81.822	37.734	66.553
(b) Deferred tax liabilities (Net)	22.204	19.742	16.773
(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)	104.026	57.476	83.326
(4) Current Liabilities
(a) Short term borrowings	233.038	222.314	212.956
(b) Trade payables	203.834	227.449	270.200
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	16.171	10.506	5.939
Total Current Liabilities (4)	453.043	460.269	489.095
TOTAL	890.566	808.613	826.249
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	219.640	194.576	185.139
(ii) Intangible Assets	3.248	4.760	5.637
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.333	1.576	1.536
(e) Other Non-current assets
Total Non-Current Assets	225.221	200.912	192.312
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	275.283	223.607	156.660
(c) Trade receivables	225.915	253.590	394.909
(d) Cash and cash equivalents	22.559	14.249	15.225
(e) Short-term loans and advances	141.588	116.255	67.143
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	665.345	607.701	633.937
TOTAL	890.566	808.613	826.249

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1390.105	1255.400	1077.359
	Other Income	28.684	21.964	25.441
	TOTAL	1418.789	1277.364	1102.800
Less	EXPENSES
	Variation of Stock	(30.188)	(45.803)	2.679
	Other expenses	1352.287	1228.917	1015.525
	TOTAL	1322.099	1183.114	1018.204
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	96.690	94.250	84.596
Less	FINANCIAL EXPENSES	29.290	39.951	40.555
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	67.400	54.299	44.041
Less/ Add	DEPRECIATION/ AMORTISATION	11.538	10.521	8.933
	PROFIT/ (LOSS) BEFORE TAX	55.862	43.778	35.108
Less	TAX	18.633	13.474	11.669
	PROFIT/ (LOSS) AFTER TAX	37.229	30.304	23.439
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	140.389	111.978	88.592
	Balance Carried to the B/S (J+K+L-M)	177.617	140.389	111.978
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	88.316	31.232	31.231
	TOTAL EARNINGS	88.316	31.232	31.231
	Earnings / (Loss) Per Share (Rs.)	8.85	7.20	5.57

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	0.000	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	12.620	70.375	68.627
Net cash flows from (used in) operating activities	2.113	56.042	65.420

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.68	2.41	2.18
Operating Profit Margin (PBIDT/Sales)	(%)	6.96	7.51	7.85
Return on Total Assets (PBT/Total Assets}	(%)	6.27	5.41	4.25
Return on Investment (ROI) (PBT/Networth)		0.17	0.15	0.14
Debt Equity Ratio (Total Debt /Networth)		0.94	0.89	1.10
Current Ratio (Current Asset/Current Liability)		1.47	1.32	1.30

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	13.127	41.712	42.049
Reserves & Surplus	230.401	245.756	288.048
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	10.300	3.400	3.400
Net worth	253.828	290.868	333.497
long-term borrowings	66.553	37.734	81.822
Short term borrowings	212.956	222.314	233.038
Current maturities of long-term debts	0.000	0.000	0.000
Total borrowings	279.509	260.048	314.860
Debt/Equity ratio	1.101	0.894	0.944

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	1077.359	1255.400	1390.105
		16.526	10.730

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	1077.359	1255.400	1390.105
Profit	23.439	30.304	37.229
	2.18%	2.41%	2.68%

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	Yes
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

REVIEW OF OPERATIONS

The Power Sector across the world including India has witnessed tremendous growth and your company has taken benefit of the situation by up scaling its operation into the Main Stream Activities which included New Market Development, New Product Range, Expansion in the Plant and Modernization of Office Facilities. The Company admirably reported Net Sales of Rs. 1390.110 Million During the financial year ended March 31, 2014 as compared to Rs.1225.400 Million during the previous financial year.

OPERATION AND FUTURE OUTLOOK

The Company has made forays into new markets thereby strengthening its position into the Global Market. The Company Order Bookstands to the tune of Rs. 400.000 Million from the overseas market. Your Directors are hopeful of multiplying the gross turnover of the Company during the ensuing financial year.

They performance during the year has been extremely good on the back of some strategic initiatives. We have expanded our presence in Global Market. The Company enjoys a rich heritage. We are focused on building on this platform by putting in place all the ingredients for a strong future.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Intercorporate deposits	35.600	34.001
Loans repayable on demand from others	0.000	3.027
Deposits from others	0.222	0.222
Loans and advances from related parties	2.092	0.000
Total	37.914	37.250

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10578277	01/07/2015	6,656,000.00	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	130, PANDURANG BUDHKAR MARG, WORLI, MUMBAI- 400018, MAHARASHTRA, INDIA	C58095969
2	10563041	25/03/2015	120,000,000.00	DBS BANK LIMITED	4A NANDALAL BASU SARANI, KOLKATA - 700071, WEST BENGAL, INDIA	C50748102
3	10563046	25/03/2015	30,000,000.00	DBS BANK LIMITED	4A NANDALAL BASU SARANI, KOLKATA - 700071, WEST BENGAL, INDIA	C50748995
4	10522236	15/09/2015 *	89,500,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, KOLKATA, SAMRIDDHI BHAVAN, BLOCK  -A, 1, STRAND ROAD, KOLKATA- 700001, WEST BENGAL,  INDIA	C65703324
5	10450925	15/09/2015 *	608,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, KOLKATA, SAMRIDDHI BHAVAN, BLOCK  -A, 1, STRAND ROAD, KOLKATA- 700001, WEST BENGAL,  INDIA	C65701047
6	10197068	15/09/2015 *	697,500,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, KOLKATA, SAMRIDDHI BHAVAN, BLOCK  -A, 1, STRAND ROAD, KOLKATA- 700001, WEST BENGAL,  INDIA	C65704231

FIXED ASSETS

• Land
• Buildings
• Office building
• Factory building
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Computer

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] 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.65.15
UK Pound	1	Rs.99.36
Euro	1	Rs.71.24

INFORMATION DETAILS

Information Gathered by :	JML
Analysis Done by :	KSH
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--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		50

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.