MIRA INFORM REPORT

Report No. :	338647
Report Date :	02.09.2015

IDENTIFICATION DETAILS

Name :	TNR INDUSTRIES PRIVATE LIMITED
Registered Office :	Plot No. 220 Road No. 9 Near Astalakshmi Temple, Vasavi Colony Dilsukhnagar, Hyderabad – 500035, Telangana
Tel. No.:	91-40-24037442
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.03.2011
Com. Reg. No.:	36-073453
Capital Investment / Paid-up Capital :	Rs. 35.000 Million
CIN No.: [Company Identification No.]	U45400TG2011PTC073453
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 :	Subject is engaged in the manufacture of RMC (ready mix concreate) used in the construction industry and also engaged into manufacturing of Plasticized Polyvinyl Chloride (UPVC) panels.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 10000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a Hyderabad based company incorporated in the year 2011. It is having a moderate track. The rating takes into consideration hefty debt level which leads to create risk to liquidity position of the company. The company has also incurred accumulated loss for the year 2014. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some cautions.

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 = B-
Rating Explanation	Have risk prone quality and carries very high credit risk.
Date	09.01.2015

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Srinivas Sama
Designation :	Vice President
Contact No.:	91-9246559952
Date :	27.08.2015

LOCATIONS

Registered Office :	Plot No. 220 Road No. 9 Near Astalakshmi Temple, Vasavi Colony Dilsukhnagar, Hyderabad – 500035, Telangana, India
Tel. No.:	91-40-24037442
Mobile No.:	91-9246559952 (Mr. Srinivas Sama)
Fax No.:	91-40-24030562
E-Mail :	Srinivassama@tnrconstruction.com tnrreadymixconcrete@gmail.com
Website :	http://www.tnrconstruction.com
Location :	Owned
Locality :	Industrial
Factory 1:	Sy No-382/A & 382/E, Choutuppal, Outuppal Mandal, Nalgonda Dist - 58252 Malkapur, India
Factory 2:	Sy. No. 385 and 386, Opposite Mount Opera, Batasingaram, Hayathnagar, Hyderabad – 501512, Telangana, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Narasimha Rao Theratipally

Designation :

Managing Director

Address :

House No. 1-29/2/B, Mohan Nagar, Kothapet, Hyderabad - 500059, Telangana, India

Date of Birth/Age :

01.6.1966

Date of Appointment :

01.10.2012

DIN No.:

01696871

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	U55101TG2006PTC052008	VAISHNAOI HOTELS (INDIA) PRIVATE LMITED	Director	23/08/2007	23/08/2007	28/05/2015	Active	NO
2	U45206TG2009PTC065688	YATI CONSTRUCTIONS PRIVATE LIMITED	Director	3/11/2009	3/11/2009	-	Active	NO
3	U45400TG2011PTC073453	TNR INDUSTRIES PRIVATE LIMITED	Managing director	1/10/2012	23/03/2011	-	Active	NO
4	U45209TG2011PTC073744	TNR CONSTRUCTIONS INDIA PRIVATE LIMITED	Managing director	7/4/2011	7/4/2011	-	Active	NO
5	U45209TG2011PTC076685	RP TNR INFRAPROJECTS PRIVATE LIMITED	Managing director	29/05/2013	23/09/2011	-	Active	NO
6	U45209TG2012PTC082188	TNR HOUSING PROJECTS (INDIA) PRIVATE LIMITED	Managing director	1/10/2012	27/07/2012	-	Active	NO
7	U55101TG2013PTC087715	TNR HOTELS AND RESORTS PRIVATE LIMITED	Director	17/05/2013	17/05/2013	-	Active	NO
8	AAD-3414	TNR - PRESTON PROJECTS LLP	Designated Partner	10/2/2015	10/2/2015	-	Active	NO
9	AAE-6175	TNR INFRA LLP	Designated Partner	24/08/2015	24/08/2015	-	Active	NO

Name :

Mrs. Karunasree Theratipally

Designation :

Managing Director

Address :

House No. 1-29/2/B, Mohan Nagar, Kothapet, Hyderabad - 500059, Telangana, India

Date of Birth/Age :

10.05.1970

Date of Appointment :

23.03.2011

DIN No.:

03458515

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	U45400TG2011PTC073453	TNR INDUSTRIES PRIVATE LIMITED	Managing director	23/03/2011	23/03/2011	-	Active	NO
2	U45209TG2011PTC073744	TNR CONSTRUCTIONS INDIA PRIVATE LIMITED	Director	7/4/2011	7/4/2011	-	Active	NO
3	U45209TG2012PTC082188	TNR HOUSING PROJECTS (INDIA) PRIVATE LIMITED	Director	27/07/2012	27/07/2012	-	Active	NO
4	U55101TG2013PTC087715	TNR HOTELS AND RESORTS PRIVATE LIMITED	Director	17/05/2013	17/05/2013	-	Active	NO
5	U45209TG2011PTC076685	RP TNR INFRAPROJECTS PRIVATE LIMITED	Director	29/05/2013	29/05/2013	-	Active	NO

Name :

Mr.Theratipally Srinivasulu

Designation :

Whole-Time Director

Address :

House No. 1-29/2/B, Mohan Nagar, Kothapet, Hyderabad - 500059, Andhra Pradesh, India

Date of Birth/Age :

19.08.1971

Date of Appointment :

26.12.2011

DIN No.:

02082268

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	U72400TG2005PTC046051	VERTICLE TECHNOLOGIES PRIVATE LIMITED	Director	29/04/2005	29/04/2005	7/2/2008	Active	NO
2	U45400TG2011PTC073453	TNR INDUSTRIES PRIVATE LIMITED	Whole-time director	26/12/2011	26/12/2011	-	Active	NO

Name :

Mr. Chandrashekar Theratipally

Designation :

Director

Address :

House No.11-13-1181/3, Flat No.103 TNR S Vaishnovi Apartments, Raod No.12 Vasavi Colony, Kothapet, Saroornagar, Rangareddi - 500035, Andhra Pradesh, India

Date of Birth/Age :

15.05.1977

Date of Appointment :

26.12.2011

DIN No.:

05159893

Name :

Mr. Vikram Kumar Theratipally

Designation :

Director

Address :

Plot No. 19, Road No. 2, Vasavi Clony, Kothapet,, Hyderabad - 500035, Andhra Pradesh, India

Date of Birth/Age :

21.02.1989

Date of Appointment :

11.04.2014

DIN No.:

05159934

KEY EXECUTIVES

Name :	Mr. Srinivas Sama
Designation :	Vice President

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Narsimha Rao Theratipally	280000
Karunasree Theratipally	280000
TNR Construction and India Private Limited	1785000
Theratipally Srinivasulu	385000
Chandrashekar Theratipally	385000
Vikram Kumar Theratipally	385000
Total	3500000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	51.00
Directors or relatives of Directors	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the manufacture of RMC (ready mix concreate) used in the construction industry and also engaged into manufacturing of Plasticized Polyvinyl Chloride (UPVC) panels.
Products :	Early Strength Concrete Fluid Concrete High Strength Concrete Light Weight Concrete Self-Compacting Concrete Temperature Control Concrete, etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Raw Material
Countries :	European Countries Germany
Terms :
Selling :	Cash, Advance Payment and Cheque
Purchasing :	Cash, Advance Payment and Cheque

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 :

Wholesalers, Retailers and End Users

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 :

50 (Approximately)

Bankers :

• Corporation Bank Limited
• State Bank of India

Banker Name	Bank of Maharashtra
Branch Address	Shivaji Nagar, Pune, Maharashtra, 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
Term Loan – HDFC Bank Limited	1.551	4.760
Term Loan – Kotak Mahindra Bank Limited	0.00	0.610
Term Loan – Bajaj Finserv Londing	0.612	1.860
Term Loan – Religare Finvest Limited	0.000	0.894
Term Loan – India Bulle Fin Services Limited	1.924	8.323
Term Loan –Mahindra and Mahindra Financial services	0.135	0.887
Term Loan –Reliance Capital Limited	3.024	0.000
Term Loan – Bank of Maharashtra	37.283	28.396
Term Loan – Axis Bank Limited	1.101	0.000
SHORT TERM BORROWING
Working Capital Loans
Cash credit – Bank of Maharashtra – Kothapet	48.155	24.838
Total	93.785	70.568

Auditors :
Name :	A.K. Sabat And Company Chartered Accountants
Address :	1-9-485/15/A/1, Ramnagar Gundu, Hyderabad – 500044, Telangana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAFFA4921K
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	TNR Constructions India Private Limited [U45209TG2011PTC073744]

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital: Rs. 70.000 Million

Issued, Subscribed & Paid-up Capital: Rs. 70.000 Million

AS ON 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 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	35.000	35.000	15.100
(b) Reserves & Surplus	(1.468)	4.984	1.942
(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)	33.532	39.984	17.042
(3) Non-Current Liabilities
(a) long-term borrowings	121.334	62.059	31.612
(b) Deferred tax liabilities (Net)	1.788	0.500	0.277
(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)	123.122	62.559	31.889
(4) Current Liabilities
(a) Short term borrowings	48.155	24.838	24.602
(b) Trade payables	17.639	6.431	5.888
(c) Other current liabilities	32.616	17.019	12.811
(d) Short-term provisions	7.811	6.397	1.373
Total Current Liabilities (4)	106.221	54.685	44.674
TOTAL	262.875	157.228	93.605
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	135.027	76.184	59.073
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.639	1.089	0.535
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	137.666	77.273	59.608
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	59.502	18.043	11.233
(c) Trade receivables	54.385	32.820	18.139
(d) Cash and cash equivalents	0.537	1.133	1.520
(e) Short-term loans and advances	2.522	26.407	2.865
(f) Other current assets	8.263	1.552	0.240
Total Current Assets	125.209	79.955	33.997
TOTAL	262.875	157.228	93.605

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES
Revenue from operation	169.762	133.858	70.434
Other Income	0.625	1.333	1.639
TOTAL	170.387	135.191	72.073
TOTAL EXPENSES	175.551	129.141	69.854
PROFIT/ (LOSS) BEFORE TAX	(5.164)	5.020	2.219
TAX	1.287	1.979	0.277
PROFIT/ (LOSS) AFTER TAX	(6.451)	3.041	1.942
Balance Carried to the B/S	(1.468)	3.042	1.942
Earnings / (Loss) Per Share (Rs.)	1.84	0.87	0.55

Particulars	31.03.2015
Sales Turnover (Approximately)	300.000

Expected Sales (2015-2016): Rs.500.000 Million

The above information has been parted by Mr. Srinivas Sama (Vice President).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	32.616	17.019	12.811
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Revenue from operation)	(%)	(3.80)	2.27	2.76
Return on Total Assets (PBT/Total Assets}	(%)	(1.96)	3.19	2.37
Return on Investment (ROI) (PBT/Networth)		(0.15)	0.13	0.13
Debt Equity Ratio (Total Debt /Networth)		5.09	2.21	3.32
Current Ratio (Current Asset/Current Liability)		1.18	1.46	0.76

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	15.100	35.000	35.000
Reserves & Surplus	1.942	4.984	-1.468
Net worth	17.042	39.984	33.532
long-term borrowings	31.612	62.059	121.334
Short term borrowings	24.602	24.838	48.155
CURRENT MATURITIES OF LONG-TERM DEBTS	12.811	17.019	32.616
Total borrowings	69.025	103.916	202.105
Debt/Equity ratio	4.050	2.599	6.027

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)
Revenue from operation	70.434	133.858	169.762
		90.047	26.822

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operation	70.434	133.858	169.762
Profit	1.942	3.041	(6.451)
	2.76%	2.27%	(3.80%)

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)	Yes
16	No. of employees	Yes
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 four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans And Advances From Related Parties
From Directors and Others
T. Srinivasulu	4.139	0.429
R. Sridhar	0.250	0.700
RP TNR Infraproject Private Limited	0.000	0.500
Konnect Konsulting	0.000	1.500
Sai Computers	0.000	1.000
TNR Constructions	0.300	0.300
T. Pavan Kumar	0.000	3.000
T. Ravi Kumar	0.000	0.250
T. Sridevi	0.400	0.750
K. Vinay Kumar	0.500	0.500
T. Narsimh Rao	0.200	0.200
TNR Constructions India Private Limited	61.795	6.000
T. Chandra Shekar	0.000	1.200
Sudarshan	4.520	0.000
T. Karuna Sree	1.100	0.000
Electrothermics Private Limited	2.500	0.000
Total	75.704	16.329

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10450408	30/08/2013	2,215,305.00	AXIS BANK LIMITED	5-2-183/184,ASC CENTRE, III FLOOR, RP ROAD, SECUN  DERABAD, ANDHRA PRADESH - 500003, INDIA	B85264836
2	10456123	30/08/2013	5,600,000.00	RELIANCE CAPITAL LIMITED	"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA	B87984092
3	10438624	11/07/2013	500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B80334154
4	10413819	01/03/2013	50,000,000.00	BANK OF MAHARASHTRA	11-9-7/1, GAYATRI ARCADE,, LAXMINAGAR, KOTHAPET,  HYDERABAD, ANDHRA PRADESH - 500035, INDIA	B71411805
5	10389769	27/10/2012	3,084,000.00	BAJAJ FINANCE LIMITED	AKURDI PUNE-, PUNE, Maharashtra - 411035, INDIA	B63254361
6	10345828	13/05/2015 *	70,000,000.00	BANK OF MAHARASHTRA	"LOKMANGAL" 1501, SHIVAJINAGAR, PUNE, MAHARASHTRA - 411005, INDIA	C55555858
7	10307759	30/07/2011	1,305,000.00	BAJAJ FINANCE LIMITED	AKURDI PUNE-, PUNE, MAHARASHTRA - 411035, INDIA	B21212329
8	10301497	19/07/2011	8,952,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B18535450
9	10301946	24/06/2011	11,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B18590190

* Date of charge modification

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.26
UK Pound	1	Rs.101.99
Euro	1	Rs.74.79

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	RAS
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--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		26

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.