MIRA INFORM REPORT

Report No. :	341716
Report Date :	23.09.2015

IDENTIFICATION DETAILS

Name :	CREST LOGISTICS AND ENGINEERS PRIVATE LIMITED (w.e.f. 11.04.2015)
Formerly Known As :	REL UTILITY ENGINEERS PRIVATE LIMITED (w.e.f. 21.02.2015) REL UTILITY ENGINEERS LIMITED (w.e.f. 18.12.2012) SONATA INVESTMENTS LIMITED RELIANCE ENERGY INVESTMENTS LIMITED (w.e.f. 02.03.2005) RELIANCE ENERGY INVESTMENT PRIVATE LIMITED (w.e.f. 06.05.2004) BSES VENTURES PRIVATE LIMITED BSES VENTURES LIMITED
Registered Office :	Unit No. 306, 3rd Floor, Magnum Opus, Kalina, Santacruz (East), Mumbai-400055, Maharashtra
Tel. No.:	91-22-30098861/30327000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.06.2003
Com. Reg. No.:	11-140946
Capital Investment / Paid-up Capital :	Rs. 30316.280 Million
CIN No.: [Company Identification No.]	U45200MH2003PTC140946
IEC No.:	0307058727
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCR7266A
Legal Form :	Private Limited Liability Company
Line of Business :	The Company has been carrying on the business of executing engineering, procurement and construction (EPC) contracts.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2003. It is an established company having a satisfactory track record. Rating takes into consideration company’s healthy financial risk profile marked by growing scale of its operation and decent capital structure with moderate debt protection metrics. Rating further takes into account on company knowledgeable and resourceful promoter with timely infusion of equity into the company. However, rating strengths is partially offsets on company continuous losses from its operations activities and competition from established players. Trade relations are fair. Business is active. Payments terms are reported to be slow but 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED

Management non-cooperative (91-22-30098861/30327000)

LOCATIONS

Registered Office :	Unit No. 306, 3rd floor, Magnum Opus, Kalina, Santacruz (East), Mumbai-400055, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	rinfra.mcafiling@relianceada.com

DIRECTORS

As on 31.03.2015

Name :

Mr. Dinesh Navnitlal Modi

Designation :

Additional Director

Address :

B 22, Sperry Star Co-Op HSG. Society Limited, Eksar Road, Borivli (West), Mumbai-400091, Maharashtra, India

Date of Appointment :

20.08.2015

DIN No.:

00004556

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	U40101MH2004PTC146486	UTILITY ENERGYTECH ENGINEERS PRIVATE LIMITED	Director	21/05/2004	21/05/2004	-	Amalgamated	NO
2	U45201MH2006PLC162603	RELIANCE INFRAVENTURES LIMITED	Director	14/06/2006	14/06/2006	30/03/2007	Amalgamated	NO
3	U65910MH2006PTC162605	NOIDA GLOBAL SEZ PRIVATE LIMITED	Director	14/06/2006	14/06/2006	27/03/2009	Active	NO
4	U74140MH2006PTC162861	Reliance Utility Engineers Private Limited	Director	26/06/2006	26/06/2006	26/03/2009	Amalgamated	NO
5	U74140MH2006PTC162872	ZAPAK MOBILE GAMES PRIVATE LIMITED	Director	27/06/2006	27/06/2006	01/12/2008	Active	NO
6	U45201MH2006PTC162951	RELIANCE PROJECTS FINANCE PRIVATE LIMITED	Director	03/07/2006	03/07/2006	30/03/2007	Amalgamated	NO
7	U74992MH2006PTC163071	ETISALAT DB TELECOM PRIVATE LIMITED	Director	13/07/2006	13/07/2006	22/01/2007	Under liquidation	NO
8	U93090MH2006PTC165589	RELIANCE ADA GROUP TRUSTEES PRIVATE LIMITED	Director	16/11/2006	16/11/2006	29/11/2008	Active	NO
9	U85110MH2006PTC165903	RELIANCE COAL RESOURCES PRIVATE LIMITED	Director	30/11/2006	30/11/2006	17/03/2009	Active	NO
10	U74140MH2007PLC168078	GLOBAL WIND POWER LIMITED	Director	23/02/2007	23/02/2007	29/05/2009	Active	NO
11	U93091MH2007PTC168143	VIKATA ENGINEERING SERVICES PRIVATE LIMITED	Director	24/02/2007	24/02/2007	10/03/2009	Amalgamated	NO
12	U92110GJ1994PTC021446	RELIANCE EMERGING MEDIA PVT LTD	Director	29/08/2007	14/04/2007	29/11/2008	Strike off	NO
13	U72900MH2000PTC126645	RELIANCE INTELLIGENT SOLUTIONS PROVIDER PRIVATE LIMITED	Director	25/09/2007	19/05/2007	29/11/2008	Strike off	NO
14	U40101MH2007PTC173913	SIYOM HYDRO POWER PRIVATE LIMITED	Director	07/09/2007	07/09/2007	09/07/2009	Active	NO
15	U40102MH2007PTC173907	TATO HYDRO POWER PRIVATE LIMITED	Director	07/09/2007	07/09/2007	29/09/2007	Active	NO
16	U74999UR2007PTC032472	URTHING SOBLA HYDRO POWER PRIVATE LIMITED	Director	13/09/2007	13/09/2007	29/09/2007	Active	NO
17	U40102MH2007PTC174507	KALAI POWER PRIVATE LIMITED	Director	26/09/2007	26/09/2007	09/07/2009	Active	NO
18	U67120MH1994PLC081127	EAUGU UDYOG LIMITED	Director	31/03/2008	01/01/2008	30/07/2012	Active	NO
19	U51909MH2004PTC145152	FORTUNEPOINT EXPORTS PRIVATE LIMITED	Director	15/05/2009	15/05/2009	18/05/2012	Active	NO
20	U24100MH1993PLC071376	Shree Pushkar Chemicals & Fertilisers Limited	Director	28/07/2014	20/06/2012	-	Active	NO
21	L21010MH1992PLC069281	ARROW COATED PRODUCTS LIMITED	Director	30/09/2014	05/08/2014	-	Active	NO
22	U72900MH2001PLC131600	Reliance IDC Limited	Additional director	25/03/2015	25/03/2015	-	Active	NO
23	U45203MH2010PTC203502	DA Toll Road Private Limited	Additional director	27/03/2015	27/03/2015	-	Active	NO
24	U51909MH1996PTC099106	Space Trade Enterprises Private Limited	Additional director	31/03/2015	31/03/2015	-	Active	NO
25	U51900MH2000PTC126435	Spice Commerce and Trade Private Limited	Additional director	31/03/2015	31/03/2015	-	Active	NO
26	U51900MH1996PTC099105	Skyline Global Trade Private Limited	Additional director	31/03/2015	31/03/2015	-	Active	NO
27	U45203MH2010PTC203370	HK Toll Road Private Limited	Additional director	31/03/2015	31/03/2015	-	Active	NO
28	U45203MH2010PTC199879	PS Toll Road Private Limited	Additional director	31/03/2015	31/03/2015	-	Active	NO
29	U40109MH2003PLC141375	Reliance Power Transmission Limited	Additional director	31/03/2015	31/03/2015	-	Active	NO
30	U45200MH2003PTC140946	Crest Logistics and Engineers Private Limited	Additional director	20/08/2015	20/08/2015	-	Active	NO

Name :

Mr. Hari Ganeshs

Designation :

Whole-Time Director

Address :

C/204, Lake Pleasent Phase II, Near Gopal Sharma School, Powai, Mumbai-400076, Maharashtra, India

Date of Birth/Age :

01.04.1968

Date of Appointment :

03.09.2014

DIN No.:

05240363

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	U74140MH2006PTC162861	Reliance Utility Engineers Private Limited	Additional director	27/03/2012	27/03/2012	-	Amalgamated	NO
2	U45200MH2003PTC140946	Crest Logistics and Engineers Private Limited	Whole-time director	03/09/2014	03/09/2014	-	Active	NO

Name :

Mr. Chandra Prakash Shukla

Designation :

Whole-Time Director

Address :

97 Shankar Ganj, Jhinjhak, Ramabai Nagar, Lucknow-209302, Uttar Pradesh, India

Date of Appointment :

14.10.2014

DIN No.:

06994474

KEY EXECUTIVES

Name :	Mr. Abhijit Rasamoy Banerjee
Designation :	Secretary
Address :	604, Sicily Marvel, Sector 12B, Plot No. 51, Koparkhairane, Navi Mumbai, 400709, Maharashtra, India
Date of Birth/ Age :	24.03.1964
Date of Appointment :	19.07.2006
PAN No.:	AGKPB9360N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Equity Shareholders	No. of Shares
Spice Commerce And Trade Private Limited	3004650
Space Trade Enterprises Private Limited	3004625
Skyline Global Trade Private Limited	3004650
Globtech Advisory Services Limited	3004650
Worldcom Solutions Limited	3004675
Reliance Infrastructure Limited	566455
Norfolk Soft Tech Private Limited	1750000
Northstar Soft Tech Private Limited	8510000
Elder IT Solutions Private Limited	2300000
Kent Info Tech Private Limited	1100000
Norflock IT Solutions Private Limited	1100000
Madhukar Moolwaney	100
Abhijit Banerjee	100
Prakash Khedekar	100
Total	30350005

Names of 6 % Preference Shareholders (Rs. 10 per share)	No. of Shares
Reliance Infrastructure Limited	2000
Total	2000

Names of 10 % Preference Shareholders (Rs. 1 per share)	No. of Shares
Reliance Infrastructure Limited	10950000
Whitegold Properties Private Limited	1810000
Total	12760000

Names of 10 % Preference Shareholders (Rs. 10 per share)	No. of Shares
Reliance Infrastructure Limited	3000000000
Total	3000000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company has been carrying on the business of executing engineering, procurement and construction (EPC) contracts.

Products :

Item Code No.	Product Description
99532909	Revenue from EPC and Contracting Business

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 :

Bank Name	Not Divulged
Branch	Not Divulged
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

Banking Relations :	--
Auditors :
Name :	M S Sethi and Associates Chartered Accountants
Address :	191-R Cavel Cross Lane No 9, 2nd Floor Dr. Viegas Street, Kalbadevi, Mumbai 400002, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFZ1234Q
Memberships :	--
Collaborators :	--
Associates :	· Comart Lithographers Private Limited CIN No.: U22219MH2004PTC015589 · Dtdc Courier And Cargo Limited CIN No.: U85110KA1990PLC011089 · Nectar Mercantile Private Limited CIN No.: U51909MH2010PTC198469 · North Eastern Electricity Supply Company Of Odisha Limited CIN No.: U40109OR1997PLC005106 · Payone Enterprises Private Limited CIN No.: U70100MH2005PTC156934 · Roots Industries India Limited CIN No.: U02520TZ1990PLC002987 · Southern Electricity Supply Company Of Odisha Limited CIN No.: U40109OR1997PLC005107 · Spring View Developers Private Limited CIN No.: U45200DL2006PTC155033 · Western Electricity Supply Company Of Odisha Limited CIN No.: U40109OR1997PLC005104

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
31500000	Equity Shares	Rs.10/- each	Rs. 315.000 Million
32950000	Preference shares	Rs.1/- each	Rs. 32.950 Million
3065205000	Preference shares	Rs.10/- each	Rs. 30652.050 Million
	Total		Rs. 31000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30350005	Equity Shares	Rs.10/- each	Rs. 303.500 Million
12760000	Preference shares	Rs.1/- each	Rs. 12.760 Million
3000002000	Preference shares	Rs.10/- each	Rs. 30000.020 Million
	Total		Rs. 30316.280 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013 (9 Months)	30.06.2012 (15 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30316.280	25316.280	316.260
(b) Reserves & Surplus	14144.143	19573.736	23771.174
(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)	44460.423	44890.016	24087.434
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	3.492
(c) Other long term liabilities	32090.696	16719.487	24862.127
(d) long-term provisions	49.299	50.050	3.209
Total Non-current Liabilities (3)	32139.995	16769.537	24868.828
(4) Current Liabilities
(a) Short term borrowings	112774.657	101571.757	101765.004
(b) Trade payables	17780.137	13719.081	13290.666
(c) Other current liabilities	18332.807	26463.989	35438.504
(d) Short-term provisions	203.956	205.478	255.607
Total Current Liabilities (4)	149091.557	141960.305	150749.781
TOTAL	225691.975	203619.858	199706.043
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	246.319	208.348	284.892
(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	90640.452	63515.030	64067.869
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	41546.958	44392.863	39579.265
(e) Other Non-current assets	9706.630	6823.400	4659.003
Total Non-Current Assets	142140.359	114939.641	108591.029
(2) Current assets
(a) Current investments	0.000	5.079	25.007
(b) Inventories	8.984	23.262	157.554
(c) Trade receivables	7868.200	9287.710	13885.015
(d) Cash and cash equivalents	887.914	24.595	80.206
(e) Short-term loans and advances	71897.690	76667.014	75056.396
(f) Other current assets	2888.828	2672.557	1910.836
Total Current Assets	83551.616	88680.217	91115.014
TOTAL	225691.975	203619.858	199706.043

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013 (9 Months)	30.06.2012 (15 Months)
	SALES
		Revenue from operations	22125.811	19362.466	33541.659
		Other Income	0.000	16.596	17.664
		TOTAL (A)	22125.811	19379.062	33559.323
Less	EXPENSES
		Cost of Materials Consumed	17813.570	18244.126	19031.108
		Purchases of Stock-in-Trade	0.000	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2855.373	(3780.505	7826.021
		Employees benefits expense	207.775	252.430	446.466
		Other expenses	432.029	339.067	1756.225
		TOTAL (B)	15598.001	15055.118	29059.820
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		6527.810	4323.944	4499.503
Less	FINANCIAL EXPENSES (D)		12888.524	8451.213	11210.504
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(6360.714)	(4127.269)	(6711.001)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		37.847	30.158	63.347
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(6398.561)	(4157.427)	(6774.348)
Less	TAX (H)		(459.099)	17.158	6.872
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(5939.462)	(4174.585)	(6781.220)
	Earnings Per Share (Rs.)		(195.70)	(137.55)	(223.43)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013 (9 Months)	30.06.2012 (15 Months)
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	11397.481	(25441.527)	(21264.484)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013 (9 Months)	30.06.2012 (15 Months)
Net Profit Margin (PAT / Sales)	(%)	(26.84)	(21.56)	(20.22)
Operating Profit Margin (PBIDT/Sales)	(%)	29.50	22.33	13.41
Return on Total Assets (PBT/Total Assets}	(%)	(4.74)	(2.97)	(4.99)
Return on Investment (ROI) (PBT/Networth)		(0.14)	(0.09)	(0.28)
Debt Equity Ratio (Total Debt /Networth)		2.54	2.26	4.22
Current Ratio (Current Asset/Current Liability)		0.56	0.62	0.60

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	30.06.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	316.260	25316.280	30316.280
Reserves & Surplus	23771.174	19573.736	14144.143
Net worth	24087.434	44890.016	44460.423
long-term borrowings	0.000	0.000	0.000
Short term borrowings	101765.004	101571.757	112774.657
Total borrowings	101765.004	101571.757	112774.657
Debt/Equity ratio	4.225	2.263	2.537

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.06.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	33541.659	19362.466	22125.811
		(42.273)	14.272

NET PROFIT MARGIN

Net Profit Margin	30.06.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	33541.659	19362.466	22125.811
Profit/ (Loss)	(6781.220)	(4174.585)	(5939.462)
	(20.22%)	(21.56%)	(26.84%)

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	No
21]	Banking facility details	No
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

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Non-convertible debentures others	10000.000	0.000
Deposits	102774.657	101571.757
Total	112774.657	101571.757

INDEX OF CHARGES NO CHARGES EXIST FOR COMPANY

FIXED ASSETS

• Land
• Building
• Plant and machinery
• Furniture and fixture
• Vehicle
• Computer
• Office equipment

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.65.75
UK Pound	1	Rs.102.17
Euro	1	Rs.74.38

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	KAS
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		42

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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.