MIRA INFORM REPORT

Report No. :	495766
Report Date :	06.03.2018

IDENTIFICATION DETAILS

Name :	KALIKA STEEL ALLOYS PRIVATE LIMITED
Registered Office :	Office No. 412, Shreekant Chambers Premises, Co-Operative Society Limited, Sion Trombay Road, Chamber, Mumbai – 400071, Maharashtra
Tel. No.:	91-240-2333432
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	25.10.2002
Com. Reg. No.:	11-137689
Capital Investment / Paid-up Capital :	INR 387.055 Million
CIN No.: [Company Identification No.]	U27000MH2002PTC137689
IEC No.: [Import-Export Code No.]	Not Divulged
TIN No.:	27650000997
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCK1502A
GSTN : [Goods & Service Tax Registration No.]	27AACCK1502A1ZD
GSTIN :	Not Divulged
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Ingots and M.S. Billets. (Registered Activity)
No. of Employees :	350 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2002. It is a manufacturer of Ingots and Billets. For the financial year 2017, the company achieved 26.39% growth in its revenue as compared to previous year revenue and has maintained average profitability margin of 1.95% during the year under review. Rating takes into consideration satisfactory financial profile of the company marked by sufficient networth base along with comfortable debt coverage indicators. Rating also takes into consideration subject’s experienced and resourceful promoters, established market presence of Kalika brand. However, rating strength are partially offset by highly competitive steel industry. Business is active. Payments seems to be slow but correct. In view of aforesaid, the company can be considered 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	BRICKWORK
Rating	Fund Based = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	05.07.2017

Rating Agency Name	BRICKWORK
Rating	Non Fund Based = A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	05.07.2017

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 06.03.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY

Name :	Mr. Anilkumar Nandkishore Goyal
Designation :	Director
Contact No.:	91-9823171700
Date :	24.11.2017

LOCATIONS

Registered Office :	Office No. 412, Shreekant Chambers Premises, Co-Operative Society Limited, Sion Trombay Road, Chamber, Mumbai – 400071, Maharashtra
Tel. No.:	91-240-2333432 / 248-2660999
Mobile No.:	91-9823171700 (Mr. Anilkumar Nandkishore Goyal)
Fax No.:	Not Available
E-Mail :	nehapagrawal@gmail.com sales@kalikasteels.com
Website :	http://www.kalikasteels.com
Location :	Owned
Locality :	Commercial
Factory :	Plot No. 7,8,9,10,11, MIDC Phase I, Aurangabad Road, Jalna – 431203, Maharashtra, India
Location :	Owned

DIRECTORS

As on 31.03.2017

Name :

Mr. Anilkumar Nandkishore Goyal

Designation :

Director

Address :

Goyal Niwas, Dr. R. P. Road, Jalna-431203, Maharashtra, India

Date of Birth/Age :

29.12.1962

Qualification :

Graduate

Date of Appointment :

14.01.2015

DIN No.:

00112286

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U21000MH1976PTC019318	SWIFT PAPER MILLS COMPANY PRIVATE LIMITED	19/07/2013	-
U27200MH1994PTC080142	BHOMI RE-ROLLS PRIVATE LIMITED	31/01/2008	-
U25203MH2007NPL171991	THERMEX REBAR MANUFACTURERS' ASSOCIATION	18/12/2010	-
U74990MH2010PTC199311	KALIKA SPONGE AND POWER PRIVATE LIMITED	23/01/2010	-
U27100MH2004PTC145665	KALIKA MAA ISPAT PRIVATE LIMITED	22/08/2004	-

Name :

Mr. Ghanshyamdas Chunnilalji Goyal

Designation :

Director

Address :

1294/ 1, Anand Nagar, College Road, Jalna-431203, Maharashtra, India

Date of Birth/Age :

19.12.1958

Qualification :

Graduate

Date of Appointment :

10.01.2005

PAN No.:

AIAPG3250C

DIN No.:

00115743

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U27300MH1999PTC122863	GIRIRAJ RE-ROLLS PRIVATE LIMITED	04/10/2004	-
U74990MH2010PTC199311	KALIKA SPONGE AND POWER PRIVATE LIMITED	23/01/2010	-
U27100MH2004PTC145665	KALIKA MAA ISPAT PRIVATE LIMITED	11/06/2004	-

Name :

Mr. Arunkumar Shrikishan Agarwal

Designation :

Director

Address :

Sagar Cloth Store, Subhas Road, Jalna-431203, Maharashtra, India

Date of Birth/Age :

29.12.1962

Qualification :

Graduate

Date of Appointment :

25.10.2002

DIN No.:

00269211

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U21000MH1976PTC019318	SWIFT PAPER MILLS COMPANY PRIVATE LIMITED	19/07/2013	-
U91990MH2001NPL133451	MAHARAJA AGRESEN FOUNDATION	30/09/2010	-
U51310MH2008PTC187554	SAGAR PARIDHAAN PRIVATE LIMITED	15/10/2008	-
U74990MH2010PTC199311	KALIKA SPONGE AND POWER PRIVATE LIMITED	23/01/2010	-
U29253MH2010PTC207636	SUNERGY PRODUCTS INDIA PRIVATE LIMITED	14/09/2010	-
U27100MH2004PTC145665	KALIKA MAA ISPAT PRIVATE LIMITED	22/08/2004	-

Name :

Mr. Manoj Jaibhagwan Jindal

Designation :

Director

Address :

R/ O Sambhaji Nagar, Near Hawaldar Hospital, Jalna-431203, Maharashtra, India

Date of Appointment :

14.01.2015

DIN No.:

02891013

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U24210MH1994PTC081810	JINDAL SEEDS COMPANY PRIVATE LIMITED	30/08/2010	-

Name :

Mr. Pankajkumar Vivekanandkumar Singh

Designation :

Director

Address :

Geetanjali Colony, Aurangabad Road, Shastri Mohalla, Jalna, Maharashtra, India

Date of Birth/Age :

07.10.1968

Qualification :

Graduate

Date of Appointment :

01.12.2010

DIN No.:

03314406

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares
Ghanshyamdas Goyal	4111364
Arun Agarwal	931910
Shankuntaladevi Goyal	657818
Kalpanadevi Goyal	877091
Anitadevi Sunil Goyal	877091
Anilkumar Nnadkishore Goyal	1699363
Shobhadevi Jindal	2302364
Leeladevi Agarwal	1863818
Neetadevi Agarwal	1315636
Vasundradevi Jindal	1809000
Jindal Seeds Company Private Limited, India	3289091
Giriraj Re-Roll Private Limited, India	3289091
Sagar Paridhan Private Limited, India	3289091
Bhomi Re – Rolls Private Limited, India	3289091
Tirupati Mercantiles Private Limited, India	6146105
Champion Merchandise Private Limited, India	1478787
Utkarsh Tradelink Private Limited, India	1478789
Total	38705500

Equity Share Break up (Percentage of Total Equity)

As on 29.06.2017

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	42.49
Promoter - Bodies corporate	57.51
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Ingots and M.S. Billets. (Registered Activity)

Products :

Item Code No.	Product Description
72071920	M S Billets
72149990	MS TMT Bars
72044900	MS Melting Scrap

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Countries :

• United Kingdom
• United States of America
• United Arab Emirates

Terms :

Selling :

L/C, Cheque, RTGS

Purchasing :

L/C, Cheque, RTGS

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Gopani Iran and Power Private Limited

Name of the Person :

Mr. Guruwant Gopani (Chairman)

Contact No.:

91-9820044648

Since How Long Known :

2 Years

Maximum Limit Dealt :

--

Experience :

Payment Behaviour	Market Goodwill	Overall
Good	Good	Good

Remark:

As claimed by Mr. Guruwant Gopani (Chairman) that subject company payments behaviour and market goodwill is good.

Customers :

Wholesalers, End Users

Reference :

Kasturi Builders

Name of the Person :

Mr. Dilip Agarwal (Partner)

Contact No.:

91-9970199702

Since How Long Known :

5 Years

Maximum Limit Dealt :

--

Experience :

Product Quality	Delivery Behaviour	Overall
Good	Good	Good

Remark:

As claimed by Mr. Dilip Agarwal (Partner) they are subject company product quality and delivery behaviour is good.

No. of Employees :

350 (Approximately)

Bankers :

Bank Name	State bank of India
Branch	Karva Nagar, Jalna, Maharashtra, India
Person Name (With Designation)	Mr. Pardesi (Assistant Branch Manager)
Contact Number	91-9923626394
Name of Account Holder	Kalika Steel Alloys Private Limited
Account Number	62086684013
Account Since (Date/Year of Account Opening)	2009
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	Term Loan : INR 500.000 Million
Account Operation	Satisfactory
Remarks (If any)	--

• Bank of India, Pune Large Corporate Branch, 1290, Sushilp, Off. J.M. Road, Shivaji Nagar, Pune-411005, Maharashtra, India

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Rupee term loans from banks	847.140	966.235
Short-term borrowings
Working capital loans from banks	520.520	0.000
Loans repayable on demand from banks	0.000	95.302
Total	1367.660	1061.537

Auditors :
Name :	Krishna Rao and Company Chartered Accountants
Address :	Bezonji Road, Jalna-431203, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AEKPC3449K
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Giriraj Re-Rolls Private Limited, India U27300MH1999PTC122863 Kalika Steel Jalna Private Limited, India U27100MH2004PTC144222

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	INR 10/- each	INR 400.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
38705500	Equity Shares	INR 10/- each	INR 387.055 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	387.055	341.600	341.600
(b) Reserves and Surplus	711.344	406.854	400.263
(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)	1098.399	748.454	741.863
(3) Non-Current Liabilities
(a) long-term borrowings	847.140	966.235	827.380
(b) Deferred tax liabilities (Net)	13.390	15.831	13.390
(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)	860.530	982.066	840.770
(4) Current Liabilities
(a) Short-term borrowings	644.003	189.901	166.189
(b) Trade payables	262.771	583.774	525.883
(c) Other current liabilities	0.000	0.000	4.320
(d) Short-term provisions	110.441	34.731	78.024
Total Current Liabilities (4)	1017.215	808.406	774.416
TOTAL	2976.144	2538.926	2357.049
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1754.715	1677.322	468.413
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Tangible assets capital work-in-progress	0.000	0.000	1078.147
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5.811	2.049	1.597
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term loans and advances	0.000	0.000	0.000
(e) Other Non-current assets	1.101	1.101	1.101
Total Non-Current Assets	1761.627	1680.472	1549.258
(2) Current assets
(a) Current investments	24.961	15.479	68.669
(b) Inventories	563.807	273.076	272.353
(c) Trade receivables	286.930	154.401	185.679
(d) Cash and bank balances	143.267	234.166	265.642
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	195.552	181.332	15.448
Total Current Assets	1214.517	858.454	807.791
TOTAL	2976.144	2538.926	2357.049

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	4638.837	3670.169	3779.916
	Other Income	19.493	200.246	83.408
	TOTAL	4658.330	3870.415	3863.324
Less	EXPENSES
	Cost of Materials Consumed	3213.914	2660.318	2973.317
	Purchases of Stock-in-Trade	0.907	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(307.193)	(150.434)	(22.617)
	Employee benefit expense	46.439	34.385	23.165
	CSR expenditure	0.000	0.000	0.000
	Other expenses	1321.181	1078.563	810.034
	TOTAL	4275.248	3622.832	3783.899
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	383.082	247.583	79.425
Less	FINANCIAL EXPENSES	195.458	168.520	15.387
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	187.624	79.063	64.038
Less/ Add	DEPRECIATION/ AMORTISATION	72.381	66.864	16.494
	PROFIT/ (LOSS) BEFORE TAX	115.243	12.199	47.544
Less	TAX	24.595	2.441	1.947
	PROFIT/ (LOSS) AFTER TAX	90.648	9.758	45.597
	Earnings / (Loss) Per Share (INR)	2.34	33.78	19.75

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Net cash flows from (used in) operations	286.856	(3.979)	274.202
Net cash flows from (used in) operating activities	259.821	(3.979)	272.255

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days [Sundry Debtors / Income * 365]	22.58	15.36	17.93
Account Receivables Turnover [Income / Sunday Debtors]	16.17	23.77	20.36
Average Payment Days [Sundry Creditors / Purchases * 365]	29.83	80.09	64.56
Inventory Turnover [Operating Income / Inventories]	0.68	0.91	0.29
Asset Turnover [Operating Income / Net Fixed Assets]	0.22	0.15	0.05

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets]	0.63	0.70	0.68
Debt Equity Ratio (Borrowings / NetWorth)	1.36	1.54	1.34
Current Liabilities to Networth (Current Liabilities / NetWorth)	0.93	1.08	1.04
Fixed Assets to NetWorth (Net Fixed Assets / NetWorth)	1.60	2.24	2.08
Interest Coverage Ratio [PBIT / Financial Charges]	1.96	1.47	5.16

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	(%)	1.95	0.27	1.21
Return on Total Assets [(PAT / Total Assets) * 100]	(%)	3.05	0.38	1.93
Return on Investment (ROI) [(PAT / NetWorth) * 100]	(%)	8.25	1.30	6.15

SOLVENCY RATIO

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio [Current Assets / Current Liabilities]	1.19	1.06	1.04
Quick Ratio [(Current Assets - Inventories) / Current Liabilities]	0.64	0.72	0.69
G-Score Ratio Financial [NetWorth / Total Assets]	0.37	0.29	0.31
G-Score Ratio Debt [Debts / Equity Capital]	3.85	3.38	2.91
G-Score Ratio Liquidity [Total Current Assets / Total Current Liabilities]	1.19	1.06	1.04

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	341.600	341.600	387.055
Reserves & Surplus	400.263	406.854	711.344
Net worth	741.863	748.454	1098.399
Long-term borrowings	827.380	966.235	847.140
Short term borrowings	166.189	189.901	644.003
Total borrowings	993.569	1156.136	1491.143
Debt/Equity ratio	1.339	1.545	1.358

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	3779.916	3670.169	4638.837
		(2.903)	26.393

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	3779.916	3670.169	4638.837
Profit/ (Loss)	45.597	9.758	90.648
	1.21 %	0.27 %	1.95 %

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	No
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	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 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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from C 7-11, Additional MIDC, Jalna – 431203, Maharashtra, India to the present address w.e.f. 29.03.2014.

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term borrowings
Rupee term loans from others	0.000	94.599
Loans and advances from related parties	123.483	0.000
Total	123.483	94.599

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G02823821	100024480	Bank of India	21/04/2016	-	-	1450000000.0	PUNE LARGE CORPORATE BRANCH, 1290, SUSHILP,OFF. J.M. ROAD, SHIVAJINAGARPUNEMH411005IN
2	C05506712	10500862	BANK OF INDIA	12/05/2014	-	-	1000000000.0	PUNE LARGE CORPORATE BRANCH, 1290, SUSHILP,OFF. J.M. ROAD, SHIVAJINAGARPUNEMH411005IN
3	B41342197	10134850	STATE BANK OF HYDERABAD	18/12/2008	25/05/2012	-	1130000000.0	JALNA MAIN BRANCH, NEAR SHIVAJI STATUEOPP MAIN POST OFFICEJALNAMH431203IN
4	A50956911	90149452	THE COSMOS CO-OP. BANK LTD.	22/10/2003	-	04/11/2008	30000000.0	AURANGABAD BRANCHAURANGABADMHIN
5	A50921329	90148436	THE COSMOS CO-OP. BANK LTD.	24/10/2003	-	04/11/2008	5000000.0	AURANGABAD BRANCHAURANGABADMHIN
6	A50955244	10004897	THE COSMOS BANK LIMITED	17/04/2006	-	04/11/2008	17500000.0	MHIN

FIXED ASSETS

• Land
• Factory Building
• Motor Vehicles
• Furniture and Fixtures
• Office Equipments
• 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 records 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	INR
US Dollar	1	INR 65.23
UK Pound	1	INR 89.71
Euro	1	INR 79.50

INFORMATION DETAILS

Information Gathered by :	AKS
Analysis Done by :	VAR
Report Prepared by :	KJL

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.