MIRA INFORM REPORT

Report No. :	508777
Report Date :	14.05.2018

IDENTIFICATION DETAILS

Name :	MUKAND SUMI SPECIAL STEEL LIMITED (w.e.f. 03.05.2018)
Formerly Known As :	MUKAND ALLOY STEELS LIMITED (w.e.f. 20.03.2018) MUKAND ALLOY STEELS PRIVATE LIMITED (w.e.f. 15.01.2015) MUKAND SUMI SPECIAL STEEL PRIVATE LIMITED
Registered Office :	Belapur Road, Kalwa, Thane – 400605, Maharashtra
Tel. No.:	91-22-27727500 / 21727368 / 61216666
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	15.01.2015
Com. Reg. No.:	11-260936
Capital Investment / Paid-up Capital :	INR 0.100 Million
CIN No.: [Company Identification No.]	U27310MH2015PLC260936
TIN No.:	27061106103V
IEC No.: [Import-Export Code No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAJCM5569J
GSTN : [Goods & Service Tax Registration No.]	27AAJCM5569J1ZU
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacture of Alloy Steel bars, rods, structural, rails. (Registered activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

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

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Yet to commence its business operation
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of “Mukand Limited” incorporated in the year 2015 and was formally known as “Mukand Alloy Steel Limited”. Later in the year name was changed to “Mukand Sumi Special Steel Limited.” The subject is engaged in manufacturing of alloy steel bars, rods, structural and rails. The company has not started in commercial activity since its inception and has incurred pre-operating expenditure which has resulted into erosion of net worth during financial year 2017. Rating further gets constrained on account of its presence in highly competitive steel industry. However, these rating weakness gets partially offset by its strong managerial support rom its holding entity. Payment seems to be unknown. In view of aforesaid, the company can be considered for business dealings with some caution.

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	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 31-03-2018.

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 14.05.2018

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 DENIED BY

Name :	Mr. Anil
Designation :	Not Divulged
Contact No.:	91-22-21727368
Date :	12.05.2018

MANAGEMENT NON-COOPERATIVE (TEL NO.: 91-22-27727500)

LOCATIONS

Registered Office :	Belapur Road, Kalwa, Thane – 400605, Maharashtra, India
Tel. No.:	91-22-27727500 / 21727368 / 61216666
Mobile No.:	91-9818198709 (Mr. Kosuke Okamoto) 91-7738473998 (Mr. Kenji Setogawa) 91-7021614473 (Mr. Masaki Sasamoto) 91-9967589468 (Mr. Vipul Mahendrakumar Mashruwala)
Fax No.:	Not Available
E-Mail :	kjmallya@mukand.com kosuke.okamoto@sumitomocorp.com kenji.setogawa@sumitomocorp.com masaki.sasamoto@sumitomocorp.com vmmashruwala@mukand.com
Website :	http://www.mukand.com
Steel Division.:	Sales – European Union : Gerold RindererKella 13 – Batschuns6832 ZwischenwasserOssterreich - Austria
Fax No.:	+ 43 (0) 5522 45839
E-Mail :	gerold.rinderer@mukand.com

DIRECTORS

As on 31.03.2017

Name :

Mr. Rajesh Viren Shah

Designation :

Additional Director

Address :

7 Janki Kutir, Juhu Tara Road, Mumbai – 400049, Maharashtra, India

Date of Appointment :

30.03.2018

DIN No.:

00033371

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51909MH2006PTC165181	KVS ENERGY & SPORTS PRIVATE LIMITED	18/10/2006	-
U01119MH2006PTC163398	RAJPRIYA AGRO CO. PVT. LTD.	14/08/2006	-
U24210MH2003PTC138528	KULPI PORT HOLDING PRIVATE LIMITED	22/03/2004	-
U27300MH2012PLC234000	MUKAND SUMI METAL PROCESSING LIMITED	21/09/2013	-
U45201MH2006PTC162970	EASTERN GATEWAY TERMINALS PRIVATE LIMITED	27/09/2007	-
U35114WB1995PTC069392	BENGAL PORT PRIVATE LIMITED	14/11/2000	-
U51900MH1937PLC002724	JEEWAN LIMITED	16/06/2001	-
L24231PB1961PLC003747	RANBAXY LABORATORIES LTD	29/05/2009	-
L99999MH1937PLC002726	MUKAND LIMITED	03/07/1989	-
U27100MH1988PLC049731	KALYANI MUKAND LIMITED	29/04/1996	-
L45200MH1987PLC042378	MUKAND ENGINEERS LIMITED	23/10/1989	-
U01110MH1982PTC029008	ANANT JEEWAN AGRO CO PVT LTD	10/01/1983	-
U01100MH1982PTC029007	SUNNYDAYS AGRO COMPANY PRIVATE LIMITED	19/12/1985	-
U01100MH1982PTC029006	AMIVIR AGRO CO PVT LTD	28/07/1988	-
U01100MH1982PTC029005	AMAR JYOTI AGRO CO PVT LTD	26/03/1983	-
U65920MH1982PTC027800	JYOTI SHAH PREMISES AND INVESTMENTS PVT LTD	14/07/1982	-
U67120MH1982PTC026494	KSHITIJ HOLDINGS AND ENGINEERING PVT LTD	13/11/1987	-
U67120MH1982PTC026493	AKHIL INVESTMENTS & TRADES PRIVATE LIMITED	13/11/1987	-
U67120MH1982PTC026490	RAJVI ENGINEERING AND INVESTMENTS PVT LTD	26/02/1982	-

Name :

Mr. Vipul Mahendrakumar Mashruwala

Designation :

Whole-time Director

Address :

A-17, Vasuki, 7th Road, Rajawadi, Ghatkopar, Mumbai – 400077, Maharashtra, India

Date of Birth/ Age.:

18.04.1960

Date of Appointment :

31.03.2018

PAN No.:

AAAPM6281B

DIN No.:

00337914

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U27106MH1968NPL014092	THE ALLOY STEEL PRODUCERS ASSOCIATION OF INDIA	18/05/2009	-
U27300MH2012PLC234000	MUKAND SUMI METAL PROCESSING LIMITED	20/08/2012	-

Name :

Mr. Sankaran Radhakrishnan

Designation :

Additional Director

Address :

B-203, Runwal Nagar Phase-C, Kolbad Thane – 400601, Maharashtra, India

Date of Appointment :

04.12.2017

DIN No.:

00381139

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U04010MH1993PLC171444	INDIA THERMAL POWER LIMITED	11/07/1995	-
U28910MH1966PLC013399	BOMBAY FORGINGS LIMITED	27/07/1999	-
U27200MH1971PLC015205	VIDYAVIHAR CONTAINERS LIMITED	12/08/2013	-
U67120MH1979PLC021418	MUKAND GLOBAL FINANCE LIMITED	12/08/2015	-
L45200MH1987PLC042378	MUKAND ENGINEERS LIMITED	13/08/2012	-
U27300MH2012PLC234000	MUKAND SUMI METAL PROCESSING LIMITED	07/08/2015	-

Name :

Mr. Arvind Madhav Kulkarni

Designation :

Additional Director

Address :

504, Swastik Apts, Khopat, Thane – 400601, Maharashtra, India

Date of Appointment :

30.03.2018

DIN No.:

01656086

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U85110KA1998PLC023759	HOSPET STEELS LIMITED	29/09/2017	-
U27107RJ1995PLC010920	STAINLESS INDIA LTD	25/09/2008	-
U27300MH2012PLC234000	MUKAND SUMI METAL PROCESSING LIMITED	01/08/2012	-

Name :

Mr. Kenji Setogawa

Designation :

Additional Director

Address :

4-20-2934, 1-Chome, Ariake, Koto-Ku, Tokyo 1350063, Japan

Date of Birth/ Age.:

15.08.1956

Date of Appointment :

30.03.2018

PAN No.:

ITQPS4986A

DIN No.:

06508421

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U27300MH2012PLC234000	MUKAND SUMI METAL PROCESSING LIMITED	24/07/2017	-

Name :

Mr. Masaki Sasamoto

Designation :

Additional Director

Address :

7-26-2-702 Funabashi, Setagaya - Ku, Tokyo 1560055 Japan

Date of Birth/ Age.:

20.05.1963

Date of Appointment :

30.03.2018

DIN No.:

07194535

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U27300MH2012PLC234000	MUKAND SUMI METAL PROCESSING LIMITED	07/08/2015	-

Name :

Mr. Kosuke Okamoto

Designation :

Additional Director

Address :

4/9, Shanti Niketan, First Floor, Delhi – 110021, India

Date of Birth / Age.:

05.05.1966

Date of Appointment :

30.03.2018

PAN No.:

ACBP09901H

DIN No.:

07519455

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U27300MH2012PLC234000	MUKAND SUMI METAL PROCESSING LIMITED	08/09/2016	-

KEY EXECUTIVES

Name :	Mr. Vipul Mahendrakumar Mashruwala
Designation :	Chief Executive Officer
Address :	A-17, Vasuki, 7th Road, Rajawadi, Ghatkopar, Mumbai – 400077, Maharashtra, India
Date of Appointment :	16.01.2018
PAN No.:	AAAPM6281B
Name :	Mr. Amaralingam Gantha
Designation :	Chief Financial officer
Address :	Flat No. 801, A Wing, 8th Floor, Jasper G.B. Road, Hiranandani Estate, Thane - West – 400607, Maharashtra, India
Date of Appointment :	09.11.2017
PAN No.:	ABPPG2525G
Name :	Mr. Kunal Mahendra Shahukar
Designation :	Company Secretary
Address :	Flat No. B - 40, Riddhi Siddhi Apts, Plot No. 54/5 R.A. Kidwai Road, Matunga, Mumbai – 400019, Maharashtra, India
Date of Appointment :	16.01.2018
PAN No.:	CAFPS8563P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares
100% Subsidiary of Mukand Limited Mukand Limited	9800
Arvind M. Kulkarni Jointly with Mukand Limited	100
Umesh V. Joshi Jointly with Mukand Limited	100
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on 25.09.2017

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	2.00
Promoter - Bodies corporate	98.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of Alloy Steel bars, rods, structural, rails. (Registered activity)

Products :

NIC Code No.	Product Description
27151	Alloy Steel bars, rods, structural, rails

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Not Divulged
Branch	--
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Auditors :
Name :	Devendra Kumar Kanhaiyalal Doshi Chartered Accountants
Address :	Mumbai, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAGPD7286H
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	Mukand Limited, India L99999MH1937PLC002726

CAPITAL STRUCTURE

After 29.09.2017

Authorised Capital : INR 450.000 Million

Issued, Subscribed & Paid-up Capital : INR 212.088 Million

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	INR 10/- each	INR 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	INR 10/- each	INR 0.100 Million

FINANCIAL DATA

[all figures are in INR 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	0.100	0.100	0.100
(b) Reserves and Surplus	(0.602)	(0.400)	(0.183)
(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)	(0.502)	(0.300)	(0.083)
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long-term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short-term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	0.569	0.380	0.195
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	0.569	0.380	0.195
TOTAL	0.067	0.080	0.112
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Tangible assets 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 loans and advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.000	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and bank balances	0.017	0.030	0.062
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.050	0.050	0.050
Total Current Assets	0.067	0.080	0.112
TOTAL	0.067	0.080	0.112

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	0.000	0.000	0.000
	Other Income	0.000	0.000	0.000
	TOTAL	0.000	0.000	0.000
Less	EXPENSES
	Other expenses	0.206	0.221	0.166
	TOTAL	0.206	0.221	0.166
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(0.206)	(0.221)	(0.166)
Less	FINANCIAL EXPENSES	0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(0.206)	(0.221)	(0.166)
Less/ Add	DEPRECIATION/ AMORTISATION	0.000	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX	(0.206)	(0.221)	(0.166)
Less	TAX	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	(0.206)	(0.221)	(0.166)
	Earnings / (Loss) Per Share (INR)	(20.62)	(22.14)	(16.61)

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
Cash generated from operations	(0.013)	(0.032)	(0.017)
Net cash flow from operating activity	(0.013)	(0.032)	(0.017)

KEY RATIOS

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	8.49	4.75	1.74
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	(1.13)	(1.27)	(2.35)
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.00	0.00	0.00
Interest Coverage Ratio (PBIT / Financial Charges)	0.00	0.00	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	0.00	0.00	0.00
Return on Total Assets ((PAT / Total Assets) * 100)	%	(307.46)	(276.25)	(148.21)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	41.04	73.67	200.00

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.12	0.21	0.57
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.12	0.21	0.57
G-Score Ratio Financial (Networth / Total Assets)	(7.49)	(3.75)	(0.74)
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.12	0.21	0.57

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

FINANCIAL ANALYSIS

[all figures are 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	0.100	0.100	0.100
Reserves & Surplus	(0.183)	(0.400)	(0.602)
Net worth	(0.083)	(0.300)	(0.502)
Long Term borrowings
Short Term borrowings	0.000	0.000	0.000
Current Maturities of Long term debt	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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	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	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

REVIEW OF OPERATIONS

The Board of Directors of the Company on 12th January, 2017, has considered and approved, a scheme of arrangement and amalgamation amongst the Company, Mukand Limited and Mukand Vijayanagar Steel Limited and their respective shareholders and creditors under the provisions of Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 for transfer of Alloy Steel Rolling and Finishing business of Mukand Limited. The Appointed Date for Slump Sale and Amalgamation under the Scheme is 1^st January, 2017. The Scheme is subject to the approval of the shareholders, creditors and other competent statutory/regulatory authorities. An application in this regard has been filed with the National Company Law Tribunal.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

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 67.38
UK Pound	1	INR 91.39
Euro	1	INR 79.89

INFORMATION DETAILS

Information Gathered by :	SHRY
Analysis Done by :	NSG
Report Prepared by :	KJL

SCORE FACTORS

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

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.