MIRA INFORM REPORT

Report Date :

14.12.2011

IDENTIFICATION DETAILS

Name :	GEMINI POWER HYDRAULICS PRIVATE LIMITED
Registered Office :	Gemini House, Bus Depot Lane, Deonar, Mumbai- 400088, Maharashtra
Country :	India.
Financials (as on) :	31.03.2011
Date of Incorporation :	23.05.1995
Com. Reg. No.:	11-088698
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U28900MH1995PTC088698
TAN No.: [Tax Deduction & Collection Account No.]	MUMG05113D
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Exporter Dealer, Importer of Hydraulic Equipments, Pneumatic Products, Spares and Toolings, and Related Hardware.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 277000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some dip in the profitability of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	Gemini House, Bus Depot Lane, Deonar, Mumbai- 400088, Maharashtra, India.
Tel. No.:	91-22-66819999
Fax No.:	91-22-66819988
E-Mail :	rajiv@geminiindia.com info@geminiindia.com laxmi@geminiindia.com
Website :	http://www.geminiindia.com
Warehouse :	B – 12, N Road, MIDC, Taloja – 410208, Raigad, India
Tel. No.:	91-22-65163073
Fax No.:	91-22-65138019
Overseas Office :	Located at Singapore USA
Regional Office :	Located at Chennai Delhi Ahmedabad Orissa Karnataka Uttar Pradesh Andhra Pradesh Pune Nagpur Madhya Pradesh

DIRECTORS

As on 30.09.2011

Name :

Mr. Rajiv Kishorechand Sethi

Designation :

Chairman

Address :

904 A, Sabari Aashiyana, Deonar Farm Road, Mumbai- 400088, Maharashtra, India.

Date of Birth/Age :

15.09.1962

Date of Appointment :

23.05.1995

DIN :

00028309

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U28900MH1995PTC088698	GEMINI POWER HYDRAULICS PRIVATE LIMITED	Director	23/05/1995	23/05/1995	-	Active	NO
2	U63090MH2001PTC132799	FAGIOLI INDIA PRIVATE LIMITED	Managing director	15/04/2010	19/07/2001	27/04/2011	Active	NO
3	U29253MH2007PTC167468	GEMINI EQUIPMENT AND RENTALS PRIVATE LIMITED	Director	6/10/2010	2/2/2007	25/11/2010	Active	NO
4	U45400MH2011PTC219487	GEMINI BRIDGES AND ROADS PRIVATE LIMITED	Director	6/7/2011	6/7/2011	-	Active	NO
5	U45203MH2011PTC219940	GEMINI CONSOLIDATED PROJECTS PRIVATE LIMITED	Director	19/07/2011	19/07/2011	-	Active	NO
6	U29253MH2011PTC220060	GEMINI FABRICATORS PRIVATE LIMITED	Director	22/07/2011	22/07/2011	-	Active	NO
7	U74900MH2011PTC220075	GEMINI ENGICON PRIVATE LIMITED	Director	23/07/2011	23/07/2011	-	Active	NO
8	U74999MH2011PTC220246	GEMINI POWER PLANT SERVICES PRIVATE LIMITED	Director	27/07/2011	27/07/2011	-	Active	NO

Name :

Mrs. Sarika Rajiv Sethi

Designation :

Director

Address :

904 A, Sabari Aashiyana, Deonar Farm Road, Mumbai- 400088, Maharashtra, India.

Date of Birth/Age :

07.01.1967

Date of Appointment :

23.05.1995

DIN :

00028349

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U28900MH1995PTC088698	GEMINI POWER HYDRAULICS PRIVATE LIMITED	Managing director	30/09/2009	23/05/1995	-	Active	NO
2	U29253MH2007PTC167468	GEMINI EQUIPMENT AND RENTALS PRIVATE LIMITED	Director	2/2/2007	2/2/2007	9/11/2009	Active	NO
3	U45400MH2011PTC219487	GEMINI BRIDGES AND ROADS PRIVATE LIMITED	Director	6/7/2011	6/7/2011	-	Active	NO
4	U45203MH2011PTC219940	GEMINI CONSOLIDATED PROJECTS PRIVATE LIMITED	Director	19/07/2011	19/07/2011	-	Active	NO
5	U29253MH2011PTC220060	GEMINI FABRICATORS PRIVATE LIMITED	Director	22/07/2011	22/07/2011	-	Active	NO
6	U74900MH2011PTC220075	GEMINI ENGICON PRIVATE LIMITED	Director	23/07/2011	23/07/2011	-	Active	NO
7	U74999MH2011PTC220246	GEMINI POWER PLANT SERVICES PRIVATE LIMITED	Director	27/07/2011	27/07/2011	-	Active	NO

Name :

Mr. Kishorechand Dinanath Sethi

Designation :

Director

Address :

Plot No. 418, D K Sandu Marg, Chembur, Mumbai- 400071, Maharashtra, India.

Date of Birth/Age :

05.06.1935

Date of Appointment :

03.10.2000

DIN :

00028374

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U28900MH1995PTC088698	GEMINI POWER HYDRAULICS PRIVATE LIMITED	Director	3/10/2000	3/10/2000	-	Active	NO
2	U63090MH2001PTC132799	FAGIOLI INDIA PRIVATE LIMITED	Director	19/07/2001	19/07/2001	27/04/2011	Active	NO

Name :

Mr. Charles Lawrence Miller III

Designation :

Additional Director

Address :

508, S York Street, Gastonia, Nc28052, United States of America NC 28052

Date of Birth/Age :

20.07.1959

Date of Appointment :

03.09.2008

DIN :

02316648

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U28900MH1995PTC088698	GEMINI POWER HYDRAULICS PRIVATE LIMITED	Director	30/09/2009	3/9/2008	Active	NO
2	U29253MH2007PTC167468	GEMINI EQUIPMENT AND RENTALS PRIVATE LIMITED	Director	30/09/2010	9/11/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Mr. Rajiv Kishorechand Sethi	999000
Mrs. Sarika Rajiv Sethi	1000
TOTAL	1000000

As on 30.09.2011

Equity Share Break Up Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter Dealer, Importer of Hydraulic Equipments, Pneumatic Products, Spares and Toolings, and Related Hardware.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Baroda, Chembur Branch, Mumbai- 400071, Maharashtra, India.

Facilities :

Secured Loans	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
From Banks Working Capital Facilities Term Loan	37.892 1.491	5.761
From Others	0.898	0.121
TOTAL	40.281	5.882
1] Security Provided: a. Working Capital facilities Rs.37.892 millions (Previous Year 2.266 millions) secured by hypothecation of inventory and book debts. b. Term Loan Rs.1.491 millions (Previous Year 2.004 millions) secured by a specific charge on the respective assets. c. Both the aforesaid loans are additionally secured by : 1. An equitable mortgage on freehold premises owned by Chairman of the company 2. An equitable mortgage on residential property in the name of one of the Directors of the company. 3. A personal guarantee of two Directors of the company. 4. Pledge of Directors personal deposits worth Rs.2001 millions (Previous year Rs. 1.839 millions 2] Term Loan from banks repayable within one year Rs.1.491 millions (Previous Year Rs.2.004 millions). 3] Secured Loan from Others: a) Secured loan from others being term loan for purchase of specified assets are secured by a charge on the respective asset financed by the lender. b) Secured loan from others repayable within one year Rs.0.406 million (Previous Year Rs.0.121 million).

Banking Relations :	--
Auditors :
Name :	Ramesh Lakshman and Company
Address :	58-B, Gurudev, R.C. Marg, Chembur Naka, Chembur, Mumbai- 400071, Maharashtra, India.
Tel. No.:	91-22-25284588/ 25295949
Fax No.:	91-22-25278301
E-Mail :	ric@rico.biz
Website :	http://www.rico.biz
PAN :	AACPL3714G
Enterprises over which Key Management personnel exercise significant influence :	Gemini Equipment and Rentals Private Limited Gemini Foundation Fagioli PSC India Private Limited Rainbow Intertrade Private Limited Gemini Marketing Services

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		59.468	54.498	37.945
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		69.468	64.498	47.945
LOAN FUNDS
1] Secured Loans		40.281	5.882	7.858
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		40.281	5.882	7.858
DEFERRED TAX LIABILITIES		2.211	1.736	0.221
TOTAL		111.960	72.116	56.024
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.753	18.744	19.732
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.426	0.426	0.426
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	99.482	44.550	28.778
	Sundry Debtors	73.416	64.490	57.950
	Cash & Bank Balances	5.416	3.096	1.221
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	43.858	26.460	15.081
Total Current Assets		222.172	138.596	103.030
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	87.170	44.458	30.209
	Current Liabilities	17.879	16.014	15.408
	Provisions	27.342	25.178	21.547
Total Current Liabilities		132.391	85.650	67.164
Net Current Assets		89.781	52.946	35.866
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		111.960	72.116	56.024

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	275.897	158.406	158.062
		Income from services	45.598	66.537	72.395
		Equipment rental income	0.078	0.000	0.700
		Commission	4.517	3.649	1.003
		Misc. Income	4.331	3.719	2.397
		TOTAL (A)	330.421	232.311	234.557
Less	EXPENSES
		Cost of Sales – Trading	211.338	117.453	116.823
		Cost of Sales - Service	20.038	20.744	29.577
		Administrative, Selling and General Expenses	85.258	63.873	51.147
		TOTAL (B)	316.634	202.070	197.547
	PROFIT/[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.787	30.241	37.010
Less	FINANCIAL EXPENSES (D)		3.307	0.973	0.716
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.480	29.268	36.293
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.538	2.139	1.970
	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		7.942	27.129	34.324
Less	TAX (H)		2.395	9.699	13.292
	PROFIT / [LOSS] AFTER TAX (G-H) (I)		5.547	17.430	21.032
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		49.128	36.195	17.498
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	3.620	1.750
		Proposed Dividend	0.500	0.750
		Corporate Tax on Dividend	0.076	0.127	0.585
	BALANCE CARRIED TO THE B/S		54.099	49.128	36.195
	EARNINGS IN FOREIGN CURRENCY
		Commission	4.703	3.423	1.003
		Deputation Charges	0.000	0.000	0.090
	TOTAL EARNINGS		4.703	3.423	1.093
	IMPORTS
		Trading Purchases	109.870	40.969	36.324
		Blot tightening and loosing accessories	0.260	1.285	3.124
		Capital Items	0.047	0.000	0.000
		Spare Parts	0.249	0.127	0.067
	TOTAL IMPORTS		110.426	42.381	39.515
	Earnings/[Loss] Per Share (Rs.)		5.55	-	-

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.68	7.50	8.97
Net Profit Margin (PBT/Sales)	(%)	2.88	17.13	21.71
Return on Total Assets (PBT/Total Assets}	(%)	3.25	17.24	27.96
Return on Investment (ROI) (PBT/Networth)		0.11	0.42	0.71
Debt Equity Ratio (Total Liability/Networth)		2.48	1.42	1.56
Current Ratio (Current Asset/Current Liability)		1.68	1.62	1.53

LOCAL AGENCY FURTHER INFORMATION

Note : Registered office address of the company has been shifted from D-222/11, TTC Industrial Area, MIDC Nerul, Navi Mumbai – 400706, Maharashtra, India to the present address w.e.f. 15.03.2010

OPERATIONS

The Financial Year Ending 31^st March, 2011 was perhaps one of the most difficult years in the recent history of the company. The relentless onslaught of inflation forced the Central bank to repeatedly increase interest rates at each review of monetary policy. The increasing interest rates and tighter liquidity resulted in collections getting prolonged for over extended periods of time. Despite these external pressures the trading division did rather well by increasing the top line by 74.17% (Rupees 275.900 millions as against Rs. 158.400 millions of the previous year). On the other hand services division (In particular the turnkey engineering services) took is moved from 91 in the previous year to 109 in the current year.

The efforts initiated in improving staff productivity and sales per employee continues, the results whereof are likely to be seen in future results. The company continues to experience higher levels of attrition consequent better opportunities thrown up by a grown up economy, one of the challenges before the director is to temper the attrition levels, the directors are working in this direction.

The directors wish to place on record their appreciation for the performance turned in by employees of the company in the light of challenges thrown in by a weak global economy.

INSURANCE :

The company has adequately insured all its assets and inventories.

Contingent Liabilities

Rs. in millions

Particulars	31.03.2011	31.03.2010
Guarantees / counter guarantees given by banks to other companies	8.091	4.115

Bankers Charges Report as per Registry

Corporate identity number of the company	U28900MH1995PTC088698
Name of the company	GEMINI POWER HYDRAULICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gemini House, Bus Depot Lane, Deonar, Mumbai – 400088, Maharashtra, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80023421
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Bank of Baroda- Chembur Branch, Mumbai- 400071, Maharashtra, India. Email : chembu@bankofbaroda.com
Nature of instrument creating charge	Supplemental Composite Agreement of Hypothecation of Goods, Book Debts, Moveable Machinery and Vehicles.
Date of instrument Creating the charge	29.04.2011
Amount secured by the charge	Rs.60.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - as per sanction letter subject to changes in base lending rate Terms of Repayment - Not applicable being cc limits Margin - 25% on stocks, 40% on Book debts and 25% on moveable machinery Extent and Operation of the charge - The Bank had sanctioned Cash credit and guarantee limits of Rs. 60.000 millions to secure the repayment of the said limit along with interest, the company has created charge in favour of the bank by way of hypothecation of additional machineries (both present and future) and also has extended the charge created earlier on 26.6.2008 and 23.6.2010. Others - The company has created only one document for total limit of Rs. 69.075 millions out of the same Rs.9.075 millions charge is created wide charge ID 10136776. The balance of Rs. 60.000 millions the present modification is being filed. All other terms and condition remain the same.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of Stock, Book Debts and Movable Machinery.
Date of instrument modifying the charge	23.06.2010
Particulars of the present modification	The Bank had sanctioned Cash credit and guarantee limits of Rs.60.000 millions to secure the repayment of the said limit along with interest, the company has created charge in favour of the bank by way of hypothecation of additional machineries (both present and future) and also has extended the charge created earlier on 26.6.2008 and 23.6.2010.

Bankers Charges Report as per Registry

Name of the company	GEMINI POWER HYDRAULICS PRIVATE LIMITED
Presented By	Bank of Baroda- Chembur Branch, Mumbai- 400071, Maharashtra, India.
1) Date and description of instrument creating the change	Hypothecation Agreement dated 14.10.1998
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 4.200 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All the present and future, stocks, and including but without prejudice to the generality of the foregoing words, all stocks of Raw Material, Stock in Process, Semi- Finished goods such as packing material and stores, etc, of the borrower. All the present and future, book debts, outstanding, monies receivables, claims, bills, contracts, engagements and securities, due to the borrower. All the tangible movable machinery and plant and cranes boats and crafts and the vehicles of the borrower together with spares, tools, and accessories and other movables, both present and future, and the furniture and fixtures and fittings and office equipment, of the borrower.
4) Gist of the terms and conditions and extent and operation of the charge.	To secure Demand Loan facility together with all interest, costs, charges and expenses, granted by the Bank to the Borrower. Rate of Interest: 20.79% p.a. Margin : 25%
5) Name and Address and description of the person entitled to the charge.	Bank of Baroda- Chembur Branch, Mumbai- 400071, Maharashtra, India.
6) Date and brief description of instrument modifying the charge	Supplementary Hypothecation Agreement dated 13.06.2000
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	By this modification, the security mentioned in column no. 3 hereinabove, shall hold good to secure adhoc demand loan of Rs. 2.370 Millions and also the supplementary hypothecation of machinery i.e. 2 HEK machines/ plant forms security has been offered. Rate of Interest has been modified to 5% over PLR i.e. 16.25% p.a. Therefore, the overall charges now stand at Rs. 6.570 Millions.

This form is for	Creation of charge
Corporate identity number of the company	U28900MH1995PTC088698
Name of the company	GEMINI POWER HYDRAULICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D- 222/11 TTC Industrial Area, MIDC Nerul, Navi Mumbai- 400706, Maharashtra.
Type of charge	Book Debts Movable Property ( not being pledge) Floating Charge
Particular of charge holder	Bank of Baroda- Chembur Branch, Mumbai- 400071, Maharashtra, India.
Nature of description of the instrument creating or modifying the charge	Composite Hypothecation Agreement
Date of instrument Creating the charge	19.12.2008
Amount secured by the charge	Rs. 6.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 1.5% over BPLR i.e. 14.75% per annum (Present BPLR 13.25% per annum). Terms of Repayment: Repayable in 36 monthly installments. 35 Installments of Rs. 0.167 Million each and the last installment of Rs. 0.155 Million. Interest to be paid separately. Margin: 25.77% Extent and Operation of the charge: The Bank has sanctioned the term loan of Rs. 6.000 Millions to the borrower. To secure the repayment of the said limit along with interest the borrower has created the charge in favour of the Bank by way of Hypothecation on it’s stock, book debts, and movable machinery at B-12, N. Road, MIDC, Taloja and at various sites throughout India. (More specifically described in second schedule of the composite hypothecation agreement dated 19.12.2008)
Short particulars of the property charged	The Bank has sanctioned the term loan of Rs. 6.000 Millions to the borrower. To secure the repayment of the said limit along with interest the borrower has created the charge in favour of the Bank by way of Hypothecation on it’s stock, book debts, and movable machinery at B-12, N. Road, MIDC, Taloja and at various sites throughout India. (More specifically described in second schedule of the composite hypothecation agreement dated 19.12.2008)

Fixed Assets:

• Goodwill
• Building Office Premises
• Plant and Machinery
• Office Equipment
• Air Conditioners
• Computers
• Computer Software
• Motor Car
• Two Wheeler
• Furniture and Fixtures
• Electrical Fittings
• Tenancy Rights

Website Details

Milestones

1988 - Founded Gemini Marketing Services.

1994 - Started first branch office in Chennai.

1995 - Gemini Power Hydraulics was formed to cater to the growing needs of the market.

1996 - Established a fully equipped Service Centre.

2001 - Fagioli PSC India was formed to expand the service capabilities.

2005 - Acquired ISO 9001:2000 certification.

2006 - Rainbow Intertrade Singapore was formed to facilitate import requirements of the Customer’s.

2007 - Gemini Marketing merged with Gemini Power Hydraulics to take advantage of the Synergies.

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	Indian Rupees
US Dollar	1	Rs.53.40
UK Pound	1	Rs.83.32
Euro	1	Rs.70.44

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.