MIRA INFORM REPORT

Report Date :

19.05.2011

IDENTIFICATION DETAILS

Name :	PATELS AIRTEMP (INDIA) LIMITED
Registered Office :	5^thFloor, Kalpana Complex, Near Memnagar Fire Station, Navrangpura, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.06.1992
Com. Reg. No.:	017801
Capital Investment / Paid-up Capital :	Rs. 50.702 Millions
CIN No.: [Company Identification No.]	L29190GJ1992PLC017801
TAN No.: [Tax Deduction & Collection Account No.]	AHMP00313F
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.
Line of Business :	Manufacturers of high quality Engineering Products
No. of Employees :	Not Divulged by Management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1204000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are 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.

INFORMATION DECLINED BY

Name :	Mr. Kamlesh R. Shah
Designation :	Accounts Manager
Date :	17.05.2011

LOCATIONS

Registered Office :	5^thFloor, Kalpana Complex, Near Memnagar Fire Station, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-27913694
Fax No.:	91-79-27913693
E-Mail :	patad1@bsnl.in project@patelsairtemp.co.in
Website :	www.patelairtemp.com
Works :	805/ 806, Rakanpur, Taluk Kalol, Via Sola Bhadaj Village, Gandhi Nagar – 382721, Gujarat, India
Tel. No.:	91-276286634/ 35/ 286480/ 81/ 286280
Fax No.:	91-2764286301
E-Mail :	pateld1@bsnl.in patelsairtemp@yahoo.co.in
Mumbai Office :	302, Oberoi Chembers – II, New Link Road, Oshiwara, Andheri (W), Mumbai – 400053, Maharasahtra, India
Tel. No.:	91-22-26734162/ 63
Fax No.:	91-22-26734162
E-Mail :	patbom@bom2.vsnl.net.in
Website :

DIRECTORS

As on 28.08.2010

Name :	Mr. Narayanbhai Gangarambhai Patel
Designation :	Chairman and Managing Director
Address :	357, Lane 18, Satyagrah Chhavni society, Satelite Road, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	21.04.1940
Qualification :	B.E. (Mechanical), M.E. (Air and Ref)
Experience :	41 Years
Date of Appointment :	10.06.1992
DIN No.:	00023107
Name :	Mr. Devidas Chelaram Narumalani
Designation :	Whole Time Director
Address :	702, Royal Resorts, T-38, shastri Nagar, Off j.P. Road, Andheri (West), Mumbai – 400053, Maharasahtra, India
Date of Birth/Age :	01.06.1949
Qualification :	B. Tech (I.I.T), D.B.M
Experience :	27 Years
Date of Appointment :	10.06.1992
DIN No.:	00097592
Name :	Mr. Narendra Gopalbhai Patel
Designation :	Whole Time Director
Address :	13, Alok Bunglows, Sun –N- Step Club Road, Thaltej, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	13.02.1958
Qualification :	B.E. (Mechanical), D.B.M
Experience :	21 Years
Date of Appointment :	21.06.1994
DIN No.:	00023205
Name :	Mr. Prakash Narayanbhai Patel
Designation :	Whole Time Director
Address :	357, Lane 18, Satyagrah Chhavni society, Satelite Road, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	11.09.1972
Qualification :	B.E. (Mechanical)
Experience :	17 Years
Date of Appointment :	27.05.2004
DIN No.:	00249210
Name :	Mr. Sanjiv Kumar Narayanbhai Patel
Designation :	Whole Time Director
Address :	357, Lane 18, Satyagrah Chhavni society, Satelite Road, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	11.09.1972
Date of Appointment :	30.09.2009
DIN No.:	02794095
Name :	Mr. Hareshkumar Ishwarlal Shah
Designation :	Director
Address :	23, Shankar Nagar Co – Operative Housing Society, Ghodasar, Ahmedabad – 380050 Gujarat, India
Date of Birth/Age :	18.10.1946
Date of Appointment :	29.10.2005
DIN No.:	00216585
Name :	Mr. Natwarlal Joitram Patel
Designation :	Director
Address :	844/1, Sector 5-C, Gandhi Nagar – 382016, Gujarat, India
Date of Birth/Age :	01.06.1951
Date of Appointment :	30.03.2003
DIN No.:	00249161
Name :	Mr. Naimish Bhunuprasad Patel
Designation :	Director
Address :	8, Indrabaug Society, Near Panchshil, Bus Stop, Usmanpura, Ahmedabad – 380013, Gujarat, India
Date of Birth/Age :	22.02.1957
Date of Appointment :	30.10.2009
DIN No.:	02813295
Name :	Mr. Vinodkumar Chhotubhai Desai
Designation :	Director
Address :	Block No. 295/4, Sector 20, Ghandhi Nagar – 382020, Gujarat, India
Date of Birth/Age :	16.02.1959
Date of Appointment :	30.10.2009
DIN No.:	02813402
Name :	Mr. Girish Nathubhai Desai
Designation :	Director
Address :	1 Pushpa Deep, 23 Pushpakunj Society, Kankaria, Ahmedabad – 380028, Gujarat, India
Date of Birth/Age :	15.01.1948
Date of Appointment :	30.10.2009
DIN No.:	02824731

KEY EXECUTIVES

Name :	Ms. Jahanvi M Trivedi
Designation :	Company Secretary
Address :	23, Mahadev Nagar Society, 7, Sai Puja Apartment, Stadium road, Navrangpura, Ahmedabad – 380014, Gujarat, India
Date of Birth/Age :	08.04.1983
Date of Appointment :	16.05.2010
PAN.:	AJKPT9454A
Name :	Mr. GIRISHBHAI N. DESAI
Designation :	VICE PRESIDENT (WORKS)
Name :	Mrs. KIRANBEN S. PATEL
Designation :	ASSISTANT DESIGN MANAGER
Name :	Mr. RAMESHBHAI B. PATEL
Designation :	DESIGN MANAGER (HEPV)
Name :	Mr. APURVBHAI V. SHAH
Designation :	GENERAL MANAGER (ENGINEERING)
Name :	Mr. BABUBHAI M. SUTHAR
Designation :	DESIGN MANAGER (HVAC)
Name :	Mr. KAMLESHBHAI R. SHAH
Designation :	ACCOUNTS MANAGER
Name :	Mr. GAURANGBHAI A. VYAS
Designation :	ASSISTANT PURCHASE MANAGER
Name :	Mr. BHAGWANBHAI S. PATEL
Designation :	ASSISTANT ACCOUNT MAMAGER
Name :	Mr. HARSHADBHAI H. PATEL
Designation :	ASSISTANT ACCOUNT MAMAGER
Name :	Mr. BHIKHABHAI K. PATEL
Designation :	MAINTENANCE MANAGER
Name :	Mr. KAMLESHBHAI P. PATEL
Designation :	WORKS MANAGER (FINNED TUBE DIVIDION
Name :	Mr. DINESHCHANDRA B. SHAH
Designation :	ASSISTANT PLANNING MANAGER
Name :	Mr. MAHESHBHAI V. MISTRY
Designation :	PRODUCTION MANAGER (HE & PV)
Name :	Mr. SUNILBHAI G. PATEL
Designation :	PLANNING & PRODUCTION MANAGER
Name :	Mr. KALPESHBHAI G. PATEL
Designation :	PRODUCTION MANAGER (HVAC)
Name :	Mr. DASHARATHBHAI P. PATEL
Designation :	QUALITY CONTROL MANAGER
Name :	Mr. JASHUBHAI P. PATEL
Designation :	RESOURCE DEVELOPMENT MANAGER
Name :	Mr. KENTILAL JETHALAL PATEL
Designation :	MATERIALS MANAGER
Name :	Mr. RAMESH DALAL
Designation :	Chief Executive Officer
Name :	Mr. PARAG SHAH
Designation :	GM (HVAC)
Name :	Mr. NITIN BHAT
Designation :	MANAGER (PROJECT)
Name :	Mr. HIMANSHU RAWAL
Designation :	MANAGER (AC)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2011

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1,216,871	24.00
Any Others (Specify)	710,000	14.00
Group Companies	710,000	14.00
Sub Total	1,926,871	38.00
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1,926,871	38.00
(B) Public Shareholding
(1) Institutions
Foreign Institutional Investors	24,387	0.48
Sub Total	24,387	0.48
(2) Non-Institutions
Bodies Corporate	228,750	4.51
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2,075,988	40.94
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	664,400	13.10
Any Others (Specify)	149,844	2.96
Non Resident Indians	134,940	2.66
Clearing Members	13,904	0.27
Trusts	1,000	0.02
Sub Total	3,118,982	61.52
Total Public shareholding (B)	3,143,369	62.00
Total (A)+(B)	5,070,240	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	5,070,240	-

As on 28.08.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	2.39
Bodies corporate	10.22
Directors or relatives of Directors	37.33
Other top fifty shareholders	6.53
Others	43.53
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of high quality Engineering Products

Products :

Product Description	Item Code No. (ITC Code)
Shell and Tube Heat Exchangers	84195010
Pressure Vessels	73090040
Air Conditioners and Refrigeration Equipments	84158200

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Installed Capacity (In MTS)
Components Condensers, Heat Exchangers, Air cooled Heat Exchanger, Finned Tube/Fine Tube Bundle/elements, Pressure Vessels, Steam Heaters	As informed by the Management, the items manufactured are the tailor made and are different in each case and hence, installed capacity is not ascertainable.

Particulars	Actual Production QTY Nos./ Sets
Industrial Fan and Accessories	7 Nos.
Heat Exchanger and Accessories	537 Nos. 17 Set
Steam Coil/ Heaters	52 Nos.
Air Conditioning and Refrigeration	154 Nos. 9 Set
Pressure Vessels	240 Nos.
Air Cooled Heat Exchanger	25 Nos. 52 Set
Finished/ Tube/ Fine T Bundle/ Elements	11742 Nos.

GENERAL INFORMATION

No. of Employees :

Not Divulged by Management

Bankers :

Bank of Baroda, Navrangpura Branch, Navrangpura, Ahmedabad – 380014, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions	As on 31.03.2009 (Rs. in Millions
From Financial Institution / Banks
Working Capital Facilities from Bank of Baroda (BOB)	80.500	51.393
From Others Vehicles acquired under hire purchase scheme are secured against vehicles purchased under the agreement	0.850	1.324
Total	81.350	52.717
Un Secured Loan	As on 31.03.2010 (Rs. in Millions	As on 31.03.2009 (Rs. in Millions
Inter Corporate Deposit [Includes dues to Company in which directors of the Company are Interested]	23.400	12.781
Total	23.400	12.781

Banking Relations :	--
Auditors :
Name :	Parikh and Majmudar Chartered Accountant
Address :	203, Harsh Avenue, Near Old High Court, Navjivan Post, Ahmedabad – 380013, Gujarat, India
PAN.:	AAAFP8921B
Associates/Subsidiaries :	Thermflow Engineers Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5070240	Equity Shares	Rs.10/- each	Rs.50.702 Millions

NOTE:

Paid-Up Capital includes 113709 (P.Y.11,3709) Equity shares of Rs. 10/- each fully paid-up issued for consideration other than cash upon scheme of amalgamation to the shareholders of erstwhile companies M/s. Patels Airtemp Private Limited and M/s. Gujarat Patcon Private Limited.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		50.702	50.702	50.702
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		250.421	175.494	114.722
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		301.123	226.196	165.424
LOAN FUNDS
1] Secured Loans		81.350	52.717	48.575
2] Unsecured Loans		23.400	12.781	8.100
TOTAL BORROWING		104.750	65.498	56.675
DEFERRED TAX LIABILITIES		17.999	14.533	14.544
TOTAL		423.872	306.227	236.643
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		135.060	84.176	81.466
Capital work-in-progress		10.010	1.331	0.000
INVESTMENT		0.280	0.280	0.280
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	50.173	53.007	59.711
	Sundry Debtors	273.702	191.204	170.242
	Cash & Bank Balances	37.840	55.684	17.376
	Other Current Assets	2.926	1.007	0.613
	Loans & Advances	21.718	25.591	11.213
Total Current Assets		386.359	326.493	259.155
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	59.268	68.478	50.284
	Other Current Liabilities	33.785	21.968	44.063
	Provisions	14.784	15.607	9.911
Total Current Liabilities		107.837	106.053	104.258
Net Current Assets		278.522	220.440	154.897
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		423.872	306.227	236.643

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	718.951	680.289	541.237
		Other Income	5.118	5.535	3.505
		TOTAL (A)	724.069	685.824	544.742
Less	EXPENSES
		Increase/ Decrease in stocks	(0.567)	2.515	(11.523)
		Material Consumed	392.028	390.891	338.255
		Manufacturing Expenses	129.564	117.688	86.026
		Selling and Administrative expenses	33.029	31.511	30.622
		Loss on sale of fixed Assets	0.000	0.196	0.000
		Director’s Remuneration	7.560	6.720	4.301
		Amount Written Off	7.645	9.022	0.000
		Key Men Insurance	0.000	0.000	1.050
		TOTAL (B)	569.259	558.543	448.731
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		154.810	127.281	96.011
Less	FINANCIAL EXPENSES (D)		13.406	10.886	12.730
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		141.404	116.395	83.281
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.777	6.618	6.255
	PROFIT BEFORE TAX (E-F) (G)		132.627	109.777	77.026
Less	TAX (I)		45.780	38.140	24.787
	PROFIT AFTER TAX (G-I) (J)		86.847	71.637	52.239
Less	PRIOR PERIOD ADJUSTMENT (NET)		0.057	0.188	0.094
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		155.494	102.222	64.474
Less	APPROPRIATIONS
		Transfer to General Reserve	9.000	7.500	5.500
		Proposed Dividend	10.140	9.126	5.070
		Interim Dividend	0.000	0.00	2.535
		Tax on Dividend	1.723	1.551	1.292
	BALANCE CARRIED TO THE B/S		221.421	155.494	102.222
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	38.725	137.110	12.877
	TOTAL EARNINGS		38.725	137.110	12.877
	IMPORTS
		Capital Goods	15.157	0.000	0.000
		Raw Materials	36.030	27.505	18.519
		Consumable Tools	1.777	0.000	0.000
		Trading Goods	0.000	0.000	10.812
	TOTAL IMPORTS		52.964	27.505	29.331
	Earnings Per Share (Rs.)		17.12	14.09	10.28

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	30.06.2010	30.09.2010	31.12.2010
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	165.710	185.640	157.200
Total Expenditure	130.520	141.170	118.050
PBIDT (Excl OI)	35.190	44.470	39.150
Other Income	0.310	0.250	0.200
Operating Profit	35.500	44.720	39.350
Interest	5.250	2.750	4.070
Exceptional Items	0.000	0.000	0.000
PBDT	30.250	41.970	35.280
Depreciation	2.530	2.660	2.840
Profit Before Tax	27.720	39.310	32.440
Tax	10.140	12.850	10.580
Provision and Contingencies	0.000	0.000	0.000
Profit After Tax	17.580	26.460	21.860
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	17.580	26.460	21.860

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	11.99	10.44	9.59
Net Profit Margin (PBT/Sales)	(%)	18.45	16.14	14.14
Return on Total Assets (PBT/Total Assets}	(%)	25.43	26.73	22.61
Return on Investment (ROI) (PBT/Networth)		0.44	0.48	0.46
Debt Equity Ratio (Total Liability/Networth)		0.70	0.76	0.97
Current Ratio (Current Asset/Current Liability)		3.58	3.08	2.48

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors:

Particulars	31.03.2010 (Rs. in Millions	31.03.2009 (Rs. in Millions	31.03.2008 (Rs. in Millions
Creditors For Goods
a) Micro, Small & Medium Enterprise	10.964	0.000	0.000
b) Others	31.478	52.445	36.510
Creditors for Expenses
a) Micro, Small & Medium Enterprise	1.588	0.000	0.000
b) Others	13.838	14.653	12.544
Creditors for Others	1.153	1.153	1.153
Creditors for Capital Expenditure	0.247	0.227	0.077
Total	59.268	68.478	50.284

Change of Address:

Registered office of the company has been shifted from 403, Avdesh Complex, 4^th Floor, opp. Gurudwara, Thaltej, Sarkhej Gandhi Nagar Highway, Ahmedabad – 380054, Gujarat, India to the present address w.e.f.16.12.2006

Performance:

The Directors continued to post good performance during the year. Profit before tax is Rs. 132.627 Millions against Rs. 109.777 Millions during the Previous Year. Net Sales of the company are Rs. 722.320 Millions against Rs. 684.465 Millions of the previous year.

The company has earned net profit of the company is Rs. 86.791 Millions against Rs. 71.449 Millions during the previous year showing an increase of about 21%. Thus there is remarkable growth in the top line as well as bottom line of the company for the year

FUTURE PROSPECTS

As you aware that the Company is in engineering industry and is engaged in manufacturing/fabricating tailor made machines and therefore, the order book position of such type of company can play pivotal role in the growth of the Company. The directors are pleased to state that continuing the past trend; the Company is having confirmed orders of about Rs.580.000 Millions on hand as on 22nd May,2010. Thus, inspite of the general slow down, the directors are confident of repeating similar growth inline with the past trend for fiscal year 2010-11. However, the directors are cautious and making untiring efforts so as not to compromise on growth, quality, and profitability of the Company.

As per the present policy of the Government of India, there is a thrust on development of various infrastructure sectors and accordingly Government is continuously spending and developing refineries, fertilizer projects, hermal power plant and nuclear power plant. There is wide scope for the Company to supply the Capital goods equipments to the Companies under this segment. Thus the Company can supply equipments like Shell & Tube heat Exchangers, Pressure Vessels & Columns, Air Cooled Heat Exchangers and Air Conditioning and Refrigeration equipments to this segment. Thus the directors are quite bullish on repeating similar performance in future.

Form 8:

Corporate identity number of the company	L29190GJ1992PLC017801
Name of the company	PATELS AIRTEMP (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	5^thFloor, Kalpana Complex, Near Memnagar Fire Station, Navrangpura, Ahmedabad – 380009, Gujarat, India
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	90103556
Type of charge	Immovable Property
Particular of charge holder	Bank of Baroda, Navrangpura Branch, Navrangpura, Ahmedabad – 380014, Gujarat, India
Nature of instrument creating charge	The Deed of Mortgage for creation of further mortgage dated 4.3.2011.
Date of instrument Creating the charge	04.03.2011
Amount secured by the charge	Rs. 305.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rate @ 3.5% above base rate i.e. 13% (with a concession of 1%) payable at monthly rest (present base rate of bank is 9.5%). Terms of Repayment As per terms and condition of Mortgage Deed dated 4.3.2011. Margin As per Schedule II of the Mortgage Deed dated 4.3.2011
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Block No. 805 admeasuring about 9915 Sq. Mtrs. of Mouje Rakanpur, Tal. Kalol, Dist. Gandhinagar. Block No. 806 admeasuring about 8094 Sq. Mtrs. of Mouje Rakanpur, Tal. Kalol, Dist. Gandhinagar. Block No. 807 admeasuring about 5033 Sq. Mtrs. of Mouje Rakanpur, Tal. Kalol, Dist. Gandhinagar. Block No. 810 admeasuring about 3035 Sq. Mtrs. of Mouje Rakanpur, Tal. Kalol, Dist. Gandhinagar. Block No. 811 admeasuring about 6677 Sq. Mtrs. of Mouje Rakanpur, Tal. Kalol, Dist. Gandhinagar.
Date of instrument modifying the charge	25.02.2011
Particulars of the present modification	Additional security provided for the enhanced limit from Rs. 225.000 Millions to Rs. 305.000 Millions by creation of Deed of Mortgage dated 4.3.2011.

Contingent Liability:

Estimated amount of Contracts remaining to be executed on Capital Account (net of advances) and not provided for Rs. 0.898 Millions (P. Y. NIL)..

Particulars	31.03.2010 (Rs. in Millions	31.03.2009 (Rs. in Millions
Outstanding Bank Guarantees	108.107	78.096
Outstanding Foreign Letter of Credit (73865 US$)	0.000	3.741
Outstanding Income Tax Demand for F.Y. 2006-07	3.662	0.000
Total	111.769	81.837

Fixed Assets:

• Goodwill
• Land
• Building
• Plant and Machinery
• Furniture, fixture and Office Equipment
• Vehicles
• Software

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.45.08
UK Pound	1	Rs.73.34
Euro	1	Rs.64.30

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.