MIRA INFORM REPORT

Report Date :

04.11.2011

IDENTIFICATION DETAILS

Name :	FAURECIA EMISSIONS CONTROL TECHNOLOGIES INDIA PRIVATE LIMITED
Formerly Known As :	ARVIN EXHAUST INDIA PRIVATE LIMITED EMCON TECHNOLOGIES INDIA PRIVATE LIMITED
Registered Office :	Fagun Mansion, 26 C-IN-C Road, Chennai-600008, Tamilnadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	11.04.1997
Com. Reg. No.:	18-037962
Capital Investment / Paid-up Capital :	Rs.90.000 Millions
CIN No.: [Company Identification No.]	U29130TN1997FTC037962
TAN No.: [Tax Deduction & Collection Account No.]	CHEA02562A
PAN No.: [Permanent Account No.]	AAACA8450F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Exhaust Muffler assemblies, Catalytic Converters, Instrument Panel Reinforcement assemblies (IPRA) and Door Side Impact Beams (SIB).
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 650000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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:	Fagun Mansion, 26 C-IN-C Road, Chennai-600008, Tamilnadu, India
Tel. No.:	91-44-67404999
Fax No.:	91-44-27464646
E-Mail :	jagadish.ram@emcontechnologies.com
Website :	http://www.emcontechnologiesindia.com
Factory:	#86/1, Kumbalagodu Industrial Area, Phase II, Mysore Road, Bangalore – 560074, Karnataka, India
Tel No.:	91-80-28437092/93/94
Branch Office :	17 and 18, Sengindram Industrial Area, Melrosapuram, S.P. Koil Post – 603 204, Kancheepuram District, India
Tel. No.:	91-44-67404999, 27464640, 27464633 , 27464620
Fax No.:	91-44-27464620

DIRECTORS

As on 13.07.2009

Name :

Mr. Mahendra Arivnd Killedar

Designation :

Alternate Director

Address :

205, Kumar Paritosh, Karvenagar, Near Corporation Bank, Pune-411052, Maharashtra, India

Date of Birth/Age :

30.10.1968

Date of Appointment :

03.06.2010

Name :

Mr. Krishnamurthy Naga Subramaniam

Designation :

Director

Address :

13/14, Anfilco Housing Colony, Anand Farms, Dundahera, Gurgaon-122016, Haryana, India

Date of Birth/Age :

15.07.1953

Date of Appointment :

03.12.2003

Date of Ceasing:

30.09.2009

Din No.:

00041843

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	L34101PN1961PLC015735	GABRIEL INDIA LIMITED	Managing director	15-05-98	15-05-98	21-05-08	Active	NO
2	U29197DL1986PLC025120	DEGREMONT LIMITED	Director	01-07-98	01-07-98	08-06-09	Active	NO
3	U29130TN1997FTC037962	FAURECIA EMISSIONS CONTROL TECHNOLOGIES INDIA PRIVATE LIMITED	Director	03-12-03	03-12-03	30-09-09	Active	NO
4	U99999MH1998PLC118876	HALDEX INDIA LIMITED	Director	24-05-06	24-05-06	30-06-09	Active	NO
5	U29199HR2006PLC043262	FEDERAL-MOGUL BEARINGS INDIA LIMITED	Director	17-07-06	17-07-06	02-06-09	Active	NO
6	U34300MH1993PLC073227	SPICER INDIA LIMITED	Alternate director	23-09-08	29-03-07	09-12-08	Active	NO
7	U99999MH1962PLC012316	PERFECT CIRCLE INDIA LIMITED	Director appointed in casual vacancy	22-05-08	22-05-08	28-04-09	Active	NO
8	U29117PN2001PLC018092	VICTOR GASKETS INDIA LIMITED	Whole-time director	13-08-08	22-05-08	31-12-09	Active	NO
9	L74899DL1954PLC002452	FEDERAL-MOGUL GOETZE (INDIA) LIMITED	Director	26-06-09	30-04-09	-	Active	NO

Name :

Mr. Pravesh Kumar

Designation :

Director

Address :

40/41, Pratham Society, Wadak, Pune-411027, Maharashtra, India

Date of Birth/Age :

04.02.1955

Date of Appointment :

12.12.2008

Din No.:

02211719

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	U35999TN1997PLC039028	MANDO INDIA LIMITED	Director	01-01-08	01-01-06	-	Active	NO
2	U51505DL2008PTC179801	VALEO LIGHTING SYSTEMS INDIA PRIVATE LIMITED	Additional director	04-11-08	04-11-08	30-09-09	Active	NO
3	U32102DL2007FTC164995	TAKATA INDIA PRIVATE LIMITED	Nominee director	02-12-08	02-12-08	-	Active	NO
4	U29130TN1997FTC037962	FAURECIA EMISSIONS CONTROL TECHNOLOGIES INDIA PRIVATE LIMITED	Director	12-12-08	12-12-08	-	Active	NO
5	U74899DL1966PLC004919	MAHLE FILTER SYSTEMS (INDIA) LIMITED	Alternate director	02-06-09	02-06-09	10-06-09	Active	NO
6	U74999MH1975PLC206199	ANAND AUTOMOTIVE LIMITED	Additional director	24-09-10	24-09-10	-	Active	NO
7	U35914PN2001FTC015991	YUTAKA AUTOPARTS PUNE PRIVATE LIMITED	Director appointed in casual vacancy	24-01-11	24-01-11	-	Active	NO
8	U51909DL1992PLC049978	CHANG YUN INDIA LIMITED	Director	01-08-11	30-03-11	-	Active	NO

Name :

Mr. Huang Wenzhang

Designation :

Director

Address :

23 C, Building # 8, No. 1, Weifang Road West, Pudong-200122, Shanghai, China

Date of Birth/Age :

14.11.1962

Date of Appointment :

08.03.2007

Date of Ceasing:

19.03.2010

Din No.:

01354161

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	U29130TN1997FTC037962	FAURECIA EMISSIONS CONTROL TECHNOLOGIES INDIA PRIVATE LIMITED	Director	08-03-07	08-03-07	19-03-10	Active	NO

Name :

Mr. Charles Edwin Seager Millington

Designation :

Director

Address :

Flat No. 4, 16, Tibberton House, Malvern, WR 143 AS, England

Date of Birth/Age :

27.06.1949

Date of Appointment :

18.03.2008

Date of Ceasing:

19.03.2010

Din No.:

02178129

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	U29130TN1997FTC037962	FAURECIA EMISSIONS CONTROL TECHNOLOGIES INDIA PRIVATE LIMITED	Director	18-03-08	18-03-08	19-03-10	Active	NO

Name :

Mr. Scgalski Joseph Steven

Designation :

Director

Address :

2754, Washington Street, Columbus-47201, Indiana, USA

Date of Birth/Age :

23.11.1966

Date of Appointment :

12.12.2008

Date of Ceasing:

19.03.2010

Din No.:

02548584

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	U29130TN1997FTC037962	FAURECIA EMISSIONS CONTROL TECHNOLOGIES INDIA PRIVATE LIMITED	Director	12-12-08	12-12-08	19-03-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Jagadish Ram Chandrasekaran
Designation :	Secretary
Address :	No. 2, Bhavani Street, Bharath Nagar, Adambakkam, Chennai-600088, Tamilnadu, India
Date of Birth/Age :	27.06.1984
Date of Appointment :	31.03.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 13.07.2009

Names of Shareholders	No. of Shares
ET Dutch Holding BV, Netherlands	6660000
Asia Investments Private Limited, India	2340000
Total	9000000

As on 13.07.2009

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	74.00
Bodies corporate	26.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Exhaust Muffler assemblies, Catalytic Converters, Instrument Panel Reinforcement assemblies (IPRA) and Door Side Impact Beams (SIB).

Products :

Product Description	Item Code No.
Muffler assembly (Exhaust Pipe) CAT convertor and Down pipes side Impact beam Instrumental Panel Assembly	8708 92 00

• Complete Emission Control Systems
• Catalytic Converter

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Muffler Assembly	Nos.	144000	104940
CAT Convertor and Down Pipes	Nos.	150000	44162
Side Impact Beam	Nos.	30000	420
Instrument Panel Assembly	Nos.	51000	57504

GENERAL INFORMATION

Customers :

• Caterpillar
• Ford
• Nissan
• TATA
• Toyota
• Sonalika International Tractor
• Alfa Romeo
• BMW
• Seat
• Skoda
• Flat
• Citroen
• General Motors

Bankers :

• Axis Bank Limited, CMC, First Floor, Karumuthu Nilayam, No. 192, Anna Salai, Chennai-600002, Tamilnadu, India.
• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India.

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Bank Term Loan (Secured by hypothecation of movable fixed assets as primary and equitable mortgage of factory land and building at Chennai and Hypothecation charge on current assets as collateral)	40.980	0.000
From Bank Overdraft (Secured by hypothecation of current assets as primary and equitable mortgage of factory land and building at Chennai and hypothecation charge on movable fixed assets as collateral)	4.984	10.826
Book Overdraft	7.318	0.000
From Others (Secured by hypothecation of assets acquired under hire purchase agreements)	0.698	1.545
Total	53.980	12.371

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Holding Company (HC):	ET Dutch Holdings BV
Associate Company (AC):	Asia Investments Private Limited (AIPL)
Fellow Subsidiaries:	Emcon Technologies UK Limited Emcon Technologies Netherlands BV Emcon Technologies Germany (Augsburg) GmbH Emcon Emision Technologies (ChongQing) Company Limited Emission Control Technologies Thailand Limited Emission Control Technologies South Africa (Cape Town) (Pty.) Limited Emcon Technologies LLC, USA E.T. Brasil Ind E Com de Sistemas Automotivos Limited Emcon Technologies Consulting (Shanghai) Company Limited
Joint Venture:	Anand Automotive Limited and Faurecia Emission Control Technologies, France ArvinMeritor, USA

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs.90.000 Millions

Note: 666000 equity shares of Rs.10/- each are held by the holding company, ET Dutch Holding BV.

As on 09.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14000000	Equity Shares	Rs.10/- each	Rs.140.000 Millions

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		90.000	90.000	90.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		73.903	34.862	25.041
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		163.903	124.862	115.041
LOAN FUNDS
1] Secured Loans		53.980	12.371	1.344
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		53.980	12.371	1.344
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		217.883	137.233	116.385
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		100.826	71.500	74.918
Capital work-in-progress		102.289	34.139	9.320
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		6.080	12.093	9.246
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	90.433	57.337	59.023
	Sundry Debtors	85.293	45.059	59.025
	Cash & Bank Balances	2.861	0.548	5.344
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	56.036	25.767	37.223
Total Current Assets		234.623	128.711	160.615
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	118.124	46.787	81.723
	Other Current Liabilities	91.900	40.020	42.923
	Provisions	15.911	22.403	13.068
Total Current Liabilities		225.935	109.210	137.714
Net Current Assets		8.688	19.501	22.901
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		217.883	137.233	116.385

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	515.539	340.149	419.137
		Service Income	38.443	26.755	7.687
		Other Income	17.110	11.118	10.032
		TOTAL (A)	571.092	378.022	436.856
Less	EXPENSES
		Cost of goods sold	340.467	215.236	272.637
		Employee costs	55.677	55.925	44.728
		Other expenses	86.853	78.039	77.451
		TOTAL (B)	482.997	349.200	394.816
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		88.095	28.822	42.040
Less	FINANCIAL EXPENSES (D)		3.360	1.814	1.862
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		84.735	27.008	40.178
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.650	14.834	21.793
	PROFIT BEFORE TAX (E-F) (G)		70.085	12.174	18.385
Less	TAX (H)		20.514	2.353	8.155
	PROFIT AFTER TAX (G-H) (I)		49.571	9.821	10.230
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		24.862	15.041	4.811
Less	APPROPRIATIONS
		Interim and Final Dividend	9.000	0.000	0.000
		Tax on Dividend	1.530	0.000	0.000
	BALANCE CARRIED TO THE B/S		63.903	24.862	15.041
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	11.153	13.149	57.511
		Services Rendered	38.443	26.756	7.687
	TOTAL EARNINGS		49.596	39.905	65.198
	IMPORTS
		Raw Materials	95.991	70.013	94.734
		Stores & Spares	0.590	0.449	1.347
		Capital Goods	53.340	6.961	3.397
	TOTAL IMPORTS		149.921	77.423	99.478
	Earnings Per Share (Rs.)		5.51	1.09	1.14

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	8.68	2.60	2.34
Net Profit Margin (PBT/Sales)	(%)	13.59	3.58	4.39
Return on Total Assets (PBT/Total Assets}	(%)	20.89	6.08	7.81
Return on Investment (ROI) (PBT/Networth)		0.43	0.10	0.16
Debt Equity Ratio (Total Liability/Networth)		1.71	0.97	1.21
Current Ratio (Current Asset/Current Liability)		1.04	1.18	1.17

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U29130TN1997FTC037962
Name of the company	FAURECIA EMISSIONS CONTROL TECHNOLOGIES INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Fagun Mansion, 26 C-IN-C Road, Chennai-600008, Tamilnadu, India
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India.
Email	srinivasan.venkataraman@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Letter of Hypothecation of Stocks, Book Debts and Machinery dated 04th August, 2010.
Date of instrument Creating the charge	04.08.2010
Amount secured by the charge	Rs.210.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Any such rate as may be advised to the Company from time to time in respect of the credit facilities. Terms of Repayment i) CC/WCDL of Rs.30.000 Millions - Repayable as per sanction terms; and ii) Term Loan of Rs.180.000 Millions - Unless demanded earlier the loan is repayable as per sanction terms. Margin As may be prescribed by the Bank from time to time for the credit facilities. Extent and Operation of the charge Hypothecation by way of Pari passu charge on Stocks and Book Debts and Second charge on Plant and Machinery both present and future to secure Cash Credit / WCDL facilities and Exclusive first charge on plant & machinery/assets funded out of term loan and Second charge on stocks and book debts both present and future to secure term loan facility.
Short particulars of the property charged	I) Hypothecation by way of Pari passu charge on Stocks and Book Debts and Second charge on Plant and Machinery both present and future to secure Cash Credit / WCDL facilities and II) Exclusive first charge on plant & machinery/assets funded out of term loan and Second charge on stocks and book debts both present and future to secure term loan facility

FIXED ASSETS:

• Buildings
• Plant and Machinery
• Furniture, Fittings and Equipments
• Vehicles

WEBSITE DETAILS:

Profile:

Subject is the "Emission Solution Provider" for automotive and off-road vehicle segments. The company was established in 1997, as a Joint Venture with ArvinMeritor, USA, for manufacture of Exhaust muffler assemblies, and catalytic converters.

In May 2007, ArvinMeritor sold its emission technologies business to Faurecia Emission Control Technologies, France, which is a new joint venture partner. Faurecia Emission Control Technologies is currently involved in design and manufacturing of complete emission control assemblies and exhaust systems (from hot end to cold end), Instrument Panel Reinforcement assemblies (IPRT) and Door Side Impact Beams (SIB).

Subject is one of the top 2 Emission Solution Provider in the world with current Sales turnover of over US $ 3 billion. Head quartered in the France, Subject operates in 19 countries with 7300 employees and 37 manufacturing facilities worldwide.

The company is geared up to offer emission control products utilizing POC, DOC, DPF, and SCR after-treatments customizing products to OEM vehicles that can meet BS-4/Euro and EPA norms for Indian and Export business.

COLLABORATOR:

Subject is a leader in the global exhaust emission control technology industry. The company serves worldwide passenger car, commercial vehicle and engine manufacturers. This $3.2 billion business has operations in 18 countries with 6,700 employees and several long-term joint venture relationships.

Subject is a pioneer in the emissions control business, introducing the first catalytic converters for passenger cars in 1974 and the first to introduce stainless steel and subsequently titanium exhaust systems. As one of the founders of the exhaust after-treatment business, the company has long been known for its ability to bring products with greater efficiency, quality and performance for original equipment manufacturers of engines and vehicles, to end-users.

Subject has spent more than three decades developing effective emissions control products. Subject has extensive experience as a systems integrator offering numerous applications to customers worldwide and is a major supplier of three-way catalytic converters, diesel oxidation catalysts and Diesel Particulate Filters (DPF) for passenger cars. Worldwide customers include most of the world’s major car manufacturers.

Since 2005, Subject has become a leading independent supplier of exhaust after treatment to the world’s truck and commercial vehicle engine manufacturers.

PRESS RELEASE:

EMCON TECHNOLOGIES INDIA LTD INAUGURATES A NEW AUTOMOTIVE COMPONENTS PLANT IN CHENNAI TO MANUFACTURE WORLD-CLASS EMISSION SOLUTIONS FOR THE AUTO INDUSTRY

Chennai, April 08, 2008- Emcon Technologies India, a 74:26 joint venture between Emcon Technologies, USA and Anand Automotive Systems inaugurated its new state-of-the-art manufacturing plant at Chennai on April 07, 2008. Emcon Technologies USA, one of the world’s leading emission solutions provider and Anand Automotive Systems, India’s leading manufacturer of automotive components and systems, as partners have invested US$ 4 million in this project already since inception, a further investment of US$ 10 million in future is envisaged.

This plant of Emcon Technologies India, spread over 4 acres, has state-of-the-art production equipment imported from UK to produce Exhaust Systems including catalytic converters, side impact beams, reinforcement panel assembly for the automotive industry. The new facility at Chennai employs 60 people. The Company is considering the possibility of setting up an additional facility in Western India. With this new plant and an upcoming green field project at Singur, the Company expects to achieve a turnover of US$ 50 million by 2011.

Visiting India on this occasion, Lee Gardner, CEO, Emcon Technologies, USA said, “Emcon Technologies India is the only emission solution provider having a design facility in India, our vision is to make it the leader in the Indian market. Emcon Technologies India is making key contribution to achieving the global strategic goal, which is to generate 5 per cent of the company sales from Asia.”

Mr. CS Patel, CEO, Anand Automotive Systems added, “We design, manufacture and deliver locally, yet guarantee that our products comply with the same international standards that are synonymous with the Emcon Technologies brand. Our strategy is to stay physically close to our customers. Chennai is an important location for Emcon Technolgies India but we are expanding to East India and exploring the possibility of a plant in West India. The inauguration of this new plant provides us business opportunities offered by one of the world’s fastest growing automotive markets.”

About Emcon Technologies India:

Emcon Technologies India Ltd. was set up in Chennai in 1997 and is a 74:26 joint venture between Emcon Technologies, USA and Anand Automotive Systems. Emcon Technologies India reported sales of US$ 11 million in 2007 and employed approximately 105 people at the end of 2007. The Company has two manufacturing facilities one in Chennai, and the other at Bangalore. A new plant is coming up in Singur (West Bengal).

About Anand Automotive Systems:

Anand Automotive Systems is a leading manufacturer of automotive components and systems in India, supplying to virtually every vehicle and engine manufacturer in the country. With the largest range of automotive components, the Group has a sales turnover of US$634 million. The Group comprises 16 companies with 44 manufacturing locations spread in nine states across the country. Its export, which currently accounts for 20 per cent of the total sales, is targeted to reach 30 per cent in next few years. Anand employs 7500 people of whom 800 are professionally qualified Engineers, MBAs and CAs. It invests two per cent of its sales every year on training and development programmes, conducted by its in-house technical and management institute. Visit www.anandgroupindia.com for more information.

About Emcon Technologies, USA:

EMCON Technologies is a leader in the global emission technology industry. The company serves worldwide light and commercial vehicle manufacturers. The $3 billion business has operations in 19 countries, 7,500 employees and several longterm joint venture relationships. EMCON is privately owned by One Equity Partners, an equity investment firm based in New York.

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.49.37
UK Pound	1	Rs.78.50
Euro	1	Rs.67.59

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--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	-

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.