MIRA INFORM REPORT

Report Date :

07.04.2012

IDENTIFICATION DETAILS

Name :	ACE DESIGNERS LIMITED
Formerly Known As :	ANUPAM MACHINE TOOLS PRIVATE LIMITED
Registered Office :	Plot No. 7 and 8, II Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.09.1986
Com. Reg. No.:	08-007816
Capital Investment / Paid-up Capital :	Rs. 155.200 Millions
CIN No.: [Company Identification No.]	U29199KA1998PTC007816
TAN No.: [Tax Deduction & Collection Account No.]	BLRA00221E
PAN No.: [Permanent Account No.]	AABCA2364F
Legal Form :	A closely held public limited liability company
Line of Business :	Manufacturers, Importers, Exporters and Traders of All Types of CNC Lathes, Plant and Machinery, Components and Accessories, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 5000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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 :	Plot No. 7 and 8, II Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-22186700 to 719 / 40370400 to 599
Fax No.:	91-80-22186723
E-Mail :	sampath@acedesigners.co.in gsk@acedesigners.co.in acedesigners@acemicromatic.com chandra@acedesigners.co.in
Website :	http://www.acemicromatic.com http://www.acedesigners.co.in
Corporate Office :	Plot No. 240/241, 11^th Main Road, 3^rd Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-40200555
Fax No.:	91-80-41136066
E-Mail :	mmtblr@acemicromatic.com
Factory 1 :	Plot No. 282, IV Phase, Peenya Industrial Area, Bangalore – 560 058, Karnataka, India
Tel. No.:	91-80-28394119
Fax No.:	91-80-28361507
Area :	5000 sq. mtrs
Location :	Owned
Factory 2 :	Plot No. 533, 10^th Main, IV Main, Peenya Industrial Area, Bangalore – 560 058, Karnataka, India
Tel. No.:	91-80-28361503-06
Fax No.:	91-80-28361507
E-Mail :	acetsg@blr.vsnl.net.in
Website :	http://www.acedesigners.com
Area :	5000 sq. mtrs
Location :	Owned
Factory 3 :	Plot No. A-49, 2^nd Main Road, II Stage, Peenya Industrial Area, Bangalore – 560 058, Karnataka, India
Tel. No.:	91-80-28361601
Area :	4000sq.mtrs
Location :	Owned
Factory 4 :	Plot GF-1, KSSIDC Flat, Peenya Industrial Estate, Bangalore – 560 058, Karnataka, India
Area :	4000 sq. mtrs
Location :	Owned

DIRECTORS

AS ON 18.07.2011

Name :	Mr. Shrinivas Govindrao Shirgurkar
Designation :	Director
Address :	583, 1^st Main, 2^nd Stage, 3^rd Block, RMV Extension, Bangalore – 560094, Karnataka
Date of Birth/Age :	08.04.1948
Date of Appointment :	25.09.1986
DIN No.:	00173944

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	U29199KA1986PLC007816	ACE DESIGNERS LIMITED	Managing director	01-07-10	25-09-86	Active	NO
2	U02922KA1987PLC008415	AUTO CNC MACHINING LIMITED	Director	11-06-87	11-06-87	Active	NO
3	U85110KA1994PLC015321	ACE MANUFACTURING SYSTEMS LIMITED	Director	07-03-94	07-03-94	Active	NO
4	U85110KA1995PLC018544	ACE MULTI AXES SYSTEMS LIMITED	Director	16-08-95	16-08-95	Active	NO
5	U74899DL1987PTC029798	MICROMATIC MACHINE TOOLS PRIVATE LIMITED.	Director	30-08-96	30-08-96	Active	NO
6	U34300KA2005PTC037594	PRAGATI TRANSMISSION PRIVATE LIMITED.	Director	03-11-05	03-11-05	Active	NO
7	L85110KA1980PLC003913	WENDT INDIA LIMITED	Director	17-04-06	17-04-06	Active	NO

Name :	Mr. Benedict Machado
Designation :	Director
Address :	583, 1^st Main, 2^nd Stage, 3^rd Block, RMV Extension, Bangalore – 560094, Karnataka
Date of Birth/Age :	04.12.1948
Date of Appointment :	25.09.1986
DIN No.:	00174074

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	U29199KA1986PLC007816	ACE DESIGNERS LIMITED	Managing director	01-07-10	25-09-86	Active	NO
2	U02922KA1987PLC008415	AUTO CNC MACHINING LIMITED	Director	11-06-87	11-06-87	Active	NO
3	U85110KA1994PLC015321	ACE MANUFACTURING SYSTEMS LIMITED	Director	07-03-94	07-03-94	Active	NO
4	U85110KA1995PLC018544	ACE MULTI AXES SYSTEMS LIMITED	Director	16-08-95	16-08-95	Active	NO
5	U74899DL1987PTC029798	MICROMATIC MACHINE TOOLS PRIVATE LIMITED	Director	30-08-96	30-08-96	Active	NO
6	U34300KA2005PTC037594	PRAGATI TRANSMISSION PRIVATE LIMITED.	Director	03-11-05	03-11-05	Active	NO

Name :	Mr. Ashok Vishwanath Sathe
Designation :	Director
Address :	252, 15^th “D” Cross, 2^nd Phase, 2^nd Stage, Mahalakshmipuram, Bangalore – 560086, Karnataka
Date of Birth/Age :	17.03.1940
Date of Appointment :	25.09.1986
DIN No.:	00174204

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	U29199KA1986PLC007816	ACE DESIGNERS LIMITED	Whole-time director	01-07-10	25-09-86	Active	NO
2	U02922KA1987PLC008415	AUTO CNC MACHINING LIMITED	Director	11-06-87	11-06-87	Active	NO
3	U74899DL1987PTC029798	MICROMATIC MACHINE TOOLS PRIVATE LIMITED	Director	01-02-88	01-02-88	Active	NO
4	U85110KA1994PLC015321	ACE MANUFACTURING SYSTEMS LIMITED	Director	07-03-94	07-03-94	Active	NO
5	U85110KA1995PLC018544	ACE MULTI AXES SYSTEMS LIMITED	Director	16-08-95	16-08-95	Active	NO
6	U29199KA2001PTC029247	PRAGATI AUTOMATION PRIVATE LIMITED	Director	05-07-01	05-07-01	Active	NO
7	U22100PN2007PTC130644	UDYAM PRAKASHAN PRIVATE LIMITED	Director	03-09-07	03-09-07	Active	NO
8	U29253KA2011PTC060244	PRAGATI CONTROL SYSTEMS PRIVATE LIMITED	Director	05-09-11	05-09-11	Active	NO

Name :	Mr. Shankar Arunachalam
Designation :	Director
Address :	A - 23, Fascinate Homes, 12^th Cross, 6^th Main, Malleswaram, Bangalore – 560003, Karnataka
Date of Birth/Age :	02.02.1959
Date of Appointment :	27.07.2002
DIN No.:	00203948

Other Directorship:

.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	U29199KA1986PLC007816	ACE DESIGNERS LIMITED	Director	09-02-02	09-02-02	Active	NO

Name :	Mr. Srinivasan Rangarajan
Designation :	Director
Address :	126, Dhanya, Nandidurga Road, Bangalore – 560046, Karnataka
Date of Birth/Age :	10.09.1941
Date of Appointment :	27.07.2002
DIN No.:	00043658

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	U29221KA1994PTC015104	NTTF INDUSTRIES PRIVATE LIMITED	Director	06-01-94	06-01-94	-	Active	NO
2	U72400KA1994PTC016526	RAS TRANSFORMATION TECHNOLOGIES PRIVATE LIMITED	Director	19-11-94	19-11-94	-	Strike off	NO
3	L35999TN1962PLC004943	SUNDRAM FASTENERS LIMITED	Director	06-03-95	06-03-95	-	Active	NO
4	L29150KA1976PLC003017	YUKEN INDIA LIMITED	Director	29-06-95	29-06-95	-	Active	NO
5	U26919TN1982PLC009622	MURUGAPPA MORGAN THERMAL CERAMICS LIMITED	Director	24-06-98	24-06-98	-	Active	NO
6	U85110KA1999NPL025461	NETTUR TECHNICAL TRAINING FOUNDATION	Director	13-07-99	13-07-99	-	Active	NO
7	U27109KA1999PTC025888	TAEGUTEC INDIA PRIVATE LIMITED	Director	01-03-00	01-03-00	-	Active	NO
8	L85110TZ1955PLC015049	TTK PRESTIGE LIMITED	Director	09-10-00	09-10-00	-	Active	NO
9	U29199KA1986PLC007816	ACE DESIGNERS LIMITED	Director	09-02-02	09-02-02	-	Active	NO
10	U66030TN2001PLC047977	CHOLAMANDALAM MS GENERAL INSURANCE COMPANY LIMITED	Director	22-03-02	22-03-02	-	Active	NO
11	L35921TN1949PLC002905	TUBE INVESTMENTS OF INDIA LIMITED	Director	09-06-04	09-06-04	-	Active	NO
12	L29112PN1978PLC088972	KIRLOSKAR INDUSTRIES LIMITED	Director	20-01-05	20-01-05	30-03-10	Active	NO
13	U02710KA2004PTC034823	DAKSHIN FOUNDRY PRIVATE LIMITED	Director	29-03-05	29-03-05	-	Active	NO
14	L24231TN1958PLC003647	TTK HEALTHCARE LIMITED	Director	29-12-05	29-12-05	-	Active	NO
15	L72200KA1999PLC025564	MINDTREE LIMITED	Director	24-10-06	24-10-06	-	Active	NO
16	U74140KA2007PTC042217	EDUTECH NTTF INDIA PRIVATE LIMITED	Director	28-04-07	28-04-07	-	Active	NO
17	U29259GJ1979PLC003467	STERLING ABRASIVE LIMITED	Director	04-06-09	22-04-09	-	Active	NO
18	U74300KA2009PTC050726	BANGALORE INTERNATIONAL EXHIBITION SERVICES PRIVATE LIMITED	Director	24-08-09	24-08-09	-	Active	NO
19	L29120PN2009PLC133351	KIRLOSKAR OIL ENGINES LIMITED	Director	09-07-10	30-03-10	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sekhar Chandra K
Designation :	Secretary
Address :	16 – A, G.B. Layout, 2^nd Stage, Mahalakshmipuram, Bangalore – 560086, Karnataka, India
Date of Birth/Age :	01.06.1974
Date of Appointment :	05.02.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 18.07.2011

Names of Shareholders	No. of Shares
Shrinivas G Shirgurkar	432000
Bharati S Shirgurkar	108000
Madhavi Trust	13500
Manisha Trust	13500
G D Shirgurkar (HUF)	27000
Benedict Machado	432000
Philamena Machado	148500
Preethi Trust	13500
Ashok Vishnanath Sathe	205000
Padma A Sathe	159000
Total	1552000

AS ON 18.07.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers, Importers, Exporters and Traders of All Types of CNC Lathes, Plant and Machinery, Components and Accessories, etc.

Products :

ITC Code No	Production Description
84589100	CNC Lathes

PRODUCTION STATUS (31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
CNC Lathe Machines	Nos.	2000	2000	1280

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Export – Import Bank of India, One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Syndicate Bank, 204/7, North Block, Manipal Centre, Dickenson Road, Bangalore – 560042, Karnataka, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Working Capital Loan	6.314	0.000
Total	6.314	0.000
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Public deposits	53.281	47.176
From others	0.000	1.359
Total	53.281	48.535

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountant
Address :	12 and 13^th floor, U.B. city, Canberra block - 24, Vittal malya Road, Bangaluru - 560001, Karnataka India
Pan No.:	AABFS3421N
Associates:	ACE Manufacturing Systems Limited A 153 and 154, 2^nd C Main, II Stage, Peenya Industrial Estate, Bangalore – 560 058, Karnataka Tel. No. 91-80-28360508 / 09 / 10 Fax No. 91-80-28362791 E Mail : ams@vsnl.com - Subject’s manufacturing systems is the machining centre manufacturing company of the ACE group. In a short span of time the company has grown rapidly to become the numero ono in the country for sales of vertical machining centers. ACE Multi Axes Systems Limited A-50, 2^nd C Main, II Stage, Peenya Industrial Estate, Bangalore – 560 058, Karnataka Tel. No. 91-80-28360024 Fax No. 91-80-28361507 E Mail : amasinfo@acedesigners.com Contact Person : Mr. H. L. Ramesh – Managing Director - The company caters to the heavy machining requirements of the machine tool industry. This server as an in-house facility for the ACE group where all the heavy parts like bed column, saddl, etc. are machined to high tolerances in a single set up on a fie face machining center. Micromatic Machine Tools Private Limited No. 271-272, Udyog Bhjavan, Sonawala Road, Goregaon, Mumbai = 400 013 Tel. No. 91-80-28717271 / 2 Fax No. 91-80-2875699 E Mail : mmtbom@bom5.vsnl.net.in Contact Person : Mr. P. A. Pandit – Executive Director - Subject is one of the India’ most dynamic and preferred machine tool supplier. It has offices in all major metros in India and each office is staffed with sales and service engineers. Auto CNC Machining Private Limited 356, 9^th Cross, 4^th Phase, Peenya Industrial Area, Bangalore – 560 058, Karnataka Tel. No. 91-80-28361264 / 1266 Fax No. 91-80-28361265 E Mail : autocnc@vsnl.net Website : http://www.acedesigners.com Contact Person : Mr. B. M. Arvind / Mr. Vinayak Kamat - The company is known in the industry circles is an ACE group company catering to the competitive automotive sector and other manufacturing industries that need precision turned parts in large volumes. - It is equipped with a battery of CNC lathes, machining centres and other general purpose machines like cylindrical grinder, centre less grinder, etc. - Its’ major clients are : + MICO Bosch + TVS Suzuki Delphi Automotive + Larsen andToubro Ace Super Auto Forge Private Limited Ace Micromatic Charitable Trust Mi – ACE CNC Machinery Trading (Shanghai) Limited, China Pragati Automation Private Limited Pragati Transmission Private Limited Pioneer Computing Technologies

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.100/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1552000	Equity Shares	Rs.100/- each	Rs. 155.200 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		155.200	178.200	178.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1115.668	1172.143	1116.999
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1270.868	1350.343	1295.199
LOAN FUNDS
1] Secured Loans		6.314	0.000	192.683
2] Unsecured Loans		53.281	48.535	42.063
TOTAL BORROWING		59.595	48.535	234.746
DEFERRED TAX LIABILITIES		6.944	19.316	29.914
TOTAL		1337.407	1418.194	1559.859
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		664.925	676.841	734.142
Capital work-in-progress		72.092	9.031	29.337
INVESTMENT		104.103	233.720	11.894
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	642.022	417.502	533.753
	Sundry Debtors	302.943	353.599	255.577
	Cash & Bank Balances	139.948	153.215	102.969
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	322.569	308.072	195.304
Total Current Assets		1407.482	1232.388	1087.603
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	584.651	556.601	203.613
	Other Current Liabilities	235.345	107.794	31.533
	Provisions	91.199	69.391	67.971
Total Current Liabilities		911.195	733.786	303.117
Net Current Assets		496.287	498.602	784.486
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1337.407	1418.194	1559.859

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3344.370	1927.024	1741.203
		Other Income	54.363	35.116	27.920
		TOTAL (A)	3398.733	1962.140	1769.123
Less	EXPENSES
		Consumption materials changes inventories	2112.387	1245.592
		Manufacturing service costs	156.716	83.395	1539.521
		Employee related expenses;	289.053	207.093
		Administrative Expenses	241.964	155.021
		TOTAL (B)	2800.120	1691.109	1539.521
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		598.613	271.039	229.602
Less	FINANCIAL EXPENSES (D)		8.030	12.932	18.597
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		590.583	258.107	211.005
Less/ Add	DEPRECIATION/ AMORTISATION (F)		67.303	62.623	57.035
	Prior Period Items before Tax		0.000	(15.835)	0.000
	PROFIT BEFORE TAX (E-F) (G)		523.280	179.649	153.970
Less	TAX (H)		167.628	72.556	61.537
	PROFIT AFTER TAX (G-H) (I)		355.652	107.093	92.433
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		990.012	945.577	904.084
Less	APPROPRIATIONS
		Transfer to General Reserve			9.243
		Dividend	290.926	62.658	35.640
		Tax on Dividend			6.057
	BALANCE CARRIED TO THE B/S		1054.738	990.012	945.577
	EARNINGS IN FOREIGN CURRENCY		192.820	46.878	148.146
	IMPORTS
		Raw Materials	NA	64.535	118.941
		Capital Goods	NA	71.281	112.890
	TOTAL IMPORTS		NA	135.816	231.831
	Earnings Per Share (Rs.)		229.16	60.10	51.87

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.10	0.06	0.05
Net Profit Margin (PBT/Sales)	(%)	0.15	0.10	0.09
Return on Total Assets (PBT/Total Assets}	(%)	0.25	0.10	0.08
Return on Investment (ROI) (PBT/Networth)		0.41	0.14	0.12
Debt Equity Ratio (Total Liability/Networth)		0.77	0.59	0.44
Current Ratio (Current Asset/Current Liability)		1.54	1.68	3.59

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	Yes
8. No. of Employees	No
9. Name of person contacted	Yes
10. Designation of contact person	Yes
11. Turnover of firm for last three years	Yes
12. Profitability for last three years	Yes
13. Reasons for variation <> 20%	-----------
14. Estimation for coming financial year	No
15. Capital in the business	Yes
16. Details of sister concerns	Yes
17. Major suppliers	No
18. Major customers	No
19. Payments terms	No
20. Export / Import details	No
21. Market information	-------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	Yes
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	Yes
28. Incorporation details, if applicable	Yes
29. Last accounts filed at ROC	Yes
30. Major Shareholders, if available	Yes

Banker Charges:

Corporate identity number of the company	U29199KA1998PTC007816
Name of the company	ACE DESIGNERS LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 7 and 8, II Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Export – Import Bank of India, One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Nature of instrument creating charge	Unattested deed of Hypothecation (DOH) of Moveable Fixed Assets dated 04.02.2012 (copy whereof is attached here to) executed by Subject ("the Company") in favour of Export-Import Bank of India ("Exim Bank") over the moveable fixed assets of the company for securing the Term Loan of Rs 250.000 Millions ("the Loan") granted / to be granted to the company by Exim Bank. 2. Letter from Principal charge holder ceding pari-passu charge
Date of instrument Creating the charge	04.02.2012
Amount secured by the charge	Rs. 250.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Government Securities (1 year) in force from time to time plus 300 basis points subject to reset of rate of interest in accordance with the Loan Agreement. Terms of repayment Loan shall be repaid in 20 equal quarterly installments commencing at the end of 6 months from the date of commencement of trial run production of the proposed unit at Thyamagondlu Hobli, Nelamangala Taluka, Bangalore. Margin 42% Extent and operation of the charge This charge created in favour of Exim Bank shall rank as first Pari passu charge over the entire moveable fixed assets of the Company, both present and future.
Short particulars of the property charged (Including location of the property)	Whole of the Company's moveable fixed assets more particularly described at Schedule III of the DOH.

Fixed Assets:

· Freehold land

· Leasehold Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Data Processing Equipments

· Motor Vehicles

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. 51.04
UK Pound	1	Rs. 81.08
Euro	1	Rs. 67.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	Yes
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
TOTAL		53

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.