1. Summary Information

		Country	India
Company Name	CARRIER AIRCONDITIONING AND REFRIGERATION LIMITED	Principal Name 1	Mr Ashok Motiram Mirchandani
Status	Satisfactory	Principal Name 2	Mr. Sanjay Sudhakaran
		Registration #	06.07.1992
Street Address	Narsingpur Kherki Daula Post, Gurgaon – 122001, Haryana, India
Established Date	06.07.1992	SIC Code	--
Telephone#	Not Available	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	-
Homepage	www.carrierindia.com	Product Name 1	Air Conditioning
# of employees	Not Available	Product Name 2	-
Paid up capital	Rs.1,063,767,450	Product Name 3	-
Shareholders	Foreign holdings – 96.55% Bodies corporate – 0.08% Other top fifty (50) shareholders (other than listed above) - 3.33% Others 0.02%	Banking	Not Available
Public Limited Corp.	NO	Business Period	19 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (50)
Related Company
Relation	Country	Company Name	CEO
Holding Company	USA	Carrier Corporation	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	4,751,536,000	Current Liabilities	2,646,702,000
Inventories	1,608,504,000	Long-term Liabilities	00
Fixed Assets	454,607,000	Other Liabilities	1,840,375,000
Deferred Assets	100,877,000	Total Liabilities	4,487,077,000
Invest& other Assets	29,812,000	Retained Earnings	1,394,491,000
		Net Worth	2,458,259,000
Total Assets	6,945,336,000	Total Liab. & Equity	6,945,336,000
Total Assets (Previous Year)	5,791,359,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	10,471,282,000	Net Profit	677,499,000
Sales(Previous yr)	8,543,106,000	Net Profit(Prev.yr)	550,874,000

MIRA INFORM REPORT

Report Date :

15.04.2012

IDENTIFICATION DETAILS

Name :	CARRIER AIRCONDITIONING AND REFRIGERATION LIMITED ( w.e.f 20.10.2006)
Formerly Known As :	CARRIER REFRIGERATION PRIVATE LIMITED
Registered Office :	Narsingpur Kherki Daula Post, Gurgaon – 122001, Haryana, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.07.1992
Com. Reg. No.:	55-036104
Capital Investment / Paid-up Capital :	Rs.1063.767 Millions
CIN No.: [Company Identification No.]	U74999HR1992FLC036104
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer Of Air Conditioning Equipments
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 9800000
Status :	Satisfactory
Payment Behaviour :	Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Financial position of the company appears to be good. Trade relations are reported as fair. Business is active. Payments are reported to be 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 :	Narsingpur Kherki Daula Post, Gurgaon – 122001, Haryana, India
Tel. No.:	Not Available
Fax No.:	Not Available
Email:	Monica.pandey@carrier.utc.com
Website :	www.carrierindia.com
Indian Headquarters :	Delhi – Jalpur Highway, Narsingpur, Gurgaon, Haryana- 122004, India
Tel. No.:	91-124-4825500
Fax No.:	91-124-2373241
E-Mail :	Customersupport.india@carrier.utc.com
Branches Located At:	· DELHI · GHAZIABAD · GURGAON · LUCKNOW · CHANDIGARH · WEST · PANJlM, GOA · RAIPUR · PUNE · INDORE · JAIPUR · NAGPUR · AHMEDABAD · MUMBAI

DIRECTORS

As on 27.09.2011

Name :

Mr. Ashok Motiram Mirchandani

Designation :

Whole Time Director

Address :

15/311, Embassy Apartments, Ali Askar Road, Bangalore - 560052, Karnataka, India

Date of Birth/Age :

59 Years

Qualification :

B Tech MBA

Date of Appointment :

24.03.2010

DIN No.:

00005518

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	U74999HR1992FLC036104	CARRIER AIRCONDITIONING & REFRIGERATION LIMITED	Whole-time director	14-09-10	24-03-10	-	Active	NO

Name :

Mr. Sanjay Sudhakaran

Designation :

Whole Time Director

Address :

Flat No. 403/404, 4^th Floor, Bulding No. 18, Indra Darshan, Off Link Road, Oshiwara, Andheri (W), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

39 Years

Qualification :

B.E

DIN No.:

00212610

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	U74999HR1992FLC036104	CARRIER AIRCONDITIONING & REFRIGERATION LIMITED	Whole-time director	14-09-10	24-03-10	-	Active	NO
2	U28920TN1995PLC031367	AGNICE FIRE PROTECTION LIMITED	Director	02-12-11	02-12-11	-	Active	NO
3	U30007TN1992PTC023051	CARRIER RACE TECHNOLOGIES PRIVATE LIMITED	Additional director	15-03-12	15-03-12	-	Active	NO

Name :

Mr. Gaurang Pandya

Designation :

Managing Director

Address :

123, sector 14, Gurgaon, Haryana – 122001, India

Date of Birth/Age :

34 Years

Qualification :

B.Com (H)

DIN No.:

03085390

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	U74999HR1992FLC036104	CARRIER AIRCONDITIONING & REFRIGERATION LIMITED	Managing director	14-09-10	02-06-10	-	Active	NO

Name :

Mr. Laurent Jean Robert Bruyere Pirot

Designation :

Director

Address :

Flat No.5, Le-Papeyon Co-Operative Housing, Society, 13 Bandra (W), Mumbai-400050, Maharashtra, India

Date of Appointment :

23.07.2010

DIN No.:

03144509

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	U29150MH1953PLC009158	OTIS ELEVATOR CO (INDIA)LTD	Managing director	07-07-10	01-02-10	-	Active	NO
2	U74999HR1992FLC036104	CARRIER AIRCONDITIONING & REFRIGERATION LIMITED	Director	14-09-10	23-07-10	-	Active	NO
3	U29150TN2008PLC068160	SUPRIYA ELEVATOR COMPANY (INDIA) LIMITED	Director	28-07-10	28-07-10	-	Active	NO
4	U31103GJ2006PLC048885	TRIO ELEVATORS CO (INDIA) LIMITED	Director	27-09-10	02-09-10	-	Active	NO

Name :

Mr. Sanjeev Joshi

Designation :

Director

Address :

104, Nemisagar Colony, Vaishali Nagar, Jaipur – 302021, Rajasthan, India

Date of Appointment :

22.06.2011

DIN No.:

03554369

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	U74999HR1992FLC036104	CARRIER AIRCONDITIONING & REFRIGERATION LIMITED	Director	27-09-11	22-06-11	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Monica Pandey
Designation :	Company Secretary
Address :	85, Sreshtha Vihar, Delhi – 110092, India
Date of Appointment :	02.11.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Public financial companies	0.01
Nationalised or other banks	0.01
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	96.55
Bodies corporate	0.08
Other top fifty shareholders	3.33
Others	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer Of Air Conditioning Equipments
Products:	Item Code Number	Product description
	8415	Air-conditioners and Air -conditioning equipments for transport application
	8418	Chilers (Refrigerating Machinery) and Visi Coolers
	8418	Refrigerating equipment for transport applications

GENERAL INFORMATION

Customers :	Not Available
No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountant
Address :	Price Waterhouse, Building 8 7^th Floor Tower – B DLF Cyber City Gurgaon – 122002, India
PAN.:	AAEFP3641G
Holding Company:	Carrier Corporation, USA
Ultimate Holding Company:	United Technologies Corporation, USA
Enterprise which exercises significant influence:	Carrier International Mauritius Limited, Mauritius
Fellow Subsidiaries/Entities:	· Carrier ARCD Pte. Limited, Singapore · Carrier Air Conditioning Pty. Limited, Australia · Carrier Asia Pacific Operations Pte. Limited, Singapore · Carrier Asia Limited, Hong Kong · Carrier Hong Kong Limited, Hong Kong · Carrier Limited, Korea · Springer Carrier Limited, Brazil · Carrier Sutrak GmbH, Germany · UTC Fire and Security India Limited, India · Qingdao Haier-Carrier Refrigeration Equipment Company Limited, China · Shanghai Yileng Carrier Air Conditioning Equipment Company Limited, China · Sensitech Inc., Delaware · Carrier Air Conditioning and Refrigeration RandD Management (Shanghai) Company Limited, China · Carrier Air Conditioning Sales and Service (Shanghai) Company Limited, China · Shanghai Carrier Transicold Equipment Company Limited, China · Carrier Linde Refrigeration (Thailand) Limited, Thailand · Carrier SpA, Italy · Carrier S.C.S, France · Carrier Singapore Europe S.C.S, France · Carrier Transicold Brasil Equipmentos de Ar Condicionado e de Refrigerao para Transportes Limited, Brazil · Carrier Linda Refrigeration Philippines Inc,. Philippines · Otis Elevator Company (India) Limited, India · Toshiba Carrier (Thailand) Company Limited, Thailand · Toshiba Carrier Corporation, Japan · Concepcion Carrier Air Conditioning Company Philippines

CAPITAL STRUCTURE

As on 27.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1,100,000,00	Equity Shares	Rs.10/- each	Rs.1100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,063,767,45	Equity Shares	Rs.10/- each	Rs.1063.767 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		1063.768	1063.768	1063.768
2] Share Application Money		0.000	0.000	0.00
3] Reserves & Surplus		1394.491	716.992	848.363
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2458.259	1780.760	1912.131
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2458.259	1780.760	1912.131
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		454.607	461.121	498.485
Capital work-in-progress		29.702	11.572	18.636
INVESTMENT		0.110	0.110	0.110
DEFERREX TAX ASSETS		100.877	73.689	30.320
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1608.504	1182.091	1115.400
	Sundry Debtors	1914.824	1447.222	1599.786
	Cash & Bank Balances	979.522	949.583	539.857
	Other Current Assets	0.415	3.076	1.996
	Loans & Advances	1856.775	1662.895	1218.384
Total Current Assets		6360.040	5244.867	4475.423
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1898.032	1539.108	1453.004
	Other Current Liabilities	748.670	502.234	471.039
	Provisions	1840.375	1969.257	1186.800
Total Current Liabilities		4487.077	4010.599	3110.843
Net Current Assets		1872.963	1234.268	1364.580
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2458.259	1780.760	1912.131

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sale	10471.282	8543.106	7529.787
		Other Income	388.478	345.626	521.507
		TOTAL (A)	10859.760	8888.732	8051.294
Less	EXPENSES
		Manufacturing materials operating expenses	7088.376	5717.605
		Manufacturing service costs	373.422	297.452
		Employee related expenses	728.483	617.552
		Administrative selling other expenses	1498.652	1320.098
		Research development expenditure	39.885	33.452
		TOTAL (B)	9728.818	7986.159	7433.999
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1130.942	902.573	617.295
Less	FINANCIAL EXPENSES (D)		6.049	1.273	7.860
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1124.893	901.300	609.435
Less/ Add	DEPRECIATION/ AMORTISATION (F)		70.096	65.518	65.699
	PROFIT BEFORE TAX (E-F) (G)		1054.797	835.782	543.736
Less	TAX (H)		377.298	284.908	199.491
	PROFIT AFTER TAX (G-H) (I)		677.499	550.874	344.245
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		561.698	748.156	1060.613
Less	APPROPRIATIONS
	Dividend			585.072	531.884
	Tax on Dividend		NA	97.173	90.394
	Transfer to General Reserve			55.087	34.424
				737.332	656.702
	BALANCE CARRIED TO THE B/S		NA	561.698	748.156
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.626	46.639	4.430
		Commission Earnings	225.969	208.379	413.420
	TOTAL EARNINGS		227.595	255.018	417.850
	IMPORTS
		Raw Materials	2790.185	2152.184	1901.872
		Finished Goods	1080.024	584.171	456.835
		Capital Goods	17.897	6.375	88.800
	TOTAL IMPORTS		3888.106	2742.730	2447.507
	Earnings Per Share (Rs.)		6.37	5.18	3.24

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.23	6.19	4.27
Net Profit Margin (PBT/Sales)	(%)	10.07	9.78	7.22
Return on Total Assets (PBT/Total Assets}	(%)	16.58	15.93	12.14
Return on Investment (ROI) (PBT/Networth)		0.42	4.89	0.28
Debt Equity Ratio (Total Liability/Networth)		1.82	2.25	1.62
Current Ratio (Current Asset/Current Liability)		1.41	1.30	1.43

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) Constitutions of the firm	Yes
4) Premises details	No
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	No
10) Designation of contact person	No
11) Turnover of firm for last Three years	No
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 (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	No
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

OPERATING RESULTS; SALES AND PROFIT GROWTH

The Company have increased 22.57% from Rs. 8543.100 Millions in the previous year to Rs. 10471.3 000 Millions in current year. The profits for the year have increased 23% from Rs. 550.8 00 Millions in the previous year to Rs. 677.500 Millions in current year.

Update on performance of the Company's main business segments namely Air conditioning, Refrigeration and Transport segments are mentioned below:

Residential and Light Commercial (RLC'): The Company launched new products in this segment which included energy efficient Durakool Star Premium range of hi-wall split air conditioners, X- Power Gold range of Inverter air conditioners and Estrella range of hi-wall air conditioners that uses non-ozone depleting R410A refrigerant. During the year, the channel expansion was strengthened in the upcountry and tier-II market. Various training programs were also organized for employees in the Light commercial segment.

Transport: The truck refrigeration business showed a strong growth on healthy purchases by leading cold chain logistics companies.

The Cold Chain industry attracted several new entrants in reefer logistics and insulated box manufacturers. Fully built reefer trucks with Carrier systems were offered by the two leading commercial vehicle manufacturers. Carrier Transicold continues to be one of the largest system provider in the refrigerated truck market. The small van last mile distribution segment saw a healthy growth as more products such as chocolates, cakes and processed foods were added to refrigerated distribution. The vehicle engine driven refrigeration model Viento' which is especially designed for such small delivery vans has been used successfully in such applications with high level of performance and reliability.

Commercial Refrigeration: The Modern retail segment has been witnessing significant market and sales growth in the recent times as many local/MNC retailers have set aggressive store roll out plans. Many of the energy saving solutions were introduced to the market during the period, which includes Two stage Carlyle compressors, D2D Hot gas defrost systems, Heat reclaim system for Hot water generation from condenser hot air, ECM fan motors, LED lighting for cabinets, Antifog films on glass doors etc. Careful adoption of above technologies can reduce the refrigeration energy consumption in a store by up to 40%.

Apart from refrigeration system for Modern retail stores, this business unit focuses on stationary cold rooms for the cold chain development. Many referral projects were executed during the year. This includes cold storages for Distribution centers catering for modern retail stores, Horticultural storage, Food processing plants, Pharmaceutical and Hospitality projects and food service outlets.

Building Systems and Services: This business unit which was impacted adversely in the year 2009 showed recovery in the year 2010. During the year, the company bagged prestigious orders in the Commercial, Hospitality, Industrial, IT/BPO, Retail and Healthcare segments. The controls business, which was launched in the year 2009, also picked up well during the year. The Company introduced indigenously manufactured Aqua Thrust Air cooled screw chillers' in India towards the end of the year with an objective of addressing the lower tier of the air-cooled screw market through a low-lead time product.

Toshiba: This business unit continued its growth trajectory in the year 2010. The Company saw huge growth not only for their unitary

Toshiba products like the hi-walls, ductables and the cassettes, but also for the Toshiba VRF namely SMMS. During the year, the Company launched some new products like the Cooling only Hi-Wall Inverters' and an upgraded version of the Tohshiba VRF called the Toshiba SMMSi'. The Cooling only Hi-Wall inverters were well accepted in the market for their energy efficiency. The newly introduced Toshiba SMMSi VRF is based on a unique triple inverter based air conditioning technology and is finding good response with high end customers, who look for high energy efficiencies.

Residential and Light Commercial and Toshiba service: Initiatives were taken during the year to strengthen the service quality of Residential, Light commercial and Toshiba products. This included strengthening of the Company's service delivery to national account customers and increasing the national account customers. The Company also focused for rendering preventive maintenance services to its customers. Going forward, the division intends focusing more on training of its staff along with the dealer technicians.

Totaline: The business unit focused on value added products. The Spare Part Centre worked full fledged ensuring that all the spare parts were delivered with proper packing (Totaling branded with Hologram) and in compliance to applicable laws. During this period the Company executed all time high single order close to worth $ 1million for tools and precision equipments required for installation of HVAC equipments. The business unit achieved good breakthrough in sales of compressors and its spares for Marine and off Shore applications.

AWARDS AND RECOGNITIONS:

The Company received the National Energy Conservation Award in Consumer Goods Manufacturing Sector for the fourth consecutive year in 2010 (2007, 2008, 2009 and 2010) by Government of India, Ministry of Power during the year.

One of the leading business magazines in India ranked the Company as the third fastest growing company in its class based on its calculations of a four-year average of sales growth, among other factors.

India consumers recognized the Company among the top five air conditioner brands in a survey conducted by 4Ps Business and Marketing business magazine in association with the Indian Council for Market Research (ICMR).

Restructuring of Company's business

With a view to have increased focus on the Modern retail and cold chain business in regard to Commercial refrigeration division, the Company has exited the bottle cooler manufacturing and distribution during the year.

Director's Responsibility Statement as per Section 217(2AA) of the Companies Act, 1956

i The Directors confirm that in the preparation of annual accounts for the year ended 31 March, 2011, the applicable accounting standards have been followed along with proper explanation relating to material departures.

ii. The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for that period.

iii. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting frau and other irregularities.

iv. The accounts have been prepared on a going concern basis.

CONTINGENT LIABILITIES

a) Demands From Income Tax Authorities under appeal amount to Rs. 9.472 Millions (Previous Year Rs. 9.472 Millions)

b) The Company has filed an appeal for the assessment year 2005-2006 and 2006-2007 involving tax amounts of Rs.18.813 Millions and Rs. 11.075 Millions before CIT (A) and Income Tax Appellate Tribunal respectively under the Income Tax Act, 1961 in response to income tax assessment orders involving transfer pricing adjustment. No demand has been made by the income Tax. Authorities to the Company in view of the brought forward losses in the said years.

c) Demand from Sales Tax Authorities under appeal amount to Rs. 189.400 Millions (Previous Year Rs. 173.907 Millions)

d) C) Show cause notices/demands received from Excise, Customs Department and Service Tax (excluding applicable penalties), not acknowledged as debts amount to Rs. 563.748 Millions (Previous Year Rs. 303.203 Millions)

e) Show cause notice/demands received from Employee State Insurance (ESI) Department (excluding applicable penalties) not acknowledged as debts amount to Rs. 12.577 Millions (Previous Year Rs. 12.577 Millions).

f) (e) Other claims against the Company not acknowledged as debts amount to Rs. 37.335 Millions (Previous Year Rs. 38.512 Millions).

g) (f) Financial Guarantees issued on behalf of the Company, outstanding at the year end, amount to Rs. 60.364 Millions (Previous Year Rs. 71.287 Millions).

h) (g) Other Guarantees and letters of credit issued on behalf of the Company, outstanding at the year end, amount to Rs.93.097 Millions and Rs. 256.336 Millions respectively (Previous Year Rs. 15.474 Millions and Rs. 268.195 Millions respectively) The amount shown in the items (a) to ( f ) represent the best possible estimates arrived at on the basis of available information. The uncertainties and possible reimbursements are dependent on outcome of the different legal processes which have been invoked by the Company or the claimants as the case may be and therefore cannot be predicted accurately. The Company engages competent advisors to protect its interest and has been advised that it has strong legal positions against such disputes. The amount shown in item (g) represent guarantees and letters of credit given in the normal course of the Company's operations and are not expected to result in any loss to the Company on the basis of beneficiaries fulfilling their ordinary commercial obligations.

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.51.41
UK Pound	1	Rs.81.93
Euro	1	Rs.67.66

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	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.