MIRA INFORM REPORT

Report Date :

23.04.2012

IDENTIFICATION DETAILS

Name :	SYNERGIES CASTINGS LIMITED
Registered Office :	Flat No.4/A, Sampathji Apartments, 6-3-855/10/A, Saadat Manzil, Ameerpet, Hyderabad – 500016, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.01.2005
Com. Reg. No.:	01-045171
Capital Investment / Paid-up Capital :	Rs.253.824 Millions
CIN No.: [Company Identification No.]	U27310AP2005PLC045171
TAN No.: [Tax Deduction & Collection Account No.]	VPNS04027C
PAN No.: [Permanent Account No.]	AAICS7410H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Aluminium Alloy Wheels and Auto Parts.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (43)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 4700000
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 condition.

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 :	Flat No.4/A, Sampathji Apartment, 6-3-855/10/A, Saadat Manzil, Ameerpet, Hyderabad – 500016, Andhra Pradesh, India
Tel. No.:	91-891-2587181
Fax No.:	91-891-2587481
E-Mail :	cs@synergies-india.com
Website :	http://www.synergies-india.com
Area :	1000 Sq. ft.
Location :	Rented
Factory :	# 3 Visakhapatnam Special Economic Zone Duvvada, Visakhapatnam – 530 049, Andhra Pradesh, India
Tel. No.:	91-891-2587181
Fax No.:	91-891-2587481
E-Mail :	info@synergies-india.com
Website :	www.synergies-casting.com
USA Office :	888 W Big Beaver Road, Sulte 340, Troy, MI 48084
Tel. No.:	248 273 7777
Mobile No.:	1-3302245371
Fax No.:	1-8067347517
E-Mail :	info-usa@synergies-india.com
Europe Office :	Dieplaan, 15 bus 15, B- 3600, Genk, Belgium
Tel. No.:	32 89 247 649
Mobile No.:	32 486 333 970
E-Mail :	info-euro@synergies-india.com
USA Warehouse :	16000 Canary Ave, La Mirada, CA 90638
Tel. No.:	714 443 3873
Mobile No.:	312 844 0017
Fax No.:	714 443 3874

DIRECTORS

As on 30.09.2011

Name :

Mr. Padmanayan Chirala

Designation :

Whole Time Director

Address :

Plot No. 13, Daspalla Hills,Visakhapatna, Visakhapatna,-530003, Andhra Pradesh, India

Date of Birth/Age :

24.01.1965

Qualification :

BE

Date of Appointment :

28.03.2007

DIN No.:

00880240

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	U27310AP2005PLC045171	SYNERGIES CASTINGS LIMITED	Whole-time director	1/4/2007	28/03/2007	-	Active	NO
2	U45400WB2008PTC128400	Urban Planet Shamshabad Project Private Limited	Director	11/8/2008	11/8/2008	-	Active	NO

Name :

Mr. Ramanan Raghevendran

Designation :

Director

Address :

116W, 29^th Street, Apartment- 6, New York, USA

Date of Birth/Age :

14.11.1968

Date of Appointment :

26.03.2010

DIN No.:

01669553

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	U72900MH2000PTC126717	CONNECT CAPITAL INDIA HOLDINGS PRIVATE LIMITED	Director	24/05/2000	24/05/2000	30/07/2008	Under Process of Striking off	NO
2	L99999MH1995PLC094641	EDELWEISS FINANCIAL SERVICES LIMITED	Director	10/10/2000	10/10/2000	19/04/2010	Active	NO
3	U72900MH2000PTC126630	NETSCRIBES (INDIA) PRIVATE LIMITED	Director	30/09/2003	30/09/2003	-	Active	NO
4	U21000MH1992PLC067108	GREEN EARTH EDUCATION LIMITED	Additional director	27/08/2007	27/08/2007	29/10/2008	Active	NO
5	U72200WB1997PTC082498	ATOS WORLDLINE INDIA PRIVATE LIMITED	Director	29/09/2008	7/12/2007	26/08/2010	Active	NO
6	U27310AP2005PLC045171	SYNERGIES CASTINGS LIMITED	Director	30/09/2010	14/12/2007	-	Active	NO
7	U72100AP2001PLC036378	OCIMUM BIO SOLUTIONS (INDIA) LIMITED	Nominee director	7/2/2008	7/2/2008	16/10/2011	Active	NO
8	U64202DL2001PLC112437	ESSEL SHYAM TECHNOLOGIES LIMITED	Director	29/09/2009	13/01/2009	-	Active	NO
9	U64200DL1996PLC078558	ESSEL SHYAM COMMUNICATION LIMITED	Director	29/09/2009	13/01/2009	-	Active	NO
10	U92412DL2006PLC155209	ESCAL NEWS INDIA LIMITED	Additional director	13/01/2009	13/01/2009	1/6/2009	Active	NO
11	L72200AP2003PLC041860	GSS INFOTECH LIMITED	Director	30/12/2011	14/02/2011	13/02/2012	Active	NO
12	U93000MH2012PTC228829	ARCUS INDIA ADVISORS PRIVATE LIMITED	Director	28/03/2012	28/03/2012	-	Active	NO

Name :

Mr. Buddharaju Raju Satyanarayana

Designation :

Whole Time Director

Address :

9-19-20, Gangotri C.B M Vompound, Visakhaptnam, Visakhapatnam-530003, Andhra Pradesh, India

Date of Birth/Age :

12.11.1963

Qualification :

IIT

Date of Appointment :

28.03.2007

DIN No.:

01696115

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	U27310AP2005PLC045171	SYNERGIES CASTINGS LIMITED	Whole-time director	1/4/2007	28/03/2007	-	Active	NO
2	U45400WB2008PTC128400	URBAN PLANET SHAMSHABAD PROJECT PRIVATE LIMITED	Director	11/8/2008	11/8/2008	-	Active	NO

Name :

Mr. Moorkoth Mathummal Hemachandran

Designation :

Director

Address :

45-54-4 Harika Residency Abid Nagar, Akkayyapalem, Visakhapatnam – 500016, Andhra Pradesh, India

Date of Birth/Age :

11.10.1953

Date of Appointment :

01.07.2009

DIN No.:

02977629

Name :

Mr. Abhishek Maheswari

Designation :

Director

Address :

B-25, Kalpataru Habitat, Dr. S.S. Rao Road, Parel, Mumbai – 400012, Maharashtra, India

Date of Birth/Age :

22.12.1974

Date of Appointment :

26.03.2010

DIN No.:

01928397

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	U72200WB1997PTC082498	ATOS WORLDLINE INDIA PRIVATE LIMITED	Director	29/09/2008	7/12/2007	26/08/2010	Active	NO
2	U27310AP2005PLC045171	SYNERGIES CASTINGS LIMITED	Director	30/09/2010	14/12/2007	-	Active	NO
3	U72100AP2001PLC036378	OCIMUM BIO SOLUTIONS (INDIA) LIMITED	Nominee director	7/2/2008	7/2/2008	5/10/2011	Active	NO
4	U64200DL1996PLC078558	ESSEL SHYAM COMMUNICATION LIMITED	Director	29/09/2009	13/01/2009	-	Active	NO
5	U64202DL2001PLC112437	ESSEL SHYAM TECHNOLOGIES LIMITED	Director	29/09/2009	13/01/2009	-	Active	NO
6	U92412DL2006PLC155209	ESCAL NEWS INDIA LIMITED	Additional director	13/01/2009	13/01/2009	1/6/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

(Equity Shares)

Names of Shareholders	No. of Shares
Chandra Sekhar Movva	24975
Chandra Sekhar Reddy Battula	10
Arindam Ghosh	10
B. Veera Venkata Prakash Rao	10
Abhishek Business Private Limited, India	828363
Asantra Investments Limited, Singapore	312240
Nayan Chirala	628344
Chandanasari Surapaneni	333511
Munesekhar Medasani	3622
Sharma Prasad Surapaneni	169396
Sudha Nuthalapati	132342
Venkata Ramana Yelamanchil	63510
Vijay Kumar Surapaneni	50282
Anita Kumar	25000
R.V. Maheswari	12500
Srivali Sipping and Transport Private Limited, India	2000
Pothneni Sri Rama Krishna	71555

As on 30.09.2011

(Redeemable Preference Shares Holders)

Names of Shareholders	No. of Shares
Thinc Destini Commercial (Asia) SPV Limited, Mauritius	1325529
Sunitha Balagani V. Balagani	275406
Donthamsetti Appa Rao	132195
Venkata Ram Atluri	132181
Radha K Balagani	199058
Prasad V Durvasula	33135
Kanthi Durvasula	33135
Balakrishna Panuganti	66270
Sastrulu Madala Malleswari Madala	41615
Gurjinder Singh	132676
Geeta Gupta	100000
Mimosa Enclave (Private) Limited, India	150000
Radha Dhanuka	50000
Prasada Rao Ravella	430000
Srinivasa Rao Kothapalli	886200
Total	3987400

As on 30.09.2011

(Compulsorily Convertible Cumulative Preference Shares)

Names of Shareholders	No. of Shares
Kubera Cross-Border Fund (Mauritius) Limited, Mauritius	5333334
Total	5333334

As on 30.09.2011

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	79.20
Bodies corporate	7.39
Directors or relatives of Directors	3.95
Other top fifty shareholders	9.46
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Aluminium Alloy Wheels and Auto Parts.

Products :

Product Description	Item Code No.
Aluminum Alloy Wheels	87089900

PRODUCTION STATUS

Particulars	Unit	31.03.2011
Installed Capacity	Nos.	520,000
Actual Production		531,035

GENERAL INFORMATION

No. of Employees :

1000 (Approximately)

Bankers :

• HDFC Bank Limited, Lakdi ka Pul Branch, Vishakhapatnam, Hyderabad -500004, Andhra Pradesh, India
• Axis Bank Limited
• IndusInd Bank Limited

· Jpmorgan Chase Bank

• National Association – Mumbai, 9^th Floor, JP Morgan, Mafatlal Centre, Nariman Point, Mumbai-400021, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans others secured	99.978	0.000
Total	99.978	0.000
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans directors unsecured	0.500	0.000
Deferred sales tax loan unsecured	66.008	53.236
Other debt unsecured	17.750	37.062
Interest accrued due other debt unsecured	0.495	0.756
Total	84.753	91.054

Banking Relations :	--
Financial Institution:	IFCI Factors Limited, 9^th Floor, IFCI Tower, 61, Nehru Place, New Delhi- 110019, India
Auditors :
Name :	S.V. Ghatalia and Associates Chartered Accountants
Address :	Oval Office, 18, Ilabs Centre, Hitech City, Madhapur, Hyderabad – 500081, Andhra Pradesh, India
Tel. No.:	91-40-67362000
Fax No.:	91-40-67362200
PAN.:	AACFS6921Q
Enterprises which exercises control :	Kubera Cross-Border Fund (Mauritius) Limited
Subsidiaries :	Synergies Castings USA Inc
Enterprises owned or significantly influenced by key management personnel or their relatives	Synergies Dooray Automotive Limited Vighnhar Holdings Private Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
21500000	Equity Shares	Rs.10/- each	Rs.215.000 Millions
10500000	Preference Shares	Rs.10/- each	Rs.105.000 Millions
	Total		Rs.320.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19479012	Equity Shares	Rs.10/- each	Rs.194.790 Millions
9320734	Preference Shares	Rs.10/- each	Rs.93.207 Millions
	Total		Rs.287.997 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
21500000	Equity Shares	Rs.10/- each	Rs.215.000 Millions
10500000	Preference Shares	Rs.10/- each	Rs.105.000 Millions
	Total		Rs.320.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16011700	Equity Shares	Rs.10/- each	Rs.160.117 Millions
9370700	Preference Shares	Rs.10/- each	Rs.93.707 Millions
	Total		Rs.253.824 Millions

Note:

4037400 12% redeemable preference shares of Rs.10 each fully paid up 5333334 0.01% compulsorily convertible cumulative preference shares of Rs.10/- each fully paid up

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		253.824	224.118	228.365
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		936.538	680.362	516.186
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1190.362	904.480	744.551
LOAN FUNDS
1] Secured Loans		99.978	0.000	186.980
2] Unsecured Loans		84.753	91.054	84.959
TOTAL BORROWING		184.731	91.054	271.939
DEFERRED TAX LIABILITIES		12.426	(3.212)	0.000
TOTAL		1387.519	992.322	1016.490
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		293.313	117.101	113.526
Capital work-in-progress		48.702	63.266	0.000
INVESTMENT		0.250	0.300	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	461.058	318.476	282.097
	Sundry Debtors	402.106	237.792	312.716
	Cash & Bank Balances	52.344	52.935	67.074
	Other Current Assets	0.000	0.000	0.212
	Loans & Advances	373.054	380.102	347.545
Total Current Assets		1288.562	989.305	1009.644
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	177.736	112.771	89.706
	Other Current Liabilities	22.883	23.469	1.633
	Provisions	42.689	41.410	15.341
Total Current Liabilities		243.308	177.650	106.680
Net Current Assets		1045.254	811.655	902.964
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1387.519	992.322	1016.490

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1576.396	1003.153	841.824
		Other Income	9.125	19.936	55.944
		TOTAL (A)	1585.521	1023.089	897.768
Less	EXPENSES
		Consumption materials changes inventories	879.238	484.871
		Manufacturing service costs	289.243	216.640
		Employee related expenses	128.630	93.371	937.498
		Administrative selling other expenses	109.367	83.953
		TOTAL (B)	1406.478	878.835	937.498
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		179.043	144.254	(39.730)
Less	FINANCIAL EXPENSES (D)		14.206	27.998	29.261
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		164.837	116.256	(68.991)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		43.953	27.907	28.685
	PROFIT BEFORE TAX (E-F) (G)		120.884	88.349	(97.676)
Less	TAX (H)		36.048	1.979	(9.735)
	PROFIT AFTER TAX (G-H) (I)		84.836	86.370	(87.941)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		116.424	43.088	131.029
Less	APPROPRIATIONS		5.668	13.034	0.000
	BALANCE CARRIED TO THE B/S		195.592	116.424	43.088
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	699.801	290.688	244.694
		Claim received	0.000	16.107	57.336
		Tooling Charges	0.000	2.716	27.176
	TOTAL EARNINGS		699.801	309.511	329.206
	IMPORTS
		Raw Materials	757.487	377.376	349.167
		Stores & Spares	104.232	75.883	71.440
		Capital Goods	151.009	21.482	14.514
	TOTAL IMPORTS		1012.728	474.741	435.121
	Earnings Per Share (Rs.)		5.47	6.22	(7.36)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.32	8.44	(9.80)
Net Profit Margin (PBT/Sales)	(%)	7.67	8.81	(11.60)
Return on Total Assets (PBT/Total Assets}	(%)	7.64	7.99	(8.70)
Return on Investment (ROI) (PBT/Networth)		0.10	0.10	(0.13)
Debt Equity Ratio (Total Liability/Networth)		0.36	0.30	0.51
Current Ratio (Current Asset/Current Liability)		5.30	5.57	9.46

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	Yes
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last two 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 (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
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

CONTINGENT LIABILITIES NOT PROVIDED FOR

(a) The Company has given guarantee to Asian Debt Fund, a company incorporated in Cayman Island, for sanctioning a loan of USD 9 million (previous year: USD 9 million) to Synergies Castings USA Inc. (wholly owned subsidiary) to facilitate working capital support. As at the end of the year, Synergies Castings USA Inc. owed Rs.0.369 Million to Asian Debt Fund. (Previous year: Rs.0.373 Million).

(b) The Company has given guarantee to Kubera Cross-Border Fund L.P, a company incorporated in Cayman Island, for sanctioning a loan of USD 2.50 million (previous year: USD 2.50 million) to Synergies Castings USA Inc. (wholly owned subsidiary) to facilitate working capital support. As at the end of the year, Synergies Castings USA Inc. owed Rs.0.115 Million to Kubera Cross-Border Fund L.P. (Previous year: Rs.0.114 Million)

(c) Synergies Dooray Automotive Limited (SDAL) was sanctioned deferment of sales tax of Rs.1.015 Millions by Government of Andhra Pradesh. SDAL has availed deferment of Rs.0.035 Million (previous year: Rs.0.035 Million) up to April 30, 2005. With effect from May 1, 2005, the production facility is being operated by the Company. On an application made by the Company, the Department of Industries, Andhra Pradesh, had transferred the deferment facility of SDAL to the Company on its giving an undertaking to the effect that the sales tax liability of SDAL shall be paid by the Company in case they are not paid by SDAL.

(d) During the previous year, the Company received revised demand notice of Rs.0.001 Million from the Department of Income Tax under section 143(3) of the Income Tax Act, 1961 disputing the computation of book profits for payment of minimum alternate tax for the financial year ended March 31, 2006, against which it had deposited a sum of Rs.0.001 Million. Presently an appeal is pending before the Hon'ble High Court of Andhra Pradesh. The High court while admitting the appeal has granted interim stay.

(e) During the previous year, the Company has received demand notice of Rs.0.017 Million from the Department of Income Tax under section 143(3) of the Income Tax Act, 1961 disputing the computation of book profits for payment of minimum alternate tax for the financial year ended March 31, 2007. Subsequently the Company had deposited a sum of Rs.0.010 Million. Presently an appeal is pending before the Hon'ble High Court of Andhra Pradesh. The High court while admitting the appeal has granted interim stay.

(f) Show cause notices in respect of central excise cases Rs.0.001 Million (previous year: Rs.0.001 Million)

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27310AP2005PLC045171
Name of the company	SYNERGIES CASTINGS LIMITED
Address of the registered office or of the principal place of business in India of the company	Flat No.4/A, Sampathji Apartment, 6-3-855/10/A, Saadat Manzil, Ameerpet, Hyderabad – 500016, Andhra Pradesh, India cs@synergies-india.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10230650
Type of charge	Book Debts Movable Property (not being pledge) Other (Schedule II to Deed of Hypothecation 07.06.2011
Particular of charge holder	IFCI Factors Limited, 13th Floor, IFCI Tower, 61 Nehru Place, New Delhi – 110019, India vijaydhingra@ifcifactors.com
Nature of instrument creating charge	Deed of Hypothecation dated 7th June, 2011 sanctioning sales bills factoring facilities to the extent of Rs.175.000 millions with import bill factoring sub limit of Rs.750.000 millions
Date of instrument Creating the charge	07.06.2011
Amount secured by the charge	Rs.75.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 13.5% for import bill factoring and 13.75% for sales bill factoring Terms of Repayment : Upto 90 days or less from invoice date, as may be approved for each debtor. Margin: 20% in case of domestic sales bill factoring and 10% in case of import bill factoring. Extent and operation of the charge: Hypothecation of current assets and moveable properties (present and future) including but not limited to plant and machinery, spares, tools, stock of raw material, finished/semi-finished goods, book debts, loan and advances and such other moveable including plant and machinery at 3 and 4, Vishakhapatnam SEZ, Duvvada, Vishakhapatnam.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Current assets and moveable properties (both present and future) including but not limited to moveable plant and machinery, stores, book debts, loan and advances, raw materials, finished goods etc
Particulars of the present modification	Limits are being increased from sales bills factoring facilities to the extent of Rs.100.000 millions with import bill factoring sub limit of Rs.50.000 millions to sales bills factoring facilities to the extent of Rs.175.000 millions with import bill factoring sub limit of Rs.750.000 millions and interest rate at 13.5% for import bill factoring and 13.75% for sales bill factoring.

FIXED ASSETS

• Building
• Plant and Machinery
• Castings Moulds
• Office Equipment
• Furniture and Fixture
• Vehicles
• Computer

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.52.00
UK Pound	1	Rs.83.54
Euro	1	Rs.68.40

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	4
--CREDIT LINES	1~10	4
--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		43

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.