MIRA INFORM REPORT

Report Date :

31.12.2012

IDENTIFICATION DETAILS

Name :	C.T.R. MANUFACTURING INDUSTRIES LIMITED
Registered Office :	Nagar Road, Pune - 411014 Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.12.1964
Com. Reg. No.:	11-013087
Capital Investment / Paid-up Capital :	Rs.18.858 Millions
CIN No.: [Company Identification No.]	U29299MH1964PLC013087
PAN No.: [Permanent Account No.]	AAACC7256R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Marketing of Engineering and Electronic Products
No. of Employees :	450 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 2100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an old and well established company having a satisfactory track record. The latest financials are not made available with the government department. As per previous year’s record, the company performance seems to be high. Financially appears to strong. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Rating = A-
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation. it carry very low credit risk
Date	November 2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office / Intank Tapchanger Division / International Division / Railway Products Division / Tapchanger Division :	Nagar Road, Pune - 411014 Maharashtra, India
Tel. No.:	91-20 -26633402/3/4/5
Fax No.:	91-20 - 26633425
E-Mail :	fn.corporate@ctr.in ctrpune@sancharnet.in
Website :	http://www.ctr.in
Export Office / Corporate Regional North :	506, International Trade Center, Nehru Place, New Delhi – 110019, India
Tel. No.:	91-11-26280821 / 22
E-Mail :	exports@ctr.in
Electronics Subcenter :	B 27, Chikalthana, Aurangabad – 431006, Maharashtra, India
Tel. No.:	91-240-2484929
Fax No.:	91-240-2484128
E-Mail :	esc@ctr.in
Electronics Zonal South Office :	27, 7^TH Cross, 6^TH Block, Kormangala, Bangalore - 560095, Karnataka, India
Tel. No.:	91-080-25633167
E-Mail :	ezs@ctr.in
Electronics Zonal West Office :	403 B, Turf Estate, Shakti Mills Lang, Off DR.E. Moses Road, Mahalaxmi (West), Mumbai - 400001. Maharashtra, India
Tel. No.:	91-22-24920454
Fax No.:	91-22-24929549
Radiator Subcenter / Tapchanger Subcenter :	E3, Chikalthana, Aurangabad - 431006, Maharashtra, India
Tapchanger Zonal South Office:	208, Mota Chambers, 9 Millers Road, Bangalore - 560052, Karnataka, India
Tel. No.:	91-80-22374320
E-Mail :	tzs@ctr.in
Nasik Headquarters :	E 79, MIDC, Ambad, Nasik – 422010, Maharashtra, India
Tel. No.:	91-253-2380451
Fax No.:	91-253-2380452
E-Mail :	nsk@ctr.in
Corporate Regional East :	"Avyarthana" 2nd Floor 659, Kalikapur Road, E.M. Bypass (Besides Spencers Shopping Mall), Kolkata – 700099, West Bengal, India
Tel. No.:	91-33-64517992
Fax No.:	91-33-24848867
E-Mail :	cre@ctr.in
Division Office :	Located At · Aurangabad · Pune · Mumbai

DIRECTORS

As on 20.06.2012

Name :

Mr. Kewal Krishna Nohria

Designation :

Director

Address :

11, Aryavrta, 351, N Dabholkar Raod, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

04.10.1932

Date of Appointment :

15.07.2004

DIN No.:

00060015

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L74140PN1986PLC041033	ACCELYA KALE SOLUTIONS LIMITED	Director	08-10-88	08-10-88	-	Active	NO
2	U24295GA1988PLC000921	CG-PPI ADHESIVE PRODUCTS LIMITED	Director	04-11-88	04-11-88	-	Active	NO
3	U74899DL1993PTC051849	ITRON METERING SOLUTIONS INDIA PRIVATE LIMITED	Director	22-01-93	22-01-93	29-10-10	Active	NO
4	L29142TN1992PLC021997	IGARASHI MOTORS INDIA LIMITED	Director	03-07-93	03-07-93	-	Active	NO
5	U31404TN1993PTC025779	AGILE CONSUMER ELECTRIC INDIA PRIVATE LIMITED	Director	13-09-93	13-09-93	28-03-11	Active	NO
6	U33112PN1995PTC093837	COLOGICX SYSTEMS PRIVATE LIMITED	Director	14-03-97	14-03-97	-	Active	NO
7	U60231KA1984PTC006017	MAINI MATERIALS MOVEMENT PRIVATE LIMITED	Director	21-07-07	24-09-98	-	Active	NO
8	U27201KA1972PTC002307	MAINI PRECISION PRODUCTS PRIVATE LIMITED	Director	19-09-07	26-03-99	-	Active	NO
9	U72200KA1999PTC033050	COREEL TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	29-08-00	29-08-00	-	Active	NO
10	U74999HR2000PLC035269	GROW TALENT COMPANY LIMITED	Director	09-09-00	09-09-00	-	Active	NO
11	U72200DL2001PTC112820	SUKARMA TECHNOLOGIES PRIVATE LIMITED	Director	14-03-02	14-03-02	04-08-08	Active	NO
12	U74899DL2001PTC111383	FONTUS WATER PRIVATE LIMITED	Director	02-01-03	02-01-03	-	Active	NO
13	U74899DL2000PTC105715	E A WATER PRIVATE LIMITED	Director	01-07-03	01-07-03	-	Active	NO
14	U74999HR2004PLC035286	ACQVIRE TALENT SERVICES LIMITED	Director	14-01-04	14-01-04	-	Amalgamated	NO
15	U31102TN2003PTC052057	AGILE ELECTRIC DRIVES TECHNOLOGIES AND HOLDINGS PRIVATE LIMITED	Director	20-05-04	20-05-04	-	Amalgamated	NO
16	U74899DL2000PTC103848	NET HOLDINGS PRIVATE LIMITED	Director	15-06-04	15-06-04	-	Active	NO
17	U29299MH1964PLC013087	C.T.R. MANUFACTURING INDUSTRIES LIMITED	Director	15-07-04	15-07-04	-	Active	NO
18	U31102TN2004PTC054140	AGILE ELECTRIC TECHNOLOGIES PRIVATE LIMITED	Director	26-09-08	19-01-05	-	Amalgamated	NO
19	U85110MH2001PTC132960	TANCLEAN PRIVATE LIMITED	Director	01-04-05	01-04-05	31-07-08	Active	NO
20	L20200MH1956PLC009899	JOLLY BOARD LIMITED	Director	25-07-05	25-07-05	-	Active	NO
21	U51505DL1997PTC089785	AVENTURA COMPONENTS PRIVATE LIMITED	Director	05-10-05	05-10-05	-	Active	NO
22	U40100MH2005PTC156964	POWER ENERGY CONSERVATION (INDIA) PRIVATE LIMITED	Director	21-10-05	21-10-05	-	Under Process of Striking off	NO
23	U51505TN2005PTC057898	IGARASHI MOTORS SALES PRIVATE LIMITED	Director	31-10-06	31-10-06	-	Active	NO
24	L99999MH1982PLC026191	PRADEEP METALS LIMITED	Director	05-09-08	14-04-08	-	Active	NO
25	U24134MH1986PTC038671	POLYMERMANN (ASIA) PRIVATE LIMITED	Director	18-06-10	20-11-09	-	Active	NO
26	U85100DL2009PTC227463	HEALTHPOINT SERVICES INDIA PRIVATE LIMITED	Director	23-09-11	12-09-11	-	Active	NO
27	U80903HR2012NPL045688	INSPIRED LEADERSHIP GURUKUL	Director	20-04-12	20-04-12	-	Active	NO

Name :

Mr. Anil Pratap Kumar

Designation :

Managing Director

Address :

57, Viman Nagar Colony Road, Pune – 411014, Maharashtra, India

Date of Birth/Age :

16.05.1948

Date of Appointment :

01.11.1989

DIN No.:

00466438

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29299MH1964PLC013087	C.T.R. MANUFACTURING INDUSTRIES LIMITED	Managing director	01-11-09	01-11-89	-	Active	NO
2	U67120MH2003PTC140316	VESTIRE INVESTMENT SERVICES PRIVATE LIMITED	Director	06-05-03	06-05-03	-	Active	NO
3	U24134MH1986PTC038671	POLYMERMANN (ASIA) PRIVATE LIMITED	Director	18-06-10	20-11-09	-	Active	NO

Name :

Mr. Brij Mohan Suri

Designation :

Director

Address :

206, Daffodils, 56, Pali Hills, Bandra, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

12.04.1939

Date of Appointment :

15.07.2004

DIN No.:

00786408

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29299MH1964PLC013087	C.T.R. MANUFACTURING INDUSTRIES LIMITED	Director	15-07-04	15-07-04	-	Active	NO
2	U24134MH1986PTC038671	POLYMERMANN (ASIA) PRIVATE LIMITED	Director	18-06-10	20-11-09	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.06.2012

SHAREHOLDING DETAILS FILE ATTACHED

As on 20.06.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	73.65
Directors or relatives of Directors	16.71
Other top fifty shareholders	4.74
Others	4.90
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Marketing of Engineering and Electronic Products

Products :

Item Code No.	Product Description
85320000	Plastic Film Capacitors
85040000	On Load Tapchange for Transformers
84240000	Fire Extinguishing Systems for Transformers
85040000	Pressed Steel Radiator for Transformer

GENERAL INFORMATION

No. of Employees :

450 (Approximately )

Bankers :

· Bank of Maharashtra, Khudamurad, 628/629, Sachapir Street, Camp, Pune – 411001, Maharashtra, India

· ICICI Limited, 163, Bombay Reclamation, Pune - 411020, Maharashtra, India

· Axis Bank Limited, Credit Management Centre, Unit No.6, Corporate Park, Sion Trombay Road, Chembur, Mumbai - 400071, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	100.074	92.928
Working capital loans banks secured	247.143	200.147
Interest accrued due other debt secured	1.147	0.953
Total	348.364	294.028
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Deferred sales tax loan unsecured	7.982	8.801
Total	7.982	8.801

Banking Relations :	--
Financial Institute:	IL and FS Trust Company Limited, IL and FS Financial Centreplot No. C22, G Block Bandra, Kurla Complex Bandra (East), Mumbai – 400051, Maharashtra, India
Auditors :
Name :	A. A. Bhat and Company Chartered Accountants
Address :	6, Harmony House, 797, Bharndarkar Raod, Pune – 411004, Maharashtra, India
Tel. No.:	91-20-25674412
PAN.:	AABCA8461B
Subsidiaries : As on 31.03.2010	Polymermann (Asia) Private Limited CIN No.: U24134MH1986PTC038671

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
375000	Equity Shares	Rs.100/- each	Rs.37.500 Millions
25000	13.5% Cumulative Preference Shares	Rs.100/- each	Rs.2.500 Millions
	Total		Rs.40.000 Millions

Issued, Subscribed:

No. of Shares	Type	Value	Amount
188719	Equity Shares	Rs.100/- each	Rs.18.872 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
188409	Equity Shares	Rs.100/- each	Rs.18.841 Millions
	Add: Forfeited Shares		Rs.0.017 Million
	Total		Rs.18.858 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		18.858	18.858	18.858
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		518.178	381.559	268.349
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		537.036	400.417	287.207
LOAN FUNDS
1] Secured Loans		348.364	294.028	162.604
2] Unsecured Loans		7.982	8.801	8.801
TOTAL BORROWING		356.346	302.829	171.405
DEFERRED TAX LIABILITIES		30.384	26.995	26.511
TOTAL		923.766	730.242	485.123
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		298.205	225.185	156.173
Capital work-in-progress		123.161	124.671	85.510
INVESTMENT		52.756	52.756	13.784
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	149.946	111.856	96.756
	Sundry Debtors	503.230	412.862	254.059
	Cash & Bank Balances	18.927	24.712	16.026
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	173.327	145.943	115.524
Total Current Assets		845.430	695.373	482.365
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	220.483	219.667	146.465
	Other Current Liabilities	84.952	61.704	106.244
	Provisions	93.587	86.372	0.000
Total Current Liabilities		399.022	367.743	252.709
Net Current Assets		446.408	327.630	229.656
MISCELLANEOUS EXPENSES		3.236	0.000	0.000
TOTAL		923.766	730.242	485.123

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1363.200	1119.507	909.252
		Other Income	6.415	4.777	4.150
		TOTAL (A)	1369.615	1124.284	913.402
Less	EXPENSES
		Consumption material changes inventories	785.031	626.018
		Manufacturer service costs	27.204	23.427	732.141
		Employee related expenses	160.664	135.520
		Administrative selling other expenses	125.149	109.030
		TOTAL (B)	1098.048	893.995	732.141
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		271.567	230.289	181.261
Less	FINANCIAL EXPENSES (D)		30.625	25.604	19.918
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		240.942	204.685	161.343
Less/ Add	DEPRECIATION/ AMORTISATION (F)		20.436	18.606	16.724
	PROFIT BEFORE TAX (E-F) (G)		220.506	186.079	144.619
Less	TAX (I)		75.838	66.03	50.339
	PROFIT AFTER TAX (G-I) (J)		144.668	120.049	94.280
Add	PRIOR PERIOD ADJUSTMENT		(0.263)	(0.124)	0.555
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		14.674	11.466	8.244
Less	APPROPRIATIONS
		Transfer to General Reserve	135.000	110.104	85.000
		Dividend	6.594	5.652	5.652
		Tax on Dividend	1.088	0.961	0.961
		Transfer to Reserve for Doubtful Debts	1.360	0.000	0.000
	BALANCE CARRIED TO THE B/S		15.037	14.674	11.466
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	18.081	45.642	NA
	TOTAL EARNINGS		18.081	45.642	NA
	Earnings Per Share (Rs.)		767.84	637.17	500.40

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	10.56	10.68	10.32
Net Profit Margin (PBT/Sales)	(%)	16.10	16.62	15.91
Return on Total Assets (PBT/Total Assets}	(%)	19.28	20.21	22.65
Return on Investment (ROI) (PBT/Networth)		0.41	0.46	0.50
Debt Equity Ratio (Total Liability/Networth)		1.41	1.67	1.48
Current Ratio (Current Asset/Current Liability)		2.12	1.89	1.91

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
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 (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS

During 2010-11 net sales and income increased by 21.8% from Rs.1124.300 Millions to Rs. 1369.600 Millions, and Profit before tax by 18.5 % from Rs.186.100 Millions to Rs. 220.500 Millions.

OUTLOOK

The Company will continue to focus on achieving sustainable growth in all product lines by enhancing capacities at its Aurangabad and Nasik facilities. To accelerate the development and testing of new / existing products a state of the art R and D laboratory is being set up at Nasik. With increasing demand from overseas customers thrust for export is also being enhanced across all product lines.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29299MH1964PLC013087
Name of the company	C.T.R. MANUFACTURING INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	Nagar Road, Pune - 411014 Maharashtra, India fn.corporate@ctr.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10313387
Type of charge	Movable property (not being pledge)
Particular of charge holder	IL and FS Trust Company Limited, IL and FS Financial Centreplot No. C22, G Block Bandra, Kurla Complex Bandra (East), Mumbai – 400051, Maharashtra, India Email: itclroc@ilfsindia.com
Nature of instrument creating charge	Unattested Deed of Hypothecation
Date of instrument Creating the charge	16.04.2012
Amount secured by the charge	Rs.1000.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per individual sanction letters of various banks for the facilities offered. Terms of Repayment As per agreement with individual bank offering facilities. Margin As per agreement with individual bank offering facilities. Extent and Operation of the charge As per agreement with individual bank offering facilities.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of All movable plant and Machinery, Capital equipment, together with accessories, computer hardware and software, electronics spares, machinery spares, tools and accessories both present and future whether installed or lying loose or in cases or which are lying or stored in, to be stored in premises, warehouses, stockyards and godowns etc. Hypothecation of both present and future book debts, receivables and fixed deposits.
Particulars of the present modification	By this present modification Company hereby Hypothecates its movable assets, Stocks, Debtors by way of 1st charge in favour of Security Trustee.

FIXED ASSETS

· Freehold Land

· Leasehold Land

· Building

· Office Equipment

· Plant and Machinery

· Wind Turbine Generator

· Vehicle

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 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 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.54.85
UK Pound	1	Rs.88.40
Euro	1	Rs.72.63

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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		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.