MIRA INFORM REPORT

Report Date :

11.01.2012

IDENTIFICATION DETAILS

Name :	JBM AUTO SYSTEM PRIVATE LIMITED (w.e.f. 17.04.2009)
Formerly Known As :	THYSSENKRUPP JBM PRIVATE LIMITED
Registered Office :	No.1, Ford Suppliers Park, S.P. Koil Post, Chengalpattu, Kancheepuram – 603 204, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.06.1998
Com. Reg. No.:	18-046810
Capital Investment / Paid-up Capital :	Rs.248.900 Millions
CIN No.: [Company Identification No.]	U34300TN1998PTC046810
TAN No.: [Tax Deduction & Collection Account No.]	CHEK02266F
PAN No.: [Permanent Account No.]	AAACK8997R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Sheet Metal Components.

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 3000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is progressing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office/ Factory :	No.1, Ford Suppliers Park, S.P. Koil Post, Chengalpattu, Kancheepuram – 603 204, Tamilnadu, India
Tel. No.:	91-44-27454993/ 994
Fax No.:	91-44-27454962
E-Mail :	csjbmas@jbm-group.com skartik@jbm.co.in
Website :	www.jbm-group.com
Corporate Office :	601, Hemkunt Chambers, 89, Nehru Place, New Delhi – 110 019, India
Fax No.:	91-11-26427100
E-Mail :	corp@jbm.co.in

DIRECTORS

As on 30.09.2011

Name :	Mr. Surendra Kumar Arya
Designation :	Director
Address :	W-101, Greater Kailash II, New Delhi – 110048, India
Date of Birth/Age :	10.11.1957
Date of Appointment :	08.06.1998
DIN No.:	00004626

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	U27109DL1982PLC084678	Jbm Industries Limited	Director	18-08-82	18-08-82	-	Active	NO
2	L29130DL1987PLC027342	Jay Bharat Maruti Limited	Managing director	10-06-08	19-03-87	-	Active	NO
3	U74899DL1990PLC101070	Gurera Industries Limited	Director	16-11-90	16-11-90	-	Active	NO
4	L74899DL1994PLC063412	A To Z Securities Limited	Director	12-12-94	12-12-94	-	Active	NO
5	U74899DL1995PLC064073	Jay Bharat Exhaust Systems Limited	Director	05-01-95	05-01-95	-	Amalgamated	NO
6	U74899DL1991PTC044376	Jbm Builders Private Limited	Director	01-04-95	01-04-95	-	Active	NO
7	U74899DL1995PLC067432	Jbm International Limited	Director	18-04-95	18-04-95	-	Active	NO
8	U35990DL1995PLC071596	Jaybharat Breed Limited	Director	09-08-95	09-08-95	28-07-09	Amalgamated	NO
9	U74899DL1998PTC095612	Ans Holding Private Limited	Director	18-08-98	18-08-98	-	Active	NO
10	U34392HR1999PTC034392	Nagata India Private Limited	Nominee director	23-12-99	23-12-99	11-09-09	Active	NO
11	U27109HR1975PLC007910	Jaico Steel Fastners Limited	Director	01-08-00	01-08-00	-	Amalgamated	NO
12	L74899DL1996PLC083073	Jbm Auto Limited	Director	01-08-00	01-08-00	-	Active	NO
13	U34300TN1998PTC046810	Jbm Auto System Private Limited	Director	16-03-01	16-03-01	-	Active	NO
14	U74899DL1997PLC086432	Neel Metal Products Limited	Director	01-05-02	01-05-02	-	Active	NO
15	L74899DL1992PLC050333	Minda Industries Limited	Director	29-01-03	29-01-03	-	Active	NO
16	U99999DL1959PLC176013	Automotive Component Manufacturers Association Of India	Director	02-09-03	02-09-03	-	Active	NO
17	U34300DL2003PTC123285	Thai Summit Neel Auto Private Limited	Nominee director	02-12-03	02-12-03	-	Active	NO
18	U45201DL2003PTC120054	Satish Buildwell Private Limited	Director	03-03-05	03-03-05	-	Active	NO
19	U74899DL2005PTC142456	Unitech Sai Private Limited	Director	10-11-05	10-11-05	-	Active	NO
20	U70109DL2006PTC150012	Shreeaumji Infrastructure And Projects Private Limited	Director	22-06-06	22-06-06	-	Active	NO
21	L19201HR1986PLC033185	Liberty Shoes Limited	Director	20-09-06	20-09-06	-	Active	NO
22	U28111DL2006PTC155129	Arcelor Neel Tailored Blank Private Limited	Nominee director	01-11-06	01-11-06	-	Active	NO
23	U74899DL2006PTC144713	Shreeaumji Developers Sez Private Limited	Director	28-09-07	14-11-06	-	Active	NO
24	U45201DL2006PTC144714	Shreeaumji Real Estate Sez Private Limited	Director	28-09-07	14-11-06	-	Active	NO
25	U74140DL2007PTC158597	Neel Metal Fanalca Environment Management Private Limited	Nominee director	02-02-07	02-02-07	-	Active	NO
26	U13203DL2007PLC164433	Ans Steel Tubes Limited	Director	06-06-07	06-06-07	-	Active	NO
27	U92100MH2007PLC172122	Vichaar Television Network Limited	Director	29-11-07	29-11-07	-	Active	NO
28	U29220DL2007PTC171360	Jbm Ma Automotive Private Limited	Director	12-12-07	12-12-07	-	Active	NO
29	U74140DL2008PTC172320	Jbm Environment Management Private Limited	Director	07-01-08	07-01-08	-	Active	NO
30	U45200DL2007PTC160649	Multivision Constructions Private Limited	Director	15-09-08	30-06-08	-	Active	NO
31	U27100DL2009PLC187584	Jbm Ogihara Automotive India Limited	Director	13-02-09	13-02-09	-	Active	NO
32	U28900DL2010PLC211731	M J Casting Limited	Director	23-12-10	23-12-10	-	Active	NO
33	U28113DL2011PTC212192	Fjm Cylinders Private Limited	Director	05-01-11	05-01-11	-	Active	NO

Name :	Mr. Hans Raj Saini
Designation :	Director
Address :	Kothi No.160, Sector 14, Faridabad – 121005, Haryana, India
Date of Birth/Age :	01.03.1938
Date of Appointment :	12.03.2003
DIN No.:	00004665

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	U74899DL1995PLC067432	Jbm International Limited	Director	01-04-01	01-04-01	-	Active	NO
2	U74899DL1997PLC086432	Neel Metal Products Limited	Director	01-04-01	01-04-01	14-09-07	Active	NO
3	L74899DL1996PLC083073	Jbm Auto Limited	Whole-time director	07-06-07	07-06-02	-	Active	NO
4	U34300TN1998PTC046810	Jbm Auto System Private Limited	Nominee director	12-03-03	12-03-03	-	Active	NO
5	U27100DL2009PLC187584	Jbm Ogihara Automotive India Limited	Director	13-02-09	13-02-09	-	Active	NO

Name :	Mr. Anand Swaroop Khandelwal
Designation :	Director
Address :	C-5A/14, II Floor, Janakpuri – 110058, New Delhi
Date of Birth/Age :	07.10.1960
Date of Appointment :	07.07.2011
DIN No.:	00004816

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	U74899DL1995PLC067432	Jbm International Limited	Director	18-04-95	18-04-95	-	Active	NO
2	U34300DL2003PTC123285	Thai Summit Neel Auto Private Limited	Nominee director	15-12-03	15-12-03	-	Active	NO
3	U45201DL2003PTC120054	Satish Buildwell Private Limited	Director	03-03-05	03-03-05	-	Active	NO
4	U74899DL2006PTC144712	Hicom Infrastucture Private Limited	Director	12-01-06	12-01-06	-	Active	NO
5	U45201DL2006PTC144717	Shreeaumji Builders Private Limited	Director	12-01-06	12-01-06	-	Active	NO
6	U45201DL2006PTC144715	Shreeaumji Properties Private Limited	Director	12-01-06	12-01-06	-	Active	NO
7	U45201DL2006PTC144716	Shreeaumji Buildwell Private Limited	Director	12-01-06	12-01-06	-	Active	NO
8	U70109DL2006PTC149250	Shreeaumji Buildtech Private Limited	Director	27-05-06	27-05-06	-	Active	NO
9	U70109DL2006PTC150431	Comtech Infrastructure Private Limied.	Director	30-06-06	30-06-06	-	Active	NO
10	U35990DL1995PLC071596	Jaybharat Breed Limited	Director	30-09-08	09-12-06	-	Amalgamated	NO
11	U13203DL2007PLC164433	Ans Steel Tubes Limited	Alternate director	26-09-11	01-11-07	-	Active	NO
12	U29220DL2007PTC171360	Jbm Ma Automotive Private Limited	Director	14-05-09	12-03-08	-	Active	NO
13	U45200DL2008PTC178619	Jbm Projects and Infrastructure Private Limited	Director	27-05-08	27-05-08	-	Active	NO
14	U28910DL2008PLC185040	Jbm Motors Limited	Director	19-11-08	19-11-08	-	Active	NO
15	U34300TN1998PTC046810	Jbm Auto System Private Limited	Director	04-08-11	23-02-09	-	Active	NO
16	U80302DL2009PTC190802	Jbm Cadmium Private Limited	Director	02-06-09	02-06-09	-	Active	NO
17	U28931DL2008PTC174381	Indo Toolings Private Limited	Director	20-08-09	01-07-09	-	Active	NO
18	U27100DL2009PLC187584	Jbm Ogihara Automotive India Limited	Director	28-07-10	21-09-09	-	Active	NO
19	U28900DL2010PLC211731	M J Casting Limited	Director	23-12-10	23-12-10	-	Active	NO
20	U34201TN2011FTC079145	Yorozu Jbm Automotive Tamil Nadu Private Limited	Director	10-02-11	10-02-11	-	Active	NO
21	U74140DL2011PTC227157	Jbm Corporate Services Private Limited	Director	08-11-11	08-11-11	-	Active	NO

Name :	Mr. Pramod Manglik
Designation :	Director
Address :	AA – 19, 3^rd Street, Anna Nagar, Chennai – 600 040, Tamilnadu, India
Date of Birth/Age :	10.09.1954
Date of Appointment :	02.01.2010
DIN No.:	02743788

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	U28910TN2000PTC049876	Neel Industries Private Limited	Director	30-09-09	28-07-09	-	Active	NO
2	U34300TN1998PTC046810	Jbm Auto System Private Limited	Whole-time director	27-09-10	02-01-10	-	Active	NO

Name :	Mr. Mahesh Kumar Aggarwal
Designation :	Director
Address :	D-4, BHEL Township, Sector – 14, Guatam Budh Nagar, Noida – 201301, Uttar Pradesh, India
Date of Birth/Age :	06.05.1943
Date of Appointment :	09.11.2010
DIN No.:	00004982

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	U67120DL1996PTC078853	Metos Investment Private Limited	Director	05-02-01	05-02-01	-	Active	NO
2	U72000DL2000PTC103912	Compass Technologies Private Limited.	Director	05-02-01	05-02-01	06-09-08	Active	NO
3	L74899DL1996PLC083073	Jbm Auto Limited	Director	07-06-02	07-06-02	-	Active	NO
4	U74899DL1985PTC022215	Pragmac Sources And Services Private Limited	Director	29-04-04	29-04-04	-	Active	NO
5	U74899DL1995PTC072245	Oriental Ecotech Services Private Limited	Director	02-02-06	02-02-06	-	Active	NO
6	U34300TN1998PTC046810	Jbm Auto System Private Limited	Director	04-08-11	09-11-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Surendra Kumar Arya	2
ANS Holding Private Limited, India	2450000
JBM International Limited, India	2499998
A to Z Securities Limited, India	1550000
JBM Auto Limited, India	18390000
Total	24890000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Sheet Metal Components.

Products :

Item Code No. (ITC Code)	Product Description
Auto Components	87082900
M. S. Scrap	72044900

PRODUCTION STATUS As on 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Welding (Million Spots)	Nos.	NA	134	32
Sheet Metal Components and Assemblies / Sub- assemblies	Nos.	NA	NA	9910809

GENERAL INFORMATION

Bankers :

Indusind Bank Limited, No.3, Village Road, Nungambakkam, Chennai – 600 034, Tamilnadu, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
	(12 Months)	(12 Months)
Working Capital Loan Secured	225.000	30.000
Other Debt Secured	60.187	101.704
Total	285.187	131.704

Banking Relations :	--
Auditors :
Name :	Fraser and Ross Chartered Accountants
Address :	ASV N. Ramana Tower, Venkatnarayana Road, T Nagar, Chennai – 600 017, Tamilnadu, India
Tel. No.:	91-44-66885000
Fax No.:	91-44-66885050
Holding Company :	JBM Auto Limited (From 29.05.2009) CIN No.: L74899DL1996PLC083073 ThyssenKrupp Tallent Limited, UK (Upto 29.05.2009)
Fellow Subsidiary :	JBM Oghiara Auto India Limited

CAPITAL STRUCTURE

AS On 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24890000	Equity Shares	Rs.10/- each	Rs.248.900 Millions

(Of which 18390000 equity shares of Rs.10 each are held by the holding company JBM Auto Limited)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011 (12 Months)	31.03.2010 (12 Months)	31.03.2009 (6 Months)
SHAREHOLDERS FUNDS
1] Share Capital		248.900	248.900	248.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		497.779	357.153	304.211
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		746.679	606.053	553.111
LOAN FUNDS
1] Secured Loans		285.187	131.704	0.000
2] Unsecured Loans		0.000	0.000	0.000
3] Differed Credits		0.000	0.000	121.599
TOTAL BORROWING		285.187	131.704	121.599
DEFERRED TAX LIABILITIES		7.289	0.868	0.000
TOTAL		1039.155	738.625	674.710
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		720.208	518.184	437.873
Capital work-in-progress		160.065	24.682	65.799
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	12.161
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	308.635	217.468	63.091
	Sundry Debtors	324.779	119.942	42.422
	Cash & Bank Balances	21.301	73.143	192.435
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	120.701	74.292	36.022
Total Current Assets		775.416	484.845	333.970
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	606.437	280.663	115.978
	Other Current Liabilities	0.000	0.000	41.554
	Provisions	10.097	8.423	17.561
Total Current Liabilities		616.534	289.086	175.093
Net Current Assets		158.882	195.759	158.877
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1039.155	738.625	674.710

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011 (12 Months)	31.03.2010 (12 Months)	31.03.2009 (6 Months)
SALES
	Income	2956.000	873.000	350.000
	Other Income
	TOTAL (A)	2956.000	873.000	350.000
EXPENSES
	Office Expenses
	Administrative Expenses
	Advertising Expenses
	TOTAL (B)	2668.000	730.000	247.000
PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		288.000	143.000	103.000
FINANCIAL EXPENSES (D)		6.000	0.500	0.230
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		282.000	142.500	102.770
DEPRECIATION/ AMORTISATION (F)		70.000	57.000	35.000
PROFIT BEFORE TAX (E-F) (G)		212.000	85.000	68.000
TAX (H)		72.000	32.000	15.000
PROFIT AFTER TAX (G-H) (I)		140.000	53.000	53.000
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		310.000	257.000	204.000
BALANCE CARRIED TO THE B/S		450.000	310.000	257.000
EARNINGS IN FOREIGN CURRENCY
	Other Earnings (Design Services)	0.062	0.050	3.700
TOTAL EARNINGS		0.062	0.050	3.700
IMPORTS
	Raw Materials and Components	61.600	25.000	1.400
	Capital Goods	2.600	0.500	0.000
	Capital Goods-Projects	22.200	100.900	0.000
TOTAL IMPORTS		86.400	126.400	1.400
Earnings Per Share (Rs.)		5.65	2.13	2.13

KEY RATIOS

PARTICULARS		31.03.2011 (12 Months)	31.03.2010 (12 Months)	31.03.2009 (6 Months)
PAT / Total Income	(%)	4.74	6.07	15.14
Return on Total Assets (PBT/Total Assets}	(%)	14.17	8.47	8.81
Return on Investment (ROI) (PBT/Networth)		0.28	0.14	0.12
Debt Equity Ratio (Total Liability/Networth)		1.21	0.69	0.54
Current Ratio (Current Asset/Current Liability)		1.26	1.68	1.91

LOCAL AGENCY FURTHER INFORMATION

OPERATIONAL AND FINANCIAL REVIEW:

During the year the company achieved a turnover of Rs.2956.000 Millions with three-fold increase, due to the successful launch of Ford Figo, Toyota – Etios and Nissan Micra. The Management expects that the same trend will continue in the current year as well.

There will be severe pressures on the profitability of the company, due to price discounts being asked from OEM citing higher volumes and pressure on Raw Material Prices and other expenses like Manpower cost, Lubricants and Bank Interests.

The company is committed towards maintaining environmental standards. The company continues to hold TS16949:2002 and ISO 14001:2000 certificates. Company has been recommended by Underwriters Laboratories Inc.’s Auditor for ISO 14001:2004. Continued efforts are being made to increase the quality and reduce the cost through active involvement of all the employees.

FUTURE OUTLOOK

(a) Ford new Car Project (B515) The Company was nominated as one of the leading supplier for the project which is likely to commence during the year 2012-13.

(b) Nissan Project (X02B) The Company has been awarded the contract for supplies to Nissan’s Project also. Regular supplies started and as per agreement, dedicated Plant at Orgadam for Nissan operations commenced production w.e.f. 01.06.2011.

(c) Ashok-Leyland Nissan – The company has been awarded the contract for supplies to AL-Nissan’s Project also. Regular supplies started and as per the agreement, dedicated Plant at Hosur for AL Nissan Operation commenced production w.e.f. 01.06.2011 in a rental shed

(d) The company has also been awarded additional business from OEM’s like Daimler / Renault Project.

Form 8:

Corporate identity number of the company	U34300TN1998PTC046810
Name of the company	JBM AUTO SYSTEM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No.1, Ford Suppliers Park, S.P. Koil Post, Chengalpattu, Kancheepuram – 603 204, Tamilnadu, India E-Mail: csjbmas@jbm-group.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge) Floating charge
Particular of charge holder	DBS Bank Limited, Upper Ground Floor, Birla Tower, 25, Barakhamba Road, New Delhi – 110001, India E-mail : anurag@dbs.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation dated 29th November, 2011.
Date of instrument Creating the charge	29.11.2011
Amount secured by the charge	Rs.300.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As agreed between the parties. Terms of Repayment: As agreed between the parties. Margin: Asset cover of 1.5 Times of Facility Amount on market valuation basis. Extent and Operation of the charge: First paripassu Hypothecation and floating Charge over entire movable fixed assets to secure the financial facilities sanctioned by the Bank plus interest, cost, commission, costs, charges and expenses.
Short particulars of the property charged	First pari passu Hypothecation and floating charge over all movable properties of the borrower , both present and future including without limitations its movable plant and machinery, furniture and fittings, equipment, computer hardware, computer software, machinery spares, tools and accessories and other movables(except those which are exclusively given to term lenders and Ford India).

FIXED ASSETS:

· Leasehold Land

· Building

· Plant and Machinery

· QC Equipment

· Compressor

· DG Set

· Water Treatment Plant

· SPM’s

· Malt Handling Equipment

· Pipings

· Press Shop Equipments

· Weld Shop Equipments

· Paint Plant

· Tools

· Electrical Installations

· Office Equipment

· Computers

· Furniture and Fixtures

· 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.52.23
UK Pound	1	Rs.80.84
Euro	1	Rs.66.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.