MIRA INFORM REPORT

Report Date :

31.01.2012

IDENTIFICATION DETAILS

Name :	BEHR INDIA LIMITED
Registered Office :	Gat No.626/1/2 and 622/1/0, 29, Milestone, Pune Nashik Highway, Village Kuruli, Taluka Khed, Pune-410501, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.04.1997
Com. Reg. No.:	11-107619
Capital Investment/ Paid-up Capital:	Rs.241.000 millions
CIN No.: [Company Identification No.]	U34300PN1997PLC107619
TAN No.: [Tax Deduction & Collection Account No.]	PNEB01594F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Air Conditioning Systems for Automobiles
No. of Employees:	550 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1730000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a joint venture between Behr Gmbh and Company KG., Stuttgart and Anand Automotive Limited. It 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 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

INFORMATION DECLINED BY

Name :	Mr. Ashish Sathe
Designation :	Accounts Department

LOCATIONS

Registered Office / Factory:	Gat No.626/1/2 and 622/1/0, 29, Milestone, Pune Nashik Highway, Village Kuruli, Taluka Khed, Pune-410501, Maharashtra, India
Tel. No.:	91-2135-665000
Mobile No.:	91-9822216433 (Mr. Sunil Kaul)
Fax No.:	91-2135-665050 / 665150
E-Mail :	anil.kudal@behrgroup.com ashish.sathe@behrgroup.com vidhi.shandiramane@behrgroup.com
Website :	http://www.behrindia.net
Corporate Office :	In Delhi
Factory :	B-5, Chakan Industrial Area, District Khed, Pune, Maharashtra, India
Area:	Owned

DIRECTORS

AS ON 30.07.2011

Name :

Mr. Deep C. Anand

Designation :

Director

Address :

1 Shri Aurobindo Marg, New Delhi-110016, Delhi, India

Date of Birth:

26.08.1933

Date of Appointment :

13.05.1997

Din No.:

00090123 

Other Directorship :

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
L34101PN1961PLC015735	Gabriel India Limited	Director	24-02-61	24-02-61	21-05-08	Active	NO
U99999MH1962PLC012316	Perfect Circle India Limited	Director	06-04-62	06-04-62	22-05-08	Active	NO
U74899DL1966PLC004919	Mahle Filter Systems (India) Limited	Director	16-04-66	16-04-66	-	Active	NO
U99999DL1983PTC016655	Anand And Anand Private Limited	Director	29-09-83	29-09-83	-	Active	NO
U74999MH1975PLC206199	Anand Automotive Limited	Director	18-02-86	18-02-86	-	Active	NO
U29197DL1986PLC025120	Degremont Limited	Director	15-07-89	15-07-89	07-12-10	Active	NO
U74899DL1991PTC043765	Deep C.Anand Holdings Private Limited	Director	02-04-91	02-04-91	-	Active	NO
U34300MH1993PLC073227	Spicer India Limited	Director	29-07-93	29-07-93	-	Active	NO
U29309TN1997PLC038508	Valeo Friction Materials India Limited	Director	15-09-97	15-09-97	09-06-09	Active	NO
U35999TN1997PLC039028	Mando India Limited	Director	08-10-97	08-10-97	23-05-08	Active	NO
U99999MH1998PLC118876	Haldex India Limited	Director	15-05-02	15-05-02	29-08-07	Active	NO
U65993MH1966PTC206200	Asia Investments Private Limited	Additional director	28-12-10	21-05-10	-	Active	NO

Name :

Mr. Kaul Premnath Sunil

Designation :

Managing Director

Address :

House No.8, Atul Excellency, SR No.207, 2 Kaspatye Vasti, Wakad, Pune-411027, Maharashtra, India

Date of Birth :

13.08.1959

Date of Appointment :

15.12.2009

Din No.:

00110549

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U32102DL2007FTC164995	Takata India Private Limited	Nominee director	28-09-10	14-12-09	Active	NO
U29117PN2001PLC018092	Victor Gaskets India Limited	Director	27-07-10	08-02-10	Active	NO
U99999MH1998PLC118876	Haldex India Limited	Director	01-04-10	01-04-10	Active	NO
U74899DL1966PLC004919	Mahle Filter Systems (India) Limited	Director appointed in casual vacancy	01-06-11	01-06-11	Active	NO

Name :

Mr. Dirk Wolfgang Heers

Designation :

Director

Address :

C/6 No. 38, URB Santa Maria, DE LA Vall E – 08757, Corber A De, Llobre, Gat Es Paria, Spain – 08757

Date of Birth :

29.07.1962

Date of Appointment :

22.12.2004

Din No.:

01027925

Name :

Mr. Pravesh K. Srivastava

Designation :

Director

Address :

PL 40/41 Pratham Society, 210/3, Wakad Telephone Exchange, Pune – 411027, Maharashtra, India

Date of Birth :

04.02.1955

Date of Appointment :

01.01.2006

Din No.:

02217308

Other Directorship :

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
U99999MH1962PLC012316	Perfect Circle India Limited	Managing director	01-01-10	04-11-09	-	Active	NO

Name :

Colin Leslie Carter

Designation :

Director

Address :

IM, Dorn 12, Beilstein-71717, Germany

Date of Birth :

19.11.1955

Date of Appointment :

17.12.2008

Din no.:

02820523

Name :

Mr. Deepak Ramnath Chopra

Designation :

Director

Address :

H 7 and 8, Anfilco Housing Colony, Anand Farm Palam Gurgaon Road, Dundhahera, Gurgaon – 122 016, Haryana, India

Date of Birth :

25.12.1954

Date of Appointment :

27.03.2009

Din No. :

00028770

Other Directorship :

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
U29309TN1997PLC038508	Valeo Friction Materials India Limited	Director	26-06-97	26-06-97	21-09-09	Active	NO
U74899DL1996PLC076149	Echlin India Limited	Director	17-08-99	17-08-99	-	Strike off	NO
U35999TN1997PLC039028	Mando India Limited	Director	31-01-00	31-01-00	04-09-09	Active	NO
U29117PN2001PLC018092	Victor Gaskets India Limited	Director	19-07-01	19-07-01	08-02-10	Active	NO
U74899DL1994PLC062873	AFM India Limited	Director	15-11-01	15-11-01	-	Active	YES
U74999MH1975PLC206199	Anand Automotive Limited	Managing director	01-04-02	01-04-02	20-01-09	Active	NO
U24222HR1996PLC033371	Henkel Teroson India Limited	Director	22-05-02	22-05-02	-	Active	NO
U65993MH1966PTC206200	Asia Investments Private Limited	Director	20-06-02	20-06-02	24-06-10	Active	NO
U51909DL1992PLC049978	Chang Yun India Limited	Director	24-06-02	24-06-02	-	Active	NO
U85110DL1981PLC191868	Dytek India Limited	Director	19-12-02	19-12-02	-	Active	NO
U33699DL1980PLC010179	Ansysco Limited	Director	13-03-04	13-03-04	-	Amalgamated	NO
U29197DL1997PTC163461	Mahle Filter Systems (India) Private Limited	Director	23-03-05	23-03-05	-	Amalgamated	NO
U34300MH1993PLC073227	Spicer India Limited	Managing director	19-01-09	27-09-05	-	Active	NO
U29197DL1986PLC025120	Degremont Limited	Director	05-06-06	05-06-06	-	Active	NO
U29199HR2006PLC043262	Federal-Mogul Bearings India Limited	Alternate director	01-09-10	17-07-06	03-10-10	Active	NO
U29130TN1997FTC037962	Faurecia Emissions Control Technologies India Private Limited	Alternate director	16-05-07	16-05-07	16-05-07	Active	NO
U45400HR2008PTC037677	Camfil Farr Air Filtration India Private Limited	Director	04-03-08	04-03-08	-	Active	NO
U29130TN2008PTC066530	C Y Myutec Automotive India Private Limited	Director	15-05-08	15-05-08	-	Active	NO
L34101PN1961PLC015735	Gabriel India Limited	Director	21-05-08	21-05-08	-	Active	NO
U74899DL1966PLC004919	Mahle Filter Systems (India) Limited	Alternate director	17-12-10	02-06-09	17-12-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Preeti Kailash Agrawal
Designation :	Secretary
Address :	A-28 Asara Nagar, Hotgi Road, Solapur-413003, Maharashtra, India
Date of Birth/Age :	28.15.1981
Date of Appointment :	26.03.2010
Name :	Mr. Vidhi Shandiramane
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.07.2011

Names of Shareholders	No. of Shares
Behr Holding International GmbH, Germany	14460000
Asia Investment Private Limited, India	9639995
Deepak R Chopra	1
K K Jaggi	1
Pravesh Kumar Srivastava	1
Mahendra Daulatram Goyal	1
Ramni VN Sood	1
Total	24100000

AS ON 30.07.2011

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	60.00
Bodies corporate	40.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Air Conditioning Systems for Automobiles

Products :

• Technology: Engine Cooling
• Technology: Air Conditioning

Product Description	ITC Code
Radiators	3478
Heat Exchangers	3478
Air-conditioning Systems	3478

PRODUCTION STATUS

As on 31.03.2010

Particulars	Unit	Installed Capacity	Actual Production
Automotive air conditioning systems, its parts and components	Nos.	580000	192382
Radiators, comprising of radiator assemblies and fan shroud assembly	Nos.	400000	144376
Compressor assembly and its components and parts thereof	Nos.	285000	135966
Visco	Nos.	288000	113108
Ventilation Units	Nos.	15000	1807
Heat exchangers	Nos.	550000	309085

GENERAL INFORMATION

No. of Employees :

550 (Approximately)

Bankers :

ING Vysya Bank Limited, P.B.No.4038,Chanakya Building, Near Dinesh Hall,Off Ashram Road,, Ahmedabad - 380009, Gujarat, India

Facilities :

Cash Credit – Rs.320.000 Millions

Particulars	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
Secured Loan
Rupee term loans banks secured
Rupee term loans Other debt secured	92.206 344.210	70.000 325.933
Total	436.416	395.933

Footnotes

(A) The Term Loan is secured by hypothecation of all stocks of raw material, Work in Process, Finished Goods , Packing Material, Stores and spares, book debts, present and future and all movable plant and machinery and furniture and fixture of the Company. The said facilities are further secured by pledge of Fixed Deposit Receipts of Rs.32.628 Millions (Previous Year Rs. 9.349 Millions)

(B) The Cash Credit Facilities (including bill discounting) is secured by hypothecation of all stocks of raw material, Work in Process, Finished Goods, Packing Material, Stores and spares, book debts, present and future and all movable plant and machinery and furniture and fixture of the Company. The said facilities are further secured by pledge of Fixed Deposit Receipts of Rs. 32.628 Millions (Previous Year Rs.9.349 Millions)

Particulars	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
Unsecured Loan
Rupee term loans banks unsecured
Rupee term loans unsecured Other debt unsecured	191.094 165.698	45.960 256.284
Total	356.792	302.244

Footnotes

(A) - Bill Discounting with Bank. 116,963 45,960 (Amount repayable within one year Rs. 116.963 Millions, Previous Year Rs.45.960 Millions) - PO

Financing with Bank 74,131 - (Amount repayable within one year Rs. 74.131 Millions, Previous Year Nil)

(B) - External Commercial Borrowing (Amount repayable within one year Rs. 101.968 Millions, Previous Year Rs.97.824 Millions)

Banking Relations :	--
Financial Institute:	Volkswsagen India Private Limited, E-1, MIDC Industrial Area, Phase III, Village Nogoje Mhalunge Kharabwadi Chakan, Taluk Khed, Pune-410501, Maharashtra, India
Auditors :
Name :	S. R. Batliboi and Associates Chartered Accountants
Address :	The Metropole, F-1, 1^st Floor, B. G. Road, Pune-411001, Maharashtra, India
Ultimate Holding Company:	Behr GmbH and Co. KG, Germany
Holding Company:	Behr Holding International GmbH, Germany
Fellow Subsidiaries:	· Behr Korea Inc, Korea · Behr Mexico S. De R L, Mexico · Behr Ostrava S.R.O., Czech Republic · Behr Service Gmbh, Germany · Behr South Africa (Pty) Limited, South Africa · Behr-Toyo Engine Cooling System K.K., Japan · Dongfeng Behr Thermal System, South Africa · Frape Behr S.A.R.L. Spain · Mahle Behr Industry Gmbh & Co, Germany · Mahle Behr Industry Reichbach, Germany · Sanden (Thailand) Co., Ltd, Thailand Shanghai · Behr Thermal System Co.Ltd, China · Shanghai Sanden · Behr Automotive Air Conditioning Co., Ltd, China · Behr Industrietechnik GmbH & Co., Germany · Anand Automotive Systems Limited, India · Gabriel India Limited, India · Victor Gaskets India Private Limited, India
Group Companies:	Anand Automotive Limited Address : Gat No.626/1/2 and 622/1/0, 29, Milestone, Pune Nashik Highway, Village Kuruli, Taluka Khed, Pune-410501, Maharashtra, India Line of Business: Manufacturer of Air Conditioning Systems for Automobiles Gabriel India Limited Address : Gat No.626/1/2 and 622/1/0, 29, Milestone, Pune Nashik Highway, Village Kuruli, Taluka Khed, Pune-410501, Maharashtra, India Line of Business: Manufacturer of Air Conditioning Systems for Automobiles

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
24100000	Equity Shares	Rs.10/- Each	Rs.241.000 millions
1000000	Preferences Shares	Rs.100/- Each	Rs.100.000 millions
	Total		Rs.341.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24100000	Equity Share	Rs.10/- Each	Rs.241.000 millions

NOTE

Of the above Equity Shares of Rs. 10 each, 14,460,000 (Previous Year : 14,460,000) shares are held by the holding company, Behr Holding International GmbH, Germany and Equity Shares of Rs. 10 each, 9,639,995 (Previous Year : 9,639,995 ) shares are held by Asia Investment Private Limited.

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		241.000	241.000	241.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		298.744	193.817	90.538
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		539.744	434.817	331.538
LOAN FUNDS
1] Secured Loans		436.416	395.933	352.962
2] Unsecured Loans		356.792	302.244	414.230
TOTAL BORROWING		793.208	698.177	767.192
DEFERRED TAX LIABILITIES		54.592	51.159	0.000
TOTAL		1387.544	1184.153	1098.730
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1052.881	860.462	854.843
Capital work-in-progress		156.770	258.017	261.091
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		1.089	13.845	33.804
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	666.093	391.345	342.893
	Sundry Debtors	961.399	544.462	372.153
	Cash & Bank Balances	125.727	115.406	49.073
	Other Current Assets	60.095	89.409	134.833
	Loans & Advances	343.496	310.216	177.800
Total Current Assets		2156.810	1450.838	1076.752
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1673.331	1215.510	892.365
	Current Liabilities	207.292	147.800	207.486
	Provisions	99.383	35.699	27.909
Total Current Liabilities		1980.006	1399.009	1127.760
Net Current Assets		176.804	51.829	(51.008)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1387.544	1184.153	1098.730

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	5051.624	3331.381	2677.748
		Other Income	12.390	88.879	58.115
		TOTAL (A)	5064.014	3420.260	2735.863
Less	EXPENSES
		Consumption materials changes inventories	3628.068	2353.199	1922.270
		Manufacturing service costs	320.068	244.752	22.631
		Contract cost	18.129	12.524	7.362
		Employee related expenses	313.767	238.072	279.153
		Administrative selling other expenses	215.285	163.931	499.311
		Manufacturing other operating expenses	0.000	0.000	(15.908)
		Research development expenditure	14.240	9.248	(27.198)
		TOTAL (B)	4509.557	3021.726	2687.621
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		554.457	398.532	48.242
Less	FINANCIAL EXPENSES (D)		87.094	73.337	75.535
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		467.363	325.195	(27.293)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		216.690	183.025	169.402
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		250.673	142.170	(196.695)
Less	TAX (H)		89.733	38.891	(46.124)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		160.940	103.279	(150.571)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		150.370	47.088	197.659
Less	APPROPRIATIONS
		Dividend on preferences shares	48.200	0.000	0.000
		Dividend on equity shares	0.000	0.000	0.000
		Tax on Dividend	7.820	0.000	0.000
		Transfer to General Reserve	12.070	0.000	0.000
	BALANCE CARRIED TO THE B/S		243.220	150.367	47.088
	EARNINGS IN FOREIGN CURRENCY		802.900	661.610	772.825
	IMPORTS		1408.780	1029.490	997.192
	Earnings / (loss) Per Share (Rs.)		6.68	4.29	(6.25)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.18	3.02	(5.50)
Net Profit Margin (PBT/Sales)	(%)	4.95	4.27	(7.35)
Return on Total Assets (PBT/Total Assets}	(%)	7.81	6.15	(10.18)
Return on Investment (ROI) (PBT/Networth)		0.46	0.32	(0.59)
Debt Equity Ratio (Total Liability/Networth)		5.14	4.82	5.72
Current Ratio (Current Asset/Current Liability)		1.09	1.04	0.95

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE:

The Company registered significant growth in sales during the year at Rs. 5051.620 Millions. During the year Company recorded a growth of 51.6% over the previous year’s sales of Rs.3331.380 Millions.

Increased sales and keeping cost under control, during the year under review helped your Company in registering Profit before Tax of Rs. 250.670 Millions as against profit before tax of Rs.142.170 Millions in previous year. After making provision for tax of Rs. 89.730 Millions, including deferred tax of Rs. 12.760 as per Accounting Standard 22, the Company’s Profit after Tax stood at Rs 160.94 Million, compared with Profit after Tax Rs.103.290 Millions in the previous year.

Operations

Existing Business

The production of automotive air-conditioning systems, its components and parts thereof was higher at 328,460 numbers during the year under review against 192,382 numbers in the previous year. The production of internal audit reports.

FORM : 8

Bankers Charges Report as per Registry

Corporate identity number of the company	U34300PN1997PLC107619
Name of the company	BEHR INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	Gat No.626/1/2 and 622/1/0, 29, Milestone, Pune Nashik Highway, Village Kuruli, Taluka Khed, Pune-410501, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the modified	90084946
Type of charge	Immovable Property Any interest in immovable property
Particular of charge holder	Bank of Baroda (CFS Branch), Corporation Financial Services Branch, Mantri Court, 39, Ambedkar Road, Pune-411001, Maharashtra, India Email ID: bob3939@gmail.com
Nature of instrument creating charge	Memorandum of entry
Date of instrument Creating the charge	26.04.2010
Amount secured by the charge	Rs.655.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest This is equitable mortgage. Terms of Repayment This is equitable mortgage. Margin This is equitable mortgage. Credit Exposure (For Forward contract limit): 5% i.e. Rs. 60.000 millions by way of extension of mortgage charge on fixed assets of the company. all other terms and conditions remains same Extent and Operation of the charge Additional Credit Exposure (For Forward contract limit) of Rs. 60.000 millions provided. Following are the revised facilities Term Loan :125.000 Millions (continuation) Cash Credit :350.000 Millions (continuation) inland/ import Letter of credit:100.000 Millions (continuation) Bank Guarantee inland and foreign :20.000 Millions(continuation) Credit Exposure Limit : 60.000 millions (New) TOTAL: 655.000 Millions. Charge operates as a security for enhanced limits. immoveable property is provided as security for enhanced limits
Short particular of the property or asset(s) charged	i) An unascertained area of NA land admeasuring 0 hectors 51.79ares=5179.1 sq. mtrs. carved out of all that piece and parcel of land bearing – ii) Gat no. 626/1 admeasuring 6hectors 91 ares village kururli tal Khed Dist Pune, Maharashtra, India iii) Total Area of Gat no.626/2 admeasuring 2 hectors 63 ares=26304.36 sq mtrs non agricultural land of village kururli tal Khed Dist Pune, Maharashtra, India iv) all making together a total area of 3 hectares 14.79 ares =31483.46 sq mtrs non agricultural land together with a perpetual right to use of v) An unascertained area of NA land admeasuring 0 hectares 01.214 ares=121.405 sq. mtrs. out of ascertained ares of NA land admeasuring 2 hectares 65ares carved out of all that piece and parcel of land vi) bearing Gat no.622/1/0 totally admeasuring 5 hectares 11 Ares of village kururli Takla Khed dist Pune, Maharashtra, India vii) Land admeasuring 0 hectares 68.80 ares= 6880.41 sq. mtrs. Sufficient enough to carve out and lay a 15mtrs. wide tar approach road with fencing /wall o both sides thereof for the purpose approach – viii) passing through Gat no. 626/1of villege Kururli taluka Khed District Pune, Maharashtra, India ix) together with buildings / structures standing thereon or to be constructed thereon x) and also as stated in the agreement

FIXED ASSETS

· Land

· Plant and Machinery

· Furniture and Fixture

· Motor Vehicles

· Computer

· Office and other Equipments

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.49.50
UK Pound	1	Rs.77.73
Euro	1	Rs.65.18

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	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		45

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.