MIRA INFORM REPORT

Report Date :

28.07.2012

IDENTIFICATION DETAILS

Name :	DELTRONIX INDIA LIMITED (w.e.f 26.07.1984)
Formerly Known As :	DELTRONIX INDIA PRIVATE LIMITED
Registered Office :	A-323, Sarita Vihar, New Delhi-110044, Delhi
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.07.1984
Com. Reg. No.:	55-18787
Capital Investment / Paid-up Capital :	Rs. 50.000 Millions
CIN No.: [Company Identification No.]	U51909DL1984PLC018787
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Automotive Components.
No. of Employees :	100 (Approximately) (in office and factory)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1200000
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 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH
Long Term Rating	BBB
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk.
Date	22.09.2011

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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 :	A-323, Sarita Vihar, New Delhi-110044, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	deltronix.e3@gmail.com info@deltronix.in
Corporate Office / Factory :	E-3, Sector 59, Noida – 201301, India
Tel No.:	91-120-4621700
Fax No.:	91-120-2581062
E-Mail :	info@deltraonix.in

DIRECTORS

As on 30.09.2011

Name :

Mr. Satpal Arora

Designation :

Nominee Director

Address :

205 Fancy Apartment, Vasundhra Enclave, Delhi – 110096, India

Date of Birth/Age :

01.04.1958

Date of Appointment :

19.07.2011

DIN No.:

00061420

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	L74899DL1989PLC035140	DCM SHRIRAM INDUSTRIES LIMITED	Nominee director	27/05/2005	27/05/2005	14/04/2008	Active	NO
2	L17115PB1976PLC003702	MALWA COTTON SPINNING MILLS LTD	Nominee director	30/06/2007	30/06/2007	30/06/2008	Active	NO
3	L17111UP1924PLC000275	JUGGILAL KAMLAPAT COTTON SPG.AND WVG MILLS COMPANY LIMITED	Nominee director	27/05/2008	27/05/2008	26/05/2010	Active	NO
4	L15249UP1933PLC000511	DHAMPUR SUGAR MILLS LIMITED	Nominee director	28/11/2008	28/11/2008	-	Active	NO
5	U65993DL1988PLC030284	IFCI VENTURE CAPITAL FUNDS LIMITED	Managing director	09/03/2012	09/03/2010	-	Active	NO
6	U24100MH1993PLC071376	SHREE PUSHKAR CHEMICALS AND FERTILISERS LIMITED	Nominee director	03/05/2012	09/03/2010	-	Active	NO
7	U51506TN2001PLC047919	SHARON SOLUTIONS LIMITED	Nominee director	19/03/2010	19/03/2010	-	Active	NO
8	U45201WB2007PTC162847	PALOGIX INFRASTRUCTURE PRIVATE LIMITED	Nominee director	29/06/2010	29/06/2010	09/12/2011	Active	NO
9	L24129AP1976PLC001983	NAGARJUNA FERTILIZERS AND CHEMICALS LTD.	Nominee director	10/01/2011	10/01/2011	-	Amalgamated	NO
10	L51109UP1987PLC009090	GANESHA ECOSPHERE LIMITED	Nominee director	28/09/2011	07/03/2011	-	Active	NO
11	U40200GJ2006PLC048397	SABARMATI GAS LIMITED	Nominee director	08/03/2011	08/03/2011	18/07/2011	Active	NO
12	L65910DL1989PLC034812	TOURISM FINANCE CORPORATION OF INDIA LIMITED	Director	18/05/2011	18/05/2011	-	Active	NO
13	L29120MP1995PLC009327	SHAKTI PUMPS (INDIA) LIMITED	Nominee director	10/06/2011	10/06/2011	18/01/2012	Active	NO
14	U51909DL1984PLC018787	DELTRONIX INDIA LIMITED	Nominee director	19/07/2011	19/07/2011	-	Active	NO
15	U24129AP2006PLC076238	NAGARJUNA FERTILIZERS AND CHEMICALS LIMITED	Nominee director	18/08/2011	18/08/2011	-	Active	NO
16	U51109AP2002PLC039141	AMRIT JAL VENTURES LIMITED	Nominee director	19/08/2011	19/08/2011	09/12/2011	Active	NO
17	U31200AP1995PLC019206	TITAN ENERGY SYSTEMS LIMITED	Nominee director	22/09/2011	22/09/2011	-	Active	NO
18	U74899DL1995PLC064034	IFCI FINANCIAL SERVICES LIMITED	Director	11/04/2012	04/12/2011	-	Active	NO
19	U93000TN2009PLC070524	IFIN COMMODITIES LIMITED	Additional director	08/12/2011	08/12/2011	-	Active	NO
20	U65991TN1989PTC017792	NARAYAN SRIRAM INVESTMENTS PRIVATE LIMITED	Additional director	08/12/2011	08/12/2011	-	Active	NO
21	U40108AP2008PTC057788	GAYATRI ENERGY VENTURES PRIVATE LIMITED	Nominee director	29/05/2012	29/05/2012	-	Active	NO

Name :

Mr. Anant Gupta

Designation :

Director

Address :

C-7l, Sector -14l, Noida-201301, Uttar Pradesh, India

Date of Birth/Age :

08.01.1965

Date of Appointment :

01.01.1992

DIN No.:

00230908

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	U51909DL1984PLC018787	DELTRONIX INDIA LIMITED	Director	01/01/1992	01/01/1992	-	Active	NO
2	U74899DL1993PLC056665	HCL COMNET SYSTEMS AND SERVICES LIMITED	Whole-time director	01/11/2010	23/01/2003	-	Active	NO

Name :

Mr. Kapil Gupta

Designation :

Managing Director

Address :

B-12, Sector-14, Noida, Uttar Pradesh, India

Date of Birth/Age :

16.09.1962

Qualification :

FCA

Date of Appointment :

01.04.1993

DIN No.:

00631036

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	U51909DL1984PLC018787	DELTRONIX INDIA LIMITED	Managing director	24/12/2010	01/04/1993	-	Active	NO
2	U29220DL1996PTC081675	KAYSER INDIA PRIVATE LIMITED	Director	11/08/2001	11/08/2001	-	Active	NO
3	U32109DL2004PTC126833	DELTRONIX AUTOMOTIVE PRIVATE LIMITED	Director	08/06/2004	08/06/2004	03/09/2011	Active	NO
4	U74899DL1994PTC059778	SONIA AND CO.PRIVATE LIMITED	Director	14/04/2006	14/04/2006	-	Active	NO
5	U74999DL2004PLC124438	WACORP HYUNDAI INDIA LIMITED	Director	01/02/2008	01/02/2008	01/10/2010	Active	NO
6	U74120DL2010PTC205490	WACORP PROJECTS PRIVATE LIMITED	Director	08/07/2010	08/07/2010	03/03/2011	Active	NO
7	U93020MH2006PLC160931	JAWED HABIB HAIR AND BEAUTY LIMITED	Director	30/09/2011	25/10/2010	31/12/2011	Active	NO

Name :

Mrs. Deepali Gupta

Designation :

Managing Director

Address :

B-12, Sector-14, Noida, Uttar Pradesh, India

Date of Birth/Age :

12.05.1967

Date of Appointment :

24.07.2001

DIN No.:

00676382

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	U29220DL1996PTC081675	KAYSER INDIA PRIVATE LIMITED	Director	04/09/1996	04/09/1996	-	Active	NO
2	U51909DL1984PLC018787	DELTRONIX INDIA LIMITED	Managing director	15/12/2009	24/07/2001	-	Active	NO
3	U32109DL2004PTC126833	DELTRONIX AUTOMOTIVE PRIVATE LIMITED	Director	08/06/2004	08/06/2004	03/09/2011	Active	NO
4	U74899DL1994PTC059778	SONIA AND CO.PRIVATE LIMITED	Director	04/04/2006	04/04/2006	-	Active	NO
5	U74999DL2004PLC124438	WACORP HYUNDAI INDIA LIMITED	Director	01/02/2008	01/02/2008	01/10/2010	Active	NO

Name :

Mr. Karan Gupta

Designation :

Additioanl Director

Address :

B-12, Sector-14, Noida, Uttar Pradesh, India

Date of Birth/Age :

08.02.1990

Date of Appointment :

08.02.2011

DIN No.:

02053084

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	U74999DL2004PLC124438	WACORP HYUNDAI INDIA LIMITED	Director	01/01/2011	01/03/2008	05/01/2011	Active	NO
2	U51909DL1984PLC018787	DELTRONIX INDIA LIMITED	Director	30/09/2011	08/02/2011	-	Active	NO

Name :

Mr. Kannan Selvaraj

Designation :

Whole Time Director

Address :

W-5, Sai Gardens, BG-2, ICC Block, Annanagar, West Extension, Chennai – 600101, Tamilnadu, India

Date of Birth/Age :

04.05.1967

Date of Appointment :

11.02.2010

DIN No.:

03292340

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	U51909DL1984PLC018787	DELTRONIX INDIA LIMITED	Whole-time director	28/09/2010	11/02/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Aditya Agrawal
Designation :	Secretary
Address :	B-56 Kendriya Vihar, Sector – 6, Lucknow – 226001, Uttar Pradesh, India
Date of Birth/Age :	13.07.1975
Date of Appointment :	18.08.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Anant Gupta	82475
Agate international Limited, Malayasia	450000
Deepali Gupta	100450
Deepali Gupta J/w Kapil Gupta	459750
Krishan Avtar Gupta and Sons	124100
Kapil Gupta and Sons	1002525
Anant Gupta and Sons	500
Kamla Gupta	23575
Kapil Gupta	662325
Karan Gupta	275000
Kunal Gupta U/G Kapil Gupta	291000
Kayser India Private Limited, India	4000000
Kapil Gupta J/W Deepali Gupta	336875
Kannan Selvaraj J/W Meenakshi J/W Kapil Gupta	175000
Shalini Gupta	575
Sonia and Company Private Limited, India	570000
India Automotive Components Manufacturer Private Limited, India	1000000
Total	9554150

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	58.68
Directors or relatives of Directors	41.32
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer Automotive Components.

Products :

Product Description	ITC Code
HT Cords	85.44
Automotive Parts and components	87.08
Rubber Parts	40.18
Toolings and Tool Design	84.80

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
HT Cords	Nos.	NA	600000	541734
	Nos.	NA	(600000)	(373750)
Automotive Parts and Components	Nos.	NA	3500000	2422413
	Nos.	NA	(2500000)	(2174456)
Rubber Parts	Nos.	NA	7500000	5688345
	Nos.	NA	(6500000)	(3955009)

GENERAL INFORMATION

Customers :

· Hyundai

· TATA

· Prestolite Wire

· Mahindra

· Ford

· Fiat

· Ashok Leyland

No. of Employees :

100 (Approximately) (in office and factory)

Bankers :

• State Bank of India, Commercial Branch, Sector – 18, Noida – 201301, Uttar Pradesh, India
• Punjab and Sind Bank, International Banking Division, Scindia House, New Delhi – 110001, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Corporate and Term Loan (Secured by Equitable Mortage of factory Land and Building)	109.488	82.317
Export Packing Credit	11.336	4.590
Cash Credit / Other Working Capital Facility (Secured by hypothecation of stocks and debtors)	102.144	72.349
Car Loan Account	2.920	6.035
Total	225.888	165.291
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Unsecured Loan	203.297	6.500
Total	203.297	6.500

Banking Relations :	--
Auditors :
Name :	RN Mathur and Company Chartered Accountant
Address :	GH-13/74, Paschim Vihar, New Delhi-110087, India
Tel. No.:	91-11-25265384
E-Mail :	mmcca@yahoo.com
PAN.:	AAAFE5504Q
Subsidiaries :	· DTX Global FZC UAE · Francaise DE Roues Sasu France

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions
2000000	Preference Shares	Rs.100/- each	Rs.200.000 Millions
	Total		Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8554150	Equity Shares	Rs.10/- each	Rs.85.542 Millions
1000000	Preference Shares	Rs.100/- each	Rs.100.000 Millions
	Total		Rs.185.542 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4999975	Equity Shares	Rs.10/- each	Rs.50.000 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		50.000	34.565	34.565
2] Share Application Money		33.796	0.000	0.000
3] Reserves & Surplus		223.603	102.518	84.216
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		307.399	137.083	118.781
LOAN FUNDS
1] Secured Loans		225.888	165.291	132.879
2] Unsecured Loans		203.297	6.500	12.500
TOTAL BORROWING		429.185	171.791	145.379
DEFERRED TAX LIABILITIES		25.688	24.745	23.829
TOTAL		762.272	333.619	287.989
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		215.486	219.365	200.046
Capital work-in-progress		202.151	0.000	0.000
INVESTMENT		26.314	8.000	8.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	81.318	52.265	39.710
	Sundry Debtors	66.833	54.128	48.000
	Cash & Bank Balances	25.177	11.217	10.126
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	202.261	21.726	20.516
Total Current Assets		375.589	139.336	118.352
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.000	0.000	0.000
	Sundry Creditors	43.934	24.108	26.091
	Provisions	13.334	8.974	12.318
Total Current Liabilities		57.268	33.082	38.409
Net Current Assets		318.321	106.254	79.943
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		762.272	333.619	287.989

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	397.693	348.550	285.778
		Other Income	2.505	1.185	0.844
		TOTAL (A)	400.198	349.735	286.622
Less	EXPENSES
		Manufacturing and Other Expenses	307.901	281.861	226.097
		Apportionment of Deferred Expenses and W/O	0.232	0.000	0.000
		TOTAL (B)	308.133	281.861	226.097
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		92.065	67.874	60.525
Less	FINANCIAL EXPENSES (D)		27.638	25.264	21.651
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		64.427	42.610	38.874
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.649	12.299	10.667
	PROFIT BEFORE TAX (E-F) (G)		50.778	30.311	28.207
Less	TAX (I)		13.865	5.943	9.081
	PROFIT AFTER TAX (G-I) (J)		36.913	24.368	19.125
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		66.059	49.756	38.697
Less	APPROPRIATIONS
		Proposed Dividend	5.214	5.184	5.185
		Tax in dividend	0.866	0.881	0.881
		Previous yrs. Adjustment	0.987	0.000	0.000
		General reserves	2.000	2.000	2.000
					8.066
	BALANCE CARRIED TO THE B/S		93.905	66.059	49.756
	Earnings Per Share (Rs.)		7.38	7.05	5.53

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.22	6.69	6.67
Net Profit Margin (PBT/Sales)	(%)	12.77	8.69	9.87
Return on Total Assets (PBT/Total Assets}	(%)	13.52	8.45	8.86
Return on Investment (ROI) (PBT/Networth)		0.17	0.22	0.24
Debt Equity Ratio (Total Liability/Networth)		1.58	1.49	1.55
Current Ratio (Current Asset/Current Liability)		6.56	4.21	3.08

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	Yes
10]	Designation of contact person	Yes
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	Yes
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	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Passport No of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No

PERFORMANCE

During the year Total Income grew by 14.5 %. And the Net Profit grew by about 52 %. The overall performance of the company during the year was quite satisfactory. Like every year the Directors are committed to put their best efforts to strengthen the overall performance of the company in coming years.

The Company has increased its Authorized capital from Rs.60.000 Millions to Rs.300.000 Millions during the financial year 2011-12, to enable increase of capital to fund the new manufacturing unit in Chennai to manufacture of OEM Alloy Wheels in Technical Assistance from Korea.

SUBSIDIARIES

The Company has become Holding Company of Two Foreign Subsidiaries during the financial year ended March 31, 2011. DTX Global FZC, an SPV subsidiary incorporated in Hamriyah Free Zone – Shj, United Arab Emirates on 22/04/2010 for the primary purpose of being a holding company. Française de Roués, a step down s

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51909DL1984PLC018787
Name of the company	DELTRONIX INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	A-323, Sarita Vihar, New Delhi-110044, India Email: info@deltronix.in
This form is for	Creation of charge
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Punjab and Sind Bank, International Banking Division, Scindia House, New Delhi – 110001, India Email: jagjit1548@hotmail.com
Nature of instrument creating charge	Packing Credit Agreement form no 21/6(R) Deposit of Title deeds form no 84A(3)
Date of instrument Creating the charge	30.04.2012
Amount secured by the charge	Rs.4.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest ROI As Per HO Guidelines Terms of Repayment On Demand/ Due date of PC Margin Stock 25% Extent and Operation of the charge Packing Credit Adhoc Rs.4.000 Millions besides the regular limit Primary Security- Exclusive Hypothecation charge on present and future current assets including stock in trade and other related goods. Additional Security- EM of properties in the name of the company
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Primary Security- Exclusive Hypothecation charge on present and future current assets including stock in trade and other related goods. Additional Security- EM of properties in the name of the company

Fixed Assets:

· Leasehold Land

· Building and Site Development

· Plant and Machinery

· Miscellaneous FA

· Furniture and Fixtures

· Office Equipments

· 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.55.41
UK Pound	1	Rs.86.93
Euro	1	Rs.68.10

INFORMATION DETAILS

Report Prepared by :

KVT

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		50

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.