MIRA INFORM REPORT

Report Date :

17.05.2012

IDENTIFICATION DETAILS

Name :	PREMIER SEALS (INDIA) PRIVATE LIMITED
Registered Office :	17/8, D-1 Block, MIDC Chinchwad, Pune – 411019, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.12.1998
Com. Reg. No.:	25-013165
Capital Investment / Paid-up Capital :	Rs. 13.000 Millions
CIN No.: [Company Identification No.]	U01112PN1998PTC013165
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Reed Valves, Oil Seals and Metal to Rubber Bonded Items.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 560000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are 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 :	17/8, D-1 Block, MIDC Chinchwad, Pune – 411019, Maharashtra, India
Tel. No.:	91-20-27477408/65110286/4111951
Fax No.:	91-20-27477408/27458848
E-Mail :	iut@eth.net pseals@vsnl.net
Website:	http://www.premierseals.co.in
Works and Office:	20/8, D-1 Block, MIDC, Chinchwad, Pune – 411019, Maharashtra, India
Tel. No.:	91-20-39511879/39511887/39511885
Fax No.:	91-20-66111953

DIRECTORS

As on 30.09.2011

Name :

Mr. Mohan Panalal Gupta

Designation :

Director

Address :

458/27A Ponta Near Trimurly Hall Resi 1–Phase, Nigdi, Pune – 411044, Maharashtra, India

Date of Appointment :

28.12.1998

DIN No.:

01679127

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	U01112PN1998PTC013165	PREMIER SEALS (INDIA) PRIVATE LIMITED	Director	28/12/1998	28/12/1998	-	Active	NO
2	U29299PN1998PTC012577	POKHARKAR ENGINEERING PRODUCTS PRIVATE LIMITED	Director	19/03/2003	19/03/2003	-	Active	NO
3	U45202PN2005PTC021485	PREMIER ERECTORS PRIVATE LIMITED	Director	27/10/2005	27/10/2005	-	Active	NO
4	U24100PN2011PTC138533	JAYASHREE POLYMERS EXTRUSION PRIVATE LIMITED	Director	13/02/2011	13/02/2011	-	Active	NO
5	U51909PN2011PTC139303	AMG RETAIL PRIVATE LIMITED	Director	25/04/2011	25/04/2011	-	Active	NO

Name :

Mrs. Kaushilya Ramdhari Agarwal

Designation :

Director

Address :

Plot No.174, Sector 24, Pradhilaran, Nigdi, Pune – 411044, Maharashtra, India

Date of Appointment :

28.12.1998

DIN No.:

01678790

Name :

Mr. Vinodkumar Surajbhan Bansal

Designation :

Director

Address :

427/27A Ponta Nigdi, Pune – 411044, Maharashtra, India

Date of Appointment :

28.12.1998

DIN No.:

01678799

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	U24134PN1996PTC096879	JAYASHREE POLYMERS PRIVATE LIMITED	Whole-time director	2/02/1996	2/02/1996	-	Active	NO
2	U01112PN1998PTC013165	PREMIER SEALS (INDIA) PRIVATE LIMITED	Director	28/12/1998	28/12/1998	-	Active	NO
3	U29299PN1998PTC012577	POKHARKAR ENGINEERING PRODUCTS PRIVATE LIMITED	Director	15/02/2002	15/02/2002	-	Active	NO
4	U45202PN2005PTC021485	PREMIER ERECTORS PRIVATE LIMITED	Director	27/10/2005	27/10/2005	-	Active	NO
5	U51495PN2006PTC022010	JAYASHREE POLYMER EXPORTS PRIVATE LIMITED	Director	15/02/2006	15/02/2006	-	Active	NO
6	U72900PN2010PTC138030	JAYASHREE TUBESTECH COMPONENT PRIVATE LIMITED	Director	20/12/2010	20/12/2010	-	Active	NO
7	U24100PN2011PTC138533	JAYASHREE POLYMERS EXTRUSION PRIVATE LIMITED	Director	13/02/2011	13/02/2011	-	Active	NO

Name :

Mrs. Anguridevi Pannalal Gupta

Designation :

Director

Address :

458/27A Ponta Nigdi, Pune – 411044, Maharashtra, India

Date of Appointment :

28.12.1998

DIN No.:

01185771

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Mohan Pannalal Gupta	185000
Kaushalaya Ramdhari Agarwal	62008
Vinod Surajbhan Bansal (HUF)	102008
Anguridevi Pannalal Gupta	125000
Usha Gupta	60000
Pannalal Gupta	60000
Mohan Pannalal Gupta (HUF)	59973
Ramdhari Surajbhan Agarwal (HUF)	20000
Ramdhari Surajbhan Agarwal	70000
Rajeev Bansal	30000
Shakuntala V Bansal	80000
Raghunate Agarwal	1
Shantidevi Agarwal	1
Sulochana Agarwal	1
Usha Vijay Agarwal	1
S. T. Agarwal	1
M.S. Bansal	1
Vinod S Bansal	1
Madhu Purshottam Garg	1
Amit R Gupta	1
Ashok R Gupta	1
P.G. Gupta (HUF)	1
Hemang Ramesh Chewari	1
Vidyadevi J Mittal	1
More Marketing Private Limited – India	1
M. P Gupta (HUF)	1
Trident Mercantile Private Limited – India	1
Saroj Khusiram Goyal	1
Pokharkar Engineering Products Private Limited – India	10
MKK ZIP Fastners Private Limited, india	125984
Total	980000

As on 05.03.2012

Names of Allottees	No. of Shares
Premier Seals (India) Private Limited, India	320000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	1.29
Directors or relatives of Directors	98.71
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Reed Valves, Oil Seals and Metal to Rubber Bonded Items.

PRODUCTION STATUS (As On 31.03.2010)

Particulars	Unit	Installed Capacity
Windmill Project – Satara	KW	350
Windmill Project – Dhule	KW	600

GENERAL INFORMATION

Customers :

· Force Motors Limited

· Cummins India Limited

· Dana India Limited

· Fleet Guard Filters India Private Limited

· Gabriel India Limited.

· Greaves Limited

· Bosch Chassis Systems India Limited

· Kinetic Engineering Limited

· Lumax Industries Limited

· Mahindra and Mahindra Limited

· Motherson Sumi Systems Limited

· Onida Savak Limited

· Piaggio Vehicles Private Limited

· Rane Nastech Limited

· Renowned Auto Products Manufacturing Limited.

· Spicer India Limited

· Tata Motors Limited

· International Cars and Motors Limited

· Asia Motors Works

No. of Employees :

Not Available

Bankers :

Axis Bank Limited – Pimpri Chinchwad Branch, Balwant Chapekar Chowk, Pune – 411033, Maharashtra, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
From Banks
Cash Credit – Axis Bank Limited, Chindchwad (secured against hypothecation of raw material stock, finished and semi finished goods and book debts)	87.159	65.614
Term Loan No. 1434 – Axis Bank Limited, Chinchwad (secured against hypothecation of assets acquired of Bank Finance)	8.136	12.370
Term Loan No. 0299 – Axis Bank Limited, Chinchwad (secured against hypothecation of assets acquired of Bank Finance)	13.066	0.000
Axis Bank Buyer Credit Secured against hypothecation of entire current assets of the company both present and future	49.092	10.473
Term Loan NO. 1441- Axis Bank Limited, Chinchwad (secured against hypothecation of assets acquired out of bank finance)	3.966	9.439
From Financial Instit
Tata Capital Limited - Loan	13.009	0.000
From Others
S. Tax Deferred (state Deferred as per package scheme of incentives 1993 of Government of Maharashtra)	18.748	18.748
Total	193.176	116.644
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loan from Directors	0.000	0.000
Gupta Mohan P	2.300	0.000
Gupta Mrs. AP	1.000	0.495
Loan from Friends and Relatives	0.000	0.000
Agarwal Mrs. Sulochana	0.222	0.200
Gupta Sumit R	1.850	1.200
Gupta Kashish Kailash	0.600	0.600
Gupta M. P. (HUF)	1.400	0.240
Gupta P. G	0.850	0.060
Gupta P. G (HUF)	1.625	0.000
Gupta Soni Sumit	0.650	0.000
Gupta Sunita A. R	1.200	0.300
Mittal Sangita	0.334	0.334
Pallavi Arvind Mittal	0.430	0.130
Pokharkar Engineering Products Private Limited	0.00	13.570
Premier Elastomers	2.992	3.068
Arvind Mittal	0.000	0.140
Reena Mittal	0.140	0.110
Vishal Sadi Centre	0.111	0.361
Agarwal S. T. (HUF)	0.423	0.361
Total	16.127	21.169

Banking Relations :	--
Auditors :
Name :	L. B. Laddha and Company Chartered Accountant
Address :	Flat No. 7 and 8, Second Floor, Sukhwani Chambers, Station Road, Pimpri, Pune – 411018, Maharashtra, India
Tel. No.:	91-20-27426966/27420547
E-Mail :	laddhalb@gmail.com
PAN.:	AAJPL1258Q

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs. 10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1300000	Equity Shares	Rs. 10/- each	Rs.13.000 Millions

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs. 10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
980000	Equity Shares	Rs. 10/- each	Rs. 9.800 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		9.800	9.800	9.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		132.212	114.185	98.382
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		142.012	123.985	108.182
LOAN FUNDS
1] Secured Loans		193.176	116.644	98.120
2] Unsecured Loans		16.127	21.169	49.772
TOTAL BORROWING		209.303	137.813	147.892
DEFERRED TAX LIABILITIES		12.439	11.801	12.105
TOTAL		363.754	273.599	268.179
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		174.183	158.339	152.790
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		15.682	11.746	10.376
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	98.176	74.435	43.427
	Sundry Debtors	145.946	86.896	80.379
	Cash & Bank Balances	8.739	3.959	1.024
	Other Current Assets	16.262	6.319	11.324
	Loans & Advances	17.324	17.265	17.837
Total Current Assets		286.447	188.874	153.991
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	100.318	73.787	31.598
	Other Current Liabilities	10.301	9.308	16.265
	Provisions	1.939	2.264	1.115
Total Current Liabilities		112.558	85.359	48.978
Net Current Assets		173.889	103.515	105.013
MISCELLANEOUS EXPENSES		0.000	0.000	0.006
TOTAL		363.754	273.599	268.179

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	737.120	477.478	403.620
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	668.373	418.039	350.710
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		68.747	59.439	52.910
Less	FINANCIAL EXPENSES (D)		15.635	12.394	16.553
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		53.112	47.045	36.357
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.456	16.531	14.396
	PROFIT BEFORE TAX (E-F) (G)		33.656	30.514	21.961
Less	TAX (H)		11.074	10.140	7.496
	PROFIT AFTER TAX (G-H) (I)		22.582	20.374	14.465
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.184	8.382	4.133
Less	APPROPRIATIONS
		General Reserve	20.000	20.000	5.630
		Proposed Dividend	3.920	3.920	3.920
		Corporate Dividend Tax	0.635	0.651	0.666
	BALANCE CARRIED TO THE B/S		2.211	4.185	8.382
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings		20.580	(1.114)	NA
	TOTAL EARNINGS		20.580	(1.114)	NA
	IMPORTS
		Raw Materials	NA	55.646	49.429
		Capital Goods	NA	7.391	5.894
	TOTAL IMPORTS		NA	63.037	55.323
	Earnings Per Share (Rs.)		23.04	20.79	14.80

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.06	4.27	3.58
Return on Total Assets (PBT/Total Assets}	(%)	11.75	8.75	7.16
Return on Investment (ROI) (PBT/Networth)		0.24	0.25	0.20
Debt Equity Ratio (Total Liability/Networth)		0.79	1.80	1.82
Current Ratio (Current Asset/Current Liability)		2.54	2.23	3.14

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
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	No
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	--
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

OPERATION:

The performance during the year was satisfactory. The sales increased by 54% while profit after tax increased by 11%. The previous year was a difficult year due to huge turmoil in international commodity market and large price variations. Current year seems to be promising as we are looking for new product categories in the same rubber line of business and scouting worldwide for technical joint ventures or equity participations.

Company has purchased new land at Chakan for setting up manufacturing unit at Chakan and also for availing various subsidies of Government of Maharashtra.

Windmills at Satara and Dhule are performing satisfactorily.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U01112PN1998PTC013165
Name of the company	PREMIER SEALS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	17/8 D-1 Block MIDC Chinchwad, Pune - 411019, Maharashtra, India Email: iut@eth.net
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90087090
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	Axis Bank Limited – Pimpri Chinchwad Branch, Balwant Chapekar Chowk, Pune – 411033, Maharashtra, India Email: iut@eth.net
Nature of instrument creating charge	Supplemental Deed of Hypothecation
Date of instrument Creating the charge	04.01.2012
Amount secured by the charge	Rs. 213.350 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit, Term Loan VIII and IX (New) - Base Rate + 3.25% i. e. presently at 13.25% p. a. and all existing term loans -Base rate + 3.25% i.e. presently at 13.25% p.a. Terms of Repayment Term Loan (Rs. 24.750 Millions) - Repayment in 53 monthly installments of Rs. 0.458 Millions each and last installment of Rs. 0.476 Millions commencing from 6 months after 1st disbursement. (Rs.12.000 Millions) - Repayment in 53 monthly installments of Rs. 0.222 Millions each and last installment of Rs. 0.234 Millions commencing from 6 months after 1st disbursement. Margin Cash Credit - Stock 25%, Book Debts - 40% (restricted to debtors upto 3 months) Term Loan VIII & IX- 25% Bank Guarantee -10% Forward Contract – NIL Extent and Operation of the charge -------------------Existing (Millions Rs.) Revised (Millions Rs) Cash Credit 80.000 87.500 Term Loan VIII(New)- 24.750 Term Loan IX (New)- 12.000 Term Loan IV 21.000 21.000 Term Loan V 27.100 27.100 Term Loan VI 16.500 16.500 Term Loan VII 23.500 23.500 BG Limit 1.000 1.000 Others The other Credit facilities i.e LC (S/L of CC) Rs. 45.000 Millions, Buyers' Credit Rs.45.000 Millions, Letter of Credit Rs. 40.000 Millions, Buyer's Credit (S/L of CC) of Rs. 40.000 Millions and Forward Contract ( LER) (S/L of CC) Rs. 5.000 Millions has been closed.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All tangible movable machineries, plant, fixtures, fittings, other installation, cranes, furniture, computers together with spares tools and accessories lying on the premises at 17/8 D1 Block, MIDC Chinchwad, Pune and at any other places/godowns of the company. Whole of borrower movable goods and assets both present and future and including but without prejudice to generality of the foregoing words all stocks of raw materials, work in progress, semi finished Goods, finished goods, packing materials, consumable, stores and spares etc. All present and future book debts, outstanding monies, receivables claims, bills, contacts, engagements and securities Immovable Property for Cash Credit: a) Entire immovable properties both present and future situated at 17/8, 17/10, 20/8, D-1 Block, MIDC, Chinchwad, Pune b) Bungalow located at Plot No. 458, Sec 27A, Akurdi, Pune - 44 - owned by Mr. Mohan P Gupta c) Windmill land at village Aichale (Brahmanwel)Taluka Sakri, Dist Dhule. Term Loan VIII and IX: Equitable Mortgage Charge on the immovable property situated at Industrial Plot at Gat No. 599/1/A, Mahalunge, Chakan, Tal Khed, Dist. Pune
Date of instrument modifying the charge	30.04.2011
Particulars of the present modification	By Deed dated 04/01/2012, the existing credit facilities of Rs. 214.100 Millions have been revised and the new amount of Credit Facility is Rs. 213.350 Millions as under Cash Credit Rs. 87.500 Millions, Term Loan VIII(New)- Rs. 24.750 Millions, Term Loan IX (New)- Rs. 12.000 Millions, Term Loan IV Rs. 21.000 Millions, Term Loan V - Rs. 27.100 Millions, Term Loan VI Rs. 16.500 Millions , Term Loan VII Rs. 23.500 Millions and BG Limit - Rs. 1.000 Millions.

Fixed Assets:

• Land
• Building
• Plant and machinery
• Dies and Moulds
• Furniture
• Office equipments
• Vehicles
• Computers
• Electrical Installation

AS PER WEBSITE DETAILS

COMPANY PROFILE

Subject is a company in manufacturing of various types of Rubber Components in variety of Moulded  items,  Rubber  to Metal  bonded items in various  types of polymers i.e. Natural Rubber, EPDM,  Nitrile, Silicon,

Viton, Polyacrylic, Vamac, Butyl, Neoprene, SBR, etc, which is certified by DNV for ISO / TS–16949:  2002.

Their main object to produce critical / specialized component with the help of advance plant and machinery by adopting the latest technology to satisfy the customer by fulfilling its requirements.

 It’s a  great achievement for us  that presently  They are  supplying  various  types of Metal  bonded  items along  with moulded component like  Anti Vibration Mountings, Bushes, Torque rod bushes  Bellows,  Rubber Seals, Gaskets, Boots, Flexible coupling, Rubber Bumpers, Bellows, Oil Seals, Rear  and Front  spring Buffer, Rubber Buffer  for  Swing  Arm, etc.  to major OE  customers like  TATA  Motors Limited., Mahindra and Mahindra, Force Motors  Limited.,  Piaggio Vehicles Private. Limited, Kalyani Breaks Limited., etc. and They are the Self Certified vendor for most of the companies.

Considering the consistency in  our quality  and service most of the companies  giving us an opportunity for their new projects and coming   three to four  years They will be the major supplier to them. Recently they have started the development for TATA Motors for their Small Car Project and also developed Engine Mountings for their ACE vehicle. In the same passion they are in process of developing the components for   Force Motors for their MAN Project and for Piaggio’s new coming vehicle. Recently for Mahindra and Mahindra they have develop various types of Rubber Components like Bumper, Coupling, Swing Arm, etc. for Alfa Vehicles and also various types of Hoses for Automotive Sector.

Their motto to satisfy the customer is by the means of their best offer and service in terms of quality, quantity and most competitive price.

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.54.29
UK Pound	1	Rs.86.60
Euro	1	Rs.68.87

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	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.