MIRA INFORM REPORT

Report Date :

03.10.2012

IDENTIFICATION DETAILS

Name :	TRUETZCHLER INDIA PRIVATE LIMITED (w.e.f 21.05.2010)
Formerly Known As :	TRUMAC ENGINEERING COMPANY PRIVATE LIMITED
Registered Office :	43, DR., V. B. Gandhi Marg, Fort, Mumbai-400023, Maharashtra
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	02.07.1977
Com. Reg. No.:	11-19735
Capital Investment/ Paid-up Capital:	Rs.73.650 Millions
CIN No.: [Company Identification No.]	U28100MH1977PTC019735
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Machinery Spare Parts
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 5040000
Status :	Good
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having fine track. The company is doing 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 – June 30, 2012

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

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

INDIAN ECONOMIC OVERVIEW

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

Source : CIA

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS

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

LOCATIONS

Registered Office :	43, DR., V. B. Gandhi Marg, Fort, Mumbai-400023, Maharashtra, India
Tel. No.:	91-22-22872245
Fax No.:	91-22-22041690
E-Mail :	ate_fort@ateindia.com pashah@trutzschler.in
Factory:	N.I.D.C. Estate, Near Lambha Village, Post Narol Ahmmedabad – 382405, Gujarat, India
Tel. No.:	91-79-30411100
Fax No.:	91-79-25710617

DIRECTORS

As on 07.06.2012

Name :

Mr. Anuj Atul Bhagwati

Designation :

Director

Address :

Nishant, 6 M. L. Dahanukar Marg, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

06.10.1968

Date of Appointment :

30.09.2006

Din No.:

00094776

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	U74140MH1971PTC015101	A.T.E. Private Limited	Director	19/09/1996	19/09/1996	-	Active	NO
2	U24100MH1974PTC017999	ITHACA HOLDINGS PRIVATE LIMITED	Director	23/02/1999	23/02/1999	-	Amalgamated	NO
3	U74210MH1982PTC027139	HOLTEX ENGINEERING COMPANY PRIVATE LIMITED	Director	28/12/1999	28/12/1999	-	Active	NO
4	U51503MH2001PTC132921	A.T.E. Enterprises Private Limited.	Managing director	31/07/2001	31/07/2001	-	Active	NO
5	U29260MH2002PTC137202	ZINSER TEXTILE SYSTEMS PRIVATE LIMITED	Director	13/09/2002	13/09/2002	-	Active	NO
6	U28100MH1977PTC019735	Truetzschler India Private Limited	Director	30/09/2005	30/09/2005	-	Active	NO
7	U29299MH2004PTC164341	EcoAxis Systems Private Limited	Director	19/01/2006	19/01/2006	-	Active	NO
8	U51900MH1984PTC034694	NAB TRADING AND INVESTMENT PRIVATE LIMITED	Director	05/06/2006	05/06/2006	-	Amalgamated	NO
9	U65990MH1982PTC027773	VITEX TRADING AND INVESTMENT PRIVATE LIMITED	Director	05/06/2006	05/06/2006	-	Active	NO
10	U51900MH1980PLC022289	MATCON EXPORT ENTERPRISES LIMITED	Director	28/08/2006	28/08/2006	-	Active	NO
11	U28920MH1998PTC219008	HMX Systems Private Limited	Nominee director	14/05/2008	14/05/2008	-	Active	NO
12	U74999MH2000PTC127595	A.T.E. Envirotech Private Limited	Nominee director	18/07/2008	18/07/2008	-	Active	NO
13	U31909MH2003PTC224885	VALENCE ELECTRONS PRIVATE LIMITED	Director	27/07/2009	03/02/2009	-	Active	NO
14	U29253MH2009FTC193151	Karl Mayer India Private Limited	Nominee director	09/06/2009	09/06/2009	10/12/2009	Active	NO

Name :

Mr. Jayesh Priykant Bhatt

Designation :

Managing Director

Address :

17 B, Madhu Kunj Society, Near Kashivishw Anath, Mahadev, Maninag AR East, Ahmedabad-380008, Gujarat, India

Date of Birth/Age :

10.03.1956

Date of Appointment :

30.09.2005

Din No.:

00119536

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	U28100MH1977PTC019735	Truetzschler India Private Limited	Director	30/09/2005	30/09/2005	-	Active	NO
2	U29100GJ2009PTC058301	KOSTWEIN INDIA COMPANY PRIVATE LIMITED	Nominee director	09/10/2009	09/10/2009	26/06/2010	Active	NO

Name :

Mr. Girish Chinubhai Sharedalal

Designation :

Director

Address :

Landmark 111, M. L. Dahanukar Marg, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

05.10.1932

Date of Appointment :

01.02.2009

Din No.:

00066058

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	L17120MH1917PLC000447	RUBY MILLS LIMITED	Director	12/06/1981	12/06/1981	21/11/2011	Active	NO
2	L24239MH1940PLC003176	F D C LIMITED	Director	26/08/1988	26/08/1988	-	Active	NO
3	L45200GJ1973PLC050790	STOVEC INDUSTRIES LIMITED	Director	26/09/1989	26/09/1989	-	Active	NO
4	U67190MH1992PTC064877	STELLAR ASSET MANAGEMENT PRIVATE LIMITED	Director	08/02/1992	08/02/1992	-	Active	NO
5	U28100MH1977PTC019735	Truetzschler India Private Limited	Alternate director	01/02/2009	25/04/1995	-	Active	NO
6	U65990MH1995PLC090279	KOTAK MAHINDRA TRUSTEE COMPANY LIMITED	Director	06/07/1995	06/07/1995	-	Active	NO
7	U65990MH1987PTC045720	RATAN TRADING PRIVATE LIMITED	Director	08/11/1999	08/11/1999	-	Active	NO
8	U67120MH1997PTC111585	MAULIK AND KAJI FINANCIAL SERVICES PRIVATE LIMITED	Director	01/04/2000	01/04/2000	-	Active	NO

Name :

Mr. Michael Schurenkramer

Designation :

Director

Address :

Schomolder Strasse, 253 41239, Monchengladbach , Germany

Date of Birth/Age :

17.11.1954

Date of Appointment :

31.03.1995

Din No.:

00222384

Name :

Mr. Heinrich Karl Gerhard Trutzschler

Designation :

Director

Address :

Schomolder Strasse, 92 41239, Monchengladbach 2, Germany

Date of Birth/Age :

28.02.1957

Date of Appointment :

31.03.2006

Din No.:

00240511

Name :

Mr. Dirk Burger

Designation :

Director

Address :

Nikolaus-Lauxen, Street-10, Pulheim 50259, Germany

Date of Birth/Age :

09.11.1960

Date of Appointment :

28.03.2009

Din No.:

02238034

Passport No.:

Voter ID No.:

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	U29261MH1994PTC076139	OERLIKON TEXTILE INDIA PRIVATE LIMITED	Director	23/02/2007	23/02/2007	29/01/2008	Active	NO
2	U29260MH2002PTC137202	ZINSER TEXTILE SYSTEMS PRIVATE LIMITED	Director	28/05/2007	28/05/2007	22/05/2008	Active	NO
3	U28100MH1977PTC019735	Truetzschler India Private Limited	Director	28/03/2009	01/01/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vaibhav Niranjan Sanghavi
Designation :	Secretary
Address :	A/5, Manek Om Shree, Geetanjali Nagar, Sai Baba Mandir Road, Boriwali (West), Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	17.09.1986
Date of Appointment :	01.10.2010
Pan No. :	BRLPS0973D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 07.06.2012

Names of Shareholders	No. of Shares
A.T.E. Private Limited	368250
ABIC GmbH, Germany	6996750
TOTAL	7365000

Equity Share Break up (Percentage of Total Equity)

As on 07.06.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	95.00
Bodies corporate	5.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Machinery Spare Parts

PRODUCTION STATUS

As on 31.12.2010

Particulars	Unit	Licensed Capacity	Installed Capacity
Blow Rom Lines	Lines	75	75
High Production Card	Nos.	500	450
High Production Draw Frame	Nos.	180	100
Card Clothing Parts	Set	5000	4500

Particulars	Unit	Actual Production
Blow Room Machinery	Nos.	2330
High Production Card	Nos.	505
High Production Draw Frame	Nos.	30
Card clothing parts- Fillets (in meters)	Nos.	59028
Card clothing parts- Flat Tops (in sets)	Nos.	4601
Card clothing parts -Mettallc	Nos.	994

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Bank of Baroda, Ashram Road Branch, Ashram Road, Ahmedabad, Gujarat, India
Facilities :	-

Banking Relations :	--
Auditors :
Name :	N. A. Shah Associates Chartered Accountant
Address :	B 41-45 Paragon Centre Worli Mumbai, Maharashtra, India
Pan No.:	AAAAA2000A
Holding company :	ABIC GmbH is holding 95% of share capital in the company
Fellow Subsidiaries : :	· Truetzschler Textile Machinery (Shanghai) Company Limited · Truetzschler Industria e Comercio de Maquinas Limited · American Truetzschler Inc.
Associates :	· Truetzschler GmbH and Company, KG · Truetzschler Card Clothing GmbH
Joint Venture :	· Kostwein India Company Private Limited
Other related parties :	· ATE Enterprises Private Limited · ATE. Private Limited · Zinser Textile Systems Private Limited · Trumac Employees Group Gratuity Trust · Trumac Engineering Company Limited Officers' Superannuation Trust · The Ruby Mills Limited

CAPITAL STRUCTURE

As on 07.06.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Share	Rs.10/- Each	Rs.150.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7365000	Equity Share	Rs.10/- Each	Rs.73.650 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011	31.12.2010	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		73.650	73.650	73.650
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1187.505	1049.206	904.619
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1261.155	1122.856	978.269
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		38.098	29.106	38.032
TOTAL		1299.253	1151.962	1016.301
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		918.567	599.262	479.037
Capital work-in-progress		86.179	158.548	45.643
INVESTMENT		297.147	391.896	247.005
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1025.464	842.514	608.896
	Sundry Debtors	255.450	124.625	120.741
	Cash & Bank Balances	90.416	178.327	75.946
	Other Current Assets	13.080	14.454	5.653
	Loans & Advances	188.965	192.720	167.318
Total Current Assets		1573.375	1352.640	978.554
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	898.044	593.794	356.131
	Other Current Liabilities	527.322	700.157	316.434
	Provisions	150.649	56.433	61.373
Total Current Liabilities		1576.015	1350.384	733.938
Net Current Assets		(2.640)	2.256	244.616
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1299.253	1151.962	1016.301

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011	31.12.2010	31.12.2009
	SALES
		Income		2657.590	1414.080
		Other Income		88.440	48.043
		TOTAL (A)	3890.670	2746.03	1462.123
Less	EXPENSES
		Consumption materials changes inventories
		Manufacturing service costs	4393.860	2332.790	1304.873
		Employee related expenses
		Administrative selling other expenses
		TOTAL (B)	4393.860	2332.790	1304.873
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		503.190	413.240	157.250
Less	FINANCIAL EXPENSES (D)		8.760	7.050	5.530
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		494.430	406.190	151.720
Less/ Add	DEPRECIATION/ AMORTISATION (F)		98.540	75.280	60.430
	PROFIT BEFORE TAX (E-F) (G)		395.890	330.910	91.290
Less	TAX (H)		129.190	100.440	13.680
	PROFIT AFTER TAX (G-H) (I)		266.700	230.470	77.610
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		282.620	178.030	159.010
Less	APPROPRIATIONS
		Interim Dividend	36.830	73.650	0.000
		Tax on Interim Dividend	5.970	12.230	0.000
		Proposed Final Dividend	73.650	0.000	18.410
		Tax on Proposed Final Dividend	11.940	0.000	3.130
		Transfer to General Reserve	110.000	40.000	37.050
	BALANCE CARRIED TO THE B/S		310.930	282.620	178.030
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings		358.099	299.952
		Engineering Services		3.199	3.149
		Expenses Recovered		15.839	13.670
		Sales of Goods (inclusive of Taxes)		2.109	5.057
	TOTAL EARNINGS		518.570	379.246	321.828
	IMPORTS
		Raw Materials		886.348	463.914
		Tools & Spares		9.935	4.248
		Capital Goods		189.166	48.156
	TOTAL IMPORTS		NA	1085.449	516.318
	Earnings Per Share (Rs.)		36.21	31.29	10.54

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
PAT / Total Income	(%)	6.85	8.39	5.31
Net Profit Margin (PBT/Sales)	(%)	NA	12.45	6.46
Return on Total Assets (PBT/Total Assets}	(%)	15.89	16.95	6.26
Return on Investment (ROI) (PBT/Networth)		0.31	0.29	0.09
Debt Equity Ratio (Total Liability/Networth)		1.25	1.20	0.75
Current Ratio (Current Asset/Current Liability)		0.99	1.00	1.33

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	-
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	No

REVIEW OF OPERATIONS

The sales turnover for the year 2011 has registered an increase of 46% over the sales of last year. The profit of the Company before tax has gone up from Rs.330.91 million to Rs. 395.89 million during the year . The profit after tax has increased from Rs.230.47 million to Rs. 266.70 million. During the year the Company has sold Blow Room Machinery, 694 Nos. High Production Cards and 68 Nos. Draw Frames to various mills, which are working satisfactorily. Firm Orders at the end of the year stood at Rs 3,882 million as against Rs. 4,473 million at end of previous year.

CONTINGENT LIABILITIES

Contingent liabilities are determined on the basis of available information and are disclosed in the notes to financial statements. Details of contingent liabilities not provided are given below.

(a) Guarantees given by banks on behalf of the company Rs.29.620 Millions (Previous Year Rs.71.475 Millions) and guarantee of Rs. 90.000 Millions (Previous Year Rs.90.000 Millions) favouring insurance company for realising claim referred in note no. 5 below.

(b) Bonds executed by the company in favour of customs authority:

I. Rs. 253.657 Millions (Previous Year Rs. 76.254 Millions) for export obligation which is fulfilled. however clearance from custom department is awaited.

II. Rs. Nil (Previous Year Rs.133.837 Millions) for which export obligation is pending as mentioned in para (d) below.

(c) Claims against the company not acknowledged as debt in case of:

I. Order for payment of Employees State Insurance contribution for the period 1994-95 and 1996 to 2001 of Rs. 1.349 Millions (Previous Year Rs. 1.349 Millions) which is contested by the company.

II. Show cause notice from department for Service tax of Rs. 1.683 Millions (Previous Year Rs.1.683 Millions) and interest penalty thereon in respect of services from Goods Transport Agency (GTA) and on Incidental Charges reimbursed to engineers by customers directly which is contested by the company.

III. In regard to Duty Drawback of Rs.7.132 Millions (Previous Year Rs.7.132 Millions) availed by the Company in earlier years, in the earlier year the company had submitted part of the details and has submitted balance details subsequent to year end against Show Cause cum Demand Notice received from Department of Custom for non-submission of Bank Realisation Certificates or other documents of Foreign Exchange Remittance. The Company does not expect any liability to arise against this notice.

IV. Claims for restatement by ex-worker who had opted for early retirement under voluntary retirement scheme Rs. 1.511 Millions

(Previous year Rs.1.511 Millions).The matter is pending with High Court, Gujarat.

(d) Export obligations pending:

There are no export obligations pending as on 31 December 2011 (Previous year Rs.18.900 Millions to be fulfilled st by November 2012 on duty free import of capital goods made by the company).

(e) Foreign Letter of Credit established by bank on behalf of the company Rs.19.261 Millions (Previous year Rs.13.045 thousand) and Inland Letter of Credit Rs.20.254 thousand (Previous year Nil).

(f) Corporate Guarantee of Rs.14.729 Millions (Previous Year Rs. 14.729 thousand ) given to Bank on behalf of the Joint Venture (Kostwein India Company Private Limited).

(g) Income Tax matters under dispute:

Rs. in Millions

Particular	31.03.2011	31.03.2010
Cases in which the company has preferred an appeal	87.066	76.673
Cases in which department has preferred an appeal	0.398	0.398
Total	87.464	77.071
Less : Provided	(4.645)	(6.280)
Balance not provided	82.819	70.791

Note: In respect to para 2(c) and 2(g), future cash outflows are determinable on receipt of decisions / judgements pending with forums / authorities. In respect of Bank Guarantee (other than guarantee favouring insurance company) / Corporate Guarantee as referred in para 2(a) and 2(f) above, the company does not expect any cash outflow. In regard to bank guarantee issued in favour of insurance company the cash outflow will depend on the outcome of matter under dispute.

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Vehicles
• Electrical Installation
• Office Equipments and A.C

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.52.78
UK Pound	1	Rs.85.16
Euro	1	Rs.67.79

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		51

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.