MIRA INFORM REPORT

Report Date :

17.10.2012

1. Summary Information

		Country	India
Company Name	APEX AUTO LIMITED	Principal Name 1	Mr. Meher H Mehta
Status	Satisfactory	Principal Name 2	Mr. Atul Ratilal Taunk
		Registration #	35-006028
Street Address	M-1, 2, 3 (P), 20, Phase – Vll, Tata Kandra Main Road, Industrial Area, Adityapur, Jamshedpur – 832109, Jharkhand, India
Established Date	08.08.1994	SIC Code	--
Telephone#	91-657-2408715	Business Style 1	Manufacturer
Fax #	91-657-2424526	Business Style 2	--
Homepage	www.apexautoltd.com	Product Name 1	Excavator Components
# of employees	Not Available	Product Name 2	Fabricated Structure
Paid up capital	Rs. 60,697,000/-	Product Name 3	--
Shareholders	Foreign holdings – 12.27% Bodies corporate – 67.15% Directors or relatives of Directors – 10.31% Other top fifty shareholders – 9.71% Others – 0.56%	Banking	Axis Bank Limited
Public Limited Corp.	No	Business Period	18 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	262,061,000	Current Liabilities	115,891,000
Inventories	201,208,000	Long-term Liabilities	441,394,000
Fixed Assets	649,839,000	Other Liabilities	107,829,000
Deferred Assets	0,000	Total Liabilities	665,114,000
Invest& other Assets	13,200,000	Retained Earnings	400,497,000
		Net Worth	461,194,000
Total Assets	1,126,308,000	Total Liab. & Equity	1,126,308,000
Total Assets (Previous Year)	928,956,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	1,260,637,000	Net Profit	99,258,000
Sales(Previous yr)	892,206,000	Net Profit(Prev.yr)	54,073,000

IDENTIFICATION DETAILS

Name :	APEX AUTO LIMITED
Formerly Known As :	APEX AUTO PRIVATE LIMITED
Registered Office :	M-1,2,3(P), 20, Phase – Vll, Tata Kandra Main Road, Industrial Area, Adityapur, Jamshedpur– 832109, Jharkhand
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.08.1994
Com. Reg. No.:	35-006028
Capital Investment / Paid-up Capital :	Rs. 60.697 Millions
CIN No.: [Company Identification No.]	L34201JH1994PLC006028
TAN No.: [Tax Deduction & Collection Account No.]	RCHA00242E
PAN No.: [Permanent Account No.]	AABCA3932D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Fabricated Structures / Components of earth moving equipments / Machinery and Parts
No. of Employees :	Not Available

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 1800000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. It has recorded some growth in its sales and profits during 2011. There appears huge external borrowings recorded by the company. There appears some dip in the cash bank balance of the company during 2011. However, trade relations are recorded as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal for business dealings at usual trade and conditions. Note: Subject has been delisted form BSE and NSE.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Short Term Bank Facility : A3
Rating Explanation	Moderate degree of safety and low credit risk
Date	05.09.2011

Rating Agency Name	CARE
Rating	Long Term Bank Facility : BBB-
Rating Explanation	Moderate degree of safety and Moderate credit risk
Date	05.09.2011

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 / Factory 1 :	M-1, 2, 3 (P), 20, Phase-Vll, Tata Kandra Main Road, Industrial Area, Adityapur, Jamshedpur– 832109, Jharkhand, India
Tel. No.:	91-657-2408715 / 2409041
Fax No.:	91-0657-2200010 / 2203738
E-Mail :	atul@apexautolimited.com info@apexautoltd.com dwd@apexautoltd.com
Website :	www.apexautoltd.com
Factory 2 :	Dharwad Unit I : Kiadb, Plot No. 195 To 198 and 213 To 216, 225-226 Belur Industrial Area, Dharwad - 580011, Karnataka, India
Tel. No.:	91-836-2486973
Fax No.:	91-836-2436974
Factory 3 :	Plot No. 1,2,3(P), Narasapura Industrial Area, Kolar, District Bangalore – 563133, Karnataka, India
International Sales Office:	5805, State Bridge Road, G175, Duluth GA – 30097. USA
Tel. No.:	404-4354134
Fax No.:	888-4358206

DIRECTORS

As on 30.09.2011

Name :

Mr. Meher Hoshang Mehta

Designation :

Director

Address :

Flat No.5, Park Street, Kolkata, West Bangal – 700016, India

Date of Birth/Age :

20.09.1930

Date of Appointment :

18.10.1995

DIN No.:

00309278

Name :

Mr. Atul Ratilal Taunk

Designation :

Director

Address :

25, C.H.Area, East, Bistupur, Jamshedpur - 831001, Jharkhand, India

Date of Birth/Age :

04.12.1960

Date of Appointment :

08.08.1994

DIN No.:

00342656

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	L34201JH1994PLC006028	APEX AUTO LIMITED	Managing director	15-06-11	08-08-94	-	Active	NO
2	U55102WB1998PTC087589	REGENT RESORTS AND PROPERTIES PRIVATE LIMITED	Director	24-07-98	24-07-98	-	Active	NO
3	U65993JH1998PTC008618	KATS HOLDINGS PRIVATE LIMITED	Director	15-10-98	15-10-98	-	Active	NO
4	U35204JH2004PTC011051	PINNACLE TRACK SOLUTIONS PRIVATE LIMITED	Director	06-12-04	06-12-04	15-03-09	Active	NO
5	U27109WB2005PLC104132	CHILIKA IRON AND STEEL LIMITED	Director	12-07-05	12-07-05	01-02-12	Active	NO
6	U51109WB1995PTC068897	PAUL SUN HOTEL PRIVATE LIMITED	Director	29-09-07	08-08-07	-	Amalgamated	NO
7	U62200WB2010PTC142977	JAMSHEDPUR AIR-CONNECT PRIVATE LIMITED	Director	20-03-10	20-03-10	-	Active	NO
8	U74900JH2011PTC014849	KATS ENGINEERS PRIVATE LIMITED	Director	12-05-11	12-05-11	-	Active	NO

Name :

Mrs. Anahita Atul Tank

Designation :

Director

Address :

25, C.H.Area, East, Bistupur, Jamshedpur - 831001, Jharkhand, India

Date of Birth/Age :

19.09.1961

Date of Appointment :

08.08.1994

DIN No.:

00342685

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	L34201JH1994PLC006028	APEX AUTO LIMITED	Director	08-08-94	08-08-94	-	Active	NO
2	U55102WB1998PTC087589	REGENT RESORTS AND PROPERTIES PRIVATE LIMITED	Director	24-07-98	24-07-98	-	Active	NO
3	U65993JH1998PTC008618	KATS HOLDINGS PRIVATE LIMITED	Director	15-10-98	15-10-98	-	Active	NO
4	U35204JH2004PTC011051	PINNACLE TRACK SOLUTIONS PRIVATE LIMITED	Director	01-08-05	01-08-05	01-10-08	Active	NO
5	U51109WB1995PTC068897	PAUL SUN HOTEL PRIVATE LIMITED	Director	19-02-08	19-02-08	-	Amalgamated	NO

Name :

Mr. Vipul Kumar Amin

Designation :

Director

Address :

Varsha Villa, Q-Road, Bistapur, Jamshedpur -831001 , Jharkhand – 731001, India

Date of Birth/Age :

08.08.1994

Date of Appointment :

00988685

DIN No.:

Name :

Mr. Barkat Ali Farishta

Designation :

Director

Address :

35, 1461 Kawardha Bada, Bhagwati Charan Shukla Ward, Civil Lines, Raipur - 492001, Chhattisgarh , India

Date of Birth/Age :

25.10.1935

Date of Appointment :

30.09.2009

DIN No.:

02414544

Name :

Mr. Gopal Narain Bhatia

Designation :

Director

Address :

Flat No 1C, Regency Apartment, Jamshedpur - 831001, Jharkhand, India

Date of Birth/Age :

17.08.1947

Date of Appointment :

30.09.2009

DIN No.:

02732254

KEY EXECUTIVES

Name :	Mr. Rajesh Mittal
Designation :	Secretary
Address :	Shyam Path, Uliyan , Kadma , Jamshedpur, West Singhbhum - 831005, Jharkhand , India
Date of Birth/Age :	25.11.1969
Date of Appointment :	30.06.2006
Pan No.:	AENRM0909J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Shareholding Details File Attached

As on 30.06.2012

Names of Allottee (Equity Share)	No. of Shares Allotted
Dinyar S. Devitre and Aashish D. Devitre	166000
Total	166000

Names of Allottee (Preference Shares)	No. of Shares Allotted
Atul Taunk	1390000
Shayal A Taunk	300000
Linton Consultants Private Limited, India	250000
Blackcherry Marketing Private Limited, India	250000
Arihant Tracom Private Limited, India	2000000
Kats Holding Private Limited, India	156300
Pinnacle Track Solutions Private Limited, India	800000
Total	5146300

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

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	12.27
Bodies corporate	67.15
Directors or relatives of Directors	10.31
Other top fifty shareholders	9.71
Others	0.56
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Fabricated Structures / Components of earth moving equipments / Machinery and Parts

Products :

Product Description	Item Code
Excavator Components	84314930
Fabricated Structure	73089090

PRODUCTION STATUS

Particulars	Unit	31.03.2011
Installed Capacity	In MT	27000.00

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Axis Bank Limited, Jamshedpur Branch, Voltas House, Main Road, Bistupur, Jamshedpur – 831001, Jharkhand, India

· IDBI Bank

· ICICI Bank Limited, 28 Gorkhy Terrace, Kolkata - 700017, West Bengal, India

· State Bank of India, Commercial Branch, Pratap Tower, J-Road, Bistupur, Jamshedpur - 831001, Jharkhand, India

· Landesbank Baden-Wurttemberg, Am Hauptbahnhof 2,70173 Stuttgrat, Stuttgrat - 70173, Germany

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans secured	232.594	175.624
Foreign currency loans banks secured	0.000	169.947
Working capital loans banks secured	181.303	64.246
Hire purchase installment payable secured	3.508	1.002
Total	417.405	410.819
Working Capital loans from State Bank of India, Jamshedpur are secured by way of hypothecation of stock in trade, Book Debts, and other current Assets. Working Capital Loan from Axis Bank is in the nature of Discounting of Bills raised on Telcon Limited. All the credit facilities are interalia additionally secured by Personal Guarantee of two promoter directors. Corporate guarantee worth Rs.197.000 Millions of M/s. Kats Holdings Private Limited a company controlled by these two promoter directors, provided to Axis Bank Limited as collateral security. Vehicle loan are Secured by hypothecation of respective vehicles and Personal Guarantee of Directors
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans others unsecured	15.789	24.274
Loans directors unsecured	8.200	0.000
Total	23.989	24.274

Banking Relations :	--
Auditors :
Name :	S.K Naredi and Company Chartered Accountants
Address :	Virdi Niwas, M Road, Bistupur, Jamshedpur - 831001, Jharkhand , India
PAN.:	AAFFS1613J
Enterprise in which Key Management Personnel have substantial interest :	· Kats Holdings Private Limited · Regent Resorts and Prop. Private Limited

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital : Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5382000	Equity Shares	Rs.10/- each	Rs.53.820 Millions
6000000	10 % Redeemable Preference Shares	Rs.10/- each	Rs.60.000 Millions
	Total		Rs.113.820 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs. 70.000 Millions
1000000	10 % Redeemable Preference Shares	Rs.10/- each	Rs. 10.000 Millions
	Total		Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5216000	Equity Shares	Rs.10/- each	Rs. 52.160 Millions
853700	10 % Redeemable Preference Shares	Rs.10/- each	Rs. 8.537 Millions
	Total		Rs.60.697 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		60.697	60.697	60.697
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		400.497	308.293	260.917
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		461.194	368.990	321.614
LOAN FUNDS
1] Secured Loans		417.405	410.819	518.276
2] Unsecured Loans		23.989	24.274	23.666
TOTAL BORROWING		441.394	435.093	541.942
DEFERRED TAX LIABILITIES		47.316	52.739	54.716
TOTAL		949.904	856.822	918.272
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		649.839	638.118	715.552
Capital work-in-progress		13.000	4.229	5.911
INVESTMENT		0.200	0.200	0.200
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	201.208	161.945	128.738
	Sundry Debtors	152.085	36.854	69.352
	Cash & Bank Balances	8.101	52.013	11.745
	Other Current Assets	16.836	13.749	26.953
	Loans & Advances	85.039	21.848	20.423
Total Current Assets		463.269	286.409	257.211
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	84.866	38.877	49.975
	Other Current Liabilities	31.025	10.749	6.143
	Provisions	60.513	22.508	4.736
Total Current Liabilities		176.404	72.134	60.854
Net Current Assets		286.865	214.275	196.357
MISCELLANEOUS EXPENSES		0.000	0.000	0.251
TOTAL		949.904	856.822	918.272

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1260.637	892.206	1014.461
		Other Income	9.318	6.759	9.533
		TOTAL (A)	1269.955	898.965	1023.994
Less	EXPENSES
		Consumption materials changes inventories	728.831	--	--
		Cost of Sales	--	669.647	824.148
		Administrative and Selling Exp.	--	23.758	30.041
		Manufacturing Service Costs	126.549	--	--
		Employee Related Expenses	73.557	--	--
		Administrative Selling Other Expenses	65.027	--	--
		TOTAL (B)	993.964	693.405	854.189
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		275.991	205.560	169.805
Less	FINANCIAL EXPENSES (D)		47.520	49.230	58.110
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		228.471	156.33	111.695
Less/ Add	DEPRECIATION/ AMORTISATION (F)		78.227	77.164	72.964
	PROFIT BEFORE TAX (E-F) (G)		150.243	79.166	38.731
Less	TAX (H)		50.985	25.093	13.311
	PROFIT AFTER TAX (G-H) (I)		99.258	54.073	25.420
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		238.947	191.571	171.400
Less	APPROPRIATIONS
		Dividend	0.985	1.008	3.462
		Tax on Dividend	6.069	6.069	0.588
		Income Tax Dividend For Previous Year	2.948	(0.380)	1.199
		LT/FBT For Earlier Year	0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		328.203	238.947	191.571
	EARNINGS IN FOREIGN CURRENCY		92.261	20.685	117.826
	Earnings Per Share (Rs.)		16.35	10.25	4.19

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.82	6.02	2.48
Net Profit Margin (PBT/Sales)	(%)	11.92	8.87	3.78
Return on Total Assets (PBT/Total Assets}	(%)	13.50	8.56	3.98
Return on Investment (ROI) (PBT/Networth)		0.33	0.21	0.12
Debt Equity Ratio (Total Liability/Networth)		1.34	1.37	1.87
Current Ratio (Current Asset/Current Liability)		2.63	3.97	4.23

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	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	Yes
17]	Major suppliers	No
18]	Major customers	No
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Notes :

The Registered office of the company has been shifted from Natraj Mansion Bistupur , PS BIstupur, Jamshedpur-831001, Jharkhand, India to present address w.e.f. 01.08.2009.

CONTIGENT LIABILIES NOT PROVIDED FOR (AS 31.03.2011)

Contracts: Estimated amount of Contracts remaining to be executed on Capital account and not provided for (Net of Advances) Rs. 4.100 Millions (Previous Year: Rs. 5.000 Millions).

Export Obligation: The Company is under obligation to export worth Rs. 88.171 Millions (USD 18.82 lakhs) (Previous Year Rs. 150.188 Millions (USD 32.11 lakhs)) upto 09.08.2014 against assets imported under EPCG license

Bankers Charges Report as per Registry

Corporate identity number of the company	L3420JH1994PLC006028
Name of the company	APEX AUTO LIMITED
Address of the registered office or of the principal place of business in India of the company	M-1, 2, 3 (P), 20, Phase – Vii, Tata Kandra Main Road, Industrial Area, Adityapur, Jamshedpur, Jharkhand – 832109, India Email Id: info@apexautoltd.com
This form is for	Creation of charge
Type of charge	Others (Receivables of Volvo India Private Limited)
Particular of charge holder	ICICI Bank Limited, 28 Gorkhy Terrace, Kolkata - 700017, West Bengal, India preetam.patnaik@icicibank.com
Nature of instrument creating charge	Deed of Hypothecation dated July 18, 2012
Date of instrument Creating the charge	28.07.2012
Amount secured by the charge	Rs.200.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest The rate of Interest of each drawal of the facility subject to a minimum of I-Base, will be stipulated by ICICI Bank at the time of disbursement of each drawal as mentioned in CAL Terms of Repayment On Demand Extent and Operation of the charge Exclusive charge on the receivables pertaining to Volvo India Private Limited
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Exclusive charge on the receivables pertaining to Volvo India Private Limited

FIXED ASSETS:

• Lease Hold land
• Factory Shed and Building
• Plant and Machinery
• Furniture
• D.G. Set
• Electrical Installation
• Office Equipment
• Tools and Implements
• Vehicle
• Computer and Electronics
• Borewell

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.52.82
UK Pound	1	Rs.84.96
Euro	1	Rs.68.61

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	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	NO
--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	-

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