MIRA INFORM REPORT

Report Date :

20.10.2012

IDENTIFICATION DETAILS

Name :	SUDHIR AUTOMOTIVE INDUSTRIES PRIVATE LIMITED
Registered Office :	301, Plot No. 5, LOC Shopping Complex, Derawala Nagar, Gujrawalan Town, Phase-IV, New Delhi - 110009
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.06.1988
Com. Reg. No.:	55-032120
Capital Investment / Paid-up Capital :	Rs. 5.514 Millions
CIN No.: [Company Identification No.]	U74899DL1988PTC032120
TAN No.: [Tax Deduction & Collection Account No.]	DELS10074B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of High Textile Fasteners.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 190000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for business dealing 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 :	301, Plot No. 5, LOC Shopping Complex, Derawala Nagar, Gujrawalan Town, Phase-IV, New Delhi – 110009, India
Tel. No.:	91-11-27127954 / 27465933
Fax No.:	91-11-27465933
E-Mail :	rsjmeerut@gmail.com rsjmca@gmail.com
Website :	http://www.saifasteners.com
Factory :	Plant – II , Kharawar Bye Pass Delhi Road, Rohtak, Haryana – 124001, India
Tel. No.:	91-1262-305064 / 305065 / 305066 / 305067
Fax No.:	91-1262-308064
E-Mail :	india@saifasteners.com sai@saifasteners.com

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Sudhir Jain

Designation :

Director

Address :

F12/2, Model Town, Delhi – 110009, India

Date of Birth/Age :

24.08.1960

Date of Appointment :

17.06.1988

DIN No.:

00436128

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	Company/ LLP Status	Defaulting status
1	U74899DL1988PTC032120	SUDHIR AUTOMOTIVE INDUSTRIES PRIVATE LIMITED	Director	17/06/1988	17/06/1988	Active	NO
2	U22211DL2007PTC160628	AVVANTI ADVISORS PRIVATE LIMITED	Director	16/03/2007	16/03/2007	Active	NO

Name :

Mrs. Sandhya Jain

Designation :

Director

Address :

Nav Bharat House, Railway Road, Rohtak – 124001, Haryana, India

Date of Birth/Age :

29.03.1958

Date of Appointment :

17.06.1988

DIN No.:

00096310

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	U74899DL1988PTC032120	SUDHIR AUTOMOTIVE INDUSTRIES PRIVATE LIMITED	Director	17/06/1988	17/06/1988	-	Active	NO
2	U74899DL1994PLC057840	LPS SECURITIES LIMITED	Director	11/03/1994	11/03/1994	-	Active	NO
3	U74899DL1993PTC054153	NIRMAL PROMOTERS PRIVATE LIMITED	Director	10/02/2006	10/02/2006	-	Active	NO
4	U22211DL2007PTC160628	AVVANTI ADVISORS PRIVATE LIMITED	Director	16/03/2007	16/03/2007	01/06/2009	Active	NO
5	U74140DL2007PTC169521	SUN SHARES TRADING AND CONSULTANCY PRIVATE LIMITED	Director	17/10/2007	17/10/2007	-	Active	NO
6	U74900DL2011PTC225360	LPS INDUSTRIAL SUPPLIES PRIVATE LIMITED	Director	22/09/2011	22/09/2011	-	Active	NO

Name :

Mr. Rajesh Jain

Designation :

Director

Address :

Nav Bharat House, Railway Road, Rohtak – 124001, Haryana, India

Date of Birth/Age :

28.06.1958

Date of Appointment :

19.09.1988

DIN No.:

00096176

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	Company/ LLP Status	Defaulting status
1	U13209HR1980PTC010792	LPS FASTENERS AND WIRES PRIVATE LIMITED	Director	22/08/1980	22/08/1980	Active	NO
2	U28939HR1986PLC025042	INDIAN FASTENERS LIMITED	Director	07/08/1986	07/08/1986	Active	NO
3	U74899DL1988PTC032120	SUDHIR AUTOMOTIVE INDUSTRIES PRIVATE LIMITED	Director	19/09/1988	19/09/1988	Active	NO
4	L35999HR1968PLC004977	LAKSHMI PRECISION SCREWS LIMITED	Director	28/09/1990	28/09/1990	Active	NO
5	U74899DL1992PTC049053	AMIT SCREWS PRIVATE LIMITED	Director	14/06/1992	14/06/1992	Active	NO
6	U74899DL1994PLC060719	J C FASTNERS LIMITED	Director	06/08/1994	06/08/1994	Active	NO
7	U72200DL1997PTC090805	LPS BOSSARD PRIVATE LIMITED	Managing director	21/11/1997	21/11/1997	Active	NO
8	U72200DL1997PTC090806	LPS BOSSARD INFORMATION SYSTEMS PRIVATE LIMITED	Managing director	21/11/1997	21/11/1997	Active	NO
9	U74899DL1993PTC054153	NIRMAL PROMOTERS PRIVATE LIMITED	Director	10/02/2006	10/02/2006	Active	NO
10	U74140DL2007PTC169521	SUN SHARES TRADING AND CONSULTANCY PRIVATE LIMITED	Director	17/10/2007	17/10/2007	Active	NO
11	U45400HR2008PLC038013	LVR HOLDING LIMITED	Director	06/06/2008	06/06/2008	Active	NO
12	U74900DL2011PTC225360	LPS INDUSTRIAL SUPPLIES PRIVATE LIMITED	Director	22/09/2011	22/09/2011	Active	NO

Name :

Madhu Jain

Designation :

Director

Address :

F12/2, Model Town, Delhi – 110009, India

Date of Birth/Age :

14.11.1959

Date of Appointment :

12.09.1992

DIN No.:

00436315

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	Company/ LLP Status	Defaulting status
1	U74899DL1988PTC032120	SUDHIR AUTOMOTIVE INDUSTRIES PRIVATE LIMITED	Director	12/09/1992	12/09/1992	Active	NO
2	U22211DL2007PTC160628	AVVANTI ADVISORS PRIVATE LIMITED	Additional director	01/06/2009	01/06/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Equity Shareholders	No. of Shares
Sudhir Kumar Jain	74800
Mirdula Jain	100
Sandhya Jain	30000
Madhu Jain	55710
Rajesh Jain	4800
Deepa Jain	35000
Rita Jain	25085
Lalit Kumar Jain	9915
Sushila Devi Jain	25610
Chandni Jain	100
Rahul Jain	100
Mona Jain	100
Sahil Jain	100
Total	261420

Names of Preference Shareholders	No. of Shares
Sudhir Kumar Jain	110000
Sandhya Jain	145000
Avvanti Advisors Private Limited (Formerly known as R.S Fasteners Limited), India	35000
Total	290000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of High Textile Fasteners.

Products :

ITC Code	Product Descriptions
7318.10	High Textile Fasteners

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity
Forging	Ton	720	720

Particulars	Unit	Actual Production
Industrial Fastners	Pcs.	71370180

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø State Bank of India, Civil Lines, Rohtak – 124001, Haryana, India

Ø HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Ø AXIS Bank Limited, Delhi, India

Ø ICICI Bank Limited, Delhi, India

Ø Standard Chartered Bank, Delhi, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From State Bank of India
Cash credit account hypothecation	10.485	29.277
Cash credit / book debts	0.000	14.785
SBI demand loan	38.752	0.000
SBI term loan	3.568	8.931
SLC	5.985	5.987
From Financial Institutions	58.79	58.98
LIC of India – Rohtak	5.400	5.400
From Others
HDFC Bank Limited, Delhi	1.870	2.569
AXIS Bank Limited, Delhi	0.612	0.753
ICICI Bank Limited, Delhi	1.460	0.019
Standard Chartered Bank, Delhi	0.026	0.026
	3.967	3.367
Total	68.158	67.747
Notes: a) Cash Credit Account with SBI Rohtak is secured against Hypothecation of consumable stores. Tools and Dies and Finished Stock WIP and raw material and book debts of the company and term loan against new building and machinery to be installed and also personal guarantees of the Directors of the Company. b) Loan from LIC of India is secured against the Key Man LIC Insurance Policy. c) Loan from others is Secured against the Car Loans taken from HDFC Bank, Axis bank and ICICI Bank Limited, Delhi
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors	17.088	8.317
From Shareholders	5.046	5.014
Total	22.134	13.331

Notes:

a) Deposit have taken from Directors and Shareholders as per stipulations of the term loan agreement with Financial Institutions and Bank.

Banking Relations :	--
Auditors :
Name :	Ved Jain and Associates Chartered Accountants
Address :	33, Ist Floor, Babar Road, Bengali Market, New Delhi – 110001, India
Tel. No.:	91-11-23315693
Income-tax PAN of auditor or auditor's firm :	AAAFV6040K
Related Parties :	Ø LPS Bossard Private Limited Ø Lakshmi Precision Screws Limited Ø J.C. Fasteners Limited Ø Universal Enterprises

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
350,000	Equity Shares	Rs. 10/- each	Rs. 3.500 Millions
300,000	Preference Shares	Rs. 10/- each	Rs. 3.000 Millions
	Total		Rs. 6.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
261,420	Equity Shares	Rs.10/- each	Rs. 2.614 Millions
290,000	Preference Shares	Rs. 10/- each	Rs. 2.900 Millions
	Total		Rs. 5.514 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		5.514	5.514	2.614
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		43.955	30.269	11.540
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		49.469	35.783	14.154
LOAN FUNDS
1] Secured Loans		68.158	67.747	71.341
2] Unsecured Loans		22.134	13.331	25.756
TOTAL BORROWING		90.292	81.078	97.097
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		139.761	116.861	111.251
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		40.817	42.978	38.542
Capital work-in-progress		1.012	0.000	6.359
INVESTMENT		1.013	1.013	1.013
DEFERREX TAX ASSETS		1.007	1.862	0.389
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	95.156	54.500	38.110
	Sundry Debtors	110.387	74.369	53.024
	Cash & Bank Balances	4.720	3.622	4.197
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	15.205	7.386	9.174
Total Current Assets		225.468	139.877	104.505
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	85.925	52.132	24.566
	Other Current Liabilities	27.456	13.071	12.240
	Provisions	16.175	3.666	2.751
Total Current Liabilities		129.556	68.869	39.557
Net Current Assets		95.912	71.008	64.948
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		139.761	116.861	111.251

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		215.088	176.805
		Other Income		24.087	12.654
		TOTAL (A)	332.773	239.175	189.459
Less	EXPENSES
		Raw Material Consumed		139.380	103.291
		Cost of Merchandise Sale		8.760	13.618
		Manufacturing Expenses		26.127	21.303
		Personnel Expenses		15.663	21.130
		Office and Administrative Expenses		12.574	13.430
		Selling and Distribution Expenses		6.557	6.198
		Managerial remuneration		4.418	4.417
		TOTAL (B)	294.201	213.479	183.387
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		38.572	25.696	6.072
Less	FINANCIAL EXPENSES (D)		7.220	11.586	13.002
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		31.352	14.110	(6.930)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.853	6.944	6.757
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		24.499	7.166	(13.687)
Less	TAX (H)		6.700	0.024	0.125
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		17.799	7.142	(13.812)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13.826	7.298	21.110
Less	APPROPRIATIONS
		Transfer to General Reserve	N.A.	0.600	0.000
		Proposed Dividend on preference shares		0.012	0.000
		Tax on Proposed Dividend		0.002	0.000
	BALANCE CARRIED TO THE B/S		26.913	13.826	7.298
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	Nil	0.005	6.363
	IMPORTS
		Semi Finished Goods	25.756	7.094	0.110
		Finished Goods	0.000	0.000	5.052
		Components and Spare parts	0.000	0.000	0.043
		Capital Goods	0.000	0.000	5.051
	TOTAL IMPORTS		25.756	7.094	10.256
	Earnings/ (Loss) Per Share (Rs.)		32.28	12.95	(52.83)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.35	2.99	(7.29)
Net Profit Margin (PBT/Sales)	(%)	N.A.	3.33	(7.74)
Return on Total Assets (PBT/Total Assets}	(%)	9.20	3.92	(9.57)
Return on Investment (ROI) (PBT/Networth)		0.50	0.20	(0.97)
Debt Equity Ratio (Total Liability/Networth)		4.44	4.19	9.65
Current Ratio (Current Asset/Current Liability)		1.74	2.03	2.64

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	No

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74899DL1988PTC032120
Name of the company	SUDHIR AUTOMOTIVE INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	301, Plot No 5 LOC Shopping Complex Derawala Nagar, Gujrawalan Town Phase 4, Delhi - 110009, India Email: rsjmca@gmail.com
This form is for	Modification of charge
Charge identification number of the modified	10365834
Type of charge	Immovable Property Book Debts Movable Property Floating Charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India CIN No.: L65920MH1994PLC080618 Email: RBBform8@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Memorandum Recording Past Transactions of Creation of Mortgage by Delivery of Title Deeds.
Date of instrument Creating the charge	22.09.2012
Amount secured by the charge	Rs. 147.350 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment On demand. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge The Company accorded and gave oral consent to Bank to continue to hold and retain the title deeds (by way of Constructive delivery) in respect of its immovable properties as security for repayment of Rs.147.350 Millions by the Company together with principal, interest, liquidated damages, costs, charges and expenses. Others NIL.
Short particulars of the property charged	A Land Measuring 22 Kanal 14 Marla situated in Khewat No.119 Min, Khatoni No.141 Min, 142 Min, 143 Min, Killa No.97/23/3 (1-8), 24 (7-2), 25 (7-2), 98/21/1 (2-17), 21/2 (4-5) Village Keharwar Tehsil Sampla District Rohtak vide Sale Deed No.311 dated 15-6-95 put as per Samabancli of the year 2006-07 Applicat is owner of land Measuring 20 Kanal 15 Marla situated in Killa No. 97/23/3 (0-1), 24 (6-10), 25 (7-2), 98/21/1 (2-17), 21/2 (4-5). A Land Measuring approximately 4 Kanal 2 Marla (2480 sq.yards) situated in Khewat No.189 Khatoni No.309 Killa No.21/11/1, 12/1, 19/2/3, 20, Moza Kutana Tehsil and District Rohtak. Hypothecation by way of First Charge on Stocks, Book Debts of the Company.
Date of latest modification prior to the present modification	04.09.2012
Particulars of the present modification	In addition to the existing securities of Stocks, Book Debts, the charge of Rs.147.350 Millions shall also now further secured against the equitable mortgage of immovable property situated at Tehsil and District Rohtak.

FIXED ASSETS:

Ø Land

Ø Building

Ø Plant and Machinery

Ø Electric Fittings

Ø Hand Pump

Ø Air Cooler

Ø Water Cooler

Ø Electric Fan

Ø Furniture and Fixture

Ø Fire Extinguisher

Ø Motor Car

Ø Trolly Chair and Pully

Ø Weighing Machine

Ø Richshaw and Cycle

Ø Air Conditioner

Ø Computer

Ø Telephone Instrument

Ø Television

Ø Office Equipment

Ø Xerox Machine

Ø Refrigerator

Ø Treys

Ø Fax Machine

Ø Shop

Ø Microwave

Ø Computer Software

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 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. 53.72
UK Pound	1	Rs. 86.15
Euro	1	Rs. 70.17

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	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	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		48

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

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.