MIRA INFORM REPORT

Report Date :

08.09.2012

IDENTIFICATION DETAILS

Name :	ELOFIC INDUSTRIES LIMITED
Formerly Known As :	ELOFIC INDUSTRIES PRIVATE LIMITED
Registered Office :	C-44, Friends Colony, New Delhi - 110065
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.06.1973
Com. Reg. No.:	55-006635
Capital Investment / Paid-up Capital :	Rs. 25.084 Millions
CIN No.: [Company Identification No.]	U74999DL1973PLC006635
PAN No.: [Permanent Account No.]	AAACE0425C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Automobile Filters
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some dip in the profitability of the company. It is due to increase in raw material cost and forex fluctuation. However, general financial position of the company is good. 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 :	C-44, Friends Colony, New Delhi – 110065, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	fbd@elofic.com
Website :	http://www.elofic.com
Head Office/ Factory 1 :	14/4 Mathura Road, Faridabad-121003, Haryana, India
Tel. No.:	91-129-4281000
Fax No.:	91-129-4041572
E-Mail :	enquiry@elofic.com
Factory 2 :	Plot No. 18 and 19, Sipcot Industrial Area, Phase II, Hosur – 635109, Tamilnadu, India
Factory 3 :	Village and Post office, Rajpura The. Nalagarh – 174101, District Solan, Himachal Pradesh, India

DIRECTORS

AS ON 15.09.2009

Name :

Mr. Kanwal Deep Sahni

Designation :

Whole-time director

Address :

C-44, Friends Colony, New Delhi – 110065, India

Date of Birth/Age :

28.02.1958

Qualification :

Graduate

Date of Appointment :

01.04.2006

DIN No.:

00901216

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	U74899DL1974PTC007532	METTLER AUTO PRIVATE LIMITED	Managing director	01/02/1979	01/02/1979	Active	NO
2	U74899DL1984PTC017637	SUMASH SPARES PRIVATE LIMITED	Director	06/03/1984	06/03/1984	Strike off	NO
3	U74899DL1981PTC012930	ELOFIC PRIVATE LIMITED	Director	01/04/1986	01/04/1986	Active	NO
4	U85110KA1993PLC013929	MICRO PORES (INDIA) LIMITED	Director	27/01/1993	27/01/1993	Strike off	NO
5	U74999DL1973PLC006635	ELOFIC INDUSTRIES LIMITED	Whole-time director	01/04/2006	01/04/2006	Active	NO

Name :

Mr. Mohinder Singh Sahni

Designation :

Whole-time director

Address :

C-44, Friends Colony, New Delhi – 110065, India

Date of Birth/Age :

11.12.1930

Qualification :

Graduate

Date of Appointment :

01.04.2006

DIN No.:

00067251

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	U74899DL1981PTC012930	ELOFIC PRIVATE LIMITED	Director	31/12/1981	31/12/1981	Active	NO
2	U74899DL1974PTC007532	METTLER AUTO PRIVATE LIMITED	Director	16/10/1987	16/10/1987	Active	NO
3	U74899DL1984PTC017637	SUMASH SPARES PRIVATE LIMITED	Director	22/05/1989	22/05/1989	Strike off	NO
4	U74999DL1973PLC006635	ELOFIC INDUSTRIES LIMITED	Whole-time director	01/04/2006	01/04/2006	Active	NO
5	U91990DL1956PLC001601	CHELMSFORD CLUB LIMITED	Director	20/09/2006	20/09/2006	Active	NO

Name :

Mr. Mohan Bir Sahni

Designation :

Whole-time director

Address :

22-B, Ashoka Avenue, Sainik Farms, New Delhi – 110065, India

Date of Birth/Age :

23.09.1951

Qualification :

Graduate

Date of Appointment :

01.04.2006

DIN No.:

00906251

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	U74899DL1974PTC007532	METTLER AUTO PRIVATE LIMITED	Director	27/11/1974	27/11/1974	Active	NO
2	U74899DL1981PTC012930	ELOFIC PRIVATE LIMITED	Director	31/12/1981	31/12/1981	Active	NO
3	U74899DL1984PTC017637	SUMASH SPARES PRIVATE LIMITED	Director	22/05/1999	22/05/1999	Strike off	NO
4	U74999DL1973PLC006635	ELOFIC INDUSTRIES LIMITED	Whole-time director	01/04/2006	01/04/2006	Active	NO

Name :

Mr. Prem Arora

Designation :

Director

Address :

H-75, Greater Kailash Part-I, New Delhi – 110048, India

Date of Birth/Age :

10.10.1959

Qualification :

Graduate

Date of Appointment :

01.04.1998

DIN No.:

00106232

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	U74899DL1989PTC037528	NICKY CONSTRUCTIONS PRIVATE LIMITED	Director	24/04/1992	24/04/1992	-	Active	NO
2	U74899DL1995PTC074024	NAVKUNJ DEVELOPERS PRIVATE LIMITED	Director	21/11/1995	21/11/1995	-	Active	NO
3	U70101DL1997PTC086301	VITAL ENTERPRISES PRIVATE LIMITED	Director	31/03/1997	31/03/1997	-	Active	NO
4	U45202DL1997PTC086277	EXPERT PROMOTERS PRIVATE LIMITED	Director	31/03/1997	31/03/1997	-	Active	NO
5	U74899DL1985PTC022549	ASIAN RESURFACING ROAD AGENCY PRIVATE LTD	Director	05/02/1998	05/02/1998	-	Active	NO
6	U74999DL1973PLC006635	ELOFIC INDUSTRIES LIMITED	Director	01/04/1998	01/04/1998	-	Active	NO
7	U40300DL1999PTC100489	ARO POWER VENTURES PRIVATE LIMITED	Director	01/07/1999	01/07/1999	26/02/2011	Active	NO
8	U74899DL1995PTC068329	STAR REALTY PRIVATE LIMITED	Director	02/04/2003	02/04/2003	-	Active	NO
9	U31909DL2005PTC133044	ALOK ELECTRONICS PRIVATE LIMITED	Director	01/03/2006	01/03/2006	31/08/2006	Active	NO
10	U45201DL2004PTC129383	EVERGREEN TOWERS PRIVATE LIMITED	Director	08/05/2006	08/05/2006	27/05/2010	Active	NO
11	U74899DL1995PTC071454	USUAL LEASING AND FINANCE PRIVATE LIMITED	Director	03/03/2007	03/03/2007	-	Active	NO
12	U40101CH2008PTC031434	KESTA HYDRO POWER PRIVATE LIMITED	Nominee director	19/08/2010	19/08/2010	-	Active	NO
13	U74999HR2011PTC043000	SAAN COMMODITIES PRIVATE LIMITED	Director	20/05/2011	20/05/2011	-	Active	NO
14	U74999HR2011PTC043391	SAAN CAPITAL SERVICES PRIVATE LIMITED	Director	12/07/2011	12/07/2011	-	Active	NO
15	U70200DL2011PTC213148	RENU HOMES PRIVATE LIMITED	Additional director	08/05/2012	08/05/2012	-	Active	NO

Name :

Mr. Nirmal Kumar Banerjee

Designation :

Whole-time director

Address :

1508, Sector-29, Noida - 201303, Uttar Pradesh, India

Date of Birth/Age :

08.08.1948

Qualification :

Graduate

Date of Appointment :

15.09.2005

DIN No.:

00037804

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	U74999DL1973PLC006635	ELOFIC INDUSTRIES LIMITED	Whole-time director	01/03/2011	15/09/2005	Active	NO

Name :

Mr. Mohanjit Singh

Designation :

Additional director

Address :

H No. 7-13/ 17 DLF-111, Gurgaon – 122015, Haryana, India

Date of Birth/Age :

23.09.1951

Qualification :

Graduate

Date of Appointment :

05.03.2008

DIN No.:

00515655

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	U18101DL2005PTC143758	GARVIT CREATION PRIVATE LIMITED	Director	14/07/2008	16/12/2005	15/07/2009	Active	NO
2	U74999DL1973PLC006635	ELOFIC INDUSTRIES LIMITED	Additional director	05/03/2008	05/03/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

SHAREHOLDERS DETAILS NOT DIVULGED

AS ON 15.09.2009

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	91.43
Others	8.57
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automobile Filters

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Citi Bank N.A., Jeevan Bharti Building, 4^th Floor, 124 Connaught Circus, Connaught Place, New Delhi – 110001, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	43.767	72.156
Working capital loans banks secured	69.479	25.456
Working capital loans others secured	21.129	21.560
Loans taken for vehicles secured	2.459	3.172
Interest accrued due debentures secured	0.000	0.095
Total	136.834	122.439
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loans directors unsecured	30.350	21.550
Deferred sales tax loan unsecured	4.124	3.731
Other debt unsecured	15.165	7.515
Total	49.639	32.796

Banking Relations :	--
Auditors :
Name :	S R Dinodia and Company Chartered Accountants
Address :	K-39, Cannought Place, New Delhi - 110004, India
Income-tax PAN of auditor or auditor's firm :	AACFS2559N
Associates :	Ø Elofic Industries (India) Ø Mettler Auto Private Limited Ø Micro Pores India Limited Ø Jasmo Kamal and Company Ø Elofic Private Limited Ø Bubblegum Ø YESS Ø Bhagwan Singh Elofic Charitable Trust
Subsidiary :	Elofic USA,LLC

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,508,370	Equity Share	Rs.10/- each	Rs. 25.084 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		25.084	25.084	25.084
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		302.017	250.450	178.318
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		327.101	275.534	203.402
LOAN FUNDS
1] Secured Loans		136.834	122.439	145.897
2] Unsecured Loans		49.639	32.796	41.575
TOTAL BORROWING		186.473	155.235	187.472
DEFERRED TAX LIABILITIES		0.000	0.965	1.454
TOTAL		513.574	431.734	392.328
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		255.210	218.883	162.830
Capital work-in-progress		8.386	15.454	62.097
INVESTMENT		14.560	14.418	13.000
DEFERREX TAX ASSETS		1.511	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	185.144	141.343	93.213
	Sundry Debtors	138.184	146.713	137.495
	Cash & Bank Balances	23.996	13.659	15.662
	Other Current Assets	0.005	0.005	0.004
	Loans & Advances	42.124	31.067	19.981
Total Current Assets		389.453	332.787	266.355
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	115.991	94.176	74.058
	Other Current Liabilities	30.446	30.418	21.451
	Provisions	9.109	25.214	16.445
Total Current Liabilities		155.546	149.808	111.954
Net Current Assets		233.907	182.979	154.401
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		513.574	431.734	392.328

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1117.470	981.355	800.850
		Other Income	18.207	18.097	16.091
		TOTAL	1135.677	999.452	816.941
Less	EXPENSES
		Consumption materials changes inventories	669.541	541.502	35.546
		Manufacturing service costs	79.836	62.364	620.971
		Employee related expenses	100.699	85.277	4.494
		Administrative selling other expenses	144.269	122.199	50.937
		Research development expenditure	0.574	0.240	0.000
		TOTAL	994.919	811.582	711.948
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		140.758	187.870	104.993
Less	FINANCIAL EXPENSES		32.019	28.163	28.218
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		108.739	159.707	76.775
Less/ Add	DEPRECIATION/ AMORTISATION		27.774	24.529	16.357
	PROFIT BEFORE TAX AND PRIOR PERIOD EXPENSE		80.965	135.178	60.418
	PRIOR PERIOD EXPENSE		0.000	(6.898)	0.000
	PROFIT FROM Elofic USA LLC		0.000	0.000	0.855
	PROFIT BEFORE TAX		80.965	128.280	61.273
Less	TAX		20.595	44.415	21.839
	PROFIT AFTER TAX		60.370	83.865	39.434
Less	APPROPRIATIONS
		Transfer to General Reserve	6.037	8.387	2.000
		Dividend	7.525	10.034	3.763
		Tax on Dividend	1.250	1.666	0.639
	BALANCE CARRIED TO THE B/S		45.558	63.778	33.032
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	256.966	270.714	233.597
		Interest received	1.751	2.064	0.000
		Other Receipts	0.507	0.000	0.000
	TOTAL EARNINGS		259.224	272.778	233.597
	IMPORTS
		Raw Materials	33.890	35.208	26.526
		Capital Goods	27.618	7.043	30.637
		Other Material	1.422	1.370	0.939
	TOTAL IMPORTS		62.930	43.621	58.102
	Earnings Per Share (Rs.)		24.07	33.43	15.72

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.32	8.39	4.83
Net Profit Margin (PBT/Sales)	(%)	7.25	13.07	7.65
Return on Total Assets (PBT/Total Assets}	(%)	12.56	23.25	14.28
Return on Investment (ROI) (PBT/Networth)		0.25	0.47	0.30
Debt Equity Ratio (Total Liability/Networth)		1.05	1.11	1.47
Current Ratio (Current Asset/Current Liability)		2.50	2.22	2.38

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

OPERATION/ PERFORMANCE

During the year, the company sale and other Incomes grew to Rs.1208.500 Millions. However, due to increase in raw material cost and forex fluctuations I export in export billing, the Profit Before Tax reclined by Rs.54.200 Millions and the Profit After Tax by 30.400 Millions, including profits from Elofic USA, LLC the Company’s wholly owned subsidiary in the USA.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74999DL1973PLC006635
Name of the company	ELOFIC INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	C-44, Friends Colony, New Delhi – 110065, India
This form is for	Modification of charge
Charge identification number of the modified	10331303
Type of charge	Immovable Property Book Debts Movable Property Others (Stocks and Movable Fixed Assets)
Particular of charge holder	Citi Bank N.A., Jeevan Bharti Building, 4th Floor, 124 Connaught Circus, Connaught Place, New Delhi – 110001, India Email ID: roc@sdpa.in
Nature of description of the instrument creating or modifying the charge	Deed of modification for Goods Security Agreement. Deed of modification for Loan Agreement.
Date of instrument Creating the charge	27.08.2012
Amount secured by the charge	Rs. 95.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction terms and as may be decided by the bank and company mutually from time to time. Terms of Repayment Repayable on demand, annually renewable. Margin Borrower shall at all times during the continuance of the security maintain a sufficient amount to provide the margin of security as may from time to time advised by the bank. Extent and Operation of the charge First pari-passu charge by hypothecation of all the borrowers movable assets (including stocks and book debts) forming part of its current assets and movable fixed assets both present and future and equitable mortgage on property located at Plot No.14/4, Mathura Road, Faridabad, Haryana Others The repayment of all monies in respect of the banking facilities including outstanding balance and also all interests, costs, charges, expenses and other moneys payable to Citibank N.A as per DOM GSA and DOM LA attached is secured by the assets and property
Short particulars of the property charged	Hypothecation of all the borrowers movable assets (including stocks and book debts) forming part of its current assets and movable fixed assets both present and future Equitable mortgage on property located at Plot No.14/4, Mathura Road, Faridabad, Haryana
Date of latest modification prior to the present modification	01.12.2011
Particulars of the present modification	By this modification the overall limit is remain same at Rs. 95.000 Millions and the charge is secured now First pari-passu charge by hypothecation of all the borrowers movable assets (including stocks and book debts) forming part of its current assets and movable fixed assets both present and future AND equitable mortgage on property located at Plot No.14/4, Mathura Road, Faridabad, Haryana

CONTINGENT LIABILITIES NOT PROVIDED ON ACCOUNT OF:

1. Estimated amount of contracts remaining to be executed on the capital account and not provided for in the account Rs.7.166 Millions (Previous Year Rs.2.179 Millions).

2. Other Contingencies

(Rs. in Millions)

Particulars	31.03.2011	31.03.2010
Bank Guarantee*	0.526	0.028
Excise duty demand	2.095	2.095
Under civil suit	1.388	0.952
Letter of Credit	7.399	13.134
Total	11.408	16.209

*The Amount of contingent liability recognized is net off margin money deposited with bank as fixed deposit against such Bank Guarantee. Amount of margin money held with bank Rs. 0.059 Million (PY Rs. 0.061 Million).

FIXED ASSETS:

Tangible Assets

Ø Freehold Land

Ø Leasehold Land

Ø Factory Building

Ø Plant and Machinery

Ø Computer

Ø Furniture and Fixture

Ø Vehicle

Intangible assets

Ø Computer Software

WEBSITE DETAILS

Profile

Evolution means different things to different people. For Elofic it has always meant growth in its customer satisfaction index - Through its products and unremitting services to its customers. Since its inception in the year 1951, Elofic has striven to develop unique business models based on a futuristic approach to business.

This was the vision with which Mr. M.S. Sahni set out on the journey of Elofic producing just over 100 filters per day in its early days. Today it produces more than 42 million filters annually and is an acclaimed leader in the Indian filter industry. Elofic's range of Oil, Air, Fuel and Hydraulic Filters have gained worldwide acceptance by various OEMs and Aftermarket customers.

The filters manufactured at Elofic share a common bond of trust, durability and performance and find application in multifarious segments like Automobiles, Agriculture, Industrial, Small Engines, Two-wheelers, Earthmoving, Marine, Auton Air Conditioning, Industrial Heating and Petrochemical.

Technically equipped with most modern machines and processes, the company has three (3) contemporary manufacturing units in Faridabad near New Delhi, Nalagarh in Himachal Pradesh and at Hosur near Bangalore. Elofic's R&D Centre, located at its Corporate Office in Faridabad is recognized by the Department of Science & Technology, Government of India and is meticulously involved in the task of coming up with futuristic solutions for its customers.

A TS 16949 certified company, Elofic is supported by a team of more than 450 professionals who share the same winning attitude and commitment to excel. A globally competitive company, Elofic is exporting more than 35% of its total produce.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 55.52
UK Pound	1	Rs. 88.49
Euro	1	Rs. 70.20

INFORMATION DETAILS

Report Prepared by :

BVA

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	5
--PROFITABILIRY	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.