MIRA INFORM REPORT

()

Report Date :

13.04.2013

IDENTIFICATION DETAILS

Name :	ANDRITZ HYDRO PRIVATE LIMITED
Formerly Known As :	VA TECH HYDRO INDIA PRIVATE LIMITED
Registered Office :	D-17, Mpakvn Industrial Area, Mandideep – 462046, Madhya Pradesh
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	28.11.1996
Com. Reg. No.:	10-011430
Capital Investment / Paid-up Capital :	Rs.291.028 Millions
CIN No.: [Company Identification No.]	U04010MP1996PTC011430
TAN No.: [Tax Deduction & Collection Account No.]	BPLV00336A
PAN No.: [Permanent Account No.]	AABCV2446R
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is involved in the Design, Manufacture, Servicing, Erection and Installation of Hydro and Thermal Power Generators and Turbines.
No. of Employees :	1400 (Approximately)

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 5760000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Andritz Hydro Gmbh, Austria’. It is a well-established company having a satisfactory track record. The company has incurred loss out of its operations. However, the financial position of the company appears to be strong and healthy. Directors are reported to be well-experienced and knowledgeable businessmen. Trade relations are reported as decent. Business is active. Payment terms are usually correct and as per commitment. The company can be considered 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A+ (Fund based limits)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	September, 2011

Rating Agency Name	ICRA
Rating	A1+ (Non fund based limits)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	September, 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.

INFORMATION PARTED BY

Name :	Mr. Nitin Jain
Designation :	Finance Department
Contact No.:	91-7480-423017
Date :	05.01.2013

LOCATIONS

Registered Office/ Factory 1:	D-17, Mpakvn Industrial Area, Mandideep – 462046, Madhya Pradesh, India
Tel. No.:	91-7480-400400/ 401/ 423017
Fax No.:	91-7480-403393/ 403394
E-Mail :	puneet.khurana@vatech-hydro.com info@vatech-hydro.com contact-hydro.in@andritz.com puneet.khurana@andritz.com nitin.jain@andritz.com
Websites:	www.andritz.com
Locations :	Owned
Factory 2:	49/5, Mathur Road, VIII, Prithla Tehsil and District-Palwal – 121102, Faridabad, Haryana, India
Tel No. :	91-1275-262161 / 163
Fax No. :	91-1275-262055
Corporate/ Overseas Office:	Penzinger Strasse, 76 A – 1141 Wien, Postfach 5
Tel No. :	43-1-89100
Fax No.:	43-1-8946046
Email ID:	contact@vatech-hydro.com

DIRECTORS

As on 20.06.2012

Name :

Mr. Harald Heber

Designation :

Director

Address :

Haydnweg 11, Haumannstaetten, Austria 8071

Date of Birth/Age :

24.10.1961

Date of Appointment :

19.06.2008

DIN No.:

02099980

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	U04010MP1996PTC011430	ANDRITZ HYDRO PRIVATE LIMITED	Director	19/06/2008	12/02/2008	Active	NO
2	U99999MP1976PTC021224	VA TECH ESCHER WYSS FLOVEL PRIVATE LTD	Director	06/05/2008	06/05/2008	Amalgamated	NO

Name :

Mr. Horst Heinrich Kurbel

Designation :

Managing Director

Address :

House No. 263, Sector – 21 C, Faridabad – 121001, Haryana, India

Date of Birth/Age :

26.04.1958

Qualification :

Mechanical Engineer

Experience :

27 Years

Date of Appointment :

26.03.2009

DIN No.:

02548939

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	U04010MP1996PTC011430	ANDRITZ HYDRO PRIVATE LIMITED	Managing director	26/03/2009	27/01/2009	Active	NO
2	U99999MP1976PTC021224	VA TECH ESCHER WYSS FLOVEL PRIVATE LTD	Managing director	01/04/2009	01/04/2009	Amalgamated	NO
3	U51101DL1997PTC191150	ANDRITZ INDIA PRIVATE LIMITED	Director	18/08/2009	18/08/2009	Active	NO

Name :

Mr. Mahadevan Anand

Designation :

Director

Address :

C001 Yamuna Apartment, Alaknanda, New Delhi – 110019, India

Date of Birth/Age :

04.11.1951

Date of Appointment :

26.03.2009

DIN No.:

00088683

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	U04010MP1996PTC011430	ANDRITZ HYDRO PRIVATE LIMITED	Managing director	26/03/2009	04/03/1998	Active	NO
2	U51101DL1997PTC191150	ANDRITZ INDIA PRIVATE LIMITED	Managing director	26/04/1999	26/04/1999	Active	NO
3	U99999MP1976PTC021224	VA TECH ESCHER WYSS FLOVEL PRIVATE LTD	Director	22/02/2000	22/02/2000	Amalgamated	NO
4	U74999DL2001NPL112520	INDO AUSTRIAN BUSINESS FORUM	Director	19/05/2005	19/05/2005	Active	NO

Name :

Mr. Karl Scherer

Designation :

Director

Address :

Weizberghof 1, Weiz Austria A8160

Date of Birth/Age :

25.07.1955

Date of Appointment :

01.01.2000

DIN No.:

00348424

Name :

Mr. Shuban Krishan Kaul

Designation :

Director

Address :

House No. 633, Sector – 21 A, Faridabad – 121001, Haryana, India

Date of Birth/Age :

01.03.1948

Qualification :

B.E. (Elect.)

Experience :

35 Years

Date of Appointment :

30.03.2011

DIN No.:

00373155

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	U99999MP1976PTC021224	VA TECH ESCHER WYSS FLOVEL PRIVATE LTD	Managing director	01/04/2009	14/02/2006	Amalgamated	NO
2	U04010MP1996PTC011430	ANDRITZ HYDRO PRIVATE LIMITED	Director	30/03/2011	26/03/2009	Active	NO
3	U51101DL1997PTC191150	ANDRITZ INDIA PRIVATE LIMITED	Director	18/08/2009	18/08/2009	Active	NO
4	U72900DL2010PTC200220	MIND NETWORK PRIVATE LIMITED	Director	16/03/2010	16/03/2010	Active	NO

Name :

Mr. Didier Dechaud

Designation :

Additional Director

Address :

215 A V Grenoble, 38180 Seyssins, France

Date of Birth/Age :

19.10.1954

Date of Appointment :

15.06.2009

DIN No.:

00475121

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	U99999MP1976PTC021224	VA TECH ESCHER WYSS FLOVEL PRIVATE LTD	Director	18/03/2006	18/03/2006	Amalgamated	NO
2	U04010MP1996PTC011430	ANDRITZ HYDRO PRIVATE LIMITED	Director	15/06/2009	14/05/2009	Active	NO

Name :

Mr. Rolf Eckert

Designation :

Director

Address :

Moewenweg1 88250 Weingarten, Germany

Date of Birth/Age :

15.03.1950

Date of Appointment :

30.03.2011

DIN No.:

03531071

KEY EXECUTIVES

Name :	Mr. Puneet Khurana
Designation :	Secretary
Address :	B-4, 101 Paras City, E-3, Bhopal – 462016, Madhya Pradesh, India
Date of Birth/Age :	09.03.1969
Date of Appointment :	06.05.2002
PAN No.:	AGTPK8924G
Name :	Mr. Nitin Jain
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.06.2012

Names of Shareholders	No. of Shares
Andritz Hydro Gmbh, Vienna Austria	18500300
Andritz Hydro Gmbh, Germany	10602520
Total	29102820

Equity Share Break up (Percentage of Total Equity)

AS ON 20.06.2012

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is involved in the Design, Manufacture, Servicing, Erection and Installation of Hydro and Thermal Power Generators and Turbines.

Products :

Item Code No.	Product Description
8501	Electric Generator
8503	Parts of Electric Generator
841011	Hydro Turbine and Other Equipments Including Butterfly Valves

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

Industries

No. of Employees :

1400 (Approximately)

Bankers :

· Axis Bank

165 – A, 166, Star Arcade, M.P. Nagar, Zone – I, Bhopal – 462011, Madhya Pradesh, India

· IDBI Bank Limited

11^th Floor, Surya Kiran Building, K.G. Marg, New Delhi – 110001, India

Facilities :

Secured Loan	31.12.2011 (Rs. in Millions)	31.12.2010 (Rs. in Millions)
Working capital loans banks secured	293.133	67.861
Loans taken for vehicles secured	0.070	2.053
Total	293.203	69.914

Banking Relations :	--
Auditors :
Name :	B S R and Associates Chartered Accountants
Address :	Building No 10,8^th Floor, Tower-b, DLF Cyber City, Phase-ii, Gurgaon, Haryana, India
PAN No.:	AADFB6889R
Ultimate Holding Company :	· Andritz AG, Austria
Holding Company :	· Andritz Hydro GmbH, Austria
Fellow Subsidiaries :	· Andritz India Private Limited, India · Andritz Hydro Canada Inc., Canada · Andritz Hydro Limited, Canada · Andritz Technologies Limited, China · Andritz Hydro Corporation, USA · Andritz Inc, USA · Andritz Hydro AG, Switzerland · Andritz Hydro GmbH, Switzerland · Andritz Hydro S.A.S, France · Andritz Hydro S.r.l. Unipersonale, Italy · Andritz Oy, Finland · Andritz Hydro S.L, Spain
Entity having significant influence over the Company :	· Andritz Hydro GmbH, Germany

CAPITAL STRUCTURE

AS ON 31.12.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs.350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
29102820	Equity Shares	Rs.10/- each	Rs.291.028 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		291.028	291.028	291.028
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1150.145	1191.375	915.910
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1441.173	1482.403	1206.938
LOAN FUNDS
1] Secured Loans		293.203	69.914	98.269
2] Unsecured Loans		845.085	580.338	417.227
TOTAL BORROWING		1138.288	650.252	515.496
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2579.461	2132.655	1722.434
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1271.678	1275.417	749.263
Capital work-in-progress		6.384	11.050	242.661
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		125.625	3.291	8.348
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	593.224	379.698	385.251
	Sundry Debtors	3543.336	3380.141	2031.788
	Cash & Bank Balances	146.656	388.606	649.916
	Other Current Assets	2990.418	3162.750	4543.866
	Loans & Advances	710.545	605.184	677.258
Total Current Assets		7984.179	7916.379	8288.079
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2315.576	1830.613	1567.492
	Other Current Liabilities	3703.158	4891.387	5705.719
	Provisions	789.671	351.482	292.706
Total Current Liabilities		6808.405	7073.482	7565.917
Net Current Assets		1175.774	742.897	722.162
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2579.461	2132.655	1722.434

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011	31.12.2010	31.12.2009
	SALES
		Income	7260.000	6971.820	6310.770
		Other Income
		TOTAL (A)	7260.000	6971.820	6310.770
Less	EXPENSES
		Office Expenses	7109.000	6385.140	5420.070
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	7109.000	6385.140	5420.070
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		151.000	586.680	890.700
Less	FINANCIAL EXPENSES (D)		99.030	77.480	154.820
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		51.970	509.200	735.880
Less/ Add	DEPRECIATION/ AMORTISATION (F)		120.980	95.110	76.340
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(69.010)	414.090	659.540
Less	TAX (H)		(21.520)	138.630	246.350
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(47.490)	275.460	413.190
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	1609.069	1390.809	1182.660
	TOTAL EARNINGS		1609.069	1390.809	1182.660
	IMPORTS
		Raw materials and components	1569.759	1526.419	1925.151
		Capital Goods	13.388	220.978	115.332
	TOTAL IMPORTS		1583.147	1747.397	2040.483
	Earnings/(Loss) Per Share (Rs.)		(10.00)	9.47	14.20

Particulars	31.12.2012 (Unaudited)
Sales Turnover (Approximately)	6730.000

The above information has been parted by Mr. Nitin Jain.

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
PAT / Total Income	(%)	(0.65)	3.95	6.55
Return on Total Assets (PBT/Total Assets}	(%)	(0.75)	4.50	7.30
Return on Investment (ROI) (PBT/Networth)		(0.05)	0.28	0.54
Debt Equity Ratio (Total Debts/Networth)
Current Ratio (Current Asset/Current Liability)		1.17	1.12	1.09

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
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	No
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

UNSECURED LOAN

Particulars	31.12.2011 (Rs. in Millions)	31.12.2010 (Rs. in Millions)
Rupee term loans banks unsecured	268.100	110.000
Rupee term loans others unsecured	354.460	304.777
Working capital loans banks unsecured	108.840	0.000
Deferred sales tax loan unsecured	113.685	165.561
Total	845.085	580.338

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U04010MP1996PTC011430
Name of the company	ANDRITZ HYDRO PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D-17, Mpakvn Industrial Area, Mandideep – 462 046, Madhya Pradesh, India Email : puneet.khurana@andritz.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10192265
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	Axis Bank Limited, 165 – A, 166, Star Arcade, M.P. Nagar, Zone – I, Bhopal – 462011, Madhya Pradesh, India Email : prashant.thakur@Axisbank.com
Nature of instrument creating charge	Link Agreement
Date of instrument Creating the charge	10.10.2012
Amount secured by the charge	Rs. 2450.000 millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of Interest CC: Base rate + 2.50% (presently 12.50%) p. a. payable at monthly interval. WCDL: To be decided by the Bank at the time of each disbursement. Terms of Repayment On Demand. Margin Cash Credit - The DP will be calculated by applying the margin mentioned below:- Raw Material - 25% Stock-in-process - 25% Finished goods and pkg. material - 25% Stores and spares - 25% Book debts (up to 180 days)- 25% Bank Guarantee (Inland/Foreign) - Nil (100% cash margin in case of disputed liabilities) Extent and Operation of the charge 100% Others (i) The working capital facilities provided by the bank as under:- Cash Credit/WCDL - Rs. 850.000 millions, Bank Guarantees/Stand by Letter of Credit* - Rs. 1600.000 millions. (* LC limit of Rs. 1600.000 millions is within overall regular BG limit of Rs. 1600.000 millions) (ii) Other terms and conditions as per Sanction Letter No. AXISB/CO/RMG/2012-13/258 dated 12.09.2012.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Secured by all the stock in trade both present and future consisting stock including raw material, stock in process, finished goods, cash and other current assets whatsoever, being movable properties now or at any time hereafter belonging to the Borrower or at Borrower's disposal and now or at any time and from time to time hereafter stored or be stored or brought into or upon or in course of transit to Borrower's factory or premises or at any other place whatsoever and wheresoever in Borrower's possession or occupation or at any other premises or place. Pari passu first charge on the entire current assets of the Company, both present and future with the charge created in favour of:- 1. State Bank of India 2. IDBI Bank Limited
Date of instrument modifying the charge	21.10.2011
Particulars of the present modification	The AXIS Bank Limited regularized existing ADHOC working capital limit aggregating to Rs. 750.000 millions with the cash credit limit and presently credit limits are as under:- 1. Cash Credit/WCDL - Rs. 850.000 millions, 2. Bank Guarantees/Stand by Letter of Credit* - Rs. 1600.000 millions. (* LC limit of Rs. 1600.000 millions is within overall regular BG limit of Rs. 1600.000 millions)

FIXED ASSETS:

• Leasehold Land
• Buildings
• Plant and Machinery
• Electrical Installations
• Furniture, Fixtures and Office Equipments
• Computers
• Tools
• Leased motor vehicle
• 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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.44
UK Pound	1	Rs.83.78
Euro	1	Rs.71.33

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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
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.