MIRA INFORM REPORT

Report Date :

10.08.2013

IDENTIFICATION DETAILS

Name :	AJANTA MANUFACTURING LIMITED (w.e.f. 23.01.2004)
Formerly Known As :	AJANTA ELECTRONICS PRIVATE LIMITED
Registered Office :	Ajanta Corporate House, 8-A, National Highway, Morbi, Rajkot – 363 642, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.11.1994
Com. Reg. No.:	04-023531
Capital Investment / Paid-up Capital :	Rs.577.150 Millions
CIN No.: [Company Identification No.]	U29308GJ1994PLC023531
TAN No.: [Tax Deduction & Collection Account No.]	RKTA01563C
PAN No.: [Permanent Account No.]	AACCA3017F/ AAECA6115B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in diversified business activities such as manufacturing of Compact Fluorescent Lamps (CFL), Vitrified Tiles, Aluminum Composite Panels (ACP) and E-Bikes.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 18798000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject is an established company having a satisfactory track record. There appears to be slight dip in sales of the company in 2012. However overall financial position of the company appears to be sound. Rating also takes into account vast experience of promoters of the company. Trade relations are fair. Business is active. Payment terms are regular 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.

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities: BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	17.01.2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities: A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	17.01.2013

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 DECLINED

Management non-cooperative

(Tel. No.: 91-2822-304444)

LOCATIONS

Registered Office/ Corporate Office :	Ajanta Corporate House, 8-A, National Highway, Morbi, Rajkot – 363 642, Gujarat, India
Tel. No.:	91-2822-304444
Fax No.:	91-2822-304430/ 304545
E-Mail :	cs@oreva.com
Website :	http://www.oreva.com
Ahmedabad Office :	104, 1^st Floor, Sumel-2, Near Gurudwara, S. G. Highway, Ahmedabad – 380 051, Gujarat, India
Tel. No.:	91-79-30157999
Fax No.:	91-79-26858595
Factory 1 :	“ORPAT NAGAR”, 8-A National Highway, Vandhiya, Taluka Bhachau, District Kutch – 370 150, Gujarat, India
Factory 2 :	Also located at: · Morbi, District Rajkot, Gujarat

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Odhavjibhai Ravjibhai Bhalodia
Designation :	Director
Address :	Ajanta, New Adarsh Society, Sanala Road, Morbi – 363 641, Gujarat, India
Date of Birth/Age :	24.06.1925
Date of Appointment :	09.11.1994
DIN No.:	00619583
Name :	Mr. Jaysukhbhai Odhavjibhai Bhalodia
Designation :	Managing Director
Address :	Ajanta, New Adarsh Society, Sanala Road, Morbi – 363 641, Gujarat, India
Date of Birth/Age :	02.04.1959
Qualification :	B.Com
Experience :	31 Years
Date of Appointment :	10.11.1994
DIN No.:	01075622
PAN No.:	ABBPB3905D
Name :	Mr. Jayeshbhai Navalchandbhai Sheth
Designation :	Director
Address :	302/A, Praijat Building, LaluBhai Parekh Road, Ville Parel (West) Mumbai - 400 056, Maharashtra, India
Date of Birth/Age :	04.12.1959
Qualification :	B. Com
Date of Appointment :	25.08.2005
DIN No.:	01716067
Name :	Mr. Chintan Jaysukhbhai Bhalodia
Designation :	Director
Address :	4, Nandi Hill, Opposite ISRO, Jodhpur Tekra, Satelite Road, Ahmedabad – 380 015, Gujarat, India
Date of Birth/Age :	06.10.1985
Qualification :	B. Com
Date of Appointment :	30.12.2006
DIN No.:	01169521
PAN No.:	AJKPB2325C
Name :	Alish Jaysukhlal Bhalodia
Designation :	Director
Address :	Ajanta, New Adarsh Society, Sanala Road, Morbi – 363 641, Gujarat, India
Date of Birth/Age :	15.01.1995
Date of Appointment :	29.04.2013
DIN No.:	06572226
Name :	Aashka Chintan Bhalodia
Designation :	Director
Address :	4, Nandi Hill, Opposite ISRO, Jodhpur Tekra, Satelite Road, Ahmedabad – 380 015, Gujarat, India
Date of Birth/Age :	02.12.1987
Date of Appointment :	29.04.2013
DIN No.:	06572226
Name :	Ms. Mrudula Jaysukhlal Bhalodia
Designation :	Director
Address :	Ajanta, New Adarsh Society, Sanala Road, Morbi – 363 641, Gujarat, India
Date of Birth/Age :	15.08.1961
Date of Appointment :	29.04.2013
DIN No.:	06572226

KEY EXECUTIVES

Name :	Mr. Dharmvijay Narsanbhai Solanki
Designation :	Secretary
Address :	A/33/1, Bhavna Tenament, Vasna Berej Road, Vasna, Ahmedabad – 380 007, Gujarat, India
Date of Birth/Age :	28.06.1980
Date of Appointment :	09.04.2012
PAN No.:	BKMPS1932A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Aashka Chintan Bhalodia	367500
Jaysukhbhai Odhavjibhai Bhalodia	30163750
Chintan Jaysukhbhai Bhalodia	10398750
Mrudulaben Jaysukhbhai Patel	8012500
Jaysukh O. Patel (HUF)	735000
Alish Jaysukhbhai Patel (Through Father and Natural Guardian Jayasukh O. Patel)	4337500
Jayesh Navalchandbhai Sheth and Pallavi Jayesh Sheth	1800000
Jayesh Navalchandbhai Sheth	700000
Siddharth Chitalia and Charu Chitalia	50000
Anuj Chitalia and Charu Chitalia	50000
Nilesh Maniar and Rupa Maniar	100000
Mehul Shah and Niti Shah	100000
Madhusudan Shah and Chandra Shah	100000
Enam Securities Private Limited, India	800000
Total	57715000

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	1.39
Directors or relatives of directors	97.92
Other top fifty shareholders	0.69
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in diversified business activities such as manufacturing of Compact Fluorescent Lamps (CFL), Vitrified Tiles, Aluminum Composite Panels (ACP) and E-Bikes.

Products :

Products Description	Item Code No.
Vitrified Tiles	69079010
Compact Fluorescent Lamps	85393110
E-Bike	87119091
ACP	76109030

Brand Names :

“AJANTA ”

“ORPAT”

“OREVA”

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Vitrified Tiles	Sq. Mtr.	NA	9000000	4152258
Energy Saver Lamp (CFL)	Nos.	NA	60000000	15511332
Digital Clock	Nos.	NA	--	463284
Power Saver	Nos.	NA	--	2927
E Bike	Nos.	NA	60000	1098
Aluminium Composite Panel	Sq. Mtr.	NA	400000	11788

GENERAL INFORMATION

No. of Employees :

Information declined by the Management.

Bankers :

· State Bank of India, Corporate Accounts Group Branch, 58 Shrimali Society, Navrangpura, Ahmedabad – 380 009, Gujarat, India

· HDFC Bank Limited

· ICICI Bank Limited

· Axis Bank Limited

· IDBI Bank Limited

· IndusInd Bank Limited

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
SHORT-TERM BORROWINGS
Working capital loans from banks (Above Facilities are secured by way of first charge over the fixed assets of the Company situated at Survey No.644 at Village Vandhiya, Taluka: Bhachau, District: Kutch and Hypothecation of current assets of the Company)	0.163	35.964
Other loans and advances (Against Fixed Deposit)	0.000	9.334
Total	0.163	45.298

Banking Relations :	--
Auditors :
Name :	Finava and Associates Chartered Accountants
Address :	34, IInd Floor, Star Shopping Centre, 20, New Jagnath, Dr. Yagnik Road, Rajkot – 360 001, Gujarat, India
Tel. No.:	91-281-2466571/2465409
Fax No.:	91-281-2465409
E-Mail :	finava@yahoo.com
PAN No.:	AACPF2967P
Other Related Parties :	· Oreva Energy Private Limited, India · Ajanta Organisation, India · Ajanta Network, India · Ajanta Marketing Company, India · Ajanta Infra Projects Limited, India · Ajanta Energy Private Limited, India

CAPITAL STRUCTURE

AS ON 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
72000000	Equity Shares	Rs.10/- each	Rs.720.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
57715000	Equity Shares	Rs.10/- each	Rs.577.150 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	577.150	577.150
(b) Reserves & Surplus	4122.404	3950.954
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	4699.554	4528.104
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	47.723	179.701
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	47.723	179.701
(4) Current Liabilities
(a) Short term borrowings	0.163	65.298
(b) Trade payables	16.526	114.826
(c) Other current liabilities	72.141	238.707
(d) Short-term provisions	29.265	33.972
Total Current Liabilities (4)	118.095	452.803
TOTAL	4865.372	5160.608
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2178.497	2189.389
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	8.419	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.425	0.425
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.173	12.808
(e) Other Non-current assets	800.917	921.283
Total Non-Current Assets	2988.431	3123.905
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	963.346	1359.960
(c) Trade receivables	189.301	203.900
(d) Cash and cash equivalents	386.788	49.185
(e) Short-term loans and advances	237.869	363.620
(f) Other current assets	99.637	60.038
Total Current Assets	1876.941	2036.703
TOTAL	4865.372	5160.608

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		577.150
2] Share Application Money		0.000
3] Reserves & Surplus		2869.161
4] (Accumulated Losses)		0.000
NETWORTH		3446.311
LOAN FUNDS
1] Secured Loans		189.345
2] Unsecured Loans		166.500
TOTAL BORROWING		355.845
DEFERRED TAX LIABILITIES		267.980
TOTAL		4070.136
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2330.712
Capital work-in-progress		10.510
INVESTMENT		0.425
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1236.150
	Sundry Debtors	213.520
	Cash & Bank Balances	79.694
	Other Current Assets	0.000
	Loans & Advances	428.986
Total Current Assets		1958.350
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	86.984
	Other Current Liabilities	69.322
	Provisions	73.555
Total Current Liabilities		229.861
Net Current Assets		1728.489
MISCELLANEOUS EXPENSES		0.000
TOTAL		4070.136

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	2653.127	2845.805	3171.830
		Other Income	182.475	286.969	38.094
		TOTAL (A)	2835.602	3132.774	3209.924
Less	EXPENSES
		Cost of materials consumed	1357.843	1547.187	3010.422
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	165.924	32.704
		Employee benefit expense	261.069	297.530
		Other expenses	791.431	979.119
		Exceptional items	7.924	79.627
		TOTAL (B)	2584.191	2936.167	3010.422
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		251.411	196.607	199.502
Less	FINANCIAL EXPENSES (D)		6.430	26.601	19.979
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		244.981	170.006	179.523
Less/ Add	DEPRECIATION/ AMORTISATION (F)		85.295	98.289	110.907
	PROFIT BEFORE TAX (E-F) (G)		159.686	71.717	68.616
Less	TAX (H)		(131.978)	(88.279)	(81.875)
	PROFIT AFTER TAX (G-H) (I)		291.664	159.996	150.491
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	271.817	148.201
Less	APPROPRIATIONS		NA	NA	26.875
	BALANCE CARRIED TO THE B/S		NA	NA	271.817
	EARNINGS IN FOREIGN CURRENCY		211.928	196.282	65.900
	Earnings Per Share (Rs.)		4.05	2.22	0.60

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	10.29	5.11	4.69
Net Profit Margin (PBT/Sales)	(%)	6.02	2.29	2.16
Return on Total Assets (PBT/Total Assets}	(%)	3.29	1.39	1.60
Return on Investment (ROI) (PBT/Networth)		0.03	0.02	0.02
Debt Equity Ratio (Total Debt/Networth)		0.00	0.01	0.10
Current Ratio (Current Asset/Current Liability)		15.89	4.50	8.52

LOCAL AGENCY FURTHER INFORMATION

Details of Current maturities of long-term debt:

Particulars	31.03.2012 (Rs. in millions)	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Current maturities of long-term debt	0.000	0.000	NA

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	Yes
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	Yes
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	Yes

LITIGATION DETAILS:

HIGH COURT OF GUJARAT

TAX APPEAL No. 358 of 2012

Status : PENDING

( Converted from : ST/1109/2012 )

CCIN No : 001092201200358

Last Listing Date:

26/07/2012

Coram

HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI HONOURABLE MR.JUSTICE N.V.ANJARIA

S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER OF INCOME TAX - CENTRAL - II	MRS MAUNA M BHATT for: Appellant(s)  1

S.NO.	Name of the Respondant	Advocate On Record
1	AJANTA MANUFACTURING LIMITED	MR RK PATEL for :Opponent(s)  1

Presented On	: 11/06/2012	Registered On	: 13/06/2012
Bench Category	: DIVISION BENCH	District	: AHMEDABAD
Case Originated From	: THROUGH ADVOCATE	Listed	: 3 times
Stage Name	: FOR REGULAR ADMISSION (SPL.)

Classification	· DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA
Act	· INCOME-TAX ACT, 1961

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	11/06/2012	CERTIFIED COPY	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s)  1	6	MRS MAUNA M BHATT:1
2	11/06/2012	MEMO OF APPEAL/PETITION/SUIT	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s)  1	20	MRS MAUNA M BHATT:1
3	15/08/2012	VAKALATNAMA	MR RK PATEL ADVOCATE for RESPONDENT(s)  1	-	MR RK PATEL:1
4	15/08/2012	VAKALATNAMA	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s)  1	-	MRS MAUNA M BHATT:1
5	03/10/2012	VAKALATNAMA	MR RK PATEL ADVOCATE for RESPONDENT(s)  1	5	MR RK PATEL:1

Linked Matters

S. No.	Case Detail	Status Name	Disposal Date	Action/Coram
1	TAX APPEAL/599/2011	PENDING	-	- HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI  HONOURABLE MR.JUSTICE N.V.ANJARIA

Court Proceedings

S. No.	Notified Date	Court Code	Board Sr. No.	Stage	Action	Coram
1	26/07/2012	3	-	FOR REGULAR ADMISSION (SPL.)	FIXED RULE / ADMIT	HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI  HONOURABLE MR.JUSTICE N.V.ANJARIA

Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	View	Download
1	TAX APPEAL/358/2012	HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI  HONOURABLE MR.JUSTICE N.V.ANJARIA	26/07/2012	N	N	--	--

Certified Copy

S. No.	Applicant Name	Application Type	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MRS MAUNA M BHATT	ORDINARY	27/07/2012	O/24846/2012	26/07/2012	04/08/2012	06/08/2012	Delivered	-

Note:

The Registered office of the company has been shifted from Orpat Industrial Estate, Rajkot Highway, P.O. Box No.115, Morbi – 363 641, Gujarat to the present address w.e.f. 25.09.2007.

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
SHORT-TERM BORROWINGS
Loans and advances from related parties	0.000	20.000
Total	0.000	20.000

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80033641	15/03/2011 *	500,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, 58 SHRIMALI SOCIETY, NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA	B09725144

* Date of charge modification

CORPORATE INFORMATION:

The company is engaged in manufacturing of Vitrified Tiles, CFL Bulbs and E-Bike in the very wide market across the India and outside India.

REVIEW OF OPERATION:

During the year, the Company has earned of Rs.2835.602 millions (Previous Year 3132.774 millions) from operation. The net profit for the year has been Rs.291.664 millions (Previous Year 159.996 millions) in this amount capital receipt of Rs.120.366 millions (Previous Year 238.186 millions) of Kutch incentive scheme of Government of Gujarat also include and this amount is transferred to capital reserve for proper accounting of the amount. The Directors are continuously looking for avenues for future growth of the Company in Ceramic industry, E-bike Segment and Area of CFL.

DEMERGER:

The presently due to thin margin and high completion in the ceramic industry, and which is impacting negatively the overall financial picture of the Company and hence company is proposing de-merger and transfer of the Ceramic Division of the company to Oreva Ceramic Private Limited. This de-merger would result into multi faceted benefits to the shareholders of the company and will enable to enhance the growth prospects of the company with specific focus on selected activities.

The Demerger will be value unlocking for the shareholders of the Company.

The Company is in talk with advocates and consultants for the preparation of the demerger scheme and it is expected to file demerger scheme between month of July to September, 2011 in the Hon’ble High Court of Gujarat.

FIXED ASSETS:

· Land

· Building (Other)

· Building (Factory)

· Plant and Machinery

· Electrification

· Office Equipment

· Computer

· Furniture and Fixture

· Vehicle

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.61.12
UK Pound	1	Rs.94.77
Euro	1	Rs.81.54

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.