MIRA INFORM REPORT

Report Date :

28.08.2013

IDENTIFICATION DETAILS

Name :	C&S EFACEC MV INDIA PRIVATE LIMITED
Registered Office :	222, Okhla Industrial Estate, New Delhi – 110020
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.05.2008
Com. Reg. No.:	55-178643
Capital Investment / Paid-up Capital :	Rs. 185.000 Millions
CIN No.: [Company Identification No.]	U31900DL2008PTC178643
PAN No.: [Permanent Account No.]	AADCC3754F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Medium Voltage Switchgear and Power Management Products and Solutions.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 95000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appear huge accumulated losses in the of the company. However, trade relations are fair. Business is active. Payment terms are slow. The company can be considered for business dealings with great caution.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

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.

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. Munish Sharma
Designation :	Deputy General Manager
Contact No.:	91-120-4710000
Date :	27.08.2013

LOCATIONS

Registered Office :	222, Okhla Industrial Estate, New Delhi – 110020, India
Tel. No.:	11-30887520-29
Fax No.:	11-26829063/ 26847154
E-Mail :	jaideep.malhotra@cselectric.co.in info@csefacec.com
Website :	http://www.csefacec.com
Location :	Owned
Factory :	26 A, Sector-31, Surajpur Industrial Area, Kasna Road, Greater Noida - 201306, Uttar Pradesh, India
Tel. No.:	91-120-4710000
Fax No.:	91-120-4710034

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Ravinder Nath Khanna

Designation :

Director

Address :

C-69, Friends Colony, East Mathura Road, New Delhi – 110065, India

Date of Appointment :

27.05.2008

DIN No.:

00024444

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	U31909DL1971PLC005672	C&S ELECTRIC LIMITED	Managing director	15/06/1971	15/06/1971	-	Active	NO
2	U64201DL1984PLC019062	CONTROLS AND SWITCHGEAR CONTACTORS LIMITED	Managing director	03/09/1984	03/09/1984	-	Active	NO
3	U70102DL1990PTC039444	MARGDARSHAK FINANCE PRIVATE LIMITED	Director	27/01/1992	27/01/1992	-	Active	NO
4	U31200DL1991PTC043306	LEROY SOMER INDIA PRIVATE LIMITED	Director	28/02/1992	28/02/1992	04/02/2009	Active	NO
5	L15146PB1989PLC009676	CREMICA AGRO FOODS LIMITED	Director	09/09/1993	09/09/1993	01/10/2011	Active	NO
6	U74899DL1994PLC058105	R S COMPONENTS AND CONTROLS (INDIA) LIMITED	Director	28/03/1994	28/03/1994	-	Active	NO
7	U74899DL1995PLC070294	WAGO LIMITED	Director	29/06/1995	29/06/1995	28/11/2011	Active	NO
8	U74999DL1995PLC070415	C & S PROTECTION AND CONTROL LIMITED	Director	29/09/2001	29/09/2001	-	Amalgamated	NO
9	L00000HP1994PLC014770	HITKARI INDUSTRIES LIMITED	Director	17/01/2005	17/01/2005	28/12/2008	Active	NO
10	U74950DL2003PTC121667	TERRA FILMS PRIVATE LIMITED	Director	17/01/2005	17/01/2005	15/01/2007	Active	NO
11	U31909DL2005PTC134392	CONTROLS AND SWITCHGEAR (UTTARANCHAL) PRIVATE LIMITED	Director	24/03/2005	24/03/2005	-	Strike off	NO
12	U31103DL2006PTC149585	C&S HIMOINSA PRIVATE LIMITED	Director	19/06/2006	19/06/2006	-	Active	NO
13	U99999MH1970GAP014629	INDIAN ELECTRICAL AND ELECTRONICS MANUFACFTURERS ASSOCIATION	Director	04/09/2006	04/09/2006	18/09/2008	Active	NO
14	U92120MH2007PTC170515	EKLAVYA CREATIONS PRIVATE LIMITED	Director	02/05/2007	02/05/2007	15/12/2009	Active	NO
15	U31909DL2004PTC124274	C & S LIGHTING AND WIRING ACCESSORIES PRIVATE LIMITED	Director	29/06/2007	29/06/2007	-	Amalgamated	NO
16	U31900DL2008PTC178643	C&S EFACEC MV INDIA PRIVATE LIMITED	Director	27/05/2008	27/05/2008	-	Active	NO
17	U31908DL2008PTC179248	EFACEC C&S MV COMPONENTS PRIVATE LIMITED	Director	10/06/2008	10/06/2008	30/06/2009	Active	NO
18	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	17/12/2008	17/12/2008	-	Active	NO

Name :

Mr. Ashok Khanna

Designation :

Director

Address :

14, Ishwar Nagar, Mathura Road (East), New Delhi – 110065, India

Date of Appointment :

27.05.2008

DIN No.:

00003335

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	U31909DL1971PLC005672	C&S ELECTRIC LIMITED	Director	15/06/1971	15/06/1971	-	Active	NO
2	U64201DL1984PLC019062	CONTROLS AND SWITCHGEAR CONTACTORS LIMITED	Director	03/09/1984	03/09/1984	-	Active	NO
3	U70102DL1990PTC039444	MARGDARSHAK FINANCE PRIVATE LIMITED	Director	27/01/1992	27/01/1992	-	Active	NO
4	U31200DL1991PTC043306	LEROY SOMER INDIA PRIVATE LIMITED	Director	28/02/1992	28/02/1992	04/02/2009	Active	NO
5	L25209PN1992PLC012701	PEARL ENGINEERING POLYMERS LIMITED	Director	11/12/1993	11/12/1993	30/05/2011	Active	NO
6	U74899DL1994PLC058105	R S COMPONENTS AND CONTROLS (INDIA) LIMITED	Managing director	28/03/1994	28/03/1994	-	Active	NO
7	U74899DL1995PLC070294	WAGO LIMITED	Director	29/06/1995	29/06/1995	28/11/2011	Active	NO
8	U74999DL1995PLC070415	C & S PROTECTION AND CONTROL LIMITED	Director	30/09/2002	30/09/2002	-	Amalgamated	NO
9	U31909DL2004PTC124274	C & S LIGHTING AND WIRING ACCESSORIES PRIVATE LIMITED	Managing director	23/01/2004	23/01/2004	-	Amalgamated	NO
10	U31909DL2005PTC134392	CONTROLS AND SWITCHGEAR (UTTARANCHAL) PRIVATE LIMITED	Director	24/03/2005	24/03/2005	-	Strike off	NO
11	U31103DL2006PTC149585	C&S HIMOINSA PRIVATE LIMITED	Director	19/06/2006	19/06/2006	-	Active	NO
12	L40101DL1989GOI038121	POWER GRID CORPORATION OF INDIA LIMITED	Director	25/04/2008	25/04/2008	25/04/2008	Active	NO
13	U31900DL2008PTC178643	C&S EFACEC MV INDIA PRIVATE LIMITED	Director	27/05/2008	27/05/2008	-	Active	NO

Name :

Mr. Anuj Khanna

Designation :

Director

Address :

14, Ishwar Nagar, Mathura Road (East), New Delhi – 110065, India

Date of Appointment :

27.05.2008

DIN No.:

00025087

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	U31909DL1971PLC005672	C&S ELECTRIC LIMITED	Director	19/04/1999	19/04/1999	-	Active	NO
2	U70102DL1990PTC039444	MARGDARSHAK FINANCE PRIVATE LIMITED	Director	30/04/1999	30/04/1999	-	Active	NO
3	U74899DL1986PTC025398	NEERU HOLDINGS PRIVATE LIMITED	Director	20/08/1999	20/08/1999	-	Active	NO
4	U74999DL1995PLC070415	C & S PROTECTION AND CONTROL LIMITED	Director	13/01/2003	13/01/2003	-	Amalgamated	NO
5	U31200DL1991PTC043306	LEROY SOMER INDIA PRIVATE LIMITED	Director	15/03/2003	15/03/2003	04/02/2009	Active	NO
6	U31103DL2006PTC149585	C&S HIMOINSA PRIVATE LIMITED	Director	19/06/2006	19/06/2006	-	Active	NO
7	U31900DL2008PTC178643	C&S EFACEC MV INDIA PRIVATE LIMITED	Director	27/05/2008	27/05/2008	-	Active	NO
8	U31908DL2008PTC179248	EFACEC C&S MV COMPONENTS PRIVATE LIMITED	Director	10/06/2008	10/06/2008	30/06/2009	Active	NO
9	U31909DL2004PTC124274	C & S LIGHTING AND WIRING ACCESSORIES PRIVATE LIMITED	Additional director	16/09/2008	16/09/2008	-	Amalgamated	NO
10	U64201DL1984PLC019062	CONTROLS AND SWITCHGEAR CONTACTORS LIMITED	Director	31/12/2008	05/12/2008	-	Active	NO

Name :

Mr. Paulo Jorge Rabaca Vaz

Designation :

Nominee director

Address :

Rua Prof Abel Salazar No.18 Valbom 4420-536 Valbom Gdm Gondomar 4420536

Date of Appointment :

04.06.2008

DIN No.:

02187210

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	U31900DL2008PTC178643	C&S EFACEC MV INDIA PRIVATE LIMITED	Nominee director	04/06/2008	04/06/2008	-	Active	NO
2	U31908DL2008PTC179248	EFACEC C&S MV COMPONENTS PRIVATE LIMITED	Nominee director	16/07/2008	16/07/2008	30/06/2009	Active	NO

Name :

Mr. Alberto De Freitas Martins

Designation :

Nominee director

Address :

R. Do Moinho 4780 117 Burgaes 4780117

Date of Appointment :

16.06.2011

DIN No.:

02741311

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	U28990MH1996PLC104088	GODREJ EFACEC AUTOMATION AND ROBOTICS LIMITED	Director	06/08/2009	06/08/2009	Active	NO
2	U31900DL2008PTC178643	C&S EFACEC MV INDIA PRIVATE LIMITED	Nominee director	16/06/2011	16/06/2011	Active	NO
3	U74900DL2010FTC203482	EFACEC INDIA PRIVATE LIMITED	Director	28/11/2011	27/06/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Munish Sharma
Designation :	Deputy General Manager
Name :	Mr. M Mahani
Designation :	Secretary
Address :	61, Saini Enclave, Vikas Marg Extention, New Delhi – 110092, India
Date of Appointment :	01.03.2012
PAN No.:	AAIPM1690C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
C&S Electric Limited, India	9250000
Efacec Capital SGPS SA, Portugal	9250000
Total	18500000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Medium Voltage Switchgear and Power Management Products and Solutions.
Imports :
Products :	Raw Material
Countries :	· China Germany
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

100 (Approximately)

Bankers :

Deutsche Bank, Connaught Place, New Delhi, India [91-11-66009400]

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
SHORT-TERM BORROWINGS
Loans repayable on demand	79.302	23.615
Total	79.302	23.615

Banking Relations :	--
Auditors :
Name :	J C Bhalla and Company Chartered Accountants
Address :	B-17, Maharani Bagh, New Delhi – 110065, India
Income-tax PAN of auditor or auditor's firm :	AAAFJ3258M
Enterprises over which Key Managerial Personnel and / or their relatives exercise significant influence :	· C&S Electric Limited [U31909DL1971PLC005672] C&S HIMoinsa Private Limited [U31103DL2006PTC149585] Efacec C&S MV Components Private Limited [U31908DL2008PTC179248] Control and Switchgear Contractor Limited R.S. Components and Controls (India) Limited Efacec Energia-Maq.Eq.Electricos, SA Efacec Marketing International Godrej Efacec Automation and Robotics Limited Efacec India Private Limited Margdarshak Finance Private Limited RAAS Controls Neeru Holding Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs. 10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18,500,000	Equity Shares	Rs. 10/- each	Rs. 185.000 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	185.000	185.000
(b) Reserves & Surplus	(176.133)	(98.442)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	15.000	0.000
Total Shareholders’ Funds (1) + (2)	23.867	86.558
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	1.939	2.036
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.866	0.782
Total Non-current Liabilities (3)	2.805	2.818
(4) Current Liabilities
(a) Short term borrowings	79.302	23.615
(b) Trade payables	114.839	103.626
(c) Other current liabilities	17.223	16.529
(d) Short-term provisions	2.464	1.423
Total Current Liabilities (4)	213.828	145.193
TOTAL	240.500	234.569
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	47.404	38.164
(ii) Intangible Assets	0.598	0.747
(iii) Capital work-in-progress	0.000	7.196
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.817	4.096
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	50.819	50.203
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	98.730	94.784
(c) Trade receivables	48.643	57.143
(d) Cash and cash equivalents	11.451	7.142
(e) Short-term loans and advances	30.447	24.915
(f) Other current assets	0.410	0.382
Total Current Assets	189.681	184.366
TOTAL	240.500	234.569

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		69.800
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(44.393)
NETWORTH		25.407
LOAN FUNDS
1] Secured Loans		1.421
2] Unsecured Loans		24.729
TOTAL BORROWING		26.150
DEFERRED TAX LIABILITIES		1.081
TOTAL		52.638
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		35.229
Capital work-in-progress		0.400
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	33.448
	Sundry Debtors	10.470
	Cash & Bank Balances	0.645
	Other Current Assets	0.000
	Loans & Advances	10.665
Total Current Assets		55.228
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	33.625
	Other Current Liabilities	3.391
	Provisions	1.203
Total Current Liabilities		38.219
Net Current Assets		17.009
MISCELLANEOUS EXPENSES		0.000
TOTAL		52.638

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	180.933	155.131	18.202
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(68.388)	(47.753)	(29.976)
Less/ Add	DEPRECIATION/ AMORTISATION		9.400	5.341	4.708
	PROFIT/ (LOSS) BEFORE TAX		(77.788)	(53.094)	(34.684)
Less	TAX		(0.097)	0.955	0.129
	PROFIT/ (LOSS) AFTER TAX		(77.691)	(54.049)	(34.813)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(98.442)	(44.393)	(9.580)
	BALANCE CARRIED TO THE B/S		(176.133)	(98.442)	(44.393)
	Earnings/ (Loss) Per Share (Rs.)
	Basic		(4.20)	(6.89)	(6.64)
	Diluted		(3.88)	(6.89)	(6.64)

Particulars	31.03.2013
Sales Turnover (Approximately)	260.000

The above information has been parted by Mr. Munish Sharma [Deputy General Manager]

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	(42.99)	(34.84)	(190.55)
Return on Total Assets (PBT/Total Assets}	(%)	(32.34)	(23.35)	(38.34)
Return on Investment (ROI) (PBT/Networth)		(3.26)	(0.61)	(1.37)
Debt Equity Ratio (Total Debt/Networth)		3.32	0.27	1.03
Current Ratio (Current Asset/Current Liability)		0.89	1.27	1.45

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)	Yes
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FINANCIAL RESULTS AND OPERATIONS

The turnover for the year was Rs.180.933 Millions as against Rs. 155.131 Millions for the previous year. The loss before tax (after depreciation) worked out to Rs. 77.788 Millions as against Rs. 53.094 Millions during previous year and loss after tax worked out to Rs. 77.691 Millions as against Rs. 54.048 Millions for the previous year.

FIXED ASSETS:

· Plant and equipment

· Factory equipments

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Motor vehicles

· Computer equipments

· Other equipments

· Leasehold improvements

· Computer software

· Brands and trade marks

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 65.67
UK Pound	1	Rs. 102.20
Euro	1	Rs. 87.75

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	5
--RESERVES	1~10	--
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

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