MIRA INFORM REPORT

Report Date :

23.02.2013

IDENTIFICATION DETAILS

Name :	PARKER HANNIFIN INDIA PRIVATE LIMITED
Registered Office :	EL 26, MIDC Electronic Zone, TTC Industrial Area, Mahape, Navi Mumbai – 400701, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.01.1989
Com. Reg. No.:	11-050377
Capital Investment / Paid-up Capital :	Rs. 487.887 Millions
CIN No.: [Company Identification No.]	U29119MH1989PTC050377
TAN No.: [Tax Deduction & Collection Account No.]	MUMP10093G
PAN No.: [Permanent Account No.]	AAACP6820G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Engineering Products.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 4660000
Status :	Satisfactory
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Latest financial i.e.2011-2012 is missing from the Government Department. From the available financial of 2011, the company seems to be performing well. Trade relations are reported as fair. Business is active. Payments are unknown. The company can be considered normal for business dealings at usual trade terms and condition.

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

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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Vishwanath Iyer
Designation :	Accounts Department
Contact No.:	91-22-65137083
Date :	22.02.2013

LOCATIONS

Registered/ Division Headquarters 1/ Factory 1/ Sales Office 1 :	EL 26, MIDC Electronic Zone, TTC Industrial Area, Mahape, Navi Mumbai – 400701, Maharashtra, India
Tel. No.:	91-22-65137081-85
Fax No.:	91-22-27686841
E-Mail :	vpai@parker.com vishwanath.iyer@parker.com
Website :	www.parker.com
Area :	40000 sq. ft.
Location :	Owned
Division Headquarters 2/ Factory 2 / Sales Office 2 :	SSD Drives Division 151 and 157 Developed Plots, Perungudi, Chennai – 600096, Tamilnadu, India
Tel. No.:	91-44-43910799
Fax No.:	91-44-43910700
Division Headquarters 3/ Factory 3 / Sales Office 3:	Fluid Connectors India Plot 26-29, 16A and 18-19, Phase IV, IDA Patancheru, Hyderabad - 502319, Andhra Pradesh, India
Tel. No.:	91-8455-248700
Fax No.:	91-8455-248789
Factory 4 :	Annapurna Kenmore, 19B IDA Balangar, Hyderabad – 500037, Andhra Pradesh, India
Tel. No.:	91-40-40073330
Factory 5 :	Chomerics Division No.1465/2 B1, Sriperumbudur Village, Sriperumbudur Taluk, Chennai - 602105, Tamilnadu, India
Factory 6 :	USE 688287, Hyderabad – 502319, Andhra Pradesh, India
Factory 7 :	Plot No. P41/2, Eighth Avenue, Domestic Tariff Area, Mahindra World City, Chengelpattu, Kancheepuram District. Chennai – 603002, Tamilnadu, India
Tel. No.:	91-44-67450309
Factory 8 :	Khasra 145,146,153/1,153/3,157, Amravati Road, Bazargaon, Nagpur – 440023, Maharashtra, India
Sales Office :	Located at : · Hyderabad

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Arijit Diptimoy Sen
Designation :	Managing director
Address :	1C, Farah Fort Manor, 20, 1st Main Road, Jayamahal Extension, Bangalore – 560046, Karnataka, India
Date of Birth/Age :	17.11.1957
Date of Appointment :	07.01.2008
DIN No.:	02097059
Name :	Mr. Ashok Chhaganlal Pratap
Designation :	Director
Address :	Ruby Mansion, 3^rd Floor, Darabsha Lane, Napean Sea Road, Mumbai – 400036, Maharashtra, India
Date of Birth/Age :	02.10.1940
Date of Appointment :	17.01.1989
DIN No.:	00107906
Name :	Mrs. Parul Satish Nanabhai
Designation :	Director
Address :	Indus, Pheroz Shah Mehta Road, Santacruz (West), Mumbai – 400054, Maharashtra, India
Date of Birth/Age :	04.12.1957
Date of Appointment :	17.01.1989
DIN No.:	00320158
Name :	Mr. Bhalasingam Sivapalan
Designation :	Director
Address :	Flat No. 401, Gamma Jaya Behri, Silicon Country, Madhapur, Hyderabad – 500034, Andhra Pradesh, India
Date of Birth/Age :	19.11.1959
Date of Appointment :	14.06.2007
DIN No.:	01790430
Name :	Mr. Thomas Anthony Piraino Jr
Designation :	Director
Address :	2357, Delamere Road, Cleveland, Ohio – 44106, United States of America
Date of Birth/Age :	12.07.1949
Date of Appointment :	27.08.1998
DIN No.:	02593802
Name :	Saugata Ganguly
Designation :	Director
Address :	53 Shree Krishna, Plot No. 42, Sector – 2, Charkop, Kandivali (West), Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	06.11.1966
Date of Appointment :	30.12.2011
DIN No.:	03581969

KEY EXECUTIVES

Name :	Mr. Vishwanath Iyer
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Parker Hannifin Corporation, USA	24
Parker Hannifin Singapore Pte Limited, Singapore	48788676
Total	48788700

AS ON 10.10.2012

Names of Allottees	No. of Shares
Parker Hannifin Singapore Pte Limited, Singapore	8595400
Parker Hannifin Singapore Pte Limited, Singapore	15166520
Parker Hannifin Singapore Pte Limited, Singapore	10076956
Parker Hannifin Singapore Pte Limited, Singapore	3191376
Parker Hannifin Singapore Pte Limited, Singapore	12401315
Parker Hannifin Singapore Pte Limited, Singapore	301211160
Total	350642727

AS ON 28.09.2012

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]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Engineering Products.

Products :

ITC Code No.	Product Description
84131199	Hydraulic Pumps
73072900	Hydraulic Filters
73072900	Hydraulic Hose Pipes

Exports :

Products :

Finished Goods

Countries :

· European Country

· Gulf Country

Imports :

Products :

Raw Material

Countries :

· China

· Germany

Terms :

Selling :

L/C, Cash and Credit (30 Days – 60 Days)

Purchasing :

L/C, Cash and Credit (30 Days – 60 Days)

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity #	Installed Capacity **
Hydraulics Pumps	PCS	11000	11000
Hydraulics Products	PCS	50000	150000
Hydraulic system	PCS	125	NIL
Pneumatic Accessories ##	FT	27000	60000
Hydraulic Hose	Meters	--	6300000
Hydraulic Hose Fitting	PCS	--	864000
Hydraulic Hose Assembly	PCS	--	270000

Notes:-

Accessories # #

· # Based on acknowledgement fated 25.06.2004.

· # # Represents combined capacity of Pneumatics and CIC products and systems

· *represents combined capacity of hydraulics, fluid connector, filtration, Seals and Instrumentation products and systems

· * * based on double shift basis for 250 days in years

Particulars	Unit	Actual Production
CIC	PCS	2601
Fluid Connectors	PCS	16560
Filtration	PCS	893
Hydraulics	PCS/FT	256469
Instrumentation	PCS	1673
Pneumatics	PCS	38056
Seals	PCS	5789052
Hydraulic Hose	Meters	6261932
Hydraulic Hose Fittings	PCS	78670
Hydraulic Hose Assembly	PCS	24848

GENERAL INFORMATION

Customers :	Manufacturer
No. of Employees :	200 (Approximately)
Bankers :	Citi Bank, Fort Branch, Mumbai, Maharashtra, India [Tel No.: 91-22-28232265]

Banking Relations :	--
Auditors :
Name :	Lovelock and Lewes Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Mumbai – 400028, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABFL5878L
Holding Company :	· Parker Hannifin Singapore Pte. Limited, Singapore holds 99.99% of Equity Shares of the Company · Parker Hannifin Corporation, Cleveland, USA holds 87.61 % of Equity Shares of the Company
Ultimate Holding Company :	Parker Hannifin Corporation - Cleveland, USA
Fellow Subsidiaries :	· Parker Hannifin Limited-Hellaby, UK · Parker Hannifin Manufacturing Sweden Ab-Skovde, Sweden · Denison Calzoni-Bologna, France · Parker Hannifin New Zealand Limited ,New Zealand · Denison Hydraulics France SA, France · Parker Hannifin OY, Lokomec, Finland · Emi Therm Sdn. Bhd. -Selangor, Malaysia · Parker Hannifin Plc, Grantham, UK · Kuroda Pneumatics Limited, Japan · Parker Hannifin Plc-Devon, UK · Legris India Private Limited, India · Parker Hannifin Plc-Dewsbury, UK · Parker Filtration B.V.-Arlon, Netherland · Parker Hannifin Plc-Watford, UK · Parker Gas Seperation,Etten-Leur, Netherland · Parker Hannifin Rak Sa-Polyflex, France · Parker Hanifin Motion and Control-Shanghai, China · Parker Hannifin Rak, S.A.-Annemasse, France · Parker Hann Elec Matrl (Shenzhen)Company Limited, China · Parker Hannifin S.A. -Evreux Cedex ,France · Parker Hannfin Limited-Littlehampton, Germany · Parker Hannifin ( Thailand ) Company Limited -Rayong, Thailand · Parker Hannifin S.A., France · Parker Hannifin (Australia) Pty Limited -Castle Hill, Australia · Parker Hannifin S.P.A, Italy · Parker Hannifin S.P.A-Arsago Seprio, Italy · Parker Hannifin AB-Ulricehamn, Sweden · Parker Hannifin S.P.A-Balsamo, Italy · Parker Hannifin Africa Pty Limited, Africa · Parker Hannifin S.P.A-Corsico, Italy · Parker Hannifin Argentina, Argentina · Parker Hannifin S.P Z0.0.Ul-Warszawa,Poland · Parker Hannifin As-Berghagan, Norway · Parker Hannifin Thailand Company Limited,Thailand · Parker Hannifin Connectors Limited, Korea · Parker ITR S.R.L., Italy · Parker Hannifin Corporation Chile Limited, Chile · Parker Korea Limited, Korea · Parker Kv Division-Keynes,UK Advanced Product NV · Parker Hannifin,Boom, Belgium · Parker Hannifin Europe Sarl-Etoy, Switzerland · Parker Lucifer Sa, Switzerland · Parker Middle East Fze ,Dubai · Parker Hannifin Gmbh and Co Kg-Geringswalde, Germany · Parker Seals A/S, Denmark · Parker Hannifin Gmbh and Company Kg -Schonborn, Germany · Parker Mining-West Midlands, UK · Parker Mobile Control Division-Gyeonggi, South Korea · Parker Hannifin Gmbh and Company KG-Herl, Germany · Parker Origa Pneumatic Gmbh-Wr.Neustadt, Austria · Parker Hannifin Gmbh and Company KG-Polyflex, Germany · Parker Polyflex Bv-Almelo, Netherland · Parker Hannifin Gmbh-Beilfield, Germany · Parker Pradifa Gmbh-Pradifa, Germany · Parker Hannifin Gmbh-Bielefield, Germany · Parker Sales (Ireland ) Limited -Dublin, Ireland · Parker Hannifin Gmbh-Cheminitz/Kaarst, Germany · Parker Hannifin Gmbh and Company Kg -Offenburg, Germany · Parker Hannifin Gmbh-Koln, Germany · Parker Tejing Hydraulics(Tianjin)Company Limited, Tianjin · Parker-Origa Gmbh,Filderstadt, Germany · Parker Hannifin Hong Kong Limited-Kowloon, Hong Kong · Ph Fluid Power Systems and Components, China · Parker Hannifin Ind(M) Sdn Bhd-Selangor Darul Ehsan, Malaysia · Parker Hannifin Ind. Com Limited, Brazil · PH Sterling Hydraulics Division,Somerset, UK · Parker Hannifin Ind. Com. Ltda, Brazil · PH, Origa-Spanga, Sweden · Parker Hannifin Ind. E Com Limited, Brazil · Rectus Gmbh-Fluid Connectors Groupeurope-Nussdorf, Germany · Parker Hannifin Japan Limited -Minau KO, Japan · Shanghai Denison Hydraulics Co-Shanghai, China · Parker Hannifin Lda, Portugal · Ssd Parvex Sas-Dulac, France · Parker Hannifin Limited -Bucks, UK · Taiyo Limited, Japan · Wuxi Kenmore Refrigeration Components Co-Wuxi, China

CAPITAL STRUCTURE

AS ON 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
416,000,000	Equity Shares	Rs. 10/- each	Rs. 4160.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
399,431,427	Equity Shares	Rs. 10/- each	Rs. 3994.314 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
416,000,000	Equity Shares	Rs. 10/- each	Rs. 4160.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
48,788,700	Equity Shares	Rs. 10/- each	Rs. 487.887 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		487.887	135.628	135.628
2] Share Suspense Account		0.000	352.259	0.000
3] Reserves & Surplus		677.464	455.596	95.645
4] (Accumulated Losses)		0.000	0.000	0.000
5] Debenture Application Money		0.000	0.000	236.977
NETWORTH		1165.351	943.483	468.250
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.865
2] Unsecured Loans		313.839	306.508	252.643
TOTAL BORROWING		313.839	306.508	253.508
DEFERRED TAX LIABILITIES		0.000	2.979	0.000
TOTAL		1479.190	1252.970	721.758
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		525.730	547.190	293.149
Capital work-in-progress		202.622	53.276	8.502
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		7.832	0.000	14.575
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	600.378	500.644	385.791
	Sundry Debtors	662.358	563.063	261.781
	Cash & Bank Balances	295.990	76.023	39.023
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	188.749	155.038	119.677
Total Current Assets		1747.475	1294.768	806.272
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	817.513	519.247	312.597
	Current Liabilities	56.113	62.494	63.538
	Provisions	130.843	60.523	24.605
Total Current Liabilities		1004.469	642.264	400.740
Net Current Assets		743.006	652.504	405.532
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1479.190	1252.970	721.758

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3451.385	2401.697	1540.491
		Other Income	77.865	62.766	2.110
		TOTAL (A)	3529.250	2464.463	1542.601
Less	EXPENSES
		Cost of Goods Sold			1072.769
		Personnel Expenses			179.544
		Other Expenditure			317.934
		TOTAL (B)	3069.413	2206.044	1570.247
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		459.837	258.419	(27.646)
Less	FINANCIAL EXPENSES (D)		31.505	31.973	39.298
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		428.332	226.446	(66.944)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		60.275	75.258	20.020
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		368.057	151.188	(86.964)
Less	TAX (H)		146.189	57.598	(7.348)
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		221.868	93.590	(79.616)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		189.236	95.646	175.262
	BALANCE CARRIED TO THE B/S		411.104	189.236	95.646
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	525.483	185.595	13.220
		Commission Earnings	62.118	44.967	0.143
		Other Earnings	3.493	0.212	0.005
	TOTAL EARNINGS		591.094	230.774	13.368
	IMPORTS
		Finished Goods	452.041	307.153
		Raw Materials	1058.068	629.112
		Capital Goods	0.440	9.381
		Stores and Spare Parts	12.855	2.821
		Traded Goods	0.138	2.851
		Consumables	6.570	2.302
	TOTAL IMPORTS		1530.112	953.620	790.988
	Earnings/(Loss) Per Share (Rs.)		3.19	1.59	(6.06)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.29	3.80	(5.17)
Net Profit Margin (PBT/Sales)	(%)	10.66	6.30	(5.65)
Return on Total Assets (PBT/Total Assets}	(%)	16.19	8.21	(7.91)
Return on Investment (ROI) (PBT/Networth)		0.32	0.16	(0.19)
Debt Equity Ratio (Total Debt/Networth)		0.27	0.32	0.54
Current Ratio (Current Asset/Current Liability)		1.74	2.02	2.01

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Due Small Micro Enterprises	6.022	12.558	3.896
Due Others	811.491	506.689	308.701
Total	817.513	519.247	312.597

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	Yes
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	No
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	No

UNSECURED LOANS

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Fully convertible debentures unsecured	306.508	306.508
Working capital loans banks unsecured	7.331	0.000
Total	313.839	306.508

AMALGAMATION OF PARKER MARKWEL INDUSTRIES PRIVATE LIMITED WITH THE COMPANY

Amalgamation of Parker Markwel Industries Private Limited (PMIPL) with the Company, has been sanctioned by the Hon’ble Court of Judicature at Bombay, pursuant to order dated 9^th September, 2010. Accordingly the Financial Accounts PMIPL of the company for the year ended 31.03.2010 would be consolidated Accounts alongwith from the Appointed Date i.e. 01.04.2009, in terms of Clause no. 13 of the Scheme of Amalgamation of the Company as approved by the Hon’ble Court at Bombay.

OPERATING RESULTS

The performance of the Company has been improved comparatively last year as it recovered loss and made profit. It has taken various steps to achieve higher volumes and to grow its income whilst controlling costs.

CONTINGENT LIABILITIES

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
(i) Claims against the company not acknowledged as debts:
- Income Tax	15.648	0.608
- Sales Tax	88.837	0.000
- Disputed Claims by Customers	28.750	1.150
(ii) Letter of Credit	0.000	10.165
(iii) The company had received assessment orders from the Income-tax authorities in respect of assessment years 2004-2005, 2005-2006, 2006-2007, 2007-2008 and 2008-2009. These orders, inter alia, had disallowed the deductions of Rs 20.692 Millions, Rs 49206 Millions, Rs 45.645 Millions, Rs 38.128 and Rs 37.171 Millions for the assessment years 2004-2005, 2005-2006, 2006-2007, 2007-2008 and 2008-2009 respectively, claimed under Section 10B of the Income-tax Act, 1961. The company had preferred an appeal to CIT(A) against said assessment orders of the Income-tax authorities, wherein CIT(A) had allowed the above-referred deductions. The Income-tax authorities have preferred an appeal to the Income Tax Appellate Tribunal (ITAT) against the said orders.

Fixed Assets

· Plant and Machinery

· Office Equipment Motor

· Vehicles

· Leasehold Land

· Furniture and Fixtures

· Electrical Installation

· Air Conditioners

· Computers

· Buildings

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 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. 54.43
UK Pound	1	Rs. 83.20
Euro	1	Rs. 71.91

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.