MIRA INFORM REPORT

Report Date :

27.05.2013

IDENTIFICATION DETAILS

Name :	ELGI ULTRA INDUSTRIES LIMITED
Registered Office :	India House, New No: 1443/1, Trichy Road, Coimbatore – 641018, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.09.1981
Com. Reg. No.:	18-001104
Capital Investment / Paid-up Capital :	Rs.18.727 Millions
CIN No.: [Company Identification No.]	U29253TZ1981PLC001104
TAN No.: [Tax Deduction & Collection Account No.]	CMBE03014E
PAN No.:	AAACE4566G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Textile Machinery Accessories and Ultra Table top Wet Grinders.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1396000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered normal for business dealings at usual trade 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

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 :	Ms. Bency
Designation :	Accountant
Contact No.:	91-422-2304141
Date :	21.05.2013

LOCATIONS

Registered Office :	India House, New No.1443/1, Trichy Road, Coimbatore – 641018, Tamilnadu India
Tel. No.:	91-422-2304141
Mobile No.:	91-9791906102 ( Mr. Anand Kumar)
Fax No.:	91-422-2301377
E-Mail :	cns@elgiultra.com
Factory:	Avanishi Road, Kannapalayam Village, Arasur, Coimbatore, Tamilnadu, India

DIRECTORS

As on 30.09.2012

Name :

Dr. Jairam Varadaraj

Designation :

Director

Address :

5-1, Ward No. 13, Ruckmani Nagar, Ramanathapuram, Coimbatore - 641018 Tamilnadu, India

Date of Birth/Age :

08.04.1961

Date of Appointment :

08.05.1987

DIN No.:

00058056

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	U29253TZ1981PLC001104	ELGI ULTRA INDUSTRIES LIMITED	DIRECTOR	08/05/1987	08/05/1987	-	ACTIVE	NO
2	L65910TZ1982PLC001159	ELGI INDUSTRIAL PRODUCTS LIMITED	MANAGING DIRECTOR	01/09/2009	19/07/1989	-	AMALGAMATED	NO
3	L29120TZ1960PLC000351	ELGI EQUIPMENTS LIMITED	MANAGING DIRECTOR	01/04/2011	29/05/1992	-	ACTIVE	NO
4	U32109TZ1972PLC008922	ADISONS PRECISION INSTRUMENTS MANUFACTURING COMPANY LIMITED	DIRECTOR	25/11/1994	25/11/1994	-	ACTIVE	NO
5	L02511TZ1998PLC008630	TREADSDIRECT LIMITED(AMALGAMATED	DIRECTOR	02/11/1998	02/11/1998	28/03/2008	AMALGAMATED	NO
6	L17111TZ1962PLC001183	PRECOT MERIDIAN LIMITED	DIRECTOR	29/01/2002	29/01/2002	-	ACTIVE	NO
7	L02511TZ1981PLC010010	ELGI RUBBER COMPANY LIMITED	DIRECTOR	07/06/2002	07/06/2002	-	AMALGAMATED	NO
8	L29299PN1980PLC022787	THERMAX LIMITED.	DIRECTOR	31/01/2003	31/01/2003	-	ACTIVE	NO
9	L31103TZ1990PLC002836	MAGNA ELECTRO CASTINGS LIMITED	DIRECTOR	28/10/2004	28/10/2004	-	ACTIVE	NO
10	U74910TN2006PLC059763	COACHING FOUNDATION INDIA LIMITED	DIRECTOR	27/10/2007	01/12/2006	04/02/2013	ACTIVE	NO
11	U34300TZ2007PLC014125	ATS ELGI LIMITED	DIRECTOR	28/07/2007	28/02/2007	-	ACTIVE	NO
12	U29120TZ2008PLC014639	ELGI SAUER COMPRESSORS LIMITED	DIRECTOR	15/07/2008	15/07/2008	-	ACTIVE	NO
13	L25119TZ2006PLC013144	ELGI RUBBER COMPANY LIMITED	DIRECTOR	14/01/2011	06/01/2011	-	ACTIVE	NO

Name :

Mr. Sumanth Ramamurthi

Designation :

Director

Address :

74, Appuswamy Layout, Red Fields, Coimbatore- 641018, Tamilnadu, India

Date of Birth/Age :

12.08.1959

Date of Appointment :

27.04.1984

DIN No.:

00002773

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	U29253TZ1981PLC001104	ELGI ULTRA INDUSTRIES LIMITED	Director	27/04/1984	27/04/1984	-	Active	NO
2	U31200TZ1963PLC000487	ELGI ELECTRIC AND INDUSTRIES LIMITED	Director	14/04/2008	06/10/1988	-	Active	NO
3	L17111TZ1962PLC001183	PRECOT MERIDIAN LIMITED	Director	22/02/1992	22/02/1992	-	Active	NO
4	L17111TZ1962PLC001200	SUPER SPINNING MILLS LIMITED	Managing director	01/04/2011	22/02/1992	-	Active	NO
5	U65993TZ1993PTC010451	SARA ELGI INSURANCE ADVISORY SERVICES PRIVATE LIMITED	Director	24/02/1993	24/02/1993	-	Active	NO
6	U01211TZ1984PLC001522	SUPER FARM PRODUCTS LIMITED	Director	13/03/1993	13/03/1993	-	Active	NO
7	U31100TZ1995PLC006403	SARA ELGI INDUSTRIES LIMITED	Director	03/08/1995	03/08/1995	-	Active	NO
8	U45201TZ1996PLC007037	ELGI BUILDING PRODUCTS LIMITED	Director	15/03/1996	15/03/1996	-	Active	NO
9	U67120TZ1993PLC004314	SARA ELGI INDUSTRIAL RESEARCH AND DEVELOPEMENT LIMITED	Director	30/07/2001	30/07/2001	-	Active	NO
10	U17111TZ2005PLC012229	SUPER SARA TEXTILES LIMITED	Director	19/10/2005	19/10/2005	-	Active	NO
11	L18100TZ1981PLC013940	KAKATIYA TEXTILES LTD	Managing director	30/05/2011	30/06/2006	-	Active	NO
12	U29197TZ2001PLC009863	SARA ELGI ENVIROTECH LIMITED	Director	30/09/2008	30/07/2008	-	Active	NO
13	U05110TZ1980PLC000989	SARA TRADING AND INDUSTRIAL SERVICES LIMITED	Director	30/09/2008	30/08/2008	-	Active	NO
14	U28111TZ2003PLC010797	SARA ELGI ARTERIORS LIMITED	Director	30/09/2008	30/08/2008	-	Active	NO

Name :

Mrs. Meenaksi S. Panchapakesan

Designation :

Director

Address :

Old No.9, New No. 12, Rukmani Pagar, Rammathapuram, Coimbdore-641045, Tamilnadu, India

Date of Birth/Age :

07.07.1934

Date of Appointment :

29.09.1988

DIN No.:

00010609

Name :

Dr. Rangaswamy Subbayyan

Designation :

Director

Address :

27, Damu Nagar, Coimbatore - 641045 Tamil Nadu, India

Date of Birth/Age :

08.06.1925

Date of Appointment :

29.09.1988

DIN No.:

00010511

Name :

Mr. Ramdass Vidyasagar

Designation :

Director

Address :

27, Damu Nagar, Coimbatore - 641045 Tamil Nadu, India

Date of Birth/Age :

08.06.1925

Date of Appointment :

29.09.1988

DIN No.:

00010511

KEY EXECUTIVES

Name :	Mr. Anand Kumar
Designation :	Marketing Manager
Name :	Ms. Bency
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 30.09.2012

Names of Shareholders	No. of Shares
Om Prakash Saraf	400
A. Aathikesavalu	100
Abdul Rashid	100
Abdul Razzak Usmanbhai	100
S.R. Abhani	100
Wg. C. Abraham Koshy	100
Achal Auror0041	100
Rm. Adaikkalavan	400
M. Adaikkammai	100
A.S. Adaikklavan	100
Adarsh Malhotra	300
D.R. Adi Murthy	100
M K.Adinarayana Gupta	100
B. Adireddy	200
M.N. Adireddy	200
Aditya Agarwal	200
S.K. Agarwal	100
S.K. Agarwal	200
P.K. Agarwal	1200
Aggarwal Yashpal Gian	200
S A. Agnimahalingam	100

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2012

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	1.60
Bodies corporate	50.37
Directors or relatives of Directors	13.16
Other top fifty shareholders	11.97
Other	22.90
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Textile Machinery Accessories and Ultra Table Top Wet Grinders.

Products :

ITC Code	Product Description
401031 10	Synthetic Power Transmission Belts
850940 00	Domestic Appliances – Wet grinders
391731 00	High Pressure Hoses & Tubes

• Synthetic Spindle Tapes
• Shuttle Loom Components
• Power Transmission Flat Belts and Conveyors
• Flat Pulleys
• LDPE Semi-embossed Film
• Plain Film, Pneumatic Tubings
• High Pressure Rubber Hoses
• Industrial Fabric
• Drip Irrigation System
• Air Horns
• Pneumatic Wipers
• Table Top Wet Grinders

Exports :

Products :

Power transmission products, snap belt, Pneumatic tubing, Industrial fabrics.

Countries :

• Pakistan
• Bangladesh
• Egypt
• Sri Lanka

Imports :

Products :

Raw material

Countries :

• U.S.A.

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit (Based on types of customer)

PRODUCTION STATUS (As On 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Loom Components	Nos	-	59291
Synthetic Spindle tapes	Sq. Mtrs	100000	86038
High Pressure Plastic hoses and tubes	Mtrs	5400000	2377681
Polyethylene Film	Kgs	510000	501416
Flat Belt	Sq. Mtrs	50000	41136
Domestic Appliances	Nos	-	119001
Mixer Grinder	Nos	-	1302

GENERAL INFORMATION

Suppliers :

Avon Plastics Industries Private Limited – Bangalore

Customers :

End Users, Textile Spinning Mills

No. of Employees :

400 (Approximately)

Bankers :

• Corporation Bank, Industrial Finance Centre, Trichy Road, Coimbatore - 641018, Tamilnadu, India

• Bank of Madura Limited, Rajaji salai, Ramnagar, Coimbatore-641018, Tamilnadu, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Deposits from others	8.035	11.690
Intercorporate deposits	26.499	24.925
Loans and advances from directors	0.250	0.000
Other loans and advances	38.657	27.014
Total	73.441	63.629

Banking Relations :	--
Auditors :
Name :	Johendar and Company Chartered Accountants
Address :	20, 1^st Street, Dr. Sivananda Colony, Coimbatore - 641 012, Tamilnadu, India
PAN No.:	ADZPJ6384L
Associates	Elgi Equipment Limited ATS Elgi Limited Etgi lndustriat Products Limited Treadsdirect Limited Etgi Electric and Industries Limited Super Splnning Mills Limited Ellargi and Company L. G. Balakrishnan and Brothers Limited Elgi Rubber Company Limited Precot Meridian Limited L. R.G. Technologies Limited

CAPITAL STRUCTURE

As on 30.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2150000	Equity Shares	Rs.10/- each	Rs.21.500 Millions
5000000	Preference Shares	Rs.10/- each	Rs.50.000 Millions
	Total		Rs.71.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1872650	Equity Shares	Rs.10/- each	Rs.18.727 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		18.727	18.727	18.727
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		330.348	291.962	242.150
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		349.075	310.689	260.877
LOAN FUNDS
1] Secured Loans		73.441	63.629	2.722
2] Unsecured Loans		0.000	0.000	50.550
TOTAL BORROWING		73.441	63.629	53.272
DEFERRED TAX LIABILITIES		3.544	1.886	0.686
TOTAL		426.060	376.204	314.835
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		80.729	51.553	45.058
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		94.360	88.610	87.556
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	145.217	80.917	38.267
	Sundry Debtors	176.393	122.871	114.405
	Cash & Bank Balances	29.498	95.216	66.400
	Other Current Assets	47.266	70.202	1.011
	Loans & Advances	16.599	15.138	62.425
Total Current Assets		414.973	384.344	282.508
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	87.459	51.569	38.023
	Other Current Liabilities	51.462	58.861	60.080
	Provisions	25.081	37.873	2.184
Total Current Liabilities		164.002	148.303	100.287
Net Current Assets		250.971	236.041	182.221
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		426.060	376.204	314.835

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1084.985	913.097	766.183
		Other Income	30.695	25.746	22.623
		TOTAL (A)	1115.680	938.843	788.806
Less	EXPENSES
		Cost of materials consumed	752.588	608.613
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(7.160)	(10.503)
		Employee benefit expenses	92.471	71.032
		Other expenses	205.664	167.800
		TOTAL (B)	1043.563	836.942	755.474
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		72.117	101.901	33.332
Less	FINANCIAL EXPENSES (D)		8.283	6.267	9.386
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		63.834	95.634	23.946
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.676	5.430	5.451
	PROFIT BEFORE TAX (E-F) (G)		55.158	90.204	18.495
Less	TAX (H)		14.378	29.959	2.961
	PROFIT AFTER TAX (G-H) (I)		40.780	60.245	15.534
Add	Excess provision for actionable Claim no longer required		0.000	0.000	38.128
	(Short) Excess provision of income tax for Earlier years		0.218	(7.821)	1.083
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		48.808	43.995	41.434
Less	APPROPRIATIONS
		Transfer to General Reserve	30.000	45.000	50.000
		Dividend	2.612	2.611	2.184
	BALANCE CARRIED TO THE B/S		57.193	48.808	43.995
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	58.589	49.702	47.896
		Other Earnings	9.04	0.505	0.496
	TOTAL EARNINGS		67.629	50.207	48.392
	IMPORTS
		Raw Materials	107.816	39.665	35.484
		Capital Goods	10.328	0.000	0.000
	TOTAL IMPORTS		118.144	39.665	35.484
	Earnings Per Share (Rs.)		21.78	32.17	8.30

Particulars	31.03.2013
Sales Turnover	1329.300

Expected Sales (2013-14) : Rs.1300.000 Millions

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.65	6.42	1.97
Net Profit Margin (PBT/Sales)	(%)	5.08	9.88	2.41
Return on Total Assets (PBT/Total Assets}	(%)	11.13	20.69	2.65
Return on Investment (ROI) (PBT/Networth)		0.16	0.29	0.07
Debt Equity Ratio (Total Debts/Networth)		0.21	0.21	0.20
Current Ratio (Current Asset/Current Liability)		2.53	2.59	2.82

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	Yes
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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29253TZ1981PLC001104
Name of the company	ELGI ULTRA INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	India House, New No.1443/1, Trichy Road, Coimbatore – 641018, Tamilnadu, India E-mail Id.: cns@elgiultra.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80035120
Type of charge	Immovable property
Particular of charge holder	Corporation Bank, Industrial Finance Branch, Trichy Road, Coimbatore – 641018, Tamilnadu, Inida E-mail.: cbe562@corpbank.co.in
Nature of instrument creating charge	Bank Letter(s) dated 8th April 2013
Date of instrument Creating the charge	30.03.2013
Amount secured by the charge	Rs.93.400 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Not Applicable Terms of Repayment Not Applicable Margin Not Applicable Extent and Operation of the charge Extension of Equitable Mortgage of the Company's land properties situated at Arasur village, Coimbatore (admeasuring 2.31 acres and building thereon along with factory shed) as an additional security for the due repayment of credit facilities of Rs.93.400 Millions availed by the Company on pari passu basis with multiple banking arrangement with Central Bank of India.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Company's land properties situated at Arasur village, Coimbatore (admeasuring 2.31 acres and building thereon along with Factory shed)
Date of instrument modifying the charge	06.12.2012
Particulars of the present modification	Extension of Equitable Mortgage of the Company's land properties situated at Arasur village, Coimbatore (admeasuring 2.31 acres and building thereon along with factory shed) as an additional security for the due repayment of credit facilities of Rs.93.400 Millions availed by the Company on pari passu basis with multiple banking arrangement with Central Bank of India.

REVIEW OF OPERATIONS :

During the year ended 31.03.2012 the company has achieved a turnover of Rs.1085.000 Millions as against the previous year turnover of Rs.913.100 Millions registering an increase of 18.83%.

While the Consumer product division has improved the turnover, the profitability of the division was affected mainly due to increase in operation costs and the cost of components as well. In case of Industrial product division, the turnover has slightly improved, but again the material costs and operation costs have affected the profitability as well.

During the year, the Consumer product division has introduced Induction stove and new model grinders in the market

FUTURE PLANS:

The Consumer Product Division is in the process of introducing more products for Indian kitchen. The Industrial Product Division is also enlarging its product range to expand its market.

The company is continuing its steps to improve the market share in their innovative products.

FIXED ASSETS:

• Land
• Goodwill
• Buildings
• Plant and Machinery
• Moulds and dies
• Computers
• Furniture and Fittings
• Office
• Equipments
• Vehicles

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.55.61
UK Pound	1	Rs.83.98
Euro	1	Rs.71.94

INFORMATION DETAILS

Information Gathered by :	SHN
Report Prepared by :	AHN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.