MIRA INFORM REPORT

Report Date :

01.11.2013

IDENTIFICATION DETAILS

Name :	THERMAL SYSTEMS (HYDERABAD) PRIVATE LIMITED
Registered Office :	Survey No. 172, Plot No. 158, IDA, Jinnaram Mandal, Bollaram, Medak District, Hyderabad – 502325, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.11.1991
Com. Reg. No.:	01-013404
Capital Investment / Paid-up Capital :	Rs. 59.750 Millions
CIN No.: [Company Identification No.]	U31909AP1991PTC013404
PAN No.: [Permanent Account No.]	AAACT9825H
Legal Form :	Private Limited Liability Company
Line of Business :	Designing and Manufacturing of Economisers, Superheaters, Heat Exchangers, Waste Heat Recovery Boilers and Other Chemical Process Equipments.
No. of Employees :	Not Available

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 2255000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profit and sales turnover of the company appears to be decent. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the trade deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term Rating : BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	September 18, 2012

Rating Agency Name	CRISIL
Rating	Short term Rating : BBB+
Rating Explanation	Strong degree of safety and low credit risk
Date	September 18, 2012

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.

LOCATIONS

Registered Office :	Survey No. 172, Plot No. 158, IDA, Jinnaram Mandal, Bollaram, Medak District, Hyderabad – 502325, Andhra Pradesh, India
Tel. No.:	91-8458-280054/ 55/ 59
Fax No.:	91-8458-280105
E-Mail :	rajasekhar@thermalindia.com info@thermalindia.com
Website :	http://www.thermalindia.com

DIRECTORS

AS ON 28.09.2013

Name :

Mr. Polina Veer Raju

Designation :

Managing director

Address :

303B, Road No. 25, Jubilee Hills, Hyderabad - 500033, Andhra Pradesh, India

Date of Birth/Age :

01.06.1949

Date of Appointment :

04.11.1991

PAN No.:

AEHPP6553N

DIN No.:

00162614

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	U31909AP1991PTC013404	THERMAL SYSTEMS (HYDERABAD)PRIVATE LIMITED	Managing director	04/11/1991	04/11/1991	Active	NO
2	U33119AP1997PTC028492	P.S. STEAM AND POWER PRIVATE LIMITED	Director	05/12/1997	05/12/1997	Active	NO
3	U40108AP2010PTC069856	HAFNER STEAM BOILER PRIVATE LIMITED	Director	06/08/2010	06/08/2010	Active	NO
4	U23101AP2011PLC072783	COROMANDEL COKE AND POWER LIMITED	Director	21/02/2011	21/02/2011	Active	NO

Name :

Mrs. Polina Sesha Ratnam

Designation :

Director

Address :

303B, Road No. 25, Jubilee Hills, Hyderabad - 500033, Andhra Pradesh, India

Date of Birth/Age :

03.07.1958

Date of Appointment :

04.11.1991

PAN No.:

AKUPP7189F

DIN No.:

00162620

Name :

Mr. Marni Srinivasa Rao

Designation :

Whole-time director

Address :

Villa 225, Indu Fortune Fields, Phase – 13, KPHB Colony, Hyderabad – 500072, Andhra Pradesh, India

Date of Birth/Age :

14.05.1969

Date of Appointment :

29.08.2011

PAN No.:

BDSPM1929E

DIN No.:

03303869

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	U24232AP2010PTC071320	SAMARLAKOT FERTILISERS AND CHEMICALS PRIVATE LIMITED	Director	22/11/2010	22/11/2010	Active	NO
2	U23101AP2011PLC072783	COROMANDEL COKE & POWER LIMITED	Director	21/02/2011	21/02/2011	Active	NO
3	U33119AP1997PTC028492	P.S. STEAM AND POWER PRIVATE LIMITED	Whole-time director	01/04/2011	01/04/2011	Active	NO
4	U40108AP2010PTC069856	HAFNER STEAM BOILER PRIVATE LIMITED	Whole-time director	01/04/2011	01/04/2011	Active	NO
5	U31909AP1991PTC013404	THERMAL SYSTEMS (HYDERABAD)PRIVATE LIMITED	Whole-time director	29/08/2011	29/08/2011	Active	NO

Name :

Mr. Subramanyeswara Rao Kudaravalli

Designation :

Director

Address :

7-1-636-26, Model Coloyn, S. R. Nagar, B.K. Guda, Hyderabad – 500038, Andhra Pradesh, India

Date of Birth/Age :

10.08.1942

Date of Appointment :

29.09.2012

DIN No.:

00038416

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	U28932AP1975PLC006382	CMH TOOLS LIMITED	Director	14/03/2002	14/03/2002	Active	NO
2	L24239AP1987PLC008066	SMS PHARMACEUTICALS LIMITED	Director	29/05/2005	29/05/2005	Active	NO
3	U24230AP1995PTC020182	SREENIVASA PHARMA PRIVATE LIMITED	Director	25/05/2007	25/05/2007	Amalgamated	NO
4	U24230AP2000PLC034319	AUCTUS PHARMA LIMITED	Director	16/06/2008	28/03/2008	Active	NO
5	U45200AP2004PTC042471	YESWANTH INDUSTRIAL INFRASTRUTURE PROJECTS PRIVATE LIMITED (U/S 21)	Director	26/11/2011	26/11/2011	Active	NO
6	U31909AP1991PTC013404	THERMAL SYSTEMS (HYDERABAD)PRIVATE LIMITED	Director	29/09/2012	03/09/2012	Active	NO

Name :

Mr. Mullapudi Ananda Rao

Designation :

Director

Address :

H. No. 2-30-6, Nizampet Road, Hyder Nagar, Kukatpally, Hyderabad – 500072, Andhra Pradesh, India

Date of Birth/Age :

20.10.1960

Date of Appointment :

16.08.1993

PAN No.:

AMDDE8547C

DIN No.:

00162623

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	U31909AP1991PTC013404	THERMAL SYSTEMS (HYDERABAD)PRIVATE LIMITED	Director	16/08/1993	16/08/1993	Active	NO
2	U24232AP2011PTC078320	NOVOZENE THERAPEUTICS PRIVATE LIMITED	Director	30/12/2011	30/12/2011	Active	NO

Name :

Satyavada Venkata Ramachandra Rao

Designation :

Director

Address :

H. No. 7-1-621/307, Flat No. 401, 268/3RT Sai Vijay Encalve, S. R. Nagar, Hyderabad – 500038, Andhra Pradesh, India

Date of Birth/Age :

06.08.1950

Date of Appointment :

29.09.2012

DIN No.:

01869061

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	U74140AP2000PLC033589	RESOURCE INPUTS LIMITED	Managing director	30/09/2010	16/02/2000	Active	NO
2	U95000AP2003PTC041864	HR CHAMBERS OUTSOURCING PRIVATE LIMITED	Managing director	14/10/2003	14/10/2003	Active	NO
3	U74900AP2008PLC058171	PENNAR ENVIRO LIMITED	Director	23/09/2010	05/02/2010	Active	NO
4	L27203AP1989PLC010409	PALCO LIMITED	Director	31/08/2012	31/10/2011	Active	NO
5	U31909AP1991PTC013404	THERMAL SYSTEMS (HYDERABAD)PRIVATE LIMITED	Director	29/09/2012	03/09/2012	Active	NO
6	U72200AP2013PTC088049	OPENBRICK SYSTEMS PRIVATE LIMITED	Director	30/05/2013	30/05/2013	Active	NO
7	U93000AP2009PTC062968	EMINENCE HR MISSION PRIVATE LIMITED	Additional director	21/08/2013	21/08/2013	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2013

Names of Shareholders	No. of Shares
Polina Veer Raju	9794125
Polina Sesha Ratnam	985875
Polina Satyanarayana	1195000
Mullapudi Ananda Rao	100
Marni Srinivasa Rao	100
Satyavada Venkata Ramachandra Rao	100
Ki.Idaravalli Subramanyeswara Rao	100
Avirneni Srirama Krishna	100
Dharam Pal	100
Tetali Venkata Ram	100
Total	11975700

AS ON 28.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Designing and Manufacturing of Economisers, Superheaters, Heat Exchangers, Waste Heat Recovery Boilers and Other Chemical Process Equipments.

Products/ Services :

ITC Code No.	Product Descriptions
84021000	Boilers and Parts
84041000	Economisers
84041000	SuperHeaters

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Mid Corporate Group, Overseas Branch, Road No. 36, Rajala Center, Jubilee Hills, Hyderabad - 500033, Andhra Pradesh, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	0.510	1.183
SHORT TERM BORROWINGS
Working capital loans from banks	167.361	169.166
Total	167.871	170.349

Banking Relations :	--
Financial Institution :	Andhra Pradesh State Financial Corporation, Chirag Ali Lane, Hyderabad, Andhra Pradesh, India
Auditors :
Name :	G. Seshadri and Company Chartered Accountants
Address :	Plot No.D-11, Road No. 9, Film Nagar, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India
Income-tax PAN of auditor or auditor's firm :	ACGPG2153A
Subsidiary Company :	· Thermal Systems GmbH, Germany · Fortuna Boiler Engineers Gmbh

CAPITAL STRUCTURE

AS ON 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
12,000,000	Equity Shares	Rs. 10/- each	Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11,975,700	Equity Shares	Rs. 10/- each	Rs. 119.757 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
7,000,000	Equity Shares	Rs. 10/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,975,000	Equity Shares	Rs. 10/- each	Rs. 59.750 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	59.750	59.750
(b) Reserves & Surplus	504.103	439.742
(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)	563.853	499.492
(3) Non-Current Liabilities
(a) long-term borrowings	0.510	1.183
(b) Deferred tax liabilities (Net)	21.560	13.299
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	22.070	14.482
(4) Current Liabilities
(a) Short term borrowings	167.361	169.166
(b) Trade payables	192.253	166.869
(c) Other current liabilities	654.607	495.796
(d) Short-term provisions	185.632	151.422
Total Current Liabilities (4)	1199.853	983.253
TOTAL	1785.776	1497.227
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	239.733	199.905
(ii) Intangible Assets	6.692	7.989
(iii) Capital work-in-progress	2.031	30.739
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.046	1.046
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	14.743	5.778
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	264.245	245.457
(2) Current assets
(a) Current investments	0.053	0.053
(b) Inventories	640.322	360.129
(c) Trade receivables	356.719	298.990
(d) Cash and cash equivalents	150.826	379.545
(e) Short-term loans and advances	373.611	213.053
(f) Other current assets	0.000	0.000
Total Current Assets	1521.531	1251.770
TOTAL	1785.776	1497.227

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		59.750
2] Share Application Money		0.000
3] Reserves & Surplus		361.609
4] (Accumulated Losses)		0.000
NETWORTH		421.359
LOAN FUNDS
1] Secured Loans		226.395
2] Unsecured Loans		16.283
TOTAL BORROWING		242.678
DEFERRED TAX LIABILITIES		23.936
TOTAL		687.973
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		209.803
Capital work-in-progress		0.000
INVESTMENT		8.115
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	142.263
	Sundry Debtors	394.113
	Cash & Bank Balances	281.150
	Other Current Assets	0.000
	Loans & Advances	161.914
Total Current Assets		979.440
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	131.323
	Other Current Liabilities	255.988
	Provisions	122.074
Total Current Liabilities		509.385
Net Current Assets		470.055
MISCELLANEOUS EXPENSES		0.000
TOTAL		687.973

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1233.300	1050.700	1134.242
		Other Income	14.700	14.300	10.409
		TOTAL (A)	1248.000	1065.000	1144.651
Less	EXPENSES
		Raw Material Consumed			569.018
		Manufacturing Expenses			121.983
		Expenses on Employees			106.139
		Administrative, Selling and Other Expenses			202.947
		(Increase) /Decrease in Stocks			(7.292)
		TOTAL (B)	1064.600	912.600	991.569
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		183.400	152.400	153.082
Less	FINANCIAL EXPENSES (D)		52.300	24.700	20.966
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		131.100	127.700	132.116
Less/ Add	DEPRECIATION/ AMORTISATION (F)		24.200	23.800	21.788
	PROFIT BEFORE TAX (E-F) (G)		106.900	103.900	110.328
Less	TAX (H)		42.500	25.800	41.577
	PROFIT AFTER TAX (G-H) (I)		64.400	78.100	68.751
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		178.700	100.600	88.826
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	50.000
		Provision for Proposed Dividend	0.000	0.000	6.000
		Corporate Dividend Tax	0.000	0.000	1.000
	BALANCE CARRIED TO THE B/S		243.100	178.700	100.600
	EARNINGS IN FOREIGN CURRENCY
		Towards Exports	320.561	157.428	590.206
		Advance against Exports	261.287	165.704
		Reimbursement of Exp (Travel Expenses)	0.073	0.000
	TOTAL EARNINGS		581.921	323.132	590.206
	Earnings Per Share (Rs.)		10.78	13.07	11.51

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.16	7.33	9.64
Net Profit Margin (PBT/Sales)	(%)	8.67	9.89	9.73
Return on Total Assets (PBT/Total Assets}	(%)	6.00	7.09	9.28
Return on Investment (ROI) (PBT/Networth)		0.19	0.21	0.26
Debt Equity Ratio (Total Debt/Networth)		0.30	0.34	0.58
Current Ratio (Current Asset/Current Liability)		1.27	1.27	1.92

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	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	--
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90137784	10/10/1995 *	13,000,000.00	STATE BANK OF INDIA	SAIFABAD BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA	-
2	90137573	05/12/2012 *	1,060,600,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP, OVERSEAS BRANCH, ROAD NO. 36, RAJALA CENTER, JUBILEE HILLS, HYDERABAD - 500033, ANDHRA PRADESH, INDIA	B64209729

* Date of charge modification

Note:

The registered office of the company has been shifted from Plot No.1, Apuroopa Township, IDA, Jeedimetla, Hyderabad – 500055, Andhra Pradesh, India to the present w.e.f.03.09.2013

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Other equipments

· Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No 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. 61.41
UK Pound	1	Rs. 98.29
Euro	1	Rs. 84.12

INFORMATION DETAILS

Report Prepared by :

BVA

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	5
--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	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		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	--

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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.