MIRA INFORM REPORT

Report Date :

05.10.2013

IDENTIFICATION DETAILS

Name :	PRAXAIR INDIA PRIVATE LIMITED (w.e.f. 1999)
Formerly Known As :	PRAXAIR INDIA LIMITED
Registered Office :	Mercury 2 B Block, 6th Floor, Prestige Technology Park, Outer Ring Road, Marathahalli, Bangalore – 560103, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.04.1996
Com. Reg. No.:	08-020272
Capital Investment / Paid-up Capital :	Rs.2719.200 Millions
CIN No.: [Company Identification No.]	U24111KA1996PTC020272
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacture and sale of industrial gases.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 21000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. External borrowing of the company has increased. However, overall fundamentals of the company appears to satisfactory. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered for business dealing at usual trade terms and conditions.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

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

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

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED

Unable to contact (91-80-30691000) (Constantly Ringing)

LOCATIONS

Registered Office / Corporate Office :	Mercury 2 B Block, 6th Floor, Prestige Technology Park, Outer Ring Road, Marathahalli, Bangalore – 560103, Karnataka, India
Tel. No.:	91- 80-30691000/09
Fax No.:	Not Available
E-Mail :	n_ravichandra@praxair.com
Website :	http://www.praxair.co.in
Sales Office 1 :	DLF IT Park, 11th Floor, Tower A, #08 Major Arterial Road, Block AF Action Area ,1 Rajarhat New Town,, Kolkata – 700156, West Bengal, India
Sales Office 2 :	Located at Asansol Bangalore Baroda Chennai Faridabad Hyderabad Jamshedpur Kolkata Mumbai Pune
Plant Location:	Located at Coimbatore Durgapur Haldia Hospet Hosur Jamshedpur Kalyani Sriperumbudur Toranagallu
Carbon Dioxide Plants:	Located at Alibaug Kochi
Cylinder Filling Station Locations:	Located at: NORTH Faridabad SOUTH Doddaballapur Sriperumbudur Hyderabad EAST Asansol Howrah Parbangla WEST Baroda Murbad Pune Rabale

DIRECTORS

As on 28.09.2012

Name :

Mr. Anuj Prem Sharma

Designation :

Managing director

Address :

B-601, Salarpuria Silver Woods, Nagvaraplya, Old Madras Raod, Bangalore – 560093, Karnataka, India

Date of Birth/Age :

03.08.1974

Date of Appointment :

31.05.2013

DIN No.:

06407534

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	U85110KA1995PTC018868	JINDAL PRAXAIR OXYGEN COMPANY PRIVATE LIMITED	Additional director	13/07/2012	13/07/2012	-	Active	NO
2	U40200KA1998PTC023496	PRAXAIR CARBONDIOXIDE PRIVATE LIMITED	Managing director	31/05/2013	28/09/2012	-	Active	NO
3	U24111KA1996PTC020272	PRAXAIR INDIA PRIVATE LIMITED	Managing director	31/05/2013	28/09/2012	-	Active	NO

Name :

Mr. Asit Baran Gangopadhyay

Designation :

Managing director

Address :

307, Royal Castle, BDA Site No. 82-83, 5^th Main, HAL II Stage, Kpdihally, Bangalore – 560008, Karnataka, India

Date of Birth/Age :

03.05.1949

Date of Appointment :

15.11.2010

PAN No.:

ACWPG0161E

DIN No.:

00732236

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	U40200KA1998PTC023496	PRAXAIR CARBONDIOXIDE PRIVATE LIMITED	Managing director	15/11/2010	27/03/1998	31/05/2013	Active	NO
2	U72200KA2000PTC026677	PRAXAIR E-SERVICES PRIVATE LIMITED	Director	07/11/2003	07/11/2003	-	Active	NO
3	U85110KA1995PTC018868	JINDAL PRAXAIR OXYGEN COMPANY PRIVATE LIMITED	Director	26/11/2003	26/11/2003	-	Active	NO
4	U24111KA1996PTC020272	PRAXAIR INDIA PRIVATE LIMITED	Managing director	15/11/2010	12/12/2006	31/05/2013	Active	NO
5	U40101KA2000PTC028247	AMBUTHIRTHA POWER PRIVATE LIMITED	Director	29/11/2007	28/09/2007	30/06/2010	Active	NO

Name :

Mr. Sthanu Singh

Designation :

Director

Address :

A-504, Aishwarya Excellency, Vijinapura, Old Madras Road, K R Puram, Bangalore – 560016, Karnataka, India

Date of Birth/Age :

22.08.1975

Date of Appointment :

31.12.2008

PAN No.:

AZMPS7586G

DIN No.:

02500691

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	U24111KA1996PTC020272	PRAXAIR INDIA PRIVATE LIMITED	Director	31/12/2008	24/12/2008	-	Active	NO
2	U40200KA1998PTC023496	PRAXAIR CARBONDIOXIDE PRIVATE LIMITED	Director	31/12/2008	24/12/2008	-	Active	NO

Name :

Mr. Seenivasan Thulasidas Muthukrishnan Congivaram

Designation :

Director

Address :

A 601, Aspen Block, Prestige, St. John Woods, Chikkadugodi, Koramangala, Bangalore – 560029, Karnataka, India

Date of Birth/Age :

17.09.1973

Date of Appointment :

30.09.2010

DIN No.:

02872179

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	U85110KA1995PTC018868	JINDAL PRAXAIR OXYGEN COMPANY PRIVATE LIMITED	Director	29/09/2009	25/08/2009	18/02/2013	Active	NO
2	U40101KA2000PTC028247	AMBUTHIRTHA POWER PRIVATE LIMITED	Nominee director	23/09/2010	28/12/2009	27/07/2011	Active	NO
3	U40200KA1998PTC023496	PRAXAIR CARBONDIOXIDE PRIVATE LIMITED	Director	30/09/2010	01/02/2010	11/02/2013	Active	NO
4	U24111KA1996PTC020272	PRAXAIR INDIA PRIVATE LIMITED	Director	30/09/2010	01/02/2010	11/02/2013	Active	NO

Name :

Mr. Ragunathan Gunabooshanam

Designation :

Director

Address :

No. 75, 1^st Floor, 10^th Main, 4^th Cross, Hal 2^nd Stage, Indiranagar, L/M Near Coffee Day, Bangalore – 560038, Karnataka, India

Date of Birth/Age :

19.06.1970

Date of Appointment :

30.09.2011

PAN No.:

APBPG0021R

DIN No.:

03493727

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	U24111KA1996PTC020272	PRAXAIR INDIA PRIVATE LIMITED	Director	30/09/2011	03/03/2011	-	Active	NO
2	U72200KA2000PTC026677	PRAXAIR E-SERVICES PRIVATE LIMITED	Director	30/09/2011	03/03/2011	-	Active	NO
3	U40200KA1998PTC023496	PRAXAIR CARBONDIOXIDE PRIVATE LIMITED	Director	30/09/2011	03/03/2011	-	Active	NO
4	U85110KA1995PTC018868	JINDAL PRAXAIR OXYGEN COMPANY PRIVATE LIMITED	Director	30/09/2011	24/03/2011	-	Active	NO
5	U40101KA2000PTC028247	AMBUTHIRTHA POWER PRIVATE LIMITED	Nominee director	31/03/2011	31/03/2011	27/07/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Vinitha Venugopalan Pattiyil
Designation :	Secretary
Address :	Jagathambal Nilayam, No.55, New Postcode: 29, 29^th Main Channel Road, 8^th Cross, Bangalore – 560008, Karnataka, India
Date of Birth/Age :	08.12.1986
Date of Appointment :	01.12.2011
PAN No.:	AFXPV6363B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Praxair Pacific Limited, Mauritius	272036976
Asit Baran Gangopadhyay	01
Sthanu Singh	01
R. Natarajan	01
Praxair Luxembourg SARL, Luxembourg	4499315
Total	276536294

As on 17.01.2013

Names of Allottees	No. of Shares
Praxair Pacific Limited, Mauritius	1571543
Total	1571543

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2012

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacture and sale of industrial gases.

Products :

Item Code No.	Product Description
28042100	Argon (Rare Gases)
29012910	Acetylene W/N in dissolved condition
28043000	Nitrogen
28049902	Other Rare Gases

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Fully convertible debentures intercorporate	15579.400	6876.000
Foreign currency term loans from others	4340.100	6792.000
Deferred payment liabilities	28.800	40.400
Total	19948.300	13708.400

Banking Relations :
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	The Millenia, Tower, D # 1 & 2 Murphy Road, Ulsoor Bangalore – 560008, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFP9359C
Ultimate Holding Company:	Praxair Inc., USA (PI)
Intermediate Holding Companies:	Praxair Holdings International, Inc. Delaware, USA (PHI) Praxair Partnership (U.S. Partnership) Delaware, USA (PP) Praxair Euroholding, S.L., Spain (PE)
Immediate Holding Company:	Praxair Pacific Limited, Mauritius (PPL)
Subsidiary Companies:	Praxair Carbon Dioxide Private Limited, India (PCPL) CIN: U40200KA1998PTC023496 Jindal Praxair Oxygen Company Private Limited, India (JPOCL) CIN: U85110KA1995PTC018868
Fellow Subsidiaries:	Praxair Asia Inc., USA (PAI) Praxair NV, Belgium (PNV) Praxair Distribution, Inc., Bethlehem, USA (PDI) Praxair E-Services Private Limited Praxair China Investment Company Limited, China (PCIL) Praxair Surface Technologies Co. Limited, Singapore (PST) Praxair International Finance, Ireland (PIF) Praxair Shanghai Co. Limited, China (PSh)* Praxair Korea Co. Limited. (PKL) Praxair Gastech Inc. Siad Machine Impianti S.p.A, Italy (SMI) Praxair Chemax Semiconductor Material Co. Limited Helium Centre Pte Limited National Oxygen PTELimited, Singapore (NOL) L and P Corporate Services Limited White Martins Gases Industriais Limiteda., Brazil (PB) * Praxair Metal Technologies., USA (PMT) Praxair Technology Centre., USA (PTC)* Praxair Technology Inc., USA (PTI) Praxair Canada Inc., Canada (PCI) Praxair Gulf Industrial Gases LLC, United Arab Emirates (PGIG) Praxair (Thailand) Company Limited, Thailand (PTCL) Praxair Singapore, Singapore (PSING) Praxair Surface Technologies Inc., USA (PSTU) Praxair Surface Technologies SA., France (PSTF) Rivora Spa, Italy (RS) Praxair Luxemburg, Luxemburg (PL)
Associate company:	Ambuthirtha Power Private Limited, India (APPL) (upto June 25, 2011) (Subsequent to March 31, 2011 PXI has sold its shareholding in APPL) CIN: U40101KA2000PTC028247

CAPITAL STRUCTURE

As on 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
300000000	Equity Shares	Rs.10/- each	Rs. 3000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
278107837	Equity Shares	Rs.10/- each	Rs. 2781.078 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
300000000	Equity Shares	Rs.10/- each	Rs. 3000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
271919321	Equity Shares	Rs.10/- each	Rs. 2719.200 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	2719.200	2717.800
(b) Reserves & Surplus	2596.500	2413.700
(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)	5315.700	5131.500
(3) Non-Current Liabilities
(a) long-term borrowings	19948.300	13708.400
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	727.700	196.100
(d) long-term provisions	134.200	126.200
Total Non-current Liabilities (3)	20810.200	14030.700
(4) Current Liabilities
(a) Short term borrowings	354.700	3355.300
(b) Trade payables	913.600	568.300
(c) Other current liabilities	4059.100	468.600
(d) Short-term provisions	6.800	2.700
Total Current Liabilities (4)	5334.200	4394.900
TOTAL	31460.100	23557.100
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14510.400	10517.600
(ii) Intangible Assets	30.500	26.600
(iii) Capital work-in-progress	10483.300	6937.400
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	2574.900	3497.900
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	642.500	399.600
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	28241.600	21379.100
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	248.500	227.700
(c) Trade receivables	1399.000	1159.000
(d) Cash and cash equivalents	43.900	73.800
(e) Short-term loans and advances	1527.100	717.500
(f) Other current assets	0.000	0.000
Total Current Assets	3218.500	2178.000
TOTAL	31460.100	23557.100

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2372.865
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(870.178)
NETWORTH		1502.687
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		15418.051
TOTAL BORROWING		15418.051
DEFERRED TAX LIABILITIES		0.000
TOTAL		16920.738
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10452.458
Capital work-in-progress		4954.652
INVESTMENT		588.744
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	247.561
	Sundry Debtors	1073.851
	Cash & Bank Balances	44.057
	Other Current Assets	154.987
	Loans & Advances	1235.467
Total Current Assets		2755.923
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	838.919
	Other Current Liabilities	882.414
	Provisions	109.706
Total Current Liabilities		1831.039
Net Current Assets		924.884
MISCELLANEOUS EXPENSES		0.000
TOTAL		16920.738

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
SALES
	Gross Turnover	10293.900	7649.500	6772.80
	Excise Duty	799.200	438.700	322.900
	Other Income	99.900	94.400	764.300
	Exceptional Income	309.000	NA	NA
EXPENSES
	Office Expenses
	Administrative Expenses
	Advertising Expenses
	TOTAL	NA	NA	NA
PROFIT BEFORE TAX		220.800	638.400	1184.100
TAX		48.900	138.300	130.300
PROFIT AFTER TAX		171.900	500.100	1053.800
IMPORTS
	Raw Materials	21.800	13.800
	Stores and Spare parts	31.700	26.300
	Stock in Trade	270.200	264.800
	Capital Goods [including Technical Services Rs.517.300 Millions (2011: Rs.193.700 Millions)]	2042.900	548.900
TOTAL IMPORTS		2366.600	853.800	NA
Earnings Per Share (Rs.)
Basic		0.62	2.10	4.44
Diluted (anti dilutive)		--	2.10	3.72

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	1.20	4.87	8.96
Return on Investment (ROI) (PBT/Networth)		0.04	0.01	0.23
Debt Equity Ratio (Total Debt /Networth)		3.82	3.33	10.26
Current Ratio (Current Asset/Current Liability)		0.60	0.42	1.51

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	No
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	No

NOTE:

• No Charges Exist for Company
• Registered office of the company has been shifted from `Praxair House', NO.8, Ulsoor Road, Bangalore – 560042, Karnataka, India to the present address w.e.f 27.02.2013

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short-term borrowings
Other external commercial borrowings	256.500	199.600
Other loans and advances, others	68.200	213.700
Term loan from banks	30.000	2942.000
Total	354.700	3355.300

OPERATIONS:

The gross turnover of the Company for the financial year ended 31^st March 2012 is Rs.10293.900 Millions inclusive of excise duty amounting to Rs.799.200 Millions. The other income earned by the Company constituted of Rs.99.900 Millions and an exceptional income of Rs.309.000 Millions. During the year the Company incurred a Net Profit before tax of Rs. 220.800 Millions and after tax provision of Rs. 48.900 Millions the net profit of the year stood at Rs.171.900 Millions

GENERAL INFORMATION

Subject is engaged in the business of manufacture and sale of industrial gases. It also constructs air separation plants. The Company has been incorporated under the Companies Act, 1956 (the Act) as a company limited by shares and has its registered office at Bangalore. The Company operates predominantly in the domestic Indian market.

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Other equipments
• Leasehold improvements

Intangible assets

• Goodwill
• 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.99.29
Euro	1	Rs.83.68

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.