MIRA INFORM REPORT

Report Date :

02.08.2014

IDENTIFICATION DETAILS

Name :	PYRO ELECTRIC INSTRUMENTS GOA PRIVATE LIMITED
Registered Office :	Flat – B, Hill Crown Apartment, College Road, Altinho, Mapusa - 403507, Goa
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.06.1991
Com. Reg. No.:	24-001137
Capital Investment / Paid-up Capital :	Rs. 4.000 Millions
CIN No.: [Company Identification No.]	U31907GA1991PTC001137
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in the manufacturing and selling of Thermo Electric Sensors such as Thermo couples, RTD, Multipoint TC, Thermo wells, Tempressure, Pressure and Flow Instruments.
No. of Employees :	120 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 220000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears dip in profitability of the company during financial year 2013. However, general financial position of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are reported to be 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Ms. Vidya
Designation :	Accounts Executive
Contact No.:	91-832-2252719
Date :	30.07.2014

LOCATIONS

Registered Office :	Flat – B, Hill Crown Apartment, College Road, Altinho, Mapusa - 403507, Goa, India
Tel. No.:	91-832-2252719 / 2264391
Fax No.:	91-832-2263294
E-Mail :	sapednekar@pyro-electric.in pyroadmin@pyro-electric.in
Website :	http://www.pyro-electric.in
Location :	Owned [Commercial]
Works :	Plot No - 71, Bicholim Industrial Estate, Bicholim - 40 3507, Goa, India
Tel. No.:	91-832-2361212, 2362579
Fax No.:	91-832-2363381

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Madhusudan Dattatray Bichu

Designation :

Managing director

Address :

Flat – B, Hill Crown Apartment, College Road, Mapusa - 403507, Goa, India

Date of Birth/Age :

22.11.1945

Date of Appointment :

19.11.1991

Voter ID No. :

MT/06/034/030169

DIN No. :

01716476

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	U28920MH1991PTC061627	PYRO ELECTRIC AND ALLIED INSTRUMENTS PVT LTD	Managing director	10/05/1991	10/05/1991	-	Active	NO
2	U31907GA1991PTC001137	PYRO ELECTRIC INSTRUMENTS GOA PRIVATE LIMITED	Managing director	19/11/1991	19/11/1991	-	Active	NO
3	U33125GA1994PTC001511	GOA THERMOSTATIC INSTRUMENTS PRIVATE LIMITED	Managing director	20/01/1994	20/01/1994	-	Active	NO
4	U29308GA1996PTC002198	HNL INSTRUMENTS AND CONTROLS PRIVATE LIMITED.	Managing director	30/09/1996	30/09/1996	-	Active	NO
5	U33130GA2003PTC003215	PYRO ELECTRIC CABLES AND SENSORS PRIVATE LIMITED	Managing director	01/04/2003	01/04/2003	-	Active	NO
6	U31909GA2007PTC005495	HYDROPNEUMATICS PRIVATE LIMITED	Director	17/11/2007	17/11/2007	-	Active	NO
7	U29295GA2013PTC007172	KAWASO PYRO ELECTRIC SENSORS PRIVATE LIMITED	Director	26/02/2013	26/02/2013	-	Active	NO
8	U31401GA2014FTC007468	PYRO CLARK RELIANCE LEVEL SOLUTIONS INDIA PRIVATE LIMITED	Director	06/06/2014	06/06/2014	-	Active	NO

Name :

Mr. Dattatray Madhusudan Bichu

Designation :

Director

Address :

Flat – B, Hill Crown Apartment, College Road, Mapusa - 403507, Goa, India

Date of Birth/Age :

31.03.1972

Date of Appointment :

10.07.1995

Voter ID No. :

MT/06/034/030476

DIN No. :

01808020

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	U33125GA1994PTC001511	GOA THERMOSTATIC INSTRUMENTS PRIVATE LIMITED	Director	20/01/1994	20/01/1994	-	Active	NO
2	U31907GA1991PTC001137	PYRO ELECTRIC INSTRUMENTS GOA PRIVATE LIMITED	Director	10/07/1995	10/07/1995	-	Active	NO
3	U29308GA1996PTC002198	HNL INSTRUMENTS AND CONTROLS PRIVATE LIMITED.	Director	30/09/1996	30/09/1996	-	Active	NO
4	U33130GA2003PTC003215	PYRO ELECTRIC CABLES AND SENSORS PRIVATE LIMITED	Director	01/04/2003	01/04/2003	-	Active	NO
5	U31909GA2007PTC005495	HYDROPNEUMATICS PRIVATE LIMITED	Director	17/11/2007	17/11/2007	-	Active	NO
6	U28920MH1991PTC061627	PYRO ELECTRIC AND ALLIED INSTRUMENTS PVT LTD	Director	23/03/2009	23/03/2009	-	Active	NO

Name :

Mr. Ramnath Madhusudan Bichu

Designation :

Managing director

Address :

Flat – B, Hill Crown Apartment, College Road, Mapusa - 403507, Goa, India

Date of Birth/Age :

30.06.1976

Date of Appointment :

01.04.2002

DIN No. :

01877316

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	U28920MH1991PTC061627	PYRO ELECTRIC AND ALLIED INSTRUMENTS PVT LTD	Director	31/03/2002	31/03/2002	-	Active	NO
2	U31907GA1991PTC001137	PYRO ELECTRIC INSTRUMENTS GOA PRIVATE LIMITED	Managing director	01/04/2002	01/04/2002	-	Active	NO
3	U33130GA2003PTC003215	PYRO ELECTRIC CABLES AND SENSORS PRIVATE LIMITED	Director	01/04/2003	01/04/2003	-	Active	NO
4	U31909GA2007PTC005495	HYDROPNEUMATICS PRIVATE LIMITED	Director	27/09/2010	27/09/2010	-	Active	NO
5	U29308GA1996PTC002198	HNL INSTRUMENTS AND CONTROLS PRIVATE LIMITED.	Director	27/09/2010	27/09/2010	-	Active	NO
6	U33125GA1994PTC001511	GOA THERMOSTATIC INSTRUMENTS PRIVATE LIMITED	Director	13/11/2010	13/11/2010	-	Active	NO
7	U29295GA2013PTC007172	KAWASO PYRO ELECTRIC SENSORS PRIVATE LIMITED	Director	26/02/2013	26/02/2013	-	Active	NO
8	U31401GA2014FTC007468	PYRO CLARK RELIANCE LEVEL SOLUTIONS INDIA PRIVATE LIMITED	Director	06/06/2014	06/06/2014	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Vidya
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Madhusudan Dattatray Bichu	180741
Prabhakaran	25500
Bichu M Dattatray	46830
Shenoi P U	10
Kulashrestha S S	10
Anant Bichu	10
Kulashrestha S Deepa	10
Jankiram S Balakunthala	14909
Bichu Ramnath	14670
Bichu D Aparna	4800
Inamdar D Parag	41100
Bichu M Manjusha	31410
Kawaso Electric Industrial Company Limited, Japan	40000
Total	400000

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	13.72
Directors or relatives of Directors	86.28
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company is engaged in the manufacturing and selling of Thermo Electric Sensors such as Thermo couples, RTD, Multipoint TC, Thermo wells, Tempressure, Pressure and Flow Instruments.
Exports :
Products :	Finished Goods
Countries :	· Dubai · UK
Imports :
Products :	Raw Material
Countries :	· UK · Sweden
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

120 (Approximately)

Bankers :

Canara Bank, Khalap Building, Mapusa Market, Mapusa - 403507, Goa, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term loan from a bank	6.065	5.208
SHORT TERM BORROWINGS
Cash Credit	35.184	26.524
Bill Discounting	2.999	3.915
Total	44.248	35.647

LONG TERM BORROWINGS

The term loan from a bank is repayable in 60E quoted monthly installments and secured by way of first charge on specific plant and equipment, Vehicles, financed from this loan.

SHORT TERM BORROWINGS

Cash credit facility from a bank are secured by way of hypothecation of stocks of raw materials, materials under process and finished goods, consumable stores and book debts.

Cash credit facility is further secured by first charge on land and Building.

Banking Relations :
Auditors :
Name :	Satish Dhume and Company Chartered Accountants
Address :	202/206/207, Mahalaxmi Chambers, 18^th June Road, Panaji – 403001, Goa, India
Tel. No.:	91-832-2226309 / 2227775
Mobile No.:	91-9822100412
Fax No.:	91-832-2227775
Other Parties which significantly influence the Company (either individually or with others) An Associate Companies :	· Pyro Electric Cables and Sensors Private Limited · HNL Instruments and Controls Private Limited · Goa Thermostatic Instruments Private Limited · Hydropneumatics Private Limited · Pyro Electric and Allied Instruments Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.000	4.000	4.000
(b) Reserves & Surplus	50.986	46.219	37.573
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	54.986	50.219	41.573
(3) Non-Current Liabilities
(a) long-term borrowings	6.078	5.470	4.238
(b) Deferred tax liabilities (Net)	2.844	2.016	1.563
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	8.922	7.486	5.801
(4) Current Liabilities
(a) Short term borrowings	38.183	30.439	25.449
(b) Trade payables	57.969	51.741	32.244
(c) Other current liabilities	10.805	6.921	5.126
(d) Short-term provisions	1.591	3.502	4.381
Total Current Liabilities (4)	108.548	92.603	67.200
TOTAL	172.456	150.308	114.574
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	20.669	19.064	16.741
(ii) Intangible Assets	5.064	3.278	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.768	1.568	1.568
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7.000	5.553	4.587
(e) Other Non-current assets	4.731	3.894	3.404
Total Non-Current Assets	39.232	33.357	26.300
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	37.435	24.679	21.977
(c) Trade receivables	90.444	88.862	62.458
(d) Cash and cash equivalents	3.626	0.114	0.102
(e) Short-term loans and advances	1.640	3.202	3.682
(f) Other current assets	0.079	0.094	0.055
Total Current Assets	133.224	116.951	88.274
TOTAL	172.456	150.308	114.574

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Revenue from operations	195.146	198.940	179.373
	Other Income	0.708	1.475	0.838
	TOTAL (A)	195.854 [Due to Market Fluctuation]	200.415	180.211
Less	EXPENSES
	Cost of Materials Consumed	123.849	131.901	120.721
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(7.718)	(2.516)	0.000
	Employees benefits expense	28.292	21.465	16.533
	Power and Fuel	0.000	0.000	0.000
	Other expenses	33.841	30.307	25.089
	TOTAL (B)	178.264	181.157	162.343
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	17.590	19.258	17.868
Less	FINANCIAL EXPENSES (D)	6.045	5.445	4.208
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	11.545	13.813	13.660
Less/ Add	DEPRECIATION/ AMORTISATION (F)	3.146	2.274	1.893
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	8.399	11.539	11.767
Less	TAX (H)	3.632	2.893	6.218
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	4.767	8.646	5.549
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	38.013	29.367	25.174
Less	APPROPRIATIONS
	Transfer to General Reserve	--	--	0.882
	Dividend	--	--	0.474
	Tax on Dividend	--	--	0.000
	Total (M)	--	--	1.356
	Balance Carried to the B/S	42.780	38.013	29.367
	Earnings / (Loss) Per Share (Rs.)	11.92	21.62	13.87

Particulars	31.03.2014
Sales Turnover (Approximately)	180.000

The above information has been parted by Mr. Vinod.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.43	4.31	3.08
Net Profit Margin (PBT/Sales)	(%)	4.30	5.80	6.56
Return on Total Assets (PBT/Total Assets}	(%)	4.92	7.76	10.41
Return on Investment (ROI) (PBT/Networth)		0.15	0.23	0.28
Debt Equity Ratio (Total Debt /Networth)		0.81	0.72	0.71
Current Ratio (Current Asset/Current Liability)		1.23	1.26	1.31

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	4.000	4.000	4.000
Reserves & Surplus	37.573	46.219	50.986
Net worth	41.573	50.219	54.986
long-term borrowings	4.238	5.470	6.078
Short term borrowings	25.449	30.439	38.183
Total borrowings	29.687	35.909	44.261
Debt/Equity ratio	0.714	0.715	0.805

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	179.373	198.940	195.146
		10.909	(1.907)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	179.373	198.940	195.146
Profit/(Loss) After Tax	5.549	8.646	4.767
	3.09%	4.35%	2.44%

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%	Yes
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	------
26]	Buyer visit details	----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

NATURE OF OPERATIONS

The Company is engaged in the manufacturing and selling of Thermo Electric Sensors such as Thermo couples, RTD, Multipoint TC, Thermo wells, Tempressure, Pressure and Flow Instruments.

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10310505	06/09/2011	558,000.00	CANARA BANK	KHALAP BUILDING, MAPUSA, Goa - 403507, INDIA	B22683445
2	10297234	27/06/2011	518,000.00	CANARA BANK	KHALAP BUILDING, MAPUSA, Goa - 403507, INDIA	B16865537
3	10162688	17/04/2009	3,440,000.00	CANARA BANK	KHALAP BUILDING, MAPUSA, Goa - 403507, INDIA	A63512479
4	10095365	22/01/2008	3,300,000.00	CANARA BANK	KHALAP BUILDING, MAPUSA, Goa - 403507, INDIA	A34628990
5	10074094	06/07/2007	700,000.00	CANARA BANK	KHALAP BUILDING, MAPUSA, Goa - 403507, INDIA	A25629957
6	10073869	22/05/2007	500,000.00	CANARA BANK	KHALAP BUILDING, MAPUSA, Goa - 403507, INDIA	A25629247
7	90075802	03/07/2014 *	124,000,000.00	Canara Bank	KHALAP BUILDING, MAPUSA MARKET, MAPUSA, Goa - 403  507, INDIA	C13903604
8	90076446	20/02/2004	600,000.00	CANARA BANK	KHALAP BLDG., MAPUSA, Goa, INDIA	-
9	90076822	09/08/2002	2,821,248.00	CANARA BANK	KHALAP BUILDING, MAPUSA, Goa, INDIA	-
10	90076380	11/07/2002	330,700.00	CANARA BANK	KHALAP BLDG., MAPUSA, Goa, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loan from related parties	0.500	0.400
Term loans from others	1.503	1.852
Less : Current Maturity	(1.989)	(1.989)
Total	0.014	0.263

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.85
UK Pound	1	Rs.102.69
Euro	1	Rs.81.46

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	KAR
Report Prepared by :	SNT

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	5
--PROFITABILIRY	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.