Report Date :

12.08.2014

IDENTIFICATION DETAILS

Name :	MATSUI TECHNOLOGIES INDIA LIMITED.
Registered Office :	2^ND Floor, F-7, Block B-1, Mohan Co-Operative Industrial Estate, Mathura Road, Delhi-110044, Delhi
Country :	India.
Financials (as on) :	31.03.2013
Date of Incorporation :	12.12.2006
Com. Reg. No.:	55-156494
Capital Investment / Paid-up Capital :	Rs. 40.000 Millions
CIN No.: [Company Identification No.]	U29199DL2006PLC156494
TAN No.: [Tax Deduction & Collection Account No.]	DELM14045D
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	The main business of the company is marketing, service, manufacturing and assembly of the plastic processing equipment.
No. of Employees :	75 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 200000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and low reserves of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 :	Mr. Nitesh Suhaj
Designation :	Marketing Manager
Contact No.:	91-9654982877
Date :	01.08.2014

LOCATIONS

Registered Office :	2^ND Floor, F-7, Block B-1, Mohan Co-Operative Industrial Estate, Mathura Road, Delhi -110044, Delhi, India
Tel. No.:	91-11-40555940
Mobile No.:	91-9654982877 (Mr. Nilesh)
Fax No.:	91-11-40555940
E-Mail :	sales@matsuiindia.com corporate@matsuiindia.com
Website :	www.matsuiindia.in
Location :	Owned
Factory :	Plot No. 21-22, Mahila Udyami Park-II, Ecotech III, Gauam Budh Nagar, Noida-201301, Uttar Pradesh, India.

DIRECTORS

As on: 31.07.2013

Name :

Mr. Vivek Avasthi

Designation :

Director

Address :

B-1/6, Vasant Vihar, New Delhi-110057, Delhi, India.

Date of Birth/Age :

10.11.1921

Date of Appointment :

30.07.2007

DIN No.:

00033876

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	U34107DL2000PLC108736	ANEST IWATA MOTHERSON LIMITED	Director	05/12/2000	05/12/2000	Active	NO
2	U74999DL1995PLC070634	ASI MOTHERSON COMMUNICATION SOLUTIONS LIMITED	Director	23/01/2004	23/01/2004	Strike off	NO
3	U34300DL1996PTC084072	Webasto Roofsystems India Private Limited	Director	18/12/2007	27/02/2004	Active	NO
4	U28910DL2004PLC126353	Motherson Auto Engineering Service Limited	Director	13/05/2004	13/05/2004	Active	NO
5	U34300KA2004PLC060158	Yaskawa Robotics India Limited	Director	16/07/2005	16/07/2005	Amalgamated	NO
6	U29199DL2005PLC139659	SAMVARDHANA MOTHERSON VIRTUAL ANALYSIS LIMITED	Director	12/08/2005	12/08/2005	Active	NO
7	U29199DL2005PLC141008	AES (INDIA) ENGINEERING LIMITED	Alternate director	21/08/2013	21/09/2005	Active	NO
8	U74999DL1992PLC049607	MOTHERSON TECHNO TOOLS LIMITED	Director	27/09/2005	27/09/2005	Active	NO
9	U64201DL2005PLC142759	BALDA MOTHERSON SOLUTION INDIA LIMITED	Director	21/11/2005	21/11/2005	Amalgamated	NO
10	U74899DL1994PLC058171	MOTHERSON AIR TRAVEL AGENCIES LIMITED	Director	27/09/2006	03/03/2006	Active	NO
11	U34300DL2006PLC151292	TIGERS CONNECT TRAVEL SYSTEMS AND SOLUTIONS LIMITED	Director	30/05/2007	26/07/2006	Active	NO
12	U27310DL2006PLC151361	MOTHERSON MOLDS AND DIECASTING LIMITED	Director	31/05/2007	28/07/2006	Active	NO
13	U34300DL2004PLC125216	WOCO MOTHERSON ELASTOMER LIMITED	Director	13/09/2006	30/08/2006	Active	NO
14	U25191GJ2004PLC044604	WOCO MOTHERSON ADVANCED RUBBER TECHNOLOGIES LIMITED	Director	13/09/2006	30/08/2006	Active	NO
15	U29298DL2006PLC155317	ANEST IWATA MOTHERSON COATING EQUIPMENT LTD.	Director	08/11/2006	08/11/2006	Active	NO
16	U29199DL2006PLC156494	MATSUI TECHNOLOGIES INDIA LIMITED	Director	30/07/2007	12/12/2006	Active	NO
17	U34102DL2007PLC168779	CALSONIC KANSEI MOTHERSON AUTO PRODUCTS LIMITED	Director	15/05/2010	28/09/2007	Active	NO
18	U31908DL2007PLC169556	MOTHERSON ZANOTTI REFRIGERATION SYSTEM LIMITED	Director	21/04/2008	18/10/2007	Active	NO
19	U74899DL1983PLC016995	MOTHERSON AUTO LIMITED	Director	27/07/2009	29/06/2009	Active	NO
20	U50100DL2009PLC190516	SPIRITED AUTO CARS (I) LIMITED	Director	30/09/2013	01/08/2013	Active	NO
21	U31500DL2008PLC174123	MAGNETI MARELLI MOTHERSON AUTO SYSTEM LIMITED	Additional director	02/08/2013	02/08/2013	Active	NO
22	U74900DL2004PLC131118	SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED	Director	30/09/2013	05/08/2013	Active	NO
23	U29253DL2010PLC209702	NACHI MOTHERSON PRECISION LIMITED	Director	18/07/2014	18/09/2013	Active	NO

Name :

Mr. Ajay Bahl

Designation :

Director

Address :

844, CA Apartments, Paschim Vihar, New Delhi-110063, Delhi, India

Date of Birth/Age :

02.08.1963

Date of Appointment :

22.06.2009

DIN No.:

00946201

Other Directorship

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	U31908DL2007PLC162125	FRITZMEIER MOTHERSON CABIN ENGINEERING LIMITED	Director	08/05/2008	-	Active	NO
2	U29199DL2006PLC156494	MATSUI TECHNOLOGIES INDIA LIMITED	Director	22/06/2009	-	Active	NO

Name :

Mr. Hitoshi Yamano

Designation :

Director

Address :

5-8, Higashimine-Machi, Ota, Tokyo-1450074, Japan

Date of Birth/Age :

21.03.1964

Date of Appointment :

26.06.2010

DIN No.:

02869966

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	U29199DL2006PLC156494	MATSUI TECHNOLOGIES INDIA LIMITED	Director	26/06/2010	28/11/2009	-	Active	NO

Name :

Mr. Hironobu Bayashi Nishi

Designation :

Director

Address :

B-1301, Cabana, 5-Vaibhav Khand, Indirapuram, Ghaziabad-201010, Uttar Pradesh, India.

Date of Birth/Age :

26.03.1960

Date of Appointment :

31.07.2013

DIN No.:

06418677

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	U29199DL2006PLC156494	MATSUI TECHNOLOGIES INDIA LIMITED	Director	31/07/2013	07/11/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nitesh Suhaj
Designation :	Marketing Executive
Name :Name :	Mr. Rajesh
Designation :	Sales Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.07.2013

Names of Shareholders	No. of Shares
Samvardhana Motherson International Limited, India	1999399
Ashok Tandon, India	100
Chandra Shekhar Panda, India	100
Renu Alka Sehgal, India	100
Geeta Soni, India	100
Maheshwari Narain Badri, India	100
Matsui Manufacturing Company Limited, Japan	2000001
Rajesh Srivastava, India	100
Total	4000000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50%
Bodies corporate	50%
Total	100%

BUSINESS DETAILS

Line of Business :	The main business of the company is marketing, service, manufacturing and assembly of the plastic processing equipment.
Products :	· Dehumidifying Dryer · Thermal Conduction Vacuum Dryer · Hot Air Dryer · Box Type Dryer · Chiller · Loader: Vacuum Type Conveyor · Material Tank · Aero Power Hopper · Mold Temperature Controller · Low Speed, Medium Speed, High Speed Granulators · Centralized Conveying system · Heating and Cooling Unit · Blender: Mass Measurement Type · Metal Separator
Exports :
Products :	Finished Goods
Countries :	· Japan · China · Thailand
Imports :
Products :	Raw Material
Countries :	· Japan · China · Thailand
Terms :
Selling :	Depend
Purchasing :	Depend

GENERAL INFORMATION

Customers :	Manufacturer · Honda Suzuki · Denso
No. of Employees :	75 (Approximately)
Bankers :	Axis Bank, Sector 16, Noida-201301, Uttar Pradesh, India.
Banking Facility :	--

Banking Relations :	--
Auditors :
Name :	Chaturvedi and Company (Pankaj Chaturvedi) Chartered Accountants
Address :	405-407, Chiranjiv Tower, 43 Nehru Place, New Delhi-110019, Delhi, India
Tel. No.:	91-11-26432388/26463013/26284488
Fax No.:	91-11-26467586
Email :	chaturvedico@airtelmail.in delhi@chatuvedico.com
Website:	http://www.chaturvedico.com
PAN No.:	AABFC9567F
Holding Company :	Matsui Manufacturing Company Limited, Japan
Joint Venture :	Samvardhana Motherson International Limited
Fellow Subsidiaries :	· Matsui Singapore Private Limited. · Shanghai Matsui Machinery Company limited · Matsui (Asia) Company limited. · Matsui America Incorporation, U.S.A.
Companies in which key management personal or their relatives have significant influence or control:	· Woco Motherson Advanced Rubber Technoligies Limited. · Motherson Lease Solutions Limited. · Motherson Air Travel Agencies limited. · Motherson Auto Limited. · Systematic Conscom Limited

CAPITAL STRUCTURE

As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs. 40.000 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	40.000	40.000	40.000
(b) Reserves & Surplus	2.217	(3.297)	(10.379)
(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)	42.217	36.703	29.621
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.288	0.285	0.166
(d) long-term provisions	1.058	0.593	0.304
Total Non-current Liabilities (3)	1.346	0.878	0.470
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	63.427	57.855	21.690
(c) Other current liabilities	4.579	6.445	3.826
(d) Short-term provisions	2.401	0.008	0.533
Total Current Liabilities (4)	70.407	64.308	26.049
TOTAL	113.970	101.889	56.140
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.830	6.494	1.651
(ii) Intangible Assets	0.153	0.325	0.278
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.092	0.092	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.822	1.407	4.002
(d) Long-term Loan and Advances	1.016	0.782	0.826
(e) Other Non-current assets	0.073	0.069	0.064
Total Non-Current Assets	7.986	9.169	6.821
(2) Current assets
(a) Current investments	0.000	0.000	20.337
(b) Inventories	47.819	26.500	6.904
(c) Trade receivables	41.643	29.410	11.886
(d) Cash and cash equivalents	10.338	30.702	6.245
(e) Short-term loans and advances	6.184	6.108	3.947
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	105.970	92.720	49.319
TOTAL	113.970	101.889	56.140

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	183.416	181.843	70.700
		Other Income	4.013	3.042	2.135
		TOTAL (A)	187.429	184.885	72.835
Less	EXPENSES
		Cost of Materials Consumed	35.206	4.131	0.000
		Purchases of Stock-in-Trade	101.883	145.249	52.124
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(3.447)	(5.818)	(2.120)
		Employees benefits expense	16.097	9.550	5.770
		Other expenses	23.699	21.068	10.474
		TOTAL (B)	173.438	174.180	66.248
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.991	10.705	6.587
Less	FINANCIAL EXPENSES (D)		0.351	0.186	0.209
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.640	10.519	6.378
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.276	1.534	1.058
	PROFIT BEFORE TAX (E-F) (G)		11.364	8.985	5.320
Less	TAX (H)		3.509	1.904	(3.273)
	PROFIT AFTER TAX (G-H) (I)		7.855	7.081	8.593
	BALANCE CARRIED TO THE B/S		7.855	7.081	8.593
	EARNINGS IN FOREIGN CURRENCY
	Commission Income Earnings		2.623	0.654	0.676
	Sales- Service Earnings		0.439	0.161	1.059
	Other Earnings		0.000	0.000	0.000
	TOTAL EARNINGS		3.062	0.815	1.735
	IMPORTS
	Raw Materials		132.016	136.964	49.023
	TOTAL IMPORTS		132.016	136.694	49.023
	Earnings Per Share (Rs.)		1.96	1.77	3.17

Particulars	31.03.2014
Sales Turnover (Approximately)	250.000

The above information has been parted by Mr. Nitesh Suhaj.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.19	3.83	11.80
Net Profit Margin (PBT/Sales)	(%)	6.20	4.94	7.52
Return on Total Assets (PBT/Total Assets}	(%)	10.05	8.95	10.20
Return on Investment (ROI) (PBT/Networth)		0.27	0.24	0.18
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.51	1.44	1.89

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	40.000	40.000	40.000
Reserves & Surplus	(10.379)	(3.297)	2.217
Net worth	29.621	36.703	42.217
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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)
Sales	70.700	181.843	183.416
		157.204	0.865

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	70.700	181.843	183.416
Profit	8.593	7.081	7.855
	12.15%	3.89%	4.28%

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	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	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

OPERATIONAL PERFORMANCE:-

During the period, the total income of the company is Rs. 187.430 Millions/- as compares to precious year’s income of Rs. 184.885 Millions. The revenue generation has been from trading as well as manufacturing activities. The company had set-up manufacturing base in Greater Noida in 2011. The Company has visualized its growth platform on Three Verticals namely Regular Auxillary Business, Cooling Systems segment and PET segment. The thrust is on market expansion and Costs reduction through localization of the products.

Fixed Assets:

· Computer

· Office Equipment

· Furniture and Fixtures

· Vehicle

· Plant and Machinery

· Leasehold Improvement

· 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.61.55
UK Pound	1	Rs.103.50
Euro	1	Rs.82.41

INFORMATION DETAILS

Information Gathered by :	PTY
Analysis Done by :	KRN
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		34

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.