MIRA INFORM REPORT

Report Date :

23.08.2014

IDENTIFICATION DETAILS

Name :	TRUETZSCHLER INDIA PRIVATE LIMITED (w.e.f.21.05.2010)
Formerly Known As :	TRUMAC ENGINEERING COMPANY PRIVATE LIMITED
Registered Office :	43, Dr. V. B. Gandhi Marg, Fort, Mumbai - 400023, Maharashtra
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	02.07.1977
Com. Reg. No.:	11-019735
Capital Investment / Paid-up Capital :	Rs.73.650 Millions
CIN No.: [Company Identification No.]	U28100MH1977PTC019735
PAN No.: [Permanent Account No.]	AAACT2153N
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the Manufacturing of Textile Spinning Preparatory Machinery.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “ABIC GmbH” Germany. It is a well-established company having good track record. Financial strength of the company seems to be strong. The company gets good managerial and financial support from its holding company. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Bank facilities = A+
Rating Explanation	Adequate degree of safety. It carry low credit risk.
Date	26.12.2013

Rating Agency Name	CARE
Rating	Short term Bank facilities = A1+
Rating Explanation	Strongest degree of safety. It carry lowest credit risk.
Date	26.12.2013

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 DENIED

Management non-cooperative. (Tel. No.: 91-22-66766200)

LOCATIONS

Registered Office :	43, Dr. V. B. Gandhi Marg, Fort, Mumbai - 400023, Maharashtra, India
Tel. No.:	91-22-22872245
Fax No.:	91-22-22041690
E-Mail :	G_m_mulchandani@ateindia.com ate_fort@ateindia.com pashah@truetzschler.in
Website :	www.truetzschler.in
Factory :	N.I.D.C. Estate, Near Lambha Village, Post Narol Ahmmedabad – 382405, Gujarat, India
Tel. No.:	91-79-25710608/ 30411100
Fax No.:	91-79-25710617
E-Mail :	central@truetzschler.in

DIRECTORS

As on 29.03.2014

Name :

Mr. Anuj Atul Bhagwati

Designation :

Director

Address :

Nishant, 6 M. L. Dahanukar Marg, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

06.10.1968

Date of Appointment :

30.09.2005

Voter ID No.:

MT/04/024/231513

DIN No.:

00094776

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	U74140MH1971PTC015101	A.T.E. Private Limited	Director	19/09/1996	19/09/1996	-	Active	NO
2	U24100MH1974PTC017999	ITHACA HOLDINGS PRIVATE LIMITED	Director	23/02/1999	23/02/1999	-	Amalgamated	NO
3	U74210MH1982PTC027139	HOLTEX ENGINEERING COMPANY PRIVATE LIMITED	Director	28/12/1999	28/12/1999	-	Active	NO
4	U51503MH2001PTC132921	A.T.E. Enterprises Private Limited.	Managing director	31/07/2001	31/07/2001	-	Active	NO
5	U29260MH2002PTC137202	ZINSER TEXTILE SYSTEMS PRIVATE LIMITED	Director	13/09/2002	13/09/2002	-	Active	NO
6	U28100MH1977PTC019735	Truetzschler India Private Limited	Director	30/09/2005	30/09/2005	-	Active	NO
7	U29299MH2004PTC164341	EcoAxis Systems Private Limited	Director	19/01/2006	19/01/2006	-	Active	NO
8	U51900MH1984PTC034694	NAB TRADING AND INVESTMENT PRIVATE LIMITED	Director	05/06/2006	05/06/2006	-	Amalgamated	NO
9	U65990MH1982PTC027773	VITEX TRADING AND INVESTMENT PRIVATE LIMITED	Director	05/06/2006	05/06/2006	-	Active	NO
10	U51900MH1980PLC022289	MATCON EXPORT ENTERPRISES LIMITED	Director	28/08/2006	28/08/2006	-	Active	NO
11	U28920MH1998PTC219008	HMX Systems Private Limited	Nominee director	14/05/2008	14/05/2008	-	Active	NO
12	U74999MH2000PTC127595	A.T.E. Envirotech Private Limited	Nominee director	18/07/2008	18/07/2008	-	Active	NO
13	U31909MH2003PTC224885	VALENCE ELECTRONS PRIVATE LIMITED	Director	27/07/2009	03/02/2009	-	Active	NO
14	U29253MH2009FTC193151	Karl Mayer India Private Limited	Nominee director	09/06/2009	09/06/2009	10/12/2009	Active	NO

Name :

Heinrich Karl Gerhard Trutzschler

Designation :

Director

Address :

Schomolder Strasse, 92 41239, Monchengladbach 2, Germany

Date of Birth/Age :

28.02.1957

Date of Appointment :

31.03.2006

DIN No.:

00240511

Name :

Dirk Burger

Designation :

Director

Address :

Nikolaus-Lauxen, Street-10, Pulheim 50259, Germany

Date of Birth/Age :

09.11.1960

Date of Appointment :

01.01.2009

DIN No.:

02238034

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	U29261MH1994PTC076139	OERLIKON TEXTILE INDIA PRIVATE LIMITED	Director	23/02/2007	23/02/2007	29/01/2008	Active	NO
2	U29260MH2002PTC137202	ZINSER TEXTILE SYSTEMS PRIVATE LIMITED	Director	28/05/2007	28/05/2007	22/05/2008	Active	NO
3	U28100MH1977PTC019735	Truetzschler India Private Limited	Director	28/03/2009	01/01/2009	-	Active	NO

Name :

Mr. Michael Schurenkramer

Designation :

Director

Address :

Schomolder Strasse, 253 41239, Monchengladbach , Germany

Date of Birth/Age :

17.11.1954

Date of Appointment :

31.03.1995

DIN No.:

00222384

Name :

Mr. Jayesh Priyakant Bhatt

Designation :

Director / Senior Vice President (Operations)

Address :

17 B, Madhu Kunj Society, Near Kashivishw Anath, Mahadev, Maninag AR East, Ahmedabad - 380008, Gujarat, India

Date of Birth/Age :

10.03.1956

Qualification :

B.com, AICWA, FCA

Experience :

27 Years

Date of Appointment :

30.09.2005

DIN No.:

00119536

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	U28100MH1977PTC019735	Truetzschler India Private Limited	Director	30/09/2005	30/09/2005	-	Active	NO
2	U29100GJ2009PTC058301	KOSTWEIN INDIA COMPANY PRIVATE LIMITED	Nominee director	09/10/2009	09/10/2009	26/06/2010	Active	NO

Name :

Thomson Joseph Nadackel

Designation :

Director

Address :

Botel Ho Cintia Maria H No. 781, Talcond Raia Salcete Goa – 403720, India

Date of Birth/Age :

03.11.1968

Date of Appointment :

29.03.2014

DIN No.:

06750125

Name :

Mr. Girish Chinubhai Sharedalal

Designation :

Director

Address :

Landmark 111, M. L. Dahanukar Marg, Gamadia Hill, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

05.10.1932

Date of Appointment :

29.03.2014

Voter ID No.:

MT004024273098

DIN No.:

00066058

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
	L17120MH1917PLC000447	RUBY MILLS LIMITED	Director	12/06/1981	12/06/1981	21/11/2011	Active	NO
2	L24239MH1940PLC003176	F D C LIMITED	Director	26/08/1988	26/08/1988	-	Active	NO
3	L45200GJ1973PLC050790	STOVEC INDUSTRIES LIMITED	Director	26/09/1989	26/09/1989	-	Active	NO
4	U67190MH1992PTC064877	STELLAR ASSET MANAGEMENT PRIVATE LIMITED	Director	08/02/1992	08/02/1992	13/07/2013	Active	NO
5	U28100MH1977PTC019735	Truetzschler India Private Limited	Alternate director	29/03/2014	25/04/1995	-	Active	NO
6	U65990MH1995PLC090279	KOTAK MAHINDRA TRUSTEE COMPANY LIMITED	Director	06/07/1995	06/07/1995	02/09/2013	Active	NO
7	U65990MH1987PTC045720	RATAN TRADING PRIVATE LIMITED	Director	08/11/1999	08/11/1999	08/01/2013	Active	NO
8	U67120MH1997PTC111585	MAULIK AND KAJI FINANCIAL SERVICES PRIVATE LIMITED	Director	01/04/2000	01/04/2000	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Parth Alpeshkumar Shah
Designation :	Secretary
Address :	B/9, Parasmani Society, Jawahar Chowk, Sabarmati, Ahmedabad – 380005, Gujarat, India
Date of Birth/Age :	16.11.1987
Date of Appointment :	30.08.2012
PAN No.:	CMMPS9165G

MAJOR SHAREHOLDERS

As on 29.03.2014

Names of Shareholders	No. of Shares	% of Holding
A.T.E. Private Limited, India	368250	5.00
ABIC GmbH, Germany	6996750	95.00
Total	7365000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 29.03.2014

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	95.00
Bodies corporate	5.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Textile Machinery and its Spare Parts.

Products :

Product Descriptions	ITC Code No.
Carding Machines	84451110

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

· The Karur Vysya Bank Limited, Sakar Vii, B Block, Near Nehru Bridge Corner, Ashram Road, Ahmedabad - 380009, Gujarat, India

· Bank of Baroda, Ashram Road Branch; Ashram Road, Ashram Road, Ahemadabad - 380009, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Working capital loans from banks	0.000	36.190
Total	0.000	36.190

Banking Relations :	--
Auditors :
Name :	N.A Shah Associates Chartered Accountants
Address :	B 41-45, Paragon Centre, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra, India
PAN No.:	AAAFN5380N
Holding Company :	· ABIC GmbH, Germany
Fellow subsidiaries of Holding Company i.e. ABIC GmbH:	· Truetzschler Textile Machinery (Shanghai) Company Limited · Truetzschler Industriae Comercio de Maquinas Limited · American Truetzschler Inc. · Truetzschler Nonwovens GmbH
Associates of Holding Company i.e. ABIC GmbH :	· Truetzschler GmbH and Company KG · Truetzschler Card Clothing GmbH
Joint venture :	· Kostwein India Company Private Limited CIN No.: U29100GJ2009PTC058301
Other related parties :	· A.T.E. Enterprises Private. Limited CIN No.: U51503MH2001PTC132921 · A.T.E. Private Limited CIN No.: U74140MH1971PTC015101 · Zinser Textile Systems Private Limited CIN No.: U29260MH2002PTC137202 · Trumac Employees Group Gratuity Trust · Trumac Engineering Company Limited Officers, Superannuation Trust · The Ruby Mills Limited (upto 21st November 2011)

CAPITAL STRUCTURE

As on 29.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7365000	Equity Shares	Rs.10/- each	Rs.73.650 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	73.650	73.650	73.650
(b) Reserves & Surplus	1370.862	1218.977	1187.505
(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)	1444.512	1292.627	1261.155
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	29.381	41.466	38.097
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	9.046	1.033	0.636
Total Non-current Liabilities (3)	38.427	42.499	38.733
(4) Current Liabilities
(a) Short term borrowings	0.000	36.190	0.000
(b) Trade payables	682.813	527.933	787.989
(c) Other current liabilities	933.262	744.861	631.198
(d) Short-term provisions	193.977	215.644	156.194
Total Current Liabilities (4)	1810.052	1524.628	1575.381
TOTAL	3292.991	2859.754	2875.269
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	984.101	1053.427	892.571
(ii) Intangible Assets	41.409	51.195	25.996
(iii) Capital work-in-progress	0.064	0.000	0.000
(iv) Intangible assets under development	0.000	0.044	48.178
(b) Non-current Investments	138.959	138.959	297.147
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	91.629	45.855	51.478
(e) Other Non-current assets	159.374	116.613	122.943
Total Non-Current Assets	1415.536	1406.093	1438.313
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1273.640	946.249	1025.464
(c) Trade receivables	467.274	359.938	255.450
(d) Cash and cash equivalents	31.257	66.225	38.786
(e) Short-term loans and advances	73.948	52.991	89.422
(f) Other current assets	31.336	28.258	27.834
Total Current Assets	1877.455	1453.661	1436.956
TOTAL	3292.991	2859.754	2875.269

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2013	31.12.2012	31.12.2011
	SALES
		Income	4714.600	3419.980	3890.670
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
	EXPENSES
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		832.510	482.290	503.190
Less	FINANCIAL EXPENSES (D)		20.240	20.060	8.760
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		812.270	462.230	494.430
Less/ Add	DEPRECIATION/ AMORTISATION (F)		127.580	115.020	98.540
	PROFIT BEFORE TAX (E-F) (G)		684.690	347.210	395.890
Less	TAX (H)		231.510	109.510	129.190
	PROFIT AFTER TAX (G-H) (I)		453.180	237.700	266.700
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		312.390	310.910	282.620
	APPROPRIATIONS
		Transfer to General Reserve	120.000	30.000	110.000
		Interim Dividend	184.120	73.650	36.830
		Tax on Interim Dividend	31.070	11.950	5.970
		Final Dividend	73.650	103.110	73.650
		Tax on Final Dividend	12.520	17.520	11.940
	BALANCE CARRIED TO THE B/S		344.270	312.390	310.910
	EARNINGS IN FOREIGN CURRENCY		722.090	531.640	518.570
	Earnings Per Share (Rs.)		61.53	32.27	36.21

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	14.52	10.15	10.18
Return on Total Assets (PBT/Total Assets}	(%)	21.71	12.76	15.65
Return on Investment (ROI) (PBT/Networth)		0.47	0.27	0.31
Debt Equity Ratio (Total Debt /Networth)		0.00	0.03	0.00
Current Ratio (Current Asset/Current Liability)		1.04	0.95	0.91

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	73.650	73.650	73.650
Reserves & Surplus	1187.505	1218.977	1370.862
Net worth	1261.155	1292.627	1444.512
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	36.190	0.000
Total borrowings	0.000	36.190	0.000
Debt/Equity ratio	0.000	0.028	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	3890.670	3419.980	4714.600
		(12.098)	37.855

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	3890.670	3419.980	4714.600
Profit	266.700	237.700	453.180
	6.85%	6.95%	9.61%

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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

REVIEW OF OPERATIONS

During the financial year ending 31 December, 2013, the Company achieved a turnover of Rs.4714.600 million as against a turnover of Rs.3419.980 million in the previous year registering a growth of 38 %. The profit before tax of the Company has increased by 97 % to Rs.684.690 million as compared to Rs.347.210 million during the previous year. During the year the Company has sold Blow Room Machinery of Rs.935.400 million, 720 Nos. High Production Cards of Rs.2278.690 million, 49 Nos. Draw Frames of Rs.107.900 million and 21 Nos Combers of Rs.143.440 million to various mills, which are working satisfactorily. Firm Orders at the end of the year stood at Rs.3681.950 million as against Rs.3229.540 million at end of previous year. The Company has attained two landmarks viz. the highest ever turnover and highest ever net profit.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90229720	28/09/2012 *	360,000,000.00	THE KARUR VYSYA BANK LIMITED	Sakar Vii, B Block, Near Nehru Bridge Corner, Ashram Road, Ahmedabad, Gujarat - 380009, India	B59938209

*Date of modification Charges

FIXED ASSETS:

· Land

· Buildings

· Factory building

· Plant and equipment

· Factory equipment’s

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Other equipment’s

· Know-how

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 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.60.44
UK Pound	1	Rs.100.24
Euro	1	Rs.80.35

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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		63

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.