MIRA INFORM REPORT

Report Date :

06.12.2014

IDENTIFICATION DETAILS

Name :	JOHNSON CONTROLS AUTOMOTIVE LIMITED (w.e.f.03.04.2013)
Formerly Known as :	TATA JOHNSON CONTROLS AUTOMOTIVE LIMITED
Registered Office :	Plot No.1, Survey No. 235/245, Hinjewadi, Taluka Mulsi, Pune – 411027, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.01.1996
Com. Reg. No.:	11-015038
Capital Investment / Paid-up Capital :	Rs.127.000 Millions
CIN No.: [Company Identification No.]	U34300PN1996PLC015038
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Automotive Parts, Components and Spares.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (61)

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

Maximum Credit Limit :	USD 3076000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Fundamentals of the company are decent. Financial position of the company is strong and healthy. Trade relations are reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal 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.

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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term Rating = AA-
Rating Explanation	High credit quality and low credit risk.
Date	19.03.2013

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 DECLINED

MANAGEMENT NON-COOPERATIVE

[CONTACT NO.: 91-20-66738888]

LOCATIONS

Registered Office :	Plot No. 1, Survey No. 235/245, Hinjewadi, Taluka Mulsi, Pune – 411027, Maharashtra, India
Tel. No.:	91-20-66738888/ 22932115
Fax No.:	91-20-66738989/ 22932638
E-Mail :	legal.jcal@jci.com
Website :	http://www.johnsoncontrols.com
Production Plants :	· Tata Motors Vendor Park, Plot No. A-1, S.No.1, North Kotpura, P.O. Viroch Nagar, Sanand, Ahmedabad – 382170, Gujarat, India Plot No. 1, Toyota Kirloskar Motor OSS Park, Bidadi Industrial Area, Bidadi, Bangalore – 562109, Karnataka, India Plot No. 2, Ford India Supplier Park, S P Koil Post, Chengalpattu, Chennai – 603204, Tamilnadu, India Plot. No. 173, Belur Industrial Estate, Near SBI Bank, Belur, Dharwad – 580011, Karnataka, India Outer Complex, Bay 9 and 10, TATA Motors Limited, H.S. Road, Jamshedpur – 831004, Jharkhand, India  E-11, UPSIDC Industrial Area, Dewa Road Chinhat, Lucknow – 226016, Uttar Pradesh, India D-116, Hosiery Complex, Phase-II, Noida – 201305, Uttar Pradesh, India Plot No. 1, Survey No. 235 and 245, Hinjewadi, Taluka Mulshi, Pune – 411057, Maharashtra, India CTS No.4270, Elpro Premises, Chinchwad, Pune – 411033, Maharashtra, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Mark Stevens

Designation :

Director

Address :

237 Arcadia Road, #09-03 Block B, Singapore, 289844,

Date of Birth/Age :

25.05.1961

Date of Appointment :

29.09.2008

DIN No.:

01764752

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	U34300PN1996PLC015038	JOHNSON CONTROLS AUTOMOTIVE LIMITED	Director	29/09/2008	26/09/2007	Active	NO

Name :

Mr. Kuldeep Singh

Designation :

Director

Address :

SE 175, B Block, Shastri Nagar, Ghaziabad - 201002, Uttar Pradesh, India

Date of Birth/Age :

11.08.1977

Date of Appointment :

30.09.2013

DIN No.:

05351668

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	U34300PN1996PLC015038	JOHNSON CONTROLS AUTOMOTIVE LIMITED	Director	30/09/2013	25/10/2012	Active	NO

Name :

Mr. Steven Ashley Semple

Designation :

Director

Address :

C 13, Vasant Vihar, New Delhi – 110057, India

Date of Birth/Age :

18.03.1972

Date of Appointment :

30.09.2013

DIN No.:

06483237

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	U34300PN1996PLC015038	JOHNSON CONTROLS AUTOMOTIVE LIMITED	Director	30/09/2013	02/02/2013	Active	NO

Name :

Mr. Devender Sarup Gupta

Designation :

Director

Address :

Ground Floor, Panorama CHS, 203, Walkeshwar Road, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

19.03.1950

Date of Appointment :

01.10.2013

DIN No.:

00111666

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	U34300PN1996PLC015038	JOHNSON CONTROLS AUTOMOTIVE LIMITED	Director	01/10/2013	05/01/1996	-	Active	NO
2	U34100MH1995PLC093733	TATA AUTOCOMP SYSTEMS LIMITED	Managing director	14/02/2007	14/02/1997	27/10/2008	Active	NO
3	L28932PN1990PLC016314	AUTOMOTIVE STAMPINGS AND ASSEMBLIES LIMITED	Director	07/07/1997	07/07/1997	17/11/2008	Active	NO
4	U34300PN1997PLC015436	YAZAKI INDIA LIMITED	Director	06/10/1997	06/10/1997	17/11/2008	Active	NO
5	U74999MH1998PLC112992	TATA FICOSA AUTOMOTIVE SYSTEMS LIMITED	Director	14/01/1998	14/01/1998	17/11/2008	Active	NO
6	U34300PN2000PLC015253	TACO COMPOSITES LIMITED	Director	04/02/2000	04/02/2000	17/11/2008	Amalgamated	NO
7	U34300PN1999PTC014564	MUBEA SUSPENSION INDIA PRIVATE LIMITED	Director	01/08/2000	01/08/2000	17/11/2008	Active	NO
8	U28910TN1997PLC047905	SUNGWOO HITECH INDIA LIMITED	Director	17/10/2001	17/10/2001	17/11/2008	Active	NO
9	U34300PN2004PTC019215	FAURECIA INTERIOR SYSTEMS INDIA PRIVATE LIMITED	Director	05/05/2004	05/05/2004	29/09/2008	Active	NO
10	U99999PN1997PLC110139	TATA TOYO RADIATOR LIMITED	Director	23/07/2004	23/07/2004	17/11/2008	Active	NO
11	U32109PN2005PTC020334	TRIMBLE MOBILITY SOLUTIONS INDIA PRIVATE LIMITED	Director	25/02/2005	25/02/2005	17/11/2008	Active	NO
12	U29299PN2005PTC020907	VISTEON ENGINEERING CENTER (INDIA) PRIVATE LIMITED	Director	21/06/2005	21/06/2005	29/09/2008	Active	NO
13	U31902PN2005PTC020905	VISTEON AUTOMOTIVE (INDIA) PRIVATE LIMITED	Additional director	21/06/2005	21/06/2005	29/09/2008	Active	NO
14	U31300PN2005PLC021394	TATA AUTOCOMP GY BATTERIES LIMITED	Director	10/10/2005	10/10/2005	29/09/2008	Active	NO
15	U29130PN2006PTC128649	TATA AUTOCOMP HENDRICKSON SUSPENSIONS PRIVATE LIMITED	Director	19/09/2007	11/07/2006	29/09/2008	Active	NO
16	U32109PN2007PLC129527	TACO SASKEN AUTOMOTIVE ELECTRONICS LIMITED	Director	27/09/2007	07/02/2007	17/11/2008	Under liquidation	NO

MAJOR SHAREHOLDERS

AS ON 31.03.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Johnson Controls Auto India Limited, UK	6350000	50.00
Johnson Controls International B.V, Netherlands	6350000	50.00
Total	12700000	100.00

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automotive Parts, Components and Spares.

Products/ Services :

ITC Code No.	Product Descriptions
94012000	Car Seat

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Experience:	Not Divulged
Maximum limit dealt:	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Experience:	Not Divulged
Maximum limit dealt:	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

· Corporation Bank

Aditi Commerce Centre, East Street Camp, Pune – 411001, Maharashtra, India

· HSBC Bank Mauritius Limited

5^th Floor, LES Cascades Building, Edith Cavell Street, Port Louis Mauritius

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG-TERM BORROWINGS
Term Loans from Banks (Term loan from Banks are repayable in quarterly installments of Rs. 4.370 Millions each, repayment ending on January 31, 2015)	17.390	34.960
Total	17.390	34.960

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	706, B Wing, 7^th Floor, ICC Trade Tower, International Convention Centre, Senapati Bapat Marg, Pune – 411016, Maharashtra, India
PAN No.:	AABFD7919A
Joint Venture :	ISRI JC Automotive Seating Limited [[U29299PN2008PLC132935]]
Ultimate Holding Company :	Johnson Controls Inc, United States
Subsidiary Companies :	Johnson Controls Systems Engineering LLC, United States
Fellow Subsidiary Company :	· Johnson Controls GmbH, Germany Johnson Controls Mezolak KLt, Romania Johnson Controls Automobile, Italy JC Automotive UK Limited, United Kingdom JC Headliner GmbH, Germany Johnson Controls Sweden AB, Sweden Recaro North America, Inc, United States KEIPER GmbH and Co.KG JC Creutzwald SAS JC Roth S.A.S. Recaro Automotive GmbH and Co. KG Mercedes-Benz R and D (I) Private Limited Johnson Controls Automotive do Brasil Ltda Johnson Controls Automotive (UK) Limited Rob. Hammerstein GmbH and Co. KG Johnson Controls Automotive Seating (M) Sdn Bhd. Johnson Controls (Hong Kong) Advanced Power Solutions Limited Shanghai Yanfeng Johnson controls Seating Co. Limited Johnson Controls Automotive Korea Johnson Controls Automotive (UK) Limited Johnson Controls Automotive Holding (M) Sdn Bhd. Johnson Controls Automotive Systems Corporation Johnson Controls and Summit Interiors Limited Johnson Controls Automotriz Mexico Johnson Controls Fabric Johnson Controls Holding (S) Pte Limited Johnson Controls (S) Pte. Limited KEIPER GmbH and CO. KG
Other Related Parties :	· Johnson Controls International B.V., Netherlands · Tata Autocomp Systems Limited [U34100MH1995PLC093733]

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
12,700,000	Equity Shares	Rs.10/- each	Rs.127.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12,700,000	Equity Shares	Rs.10/- each	Rs.127.000 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	127.000	127.000	127.000
(b) Reserves & Surplus	949.770	729.500	513.580
(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)	1076.770	856.500	640.580
(3) Non-Current Liabilities
(a) Long-term borrowings	17.390	34.960	52.450
(b) Deferred tax liabilities (Net)	17.000	7.000	14.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	73.130	67.410	49.980
Total Non-current Liabilities (3)	107.520	109.370	116.430
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1648.210	1530.830	1111.150
(c) Other current liabilities	164.580	174.690	254.730
(d) Short-term provisions	133.790	302.700	204.390
Total Current Liabilities (4)	1946.580	2008.220	1570.270
TOTAL	3130.870	2974.090	2327.280
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1036.570	792.020	750.730
(ii) Intangible Assets	1.770	6.670	6.090
(iii) Capital work-in-progress	0.000	209.390	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	33.320	33.320	23.320
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	71.740	79.530	61.950
(e) Other Non-current assets	3.360	22.180	40.220
Total Non-Current Assets	1146.760	1143.110	882.310
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	461.780	287.310	216.570
(c) Trade receivables	1178.800	887.400	773.050
(d) Cash and cash equivalents	195.690	430.520	275.770
(e) Short-term loans and advances	127.740	202.390	137.810
(f) Other current assets	20.100	23.360	41.770
Total Current Assets	1984.110	1830.980	1444.970
TOTAL	3130.870	2974.090	2327.280

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	9242.350	8562.260	6863.490
		Other Income	94.110	104.160	53.720
		TOTAL (A)	9336.460	8666.420	6917.210
Less	EXPENSES
		Cost of Materials Consumed	6615.050	6076.740	4837.210
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(90.170)	(1.040)	(29.110)
		Employees benefits expense	1113.770	961.770	758.960
		Other expenses	787.800	725.970	671.970
		TOTAL (B)	8426.450	7763.440	6239.030
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		910.010	902.980	678.180
Less	FINANCIAL EXPENSES (D)		7.670	6.610	9.970
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		902.340	896.370	668.210
Less/ Add	DEPRECIATION/ AMORTISATION (F)		158.900	134.590	129.700
	PROFIT BEFORE TAX (E-F) (G)		743.440	761.780	538.510
Less	TAX (H)		213.420	222.610	163.620
	PROFIT AFTER TAX (G-H) (I)		530.020	539.170	374.890
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of exports	9.960	33.830	34.630
		Income from engineering services	1210.340	1101.580	832.390
		Recovery for Employee Deputation	0.710	2.770	3.880
		Dividend	22.200	24.700	9.140
		Others	5.300	5.690	6.210
	TOTAL EARNINGS		1248.510	1168.570	886.250
	IMPORTS
		Raw Materials	722.160	415.340	213.880
		Stores & Spares	2.890	4.080	4.950
		Capital Goods	31.320	166.920	36.640
	TOTAL IMPORTS		756.370	586.340	255.470
	Earnings Per Share (Rs.)		41.73	42.45	29.52

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	5.73	6.30	5.46
Operating Profit Margin (PBDIT/Sales)	(%)	9.85	10.55	9.88
Return on Total Assets (PBT/Total Assets}	(%)	24.00	27.89	23.37
Return on Investment (ROI) (PBT/Networth)		0.69	0.89	0.84
Debt Equity Ratio (Total Debt/Networth)		0.02	0.04	0.08
Current Ratio (Current Asset/Current Liability)		1.02	0.91	0.92

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	127.000	127.000	127.000
Reserves & Surplus	513.580	729.500	949.770
Net worth	640.580	856.500	1076.770
long-term borrowings	52.450	34.960	17.390
Short term borrowings	0.000	0.000	0.000
Total borrowings	52.450	34.960	17.390
Debt/Equity ratio	0.082	0.041	0.016

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	6863.490	8562.260	9242.350
		24.751	7.943

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	6863.490	8562.260	9242.350
Profit	374.890	539.170	530.020
	5.46%	6.30%	5.73%

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90088417	14/06/2001	9,600,000.00	HEWLETT PACKARD INDIA LIMITED	CHANDIWALLA ESTATE, MAA ANANDMAL MARG ; KALKAJI,  NEW DELHI, DELHI - 110019, INDIA	-
2	90084668	29/03/2010 *	303,900,000.00	CORPORATION BANK	ADITI COMMERCE CENTRE, EAST STREET CAMP, PUNE, MAHARASHTRA - 411001, INDIA	A83378349

* Date of charge modification

REVIEW OF OPERATIONS

During the year, subject’s revenue from operations increased by 8% compared to the previous financial year. The net profit for the year has decreased by 2% compared to the previous financial year.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Income Tax matters	29.710	65.200
Sales Tax matters	8.370	8.370
Excise Duty matters (excluding interests)	0.490	0.490
Bill Discounted	724.170	743.970
Service Tax Matters	0.550	0.550
Claims against the company not acknowledged as debts	0.000	23.460
Total	763.290	842.040

FIXED ASSETS

· Land

Buildings

Other building

Plant and equipment

Other plant and equipment

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Other equipments

Leasehold improvements

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. 61.85
UK Pound	1	Rs. 96.73
Euro	1	Rs. 76.53

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUM
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		61

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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