MIRA INFORM REPORT

Report Date :

23.12.2014

IDENTIFICATION DETAILS

Name :	FCC RICO LIMITED
Registered Office :	Plot No. 5, Sector-3, IMT Manesar, Gurgaon – 122050, Haryana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.02.1997
Com. Reg. No.:	05-035283
Capital Investment / Paid-up Capital :	Rs. 79.000 Millions
CIN No.: [Company Identification No.]	U34300HR1997PLC035283
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACF2663D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is in the business of manufacturing and sale of clutch assemblies for Two Wheelers and Four Wheelers
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects company’s sound financial risk profile marked by fair profitability margins and adequate liquidity position of the company. 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Not Available

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 BY

Name :	Ms. Rajani
Designation :	Accounts Manager
Contact No.:	91-124-4391500
Date :	20.12.2014

LOCATIONS

Registered Office / Factory I :	Plot No. 5, Sector-3, IMT Manesar, Gurgaon – 122050, Haryana, India
Tel. No.:	91-124-4391500 / 599 (100 Lines)
Fax No.:	91-124-4391550
E-Mail :	fccico@fccrico.com surajaggarwal@fccrico.com
Website :	http://www.fccrico.com
Factory II :	Plot No.-SPL 2 (H) Industrial Area, Tapukara, Bhiwadi, Rajasthan, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Arvind Kapur

Designation :

Director

Address :

181-C, Sainik Farma, Western Avenue, New Delhi – 110062, India

Date of Birth/Age :

05.07.1950

Qualification :

Graduate

Date of Appointment :

27.02.1997

DIN No.:

00096308

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	U27105PB1983PTC005332	KAPSONS ASSOCIATES INVESTMENTS PRIVATE LIMITED	Director	07/03/1983	07/03/1983	-	Active	NO
2	L34300HR1983PLC023187	RICO AUTO INDUSTRIES LIMITED	Managing director	10/11/2012	10/03/1983	-	Active	NO
3	U34300DL1986PLC023498	UNITECH MACHINES LIMITED	Director	23/10/1987	23/10/1987	-	Active	NO
4	U34300HR1997PLC035283	FCC RICO LIMITED	Director	27/02/1997	27/02/1997	-	Active	NO
5	U67120DL2001PTC110707	KDB INVESTMENTS PVT LTD	Director	04/05/2001	04/05/2001	-	Active	NO
6	U74899DL1990PTC038893	HIGAIN INVESTMENTS PRIVATE LIMITED	Director	11/08/2001	11/08/2001	-	Active	NO
7	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	02/09/2003	02/09/2003	05/09/2013	Active	NO
8	U34360DL1987PLC029553	SANDHAR TECHNOLOGIES LIMITED	Director	01/10/2005	01/10/2005	-	Active	NO
9	U70101DL1996PTC077415	MAGPIE PROPERTIES PRIVATE LIMITED	Director	01/11/2006	01/11/2006	-	Active	NO
10	U29253HR2007PLC036910	UTTARAKHAND AUTOMOTIVES LIMITED	Director	04/06/2007	04/06/2007	01/04/2009	Active	NO
11	U34200HR2007PLC037021	Rico Jinfei Wheels Limited	Director	16/07/2007	16/07/2007	-	Active	NO
12	U45400HR2007PTC037085	HARIDWAR ESTATES PRIVATE LIMITED	Director	06/08/2007	06/08/2007	-	Active	NO
13	U74120HR2007PLC037192	RASA AUTOCOM LIMITED	Director	05/09/2007	05/09/2007	01/04/2009	Active	NO
14	U22300HR2007PLC037454	OCTAN MEDIA LIMITED	Director	10/12/2007	10/12/2007	-	Active	NO
15	U74900HR2008PTC037519	Continental Automotive Brake Systems (I) Private Limited	Nominee director	03/01/2008	03/01/2008	09/03/2012	Active	NO
16	U34300HR2008PLC037956	RAA AUTOCOM LIMITED	Director	27/05/2008	27/05/2008	01/04/2009	Active	NO
17	U72200HR2008PTC038145	CONTECH INFOSYSTEMS PRIVATE LIMITED	Director	08/07/2008	08/07/2008	-	Strike off	NO
18	U51109DL2007PTC168447	RAASAA RETAIL PRIVATE LIMITED	Director	30/09/2010	20/03/2010	-	Active	NO
19	U70200DL2011PTC220727	ASN PROPERTIES PRIVATE LIMITED	Director	10/06/2011	10/06/2011	-	Active	NO
20	U35990DL2010PTC202385	ALPHA MAIER PRIVATE LIMITED	Director	12/06/2012	17/02/2012	-	Active	NO

Name :

Mr. Naresh Kumar Sethi

Designation :

Director

Address :

B-9/11, DLF City, Phase – 1, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

28.10.1947

Qualification :

B.E.(Mechanical)

Date of Appointment :

05.08.1998

DIN No.:

00202498

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	U34300HR1997PLC035283	FCC RICO LIMITED	Director	05/08/1998	05/08/1998	-	Active	NO
2	U74210DL1985PLC019823	TECHNICO INDUSTRIES LIMITED	Director	07/10/2014	06/06/2000	-	Active	NO
3	U34300DL1988PTC030280	TECH AUTO PRIVATE LIMITED	Director	01/10/2001	01/10/2001	01/12/2007	Active	NO
4	U28910PB2001PLC024790	R.N.GUPTA AND COMPANY LIMITED	Director	15/03/2004	15/03/2004	01/12/2007	Active	NO
5	U34200HR2007PLC037021	Rico Jinfei Wheels Limited	Director	16/07/2007	16/07/2007	-	Active	NO
6	U74900HR2008PTC037519	Continental Automotive Brake Systems (I) Private Limited	Nominee director	03/01/2008	03/01/2008	09/03/2012	Active	NO
7	U34300HR2008PLC037956	RAA AUTOCOM LIMITED	Director	24/09/2011	01/04/2009	-	Active	NO
8	U35990HR2009PLC039865	KAPBROS Engineering Industries Limited	Director	30/09/2010	07/01/2010	-	Active	NO
9	U28112HR2010PLC039941	AAN ENGINEERING INDUSTRIES LIMITED	Director	09/07/2011	14/01/2010	-	Active	NO
10	U29130KA2010PTC071473	KRP AUTO INDUSTRIES Private Limited	Director	15/01/2010	15/01/2010	12/12/2011	Active	NO
11	U29110HR2008PTC037708	Magna Rico Powertrain Private Limited	Nominee director	29/09/2011	29/09/2011	-	Active	NO

Name :

Mr. Tetsuo Mizutani

Designation :

Managing Director

Address :

Tower No. E, Flat B, No. 101, Uniworld City, Sector – 30, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

26.02.1959

Qualification :

Graduate

Date of Appointment :

12.09.2012

DIN No.:

05175837

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	U34300HR1997PLC035283	FCC RICO LIMITED	Managing director	12/09/2012	01/01/2012	-	Active	NO
2	U35911HR2014FTC053716	FCC CLUTCH INDIA PRIVATE LIMITED	Director	07/11/2014	07/11/2014	-	Active	NO

Name :

Mr. Toshimichi Matsuda

Designation :

Director

Address :

1-16-9-3, Takaokanishi Naka – KU, Hamamatsu – SH\hi, Shizuoka – 430088, Japan

Date of Birth/Age :

09.12.1952

Date of Appointment :

12.09.2012

DIN No.:

06382359

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	U34300HR1997PLC035283	FCC RICO LIMITED	Director	12/09/2012	01/04/2012	-	Active	NO
2	U35911HR2014FTC053716	FCC CLUTCH INDIA PRIVATE LIMITED	Director	07/11/2014	07/11/2014	-	Active	NO

Name :

Mr. Surendra Singh

Designation :

Director

Address :

House No. 1567, Urban Estate, Sector 4, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

08.12.1959

Date of Appointment :

30.09.2014

DIN No.:

06857278

Name :

Mr. Kazuto Suzuki

Designation :

Director

Address :

Flat 205 Olive Branch, II Hatsuoi – Cho 1302-8, Shizukoa – 4338112, Japan

Date of Birth/Age :

27.05.1961

Date of Appointment :

30.09.2014

DIN No.:

06945728

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	U34300HR1997PLC035283	FCC RICO LIMITED	Director	30/09/2014	01/04/2014	-	Active	NO
2	U35911HR2014FTC053716	FCC CLUTCH INDIA PRIVATE LIMITED	Additional director	24/11/2014	24/11/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Suraj Agarwal
Designation :	Secretary
Address :	E-4, IDPL Apartments, Road No. 44, Pitam Pura, Delhi – 110034, India
Date of Birth/Age :	21.09.1964
Date of Appointment :	09.03.1998
PAN No.:	ABZPA9736B
Name :	Ms. Rajani
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Auto Industries Limited, India	3949994
Rakesh Kapur	1
FCC Limited, Japan	3950000
Kapsons Associates Investments Private Limited, India	2
Arvind Kapur	1
Arun Kapur	1
O.P. Agarwal	1
Total	7900000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

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	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is in the business of manufacturing and sale of clutch assemblies for Two Wheelers and Four Wheelers

Products :

ITC Code	Products or Services
87141090	Clutches and parts thereof
8714	Parts and Accessories

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS = Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Honda Siel Cars India Limited (HSCI)
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

• Hero Moto Corporate Limited (HMC)
• Honda Motorcycle and Scooters India (Private) Limited (HMSI)
• Bajaj Auto Limited (BAL)
• TVS Motor Company
• Suzuki Motorcycle India (Private) Limited (SMIL)
• Suzuki Powertrain India Limited (SPIL)
• India Yamaha Motor (Private) Limited (IYM)
• Piaggio Vehicles Private Limited (PVPL)
• Mahindra Two Wheelers Limited (MTWL)

No. of Employees :

Not Divulged

Bankers :

Banker Name	The Bank of Tokyo-Mitsubishi Limited
Branch Address	Jeevan Vihar Building, 3; Parliament Street, New Delhi - 110001, Delhi, India
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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Budhraja Adlakha and Company Chartered Accountants
Address :	5/31 W.E.A. Karol Bagh, New Delhi-110005, India
PAN No.:	AAAFB5210B
Memberships :	Not Available
Collaborators :	Not Available
Associates:	FCC (Philippines) Corporation FCC (Thailand) Company Limited Chengdu Yonghua FCC Clutch Company Limited FCC (Vietnam) Company Limited FCC DO Brazil Limited CHUS FCC Company Limited PT FCC Indonesia FCC (TAIWAN) Company Limited China FCC Foshan Company Limited FCC Europe Limited Changhou Kwang Hwa Shing Precise Machine Company Limited FCC (North Carolina) LLC., USA Chengudu Jianghua-FCC CLU Limited
Joint venture:	FCC Company Limited RICO Auto Industries Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs. 80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7900000	Equity Shares	Rs.10/- each	Rs. 79.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	79.000	79.000	79.000
(b) Reserves & Surplus	2033.957	1801.518	1426.429
(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)	2112.957	1880.518	1505.429
(3) Non-Current Liabilities
(a) long-term borrowings	452.563	583.000	252.720
(b) Deferred tax liabilities (Net)	41.468	79.255	-3.999
(c) Other long term liabilities	0.000	0.097	0.097
(d) long-term provisions	0.403	0.326	0.037
Total Non-current Liabilities (3)	494.434	662.678	248.855
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1027.583	897.712	864.463
(c) Other current liabilities	398.453	205.080	125.754
(d) Short-term provisions	844.174	617.102	541.902
Total Current Liabilities (4)	2270.210	1719.894	1532.119
TOTAL	4877.601	4263.090	3286.403
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1607.687	1709.751	1065.754
(ii) Intangible Assets	12.002	13.606	6.654
(iii) Capital work-in-progress	84.179	28.213	22.773
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	30.232	36.175	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	32.970
(e) Other Non-current assets	0.000	0.004	0.000
Total Non-Current Assets	1734.100	1787.749	1128.151
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1274.725	1070.960	849.840
(c) Trade receivables	1363.453	1003.599	990.337
(d) Cash and cash equivalents	120.823	54.932	36.197
(e) Short-term loans and advances	362.136	333.518	281.748
(f) Other current assets	22.364	12.332	0.130
Total Current Assets	3143.501	2475.341	2158.252
TOTAL	4877.601	4263.090	3286.403

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	9525.495	8428.495	7542.267
	Other Income	81.871	193.997	26.573
	TOTAL (A)	9607.366	8622.492	7568.840
Less	EXPENSES
	Cost of Materials Consumed	7036.344	6530.079	5821.195
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(55.669)	(22.843)	(23.826)
	Employees benefits expense	572.459	458.239	329.704
	Other expenses	1176.653	921.395	749.259
	Exceptional item before tax	(0.542)	(262.678)	0.153
	TOTAL (B)	8729.245	7624.192	6876.485
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	878.121	998.300	692.355
Less	FINANCIAL EXPENSES (D)	23.762	19.149	2.393
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	854.359	979.151	689.962
Less/ Add	DEPRECIATION/ AMORTISATION (F)	350.486	354.506	175.563
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	503.873	624.645	514.399
Less	TAX (I)	154.054	180.237	142.087
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	349.819	444.408	372.312
	EARNINGS IN FOREIGN CURRENCY	204.700	37.900	57.600
	IMPORTS	1948.400	1908.700	1702.800
	Earnings / (Loss) Per Share (Rs.)	0.00	56.25	47.13

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.67	5.27	4.94
Operating Profit Margin (PBDIT / Sales)	(%)	9.22	11.84	9.18
Return on Total Assets (PBT/Total Assets}	(%)	10.58	14.88	15.76
Return on Investment (ROI) (PBT/Networth)		0.24	0.33	0.34
Debt Equity Ratio (Total Debt /Networth)		0.21	0.31	0.17
Current Ratio (Current Asset/Current Liability)		1.38	1.44	1.41

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	79.000	79.000	79.000
Reserves & Surplus	1426.429	1801.518	2033.957
Net worth	1505.429	1880.518	2112.957
long-term borrowings	252.720	583.000	452.563
Short term borrowings	0.000	0.000	0.000
Total borrowings	252.720	583.000	452.563
Debt/Equity ratio	0.168	0.310	0.214

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	7542.267	8428.495	9525.495
		11.750	13.015

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	7542.267	8428.495	9525.495
Profit	372.312	444.408	349.819
	4.94%	5.27%	3.67%

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	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	Yes
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	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

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loan from others	452.563	583.000
Total	452.563	583.000

CORPORATE INFORMATION

FCC Rico Limited, was incorporated in India on 27th February 1997 The Company is promoted by FCC Company Limited, Japan and RICO AUTO INDUSTRIES LTD. India, each holding 50% of the Equity Capital. The Company is in the business of manufacturing and sale of clutch assemblies for Two Wheelers & Four Wheelers.

PRESENT AND FUTURE OUTLOOK

During the year under report, the Company started the mass production of Clutches for Scooter Activa 125cc of Honda Motorcycle and Scooter India Private Limited and for export production of Honda Car India Private Limited.

In the current year, the mass production of clutches shall start for Hero Moto Corporation Limited Honda Motorcycle and Scooter India Private Limited., Bajaj Auto Limited., TVS Motor Company Limited., and Maruti Suzuki India Limited., Indi Yamaha Motor Private Limited. and Honda Cars India Limited., for their new models of motorcycles/scooters/Cars, which shall further improve the turnover and profitability of the Company.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Land and Buildings
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Motor vehicles
• Office equipment
• Computer equipments

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.63.18
UK Pound	1	Rs.98.85
Euro	1	Rs.77.42

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KRN
Report Prepared by :	ART

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	6
--PROFITABILITY	1~10	5
--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	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		48

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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