MIRA INFORM REPORT

Report Date :

01.02.2014

IDENTIFICATION DETAILS

Name :	AUTOMETERS ALLIANCE LIMITED (w.e.f. 25.10.1999)
Formerly Known As :	AUTOMETERS SECHERON LIMITED
Registered Office :	101C, Shiv House, Hari Nagar Ashram, New Delhi-110014
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.07.1995
Com. Reg. No.:	55-070835
Capital Investment / Paid-up Capital :	Rs.70.000 Millions
CIN No.: [Company Identification No.]	U74899DL1995PLC070835
TAN No.: [Tax Deduction & Collection Account No.]	DELA11683A
PAN No.: [Permanent Account No.]	AAACA7870P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is in the business of designing, manufacturing, installation and servicing of various measuring, switchgear and power conversion equipment for railways and uninterruptible power supply (UPS) for industrial applications.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 4300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “Autometers Limited” It is an established company having fine track record. Management has seen a better increase in its sales revenue as well as net profitability during 2013. Financial position appears to be sound marked by healthy networth. Trade relation are fair. Business is active. Payment terms are reported as regular and as per Commitments. In view of support from its holding company, the subject can be considered good 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based limits A-
Rating Explanation	Adequate degree of safety and low credit risk
Date	December 2012
Rating Agency Name	ICRA
Rating	Non fund based limits A1
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	December 2012

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 31-03-2012.

LOCATIONS

Registered Office :	101C, Shiv House, Hari Nagar, Ashram, New Delhi-110014, India
Tel. No.:	91-11- 26343774/ 26946764
Fax No.:	Not Available
E-Mail :	automet@vsnl.com dsc4clients@hotmail.com info@autometers.com
Website :	http://www.autometers.com
Corporate Office / Factory 1:	C-63, Sector 57, Noida – 201307, Uttar Pradesh, India
Tel. No.:	91-120-2583545/ 2583546 / 2479200 / 6770100
Fax No.:	91-120-2583542
E-Mail :	kthirani@autometers.com info@aytometers.com
Factory 2 :	Village-Beli-Deyol, Nalagarh Road, Tehsil - Nalagarh, District. - Solan Himachal Pradesh, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Keshav Kumar Thirani

Designation :

Managing Director

Address :

B-104/2, Western Avenue, Maharani Bagh, New Delhi-110065, India

Date of Birth/Age :

11.08.1947

Qualification :

B. Com. (Hons.)

Date of Appointment :

01.04.2011

DIN No.:

00280467

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	L51909DL1967PLC021844	GOLDWYN LIMITED	Director	17/09/1984	17/09/1984	-	Active	NO
2	U65910DL1983PLC015274	VENTURE CAPITAL LEASING LIMITED	Director	10/01/1986	10/01/1986	-	Active	NO
3	U74899DL1993PTC054444	Woodward India Private Limited	Director	31/01/1994	31/01/1994	23/04/2010	Active	NO
4	U74899DL1995PLC070835	AUTOMETERS ALLIANCE LIMITED	Managing director	01/04/2011	14/07/1995	-	Active	NO
5	U25199DL1996PTC083786	MOULDCRAFT (INDIA) Private Limited	Director	11/12/1996	11/12/1996	09/11/2009	Active	NO
6	U70101WB1987PTC043420	SUBHADRA ESTATE DEVELOPMENT PVT LTD	Director	25/03/2004	25/03/2004	-	Active	NO
7	U34300DL1959PLC003160	AUTOMETERS LTD	Director	14/12/2004	14/12/2004	-	Active	NO
8	U00041DL2005PLC140838	RMG Autometers Gas Technologies Limited	Director	16/09/2005	16/09/2005	-	Active	NO
9	U70102DL2006PLC155255	GOLDENERA INFRASTRUCTURE LIMITED	Director	07/11/2006	07/11/2006	10/06/2009	Active	NO
10	U74140DL2007PTC166854	RIVER ENGINEERING PRIVATE LIMITED	Director	20/10/2007	20/10/2007	01/04/2008	Active	NO
11	U40107DL2008PLC181794	SPERRYN GAS PRODUCTS LIMITED	Director	07/08/2008	07/08/2008	10/11/2009	Active	NO
12	U22219DL2008PTC185016	KALYANI NAVYUG MEDIA PRIVATE LIMITED	Director	19/11/2008	19/11/2008	-	Active	NO
13	L28113DL2010PLC210819	ORIENT REFRACTORIES LIMITED	Director	11/11/2011	18/10/2011	-	Active	NO
14	U74120DL2013PTC257187	SUNNYVALE CAPITAL PRIVATE LIMITED	Director	04/09/2013	04/09/2013	-	Active	NO
15	U74900DL2013PTC257427	GREENVALE CAPITAL PRIVATE LIMITED	Director	09/09/2013	09/09/2013	-	Active	NO
16	U74900DL2013PTC257518	RIVERVALE CAPITAL PRIVATE LIMITED	Director	10/09/2013	10/09/2013	-	Active	NO
17	U36999DL2013PTC259677	AAL MOBILITY PRIVATE LIMITED	Director	28/10/2013	28/10/2013	-	Active	NO

Name :

Mr. Harsh Vardhan Kejriwal

Designation :

Director

Address :

12/1, Allpore Park Road, Kolkata-700027, West Bengal, India

Date of Birth/Age :

02.05.1947

Date of Appointment :

26.10.1995

DIN No.:

00088343

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	L01131WB1952PLC020342	EASTERN GENERAL INDUSRIES LTD	Director	30/09/1974	30/09/1974	30/12/2013	Active	NO
2	U51909WB1946PTC013521	PAPER DISTRIBUTORS PVT LTD	Director	22/11/1974	22/11/1974	-	Active	NO
3	U17119WB1943PLC011328	JUTE & STORES LTD	Director	22/11/1974	22/11/1974	-	Active	NO
4	U01132WB1977PTC031069	MAHANADI TEA CO PVT LTD	Director	28/06/1977	28/06/1977	-	Active	NO
5	U20211WB1986PLC041430	EGI LEATHER EXPORTS LIMITED	Director	24/10/1986	24/10/1986	-	Active	NO
6	U01132WB1882PLC000427	RUNGAMATTEE TEA & INDUSTRIES LTD	Director	22/04/1992	22/04/1992	-	Active	NO
7	U74899DL1995PLC070835	AUTOMETERS ALLIANCE LIMITED	Director	26/10/1995	26/10/1995	-	Active	NO
8	U67120WB1974PLC094927	ALWAR INVESTMENT COMPANY LIMITED	Director	20/11/1999	20/11/1999	-	Active	NO
9	U01132WB2000PTC091876	JUNGPANA TEA ESTATE PRIVATE LIMITED	Director	24/05/2000	24/05/2000	-	Active	NO
10	U51109WB2000PTC092496	MICROVISION SOFTWARE PRIVATE LIMITED	Director	09/10/2000	09/10/2000	-	Active	NO
11	U01400WB2010PTC144998	PRANA FOODS PRIVATE LIMITED	Director	09/04/2010	09/04/2010	-	Active	NO

Name :

Mr. Shri Gopal Rajgarhia

Designation :

Director

Address :

33/1, Friends Colony (East), New Delhi-110065, India

Date of Birth/Age :

21.08.1946

Date of Appointment :

05.10.2000

DIN No.:

00002245

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	U26993MH1983PLC205758	UNIFRAX INDIA LIMITED	Director	28/01/1983	28/01/1983	28/04/2009	Active	NO
2	U70101WB1981PTC033934	RAJGARHIA LEASING AND FINANCIAL SERVICES PVT. LTD.	Director	07/11/1988	07/11/1988	-	Active	NO
3	L24299DL1971PLC005854	ORIENT ABRASIVES LIMITED	Managing director	01/10/2011	31/08/1989	-	Active	NO
4	U70109DL1981PTC255959	MADHUSHREE PROPERTIES (P) LTD	Director	09/10/1989	09/10/1989	-	Active	NO
5	L67120WB1973PLC029093	RAJAT LEASING LTD	Director	24/11/1995	24/11/1995	-	Active	NO
6	L21015RJ1973PLC015819	APM INDUSTRIES LIMITED	Director	26/07/2000	26/07/2000	-	Active	NO
7	U74899DL1995PLC070835	AUTOMETERS ALLIANCE LIMITED	Director	05/10/2000	05/10/2000	-	Active	NO
8	U24111DL1996PLC081132	SUVIDHA PARKLIFT LIMITED	Director	22/07/2005	22/07/2005	-	Active	NO
9	U01117RJ2006PTC021904	SHEEVAM BIODIESELS PRIVATE LIMITED	Director	12/01/2006	12/01/2006	-	Strike off	NO
10	U45201RJ2006PTC021903	SHEEVAM COMFORT HOTELS PRIVATE LIMITED	Director	12/01/2006	12/01/2006	-	Active	NO
11	U70101RJ2006PTC022262	MOURYA REALTY PRIVATE LIMITED	Director	02/06/2007	02/06/2007	01/11/2012	Active	NO
12	L28113DL2010PLC210819	ORIENT REFRACTORIES LIMITED	Whole-time director	04/03/2013	26/11/2010	-	Active	NO
13	AAB-8962	BAMR PROPERTIES LLP	Designated Partner	29/11/2013	29/11/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Autometers Limited, India	4330000
K K Thirani	2670002
H V Kejriwal	1
Jayshree Thirani	1
Girija Jhunjhunwala	1
Aditi Thirani	1
Anuja Thirani	1
Total	7000007

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	61.86
Directors or relatives of Directors	38.14
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is in the business of designing, manufacturing, installation and servicing of various measuring, switchgear and power conversion equipment for railways and uninterruptible power supply (UPS) for industrial applications.

Products :

ITC Code	Product Description
85044010	Power Conditioning Equipments
85369090	Connectors including sub – assemblies
85044040	On-Line Tap Changer

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Central Bank of India, 70, Janpath, New Delhi – 110001, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions	31.03.2012 (Rs. in Millions)
Short Term Borrowing
Working capital loans from banks	145.286	70.203
Total	145.286	70.203

Banking Relations :	---
Auditors :
Name :	S. R. Batliboi and Company Chartered Accountants
Address :	Tower A, Building No. 8, 1st Floor, DLF Cyber City, Phase – II, Sector – 25, Gurgaon – 122002, India
PAN No.:	AALFS0506L
Holding Company :	· Autometers Limited CIN No.:- U34300DL1959PLC003160
Enterprises owned or significantly influenced by key managerial personnel or their Relatives:	· RMG Autometers Gas Technologies Limited CIN : L51909DL1967PLC021844 · Goldwyn Limited CIN : L51909DL1967PLC021844 · Kalyani Navyug Media Private Limited CIN : U22219DL2008PTC185016

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- Each	100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7000007	Equity Shares	Rs.10/- Each	Rs. 70.000 Million

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	70.000	70.000	70.000
(b) Reserves & Surplus	1005.602	829.875	700.723
(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)	1075.602	899.875	770.723
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	5.000
(b) Deferred tax liabilities (Net)	0.000	0.000	6.295
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	54.050	53.579	35.541
Total Non-current Liabilities (3)	54.050	53.579	46.836
(4) Current Liabilities
(a) Short term borrowings	145.286	70.203	23.670
(b) Trade payables	122.970	88.161	100.095
(c) Other current liabilities	25.168	16.235	44.968
(d) Short-term provisions	71.031	101.733	70.560
Total Current Liabilities (4)	364.455	276.332	239.293
TOTAL	1494.107	1229.786	1056.852
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	268.366	274.077	233.204
(ii) Intangible Assets	8.556	11.895	17.994
(iii) Capital work-in-progress	5.210	11.544	29.979
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	6.888	4.667	0.000
(d) Long-term Loan and Advances	117.658	78.818	50.639
(e) Other Non-current assets	2.856	3.322	16.240
Total Non-Current Assets	409.534	384.323	348.056
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	398.251	403.002	308.019
(c) Trade receivables	601.669	392.226	363.945
(d) Cash and cash equivalents	33.081	21.303	1.699
(e) Short-term loans and advances	35.119	18.137	20.683
(f) Other current assets	16.453	10.795	14.450
Total Current Assets	1084.573	845.463	708.796
TOTAL	1494.107	1229.786	1056.852

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operation	1537.023	1381.878	1261.965
		Other Income	36.419	3.808	6.965
		TOTAL (A)	1573.442	1385.686	1268.930
Less	EXPENSES
		Cost of materials consumed	706.719	741.856	642.447
		Purchases of stock-in-trade	86.513	45.689	4.666
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(3.216)	(31.696)	21.443
		Employee benefit expense	330.548	248.331	214.336
		Other expenses	220.377	195.744	192.741
		TOTAL (B)	1340.941	1199.924	1075.633
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		232.501	185.762	193.297
Less	FINANCIAL EXPENSES (D)		6.659	6.443	6.708
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		225.842	179.319	186.589
Less/ Add	DEPRECIATION/ AMORTISATION (F)		36.050	34.565	34.361
	PROFIT BEFORE TAX (E-F) (G)		189.792	144.754	152.228
Less	TAX (I)		(2.316)	(8.803)	1.933
	PROFIT AFTER TAX (G-I) (J)		192.108	153.557	150.295
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		128.155	134.002	249.978
Less	APPROPRIATIONS
		Transfer to General Reserve	20.000	135.000	250.000
		Dividend	14.000	21.000	14.000
		Tax on Dividend	2.379	3.407	2.271
	BALANCE CARRIED TO THE B/S		283.884	128.152	134.002
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.170	1.795	0.864
	TOTAL EARNINGS		0.170	1.795	0.864
	IMPORTS
		Stores, Spares and Packing Materials	0.014	0.028	0.046
		Raw Materials, Components	291.551	208.979	184.363
		Capital Goods	3.377	0.294	7.035
	TOTAL IMPORTS		294.942	209.301	191.444
	Earnings Per Share (Rs.)		27.44	21.94	21.47

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	12.20	11.08	11.84
Net Profit Margin (PBT/Sales)	(%)	12.35	10.48	12.06
Return on Total Assets (PBT/Total Assets}	(%)	12.81	11.93	14.82
Return on Investment (ROI) (PBT/Networth)		0.18	0.16	0.20
Debt Equity Ratio (Total Liability/Networth)		0.14	0.09	0.04
Current Ratio (Current Asset/Current Liability)		2.98	3.06	2.96

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	Yes
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

PERFORMANCE AND OUTLOOK:

The gross sales for the year under review has been Rs. 1646.400 Million compared to Rs. 1495.200 Million of the previous year.

The management of subject continues to seek opportunities for introduction of new products both for the railways and for other sectors. Ongoing discussions are taking place for acquisition of new product technologies under license agreements. Meanwhile, the Company continues its efforts for development of new products and up gradation of existing products through its own research and development team.

Subject has started supply of Escalators to Indian Railways against their order, during the year. Company recently received large quantity orders, from Metro for the supply of Escalators and PA/PIDS.

The outlook for the Company in the current year looks favorable. We have submitted our bids for new contracts and are hopeful of receiving orders from our customers.

INDEX OF CHARGE

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10085067	24/08/2013 *	100,000,000.00	CENTRAL BANK OF INDIA	70 JANPATH, NEW DLEHI, Delhi - 110001, INDIA	B84226992
2	10085017	24/08/2013 *	220,000,000.00	CENTRAL BANK OF INDIA	70 JANPATH, NEW DLEHI, Delhi - 110001, INDIA	B84177336
3	10085041	24/08/2013 *	220,000,000.00	CENTRAL BANK OF INDIA	70 JANPATH, NEW DLEHI, Delhi - 110001, INDIA	B84186543
4	10085059	24/08/2013 *	1,210,000,000.00	CENTRAL BANK OF INDIA	70, JANPATH, NEW DELHI, Delhi - 110001, INDIA	B84175975

FIXED ASSETS:

· Leasehold Land

· Freehold Land

· Building

· Plant and Machinery

· Electric Installations

· Furniture and Fixture

· Office Equipment

· Motor Vehicles

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.62.68
UK Pound	1	Rs.101.98
Euro	1	Rs.84.78

INFORMATION DETAILS

Report Prepared by :

ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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		54

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.