MIRA INFORM REPORT

Report Date :

13.01.2014

IDENTIFICATION DETAILS

Name :	KLOECKNER DESMA MACHINERY PRIVATE LIMITED
Registered Office :	No. 53, Madhuban, Near Madalpur, Under Bridge Ellis Bridge, Ahmedabad – 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.04.1995
Com. Reg. No.:	04-25601
Capital Investment / Paid-up Capital :	Rs.90.000 Millions
CIN No.: [Company Identification No.]	U28999GJ1995FTC025601
TAN No.: [Tax Deduction & Collection Account No.]	AHMK00539A
PAN No.: [Permanent Account No.]	AAACK8768N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Sellers of Injection Moulding Machines, Rubber Moulding Machines, Unit Sole Machines, Shoe Soling Machines and Moulds.
No. of Employees:	93 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1704600
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. There appears dip in sales and profit of the company during 2013. However, liquidity position of the company appears to be strong. Trade relation reported to be fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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.

INDIAN ECONOMIC OVERVIEW

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

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.

INFORMATION PARTED BY

Name :	Mr. Hitesh Gagetiya
Designation :	Finance Manager
Contact No.:	91-79-66190000
Date :	11.01.2014

LOCATIONS

Registered Office :	No. 53, Madhuban, Near Madalpur, Under Bridge Ellis Bridge, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26440331
Fax No.:	91-79-26421324
E-Mail :	mamtagroup@mamta.com sales@desmaindia.com hitesh.gagetiya@desmaindia.com info@mamata.com mahendra@ad1.vsnl.net.in mamata@wilnetonline.net sk.nathan@desmaindia.com sandeep.gupta@desmaindia.com nayan.tope@desmaindia.com suhas.pol@desmaindia.com nandkishore.singh@sbi.co.in
Website :	http://www.dasmaindia.com http://www.mamata.com
Factory :	Plot No. 10, Road No. 1, GIDC, Kathwada, Torrent Power Substalien, Ahmedabad – 382445, Gujarat, India
Tel. No.:	91-79-22901782/ 66190000
Fax No.:	91-79-22901785
Area :	2200 Sq. Mtr.
Location :	Leased
Branch Office :	Pune "B-106, 1st Floor, Jay Ganesh Vision (Multiplex), Akurdi, Pune-410033, Maharashtra, India Phone : 91 20 27442717 Mobile : 91 9822395625 E-mail : klocknerwest@vsnl.net , desmapune@desmaindia.com Delhi 14, Ground Floor, World Trade Centre, Connaught Place, New Delhi-110001, India Phone : 91 11 23411162 / 5152 8152 Fax: 91 11 23411161 E-mail: klockner@bol.net.in , desmadelhi@desmaindia.com Chennai Old no.99 / New no. 145, Vardammal Garden 3rd Street, Barraca Road, Kilpauk, Chennai-600010, Tamilnadu, India Tel/Fax : 91 44 26651720 Mobile : 91 98840 79670 E-mail  :desmachennai@dataone.in

DIRECTORS

AS ON 12.09.2013

Name :	Mr. Mahendra Narsinhbhai Patel
Designation :	Managing Director
Address :	15, Kairavi Bunglows, Near Sarathi Hotel, Bodekdev, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	17.01.1949
Qualification :	M. Sc [Indl. Engg. and Admn.] From U.K.
Date of Appointment :	25.04.1995
Din No.:	00104997
Name :	Mr. Arun Bhaskerrai Mankodi
Designation :	Whole Time Director
Address :	A/ 702, Devraj Flats, Near Judges Bunglow, Ahmedabad – 380 054, Gujarat, India
Date of Birth/Age :	18.05.1960
Date of Appointment :	27.04.2006
Din No.:	00706411
Name :	Mr. Martin Schuermann
Designation :	Director
Address :	Hohenstrabe 16, Stockach – 78333, Germany
Date of Birth/Age :	10.07.1962
Date of Appointment :	23.05.2007
Din No.:	01555057
Name :	Mr. Roland Flach
Designation :	Director
Address :	Hohenstr 30, Kronberg Taunus - 61476
Date of Birth/Age :	31.10.1944
Date of Appointment :	14.03.2011
Din No.:	02591593
Name :	Herald H. Zebedin
Designation :	Director
Address :	Rose Eggerweg 86, Graz – 8044, Austria
Date of Birth/Age :	26.04.1967
Date of Appointment :	30.03.2012
Din No.:	05326231

KEY EXECUTIVES

Name :	Mr. Hardik H. Darji s
Designation :	Secretary
Address :	A/4, Silver Coin Apartment, Opposite Judges Bunglows, Bodakdev Satellite, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	19.05.1983
Date of Appointment :	01.01.2012
Pan No.:	AYJPD3224A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 12.09.2013

Names of Shareholders	No. of Shares
Kloeckner Desma Elastomertechnik GmbH, Germany	8999991
Salzgitter Kloeckner Werke GmbH, Germany	9
TOTAL	9000000

AS ON 12.09.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Sellers of Injection Moulding Machines, Rubber Moulding Machines, Unit Sole Machines, Shoe Soling Machines and Moulds.

Products :

ITC CODE	PRODUCT DESCRIPTION
84771000	Injection Moulding Machine
84807100	Moulds

Exports :

Products :

Finished Goods

Countries :

· USA

· Korea

· Brazil

· Thailand

· Mexico

· South Africa

Imports :

Products :

Raw Material

Countries :

Germany

Terms :

Selling :

Credit

Purchasing :

LC and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

93 [Approximately]

Bankers :

ICICI Bank Limited, 9th Floor, Jmc House Branch, Ambawadi, Ahmedabad - 380006, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Loans taken for fixed assets	0.615	1.466
Short Term Borrowings
Term loans from banks	0.000	1.634
TOTAL	0.615	3.100

Banking Relations :	--
Auditors :
Name :	Price Water House Chartered Accountant
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (W), Mumbai – 400028, Maharashtra, India
PAN No:	AAEFP3641G
Holding Company :	Kloeckner Desma Elastomertechnik GmbH, Germany
Fellow Subsidiaries :	· KDE Sales and Services Inc. · Desma Rubber Injection (Wuxi) Company Limited · KHSSA Industria De Maquinas · KHS Machinery Private Limited
Other Related Parties :	· Hydco Engineering Private Limited · Ferromatik Milacron India Private Limited · Nirav Industries · Mamta Airwings · Mamata Machinery Private Limited · Sourcepro Infotech Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs.90.000 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	90.000	90.000	90.000
(b) Reserves & Surplus	336.165	265.568	180.170
(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)	426.165	355.568	270.170
(3) Non-Current Liabilities
(a) long-term borrowings	13.672	94.211	124.657
(b) Deferred tax liabilities (Net)	7.314	6.982	8.905
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	20.986	101.193	133.562
(4) Current Liabilities
(a) Short term borrowings	0.000	1.634	20.238
(b) Trade payables	78.501	103.445	84.832
(c) Other current liabilities	113.784	130.920	135.137
(d) Short-term provisions	30.551	28.661	30.856
Total Current Liabilities (4)	222.836	264.660	271.063
TOTAL	669.987	721.421	674.795
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	241.664	241.964	250.078
(ii) Intangible Assets	2.053	3.344	1.615
(iii) Capital work-in-progress	0.000	0.000	0.202
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	21.575	22.009	13.819
(e) Other Non-current assets	20.133	17.454	15.215
Total Non-Current Assets	285.425	284.771	280.929
(2) Current assets
(a) Current investments	162.276	61.771	113.142
(b) Inventories	140.283	177.534	137.942
(c) Trade receivables	52.815	94.673	86.838
(d) Cash and cash equivalents	9.370	76.567	22.460
(e) Short-term loans and advances	19.041	26.025	21.824
(f) Other current assets	0.777	0.080	11.660
Total Current Assets	384.562	436.650	393.866
TOTAL	669.987	721.421	674.795

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL (A)	644.963	744.904	797.057
Less	EXPENSES
		TOTAL (B)	508.847	590.184	661.916
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I		136.116	154.720	135.141
Less	FINANCIAL EXPENSES (D)		3.262	5.879	6.484
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) I		132.854	148.841	128.657
Less/ Add	DEPRECIATION/ AMORTISATION (F)		24.399	23.629	22.885
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		108.455	125.212	105.772
Less	TAX (H)		30.424	34.584	36.510
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		78.031	90.628	69.262
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		265.568	180.170	116.138
	APPROPRIATIONS
		Proposed Dividend	4.500	4.500	4.500
		Tax on Dividend	0.765	0.730	0.730
	BALANCE CARRIED TO THE B/S		338.370	265.568	180.170
	EARNINGS IN FOREIGN CURRENCY		192.533	180.170	169.084
	Earnings / (Loss) Per Share (Rs.)		8.67	10.07	7.70

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	12.10	12.17	8.69
Return on Total Assets (PBT/Total Assets}	(%)	16.19	17.35	15.67
Return on Investment (ROI) (PBT/Networth)		0.25	0.35	0.39
Debt Equity Ratio (Total Debt/Networth)		0.03	0.27	0.54
Current Ratio (Current Asset/Current Liability)		1.73	1.65	1.45

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF CURRENT MATURITIES OF LONG TERM DEBT:

Particulars	31.03.2013 [Rs. in millions]	31.03.2012 [Rs. in millions]	31.03.2011 [Rs. in millions]
Current Maturities of Long Term Debt	33.953	40.629	25.162

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10385310	11/10/2012	10,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B61665907
2	10272671	23/04/2011 *	30,000,000.00	ICICI BANK LIMITED	9TH FLOOR, JMC HOUSE, AMBAWADI, AHMEDABAD - 380006, GUJARAT, INDIA	B11859535
3	10272823	28/12/2010	50,000,000.00	ICICI BANK LIMITED	9TH FLOOR, JMC HOUSE, AMBAWADI, AHMEDABAD - 380006, GUJARAT, INDIA	B04781167
4	90094958	03/02/1997	632,000.00	ANZ GRINDLAYS BANK LTD.	2702 D.N. ROAD; POST BOX 48, FORT, BOMBAY - 400001, MAHARASHTRA, INDIA	-
* Date of charge modification

HIGH COURT OF GUJARAT

TAX APPEAL NO. 1088 OF2008

STATUS : PENDING (CONVERTED FROM : ST/1672/2008) CCIN NO : 001092200801088

LAST LISTING DATE: 13/01/2014

CORAM: HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI

HONOURABLE MR.JUSTICE K.J.THAKER

S. NO.	NAME OF THE PETITIONER	ADVOCATE ON RECORD
1	COMMISSIONER OF INCOME TAX-II	MRS MAUNA M BHATT FOR: APPELLANT(S) 1
S.NO.	NAME OF THE RESPONDENT	ADVOCATE ON RECORD
1	KLOECKNER DESMA MACHNERY PRIVATE LIMITED	MR MANISH J SHAH FOR :OPPONENT(S) 1

PRESENTED ON	: 05/05/2008	REGISTERED ON	: 05/05/2008
BENCH CATEGORY	: SINGLE BENCH	DISTRICT	: AHMEDABAD
CASE ORIGINATED FROM	: THROUGH ADVOCATE	LISTED	: 221 TIMES
STAGE NAME	: FOR FINAL HEARING
ACT	INCOME-TAX ACT, 1961

LOWER COURT DETAILS

S.NO.	LOWER COURT CASE DETAIL	LOWER COURT NAME	JUDGE NAME	JUDGMENT DATE
1	INCOME TAX APPLICATION/2522/2007	DISTRICT COURT, AHMEDABAD RURAL	-	31/08/2007

OFFICE DETAILS

S. NO.

FILING DATE

DOCUMENT NAME

ADVOCATE NAME

COURT FEE ON DOCUMENT

DOCUMENT DETAILS

1

15/08/2008

VAKALATNAMA

MR MANISH J SHAH ADVOCATE
FOR RESPONDENT(S) 1

-

MR MANISH J SHAH:1

2

15/08/2008

VAKALATNAMA

MRS MAUNA M BHATT ADVOCATE
FOR PETITIONER(S) 1

-

MRS MAUNA M BHATT:1

3

19/11/2008

APPEARANCE NOTE

MRS MAUNA M BHATT ADVOCATE
FOR PETITIONER(S) 1

-

MRS MAUNA M BHATT:1

4

13/07/2009

VAKALATNAMA

MR MANISH J SHAH ADVOCATE
FOR RESPONDENT(S) 1

5

MR MANISH J SHAH:1

LINKED MATTERS

S. NO.	CASE DETAIL	STATUS NAME	DISPOSAL DATE	ACTION/CORAM
1	TAX APPEAL/38/2008	PENDING	-	- · HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE K.J.THAKER
2	TAX APPEAL/2244/2009	PENDING	-	- · HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE K.J.THAKER

COURT PROCEEDINGS

S. NO.

NOTIFIED DATE

COURT CODE

BOARD SR. NO.

STAGE

ACTION

CORAM

1

26/03/2009

1

-

FOR FINAL HEARING - TAX MATTERS

RULE/ADMIT

· HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN

· HONOURABLE MR.JUSTICE AKIL KURESHI

2

16/12/2013

5

59

FOR FINAL HEARING

NEXT DATE

· HONOURABLE MR.JUSTICE M.R. SHAH

· HONOURABLE MS JUSTICE SONIA GOKANI AND HONOURABLE MR.JUSTICE R.P.DHOLARIA

3

07/01/2014

2

65

FOR FINAL HEARING

NEXT DATE

· HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI

· HONOURABLE MR.JUSTICE M.R. SHAH AND HONOURABLE MR.JUSTICE AKIL KURESHI AND HONOURABLE MS JUSTICE SONIA GOKANI AND HONOURABLE MR.JUSTICE K.J.THAKER AND HONOURABLE MR.JUSTICE R.P.DHOLARIA

4

13/01/2014

2

47

FOR FINAL HEARING

· HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI

· HONOURABLE MR.JUSTICE K.J.THAKER

AVAILABLE ORDERS

S. NO.

CASE DETAILS

JUDGE NAME

ORDER DATE

CAV

JUDGMENT

1

TAX APPEAL/1088/2008

· HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN

· HONOURABLE MR.JUSTICE AKIL KURESHI

29/04/2009

N

ORDER

CERTIFIED COPY

S. NO.

APPLICANT NAME

APPLICATION TYPE

APPLICATION DATE

UOL NUMBER

ORDER DATE

NOTIFY DATE

DELIVERY DATE

STATUS

NATURE OF DOCUMENT

1

MRS MAUNA M BHATT

ORDINARY

02/05/2009

O/14016/2009

29/04/2009

05/05/2009

06/05/2009

DELIVERED

ORDER

BACKGROUND:

Subject is a 100% owned subsidiary of DESMA Germany, a Salzgitter Group Company. Vertical Injection Moulding machines with clamping forces up to 400 tons are produced at DESMA - India. Several service technicians take care of this market and guarantee an on-site supply of spares. DESMA - India is also licensed to export to Thailand, Malaysia, Vietnam, UAE and SAARC Countries. It commenced its operation from 1996 in the industrial city of Ahmedabad. Desma manufactures the state-of-the-art Rubber Injection Moulding Machines, Moulds, Presses and Turnkey Projects.

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Intercorporate borrowings	13.057	92.745
TOTAL	13.057	92.745

FIXED ASSETS:

Tangible Assets

v Factory Building

v Plant and Machinery

v Patterns and Dies

v Furniture and Fixtures

v Office Equipment

v Computers

v Vehicles

Intangible Assets

v 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.61.94
UK Pound	1	Rs.102.06
Euro	1	Rs.84.31

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--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	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.