MIRA INFORM REPORT

Report Date :

28.06.2014

IDENTIFICATION DETAILS

Name :	MAGNA RICO POWERTRAIN PRIVATE LIMITED
Registered Office :	38, K. M. Stone, Delhi Jaipur Highway, Village Khandsa, C/O Rico Auto Industries Limited Gurgaon – 122001, Haryana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.03.2008
Com. Reg. No.:	05-037708
Capital Investment / Paid-up Capital :	Rs. 392.400 Millions
CIN No.: [Company Identification No.]	U29110HR2008PTC037708
TAN No.: [Tax Deduction & Collection Account No.]	RTKM05188B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of four Wheeler Automatic Parts
No. of Employees :	100 (Approximetly) (Office + Factory)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 920000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is a joint venture between Rico Auto Industries Limited (India) and Megna Powertrain AG (Austria) It is an established company having moderate track record. The company has recorded some accumulated losses However, there are no exernal borrowings recorded by the company. Trade relation are reported as fair. Business is active. Payments terms are reported to be slow but correct. The Company can be considered for business dealing with some caution.

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

C

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. Ashok Sharma
Designation :	Chief Finance Officer
Contact No.:	91-9971719463
Date :	24.06.2014

LOCATIONS

Registered Office :	38, K. M. Stone, Delhi Jaipur Highway, Village Khandsa, C/O Rico Auto Industries Limited Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-2875082
Fax No. :	91-124-2875100
E-Mail :	Sumit.kumar@magnarico.com
Website :	http://www.magnarico.com
Factory 1 :	69 K.M. Stone Delhi, Jaipur Highway, Dharuhera, District Rewari, Gurgaon – 122106, Haryana, India
Area :	35000 Sq. Ft.
Location :	Owned
Facory 2 :	Plot No. 11, Sector-8, Imt Manesar, Gurgaon, Haryana, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Om Prakash Aggarwal

Designation :

Nominee Director

Address :

House No. 761, Sector – 14, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

08.01.1946

Date of Appointment :

14.03.2008

DIN No.:

01537211

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	U34200HR2007PLC037021	Rico Jinfei Wheels Limited	Director	16/07/2007	16/07/2007	-	Active	NO
2	U29110HR2008PTC037708	Magna Rico Powertrain Private Limited	Nominee director	14/03/2008	14/03/2008	-	Active	NO
3	U74120HR2007PLC037192	RASA AUTOCOM LIMITED	Director	24/09/2011	01/04/2009	-	Active	NO
4	U29253HR2007PLC036910	UTTARAKHAND AUTOMOTIVES LIMITED	Director	24/09/2011	01/04/2009	-	Active	NO
5	U35990HR2009PLC039865	KAPBROS Engineering Industries Limited	Director	30/09/2010	07/01/2010	-	Active	NO
6	U28112HR2010PLC039941	AAN ENGINEERING INDUSTRIES LIMITED	Director	09/07/2011	14/01/2010	-	Active	NO
7	U29130KA2010PTC071473	KRP AUTO INDUSTRIES Private Limited	Director	15/01/2010	15/01/2010	12/12/2011	Active	NO

Name :

Mr. Vivek Kishan Hazari

Designation :

Nominee Director

Address :

D – 910, New Friend Colony, New Delhi – 110065, Delhi, India

Date of Birth/Age :

06.05.1965

Date of Appointment :

14.03.2008

DIN No.:

00694060

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	U74899DL1983PTC015771	CORE LEASE FINANCE PRIVATE LIMITED	Director	27/07/1984	27/07/1984	-	Active	NO
2	U51909DL1997PTC090130	ASCEND EXPORTS PRIVATE LIMITED	Director	10/10/1997	10/10/1997	-	Active	NO
3	U29110HR2008PTC037708	Magna Rico Powertrain Private Limited	Nominee director	14/03/2008	14/03/2008	-	Active	NO
4	U74900HR2008PTC037519	Continental Automotive Brake Systems (I) Private Limited	Nominee director	29/09/2011	29/09/2011	09/03/2012	Active	NO
5	U74120HR2007PLC037192	RASA AUTOCOM LIMITED	Director	28/09/2013	11/02/2013	31/03/2014	Active	NO
6	U34300HR1997PLC035283	FCC RICO LIMITED	Additional director	26/11/2013	26/11/2013	31/03/2014	Active	NO

Name :

Mr. Franz Jammernegg

Designation :

Nominee Director

Address :

Building 10, Appartement 703, Lane 99, Puncheng Road, Pundog – 200120 Pundong District, Shangahi, China.

Date of Birth/Age :

23.10.1969

Date of Appointment :

25.03.2011

DIN No.:

03386819

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	U29110HR2008PTC037708	Magna Rico Powertrain Private Limited	Nominee director	29/09/2011	25/03/2011	-	Active	NO
2	U34300DL2006PLC156351	MPT AMTEK AUTOMOTIVE (INDIA) LIMITED	Director	30/09/2011	30/09/2011	10/02/2012	Active	NO

Name :

Mr. Naresh Kumar Sethi

Designation :

Nominee Director

Address :

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

Date of Birth/Age :

28.10.1947

Date of Appointment :

29.09.2011

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	29/09/2008	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. Kaushalendra Verma

Designation :

Nominee Director

Address :

B-412, Shaurya Appartment, B9/7B, Sector – 62, Nodia – 201301, Uttar Pradesh, India.

Date of Birth/Age :

17.05.1968

Date of Appointment :

31.03.2012

DIN No.:

02004259

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	U74899DL1995PTC067296	DELPHI AUTOMOTIVE SYSTEMS PRIVATE LIMITED	Additional director	18/12/2007	18/12/2007	02/06/2008	Active	NO
2	U34300DL2006PLC156351	MPT AMTEK AUTOMOTIVE (INDIA) LIMITED	Additional director	10/02/2012	10/02/2012	-	Active	NO
3	U29110HR2008PTC037708	Magna Rico Powertrain Private Limited	Nominee director	28/09/2012	31/03/2012	-	Active	NO

Name :

Mr. Johann Peter Ecker

Designation :

Nominee Director

Address :

Neuboeckweg 12 Graz – 8042, Austria

Date of Birth/Age :

17.01.1963

Date of Appointment :

27.06.2013

DIN No.:

05319039

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	U72200PN1997PTC014786	MAGNA STEYR INDIA PRIVATE LIMITED	Additional director	29/05/2012	29/05/2012	01/04/2013	Active	NO
2	U29110HR2008PTC037708	Magna Rico Powertrain Private Limited	Nominee director	25/09/2013	27/06/2013	-	Active	NO

KEY EXECUTIVES

AS ON 30.09.2013

Name :	Mr. Tarun Chabbra
Designation :	Secretary
Address :	Flat No. A – 230-a, Lajpat Nagar, Sahibabad – 201305, Ghaziabad, Uttarpradesh, India.
Date of Birth/Age :	13.12.1982
Date of Appointment :	03.08.2009
Name :	Mr. Sumit Kumar
Designation :	Secretary
Address :	H. No. 4043 G, Delhi Gate, Near Golchakkar Busting Station,Rewari – 123401, Haryana, India
Date of Birth/Age :	10.10.1982
Date of Appointment :	12.09.2010
PAN NO.:	AUYPK2860L

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Megna Powertrain AG, Austria	19620000
Rico Auto Industries Limited, India	19620000
Total	39240000

AS ON 30.09.2013

Names of Allottees	No. of Shares
Magna Powertrain AG Business	1500000
Rico Auto Industries Limited Business	1500000
Total	3000000

AS ON 30.09.2013

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]	50.000
Bodies corporate	50.000
Total	100.000

BUSINESS DETAILS

Line of Business :

Manufacturer of four Wheeler Automatic Parts

Products :

Product Description	ITC Code
Water Pump Assy	3748
Oil Pump Assy	3748

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

No. of Employees :	100 (Approximetly) (Office + Factory)
Bankers :	CITI Bank, New Delhi, India

Banking Relations :
Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountant
Address :	5^th Floor, Golf View Corporate Tower B Sector 42, Gurgaon Road, Haryana, India
PAN No.:	AABFS3421N
Follow Subsidiaries :	Megna powertrain (Changzhou) Company Limited, China Megna Powertrain Korea, Inc Korea Republic of Megna Steyr India Private Limited, India (CIN No U72200PNI997PTC014786)

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
45000000	Equity Shares	Rs.10/- Each	Rs. 450.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
39240000	Equity Shares	Rs.10/- Each	Rs. 392.400 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	392.400	342.400	272.400
(b) Reserves & Surplus	(159.928)	(165.36)	(139.456)
(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)	232.472	177.040	132.944
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.183	0.852	0.701
Total Non-current Liabilities (3)	1.183	0.852	0.701
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	95.400	67.901	53.372
(c) Other current liabilities	16.783	7.398	6.028
(d) Short-term provisions	1.205	1.064	0.812
Total Current Liabilities (4)	113.388	76.363	60.212
TOTAL	347.043	254.255	193.857
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	128.734	95.763	47.051
(ii) Intangible Assets	6.154	4.947	8.183
(iii) Capital work-in-progress	0.000	13.41	11.29
(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	25.636	28.677	30.635
(e) Other Non-current assets	1.081	1.131	0.674
Total Non-Current Assets	161.605	143.928	97.833
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	34.33	30.362	23.889
(c) Trade receivables	98.328	57.624	28.903
(d) Cash and cash equivalents	13.849	13.21	31.661
(e) Short-term loans and advances	35.543	7.827	11.503
(f) Other current assets	3.388	1.304	0.068
Total Current Assets	185.438	110.327	96.024
TOTAL	347.043	254.255	193.857

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
TOTAL INCOME	387.470	216.960	155.470
TOTAL EXPENSES	370.760	231.150	196.860
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	16.710	(14.190)	(41.390)
DEPRECIATION/ AMORTISATION	11.280	10.980	11.930
PROFIT/ (LOSS) BEFORE TAX	5.430	(25.170)	(53.320)
TAX	0.000	0.730	0.000
PROFIT/ (LOSS) AFTER TAX	5.430	(25.900)	(53.320)
EARNINGS IN FOREIGN CURRENCY
EXPORT EARNINGS	18.750	14.640	0.000
IMPORTS
CIF VALUE OF RAW MATERIALS	39.550	32.430	0.000
Earnings / (Loss) Per Share (Rs.)	0.14	(0.66)	(1.36)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.40	(11.60)	(34.30)
Return on Total Assets (PBT/Total Assets}	(%)	1.56	(10.45)	(29.21)
Return on Investment (ROI) (PBT/Networth)		0.02	(0.14)	(0.40)
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.64	1.44	1.59

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	272.400	342.400	392.400
Reserves & Surplus	(139.456)	(165.360)	(159.928)
Net worth	132.944	177.040	232.472
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	155.470	216.960	387.470
		39.551	78.591

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	155.470	216.960	387.470
Profit	(53.320)	(24.440)	5.430
	(34.30%)	(11.26%)	1.40%

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	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)	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	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

PERFORMANCE :

The Company has completed 5 Years since inception and has developed itself as a quality supplier dor oil and water Pumps for India as well as overseas customers. In the year 2012-2013, MRPT launched its first Oil Pump for GM India. The current installed capacity of Oil Pumps is 300,000 as will further be increased to 500,000 in 2013-14. MRPT has also diversified in to Off Road / Commercial Vehicle segment and will lunch Heavy Duty Oil Pumps by January 2014. On the Technology front , MRPT has commissioned the oil Pumps Test Rigs which are capable of meeting the Global OEMs Testing Standards. Continuing its effort towards a Safe and Healthy workplace, MRPT was awarded the ISO 14001:2004 and ISO 18001:2007 for Environment, Health and Safety.

FUTURE OUTLOOK:

India's growth story remains strong despite the current short term economic slowdown that has hit every industry. The demand is expected topick up in the later part of 2013 and OEMs have continued the investments in Capacity enhancement. MRPT's Business is spread geographicallyand therefore, the impact of the slowdown is considerably less. The Exports Business will continue to grow in 2013-2014 increasing capacity utilization efficiency.

FIXED ASSETS:

• Leasehold Improvements
• Furniture and Fixtures
• Office Equipments
• Computers
• Dies and Moulds
• Plant and Machinery
• Intangibles 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. 60.10
UK Pound	1	Rs. 102.40
Euro	1	Rs. 81.88

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
Report Prepared by :	YOG

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.