MIRA INFORM REPORT

Report Date :

05.05.2014

IDENTIFICATION DETAILS

Name :	FINE SPAVY ASSOCIATES AND ENGINEERS PRIVATE LIMITED

Registered Office :	C-45/2, MIDC Area, Miraj-416 410, Maharashtra

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	30.06.1984

Com. Reg. No.:	11-33333

Capital Investment / Paid-up Capital :	Rs.4.000 Millions

CIN No.: [Company Identification No.]	U33129MH1984PTC033333

IEC No.:	0388175907

TAN No.: [Tax Deduction & Collection Account No.]	KLPF00099B

PAN No.: [Permanent Account No.]	AAAFF32891

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Material Testing Machine.

No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 94000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Trade Relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

India

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

INDIAN ECONOMIC OVERVIEW

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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 :	Ms. Arti
Designation :	Account Department
Contact No.:	91-233-2644332
Date :	29.03.2014

LOCATIONS

Registered Office/ Factory :	C-45/2, MIDC Area, Miraj-416410, Maharashtra, India
Tel. No.:	91-233-2644332 / 2644532 / 2644832
Mobile No.:	91-9850507360 (Mr. Yunus)
Fax No.:	91-233-2644334
E-Mail :	san_finetest@sancharnet.in jitu_160372@yahoo.com response@finegrouptest.com sales@finegrouptest.com services@finegrouptest.com purchase@finegrouptest.com mailbox@finegrouptest.com
Website :	http://www.finegrouptest.com
Area :	3000 sq. ft.
Location :	Owned

DIRECTORS

As on 30.09.2013

Name :

Mrs. Arti Anant Deshpande

Designation :

Director

Address :

Guruprasad, Plot – 45, Pandharpur Road, Miraj – 416410, Maharashtra, Inida

Date of Birth/Age :

15.06.1947

Qualification :

01.04.2008

DIN No.:

00368033

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	U31909PN2000PTC015032	OPTO-FINE INSTRUMENTS PRIVATE LIMITED	Director	23/06/2000	23/06/2000	-	Active	NO
2	U31200PN1987PTC044159	FASNE TEST EQUIPMENT PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
3	U33129MH1984PTC033333	FINE SPAVY ASSOCIATES AND ENGINEERS PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO

Name :

Mr. Kedar Shankar Joshi

Designation :

Director

Address :

Atharva, Plot No. 1, Hudco Colony, Near Laxmi Temple, Sangli – 416 416, Maharashtra, India

Date of Birth/Age :

29.06.1977

Date of Appointment :

07.06.2000

DIN No.:

00113436

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	U33129MH1984PTC033333	FINE SPAVY ASSOCIATES AND ENGINEERS PRIVATE LIMITED	Director	07/06/2000	07/06/2000	-	Active	NO
2	U31909PN2000PTC015032	OPTO-FINE INSTRUMENTS PRIVATE LIMITED	Director	23/06/2000	23/06/2000	-	Active	NO

Name :

Mr. Yeshwant Vasudev Kulkarni

Designation :

Director

Address :

Mrunmai, Akuj Nagar, Kupwad Road, Sangli – 416 425, Maharashtra, India

Date of Birth/Age :

20.09.1948

Date of Appointment :

01.04.2006

DIN No.:

00113546

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	U31200PN1987PTC044159	FASNE TEST EQUIPMENT PRIVATE LIMITED	Director	23/07/1987	23/07/1987	-	Active	NO
2	U33123MH1987PTC042552	BALANCING INSTRUMENTS AND EQUIPMENTS (MIRAJ) PRIVATE LIMITED	Whole-time director	08/12/2000	08/12/2000	-	Active	NO
3	U33129MH1984PTC033333	FINE SPAVY ASSOCIATES AND ENGINEERS PRIVATE LIMITED	Director	01/04/2006	01/04/2006	-	Active	NO
4	U29299PN2004PTC019823	META-TEST INSTRUMENTS PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO

Name :

Mrs. Anita Shankar Joshi

Designation :

Director

Address :

Atharva, Plot No. 1, Hudco Colony, Near Laxmi Temple, Sangli – 416 416, Maharashtra, India

Date of Birth/Age :

15.03.1949

Date of Appointment :

01.04.2008

DIN No.:

02114051

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	U33129MH1984PTC033333	FINE SPAVY ASSOCIATES AND ENGINEERS PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
2	U31200PN1987PTC044159	FASNE TEST EQUIPMENT PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
3	U31909PN2000PTC015032	OPTO-FINE INSTRUMENTS PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO

Name :

Mr. Rahul Anant Deshpande

Designation :

Additional Director

Address :

Lokmanya Colony, Miraj, Miraj – 416410, Maharashtra, India

Date of Birth/Age :

15.06.1947

Date of Appointment :

16.10.2009

DIN No.:

00435947

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	U29299PN2004PTC019823	META-TEST INSTRUMENTS PRIVATE LIMITED	Director	06/10/2004	06/10/2004	-	Active	NO
2	U31909PN2000PTC015032	OPTO-FINE INSTRUMENTS PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
3	U33129MH1984PTC033333	FINE SPAVY ASSOCIATES AND ENGINEERS PRIVATE LIMITED	Director	16/10/2009	29/05/2009	-	Active	NO
4	U31200PN1987PTC044159	FASNE TEST EQUIPMENT PRIVATE LIMITED	Director	16/10/2009	16/10/2009	-	Active	NO
5	U85100PN2012PTC142966	AMEYA LASERS AND RESEARCH PRIVATE LIMITED	Director	13/04/2012	13/04/2012	-	Active	NO

Name :

Mrs. Yogini Yeshwant Kulkarni

Designation :

Director

Address :

Mrunmai, Akuj Nagar, Kupwad Road, Sangli – 416 425, Maharashtra, India

Date of Birth/Age :

09.07.1953

Date of Appointment :

01.04.2008

DIN No.:

02206437

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	U29299PN2004PTC019823	META-TEST INSTRUMENTS PRIVATE LIMITED	Director	06/10/2004	06/10/2004	-	Active	NO
2	U31909PN2000PTC015032	OPTO-FINE INSTRUMENTS PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
3	U33129MH1984PTC033333	FINE SPAVY ASSOCIATES AND ENGINEERS PRIVATE LIMITED	Director	01/04/2008	01/04/2008	07/01/2014	Active	NO
4	U31200PN1987PTC044159	FASNE TEST EQUIPMENT PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Aarti
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders		No. of Shares
Badkundri Govind Prakash		436
Deshpande Anant Arti		444
Joshi Ramkrishna Shankar		1850
Kulkarni Vasudev Yeshwant		5096
Joshi Shankar Anita		2133
Kulkarni Yeshwant Yogini		3591
Joshi Ramkrishna Shankar		2977
Kulkarni Yeshwant Shardul		3103
Joshi Shankar Kedar		3040
Joshi Ramkrishna Shankar		2697
Joshi Kedar Archna		636
Kulkarni Yashwant Shardul		933
Deshpande Rahul Uttara		500
Kulkarni Yeshwant Yogini		610
Deshpande Anant Arti		8982
Deshpande Anant Arti		1109
Deshpande Anant Rahul		889
Deshpande Anant Rahul		974
TOTAL		40000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	99.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Material Testing Machine.

Products :

Leaf Spring Testing Machine
Tensile Testing Machines
Dynamic Hardness Tester
Universal Testing Machine
Analogue Tensile Testing Machine
Digital Rockwell Hardness Tester
Hardness Testing Machine
Analogue cum Computerized Universal Testing
Chain Testing Machine
Rockwell Hardness Tester
Dynamic Balancing Machines
Vickers Hardness Testing Machine
Material Testing Machine
Brinell Hardness Testers
Micro Vickers Hardness Tester
ASTM Impact Testing Machines
Vertical Dynamic Hardness Testers
Computerisd Universal Testing Machine
Surgical Microscopes
Portable Hardness Testers

PRODUCT DESCRIPTION

ITEM CODE

Universal Testing machines, Tensile Other Bridge Type Machine

Nil

Exports :

Products :

Finished Goods

Countries :

· South America

· Gulf Countries

Imports :

Products :

Raw Materials

Countries :

· China

· USA

· Japan

Terms :

L/C / Cash and Credit [30 and 60 Days]

Selling :

L/C / Cash and Credit [30 and 60 Days]

Purchasing :

GENERAL INFORMATION

Suppliers :

· Fortune Foundries Private Limited

· Marc Enterprises

· Poly Hydron Systems Private Limited, Baroda

Customers :

Wholesalers, Retailers and End Users

· Hi – Tech India Equipment Private Limited

No. of Employees :

35 (Approximately)

Bankers :

HDFC Bank, Branch Sangli, Maharashtra, India
HDFC Bank, Branch Miraj, Maharashtra, India
ICICI Bank
The Sangli Bank Limited
Central Bank of India
Bank of Baroda, Post Box No. 69,39, Vakhar Bhag, Mahavir Nagar, High School Road, Sangli - 416416, Maharashtra, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term borrowings
Loans repayable on demand	2.142	4.127
Total	2.142	4.127


Banking Relations :	--

Auditors :
Name :	A V Manavi and Company Chartered Accountant
Address :	Ashirwad, 294, R K Extension, Sangli-416410, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABLPM0075D

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 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	4.000	4.000	4.000
(b) Reserves & Surplus	19.576	15.045	11.901
(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)	23.576	19.045	15.901

(3) Non-Current Liabilities
(a) long-term borrowings	5.544	5.612	5.679
(b) Deferred tax liabilities (Net)	0.280	0.212	0.242
(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)	5.824	5.824	5.921

(4) Current Liabilities
(a) Short term borrowings	2.142	4.127	2.470
(b) Trade payables	1.487	3.140	0.698
(c) Other current liabilities	13.701	6.244	4.779
(d) Short-term provisions	2.761	2.905	3.087
Total Current Liabilities (4)	20.091	16.416	11.034

TOTAL	49.491	41.285	32.856

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.984	6.626	6.419
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(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	0.646	0.636	0.167
(e) Other Non-current assets	0.002	0.002	0.496
Total Non-Current Assets	6.632	7.264	7.082

(2) Current assets
(a) Current investments	0.001	0.001	2.006
(b) Inventories	8.728	17.010	12.651
(c) Trade receivables	18.041	11.293	7.854
(d) Cash and cash equivalents	12.549	2.710	0.489
(e) Short-term loans and advances	3.238	2.881	0.368
(f) Other current assets	0.302	0.126	2.406
Total Current Assets	42.859	34.021	25.774

TOTAL	49.491	41.285	32.856

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Sales (Exports + Indigenous)	91.188	82.101	89.310
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA

Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA	NA

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10.464	10.213	8.760

Less	FINANCIAL EXPENSES (D)		0.653	0.618	0.480

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.811	9.595	8.280

Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.591	1.619	1.482

	PROFIT BEFORE TAX (E-F) (G)		8.220	7.976	6.798

Less	TAX (H)		2.676	2.551	2.162

	PROFIT AFTER TAX (G-H) (I)		5.544	5.425	4.636

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	7.354	13.657

	Earnings Per Share (Rs.)		138.60	135.63	115.90

Particulars

31.03.2014

Sales Turnover (Approximately)

105.000

The above information has been parted by Ms. Arti. (Account Department)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	9.01	9.71	7.61

Return on Total Assets (PBT/Total Assets}	(%)	16.61	19.32	20.69

Return on Investment (ROI) (PBT/Networth)		0.35	0.42	0.43

Debt Equity Ratio (Total Debt /Networth)		0.33	0.51	0.51

Current Ratio (Current Asset/Current Liability)		2.13	2.07	2.35

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	4.000	4.000	4.000
Reserves & Surplus	11.901	15.045	19.576
Net worth	15.901	19.045	23.576

long-term borrowings	5.679	5.612	5.544
Short term borrowings	2.470	4.127	2.142
Total borrowings	8.149	9.739	7.686
Debt/Equity ratio	0.512	0.511	0.326

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales (Exports + Indigenous)	89.310	82.101	91.188
		(8.072)	11.068

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales (Exports + Indigenous)	89.310	82.101	91.188
Profit	4.636	5.425	5.544
	5.19%	6.61%	6.08%

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	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 four 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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No

RESULTS OF OPERATION

Indigenous Sales of the company for the period were increased to Rs. 91.188 Millions from Rs. 82.101 Millions showing increase in the Indigenous sales. Company’s aggregate sales shows increasing trend. Companies’ profit after tax is Rs. 5.544 Millions as compared to previous year figure of Rs. 5.425 Millions showing increasing trend. Due to improvement in market condition there is increase in aggregate turnover of the company as compared to previous financial year, as a result there is improvement in profit of company showing increase in overall performance of the company. As a result of constant and concerted efforts of the directors to explore export market for the company’s products, the company is receiving lot of enquiries from overseas market. It is a matter of pride for the company that with the motto of maintaining good quality of company’s product and prompt services, the company has established goodwill in the overseas market.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
W M D C Sales Tax Loan	2.469	2.537
A S Joshi	0.200	0.200
A K Joshi	0.200	0.200
A A Deshpande	0.325	0.325
S R Joshi	0.100	0.100
U R Deshpande	0.100	0.100
Y Y Kulkarni	0.500	0.500
R A Deshpande	0.150	0.150
Fasne Test Equipments Private Limited	1.500	1.500
Total	5.544	5.612

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90086961	25/11/2004 *	1,020,000.00	BANK OF BARODA	SANGLI BRANCH; 39 VAKHAR BHAG, HIGH SCHOOL ROAD, SANGLI, MAHARASHTRA, INDIA	-
2	90085234	26/11/2011 *	9,000,000.00	BANK OF BARODA	POST BOX NO. 69,39, VAKHAR BHAG, MAHAVIR NAGAR, HIGHSCHOOL ROAD, SANGLI, MAHARASHTRA - 416416, INDIA	B27330315
3	90084991	10/02/1999	6,000,000.00	BANK OF BARODA	HIGH SCHOOL ROAD, SANGLI, MAHARASHTRA - 416416, IN DIA	-

* Date of charge modification

FIXED ASSETS:

· Factory Land

· Factory Building

· Office Building

· Plant and Machinery

· Electrical Fitting and Instrument

· Office Vehicles

· Furniture and Dead Stock

· Library Books

· Cycle / Car Stand

· Air Conditioner

· Computer

· Jigs and Pattern

· Tools and Installation

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 records 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.60.23
UK Pound	1	Rs.101.68
Euro	1	Rs.83.46

INFORMATION DETAILS

Information Gathered by :	PDT

Analysis Done by :	SUB

Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.

MIRA INFORM REPORT

9.01

16.61

0.35

0.33

2.13

INDEX OF CHARGES

Unit