MIRA INFORM REPORT

Report Date :

08.11.2014

IDENTIFICATION DETAILS

Name :	INDO SCHOTTLE AUTO PARTS PRIVATE LIMITED
Registered Office :	Gat No. 387/389, Village Urawade, Taluka Mulshi, District Pune – 412108, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.04.1985
Com. Reg. No.:	11-035877
Capital Investment / Paid-up Capital :	Rs.46.654 millions
CIN No.: [Company Identification No.]	U34300PN1985PTC035877
TAN No.: [Tax Deduction & Collection Account No.]	PNEI00105A
PAN No.: [Permanent Account No.]	AAACI4592E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Precision Automobile Engine Components.
No. of Employees :	250 (Approximately)

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 3600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects healthy financial risk profile supported by adequate liquidity position and decent profitability achieved by the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term loans: “A-”
Rating Explanation	Adequate degree of safety and carry low credit risk.
Date	October, 2013

Rating Agency Name	ICRA
Rating	Short term “A1”
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	October, 2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED BY

Management non co-operative (91-020-32540055)

LOCATIONS

Registered Office :	Gat No. 387/389, Village Urawade, Taluka Mulshi, District Pune – 412108, Maharashtra, India
Tel. No.:	91-20-22922005/ 22922161/ 2922636/ 32540055/ 22923964/5
Fax No.:	91-20-24104109/ 22929280/ 2922636/ 32540051/ 32540051
E-Mail :	indoschottle@vsnl.com isapeou@vsnl.com esgado@indoschottle.com vypathak@indoschottle.com pabhide@indoschottle.com aakulkarni@indoschottle.com orsoman@indoschottle.com amjalihal@indoschottle.com smshikalgar@indoschottle.com
Website :	www.indoschottle.com
Location :	Owned
Factory 1:	Gat No. 378/387/389, Village Urawade, Taluka Mulshi, District Pune – 412108, Maharashtra, India
Tel. No.:	91-20-32540050/ 51/ 52
Fax No.:	91-20-22923800/ 66740519
E-Mail :	email@indoschottle.com
Factory 2 :	Domestic Plant: Gat No. 10731/6, Perangut, Village Urawade, Taluka Mulshi, Pune – 412108, Maharashtra, India
Tel. No.:	91-20-32540068/ 55
Fax No.:	91-20-22933800
E-Mail :	email@indoschottle.com
Factory 3 :	Sez Plant: Plot No. 7 and 8, Quest Special Economic Zone, Hattargai and Belgaum – 560001, Karnataka, India
Factory 4 :	Belgaum Plant: Plot No. 84/C, S. No. 536, K.I.A.D.B Industrial Area Honga, Belgaum – 591113, Karnataka, India
Tel. No.:	91-831-2414458
Fax No.:	91-831-2414458
Correspondence Office :	Office Club, 3^rd Floor, Swaroop Complex, 41/14 Karve Road, Pune – 411004, Maharashtra, India

DIRECTORS

As on 31.03.2014

Name :

Mr. Vijay Balkrishna Pusalkar

Designation :

Managing Director

Address :

Plot No. 816, Lane No. 8, Sind Housing, Aundh, Pune - 411007, Maharashtra, India

Date of Birth/Age :

24.05.1944

Qualification :

B.Com Diploma in International Trade

Date of Appointment :

09.04.1985

PAN No.:

AAUPP9264H

DIN No.:

00755575

Name :

Sunita Babasaheb Kalyani

Designation :

Director

Address :

221/A, Amit, Kalaninagar, Pune - 411006, Maharashtra, India

Date of Birth/Age :

18.04.1951

Date of Appointment :

09.09.2002

DIN No.:

00089496

Name :

Mr. Shishir Suresh Shirgaokar

Designation :

Director

Address :

12, Koshtaka House, 31 Pali Road, Bandra, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

16.01.1945

Date of Appointment :

13.12.1990

DIN No.:

00166189

Name :

Mr. Ashok Shreekrishna Beharay

Designation :

Director

Address :

“Bahar”, 25, Vishwamitra Colony, Gulmohor Path, Off Law College Road, Pune – 411004, Maharashtra, India

Date of Birth/Age :

11.02.1947

Date of Appointment :

29.04.2004

DIN No.:

00637061

Name :

Mr. Ajay Charuchandra Kirtane

Designation :

Director

Address :

Plot No.364, Lane No.17, Mahatma Co-operative Housing Society, Kothrud, Pune - 411030, Maharashtra, India

Date of Birth/Age :

11.07.1967

Date of Appointment :

24.07.2009

DIN No.:

02711040

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	U34300PN1985PTC035877	INDO SCHOTTLE AUTO PARTS PVT LTD	Director	24/07/2009	27/06/2009	-	Active	NO

Name :

Mr. Jens Peter Breu

Designation :

Nominee director

Address :

Im Moos 4a, Luchingen 9450

Date of Birth/Age :

08.06.1972

Date of Appointment :

12.04.2004

DIN No.:

05239354

Name :

Mr. Anuj Ramesh Sah

Designation :

Alternate director

Address :

Khaitan and Company, 13th Floor, 1 Indibulls Centre, 841 Senapati Bapat Marg, Elphinston Road, Mumbai – 400013, Maharashtra, India

Date of Birth/Age :

22.06.1982

Date of Appointment :

28.05.2013

DIN No.:

05323410

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	U34300PN1985PTC035877	INDO SCHOTTLE AUTO PARTS PVT LTD	Alternate director	28/05/2013	05/05/2012	-	Active	NO
2	U74120MH2012PTC234273	Toshiba Global Commerce Solutions (India) Private Limited	Director	08/08/2012	08/08/2012	11/09/2013	Active	NO
3	U74900DL2013PTC248659	Sener India Engineering and Systems Private Limited	Director	21/02/2013	21/02/2013	22/08/2013	Active	NO
4	U24240MH2014PTC255298	Solenis Chemicals India Private Limited	Director	22/05/2014	22/05/2014	31/07/2014	Active	NO

Name :

Mr. Ramchandra Raghevendra Rao

Designation :

Whole-time Director

Address :

202, Matruchaya, 40 Jeevanchaya Society, Paud Road, Near Bedeker Ganpati Mandir, Pune-411038, Maharashtra, India

Date of Birth/Age :

25.06.1956

Date of Appointment :

02.09.2013

DIN No.:

02715085

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	U74210PN2005PTC021131	EATON INDUSTRIAL SYSTEMS PRIVATE LIMITED	Whole-time director	30/09/2009	30/06/2009	23/04/2012	Active	NO
2	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	27/08/2010	27/08/2010	05/09/2012	Active	NO
3	L29120MH1964PLC012955	HINDUSTAN COMPOSITES LIMITED	Managing director	10/08/2012	16/05/2012	01/07/2013	Active	NO
4	U34300PN1985PTC035877	INDO SCHOTTLE AUTO PARTS PVT LTD	Whole-time director	29/07/2014	02/09/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sameer
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Babasaheb Nilkanth Kalyani	120000
Ishwar S Siddanwar	22000
Savita Shishir Shirgaokar	5000
Vijay Balkrishna Pusalkar	2386943
Sanjay Vaidya	2000
Rajendra Shah	3000
Ajay Kirtane	4000
Dilip Bhagwat	1000
Shishir Shirgaokar	6000
Ashok Beharay	2000
Shrikrishna Inamdar	1000
Sunita Kalyani	4000
Vandana Rahane	1000
Raghunath Deshpande	6000
SFS Intec Holding AG, Switzerland	2099407
Radha Sardesai J/w Kishore Sardesai	2000
Total	4665350

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	45.00
Directors or relatives of Directors	54.19
Other	0.81
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Precision Automobile Engine Components.
Products :	· Engine Valve Collets · Turbocharger Parts · Fuel System Parts · Cold Forging · Rocker Arm Screw · Fluid Power Assemblies

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

End Users

· Agro Match

· Ashok Leyland

· Atul

· Avtec

· Bajaj

· Beml

· Bosch

· Elgi

· Escorts

· FIAT

· Yamaha

· John Deere

· Force

· Hero Honda

· HMT

· Greaves

· Maruti Suzuki

· New Holland

· Piaggio

· TVS

No. of Employees :

250 (Approximately)

Bankers :

· The Thane Janata Sahakari Bank Limited, C-2, Kohinoor Estate, Co-operative Housing Society, Plot No. 12, Mula Road, Sangamwadi, Pune – 411003, Maharashtra, India

· Standard Chartered Bank, 90, M. G. Road, Fort, Mumbai – 400001, Maharashtra, India

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Vadodara - 390015, Gujarat, India

· HDFC Bank Limited

· Citi Bank N.A.

· Bank of India

· The Saraswat Co-operative Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	102.762	292.877
Foreign currency term loans from banks	191.667	61.218
SHORT TERM BORROWINGS
Loans repayable on demand from banks	270.088	114.524
Total	564.517	468.619

Banking Relations :	--
Auditors :
Name :	P.G. Bhagwa Chartered Accountant
Address :	Suite 101-102, Orchard, Dr. Pai Marg, Baner, Pune – 411045, Maharashtra, India
PAN No.:	AAAFB0762E
Associate:	· SFS Services AG · SFS Intec AG
Wholly Owned Subsidiary:	Pusalkar Fluid Power Private Limited CIN No.: U27106PN2003PTC018693
Enterprises in which Key Management Personnel / Relatives are interested:	Pusalkar Engineers

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7,500,000	Equity Shares	Rs.10/- each	Rs. 75.000 Millions
10,000,000	Preference Shares	Rs.10/- each	Rs. 100.000 Millions
	Total		Rs. 175.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,665,350	Equity Shares	Rs.10/- each	Rs. 46.654 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	46.654	46.654	92.767
(b) Reserves & Surplus	1229.549	1086.024	696.588
(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)	1276.203	1132.678	789.355
(3) Non-Current Liabilities
(a) long-term borrowings	294.429	354.095	551.336
(b) Deferred tax liabilities (Net)	96.703	98.482	85.104
(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)	391.132	452.577	636.440
(4) Current Liabilities
(a) Short term borrowings	270.088	114.524	282.385
(b) Trade payables	90.188	61.587	113.029
(c) Other current liabilities	263.124	306.320	416.988
(d) Short-term provisions	55.659	44.635	39.490
Total Current Liabilities (4)	679.059	527.066	851.892
TOTAL	2346.394	2112.321	2277.687
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1299.977	1334.346	1258.171
(ii) Intangible Assets	20.956	18.097	4.580
(iii) Capital work-in-progress	48.958	21.621	112.032
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	17.090	17.090	17.090
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	69.619	40.487	75.705
(e) Other Non-current assets	0.538	11.369	2.351
Total Non-Current Assets	1457.138	1443.010	1469.929
(2) Current assets
(a) Current investments	35.191	0.000	0.000
(b) Inventories	357.662	237.654	260.422
(c) Trade receivables	360.059	325.467	408.685
(d) Cash and cash equivalents	77.120	35.141	41.813
(e) Short-term loans and advances	52.289	67.553	89.890
(f) Other current assets	6.935	3.496	6.948
Total Current Assets	889.256	669.311	807.758
TOTAL	2346.394	2112.321	2277.687

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income			1685.140
		Other Income			12.260
		TOTAL	1582.578	1521.370	1697.400
Less	EXPENSES
		TOTAL	1313.343	1264.320	N.A
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		269.235	257.050	413.720
Less/ Add	DEPRECIATION/ AMORTISATION		N.A	N.A	140.910
	PROFIT/ (LOSS) BEFORE TAX		269.235	257.050	272.810
Less	TAX		92.960	86.978	89.410
	PROFIT/ (LOSS) AFTER TAX		176.275	170.072	183.400
	EARNINGS IN FOREIGN CURRENCY
		Export of goods on FOB basis	828.960	813.620	998.328
	TOTAL EARNINGS		828.960	813.620	998.328
	Earnings / (Loss) Per Share (Rs.)		37.78	36.55	42.88

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	11.14	11.18	10.88
Operating Profit Margin (PBITD/Sales)	(%)	17.01	16.90	100.73
Return on Total Assets (PBT/Total Assets}	(%)	11.81	12.40	12.70
Return on Investment (ROI) (PBT/Networth)		0.21	0.23	0.35
Debt Equity Ratio (Total Debt/Networth)		0.44	0.41	1.06
Current Ratio (Current Asset/Current Liability)		1.31	1.27	0.95

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	92.767	46.654	46.654
Reserves & Surplus	696.588	1086.024	1229.549
Net worth	789.355	1132.678	1276.203
long-term borrowings	551.336	354.095	294.429
Short term borrowings	282.385	114.524	270.088
Total borrowings	833.721	468.619	564.517
Debt/Equity ratio	1.056	0.414	0.442

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1685.140	1521.370	1582.578
		(9.718)	4.023

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1685.140	1521.370	1582.578
Profit	183.400	170.072	176.275
	10.88%	11.18%	11.14%

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	Yes
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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10488714	12/03/2014	240,000,000.00	Citi Bank N.A.	CITI BANK N.A, PLOT NO.C-54, C-55, G-BLOCK, BKC,  BANDRA (E),, MUMBAI, Maharashtra - 400051, INDIA	C02951028
2	10420116	15/03/2013	150,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	B73306490
3	10296879	01/07/2011	200,000,000.00	State Bank of India	Industrial Finance Branch, Tara Chambers, Mumbai-  Pune Road, Wakadewadi, Pune, Maharashtra - 411003,  INDIA	B16779902
4	10281254	01/07/2011 *	202,000,000.00	State Bank of India	Industrial Finance Branch, Tara Chambers, Mumbai-  Pune Road, Wakadewadi, Pune, Maharashtra - 411003,  INDIA	B16779878
5	10264112	17/08/2011 *	90,740,000.00	Standard Chartered Bank	Crescenzo, 3A/F, Plot no. C-38 & 39, G Block, Ban  dra Kurla Complex, Bandra, Mumbai, Maharashtra - 4  00051, INDIA	B19994144
6	10250293	21/08/2012 *	60,000,000.00		Onyx Tower,1st floor, Near Westin Hotel,, North M  ain Road, Koregaon Park,, Pune, Maharashtra - 4110  01, INDIA	B56246804
7	10221798	06/01/2011 *	56,250,000.00	Standard Chartered Bank	90, M G Road,, Fort, Mumbai, Maharashtra - 400001  , INDIA	B02771582
8	10086674	30/01/2012 *	150,000,000.00	Standard Chartered Bank	90 M G Road, Fort, Mumbai, Maharashtra - 400001,  INDIA	B31560295
9	90088879	20/03/2014 *	150,000,000.00	CITIBANK N. A.	FIRST INTERNATIONAL FINANCIAL CENTRE, 9TH FLOOR,,  PLOT NO.C-54, C-55, G-BLOCK, BKC, BANDRA (E),, MU  MBAI, Maharashtra - 400051, INDIA	C00279646

*Date of charge modification

PERFORMANCE AND FUTURE OUTLOOK

The turnover of Rs. 1,582.57 million (previous year Rs. 1529.55 million) was higher by 4% over the previous year. This is in spite of the downturn in the economy, especially up to the third quarter of the financial year under report which impacted the Company’s turnover. There was a gradual improvement in the last quarter of the financial year and in the first quarter of the current financial year which, the Directors hope will continue in the current financial year.

Deliveries to the new customers added by the Company in the last financial year will commence in the third and fourth quarters of the current financial year. Apart from adding to the Company’s turnover this will also help in diversifying the customer base of the Company.

The improvement in the current financial year is mainly on account of growth in the export market and resumption of business with a major European customer. The domestic market is showing only a marginal recovery. The Directors hope that the new Government’s stated agenda of being” pro-business” and its stress on restarting the stalled infrastructure projects will bring in some improvement in the economy. This should benefit the Company in the years to come.

As informed in our Report for the previous year, the Company did implement some cost reduction measures to maintain profitability. This has, to some extent, helped in improving the profitability of the Company.

OPERATIONS:

The expansion of the Plant at Honaga, Dist. Belgaum, was underway during the financial year under report. The Construction of the factory building has now been completed and orders for additional machinery have already been placed. The facility will be substantially utilized by the end of the current financial year. This enhanced facility will facilitate in enhancing the capacity for your Company’s existing products as well as new orders from existing and new customers.

FIXED ASSETS

v Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

v Intangible Assets

· 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.61.52
UK Pound	1	Rs.97.39
Euro	1	Rs.76.15

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis done by :	DIV
Report Prepared by :	JYTK

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	--

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.