MIRA INFORM REPORT

Report Date :

29.11.2014

IDENTIFICATION DETAILS

Name :	JOHNSON CONTROLS (INDIA) PRIVATE LIMITED
Registered Office :	401-501, 4^th and 5^th Floor, B-Wing, Business Square, Andheri Kurla Road, Andheri [East], Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.09.1995
Com. Reg. No.:	11-111247
Capital Investment / Paid-up Capital :	Rs. 81.713 Millions
CIN No.: [Company Identification No.]	U33130MH1995PTC111247
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACJ3132B
Legal Form :	Private Limited Liability Company
Line of Business :	Providing building automation systems, fire alarm systems, access control and security surveillance systems including allied equipment, components and spares thereof and turnkey contracts to install and maintain and also management and real estate management services.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (19)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred huge accumulated loss which has resulted into fully erosion of networth. However, business is active. Payment terms are reported to be slow. The company can be considered for business dealings on a secured 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 willfully 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

NOT AVAILABLE

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 DECLINED

MANAGEMENT NON-COOPERATIVE

[CONTACT NO.: 91-22-66837000]

LOCATIONS

Registered Office :	401-501, 4^th and 5^th Floor, B-Wing, Business Square, Andheri Kurla Road, Andheri [East], Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-66837000/ 30881548/ 30881466
Fax No.:	91-22-66837002/ 30881592
E-Mail :	piyush.bubna@jci.com ulka.panchal@jci.com
Website :	http://www.johnsoncontrols.in
India Branch Offices :	Located at: · Mumbai Bangalore Noida Kolkata Pune Hyderabad Chennai
Center of Excellence in Engineering (COEE) :	Located at: · Mumbai Pune
Global Workplace Solutions (GWS) :	Located at: · Delhi Mumbai Bangalore Kolkata

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Shrikant Shrikrishna Bapat

Designation :

Managing director

Address :

A-1, Rajdin Apartment, Mental Hospital Road, Thane [West] - 400604, Maharashtra, India

Date of Birth/Age :

13.03.1965

Qualification :

B.E., MMS

Experience :

24 Years

Date of Appointment :

03.12.2012

PAN No.:

ABNPB8557B

DIN No.:

00680243

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	U29192PN1993PLC071223	EMERSON CLIMATE TECHNOLOGIES (INDIA) LIMITED	Managing director	17/10/2011	17/10/2006	31/08/2012	Active	NO
2	U33130MH1995PTC111247	JOHNSON CONTROLS (INDIA) PRIVATE LIMITED	Managing director	03/12/2012	03/12/2012	-	Active	NO
3	U29191PN2000PLC015669	JOHNSON CONTROLS MARINE & REFRIGERATION INDIA LIMITED	Director	30/09/2013	03/12/2012	-	Active	NO

Name :

Soren Bjerg

Designation :

Director

Address :

16 Leedon Heights, #09-03, Singapore 267937

Date of Birth/Age :

06.04.1963

Date of Appointment :

17.09.2007

DIN No.:

01824887

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	Company/ LLP Status	Defaulting status
1	U33130MH1995PTC111247	JOHNSON CONTROLS (INDIA) PRIVATE LIMITED	Director	17/09/2007	17/09/2007	Active	NO
2	U29191PN2000PLC015669	JOHNSON CONTROLS MARINE & REFRIGERATION INDIA LIMITED	Director	29/09/2007	29/09/2007	Active	NO

Name :

R Bruce Mcdonald

Designation :

Director

Address :

3553, N Shepard Ave, Shorewood 53211, United States of America

Date of Birth/Age :

29.04.1960

Date of Appointment :

01.04.2008

DIN No.:

02199693

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	Company/ LLP Status	Defaulting status
1	U29191PN2000PLC015669	JOHNSON CONTROLS MARINE & REFRIGERATION INDIA LIMITED	Director	01/04/2008	01/04/2008	Active	NO
2	U33130MH1995PTC111247	JOHNSON CONTROLS (INDIA) PRIVATE LIMITED	Director	01/04/2008	01/04/2008	Active	NO

Name :

Sudhi Ranjan Sinh

Designation :

Director

Address :

C-101, Lake Homes, Phase 3, Powai, Mumbai - 400076, Maharashtra, India

Date of Birth/Age :

02.08.1975

Qualification :

B.E.

Experience :

17 Years

Date of Appointment :

30.09.2013

PAN No.:

ALFPS6867B

DIN No.:

06432831

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	Company/ LLP Status	Defaulting status
1	U33130MH1995PTC111247	JOHNSON CONTROLS (INDIA) PRIVATE LIMITED	Director	30/09/2013	03/12/2012	Active	NO
2	U29191PN2000PLC015669	JOHNSON CONTROLS MARINE & REFRIGERATION INDIA LIMITED	Director	30/09/2013	03/12/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Piyush Rajendra Bubna
Designation :	Secretary
Address :	18/B, Prathna Building, Swagatam Complex, Jesal Park, Bhayander (East), Thane – 401105, Maharashtra, India
Date of Birth/Age :	13.05.1982
Date of Appointment :	01.04.2010
PAN No.:	AMMPB3960G
Name :	Seemant Sharma
Designation :	Director - Sales
Name :	Siraj Irani
Designation :	Regional Executive and General Manager West Asia
Name :	Paul Chawla
Designation :	Director- AE
Name :	Mitul Rustagi
Designation :	General Manager - SE and A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Johnson Controls (Mauritius) Private Limited, Mauritius	8171308
Johnson Controls Holding Company Inc, USA	20
Total	8171328

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]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing building automation systems, fire alarm systems, access control and security surveillance systems including allied equipment, components and spares thereof and turnkey contracts to install and maintain and also management and real estate management services.

Products/ Services :

ITC Code No.	Product Descriptions
84810000	Valves/ Switches
90260000	Air Conditioning Equipments
99831418	Engineering services including plant engineering, product design, product development services
99871590	Maintenance and repair services of other equipment

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Experience:	Not Divulged
Maximum limit dealt:	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Experience:	Not Divulged
Maximum limit dealt:	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

· Citibank N.A.

Bank of America

Facilities :

--

Banking Relations :	--
Auditors :
Name :	Lovelock and Lewes Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABFL5878L
Holding company :	Johnson Controls (Mauritius) Private Limited
Ultimate Holding company :	Johnson Controls Inc., USA
Fellow Subsidiary company :	· Salem Air Conditioning Company Limited, UAE JBE-EHQ Johnson Controls Automotive – Japan HQ JCI Regelungstechnik GmbH, Germany Johnson Controls Marine and Refrigeration India Limited [U29191PN2000PLC015669] Johnson Controls and Company LLC, Oman Johnson Controls (China) Investment Co. Limited Johnson Controls (Lebanon) Limited Johnson Controls (M) Sdn Bhd, Malaysia Johnson Controls (S) Pte Limited, Singapore Johnson Controls Air Conditioning and Refrigeration (Qatar) WLL Johnson Controls Air Conditioning and Refrigeration (Wuxi) Company Limited Johnson Controls Air Conditioning and Refrigeration Inc., Dubai Johnson Controls Australia Pty Limited Johnson Controls Automotive - HQ / Yokohama Johnson Controls Automotive (UK) Limited Johnson Controls Automotive Electronics Sas, France Johnson Controls Battery Group Inc., USA Johnson Controls Bratislava R.O. Johnson Controls Building Automation Systems LLC, USA Johnson Controls Chile S.A. Johnson Controls Electronics Bulgaria EOOD Johnson Controls Espana SL Johnson Controls France S.A.S. Johnson Controls Holding Company Inc., USA Johnson Controls Holding (S) Pte Limited, Singapore Johnson Controls Inc., Belgium Johnson Controls Inc., Controls Group (Japan) Johnson Controls International (Thailand) Company Limited Johnson Controls International LLC, Dubai Johnson Controls Korea Limited Johnson Controls Pricol Private Limited [U34200PN2011PTC139594] Johnson Controls Sa/Nv Belgium Johnson Controls Services Vietnam Company Limited Johnson Controls Systems and Services BV, Netherlands Johnson Controls Systems and Services GmbH, Germany Johnson Controls Systems and Service Italy SRL Johnson Controls Systems Limited, UK Johnson Controls Technology Company, USA Johnson Controls Klima ve So-utma, Servis, Sanayi ve Tcaret Anonim Sirketi Johnson Controls World Services (Thailand) Company Limited Johnson Controls, K.K., Japan Michel Thierry Group SA, Laroque MTG- JCI SG$A Fabric NA Group Office Pt York Aditama Teknik Tata Johnson Controls Automotive Limited [U99999MH1996PTC095979] York (China) Commercial Company Limited York (Shanghai) Air Conditioning and Refrigeration International Trading Company Limited York Guangzhou Air Conditioning and Refrigeration Company Limited York International (Northern Asia) Limited York International Corporation, USA York Latin America HQ York Refergeration Frik York Wuxi Air Conditioning and Refrigeration Company Limited, China

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
220,000,000	Equity Shares	Rs. 10/- each	Rs. 2200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8,171,328	Equity Shares	Rs. 10/- each	Rs. 81.713 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	81.700	81.700	81.700
(b) Reserves & Surplus	(518.500)	(889.800)	(578.600)
(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)	(436.800)	(808.100)	(496.900)
(3) Non-Current Liabilities
(a) Long-term borrowings	1911.100	911.100	911.100
(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	21.800	22.700	22.600
Total Non-current Liabilities (3)	1932.900	933.800	933.700
(4) Current Liabilities
(a) Short term borrowings	0.000	964.700	559.500
(b) Trade payables	592.800	523.500	618.100
(c) Other current liabilities	388.300	295.700	193.800
(d) Short-term provisions	42.100	76.200	54.200
Total Current Liabilities (4)	1023.200	1860.100	1425.600
TOTAL	2519.300	1985.800	1862.400
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	76.300	85.600	54.200
(ii) Intangible Assets	6.500	5.600	3.600
(iii) Capital work-in-progress	0.000	0.500	1.100
(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)	137.600	0.000	0.000
(d) Long-term Loan and Advances	372.200	388.900	320.700
(e) Other Non-current assets	33.100	34.400	11.100
Total Non-Current Assets	625.700	515.000	390.700
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	67.500	81.900	57.400
(c) Trade receivables	984.700	827.200	853.300
(d) Cash and cash equivalents	170.300	15.200	12.100
(e) Short-term loans and advances	144.500	90.300	64.300
(f) Other current assets	526.600	456.200	484.600
Total Current Assets	1893.600	1470.800	1471.700
TOTAL	2519.300	1985.800	1862.400

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	4365.900	3453.300	3579.900
		Other Income	113.800	104.700	89.100
		TOTAL (A)	4479.700	3558.000	3669.000
Less	EXPENSES
		TOTAL (B)	3982.600	3760.100	3551.600
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		497.100	(202.100)	117.400
Less	FINANCIAL EXPENSES (D)		110.100	93.300	142.800
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		387.000	(295.400)	(25.400)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		44.200	15.800	9.800
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		342.800	(311.200)	(35.200)
Less	TAX (H)		(28.500)	0.000	(1.000)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		371.300	(311.200)	(34.200)
	EARNINGS IN FOREIGN CURRENCY
		Direct Sales Compensation		83.600	86.470
		Income from engineering services		600.000	424.234
		Income from business support services		182.500	99.539
		Income from recovery of business expenses		1.600	2.660
		Support fees		65.800	49.264
	TOTAL EARNINGS		1611.700	933.500	662.167
	Earnings/ (Loss) Per Share (Rs.)		45.44	(38.08)	(4.19)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	8.50	(9.01)	(0.96)
Operating Profit Margin (PBDIT/Sales)	(%)	11.39	(5.85)	3.28
Return on Total Assets (PBT/Total Assets}	(%)	14.39	(15.68)	(1.89)
Return on Investment (ROI) (PBT/Networth)		(0.78)	0.39	0.07
Debt Equity Ratio (Total Debt/Networth)		(4.38)	(2.32)	(2.96)
Current Ratio (Current Asset/Current Liability)		1.85	0.79	1.03

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	81.700	81.700	81.700
Reserves & Surplus	(578.600)	(889.800)	(518.500)
Net worth	(496.900)	(808.100)	(436.800)
Long-term borrowings	911.100	911.100	1911.100
Short term borrowings	559.500	964.700	0.000
Total borrowings	1470.600	1875.800	1911.100
Debt/Equity ratio	(2.960)	(2.321)	(4.375)

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	3579.900	3453.300	4365.900
		(3.536)	26.427

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	3579.900	3453.300	4365.900
Profit/ (Loss)	(34.200)	(311.200)	371.300
	(0.96%)	(9.01%)	8.50%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	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	90159777	02/02/1999	110,000,000.00	CITIBANK N.A.	C-61; BANDRA KURLA COMPLEX, G-BLOCK; BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	-
2	90158879	28/05/1998	95,000,000.00	CITIBANK N.A.	SAKHAR BHAWAN; 7TH FLOOR, NARIMAN POINT, MUMBAI,  MAHARASHTRA - 400021, INDIA	-

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Debentures	1911.100	911.100
SHORT TERM BORROWINGS
Term loans from banks	0.000	884.000
Loans repayable on demand	0.000	80.700
Total	1911.100	1875.800

CHANGE OF ADDRESS:

The Registered Office of the Company has been shifted from 501, Prime Corporate Park, Near ITC Grand Maratha, Sahar Road, Andheri (East), Mumbai – 400099, Maharashtra, India to the present address w.e.f.14.01.2014.

GENERAL INFORMATION

Johnson Controls (India) Private Limited is engaged in diversified businesses providing:

· building automation systems, fire alarm systems, access control and security surveillance systems including allied equipment, components and spares thereof

turnkey contracts to install and maintain above systems

facility management services and real estate management services

engineering solutions primarily to its group companies and others

business support services primarily to its group companies

OPERATIONAL PERFORMANCE

During the year under consideration, there was increase in revenue of the Company from Rs. 3453.300 Millions to Rs. 4365.900 Millions on account of good Order Book of engineering services and business support services. Tremendous rise in operational profit of the Company from a loss of Rs. 202.100 Millions to a profit of Rs.497.100 Millions can be attributed to operational efficiency in Projects and Workspace solutions business, business support services and enhanced revenue from Engineering services.

CONTINGENT LIABILITIES

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
(i) Sales tax matters under dispute being contested by the Company and / or in appeal	34.800	9.700
(ii) Service tax matters under dispute being contested by the Company and / or in appeal	78.200	45.600
(iii) Income tax matters under dispute being contested by the Company and / or in appeal	106.100	76.600
Total	219.100	131.900
NOTES: Sales tax, service tax and income tax matters referred to in (i) and (ii) above, pertain to litigations / disputes with sales tax authorities and excise authorities, respectively. It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolutions of the respective proceedings.

FIXED ASSETS

· Furniture and fixtures

Office equipment

Computer equipments

Other equipments

Leasehold improvements

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. 61.97
UK Pound	1	Rs. 97.37
Euro	1	Rs. 77.16

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	2
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		19

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.