MIRA INFORM REPORT

Report Date :

10.10.2014

IDENTIFICATION DETAILS

Name :	AGNICE FIRE PROTECTION PRIVATE LIMITED (w.e.f. 01.06.2012)
Formerly Known As :	AGNICE FIRE PROTECTION LIMITED (w.e.f. 14.09.2000) AGNI HEAVY ENGINEERING INDUSTRIES LIMITED
Registered Office :	No.2, G.K. Industrial Estate, Alapakkam, Porur, Chennai – 600 016, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.05.1995
Com. Reg. No.:	18-031367
Capital Investment / Paid-up Capital :	Rs. 41.530 Millions
CIN No.: [Company Identification No.]	U28920TN1995PTC031367
PAN No.: [Permanent Account No.]	AAACA9432F
Legal Form :	Private Limited Liability Company
Line of Business :	Engineering, Procurement and Construction Contractor for Fire Fighting Systems.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ca (22)

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 a subsidiary of UTC Fire and Security Singapore Pte Ltd It is an established company having moderate track record. The company has incurred a heavy loss during financial year 2013 which has resulted in to fully erosion of net worth. 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 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	CARE
Rating	Long Term Bank Facilities (BB+)
Rating Explanation	Moderate degree of default
Date	August 20, 2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities (A4+)
Rating Explanation	Moderate degree of safety and very high credit risk.
Date	August 20, 2014

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

Name :	Mr. Jailamar
Designation :	Finance Department
Contact No.:	91-9840032260
Date :	08.10.2014

LOCATIONS

Registered Office/ Head Office/ Assembling Unit :	No.2, G.K. Industrial Estate, Alapakkam, Porur, Chennai – 600 016, Tamilnadu, India
Tel. No.:	91-44-42906900 (40 Lines)
Fax No.:	91-44-24769324
E-Mail :	srinivasan.m@fs.utc.com support@agnice.net info@agnice.net marketing@agnice.net
Website :	http://www.agnicefireprotection.com
Branch Office 1 :	# C-301-303, 3^rd Floor, Twin Arcade, Military Road, Marol, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-40178500-14
Fax No.:	91-22-40178515
E-Mail :	mumbai@agnice.nt
Branch Office :	Also located at: · Delhi · Bangalore · Hyderabad · Cochin · Kolkata
Overseas Office :	Located at: · Muscat · Dubai

DIRECTORS

AS ON 16.09.2013

Name :

Mr. Zubin Jamshed Irani

Designation :

Director

Address :

11, Jor Bagh, New Delhi – 110003, India

Date of Birth/Age :

11.08.1972

Date of Appointment :

02.10.2001

DIN No. :

00159781

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	U74999HR1992FLC036104	CARRIER AIRCONDITIONING AND REFRIGERATION LIMITED	Director	02/06/2010	19/10/2006	15/03/2011	Active	NO
2	U63000DL2008FTC270957	United Technologies Corporation India Private Limited	Managing director	29/07/2011	27/10/2010	-	Active	NO
3	U28920TN1995PTC031367	AGNICE FIRE PROTECTION Private Limited	Director	02/12/2011	02/12/2011	14/05/2014	Active	NO
4	U30007TN1992PTC023051	CARRIER RACE TECHNOLOGIES PRIVATE LIMITED	Director	03/02/2012	03/02/2012	19/06/2012	Active	NO
5	U74140HR2011FTC044006	Carrier Midea India Private LImited	Director	25/09/2012	30/05/2012	-	Active	NO

Name :

Mr. Sanjay Sudhakaran

Designation :

Director

Address :

Flat No. 403/404, 4^th Floor, Building No. 18, Indra Darshan, off Link Road, Oshiwara, Andheri (W), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

19.10.1971

Date of Appointment :

16.09.2013

DIN No. :

00212610

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	U74999HR1992FLC036104	CARRIER AIRCONDITIONING AND REFRIGERATION LIMITED	Whole-time director	14/09/2010	24/03/2010	15/03/2012	Active	NO
2	U28920TN1995PTC031367	AGNICE FIRE PROTECTION PRIVATE LIMITED	Director	16/09/2013	02/12/2011	14/05/2014	Active	NO
3	U30007TN1992PTC023051	CARRIER RACE TECHNOLOGIES PRIVATE LIMITED	Additional director	15/03/2012	15/03/2012	27/03/2012	Active	NO
4	U29193MH1981FLC024364	UTC FIRE ANDSECURITY INDIA LIMITED	Additional director	27/03/2012	27/03/2012	20/08/2012	Active	NO
5	U31909DL1989PLC038375	CHUBB ALBA CONTROL SYSTEMS LIMITED.	Additional director	27/03/2012	27/03/2012	02/08/2012	Active	NO

Name :

Mr. Ramasami Govindarajan

Designation :

Director

Address :

No. 20, Shanthi Street, Vetri Nagar Extention, Thiru Vi Ka Nagar, Chennai – 82, Tamilnadu, India

Date of Birth/Age :

04.06.1958

Date of Appointment :

30.10.2010

DIN No. :

00247519

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	U28920TN1995PTC031367	AGNICE FIRE PROTECTION Private Limited	Managing director	30/10/2010	19/01/2001	-	Active	NO
2	U29192TN2006PTC061410	EPO TECH (INDIA) PRIVATE LIMITED	Director	31/10/2006	31/10/2006	05/09/2011	Active	NO
3	U32109KA2006PTC038426	Code Red Electronics AND Security Systems Private Limited	Managing director	31/07/2010	17/08/2009	-	Active	NO

Name :

Mr. Ameer Ahmed

Designation :

Director

Address :

C/o. Agnice International and Partners LLC PO Box 546, PC 117, Muscat, Sultanate of Oman

Date of Birth/Age :

22.09.1953

Date of Appointment :

15.02.2002

DIN No. :

00284273

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	U74910KL1997PTC011756	CONNECT PLUS PRIVATE LIMITED	Director	05/09/1997	05/09/1997	-	Active	NO
2	U51228KL1995PLC009758	TEEJAN BEVERAGES LIMITED	Director	02/02/2001	02/02/2001	18/02/2012	Active	NO
3	U45309KL1961SGC001937	KERALA STATE INDUSTRIAL DEVELOPMENT CORPN LIMITED	Director	15/12/2011	19/01/2002	-	Active	NO
4	U28920TN1995PTC031367	AGNICE FIRE PROTECTION Private Limited	Director	15/02/2002	15/02/2002	-	Active	NO
5	U15499KL1988PTC005229	TEEJAN FOODS PVT LTD	Director	08/11/2005	08/11/2005	03/03/2014	Active	NO
6	U51102KA2007PTC043054	SHAJAR TIMBER TRADING PRIVATE LIMITED	Director	14/06/2007	14/06/2007	-	Strike off	NO
7	U45200KL2008PTC022392	TEEJAN BUILDERS PRIVATE LIMITED	Managing director	12/05/2008	12/05/2008	-	Active	NO
8	U45200KL2012PTC031195	MANAPPAT INFRATECH PRIVATE LIMITED	Director	11/05/2012	11/05/2012	-	Active	NO
9	U32109KA2006PTC038426	Code Red Electronics AND Security Systems Private Limited	Director	06/07/2012	06/07/2012	-	Active	NO
10	U26933TN2004PTC054357	EUROCASA IMPEX PRIVATE LIMITED	Director	26/07/2012	26/07/2012	-	Active	NO
11	U65923KL2009PLC025082	CHERAMAN FINANCIAL SERVICES LIMITED	Nominee director	04/09/2013	04/09/2013	-	Active	NO
12	U01133KL2013PTC035204	MALAPPURAM COCONUT PRODUCER COMPANY LIMITED	Director	31/07/2014	31/07/2014	-	Active	NO

Name :

Mr. Balasubramanian Nariampalli

Designation :

Director

Address :

21/2, Vaidya Raman Street, T. Nagar, Chennai – 600017, Tamilnadu, India

Date of Birth/Age :

11.10.1931

Date of Appointment :

18.06.2012

DIN No. :

01013436

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	U65110TN1921PLC001908	TAMILNAD MERCANTILE BANK LIMITED	Director	24/12/2004	24/12/2004	05/06/2008	Active	NO
2	L65921TN1986PLC013626	DFL Infrastructure Finance Limited	Additional director	08/08/2008	08/08/2008	18/10/2008	Active	NO
3	U28920TN1995PTC031367	AGNICE FIRE PROTECTION Private Limited	Director	23/08/2012	18/06/2012	-	Active	NO

Name :

Kenneth L. Erickson

Designation :

Director

Address :

507, Wexford CT Noblesville IN 46060-9059 Noblesville, USA

Date of Birth/Age :

25.06.1957

Date of Appointment :

23.08.2012

DIN No. :

05268409

Name :

Mr. Sundaresan Narayanan

Designation :

Director

Address :

K.G. Plam Land, Flat No. 2C, House No. 21/10, Liynwood Avenue, Mahalingapuram, Chennai – 600034, Tamilnadu, India

Date of Birth/Age :

23.02.1981

Date of Appointment :

07.12.2012

DIN No. :

06443519

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	U28920TN1995PTC031367	AGNICE FIRE PROTECTION Private Limited	Director	16/09/2013	07/12/2012	14/05/2014	Active	NO
2	U51909DL2001PTC112834	ONITY INDIA PRIVATE LIMITED	Additional director	12/03/2014	12/03/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Jailamar
Designation :	Finance Department
Name :	Damodaran and Associates,
Designation :	Company Secretaries,

MAJOR SHAREHOLDERS

As on 16.09.2013

Names of Shareholders	No. of Shares
UTC Fire and Security Singapore Pte. Limited, Singapore	3073050
Ameer Ahamed	493200
R. Govindarajan	269950
Ameer Ahamed and (Mrs.) Anitha Ameer	255000
Anitha Ameer (Mrs.)	61800
Total	4153000

As on 16.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	93.50
Directors or relatives of Directors	6.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Engineering, Procurement and Construction Contractor for Fire Fighting Systems.

Products :

Item Code No. (ITC Code)	Product Description
99545900	Special Trade Contractors

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· State Bank of India, Industrial Finance Branch, 115, Anna Salai, Chennai - 600002, Tamilnadu, India

· IDBI Bank Limited, Plot No. 7, Chevaliar Saivaji Ganesan Road, (South Board Road), T. Nagar, Chennai – 600017, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans taken for fixed assets	0.369	1.228
SHORT TERM BORROWINGS
Loans repayable on demand from banks	0.025	398.452
Total	0.394	399.680

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	8th Floor door, No 129-140, Prestige, Palladium, Greams Road, Chennai - 600006, Tamilnadu, India
PAN No.:	AAHFP0187A
Ultimate Holding Company:	United Technologies Corporation Inc., USA
Holding Company:	UTC Fire and Security Singapore Pte Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· UTC Fire and Security India Limited · Chubb Alba Control Systems Limited. · Carrier Race Technologies Private Limited · Carrier Airconditioning and Refrigeration Limited · Otis Elevator Company (India) Limited

CAPITAL STRUCTURE

As on 16.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4153000	Equity Shares	Rs.10/- each	Rs.41.530 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	41.530	41.530	41.530
(b) Reserves & Surplus	(601.641)	278.499	264.404
(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)	(560.111)	320.029	305.934
(3) Non-Current Liabilities
(a) long-term borrowings	0.369	1.228	8.049
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.892	2.392	4.340
(d) long-term provisions	16.786	12.083	10.002
Total Non-current Liabilities (3)	18.047	15.703	22.391
(4) Current Liabilities
(a) Short term borrowings	1011.334	630.710	409.648
(b) Trade payables	649.803	487.632	338.741
(c) Other current liabilities	391.351	115.294	144.991
(d) Short-term provisions	15.121	67.907	54.177
Total Current Liabilities (4)	2067.609	1301.543	947.557
TOTAL	1525.545	1637.275	1275.882
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	30.929	41.489	38.309
(ii) Intangible Assets	3.228	3.654	2.649
(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	0.909
(c) Deferred tax assets (net)	0.000	16.694	3.345
(d) Long-term Loan and Advances	14.554	2.110	1.831
(e) Other Non-current assets	507.591	100.024	104.673
Total Non-Current Assets	556.302	163.971	151.716
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	103.716	56.209	59.228
(c) Trade receivables	637.587	1138.740	871.764
(d) Cash and cash equivalents	7.511	77.865	72.391
(e) Short-term loans and advances	27.824	25.417	38.125
(f) Other current assets	192.605	175.073	82.658
Total Current Assets	969.243	1473.304	1124.166
TOTAL	1525.545	1637.275	1275.882

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	1383.563	1784.855	1451.177
	Other Income	50.913	6.008	14.948
	TOTAL (A)	1434.476	1790.863	1466.125
Less	EXPENSES
	Consumption materials Changes Inventories			896.876
	Contract Cost			236.268
	Employees benefits expense			79.836
	Administrative selling Other expenses			94.477
	TOTAL (B)	2297.921	1790.548	1307.457
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	(863.445)	0.315	158.668
Less	FINANCIAL EXPENSES (D)	0.000	0.000	43.757
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(863.445)	0.315	114.911
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.000	0.000	4.981
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(863.445)	0.315	109.930
Less	TAX (H)	16.695	0.174	40.583
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(880.140)	0.141	69.347
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)	2.164	2.023	-67.324
	Balance Carried to the B/S (I+J)	(877.976)	2.164	2.023
	EARNINGS IN FOREIGN CURRENCY	56.900	NA	NA
	Earnings / (Loss) Per Share (Rs.)	(211.93)	0.03	16.70

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(61.36)	0.01	4.73
Net Profit Margin (PBT/Sales)	(%)	(62.41)	0.02	7.58
Return on Total Assets (PBT/Total Assets}	(%)	(56.60)	0.02	8.64
Return on Investment (ROI) (PBT/Networth)		1.54	0.00	0.36
Debt Equity Ratio (Total Debt /Networth)		(1.81)	1.97	1.37
Current Ratio (Current Asset/Current Liability)		0.47	1.13	1.19

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	41.530	41.530	41.530
Reserves & Surplus	264.404	278.499	(601.641)
Net worth	305.934	320.029	(560.111)
long-term borrowings	8.049	1.228	0.369
Short term borrowings	409.648	630.710	1011.334
Total borrowings	417.697	631.938	1011.703
Debt/Equity ratio	1.365	1.975	(1.806)

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	1451.177	1784.855	1383.563
		22.994	(22.483)

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	1451.177	1784.855	1383.563
Profit	69.347	0.141	(880.140)
	4.78%	0.01%	(63.61%)

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

VIEW INDEX OF CHARGES: No Charges Exist for Company

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans repayable on demand from banks	93.309	0.000
Loans and advances from related parties	918.000	232.258
Total	1011.309	232.258

FIXED ASSETS

· Buildings

· Plant and equipment

· Factory Equipments

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer Equipments

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. 61.03
UK Pound	1	Rs. 98.63
Euro	1	Rs. 77.74

INFORMATION DETAILS

Information Gathered by :	GYA
Analysis Done by :	DIV
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	--
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		22

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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