MIRA INFORM REPORT

Report Date :

24.09.2014

IDENTIFICATION DETAILS

Name :	ASHTECH (INDIA) PRIVATE LIMITED
Registered Office :	30, Ashtech House, Popat Wadi, Kalbadevi Road, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.03.2002
Com. Reg. No.:	11-135081
Capital Investment / Paid-up Capital :	Rs. 19.072 Millions
CIN No.: [Company Identification No.]	U74999MH2002PTC135081
PAN No.: [Permanent Account No.]	AAECA4133B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in processing of fly ash and manufacturing of ready mix concrete and concrete paver blocks.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. The company can be considered 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 – 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	CRISIL
Rating	Long term rating = BB+
Rating Explanation	Moderate risk of default regarding timely servicing and high credit risk.
Date	October 31, 2013

Rating Agency Name	CRISIL
Rating	Short term rating = A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	October 31, 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

Management Non-Cooperative

Contact No.: 91-22-61490200

LOCATIONS

Registered Office / Administrative Office :	30, Ashtech House, Popat Wadi, Kalbadevi Road, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-61490200 / 22190200
Fax No.:	Not Available
E-Mail :	accounts@ashtechindia.net
Website :	www.ashtechindia.net
Factory :	No-1695, H-block, 11th Main Road, 5th Street, Anna Nagar, Anna Nagar, Chennai - 600040, Tamilnadu, India
Manufacturing/ Processing Units :	Located at : · Maharashtra · Delhi · Gujarat · Tamilnadu

DIRECTORS

AS ON 27.12.2013

Name :

Bankat Hanuman Prasad Mandhania

Designation :

Director

Address :

62/B, Prithvi Apartments, Altamount Road, Mumbai –400 026, Maharashtra, India

Date of Appointment :

20.06.2006

DIN No. :

01660410

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	U71110WB1995PLC073052	ORACLE FINEX LTD.	Director	02/08/2004	02/08/2004	-	Active	NO
2	U74999MH1943PTC004074	KASTURI NAGESH PAI AND CO PVT LTD	Director	19/05/2006	19/05/2006	-	Active	NO
3	U74999MH2002PTC135081	ASHTECH (INDIA) PRIVATE LIMITED	Director	20/06/2006	20/06/2006	-	Active	NO
4	U29253MH2012PTC234652	ASHTECH TECHNOLOGIES PRIVATE LIMITED	Director	18/08/2012	18/08/2012	-	Active	NO
5	U45400MH2012PTC236929	SHIVDAYAL INFRASTRUCTURE PRIVATE LIMITED	Director	17/10/2012	17/10/2012	-	Active	NO
6	U45200MH2013PTC240149	SHIVDAYAL DWELLERS PRIVATE LIMITED	Director	04/02/2013	04/02/2013	-	Active	NO

Name :

Satish Hanumanprasad Mandhania

Designation :

Director

Address :

62/B, Prithvi Apartments, Altamount Road, Mumbai –400 026, Maharashtra, India

Date of Appointment :

06.03.2002

DIN No. :

01660581

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	U74999MH2002PTC135081	ASHTECH (INDIA) PRIVATE LIMITED	Director	06/03/2002	06/03/2002	-	Active	NO
2	U71110WB1995PLC073052	ORACLE FINEX LTD.	Director	02/08/2004	02/08/2004	-	Active	NO
3	U74999MH1943PTC004074	KASTURI NAGESH PAI AND CO PVT LTD	Director	19/05/2006	19/05/2006	-	Active	NO
4	U29253MH2012PTC234652	ASHTECH TECHNOLOGIES PRIVATE LIMITED	Director	18/08/2012	18/08/2012	-	Active	NO
5	U45400MH2012PTC236807	SHIVDAYAL BUILDCON PRIVATE LIMITED	Director	15/10/2012	15/10/2012	-	Active	NO
6	U51909WB2008PTC128509	CAMEX IMPEX PRIVATE LIMITED	Additional director	05/08/2013	05/08/2013	05/08/2014	Active	NO

Name :

Sanjay Hanumanprasad Mandhania

Designation :

Director

Address :

62/B, Prithvi Apartments, Altamount Road, Mumbai –400 026, Maharashtra, India

Date of Appointment :

06.03.2002

DIN No. :

02411323

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	U74999MH2002PTC135081	ASHTECH (INDIA) PRIVATE LIMITED	Director	06/03/2002	06/03/2002	-	Active	NO
2	U71110WB1995PLC073052	ORACLE FINEX LTD.	Director	02/08/2004	02/08/2004	-	Active	NO
3	U74999MH1943PTC004074	KASTURI NAGESH PAI AND CO PVT LTD	Director	19/05/2006	19/05/2006	-	Active	NO
4	U29253MH2012PTC234652	ASHTECH TECHNOLOGIES PRIVATE LIMITED	Director	18/08/2012	18/08/2012	-	Active	NO
5	U45203MH2012PTC236942	SHIVDAYAL REALTY PRIVATE LIMITED	Director	17/10/2012	17/10/2012	-	Active	NO
6	U51909WB2008PTC128509	CAMEX IMPEX PRIVATE LIMITED	Additional director	05/08/2013	05/08/2013	05/08/2014	Active	NO

Name :

Vandana Mandhania

Designation :

Director

Address :

62/B, Prithvi Apartments, Altamount Road, Mumbai –400 026, Maharashtra, India

Date of Appointment :

20.06.2006

DIN No. :

03117388

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	U74999MH2002PTC135081	ASHTECH (INDIA) PRIVATE LIMITED	Director	20/06/2006	20/06/2006	-	Active	NO
2	U45400MH2012PTC236929	SHIVDAYAL INFRASTRUCTURE PRIVATE LIMITED	Director	17/10/2012	17/10/2012	-	Active	NO
3	U45200MH2013PTC240149	SHIVDAYAL DWELLERS PRIVATE LIMITED	Director	04/02/2013	04/02/2013	-	Active	NO

Name :

Hanumanprasad Mandhania

Designation :

Director

Address :

62/B, Prithvi Apartments, Altamount Road, Mumbai –400 026, Maharashtra, India

Date of Appointment :

01.10.2010

DIN No. :

03572959

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	U74999MH2002PTC135081	ASHTECH (INDIA) PRIVATE LIMITED	Director	01/10/2010	01/10/2010	-	Active	NO
2	U45200MH2013PTC240149	SHIVDAYAL DWELLERS PRIVATE LIMITED	Director	14/04/2013	14/04/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.12.2013

Names of Shareholders	No. of Shares
Sanjay Hanuman Prasad Mandhania	265200
Satish Hanuman Prasad Mandhania	379000
Vandana bankat Mandhania	100
Hemant Kumar Taparia	100
Oracle Finex Limited, India	330000
Bankat Hanuman Prasad Mandhania	380000
Hanuman Prasad Mandhania	552750
Total	1907150

AS ON 27.12.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	17.30
Directors or relatives of Directors	82.70
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in processing of fly ash and manufacturing of ready mix concrete and concrete paver blocks.

Products :

Item Code No. (ITC Code)	Product Description
68159910	FLY ASH

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· ICICI Bank Limited, Landmarkrace Cource Circle, Baroda - 390015, Gujarat, Baroda

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021, Maharashtra, India

· Axis Bank Limited, Trishul 3rd Floor Opp Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India

· Barclays Bank Plc, 601/603, Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India

· Standard Chartered Bank, Sme Credit, Crescenzo, 3a/F, Plot No. C-38 & 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term loans from bank	525.455	557.343
SHORT TERM BORROWINGS
Term loans from bank	461.813	376.002
Total	987.268	933.345

Banking Relations :
Financial Institution:	L & T Finance Limited, L&T House, Ballard Estate,, Mumbai - 400001, Maharashtra, India
Auditors :
Name :	Bothra and Company Chartered Accountants
Address :	103 Vidhya Chamber, 305, Tardeo Road, Near Nana Chowk Mumbai - 400007, Maharashtra, India
PAN No.:	AILPB2772M
Subsidiary Company :	Ashtech International FZE Ras Al Khaimah
Directors in this Company are common Directors :	· Kasturi Nagesh Pai Co. Private Limited · Oracle Finex Limited
A partnership firm in which Directors are interested as a partner of their HUF :	· Omega Infrastructures · Navjyoti Trading Company · Shivnath Shivdayal · Satish Carriers · Ashcon Resources · Techno Blocks · Micron Materials · Gujrat Hitech Corporation
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Ashtech Technologies Private Limited [U29253MH2012PTC234652] · Shivdayal Buildcon Private Limited U45400MH2012PTC236807 · Shivdayal Dwellers Private Limited · Shivdayal Infrastructure Private Limited · Shivdayal Realty Private Limited [U45203MH2012PTC236942]

CAPITAL STRUCTURE

AS ON 27.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,907,150	Equity Shares	Rs.10/- each	Rs. 19.072 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	19.072	19.072	19.072
(b) Reserves & Surplus	336.314	277.756	150.998
(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)	355.386	296.828	170.070
(3) Non-Current Liabilities
(a) long-term borrowings	631.729	661.684	285.449
(b) Deferred tax liabilities (Net)	55.299	46.826	25.371
(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)	687.028	708.510	310.820
(4) Current Liabilities
(a) Short term borrowings	461.813	376.001	162.920
(b) Trade payables	335.039	257.257	133.984
(c) Other current liabilities	549.047	325.714	284.545
(d) Short-term provisions	68.801	63.382	46.703
Total Current Liabilities (4)	1414.700	1022.354	628.152
TOTAL	2457.114	2027.692	1109.042
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1443.905	1116.678	562.942
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	112.897	232.829	112.705
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3.221	3.223	3.221
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	56.140	47.414	43.561
(e) Other Non-current assets	0.896	0.956	1.485
Total Non-Current Assets	1617.059	1401.100	723.914
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	63.508	56.684	28.586
(c) Trade receivables	537.279	383.919	242.694
(d) Cash and cash equivalents	62.007	55.138	13.702
(e) Short-term loans and advances	139.020	92.705	62.333
(f) Other current assets	38.241	38.146	37.813
Total Current Assets	840.055	626.592	385.128
TOTAL	2457.114	2027.692	1109.042

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Revenue from operations	2608.001	1960.396	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES
	TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	122.449	204.731	82.974
Less	TAX	56.081	71.323	31.237
	PROFIT/ (LOSS) AFTER TAX	66.368	133.408	51.737
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	237.982	128.724	88.028
	Balance Carried to the B/S	289.041	237.982	128.724
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	257.553	297.889	274.464
	TOTAL EARNINGS	257.553	297.889	274.464
	Earnings / (Loss) Per Share (Rs.)	34.8	69.95	--

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	4.70	10.44	NA
Return on Total Assets (PBT/Total Assets}	(%)	5.23	11.43	8.35
Return on Investment (ROI) (PBT/Networth)		0.34	0.69	0.49
Debt Equity Ratio (Total Debt /Networth)		3.08	3.50	2.64
Current Ratio (Current Asset/Current Liability)		0.59	0.61	0.61

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	19.072	19.072	19.072
Reserves & Surplus	150.998	277.756	336.314
Net worth	170.070	296.828	355.386
long-term borrowings	285.449	661.684	631.729
Short term borrowings	162.920	376.001	461.813
Total borrowings	448.369	1037.685	1093.542
Debt/Equity ratio	2.636	3.496	3.077

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	1960.396	2608.001
		33.034

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	1960.396	2608.001
Profit/(Loss) After Tax	133.408	66.368
	6.81%	2.54%

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

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10500645	12/04/2014	4,800,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	C05389432
2	10500655	02/04/2014	16,357,740.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, IN  DIA	C05389333
3	10481109	07/01/2014	10,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJRAT - 390015, INDIA	B97834006
4	10451611	20/09/2013	16,322,086.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G  ARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, IN  DIA	B85975886
5	10442797	15/07/2013	10,363,685.00	L & T FINANCE LIMITED	L&T HOUSE,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA  - 400001, INDIA	B81980302
6	10435105	14/06/2013	1,959,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G  ARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, IN  DIA	B78870219
7	10430643	07/06/2013	6,889,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	B76926971
8	10429262	27/05/2013	8,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	B76376730
9	10429266	13/05/2013	10,400,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	B76377423
10	10429270	03/05/2013	12,406,505.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	B76378553

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Long term loans and Advances	106.274	104.341
Total	106.274	104.341

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)
Performance Guarantee :
NTPC Vidyut Nigam Private Limited	11.066
Director General of Foreign Trade
EPCG Licence	0.090
Ultratech Cement Limited	3.000
Governor of Karnataka	0.050
Guarantee given on behalf of others	10.500
Company is contingently liable

NOTE :

The registered office of the company has been shifted from 32/33 Devkaran Mensioncompound, Mangaldas Road, Prinses Street, Mumbai – 400002, Maharashtra, India to the present address w.e.f. 22.06.2012.

REVIEW OF OPERATION

During the year, the Company has earned of Rs. 66.367 Millions after tax) from turnover of Rs.2608.001 Millions The net profit for the year has been Rs. 66.367 Millions as against Rs. 133.407 Millions during the previous financial year. The Directors are continuously looking for avenues for future growth of the Company in the industry of the company nature business.

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.60.87
UK Pound	1	Rs.99.63
Euro	1	Rs.78.22

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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	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		44

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.