MIRA INFORM REPORT

Report No. :	314676
Report Date :	02.04.2015

IDENTIFICATION DETAILS

Name :	COTMAC ELECTRONICS PRIVATE LIMITED
Registered Office :	168, ‘S’ Block, MIDC, Bhosari, Pune – 411026, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.01.1992
Com. Reg. No.:	11-016377
Capital Investment / Paid-up Capital :	Rs.44.272 Million
CIN No.: [Company Identification No.]	U31200PN1992PTC016377
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	PNEC00692G
PAN No.: [Permanent Account No.]	AAACC7879G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, supplier and service Provider of electrical and electronics equipment and trading in various kinds of electronics goods.
No. of Employees :	125 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating=BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	10.06.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating=A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	10.06.2014

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 PARTED BY

Name :	Mr. Nitin Apsangi
Designation :	Manager
Contact No.:	91-9890180611
Date :	31.03.2015

LOCATIONS

Registered Office :	168, ‘S’ Block, MIDC, Bhosari, Pune-411026, Maharashtra, India
Tel. No.:	91-20-30687200
Mobile No.:	91-7709153252 (Mr. Manish) 91-9890180611 (Mr. Nitin Apsangi)
Fax No.:	91-20-27119870
E-Mail :	info@cotmac.com jayant.jm@gmail.com
Website :	www.comac.com
Area :	7000 Sq. Ft.
Location :	Owned
Locality :	Rsidential
Factory 1 :	Plot No.130 and 133A, Sector No.-10, PCNTDA, Bhosari, Pune-411026, Maharashtra, India
Tel. No.:	91-20-30687169
Fax No.:	91-20-27119870
Factory 2 :	Part B, Gut No. 202/7 Near Bhaiavnath Temple, Chimbali Phata, Murhe Vasti Moi Road, Tal Khed Pune-410501, Maharashtra, India
Branch Office :	SURAT Plot # 612, Road no. 6, GIDC Industrial Estate, Sachin, SURAT - 394 230, Gujarat, India Ph:-91-261-2398755 / 56 Fax:91- 261-2398799 BANGLORE 70/5,Suvarna Towers, 21 Cross, Chbs Layout, Near Bda Complex, Vijaynagar, Bangalore – 560040, Karnataka, India Ph : 91-80-23146354 Fax : 91-80-23146354 HYDRABAD Street No: 9, H. No.430, Near Shenoy Nuursing Home, East Merradpally, [Hyderabad] Secunderabad-500 026 India Tel.: 91-40-40160727 Fax: 91-40-40160727

DIRECTORS

As on 31.03.2014

Name :	Mr. Mukund Shankarrao Muley
Designation :	Managing Director
Address :	B-101, Sylvan Heights, Sanewadi, Aundh, Pune-411007, Maharashtra, India
Date of Birth/Age :	31.03.1966
Date of Appointment :	15.01.1992
DIN No.:	00818938
Name :	Mr. Vikram Raghavesh Sirur
Designation :	Director
Address :	Opposite Corporation Office, 19, Lamington Road, Dharwad-580020 Karnataka, India
Date of Birth/Age :	16.12.1946
Date of Appointment :	09.01.1992
DIN No.:	00312980
Name :	Mr. Pralhad Namdeorao Hage
Designation :	Whole Time Director
Address :	Flat No.5, Plot No.7, Praveen Plaza, Sector No.25, Pradhikaran Nigdi, Pune-411044, Maharashtra, India
Date of Birth/Age :	01.07.1965
Date of Appointment :	15.01.1992
DIN No.:	01033035
Name :	Mr. Shyam Sirur
Designation :	Whole Time Director
Address :	A 8/2, HDFC Colony, Chinchwad, Pune-411019, Maharashtra, India
Date of Birth/Age :	09.08.1948
Date of Appointment :	15.03.1993
DIN No.:	00134226
Name :	Mr. Vivek Raghavesh Sirur
Designation :	Director
Address :	3058/59, Lamington Road, Hubli, Dharwad-580020, Karnataka, India
Date of Birth/Age :	16.06.1939
Date of Appointment :	06.07.1993
DIN No.:	00312929
Name :	Mr. Arjun Shyam Sirur
Designation :	Director
Address :	A 8/2, HDFC Colony, Chinchwad, Pune-411019, Maharashtra, India
Date of Birth/Age :	09.07.1978
Date of Appointment :	07.04.2003
DIN No.:	00480951
Name :	Mr. Amitendra Bhupendra Mazumdar
Designation :	Director
Address :	Flat No.201, Building A-2, Lunkad Gold Coast, Viman Nagar, Punue-411014, Maharashtra, India
Date of Birth/Age :	29.08.1956
Date of Appointment :	19.04.2006
DIN No.:	00649648
Name :	Mr. Janakkumar Pravinchandra Jariwala
Designation :	Director
Address :	36-37, Sant Tukaram Society, Near Amardip Apartment, Bhatar Road, Surat-395007, Gujarat, India
Date of Birth/Age :	07.10.1973
Date of Appointment :	19.04.2006
DIN No.:	00762596
Name :	Ms. Suman Shyam Sirur
Designation :	Director
Address :	A 8/2, HDFC Colony, Chinchwad, Pune-411019, Maharashtra, India
Date of Birth/Age :	17.04.1955
Date of Appointment :	30.06.2009
DIN No.:	00480962
Name :	Mr. Gajanan Gangaram Dhakane
Designation :	Director
Address :	D-2, 301 Swapnanagari Udyamnagar, Pimpri, Pune – 411018, Maharashtra, India
Date of Birth/Age :	23.11.1979
Date of Appointment :	23.02.2012
DIN No.:	01726433

KEY EXECUTIVES

Name :	Mr. Nitin Apsangi
Designation :	Manager

MAJOR SHAREHOLDERS

As on 22.09.2014

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 22.09.2014

Category	Percentage
Bodies corporate	24.99
Directors or relatives of Directors	72.49
Other top fifty shareholders	2.52
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, supplier and service Provider of electrical and electronics equipment and trading in various kinds of electronics goods.

Products :

Item Code No. (ITC Code)	Product Description
85167900	Electro Thermic Appliances

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Cheque, Cash and Credit

Purchasing :

Cheque, Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Retailers and Manufacturer

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

125 (Approximately)

Bankers :

Banker Name :	Corporation Bank
Branch Address :	Pimpri Chinchwad Branch, Raka Chambers, Chinchwad, Pune – 411019, Maharashtra, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee term loans from banks	0.000	0.738
Short Term Borrowing
Loans repayable on demand	104.287	108.031
Total	104.287	108.769

Auditors :
Name :	P G BHAGWAT Chartered Accountant
Address :	Suite No. 101-102, Orchard, Dr. Pai Marg, Baner, Pune-411045, Maharashtra, India
Tel. No.:	91-20-27291772 / 3
Fax No.:	91-20-27290774
E-Mail :	pgbhagwat@vsnl.com
Pan No.:	AAAFB0762E
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary companies :	COTMAC ELECTRONICS (SURAT) PRIVATE LIMITED CIN No.: U31909MH1997PTC107161 Cotmac Electronics INC Cotmac Classitech Singapore Pte. Limited COTMAC SYNERGY AUTOMATION PRIVATE LIMITED CIN No.: U31200PN2000PTC014637 SIBELLA TECHNOLOGIES PRIVATE LIMITED CIN No.: U72200PN2007PTC130625 Cotmac Classitech Middle East JLT, UNITED ARAB EMIRATES Cotmac Mcuba Canada Inc, CANADA
Fellow Subsidiary companies :	Cotmac Middle East FZE, UNITED ARAB EMIRATES COTMAC TELECOM PRIVATE LIMITED CIN No.: U32204PN2000PTC015258 SOFTECH CONTROLS PRIVATE LIMITED CIN No.: U31909PN2000PTC014803 COTMAC INFOTECH PRIVATE LIMITED CIN No.: U72200PN1999PTC013498 PRO-EX SOLUTIONS PRIVATE LIMITED CIN No.: U72200PN2001PTC016204 MIVEN MAYFRAN CONVEYORS PRIVATE LIMITED CIN No.: U29150KA1986PTC007869
Associates:	Cotmac Precision Castings Private Limited CIN No.: U27320PN2012PTC142854 Cotmac Industrial Trading Private Limited CIN No.: U51909PN2010PTC136352 Nimbus Automation Solutions Private Limited CIN No.: U74120MH2013PTC241426 Memf Cotmac Automation Systems Company Limited

CAPITAL STRUCTURE

As on 22.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
442719	Equity Shares	Rs.100/- each	Rs.44.272 Millions
57281	Unclassified	Rs.100/- each	Rs.5.728 Millions
	Total		Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
442719	Equity Shares	Rs.100/- each	Rs.44.272 Millions
	Total		Rs.44.272 Millions

As on 22.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
246460	Equity Shares (Class A)	Rs.100/- each	Rs. 24.646Million
196259	Equity Shares (Class B)	Rs.100/- each	Rs. 19.626 Million
	Total		Rs.44.272 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
246460	Equity Shares (Class A)	Rs.100/- each	Rs. 24.646Million
196259	Equity Shares (Class B)	Rs.100/- each	Rs. 19.626 Million
	Total		Rs.44.272 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	44.272	44.272	44.072
(b) Reserves & Surplus	299.053	235.845	175.590
(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)	343.325	280.117	219.662
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.738	7.254
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.738	7.254
(4) Current Liabilities
(a) Short term borrowings	104.287	108.031	98.242
(b) Trade payables	223.503	299.782	266.393
(c) Other current liabilities	69.985	71.969	68.575
(d) Short-term provisions	24.310	22.068	20.078
Total Current Liabilities (4)	422.085	501.850	453.288
TOTAL	765.410	782.705	680.204
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	49.893	47.170	49.009
(ii) Intangible Assets	1.579	1.218	1.004
(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	28.002	18.602	14.679
(c) Deferred tax assets (net)	2.626	4.885	4.841
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	15.666	8.679	5.635
Total Non-Current Assets	97.766	80.554	75.168
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	174.921	215.432	210.609
(c) Trade receivables	451.139	447.041	350.878
(d) Cash and cash equivalents	3.629	9.169	8.700
(e) Short-term loans and advances	36.801	30.354	33.152
(f) Other current assets	1.154	0.155	1.697
Total Current Assets	667.644	702.151	605.036
TOTAL	765.410	782.705	680.204

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income
	Other Income
	TOTAL	1632.016	1626.811	1328.708
Less	EXPENSES
	TOTAL	1505.627	1497.408	1229.999
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	126.389	129.403	98.709
Less	FINANCIAL EXPENSES	18.545	26.161	21.710
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	107.844	103.242	76.999
Less/ Add	DEPRECIATION/ AMORTISATION	6.503	6.904	7.224
	PROFIT/ (LOSS) BEFORE TAX	101.341	96.338	69.775
Less	TAX	35.477	34.393	23.923
	PROFIT/ (LOSS) AFTER TAX	65.864	61.945	45.852
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	216.508	157.152	113.861
Less	APPROPRIATIONS
	Transfer to General Reserve	0.000	0.000	0.000
	Dividend	2.213	2.213	2.203
	Tax on Dividend	0.443	0.376	0.358
	Total	2.656	2.589	2.561
	Balance Carried to the B/S	279.716	216.508	157.152
	Earnings / (Loss) Per Share (Rs.)

Expected Sales (2014-15) : Rs.1700.000 million

The above information has been parted by Mr. Nitin Apsangi (Manager)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PAT/Sales)	(%)	4.04	3.81	3.45
Operating Profit Margin (PBDIT/Sales)	(%)	7.74	7.95	7.43
Return on Total Assets (PBT/Total Assets}	(%)	13.79	12.69	10.56
Return on Investment (ROI) (PBT/Networth)		0.30	0.34	0.32
Debt Equity Ratio (Total Debt /Networth)		0.30	0.39	0.48
Current Ratio (Current Asset/Current Liability)		1.58	1.40	1.33

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	44.072	44.272	44.272
Reserves & Surplus	175.590	235.845	299.053
Net worth	219.662	280.117	343.325
long-term borrowings	7.254	0.738	0.000
Short term borrowings	98.242	108.031	104.287
Total borrowings	105.496	108.769	104.287
Debt/Equity ratio	0.480	0.388	0.304

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1328.708	1626.811	1632.016
		22.436	0.320

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1328.708	1626.811	1632.016
Profit	45.852	61.945	65.864
	3.45%	3.81%	4.04%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BUSINESS REVIEW:

The FY 2013-14 witnessed one of the worst economic slowdown, which also affected there company’s growth. Most of the infrastructure projects and power projects in the country were on hold. Automotive industry was going through one of the toughest time for them. However, the Company, inspite of facing difficult market conditions, increasing costs and very stiff competition could achieve the sales revenue of Rs 1630.000 Million

The company maintained the tempo it had gathered during F Y 2012-13 and clinched to figure of total income of Rs. 1632.016 Million, an increase of 0.31% over last year. The Profits after Tax, however, increased by 6% mainly due to stricter cost control and credit control. However few of their divisions are still struggling for better performance.

The company continued to receive credit rating from CRISIL Ltd. as ‘SE 1A’, which indicates ‘Highest Performance Capability and High

Financial Strength’. The company continued to be active member of Automation Industries association of India (AIA), New Delhi.

FUTURE PLANS:

With the new stable government at the centre and prime minister’s “Make in India “campaign will help economy to come on track and will help there company to grow. The company has good plans for the future years to come.

The company being strong player in the field of Industrial Automation will look to consolidate its position in Singapore, Dubai and USA. The Company expect good growth in OIL and Gas Sector through its subsidiary companies.

The overall market scenario for the year appears to be very challenging. The orders and margins are shrinking down and this year is going to be a very challenging year in terms of maintaining top line and profitability. Company will continue to focus on geographical expansion. Company also plans to diversify into smart grid and energy sector with innovative solutions

INDEX OF CHARGE:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90094046	28/04/2004	12,000,000.00	CORPORATION BANK	PIMPRI ; CHINCHWAD BRANCH, RAKA CHAMBERS; CHINCHWAD, PUNE, Maharashtra - 411019, INDIA	-
2	90085273	25/01/2000	738,000.00	CORPORATION BANK	PIMPRI ; CHINCHWAD BRANCH, RAKA CHAMBERS; CHINCHWAD, PUNE, Maharashtra - 411019, INDIA	-
3	90084995	16/02/1999	367,000.00	CORPORATION BANK	PIMPRI ; CHINCHWAD BRANCH, RAKA CHAMBERS; CHINCHWAD, PUNE, Maharashtra - 411019, INDIA	-
4	90084822	29/11/2012 *	298,100,000.00	CORPORATION BANK	PIMPRI ; CHINCHWAD BRANCH, RAKA CHAMBERS; CHINCHWAD, PUNE, Maharashtra - 411019, INDIA	B65570491
5	90090687	25/01/2000 *	1,500,000.00	CORPORATION BANK	PIMPRI ; CHINCHWAD BRANCH, RAKA CHAMBERS; CHINCHWAD, PUNE, Maharashtra - 411019, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Leasehold Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Computers

· Vehicles

· Office Equipments

· Electrical Installations

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.62.59
UK Pound	1	Rs.92.45
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	SAN
Analysis Done by :	KAR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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		48

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.