MIRA INFORM REPORT

Report No. :	336620
Report Date :	17.08.2015

IDENTIFICATION DETAILS

Name :	AUTOMETERS ENERGITEC LIMITED (W.E.F. 11.06.2015)
Formerly Known As :	RMG AUTOMETERS GAS TECHNOLOGIES LIMITED
Registered Office :	101 – C, Shiv Househari Nagar Ashram, New Delhi - 110014
Tel. No.:	91-120-4059956
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.09.2005
Com. Reg. No.:	55-140838
Capital Investment / Paid-up Capital :	Rs. 60.000 Million
CIN No.: [Company Identification No.]	U00041DL2005PLC140838
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCR1125R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, exporter and importing of natural gas pressure reducing and metering stations and products for the transmission and distribution of natural gas for utilities industries and domestic sectors.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 210000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. A reserve of the company is low. However, rating takes into consideration company’s sound financial risk profile supported by fair profitability margins and favorable gap between trade payables to its receivables. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of aforesaid, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Hare Kumar
Designation :	Human Resource
Contact No.:	91-9910644114
Date :	14.08.2015

LOCATIONS

Registered Office :	101 – C, Shiv Househari Nagar Ashram, New Delhi – 110014, India
Tel. No.:	91-120-4059956
Mobile No.:	91-9910644114
Fax No.:	91-120-4059951
E-Mail :	finance@rmgautometers.co.in sales@energitec.co.in
Website :	http://www.energitec.co.in
Factory :	B – 15, Sector 80, Noida – 201305, Uttar Pradesh, India
Tel. No.:	91-120-4059950
Fax No.:	91-1204059951
E-Mail :	sales@energitec.co.in

DIRECTORS

AS ON 22.07.2014

Name :

Keshav Kumar Thirani

Designation :

Director

Address :

B - 104/2 Western Avenue Maharani Bagh, New Delhi - 110065, India

Date of Birth/Age :

11.08.1947

Date of Appointment :

16.09.2005

DIN No.:

00280467

PAN No.:

AADPT6521G

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	L51909DL1967PLC021844	GOLDWYN LIMITED	Director	17/09/1984	17/09/1984	-	Active	NO
2	U65910DL1983PLC015274	VENTURE CAPITAL LEASING LIMITED	Director	10/1/1986	10/1/1986	-	Active	NO
3	U74899DL1993PTC054444	WOODWARD INDIA PRIVATE LIMITED	Director	31/01/1994	31/01/1994	23/04/2010	Active	NO
4	U74899DL1995PLC070835	AUTOMETERS ALLIANCE LIMITED	Managing director	1/4/2014	14/07/1995	-	Active	NO
5	U25199DL1996PTC083786	MOULDCRAFT (INDIA) PRIVATE LIMITED	Director	11/12/1996	11/12/1996	9/11/2009	Active	NO
6	U70101WB1987PTC043420	SUBHADRA ESTATE DEVELOPMENT PRIVATE LIMITED	Director	25/03/2004	25/03/2004	-	Active	NO
7	U34300DL1959PLC003160	AUTOMETERS LIMITED	Director	14/12/2004	14/12/2004	-	Active	NO
8	U00041DL2005PLC140838	AUTOMETERS ENERGITEC LIMITED	Director	16/09/2005	16/09/2005	-	Active	NO
9	U70102DL2006PLC155255	GOLDENERA INFRASTRUCTURE LIMITED	Director	7/11/2006	7/11/2006	10/6/2009	Active	NO
10	U74140DL2007PTC166854	RIVER ENGINEERING PRIVATE LIMITED	Director	20/10/2007	20/10/2007	1/4/2008	Active	NO
11	U40107DL2008PLC181794	SPERRYN GAS PRODUCTS LIMITED	Director	7/8/2008	7/8/2008	10/11/2009	Active	NO
12	U22219DL2008PTC185016	KALYANI NAVYUG MEDIA PRIVATE LIMITED	Director	19/11/2008	19/11/2008	-	Active	NO
13	L28113DL2010PLC210819	ORIENT REFRACTORIES LIMITED	Director	11/11/2011	18/10/2011	30/07/2014	Active	NO
14	U74120DL2013PTC257187	SUNNYVALE CAPITAL PRIVATE LIMITED	Director	4/9/2013	4/9/2013	-	Active	NO
15	U74900DL2013PTC257427	GREENVALE CAPITAL PRIVATE LIMITED	Director	9/9/2013	9/9/2013	-	Active	NO
16	U74900DL2013PTC257518	RIVERVALE CAPITAL PRIVATE LIMITED	Director	10/9/2013	10/9/2013	-	Active	NO
17	U36999DL2013PTC259677	AAL MOBILITY PRIVATE LIMITED	Director	28/10/2013	28/10/2013	-	Active	NO

Name :

Ashok Kumar Agarwal

Designation :

Director

Address :

C 34, Sector 30, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

02.03.1957

Date of Appointment :

16.09.2005

DIN No.:

00335459

PAN No.:

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	U80301DL2005PTC133757	NEER EDUCATING INNOVATORS INDIA PRIVATE LIMITED	Director	9/3/2005	9/3/2005	-	Active	NO
2	U45201DL2005PTC135244	NEER HOMES INDIA PRIVATE LIMITED	Director	21/04/2005	21/04/2005	-	Active	NO
3	U00041DL2005PLC140838	AUTOMETERS ENERGITEC LIMITED	Director	16/09/2005	16/09/2005	-	Active	NO
4	U34300DL2005PTC134846	REHMAT AUTO PRIVATE LIMITED	Director	30/09/2010	18/03/2010	5/8/2014	Active	NO
5	U63000DL2014PTC264434	VAYUMITRA AVIATION COMPANY PRIVATE LIMITED	Director	4/2/2014	4/2/2014	-	Active	NO

Name :

Detlef Winfried Bauer

Designation :

Director

Address :

Veilchenweg 25, D - 55126, Mainz - 55126, Germany

Date of Birth/Age :

17.10.1957

Qualification :

04.10.2005

DIN No.:

02072911

PAN No.:

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	U00041DL2005PLC140838	AUTOMETERS ENERGITEC LIMITED	Director	4/10/2005	4/10/2005	-	Active	NO
2	U40107DL2008PLC181794	SPERRYN GAS PRODUCTS LIMITED	Director	7/8/2008	7/8/2008	10/11/2009	Active	NO

KEY EXECUTIVES

Name :	Mr. Hare Kumar
Designation :	Human Resource

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
RMG Regel + Messtechnik GMBH	1560000
Winfriend D. Bauer	600000
Keshav Kumar Thirani	2852450
Jayshree Thirani	987150
Girija Jhunjunwala	100
Aditi Jain	100
Anuja Thirani	100
Ashok Kumar Agarwal	100
Total	6000000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	26.00
Directors or relatives of Directors	74.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, exporter and importing of natural gas pressure reducing and metering stations and products for the transmission and distribution of natural gas for utilities industries and domestic sectors.

Products :

Item Code No.	Product Description
90261090	Metering skids and electronic turbine flow-meters, Regulators and filters etc.

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• Germany
• England
• Bangladesh
• Korea

Imports :

Products :

Raw Material

Countries :

• Germany
• China

Terms :

Selling :

Bank Transfer

Purchasing :

Bank Transfer

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

End Users and OEMs

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

No. of Employees :

70 (Approximately)

Bankers :

Banker Name	IDBI Bank Limited
Branch Address	IDBI Tower co Tc complex cuffe, Parade, Mumbai – 400005, Maharashtra, India
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 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
Loans taken for vehicles [Vehicle loan from banks under long term borrowing]	0.099	0.176
SHORT TERM BORROWING
Term loans from banks	10.601	0.000
Working capital loans from banks	0.000	19.948
Total	10.700	20.124

Auditors :
Name :	Walker Chandiok and Company LLP Chartered Accountants
Address :	L - 41, Connaught Circus, New Delhi -110001, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFW4298E
Memberships :	Not Available
Collaborators :	Not Available
Enterprises Which Are Owned, Or Have Significant Influence Of Or Are Partners With Key Management Personnel And Their Relatives:	Autometers Alliance Limited, India [U74899DL1995PLC070835] Goldwyn Limited, India [L51909DL1967PLC021844] Rmg Regal + Messtechnik GMBH, Germany Autometers Limited, India [U34300DL1959PLC003160]
Other Party:	Venture Capital Leasing Limited

CAPITAL STRUCTURE

AS ON 22.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	60.000	60.000	60.000
(b) Reserves & Surplus	15.249	15.529	18.975
(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)	75.249	75.529	78.975
(3) Non-Current Liabilities
(a) long-term borrowings	0.099	0.176	0.353
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	3.671	5.409	3.917
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	3.770	5.585	4.270
(4) Current Liabilities
(a) Short term borrowings	27.778	37.333	16.039
(b) Trade payables	12.775	53.802	39.559
(c) Other current liabilities	18.231	17.277	18.459
(d) Short-term provisions	7.790	10.408	26.363
Total Current Liabilities (4)	66.574	118.820	100.420
TOTAL	145.593	199.934	183.665
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18.350	23.021	26.391
(ii) Intangible Assets	0.505	0.918	0.324
(iii) Capital work-in-progress	1.477	0.486	0.000
(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)	1.183	2.408	3.213
(d) Long-term Loan and Advances	0.650	1.700	1.700
(e) Other Non-current assets	2.094	11.492	4.281
Total Non-Current Assets	24.259	40.025	35.909
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	23.776	39.991	35.250
(c) Trade receivables	71.080	111.030	100.948
(d) Cash and cash equivalents	21.634	2.508	6.257
(e) Short-term loans and advances	4.811	6.309	5.239
(f) Other current assets	0.033	0.071	0.062
Total Current Assets	121.334	159.909	147.756
TOTAL	145.593	199.934	183.665

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	205.216	246.164	300.605
	Other Income	3.416	3.787	2.556
	TOTAL (A)	208.632	249.951	303.161
Less	EXPENSES
	Cost of Materials Consumed	125.231	174.445	179.394
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	6.463	(6.448)	(1.192)
	Employees benefits expense	29.656	34.382	32.324
	Other expenses	35.068	37.479	38.403
	TOTAL (B)	196.418	239.858	248.929
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	12.214	10.093	54.232
Less	FINANCIAL EXPENSES (D)	5.378	4.529	5.430
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	6.836	5.564	48.802
Less/ Add	DEPRECIATION/ AMORTISATION (F)	3.935	4.505	4.844
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	2.901	1.059	43.958
Less	TAX (H)	(0.328)	1.018	15.719
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	3.229	0.041	28.239
	Earnings / (Loss) Per Share (Rs.)	0.54	0.01	4.71

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.077	0.178	2.490
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	2.901	1.059	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.57	0.02	9.39
Operating Profit Margin (PBIDT/Sales)	(%)	5.95	4.10	18.04
Return on Total Assets (PBT/Total Assets}	(%)	2.03	0.54	24.36
Return on Investment (ROI) (PBT/Networth)		0.04	0.01	0.56
Debt Equity Ratio (Total Debt /Networth)		0.37	0.50	0.24
Current Ratio (Current Asset/Current Liability)		1.82	1.35	1.47

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	60.000	60.000	60.000
Reserves & Surplus	18.975	15.529	15.249
Net worth	78.975	75.529	75.249
long-term borrowings	0.353	0.176	0.099
Short term borrowings	16.039	37.333	27.778
Current maturities of long-term debts	2.490	0.178	0.077
Total borrowings	18.882	37.687	27.954
Debt/Equity ratio	0.239	0.499	0.371

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	300.605	246.164	205.216
		(18.110)	(16.634)

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	300.605	246.164	205.216
Profit	28.239	0.041	3.229
	9.39%	0.02%	1.57%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

REVIEW OF OPERATIONS AND BUSINESS OUTLOOK:

The gross sales for the year has been Rs 224.040 million as against Rs. 274.170 million for the previous year, which is 18% lower.

It is anticipated that the availability of gas will pick up and more city gas distribution projects will be awarded during the year due to the policy initiative planned by the new government in the country. These developments will be favorable for the business outlook of the company for the year 2014-2015.

The company has received support by way of supplies of components from the RMG group been able to win a greater share of business for both Regulators as well as Turbine Meters. The company is hopeful to work on further localization of these products which will improve our competitive bidding in future projects. We are working on formulating a plan with the companies of the RMG group for the export of stations and filters to selected international markets

The outlook for the current year 2014-2015 appears to be more favorable than the previous year. The order book as on the date of signing this report stands at Rs. 251.400 million. The management of the company is hopeful of a sales turnover in excess of Rs. 300 million with the intake of new orders in the current year. This will restore better margins and increase shareholder value. The anticipated sales does not take into account any export opportunities through the RMG group, or a better competitive position arising from further localization of RMG products presently being imported. Decisions on both matters are still be taken between the company and the RMG group

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Term loans from banks	17.177	0.000
Working capital loans from banks	0.000	17.385
Total	17.177	17.385

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10558134	25/11/2014	1,500,000.00	TOYOTA FINANCIAL SERVICES INDIA LIMITED	NO. 21 CENTROPOLIS, FIRST FLOOR,, 5TH CROSS LANGF  ORD ROAD, SHANTI NAGAR, BANGALORE, KARNATAKA - 560025, INDIA	C48372874
2	10072864	26/11/2013 *	100,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA  RASHTRA - 400005, INDIA	B92044320

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Guarantees	39.717	39.047
Total contingent liabilities	39.717	39.047

FIXED ASSETS

Tangible assets

• Buildings
• Plant and equipment
• Factory equipment’s
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipment’s

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.65.12
UK Pound	1	Rs.101.62
Euro	1	Rs.72.56

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KAR
Report Prepared by :	GTA

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	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.