MIRA INFORM REPORT

Report No. :	352023
Report Date :	01.12.2015

IDENTIFICATION DETAILS

Name :	KROHNE MARSHALL PRIVATE LIMITED
Registered Office :	A34/35, MIDC, H Block, Pimpri, Pune – 411018, Maharashtra
Tel. No.:	91-20-27442020
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.06.1984
Com. Reg. No.:	11-033201
Capital Investment / Paid-up Capital :	Rs.19.200 Million
CIN No.: [Company Identification No.]	U31909PN1984PTC033201
IEC No.:	0388028041
TAN No.: [Tax Deduction & Collection Account No.]	PNEK01753D
PAN No.: [Permanent Account No.]	AAACK7306C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and exporter of measuring equipment’s and instruments, magmetes, flowmeter, etc.
No. of Employees :	175 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1984 having good track record. Available financial indicates sound financial risk profile marked by healthy networth base along with debt free balance sheet and good profit margin of the company. Further, the rating also takes into consideration favorable gap between trade payables and trade receivables. Trade relations are reported as fair. Business is active. Payment terms are reported as regular and as per commitment. In view of long track record and sound financial base, the company can be considered normal 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 – 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	CRISIL
Rating	Long term rating = A-
Rating Explanation	Adequate degree of safety and carry low credit risk.
Date	October 28, 2015

Rating Agency Name	CRISIL
Rating	Short term rating = A2+
Rating Explanation	Strong degree of safety and carry very low credit risk.
Date	October 28, 2015

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Ketan Kale
Designation :	Senior Manager in Supplier Chain
Contact No.:	91-9823565635
Date :	28.11.2015

LOCATIONS

Registered Office / Factory :	A34/35, MIDC, H Block, Pimpri, Pune – 411018, Maharashtra, India
Tel. No.:	91-20-27442020
Fax No.:	91-20-27442040
E-Mail :	ksales@krohnemarshall.com cs@forbesmarshall.com
Website :	www.krohne.com

DIRECTORS

As on 26.09.2014

Name :

Mr. Farhad Darius Forbes

Designation :

Director

Address :

410, Sheridan Ave #448, Palo Alto, United States of America – CA94306

Date of Birth/Age :

08.12.1955

Date of Appointment :

03.09.1984

DIN No.:

00628951

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	U29111PN1958PTC011125	J N MARSHALL PRIVATE LIMITED	Director	28/12/1983	28/12/1983	-	Active	NO
2	U31909PN1984PTC033201	KROHNE MARSHALL PRIVATE LIMITED	Director	03/09/1984	03/09/1984	-	Active	NO
3	U28996PN1985PTC037806	FORBES MARSHALL PRIVATE LIMITED	Director	18/10/1985	18/10/1985	-	Active	NO
4	U29299PN1985PTC038445	FORBES MARSHALL ARCA PRIVATE LIMITED	Director	24/12/1985	24/12/1985	-	Active	NO
5	U24111TG1991PTC013030	FORBES MARSHALL (HYD) PRIVATE LIMITED	Director	01/04/1993	01/04/1993	-	Active	NO
6	U27109PN1959PTC011334	Forbes Marshall Steam Systems Private Limited	Director	27/12/1995	27/12/1995	-	Active	NO
7	U32101PN1988PTC048071	SEMPELL VALVES PRIVATE LIMITED	Alternate director	14/04/1997	14/04/1997	-	Amalgamated	NO
8	U72200PN2000PTC015632	RAPIDEFFECT PRIVATE LIMITED	Director	14/12/2000	14/12/2000	-	Amalgamated	NO
9	U74999PN1962PTC012449	FORBES POLYMETRON PRIVATE LIMITED	Director	28/12/2005	28/12/2005	-	Amalgamated	NO
10	U29299PN2007PTC129934	FORBES MARSHALL CODEL PRIVATE LIMITED	Director	10/04/2007	10/04/2007	-	Amalgamated	NO
11	U29299PN2009PTC134958	forbesvyncke Private Limited	Director	12/11/2009	12/11/2009	-	Active	NO
12	U74999PN2011NPL139899	PUNE CITY CONNECT DEVELOPMENT FOUNDATION	Director	17/06/2011	17/06/2011	-	Active	NO
13	U74900PN2012PTC142888	FORBES SOLAR PRIVATE LIMITED	Director	03/04/2012	03/04/2012	-	Active	NO

Name :

Dr. Naushad Darius Forbes

Designation :

Director

Address :

74, Koregaon Park, Pune - 411001, Maharashtra, India

Date of Birth/Age :

13.05.1960

Date of Appointment :

29.09.1986

DIN No.:

00630825

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	U29111PN1958PTC011125	J N MARSHALL PRIVATE LIMITED	Director	28/12/1983	28/12/1983	-	Active	NO
2	U28996PN1985PTC037806	FORBES MARSHALL PRIVATE LIMITED	Director	18/10/1985	18/10/1985	-	Active	NO
3	U29299PN1985PTC038445	FORBES MARSHALL ARCA PRIVATE LIMITED	Director	24/12/1985	24/12/1985	-	Active	NO
4	U27109PN1959PTC011334	Forbes Marshall Steam Systems Private Limited	Director	24/09/1986	24/09/1986	-	Active	NO
5	U31909PN1984PTC033201	KROHNE MARSHALL PRIVATE LIMITED	Director	29/09/1986	29/09/1986	-	Active	NO
6	U32101PN1988PTC048071	SEMPELL VALVES PRIVATE LIMITED	Director	12/07/1988	12/07/1988	-	Amalgamated	NO
7	U24111TG1991PTC013030	FORBES MARSHALL (HYD) PRIVATE LIMITED	Director	01/04/1993	01/04/1993	-	Active	NO
8	U74999PN1962PTC012449	FORBES POLYMETRON PRIVATE LIMITED	Director	17/08/1995	17/08/1995	-	Amalgamated	NO
9	U72200PN2000PTC015632	RAPIDEFFECT PRIVATE LIMITED	Director	14/12/2000	14/12/2000	-	Amalgamated	NO
10	L64200MH1995PLC086354	TATA TELESERVICES (MAHARASHTRA) LIMITED	Director	22/03/2004	22/03/2004	24/08/2007	Active	NO
11	L29112PN1978PLC088972	KIRLOSKAR INDUSTRIES LIMITED	Director	19/07/2007	22/07/2006	30/03/2010	Active	NO
12	L74999MH1922PLC000997	GAMMON INDIA LIMITED	Director	11/08/2006	11/08/2006	11/11/2010	Active	NO
13	U29299PN2007PTC129934	FORBES MARSHALL CODEL PRIVATE LIMITED	Director	10/04/2007	10/04/2007	-	Amalgamated	NO
14	L24241MH1988PLC097781	GODREJ INDUSTRIES LIMITED	Director	09/08/2014	27/01/2009	11/08/2015	Active	NO
15	U29299PN2009PTC134958	forbesvyncke Private Limited	Director	12/11/2009	12/11/2009	-	Active	NO
16	L29120PN2009PLC133351	KIRLOSKAR OIL ENGINES LIMITED	Director	09/07/2010	30/03/2010	-	Active	NO
17	U34100MH1995PLC093733	TATA AUTOCOMP SYSTEMS LIMITED	Director	09/09/2011	16/12/2010	14/08/2013	Active	NO
18	U74900PN2012PTC142888	FORBES SOLAR PRIVATE LIMITED	Director	03/04/2012	03/04/2012	-	Active	NO

Name :

Mr. Michael Franz Ludwing Rademacher Dubbick

Designation :

Director

Address :

Kiefernweg 19, 47058, Duisburg, Germany – 047058

Date of Birth/Age :

18.04.1956

Date of Appointment :

11.02.2002

DIN No.:

00684954

Name :

Mr. Stephan Neuburger

Designation :

Director

Address :

Schillerstr, 8, 55271, Stadeckenelsheim, Germany - 055271

Date of Birth/Age :

22.11.1956

Date of Appointment :

21.07.1993

DIN No.:

00685123

Name :

Mr. Hendrik Jan Wipkink

Designation :

Director

Address :

Karel Van Egmondstraat 220, Venlo, 5915HV

Date of Birth/Age :

17.09.1958

Date of Appointment :

28.09.2011

DIN No.:

03601838

Name :

Mr. Kaikhushroo Burjor Vacha

Designation :

Nominee Director

Address :

242/2, Boat Club Road, Pune – 411001, Maharashtra, India

Date of Birth/Age :

09.10.1963

Date of Appointment :

21.06.2013

DIN No.:

03201325

KEY EXECUTIVES

Name :	Mr. Ketan
Designation :	Senior Manager

MAJOR SHAREHOLDERS

As on 26.09.2014

Names of Shareholders	No. of Shares	%age holding
Forbes Marshall Private Limited, India	6600	3.44
Forbes Marshall Private Limited, India	3000	1.56
Ludwing Krohne GmbH and Company and Company KG, West Germany	96000	50.00
Forbes Marshall Private Limited, India	86400	45.00
Total	192000	100.00

As on 26.09.2014

Equity Share Break up (Percentage of Total Equity)

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	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and exporter of measuring equipment’s and instruments, magmetes, flowmeter, etc.

Products :

Product Description	Item Code No. (ITC Code)
Flowmeters Converters Parts	90261010

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• Taiwan
• Germany
• China
• Russia
• Vietnam
• United States of America
• Korea
• Switzerland
• United Kingdom
• Netherland
• Italy
• Sri Lanka
• Austria
• Finland
• Poland
• Turkey
• Canada

Imports :

Products :

Raw Material

Countries :

• China
• United States of America

Terms :

Selling :

Cheque and Credit

Purchasing :

Cheque 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 :

End Users and OEMs

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 :

175 (Approximately)

Bankers :

Banker Name	Bank of Maharashtra
Branch Address	Shivaji Nagar, Pune, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	91-20-25533462 (Ringing)
Name of Account Holder	Krohne Marshall Private Limited
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Auditors :
Name :	Ford Rhodes Parks and Company Chartered Accountants
Address :	Sai Commercial Buidling, 312/313, 3^rd Floor, BKS Devishi Marg, Govandi – East, Mumbai – 400088, Maharashtra, India
PAN No.:	AAAFF1843L
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Forbes Marshall Private Limited, India Forbes Marshall Lanka Private Limited, Sri Lanka Forbes Marshall Canada Inc., Canada Forbes Marshall Arca Private Limited, India Forbes Solar Private Limited, India Forbesvyncke Private Limited, India Spirax Marshall Private Limited, India Forbes Marshall (HYD) Private Limited, India Forbes Marshall Codel Private Limited, India Krohne Measurement Instruments (Shanghai) Co.Limited, China Krohne Measurement Technology (Shanghai) Co. Limited, China Krohne America Inc., United States Krohne South East Asia Pte Limited, Singapore Chengde Rehe Krohne Meters Co.Limited, China Krohne Messtechnik Gmbh, Germany Krohne Ag, Switzerland Krohne Analytics Gmbh, Germany Krohne Inor Process AB, Germany Krohne Ltd, United Kingdom Krohne S.A.S., France Shanghai Guanghua-Altometer Instruments Limited, China Krohne Oil And Gas, Netherlands Krohne Pressure Solutions Gmbh, Germany Ludwig Krohne Gmbh and Co., Germany

CAPITAL STRUCTURE

As on 26.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
192000	Equity Shares	Rs.100/- each	Rs.19.200 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	19.200	19.200	19.200
(b) Reserves & Surplus	342.712	326.811	305.488
(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)	361.912	346.011	324.688
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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	12.391	5.207	3.594
Total Non-current Liabilities (3)	12.391	5.207	3.594
(4) Current Liabilities
(a) Short term borrowings	0.000	0.350	0.350
(b) Trade payables	89.711	86.516	105.232
(c) Other current liabilities	50.805	63.323	54.136
(d) Short-term provisions	142.340	157.840	164.590
Total Current Liabilities (4)	282.856	308.029	324.308
TOTAL	657.159	659.247	652.590
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	85.968	87.827	90.473
(ii) Intangible Assets	4.147	4.881	4.573
(iii) Capital work-in-progress	4.165	0.000	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)	2.655	1.702	0.629
(d) Long-term Loan and Advances	12.709	8.749	9.526
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	109.644	103.159	105.201
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	105.464	118.862	146.864
(c) Trade receivables	175.449	193.374	209.826
(d) Cash and cash equivalents	252.836	225.765	174.902
(e) Short-term loans and advances	12.935	12.852	15.275
(f) Other current assets	0.831	5.235	0.522
Total Current Assets	547.515	556.088	547.389
TOTAL	657.159	659.247	652.590

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income
	Other Income
	TOTAL	1050.800	974.060	952.500
Less	EXPENSES	826.540	733.510	702.670
	PROFIT/ (LOSS) BEFORE TAX	224.260	240.550	249.830
Less	TAX	76.950	78.830	81.610
	PROFIT/ (LOSS) AFTER TAX	147.310	161.720	168.220
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	188.340	183.270	180.100
Less	APPROPRIATIONS
	Transfer to General Reserve	15.000	16.250	20.000
	Dividend	112.320	120.000	124.800
	Tax on Dividend	19.090	20.390	20.250
	Total	146.410	156.640	165.050
	Balance Carried to the B/S	189.240	188.350	183.270
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	NA	NA	69.784
	Commission Earnings	NA	NA	16.817
	TOTAL EARNINGS	NA	NA	86.601
	IMPORTS
	Raw Materials	NA	NA	1.646
	Components	NA	NA	188.093
	Capital Goods	NA	NA	2.427
	TOTAL IMPORTS	NA	NA	192.166
	Earnings / (Loss) Per Share (Rs.)	767.23	842.29	876.14

Particulars	31.03.2015
Sales Turnover (Approximately)	1200.000

Expected Sales (2015-16): Rs.1550.000 Million

The above information has been parted by Mr. Ketan (Senior Manager).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	253.928	277.792	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Total Income)	(%)	14.02	16.60	17.66
Return on Total Assets (PBT/Total Assets}	(%)	34.48	36.58	38.32
Return on Investment (ROI) (PBT/Networth)		0.62	0.70	0.77
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.94	1.81	1.69

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2013	31.03.2012
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	19.200	19.200	19.200
Reserves & Surplus	305.488	326.811	342.712
Net worth	324.688	346.011	361.912
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.350	0.350	0.000
Total borrowings	0.350	0.350	0.000
Debt/Equity ratio	0.001	0.001	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2013	31.03.2012
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	952.500	974.060	1050.800
		2.264	7.878

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	952.500	974.060	1050.800
Profit	168.220	161.720	147.310
	17.66%	16.60%	14.02%

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	No
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	No
20	Banking Details	Yes
21	Banking facility details	No
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 four years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
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

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans and advances from related parties	0.000	0.350
Total	0.000	0.350

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10160663	20/11/2008	155,000,000.00	BANK OF MAHARASHTRA	'LOKMANGAL' 1051, SHIVAJINAGAR, PUNE - 411005, Maharashtra , INDIA	A52541992
2	90088093	05/03/1998	5,000,000.00	THE BRITISH BANK OF THE MIDDLE EAST	16; VEER NARIMAN ROAD, POST BOX NO - 876; FORT, MUMBAI - 400023, Maharashtra, INDIA	-
3	90083973	31/05/1993	600,000.00	ANZ GRINDLAYS BANK	247/A; BUND GARDEN ROAD, NITYANAND COMPLEX, PUNE - 411001,  Maharashtra, INDIA	-
4	90089721	07/03/1994 *	5,000,000.00	THE BRITISH BANK OF THE MIDDLE EAST	16; VEER NARIMAN ROAD, MUMBAI - 400023,, Maharashtra INDIA	-
5	90089649	10/05/1991	4,500,000.00	THE BRITISH BANK OF THE MIDDLE EAST	16; VEER NARIMAN ROAD, POST BOX NO - 876; FORT, MUMBAI - 400023, Maharashtra, INDIA	-
6	90089282	16/07/1985	1,000,000.00	THE BRITISH BANK OF THE MIDDLE EAST	16; VEER NARIMAN ROAD, MUMBAI - 400023, Maharashtra, INDIA	-

* Date of charge modification

FIXED ASSETS

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

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.66.81
UK Pound	1	Rs.100.36
Euro	1	Rs.70.68

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	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		54

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.