MIRA INFORM REPORT

Report No. :	352463
Report Date :	03.12.2015

IDENTIFICATION DETAILS

Name :	EASUN - MR TAPCHANGERS PRIVATE LIMITED
Registered Office :	Temple Tower, 476, Anna Salai, Nandanam, Chennai – 600035, Tamilnadu
Tel. No.:	91-44-26301004
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	12.10.1995
Com. Reg. No.:	18-033210
Capital Investment / Paid-up Capital :	Rs. 38.000 Million
CIN No.: [Company Identification No.]	U36999TN1995PTC033210
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	CHEE02071G
PAN No.: [Permanent Account No.]	AAACE1681L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Seller of On load Tap Chargers, Parts and Accessories. (Registered Activity)
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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 Indo-German Joint Venture with the Maschinenfabrick Reinhausen GmbH, (MR), Germany and the Sowraj investment private limited. It is engaged in the business of manufacturing of tap chargers power transformer and instrumentation control equipment. For the financial year ended 2015, company possesses satisfactory operational performance but net profit of the company has been declined by 37.40% during the year under a review. However company has able to maintained profit margins at 8.59% during FY 2015. Rating takes into consideration company’s established track record of business operations marked by its sound financial base along with adequate net worth position and satisfactory debt coverage indicators. Rating also takes into account of strong financial and managerial support that company receives from its joint venture entity backed by its well experienced management team. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal 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

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 31-03-2015.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE

(TEL. NO.: 91-44-26301004)

LOCATIONS

Registered Office :	Temple Tower, 476, Anna Salai, Nandanam, Chennai – 600035, Tamilnadu, India
Tel. No.:	91-44-26301004/ 26390882
Fax No.:	91-44-24346435
E-Mail :	r.ravikumar@easunmr.com marketing@easunmr.com accounts@easunmr.com
Website :	http://www.easunmr.com
Unit I/ Marketing Office :	612, (232) C.T.H Road, Thiruninravur, Chennai - 602024, Tamilnadu, India
Tel. No.:	91-44-26390863 (hunting)
Fax No.:	91-44-26390881
E-Mail :	helpdesk@easunmr.com
Unit II :	20/5, Perumal Koil Street, Thirubuvanai - 605107, Pondicherry, U.T. India
Tel. No.:	91-413-2907631
Fax No.:	91-413-2641836
E-Mail :	easunmrtbn@dataone.in

DIRECTORS

AS ON 15.09.2014

Name :

Mr. Hariharan Eswaran

Designation :

Director

Address :

A Block, Pasupathinath, 26, Desika Road, Mylapore, Chennai - 600004, Tamilnadu, India

Date of Birth/Age :

03.07.1937

Qualification:

BE

Date of Appointment :

12.10.1995

DIN No.:

00196760

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	U51102TN1964PTC005248	EASUN PRODUCTS OF INDIA PRIVATE LIMITED	Director	09/10/1964	09/10/1964	-	Active	NO
2	L31900TN1974PLC006695	EASUN REYROLLE LIMITED	Director	29/08/1974	29/08/1974	-	Active	NO
3	U51102TN1948PLC000654	EASUN ENGINEERING COMPANY LIMITED.	Director	05/07/1979	05/07/1979	-	Active	NO
4	U74999TN1947PTC000653	ESWARAN & SONS ENGINEERS PRIVATE LIMITED	Director	27/04/1985	27/04/1985	-	Active	NO
5	U36999TN1995PTC033210	EASUN - MR TAPCHANGERS PRIVATE LIMITED	Director	12/10/1995	12/10/1995	-	Active	NO
6	U67120TN2006PTC060511	EASUN HOLDINGS PRIVATE LIMITED	Director	11/07/2006	11/07/2006	-	Active	NO
7	U27109TN1956PLC000882	HACKBRIDGE-HEWITTIC & EASUN LTD	Managing director	31/12/2006	31/12/2006	03/02/2008	Active	NO
8	U65993TN1987PTC013938	SOWRAJ INVESTMENTS PRIVATE LIMITED	Additional director	02/08/2010	02/08/2010	-	Active	NO
9	U31103TN2012PLC086695	EASUN REYROLLE PROJECTS LIMITED	Director	11/07/2012	11/07/2012	-	Strike off	NO

Name :

Mr. Michael Gerhard Rohde

Designation :

Director

Address :

Blumenstr 3, Neukirchen Am Brand - 91077, Germany

Date of Birth/Age :

12.03.1958

Date of Appointment :

01.04.2005

DIN No.:

02605981

Name :

Mr. Nicolas Sven Christian Geb. Maier Maier Scheubeck

Designation :

Director

Address :

Schillerstr 45, Regensburg - 93049, Germany

Date of Birth/Age :

17.10.1961

Qualification:

Docorate

Date of Appointment :

08.07.1996

DIN No.:

02605990

Name :

Mr. Raj Hari Eswaran

Designation :

Director

Address :

Pasupathnath, A Block, 26, Desika Road, Mylapore, Chennai - 600004, Tamilnadu, India

Date of Birth/Age :

31.10.1968

Qualification:

BE, MBA

Date of Appointment :

06.08.1999

DIN No.:

00195354

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	U65993TN1987PTC013938	SOWRAJ INVESTMENTS PRIVATE LIMITED	Director	22/01/1987	22/01/1987	-	Active	NO
2	U74999TN1947PTC000653	ESWARAN & SONS ENGINEERS PRIVATE LIMITED	Director	27/01/1999	27/01/1999	-	Active	NO
3	U36999TN1995PTC033210	EASUN - MR TAPCHANGERS PRIVATE LIMITED	Director	06/08/1999	06/08/1999	-	Active	NO
4	L31900TN1974PLC006695	EASUN REYROLLE LIMITED	Managing director	01/04/2012	26/06/2000	-	Active	NO
5	U51102TN1964PTC005248	EASUN PRODUCTS OF INDIA PRIVATE LIMITED	Director	01/02/2002	01/02/2002	-	Active	NO
6	U22121TN2002PTC049902	CURIO AUTO MARK PRIVATE LIMITED	Director	09/02/2004	09/02/2004	29/03/2008	Active	NO
7	U99999MH1970GAP014629	INDIAN ELECTRICAL AND ELECTRONICS MANUFACFTURERS ASSOCIATION	Director	04/09/2006	04/09/2006	-	Active	NO
8	U67120TN2006PTC060511	EASUN HOLDINGS PRIVATE LIMITED	Additional director	21/10/2009	21/10/2009	-	Active	NO
9	U52100TN2010PTC074562	AVISAA TRADING PRIVATE LIMITED	Director	10/02/2010	10/02/2010	25/01/2012	Active	NO
10	U31103TN2012PLC086695	EASUN REYROLLE PROJECTS LIMITED	Director	11/07/2012	11/07/2012	-	Strike off	NO

KEY EXECUTIVES

Name :	Mr. Ramaswamy Ravikumar
Designation :	Secretary
Address :	A-2, Subha Uma Flats, 28 Old Post Office Street, Ambattur, Chennai - 600053, Tamilnadu, India
Date of Birth/Age :	10.05.1957
Date of Appointment :	01.02.1997
PAN No.:	AAAPR3942A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Names of Shareholders	No. of Shares
Hariharan Eswaran	76000
Maschinenfabrik Reinhausen GmbH, Germany	1862000
Sowraj Investments Private Limited, India	1862000
Total	3800000

AS ON 15.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	49.00
Bodies corporate	49.00
Directors or relatives of directors	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of On load Tap Chargers, Parts and Accessories. (Registered Activity)

Products :

ITC Code No.	Product Descriptions
85359090	On Load Tap Changers
99611896	Service of Tap Changers
85389000	Tap Changers Spares

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Axis Bank Limited

Corporate Banking Branch, Karumuthu Nilayam, No.192 Anna Salai, Chennai - 600002, Tamil Nadu, India

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
SHORT TERM BORROWINGS
Working capital loans from banks	23.621	20.929
Total	23.621	20.929

Auditors 1 :
Name :	Brahmayya and Company Chartered Accountants
Address :	48, Masilamani Road, Balaji Nagar, Royapettah, Chennai-600014, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAASB2481J
Auditors 2 :
Name :	R Subramanian and Company
Address :	No 6 (Old No 36), Krishnaswamy Avenue, LUZ, Mylapore, Chennai-600004, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAAFR0602F
Memberships :	--
Collaborators :	--
Associate :	· Messko GMBH · Easun Products of India Private Limited, Chennai (U51102TN1964PTC005248) · Easun Reyrolle Ltd, Chennai · Easun Engineering Co. Ltd, Chennai · Reinhausen Power Composites GmbH, Regensburg, Germany
Joint venture :	Maschinefabrik Reinmhausen GMBH

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,800,000	Equity Shares	Rs. 10/- each	Rs. 38.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	38.000	38.000	38.000
(b) Reserves & Surplus	336.651	321.616	304.770
(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)	374.651	359.616	342.770
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	2.851	5.738	6.190
(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)	2.851	5.738	6.190
(4) Current Liabilities
(a) Short term borrowings	23.621	20.929	54.300
(b) Trade payables	122.394	50.502	106.685
(c) Other current liabilities	65.641	48.277	78.653
(d) Short-term provisions	48.369	29.954	48.096
Total Current Liabilities (4)	260.025	149.662	287.734
TOTAL	637.527	515.016	636.694
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	130.124	115.927	124.648
(ii) Intangible Assets	0.517	0.790	1.025
(iii) Capital work-in-progress	0.000	6.862	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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.381	0.805	1.210
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	132.022	124.384	126.883
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	185.956	175.783	188.019
(c) Trade receivables	297.877	200.400	296.742
(d) Cash and cash equivalents	6.329	1.211	3.483
(e) Short-term loans and advances	15.343	13.238	21.567
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	505.505	390.632	509.811
TOTAL	637.527	515.016	636.694

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	705.299	702.102	900.346
		Other Income	4.478	27.921	9.894
		TOTAL (A)	709.777	730.023	910.240
Less	EXPENSES
		Cost of Materials Consumed	360.755	339.635
		Purchases of Stock-in-Trade
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	7.850	0.241
		Employees benefits expense	120.848	120.704
		CSR expenditure	4.500	0.000
		Other expenses	94.574	104.984
		TOTAL (B)	588.527	565.564	699.688
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		121.250	164.459	(Including Financial and Depreciation Expenses)
Less	FINANCIAL EXPENSES (D)		2.779	2.779
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		118.471	161.680
Less/ Add	DEPRECIATION/ AMORTISATION (F)		24.406	15.548
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		94.065	146.132	210.552
Less	TAX (H)		33.432	49.261	68.039
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		60.633	96.871	142.513
	EARNINGS IN FOREIGN CURRENCY
		Sales Commission	32.534	24.289	0.000
	IMPORTS
		Components and Spare Parts	18.212	30.873	87.469
	Earnings Per Share (Rs.)		15.99	25.49	17.85

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	100.610	195.292	204.075

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	8.60	13.80	15.83
Operating Profit Margin (PBDIT/Sales)	(%)	17.19	23.42	NA
Return on Total Assets (PBT/Total Assets}	(%)	14.75	28.76	33.07
Return on Investment (ROI) (PBT/Networth)		0.25	0.41	0.61
Debt Equity Ratio (Total Debt/Networth)		0.06	0.06	0.16
Current Ratio (Current Asset/Current Liability)		1.94	2.61	1.77

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	38.000	38.000	38.000
Reserves & Surplus	304.770	321.616	336.651
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	342.770	359.616	374.651
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	54.300	20.929	23.621
Total borrowings	54.300	20.929	23.621
Debt/Equity ratio	0.158	0.058	0.063

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	900.346	702.102	705.299
		(22.019)	0.455

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	900.346	702.102	705.299
Profit	142.513	96.871	60.633
	15.83%	13.80%	8.60%

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	No
8	Designation of contact person	No
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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10370884	09/10/2012 *	50,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH,KARUMUTHU NILAYAM, NO.192 ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA	B60690211

* Date of charge modification

OPERATIONS

The financial year 2014 - 2015 saw sales improve in volume terms by about 23.9% though the growth in value terms is only by about 4.5% as far as OLTCs are concerned. The overall gross sales were at TRs 705,299 against the previous year’s figure of TRs 702,103 - a minor increase of TRs 3,196 (or 0.45%).Sale of OLTC and spares figure was TRs 647,695 against the previous year corresponding figure of TRs 655,759 registering a fall of 1.23%.Almost same level of performance as in previous year is due to continued sluggishness in the Economy, especially in the infrastructure industry due to liquidity issues. Despite higher volumes, the turnover value has not improved due to orders being obtained by lowering prices to retain market share against Competitors who continue to lure Customers with ridiculously low offers.

OLTC sales in poles were 1,342 Poles, as against the budgeted quantity of 2,200 poles and 1,083 poles of the previous year, an increase of 23.9%. Production of OLTCs was at 1,319 poles as against the budgeted production of 2,200 poles and the previous year figure of 1,093 poles. Order input during the year for OLTCs was 1,397 poles valued at TRs 571,252 as against previous year’s corresponding figures of 1,129 Poles and TRs 528.532. This would mean an increase of 23.7% in quantity and 8% in value terms in Order Input in the year 2014 – 2015 as compared to the previous year.

Significant developments in 2014– 2015`

In statistical terms, sale of OLTC poles crossing 16,000/- of which M type reaching the milestone of 9000 poles and V type 2000 poles are the significant development during the financial year 2014/2015

FRP Plant started meeting the in-house requirement, especially for “V” types, when there was a let down on delivery commitments from erstwhile Vendors and a pressure to execute low priced orders for TNEB Project in the last quarter of the financial year 2014/2015. Successful completion of Type tests for L type OLTC at MR lab witnessed by ERDA Official. Beta version prototypes placed in the Market about 49 numbers till 31/03/2015 with the objective of gettinga Customer feed- back as a means to devise suitable strategy for Marketing this innovative product in the distribution segment hitherto strongly controlled by external mounted tap changers for decades is another significant development during the year.

BHEL sourcing 21 poles gives hopes of higher off-takes from EMR in the years to come.

PROSPECTS

For the financial year 2015 - 2016, Tap Changer sale alone has been projected as TRs 774,250. The sales budget has been set at 2,400 poles in quantity terms. The projections drawn are based on growth as envisaged in the Power segment in India. Budget projections in the year 2015 – 2016 include for OLTCs in Type V – 250 Poles, Type D 250 Poles and Type M 1,200 Poles, “L type – 600 poles and OCTC – 100 poles.

Market share retention and its improvement will continue to be in focus under stiff competition from CTR. The overall average sale price for V D M and OCTC is factoring a 10% drop in the budget year to achieve higher sales volumes and improved market share.

CONTINGENT LIABILITIES:

Particulars	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
Claims against the company not acknowledged as debt	3.766	3.766
Liability in dispute and under appeal with Central Excise Commissioner (Appeals) in respect of service tax on insurance reimbursement during the financial year 2007-08 to 2011-12 (excluding interest and penalty)	0.670	0.670
Liability in dispute and under appeal with Central Excise Commissioner (Appeals) in respect of service tax on Manpower services for canteen during the financial year 2008-09 to 2012-13 (excluding interest and penalty)	0.088	0.088
Liability in dispute in respect of service tax on Trading in Securities & Fire Extinguishers during the financial year 2008-09 to 2011-12 (excluding interest and penalty)	39.208	0.000
Liability in dispute in respect of service tax on Sales commission for the period July, 2012 to June, 2014 ( excluding interest and penalty)	5.172	0.000
Liability in dispute in respect of applicable rate of surcharge on dividend distribution tax for the Assessment year 2011/2012 (excluding interest and penalty)	0.109	0.000
Liability in dispute in respect of Income Tax for the Assessment year 2012/2013 and in appeal before Commissioner of Income Tax (excluding interest and penalty)	0.187	0.000
Other money for which the company is contingently liable ( in respect of bank guarantees issued)	0.240	0.296
C forms to be collected from the Customers	19.937	20.586
Total	69.377	25.406

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Office equipment

· Furniture and fixtures

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.66.62
UK Pound	1	Rs.100.34
Euro	1	Rs.70.67

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--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	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		52

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.