MIRA INFORM REPORT

Report No. :	352500
Report Date :	04.12.2015

IDENTIFICATION DETAILS

Name :	CHANG YUN INDIA PRIVATE LIMITED (w.e.f. 05.03.2015)
Formerly Known As :	CHANG YUN INDIA LIMITED
Registered Office :	1, Sri Aurobindo Marg, New Delhi – 110016
Tel No.:	91-124-4736515
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.08.1992
Com. Reg. No.:	55-049978
Capital Investment / Paid-up Capital :	Rs.19.500 Million
CIN No.: [Company Identification No.]	U51909DL1992PTC049978
IEC No.:	Not Divulged
TIN No.:	06381918988
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Single-cone and Multi-cone Synchronizer Rings for passenger car applications. (Registered Activity)
No. of Employees :	Information declined by the management

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

Maximum Credit Limit :	USD 410000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Asia Investment Private Limited’. It is engaged in manufacturing automotive components. Its products include single and multi-cone rings. The company also offers friction-coated rings. For the financial year ended 2014, company has reported 30.62% sales turnover growth as compared to previous sales turnover and it has maintained decent profitability margins at 9.74% during the year under a review. Rating takes into consideration company’s established track record of business operations marked by its healthy financial base along with adequate networth position and satisfactory debt coverage indicators. Rating also takes into account of strong financial and managerial support that company receives from its holdings 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

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 31-03-2015.

LOCATIONS

Registered Office :	1, Sri Aurobindo Marg, New Delhi – 110016, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	bc.bor@anandgroupindia.com
Factory:	63 and 77, Industrial Development Comony, Mehrauli Road, Gurgaon-122001, Haryana, India
Tel. No.:	91-124-4736215
E-Mail :	contact.cyi@anandgroupindia.com
Website:	www.anandgroupindia.com

DIRECTORS

As on 30.09.2014

Name :

Lee Jongwoo

Designation :

Director

Address :

767 (10/1) Anyang-Dong Manan-Gu, Anyang-Si, Gyeonggi Do - 999999, Korea, Republic of

Date of Birth/Age :

16.02.1955

Date of Appointment :

12.08.2013

DIN No.:

02111221

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	U29130TN2008PTC066530	C Y MYUTEC AUTOMOTIVE INDIA PRIVATE LIMITED	Managing director	15/05/2008	15/05/2008	-	Active	NO
2	U51909DL1992PTC049978	CHANG YUN INDIA Private Limited	Director	12/08/2013	25/02/2013	-	Active	NO

Name :

Hong Sang Cho

Designation :

Director

Address :

Mido Apartmentn 205-806, 511 (44/3) Daechi-Dong Gangnam-Gu, Seoul Metropolitan - 135280, Korea, Republic of

Date of Birth/Age :

12.01.1968

Date of Appointment :

27.05.1998

DIN No.:

00209931

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	U51909DL1992PTC049978	CHANG YUN INDIA Private Limited	Director	27/05/1998	27/05/1998	-	Active	NO
2	U29130TN2008PTC066530	C Y MYUTEC AUTOMOTIVE INDIA PRIVATE LIMITED	Director	15/05/2008	15/05/2008	-	Active	NO

Name :

Mr. Sumit Bhatnagar

Designation :

Director

Address :

H-1203, Park View City -1, Sohna Road, Gurgaon - 122018, Haryana, India

Date of Birth/Age :

03.07.1975

Date of Appointment :

27.07.2012

DIN No.:

05109377

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	U51909DL1992PTC049978	CHANG YUN INDIA Private Limited	Director	25/07/2012	27/09/2011	-	Active	NO
2	U74899DL1966PTC004919	MAHLE FILTER SYSTEMS (INDIA) Private Limited	Director	16/09/2013	29/11/2012	-	Active	NO

Name :

Mr. Kamaljit Singh Bhullar

Designation :

Director

Address :

H. No. 680, Sector 10 A, Gurgaon - 122001, Haryana, India

Date of Birth/Age :

24.04.1955

Date of Appointment :

25.07.2012

DIN No.:

00046193

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	U25206HP1987PTC007715	DIAMOND PACKAGES PVT LTD	Director	01/09/1996	01/09/1996	23/02/2010	Active	NO
2	U31501HR1975PLC034627	ANCHEMCO LIMITED	Director	20/01/1998	20/01/1998	-	Active	NO
3	U33699DL1980PLC010179	ANSYSCO LIMITED	Director	18/02/2002	18/02/2002	-	Amalgamated	NO
4	U99999MH1962PLC012316	Anand I-Power Limited	Director	26/09/2014	22/05/2006	-	Active	NO
5	U74899DL1979PTC010037	PARWANOO PACKERS PRIVATE LIMITED	Director	25/06/2007	25/06/2007	-	Amalgamated	NO
6	U99999DL1975PLC190099	ANFILCO LIMITED	Director	24/09/2010	10/10/2009	-	Active	NO
7	U51909DL1992PTC049978	CHANG YUN INDIA Private Limited	Director	25/07/2012	25/11/2011	-	Active	NO
8	U29309TN1997PTC038508	VALEO FRICTION MATERIALS INDIA Private Limited	Alternate director	25/03/2014	25/03/2014	25/03/2014	Active	NO
9	U29199HR2006PLC043262	Federal-Mogul Anand Bearings India Limited	Director appointed in casual vacancy	02/09/2014	02/09/2014	-	Active	NO
10	U29253PN2014PLC152540	FEDERAL-MOGUL ANAND SEALINGS INDIA LIMITED	Director	30/09/2015	15/09/2014	-	Active	NO

Name :

Mr. Sunil Kaul

Designation :

Director

Address :

House No. 8, Atul Excellency Sr No. 207/2, Kaspate Vasti Wakad, Pune - 411027, Maharashtra, India

Date of Appointment :

25.07.2015

DIN No.:

00110549

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	U25206HP1987PTC007715	DIAMOND PACKAGES PVT LTD	Director	01/09/1996	01/09/1996	23/02/2010	Active	NO
2	U31501HR1975PLC034627	ANCHEMCO LIMITED	Director	20/01/1998	20/01/1998	-	Active	NO
3	U33699DL1980PLC010179	ANSYSCO LIMITED	Director	18/02/2002	18/02/2002	-	Amalgamated	NO
4	U99999MH1962PLC012316	Anand I-Power Limited	Director	26/09/2014	22/05/2006	-	Active	NO
5	U74899DL1979PTC010037	PARWANOO PACKERS PRIVATE LIMITED	Director	25/06/2007	25/06/2007	-	Amalgamated	NO
6	U99999DL1975PLC190099	ANFILCO LIMITED	Director	24/09/2010	10/10/2009	-	Active	NO
7	U51909DL1992PTC049978	CHANG YUN INDIA Private Limited	Director	25/07/2012	25/11/2011	-	Active	NO
8	U29309TN1997PTC038508	VALEO FRICTION MATERIALS INDIA Private Limited	Alternate director	25/03/2014	25/03/2014	25/03/2014	Active	NO
9	U29199HR2006PLC043262	Federal-Mogul Anand Bearings India Limited	Director appointed in casual vacancy	02/09/2014	02/09/2014	-	Active	NO
10	U29253PN2014PLC152540	FEDERAL-MOGUL ANAND SEALINGS INDIA LIMITED	Director	30/09/2015	15/09/2014	-	Active	NO

Name :

Mr. Jagdeep Singh Oberoi

Designation :

Additional Director

Address :

E-106, Ground Floor, Kalkaji, New Delhi - 110019, India

Date of Appointment :

07.09.2015

DIN No.:

02842401

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	U74140DL2000PTC106656	FOREST FRIENDLY CAMPS PRIVATE LIMITED.	Director	30/09/2010	07/11/2009	-	Active	NO
2	U63090DL2007PTC166869	DESERT FRIENDLY CAMPS PRIVATE LIMITED	Director	30/09/2010	07/11/2009	-	Active	NO
3	U29117PN2001PLC018092	VICTOR GASKETS INDIA LIMITED	Additional director	27/05/2014	27/05/2014	10/09/2014	Active	NO
4	U51909DL1992PTC049978	CHANG YUN INDIA Private Limited	Additional director	07/09/2015	07/09/2015	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Asia Investments Private Limited, India	1484502
Cy Myutec Company Limited, Korea	465500
Deepak Chopra	1
KK Jaggi	1
PK Srivastava	1
MK Goyal	1
Ramni Sood	1
Total	1950007

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	24.00
Bodies corporate	76.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Single-cone and Multi-cone Synchronizer Rings for passenger car applications. (Registered Activity)
Products :	Single-Cone Multi-Cone Synchronizer Rings Car Applications
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

Reference :	Ford
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

• Maruti – Suzuki
• Mahindra and Mahindra
• Hyundai
• Getrag

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Kotak Mahindra Bank Limited
Branch	15-16, UGF, Ambadeep Building, 14 K G Marg, New Delhi – 110001, 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 :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loans
From Banks	0.000	1.667
Short-term borrowings
Working Capital Loan	27.221	22.364
Total	27.221	24.031

Auditors :
Name :	B S R and Company Chartered Accountants
Address :	Building No.10, 8^th Floor, Tower-B, DLF Cyber, Phase-II, Gurgaon – 122002, Haryana, India
Tel. No.:	91-124-2549191
Fax No.:	91-124-2549101
PAN N Income-tax PAN of auditor or auditor's firm :	AAIFB0630K
Memberships :	--
Collaborators :	--
Holding Company:	Asia Investments Private Limited
Fellow Subsidiaries Companies:	Anand Automotive Limited Gabriel India Limited Victor Gaskets India Limited
Enterprise having significant influence:	Cy Myutee Company Limited
Entities over which key managerial personal or their relatives significant influence:	Anfilco Limited Mahle Filter Systems India Limited Spicer India Limited Takata India Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Million
25000	Equity Preference	Rs.100/- each	Rs.2.500 Million
	Total		Rs.22.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1950007	Equity Shares	Rs.10/- each	Rs.19.500 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	19.500	19.500	19.500
(b) Reserves & Surplus	124.736	91.609	74.114
(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)	144.236	111.109	93.614
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	1.667	8.333
(b) Deferred tax liabilities (Net)	6.770	8.638	8.387
(c) Other long term liabilities	3.959	3.408	2.570
(d) long-term provisions	0.868	0.000	0.000
Total Non-current Liabilities (3)	11.597	13.713	19.290
(4) Current Liabilities
(a) Short term borrowings	27.221	22.364	19.340
(b) Trade payables	147.602	138.282	86.518
(c) Other current liabilities	14.463	17.392	13.329
(d) Short-term provisions	23.636	16.884	11.799
Total Current Liabilities (4)	212.922	194.922	130.986
TOTAL	368.755	319.744	243.890
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	93.599	100.181	94.153
(ii) Intangible Assets	0.167	0.151	0.251
(iii) Capital work-in-progress	1.503	0.000	0.378
(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	0.548	1.341	5.013
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	95.817	101.673	99.795
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	73.092	76.573	65.049
(c) Trade receivables	96.322	56.199	34.452
(d) Cash and cash equivalents	21.819	18.361	3.057
(e) Short-term loans and advances	60.866	59.142	23.746
(f) Other current assets	20.839	7.796	17.791
Total Current Assets	272.938	218.071	144.095
TOTAL	368.755	319.744	243.890

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	756.620	582.350	411.176
	Other Income	8.231	10.468	4.454
	TOTAL (A)	764.851	592.818	415.630
Less	EXPENSES
	Cost of Materials Consumed	466.546	368.602	251.730
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	3.980	(4.964)	(7.470)
	Employees benefits expense	58.850	47.829	36.718
	Other expenses	112.290	95.297	68.568
	Prior period items/ adjustments		(0.192)
	TOTAL (B)	641.666	506.572	349.546
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	123.185	86.246	66.084
Less	FINANCIAL EXPENSES (D)	6.478	7.289	8.252
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	116.707	78.957	57.832
Less/ Add	DEPRECIATION/ AMORTISATION (F)	14.226	10.785	9.569
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	102.481	68.172	48.263
Less	TAX (H)	35.133	22.250	15.463
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	67.348	45.922	32.800
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.512	0.345	40.463
	TOTAL EARNINGS	0.512	0.345	40.463
	IMPORTS
	Raw Materials	295.318	239.962	210.709
	Components and Stores parts	2.579	1.103	0.322
	Capital Goods	0.000	11.121	0.000
	TOTAL IMPORTS	297.897	252.186	211.031
	Earnings / (Loss) Per Share (Rs.)	34.54	23.55	16.82

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	1.667	6.667	6.667
Cash generated from operations	83.558	121.383	NA
Net cash flow from operating activity	46.558	101.533	33.622

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	8.90	7.89	7.98
Operating Profit Margin (PBIDT/Sales)	(%)	16.28	14.81	16.07
Return on Total Assets (PBT/Total Assets}	(%)	27.90	21.32	19.82
Return on Investment (ROI) (PBT/Networth)		0.71	0.61	0.52
Debt Equity Ratio (Total Debt /Networth)		0.20	0.28	0.37
Current Ratio (Current Asset/Current Liability)		1.28	1.12	1.10

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	19.500	19.500	19.500
Reserves & Surplus	74.114	91.609	124.736
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	93.614	111.109	144.236
long-term borrowings	8.333	1.667	0.000
Short term borrowings	19.340	22.364	27.221
Current Maturities of Long-Term Debts	6.667	6.667	1.667
Total borrowings	34.340	30.698	28.888
Debt/Equity ratio	0.367	0.276	0.200

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	411.176	582.350	756.620
		41.630	29.925

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	411.176	582.350	756.620
Profit	32.800	45.922	67.348
	7.98%	7.89%	8.90%

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	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	No
35	Negative Reporting by Auditors in the Annual Report	No

BACKGROUND

The subject was incorporated on 17 August 1992. The company specializes in the manufacture of Single-cone and Multi-cone Synchronizer Rings for passenger car applications, with the capability of supplying friction-coated rings tailored to customer requirements.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10531323	31/10/2014	180,000,000.00	KOTAK MAHINDRA BANK LIMITED	7th Floor, Ambadeep Building,, 14, K. G. Marg, Connaught Place, New Delhi - 110001, INDIA	C33629866
2	10175879	12/03/2014 *	310,000,000.00	KOTAK MAHINDRA BANK LIMITED	7th Floor, Ambadeep Building,, 14 K. G. Marg,, New Delhi - 110001, INDIA	C03640513

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Estimated amount of contracts remaining to be executive on capital account (net of capital advances) and not provided for	2.020	22.203
Claims against the company not acknowledge as debts
-Income Tax Demand	0.058	0.373
-Service Tax Demand	5.358	8.753

FIXED ASSETS

· Leasehold Building

· Computer

· Furniture and Fixture

· Plant and Machinery

· Material Handling Equipments

· Electrical Installations

· Electrical Fittings

· Office Equipments

· Computer Software

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.66.74
UK Pound	1	Rs.99.61
Euro	1	Rs.70.66

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SUD

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
--PROFITABILITY	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	--

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