MIRA INFORM REPORT

Report No. :	352900
Report Date :	07.12.2015

IDENTIFICATION DETAILS

Name :	JASH ENGINEERING LIMITED [w.e.f.21.09.1994]

Formerly Known As :	JASH ENGINEERING PRIVATE LIMITED [w.e.f.09.09.1973] JASH ENGINEERING INDUSTRIES PRIVATE LIMITED

Registered Office :	31,Sector-C, Sanwer Road, Industrial Area, Indore – 452001, Madhya Pradesh
Tel. No.:	91-731-2720143/2721143

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	29.09.1973

Com. Reg. No.:	10-001226

Capital Investment / Paid-up Capital :	Rs.95.754 Million

CIN No.: [Company Identification No.]	U28910MP1973PLC001226

IEC No.:	1188001914

TAN No.: [Tax Deduction & Collection Account No.]	BPLJ00108D

PAN No.: [Permanent Account No.]	AAACJ7699F

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer, exporter and importer of industrial valves, knife gets valves, screens etc. [Confirmed by management]

No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 1900000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well-established company incorporated in the year 1973. It has satisfactory track. The ratings takes into consideration vast experience and established track record of operations along with technical and financial collaboration with various global valve manufacturers. The rating further factor in the growth in revenue base along with healthy profit margin and its sound capital structure. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitment. In view of long track record of business operations along with decent financial conditions, the company can be considered for business dealings with 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

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	CARE
Rating	Long Term bank Facilities = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	20.08.2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A2
Rating Explanation	Strong degree of safety and higher credit risk.
Date	20.08.2015

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. Gothane
Designation :	Assistant Manager
Contact No.:	91-731-2720143
Date :	05.12.2015

LOCATIONS

Registered Office/ Factory :	31,Sector-C, Sanwer Road, Industrial Area, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2720143/2721143
Fax No.:	91-731-2720499
E-Mail :	info@jashindia.com dharmendrajain@jashindia.com gothane@jashindia.com
Website :	http://www.jashindia.com
Location :	Leased
Locality:	Industrial

Factory 1:	Survey No.74,Bardari Road, Gram Bardari, Behind Aurobindo Hospital, Sanwer Road, Indore – 453111, Madhya Pradesh, India

Factory 2:	M-11, Misc. zone, SEZ Phase-II, Sector-2, Pithampur – 454775, Dhar, Madhya Pradesh, India
Tel. No.:	91-7292-670100

DIRECTORS

AS ON 19.09.2014

Name :

Laxmi Nandan Amin

Designation :

Managing Director

Address :

149, Kanchan Bag, Indore - 452003, Madhya Pradesh, India

Date of Birth/Age :

16.11.1937

Date of Appointment :

21.09.2009

DIN No.:

00007735

PAN No.:

ACQPA1201P

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	U28910MP1973PLC001226	JASH ENGINEERING LIMITED	Managing director	21-09-2009	01-01-2000	-	Active	NO
2	U33112TN1994PTC026898	SHIVPAD ENGINEERS PRIVATE LIMITED	Director	23-07-2012	01-11-2011	-	Active	NO

Name :

Pratik Patel

Designation :

Managing Director

Address :

150-B, Kanchan Baug, South Tukoganj, Indore - 452001, Madhya Pradesh, India

Date of Birth/Age :

02.02.1964

Date of Appointment :

01.03.2012

DIN No.:

00780920

PAN No.:

ADMPP8026E

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	U29120MP1995PTC010279	PATAMIN INVESTMENTS PRIVATE LIMITED	Director	20-12-1995	20-12-1995	-	Active	NO
2	U28910MP1973PLC001226	JASH ENGINEERING LTD	Managing director	01-03-2012	01-10-2000	-	Active	NO
3	U05150TZ1995PTC005693	SCHUTTE MEYER INDIA PRIVATE LIMITED	Director	29-09-2003	29-09-2003	-	Active	NO
4	U33112TN1994PTC026898	SHIVPAD ENGINEERS PRIVATE LIMITED	Director	23-07-2012	01-11-2011	-	Active	NO
5	U28910TZ2012PTC018927	SCHUTTE MEYER ASHWATH ALLOYS PRIVATE LIMITED	Director	09-11-2012	09-11-2012	-	Active	NO

Name :

Rohit Arvindbhai Patel

Designation :

Director

Address :

Shree Arvind, B/H Profes Park Avenue Co-Op Soc, V V Nagar - 388121, Gujarat, India

Date of Appointment :

18.09.2015

DIN No.:

00174467

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	U29224GJ1997PTC032046	MICRO FLAT DATUMS PRIVATE LIMITED	Whole-time director	04-04-1997	04-04-1997	-	Active	NO
2	U28910MP1973PLC001226	JASH ENGINEERING LIMITED	Director	18-09-2015	26-03-2015	-	Active	NO

Name :

Neeraj Desai

Designation :

Director

Address :

1/1, Green Park Colony, South Tukoganj, Indore - 452001, Madhya Pradesh, India

Date of Appointment :

18.09.2015

DIN No.:

00356873

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	U31909MP2000PTC014125	SOFTVISION TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	22-03-2000	22-03-2000	-	Active	NO
2	U28910MP1973PLC001226	JASH ENGINEERING LIMITED	Director	18-09-2015	26-03-2015	-	Active	NO

Name :

Axel Schutte

Designation :

Director

Address :

Hansaallee 37, Iserlohn - 58636, Germany

Date of Birth/Age :

26.12.1949

Date of Appointment :

29.09.2001

DIN No.:

02591276

PAN No.:

BZBPS1577D

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	U05150TZ1995PTC005693	SCHUTTE MEYER INDIA PRIVATE LIMITED	Director	16-07-2015	13-01-1995	-	Active	NO
2	U29120MP1995PTC010279	PATAMIN INVESTMENTS PRIVATE LIMITED	Director	20-12-1995	20-12-1995	20-03-2009	Active	NO
3	U28910MP1973PLC001226	JASH ENGINEERING LIMITED	Director	29-09-2001	29-09-2001	-	Active	NO
4	U28910TZ2012PTC018927	SCHUTTE MEYER ASHWATH ALLOYS PRIVATE LIMITED	Director	16-07-2015	09-11-2012	-	Active	NO
5	U26960GJ2015PTC083195	APS DIVERTER VALVE PRIVATE LIMITED	Director	14-05-2015	14-05-2015	-	Active	NO

Name :

Narayanan Shadagopan

Designation :

Nominee Director

Address :

Flat 2, 43 Netherhall Gardens, Hampstead, London, United Kingdom

Date of Birth/Age :

21.06.1970

Date of Appointment :

24.09.2012

DIN No.:

03469992

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	U67190DL2011PTC217216	PRAGATI EQUITY ADVISORS PRIVATE LIMITED	Director	07-04-2011	07-04-2011	-	Active	NO
2	U28910MP1973PLC001226	JASH ENGINEERING LTD	Nominee director	24-09-2012	11-04-2012	-	Active	NO
3	U65929DL1997PTC089892	SAIJA FINANCE PRIVATE LIMITED	Nominee director	19-06-2015	01-06-2012	-	Active	NO
4	L27109UP1963PLC002931	PTC INDUSTRIES LIMITED	Nominee director	24-07-2013	24-07-2013	-	Active	NO
5	U85190DL2014PTC265804	DCDC HEALTH SERVICES PRIVATE LIMITED	Nominee director	01-12-2014	01-12-2014	-	Active	NO

KEY EXECUTIVES

Name :	Jayesh Pandyaa
Designation :	Secretary
Address :	85/1, Sector- A, Suryadev Nagar, Near Sidhdhipuram Colony, Indore - 452009, Madhya Pradesh, India
Date of Appointment :	01.09.2015
PAN No:	BAAPP5768F

MAJOR SHAREHOLDERS

AS ON 19.09.2014

Note: SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 19.09.2014

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	36.98
Bodies corporate	0.08
Directors or relatives of Directors	60.18
Other top fifty shareholders	2.76
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, exporter and importer of industrial valves, knife gets valves, screens etc. [Confirmed by management]

Products :

Item Code No.	Product Description
73089090	Other Structure and Parts of structures of iron and steel (excluding floating structures) reservrs and containers for any material (other than CMPRSD/LIQD gas) of Iron/Steel capacity > 300 LTR
84818030	Industrial Valves (excluding pressure reducing valves and thermostaticaly controlled valves
73259910	other
84798999	other

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

Singapore
Germany
Malaysia
Hong Kong

Imports :

Products :

Raw material

Countries :

Germany
USA
Sweden

Terms :

Selling :

Cash, L\C and Credit

Purchasing :

Cash, L\C and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Jindal steel and Power Limited, Orisa, India
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 :

Wholesalers, Retailers and End Users

Reference :	Reliance Industries 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 :

500 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Commercial Branch, Near G.P.O., A.B. Road, Indore - 452001, Madhya Pradesh, India
Person Name (With Designation)	Not Available
Contact Number	91-731-27077625
Name of Account Holder	Not Available
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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Term loans from banks	43.093	87.768
SHORT TERM BORROWING
Term loans from banks	118.582	191.216
Total	161.675	278.984

Financial Institute: :	Tata Capital Limited, One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai- 400001, Maharashtra, India

Auditors :
Name :	Walker, Chandiok and Company Chartered Accountants
Address :	21st Floor, DLF Square Jacaranda Marg, DLF Phase II, Gurgaon - 122002, Haryana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFW4298E

Memberships :	Not Available

Collaborators :	Not Available

Subsidiary Company:	Shivpad Engineers Private Limited, India [U33112TN1994PTC026898] Jash Usa Inc, United States

Associate:	Schutte Meyer India Private Limited, India [U05150TZ1995PTC005693] Schutte Meyer Ashwath Alloys Private Limited, India [U28910TZ2012PTC018927] Schutte Industries Service GMBH, United States Patamin Investments Private Limited, India [U29120MP1995PTC010279] Jash Precision Tools Limited, India [U28939MP1990PLC005689]

Others:	P I International LP, Mauritius Jash Flowcons Engineers, India

CAPITAL STRUCTURE

AS ON 19.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

10490000	Equity Shares	Rs.10/- each	Rs.104.900 Million
510000	Preference Shares	Rs.10/- each	Rs.5.100 Million
	Total		Rs.110.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

9575400	Equity Shares	Rs.10/- each	Rs.95.754 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	95.754	95.754	72.339
(b) Reserves & Surplus	567.355	502.879	283.820
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000		0.000
Total Shareholders’ Funds (1) + (2)	663.109	598.633	356.159

(3) Non-Current Liabilities
(a) long-term borrowings	47.830	87.768	148.408
(b) Deferred tax liabilities (Net)	35.683	28.291	20.819
(c) Other long term liabilities	0.688	1.672	1.838
(d) long-term provisions	4.204	4.932	4.225
Total Non-current Liabilities (3)	88.405	122.663	175.290

(4) Current Liabilities
(a) Short term borrowings	118.582	191.216	124.850
(b) Trade payables	200.119	220.006	202.712
(c) Other current liabilities	91.979	136.124	101.037
(d) Short-term provisions	31.164	7.757	37.837
Total Current Liabilities (4)	441.844	555.103	466.436

TOTAL	1193.358	1276.399	997.885

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	512.204	517.660	329.517
(ii) Intangible Assets	9.775	9.230	9.870
(iii) Capital work-in-progress	5.696	7.016	129.017
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	65.789	63.312	44.897
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	20.856	12.359	11.233
(e) Other Non-current assets	0.000	7.592	-0.109
Total Non-Current Assets	614.320	617.169	524.425

(2) Current assets
(a) Current investments	0.000	2.567	4.920
(b) Inventories	224.397	293.953	202.098
(c) Trade receivables	303.774	299.019	230.263
(d) Cash and cash equivalents	28.438	26.366	17.770
(e) Short-term loans and advances	21.261	36.609	17.423
(f) Other current assets	1.168	0.716	0.986
Total Current Assets	579.038	659.230	473.460

TOTAL	1193.358	1276.399	997.885

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1052.494	763.277	761.159
	Other Income	5.693	6.467	10.612
	TOTAL (A)	1058.187	769.744	771.771

Less	EXPENSES
	Cost of Materials Consumed	472.243	401.981	327.221
	Purchases of Stock-in-Trade	0.000	7.086	1.850
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	55.528	(52.309)	(18.343)z
	Employees benefits expense	117.790	104.810	88.558
	Other expenses	226.804	183.670	188.323
	Prior period items before tax	0.000	1.132	2.542
	Exceptional items before tax	0.000	0.000	2.516
	TOTAL (B)	872.365	646.370	592.667

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	185.822	123.374	179.104

Less	FINANCIAL EXPENSES (D)	53.410	51.414	49.383

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	132.412	71.960	129.721

Less	DEPRECIATION/ AMORTISATION (F)	33.207	34.825	25.072

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	99.205	37.135	104.649

Less	TAX (H)	19.045	9.256	42.138

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	80.160	27.879	62.511

	Earnings / (Loss) Per Share (Rs.)	8.37	3.30	12.67

Particulars

31.03.2015

Sales Turnover (Approximately)

1120.000

Expected Sales (2015-2016): Rs.1250.000 Million

The above information has been parted by Mr. Gothane (Assistant Manager).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	45.629	83.897	71.158
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	190.738	(26.791)	191.746

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	7.62	3.65	8.21

Operating Profit Margin (PBIDT/Sales)	(%)	17.66	16.16	23.53

Return on Total Assets (PBT/Total Assets}	(%)	8.84	3.08	12.70

Return on Investment (ROI) (PBT/Networth)		0.15	0.06	0.29

Debt Equity Ratio (Total Debt /Networth)		0.32	0.61	0.97

Current Ratio (Current Asset/Current Liability)		1.31	1.19	1.02

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	72.339	95.754	95.754
Reserves & Surplus	283.820	502.879	567.355
Net worth	356.159	598.633	663.109

Long-term borrowings	148.408	87.768	47.830
Short term borrowings	124.850	191.216	118.582
Current maturities of long-term debts	71.158	83.897	45.629
Total borrowings	344.416	362.881	212.041
Debt/Equity ratio	0.967	0.606	0.320

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	761.159	763.277	1052.494
		0.278	37.891

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	761.159	763.277	1052.494
Profit	62.511	27.879	80.160
	8.21%	3.65%	7.62%

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	Yes
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 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

PERFORMANCE:

The year 2013-14 was relatively a good year for the company due to significant growth in the company’s turnover and net profit. The turnover (net of excise) of the Company for the year was Rs.1052.494 million (1052.49 million) which reveals a growth of approximately 37.89% over the previous year turnover of Rs.763.277 million. (763.27 million). The domestic sales of the Company during the year was Rs.799.914 million (Rs.799.91 million) as compared to previous year sales of Rs.694.132 million (Rs.694.13 million), exhibiting an increase of 15% over the previous year. The export sales of the Company during the year was Rs.228.273 million (Rs.228.27 mil

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans and advances from related parties	4.737	0.000
Total	4.737	0.000

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10311298	10/01/2012 *	140,000,000.00	TATA CAPITAL LIMITED	ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B32582009
2	80011128	01/06/2015 *	770,600,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, A.B. ROAD,NEAR GPO, INDORE, MADHYA PRADESH - 452001, INDIA	C56392244

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Claims against company not acknowledged as debt	2.754	2.578
Guarantees	140.006	17.500

FIXED ASSETS

Tangible assets

Land
Buildings
Plant and equipment
Factory Equipments
Furniture and fixtures
Vehicles
Office equipment
Computer Equipments

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 records 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.66.84
UK Pound	1	Rs.101.04
Euro	1	Rs.73.05

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	KIN

Report Prepared by :	GEET

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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		51

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.