MIRA INFORM REPORT

Report No. :	357498
Report Date :	30.12.2015

IDENTIFICATION DETAILS

Name :	PREMIER INDIA BEARINGS LIMITED

Registered Office :	407 and 413, Marshall House, 25 Strand Road, Kolkata – 700001, West Bengal
Tel. No.:	91-124-4278000

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	03.10.1988

Com. Reg. No.:	21 - 045316

Capital Investment / Paid-up Capital :	Rs. 58.540 Million

CIN No.: [Company Identification No.]	U27109WB1988PLC045316

IEC No.:	0288028643

TIN	19490229013

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AABCP5416D

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Distributor of Bearings and Allied Products. (Confirmed by management)

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject was initially started as a partnership firm called Premier India for trading of bearings in 1975. Subsequently, the firm was converted to a private limited company in 1988, when it undertook the dealership for the bearings manufactured by SKF India Limited (SKF). The company was rechristened in 1992 as a limited company under its present name. PIBL discontinued the dealership of SKF in 2003 and since then, has been the authorized distributor for FAG Bearings India Limited and INA Bearings Private Limited. For the financial year ended 2014, the company has achieved marginal growth of 5.17% against the previous year turnover and it has reported low profit margin at 0.60% during the year under review. Rating takes into account the long track record of the company in the bearing trading business with experience of around three decades, long standing relationship of the PIBL with the principals, FAG Bearings India Limited and INA Bearings Private Limited. The ratings also derive comfort from the conservative capital structure of the company, although, the coverage indicators remain depressed on account of low operating profitability. However, rating strength is partially offset by operating profitability of the company remains subdued on account of low value addition in business with the commercial terms and conditions fixed by the principals. Further, high competition from other authorized distributors as well as other bearing manufacturers also tends to keep profitability under check. Trade relations are reported as fair. Payment terms are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition. Note: Management of the company has not filed its financial with government department for the year 2015 and same are not available from any sources.

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	ICRA
Rating	Cash Credit Limit (Suspended) “BBB-”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	August 2015

Rating Agency Name	ICRA
Rating	Letter of credit (Suspended) A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	August 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 DENIED

Management non-co-operative (91-33-22300640)

LOCATIONS

Registered Office/ Head Office :	407 and 413, Marshall House, 25 Strand Road, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22300640/22301926
Fax No.:	91-33-22485745
E-Mail :	mltater@rediffmail.com pibl@vsnl.com pibcal@giascl01.vsnl.net.in

Branch Address:	SCO 50, Sector 23A, Near HDFC Bank, Gurgaon - 122001, Haryana, India

Branches/ Located At :	Northern Region Chandigarh, Punjab Ludhiana Punjab Gurgaon, Haryana Western Region Guwahati, Assam Jamshedpur, Jharkhand Raipur, Chhattisgarh Mumbai, Maharashtra Nashik, Maharashtra Gandhidham, Kutch Ernakulam, Kochi Chennai, Tamilnadu Hosur, Tamilnadu Kattoor, Coimbatore Bengaluru, Karnataka Hospet, Karnataka

DIRECTORS

As on: 31.03.2015

Name :

Mr. Chain Roop Chandalia

Designation :

Director

Address :

25 Strand Road, Kolkata, West Bengal – 700001, India.

Date of Birth/Age :

03.02.1956

Date of Appointment :

27.04.1989

DIN No.:

00190294

PAN No.:

ABYPC1969R

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	U27109WB1988PLC045316	PREMIER INDIA BEARINGS LTD	Director	27/04/1989	27/04/1989	-	Active	NO
2	U33112WB1988PTC045092	HI-TECH BEARINGS PRIVATE LIMITED	Director	18/03/1991	18/03/1991	-	Active	NO
3	U29130WB2002PTC095291	ZKL BEARINGS (INDIA) PRIVATE LIMITED	Director	02/06/2003	02/06/2003	-	Active	NO
4	U51109WB1991PTC053967	CRYSTAL BEARINGS PRIVATE LIMITED	Director	10/07/2003	10/07/2003	-	Active	NO
5	U51909WB2002PTC095064	SILVERSON DEALERS PRIVATE LIMITED	Director	09/12/2003	09/12/2003	15/12/2008	Active	NO
6	U65993WB1994PTC062045	MKS CREDIT and FINANCE PRIVATE LIMITED	Director	02/07/2006	02/07/2006	-	Active	NO
7	U65993WB1994PTC062044	VITRAG CREDIT and FINANCE PRIVATE LIMITED	Director	02/07/2006	02/07/2006	-	Active	NO
8	U52110WB2006PTC111012	ZKL INDIA PRIVATE LIMITED	Director	29/07/2006	29/07/2006	-	Strike off	NO
9	U51109WB2007PTC112599	CARCO SEALS INDIA PRIVATE LIMITED	Director	16/01/2007	16/01/2007	-	Strike off	NO
10	U67120WB1996PTC081589	VIKRAM FINVEST PRIVATE LIMITED	Director	21/04/2008	21/04/2008	-	Active	NO
11	U51909WB2004PTC100397	SOUND SUPPLIERS PRIVATE LIMITED	Director	25/05/2011	25/05/2011	-	Active	NO
12	U51900WB2006PTC107911	ADINATH DISTRIBUTORS PRIVATE LIMITED	Director	30/08/2011	30/08/2011	-	Active	NO
13	U70101WB2005PTC101913	RAJMANI PROPERTIES PRIVATE LIMITED	Director	02/01/2012	02/01/2012	-	Active	NO

Name :

Mr. Surendra Kumar Choraria

Designation :

Director

Address :

25 Strand Road, Kolkata, West Bengal – 700001, India.

Date of Birth/Age :

31.05.1955

Date of Appointment :

30.01.1989

DIN No.:

00190327

PAN No.:

ACLPC2103K

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	U27109WB1988PLC045316	PREMIER INDIA BEARINGS LTD	Director	30/01/1989	30/01/1989	-	Active	NO
2	U33112WB1988PTC045092	HI-TECH BEARINGS PRIVATE LIMITED	Director	06/05/1991	06/05/1991	-	Active	NO
3	U45201WB1994PTC062238	TIRUMALA CARETAKER PRIVATE LIMITED	Director	01/04/1996	01/04/1996	18/10/2012	Active	NO
4	U51909WB2002PTC095064	SILVERSON DEALERS PRIVATE LIMITED	Director	09/12/2003	09/12/2003	15/12/2008	Active	NO
5	U51109WB1991PTC053967	CRYSTAL BEARINGS PRIVATE LIMITED	Director	24/05/2004	24/05/2004	-	Active	NO
6	U29130WB2002PTC095291	ZKL BEARINGS (INDIA) PRIVATE LIMITED	Director	24/05/2004	24/05/2004	-	Active	NO
7	U65993WB1994PTC062045	MKS CREDIT and FINANCE PRIVATE LIMITED	Director	02/07/2006	02/07/2006	-	Active	NO
8	U65993WB1994PTC062044	VITRAG CREDIT and FINANCE PRIVATE LIMITED	Director	02/07/2006	02/07/2006	-	Active	NO
9	U52110WB2006PTC111012	ZKL INDIA PRIVATE LIMITED	Director	29/07/2006	29/07/2006	-	Strike off	NO
10	U51109WB2007PTC112599	CARCO SEALS INDIA PRIVATE LIMITED	Director	16/01/2007	16/01/2007	-	Strike off	NO
11	U67120WB1996PTC081589	VIKRAM FINVEST PRIVATE LIMITED	Director	21/04/2008	21/04/2008	-	Active	NO
12	U51109WB2008PTC122170	MASTERMIND VYAPAAR PRIVATE LIMITED	Director	24/08/2010	24/08/2010	-	Active	NO
13	U51909WB2004PTC100397	SOUND SUPPLIERS PRIVATE LIMITED	Director	25/05/2011	25/05/2011	-	Active	NO
14	U51900WB2006PTC107911	ADINATH DISTRIBUTORS PRIVATE LIMITED	Director	30/08/2011	30/08/2011	-	Active	NO

Name :

Mr. Vijay Kumar Sethia

Designation :

Director

Address :

41, Armenian Street, Madras, - 600001. Tamilnadu, India.

Date of Birth/Age :

30.11.1957

Date of Appointment :

27.04.1989

PAN

AADPV8972D

DIN No.:

01538886

PAN No.:

AADPV8972D

KEY EXECUTIVES

Name :	Mr. Mohan
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	87.39
Directors or relatives of Directors	5.82
Other top fifty shareholders	6.79
Total	100.00

BUSINESS DETAILS

Line of Business :	Distributor of Bearings and Allied Products. (Confirmed by management)

Products :	Bearings Allied Products

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 :	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

No. of Employees :

Not Divulged

Bankers :

Bank of Baroda, International Business Branch, 4, India Exchange
Place, Kolkata - 700001, West Bengal, India
The Royal Bank of Scotland
State Bank of India
ICICI Bank
Syndicate Bank
Federal Bank

Banker Name :	HDFC Bank Limited
Branch Address :	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee Term Loans From Bank ( Term Loan From HDFC Bank is secured by hypothecation of entire Land and Building situated at B-XX1-14651- Dholewal Chowk, Ludhina – 141 003 in the name of the company.	3.253	8.942
Term Loan From Others (Term Loan From HDB Financial Services Limited is secured by hypothecation of flat situated at 35 Ballygunge Park, Kolkata – 700 019 In the name of the Director Of the Company	16.771	21.036
Long – Term Maturities of Finance Lease Obligations (Finance Lease Obligations are secured by hypothecation of Vehicles)	0.000	0.802
Total	20.024	30.780

Auditors :
Name :	V. K. Patawari and Company Chartered Accountant
Address :	33, Brabourne Road, 3^rd Floor, Kolkata – 700001, West Bengal, India
PAN No.:	AAFFV4830L

Memberships :	---

Collaborators :	----

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Hi-Tech Bearings Private Limited CIN No.: U33112WB1988PTC045092 Crystal Bearings Private Limited CIN No.: U51109WB1991PTC053967 ZKL Bearings (India) Private Limited (U29130WB2002PTC095291) Phoenix Trading Corporation

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

6000000	Equity Shares	Rs.10/- each	Rs. 60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

5854014	Equity Shares	Rs.10/- each	Rs. 58.540 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	58.540	58.540	58.540
(b) Reserves & Surplus	116.316	107.464	101.239
(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)	174.856	166.004	159.779

(3) Non-Current Liabilities
(a) long-term borrowings	20.024	31.002	3.113
(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	13.387	12.220	10.037
Total Non-current Liabilities (3)	33.411	43.222	13.150

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	392.025	264.675	194.667
(c) Other current liabilities	182.811	134.617	105.682
(d) Short-term provisions	0.115	0.401	0.085
Total Current Liabilities (4)	574.951	399.693	300.434

TOTAL	783.218	608.919	473.363

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	43.844	42.204	20.420
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	23.347	16.771	19.164
(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)	6.480	6.077	4.602
(d) Long-term Loan and Advances	8.210	7.383	6.636
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	81.881	72.435	50.822

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	140.596	106.851	83.426
(c) Trade receivables	522.441	381.760	322.290
(d) Cash and cash equivalents	29.689	41.433	12.514
(e) Short-term loans and advances	8.611	6.440	4.311
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	701.337	536.484	422.541

TOTAL	783.218	608.919	473.363

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1463.432	1392.120	1197.212
	Other Income	0.680	0.729	1.100
	TOTAL (A)	1464.112	1392.849	1198.312

Less	EXPENSES
	Purchases of Stock-in-Trade	1343.668	1277.933	1085.401
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(33.745)	(23.426)	(1.363)
	Employees benefits expense	49.430	42.259	32.711
	Other expenses	70.110	68.361	58.612
	TOTAL (B)	1429.463	1365.127	1175.361

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	34.649	27.722	22.951

Less	FINANCIAL EXPENSES (D)	14.329	12.313	10.348

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	20.320	15.409	12.603

Less/ Add	DEPRECIATION/ AMORTISATION (F)	6.890	6.037	5.426

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	13.430	9.372	7.177

Less	TAX (I)	4.579	3.147	2.660

	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	8.851	6.225	4.517

	Earnings / (Loss) Per Share (Rs.)	1.51	1.06	0.77

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	156.838	113.813	68.667
Net cash flows from (used in) operations	34.694	(0.910)	31.003
Net cash flows from (used in) operating activities	28.143	(5.866)	26.267

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.60	0.45	0.38

Operating Profit Margin (PBDIT/Sales)	(%)	2.37	1.99	1.92

Return on Total Assets (PBT/Total Assets}	(%)	1.78	1.60	1.60

Return on Investment (ROI) (PBT/Networth)		0.08	0.06	0.04

Debt Equity Ratio (Total Debt /Networth)		1.01	0.87	0.45

Current Ratio (Current Asset/Current Liability)		1.22	1.34	1.41

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	58.540	58.540	58.540
Reserves & Surplus	101.239	107.464	116.316
Net worth	159.779	166.004	174.856

long-term borrowings	3.113	31.002	20.024
Short term borrowings	0.000	0.000	0.000
Current maturities of long-term debts	68.667	113.813	156.838
Total borrowings	71.780	144.815	176.862
Debt/Equity ratio	0.449	0.872	1.011

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	1197.212	1392.120	1463.432
		16.280	5.123

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	1197.212	1392.120	1463.432
Profit	4.517	6.225	8.851
	0.38%	0.45%	0.60%

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	No
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	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)	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	No
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	Yes
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

UNSECURED LOAN

(Rs. In Million)

PARTICULAR	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Loans Repayable On Demand From Others	0.000	0.222

Total	0.000	0.222

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10359826	04/06/2012	13,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, Maharashtra, INDIA	B41281759
2	80034144	05/05/2009 *	248,500,000.00	BANK OF BARODA	International Business Branch, 4, India Exchange Place, KOLKATA - 700001, West Bengal, INDIA	A63324800
3	80034135	18/12/2008 *	70,000,000.00	BANK OF BARODA	International Business Branch, 4, India Exchange Place, KOLKATA - 700001, West Bengal, INDIA	A54153713
4	80034143	05/05/2009 *	248,500,000.00	BANK OF BARODA	International Business Branch, 4, India Exchange Place, KOLKATA - 700001, West Bengal, INDIA	A63324610

* Date of charge modification

FIXED ASSETS:

Land
Buildings
Furniture and fixtures
Vehicle
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.66.37
UK Pound	1	Rs.98.91
Euro	1	Rs.72.85

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	KRN

Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.

MIRA INFORM REPORT

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