MIRA INFORM REPORT

Report No. :	305311
Report Date :	31.01.2015

IDENTIFICATION DETAILS

Name :	SOGEFI MNR FILTRATION INDIA PRIVATE LIMITED
Registered Office :	No. 54/3/B, Ejipura Main Road, Viveknagar Post, Bangalore - 560047, Karnataka
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	22.07.2008
Com. Reg. No.:	047239
Capital Investment / Paid-up Capital :	Rs. 15.941 Millions
CIN No.: [Company Identification No.]	U31409KA2008PTC047239
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAFCM6821K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Seller of Automotive and Industrial Filters.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (58)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1790000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established private limited liability company having fine track record. As per our information the management has failed to file financials for the year 2013-14 with the registrar of companies. However, as per available information of financials for the year 2012-13 the company seems to be in decent position. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 31-03-2014.

INFORMATION DECLINED BY

Name :	Ms. Kalpa
Designation :	HR Executive
Contact No.:	91-80-25116400
Date :	30.01.2015
Name :	Mr. Ranjan
Designation :	Accounts Executive
Contact No.:	91-80-25116400
Date :	30.01.015

LOCATIONS

Registered Office / Factory / Head Office :	No. 54/3/B, Ejipura Main Road, Viveknagar Post, Bangalore - 560047, Karnataka, India
Tel. No.:	91-80-25713021/ 2936/ 25716422
Fax No.:	91-80-25713874
E-Mail :	mnr@vsnl.com info@mnrfilters.com rajagopal.s@mnrfilters.com
Website :	http://www.mnrfilters.com

DIRECTORS

As on 06.03.2014

Name :

Mr. Narayan Rama Rao Manepally

Designation :

Director

Address :

14^th Main, Jayamahal Extension, Bangalore - 560046, Karnataka, India

Date of Birth/Age :

18.12.1964

Date of Appointment :

22.07.2008

PAN No.:

AANPR9276J

DIN No. :

00464071

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	U33129KA2001PTC029110	EMW ENVIRONMENTAL TECHNOLOGIES PRIVATE LIMITED	Director	09-05-2005	09-05-2005	27-11-2008	Amalgamated	NO
2	U55101KA2006PTC068376	BEER WORKS RESTAURANTS AND MICROBREWERY PRIVATE LIMITED	Director	01-02-2006	01-02-2006	-	Active	NO
3	U31909KA2006PTC039156	MNR FILTERS INDIA PRIVATE LIMITED	Director	28-04-2006	28-04-2006	-	Strike off	NO
4	U31409KA2008PTC047239	SOGEFI MNR FILTRATION INDIA PRIVATE LIMITED	Director	22-07-2008	22-07-2008	-	Active	NO

Name :

Mr. Narayan Ramachandran

Designation :

Director

Address :

D-51, Shobha Ivory 2, 7/1^st Johns Road, Ulsoor, Bangalore – 560047, Karnataka, India

Date of Birth/Age :

14.07.1962

Date of Appointment :

29.07.2008

DIN No. :

01873080

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	U33112TN2005PTC056638	DYANSYS INDIA PRIVATE LIMITED	Director	17-06-2005	17-06-2005	02-05-2011	Active	NO
2	U65990MH1993FTC074460	MORGAN STANLEY INVESTMENT MANAGEMENT PRIVATE LIMITED	Director	09-06-2008	22-06-2007	08-09-2014	Active	NO
3	U05005TG1995PLC021217	OCEAN SPARKLE LIMITED	Director	30-09-2008	19-01-2008	-	Active	NO
4	U72900MH2003PTC140982	MORGAN STANLEY ADVANTAGE SERVICES PRIVATE LIMITED	Director	29-09-2008	12-03-2008	22-10-2009	Active	NO
5	U31409KA2008PTC047239	SOGEFI MNR FILTRATION INDIA PRIVATE LIMITED	Director	29-07-2008	29-07-2008	-	Active	NO
6	U55101KA2006PTC068376	BEER WORKS RESTAURANTS AND MICROBREWERY PRIVATE LIMITED	Director	17-09-2008	17-09-2008	-	Active	NO
7	U22990MH1998PTC115305	MORGAN STANLEY INDIA COMPANY PRIVATE LIMITED	Director	30-09-2009	27-10-2008	18-06-2010	Active	NO
8	U24299DL2005PTC142116	GEIST RESEARCH PRIVATE LIMITED	Director	08-11-2008	08-11-2008	07-03-2014	Active	NO
9	U74900TG2009PTC065761	SKS Trust Advisors Private Limited	Additional director	15-11-2009	15-11-2009	05-03-2010	Active	NO
10	U65923KA2006PTC040028	JANALAKSHMI FINANCIAL SERVICES PRIVATE LIMITED	Director	20-06-2014	04-03-2010	-	Active	NO
11	U65191PN1943PLC007308	RBL BANK LIMITED	Director	26-08-2014	20-05-2010	-	Active	NO
12	U51909TN2010PTC077470	COUNSYL INDIA GENETICS PRIVATE LIMITED	Director	23-09-2010	23-09-2010	-	Active	NO
13	U85100KA2011PTC056725	INKLUDE LABS PRIVATE LIMITED	Director	20-01-2011	20-01-2011	-	Active	NO
14	U85191KA2011NPL061094	ACTION FOUNDATION FOR SOCIAL SERVICES	Director	08-11-2011	08-11-2011	-	Active	NO
15	U65993AP1991PTC013491	CASPIAN IMPACT INVESTMENTS PRIVATE LIMITED	Nominee director	04-12-2013	04-12-2013	-	Active	NO
16	U74899DL1976PTC008436	FABINDIA OVERSEAS PRIVATE LIMITED	Director	10-09-2014	20-01-2014	-	Active	NO
17	U55101DL2012PLC245154	LETTUCE ENTERTAIN YOU LIMITED	Director	29-09-2014	30-01-2014	-	Active	NO
18	U74120DL2008PLC176081	PVR BLUO ENTERTAINMENT LIMITED	Director	29-09-2014	30-01-2014	-	Active	NO
19	U55101DL2012PLC239565	PVR LEISURE LIMITED	Director	29-09-2014	30-01-2014	-	Active	NO
20	L74899DL1995PLC067827	PVR LIMITED	Alternate director	31-01-2014	31-01-2014	-	Active	NO
21	L93030DL2011PLC262151	CINEMAX INDIA LIMITED	Alternate director	31-01-2014	31-01-2014	-	Amalgamated	NO

Name :

Keith David Drew

Designation :

Director

Address :

Maendy Farm, Llantrisant Road, Grosfaen, Pontychen, CF 728NJ

Date of Birth/Age :

20.11.1955

Date of Appointment :

29.09.2009

DIN No. :

02447160

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	U31409KA2008PTC047239	SOGEFI MNR FILTRATION INDIA PRIVATE LIMITED	Director	29-09-2009	27-11-2008	-	Active	NO
2	U33129KA2001PTC029110	EMW ENVIRONMENTAL TECHNOLOGIES PRIVATE LIMITED	Director	29-09-2009	27-11-2008	-	Amalgamated	NO
3	U34100DL2009PTC188549	SYSTEMES MOTEURS INDIA PRIVATE LIMITED	Director	30-09-2011	29-07-2011	11-07-2014	Active	NO

Name :

Luc Claude Gilbert Schwab

Designation :

Director

Address :

26, Grand Rue, 68240, Kientzheim, France

Date of Birth/Age :

10.04.1957

Date of Appointment :

06.03.2014

DIN No. :

02629690

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	U34100DL2009PTC188549	SYSTEMES MOTEURS INDIA PRIVATE LIMITED	Director	09-09-2010	16-04-2009	11-07-2014	Active	NO
2	U31409KA2008PTC047239	SOGEFI MNR FILTRATION INDIA PRIVATE LIMITED	Director	06-03-2014	06-03-2014	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Kalpa
Designation :	HR Executive
Name :	Mr. Ranjan
Designation :	Accounts Executive
Name :	Mr. Rohit Prakash
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 06.03.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Filtrauto SA, France	956459	60.00
Usha Rama Rao	32685	2.05
M. N. Rama Rao	129535	8.13
M. R. Narayan	475419	29.82
Total	1594098	100.00

As on 06.03.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	60.00
Directors or relatives of Directors	40.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Seller of Automotive and Industrial Filters.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :	--

PRODUCTION STATUS (AS ON 31.12.2011)

Particulars	Unit	31.12.2011
Licensed Capacity *	--	--
Actual Production	Nos.	38890864

* The company is excempt from the licensing provisions of the Industries (Development and Regulation) Act, 1951.

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

· State Bank of Hyderabad, No.26, Akshaya Complex, Victoria Road, Bangalore - 560047, Karnataka, India

· Citi Bank N.A., 506-507, Level -5, Prestige Meridian 2, No.30, M.G. Road, Bangalore - 560001, Karnataka, India

· State Bank of Hyderabad, Austin Town Branch, 26 Akshaya Complex Victoria Road, Bangalore - 560047, Karnataka, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	0.000	8.590
SHORT TERM BORROWINGS
Working capital loans from banks (A)	0.784	6.182
Total	0.784	14.772

NOTE:

(A) Includes Buyer's credit facility Rs. nil and Cash credit facility Rs. 0.784 Million (Secured by hypothecation of inventories and trade receivables.)

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Deloitte Centre Anchorage II, 100/2 Richmond Road, Bangalore- 560025, Karnataka, India
Tel. No. :	91-80-66276000
Fax No. :	91-80-66276011
Income-tax PAN of auditor or auditor's firm :	AACFD3771D
Memberships :	--
Collaborators :	--
Holding Company :	Filtrauto S.A., France
Ultimate Holding Company :	Sogefi S.P.A, Italy
Fellow Subsidiary Company :	· Sogefi Filtration Do Brasil Ltda, Brazil · Shanghai Sogefi Auto Parts Co., Limited, China · Sogefi Rejna S.P.A. Italy · Sogefi Filtration, Slovenia · Systems Moteurs SAS · Sogefi Filtration Limited, UK · Sogefi Filtration Limited, Spain · Allevard Sogefi U.S.A. Inc · Sogefi Engine Systems USA., Inc · Systemes Moteurs India Private Limited CIN No.: U34100DL2009PTC188549

CAPITAL STRUCTURE

As on 06.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,650,000	Equity Shares	Rs.10/- each	Rs. 16.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,594,098	Equity Shares	Rs.10/- each	Rs. 15.941 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	15.941	15.941	15.941
(b) Reserves & Surplus	609.938	470.946	358.359
(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)	625.879	486.887	374.300
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	8.590	15.598
(b) Deferred tax liabilities (Net)	27.570	29.331	18.581
(c) Other long term liabilities	2.135	1.565	0.403
(d) long-term provisions	6.522	4.089	3.182
Total Non-current Liabilities (3)	36.227	43.575	37.764
(4) Current Liabilities
(a) Short term borrowings	0.784	6.182	14.436
(b) Trade payables	195.214	138.843	117.076
(c) Other current liabilities	39.654	20.365	56.246
(d) Short-term provisions	20.336	0.000	12.372
Total Current Liabilities (4)	255.988	165.390	200.130
TOTAL	918.094	695.852	612.194
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	195.280	219.356	140.927
(ii) Intangible Assets	36.466	35.441	12.749
(iii) Capital work-in-progress	48.125	1.448	12.147
(iv) Intangible assets under development	39.649	38.003	43.785
(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	22.010	19.833	28.850
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	341.530	314.081	238.458
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	93.109	83.383	85.897
(c) Trade receivables	254.195	210.094	162.096
(d) Cash and cash equivalents	141.815	60.969	70.177
(e) Short-term loans and advances	86.198	27.208	55.528
(f) Other current assets	1.247	0.117	0.038
Total Current Assets	576.564	381.771	373.736
TOTAL	918.094	695.852	612.194

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2013	31.12.2012	31.12.2011
	TOTAL REVENUE		1229.454	938.095	785.156
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		264.957	211.821	191.066
Less	FINANCIAL EXPENSES		3.616	5.407	5.174
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		261.341	206.414	185.892
Less/ Add	DEPRECIATION/ AMORTISATION		55.339	37.878	22.020
	PROFIT/ (LOSS) BEFORE TAX		206.002	168.536	163.872
Less	TAX		67.010	55.949	58.248
	PROFIT/ (LOSS) AFTER TAX		138.992	112.587	105.624
	EARNINGS IN FOREIGN CURRENCY
		Exports on FOB Basis	NA	64.800	105.091
		Service Income	NA	2.213	4.048
	TOTAL EARNINGS		NA	67.013	109.139
	IMPORTS
		Raw Materials and Packing Materials	NA	187.205	203.459
		Capital Goods	NA	4.437	2.342
	TOTAL IMPORTS		NA	191.642	205.801
	Earnings / (Loss) Per Share (Rs.)		87.19	70.63	66.26

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
Return on Total Assets (PBT/Total Assets}	(%)	24.81	25.68	29.46
Return on Investment (ROI) (PBT/Networth)		0.33	0.35	0.44
Debt Equity Ratio (Total Debt/Networth)		0.00	0.03	0.08
Current Ratio (Current Asset/Current Liability)		2.25	2.31	1.87

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	15.941	15.941	15.941
Reserves & Surplus	358.359	470.946	609.938
Net worth	374.300	486.887	625.879
long-term borrowings	15.598	8.590	0.000
Short term borrowings	14.436	6.182	0.784
Total borrowings	30.034	14.772	0.784
Debt/Equity ratio	0.080	0.030	0.001

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Revenue	785.156	938.095	1229.454
		19.479	31.059

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Revenue	785.156	938.095	1229.454
Profit	105.624	112.587	138.992
	13.45%	12.00%	11.31%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10339936	31/01/2012	75,000,000.00	CITI BANK N.A.	506-507, LEVEL -5, PRESTIGE MERIDIAN 2, NO.30, M .G. ROAD,, BANGALORE, KARNATAKA - 560001, INDIA	B34024778
2	10197683	12/12/2012 *	65,000,000.00	STATE BANK OF HYDERABAD	NO.26, AKSHAYA COMPLEX, VICTORIA ROAD, BANGALORE, KARNATAKA - 560047, INDIA	B67335646

* Date of charge modification

CHANGE OF ADDRESS

The Registered office of the company has been shifted from 18, Victoria Road, Vivek Nagar, Bangalore - 560047, Karnataka, India to the present address w.e.f. 03.06.2009.

BACKGROUND

The Company was incorporated on 22 July 2008 as a private limited company under the provisions of Chapter IX of the Companies Act, 1956 (the Act) on conversion of a partnership firm, M N Ramarao and Company. The registered office of the Company is situated in Bangalore, India. The Company is primarily engaged in the business of manufacture of different automotive Air, Fuel and Oil filters and filters for industrial applications for clean room technology.

EMW Environmental Technologies Private Limited, an associate company of the Company was merged with the Company in 2011 pursuant to the order of the Karnataka High Court and the Company had issued one equity share of Rs.10 each for every 10 equity shares in EMW Environmental Technologies (Private) Limited and the difference between the amount recorded as share capital issued and the amount of share capital of the EMW Environmental Technologies Private Limited amounting to Rs. 427,500 was adjusted and credited to capital reserve account during the year ended 31^st Dec 2011.

CONTINGENT LIABILITIES:

PARTICULARS	31.12.2013 (Rs. In Millions)	31.12.2012 (Rs. In Millions)
Claims against the company not acknowledged as debts VAT	0.363	0.363

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Other Equipments

· Leasehold Improvements

Intangible Assets

· 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.61.76
UK Pound	1	Rs.93.13
Euro	1	Rs.70.03

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUC
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		58

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.