MIRA INFORM REPORT

Report No. :	304290
Report Date :	09.02.2015

IDENTIFICATION DETAILS

Name :	MACO CORPORATION (INDIA) PRIVATE LIMITED
Registered Office :	2/5, Sarat Bose Road, “Sukhsagar Building”, 7^th Floor, Kolkata – 700020, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.04.2002
Com. Reg. No.:	21-094503
Capital Investment / Paid-up Capital :	Rs. 25.892 Millions
CIN No.: [Company Identification No.]	U36900WB2002PTC094503
TAN No.: [Tax Deduction & Collection Account No.]	CALM04075B
PAN No.: [Permanent Account No.]	AACCM8740L
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Industrial Equipment’s Machineries and providing Coordinating between customers and the manufacturers, After sales services, etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 3060000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established private limited company having satisfactory track record. Financial position of the company seems to be decent. Trade relations seems to be fair. Business is active. Payment term terms are reported to be usually correct. 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 :	Mr. Ketan Ramesh Patel
Designation :	Director
Contact No.:	91-9323994922
Date :	30.01.2015

LOCATIONS

Registered Office :	2/5, Sarat Bose Road, Sukhsagar Building, 7^th Floor, Kolkata – 700020, West Bengal, India
Tel. No.:	91-33-24758371 / 8500 / 24543200 / 3281/ 24548280
Mobile No.:	91-9323994922/ 9699613330 (Mr. Ketan Patel)
Fax No.:	91-33-24543269
E-Mail :	macobom@macocorporation.com kolkata@macocorporation.com
Website :	http://www.macorporation.com
Corporate Office :	701/702, Midas Sahar Plaza, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-28352337 / 28220352
Fax No.:	91-22-28632375
Godown :	Palaspe Phata, Panvel, Maharashtra, India
Branch Office :	503, Mahavir House, Basheer Bagh Square, Hyderabad – 500029, Telangana, India
Other Branch Office :	LOCATED AT : · Delhi · Baroda · Chennai · Calcutta

DIRECTORS

As on 30.09.2014

Name :

Mr. Nagesh M. Patel

Designation :

Director

Address :

28B, Sarat Bose Road, Flat 121, 12^th Floor, Classical Apartment, olkata – 700020, West Bengal, India

Date of Birth/Age :

25.12.1960

Date of Appointment :

11.04.2002

PAN No.:

AFKPP9345Q

Voter ID No.:

WB/23/146/126710

DIN No.:

00443530

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	U74140WB1992PTC055887	MACO MARKETING PRIVATE LIMITED	Director	07/07/1992	07/07/1992	-	Active	NO
2	U32109WB1997PTC085878	KOPPERN MACO SERVICES PRIVATE LIMITED	Managing director	12/02/1998	12/02/1998	-	Active	NO
3	U36900WB2002PTC094503	MACO CORPORATION (INDIA) PRIVATE LIMITED	Director	11/04/2002	11/04/2002	-	Active	NO
4	U51109WB1995PTC072747	AASHIYANA GOODS PRIVATE LIMITED	Managing director	07/02/2003	07/02/2003	-	Active	NO
5	U74140WB1977PTC031198	PROGRESSIVE CONSULTANCY SERVICES PRIVATE LIMITED	Director	10/12/2004	10/12/2004	-	Active	NO
6	U74999WB2006PTC107090	IMS MACO SERVICES PRIVATE LIMITED D	Director	05/01/2006	05/01/2006	-	Active	NO
7	U28910GJ2006PTC047476	AMUL CRANKCASE PRIVATE LIMITED	Director	10/01/2006	10/01/2006	31/12/2011	Active	NO
8	U50200WB2006PTC112088	SIBRE BRAKES (INDIA) PRIVATE LIMITED	Director	12/12/2006	12/12/2006	-	Active	NO
9	U72400WB2007PTC114535	SUNAG IT AND CONSULTANCY SERVICES PRIVATE LIMITED	Director	24/03/2007	24/03/2007	-	Active	NO
10	U74210WB2009PTC138751	METALOCK MACO ENGINEERING (INDIA) PRIVATE LIMITED	Director	07/10/2009	07/10/2009	-	Active	NO
11	U27320WB2011PTC162379	MACO ALMAMAT PRIVATE LIMITED	Director	06/05/2011	06/05/2011	-	Active	NO
12	U93000WB2013NPL192028	CLASSICA FLAT OWNERS WELFARE ASSOCIATION	Director	08/04/2013	08/04/2013	-	Active	NO
13	U27109WB2002PTC094237	DESMET REAGENT PRIVATE LIMITED	Director	30/04/2013	30/04/2013	-	Active	NO

Name :

Mr. Ramesh Vithaldas Patel

Designation :

Director

Address :

15A, Madhav Chatterjee Lane, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

13.06.1947

Date of Appointment :

11.04.2002

PAN No.:

AFHPP9018D

Voter ID No.:

WB/23/146/306423

DIN No.:

02412325

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	Company/ LLP Status	Defaulting status
1	U24299WB1998PTC086620	SUNAG ENGINEERING PRIVATE LIMITED	Director	23/02/1998	23/02/1998	Active	NO
2	U36900WB2002PTC094503	MACO CORPORATION (INDIA) PRIVATE LIMITED	Director	11/04/2002	11/04/2002	Active	NO
3	U74140WB1992PTC055887	MACO MARKETING PRIVATE LIMITED	Director	22/04/2004	22/04/2004	Active	NO
4	U51109WB1995PTC072747	AASHIYANA GOODS PRIVATE LIMITED	Director	23/04/2004	23/04/2004	Active	NO
5	U74140WB1977PTC031198	PROGRESSIVE CONSULTANCY SERVICES PRIVATE LIMITED	Director	10/12/2004	10/12/2004	Active	NO

Name :

Mr. Hitesh Dhirajlal Vasa

Designation :

Director

Address :

75A, Bakul Bagan Road, Kolkata – 700025, West Bengal, India

Date of Birth/Age :

18.03.1962

Date of Appointment :

01.10.2004

PAN No.:

ABQPV2591L

DIN No.:

00435289

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	U32109WB1997PTC085878	KOPPERN MACO SERVICES PRIVATE LIMITED	Director	12/11/1997	12/11/1997	27/04/2009	Active	NO
2	U24299WB1998PTC086620	SUNAG ENGINEERING PRIVATE LIMITED	Director	26/06/1998	26/06/1998	-	Active	NO
3	U27109WB2002PTC094237	DESMET REAGENT PRIVATE LIMITED	Managing director	22/04/2002	22/04/2002	-	Active	NO
4	U36900WB2002PTC094503	MACO CORPORATION (INDIA) PRIVATE LIMITED	Director	01/10/2004	01/10/2004	-	Active	NO
5	U50200WB2006PTC112088	SIBRE BRAKES (INDIA) PRIVATE LIMITED	Director	12/12/2006	12/12/2006	-	Active	NO
6	U72400WB2007PTC114535	SUNAG IT AND CONSULTANCY SERVICES PRIVATE LIMITED	Director	24/03/2007	24/03/2007	-	Active	NO
7	U74210WB2009PTC138751	METALOCK MACO ENGINEERING (INDIA) PRIVATE LIMITED	Director	07/10/2009	07/10/2009	26/03/2010	Active	NO

Name :

Mr. Ketan Ramesh Patel

Designation :

Director

Address :

15A, Madhav Chatterjee Lane, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

16.01.1973

Date of Appointment :

01.10.2004

Voter ID No.:

WB/23/146/306425

DIN No.:

06425681

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Maganlal Ambavi Tilva	657500
Nagesh Maganlal Patel	481650
Prafulla Nagesh Tilva	460550
Ramesh V. Patel	35750
Pravinaben Manaharlal	45650
Kanku Nagesh Tilva	1500
Ketal Patel	15000
Meera Patel	2500
Narshidas Ghetia (HUF)	6000
Savintaben N. Patel	4000
Narshidas Ghetia	6000
Tarun Ghetia	4000
Jamnadas Chagan Patel	100
Sunny Shatish Patel	22500
Satish V. Patel	50000
Maganlal Ambavi Tilva (HUF)	306140
Nagesh Maganlal Patel (HUF)	154160
Hiten N. Gandhi	2000
Amit Patel	20000
Hina Vasa	10000
Dhirajlal Vasa	25000
Bipin G. Patel	15000
Sonam Patel	20000
Pratik Patel	20000
Shika Patel	10000
Anjana R. Patel	25000
Narendra Patel	45207
Tulsi Patel	100000
Tulsi Patel	44000
Total	2589207

As on 30.09.2014

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	9.07
Directors or relatives of Directors	88.72
Others	2.21
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Industrial Equipment’s Machineries and providing Coordinating between customers and the manufacturers, After sales services, etc.
Products/ Services :	Products Steel Units Drive Units Oil and Gas Products : Mud Pump, Disc Brake, DC./AC. Motor, Progressive Cavity Pump, Elevators, Catheads, Twin Stop Refinery Products Power Products Mining Products Machine Tools Railways Products Access Equipment’s, etc. Services Sourcing of latest Industrial Products and Equipment as per customers' requirements Coordinating between customers and the manufacturers Credit facility Transfer of technology and post-analysis of requirements After sales services Payment against Rupee / Foreign Exchange Stocking of critical items Immediate delivery.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :	--

PRODUCTION STATUS: NOT AVAILABLE

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

· SAIL

TISCO

ONGC

ata Power

BHEL

NTPC

Widia

CEAT

JK Tyres

Apollo Tyres

Honda Siel

Swaraj Mazda

BPCL

Siemens VAI

No. of Employees :

Not Divulged

Bankers :

· The Karnataka Bank Limited, First Floor, Thapar House, 25, Brabourne Road, Kolkata – 700001, West Bengal, India

Union Bank of India, M G Road Branch, 134/4, Mahatma Gandhi Road, Kolkata – 700007, West Bengal, India

Dena Bank, Brabourne Road Branch, 16, Brabourne Road Kolkata – 700001, West Bengal, India

Banking Relations :	--
Auditors :
Name :	D. K. Madia and Company Chartered Accountants
Address :	29/A, Weston Street, 2^nd Floor, Room No. B 1, Kolkata- 700012, West Bengal, India
Tel. No. :	91-33-22119907
Income-tax PAN of auditor or auditor's firm :	ADKPM6230D
Memberships :	--
Collaborators :	--
Associate Enterprises :	· Aashiyana Goods Private Limited CIN No.: U51109WB1995PTC072747 Progressive Consultancy Services (Private) Limited CIN No.: U74140WB1977PTC031198 Maco Marketing Private Limited CIN No.: U74140WB1992PTC055887 IMS Maco Services Private Limited CIN No.: U74999WB2006PTC107090 Metalock Maco Engineering (India) Private Limited CIN No.: U74210WB2009PTC138751 Sibre Brakes (India) Private Limited CIN No.: U50200WB2006PTC112088 Koppern Maco Services Private Limited CIN No.: U32109WB1997PTC085878 Sunag Engineering Private Limited CIN No.: U24299WB1998PTC086620 Desmet Reagent Private Limited CIN No.: U27109WB2002PTC094237

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,589,207	Equity Shares	Rs.10/- each	Rs. 25.892 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	25.892	25.892	25.892
(b) Reserves & Surplus	1046.487	847.567	614.134
(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)	1072.379	873.459	640.026
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.605	0.715	0.323
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.605	0.715	0.323
(4) Current Liabilities
(a) Short term borrowings	27.741	38.158	35.047
(b) Trade payables	81.087	411.496	71.486
(c) Other current liabilities	21.820	26.294	127.725
(d) Short-term provisions	224.586	103.856	72.680
Total Current Liabilities (4)	355.234	579.804	306.938
TOTAL	1428.218	1453.978	947.287
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	49.217	53.267	47.459
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	61.865	61.865	125.274
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	38.867	31.884	25.243
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	149.949	147.016	197.976
(2) Current assets
(a) Current investments	262.574	100.000	47.500
(b) Inventories	148.379	224.135	104.785
(c) Trade receivables	361.923	578.660	234.491
(d) Cash and cash equivalents	159.538	130.653	173.006
(e) Short-term loans and advances	345.855	273.514	189.529
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1278.269	1306.962	749.311
TOTAL	1428.218	1453.978	947.287

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	NA	NA	920.225
		Other Income	NA	NA	23.361
		TOTAL (A)	NA	NA	943.586
Less	EXPENSES
		Purchases of Traded Goods & Services	NA	NA	546.065
		(Increase) / Decrease in Inventories	NA	NA	-23.652
		Employees benefits expense	NA	NA	73.783
		Other expenses	NA	NA	104.116
		TOTAL (B)	NA	NA	700.312
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		387.342	344.496	243.274
Less	FINANCIAL EXPENSES (D)		2.234	2.010	8.348
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		385.108	342.486	234.926
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.962	4.985	3.812
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		380.146	337.501	231.114
Less	TAX (H)		120.621	104.068	73.928
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		259.525	233.433	157.186
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		847.122	613.689	456.503
Less	APPROPRIATIONS
		Dividend Paid	51.784	0.000	0.000
		Dividend Distribution Tax	8.821	0.000	0.000
	BALANCE CARRIED TO THE B/S		1046.042	847.122	613.689
	EARNINGS IN FOREIGN CURRENCY
		Commission Received	121.096	119.434	133.859
		Exports	0.075	1.948	0.000
	TOTAL EARNINGS		121.171	121.382	133.859
	Earnings / (Loss) Per Share (Rs.)		100.23	90.16	60.71

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	NA	NA	17.08
Operating Profit Margin (PBDIT/Sales)	(%)	NA	NA	26.44
Return on Total Assets (PBT/Total Assets}	(%)	27.82	24.24	28.12
Return on Investment (ROI) (PBT/Networth)		0.35	0.39	0.36
Debt Equity Ratio (Total Debt/Networth)		0.03	0.04	0.05
Current Ratio (Current Asset/Current Liability)		3.60	2.25	2.44

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	25.892	25.892	25.892
Reserves & Surplus	614.134	847.567	1046.487
Net worth	640.026	873.459	1072.379
long-term borrowings	0.000	0.000	0.000
Short term borrowing	35.047	38.158	27.741
Total borrowings	35.047	38.158	27.741
Debt/Equity ratio	0.055	0.044	0.026

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 one year	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	Yes
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	Yes
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	10122707	03/09/2008	70,000,000.00	UNION BANK OF INDIA	M G ROAD BRANCH, 134/4, MAHATMA GANDHI ROAD, KOLKATA, WEST BENGAL - 700007, INDIA	A45933546
2	10031848	24/01/2013 *	572,200,000.00	UNION BANK OF INDIA	M G ROAD BRANCH, 134/4, MAHATMA GANDHI ROAD, KOLKATA, WEST BENGAL - 700007, INDIA	B67660662
3	90370827	08/02/2005 *	20,000,000.00	UNION BANK OF INDIA	M.G. ROAD BRANCH, 134/ 4 M.G. ROAD, CALCUTTA, WEST BENGAL, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Other loans and advances, others	27.741	38.158
Total	27.741	38.158

CORPORATE INFORMATION

Subject was incorporated in India in 2002, with its principle place of business and registered office at 2/5, Sarat Bose Road, Sukhsagar,Kolkata. The company is in to the business of Imports, Executing Projects, Providing Services and Representing Overseas Principals in India.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Trust receipt/Counter guarantee issued against opening of LC by bank	32.365	314.326
Counter guarantees to the Bank Guarantees issued by Banker to customers	314.109	187.610
Total	346.474	501.936

FIXED ASSETS

Tangible Fixed Assets

· Land

Office Buildings

Air Conditioners

Motor Vehicles

Office Equipments

IT Equipments

Furniture and Fixture

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.61.74
UK Pound	1	Rs.94.65
Euro	1	Rs.70.79

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.