MIRA INFORM REPORT

Report No. :	307082
Report Date :	12.02.2015

IDENTIFICATION DETAILS

Name :	SANMAR CONSOLIDATIONS LIMITED (w.e.f. 20.06.2011)

Formerly Known As :	SANMAR ENGINEERING CORPORATION LIMITED SANMAR ENGINEERING CORPORATION PRIVATE LIMITED

Registered Office :	9, Catherdral Road, Chennai-600086, Tamilnadu

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	25.06.2001

Com. Reg. No.:	18-047307

Capital Investment / Paid-up Capital :	Rs. 8.000 Millions

CIN No.: [Company Identification No.]	U29199TN2001PLC047307

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	CHES15103E

PAN No.: [Permanent Account No.]	AAFCS6591Q

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in Investment in shares and securities of group companies

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (57)

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 22000000

Status :	Excellent

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well-established Public limited liability company having fine track record. There has been constant drop in revenue of the company. However net worth of the company appears to be in sound. The company appears to be in good financial 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 with usual business 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

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 PARTED/ DENIED BY

Name :	Mr. V.S. Subramainam
Designation :	General Manager-Finance
Contact No.:	91-44-28128500
Date :	09.02.2015

LOCATIONS

Registered Office / Group Corporate Office :	9, Catherdral Road, Chennai-600086, Tamilnadu, India
Tel. No.:	91-44-28128722
Fax No.:	91-44-28112627
E-Mail :	mr1@sanmargroup.com

DIRECTORS

As on 26.09.2014

Name :

Mr. Narayanan Sankar

Designation :

Chairman

Address :

194, TTK Road, Chennai-600018, Tamilnadu, India

Date of Birth/Age :

19.11.1945

Date of Appointment :

29.09.2011

DIN No.:

00007843

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	U65993TN1979PLC007711	SANMAR HOLDINGS LIMITED	Director	06/10/1980	06/10/1980	-	Active	NO
2	L26942TN1946PLC000931	THE INDIA CEMENTS LIMITED	Director	15/09/1989	15/09/1989	15/09/2007	Active	NO
3	U65991TN1921NPL001337	CHENNAI WILLINGDON CORPORATE FOUNDATION	Director	28/04/1991	28/04/1991	-	Active	NO
4	U29296TN1984PLC011377	F.L.SMIDTH LIMITED	Director	10/12/1997	10/12/1997	21/07/2006	Amalgamated	NO
5	U14299TN1996PTC034056	FLSMIDTH MINERALS PRIVATE LIMITED	Alternate director	11/12/1997	11/12/1997	18/03/2009	Amalgamated	NO
6	U91990TN1999NPL042106	CHENNAI HERITAGE	Director	22/03/1999	22/03/1999	-	Active	NO
7	U73100TN2002NPL050076	SHL RESEARCH FOUNDATION	Director	11/09/2014	24/02/2003	-	Active	NO
8	U45202TN1991PTC021010	NS FAMILY CONSOLIDATIONS PRIVATE LIMITED	Director	02/05/2003	02/05/2003	-	Active	NO
9	U65991TN1991PTC021007	NS FAMILY INVESTMENTS P LTD	Director	02/05/2003	02/05/2003	-	Active	NO
10	U65991TN1990PLC019237	SHL SECURITIES (ALPHA) LIMITED	Director	29/09/2012	01/04/2004	-	Active	NO
11	L19201WB1931PLC007261	BATA INDIA LTD	Director	02/02/2005	02/02/2005	28/07/2011	Active	NO
12	U65991TN1991PTC021532	N SANKAR PROPERTIES AND HOLDINGS PRIVATE LIMITED	Director	26/05/2005	26/05/2005	-	Active	NO
13	L99999MH1961PLC012003	NOCIL LIMITED	Director	29/07/2005	29/07/2005	-	Active	NO
14	U74990TN1991PTC021361	N K TRADING AND CONSULTANCY PRIVATE LIMITED	Director	06/02/2006	06/02/2006	-	Active	NO
15	U74999TN2005PTC057945	V S TRADING AND CONSULTANCY PRIVATE LIMITED	Director	06/02/2006	06/02/2006	-	Active	NO
16	U74999TN2005PTC057947	M SANKAR TRADING AND CONSULTANCY PRIVATE LIMITED	Director	06/02/2006	06/02/2006	-	Active	NO
17	U74999TN2005PTC057946	C SANKAR TRADING AND CONSULTANCY PRIVATE LIMITED	Director	06/02/2006	06/02/2006	-	Active	NO
18	U74999TN1992PTC022029	STARGATE ENTERPRISES PRIVATE LIMITED	Director	15/09/2014	03/04/2006	-	Active	NO
19	U26941TN2000PTC044765	FLSMIDTH PRIVATE LIMITED	Director	22/08/2006	22/08/2006	07/05/2014	Active	NO
20	U29199TN2001PLC047307	SANMAR CONSOLIDATIONS LIMITED	Director	29/09/2011	06/06/2011	-	Active	NO
21	U73100TN2009NPL070999	SCL RESEARCH FOUNDATION	Director	19/09/2014	13/03/2014	-	Active	NO
22	U51909TN2008PLC068279	SCL CONSULTANCY AND TRADING LIMITED	Director	17/09/2014	13/03/2014	-	Active	NO

Name :

Mr. Vijay Sankar

Designation :

Director

Address :

194, TTK Road, Chennai-600018, Tamilnadu, India

Date of Birth/Age :

26.12.1972

Date of Appointment :

29.09.2011

DIN No.:

00007875

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	U65993TN1979PLC007711	SANMAR HOLDINGS LIMITED	Director	11/11/1991	11/11/1991	-	Active	NO
2	U74140TN2000PLC044962	SILKROUTE INDCHEM LIMITED	Director	18/12/2000	18/12/2000	07/06/2008	Active	NO
3	U29199TN2001PLC047307	SANMAR CONSOLIDATIONS LIMITED	Director	29/09/2011	25/06/2001	-	Active	NO
4	U73100TN2002NPL050076	SHL RESEARCH FOUNDATION	Director	11/09/2014	24/02/2003	-	Active	NO
5	U45202TN1991PTC021010	NS FAMILY CONSOLIDATIONS PRIVATE LIMITED	Director	02/05/2003	02/05/2003	-	Active	NO
6	U65991TN1991PTC021007	NS FAMILY INVESTMENTS P LTD	Director	02/05/2003	02/05/2003	-	Active	NO
7	U65991TN1990PLC019237	SHL SECURITIES (ALPHA) LIMITED	Director	29/09/2012	01/04/2004	-	Active	NO
8	U85320TN1999NPL041989	YOUNG PRESIDENTS ORGANISATION (CHENNAI CHAPTER)	Director	02/12/2013	02/07/2005	-	Active	NO
9	U24231TN2000PTC045797	POES GARDEN PROPERTIES PRIVATE LIMITED	Director	06/02/2006	06/02/2006	01/10/2010	Active	NO
10	U74999TN2005PTC057945	V S TRADING AND CONSULTANCY PRIVATE LIMITED	Director	06/02/2006	06/02/2006	-	Active	NO
11	U74999TN1992PTC022029	STARGATE ENTERPRISES PRIVATE LIMITED	Director	15/09/2014	03/04/2006	-	Active	NO
12	L65991TN1941PLC001128	THE K C P LIMITED	Director	11/08/2014	07/11/2011	-	Active	NO
13	U91990MH2011NPL225012	YPO WPO South Asia Chapter	Director	16/12/2011	16/12/2011	-	Active	NO
14	U73100TN2009NPL070999	SCL RESEARCH FOUNDATION	Director	19/09/2014	13/03/2014	-	Active	NO
15	U51909TN2008PLC068279	SCL CONSULTANCY AND TRADING LIMITED	Director	17/09/2014	13/03/2014	-	Active	NO

Name :

Mr. B. Natraj

Designation :

Managing Director

Address :

Flat no. 1 A Seasons, 19 Ganpathy colony, 1^st street teynampet, Chennai-600018, Tamilnadu, India

Date of Birth/Age :

03.10.1946

Date of Appointment :

29.09.2012

DIN No.:

00022038

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	U33111TN1987PTC014841	ASCO NUMATICS (INDIA) Private LIMITED	Director	15/06/2007	28/12/2005	31/07/2008	Active	NO
2	U30006TN1996PLC034869	SANMAR ENGINEERING SERVICES LIMITED	Director	28/12/2005	28/12/2005	30/03/2007	Amalgamated	NO
3	U31404TN1990PTC019244	VISHAY TRANSDUCERS INDIA Private Limited	Director	02/07/2007	28/12/2005	01/07/2008	Active	NO
4	U93090TN1985PLC024245	Emerson Process Management Chennai Limited	Director	28/12/2005	28/12/2005	31/03/2008	Active	NO
5	U18209TN1987PLC014838	FLOWSERVE SANMAR LIMITED	Director	25/09/2013	28/12/2005	-	Active	NO
6	U33112TN1983PLC009911	SANMAR FOUNDRIES LIMITED	Director	25/09/2013	28/12/2005	-	Active	NO
7	U33111TN1980PLC008499	BS & B SAFETY SYSTEMS (INDIA) LIMITED	Director	14/09/2012	28/12/2005	-	Active	NO
8	U28999TN2001PLC047056	XOMOX SANMAR LIMITED	Managing director	01/10/2011	28/12/2005	-	Active	NO
9	U63090TN1994PLC028616	SANMAR SHIPPING LIMITED	Director	02/01/2006	02/01/2006	01/04/2008	Active	NO
10	U24230TN1985PLC011637	CHEMPLAST SANMAR LIMITED	Director	18/11/2013	16/01/2006	-	Active	NO
11	U93090TN1996PLC034761	CABOT SANMAR LIMITED	Director	31/07/2013	20/01/2006	-	Active	NO
12	U24299TN1982PLC009443	SANMAR SPECIALITY CHEMICALS LIMITED	Director	31/07/2013	06/02/2006	-	Active	NO
13	U29199TN2001PLC047307	SANMAR CONSOLIDATIONS LIMITED	Director	29/09/2012	06/02/2006	-	Active	NO
14	U65993TN1995PLC030445	SANMAR ENGINEERING SERVICES LIMITED	Director	28/09/2012	30/09/2006	-	Active	NO
15	U24119TN2002PLC048677	SANMAR GROUP INTERNATIONAL LIMITED	Director	18/10/2006	18/10/2006	01/04/2008	Active	NO
16	U27310TN2007PLC063323	JKM Ferrotech Limited	Director	30/04/2007	30/04/2007	07/11/2008	Active	NO
17	U74210TN1996PLC034870	SANMAR ENGINEERING TECHNOLOGIES LIMITED	Director	29/09/2012	01/11/2011	-	Active	NO
18	U51909TN1998PLC041556	TYCO SANMAR LIMITED	Director	25/09/2014	23/12/2011	-	Active	NO
19	U65991TN1921NPL001337	CHENNAI WILLINGDON CORPORATE FOUNDATION	Director	18/09/2012	18/09/2012	-	Active	NO
20	U45201TN1999PLC043396	SHL PROPERTY HOLDINGS LIMITED	Director	19/09/2014	20/03/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. V.S. Subramainam
Designation :	General Manager-Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2014

Names of Shareholders		No. of Shares
SHL Securities (Alpha) Limited, India		799994
Mr. N Sankar		1
Mr. Vijay Sankar		1
Mrs. Chandra Sankar		1
SCL Reesarch Foundation		1
Mr. Raman		1
Mr. P U Aravind		1
Total		800000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in Investment in shares and securities of group companies

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Not Divulged

Purchasing :	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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Not Available

Auditors :
Name :	Prasad and Srinath Chartered Accountant
Address :	New No.5 Old No.7 Ground Floor, Abhiramapuram First Street Abhiramapuram, Chennai-600018, Tamilnadu, India
Tel No.:	91-44-24982995
Email :	Prasad@sprasad.org
Website :	www.sprasad.org
PAN No.:	AAAFP3674M

Memberships :	Not Available

Collaborators :	Not Available

Holding Company :	SCL Consultancy and Trading Limited CIN No. : U51909TN2008PLC068279

Associates :	Cabot Sanmar Limited Cathedral Corporate Finance

Subsidiary Company :	Kalamkriya Limited CIN No.: - U22121TN1991PLC020589 Sanmar Consultancy Limited CIN No.: - U74140TN2008PLC068279 Sanmar Engineering Technologies Limited CIN No.: - U74210TN1996PLC034870 Sanmar Shipping Limited CIN No.: - U63090TN1994PLC028616 SHL Property Holdings Limited CIN No.: - U45201TN1999PLC043396 SHL Trading Limited CIN No.: - U51311TN2007PLC062284 B Sec Services Limited CIN No.: - U51503TN2001PLC047839 Flowserve Sanmar Limited CIN No.: - U18209TN1987PLC014838 Tyco Sanmar Limited CIN No.: - U51909TN1998PLC041556 Xomox Sanmar Limited CIN No.: - U28999TN2001PLC047056 Fisher Sanmar Limited CIN No.: - U93090TN1985PLC024245 Sanmar Engineering Services Limited CIN No.: - U65993TN1995PLC030445 Sanmar Foundries Limited CIN No.: - U33112TN1983PLC009911 Matrix Metals Holdings Inc USA

CAPITAL STRUCTURE

As on 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

4,150,000	Equity Shares	Rs.10/- each	Rs.41.500 Millions
850,000	Preference Shares	Rs.10/- each	Rs.8.500 Millions
	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

800,000	Equity Shares	Rs.10/- each	Rs.8.000 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	8.000	16.500	16.500
(b) Reserves & Surplus	7728.714	7714.196	7670.936
(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)	7736.714	7730.696	7687.436

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	0.022	0.022	0.022
(d) Short-term provisions	0.000	0.000	0.998
Total Current Liabilities (4)	0.022	0.022	1.020

TOTAL	7736.736	7730.718	7688.456

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(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	7731.641	7312.350	6132.075
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	7731.641	7312.350	6132.075

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.501	0.000
(d) Cash and cash equivalents	4.745	417.867	111.685
(e) Short-term loans and advances	0.350	0.000	1444.696
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	5.095	418.368	1556.381

TOTAL	7736.736	7730.718	7688.456

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	0.000	0.000	0.000
		Other Income	14.902	45.596	131.967
		TOTAL	14.902	45.596	131.967

Less	EXPENSES
		Other expenses	0.223	1.840	2.770
		TOTAL	0.223	1.840	2.770

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		14.679	43.756	129.197

Less	FINANCIAL EXPENSES		0.000	0.006	0.001

	PROFIT BEFORE TAX		14.679	43.750	129.196

Less	TAX		0.000	(0.498)	1.156

	PROFIT AFTER TAX		14.679	44.248	128.040

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7006.646	6963.385	6836.343

Less	APPROPRIATIONS
		Transfer to Capital Redemption Reserve	8.500	0.000	0.000
		Preference Dividend Paid	0.137	0.850	0.859
		Tax on Preference Dividend	0.023	0.137	0.139
	BALANCE CARRIED TO THE B/S		7012.665	7006.646	6963.385

	Earnings Per Share (Rs.)		18.15	54.08	158.98

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	288.11	10.46	8.30

Return on Investment (ROI) (PBT/Networth)		0.00	0.01	0.02

Current Ratio (Current Asset/Current Liability)		231.59	19016.73	1525.86

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	16.500	16.500	8.000
Reserves & Surplus	7670.936	7714.196	7728.714
Net worth	7687.436	7730.696	7736.714

long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR ON YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	131.967	45.596	14.902
		(65.449)	(67.317)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	131.967	45.596	14.902
Profit	128.040	44.248	14.679
	97.02%	97.04%	98.50%

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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

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.62.15
UK Pound	1	Rs.94.72
Euro	1	Rs.70.33

INFORMATION DETAILS

Information Gathered by :	PRP

Analysis Done by :	SUC

Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		57

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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