MIRA INFORM REPORT

Report No. :	309116
Report Date :	23.02.2015

IDENTIFICATION DETAILS

Name :	SIMMS ENGINEERING PRIVATE LIMITED

Registered Office :	Opposite Oceanic Hotel, Chowpaty Villa Road, Porbandar-360575, Gujarat

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	05.02.2008

Com. Reg. No.:	04-052807

Capital Investment / Paid-up Capital :	Rs. 39.635 Millions

CIN No.: [Company Identification No.]	U29220GJ2008PTC052807

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

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is predominantly engaged in Installation, Erection and Commissioning of Wind-Farm and Power Sub-Station and Operation and Maintenance services.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow But Correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. The company has processed below average operational performance which has adversely affected overall operational growth of the company. Further sales turnover of the company has declined over past 2 year resulted into dip in profit of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

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

Rating Agency Name	CRISIL
Rating	BB (Long Term Rating)
Rating Explanation	Inadequate-credit-quality and high credit risk.
Date	26.12.2014

Rating Agency Name	CRISIL
Rating	A4+ (Short Term Rating)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	26.12.2014

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

Management non co-operative (91-286-2242354)

LOCATIONS

Registered Office :	Opposite Oceanic Hotel, Chowpaty Villa Road, Porbandar-360575, Gujarat, India
Tel. No.:	91-286-2242354
Fax No.:	Not Available
E-Mail :	cdcfc@rediffmail.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Jitesh Chandrasen Dhoyda

Designation :

Director

Address :

Deep Dhar, Opposite Oceanic Hotel, Chowpati Villa Road, Porbandar-360575, Gujarat, India

Date of Appointment :

05.02.2008

DIN No.:

01803266

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	U29220GJ2008PTC052807	SIMMS ENGINEERING PRIVATE LIMITED	Director	05/02/2008	05/02/2008	-	Active	NO

Name :

Mr. Jagadish Bhalchandra Bhansali

Designation :

Director

Address :

Near Modha School, Paras Nagar, Narsang Tekri, Probandar-360575, Gujarat, India

Date of Appointment :

05.02.2008

DIN No.:

01913484

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	U29220GJ2008PTC052807	SIMMS ENGINEERING PRIVATE LIMITED	Director	05/02/2008	05/02/2008	-	Active	NO

Name :

Mr. Punjabhai Rajshibhai Modhwadia

Designation :

Managing Director

Address :

80, Krishna Park, Opposite HMP Gate, Zaveri Baug, Behind Avsar Apartment, Porbandar-360575, Gujarat, India

Date of Appointment :

05.02.2008

DIN No.:

01913516

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	U29220GJ2008PTC052807	SIMMS ENGINEERING PRIVATE LIMITED	Managing director	05/02/2008	05/02/2008	-	Active	NO

Name :

Mr. Salim Nazirmuhammad Hala

Designation :

Director

Address :

Near – Khoja Khana, Opposite Sr. Trivedi S Hospital, Porbandar-360575, Gujarat, India

Date of Appointment :

05.02.2008

DIN No.:

01913528

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	U29220GJ2008PTC052807	SIMMS ENGINEERING PRIVATE LIMITED	Director	05/02/2008	05/02/2008	-	Active	NO

Name :

Ms. Rasilaben Haridas Madlani

Designation :

Director

Address :

42, Shreeji Nagar, Narsing Tekari, Porbandar-360575, Gujarat, India

Date of Appointment :

05.02.2008

DIN No.:

01913539

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	U29220GJ2008PTC052807	SIMMS ENGINEERING PRIVATE LIMITED	Director	05/02/2008	05/02/2008	-	Active	NO

Name :

Mr. Nazirmohamad Nurmohamad Hala

Designation :

Director

Address :

Opposite Dr. Trivedi S Clinic, Khak Chowk, Porbandar-360575, Gujarat, India

Date of Appointment :

05.02.2008

DIN No.:

01913555

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	U29220GJ2008PTC052807	SIMMS ENGINEERING PRIVATE LIMITED	Director	05/02/2008	05/02/2008	-	Active	NO

Name :

Mr. Narendra Chandrasen Dhoyda

Designation :

Director

Address :

Deep Dhar, Opposite Oceanic Hotel, Chowpati Villa Road, Porbandar-360575, Gujarat, India

Date of Appointment :

05.02.2008

DIN No.:

01913571

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	U29220GJ2008PTC052807	SIMMS ENGINEERING PRIVATE LIMITED	Director	05/02/2008	05/02/2008	-	Active	NO

Name :

Mr. Rafik Nazirmohamad Hala

Designation :

Director

Address :

Near – Khoja Khana, Opposite Sr. Trivedi S Hospital, Porbandar-360575, Gujarat, India

Date of Appointment :

01.11.2008

DIN No.:

02272905

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	U29220GJ2008PTC052807	SIMMS ENGINEERING PRIVATE LIMITED	Director	01/11/2008	01/11/2008	-	Active	NO

Name :

Mr. Imtiyaz Nazirmuhammad Hala

Designation :

Director

Address :

Near – Khoja Khana, Opposite Sr. Trivedi S Hospital, Porbandar-360575, Gujarat, India

Date of Appointment :

01.11.2008

DIN No.:

02272915

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	U29220GJ2008PTC052807	SIMMS ENGINEERING PRIVATE LIMITED	Director	01/11/2008	01/11/2008	-	Active	NO

Name :

Mr. Hiten Haridas Madlani

Designation :

Director

Address :

42, Shreeji Nagar, National Highway, Narsing Tekari, Porbandar-360575, Gujarat, India

Date of Appointment :

25.05.2011

DIN No.:

03545308

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	U29220GJ2008PTC052807	SIMMS ENGINEERING PRIVATE LIMITED	Director	30/09/2011	25/05/2011	-	Active	NO

Name :

Mr. Naresh Haridas Madlani

Designation :

Additional Director

Address :

Shreeji Nagar, National Highway, Narsing Tekari, Porbandar-360575, Gujarat, India

Date of Appointment :

01.05.2014

DIN No.:

06873616

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	U29220GJ2008PTC052807	SIMMS ENGINEERING PRIVATE LIMITED	Director	30/09/2014	01/05/2014	-	Active	NO

Name :

Mr. Dipesh Narendrabhai Dhoyda

Designation :

Additional Director

Address :

Deep Dhara, Opposite Oceanic Hotel, Chowpati Villa Road, Porbunder-360575, Gujarat, India

Date of Appointment :

01.05.2014

DIN No.:

06873631

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	U29220GJ2008PTC052807	SIMMS ENGINEERING PRIVATE LIMITED	Director	30/09/2014	01/05/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Name of Shareholders	No. of Shares	%age
Narendra Chandrasen Dhoyda	234,345	5.91
Jitesh Chandrasen Dhoyda	247,600	6.25
Nitaben Bhagvatiprasad Dave Joint with Mehul Bhagvatiprasad Dave and Harsh Bhagvatiprasad Dave	558,745	14.10
Jagadish Bhalchandra Bhansali	304,300	7.68
Nazirmohamad Nurmohamad Hala	228,300	5.76
Punjabhai Rajshibhai Modhvadia	786,245	19.84
Salim Nazirmuhammad Hala	263,300	6.64
Rafik Nazirmohamad Hala	118,400	2.99
Mehul Bhagvatiprasad Dave	227,500	5.74
Imtiyaz Nazirmuhammad Hala	176,245	4.45
Hiten Haridas Madlani	818,537	20.65
TOTAL	3,963,517	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is predominantly engaged in Installation, Erection and Commissioning of Wind-Farm and Power Sub-Station and Operation and Maintenance services.

Products :	Not Divulged

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 :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

No. of Employees :

Not Available

Bankers :

Bank Name	Bank of Baroda
Branch	Natwar Chowk Branch, Porbandar-360575, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	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 :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
BOB Car Loan (Secured by hypothecation of vehicle purchased out of bank finance) (of the above, entire facilities are guaranteed by directors)	0.000	0.444

Short-term borrowings
Loans repayable on demand from Banks
Bank of Baroda Cash Credit A/C	56.978	70.302

Total	56.978	70.746
NOTE SHORT-TERM BORROWINGS The company’s cash credit limit sanctioned for Rs. 75.000 Millions (outstanding for Rs. 56.978 millions) which is interchangeable with Letter of credit and Suppliers’ Credit for Rs. 40.000 Millions, Inland Documentary BP/BD Limit for Rs. 30.000 Millions and Inland Bank Guarantee Limit for Rs. 67.500 Millions are secured by exclusively 1^st charge by way of hypothecation of entire raw materials, stock in process, stores, and spares, packing materials, finished goods and book debts of the company, both present and future, Demand/Usance documentary bills, cash margin and properties of the company at Varvada and Sanand-Ahmedabad. The above facilities are guaranteed by the directors of company and others.


Banking Relations :

Auditors :
Name :	Sodha & Sodha Chartered Accountants
Address :	Shreeji Arcade, 1^st Floor, Near Friends Petroleum, MG Road, Porbandar-360575, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABBFS2113C

Memberships :	--

Collaborators :	--

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3963517	Equity Shares	Rs.10/- each	Rs. 39.635 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	39.635	39.635	39.635
(b) Reserves & Surplus	75.511	64.188	50.767
(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)	115.146	103.823	90.402

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.444	2.587
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	7.395
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.444	9.982

(4) Current Liabilities
(a) Short term borrowings	56.978	70.302	74.864
(b) Trade payables	86.504	91.535	104.819
(c) Other current liabilities	10.226	17.838	10.699
(d) Short-term provisions	3.828	4.319	12.571
Total Current Liabilities (4)	157.536	183.994	202.953

TOTAL	272.682	288.261	303.337

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19.357	20.602	22.683
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.551	0.439	0.244
(d) Long-term Loan and Advances	0.192	0.205	4.069
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	20.100	21.246	26.996

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.157	7.134	16.712
(c) Trade receivables	205.596	232.816	226.472
(d) Cash and cash equivalents	27.416	10.296	17.381
(e) Short-term loans and advances	9.300	15.820	15.776
(f) Other current assets	6.113	0.949	0.000
Total Current Assets	252.582	267.015	276.341

TOTAL	272.682	288.261	303.337

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	279.674	340.400	543.247
	Other Income	1.499	1.113	1.767
	TOTAL (A)	281.173	341.513	545.014

Less	EXPENSES
	Project and Site Expenses	63.634	85.944	0.000
	Purchases of Projects and Other Materials	96.896	118.291	271.687
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2.976	9.579	7.888
	Employees benefits expense	81.863	86.024	74.834
	Other expenses	11.906	9.084	153.325
	TOTAL (B)	257.275	308.922	507.734

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	23.898	32.591	37.280

Less	FINANCIAL EXPENSES (D)	4.856	9.880	7.126

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	19.042	22.711	30.154

Less/ Add	DEPRECIATION/ AMORTISATION (F)	2.296	2.805	2.680

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	16.746	19.906	27.474

Less	TAX (I)	5.422	6.486	9.320

	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	11.324	13.420	18.154

	Earnings / (Loss) Per Share (Rs.)	2.86	3.39	4.58

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012

Net Profit Margin (PAT/Sales)	(%)	4.05	3.94	3.34

Operating Profit Margin (PBITD/Sales)	(%)	8.54	9.57	6.86


Return on Total Assets (PBT/Total Assets}	(%)	6.15	6.92	9.06


Return on Investment (ROI) (PBT/Networth)		0.15	0.19	0.30


Debt Equity Ratio (Total Debt /Networth)		0.49	0.68	0.86


Current Ratio (Current Asset/Current Liability)		1.60	1.45	1.36

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	39.635	39.635	39.635
Reserves & Surplus	50.767	64.188	75.511
Net worth	90.402	103.823	115.146

long-term borrowings	2.587	0.444	0.000
Short term borrowings	74.864	70.302	56.978
Total borrowings	77.451	70.746	56.978
Debt/Equity ratio	0.857	0.681	0.495

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	543.247	340.400	279.674
		-37.340	-17.840

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR)	(INR)	(INR)
Sales	543.247	340.400	279.674
Profit	18.154	13.420	11.324
	3.34%	3.94%	4.05%

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	No
10]	Designation of contact person	No
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	No
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	No
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	Yes

TURNOVER AND PROFIT

During the year Company had made turnover of Rs. 279.674 Millions and earn profit of Rs. 11.323 Millions during the year. During the year company achieved the desire level of quality.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10522863	23/09/2014	999,000.00	BANK OF BARODA	NATWAR CHOWK BRANCH, PORBANDAR, GUJARAT -360575, INDIA	C23637168
2	10147807	10/03/2014 *	173,300,000.00	BANK OF BARODA	NATWAR CHOWK BRANCH, PORBANDAR, GUJARAT - 360575, INDIA	C03705365
3	10118992	10/03/2014 *	173,300,000.00	BANK OF BARODA	NATWAR CHOWK BRANCH, PORBANDAR, GUJARAT - 360575, INDIA	C03706306

* Date of charge modification

FIXED ASSETS

Land
Building
Plant and Machinery
Furniture and Other Assets
Computers
Motor Vehicles

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.62.25
UK Pound	1	Rs.96.00
Euro	1	Rs.70.72

INFORMATION DETAILS

Information Gathered by :	DPA

Analysis Done by :	KRN

Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		30

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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