MIRA INFORM REPORT

Report No. :	301582
Report Date :	05.01.2015

IDENTIFICATION DETAILS

Name :	TRINITY ENGINEERS PRIVATE LIMITED
Registered Office :	Ideal Appliance Co Pvt. Ltd. 1117 Maker Chamber, V Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.11.1972
Com. Reg. No.:	11-016150
Capital Investment / Paid-up Capital :	Rs. 39.360 Millions
CIN No.: [Company Identification No.]	U28910MH1972PTC016150
IEC No.:	Not Available
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 :	Manufacturer forgings and machined components for commercial vehicles.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and losses that company has incurred from its operational activities 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 – 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

Rating Agency Name	CRISIL
Rating	Long Term Ratings B+
Rating Explanation	Risk Prone credit quality and very high credit risk
Date	August 11, 2014

Rating Agency Name	CRISIL
Rating	Short Term Ratings A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	August 11, 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.

LOCATIONS

Registered Office :	Ideal Appliance Co Pvt. Ltd. 1117 Maker Chamber, V Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	asheet_pasricha@trinityengineers.com
Website :	http://www.trinityengineers.com
Factory / Corporate Office :	14 – D – 1, MIDC, Chinchwad, Pune – 411019, Maharashtra, India
Tel. No.:	91-20-39836268 / 39836257 /39836210 / 39836212
Fax No.:	91-20-39836262
E-Mail :	telforqe@vsnl.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Asheet Ashwanikumar Pasricha

Designation :

Managing Director

Address :

21/22 Samrat Housing Society Kalyani Nagar, Mumbai – 411014, Maharashtra, India

Date of Birth/Age :

14.06.1965

Date of Appointment :

06.06.1996

DIN No. :

00344219

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	U65993MH1985PTC035830	BAVARIA INVESTMENT AND TRADING COMPANY PVT LTD	Director	10/04/1995	10/04/1995	-	Active	NO
2	U65990MH1984PTC032949	LISBON INVESTMENT AND TRADING CO PVT LTD	Director	10/04/1995	10/04/1995	-	Amalgamated	NO
3	U65993PN1985PTC035829	HASTING INVESTMENT AND TRADING CO.PVT.LTD.	Director	10/04/1995	10/04/1995	-	Active	NO
4	U65943MH1984PTC032988	MONACO TRADING AND INVESTMENT CO.PRIVATE LIMITED	Director	10/04/1995	10/04/1995	-	Amalgamated	NO
5	U28910MH1972PTC016150	TRINITY ENGINEERS PRIVATE LIMITED	Managing director	06/09/1996	06/09/1996	-	Active	NO
6	U29290MH1994PTC083761	NIKI GEARS PRIVATE LIMITED	Director	15/03/2000	15/03/2000	-	Active	NO
7	U91110PN1965NPL018870	ASSOCIATION OF INDIAN FORGING INDUSTRY	Director	24/10/2009	26/09/2005	-	Active	NO
8	U51505PN2004PTC018905	KWALITY EXPORT-IMPORT PRIVATE LIMITED	Director	16/08/2006	16/08/2006	01/02/2014	Active	NO
9	U28910PN2007PTC130367	ForgeAuto Engineering Private Limited	Director	22/06/2007	22/06/2007	-	Active	NO

Name :

Mr. Ashwanikumar Hansraj Pasricha

Designation :

Managing Director

Address :

21/22 Samrat Housing Society Kalyani Nagar, Mumbai – 411014, Maharashtra, India

Date of Birth/Age :

13.04.1930

Date of Appointment :

27.11.1972

DIN No. :

00344317

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	U28910MH1972PTC016150	TRINITY ENGINEERS PRIVATE LIMITED	Managing director	27/11/1972	27/11/1972	-	Active	NO
2	U65990MH1984PTC032949	LISBON INVESTMENT AND TRADING CO PVT LTD	Director	22/05/1984	22/05/1984	-	Amalgamated	NO
3	U65943MH1984PTC032988	MONACO TRADING AND INVESTMENT CO.PRIVATE LIMITED	Managing director	26/05/1984	26/05/1984	-	Amalgamated	NO
4	U65993PN1985PTC035829	HASTING INVESTMENT AND TRADING CO.PVT.LTD.	Director	11/04/1985	11/04/1985	-	Active	NO
5	U65993MH1985PTC035830	BAVARIA INVESTMENT AND TRADING COMPANY PVT LTD	Director	06/05/1985	06/05/1985	-	Active	NO
6	U28910PN2007PTC130367	ForgeAuto Engineering Private Limited	Director	22/06/2007	22/06/2007	-	Active	NO

Name :

Surindernath Jaichand Makar

Designation :

Director

Address :

13, Sangam, Little Gibs Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

20.10.1930

Date of Appointment :

27.11.1972

DIN No. :

00344363

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	U28910MH1972PTC016150	TRINITY ENGINEERS PRIVATE LIMITED	Director	27/11/1972	27/11/1972	-	Active	NO
2	U31200MH1978PTC020481	IDEAL APPLIANCES COMPANY PRIVATE LIMITED	Director	26/08/2005	26/08/2005	-	Active	NO

Name :

Mr. Sanjeev Raghubans Kanwar

Designation :

Managing Director

Address :

Flat No. 23 Somerset House, Tyabji CHS Limited, 61 – G, Off: Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

22.08.1960

Date of Appointment :

23.07.2001

DIN No. :

00550117

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	U67120MH1991PTC060632	BALWAS INVESTMENTS PRIVATE LIMITED	Director	02/12/1996	02/12/1996	-	Active	NO
2	U51900MH1997PTC106604	CITATION TRADERS PRIVATE LIMITED	Director	01/07/1997	01/07/1997	-	Active	NO
3	U28910MH1972PTC016150	TRINITY ENGINEERS PRIVATE LIMITED	Managing director	23/07/2001	23/07/2001	-	Active	NO
4	U70100MH1993PTC073151	TAO BUILDERS AND DEVELOPERS PVT LTD	Director	15/03/2002	15/03/2002	-	Active	NO
5	U40300WB1991PTC052324	UPASANA RESOURCES PVT LTD	Director	30/05/2002	30/05/2002	-	Active	NO
6	U70100MH1996PTC103711	ZEE REALTY PRIVATE LIMITED	Director	28/09/2002	28/09/2002	-	Active	NO
7	U72100MH1999PTC121562	SARVOTTAM COMPUTERS PRIVATE LIMITED	Director	06/12/2002	06/12/2002	-	Active	NO
8	U45200MH1994PTC083502	SAATHI BUILDERS PRIVATE LIMITED	Director	09/02/2009	28/02/2005	-	Active	NO
9	U45200MH1994PTC079704	RATNAKAR BUILDERS AND DEVELOPERS PRIVATE LIMITED	Director	15/09/2005	15/09/2005	05/04/2011	Active	NO
10	U45200MH1993PTC074647	PRATIKSHA REAL ESTATES PRIVATE LIMITED	Director	10/08/2006	10/08/2006	-	Active	NO
11	U25190MH1953PTC009058	BOMBAY CABLE COMPANY PRIVATE LIMITED	Director	16/09/2006	16/09/2006	11/08/2014	Active	NO
12	U27107MH2011PLC216573	PURANDHARESHWARA STEELS LIMITED	Director	23/04/2011	23/04/2011	25/05/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Sourav Chowdhury
Designation :	Secretary
Address :	C/O: Narayan Chowdhury, Vill: Dharsa Harisavatala, PO: G.I.P. Colony, Howrah – 711112, West Bengal, India
Date of Birth/Age :	13.01.1987
Date of Appointment :	25.11.2013
PAN No.:	AROPC1752C

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Surindernath Maker	40660
Ashwanikumar Pasricha	34000
Ashwanikumar Pasricha (Joint Holder)	160000
Moulds and Dies Private Limited, India	4000
Ashwani Pasricha And Son (HUF)	28800
Aparna Pasricha Vij	40400
Asheet Pasricha	40400
Ashwanikumar Pasricha Smaller (HUF)	28800
Rattan Pasricha	40000
Archana Soi	40000
Shalini Pasricha	6400
Surindernath Jaichand Makar (Joint Holder)	141480
Nirmala Suridernath Maker	100
Nikhil pasricha	2800
Rishi Pasricha	2800
Hasting Investment Trading Company Private Limited	803400
Annupama Pasricha	200
Mughal Investment and Trading Company Limited	1149760
Vandana Kanwar	406240
Balwas Investment Private Limited	965760
Total	3936000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	74.26
Directors or relatives of Directors	25.74
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer forgings and machined components for commercial vehicles.

Products :

Item Code No. (ITC Code)	Product Description
73261910	Motor Parts & Accessories of Vehicles works Trucks used in Factory, Dock area, Airport etc, for short distance transport of Goods, Tractors etc.

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

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 :

Information declined by the management.

Bankers :

Banker Name	Union Bank of India
Branch Address	Subhardra Chambers, 449/6A/5A, Mumbai – Pune Road, Kasarwadi, Pune – 411034, Maharashtra, 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 LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	11.526	9.016
Term loans from others	0.000	0.896
Other loans advances	1.754	1.111
SHORT TERM BORROWINGS
Loans repayable on demand from banks	378.593	298.713
Total	391.873	309.736

Auditors :
Name :	A.M. Jain and Company Chartered Accountants
Address :	103, Malhotra chamber, 31/33 Police Court Lane, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-2262 2503
Fax No.:	91-22-2265 4662
E-Mail :	amjainandco@gmail.com
	AAEFA4654J
Memberships :	Not Divulged
Collaborators :	Not Divulged
Relatives of Key Management Personnel and Entities in which the Key Management Personnel have control or significant influence)	· Mughal Inv. And Trading Company Private Limited · H.J.Holding Company Private Limited · Niki Gears Private Limited · Hasting Investment and Trading Company Private Limited · Ideal Appliances Private Limited · Tao Builders and Developers Private Limited · Bombay Cable Company Private Limited · Balwas Investment Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3936000	Equity Shares	Rs.10/- each	Rs. 39.360 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	39.360	39.360	39.360
(b) Reserves & Surplus	62.180	111.463	141.777
(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)	101.540	150.823	181.137
(3) Non-Current Liabilities
(a) long-term borrowings	128.480	157.172	167.058
(b) Deferred tax liabilities (Net)	0.000	0.919	13.659
(c) Other long term liabilities	9.516	5.312	7.962
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	137.996	163.403	188.679
(4) Current Liabilities
(a) Short term borrowings	378.593	298.713	267.694
(b) Trade payables	398.240	280.836	366.410
(c) Other current liabilities	34.400	23.564	23.763
(d) Short-term provisions	24.546	25.764	24.753
Total Current Liabilities (4)	835.779	628.877	682.620
TOTAL	1075.315	943.103	1052.436
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	187.174	152.772	141.061
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	7.127	40.294	40.908
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.247	1.247	1.247
(c) Deferred tax assets (net)	19.479	0.000	0.000
(d) Long-term Loan and Advances	13.480	15.026	12.786
(e) Other Non-current assets	5.778	22.368	3.916
Total Non-Current Assets	234.285	231.707	199.918
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	343.171	332.589	390.755
(c) Trade receivables	466.872	348.590	379.159
(d) Cash and cash equivalents	3.785	6.579	39.131
(e) Short-term loans and advances	22.717	19.353	42.756
(f) Other current assets	4.485	4.285	0.717
Total Current Assets	841.030	711.396	852.518
TOTAL	1075.315	943.103	1052.436

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL INCOME	1999.875	1955.244	2183.217
Less	TOTAL EXPENSES	2040.979	1974.424	2110.624
Less	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(41.104)	(19.180)	72.593
Less	EXCEPTIONAL ITEM	0.000	0.100	0.000
Less/ Add	DEPRECIATION/ AMORTISATION	25.412	21.592	17.743
	PROFIT/ (LOSS) BEFORE TAX	(66.516)	(40.872)	54.850
Less	TAX	(20.323)	(12.674)	18.312
	PROFIT/ (LOSS) AFTER TAX	(46.193)	(28.198)	36.538
	EARNINGS IN FOREIGN CURRENCY	25.817	30.699	51.771
	Earnings / (Loss) Per Share (Rs.)	(11.74)	(7.16)	9.28

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(6.35)	(4.53)	5.43
Return on Investment (ROI) (PBT/Networth)		(0.66)	(0.27)	0.30
Debt Equity Ratio (Total Debt /Networth)		4.99	3.02	2.40
Current Ratio (Current Asset/Current Liability)		1.01	1.13	1.25

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	39.360	39.360	39.360
Reserves & Surplus	141.777	111.463	62.180
Net worth	181.137	150.823	101.540
long-term borrowings	167.058	157.172	128.480
Short term borrowings	267.694	298.713	378.593
Total borrowings	434.752	455.885	507.073
Debt/Equity ratio	2.400	3.023	4.994

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)
Sales	2183.217	1955.244	1999.875
		(10.442)	2.283

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2183.217	1955.244	1999.875
Profit	36.538	(28.198)	(46.193)
	1.67%	(1.44%)	(2.31%)

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

OPERATIONS:

During the year, the Company Gross Revenue is Rs. 1999.875 Millions (Previous year Rs. 1955.244 Millions). Company has incurred a loss of Rs. 46.193 Millions during the financial year. The amount of loss has increased during the year, due to increase in cost of PNG Gas, Electricity charges and Employee cost. Prolonged recession is also reason of said loss.

During the year the Company has no profit to transfer to Reserve and surplus account. The Company has adjusted the year ended loss with reserve and surplus account.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Deposits	115.200	146.149
Total	115.200	146.149

VIEW INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10473832	02/01/2014	816,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B94799251
2	10487482	05/09/2013	300,000.00	UNION BANK OF INDIA	Subhardra Chambers, 449/6A/5A, Mumbai - Pune Road, Kasarwadi, Pune, Maharashtra - 411034, INDIA	B92208073
3	10487484	05/09/2013	300,000.00	UNION BANK OF INDIA	Subhardra Chambers, 449/6A/5A, Mumbai - Pune Road, Kasarwadi, Pune, Maharashtra - 411034, INDIA	B92208610
4	10480651	05/09/2013	900,000.00	UNION BANK OF INDIA	Subhardra Chambers, 449/6A/5A, Mumbai - Pune Road, Kasarwadi,, Pune, Maharashtra - 411034, INDIA	B92209063
5	10483028	16/08/2013	41,000,000.00	Union Bank of India	Subhardra Chambers, 449/6A/5A, Mumbai - Pune Road, Kasarwadi, Pune, Maharashtra - 411034, INDIA	B89446637
6	10394321	04/10/2013 *	100,000,000.00	Union Bank of India	Subhardra Chambers, 449/6A/5A, Mumbai - Pune Road, Kasarwadi, Pune, Maharashtra - 411034, INDIA	B89439780
7	10394317	30/11/2012	40,000,000.00	Union Bank of India	Subhardra Chambers, 449/6A/5A,, Mumbai - Pune Road, Kasarwadi, Pune, Maharashtra - 411034, INDIA	B64957632
8	10370248	04/10/2013 *	22,500,000.00	Union Bank of India	Kasarwadi Branch, Pune, Maharashtra - 411034, INDIA	B89442727
9	10136293	30/11/2012 *	20,000,000.00	Union Bank of India	Subhardra Chambers, 449/6A/5A, Mumbai - Pune Road, Kasarwadi, Pune, Maharashtra - 411034, INDIA	B64959489
10	90241461	10/05/2005	959,000.00	KOTAK MAHIDRA BANK LTD.	SIRABH HALL, PUNE, Maharashtra, INDIA	-

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Residential building

· Factory building

· Plant and equipment

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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. 63.28
UK Pound	1	Rs. 98.38
Euro	1	Rs. 76.30

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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	--

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