MIRA INFORM REPORT

Report No. :	304790
Report Date :	30.01.2015

IDENTIFICATION DETAILS

Name :	A G INDUSTRIES PRIVATE LIMITED
Registered Office :	Plot No. - GP-9, HSIDC Area, Sector - 18, Gurgaon - 122015, Haryana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.08.1991
Com. Reg. No.:	05-031378
Capital Investment / Paid-up Capital :	Rs.49.950 Millions
CIN No.: [Company Identification No.]	U27300HR1991PTC031378
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	RTKA02785G
PAN No.: [Permanent Account No.]	AAACA0885C
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in the manufacturing of a wide range of plastic components for the automotive sector.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (64)

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

Maximum Credit Limit :	USD 6500000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects healthy financial risk profile marked by adequate liquidity position and decent profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loans = AA
Rating Explanation	High degree of safety and carry low credit risk.
Date	January 2014

Rating Agency Name	ICRA
Rating	Short Term Non Fund Based Working Capital = A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	January 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/ Corporate / Business Unit :	Plot No. - GP-9, HSIDC Area, Sector - 18, Gurgaon - 122015, Haryana, India
Tel. No.:	91-124-4604751 / 4604700
Mobile No.:	91-9910112691 (Mr. V. K. Vadva)
Fax No.:	91-124-2345820
E-Mail :	imehta@agindus.com agi@agindus.com shahla.paliwal@agindus.com
Website :	http://www.agindu.com
Haridwar Unit :	Plot No. 3/P9, Sector-10, Integrated Industrial Estate, SIDICIL, Haridwar – 249403, Uttrakhand, India
Tel. No.:	91-1334-239801 / 04
Fax No.:	91-1334-239800
IMT Manesar Unit :	Plot No. 8, Sector – 3, IMT Manesar, Gurgaon – 122050, Haryana, India
Tel. No.:	91-124-4604800 (Hunting)
Fax No.:	91-124-2290774
Bawal Unit:	Plot No. 97-102, 116-121, Industrial Growth Center Sector – 6, Bawal – 123501, Haryana, India

DIRECTORS

As on 30.09.2014

Name :

Mrs. Geeta Anand

Designation :

Managing Director

Address :

26, Anand Lok, August Kranti Marg, New Delhi, 110049, India

Date of Birth/Age :

18.01.1951

Qualification :

B.Com

Date of Appointment :

19.08.1991

PAN No.:

AAJPA1541R

DIN No.:

00078091

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	U27300HR1991PTC031378	A G INDUSTRIES PRIVATE LIMITED	Managing director	01/10/2014	19/08/1991	-	Active	NO
2	U00330DL2005PTC138181	AG INDUSTRIES (BAWAL) PRIVATE LIMITED	Additional director	03/11/2014	30/04/2008	-	Active	NO
3	U51311DL2004PTC127500	TURNING POINT EXPORTS PRIVATE LIMITED	Director	01/09/2009	01/09/2009	-	Active	NO

Name :

Mrs. Aniesha Munjal

Designation :

Director

Address :

B-109, Greater Kailash, Part-I, New Delhi - 110048, India

Date of Birth/Age :

24.09.1956

Date of Appointment :

24.03.1992

PAN No.:

ABMPM8651J

DIN No.:

00327225

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	U27300HR1991PTC031378	A G INDUSTRIES PRIVATE LIMITED	Director	24/03/1992	24/03/1992	-	Active	NO
2	U15134DL2004PTC128331	COSMIC KITCHEN PRIVATE LIMITED	Director	13/08/2006	13/08/2006	-	Active	NO
3	U74900DL2011PTC228343	ETERNAL DESIGN PRIVATE LIMITED	Director	07/12/2011	07/12/2011	-	Active	NO

Name :

Achintya Karati

Designation :

Additional Director

Address :

29/203, East End Apartments, Mayur Vihar Phase - I Extension, Delhi - 110096, Delhi, India

Date of Appointment :

03.11.2014

DIN No.:

00024412

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	L31300DL1964PLC004255	DELTON CABLES LIMITED	Director	13/03/1989	13/03/1989	-	Active	NO
2	L27104UP1985PLC007518	BPL DISPLAY DEVICES LIMITED	Director	19/03/1996	19/03/1996	25/01/2007	Under liquidation	NO
3	L34103WB1942PLC018967	HINDUSTAN MOTORS LIMITED	Nominee director	07/09/2000	07/09/2000	03/01/2007	Active	NO
4	L74899DL1988PLC032166	UFLEX LIMITED	Director	08/08/2014	14/09/2000	-	Active	NO
5	U64202WB1995PLC075980	I-WIN ADVISORY SERVICES LIMITED	Nominee director	29/06/2002	29/06/2002	02/05/2011	Active	NO
6	L32202RJ1992PLC017750	SHYAM TELECOM LIMITED	Director	28/07/2004	28/07/2004	-	Active	NO
7	L17118RJ1984PLC003173	SANGAM (INDIA) LIMITED	Director	01/10/2014	26/12/2004	-	Active	NO
8	U74999MH2000PLC128611	TechProcess Payment Services Limited	Director	14/06/2005	14/06/2005	12/07/2013	Active	NO
9	L17229UP1994PLC017199	J. K. CEMENT LIMITED.	Director	26/07/2014	24/10/2005	-	Active	NO
10	U74140DL2006PTC146410	TFS BUSINESS ADVISORS INDIA PRIVATE LIMITED	Director	16/02/2006	16/02/2006	-	Active	NO
11	U74899DL1997PLC086432	NEEL METAL PRODUCTS LIMITED	Director	24/07/2007	05/02/2007	01/09/2008	Active	NO
12	L29130DL1987PLC027342	JAY BHARAT MARUTI LIMITED	Director	24/08/2009	14/04/2009	-	Active	NO
13	U74120DL2008PTC180485	DEVENIO OPTIMUS ADVISORS PRIVATE LIMITED	Director	04/06/2010	04/06/2010	-	Active	NO
14	L27100MH2004PLC146283	FACOR STEELS LIMITED	Additional director	10/07/2013	10/07/2013	30/10/2013	Active	NO
15	U45200DL2006PLC156675	UTECH DEVELOPERS LIMITED	Director	30/09/2014	18/07/2014	-	Active	NO
16	U00000DL1987PLC028355	ULTIMATE FLEXIPACK LIMITED	Director	24/09/2014	18/07/2014	-	Active	NO
17	U27300HR1991PTC031378	A G INDUSTRIES PRIVATE LIMITED	Additional director	03/11/2014	03/11/2014	-	Active	NO
18	U74120DL2007PTC163809	FLEX INDUSTRIES PRIVATE LIMITED	Additional director	12/11/2014	12/11/2014	-	Active	NO

Name :

Shama Sondhi

Designation :

Director

Address :

B-113, Chitranjan Park, New Delhi - 110019, India

Date of Birth/Age :

28.07.1945

Date of Appointment :

01.07.2014

DIN No.:

06741574

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	U27300HR1991PTC031378	A G INDUSTRIES PRIVATE LIMITED	Director	30/09/2014	01/07/2014	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Geeta Anand	964900
Aniesha Munjal	100
Suman Munjal and Rakesh Dhingra – Trustees – A/C Orchid Trust	4030000
Total	4995000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	19.32
Other top fifty shareholders	80.68
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company is engaged in the manufacturing of a wide range of plastic components for the automotive sector.
Products :	Plastic Components
Brand Names :	--
Agencies Held :	--
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

· Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

· Citibank N.A, Jeevan Bharti Building, 4^th Floor, 124, Connaught Circus, Connaught Place, New Delhi - 110001, Delhi, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Term loan from banks
External commercial borrowings	180.248	217.207
Others	102.563	221.873
Less: Current maturities of long term borrowings	142.602	186.235
SHORT TERM BORROWINGS
Short term loans from banks	133.906	0.000
Loans repayable on demand from banks Cash credits	156.486	10.193
Total	430.601	263.038

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	7th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF Phase-II, Gurgaon - -122002, Haryana, India
PAN No.:	AABFD2095B
Memberships :	--
Collaborators :	--
Subsidiary Company :	· AG Industries (Bawal) Private Limited CIN No.: U00330DL2005PTC138181 · Turning Point Exports Private Limited CIN No.: U51311DL2004PTC127500
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· A.T. Plastotech Private Limited CIN No.: U25111DL2006PTC148685 · Saffron Polytech Private Limited CIN No.: U74140HR2013PTC048844 · G and G Polymac Private Limited CIN No.: U25191DL2009PTC192924 · Cosmic Kitchen Private Limited CIN No.: U15134DL2004PTC128331 · Hero FinCorp Limited CIN No.: U74899DL1991PLC046774 · Sungil India Private Limited CIN No.: U25206DL2007FTC160144 · Saffron Polymers · Hero MotoCorp Limited
Others :	· Orchid Trust

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4995000	Equity Shares	Rs.10/- each	Rs.49.950 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	49.950	49.950	49.950
(b) Reserves & Surplus	2,212.843	2,062.279	1,935.911
(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)	2,262.793	2,112.229	1,985.861
(3) Non-Current Liabilities
(a) long-term borrowings	273.209	252.845	375.307
(b) Deferred tax liabilities (Net)	112.717	47.586	51.838
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.823	0.000	0.000
Total Non-current Liabilities (3)	391.749	300.431	427.145
(4) Current Liabilities
(a) Short term borrowings	293.892	10.193	84.012
(b) Trade payables	821.612	840.509	591.984
(c) Other current liabilities	252.274	218.286	274.951
(d) Short-term provisions	59.163	63.395	371.737
Total Current Liabilities (4)	1,426.941	1,132.383	1,322.684
TOTAL	4,081.483	3,545.043	3,735.690
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1,792.908	1,857.576	1,829.632
(ii) Intangible Assets	17.271	18.961	3.937
(iii) Capital work-in-progress	0.000	1.221	37.711
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	128.025	121.563	20.290
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1,161.510	732.176	49.896
(e) Other Non-current assets	0.000	2.677	5.354
Total Non-Current Assets	3,099.714	2,734.174	1,946.820
(2) Current assets
(a) Current investments	61.655	67.041	330.484
(b) Inventories	198.846	220.317	87.962
(c) Trade receivables	570.727	440.185	554.890
(d) Cash and cash equivalents	21.206	21.002	62.462
(e) Short-term loans and advances	34.936	62.316	752.820
(f) Other current assets	94.399	0.008	0.252
Total Current Assets	981.769	810.869	1,788.870
TOTAL	4,081.483	3,545.043	3,735.690

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL		8,225.616	6,655.482	6,384.218
Less	EXPENSES			7,843.981	6,428.048	5,853.710
	PROFIT/(LOSS) BEFORE TAX			381.635	227.434	530.508
Less	TAX			172.632	41.247	100.136
	PROFIT/(LOSS) AFTER TAX			209.003	186.187	430.372
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			1,453.413	1,344.076	988.602
Less	APPROPRIATIONS
			Transfer to General reserve	40.000	18.619	16.826
			Proposed dividend	49.950	49.950	49.950
			Dividend tax provision	8.489	8.103	8.103
			Wealth Tax	0.000	0.178	0.019
	BALANCE CARRIED TO THE B/S			1,563.977	1,453.413	1,344.076
	EARNINGS IN FOREIGN CURRENCY			6.778	7.452	5.422
	Earnings / (Loss) Per Share (Rs.)			41.84	37.27	86.17

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	9.65	6.65	14.43
Return on Investment (ROI) (PBT/Networth)		0.17	0.11	0.27
Debt Equity Ratio (Total Debt /Networth)		0.25	0.12	0.23
Current Ratio (Current Asset/Current Liability)		0.69	0.72	1.35

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	49.950	49.950	49.950
Reserves & Surplus	1935.911	2062.279	2212.843
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1985.861	2112.229	2262.793
Long Term borrowings	375.307	252.845	273.209
Short Term borrowings	84.012	10.193	293.892
Total borrowings	459.319	263.038	567.101
Debt/Equity ratio	0.231	0.125	0.251

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	6,384.218	6,655.482	8,225.616
		4.249	23.592

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	6,384.218	6,655.482	8,225.616
Profit	430.372	186.187	209.003
	6.74%	2.80%	2.54%

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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Others	100.000	0.000
Other loan from related parties	33.000	0.000
SHORT TERM BORROWINGS
Other loan and advances - from related parties	3.500	0.000
Total	136.500	0.000

CORPORATE INFORMATION

The Company is a private Company domiciled in India and incorporated on August 19, 1991 under the provisions of the Companies Act, 1956. The Company is engaged in the manufacturing of a wide range of plastic components for the automotive sector.

OPERATIONS AND FUTURE PROSPECTS:

The major focus are in operation through low cost automations, energy saving projects, logistics improvement and manpower reductions.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10523030	28/08/2014	40,000,000.00	Citi Bank N.A.	Dlf Square, M- Block,, Jacaranda Marg, Dlf City, Phase-Ii,, Gurgaon, Haryana - 122002, India	C24263238
2	10433338	12/06/2013	200,000,000.00	Yes Bank Limited	9th Floor, Nehru Centre, Discovery Of India, Dr.  Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, India	B78084860
3	10418877	22/02/2013	200,000,000.00	Citibank N.A	Jeevan Bharti Building, 4th Floor, 124, Connaught  Circus, Connaught Place, New Delhi, Delhi - 110001, India	B72929763
4	10361749	28/08/2012 *	200,000,000.00	Citibank N.A	9th Floor, DLF Square Building, Jacaranda Marg, DLF Phase - II, Gurgaon, Haryana - 122002, India	B56531312
5	10284237	19/04/2011	150,000,000.00	Citibank N.A	DLF Square, M Block, Jacaranda Marg, DLF City Phase-II, Gurgaon, Haryana - 122002, India	B12102216
6	10217721	26/04/2011 *	350,000,000.00	Yes Bank Limited	9th Floor, Nehru Centre, Discovery Of India, Dr.  Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, India	B12922787
7	10188448	23/11/2009	100,000,000.00	Citibank N.A	Jeevan Vihar, 3 Sansad Marg, New Delhi, Delhi - 110001, India	A74066242
8	10136693	26/11/2008	100,000,000.00	Citibank N.A.	Jeevan Vihar, 3 Sansad Marg, New Delhi, Delhi - 110001, India	A51487213
9	10083725	03/01/2008	180,000,000.00	Citibank N.A.	Jeevan Vihar, 3 Sansad Marg, New Delhi, Delhi - 110001, India	A30446892
10	90064638	27/11/2004	20,000,000.00	Citibank N.A.	Jeevan Vihar, 3; Sansad Marg, New Delhi, Delhi -  110001, India	-
11	90064318	02/02/2011 *	300,000,000.00	Citibank N.A	DLF Square, M Block, Jacaranda Marg, DLF City Phase II, Gurgaon, Haryana - 122002, India	B05364658
12	90064314	27/11/2004 *	51,000,000.00	Citibank N.A.	Jeevan Vihar, 3; Sansad Marg, New Delhi, Delhi - 110001, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· 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.61.50
UK Pound	1	Rs.93.12
Euro	1	Rs.69.33

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--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	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		64

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.