MIRA INFORM REPORT

Report No. :	329751
Report Date :	01.07.2015

IDENTIFICATION DETAILS

Name :	DRAFT-AIR (INDIA) PRIVATE LIMITED (w.e.f. 09.02.2008)
Formerly Known As :	AMBE INDUSTRIES PRIVATE LIMITED
Registered Office :	101/ 2/ 3, Shree Mahaveer Bhawan, C-2, Karampura Commercial Complex, New Delhi – 110 015
Tel. No.:	91-11-25920724/ 25/ 26
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.04.1995
Com. Reg. No.:	55-067479
Capital Investment / Paid-up Capital :	Rs.5.000 million
CIN No.: [Company Identification No.]	U74899DL1995PTC067479
IEC No.:	0802004211
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACA7645J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Textile Machinery.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a well-established private limited company incorporated in 1995 having satisfactory track record. Company has achieved significant increase in its sales turnover and net profit in FY 14 as compared to previous year. Further rating takes into consideration fair profit margin reported by the company. However, rating constraints on accounts of huge and increasing short term borrowings in the year under consideration. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Vipul Shah
Designation :	Accountant
Contact No.:	91-79-40239898
Date :	30.06.2015

LOCATIONS

Registered Office/ Factory :	101/ 2/ 3, Shree Mahaveer Bhawan, C-2, Karampura Commercial Complex, New Delhi – 110 015, India
Tel. No.:	91-11-25920724/ 25/ 26/ 27
Fax No.:	91-11-25920727
E-Mail :	delhi@draftair.com info@draftair.com
Website :	http://www.draftair.com
Location :	Owned
Locality :	Commercial
Head Office :	3702-B & C, Phase-IV, B/h. New Nirma, GIDC, Vatva, Ahmedabad – 382 445, Gujarat, India
Tel. No.:	91-79-25842499/ 65454718/ 40239898/ 25841867
Fax No.:	91-79-25841867/ 40239898
Area :	3864 sq. ft.
Location :	Owned
Locality :	Industrial
Regional Office :	36/10-A, Ashirwad Complex, D.B. Road, R.S. Puram, Coimbatore – 641 002, Tamilnadu, India
Tel. No.:	91-422-2540138/ 4370027/ 2540562
Fax No.:	91-422-2540562
E-Mail :	coimbatore@draftair.com
Branch Office :	Located at: · Guntur · Ludhiana

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Gunvant Dayabhai Panchal

Designation :

Director

Address :

B/10, Kalabaug Society, Jawahar Chowk, Maninagar, Ahmedabad – 380 008, Gujarat, India

Date of Birth/Age :

27.04.1954

Date of Appointment :

08.01.2007

DIN No.:

00058718

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	U74899DL1991PTC044811	DRAFT-AIR (INDIA) PRIVATE LIMITED	Director	19/09/1991	19/09/1991	-	Amalgamated	NO
2	U73100GJ2006PTC047497	PISTISS HERBAL RESEARCH LAB PRIVATE LIMITED	Director	12/01/2006	12/01/2006	-	Strike off	NO
3	U74899DL1995PTC067479	DRAFT-AIR (INDIA) PRIVATE LIMITED	Director	08/01/2007	08/01/2007	-	Active	NO
4	U29100GJ2012PTC070846	CHICAGO BLOWER (INDIA) PRIVATE LIMITED	Director	21/06/2012	21/06/2012	-	Active	NO
5	U15122GJ2013PTC077540	LIKE BEVERAGES AND FOODS PRIVATE LIMITED	Director	19/11/2013	19/11/2013	-	Active	NO

Name :

Mrs. Mina Gunvant Panchal

Designation :

Director

Address :

A-6, Gujrat Apartment, Opposite Pushpanjali Enclave, Pitampura, Delhi – 110 034, India

Date of Birth/Age :

15.11.1957

Date of Appointment :

19.04.1995

DIN No.:

00058800

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	U74899DL1995PTC067479	DRAFT-AIR (INDIA) PRIVATE LIMITED.	Director	19/04/1995	19/04/1995	-	Active	NO
2	U29100GJ2012PTC070846	CHICAGO BLOWER (INDIA) PRIVATE LIMITED	Director	21/06/2012	21/06/2012	-	Active	NO
3	U15122GJ2013PTC077540	LIKE BEVERAGES AND FOODS PRIVATE LIMITED	Director	19/11/2013	19/11/2013	-	Active	NO

Name :

Mr. Santosh Bhikaji Muley

Designation :

Director

Address :

23, Lakeview Society, Isanpur Vatwa, Ahmedabad – 382 443, Gujarat, India

Date of Birth/Age :

12.06.1952

Date of Appointment :

05.10.1998

DIN No.:

00149022

Name :

Mr. Sai Nitesh Gunvant Bhai Panchal

Designation :

Director

Address :

B/10, Kalabaug Society, Jawahar Chowk, Maninagar, Ahmedabad – 380 008, Gujarat, India

Date of Birth/Age :

04.07.1982

Date of Appointment :

16.05.2010

DIN No.:

01091705

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	U74899DL1991PTC044811	DRAFT-AIR (INDIA) PRIVATE LIMITED	Director	08/01/2007	08/01/2007	-	Amalgamated	NO
2	U74899DL1995PTC067479	DRAFT-AIR (INDIA) PRIVATE LIMITED.	Director	16/05/2010	16/05/2010	-	Active	NO
3	U29100GJ2012PTC070846	CHICAGO BLOWER (INDIA) PRIVATE LIMITED	Director	21/06/2012	21/06/2012	-	Active	NO

Name :

Mr. Prakash Gunwant Panchal

Designation :

Director

Address :

B/10, Kalabaug Society, Jawahar Chowk, Maninagar, Ahmedabad – 380 008, Gujarat, India

Date of Birth/Age :

10.01.1980

Date of Appointment :

16.05.2010

DIN No.:

03128359

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	U74899DL1995PTC067479	DRAFT-AIR (INDIA) PRIVATE LIMITED.	Director	16/05/2010	16/05/2010	-	Active	NO
2	U29100GJ2012PTC070846	CHICAGO BLOWER (INDIA) PRIVATE LIMITED	Director	21/06/2012	21/06/2012	-	Active	NO
3	U15122GJ2013PTC077540	LIKE BEVERAGES AND FOODS PRIVATE LIMITED	Director	19/11/2013	19/11/2013	-	Active	NO

Name :

Mr. Chetankumar Govindbhai Panchal

Designation :

Director

Address :

23, Jailaxmi Duplex Society, Near Manavdharam Ashram, Vishwamitridham, Vadodara – 390 011, Gujarat, India

Date of Birth/Age :

27.06.1965

Date of Appointment :

01.07.2010

DIN No.:

03147204

KEY EXECUTIVES

Name :	Mr. Vipul Shah
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Gunvant Dayabhai Panchal	200000	40.00
Mina Gunvant Panchal	200000	40.00
Sai Nitesh Gunvant Bhai Panchal	100000	20.00
Total	500000	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Textile Machinery.
Products :	Fans and Blowers Air Washer System Grills and Diffusers Filters Compactors Separators Ventilation Dampers Control and Automation AHU and Pre-fabricated Units Air Tight Door
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Textile Machinery
Countries :	Bangladesh Spain
Imports :
Products :	Raw Materials
Countries :	Spain
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

V R Traders

Name of the Person :

Mr. Bonny Shah (Partner)

Contact No.:

91-9825318640

Since How Long Known :

10 Years

Maximum Limit Dealt :

--

Experience :

Payment Behaviour	Market Goodwill	Overall
Excellent	Excellent	Excellent

Remark:

He informed that they have very good relation with this company and no complaints.

Customers :

Reference :

Reliance Chemotex Industries Limited

Name of the Person :

Mr. Bakliwal (Vice President)

Contact No.:

91-9829040704

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

Product Quality	Delivery Behaviour	Overall
Excellent	Excellent	Excellent

Remark:

He says it’s a wonderful company and has best product quality and delivery behaviour.

No. of Employees :

150 (Approximately)

Bankers :

Banker Name	Kotak Mahindra Bank Limited
Branch Address	Vatva, Ahmedabad, Gujarat, India
Person Name (With Designation)	Mr. Amit Kewlani (Vice President)
Contact Number	91-9925017018
Name of Account Holder	DRAFT-AIR (INDIA) PRIVATE LIMITED
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	Term Loan and Working Capital
Account Operation	Satisfactory
Remarks (If any)	As claimed by Mr. Amit Kewlani (Vice President) that subject is having very good track record for banking transaction.

• Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400 021, Maharashtra, India
• Canara Bank, Maninagar Branch, Ahmedabad, Gujarat, India
• Bank of Baroda
• Citibank

Facilities :

Secured Loans	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Term Loans
From Banks
Canara Bank-Buyers Credit A/c	7.890	6.742
C.B. Bank Term Loan A/c No.5056	0.000	2.288
C.B. Term Loan A/c No.0282773005079	0.000	10.626
Kotak Bank Term Loan - 100000008	12.739	0.000
Kotak Bank Term Loan - 100000009	10.498	0.000
Kotak Term Loan-A/c 12	2.428	0.000
Other Loans and Advances
Kotak Mahindra Prime Limited - Fortune Loan	0.000	0.318
Kotak Mahindra Prime Limited - Honda Car	0.000	0.000
Kotak Mahindra Prime Limited - Innova (Delhi)	0.685	0.895
Kotak Mahindra Prime Limited -Mercedes Car Loan A/c	1.768	2.698
Kotak Mahindra Prime Limited - Swift Loan	0.000	0.000
Kotak Mahindra Prime Limited - Polo Loan A/c	0.659	0.000
Kotak Mahindra Prime Limited - Verna Loan	0.000	0.066
SHORT TERM BORROWINGS
Loans repayable on demand
From Banks
C.B. ODCC No.0282261051268	(0.001)	34.825
K.M.B. 9311201632	20.137	0.000
Total	56.803	58.458

Banking Relations :	--
Auditors :
Name :	P.C. Rathod and Company Chartered Accountants
Address :	201/202, Vraj Avenue Above Sam Pizza, Swastik Cross Road, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-26465324
Mobile No.:	91-9327699901
E-Mail :	pacrathodandco@gmail.com
Income-tax PAN of auditor or auditor's firm :	AAEFP9707F
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 million

FINANCIAL DATA

[all figures are in Rupees Million]

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	5.000	5.000	5.000
(b) Reserves & Surplus	37.030	33.916	28.900
(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)	42.030	38.916	33.900
(3) Non-Current Liabilities
(a) Long-term borrowings	55.622	58.550	62.220
(b) Deferred tax liabilities (Net)	0.259	0.893	0.931
(c) Other long term liabilities	0.000	0.000	0.995
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	55.881	59.443	64.146
(4) Current Liabilities
(a) Short term borrowings	20.136	50.183	38.958
(b) Trade payables	46.981	42.012	37.689
(c) Other current liabilities	5.690	1.602	1.313
(d) Short-term provisions	3.594	3.189	1.832
Total Current Liabilities (4)	76.401	96.986	79.792
TOTAL	174.312	195.345	177.838
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	68.865	69.448	68.039
(ii) Intangible Assets	1.840	2.231	2.243
(iii) Capital work-in-progress	0.184	0.000	0.350
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6.892	3.058	2.891
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	77.781	74.737	73.523
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	42.689	42.845	37.313
(c) Trade receivables	43.673	44.372	44.852
(d) Cash and cash equivalents	9.220	27.522	17.309
(e) Short-term loans and advances	0.558	5.440	3.378
(f) Other current assets	0.391	0.429	1.463
Total Current Assets	96.531	120.608	104.315
TOTAL	174.312	195.345	177.838

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Turnover	234.984	195.905	161.527
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		18.827	22.075	19.302
Less	INTEREST		10.226	10.466	10.097
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		8.601	11.609	9.205
Less/ Add	DEPRECIATION/ AMORTISATION		5.622	5.430	4.768
	PROFIT/ (LOSS) BEFORE TAX		2.979	6.179	4.437
Less	TAX		0.500	1.200	0.600
	PROFIT/ (LOSS) AFTER TAX		2.479	4.979	3.837
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		26.907	21.890	15.541
Less	DEFERRED TAX LIABILITY (PROVISION)		0.000	(0.893)	(0.931)
Add	DEFERRED TAX LIABILITY WRITTEN BACK		0.635	0.931	3.443
	BALANCE CARRIED TO THE B/S		30.021	26.907	21.890
	Earnings/ (Loss) Per Share (Rs.)

Particulars	31.03.2015
Sales Turnover (Approximately)	180.000
	(Due to market fluctuation)

The above information has been parted by Mr. Vipul Shah (Accountant).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.05	2.54	2.38
Operating Profit Margin (PBIDT/Sales)	(%)	8.01	11.27	11.95
Return on Total Assets (PBT/Total Assets}	(%)	1.71	3.16	2.50
Return on Investment (ROI) (PBT/Networth)		0.07	0.16	0.13
Debt Equity Ratio (Total Debt /Networth)		1.80	2.79	2.98
Current Ratio (Current Asset/Current Liability)		1.26	1.24	1.31

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	5.000	5.000	5.000
Reserves & Surplus	28.900	33.916	37.030
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	33.900	38.916	42.030
Long-term borrowings	62.220	58.550	55.622
Short term borrowings	38.958	50.183	20.136
Total borrowings	101.178	108.733	75.758
Debt/Equity ratio	2.985	2.794	1.802

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Turnover	161.527	195.905	234.984
		21.283	19.948

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Turnover	161.527	195.905	234.984
Profit	3.837	4.979	2.479
	2.38%	2.54%	1.05%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity-Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last four years	Yes
27	Reasons for variation <> 20%	Yes
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Particulars	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Deposits
Security Deposit - Staff	0.105	0.090
Loans and Advances from Related Parties
G.D. Panchal - Deposit A/c	15.402	21.872
G.D. Panchal (Factory Rent)	0.068	0.068
Minaben G. Panchal	3.380	12.887
SHORT TERM BORROWINGS
Loans repayable on demand from Banks
Bank OD A/c	0.000	15.359
Total	18.955	50.276

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10444030	05/02/2014 *	106,800,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI – 400 021, MAHARASHTRA, INDIA	B97834436
2	10405553	11/02/2014 *	92,500,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI – 400 021, MAHARASHTRA, INDIA	B96709118
3	90039920	23/03/2005	11,500,000.00	CANARA BANK	MANI NAGAR, AHEMDABAD – 380 008, GUJARAT, INDIA	-
4	90048542	16/07/2011 *	93,590,000.00	CANARA BANK	POST BAG NO.23, AVINASHANANDA APARTMENTS, PLOT NO.119/1, TP SCH NO.4, BEHIND SINDHI MARKET, AHMEDABAD – 380 008, GUJARAT, INDIA	B17677675
5	90034507	24/03/2000 *	1,000,000.00	CANARA BANK	MANI NAGAR, AHEMDABAD, GUJARAT, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Contingent liabilities not provided for:
Bank Guarantees Given (buyer’s credit) (Net of the margin) (21600 $ * 29.9376 + 79200 EURO *82.5572)	7.185	16.355
Total	7.185	16.355

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipments

· Furniture and Fixtures

· Vehicles

· Computer Equipments

· Office Equipments

· Leasehold Improvements

Intangible Assets

· Goodwill

· Brands/ Trade Marks

· Computer Software

· Mastheads and Publishing Titles

· Mining Rights

· Copyrights and Patents

· Recipes, Formula, Models, Designs Licenses and Franchise

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.63.75
UK Pound	1	Rs.100.12
Euro	1	Rs.71.20

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KIN
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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