MIRA INFORM REPORT

Report No. :	330005
Report Date :	02.07.2015

IDENTIFICATION DETAILS

Name :	MINDA EMER TECHNOLOGIES LIMITED
Registered Office :	B-64/1, Wazirpur Industrial Area, Delhi – 110052
Tel. No.:	91-124-2290693
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	29.03.2010
Com. Reg. No.:	55-200859
Capital Investment / Paid-up Capital :	Rs.45.600 Million
CIN No.: [Company Identification No.]	U35999DL2010PLC200859
IEC No.:	0510052461
TAN No.: [Tax Deduction & Collection Account No.]	DELM18337E
PAN No.: [Permanent Account No.]	AAGCM4643J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Automotive Parts and Accessories.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 88000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. It was incorporated in 2010 and is a 50:50 Joint Venture between EMER spa, Italy and Minda Industries. Management of the company has failed to file its financials with the government department for FY2013-14. As per the available financial record of 2013, the subject has incurred loss of Rs.31.099 Million. However, these rating weakness are partially offset by extensive experience of promoters and strong managerial, financial and operational support that subject receives from its parent company’s. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of strong support from parent and established relationship with reputed customers, the subject can be considered for business dealings 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 – 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

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 DENIED BY

Name :	Mr. Kunal Kumar
Designation :	Assistant Manager
Contact No.:	91-9718800668
Date :	01.07.2015

LOCATIONS

Registered Office :	B-64/1, Wazirpur Industrial Area, Delhi – 110052, India
Tel. No.:	91-124-2290693 / 428
Mobile No.:	91-9718800668 (Mr. Kunal)
Fax No.:	91-124-2290676 / 95
E-Mail :	dpanda@mindagroup.com info@mindagroup.com
Website :	www.mindagroup.com

DIRECTORS

AS ON 24.06.2014

Name :

Mr. Sudhir Jain

Designation :

Director

Address :

K-10/03, DLF Phase-II, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

06.01.1958

Date of Appointment :

29.03.2010

DIN No.:

00010445

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	U25209DL1996PLC083240	MINDA AUTO COMPONENTS LIMITED	Director	13/11/1996	13/11/1996	26/11/2007	Active	NO
2	U34300DL2003PLC121384	MINDA AUTOMOTIVE LIMITED	Director	18/07/2003	18/07/2003	05/08/2014	Active	NO
3	U34300DL2004PLC127423	MINDA ACOUSTIC LIMITED	Director	07/07/2004	07/07/2004	-	Amalgamated	NO
4	U34300DL2004PLC127424	MINDA FIAMM ACOUSTIC LIMITED	Director	20/07/2004	20/07/2004	-	Amalgamated	NO
5	U31908TN2007PTC081836	VALEO ENGINE AND ELECTRICAL SYSTEMS INDIA PRIVATE LIMITED	Additional director	15/03/2010	04/07/2007	19/05/2010	Amalgamated	NO
6	U45400DL2008PLC185619	Minda Realty & Infrastructure Limited	Director	09/06/2010	10/12/2008	24/07/2014	Active	NO
7	U74900DL2009PLC186740	MINDA MINDPRO LIMITED	Director	16/01/2009	16/01/2009	05/08/2014	Active	NO
8	U93000DL2009PLC190114	MINDA SPECTRUM ADVISORY LIMITED.	Director	08/05/2009	08/05/2009	-	Active	NO
9	U35999DL2010PLC200859	MINDA EMER TECHNOLOGIES LIMITED	Director	29/03/2010	29/03/2010	-	Active	NO
10	U28900DL2010PLC211731	M J CASTING LIMITED	Director	23/12/2010	23/12/2010	28/02/2011	Active	NO
11	U34300DL2010PTC211292	ROKI Minda Co. Private Limited	Director	05/06/2012	31/01/2011	-	Active	NO
12	U51909DL2011PLC223728	MI TORICA INDIA LIMITED	Director	16/08/2011	16/08/2011	05/09/2011	Active	NO
13	U35122DL2011PLC223819	MINDA KYORAKU LIMITED	Director	17/08/2011	17/08/2011	26/09/2011	Active	NO
14	U31900DL2011PLC217478	Minda NexGenTech Limited	Director	09/05/2012	24/10/2011	13/08/2014	Active	NO
15	U35900DL2011PTC228383	PANASONIC MINDA STORAGE BATTERIES INDIA PRIVATE LIMITED	Director	07/12/2011	07/12/2011	13/08/2014	Active	NO
16	U34300DL2011PLC227272	MINDA DISTRIBUTION AND SERVICES LIMITED	Director	25/06/2012	26/03/2012	-	Active	NO
17	U34300KA2008PTC047401	TOKAI RIKA MINDA INDIA Private Limited	Alternate director	23/08/2012	23/08/2012	29/09/2012	Active	NO
18	U35999DL2012FTC238701	FUJITSU TEN MINDA INDIA PRIVATE LIMITED	Alternate director	22/11/2012	22/11/2012	29/03/2013	Active	NO
19	U28111RJ2008PTC026385	TOYODA GOSEI MINDA INDIA PRIVATE LIMITED	Director	10/09/2013	24/11/2012	18/06/2014	Active	NO
20	U29219DL2013PTC248215	Minda Nabtesco Automotive Private Limited	Director	12/02/2013	12/02/2013	10/06/2014	Active	NO
21	U28910TN2011PTC079581	KOSEI MINDA ALUMINUM COMPANY Private Limited	Director	19/07/2014	07/12/2013	-	Active	NO
22	U29253DL2015PTC275475	MINDA TG RUBBER PRIVATE LIMITED	Director	14/01/2015	14/01/2015	-	Active	NO
23	U29130DL2015PTC278233	MINDA KOSEI ALUMINUM WHEEL PRIVATE LIMITED	Director	23/03/2015	23/03/2015	-	Active	NO

Name :

Mr. Maurizio Grando

Designation :

Director

Address :

Via Padova, Cassola Vi, Na, Italy

Date of Birth/Age :

23.02.1952

Date of Appointment :

07.05.2012

DIN No.:

05240894

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	Company/ LLP Status	Defaulting status
1	U35999DL2010PLC200859	MINDA EMER TECHNOLOGIES LIMITED	Director	07/05/2012	23/04/2012	Active	NO

Name :

Mr. Pradip Kumar Tewari

Designation :

Additional Director

Address :

W-502, Sacred Heart Town, Wanowrie, Pune – 411040, Maharashtra, India

Date of Birth/Age :

26.01.1958

Date of Appointment :

24.06.2014

DIN No.:

00068543

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	Company/ LLP Status	Defaulting status
1	U34300DL2004PLC127424	MINDA FIAMM ACOUSTIC LIMITED	Director	24/03/2006	24/03/2006	Amalgamated	NO
2	U34300DL2004PLC127423	MINDA ACOUSTIC LIMITED	Managing director	01/04/2011	01/04/2006	Amalgamated	NO
3	U29219DL2013PTC248215	Minda Nabtesco Automotive Private Limited	Director	12/02/2013	12/02/2013	Active	NO
4	U35999DL2010PLC200859	MINDA EMER TECHNOLOGIES LIMITED	Additional director	24/06/2014	11/03/2014	Active	NO

Name :

Mr. Mehran K Rahbar

Designation :

Additional Director

Address :

15 Corte Javier, San Clemente, 92673, Canada

Date of Appointment :

06.02.2015

DIN No.:

07064213

Name :

Mr. Rajesh Kumar Rustagi

Designation :

Alternate Director

Address :

RZ-D87, Raj Nagar-Ii, Palam,, New Delhi – 110045, India

Date of Appointment :

18.05.2015

DIN No.:

02128565

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	Company/ LLP Status	Defaulting status
1	U67190DL1998PTC095152	M U FINNEST PRIVATE LIMITED	Director	23/09/2008	17/04/2008	Amalgamated	NO
2	U31300DL1996PTC083838	SM TRANSMISSION PRODUCTS PRIVATE LIMITED	Director	23/09/2008	17/04/2008	Amalgamated	NO
3	U34300DL2001PLC110779	SAM MANUFACTURING LTD	Director	22/09/2008	17/04/2008	Active	NO
4	U74899DL1995PLC064567	M G PORTFOLIO LTD	Director	23/09/2008	17/04/2008	Amalgamated	NO
5	U31900DL2011PLC217478	Minda NexGenTech Limited	Additional director	22/09/2014	18/07/2011	Active	NO
6	U45400DL2008PLC185619	Minda Realty & Infrastructure Limited	Director	30/09/2014	24/07/2014	Active	NO
7	U34300DL2003PLC121384	MINDA AUTOMOTIVE LIMITED	Director	30/09/2014	05/08/2014	Active	NO
8	U28900DL2010PLC211731	M J CASTING LIMITED	Additional director	25/03/2015	25/03/2015	Active	NO
9	U35990DL2015PTC279706	Minda DAPS Private Limited	Director	01/05/2015	01/05/2015	Active	NO
10	U35999DL2010PLC200859	MINDA EMER TECHNOLOGIES LIMITED	Alternate director	18/05/2015	18/05/2015	Active	NO

KEY EXECUTIVES

Name :	Mr. Kunal Kumar
Designation :	Assistant Manager

MAJOR SHAREHOLDERS

AS ON 24.06.2014

Names of Shareholders	No. of Shares
Nirmal Kumar Minda	49400
Anand Kumar Minda	100
Sudhir Jain	100
Harish Chander Dhamija	100
Vikas Jain	100
Brijesh Kumar Saini	100
Praveen Juneja	100
Emer S.P.A, Italy	2775000
Minda Industries Limited, India	2725000
Total	5550000

Equity Share Break up (Percentage of Total Equity)

AS ON 24.06.2014

Category	Percentage
Foreign holdings [Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others]	50.00
Bodies corporate	49.10
Directors or relatives of Directors	0.01
Other top fifty shareholders	0.89
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Automotive Parts and Accessories.
Products :	Automotive Parts and Accessories
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 :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Banker Name :	Yes Bank Limited
Branch :	9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Kotak Mahindra Bank Limited, 7^th Floor, Ambadeep Building, 14, K. G. Marg, Connaught Place, New Delhi – 110001, India

Facilities :

SECURED LOANS	31.12.2013 Rs. In Million	31.12.2012 Rs. In Million
Short Term Borrowings
Other loans and advances
Buyers credit	34.290	0.000
Cash credit and overdraft facilities from banks	0.838	0.000
Total	35.128	0.000

Auditors :
Name :	B S R and Company Chartered Accountants
Address :	Building No. 10, 8^th Floor, Tower B, DLF Cyber City , Phase II, Gurgaon – 122002, Haryana, India
PAN No.:	AAIFB7357B
Memberships :	Not Divulged
Collaborators :	Not Divulged
Ventures in respect of which the company is a joint venture (As on 31.12.2013) :	· Minda Industries Limited · Emer S.P.A., Italy · Minda Investments Limited

CAPITAL STRUCTURE

AS ON 24.06.2014

Authorised Capital:

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

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
5550000	Equity Shares	Rs.10/- each	Rs.55.500 Million

AS ON 31.12.2013

Authorised Capital:

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

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
4560000	Equity Shares	Rs.10/- each	Rs.45.600 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	45.600	45.600	45.600
(b) Reserves & Surplus	(14.817)	16.282	10.395
(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)	30.783	61.882	55.995
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.159	5.558	1.269
Total Non-current Liabilities (3)	4.159	5.558	1.269
(4) Current Liabilities
(a) Short term borrowings	35.128	0.000	0.000
(b) Trade payables	107.459	96.211	46.826
(c) Other current liabilities	14.524	4.585	3.424
(d) Short-term provisions	0.223	0.182	2.625
Total Current Liabilities (4)	157.334	100.978	52.875
TOTAL	192.276	168.418	110.139
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.081	13.428	7.202
(ii) Intangible Assets	4.123	3.070	0.000
(iii) Capital work-in-progress	0.000	0.000	2.757
(iv) Intangible assets under development	0.000	1.948	2.453
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.345	0.498
(d) Long-term Loan and Advances	0.400	1.035	0.000
(e) Other Non-current assets	0.078	0.068	0.061
Total Non-Current Assets	15.682	19.894	12.971
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	65.523	77.302	37.941
(c) Trade receivables	44.230	37.243	29.389
(d) Cash and cash equivalents	42.396	4.310	11.043
(e) Short-term loans and advances	23.217	29.649	18.783
(f) Other current assets	1.228	0.020	0.012
Total Current Assets	176.594	148.524	97.168
TOTAL	192.276	168.418	110.139

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.12.2013	31.12.2012	31.12.2011
	SALES
		Income		227.416	282.171	238.290
		Other Income		10.389	1.105	0.948
		TOTAL (A)		237.805	283.276	239.238
Less	EXPENSES
		Cost of Materials Consumed		172.485	208.921	186.784
		Purchase of Stock-in-trade		1.233	0.961	1.102
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		5.653	-5.530	-9.362
		Employee Benefits Expenses		32.068	28.082	21.496
		Other Expenses		52.657	39.370	21.063
		TOTAL (B)		264.096	271.804	221.083
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			(26.291)	11.472	18.155
Less	FINANCIAL EXPENSES (D)			0.882	0.107	0.778
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(27.173)	11.365	17.377
Less	DEPRECIATION/ AMORTISATION (F)			3.581	2.367	0.819
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			(30.754)	8.998	16.558
Less	TAX (H)			0.345	3.111	5.187
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			(31.099)	5.887	11.371
	IMPORTS
			Raw Material and Components	189.489	225.029	183.518
			Capital Goods	0.000	2.107	2.449
			Technical Know how	0.000	2.728	0.000
	TOTAL IMPORTS			189.489	229.864	185.967
	Earnings Per Share (Rs.)			(6.82)	1.29	5.28

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.12.2013	31.12.2012	31.12.2011
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
Net Profit Margin PAT / Sales	(%)	(13.67)	2.09	4.77
Operating Profit Margin (PBDIT/Sales)	(%)	(11.56)	4.07	7.62
Return on Total Assets (PBT/Total Assets)	(%)	(15.99)	5.42	15.86
Return on Investment (ROI) (PBT/Networth)		(1.00)	0.15	0.30
Debt Equity Ratio (Total Debt /Networth)		1.14	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.12	1.47	1.84

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	45.600	45.600	45.600
Reserves & Surplus	10.395	16.282	(14.817)
Net worth	55.995	61.882	30.783
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	35.128
Total borrowings	0.000	0.000	35.128
Debt/Equity ratio	0.000	0.000	1.141

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012	31.12.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	238.290	282.171	227.416
		18.415	(19.405)

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	238.290	282.171	227.416
Profit	11.371	5.887	(31.099)
	4.77%	2.09%	(13.67%)

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	No
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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
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	No
35	Negative Reporting by Auditors in the Annual Report	No

YEAR IN RETROSPECT (AS ON 31.12.2013)

During the year subject has achieved revenue from operation of Rs.227.416 Million as against Rs.282.171 Million during the last year and incurred a loss of Rs.31.099 Million as against profit after tax of Rs.5.887 Million during the last year.

FUTURE PROSPECTS (AS ON 31.12.2013)

Subject has been granted business from Maruti Suzuki India Limited for manufacturing of Cylinder valve. This will helps us to attract other OEMs and LPG/CNG kit suppliers for the said product. Subject is also in the development of Mono-Fuel CNG Systems for commercial vehicle applications with different Original Equipment’s Manufacturers.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10511635	17/07/2014	65,000,000.00	Kotak Mahindra Bank Limited	7^th Floor, Ambadeep Building,, 14, K. G. Marg, Connaught Place, New Delhi - 110001, India	C14076848

FIXED ASSETS:

· Plant and Machinery

· Dies and Tools

· Furniture and Fixtures

· Office Equipment

· Vehicles

· Technical Knowhow

· Computer Hardware

· Computer Software

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.63.62
UK Pound	1	Rs.99.89
Euro	1	Rs.70.77

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SAN
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	1
--CREDIT LINES	1~10	4
--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		32

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.