MIRA INFORM REPORT

Report No. :	330908
Report Date :	09.07.2015

IDENTIFICATION DETAILS

Name :	JMT AUTO LIMITED
Registered Office :	3-L S C Pomposh Enclave, Guru Nanak Market, Opposite L.S.C. Market, New Delhi – 110048
Tel. No.:	91-657-6626331
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.01.1997
Com. Reg. No.:	55-270939
Capital Investment / Paid-up Capital :	Rs. 503.832 Million
CIN No.: [Company Identification No.]	L42274DL1997PLC270939
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of engineering goods.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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 71.73% subsidiary of Amtek Auto Limited. It is an established company having satisfactory track. Rating takes into consideration company’s above average financial risk profile marked by its strong networth base and fair profit margin in FY 14. However, company has reported significant decreased in its profit in the year under consideration. However, trade relations are fair. Business is active. Payment terms 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	ICRA
Rating	Term Loan = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	June 2014

Rating Agency Name	ICRA
Rating	Non Fund Based Facilities = A2
Rating Explanation	Strong degree of safety and low credit risk
Date	June 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) DEFAILTERS’ 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. Sandip Singh
Designation :	Export Manager
Contact No.:	91-657-6626331
Date :	07.07.2015

LOCATIONS

Registered Office :	3-L S C Pomposh Enclave, Guru Nanak Market, Opposite L.S.C. Market, New Delhi – 110048, India
Tel. No.:	91-657-6626331
Fax No.:	Not Available
Corporate Office :	C-19 and 20, 7^th Phase, Adityapur Industrial Area, Jamshedpur – 832109, Jharkhand, India

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Sanjay Chhabra
Designation :	Chairman and Independent Director
Name :	Mr. Sanjay Tiku
Designation :	CEO and Whole Time Director
Name :	Mr. John Ernest Flintham
Designation :	Director
Name :	Mr. Gautam Malhotra
Designation :	Director
Name :	Mr. Anubhav Dham
Designation :	Director
Name :	Mr. Ashok Mittal
Designation :	Independent Director

KEY EXECUTIVES

Name :	Ms. Mona K Bahadur
Designation :	Company Secretary and Compliance Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Category of Shareholder	No. of Shares	% of Holdings
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	36141220	71.73
Sub Total	36141220	71.73
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	36141220	71.73
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	2800	0.01
Foreign Institutional Investors	9038840	17.94
Sub Total	9041640	17.95
(2) Non-Institutions
Bodies Corporate	1704634	3.38
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2964294	5.88
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	356574	0.71
Any Others (Specify)	174852	0.35
Non Resident Indians	143304	0.28
Clearing Members	31244	0.06
Trusts	304	0.00
Sub Total	5200354	10.32
Total Public shareholding (B)	14241994	28.27
Total (A)+(B)	50383214	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	50383214	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer of engineering goods.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

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 :

Not Divulged

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 :

• Axis Bank
• Bank of India
• HDFC Bank IDBI Bank Limited
• L and T Finance Limited
• State Bank of India
• TATA Capital Financial Services

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Term loan From Banks
State Bank Of India (SBI)	NA	265.799
IDBI Bank Limited (IDBI)	NA	259.476
Bank of India (BOI)	NA	108.501
HDFC Bank Limited	NA	1.826
From others
Tractors and Farm Equipment Limited (TAFE)	NA	(0.000)
L&T Finance Ltd	NA	86.248
Tata Capital Limited	NA	72.000
Tata Motors Finance Limited (TMF)	NA	0.000
SHORT TERM BORROWING
Loan Repayable on Demand From Banks
State Bank of India	NA	95.559
IDBI Bank Limited
Cash Credit	NA	58.474
Pre Shipment Credit Facility (PCFC)	NA	106.753
Short Term Loan	NA	235.000
Bank of India - Cash Credit	NA	49.682
Axis Bank
Cash Credit	NA	9.972
Working Capital Demand Loan	NA	149.934
Total	NA	1498.924

Note:

LONG TERM BORROWINGS

i) Term Loans from Banks (SBI and IDBI) including FCNRB loan from SBI are secured by a first pari passu charge over entire fixed assets of the Company both present and future except for the assets exclusively financed out of the loans from other banks and others along with second pari passu charge on entire current assets of the Company.

Term Loan from SBI are covered by a letter of comfort from Amtek Auto Ltd.

Loans from SBI are repayable in quarterly instalments (ranging between 1 and 34) with effect 1st April, 2012 and carrying variable rate of interest, presently ranging between 12.70% and 14.45%.

Loans from IDBI are repayable in quarterly instalments (ranging between 16 and 18) with effect from 1st April, 2010 and carrying variable rate of interest, presently ranging between 13.00% and 13.50%.

ii) Term Loan from Banks (BOI) are secured by First pari passu charge on Plant & Machinery Purchased out of Bank of India Finance and 2nd Paripassu charge on the remaining Block of assets of the Company

Loan is repayable in 20 quarterly instalments from 30th September, 2012 and carrying variable rate of interest, presently ranging between 12.75% to 13.00%.

iii) Loans from HDFC Bank Limited and TMF are secured by way of hypothecation on the Vehicles financed by them.

Loan from HDFC Bank Limited is repayable in 36 monthly instalments commenced from 7th December, 2010 and carrying fixed rate of interest of 10%.

Loan from TMF is repayable in 36 monthly instalments commenced from 7th August, 2011 and carrying fixed rate of interest of 13.5%

iv) Term Loan from Others (Tractors and Farm Equipment Limited) is secured by hypothecation of certain Machineries. Loans are repayable in 36 quarterly instalments commenced from 1st October, 2011 and carrying fixed rate of interest of 10%.

v) Term Loans from L&T Finance Limited is secured by a first pari-passu charge over moveable and immoveable fixed assets of the Company both present and future. Term Loan from Tata Capital is secured by 1st pari-passu charge with other banks/FIs on entire Fixed assets of the Company but excluding the assets specifically charges / proposed charged to other Banks or Financial Institutions. Further the above Term Loan from Tata Capital Limited is also covered by a letter of comfort from Amtek Auto Limited.

Loan from L&T Finance is repayable in 24 quarterly instalments commenced from 13th May, 2013 and carrying fixed rate of interest of 13%.

Loan from Tata Capital is repayable in 18 quarterly instalments commenced from 15th December, 2012 and carrying variable rate of interest, presently at 13.50%.

SHORT TERM BORROWINGS

i) All the above facilities from SBI are secured by first pari-passu charges on all current assets and second pari-passu charge on entire fixed asset of the Company, both present and future.

ii) All the above facilities from IDBI are secured by first pari-passu charges on all current assets and second pari-passu charge on entire fixed asset of the Company, both present and future.

iii) Working capital facilities from BOI are secured by first pari-passu charge on entire current assets of the Company both present and future and second pari-passu charge on the remaining block of assets.

iv) Working Capital facilities from Axis Bank Ltd are secured by first pari-passu charge on all the current assets of the company and second pari-passu charge on all the fixed assets, present and future, of the company.

Auditors :
Name :	A C Gupta and Associates Chartered Accountant
Address :	New Delhi, India
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Rs. 525.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 503.832 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14395204	Equity Shares	Rs.10/- each	Rs. 143.952 Million

i) Reconciliation of number of Equity Shares

Particulars	31.03.2014	31.03.2013
Balance as at the beginning of the period/year	14.395	14.395
Balance as at the end of the period/year	14.395	14.395

ii) Rights, preferences and restrictions attached to shares

The company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

iii) Details of Equity Shares held by shareholders holding more than 5% of the aggregate shares in the Company

Name of Shareholders	No. of Shares	% of Holdings
Amtek Auto Limited	10326063	71.73
Hypnos Fund Limited	1393580	9.68
Lts Investment Fund Ltd.	1086556	7.55
RSD Finance Limited	--	0.00
Bach Limited	--	0.00
Rajeev Singh Dugal	--	0.00

iv) Shares reserved for issuance under Stock Option Plans of the Company

Particulars	31.03.2014 No. of Shares	31.03.2013 No. of Shares
JMT Auto Employee Stock Option Plan 2012	400000	400000

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	503.832	143.952	143.952
(b) Reserves & Surplus	1105.233	1351.890	1280.237
(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)	1609.065	1495.842	1424.189
(3) Non-Current Liabilities
(a) long-term borrowings	737.429	843.976	684.763
(b) Deferred tax liabilities (Net)	235.868	226.621	236.686
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	6.334	2.108	6.205
Total Non-current Liabilities (3)	979.631	1072.705	927.654
(4) Current Liabilities
(a) Short term borrowings	765.044	705.374	710.122
(b) Trade payables	604.391	838.758	388.688
(c) Other current liabilities	161.715	1149.490	225.431
(d) Short-term provisions	9.010	32.387	33.799
Total Current Liabilities (4)	1540.160	2726.009	1358.040
TOTAL	4128.856	5294.556	3709.883
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1973.094	2104.496	2126.475
(ii) Intangible Assets	0.000	3.690	5.217
(iii) Capital work-in-progress	0.000	0.754	16.309
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.615	0.615	0.615
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	161.241	1039.766	116.931
(e) Other Non-current assets	0.005	0.497	9.585
Total Non-Current Assets	2134.955	3149.818	2275.132
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1100.731	1027.572	957.016
(c) Trade receivables	452.976	686.489	369.865
(d) Cash and cash equivalents	9.610	201.333	15.226
(e) Short-term loans and advances	425.921	222.350	86.897
(f) Other current assets	4.663	6.994	5.747
Total Current Assets	1993.901	2144.738	1434.751
TOTAL	4128.856	5294.556	3709.883

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	4300.832	2857.955	3068.466
		Other Income	22.951	69.805	136.896
		TOTAL	4323.783	2927.760	3205.362
Less	EXPENSES
		Cost of Materials Consumed	2314.106	1268.665	1261.118
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(67.993)	(9.829)	44.236
		Employees benefits expense	170.386	146.153	143.011
		Job work charges	401.932	0.000	0.000
		Power and Fuel	465.749	0.000	0.000
		Consumption of Stores and Spare parts	291.770	0.000	0.000
		Freight	82.014	0.000	0.000
		Others	105.861	1064.517	1196.897
		TOTAL	3763.825	2469.506	2645.262
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		559.958	458.254	560.100
Less	FINANCIAL EXPENSES		191.376	214.850	190.650
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		368.582	243.404	369.450
Less/ Add	DEPRECIATION/ AMORTISATION		250.520	182.908	216.267
	PROFIT BEFORE TAX		118.062	60.496	153.183
Less	TAX		23.307	(10.065)	32.975
	PROFIT AFTER TAX		94.755	70.561	120.208
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	616.547	521.427
	TOTAL EARNINGS		NA	616.547	521.427
	IMPORTS
		Raw Materials	NA	84.661	23.703
		Stores & Spares	NA	11.554	26.658
		Capital Goods	NA	77.930	34.700
	TOTAL IMPORTS		NA	174.145	85.061
	Earnings Per Share (Rs.)
	Basic		0.56	4.90	8.35
	Diluted		0.56	4.83	8.23

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	168.560	188.881	176.068
Cash generated from operations	NA	NA	NA
Net cash from operating activities	376.794	470.167	551.836

QUARTERLY RESULTS

PARTICULARS	30.06.2014 1^st Quarter	30.09.2014 2^nd Quarter	31.12.2014 3^rd Quarter
Net Sales	1215.850	1199.160	1031.150
Total Expenditure	1068.680	1076.810	884.720
PBIDT (Excl OI)	147.170	122.350	146.430
Other Income	7.460	1.030	1.540
Operating Profit	154.630	123.380	147.970
Interest	43.070	46.460	50.820
Exceptional Items	0.000	0.000	0.000
PBDT	111.560	76.920	97.150
Depreciation	57.010	50.950	73.800
Profit Before Tax	54.550	25.970	23.350
Tax	18.620	9.580	9.030
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	35.920	16.390	16.390
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	35.920	16.390	14.320

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	2.20	2.47	3.92
Operating Profit Margin (PBIDT/Sales)	(%)	13.02	16.03	18.25
Return on Total Assets (PBT/Total Assets}	(%)	2.86	1.14	4.15
Return on Investment (ROI) (PBT/Networth)		0.07	0.04	0.11
Debt Equity Ratio (Total Debt /Networth)		0.93	1.04	0.98
Current Ratio (Current Asset/Current Liability)		1.29	0.79	1.06

STOCK PRICES

Face Value	Rs. 2.00/-
Market Value	Rs. 50.95/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	143.952	143.952	503.832
Reserves & Surplus	1280.237	1351.890	1105.233
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1424.189	1495.842	1609.065
long-term borrowings	684.763	843.976	737.429
Short term borrowings	710.122	705.374	765.044
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	1394.885	1549.350	1502.473
Debt/Equity ratio	0.979	1.036	0.934

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3068.466	2857.955	4300.832
		(6.860)	50.486

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3068.466	2857.955	4300.832
Profit	120.208	70.561	94.755
	3.92%	2.47%	2.20%

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	No
10	Date of Birth of Proprietor / Partners / Directors	No
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	No
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	Yes
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	Yes
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

UNSECURED LOAN

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Term Loan	NA	50.125
Total	NA	50.125

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10399861	19/02/2013 *	2,914,900,000.00	STATE BANK OF INDIA (LEAD BANK)	Commercial Branch, Jamshedpur, Pratap Tower, Bistupur, Jamshedpur, Jharkhand - 831001, INDIA	B70482807
2	10375759	01/02/2013 *	150,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai,  Maharashtra - 400001, INDIA	B69125367
3	10354856	29/04/2014 *	200,000,000.00	IDBI Bank Limited	JAMSHEDPUR BRANCH, SHANTINIKETAN BUILDING, 2ND FLR, SAKCHI BOULEVARD ROAD, BISTUPUR, JAMSHEDPUR, Jharkhand - 831001, INDIA	C04273371
4	10339144	08/02/2012	115,000,000.00	L & T FINANCE LIMITED	L&T HOUSE, BALLARD ESTATE, MUMBAI, Maharashtra  - 400001, INDIA	B33687146
5	10301099	08/11/2012 *	500,000,000.00	Axis Bank Limited	Jamshedpur Branch, Voltas House, Main Road, Bistupur, Jamshedpur, Jharkhand - 831001, INDIA	B65184541
6	10276638	05/03/2012 *	560,000,000.00	BANK OF INDIA	ADITYAPUR INDUSTRIAL ESTATE BRANCH, ADITYAPUR, JA  MSHEDPUR, Jharkhand - 831013, INDIA	B35001957
7	10228008	22/06/2010	100,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SHANTINIKETAN BUILDING, BISTUPUR, JAMSHEDPUR, Jharkhand - 831001, INDIA	A89016505
8	10089239	28/05/2015 *	897,700,000.00	IDBI Bank Limited	Jamshedpur Branch, 1st Floor, Kalyan kutir, N-Road, Bistupur, Jamshedpur, Jharkhand - 831001, INDIA	C56359516
9	80059920	03/06/2013 *	530,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, PRATAP TOWER, BISTUPUR, JAMSHE  DPUR, Jharkhand - 831001, INDIA	B78307808

* Date of charge modification

FIXED ASSETS

• Leasehold Land
• Buildings
• Plant and Machinery
• Furniture and Fixture
• Office Equipments
• Computers
• Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No records 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. 63.56
UK Pound	1	Rs. 98.22
Euro	1	Rs. 69.93

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KIN
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	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		47

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.