MIRA INFORM REPORT

Report No. :	325174
Report Date :	02.06.2015

IDENTIFICATION DETAILS

Name :	CAMFIL AIR FILTRATION INDIA PRIVATE LIMITED (w.e.f. 17.07.2013)
Formerly Known As :	CAMFIL FARR AIR FILTRATION INDIA PRIVATE LIMITED (w.e.f. 22.11.2010) CAMFIL FARR AIR FILTRATION INDIA LIMITED (w.e.f. 15.04.2008) ANAND INDUSTRIAL FILTRATION SYSTEMS LIMITED
Registered Office :	62 Industrial Development Colony, Mehrauli Gurgaon Road, Gurgaon – 122001, Haryana
Tel. No.:	91-124-4874100
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.03.2008
Com. Reg. No.:	05-037677
Capital Investment / Paid-up Capital :	Rs.80.000 Million
CIN No.: [Company Identification No.]	U45400HR2008PTC037677
IEC No.:	0508017599
TAN No.: [Tax Deduction & Collection Account No.]	RTKC02449G
PAN No.: [Permanent Account No.]	AADCC3500F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Importer of Air Filter Systems.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 810000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established private limited company incorporated in the year 2008, having satisfactory track record. As per financials of the year 2014, the company has recorded huge hike in sales turnover i.e. 76% as compare to FY 13. Company has recorded profit of Rs.140.780 Million in FY14 as compare to Rs.7.230 Million in FY 13. Profitability of the firm is high. As per directors report the company has exhausted prestigious projects for TATA power and cognizant technologies during current year. The networth of the company recorded as strong overall financial position appears to be decent. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered for 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 – 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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Kailash Sharma
Designation :	Chief Financial Officer
Contact No.:	91-124-4874101
Date :	01.06.2015

LOCATIONS

Registered Office / Factory 1 :	62 Industrial Development Colony, Mehrauli Gurgaon Road, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-4874100 / 101 / 102 / 143 / 136
Fax No.:	91-124-4082405
E-Mail :	info.india@camfilfarr.com
Website :	www.camfil.in
Factory 2 :	76, Industrial Development Colony, Mehrauli Road, Gurgaon – 122001, Haryana, India
Factory 3 :	Trichy – 620105, Tamilnadu, India
Warehouse :	82, Industrial Development Colony, Mehrauli Road, Gurgaon – 122001, Haryana, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Pappu Kali Subramanyam Vidya Sagar

Designation :

Managing Director

Address :

D-66, Deerwood Chase,Nirwana Country, Gurgaon – 122018, Haryana, India

Date of Birth/Age :

15.08.1963

Date of Appointment :

12.08.2011

DIN No.:

02474520

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	U51909DL1992PTC049978	CHANG YUN INDIA Private Limited	Director	24/08/2009	29/09/2008	30/06/2011	Active	NO
2	U45400HR2008PTC037677	Camfil Air Filtration India Private Limited	Managing director	12/08/2011	12/08/2011	-	Active	NO

Name :

Mr. Vinay Jha

Designation :

Director

Address :

405 B Court Green Laburnum, Sector 28 Sushant Lok, Gurgaon – 12202, Haryana, India

Date of Birth/Age :

31.10.1944

Date of Appointment :

29.09.2012

DIN No.:

00028480

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	L74899DL1989PLC036474	MOVING PICTURE COMPANY (INDIA) LIMITED	Director	01/07/2003	01/07/2003	31/10/2011	Active	NO
2	U29113DL2004PTC130074	RECAERO INDIA PRIVATE LIMITED	Director	19/10/2004	19/10/2004	-	Active	NO
3	U74994MH2004FTC147214	CHANEL (INDIA) PRIVATE LIMITED	Alternate director	11/03/2005	11/03/2005	08/06/2007	Active	NO
4	U51217DL2006PTC152719	RECAERO TRADING PRIVATE LIMITED	Director	30/08/2006	30/08/2006	-	Strike off	NO
5	U45205PN2002PTC017289	DM CORPORATION PRIVATE LIMITED	Additional director	10/02/2011	10/02/2011	28/05/2012	Active	NO
6	U45201MH1995PLC226932	SAHAYOG MICROFINANCE LIMITED	Director	25/11/2011	25/11/2011	-	Active	NO
7	U45400HR2008PTC037677	Camfil Air Filtration India Private Limited	Director	29/09/2012	06/12/2011	-	Active	NO

Name :

Mr. Henning Askan Marwege Dr

Designation :

Director

Address :

Upper Borg 16, 28357 Bremen, Bremen, 28357, Germany

Date of Birth/Age :

16.02.1951

Date of Appointment :

03.09.2009

DIN No.:

01926308

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	U45400HR2008PTC037677	Camfil Air Filtration India Private Limited	Director	03/09/2009	23/04/2008	-	Active	NO

Name :

Mr. Carl Johan Ryrberg

Designation :

Director

Address :

Orrspelsvagen 85, Bromma, Bromma, 16766, Sweden

Date of Birth/Age :

16.12.1959

Date of Appointment :

03.09.2009

DIN No.:

02106459

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	U45400HR2008PTC037677	Camfil Air Filtration India Private Limited	Director	03/09/2009	23/04/2008	-	Active	NO

Name :

Mr. Alain Louis Marcel Berard

Designation :

Director

Address :

City-103, Avenue Aristide Briand, Cachan, 94230, France

Date of Birth/Age :

08.04.1961

Date of Appointment :

03.09.2009

DIN No.:

02728204

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	U45400HR2008PTC037677	Camfil Air Filtration India Private Limited	Director	03/09/2009	19/12/2008	-	Active	NO

Name :

Mr. Jan Erik Dantoft

Designation :

Director

Address :

Betesvagen 16, 147 42, Tumba, Sw, Sweden

Date of Birth/Age :

28.06.1954

Date of Appointment :

30.09.2014

DIN No.:

06986136

KEY EXECUTIVES

Name :	Mr. Kailash Sharma
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Camfil Singapore Holdings Pte. Limited	7999992
Ryrberg Johan Carl	2
Marwege Askan Henning	2
Markman Johan Erik	1
Berard Alain	1
Larson Eric Dan	1
Sagar PKSV	1
Total	8000000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

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]	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader, Exporter and Importer of Air Filter Systems.
Products :	Air Filter Systems
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	· Europe · Pakistan
Imports :
Products :	Raw Material
Countries :	· USA · Malaysia
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

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 :	BHEL
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 :

80 (Approximately)

Bankers :

Banker Name :	Kotak Mahindra Bank
Branch :	Gurgaon, Haryana, 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) :	CC= Rs.50.000 Million Bank Guarantee= Rs.60.000 Million
Account Operation :	Not Divulged
Remark :	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
Working capital loans from banks	113.929	38.249
Total	113.929	38.249

Auditors :
Name :	Price Waterhouse Chartered Accountants LLP Chartered Accountants
Address :	Building 8, 7 and 8 Floor, Tower-B, DLF Cyber City, Gurgaon – 122002, Haryana, India
PAN No.:	AAFFP3698A
Memberships :	Not Divulged
Collaborators :	Not Divulged
Ultimate Holding Company :	· Camfil AB, Sweden
Holding Company :	· Camfil Singapore Holdings PTE Limited, Singapore
Fellow Subsidiaries :	· Camfil International AB, Sweden · Camfil Inc, Canada · Camfil Australia Pty Limited, Australia · Camfil (Thailand) Ltd. Thailand · Camfil Filtration (Kunshan) Co. Limited, China · Camfil Power Systems AB, Sweden · Camfil LTD England · Camfil Svenska AB, Sweden · Camfil SAS France · Camfil Power Systems GMBH Germany · Camfil KG, Germany · Camfil Malaysia Sdn Bhd, Malaysia · Camfil Taiwan Co Ltd, Taiwan · Camfil Inc USA (Farr APC) · Camfil Middle East FZCO · Camfil Espana S.A. · Camfil S.R.O. · Camfil APC UK

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs.80.000 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	80.000	80.000	80.000
(b) Reserves & Surplus	204.520	140.777	133.548
(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)	284.520	220.777	213.548
(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	0.022	1.432	0.654
(d) long-term provisions	13.406	10.237	4.578
Total Non-current Liabilities (3)	13.428	11.669	5.232
(4) Current Liabilities
(a) Short term borrowings	113.929	38.249	0.000
(b) Trade payables	150.255	115.965	87.192
(c) Other current liabilities	22.126	39.209	27.631
(d) Short-term provisions	23.601	6.388	3.134
Total Current Liabilities (4)	309.911	199.811	117.957
TOTAL	607.859	432.257	336.737
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	126.219	98.173	77.519
(ii) Intangible Assets	3.556	5.417	10.187
(iii) Capital work-in-progress	0.868	0.601	0.504
(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)	8.386	5.560	3.482
(d) Long-term Loan and Advances	10.619	4.073	6.594
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	149.648	113.824	98.286
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	98.142	101.366	79.323
(c) Trade receivables	268.044	131.797	80.763
(d) Cash and cash equivalents	0.696	8.634	44.817
(e) Short-term loans and advances	91.329	76.533	33.416
(f) Other current assets	0.000	0.103	0.132
Total Current Assets	458.211	318.433	238.451
TOTAL	607.859	432.257	336.737

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1018.610	579.980	477.360
		Other Income	66.150	26.350	25.210
		TOTAL (A)	1084.760	606.330	502.570
Less	TOTAL EXPENSES & EXCEPTIONAL ITEMS (B)		963.270	568.540	380.850
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		121.490	37.790	121.720
Less	FINANCIAL EXPENSES (D)		5.010	1.120	0.780
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		116.480	36.670	120.940
Less	DEPRECIATION/ AMORTISATION (F)		19.530	24.230	14.870
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		96.950	12.440	106.070
Less	TAX (H)		33.210	5.210	29.970
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		63.740	7.230	76.100
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		140.780	133.550	57.450
	BALANCE CARRIED TO THE B/S		204.520	140.780	133.550
	Earnings Per Share (Rs.)		7.97	--	--

Particulars	31.03.2015
Sales Turnover (Approximately)	80.000

The above information has been parted by Mr. Kailash Sharma (CFO)

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	(%)	6.26	1.25	15.94
Operating Profit Margin (PBDIT/Sales)	(%)	11.93	6.52	25.50
Return on Total Assets (PBT/Total Assets)	(%)	16.20	2.92	31.88
Return on Investment (ROI) (PBT/Networth)		0.34	0.06	0.50
Debt Equity Ratio (Total Debt /Networth)		0.40	0.17	0.00
Current Ratio (Current Asset/Current Liability)		1.48	1.59	2.02

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	80.000	80.000	80.000
Reserves & Surplus	133.548	140.777	204.520
Net worth	213.548	220.777	284.520
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	38.249	113.929
Total borrowings	0.000	38.249	113.929
Debt/Equity ratio	0.000	0.173	0.400

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
Sales	477.360	579.980	1018.610
		21.497	75.628

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	477.360	579.980	1018.610
Profit	76.100	7.230	63.740
	15.94%	1.25%	6.26%

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
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	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

OPERATIONS REVIEW

The turnover of subject at 1018.61 Million has registered a phenomenal growth of 76% as compared to Rs.579.980 Million during the previous year. Likewise the profit before depreciation, interest and tax has increased to Rs.121.490 Million from Rs.37.790 Million for the year ended March 31, 2013. The operating Margin on sales tripled as compared to previous year.

Subject has executed prestigious projects for TATA Power and Cognizant Technologies during current year at a good margin and in record time, which has yielded the operating margin of 12% and substantial increase in turnover of the Company. The added Capacity at Trichy has contributed in the export of Air Intake systems under Power system segment of the Company. In the current year Company has added production capacity for its Clean Air filtration Business segment. Company expects similar turnover levels in the current year.

PERFORMANCE AND FORECAST POWER SYSTEMS

The situation on natural gas availability continued to be grim through the year and is expected to show growth in the coming years. Gas availability is still a concern for most of the existing power plants running at reduced capacity, and many being idle.

However, things look bright on account of a stable Govt. which is expected to put the pedals back on investments and clearances and devise revised guidelines on Gas pricing, Growth can be predicted once after implementation of the policies.

Company commissioned the Trichy Fabrication Facility in January 2012 and in the second year of its operation, Company has been able to utilize more than 60% of the Capacity which has resulted in an export sales exceeding Rs.450 Million for GE, Oil and Gas.

In the aftermarket, Company's sales have been mainly focused around Captive Power Plant Operators with good support from Oil and Gas, Refinery, Steel and Fertilizer sectors. In-spite of sluggish market, Company could retain the sales volumes on the levels of last year.

Presently Camfil India is working with GE, Oil and Gas for Inlet duct and Man Turbo Diesel India for Diesel Engine air intake filtration system for frame agreement. Company has also closed some of the Rate Contracts with ONGC and Tata Steel for Air filters which will provide continued sales for the ensuing years.

The Retrofit business which is currently valued at Rs.300.000 Million, looks promising as due to non-availability of fuel or scarcity in fuel availability most of the end customers are looking into enhancing the existing machine efficiency.

The company is coming up with major expansion program at Trichy for all of its products ranges. The existing Leased land has been purchased along with adjoining land. The expansion project is estimated to cost around Rs.700.000 million and expected to be commissioned in 2015-16.

Clean Air Filtration

Clean Air Filtration business is expected to grow exponentially as compared to last year and year before with sales has grown from Rs.55 Million to Rs.123 Million in the year under consideration. Company is expected to achieve a turnover of Rs.220 Million in the ensuing year.

This growth is coming from new fields in this segment ranging from molecular filtration project for Cognizant Technologies which includes complete design and fabrication of Fresh Air Units , Pharmaseals for Sun Pharmaceuticals ltd and high quality imported filters for Air handling units applications for Gland Pharma .

Regular base business continued to grow because of better market penetration in the Hyderabad and West India regions. Increase in the sales of FRK filters also contributed strongly. Company has been adding new customers, which has resulted in sales growth in the current year and includes Sanofi , Agila, Hospira, Gujarat Fluorochemicals ltd, Aurobindo Pharma , Serum, IIL, Snowbell Ltd , Petals.

The division started its own manufacturing facility for washable filters and is operating very positively. The company is in the process of tying up with large volume OEMs, for which the supply of filters will be serviced from the new manufacturing facility. This tie-up will be a first of its kind.

Having explored various business opportunities and drawing up action plans for them, molecular filtration has come forward as a big potential, as the requirement is largely knowledge based and competitors are selling as standard products.

Air Pollution Control (APC)

Further to a promising debut last financial year with sales of three dust collectors for thermal spray application to M/s Vishay Components, Pune, Company carried on its preferred supplier status with Vishay and got repeat order worth INR 10 Million for two dust collectors on two different thermal spray applications. The value addition this time around was the inclusion of ducting in the scope of supplies. The dust collectors were sourced from Camfil's new Heywood (Manchaster), UK facility. These dust collector were installed and handed over in January 2014 and Vishay plans to replace dust collectors for two more applications.

Company is receiving active enquires from Syngenta India Limited, Goa facility for a pesticide chemical application, from Alumez, Sri Lanka for powder coating facility, from GSK, Nashik for their Pharmaceutical unit and from Henkel Teroson's , for their Chennai and Gurgaon facility.

Jacobs India, a leading Technical consultants has incorporated Camfil specifications in their requirement of dust collectors for GSK, Nashiks expansion project. The Company participated aggressively for a requirement of 39 dust collectors for Dr Reddys Laboratories, Hyderabad's requirement.

Mining was an application where Camfil concentrated in 2013-14. Experts from Camfil, US visited the NMDC, Bellary, NMDC, Dantewada and HCL, Malajkhand to explore opportunities and market for dust collectors. The Company received a promising response and NMDC, Bellary had principally agreed to try out Camfil dust collector for one of their applications. Private miners like Thriveni Earth Movers also showed keen interest Camfil dust collectors with enquiries for three of their iron ore mining sites.

With the growing level of enquiries, The Company advocated to have its own assembly line for dust collectors in its Trichy plant to be competitive in the market with import substitution. As a part of this, a meeting was held in Jonesboro, US and principally it was agreed to have an assembly and a manufacturing line in the near future. In Phase 1 the parts would be sourced from UK and assembled in Trichy before having a complete manufacturing line and a shed planned in 2016.

NO CHARGES EXIST FOR COMPANY.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· 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 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.63.61
UK Pound	1	Rs.97.27
Euro	1	Rs.69.63

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KIN
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.