MIRA INFORM REPORT

Report No. :	326051
Report Date :	10.06.2015

IDENTIFICATION DETAILS

Name :	ROTEX AUTOMATION LIMITED
Formerly Known As :	ROTEX MANUFACTURERES AND ENGINEERS (GUJARAT) PRIVATE LIMITED
Registered Office :	987 – 11, GIDC Estate, Makarpura, Opposite Bus Depot, Vadodara – 390 010, Gujarat
Tel. No.:	91-265-3044120
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.01.1983
Com. Reg. No.:	04-005831
Capital Investment / Paid-up Capital :	Rs.52.000 Million
CIN No.: [Company Identification No.]	U29259GJ1983PLC005831
IEC No.:	0889009171
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCR0011J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Solenoid Valves, Valve Automation Systems and Pneumatic Elements.
No. of Employees :	1000 (Approximately)

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

Maximum Credit Limit :	USD 1000000
Status :	Satisfactory
Payment Behavior :	Usually correct
Litigation :	Clear
Comments :	Subject is a company incorporated in the year 1983, having satisfactory track. Company has recorded high profitability in FY14. Profit and sales turnover has increase in the FY14. As per directors report the reason for well performance in FY14 is well accepted quality products and well established marketing network. Net worth is strong and overall financials of the year FY14 is decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In a view of long standing existence of the company, it is 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. Deepak Chaudhary
Designation :	Marketing Manager
Contact No.:	91-9727766275
Date :	04.06.2015

LOCATIONS

Registered Office :	987 – 11, GIDC Estate, Makarpura, Opposite Bus Depot, Vadodara – 390 010, Gujarat, India
Tel. No.:	91-265-3044120
Mobile No.:	91-9727766275 (Mr. Deepak Chaudhary)
Fax No.:	91-265-2638130
E-Mail :	rotexbrd@rotexindia.com nirav.rotex@gmail.com
Website :	www.rotexindia.com
Area :	35000 Sq. Ft.
Location :	Owned
Factory 2 :	C – 1B/ 1501, 4 and 5, GIDC, Vithal Udyognagar, District Anand – 388 121, Gujarat, India
Tel. No.:	91-2692-236224 / 236292 / 236399
Fax No.:	91-2692-236442
E-Mail :	rotexvun@rotexindia.com
Location :	Owned
Factory 3 :	Rotex Manufacturers and Engineers Private Limited Manpada Road, Dombivli (East) – 421 204, Maharashtra, India
Tel. No.:	91-251-2871033/ 2871390/ 2871196/ 2871989/ 2870663
Fax No.:	91-251-2871191
E-Mail :	rotexdbl@rotexindia.com
Location :	Owned
Sales Office :	211, New India Industrial Estate, Off. Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-42111444/ 66952161/ 2/ 3
Fax No.:	91-22-66923783
E-Mail :	bushah@rotexindia.com sales-bby@rotexindia.com
Location :	Owned

DIRECTORS

AS ON 26.09.2014

Name :	Mr. Jitendra Girdharlal Shah
Designation :	Director
Address :	“Girdhar”, Manpada, Dombivli (East), Dist.Thane, Mumbai, Maharashtra, India
Date of Birth/Age :	14.05.1933
Qualification :	B.E. (Mechanical)
Date of Appointment :	12.01.1983
DIN No.:	00266515
PAN No :	AAEPS0460L
Name :	Mr. Upendra Girdharlal Shah
Designation :	Director
Address :	11, Wild Teaset, 14^th Road, Khar, Mumbai, Maharashtra, India
Date of Birth/Age :	27.09.1945
Qualification :	B.E. (Mechanical)
Date of Appointment :	12.01.1983
DIN No.:	00266790
PAN No :	AAEPS0456Q
Name :	Mr. Rajesh J Shah
Designation :	Managing Director
Address :	24, Nirmal Nagar, Nr. Akota Stadium, Akota, Vadodara, Gujarat, India
Date of Birth/Age :	12.06.1957
Qualification :	B.E. (Mechanical)
Experience :	27 Years
Date of Appointment :	01.02.1983
DIN No.:	00266589
PAN No :	AAEPS0459B
Name :	Mr. Amit J Shah
Designation :	Director
Address :	1 “Girdhar”, Manpada, Dombivli (E), District Thane, Mumbai, Maharashtra, India
Date of Birth/Age :	19.09.1962
Qualification :	B.E. (Mechanical)
Date of Appointment :	01.02.1983
DIN No.:	00266813
PAN No :	AAEPS0454N
Name :	Ms. Manjula J Shah
Designation :	Director
Address :	“Girdhar”, Manpada, Dombivli (E), District Thane, Mumbai, Maharashtra, India
Date of Birth/Age :	11.10.1932
Date of Appointment :	12.01.1983
DIN No.:	00335395
PAN No :	ABFPS2570P
Name :	Mr. Bhowmick U Shah
Designation :	Director
Address :	11, Wild Teaset, 14^th Road, Khar, Mumbai, Maharashtra, India
Date of Birth/Age :	10.06.1971
Qualification :	B.E. (Mechanical)
Date of Appointment :	30.09.2005
DIN No.:	00266839
PAN No :	AAEPS0455P
Name :	Ms. Daksha R Shah
Designation :	Director
Address :	24, Nirmal Nagar, Nr. Akota Stadium, Akota, Vadodara, Gujarat, India
Date of Birth/Age :	08.07.1958
Date of Appointment :	30.09.2005
DIN No.:	00266626
PAN No :	ABDPS8180P

KEY EXECUTIVES

Name :	Mr. Deepak Chaudhary
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2014

Names of Shareholders	No. of Shares
Jitendra Girdharlal Shah	577000
Manjula J Shah	520000
Amit J Shah	558650
Leena A Shah	398450
Rajesh J Shah	605250
Daksha R Shah	437150
Upendra Girdharlal Shah	697500
Bhowmick U Shah	443450
Nandini U Shah	270
Akanksha A Shah	6450
Nirav R Shah	36150
Priyanka R Shah	6450
Mital A Shah	6450
Abha U Shah	392230
Sweta B Shah	462750
Jitendra Girdharlal Shah HUF	10000
Upendra Girdharlal Shah HUF	40000
Bhoomi B Shah	1800
Total	5200000

Equity Share Break up (Percentage of Total Equity)

AS ON 26.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Solenoid Valves, Valve Automation Systems and Pneumatic Elements.

Products :

Item Code No.	Product Description
84811000	Solenoid and Valve

· Angle Seated Valves

· Valve Automation systems

· Rotary Actuators

· Limit Switches

· Diaphragm Solenoid Valves

· Latch Solenoid Valves

· Low Power Solenoid Valves

· Manual Reset On – Off Solenoid valves

· Namur Solenoid Valve

· Pulse Jet Valves

· Petrol Vending Solenoid Valves

· Gas Over Oil Valves

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• USA
• Italy

Imports :

Not Available

Terms :

Selling :

Cash, Credit and L/C

Purchasing :

Cash, Credit and L/C

GENERAL INFORMATION

Suppliers :

Reference :	Hindalko Industries Limited, Vadodara, Gujarat, India
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 :

· Wholesalers, Retailers and Manufacturer

Reference :	Bharat Heavy Electrical Limited, Hyderabad, Telangana, India
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 :

1000 (Approximately)

Bankers :

• Axis Bank – Opposite GEB Office, Nr. Pizza Hut, Race Course Circle (North), Vadodara – 390 010, Gujarat, India.

• ICICI Bank Limited, Landmark Building, Racecourse Circle, Vadodara - 390 007, Gujarat, India.

• The Royal Bank of Scotland, 74, Sakhar Bhavan, 7^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India

• ABN Amro Bank N V, 74, Sakhar Bhavan, 7th Floor, Nariman Point,, Mumbai - 400021, Maharashtra, India

• CITI BANK N. A., Pelican, 2nd floor, Opp. Race Course Towers, Gotri Road, Vadodara,, Baroda - 390007, Gujarat, India

• The Royal Bank of Scotland N V, 7th Floor, Sakhar Bhavan, Nariman Point,, Mumbai - 400021, Maharashtra, India

• Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	0.000	15.080
Short-term borrowings
Working capital loans from banks	188.327	134.923
Total	188.327	150.003

Auditors :
Name :	Naresh and Company Chartered Accountants
Address :	City Enclave, Nr. Baroda High Scholl, Opp. Polo Ground, Vadodara-390001, Gujarat, India
Tel. No.:	91-265-2423386/3010806/07
Mobile No.:	91-265-3013386
Fax No.:	consult@nareshandco.com
E-Mail :	www.nareshandco.com
PAN N Income-tax PAN of auditor or auditor's firm :	AACFM7595C
Memberships :	---
Collaborators :	----
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Rotex Enterprises Private Limited, India · Rotex Controls B.V. Netherlands · Maxflow Valves Private Limited, India · Rotex Controls UK Limited, United Kingdom

CAPITAL STRUCTURE

AS ON 26.09.2014

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
5200000	Equity Shares	Rs.10/- each	Rs.52.000 Million

ABRIDGED BALANCE SHEET

FINANCIAL DATA

[all figures are in Rupees Million]

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	52.000	52.000	52.000
(b) Reserves & Surplus	309.609	245.412	194.195
(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)	361.609	297.412	246.195
(3) Non-Current Liabilities
(a) long-term borrowings	7.525	45.265	38.222
(b) Deferred tax liabilities (Net)	29.805	26.839	23.146
(c) Other long term liabilities	0.000	0.000	58.600
(d) long-term provisions	0.000	36.943	0.000
Total Non-current Liabilities (3)	37.330	109.047	119.968
(4) Current Liabilities
(a) Short term borrowings	197.102	134.923	134.073
(b) Trade payables	130.021	130.296	119.479
(c) Other current liabilities	20.120	37.756	30.611
(d) Short-term provisions	28.904	20.293	0.568
Total Current Liabilities (4)	376.147	323.268	284.731
TOTAL	775.086	729.727	650.894
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	274.991	263.727	242.361
(ii) Intangible Assets	6.305	3.439	4.105
(iii) Capital work-in-progress	19.251	3.514	0.000
(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	4.076	4.027	2.426
(e) Other Non-current assets	2.425	36.853	58.899
Total Non-Current Assets	307.048	311.560	307.791
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	151.595	118.330	132.359
(c) Trade receivables	240.456	204.936	165.755
(d) Cash and cash equivalents	25.863	22.070	8.381
(e) Short-term loans and advances	50.124	72.831	28.481
(f) Other current assets	0.000	0.000	8.127
Total Current Assets	468.038	418.167	343.103
TOTAL	775.086	729.727	650.894

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	744.616	668.709	546.052
		Other Income	10.030	13.753	9.509
		TOTAL	754.646	682.462	555.561
Less	EXPENSES
		Cost of Materials Consumed	344.164	289.898	244.338
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(27.518)	13.015	(24.742)
		Employees benefits expense	91.743	76.156	62.288
		Other expenses	210.783	203.363	181.442
		Extraordinary Items	(0.671)	(0.942)	0.000
		Production and Transportation expenses	0.000	1.226	0.759
		TOTAL	618.501	582.716	464.085
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		136.145	99.746	91.476
Less	FINANCIAL EXPENSES		22.319	24.837	25.820
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		113.826	74.909	65.656
Less	DEPRECIATION/ AMORTISATION		18.663	0.000	14.707
	PROFIT BEFORE TAX		95.163	74.909	50.949
Less	TAX		30.966	23.693	18.455
	PROFIT AFTER TAX		64.197	51.216	32.494
	APPROPRIATIONS
	Transfer to General Reserve		62.000	51.200	0.000
	Earnings Per Share (Rs.)		12.35	9.85	6.25

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

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2015
Sales Turnover	860.000

Expected Sales (2015-16) : Rs. 1000.000 Million

The above information has been parted by Deepak Chaudhary (Marketing Manager)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	8.62	7.66	5.95
Net Profit Margin (PBT/Sales)	(%)	18.28	14.92	16.75
Return on Total Assets (PBT/Total Assets}	(%)	12.59	10.32	7.83
Return on Investment (ROI) (PBT/Networth)		0.26	0.25	0.21
Debt Equity Ratio (Total Liability/Networth)		0.57	0.61	0.70
Current Ratio (Current Asset/Current Liability)		1.24	1.29	1.21

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	52.000	52.000	52.000
Reserves & Surplus	194.195	245.412	309.609
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	246.195	297.412	361.609
long-term borrowings	38.222	45.265	7.525
Short term borrowings	134.073	134.923	197.102
Total borrowings	172.295	180.188	204.627
Debt/Equity ratio	0.700	0.606	0.566

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	546.052	668.709	744.616
		22.463	11.351

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	546.052	668.709	744.616
Profit	32.494	51.216	64.197
	5.95%	7.66%	8.62%

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	Yes
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	Yes
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	Yes
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

PERFORMANCE :

During the year company has achieved turnover of Rs.754.646 Million (including export of Rs. 283.200 Million).

Further during the current year (i.e.April-2013 to Aug-2013), the company has achieved turnover of Rs.261.600 Million and having order book position is Rs.283.200 Million. The target for current year is Rs. 850.000 Million (Gross).

During the year the company has achieved export sales worth 38,70,004 US$, 9,30,180- EURO and GBP 2,998/-. In current financial year period from Apr-13 to Aug-13 Company has done export sales worth of 25,46,781/- US$, 4,81,612/- EURO and 1724/- GBP.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from related parties	7.525	30.185
Short-term borrowings
Loans and advances from others	8.775	0.000
Total	16.300	30.185

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10537060	26/03/2015	160000000	Export-Import Bank of India	Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA	C48315196
2	10444217	24/01/2014	30800000	CITIBANK N. A.	FIRST INTERNATIONAL FINANCIAL CENTRE, 9TH FLOOR, PLOT NO.C-54, C-55, G-BLOCK, BKC, BANDRA (E), MUMBAI, Maharashtra - 400051, INDIA	B98460033
3	10444216	24/01/2014	235000000	CITIBANK N. A.	FIRST INTERNATIONAL FINANCIAL CENTRE, 9TH FLOOR, PLOT NO.C-54, C-55, G-BLOCK, BKC, BANDRA (E), MUMBAI, Maharashtra - 400051, INDIA	B98460421
4	90107854	06/01/2003	32798000	BANK OF INDIA	UNIVERSITY ROAD BRANCH, FATEHGUNJ, VADADORA, Gujarat, INDIA	-
5	90110250	01/07/2002	32788000	BANK OF INDIA	UNIVERSITY ROAD BRANCH, FATEHGUNJ, VADADORA, Gujarat, INDIA	-
6	90110148	15/05/2000	1000000	BANK OF INDIA	UNIVERSITY ROAD BRANCH, VADODARA, Gujarat - 390002, INDIA	-
7	90108639	06/04/1995	2570000	GUJARAT STATE FINANCIAL CORPORATIN	JALDARSHAN, ASHRAM RAOD, AHMEDABAD, Gujarat, INDIA	-
8	90108248	15/03/1983	330000	BANK OF INDIA	UNIVERSITY ROAD BRANCH, FATEHGANJ; P. B. NO.2, B ARODA, Gujarat, INDIA	-

FIXED ASSETS

• Land
• Factory Shed
• Plant and Machinery
• Lift
• Plant and Machinery
• Electrical Installation
• Factory Equipments
• Factory Equipments
• Furniture and Fixtures
• Office Equipments
• Office Equipments
• Vehicle
• Computer - hardware
• Computer – Hardware
• Air Conditioner
• Air Conditioner
• Dies and Pattern
• Dies and Pattern
• RDL Quarters

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.63.93
UK Pound	1	Rs.98.26
Euro	1	Rs.72.36

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KIN
Report Prepared by :	DDD

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	5
--PROFITABILIRY	1~10	6
--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	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 unfavorable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		New Business

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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