MIRA INFORM REPORT

Report No. :	325942
Report Date :	12.06.2015

IDENTIFICATION DETAILS

Name :	AUTOLITE (INDIA) LIMITED

Registered Office :	D-469, Road No.9-A, Vishwakarma Industrial Area, Jaipur-302013, Rajasthan.
Tel. No.:	91-141-2333994

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	30.06.1977

Com. Reg. No.:	11-001738

Capital Investment / Paid-up Capital :	Rs.105.885 Million

CIN No.: [Company Identification No.]	L31506RJ1977PLC001738

IEC NO.:	1388008467

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AABCA4083B

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Manufacturer and Exporter of Automotive lightings Components.

No. of Employees :	855 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 970000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. Subject was incorporated in 1977 and is a part of Autolite Group. The Group has core competencies in manufacturing of Automotive Head Lamps, Work Lamps, LED Lamps, Fog Lamps, Turn Signal Lamps, Halogen Bulbs, and Incandescent Bulbs & Miniature Bulbs. Management has reported 44.44% decrease in net profit during FY 2014 – 2015. However, subject has strong managerial and financial support from the group. Rating also takes into consideration, established track record of the company, vast experience of the promoters and established relationship with the customers. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. Subject 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

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 (GENERAL DETAILS)

Name :	Mr. Ravindra
Designation :	Export Executive
Contact No.:	91-141-2333994
Date :	03.06.2015

LOCATIONS

Registered Office / Factory :	D-469, Road No.9-A, Vishwakarma Industrial Area, Jaipur-302013, Rajasthan, India
Tel. No.:	91-141-2333994 (Mr. Ravindra)
Fax No.:	91-141-2330426
E-Mail :	investors@autopal.com info@autopal.com vishal@autopal.com
Website :	www.autopal.com
Location :	Owned
Locality :	Commercial

Factory :	Pravati Nagar, King Road, Ajmer Road, Jaipur, India

DIRECTORS

As on : 31.03.2014

Name :	Mr. Mahi Pal Gupta
Designation :	Managing Director

Name :	Mr. Amit Mahipal Gupta
Designation :	Wholw Time Director

Name :	Mr. Adarsh Mahipal Gupta
Designation :	Whole Time Director

Name :	Mr. Gauri Shankar Das
Designation :	Director

Name :	Mr. Suraj Prakash Batra
Designation :	Director

Name :	Mr. Kuldeep Kumar Gupta
Designation :	Director
Name :	Mr. Rajendra Singh Mehta
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Ravindra
Designation :	Export Executive

Name :	Shri Vishal Agarwal
Designation :	Company Secretary
Mobile No.:	91-9314482795

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 31.03.2015

Category of Shareholders	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	4062166	38.39
Bodies Corporate	1456815	13.77
Sub Total	5518981	52.16
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	5518981	52.16
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	16514	0.16
Financial Institutions / Banks	18100	0.17
Central Government / State Government(s)	100	0.00
Foreign Institutional Investors	9720	0.09
Sub Total	44434	0.42
(2) Non-Institutions
Bodies Corporate	869337	8.22
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2211405	20.90
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1676585	15.84
Any Others (Specify)	260499	2.46
Clearing Members	34804	0.33
NRIs/OCBs	17207	0.16
Trust & Foundation	208488	1.97
Sub Total	5017826	47.42
Total Public shareholding (B)	5062260	47.84
Total (A)+(B)	10581241	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	10581241	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Automotive lightings Components.

Products :	Automotive lightings Components

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :
Countries :	South Africa Egypt

Imports :
Countries :	China

Terms :
Selling :	Cash, L/C and Cheque

Purchasing :	Cash, L/C and Cheque

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	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 :

Reference :	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 :

855 (Approximately)

Bankers :

Bank Name	Kotak Mahindra Bank Limited
Branch	Sardar Patel Marg, C-Scheme, Jaipur-302001, Rajasthan, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	02712080000170
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term loan from Banks :
Working Capital demand Loans from Kotak Mahindra Bank	NA	7.289
Term of Repayment : Repayable in 60 equal monthly installments beginning from 25.07.2013
Nature of security :
1. Secured by way of First and exclusive charge on all existing and future current assets/ movable assets and plant and machinery of the Company 2.Secured by way of equitable charge on the land & building situated at VKI Area Jaipur
From Others :
Tata Capital Financial Services Limited. Terms of Repayment : Repayable in 56 monthly installments along with interest after a moratorium of 4 months beginning from 20/07/2013 Nature of security : First paripassu charge on land and building situated at E-527 to 529 RIICO industrial Area, Sitapura, Jaipur with SIDBI in the name of the borrower having a market value of Rs. 20.62 crores and irrevocable & unconditional personal guarantee of Shri Amit Mahipal Gupta and Shri Adarsh Mahipal Gupta	NA	25.000
2. Electronica Finance Limited Account No 114-017469-000201-01 Terms of Repayment : Repayable in 59 equal monthly installments beginning from 15/06/2012 Nature of Security: Secured by hypothecation of machines purchased and personal guarantee of Shri Adarsh Mahipal Gupta	NA	6.899
3. Electronica Finance Limited Account No. 114-017469-000201-03	NA	3.847
Terms of Repayment : Repayable in 59 equal monthly installments beginning from 15/12/2012 Nature of Security: Secured by hypothecation of machines purchased and personal guarantee of Shri Adarsh Mahipal Gupta
4. Kotak mahindra prime limited vehicle loan account no CF6070345	NA	0.073
Terms of Repayment : Repayable in 60 equal monthly installments beginning from 17/06/2010
5. Kotak mahindra prime limited vehicle loan account no CF6041965	NA	0.022
Terms of Repayment : Repayable in 59 equal monthly installments beginning from 31/05/2010
6. Kotak mahindra prime limited vehicle loan account no CF8206420	NA	0.095
Nature of security : Vehicle Term Loan are secured by way of hypothecation of vehicle financed by Kotak Mahindra Prime Limited
7. Volkswagen Finance Car Loan Account No. 20131039854	NA	0.289
Terms of Repayment : Repayable in 35 equal monthly installments beginning from 16/11/2013
8. Kotak Mahindra Prime Ltd. Vehicle loan Account No CF9816600	NA	0.299
Terms of Repayment : Repayable in 36 equal monthly installments beginning from 10/12/2013 Nature of security : Vehicle Term Loan are secured by way of hypothecation of vehicle financed by Kotak Mahindra Prime Limited

Short-term borrowings
Packing Credit Limit from Kotak Mahindra Bank Limited	NA	60.000
Overdraft from Kotak Mahindra Bank Limited	NA	5.547

Total	NA	109.360

Auditors :
Name :	H.C. Garg and Company Chartered Accountants
Address :	3, Gangwal Park, Jaipur-302003, Rajasthan, India

Memberships :	Not Available

Collaborators :	Not Available

Enterprises in which the company is having substantial interest/significant influence directly or indirectly : (As on 31.03.2014)	Alwar Auto Private Limited

Enterprises over which persons described in above along with their relative are able to exercise significant influence, where transaction has taken place: (As on 31.03.2014)	Palsoft Infosystems Limited Mamraj Sons (Auto) Limited Autolite Manufacturing Limited. Anusika Industries Limited Tanishka Auto components Private Limited Parvati Seva Sansthan Suyash Finance Private Limited Autopal Industries Limited Autolite Marketing Private Limited Note : Related party relationship is as identified by the company and relied upon by the Auditors.

Subsidiaries Company : (As on 31.03.2014)	Autopal Inc, USA.

CAPITAL STRUCTURE

As on : 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 105.885 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

30000000	Equity Shares	Rs.10/- each	Rs.300.000 Million
10000000	Preference shares	Rs.10/- each	Rs.100.000 Million
			Rs.400.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

9853741	Equity Shares	Rs.10/- each	Rs.98.537 Million
	Add : Share forfeiture		Rs. 0.073 Million
			Rs. 98.610 Million

Reconciliation of number of shares

Particulars	No. of shares (As at 31.03.2014)	Rs. in Million
Balance as at the beginning of the year	9456241	945.620
Add: Shares issued during the year	397500	39.750
Balance as at the end of the year	9853741	985.370
Add: Share Forfeiture	--	0.073
Total :		986.100

Rights, Preference and restrictions attached to shares :

Equity 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 the proportion to their shareholding.

Details of Shares held by shareholders holding more than 5% of the aggregate Shares in the Company.

Particulars	No. of Shares As at 31.03.2014
M.P Gupta	1318763 (13.38%)
Autopal Marketing Private Limited	593400 (6.02%)
Autopal Glass Private Limited	590000 (5.99%)
Amit Mahipal Gupta	496677 (5.04%)

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	105.885	98.610	94.635
(b) Reserves & Surplus	232.381	230.676	222.774
(c) Money received against share warrants	0.450	2.547	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	338.716	331.833	317.409

(3) Non-Current Liabilities
(a) long-term borrowings	142.774	46.908	54.175
(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	20.644	17.482	16.515
Total Non-current Liabilities (3)	163.418	64.390	70.690

(4) Current Liabilities
(a) Short term borrowings	68.326	65.547	64.687
(b) Trade payables	122.823	112.525	137.010
(c) Other current liabilities	123.883	192.580	107.952
(d) Short-term provisions	8.406	7.829	6.853
Total Current Liabilities (4)	323.438	378.481	316.502

TOTAL	825.572	774.704	704.601

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	202.815	198.634	200.309
(ii) Intangible Assets	0.759	2.400	4.080
(iii) Capital work-in-progress	0.000	0.000	4.263
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	8.869	8.869	10.954
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	99.195	95.421	91.606
(e) Other Non-current assets	77.427	63.124	85.240
Total Non-Current Assets	389.065	368.448	396.452

(2) Current assets
(a) Current investments	5.150	0.000	0.000
(b) Inventories	121.697	106.818	98.089
(c) Trade receivables	226.617	209.473	116.061
(d) Cash and cash equivalents	9.156	16.132	22.327
(e) Short-term loans and advances	73.843	66.768	64.093
(f) Other current assets	0.044	7.065	7.579
Total Current Assets	436.507	406.256	308.149

TOTAL	825.572	774.704	704.601

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Revenue from operations	1215.000	1135.298	1133.620
	Other Income	12.500	17.181	26.587
	TOTAL (A)	1227.500	1152.479	1160.207

Less	EXPENSES
	Cost of Materials Consumed	534.700	541.021	553.369
	Purchases of Stock-in-Trade	355.300	278.231	219.276
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(17.100)	(20.383)	38.351
	Employees benefits expense	108.700	98.926	94.602
	Other expenses	170.200	181.624	180.400
	TOTAL (B)	1151.800	1079.419	1085.998

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	75.700	73.060	74.209

Less	FINANCIAL EXPENSES (D)	50.000	30.460	29.420

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	25.700	42.600	44.789

Less/ Add	DEPRECIATION/ AMORTISATION (F)	20.400	34.551	36.381

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	5.300	8.049	8.408

Less	TAX (H)	1.800	1.735	1.231

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	3.500	6.314	7.177

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	NA	362.930	372.701
	TOTAL EARNINGS	NA	362.930	0.000

	IMPORTS
	Raw Materials	NA	77.793	67.121
	Components and Stores parts	NA	1.856	3.820
	TOTAL IMPORTS	NA	79.649	70.941

	Earnings / (Loss) Per Share (Rs.)	NA	0.67	0.76

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

192.580

107.952

Cash generated from operations

45.832

66.331

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.29	0.56	0.63

Operating Profit Margin (PBIDT/Sales)	(%)	6.23	6.44	6.55

Return on Total Assets (PBT/Total Assets}	(%)	0.65	1.05	1.22

Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.03

Debt Equity Ratio (Total Debt /Networth)		0.62	0.92	0.71

Current Ratio (Current Asset/Current Liability)		1.35	1.07	0.97

STOCK PRICES

Face Value	Rs.10
Market Value	Rs.41.90

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	94.635	98.610	105.885
Reserves & Surplus	222.774	230.676	232.381
Money received against share warrants	0.450	2.547	0.000
Net worth	317.859	331.833	338.266

long-term borrowings	54.175	46.908	142.774
Short term borrowings	64.687	65.547	68.326
Current Maturities of Long-Term Debts	107.952	192.580	0.000
Total borrowings	226.814	305.035	211.100
Debt/Equity ratio	0.714	0.919	0.624

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	1133.620	1135.298	1215.000
		0.148	7.020

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	1133.620	1135.298	1215.000
Profit	7.177	6.314	3.500
	0.63%	0.56%	0.29%

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	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	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Unsecured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term loan from Banks
Religare Finvest Limited SME Loan A/c No. XSMEJAI00049731	NA	3.095
Terms of Repayment : Repayable in 36 Equal Monthly installments
Total		3.095

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014
Demand under disputes
a. Excise duty (Amount deposited with Excise Authorities Rs.39.04 Lacs)	35.563
b. Sales tax (Amount deposited with Sales tax Authorities Rs.3.18 Lacs)	0.318
c. Income tax (The Company has preferred appeals/revision against all the demands mentioned above)	0.000
2. Bank Guarantee	11.788
3. Foreign bills /Cheque purchase / discounted	21.582
4. Letter of credit	17.649

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10502362	12/06/2014	125,000,000.00	RELIGARE FINVEST LIMITED	D3, P3B,, District Centre, Saket, Delhi - 110017, INDIA	C06304299
2	10382989	23/10/2012	5,316,689.00	ELECTRONICA FINANCE LIMITED	128/A, Plot No.3,Kailashchandra Appartments,, Pau d Road, Kothrud, Pune, Maharashtra - 411038, INDIA	B60691904
3	10357119	21/05/2012	10,579,603.00	ELECTRONICA FINANCE LIMITED	128/A, Plot No.3,Kailashchandra Appartments,, Pau d Road, Kothrud, Pune, Maharashtra - 411038, INDIA	B40126427
4	10090926	25/06/2013 *	175,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, M UMBAI, Maharashtra - 400021, INDIA	B78425360

OPERATIONS (As on 31.03.2014)

During the financial year ended on March 31, 2014, the company achieved gross sales turnover of Rs. 1216.763 Million as against Rs. 1224.084 Million during the corresponding financial year ended on March 31, 2013 thus maintaining the stagnant performance inspite of overall depressed industry scenario of automobile segment. Company had earned net profit before tax and extra-ordinary items of Rs.8.049 Million as compared to Rs. 8.408 Million in 2012-13. The Company achieved export sales of Rs. 367.073 Million during the year 2013-14 as against Rs. 378.109 Million in 2012-13.

MANAGEMENT’S DISCUSSION AND ANALYSIS (As on 31.03.2014)

INDUATRY STRUCTURE, DEVELOPMENTS AND OUTLOOK

The Indian automobile segment went through a prolonged downturn since 2011-12 which witnessed growth slowdown in the year 2013-14 as slowing demand due to various factors affecting overall sales of automobiles. Increase in cost of fuel, interest rates, weak consumer sentiments and overall slowdown in the global economy are the factors which affect the turnover of automobile sector. During financial year 2012-13, the turnover of auto component industry was recorded at USD 39.7 billion and for the financial year 2013-14, it is estimated at USD 37.7 billion which shows declining trend in auto component sector. Overall Indian auto component industry has shown growth of 4.7% in financial year 2013-14 in Rupee terms in comparison to financial year 2012-13.

The trend is likely to improve in 2014-15 as the formation of new Government at Centre with clear mandate has raised the expectations in economic growth of the country. The positive sentiments and optimistic outlook of the market could help in increasing economic growth and with this it is expected that long term perspective of Auto Industry will remain bright, growth will be driven mainly by healthy economic growth, better investment climate and increased spending on infrastructure development.

FIXED ASSETS

Tangible Assets :

Leasehold Land
Free Hold Land
Well
Factory Building
Plant and Equipment
D.G Set
Furniture and Fixture
Office Equipment
Electric Fitting
Dies and Tools
Vehicles
Computers
Office Building

Intangible Assets :

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.64.03
UK Pound	1	Rs.99.27
Euro	1	Rs.71.89

INFORMATION DETAILS

Information Gathered by :	MNJ

Analysis Done by :	SAN

Report Prepared by :	SUJ

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	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	6
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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	--

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit