MIRA INFORM REPORT

Report No. :	327745
Report Date :	20.06.2015

IDENTIFICATION DETAILS

Name :	PYROTECH ELECTRONICS PRIVATE LIMITED
Registered Office :	F-16A, Road No.3, Mewar Industrial Area, Udaipur – 313003, Rajasthan
Tel. No.:	91-294-2492122
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.03.1988
Com. Reg. No.:	17-011556
Capital Investment / Paid-up Capital :	Rs.28.247 Million
CIN No.: [Company Identification No.]	U40109RJ1988PTC011556
IEC No.:	1398005045
TAN No.: [Tax Deduction & Collection Account No.]	JDHP01789E
PAN No.: [Permanent Account No.]	AABCP2186Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Electronic Process Control Instruments.
No. of Employees :	500 (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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Company is a part of the “Pyrotech Group”, it is an established company having satisfactory track record. Company manufactures control panels, electronic instruments, temperature sensors and industrial modular furniture’s. Rating take into account the moderate year on year growth in company sales turnover, which has however, been accompanied by a slight erosion in the profit margin in FY 2014. Rating continuous to favorable factor in healthy revenue visibility, established cliental base and decent financial profile of the company. These rating are constrained on high competitive intensity, which limits profitability and its debt protection metrics. However, trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal 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

Rating Agency Name	ICRA
Rating	Fund base credit limit= BBB-
Rating Explanation	Moderate degree of safety and capability and moderate credit risk.
Date	June, 2015

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. S. Jain
Designation :	Company Secretary
Contact No.:	91-9414158184
Date :	17.06.2015

LOCATIONS

Registered Office/ Head Office/ Unit I / Unit III (Trading Unit) :	F-16A, Road No.3, Mewar Industrial Area, Udaipur – 313003, Rajasthan, India
Tel. No.:	91-294-2492122/ 2492123/ 2492124/ 2492125/ 3264181/ 82
Mobile No.:	91-9314919779 (Mr. Satish Joshi) 91-9414158184 (Mr. S. Jain)
Fax No.:	91-294-2492130/ 2492126
E-Mail :	sjain.pyrotech@gmail.com accounts@peplelectronics.com pyrotech@peplelectronics.com mktg@peplelectronics.com
Website :	http://www.peplelectronics.com
Area :	2000 sq. m.
Location :	Owned
Unit II :	E-329-330, Road No.12, Mewar Industrial Area, Madri, Udaipur, Rajasthan, India
Unit IV :	A-193, Mewar Industrial Area, Madri, Udaipur – 313003, Rajasthan, India
Branch Office :	Located at: · Delhi · Udaipur · Jamshedpur
Dealers Network :	Located at: · Delhi · Udaipur · Bokaro · Jamshedpur · Kolkata · Korba · Mumbai · Rourkela · Vizag

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Chandra Prakash Talesara

Designation :

Managing Director

Address :

185, Bhupalpura, Udaipur – 313 001, Rajasthan, India

Date of Birth/Age :

14.07.1952

Date of Appointment :

30.09.1992

DIN No.:

00901889

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	U40109RJ1988PTC011556	PYROTECH ELECTRONICS PVT. LTD.	Managing director	30/09/1992	30/09/1992	-	Active	NO
2	U36109RJ2004PTC018899	PYROTECH WORKSPACE SOLUTIONS PRIVATE LIMITED	Additional director	12/11/2007	12/11/2007	26/05/2008	Active	NO
3	U31102RJ2009PTC029489	PYROTECH ODYSSEY OPTRONICS PRIVATE LIMITED	Director	31/07/2009	31/07/2009	-	Active	NO

Name :

Mr. Pratap Singh Talesara

Designation :

Director

Address :

185, Bhupalpura, Udaipur – 313 001, Rajasthan, India

Date of Birth/Age :

13.09.1950

Date of Appointment :

18.03.1988

DIN No.:

00902114

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	U40109RJ1988PTC011556	PYROTECH ELECTRONICS PVT. LTD.	Director	18/03/1988	18/03/1988	-	Active	NO
2	U31909RJ1990PTC005414	PYROTECH CONTROL (INDIA) PVT. LTD.	Managing director	17/05/1990	17/05/1990	-	Active	NO
3	U31402RJ1990PTC005590	TEMPSENS INSTRUMENTS (INDIA) PRIVATE LIMITED	Director	30/09/1993	30/09/1993	-	Active	NO
4	U36109RJ2004PTC018899	PYROTECH WORKSPACE SOLUTIONS PRIVATE LIMITED	Director	20/01/2004	20/01/2004	-	Active	NO
5	U45201RJ2008PTC025917	Arihant Infratech (India) Private Limited	Director	15/02/2008	15/02/2008	-	Active	NO

Name :

Mr. Nirmal Kumar Pande

Designation :

Director

Address :

30, Mehtaji ki Bari, Saheli Nagar, Udaipur – 313 001, Rajasthan, India

Date of Birth/Age :

09.09.1949

Date of Appointment :

18.03.1988

DIN No.:

00902285

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	U40109RJ1988PTC011556	PYROTECH ELECTRONICS PVT. LTD.	Director	18/03/1988	18/03/1988	-	Active	NO
2	U31909RJ1990PTC005414	PYROTECH CONTROL (INDIA) PVT. LTD.	Director	17/05/1990	17/05/1990	-	Active	NO
3	U51101RJ1993PTC007419	PYROTECH MARKETING AND PROJECTS PRIVATE LIMITED	Managing director	20/05/1993	20/05/1993	-	Active	NO
4	U36109RJ2004PTC018899	PYROTECH WORKSPACE SOLUTIONS PRIVATE LIMITED	Additional director	12/11/2007	20/01/2004	26/05/2008	Active	NO

Name :

Mrs. Kusum Rathi

Designation :

Director

Address :

24-25, Modern Complex, Bhuwana, Udaipur – 313 001, Rajasthan, India

Date of Birth/Age :

25.08.1952

Date of Appointment :

30.09.1993

DIN No.:

00902218

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	U40109RJ1988PTC011556	PYROTECH ELECTRONICS PVT. LTD.	Director	30/09/1993	30/09/1993	-	Active	NO
2	U36109RJ2004PTC018899	PYROTECH WORKSPACE SOLUTIONS PRIVATE LIMITED	Additional director	12/11/2007	12/11/2007	26/05/2008	Active	NO

Name :

Mr. Virendra Prakash Rathi

Designation :

Director

Address :

24-25, Modern Complex, Bhuwana, Udaipur – 313 001, Rajasthan, India

Date of Birth/Age :

30.11.1948

Date of Appointment :

30.09.2003

DIN No.:

00902194

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	U31909RJ1990PTC005414	PYROTECH CONTROL (INDIA) PVT. LTD.	Director	17/05/1990	17/05/1990	-	Active	NO
2	U31402RJ1990PTC005590	TEMPSENS INSTRUMENTS (INDIA) PRIVATE LIMITED	Managing director	14/09/1990	14/09/1990	-	Active	NO
3	U51101RJ1993PTC007419	PYROTECH MARKETING AND PROJECTS PRIVATE LIMITED	Director	20/05/1993	20/05/1993	16/03/2011	Active	NO
4	U40109RJ1988PTC011556	PYROTECH ELECTRONICS PVT. LTD.	Director	30/09/2003	30/09/2003	-	Active	NO
5	U29299RJ2007PTC024278	ANANT INSTRUMENTS INDIA PRIVATE LIMITED	Director	24/04/2007	24/04/2007	18/07/2011	Active	NO
6	U36109RJ2004PTC018899	PYROTECH WORKSPACE SOLUTIONS PRIVATE LIMITED	Additional director	12/11/2007	12/11/2007	26/05/2008	Active	NO
7	U31909RJ2008PTC026148	MARATHON HEATER (INDIA) PRIVATE LIMITED	Director	14/03/2008	14/03/2008	01/07/2014	Active	NO
8	U31906RJ2009PTC029936	ACCURATE SENSING TECHNOLOGIES PRIVATE LIMITED	Director	23/09/2009	23/09/2009	01/07/2014	Active	NO

KEY EXECUTIVES

Name :	Mr. S. Jain
Designation :	Company Secretary

MAJOR SHAREHOLDERS

AS ON 30.09.2014

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Electronic Process Control Instruments.

Products :

Item Code No. (ITC Code)	85381000
Product Description	Control Panel
Item Code No. (ITC Code)	90328901
Product Description	Controllers
Item Code No. (ITC Code)	90328904
Product Description	Converter

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Finished Goods

Countries :

Arabian Countries

Imports :

Products :

Components

Countries :

• China
• Germany
• Korea

Terms :

Selling :

L/C, Cash, Credit

Purchasing :

L/C, 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 :	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 :

500 (Approximately)

Bankers :

Banker Name :	Syndicate Bank
Branch :	1, Bapu Bazar, Udaipur – 313001, Rajasthan, India
Person Name (With Designation) :	Not Divulged
Contact Number :	Not Divulged
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since (Date/Year of Account Opening) :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

• ICICI Bank Limited
• Axis Bank Limited
• HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Rupee term loans from banks	15.459	23.149
Other loans and advances	2.666	3.874
Short Term Borrowings
Loans repayable on demand from banks	275.407	208.500
Total	293.532	235.523

Auditors :
Name :	Bansilal Shah and Company Chartered Accountants
Address :	2^nd Floor, Meera Complex, 1, Sardarpura, Udaipur – 313001, Rajasthan, India
Tel. No.:	91-294-2526694/ 2425317
Fax No.:	91-294-2425317
E-Mail :	Shahbl78@rediffmail.com
PAN No.:	AAAFB9023E
Memberships :	Not Divulged
Collaborators :	Not Divulged
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Pyrotech Control (India) Private Limited · Tempsens Instruments (India) Private Limited · Pyrotech Workspace Solutions Private Limited · Pyrotech Marketing And Projects Private Limited · Pyrotech Odyssey Optronics Private Limited · Marathon Heater (India) Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
2824660	Equity Shares	Rs.10/- each	Rs.28.247 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	28.247	28.247	28.247
(b) Reserves & Surplus	295.199	252.421	205.128
(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)	323.446	280.668	233.375
(3) Non-Current Liabilities
(a) long-term borrowings	65.140	54.856	51.296
(b) Deferred tax liabilities (Net)	42.281	37.225	27.777
(c) Other long term liabilities	76.102	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	183.523	92.081	79.073
(4) Current Liabilities
(a) Short term borrowings	275.407	208.500	173.567
(b) Trade payables	268.907	309.891	285.029
(c) Other current liabilities	121.693	41.484	49.859
(d) Short-term provisions	26.753	25.064	26.768
Total Current Liabilities (4)	692.760	584.939	535.223
TOTAL	1199.729	957.688	847.671
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	415.706	320.843	233.327
(ii) Intangible Assets	5.416	5.493	4.693
(iii) Capital work-in-progress	4.478	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.092	0.092	0.505
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	425.692	326.428	238.525
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	184.611	137.352	141.151
(c) Trade receivables	491.783	433.896	405.195
(d) Cash and cash equivalents	38.334	26.969	29.089
(e) Short-term loans and advances	59.309	33.043	33.711
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	774.037	631.260	609.146
TOTAL	1199.729	957.688	847.671

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations		1070.041	1003.632
		Other Income		33.356	17.599
		TOTAL (A)	1208.590	1103.397	1021.231
Less	EXPENSES
		Cost of materials consumed		671.932	660.388
		Changes in inventories of finished goods, work-in-progress and stock-in-trade		12.508	(6.018)
		Employee benefit expense		132.260	115.310
		Other expenses		152.129	135.308
		TOTAL (B)	1075.109	968.829	904.988
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		133.481	134.568	116.243
Less	FINANCIAL EXPENSES (D)		45.270	39.613	34.711
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		88.211	94.955	81.532
Less	DEPRECIATION/ AMORTISATION (F)		26.747	23.398	18.960
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		61.464	71.557	62.572
Less	TAX (H)		18.686	24.264	20.099
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		42.778	47.293	42.473
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of goods exported	17.623	15.668	14.330
		Commission Income	17.183	26.875	14.207
	TOTAL EARNINGS		34.806	42.543	28.537
	IMPORTS
		Capital Goods	18.562	19.468	3.311
		Raw Materials	106.867	60.793	37.948
	TOTAL IMPORTS		125.429	80.261	41.259
	Earnings / (Loss) Per Share (Rs.)		15.14	16.74	15.04

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	15.714	14.626	23.788
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	NA	4.42	4.23
Operating Profit Margin (PBDIT/Sales)	(%)	NA	12.58	11.58
Return on Total Assets (PBT/Total Assets)	(%)	5.14	7.47	7.39
Return on Investment (ROI) (PBT/Networth)		0.19	0.25	0.27
Debt Equity Ratio (Total Debt /Networth)		1.10	0.99	1.07
Current Ratio (Current Asset/Current Liability)		1.12	1.08	1.14

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	28.247	28.247	28.247
Reserves & Surplus	205.128	252.421	295.199
Share Application money pending allotment	0.000	0.000	0.000
Net worth	233.375	280.668	323.446
long-term borrowings	51.296	54.856	65.140
Short term borrowings	173.567	208.500	275.407
Current Maturities of Long term debt	23.788	14.626	15.714
Total borrowings	248.651	277.982	356.261
Debt/Equity ratio	1.065	0.990	1.101

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
Total Income	1021.231	1103.397	1208.590
		8.046	9.534

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	1021.231	1103.397	1208.590
Profit	42.473	47.293	42.778
	4.16%	4.29%	3.54%

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	Yes
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 LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Loans and advances from related parties	47.015	7.711
Other loans and advances	0.000	20.122
Total	47.015	27.833

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10494035	02/04/2014	119,000,000.00	Syndicate Bank	1, Bapu Bazar, Udaipur, Rajasthan - 313001, India	C02239515
2	10389480	23/10/2012	25,000,000.00	Syndicate Bank	1, Bapu Bazar, Udaipur, Rajasthan - 313001, India	B63146195
3	10358546	12/05/2012	62,100,000.00	Syndicate Bank	1, Bapu Bazar, Udaipur, Rajasthan - 313001, India	B40788150
4	10289528	13/05/2011	4,400,000.00	Syndicate Bank	1, Bapu Bazar, Udaipur, Rajasthan - 313001, India	B14000772
5	90113394	02/04/2014 *	583,500,000.00	Syndicate Bank	1, Bapu Bazar, Udaipur, Rajasthan - 313001, India	C02239119

*Date of modification Charges

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Pollution Control Equipment

· Furniture and Fixture

· Office Equipments

· Vehicles

· Computer

· Solar Water Heating System

· Testing Equipments

· Jigs and Tools

· D.G. Set

· Wind Turbine Generator

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.63.82
UK Pound	1	Rs.101.26
Euro	1	Rs.72.36

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

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