MIRA INFORM REPORT

Report No. :	320362
Report Date :	11.05.2015

IDENTIFICATION DETAILS

Name :	SCANIA COMMERCIAL VEHICLES INDIA PRIVATE LIMITED
Registered Office :	1st Floor, Beta Block, Sigma Tech Park, No 7 Whitefield Main Road, Varthur, Bangalore – 560066, Karnataka
Tel No.:	91-80-49055000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.02.2011
Com. Reg. No.:	08-056984
Capital Investment / Paid-up Capital :	Rs.795.981 Million
CIN No.: [Company Identification No.]	U35999KA2011FTC056984
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRS38646G
PAN No.: [Permanent Account No.]	AAPCS3783A
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in manufacturing and sale of commercial vehicles and also engaged in trading of vehicles and spare parts and after sales service for commercial vehicles.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred huge accumulated losses which has eroded net with of the company. Liquidity position of the company is under pressure. As per available financial of 2012, there are loss recorded by the company. Business is active. Payment terms are reported to be slow. The company can be considered for business dealings om safe and secured 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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.

LOCATIONS

Registered Office :	1st Floor, Beta Block, Sigma Tech Park, No 7 Whitefield Main Road, Varthur, Bangalore – 560066, Karnataka, India
Tel. No.:	91-80-49055000
Fax No.:	91-80-49055001
E-Mail :	deepakgoil@hifid.biz
Website :	http://www.scania.com
Production Unit :	Plot No 64-66, 88-97, Narsapura KIADB Industrial Area, Archatanahalli Village, Narsapura Hobli, Kolar – 563133, Karnataka, India
Tel. No.:	91-815-2288300

DIRECTORS

As on 30.12.2014

Name :

Sven Erik Anders Grundstromer

Designation :

Managing Director

Address :

137 Palm Meadows Club House, Whitefield, Bangalore - 560066, Karnataka, India

Date of Birth/Age :

23.12.1958

Date of Appointment :

31.03.2013

DIN No.:

06558647

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	U35999KA2011FTC056984	Scania Commercial Vehicles India Private Limited	Managing director	30/11/2013	31/01/2013	-	Active	NO
2	U91110DL2008NPL177380	Swedish Chamber of Commerce India	Director	29/05/2014	14/02/2014	-	Active	NO

Name :

Mr. Olof Henrik Gudmund Henriksson

Designation :

Director

Address :

Nunnevagen1,13248,Saltsjo Boonacka Stockholm,189852, Sweden

Date of Birth/Age :

11.04.1970

Date of Appointment :

01.09.2012

DIN No.:

06537910

Name :

Mr. Sunil Kumar Mittra

Designation :

Director

Address :

A003/A004, Victorian Haven, 139/27, Patel Rama Reddy Road, Domlur Layout, Bangalore - 560071, Karnataka, India

Date of Birth/Age :

01.10.1949

Date of Appointment :

30.11.2013

DIN No.:

02347945

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	U29240MH1998PTC117183	CASE NEW HOLLAND CONSTRUCTION EQUIPMENT (INDIA) PRIVATE LIMITED	Director	17/09/2008	17/09/2008	31/03/2011	Active	NO
2	U29119MH1997PLC109700	L&T CONSTRUCTION EQUIPMENT LIMITED	Director	28/06/2011	30/03/2009	15/04/2013	Active	NO
3	U28920MH1952PLC008893	L&T CUTTING TOOLS LIMITED	Director	23/07/2010	23/09/2009	07/04/2013	Active	NO
4	U45200TG2003PLC041893	NAC INFRASTRUCTURE EQUIPMENT LIMITED	Director	25/07/2013	21/08/2010	-	Active	NO
5	U51103DL2005PTC137538	QUIPPO VALUERS AND AUCTIONEERS PRIVATE LIMITED	Director	17/07/2013	09/05/2013	-	Active	NO
6	U35203TG2007PLC057400	QUIPPO CONSTRUCTION EQUIPMENT LIMITED	Director	25/07/2013	09/05/2013	-	Active	NO
7	U35999KA2011FTC056984	Scania Commercial Vehicles India Private Limited	Director	30/11/2013	26/06/2013	-	Active	NO

Name :

Mr. Per Ivan Hallberg

Designation :

Director

Address :

Branningestrandsvagen 73A 151 39 Sodertalje, Sweden

Date of Birth/Age :

24.12.1952

Date of Appointment :

01.09.52012

DIN No.:

06529563

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	U35999KA2011FTC056984	Scania Commercial Vehicles India Private Limited	Director	29/09/2012	01/09/2012	-	Active	NO

Name :

Rolf Christian Levin

Designation :

Director

Address :

Laduvagen 1, Liding, 18141, Sweden

Date of Birth/Age :

24.04.1967

Date of Appointment :

30.11.2013

DIN No.:

06792910

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	U35999KA2011FTC056984	Scania Commercial Vehicles India Private Limited	Director	30/11/2013	26/06/2013	-	Active	NO

Name :

Andrea Marianne Fuder

Designation :

Director

Address :

Tykovagen 24, Lidingo, 18161, Sweden

Date of Birth/Age :

13.03.1697

Date of Appointment :

26.06.2013

DIN No.:

06800325

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	U35999KA2011FTC056984	Scania Commercial Vehicles India Private Limited	Director	30/11/2013	26/06/2013	-	Active	NO

Name :

Sven Ake Edstrom

Designation :

Director

Address :

Orrspelsvagen 10, Huddinge, 14142, Sweden

Date of Birth/Age :

19.11.1957

Date of Appointment :

30.11.2013

DIN No.:

06800335

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	U35999KA2011FTC056984	Scania Commercial Vehicles India Private Limited	Director	30/11/2013	26/06/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.12.2014

Names of Shareholders	No. of Shares
Scania CV AB, Sweden	10517080
Scania Trucks & Buses AB, Sweden	50
Total	10517130

Equity Share Break up (Percentage of Total Equity)

As on 30.12.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in manufacturing and sale of commercial vehicles and also engaged in trading of vehicles and spare parts and after sales service for commercial vehicles.

Products :

Product Description	Item Code No. (ITC Code)
Sale of motor vehicles, related parts and accessories	87043190

Brand Names :

--

Agencies Held :

--

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available
Remark :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available
Remark :	Not Available

No. of Employees :

Not Available

Bankers :

Banker Name	Not Available
Branch Address	Not Available
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
SHORT TERM BORROWINGS
Working capital loans from banks	291.701	0.022
Total	291.701	0.022

Auditors :
Name :	S R B C and Company Chartered Accountants
Address :	12th and 13th Floor, Canberra Block, UB City, No.24, Vittal Mallya Road, Bangalore – 560001, Karnataka, India
PAN No.:	ABSFS4151K
Memberships :	--
Collaborators :	--
Holding company :	Scania CV AB, Sweden
Fellow Subsidiary Company :	Scania Latin America Ltda Scania Logistics Netherlands BV

CAPITAL STRUCTURE

As on 30.12.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
13000000	Equity Shares	Rs.100/- each	Rs.1300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10517130	Equity Shares	Rs.100/- each	Rs.1051.713 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
13000000	Equity Shares	Rs.100/- each	Rs.1300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7959806	Equity Shares	Rs.100/- each	Rs.795.981 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	795.981	338.000	338.000
(b) Reserves & Surplus	(1,267.299)	(374.193)	(94.715)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	255.733	457.980	0.000
Total Shareholders’ Funds (1) + (2)	(215.585)	421.787	243.285
(3) Non-Current Liabilities
(a) long-term borrowings	1,954.658	1,001.638	130.201
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	41.403	10.514	0.932
(d) long-term provisions	4.159	1.212	0.484
Total Non-current Liabilities (3)	2,000.220	1,013.364	131.617
(4) Current Liabilities
(a) Short term borrowings	291.701	0.022	0.000
(b) Trade payables	2,473.809	402.829	0.000
(c) Other current liabilities	134.512	167.518	34.690
(d) Short-term provisions	24.961	3.238	0.038
Total Current Liabilities (4)	2,924.983	573.607	34.728
TOTAL	4,709.618	2,008.758	409.630
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1,597.626	581.089	373.402
(ii) Intangible Assets	14.638	0.156	0.095
(iii) Capital work-in-progress	189.016	515.479	1.018
(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	111.799	51.601	3.087
(e) Other Non-current assets	0.100	0.000	0.000
Total Non-Current Assets	1,913.179	1,148.325	377.602
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1,675.280	99.487	1.895
(c) Trade receivables	516.861	302.004	1.696
(d) Cash and cash equivalents	451.157	356.826	15.140
(e) Short-term loans and advances	153.141	57.116	13.297
(f) Other current assets	0.000	45.000	0.000
Total Current Assets	2,796.439	860.433	32.028
TOTAL	4,709.618	2,008.758	409.630

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		1221.800	386.695	15.540
		Other Income		NA	NA	NA
		TOTAL		NA	NA	NA
	EXPENSES			NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX			(893.105)	(279.479)	(94.715)
Less	TAX			0.000	0.000	0.000
	PROFIT/(LOSS) AFTER TAX			(893.105)	(279.479)	(94.715)
	IMPORTS
			CIF value of imports	2189.862	338.801	2.880
	TOTAL IMPORTS			2189.862	338.801	2.880
	Earnings / (Loss) Per Share (Rs.)			(112.20)	NA	(150.70)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(19.76)	(18.72)	(23.18)
Return on Investment (ROI) (PBT/Networth)		4.14	(0.66)	(0.39)
Debt Equity Ratio (Total Debt /Networth)		(10.42)	2.37	0.54
Current Ratio (Current Asset/Current Liability)		0.96	1.50	0.92

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	338.000	338.000	795.981
Reserves & Surplus	(94.715)	(374.193)	(1267.299)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	457.980	255.733
Net worth	243.285	421.787	(215.585)
Long Term borrowings	130.201	1001.638	1954.658
Short Term borrowings	0.000	0.022	291.701
Total borrowings	130.201	1001.660	2246.359
Debt/Equity ratio	0.535	2.375	-10.420

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	15.540	386.695	1,221.800
		2,388.385	215.960

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	15.540	386.695	1,221.800
Profit	(94.715)	(279.479)	(893.105)
	(609.49%)	(72.27%)	(73.10%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Other external commercial borrowings	1,954.658	1,001.638
Total	1,954.658	1,001.638

CORPORATE INFORMATION

The Company is a private limited Company, domiciled in India, incorporated on February 09, 2011 under the provisions of The Companies Act, 1956.

The Company is engaged in manufacturing and sale of commercial vehicles. The Company is also engaged in trading of vehicles and spare parts purchased from Scania CV AB ("the holding company") and after sales service for commercial vehicles.

OPERATIONS AND FUTURE PROSPECTS

Main achievements during the last 12 months

ON ROAD

MOU signed with Tata Capital as exclusive partner in Rental program

Implemented Rental program and monitoring in Haulage Segment- Kailash Carriers and Allcargo Logistics

OFF ROAD

Secured single largest order from VPR mining for 250 units

Commissioning of 100 trucks of BCCL with side support

Key customer retention with Repeat Orders ? 150 mining trucks to BGR , 62?mining trucks to KPCL

Conquest Accounts ?Successfully regained the customer from competition e.g. Sadbhav - 40 Monte Carlo ? 35

Start of Rental concept ? Off road Port segment. 42 units delivered

YTD Sale of 347 Units. Estimated YTD December ?472 units

Estimated Market Share YTD 2014 35 %, increased from 20% in 2013

BUSES

Established customer base in south and western regions of India,Sold 37 units of Intercity Buses.

First Ethanol run city bus launch in India delivered by Scania at Nagpur

Premium Intercity market share 23 % with only 14.5 mts model

ENGINES

Expansion of Genset engines sales in South India

Breakthrough in Marine engine business secured with order from Fishing Trawler segment

OTHER ACHIEVEMENTS ON PRODUCT AND SERVICES

New tipper body - SSAB - tested and introduced, Scania Oil introduced, Fleet Management Services including

Driver Coaching launched.

ORGANISATION AND PROCESS DEVELOPMENT

Staffing increased from 244 to + 600, Training on SRS and Daily steering in the commercial organization. Establishment of Scania Academy.

FACILITIES AND PRODUCTION

Bus Factory set-up and the first Buses are being produced. Formal inauguration March 2015. All head office functions working from common office in Narasapura since July 2014.

ACHIEVEMENTS IN POSITIONING SCANIA IN INDIA

Focused communications efforts through Exhibitions, Congresses and Seminars and other Media & PR activities to communicate the concept of outstanding TOE, Sustainable solutions and Market leading Safety. Financial summary [IN3098-Commercial operations] for full year 2015 they plan to deliver 115 trucks per quarter in India and another 80 trucks on export to SAARC countries. This sums up to a rolling 12 months forecasted of 540 trucks. Mining is still the dominant market area for us with 83 % (2014: 85%) of the sale, coal and port trucks represent 10% (9%) and haulage included forecasted repurchase agreement contracts the last 7% (6%).

New products like heavy tipper improve the result from Q3 but there is a fierce price competition in the market. They have decided to guard the gross profit on behalf of market shares. That’s why the volume is reduced from previous forecast, gross profit is 5,6% (7,9%) on trucks.

Revenue from truck sale as part of total sale is 46% in the next rolling four quarters.

The Repurchase agreements portfolio is currently 54 contracts and planned to be 134 at the end of forecast period. The method is used for all applications together with 1 year renting concept to meet customer demands on not owning the vehicle. Current evaluation of Financing sourcing as a co-operation between Scania Finance centrally and local Finance and Sales organization is ongoing.

Bus Sales

They are estimating the sale for 2014 to 54 buses. Next year forecast is 395 buses, whereof 365 are produced in India. They plan to imported 14,5 m buses from our partner in Malaysia. They have a big order to KSRTC of 13,7 m buses that already cowers all production in quarter 1 and Quarter 2.

End of Q2 they start selling 12m coach and from Q3 they start deliveries of 12m City ethanol buses, both in steel and in aluminium. The aluminium bus is restricted to 50 buses and after that the steel version will be our City product.

Gross profit for buses increases to 7,5% due to in-house production and improves during next year when the imported kit parts are replaced by local sourced material. Revenue from bus sale as part of total sale is 47% in the next rolling four quarters. Services, Parts and Workshop

Parts sale increase with the rolling fleet and the increasing network. Total sale increase to 494 MINR. Revenue from parts sale as part of total sale decrease is 5% in the next rolling four quarters, gross profit 43%; this is equal to 210 KINR per truck in rolling fleet.

Investments

Commercial operations expenses

They have put in the investment of 8 new container workshops the next four quarters, total value of 54 mINR. Two container workshops are planned in Q3 to support bus operation in Karnataka (Bangalore/Mysore/Mangalore). Current non captive dealerships are located in, Bangalore, Chennai, Cochin, Hyderabad and Mumbai. Next step is to establish partners in Ahmedabad, Jaipur and Delhi.

Industrial operations

No additional investments in industrial operation apart from the on-going building projects.

NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.64.05
UK Pound	1	Rs.99.04
Euro	1	Rs.71.76

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		11

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.