MIRA INFORM REPORT

Report No. :	322799
Report Date :	21.05.2015

IDENTIFICATION DETAILS

Name :		VIRGO VALVES AND CONTROLS PRIVATE LIMITED (w.e.f. 27.11.2013)
Formerly Known As :		VIRGO VALVES AND CONTROLS LIMITED
Registered Office :		7 B, 3^rd Floor, Sambhava Chambers, Sir P. M. Raod, Fort, Mumbai – 400001, Maharashtra
Tel. No.:	91- 20-66744000
Country :		India
Financials (as on) :		31.03.2014
Date of Incorporation :		11.06.2004
Com. Reg. No.:		11-146916
Capital Investment / Paid-up Capital :		Rs. 5.311 Million
CIN No.: [Company Identification No.]		U29120MH2004PTC146916
IEC :		0304030945
TAN No.: [Tax Deduction & Collection Account No.]		MUMV11688F
PAN No.: [Permanent Account No.]		AABCV8733H
Legal Form :		Private Limited Liability Company
Line of Business :		Manufacturer, Exporter and Importer of Industrial Valves and Accessories for Power, Chemical, Petro Chemical, Pharmaceutical, Oil and Industries.
No. of Employees :		1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (66)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 14000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “EMERSON PROCESS MANGEMENT INDI PRIVATE LIMITED”. It is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and sound profitability margins of the company. Further company receives good financial and managerial support from its holding company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of strong holding company, the company can be considered good for normal 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	CRISIL
Rating	Long term rating = AA-
Rating Explanation	High degree of safety and very low credit risk.
Date	07.11.2014

Rating Agency Name	CRISIL
Rating	Short term rating =A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	07.11.2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Ms. Priya
Designation :	Admin
Contact No.:	91-22-32150281/ 20-66744000
Date :	15.05.2015

LOCATIONS

Registered Office :	7 B, 3^rd Floor, Sambhava Chambers, Sir P. M. Raod, Fort, Mumbai – 400001, Maharashtra
Tel. No.:	91- 20-66744000
Fax No.:	Not Available
E-Mail :	mkohok@virgoengineers.com manoj.Kohok@virgoengineers.com
Website :	www.virgoengineers.com
Factory :	227 / 278, Hinjewadi Phase 2, Maan (Mulshi), Pune - 411057, Maharashtra, India
Tel. No.:	91-20-66744000/ 66744021
Fax No.:	91-20-66744021
E-Mail :	bhavesh.manek@virgoengineers.com ketan.desai@virgoengineers.com
Overseas Office :	Located at Dubai – UAE Malaysia South Korea

DIRECTORS

AS ON 22.09.2014

Name :

Terry Don Buzbee

Designation :

Director

Address :

406, New Salem Road, Marshall Town Iowa - 50158, United States of America

Date of Birth/Age :

16.07.1955

Date of Appointment :

04.10.2013

DIN No.:

00398731

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	U93090TN1985PTC024245	Emerson Process Management Chennai Private Limited	Director	30/06/2003	30/06/2003	20/01/2015	Active	NO
2	U29120MH2004PTC146916	VIRGO VALVES & CONTROLS Private Limited	Director	04/10/2013	04/10/2013	-	Active	NO

Name :

Mr. Jagdish Shivanand Desai

Designation :

Director

Address :

F/2, Shanti Cooperative Housing Society, Mogal Lane, MAhim, Mumbai – 400016, Maharashtra, India

Date of Birth/Age :

21.01.1959

Date of Appointment :

29.07.2005

DIN No.:

00335436

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	U99999PN1991PTC063298	VIRGO CONTROL SYSTEMS PVT LTD	Director	04-09-1991	04-09-1991	-	Strike off	NO
2	U28939PN1987PLC043673	VIRGO ENGINEERS LTD	Director	01-07-1995	01-07-1995	-	Amalgamated	NO
3	U29299PN2004PLC019901	VINTROL INDIA LIMITED	Director	17-01-2005	17-01-2005	-	Amalgamated	NO
4	U29120MH2004PTC146916	VIRGO VALVES & CONTROLS Private Limited	Director	29-07-2005	29-07-2005	-	Active	NO
5	U29120TN2003PLC082465	STAFFORD CONTROLS LIMITED	Director	02-02-2006	02-02-2006	15-11-2008	Active	NO

Name :

Mr. Paresh Jaisinh Rajda

Designation :

Director

Address :

F-6/1, Gera Emerald City, Pancard Club Road, Baner, Pune – 411045, Maharashtra, India

Date of Birth/Age :

18.01.1957

Date of Appointment :

30.04.2013

PAN No.:

ABOPR7016G

DIN No.:

00680340

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	Company/ LLP Status	Defaulting status
1	U28939PN1987PLC043673	VIRGO ENGINEERS LTD	Whole-time director	23-09-2009	10-02-2009	Amalgamated	NO
2	U29120MH2004PTC146916	VIRGO VALVES & CONTROLS Private Limited	Whole-time director	30-04-2013	29-04-2011	Active	NO

Name :

Daniel Glen Button

Designation :

Director

Address :

552, Autumn Oaks Drive, Ellisville Missouri – 63021, United States of America

Date of Birth/Age :

07.03.1954

Date of Appointment :

04.10.2013

DIN No.:

00928557

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	U29299PN1989PTC054181	EL-O-MATIC (INDIA) PRIVATE LIMITED	Nominee director	29/09/2003	29/09/2003	07/11/2012	Active	NO
2	U29120MH2004PTC146916	VIRGO VALVES & CONTROLS Private Limited	Director	04/10/2013	04/10/2013	-	Active	NO

Name :

Christopher Guild Scales

Designation :

Director

Address :

7, Cragmere Heights Road, Exeter Nh 038334515, United States of America

Date of Birth/Age :

08.11.1962

Date of Appointment :

04.10.2013

DIN No.:

03008344

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	Company/ LLP Status	Defaulting status
1	U93090TN1985PTC024245	Emerson Process Management Chennai Private Limited	Whole-time director	23-08-2014	29-03-2010	Active	NO
2	U29120MH2004PTC146916	VIRGO VALVES & CONTROLS Private Limited	Director	04-10-2013	04-10-2013	Active	NO

Name :

Mr. John Patrick Wilson

Designation :

Director

Address :

2003, Gethmann Dr. Marshall Town Ia Marshall Town – 50158, United States of America

Date of Birth/Age :

09.02.1976

Date of Appointment :

04.10.2013

DIN No.:

06430335

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	Company/ LLP Status	Defaulting status
1	U93090TN1985PTC024245	Emerson Process Management Chennai Private Limited	Director	30/09/2013	19/11/2012	Active	NO
2	U29120MH2004PTC146916	VIRGO VALVES & CONTROLS Private Limited	Director	04/10/2013	04/10/2013	Active	NO

Name :

Kevin Meyer Gerard

Designation :

Director

Address :

2260, Marshall Town Blvd Marshall Town Ia, Marshall Town – 50158, United States of America

Date of Birth/Age :

02.010.1965

Date of Appointment :

04.10.2013

DIN No.:

05199658

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	Company/ LLP Status	Defaulting status
1	U93090TN1985PTC024245	Emerson Process Management Chennai Private Limited	Director	18/09/2012	14/11/2011	Active	NO
2	U29120MH2004PTC146916	VIRGO VALVES & CONTROLS Private Limited	Director	04/10/2013	04/10/2013	Active	NO

KEY EXECUTIVES

Name :	Ms. Priya
Designation :	Admin
Name :	Mr. Manoj Rmakant Kohok
Designation :	Secretary
Address :	Shreer Amkunj, 43/73, NAvsahyadri Housing Society, Karvenagar, Pune – 411052, Maharashtra, India
Date of Birth/Age :	28.08.1967
Date of Appointment :	30.04.2013
PAN No.:	ABJPK9557C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 22.09.2014

Names of Shareholders	No. of Shares
Emerson Process Management (India) Private Limited	5310911
Laxmikant R. Iyengar	1
Sunil Khanna	1
Chandramauli Balan	1
Pradipta T. Sen	1
Sharad A. Rane	1
Amit A. Paithankar	1
Total	5310917

AS ON 22.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.000
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Industrial Valves and Accessories for Power, Chemical, Petro Chemical, Pharmaceutical, Oil and Industries.

Products :

Products description	ITC Code
Industrial Values and Accessories	84818030

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

Middle East

European Countries

Imports :

Products :

Raw Material

Countries :

· Italy

· USA

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	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 (Designation):	Not Divulged
Contact Number:	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 :

Bank Name:	Kotak Mahindra Bank Limited
Branch:	36-38 A, Nariman Bhavan, 227,D, Nariman Point,, Mumbai - 400021, Maharashtra, 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 A/C Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (Cc/Od/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· DBS Bank Limited, Elbee House, Siddharth Path, Off Dhole Patil Road, Pune - 411001, Maharashtra, India

· The Hongkong And Shanghai Banking Corporation Limited, 52/60 Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India

· State Bank Of India, Industrial Finance Branch, Pimpri, Pune - 411034, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	0.000	178.260
Foreign currency term loans from banks	0.000	358.314
Long-term maturities of finance lease obligations	0.000	0.141
Loans taken for vehicles	0.000	0.345
SHORT TERM BORROWINGS
Working capital loans from banks	2846.478	1563.467
Total	2846.478	2100.527

Banking Relations :	--
Auditors :
Name :	B S R AND Associates LLP Chartered Accountants
Address :	701-703, 7th Floor, Godrej Castlemaine, Next to Ruby Hall Clinic, Bund Garden Road, Pune - 411001
Income-tax PAN of auditor or auditor's firm :	AADFB6889R
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :
Subsidiary company :	· Emerson Process Management Virgo Valves INC, · Emerson Process Management Virgo Valve S. R. L. · Virgo Valves and Controls (ME) FZE · Vintrol Inc. · Virgo Valves and Controls Korea Limited. · Virgo Valves and Controls SDN BHD · Shanghai Virgo Valves Technology Consulting Co. Limited · Emperson Process Management Virgo Valves Inc., USA *
Holding company :	· Emerson Process Management (India) Private Limited U29196MH1981PTC024115
Fellow Subsidiary company :	· Emerson Network Power (India) Private Limited U74999MH1993PTC071079 · Asco Numatics (India) Private Limited India · Emerson Process Mgmt. Chennai Limited, India · El-O-Matic Valve Actuators, Singapore · Emerson Process, GUL Road, Singapore · Emerson Process Asia Pacific PTE, Singapore · Emerson Network Power (Pune) Limited India
Ultimate Holding Company :	Emerson Electric Co.
Other related parties with whom transactions have taken place during the year:	Key Management Personnel (KMP):

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
620,000,000	Equity Shares	Rs. 1/- each	Rs. 620.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,310,917	Equity Shares	Re. 1/- each	Rs. 5.311 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	5.311	5.278	10.000
(b) Reserves & Surplus	4929.617	4309.509	2627.918
(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)	4934.928	4314.787	2637.918
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	537.060	204.916
(b) Deferred tax liabilities (Net)	59.725	68.671	0.000
(c) Other long term liabilities	29.363	28.276	0.000
(d) long-term provisions	41.187	28.551	5.914
Total Non-current Liabilities (3)	130.275	662.558	210.830
(4) Current Liabilities
(a) Short term borrowings	2846.478	1563.467	730.876
(b) Trade payables	1142.854	1809.323	1133.631
(c) Other current liabilities	881.330	566.551	131.822
(d) Short-term provisions	17.357	13.392	4.537
Total Current Liabilities (4)	4888.019	3952.733	2000.866
TOTAL	9953.222	8930.078	4849.614
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2006.080	1913.910	515.699
(ii) Intangible Assets	21.976	22.307	17.421
(iii) Capital work-in-progress	10.060	27.759	0.000
(iv) Intangible assets under development	0.000	4.791	0.000
(b) Non-current Investments	523.389	542.433	716.388
(c) Deferred tax assets (net)	0.000	0.000	10.577
(d) Long-term Loan and Advances	240.747	81.318	198.279
(e) Other Non-current assets	108.427	33.237	3.742
Total Non-Current Assets	2910.679	2625.755	1462.106
(2) Current assets
(a) Current investments
(b) Inventories	2754.698	2073.903	889.243
(c) Trade receivables	2896.068	2729.864	1574.399
(d) Cash and cash equivalents	244.951	133.036	75.317
(e) Short-term loans and advances	839.800	1003.868	767.397
(f) Other current assets	307.026	363.652	81.152
Total Current Assets	7042.543	6304.323	3387.508
TOTAL	9953.222	8930.078	4849.614

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	7510.945	8805.594	3,948.013
		Other Income	0.000	0.000	0.00
		TOTAL (A)	7510.945	8805.594	3948.013
Less	EXPENSES
		Cost of Materials Consumed	3598.590	5264.704	2548.865
		Employee Cost and Operating Expenses	2189.034	1766.077	712.067
		TOTAL (B)	5787.624	7030.781	3260.932
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1723.321	1774.813	687.081
Less	FINANCIAL EXPENSES (D)		324.008	346.145	119.393
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1399.313	1428.668	567.688
Less/ Add	DEPRECIATION/ AMORTISATION (F)		213.876	185.476	43.497
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		1185.437	1243.192	524.191
Less	TAX (H)		462.209	401.446	169.575
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		723.228	841.746	354.616
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3291.122	2303.352	2057.882
Less	APPROPRIATIONS
		Dividend on Equity Shares	84.975	232.253	63.400
		Transfer to General Reserve	72.323	84.175	35.462
		Tax on Dividend	14.441	37.685	10.285
	BALANCE CARRIED TO THE B/S		3927.586	3023.238	2366.751
	Earnings Per Share (Rs.)		136.18	158.49	66.77

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

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

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	9.63	9.56	8.98
Operating Profit Margin (PBDIT/Sales)	(%)	22.94	20.16	17.40
Return on Total Assets (PBT/Total Assets}	(%)	11.91	14.88	12.71
Return on Investment (ROI) (PBT/Networth)		0.24	0.29	0.20
Debt Equity Ratio (Total Debt/Networth)		0.58	0.49	0.35
Current Ratio (Current Asset/Current Liability)		1.44	1.59	1.69

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	10.000	5.278	5.311
Reserves & Surplus	2627.918	4309.509	4929.617
Money received against share warrants	0.000	0.000	2627.918
Share Application money pending allotment	0.000	0.000	0.000
Net worth	2637.918	4314.787	7562.846
long-term borrowings	204.916	537.060	0.000
Short term borrowings	730.876	1563.467	2846.478
Total borrowings	935.792	2100.527	2846.478
Debt/Equity ratio	0.355	0.487	0.376

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	3,948.013	8805.594	7510.945
		123.039	(14.703)

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	3948.013	8805.594	7510.945
Profit	354.616	841.746	723.228
	8.98%	9.56%	9.63%

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	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10080918	29/06/2010 *	550,000,000.00	CANARA BANK	INDUSTRIAL FINANCE BRANCH, M. G. ROAD, PUNE - 411001, MAHA RASHTRA, INDIA	A91138602
2	90092710	28/07/2004	35,000,000.00	SBI FACTORS AND COMMERCIAL SERVICES PVT.LTD.	TARA CHAMBERS;2ND FLOOR ; MUMBAI-PUNE ROAD, WAKD  EWADI, PUNE - 411003, MAHARASHTRA, INDIA	-

* Date of charge modification

REVENUES:

During the year under review your Company’s total revenue stood at Rs.7.511 Million as against Rs.8.806 Million in the previous year. Profit after tax (PAT) stood at Rs.723 Million as against Rs.842 Million in the previous year.

CHANGE OF ADDRESS:

The Registered Office of the Company has been shifted from 1001 10^th Floor, Krishnagovind Towers Sector – 24, Vashi, Navi Mumbai – 400705, Maharashtra, India to the present address w.e.f. 10.01.2009.

FIXED ASSETS:

· Land

· Buildings

· Factory building

· Plant and equipment

· Factory Equipments

· Other plant and equipment

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. 63.87
UK Pound	1	Rs. 98.89
Euro	1	Rs. 70.73

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KAR
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	YES
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		66

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.