MIRA INFORM REPORT

Report No. :	349828
Report Date :	16.11.2015

IDENTIFICATION DETAILS

Name :	MASTA MACHINERY STORES PRIVATE LIMITED
Registered Office :	Plot 553, GIDC, Odhav Road, Ahmedabad-382430, Gujarat
Tel. No.:	91-79-22901220, 22901222
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.08.2004
Com. Reg. No.:	04-044542
Capital Investment / Paid-up Capital :	Rs. 10.000 Million
CIN No.: [Company Identification No.]	U29299GJ2004PTC044542
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Divulged
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Bearing Housings, Bearing Sleeves and Component Castings
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2004 having satisfactory track. As per Registrar of Companies the date of balance sheet (i.e, financial filed) is shown as 31-03-15 but the documents related to the financial for the year 2015 are not available from any sources As per available financial of 2014, Profit of the company has declined however, net worth base of the company is satisfactory. General financial position of the company is normal and acceptable for business dealings. Further, the rating also takes into consideration favorable gap between trade payables and trade receivables. Trade relations are reported as fair. Business is active. Payment terms are reported as slow but 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	CRISIL
Rating	Term Loan BB (suspended)
Rating Explanation	Moderate risk of default.
Date	31.08.2015

Reason for suspension: company not furnished information required.

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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Vinay Khajanchi
Designation :	Chief Accountant
Contact No.:	91-9978998869
Date :	13.11.2015

LOCATIONS

Registered Office/ Factory :	Plot 553, GIDC, Odhav Road, Ahmedabad-382430, Gujarat, India
Tel. No.:	91-79-22901220, 22901222
Mobile No.:	91-9978998869 (Mr. Vinay) 91-9825037993 (Mr. Samrat)
Fax No.:	91-79-22900497
E-Mail :	info@mastagroup.com mastaad1@yahoo.co.in
Website :	www.mastagroup.com
Area :	8000 sq. yard
Location :	Owned
Locality :	Industrial

DIRECTORS

As on 31.03.2015

Name :

Mr. Samratbhai Ashokbhai Patel

Designation :

Director

Address :

6/C, Ashok Vatica, Opposite Ekta Pharm House, Amali Bopal Road, Ahmedabad-380052, Gujarat, India

Date of Birth/Age :

02.11.1979

Date of Appointment :

02.08.2004

DIN No.:

00412066

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	U65910GJ1995PTC026680	S K BUILDERS PRIVATE LIMITED	Director	02/03/1998	02/03/1998	-	Active	NO
2	U29299GJ2004PTC044542	MASTA MACHINERY STORES PRIVATE LIMITED	Director	02/08/2004	02/08/2004	-	Active	NO
3	U45203GJ2010NPL061200	KIA INFRASTRUCTURES DEVELOPMENT LIMITED	Director	21/06/2010	21/06/2010	10/05/2011	Active	NO
4	U29100GJ2013PTC075403	MASTA ENGINEERING CO PRIVATE LIMITED	Director	01/06/2013	01/06/2013	01/07/2013	Active	NO

Name :

Mrs. Gauriben Samrat Patel

Designation :

Director

Address :

6/C, Ashok Vatica, Opposite Ekta Pharm House, Amali Bopal Road, Ahmedabad-380052, Gujarat, India

Date of Birth/Age :

07.05.1983

Date of Appointment :

02.08.2004

DIN No.:

00412169

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	U29299GJ2004PTC044542	MASTA MACHINERY STORES PRIVATE LIMITED	Director	02/08/2004	02/08/2004	-	Active	NO
2	AAB-0341	MASCO TRANSMISSION LLP	Designated Partner	24/07/2012	24/07/2012	-	Active	NO

Name :

Mr. Prafulbhai Jamnadas Bhavsar

Designation :

Director

Address :

U-59, Someshwar Upendra Park, Near Gulab Tower, Thaltej, Ahmedabad-380061, Gujarat, India

Date of Appointment :

21.02.2015

DIN No.:

00540912

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	U29299GJ2004PTC044542	MASTA MACHINERY STORES PRIVATE LIMITED	Director	21/02/2015	02/08/2004	-	Active	NO
2	U65910GJ1995PTC026680	S K BUILDERS PRIVATE LIMITED	Director	15/11/2006	15/11/2006	-	Active	NO

Name :

Mr. Ashokkumar Popatlal Patel

Designation :

Director

Address :

6/C, Ashok Vatica, Opposite Ekta Pharm House, Amali Bopal Road, Ahmedabad-380052, Gujarat, India

Date of Appointment :

21.02.2015

DIN No.:

00411890

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	U29299GJ2004PTC044542	MASTA MACHINERY STORES PRIVATE LIMITED	Director	21/02/2015	02/08/2004	-	Active	NO
2	U65910GJ1995PTC026680	S K BUILDERS PRIVATE LIMITED	Director	12/07/2005	12/07/2005	-	Active	NO
3	U45203GJ2010NPL061200	KIA INFRASTRUCTURES DEVELOPMENT LIMITED	Director	21/06/2010	21/06/2010	-	Active	NO
4	U29100GJ2013PTC075403	MASTA ENGINEERING CO PRIVATE LIMITED	Director	01/07/2013	01/07/2013	-	Active	NO
5	AAB-0341	MASCO TRANSMISSION LLP	Designated Partner	24/07/2012	24/07/2012	-	Active	NO

Name :

Pritiben Ashokbhai Patel

Designation :

Director

Address :

6/C, Ashok Vatica, Opposite Ekta Pharm House, Amali Bopal Road, Ahmedabad-380052, Gujarat, India

Date of Appointment :

21.02.2015

DIN No.:

00412006

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	U65910GJ1995PTC026680	S K BUILDERS PRIVATE LIMITED	Director	12/07/1995	12/07/1995	-	Active	NO
2	U29299GJ2004PTC044542	MASTA MACHINERY STORES PRIVATE LIMITED	Director	21/02/2015	02/08/2004	-	Active	NO
3	U29100GJ2013PTC075403	MASTA ENGINEERING CO PRIVATE LIMITED	Director	01/06/2013	01/06/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vinay Khajanchi
Designation :	Chief Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Ashokbhai Patel	39968
Samrat Patel	803340
Priti Patel	3340
Ratnaprabha Patel	69880
Gauriben Patel	75000
Kavita Patel	3340
Tapan Patel	3328
Ajaykumar Shah (HUF)	4
Avaniben Shah	4
Bhargavi Bhavsar	4
Kinchal Bhavsar	4
Naliniben Bhavsar	16
Pragnaben Bhavsar	4
Sejal V. Shah	4
Sanjay Shah	4
Ajay Shah	16
Bhartiben Bhavsar	16
Navinchandra Bhavsar	16
Samir Bhavsar	16
Samrat Patel HUF	1672
Paras Jain	4
Dasrathbhai Kalaidas Patel	4
Dasrathbhai Kalaidas Patel HUF	4
Prafulbhai Jamnadas Bhavsar	4
Premilaben Prafulbhai Bhavsar	4
Shree Balaji Textile Mills	4
Total	1000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Bearing Housings, Bearing Sleeves and Component Castings.
Products :	Plummer block Bearing Housing Bearing Sleeve Casting Seal and Bearing Housing Accessories Geared and Pin bush Coupling Tapered Bush Pulley Transmission Pulley Slide Rail Customized Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Canada United States of America Australia
Imports :	Not Available
Terms :
Selling :	Cash / L/C / Credit
Purchasing :	Cash / L/C / Credit

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 :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

250 (Approximately)

Bankers :

Bank Name	Bank of Baroda
Branch	SSI Branch, GIDC, Vatva, Ahmedabad - 382445, Gujarat, 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 (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· HDFC Bank Limited

· Corporation Bank, Gurukul Road, Ahmedabad - 380052, Gujarat, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Bank of Baroda (Term Loan)-6967 (Secured against hypothecation of Fixed Asset)	0.600	3.000
Bank of Baroda (Term Loan)-7124 (Secured against hypothecation of Fixed Asset)	3.166	4.687
Bank of Baroda (Term Loan)-7230 (Secured against hypothecation of Fixed Asset)	5.209	0.000
GIDC Ahmedabad (Secured against hypothecation of Factory Land at Sanand GIDC)	0.000	10.296
HDFC Bank Limited (Secured Against Audi Car)	0.000	0.359
HDFC Bank Limited (Secured Against Honda City Car)	0.000	0.124
Short-term borrowings
Bank of Baroda (Working Capital Loan)	48.241	59.203
Bank of Baroda (Term Loan)-6967 (Secured against hypothecation of Fixed Asset)	2.400	2.400
Bank of Baroda (Term Loan)-7124 (Secured against hypothecation of Fixed Asset)	1.520	1.520
Bank of Baroda (Term Loan)-7230 (Secured against hypothecation of Fixed Asset)	1.500	0.000
GIDC Ahmedabad (Secured against hypothecation of Factory Land at Sanand GIDC)	0.000	6.864
HDFC Bank Limited (Secured Against Audi Car)	0.359	0.576
HDFC Bank Limited (Secured Against Honda City Car)	0.124	0.231
Total	63.119	89.260

Auditors :
Name :	MGS and Associates Chartered Accountants
Address :	106 Sakar –V, Ashram Road, Ahmedabad-380009, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	ASDPS4488H
Memberships :	--
Collaborators :	--
Associates :	Priti Engineering GSPL Casting Industries Pritmayur Engineering Industries S.K. Builders Private Limited Masta Quality Industries Vibrant Sales Unisales

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs. 10.000 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	10.000	10.000	10.000
(b) Reserves & Surplus	70.167	60.407	44.564
(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)	80.167	70.407	54.564
(3) Non-Current Liabilities
(a) long-term borrowings	52.404	75.257	72.468
(b) Deferred tax liabilities (Net)	0.961	0.921	1.017
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	53.365	76.178	73.485
(4) Current Liabilities
(a) Short term borrowings	54.144	70.794	40.566
(b) Trade payables	59.888	42.565	30.942
(c) Other current liabilities	0.002	0.002	0.002
(d) Short-term provisions	9.127	6.845	18.689
Total Current Liabilities (4)	123.161	120.206	90.199
TOTAL	256.693	266.791	218.248
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	78.416	102.968	103.738
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	6.177	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.698	1.999	1.189
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	86.291	104.967	104.927
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	43.600	15.513	6.296
(c) Trade receivables	117.422	113.203	96.805
(d) Cash and cash equivalents	0.892	1.069	0.978
(e) Balance with banks	4.029	30.626	1.467
(f) Short-term loans and advances	4.054	1.118	7.580
(g) Other current assets	0.405	0.295	0.195
Total Current Assets	170.402	161.824	113.321
TOTAL	256.693	266.791	218.248

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	298.913	336.732	329.045
		Other Income	2.292	0.914	0.088
		TOTAL (A)	301.205	337.646	329.133
Less	EXPENSES
		Cost of Materials Consumed	254.711	278.501	244.157
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(26.030)	(12.484)	0.993
		Employees benefits expense	21.024	19.047	11.703
		Other expenses	14.009	14.370	17.006
		Exceptional Items	(0.034)	(0.174)	0.000
		TOTAL (B)	263.680	299.260	273.859
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		37.525	38.386	55.274
Less	FINANCIAL EXPENSES (D)		14.276	10.919	9.224
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		23.249	27.467	46.050
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.805	7.772	7.661
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		14.444	19.695	38.389
Less	TAX (H)		4.634	6.554	15.876
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		9.810	13.141	22.513
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		60.024	44.181	21.668
Add/ less	Prior Period Adjustments		(0.050)	2.702	0.000
	BALANCE CARRIED TO THE B/S		69.784	60.024	44.181
	Earnings / (Loss) Per Share (Rs.)		9.81	13.14	22.51

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
Net cash flows from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.28	3.90	6.84
Operating Profit Margin (PBIDT/Sales)	(%)	12.55	11.40	16.80
Return on Total Assets (PBT/Total Assets}	(%)	5.77	7.38	17.59
Return on Investment (ROI) (PBT/Networth)		0.18	0.28	0.70
Debt Equity Ratio (Total Debt /Networth)		1.33	2.07	2.07
Current Ratio (Current Asset/Current Liability)		1.38	1.35	1.26

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	10.000	10.000
Reserves & Surplus	44.564	60.407	70.167
Net worth	54.564	70.407	80.167
long-term borrowings	72.468	75.257	52.404
Short term borrowings	40.566	70.794	54.144
Total borrowings	113.034	146.051	106.548
Debt/Equity ratio	2.072	2.074	1.329

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	329.045	336.732	298.913
		2.336	(11.231)

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	329.045	336.732	298.913
Profit	22.513	13.141	9.810
	6.84%	3.90%	3.28%

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	Yes
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	No
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

NOTE: Registered office of the company has been shifted from 1544, Anil Starch Road, Opposites Pickers Limited, Naroda Road, Ahmedabad, Gujarat, India to the present address.

OPERATIONS

During the year, the turnover of the company was Rs. 298.914 Million as compared to Rs. 336.732 Million in the previous year. The directors are making hard sincere efforts for the better growth and prospects of the Company in the future.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
From Directors	0.552	2.045
From shareholders and others	42.877	54.746
Total	43.429	56.791

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10480380	24/02/2014	28,400,000.00	BANK OF BARODA	Vatwa Industrial Estate Branch, Vatwa, Ahmedabad, Gujarat - 382440, INDIA	B97506331
2	10462063	01/10/2013	10,000,000.00	BANK OF BARODA	AHMEDABAD CITY REGION, 2ND FLOOR, BANK OF BARODA,  TOWER, OPPOSITE NCC GROUND, ELLIS-BRIDGE, AHMEDABAD,  Gujarat - 380006, INDIA	B90270968
3	10084496	17/10/2014 *	116,387,000.00	BANK OF BARODA	77/3 GIDC VATVA ESTATE, VATVA, AHMEDABAD, Gujarat - 382445, INDIA	C29453594
4	10082524	14/10/2014 *	116,387,000.00	BANK OF BARODA	SSI BRANCH, GIDC, VATVA, AHMEDABAD, Gujarat - 382445, INDIA	C29336815

* Date of charge modification

FIXED ASSETS

Tangible Assets

• Land
• Plant and Machinery
• Electric and Fitting
• Furniture and Fixtures
• Computers
• Vehicles
• Factory and Shed
• Office and Equipment

Intangible Assets

• Goodwill
• Brands /trademarks
• Computer software
• Mastheads and publishing titles
• Mining rights
• Copyrights, and patents intellectual property rights, services and operating rights
• Recipes, formulae, models, designs and prototypes
• Licenses and franchise

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.14
UK Pound	1	Rs.100.55
Euro	1	Rs.71.26

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	DIV
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
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	4
--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		44

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	--

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