MIRA INFORM REPORT

Report No. :	350394
Report Date :	20.11.2015

IDENTIFICATION DETAILS

Name :	SAHNEY COMMUTATORS PRIVATE LIMITED (w.e.f. 13.05.1997)
Formerly Known As :	SCHUNK TECHNOLOGIES (INDIA) PRIVATE LIMITED
Registered Office :	No. 772, II Floor, 4^th Block, 80 Feet Peripheral Road, Koramangala, Bangalore – 560034, Karnataka
Tel. No.:	91-80-40347504
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.03.1987
Com. Reg. No.:	08-008214
Capital Investment / Paid-up Capital :	Rs. 16.728 Million
CIN No.: [Company Identification No.]	U52190KA1987PTC008214
IEC No.:	0792011961
TAN No.: [Tax Deduction & Collection Account No.]	BLRS01945G
PAN No.: [Permanent Account No.]	AACCS0865J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of commutators, slip rings and other electrical equipment that are used in traction motors, universal motors and started motors.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 767000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1987 and it is engaged in the manufacturing of commutators, slip rings, and other electrical equipment used in traction motors, universal motors, and starter motors. For the financial year ended 2014, revenue of the company has marginally declined by 4.42% but it has maintained average profit margins of 1.20% during the year under a review. Rating continue to reflect SCPL’s above-average financial profile marked by healthy debt protection metrics and low gearing. The ratings also factor in the company’s established market position in the electrical equipment industry and its efficient working capital management. Rating strengths is partially offset by the industry concentration in SCPL’s revenue profile and its moderate scale of operations in the intensely competitive electrical equipment industry. Trade relations are reported as fair. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	07.05.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3+
Rating Explanation	Moderate degree of safety and higher credit risk
Date	07.05.2015

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.

LOCATIONS

Registered Office :	No. 772, II Floor, 4^th Block, 80 Feet Peripheral Road, Koramangala, Bangalore – 560034, Karnataka, India
Tel. No.:	91-80-40347555 / 40347504
Fax No.:	91-80-40347575
E-Mail :	commutators@sahney.com
Website :	http://www.sahney.com
Factory:	9E2, Bomasandra Industrial Area, Anekal Taluk, Bangalore-560099, Karnataka, India
Tel. No.:	91-80-40438444
Fax No.:	91-80-40438484
Attibele Division :	21-A, Attibele Industrial Area, Attebele Hoble, Anekal Taluka, Bangalore – 562107, Karnataka, India
Tel No.:	91-80-27808292

DIRECTORS

As on 30.09.2014

Name :

Mr. Jasjiv Devinder Singh Sahney

Designation :

Director

Address :

No. 27, Viviani Road, Richards Town, Bangalore – 560005, Karnataka, India

Date of Birth/Age :

02.01.1964

Date of Appointment :

18.02.1994

PAN No.:

AAVPS0945A

DIN No.:

00022886

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	U52190KA1987PTC008214	SAHNEY COMMUTATORS PRIVATE LIMITED	Director	18/02/1994	18/02/1994	-	Active	NO
2	U32109MH1966PTC013516	SAHNEY KIRKWOOD PRIVATE LIMITED	Director	15/02/1995	15/02/1995	-	Active	NO
3	U34103GA1997PLC002686	SAN MOTORS LIMITED	Director	27/09/1999	27/09/1999	-	Active	NO
4	U24110MH1982PTC026499	ISOVOLTA (INDIA) PRIVATE LIMITED	Director	01/04/2000	01/04/2000	-	Active	NO
5	U93090KA2001NPL028969	YPO BANGALORE CHAPTER	Director	02/05/2001	02/05/2001	20/09/2009	Active	NO
6	U74140MH2001PTC133168	MEDUSIND SOLUTIONS INDIA PRIVATE LIMITED	Director	30/01/2004	30/01/2004	-	Active	NO
7	U70109MH2006PTC161405	ROCKSTONE REAL ESTATE MANAGEMENT PRIVATE LIMITED	Director	11/12/2006	11/12/2006	-	Active	NO
8	U74900MH1978PTC020600	KANWALDEEP SAHNEY ADVISORY PRIVATE LIMITED	Director	03/07/2007	03/07/2007	-	Converted to LLP and dissolved	NO
9	U74900KA2013PTC068595	SF SLEEVINGS PRIVATE LIMITED	Director	17/04/2013	17/04/2013	-	Active	NO
10	U74210KA1973PLC002424	SAN ENGINEERING AND LOCOMOTIVE COMPANY LIMITED.	Director	28/08/2014	06/08/2013	-	Active	NO
11	AAA-5138	RAJIV SAHNEY ADVISORY LLP	Designated Partner	10/06/2011	10/06/2011	-	Active	NO
12	AAA-5140	KANWALDEEP SAHNEY ADVISORY LLP	Designated Partner	10/06/2011	10/06/2011	-	Active	NO
13	AAA-7334	MINICON INSULATED WIRES LLP	Designated Partner	19/12/2011	19/12/2011	-	Active	NO

Name :

Mr. Suresh Dattatray Ghorpadkar

Designation :

Director

Address :

45, Gurupreeth Residency, Flat No. S.1, 4th Cross, 4th Main, RMV II-Stage, Boopasandra, Bangalore – 5600094, Karnataka, India

Date of Birth/Age :

07.03.1942

Date of Appointment :

18.02.2006

PAN No.:

ABNPG9422G

DIN No.:

02533434

Name :

Mr. Venkata Ramesh Kumar Gopalakrishnan

Designation :

Director

Address :

Plot No. 6B, Dr. Ramamurthy Nagar Main Road, Keelkattalai, Chennai - 600117, Tamilnadu, India

Date of Birth/Age :

03.04.1966

Date of Appointment :

15.10.2007

PAN No.:

ACKPV7518A

DIN No.:

02095948

Name :

Mr. Rajiv Devinder Sahney

Designation :

Director

Address :

No. 50, Ushakiran, Carmichael Road, Mumbai, Maharashtra, India

Date of Birth/Age :

06.09.1962

Date of Appointment :

08.08.1997

DIN No.:

00022896

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	U32109MH1966PTC013516	SAHNEY KIRKWOOD PRIVATE LIMITED	Director	29/09/2014	01/02/1992	-	Active	NO
2	U24110MH1982PTC026499	ISOVOLTA (INDIA) PRIVATE LIMITED	Director	11/09/1992	11/09/1992	-	Active	NO
3	U74900MH1978PTC020600	KANWALDEEP SAHNEY ADVISORY PRIVATE LIMITED	Director	01/09/1994	01/09/1994	03/07/2007	Converted to LLP and dissolved	NO
4	U52190KA1987PTC008214	SAHNEY COMMUTATORS PRIVATE LIMITED	Director	08/08/1997	08/08/1997	-	Active	NO
5	U74140MH2001PTC133168	MEDUSIND SOLUTIONS INDIA PRIVATE LIMITED	Director	02/09/2002	02/09/2002	-	Active	NO
6	U74140MH2004PTC146033	N V ADVISORY SERVICES PRIVATE LIMITED	Director	21/07/2005	21/07/2005	-	Active	NO
7	U28920MH1988PTC047335	VARROC ENGINEERING PRIVATE LIMITED	Director	30/09/2006	23/12/2005	21/12/2010	Active	NO
8	U45203AP1998PLC029154	BSCPL INFRASTRUCTURE LIMITED	Director	28/09/2006	05/06/2006	28/02/2013	Active	NO
9	U74140MH1997NPL111167	YOUNG PRESIDENTS ORGANIZATION (MUMBAI CHAPTER)	Director	01/07/2006	01/07/2006	01/07/2008	Active	NO
10	L63010MH2004PLC073508	ALLCARGO LOGISTICS LIMITED	Director	29/09/2006	21/08/2006	09/08/2010	Active	NO
11	U25209MH1995PTC090037	VARROC POLYMERS PRIVATE LIMITED	Director	25/06/2008	25/06/2008	21/12/2010	Active	NO
12	U74999MH2008NPL185159	International Wine and Food Society	Director	28/07/2008	28/07/2008	02/08/2009	Active	NO
13	U52300MH2010PTC210618	MITIGATE TRADING PRIVATE LIMITED	Additional director	10/02/2011	10/02/2011	11/02/2011	Active	NO
14	U70102MH2011PTC219551	RAE REAL ESTATE PRIVATE LIMITED	Director	07/07/2011	07/07/2011	-	Active	NO
15	U70102MH2011PTC223507	NURA REAL ESTATE PRIVATE LIMITED	Director	31/10/2011	31/10/2011	-	Active	NO
16	U91990MH2011NPL225012	YPO WPO South Asia Chapter	Director	16/12/2011	16/12/2011	-	Active	NO
17	U70102MH2011PTC225340	MRARA REAL ESTATE PRIVATE LIMITED	Director	23/12/2011	23/12/2011	-	Active	NO
18	U70102MH2012PTC233056	NV PUNE ESTATE PRIVATE LIMITED	Director	06/07/2012	06/07/2012	-	Active	NO
19	U70102MH2012PTC233158	NV PUNE TECHNOLOGY PARK PRIVATE LIMITED	Director	09/07/2012	09/07/2012	-	Active	NO
20	U70102MH2012PTC233245	NV TECH SPACES PRIVATE LIMITED	Director	11/07/2012	11/07/2012	-	Active	NO
21	U70102MH2012PTC233501	NV KHARADI PROJECTS PRIVATE LIMITED	Director	18/07/2012	18/07/2012	-	Active	NO
22	U70102MH2013PTC239384	NV MUMBAI ESTATE PRIVATE LIMITED	Director	07/01/2013	07/01/2013	-	Active	NO
23	U70102MH2013PTC246429	NV SPACES & REALTY PRIVATE LIMITED	Director	30/07/2013	30/07/2013	-	Active	NO
24	U70102MH2007PTC175691	BACCHUS HOSPITALITY SERVICES AND REAL ESTATE PRIVATE LIMITED	Director	30/09/2015	18/03/2015	-	Active	NO
25	U73100MH2000PLC192798	METROPOLIS HEALTHCARE LIMITED	Nominee director	08/04/2015	08/04/2015	-	Active	NO
26	AAA-0551	NV CAPITAL SERVICES LLP	Designated Partner	30/12/2009	30/12/2009	11/06/2014	Active	NO
27	AAA-5138	RAJIV SAHNEY ADVISORY LLP	Designated Partner	10/06/2011	10/06/2011	12/06/2014	Active	NO
28	AAA-5140	KANWALDEEP SAHNEY ADVISORY LLP	Designated Partner	10/06/2011	10/06/2011	12/06/2014	Active	NO
29	AAA-7334	MINICON INSULATED WIRES LLP	Designated Partner	19/12/2011	19/12/2011	12/06/2014	Active	NO

Name :

Mr. Deepa Jasjiv Sahney

Designation :

Director

Address :

No. 50, Ushakiran, Carmichael Road, Mumbai, Maharashtra, India

Date of Birth/Age :

11.10.1963

Date of Appointment :

02.01.2009

PAN No.:

AMVPS3103K

DIN No.:

02628605

KEY EXECUTIVES

Name :	Mr. Laxminarayan
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Equity Shareholders	No. of Shares
Devindra Singh Sahney	77316
Kanwaldeep Kaur Sahney	10321
Minicon Insulated Wires, India	385120
Jasjiv Sahney and Mr. Rajiv Sahney	41500
Kanwaldeep Kaur Sahney and Jasjiv Sahney	41500
Devindra Singh Sahney and Rajiv Sahney	41500
Rajiv Sahney and Jasjiv Sahney	41500
Devindra Singh Sahney and Kanwaldeep Kaur Sahney	7941
Kanwaldeep Kaur Sahney and Devindra Singh Sahney	7932
Rajiv Sahney and Devindra Singh Sahney	41517
Jasjiv Sahney and Kanwaldeep Kaur Sahney	50244
Rajiv Sahney	18775
Sahney Kirkwood Private Limited, India	92250
Jasjiv Sahney	15400
Total	872816
Names of Preference Shareholder	No. of Shares
Sahney Kirkwood Private Limited, India	800000
Total	800000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	55.00
Directors or relatives of Directors	45.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of commutators slip, rings and other electrical equipment that are used in traction motors, universal motors and started motors.

Products :

Item Code No.	Product Description
85030090	Part of Electric Motors

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

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
Maximum Limit Dealt :	Not Available
Experience :	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
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

No. of Employees :

Not Available

Bankers :

Bank Name	Canara Bank
Branch	Industrial Financial Branch, Venkatadri Complex, No.83, Richmond Road, Bangalore - 560034, Karnataka, India
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 :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Other loans and advances	0.679	0.000
SHORT TERM BORROWING
Rupee term loan from banks	80.734	97.155
Total	81.413	97.155

Auditors :
Name :	K.P Rao and Company Chartered Accountant
Address :	Poornima, 25, State Bank Road, Bangalore – 560025, Karnataka, India
Tel. No.:	91-80-26687385/25686814
Fax No.:	91-80-25594661
E-Mail :	kprao@airtelmall.in
PAN No.:	AAAFK7720M
Memberships :	--
Collaborators :	--
Associates :	Isovolta (India) Private Limited CIN No.: U24110MH1982PTC026499 Sahney Kirkwood Private Limited CIN No.: U32109MH1966PTC013516 Minicon Insulated Wires LLP

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Million
125000	Preference Shares	Rs.100/- each	Rs. 12.500 Million
	Total		Rs. 22.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
872816	Equity Shares	Rs.10/- each	Rs. 8.728 Million
80000	Preference Shares	Rs.100/- each	Rs. 8.000 Million
	Total		Rs. 16.728 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	16.728	16.728	16.728
(b) Reserves & Surplus	251.563	237.330	205.609
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	268.291	254.058	222.337
(3) Non-Current Liabilities
(a) long-term borrowings	4.757	4.077	4.077
(b) Deferred tax liabilities (Net)	15.288	11.121	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	10.693
Total Non-current Liabilities (3)	20.045	15.198	14.770
(4) Current Liabilities
(a) Short term borrowings	91.333	97.155	69.290
(b) Trade payables	161.654	97.335	135.807
(c) Other current liabilities	22.399	25.289	36.582
(d) Short-term provisions	6.945	6.225	19.500
Total Current Liabilities (4)	282.331	226.004	261.179
TOTAL	570.667	495.260	498.286
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	90.686	97.789	106.511
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4.993	5.000	5.000
(c) Deferred tax assets (net)	2.238	2.187	1.373
(d) Long-term Loan and Advances	38.684	23.755	2.963
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	136.601	128.731	115.847
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	202.372	120.184	103.644
(c) Trade receivables	167.812	192.229	208.688
(d) Cash and cash equivalents	36.685	21.830	12.594
(e) Short-term loans and advances	27.197	32.286	57.513
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	434.066	366.529	382.439
TOTAL	570.667	495.260	498.286

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES
Income
Other Income
TOTAL	1189.826	1244.882	N.A
TOTAL EXPENSES	1131.006	1160.403	N.A
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	58.820	84.479	N.A
FINANCIAL EXPENSES	21.528	21.332	N.A
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	37.292	63.147	N.A
DEPRECIATION/ AMORTISATION	13.681	15.438	N.A
PROFIT/ (LOSS) BEFORE TAX	23.611	47.709	N.A
TAX	9.377	15.991	N.A
PROFIT/ (LOSS) AFTER TAX	14.234	31.719	38.381
Earnings / (Loss) Per Share (Rs.)	0.85	1.89	2.29

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.719	N.A	N.A
Cash generated from operations	N.A	N.A	N.A
Net cash flow from operating activity	63.262	122.737	60.064

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Income)	(%)	1.20	2.55	N.A
Operating Profit Margin (PBIDT/ Total Income)	(%)	4.94	6.79	N.A
Return on Total Assets (PBT/Total Assets}	(%)	4.19	9.77	N.A
Return on Investment (ROI) (PBT/Networth)		0.09	0.19	N.A
Debt Equity Ratio (Total Debt /Networth)		0.36	0.40	0.33
Current Ratio (Current Asset/Current Liability)		1.54	1.62	1.46

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	16.728	16.728	16.728
Reserves & Surplus	205.609	237.330	251.563
Net worth	222.337	254.058	268.291
long-term borrowings	4.077	4.077	4.757
Short term borrowings	69.290	97.155	91.333
Current maturities of long-term debts	0.000	0.000	0.719
Total borrowings	73.367	101.232	96.809
Debt/Equity ratio	0.330	0.398	0.361

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	1244.882	1189.826
		(4.423)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	1244.882	1189.826
Profit	31.718	14.234
	2.55%	1.20%

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
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 two 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	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: The Registered office of the company has been shifted from 78, Vicvictoria Road, Bangalore - 560047, Karnataka, India to the present address w.e.f. 16.04.2007

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loan from other	4.078	4.077
SHORT TERM BORROWING
Rupee term loan from banks	10.599	0.000
Total	14.677	4.077

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10477978	21/01/2014	950,000.00	CANARA BANK	INDUSTRIAL FINANCIAL BRANCH,VENKATADRI COMPLEX, N  O.83,RICHMOND ROAD, BANGALORE, KARNATAKA - 560034, INDIA	B96543269
2	80002508	22/05/2012 *	192,000,000.00	CANARA BANK	INDUSTRIAL FINANCE BRANCH, VENKATADRI COMPLEX, NO  .83, RICHMOND ROAD, BANGALORE, KARNATAKA - 560025, INDIA	B43729862

FIXED ASSETS

• Land
• Buildings
• Residential Building
• Plant and Equipment
• Factory Equipments
• Furniture and Fixtures
• Vehicles
• Ships Vessels
• Motor Vehicles
• Office Equipment
• Computer Equipments
• Other Equipments

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.63.93
UK Pound	1	Rs.99.82
Euro	1	Rs.70.04

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	KAR
Report Prepared by :	RKI

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	6
--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	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		48

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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