MIRA INFORM REPORT

Report No. :	350009
Report Date :	23.11.2015

IDENTIFICATION DETAILS

Name :	BOSCH REXROTH (INDIA) LIMITED (w.e.f. 20.06.2011)
Formerly Known As :	REXROTH MANEKLAL INDUSTRIES LIMITED
Registered Office :	Sanand Viramgam Highway, Mouje Lyava, Taluka Sanand, Ahmadabad – 382170, Gujarat
Tel. No.:	91-2717-678000
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	18.02.1974
Com. Reg. No.:	04-002468
Capital Investment / Paid-up Capital :	Rs. 63.509 Million
CIN No.: [Company Identification No.]	U29120GJ1974PLC002468
IEC No.:	0888009925
TAN No.: [Tax Deduction & Collection Account No.]	AHMB00364A
PAN No.: [Permanent Account No.]	AAACM9898F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Hydraulic Systems.
No. of Employees :	900 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (70)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Bosch Rexroth AG’, Germany. It is a manufacturer, exporter and importer of hydraulic systems. The company provides electric drives and controls, industrial hydraulics, linear motion, mobile hydraulics and pneumatics. For the financial year ended December 2013, revenue of the company has reported growth of 7.28%but net profit has been declined by 69.69% during the year under a review. Rating takes into account the strong technological support from Bosch Rexroth AG, Germany, one of the leading companies in the global drive and control solutions market and the financial support from Robert Bosch Gmbh Group, which is amongst the leading participants in the global auto-ancillary industry. Rating also takes into account of healthy financial profile supported by its adequate net worth base along with strong debt coverage indicators and favorable liquidity position. Rating strength is partially offset by vulnerability of the company’s sales to cycles of capital expenditure across industries, moderation in the end user industries for hydraulic machinery equipment coupled with increasing competitive pressures. Trade relations are reported as fair. Payments are reported to be regular and as per commitment. In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and conditions. NOTE: Management has not filed its financial record for the year December 2014 and same are not available from any sources.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund-based-over draft facility = AA-
Rating Explanation	High degree of safety and very low credit risk
Date	March, 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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Ramakant Shinde
Designation :	Manager
Contact No.:	91-22-66058817
Date :	17.11.2015

LOCATIONS

Registered/ Corporate Office/ Factory 1 :	Sanand Viramgam Highway, Mouje Lyava, Taluka Sanand, Ahmadabad – 382170, Gujarat, India
Tel. No.:	91-2717-678000
Fax No.:	Not Available
E-Mail :	vanraj.rathod@boschrexorth.co.in shinde.rd@boschrexroth.co.in
Website :	http://www.boschrexroth.com
Location:	Owned
Locality:	Commercial
Factory 2 :	Located at: · Bangalore
Sales Office :	Plot No. 96, B Wing, Ground Floor, Prabhat Bhavan, L.B.S. Marg, Vikroli (West), Mumbai – 400079, Maharashtra, India
Tel. No.:	91-22-66058817 / 77 / 88
Branch Offices :	Located at: · Kolkata · Chennai · Jamshedpur · Pune · Delhi

DIRECTORS

AS ON 30.06.2014

Name :

Mr. Karl Tragl

Designation :

Director

Address :

Am Scholzenfeld 13, 97846, Partenstein - 000000, Germany

Date of Birth/Age :

05.06.1962

Date of Appointment :

23.06.2011

DIN No.:

03527241

Name :

Mr. Deepak Sitaldas Chellani

Designation :

Whole-Time Director

Address :

1201 Raj Heritage Tower L M Road, Opposite Mary Immaculative G H School Birivali West, Mumbai, 400103, Maharashtra, India

Date of Birth/Age :

28.06.1964

Date of Appointment :

25.06.2013

DIN No.:

06433338

Name :

Mr. Ramaswamy Srinivas Pradeep

Designation :

Whole-time director

Address :

No.13, 11th Cross GHBCS Layout, Basaveshwarnagar, Bangalore, 560079, Karnataka, India

Date of Birth/Age :

14.04.1963

Date of Appointment :

21.08.2015

DIN No.:

06433529

Name :

Hans Bangert

Designation :

Managing Director

Address :

35 Amrakadamb Bunglows, Anandnagar Ramdevnagar Road Ramdevnagar Satellite, Ahmedabad - 380015, Gujarat, India

Date of Appointment :

01.08.2015

DIN No.:

07218000

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	U29120KA2002PTC031230	MIVIN ENGG. TECHNOLOGIES PRIVATE LIMITED	Director	28/09/2015	01/07/2015	Active	NO
2	U29120GJ1974PLC002468	BOSCH REXROTH (INDIA) LIMITED	Managing director	01/08/2015	01/07/2015	Active	NO

Name :

Mr. Astrid Elisabeth Leeb

Designation :

Additional Director

Address :

Relenbergstr. 39, Stuttgart - 999999, Germany

Date of Appointment :

31.03.2015

DIN No.:

07146036

Name :

Soumitra Bhattacharya

Designation :

Additional Director

Address :

15/1A, Off Palace Road, Opposite Maruti Temple, Bangalore - 560001, Karnataka, India

Date of Appointment :

24.03.2015

DIN No.:

02783243

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	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	03/09/2009	03/09/2009	-	Active	NO
2	L85110KA1951PLC000761	Bosch Limited	Director	05/06/2013	01/06/2011	-	Active	NO
3	U31103TN2008PTC067493	BOSCH ELECTRICAL DRIVES INDIA PRIVATE LIMITED	Director	27/05/2013	01/01/2013	-	Active	NO
4	U51109KA1992PTC013736	MICO TRADING PRIVATE LIMITED	Director	27/02/2013	01/01/2013	-	Active	NO
5	U93000KA1964ULL001532	KARNATAKA STATE INDUSTRIAL AND INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED	Director	17/05/2013	17/05/2013	21/06/2014	Active	NO
6	U29120GJ1974PLC002468	BOSCH REXROTH (INDIA) LIMITED	Additional director	24/03/2015	24/03/2015	-	Active	NO

Name :

Mr. Sandip Kumar

Designation :

Director

Address :

N0 219 7th Main Sadananda Nagar, NGEF East, Bangalore - 560038, Karnataka, India

Date of Appointment :

24.03.2015

DIN No.:

07082842

Name :

Mr. Ashok Pulikaparambil Abraham

Designation :

Director

Address :

5/1, 1st Main Road, Jayamahal Extn, Bangalore - 560046, Karnataka, India

Date of Appointment :

24.03.2015

DIN No.:

07078646

KEY EXECUTIVES

Name :	Vanrajsinh Ganpatsinh Rathod
Designation :	Secretary
Address :	Shraddha Associates, Opposit Laxmi Lime, Near Gota Talav, Gota Gam, Ahmedabad - 382481, Gujarat, India
Date of Birth/Age :	26.10.1987
Date of Appointment :	25.06.2013
PAN No.:	AMJPR7847R
Name :	Mr. Ramakant Shinde
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

As on 30.06.2014

Category	Percentage of Holding
Public Financial companies	0.01
Nationalised or other banks	0.03
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	97.00
Bodies corporate	0.23
Other top fifty shareholders	0.83
Other	1.90
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Hydraulic Systems.

Products :

ITC Code No.	Product Descriptions
84798999	Other

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

· Malaysia

· Austria

· Italy

· Korea

· Japan

Imports :

Products :

Raw Material

Countries :

· Germany

· Italy

· Sweden

· France

· Korea

· Japan

· China

· US

· England

Terms :

Selling :

Cash and Credit

Purchasing :

Cash 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 :

Wholesalers and Retailers

Reference:	Tata Motors India Limited
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 :

900 (Approximately)

Bankers :

Bank Name:	Deutsche Bank
Branch:	Hazaarimal Somani Marg, Fort, Mumbai, Maharashtra, India
Person Name (with Designation):	Not Divulged
Contact Number:	91-22-22701720 (Continuously Busy)
Name of Account Holder:	Not Divulged
Account Number:	00018590001 (Not Confirm)
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

Facilities :

SECURED LOANS	31.12.2013 (Rs. in Millions)	31.12.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Working Capital loans from banks	0.724	0.501
Total	0.724	0.501

Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai - 400028, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AADFP9359C
Memberships :	--
Collaborators :	--
Holding Company :	Bosch Rexroth AG, Germany
Ultimate Holding Company:	Robert Bosch GmbH, Germany
Subsidiaries :	Mivin Engg. Technologies Private Limited, India
Fellow Subsidiaries:	· Bosch Rexroth Pty Limited., Australia · Bosch Limited, India · Bosch Rexroth S.p.A., Italy · Bosch Rexroth (China) Limited, Hong Kong · Bosch Rexroth BV, Netherlands · Bosch Rexroth Filtration Systems GmbH, Germany · Bosch Thermotechnik GmbH, Germany · Robert Bosch Licensing Administration CV, Netherland · Bosch Rexroth Korea Limited, South Korea · Bosch Rexroth Ltda., Brazil · Bosch Rexroth Pte Limited., Singapore · Bosch Rexroth Oy, Finland · Bosch Rexroth Schweiz AG, Switzerland · Bosch Rexroth Sdn. Bhd., Malaysia · Bosch Rexroth Teknik AB, Sweden · PT. Rexroth, Indonesia · Shanghai Bosch Rexroth Hydraulics and Automation Limited, China · Bosch Automotive Electronics India Private Limited, India · Bosch Chassis Systems India Limited, India · Bosch Electrical Drives India Private Limited, India · Bosch Rexroth Mellansel AB, Sweden · Robert Bosch Engineering and Business Solutions Limited, India · Bosch Rexroth Corporation, USA · Bosch Rexroth DSI SAS, France · Bosch Rexroth Oil Control S.p.A., Italy · Bosch Rexroth Sp. z o. o., Poland · Bosch Rexroth Otomasyon San. ve., Turkey · Bosch Rexroth (Beijing) Hydraulics Company Limited, China · Bosch Rexroth Corporation, Japan · Bosch Rexroth A/S, Denmark · Bosch Rexroth Electric Drives and Controls (Xi'an) Company Limited, China · Bosch Rexroth Fluidtech SAS, France · Bosch Rexoth Limited, United Kingdom · Bosch Rexroth Company Limited, Taiwan · Dalian Rexroth Control Technology Limited, China · Bosch Rexroth (Changzhou) Company Limited, China · Bosch (China) Investment Limited, China · Bosch Rexroth Canada Corporation, Canada · Bosch Rexroth, spol. s.r.o., Czech Republic · Bosch India Foundation, India
Entities where Key Management Personnel are able to exercise significant influence :	· Bosch Rexroth Employees' Gratuity Trust Fund · Bosch Rexroth (India) Limited Superannuation Fund

CAPITAL STRUCTURE

AFTER AS ON 30.06.2014

Authorised Capital : Rs. 190.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 63.600 Million

As on 31.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
19000000	Equity Shares	Rs.10/- each	Rs.190.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6350920	Equity Shares	Rs.10/- each	Rs. 63.509 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

PARTICULARS	31.12.2013	31.12.2012	31.12.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	63.509	63.509	52.996
(b) Reserves & Surplus	1924.549	1883.969	1385.483
(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)	1988.058	1947.478	1438.479
(3) Non-Current Liabilities
(a) long-term borrowings	1450.000	1250.000	1250.000
(b) Deferred tax liabilities (Net)	22.277	0.000	0.000
(c) Other long term liabilities	0.000	0.000	231.564
(d) long-term provisions	85.778	91.197	73.656
Total Non-current Liabilities (3)	1558.055	1341.197	1555.220
(4) Current Liabilities
(a) Short term borrowings	1561.069	1593.922	1585.460
(b) Trade payables	1236.492	1271.611	1262.288
(c) Other current liabilities	340.523	308.503	0.000
(d) Short-term provisions	61.736	93.975	41.402
Total Current Liabilities (4)	3199.820	3268.010	2889.150
TOTAL	6745.933	6556.686	5882.849
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3125.556	1108.752	1100.023
(ii) Intangible Assets	0.000	1.393	9.737
(iii) Capital work-in-progress	29.432	2020.940	1283.384
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	199.999	0.000	0.000
(c) Deferred tax assets (net)	0.000	54.557	45.643
(d) Long-term Loan and Advances	137.641	130.963	242.636
(e) Other Non-current assets	3.973	3.738	3.183
Total Non-Current Assets	3496.601	3320.343	2684.606
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1290.216	1534.965	1262.682
(c) Trade receivables	1589.987	1491.985	1805.386
(d) Cash and cash equivalents	96.105	66.136	44.171
(e) Short-term loans and advances	266.747	136.381	75.223
(f) Other current assets	6.277	6.876	10.781
Total Current Assets	3249.332	3236.342	3198.243
TOTAL	6745.933	6556.686	5882.849

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.12.2013	31.12.2012	31.12.2011
	SALES
	Income	6384.104	5969.681	6157.718
	Other Income	33.485	12.142	16.847
	TOTAL (A)	6417.589	5981.823	6174.565
Less	EXPENSES
	Cost of Materials Consumed	1579.818	1779.32	1932.127
	Purchases of Stock-in-Trade	2291.196	2625.799	2667.169
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	264.455	(345.662)	(66.349)
	Employees benefits expense	635.62	595.84	574.096
	Other expenses	898.773	739.226	707.968
	TOTAL (B)	5669.862	5394.523	5815.011
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	747.727	587.300	359.554
Less	FINANCIAL EXPENSES (D)	461.726	273.905	263.063
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	286.001	313.395	96.491
Less/ Add	DEPRECIATION/ AMORTISATION (F)	156.094	101.617	99.044
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	129.907	211.778	(2.553)
Less	TAX (H)	89.327	79.129	6.693
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	40.580	132.649	(9.246)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)	1391.530	1173.200	1182.446
Add	Adjustment on amalgamation of erstwhile Hagglunds Drives (India) Private Limited (K)	0.000	85.681	0.000
	Balance Carried to the B/S (I+J+K)	1432.110	1391.530	1173.200
	EARNINGS IN FOREIGN CURRENCY	389.560	NA	398.080
	Earnings / (Loss) Per Share (Rs.)
	Basic	6.39	20.89	(1.74)
	Diluted	6.39	20.89	20.89

PARTICULARS	2014
Sales Turnover (Approximately)	7250.000

Expected Sales (2015): Rs. 8000.000 Million

The above information has been parted by Mr. Ramakant Shinde (Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.12.2013	31.12.2012	31.12.2011
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	649.693	837.179	(191.615)

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
Net Profit Margin (PAT / Sales)	(%)	0.64	2.22	-0.15
Operating Profit Margin (PBDIT/Sales)	(%)	11.71	9.84	5.84
Return on Total Assets (PBT/Total Assets}	(%)	1.99	4.73	(0.06)
Return on Investment (ROI) (PBT/Networth)		0.07	0.11	0.00
Debt Equity Ratio (Total Debt/Networth)		1.51	1.46	1.97
Current Ratio (Current Asset/Current Liability)		1.02	0.99	1.11

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	52.996	63.509	63.509
Reserves & Surplus	1385.483	1883.969	1924.549
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1438.479	1947.478	1988.058
Long-term borrowings	1250.000	1250.000	1450.000
Short term borrowings	1585.460	1593.922	1561.069
Total borrowings	2835.460	2843.922	3011.069
Debt/Equity ratio	1.971	1.460	1.515

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	6157.718	5969.681	6384.104
		(3.054)	6.942

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	6157.718	5969.681	6384.104
Profit	(9.246)	132.649	40.580
	(0.15%)	2.22%	0.64%

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	Yes
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	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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULAR	31.12.2013 (Rs. in Millions)	31.12.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from others	1450.000	1250.000
SHORT TERM BORROWINGS
Loans repayable on demand from banks	60.345	93.421
Loans repayable on demand from others	1500.000	1500.000
Total	3010.345	2843.421

REVIEW OF OPERATIONS

For the year ended on 31st December, 2013, the Company has achieved Turnover of Rs. 6384.100 million as against the Turnover of Rs.5969.680 million during the previous year, representing increase in Turnover of 6.94 %. Result before Tax for the year was a profit of Rs. 129.910 million compared to Rs. 211.780 million in the previous year, after considering exceptional and non-recurring items. Material costs as a percentage to sales decreased by 3.65 % to 66.84 %. Profit before interest, depreciation and taxes was 38.66 % lower compared to previous year.

GENERAL INFORMATION

The company is engaged in the business of manufacturing and trading of Mobile Hydraulics, Industrial Hydraulics, Pneumatics, Linear Motion and other hydraulic components. The Company has manufacturing plants in Ahmedabad and Bangalore and wide spread Sales and Services Offices and dealers network all over India.

FIXED ASSETS:

· Land

· Buildings

· Office Building

· Plant and Equipment

· Other plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipment’s

· Other Equipment’s

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.66.09
UK Pound	1	Rs.101.04
Euro	1	Rs.70.86

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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		70

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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