MIRA INFORM REPORT

Report No. :	346485
Report Date :	23.10.2015

IDENTIFICATION DETAILS

Name :	VINEY CORPORATION LIMITED (w.e.f. 21.02.2015)

Formerly Known As :	VINEY CORPORATION PRIVATE LIMITED ( w.e.f 23.02.2011) VINEY AUTO PRIVATE LIMITED

Registered Office :	G-1033-1034-1035, DSIDC Narela Industrial Complex, Bhorgarh, Delhi - 110040
Tel. No.:	91-124-4567400

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	06.03.1992

Com. Reg. No.:	55-047911

Capital Investment / Paid-up Capital :	Rs.205.000 Million

CIN No.: [Company Identification No.]	U74899DL1992PLC047911

IEC No.:	0592021254

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAACV0446L

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer and Exporter of terminal connector wiring harness.

No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 2640000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company incorporated during the year 1992 having a satisfactory track. Available financial indicates company sound financial risk profile marked by healthy networth position with fair liquidity profile and good profit margin of the company. Further, the rating also takes into consideration favorable gap between trade payables and trade receivables. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct and as per commitment. In view of long track record and sound financial base, 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

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	India Rating
Rating	Long term issuer rating = IND BBB+
Rating Explanation	Moderate degree of safety and carry moderate credit risk.
Date	February, 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. Kapil
Designation :	Account Executive
Contact No.:	91-124-4567400

LOCATIONS

Registered Office :	G-1033-1034-1035, DSIDC Narela Industrial Complex, Bhorgarh, Delhi – 110040, India
Tel. No.:	Not available
Fax No.:	Not available
E-Mail :	mukesh_ar@rediffmail.com accounts.m@vineycop.com
Website :	www.vineycop.com

Head / Branch Office / Plant :	Plot No.42, Sector-3, IMT Manesar, Gurgaon-122050, Haryana, India
Tel. No.:	91-124-4567400

Corporate Office :	B – 172, Lok Vihar, Pitampura, Delhi – 110034, India
Tel. No.:	91-11-27351318

Branch Office :	Also Located At: · Kundli · Pune · Hosur · Bikaner · Haridwar · Kathua · Rudrapur

Overseas Plant I :	Via Vincenzo Monti, 38, 20016 Pero (MI), Italy

Overseas Plant II :	HIT Park, St. Garii, 607235, Bacau, Romania

DIRECTORS

As on 30.09.2014

Name :

Mr. Anil Parkash Agarwal

Designation :

Director

Address :

A-88, Lok Vihar, Pitampura, Delhi - 110034, India

Date of Appointment :

16.03.1992

DIN No.:

00248475

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	U74899DL1992PLC047911	VINEY CORPORATION Limited	Director	16/03/1992	16/03/1992	-	Active	NO
2	U99999DL1999PLC100751	INDIA TERMINAL CONNECTOR SYSTEMS LIMITED	Director	04/09/2004	20/07/1999	-	Amalgamated	NO
3	U45220DL2000PTC103507	AAA CONSTRUCTIONS PRIVATE LIMITED	Director	25/07/2002	25/07/2002	-	Active	NO
4	U85110DL2002PTC113970	PARAGON HEALTHCARE PRIVATE LIMITED	Director	01/07/2003	01/07/2003	-	Amalgamated	NO
5	U31909DL2006PTC146693	SANE ELECTRICALS PRIVATE LIMITED	Director	28/02/2006	28/02/2006	-	Amalgamated	NO
6	U60231DL2006PTC153852	TARA LOGITECH PRIVATE LIMITED	Director	16/09/2006	16/09/2006	05/12/2013	Active	NO
7	U74140DL2008PTC176672	Aggarwal Vivahtimes.com Private Limited	Director	11/04/2008	11/04/2008	03/11/2008	Active	NO

Name :

Mr. Viney Parkash Aggarwal

Designation :

Director

Address :

132, First Floor, Engineers Enclave, Pitampura, New Delhi - 110034, India

Date of Birth/Age :

27.04.1969

Date of Appointment :

30.09.2011

DIN No.:

00248671

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	U74899DL1992PLC047911	VINEY CORPORATION Limited	Director	30/09/2011	16/03/1992	-	Active	NO
2	U74899DL1990PTC041547	JUGAL KISHORE ASSOCIATES PRIVATE LIMITED	Director	28/06/2001	28/06/2001	-	Active	NO
3	U45220DL2000PTC103507	AAA CONSTRUCTIONS PRIVATE LIMITED	Director	25/07/2002	25/07/2002	-	Active	NO
4	U40109DL1999PLC102397	VINEY SOLAR POWER LIMITED	Director	16/11/2004	16/11/2004	-	Active	NO
5	U99999DL1999PLC100751	INDIA TERMINAL CONNECTOR SYSTEMS LIMITED	Director	31/10/2005	31/10/2005	01/04/2007	Amalgamated	NO
6	U31909DL2006PTC146693	SANE ELECTRICALS PRIVATE LIMITED	Director	28/02/2006	28/02/2006	-	Amalgamated	NO
7	U74140DL2006PTC153147	DS LOAN SOLUTIONS PRIVATE LIMITED	Director	05/09/2006	05/09/2006	02/03/2010	Strike off	NO

Name :

Mr. Rakesh Kumar Aggarwal

Designation :

Director

Address :

D-631 Saraswati Vihar, Pitampura, New Delhi - 110034, India

Date of Appointment :

01.10.2013

DIN No.:

00248752

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	U65923DL1996PTC082698	ARCHIT INFRASTRUCTURE AND DEVELOPERS PRIVATE LIMITED	Director	16/10/1996	16/10/1996	27/06/2007	Active	NO
2	U45220DL2000PTC103507	AAA CONSTRUCTIONS PRIVATE LIMITED	Director	25/07/2002	25/07/2002	-	Active	NO
3	U40109DL1999PLC102397	VINEY SOLAR POWER LIMITED	Director	16/11/2004	16/11/2004	-	Active	NO
4	U01403DL2006PLC152640	NUPUR CAPTAB LIMITED	Director	28/08/2006	28/08/2006	-	Active	NO
5	U51909DL2006PTC153336	DHATAV TRENDS PRIVATE LIMITED	Director	08/09/2006	08/09/2006	18/05/2010	Active	NO
6	U74899DL1992PLC047911	VINEY CORPORATION Limited	Director	01/10/2013	01/10/2013	-	Active	NO

Name :

Mr. Brijesh Aggarwal

Designation :

Director

Address :

D-631, 1st Floor, Saraswati Vihar, Pitampura, New Delhi - 110034, India

Date of Appointment :

01.04.2004

DIN No.:

00511293

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	U99999DL1999PLC100751	INDIA TERMINAL CONNECTOR SYSTEMS LIMITED	Director	20/07/1999	20/07/1999	-	Amalgamated	NO
2	U45220DL2000PTC103507	AAA CONSTRUCTIONS PRIVATE LIMITED	Director	25/07/2002	25/07/2002	-	Active	NO
3	U74899DL1992PLC047911	VINEY CORPORATION Limited	Director	01/04/2004	01/04/2004	-	Active	NO
4	U31500MH2004PTC145760	URAVI T AND WEDGE LAMPS PRIVATE LIMITED	Director	11/12/2006	11/12/2006	-	Active	NO
5	U40101PB2010PTC033709	CARLILL ENERGY PRIVATE LIMITED	Director	01/06/2011	01/06/2011	20/07/2011	Active	NO
6	U74999DL2014PTC268628	VINEY AUTO EXPORTS PRIVATE LIMITED	Director	05/07/2014	05/07/2014	-	Active	NO

Name :

Mr. Akshay Aggarwal

Designation :

Director

Address :

A-88, Lok Vihar, Pitam Pura, Delhi - 110034, India

Date of Appointment :

01.10.2013

DIN No.:

02256111

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	U31500MH2004PTC145760	URAVI T AND WEDGE LAMPS PRIVATE LIMITED	Additional director	01/09/2008	01/09/2008	-	Active	NO
2	U74899DL1992PLC047911	VINEY CORPORATION Limited	Director	01/10/2013	01/10/2013	-	Active	NO

Name :

Priyanka Aggarwal

Designation :

Director

Address :

D-631, 1^st Floor, Saraswati Vihar, Pitampura, New Delhi - 110034, India

Date of Appointment :

04.02.2015

DIN No.:

07062988

KEY EXECUTIVES

Name :	Mr. Sunil Gupta
Designation :	Company Secretary
Address :	Post- Chanana, District- Jhunjhunu, Jhunjhunu - 333026, Rajasthan, India
Date of Appointment :	03.06.2015
PAN No.:	APZPG6391J

Name :	Mr. Kapil
Designation :	Account Executive

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Equity Shareholders		No. of Shares
Viney Prakash Aggarwal		85000
Anil Prakash Aggarwal		2186346
Priyanka Aggarwal		171510
Mrs. Sudesh Aggarwal Akshay Aggarwal Palak Aggarwal		30003
Shobha Aggarwal		253590
Anil Prakash (HUF)		67000
Om Prakash Aggarwal		93003
Viney Prakash Aggarwal		2031250
Ved Prakash (HUF)		54000
Brijesh Kumar		1509987
Rakesh Kumar		1291320
Smt. Ritu Aggarwal		149250
Sudesh Kumari		706590
Saroj Devi		234000
Master Deep Aggarwal		621930
Master Akshya Aggarwal		1260061
Master Anant Aggarwal		1755160
Total		12500000

As on 30.09.2014

Names of Preference Shareholders		No. of Shares
HH Auto Private Limited, India		80000
Total		80000

As on 20.01.2015

Names of Allottee (Equity Shares)		No. of Shares Allotted
Priyanka Aggarwal		1632000
Ritu Aggarwal		1632000
Shobha Aggarwal		3216000
Sudesh Kumari		3120000
Total		9600000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of terminal connector wiring harness.

Products :	Terminal Connector Wiring Harness

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :
Selling :	Cash and Cheque

Purchasing :	Cash and Cheque

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers and Retailer

Reference :	Maruti Suzuki
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

· Hyundai

· Eicher

· Honda

· Tata

· Bajaj

· Yamaha

No. of Employees :

500 (Approximately)

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	Connaught Place Branch, Delhi, 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)	Cash Credit = Rs.160.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· Standard Chartered Bank, Narain Manzil, 23 Barakhamba Road, New Delhi – 110001, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loans	217.097	287.310
Other loans and advances	9.120	0.230
SHORT TERM BORROWING
Working capital loans from banks	200.449	179.751
Total	426.666	467.291

Auditors :
Name :	R. N. Saraf and Company Chartered Accountants
Address :	2659/2, Gurudwara Road, Karol Bagh, New Delhi-110005, India
Tel. No.:	011-28755210,47027503
E-Mail :	rnsarafco@yahoo.co.in
PAN No.:	AATPS5918C

Memberships :	Not Available

Collaborators :	Not Available

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Jugal Kishore Associates Private Limited · Sunvin Auto Products

Subsidiaries :	· Vimercati SPA, Italy

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital: Rs.297.500 Million

Issued, Subscribed & Paid-up Capital: Rs.221.000 Million

As on 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount

14500000	Equity Shares	Rs.10/- each	Rs.145.000 Million
150000	Preference Shares	Rs.1000/- each	Rs.150.000 Million
	Total		Rs.295.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

12500000	Equity Shares	Rs.10/- each	Rs.125.000 Million
80000	Preference Shares	Rs.1000/- each	Rs.80.000 Million
	Total		Rs.205.000 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	205.000	205.000	125.000
(b) Reserves & Surplus	721.196	478.161	270.784
(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)	926.196	683.161	395.784

(3) Non-Current Liabilities
(a) long-term borrowings	596.817	665.812	375.110
(b) Deferred tax liabilities (Net)	46.603	24.800	22.512
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.021	3.592	2.963
Total Non-current Liabilities (3)	647.441	694.204	400.585

(4) Current Liabilities
(a) Short term borrowings	520.219	398.323	360.766
(b) Trade payables	223.122	217.930	370.675
(c) Other current liabilities	173.387	138.145	42.148
(d) Short-term provisions	17.655	10.500	18.437
Total Current Liabilities (4)	934.383	764.898	792.026

TOTAL	2508.020	2142.263	1588.395

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	572.571	409.847	342.573
(ii) Intangible Assets	0.720	1.265	1.918
(iii) Capital work-in-progress	165.030	127.247	1.607
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	410.657	415.096	414.823
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	23.590	38.553	0.811
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1172.568	992.008	761.732

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	388.807	288.737	217.122
(c) Trade receivables	739.748	622.632	440.238
(d) Cash and cash equivalents	110.560	130.406	109.150
(e) Short-term loans and advances	91.719	98.827	57.558
(f) Other current assets	4.618	9.653	2.595
Total Current Assets	1335.452	1150.255	826.663

TOTAL	2508.020	2142.263	1588.395

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income			1684.970
	Other Income			5.448
	TOTAL	2889.000	2225.000	1690.418

Less	EXPENSES	2337.000	1871.000	1555.626

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	552.000	354.000	(Including Depreciation and Financial Expenses)

Less	FINANCIAL EXPENSES	155.000	50.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	397.000	304.000

Less/ Add	DEPRECIATION/ AMORTISATION	41.000	29.000

	PROFIT/ (LOSS) BEFORE TAX	356.000	275.000	134.792

Less	TAX	97.000	58.000	28.572

	PROFIT/ (LOSS) AFTER TAX	259.000	217.000	106.220

Less	APPROPRIATIONS
	Transfer to General Reserve	NA	26.000	16.000
	Dividend	NA	7.513	15.000
	Tax on Dividend	NA	1.277	2.433
	Total	NA	34.790	33.433

	Balance Carried to the B/S	NA	182.210	72.787

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	186.400	NA	NA
	TOTAL EARNINGS	186.400	NA	NA

	Earnings / (Loss) Per Share (Rs.)	20.72	17.36	8.4976

Particulars

31.03.2015

Sales Turnover (Approximately)

4000.000

Expected Sales (2015-16): Rs.4300.000 Million

The above information has been parted by Mr. Kapil (Account Executive).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	129.023	105.352	26.179
Cash generated from operations	NA	Na	NA
Net cash flows from (used in) operations	279.781	(165.689)	80.063

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012

Net Profit Margin (PAT/Sales)	(%)	NA	NA	6.30

Return on Total Assets (PBT/Total Assets}	(%)	18.42	17.19	11.50

Return on Investment (ROI) (PBT/Networth)		0.38	0.40	0.34

Debt Equity Ratio (Total Debt/Networth)		1.35	1.71	1.93

Current Ratio (Current Asset/Current Liability)		1.43	1.50	1.04

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	125.000	205.000	205.000
Reserves & Surplus	270.784	478.161	721.196
Net worth	395.784	683.161	926.196

long-term borrowings	375.110	665.812	596.817
Short term borrowings	360.766	398.323	520.219
Current Maturities of Long Term Debt	26.179	105.352	129.023
Total borrowings	762.055	1169.487	1246.059
Debt/Equity ratio	1.925	1.712	1.345

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	1690.418	2225.000	2889.000
		31.624	29.843

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	1690.418	2225.000	2889.000
Profit	106.220	217.000	259.000
	6.28%	9.75%	8.97%

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)	No
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	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 four years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
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:

The Registered address of the company has been shifted from the G-975, Narela, New Delhi – 110040, India to the present address w.e.f. 17.03.2011

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Fully convertible debentures intercorporate	240.000	240.000
Loans and advances from related parties	130.600	130.600
Deferred payment for acquisition of fixed assets	0.000	7.672
SHORT TERM BORROWING
Intercorporate borrowings	76.209	7.522
Loans and advances from directors	223.515	91.200
Loans and advances from others	20.046	119.850
Total	690.370	596.844

FIXED ASSETS

· Land

· Buildings

· Office building

· Plant and Equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office Equipment

· Computer 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 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.65.15
UK Pound	1	Rs.100.53
Euro	1	Rs.73.97

INFORMATION DETAILS

Information Gathered by :	GAY

Analysis Done by :	DIV

Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	6
--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		47

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.

MIRA INFORM REPORT

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