MIRA INFORM REPORT

Report No. :	339828
Report Date :	24.10.2015

IDENTIFICATION DETAILS

Name :	AIR SUN ENGINEERING WORKS
Registered Office :	11, Kaveri Estate, B/4 Plot No. 3765, GIDC Vatva Phase – 4, Rumol, Ahmedabad – 382445, Gujarat
Mobile No.:	91-9725533608 [Mr. Parimal Kantilal Bhoraniya]
Country :	India
Financials (as on) :	31.03.2015 [Provisional]
Date of Establishment :	19.10.2011
Capital Investment :	Rs. 1.089 Million
PAN No.: [Permanent Account No.]	AUHPB2794D
Legal Form :	Sole Proprietary Concern
Line of Business :	Manufacturer of Machineries of Motors and Pump Turning and also Jobwork.
No. of Employees :	6 (2 in Office and 4 in Factory) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Concern
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a proprietorship concern established in the year 2011, having small track record. For the FY 2014, the concern has achieved minimal sales turnover but reported very low profit. It has small scale of business operations. The concern has low networth base marked by low cash accruals. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The concern can be considered for small business dealings with some caution.

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

NOT AVAILABLE

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. Parimal Kantilal Bhoraniya
Designation :	Proprietor
Contact No.:	91-9725533608
Date :	21.10.2015

LOCATIONS

Registered Office/ Factory :	11, Kaveri Estate, B/4 Plot No. 3765, GIDC Vatva Phase – 4, Rumol, Ahmedabad – 382445, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9725533608 [Mr. Parimal Kantilal Bhoraniya]
Fax No.:	Not Available
Area :	400 Sq. ft.
Location :	Rented

SOLE PROPRIETOR

Name :	Mr. Parimalbhai Kantilal Bhoraniya
Designation :	Proprietor
Address :	5, Shrinand Tenament, B/H Ajothya Park, Mahadev Nagar, Vastral, Ahmedabad - 382418, Gujarat, India
Date of Birth/Age :	20.07.1988
Qualification :	HSC
PAN No.:	AUHPB2794D
Voter ID :	AGN3330032

BUSINESS DETAILS

Line of Business :	Manufacturer of Machineries of Motors and Pump Turning and also planning Jobwork.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :
Selling :	Cash
Purchasing :	Cash

DETAILS OF THE ITEMS MANUFACTURED

Sr. No.	Items manufactured	Capacity per annum	Initial date of production / commencement of service
1	Manufacturing of Machinery Parts	7500 Nos.	26.01.2010

GENERAL INFORMATION

Suppliers :

Reference:	Jyoti Engineering
Name of the Person (Designation):	Mr. Sachibbhai [Proprietor]
Contact Number:	91-9979902019
Since how long known:	5 Years
Maximum limit dealt:	Rs. 0.300 Million [per month]
Experience:	Payment Behaviour = Good Market Goodwill = Good Overall = Good
Remark	No Complaints. They are satisfied with payment behaviour.

Reference:	Vishnu Boring
Name of the Person (Designation):	Mr. Rohitbhai [Proprietor]
Contact Number:	91-9979919149
Since how long known:	5 Years
Maximum limit dealt:	Rs. 9.000 Million [per annum]
Experience:	Payment Behaviour = Excellent Market Goodwill = Excellent Overall = Excellent
Remark	No Complaints. They are happy with payment behaviour and market.

Customers :

Retailers and End Users

Reference:	Jatin Engineering
Name of the Person (Designation):	Mr. Maheshbhai
Contact Number:	91-9426966209 [Number not reachable]
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Reference:	Siddheswari Engineering
Name of the Person (Designation):	Mr. Mahendrabhai [Proprietor]
Contact Number:	91-9714089854
Since how long known:	5 Years
Maximum limit dealt:	Rs. 0.700 Million [per month]
Experience:	Product Quality = Excellent Delivery Behaviour = Excellent Overall = Excellent
Remark	They are happy with product quality and delivery behaviour.

No. of Employees :

6 (2 in Office and 4 in Factory) (Approximately)

Bankers :

Bank Name:	Nidhi Cooperative Bank
Branch:	“Nidhi House”, H. No. 8, Near C.T.M. Char Rasta, Amraiwadi, Ahmedabad – 380026, Gujarat, India
Person Name (with Designation):	Mr. Prakash [Branch Manager]
Contact Number:	91-79-25857901/ 25861907
Name of Account Holder:	Air Sun Engineering Works
Account Number:	002111101006231
Account Since (Date/ Year of A/c Opening):	Last 5 Years
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	No Facilities
Account Operation:	Current Account
Remarks: --

Facilities :

--

Auditors :
Name :	Mr. Ghanshyambhai Patel Chartered Accountant
Address :	Maninagar, Ahmedabad, Gujarat, India
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2015 [PROVISIONAL]

Particulars	Amount in Million	Particulars	Amount in Million
To Withdrawals	0.255	By Opening Balance	1.041
		Profit from P&L A/c	0.303
Balance c/f.	1.089
Total	1.344	Total	1.344

FINANCIAL DATA

[all figures are in Rupees Million]

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015 [Provisional]	31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Proprietor Capital		1.089	1.041	1.062
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.089	1.041	1.062
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1.089	1.041	1.062
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.517	0.608	0.716
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.355	0.302	0.216
	Sundry Debtors	0.376	0.342	0.356
	Cash & Bank Balances	0.204	0.152	0.101
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		0.935	0.796	0.673
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.355	0.355	0.256
	Other Current Liabilities	0.008	0.008	0.071
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.363	0.363	0.327
Net Current Assets		0.572	0.433	0.346
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1.089	1.041	1.062

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015 [Provisional]	31.03.2014	31.03.2013
	SALES
		Sales	2.857	2.453	1.857
		Jobwork Income	1.326	1.284	1.245
		TOTAL	4.183	3.737	3.102
Less	EXPENSES
		Cost of Goods sold	2.400	2.130	1.741
		Salaries and wages	0.713	0.673	0.516
		Freight and Transportation	0.056	0.045	0.036
		Electricity Power Expenses	0.315	0.276	0.216
		Rents	0.096	0.084	0.072
		Salary	0.108	0.096	0.084
		Other Expenses	0.101	0.092	0.079
		TOTAL	3.789	3.396	2.744
	PROFIT BEFORE DEPRECIATION AND AMORTISATION		0.394	0.341	0.358
Less/ Add	DEPRECIATION/ AMORTISATION		0.091	0.107	0.126
	NET PROFIT		0.303	0.234	0.232

KEY RATIOS

PARTICULARS		31.03.2015 [Provisional]	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	10.61	9.54	12.49
Return on Total Assets (PBT/Total Assets}	(%)	20.87	16.67	16.70
Return on Investment (ROI) (PBT/Networth)		0.28	0.22	0.22
Debt Equity Ratio (Total Liability/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.58	2.19	2.06

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2013	31.03.2014	31.03.2015 [Provisional]
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Proprietor Capital	1.062	1.041	1.089
Reserves & Surplus	0.000	0.000	0.000
Net worth	1.062	1.041	1.089
Secured Loans	0.000	0.000	0.000
Unsecured Loans	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015 [Provisional]
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1.857	2.453	2.857
		32.095	16.470

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015 [Provisional]
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1.857	2.453	2.857
Profit	0.232	0.234	0.303
	12.49%	9.54%	10.61%

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	Yes
12	Voter Id Card No. of Proprietor / Partners	Yes
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	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	Yes
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 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

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COMPUTATION OF TOTAL INCOME

(RS. IN MILLION)

PARTICULARS	31.03.2014
INCOME FROM BUSINESS OR PROFESSION
Net Profit as per Profit and Loss Account		0.234
Add: Disallowable / Addition
Depreciation	0.108	0.108	0.342
Less: Business Deductions
Current Depreciation u/s 32 (1)		0.108	0.108
			------------	0.234
				------------
Gross Total Income				0.234
				------------
Total Income				0.234
Rounded off u/s 288A				0.234
				=======
COMPUTATION OF TAX PAYABLE
Gross Tax on Rs. 0.234 Million [Normal]				0.003
Less: Tax Rebate u/s 87 (A)				0.002
				------------
Tax Payable				0.001
Add: Surcharge Nil + Edu. Cess and Higher Edu. Cess				0.000
				------------
				0.001
Less: Prepaid Taxes
Tax deducted at Sources
Other than Salary		0.011	0.011
Total Prepaid Taxes				0.011
				------------
Tax Refundable				(0.010)
Rounded off to Nearest 10				(0.010)
				------------
				0.000

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NETWORTH STATEMENT

MR. PARIMALBHAI KANTILAL BHORANIYA

(RS. IN MILLION)

BANK ACCOUNT

Bank	Branch	S/B, C/D Account No.	Present Balance
Nidhi Cooperative Bank Limited	CTM Branch	002111101006231	Rs. 0.237 Million

DETAILS OF ASSETS

VEHICLES

Type of Vehicle	Registration No.	Year to make	Cost at time of Purchase	Present Value
Car I-10	GJ 27 C 1673	2011	Rs. 0.450 Million	Rs. 0.300 Million

JEWELLERY

	Quantity	Valuation [Approx.]
Gold	200 Gram	Rs. 0.500 Million

CAPITAL INVESTED IN BUSINESS

Particulars	Amount in Million
Capital Invested	1.452

LEGAL HEIRS / FAMILY PARTICULARS

Name	Occupation	Relation	Age	Marital Status	Address
Vaishaliben P. Bhoraniya	Housewife	Wife	27 Years	Married	5, Shrinand Tenament, B/H Ajothya Park, Mahadev Nagar, Vastral, Ahmedabad - 382418, Gujarat, India
Dax P. Bhoraniya	--	Son	2 Years	Unmarried

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

MR. KANTILAL BABULAL BHORANIYA [GUARANTOR]

(RS. IN MILLION)

BANK ACCOUNT

Bank	Branch	S/B, C/D Account No.	Present Balance
Saurashtra Gramin Bank	Pataadi	672001231-4 [Saving Account]	Rs. 0.037 Million

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own / Joint name	Area	Free hold or Lease hold	Location/ address	Present Value	Whether encumbered (Give details)
Non Agri. Land
i. Commercial	--	--	--	--	--	--
ii. Residential	Own	--	Freehold	5, Nand Tenement, B/H Ayodhya Park, Vastral, Ahmedabad	--	No
Flat / House
Agri. Land	--	--	--	--	--	--
Others	--	--	--	--	--	--

JEWELLERY

	Quantity	Valuation [Approx.]
Gold	100 Gram	Rs. 0.250 Million

LEGAL HEIRS / FAMILY PARTICULARS

Name	Occupation	Relation	Age	Marital Status	Address
Shardaben K. Bhoraniya	Housewife	Wife	54 Years	Married	Surendranagar, Ahmedanad, Gujarat, India
Parimal K. Bhoraniya	Business	Son	27 Years	Married	Surendranagar, Ahmedanad, Gujarat, India
Chirag K. Bhoraniya	Business	Son	23 Years	Married	Surendranagar, Ahmedanad, Gujarat, India

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VALUATION REPORT

(GENERAL DETAILS)

Purpose for which valuation is made

To opine Fair Market Value for the Bank of India, Ashram Road Branch, Ahmedabad only

Date as on which valuation is made

25.08.2015

Name of the Owner

Mr. Kantibhai Babubhai Bhoraniya

If the property is under joint ownership/ co-ownership, share of each such owner. Are the shares undivided?

Single Ownership

Brief description of the property

Residential tenement

Location

Tenement No. 5, Shreenand Tenement, Beside Ayodhya Park, B/h. Harji Park, Vastral Road, Vastral, Ahmedabad

Survey / Plot No. of land

Tenement No. 5, Survey No. 948/2, T.P.S. No. 106, Final Plot No. 81/2, Mouja Vastral, Taluka Dascroi, District Ahmedabad

Is the property situated in residential/ commercial/ mixed area/ industrial area?

Residential Area

Classification of locality-high class, middle class/ poor class

Middle Class

Proximity to civic amenities, like schools, hospitals, offices, markets, cinema etc.

Nearby

Means and proximity to surface communication by the locality is served

By surface vehicles

LAND

Area of land supported by documentary proof, shape, dimensions and physical features

Particulars	S. Meter	S. Yard
Plot Area	114.39	136.81
Road and COP	37.47	44.81

Note:

They have considered land area inclusive of undivided area of road, common plot and common facilities etc

Documents provided and considered for this valuation

Copy of Regd. Sale deed No. 8521, Dated 18.10.2007, Sub Registrar Office, Ahmedabad – 7 (Odhav) and

Copy of Construction Rajachitthi No. P.R.M./40/90/2005/005091, Dated 29.03.2006 by AUDA and

Copy of B.U. Permission No. CMP/2396/05/07/08487, Dated 11.05.2007 by AUDA and verbal information/ details provided by the bank / representative of the owner.

Four Boundaries

Towards North

Towards South

Towards East

Towards West

Tenement No. 4

Road

Road

Tenement No. 6

Roads, street or lanes on which the land is abutting

Approach to Vastral Road

Is it freehold or leasehold land?

Freehold

If leasehold, the name of lessor/ lessee, nature of lease, dates of commencement and termination of lease and terms of renewal of lease:

· Initial premium

· Ground rent payable per annum

· Unearned increase payable to the lessor in the event of sale or transfer

Not Applicable

Is there any restrictive covenant in regard to use of land? If so

No

Are there any agreements of easements of? If so

No

Does the land fall in an area included in any town planning plan of Govt. or any statutory body? If so

Yes, Draft T.P.S. No. 106

Has any contribution been made towards developments or any demand for such contribution still outstanding?

No

Has the whole or part of the land been notified for acquisition by Govt. or statutory body? Give date of notification

No

IMPROVEMENTS

Furnish technical details of the building on a separate sheet.

As per Technical details

Is the building owner-occupied tenanted/ both?

Owner-occupied

If partly owner-occupied, specify portion and extent of area under owner-occupation.

Visited with and identified by representative of the owner – Mr. Parimalbhai [Mob. No. 91-9725533608]

What is the floor space Index Permissible and percentage actually utilized?

As per A.U.D.A. rules

RENTS

Name of tenants/ lessees/ lionesses etc.

Portions in their occupation

Monthly of annual rent compensation/ license fee, etc. paid by each

Gross amount received for the whole property

Not Applicable

Are any of the occupants related to or close business associates of the owner?

Not Applicable

Is separate amount being recovered for the use of fixtures like fans, geysers, refrigerator, cooling ranges, built-in wardrobes, etc. or for service charges? If so

Not Applicable

Give details of water and electricity charges? If any to be borne by the owner

Not Applicable

Has the tenant to bear the whole of part of cost of repairs and maintenance? Give particulars

Not Applicable

If lift is installed, who has to bear the cost of maintenance and operation owner or tenant?

Not Applicable

If a pump is installed, who has to bear the cost of maintenance and operation-owner or tenant?

Not Applicable

Who has to bear the cost of electricity charges for lighting of common space like entrance hall, stairs, passages, compound etc.

Not Applicable

What is the amount of property tax? Who is the bear it?

Not Provided

Is the building insured? If so give the policy no. amount for which it is insured and annual premium

Not Provided

Is any dispute between landlord and tenant regarding rent pending in a court of law?

Not Applicable

Has any standard rent been fixed for the premises under any law relating to the Control of Rent?

Not Applicable

SALES

Property characteristics and basis of land/ market rate adopted

Following factors are considered for deriving valuation:

· Regular shape, marketable size

· Corner plot, located at residential area, approach to Vastral Road, Nearness to S.P. Ring Road, Vastral Area etc.

· Located within compounded residential society with common amenities and facilities as described

· Neighborhood surrounding residential and commercial development, locality etc.

If sale instances are not available or not relied upon the basis of arriving at the land rate

· Guideline values maintained by Revenue Department and Sub-Registered Office

· Rate quoted verbally by the land owners and / or estate developers/ brokers of the locality

· Verbally/ Local inquiry is made.

COST OF CONSTRUCTION

Year of commencement of construction and year of completion

2006-07

What was the method of contraction by contract/ by employing labour directly / both?

Not Provided

For items of work done on contract, produce copies of agreement

Not Provided

For items of work done by engaging labour directly, Give basic rates of material and labour supported by documentary proof.

Not Provided

TECHNICAL DETAILS

The property under valuation is a residential tenement and allied civil construction. They have considered construction rate per unit area based on present condition, quality of construction material and work, prevailing market rate. They have considered the effect of depreciation, based on present condition and past age of the property.

No. of floors

Ground Floor

Year of Construction

2007

Year of renovation

Periodically

Estimated useful total life

60 years [for valuation purpose only]

Built up area

Particulars	Roof	Area S. feet	Rate Rs./ Sq. feet	Amount in Million
Construction	RCC	539.51	1500.00	0.809
Depreciation	[@ 5%]			0.040
Total				0.769

Type of structure

Load bearing / composite structure

Walls

Brick masonry

Doors

Wooden/ MS

Windows

Alu. Section glazed/ MS Grill

Roofing

RCC slab

Flooring

Marble / Ceramic

Wiring

Concealed

Extra Items

Compound wall with Gate, pavement flooring, Water utilities provision etc.

Common amenities

Society compound wall with Gate, Internal Road, Pavement flooring, Common lightings, Water utilities provisions etc.

APPROACH OF VALUATION

Here the registered valuer should discuss in details his approach to valuation of the property and indicate how the value has been arrived at, supported by necessary calculations. The valuation is derived on the basis of land and building method/ market rate approach based on prevailing market / land rate.

Prevailing land/ market rate derives to be Rs. 25000.00 to Rs. 30000.00 per Sq. yard for ideal equivalent property in the neighborhood area. Based on the above and location/ characteristics of the property, they have consider unit rate as under based on their opinion and experience.

Sr. No.	Particulars	Calculation	Amount in Million
1	Land	136.81 S. yard X Rs. 28500.00	3.899
2	Construction	--	0.769
	Total		4.668

FAIR MARKET VALUE

Fair Market Value of the said property with the existing usable conditions and specifications to best of their opinion can be round up and considered as Rs. 4.668 Million.

REALIZABLE SALE VALUE

Realizable Sale Value of the said property with the existing usable conditions and specification to best of their opinion can be round up and considered as Rs. 3.970 Million.

DISTRESS SALE VALUE

Distress Sale Value of the said property with the existing usable conditions and specification to best of their opinion can be round up and considered as Rs. 3.500 Million

DLC/ REGISTRATION VALUE

Sr. No.	Particulars	Calculation	Amount in Million
1	Land	114.39 S. meter X Rs. 7850.00	0.898
2	Construction	--	0.769
	Total		1.667

DLC/ Registration Value of the said property can be considered as Rs. 1.667 Million with the existing usable condition and specification to best of their opinion; based on the registration of the similar identical properties with sub register office.

INSURANCE VALUE

Sr. No.	Particulars	Calculation	Amount in Million
1	Land	Not Applicable	0.000
2	Construction	--	0.769
	Total		0.769

For Insurance Purpose; Insurance Value of the said property with the existing usable conditions and specifications can be considered as Rs. 0.770 Million.

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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. 64.88
UK Pound	1	Rs. 99.89
Euro	1	Rs. 72.06

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	AMR
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.