MIRA INFORM REPORT

Report No. :	346121
Report Date :	26.10.2015

IDENTIFICATION DETAILS

Name :	ENMAS ANDRITZ PRIVATE LIMITED (w.e.f. 13.03.2002)
Formally Known:	ENWAS AHLSTROM PRIVATE LIMITED (w.e.f. 31.07.2001) ENMAS AHLSTROM LIMITED (w.e.f. 30.06.1997) ENMAS AHLSTROM PRIVATE LIMITED
Registered Office :	4th Floor, Guna Building Annexe, New No 443, Annasalai, Teynampet, Chennai – 600018, Tamilnadu
Tel. No.:	91-44-42044888
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.04.1996
Com. Reg. No.:	18-035189
Capital Investment / Paid-up Capital :	Rs. 30.000 Million
CIN No.: [Company Identification No.]	U28920TN1996PTC035189
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of design, engineering and manufacturing of chemical recovery island equipment and power bollers which have application in pulp and paper industries.
No. of Employees :	Information declined by the Management

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Status :	Moderate
Payment Behavior :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Enmas Engineering Private Limited’. It is an established company having moderate track record. For the financial year ended 2014, company has reported 22.93% sales turnover growth as compared to previous sales turnover and it has maintained above average profitability margins at 1.26% during the year under a review. Due to profitable operations, company has able to wipe out some of its accumulated losses. However, rating remain constrained on account of company’s moderate financial risk profile marked by modest networth base along with weak coverage indicators and leverage balance sheet position. Rating weakness partially offset by company’s established track record of business operations and financial flexibility given by its holding entity. Trade relations are reported as fair. Payment are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealing 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 DENIED BY

Name :	Mr. Jaykant
Designation :	Manager
Contact No.:	91-44-42044888
Date :	23.10.2015

LOCATIONS

Registered Office/ Head Office :	4th Floor, Guna Building Annexe, New No. 443, Annasalai, Teynampet, Chennai – 600018, Tamilnadu, India
Tel. No.:	91-44-42044888/24338050
Fax No.:	91-44-24322412
E-Mail :	info@enmasandritz.in
Manufacturing Location :	IV D99, Developed Plots Estate, Thuvakudi, Tiruchirapalli - 620015, Tamilnadu, India
Branch Office :	II Fl. Agarwal Plaza, Plot No 14, LSC, B-1, Vasant Kunj, New Delhi - 110070, India
Tel. No.:	91-11-26139108 / 26139109
Fax No.:	91-11-26123539

DIRECTORS

AS ON 05.11.2014

Name :

Mr. Loknath Ratho

Designation :

Managing Director

Address :

Annapurna, Old No. 2/281, New No. 2/354, 2nd Main Road, AG'S Colony, Kottivakka, Tiruvanmiyur, Chennai - 600041, Tamilnadu, India

Date of Birth/Age :

07.01.1949

Date of Appointment :

15.04.1996

DIN No.:

00079707

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	U34103TN1985PTC011506	ENMAS ENGINEERING PRIVATE LIMITED	Director	08/04/1995	08/04/1995	-	Active	NO
2	U29113TN1995PLC033528	ENMAS GB POWER SYSTEMS PROJECTS LIMITED	Managing director	08/05/2009	15/11/1995	06/08/2011	Active	NO
3	U28920TN1996PTC035189	ENMAS ANDRITZ PRIVATE LIMITED	Managing director	15/04/1996	15/04/1996	-	Active	NO
4	U65993TN2001PTC047450	RESURGENT INVESTMENTS PRIVATE LIMITED	Director	08/05/2009	14/07/2004	-	Active	NO
5	U29199TN2004PTC053941	AEROVENTO FAN COMPANY PRIVATE LIMITED	Director	11/08/2004	11/08/2004	-	Active	NO
6	U93090TN1996PTC034649	RAM E AND I SYSTEMS PRIVATE LIMITED	Director	18/10/2004	18/10/2004	10/04/2012	Active	NO
7	U74140TN2004PTC054934	MANTECH ENERGY SYSTEMS PRIVATE LIMITED	Director	16/12/2004	16/12/2004	-	Strike off	NO
8	U40105TN2001PTC048068	ENMAS G.B. POWER SYSTEMS PRIVATE LIMITED	Director	06/09/2005	06/09/2005	10/01/2014	Active	NO
9	U40101TN2006PTC059272	RESURGENT ORTECH BIO-ENERGY PRIVATE LIMITED	Director	22/03/2006	22/03/2006	-	Strike off	NO
10	U28991TN1987PTC014423	G B ENGINEERING ENTERPRISES PRIVATE LIMITED	Director	09/04/2007	09/04/2007	01/08/2011	Active	NO
11	U74999TN2008PTC069951	AFB FANS PRIVATE LIMITED	Director	24/11/2008	24/11/2008	-	Strike off	NO
12	U40107TN2010PTC075715	KOVALAI ENERGY PRIVATE LIMITED	Director	14/05/2010	14/05/2010	-	Strike off	NO
13	U65993TN2010PTC075868	SOUTH EASTERN POWER INVESTMENTS PRIVATE LIMITED	Nominee director	31/05/2010	31/05/2010	-	Strike off	NO
14	U65100TN2010PTC076278	RESURGENT POWER SYSTEMS PRIVATE LIMITED	Director	23/06/2010	23/06/2010	-	Strike off	NO
15	U45201TN2002PTC048417	RESURGENT FOUNDATIONS PRIVATE LIMITED	Additional director	31/08/2010	31/08/2010	-	Active	NO
16	U70109TN2006PTC061119	ANNAPURNA FOUNDATIONS PRIVATE LIMITED	Director	04/11/2013	04/11/2013	-	Active	NO

Name :

Mr. Pattabiraman Kanagaraj

Designation :

Director

Address :

27, Sankar Nagar, Srirangam PO and TK, Trichy - 620006, Tamilnadu, India

Date of Birth/Age :

09.06.1971

Date of Appointment :

22.03.2012

DIN No.:

01921488

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	U50500TN2004PTC054248	GBBPR SOFT PRIVATE LIMITED	Director	04/04/2006	04/04/2006	-	Active	NO
2	U74140TN2005PTC056976	RESURGENT CORPORATE SUPPORT SERVICES PRIVATE LIMITED	Director	27/09/2008	19/01/2008	15/03/2012	Active	NO
3	U29299TN2008PTC066334	NR AIRPREHEATERS PRIVATE LIMITED	Director	06/02/2008	06/02/2008	13/08/2011	Active	NO
4	U29119TN2011PTC083624	GB POWER PROJECTS PRIVATE LIMITED	Director	16/12/2011	16/12/2011	-	Active	NO
5	U28920TN1996PTC035189	ENMAS ANDRITZ PRIVATE LIMITED	Director	22/03/2012	22/03/2012	-	Active	NO
6	U40101TN1988PTC016124	ENMAS PROCESS TECHNOLOGIES PRIVATE LIMITED	Additional director	11/03/2014	11/03/2014	-	Active	NO
7	U74900TN2014PTC095851	PLANTEC GB ENGINEERING PRIVATE LIMITED	Director	07/04/2014	07/04/2014	-	Active	NO

Name :

Mr. Jari Matti Algars

Designation :

Director

Address :

Nuottamiehentie, 6C, Espoo, 02230, Finland

Date of Birth/Age :

14.08.1964

Date of Appointment :

04.02.2005

DIN No.:

02141901

Name :

Mr. Natarajan Soundara Pandian

Designation :

Director

Address :

F1 (22), M B Flats, 27 Bazar Street, K K Nagar, (West) Chennai - 600078, Tamilnadu, India

Date of Birth/Age :

14.08.1961

Date of Appointment :

22.03.2012

DIN No.:

02313514

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	U74999TN2008PTC069951	AFB FANS PRIVATE LIMITED	Director	24/11/2008	24/11/2008	-	Strike off	NO
2	U29119TN2011PTC083624	GB POWER PROJECTS PRIVATE LIMITED	Director	16/12/2011	16/12/2011	-	Active	NO
3	U28920TN1996PTC035189	ENMAS ANDRITZ PRIVATE LIMITED	Director	22/03/2012	22/03/2012	-	Active	NO
4	U65993TN2001PTC047450	RESURGENT INVESTMENTS PRIVATE LIMITED	Director	21/12/2012	21/12/2012	-	Active	NO
5	U40101TN1988PTC016124	ENMAS PROCESS TECHNOLOGIES PRIVATE LIMITED	Additional director	28/03/2014	28/03/2014	-	Active	NO
6	U74900TN2014PTC095851	PLANTEC GB ENGINEERING PRIVATE LIMITED	Director	07/04/2014	07/04/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Jaykant
Designation :	Manager
Name :	Mr. E. Prasad
Designation :	Director - Technical
Name :	Mr. V. S. Babu
Designation :	Vice President - Engineering
Name :	Mr. S.Mahidhar
Designation :	Deputy General Manager - Project Management
Name :	Mr. A.S Gobinath
Designation :	Manager - Marketing and Proposals
Name :	Mr. S.K.Sekhri
Designation :	Vice President - Technical Services
Name :	Mr. V.Mohan
Designation :	Advisor - Erection
Name :	Mr. V.V.Rao
Designation :	Advisor - Power Plant Commg

MAJOR SHAREHOLDERS

AS ON 05.11.2014

Names of Shareholders	No. of Shares	% of holding
Andritz Oy, Finland	1200000	40.00
Enmas Engineering Private Limited, India	1800000	60.00
Total	3000000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 05.11.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companies (s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	40.00
Bodies corporate	60.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of design, engineering and manufacturing of chemical recovery island equipment and power bollers which have application in pulp and paper industries.
Products :	Recovery Boilers Evaporators Re-Causticiser Lime Kiln NCG Systems Power Boilers
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

Reference :	Trident Group
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

• Century Pulp and Paper
• TNPL
• Yash Papers Limited
• Birla Cellulose
• ABC Paper Limited
• The West Coast Paper Mills Limited
• Satia Industries Limited

No. of Employees :

Information declined by the Management

Bankers :

Bank Name	ICICI Bank Limited
Branch	ICICI Bank Towers, 6th Floor, West Wing, Santhome, Chennai - 600028, Tamilnadu, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• State Bank of India Limited, Leather and International Branch, MVJ Towers, 177/1 Poonamalee High Road Kilpauk, Chennai - 600010, Tamilnadu, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans repayable on demand from Banks
ICICI Bank	7.650	5.754
Total	7.650	5.754

Financial Institution	3i Infotech Trusteeship Services Limited, 3rd to 6th Floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai - 400703, Maharashtra, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	ASV N Ramana Tower, 52, Venkatnarayana Road, T.Nagar, Chennai – 600017, Tamilnadu, India
Tel No:	91-44-66855000
Fax No:	91-44-66855050
PAN. No.:	AACFD3771D
Memberships :	-----
Collaborators :	-----
Holding Company :	Enmas Engineering Private Limited (U34103TN1985PTC011506)
Other related party (as on 31.03.2013)	Andritz Oy

CAPITAL STRUCTURE

AS ON 05.11.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 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	30.000	30.000	30.000
(b) Reserves & Surplus	(10.143)	(11.833)	(12.865)
(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)	19.857	18.167	17.135
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.411	0.612	0.398
Total Non-current Liabilities (3)	0.411	0.612	0.398
(4) Current Liabilities
(a) Short term borrowings	210.175	202.275	185.676
(b) Trade payables	30.500	43.729	69.003
(c) Other current liabilities	29.328	21.670	35.158
(d) Short-term provisions	4.517	5.068	110.059
Total Current Liabilities (4)	274.520	272.742	399.896
TOTAL	294.788	291.521	417.429
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.035	3.750	10.739
(ii) Intangible Assets	0.161	0.638	1.167
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	34.938	32.002	28.580
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	39.134	36.390	40.486
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	24.121	30.595	72.219
(c) Trade receivables	171.327	178.461	166.234
(d) Cash and cash equivalents	9.899	22.347	54.906
(e) Short-term loans and advances	20.817	19.728	79.850
(f) Other current assets	29.490	4.000	3.734
Total Current Assets	255.654	255.131	376.943
TOTAL	294.788	291.521	417.429

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from operations	113.662	65.330	752.874
	Other Income	21.167	44.174
	TOTAL	134.829	109.504	752.874
Less	EXPENSES	127.922	88.636	703.528
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	6.907	20.868	49.346
Less	FINANCIAL EXPENSES	4.025	17.700	58.868
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2.882	3.168	(9.522)
Less/ Add	DEPRECIATION/ AMORTISATION	1.183	2.536	3.439
	EXCEPTIONAL ITEMS	0.000	0.000	174.778
	PROFIT/ (LOSS) BEFORE TAX	1.699	0.632	(187.740)
Less	TAX	0.009	(0.401)	0.000
	PROFIT/ (LOSS) AFTER TAX	1.690	1.033	(187.740)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(28.333)	(29.366)	158.375
	Balance Carried to the B/S	(26.643)	(28.333)	(29.366)
	Earnings / (Loss) Per Share (Rs.)	0.56	0.34	(62.58)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	(15.772)	(60.935)	NA
Net cash flow from (used in) operations	(17.502)	(62.225)	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Revenue from operations)	(%)	1.49	1.58	(24.94)
Operating Profit Margin (PBIDT/ Revenue from operations)	(%)	6.08	31.94	6.55
Return on Total Assets (PBT/Total Assets}	(%)	0.58	0.22	(44.98)
Return on Investment (ROI) (PBT/Networth)		0.09	0.03	(10.96)
Debt Equity Ratio (Total Debt /Networth)		10.58	11.13	10.84
Current Ratio (Current Asset/Current Liability)		0.93	0.94	0.94

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	30.000	30.000	30.000
Reserves & Surplus	(12.865)	(11.833)	(10.143)
Net worth	17.135	18.167	19.857
long-term borrowings	0.000	0.000	0.000
Short term borrowings	185.676	202.275	210.175
Total borrowings	185.676	202.275	210.175
Debt/Equity ratio	10.836	11.134	10.584

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)
Revenue from operations	752.874	65.330	113.662
		-91.323	73.981

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	752.874	65.330	113.662
Profit	(187.740)	1.033	1.690
	(24.94%)	1.58%	1.49%

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	No
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 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	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION:

Subject was incorporated under the companies act, 1956 in April 1996 with the registered office at Chennai. The company is engaged in the business of design, engineering and manufacturing of chemical recovery island equipment and power bollers which have application in pulp and paper industries. The chemical recovery island consist of recovery boller, evaporator, recaustizer and link line paints.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans repayable on demand from related parties
Enmas engineering private limited	129.294	118.470
Resurgent investments private limited	73.231	75.406
From others	0.000	2.645
Total	202.525	196.521

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10089194	28/12/2007	793,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, N  AVI MUMBAI - 400703, MAHARASHTRA, INDIA	A32518326
2	90285237	18/11/2005 *	25,000,000.00	ICICI BANKING CORPORARTION LIMITED	NUNGAMBAKKAM BRANCH PRAKASH PRESIDIUM 110, UTHAMAR GANDIH SALAI, CHENNAI - 600034, TAMILNADU, INDIA	-
3	90286259	13/10/2005 *	25,000,000.00	ICICI BANKING CORPN LIMITED	NUNGAMBAKKAM BR; PRAKASH RESIDIUM, 110; UTHAMAR G  ANDHI SALAI; N H ROAD, CHENNAI - 60003 , TAMILNADU 4, INDIA	-
4	90285163	25/08/1997	777,775.00	CEAT FINANCIAL SERIVICES LIMITED	111 FLOOR RAJ COMPLEX 240 UDYDS ROAD, MADRAS - 600036, TAMILNADU, INDIA	-
5	90285146	01/02/2007 *	643,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWERS, 6TH FLOOR , WEST WING, SANTHOM  E, CHENNAI - 600028, TAMILNADU, INDIA	A17677212

FIXED ASSETS

Tangible Assets

• Plant and Equipment
• Computers
• Furniture and Fixture
• Office Equipment
• Household Improvements

Intangible Assets

• Computer Software
• Technical Knowhow

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. 64.88
UK Pound	1	Rs. 99.88
Euro	1	Rs. 72.06

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--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	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		32

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 unfavorable 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.