MIRA INFORM REPORT

Report No. :	338747
Report Date :	01.09.2015

IDENTIFICATION DETAILS

Name :	DELPHI AUTOMOTIVE SYSTEMS PRIVATE LIMITED

Formerly Known As :	DELPHI AUTOMOTIVE SYSTEMS LIMITED

Registered Office :	B-92, Himalaya House, 23, Kasturba Gandhi Marg, New Delhi - 110001
Tel. No.:	91-11- 46249600

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	07.04.1995

Com. Reg. No.:	55-067296

Capital Investment / Paid-up Capital :	Rs.4068.235 Million

CIN No.: [Company Identification No.]	U74899DL1995PTC067296

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	DELD08997C

PAN No.: [Permanent Account No.]	AAACD0226E

Legal Form :	Private Limited Liability Company

Line of Business :	The subject is a manufactures and trades in automobile components and also develops embedded software systems

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 640000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is a subsidiary of “Delphi International SARL, Luxembourg It is an established company incorporated during the year 1995 having a satisfactory track record. The company has incurred some accumulated losses however, capital base of the company is strong. Liquidity position of the company is good The company also receives strong operational and managerial support from its holding company Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. In view of long track record and strong holdings support, 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	ICRA
Rating	Fund Based Facilities = BBB
Rating Explanation	Moderate degree of safety and carry moderate credit risk.
Date	February, 2015

Rating Agency Name	ICRA
Rating	Non – Fund Based Facilities = A2
Rating Explanation	Strong degree of safety and carry low 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 31-03-2013.

INFORMATION DENIED

MANAGEMENT NON CO-OPERATIVE (91-80-30777444)

LOCATIONS

Registered Office :	B-92, Himalaya House, 23, Kasturba Gandhi Marg, Delhi-110001, New Delhi, India
Tel. No.:	91-11- 46249600 / 91-124-3894300
Fax No.:	91-124-3894321
E-Mail :	sanjeeb.subudhi@delphi.com mohanarao.nimmana@delhi.com
Website :	http://www.delphi.com

Corporate Office/ Works :	240, Phase – I, Udyog Vihar, Gurgaon, Haryana, India
Tel. No.:	91-124-2439600/ 14
Fax No.:	91-124-2439618
E-Mail :	Resumes@delphi.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Nowtej Singh

Designation :

Director

Address :

Flat No. 303 Tower – 6, Unitech Fresco, Nirvana Country, South City – II, Gurgaon - 122018 Haryana India

Date of Birth/Age :

19.12.1970

Date of Appointment :

30.09.2011

DIN No.:

03424987

PAN No.:

AUSPS9717Q

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	U74899DL1995PTC067296	DELPHI AUTOMOTIVE SYSTEMS PRIVATE LIMITED	Director	30/09/2011	5/2/2011	-	Active	NO

Name :

Mr. Ranji Abraham

Designation :

Director

Address :

101, 4th E Cross, Near Green View Park, Kasturi Nagar, Bangalore North, Kalyananagar, Bangalore North Bangalore - 560043, Karnataka, India

Date of Birth/Age :

16.07.1963

Date of Appointment :

29.09.2012

DIN No.:

05177241

PAN No.:

ACAPA7520P

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	U74899DL1995PTC067296	DELPHI AUTOMOTIVE SYSTEMS PRIVATE LIMITED	Director	29/09/2012	19/01/2012	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders (Equity Shares)	No. of Shares
Delphi International Sarl, Luxembourg	28499997
Delphi Global Holdings Sarl, Luxembourg	3

Total	28500000

Names of Shareholders (Preference Shares)	No. of Shares
Delphi International Sarl, Luxembourg	12182349

Total	12182349

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The subject is a manufactures and trades in automobile components and also develops embedded software systems

Products :

Item Code No. (ITC Code)	Product Description
87089900	Drive Shafts and intermediate shafts
85238020	Embedded software systems Services
84099191	Fuel Pump
84152090	Heat Ventilating and Air Conditioning parts

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 :	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

No. of Employees :

Information declined by the management

Bankers :

Axis Bank Limited, Shop No. 1-6 And 8-10, Ground Floor, Suncity, Ninex Time Center, Sector – 54, Golf Course Road, Gurgaon – 122002 Haryana India
Yes Bank Limited, 9^th Floor, Nehru Center, Discovery Of India, dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Centurion Bank of Punjab Limited, SG-6 DLF Galleria, Phase-Iv, Gurgaon - 122016, Haryana, India
UIT Bank Limited, DLF Gurgaon Branch , SG -20 -22, Galleria Shopping Complex ,DLF City ,Phase - Iv, Gurgaon - 122002, Haryana, India

Banker Name	Axis Bank Limited
Branch Address	Trishul 3rd Floor Opposite, Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, 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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Working capital loans from banks	25.701	57.125
Total	25.701	57.125

Auditors :
Name :	S R Batliboi and Company LLP Chartered Accountants
Address :	Golf View, Corporate Tower – B, Sector 42, Gurgaon - 122002 Haryana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFS3291N

Memberships :	Not Available

Collaborators :	Not Available

Ultimate Holding Company:	Delphi Automotive LLP, United Kingdom (w.e.f October 6,2009) Delphi Automotive Systems (Holding) Inc, USA (till October 5, 2009)

Enterprise having substantial interest in the Company:	Delphi International S.A.R.L., Luxembourg

Fellow subsidiaries Company:	Delphi Connection Systems Korea LLC, Korea Beijing Delphi Wan Yuan Engineering Management System Company, China Delphi (China) Technical Center Company Limited, China Delphi Automotive Systems (China) Holding Company Limited , China Delphi Auto Systems Australia Limited, Australia Delphi Automotive Systems Dix SAS, France Delphi Automotive Systems Espana, S.L., Spain Delphi Automotive Systems Japan Limited, Japan Delphi Automotive Systems Limited Sirketi , Turkey Delphi Automotive Systems, LLC, USA Delphi Automotive Systems Luxembourg Sa, Luxembourg Delphi Automotive Systems Maroc, Morocco Delphi Automotive Systems Poland Sp.Z.O.O, Poland Delphi Automotive Systems Portugal S.A, Portugal Delphi Eea Indonesia, Indonesia Delphi Automotive Systems Singapore Private Limited, Singapore Delphi Automotive Systems(Thailand) Limited., Thailand Delphi Delco Electronics Europe GMBH, Germany Delphi Deutschland GMBH , Germany Delphi Diesel Systems France S.A.S, France Delphi Diesel Systems Limited, U.K Delphi Packard Romania SRL. ,Romania Delphi Electrical Center S (Shanghai) Company Limited, China Delphi Electronics Suzhou Company Limited, China Delphi France SAS, France Delphi Hungary KFT., Hungary Delphi International SARL, Luxembourg Delphi Italia Automotive Systems SRL, Italy Delphi Korea LLC, Korea Delphi Lockheed Automotive Limited , U.K Delphi Lockheed Automotive Sa, France Delphi Automotive Sistemleri Sanayi Ve Ticaret Anonim Sirketi, Turkey Delphi Connection Systems Austriagmbh, Austria Delphi Packard Electric Ceska Rebublica S.R.O, Czec Rebublic Delphi Packard Electric Systems Company Limited, China Delphi Automotive Systems Austria Gmbh, Austria Delphi Poland S.A, Poland Delphi Shanghai Dyanmics And Propulison Systems Company Limited, China Delphi Slovensko S.R.O ,Solvak Rebublic, Slovenia Delphi Technologies INC ,Usa Delphi Trading (Sanghai) Company Limited , China Korea Delphi Automotive Systems Corporation, Korea Mecel Ab ,Sweden Packard Electric (Malaysia) Sdn. Bhd, Malyasia Prostep Ag Germany Pt. Delphi Automotive Systems, Indonesia Shanghai Delphi Automotive Air-conditioning Systems Limited. ,China Delphi Connection Systems India Private Limited, India [U32109kl2000ptc015286] Delphi Packard Tanger Sa, South Africa Delphi Connectors Do Brazil Industrial, Comercio, Importacao E Exportacao Limited, Brazil Delphi Automotive Systems Do Brasilltda, , Brazil Delphi De Mexico S.A. De C.V. Mexico Delphi Auto Systems Australia Ltd., Australia Delphi Connection Systems Deutschland GMBH, Germany Delphi Connection Systems Hungary KFT , Hungary Delphi Connection Systems France Sa , France Delphi Connection Systems Italia S.P.A. , Italy

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

28500000	Equity Shares	Rs.100/- each	Rs.2850.000 Million
16500000	Preference shares	Rs.100/- each	Rs. 1650.000 Million
	Totak		Rs. 4500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

28500000	Equity Shares	Rs.100/- each	Rs.2850.000 Million
12182349	Preference shares	Rs.100/- each	Rs. 1218.235 Million
	Total		Rs. 4068.235 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	4068.235	4068.235	4068.235
(b) Reserves & Surplus	(1826.138)	(1565.134)	(1763.831)
(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)	2242.097	2503.101	2304.404

(3) Non-Current Liabilities
(a) long-term borrowings	881.319	881.319	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	22.469	20.186	5.550
(d) long-term provisions	11.192	9.453	0.000
Total Non-current Liabilities (3)	914.980	910.958	5.550

(4) Current Liabilities
(a) Short term borrowings	25.701	57.125	0.000
(b) Trade payables	1417.665	1616.308	1367.021
(c) Other current liabilities	311.022	181.283	273.002
(d) Short-term provisions	112.118	93.497	63.497
Total Current Liabilities (4)	1866.506	1948.213	1703.520

TOTAL	5023.583	5362.272	4013.474

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1328.926	1210.546	1083.501
(ii) Intangible Assets	14.187	21.999	11.242
(iii) Capital work-in-progress	135.805	78.938	115.212
(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	1227.058	1188.596	193.901
(e) Other Non-current assets	0.568	0.692	1.176
Total Non-Current Assets	2706.544	2501.772	1405.032

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	812.628	997.486	817.762
(c) Trade receivables	1171.860	1317.917	1047.601
(d) Cash and cash equivalents	51.181	329.102	469.843
(e) Short-term loans and advances	188.722	192.985	250.043
(f) Other current assets	92.648	24.011	23.193
Total Current Assets	2317.039	2861.501	2608.442

TOTAL	5023.583	5362.272	4013.474

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	6219.940	6857.140	5137.220
	Other Income	266.010	193.450	160.090
	TOTAL (A)	6485.950	7050.590	5297.310

Less	EXPENSES
	Total Expenses	6436.620	6625.160	5112.550
	Discontinued Operations	1.110	0.470	242.750
	TOTAL (B)	6437.730	6625.630	5355.300

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	48.220	424.960	(57.990)

Less	FINANCIAL EXPENSES (D)	106.110	61.480	11.680

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(57.890)	363.480	(69.670)

Less/ Add	DEPRECIATION/ AMORTISATION (F)	203.110	164.780	120.600

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(261.000)	198.700	(190.270)

Less	TAX (H)	NA	NA	NA

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(262.110)	198.230	(190.270)

	Earnings / (Loss) Per Share (Rs.)	(9.20)	6.96	(6.68)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	0.000	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	0.000	(11.754)	(0.097)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(4.21)	2.89	(3.70)

Operating Profit Margin (PBIDT/Sales)	(%)	0.78	6.20	(1.13)

Return on Total Assets (PBT/Total Assets}	(%)	(5.34)	3.76	(4.88)

Return on Investment (ROI) (PBT/Networth)		(0.12)	0.08	(0.08)

Debt Equity Ratio (Total Debt /Networth)		0.40	0.37	0.00

Current Ratio (Current Asset/Current Liability)		1.24	1.47	1.53

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	4068.235	4068.235	4068.235
Reserves & Surplus	(1763.831)	(1565.134)	(1826.138)
Net worth	2304.404	2503.101	2242.097

long-term borrowings	0.000	881.319	881.319
Short term borrowings	0.000	57.125	25.701
Total borrowings	0.000	938.444	907.020
Debt/Equity ratio	0.000	0.375	0.405

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	5137.220	6857.140	6219.940
		33.480	(9.293)

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	5137.220	6857.140	6219.940
Profit	(190.270)	198.230	(262.110)
	(3.70%)	2.89%	(4.21%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	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	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

BUSINESS OPERATIONS:

Year 2013-2014 was significant for the Company as a whole with divisions with high import content impacted due to 15% depreciation in Indian Rupee (54 to 62). With industry growth bottomed in 2013 and higher inflation driving higher interest rate has impacted Company’s financial performance versus previous year

However, with the recent investments carried out, Company is hopeful to leverage major customer base and certainly look forward for achieving higher returns in the coming years. Delphi EEA Division started the operation of its new plant at Chakan, Pune, in western part of India. The plant has been operational from the first quarter of the year 2013 and will cater to the rising demand of few of the OEM’s situated in this part of the country. Further, the Company also came up with the expansion in Chennai in the southern part of India in the fourth Quarter of Financial Year 2013-2014.

These investments in physical assets (capex) will definitely give them positive margins. And the Delphi Board has recognized and appreciated the outstanding work that they do to support and in many cases lead requirement across the globe.

The Company has considerably booked some good business during the period and is quite optimistic about its future business prospects. It will continue to work in this market with our innovations and continue to strengthen their India footprints by providing a safer, greener and more connected driving experience.

OUTLOOK AND FUTURE PROSPECTS:

The growth story of the automobile industry during 2013-14, has been witnessing a slow growth but surely recovering from the previous year’s turbulence and is still hopeful on the Indian market in trying to keep a firm foot in order to do better in the future.

The industry made a production growth of 22.45% and had an overall growth in the export figure of 19.99% for the year 2013-14. The sales of Passenger Vehicles grew by 4.25% in April-August 2014 over the same period last year. The overall Commercial Vehicles segment registered a de-growth of (-) 10.14% in April-August 2014 as compared to the same period last year. Medium and Heavy Commercial Vehicles (M&HCVs) registered negative growth at (-) 1.22% and two Wheelers sales registered a growth of 16.41% in April-August 2014 over April-August 2013.

The Auto Component industry in India has a strong positive multiplier effect as a key driver of economic growth. As per industry estimates, the industry clocked a turnover of Rs. 211765.000 Million (USD 35.13 billion) in FY 2013-14, with an impressive CAGR of 14 percent over the last six years. Out of the total turnover of the Indian auto components industry, around 29% is derived from exports.

Amidst all this slowdown, India’s automotive industry is expected to emerge as the third-largest in the world by 2020 with production volumes expected to increase to 36.400 million units, an annual growth of eight per cent, according to industry estimates. It is also expected that India’s share in global auto exports may triple by 2016.

In line with the above, in the current fiscal in 2013-14 faces fierce times for the industry with organizations looking for upcoming opportunities and optimism for overall industry turn around. There is expectation within the industry to have some market correction in FY 2014-15.

FUTURE PLAN OF ACTION:

As an ongoing process, it is always strived to strengthen the existing technology base by approaching overseas organizations within the Delphi Group and outside. Measures are taken to identify areas for further improvement of products, processes, manufacturing, and information technology.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Fully convertible debentures others	881.319	881.319
Total	881.319	881.319

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10387146	04/08/2014 *	400,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	C16190647

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Estimated amount of contracts remaining to be executed on capital account and not provided for	104.110	78.651
Total contingent liabilities and commitments	104.110	78.651

FIXED ASSETS

Tangible assets

Land
Buildings
Plant and equipment
Furniture and fixtures
Vehicles
Office equipment
Leasehold improvements

Intangible assets

Computer software

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.66.26
UK Pound	1	Rs.101.99
Euro	1	Rs.74.79

INFORMATION DETAILS

Information Gathered by :	GYT

Analysis Done by :	DIV

Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION		--
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	3
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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

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

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

RATING EXPLANATIONS

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

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

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