MIRA INFORM REPORT

Report No. :	339442
Report Date :	05.09.2015

IDENTIFICATION DETAILS

Name :	TBEA ENERGY (INDIA) PRIVATE LIMITED

Registered Office :	"TBEA Green Energy Park", National Highway No. 8, Village: Miyagam, Karjan – 391440, Gujarat
Tel. No.:	91-2666-660000

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	07.07.2010

Com. Reg. No.:	04-071817

Capital Investment / Paid-up Capital :	Rs.3099.279 Million

IEC No.:	0510053092

CIN No.: [Company Identification No.]	U40104GJ2010PTC071817

TAN No.: [Tax Deduction & Collection Account No.]	BRDT01831E

PAN No.: [Permanent Account No.]	AADCT5210F

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer, Trader and Importer of high voltage transformers and cold rolled grain oriented steels.

No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject was promoted in July 2010 a wholly owned subsidiary of “TBEA Shenyang Transformer Group Company Limited”. It is an established company having satisfactory track record. Company possesses moderate financial risk profile and it has incurred huge accounted losses during financial year 2014. However, rating takes into consideration strong financial and operational support that company receives from its parent company. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of strong parent company support, the company can be considered for business dealings at usual trade terms and condition.

NOTES :

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities : BBB
Rating Explanation	Moderate credit quality and average credit risk.
Date	05.02.2015

Rating Agency Name	CARE
Rating	Short term bank facilities : A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	05.02.2015

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

Name :	Mr. Umesh
Designation :	Office Executive
Contact No.:	91-124-4988400

LOCATIONS

Registered Office/ Site Address :	"TBEA Green Energy Park", National Highway No. 8, Village: Miyagam, Karjan – 391440, Gujarat, India
Tel. No.:	91-2666-660000/ 162
Fax No.:	Not Available
E-Mail :	tpa.narayanan@tbeaindia.com heena.patel@tbeaindia.com rutvik.patel@tbeaindia.com
Website :	www.tbeaindia.com
Location :	Owned

Site Office :	Survey No. 742, 749, 750 and 751, National Highway 8, Besides Jindal Rail Infrastructure Limited, Miyagam, Karjan, Vadodara – 391440, Gujarat, India

Marketing Office :	1002, Wing A, Singnature Towers, South City-I, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-4988400
Fax No.:	91-124-4988431

Regional Head Offices :	Located At: Trinity Tower, 83 Topsia Road, EM Bypass, 5^th Floor, Kolkata – 700046, West Bengal, India 1002, 10^th Floor, Wing “A”, Signature Towers, South City-l, Gurgaon – 122001, Haryana, India Office No.A-605, Building No.A Dynasty Business Park, 151, Andheri (East), Mumbai – 400059, Maharashtra, India Unit No.5, Secind Floor, Sun Plaza, No.19 (Old No.39) G.N. Chetty Road, Chennai – 600006, Tamilnadu, India

DIRECTORS

As on 30.09.2014

Name :

Yong Leng

Designation :

Managing director

Address :

C-1048, Sushant Lok-1, Gurgaon – 122001, Haryana, India

Date of Appointment :

20.09.2014

DIN No.:

05140650

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	U40104GJ2010PTC071817	TBEA ENERGY (INDIA) PRIVATE LIMITED	Director	20/09/2014	08/12/2011	-	Active	NO
2	U51103GJ2012PTC071903	TBEA (INDIA) TRADING PRIVATE LIMITED	Director	11/09/2012	11/09/2012	-	Active	NO

Name :

Zhijin Chen

Designation :

Managing Director

Address :

House No. 936, Sector 40, Gurgaon – 122001, Haryana, India

Date of Appointment :

20.09.2014

DIN No.:

03271793

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	U40104GJ2010PTC071817	TBEA ENERGY (INDIA) PRIVATE LIMITED	Managing director	20/09/2014	01/10/2010	-	Active	NO
2	U51103GJ2012PTC071903	TBEA (INDIA) TRADING PRIVATE LIMITED	Director	11/09/2012	11/09/2012	-	Active	NO
3	U27100GJ2013PTC077788	TBEA-WISCO INDIA PRIVATE LIMITED	Additional director	06/02/2015	06/02/2015	-	Active	NO
4	U31908GJ2015PTC082900	TBEA (INDIA) TRANSFORMER PRIVATE LIMITED	Director	15/04/2015	15/04/2015	-	Active	NO
5	U31503GJ2015PTC083605	TBEA GROUP (INDIA) TECHNOLOGY PRIVATE LIMITED	Director	19/06/2015	19/06/2015	-	Active	NO

Name :

Mr. Gopal Krishan Gupta

Designation :

Director

Address :

53-54, Vikas Nagar, Old Padra Road, Vadodara -390020, Gujarat, India

Date of Birth/Age :

05.07.1957

Date of Appointment :

30.09.2013

DIN No.:

06626534

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	U40104GJ2010PTC071817	TBEA ENERGY (INDIA) PRIVATE LIMITED	Director	30/09/2013	16/08/2013	07/05/2015	Active	NO
2	U27100GJ2013PTC077788	TBEA-WISCO INDIA PRIVATE LIMITED	Director	06/12/2013	06/12/2013	06/02/2015	Active	NO
3	U70102UP2010PTC041196	DELTA INFRAESTATE PRIVATE LIMITED	Director	30/09/2014	01/05/2014	-	Active	NO

Name :

Wei Liu

Designation :

Director

Address :

1-7-1, No. 9-3, Tangzi Street, Dadong District, Shenyang

Date of Birth/Age :

13.10.1981

Date of Appointment :

19.06.2015

DIN No.:

06694746

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	U40104GJ2010PTC071817	TBEA ENERGY (INDIA) PRIVATE LIMITED	Director	30/09/2013	16/08/2013	-	Active	NO
2	U40106GJ2015PTC082263	TBEA SOLAR (INDIA) PRIVATE LIMITED	Director	14/02/2015	14/02/2015	-	Active	NO
3	U31908GJ2015PTC082900	TBEA (INDIA) TRANSFORMER PRIVATE LIMITED	Director	15/04/2015	15/04/2015	-	Active	NO
4	U31503GJ2015PTC083605	TBEA GROUP (INDIA) TECHNOLOGY PRIVATE LIMITED	Director	19/06/2015	19/06/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Umesh
Designation :	Office Executive

Name :	Asir Deepak Desai
Designation :	Secretary
Address :	2/A, Udyognagar Society, O/s Panigate, Vadodara – 380019, Gujarat, India
Date of Appointment :	02.09.2014
PAN No.:	BAOPD0976P

Name :	Mr. Gautam
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Tbea Shenyang Transformer Group Company Limited, China	309917874
Zhang Xin	10000
Total	309927874

As on 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader and Importer of high voltage transformers and cold rolled grain oriented steels.

Products :	High Voltage Transformers and Cold Rolled Grain Oriented Steels

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :
Products :	Raw Material
Countries :	China USA

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Aastha India Limited
Name of the Person :	Mr. Venugopal (DGM Marketing)
Contact No.:	91-9979899448
Since How Long Known :	1.5 Years
Experience :	Payment Behaviour = Excellent Market Goodwill = Excellent Overall = Excellent
Maximum Limit Dealt :	Not Divulged
Remark :	They are satisfy with their payment and delivery services.

Customers :

Reference :	Posco Poggen Amp Electricas Steels
Name of the Person :	Mr. Bharat Sanghavi (Commercial Manager)
Contact No.:	91-9925100522
Since How Long Known :	5 Years
Experience :	Payment Behaviour = Excellent Market Goodwill = Excellent Overall = Excellent
Maximum Limit Dealt :	Rs. 300.000 Million (1 Year)
Remark :	They are satisfied with products, quality and delivery behavior.

No. of Employees :

500 (Approximately)

Bankers :

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Banker Name	HSBC Bank
Branch Address	Vadidara, Gujarat
Person Name (With Designation)	Mr. Manas (Vice President)
Contact Number	91-9820282223
Name of Account Holder	9820282223
Account Number	TBEA energy (India) Private Limited
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	Good
Remarks (If any)	Banker gave us positive feedback, As claimed by Mr. Manas (Vice President) that the subject having very good track reward for banking transaction.

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans repayable on demand
HDFC Bank Limited	80.229	0.000
ICICI Bank Limited	6.519	0.000
Total	86.747	0.000
NOTE Cash Credit facility (secured) from HDFC Bank Limited carry interest of 10.50% p.a. computed on a monthly basis on the actual amount utilized and are repayable on the first day of the subsequent month with a tenure of 180 days and are secured by first pari passu hypothecation charge over current assets and second paripassu hypothecation charge over the fixed assets of the company. Cash Credit facility from ICICI Bank Limited carry interest of 11.25% p.a and is to be paid on a monthly basis. The said loan is secured against first charge by way of hypothecation of the Company’s entire stocks of raw materials, semi-finished and finished goods, consumables stores and spares and other movables including book debts and receivables and charge is also on all the company’s movable and immovable fixed assets, both present and future and both the charge are ranking pari passu with other participating banks facility is valid upto October 24, 2014. TBEA Shenyang Transformer Group Company Limited (Holding Company) has provided comfort letter to the bankers for loans taken by the company.


Auditors :
Name :	SNK and Company Chartered Accountants
Address :	'SNK House' 31-A, Adarsh Society, Opposite Seventh Day Adventist High School, Atwalines, Surat – 395001, Gujarat, India
Tel. No.:	91-261-2656273-4/ 3299540-7
Fax No.:	91-261-2656868
E-Mail :	snk@snkca.com ankur@snkca.com
Website :	www.snkca.com
Income-tax PAN of auditor or auditor's firm :	AAJFS8455L

Holding Company :	TBEA Shenyang Transformer Group Company Limited

Subsidiary Company :	TBEA (India) Trading Private Limited CIN No.: U51103GJ2012PTC071903

Associates :	· TBEA Koncar (Shenyang) Instrument Transformer Company Limited · TBEA Shanghai Zonfa E Power EHV Equipment Company Limited · TBEA Shenyang Morden logistic and International Trade Company Limited · TBEA USA Corporation

Employee Fund :	Employees Group Gratuity-cum-Life Assurance Scheme

CAPITAL STRUCTURE

After 31.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

500,000,000	Equity Shares	Rs.10/- each	Rs.5000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

309,927,874	Equity Shares	Rs.10/- each	Rs.3099.279 Million

AS ON 31.03.2014

Authorised Capital : Rs.5600.000 Million

Issued, Subscribed & Paid-up Capital : Rs.5595.094 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	3099.279	2968.055	876.879
(b) Reserves & Surplus	(317.483)	(86.246)	0.088
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	32.071	0.000
Total Shareholders’ Funds (1) + (2)	2781.796	2913.880	876.967

(3) Non-Current Liabilities
(a) long-term borrowings	3298.125	1447.791	0.000
(b) Deferred tax liabilities (Net)	6.387	2.696	0.328
(c) Other long term liabilities	1.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	3305.512	1450.487	0.328

(4) Current Liabilities
(a) Short term borrowings	86.747	0.000	0.000
(b) Trade payables	2024.011	220.760	10.602
(c) Other current liabilities	1561.517	67.218	3.276
(d) Short-term provisions	159.472	9.411	2.634
Total Current Liabilities (4)	3831.747	297.389	16.512

TOTAL	9919.055	4661.756	893.807

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1040.992	883.343	805.229
(ii) Intangible Assets	5.160	3.420	0.000
(iii) Capital work-in-progress	6896.333	2111.429	57.083
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.100	0.100	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	46.804	36.950	6.284
(e) Other Non-current assets	27.430	27.692	0.035
Total Non-Current Assets	8016.819	3062.934	868.631

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	757.683	82.744	0.000
(c) Trade receivables	498.183	37.444	3.620
(d) Cash and cash equivalents	187.273	138.928	4.053
(e) Short-term loans and advances	252.186	1337.656	16.926
(f) Other current assets	206.911	2.050	0.577
Total Current Assets	1902.236	1598.822	25.176

TOTAL	9919.055	4661.756	893.807

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1200.820	36.039	0.805
		Other Income	6.935	24.196	0.087
		TOTAL (A)	1207.755	60.235	0.892

Less	EXPENSES
		Cost of Materials	778.543	21.076
		Purchases of Traded Goods	358.055	95.426
		Changes in Inventories of Traded Goods	42.266	(82.744)
		Employee Benefit Expenses	47.359	0.396
		Other Expenses	190.941	106.698
		TOTAL (B)	1417.164	140.852	0.012

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(209.409)	(80.617)	0.880

Less	FINANCIAL EXPENSES (D)		11.293	0.366	0.000

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(220.702)	(80.983)	0.880

Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.843	2.983	0.000

	PROFIT BEFORE TAX (E-F) (G)		(227.545)	(83.966)	0.880

Less	TAX (H)		3.692	2.368	0.483

	PROFIT AFTER TAX (G-H) (I)		(231.237)	(86.334)	0.397

	EARNINGS IN FOREIGN CURRENCY		6.526	0.000	0.000

	IMPORTS
		Traded Goods	142.564	95.426	0.000
		Advance for Capital Goods	319.452	1212.739	9.970
	TOTAL IMPORTS		462.016	1308.165	9.970

	Earnings Per Share (Rs.)		(0.75)	(0.46)	0.005

Particulars

31.03.2015

Sales Turnover (Approximately)

1500.000

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	50.000	0.000	0.000
Cash generated from operations	3114.547	(1249.422)	(8.091)
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(19.26)	(239.56)	49.32

Operating Profit Margin (PBIDT/Sales)	(%)	(17.44)	(223.69)	109.32

Return on Total Assets (PBT/Total Assets}	(%)	(7.53)	(3.29)	0.11

Return on Investment (ROI) (PBT/Networth)		(0.08)	(0.03)	0.00

Debt Equity Ratio (Total Debt /Networth)		1.22	0.50	0.00

Current Ratio (Current Asset/Current Liability)		0.50	5.38	1.52

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	876.879	2968.055	3099.279
Reserves & Surplus	0.088	(86.246)	(317.483)
Share Application money pending allotment	0.000	32.071	0.000
Net worth	876.967	2913.880	2781.796

long-term borrowings	0.000	1447.791	3298.125
Short term borrowings	0.000	0.000	86.747
Total borrowings	0.000	1447.791	3384.872
Debt/Equity ratio	0.000	0.497	1.217

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	0.805	36.039	1200.820
		4,376.894	3,232.001

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	0.805	36.039	1200.820
Profit/ (Loss)	0.397	(86.334)	(231.237)
	49.32%	(239.56%)	(19.26%)

LOCAL AGENCY FURTHER INFORMATION

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

CHANGE OF ADDRESS:

The Registered office of the company has been shifted from X-17, Hauz Khas, New Delhi – 110016, India to the present address w.e.f.16.08.2012.

UNSECURED LOANS

UNSECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Tbea Shenyang Transformer Group Company Limited (ECB)	3298.125	1447.791
Total	3298.125	1447.791
NOTE: The Company has availed ECB Loan equivalent to US$ 54913834 from TBEA Shenyang Transformer Group Company Limited (its holding company), which carries interest calculated at LlBOR + 5%. Interest becomes due as on December 31 every year and is payable within 30 days. The said ECB can be utilised by the company for setting-up factory in India and for the purpose of acquiring capital goods required for establishing manufacturing facility. Maximum ECB loan is restricted to US$ 57,000,000. The said ECB is repayable after 5 year of respective receipt of instalment, as per the mutually agreed repayable date and entire ECB is repayable not later than December 31, 2020.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10527521	17/10/2014	2,717,500,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, MARBLE ARCH BUILDING, RACE COURSE, VADODARA, GUJARAT - 390007, INDIA	C30986756
2	10524887	26/09/2014	2,717,500,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, MARBLE ARCH,, RACE COU RSE,, VADODARA, GUJARAT - 390007, INDIA	C28603694
3	10503995	28/05/2014	510,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	MARADIA PLAZA, C.G.ROAD, AHMEDABAD, GUJARAT - 380006, INDIA	C07208937
4	10484473	10/03/2014	300,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	C00330571
5	10462591	06/05/2014 *	550,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C04732210

CORPORATE INFORMATION

The Company is in the process of establishing its manufacturing facility of production of high voltage transformers and shunt reactors at Village Karjan, Near Vadodara, Gujarat.

During the reporting period, the company had undertaken trading of Cold Rolled Grain Oriented steels, commonly known as CRGO and has also carried out erection and installations of shunt reactors and transformers.

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)

Bank Guarantee	209.182	29.371

FIXED ASSETS:

· Freehold Land

· Computer Equipment

· Furniture and Fixture

· Office Equipment

· Plant and Machinery

· Temporary Building

· Vehicles

· 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.66.40
UK Pound	1	Rs.101.19
Euro	1	Rs.73.89

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	KAR

Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	-
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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		42

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit