MIRA INFORM REPORT

Report No. :	340749
Report Date :	12.09.2015

IDENTIFICATION DETAILS

Name :	PRITIKA INDUSTRIES LIMITED (w.e.f 12.06.2012)
Formerly Known As :	PRITIKA INDUSTRIES PRIVATE LIMITED
Registered Office :	Plot No. C-94, Phase-VII, Industrial Focal Point, S.A.S. Nagar, Mohali-160055, Punjab
Tel. No.:	91-172-5008900
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.07.1997
Com. Reg. No.:	16-038216
Capital Investment / Paid-up Capital :	Rs. 78.527 Million
CIN No.: [Company Identification No.]	U34300PB1997PLC038216
IEC No.:	0598051333
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACP9500B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Machining of Tractor and Automotive Parts is also engaged in design and development of Machine Tools.
No. of Employees :	275 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 334800
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated on 1^st July, 1997. It is part of the “Pritika group”. It is engaged in machining of automotive and tractor parts in Mohali (Punjab). Reserves of the company is low. However, management has reported a significant improvement in its revenue base and profit during FY2014. Liquidity of the company is fair marked by favorable gap between trade receivables and payables. The rating also takes into consideration its promoter’s extensive industry experience and established relationships with key customers. Trade relations are reported to be fair. Business is active. Payments are slow but correct. The company can be considered 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	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

Rating Agency Name	CRISIL
Rating	Long Term Rating=BB
Rating Explanation	Have inadequate credit quality and carry high credit risk
Date	23.06.2015

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Ramesh Chander Saini
Designation :	Director
Contact No.:	91-172-5008900
Date :	10.09.2015

LOCATIONS

Registered/ Head Office :	Plot No. C-94, Phase-VII, Industrial Focal Point, S.A.S. Nagar, Mohali-160055, Punjab, India
Tel. No.:	91-172-5008900
Mobile No.:	91-9815423399 (Mr. Ramesh Chander Saini)
Fax No.:	91-172-5008901
E-Mail :	rcsaini@pritikagroup.com info@pritikagroup.com rcsaini@pritikagroup.com
Website :	http://pritikagroup.com
Location :	Owned
Locality :	Industrial
Factory 1:	Khasra No-3520, Village Bathri, Tehsil, H
Factory 2:	Located at: · Derabassi, Punjab, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Raminder Singh Nibber

Designation :

Managing director

Address :

House No. 1021, Phase- IV, SAS Nagar, Mohali-160059, Punjab, India

Date of Birth/Age :

04.08.1941

Qualification :

Mechanical Engineer

Date of Appointment :

01.06.2014

PAN No.:

ADCPN9439P

DIN No.:

00239117

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	U74899DL1989PTC038528	PRITIKA AUTO PRODUCTS PRIVATE LIMITED	Managing director	04/12/1989	04/12/1989	01/09/2011	Active	NO
2	U27107PB1996PTC017505	NIBBER CASTINGS PRIVATE LIMITED	Whole-time director	02/09/2013	03/01/1996	-	Active	NO
3	U34300PB1997PLC038216	PRITIKA INDUSTRIES LIMITED	Managing director	01/06/2014	01/07/1997	-	Active	NO
4	L34300HP2005PLC029149	PRITIKA AUTOCAST LIMITED	Director	31/05/2014	07/11/2005	-	Active	NO
5	U00082PB2005PTC029282	MOHALI INFRASTRUCTURES PRIVATE LIMITED	Director	30/09/2011	02/12/2005	-	Strike off	NO
6	U70100PB2006PTC029459	MIL HOUSING PRIVATE LIMITED	Director	30/09/2009	30/04/2009	-	Strike off	NO
7	U00082PB2005PTC029307	MIL COLONISERS PRIVATE LIMITED	Director	30/09/2009	27/06/2009	-	Strike off	NO

Name :

Mr. Harpreet Singh Nibber

Designation :

Director

Address :

House No. 1021, Phase-4, Sas Nagar, Mohali- 160059, Punjab, India

Date of Birth/Age :

13.10.1971

Qualification :

B.E. Mechanical

Date of Appointment :

31.05.2014

PAN No.:

ABPPN5459C

DIN No.:

00239042

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	U27107PB1996PTC017505	NIBBER CASTINGS PRIVATE LIMITED	Whole-time director	02/09/2013	03/01/1996	-	Active	NO
2	U74899DL1989PTC038528	PRITIKA AUTO PRODUCTS PRIVATE LIMITED	Director	01/07/1996	01/07/1996	01/09/2011	Active	NO
3	U34300PB1997PLC038216	PRITIKA INDUSTRIES LIMITED	Director	31/05/2014	01/07/1997	-	Active	NO
4	L34300HP2005PLC029149	PRITIKA AUTOCAST LIMITED	Managing director	01/06/2014	07/11/2005	-	Active	NO

Name :

Mr. Ajay Kumar

Designation :

Director

Address :

H. No. Hl-224, Phase-IX, Mohali-160062, Punjab, India

Date of Birth/Age :

29.07.1974

Qualification :

B.TECH, MBA

Date of Appointment :

28.09.2012

DIN No.:

02929113

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	L34300HP2005PLC029149	PRITIKA AUTOCAST LIMITED	Whole-time director	01/09/2012	06/04/2010	18/07/2014	Active	NO
2	U34300PB1997PLC038216	PRITIKA INDUSTRIES LIMITED	Director	28/09/2012	14/08/2012	-	Active	NO

Name :

Mr. Ramesh Chander Saini

Designation :

Director

Address :

House No. 336/2, Sector-45 A, Chandigarh-160047, Chandigarh, India

Date of Birth/Age :

04.07.1950

Qualification :

B.Com.

Date of Appointment :

31.05.2014

PAN No.:

ACJPS6701K

DIN No.:

02830867

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	U34300PB1997PLC038216	PRITIKA INDUSTRIES LIMITED	Director	31/05/2014	15/01/2010	-	Active	NO
2	U27107PB1996PTC017505	NIBBER CASTINGS PRIVATE LIMITED	Director	30/06/2014	14/08/2012	11/02/2015	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Raminder Singh Nibber	4121334
Harpreet Singh Nibber	5312912
Rishi Nibber	188124
Ramesh Chander Saini	1375
Ajay Rai	1375
Gurkaran Singh Nibber	188875
Pavit Nibber	1375
Gaganpreet Singh	300
Sudesh Saini	100
Neelam Rai	100
Avtar Singh	10
Ashish Kumar	10
Jasleen Narang	10
Total	9815900

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Machining of Tractor and Automotive Parts is also engaged in design and development of Machine Tools.

Products :

ITC Code No.	Product Descriptions
87089900	Parts and Accessories of Motor Vehicles
72041000	Ferrous Waste and Scrap

Brand Names :

--

Agencies Held :

--

Exports :

Not Available

Imports :

Products :

Machinery

Countries :

Taiwan

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholesalers, Retailers and End Users

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

· Mahindra and Mahindra Limited

· Tractor and Farm Equipment Limited

· Escorts Limited

· Swaraj Engine Limited

· Tafe Motors and Tractors Limited

No. of Employees :

275 (Approximately)

Bankers :

Bank Name:	ICICI Bank Limited
Branch:	Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· IDBI Bank Limited

S C O 72-73, 2nd Floor, Sector- 17B, Chandigarh - 160017, Chandigarh, India

· Canara Bank

SCO 167-168, Sector 8-C, Chandigarh - 160017, Chandigarh, India

· Punjab and Sind Bank

SCO-89-92, Sector-17-B, Chandigarh - 160017, Chandigarh, India

· Small Industries Development Bank of India

SCO 145-146, 1st Floor and 2nd Floor, Sector 17-C, Chandigarh - 160017, Chandigarh, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	24.655	14.900
Term loans from others	17.625	16.195
SHORT TERM BORROWINGS
Loans repayable on demand from banks	152.993	121.253
Total	195.273	152.348

Banking Relations :	--
Financial Institution :	· Punjab Kashmir Finance Limited 16 Defence Colony, Jalandhar City, Punjab - 144001, Punjab, India · Siemens Financial Services Private Limited 130, Pandurang Budhkar Marg, Worli, Mumbai- 400018, Maharashtra, India
Auditors :
Name :	Sunil Kumar Gupta and Company Chartered Accountants
Address :	B - 2 , Magnum House, Karampura, Commercial Complex, Shivaji Nagar, New Delhi, India
Income-tax PAN of auditor or auditor's firm :	AAPFS4605Q
Memberships :	--
Collaborators :	--
Associates :	Nibber Castings Private limited, India (U27107PB1996PTC017505)
Subsidiaries :	Pritika Autocast Limited, India (U34300HP2005PLC029149)

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs. 10/- each	Rs. 110.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9815900	Equity Shares	Rs. 10/- each	Rs. 98.159 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs. 10/- each	Rs. 110.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7852720	Equity Shares	Rs. 10/- each	Rs. 78.527 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	78.527	78.527	63.479
(b) Reserves & Surplus	38.675	27.620	21.165
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	13.430
Total Shareholders’ Funds (1) + (2)	117.202	106.147	98.074
(3) Non-Current Liabilities
(a) Long-term borrowings	78.032	71.167	69.653
(b) Deferred tax liabilities (Net)	14.771	12.251	9.043
(c) Other long term liabilities	120.000	85.000	47.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	212.803	168.418	125.696
(4) Current Liabilities
(a) Short term borrowings	152.993	121.253	75.807
(b) Trade payables	15.459	8.359	14.887
(c) Other current liabilities	98.911	64.529	27.128
(d) Short-term provisions	5.265	3.679	3.793
Total Current Liabilities (4)	272.628	197.820	121.615
TOTAL	602.633	472.385	345.385
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	229.686	183.189	139.253
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.657	5.419	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	51.280	51.280	51.280
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.484	3.468	2.300
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	284.107	243.356	192.833
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	142.284	104.901	76.734
(c) Trade receivables	126.334	90.685	51.704
(d) Cash and cash equivalents	12.718	5.048	1.722
(e) Short-term loans and advances	19.089	7.222	8.489
(f) Other current assets	18.101	21.173	13.903
Total Current Assets	318.526	229.029	152.552
TOTAL	602.633	472.385	345.385

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	679.791	566.753	397.358
		Other Income	5.558	5.419	0.056
		TOTAL (A)	685.349	572.172	397.414
Less	EXPENSES
		Cost of Materials Consumed	579.088	473.999	308.182
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(46.184)	(21.457)	(5.895)
		Employees benefits expense	32.074	23.410	17.700
		Other expenses	42.186	28.240	25.051
		TOTAL (B)	607.164	504.192	345.038
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		78.185	67.980	52.376
Less	FINANCIAL EXPENSES (D)		38.929	34.191	24.809
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		39.256	33.789	27.567
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.405	11.778	8.752
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		22.851	22.011	18.815
Less	TAX (H)		3.530	4.092	4.986
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		19.321	17.919	13.829
	Earnings/ (Loss) Per Share (Rs.)		2.46	2.46	3.28

PARTICULARS	31.03.2015
Sales Turnover (Approximately)	720.000

Expected Sales (2015-2016): Rs. Rs. 900.000 Million

The above information has been parted by Mr. Ramesh Chander Saini (Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	23.163	19.139	14.909
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from (used in) Operations	41.031	27.432	13.147

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.84	3.16	3.48
Operating Profit Margin (PBDIT/Sales)	(%)	11.50	11.99	13.18
Return on Total Assets (PBT/Total Assets}	(%)	4.16	5.30	6.40
Return on Investment (ROI) (PBT/Networth)		0.19	0.21	0.19
Debt Equity Ratio (Total Debt/Networth)		2.17	1.99	1.64
Current Ratio (Current Asset/Current Liability)		1.17	1.16	1.25

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	63.479	78.527	78.527
Reserves & Surplus	21.165	27.620	38.675
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	13.430	0.000	0.000
Net worth	98.074	106.147	117.202
Long-term borrowings	69.653	71.167	78.032
Short term borrowings	75.807	121.253	152.993
CURRENT MATURITIES OF LONG-TERM DEBTS	14.909	19.139	23.163
Total borrowings	160.369	211.559	254.188
Debt/Equity ratio	1.635	1.993	2.169

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	397.358	566.753	679.791
		42.630	19.945

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	397.358	566.753	679.791
Profit	13.829	17.919	19.321
	3.48%	3.16%	2.84%

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	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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10558915	18/03/2015	2,435,403.00	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	130, PANDURANG BUDHKAR MARG,, WORLI, MUMBAI- 400018, MAHARASHTRA, INDIA	C48983035
2	10443816	05/11/2014 *	165,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA- 390015, GUJARAT, INDIA	C34034363
3	10443273	10/11/2014 *	77,250,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA- 390015, GUJARAT, INDIA	C34442699
4	10449037	30/07/2013	1,500,000.00	PUNJAB KASHMIR FINANCE LIMITED	16DEFENCE COLONY, JALANDHAR CITY, PUNJAB- 144001, PUNJAB , INDIA	B84985027
5	10415831	30/03/2013	2,292,144.00	INTEC CAPITAL LIMITED	701, MANJUSHA, 57 NEHRU PLACE, NEW DELHI, DELHI -  110019, INDIA	B71994966
6	10414100	28/03/2013	1,378,650.00	INTEC CAPITAL LIMITED	701,MANJUSHA, 57 NEHRU PLACE, NEW DELHI, DELHI -  110019, INDIA	B71546105
7	10320613	05/12/2011	7,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SCO 145-146, 1ST FLOOR AND 2ND FLOOR,, SECTOR 17-C,  CHANDIGARH, CHANDIGARH - 160017, INDIA	B26596445
8	10267668	02/02/2011	13,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SCO 145-146, 1ST FLOOR AND 2ND FLOOR,, SECTOR 17-C,  CHANDIGARH, CHANDIGARH - 160017, INDIA	B05370242
9	10157358	05/03/2013 *	265,900,000.00	CANARA BANK	SCO 167-168, SECTOR 8-C, CHANDIGARH, CHANDIGARH -  160017, INDIA	B72514755
10	10081392	25/06/2013 *	162,275,000.00	CANARA BANK	SCO 167-168, SECTOR 8-C, CHANDIGARH, CHANDIGARH -  160017, INDIA

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from others	5.976	13.168
Loans and advances from directors	25.149	20.979
Loans and advances from others	4.627	5.925
Total	35.752	40.072

OPERATIONS

The company is under expansion and is constantly increasing its production/turnover to enlarge its area of operation by installing Plant and Machinery with latest technology and by maximum use of its capacity.

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from Flat No. 222, CA Apartment, A-3, Paschim Vihar, New Delhi-110063, India to the present address w.e.f 05.12.2013

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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. 66.39
UK Pound	1	Rs. 102.59
Euro	1	Rs. 74.90

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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

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

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

RATING EXPLANATIONS

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

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.