MIRA INFORM REPORT

Report No. :	341516
Report Date :	19.09.2015

IDENTIFICATION DETAILS

Name :	HORIZON INDUSTRIAL PRODUCTS PRIVATE LIMITED

Registered Office :	3/39, Roop Nagar, Delhi - 110007
Tel. No.:	91-11-23270216

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	20.07.1961

Com. Reg. No.:	55-003498

Capital Investment / Paid-up Capital :	Rs. 48.388 Million

CIN No.: [Company Identification No.]	U74899DL1961PTC003498

IEC No.:	0594036712

TAN No.: [Tax Deduction & Collection Account No.]	DELH03763E

PAN No.: [Permanent Account No.]	AAACH0808A

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer, exporter and importer of engineering and sheet metal components and assemblies auto parts for cars, motorcycles and trucks and machine tool.

No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 259900

Status :	Moderate

Payment Behavior :	Slow but correct

Litigation :	Clear

Comments :	Subject is flagship company of “Bluepeter Group” – a medium sized industry based in Gurgaon Haryana. It was incorporated in the year 1961 and it is an ISO: TS 16949, EMS and OHSAS Certified company of the group. Rating takes into consideration company’s extensive experience of the promoters in automotive components industries, established track record and diversified product portfolio along with reputed cliental base. Rating, further derive strength on company increasing scale of operations during the year under review. This rating strength is partially offsets by company thin profit margin due to volatility in the raw material prices and company moderate debt protection metrics. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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	CRISIL
Rating	Cash Credit: BB
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	November, 2014

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. Suresh Bhatt
Designation :	Accounts Head
Contact No.:	91-11-23270216
Date :	18.09.2015

LOCATIONS

Registered Office :	3/39, Roop Nagar, Delhi – 110 007, India
Tel. No.:	91-11-23270216
Fax No.:	Not Available
E-Mail :	horizon11@vsnl.com horizon@del2.vsnl.net
Website :	http://www.indiansources.com/horizon.htm http://www.bluepeterindia.com

Corporate Office :	80, Darya Ganj, New Delhi – 110 002, India
Tel. No.:	91-11-23270216/ 23270266/ 23283076/ 23276711
Fax No.:	91-11-23283076/ 23276711
E-Mail :	horizon11@vsnl.com

Factory 1 :	B-4, Badli Industrial Estate, New Delhi – 110042, India
Tel. No.:	91-11-23270216 / 23270266
Fax No.:	91-11-23283076

Factory 2 :	Plot 45, Sector-3, IMT Manesar, Gurgaon, Haryana, India

Factory 3 :	E-70, Site 4, Kasna Industrial Estate, Greater Noida – 201306, Uttar Pradesh, India

Factory 4 :	Plot No B, 150 EPIP, Neemrana – 301705, Rajasthan, India

Factory 5 :	Plot No 8/41, Kirtinagar, Industrial Area, Delhi – 110015, India

DIRECTORS

AS ON 25.09.2014

Name :

Mr. Prabha Wati Kaul

Designation :

Director

Address :

3/39, Roop Nagar, Delhi – 110007, India

Date of Birth/Age :

27.11.1910

Date of Appointment :

23.12.1963

DIN No.:

00558280

Name :

Ms. Kamal Sharma

Designation :

Director

Address :

SD-409, Tower Apartment Pitampura, Delhi – 110034, India

Date of Birth/Age :

03.08.1947

Date of Appointment :

15.02.2002

DIN No.:

00558363

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	U74899DL1974PTC007302	BRUK ELECTRICALS PRIVATE LIMITED	Director	01/05/1984	01/05/1984	-	Active	NO
2	U74999DL2000PTC105542	ITA INTEGRATED SERVICES PRIVATE LIMITED (TAMILNADU TO DELHI)	Director	03/05/2000	03/05/2000	31/07/2006	Active	NO
3	U74899DL1961PTC003498	HORIZON INDUSTRIAL PRODUCTS PRIVATE LIMITED	Director	15/02/2002	15/02/2002	-	Active	NO
4	U74100DL1998PTC092773	QUALITY PLUS SERVICES PRIVATE LIMITED	Director	17/01/2007	17/01/2007	-	Active	NO
5	U35990HR2011FTC043115	DAIICHI N HORIZON AUTOCOMP PRIVATE LIMITED	Director	03/06/2011	03/06/2011	05/03/2013	Active	NO

Name :

Dr. Alka Kaul

Designation :

Director

Address :

3/39, Roop Nagar, Delhi – 110007, India

Date of Birth/Age :

29.12.1968

Date of Appointment :

06.09.1993

DIN No.:

00558501

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	U74899DL1974PTC007302	BRUK ELECTRICALS PRIVATE LIMITED	Director	06/09/1993	06/09/1993	-	Active	NO
2	U74899DL1961PTC003498	HORIZON INDUSTRIAL PRODUCTS PRIVATE LIMITED	Director	06/09/1993	06/09/1993	-	Active	NO
3	U74899DL1987PTC027339	PRECISION AGENCIES PRIVATE LIMITED	Director	27/07/1999	27/07/1999	06/12/2014	Active	NO
4	U74100DL1998PTC092773	QUALITY PLUS SERVICES PRIVATE LIMITED	Director	01/01/2001	01/01/2001	-	Active	NO
5	U35990HR2011FTC043115	DAIICHI N HORIZON AUTOCOMP PRIVATE LIMITED	Director	03/06/2011	03/06/2011	-	Active	NO

Name :

Mr. Avtar Krishan Kaul

Designation :

Director

Address :

3/39, Roop Nagar, Delhi – 110007, India

Date of Birth/Age :

18.01.1942

Date of Appointment :

01.08.1997

DIN No.:

00756938

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	U74899DL1974PTC007398	EUROTECH AUTOMATION PRIVATE LIMITED	Managing director	21/08/1979	21/08/1979	06/12/2014	Active	NO
2	U74899DL1987PTC027339	PRECISION AGENCIES PRIVATE LIMITED	Director	31/07/1997	31/07/1997	06/12/2014	Active	NO
3	U74899DL1974PTC007302	BRUK ELECTRICALS PRIVATE LIMITED	Managing director	01/08/1997	01/08/1997	-	Active	NO
4	U74899DL1961PTC003498	HORIZON INDUSTRIAL PRODUCTS PRIVATE LIMITED	Director	01/08/1997	01/08/1997	-	Active	NO
5	U74100DL1998PTC092773	QUALITY PLUS SERVICES PRIVATE LIMITED	Director	17/03/1998	17/03/1998	-	Active	NO
6	U74999DL2000PTC105542	ITA INTEGRATED SERVICES PRIVATE LIMITED (TAMILNADU TO DELHI)	Director	29/02/2000	29/02/2000	31/07/2006	Active	NO

KEY EXECUTIVES

Name :	Mr. Suresh Bhatt
Designation :	Accounts Head

MAJOR SHAREHOLDERS

AS ON 25.09.2014

Names of Shareholders		No. of Shares
Avtar krishan kaul		225970
P.W. Kaul		5
C.I. Wazir		3600
Alka Kaul		47800
Amita Kaul		56000
Precision Agencies Private Limited, India		178500
Kamal Sharma		18000
A.K. Kaul (HUF)		22500
Namrita Wazir		7800
Natasha Wazir		5500
Neerja Dutta		6000
Total		571675

Equity Share Break up (Percentage of Total Equity)

AS ON 25.09.2014

Category	Percentage
Bodies corporate	31.00
Directors or relatives of Directors	69.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, exporter and importer of engineering and sheet metal components and assemblies auto parts for cars, motorcycles and trucks and machine tool.

Products :	Sheet Metal Components/ Parts Other Engineering Product

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Finished Goods
Countries :	Turkey Romania Germany

Imports :
Products :	Raw Material
Countries :	Taiwan

Terms :
Selling :	Cash, Cheque and Credit

Purchasing :	Cash, Cheque and Credit

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 :

Wholesalers, Retailers and End Users

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 :

400 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	SME Branch, Chandni Chowk, Delhi – 110006, 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, Kriti Nagar Branch
State Bank of India, Noida Branch
State Bank of India, Manesar Branch
State Bank of Bikaner and Jaipur, Badli Branch

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG-TERM BORROWINGS
From Banks
Term Loan (Floating rate)	156.030	122.773

SHORT-TERM BORROWINGS
From Banks	126.189	97.249
Total	282.219	220.022

Note:

LONG-TERM BORROWING

Secured term loan from banks include two types of term loan limit Rs. 120.24 Million and Rs. 35.800 Million carries floating interest rate loan Rs. 120.24 Million rate is BASE RATE+5% and Rs. 35.800 Million rate is BASE RATE+4.5%. The term loan Rs. 120.24 Million repayable in monthly installments of Rs. 1.600 Million from December 2013 to march 2019, and Rs. 2.300 Million from April 2019 to march 2020 along with interest, and term loan Rs. 35.800 Million repayable Rs. 0.600 Million per month from April 2014 to march 2016, Rs. 0.800 Million form April 2016 to March 2017 and Rs. 1.000 Million for April 2017 to February 2018 and balance march 2018.

The loan is secured by hypothecation of plant and machinery and building of the company and personnel guarantee of the directors of the company.

	Maturity Profile (In Millions)
	1-2 Years	2-3 Years	3-4 Years	Beyond 4 Years
Term Loan from Banks	26.400	26.400	28.800	74.400

The company has cash credit limit of Rs. 130.000 million from Banks which is secured against stock and debtors. However, the limit has not been fully utilized and amount repayable on demand by bank.

Auditors :
Name :	M S D and Company. Chartered Accountants
Address :	B-9 (Basement), WA-121, Rohini Complex, Shakarpur, New Delhi – 110085, India
PAN. No.:	AAAFM2280T

Memberships :	-----

Collaborators :	-----

Parties where control exists and related parties with whom transactions have taken place and relationship:	Bruk Electricals Private Limited Eurotech Automation Private Limited Quality Plus Service Private Limited Dajichi N Horizon Auto Com Private Limited Kamal Industries

CAPITAL STRUCTURE

AFTER 25.09.2014

Authorised Capital : Rs. 65.000 Million

Paid-up Capital : Rs.55.087 Million

AS ON 25.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

650000	Equity Shares	Rs.100/- each	Rs. 65.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

571675	Equity Shares	Rs.100/- each	Rs. 57.167 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

500000	Equity Shares	Rs.100/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

483875	Equity Shares	Rs.100/- each	Rs. 48.388 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	48.388	48.388	48.388
(b) Reserves & Surplus	42.578	43.889	41.086
(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)	90.966	92.277	89.474

(3) Non-Current Liabilities
(a) long-term borrowings	173.252	138.053	84.998
(b) Deferred tax liabilities (Net)	0.928	0.594	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	7.246	6.603	5.427
Total Non-current Liabilities (3)	181.426	145.250	90.425

(4) Current Liabilities
(a) Short term borrowings	126.189	97.249	65.047
(b) Trade payables	123.888	153.038	177.992
(c) Other current liabilities	2.689	2.716	0.400
(d) Short-term provisions	20.606	20.308	19.616
Total Current Liabilities (4)	273.372	273.311	263.055

TOTAL	545.764	510.838	442.954

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	272.385	167.275	174.362
(ii) Intangible Assets	2.412	0.000	0.000
(iii) Capital work-in-progress	68.099	130.827	67.807
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	12.000	12.000	12.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	1.220	0.965	1.206
Total Non-Current Assets	356.116	311.067	255.375

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	100.635	71.620	64.891
(c) Trade receivables	64.640	98.796	104.656
(d) Cash and cash equivalents	1.413	1.880	1.350
(e) Short-term loans and advances	0.384	8.523	1.530
(f) Other current assets	22.576	18.952	15.152
Total Current Assets	189.648	199.771	187.579

TOTAL	545.764	510.838	442.954

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	552.466	543.913	547.677
	Other Income	5.461	9.338	16.706
	TOTAL	557.927	553.251	564.383

Less	EXPENSES
	Cost of Materials Consumed	375.310	339.356	359.874
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(61.259)	(1.931)	4.381
	Employees benefits expense	60.330	48.711	33.906
	Other expenses	119.112	125.249	120.963
	TOTAL	493.493	511.385	519.124

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	64.434	41.866	45.259

Less	FINANCIAL EXPENSES	29.344	10.461	10.535

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	35.090	31.405	34.724

Less/ Add	DEPRECIATION/ AMORTISATION	33.989	24.656	24.207

	PROFIT/ (LOSS) BEFORE TAX	1.101	6.749	10.517

Less	TAX	0.586	3.347	4.065

	PROFIT/ (LOSS) AFTER TAX	0.515	3.402	6.452

	TAX AND ADJUSTMENT FOR EARLIER YEARS	1.825	0.599	1.998

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	43.889	41.086	36.632

	Balance Carried to the B/S	42.579	43.889	41.086

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	38.057	16.273	15.730
	TOTAL EARNINGS	38.057	16.273	15.730

	Earnings / (Loss) Per Share (Rs.)	0.9	5.95	11.29

Particulars

31.03.2015

Sales Turnover (Approximately)

660.000

The above information has been parted by Mr. Suresh Bhatt.

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	43.521	4.623	(11.947)
Net cash flow from (used in) operations	43.521	6.322	(11.947)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.09	0.63	1.18

Return on Total Assets (PBT/Total Assets}	(%)	11.66	7.70	8.26

Return on Investment (ROI) (PBT/Networth)		0.01	0.07	0.12

Debt Equity Ratio (Total Debt /Networth)		3.29	2.55	1.68

Current Ratio (Current Asset/Current Liability)		0.69	0.73	0.71

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	48.388	48.388	48.388
Reserves & Surplus	41.086	43.889	42.578
Net worth	89.474	92.277	90.966

long-term borrowings	84.998	138.053	173.252
Short term borrowings	65.047	97.249	126.189
Total borrowings	150.045	235.302	299.441
Debt/Equity ratio	1.677	2.550	3.292

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	547.677	543.913	552.466
		(0.687)	1.572

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	547.677	543.913	552.466
Profit	6.454	3.403	0.515
	1.18%	0.63%	0.09%

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	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 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

FINANCIAL RESULTS

The company’s turnover for the year ended 31st march 2014 was Rs. 552.466 Million as compares to previous year turnover Rs. 543.914 Million

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG-TERM BORROWING
From Others	17.222	15.280
Total	17.322	15.280

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10561051	19/03/2015	45,500,000.00	KOTAK MAHINDRA BANK LIMITED	KOTAK AEROCITY, ASSET AREA 9, IBIS COMMERCIAL BLOCK, HOSPITALITY DISTRICT, DELHI AEROCITY, NEW DELHI - 110037, INDIA	C49928211
2	10220722	01/04/2010	750,000.00	STATE BANK OF INDIA	CHANDNI CHOWK, DELHI - 110006, INDIA	A85934644
3	80007979	09/02/2013 *	315,000,000.00	STATE BANK OF INDIA	SME BRANCH, CHANDNI CHOWK, DELHI -110006, INDIA	B69288736

* Date of charge modification

FIXED ASSETS

Plant and Machinery
Land
Building
Furniture and Fixture
Computer Software
Office Equipment

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. 65.92
UK Pound	1	Rs. 102.75
Euro	1	Rs. 75.13

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	KAS

Report Prepared by :	SANS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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	--

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

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