MIRA INFORM REPORT

Report No. :	501833
Report Date :	09.04.2018

IDENTIFICATION DETAILS

Name :	SAHNEY COMMUTATORS PRIVATE LIMITED (w.e.f. 13.05.1997)
Formerly Known As :	SCHUNK TECHNOLOGIES (INDIA) PRIVATE LIMITED
Registered Office :	No. 772, II Floor, 4^th Block, 80 Feet Peripheral Road, Koramangala, Bangalore – 560034, Karnataka
Tel. No.:	91-80-40347504
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	02.03.1987
Com. Reg. No.:	08-008214
Capital Investment / Paid-up Capital :	INR 16.728 Million
CIN No.: [Company Identification No.]	U52190KA1987PTC008214
IEC No.: [Import-Export Code No.]	0792011961
GSTN : [Goods & Service Tax Registration No.]	29AACCS0865J1Z2
TIN No.:	29960137321
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCS0865J
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing, distribution and exporting commutators, sliprings and its by products copper scrap. [Registered Activity]
No. of Employees :	Information denied by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 825000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1987 having satisfactory track. As per Registrar of Companies the date of balance sheet (i.e,financial filed) is shown as 31-03-2017 but the documents related to the financial for the year 2017 are not available from any sources As per available financials of 2016, revenue and profit of the company has decline. However, the company possesses sound financial profile marked by healthy net worth base along with low debt level and favourable gap between trade payables to its trade receivables. The company also derives strength from its long established track record of business operations. Trade relations are reported as fair. Business is active. Payment terms are seems to be slow but correct. In view of the aforesaid, 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	July, 2017
Rating Agency Name	CRISIL
Rating	Short term rating = A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	July, 2017

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 09.04.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-80-40347555 / 40347504)

LOCATIONS

Registered Office :	No. 772, II Floor, 4^th Block, 80 Feet Peripheral Road, Koramangala, Bangalore – 560034, Karnataka, India
Tel. No.:	91-80-40347555 / 40347504
Fax No.:	91-80-40347575
E-Mail :	commutators@sahney.com
Website :	http://www.sahney.com
Factory:	9E2, Bomasandra Industrial Area, Anekal Taluk, Bangalore-560099, Karnataka, India
Tel. No.:	91-80-40438444
Fax No.:	91-80-40438484
Attibele Division :	21-A, Attibele Industrial Area, Attebele Hoble, Anekal Taluka, Bangalore – 562107, Karnataka, India
Tel No.:	91-80-27808292
Branch Offices:	Located at: · Bangalore · Chennai · Mumbai · Nashik · Delhi · Kolkata · Bhopal

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Jasjiv Devinder Singh Sahney

Designation :

Director

Address :

No. 37, Viviani Road, Richards Town, Bangalore – 560005, Karnataka, India

Date of Birth/Age :

02.01.1964

Qualification:

Engineering Graduate

Date of Appointment :

18.02.1994

PAN No.:

AAVPS0945A

DIN No.:

00022886

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74210KA1973PLC002424	SAN ENGINEERING AND LOCOMOTIVE COMPANY LIMITED.	20/09/2013	-
U32109MH1966PTC013516	SAHNEY KIRKWOOD PRIVATE LIMITED	15/02/1995	-
U74900MH1978PTC020600	KANWALDEEP SAHNEY ADVISORY PRIVATE LIMITED	03/07/2007	-
U24110MH1982PTC026499	ISOVOLTA (INDIA) PVT LTD	01/04/2000	-
U34103KA1997PLC101338	SAN MOTORS LIMITED	27/09/1999	-
U70109MH2006PTC161405	ROCKSTONE REAL ESTATE MANAGEMENT PRIVATE LIMITED	11/12/2006	-
U74900KA2013PTC068595	SF SLEEVINGS PRIVATE LIMITED	17/04/2013	-
U74140MH2001PTC133168	MEDUSIND SOLUTIONS INDIA PRIVATE LIMITED	30/01/2004	-

Name :

Mr. Suresh Dattatray Ghorpadkar

Designation :

Director

Address :

S1S2, Gurupreeth Residency, 4th Main, 4th Cross RMV II-Stage, Bhoopasandra, Bangalore-560094, Karnataka, India

Date of Birth/Age :

07.03.1942

Qualification:

Graduate

Date of Appointment :

18.02.2006

PAN No.:

ABNPG9422G

DIN No.:

02533434

Name :

Mr. Venkata Ramesh Kumar Gopalakrishnan

Designation :

Director

Address :

Plot No. 6B, Dr. Ramamurthy Nagar Main Road, Keelkattalai, Chennai - 600117, Tamilnadu, India

Date of Birth/Age :

03.04.1966

Qualification:

Graduate

Date of Appointment :

15.10.2007

PAN No.:

ACKPV7518A

DIN No.:

02095948

Name :

Mr. Rajiv Devinder Sahney

Designation :

Director

Address :

No. 50, Ushakiran, Carmichael Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

06.09.1962

Qualification:

Graduate

Date of Appointment :

08.08.1997

PAN No.:

AMOPS1180K

DIN No.:

00022896

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74140MH2001PTC133168	MEDUSIND SOLUTIONS INDIA PRIVATE LIMITED	02/09/2002	-
U74140MH2004PTC146033	N V ADVISORY SERVICES PRIVATE LIMITED	21/07/2005	-
U70102MH2013PTC246429	NV SPACES & REALTY PRIVATE LIMITED	30/07/2013	-
U51909MH2005PTC153662	GESSWEIN TRADING PRIVATE LIMITED	08/09/2017	-
U70102MH2012PTC233501	NV KHARADI PROJECTS PRIVATE LIMITED	18/07/2012	-
U70102MH2012PTC233158	NV PUNE TECHNOLOGY PARK PRIVATE LIMITED	09/07/2012	-
U70102MH2013PTC239384	NV MUMBAI ESTATE PRIVATE LIMITED	07/01/2013	-
U70102MH2012PTC233245	NV TECH SPACES PRIVATE LIMITED	11/07/2012	-
U70102MH2011PTC225340	MRARA REAL ESTATE PRIVATE LIMITED	23/12/2011	-
U70102MH2011PTC223507	NURA REAL ESTATE PRIVATE LIMITED	31/10/2011	-
U70102MH2011PTC219551	RAE REAL ESTATE PRIVATE LIMITED	07/07/2011	-
U80904DL2008NPL181771	INTERNATIONAL FOUNDATION FOR RESEARCH AND EDUCATION	26/08/2016	-
U70102MH2007PTC175691	BACCHUS HOSPITALITY SERVICES AND REAL ESTATE PRIVATE LIMITED	30/09/2015	-
U73100MH2000PLC192798	METROPOLIS HEALTHCARE LIMITED	08/12/2016	-
U24110MH1982PTC026499	ISOVOLTA (INDIA) PVT LTD	11/09/1992	-
U32109MH1966PTC013516	SAHNEY KIRKWOOD PRIVATE LIMITED	29/09/2014	-

Name :

Mrs. Deepa Jasjiv Sahney

Designation :

Director

Address :

No. 50, Ushakiran, Carmichael Road, Mumbai- 400026, Maharashtra, India

Date of Birth/Age :

11.10.1963

Qualification:

Graduate

Date of Appointment :

02.01.2009

PAN No.:

AMVPS3103K

DIN No.:

02628605

Name :

Mrs. Kanwaldeep Kaur Sahney

Designation :

Director

Address :

50, Usha Kiran Carmichael Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

22.02.1944

Qualification:

Graduate

Date of Appointment :

02.03.1987

PAN No.:

ABDPS4708F

DIN No.:

00405996

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U32109MH1966PTC013516	SAHNEY KIRKWOOD PRIVATE LIMITED	24/07/1985	-
U74900MH1982PTC026209	RAJIV SAHNEY ADVISORY PRIVATE LIMITED	23/01/1982	-

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders (Equity Shareholders)	No. of Shares
Devindra Singh Sahney	77316
Kanwaldeep Kaur Sahney	10321
Jasjiv Sahney and Rajiv Sahney	41500
Kanwaldeep Kaur Sahney and Jasjiv Sahney	41500
Rajiv Sahney and Devindra Singh	41500
Rajiv Sahney and Jasjiv Sahney	41500
Kanwaldeep Kaur Sahney and Devindra Singh Sahney	7941
Kanwaldeep Kaur Sahney and Devindra Sahney	7932
Rajiv Sahney and Jasjiv Sahney	41517
Jasjiv Sahney and Kanwaldeep Kaur Sahney	50244
Rajiv Sahney	18775
Sahney Kirkwood Private Limited, India	92250
Jasjiv Sahney	15400
Minicon Insulated Wires, LLP	385120
Total	872816

Names of Shareholders (Preference Shareholders)	No. of Shares
Sahney Kirkwood Private Limited, India	80000
Total	80000

AS ON 29.09.2017

Equity Share Break up	Percentage
Category
Promoters - Individual/Hindu Undivided Family – Indian	45.31
Promoters - Bodies corporate	54.69
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing, distribution and exporting commutators, sliprings and its by products copper scrap. [Registered Activity]

Products / Services :

Item Code No. (ITC Code)	Product Description
85030090	Spring
85030090	Scrap

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 :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

Customers :

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

No. of Employees :

Information denied by the management

Bankers :

Bank Name	Not Divulged
Branch	--
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

SECURED LOANS	31.03.2016 INR In Million	31.03.2015 INR In Million
LONG TERM BORROWINGS
Loans taken for fixed assets	0.352	0.527
SHORT TERM BORROWINGS
Term loans	62.714	67.353
Total	63.066	67.880

Auditors :
Name :	K P Rao and Company Chartered Accountants
Address :	'Poornima', 25 State Bank Road, Bangalore-560001, Karnataka, India
PAN No.:	AAAFK7720M
Memberships :	Not Available
Collaborators :	Not Available
Associate Companies : (As on 2017)	Sahney Kirkwood Private Limited, India CIN No.: U32109MH1966PTC013516
Associate Companies :	Sahney Kirkwood Private Limited, India CIN No.: U32109MH1966PTC013516

CAPITAL STRUCTURE

AS ON 29.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	INR 10/- each	INR 10.000 Million
125000	Preference Shares	INR 100/- each	INR 12.500 Million
	Total		INR 22.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
872816	Equity Shares	INR 10/- each	INR 8.728 Million
80000	Preference Shares	INR 100/- each	INR 8.000 Million
	Total		INR 16.728 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	16.728	16.728	16.728
(b) Reserves & Surplus	272.034	266.871	251.563
(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)	288.762	283.599	268.291
(3) Non-Current Liabilities
(a) long-term borrowings	4.006	4.181	4.757
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	17.503	17.634	15.288
Total Non-current Liabilities (3)	21.509	21.815	20.045
(4) Current Liabilities
(a) Short term borrowings	62.714	71.723	91.333
(b) Trade payables	143.006	156.352	161.654
(c) Other current liabilities	21.460	18.660	22.399
(d) Short-term provisions	1.452	8.907	6.945
Total Current Liabilities (4)	228.632	255.642	282.331
TOTAL	538.903	561.056	570.667
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	67.036	76.305	90.686
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4.982	4.993	4.993
(c) Deferred tax assets (net)	7.483	5.820	2.238
(d) Long-term Loan and Advances	25.233	25.666	38.684
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	104.734	112.784	136.601
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	185.854	190.638	202.372
(c) Trade receivables	172.085	200.363	167.811
(d) Cash and cash equivalents	46.238	29.318	36.685
(e) Short-term loans and advances	29.992	27.953	27.198
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	434.169	448.272	434.066
TOTAL	538.903	561.056	570.667

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	1143.752	1298.617	1186.943
	Other Income	6.835	3.016	2.882
	TOTAL	1150.587	1301.633	1189.825
Less	EXPENSES
	Cost of Materials Consumed	849.227	984.526	956.975
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	9.687	(6.843)	(65.377)
	Employees benefits expense	130.722	133.084	120.686
	Other expenses	118.220	127.009	118.722
	TOTAL	1107.856	1237.776	1131.006
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	42.731	63.857	58.819
Less	FINANCIAL EXPENSES	22.790	23.088	22.234
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	19.941	40.769	36.585
Less	DEPRECIATION/ AMORTISATION	13.600	18.028	13.681
	PROFIT/ (LOSS) BEFORE TAX	6.341	22.741	22.904
Less	TAX	1.178	6.870	8.671
	PROFIT/ (LOSS) AFTER TAX	5.163	15.871	14.233
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	228.052	212.181	197.948
	Balance Carried to the B/S	233.215	228.052	212.181
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	83.606	89.051	91.877
	TOTAL EARNINGS	83.606	89.051	91.877
	IMPORTS
	Raw Materials	93.835	207.464	216.143
	Consumable Stores	2.061	5.304	3.695
	TOTAL IMPORTS	95.896	212.768	219.838
	Earnings / (Loss) Per Share (INR)	5.92	18.18	16.31

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	0.000	0.246	0.719
Net cash flows from (used in) operations	51.086	47.146	53.835
Net cash flows from (used in) operating activities	40.791	38.908	45.127

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365)	54.92	56.32	51.60
Account Receivables Turnover (Income / Sunday Debtors)	6.65	6.48	7.07
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	61.46	57.97	61.66
Inventory Turnover (Operating Income / Inventories)	0.23	0.33	0.29
Asset Turnover (Operating Income / Net Fixed Assets)	0.64	0.84	0.65

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.43	0.46	0.50
Debt Equity Ratio (Total Liability / Networth)	0.23	0.27	0.36
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.79	0.90	1.05
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.23	0.27	0.34
Interest Coverage Ratio (PBIT / Financial Charges)	1.87	2.77	2.65

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin [(PAT / Sales) * 100]	%	0.45	1.22	1.20
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.96	2.83	2.49
Return on Investment (ROI) ((PAT / Networth) * 100)	%	1.79	5.60	5.31

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.90	1.75	1.54
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.09	1.01	0.82
G-Score Ratio Financial (Networth / Total Assets)	0.54	0.51	0.47
G-Score Ratio Debt (Debts / Equity Capital)	3.99	4.55	5.79
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.90	1.75	1.54

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Share Capital	16.728	16.728	16.728
Reserves & Surplus	251.563	266.871	272.034
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	268.291	283.599	288.762
Long-term borrowings	4.757	4.181	4.006
Short term borrowings	91.333	71.723	62.714
Current Maturities of Long term debt	0.719	0.246	0.000
Total borrowings	96.809	76.150	66.720
Debt/Equity ratio	0.361	0.269	0.231

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	1186.943	1298.617	1143.752
		9.409	(11.925)

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	1186.943	1298.617	1143.752
Profit	14.233	15.871	5.163
	1.20%	1.22%	0.45%

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	No
21	Banking facility details	No
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	No
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

OPERATIONS

The Company has reported total income of INR 1150.587 Million for the current year as compared to INR 1301.633 Million in the previous year. The Net Profit for the year amounted to INR 5.163 Million, in the current year as compared to INR 15.871 Million in the previous year.

UNSECURED LOANS:

PARTICULAR	31.03.2016 INR In Million	31.03.2015 INR In Million
Long-term Borrowings
Loans and advances from related parties	3.654	3.654
Short-term borrowings
Loans and advances from others	0.000	4.370
Total	3.654	8.024

INDEX OF CHARGE:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Amount	Address
1	B96543269	10477978	Canara Bank	21/01/2014	-	950000.0	Industrial Financial Branch, Venkatadri Complex No.83, Richmond Road, Bangalore-560034, Karnataka, India
2	G33994849	80002508	Canara Bank	22/06/1993	29/12/2016	154000000.0	Industrial Finance Branch No.19, Infantry Road, Bangalore-560001, Karnataka, India

FIXED ASSETS:

• Land
• Building
• Plant and equipment
• Office equipment
• Furniture and Fixture
• Computer
• Vehicles

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 records 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 records 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	INR
US Dollar	1	INR 64.99
UK Pound	1	INR 90.96
Euro	1	INR 79.51

INFORMATION DETAILS

Information Gathered by :	SAV
Analysis Done by :	DIV
Report Prepared by :	BHG

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.