MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	504350
Report Date :	21.04.2018

IDENTIFICATION DETAILS

Name :	REVA INDUSTRIES LIMITED [w.e.f.09.04.1997]

Formerly Known As :	REVA INDUSTRIES PRIVATE LIMITED

Registered Office :	Plot No.28, Sector-25, Ballabgarh, Faridabad – 121004, Haryana
Tel. No.:	91-129-4185400

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	26.09.1979

Com. Reg. No.:	05-058686

Capital Investment / Paid-up Capital :	INR 28.404 Million

CIN No.: [Company Identification No.]	U74899HR1979PLC058686

IEC No.: [Import-Export Code No.]	0588172898

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAACR0725N

GSTN : [Goods & Service Tax Registration No.]	06AAACR0725N1ZE

TIN No.:	06871310965

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer and Exporter of EOT Cranes, Electric Wire Rope Hoists, Goliath Crane, Jib Crane, Gear Boxes, Geared Couplings, Geared Motors and Thrustor Brakes. (Confirmed by management) Manufacturing of tractor parts, machine tools and machine tools accessories including zigs and fixtures: bolt and nuts, screw.

No. of Employees :	300 (Approximately)

RATING & COMMENTS

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

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Exist

Comments :	Subject was incorporated in the year 1979. It is a manufacturer and exporter of EOT Cranes, Electric Wire Rope Hoists, Goliath Crane, Jip Crane, Gear Boxes, Geared Couplings and Thruster Brakes. For the financial year 2017, the company has achieved 12.31% growth in its revenue as compared to previous year revenue along with average profit margin of 3.55% The satisfactory financial profile of the company is marked by adequate networth base along with negligible debt level. The rating takes into consideration the subject’s long established track record of business operations along with extensive experience of its promoters. However, rating strength are partially offset by unfavourable gap between trade payables and trade receivables. Business is active. Payment seems to be usually correct. In view of 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

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 21.04.2018

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 PARTED BY

Name :	Mr. Rajesh Kumar
Designation :	Accounts Manager
Contact No.:	91-129-4185400
Date:	18.04.2018

LOCATIONS

Registered Office/ Factory 1 :	Plot No.28, Sector-25, Ballabgarh, Faridabad – 121004, Haryana, India
Tel. No.:	91-129-4185400
Fax No.:	91-129-4185414
E-Mail :	reva@revacranes.com
Website :	http://www.revacranes.com
Location :	Owned
Locality :	Industrial

Factory 2 :	Plot No 164, Sector 24, Faridabad - 121005, Haryana, India

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Bal Raj Goel

Designation :

Managing Director

Address :

109, Sector 21A, Faridabad – 121001, Haryana, India

Date of Birth/Age :

02.01.1948

Date of Appointment :

01.04.2007

DIN No.:

00288773

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U35999HR1986PTC023473	CARRY MORE CRANES PRIVATE LIMITED	29/01/1992	-
U74999DL2004PTC124743	REVA CRANES AND HOISTS PRIVATE LIMITED	19/02/2004	-

Name :

Mr. Rohit Goel

Designation :

Whole Time Director

Address :

109, Sector 21A, Faridabad – 121001, Haryana, India

Date of Birth/Age :

20.01.1976

Date of Appointment :

08.01.1997

DIN No.:

00288887

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U35999HR1986PTC023473	CARRY MORE CRANES PRIVATE LIMITED	01/01/1999	-
U74999DL2004PTC124743	REVA CRANES AND HOISTS PRIVATE LIMITED	19/02/2004	-

Name :

Mrs. Sunita Goel

Designation :

Director

Address :

109, Sector 21A, Faridabad – 121001, Haryana, India

Date of Birth/Age :

10.04.1953

Date of Appointment :

07.07.2006

DIN No.:

00526968

KEY EXECUTIVES

Name :	Mr. Rajesh Kumar
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2017

Names of Shareholders		No. of Shares
Balraj Goel		142500
Balraj Goel and Sons HUF		100
Sunita Goel		7970
Rohit Goel		41130
Pooja Goel		100
Anjali Goel		1100
Rohit Goel (HUF)		100
K. L. Export Private Limited		12000
Subhash Chander Bansal and Prabha Bansal		3600
Vasudev Infrastructure Private Limited		27840
Delite Buildwell Private Limited		22100
Sanjeev Podar		1500
Neeru Podar		500
Carry More Cranes Private Limited		5800
Wave Buildwell Private Limited		15200
Anil Kumar Garg		2500
Total		284040

Equity Share Break up (Percentage of Total Equity)

AS ON 28.09.2017

Category	Percentage
Promoters (Individual/Hindu Undivided Family – Indian)	67.95
Promoters (Body corporate)	2.04
Public/Other than promoters (Individual/Hindu Undivided Family – Indian)	2.85
Public/Other than promoters (Body corporate)	27.16
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of EOT Cranes, Electric Wire Rope Hoists, Goliath Crane, Jib Crane, Gear Boxes, Geared Couplings, Geared Motors and Thrustor Brakes. (Confirmed by management)

Manufacturing of tractor parts, machine tools and machine tools accessories including zigs and fixtures: bolt and nuts, screw.

Products :

EOT Cranes
Electric Wire Rope Hoists
Goliath Crane
Jib Crane
Gear Boxes
Geared Couplings
Geared Motors
Thrustor Brakes

Item Code No.	Products/Services Description
84263000	Cranes

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished goods

Countries :

Bangladesh

Imports :

Not Divulged

Terms :

Selling :

L/C, Cash and Credit (30 / 60 Days)

Purchasing :

L/C, Cash and Credit (30 / 60 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

Wholesalers, Retailers and End Users

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

No. of Employees :

300 (Approximately)

Bankers :

Banker Name

Syndicate Bank

Branch Address

Bhadana Complex, 48, Neelam Bata Road, AC Nagar, New Industrial Town, Faridabad - 121001, Haryana, India

Person Name (With Designation)

Contact Number

91-129-2413642 (Ringing)

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 :

(INR In Million)

SECURED LOAN	As on 31.03.2017	As on 31.03.2016
LONG TERM BORROWING
Volkswagen Finance Private Limited (Secured against Vehicle Financed)	0.000	0.194
SIDBI : Term Loan (Secured against Land, Building and Machines Financed)	13.813	9.110
HDFC Bank (Secured against Vehicles Financed)	2.172	1.608
Less: Due within one year	4.549	0.879
SHORT TERM BORROWING
Syndicates Bank (Secured against hypothecation of Stocks and Book Debts)	87.858	81.378
Total	99.294	91.411

Auditors :
Name :	MLG Associates Chartered Accountants
Address :	Tb 11 3rd Floor Crown Plaza Mall, Sector 15a Main Mathura Road, Faridabad – 121007, Haryana, India
Tel. No.:	91-129-2283881
PAN N Income-tax PAN of auditor or auditor's firm :	AAGFM1817M

Memberships :	Not Available

Collaborators :	Not Available

Other related party :	Carry More Cranes Private Limited

CAPITAL STRUCTURE

AS ON 28.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

300000	Equity Shares	INR 100/- each	INR 30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

284040	Equity Shares	INR 100/- each	INR 28.404 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	28.404	28.404	27.124
(b) Reserves & Surplus	168.416	156.870	142.458
(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)	196.820	185.274	169.582

(3) Non-Current Liabilities
(a) long-term borrowings	11.436	10.033	19.917
(b) Deferred tax liabilities (Net)	6.250	6.409	6.557
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.381	0.526	0.145
Total Non-current Liabilities (3)	18.067	16.968	26.619

(4) Current Liabilities
(a) Short term borrowings	87.858	81.378	43.415
(b) Current Maturity of Long Term Loans	10.892	13.057	10.932
(c) Trade payables	34.483	21.914	21.816
(d) Other current liabilities	(0.061)	0.882	0.846
(e) Short-term provisions	4.550	0.879	9.981
Total Current Liabilities (4)	137.722	118.110	86.990

TOTAL	352.609	320.352	283.191

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	132.162	133.981	117.161
(ii) Intangible Assets	0.687	0.601	0.658
(iii) Capital work-in-progress	10.375	1.166	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.036	0.036	0.036
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	5.282
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	143.260	135.784	123.137

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.126	14.270	5.501
(c) Trade receivables	175.632	141.629	131.992
(d) Cash and cash equivalents	15.039	23.704	13.058
(e) Short-term loans and advances	14.552	4.965	9.503
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	209.349	184.568	160.054

TOTAL	352.609	320.352	283.191

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	325.370	289.709	270.551
	Other Income	1.248	1.143	1.216
	TOTAL	326.618	290.852	271.767

Less	EXPENSES
	Cost of Materials Consumed	173.527	163.051	144.054
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	3.119	(4.305)	0.040
	Employees benefits expense	32.322	31.170	27.374
	Other expenses	81.043	68.556	69.672
	TOTAL	290.011	258.472	241.140

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	36.607	32.380	30.627

Less	FINANCIAL EXPENSES	13.112	13.332	9.986

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	23.495	19.048	20.641

Less/ Add	DEPRECIATION/ AMORTISATION	6.361	6.357	7.021

	PROFIT/ (LOSS) BEFORE TAX	17.134	12.691	13.620

Less	TAX	5.588	4.999	3.447

	PROFIT/ (LOSS) AFTER TAX	11.546	7.692	10.173

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	9.680	0.000	0.000
	TOTAL EARNINGS	9.680	0.000	0.000

	Earnings / (Loss) Per Share (INR)	40.65	27.71	37.50

Particulars

31.03.2018

Sales Turnover (Approximately)

300.000

The above information has been parted by Mr. Rajesh Kumar (Accounts Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA
Net cash flows from (used in) operating activity	6.573	15.187	27.140

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	197.02	178.44	178.07

Account Receivables Turnover (Income / Sundry Debtors)	1.85	2.05	2.05

Average Payment Days (Sundry Creditors / Purchases * 365 Days)	22.91	29.23	27.70

Inventory Turnover (Operating Income / Inventories)	8.87	2.27	5.57

Asset Turnover (Operating Income / Net Fixed Assets)	0.26	0.24	0.26

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.42	0.40	0.38

Debt Equity Ratio (Total Liability / Networth)	0.50	0.49	0.37

Current Liabilities to Networth (Current Liabilities / Net Worth)	0.70	0.64	0.51

Fixed Assets to Networth (Net Fixed Assets / Networth)	0.73	0.73	0.69

Interest Coverage Ratio (PBIT / Financial Charges)	2.79	2.43	3.07

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	3.55	2.66	3.76

Return on Total Assets ((PAT / Total Assets) * 100)	%	3.27	2.40	3.59

Return on Investment (ROI) ((PAT / Networth) * 100)	%	5.87	4.15	6.00

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.52	1.56	1.84

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.49	1.44	1.78

G-Score Ratio Financial (Networth / Total Assets)	0.56	0.58	0.60

G-Score Ratio Debt (Debts / Equity Capital)	3.50	3.22	2.33

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.52	1.56	1.84

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

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	27.124	28.404	28.404
Reserves & Surplus	142.458	156.870	168.416
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	169.582	185.274	196.820

long-term borrowings	19.917	10.033	11.436
Short term borrowings	43.415	81.378	87.858
Total borrowings	63.332	91.411	99.294
Debt/Equity ratio	0.373	0.493	0.504

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	270.551	289.709	325.370
		7.081	12.309

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	270.551	289.709	325.370
Profit	10.173	7.692	11.546
	3.76%	2.66%	3.55%

LEGAL CASES

CASE TYPE: O.M.P Date of Filing: 28/11/15

Dairy No.: 406890/2015

CHIEF ADMINISTRATIVE OFFICER, COFMOW, RAILWAY
Vs. REVA INDUSTRIES LIMITED & ANR.

Scrutiny Assistant: Sh. Sunil Dutt

Filing Advocate : Malaya Kumar Chand

Subject 1: Not Entered

Subject 2: Not Entered

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	Yes
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	No
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	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G07711245	10611664	Small Industries Development Bank of India(SIDBI)	15/12/2015	14/07/2016	-	20000000.0	N H 5-R/2NEELAM BADSHAH KHAN ROAD N.I.T FARIDABAD-121001 HARYANA INDIA
2	G00400911	10606596	Syndicate Bank	30/09/2015	22/02/2016	-	250000000.0	FARIDABAD MAIN BRANCH48, NEELAM BATA ROAD, NIT FARIDABAD-121001 HARYANA INDIA
3	G10897189	10225631	PUNJAB NATIONAL BANK	18/06/2010	-	24/08/2016	646000.0	BALLABGARH BRANCH FARIDABAD-121005 HARYANA INDIA
4	G10897064	10066264	Punjab National Bank	27/08/2007	21/05/2013	24/08/2016	251990000.0	BALLABGARH BRANCH FARIDABAD-121005 HARYANA INDIA
5	G38239372	10559549	AXIS BANK LTD.	28/03/2015	-	07/10/2015	30000000.0	PLOT NO. 40, SCO, SECTOR 7,HUDA MAIN MARKET, BALLABHGARH,FARIDABAD-121006 HARYANA INDIA
6	C63952683	10341141	Small Industries Development Bank of India	02/03/2012	-	26/08/2015	7500000.0	GROUND FLOOR VIDEOCON TOWERE-1, RANI JHANSI ROAD, JHANDEWALAN EXTENSIONNEW DELHI-110055 INDIA
7	C63950398	10320780	SMALL INDUSTRIAL DEVELOPMENT BANK OF INDIA	08/11/2011	-	26/08/2015	20000000.0	VIDEOCON TOWER, GROUND FLOOR, E-1, RANI JHANSI RDJHANDEWALAN EXTENSIONNEW DELHI-110055 INDIA
8	C63947436	10173815	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	13/08/2009	05/10/2009	26/08/2015	50000000.0	VIDEOCON TOWER, JHANDEWALA EXTENSIONE-1, RANI JHANSI ROAD NEW DELHI-110055 INDIA
9	C63951297	10234485	Small Industries Development Bank of India	07/07/2010	-	26/08/2015	20000000.0	VIDEOCON TOWER, GROUND FLOOR, E-1, RANI JHANSI RD,JHANDEWALAN EXTENSION, NEW DELHI NEW DELHI-110055 INDIA
10	A22517320	90041699	STATE BANK OF INDIA	25/05/1996	25/08/2000	18/03/2005	32600000.0	NEHRU PLACENEW DELHI INDIA

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016

Bank Guarantee	109.900	87.000

FIXED ASSETS:

· Land

· Building

· Electrical Installations

· Computers

· Office Equipment’s

· Air Conditioners

· Plant and Machinery

· Testing Equipment’s

· Tools and Welding

· Patterns

· Computer Software’s

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 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 65.22
UK Pound	1	INR 92.77
Euro	1	INR 80.34

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	VAR

Report Prepared by :	RKI

SCORE FACTORS

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