MIRA INFORM REPORT

Report No. :	505704
Report Date :	24.04.2018

IDENTIFICATION DETAILS

Name :	A.S.E. EXPORTS PRIVATE LIMITED
Registered Office :	No.21 and 22, Kattigenahalli Cross Road, Jalahobli, Yelahanka, Bangalore- 560 064, Karnataka
Tel. No.:	91-80-28478236
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	23.08.2002
Com. Reg. No.:	08-030918
Capital Investment / Paid-up Capital :	INR 0.100 Million
CIN No.: [Company Identification No.]	U05190KA2002PTC030918
IEC No.: [Import-Export Code No.]	0702015725
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
TIN No.:	29290017264
GSTN : [Goods & Service Tax Registration No.]	29AADCA8455F1ZI
PAN No.: [Permanent Account No.]	AADCA8455F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of Steel Pipes and Chees Tubes. (Registered Activity and also Confirmed by management) Export, Import, Buy, Sell, Act as Agent, Trade in all kinds of Merchandise, Edible Oil, Soya Bean, Ground Nut Oil Seeds, Other Oil Bearing Sub-Stances, Steel, Cotton Yarn, Synthetic Yarn, Blended Yarn, Chemicals, Metals, Textiles, Capital Goods, Automobiles, Consumer Durables, Commodities, Agro Products Material, Previous Metals, Electronic Goods, Machines, Paper, Cement, Building and Construction Material, Fibers, Leather Articles, Garments, Footwear, Watches, Furniture, Electrical Goods and Accessories. (As per Memorandum of Association.)
No. of Employees :	100 (Approximately)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2002 and it is having satisfactory track. Management of the company has not filed its financials of 2017 with government department. As per available financials of 2016, the company has increased its revenue from operations and maintained average profitability margin of 1.08%. General financial position of the company seems to be sound and acceptable. Rating also derives strength from its long standing track records of business operations and improvement in the revenue as well profitability profile during the year. However, rating strength is partially offset by excess of borrowings recorded during the year and intense competition from industry. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but 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	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	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 24.04.2018.

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 (GENERAL INFORMATION)

Name :	Ms. Aaisha Moosa
Designation :	Manager
Contact No.:	91-80-28478236
Date :	23.04.2018

LOCATIONS

Registered Office :	No.21 and 22, Kattigenahalli Cross Road, Jalahobli, Yelahanka, Bangalore- 560 064, Karnataka, India
Tel. No.:	91-80-28478236 / 42909073 / 41138402
Mobile No.:	91-9845691343 (Ms. Aaisha)
Fax No.:	Not Available
E-Mail :	info@aseexports.com salmamoosa@aseexports.com
Website :	http://www.aseexports.com
Area :	Owned
Location :	Commercial
Factory 1:	29, KIADB, Chikkaballapur, Opposite Titan Industries, Bangalore - 562101, Karnataka , India
Factory 2:	134, Mahalaxmi Estate, Sanand Road, Sarkhej, Ahmedabad – 382210, Gujarat, India

DIRECTORS

As on 2018

Name :

Mr. Hafizi Mohammed Moosa

Designation :

Director

Address :

354/4, Kaval Byrasandra, R.T. Nagar, Bangalore – 560032, Karnataka, India

Date of Birth/Age :

23.02.1960

Date of Appointment :

01.04.2007

DIN No.:

02405202

Name :

Ms. Salma Moosa

Designation :

Director

Address :

No 354/4, 3rd Main, Srinivasa Layout L.R. Bande Road, Kavel Byrasandra R.T. Nagar, Bangalore – 560032, Karnataka, India

Date of Birth/Age :

10.02.1960

Date of Appointment :

23.08.202

DIN No.:

03065712

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U25204KA1987PTC008133	AQUATITE TUBES PRIVATE LIMITED	24/09/2014	-

KEY EXECUTIVES

Name :	Ms. Aaisha Moosa
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2016

Names of Shareholders	No. of Shares	%age
Salma Moosa	500	50.00
Hafizi Mohammed Moosa	500	50.00
Total	1000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2016

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	50.00
Public – (Individual/ Hindu Undivided Family – Indian)	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Supplier of Steel Pipes and Chees Tubes. (Registered Activity and also Confirmed by management) Export, Import, Buy, Sell, Act as Agent, Trade in all kinds of Merchandise, Edible Oil, Soya Bean, Ground Nut Oil Seeds, Other Oil Bearing Sub-Stances, Steel, Cotton Yarn, Synthetic Yarn, Blended Yarn, Chemicals, Metals, Textiles, Capital Goods, Automobiles, Consumer Durables, Commodities, Agro Products Material, Previous Metals, Electronic Goods, Machines, Paper, Cement, Building and Construction Material, Fibers, Leather Articles, Garments, Footwear, Watches, Furniture, Electrical Goods and Accessories. (As per Memorandum of Association.)
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	Bangladesh Srilanka
Imports :	Not Divulged
Terms :
Selling :	Advance Payment, L/C and RTGS
Purchasing :	Advance Payment, L/C and RTGS

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

• AB Electricals
• Aaditya Paintex
• Bhavana Polymers
• Bogeashavara Polymers
• Ambaji Geotex Private Limited
• Crox Oil and Gas Private Limited
• DSS Polesack Private Limited
• Evershine Motors
• Gemini Steel Tubes Limited
• Invent Technopack (India) Private Limited
• Horizon Enterprises
• SS Machineries (Indirect Export)
• M Square Automobile Private Limited
• Krishna Woven Sacks Private Limited
• Muscat Ploymers Private Limited
• Multitech Automations
• N.P. Agro (India) Industries Limited.
• Omkar Fabro Plast Private Limited
• Pioneer
• Praspack Polymers
• Premium Coating and Chemicals Private Limited
• Ramatirth Polypack Private Limited
• Rajasthan Flexible Packaging Limited
• Stc Packing Private Limited
• Sundaram Plastics
• Ratan Traders
• Shankara Infrastructure Materials Limited
• Shri Sagar Woven Private Limited

Reference :	Aace Hitech Woven Sacks Private Limited
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

• Aman Engineering
• Bright Packaging Private Limited
• Bang Poly Packs
• Buildmet Fibers Private Limited
• Centenary Polytex Private Limited
• Chennai Plastic Sacks Cluster Private Limited
• Chittor Poly Fab Private Limited
• Dalmia Laminators Limited
• Dayana Poly Plast Private Limited
• Damot Industrial and Commercial Plc
• Dhoot Compack Limited
• Emmbi Industries Limited
• East Lanka Poly sack Private Limited
• Fairdeal Fibc Overseas
• Friction Control Products Private Limited
• Gopal Polyplast Limited- Bangalore
• Klene Paks Limited
• LPV Paint Specialities Private Limited.
• Metal Pressing industries
• Manish Flexi Pack
• Mantaram Technofab
• Megha Granules Private Limited
• Prakash Plastic industries
• Priyadarshini Filaments PL
• Ravik Engineering Private Limited.
• Sadhana Packaging Private Limited
• Sai Flexi Bag Private Limited.
• Sai Sri Woven Sacks Private Limited
• Sathavahana Packing Private Limited
• SSV Fab Industries Private Limited
• Sakthivelu Poly Pack
• Sharadha Polumers
• Siddarth Polysacks
• Siphani Fibres Limited
• Skaps Industries India Private Limited
• S V Sacks Private Limited
• Unic Polymers Private Limited
• Vijayanavya Polysacks Private Limited

Reference :	Alliance Poly Sacks
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

100 (Approximately)

Bankers :

Bank Name	Vijaya Bank
Branch	19.10, 1^st Main Road, Ganganagar, Bangalore - 560032, Karnataka, India
Person Name (With Designation)	--
Contact Number	91-80-23639339 (Number is continuously 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 :

Secured Loan	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
Long-term Borrowings
HDFC Bank-Audi car loan	1.126	1.823
(secured by Hypothecation of Vehicle )
HDFC Bank- Benz Car Loan	0.000	0.255
(secured by Hypothecation of Vehicle )
Toyota Finance Car Loan	0.664	1.000
(secured by Hypothecation of Vehicle )
Kotak Mahindra	9.385	0.000
HDFC Car Loan - Maruthi Dezire	0.582	0.000
Total	11.757	3.078

Auditors :
Name :	M.K. Dandeker and Company Chartered Accountants
Address :	403, 4th Floor, Janak Residency, No 2 , Kumara Krupa Road, Bangalore – 560001, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFM0865H
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	INR 100/- each	INR 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	INR 100/- each	INR 0.100 Million

FINANCIAL DATA

[all figures are in 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	0.100	0.100	0.100
(b) Reserves & Surplus	4.377	3.722	3.020
(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)	4.477	3.822	3.120
(3) Non-Current Liabilities
(a) long-term borrowings	13.712	5.033	2.144
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	13.712	5.033	2.144
(4) Current Liabilities
(a) Short term borrowings	2.364	4.568	2.582
(b) Trade payables	11.656	17.216	11.528
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	1.341	1.299	0.904
Total Current Liabilities (4)	15.361	23.083	15.014
TOTAL	33.550	31.938	20.278
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.443	12.783	5.716
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.319	1.956	1.881
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	15.762	14.739	7.597
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3.303	0.502	1.830
(c) Trade receivables	10.738	12.558	3.719
(d) Cash and cash equivalents	1.852	3.022	4.913
(e) Short-term loans and advances	1.895	1.117	2.219
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	17.788	17.199	12.681
TOTAL	33.550	31.938	20.278

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	75.891	62.873	54.909
	Other Income	0.256	0.039	0.024
	TOTAL	76.147	62.912	54.933
Less	EXPENSES
	Cost of Materials Consumed	61.131	45.849	46.817
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.000	0.000
	Employees benefits expense	1.080	0.619	0.931
	Exceptional Items	0.000	0.223	0.087
	Other expenses	9.778	12.708	5.262
	TOTAL	71.989	59.399	53.097
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	4.158	3.513	1.836
Less	FINANCIAL EXPENSES	0.811	0.346	0.186
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	3.347	3.167	1.650
Less/ Add	DEPRECIATION/ AMORTISATION	2.166	2.151	1.023
	PROFIT/ (LOSS) BEFORE TAX	1.181	1.016	0.627
Less	TAX	0.365	0.314	0.190
	PROFIT/ (LOSS) AFTER TAX	0.816	0.702	0.437
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	3.722	3.020	2.273
Add	Adjustment during the year	0.000	0.000	0.310
	Balance Carried to the B/S	4.538	3.722	3.020
	Earnings / (Loss) Per Share (INR)	816	702	437

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	51.64	72.90	24.72
Account Receivables Turnover (Income / Sundry Debtors)	7.07	5.01	14.76
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	69.60	137.06	89.88
Inventory Turnover (Operating Income / Inventories)	1.26	7.00	1.00
Asset Turnover (Operating Income / Net Fixed Assets)	0.31	0.27	0.32

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.87	0.88	0.85
Debt Equity Ratio (Total Liability / Networth)	3.59	2.51	1.51
Current Liabilities to Networth (Current Liabilities / Net Worth)	3.43	6.04	4.81
Fixed Assets to Networth (Net Fixed Assets / Networth)	3.00	3.34	1.83
Interest Coverage Ratio (PBIT / Financial Charges)	5.13	10.15	9.87

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	1.08	1.12	0.80
Return on Total Assets ((PAT / Total Assets) * 100)	%	2.43	2.20	2.16
Return on Investment (ROI) ((PAT / Networth) * 100)	%	18.23	18.37	14.01

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.16	0.75	0.84
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.94	0.72	0.72
G-Score Ratio Financial (Networth / Total Assets)	0.13	0.12	0.15
G-Score Ratio Debt (Debts / Equity Capital)	160.76	96.01	47.26
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.16	0.75	0.84

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	0.100	0.100	0.100
Reserves & Surplus	3.020	3.722	4.377
Share Application money pending allotment	0.000	0.000	0.000
Net worth	3.120	3.822	4.477
Long Term borrowings	2.144	5.033	13.712
Short Term borrowings	2.582	4.568	2.364
Total borrowings	4.726	9.601	16.076
Debt/Equity ratio	1.515	2.512	3.591

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	54.909	62.873	75.891
		14.504	20.705

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	54.909	62.873	75.891
Profit	0.437	0.702	0.816
	0.80%	1.12%	1.08%

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	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	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	No
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 HIGHLIGHTS/PERFORMANCE OF THE COMPANY:

The company has earned a Profit of INR 1.181 Million (Previous Year profit INR 1.016 Million) after charging depreciation of INR 2.165 Million (Previous Year INR 2.151 Million) Tax provision for the FY is INR 0.365 Million (Previous Year INR 0.314 Million)

UNSECURED LOAN

Unsecured Loan	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
Long-term Borrowings
Kiah Enterprise	0.500	0.500
Prakash	0.155	0.155
Loan From Horizon	0.500	0.500
From Share Holders
G Afsar Pasha	0.300	0.300
Loan From Ravi	0.500	0.500
Short-term borrowings
Mohammed Moosa	2.304	3.635
Aisha Moosa	0.092	0.700
Salma Moosa	(0.032)	0.233
Total	4.319	6.523

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	A02412484	10008976	VIJAYA BANK	22/06/2006	-	-	500000.0	19/10, 1ST MAIN ROAD, GANGANAGAR, BANGALORE – 560032, KARNATAKA, INDIA

FIXED ASSETS

• Furniture and Fittings
• Chair Featherlight
• Audi Car.
• Maruthi Zen
• Mercedes Benz-Ka50 M305
• Fortuner
• LG A/C LSA
• Machinery
• Dynatherm Induction Heater
• Compressor
• Pumps
• Stablizer
• CC TV
• Electronic Platform Scale
• HP Laser Printer
• Mobile Phones
• Toyota Innova
• Toyota Innova New Ka50 P1583
• Weighing Scale
• Transformer
• 40kvar Panel
• Ups/Battery
• Cooling Towers
• Ced Coating Plant
• Oil Dipping Machine
• Plate Heat Exchanger
• Water Chilling Plant
• Generator
• Mahindra Cl550/2wd
• Eicher Truck
• Computer

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 66.01
UK Pound	1	INR 92.72
Euro	1	INR 81.45

INFORMATION DETAILS

Information Gathered by :	TJL
Analysis Done by :	PRS
Report Prepared by :	SUJ

SCORE FACTORS

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	NO
--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.