MIRA INFORM REPORT

Report No. :	505230
Report Date :	24.04.2018

IDENTIFICATION DETAILS

Name :	BAJRANG WIRE PRODUCTS (INDIA) PRIVATE LIMITED
Registered Office :	E-762(A), Road No. 9-F-1, Vishwakarma Industrial Area, V.K.I. Area, Jaipur - 302013, Rajasthan
Tel. No.:	91-141-4151111
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	22.01.1993
Com. Reg. No.:	17-007184
Capital Investment / Paid-up Capital :	INR 88.335 Million
CIN No.: [Company Identification No.]	U31300RJ1993PTC007184
IEC No.: [Import-Export Code No.]	1399008544
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
TIN No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACB9919N
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Manufacturing of Pipes and Fittings and also Drawing of Wire from Iron Rods of Different Grade and Specifications. [Registered Activity]
No. of Employees :	Not Divulged

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 :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1993 and it is having satisfactory track. For the financial year 2017, the company has registered decrease in its revenue from operations as compared to previous year and minimal profitability margin of 0.15%. Rating takes into consideration sound financial profile of the company marked by healthy networth base and low debt balance sheet. Further, rating also reflects from its experienced promoters along-with long track record of operations and wide product portfolio as well as reputed clientele across geographies. However, rating strength is partially offset by deterioration in scale of operations with decrease in profitability margins, volatility in raw-material prices and presence in highly competitive industry. Trade relations are reported as fair. Business is active. Payment terms are seems to be usually 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	CARE
Rating	Long Term Rating=BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	26.02.2018
Rating Agency Name	CARE
Rating	Short Term Rating=A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	26.02.2018

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 31-03-2016.

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 DECLINED BY

Name :	Mr. Sanjeev Jhunjhunwala
Designation :	General Manager in Commercial Department
Contact No.:	91-9903302974/ 9829198996
Date :	21.04.2018

Given number [0141-6595111] is not working

LOCATIONS

Registered Office/ Factory :	E-762(A), Road No. 9-F-1, Vishwakarma Industrial Area, V.K.I. Area, Jaipur - 302013, Rajasthan, India
Tel. No.:	91-141-4151111/ 12
Mobile No.:	91-9903302974/ 9829198996 [Mr. Sanjeev Jhunjhunwala]
Fax No.:	91-141-2330125
E-Mail :	sj@bajanggroup.com contact@bajanggroup.com
Website :	http://www.bajrangwire.com
Factory 2 :	G15-28, Akera (Dungar), Industrial Estate, VKIA Extension, Jaipur-302013, Rajasthan, India
Factory 3 :	A-196 & A-197, RIICO Industrial Area Phase II, Bagru, Jaipur, Rajasthan, India

DIRECTORS

AS ON: 31.03.2017

Name :

Mr. Ashish Maheshwari

Designation :

Managing Director

Address :

E-94, Shastri Nagar, Jaipur - 302016, Rajasthan, India

Date of Birth/Age :

08.09.1980

Qualification :

B.E., MBA

Date of Appointment :

01.11.2007

PAN No. :

AETPM3622F

DIN No.:

01940549

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45201RJ2007PTC025099	ANAND BUILDESTATES PRIVATE LIMITED	26/09/2011	-
U70101RJ2013PTC041985	BAJRANG KRIPA DEVELOPERS PRIVATE LIMITED	02/04/2013	-

Name :

Mr. Dhruv Maheshwari

Designation :

Whole-time Director

Address :

E-94, Shastri Nagar, Jaipur – 302016, Rajasthan, India

Date of Birth/Age :

18.03.1983

Qualification :

M S C International Marketing and B.Com

Date of Appointment :

25.05.2006

PAN No. :

AGDPM1605N

DIN No.:

00293860

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45201RJ2013PTC041191	JAGRATI PREMIUM HOMES PRIVATE LIMITED	07/08/2013	-

Name :

Mr. Vijay Kumar Maheshwari

Designation :

Director

Address :

E-94, Shastri Nagar, Jaipur - 302016, Rajasthan, India

Date of Birth/Age :

20.01.1954

Qualification :

B.Com., MBA

Date of Appointment :

26.10.2015

PAN No. :

ACCPM1828N

DIN No.:

01143864

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U17290RJ2012PTC039966	FINE TEXFAB PRIVATE LIMITED	27/09/2013	-
U27101RJ1989PTC004838	BAJRANG BALL INDUSTRIES PRIVATE LIMITED	28/02/1989	-
U29130RJ1989PTC004894	ACCURATE BALL INDUSTRIES P. LTD.	31/03/1989	-
U45201RJ2005PTC020612	SATGURU PREMISES PRIVATE LIMITED	20/02/2006	-
U45201RJ2006PTC021857	JAIPUR LANDMARK PRIVATE LIMITED	19/01/2013	-
U45201RJ2006PTC021859	JAIPUR BUILDFARMS PRIVATE LIMITED	31/07/2013	-
U45201RJ2007PTC025115	KRISHANA BALDEVJI DEVELOPERS PRIVATE LIMITED	03/09/2013	-
U45201RJ2010PTC030980	SHREE SALASAR DHAM BUILDERS AND DEVELOPERS PRIVATE LIMITED	15/02/2010	-
U70101RJ2002PTC017631	ARG LAND DEVELOPERS PRIVATE LIMITED	02/12/2002	-

KEY EXECUTIVES

Name :	Mr. Mahendra Singh Rajpoot
Designation :	Company Secretary
Address :	50-A, Shankar Vihar, Murlipura Scheme, Jaipur - 302039, Rajasthan, India
Date of Birth/Age :	02.05.1989
Qualification :	CS
Date of Appointment :	17.03.2015
PAN No.:	BJCPR9429J
Name :	Mr. Sanjeev Jhunjhunwala
Designation :	General Manager in Commercial Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2017

Names of Shareholders	No. of Shares	Percentage of Holding
Vijay Kumar Maheshwari	2435500	27.57
Usha Jakhotia	633000	7.17
Rameshwari Devi	998681	11.31
Dhurv Maheshwari	2130250	24.12
Ashish Maheshwari	2130250	24.12
Ajay Maheshwari	61950	0.70
Ram Ballabh Jakhotia	151500	1.72
Kusum Lata Maheshwari	99028	1.12
Vijay Kumar Maheshwari HUF	193334	2.19
Total	8833493	100.00

AS ON: 30.09.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters – Individual/ Hindu Undivided Family – Indian	77.99
Public/Other than promoters – Others [Others]	22.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Manufacturing of Pipes and Fittings and also Drawing of Wire from Iron Rods of Different Grade and Specifications. [Registered Activity]

Products/ Services :

ITC Code No.	Product Descriptions
72172010	Galvnized Wire of Non Alloy Steel

Brand Names :

“BAJRANG”

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

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 :

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

No. of Employees :

Not Divulged

Bankers :

· Kotak Mahindra Bank Limited

27 BKC, C 27, G Block Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

· Punjab National Bank

SSI Branch, VKI Area, Jaipur-302017, Rajasthan, India

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	26.547	32.749
Other loans and advances	9.222	3.147
SHORT TERM BORROWINGS
Loans repayable on demand from banks	292.655	247.785
Total	328.424	283.681

Auditors :
Name :	Ashok Holani and Company Chartered Accountants
Address :	B-15/16, Shiv Marg, Bani Park, Jaipur, Rajasthan, India
PAN No.:	AACPH3674D
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Bajarang Industries · Bajarang Steels · Bajarang Infra Industries · Accurate Ball Industries Private Limited · Bajrang Power Industries LLP · Bajrang International · Bajrang Ball Industries Private Limited · Bajrang Prestress Industries

CAPITAL STRUCTURE

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	INR 10/- each	INR 90.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8833493	Equity Shares	INR 10/- each	INR 88.335 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	88.335	88.335	88.335
(b) Reserves and Surplus	274.196	270.889	202.780
(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)	362.531	359.224	291.115
(3) Non-Current Liabilities
(a) long-term borrowings	43.095	51.155	55.928
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long-term liabilities	0.970	0.956	0.546
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	44.065	52.111	56.474
(4) Current Liabilities
(a) Short-term borrowings	292.655	247.785	194.881
(b) Trade payables	177.392	131.140	250.479
(c) Other current liabilities	30.479	40.613	30.179
(d) Short-term provisions	3.604	21.366	4.360
Total Current Liabilities (4)	504.130	440.904	479.899
TOTAL	910.726	852.239	827.488
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	194.301	179.595	192.130
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Tangible assets capital work-in-progress	55.980	33.153	0.540
(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)	5.346	2.709	1.842
(d) Long-term loans and advances	17.688	15.498	12.554
(e) Other Non-current assets	21.140	16.318	14.915
Total Non-Current Assets	294.455	247.273	221.981
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	174.694	187.421	198.098
(c) Trade receivables	386.670	349.996	340.467
(d) Cash and bank balances	0.457	7.285	1.934
(e) Short-term loans and advances	54.450	60.264	65.008
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	616.271	604.966	605.507
TOTAL	910.726	852.239	827.488

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	2145.896	2356.020	1903.185
	Other Income	15.889	6.665	22.836
	TOTAL	2161.785	2362.685	1926.021
Less	EXPENSES
	Cost of Materials Consumed	1724.708	1730.984	1536.478
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.472	5.066	(29.065)
	Employee benefit expense	81.932	43.488	45.835
	CSR expenditure	0.200	0.000	0.000
	Other expenses	276.169	418.667	268.236
	TOTAL	2083.481	2198.205	1821.484
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	78.304	164.480	104.537
Less	FINANCIAL EXPENSES	35.570	31.766	34.155
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	42.734	132.714	70.382
Less/ Add	DEPRECIATION/ AMORTISATION	36.767	28.502	24.986
	PROFIT/ (LOSS) BEFORE TAX	5.967	104.212	45.396
Less	TAX	2.660	36.103	9.675
	PROFIT/ (LOSS) AFTER TAX	3.307	68.109	35.721
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.000	13.174	19.004
	TOTAL EARNINGS	0.000	13.174	19.004
	IMPORTS
	Raw Materials	219.348	970.392	758.351
	TOTAL IMPORTS	219.348	970.392	758.351
	Earnings / (Loss) Per Share (INR)	0.37	7.71	4.04

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	11.052	10.350	11.252
Net cash flows from (used in) operations	76.711	76.329	60.532
Net cash flows from (used in) operating activities	71.414	39.359	49.939

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	65.77	54.22	65.30
Account Receivables Turnover (Income / Sundry Debtors)	5.55	6.73	5.59
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	37.54	27.65	59.50
Inventory Turnover (Operating Income / Inventories)	0.45	0.88	0.53
Asset Turnover (Operating Income / Net Fixed Assets)	0.31	0.77	0.54

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.61	0.59	0.66
Debt Equity Ratio (Total Liability / Networth)	0.96	0.86	0.90
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.39	1.23	1.65
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.69	0.59	0.66
Interest Coverage Ratio (PBIT / Financial Charges)	2.20	5.18	3.06

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	0.15	2.89	1.88
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.36	7.99	4.32
Return on Investment (ROI) ((PAT / Networth) * 100)	%	0.91	18.96	12.27

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.22	1.37	1.26
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.88	0.95	0.85
G-Score Ratio Financial (Networth / Total Assets)	0.40	0.42	0.35
G-Score Ratio Debt (Debts / Equity Capital)	3.93	3.50	2.97
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.22	1.37	1.26

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	88.335	88.335	88.335
Reserves & Surplus	202.780	270.889	274.196
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	291.115	359.224	362.531
Long-term borrowings	55.928	51.155	43.094
Short term borrowings	194.881	247.785	292.655
Current maturities of long-term debts	11.252	10.350	11.052
Total borrowings	262.061	309.290	346.801
Debt/Equity ratio	0.900	0.861	0.957

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	1903.185	2356.020	2145.896
		23.794	(8.919)

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	1903.185	2356.020	2145.896
Profit/ (Loss)	35.721	68.109	3.307
	1.88 %	2.89 %	0.15 %

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
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 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

INDEX OF CHARGES

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G74628793	100149493	Punjab National Bank	30/12/2017	-	-	40000000.0	SSI BranchVKI AreaJaipurRJ302017IN
2	G80698111	100108159	HDFC BANK LIMITED	14/03/2017	21/02/2018	-	350000000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
3	G36379915	100078518	KOTAK MAHINDRA PRIME LIMITED	21/01/2017	-	-	8500000.0	27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMa400051IN
4	G30271159	100066709	SUNDARAM FINANCE LIMITED	29/10/2016	-	-	1255000.0	21 PATULLOS ROADCHENNAITa600002IN
5	G11193869	100048796	SUNDARAM FINANCE LIMITED	16/08/2016	-	-	360000.0	21 PATULLOS ROADCHENNAITa600002IN
6	G09841404	100045510	SUNDARAM FINANCE LIMITED	28/07/2016	-	-	700000.0	21 PATULLOS ROADCHENNAITa600002IN
7	G05669700	100032902	KOTAK MAHINDRA BANK LIMITED	08/04/2016	-	-	974000.0	27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMa400051IN
8	G05668660	100032895	KOTAK MAHINDRA BANK LIMITED	23/02/2016	-	-	980000.0	27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMa400051IN
9	G05730957	100033193	KOTAK MAHINDRA BANK LIMITED	23/02/2016	-	-	980000.0	27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMa400051IN
10	G05381843	100031868	SUNDARAM FINANCE LIMITED	26/10/2015	-	-	530000.0	21 PATULLOS ROADCHENNAITa600002IN

UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Loans and advances from directors	4.943	12.113
Loans and advances from others	2.383	3.146
Total	7.326	15.259

CORPORATE INFORMATION

The company is engaged in the business of drawing of wire from iron rods of different grade and specifications. The company registered office is situated at E-762(A), Road No.9F-1, VKIA, Jaipur and address of manufacturing plants is E-762(A), Road No.9F-1, VKIA, Jaipur, Plot No.A-192-193 and A-196-197, RIICO Industrial Area, Bagru, Jaipur and at G-15-28, Akera (Dungar), Industrial Park, VKIA Extension, Jaipur.

STATE OF COMPANY AFFAIRS

During the year the factory was closed for a few months due to some legal issues with the Rajasthan Pollution Control Board therefore the profit of the company has been decrease from the last financial year as reflected in its profits and Loss accounts i.e. the profits after tax was INR 68.109 Million in the financial year 2015-16 which had decreased up to INR 3.307 Million in the financial year 2016-17.

CONTINGENT LIABILITIES:

Particulars	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
Claims against company not acknowledged as debt	92.250	83.617

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No 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 66.22
UK Pound	1	INR 92.84
Euro	1	INR 81.27

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	PRS
Report Prepared by :	IND

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	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.