MIRA INFORM REPORT

Report No. :	491219
Report Date :	13.02.2018

IDENTIFICATION DETAILS

Name :	TECHNOFORCE SOLUTIONS (I) PRIVATE LIMITED [w.e.f.23.10.2017]
Formerly known as:	TECHNOFORCE SOLUTIONS (INDIA) PRIVATE LIMITED [w.e.f.20.10.2000] SUMMIT PROCESS TECHNOLOGIES PRIVATE LIMITED
Registered Office :	D-33/34/35, MIDC Industrial Area, Ambad, Nashik - 422010, Maharashtra
Tel. No.:	91-253-2382457/ 3668
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	17.07.1997
Com. Reg. No.:	11-109485
Capital Investment / Paid-up Capital :	INR 13.601 Million
CIN No.: [Company Identification No.]	U24110MH1997PTC109485
IEC No.:	Not Divulged
TIN No.:	Not Divulged
GST No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCT5257C
Legal Form :	Private Limited Liability Company
Line of Business :	Designing, Fabrication and Sale of Equipment’s for use in the Chemical Processing Industry. [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

Maximum Credit Limit :	USD 1818000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 1997. As per the financial records of 2017, the company has achieved a fair growth in its topline as compared to the previous year and has earned an average profitability margin. The company possesses healthy financial position marked by above average net worth base along with negligible debt level. Business is active. Payment seems to be regular. 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 (30.06.2017)	Current Rating (30.09.2017)
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

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 31-03-2016.

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 13.02.2018.

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. Siddharth
Designation :	Account Department
Contact No.:	91-253-2382451
Date :	09.02.2018

LOCATIONS

Registered Office/ Factory :	D-33/34/35, MIDC Industrial Area, Ambad, Nashik - 422010, Maharashtra, India
Tel. No.:	91-253-2382451/ 3668
Fax No.:	91-253-2381606
E-Mail :	sales@technoforce.net
Website :	http://www.technoforce.net
Sales Office:	1107, Universal Majestic, PL Lokhande Marg, Ghatkopar Mankhurd Link Road, Govandi (West), Mumbai - 400043, Maharashtra, India
Tel. No.:	91-22-25550116

DIRECTORS

AS ON: 31.03.2017

Name :

Mr. Raosaheb Nivrutti Patil

Designation :

Director

Address :

Plot No.19, Param, Near Navsha Ganpati, Ganpati Nagar, Gangapur Road, Nashik - 422013, Maharashtra, India

Date of Appointment :

17.07.1997

DIN No.:

00019315

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U24110MH1988PTC048237	TECHNO FORCE (INDIA) PVT LTD	26/07/1988	-
U24110MH1997PTC109485	TECHNOFORCE SOLUTIONS (I) PRIVATE LIMITED	17/07/1997	-

Name :

Mrs. Pratibha Raosaheb Patil

Designation :

Director

Address :

Plot No.19, Param, Near Navsha Ganpati, Ganpati Nagar, Gangapur Road, Nashik - 422013, Maharashtra, India

Date of Appointment :

17.07.1997

DIN No.:

00019355

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U24110MH1988PTC048237	TECHNO FORCE (INDIA) PVT LTD	26/07/1988	-
U74120MH2011PTC219736	PROMATIC SOLUTIONS (INDIA) PRIVATE LIMITED	13/07/2011	-

KEY EXECUTIVES

Name :	Mr. Siddharth
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2017

Names of Shareholders	No. of Shares	Percentage of Holding
Raosaheb Nivrutti Patil	1179850	86.75
Pratibha Raosaheb Patil	180210	13.25
Total	1360060	100.00

AS ON: 29.09.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters (Individual/Hindu Undivided Family - Indian)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Designing, Fabrication and Sale of Equipment’s for use in the Chemical Processing Industry. [Registered Activity]

Products :

ITC Code No.	Product Descriptions
84198910	Agitated Thin Film Dryer

Brand Names :

Not Available

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 :

· Central Bank of India

Khodadad Circle Branch, Jame-Jamshed Charity Building, Khodadad Circle, Dadar, Mumbai - 400014, Maharashtra, India

· Kotak Mahindra Prime Limited

· TJSB Sahakari Bank Limited

Facilities :

SECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Loans taken for vehicles	2.799	0.000
Total	2.799	0.000

Auditors :
Name :	D P Bapat and Company Chartered Accountants
Address :	3 Nambdar Jeevan Vikas Kendra, Marg Koldongri Vile Parle (East), Mumbai -400057, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABPB9778K
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary company:	· Techno Force Solutions B.V · Promatic Solutions (India) Private Limited [U74120MH2011PTC219736]
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	R and D Therm (India) Private Limited [U29300MH1995PTC095411]

CAPITAL STRUCTURE

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
1450000	Equity Shares	INR 10/- each	INR 14.500 Million
5000000	Preference Shares	INR 10/- each	INR 50.000 Million
	Total		INR 64.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1360060	Equity Shares	INR 10/- each	INR 13.601 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET [STANDALONE]

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	13.601	13.601	4.400
(b) Reserves & Surplus	622.686	600.025	564.179
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	9.200
Total Shareholders’ Funds (1) + (2)	636.287	613.626	577.779
(3) Non-Current Liabilities
(a) Long-term borrowings	34.919	18.937	43.136
(b) Deferred tax liabilities (Net)	7.078	8.408	11.033
(c) Other long term liabilities	0.173	0.737	2.270
(d) long-term provisions	14.425	12.698	10.845
Total Non-current Liabilities (3)	56.595	40.780	67.284
(4) Current Liabilities
(a) Short term borrowings	4.496	1.200	2.600
(b) Trade payables	61.560	59.728	59.918
(c) Other current liabilities	90.497	172.287	164.836
(d) Short-term provisions	27.112	11.787	7.858
Total Current Liabilities (4)	183.665	245.002	235.212
TOTAL	876.547	899.408	880.275
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	355.586	318.875	340.125
(ii) Intangible Assets	7.203	8.255	9.557
(iii) Capital work-in-progress	37.449	40.421	34.169
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	102.124	102.124	102.124
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	69.779	59.775	17.228
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	572.141	529.450	503.203
(2) Current assets
(a) Current investments	0.441	39.153	35.192
(b) Inventories	97.771	131.460	120.743
(c) Trade receivables	100.772	57.227	75.090
(d) Cash and cash equivalents	20.205	51.597	38.527
(e) Short-term loans and advances	7.721	6.281	7.571
(f) Other current assets	77.496	84.240	99.949
Total Current Assets	304.406	369.958	377.072
TOTAL	876.547	899.408	880.275

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Revenue from Operations	563.191	484.022	593.736
		Other Income	10.867	6.342	3.103
		TOTAL	574.058	490.364	596.839
Less	EXPENSES
		Cost of Materials Consumed	191.133	166.628	208.720
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	33.765	(19.928)	57.112
		Employees benefits expense	107.693	91.450	88.089
		Prior period items	1.166	0.000	-1.489
		Exceptional items	0.083	9.858	0.000
		Other expenses	154.338	143.898	137.576
		TOTAL	488.178	391.906	490.008
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		85.880	98.458	106.831
Less	FINANCIAL EXPENSES		6.641	10.206	13.550
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		79.239	88.252	93.281
Less/ Add	DEPRECIATION/ AMORTISATION		31.673	30.030	33.903
	PROFIT BEFORE TAX		47.566	58.222	59.378
Less	TAX		18.556	22.376	20.550
	PROFIT AFTER TAX		29.010	35.846	38.828
	EARNINGS IN FOREIGN CURRENCY
		FOB value of manufactured goods exported	143.397	187.799	144.027
		Earnings on interest	4.784	2.364	0.000
	TOTAL EARNINGS		148.181	190.163	144.027
	IMPORTS
		Capital Goods	187.799	0.000	0.000
	Earnings Per Share (INR)		21.00	26.00	29.00

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	23.775	14.286	16.027
Net cash flows from (used in) operations	19.694	135.686	116.129
Net cash flows from (used in) operating activities	(12.522)	114.337	NA
Net cash inflows from/(outflow) from operating activities	NA	NA	101.043

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	65.31	43.15	46.16
Account Receivables Turnover (Income / Sundry Debtors)	5.59	8.46	7.91
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	117.56	130.83	104.78
Inventory Turnover (Operating Income / Inventories)	0.88	0.75	0.88
Asset Turnover (Operating Income / Net Fixed Assets)	0.21	0.27	0.28

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.28	0.31	0.33
Debt Equity Ratio (Total Liability / Networth)	0.10	0.06	0.11
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.29	0.40	0.41
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.63	0.60	0.66
Interest Coverage Ratio (PBIT / Financial Charges)	12.93	9.65	7.88

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	5.15	7.41	6.54
Return on Total Assets ((PAT / Total Assets) * 100)	%	3.31	3.99	4.41
Return on Investment (ROI) ((PAT / Networth) * 100)	%	4.56	5.84	6.72

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.66	1.51	1.60
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.13	0.97	1.09
G-Score Ratio Financial (Networth / Total Assets)	0.73	0.68	0.66
G-Score Ratio Debt (Debts / Equity Capital)	4.65	2.53	14.04
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.66	1.51	1.60

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	4.400	13.601	13.601
Reserves & Surplus	564.179	600.025	622.686
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	9.200	0.000	0.000
Net worth	577.779	613.626	636.287
long-term borrowings	43.136	18.937	34.919
Short term borrowings	2.600	1.200	4.496
Current Maturities of Long term debt	16.027	14.286	23.775
Total borrowings	61.763	34.423	63.190
Debt/Equity ratio	0.107	0.056	0.099

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	593.736	484.022	563.191
		(18.479)	16.356

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	593.736	484.022	563.191
Profit	38.828	35.846	29.010
	6.54%	7.41%	5.15%

ABRIDGED BALANCE SHEET [CONSOLIDATED]

SOURCES OF FUNDS	31.03.2017	31.03.2016
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	13.601	13.601
(b) Reserves & Surplus	576.990	559.041
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	590.591	572.642
(3) Non-Current Liabilities
(a) Long-term borrowings	34.919	18.937
(b) Deferred tax liabilities (Net)	5.206	6.348
(c) Other long term liabilities	0.172	15.224
(d) long-term provisions	14.425	12.698
Total Non-current Liabilities (3)	54.722	53.207
(4) Current Liabilities
(a) Short term borrowings	4.496	1.200
(b) Trade payables	49.408	30.229
(c) Other current liabilities	94.207	175.431
(d) Short-term provisions	27.113	11.786
Total Current Liabilities (4)	175.224	218.646
TOTAL	820.537	844.495
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	497.720	364.587
(ii) Intangible Assets	7.203	8.255
(iii) Capital work-in-progress	37.449	86.264
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3.600	7.530
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	545.972	466.636
(2) Current assets
(a) Current investments	0.441	39.154
(b) Inventories	97.771	131.460
(c) Trade receivables	58.964	55.611
(d) Cash and cash equivalents	25.106	54.793
(e) Short-term loans and advances	7.746	6.336
(f) Other current assets	84.537	90.505
Total Current Assets	274.565	377.859
TOTAL	820.537	844.495

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016
	SALES
		Revenue from Operations	563.191	484.022
		Other Income	10.867	6.342
		TOTAL	574.058	490.364
Less	EXPENSES
		Cost of Materials Consumed	191.133	166.628
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	33.765	(19.928)
		Employees benefits expense	107.693	91.450
		Prior period items	1.166	0.000
		Exceptional items	0.083	9.857
		Other expenses	154.338	143.899
		TOTAL	488.178	391.906
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		85.880	98.458
Less	FINANCIAL EXPENSES		6.641	10.206
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		79.239	88.252
Less/ Add	DEPRECIATION/ AMORTISATION		31.673	30.030
	PROFIT BEFORE TAX		47.566	58.222
Less	TAX		18.556	22.376
	PROFIT AFTER TAX		29.010	35.846
	Earnings Per Share (INR)		21.00	26.00

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	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	No
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	G53062055	100122312	KOTAK MAHINDRA PRIME LIMITED	27/04/2017	-	-	5397000.0	27BKC, C 27, G BLOCKBANDRA KURLA COMPLEX, BANDRA (E),MUMBAIMA400051IN
2	G41540170	100091334	KOTAK MAHINDRA BANK LIMITED	13/04/2017	-	-	212000000.0	27BKC, C 27, G BLOCKBANDRA KURLA COMPLEX, BANDRA (E),MUMBAIMA400051IN
3	G53062337	100122315	KOTAK MAHINDRA PRIME LIMITED	21/03/2017	-	-	1888000.0	27BKC, C 27, G BLOCKBANDRA KURLA COMPLEX, BANDRA (E),MUMBAIMA400051IN
4	G32262107	100070880	TJSB SAHAKARI BANK LIMITED	26/10/2016	-	-	434000.0	TJSB HOUSE, PLOT NO B-5, ROAD NO 2WAGLE INDUSTRIAL ESTATE,THANE (W)THANEMH400604IN
5	G32262131	100070883	TJSB SAHAKARI BANK LIMITED	26/10/2016	-	-	674000.0	TJSB HOUSE, PLOT NO B-5, ROAD NO 2WAGLE INDUSTRIAL ESTATE,THANE (W)THANEMH400604IN
6	G32262164	100070884	TJSB SAHAKARI BANK LIMITED	26/10/2016	-	-	900000.0	TJSB HOUSE, PLOT NO B-5, ROAD NO 2WAGLE INDUSTRIAL ESTATE,THANE (W)THANEMH400604IN
7	G32262677	100070885	TJSB SAHAKARI BANK LIMITED	26/10/2016	-	-	617000.0	TJSB HOUSE, PLOT NO B-5, ROAD NO 2WAGLE INDUSTRIAL ESTATE,THANE (W)THANEMH400604IN
8	Y10343487	90235850	SICOM LIMITED	03/06/1998	-	-	8000000.0	NIRMAL 1DT FLOORNARIMAN POINTMUMBAIMP400021IN
9	G01844745	90354596	CENTRAL BANK OF INDIA LIMITED	24/01/2006	12/03/2013	11/04/2016	209900000.0	KHODADAD CIRCLE BRANCH, JAME JAMSHED CHARITY BLDGKHODADAD CIRCLE BRANCH, DADARMUMBAIMH400014IN
10	C70049838	80053698	CENTRAL BANK OF INDIA	20/12/1997	24/03/2011	31/10/2015	38500000.0	KHODADAD CIRCLE BRANCHDADAR, MUMBAIMUMBAIMH400014IN

UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	29.442	14.354
Deferred sales tax loan	2.678	3.863
Loans taken for vehicles	0.000	0.720
SHORT TERM BORROWINGS
Loans and advances from directors	4.496	1.200
Total	36.616	20.137

STATE OF COMPANIES AFFAIR

Revenues from operations for the year under consideration increased to INR 563.100 million from INR 484.000 million in the preceding year. However, profits after tax have declined to INR 29.000 million from INR 35.800 million despite the fact that exceptional items being amalgamation related expenses of INR 9.857 million incurred in the preceding year did not surface in the year under consideration. This anomalous movement in the profits vis-à- vis the progression in the revenues was caused due to unfavorable product mix which is planned to be reversed in the ensuing year. The disputed claim for compensation/damages of INR 201.5 million referred to in the Notes to the accounts has been settled at INR 20.500 million after the close of the financial year and the attachment on the shares held in the subsidiary company Techno Force Solutions BV has also been lifted.

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Factory equipment’s

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipment’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 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 64.28
UK Pound	1	INR 89.02
Euro	1	INR 78.93

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	NYT
Report Prepared by :	ARC

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.