MIRA INFORM REPORT

Report No. :	492631
Report Date :	17.02.2018

IDENTIFICATION DETAILS

Name :	KOSEI MINDA ALUMINUM COMPANY PRIVATE LIMITED (w.e.f. 19.09.2014)
Formerly Known As :	KOSEI MINDA ALUMINUM COMPANY LIMITED (w.e.f. 05.09.2011) VARADA AUTO COMPONENTS LIMITED
Registered Office :	Plot No.20/A and 20/B, SIPCOT Industrial Growth Center, Oragadam Extension Scheme, Renault and Nissan Supplier’s Park, Village Vadakkupattu, Sriperubudur Taluk Kancheepuram – 603204, Tamilnadu
Tel. No.:	91-44-67188333/ 67188311
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	10.03.2011
Com. Reg. No.:	18-079581
Capital Investment / Paid-up Capital :	INR 957.912 Million
CIN No.: [Company Identification No.]	U28910TN2011PTC079581
IEC No.:	Not Available
GSTIN/UIN:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCV5849G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Marketing of aluminum alloy wheels and/or aluminum general casting parts manufactured for automotive industry. (Registered Activity)
No. of Employees :	Not Available

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 1500000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2011. As per the financial records of 2017, the company has achieved a favourable growth of 13.72% in its revenue as compared to the previous year’s revenue and has reported an average net profit margin of 1.37%. The company has adequate net worth base. However, rating is constrained on account of negative reserve base. Rating also derives strength from of joint venture entities. Business is active. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

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 17.02.2018

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.

LOCATIONS

Registered Office / Factory:	Plot No.20/A and 20/B, SIPCOT Industrial Growth Center, Oragadam Extension Scheme, Renault and Nissan Supplier’s Park, Village Vadakkupattu, Sriperubudur Taluk Kancheepuram – 603204, Tamilnadu, India
Tel. No.:	91-44-67188333/ 67188311
Fax No.:	91-44-67188300
E-Mail :	info@mindagroup.com corpcomm@mindagroup.com investor@mindagroup.com dpanda@mindagroup.com m.kalichamy@koseiminda.co.in
Website :	http://www.mindagroup.com http://www.unominda.com

DIRECTORS

AS ON 31.03.2017

Name :

Subbanna Anandakumar

Designation :

Managing Director

Address :

Drushti, No. 320 G, 9th A Main Road, 40th Cross Road, 5th Block, Jayanagar, Bangalore- 560041, Karnataka, India

Date of Appointment :

01.04.2017

DIN No.:

07362324

Name :

Nirmal Kumar Minda

Designation :

Director

Address :

J I0/33 DLF Phase-II, Gurugram - 122002, Haryana, India

Date of Birth/Age :

07.11.1957

Qualification :

Graduate

Date of Appointment :

10.03.2011

DIN No.:

00014942

Other Directorship:

CIN/FCRN	Company name	Begin date	End date
U29130DL2015PTC278233	MINDA KOSEI ALUMINUM WHEEL PRIVATE LIMITED	23/03/2015	-
U35900DL2014PTC272202	MINDA I CONNECT PRIVATE LIMITED	30/09/2014	-
U80903DL2014NPL265371	SUMAN NIRMAL MINDA FOUNDATION	25/02/2014	-
U23201DL2001PLC111781	MINDA AUTOGAS LTD	24/07/2001	-
U34300DL2003PLC121384	MINDA AUTOMOTIVE LIMITED	18/07/2003	-
U34300DL2004PLC127423	MINDA ACOUSTIC LIMITED	07/07/2004	-
U28900DL2010PLC211731	M J CASTING LIMITED	23/12/2010	-
U34300DL2004PLC127424	MINDA FIAMM ACOUSTIC LIMITED	07/07/2004	-
U34300DL2010PTC211292	ROKI MINDA CO. PRIVATE LIMITED	05/06/2012	-
U93000DL2009PLC190114	MINDA SPECTRUM ADVISORY LIMITED.	08/05/2009	-
U74900DL2009PLC186740	MINDA MINDPRO LIMITED	16/01/2009	-
U74899DL2005PTC142456	SHREEAUMJI INFRASTRUCTURE PRIVATE LIMITED	10/11/2005	-
U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	08/09/2006	-
U63090DL2008PTC172298	OM MARUBENI LOGISTICS PRIVATE LIMITED	04/01/2008	-
U29256DL2007PTC161976	MINDA AUTO LIGHTING PRIVATE LIMITED	09/05/2007	-
U74899DL1995PTC073692	MINDARIKA PRIVATE LIMITED	09/11/1995	-
L67120DL1985PLC021349	MINDA FINANCE LIMITED	14/07/2010	-
U93090DL2007PLC158964	MINDA INTERNATIONAL LIMITED	17/02/2007	-
U70109DL2006PTC150012	SHREEAUMJI INFRASTRUCTURE AND PROJECTS PRIVATE LIMITED	22/06/2006	-
L74899DL1992PLC050333	MINDA INDUSTRIES LIMITED	01/04/2013	-
U74899DL2006PTC144713	SHREEAUMJI DEVELOPERS SEZ PRIVATE LIMITED	28/09/2007	-
U45201DL2006PTC144714	SHREEAUMJI REAL ESTATE SEZ PRIVATE LIMITED	28/09/2007	-

Name :

Shunkichi Kamiya

Designation :

Director

Address :

42-Shimizukaoka, Yatomi-Cho, Mizuho-Ku, Nagoya, Aichi, Japan, Nagoya, 470038, , Japan

Date of Birth/Age :

18.06.1952

Qualification :

Master Degree

Date of Appointment :

26.07.2012

DIN No.:

03482173

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U29130DL2015PTC278233	MINDA KOSEI ALUMINUM WHEEL PRIVATE LIMITED	27/07/2016	-

Name :

Mr. Kundankumar Jha

Designation :

Additional Director

Address :

A5/102 Oxford Village Classic Wanawadi, Pune – 411040, Maharashtra, India

Date of Appointment :

21.01.2017

DIN No.:

07137705

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U34300DL2010PTC211292	ROKI MINDA CO. PRIVATE LIMITED	10/06/2017	-
U28900DL2010PLC211731	M J CASTING LIMITED	26/08/2017	-
U29130DL2015PTC278233	MINDA KOSEI ALUMINUM WHEEL PRIVATE LIMITED	10/04/2017	-

Name :

Mr. Toshiya Kimata

Designation :

Additional Director

Address :

Sandon Palace Gardents, Thriveni Nagar Vadakupattu Village, Kanchipuram District Kanchipuram -603204, Tamilnadu, India

Date of Appointment :

10.05.2017

DIN No.:

07816591

KEY EXECUTIVES

Name :	Kalichamy Murugesan
Designation :	Company Secretary
Address :	Plot No: 11, 2nd Cross Street, Bharathi Nagar, Old Perungalathur, Chennai 600063
Date of Appointment :	06.01.2016
PAN No.:	BTBPK5942E

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares	% of Holding
Kosei International Trade and Investment Company Limited, Hong Kong	47962586	50.07
Minda Industries Limited, India	28737371	30.00
Kosei Aluminum (Thailand) Company Limited, Thailand	19091280	19.93
Total	95791237	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 27.04.2017

Category	Percentage
Promoters- Body corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Marketing of aluminum alloy wheels and/or aluminum general casting parts manufactured for automotive industry. (Registered Activity)

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
Manufacturing and Marketing of aluminum alloy wheels and/or aluminum general casting parts manufactured for automotive industry.	29301

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name :	Not Available
Branch :	Not Available
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Auditors :
Name :	V. Radhakrishnan and Associates Chartered Accountants
Address :	A-301, Malles Arcadia, Chokkalingam Nagar, Velachery, Chennai – 600042, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAFKV5248D
Memberships :	Not Available
Collaborators :	Not Available
Ultimate holding company:	Kosei Aluminium Company Limited, Japan
Holding Company	Kosei International Trade and Investment Company Limited, Hong Kong Kosei Aluminium (Thailand) Company Limited, Thailand
Fellow subsidiary:	Kosei North Company Limited Japan
Enterprises owned or significantly influenced by key management Personnel:	Minda Industries Limited Minda Investments Limited Mindarika Private Limited Minda Finance Limited Minda Projects Limited Minda Kosei Aluminum Wheel Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
96000000	Equity Shares	INR 10/- each	INR 960.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
95791237	Equity Shares	INR 10/- each	INR 957.912 Million

FINANCIAL DATA

[all figures are 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	957.912	818.627	818.627
(b) Reserves & Surplus	(424.478)	(449.465)	(468.792)
(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)	533.434	369.162	349.835
(3) Non-Current Liabilities
(a) long-term borrowings	661.624	698.198	736.027
(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	5.150	18.139	9.024
Total Non-current Liabilities (3)	666.774	716.337	745.051
(4) Current Liabilities
(a) Short term borrowings	111.453	235.423	103.823
(b) Trade payables	684.838	459.269	571.077
(c) Other current liabilities	175.065	227.579	170.485
(d) Short-term provisions	1.223	0.324	7.910
Total Current Liabilities (4)	972.579	922.595	853.295
TOTAL	2172.787	2008.094	1948.181
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1367.773	1339.311	1102.214
(ii) Intangible Assets	7.124	0.049	0.150
(iii) Capital work-in-progress	151.771	57.501	156.581
(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	21.821	18.103	14.211
(e) Other Non-current assets	24.191	22.397	19.870
Total Non-Current Assets	1572.680	1437.361	1293.026
(2) Current assets
(a) Current investments	0.249	0.250	2.500
(b) Inventories	59.784	78.624	124.254
(c) Trade receivables	466.109	404.648	234.042
(d) Cash and cash equivalents	1.496	3.755	210.645
(e) Short-term loans and advances	72.469	83.456	83.714
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	600.107	570.733	655.155
TOTAL	2172.787	2008.094	1948.181

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	1818.637	1599.203	1253.074
	Other Income	2.344	10.177	18.928
	TOTAL	1820.981	1609.380	1272.002
Less	EXPENSES
	Cost of Materials Consumed	1002.561	932.024	748.474
	Purchases of Stock-in-Trade	34.387	20.534	2.959
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.831	24.499	7.756
	Employees benefits expense	140.143	112.409	97.890
	Other expenses	434.299	355.270	315.952
	TOTAL	1612.221	1444.736	1173.031
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	208.760	164.644	98.971
Less	FINANCIAL EXPENSES	73.782	43.461	40.660
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	134.978	121.183	58.311
Less/ Add	DEPRECIATION/ AMORTISATION	109.992	101.857	73.622
	PROFIT/ (LOSS) BEFORE TAX	24.986	19.326	(15.311)
Less	TAX	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	24.986	19.326	(15.311)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1.481	11.652	46.358
	TOTAL EARNINGS	1.481	11.652	46.358
	IMPORTS
	Raw Material and Packing material	3.498	0.000	8.083
	Spares and Consumables	25.119	38.354	19.215
	Capital Goods	77.960	114.631	134.090
	TOTAL IMPORTS	106.577	152.985	161.388
	Earnings / (Loss) Per Share (INR)	0.26	0.24	(0.19)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	148.059	205.623	144.518
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	330.536	(12.306)	306.586
Net cash flows from (used in) operating activities	330.536	(12.306)	306.586

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	93.55	92.36	68.17
Account Receivables Turnover (Income / Sundry Debtors)	3.90	3.95	5.35
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	241.06	175.98	277.39
Inventory Turnover (Operating Income / Inventories)	3.49	2.09	0.80
Asset Turnover (Operating Income / Net Fixed Assets)	0.14	0.12	0.08

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.82	0.91	0.89
Debt Equity Ratio (Total Liability / Networth)	1.73	3.09	2.81
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.82	2.50	2.44
Fixed Assets to Networth (Net Fixed Assets / Networth)	2.86	3.78	3.60
Interest Coverage Ratio (PBIT / Financial Charges)	2.83	3.79	2.43

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	1.37	1.21	(1.22)
Return on Total Assets ((PAT / Total Assets) * 100)	%	1.15	0.96	(0.79)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	4.68	5.24	(4.38)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.62	0.62	0.77
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.56	0.53	0.62
G-Score Ratio Financial (Networth / Total Assets)	0.25	0.18	0.18
G-Score Ratio Debt (Debts / Equity Capital)	0.96	1.39	1.20
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.62	0.62	0.77

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	818.627	818.627	957.912
Reserves & Surplus	(468.792)	(449.465)	(424.478)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	349.835	369.162	533.434
Long Term borrowings	736.027	698.198	661.624
Short Term borrowings	103.823	235.423	111.453
Current Maturities of Long term debt	144.518	205.623	148.059
Total borrowings	984.368	1139.244	921.136
Debt/Equity ratio	2.814	3.086	1.727

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	1253.074	1599.203	1818.637
		27.622	13.721

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	1253.074	1599.203	1818.637
Profit	(15.311)	19.326	24.986
	(1.22%)	1.21%	1.37%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	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	No
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	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 CHARGE: No Charges Exists for Company

Note: The Registered Office of the company has been shifted from “Sun Plaza, No.7, 1st Floor, Old No.19, New No.39, G.N. Chetty Road, Chennai – 600006, Tamilnadu, India” to the present address w.e.f. 18.04.2012.

CORPORATE INFORMATION

Subject was incorporated as a public company and has been converted into a private limited company with effect from September 19, 2014. The Company is a joint venture between “Kosei” Group of Japan and “Minda” Group in India, where in, Kosei and Minda hold 70 percent and 30 percent shareholdings respectively in the Joint Venture Company. The Company is engaged in the manufacture, development and sale of aluminium wheels and other accessories / parts for automobile industry.

UNSECURED LOANS:

(INR In Million)

Particulars	As on 31.03.2017	As on 31.03.2016
LONG TERM BORROWING
Rupee term loans from banks	202.000	0.000
Term loans from others	607.683	903.821
Loans repayable on demand	(148.059)	(205.623)
SHORT TERM BORROWING
Working capital loans from banks	111.453	235.423
Total	773.077	933.621

FIXED ASSETS:

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments

Intangible assets

• Computer software

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 63.91
UK Pound	1	INR 90.31
Euro	1	INR 80.17

INFORMATION DETAILS

Analysis Done by :	NYT
Report Prepared by :	KVT

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

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

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

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.