MIRA INFORM REPORT

Report No. :	494812
Report Date :	27.02.2018

IDENTIFICATION DETAILS

Name :	LINDE ENGINEERING INDIA PRIVATE LIMITED (w.e.f. 18.12.2007)
Formerly Known As :	LINDE PROCESS TECHNOLOGIES INDIA PRIVATE LIMITED
Registered Office :	Linde House, Opposite VUDA office, VIP Road, Karelibaug, Vadodara – 390018, Gujarat
Tel. No.:	91- 265-3056789
Country :	India
Financials (as on) :	31.12.2016
Date of Incorporation :	11.11.1987
Com. Reg. No.:	04-097873 (New) 55-029740 (Old)
Capital Investment / Paid-up Capital :	INR 7.260 Million
CIN No.: [Company Identification No.]	U64203GJ1987PTC097873 (New) U64203DL1987PTC029740 (Old)
IEC No.: [Import-Export Code No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACL0084E
GSTN : [Goods & Service Tax Registration No.]	24AAACL0084E1Z1
Legal Form :	Private Limited Liability Company.
Line of Business :	The Company is primarily engaged in the business of Engineering and Plant Construction. (Registered activity)
No. of Employees :	Information declined by the management

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++	Minimum Risk	Business dealings permissible with minimum risk of default

Maximum Credit Limit :	USD 9500000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 1987 and is wholly owned subsidiary of “Linde AG, Germany”. For the financial year 2016, the company has reported dip in its revenue as compared to the previous year but has managed to maintain a decent profit margin of 18.77%. The sound financial risk profile of the company is marked by healthy capital structure with adequate net worth base, strong liquidity position and zero debt recorded in the books. Rating also derives strength from strong business and financial support received from its parent company along with its established track record and experience of the promoters in the industry. However, these rating strengths are partially offset by exposure to intense competition and to cyclicality in the engineering, procurement, and construction (EPC) segment, resulting in fluctuations in operating margin, and large working capital requirement. Payments seems to be regular and as per commitments. In view of aforesaid, the subject 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	CRISIL
Rating	Long Term Bank Facilities = AA
Rating Explanation	High degree of safety and very low credit risk.
Date	19.01.2017

Rating Agency Name	CRISIL
Rating	Short Term Bank Facilities = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	19.01.2017

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 27.02.2018

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 DENIED BY

Name :	Mr. Jaswant Rajpal
Designation :	Accounts Executive
Contact No.:	91-265-3056789

Name :	Mr. Nancy Meipera
Designation :	Accounts Head
Contact No.:	91-265-3346429

LOCATIONS

Registered / Corporate Office :	Linde House, Opposite Vuda Oil CC, VIP road, Karelibaug, Vadodara – 390018, Gujarat, India
Tel. No.:	91- 265-3056789 / 3346429
Mobile No.:	0040 1704569682 (Mr. Matthias Albrecht Bertsch)
Fax No.:	91-265-2461757
E-Mail :	india@linde-le.com yogesh.mishra@linde-le.com Matthias.bertsch@linde.com nancy.mendpara@linde-le.com
Website :	www.india.india.com www.linde-engineering.in
Area :	Big Area = (Ground + 3 Floor)
Location :	Leased

DIRECTORS

As on 31.03.2017

Name :

Mr. Chittranjan Dua

Designation :

Director

Address :

88, Sunder Nagar, New Delhi -110003, India

Date of Birth/Age :

03.11.1951

Qualification :

Master in Economics and Law Degree

Date of Appointment :

11.11.1987

DIN No.:

00036080

Other Directorship

CIN/FCRN	Company Name	Begin Date
U74899DL1995PTC068500	PBE INDIA PRIVATE LIMITED	15/05/1995
U74899DL1995PTC064117	BECTON DICKINSON INDIA PRIVATE LIMITED.	31/12/2011
U74899DL1993PTC055015	MCDONALD'S INDIA PRIVATE LIMITED	30/08/1993
U74899DL1992PTC051031	INAPEX PRIVATE LIMITED	06/09/2001
U74899DL1989PTC038649	RESULT SERVICES PRIVATE LIMITED	02/05/1995
U74899DL1979PTC009714	ASSOCIATED CORPORATE CONSULTANTS INDIA PRIVATE LIMITED	02/05/1995
U72300TN1996PTC036570	SELLA SYNERGY INDIA PRIVATE LIMITED	08/04/2010
U65993DL1979PTC009973	AMIT INVESTMENTS PRIVATE LIMITED	19/07/1995
U65910DL1985PTC020969	MCCANN-ERICKSON INDIA PRIVATE LIMITED	06/02/2007

Name :

Mr. Ralf Bellaire

Designation :

Director

Address :

Kondorstr 12 Grasbrunn 85630 De

Date of Birth/Age :

15.07.1962

Qualification :

Diploma in Engineering

Date of Appointment :

19.03.2015

DIN No.:

07128766

Name :

Mr. Serkan Sen

Designation :

Director

Address :

Hochackerstr. 113 Muenchen 81737 De

Date of Birth/Age :

13.01.1982

Qualification :

Degree in Finance

Date of Appointment :

03.12.2015

DIN No.:

07351677

Name :

Mr. Tilman Kai Alexander Weide

Designation :

Director

Address :

Isarring 50 Wolfratshausen 82515 De

Date of Birth/Age :

16.05.1963

Qualification :

Post Graduate/Master/Equivalent

Date of Appointment :

22.03.2016

DIN No.:

07446673

Name :

Mr. Matthias Albrecht Bertsch

Designation :

Managing Director

Address :

Albrechtstr. 51 München 80636 De

Date of Birth/Age :

06.06.1963

Qualification :

Post Graduate/Master/Equivalent

Date of Appointment :

01.12.2016

DIN No.:

07659011

KEY EXECUTIVES

Name :	Mr. Yogesh Kumar Mishra
Designation :	Company Secretary
Address :	B-1, 42, Nirman Complex RC Technical Road, Ghatlodia, Ahmedabad – 380061, Gujarat, India
Date of Appointment :	10.07.2015
PAN No.:	AJEPM8843L
Name :	Mr. Jaswant Rajpal
Designation :	Accounts Executive
Name :	Mr. Nancy Meipera
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 16.03.2017

Names of Shareholders	No. of Shares	% of Holding
Linde AG, Germany	72580	99.97
Commercium Immobilien	20	0.03
Total	72600	100.00

Equity Share Break up (Percentage of Total Equity)

As on 16.03.2017

Category	Percentage
Promoter - Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is primarily engaged in the business of Engineering and Plant Construction. (Registered activity)

Products :

Item Code No.	Product Description
84138190	Cryogenic Pump and Spares
99542699	Plant Construction, Engineering Services, Supply of Equipment and EPC Projects

NIC Code No.	Product Description
42901	Engineering Services and Equipment Supply
	Contract revenue

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Not Divulged
Branch	--
Person Name (With Designation)	--
Contact Number	--
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)	--

Auditors :
Name :	B S R and Associates LLP Chartered Accountants
Address :	903, Commerce house - V, Near Vodafone House, Prahalad Nagar, Corporate Road, Ahmedabad - 380051, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAIFB4734C
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	Linde AG, Germany
Fellow Subsidiary Companies :	Linde Hyco Co., Limited. Selas-Linde GmbH, Germany Linde Kryotechnik AG, Switzerland Linde India Limited, India L40200WB1935PLC008184 Linde Engineering Middle East LLC, United Arab Emirates Linde Engineering (Hangzhou) Co Limited, China Linde Malaysia Sdn Bhd Cryostar SAS, France Cryostar USA, United States Linde Engineering North America Inc, United States Linde Bangladesh Limited Linde Engineering Malaysia SND BHD, Malaysia Linde Arabian Contracting Co. Limited., Saudi Arabia PT. Linde Indonesia Cryostar DO Brasil Equipment BOC Limited, Brasil Ceylon Oxygen Limited Linde Gas Middle East LLC Linde (Thailand) Public Company Limited Linde Engineering Korea Limited. Linde Philippines, Inc. Linde Gas Singapore Pte. Limited., United Arab Emirates Linde Air Chemicals Limited. Linde Pakistan Limited Linde Gas Vietnam Limited Linde Treasury Asia Pacific Pte. Limited, Singapore Linde Process Plants Inc., United States Cryostar Cryogenic Equipments, China Linde Engineering Rus GmbH BOC Gases Nigeria, Nigeria

CAPITAL STRUCTURE

As on 16.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	INR 100/- each	INR 40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72600	Equity Shares	INR 100/- each	INR 7.260 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2016	31.12.2015	31.12.2014
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7.260	7.260	7.260
(b) Reserves & Surplus	3325.203	2479.940	1360.730
(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)	3332.463	2487.200	1367.990
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	29.701	29.895	0.000
(d) long-term provisions	371.652	290.566	217.480
Total Non-current Liabilities (3)	401.353	320.461	217.480
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	727.631	1171.870	2406.956
(c) Other current liabilities	1460.998	1592.440	1924.257
(d) Short-term provisions	917.034	1106.319	1532.053
Total Current Liabilities (4)	3105.663	3870.629	5863.266
TOTAL	6839.479	6678.290	7448.736
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	82.651	112.940	159.496
(ii) Intangible Assets	72.650	110.698	92.142
(iii) Capital work-in-progress	0.124	3.765	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)	162.582	271.996	272.961
(d) Long-term Loan and Advances	562.370	370.283	429.150
(e) Other Non-current assets	120.773	0.000	0.000
Total Non-Current Assets	1001.150	869.682	953.749
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	7.763	8.791	26.006
(c) Trade receivables	1182.118	1455.229	4118.100
(d) Cash and cash equivalents	2606.489	2650.583	652.363
(e) Short-term loans and advances	1468.274	890.871	1092.858
(f) Other current assets	573.685	803.134	605.660
Total Current Assets	5838.329	5808.608	6494.987
TOTAL	6839.479	6678.290	7448.736

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.12.2016	31.12.2015	31.12.2014
	SALES
	Income	4296.394	7112.299	9098.918
	Other Income	308.252	198.274	124.975
	TOTAL	4604.646	7310.573	9223.893
Less	EXPENSES
	Cost of Materials Consumed	1012.305	3525.729	5711.966
	Purchases of Stock-in-Trade	50.715	52.372	50.685
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.028	17.215	(23.460)
	Employees benefits expense	1731.047	1547.758	1371.869
	CSR expenditure	4.750	0.000	0.000
	Other expenses	458.714	326.590	1860.838
	TOTAL	3258.559	5469.664	8971.898
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1346.087	1840.909	251.995
Less	FINANCIAL EXPENSES	15.490	32.356	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1330.597	1808.553	251.995
Less/ Add	DEPRECIATION/ AMORTISATION	79.304	115.137	67.505
	PROFIT/ (LOSS) BEFORE TAX	1251.293	1693.416	184.490
Less	TAX	445.064	574.206	55.797
	PROFIT/ (LOSS) AFTER TAX	806.229	1119.210	128.693
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	3090.738	2363.052	1386.423
	TOTAL EARNINGS	3090.738	2363.052	1386.423
	IMPORTS
	Raw Materials	7.063	34.543	0.000
	Components and Stores parts	0.000	0.000	138.492
	Capital Goods	1.647	62.556	76.002
	TOTAL IMPORTS	8.710	97.099	214.494
	Earnings / (Loss) Per Share (INR)	11105.00	15416.00	1772.00

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.12.2016	31.12.2015	31.12.2014
Current Maturities of Long term debt	NA	NA	NA
Net cash flows from (used in) operations	1121.215	3156.406	181.209
Net cash flows from (used in) operating activities	347.258	2482.616	5.851

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.12.2016	31.12.2015	31.12.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	100.43	74.68	165.20
Account Receivables Turnover (Income / Sundry Debtors)	3.63	4.89	2.21
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	249.84	119.54	152.45
Inventory Turnover (Operating Income / Inventories)	173.40	209.41	9.69
Asset Turnover (Operating Income / Net Fixed Assets)	8.66	8.10	1.00

LEVERAGE RATIOS

PARTICULARS	31.12.2016	31.12.2015	31.12.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.45	0.58	0.79
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.93	1.56	4.29
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.05	0.09	0.18
Interest Coverage Ratio (PBIT / Financial Charges)	86.90	56.90	0.00

PROFITABILITY RATIOS

PARTICULARS		31.12.2016	31.12.2015	31.12.2014
Net Profit Margin ((PAT / Sales) * 100)	%	18.77	15.74	1.41
Return on Total Assets ((PAT / Total Assets) * 100)	%	11.79	16.76	1.73
Return on Investment (ROI) ((PAT / Networth) * 100)	%	24.19	45.00	9.41

SOLVENCY RATIOS

PARTICULARS	31.12.2016	31.12.2015	31.12.2014
Current Ratio (Current Assets / Current Liabilities)	1.88	1.50	1.11
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.88	1.50	1.10
G-Score Ratio Financial (Networth / Total Assets)	0.49	0.37	0.18
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.88	1.50	1.11

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	31.12.2014	31.12.2015	31.12.2016
	INR In Million	INR In Million	INR In Million
Share Capital	7.260	7.260	7.260
Reserves & Surplus	1360.730	2479.940	3325.203
Net worth	1367.990	2487.200	3332.463
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2014	31.12.2015	31.12.2016
	INR In Million	INR In Million	INR In Million
Sales	9098.918	7112.299	4296.394
		(21.834)	(39.592)

NET PROFIT MARGIN

Net Profit Margin	31.12.2014	31.12.2015	31.12.2016
	INR In Million	INR In Million	INR In Million
Sales	9098.918	7112.299	4296.394
Profit	128.693	1119.210	806.229
	1.41%	15.74%	18.77%

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	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	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

NOTE: Registered office of the company has been shifted from 806, Meghdoot 94, Nehru Place, New Delhi – 110019, India to the present address w.e.f. 23.05.2017

COMPANY OVERVIEW

The Company is a Company incorporated in India and registered under the Companies Act, 1956. The Company is a wholly owned subsidiary of Linde AG, Germany. The Company is primarily engaged in the business of engineering and plant construction.

REVIEW OF BUSINESS OPERATIONS

Orders received

During the year LEI has bagged orders worth INR 3186.510 Million; majorly from;

Linde Engineering North America for Monaca ECU and PE for detailed engineering INR 930.130 Million

Reliance Industries limited for various packages (ASU, SRU, AGR) for engineering and supply for INR 603.970 Million

Linde AG for detailed engineering for Tobolsk_02, Dahej Commissioning and Assaluyeh for INR 480.750 Million

Performance

The performance of LEI continued with execution of projects of Reliance Industries Limited, Monaca, Tobolosk_02 and Padur. This year however, was profitable with control over costs and better claim management.

FUTURE OUTLOOK

Global engineering projects:

The most important field of activities is and remains to provide engineering service under a workshare concept to the LE Headquarter.

But, due to still unfavorable market conditions it is highly unlikely to see a major workshare project being awarded to LEI before Q4 2017. However, we see smaller opportunities such as LaPorte PE, Amur and Portovaya having some positive impact on our workload.

Shared Services for supporting various LE entities are getting increasingly important in areas such as IT and commercial.

Indian Market

The local market has finally gained momentum due to various refinery expansion projects being kicked-off in 2017. This includes large hydrogen plants and Sulphur recovery plants being core products at LEI. These projects represent significant order potential for LEI.

But, the lack of EPC activity globally will cause an increased focus on the Indian market and will drive down prices in an already very competitive market

Southeast Asian market:

As in India also the refineries in Indonesia will undergo major expansion programs also providing opportunities for LEI’s core products. Malaysia will see no major opportunities on a mid-term with Petronas focusing on the JOHOR project.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

· Building

· Vehicles

· Office equipment

· 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 64.82
UK Pound	1	INR 90.40
Euro	1	INR 79.76

INFORMATION DETAILS

Information Gathered by :	PON
Analysis Done by :	PRY
Report Prepared by :	KJL

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.