MIRA INFORM REPORT

Report No. :	487833
Report Date :	23.01.2018

IDENTIFICATION DETAILS

Name :	MAGNUM LUBRICANTS (INDIA) PRIVATE LIMITED (w.e.f. 20.09.2010)
Formerly Known As :	RAINBOW COATERS AND PRINTERS PRIVATE LIMITED (w.e.f. 02.12.2003) PARAMOUNT GREASES AND SPECIALITIES PRIVATE LIMITED
Registered Office :	6-B/1, Corporate Avenue, Near Paper Box, Off Mahakali Caves Road, Andheri (East),  Mumbai – 400093,  Maharashtra
Tel. No.:	91-22-66621111
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	14.08.1995
Com. Reg. No.:	11-091772
Capital Investment / Paid-up Capital :	INR 15.000 Million
CIN No.: [Company Identification No.]	U23209MH1995PTC091772
IEC No.:	Not Divulged
GSTIN/UIN:	27AACCR6466J1ZY
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCR6466J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Automobile Spares, Lubricants and Accessories. [Registered activity and also confirmed by management]
No. of Employees :	25 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1995. It is a manufacturer and exporter of automobile spares, lubricants and accessories. As per the Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to financial for the year 31.03.2017 are not available from any sources. However, Mr. Rakesh Pandey (Accounts Manager) has claimed that the company has achieved sales turnover of INR 800.000 million for the financial year 2017. As per the financial of 2016, the company has reported a decline in its revenue and has achieved a low profitability margin of 0.58%. The company possesses satisfactory financial position marked by adequate net worth base along with average debt balance sheet profile. Business is active. Payments are reported 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term loans (Issuer not cooperating): BB-
Rating Explanation	Moderate risk of default.
Date	14.11.2017

Rating Agency Name	CRISIL
Rating	Short term loans (Issuer not cooperating): A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	14.11.2017

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 23.01.2018

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. Rakesh Pandey
Designation :	Accounts Manager
Contact No.:	91-22-66621111
Date :	22.01.2018

LOCATIONS

Registered Office :	6-B/1, Corporate Avenue, Near Paper Box, Off Mahakali Caves Road, Andheri (East),  Mumbai – 400093,  Maharashtra, India
Tel. No.:	91-22-66621111
Fax No.:	91-22-67259914
E-Mail :	accounts@tkgroup.in magnumlube@gmail.com cmadeepakmathuria@gmail.com
Area :	2600 Sq. Ft.
Location :	Owned
Locality:	Commercial
Factory :	C-175, MIDC, TTC Industrial Area, Pawne, Navi Mumbai – 400705, Maharashtra, India
Area :	10,000 Sq. Ft.
Location :	Leased

DIRECTORS

AS ON 31.03.2017

Name :	Mr. Harmeetsingh Tejinder Anand
Designation :	Director
Address :	1413 RD Siddhesh Building, Sher E Punjab Colony, Andheri (East), Mumbai – 400093, Maharashtra, India
Date of Birth/Age :	02.01.1979
Date of Appointment :	28.09.2010
DIN No.:	02943669
Name :	Mr. Tejendersingh Shamshersingh Anand
Designation :	Director
Address :	1413 RD Siddhesh Building, Sher E Punjab Colony, Andheri (East), Mumbai – 400093, Maharashtra, India
Date of Birth/Age :	23.02.1949
Date of Appointment :	28.09.2010
DIN No.:	02906451

KEY EXECUTIVES

Name :	Mr. Rakesh Pandey
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares	%age holding
Harmeetsingh Tejinder Anand	10500	7.00
Tejendersingh Shamshersingh Anand	57000	38.00
Jagitkaur Anand	11000	7.33
Manrajkaur Anand	71500	47.67
Total	150000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2017

Category	Percentage
Promoters- Individual/Hindu Undivided Family- Indian	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Automobile Spares, Lubricants and Accessories. [Registered activity and also confirmed by management]

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
Lubriant Oil	27101990
DEG	27101990
Grease	27101990

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Automobile Spares, Lubricants and Accessories

Countries :

• Dubai
• Uganda
• South Africa
• Iran
• Iraq

Imports :

Products :

Raw material

Countries :

Dubai

Terms :

Selling :

L/C, Cheque and Credit (30,60 Days)

Purchasing :

L/C, Cheque and Credit (30,60 Days)

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 :

End Users and Manufacturer

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

No. of Employees :

25 (Approximately)

Bankers :

Banker Name :	Syndicate Bank
Branch :	11, Golf Link, Seth House, Union Parkpali Hills, Khar Road West, Mumbai - 400052, Maharashtra, India
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 :	--

• ICICI Bank Limited

Facilities :

(INR In Million)

SECURED LOAN	As on 31.03.2016	As on 31.03.2015
LONG TERM BORROWING
Other loans and advances, others	0.000	0.051
SHORT TERM BORROWING
Term loans from banks	0.089	0.553
Working capital loans from banks	137.821	210.904
Total	137.910	211.508

Auditors :
Name :	N J Parekh and Assoicates Chartered Accountants
Address :	S-27, Sej Plaza, Marve Road, Malad West, Mumbai - 400064, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACPP4883A
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary (AS ON 31.03.2016):	Swastik Laundry Services Private Limited , India U93090MH2006PTC165869
Other related party (AS ON 31.03.2016):	Stanlubes And Specialities (India) Private Limited Paramount Industries Magnum Overseas India

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	INR 100/- each	INR 15.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	INR 100/- each	INR 15.000 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	15.000	15.000	15.000
(b) Reserves & Surplus	40.602	35.350	26.577
(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)	55.602	50.350	41.577
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.051	51.469
(b) Deferred tax liabilities (Net)	0.995	0.364	2.016
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.995	0.415	53.485
(4) Current Liabilities
(a) Short term borrowings	137.910	211.457	88.675
(b) Trade payables	490.980	437.724	273.066
(c) Other current liabilities	28.005	7.395	3.113
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	656.895	656.576	364.854
TOTAL	713.492	707.341	459.916
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	41.122	39.040	34.615
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	1.219	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	16.800	16.800	16.800
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.238	2.337	0.208
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	61.160	59.396	51.623
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	122.633	153.357	112.410
(c) Trade receivables	451.297	338.335	201.600
(d) Cash and cash equivalents	10.644	18.390	2.015
(e) Short-term loans and advances	67.758	137.863	92.268
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	652.332	647.945	408.293
TOTAL	713.492	707.341	459.916

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	904.666	1049.719	562.383
	Other Income	9.273	22.368	19.047
	TOTAL	913.939	1072.087	581.430
Less	EXPENSES
	Cost of Materials Consumed	796.989	948.158	484.550
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	8.121	5.025	1.520
	Employees benefits expense	8.884	6.179	5.604
	Other expenses	66.166	76.053	61.521
	TOTAL	880.160	1035.415	553.195
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	33.779	36.672	28.235
Less	FINANCIAL EXPENSES	15.890	16.337	8.553
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	17.889	20.335	19.682
Less/ Add	DEPRECIATION/ AMORTISATION	7.371	8.215	8.215
	PROFIT/ (LOSS) BEFORE TAX	10.518	12.120	11.467
Less	TAX	5.267	3.348	4.710
	PROFIT/ (LOSS) AFTER TAX	5.251	8.772	6.757
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	476.659	670.895	475.530
	TOTAL EARNINGS	476.659	670.895	475.530
	IMPORTS
	Raw Materials	344.472	609.858	260.184
	TOTAL IMPORTS	344.472	609.858	260.184
	Earnings / (Loss) Per Share (INR)	35.01	58.49	67.47

Particulars	31.03.2017
Sales Turnover (Approximately)	800.000

The above information has been parted by Mr. Rakesh Pandey (Accounts Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	20.465	(18.913)	(27.674)
Net cash flows from (used in) operating activities	15.830	(23.913)	(27.684)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	182.08	117.64	130.84
Account Receivables Turnover (Income / Sundry Debtors)	2.00	3.10	2.79
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	224.86	168.50	205.69
Inventory Turnover (Operating Income / Inventories)	0.28	0.24	0.25
Asset Turnover (Operating Income / Net Fixed Assets)	0.82	0.91	0.82

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.92	0.93	0.91
Debt Equity Ratio (Total Liability / Networth)	2.48	4.20	3.37
Current Liabilities to Networth (Current Liabilities / Net Worth)	11.81	13.04	8.78
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.74	0.80	0.83
Interest Coverage Ratio (PBIT / Financial Charges)	2.13	2.24	3.30

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	0.58	0.84	1.20
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.74	1.24	1.47
Return on Investment (ROI) ((PAT / Networth) * 100)	%	9.44	17.42	16.25

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	0.99	0.99	1.12
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.81	0.75	0.81
G-Score Ratio Financial (Networth / Total Assets)	0.08	0.07	0.09
G-Score Ratio Debt (Debts / Equity Capital)	9.19	14.10	9.34
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.99	0.99	1.12

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	15.000	15.000	15.000
Reserves & Surplus	26.577	35.350	40.602
Share Application money pending allotment	0.000	0.000	0.000
Net worth	41.577	50.350	55.602
Long Term borrowings	51.469	0.051	0.000
Short Term borrowings	88.675	211.457	137.910
Total borrowings	140.144	211.508	137.910
Debt/Equity ratio	3.371	4.201	2.480

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	562.383	1049.719	904.666
		86.656	(13.818)

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	562.383	1049.719	904.666
Profit	6.757	8.772	5.251
	1.20%	0.84%	0.58%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	15.000	15.000
(b) Reserves & Surplus	45.123	39.934
(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)	60.123	54.934
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.051
(b) Deferred tax liabilities (Net)	0.995	0.363
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.995	0.414
(4) Current Liabilities
(a) Short term borrowings	137.910	211.457
(b) Trade payables	493.453	437.724
(c) Other current liabilities	33.105	7.406
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	664.468	656.587
TOTAL	725.586	711.935
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	44.331	42.250
(ii) Intangible Assets	16.165	16.165
(iii) Capital work-in-progress	4.064	2.884
(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	3.238	2.337
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	67.798	63.636
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	122.633	153.357
(c) Trade receivables	451.297	338.335
(d) Cash and cash equivalents	16.047	18.744
(e) Short-term loans and advances	67.811	137.863
(f) Other current assets	0.000	0.000
Total Current Assets	657.788	648.299
TOTAL	725.586	711.935

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2016	31.03.2015
	SALES
	Income	904.666	1049.719
	Other Income	9.292	22.368
	TOTAL	913.958	1072.087
Less	EXPENSES
	Cost of Materials Consumed	796.989	948.158
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	8.121	5.024
	Employees benefits expense	8.884	6.179
	Other expenses	67.728	76.064
	TOTAL	881.722	1035.425
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	32.236	36.662
Less	FINANCIAL EXPENSES	15.897	16.338
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	16.339	20.324
Less/ Add	DEPRECIATION/ AMORTISATION	7.371	8.215
	PROFIT/ (LOSS) BEFORE TAX	8.968	12.109
Less	TAX	6.232	3.348
	PROFIT/ (LOSS) AFTER TAX	2.736	8.761
	Earnings / (Loss) Per Share (INR)	18.24	58.49

LOCAL AGENCY FURTHER INFORMATION

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

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G04658951	10334229	SYNDICATE BANK	09/01/2012	11/02/2016	-	150000000.0	11, GOLF LINK, SETH HOUSE, UNION PARKPALI HILLS, KHAR ROAD WESTMUMBAIMH400052IN
2	B38394813	80065071	UNION BANK OF INDIA	26/03/1996	-	26/04/2012	100000.0	BHAT BAZAR BRANCH, ANANT DEEP, 273/277NARSI NATHA STREET, BHAT BAZARBOMBAYMH400009IN
3	B38398277	80065072	UNION BANK OF INDIA	05/08/1996	-	26/04/2012	2500000.0	BHAT BAZAR BRANCH, ANANT DEEP,273/277NARSI NATHA STREET, BHAT BAZARMUMBAIMH400009IN
4	B32307548	90164483	MANDVI COOP BANK LTD	31/05/2004	-	11/02/2012	8000000.0	GAURAV PLAZA R.R.T. ROAD MULUND WESTBOMBAYMH400080IN
5	B29954906	90163405	UNION BANK OF INDIA	05/08/1996	05/08/1996	22/12/2011	900000.0	BHAT BAZAR BRANCH ANANT DEEP 273/277 NARSI NATHABHAT BAZARBOMBAYMH400009IN
6	B29958014	90163349	UNION BANK OF INDIA	26/03/1996	05/08/1996	22/12/2011	1000000.0	BHAT BAZAR BRANCH ANANT DEEP 273/277 NARSI NATHABHAT BAZARBOMBAYMH400009IN

FIXED ASSETS:

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and Fixtures
• Vehicles

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 63.89
UK Pound	1	INR 88.60
Euro	1	INR 78.12

INFORMATION DETAILS

Information Gathered by :	SAV
Analysis Done by :	NYT
Report Prepared by :	KVT

SCORE FACTORS

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