MIRA INFORM REPORT

Report No. :	487770
Report Date :	27.01.2018

IDENTIFICATION DETAILS

Name :	UNIQUE FORGINGS (INDIA) PRIVATE LIMITED
Registered Office :	Plot No. 601, G I D C Industrial Estate, Near Karamsad Railway Station, Vithal Udyognagar, District: Anand - 388121, Gujarat
Tel. No.:	91-2692-235220/ 233517
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	30.03.2007
Com. Reg. No.:	04-050410
Capital Investment / Paid-up Capital :	INR 47.500 Million
CIN No.: [Company Identification No.]	U29190GJ2007PTC050410
IEC No.:	3499000890
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACU8895Q
GSTIN/UIN :	24AAACU8895Q1ZC
Legal Form :	Private Limited Liability Company
Line of Business :	The company is primarily engaged in the business of forging and engineering. Subject is engaged in the business of forging, pressing, stamping and roll-forming of metal. (Registered Activity) Manufacturer and Exporter of Forgings and Machined Components. (Confirmed by management)
No. of Employees :	300 (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 :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Unique Forging India Private Limited is a manufacturer and exporter of forgings and machined components. The company was incorporated in the year 2007 and is based in Gujarat, India. It is an established company having good track. For the financial year ended 2017, the company has witnessed a healthy growth in its revenue and has achieved fair profit margin at 5.39% (approximately). The company possesses sound financial profile marked by decent networth base along with negligible debt recorded by the company. The company also derives strength from its established track record of business operations. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitments. In view of the aforesaid, the company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name	Previous Rating (30.06.2017)	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

Rating Agency Name	ICRA
Rating	Long Term Rating=(BBB)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	04.07.2017

Rating Agency Name	ICRA
Rating	Short Term Rating=(A3+)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	04.07.2017

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 27.01.2018

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. Gunvantbhai Nanjibhai Sherasiya
Designation :	Director
Contact No.:	91-9825046551
Date :	25.01.2018

LOCATIONS

Registered Office/ Factory 1 :	Plot No. 601, G I D C Industrial Estate, Near Karamsad Railway Station, Vithal Udyognagar, District Anand - 388121, Gujarat, India
Tel. No.:	91-2692-235220/ 233517/ 236343
Mobile No.:	91-9825046551 [Mr. Gunvant N. Sherasiya]
Fax No.:	91-2692-236343/ 233516
E-Mail :	info@uniqueforgings.in
Website :	http://www.uniqueforgings.in
Location :	Owned
Locality :	Commercial
Factory 2 :	2006/1, Phase IV, GIDC Industrial Estate, Near Karamsad Railway Station, Vithal Udyognagar - 388121, Gujarat, India
Location :	Owned
Locality :	Commercial

DIRECTORS

As on 31.03.2017

Name :

Mr. Vrajlal Nanjibhai Sherasiya

Designation :

Director

Address :

PARAM, UCO Park, Near Old Water Tank, V.V. Nagar, Anand – 388120, Gujarat, India

Date of Birth/Age :

25.03.1961

Date of Appointment :

30.03.2007

DIN No.:

00401456

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U28910GJ1993PTC018981	SHRADHA FORGE PRIVATE LIMITED	12/04/2007	-
U28113GJ1996PTC028960	AEP INDUSTRIES PRIVATE LIMITED	04/03/1996	-

Name :

Mr. Gunvantbhai Nanjibhai Sherasiya

Designation :

Director

Address :

MAAN, UCO Park, Near Old Water Tank, V.V. Nagar, Anand – 388120, Gujarat, India

Date of Birth/Age :

01.06.1970

Date of Appointment :

30.03.2007

DIN No.:

00560870

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U28910GJ1993PTC018981	SHRADHA FORGE PRIVATE LIMITED	12/04/2007	-

Name :

Mr. Haresh Dudabhai Sharkhedi

Designation :

Director

Address :

AVADH, UCO Park, Near Old Water Tank, V.V. Nagar, Anand – 388120, Gujarat, India

Date of Birth/Age :

07.04.1960

Date of Appointment :

30.03.2007

DIN No.:

00560872

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U28910GJ1993PTC018981	SHRADHA FORGE PRIVATE LIMITED	12/04/2007	-

Name :

Mrs. Rasila Haresh Sarkhedi

Designation :

Director

Address :

Prit Meh, Near Old Water Tank, Opposite Sardar Statue, V V Nagar – 388120, Gujarat, India

Date of Birth/Age :

10.05.1963

Date of Appointment :

20.08.2008

DIN No.:

01139373

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U33120GJ2005PTC047161	RADIANT CONTROLS AND AUTOMATION PRIVATE LIMITED	29/11/2005	-

Name :

Mr. Pravin Nanjibhai Sherasiya

Designation :

Director

Address :

Preet Meru, Opposite Old Water Tank, Near Sardar Statue, At-Po V.V. Nagar, District: Anand – 388120, Gujarat, India

Date of Birth/Age :

28.02.1966

Date of Appointment :

20.08.2008

DIN No.:

01472437

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U28910GJ1993PTC018981	SHRADHA FORGE PRIVATE LIMITED	12/04/2007	-

Name :

Mrs. Bharti Vrajlal Sherasiya

Designation :

Director

Address :

Param, Opposite Old Water Tank, Near Sardar Patel Statue, V V Nagar – 388120, Gujarat, India

Date of Birth/Age :

01.01.1965

Date of Appointment :

03.04.2007

DIN No.:

01767808

Name :

Mrs. Meena Gunvantbhai Sherasiya

Designation :

Director

Address :

MAN, UCO Park, Near Old Water Tank, V.V. Nagar, Anand – 388120, Gujarat, India

Date of Birth/Age :

16.06.1967

Date of Appointment :

20.08.2008

DIN No.:

02030142

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U28113GJ1996PTC028960	AEP INDUSTRIES PRIVATE LIMITED	04/03/1996	-
U33120GJ2005PTC047161	RADIANT CONTROLS AND AUTOMATION PRIVATE LIMITED	29/11/2005	-

Name :

Mrs. Bhavnaben Pravinbhai Sherasiya

Designation :

Director

Address :

ANAND, UCO Park, Near Old Water Tank, V.V. Nagar, Anand – 388120, Gujarat, India

Date of Birth/Age :

27.10.1970

Date of Appointment :

20.08.2008

DIN No.:

02030160

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U33120GJ2005PTC047161	RADIANT CONTROLS AND AUTOMATION PRIVATE LIMITED	29/11/2005	-

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares	%age
Haresh Dudabhai Sharkhedi	855000	18.00
Gunvantbhai Nanjibhai Sherasiya	855000	18.00
Pravin Nanjibhai Sherasiya	855000	18.00
Bharti Vrajlal Sherasiya	855000	18.00
Vrajlal Nanjibhai Sherasiya	332500	7.00
Rasila Haresh Sarkhedi	332500	7.00
Bhavnaben Pravinbhai Sherasiya	332500	7.00
Meena Gunvantbhai Sherasiya	332500	7.00
Total	4750000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2017

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

BUSINESS DETAILS

Line of Business :

• The company is primarily engaged in the business of forging and engineering.

• Subject is engaged in the business of forging, pressing, stamping and roll-forming of metal.

(Registered Activity)

• Manufacturer and Exporter of Forgings and Machined Components.

(Confirmed by management)

Products/ Services :

Item Code No.	Product/ Services Description
73261990	Other Forged Article Iron and Steel, C-Clamp, J-Clamp, J-Bolt
99831418	Engineering Job Work

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• Netherland
• European Countries

Imports :

Not Available

Terms :

Selling :

Cheque and Credit (60 Days), Others (RTGS)

Purchasing :

Cheque and Credit (60 Days), Others (RTGS)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	RMG Alloys Steel Limited
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Wholesalers

Reference :	Gajra Gears Private Limited
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

300 (Approximately)

Bankers :

• HDFC Bank Limited

Bank Name	State Bank of India
Branch	SP. Com. Branch, Jay Laxmi Plaza, Ganesh Crossing, Anand - 388001, Gujarat, India
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)	Current A/c
Account Operation	--
Remarks (If any)	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Term loans from banks
State Bank of India, Anand (Term loan secured against motor car fortuner GJ23AN8899)	0.126	0.388
Kotak Mahindra Prime Limited (Term loan secured against motor car GJ23AN9124)	1.345	2.248
The V.V.C.C. Bank Limited (Term loan secured against motor car Innova GJ23AN0979)	0.482	0.807
State Bank of India, Anand (Term loan secured against motor car fortuner GJ23BL0959)	4.912	0.000
HDFC Bank Limited (Term loan secured against motor car Volvl GJ23BL9988)	4.865	0.000
Short-term borrowings
Working capital loan from banks
State Bank of India, Anand (Cash Credit A/c Secured against stock, book debts and personal guarantee of directors)	59.646	70.692
Total	71.376	74.135

Auditors :
Name :	P.D. Parikh and Company Chartered Accountants
Address :	Opposite UCO Park, Vallabh Vidyanagar, Anand – 388120, Gujarat, India
Tel. No.:	91-2692-231030
Fax No.:	91-2692-239732
E-Mail :	pdparikh1942@yahoo.co.in
Income-tax PAN of auditor or auditor's firm :	ADOPP8540K
Memberships :	Not Available
Collaborators :	Not Available
Other Related Parties :	· Unique Industries · Shradha Forge Private Limited · AEP Company · AEP Industries Private Limited

CAPITAL STRUCTURE

As on 30.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	INR 10/- each	INR 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4750000	Equity Shares	INR 10/- each	INR 47.500 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	47.500	47.500	47.500
(b) Reserves & Surplus	220.282	182.147	157.728
(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)	267.782	229.647	205.228
(3) Non-Current Liabilities
(a) Long-term borrowings	96.127	80.028	80.265
(b) Deferred tax liabilities (Net)	26.579	36.579	38.829
(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)	122.706	116.607	119.094
(4) Current Liabilities
(a) Short term borrowings	59.646	70.692	67.749
(b) Trade payables	37.612	84.428	79.649
(c) Other current liabilities	2.236	2.586	1.751
(d) Short-term provisions	3.074	3.620	4.048
Total Current Liabilities (4)	102.568	161.326	153.197
TOTAL	493.056	507.580	477.519
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	206.057	198.251	204.008
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.022	0.022	0.022
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	206.079	198.273	204.030
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	62.278	61.487	62.505
(c) Trade receivables	217.966	235.747	204.341
(d) Cash and cash equivalents	0.080	5.861	1.308
(e) Short-term loans and advances	3.306	3.525	3.608
(f) Other current assets	3.347	2.687	1.727
Total Current Assets	286.977	309.307	273.489
TOTAL	493.056	507.580	477.519

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	707.202	678.126	724.938
	Other Income	0.176	0.912	0.919
	TOTAL	707.378	679.038	725.857
			(Due to market fluctuation)
Less	EXPENSES
	Cost of Materials Consumed	436.436	441.269	470.386
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Manufacturing and Operating Costs	118.083	103.183	118.489
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.811)	(4.019)	(2.677)
	Employees benefits expense	32.217	26.682	24.774
	Other expenses	42.609	38.509	37.097
	TOTAL	628.534	605.624	648.069
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	78.844	73.414	77.788
Less	FINANCIAL EXPENSES	17.652	20.922	22.906
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	61.192	52.492	54.882
Less/ Add	DEPRECIATION/ AMORTISATION	18.508	17.623	8.740
	PROFIT/ (LOSS) BEFORE TAX	42.684	34.869	46.142
Less	TAX	4.550	10.450	39.200
	PROFIT/ (LOSS) AFTER TAX	38.134	24.419	6.942
	EARNINGS IN FOREIGN CURRENCY	1.078	0.989	2.089
	Earnings / (Loss) Per Share (INR)	8.03	5.14	1.46

Expected Sales ( 2017 - 2018 ) : INR 720.000 Million (Due to business growth)

The above information has been parted by Mr. Gunvantbhai Nanjibhai Sherasiya (Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	36.460	47.114	NA
Net cash flow from operating activity	36.460	47.114	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	112.50	126.89	102.88
Account Receivables Turnover ( Income / Sundry Debtors)	3.24	2.88	3.55
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	31.46	69.84	61.80
Inventory Turnover (Operating Income / Inventories)	1.27	1.19	1.24
Asset Turnover (Operating Income / Net Fixed Assets)	0.38	0.37	0.38

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.40	0.48	0.49
Debt Equity Ratio (Total Liability / Networth)	0.58	0.66	0.72
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.38	0.70	0.75
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.77	0.86	0.99
Interest Coverage Ratio (PBIT / Financial Charges)	4.47	3.51	3.40

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	%	5.39	3.60	0.96
Return on Total Assets ((PAT / Total Assets) * 100)	%	7.73	4.81	1.45
Return on Investment (ROI) ((PAT / Networth) * 100)	%	14.24	10.63	3.38

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	2.80	1.92	1.79
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	2.19	1.54	1.38
G-Score Ratio Financial (Networth / Total Assets)	0.54	0.45	0.43
G-Score Ratio Debt (Debts / Equity Capital)	3.28	3.17	3.12
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.80	1.92	1.79

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	47.500	47.500	47.500
Reserves & Surplus	157.728	182.147	220.282
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	205.228	229.647	267.782
long-term borrowings	80.265	80.028	96.127
Short term borrowings	67.749	70.692	59.646
Total borrowings	148.014	150.720	155.773
Debt/Equity ratio	0.721	0.656	0.582

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	724.938	678.126	707.202
		(6.457)	4.288

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	724.938	678.126	707.202
Profit/(Loss)	6.942	24.419	38.134
	0.96%	3.60%	5.39%

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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%	Yes
28	Estimation for coming financial year	Yes
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

BACKGROUND

The company was incorporated on 30th March, 2007 as a private limited company upon conversion of the earstwhile partnership firm. The company is primarily engaged in the business of forging and engineering.

UNSECURED LOAN

PARTICULARS	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Directors and Relatives
-From Directors	82.173	76.585
-From Director’s Relatives	2.224	0.000
Total	84.397	76.585

INDEX OF CHARGES

Charges Registered
SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Amount	Address
1	C36509479	10072448	STATE BANK OF INDIA	07/09/2007	30/10/2014	99500000.0	SP. COM. BRANCH, JAY LAXMI PLAZA GANESH CROSSING ANAND GUJARAT 388001 INDIA
2	B40421976	10045739	STATE BANK OF INDIA	30/03/2007	07/05/2012	113700000.0	SP. COM. BRANCH, JAY LAXMI PLAZA GANESH CROSSING ANAND GUJARAT 388001 INDIA
3	A13621628	10067931	STATE BANK OF INDIA	30/03/2007	-	41807000.0	SPL. COMM. BRANCH, JAY LAXMI PLAZANR. GANESH CROSSING ANAND GUJARAT 388001 INDIA

FIXED ASSETS

• Building
• Vehicles
• Furniture and Fixture
• Land
• Plant and Machinery
• Air Conditioner
• Computer and Printer
• Mobile
• Office Equipment

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 63.49
UK Pound	1	INR 90.91
Euro	1	INR 79.06

INFORMATION DETAILS

Information Gathered by :	SHL
Analysis Done by :	DIV
Report Prepared by :	SUD

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.