MIRA INFORM REPORT

Report No. :	488440
Report Date :	31.01.2018

IDENTIFICATION DETAILS

Name :	PAI INTERNATIONAL ELECTRONICS LIMITED (w.e.f. 12.06.2006)
Formerly Known As :	PAI INTERNATIONAL HOME APPLIANCE AND ELECTRONICS LIMITED
Registered Office :	28/1A, 100 Feet Road, Indiranagar, Near CMH Road, Bangalore – 560038, Karnataka
Tel. No.:	91-80-42464343
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	04.04.2005
Com. Reg. No.:	08-035984
Capital Investment / Paid-up Capital :	INR 7.700 Million
CIN No.: [Company Identification No.]	U05190KA2005PLC035984
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCP8329B
GSTIN/UIN :	Not Divulged
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Retail trading of household appliances. (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+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 2040000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 2005 and it is having fine track. For the financial year 2017, the company has increased its revenue from operation as compared to previous year and maintained average profitability margin of 1.77%. Rating takes into consideration sound financial profile of the company marked by healthy networth base and low debt balance sheet. Further, rating also reflects from its long standing track records business operation and healthy improvement in the revenue as well as profitability profile during the year. Trade relations are reported as fair. Business is active. Payments terms are seems to be regular. 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31.01.2018

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 DENIED BY

Name :	Mr. Sampath
Designation :	Not Divulged
Contact No.:	91-9849766311
Name :	Mr. Damodar Pai Guruprasad
Designation :	Whole-time Director
Contact No.:	91-9880715678
Date :	29.01.2018

(Tel. No.: 91-80-42464343 Ringing)

LOCATIONS

Registered Office :	28/1A, 100 Feet Road, Indiranagar, Near CMH Road, Bangalore – 560038, Karnataka, India
Tel. No.:	91-80-42464343/ 41241297
Mobile No.:	91-9880715678 (Mr. Damodar Pai Guruprasad)
Fax No.:	91-80-42464343
E-Mail :	bnsco@yahoo.com
Website :	https://paiinternational.in
Location:	Owned
Locality:	Commercial
Store 1/ Branch Office :	Door No. 1-46/2, Plot No.5 and 6, Dubba Narasimha Reddy Building, Venkateswara Colony, Ring Road, Uppal, Hyderabad - 500039, Telangana, India
Stores :	Also Located at: · Bangalore · Hyderabad · Karnataka · Andhra Pradesh

DIRECTORS

As on 31.03.2017

Name :

Mr. Rajkumar Sreenivasa Pai

Designation :

Managing Director

Address :

No.42, Ramaswamy Layout, New Byapanahalli Extension, Bangalore – 560038, Karnataka, India

Date of Birth/Age :

12.03.1964

Qualification :

Double Graduate

Date of Appointment :

15.10.2007

PAN No.:

ABGPP8076L

DIN No.:

01726393

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74900KA2008PTC046181	NAVARATNA DISTRIBUTORS PRIVATE LIMITED	23/04/2008	-
U52190KA2009PTC049408	DEVI INTERNATIONAL HOME APPLIANCES PRIVATE LIMITED	19/03/2009	-

Name :

Ms. Meena Rajkumar Pai

Designation :

Whole-time Director

Address :

No.42, 4th Cross, Ramaswamy Layout, New Byappana Halli Extension, Bangalore – 560038, Karnataka, India

Date of Birth/Age :

30.05.1970

Qualification :

Graduate

Date of Appointment :

01.04.2006

PAN No.:

AIYPM3340D

DIN No.:

01653949

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74900KA2008PTC046181	NAVARATNA DISTRIBUTORS PRIVATE LIMITED	23/04/2008	-
U52190KA2009PTC049408	DEVI INTERNATIONAL HOME APPLIANCES PRIVATE LIMITED	03/12/2012	-

Name :

Mr. Guruprasad Sreenivasa

Designation :

Whole-time Director

Address :

No 42, Ramaswamy Layout, Byappanahalli Extension, Indiranagar, Bangalore – 560038, Karnataka, India

Date of Birth/Age :

28.01.1959

Qualification :

Graduate

Date of Appointment :

04.04.2006

PAN No.:

AFPPP5589P

DIN No.:

01726532

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74900KA2008PTC046181	NAVARATNA DISTRIBUTORS PRIVATE LIMITED	23/04/2008	-
U52190KA2009PTC049408	DEVI INTERNATIONAL HOME APPLIANCES PRIVATE LIMITED	03/12/2012	-

Name :

Ms. Pushpa Srinivasa

Designation :

Whole-time Director

Address :

No 42, Ramaswamy Layout, Indiranagar Post, Bangalore – 560038, Karnataka, India

Date of Birth/Age :

08.07.1975

Qualification :

Graduate

Date of Appointment :

04.04.2005

PAN No.:

AODPP1148R

DIN No.:

01726771

Name :

Mr. Ajith Kumar Sreenivas Pai

Designation :

Whole-time Director

Address :

2-15-1317/4, Srinivas, Rock Wave Lane, Kavoor Bejai Road, Mangalore – 570011, Karnataka, India

Date of Birth/Age :

18.02.1962

Qualification :

Graduate

Date of Appointment :

01.04.2009

PAN No.:

ADHPK6461D

DIN No.:

01764673

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74900KA2008PTC046181	NAVARATNA DISTRIBUTORS PRIVATE LIMITED	23/04/2008	-
U52190KA2009PTC049408	DEVI INTERNATIONAL HOME APPLIANCES PRIVATE LIMITED	03/12/2012	-
U55209KA2017PTC101740	PAI TIFFIN'S PRIVATE LIMITED	27/03/2017	-

Name :

Mr. Damodar Pai Guruprasad

Designation :

Whole-time Director

Address :

4th Cross, Pai House, No 41, Byppanahalli Indiranagar Post, Bangalore – 560038, Karnataka, India

Date of Birth/Age :

AJOPD6290L

Qualification :

Graduate

Date of Appointment :

04.04.2005

PAN No.:

AJOPD6290L

DIN No.:

01764747

Name :

Mr. Uttam Kumar Pai

Designation :

Director

Address :

No. 423, Damodhar Krupa, Contour Road, Alanahalli, Mysore – 570011, Karnataka, India

Date of Appointment :

04.04.2005

DIN No.:

01914387

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74900KA2008PTC046181	NAVARATNA DISTRIBUTORS PRIVATE LIMITED	23/04/2008	-
U52190KA2009PTC049408	DEVI INTERNATIONAL HOME APPLIANCES PRIVATE LIMITED	03/12/2012	-

Name :

Mr. Vasanth V Kamath

Designation :

Director

Address :

19/304/1, Samrudhi, F.B.O.A Road, Aluva, Ernakulam, Kochi – 683101, Kerala, India

Date of Appointment :

01.04.2015

DIN No.:

07062343

Name :

Mr. Vivek N Shenoy

Designation :

Director

Address :

60/2297, Vattaparambu West Lane, Azad Road, Kaloor P.O, Kochi – 682017, Kerala, India

Date of Appointment :

01.04.2015

DIN No.:

07065482

Name :

Sreenivasa Jayashree

Designation :

Director

Address :

No 41, Pai House, 4th Cross, Metro Station, New Baiyyappana Halli Extension, Indiranagar, Bangalore – 560038, Karnataka, India

Date of Appointment :

20.10.2017

DIN No.:

07989732

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares
Rajkumar Pai	75500
Meena Rajkumar Pai	250
Guruprasad Pai	300
Pushpa S	250
Nirmala	150
G Damodar Pai	50
S Uttamkumar Pai	250
S Ajith Kumar Pai	250
Total	77000

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2017

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

BUSINESS DETAILS

Line of Business :

Retail trading of household appliances. (Registered Activity)

Products/ Services :

Item Code No.	Product/ Services Description
99622440	Household appliances

Brand Names :

Not Available

Agencies Held :

Not Available

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	HDFC Bank Limited
Branch	HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, 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)	--
Account Operation	--
Remarks (If any)	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Rupee term loans from banks	238.635	372.951
Loans repayable on demand from banks	331.336	215.997
Total	569.971	588.948

Auditors :
Name :	Sudarshan Abilesh and Company Chartered Accountants
Address :	No 42, Sri Krupa, New D'Souza Layout, Hoskerehalli-Kerekodi Road, Bangalore, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	ADBFS8122P
Memberships :	Not Available
Collaborators :	Not Available
Associate :	Navaratna Distributors Private Limited (CIN No.: U74900KA2008PTC046181)

CAPITAL STRUCTURE

As on 28.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	INR 100/- each	INR 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
77000	Equity Shares	INR 100/- each	INR 7.700 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	7.700	7.700	7.700
(b) Reserves and Surplus	705.192	523.413	418.299
(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)	712.892	531.113	425.999
(3) Non-Current Liabilities
(a) long-term borrowings	624.971	643.948	539.463
(b) Deferred tax liabilities (Net)	50.305	42.845	34.534
(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)	675.276	686.793	573.997
(4) Current Liabilities
(a) Short-term borrowings	0.000	0.000	0.000
(b) Trade payables	553.003	324.030	373.006
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	179.518	112.936	116.521
Total Current Liabilities (4)	732.521	436.966	489.527
TOTAL	2120.689	1654.872	1489.523
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	488.523	401.106	380.725
(ii) Intangible Assets	1.737	2.197	1.473
(iii) Tangible assets 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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term loans and advances	154.167	130.977	115.791
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	644.427	534.280	497.989
(2) Current assets
(a) Current investments	12.877	20.682	14.837
(b) Inventories	1084.627	841.949	627.320
(c) Trade receivables	139.539	110.410	149.617
(d) Cash and bank balances	98.759	56.564	121.267
(e) Short-term loans and advances	140.460	90.987	78.493
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1476.262	1120.592	991.534
TOTAL	2120.689	1654.872	1489.523

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	10522.957	7621.942	7280.994
	Other Income	80.671	60.455	37.597
	TOTAL	10603.628	7682.397	7318.591
Less	EXPENSES
	Cost of Materials Consumed	0.000	0.000	0.000
	Purchases of Stock-in-Trade	9306.101	6766.307	6550.431
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(242.678)	(214.630)	(206.248)
	Employee benefit expense	331.129	256.082	217.322
	CSR expenditure	3.143	3.467	1.662
	Other expenses	757.411	571.464	489.183
	TOTAL	10155.106	7382.690	7052.350
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	448.522	299.707	266.241
Less	FINANCIAL EXPENSES	136.232	114.119	78.939
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	312.290	185.588	187.302
Less/ Add	DEPRECIATION/ AMORTISATION	24.951	15.431	24.468
	PROFIT/ (LOSS) BEFORE TAX	287.339	170.157	162.834
Less	TAX	101.389	60.873	57.254
	PROFIT/ (LOSS) AFTER TAX	185.950	109.284	105.580
	Earnings / (Loss) Per Share (INR)	2361.00	1365.00	1153.00

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	NA	NA	NA
Net cash flows from (used in) operations	452.848	305.016	270.458
Net cash flow from operating activity	280.525	(4.432)	(24.428)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	4.84	5.29	7.50
Account Receivables Turnover ( Income / Sundry Debtors)	75.41	69.03	48.66
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	21.69	17.48	20.78
Inventory Turnover (Operating Income / Inventories)	0.41	0.36	0.42
Asset Turnover (Operating Income / Net Fixed Assets)	0.91	0.74	0.70

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.64	0.65	0.69
Debt Equity Ratio (Total Liability / Networth)	0.88	1.21	1.27
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.03	0.82	1.15
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.69	0.76	0.90
Interest Coverage Ratio (PBIT / Financial Charges)	3.29	2.63	3.37

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	%	1.77	1.43	1.45
Return on Total Assets ((PAT / Total Assets) * 100)	%	8.77	6.60	7.09
Return on Investment (ROI) ((PAT / Networth) * 100)	%	26.08	20.58	24.78

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	2.02	2.56	2.03
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.53	0.64	0.74
G-Score Ratio Financial (Networth / Total Assets)	0.34	0.32	0.29
G-Score Ratio Debt (Debts / Equity Capital)	81.17	83.63	70.06
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.02	2.56	2.03

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	7.700	7.700	7.700
Reserves & Surplus	418.299	523.413	705.192
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	425.999	531.113	712.892
Long-term borrowings	539.463	643.948	624.971
Short term borrowings	0.000	0.000	0.000
Total borrowings	539.463	643.948	624.971
Debt/Equity ratio	1.266	1.212	0.877

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	7280.994	7621.942	10522.957
		4.683	38.061

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	7280.994	7621.942	10522.957
Profit/ (Loss)	105.580	109.284	185.950
	1.45 %	1.43 %	1.77 %

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	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

RESULTS OF OPERATIONS AND THE STATE OF COMPANIES AFFAIRS:

The company in this year has achieved a turnover of INR 10603.628 Million during the year. Company added more show rooms and also started several new branches in Karnataka and Hyderabad during the year.

UNSECURED LOAN

PARTICULARS	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Rupee term loans from others	55.000	55.000
Total	55.000	55.000

INDEX OF CHARGES

Charges Registered
SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Amount	Address
1	G54311907	100130637	HDFC BANK LIMITED	13/07/2017	-	200000000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WEST MUMBAI MAHARASHTRA 400013 INDIA
2	B81934267	10442574	ING VYSYA BANK LIMITED	26/07/2013	-	83700000.0	NO.776, HAL II STAGE,100 FEET ROAD, INDIRANAGAR, BANGALORE KARNATAKA 560008 INDIA
3	A60129277	10151162	SYNDICATE BANK	19/02/2009	-	115000000.0	663,Ist Main, DEFENCE COLONY, INDIRANAGAR BANGALORE KARNATAKA 560038 INDIA
4	C24494593	10007396	Citi Bank N.A.	05/05/2006	29/09/2014	350000000.0	2nd Floor, No. 5,M. G. Road, Bangalore KARNATAKA 560001 INDIA

FIXED ASSETS

• Land
• Buildings
• Office building
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments

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 63.75
UK Pound	1	INR 89.38
Euro	1	INR 78.75

INFORMATION DETAILS

Information Gathered by :	SHL
Analysis Done by :	PSD
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	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.