MIRA INFORM REPORT

Report No. :	516592
Report Date :	26.06.2018

IDENTIFICATION DETAILS

Name :	MITSUBISHI ELECTRIC INDIA PRIVATE LIMITED
Registered Office :	International Business Centre, M-38/1, (Middle Circle) Connaught Place, New Delhi-110001
Tel. No.:	91-124-6739300
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	21.09.2010
CIN No.: [Company Identification No.]	U51909DL2010FTC227827
Capital Investment / Paid-up Capital :	INR 3085.940 Million
PAN No.: [Permanent Account No.]	AAGCM7782A
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is primarily engaged in the business of sale of its group company’s products to customers in India along with providing pre-sales support, toll manufacturing on behalf of its group company and after sales service to the customers. The Company’s major products are Air conditioners, Factory Automation products, Printers and Projectors, Low Voltage Switch Gears, Power semiconductor, Invertors etc. [Registered Activity]
No. of Employees :	Not Divulged

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 9858800
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “Mitsubishi Electric Asia Pte Limited, Singapore” and was incorporated in the year 2010. It is having good track records. For the financial year 2017, the company has increased its revenue from operation as compared to previous year and maintained average profit margin of 1.60%. Rating takes into consideration sound financial risk profile of the company marked by healthy capital base along with liquidity position and debt free balance sheet. Further, the company also derives strength from its strong holding company support, established track records of business operations as well as market position and improvement in the revenue as well as profitability profile during the year. Trade relations are fair. Business is active. Payment terms are seems to be regular. In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List

Country Name	Previous Rating (31.12.2017)	Current Rating (01.04.2018)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2018.

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 26.06.2018.

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 DECLINED

MANAGEMENT NON-COOPERATIVE

[Contact No: 91-124-6739300]

[91-11-65021164/ 65021171] is not working]

LOCATIONS

Registered Office :	International Business Centre, M-38/1, (Middle Circle) Connaught Place, New Delhi-110001, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	gurvinder.gandhi@asia.meap.com
Website :	https://www.mitsubishielectric.in
Head Office :	2^nd Floor, Tower A and B, DLF Cyber Greens, DLF Cyber City, DLF Phase III, Gurugram-122002, Haryana, India
Tel. No.:	91-124-6739300
Fax No.:	91-124- 4630399/ 398
Factory 1:	EL- 1 and 2, J-Block, M.I.D.C. Bhosari, Pune-411026, Maharashtra, India.
Tel. No.:	91-20-27102000
Fax No.:	91-20-27102100
Factory 2:	EL-31/15, J-Block, M.I.D.C. Bhosari, Pune-411026, Maharashtra, India
Tel. No.:	91-20-27102000
Fax No.:	91-20-27102100
Factory 3:	Plot No- 34-E, 1st Phase, Bidadi Industrial Area, Sy No. 54, Shanumangala Village, Bidadi Hobli. Ramanagara, Bangalore – 562109, Karnataka, India
Tel. No.:	91-80-30175100
Factory 4:	CNC Technical Center, Plot No.56, 4 Main Road, Peenya Phase3, Peenya Industrial Area, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80- 4655 2121
Fax No.:	91-80- 4655 2147
Research and Development Office :	Unit No 15, Electronic Sadan III, MIDC, Bhosari, Pune - 411026, Maharashtra, India
Technical Offices :	Located at Air Conditioners Bangalore Delhi Mumbai Factory Automation Bangalore Chennai Gurugram Mumbai Pune
Sales Offices :	Located at Ahmedabad Bangalore Chandigarh Chennai Cochin Coimbatore Delhi Ghaziabad Hyderabad Indore Jaipur Kolkata Lucknow Mumbai Nagpur Pune Rudrapur Surat Vadodara Vijaywada

DIRECTORS

AS ON: 31.03.2018

Name :

Yozo Ito

Designation :

Director

Address :

L-303, Park Place, DLF Phase V, DLF Golf Course Road, Gurugram-122002, Haryana, India

Date of Appointment :

01.04.2017

PAN No.:

07749935

Name :

Hisahiro Nishimoto

Designation :

Director

Address :

Hyatt Regency Pune, Weikfield It Park Nagar Road, Pune-411014, Maharashtra, India

Date of Appointment :

01.04.2018

PAN No.:

08083648

Name :

Takashi Ito

Designation :

Director

Address :

9th Tower EBISU IS Bldg. 1-13-6, Ebisu, Shibuya-ku TOKYO 1500013 JP

Date of Appointment :

01.04.2018

DIN No.:

08097605

Name :

Mitsuhiro Misaki

Designation :

Director

Address :

Flat No. G-292, Tower G, 29th Floor, DLF, Park Heights, DLF Park Place, DLF Phase-V, Gurugram-122002, Haryana, India

Date of Birth/Age :

26.02.1959

Qualification :

Graduate

Date of Appointment :

01.10.2015

PAN No.:

CWTPM6169F

DIN No.:

07283422

Name :

Katsunori Ushiku

Designation :

Managing Director

Address :

Flat no. ,142 Tower E, 14th Floor, Park Heights, Sec 54, Gurugram-122002, Haryana, India

Date of Birth/Age :

06.05.1964

Qualification :

Graduate

Date of Appointment :

01.04.2016

DIN No.:

07477115

Other Directorship :

CIN/FCRN	Company Name	Begin Date
U29300KA2012PTC107614	MITSUBISHI ELEVATOR INDIA PRIVATE LIMITED	28/06/2017

Name :

Shinji Sasaki

Designation :

Director

Address :

Moto-Cho, 2-31-16 101, Urawa-Ku Saitama City-3300073, Japan

Date of Birth/Age :

13.06.1957

Qualification :

Graduate

Date of Appointment :

01.04.2016

DIN No.:

07479885

KEY EXECUTIVES

Name :	Mr. Manish Jain
Designation :	Company Secretary
Address :	A-34, Welcome Apartments, Sector-9, Rohini, Delhi-110085, India
Date of Appointment :	20.09.2011
PAN No.:	ADJPJ4820D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 19.05.2017

Names of Shareholders	No. of Shares	Percentage of Holding
Mitsubishi Electric Asia Pte Limited	216015800	70.00
Mitsubishi Electric Corporation	92578200	30.00
Total	308594000	100.00

AS ON: 19.05.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters – Body Corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is primarily engaged in the business of sale of its group company’s products to customers in India along with providing pre-sales support, toll manufacturing on behalf of its group company and after sales service to the customers. The Company’s major products are Air conditioners, Factory Automation products, Printers and Projectors, Low Voltage Switch Gears, Power semiconductor, Invertors etc. [Registered Activity]

Products/ Services :

ITC Code No.	Product Descriptions
84151010	Air conditioners
84714190	Factory automation Industrial Systems
99871590	Services

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	--
Contact Number:	--
Name of Account Holder:	--
Account Number:	--
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	--
Remarks:	--

Facilities :

---

Auditors :
Name :	B S R and Associates LLP Chartered Accountants
Address :	Building No 10, 8^th Floor, DLF Cyber City, DLF- Phase –II, Gurugram, Haryana, India
PAN No.:	AADFB6889R
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Mitsubishi Electric Asia Pte Limited, Singapore
Ultimate Holding Company :	Mitsubishi Electric Corporation, Japan
Fellow Subsidiary Companies :	· Mitsubishi Electric Consumer Products (Thailand) Company Limited, Thailand · Shanghai Mitsubishi Electric and Shangling Air Conditioner and Electric Appliance Co. Limited, China · Mitsubishi Electric Europe B.V, Germany · Mitsubishi Electric Europe B.V, Spain · Mitsubishi Electric Taiwan Co. Limited, Taiwan · Mitsubishi Electric Automation, Inc, USA · Mitsubishi Electric Trading Corporation · Mitsubishi Electric Automation Korea Co. Limited, Korea · Mitsubishi Electric Mechatronics Engineering Corporation · Mitsubishi Electric Vietnam Company, Limited. Vietnam · Mitsubishi Electric Europe (UK) · Meldas System Engineering Co. Limited, Japan · Ryoden Trading Co. Limited, Japan · Mitsubishi Electric Automation Manufacturing (Changshu) Co. Limited · Mitsubishi Electric Automation (China) Limited, Shanghai · Mitsubishi Electric System and Service Co. Limited, Japan · SetsuyoAstec Singapore Pte. Limited · Mitsubishi Electric and Electronics(Shanghai) Co. Limited, Shanghai · Mitsubishi Electric Automotive India Private Limited, India · Mitsubishi Electric Factory Automation (Thailand) Co. Limited, Thailand · Mitsubishi Elevator India Private Limited, India [U29300TN2012PTC087354] · Mitsubishi Electric Automation (Hong Kong) Limited, Hong Kong · Mitsubishi Electric Corporation, Project Office, India · Mitsubishi Electric Factory Automation, Bangkok · Mitsubishi Electric Klimat Transportation System · Mitsubishi Corporation India Private Limited, India [U45201DL1996PTC079069] · Mitsubishi Heavy Industries-VST Diesel Engines Private Limited, India [U34107KA2007PTC043432] · Mitsubishi Heavy Industries India Private Limited, India [U29299DL2005PTC133062] · Mitsubishi Electric Europe BV

CAPITAL STRUCTURE

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
308594000	Equity Shares	INR 10/- each	INR 3085.940 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
308594000	Equity Shares	INR 10/- each	INR 3085.940 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	3085.940	3085.940	2720.000
(b) Reserves & Surplus	364.646	139.143	(36.508)
(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)	3450.586	3225.083	2683.492
(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	12.684	9.008	51.411
(d) long-term provisions	95.137	36.031	54.633
Total Non-current Liabilities (3)	107.821	45.039	106.044
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	4626.599	3710.643	4303.955
(c) Other current liabilities	481.891	442.788	292.787
(d) Short-term provisions	122.605	66.807	31.452
Total Current Liabilities (4)	5231.095	4220.238	4628.194
TOTAL	8789.502	7490.360	7417.730
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	718.302	768.685	406.967
(ii) Intangible Assets	18.111	86.937	143.565
(iii) Capital work-in-progress	0.000	1.145	0.000
(iv) Intangible assets under development	0.000	0.000	1.843
(b) Non-current Investments	365.940	365.940	0.000
(c) Deferred tax assets (net)	194.467	170.483	58.756
(d) Long-term Loan and Advances	100.426	81.784	113.669
(e) Other Non-current assets	0.050	0.000	50.000
Total Non-Current Assets	1397.296	1474.974	774.800
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2429.732	1894.845	3007.498
(c) Trade receivables	2733.177	2472.180	2198.289
(d) Cash and cash equivalents	1624.612	1289.129	1191.888
(e) Short-term loans and advances	579.934	316.898	218.897
(f) Other current assets	24.751	42.334	26.358
Total Current Assets	7392.206	6015.386	6642.930
TOTAL	8789.502	7490.360	7417.730

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Revenue from Operations	14081.213	12521.100	9261.085
		Other Income	90.050	67.501	132.120
		TOTAL	14171.263	12588.601	9393.205
Less	EXPENSES
		Cost of Materials Consumed	850.763	694.462	485.870
		Purchases of Stock-in-Trade	10275.291	7767.559	7897.629
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(544.684)	1038.051	(1214.727)
		Employees benefits expense	1093.130	950.826	775.762
		Other expenses	1883.972	1722.542	1237.298
		CSR Expenditure	2.827	0.000	0.000
		TOTAL	13561.299	12173.440	9181.832
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		609.964	415.161	211.373
Less	FINANCIAL EXPENSES		6.555	7.117	0.803
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		603.409	408.044	210.570
Less/ Add	DEPRECIATION/ AMORTISATION		236.284	182.502	171.451
	PROFIT/ (LOSS) BEFORE TAX		367.125	225.542	39.119
Less	TAX		141.622	49.891	13.678
	PROFIT/ (LOSS) AFTER TAX		225.503	175.651	25.441
	EARNINGS IN FOREIGN CURRENCY
		Exports of traded goods	403.265	579.036	937.653
		Maintenance service	2.150	3.003	4.763
		Annual Maintenance service	5.366	3.125	0.000
		Service revenue	564.684	544.097	506.726
	TOTAL EARNINGS		975.465	1129.261	1449.142
	IMPORTS
		Purchase of stock-in-trade	8598.744	7220.755	6946.688
		Purchase of raw material	765.292	612.727	538.157
		Purchase of fixed assets	0.000	45.810	36.271
	TOTAL IMPORTS		9364.036	7879.292	7521.116
	Earnings/ (Loss) Per Share (INR)		0.73	0.59	0.11

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
Net cash flows from (used in) operations	514.167	637.526	256.889
Net cash flows from (used in) operating activities	387.080	482.813	241.621

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	70.85	72.07	86.64
Account Receivables Turnover (Income / Sundry Debtors)	5.15	5.06	4.21
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	151.78	160.05	187.39
Inventory Turnover (Operating Income / Inventories)	0.25	0.22	0.07
Asset Turnover (Operating Income / Net Fixed Assets)	0.83	0.48	0.38

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.60	0.56	0.62
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.52	1.31	1.72
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.21	0.27	0.21
Interest Coverage Ratio (PBIT / Financial Charges)	93.05	58.33	263.23

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	1.60	1.40	0.27
Return on Total Assets ((PAT / Total Assets) * 100)	%	2.57	2.35	0.34
Return on Investment (ROI) ((PAT / Networth) * 100)	%	6.54	5.45	0.95

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.41	1.43	1.44
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.95	0.98	0.79
G-Score Ratio Financial (Networth / Total Assets)	0.39	0.43	0.36
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.41	1.43	1.44

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	2720.000	3085.940	3085.940
Reserves & Surplus	(36.508)	139.143	364.646
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	2683.492	3225.083	3450.586
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	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	9261.085	12521.100	14081.213
		35.201	12.460

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	9261.085	12521.100	14081.213
Profit	25.441	175.651	225.503
	0.27%	1.40%	1.60%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	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	No
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES: NO CHARGES EXISTS FOR COMPANY

BACKGROUND

Subject was incorporated in India on 21 September 2010. The Company is primarily engaged in the business of sale of its group company’s products to customers in India along with providing pre-sales support, toll manufacturing on behalf of its group company and after sales service to the customers. The Company’s major products are Air conditioners, Factory Automation products, Printers and Projectors, Low Voltage Switch Gears, Power semiconductor, Invertors etc.

STATE OF COMPANYS AFFAIRS AND FUTURE OUTLOOK

The Directors feel pleasure to share that during the period, company revenue has been increased from existing INR 12588.600 Million to INR 14171.200 Million at a growth rate of 12.57%.

The Profit after Tax (i.e. PAT) has also grown from INR 175.600 Million to INR 225.500 Million at a growth rate of 28.41 %.

The Company plans to have the revenue of INR 16280.000 Million & INR 18847.000 Million for the financial year ended 2018 and 2019 respectively a growth rate of 14.88% and 15.76% respectively in its original business plan for financial year 2017.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Leasehold Improvements

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 68.15
UK Pound	1	INR 90.27
Euro	1	INR 79.35

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	PRS
Report Prepared by :	IND

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.