MIRA INFORM REPORT

Report No. :	516934
Report Date :	26.06.2018

IDENTIFICATION DETAILS

Name :	YMC INDIA PRIVATE LIMITED
Registered Office :	Plot No. 13B, Eros Boulevard, Hotel Crown Plaza, Shop No. A-154-155, District Centre, Mayur Vihar, Phase-1, New Delhi – 110091
Tel. No.:	91-11-45041701/ 601
Country :	India
Financials (as on) :	31.03.2018
Date of Incorporation :	20.03.2008
CIN No.: [Company Identification No.]	U74120DL2008PTC175676
Capital Investment / Paid-up Capital :	INR 20.000 Million
IEC No.: [Import-Export Code No.]	0508003687
PAN No.: [Permanent Account No.]	AAACY3328G
GSTN : [Goods & Service Tax Registration No.]	07AAACY3328G2ZE
Legal Form :	Private Limited Liability Company
Line of Business :	It is engaged in the business of trading of Chromatography equipment and related items. (Registered Activity and also Confirmed by management)
No. of Employees :	40 (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 :	Subject is a subsidiary of “YMC Co Limited, Japan and was incorporated in the year 2008. It is having good track records. It is engaged in the business of trading of Chromatography equipment and related items. For the financial year 2018, the company has increased its revenue from operation as compared to previous year and maintained decent profit margin of 13.50%. Rating takes into consideration sound financial profile of the company marked by adequate networth base and debt free balance sheet. Further, the company also derives strength from its strong holding company support, long standing track records of business operation and market position and improvement in the revenue as well as profitability profile during the year. Furthermore, customer’s (TCG Life Science Private Limited, Sun Pharma Industries Private Limited) of the company has given positive feedback and they are satisfied with company’s product quality and overall performance. Banker (Axis Bank) has also given positive feedback and satisfied with company’s banking transactions. Business is active. Trade relations are fair. 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 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 (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

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 31-03-2018.

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 PARTED BY

Name :	Mr. Ram
Designation :	Senior Accountant
Contact No.:	91-9650598991
Date :	25.06.2018

LOCATIONS

Registered Office/ Head Office/ Warehouse :	Plot No. 13B, Eros Boulevard, Hotel Crown Plaza, Shop No. A-154-155, District Centre, Mayur Vihar , Phase-1, New Delhi – 110091, India
Tel. No.:	91-11-45041701/ 601
Mobile No.:	91-9650598991 (Mr. Ram)
Fax No.:	91-11-45041901
E-Mail :	sales@ymcindia.com accounts@ymcindia.com
Website :	http://www.ymcindia.com
Area :	2500 Sq. ft.
Location :	Owned
Locality :	Commercial

DIRECTORS

As on 31.03.2018

Name :

Dr. Vinod Kumar Gupta

Designation :

Whole-Time Director

Address :

A-39, Vikas Marg, Swasthya Vihar, Nirman Vihar East, Delhi-110092, India

Date of Birth/Age :

30.11.1955

Qualification :

M.Sc., Ph.D, Biochemistry

Experience and Expertise :

30 years of working experience for development of business in the field of chromatography and allied activities

Date of Appointment :

20.03.2008

PAN No.:

AADPG9824H

DIN No.:

00345111

Aadhar No.:

3060 8545 0969

Mobile No.:

91-9717032200

Email :

vkgupta@ymcindia.com

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24231DL2005PTC143026	ORION MEDICARE PRIVATE LIMITED	30/06/2006	-
U45200DL2008PTC175853	YGJ PROMOTERS PRIVATE LIMITED	25/03/2008	-

Name :

Mr. Raman Jain

Designation :

Director

Address :

120, Parshvanath G/H Society I.P. Extension, Patparganj, Delhi-110092, India 

Date of Birth/Age :

07.04.1954

Qualification :

M.Sc., M.Phil, Chemistry

Experience and Expertise :

Working for the last 32 years in the filed of chromatographic techniques and its applications.

Date of Appointment :

01.11.2011

Passport No.:

L8017133

DIN No.:

00345030

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24233PN2014FTC153288	YMC TECHNOLOGIES PRIVATE LIMITED	28/08/2017	-
U29200DL1991PTC046828	DEL-TECH INSTRUMENTS PRIVATE LIMITED	20/12/1991	-

Name :

Mr. Rajesh Arora

Designation :

Director

Address :

J-10/13 Rajouri Garden, New Delhi-110027, India  

Date of Birth/Age :

17.03.1968

Qualification :

M.Sc., Chemistry

Experience and Expertise :

A board member of YMC India Private Limited for the last 11 years and has been contributing towards the growth of the company

Date of Appointment :

20.03.2008

DIN No.:

00706361

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51399DL2004PTC125858	RADIX MEDICARE PRIVATE LIMITED	16/04/2004	-
U74995DL2016PTC303678	CREATIVE HEALTH SOLUTIONS PRIVATE LIMITED	27/07/2016	-

Name :

Yoshihisa Oyagi

Designation :

Director

Address :

RM 205 Padescyon Marutamachi, 1-36 Shikagaki-Cho Nishinokyo, Nakagyo-Ku Kyoto 6048496 Japan

Date of Birth/Age :

01.06.1963

Experience and Expertise :

General Manager of YMC Co. Limited , Japan supervising, strategy planning and management of the international business of YMC Japan

Date of Appointment :

15.05.2008

DIN No.:

02161603

Name :

Ryuji Yamamura

Designation :

Director

Address :

Sanktus-Kamogawa-Bettei 702, 541-18, Nakasuji-Dori Takeyamachi-Noboru-Suemaru-Cho, Nakagyo- Ku Kyoto 6040901 Japan

Date of Birth/Age :

12.04.1942

Experience and Expertise :

Chairman and founder of YMC Co. Limited Japan having 40 years of rich experience of manufacturing of Columns, Gels, HPLC Systems, DAC & Prep Columns. Started YMC Co. Limited, in the year 1980 in Japan for manufacturing columns and have established subsidiaries in India, America, Europe, Korea, China, Taiwan and Singapore

Date of Appointment :

15.05.2008

DIN No.:

02161604

Name :

Akiyoshi Miura

Designation :

Director

Address :

284, Nishiirunakano-Cho-Goshonishi Nakachoja-Machi Park Homes 302 Nakachoja-Machi Dori Shin -Town Kamigyo Ku Kyoto 10315 Japan

Date of Birth/Age :

25.07.1968

Experience and Expertise :

President of YMC Co. Limited, Japan with finance background and a key member of the top management of the YMC Japan

Date of Appointment :

01.08.2010

DIN No.:

03604286

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24233PN2014FTC153288	YMC TECHNOLOGIES PRIVATE LIMITED	01/12/2014	-

KEY EXECUTIVES

Name :	Mr. Ram
Designation :	Senior Accountant

MAJOR SHAREHOLDERS

As on 31.03.2018

Names of Shareholders	No. of Shares	% of Holding
YMC Co. Limited, Japan	1070000	53.50
Vinod Kumar Gupta	835000	41.75
Rajesh Arora	95000	4.75
Total	2000000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 28.07.2017

Category	Percentage
Promoters (Individual/Hindu Undivided Family – Indian)	46.50
Promoters (Body corporate)	53.50
Total	100.00

BUSINESS DETAILS

Line of Business :

It is engaged in the business of trading of Chromatography equipment and related items. (Registered Activity and also Confirmed by management)

Products / Services :

Item Code No.	Products Description
90279090	Instruments and Apparatus for Physical or Chemical Analysis
Service Code No.	Service Description
998719	Maintenance and Repair Services of Other Machinery And Equipment's
SAC Code	Service Description
998599	Other support services n.e.c

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Products :

Chromatography equipment and related items

Countries :

Japan

Terms :

Selling :

L/C, Credit (60/90 Days)

Purchasing :

Credit (60/90 Days)

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference :	YMC Co. Limited, Japan
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Retailers, OEM’s, Wholesalers, End-users and Manufacturers

Reference :

TCG Life Science Private Limited

Name of the Person :

Mr. Atul Ghosh (Assistant Purchase Manager)

Contact No.:

91-9836011154

Since How Long Known :

5 Years

Maximum Limit Dealt :

INR 2.000 million (Monthly)

Experience :

Product Quality	Delivery Behaviour	Overall
Excellent	Excellent	Excellent

Remark:

Mr. Atul Ghosh (Assistant Purchase Manager) claimed that subject company’s product quality, delivery and overall performance is excellent.

Reference :	Sun Pharmaceutical Industries Limited
Name of the Person :	Mr. Kamlesh Gaikar
Contact No.:	91-22-4324 4324 / 4324 4234/ 4324 5276
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Macleods Pharmaceutical Limited

Name : Mr. Digmber Maule

Tel No.: 91-22-61132900/196

No. of Employees :

40 (Approximately)

Bankers :

Banker Name :	Axis Bank Limited
Branch :	Swasthya Vihar, Delhi – 110092, India
Person Name (With Designation) :	Mr. Jitendra Kumar (Relationship Manager)
Contact Number :	91-9811801864
Name of Account Holder :	YMC India Private Limited
Account Number :	055010200022516
Account Since (Date/Year of Account Opening) :	2008
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	Satisfactory
Remark :	Mr. Jitendra Kumar (Relationship Manager) claimed that subject company holds a good track record.

Auditors :
Name :	Arun Ketan and Associates Chartered Accountants
Address :	101, C.S.C. Pushpanjali, DDA Market, Delhi – 110092, India
Income-tax PAN of auditor or auditor's firm :	AAAFA5683M
Membership No.:	086959
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	YMC Co. Limited, Japan
Associates/Enterprises over which key management personnel or their relatives are able to exercise significant influence :	· Deltech Associates · Deltech Instruments Private Limited · Orion Medicare Private Limited · YGJ Promoters Private Limited · Shreetech Life Sciences Private Limited · YMC Singapore Tradelinks Pte. Limited · YMC Europe, GmbH · YMC America Inc. · YMC Co. Limited, Shanghai · YMC Korea Co. Limited · YMC Taiwan Co. Limited

CAPITAL STRUCTURE

As on 31.03.2018

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	INR 10/- each	INR 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	INR 10/- each	INR 20.000 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2018	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	20.000	20.000	20.000
(b) Reserves & Surplus	107.854	68.790	62.249
(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)	127.854	88.790	82.249
(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	0.000	0.000	0.000
(d) long-term provisions	0.530	0.446	0.443
Total Non-current Liabilities (3)	0.530	0.446	0.443
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	29.355	35.984	13.236
(c) Other current liabilities	6.715	3.965	4.411
(d) Short-term provisions	1.322	1.070	1.818
Total Current Liabilities (4)	37.392	41.019	19.465
TOTAL	165.776	130.255	102.157
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	62.427	61.556	50.596
(ii) Intangible Assets	0.803	0.027	0.035
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	1.203	0.855	0.843
(d) Long-term Loan and Advances	4.142	7.074	5.910
(e) Other Non-current assets	0.384	0.000	0.000
Total Non-Current Assets	68.959	69.512	57.384
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	21.287	11.211	9.783
(c) Trade receivables	51.770	30.196	24.507
(d) Cash and cash equivalents	19.268	6.518	5.293
(e) Short-term loans and advances	4.492	12.818	5.190
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	96.817	60.743	44.773
TOTAL	165.776	130.255	102.157

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2018	31.03.2017	31.03.2016
	SALES
	Income	289.369	242.575	186.554
	Other Income	0.623	0.404	2.121
	TOTAL	289.992	242.979	188.675
Less	EXPENSES
	Purchases of Stock-in-Trade	182.022	157.510	117.738
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(10.077)	(1.428)	(6.388)
	Employees benefits expense	31.415	26.397	23.509
	Other expenses	2.754	0.499	(0.084)
	Administrative Expenses	23.828	17.720	15.647
	TOTAL	229.942	200.698	150.422
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	60.050	42.281	38.253
Less	FINANCIAL EXPENSES	0.163	0.208	0.143
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	59.887	42.073	38.110
Less/ Add	DEPRECIATION/ AMORTISATION	5.661	3.422	3.091
	PROFIT/ (LOSS) BEFORE TAX	54.226	38.651	35.019
Less	TAX	15.162	12.852	11.571
	PROFIT/ (LOSS) AFTER TAX	39.064	25.799	23.448
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.076	0.000	0.000
	Commission Income	12.722	20.661	11.986
	AMC Charges Received	0.000	0.643	0.000
	TOTAL EARNINGS	12.798	21.304	11.986
	IMPORTS
	Trading Goods	171.246	138.860	100.500
	TOTAL IMPORTS	171.246	138.860	100.500
	Earnings / (Loss) Per Share (INR)	19.53	12.9	11.72

Expected Sales (2018-2019): INR 500.000 Million (Due to Business growth)

The above information has been parted by Mr. Ram (Senior Accountant)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2018	31.03.2017	31.03.2016
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	33.323	47.764	23.449
Net cash from operating activity	16.674	34.165	12.943

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Average Collection Days (Sundry Debtors / Income * 365 Days)	65.30	45.44	47.95
Account Receivables Turnover (Income / Sundry Debtors)	5.59	8.03	7.61
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	58.86	83.39	41.03
Inventory Turnover (Operating Income / Inventories)	2.82	3.77	3.91
Asset Turnover (Operating Income / Net Fixed Assets)	0.95	0.69	0.76

LEVERAGE RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.23	0.31	0.19
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.29	0.46	0.24
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.49	0.69	0.62
Interest Coverage Ratio (PBIT / Financial Charges)	368.40	203.27	267.50

PROFITABILITY RATIOS

PARTICULARS		31.03.2018	31.03.2017	31.03.2016
Net Profit Margin ((PAT / Sales) * 100)	%	13.50	10.64	12.57
Return on Total Assets ((PAT / Total Assets) * 100)	%	23.56	19.81	22.95
Return on Investment (ROI) ((PAT / Networth) * 100)	%	30.55	29.06	28.51

SOLVENCY RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Current Ratio (Current Assets / Current Liabilities)	2.59	1.48	2.30
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	2.02	1.21	1.80
G-Score Ratio Financial (Networth / Total Assets)	0.77	0.68	0.81
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.59	1.48	2.30

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	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Share Capital	20.000	20.000	20.000
Reserves & Surplus	62.249	68.790	107.854
Net worth	82.249	88.790	127.854
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	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Sales	186.554	242.575	289.369
		30.029	19.291

NET PROFIT MARGIN

Net Profit Margin	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Sales	186.554	242.575	289.369
Profit	23.448	25.799	39.064
	12.57%	10.64%	13.50%

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	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)	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	No
22]	Conduct of the banking account	Yes
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	No
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

COMPANY OVERVIEW:

The company was incorporated as an Indian Company under the Indian Companies Act, 1956, on 20th March 2008. YMC India Private Limited is a subsidiary of YMC Co. Limited, Japan. YMC India Private Limited is engaged in the business of trading of analytical and research equipment and related items.

INDEX OF CHARGES: NO CHARGES EXISTS FOR COMPANY

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2018 (INR in Million)	31.03.2017 (INR in Million)
Guarantees;/counter Guarantee	1.350	4.375
Total	1.350	4.375

FIXED ASSETS

• Computer
• Furniture and Fixture
• Office Land
• Office Building
• Car
• Plant and Machinery
• Office 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 68.15
UK Pound	1	INR 90.27
Euro	1	INR 79.35

INFORMATION DETAILS

Information Gathered by :	PNM
Analysis Done by :	PRA
Report Prepared by :	JYTK

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.