MIRA INFORM REPORT

Report No. :	494963
Report Date :	01.03.2018

IDENTIFICATION DETAILS

Name :	SYSKA LED LIGHTS PRIVATE LIMITED (w.e.f.28.03.2015)
Formerly Known As :	SSK LED LIGHTS PRIVATE LIMITED (w.e.f.05.06.2013) SHREE SANT KRIPA LED LIGHTINGS PRIVATE LIMITED (w.e.f.19.03.2013) SSK POWER PRIVATE LIMITED
Registered Office :	Syska House, Office No. S-2, 2nd Floor, Sakorenagar, New Airport Road, Anand Residency, Pune – 411014, Maharashtra
Tel. No.:	91-11-45402228
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	15.05.2012
Com. Reg. No.:	11-143392
Capital Investment / Paid-up Capital :	INR 7.155 Million
CIN No.: [Company Identification No.]	U31501PN2012PTC143392
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
TIN No.:	27750977150
GST No.:	27AARCS5614A1ZD
PAN No.: [Permanent Account No.]	AARCS5614A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Light Emitting Diode (LED) Technology, Solar PV Solutions, Hi Tech Batteries System Integration, Solar Based UPS and Inverters and also Selling, Trading and Dealing of Mobile Applications, Gadget Security Softwares/ Applications, Mobile Accessories and related products. [Registered Activity and also Confirmed by Management]
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

Status :	Excellent
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Syska LED Lights was incorporated in the year 2012. The company has its business in 18 states in India through 489 distributors and exclusive retail showrooms at 80 locations and is setting up Operations in International markets as well. The imported components are assembled at Rabale factory in Maharashtra. It is a Manufacturer and Seller of Light Emitting Diode [LED] technology, Solar PV solutions, Hi Tech batteries system integration, solar based UPS and inverters. Management has failed to file its financials with Registrar of companies for the FY 2017. For the financial year 2016, the revenue of the company has increased by 101.55% but has reported low profit margin of 0.77%. The sound financial profile of the company marked by adequate networth base along with average debt coverage indicators. The rating takes into consideration equity infused by its promoters. The company has favourable Earning Per Share (EPS) of INR 52.58 against a face value (FV) of INR 10. However, rating is constrained on account of absence of latest financials. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered good 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Bank facilities = A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	15.01.2018

Rating Agency Name	CARE
Rating	Commercial Paper = A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	15.01.2018

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 01.03.2018

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.: 91-20-40131000]

[91-11-45402228/ 91-20-26162118/ 26160157] Numbers Not Exist

LOCATIONS

Registered Office :	Syska House, Office No. S-2, 2nd Floor, Sakorenagar, New Airport Road, Anand Residency, Pune – 411014, Maharashtra, India
Tel. No.:	91-20-40131000
Fax No.:	Not Available
E-Mail :	finance@sskgroup.in info@sskledlights.com mcaonline@sskgroup.in
Website :	http://sskgroup.in
Factory :	R 538-539-540, 1st Floor, Near Golden Garage, TTC Industrial Area,  Rabale MIDC, Rabale, Navi Mumbai - 400071, Maharashtra, India
Branch Office :	Located at: · Delhi

DIRECTORS

AS ON 31.03.2017

Name :	Mr. Rajesh Uttamchandani
Designation :	Director
Address :	A-6, Clover Garden, Neylore Road, Pune – 411001, Maharashtra, India
Date of Birth/Age :	08.01.1964
Qualification :	B.E. Mechanical
Date of Appointment :	15.05.2012
PAN No.:	AABPU5362J
DIN No.:	00139105
Name :	Mr. Govind Jeevan Uttamchandani
Designation :	Director
Address :	A-6, Clover Garden, Neylore Garden, Pune – 411001, Maharashtra, India
Date of Birth/Age :	01.05.1961
Qualification :	B. Tech. (Chemical Engineering), MBA
Date of Appointment :	15.05.2012
PAN No.:	AABPU5180E
DIN No.:	00139239

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2016

Names of Shareholders	No. of Shares	Percentage of Holding
Rajesh Uttamchandani	356284	49.80
Govind Jeevan Uttamchandani	359216	50.20
Total	715500	100.00

AS ON 20.01.2017

Names of Allottees	No. of Shares
Rajesh Uttamchandani	373500
Govind Jeevan Uttamchandani	376500
Total	750000

AS ON 20.03.2017

Names of Allottees	No. of Shares
Rajesh Uttamchandani	47500
Govind Jeevan Uttamchandani	439000
Total	486500

AS ON 30.09.2016

Equity Share Breakup	Percentage of Holding
Category
Promoters – Individual/ Hindu Undivided Family – Indian	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Light Emitting Diode (LED) Technology, Solar PV Solutions, Hi Tech Batteries System Integration, Solar Based UPS and Inverters and also Selling, Trading and Dealing of Mobile Applications, Gadget Security Softwares/ Applications, Mobile Accessories and related products. [Registered Activity and also Confirmed by Management]

Products :

ITC Code No.	Product Descriptions
85414020	Manufacturing, Importing, Testing & Sales of Light Emitting Diode (LED) Technology, Solar PV Solutions, Hi Tech Batteries System Integration, Solar Based UPS & Inverters.

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 :

Information declined by the management

Bankers :

· State Bank of India

Industrial Finance Branch Pimpri, Near Kalasagar Hotel, Old Pune Mumbai Highway, Kasarwadi-Pimpri, Pune - 411034, Maharashtra, India

· Union Bank of India

Mid Corporate Branch, 1st Floor, 285, Tarabaug Society, Opposite Bund Garden, Koregaon Park, Pune – 411001, Maharashtra, India

· RBL Bank Limited

Shahupuri, Kolhapur 416001, Maharashtra, India

· State Bank of Travancore

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2016 (INR In Million)	31.03.2015 (INR In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	8.942	0.000
SHORT TERM BORROWINGS
Loans repayable on demand	740.993	545.277
Total	749.935	545.277

Financial Institutions :	· Paisalo Digital Limited 101 CSC Pocket-52, C R Park, Near Police Station, New Delhi – 110019, India · L&T Finance Limited Technopolis, 7th Floor, A- Wing, Plot No. - 4,Block - BP, Sector -V, Salt Lake, Kolkata – 700091, West Bengal, India
Auditors :
Name :	Kango Digambar Ganesh Chartered Accountant
Address :	2040, Sadashiv Peth, Nikhil Pride Building, Tilak Road, Pune-411030, Maharashtra, India
PAN No.:	AABCF1992N
Memberships :	Not Available
Collaborators :	Not Available
Enterprises owned or significantly influenced by key management personnel or their Relatives :	· Bagh Bahar Appliances Private Limited [U29305PN1997PTC108822] · Shree Sant Kripa Appliances Private Limited [U32109PN2006PTC128465] · SSK Infotech Private Limited [U72900PN2006PTC129119] · SSK Retails Private Limited [U74900PN2008PTC132627] · SYSKA Led Lights FZE

CAPITAL STRUCTURE

AFTER 30.09.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	INR 10/- each	INR 30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1952000	Equity Shares	INR 10/- each	INR 19.520 Million

AS ON 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	INR 10/- each	INR 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
715500	Equity Shares	INR 10/- each	INR 7.155 Million

FINANCIAL DATA

[all figures are in Indian Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7.155	6.100	6.100
(b) Reserves & Surplus	223.790	166.128	133.094
(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)	230.945	172.228	139.194
(3) Non-Current Liabilities
(a) Long-term borrowings	139.631	0.000	0.000
(b) Deferred tax liabilities (Net)	2.940	0.000	0.097
(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)	142.571	0.000	0.097
(4) Current Liabilities
(a) Short term borrowings	740.993	673.967	521.779
(b) Trade payables	1286.247	404.372	94.954
(c) Other current liabilities	125.744	58.677	6.142
(d) Short-term provisions	0.000	0.000	14.703
Total Current Liabilities (4)	2152.984	1137.016	637.578
TOTAL	2526.500	1309.244	776.869
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	78.032	36.664	1.876
(ii) Intangible Assets	0.000	0.000	0.407
(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	0.500	1.058	5.618
(c) Deferred tax assets (net)	0.000	0.058	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	78.532	37.780	7.901
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1999.798	1007.621	595.004
(c) Trade receivables	307.991	195.470	145.070
(d) Cash and cash equivalents	93.566	14.395	4.186
(e) Short-term loans and advances	31.124	17.530	0.000
(f) Other current assets	15.489	36.448	24.708
Total Current Assets	2447.968	1271.464	768.968
TOTAL	2526.500	1309.244	776.869

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2016	31.03.2015	31.03.2014
	SALES
		Revenue from Operations	4867.772	2415.099	794.905
		Other Income	10.391	0.094	0.196
		TOTAL (A)	4878.163	2415.193	795.101
Less	EXPENSES
		Cost of Materials Consumed	0.000	0.000	500.788
		Purchases of Stock-in-Trade	4815.649	2215.810	56.148
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(992.177)	(412.617)	0.000
		Employees benefits expense	503.719	280.047	18.287
		Other expenses	351.984	208.494	136.442
		TOTAL (B)	4679.175	2291.734	711.665
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		198.988	123.459	83.436
Less	FINANCIAL EXPENSES (D)		119.743	75.030	54.631
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		79.245	48.429	28.805
Less/ Add	DEPRECIATION/ AMORTISATION (F)		20.740	4.376	0.364
	PROFIT BEFORE TAX (E-F) (G)		58.505	44.053	28.441
Less	TAX (H)		20.888	11.019	9.357
	PROFIT AFTER TAX (G-H) (I)		37.617	33.034	19.084
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings [FOB Basis]	16.527	0.000	0.000
	IMPORTS
		Capital Goods	1525.569	0.000	0.000
	Earnings Per Share (INR)		52.58	54.15	34.14

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	1.854	0.000	0.000
Net Cash flows from (used in) Operations	49.718	(26.727)	(575.181)
Net Cash flows from (used in) operating activities	31.828	(26.727)	(575.181)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	23.09	29.54	66.61
Account Receivables Turnover (Income / Sundry Debtors)	15.80	12.36	5.48
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	0.00	0.00	62.23
Inventory Turnover (Operating Income / Inventories)	0.10	0.12	0.14
Asset Turnover (Operating Income / Net Fixed Assets)	2.55	3.37	36.55

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.91	0.87	0.82
Debt Equity Ratio (Total Liability / Networth)	3.82	3.91	3.75
Current Liabilities to Networth (Current Liabilities / Net Worth)	9.32	6.60	4.58
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.34	0.21	0.02
Interest Coverage Ratio (PBIT / Financial Charges)	1.66	1.65	1.53

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	0.77	1.37	2.40
Return on Total Assets ((PAT / Total Assets) * 100)	%	1.49	2.52	2.46
Return on Investment (ROI) ((PAT / Networth) * 100)	%	16.29	19.18	13.71

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.14	1.12	1.21
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.21	0.23	0.27
G-Score Ratio Financial (Networth / Total Assets)	0.09	0.13	0.18
G-Score Ratio Debt (Debts / Equity Capital)	123.34	110.49	85.54
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.14	1.12	1.21

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in Indian Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Share Capital	6.100	6.100	7.155
Reserves & Surplus	133.094	166.128	223.790
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	139.194	172.228	230.945
long-term borrowings	0.000	0.000	139.631
Short term borrowings	521.779	673.967	740.993
Current Maturities of Long term debt	0.000	0.000	1.854
Total borrowings	521.779	673.967	882.478
Debt/Equity ratio	3.749	3.913	3.821

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	794.905	2415.099	4867.772
		203.822	101.556

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	794.905	2415.099	4867.772
Profit	19.084	33.034	37.617
	2.40%	1.37%	0.77%

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	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	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last 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	Yes
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

CHARGES REGISTERED
SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G74139411	100148251	PAISALO DIGITAL LIMITED	22/12/2017	-	-	40000000.0	101 CSC POCKET-52, CR PARKNEAR POLICE STATIONNEW DELHIDE110019IN
2	G77190940	100155910	L&T FINANCE LIMITED	21/12/2017	-	-	20000000.0	TECHNOPOLIS, 7TH FLOOR, A- WING, PLOT NO. - 4,BLOCK - BP, SECTOR -V, SALT LAKEKOLKATAWE700091IN
3	G67953976	100136886	RBL BANK LIMITED	29/03/2017	-	-	300000000.0	SHAHUPURI,KOLHAPUR,KOLHAPURMA416001IN
4	G28115566	100064025	STATE BANK OF INDIA INDUSTRIAL FINANCE BRANCH PIMPRI	26/09/2016	-	-	1420000000.0	NEAR KALASAGAR HOTEL,OLD PUNE MUMBAI HIGHWAYKASARWADI- PIMPRIPUNEMH411034IN
5	G47316500	100024427	UNION BANK OF INDIA	03/02/2016	27/02/2017	-	500000000.0	MID CORPORATE BRANCH, 1ST FLOOR, 285, TARABAUG SOCOPP BUND GARDEN, KOREGAON PARKPUNEMH411001IN
6	G41362906	10421641	STATE BANK OF INDIA INDUSTRIAL FINANCE BRANCH PIMPRI	12/04/2013	05/05/2015	27/03/2017	500000000.0	NEAR KALASAGAR HOTEL,OLD PUNE MUMBAI HIGHWAYKASARWADI- PIMPRIPUNEMH411034IN
7	G39036108	10571850	STATE BANK OF TRAVANCORE	05/05/2015	-	22/03/2017	310000000.0	1248/A, ASMANI PLAZA, GOKHALE CHOWK, F.C. ROADDECCAN GYMKHANA,PUNEMH411004IN
8	G36473205	10594396	HDFC BANK LIMITED	13/08/2015	-	13/02/2017	120000000.0	BANK HOUSE, 5TH FLOOR21/6, MARATHON I.T. PARK, BUND GARDEN ROADPUNEMH411001IN

UNSECURED LOANS

PARTICULARS	31.03.2016 (INR In Million)	31.03.2015 (INR In Million)
LONG-TERM BORROWINGS
Loans and advances from related parties	130.689	0.000
SHORT TERM BORROWINGS
Loans and advances from related parties	0.000	128.690
Total	130.689	128.690

CHANGE OF ADDRESS:

As confirmed by Management that the Registered Office of the company has been shifted from Syska House, Plot No. 89, 90, 91, Lane No. 4, Sr. No. 232/12, Sakore Nagar, Off Airport Road, Lohegaon, Pune 411014, Maharashtra, India to the present address.

CORPORATE INFORMATION

Syska LED Lights Private Limited ('the Company'), (formerly known named as 'SSK LED Lights Private Limited') was incorporated on 15 May 2012 under the Companies Act, 1956. The Company is primarily involved into business of trading of Light Emitting Diode (LED) Technology, Solar PV Solutions, Hi Tech Batteries System Integration, Solar Based UPS and Inverters.

COMPANY OVERVIEW AND STATE OF AFFAIRS

The Company was incorporated on 15th May, 2012 under the name SSK Power Private Limited having its registered office at 7, Akshay Complex, Dhole Patil Road, Pune: 411001 and is engaged in the business of trading of LED lights and allied products.

The name of the Company was changed from “SSK LED Lights Private Limited” to “SYSKA LED Lights Private Limited” with effect from 28th March, 2015. A fresh Certificate of Incorporation in the new name has been obtained from the Registrar of Companies (“RoC”), Pune on completion of all compliances in this regard.

The Company also changed its registered office to SYSKA House, Office No. S-2, 2nd Floor, Sakore Nagar, New Airport Road, Near Anand Residency, Pune-411014 with effect from 7th September, 2015. All necessary intimations have been filed with the RoC and other statutory authorities.

In view of expansion, during the year under consideration, the company has started new business activity of selling, trading and dealing in mobile applications, gadget security softwares/ applications, mobile accessories and related products. Consequent upon this, the Company has altered the Main Object of Memorandum of Association with the approval of shareholders in Extra-Ordinary General Meeting held on 27th July, 2015 and complied with the provision of the Companies Act, 2013.

During the year, there was no change in the Authorised Capital of the Company. The Paid up Share Capital of the Company has increased by way of issue of shares on right basis, from INR 6.100 Million divided into 6,10,000 equity shares of INR 10/- each to INR 7.155 Million divided into 7,15,500 equity shares of INR 10/- each.

FIXED ASSETS:

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Computer software

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	Indian Rupees
US Dollar	1	INR 65.10
UK Pound	1	INR 90.45
Euro	1	INR 79.59

INFORMATION DETAILS

Information Gathered by :	SAV
Analysis Done by :	VAR
Report Prepared by :	BVA

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.