MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	496606
Report Date :	09.03.2018

IDENTIFICATION DETAILS

Name :	ENDRESS + HAUSER (INDIA) PRIVATE LIMITED (w.e.f. 30.07.2010)

Formerly Known As :	ENDRESS AND HAUSER (INDIA) PRIVATE LIMITED

Registered Office :	7B, 7th Floor, Godrej One Building Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai - 400079, Maharashtra
Tel. No.:	91-22-30236100

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	07.09.1999

Com. Reg. No.:	11-121643

Capital Investment / Paid-up Capital :	INR 330.068 Million

CIN No.: [Company Identification No.]	U24110MH1999PTC121643

IEC No.: [Import-Export Code No.]	0300014953

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAACE5283C

GSTN : [Goods & Service Tax Registration No.]	27AAACE5283C1ZV

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in the business of Selling/ Servicing of Measuring Instruments and Process Monitoring Systems. Trading and Manufacturing of Measuring Instruments, solutions and services. (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 :

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 wholly owned subsidiary of Endress + Hauser (International) Holding AG based in Switzerland and incorporated in the year 1999. It is engaged in manufacturing of measuring instruments and process monitoring systems. As per financials of March 2017, the company has registered decline in its revenue as compared to its previous year’s revenue and has reported average profit margin of 2.06%. Rating takes into consideration the company’s established track record of business operations marked by sound networth base along with low solvency indicators due to zero debt balance sheet and good liquidity position. Rating also takes into account the strong financial and managerial support received from its holding entity and well established management team. Payments are reported to be regular. In view of aforesaid, the company can be considered good for business operations 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

(30.09.2017)

Current Rating

(31.12.2017)

India

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 09.03.2018

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 DENIED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-30236100)

LOCATIONS

Registered Office / Head Office :	7B, 7th Floor, Godrej One Building Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai - 400079, Maharashtra, India
Tel. No.:	91-22-30236100
Mobile No.:	91-9930367340 (Ms. Sonal Shah)
Fax No.:	91-22-30236219 / 30236210
E-Mail :	info@in.endress.com sonal.shah@in.endress.com santosh.kumar@in.endress.com
Website :	http://www.in.endress.com

Manufacturing Division / National Warehouse / National Service Centre :	A-4 Acorn Warehouse and Logistic Park, , Opposite Dive Petrol Pump, Dive Anjur Village, Mumbai - Nashik Highway, Bhiwandi, Thane – 421302, Maharashtra, India
E-Mail :	dattaprasad.natekar@in.endress.com

Vadodara Service & Calibration Centre :	28-C, Gandhi Oil Mill Compound, Industrial Estate Road, Gorwa, Vadodara - 390016 Gujarat, India
Tel. No.:	91-265-3291166
E-Mail :	jayesh.patel@in.endress.com

Branch Office / Regional Office :	Located At : Mumbai Vadodara Pune Ahmedabad Indore New Delhi Kolkata Hyderabad Chennai Bangalore

DIRECTORS

As on 31.03.2017

Name :	Mr. Santosh Kumar
Designation :	Director
Address :	A 601, Eternia Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
Date of Birth/Age :	15.08.1974
	ACA, ACS
Date of Appointment :	29.11.2010
	ACMPA8959Q
DIN No.:	00174062

Name :	Matthias Altendorf
Designation :	Director
Address :	Haltingr PFAD - 14 Lorrach 79539 DE
Date of Birth/Age :	18.06.1967
Date of Appointment :	27.05.2016
DIN No.:	07528563

Name :	Nikolaus Andreas Kruger
Designation :	Director
Address :	Gemeinde Grenzach- Wyhlen Rheinfelder Str. 21 Grenzach Wyhlen 79639 De
Date of Birth/Age :	21.11.1959
Date of Appointment :	17.01.2017
DIN No.:	07699747

Name :	Mr. Kailash Parshuram Desai
Designation :	Additional Director
Address :	B-303, 3rd Floor, B-Wing, Fantasia, Raheja Garden, L.B.S Marg, Teen Hath Naka, Thane (West), Thane – 400604, Maharashtra, India
Date of Appointment :	09.10.2017
DIN No.:	07959480

KEY EXECUTIVES

Name :	Mr. Santosh Kumar Satya Agrawal
Designation :	Company Secretary
Address :	Eternia Housing Co-Operative Society Limited, Block A, Flat No. 601, Hiranandani Gardens, Main Road, Powai, Mumbai – 400076, Maharashtra, India
Date of Appointment :	21.11.2006
PAN No.:	ACMCA8959Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders		No. of Shares
Endress + Hauser Consult AG, Switzerland		1
Endress + Hauser International Holding AG – Switzerland, Switzerland		3300682
Total		3300683

Equity Share Break up (Percentage of Total Equity)

As on 22.09.2017

Category	Percentage
Promoters (Body corporate)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Selling/ Servicing of Measuring Instruments and Process Monitoring Systems.

Trading and Manufacturing of Measuring Instruments, solutions and services.

(Registered Activity)

Products/ Services :

Item Code No.	Product/ Services Description
90328990	Measuring or Checking the Flow, Level, Pressure

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	Hongkong and Shanghai Banking Corporation Limited
Branch	India Area Management Office, 52/60 Mahatma Gandhi Road, P O Box 128, Mumbai – 400001, 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)	--

Auditors :
Name :	Price Waterhouse and Company Bangalore LLP Chartered Accountants
Address :	Nesco IT Building III, 8th Floor, Nesco IT Park, Nesco Complex Gate No.3, W.E. Highway, Goregaon (East), Mumbai – 400028, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AADFP9359C

Memberships :	Not Available

Collaborators :	Not Available

Holding Company :	Endress + Hauser International Holding A.G

Ultimate Holding Company :	Endress+Hauser AG

Fellow Subsidiary Companies :	SpectraSensors Inc. Mestra AG LLC Endress+Hauser Endress+Hauser Yamanashi Company Limited Endress+Hauser Wetzer GmbH+Company KG Endress+Hauser Wetzer (USA) Inc. Endress+Hauser Sicestherm S.r.L. Endress+Hauser S.A.S. Endress+Hauser S.A.-N.V. Endress+Hauser Process Solutions AG Endress+Hauser S.A. Endress+Hauser Messtechnik GmbH+Company KG Endress+Hauser Management AG Endress+Hauser Inc. Endress+Hauser Logistik GmbH + Company KG Endress+Hauser InfoSe rve GmbH+ Company KG Endress+Hauser GmbH+Co. KG Endress+Hauser Ges.m.b.H. Endress+Hauser Flowtec AG, Reinach Endress+Hauser Consult AG Endress+Hauser Conducta Inc. Endress+Hauser Conducta GmbH+Company KG Endress+Hauser B V Endress+Hauser A.S. Endress+Hauser (USA) Automation Instrumentation Inc. Endress+Hauser (S.E.A.) Pte. Limited Endress+Hauser (Thailand) Limited Endress+Hauser (PTY) Limited Endress+Hauser (Hungary) Magyarország Kft. Endress and Hauser (India) Automation Instrumentation Private Limited Endress + Hauser Wetzer (India) Private Limited Endress + Hauser Flowtec (India) Private Limited AJ Instruments India Private Limited Endress+Hauser (Australia) Pty. Limited Endress+Hauser (M) Sdn. Bhd. Endress + Hauser Infoserve (India) Private Limited Endress+Hauser Italia S.p.a. Endress+Hauser Japan Company Limited Endress+Hauser Instruments International AG Endress Hauser A.S. Endress+Hauser (Canada) Limited Endress+Hauser (Korea) Company Limited Endress+Hauser Limited Endress+Hauser Shanghai Automation Equipment Company Limited

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

3400000	Equity Shares	INR 100/- each	INR 340.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3300683	Equity Shares	INR 100/- each	INR 330.068 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	01.04.2016 to 31.03.2017 (12 Months)	01.01.2015 to 31.03.2016 (15 Months)	01.01.2014 to 31.12.2014 (12 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	330.068	330.068	330.068
(b) Reserves and Surplus	525.574	473.845	383.709
(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)	855.642	803.913	713.777

(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	45.769	49.148	56.370
Total Non-current Liabilities (3)	45.769	49.148	56.370

(4) Current Liabilities
(a) Short-term borrowings	0.000	0.000	0.000
(b) Trade payables	757.369	643.104	395.476
(c) Other current liabilities	97.247	110.618	75.591
(d) Short-term provisions	75.725	55.357	77.810
Total Current Liabilities (4)	930.341	809.079	548.877

TOTAL	1831.752	1662.140	1319.024

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	161.599	172.570	56.655
(ii) Intangible Assets	0.000	1.163	3.423
(iii) Tangible assets capital work-in-progress	0.000	0.000	2.876
(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)	88.600	72.600	70.000
(d) Long-term loans and advances	56.798	62.920	46.536
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	306.997	309.253	179.490

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	207.766	212.395	116.688
(c) Trade receivables	1027.827	844.454	651.790
(d) Cash and bank balances	115.933	147.117	285.479
(e) Short-term loans and advances	171.604	145.818	73.026
(f) Other current assets	1.625	3.103	12.551
Total Current Assets	1524.755	1352.887	1139.534

TOTAL	1831.752	1662.140	1319.024

PROFIT & LOSS ACCOUNT

	PARTICULARS	01.04.2016 to 31.03.2017 (12 Months)	01.01.2015 to 31.03.2016 (15 Months)	01.01.2014 to 31.12.2014 (12 Months)
	SALES
	Total Revenue from operations	4441.954	4946.669	3079.949
	Other Income	19.262	24.595	28.308
	TOTAL	4461.216	4971.264	3108.257

Less	EXPENSES
	Cost of Materials Consumed	291.831	429.765	230.192
	Purchases of Stock-in-Trade	2984.834	3328.032	1897.773
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	6.600	(89.596)	45.266
	Employee benefit expense	426.991	493.502	323.548
	CSR expenditure	2.316	0.100	0.000
	Other expenses	563.943	627.019	427.758
	TOTAL	4276.515	4788.822	2924.537

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	184.701	182.442	183.720

Less	FINANCIAL EXPENSES	4.723	4.968	4.799

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	179.978	177.474	178.921

Less/ Add	DEPRECIATION/ AMORTISATION	35.246	38.590	18.760

	PROFIT/ (LOSS) BEFORE TAX	144.732	138.884	160.161

Less	TAX	53.277	48.087	57.520

	PROFIT/ (LOSS) AFTER TAX	91.455	90.797	102.641

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	100.094	83.478	91.928
	TOTAL EARNINGS	100.094	83.478	91.928

	IMPORTS
	Raw Materials	790.035	988.686	614.589
	Components and spare parts	0.485	0.270	0.324
	Capital Goods	2.756	15.361	3.850
	TOTAL IMPORTS	793.275	1004.316	618.763

	Earnings / (Loss) Per Share (INR)	27.71	27.51	31.10

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	01.04.2016 to 31.03.2017 (12 Months)	01.01.2015 to 31.03.2016 (15 Months)	01.01.2014 to 31.12.2014 (12 Months)
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	70.258	58.601	155.952
Net cash flow from operating activity	26.761	(28.281)	102.141

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	01.04.2016 to 31.03.2017 (12 Months)	01.01.2015 to 31.03.2016 (15 Months)	01.01.2014 to 31.12.2014 (12 Months)
Average Collection Days (Sundry Debtors / Income 365 Days)*	84.46	62.31	77.24

Account Receivables Turnover ( Income / Sundry Debtors)	4.32	5.86	4.73

Average Payment Days (Sundry Creditors / Purchases 365 Days)*	84.37	62.47	67.83

Inventory Turnover (Operating Income / Inventories)	0.89	0.86	1.57

Asset Turnover (Operating Income / Net Fixed Assets)	1.14	1.05	2.92

LEVERAGE RATIOS

PARTICULARS	01.04.2016 to 31.03.2017 (12 Months)	01.01.2015 to 31.03.2016 (15 Months)	01.01.2014 to 31.12.2014 (12 Months)
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.51	0.49	0.42

Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00

Current Liabilities to Networth (Current Liabilities / Net Worth)	1.09	1.01	0.77

Fixed Assets to Networth (Net Fixed Assets / Networth)	0.19	0.22	0.09

Interest Coverage Ratio (PBIT / Financial Charges)	39.11	36.72	38.28

PROFITABILITY RATIOS

PARTICULARS		01.04.2016 to 31.03.2017 (12 Months)	01.01.2015 to 31.03.2016 (15 Months)	01.01.2014 to 31.12.2014 (12 Months)
Net Profit Margin [(PAT / Sales) 100]*	%	2.06	1.84	3.33

Return on Total Assets ((PAT / Total Assets) 100)*	%	4.99	5.46	7.78

Return on Investment (ROI) ((PAT / Networth) 100)*	%	10.69	11.29	14.38

SOLVENCY RATIOS

PARTICULARS	01.04.2016 to 31.03.2017 (12 Months)	01.01.2015 to 31.03.2016 (15 Months)	01.01.2014 to 31.12.2014 (12 Months)
Current Ratio (Current Assets / Current Liabilities)	1.64	1.67	2.08

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.42	1.41	1.86

G-Score Ratio Financial (Networth / Total Assets)	0.47	0.48	0.54

G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	0.00

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.64	1.67	2.08

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	31.12.2014	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	330.068	330.068	330.068
Reserves & Surplus	383.709	473.845	525.574
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	713.777	803.913	855.642

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	31.12.2014	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	3079.949	4946.669	4441.954
		60.609	(10.203)

NET PROFIT MARGIN

Net Profit Margin	31.12.2014	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	3079.949	4946.669	4441.954
Profit/ (Loss)	102.641	90.797	91.455
	3.33%	1.84%	2.06%

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	Yes
26	Turnover of firm for last three financial years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three financial 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

NOTE: The registered office of the company has been shifted from “5th Floor, Raj Plaza, A and B Wing, L.B.S. Marg, Vikhroli (West), Mumbai – 400083, Maharashtra, India” to the present address w.e.f. 29.05.2015.

GENERAL INFORMATION

The Company is a Private Limited Company registered in India under the Companies Act, 1956. The Company is engaged in the business of Selling/ Servicing of Measuring Instruments and Process Monitoring Systems. The Company's corporate office is located in Mumbai

BRIEF DESCRIPTION OF THE COMPANY'S WORKING DURING THE YEAR/STATE OF COMPANY'S AFFAIR:

During the period, the Company witnessed growth in Revenue and increase in market share. This was due to the successful execution of project as well as MRO orders. Profit after tax increased during the period due to higher margin earned on sales. The Company also managed to complete the tax assessments successfully and is monitoring tax and legal exposure on a periodic basis.

The Company has implemented the GST successfully to meet business requirements and ensure compliance under GST Law. However, there are yet some operational challenges which are likely to be addressed over the next 2 quarter.

INDEX OF CHARGES

Charges Registered
SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Amount	Address
1	G74488776	100149104	Hongkong and Shanghai Banking Corporation Limited	26/12/2017	250000000.0	India Area Management Office 52/60 Mahatma Gandhi Road, P O Box 128 MUMBAI MAHARASHTRA 400001 INDIA

FIXED ASSETS

Plant and equipment
Factory equipments
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 64.92
UK Pound	1	INR 90.22
Euro	1	INR 80.54

INFORMATION DETAILS

Information Gathered by :	SVT

Analysis Done by :	VIV

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.