MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	498808
Report Date :	21.03.2018

IDENTIFICATION DETAILS

Name :	ORBIT ELECTRO EQUIPMENTS PRIVATE LIMITED

Registered Office :	Unit No.J1, Wing J, 4^th Floor, Tex Center Premises Co-Operative Society Limited, Chandivali Road, Andheri (East), Mumbai-400072, Maharashtra
Mobile No.:	91-9664405001 (Mr. Ashish Parkar)

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	06.02.2008

Com. Reg. No.:	11-178529

Capital Investment / Paid-up Capital :	INR 40.840 Million

CIN No.: [Company Identification No.]	U74999MH2008PTC178529

IEC No.: [Import-Export Code No.]	0311063209

GSTN : [Goods & Service Tax Registration No.]	27AABCO0642E1ZV

TIN No.:	27600699085

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

PAN No.: [Permanent Account No.]	AABCO0642E

Legal Form :	Private Limited Liability Company

Line of Business :	The company is engaged in the business of electrical panel, control panel, fire panel, distribution boxes, sheet metal fabrication and chemicals. (Registered Activity) Manufacturer of Fabrication Items Assembly Electrical Panel and Fire Panels, Fire Fighting Equipment, Telecom Product, Powder Coated item, Architectural Product Module assembly etc. Assembling of Telecom and Networking Parts, Computer Parts and Accessories. Organic and Inorganic Chemical, MS Plate and Steel, Ferrous and Non-ferrous Items. (Confirmed by management)

No. of Employees :	120 (Approximately) (In Office 20 + In Factory 100)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject was incorporated in the year 2008 and it is a manufacturer of fabrication items, assembly electrical panel and fire panels, fire-fighting equipment’s, telecom product, powder coated item, architectural product and module assembly etc. As per financial of March 2017, the company has registered growth of 23.51% in its revenue as compared to its previous year and reported minimal profit margin at 0.26%. Rating takes into consideration the company’s moderate financial risk profile along with low reserves level and average debt coverage indicators. However, rating weakness is partially offset by the extensive experience of its promoters along with customer (Escon Elevators Private Limited) and supplier (Konak Metal Industries) claimed that he is satisfied with subject’s transactions. Banker (Dena Bank) also claimed that they are satisfied with banking transactions. Payments seems to be slow but correct. In view of aforesaid, the subject can be considered for business dealings with some caution.

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	INDIA RATING
Rating	Long term rating = BB
Rating Explanation	Moderate risk of default
Date	17.04.2017

Rating Agency Name	INDIA RATING
Rating	Short term rating = A4+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	17.04.2017

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 21.03.2018.

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 PARTED BY

Name :	Mr. Ashish Parkar
Designation :	Chief Finance Officer
Contact No.:	91-9664405001
Date :	19.03.2018

LOCATIONS

Registered Office / Corporate Office :	Unit No.J1, Wing J, 4^th Floor, Tex Center Premises Co-Operative Society Limited, Chandivali Road, Andheri (East), Mumbai-400072, Maharashtra, India
Tel. No.:	91-22-49708704
Mobile No.:	91-9223377934 (Mr. Deepen Bharat Shah) 91-9664405001 (Mr. Ashish Parkar)
Fax No.:	Not Available
E-Mail :	ashish@saisons.in accounts@orbitindia.org saisons@rediffmail.com
Website :	http://www.orbitindia.org
Area :	915 Sq. ft.
Location :	Owned
Locality :	Commercial

Branch Office :	Office No.4101, C Wing, 4^th Floor, Oberoi Garden Estate, Chandivali Farm Road, Chandivali, Andheri (East), Mumbai – 400072, Maharashtra, India

Factory :	Arham Logic Parc, Building No - B7, Unit No - 4, 5 and 6, Mumbai Nasik Bypass Road, Village Valshind, Taluka - Bhiwandi, District Thane – 421302, Maharashtra, India

DIRECTORS

AS ON 31.03.2017

Name :	Mr. Deepen Bharat Shah
Designation :	Director
Address :	12-A, Saurabh Building, N.S. 4^th Road, J.V.P.D. Scheme, Vile Parle (West), Mumbai-400056, Maharashtra, India
Date of Birth/Age :	25.01.1985
Qualification:	Diploma in electronic and Tele Communications
Date of Appointment :	06.02.2008
PAN No:	AYXPS3568A
DIN No.:	01343216

Name :	Mrs. Rimpal Ankit Shah
Designation :	Additional Director
Address :	B/6, 1^st Floor Navin Manju, Above Chedda Dryfruit S.L. Road, Mulund (West), Mumbai-400080, Maharashtra, India
Date of Birth/Age :	15.03.1990
Qualification:	B.Com
Date of Appointment :	29.03.2017
DIN No.:	07759014

KEY EXECUTIVES

Name :	Mr. Ashish Parkar
Designation :	Chief Finance Officer

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders		No. of Shares
Deepen B. Shah		374000
Rimpal A. Shah		34500

AS ON 22.09.2016

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The company is engaged in the business of electrical panel, control panel, fire panel, distribution boxes, sheet metal fabrication and chemicals. (Registered Activity) Manufacturer of Fabrication Items Assembly Electrical Panel and Fire Panels, Fire Fighting Equipment, Telecom Product, Powder Coated item, Architectural Product Module assembly etc. Assembling of Telecom and Networking Parts, Computer Parts and Accessories. Organic and Inorganic Chemical, MS Plate and Steel, Ferrous and Non-ferrous Items. (Confirmed by management)

Products / Services :	Electrical panel Control panel Fire panel Distribution boxes Sheet metal fabrication Chemicals

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	L/C, Cheque and Credit (30 Days, 180 Days)

Purchasing :	L/C, Cheque and Credit (30 Days, 180 Days)

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference :

Konak Metal Industries

Name of the Person :

Mr. Lalitbhai (Partner)

Contact No.:

91-9323406877

Since How Long Known :

8 Years

Maximum Limit Dealt :

As per requirement

Experience :

Payment Behaviour	Market Goodwill	Overall
Excellent	Excellent	Excellent

Remark:

As claim by Mr. Lalitbhai (Partner) that they are satisfied with the subject companies transactions.

Customers :

Reference :

Escon Elevators Private Limited

Name of the Person :

Mr. Asif Khan (Senior Purchase Executive)

Contact No.:

91-8652251041

Since How Long Known :

7 Years

Maximum Limit Dealt :

As per requirement

Experience :

Product Quality	Delivery Behaviour	Overall
Excellent	Excellent	Excellent

Remark:

As confirmed by Mr. Asif Khan (Senior Purchase Executive) that they are satisfied with the subject companies transactions.

EMI Transmission
EMC Limited
Omkar Speciality Chemicals Limited

No. of Employees :

120 (Approximately) (In Office 20 + In Factory 100)

Bankers :

Bank Name	Dena Bank
Branch	Share Bazar Branch, House 31/33, Ambalal Doshi Marg, Mumbai – 400023, Maharashtra, India
Person Name (With Designation)	Ms. Preeti (Officer)
Contact Number	91-22-22652013 / 22653226
Name of Account Holder	Orbit Electro Equipments Private Limited
Account Number	002313021034
Account Since (Date/Year of Account Opening)	March 2012
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	Cash Credit - INR 127.500 million
Account Operation	--
Remarks (If any)	As claimed by Ms. Pritee (Officer) that they are satisfied with the subject companies banking transaction.

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Term loans from banks	0.938	0.211
Term loans from other parties	23.623	23.481

SHORT TERM BORROWINGS
From Dena Bank (Secured by hypothecation of stock and debtors, plant and machinery, properties and further by joint and several guarantee of directors)	129.093	130.351
Total	153.654	154.043

Auditors :
Name :	Nimesh Sodha and Company Chartered Accountants
Address :	Office No.44, B Wing, Welfare Chambers CHS, Opposite SSC Board Office, Next to Arenja Corner, Sector 17, Vashi, Navi Mumbai - 400703, Maharashtra, India
Tel. No.:	91-22-27720890
Fax No.:	91-9619227007
E-Mail :	nimeshsodha@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AMEPS0986R

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

500000	Equity Shares	INR 100/- each	INR 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

408400	Equity Shares	INR 100/- each	INR 40.840 Million

FINANCIAL DATA

[all figures are 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	40.840	34.990	30.000
(b) Reserves & Surplus	21.942	19.033	15.078
(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)	62.782	54.023	45.078

(3) Non-Current Liabilities
(a) long-term borrowings	159.973	116.009	98.422
(b) Deferred tax liabilities (Net)	12.887	7.978	6.761
(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)	172.860	123.987	105.183

(4) Current Liabilities
(a) Short term borrowings	129.093	130.351	130.232
(b) Trade payables	184.207	50.685	115.125
(c) Other current liabilities	80.789	14.382	14.194
(d) Short-term provisions	7.483	6.868	3.489
Total Current Liabilities (4)	401.572	202.286	263.040

TOTAL	637.214	380.296	413.301

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	90.749	70.872	74.673
(ii) Intangible Assets	0.000	0.000	0.000
(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	3.374	3.374
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	16.786	15.327	13.859
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	107.535	89.573	91.906

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	245.910	151.721	156.274
(c) Trade receivables	191.899	120.213	150.750
(d) Cash and cash equivalents	3.218	2.589	0.150
(e) Short-term loans and advances	88.652	16.200	14.221
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	529.679	290.723	321.395

TOTAL	637.214	380.296	413.301

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	1121.483	907.975	880.216
	Other Income	0.000	0.000	0.000
	TOTAL	1121.483	907.975	880.216

Less	EXPENSES
	Cost of Materials Consumed	1063.928	840.237	839.973
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(4.473)	11.325	(18.999)
	Employees benefits expense	8.022	5.622	2.828
	Other expenses	14.052	16.640	14.603
	TOTAL	1081.529	873.824	838.405

	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	39.954	34.151	41.811

Less	FINANCIAL EXPENSES	24.008	23.524	29.955

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	15.946	10.627	11.856

Less	DEPRECIATION/ AMORTISATION	6.484	4.052	4.251

	PROFIT/ (LOSS) BEFORE TAX	9.462	6.575	7.605

Less	TAX	6.553	2.620	3.411

	PROFIT/ (LOSS) AFTER TAX	2.909	3.955	4.194

	Earnings / (Loss) Per Share (INR)	7.13	11.30	13.98

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	0.000	14.383	14.193
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income 365)*	62.46	48.32	62.51

Account Receivables Turnover (Income / Sunday Debtors)	5.84	7.55	5.84

Average Payment Days (Sundry Creditors / Purchases 365 Days)*	63.20	22.02	50.03

Inventory Turnover (Operating Income / Inventories)	0.16	0.23	0.27

Asset Turnover (Operating Income / Net Fixed Assets)	0.44	0.48	0.56

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.88	0.87	0.91

Debt Equity Ratio (Total Liability / Networth)	4.60	4.83	5.39

Current Liabilities to Networth (Current Liabilities / Net Worth)	6.40	3.74	5.84

Fixed Assets to Networth (Net Fixed Assets / Networth)	1.45	1.31	1.66

Interest Coverage Ratio (PBIT / Financial Charges)	1.66	1.45	1.40

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) 100]*	%	0.26	0.44	0.48

Return on Total Assets ((PAT / Total Assets) 100)*	%	0.46	1.04	1.01

Return on Investment (ROI) ((PAT / Networth) 100)*	%	4.63	7.32	9.30

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.32	1.44	1.22

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.71	0.69	0.63

G-Score Ratio Financial (Networth / Total Assets)	0.10	0.14	0.11

G-Score Ratio Debt (Debts / Equity Capital)	7.08	7.45	8.09

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.32	1.44	1.22

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

FINANCIAL ANALYSIS

[all figures are 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	30.000	34.990	40.840
Reserves & Surplus	15.078	19.033	21.942
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	45.078	54.023	62.782

Long-term borrowings	98.422	116.009	159.973
Short term borrowings	130.232	130.351	129.093
Current Maturities of Long term debt	14.193	14.383	0.000
Total borrowings	242.847	260.743	289.066
Debt/Equity ratio	5.387	4.827	4.604

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	880.216	907.975	1121.483
		3.154	23.515

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	880.216	907.975	1121.483
Profit	4.194	3.955	2.909
	0.48%	0.44%	0.26%

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	No
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	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
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

NOTE: Registered office of the company has been shifted from 301, 3^rd Floor, Gada Residency, Near Cooper Hospital, Juhu Scheme, N S Road 4, Vile Parle (West), Mumbai – 400056, Maharashtra, India to the present address.

REVIEW OF OPERATIONS

The company is engaged in the business of electrical panel, control panel, fire panel, distribution boxes, sheet metal fabrication and chemicals.

During the year, turnover of the company increased to INR 1121.500 million from INR 907.900 million and the net profit before tax increased to INR 9.462 million against INR 6.575 million as of last year. The directors are continuous looking for avenues for future growth of the company with diversified product line in Automation. Electrical, Telecom, Power and Furniture Industries.

Company is upgrading Powder Coating Plant with additional booth to enhance its production capacity and business growth

There is huge scope for Indian steel fabricators due to increase in consumption from construction, automobiles, power sectors, telecom sectors and railway sectors. The ambitious infrastructure projects and the thrust in manufacturing through make in India campaign are steps in the right direction.

The Company has expanded its business activities with MNC's. The sales growth has shown significant increase with the addition of new customer like EMI transmission, EMC Limited, Omkar Speciality Chemicals Limited.

As a part of growth strategy, the company is continuously evaluating various opportunities with an aim to create a diversified and balanced portfolio.

Company is also looking forward to explore its international markets.

UNSECURED LOANS:

PARTICULAR	31.03.2017 INR In Million	31.03.2016 INR In Million
Long-term Borrowings
Other loans and advances (specify nature)	135.412	92.317
Total	135.412	92.317

INDEX OF CHARGE:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G75580597	100151342	DENA BANK	10/01/2018	-	-	696000.0	Dena Bank, House 31/33, Ambalal Doshi Marg, Mumbai-400023, Maharashtra, India
2	C13831359	10511254	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	18/03/2014	-	-	6122481.0	130, Pandurang Budhkar Marg, Worli, Mumbai-400018, Maharashtra, India
3	B94359437	10472515	DENA BANK	26/12/2013	-	-	327000.0	Share Bazar Branch, Dena Bank House, 31/33, Ambalal Doshi Marg, Mumbai-400023, Maharashtra, India
4	B95325510	10475145	DENA BANK	26/12/2013	-	-	286000.0	Share Bazar Branch, Dena Bank House, 31/33, Ambalal Doshi Marg, Mumbai-400023, Maharashtra, India
5	B94360070	10472518	DENA BANK	26/12/2013	-	-	406000.0	Share Bazar Branch, Dena Bank House, 31/33, Ambalal Doshi Marg, Mumbai-400023, Maharashtra, India
6	B92295302	10466998	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	29/11/2013	-	-	52700000.0	130, Pandurang Budhkar Marg, Worli, Mumbai-400018, Maharashtra, India
7	B89729842	10460678	HDFC BANK LIMITED	01/11/2013	-	-	932000.0	HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
8	B90457763	10350987	DENA BANK	30/03/2012	26/11/2013	-	132150000.0	Share Bazar Branch, Dena Bank House, 31/33, Ambalal Doshi Marg, Mumbai-400023, Maharashtra, India
9	C61084653	10234651	TATA CAPITAL LIMITED	25/06/2010	20/12/2010	05/08/2015	12000000.0	One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai-400001, Maharashtra, India

FIXED ASSETS:

Computer
Motor car
Office equipment
Plant and machinery

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 65.20
UK Pound	1	INR 91.49
Euro	1	INR 80.46

INFORMATION DETAILS

Information Gathered by :	KAM

Analysis Done by :	VIV

Report Prepared by :	BHG

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	NO
--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.