MIRA INFORM REPORT

Report No. :	500217
Report Date :	24.03.2018

IDENTIFICATION DETAILS

Name :	AGRAWAL METAL WORKS PRIVATE LIMITED
Registered Office :	205, 2^ndFloor, “Arunachal Building”, 19, Barakhamba Road, New Delhi-110001
Tel. No.:	91-11-23736458
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	07.06.1945
Com. Reg. No.:	55-000835
Capital Investment / Paid-up Capital :	INR 12.500 Million
CIN No.: [Company Identification No.]	U74899DL1945PTC000835
IEC No.: [Import-Export Code No.]	0588074713
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCA4897R
GSTIN : [Goods & Service Tax Registration No.]	07AABCA4897R1ZV
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of all Grades of Brass, Copper and Phosphor Bronze-Strips, Foils, Sheets, Circle and Wires. (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 :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Agrawal Metal Works Private Limited was incorporated in the year 1945. It is a manufacturer of Ferrous and Non-ferrous Metal, brass, sheet and coils. For the year FY 2017, the revenue of the company has increased 3.13% along with average profit margin of 3.00%. The healthy financial profile of the company is marked by strong networth base and satisfactory liquidity position along with comfortable debt coverage indicators. The company has favourable Earning Per Share (EPS) of INR 176.68 against a face value (FV) of INR 10. Rating also derives strength from company’s established track record of business. However, these rating strengths are partially offset by unfavourable gap between trade payables and trade receivables. Business is active. Payments seems to be regular. In view of aforesaid, the company can be considered for good business dealings at usual trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
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 31-03-2016.

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 24.03.2018

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 BY

Name :	Mr. Deepak Sanghi
Designation :	Chief Executive Officer
Contact No.:	91-982855486

LOCATIONS

Registered Office :	205, 2^ndFloor, “Arunachal Building”, 19, Barakhamba Road, New Delhi – 110001, India
Tel. No.:	91-11-23736458
Mobile No.:	91-982855486 (Mr. Deepak Sanghi)
Fax No.:	Not Available
E-Mail :	legal@amwl.in enquiry@amwl.in bhiwandi@agarwalmetal.com
Website :	www.agarwalmetal.com
Location :	Owned
Locality :	Commercial
Factory 1:	Jhajjar Road, Rewari – 123 401, Haryana, India
Tel. No.:	91-1274 253 401 - 404
Fax No.:	91-1274-254412/ 256413
Factory 2 / Mailing Address :	SP-144, A and B, RIICO Industrial Area, Phase-1, Bhiwadi - 301019, Rajasthan, India
Tel. No.:	91-1493-304900 (30 Lines)
Fax No.:	91-1493-304909

DIRECTORS

As on 31.03.2017

Name :

Mr. Davinder Kumar Jain

Designation :

Managing Director

Address :

69RL, Model Town, Rewari – 123401, Haryana, India

Date of Birth/Age :

14.11.1948

Qualification :

B.E. (ELECTRIC)

Date of Appointment :

31.07.2004

PAN No.:

ABUPJ6939L

DIN No.:

00250693

Name :

Mr. Subhash Chand Jain

Designation :

Whole-time Director

Address :

L-18, Model Town, Rewari – 123401, Haryana, India

Date of Birth/Age :

18.09.1956

Qualification :

PREP. (COM).

Date of Appointment :

07.07.2006

PAN No.:

ABIPJ4252G

DIN No.:

00250598

Name :

Mr. Mayur Sunil Gupta

Designation :

Whole-time Director

Address :

Basil - 1202, Park View Spa, Sector-47, Gurugram – 122001, Haryana, India

Date of Birth/Age :

02.03.1978

Qualification :

CA, CPA and MBA

Date of Appointment :

15.07.2006

PAN No.:

AADPG7620B

DIN No.:

00250780

Name :

Mr. Rajiv Jain

Designation :

Director

Address :

601/17, Heritage City, Mehrauli Road, Gurugram – 122001, Haryana, India

Date of Birth/Age :

11.04.1960

Date of Appointment :

18.06.2011

PAN No.:

AASPJ0893L

DIN No.:

00275752

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U31300RJ1988PTC035751	DRAWMET WIRES PRIVATE LIMITED	28/11/2000	-

Name :

Mr. Vivek Indarmani Gupta

Designation :

Director

Address :

401, Vrindavan, 32, Mount Mary Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

24.07.1969

Date of Appointment :

05.09.2005

DIN No.:

00027546

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U67120MH1997PTC110941	GEPL CAPITAL PRIVATE LIMITED	26/09/1997	-
U67190MH1998PTC115790	GEPL COMMODITIES PRIVATE LIMITED	15/07/1998	-
U67120MH1999PTC123100	GEPL INSURANCE BROKING PRIVATE LIMITED	15/12/1999	-
U40300MH2012PTC230586	GEPL POWER PRIVATE LIMITED	03/05/2012	-
U67190MH2014PTC253758	GEPL INVESTMENT ADVISORS PRIVATE LIMITED	03/03/2014	-
U65190MH2007PTC174181	GEPL FINANCE PRIVATE LIMITED	17/09/2007	-

KEY EXECUTIVES

Name :	Mr. Deepak Sanghi
Designation :	Chief Executive Officer
Address :	H. No-C-73, Siwar Area Mangar Marg, Po-Bapu Nagar, Jaipur-302018, Maharashtra, India
Date of Appointment :	01.09.2017
PAN No.:	AFMPS7841A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2017

Category	Percentage
Promoters (Individual/Hindu Undivided Family – Indian)	37.37
Public/Other than promoters (Others - Other than Promoters)	62.63
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of all Grades of Brass, Copper and Phosphor Bronze-Strips, Foils, Sheets, Circle and Wires. (Registered Activity)

Products :

ITC Code No.	Product Description
74092100	Brass Sheets, Circles, Coils etc.
74101100	Copper Foils

NIC Code No.	Product Description
24201	Manufacturing of Copper from Ore, and other copper products and alloys

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

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	IDFC Bank Limited
Branch	KRM Tower, 8th Floor, No. 1, Harrington Road, Chetpet, Chennai-600031, Tamilnadu, 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)	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Rupee term loans from banks	166.811	79.285
Short-term borrowings
Working capital loans from banks	1374.062	1319.766
Total	1540.873	1399.051

Auditors :
Name :	K C Jain and Company Chartered Accountants
Address :	4812/24, Ansari Road, Darya Ganj, New Delhi – 110 002, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFK4992K
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	INR 10/- each	INR 50.000 Million
1000000	Preference Shares	INR 10/- each	INR 10.000 Million
	Total		INR 60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	INR 10/- each	INR 12.500 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	12.500	12.500	12.500
(b) Reserves & Surplus	1376.724	1163.394	1045.254
(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)	1389.224	1175.894	1057.754
(3) Non-Current Liabilities
(a) long-term borrowings	166.811	79.285	163.705
(b) Deferred tax liabilities (Net)	95.085	82.733	73.490
(c) Other long term liabilities	1.327	1.469	0.956
(d) long-term provisions	4.453	3.072	2.812
Total Non-current Liabilities (3)	267.676	166.559	240.963
(4) Current Liabilities
(a) Short term borrowings	1467.698	1536.387	1542.676
(b) Trade payables	44.176	135.811	19.414
(c) Other current liabilities	161.766	215.043	177.632
(d) Short-term provisions	47.803	19.651	18.798
Total Current Liabilities (4)	1721.443	1906.892	1758.520
TOTAL	3378.343	3249.345	3057.237
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1044.234	843.413	878.742
(ii) Intangible Assets	7.188	10.912	2.333
(iii) Capital work-in-progress	0.000	13.198	7.992
(iv) Intangible assets under development	134.651	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	64.176	55.802	47.777
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1250.249	923.325	936.844
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	991.959	1121.926	1107.476
(c) Trade receivables	995.529	974.581	868.073
(d) Cash and cash equivalents	13.170	69.538	57.286
(e) Short-term loans and advances	68.047	82.129	82.425
(f) Other current assets	59.389	77.846	5.133
Total Current Assets	2128.094	2326.020	2120.393
TOTAL	3378.343	3249.345	3057.237

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	7354.454	7130.819	6730.544
	Other Income	45.050	29.497	25.649
	TOTAL	7399.504	7160.316	6756.193
Less	EXPENSES
	Cost of Materials Consumed	5815.260	6104.869	5653.392
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	34.746	(214.743)	37.383
	Employees benefits expense	317.815	282.503	263.137
	CSR expenditure	3.150	3.600	4.400
	Prior period items before tax	0.032	0.546	0.043
	Exceptional Item	0.000	(18.159)	0.000
	Other expenses	573.238	529.297	420.046
	TOTAL	6744.241	6687.913	6378.401
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	655.263	472.403	377.792
Less	FINANCIAL EXPENSES	172.592	185.804	187.672
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	482.671	286.599	190.120
Less/ Add	DEPRECIATION/ AMORTISATION	144.071	96.209	85.803
	PROFIT/ (LOSS) BEFORE TAX	338.600	190.390	104.317
Less	TAX	117.748	69.241	35.533
	PROFIT/ (LOSS) AFTER TAX	220.852	121.149	68.784
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	6.794	6.754	5.979
Less	APPROPRIATIONS
	Final Dividend paid	6.250	2.500	2.500
	Tax on Final Dividend	1.272	0.509	0.509
	Transferred to General Reserves	198.200	118.100	65.000
	Total (M)	205.722	121.109	68.009
	Balance Carried to the B/S	21.924	6.794	6.754
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	684.803	730.269	676.842
	TOTAL EARNINGS	684.803	730.269	676.842
	IMPORTS
	Raw Materials	281.787	1276.915	802.686
	Components and Stores parts	3.199	3.466	3.662
	Capital Goods	0.266	0.000	0.000
	TOTAL IMPORTS	285.252	1280.381	806.348
	Earnings / (Loss) Per Share (INR)	176.68	82.39	55.03

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	76.785	84.420	96.920
Net cash flows from (used in) operations	627.791	401.470	98.052
Net cash flows from (used in) operating activities	547.791	350.470	74.552

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	49.41	49.89	47.08
Account Receivables Turnover (Income / Sundry Debtors)	7.39	7.32	7.75
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	2.77	8.12	1.25
Inventory Turnover (Operating Income / Inventories)	0.66	0.42	0.34
Asset Turnover (Operating Income / Net Fixed Assets)	0.55	0.54	0.42

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.58	0.64	0.66
Debt Equity Ratio (Total Liability / Networth)	1.23	1.45	1.70
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.24	1.62	1.66
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.85	0.74	0.84
Interest Coverage Ratio (PBIT / Financial Charges)	3.80	2.54	2.01

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	3.00	1.70	1.02
Return on Total Assets ((PAT / Total Assets) * 100)	%	6.54	3.73	2.25
Return on Investment (ROI) ((PAT / Networth) * 100)	%	15.90	10.30	6.50

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.24	1.22	1.21
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.66	0.63	0.58
G-Score Ratio Financial (Networth / Total Assets)	0.41	0.36	0.35
G-Score Ratio Debt (Debts / Equity Capital)	136.90	136.01	144.26
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.24	1.22	1.21

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	12.500	12.500	12.500
Reserves & Surplus	1045.254	1163.394	1376.724
Net worth	1057.754	1175.894	1389.224
Long Term borrowings	163.705	79.285	166.811
Short Term borrowings	1542.676	1536.387	1467.698
Current Maturities of Long term debt	96.920	84.420	76.785
Total borrowings	1803.301	1700.092	1711.294
Debt/Equity ratio	1.705	1.446	1.232

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	6730.544	7130.819	7354.454
		5.947	3.136

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	6730.544	7130.819	7354.454
Profit	68.784	121.149	220.852
	1.02%	1.70%	3.00%

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	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)	No
16	No. of employees	No
17	Details of sister concerns	No
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 years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from B-214, 2^nd Floor, R.G. Complex, Plot No. 2, D.B. Gupta Road, Motia Khan, Pahar Ganj, New Delhi – 110055, India to the present address w.e.f. 01.09.2012

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term borrowings
Loans repayable on demand	93.636	216.621
Total	93.636	216.621

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
	G3533501	100076531	IDFC BANK LIMITED	03/02/2017	-	-	255000000.0	KRM TOWER, 8TH FLOOR, NO. 1,HARRINGTON ROAD, CHETPET, CHENNAI-600031, TAMILNADU, INDIA
	G09811290	100033769	STATE BANK OF BIKANER AND JAIPUR	25/05/2016	25/05/2016	-	170000000.0	KATH MANDI, REWARI – 123401, HARYANA, INDIA
	C72284177	10549591	Standard Chartered Bank	16/02/2015	30/11/2015	-	100000000.0	CREDIT RISK CONTROLNARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI – 110001, INDIA
	B45340544	10364485	AXIS BANK LTD.	22/06/2012	08/08/2012	-	134600000.0	2ND FLOOR, STATESMAN HOUSE148, BARAKHAMBA ROAD, NEW DELHI – 110001, INDIA
	G03118460	10061904	STATE BANK OF BIKANER AND JAIPUR	20/07/2007	03/05/2016	-	1750000000.0	KATH MANDI, REWARI – 123401, HARYANA, INDIA
	B93608081	90056886	STATE BANK OF BIKANER AND JAIPUR	05/06/1998	09/03/2009	02/01/2014	169500000.0	KATH MANDI, REWARI – 123401, HARYANA, INDIA
	B25886102	10306081	ING VYSYA BANK LIMITED	09/08/2011	-	22/11/2011	340000000.0	NARIAN MANZIL, GROUND FLOOR,SHOP NO. G1 TO G5,I FLOOR, SHOP NO.1001 TO 1007, BARAKHAMBA ROAD, NEW DELHI – 110001, INDIA
	B10056240	80041630	State Bank of Patiala	30/08/2004	-	04/04/2011	70000000.0	COMMERCIAL BRANCH, 2ND FLOOR, CHANDRALOK BUILDING,36, JANPATH, NEW DELHI – 110001, INDIA
	B02987733	10233049	STATE BANK OF BIKANER & JAIPUR	21/07/2010	-	10/01/2011	150000000.0	KATH MANDI, REWARI – 123401, HARYANA, INDIA
	A85949402	10211626	State Bank of Bikaner & Jaipur	16/03/2010	-	12/05/2010	425000000.0	KATH MANDI, REWARI – 123401, HARYANA, INDIA

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Claims against company not acknowledged as debt	23.683	31.475

FIXED ASSETS

· Land

· Buildings

· Residential Building

· Office Building

· Factory Building

· Plant and Equipment

· Furniture and Fixture

· Vehicles

· 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 65.13
UK Pound	1	INR 91.96
Euro	1	INR 80.34

INFORMATION DETAILS

Information Gathered by :	SUV
Analysis Done by :	VAR
Report Prepared by :	KJL

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.