MIRA INFORM REPORT

Report No. :	508602
Report Date :	18.05.2018

IDENTIFICATION DETAILS

Name :	SATYAM DEVELOPERS LIMITED (w.e.f. 04.06.2007)
Formerly Known As :	SATYAM DEVELOPERS PRIVATE LIMITED
Registered Office :	"Satyam House", Behind Rajpath Club, S. G. Highway Road, Bodakdev, Ahmedabad – 380015, Gujarat
Tel. No.:	91-79-29296100 / 32500023
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	13.02.2007
Com. Reg. No.:	04-050008
Capital Investment / Paid-up Capital :	INR 34.931 Million
CIN No.: [Company Identification No.]	U45201GJ2007PLC050008
IEC No.: [Import-Export Code No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAKCS9247C
GSTN : [Goods & Service Tax Registration No.]	24AAKCS9247C1Z9
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in real estate developers, construction activities, consulting engineer and builders etc. (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	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 1100000
Status :	Good
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2007. It acts as real estate developers, consulting engineers and builders etc. For the FY 2017, the company has achieved revenue growth of 15.45% as compared to the previous year along with an average profit margin of 4.77%. The sound financial profile of the company is marked by strong net worth base along with comfortable debt balance sheet profile. Payment seems to be slow but correct. In view of aforesaid, the company can be considered 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.

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 18.05.2018

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.: 91-79-29296100 / 32500023)

LOCATIONS

Registered Office :	"Satyam House", Behind Rajpath Club, S. G. Highway Road, Bodakdev, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-29296100 / 32500023
Mobile No.:	91-9099026099 (Mr. Krunal Hanubhai Sangani)
Fax No.:	Not Available
E-Mail :	info@satyamdevelopers.com krunalsangani@yahoo.com
Website :	http://www.satyamdevelopers.com

DIRECTORS

As on 31.03.2017

Name :

Mr. Vyomesh Vinodrai Patel

Designation :

Director

Address :

18, Satyam Bunglows, Opposite Karnavati Club, Near Sahajanand Bunglows, Satellite, Ahmedabad – 380015, Gujarat, India

Qualification :

B. Com.

Date of Appointment :

13.02.2007

DIN No.:

01248302

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24231GJ1992PTC017591	BIMAL ORGACHEM PVT LTD	28/04/2017	-
U51109GJ2009PTC056826	SATYAM IMPORT EXPORT PRIVATE LIMITED	05/05/2009	-
U45203GJ2014PTC081618	SATYAM DEVELOPERS (GUJARAT) PRIVATE LIMITED	22/12/2014	-
U74900KA2015PTC084887	FIRST GUIDE ACADEMY PRIVATE LIMITED	02/09/2016	-
U74900KA2016PTC085373	FIRST GUIDE KIDZ PRIVATE LIMITED	06/04/2017	-
U55100KA2016PTC094141	GRANDPAW PET RESORTS PRIVATE LIMITED	02/08/2016	-

Name :

Mr. Hanubhai Ramjibhai Sangani

Designation :

Director

Address :

5, Satyam Bunglows, Opposite Karnavati Club, Near Sahajanand Bunglows, Satellite, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

01.02.1963

Qualification :

B.E. Civil Engineer

Experience :

20 years

Date of Appointment :

13.02.2007

DIN No.:

01649224

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45200GJ2016PTC092154	SATYAM REALISTIC PRIVATE LIMITED	24/05/2016	-
U74999GJ2016PTC091894	DENZAI INNOVATIONS & THERAPEUTICS PRIVATE LIMITED	10/05/2016	-
U74140GJ2013PTC074879	HS CINEARTS PRIVATE LIMITED	06/05/2013	-
U24240GJ2013PTC074655	SWAAA CORPORATION PRIVATE LIMITED	22/04/2013	-
U29100GJ2011PTC066530	SANGANI INDUSTRIES PRIVATE LIMITED	26/07/2011	-
U45200GJ2011PTC064649	SHRIMATE INFRASTRUCTURE PRIVATE LIMITED	24/07/2012	-
U24230GJ2010PTC063358	ORIGIN FORMULATIONS PRIVATE LIMITED	15/02/2014	-
U51109GJ2009PTC056826	SATYAM IMPORT EXPORT PRIVATE LIMITED	05/05/2009	-
U52100GJ2008PTC054598	DHARTI IMPEX PRIVATE LIMITED	17/08/2010	-
U27100GJ2008PTC054264	JAY JALARAM EXTRUSION PRIVATE LIMITED	01/04/2010	-
U45201GJ2007PTC052004	SANGANI INFRASTRUCTURE INDIA PRIVATE LIMITED	19/10/2007	-
U70200GJ2007NPL051644	GUJARAT INSTITUTE OF HOUSING AND ESTATE DEVELOPERS- CREDAI	15/10/2007	-
U24231GJ1992PTC017591	BIMAL ORGACHEM PVT LTD	28/04/2017	-

Name :

Mr. Krunal Hanubhai Sangani

Designation :

Director

Address :

5, Satyam Bunglows, Opposite Karnavati Club, Near Sahajanand Bunglows, Satellite, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

07.12.1989

Date of Appointment :

21.04.2017

PAN No.:

BTKPS1193L

DIN No.:

02975693

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U14109GJ2011PTC066525	SHIVALIK MANGANESE PRIVATE LIMITED	01/10/2011	-
U14108GJ2011PTC066521	SHIVAM KAOLIN PRIVATE LIMITED	01/10/2011	-
U24230GJ2011PTC066898	SANGANI PHARMACEUTICALS PRIVATE LIMITED	01/10/2011	-
U74140GJ2013PTC074879	HS CINEARTS PRIVATE LIMITED	06/05/2013	-
U45200GJ2016PTC092154	SATYAM REALISTIC PRIVATE LIMITED	24/05/2016	-

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares
Shital Chandrakantbhai Desai	681262
Kairaviben S. Desai	338
Hanubhai Ramjibhai Sangani	908124
Meenaben H. Sangani	338
Kaushik A. Sangani	338
Vyomesh Vinodrai Patel	681262
Neetaben V. Patel	338
Thirdeye Mercantile LLP.	611750
Nilmani Merchants LLP.	609375
Total	3493125

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2017

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	65.04
Promoter - Bodies corporate	34.96
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in real estate developers, construction activities, consulting engineer and builders etc. (Registered activity)

Products :

Item Code No.	Product Description
99722110	Residential property management services on a fee or contract basis

NIC Code No.	Product Description
41,42 and 43	Construction and Development

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	State Bank of India
Branch	C/1-5, Advance Business Park, Shahi Baugh, Ahmedabad – 382213, Gujarat, 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
Working capital demand loan
From ICICI Bank	0.000	41.297
From ICICI Bank	204.800	130.326
From Kotak Mahindra Bank	104.302	129.886
From State Bank of India	150.064	0.000
Total	459.166	301.509

Auditors :
Name :	B. H Mangarolia and Company Chartered Accountants
Address :	408, Mahakant Opp. V S Hospital, Ashram Road, Ahmedabad – 380006, Gujarat, India
Tel No.:	91-79-26578527 / 26576849
Email.:	info@bhmangolia.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAHFB6753A
Memberships :	Not Available
Collaborators :	Not Available
Enterprises owned or significantly influenced by key management personnel or their relatives.:	Satyam Import Export LLP Satyam Corporation Sangani Infrastructure India Private Limited

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3493125	Equity Shares	INR 10/- each	INR 34.931 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	34.931	34.931	34.931
(b) Reserves & Surplus	342.992	326.222	322.090
(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)	377.923	361.153	357.021
(3) Non-Current Liabilities
(a) long-term borrowings	475.097	364.910	460.649
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	475.097	364.910	460.649
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	16.516	23.641	28.411
(c) Other current liabilities	238.415	283.830	219.863
(d) Short-term provisions	4.660	0.000	0.000
Total Current Liabilities (4)	259.591	307.471	248.274
TOTAL	1112.611	1033.534	1065.944
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.490	5.841	9.476
(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	44.653	0.000	0.000
(c) Deferred tax assets (net)	2.613	2.468	2.235
(d) Long-term Loan and Advances	0.156	0.156	0.156
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	49.912	8.465	11.867
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	793.621	967.507	1011.370
(c) Trade receivables	27.022	3.048	0.000
(d) Cash and cash equivalents	8.324	24.647	39.065
(e) Short-term loans and advances	233.732	29.867	3.642
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1062.699	1025.069	1054.077
TOTAL	1112.611	1033.534	1065.944

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	351.795	304.703	697.048
	Other Income	4.376	1.743	1.488
	TOTAL	356.171	306.446	698.536
Less	EXPENSES
	Cost of Materials Consumed	44.990	46.542	143.288
	Purchases of Stock-in-Trade
	land cost and expense related with priject	66.141	148.747	153.287
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	174.062	43.114	331.939
	Employees benefits expense	10.159	11.057	12.112
	Other expenses	12.577	15.069	12.379
	TOTAL	307.929	264.529	653.005
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	48.242	41.917	45.531
Less	FINANCIAL EXPENSES	22.301	33.177	25.195
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	25.941	8.740	20.336
Less/ Add	DEPRECIATION/ AMORTISATION	1.416	2.729	4.443
	PROFIT/ (LOSS) BEFORE TAX	24.525	6.011	15.893
Less	TAX	7.755	1.880	5.163
	PROFIT/ (LOSS) AFTER TAX	16.770	4.131	10.730
	Earnings / (Loss) Per Share (INR)	4.8	1.18	3.07

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	26.428	139.898	1.554
Cash generated from operations	(62.954)	106.358	(201.007)
Net cash flow from operating activity	(65.867)	111.913	(208.339)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	28.04	3.65	0.00
Account Receivables Turnover (Income / Sundry Debtors)	13.02	99.97	0.00
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	133.99	185.40	72.37
Inventory Turnover (Operating Income / Inventories)	0.06	0.04	0.05
Asset Turnover (Operating Income / Net Fixed Assets)	19.37	7.18	4.80

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.68	0.79	0.67
Debt Equity Ratio (Total Liability / Networth)	1.33	1.40	1.29
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.69	0.85	0.70
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.01	0.02	0.03
Interest Coverage Ratio (PBIT / Financial Charges)	2.16	1.26	1.81

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	4.77	1.36	1.54
Return on Total Assets ((PAT / Total Assets) * 100)	%	1.51	0.40	1.01
Return on Investment (ROI) ((PAT / Networth) * 100)	%	4.44	1.14	3.01

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	4.09	3.33	4.25
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.04	0.19	0.17
G-Score Ratio Financial (Networth / Total Assets)	0.34	0.35	0.33
G-Score Ratio Debt (Debts / Equity Capital)	14.36	14.45	13.23
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	4.09	3.33	4.25

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	34.931	34.931	34.931
Reserves & Surplus	322.090	326.222	342.992
Net worth	357.021	361.153	377.923
Long Term borrowings	460.649	364.910	475.097
Short Term borrowings	0.000	0.000	0.000
Current Maturities of Long term debt	1.554	139.898	26.428
Total borrowings	462.203	504.808	501.525
Debt/Equity ratio	1.295	1.398	1.327

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	697.048	304.703	351.795
		(56.287)	15.455

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	697.048	304.703	351.795
Profit	10.730	4.131	16.770
	1.54%	1.36%	4.77%

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	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

COMPANY OVERVIEW

The company incorporated under the companies act, 1956 vide CIN- U45201GJ2007PLC050008 having its registered office at "Satyam House", Behind Rajpath Club, S. G. Highway Road, Bodakdev, Ahmedabad – 380015, Gujarat, India and engaged in real estate developers, construction activities, consulting engineer and builders etc.

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

Company continues to progress in the business to construct, build, acquire, convert, improve, design, establish, develop etc., and manage the all types of construction and development. During the year, total Revenue of the Company has increased to INR 356.171 Million as compared to INR 306.446 Million of the last year and thus the earnings per Share increased to 4.80 from 1.18 in the previous year.

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Loans and advances from related parties	15.931	63.401
Total	15.931	63.401

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G87325379	100094522	State Bank of India	30/03/2017	19/04/2018	-	280000000.0	C/1-5, ADVANCE BUSINESS PARKSHAHIBAUGHAHMEDABADGJ382213IN
2	C74239567	10609579	ICICI BANK LIMITED	22/12/2015	-	-	220000000.0	LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN
3	G60606621	10486477	ICICI BANK LIMITED	25/03/2014	19/04/2014	04/11/2017	700000000.0	ICICI BANK LIMITEDALKAPURIBARODAGJ390015IN
4	C02564847	10353745	BANK OF BARODA	10/05/2012	-	17/04/2014	350000000.0	MID CORPORATE BRANCH, 2ND FLOOR,BANK OF BARODA TOWERS, OPP.LAW GARDEN, ELLISBRIDGEAHMEDABADGJ380006IN
5	B67833897	10243250	BANK OF BARODA	07/08/2010	-	02/02/2013	180000000.0	S.G HIGHWAY BRANCHAHMEDABADAHMEDABADGJ380015IN
6	B58492877	10213534	KOTAK MAHINDRA BANK LIMITED	03/03/2010	-	02/09/2012	180000000.0	GROUND FLOOR, CHANDAN HOUSE, OPP.ABHIJEET III,NEAR MITHAKALI SIX ROADS, NAVRANGPURAAHMEDABADGJ380054IN

FIXED ASSETS

• Plant and equipment
• Furniture and fixture
• Vehicle
• Computer

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 67.83
UK Pound	1	INR 91.68
Euro	1	INR 80.29

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	PRY
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.