MIRA INFORM REPORT

Report No. :	509167
Report Date :	19.05.2018

IDENTIFICATION DETAILS

Name :	AUTOLIV INDIA PRIVATE LIMITED

Registered Office :	Sy. No. 80/3, Chokkahalli Village, Doddalluru Gram Panchayat, Bangalore Rural, Hosakote, Bangalore - 562114, Karnataka
Tel. No.:	91-80-30601300

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	05.10.2000

Com. Reg. No.:	08-056723

Capital Investment / Paid-up Capital :	INR 78.099 Million

CIN No.: [Company Identification No.]	U34300KA2000PTC056723

IEC No.: [Import-Export Code No.]	0507039807

PAN No.: [Permanent Account No.]	AADCA6222E

GSTN : [Goods & Service Tax Registration No.]	Not Divulged

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

Legal Form :	Private Limited Liability Company

Line of Business :	The Company is engaged in manufacturing of integrated safety systems for major automotive manufacturers includes seat belts, air bags and steering wheels (Registered activity and also confirmed by management)

No. of Employees :	550 (Approximately)

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

Maximum Credit Limit :	USD 7790000

Status :	Excellent

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a subsidiary of “Autoliv AB, Sweden. It is an established company incorporated in the year 2000 having fine track records. It is a Manufacturer of Automotive Safety Systems including seat belts and components, airbags, steering wheels and other car safety products. “Autoliv” stands 283rd rank with Fortune 500 companies. For the financial year ended 2017, the company has witnessed a growth in its revenue and has achieved good profit margin at 7.17% (approximately). The company possesses robust financial profile marked by healthy net worth base along with low debt level of the company. The company also derives strength from its strong holding entity and its established position backed by well experienced management team. Fundamentals of the company are strong and healthy. Trade relations are reported as fair. Business is active. Payment terms are seems to be regular and as per commitments. In view of the 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

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 19.05.2018

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 PARTED BY

Name :	Mr. Ashoka Gogate
Designation :	Company Secretary
Contact No.:	91-80-30601300
Date :	16.05.2018

LOCATIONS

Registered Office Corporate Office 1/ Factory 1 :	Sy. No. 80/3, Chokkahalli Village, Doddalluru Gram Panchayat, Bangalore Rural, Hosakote, Bangalore - 562114, Karnataka, India
Tel. No.:	91-80-30601300
Fax No.:	91-80-30601430
E-Mail :	ashoka.gogate@autoliv.com
Website :	http://www.autoliv.com
Location:	Owned
Locality:	Commercial

Corporate Office 2/ Head Office/ Factory 2 :	16, Visveswaraiah Industrial Estate, 1st Main Road, Off Whitefield Road, Mahadevapura, Bangalore – 560048, Karnataka, India
Tel. No.:	91-80-30586300/ 6267
Fax No.:	91-80-30586302
E-Mail :	vipin.saini@autoliv.com

Factory 3 :	Plot 203, Sector 4, IMT, Manesar, Gurugram – 122 050, Haryana, India.
Tel. No.:	91-124-4768700
Fax No.:	91-124-4768724

Factory 4 :	Shed No.76/78 SIDCO Industrial Estate, Thirumazhisai Poonamalle Taluk, Thiruvallur, Chennai – 602 107, Tamilnadu, India
Tel. No.:	91-44-26811847
Fax No.:	91-44-26844846

Factory 5 :	Plot No.44, Safety Street, KIADB Industrial Area, Kadakola, Mysore, Karnataka, India
Tel. No.:	91-421-3021419/ 21

DIRECTORS

As on 31.03.2017

Name :	Mr. Joydeep Roy
Designation :	Managing Director
Address :	C-415, Sobha Quartz Outer Ring Road, Sarjapur, Bangalore-560037, Karnataka, India
Date of Birth/Age :	01.10.1964
Date of Appointment :	18.05.2017
PAN No.:	AAKPR5469G
DIN No.:	01051460

Name :	Mr. Rajesh Kumar Ram
Designation :	Director
Address :	201, Sunflower Building, Flower Valley Society, Wanworie, Pune-411040, Maharashtra, India
Date of Birth/Age :	14.06.1964
Date of Appointment :	08.07.2016
PAN No.:	AAYPR8545H
DIN No.:	00814254

Name :	Christian Herbert Antero Hanke
Designation :	Additional Director
Address :	Luxgatan 15 Lgh 1102 112 62 Stockholm Stockholm 11262 Se
Date of Appointment :	30.03.2018
DIN No.:	07992514

Name :	Mr. Narasimha Murthy Tumkur
Designation :	Director
Address :	No. 1629, 4th Main, 6th Cross, Judicial Layout, GKVK Post, Bangalore - 560065, Karnataka, India
Date of Birth/Age :	01.06.1971
Date of Appointment :	16.04.2015
PAN No.:	ABDPN8969K
DIN No.:	07150220

KEY EXECUTIVES

Name :	Mr. Ashoka Gogate
Designation :	Company Secretary
Address :	No.3, Nandana Mehi Enclave, Doddabettahalli, Veerasagara Road, Vidyaranyapura Post, Bangalore-560097, Karnataka, India
Date of Appointment :	0308.2015
PAN No.:	ADZPG5095R

Name :	Mr. Rajesh Kumar Ram
Designation :	Chief Finance Officer
Address :	201, Sunflower Building, Flower Valley Society, Wanworie, Pune-411040, Maharashtra, India
Date of Appointment :	01.10.2015
PAN No.:	AAYPR8545H

MAJOR SHAREHOLDERS

As on 31.03.2017

Names of Shareholders	No. of Shares
Autoliv AB	7809916
Autoliv East Europe AB	1
Total	7809917

Equity Share Break up (Percentage of Total Equity)

As on 28.11.2017

Category	Percentage
Promoters (Body corporate)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in manufacturing of integrated safety systems for major automotive manufacturers includes seat belts, air bags and steering wheels (Registered activity and also confirmed by management)

Products / Services :

Item Code No.	Products/Services Description
87043190	Automobile Goods

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Advance Payment, Cheque, Credit and NEFT /RTGS

Purchasing :

Advance Payment, Cheque, Credit and NEFT /RTGS

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 :

Wholesalers, Retailers, End Users

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

550 (Approximately)

Bankers :

State Bank of Mysore, Industrial Finance Branch, Bangalore, Karnataka, India

Banker Name :	State Bank of Mysore
Branch :	Building No.11, Kamakshi Hospital Road, Saraswathipuram Mysore- 570009, Karnataka, India
Person Name (With Designation) :	--
Contact Number :	91-80-25580062 (Continuously ringing)
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Foreign currency term loans from others	1093.416	1126.320
Long-term maturities of finance lease obligations (Finance lease obligations are secured by hypothecation of vehicles taken on finance lease arrangement.)	0.823	0.000
Total	1094.239	1126.320

Auditors :
Name :	S R Batliboi and Associates LLP Chartered Accountants
Address :	Block No. 24 Vittal Malya Road, Bangalore, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	ACHFS9118A

Memberships :	Not Available

Collaborators :	Not Available

Holding company	Autoliv AB

Fellow Subsidiary company:	AS Norma Autoliv (China) Automotive Safety Systems Company Limited Autoliv (China) Electronics Company Limited Autoliv (China) Inflator Company Limited Autoliv (China) Steering Wheel Company Limited Autoliv (Jiangsu) Automotive Safety Components Co., Limited Autoliv (Nanjing) Vehicle Safety Systems Company Limited Autoliv (Shanghai) Management Company Limited Autoliv (Shanghai) Vehicle Safety System Company Limited Autoliv (Shanghai) Vehicle Safety Systems Technical Center Co, Limited Autoliv Asia Roh Company Limited Autoliv ASP, Inc. Autoliv BV & Co.KG Autoliv BKI S.A.U. Autoliv Cankor Otomotiv Emniyet Sistemleri Sanayi ve Ticaret A.S Autoliv Cebu Safety Manufacturing, Inc. Autoliv Corporation Autoliv Development AB Autoliv do Brasil Ltda. Autoliv Electronics SAS. Autoliv France SNC. P.T. Autoliv Indonesia Autoliv Isodelta SAS. Autoliv Japan Limited Autoliv Kft Autoliv Metal Pres Sanayi ve Ticaret A.S. Autoliv Poland Sp.z.o.o. Autoliv Romania S.R.L Autoliv Shenda (Tai Cang) Automotive Safety Systems Company Limited Autoliv Southern Africa (Pty) Limited Autoliv Steering Wheels Mexico S. de R.L de CV Autoliv Sverige AB Autoliv Thailand Limited Livbag SAS. Mei-An Autoliv Company Limited N.C.S Pyrotechnie et Technologies SAS. Van Oerle Alberton B.V. VOA Canada Inc. Autoliv Asia Management (Shanghai) Company Limited Autoliv Australia Pty Limited Autoliv Mexico, S.A. de C.V. Autoliv Sicherheitstechnik Gmbh

Enterprises which are owned, or have significant influence of or are partners with Key Management personnel and their relatives:	Autoliv Hirotako Safety Sdn Bhd

CAPITAL STRUCTURE

As on 28.11.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

12000000	Equity Shares	INR 10/- each	INR 120.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

7809917	Equity Shares	INR 10/- each	INR 78.099 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	78.099	61.234	50.113
(b) Reserves and Surplus	2649.053	447.305	245.013
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	624.400
Total Shareholders’ Funds (1) + (2)	2727.152	508.539	919.526

(3) Non-Current Liabilities
(a) long-term borrowings	1094.239	1127.647	1055.696
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long-term liabilities	24.699	26.608	19.100
(d) long-term provisions	44.361	31.212	22.391
Total Non-current Liabilities (3)	1163.299	1185.467	1097.187

(4) Current Liabilities
(a) Short-term borrowings	289.991	1034.521	230.577
(b) Trade payables	2296.239	2504.015	1815.526
(c) Other current liabilities	244.385	272.815	422.966
(d) Short-term provisions	284.642	245.059	195.156
Total Current Liabilities (4)	3115.257	4056.410	2664.225

TOTAL	7005.708	5750.416	4680.938

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1051.687	875.384	838.567
(ii) Intangible Assets	40.665	36.684	28.195
(iii) Tangible assets capital work-in-progress	143.436	157.441	89.862
(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)	261.775	0.000	0.000
(d) Long-term loans and advances	953.479	910.067	624.021
(e) Other Non-current assets	0.490	0.488	0.500
Total Non-Current Assets	2451.532	1980.064	1581.145

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1286.705	1335.325	890.554
(c) Trade receivables	1639.176	1397.518	1097.063
(d) Cash and bank balances	714.317	50.318	338.607
(e) Short-term loans and advances	913.607	953.174	773.436
(f) Other current assets	0.371	34.017	0.133
Total Current Assets	4554.176	3770.352	3099.793

TOTAL	7005.708	5750.416	4680.938

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Revenue from operations	12333.110	8180.577	6420.437
	Other Income	61.412	233.921	86.491
	TOTAL	12394.522	8414.498	6506.928

Less	EXPENSES
	Cost of Materials Consumed	7060.120	5507.173	4608.207
	Purchases of Stock-in-Trade	1137.859	524.213	210.164
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	47.023	(226.921)	(50.856)
	Employee benefit expense	1048.618	799.406	623.009
	Other expenses	2119.920	1900.379	1203.560
	TOTAL	11413.540	8504.250	6594.084

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	980.982	(89.752)	(87.156)

Less	FINANCIAL EXPENSES	66.985	51.205	115.211

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	913.997	(140.957)	(202.367)

Less/ Add	DEPRECIATION/ AMORTISATION	317.889	247.637	229.047

	PROFIT/ (LOSS) BEFORE TAX	596.108	(388.594)	(431.414)

Less	TAX	(288.506)	22.393	266.978

	PROFIT/ (LOSS) AFTER TAX	884.614	(410.987)	(698.392)

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1457.697	1080.364	685.173
	TOTAL EARNINGS	1457.697	1080.364	685.173

	IMPORTS
	Raw Materials	3811.398	2887.978	2167.021
	Components and spare parts	990.509	532.516	215.658
	Capital Goods	236.123	135.546	120.050
	TOTAL IMPORTS	5038.029	3556.040	2502.728

	Earnings / (Loss) Per Share (INR)	129.78	(72.87)	(139.36)

Particulars

31.03.2018

Sales Turnover (Approximately)

15000.000

Expected Sales (20178-2019): INR 17000.000 Million

The above information has been parted by Mr. Ashoka Gogate (Company Secretary)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Net cash flows from (used in) operations	616.740	(578.724)	(516.202)
Net cash flows from (used in) operating activities	552.860	(616.062)	(538.065)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	48.51	62.35	62.37

Account Receivables Turnover (Income / Sundry Debtors)	7.52	5.85	5.85

Average Payment Days (Sundry Creditors / Purchases * 365 Days)	102.24	151.53	137.53

Inventory Turnover (Operating Income / Inventories)	0.76	(0.07)	(0.10)

Asset Turnover (Operating Income / Net Fixed Assets)	0.79	(0.08)	(0.09)

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.60	0.90	0.79

Debt Equity Ratio (Total Liability / Networth)	0.51	4.25	1.40

Current Liabilities to Networth (Current Liabilities / Net Worth)	1.14	7.98	2.90

Fixed Assets to Networth (Net Fixed Assets / Networth)	0.45	2.10	1.04

Interest Coverage Ratio (PBIT / Financial Charges)	14.64	(1.75)	(0.76)

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	7.17	(5.02)	(10.88)

Return on Total Assets ((PAT / Total Assets) * 100)	%	12.63	(7.15)	(14.92)

Return on Investment (ROI) ((PAT / Networth) * 100)	%	32.44	(80.82)	(75.95)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.46	0.93	1.16

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.05	0.60	0.83

G-Score Ratio Financial (Networth / Total Assets)	0.39	0.09	0.20

G-Score Ratio Debt (Debts / Equity Capital)	17.72	35.31	25.67

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.46	0.93	1.16

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	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	50.113	61.234	78.099
Reserves & Surplus	245.013	447.305	2649.053
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	624.400	0.000	0.000
Net worth	919.526	508.539	2727.152

Long-term borrowings	1055.696	1127.647	1094.239
Short term borrowings	230.577	1034.521	289.991
Total borrowings	1286.273	2162.168	1384.230
Debt/Equity ratio	1.399	4.252	0.508

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	6420.437	8180.577	12333.110
		27.415	50.761

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	6420.437	8180.577	12333.110
Profit/ (Loss)	(698.392)	(410.987)	884.614
	(10.88)%	(5.02)%	7.17%

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	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	Yes
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 four years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	Yes
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	Yes
35]	Negative Reporting by Auditors in the Annual Report	No

FINANCIAL HIGHLIGHTS

During the year, the Company has posted a profit after tax of INR 884.614 million (PY-Loss of INR.410.987 million). Money invested by the Company in the earlier years in capital items has resulted into the productivity benefit during the year and the years to come. Further many new launches have been made by the Car Manufacturers on which your Company has spent considerable amounts of money, which we have partly reaped the benefits this year and we will be able to reap further benefit with the increased orders during the years to come. The Directors are continuously looking for avenues for future growth and are hoping that the Company will continue to perform better in the coming years.

OPERATION REVIEW

The Company is hopeful of continuing and exceeding current year’s turnover and profits during the coming years. This is backed up by the new regulation expected to be in place on safety standards and the awareness among the people on safety aspects in general.

UNSECURED LOAN

PARTICULAR	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Long-term maturities of finance lease obligations	0.000	1.327

Short-term borrowings
Other loans and advances	289.991	954.521
Rupee term loans from others	0.000	80.000
Total	289.991	1035.848

INDEX OF CHARGES

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	Y10358135	90250498	FORD INDIA	26/02/2002	-	-	2635000.0	CHENNAI TAMILNADU INDIA
2	G74441577	90250018	STATE BANK OF MYSORE	14/04/1994	11/04/1997	22/01/2018	38000000.0	INDUSTRIAL FINANCE BRANCH BANGALORE KARNATKA INDIA

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016

Claims against company not acknowledged as debt	75.945	68.656
Guarantees	18.475	44.011
Other money for which company is contingently liable	555.420	512.502
Total	649.840	625.169

FIXED ASSETS

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· 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 67.52
UK Pound	1	INR 91.48
Euro	1	INR 80.52

INFORMATION DETAILS

Information Gathered by :	RUB

Analysis Done by :	DIV

Report Prepared by :	RKI

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.