MIRA INFORM REPORT

Report No. :	511043
Report Date :	28.05.2018

IDENTIFICATION DETAILS

Name :	EXEL RUBBER LIMITED
Registered Office :	Sy No.315 and 316, Ameenpur Road, Bachupally Village, Quthbullapur – 500043, Telangana
Tel. No.:	91-40-23044701/02
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	09.12.1987
Com. Reg. No.:	36-008050
Capital Investment / Paid-up Capital :	INR 8.470 Million
CIN No.: [Company Identification No.]	U25199TG1987PLC008050
IEC No.: [Import-Export Code No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACE4495J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Automotive Butyl Inner tubes, tyre curing Bladders and Air bags for Tyre Companies. (Registered activity)
No. of Employees :	Information denied 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 :	Subject was incorporated in the year 1987. It is a manufacturer, importer and exporter of all varieties of Rubber and Rubber products. For the financial year 2017, the company has achieved 17.34% growth in its revenue as compared to the previous year revenue and has maintained healthy profitability margin of 11.92% during the year under review. The sound financial profile of the company is marked by healthy networth base along with strong debt coverage indicators due to low debt balance sheet profile. The company has favourable Earning per Share (EPS) of INR 444.06 against a face value (FV) of INR 10. The rating takes into consideration the subject’s long established track record of the business operations along with extensive experience of its promoters. However, rating strengths are partially offset by volatility in raw material prices and forex exchange fluctuation risk. Business is active. Payment seems to be regular. 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	CARE
Rating	Long term bank facilities: A+
Rating Explanation	Adequate degree of safety and low credit risk.
Date	05.01.2018

Rating Agency Name	CARE
Rating	Short term bank facilities: A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	05.01.2018

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 28.05.2018

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 (91-40-23044701/02)

91-8488-279641 – not responding

LOCATIONS

Registered Office / Administrative Office :	Sy No.315 and 316, Ameenpur Road, Bachupally Village, Quthbullapur – 500043, Telangana, India
Tel. No.:	91-40-23044701 / 02 / 03
Fax No.:	91-40-23042742
E-Mail :	infp@excelrubber.com xlruber@hotmail.com
Factory :	Plot No. 127/B, S.V. Co-Operative Society, Bollaram (V), Medak Dist. Telangana, India
Tel No.:	91-8458-279641 / 279401
Fax No.:	91-8458-279473

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Gangaram Raghunath Reddy

Designation :

Director

Address :

5-103, Plot No. 808 and 809, Baghapuri Viveknanda Nagar Colony, Kukatpally, Hyderabad -500072, Telangana, India

Date of Birth/Age :

06.10.1961

Qualification:

B. Tech

Date of Appointment :

01.08.1988

DIN No.:

00868925

PAN No.:

ACVPG2008F

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U25100TG1996PTC024135	VENUS ELASTOMERS PRIVATE LIMITED	20/05/1996	-
U24134TG1998PLC029114	VILAS POLYMER LIMITED	23/04/1998	-
U25112TG2001PLC037183	ACE TYRES LIMITED	23/08/2001	-
U29219TG2006PLC048987	LEXUS MACHINES LIMITED	02/02/2006	-
U25203TG2015PTC101954	MAXIMO TYRES PRIVATE LIMITED	27/11/2015	-

Name :

Mr. Sirisha Gangaram

Designation :

Director

Address :

5-103, Plot No. 808 and 809, Baghapuri Viveknanda Nagar Colony, Kukatpally, Hyderabad -500072, Telangana, India

Date of Birth/Age :

11.06.1987

Qualification:

Graduation

Date of Appointment :

21.09.2009

DIN No.:

02396611

PAN No.:

AJWPG6175H

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U29219TG2006PLC048987	LEXUS MACHINES LIMITED	05/10/2009	-

Name :

Mr. Shahabuddin Habeeb Syed

Designation :

Director

Address :

H. No.4-1-1236/3 Boggulakunta, Hyderabad- 500001, Telangana, India

Date of Birth/Age :

09.07.1966

Qualification:

Graduation

Date of Appointment :

01.08.1988

DIN No.:

02403391

PAN No.:

AECPS6423F

Name :

Madhava Reddy Baddevolu

Designation :

Director

Address :

1-89/1/59, Ft No.101, Sree Priya Residency Kavuri Hills, Madhapur Ranga Reddy District- 500033, Andhra Pradesh, India

Date of Birth/Age :

06.07.1949

Qualification:

Graduation

Date of Appointment :

07.03.2015

DIN No.:

02790758

PAN No.:

ACXPB3553G

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24134TG1998PLC029114	VILAS POLYMER LIMITED	07/03/2015	-
U25112TG2001PLC037183	ACE TYRES LIMITED	07/03/2015	-
U72200TG2012PTC078593	CYBER SPHERE IT SERVICES PRIVATE LIMITED	16/01/2012	-

Name :

Manjusha Gangaram

Designation :

Director

Address :

Plot No.836 Road No.43, Jubilee Hills, Hyderabad -500018, Telangana, India

Date of Appointment :

29.09.2017

DIN No.:

02819848

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24134TG1998PLC029114	VILAS POLYMER LIMITED	29/09/2014	-
U25112TG2001PLC037183	ACE TYRES LIMITED	01/09/2015	-
U29219TG2006PLC048987	LEXUS MACHINES LIMITED	29/09/2017	-
U14294TG2013PTC087853	UWE GRANITES PRIVATE LIMITED	23/05/2013	-

Name :

Mr. Vasudeva Gangaram Reddy

Designation :

Director

Address :

20/1003, Co-Operative Colony, Cuddapah- 516001, Andhra Pradesh, India

Date of Birth/Age :

01.07.1948

Qualification:

Graduation

Date of Appointment :

07.03.2015

DIN No.:

07157155

PAN No.:

ADPPG4719E

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24134TG1998PLC029114	VILAS POLYMER LIMITED	07/03/2015	-
U25112TG2001PLC037183	ACE TYRES LIMITED	07/03/2015	-

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares
G. Raghunath Reddy	278667
P. Shiv Shankar Reddy	100649
S.W. Naveed	46949
Y. Srinivas Reddy	46178
Manjusha	44046
Sirisha	44046
N.R.K. Rao	37334
B. Sudhakar Reddy	35999
Syed Shahabuddin Habib	29921
S.W. Mujeeb	29921
Syed Zakria Ameenudin	29921
G. Sharasha	26408
D. Diwakar Reddy	20479
Tahwar Ali	20065
Dwarakanath Reddy	17672
V.B. Tapadia	15606
T.Vardamma	13533
Padmanabha Reddy	9646
Total	847040

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2017

Category	Percentage
Promoters- Individual/Hindu Undivided Family- Indian	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Automotive Butyl Inner tubes, tyre curing Bladders and Air bags for Tyre Companies. (Registered activity)

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
Manufacturing of Automotive Butyl Inner tubes, tyre curing Bladders and Air bags for Tyre Companies.	22111

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information denied by the management

Bankers :

Banker Name :	State Bank of India
Branch :	Commercial Branch, Mid Corporate Group, Bank Street, Koti, Hyderabad - 500095, Telangana, India
Person Name (With Designation) :	--
Contact Number :	--
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 :

(INR In Million)

SECURED LOAN	As on 31.03.2017	As on 31.03.2016
SHORT TERM BORROWING
Loans repayable on demand from banks	97.127	14.073
Total	97.127	14.073

Auditors :
Name :	Shriram Narayan Associates Chartered Accountants
Address :	Flat No.106, Rellance Residency, 1-2-234/13/53-56, Ashok Nagar, Hyderabad-500029, Telangana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAGFS4406G
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	ACE Tyres Limited, India [U25112TG2001PLC037183] Vilas Polymer Limited, India [U24134TG1998PLC029114] Lexus Machines Limited, India [U29219TG2006PLC048987]

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	INR 10/- each	INR 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
847040	Equity Shares	INR 10/- each	INR 8.470 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	8.470	8.470	8.470
(b) Reserves and Surplus	2389.142	2034.375	1789.465
(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)	2397.612	2042.845	1797.935
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long-term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.436	2.084	0.000
Total Non-current Liabilities (3)	1.436	2.084	0.000
(4) Current Liabilities
(a) Short-term borrowings	97.127	14.073	0.000
(b) Trade payables	143.344	101.247	135.769
(c) Other current liabilities	40.355	33.055	30.117
(d) Short-term provisions	201.379	161.175	133.600
Total Current Liabilities (4)	482.205	309.550	299.486
TOTAL	2881.253	2354.479	2097.421
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1250.288	1119.190	1088.675
(ii) Intangible Assets	0.372	1.497	2.910
(iii) Tangible assets capital work-in-progress	0.150	1.249	18.982
(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)	0.000	0.000	0.000
(d) Long-term loans and advances	83.886	68.984	38.174
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1334.696	1190.920	1148.741
(2) Current assets
(a) Current investments	0.452	0.452	0.451
(b) Inventories	196.557	210.856	235.332
(c) Trade receivables	448.933	290.330	316.219
(d) Cash and bank balances	604.164	438.102	157.278
(e) Short-term loans and advances	296.451	223.819	239.400
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1546.557	1163.559	948.680
TOTAL	2881.253	2354.479	2097.421

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	3147.983	2682.910	2654.999
	Other Income	50.869	54.978	21.179
	TOTAL	3198.852	2737.888	2676.178
Less	EXPENSES
	Cost of Materials Consumed	1134.268	1139.604	1312.151
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	8.968	(6.438)	45.679
	Employee benefit expense	447.089	351.927	297.063
	CSR expenditure	0.100	0.100	0.000
	Other expenses	752.156	549.196	444.194
	TOTAL	2342.581	2034.389	2099.087
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	856.271	703.499	577.091
Less	FINANCIAL EXPENSES	8.888	5.975	4.754
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	847.383	697.524	572.337
Less/ Add	DEPRECIATION/ AMORTISATION	271.094	262.359	244.200
	PROFIT/ (LOSS) BEFORE TAX	576.289	435.165	328.137
Less	TAX	201.000	161.000	133.600
	PROFIT/ (LOSS) AFTER TAX	375.289	274.165	194.537
	EARNINGS IN FOREIGN CURRENCY
	Export Sales	194.117	174.460	182.213
	TOTAL EARNINGS	194.117	174.460	182.213
	IMPORTS
	Raw Materials	510.374	608.826	72.942
	Capital Goods	34.442	20.072	2.918
	Spares	0.996	1.183	0.176
	TOTAL IMPORTS	545.812	630.081	76.036
	Earnings / (Loss) Per Share (INR)	443.06	323.67	229.67

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
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	728.357	756.810	583.033
Net cash flows from (used in) operating activities	487.555	567.192	449.041

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	52.05	39.50	43.47
Account Receivables Turnover (Income / Sundry Debtors)	7.01	9.24	8.40
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	46.13	32.43	37.77
Inventory Turnover (Operating Income / Inventories)	4.36	3.34	2.45
Asset Turnover (Operating Income / Net Fixed Assets)	0.68	0.63	0.52

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.17	0.13	0.14
Debt Equity Ratio (Total Liability / Networth)	0.04	0.01	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.20	0.15	0.17
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.52	0.55	0.62
Interest Coverage Ratio (PBIT / Financial Charges)	96.34	117.74	121.39

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	11.92	10.22	7.33
Return on Total Assets ((PAT / Total Assets) * 100)	%	13.03	11.64	9.28
Return on Investment (ROI) ((PAT / Networth) * 100)	%	15.65	13.42	10.82

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	3.21	3.76	3.17
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	2.80	3.08	2.38
G-Score Ratio Financial (Networth / Total Assets)	0.83	0.87	0.86
G-Score Ratio Debt (Debts / Equity Capital)	11.47	1.66	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	3.21	3.76	3.17

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	8.470	8.470	8.470
Reserves & Surplus	1789.465	2034.375	2389.142
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1797.935	2042.845	2397.612
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	14.073	97.127
Total borrowings	0.000	14.073	97.127
Debt/Equity ratio	0.000	0.007	0.041

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	2654.999	2682.910	3147.983
		1.051	17.335

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	2654.999	2682.910	3147.983
Profit/ (Loss)	194.537	274.165	375.289
	7.33 %	10.22 %	11.92 %

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	Yes
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 Flat No. 507. Sai Sadan Apartments, Balkumpet, S.R. Nagar, Hyderabad-500 038, Telangana, India to the present address w.e.f. 15.12.2011.

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	C37920774	10538519	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	04/12/2014	-	-	20000000.0	6-3-1107 & 1108, RAJ BHAVAN ROADSOMAJI GUDAHYDERABADTG500082IN
2	C04066502	10433004	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	28/05/2013	04/11/2013	-	200000000.0	6-31107 & 1108, RAJ BHAVAN ROADSOMAJIGUDAHYDERABADAP500082IN
3	G13112578	80005619	STATE BANK OF INDIA	22/12/1989	08/06/2016	-	421500000.0	COMMERCIAL BRANCH, MID CORPORATE GROUPBANK STREET, KOTIHYDERABADTG500095IN
4	G01790302	90260793	STATE BANK OF INDIA	22/12/1989	27/03/2002	19/04/2016	5000000.0	COMMERCIAL BRANCHKOTIAPIN
5	G01789726	80049504	STATE BANK OF INDIA	19/12/2001	19/12/2013	19/04/2016	556300000.0	COMMERCIAL BRANCH, MID CORPORATE GROUPBANK STREET, KOTIHYDERABADAP500095IN
6	G01790187	90118671	STATE BANK OF INDIA	05/02/1997	-	19/04/2016	1800000.0	C& I BANKING DIVISION MAIN BRANCHHYDERABADAPIN

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Guarantees given by the company’s bankers to Central Excise, APSRTC, TSRTC	3.166	0.925

FIXED ASSETS:

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Leasehold improvements

Intangible assets

• Computer software

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 68.26
UK Pound	1	INR 91.22
Euro	1	INR 79.88

INFORMATION DETAILS

Information Gathered by :	SHW
Analysis Done by :	VAR
Report Prepared by :	KVT

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.