MIRA INFORM REPORT

Report No. :	512140
Report Date :	30.05.2018

IDENTIFICATION DETAILS

Name :	STG HEATING PRIVATE LIMITED
Registered Office :	Hirji Baug, T. J. Road, Behind Balmer Lawrie and Company, Opposite Sunder Tower, Sewri (West), Mumbai – 400015, Maharashtra
Tel. No.:	91-22-24184009
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	22.04.2009
Com. Reg. No.:	11-191920
Capital Investment / Paid-up Capital :	INR 10.000 Million
CIN No.: [Company Identification No.]	U29268MH2009PTC191920
IEC No.: [Import-Export Code No.]	0309020069
PAN No.: [Permanent Account No.]	AAMCS9894F
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers, traders, sellers, purchasers, distributors, commission agents, installers, servicing agencies, fabricators, assemblers, dealers, importers and exporters of all kinds, types and range of heating equipments, heating systems, heating solutions, boiler equipment, burner equipment and systems and pumps. (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	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2009. It is a dealer and service provider of machinery and equipment. As per the financial records of 2017, the company has reported a decline in its revenue as compared to the previous year’s revenue but has managed to maintain an average profitability margin of 1.11%. The company possesses satisfactory financial position marked by sufficient net worth base along with acceptable debt balance sheet profile. Business is active. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for 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.

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 30.05.2018

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 BY

Name :	Mr. Naresh Darji
Designation :	Deputy General Manager
Contact No.:	91-9321280044
Name :	Mr. Sunil
Designation :	Office Executive
Contact No.:	91-22-24184009
Date :	28.05.2018

LOCATIONS

Registered Office/ Corporate Office :	Hirji Baug, T. J. Road, Behind Balmer Lawrie and Company, Opposite Sunder Tower, Sewri (West), Mumbai – 400015, Maharashtra, India
Tel. No.:	91-22-24184009
Fax No.:	91-22-24175858
E-Mail :	naresh@s-tgroup.com indrajit@s-tgroup.com
Website :	http://stgheating.com
Regional Office 1:	WZ-9, Harish Singh Park, New Multan Nagar, Opposite Metro Pillar No 295, New Delhi - 110056, India
Tel. No.:	91-11-25291308/09
Email :	vinoshadelhi@s-tgroup.com
Regional Office 2:	# 890, 4th Cross, 7th Main, HAL 2nd Stage, Indiranagar, Bangalore-560038, Karnataka, India
Tel. No.:	91-80-25286030
Email :	stgbangalore@s-tgroup.com

DIRECTORS

As on 31.03.2017

Name :	Mr. Ajay Narrottam Tanna
Designation :	Managing Director
Address :	Mumbai Middle Class CHS, Gope Niwas, 32-275, Sion (East), Mumbai – 400022, Maharashtra, India
Date of Birth/Age :	01.05.1965
Date of Appointment :	01.07.2009
DIN No.:	01302100
Name :	Mr. Rohan Mahasukh Shah
Designation :	Director
Address :	17, Sharda A Road, Churchgate, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	31.12.1974
Date of Appointment :	22.04.2009
DIN No.:	01533484
Name :	Mr. Ashok Narottam Tanna
Designation :	Director
Address :	274, Vrindavan, Flat No. 1, Matunga CHS, Sion (East), Mumbai – 400022, Maharashtra, India
Date of Birth/Age :	10.05.1964
Date of Appointment :	22.04.2009
DIN No.:	01584634

KEY EXECUTIVES

Name :	Mr. Naresh Darji
Designation :	Deputy General Manager
Name :	Mr. Sunil
Designation :	Office Executive

MAJOR SHAREHOLDERS

As on 31.03.2017

Names of Shareholders	No. of Shares	%age holding
Ajay Tanna	250000	25.00
Ashok Tanna	250000	25.00
Rohan Shah	500000	50.00
Total	1000000	100.00

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 :

Manufacturers, traders, sellers, purchasers, distributors, commission agents, installers, servicing agencies, fabricators, assemblers, dealers, importers and exporters of all kinds, types and range of heating equipments, heating systems, heating solutions, boiler equipment, burner equipment and systems and pumps. (Registered Activity)

Products / Services :

Item Code No.	Products/Services Description
4690	Dealing of Machinery and Equipment
4690	Service of Machinery and Equipment

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 (From Indirect Sources) :

Industrial / Process Heating

· Toyoto Kirloskar India Limited

· Mahindra Aerospace Limited - Bangalore / Haridwar / Punjab

· Hero Moto Corp Limited - Dharuhera

· Control & Switch Gears - Rudrapur

· JBM Industries Gurgaon

· Neel Metal Industries Limited - Rudrapur

· Havells India Limited - Bawal

· Minda Group Of Industries Limited

· Hero Cycles Limited - Punjab / Bihar / UP

· Rockman Cycles Limited - Punjab / Bawal / Haridwar

Hospitality / Hotels / Health Care

· Hotel St. Regis - Mumbai

· Hotel Taj Santacruz T1C Airport GVK - Mumbai

· Hotel Taj Swarna - Amritsar

· Hotel Taj Fisherman's Cove - Chennai

· Hotel Taj Rambagh Palace - Jaipur

· Hotel Taj - Lucknow

· Hotel Taj Residency - Bangalore

· Hotel Taj Umaid Bhavan - Jodhpur

· Hyatt - Hampi / Raipur / Hinjewadi

· Hotel Taj Lake Palace - Udaipur

· Hotel Trident - Hyderabad

· Hotel Sofitel - BKC Mumbai

· Hotel Sahara Star - Mumbai

· Ginger Hotels - PAN India

· IBIS Hotels - PAN India

· Taj Clubhouse Imperial Towers - Mumbai

· Hotel Taj Gateway - Surat / Ernakulam / Hinjewadi / Gondia

· Hotel Oakwood Residence - Pune

Earthing and Lightning Protection

· Lodha Group

· Wadhwa Group

· Omkar Realtors

· Sumer Builders- Mumbai

· Four Season Hotel - Mumbai / Bangalore

· Kalyani Builders - Bangalore

· Imperial Towers - Mumbai

· Piramal Realty - Mumbai

· ITC Hotels Colombo / Ahmedabad

· Dhirubhai Ambhani International Convention and Exhibition Centre (DAICEC) - Mumbai

· Oberoi Realty

· Provenance Land

No. of Employees :

Information denied by the management

Bankers :

Banker Name :	State Bank of India
Branch :	SME Backbay Reclamation Branchmittal Court, B Wing, Nariman Point, Mumbai-400021, Maharashtra, 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 :	--

· Axis Bank Limited, 8th Floor, Harbhajan Building, CST Road, Kalina, Santacruz (East), Mumbai-400098, Maharashtra, India

· ICICI Bank Limited

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
ICICI Bank Car Loan	0.095	0.452
Less: Current Maturities	0.095	0.357
Axis Bank Property loan	17.730	19.231
Less: Current Maturities	1.866	1.497
Axis Bank Property loan	17.730	19.230
Less: Current Maturities	1.866	1.497
Short-term borrowings
Overdrawn bank balance (Secured against book debt, stock and immovable assets of group companies)	24.250	13.953
SLC Bank Loan (Secured against Fixed/Current Assets)	0.000	4.851
Total	55.978	54.366

Auditors :
Name :	C M Gabhawala and Company Chartered Accountants
Address :	42,Nanik Nivas, 30, Dr. D D Sathe Marg, Girgaum, Mumbai – 400006, Maharashtra, India
Tel. No.:	91-22-23880101/23823923
Fax No.:	91-22-23850931
E-Mail :	cmgco@hathway.com
Income-tax PAN of auditor or auditor's firm :	AACPG7949J
Memberships :	Not Available
Collaborators :	Not Available
Associated Companies :	· STG Infrastructure Private Limited · STG Refractory Private Limited · Linnhoff India Private Limited
Association in which KMP / Relatives of KMP can exercise significant influence :	· Taurus Heat Systems · Motabhoy Gulabdas and Company · M P Shah (HUF) · A J Corporation · VMC Refractory Solutions Private Limited
Subsidiary Company :	· Insulref Technologies Private Limited

CAPITAL STRUCTURE

As on 29.09.2017

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
1000000	Equity Shares	INR 10/- each	INR 10.000 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	10.000	10.000	10.000
(b) Reserves & Surplus	36.676	34.345	31.714
(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)	46.676	44.345	41.714
(3) Non-Current Liabilities
(a) long-term borrowings	58.766	61.539	65.618
(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	1.331	1.280	1.291
Total Non-current Liabilities (3)	60.097	62.819	66.909
(4) Current Liabilities
(a) Short term borrowings	24.250	18.804	17.521
(b) Trade payables	34.665	28.641	23.285
(c) Other current liabilities	29.098	32.095	28.344
(d) Short-term provisions	0.000	0.653	0.201
Total Current Liabilities (4)	88.013	80.193	69.351
TOTAL	194.786	187.357	177.974
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.343	1.953	2.775
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	70.735
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	75.137	73.145	0.025
(c) Deferred tax assets (net)	0.771	0.796	0.672
(d) Long-term Loan and Advances	3.620	3.493	3.579
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	80.871	79.387	77.786
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	48.609	45.085	44.284
(c) Trade receivables	53.644	49.983	41.450
(d) Cash and cash equivalents	4.161	4.330	4.862
(e) Short-term loans and advances	6.560	8.073	8.348
(f) Other current assets	0.941	0.499	1.244
Total Current Assets	113.915	107.970	100.188
TOTAL	194.786	187.357	177.974

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	210.126	227.781	210.058
	Other Income	4.616	1.300	0.221
	TOTAL	214.742	229.081	210.279
Less	EXPENSES
	Purchases of Stock-in-Trade	119.014	127.189	118.486
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(3.525)	(0.801)	(1.134)
	Employees benefits expense	38.659	37.633	32.299
	Other expenses	47.561	51.319	48.633
	TOTAL	201.709	215.340	198.284
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	13.033	13.741	11.995
Less	FINANCIAL EXPENSES	8.937	9.044	6.852
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	4.096	4.697	5.143
Less/ Add	DEPRECIATION/ AMORTISATION	0.790	1.055	1.482
	PROFIT/ (LOSS) BEFORE TAX	3.306	3.642	3.661
Less	TAX	0.975	1.010	1.122
	PROFIT/ (LOSS) AFTER TAX	2.331	2.632	2.539
	EARNINGS IN FOREIGN CURRENCY	22.111	21.271	5.592
	Earnings / (Loss) Per Share (INR)	2.33	2.63	2.54

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	3.828	3.351	3.127
Cash generated from operations	9.946	14.158	31.498
Net cash flows from (used in) operating activities	8.233	13.436	28.036

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	93.18	80.09	72.02
Account Receivables Turnover (Income / Sundry Debtors)	3.92	4.56	5.07
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	106.31	82.19	71.73
Inventory Turnover (Operating Income / Inventories)	0.27	0.30	0.27
Asset Turnover (Operating Income / Net Fixed Assets)	9.70	7.04	0.16

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.77	0.77	0.78
Debt Equity Ratio (Total Liability / Networth)	1.86	1.89	2.07
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.89	1.81	1.66
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.03	0.04	1.76
Interest Coverage Ratio (PBIT / Financial Charges)	1.46	1.52	1.75

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	1.11	1.16	1.21
Return on Total Assets ((PAT / Total Assets) * 100)	%	1.20	1.40	1.43
Return on Investment (ROI) ((PAT / Networth) * 100)	%	4.99	5.94	6.09

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.29	1.35	1.44
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.74	0.78	0.81
G-Score Ratio Financial (Networth / Total Assets)	0.24	0.24	0.23
G-Score Ratio Debt (Debts / Equity Capital)	8.68	8.37	8.63
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.29	1.35	1.44

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	10.000	10.000	10.000
Reserves & Surplus	31.714	34.345	36.676
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	41.714	44.345	46.676
long-term borrowings	65.618	61.539	58.766
Short term borrowings	17.521	18.804	24.250
Current maturities of long-term debts	3.127	3.351	3.828
Total borrowings	86.266	83.694	86.844
Debt/Equity ratio	2.068	1.887	1.861

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	210.058	227.781	210.126
		8.437	-7.751

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	210.058	227.781	210.126
Profit	2.539	2.632	2.331
	1.21%	1.16%	1.11%

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	No
12]	Voter Id Card No. of Proprietor / Partners	No
13]	Type of business	Yes
14]	Line of Business	Yes
15]	Export/import details (if applicable)	No
16]	No. of employees	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

GENERAL INFORMATION

The Company was incorporated on 22nd April, 2009 as a Private Limited Company (CIN: U29268MH2009PTC191920) under the Companies Act, 1956 with the principle objective to carry on the business as manufacturers. traders, sellers, purchasers, distributors, commission agents, installers, servicing agencies, fabricators, assemblers, dealers, importers and exporters of all kinds, types and range of heating equipments, heating systems, heating solutions, boiler equipment, burner equipment and systems and pumps

UNSECURED LOAN

PARTICULAR	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Loans and advance from related parties	27.038	25.977
Total	27.038	25.977

INDEX OF CHARGES

S No	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G47354121	10445724	State Bank of India	12/07/2013	02/06/2017	-	65000000.0	SME BACKBAY RECLAMATION BRANCHMITTAL COURT, B WING, NARIMAN POINT Mumbai Maharashtra 400021 India
2	G80691785	10544973	Axis Bank Limited	12/01/2015	-	08/03/2018	20700000.0	8th FLLOR, HARBHAJAN BLDG, CST ROAD,KALINA, SANTACRUZ EAST, MUMBAI Maharashtra 400098 India
3	G77051753	10544976	Axis Bank Limited	12/01/2015	-	17/02/2018	20700000.0	8th FLLOR, HARBHAJAN BLDG, CST ROAD,KALINA, SANTACRUZ EAST, MUMBAI Maharashtra 400098 India
4	G06534937	10412020	The Saraswat Co-operative Bank Limited	08/02/2013	-	06/06/2016	648000.0	Rasec Dadar Branch, Laxman Zulla,1st Floor, 50, Ranade Road, Dadar, Mumbai Maharashtra 400028 India
5	G02419224	10363048	The Saraswat Co-operative Bank Limited	25/06/2012	-	29/04/2016	513000.0	Rasec Dadar Branch, Laxman Zulla,1st Floor, 50, Ranade Road, Dadar, Mumbai Maharashtra 400028 India
6	G02298149	10363052	The Saraswat Co-operative Bank Limited	25/06/2012	-	26/04/2016	514000.0	Rasec Dadar Branch, Laxman Zulla,1st Floor, 50, Ranade Road, Dadar, Mumbai Maharashtra 400028 India
7	C40645996	10329001	The Saraswat Co-operative Bank Limited	08/12/2011	-	14/01/2015	10000000.0	SME Nariman Point Branch, Mittal Court A Wing1st Floor, Vidhan Bhavan Marg, Nariman Point Mumbai Maharashtra 400021 India

CONTINGENT LIABILITIES: (As on 31.03.2017)

The company has contingent liability of INR 12.728 Million as at 31^st March, 2016 for the Bank Guarantee given. (PY INR 12.254 Million).

The company has made no capital commitment. (PY INR 2.385 Million)

FIXED ASSETS

• Land
• Building
• Furniture and Fixture
• Computer
• Plant and Machinery

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	INR
US Dollar	1	INR
UK Pound	1	INR
Euro	1	INR

INFORMATION DETAILS

Information Gathered by :
Analysis Done by :
Report Prepared by :	JYTK

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES/NO
--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/NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.