MIRA INFORM REPORT

Report Date :

17.02.2007

IDENTIFICATION DETAILS

Name :	S I PRECISION MOULD PRIVATE LIMITED
Registered Office :	F-29, Basement, Green Park Main, New Delhi – 110016
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	26.03.2004
Com. Reg. No.:	55-125465
CIN No.	U25201DL2004PTC125465
TAN No.: (Tax Deduction & Collection Account No.)	DELS22393A
PAN No.: (Permanent Account No.)	AAICS05040C
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturers of all types of Plastic Moulded Components.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small

Maximum Credit Limit :
Status :	Moderate
Payment Behaviour :	Slow by average 30 days
Litigation :	Clear
Comments :	Subject is a new company and it’s profit margin is under severe pressure. The company has substantial accumulated losses. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	F-29, Basement, Green Park Main, New Delhi – 110016, India
Email :	ajay.goyal@megasoftsol.com guptaashish75@gmail.com
Factory 1 :	C-3, Phase – II Extension, Hosiery Complex, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91-120-5352746/ 2461975/ 2461490
Fax No.:	91-120-2461245
Location :	Industrial (Leased)

DIRECTORS

Name :	Mr. Seung Jae Kim
Designation :	Director
Address :	201, Ground Floor, Bor Bagh, new Delhi-110003
Date of Casing:	22/04/2005
Date of Appointment :	26/03/2004
Name :	Mr. Myun Bo Kim
Designation :	Director
Address :	7 Friends Colony West, New Delhi-110065, India
Date of Appointment :	26/03/2004
Name :	Mr. Kang Jang Soo
Designation :	Director
Address :	1/204, Jinheung Apartment, 53-2, Samsung Dong, Kangnam-Ku, Seoul, Korea
Date of Appointment :	15/05/2005
Name :	Mr. Park Joon Ha
Designation :	Director
Address :	649 Chojj-Dong, Ansan Si, Kyunggi-Do, South Korea
Date of Appointment :	22/04/2005

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares
Sam Kwang India Company Limited	422500
Inkotech (India) Private Limited	422500
Sejin Industry Company Limited	452500
TOTAL	855000

BUSINESS DETAILS

Line of Business :

Manufacturers of all types of Plastic Moulded Components.

Products :

Product Description	ITC Code No
Plastic Moulded Components	85.29

Imports from :

Korea and Domestic Market

Terms :

Purchasing :

On Credit basis

PRODUCTION STATUS

Particulars	Unit	Actual Production
CTV Front Cabinet	No.	173627
CTV Rear Cabinet	No.	150313

GENERAL INFORMATION

Bankers :	Standard Chartered Bank
Facilities :	--

Banking Relations :	Satisfactory
Auditors :	Sanjeev K Jain and Company Chartered Accountants
Address :	E-35, Green Park (Main), New Delhi-110016, India
Tel. No.:	91-11-26514850, 26514851, 26566971
Telefax:	91-11-26510933
Email:	skj@del2.vsnl.net.in
Group Companies:	v Inkotech India Private Limited Address : C-3, Phase – II Extension, Hosiery Complex, Noida – 201301, Uttar Pradesh, India Legal Status : Private Limited Company Date of Incorporation: 22^nd August 2001 Line of Business : Manufacturers of Plastic Moulded Components Telephone Number : 91-120-22461243/22461244/22461975/22461490 v Sam Kwang India Company Limited Address : 173-12, Sanjun – Ri, Dunpo – Myon, Asan City, Chungnam, Korea Legal Status : Private Limited Company Line of Business : Manufacturers of Plastic Moulded Components Telephone Number : 82 41 534 0072 to 76 Fax Number : 82 41 534 2372-3 173-12

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/-	Rs. 10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
905000	Equity Shares	Rs. 10/-	Rs. 9.050 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		9.050	9.050	0.500
2] Share Application Money		18.600	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(3.264)	(3.609)	(0.016)
NETWORTH		24.386	5.441	0.484
LOAN FUNDS
1] Secured Loans		27.178	7.318	1.015
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		27.178	7.318	1.015
DEFERRED TAX LIABILITIES		2.013
TOTAL		53.577	12.759	1.499
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		48.948	50.100	0.000
Capital work-in-progress		7.580	0.035	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.450	0.000	0.000
	Sundry Debtors	18.712	5.872	0.000
	Cash & Bank Balances	0.174	0.747	0.000
	Other Current Assets	0.000	10.217	0.000
	Loans & Advances	11.954	5.424	1.515
Total Current Assets		45.290	22.260	1.515
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	48.399	60.645	0.201
	Provisions	0.600
Total Current Liabilities		48.999	60.645	0.201
Net Current Assets		(3.709)	(38.385)	1.314
MISCELLANEOUS EXPENSES		0.758	1.009	0.185
TOTAL		53.577	12.759	1.499

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2005	31.03.2004
Sales Turnover [including other income]	96.616	--
Profit/(Loss) Before Tax	(3.593)	(0.016)
Provision for Taxation	--	--
Profit/(Loss) After Tax	(3.593)	(0.016)
Export Value	0.092	--
Import Value	30.834	--
Total Expenditure	100.199	0.016

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
PAT / Total Income	(%)	NA	(3.72)	--
Net Profit Margin (PBT/Sales)	(%)	NA	(3.72)	--
Return on Total Assets (PBT/Total Assets}	(%)	NA	(4.97)	(1.06)
Return on Investment (ROI) (PBT/Networth)		NA	(0.66)	(0.03)
Debt Equity Ratio (Total Liability/Networth)		3.12	12.49	2.51
Current Ratio (Current Asset/Current Liability)		0.92	0.37	7.53

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSETS

Ø Air Compressor

Ø Air Conditioner

Ø Air Receiver and Dryer

Ø Chilling Plant

Ø Computer

Ø D G Set

Ø Electrical Fitting

Ø EOT Crane

Ø Factory Equipments

Ø Fire Fighting Systems

Ø Furniture and Fixture

Ø Leasehold Improvement

Ø Office Equipments

Ø Plant Booth

Ø Plant and Machinery

Ø Tools and Equipments

Ø Water Tank

Ø ETP Plant

Ø Vehicles

Being the First Year of operations directors are inform that during the year the turnover of the company was Rs. 92.099 millions for the year ended 31-03-2005. the company reported a loss of Rs. 3.593 millions.

The Registered Office of the company has been shifted form 7 Friends Colony West, New Delhi-110065 to the present address w.e.f. 03.08.2006

Profile

The company was incorporated in March 26, 2004 as a Private Limited Liability Company having Registration Number 55-125465 in Noida, Uttar Pradesh.

The subject is engaged in the business of Manufactures of all type of Plastics Moulded Components.

SI stands for first intials from the Companies Sam Kwang India Company Limited, Korea and Inkotech India Private Limited an Indian Company both of which are going to have a joint venture and would hold 50% Equity each.

Inkotech India Private Limited Financials attached herewith:

Capital Investment: Rs. 36.228 millions (March, 2005)

Rs. 26.336 millions (March, 2004)

Inkotech India Private Limited

PARTICULARS	31.03.2005	31.03.2004
Sales Turnover [including other income]	272.574	235.508
Profit/(Loss) Before Tax	2.362	3.262
Provision for Taxation	1.417	0.838
Profit/(Loss) After Tax	0.945	2.424

KEY RATIOS

PARTICULARS		31.03.2005	31.03.2004
PAT / Total Income	(%)	0.34	1.03
Net Profit Margin (PBT/Sales)	(%)	0.86	1.38
Return on Investment (ROI) (PBT/Networth)		0.06	0.12

1) Date and description of instrument creating the change	Letter of Hypothecation of Stock and Book Debts dated 15/09/2004
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 20.000 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All stock in trade both present and future consisting of Raw Material, Finished good in process of manufacturing and other merchandise whatsoever all the present and future book debts, outstanding moneys receivables claims and bills etc. shall be hypothecated to the bank by way of excusive charge basis.
4) Gist of the terms and conditions and extent and operation of the charge.	Interest as may be determined by the bank from time to time.
5) Name and Address and description of the person entitled to the charge.	Standard Chartered Bank Sansad Marg, New Delhi
6) Date and brief description of instrument modifying the charge	Not Applicable
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Applicable

1) Date and description of instrument creating the change	Agreement of Hypothecation of Stock and Book Debts dated 15/09/2004
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 20.000 millions for facility of Sales invoice Discounting Of Rs. 20.000 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	The whole of the fixed assets of the borrower situated at C-1, Phase-II, Extention, Hosiery Complex, Nodia, 201, 301, U P including its moveable plaint and machinery, machinery spares tolls and accessories and other movable, both presenta nd future whether installed or not and whether now lying losses or in cases or which are now lying or stored in or open or shall hereafter from time to time during the continuance of the security of these presents be brought into and or upon or to be stored or to be stored or to be in ot about all the borrowers factories, premises and godowns situated at C-1, Phase-II, Extention, Hosiery Complex, Nodia, 201, 301, U P or whether else the same will be or shall be held any party to the order or disposition of the borrowers or in the course of transit or on high seas or on order or delivery howsoever and whosesoever in the possession the borrowers.
4) Gist of the terms and conditions and extent and operation of the charge.	Interest as may be determined by the bank from time to time.
5) Name and Address and description of the person entitled to the charge.	Standard Chartered Bank Sansad Marg, New Delhi
6) Date and brief description of instrument modifying the charge	Not Applicable
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Applicable

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 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	Indian Rupees
US Dollar	1	Rs.44.28
UK Pound	1	Rs.86.64
Euro	1	Rs.58.10

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	-
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

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