MIRA INFORM REPORT

Report Date :

07.04.2008

IDENTIFICATION DETAILS

Name :	GENPACT INDIA LIMITED
Formerly Known As :	GE CAPITAL INTERNATIONAL SERVICES
Registered Office :	Delhi Information Technology Park, Shastri Park, New Delhi – 110053
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	30.10.1996
Com. Reg. No.:	55-82960
CIN No.: [Company Identification No.]	U74899DL1996ULT082960
TAN No.: [Tax Deduction & Collection Account No.]	DELG04341B
PAN No.: [Permanent Account No.]	AAACG9163H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is engaged in the business of Billing Services, Processing Services and Business Services.

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 49047940
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having excellent track. Available information indicates high financial responsibility of the company. Trade relations are fair. Payments are correct and as per commitments. The company is doing very well. It can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to long run.

LOCATIONS

Registered Office :	Delhi Information Technology Park, Shastri Park, New Delhi – 110053, India
Tel No.:	91-11-42565400
Email :	sumit.pahwa@genpact.com
Website :	http://www.genpact.com
Corporate Office 1:	Building 8A, 4^th Floor, DLF Phase – II, Cyber City, Gurgaon – 122015, Haryana, India
Tel. No.:	91-124-4526700
Fax No.:	91-124-4526946
Corporate Office 2:	Aifcas Building, 1 Rafi Marg, New Delhi – 110 001, India.
Tel. No.:	91-11-51555100
Fax No.:	91-11-23355955
Email:	Vivek.gour@genpact.com
Website :	http://www.genpact.com
Branches :	INDIA : DLF City - Phase V Sector 53, Gurgaon - 122002, Haryana State, India Phone : 91.124. 402 2000/ 5022940 Fax : 91. 124. 402 2205 CHINA : GE Building No. 5 Software Park Road, Dalian Software Park Dalian, Liaoning – 116023 China, India Phone : 86.411. 8366 6666 Fax : 86.411. 8366 6808 MEXICO : 251 Avenida Lerdo Norte Cd. Juarez, Chihuahua, Mexico CP32000 Phone: 52-656-680-0350 (Mexico) 1-915-225-2500 (US) Fax: 1-915-225-2600 (US) Courier: c/o Brokers Logistics 1000 Hawkins Blvd, Suite A El Paso, TX, USA 79915 US Mail: PO Box 981077 El Paso, TX, USA 79998-1077 HUNGARY : 4th Floor, Duna Plaza Vaci Ut 178 1138, Budapest Hungary Phone : 361. 330 .8915 Fax: 361. 330 .8366 ROMANIA : Bucharest, sector 2, Dimitrie Pompei Blvd. 9-9A, IRIDE Business Park, Building 14. Romania Phone : 40 21 599 20 10. UNITED STATES : 1251 Avenue of the Americas, New York, NY 10020-1104 Phone: 646 624 5900 Fax: 646 823 0469 THE PHILIPPINES : Genpact LLC, Plaza A, Dotcom Drive, Northgate Cyberzone, Filinvest Corporate City, Alabang, Muntinlupa City, Metro Manila, Philippines -1781 Gurgaon DLF City - Phase V, Sector 53, Gurgaon - 122002, Haryana, India Phone: 91- 124- 402 2000 Fax: 91 -124 -402 2205 Delhi IT Park, DMRC Building, Shastri Park, Delhi 110053 Phone: 91- 11- 4256 5400 Fax: 91 -11- 4256 5454 Kolkata DLF IT Park Tower 1, 7th and 8th Floor, 8 Major Arterial Road, New Town, Rajarhat, Kolkata-700 156 Phone: 91 -33 -6550 0751 Fax: 91 -141- 305 2345 Hyderabad 14 - 45, IDA Uppal, Opp NGRI, Habsiguda, Hyderabad, Phone: 91 -40- 6611 4411 Fax: 91- 40- 6611 4614 Bangalore Surya Park, Ring Road, Electronic City, Bangalore, 561 229 Phone: 91- 80- 4119 8999 Fax: 91- 80 -4119 8999 Jaipur Jawaharlal Nehru Marg, Malviya Nagar, Jaipur Phone: 91-141-409 2028 Fax: 91-141-409 2345

DIRECTORS

Name :	Mr. Goel Sanjay
Designation :	Whole Time Director
Address :	1309 B, Beverly Park – II, DLF Phase- II, Gurgaon – 122 002, Haryana, India.
Date of Birth/Age :	22.02.1958
Date of Appointment :	27.10.2005
Name :	Mr. Gour Narayan Vivek
Designation :	Whole Time Director and Chief Executive Officer
Address :	Q 6/ 4 Qutab Enclave – 2, M G Road, Gurgaon – 122 002, Haryana, India.
Date of Birth/Age :	10.11.1962
Date of Appointment :	24.09.2002
Email :	Vivek.gour@genpact.com
Name :	Mr. Phanasgaonkar Sandeep
Designation :	Whole Time Director
Address :	207/ B Beverly Park – I, M G Road, Gurgaon – 122 002, Haryana, India.
Date of Birth/Age :	14.04.1956
Date of Appointment :	30.09.2004
Name :	Mr. Thukral Mohit
Designation :	Whole Time Director
Address :	33 Silver oak Avenue, DLF Phase – I, Gurgaon – 122 002, Haryana, India
Date of Birth/Age :	01.03.1965
Date of Appointment :	27.10.2005
Email :	Mohit.thukral@genpact.com
Name :	Mr. Tyagi Ashok
Designation :	Whole Time Director
Address :	7908 DLF Qutub, Enclave, Phase – 4, Gurgaon – 122 002, Haryana, India
Date of Birth/Age :	17.08.1962
Date of Appointment :	27.10.2005
Email :	Ashok.tyagi@genpact.com
Name :	Mr. Goel Sanjay
Designation :	Whole Time Director
Address :	1309 B, Beverly Park – II, DLF Phase – II, Gurgaon – 122 002, Haryana, India
Date of Birth/Age :	22.05.1958
Date of Appointment :	05.08.2005
Name :	Mr. Thukral Mohit
Designation :	Whole Time Director
Address :	33 Silver oak Avenue, DLF Phase – I, Gurgaon – 122 002, Haryana, India
Date of Birth/Age :	01.03.1965
Date of Appointment :	05.08.2005
Name :	Mr. Tyagi Ashok
Designation :	Whole Time Director
Address :	7908 DLF Qutub, Enclave, Phase – 4, Gurgaon – 122 002, Haryana, India
Date of Birth/Age :	17.08.1962
Date of Appointment :	05.08.2005
Name :	Mr. Kilambi Srinivas
Designation :	Whole Time Director
Address :	Y 184, Regency Park – 2, DLF Phase – I, Gurgaon – 122 002, Haryana, India
Date of Birth/Age :	24.07.1972
Date of Appointment :	30.09.2004
Name :	Mrs. Jyoti Ruparel
Designation :	Whole Time Director
Date of Birth/Age :	03.12.1971
Date of Appointment :	28.09.2006

KEY EXECUTIVES

Name :	Mr. Garg Kapil
Designation :	Company Secretary
Address :	Flat No. 283, City Co-operative Group Housing Society, Plot – 73, Sector – 55, Gurgaon – 122 002, Haryana, Mumbai.
Date of Birth/Age :	05.02.1969
Date of Appointment :	11.09.2001
Name :	Mr. Sumit Pahwa
Designation :	Company Secretary
Address :	A 103, Prema Apartments, GH – 8, Sector 56, Gurgaon – 122003, Haryana, India
Date of Birth/Age :	31.07.1977
Date of Appointment :	22.12.2005
Email :	sumit.pahwa@genpact.com
Name :	Mr. Lalit Aggarwal
Designation :	Assistant Vice President
Name :	Mr. Lester D’souza
Designation :	Vice President
Name :	Mr. Yashveer Chauhan
Designation :	Vice President
Name :	Mrs. Anuradha Rao
Designation :	Vice President
Name :	Mrs. Neelu Singhal
Designation :	Vice President
Name :	Mr. Manish Sinha
Designation :	Vice President
Name :	Mr. Prakhar Singhal
Designation :	Vice President
Name :	Mr. A Shrinivas
Designation :	Vice President
Name :	Mr. Ahmed Mazhari
Designation :	Vice President

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 27.10.2005)

Names of Shareholders	No. of Shares
Gecis India Investments	3599980
Gecis India Holdings	20
Total:	3600000

(As on 31.03.2007)

Category	Percentage
Foreign Holdings (FIIs, FCs, FFIs, NRIs, OCB or Other)	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of Billing Services, Processing Services and Business Services.

GENERAL INFORMATION

No. of Employees :

14000

Bankers :

Hong Kong and Shanghai Banking corporation Leeds, United Kingdom

Facilities :

Secured Loan	Amount (in Millions)
Finance lease obligations (Secured by assets hypothecated there under)	167.517
Total:	167.517

Banking Relations :	Good
Auditors :
Name :	BSR and Company Charted Accountant
Address :	4 B, DLF Cooperative Park, DLF City, Phase – III, Gurgaon – 122 002, Haryana, India.
Tel. No.:	91-124-2549191
Mobile No.:	91-124-2549101
Subsidiaries :	INDIA GE Capital Service India I Process Private Limited GE Power Controls India Private Limited GE Capital Business Process Management Services Private Limited GE Capital Transporation Financial Services Limited SBI Cards and Payment Services Private Limited Wipro GE Medical Systems Limited Maruti Countrywide Auto Financial Services Limited GE Country wide Consumer Financial Services Limited GE Lighting India Private Limited GE India Technology Centre Private Limited GE Motors India Limited GE Power Controls India Private Limited GE Power Services India Private Limited GE Plastics India Limited IGE (India) Limited OUTSIDE INDIA Advance Services Inc. Client Business Services Inc. Employers Reinsurance Corporation ERC- GE Frankona Reinsurance Holding APS ERC Asia Pacific Pte Limited ERC Life Reinsurance Corporation Financial Insurance Group Services Limited First Colony Life Insurance Company First National Consumer Finance Limited GE Asset Management Inc. GE Aircraft Engines Inc. GE Betz, Inc. GE Capital Australia Funding Pty Limited. GE Capital Auto Financial Services GE Capital Aviation Services, Limited GE Capital Bank Limited GE Capital Canada Inc. V Capital CEF, Inc. GE Capital Commercial Services Inc. GE Capital Container Finance Corporation GE Capital Equipment Services, Limited GE Capital Europe Limited GE Capital Finance Australasia pty Limited GE Capital Global Consumer Finance Limited GE Capital Information Technology Solutions Inc. GE Capital Loan Services Inc. GE Capital Limited GE Capital Market Services GE Capital Mortgage Services, Inc. GE Capital Real Estate Europe SAS GE Capital Services, Inc. GE (Dalian) Administrative Management Technology Consulting Limited GE Digital Energy SAs. GE Engine Services Malaysia Sdn. Bhd. GE European Equipment Finance Limited GE Fanue Automation Northe America, Inc. GE Financial Assurance Holding, Inc. GE Frankona Reinsurance A/S GE Frankona Reinsurance Limited (UK) GE Frankona Ruckversicherungs Beteiligungs- Aktiengesellschaft GE Global Business Services GE Insurance Holdings GE Medical Systems Australia Pty, ltd. GE Medical Systems Asia, Limited GE Medical Systems Information Technologies GE Medical Technology Service, Inc. GE Plastics GE Polymershapes Inc. GE Polymerland, inc. GE Power System Inc. GE Produstivity Solutions LLC GE Transportation Services, Inc. Gelco Corporation d/b/a GE Fleet Services, a Minnesota Corporation (“GECPS”) General Electric Capital Business Assets Funding Holdings, Inc. General Electric Medical system General Electric Rail Car Services, inc. General Electric Real estate Services, Inc. General Electric Supply, Inc. General Electric International Inc. General Electric International Operations Company Inc. NBC TV Stations Sales and Marketing, Inc. Penske Truck Leasing Company; L.P. Structured Finance Group Inc. TIP Europe Limited Transport International Pool Inc. Gecis US Holding Inc. (Delaware) GE Healthcare Financial Services Limited GE Industrial System GE Infrastructure GE Infrastructure Water and Process Technologies GMS Healthcare Services TIP Services BV Commercial Equipment Finance GE Capital BV GE Capital Equipment Finance Limited GE Commercial Finance GE Consumer Finance GE Consumer and Industrial GE Securities Inc. GE Global Exchange Services GE Global Infrastructure Services GE Healthcare Financial Services
Holding Companies:	GE Capital International, Mauritius GE Indian Services Holding Private Limited GE India Ventures Inc., USA GE Capital Services Indian Investment Inc., USA General Electric Capital Corporation USA General Electric Capital Services Inc. General Electric Company Gecis Global Holding (Luxembourg)- Company (Ultimate Holding Company) Gecis India Investment (Mauritius) Gecis India Holding (Mauritius) Gecis India International (Mauritius) Gecis International Holding (Mauritius)

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3443000	Equity Shares	Rs.10/- each	Rs.34.430 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		34.430	36.000	36.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12227.555	9210.319	3358.094
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		12261.985	9246.319	3394.094
LOAN FUNDS
1] Secured Loans		194.387	155.421	167.159
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		194.387	155.421	167.159
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		12456.371	9401.740	3561.253
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4204.501	3187.959	3032.986
Capital work-in-progress		126.193	668.364	125.855
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		256.720	177.502	103.764
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	6236.878	4454.175	394.549
	Cash & Bank Balances	151.107	762.222	87.144
	Other Current Assets	3033.697	2501.953	1517.499
	Loans & Advances	1821.867	1714.566	1631.828
Total Current Assets		11243.549	9432.916	3631.020
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	3071.480	3842.708	3233.165
	Provisions	303.112	222.293	99.207
Total Current Liabilities		3374.592	4065.001	3332.372
Net Current Assets		7868.957	5367.915	298.648
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		12456.371	9401.740	3561.253

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		17802.523	16068.695	13994.448
Other Income		136.532	210.516	0.000
Total Income		17939.055	16279.211	13994.448
Profit/(Loss) Before Tax		5517.317	6003.123	4612.918
Provision for Taxation		146.651	150.899	325.471
Profit/(Loss) After Tax		5370.666	5852.224	4287.447
Export Value		19777.751	16544.736	13338.696
Import Value		823.906	743.967	616.334
Expenditures :
	Financial Charges	20.871	17.814	0.000
	Depreciation	1103.624	950.138	0.000
	Other Expenditure	11297.243	9308.136	9381.530
Total Expenditure		12421.738	10276.088	9381.530

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	29.94	35.95	30.64
Net Profit Margin (PBT/Sales)	(%)	30.99	37.36	32.96
Return on Total Assets (PBT/Total Assets}	(%)	35.71	47.56	69.22
Return on Investment (ROI) (PBT/Networth)		0.45	0.65	1.36
Debt Equity Ratio (Total Liability/Networth)		0.29	0.46	1.03
Current Ratio (Current Asset/Current Liability)		3.33	2.32	1.09

LOCAL AGENCY FURTHER INFORMATION

Fixed Assets:

• Freehold Land
• Leasehold Land
• Leasehold Improvement
• Buildings
• Plant and Machinery
• Vehicle
• Furniture and Fixtures
• Computers

Business:

GE Capital International Services (“GECIS” or the “Company”) was incorporated on 30.10.1996 as a Private Company with unlimited liability. The company is engaged in the business of providing a host of business process outsourcing services, including finance and accounting. Collections, insurance, customer fulfilment, data modelling and analytics support, managed IT service. Software solutions and e-learning.

Board of Directors

The Genpact Board of Directors comprises 13 members, 10 of whom are independent directors.

Rajat Kumar Gupta

Chairman of the Board, Genpact

Rajat Kumar Gupta became one of our directors in April 2007 and was appointed as the Chairman of our board of directors in April 2007. From July 2005 to April 2007, he was an advisory director. He has served as Senior Partner Worldwide at McKinsey & Company since 2003. Between 1994 and 2003, he served in various positions at McKinsey & Company, including as Managing Director Worldwide. He is a director on the board of The Goldman Sachs Group, Inc.

Denis J. Nayden

Managing Partner, Oak Hill Capital Management

Denis J. Nayden became one of our directors in January 2005. He has been a Managing Partner of Oak Hill Capital Management, LLC since 2003. Prior to 2003, he was Chairman and Chief Executive Officer of GE Capital (2000 to 2002) and had 25-year tenure at the General Electric Company. Mr. Nayden is also a director of Duane Reade, Inc., GMH Communities Trust, Healthcare Services, Inc., Primus International, Inc. and RSC Holdings, Inc.

Gary M. Reiner

Senior Vice President & Chief Information Officer, GE

Gary M. Reiner became one of our directors in January 2007. He has served as Senior Vice President & Chief Information Officer at GE since 1996.

J. Taylor Crandall

Managing Partner, Oak Hill Capital Management

J Taylor Crandall became one of our directors in January 2005. He is a Managing Partner of Oak Hill Capital Management, LLC and has been part of that firm since 1986. He also serves as a co-Managing Partner of Oak Hill Special Opportunities Fund, L.P. Prior to his affiliation with Oak Hill, he was a Vice President with the First National Bank of Boston, where he managed a leveraged buyout group and the bank's Dallas energy office. Mr. Crandall is also a director of American Skiing Company.

Jagdish Khattar

Managing Director and CEO, Maruti Udyog Limited

Jagdish Khattar became one of our directors in June 2007. Since 1999 he has been Managing Director and Chief Executive Officer of Maruti Udyog Limited. He is also a director on the board of Asahi India Glass Ltd.

James C. Madden

Former CEO and Founder, Exult, Inc.

James C. Madden became one of our directors in January 2005. Since February 2007, he has been a General Partner at Accretive LLC, a private equity firm. From 2005 to January 2007, he was a Special Advisor of General Atlantic LLC, a private equity firm. From 1998 to 2004, he was the Chairman and Chief Executive Officer of Exult, Inc.

John Barter

Former President, Allied Signal’s Automotive Sector

John Barter has served as one of our directors since July 2005. From 2000 to 2001, he served as the Chief Financial Officer and a Director of Kestrel Solutions, Inc., a privately-owned company established to develop and bring to market a new product in the telecommunications industry. Kestrel Solutions, Inc. filed a voluntary petition for bankruptcy in 2002. From 1994 to 1997, he was the Executive Vice President of Allied Signal, Inc. and President of Allied Signal Automotive. He is also a director on the boards of BMC Software, Inc., Lenovo Group Limited and SRA International, Inc.

Mark F. Dzialga

Managing Director, General Atlantic

Mark F. Dzialga became one of our directors in January 2005. Since 1998, he has been a Managing Director of General Atlantic LLC, a private equity firm. He is also a director on the board of Emdeon Corporation, Hexaware Technologies Ltd and Schaller Anderson Inc.

A. Michael Spence

Professor Emeritus of Management, The Graduate School of Business at Stanford University

A. Michael Spence became one of our directors in April 2005. He is a partner of Oak Hill Investment Management Partners and is the chairman of an independent commission on growth in developing countries. He is a professor emeritus at the Graduate School of Business at Stanford University where he served as Professor of Management until August 2000 and Dean from 1990 to August 1999. From 1975 to 1990, he was a professor of economics and business administration at Harvard Business School and the Harvard University Faculty of Arts and Sciences, as well as Dean of the Faculty of Arts and Sciences from 1984 to 1990. In 2001, he received the Nobel Prize in Economic Sciences. Dr. Spence is also a director of General Mills, Inc.

Nani Beccalli

President and CEO, GE International

Nani Beccalli became one of our directors in January 2008. He was named president and chief executive officer of GE International in January 2005. Prior to his current position, Beccalli served as president and CEO of Europe, the Middle East, Africa, Latin America and Canada. He is responsible for directing GE's strategies for growth outside the U.S. by working on behalf of all GE businesses to expand customer and government relationships and to develop new business markets. He is based in Brussels, Belgium.

Pramod Bhasin

President and CEO, Genpact

Pramod Bhasin established Genpact (formerly GE Capital International Services) in 1997 and under his leadership pioneered the Business Process Outsourcing industry in India. Genpact has also been the pioneer in this industry in China, and in Eastern Europe. Today, it is acknowledged as a global leader in Business Services and Technology Solutions that helps companies around the world manage their processes.

Mr. Bhasin was earlier an Officer of GE, a $150-billion diversified technology, media and financial services company. His career with GE and RCA spanned 25 years across the US, Europe and Asia. He was most recently the head of GE Capital in India and in Asia, having earlier worked with GE Capital's Corporate and Finance Group in Stamford, Connecticut, USA.

Robert G. Scott

Former President and Chief Operating Officer, Morgan Stanley’

Robert G. Scott became one of our directors in April 2006. From 2001 to 2003, he served as President and Chief Operating Officer at Morgan Stanley. He currently serves as an advisory director at Morgan Stanley.

Steven A. Denning

Chairman, General Atlantic

Steven A. Denning became one of our directors in January 2005. Mr. Denning is the Chairman and a Managing Director of General Atlantic LLC, a private equity firm, and has been with General Atlantic (or its predecessor) since 1980. He is also a director on the boards of Eclipsys Corporation, IHS Inc., Hewitt Associates, Inc. and the Thomson Corporation.

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	Indian Rupees
US Dollar	1	Rs.39.97
UK Pound	1	Rs.79.78
Euro	1	Rs.62.60

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		72

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 EXPLANATIONS

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.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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