MIRA INFORM REPORT

Report Date :

15.12.2011

IDENTIFICATION DETAILS

Name :	SAVEX COMPUTERS LIMITED [w.e.f. 01.07.1994]
Formerly Known As :	SAVEX COMPUTERS PRIVATE LIMITED
Registered Office :	124-B, Maker Chambers III, Nariman Point, Mumbai-400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.02.1988
Com. Reg. No.:	11-46237
Capital Investment / Paid-up Capital :	Rs.40.000 Millions
CIN No.: [Company Identification No.]	U31909MH1988PLC046237
TAN No.: [Tax Deduction & Collection Account No.]	MUMS37240A
PAN No.: [Permanent Account No.]	AAACS5547
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Distributor of Information Technology Products.
No. of Employees :	200 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 3600000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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.

INFORMATION DECLINED BY

Name :	Mr. Azmera
Designation :	Accounts Department

LOCATIONS

Registered Office / Head Office :	124-B, Maker Chambers III, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-22881616 / 1717 / 22799999
Fax No.:	91-22-22041656
E-Mail :	savex@bom3.vsnl.net.in ho@savexcomputers.com savex@vsnl.com
Website :	http://www.savex.org
Warehouse	B-4, Mitul Industrial Estate, Village Valiv, Vasai Road, I. E. District, Thane-401208, Maharashtra, India
Branch Office :	Located At: · Mumbai · Vasai · Ahmedabad · Baroda · Bangalore · Kolkata · Chennai · Coimbatore · Chandigarh · Cochin · Ludhiana · New Delhi · Noida · Jaipur · Lucknow · Pune · Hyderabad · Surat · Nashik · Nagpur · Indore · Raipur · Vijaywada · Dehradun · Gurgaon · Trivandrum · Goa · Ranchi · Patna · Madurai · Vishakhapatnam · Parwanoo · Mangalore · Bhubaneshwar · Calicut · Guwahati · Kanpur · Varanasi · Jammu
Overseas Office :	3, Shenton Way, # 12-09 Shenton House, Singapore – 068805

DIRECTORS

AS ON 15.09.2011

Name :

Mr. Anil Ishwarlal Jagasia

Designation :

Chairman Cum Managing Director

Address :

16, Soona Mahal, 143, Marine Drive, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

24.08.1960

Qualification :

B.E.

Date of Appointment :

16.02.1988

Din No.:

00031579

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31909MH1988PLC046237	SAVEX COMPUTERS LIMITED	Managing director	01-04-11	16-02-88	Active	NO
2	U99999MH1989PTC052939	CLEARPOINT ELECTRONICS PRIVATE LIMITED	Director	08-08-89	08-08-89	Active	NO
3	U72200MH1997PTC108864	SAVEX SOFTTECH PRIVATE LIMITED	Director	18-06-97	18-06-97	Active	NO

Name :

Mrs. Anuradha Anil Jagasia

Designation :

Whole Time Director

Address :

16, Soona Mahal, 143, Marine Drive, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

15.06.1962

Date of Appointment :

16.02.1988

Din No.:

00031603

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31909MH1988PLC046237	SAVEX COMPUTERS LIMITED	Whole-time director	01-04-11	16-02-88	Active	NO

Name :

Mr. Devang Achyut Pandya

Designation :

Whole Time Director

Address :

13, Vora Bhuvan, King Circle, Matunga, Mumbai – 400 019, Maharashtra, India

Date of Birth/Age :

05.06.1964

Date of Appointment :

23.10.2001

Din No.:

00576033

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31909MH1988PLC046237	SAVEX COMPUTERS LIMITED	Whole-time director	01-10-09	23-10-01	Active	NO

Name :

Mr. Jayant Harkisandas Goradia

Designation :

Whole Time Director

Address :

203, Asha Niketan, Baptista Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

04.09.1960

Date of Appointment :

23.10.2001

Din No.:

00031623

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U99999MH1989PTC052939	CLEARPOINT ELECTRONICS PRIVATE LIMITED	Director	08-08-89	08-08-89	Active	NO
2	U31909MH1988PLC046237	SAVEX COMPUTERS LIMITED	Whole-time director	23-10-01	23-10-01	Active	NO

Name :

Mr. Raunak Anil Jagasia

Designation :

Director

Address :

16/A, Soona Mahal, 143, Marine Drive, Mumbai – 400020, Maharashtra, India

KEY EXECUTIVES

Name :	Mr. Azmera
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.09.2011

Names of Shareholders	No. of Shares
Anil Ishwarlal Jagasia	199100
Anil Ishwarlal Jagasia jointly with Anuradha Anil Jagasia	3598200
Anuradha Anil Jagasia	200
Anuradha Anil Jagasia jointly with Anil Ishwarlal Jagasia	600
Deepak L. Dudhane	200
Deepak L. Dudhane jointly with Sreedhara D. Dudhane	600
Raunak Anil Jagasia	50000
Raunak Anil Jagasia jointly with Anuradha Anil Jagasia	150000
Ravindra L. Dudhane	200
Ravindra L. Dudhane jointly with Anita R. Dudhane	600
Savitri I. Jagasia	100
Devang Achyut Pandya	100
Jayant Harkisandas Goradia	100
Total	4000000

AS ON 15.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.96
Other top fifty shareholders	0.04
Total	100.00

BUSINESS DETAILS

Line of Business :

Distributor of Information Technology Products.

Products :

Products Description	Item Code No.
Computers Parts and Associates	8471

· Computers

· Peripherals

· Electronic goods

· Components

· Materials

· Sub-assemblies

· Instruments

· Devices

· Systems

GENERAL INFORMATION

Suppliers :

· Aditya Infotech Private Limited

· Allion Computer Inc.

· Lanbit India Private Limited

· Redington India Private Limited

· Samsung Electronics Company Limited (Display), (Indonesia), (Korea)

· View Sonic International Corporation, (Malaysia)

· Savex Enterprises

Customers :

· 3 Com India Private Limited

· Add-on Infotech Private Limited

· BIIT Computers

· Delstar Systems and Services

· Eureka Forbes Limited

· Gemini Infotech Private Limited

· International Roofs Electronics Systems Private Limited

· Kunbar Peripherals Private Limited

· Lanbit Peripherals Private Limited

· Mini Comp Limited

· Novo Computers Private Limited

· Pacific Infotech Private Limited

· PCS Industries Limited

· S. D. Computers Limited

· Sujata Electronics Limited

· Zenith Computers Limited

No. of Employees :

200 [Approximately]

Bankers :

· Citi Bank NA, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India

· Union Bank of India, Nariman Point, Mumbai, Maharashtra, India

· Union Bank of India, Tardeo Branch, 251-B, Sethna House, Mumbai-400007, Maharashtra, India

· Standard Chartered Bank 90, M G Road, Fort, Mumbai-400001, Maharashtra, India

· The Hong Kong and Shanghai Banking Corporation Limited, 52/60, M G Road, Fort, Mumbai-400001, Maharashtra, India

· ING Vysya Bank Limited, Mittal Towers, A-Wing Ground Floor 210, Nariman Point, Mumbai-400021, Maharashtra, India

· Citi Bank N.A. Citi Tower, Dr. S.S. Rao Road, Parel, Mumbai-400012, Maharashtra, India

· Barclays Bank Plc, 601/603, Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India

· Kotak Mahindra Bank Limited, 36-38 A, Nariman Bhavan, 227 D, Nariman Point, Mumbai-400021, Maharashtra, India

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

· Centurion Bank, Mumbai, Maharashtra, India

· HDFC Bank, Chennai, Coimbatore, Tamilnadu, India

· Bank of Baroda

· Syndicate Bank

· State Bank of Hyderabad

· IDBI Bank

Facilities :

Secured Loans	As on 31.03.2011 [Rs. in millions]	As on 31.03.2010 [Rs. in millions]
Working capital loans	1760.534	1559.505
Interest accrued due other debts	14.057	4.810
Total	1774.591	1564.315
Unsecured Loan
Loans from directors	140.000	120.000
Total	140.000	120.000

Banking Relations :	--
Auditors :
Name :	N. K. Karla and Associates Chartered Accountants
Address :	Shiv Kripa, Sai Chamber, 1^st Floor, Opposite Gulmarg Co-operative Housing Society, R. C. Marg, Chembur Naka, Mumbai - 400071, Maharashtra, India
Tel. No.:	91-22-25293005/7
Fax No.:	91-22-25293649
E-Mail :	karla.narender@mtnl.net.in nkkalras@gmail.com

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		40.000	40.000	40.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		861.905	604.749	412.185
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		901.905	644.749	452.185
LOAN FUNDS
1] Secured Loans		1774.591	1564.315	572.961
2] Unsecured Loans		140.000	120.000	110.000
TOTAL BORROWING		1914.591	1684.315	682.961
DEFERRED TAX LIABILITIES		1.158	0.591	1.021
TOTAL		2817.654	2329.655	1136.167
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		49.583	30.189	24.788
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.259	0.092	0.089
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1499.349	1044.675	521.656
	Sundry Debtors	1656.563	1421.996	794.794
	Cash & Bank Balances	74.532	37.316	10.133
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	350.488	260.070	209.665
Total Current Assets		3580.932	2764.057	1536.248
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	486.165	232.712	273.062
	Current Liabilities	86.297	64.993	17.314
	Provisions	240.798	167.188	134.862
Total Current Liabilities		813.260	464.893	425.238
Net Current Assets		2767.672	2299.164	1111.010
MISCELLANEOUS EXPENSES		0.140	0.210	0.280
TOTAL		2817.654	2329.655	1136.167

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	17758.501	11120.845	8070.405
		Other Income	14.267	6.934	6.244
		TOTAL (A)	17772.768	11127.779	8076.649
Less	EXPENSES
		Consumption materials changes inventories	16882.380	10492.730	7621.214
		Manufacturing service costs	0.000	0.000	39.308
		Employee related expenses	166.639	121.129	47.954
		Administrative, selling and other expenses	179.656	85.576	84.962
		Extraordinary items	0.070	0.070	0.000
		Donation	0.000	0.000	0.734
		Miscellaneous Expenses W/Off	0.000	0.000	0.070
		TOTAL (B)	17228.745	10699.505	7794.242
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		544.023	428.274	282.407
Less	FINANCIAL EXPENSES (D)		140.755	120.535	110.180
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		403.268	307.739	172.227
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.593	6.753	7.994
	PROFIT BEFORE TAX (E-F) (G)		392.675	300.986	164.233
Less	TAX (H)		132.720	105.614	57.876
	PROFIT AFTER TAX (G-H) (I)		259.955	195.372	106.357
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		503.122	330.558	247.009
Less	APPROPRIATIONS
		Transfer to General Reserve	20.000	20.000	20.000
		Dividend	2.400	2.400	2.400
		Tax on Dividend	0.399	0.408	0.408
	BALANCE CARRIED TO THE B/S		740.278	503.122	330.558
	EARNINGS IN FOREIGN CURRENCY		NA	NA	96.546
	Earnings Per Share (Rs.)		64.99	48.84	26.59

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.46	1.74	1.32
Net Profit Margin (PBT/Sales)	(%)	2.21	2.70	2.03
Return on Total Assets (PBT/Total Assets}	(%)	10.82	10.89	10.52
Return on Investment (ROI) (PBT/Networth)		0.44	0.47	0.36
Debt Equity Ratio (Total Liability/Networth)		3.02	3.28	2.45
Current Ratio (Current Asset/Current Liability)		4.40	5.82	3.61

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Sundry Creditors
Dues of other creditors for goods			253.903
Dues of other creditors for expenses	486.165	232.712	19.159
Total	486.165	232.712	273.062

OPEATIONS:

Gross revenue increased from Rs.11611.408 millions in financial year 2010 to Rs.18669.986 millions in financial year 20011, which is an increase of 60.79%. Their company earned a net profit after tax of Rs.259.955 millions in financial year 2011 as against Rs.195.372 millions of financial year 2010, which is an increase of 33.06%.

FORM NO. 8

Name of the company	SAVEX COMPUTERS LIMITED
Presented By	Citi Bank N.A. and Savex Computer Limited
1) Date and description of instrument creating the change	Dated : 29^th July, 2003 No Instrument; but a mortgage created by way of deposit of title deeds in respect of the Company’s immovable properties as security.
2) Amount secured by the charge/amount owing on the securities of charge	Rs.3.466 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	· Unit No. 104 on the First Floor in CFC Building of Mitul Industrial Premises Co-Operative Housing Society Limited, situated at Village Valiv, Taluka – Vasai and District – Thane admeasuring about 295 sq. ft. together with all rights title and interest in respect of the said Unit No. 104 in the Society. · Unit No. 105 on the First Floor in CFC Building of Mitul Industrial Premises Co-Operative Housing Society Limited, situated at Village Valiv, Taluka – Vasai and District – Thane admeasuring about 295 sq. ft. together with all rights title and interest in respect of the said Unit No. 104 in the Society. · Unit No. 106 on the First Floor in CFC Building of Mitul Industrial Premises Co-Operative Housing Society Limited, situated at Village Valiv, Taluka – Vasai and District – Thane admeasuring about 295 sq. ft. together with all rights title and interest in respect of the said Unit No. 104 in the Society.
4) Gist of the terms and conditions and extent and operation of the charge.	The company has created a mortgage by way of deposit of title deeds in respect of the above properties for securing the financial facilities aggregating to Rs.3.466 millions in favor of the Bank to the Borrower to secure repayment of all monies including interest, costs, charges and expenses due or becoming due and payable by the Borrower to the Bank under or in respect of all or some or any of the facilities either in Indian or Foreign currencies granted and / or agreed to be granted to the Borrower by way of overdrafts, cash credits, term loans, pre-shipment and post shipment credits, opening a letters of credit, issuing of guarantees including deferred payment guarantees and indemnities, negotiation and discounting of demand and / or usance bills and cheques Inland as well as foreign and such other facilities as may be agreed upon from time to time between the Bank and the Borrower ad for any other indebtedness and liabilities past, present and future of the Borrower to the Bank.
5) Name and Address and description of the person entitled to the charge.	Citi Bank N.A., Citi Tower, Dr. S S Rao Road, Parel, Mumbai – 400 012, Maharashtra, India

This form is for	Modification of charge
Charge identification number of the modified	10164373
Corporate identity number of the company	U31909MH1988PLC046237
Name of the company	SAVEX COMPUTERS LIMITED
Address of the registered office or of the principal place of business in India of the company	124-B, Maker Chambers III, Nariman Point, Mumbai-400021, Maharashtra, India
Type of charge	Book Debts Immovable Property Others
Particular of charge holder	The Hong Kong and Shanghai Banking Corporation Limited, 52/60, M G Road, Fort, Mumbai-400001, Maharashtra, India
Email	pareshmehta@hsbc.co.in
Nature of description of the instrument creating or modifying the charge	Letter for removal of charge over movable fixed assets.
Date of instrument Creating the charge	07.06.2011
Amount secured by the charge	Rs.350.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per principal agreement and as amended form time to time. No change vide present modification Terms of Repayment As per principal agreement and as amended form time to time. No change vide present modification Margin The company shall maintain such margin as may be specified by the bank from time to time. Extent and Operation of the charge The bank is having pari passu charge on the stock, book debts, other current assets and security offered by the company both present and future. Vide this modification the charge on movable fixed assets is removed.
Short particulars of the property charged	First pari passu charge on all present and future stocks (raw material, stocks in process, stores, semi finished and finished goods, tools) receivable, book debts, claims of the company.
Date of latest modification prior to the present modification	30.01.2011
Particulars of the present modification	Vide the present modification, the existing charge on moveable fixed assets of the company has been removed. There is no change in the amount secured.

This form is for	Modification of charge
Charge identification number of the modified	10164373
Corporate identity number of the company	U31909MH1988PLC046237
Name of the company	SAVEX COMPUTERS LIMITED
Address of the registered office or of the principal place of business in India of the company	124-B, Maker Chambers III, Nariman Point, Mumbai-400021, Maharashtra, India
Type of charge	Book Debts Immovable Property Floating Charge Others
Particular of charge holder	Kotak Mahindra Bank Limited, 36-38 A, Nariman Bhavan, 227 D, Nariman Point, Mumbai-400021, Maharashtra, India
Email	ronak.rathod@kotak.com
Nature of description of the instrument creating or modifying the charge	Supplemental Deed of Hypothecation
Date of instrument Creating the charge	25.10.2011
Amount secured by the charge	Rs.300.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per SL ref no CB/270411/12121/EM dated 10/05/2011 and as modified from time to time. Terms of Repayment As per SL ref no CB/270411/12121/EM dated 10/05/2011 and as modified from time to time. Margin As per SL ref no CB/270411/12121/EM dated 10/05/2011 and as modified from time to time. Extent and Operation of the charge 1st pari passu charge on all exiting and future current assets of the Company, in favour of KMBL as security for repayment of the financial facilities granted by the Bank to Company.(as per DOH, Supp DOH 04/06/09, 25/09/09,23/03/10 and Bank Letter on 10/05/11) 1st PP charge by way of Mortgage on Immovable Properties of the Company in favour of KMBL, as security for the repayment of the financial facilities granted by Bank to Company.(As per Mortgage Deed on 30/12/09,12/05/10, 30/01/11)
Short particulars of the property charged	Current assets both present and future III to the Supp Deed of Hypothecation.(as per DOH, Supp DOH dated 04/06/09,25/09/09,23/03/10 and Bank Letter on 10/05/11) Land adms.377.40 Sq. Ft, Super Builtup Area of Bldg-715 Sq.Ft, Unit-8, Comprised in S. No/T. S. No/Chatla No/Div No.59, at Mota Chambers, Sampanji Ramaswamy Temple Rd, Banglore...(cont...) And Land adms.885 Sq.Ft., bearing Unit No.104,105,106, situated at CFC Bldg, Mutual Industrial Premises Co-operative Society Limited, Village Valiv, Tal. Vasai, Dist. Thane. Together with all Building and structure thereon and plant and Machinery attached to the earth and permanently fastened to anything attached to the earth. As per Mortgage Deed on 30/12/09, 12/05/10 and 30/01/11
Date of latest modification prior to the present modification	10.06.2011
Particulars of the present modification	Bank had granted facilities of Rs.5 Cr. which was secured by Hypothecation of current assets of the Company on 04/06/2009 and Bank revised the said facilities on 25/09/2009, 23/03/2010, 12/05/2010, 30/01/2011 and 10/06/2011 and said charge was modified accordingly. Bank has now revised the said facilities as stated to the Supplemental Deed of Hypothecation of current asset assets both present and future and said charge is modified and extended to the revised total facilities of Rs.300.000 Millions.

FIXED ASSETS:

· Gala at Vasai and Andheri

· Improvement of Leased Property

· Computers

· Electronic Equipment

· Furniture and Fixture

· Vehicles

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.53.57
UK Pound	1	Rs.82.97
Euro	1	Rs.69.89

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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	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
-	NB	New Business	-

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