MIRA INFORM REPORT

Report Date :

18.02.2011

IDENTIFICATION DETAILS

Name :	I R TECHNOLOGY SERVICES PRIVATE LIMITED

Registered Office :	EL – 91, TTC Industrial Area, Electronic Zone, MIDC, Mahape, Navi Mumbai – 400710, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	20.07.1977

Com. Reg. No.:	11-019758

CIN No.: [Company Identification No.]	U74220MH1977PTC019758

TAN No.: [Tax Deduction & Collection Account No.]	MUMI05326G

PAN No.: [Permanent Account No.]	AAACI1256K

Legal Form :	Private Limited Liability Company

Line of Business :	Trader and Importer of Laboratory Analytical Instruments.

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 130000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. 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.

ECGC Country Risk Classification List – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Swapnil
Designation :	Accountant
Date :	17.02.2011

LOCATIONS

Registered Office :	EL – 91, TTC Industrial Area, Electronic Zone, MIDC, Mahape, Navi Mumbai – 400710, Maharashtra, India
Tel. No.:	91-22-41571111/27611228
Fax No.:	91-22-41571155
E-Mail :	accounts_bom@irtch.in chitra.a.apte@gmail.com sales_newbom@irtech.in
Website :	www.irtech.in
Area :	1000 sq.ft (approximately)
Location :	Owned

Branches 1:	A-69, Sector 2, Noida, Uttar Pradesh, India
Tel. No.:	91-120 – 4320880 / 4320343 - 6
Fax No.:	91-120 - 4320881
E-Mail :	sales_del@irtech.in

Branches 2:	208, Swiss Complex, 33, Race Course Road, Bangalore – 560001, India
Tel. No.:	91-80 – 2225 5936 / 22203173
Fax No.:	91-80 – 51136045
E-Mail :	irtech_blr@vsnl.com

Branches 3:	22, Ashutosh Chowdhury Avenue, Flat No.12, 1^st Floor, Kolkata – 700019, India
Tel. No.:	91-33 – 2461 5831 / 2461 5832
Fax No.:	91-33 – 2461 5021
E-Mail :	sales_cal@irtech.in

Branches 4:	406, Agarwal Chambers, 5-9-1121, King Kothi, Hyderabad – 500001, India
Tel. No.:	91-40 – 66842401 / 02
E-Mail :	sales_hyd@irtech.in

DIRECTORS

As on 30.09.2009

Name :	Mr. Sriniwas K Ramchandra Kini
Designation :	Director
Address :	752, 10^th Main Road, 3^rd Block, 3^rd Stage, West of Chord Road, Bangalore – 560079, Karnataka, India
Date of Birth/Age :	06.03.1942
Date of Appointment :	20.07.1977
DIN No. :	01128610

Name :	Mr. Tarunkumar Debendranath Datta
Designation :	Director
Address :	A-22, Sheerang Society, Thane – 400601, Maharashtra, India
Date of Birth/Age :	26.07.1941
Date of Appointment :	20.07.1977
DIN No. :	01127944

Name :	Mr. Sarvajit Shahzad Singh
Designation :	Director
Address :	38/D-72, Lajpat Nagar, New Delhi – 110024, Delhi, India
Date of Birth/Age :	23.07.1941
Date of Appointment :	20.07.1977
DIN No. :	01878897

Name :	Mr. Sandip Samirkumar Hore
Designation :	Director
Address :	Flat No.9l, Tower – III- 85, Prince Anwar Shah Road, kolkata – 700033, West Bengal, India
Date of Birth/Age :	27.02.1974
Date of Appointment :	02.07.2008
DIN No. :	02218489

KEY EXECUTIVES

Name :	Mr. Swapnil
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2009

Names of Shareholders		No. of Shares
Tarunkumar Debendranath Datta		12000
Sarvajit Shahzad Singh		12000
Sriniwas K Ramchandra Kini		12000
Sandip Samirkumar Hore		12000
Total		48000

As on 30.09.2009

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Laboratory Analytical Instruments.

Products :	Portable Bench Top On-Line Induction remelting furnaces Biotech analyzers Weather meter Mirocwave digestion Microwave synthesis Ashing Clean chemistry Mercury analyzer

Imports :
Products :	Analytical Instruments
Countries :	USA Japan UK China

Terms :
Selling :	Cash, Credit : 30/60/90 Days

Purchasing :	L/C, Cash, Credit : 30/60/90 Days

GENERAL INFORMATION

Customers :

Retailers
End Users and OEM’s

No. of Employees :

180 (approximately)

Bankers :

IDBI Bank, Dadar – 14 Branch, Rajaram Estate, Dadar (East), Mumbai – 400014, Maharashtra, India
IDBI Bank, Branch Vashi
Syndicate Bank, Branch Tardeo, Mumbai

Facilities :

Cash Credit: Rs. 30.000 Millions

Particulars	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Secured Loans
Secured Loan from Bank against Hypothecation of Stock, Book Debts, Plant and Machinery, Guaranteed by directors from others leased companies Against car/Plant and machinery	16.168 3.376	15.008 2.191
Total	19.544	17.199

Unsecured Loans
From Directors and Shareholders From Proteomics Engineers Private Limited	11.242 3.968	8.724 3.968
Total	15.210	12.692


Banking Relations :	--

Auditors :
Name :	Sharad Joshi and Company Chartered Accountant
Address :	6/C, Jayendra Bhuvan, Behind Rane’s Girls High School, 35, S.K. Bole Road, Dadar (W), Mumbai – 400028, Maharashtra, India
E-mail :	Sharad_joshi@vsnl.net
Pan No. :	AABPJ9559L

Associates/Subsidiaries :	Leco Instruments Private Limited Address: EL – 91, TTC Industrial Area, Electronic Zone, MIDC, Mahape, Navi Mumbai – 400710, Maharashtra, India Line of Business: Importer of Analytical Instruments.

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
48000	Equity Shares	Rs.10/- each	Rs.4.800 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		4.800	4.800	4.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		28.671	27.713	24.134
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		33.471	32.513	28.934
LOAN FUNDS
1] Secured Loans		19.544	17.199	16.781
2] Unsecured Loans		15.210	12.693	11.336
TOTAL BORROWING		34.754	29.892	28.117
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		68.225	62.405	57.051

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		64.676	56.941	52.846
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.717	17.565	7.248
	Sundry Debtors	79.433	65.425	70.155
	Cash & Bank Balances	24.641	19.132	13.713
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	32.893	28.379	16.907
Total Current Assets		150.684	130.501	108.023
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	115.390	92.174	73.090
	Other Current Liabilities	30.902	30.769	29.633
	Provisions	1.361	2.428	1.443
Total Current Liabilities		147.653	125.371	104.166
Net Current Assets		3.031	5.130	3.857

MISCELLANEOUS EXPENSES		0.518	0.334	0.348

TOTAL		68.226	62.405	57.051

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	162.832	131.831	164.046
		TOTAL (A)	162.832	131.831	164.046

Less	EXPENSES
		TOTAL (B)		118.453	151.968

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			13.378	12.078

Less	FINANCIAL EXPENSES (D)			0.000	0.000

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			13.378	12.078

Less/ Add	DEPRECIATION/ AMORTISATION (F)			6.808	4.670

	PROFIT BEFORE TAX (E-F) (G)		NA	6.570	7.408

Less	TAX (I)			1.750	1.500

	PROFIT AFTER TAX (G-I) (J)			4.820	5.908

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			1.634	1.426

Less	APPROPRIATIONS
		Transfer to General Reserve		5.000	4.500
		Dividend		1.200	1.200
	BALANCE CARRIED TO THE B/S			0.254	1.634

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	55.008	75.653	34.365
	TOTAL EARNINGS		55.008	75.653	34.365

	IMPORTS
		Purchase of spare parts and plant machinery	65.483	54.247	59.434
	TOTAL IMPORTS		65.483	54.247	59.434

	Earnings Per Share (Rs.)			100.41	123.08

Expected Sales (2010-2011) : Rs. 200.000 Millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	3.65	3.60

Net Profit Margin (PBT/Sales)	(%)	NA	4.98	4.51

Return on Total Assets (PBT/Total Assets}	(%)	NA	3.50	4.60

Return on Investment (ROI) (PBT/Networth)		NA	0.20	0.26

Debt Equity Ratio (Total Liability/Networth)		5.45	4.77	4.57

Current Ratio (Current Asset/Current Liability)		1.02	1.04	1.03

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details:

Particulars	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009	Rs. In Millions 31.03.2008
Creditors for Suppliers	102.303	83.457	63.267
Creditors for Expenses	13.087	8.717	9.823
Total	115.390	92.174	73.090

Note: The registered address of the company has been shifted from B-8, Commerce Centre, 78, Tardeo Road, Mumbai - 400034, Maharashtra, India to present w.e.f. 01.07.2009

Financial Results:

In view of the improvement in economic conditions and rise in industrial sectors, company has secured good business of instruments from Indian customers. The total local sales has gone up from Rs.131.831 millions to Rs 162.832 millions. The rise is 12.20°h. The service income has also rise by 12%. Equally the manpower cost has also increased by employing additional people. It is an investment in the human power which will pay the dividend in years to come. The other expenses are also gone up due to increase in cost of living. The overall effect is improvement in the bottom line. As reported by the Central Government, the Government id emphasizing the improvement in infrastructure facilities which will have a positive bearing on the other industries like chemicals, petro-chemicals, cement, railways etc. Therefore, Directors are hopeful to get good business of instrument sales and services.

Form 8:

This form is for	Modification of charge
Charge identification number of the modified	90241464
Corporate identity number of the company	U74220MH1977PTC019758
Name of the company	I R TECHNOLOGY SERVICES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B-8 Commerce Centre78 Tardeo Road Mumbai - 400034, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	IDBI Limited
Nature of description of the instrument creating or modifying the charge	Supplemental Memorandum of Equitable Mortgage by Deposit of Title Deeds.
Date of instrument Creating the charge	06/07/2007
Amount secured by the charge	Rs.30.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge The earlier bank guarantee of Rs.12.500 Millions is further extended to Rs.30.000 Millions
Short particulars of the property charged	Part II of First Schedule, Part II of Second Schedule, Part II of Third Schedule and Part II of Forth Schedule as given in Memorandum deed attached to this form.
Date of latest modification prior to the present modification	12/05/2005
Particulars of the present modification	The earlier limit of Rs.15.000 millions by way of Composite deed of Hypothecation dated 12.05.2005 is enhanced to Rs. 30.000 Millions by this Memorandum of Equitable Mortgage.

Trade References:

Nova Biomedical
Spex Certiprep Limited
MOA Instrumentation International

Fixed Assets:

Land at Noida, Calcutta
Lease Hold Land - MIDC
Factory Premises
Factory and Building Noida
Office Premises
Furniture and Fixtures
Plant and Machinery
Motor Cars
Office Equipments
Computers
Air Condition

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.45.38
UK Pound	1	Rs.73.08
Euro	1	Rs.61.60

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	YES
--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	-

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.

MIRA INFORM REPORT

13.717

17.565

79.433

65.425

24.641

19.132

0.000

0.000

32.893

28.379

150.684

130.501

30.902

30.769

1.361

2.428

147.653

125.371

3.031

5.130

NA

3.65

NA

4.98

NA

3.50

NA

0.20

5.45

4.77

1.02

1.04

Unit