MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	SFO TECHNOLOGIES PRIVATE LIMITED	Principal Name 1	Jehangir Rawther Nagoor
Status	Good	Principal Name 2	Iqbal Mohammed Ali
		Registration #	--
Street Address	Stone House Market Road, Aluva, Ernakulam – 683101, Kerala
Established Date	08.02.1990	SIC Code	--
Telephone#	91-484-2413246	Business Style 1	Manufacturers of Electronics Devices, SMT Assembly .
Fax #	91-484-2413053	Business Style 2	--
Homepage	--	Product Name 1	--
# of employees	2000	Product Name 2	--
Paid up capital	70,010,000	Product Name 3	--
Shareholders	Nishi Jehagir – 139860 Javed K Hassan -559000	Banking	Export-Import Bank Of India
Public Limited Corp.	--	Business Period	20 years
IPO	---	International Ins.	-
Public Enterprise	---	Rating	A (64)
Related Company
Relation Subsidiaries	Country India	Company Name	SEO Technology Digital Private Limited
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,834,320,000	Current Liabilities	870,768,000
Inventories	1,178,078,000	Long-term Liabilities	1,878,282,000
Fixed Assets	961,313,000	Other Liabilities	81,399,000
Deferred Assets	--	Total Liabilities	2,830,449,000
Invest& other Assets	695,481,000	Retained Earnings	1,518,730,000
		Net Worth	1,838,743,000
Total Assets	4,669,192,000	Total Liab. & Equity	4,669,192,000
Total Assets (Previous Year)	4,448,455,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	3,556,472,000	Net Profit	109,831,000
Sales(Previous yr)	3,564,698,000	Net Profit(Prev.yr)	50,494,000

MIRA INFORM REPORT

Report Date :

26.02.2011

IDENTIFICATION DETAILS

Name :	SFO TECHNOLOGIES PRIVATE LIMITED

Formerly Known As:	SUN FIBRE OPTICS PRIVATE LIMITED

Registered Office :	Stone House Market Road, Aluva, Ernakulam – 683101, Kerala

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	08.02.1990

Com. Reg. No.:	09-5620

CIN No.: [Company Identification No.]	U72900KL1990PTC005620

TAN No.: [Tax Deduction & Collection Account No.]	CHNS02626B

PAN No.: [Permanent Account No.]	AADCS3318K

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturers of Electronics Devices, SMT Assembly and Chip on Board Assembly

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 7354972

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established and a reputed company having fine track. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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

LOCATIONS

Registered Office :	Stone House Market Road, Aluva, Ernakulam – 683101, Kerala
Tel. No.:	91-484-2413246
Fax No.:	91-484-2413053
E-Mail :	kpcs@nestcorp.net / k.padmanabhan@nestgroup.net
Websites:	www.nestgroup.net

Corporate Office:	The Nest Group, Plot No. 99, Kiadb Industrial Area, Bommasandra 4th Phase, Hosur
Tel. No.:	91-80-27835120
Fax No.:	91-80-27833543
E-Mail :	thomas.v@nestgroup.net
Website:	www.nestgrop.net

Factory :	Plot No. 2, Cochin Special Economic Zone, Kakkanad, Cochin – 682 037
Tel. No.:	91-484-2413223
Fax No.:	91-484-2413058
E-Mail :	vijo.mathew@nestgroup.net
Website :	www.nestgroup.net
Area :	35000 x 6 Sq.fts
Location :	Owned

Indian Corporate Office :	Plot No. 2, Cochin Special Economic Zone ,Kerala
Tel. No.:	91 484 2413223
Fax No.:	91 484 2413053

Digital Electronics Division (Cochin) I	Plot No.37, Cochin Special Economic Zone ,Kakkanad, Kochi-682 037
Tel. No.:	91-484-2413205 / 2413206
Fax No.:	91-484-2413204
E-Mail :	thomas.john@nestgroup.net

Digital Electronics Division (Cochin) II	Plot No.36,Cochin Special Economic Zone ,Kakkanad, COCHIN - 682 037 KERALA
E-Mail :	thomas.john@nestgroup.net

Cable & Wire Harness Division	Plot No.17 ,Cochin Special Economic Zone ,Kakkanad, Cochin - 682 037 ,Kerala
E-Mail :	rama.varma@nestgroup.net

Optoelectronics Division	Plot No.43 ,Cochin Special Economic Zone ,Kakkanad, Cochin - 682 037 Kerala
E-Mail :	shafi.um@nestgroup.net

Power Electronics Division	Plot No.43 A ,Cochin Special Economic Zone ,Kakkanad, Cochin - 682 037, Kerala
E-Mail :	narayanan.vr@nestgroup.net

RF, Microwave & Wireless Division	Plot No.2 ,Cochin Special Economic Zone ,Kakkanad, Cochin - 682 037, Kerala,
Email:	neelakantan.g@nestgroup.net

Mechanical Division (Bangalore) I	Plot No.99, KIADB Industrial Area, Bommasandra, 4th Phase Hosur Road, Bangalore - 560 099
Email	shekhar.choudhury@nestgroup.net

Software Services Division (Kalamassery)	Unit III, Nest Tower ,University Junction, Nh 47 ,Cochin University Po ,South Kalamassery, Ernakulam 682 022
Email:	krishnan.n@nestgroup.net

Electronics Division	No. 690/55/3, Nets Towers ,Hosur Road, Bommasandra, Bangalore - 560 099
Email:	jacob.p@nestgroup.net

Magnetics Division	No. 690/55/3, Nest Towers ,Hosur Road, Bommasandra, Bangalore - 560 099
Email:	jacob.p@nestgroup.net

System Integration Division (Alwaye)	111/21, AmbattukavuThaikattukara P O, Alwaye - 683 106
Email:	am.iqbal@nestgroup.net

Mechanical Division (Bangalore) II	14A, KIADB Industrial Estate ,Veerasandra ,Hosur Road, BANGALORE

System Integration Division (Bangalore)	No.27, II Cross, CSI Compound, Mission Road, BANGALORE - 560 027
Email:	manoj.menon@nestgroup.net

Software Services Division (Trivandrum) I	A-3, Periyar, Technopark,Kariyavattam, Trivandrum – 695581 ,Kerala, India
Email:	sasi.kumar@nestgroup.net

Software Services Division (Trivandrum) II	T. C. 13/ 58, Gnayalloor Buildings,Kesavadasapuram ,Trivandrum - 695004 Kerala, India
Email:	sasi.kumar@nestgroup.net

Cyber Campus (Alwaye)	Royal Plaza ,4th Floor ,Bride Road ,Alwaye

Cyber Campus (Trivandrum)	Sumaj Complex ,Chavadimukku ,Sreekariyam ,Trivandrum - 695017

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Jehangir Rawther Nagoor
Designation :	Vice Chairman and Managing Director
Address :	Mackar Manzil Fboa Road, Aluva, Ernakulam – 683101, Kerala, India
Date of Birth/Age :	01.12.1955
Date of Appointment :	08.02.1990
DIRECTORSHIP IN OTHER COMPANIES:
CIN of the Company	U32109KL1992PTC006409]
Name of the Company	Crysind Electronics Private Limited
Designation:	Director

CIN of the Company	U28999KL1994PTC007865
Name of the Company	Sun Precision Works Private Limited
Designation:	Director

CIN of the Company	U31300KL1994PTC007867
Name of the Company	Sun Generic Cables Private Limited
Designation:	Director

CIN of the Company	U72200KL1995PTC008912
Name of the Company	Network Systems & Technologies Private Limited
Designation:	Director

CIN of the Company	U33201KL1996PTC010702
Name of the Company	J2 Optronics Private Limited
Designation:	Director

CIN of the Company	U72200KL1997PTC011153
Name of the Company	Nest Systems Private Limited
Designation:	Director

CIN of the Company	U31200KL2000PTC013605
Name of the Company	Nest Power Electronics Private Limited
Designation:	Director

CIN of the Company	U31904KL2000PTC014280
Name of the Company	Nest Magnetics Private Limited
Designation:	Director

CIN of the Company	Saba Powerdex Private Limited
Name of the Company	U30009KL1999PTC013131
Designation:	Director

CIN of the Company	U72200KL1998PTC012602
Name of the Company	Nest Information Technologies Private limited
Designation:	Director

CIN of the Company	U33201KL2000PTC014279
Name of the Company	Swiftlink Fibre Optics Private Limited
Designation:	Director

CIN of the Company	U32109KL2002PTC015790
Name of the Company	Nest Photonics Private limited
Designation:	Director

CIN of the Company	U72900KL2002PTC015791
Name of the Company	Nest Technology Enabled Services Private Limited
Designation:	Director

CIN of the Company	U35301KL2002PTC015731
Name of the Company	Nest Avionics Private limited
Designation:	Director

Name :	Mr. Iqbal Mohammed Ali
Designation :	Director
Address :	1320A, Panaykka-Pparamp, 33 Vennala, Kochi, Ernakulam – 683101, Kerala, India
Date of Birth/Age :	28.05.1951
Date of Appointment :	08.02.1990

Name :	Mr. Javad K. Hassan
Designation :	Chairman
Address :	1900, Yorkshire Drive, Bluebell, , United Status - 19422
Date of Birth/Age :	07.10.1940
Date of Appointment :	22.12.2004

Name :	Mr. Sunil Theckath Vasudevan
Designation :	Director
Address :	96, 2^nd Cross Road, Block 5, Banashankari, 3^rd Stage, 3^rd phase, Bangalore – 560 085, Karnataka, India
Date of Birth/Age :	03.03.1966
Date of Appointment :	28.05.2007

KEY EXECUTIVES

Name :	Mr. Padamabhan Kumaravel
Designation :	Secretary
Address :	310/C, Vallayil House, cochin Palace P O Thrippunithura, Ernakulam – 682301, Kerala, India
Date of Birth/Age :	01.06.1967
Date of Appointment :	01.09.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders		No. of Shares
A M Iqbal		140
Gul Mohammed		1000
Nishi Jehagir		139860
Javed K Hassan		559000
Indian Value Fund Trustee Company Private Limited, Mumbai		100
Indian Value Fund Trustee Company Private Limited, Mumbai		39929
Darkwood Investment Limited		19225
Total		759254

AS ON 30.09.2010

Category	Percentage
Foreign holdings (Foreign institutional investors ) foreign companies foreign financial institutions , non residents or Overseas corporate bodies or others	79.85
Bodies corporate	0.01
Directors or relative of directors	19.98
Other top fifty (50) shareholders	0.16
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers of Electronics Devices, SMT Assembly and Chip on Board Assembly

Products :	PC Boards

PRODUCTION STATUS (As on 31.03.2009):-

Particulars	Unit	Actual Production
Sheet Metal and Aluminium Components	Nos.	5670212
Electronics Devices	Nos.	11114295

GENERAL INFORMATION

Customers:

· Areva

· Alstom

· Ericsson

· Hitachi

· Lambda

· ISO

· DP World

· ABB

· Novar

· Siemens

· Adva

· Danaher

· Texas Instruments

· Tata

· Tokyo Electron

· Tyco

· Toshiba

· NEC

· Avanex

· Gould

· Solectron

· Pegasus Transtech

· Am / Comm Systems

· Philips

· Intel

No. of Employees :

2000

Bankers :

Export-Import Bank Of India, Center One Building, Floor 21, World Trade Center Complex, Cuffe Parade,, Mumbai - 400005, Maharashtra, India

Facilities:

Secured Loan

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

From Banks

Working Capital Loans

Term Loans

(Amount Payable within one year Rs.137.597 Millions)

Vehicle Loans

(Secured by hypothecation of vehicle financed)

(Amount Payable within one year Rs.7.501 Millions)

821.138

503.472

13.234

579.686

670.475

9.275

Total

1337.844

1259.437

Unsecured Loan

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

Inter Corporate Loans

5905426 Fully Convertible Debentures of Rs.0.008 Millions each

Lions from Directors

30.596

499.151

10.689

34.301

499.151

10.689

Total

540.438

544.142

Banking Relations :

Auditors :

Deloitte Haskins and Sells

Chartered Accountants

Address :

Wilmont Park Business Centre, 1^st Floor, Warriam Road, Kochi-682016, Kerala, India

Pan No. :

AACFD3771D

Tel No.:

91-484-2353694

Fax No.:

91-484-2380094

Subsidiary :

· SEO Technology Digital Private Limited

[CIN : U32109KL2007PTC021022

Nest Power Electronics Private Limited

U70102KL2007PTC020633

· Nest Power Electronics Private Limited

[U31200KL2000PTC013605]

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 100/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
700100	Equity Shares	Rs. 100/- each	Rs.70.010 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		70.010	70.010	70.010
2] Share Application Money		250.003	250.003	250.003
3] Reserves & Surplus		1518.730	1408.899	1355.199
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1838.743	1728.912	1675.212
LOAN FUNDS
1] Secured Loans		1337.844	1259.437	953.935
2] Unsecured Loans		540.438	544.142	542.286
TOTAL BORROWING		1878.282	1803.579	1496.221
DEFERRED TAX LIABILITIES		81.399	76.824	63.699

TOTAL		3798.424	3609.315	3235.132

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		961.313	759.839	664.503
Capital work-in-progress		0.000	158.268	124.023

INVESTMENT		695.481	370.048	270.081
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1178.078	1007.858	945.585
	Sundry Debtors	1060.430	1001.608	686.186
	Cash & Bank Balances	108.357	65.291	95.624
	Other Current Assets	1.054	0.774	1.243
	Loans & Advances	664.479	1084.769	1325.360
Total Current Assets		3012.398	3160.300	3053.998
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	718.020	549.924	596.418
	Other Current Liabilities	113.680	269.328	228.857
	Provisions	39.068	19.888	52.198
Total Current Liabilities		870.768	839.140	877.473
Net Current Assets		2141.630	2321.160	2176.525

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		3798.424	3609.315	3235.132

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	3566.472	3564.968	3045.174
		Other Income	134.992	260.461	97.837
		TOTAL (A)	3701.464	3825.429	3143.011

Less	EXPENSES
		Material Consumed	2556.264	2878.025	2365.950
		Operating and Other Expenses	755.195	662.286	557.842
		TOTAL (B)	3311.459	3540.311	2923.792

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		390.005	285.118	219.219

Less	FINANCIAL EXPENSES (D)		133.242	130.482	118.700

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		256.763	154.636	100.519

Less/ Add	DEPRECIATION/ AMORTISATION (F)		85.456	63.764	49.169

	PROFIT BEFORE TAX (E-F) (G)		171.307	90.872	51.350

Less	TAX (I)		61.476	40.378	15.843

	PROFIT AFTER TAX (G-I) (J)		109.831	50.494	35.507

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1994.565	1683.433	1242.805
	TOTAL EARNINGS		1994.565	1683.433	1242.805

	IMPORTS
		Raw Materials and Components	1746.963	2119.091	2009.458
		Capital Goods	21.050	16.725	52.265
	TOTAL IMPORTS		1768.013	2135.816	2061.723

	Earnings Per Share (Rs.)		156.88	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.97	1.32	1.13

Net Profit Margin (PBT/Sales)	(%)	4.80	2.55	1.69

Return on Total Assets (PBT/Total Assets}	(%)	4.31	2.32	1.38

Return on Investment (ROI) (PBT/Networth)		0.09	0.05	0.03

Debt Equity Ratio (Total Liability/Networth)		1.49	0.48	0.52

Current Ratio (Current Asset/Current Liability)		3.46	3.77	3.48

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company	U72900KL1990PTC005620
Name of the company	SFO TECHNOLOGIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Stone House Market Road, Aluva, Ernakulam – 683101, Kerala, India
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	EXPORT-IMPORT BANK OF INDIA
Nature of instrument creating charge	Deed of Hypothecation (DOH) dated November 30, 2010, executed by SFO Technologies Private Limited ("The Borrower") in favour of Export-Import Bank of India ("Exim Bank") creating security by way of a pari passu first charge on the entire fixed assets of the Borrower and a pari passu second charge on the entire current assets of the Borrower, both present and future for the loan of Rs. 275.000 millions (this loan), granted by Exim Bank to the Borrower.
Date of instrument Creating the charge	30/11/2010
Amount secured by the charge	Rs.275.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rupee disbursement - 11 % per annum payable with monthly rests subject to reset of interest in accordance with loan agreement. Dollar disbursement- LIBOR (6 M) plus 450 bps (including withholding tax) Terms of Repayment 20 equal quarterly installments commencing after 1 year from the date of first disbursement or such other date closer to that date as may be advised by EXIM Bank at the time of making the first disbursement. Margin 10.18 percent Extent and Operation of the charge Pari passu first charge over the entire movable fixed assets, present and future of the Borrower and Pari passu second charge on the entire current assets of the Borrower, present and future, in accordance with the order of priority of charges as mentioned in Schedule IV of the agreement.
Short particulars of the property charged	Entire movable fixed assets of the Borrower, including present and future more particularly mentioned in Schedule III to the DOH attached hereto. Entire current assets of the Borrower, both present and future more particularly mentioned in Schedule III to the DOH attached hereto

Fixed Assets

· Improvements to Leasehold Building

· Plant and Machinery

· Furniture and Fitting

· Office Equipments

· Computer

· Motor Vehicles

Press Releases

SFO Technologies IP - 802.11r Implementation

Voice over WLAN is one of the hottest areas where lot of R and D is happening specifically in minimizing the delays during data transfer while roaming.

A new wireless standard 802.11r is introduced by IEEE to tackle this problem. IEEE 802.11r achieves this by introducing heavily optimized mechanisms for security association establishment and reservation of QoS parameters in the network for a mobile unit when it moves from one Access Point to another.

Understanding the importance of IEEE 802.11r and its targets, SFO Technologies has already set its focus onto the implementation of 802.11r protocol stack. As of now SFO Technologies has a complete working prototype of the IEEE 802.11r draft specification. The stack enables the WLAN mobile units to achieve roaming in less than 20ms.

The architecture of SFO Technologies’ 802.11r protocol stack is sufficiently independent of the WLAN hardware used. Currently we support WLAN chips from Atheros and Marvel. This means that, our 802.11r stack can be readily used by our customers to implement 802.11r functionality in their Access Points and mobile units which uses these chipsets.

SFO Technologies can also provide 802.11r support for other WLAN chips as per requirements which involves minor development effort, thanks to the hardware independent and modular design of the protocol stack.

Ready to Deploy- VoWiFi 802.11r Support

Windows 2K/XP

Linux(2.6 Kernel)

Platform

x86

x86, ARM

Chipset

Atheros

Marvel

Prism

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.45.37
UK Pound	1	Rs.73.24
Euro	1	Rs.62.68

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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		64

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

1178.078

1007.858

1060.430

1001.608

108.357

65.291

1.054

0.774

664.479

1084.769

3012.398

3160.300

718.020

549.924

113.680

269.328

39.068

19.888

870.768

839.140

2141.630

2321.160

2.97

1.32

4.80

2.55

4.31

2.32

0.09

0.05

1.49

0.48

3.46

3.77

Unit