MIRA INFORM REPORT

Report Date :

12.07.2011

IDENTIFICATION DETAILS

Name :	SAVANT INSTRUMENTS PRIVATE LIMITED
Registered Office :	Plot No.220, Road No.1, Doctor’s Colony, Saroor Nagar Mandal, Saroor Nagar, Hyderabad-500035, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.06.1999
Com. Reg. No.:	01-031817
Capital Investment / Paid-up Capital :	Rs. 2.640 millions
CIN No.: [Company Identification No.]	U52334AP1999PTC031817
TAN No.: [Tax Deduction & Collection Account No.]	HYDS03625G
PAN No.: [Permanent Account No.]	AAECS1724N
Legal Form :	Private Limited Liability Company
Line of Business :	Servicing and dealings of Equipments.

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 43000
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	A1	A1

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

LOCATIONS

Registered Office :	Plot No.220, Road No.1, Doctor’s Colony, Saroor Nagar Mandal, Saroor Nagar, Hyderabad-500035, Andhra Pradesh, India
Tel. No.:	91-40-44602029
Fax No.:	91-40-44602003
E-Mail :	sales@savantindia.in customersupport@savantindia.in
Website :	www.savantindia.in
Branches :	D-49, 2^nd Floor, Vashi Plaza, Sector No. 17, Vashi, Navi Mumbai-400705, Maharashtra, India
Tel. No.:	91-22-40137346
Fax No.:	91-22-40137348
E-Mail :	Mumbai@savantindia.in

DIRECTORS

AS ON 29.09.2010

Name :	Mr. Avimeni Venkata Sambasiva Rao
Designation :	Managing Director
Address :	Plot No.12/2, SBH Colony, Mohan Nagar, Kothapet, Hyderabad-500035, Andhra Pradesh, India
Date of Birth/Age :	03.08.1968
Date of Appointment :	01.06.1999
DIN No :	00062450
Name :	Mr. Bhanu Prasad Y
Designation :	Jt. Managing Director
Address :	19-10-100/2 A, New Indira Nagar, Chittor District, Tirupathi-517501, Andhra Pradesh, India
Date of Birth/Age :	06.02.1978
Date of Appointment :	02.02.2006
DIN No :	00660402

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2010

Names of Shareholders	No. of Shares
A. V. Samba Siva Rao	131964
Y. Bhanu Prasad	131964
A. Radha Krishna Murthy	16
E. Lakshmisree	20
Y. Rajitha	16
Y. Gunasundari	20
Total	264000

AS ON 29.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Servicing and dealings of Equipments.

GENERAL INFORMATION

Customers :

· HACH

· Dwyer

· GLI International

· Radiometer Analytical

· OTT

· Hydrolab

· ISOIL Industrial

· Lachat Instruments

Bankers :

· Punjab National Bank, Musheerabad Branch, Musheerabad, Hyderabad-500048, Andhra Pradesh, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Cash Credit from Punjab National Bank Secured by book debts, stocks and guaranteed by directors	14.629	5.880
Terms Loan from banks and financial companies against hypothecation of cars	0.513	1.023
Total	15.142	6.903
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Financial Companies	1.211	3.655
From Share Holders	0.000	0.000
Total	1.211	3.655

Banking Relations :	--
Auditors :
Name :	S. R. Mohan and Company Chartered Accountant
Address :	1-607, 6^th Floor, Divya Shakthi Commercial Complex, Ameerpet, Hyderabad-500016, Andhra Pradesh, India
Tel No.:	91-40-23740552
Email :	sivakom@rediffmail.com

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs. 3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
264000	Equity Shares	Rs.10/- each	Rs. 2.640 Millions

Note: Out of the above 132000 equity shares of Rs. 10/- each were issued as bonus shares during this year. Total Bonus shares issued to date 198000

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		2.640	1.320	1.320
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.255	6.599	4.597
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10.895	7.919	5.917
LOAN FUNDS
1] Secured Loans		15.142	6.903	1.527
2] Unsecured Loans		1.211	3.655	5.532
TOTAL BORROWING		16.353	10.558	7.059
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		27.248	18.477	12.976
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.405	5.574	2.538
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	8.401	6.445	3.028
	Sundry Debtors	46.410	37.969	40.120
	Cash & Bank Balances	5.831	4.851	9.469
	Other Current Assets	0.000	0.000	2.035
	Loans & Advances	1.127	1.347	0.000
Total Current Assets		61.769	50.612	54.652
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	41.326	32.585	38.201
	Other Current Liabilities	5.516	4.589	4.868
	Provisions	0.112	0.538	1.151
Total Current Liabilities		46.954	37.712	44.220
Net Current Assets		14.815	12.900	10.432
MISCELLANEOUS EXPENSES		0.028	0.003	0.006
TOTAL		27.248	18.477	12.976

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sale of Instruments and Works	103.832	102.030	99.831
		Commission Received	0.806	4.094	1.047
		Service Chares	1.498	1.019	0.651
		Freight and Packing Charges	0.236	0.072	0.442
		Other Income	0.177	0.375	0.000
		TOTAL (A)	106.549	107.590	101.971
Less	EXPENSES
		Cost of Materials Sold	54.544	64.791	57.085
		Works Expenses	26.510	21.228	26.089
		Employees Salaries and Benefits	8.846	7.934	5.928
		Preliminary Expenses Written Off	0.007	0.003	0.003
		Administrative Expenses	9.972	8.097	5.790
		TOTAL (B)	99.879	102.053	94.895
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.670	5.537	7.076
Less	FINANCIAL EXPENSES (D)		1.188	1.682	2.205
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.482	3.855	4.871
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.448	0.673	0.169
	PROFIT BEFORE TAX (E-F) (G)		4.034	3.182	4.702
Less	TAX (I)		1.058	1.180	1.185
	PROFIT AFTER TAX (G-I) (J)		2.976	2.002	3.517
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.599	4.597	1.740
Less	APPROPRIATIONS
		Bonus Shares Issued	1.320	0.000	0.660
	BALANCE CARRIED TO THE B/S		8.255	6.599	4.597
	EXPORT VALUE		0.806	4.095	1.047
	IMPORTS VALUE		35.694	39.960	24.617
	Earnings Per Share (Rs.)		11.27	22.78	26.64

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.79	1.86	3.45
Net Profit Margin (PBT/Sales)	(%)	3.88	3.12	4.71
Return on Total Assets (PBT/Total Assets}	(%)	5.44	5.66	8.22
Return on Investment (ROI) (PBT/Networth)		0.37	0.40	0.79
Debt Equity Ratio (Total Liability/Networth)		5.81	6.10	8.67
Current Ratio (Current Asset/Current Liability)		1.32	1.34	1.24

LOCAL AGENCY FURTHER INFORMATION

Note : Registered Office of the company has been shifted from 418, 4^th Floor, Kubera Towers, Narayanaguda, Hyderabad-500029, Andhra Pradesh, India to the present address w.e.f. 09.10.2009.

OPERATIONS:

The Company is carrying on the business of marketing and servicing of scientific environmental, pollution control instruments, construction and erection of laboratories and distributing the products. A solid foundation is laid in exploring and penetrating into the market. The company has achieved a turnover of Rs. 106.549 millions as against to Rs. 107.590 millions of last year and the company has earned a net profit before tax of Rs. 4.034 millions compared to Rs. 3.181 millions of last year. Because of the recession in the economy the company could not increase its turnover. However the Company could sustain the existing level of activity. They are hopeful of recovery of economy and increase the business during the current year.

Because of the necessity for funds to execute the business plants the directors do not recommend any dividend for the year.

FORM 8

Corporate identity number of the company	U52334AP1999PTC031817
Name of the company	SAVANT INSTRUMENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.220, Doctors Colony, Saroor Nagar Mandal, Saroor Nagar Hyderabad- 500079, Andhra Pradesh, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Punjab National Bank, Musheerabad Branch, Musheerabad, Hyderabad-500048, Andhra Pradesh, India
Nature of instrument creating charge	1. Hypothecation of goods and book debts to secure cash credit facility. 2. Hypothecation of moveable assets forming part of fixed/block assets 3. Counter indemnity bond for guaranteed payment of Rs. 15.000 million by PNB, Musheerabad branch 4. Agreement of Guarantee 5. Letter for deposit of Title Deeds
Date of instrument Creating the charge	19.11.2009
Amount secured by the charge	Rs. 23.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest BPLR + 1.50% Terms of repayment Limits valid up to one year from the date of documentation Margin 25% for Cash Credit Limit 15% for Bank Guarantee Limit Extent and operation of the charge First charge on total assets of the company
Short particulars of the property charged (Including location of the property)	Primary: Stocks-Various raw materials viz manufacturing material, raw materials including excisable raw materials, stocks in process, semi finished goods, finished goods (including bought out finished goods) Book debts - Book debts outstanding decrees money receivables, government subsidies, claims, bill contracts and investments. Collateral : Equitable Mortgage of 353 sq yds of land and building thereon, valued at Rs. 20.200 millions, situated at Plot No - 220, Road No-1, Doctors Colony, Saroornagar, Hyderabad-500035.
Charge identification number of the charge to be modified	80016338
Date of instrument modifying the charge	18.08.2007
Particulars of the present modification	The overall limits enhanced from Rs. 15.869 millions to Rs. 23.000 millions

FIXED ASSETS

· Land

· Building

· Furniture and Fittings

· Computers

· Fax Machine

· Office Equipments

· Cars

· Mobile Phones

· Bore Well

· Air Conditioners

· Electrical Fittings

· EPABS

· Machinery

· Projector

WEB SITE DETAILS

PROFILE

Even though strategies accompanying a business have undergone a sea change, still the mainstream choices seem quite adequate for the rather mundane need of most buyers. An Idea is good only when it is practical and better still if it can be translated into reality. Yet, despite it's importance, the assumptions are rarely analyzed, rarely studied, rarely challenged-indeed rarely even made explicit.

What is presented as the "one right organization" has changed more than once. But the search for the right organization has continued and continues today. "The challenge for any corporate today is to respond to a changing environment and to contemporaries its identity. The demands of a new market support is decentralisation of activities with an accent on outsourcing.

Originally conceived as a small trading company, Savant Instruments is actually in the End to End Solutions, building flanking services like backup Services, Quality Assurance, Application Support, AMC Services and many more........ with two objectives - to target emerging niches and leverage the services to convince clients to take a multiple communications format route to the end consumer.

The motto of the company, "Solutions for growing business" guides every activity the company undertakes. This principle prompts them to redefine the matrices of innovation within the requirements of the client. They strive to balance customer satisfaction with a distinct creativity full of quality results, That enables us not only to meet the client's dictates but also transcend them. All their ideas are articulated within the client's desired perspective, but yet carry mark of sheer imagination honed by a commitment to workability. Empowered with this guiding principle and endowed with a futuristic vision, Savant Instruments, hopes to meet the global challenge by anticipating future market dynamics and transforming specialized servicing into a fast-growth hot shop."

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.44.37
UK Pound	1	Rs.70.83
Euro	1	Rs.62.95

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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		45

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.