MIRA INFORM REPORT

Report Date :

13.06.2011

IDENTIFICATION DETAILS

Name :	SCIENTECH TECHNOLOGIES PRIVATE LIMITED
Registered Office :	94-101, Electronic Complex, Pardeshipura, Indore-452010, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	03.04.2001
Paid up Capital :	Rs.2.500 Millions
Com. Reg. No.:	10-14613
CIN No.: [Company Identification No.]	U30007MP2001PTC014613
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Importer of Testing and Measuring Instruments.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 701960
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. General financial position of the company is good. Trade relations are reported as fair. Business Is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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

INFORMATION PARTED BY

Name :	Mr. Arvind M
Designation :	Manager IT
Contact No.:	91-731-4032286
Date :	13.06.2011

LOCATIONS

Registered Office / Factory:	94-101, Electronic Complex, Pardeshipura, Indore-452010, Madhya Pradesh, India
Tel. No.:	91-731-4032286 / 2556638 / 2570301 / 4211100 / 2570302
Fax No.:	91-731-2555643
E-Mail :	info@scientech.bz ajtjain84@gmail.com
Website :	http://www.scientech.bz
Area :	24000 sq.ft.
Location :	Leased
Branch Offices:	Located At Pune Mumbai Bangalore Hyderabad Vadodara Jaipur Cochin/ Kochi Delhi Kolkata Lucknow Patna Orissa

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Ambarish Kela
Designation :	Managing Director
Address :	5 Gulmohar Colony, Indore- 452018, Madhya Pradesh, India
Date of Birth/Age :	25.08.1966
Qualification :	Management Graduate
Date of Appointment :	03.04.2001
Name :	Mrs. Sheela Devi Kela
Designation :	Director
Address :	11-12 Gulmohar Colony, Indore- 452018, Madhya Pradesh, India
Date of Birth/Age :	21.09.1939
Date of Appointment :	03.04.2001
Name :	Mrs. Preeti Kela
Designation :	Director
Address :	5, Gulmohar Colony Extension, Indore-452001, Madhya Pradesh, India
Date of Birth/Age :	24.07.1966
Qualification :	Management Graduate
Date of Appointment :	01.11.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Ambarish Kela	147500
Sheeladevi Kela	100000
Preeti Kela	2500
Total	250000

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Testing and Measuring Instruments.
Products :	Test and Measuring Instruments Training Products Industrial Equipments Fiber Optics Software and CBT’s CKT
Exports :
Products :	Measuring Instruments
Countries :	USA Malaysia Singapore
Imports :
Products :	Electronic Instruments
Countries :	Taiwan Japan Korea
Terms :
Selling :	L/C, Credit, Cash (30 days)
Purchasing :	L/C, Credit, Cash (30 days)

GENERAL INFORMATION

Customers :

· Industries

· End Users

No. of Employees :

500 (Approximately) – in office + in factory

Bankers :

• State Bank of India, SME Branch, A. M. I. O. Building, Polo Ground, Indore-452001, Madhya Pradesh, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
State Bank of India (Cash Credit)	61.284	59.469
State Bank of India SME Credit Plus	6.001	5.903
State Bank of India SME Care	0.000	10.010
State Bank of India EPC	4.337	0.000
Total	71.622	75.382
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Directors, Shareholders and Relatives	14.574	12.477
Total	14.574	12.477

Banking Relations :

Satisfactory

Auditors :

Name :

H. N. Jhawar and Company

Chartered Accountant

Address :

203, Sapphire House, 9 Sneh Nagar, Main Road, Indore-452001, Madhya Pradesh, India

Pan No.:

AAAFH9839C

Associates/Subsidiaries :

Name of Company:	NVIS Technologies
Address:	Indore, Madhya Pradesh, India
Line of Business:	Manufacturers of Microvave tesh, Benches

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Share	Rs.10/- Each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Share	Rs.10/- Each	Rs.2.500 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		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		172.990	141.586	115.509
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		175.490	144.086	118.009
LOAN FUNDS
1] Secured Loans		71.622	75.384	52.008
2] Unsecured Loans		14.574	12.477	11.698
TOTAL BORROWING		86.196	87.861	63.706
DEFERRED TAX LIABILITIES		5.399	4.794	4.434
TOTAL		267.085	236.741	186.149
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		74.934	73.740	54.264
Capital work-in-progress		0.000	1.110	3.510
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	95.856	80.623	60.944
	Sundry Debtors	101.071	96.583	81.259
	Cash & Bank Balances	12.991	4.552	2.048
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	26.154	24.440	23.497
Total Current Assets		236.072	206.198	167.748
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.645	24.643
	Other Current Liabilities	5.926	6.764	27.973
	Provisions	15.350	12.900	11.400
Total Current Liabilities		43.921	44.307	39.373
Net Current Assets		192.151	161.891	128.375
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		267.085	236.741	186.149

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	353.680	312.092	242.624
		Other Income	1.648	0.972	10.558
		TOTAL (A)	355.328	313.064	253.182
Less	EXPENSES
		Material Consumed	140.082	123.741
		Cost of Trading Goods	68.719	64.622
		Manufacturing Expenses	5.270	7.071
		Employee’s remuneration & Benefits	51.345	40.089
		Administrative & Other Expenses	13.876	12.078	215.144
		Selling & Distribution Expenses	22.391	24.160
		Directors Remuneration	7.149	6.034
		Amortization of Intangible Assets	0.222	0.000
		Increase/(Decrease) in Stock	(13.709)	(16.161)
		TOTAL (B)	295.345	261.634	215.144
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		59.983	51.431	NA
Less	FINANCIAL EXPENSES (D)		7.841	8.189	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		52.142	43.242	38.038
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.493	3.905	2.738
	PROFIT BEFORE TAX (E-F) (G)		47.649	39.337	35.300
Less	TAX (I)		16.245	13.260	13.117
	PROFIT AFTER TAX (G-I) (J)		31.404	26.077	22.183
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		15.586	9.509	NA
Less	APPROPRIATIONS
		Transfer to General Reserve	20.000	20.000	NA
	BALANCE CARRIED TO THE B/S		26.990	15.586	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	31.802	32.582	NA
	TOTAL EARNINGS		31.802	32.582	NA
	IMPORTS
		Components	34.919	23.543	NA
	TOTAL IMPORTS		34.919	23.543	NA

Particulars	31.03.2011
Sales Turnover (Approximately)	420.000

The above information has been parted by (Mr. Arvind M - Manager IT)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	8.83	8.32	8.76
Net Profit Margin (PBT/Sales)	(%)	13.47	12.60	14.55
Return on Total Assets (PBT/Total Assets}	(%)	15.32	14.05	15.90
Return on Investment (ROI) (PBT/Networth)		0.27	0.27	0.30
Debt Equity Ratio (Total Liability/Networth)		0.74	0.92	0.33
Current Ratio (Current Asset/Current Liability)		5.37	4.65	4.26

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Name of the company	SCIENTECH TECHNOLOGIES PRIVATE LIMITED
Presented By	M. M. Kela, Managing Director
1) Date and description of instrument creating the change	19.12.2000 General Agreement for the grant of the small industrial advances and hypothecation of movables, Book Debts and other assets.
2) Amount secured by the charge/amount owing on the securities of charge	Rs.9.300 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	Hypothecation of stocks of Raw Materials, Goods-in-process, Finished Goods, Book Debts, Bills Receivables extended to equitable mortgage of factory land and building situated at 94-101, Pardeshipura Electronic Complex, Indore.
4) Gist of the terms and conditions and extent and operation of the charge.	Payable on demand with interest
5) Name and Address and description of the person entitled to the charge.	State Bank of India, SSI Branch, Indore, Madhya Pradesh
6) Date and brief description of instrument modifying the charge	14.02.2005 Supplemental General Agreement/ Aciliary for the grant of small industrial advances and hypothecation of goods, book debts and other assets and extension on equitable mortgage of factory land and building being situated at 94-101, Pardshipura Electronic Complex, Indore by Deposit No. 1/90 extended from Rs.18.700 Millions to Rs.31.400 Millions
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Existing working capital limits enhanced from Rs.18.700 Millions to Rs.31.400 Millions

This form is for	Modification of charge
Charge identification number of the modified	90208768
Corporate identity number of the company	U30007MP2001PTC014613
Name of the company	SCIENTECH TECHNOLOGIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	91-101, Electronic Complex, Pardeshipura, Indore-452010, Madhya Pradesh, India
Type of charge	Book Debts Immovable Property Movable Property
Particular of charge holder	State Bank of India, SME City Credit Centre, 2^nd Floor, Regional Business Office Premises, Indore-452001, Madhya Pradesh, India E-Mail: neelabh.k@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Letter of confirmation for creation of mortgage by deposit of title deeds
Date of instrument Creating the charge	30.08.2008
Amount secured by the charge	Rs.96.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC (Hypothecation)-1.5% below SBAR with minimum 12.25% BD (within CC hypothecation)- 1.5% below SBAR with minimum 12.25% DDP (Cheque within CC hypothecation)- 1.5% below SBAR with minimum 12.25% EPC (within CC Hypothecation)- 1.5% below SBAR with minimum 12.25% SLC- 1.5% below SBAR with minimum 12.25% Letter of Credit- Commission charges as applicable from time to time Bank Guarantee- Commission charges as applicable from time to time Terms of Repayment On demand Term Loan- 10.000 millions- 35 installment of Rs.0.278 millions - 1 installment of Rs.0.270 million Extent and Operation of the charge Hypothecation of stock of raw material, stock in process, receivable for manufacture of components and other product and extension of charge over land, building and entire foxed assets situated at company’s 94 to 101 admeasuring 2400 Sq. Mtrs. At Electronic Complex, Pardeshipura, Indore and 93 to 102 located at Electronic Complex, Pardeshipura, Indore
Short particulars of the property charged	Hypothecation of stock of raw material, stock in process, receivable for manufacture of components and other product and extension of charge over land, building and entire foxed assets situated at company’s 94 to 101 admeasuring 2400 Sq. Mtrs. At Electronic Complex, Pardeshipura, Indore and 93 to 102 located at Electronic Complex, Pardeshipura, Indore
Date of latest modification prior to the present modification	29.08.2008

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.44.87
UK Pound	1	Rs.72.82
Euro	1	Rs.64.37

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

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.