MIRA INFORM REPORT

Report Date :

09.11.2011

IDENTIFICATION DETAILS

Name :	MASIBUS AUTOMATION AND INSTRUMENTATION PRIVATE LIMITED (w.e.f. 15.12.2005)
Formerly Known As :	Masibus Process Instruments Private Limited
Registered Office :	No. B/30, Sector 25, GIDC, Electronic Estate, Gandhi Nagar – 382 004, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.09.1987
Com. Reg. No.:	04-9994
Capital Investment/ Paid-up Capital:	Rs.26.000 millions
CIN No.: [Company Identification No.]	u32201gj1987ptc009994
PAN No.: [Permanent Account No.]	AAACM9906A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Instrumentation Control Equipments and Pumps.
No. of Employees :	120 (Approximately)

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 470000
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 /Factory :	No. B/30, Sector 25, GIDC, Electronic Estate, Gandhi Nagar – 382 004, Gujarat
Tel. No.:	91-79-23287275/ 23287276/ 23287277-79/ 23242950/ 49/ 14/ 13
Mobile No.:	91-9898586924 (Mr. Sanjeev Chakraborty)
Fax No.:	91-79-23287281-82/ 23242888/ 89
E-Mail :	sales@masibus.com accounts@masibus.com subi@masibus.com
Website :	www.masibus.com
Area :	10000 sq. ft.
Location :	Owned
Resident Operations :	Located at: · Bangalore · Bhopal · Hyderabad · Lucknow · Pune · Surat
Area Offices :	Located at: · Ahmedabad · Chennai · Kolkata · Mumbai · Vadodara

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Subramaniam Krishnamurthy
Designation :	Managing Director
Address :	415/1, Sector 29, Gandhinagar – 382 029, Gujarat , India
Date of Birth/Age :	06.01.1950
Qualification :	B.E.
Date of Appointment :	21.09.1987
DIN No.:	00022552
Name :	Ms. Vidya Subramaniam
Designation :	Director
Address :	415/1, Sector 29, Gandhinagar – 382 029, Gujarat, India
Date of Birth/Age :	20.02.1958
Qualification :	Post Graduate, Diploma in HRM
Date of Appointment :	09.09.1994
DIN No.:	00022694
Name :	Mr. Hasmukh Ugrchand Gadhecha
Designation :	Director
Address :	105, Aalay Flats, Near Vijay Cross Road, Navrangpura, Ahmedabad – 380 059, Gujarat, India
Date of Birth/Age :	13.06.1962
Qualification :	Electrical Engineer
Date of Appointment :	02.04.1990
DIN No.:	00017856

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U32201GJ1987PTC009994	Masibus Automation And Instrumentation Private Limited	Director	02-04-90	02-04-90	-	Active	NO
2	U51100GJ1995PTC024907	Anjdeep Exports Private Limited	Director	08-03-95	08-03-95	-	Active	NO
3	U45201GJ1997PTC031452	Diamond Infrastructure Private Limited	Director	07-01-97	07-01-97	27-02-09	Active	NO
4	U51100GJ1997PTC031762	Anjalee Exim Private Limited	Director	25-11-97	25-11-97	-	Active	NO
5	L22200MH1984PLC034055	Navneet Publications (India) Limited	Director	04-09-06	28-01-02	16-12-08	Active	NO
6	U51909GJ1995PTC024560	Fuji Marketing Private Limited	Director	12-12-05	12-12-05	01-08-08	Active	NO
7	U36910GJ1997PTC031761	Anjalee Ornaments Private Limited	Director	01-01-06	01-01-06	-	Active	NO
8	U45201GJ2007PTC049985	Zaveri Estate Private Limited	Director	28-03-08	09-02-07	-	Active	NO
9	U45201GJ2007PTC052012	Akhil Estate Private Limited	Director	19-10-07	19-10-07	-	Active	NO
10	U45201GJ2007PTC052027	Shukan Estate Private Limited	Director	22-10-07	22-10-07	-	Active	NO
11	U29119GJ1995PTC028138	Inter-Active Technologies Private Limited	Director	01-11-07	01-11-07	-	Active	NO
12	U45201GJ2008PTC054290	Kanak Estate Private Limited	Director	30-09-09	14-09-09	-	Active	NO

Name :	Mr. Domnic Joseph Cordeiro
Designation :	Director
Address :	A-1/201, Royal Enclave, Near Asopalav Bungalow Thaltej, Ahmedabad-380 059, Gujarat, India
Date of Birth/Age :	21.08.1956
Qualification :	Electric Engineer
Date of Appointment :	01.04.2002
DIN No.:	00022731

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	U32201GJ1987PTC009994	Masibus Automation And Instrumentation Private Limited	Director	01-04-02	01-04-02	Active	NO
2	U31909MH2002PTC136537	Masibus Electronics Private Limited	Managing director	17-07-02	17-07-02	Active	NO

Name :	Mr. Sohrab Bezun Daver
Designation :	Director
Address:	C/404, Tulip Building, Powai, Mumabi-400076, Maharashtra, India
Date of Birth/Age :	22.09.1950
	Electric Engineer
Date of Appointment :	21.05.2005
DIN No.:	00022664

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	U31909MH2002PTC136537	Masibus Electronics Private Limited	Director	17-07-02	17-07-02	Active	NO
2	U32201GJ1987PTC009994	Masibus Automation And Instrumentation Private Limited	Director	21-05-05	21-05-05	Active	NO
3	U29100MH1962PLC012368	Ajit Engineering Works Limited	Additional director	29-09-08	29-09-08	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
K. Subramanian	984000
Lata Shah	70000
Gaurav Gadhecha	101920
Sunadan Subramaninam	73500
Ashwin Subramaninam	73500
Vidhya Subramanian	664000
Surendra Shah	50000
Manan Shah	47000
H U Gadhecha (HUF)	210080
K Suramanian (HUF)	25000
Hasmuk U Gadhecha	130000
D J Cordeiro	156000
Arohi S Shah	5000
S.S. Shah (HUF)	5000
Manan S Shah (HUF)	5000
Total	2600000

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Instrumentation Control Equipments and Pumps.

Products :

Product Description	ITC Code
Data Logger and Scanner	--
Digital Panel Meter/ Isolator	--
Temperature Controller	--

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Actual Production
Electronics Instruments	Nos.	136698
Trading	Nos.	32

GENERAL INFORMATION

Customers :

· Avantegarde

· Holcim

· Mecon

· Bharat Aluminium Company Limited

· Essar Steel Limited

· Hindustan Zinc Limited

· Hindalco

· Jindal Stainless Limited

· Steel Authority of (India) Limited

· TATA Steel

· Vedanta

· Visakhapatnam Steel Plant

· JSW Steel and Power Limited

· PGCIL

· The Tata Power Company Limited

· Atul Limited

· Gujarat Alkalies and Chemicals

· Ambuja Cement Limited

· Utratech Cement Limited

· Atul Limited

· Gulbrandsen Chemicals Private Limited

· Cairn

· ONGC

· Elgi Equipments Limited

· Larsen and Toubro Limited

· ABB Limited

· Easun Reyrolle Limited

· Aventis Pharma Limited

· Torrent Pharmaceuticals Limited

No. of Employees :

120 (Approximately)

Bankers :

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

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Cash Credit (Secured against hypothecation of stocks and book debts)	66.974	34.998
Term Loan
Vehicle Loans	19.861	4.211
Total	86.835	39.209
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Deposits from Shareholders	2.160	2.210
Total	2.160	2.210

Banking Relations :	--
Auditors :
Name :	A K Shah And Associates Chartered Accountant
Address :	423, Super Mall, Opposite Lal Bungalow C G Road, Ahmedabad – 380009, Gujarat, India
Subsidiaries :	· Masibus automation and instrumentation FZC, Sharjah · Masibus automation and instrumentation Pte. Limited, Singapore

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2600000	Equity Shares	Rs.10/- each	Rs. 26.000 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		26.000	26.000	22.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		92.874	63.016	34.550
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		118.874	89.016	57.050
LOAN FUNDS
1] Secured Loans		86.835	39.209	46.616
2] Unsecured Loans		2.160	2.210	9.210
TOTAL BORROWING		88.995	41.419	55.826
DEFERRED TAX LIABILITIES		0.985	1.277	1.739
TOTAL		208.854	131.713	114.615
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.253	20.420	20.583
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.858	2.859	2.828
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	70.621	34.852	43.692
	Sundry Debtors	140.283	88.506	73.710
	Cash & Bank Balances	25.620	18.474	15.835
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	17.032	11.021	10.749
Total Current Assets		253.556	152.853	143.986
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	44.979	22.952	26.648
	Other Current Liabilities	13.520	10.990	16.144
	Provisions	11.314	10.477	9.989
Total Current Liabilities		69.813	44.419	52.781
Net Current Assets		183.743	108.434	91.204
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		208.854	131.713	114.615

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Gross Sales and Other Income	374.564	300.455	249.985
		TOTAL	374.564	300.455	249.985
Less	EXPENSES
		Office Expenses
		Administrative Expenses	323.822	261.226	228.697
		Advertising Expenses
		TOTAL	323.822	261.226	228.697
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		50.742	39.229	21.288
Less/ Add	DEPRECIATION/ AMORTISATION		3.966	4.365	3.279
	PROFIT BEFORE TAX		46.776	34.864	18.009
Less	TAX		12.385	9.462	7.668
	PROFIT AFTER TAX		34.391	25.402	10.341
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13.429	6.963	5.570
Less	APPROPRIATIONS
		Transfer to General Reserve	25.000	15.000	5.000
		Dividend	3.900	3.375	3.375
		Tax on Dividend	0.633	0.561	0.573
	BALANCE CARRIED TO THE B/S		18.287	13.429	6.963
	EXPORT VALUE		9.166	4.265	5.728
	IMPORTS VALUE		81.872	59.653	52.582
	Earnings Per Share (Rs.)		13.23	9.77	4.60

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.18	8.45	4.14
Return on Total Assets (PBT/Total Assets}	(%)	16.96	20.12	10.76
Return on Investment (ROI) (PBT/Networth)		0.39	0.39	0.32
Debt Equity Ratio (Total Liability/Networth)		1.34	0.96	1.90
Current Ratio (Current Asset/Current Liability)		3.63	3.44	2.73

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE REVIEW:

The Income of the Company has increased from Rs. 300.455 millions to Rs. 374.564 millions compared to previous year, The net profit after tax has increased from Rs. 25.402 millions to Rs. 34.357 millions compared to previous year.

FURTHER PLAN OF ACTION:-

On the technology front they have been focusing on wirefess and Ultrasound technologies, they are confident of launching a few products based on these technologies in the current year.

OVERVIEW:

The past years have seen a Consolidation of the Company's Position and Strength as a provider of complete engineering solutions in its chosen fields. This has been the result of concerted and systematic efforts in several areas: (a) restructuring and re-organization (b) technology acquisition ( c ) business alliances (d) enhancement of operation efficiency through IT and HR practices.

The focus on strength, particularly in our engineering fields, and on ways to enhance the productivity of the funds engaged in businesses, will help the Company face the volatile economic environment in the future.

Contingent Liability not provided for:

(Rs in Millions)

Particulars	31.03.2011	31.03.2010
Outstanding Guarantee given by banks on behalf of the company	32.652	10.285

FORM 8

Corporate identity number of the company	u32201gj1987ptc009994
Name of the company	MASIBUS AUTOMATION AND INSTRUMENTATION PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No. B/30, Sector 25, GIDC, Electronic Estate, Gandhi Nagar – 382 004, Gujarat, India
This form is for	Modification of Charge
Charge identification number of the charge to be modified	10134441
Type of charge	Immovable Property Book Debts Movable Property Others
Particular of charge holder	Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point Branch, Mumbai-400021, Maharashtra, India
Nature of instrument creating charge	Supplementary Deed of Hypothecation Deed of Mortgage
Date of instrument Creating the charge	03.05.2011
Amount secured by the charge	Rs. 176.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest TL II – Floating over the tenure of the facility. The Rate of Interest has been arrived on the basis of the Bank’s Base Rate. Terms of Repayment TL II - 1. Loan shall be repaid by way of 36 EMIs starting from month following the month of first disbursement of Term Loan. 2. EMIs shall be recovered by ways of debit to Current Account of the Borrower with the Bank. OR EMIs shall be recovered by Banking PDCs on respective due dates. Margin TL II - 25% Extent and Operation of the charge 1. First and exclusive Charge by way of Hypothecation of Current assets and Movable fixed assets both present and future of the Borrower, in favour of Kotak Mahindra Bank to secure the financial facilities granted by the Bank to the Borrower. 2. First and exclusive Charge by way of Mortgage on Immovable property of the Company, in favour of Kotak Mahindra Bank to secure the financial facilities granted by the Bank to the Company
Short particulars of the property charged	The whole of Borrower's Current assets and Movable fixed assets both present and future , as described in Schedule Supplementary Deed of Hypothecation. All that piece and parcel of the land bearing Plot No. 809 in the B-30, situated in the GIDC Electronic Industrial area Gandhinagar, more particularly described in SCH-II (Prot.-I) to the DOM. All that piece and parcel of the land bearing Plot No. B-46 and Plot No. B-47, situated in the GIDC Electronic Industrial area 25, Gandhinagar, more particularly described in SCH-II (Prot.-II) to the DOM.
Date of instrument modifying the charge	04.11.2010
Particulars of the present modification	Bank had granted facilities of Rs.85.000 Millions to Borrower which was secured by Hypothecation of Current and Movable fixed assets on 25.11.08. Additional security was offered by Mortgage on Immovable property of company on 20.03.09. Said charge was modified from time to time on 24.03.2010 and 04.11.2010. Now bank has granted additional facilities of Rs.16.000 Millions to the Company and said charge is modified and extended to the increase total facilities of Rs.176.000 Millions

Fixed assets:

· Land

· Factory Building

· Plant and Machinery

· Office Equipments

· Vehiclesa

· Furniture and Fixture

· Fax

· Computer Software

· EPABX Systems

· Electric Fittings

· Air Conditioners

WEB SITE DETAILS

COMPANY PROFILE

A one of a kind organization, Subject is proud of its 36 year expertise and relentless dedication to provide result oriented and effective industrial instrumentation and automation solutions to its numerous customers in an assortment of vertical segments

Subject has been a saga of success through offering the latest in technology, smart work, vibrant ethos and high level of team spirit. A strong turn-key capability has been established through expertise in system design, engineering, software development, manufacturing, testing, installation, commissioning and after sales service. Subject’ mission is to help industries achieve operational excellence with innovative solutions that simplify and automate their manufacturing processes, improve operational efficiency, reduce waste and thereby trim down costs. Their products and solutions offer speedy industrial automation processes that provide the customers sustained and measurable results as a competitive edge in price as well as technology.

Subject has a self-contained R and D center recognized by DS and T for carrying out applied research and development activities in the field of process control and instrumentation, for building indigenous technical base and hence successfully continues to come up with design solutions that meet tomorrow’s needs today.

Having been in the field of CandI for over three decades and having absorbed technologies of various generations of instruments, Subject continues to enhance its portfolio through alliances and partnerships with other best-in-class companies. Capable of working as a System Integrator, Subject has the expertise for system design by selection of hardware, software and integration of multiple subsystems of different origins, thereby offering the advantage of options to the customers who have preferences for different makes of instruments.

Subject has been the preferred supplier of products and solutions to the Power Sector and have recently tied up with a renowned MNC to offer complete sub-station monitoring and automation solutions.

Ever since 1978, when the first indigenous Digital Calibrator was developed, Subject has been the leading supplier of calibration equipments in the country. Subject now offers complete calibration and lab equipment packages on a turn key basis, from the simplest of portable calibrators to the most complex Test Benches. Subject also undertakes setting up of Calibration Test Laboratories for C and I equipment with advanced microprocessor-based PC-compatible test instruments in process industries.

Subject has also forayed into areas of Condition Monitoring and Power Management to augment the Company’s offerings. First-class engineering along with industry-specific know-how enables Subject to thoroughly understand the tasks, technologies, processes and requirements of customers.

Subject undertakes maintenance and services contracts for C and I systems/equipments, including well planned preventive maintenance, annual running maintenance, periodic maintenance and major modifications / improvements / enhancements. Smooth running of instruments is ensured by Subject’ factory-trained service engineers, strategically located all over the country and supported by the Customer Support Department at the headquarters. Subject products and services are used by industries listed in Fortune 500 companies, in over 50 categories from A to Z (Automobile to Zinc).

Subject believes in training the end users of its instruments for maximum value addition and hence conducts regular training workshops in the correct method of performing routine checks and repairs. airs. Masibus Training Workshop (MTW) is designed to meet training needs of its customers for high performance and accuracy of its instruments through correct trainings, routine checks and repairs.

Subject is an ISO 9001-2008 Company and every aspect of their Company, from product conception to after sales support, is part of a carefully planned and implemented Quality System.

Headquartered in Gandhinagar, Gujarat, India, the Company has a network of Area Offices, Channel Partners and System Integrators located throughout the country and also an office in Sharjah.

MANAGEMENT TEAM

K. Subramaniam - (Managing Director)

An entrepreneur with amazing enthusiasm, commendable leadership qualities, innovative ideas and incredible energy, Mr. K.Subramaniam holds a B.E degree in Electronics from NIT, Trichy, India. He began his career as a Marketing Engineer in M/s. Systronics (A Sarabhai Company) and moved on to NELCO (A Tata Enterprise.) In 1975, along with another colleague from NELCO, he founded Subject as a start up company.

His vision of evolving a world class Instrumentation Company to serve as many customer applications, his total commitment to TQM and HRD, along with unrelenting perseverance and strong value systems, has steered Subject well past its third decade to serve over 5000 customers, in an ever challenging and highly competitive business environment.

Dominic J. Cordeiro - (Technical Director)

An Electronics engineering graduate from L.D. Engineering College, Ahmedabad, he started his career with Subject and has grown with the organization and helped it to achieve many a milestone in technology.

A technocrat and a specialist in Instrumentation field, he has been a major driving force in designing and developing several products and execution of many major projects in Subject. He has been involved in the implementation of the ISO system. He has traveled to various countries such as USA, Europe, Far East, etc. for technical know-how and business activities

Sohrab B. Daver - (Executive Director)

An Electrical engineering graduate from IIT Bombay, he started his career with Tata Electric Company, Mumbai in the year 1973. In 1985, he took up an assignment with Saudi Consolidated Power generating and distributing company - SCECO up to 1994. He joined Subject in 1995 to head the regional sales activities for Maharashtra and Goa along with overseeing the Subject, Goa activities.

Vidya Subramaniam - (HR Director)

A post graduate in English Literature from the University of Madras along with a Diploma in HRM, she joined Subject in 1991 and spent a decade working on the Sales Order processing software before taking up the charge of HR Department. Beginning from laying down policies and systems to streamline many processes in the HR Department, she balances well her role of a facilitator between the employees and the Management.

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 :

Their 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. 49.38
UK Pound	1	Rs. 79.19
Euro	1	Rs. 67.84

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	YES
--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	-

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