MIRA INFORM REPORT

Report Date :

10.11.2011

IDENTIFICATION DETAILS

Name :	SYNERGY MEASUREMENT TECHNOLOGIES SDN. BHD.
Registered Office :	C/O Kemas Management Consultants, 26c, Jalan Wawasan Ampang 2/3, Bandar Baru Ampang, Ampang, Selangor Darul Ehsan, Zip/Postal Code 68000
Country :	Malaysia
Financials (as on) :	31.12.2010
Date of Incorporation :	16.01.2007
Com. Reg. No.:	759516-V
Legal Form :	Private Company Limited By Shares
Line of Business :	Supplier of test and measurement equipments

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 70,000
Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Clear

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^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Malaysia	a2	a2

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

Bottom of Form

Identification details Bottom of Form

Verified Address

Subject name : SYNERGY MEASUREMENT TECHNOLOGIES SDN. BHD.

Business address : Lot 206A, 2nd Floor

Podium Block, Faber Towers

Jalan Desa Bahagia

Taman Desa

Town : Kuala Lumpur

Province : Wilayah Persekutuan

Zip/postal code : 58100

Country : Malaysia

Tel : +60 3 79814200

Fax : +60 3 79814240

Email : nitin@synergytech.in

Registered address : C/o KEMAS MANAGEMENT CONSULTANTS

26C, Jalan Wawasan Ampang 2/3

Bandar Baru Ampang

Town : Ampang

Province : Selangor Darul Ehsan

Zip/postal code : 68000

Country : Malaysia

Comments : The provided address 19, Jalan Desa Mesra Taman Desa, 58100 Kuala Lumpur,

Wilayah Persekutuan, Malaysia is an old address of the Subject.

Summary details

Executive Summary

Date founded or registered : 16/01/2007

Legal form : Private Company Limited By Shares

Chief executive : Nitin Shivaram Shetty

Issued & paid up capital : MYR 100

Sales turnover : MYR 19,262,380 (Non-consolidated 12 months, 31/12/2010)

Net income : MYR 77,216 (Non-consolidated 12 months, 31/12/2010)

Total fixed assets : MYR 3,686,400 (Non-consolidated 12 months, 31/12/2010)

Line of business : Supplier of test and measurement equipments.

_{Staff employed : 5 employees}

Credit risk opinion

Company Analysis

Country risk : Country risk is minimal

Operation trend : Operational trend is developing

Management experience : Management is modestly experienced

Financial performance : Financial performance is fair

Organization structure : Organizational structure is acceptable

Detrimental : No detrimental records found

Payment history : No payment delays noted

_{Credit amount suggestion : USD 70,000}

_{Credit amount asked : Not described.}

Statutory details

Registry Data

Registration date : 16/01/2007

Legal form : Private Company Limited By Shares

Registration no : 759516-V

Registered authority : Companies Commission of Malaysia

Registry status : Live/Active

Previous name : None reported.

Change of legal form : None reported.

Management / directors

Key Management

Name : Nitin Shivaram Shetty

_{Designation : Managing Director}

Board of directors / other appointments

Appointments

Name : Vincent George

Designation : Director

Identification no : A3123728

Appointment date : 16/01/07

Address : 19, Jalan Desa Mesra

Taman Desa

58100 Kuala Lumpur Wilayah Persekutuan Malaysia

Name : Nitin Shivaram Shetty

Designation : Director

Identification no : E4602131

Appointment date : 16/01/07

Address : 19, Jalan Desa Mesra

Taman Desa

58100 Kuala Lumpur Wilayah

Persekutuan Malaysia

Name : Arul Kaandan A/L Kandasamy

Designation : Company Secretary

Identification no : 560622-04-5015

Appointment date : 16/01/07

Address : 32, Jalan Bukit Indah 1/9

Taman Bukit Indah

68000 Ampang Selangor Darul Ehsan Malaysia

Staff employed : 5 employees

Key Advisors

Auditors : ARI & CO.

_{24-4-2, Diamond Square Business Centre}

Jalan 4/50, Off Jalan Gombak, Batu 3 1/2

53000 Kuala Lumpur Wilayah Persekutuan Malaysia

Share capital

Composition

Authorized Capital : MYR 100,000

No of shares : 100,000 Ordinary Shares

Share par value : MYR 1

Issued capital : MYR 100

_{Paid up capital : MYR 100}

ownership / shareholders

How listed : Full List

Composition

Shareholder name : Vincent George

Address : 19, Jalan Desa Mesra

Taman Desa

58100 Kuala Lumpur Wilayah Persekutuan Malaysia

No. of shares : 50 Ordinary Shares

% of shares : 50%

Shareholder name : Nitin Shivaram Shetty

Address : 19, Jalan Desa Mesra

Taman Desa

58100 Kuala Lumpur Wilayah Persekutuan Malaysia

No. of shares : 50 Ordinary Shares

_{% of shares : 50%}

Related companies & corporate Affiliations

Structure

Name : SYNERGY MEASUREMENT TECHNOLOGIES PVT. LTD.

Affiliation type : Associate

Address : 25/C, Nicholson Road

Tarbund, Secunderabad 500009 (AP) India

Bank & mortgages

Bank Details

Name of bank : Alliance Bank Malaysia Berhad

Address : Malaysia

Account details : Current Account

Comments : It is generally not the policy of local banks to provide credit status information to non related parties, however interested parties would be advised to consult first with the Subject if banker's references are required.

Mortgages : None reported.

Legal Fillings

Bankruptcy fillings : None reported.

Court judgements : None reported.

Tax liens : None reported.

Others : None reported.

financial data

Description

Source of financial statement : Commercial Registry Filings

Financial statement date : 31/12/10

Type of accounts : Full audited

Currency : Malaysia, Ringgit (MYR)

Exchange rate : 1 USD = MYR 3.12 as of 09-11-2011

Summarized Financial Information

^{Consolidation type} Non Consolidated Non Consolidated

^Currency Malaysia, Ringgit (MYR) Malaysia, Ringgit (MYR)

^Denomination (x1) One (x1) One

^{Date of financial year end :} 31/12/10 31/12/09

^{Length of accounts :} 12 months 12 months

^{Sale turnover / Income :} 19,262,380 9,694,038

^{Gross profit :} 1,798,972 1,030,928

^{Profit before tax :} 102,216 52,446

^{Net income :} 77,216 41,946

^{Current assets :} 3,686,400 2,071,148

^{Inventories :} 701,985 389,173

Total assets : _{3,686,400 2,071,148}

Current liabilities : 3,290,058 1,752,022

Total liabilities : 3,290,058 1,752,022

Share equity : 396,342 319,126

Retained earning : 383,234 306,018

Operation details

Main activities : The Subject is engaged as supplier of test and measurement equipments.

Purchases

Local : Yes

International : Singapore, India

Sales

Local : None

International : 100% export sales to India, Singapore

Property & Assets

Premises : The Subject operates from premises located at the verified heading address consisting of administrative office.

Branches : The Subject in addition operates from branch office located in Penang, Malaysia.

Summarized country risk

Gross Domestic Products (GDP) & Economic Overview

Central bank : Central Bank of Malaysia

Reserve of foreign exchange & gold : US$134.4 billion as of 14 October 2011

Gross domestic product - GDP : US$ 247.781 billion

GPP (Purchasing power parity) : 442.01 billion of International dollars

GDP per capita - current prices : US$ 8,624

GDP - composition by sector : agriculture: 9.4% industry: 40.9% services: 49.7%

Inflation 2008: 9.4%

2009: 0.6%

2010: 1.7%

Unemployment 2008 : 3.3 %

2009 : 3.6 %

2010: 3.3 %

Public debt

(General Government gross

debt as a % GDP) 2008: 42.8 %

2009: 55.4 %

_{2010: 54.2%}

Government bond ratings Standard & Poor's: A-/Stable/A-2

Moody's rating: A3

Moody's outlook: STA

Market value of publicly traded shares US$ 420 billion

Largest companies in the country : CIMB Group Holdings (Banking), Sime Darby (Conglomerates), Public Bank (Banking), Maybank (Banking), Tenaga Nasional(Utilities), Petronas Chemicals, Maxis Berhad

Trade & Competitiveness Overview

Total exports US$210.3 billion

Exports commodities electronic equipment, petroleum and liquefied natural gas, wood and

wood products, palm oil, rubber, textiles, chemicals

Total imports US$156.2 billion

Imports commodities electronics, machinery, petroleum products, plastics, vehicles, iron and

steel products, chemicals

Export - major partners US 15.6%, Singapore 14.6%, Japan 9.1%, China 8.8%, Thailand 5%,

HongKong 4.6%

Import - major partners Japan 13%, China 12.9%, Singapore 11.5%, US 10.8%, Taiwan 5.7%,

Thailand 5.3%, South Korea 4.9%, Germany 4.6%, Indonesia 4.2%

FDI Inflows 2007: US$8,538 million

2008: US$7,318 million

_{2009: US$1,381 million}

FDI Outflows 2007: US$11,280 million

2008: US$14,988 million

2009: US$8,038 million

Best countries for doing business 21 out of 183 countries

Global competitiveness ranking 26 (ranking by country on a basis of 133, the first is the best)

Country and Population Overview

Total population : 28.23 million

Total area : 329,847 km2

Capital : Kuala Lumpur

_{Currency : Malaysia Ringgits (MYR)}

Internet users as % of total population : 57.61%

Payment history

Purchase Term

Local : Credit 30 days

International : Credit 30 days

Sales Term

International : L/C, Prepayment, Credit 30 days

Trade Reference/ Payment Behaviour

Comments : As local and international trade references were not supplied, the Subject's payment track record history cannot be appropriately determined but based on our research, payments are believed to be met without delay.

Investigation Note

Sources : Interviews and material provided by the Subject

: Other official and local business sources

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.37
UK Pound	1	Rs.78.50
Euro	1	Rs.67.59

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	----

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%)

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.