1. Summary Information

		Country	India
Company Name	ZENITH COMPUTERS LIMITED	Principal Name 1	Mr. Raj Kumar Saraf
Status	Satisfactory	Principal Name 2	Mrs. Vijayrani Saraf
		Registration #	11-022652
Street Address	Zenith House, 29, M.I.D.C. Central Road, Andheri (East), Mumbai – 400093, Maharashtra
Established Date	20.05.1980	SIC Code	--
Telephone#	91-22-28377300	Business Style 1	Manufacturer
Fax #	91-22-28364859	Business Style 2	Installing
Homepage	http://www.zenith-india.com	Product Name 1	Computer Parts and Accessories
# of employees	618 (Approximately)	Product Name 2	Computer Software
Paid up capital	Rs. 155,000,000/-	Product Name 3	Computer Systems
Shareholders	Promoter and Promoter Group – 54.32% Public Shareholding – 45.68%	Banking	State Bank of India
Public Limited Corp.	Yes	Business Period	31 years
IPO	Yes	International Ins.	-
Public Enterprise	Yes	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	729,802,000	Current Liabilities	475,296,000
Inventories	487,983,000	Long-term Liabilities	724,846,000
Fixed Assets	624,889,000	Other Liabilities	78,142,000
Deferred Assets	0,000	Total Liabilities	1,278,284,000
Invest& other Assets	0,000	Retained Earnings	409,309,000
		Net Worth	564,390,000
Total Assets	1,842,674,000	Total Liab. & Equity	1,842,674,000
Total Assets (Previous Year)	1,404,405,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	1,923,221,000	Net Profit	22,656,000
Sales(Previous yr)	2,609,910,000	Net Profit(Prev.yr)	20,494,000

MIRA INFORM REPORT

Report Date :

16.11.2011

IDENTIFICATION DETAILS

Name :	ZENITH COMPUTERS LIMITED
Registered Office :	Zenith House, 29, M.I.D.C. Central Road, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.05.1980
Com. Reg. No.:	11-022652
Capital Investment / Paid-up Capital :	Rs. 155.000 Millions
CIN No.: [Company Identification No.]	L72900MH1980PLC022652
TAN No.: [Tax Deduction & Collection Account No.]	MUMZ00991E
PAN No.: [Permanent Account No.]	AAACZ0104F
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer, Installing and Servicing a wide range of Computer Systems, Peripherals and Accessories.
No. of Employees :	618 (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 2200000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Payments are reported to be usually correct. 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 :	Zenith House, 29, M.I.D.C. Central Road, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-28377300/ 28366030
Fax No.:	91-22-28364859/ 28377297/ 28360897
E-Mail :	mumbai@zenith-india.com shares@zenith-india.com channel@zenith-india.com zipc140@bom5.vsnl.net.in manasi.haldankar@zenith-india.com
Website :	http://www.zenith-india.com
Area :	10000 sq. ft.
Location :	Owned
Head Office :	Unit No. 5, 6, 7, 8 SDF Building No. 1, Electronic Sadan TTC Mahapte, District Thane – 400 701 Maharashtra, India
Tel. No.:	91-22-27681312/ 6165/ 27614994/ 5281/ 0667/ 82/ 83
Fax No.:	91-22-27610668
E-Mail :	zipc482@bom7.vsnl.net.in mahape@zenith-india.com
Website :	http://www.zenith-india.com
Factory 1 :	P-31/39 and P-33/37, Sancoale Industrial Estate, P.O. Zuari Nagar, Goa – 403 726, Maharashtra, India
Tel. No.:	91-832-2555346/ 2555826
Factory 2 :	A-71, TTC, MIDC, Thane Belapur Road, Khairne, Navi Mumbai – 400 705, Maharashtra, India
Factory 3 :	Cochin Special Economic Zone, Plot No. 43, New SDF, 2^nd Floor, F Block, Kakkanad, Cochin – 682030, Kerala, India
Branch Office :	Located at · Mumbai · New Delhi · Kolkata · Chennai · Coimbatore · Cochin/ Kochi · Bangalore · Secunderabad · Pune · Goa · Ahmedabad

DIRECTORS

AS ON 31.03.2011

Name :	Mr. Raj Kumar Saraf
Designation :	Chairman cum Managing Director
Address :	5, AB and C, Saraf House, 5^th Floor, V.P. Naik Road, Chowpathy, Mumbai – 400 007, Maharashtra, India
Date of Birth/Age :	B. Com., LL.B
Qualification :	07.10.1945
Date of Appointment :	20.05.1980
Name :	Mr. Homi Phiroze Ranina
Designation :	Director
Address :	Flat No. 24, 6^th Floor, “Commonwealth”, 181, Backbay Reclamation, Mumbai – 400 021, Maharashtra, India
Date of Birth/Age :	19.10.1948
Qualification :	B.Com (Hons), LL.B., FCA
Date of Appointment :	29.06.1988
Name :	Mrs. Vijayrani Saraf
Designation :	Director
Address :	5, AB and C, Saraf House, 5^th Floor, V.P. Naik Road, Chowpathy, Mumbai – 400 007, Maharashtra, India
Date of Birth/Age :	31.10.1951
Qualification :	M.A. (Economics)
Date of Appointment :	16.11.1983
Name :	Mr. Vijay Ram Mukhi
Designation :	Director
Address :	158, Kalptaru Habitat, 15^th Floor, Dr. S.S. Road, Parel (East), Mumbai – 400 012, Maharashtra, India
Date of Birth/Age :	07.12.1957
Qualification :	Graduate
Date of Appointment :	04.10.2005
Name :	Mr. Vipin Maneklal Shah
Designation :	Director
Address :	4A, 4^th Floor, Happy Home Aparments, 26A, Napean Sea Road, Mumbai – 400 036, Maharashtra, India
Date of Birth/Age :	08.06.1945
Qualification :	Graduate
Date of Appointment :	31.03.2009

KEY EXECUTIVES

Name :	Mr. Ramesh S. Sanghvi
Designation :	Company Secretary and Compliance Officer
Address :	Flat No.603, Nilgiri Neelkant Vihar, Vidyavihar, Kurla Terminus Road, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India
Date of Birth/Age :	20.06.1951
Date of Appointment :	12.05.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	6,717,531	43.39
Bodies Corporate	1,692,224	10.93
Sub Total	8,409,755	54.32
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	8,409,755	54.32
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	5,800	0.04
Financial Institutions / Banks	3,150	0.02
Foreign Institutional Investors	228,078	1.47
Sub Total	237,028	1.53
(2) Non-Institutions
Bodies Corporate	1,006,521	6.50
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	4,425,783	28.59
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	559,427	3.61
Any Others (Specify)	842,326	5.44
Non Resident Indians	678,302	4.38
Clearing Members	164,024	1.06
Sub Total	6,834,057	44.15
Total Public shareholding (B)	7,071,085	45.68
Total (A)+(B)	15,480,840	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	15,480,840	-

BUSINESS DETAILS

Line of Business :

Manufacturer, Installing and Servicing a wide range of Computer Systems, Peripherals and Accessories.

Products :

Item Code No. (ITC Code)	847100
Product Description	Computer Systems
Item Code No. (ITC Code)	847300
Product Description	Computer Parts and Accessories
Item Code No. (ITC Code)	852400
Product Description	Computer Software

Brand Names :

“ZENITH”

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Computer /Micro Processor based systems and peripherals	Nos.	200000	61125

GENERAL INFORMATION

No. of Employees :

618 (Approximately)

Bankers :

· State Bank of India

· Indian Bank, Mittal Tower, B Wing, 210, Nariman Point, Mumbai – 400 021, Maharashtra, India

· Federal Bank Limited

· Union Bank of India

· IDBI Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Working Capital Borrowing from Banks	195.611	1.154
Term Loan from Banks	202.041	200.000
Total	397.652	201.154

Notes:

a) Working Capital borrowings from banks are secured by way of hypothecation of Inventories, Book Debts and by way of second charge on Fixed Assets.

b) Term loan from Bank is secured by a first charge on the fixed assets and second charge on current assets

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Foreign Currency Convertible Bonds (FCCB)	327.194	399.700
Total	327.194	399.700

Banking Relations :	--
Auditors :
Name :	C.L. Khanna and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Related Party :	· Zenith Infotech Limited · Vu Technologies Private Limited · Free Systems Technology Labs Private Limited · Zeal Communication Private Limited · Managed Data Center Services Limited · Vu Telepresence Limited · Zenith Controls and Systems Private Limited · Zenith Software Limited · Zenith Technology Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital:

No. of Shares	Type	Value	Amount
27000000	Equity Shares	Rs.10/- each	Rs. 270.000 Millions
5000000	Unclassified Shares	Rs.10/- each	Rs. 50.000 Millions
	Total		Rs. 320.000 Millions

Issued, Subscribed Capital:

No. of Shares	Type	Value	Amount
15525440	Equity Shares	Rs.10/- each	Rs. 155.254 Millions

Paid-up Capital:

No. of Shares	Type	Value	Amount
15480840	Equity Shares	Rs.10/- each	Rs. 154.808 Millions
44600	Add : Forfeited Shares		Rs. 0.223 Million
	Less : Calls in Arrears		Rs. (0.031) Million
	Total		Rs. 155.000 Millions

Notes:

1. (of the above shares 80,000 equity shares of Rs.10/- each were alloted as fully paid-up by way of bonus shares by capitalisation of General Reserves)

2. (2,08,800 Equity Shares of Rs.10/- each fully paid were alloted without payment being received in cash, pursuant to the scheme of amalgamation of Telelink Products Limited with the Company)

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		155.000	155.000	155.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		409.390	268.566	322.425
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		564.390	423.566	477.425
LOAN FUNDS
1] Secured Loans		397.652	201.154	458.173
2] Unsecured Loans		327.194	399.700	479.640
TOTAL BORROWING		724.846	600.854	937.813
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1289.236	1024.420	1415.238
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		624.889	456.726	314.488
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	487.983	504.648	612.477
	Sundry Debtors	550.271	242.081	703.972
	Cash & Bank Balances	43.409	77.615	36.987
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	136.122	123.335	156.229
Total Current Assets		1217.785	947.679	1509.665
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	238.070	93.143	109.319
	Other Current Liabilities	237.226	251.304	272.011
	Provisions	78.142	35.538	27.585
Total Current Liabilities		553.438	379.985	408.915
Net Current Assets		664.347	567.694	1100.750
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1289.236	1024.420	1415.238

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales, Services, Income from Operations	1923.221	2609.910	3109.648
		Other Income	5.106	6.975	3.714
		TOTAL (A)	1928.327	2616.885	3113.362
Less	EXPENSES
		Cost of Materials Consumed	1409.153	2308.341	2412.484
		Excise duty and Service tax	0.000	0.000	255.325
		Manufacturing, Selling and Administration Expenses	111.995	160.786	207.815
		Salaries, Wages and Other Employee Benefits	92.062	105.628	118.649
		Increase/ Decrease in Closing Stock (Finished Goods)	133.812	(64.896)	(36.054)
		Exceptional Items	0.891	0.000	0.000
		TOTAL (B)	1747.913	2509.859	2958.219
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		180.414	107.026	155.143
Less	FINANCIAL EXPENSES (D)		32.979	26.696	38.542
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		147.435	80.330	116.601
Less/ Add	DEPRECIATION/ AMORTISATION (F)		120.203	55.640	101.896
	PROFIT BEFORE TAX (E-F) (G)		27.232	24.690	14.705
Less	TAX (H)		4.576	4.196	3.805
	PROFIT AFTER TAX (G-H) (I)		22.656	20.494	10.900
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.214	0.021	0.207
Less	APPROPRIATIONS
		Proposed Dividend	13.933	13.933	13.933
		Tax on Proposed Dividend	2.314	2.368	2.368
		Provision for Taxation for Earlier Years	0.000	0.000	(0.565)
		Transfer to General Reserve	0.000	0.000	(4.650)
	BALANCE CARRIED TO THE B/S		10.623	4.214	0.021
	EXPORT VALUE		0.000	6.248	27.261
	IMPORTS VALUE		920.209	1131.602	2450.855
	Earnings Per Share (Rs.)		1.46	1.32	0.55

QUARTERLY RESULTS

PARTICULARS	30.06.2011
	1^st Quarter
Net Sales	374.910
Total Expenditure	321.010
PBIDT (Excl OI)	53.900
Other Income	0.530
Operating Profit	54.430
Interest	13.790
Exceptional Items	0.000
PBDT	40.640
Depreciation	30.340
Profit Before Tax	10.300
Tax	2.060
Provisions and contingencies	0.000
Profit After Tax	8.240
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	8.240

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.17	0.78	0.35
Net Profit Margin (PBT/Sales)	(%)	1.42	0.95	0.47
Return on Total Assets (PBT/Total Assets}	(%)	1.48	1.76	0.81
Return on Investment (ROI) (PBT/Networth)		0.05	0.06	0.03
Debt Equity Ratio (Total Liability/Networth)		2.26	2.32	2.82
Current Ratio (Current Asset/Current Liability)		2.20	2.49	3.69

LOCAL AGENCY FURTHER INFORMATION

REVIEW OF OPERATIONS

During the year, the net sales revenue at Rs. 2040.705 millions, was lower than the previous year. However, during the year the profit before tax has increased to Rs. 27.232 millions from the previous year's Profit of Rs. 24.690 millions due to the Company's relentless efforts in the cost reduction activities.

The Company has opted out of the State(s) and Central Governments' business;

The Company continues to endeavour in maintaining customers to their utmost satisfaction levels by registering impeccable track record of quality and delivery efficiency, thereby ensuring their continued patronage for the company's products and services;

• Further changes and improvisations are in the manufacturing process and these changes are in compliance with international requirements;

PROSPECTS AND OUTLOOK

• The Company's businesses of leasing/renting / hiring of computer systems to small businesses and to corporates have added a revenue stream and contributed to the company's profits.

• The Directors endeavour is to enhance the Revenue and Profit to higher levels and for this purpose, efforts have been initiated by value addition to products, customers and markets.

• Vigorous marketing efforts and ceaseless cost reduction activities continue with more thrust and vigour to accomplish these goals.

• The efforts are being intensified to sustain leadership position by constantly upgrading the products to match advancing technology trends, maintaining the superiority in quality, and continuing the unblemished timely service support;

• The Directors are hopeful that all the above, coupled with continuous monitoring of inventory, receivables and overheads, would result in healthier results during the coming years.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Company is engaged in the business of manufacture and sale of personal computers and laptops, accessories and peripherals. Substantial revenues come from the sale of personal computers and peripherals in the home and small segments as well as to corporate and business houses. The computer hardware industry has become akin to home appliances segment; there has been modest growth in the sale of computers both in terms of volume and turnover with prices remaining depressed and challenging, during the year. The market penetration of the Company's product in the moffusil and rural areas of the Country together with the product visibility and product bundling have helped the Company to continue to generate sales and make a profit. The Company's objectives of information of the products, its standing vis-a-vis the MNC brands, the price and superior quality sensitivity as compared to the unbranded/ assemblers' segment have been achieved. The Company's advertisement program with a frequency of 3-4 weeks for bringing the products of the company to the knowledge of the public and road shows for effective sales of its products continues to generate interest especially among students and senior citizens.

The Company continues to take several steps to expand the market and to educate the people on the knowledge and use of computers and computer peripherals; the industry continues to get Government support both at Central and State levels to exempt the products from excise duty; efforts are still on to effectively reduce price of the products so that the larger section of people are able to own a computer for their personal use.

The outlook for industry continues to be positive. The Company is hopeful that with the combination of market development and expansion activity, there will be healthy growth over the next year.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^th JUNE, 2011

(Rs. in millions)

Particulars	Quarter Ended 30.06.2011 (Unaudited)
1. Net sales/ Income from Operations	401.625
2. Expenditure
a) (Increase)/decrease in stock in trade and work-in-progress	(7.145)
b) Consumption of raw materials	286.154
c) Excise Duty	26.710
d) Staff Cost	22.510
e) Depreciation	30.343
f) Other expenditure	19.494
g) Total	378.066
3. Net Profit/ (Loss) from Ordinary Activities before other income, interest and tax (1-2)	23.559
4. Other income	0.529
5. Net Profit / (Loss) before Ordinary Activities, Interest and Tax (3+4)	24.088
6. Interest	13.787
7. Net Profit / (Loss) before Ordinary Activities before Tax (5-6)	10.301
8. Provision for Taxation	2.060
9. Net Profit/ (Loss) for the period (7-8)	8.241
10. Paid up equity share capital (Face value of Rs.10 per share)	154.808
11. Reserves excluding revaluation reserves
12. Basic and Diluted (Rs.) (not annualized)	0.53
13. Public shareholding
- Number of shares	7071085
- Percentage of shareholding	45.68%
14. Promoter and Promoter Group Shareholding
a) Pledged / Encumbered
- Number of Shares	--
- Percentage of Shares (as a % of total shareholding of promoter & promoter group)	--
- Percentage of Shares (as a % of total share capital of the Company)	--
b) Non-Encumbered
- Number of Shares	8409755
- Percentage of Shares (as a % of total shareholding of promoter & promoter group)	100.00%
- Percentage of Shares (as a % of total share capital of the Company)	54.32%
15. Investor’s Complaints: Pending at the beginning of the quarter (01.04.2011) Received & disposed during the quarter Pending at the end of the quarter (30.06.2011)	Nil 12 Nil

Notes:

1. The above results were reviewed and recommended by the audit committee and approved by the Board of Directors on 9^th August, 2011

2. The Company operates in a single segment only.

FIXED ASSETS:

Ø Land (Leasehold) and Buildings

Ø Plant and Machinery

Ø Computers Systems

Ø Electrical Fittings and Installation

Ø Factory and Office Equipment

Ø Furniture and Fixtures

Ø Vehicles

WEBSITE DETAILS

BUSINESS DESCRIPTION

Subject is an India-based company. The Company’s products include desktop computers and laptops for home users and business users. The Company has 500 Zenith PC World stores and 1000 dealers nationwide. The Company’s product includes computer systems, computer parts and accessories and computer software. The Company’s personal computers (PCs) and laptops are available in South America, Europe, Middle East and Africa, South Asian Association for Regional Cooperation (SAARC) and Asia. The Company’s customers includes Intel, Microsoft, Tata Group, Godrej, Taj Hotels, Kotak, HDFC, Mahindra and Mahindra, Toyota, Colgate, State Bank of India, ICICI, ITC, Castrol, Reliance Infocom, Aviva and IBM. For the nine months ended 31 December 2010, Subject revenues decreased 26% to RS1.54B. Net income increased 68% to RS16M. total revenue reflects decrease in net sales and other income. Net income benefited from decrease in consumption of raw materials, lower excise duty, fall in employee cost, decrease in the other expenditure and fall in the interest expenses. Company manufactures desktops and laptops

MANAGEMENT

VIJAY RAM MUKHI

Mr. Vijay Ram Mukhi serves as Non-Executive Independent Director of Zenith Computers Limited. He is Bachelor of Engineering. He is also a Director of Zenith Infotech Limited and The Bombay Stock Exchange Ltd., and has over 25 years experience in the fields Vf information technology and is considered as ‘Guru’ of Internet in India

VIJAYRANI SARAF

Mrs. Vijayrani Saraf serves as Non-Executive Director of Zenith Computers Limited. She is M.A. (Economics) from Delhi School of Economics and has been a Director of many companies for over 20 years. She was first appointed as a rotational Director of the Company on 16th November, 1983 and continues to be a Director on the Board. She is a member of the Share Transfer Committee. She is also a Director of two other Private Companies.

Education

· MA Economics, University of Delhi

NEWS

ZENITH COMPUTERS BOARD RECOMMENDS DIVIDEND

25 August 2011

India, August 25 -- Zenith Computers has informed that the board of directors of the company at its meeting held on August 20, 2011, has recommended a dividend of Rs 0.90 per share in respect of the year ended March 31, 2011.The above information is part of the company's filing submitted to the BSE.

UPDATES ON ENSUING BOARD MEETING ON AUG 09, 2011

01 August 2011

India, August 01 -- With reference to the earlier announcement dated July 21, 2011, regarding Board to consider Dividend on August 09, 2011, Zenith Computers Ltd has now informed BSE that the Board would not be taking up for consideration the audited Accounts for the year ended March 31, 2011, in the Board meeting to be held on August 09, 2011. Therefore, a meeting of the Board of Directors of the Company is scheduled to be held on August 09, 2011, for considering, inter alia, the Unaudited Financial Results (Provisional) for the First Quarter ended June 30, 2011.

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. 50.56
UK Pound	1	Rs. 80.29
Euro	1	Rs. 68.78

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--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.