MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	Flextronics Technologies (India) Private Limited	Principal Name 1	Mr. Ashok Dhawan
Status	Moderate	Principal Name 2	Mr. Bernard Jin Yang Liew
		Registration #	18-70708
Street Address	Plot No. 3, Phase II, Sipcot Industrial Park, Sriperumbunder Taluk, Sandavellure C Village – 602 106, Tamilnadu, India
Established Date	12.01.2001	SIC Code	--
Telephone#	91-44-37180264 / 67105000	Business Style 1	Manufacturing
Fax #	91-44-45050492	Business Style 2	--
Homepage	www.flextronics.com	Product Name 1	Printed Circuit Boards
# of employees	700 Approximately (In Office 20, In Factory 680)	Product Name 2	Multiplexers
Paid up capital	Rs.1642,101,000/-	Product Name 3	--
Shareholders	Foreign holdings (100%)	Banking	Citi Bank
Public Limited Corp.	NO	Business Period	10 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	B (27)
Related Company
Relation	Country	Company Name	CEO
Holding Company	Mauritius	Flextronics International Asia Pacific Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,209,063,000	Current Liabilities	878,042,000
Inventories	236,659,000	Long-term Liabilities	37,500,000
Fixed Assets	1,830,736,000	Other Liabilities	64,056,000
Deferred Assets	0,000	Total Liabilities	979,598,000
Invest& other Assets	0,000	Retained Earnings	2,794,213,000
		Net Worth	2,296,860,000
Total Assets	3,276,458,000	Total Liab. & Equity	3,276,458,000
Total Assets (Previous Year)	4,370,406,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	2,131,751,000	Net Profit	159,000
Sales(Previous yr)	5,749,111,000	Net Profit(Prev.yr)	(801,845,000)

MIRA INFORM REPORT

Report Date :

21.10.2011

IDENTIFICATION DETAILS

Name :	FLEXTRONICS TECHNOLOGIES (INDIA) PRIVATE LIMITED

Registered Office :	Plot No. 3, Phase II, Sipcot Industrial Park, Sriperumbunder Taluk, Sandavellure C Village, Kancheepuram District – 602 106, Tamilnadu

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	12.01.2001

Com. Reg. No.:	18-70708

Capital Investment / Paid-up Capital :	Rs.1642.101 millions

CIN No.: [Company Identification No.]	U31909TN2001PTC070708

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturers of Printed Circuit Boards, Multiplexers.

No. of Employees :	700 Approximately (In Office 20, In Factory 680)

RATING & COMMENTS

	MIRA’s Rating :			B (27)
RATING			STATUS		PROPOSED CREDIT LINE
26-40		B	Capability to overcome financial difficulties seems comparatively below average.		Small

Maximum Credit Limit :	USD 9200000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having moderate track. There appears a huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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

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

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Rajiv Bhandari
Designation :	Finance Manager

LOCATIONS

Registered Office :	Plot No. 3, Phase II, Sipcot Industrial Park, Sriperumbunder Taluk, Sandavellure C Village, Kancheepuram District – 602 106, Tamilnadu, India
Tel. No.:	91-44-37180264 / 67105000
Fax No.:	91-44-45050492
E-Mail :	omesh.raina@rediffmail.com Omesh.raina@in.flextronics.com Rajiv.bhandari@in.flextronics.com Prasad.Amirthiyya@in.flextronics.com
Website :	www.flextronics.com
Area :	18000 sq. ft.
Location :	Owned

Factory 1 :	A-380, Defense Colony, New Delhi-110 024, India

Factory 2 :	28A, Electronic City, Hosur Road, Bangalore, Karnataka, India
Location :	Leased

Branch Office 1:	17, Subhash Marg, Daryaganj, New Delhi – 110 002, India
Tel. No.:	91-11-23272024/ 64
Fax No.:	91-11-23287371

Branch Office 2:	Finance Shared Services, Baan Company 125, AP812, Ispahani Centre, 123/124, Nungambakkam High Road, Chennai – 600 034, Tamilnadu, India
Tel. No.:	91-44-66251200/ 67105152

Branch Office 3:	AP828 RMZ Millennia Business Park, 7^th Floor, Campus II, No. 143, Dr. MGR Road, Kandanchavadi, Chennai-600 096, Tamilnadu, India

DIRECTORS

As on 30.09.2010


Name :	Mr. Ashok Dhawan
Designation :	Managing Director
Address :	438, Raheja Park Plaza, Near Yari Road, Andheri (West), Mumbai-400 081, Maharashtra, India
Date of Birth/Age :	10.11.1964
Date of Appointment :	15.11.2007
DIN No. :	00798959

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	U31909TN2001PTC070708	Flextronics Technologies (India) Private Limited	Managing director	29-09-08	15-11-07	Active	NO

Name :	Mr. Bernard Jin Yang Liew
Designation :	Director
Address :	23 Palm Drive, Singapore 456507
Date of Birth/Age :	06.02.1965
Date of Appointment :	29.09.2009
DIN No. :	02713564

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	U30006KA2006PTC040491	Solectron India Private Limited	Director	29-09-09	29-07-09	Amalgamated	NO
2	U72900KA2004PTC034404	Coldwatt India Private Limited	Director	30-09-09	29-07-09	Amalgamated	NO
3	U31909TN2001PTC070708	Flextronics Technologies (India) Private Limited	Director	29-09-09	29-07-09	Active	NO
4	U51505TN2007FTC065546	FlexPower India Private Limited	Director	27-08-10	01-02-10	Active	NO


Name :	Mr. Sekaran Letchumanan
Designation :	Whole-Time Director
Date of Birth/Age :	07.12.1974
Date of Appointment :	05.06.2008
DIN No. :	02069716

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	U51505TN2007FTC065546	FlexPower India Private Limited	Director	21-04-08	21-04-08	Active	NO
2	U31909TN2001PTC070708	Flextronics Technologies (India) Private Limited	Whole-time director	29-09-08	05-06-08	Active	NO


Name :	Mr. Manny Al Marimuthu
Designation :	Director
Address :	Room A, 32/F, Block – 7, Discovery Park, Tsuenwan, Hong Kong
Date of Birth/Age :	11.10.1961
Date of Appointment :	12.01.2001
DIN No. :	00867715

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	U31909TN2001PTC070708	Flextronics Technologies (India) Private Limited	Director	12-01-01	12-01-01	Active	NO
2	U30006KA2006PTC040491	Solectron India Private Limited	Director	25-09-08	01-10-07	Amalgamated	NO
3	U85110KA1994PTC015357	Flextronics Design Private Limited	Director	28-11-07	09-11-07	Active	NO
4	U72200KA2003PTC031806	Flextronics Design Consumer Electronics (India) Private Limited	Director	30-09-08	27-11-07	Amalgamated	NO
5	L32109KA2006PLC040641	Solectron EMS India Limited	Director	24-03-08	28-11-07	Amalgamated	NO
6	U51505TN2007FTC065546	FlexPower India Private Limited	Director	21-04-08	21-04-08	Active	NO
7	U72900KA2004PTC034404	Coldwatt India Private Limited	Director	25-09-08	25-06-08	Amalgamated	NO
8	L85110KA1993PLC013869	Centum Electronics Limited	Director	28-09-10	09-08-10	Active	NO

KEY EXECUTIVES

Name:	Mr. Omesh Raina
Designation:	Secretary
Date of Birth :	30.04.1974
Date of Appointment :	01.06.2007
PAN No. :	AHGPR1780D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Equity Shareholders		No. of Shares
Flextronics International Asia Pacific Limited, Mauritius		58541908
Charlic Rajadural		2
Total		58541910

Names of Preference Shareholders		No. of Shares
Flextronics International Asia Pacific Limited, Mauritius		105668199
Total		105668199

List of Allotment (As on 01.03.2011)

Names of Allottees (Equity Shares)		No. of Shares
Flextronics International Asia Pacific Limited, Mauritius		1
Flextronics Telecom Systems Limited, Mauritius		1401914
Flextronics Mauritius Limited, Mauritius		302558
Coldwatt Inc, USA		1
Total		1704474

As on 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		100.00
Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Printed Circuit Boards, Multiplexers.

Products :

Product Description	ITC Code
Printed Circuit Board	853400
Multiplexers	851700

· Alternators

· Miscellaneous Machine Tools

· Electrical Components and Devices

· Miscellaneous Electrical Equipment

· Testing and Measuring – Medical

· Electrical and Electronics

· Electronics Test and Measuring Instruments

· Power Generator Equipment

· Electronics Test and Measuring Instruments

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Printed circuit boards	Units	--	2500000	125
Mobile Phones	Units	--	1440000	--
Server	Units	--	75000	625
Set top boxes	Units	--	1000000	250
Base Stations	Units	--	100000	21765
Modem	Units	--	--	776
Base station components	Units	--	--	8520
Copier	Units	--	--	3938
Copier components	Units	--	--	74

Licensed capacities are exempt from industrial licensing. The management certifies the installed capacities.

GENERAL INFORMATION

No. of Employees :

700 Approximately (In Office 20, In Factory 680)

Bankers :

Citi Bank, M G Road, Bangalore, Karnataka, India

Facilities :

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Loan form associate companies
Flextronics Design Consumer Electronics (India) Private Limited	20.000	0.000
Flextronics Design Limited	12.500	0.000
Solectron India Private Limited	5.000	0.000
Total	37.500	0.000


Banking Relations :	--

Auditors :
Name :	Jain Christopher Srikanth and Srikanth Chartered Accountant
Address :	2^nd Floor, Uniworth Plaza, 20 Sankey Road, Bangalore – 560 020, Karnataka, India

Associates/Subsidiaries :	Flextronics Manufacturing (Zhuhai) Company Limited Flextronics Manufacturing Zhuhai (Mauritius) Company Limited Flextronics Manufacturing (HK) Limited Flextronics Manufacturing (Singapore) Pte Limited Flextronics Manufacturing Mexico (GDL) Flextronics Manufacturing ST ETIENNE Flextronics Manufacturing AGUASCALIENTES SA DE CV Flextronics Enclosure (Zhuhai) Company Limited Flextronics Enclosure Systems (Changzhou) Limited Flextronics Enclosures (Hong Kong) Limited Flextronics lndustrial (Zhuhai) Company Limited Flextronics lndustrial Zone Flextronics lndustrial (Shenzhen) Limited Flextronics lndustries (HK) Limited Flextronics lndustries Marketing (L) Limited Flextronics Plastics Singapore Pte Limited Flextronics Plastics (Malaysia) SDN BHD Solectron Hungary Electronics KFT Solectron lndia Private Limited Solectron USA LLC Flextronics Design Consumer Electronics (India)Private Limited Flextronics Design Private Limited Flextronics Canada Design Services Inc Cold Watt lndia Private Limited Flextronics lnternational Poland SP Flextronics lnternational USA, Inc Flextronics lnternational Japan Co Limited Flextronics lnternational Norway AS Flextronics lnternational Sweden AB Flextronics lnternational Latin America, Limited Flextronics lnternational KFT Flextronics lnternational Limited Flextronics lnternational USA Limited Flextronics lnternational Singapore Pte. Limited Flextronics lnternational Technologies Limited Flextronics lnternational (Taiwan) Limited Flextronics lnternational Europe B.V. Flextronics lnternational Management Services Limited Flextronics lnternational AG UASCALl ENTES (L) Limited Flextronics lnternational -PIC Stock Locations Flextronics lnternational EQTOS SERV Limited Flextronics Mechanical Marketing (L) Limited Flextronics Marketing (L) Limited Flextronics Sales and Marketing (A-P) Limited Flextronics Sales and Marketing North Asia Limited Flextronics Technology (Malaysia) SDN BHD Flextronics Technology (Shanghai) Co Limited Flextronics Technology (Shah Alam) SDN BHD

Holding Company :	Flextronics International Asia Pacific Limited, Mauritius

Related Parties :	· Flex Consumer - Digital Multimedia · Flextronics Technology Singapore Pte Limited · Flexpower India Private Limited · Flextronics (Canada) Inc · PCBA TCZEW Poland · Flextronics America LLC · Flextronics CHATEAUDUNSNC · Flextronics Cork · Flextronics USA INC · Flextronics Holding GMBH · Flextronics Logistics B.V. · Flextronics Technology (Penang) SDN BHD · Flextronics Technology Zhuhai Company Limited · Flextronics Shenzhen Technology Company Limited · Multek Technologies Limited · Vista Point Technologies (Malaysia) SDN BHD · Flextronics Nanjing · Flextronics Metal Specialties Inc · Express Cargo Forwarding Limited

CAPITAL STRUCTURE

After 30.09.2010

Authorised Capital : Rs.2445.000 millions

Issued, Subscribed & Paid-up Capital : Rs.1659.146 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
85000000	Equity Shares	Rs.10/- each	Rs.850.000 millions
115000000	Preference Shares	Rs.10/- each	Rs.1150.000 millions
	Total		Rs.2000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
58541910	Equity Shares (Of the above 58541908 equity shares are held by the holding company, Flextronics Internationals Asia Pacific Limited, Mauritius)	Rs.10/- each	Rs.585.419 millions
105668199	Redeemable Optionally Convertible Cumulative-Preference Shares (Of the above 105668199 preference shares are held by the holding company, Flextronics Internationals Asia Pacific Limited, Mauritius)	Rs.10/- each	Rs.1056.682 millions
	Total		Rs.1642.101 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		1642.101	1403.339	1403.339
2] Share Application Money		0.000	716.288	0.000
3] Reserves & Surplus		2794.213	2316.688	2316.688
4] (Accumulated Losses)		(2139.454)	(2139.613)	(1337.768)
NETWORTH		2296.860	2296.702	2382.259
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		37.500	0.000	0.000
TOTAL BORROWING		37.500	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		2334.360	2296.702	2382.259

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		1830.736	2144.637	2351.300
Capital work-in-progress		0.000	1.270	29.105

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	236.659	229.024	232.205
	Sundry Debtors	422.811	652.186	983.035
	Cash & Bank Balances	302.453	700.962	292.258
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	483.799	642.327	319.472
Total Current Assets		1445.722	2224.499	1826.970
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	672.715	1563.184	1767.887
	Other Current Liabilities	205.327	454.495
	Provisions	64.056	56.025	57.229
Total Current Liabilities		942.098	2073.704	1825.116
Net Current Assets		503.624	150.795	1.854

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		2334.360	2296.702	2382.259

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income form Operations	2131.751	5749.111	3642.591
		Other Income	267.190	266.707	87.252
		TOTAL	2398.941	6015.818	3729.843

Less	EXPENSES
		Manufacturing Expenses	822.198	4375.948
		Personnel Expenses	742.781	833.545
		Operating and Other Expenses	435.110	1152.864
		Selling and Marketing Expenses	8.135	23.802
		Increase / (Decrease) in inventories	(36.478)	(3.880)
		TOTAL	1971.746	6382.279	4477.519

	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION		427.195	(366.461)

Less/ Add	DEPRECIATION AND AMORTISATION		418.294	417.101

	PROFIT/LOSS BEFORE TAX		8.901	(783.562)	(747.676)

Less	TAX		0.000	10.721	36.535

Add	EXTRAORDINARY ITEMS		0.000	0.331

Add	PRIOR PERIOD ADJUSTMENTS		(8.742)	(7.893)

	PROFIT/LOSS AFTER TAX		0.159	(801.845)	(784.211)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(2139.613)	(1337.768)	NA

	BALANCE CARRIED TO THE B/S		(2139.454)	(2139.613)	NA

	EARNINGS IN FOREIGN CURRENCY
		Exports on FOB basis	257.506	1585.559	2003.959
		Service income	975.795	1086.876
		Reimbursements	90.433	60.090
		Interest on deposits	0.000	0.077
	TOTAL EARNINGS		1323.734	2732.602	2003.959

	IMPORTS
		Raw Materials	356.482	3336.903	1821.012
		Capital equipment (including spares and components)	36.719	89.257	215.673
	TOTAL IMPORTS		393.201	3426.160	2036.685

	Earnings Per Share (Rs.)		0.0028	(27.63)	(27.63)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.01	(13.33)	(21.03)

Net Profit Margin (PBT/Sales)	(%)	0.42	(13.63)	(20.53)

Return on Total Assets (PBT/Total Assets}	(%)	0.27	(17.93)	(17.89)

Return on Investment (ROI) (PBT/Networth)		0.00	(0.34)	(0.31)

Debt Equity Ratio (Total Liability/Networth)		0.43	0.90	0.77

Current Ratio (Current Asset/Current Liability)		1.53	1.07	1.00

LOCAL AGENCY FURTHER INFORMATION

NOTE

The Registered Office of the company has been shifted from 88A, Electronic City, Hosur Road, Bangalore, Karnataka, India to the present address w.e.f. 12.11.2008.

MERGER AND AMALGAMATION

The Board of Directors of the Company vide its Circular resolution No 10 dated 11^th January 2010 approved a Scheme of Arrangement of the Company with Flextronics Design Consumer Electronics (India) Private Limited. (hereinafter referred to as the “FDCE”). Solectron India Private Limited (hereinafter referred to as the “SIPL”) and Coldwatt India Private Limited (hereinafter referred to as the “CIPL”) be amalgamated with the Company with effect from the Appointed Date being the 1^st day of April, 2009. The said Scheme of Arrangement was approved by the High Court of Bangalore vide its Order dated 15^th July 2010 regarding FDCE, CIPL and SIPL. Pursuant to the Order of the High Court of Bangalore the application for approval to the Scheme of Arrangement has been filed with the High Court of Chennai which is pending for approval. The Company is expecting to get the approval of the High Court of Chennai shortly.

CONTINGENT LIABILITIES

Contingent Liabilities	As on 31.03.2010 Rs. in millions
Guarantees issued by banks	1.090
Letters of credit outstanding	72.607
Advance licenses	6.783
Declaration forms for sales made at concessional rates	6.425

Claims against the Company not acknowledged as debts

Particulars

As on 31.03.2010

Rs. in millions

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances)

2.525

Claims from customer upon termination of contract **

49.958

** On the year 2008-09, the company terminated contract with one of its customer due to non-performance of contractual terms by the customer. Consequently all the receivables from the said customer were adjusted against the payables to that customer resulting in a net receivable amounting to Rs.20.216 millions was provided for in the books of accounts during that financial year.

During the year, the company has been served with the legal notice form the customer claiming an amount of Rs.49.958 millions as receivable from the company. The company has submitted a response and the matter is pending settlement as on date. No provision has been made in the books for the year ended March 31, 2010.

FIXED ASSETS

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Machinery

· Electrical Installations

· Furniture and Fixtures

· Office Equipments

· Computer

· Vehicles

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.49.71
UK Pound	1	Rs.78.09
Euro	1	Rs.68.05

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		27

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.

MIRA INFORM REPORT

236.659

232.205

422.811

983.035

302.453

292.258

0.000

0.000

483.799

319.472

1445.722

672.715

205.327

64.056

942.098

503.624

1.854

0.01

0.42

0.27

0.00

0.43

1.53

Unit