MIRA INFORM REPORT

Report Date :

07.04.2012

IDENTIFICATION DETAILS

Name :	NTL ELECTRONICS INDIA LIMITED (w.e.f 22.08.2007)
Formerly Known As :	NORTHEN TELELINKS PRIVATE LIMITED NTL ELECTRONICS INDIA LIMITED
Registered Office :	305, Guru Amar Dass Bhavan, 78, Nehru Place, New Delhi – 110019, Delhi
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.04.2002
Com. Reg. No.:	55 -115129
Capital Investment/ Paid-up Capital:	Rs.335.836 Millions
CIN No.: [Company Identification No.]	U32109DL2002PLC115129
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of electronic products for the lighting industry.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 5200000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financial position of the company appears to be good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered 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 :	305, Guru Amar Dass Bhavan, 78, Nehru Place, New Delhi – 110019, Delhi India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	Pawan.agarwal@ntlelectronics.com
Corporate Office :	B-10, Sector Noida – 201 301, Uttar Pradesh, India
Tel. No.:	91-120-4008888
Fax No.:	91-120-4281822
E-Mail :	marketing@ntlelectronics.com

DIRECTORS

(AS ON 21.09.2011 )

Name :

Mr. Arun Gupta

Designation :

Managing Director

Address :

Villa No.2, ATS Village, Sector 93A Noida India

Date of Birth/Age :

21.12.1961

Date of Appointment :

26.04.2002

Din Number:

00265885

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	U74899DL1988PTC031475	KESHIKA EXPORTS PRIVATE LIMITED	Director	5/3/1991	5/3/1991	-	Active	NO
2	U32109DL2002PLC115129	NTL ELECTRONICS INDIA LIMITED	Managing director	15/07/2010	26/04/2002	-	Active	NO
3	U45400DL2008PTC180244	OPTRA PROMOTERS PRIVATE LIMITED	Director	28/09/2011	25/10/2010	-	Active	NO

Name :

Mr. Praveen Gupta

Designation :

Whole Time Director

Address :

C-PH2, Pears Gateway Towers, Plot No. D8-A Sector-44, Noida, India

Date of Birth/Age :

29.02.1968

Date of Appointment :

26.04.2002

Din Number:

00265322

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	U74899DL1988PTC031475	KESHIKA EXPORTS PVT LTD	Director	3/3/1993	3/3/1993	-	Active	NO
2	U74899DL1991PTC045868	ANANDSONS TELELINKS PRIVATE LIMITED	Director	30/10/1993	30/10/1993	30/07/2007	Active	NO
3	U32109DL2002PLC115129	NTL ELECTRONICS INDIA LIMITED	Whole-time director	15/07/2010	26/04/2002	-	Active	NO
4	U45400DL2008PTC180244	OPTRA PROMOTERS PRIVATE LIMITED	Director	28/09/2011	25/10/2010	-	Active	NO

Name :

Mr. Ajay Relan

Designation :

Director

Address :

C-121, Defence Colony, New Delhi,- 110057, Delhi, India

Date of Birth/Age :

09.12.1953

Date of Appointment :

07.09.2010

Din Number:

00002632

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	U72200DL1988PLC033218	BLUE CHIP TECHN0LOGIES LIMITED	Director	19/09/1988	19/09/1988	-	Active	NO
2	U65900MH1997FLC109170	CITICORP FINANCE (INDIA) LIMITED	Director	2/7/1997	2/7/1997	31/07/2008	Active	NO
3	L40100GJ1995PLC025447	SUZLON ENERGY LIMITED	Director	25/07/2007	19/04/2004	-	Active	NO
4	L02710CT1990PLC009826	MONNET ISPAT AND ENERGY LIMITED	Director	9/8/2010	29/07/2004	-	Active	NO
5	U28939DL1962PTC003780	MICRO ABRASIVES (INDIA) Private LIMITED	Director	30/11/2004	30/11/2004	-	Active	NO
6	L24116UP1978PLC004624	JUBILANT LIFE SCIENCES LIMITED	Director	25/01/2005	25/01/2005	14/10/2008	Active	NO
7	U24300DL2003PLC123687	INTERNATIONAL CARS AND MOTORS LIMITED	Nominee director	11/6/2005	11/6/2005	30/09/2008	Active	NO
8	U74899DL1995PLC073245	INTERNATIONAL TRACTORS LIMITED	Nominee director	14/06/2005	14/06/2005	30/09/2008	Active	NO
9	U15131HP1978PTC003844	BENDOCHY AGRO PRODUCTS PRIVATE LIMITED	Director	27/10/2005	27/10/2005	-	Active	NO
10	L99999PB1990PLC010307	TRIDENT LIMITED	Director	27/09/2006	25/01/2006	24/09/2008	Active	NO
11	L45309WB1963PLC025898	TECHNO ELECTRIC AND ENGG COMPANY LIMITED	Nominee director	25/08/2007	22/11/2006	31/07/2008	Amalgamated	NO
12	L27106WB1987PLC042756	HIMADRI CHEMICALS AND INDUSTRIES LIMTED	Nominee director	27/04/2007	27/04/2007	27/08/2008	Active	NO
13	L22121DL2002PLC117874	HT MEDIA LIMITED	Director	2/8/2010	24/05/2007	-	Active	NO
14	U63000MH2005PTC156922	HUMAN VALUE DEVELOPERS PRIVATE LIMITED	Additional director	17/08/2007	17/08/2007	21/10/2008	Active	NO
15	U99999MH1995PLC087498	SHAREKHAN LIMITED	Alternate director	26/09/2007	26/09/2007	21/10/2008	Active	NO
16	L27201HR1983PLC036106	JINDAL DRILLING AND INDUSTRIES LIMITED	Additional director	31/01/2008	31/01/2008	14/08/2008	Active	NO
17	U34300DL2005PTC139495	PADMINI VNA MECHATRONICS PRIVATE LIMITED	Additional director	17/03/2008	17/03/2008	1/8/2008	Active	NO
18	U74140DL2008PTC182274	CX Advisors Private Limited	Whole-time director	1/9/2008	21/08/2008	-	Converted to LLP and dissolved	NO
19	L21090BR1918PLC000013	Hindustan Media Ventures Limited	Director	4/6/2010	22/02/2010	-	Active	NO
20	U32109DL2002PLC115129	NTL ELECTRONICS INDIA LIMITED	Director	7/9/2010	7/9/2010	-	Active	NO
21	U85110MH2000PLC123882	THYROCARE TECHNOLOGIES LIMITED	Nominee director	27/12/2010	27/12/2010	-	Active	NO

Name :

Mr. Tarun Khanna

Designation :

Alternate Director to Mr. Ajay Relan

Address :

B-9/21, Vasnt Vihar, Delhi,110057, Delhi, India

Date of Birth/Age :

16.03.1971

Date of Appointment :

16.09.2010

Din Number:

02306480

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	U28939DL1962PTC003780	MICRO ABRASIVES (INDIA) Private LIMITED	Director	22/09/2008	22/09/2008	-	Active	NO
2	U32109DL2002PLC115129	NTL ELECTRONICS INDIA LIMITED	Alternate director	16/09/2010	16/09/2010	-	Active	NO
3	U85110MH2000PLC123882	THYROCARE TECHNOLOGIES LIMITED	Alternate director	27/12/2010	27/12/2010	-	Active Bottom of Form

Name :

Mr. Yezdi P.Karai

Designation :

Director

Address :

62/2, Ballygunge Circular Road, Kolkata – 700019 – West Bengal, India

Date of Birth/Age :

29.12.1948

Date of Appointment :

09.03.20110

Din Number:

02999304

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	U51109WB1996PTC080822	IMPRESSIVE COMMERCE. PRIVATE LIMITED	Director	4/5/2005	4/5/2005	-	Active	NO
2	U74300WB1992PTC054099	RAINBOW DISPLAY PRIVATE LIMITED	Director	1/6/2010	1/6/2010	-	Active	NO
3	U32109DL2002PLC115129	NTL ELECTRONICS INDIA LIMITED	Director	21/09/2011	9/3/2011	-	Active	NO
4	U93000WB2011NPL171499	KGVK SOCIAL ENTERPRISES LIMITED	Director	29/12/2011	29/12/2011	-	Active	NO

Name :

Mr. Anand Swroop Gupta

Designation :

Director

Address :

A-243, Surya Nagar, Ghaziabad - 201011

Date of Birth/Age :

07.04.1938

Date of Appointment :

24.07.2007

Din Number:

00692641

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	U74899DL1988PTC031475	KESHIKA EXPORTS PRIVATE LIMITED	Director	5/3/1991	5/3/1991	-	Active	NO
2	U72900DL2002PLC117946	VINTRON CONVERGYS LIMITED	Director	29/09/2007	23/04/2007	16/09/2009	Active	NO
3	U32109DL2002PLC115129	NTL ELECTRONICS INDIA LIMITED	Director	30/08/2007	24/07/2007	-	Active	NO
4	U74899DL1991PTC045868	ANANDSONS TELELINKS PRIVATE LIMITED	Whole-time director	1/11/2007	30/07/2007	-	Active	NO
5	U45201DL2006PTC146865	MALAKPURIA INFRASTRUCTURE AND DEVELOPERS PRIVATE LIMITED	Whole-time director	1/4/2008	1/4/2008	-	Active	YES

Name :

Kirti Madhok Sud

Designation :

Director

Address :

BB 14, Greater Kailash, New Delhi 48 India

Date of Birth/Age :

10.12.1954

Date of Appointment :

21.04.2011

Din Number:

03507997

KEY EXECUTIVES

Name :	Mr. Pawn Kumar Agarwal
Designation :	Secretary
Address :	B -75, Mansarover Park, Shahdara, Delhi,- 110032, India
Date of Birth/Age :	15.06.1974
Date of Appointment :	29.01.2008
Pan Number:	AFOPA9025J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 21.09.2011 )

Names of Shareholders	No. of Shares
Arun Gupta	13205232
Praveen Gupta	11433126
Poonam Gupta	1200
Priya Gupta	1200
A. S Gupta	1200
Sudhir Kumar Mishra	600
R.K. Sharma	600
Tushar Gupta	2044200
CX Partners Fund 1 Limited, Mauritius	6896280
Total	33583638

(AS ON 21.09.2011 )

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	21.00
Directors or relatives of directors	79.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of electronic products for the lighting industry.

PRODUCTION STATUS

(AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
CFL Ballasts	(No.s)	NA	87300000	58769800
Remote Ballasts	(No.s)		9600000	6509774
CFL	(No.s)	72000000	36000000	16776644
Others	(No.s)			46139205

Note:

Licensed Capacity is only one plant i.e Roorkee plant since licenced capacity is not required for other locations

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

The Karnataka Bank Limited, F27-28, Sector 18, Noida – 201301, Uttar Pradesh, India

Facilities :

Secured Loan	As On 31.03.2011 Rs. Millions	As On 31.03.2010 Rs. Millions
Rupee term loans banks secured	121.452	70.546
Working capital loans banks secured	70.468	189.388
Interest accrued due other debt secured	1.258	0.518
Total	193.178	260.452

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company Chattered Accountant
Address :	6^th Floor, HT House, 18-20 Kasturba Gandhi Marg, NewDelhi – 110001, India
Tel. No.:	Not Available
Fax No.:	Not Available
Pan Number:	ABSFS4151K
Associates:	CX Partners Fund 1 Limited

CAPITAL STRUCTURE

(AS ON 21.09.2011 )

Authorised Capital :

No. of Shares	Type	Value	Amount
35,000,000	Equity Share	Rs.10/- each	Rs.350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
33,583,638	Equity Share	Rs.10/- each	Rs.335.836 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		335.836	48.700	48.700
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		964.815	543.608	192.184
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1300.651	592.308	240.884
LOAN FUNDS
1] Secured Loans		193.179	260.452	88.165
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		193.179	260.452	88.165
DEFERRED TAX LIABILITIES		31.638	8.202	4.239
TOTAL		1525.468	860.962	333.288
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		496.021	171.682	69.733
Capital work-in-progress		115.092	136.331	0.000
INVESTMENT		100.500	3.000	4.400
DEFERREX TAX ASSETS
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	529.939	427.525	134.715
	Sundry Debtors	585.921	454.124	361.731
	Cash & Bank Balances	31.263	36.195	69.803
	Other Current Assets	0.884	0.583	0.000
	Loans & Advances	226.899	138.273	69.904
Total Current Assets		1374.906	1056.700	636.153
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	481.546	448.804	332.946
	Other Current Liabilities	35.987	50.836	10.360
	Provisions	43.518	8.771	34.199
Total Current Liabilities		561.051	508.411	377.505
Net Current Assets		813.855	548.289	258.648
MISCELLANEOUS EXPENSES		0.000	1.660	0.507
TOTAL		1525.468	860.962	333.288

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3719.860	3268.540	1399.299
		Other Income	47.813	33.375	0.382
		TOTAL (A)	3767.673	3301.915	1399.681
Less	EXPENSES
		Consumption Material changes inventories	2896.601	2450.756
		Manufacturing service cost	146.420	117.954
		Employee related Expense	250.200	153.797
		Administrative and selling Expenses	171.159	94.861
		TOTAL (B)	3464.380	2817.368	1202.204
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		303.293	484.547	197.477
Less	FINANCIAL EXPENSES (D)		37.265	28.013	25.405
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		266.028	456.534	170.072
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.862	17.489	8.889
	PROFIT BEFORE TAX (E-F) (G)		265.166	439.045	163.183
Less	TAX (H)		58.089	81.943	30.047
	PROFIT AFTER TAX (G-H) (I)		207.077	357.102	133.136
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		516.607	185.183	64.744
Less	APPROPRIATIONS
		Transfer to General Reserve			7.000
		Dividend	49.031	25.678	4.870
		Tax on Dividend			0.827
	BALANCE CARRIED TO THE B/S		674.653	516.607	185.183
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	63.781	60.642	0.000
	TOTAL EARNINGS		63.781	60.642	0.000
	IMPORTS
		Raw Materials	1450.116	1416.515	0.000
		Capital Goods	71.236	41.591	0.000
	TOTAL IMPORTS		1521.352	1458.106
	Earnings Per Share (Rs.)		6.49	12.22	27.34

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.50	10.81	9.51
Net Profit Margin (PBT/Sales)	(%)	7.12	13.43	11.65
Return on Total Assets (PBT/Total Assets}	(%)	14.17	35.74	23.12
Return on Investment (ROI) (PBT/Networth)		0.20	0.74	0.67
Debt Equity Ratio (Total Liability/Networth)		0.43	0.85	1.57
Current Ratio (Current Asset/Current Liability)		2.45	2.07	1.69

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	--
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Note:

Registered office of the company has been shifted form Northen Telelinks Private Limited, C-97, Vivek Vihar, Delhi- 95, India to the Present w.e.f 09.08.2007

Business:

Our total revenue increased to Rs.3767.67 Millions from Rs.3301.91 Millions In the pervious year, at growth rate of 14%. Our CFL ballasts and Luminiares business decreased to Rs. 2036.26 Millions from Rs.2413.49 Millions in the previous year, a decline of 5%. Our business in new product segment of complete CFL increased from Rs. 616.23 Millions to Rs. 1244.59 Millions in the previous year, at a growth rate of 102%. Trading sales were Rs. 458.26 Millions (previous year Rs. 490.12 Millions).

Bankers Charges Report as per Registry

Corporate identity number of the company	U32109DL2002PLC115129
Name of the company	NTL ELECTRONICS INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	305, GURU AMAR DASS BHAWAN 78, NEHRU PLACE, NEW DELHI, Delhi, 110019 INDIA pawan.agarwal@ntlelectronics.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10130068
Type of charge	· Book Debts · Movable Property · Floating Charge · Immovable property · Entire current & fixed assets, present and future
Particular of charge holder	Axis Bank Limited, B-2 and B-3, Sector 16 Noida - 201301 Uttar Pradesh-UP India pooja.agarwal@axisbank.com
Nature of instrument creating charge	Supplement deed of hypothecation dated 28.11.2011, Memorandum of Entry for extension of mortgage dated 28.11.2011, Declaration cum Confirmation Deed for extension of Mortgage and Record of Mortgage by deposit of title deeds both dated 29.11.2011.
Date of instrument Creating the charge	28/11/2011
Amount secured by the charge	Rs.690.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest For Cash Credit:Base Rate+3.15% Presently 13.15% p.a For LC: the Charges/Charges- 1% p.a. For BG-Commission-1% p.a. For LER-Standard Charges For LOU:1.50% p.a For TL-1 and 2: Base Rate+3.25% Terms of Repayment For Cash Credit:on demand For LOC:maximum usance upto 180 days For LOU: maximum upto one year For Bank Gurantee: upto maximum period of 108 months (including claim period)for bags to be submitted to custom/DGFT and upto maximum tenor of 36 months(including calim period)for all other cases. For LER:maximum one year For TL-II:12 equal quarterly installment of Rs. 16.7 Millions) (last installment of Rs.16.3Millions) commencing after a moratorium of 12 months from the date of first disbursement . Margin For Cash Credit :stocks & bad debts-25%(book debt cover period 90 days) For LOC: Nil For LOU: Nil For Bank Guarantee:15% in the form of TDR duly discharged and under lien of bank. 100% Margin is to be maintained in respect of disputed liabilities. For LER:as stipulated by treasury. For TL-II:NIL Extent and Operation of the charge Pari Passu charge on all present and future current and fixed assets of the company Pari Passu first charge on the following immovable properties 1. Immovable property of the company admeasuring 416 sq. mtrs. at Plot no. 46, Block B, Sector 2, Noida 2. Immovable property of the company admeasuring 20519 sq. mtrs. at Khasra No 175 and 176, Mauza Raipur, Pargana, Bhawanpur, Roorkee, Uttarakhand. Others Karnataka Bank- Rs. 205.000 Millions Yes Bank- Rs.150.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Entire current asset of the company, both present and future, together with other term lenders in the multiple banking Agreement. Entire movable fixed asset of the company, both present and future, along with other term lenders in the multiple banking agreement. Factory land and building admeasuring 20519 sq. mtrs. located at Khasra No 175 and 176, Mauza Raipur, Pargana, Bhagwanpur, Roorkee, Uttarakhand. Factory land and building admeasuring 416 sq. mtrs. Located at Plot no. 46, Block B, Sector 2, Noida.
Date of instrument modifying the charge	08.08.2011
Particulars of the present modification	The Credit Limits of the company by the company has been enhanced from Rs. 490.000 Millions to Rs. 690.000 Millions by granting of additional Term Loan-II for Rs. 20.000 Millions The rate of interest in revised on Cash credit-Base Rate+3.15% i.e. presently 13.15% p.a. payable monthly and on Term Loan-I as Base Rate+3.25% i.e. presently 13.25% p.a. payable monthly. Other terms and conditions remains the same.

Fixed Assets

· Land

· Building

· Electrical Installation

· Generator

· Testing Equipment

· Material Handling Equipment

· Computers

· Furniture & Fixtures

· Office Equipment

· Car

· Cycle

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. 51.05
UK Pound	1	Rs. 81.09
Euro	1	Rs. 67.39

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	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.