BUSINESS INFORMATION REPORT

1. Summary Information

		Country	INDIA
Company Name	LAHMEYER INTERNATIONAL (INDIA) PRIVATE LIMITED	Principal Name 1	MR. SARVJIT KUMAR SEHGAL
Status	SATISFACTORY	Principal Name 2	MR. VIVEK SEHGAL
		Registration #	55-055028
Street Address	A-3, NEETI BAGH, NEW DELHI – 110 049
Established Date	01.09.1993	SIC Code	--
Telephone#	NOT AVAILABLE	Business Style 1	PROVIDING ENGINEERING CONSULTANCY SERVICES.
Fax #	NOT AVAILABLE	Business Style 2	--
Homepage	www.lahmeyer.in	Product Name 1	--
# of employees	NOT AVAILABLE	Product Name 2	--
Paid up capital	RS.40,000,000/-	Product Name 3	--
Shareholders	FOREIGN HOLDINGS-51% BODIES CORPORATE-49%	Banking	ICICI BANK LIMITED
Public Limited Corp.	NO	Business Period	19 YEARS
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	Ba (47)
Related Company
Relation	Country	Company Name	CEO
HOLDING COMPANY	GERMANY	LAHMEYER INTERNATIONAL GMBH	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	439,604,000	Current Liabilities	256,619,000
Inventories	0,000	Long-term Liabilities	60,553,000
Fixed Assets	57,587,000	Other Liabilities	75,810,000
Deferred Assets	7,987,000	Total Liabilities	392,982,000
Invest& other Assets	0,000	Retained Earnings	72,196,000
		Net Worth	112,196,000
Total Assets	505,178,000	Total Liab. & Equity	505,178,000
Total Assets (Previous Year)	226,697,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Total Income	880,033,000	Net Profit	37,353,000
Total Income (Previous year)	456,304,000	Net Profit (Previous year)	20,817,000

MIRA INFORM REPORT

Report Date :

24.04.2012

IDENTIFICATION DETAILS

Name :	LAHMEYER INTERNATIONAL (INDIA) PRIVATE LIMITED
Registered Office :	A-3, Neeti Bagh, New Delhi – 110 049
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.09.1993
Com. Reg. No.:	55-055028
Capital Investment / Paid-up Capital :	Rs.40.000 millions
CIN No.: [Company Identification No.]	U74899DL1993PTC055028
TAN No.: [Tax Deduction & Collection Account No.]	DELL01180E
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Engineering Consultancy Services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 449000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	A-3, Neeti Bagh, New Delhi – 110 049, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	sgupta@lahmeyer.in info@lahmeyer.in
Website :	www.lahmeyer.in
Corporate Office and Correspondence address :	Intec House, Plot No.37, Institutional Area, Sector 44, Gurgaon – 122 002, Haryana, India
Tel. No.:	91-124-4698500
Fax No.:	91-124-4698585/ 4698586
E-Mail :	info@lahmeyer.in
Kolkata Office	Infinity Bench Mark, 9^th Floor, Plot No.G-1, Block – EP and GP, Salt Lake Electronics Complex, Sector V, Bidhan Nagar, Kolkata - 700 091, West Bengal, India
Tel. No.:	91-33-40110400
Fax No.:	91-33-40061313

DIRECTORS

As on 19.09.2011

Name :

Mr. Sarvjit Kumar Sehgal

Designation :

Whole-Time Director

Address :

PH-03, F Block, Central Park-1, Gurgaon – 122 002, Haryana, India

Date of Birth/Age :

02.11.1937

Date of Appointment :

01.09.1993

DIN No.:

00647437

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	U74899DL1978PTC009068	International Minelmech Private Limited	Director	15-06-78	15-06-78	-	Active	NO
2	U74899DL1982PTC013370	Sarvjit Farms and Foods Private Limited	Director	27-03-82	27-03-82	20-03-10	Active	NO
3	U74899DL1985PTC020110	United Automation Private Limited	Director	12-02-85	12-02-85	-	Active	NO
4	U74899DL1989PTC036596	Intec Holdings Private Limited	Director	13-06-89	13-06-89	-	Active	NO
5	U74899DL1993PTC055028	Lahmeyer International (India) Private Limited	Whole-time director	01-04-10	01-09-93	-	Active	NO
6	U74899DL1985PTC020478	Encom Energy India Private Limited	Director	08-04-94	08-04-94	-	Active	NO
7	U40101DL1996PTC081159	Intec Infocom Private Limited	Director	13-08-96	13-08-96	-	Active	NO
8	U74899DL1981PTC011322	Vimokas Consultantsand Engineersprivate Limited	Managing director	16-01-98	16-01-98	-	Active	NO
9	U40104HR2010PTC041676	Verdant Energy Private Limited	Director	08-12-10	08-12-10	-	Active	NO

Name :

Mr. Vivek Sehgal

Designation :

Managing Director and Chief Executive Officer

Address :

1305A, Beverly Park II, DLF City, Phase II, Gurgaon – 122 002, Haryana, India

Date of Birth/Age :

15.08.1967

Qualification :

M.B.A.

Experience :

18 Years

Date of Appointment :

09.10.1997

DIN No.:

00629307

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	U74899DL1982PTC013370	Sarvjit Farms and Foods Private Limited	Director	31-03-88	31-03-88	20-03-10	Active	NO
2	U74899DL1989PTC036596	Intec Holdings Private Limited	Director	13-06-89	13-06-89	-	Active	NO
3	U74899DL1985PTC020478	Encom Energy India Private Limited	Director	25-05-95	25-05-95	02-11-09	Active	NO
4	U40101DL1996PTC081159	Intec Infocom Private Limited	Director	13-08-96	13-08-96	-	Active	NO
5	U74899DL1993PTC055028	Lahmeyer International (India) Private Limited	Managing director	01-04-10	09-10-97	-	Active	NO
6	U74899DL1985PTC020110	United Automation Private Limited	Director	15-01-98	15-01-98	20-08-09	Active	NO
7	U74899DL1981PTC011322	Vimokas Consultantsand Engineersprivate Limited	Director	16-01-98	16-01-98	-	Active	NO
8	U74899DL1978PTC009068	International Minelmech Private Limited	Director	05-01-08	05-01-08	-	Active	NO

Name :

Rolf Werner Wigand

Designation :

Director

Address :

Amwaeldchen – 8, Bad Vilbel, Germany 61118

Date of Birth/Age :

18.04.1953

Date of Appointment :

01.04.2010

DIN No.:

02983086

Name :

Wolfgang Arthur Pioth

Designation :

Director

Address :

Theodor, Koernerstrasse – 9, Ettlingen, Germany 76275

Date of Birth/Age :

09.12.1951

Date of Appointment :

01.04.2010

DIN No.:

02983067

Name :

Mr. Karan Paul Sehgal

Designation :

Director

Address :

PH-03, F Block, Central Park-1, Gurgaon – 122 002, Haryana, India

Date of Birth/Age :

01.01.1979

Date of Appointment :

01.04.2010

DIN No.:

02883207

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	U74899DL1989PTC036596	Intec Holdings Private Limited	Director	18-07-97	18-07-97	-	Active	NO
2	U74899DL1978PTC009068	International Minelmech Private Limited	Director	15-01-98	15-01-98	21-08-09	Active	NO
3	U74899DL1981PTC011322	Vimokas Consultantsand Engineersprivate Limited	Director	26-09-98	26-09-98	-	Active	NO
4	U40101DL1996PTC081159	Intec Infocom Private Limited	Director	05-02-04	05-02-04	-	Active	NO
5	U74899DL1985PTC020478	Encom Energy India Private Limited	Managing director	30-08-04	30-08-04	-	Active	NO
6	U74899DL1993PTC055028	Lahmeyer International (India) Private Limited	Director	01-04-10	01-04-10	-	Active	NO
7	U40200DL2010PTC208674	Trinity Light and Power Private Limited	Director	23-09-10	23-09-10	-	Active	NO

Name :

Mr. Hermann Adolf Adam Huber

Designation :

Director

Address :

Flat 1603-16 Floor, Block A-2, Uniworld City, Gurgaon – 122 002, Haryana, India

Date of Birth/Age :

25.04.1951

Date of Appointment :

01.09.2010

DIN No.:

03220164

Name :

Dr. Bernhard Kordes

Designation :

Director

Address :

39, Zingel, Lichtenberg, Salzgitter, Germany 38228

Date of Birth/Age :

09.02.1954

Date of Appointment :

23.09.2010

DIN No.:

03210090

KEY EXECUTIVES

Name :	Mr. Sandeep Gupta
Designation :	Secretary
Address :	Flat No.1054, Apna Villa, Plot – 23, Sector – 10, Dwarka, New Delhi – 110 075, India
Date of Birth/Age :	28.02.1976
Date of Appointment :	16.03.2011
PAN No.:	AGBPG2296D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.09.2011

Names of Shareholders	No. of Shares
Lahmeyer International GmbH, Germany	204000
Intec Holdings Private Limited, India	196000
Total	400000

As on 19.09.2011

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]	51.00
Bodies corporate	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Engineering Consultancy Services.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v ICICI Bank Limited, NBCC Place, Bhishama Pitamah Marg, Pragti Vihar, New Delhi – 110 003, India

v ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India

v HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

v Deutsche Bank

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Loans and Advances from Scheduled Banks
Car Loan from Banks (Secured against Car)	7.850	2.541
HDFC Bank - Cash Credit (Secured by movable and immovable assets)	15.001	11.904
Deutsche Bank - Overdraft Account (Secured against the Corporate Guarantee of Lahmeyer International GMBH)	37.702	11.089
Total	60.553	25.534

Banking Relations :	--
Auditors :
Name :	Dinesh Mehta and Company Chartered Accountants
Address :	21, Daya Nand Road, Darya Ganj, New Delhi – 110 002, India
Tel. No.:	91-11-23272623/ 23272168
Fax No.:	91-11-23286562
E-Mail :	anupmehta@dmc-ca.net
Income-tax PAN of auditor or auditor's firm :	AAAFD3632P
Holding Company :	Lahmeyer International GmbH, Germany
Enterprises over which Key Managerial Personnel are able to exercise significant influence :	v Encom Energy (India) Private Limited v lntec Infocom Private Limited v Vimokas Consultant and Engineers Private Limited v Intec Holdings Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs.40.000 millions

(Includes 340000 Equity Shares of Rs.100/- each issued as Bonus Shares out of which 200000 Equity shares of Rs.100/- each have been issued during the year 2010-11 by capitalisation out of General Reserve)

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		40.000	20.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		72.196	58.204	45.346
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		112.196	78.204	55.346
LOAN FUNDS
1] Secured Loans		60.553	25.534	22.247
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		60.553	25.534	22.247
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		172.749	103.738	77.593
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		57.587	34.838	31.423
Capital work-in-progress		0.000	10.122	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		7.987	6.683	2.302
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	260.508	82.358	66.185
	Cash & Bank Balances	13.252	14.516	6.739
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	165.844	78.180	79.017
Total Current Assets		439.604	175.054	151.941
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	156.470	4.354	4.405
	Other Current Liabilities	100.149	72.890	54.916
	Provisions	75.810	45.715	48.752
Total Current Liabilities		332.429	122.959	108.073
Net Current Assets		107.175	52.095	43.868
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		172.749	103.738	77.593

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	880.033	456.304	344.994
		Other Income
		TOTAL (A)	880.033	456.304	344.994
Less	EXPENSES
		Operating Expenses	803.493	404.202	296.500
		TOTAL (B)	803.493	404.202	296.500
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		76.540	52.102	48.494
Less	INTEREST (D)		1.415	0.825	0.827
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		75.125	51.277	47.667
Less/ Add	DEPRECIATION/ AMORTISATION (F)		17.487	11.831	9.719
	PROFIT BEFORE TAX (E-F) (G)		57.638	39.446	37.948
Less	TAX (H)		20.285	18.629	15.245
	PROFIT AFTER TAX (G-H) (I)		37.353	20.817	22.703
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		29.548	29.547	17.650
Less	Transfer to Deferred Tax Assets		(1.303)	(4.380)	(0.364)
	APPROPRIATIONS
		Proposed Dividend @10%	4.000	2.000	1.000
		Dividend Distribution Tax	0.664	0.339	0.170
		Transfer to General Reserve	30.000	22.857	10.000
	BALANCE CARRIED TO THE B/S		33.540	29.548	29.547
	EARNINGS IN FOREIGN CURRENCY
		Fee for Technical Services	186.316	201.417	161.572
	TOTAL EARNINGS		186.316	201.417	161.572
	Earnings Per Share (Rs.)		93.38	104.09	227.03

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.24	4.56	6.58
Return on Total Assets (PBT/Total Assets}	(%)	11.59	18.79	20.70
Return on Investment (ROI) (PBT/Networth)		0.51	0.50	0.69
Debt Equity Ratio (Total Liability/Networth)		3.50	1.90	2.35
Current Ratio (Current Asset/Current Liability)		1.32	1.42	1.41

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Review of the Performance

The Company achieved strong growth in its Revenues and Profitability which increased by 67% and 43% respectively as compared to the previous year.

The Company also exceeded its Budget for Performance as well as Orders Taken for the year. During the year, the Company secured new contracts to the extent of Rs.2214.000 millions (last year Rs.462.000 millions) as against a Budget of Rs.560.000 millions. On the execution side, the Company achieved a Performance of Rs.878.400 millions (last year Rs.454.820 millions) against a Budget of Rs.501.500 millions for the year.

Kolkata Office

There has been significant increase of staff in Kolkata and consequently Kolkata office has moved to a larger office in Sector-V, Bidhan Nagar, Salt Lake Area.

Future Business Plans

India continues to face acute power shortages. There are ambitious plan for significant capacity expansion by approx. 100,000 MW in next 5 years both in Public Sector and Private Sector projects which should result in good business volumes for the Company. However, there are several constraints in implementation of such projects due to problems of fuel supply, falling merchant power prices, environmental clearances delays, land acquisition issues and the weak finances of State Electricity Boards. Because of these issues several projects are getting delayed. As mentioned above the Company has confirmed orders of Rs.2214.000 millions but because of these constraints the developers are delaying the Notice to Proceed for different contracts which will impact Company’s Revenues. At the same time in order to meet these challenges the Company is doing all it can to secure more short duration orders in order to fill the gaps. The Company is also focusing on overseas markets.

The Federal Government’s emphasis on power generation from renewable resources continues to be strong and consequently there is a big investor interest in the Renewable Energy Sector. The National Action Plan and the National Solar Mission aims to add new power generation capacity of 20,000 MW from solar power by 2022.

The Company is very actively involved in this sector and is working on several projects for solar power generation.

CONTINGENT LIABILITY:

Particulars	31.03.2011 (Rs. in millions)
Bank Guarantees issued in favour of clients	79.540
Corporate Guarantees issued in favour of clients	17.350

Bankers Charges Report as per Registry

Corporate identity number of the company	U74899DL1993PTC055028
Name of the company	LAHMEYER INTERNATIONAL (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-3, Neeti Bagh, New Delhi – 110 049, India E-Mail: sgupta@lahmeyer.in
This form is for	Modification of charge
Charge identification number of the modified	10199365
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	CIN No.: L65920MH1994PLC080618 HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India E-Mail: preeti.rana@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Supplemental Letter of Hypothecation of Stock, Book debts and Machinery.
Date of instrument Creating the charge	24.09.2011
Amount secured by the charge	Rs.175.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As Stipulated by the Bank from Time to Time Terms of Repayment: As Stipulated By the Bank from Time to Time Margin: As Stipulated By the Bank from Time to Time Extent and Operation of the charge: As Stipulated By the Bank from Time to Time Others: First exclusive charge by way of hypothecation on all the stocks, book debts and movable machinery of the company both present and future
Short particulars of the property charged	First exclusive charge by way of hypothecation on all the stocks, book debts and movable machinery of the company both present and future
Particulars of the present modification	Enhancement of CC/WCDL facility from Rs.50.000 millions to Rs.70.000 millions and BG facility from Rs.75.000 millions to Rs.125.000 millions (CC/WDCDL up to Rs.20.000 millions will be a sub-limit of BG Limit) thereby increasing the total amount of Fund Based and Non Fund Based Limits from Rs.125.000 millions to Rs.175.000 millions. The charge is hereby modified to cover the enhanced credit facilities upto Rs.175.000 millions.

FIXED ASSETS:

Tangible Assets

v Furniture and Fixtures

v Computer and Accessories

v Air Conditioners

v Office Equipments

v Cars

v Motor Cycle and Scooters

v Books

v Temporary Office Structure

Intangible Assets:

v Software

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.52.23
UK Pound	1	Rs.84.16
Euro	1	Rs.68.84

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	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.