MIRA INFORM REPORT

Report Date :

01.02.2012

IDENTIFICATION DETAILS

Name :	INTELLICON PRIVATE LIMITED

Formerly Known As :	ESSEN TELECOMMUNICATIONS PRIVATE LIMITED

Registered Office :	B – 404, Shivalik Plaza, Near IIM, Panjrapol, Ahmedabad – 380015, Gujarat

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	27.12.1984

Com. Reg. No.:	04-007533

Capital Investment/ Paid-up Capital:	Rs.18.401 Millions

CIN No.: [Company Identification No.]	U32201GJ1984PTC007533

TAN No.: [Tax Deduction & Collection Account No.]	AHMI00588A

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer, Trader and Importer of Bar Coding and Communication Equipments.

No. of Employees:	250 [In Office + In Factory] Approximately

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 401000

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.

INFORMATION PARTED BY

Name :	Mr. Ashwin Jadav
Designation :	Account Manager
Contact No.:	91-9033880855 91-79-30512000
Date :	31.01.2012

LOCATIONS

Registered / Corporate Office :	B – 404, Shivalik Plaza, Near IIM, Panjrapol, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-30013333
Mobile No.:	91-9033880855 (Mr. Ashwin)
Fax No.:	91-79-30013300
E-Mail :	ashwinj@intellicon.in corporate@intellicon.in intelgnr@intelliconltd.com meetat@intelicon.in
Website :	http://www.intelliconltd.com
Area :	300 sq.ft
Location :	Rented

Logistics and Support Centre / Factory :	B/20, GIDC Electronic Estate, Sector – 25, Gandhinagar – 382044, Gujarat, India
Tel. No.:	91-79-30512000
Fax No.:	91-79-30512010
E-Mail :	intelgnr@intelliconltd.com info@intelliconltd.com
Area :	4000 sq.ft
Location :	Owned

Branch Office :	Located at: Mumbai New Delhi Pune Secunderabad Surat Bangalore Baroda Bhopal Chennai Ernakulam Kolkata Lucknow

DIRECTORS

As On 26.09.2011

Name :

Mr. Sameer Shashikant Parekh

Designation :

Managing Director

Address :

111, Rambha, 66 Nepean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

23.11.1963

Qualification :

M.S.

Experience :

24 Years

Date of Appointment :

28.09.1987

DIN :

00010159

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	U32201GJ1984PTC007533	INTELLICON PRIVATE LIMITED	Managing director	28/09/1987	28/09/1987	-	Active	NO
2	U65910GJ1988PTC010378	ARUSHA STOCK HOLDINGS PRIVATE LIMITED	Director	18/02/1989	18/02/1989	-	Active	NO
3	U64200GJ1992PTC018138	QUEST TELECOM PRIVATE LIMITED	Director	10/8/1992	10/8/1992	7/5/2010	Active	NO
4	U72900KA2005PTC035437	IDE INFOTECH PRIVATE LIMITED	Director	18/01/2005	18/01/2005	-	Active	NO

Name :

Mr. Chetankumar Hasmukh Turakhia

Designation :

Director

Address :

B – 83, Tirthbhumi Apartments, Near Gajjar Hall, Law Garden, Ellisbridge, Ahmedabad – 380006, Gujarat, India

Date of Birth/Age :

31.12.1965

Qualification :

B.E.

Experience :

22 Years

Date of Appointment :

16.10.2001

DIN :

00030628

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	U64200GJ1992PTC018138	QUEST TELECOM PRIVATE LIMITED	Director	10/8/1992	10/8/1992	7/5/2010	Active	NO
2	U32201GJ1984PTC007533	INTELLICON PRIVATE LIMITED	Director	16/10/2001	16/10/2001	-	Active	NO

Name :

Mr. Shashikant Shamjibhai Parekh

Designation :

Director

Address :

66-C, Rambha, 66 Nepean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

13.12.1932

Date of Appointment :

02.05.1986

DIN :

00030682

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	U32201GJ1984PTC007533	INTELLICON PRIVATE LIMITED	Director	2/5/1986	2/5/1986	Active	NO
2	U65910GJ1988PTC010378	ARUSHA STOCK HOLDINGS PRIVATE LIMITED	Director	18/02/1989	18/02/1989	Active	NO

Name :

Ms. Meeta Hetal Trivedi

Designation :

Director

Address :

Plot No.315, Sector – 8, Gandhinagar - 382007, Gujarat, India

Date of Birth/Age :

08.11.1966

Date of Appointment :

20.08.2011

DIN :

03601532

Name :

Mr. Srinivasan Rengacharri Sudarsana

Designation :

Director

Address :

Ajinkyatara Cooperative Housing Society Limited, Flat – 2, Plot – 129, RSC – 11, WBP-Part-1, Charkop, Kandivali [West], Mumbai – 400067, Maharashtra, India

Date of Birth/Age :

29.07.1965

Date of Appointment :

20.08.2011

DIN :

03602209

KEY EXECUTIVES

Name :	Mr. Ashwin
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2011

Names of Shareholders [Equity Shares]		No. of Shares
Sameer Shashikant Parekh		94560
Shashikant Shamjibhai Parekh [HUF]		18000
Arusha Stock Holdings Private Limited, India		427500

Equity Share Breakup (Percentage of Total Equity)

As On 26.09.2011

Category	Percentage
Bodies corporate	80.00
Directors or relatives of Directors	20.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader and Importer of Bar Coding and Communication Equipments.

Products:	Enterprise Communications IP Communication Server ISDN/ IP Based Digital EPABX Digital ISDN Key Telephone System Analog Key Telephone Systems Video Conferencing and AV Integration Solutions High Definition VC Products & Solutions VC Infrastructure Products and Desktop solutions Integrated Control & Automation Systems LFD/LED Displays & Video Wall Solutions Information Technology Mobile Computers Barcode Scanners/ Mobile Computers Barcode / RFID Printers Mobile Printers High Speed Industrial Laser-Raster/ Image Scanners RFID Equipments Wireless Network Components Software Products IntelliASSET: Asset Tracking Software IntelliCAS: Call Accounting Software IntelliCONSOLL PC Based Consol IntelliCONTACT: Call Centre Solution IntelliCONTACT-VL: Voice Loggers IntelliERS: Emergency Reporting System IntelliIVRSL Integrated Voice Response System IntelliMEET: Meet Me Conference Solution IntelliVMS: Voice Mail Solution IntelliWMS: Warehouse Management Software

Imports :
Products :	Bar Coding
Countries :	China Korea

Terms :
Selling :	Cash / Credit

Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :

Metrology Technology

Customers :

End Users and OEM’s

Maruti
LG

No. of Employees :

250 [In Office + In Factory] Approximately

Bankers :

Bank of India

Sector 16, Gandhinagar, Gujarat, India

CITI Bank N. V.

3^rd Floor, Rembrandt, C G Road, Near Panchvati Circle, Ahmedabad – 380006, Gujarat, India

HDFC Bank, Gandhinagar, Gujarat, India (Cash Credit Rs. 100.000 Millions)
Citi Bank N. A., 3^rd Floor, Rembrandt, C G Road, Near Panchavati Circle, Ahmedabad – 380006, Gujarat, India
HDFC Bank, Branch Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Bank of Baroda , Ahmedebad Branch, Gujarat, India
ICICI Bank Limited
Union Bank of India
Canara Bank
State Bank of Travancore

Facilities :

Cash Credit : Rs.100.000 millions [From Citi Bank]

Secured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
HDFC Bank – (cash credit account)	46.955	59.079
HDFC Bank – (WCTL)	16.257	25.644
HDFC Bank – ( Buyer Credit)	53.030	21.787
Citi Bank – (Current a/c – OD)	0.000	0.344
ICICI Bank Limited [Car Loan]	4.913	0.943
Total	121.155	107.797

Unsecured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Short term loans
From shareholders and relatives of directors	54.198	50.411
Total	54.198	50.411

Note:

Working capital loan from HDFC Bank Limited Gandhinagar Branch is secured by way of first charge on pari passu basis on all movables and immovable property, both present and future, by the way of equitable mortgage of factory land, by way of hypothecation of stock.
other loan from ICICI Bank Limited are secured by way of hypothecation of assets under hire purchase


Banking Relations :	-

Auditors :
Name :	Shreekant S Shah and Company Chartered Accountants
Address :	11, Krishna Apartment, 2^nd Floor, Opposite Russian Flats, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel No.:	91-79-26425541/ 26441102
Fax No.:	91-79-26430843
Email :	shreekant@cashreekantshah.com shreekant.shah@gmail.com
Pan No.:	ACVPS6968C

Other Related Parties :	Quest Telecom Private Limited IDE Infotech Private Limited

Holding Company :	Arusha Stock Holdings Private Limited CIN: U65910GJ1988PTC010378

CAPITAL STRUCTURE

As On 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares A	Re.1/- each	Rs.0.100 Million
6,900	Equity Shares B	Rs.1000/- each	Rs.6.900 Millions
			Rs.7.000 Millions
130,000	1% Redeemable Non Cumulative Preference Shares	Rs.100/- each	Rs.13.000 Millions
	Total		Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

42,600	Equity Shares A	Re.1/- each	Rs.0.043 Million
5,358	Equity Shares B	Rs.1000/- each	Rs.5.358 Millions
			Rs.5.401 Millions
130,000	1% Redeemable Non Cumulative Preference Shares	Rs.100/- each	Rs.13.000 Millions
	Total		Rs.18.401 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		18.401	18.401	18.401
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		82.004	40.670	35.350
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		100.405	59.071	53.751
LOAN FUNDS
1] Secured Loans		121.155	107.797	120.229
2] Unsecured Loans		54.198	50.411	49.098
TOTAL BORROWING		175.353	158.208	169.327
DEFERRED TAX LIABILITIES		4.655	4.923	5.228

TOTAL		280.413	222.202	228.306

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		47.882	46.482	52.399
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		1.090	1.090	1.090
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	95.854	74.629	79.266
	Sundry Debtors	397.717	227.535	227.879
	Cash & Bank Balances	7.616	7.573	5.100
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	37.459	32.577	25.612
Total Current Assets		538.646	342.314	337.857
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	212.813	126.846	124.607
	Current Liabilities	61.812	26.963	31.034
	Provisions	32.709	14.131	7.917
Total Current Liabilities		307.334	167.940	163.558
Net Current Assets		231.312	174.374	174.299

MISCELLANEOUS EXPENSES		0.129	0.256	0.518

TOTAL		280.413	222.202	228.306

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	798.733	517.030	542.155

Less	EXPENSES
		Office Expenses
		Administrative Expenses	712.082	481.305	507.290
		Advertising Expenses
		TOTAL (B)	712.082	481.305	507.290

	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		86.651	35.725	34.865

Less	FINANCIAL EXPENSES (D)		12.987	18.042	18.324

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		73.664	17.683	16.541

Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.316	6.144	5.922

	PROFIT BEFORE TAX (E-F) (G)		67.348	11.539	10.619

Less	TAX (H)		24.598	4.804	5.307

	PROFIT AFTER TAX (G-H) (I)		42.750	6.735	5.312

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		37.159	32.725	29.364

Less	APPROPRIATIONS
		General Reserve	4.274	0.885	0.535
		Dividend
		-On Equity Shares	1.080	1.080	1.080
		-On Preference Share	0.130	0.130	0.130
		Tax on Dividend	0.206	0.206	0.206
	BALANCE CARRIED TO THE B/S		74.219	37.159	32.725

	EARNINGS IN FOREIGN CURRENCY
		Commission received	0.068	0.185	0.267
	TOTAL EARNINGS		0.068	0.185	0.267

	Earnings Per Share (Rs.)		7.92	1.25	0.98

Expected Sales (2011-2012) : Rs.1000.000 millions

The above information has been parted by Mr. Ashwin [Accounts Manager]

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.35	1.30	0.98

Return on Total Assets (PBT/Total Assets}	(%)	11.48	2.97	2.72

Return on Investment (ROI) (PBT/Networth)		0.67	0.20	0.20

Debt Equity Ratio (Total Liability/Networth)		4.81	5.52	6.19

Current Ratio (Current Asset/Current Liability)		1.75	2.04	2.07

LOCAL AGENCY FURTHER INFORMATION

DETAILS FOR SUNDRY CREDITORS

Rs. In Millions

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Sundry Creditors for Goods	198.730	118.474	116.982
Sundry Creditors for Expenses	14.083	8.372	7.625
Total	212.813	126.846	124.607

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	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	-
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last 2 years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	Yes
Details of sister concerns	-
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
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	No
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

Note: The Registered Office of the company has been shifted from 48-49 White Housenr Panchavati Circle, Ellis Bridge, Ahmebabad – 380006, Gujarat, India to the present address w.e.f 15.09.2006.

REVIEW OF OPERATIONS:

ln the year the company showed a robust growth of over 50% on a year on year basis riding on the back of some large deals and banking on the economic turnaround. The restructuring exercise the company undertook during the year also was a base for the turnaround with more focus on verticals from each team.

The current year saw the Company make important breakthrough in the Audio visual integration areas with large deals from ITI and Mudra bolstering this new business activity The legacy businesses and new developments of the previous year still continued their repeat businesses emphasizing the strong customer relationships we share with the customers and their continued support to the company. The Defense forces and corporate customers such as pepsi, LG, Maruti. Nokia reaffirmed their business to them.

New Initiatives:

Banking on the success of the foray into the Sales Force Automat-ton market the previous year the company focused on this activity and was able to capitalize on the same with multiple new wins. The defense teams worked on new developments in tandem with their Telecom partner, Karel, which will help position the company in rugged zed EPABX requirements of the army. The company partnered with M/s Rolta to bid for this deal.

Future Outlook:

The company has planned for an ambitious growth of 30% in the coming year riding on the back of a 50% growth on last year. The year started well with a carryover order book which would account for 20% of the sales targeted for the year. Additionally the HR teams have been strengthened with the appointment of a VP (HR) to address the needs of the company as it has over 300 employees now. The Enterprise team has been merged from two divisions to one in the current year again to give more focus of convergence between the departments. Service teams have been enhanced with the larger customer base with targets for a higher growth too. The company also is looking to enhance the board of Directors and is looking to inducting the same from within the teams.

Contingent Liability

Contingent Liability not Provided for

Particulars	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
a)Guarantee given by bank
Citi bank N.A.	1.371	1.371
HDFC Bank Limited – Gandhinagar	16.580	9.273
Bank of India Gandhinagar	0.792	1.243

b) Excise duty demand [matter under appeal]	3.929	3.929

c) Letter of Credit
HDFC Bank Limited – Gandhinagar	9.530	23.606
Union bank of India – Mumbai	14.355	16.568

d) company has paid and provided liability of VAT, CST and service tax on the basis of returns filed. No additional provision has been made as same can not be ascertained on pending final assessment.

Bankers Charges Report as per Registry

Corporate identity number of the company	U32201GJ1984PTC007533
Name of the company	INTELLICON PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B – 404, Shivalik Plaza, Near IIM, Panjrapol, Ahmedabad – 380015, Gujarat, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10173087
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	HDFC Bank, Branch Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India Email : RBBform8@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Supplementary Letter of Hypothecation.
Date of instrument Creating the charge	29.09.2011
Amount secured by the charge	Rs. 280.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest - Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment - on demand Margin As may be stipulated by bank from time to time Extent and Operation of the charge - Hypothecation by way of First Charge on Company's Stocks and Book Debts etc, as a continuing security to secure below for the repayment of Rs.280.000 millions together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank.
Short particulars of the property charged	Stock in Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties. All the debts, that is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights
Date of latest modification prior to the present modification	26.03.2011
Particulars of the present modification	The Charge shall now stand reduced from to Rs.192.500 Millions to Rs.280.000 Millions against the security of Stocks, Book Debts of the Company.

Corporate identity number of the company	U32201GJ1984PTC007533
Name of the company	INTELLICON PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B – 404, Shivalik Plaza, Near IIM, Panjrapol, Ahmedabad – 380015, Gujarat, India
This form is for	Modification of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	HDFC Bank Limited - HDFC Bank Limited, HDFC Bank Limited, Mumbai - 400013, Maharashtra, India E-mail: RBBform8@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Supplementary Letter of Hypothecation.
Date of instrument Creating the charge	05.01.2011
Amount secured by the charge	Rs. 177.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest - Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment - Working Capital facility shall be payable on demand Term Loan facility shall be repayable in suitable installments. Margin As may be stipulated by bank from time to time Extent and Operation of the charge - Hypothecation by way of First Charge on Company's Stocks, Book Debts, etc, to secure as a continuing security for the repayment of Rs.177.500 millions together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank.
Short particulars of the property charged	Stock in Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties. All the debts, that is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights
Date of latest modification prior to the present modification	12.03.2010
Particulars of the present modification	The Charge shall now stand reduced from to Rs.180.000 Millions to Rs.177.500 Millions (Comprising: Overall facility under the MFA/Addendum of Rs.140.000 Millions, WCTL of Rs.30.000 Millions, PSR of Rs.7.500 Millions) against the security of Stocks, Book Debts of the Company.

Trade References :

Maruti
LG
Metrology Technology

Fixed Assets :

Land - Leasehold
Building
Plant and machineries
Computers
Office Equipments
Furniture and fittings
Misc Tools
Testing HGS
Vehicles
Block equipment on lease (MTNL)
Electric Installation

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.49.68
UK Pound	1	Rs.78.17
Euro	1	Rs.65.51

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--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	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.

MIRA INFORM REPORT

95.854

74.629

79.266

397.717

227.535

227.879

7.616

7.573

5.100

0.000

0.000

0.000

37.459

32.577

25.612

538.646

342.314

337.857

61.812

26.963

31.034

32.709

14.131

7.917

307.334

167.940

163.558

231.312

174.374

174.299

5.35

1.30

0.98

11.48

2.97

2.72

0.67

0.20

0.20

4.81

5.52

6.19

1.75

2.04

2.07

Unit