MIRA INFORM REPORT

Report Date :

02.06.2012

IDENTIFICATION DETAILS

Name :	FINANCIAL SOFTWARE AND SYSTEMS PRIVATE LIMITED
Registered Office :	Saradha Ground Floor, No. 42, Third Main Road, Gandhi Nagar, Adyar, Chennai-600020, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.02.1991
Com. Reg. No.:	18-020361
Capital Investment / Paid-up Capital :	Rs.1245.084 Millions
CIN No.: [Company Identification No.]	U52599TN1991PTC020361
TAN No.: [Tax Deduction & Collection Account No.]	CHEF00208F
PAN No.: [Permanent Account No.]	AAACF2351C
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Computer Software and Hardware Services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 12000000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financial position of the company appears to be sound. 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 :	Saradha Ground Floor, No. 42, Third Main Road, Gandhi Nagar, Adyar, Chennai-600020, Tamilnadu, India
Tel. No.:	91-44-47415600
Fax No.:	91-44-47415601
E-Mail :	sivakumarg@fss.co.in sivag@fss.co.in
Corporate Office 1 :	G 4, 1^st Cross Street, SIPCOT IT Park, Rajiv Gandhi Salai, (OMR), Siruseri, Navalur, Chennai-603103, Tamilnadu, India
Tel. No.:	91-44-47415600
Fax No.:	91-44-47415601
E-Mail :	info@fss.co.in
Corporate Office 2 :	701-702, 7^th Floor, Tower A, 247, Park, Hincon House, LBS Marg, Vikhroli (West), Mumbai-400083, Maharashtra, India
Tel. No.:	91-22-42415000
Fax No.:	91-22-42415001
E-Mail :	info@fss.co.in
Overseas Office :	Located At: · Melbourne · UAE · UK · Toronto · Singapore · Katy

DIRECTORS

As on 30.08.2011

Name :

Mr. Nagaraj Venkata Mylandla

Designation :

Managing Director

Address :

A/1/5, No. 4, Chitra, 23^rd Cross Street, Besant Nagar, Chennai-600090, Tamilnadu, India

Date of Birth/Age :

04.11.1954

Date of Appointment :

20.02.1991

Din No.:

00317092

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	U52599TN1991PTC020361	FINANCIAL SOFTWARE AND SYSTEMS PRIVATE LIMITED	Managing director	20-02-91	20-02-91	Active	NO
2	U72900TN2007PTC080726	FSS TECHNOLOGIES PRIVATE LIMITED	Director	13-03-07	13-03-07	Active	NO
3	U72200TN2007PTC064210	SWITCH SOFTWARE SOLUTIONS INDIA PRIVATE LIMITED	Director	10-07-07	10-07-07	Strike off	NO
4	U72200TN2008PTC068382	FSS INDIA PRIVATE LIMITED	Director	27-06-08	27-06-08	Active	NO

Name :

Mrs. Sharada Nagaraj Mylandla

Designation :

Whole Time Director

Address :

A/1/5, No. 4, Chitra, 23^rd Cross Street, Besant Nagar, Chennai-600090, Tamilnadu, India

Date of Birth/Age :

05.03.1963

Date of Appointment :

19.03.1997

Din No.:

00251954

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	U52599TN1991PTC020361	FINANCIAL SOFTWARE AND SYSTEMS PRIVATE LIMITED	Whole-time director	19-03-97	19-03-97	Active	NO
2	U72900TN2007PTC080726	FSS TECHNOLOGIES PRIVATE LIMITED	Director	13-03-07	13-03-07	Active	NO
3	U72200TN2007PTC064210	SWITCH SOFTWARE SOLUTIONS INDIA PRIVATE LIMITED	Director	10-07-07	10-07-07	Strike off	NO

Name :

Mr. Rudhraapathy Jaganathan

Designation :

Whole Time Director

Address :

New No. 9, (133/134), Sarvam Apartments, Luz Church Road, 1^st Street, Mylapore, Chennai-600004, Tamilnadu, India

Date of Birth/Age :

13.09.1961

Date of Appointment :

01.12.1997

Din No.:

00251968

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	U52599TN1991PTC020361	FINANCIAL SOFTWARE AND SYSTEMS PRIVATE LIMITED	Whole-time director	19-03-97	19-03-97	Active	NO
2	U72900TN2007PTC080726	FSS TECHNOLOGIES PRIVATE LIMITED	Director	13-03-07	13-03-07	Active	NO
3	U72200TN2007PTC064210	SWITCH SOFTWARE SOLUTIONS INDIA PRIVATE LIMITED	Director	10-07-07	10-07-07	Strike off	NO
4	U72200TN2008PTC068382	FSS INDIA PRIVATE LIMITED	Director	27-06-08	27-06-08	Active	NO

Name :

Bala Chaitanya Deshpande

Designation :

Nominee Director

Address :

202, Cozy Dell, Street Andrew’s Road, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

15.04.1966

Date of Appointment :

05.03.2010

Din No.:

00020130

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	U85110MH1998PLC226134	INDUS-LEAGUE CLOTHING LIMITED	Director	09-04-01	09-04-01	10-09-08	Active	NO
2	U74999MH2000PLC128611	TECHPROCESS SOLUTIONS LIMITED	Whole-time director	30-06-01	30-06-01	30-06-08	Active	NO
3	U74899DL1995PTC066007	TEAM FOUR HOSPITALITY SERVICES PRIVATE LIMITED	Director	12-07-01	12-07-01	-	Strike off	NO
4	U63040KA2000PLC026323	TRAVEL JINI.COM LIMITED	Director	12-07-01	12-07-01	27-06-08	Active	NO
5	L52399MH1987PLC044954	PANTALOON RETAIL (INDIA) LIMITED	Director	15-11-07	09-08-01	-	Active	NO
6	U52599TN1997PLC037948	SUBHIKSHA TRADING SERVICES LIMITED	Director	09-09-02	09-09-02	10-09-08	Active	YES
7	L17110GJ1985PLC033271	WELSPUN INDIA LIMITED	Director	23-04-08	29-06-04	15-06-09	Active	NO
8	U74999PN2001NPL016603	MITRA TECHNOLOGY FOUNDATION	Director	30-09-04	30-09-04	-	Active	NO
9	L85110KA1995PLC018045	KINGFISHER AIRLINES LIMITED	Director	29-03-05	29-03-05	10-09-08	Active	NO
10	L74899DL1995PLC068021	INFO EDGE (INDIA) LIMITED	Director	27-07-07	06-09-05	-	Active	NO
11	L72200AP1990PLC011146	NCC LIMITED	Nominee director	31-01-06	31-01-06	27-10-08	Active	NO
12	L17118RJ1984PLC003173	SANGAM (INDIA) LIMITED	Nominee director	06-11-06	06-11-06	10-09-08	Active	NO
13	U52330MH2004PLC148956	HOME SOLUTIONS RETAIL (INDIA) LIMITED	Director	26-10-07	08-12-06	10-09-08	Active	NO
14	U72200MH1990PTC055995	CHECKMATE CONSULTANCY (BOMBAY) PRIVATE LIMITED	Nominee director	10-06-08	01-04-08	29-08-08	Active	NO
15	U27200MH1990PTC056628	TALISMAN CONSULTANTS PRIVATE LIMITED	Nominee director	01-04-08	01-04-08	29-08-08	Active	NO
16	L45201TN1995PLC033541	SUBIKSHA RETAIL LIMITED	Director	26-09-08	28-06-08	31-10-08	Active	NO
17	U74999KA2006PTC040686	NEW ENTERPRISE ASSOCIATES (INDIA) PRIVATE LIMITED	Managing director	01-04-11	14-04-09	-	Active	NO
18	U72100DL2001PLC109841	INTARVO TECHNOLOGIES LIMITED	Director	11-09-09	11-09-09	-	Active	NO
19	U52599TN1991PTC020361	FINANCIAL SOFTWARE AND SYSTEMS PRIVATE LIMITED	Nominee director	05-03-10	05-03-10	-	Active	NO
20	U85110KA2009PTC048832	NOVA MEDICAL CENTERS PRIVATE LIMITED	Nominee director	30-09-10	21-05-10	-	Active	NO
21	U45200AP2004PTC044833	VISHWA INFRASTRUCTURES AND SERVICES PRIVATE LIMITED	Nominee director	12-09-11	04-02-11	-	Active	NO
22	U72100WB2007PLC117716	INTELLISYS TECHNOLOGIES AND RESEARCH LIMITED	Additional director	17-02-11	17-02-11	-	Active	NO
23	U74210MH1986PTC040889	AIR WORKS INDIA (ENGINEERING) PRIVATE LIMITED	Director	26-09-11	16-05-11	-	Active	NO
24	U52190MH2008PTC179371	NAAPTOL ONLINE SHOPPING PRIVATE LIMITED	Nominee director	30-08-11	30-08-11	-	Active	NO

Name :

Mr. Srinivas Chidambaram

Designation :

Nominee Director

Address :

A-1, Yamuna Apartmetns, Alaknanda, New Delhi-110019, India

Date of Birth/Age :

21.05.1966

Date of Appointment :

05.03.2010

Din No.:

00514665

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	U74899DL1995PTC073510	JACOB BALLAS CAPITAL INDIA PRIVATE LIMITED	Managing director	29-09-06	07-07-06	-	Active	NO
2	U74899DL1993PTC052396	JACOB BALLAS SECURITIES INDIA PRIVATE LIMITED	Director	29-09-06	12-07-06	-	Amalgamated	NO
3	U93000DL2000PTC104277	RAMGARH LEISURE AND ENTERTAINMENT PRIVATE LIMITED	Director	29-09-06	12-07-06	23-03-07	Active	NO
4	U18101TZ2005PLC012295	S.P.APPARELS LIMITED	Director	10-09-07	15-11-06	-	Active	NO
5	U72200KA2006PTC040015	TRIANZ HOLDINGS PRIVATE LIMITED	Director	28-09-07	31-01-07	-	Active	NO
6	U32204AP1998PTC029457	ASTER PRIVATE LIMITED	Nominee director	09-08-07	09-08-07	-	Active	NO
7	U52599TN1991PTC020361	FINANCIAL SOFTWARE AND SYSTEMS PRIVATE LIMITED	Nominee director	05-03-10	05-03-10	-	Active	NO
8	L02411KA1988PLC009465	VIVIMED LABS LIMITED	Additional director	14-11-11	14-11-11	-	Active	NO
9	U74999DL1995PLC064132	RELIGARE FINVEST LIMITED	Director	23-01-12	23-01-12	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.08.2011

Names of Shareholders	No. of Equity Shares
Nagaraj Venkata Mylandla	3150000
Sharada Nagaraj Mylandla	450000
Rudhraapathy Jaganathan	900000
Nea FVCI Limited, Mauritius	1421222
NYLIM Jacob Ballas India Fund III LLC, Mauritius	947482
Fss Employee Welfare Trust, India	160319
R. Pandian	1646
Sathya B Raju	1742
G.P. Shekar	4278
Vamsi S. Mohan	2877
Prakash Iyer	2877
Yogesh Dhuldhoya	7267
R. Raghuraman	1227
K.V. Ramnath	2466
R. Kothandaraman	1227

As on 30.08.2011

Names of Shareholders	No. of Preferences Shares
Nylim Jacob Ballas India (FVCI) III LLC, Mauritius	47000000
Nea FVCI Limited, Mauritius	70500000
Total	117500000

As on 30.08.2011

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]	13.29
Venture capital	19.83
Directors or relatives of directors	62.77
Other top fifty shareholders	3.52
Others	0.59
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Computer Software and Hardware Services.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Computer Software and Hardware Services	85249009.10

GENERAL INFORMATION

Customers:

Domestic:

· ABN Amro Bank

· American Express

· Andhra Bank

· Axis Bank

· Allahabad Bank

· Abhyudaya Co-Operative Bank

· Airtel

· Amway

· Bank of Baroda

· Bank of Maharashtra

· Bassien Catholic Co-Operative Bank

· Cosmos Bank

· Central Bank of India

· Dena Bank

· HDFC Bank

· Indian Overseas Bank

· Oriental Bank of Commerce

International:

· Abu Dhabi Commercial Bank

· Arakan Services

· BC Computers

· Bank of Ceylon

· Bhutan National Bank

· Ejada Systems

· Emirates Bank

· Fiserv

· Hewlett Packard

· K-Net

· Oracle

· NSB

· Triser

· VocaLink

· Kuwait IN

· Kuwait Finance House

No. of Employees :

Not Available

Bankers :

Axis Bank Limited, Corporate Banking Branch, Karumuthu Nilayam,Ground Floor, No.192, Anna Salai, Chennai-600002, Tamilnadu, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans	248.398 (A)	235.568 (B)
Loans taken for vehicles	2.867 (C)	3.118 (D)
Total	251.265	238.686

NOTE:

(A) (Secured by first and exclusive charge on all the assets both movable and immovable, present and future at the Software development center at Siruseri and second charge on receivables of the company, both present and future)

(B) (Secured by first and exclusive charge on all the assets both movable and immovable, present and future at the Software development center at Siruseri and second charge on receivables of the company, both present and future)

(C) (Leases are secured by hypothecation of the vehicles)

(D) (Leases are secured by hypothecation of the vehicles)

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	No. 10, Mahatma Gandhi Road, Nungambakkam, Chennai-600034, Tamilnadu, India
Pan No.:	AAACF2351C
Subsidiaries :	· FSS Technologies Private Limited · FSS Technologies Canada Inc · FSS Technologies FZE · FSS Technologies (Australia) Pty Limited · FSS Technologies (Singapore) Pte. Limited · FSS Technologies (UK) Limited · FSS India Private Limited

CAPITAL STRUCTURE

As on 30.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions
120600000	Preferences Shares	Rs.10/- each	Rs.1206.000 Millions
	Total		Rs.1306.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7168704	Equity Shares	Rs.10/- each	Rs.71.687 Millions
117500000	Preferences Shares	Rs.10/- each	Rs.1175.000 Millions
	Total		Rs.1246.687 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions
120600000	Preferences Shares	Rs.10/- each	Rs.1206.000 Millions
	Total		Rs.1306.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7008385	Equity Shares	Rs.10/- each	Rs.70.084 Millions
117500000	Preferences Shares	Rs.10/- each	Rs.1175.000 Millions
	Total		Rs.1245.084 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		1245.084	1243.687	373.741
2] Share Application Money		0.003	0.003	0.003
3] Reserves & Surplus		1912.457	1683.249	959.834
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3157.544	2926.939	1333.578
LOAN FUNDS
1] Secured Loans		251.265	238.686	75.192
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		251.265	238.686	75.192
DEFERRED TAX LIABILITIES		18.301	12.140	4.223
TOTAL		3427.110	3177.765	1412.993
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1141.117	626.715	291.463
Capital work-in-progress		312.085	61.027	103.744
INVESTMENT		26.888	14.161	2.821
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.171	6.228	12.539
	Sundry Debtors	647.789	800.849	565.690
	Cash & Bank Balances	1616.088	1797.692	531.996
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	426.304	262.597	199.881
Total Current Assets		2697.352	2867.366	1310.106
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	603.993	235.468	154.625
	Other Current Liabilities	115.402	145.339	107.546
	Provisions	30.937	10.697	32.970
Total Current Liabilities		750.332	391.504	295.141
Net Current Assets		1947.020	2475.862	1014.965
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3427.110	3177.765	1412.993

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		2299.315	1849.977
		Other Income		30.685	0.023
		TOTAL	2350.000	2330.000	1850.000
Less	EXPENSES
		Office Expenses
		Administrative Expenses	2072.000	1736.000	1460.000
		Advertising Expenses
		TOTAL	2072.000	1736.000	1460.000
	PROFIT / (LOSS) BEFORE TAX		278.000	594.000	390.000
Less	TAX		58.000	144.000	82.000
	PROFIT / (LOSS) AFTER TAX		220.000	450.000	308.000
Less	APPROPRIATIONS
		Interim Dividend on equity shares	0.000	14.000	0.000
		Interim Dividend on preference share	0.000	5.000	0.000
		Proposed Final Dividend on equity shares	14.000	7.000	16.000
		Proposed Final Dividend on preference shares	3.000	1.000	6.000
		Corporate Tax on distributed dividend	3.000	5.000	4.000
		Transfer to General Reserve	22.000	45.000	31.000
	BALANCE CARRIED TO THE B/S		178.000	373.000	251.00
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	458.000	265.000	NA
	Earnings / (Loss) Per Share (Rs.)		1.76	79.63	55.11

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.36	19.31	16.65
Net Profit Margin (PBT/Sales)	(%)	NA	25.83	21.08
Return on Total Assets (PBT/Total Assets}	(%)	7.24	16.98	24.35
Return on Investment (ROI) (PBT/Networth)		0.09	0.20	0.29
Debt Equity Ratio (Total Liability/Networth)		0.32	0.22	0.28
Current Ratio (Current Asset/Current Liability)		3.59	7.32	4.44

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	Yes
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

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	90290704
Corporate identity number of the company	U52599TN1991PTC020361
Name of the company	FINANCIAL SOFTWARE AND SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Saradha Ground Floor, No. 42, Third Main Road, Gandhi Nagar, Adyar, Chennai-600020, Tamilnadu, India
Type of charge	Book Debts Movable Property (not being pledge)
Particular of charge holder	Axis Bank Limited, Corporate Banking Branch, Karumuthu Nilayam,Ground Floor, No.192, Anna Salai, Chennai-600002, Tamilnadu, India
Email	n.parameswaran@axisbank.com
Nature of description of the instrument creating or modifying the charge	Supplemental deed of hypothecation
Date of instrument Creating the charge	09.01.2012
Amount secured by the charge	Rs.1150.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC: base rate +2.50%.i.e.12.25% p.a. payable monthly .invoice discounting facility: base rate +2.75%.i.e.12.50% p.a., payable monthly. Terms of Repayment As stipulated by the bank from time to time Margin Cash credit: book debts (cover period 180 days) 25%. For bank guarantee and letter of credit: 10%. Extent and Operation of the charge The charge shall cover the due repayment of loan amount Together with interest, penal interest and other levies payable as applicable.
Short particulars of the property charged	Primary: first hypothecation charge on the entire receivables of the company both present and future Collateral: second charge on the entire movable fixed assets of the company both present and future
Date of latest modification prior to the present modification	25.07.2011
Particulars of the present modification	No Changes in the existing credit limits except the revised Break up for the Overall credit Limit of Rs. 1150.000 Millions is as follows: 1.Fund Based Credit Limit (Cash Credit) - Rs. 525.000 Millions 2. Non-fund Based Credit Limit (Bank Guarantee) - Rs. 1150.000 Millions with sub limit for Letter of Credit - Rs. 300.000 Millions.

FIXED ASSETS:

· Leasehold Land

· Air Conditioner

· Building

· Computer

· Office Equipments

· Vehicles

· Furniture and Fixtures

· Computer 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.55.92
UK Pound	1	Rs.86.03
Euro	1	Rs.69.13

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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		53

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	-

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