1. Summary Information

		Country	India
Company Name	SU-KAM POWER SYSTEMS LIMITED	Principal Name 1	Mr. Kunwar Sachdev
Status	Satisfactory	Principal Name 2	Mr. Madan Maheshanand Kotnala
		Registration #	55-096685
Street Address	306, Kirti Deep, Nangal Raya, New Delhi – 110046
Established Date	14.10.1998	SIC Code	--
Telephone#	91-11-44231111	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	--
Homepage	http://www.su-kam.com	Product Name 1	Inverter
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.47,317,000/-	Product Name 3	--
Shareholders	Mutual funds 19.18%, Directors or relatives of directors 79.90%, Other top fifty shareholders 0.92%	Banking	Bank of Baroda
Public Limited Corp.	No	Business Period	13 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (50)
Related Company
Relation	Country	Company Name	CEO
Subsidiary	--	Su-Kam Batteries Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	2,215,497,000	Current Liabilities	1,716,311,000
Inventories	2,089,779,000	Long-term Liabilities	2,091,895,000
Fixed Assets	1,139,836,000	Other Liabilities	50,756,000
Deferred Assets	16,446,000	Total Liabilities	3,858,962,000
Invest& other Assets	54,985,000	Retained Earnings	1,610,264,000
		Net Worth	1,657,581,000
Total Assets	5,516,543,000	Total Liab. & Equity	5,516,543,000
Total Assets (Previous Year)	4,322,352,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	6,168,400,000	Net Profit	172,316,000
Sales(Previous yr)	3,947,883,000	Net Profit(Prev.yr)	110,088,000

MIRA INFORM REPORT

Report Date :

15.03.2012

IDENTIFICATION DETAILS

Name :	SU-KAM POWER SYSTEMS LIMITED
Registered Office :	306, Kirti Deep, Nangal Raya, New Delhi – 110046
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.10.1998
Com. Reg. No.:	55-096685
Capital Investment / Paid-up Capital :	Rs.47.317 Millions
CIN No.: [Company Identification No.]	U64201DL1998PLC096685
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Inverter.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 6600000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having satisfactory track. 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 :	306, Kirti Deep, Nangal Raya, New Delhi – 110046, India
Tel. No.:	91-11-44231111
Fax No.:	Not Available
E-Mail :	info@su-kam.com
Web Site :	http://www.su-kam.com
Corporate Office :	Plot No.54, Udyog Vihar, Phase VI, Sector 37, Gurgaon-122001, Haryana, India
Tel. No.:	91-124-4030700 / 4170500
Fax No.:	91-124-4038700
E-Mail :	info@su-kam.com
Manufacturing Facilities :	Inverter Plant 196-C, Udyog Vihar, Phase VI, Sector-37, Gurgaon-122001, Haryana, India Tel:   91-124-4030700/4170500 Fax:  91-124-4038700 E-mail: mgoel@su-kam.com Plot No.64 / 71, DIC-2A, Industrial Area, Baddi, Distt. Solan, Himachal Pardesh, India Tel.:91-1795-244607/244608/247123/247124 Fax:91-1795-247917,244607 E-mail: vjain@su-kam.com Battery Plant Plot No.7, Apparel-Park-cum Industrial Area, Katha, Baddi-173205, District Solan, Himachal Pradesh, India E-mail: hnayyar@su-kam.com Transformer United States Plot No.-44, Bhatolikalan, HIMUDA Industrial Area Baddi, District Solan-173205 Himachal Pradesh, India E-mail: mgoel@su-kam.com
Branch Office :	Located At: Bangalore Bhubaneshwar Chandigarh Chhattisgarh Chennai Cochin New Delhi Ghaziabad Gujarat Guwahati Hyderabad Indore Jaipur Jammu Lucknow Kolkata Mumbai Nagpur Patna Pune Ranchi Zirakpur

DIRECTORS

As on 30.09.2011

Name :

Mr. Kunwar Sachdev

Designation :

Director

Address :

F-37, Green Woods City, Gurgaon-122002, Haryana, India

Date of Birth/Age :

16.11.1962

Date of Appointment :

14.10.1998

Din No.:

00002083

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	U64201DL1998PLC096685	SU-KAM POWER SYSTEMS LIMITED	Managing director	14-10-98	14-10-98	Active	NO
2	U33111DL2005PLC132824	SU-KAM HEALTH AND FITNESS LIMITED	Director	09-02-05	09-02-05	Strike off	NO
3	U65993DL2005PLC144223	KUNRUN INDIA FINANCE LIMITED	Director	13-04-06	13-04-06	Under Process of Striking off	NO
4	U32209DL1996PTC079468	SUKAM SYSTEMS PRIVATE LIMITED	Director	29-09-07	04-09-07	Active	NO
5	U51109HR2008PTC037529	GOOD MORNING INDIA BAKERS PRIVATE LIMITED	Director	08-01-08	08-01-08	Active	NO
6	U45207JK2009PTC003049	DILIGENT INFRASTRUCTURE PRIVATE LIMITED	Director	09-10-09	09-10-09	Active	NO
7	U74900HR2010PLC040978	SU-KAM TELECOM INFRASTRUCTURE LIMITED	Director	29-07-10	29-07-10	Active	NO
8	U31109HR2010PLC040985	SU-KAM BATTERIES LIMITED	Director	30-07-10	30-07-10	Active	NO
9	U31500HR2010PLC040982	SU-KAM SOLAR ENERGY SOLUTIONS LIMITED	Director	30-07-10	30-07-10	Active	NO

Name :

Mr. Madan Maheshanand Kotnala

Designation :

Director

Address :

Plot No.531/1, Sector 8, Gandhinagar-382007, Gujarat, India

Date of Birth/Age :

02.03.1957

Date of Appointment :

02.07.2010

Din No.:

03147764

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	U64201DL1998PLC096685	SU-KAM POWER SYSTEMS LIMITED	Director	30-09-10	02-07-10	Active	NO
2	U31109HR2010PLC040985	SU-KAM BATTERIES LIMITED	Director	15-10-11	16-10-10	Active	NO
3	U31500HR2010PLC040982	SU-KAM SOLAR ENERGY SOLUTIONS LIMITED	Director	15-10-11	16-10-10	Active	NO
4	U33111DL2005PLC132824	SU-KAM HEALTH AND FITNESS LIMITED	Additional director	16-10-10	16-10-10	Strike off	NO
5	U74900HR2010PLC040978	SU-KAM TELECOM INFRASTRUCTURE LIMITED	Director	15-10-11	03-01-11	Active	NO
6	U51109HR2008PTC037529	GOOD MORNING INDIA BAKERS PRIVATE LIMITED	Director	30-09-11	03-01-11	Active	NO

Name :

Mr. Manish Chajjed

Designation :

Director

Address :

29, Adarsh Nagar, Rohtak-124001, Haryana, India

Date of Birth/Age :

14.06.1978

Date of Appointment :

28.03.2009

Din No.:

02549768

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	U64201DL1998PLC096685	SU-KAM POWER SYSTEMS LIMITED	Director	30-09-09	28-03-09	-	Active	NO
2	U29199TN2004PLC078244	VICTORY TRANSFORMERS AND SWITCHGEARS LIMITED	Director	01-05-09	01-05-09	-	Active	NO
3	L18101MH1991PLC059804	MAXWELL INDUSTRIES LIMITED	Director	20-08-09	19-05-09	-	Active	NO
4	U85110KA1990PLC011089	DTDC COURIER AND CARGO LIMITED	Director	22-09-09	21-05-09	-	Active	NO
5	U27109TN1956PLC000882	HACKBRIDGE-HEWITTIC AND EASUN LTD	Director	01-06-09	01-06-09	-	Active	NO
6	U51494MH2004PLC147108	TEXTRADE INTERNATIONAL LIMITED	Nominee director	07-08-09	01-06-09	-	Active	NO
7	U63010MH1989PLC052533	BLR LOGISTIKS (I) LIMITED	Nominee director	02-06-09	02-06-09	-	Active	NO
8	U25209MH1991PLC060602	KRYFS POWER COMPONENTS LIMITED	Nominee director	26-06-09	26-06-09	25-09-10	Active	NO
9	U28100MH1973PLC016533	E M I TRANSMISSION LIMITED	Nominee director	29-09-09	12-08-09	-	Active	NO
10	U70101DL2001PTC111808	SARLA HOLDINGS PRIVATE LIMITED	Director	30-09-10	14-12-09	28-09-11	Active	NO

Name :

Mr. Sanjeev Kumar

Designation :

Director

Address :

Plot No. 1650 A, First Floor, Housing Board Sector – 10 A, Gurgaon-122001, Haryana, India

Date of Birth/Age :

30.09.1973

Date of Appointment :

16.10.2010

Din No.:

00267841

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	U32209DL1996PTC079468	SUKAM SYSTEMS PRIVATE LIMITED	Director	30-09-06	10-05-06	-	Active	NO
2	U51900PB2005PTC028440	M.R.A.ENTERPRISES PRIVATE LIMITED	Director	30-12-09	30-12-09	30-09-10	Active	NO
3	U74900HR2010PLC040978	SU-KAM TELECOM INFRASTRUCTURE LIMITED	Director	29-07-10	29-07-10	-	Active	NO
4	U64201DL1998PLC096685	SU-KAM POWER SYSTEMS LIMITED	Director	30-09-11	16-10-10	-	Active	NO
5	U31109HR2010PLC040985	SU-KAM BATTERIES LIMITED	Director	15-10-11	03-01-11	-	Active	NO
6	U31500HR2010PLC040982	SU-KAM SOLAR ENERGY SOLUTIONS LIMITED	Director	15-10-11	03-01-11	-	Active	NO
7	U33111DL2005PLC132824	SU-KAM HEALTH AND FITNESS LIMITED	Additional director	03-01-11	03-01-11	-	Strike off	NO

Name :

Mr. Satya Brata Ganguly

Designation :

Director

Address :

5 C, New Road, Alipore, Kolkata-700027, West Bengal, India

Date of Birth/Age :

23.10.1942

Date of Appointment :

07.09.2011

Din No.:

01838353

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	U45206WB2007SGC116084	SUNDARBAN INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED	Director	04-01-08	04-01-08	Active	NO
2	L20101WB1982PLC034435	CENTURY PLYBOARDS (INDIA) LIMITED	Director	31-10-11	26-06-08	Active	NO
3	U65990WB2009PLC134536	PEERLESS TRUST MANAGEMENT COMPANY LIMITED	Director	09-04-09	09-04-09	Active	NO
4	U02005WB1949PLC018363	PAHARPUR COOLING TOWERS LIMITED	Director	30-09-10	29-12-09	Active	NO
5	L63993WB1983PLC036030	EMAMI LIMITED	Director	19-08-10	30-01-10	Active	NO
6	U64201DL1998PLC096685	SU-KAM POWER SYSTEMS LIMITED	Director	30-09-11	07-09-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Jaiswal Amarpreet
Designation :	Company Secretary
Address :	C-1938, Sushant Lok-1, Gurgaon-124001, Haryana, India
Date of Birth/Age :	27.10.1979
Date of Appointment :	26.12.2005
Pan No.:	AFHPJ6319R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Kunwar Sachdev	3492089
Nagender Bajaj	1090
Narender Nagi	2000
Sanjeev Kumar Saini	4000
Dhananjay Sharma	3000
Vijay Prakash Gupta	3400
Durgesh Pradhan	200
Dilip Kumar Gupta	900
Air Cmde (Retd) K R Bali	1000
Reliance India Power	907545
Jagmohan Panwar	2500
Amarpreet Jaiswal	350
Ashok Anand	13000
Arun Dev Bharadwaj	12000
Kanav Sachdeva	144325
Shourya Sachdeva	144325
Total	4731724

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Mutual funds	19.18
Directors or relatives of directors	79.90
Other top fifty shareholders	0.92
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Inverter.

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Actual Production
Home UPS	Nos.	775072
Inverter	Nos.	14285
UPS	Nos.	12758
Battery	Nos.	290261

GENERAL INFORMATION

Bankers :

· Punjab National Bank, Rajindra Place Branch, New Delhi-110008, India

· Corporation Bank, SCF87/88, Shopping Area, Sector 14, Gurgaon-122001, Haryana, India

· Bank of Baroda, Parliament Street Branch, Ground Floor, Bank of Baroda, 16 Sansad Marg, New Delhi-110001, India

· Bank of Maharashtra, Sushant Lok, Gurgaon-122109, Haryana, India

· IDBI Bank Limited, Indian Red Cross Society Building, 1, Red Cross Road, New Delhi-110001, India

· ABN Amro Bank N.V., Hansalaya Building, 15, Barkhamba Road, New Delhi-110001, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loan	403.425	307.861
Working capital loans	1606.827	1247.099
Loans taken for fixed assets	7.250	1.867
Other debt	74.393	99.064
Total	2091.895	1655.891

Banking Relations :	--
Auditors :
Name :	S.S. Kothari Mehta and Company Chartered Accountant
Address :	146-149, Tribhuvan Complex, Ishwar Nagar Mathura Road, New Delhi – 110065, Delhi, India
Tel. No.:	91-11-46708888
Fax No.:	91-11-66628889
E-Mail :	delhi@sskmin.com
Pan No.:	AABFS6730L
Subsidiaries :	· Su-Kam Systems Private Limited · Su-Kam Health and Fitness Limited* · Su-Kam Telecom Infrastructures Limited · Su-Kam Solar Energy Solutions Limited · Su-Kam Batteries Limited · Good Morning India Bakers Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4731724	Equity Shares	Rs.10/- each	Rs.47.317 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		47.317	47.317	47.317
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1610.264	1437.948	1344.467
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1657.581	1485.265	1391.784
LOAN FUNDS
1] Secured Loans		2091.895	1655.891	1315.688
2] Unsecured Loans		0.000	0.000	0.624
TOTAL BORROWING		2091.895	1655.891	1316.312
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3749.476	3141.156	2708.096
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1139.836	1074.100	1091.175
Capital work-in-progress		52.972	76.714	43.598
INVESTMENT		2.013	0.881	0.880
DEFERREX TAX ASSETS		16.446	25.257	35.119
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2089.779	1357.115	1199.412
	Sundry Debtors	1847.366	1405.363	805.744
	Cash & Bank Balances	97.422	120.885	34.869
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	270.709	262.037	243.260
Total Current Assets		4305.276	3145.400	2283.285
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	116.383	113.714	519.730
	Other Current Liabilities	1599.928	1001.171	184.714
	Provisions	50.756	66.311	38.517
Total Current Liabilities		1767.067	1181.196	742.961
Net Current Assets		2538.209	1964.204	1540.324
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3749.476	3141.156	2711.096

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	6168.400	3947.883	3070.994
		Other Income	13.190	7.594	30.346
		TOTAL (A)	6181.590	3955.477	3101.340
Less	EXPENSES
		Consumption Materials Changes Inventories	4359.759	2661.265
		Manufacturing Service Cost	130.143	85.460	2765.958
		Employee Related Expenses	315.178	238.423
		Administrative Selling Other Expenses	832.663	540.388
		TOTAL (B)	5637.743	3525.536	2765.958
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		543.847	429.941	335.382
Less	FINANCIAL EXPENSES (D)		270.801	229.050	208.112
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		273.046	200.891	127.270
Less/ Add	DEPRECIATION/ AMORTISATION (F)		82.614	78.182	61.573
	PROFIT BEFORE TAX (E-F) (G)		190.432	122.709	65.697
Less	TAX (H)		18.116	12.621	(12.136)
	PROFIT AFTER TAX (G-H) (I)		172.316	110.088	77.833
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		963.229	880.748	802.915
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	11.000	0.000
		Dividend	0.000	14.195	0.000
		Tax on Dividend	0.000	2.412	0.000
	BALANCE CARRIED TO THE B/S		1135.545	963.229	880.748
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	350.562	298.366
	IMPORTS
		Raw Materials	NA	170.866	263.523
		Capital Goods	NA	0.000	5.545
	TOTAL IMPORTS		NA	170.866	269.068
	Earnings Per Share (Rs.)		36.42	23.26	16.45

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.79	2.78	2.51
Net Profit Margin (PBT/Sales)	(%)	3.09	3.11	2.14
Return on Total Assets (PBT/Total Assets}	(%)	3.50	2.91	1.95
Return on Investment (ROI) (PBT/Networth)		0.11	0.08	0.05
Debt Equity Ratio (Total Liability/Networth)		2.33	1.91	1.48
Current Ratio (Current Asset/Current Liability)		2.44	2.66	3.07

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The registered office of the company has been shifted from WZ-1401/2, Nangal Raya, New Delhi-110046, India to the present address w.e.f. 01.05.2010.

OPERATIONS:

During the year, the company has posted a turnover of Rs. 6168.400 Millions as against Rs. 3947.883 Millions in 2009-10 representing an increase of 56% over the previous year. Profit after tax for the year is Rs 172.316 Millions as against Rs 110.088 Millions in 2009-10, registering an increase of 57% over the previous year.

The exports sales of the company increased from Rs 792.773 Millions in 2009-10 to Rs 875.984 Millions in the year under review, registering a growth of 10%. This landmark performance was a result of strong global economic recovery, India’s consumer demand for products and services linked to a better quality of life and best in class manufacturing achievements at all their factories.

The company is now focusing on High Capacity Inverters, Online UPS, Solar power products and Solar based LED lighting systems which have significant potential in the coming years. They seek long term partnerships with clients while addressing their requirements. Their customer-centric approach has resulted in high levels of client satisfactions.

During 2010-2011, they improved ahead their commitment to build organizational capacity, management strength and the ability to execute their strategic initiatives. This is a critical commitment that they are making to build a process and performance based organization with a shared vision.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U64201DL1998PLC096685
Name of the company	SU-KAM POWER SYSTEMS LIMITED
Address of the registered office or of the principal place of business in India of the company	306, Kirti Deep, Nangal Raya, New Delhi – 110046, India
Type of charge	Book Debts Movable Property [not being pledge] Others
Particular of charge holder	Bank of Baroda, Parliament Street Branch, Ground Floor, Bank of Baroda, 16 Sansad Marg, New Delhi-110001, India
Email	parlia@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	As per Composite Hypothecation Agreement
Date of instrument Creating the charge	16.12.2011
Amount secured by the charge	Rs.500.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 3.00% over base rate i.e. 13% p.a. (floating) at present with monthly rest against the applicable ROI @4.50% above base rate i.e. 14.50 % Terms of Repayment On due date. Margin 25% on stocks` 25% on book debts upto 90 days 50 % on book debts 90-180 days Extent and Operation of the charge As per Composite Hypothecation Agreement Others As per Composite Hypothecation Agreement
Short particulars of the property charged	As per Composite Hypothecation Agreement

FIXED ASSETS:

• Freehold Land
• Leasehold Land\building – Factory
• Plant and Machinery
• Office Equipments
• Computers
• -Owned
• -Leased
• Furniture and Fixtures
• Vehicles
• Electric Fittings
• Research and Developments
• Patents

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.49.90
UK Pound	1	Rs.78.15
Euro	1	Rs.65.09

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	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		50

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.