MIRA INFORM REPORT

Report Date :

10.05.2012

IDENTIFICATION DETAILS

Name :	GENERAL OPTICS (ASIA) LIMITED
Registered Office :	R.S.84/1, Nallavadu Road, Thavalakuppam – 605007, Pondicherry
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.10.1982
Com. Reg. No.:	59-000203
Capital Investment / Paid-up Capital :	Rs. 13.500 Millions
CIN No.: [Company Identification No.]	U33201PY1982PLC000203
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers of Instrument Assembling, Precision Optical Components and Mounted Optical Components.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Trade relations are fair. Financial position is good. The company is doing well. It’s payments are correct and as usual trade terms and conditions. It can be regarded as a promising business partner in a medium to long-run.

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 :	R. S. 84/1, Nallavadu Road, Thavalakuppam, Pondicherry – 605 007, India
Tel. No.:	91-413-2619001
Fax No.:	91-413-2618755
E-Mail :	mktg@goalpdy.com materials@goalpdy.com hr@goalpdy.com corp@goalpdy.com
Website :	http://www.alacrastore.com http://www.goalpdy.com http://www.photonics.com

DIRECTORS

As on 22.07.2011

Name :

Mr. Srinivasagopalan Murali

Designation :

Chairman

Address :

No.5, First Cross Jayanagar, Pondicherry-605010, India

Date of Birth/Age :

02.06.1953

Date of Appointment :

08.10.1982

DIN No.:

00207907

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	U33201PY1982PLC000203	GENERAL OPTICS (ASIA) LIMITED	Managing director	8/10/2010	8/10/1982	-	Active	NO

Name :

Mr. Vaidyanathan Ramamurthy

Designation :

Director

Address :

Prof. Finance IIM, Bannerghatta Road, Bangalore-560076, Karnataka, India

Date of Birth/Age :

21.12.1951

Date of Appointment :

30.09.1987

DIN No.:

00221577

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	U33201PY1982PLC000203	GENERAL OPTICS (ASIA) LIMITED	Director	30/09/1987	30/09/1987	-	Active	NO
2	U74899DL2001PLC113501	ZEE-TURNER LIMITED	Director	21/07/2008	21/12/2007	6/08/2010	Active	NO
3	L92132MH1982PLC028767	ZEE ENTERTAINMENT ENTERPRISES LIMITED	Director	23/07/2008	1/01/2008	-	Active	NO
4	U45203KA2007PTC051196	CONGLOME TECHNOCONSTRUCTIONS PRIVATE LIMITED	Director	24/09/2009	18/10/2008	-	Active	NO
5	U10300DL2007PLC171250	DALMIA CEMENT VENTURES LIMITED	Director	30/07/2009	27/05/2009	-	Active	NO
6	U72200TN2000PTC044560	SHRIRAM PROPERTIES PRIVATE LIMITED	Director	30/09/2009	29/09/2009	12/05/2011	Active	NO
7	U65991MH1994PLC080811	BIRLA SUN LIFE ASSET MANAGEMENT COMPANY LIMITED	Director	23/07/2010	21/10/2009	-	Active	NO
8	L40200GJ1998SGC035188	GUJARAT STATE PETRONET LIMITED	Director	21/09/2010	12/03/2010	-	Active	NO

Name :

Mr. Abhaya Kumar

Designation :

Director

Address :

4 II Floor, Bharathi Nagar, 4^th Street Nagar, Chennai - 600017, Tamilnadu, India

Date of Birth/Age :

23.12.1953

Date of Appointment :

28.11.2005

DIN No.:

00729827

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	U45201TN1973PTC006362	DEVENDRA ESTATES PRIVATE LIMITED	Director	29/07/1975	29/07/1975	-	Active	NO
2	L24117TN1976PLC007122	SHASUN PHARMACEUTICALS LIMITED	Managing director	1/04/2011	19/04/1976	-	Active	NO
3	U24231TN1992PLC024100	SHASUN PHARMA LIMITED	Director	28/12/1992	28/12/1992	-	Active	NO
4	L65191TN1993PLC026395	SHASUN FINANCE LIMITED	Director	17/12/1993	17/12/1993	18/10/2011	Active	NO
5	U17111TN1994PTC026710	DHARSHINI INDUSTRIES PRIVATE LIMITED	Director	4/02/1994	4/02/1994	31/03/2008	Active	NO
6	U67120TN1995PTC030953	ABUSHA INVESTMENT AND MANAGEMENT SERVICES PRIVATE LIMITED	Whole-time director	18/04/1995	18/04/1995	-	Active	NO
7	U25209TN1996PLC035849	GREEN GOLD POLYMERS LIMITED	Director	26/06/1996	26/06/1996	1/09/2007	Strike off	NO
8	U85196TN2004PTC053577	LIFECELL INTERNATIONAL PRIVATE LIMITED	Whole-time director	28/06/2004	28/06/2004	-	Active	NO
9	U74130TN2000PTC045474	SONY PICTURES IMAGEWORKS INDIA PRIVATE LIMITED	Director	8/07/2004	8/07/2004	-	Active	NO
10	U24239AP2005PTC045407	SHASUN LIFE SCIENCES PRIVATE LIMITED	Director	18/02/2005	18/02/2005	-	Active	NO
11	U24231TN2005PTC057504	NUTRA SPECIALITIES PRIVATE LIMITED	Whole-time director	15/09/2005	15/09/2005	22/11/2010	Active	NO
12	U52311TN2005PTC057635	NEUTRA MARKETING PRIVATE LIMITED	Director	27/09/2005	27/09/2005	-	Dormant	NO
13	U33201PY1982PLC000203	GENERAL OPTICS (ASIA) LIMITED	Director	28/11/2005	28/11/2005	-	Active	NO
14	U72300TN2006PTC060301	VISIONARY RCM INFOTECH (INDIA) PRIVATE LIMITED	Director	22/06/2006	22/06/2006	-	Active	NO
15	U85110TN1997NPL037456	AHIMSAA RESEARCH FOUNDATION	Director	23/12/2006	23/12/2006	-	Active	NO
16	U74999MH2007NPL168975	JAIN INTERNATIONAL TRADE ORGANISATION	Director	11/12/2010	3/04/2007	-	Active	NO
17	U85100TN2007PTC063975	TRI CELL THERAPEUTICS PRIVATE LIMITED	Director	30/09/2008	3/12/2007	-	Active	NO
18	U29100TN2008PTC069585	AMMAYAPPAR MACHINERY MANUFACTURING PRIVATE LIMITED	Director	16/10/2008	16/10/2008	9/07/2010	Active	NO
19	U72900TN2005PTC057088	I-GRANDEE SOFTWARE TECHNOLOGIES PRIVATE LIMITED	Director	29/09/2009	15/07/2009	29/07/2010	Active	NO
20	U72400TN2009PTC072153	AMEYA TECHPRO PRIVATE LIMITED	Additional director	5/08/2009	5/08/2009	-	Strike off	NO
21	U36941TN2010PTC078433	KWINOX TOYS AND GAMES PRIVATE LIMITED	Director	14/12/2010	14/12/2010	-	Active	NO

Name :

Mr. M. Nagalakshmi

Designation :

Whole Time Director

Address :

No.5, First Cross Jayanagar, Pondicherry-605010, India

Date of Birth/Age :

30.01.1955

Date of Appointment :

01.09.2008

DIN No.:

02316308

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	U33201PY1982PLC000203	GENERAL OPTICS (ASIA) LIMITED	Director	1/01/2011	1/09/2008	-	Active	NO

Name :

Mr. J. Narasimhan

Designation :

Whole Time Director

Address :

1, 31^st Cross, 4^th Main Road, Avvainagar, Pondicherry-605008, India

Date of Birth/Age :

06.06.1947

Date of Appointment :

29.08.2008

DIN No.:

02274068

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	U33201PY1982PLC000203	GENERAL OPTICS (ASIA) LIMITED	Whole-time director	1/11/2011	29/08/2008	-	Active	NO

Name :

Mr. Supraja

Designation :

Director

Address :

No.5, First Cross Jayanagar, Pondicherry-605010, India

Date of Birth/Age :

19.02.1982

Date of Appointment :

29.08.2008

DIN No.:

02316538

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	U33201PY1982PLC000203	GENERAL OPTICS (ASIA) LIMITED	Whole-time director	1/01/2011	29/08/2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. T. Arulmozhi
Designation :	Secretary
Address :	2B, Jaidev Apartments, 16^th, A, Cross, Avvainagar, Pondicherry-605008, India
Date of Birth/Age :	16.09.1953
Date of Appointment :	29.05.1983

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.07.2011

Names of Shareholders	No. of Shares
Bimal Suryavadan Jhaveri	300
Nipoon H Shah	1500
Vijay H Shah	1500
Dipa Vinaychandra Shah	2700
Subhadra Maganlal Shah	900
Vinay Chandra Maganlal Shah	2100
Hemaxi Vinay Chandra Shah	2700
Nitin Nagindas Shah	900
Jamnadasvardhman, Shah	300
Sumanlal Hansarj Shah	1500
Direndra Chimanlal Shah	1500
Nagalakshmi Murali	234380
S Murali	976745
R Balaji	945
J Narasimhan	19500
R Vaidyanathan	17000

Equity Share Break up (Percentage of Total Equity)

As on 22.07.2011

Category	Percentage
Directors or relatives of Directors	92.00
Other top fifty shareholders	7.00
Other	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Instrument Assembling, Precision Optical Components and Mounted Optical Components.

Products :

Product Description	ITC Code
Mounted Optical Components	9002.19
Precision Optical Components	9001.90
Instrument Assemblies	9015.80

PRODUCTION STATUS (31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity
Precision Optical Components, Instrument Assembles / Sub Assemblies	Nos	1000000	200000

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Indian Bank, 26, Ethiraj Salai, Chennai – 600 008, Tamil Nadu, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Term Loan from Indian Bank	16.585	39.368
Total	16.585	39.368

Banking Relations :	--
Auditors :
Name :	Ganesan and Company Chartered Accountant
Address :	23, Jawaharlal Nehru Street, Pondicherry – 605 001, India
PAN.:	AAAFG4385N

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1350000	Equity Shares	Rs.10/- each	Rs. 13.500 Millions

Note: Of the above shares 9, 00,000 shares are allotted as fully paid up by way of bonus shares.

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		13.500	13.500	13.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		428.669	227.064	211.735
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		442.169	240.564	225.235
LOAN FUNDS
1] Secured Loans		16.585	39.368	28.885
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		16.585	39.368	28.885
DEFERRED TAX LIABILITIES		15.927	18.072	16.775
TOTAL		474.681	298.004	270.895
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		310.238	139.577	135.015
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.002	0.002	0.002
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	21.745	31.713	10.349
	Sundry Debtors	24.720	11.311	19.457
	Cash & Bank Balances	260.500	252.700	207.638
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.319	36.880	24.161
Total Current Assets		309.284	332.604	261.605
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.721	17.760	8.450
	Other Current Liabilities	99.081	102.888	73.364
	Provisions	32.041	53.531	43.913
Total Current Liabilities		144.843	174.179	125.727
Net Current Assets		164.441	158.425	135.878
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		474.681	298.004	270.895

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	173.123	122.594	121.899
		Income from Services	0.000	0.000	0.315
		Other Income	19.596	19.086	19.164
		TOTAL (A)	192.719	141.680	141.378
Less	EXPENSES
		Material Consumed	42.686	28.399	19.407
		Adjustment due to decrease / (increase) in stock of finished goods and work in process	0.422	(9.146)	(0.991)
		Personnel	38.594	31.359	26.712
		Manufacturing, Administrative and Other Expenses	45.124	36.125	29.310
		TOTAL (B)	126.826	86.737	74.438
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		65.893	54.943	66.940
Less	FINANCIAL EXPENSES (D)		2.766	2.218	3.472
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		63.127	52.725	63.468
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.198	10.036	8.914
	PROFIT BEFORE TAX (E-F) (G)		50.929	42.689	54.554
Less	TAX (H)		9.252	10.006	14.291
	PROFIT AFTER TAX (G-H) (I)		41.677	32.683	40.263
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		168.631	148.119	121.353
Less	APPROPRIATIONS
		Transfer to General Reserve	5.093	4.300	5.600
		Dividend	13.500	6.750	6.750
		Tax on Dividend	2.242	1.121	1.147
	BALANCE CARRIED TO THE B/S		189.473	168.631	148.119
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	65.188	76.289	61.190
	TOTAL EARNINGS		65.188	76.289	61.190
	IMPORTS
		Raw Materials	15.345	12.150	6.019
		Stores & Spares	11.247	18.887	11.242
		Plant and Machinery	0.393	21.241	0.000
	TOTAL IMPORTS		26.985	52.278	17.261
	Earnings Per Share (Rs.)		30.87	24.21	29.82

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	21.62	23.07	28.48
Net Profit Margin (PBT/Sales)	(%)	29.42	34.82	44.75
Return on Total Assets (PBT/Total Assets}	(%)	16.47	9.04	13.75
Return on Investment (ROI) (PBT/Networth)		0.11	0.18	0.24
Debt Equity Ratio (Total Liability/Networth)		0.33	0.89	0.69
Current Ratio (Current Asset/Current Liability)		2.13	1.91	2.08

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	No
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	--
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

PROSPECTS

The year 2011 – 12 commenced with an Order Book of Rs.183.000 Millions. Additional orders worth approximately Rs.200.000 Millions to 250.000 Millions are under different stages of negotiation. We will be executing most of the orders on hand, during the year 2011-2012.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U33201PY1982PLC000203
Name of the company	GENERAL OPTICS (ASIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	R.S.84/1, Nallavadu Road, Thavalakuppam, Pondicherry – 605 007, India Email: corp@goalpdy.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90006009
Type of charge	Immovable property
Particular of charge holder	Indian Bank, 26, Ethiraj Salai, Chennai – 600 008, Tamilnadu, India Email: ethirajsalai@indianbank.co.in
Nature of instrument creating charge	Form D 33 Letter From Party To Bank For Extension of Equitable Mortage for A Charge Amount of Rs.210.000 Millions ( Rs.180.000 Millions BG Limit +Rs.30.000 Millions LC Limit)
Date of instrument Creating the charge	23.02.2012
Amount secured by the charge	Rs. 210.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Not Applicable Terms of Repayment Not Applicable Margin Not Applicable Extent and Operation of the charge Equitable mortgage by deposit of title deeds of the company property situated at R.S. No 84/1, Nallavadu Road, Thavalakuppam, Pondicherry-605 007, as security for the facilities granted and to be granted by Indian Bank to them.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Wet land bearing R.S.84, Cadaster No.1474 having an extent of one kani and four kuzhis and three veesams.
Date of instrument modifying the charge	21.12.2010
Particulars of the present modification	The charge amount has been reduced from Rs.215.600 Millions to 210.000 Millions.

FIXED ASSETS

• Land
• Building
• Machinery
• R & D Machinery
• Computers
• R and D Computer
• Plant Electrification
• Fire Fighting Equipment
• Office Equipment
• Furniture
• R and D Furniture
• Vehicle

WEBSITE DETAILS

PROFILE

From the day our first export was made in 1984 to now, when we are designing and manufacturing optical, opto-electronic and opto-mechanical assemblies, General Optics (Asia) Limited (GOAL) has come a long way in its continuing journey of excellence.

Being an export oriented unit, GOAL's quality standards meet the most demanding international requirements.Our skilled and highly talented work-force of over 180 employees (comprising over 50 engineers) has over 27 years of experience in precision mechanical engineering and precision optics design and fabrication.

Today we are known for our complex customized jobs. Our focus on quality and professionalism has earned us our customers' trust and confidence. As a result over 80% of our business comes from long standing customers with whom we are associated for over 15 years.

Milestones

• 1982:

Foundation of GOAL on October 8th,1982

• 1984:

First export to USA

• 1987:

Night Vision Devices for Indian Defense

• 1994:

Design and manufacture of Handheld

Thermal Imaging Cameras for Indian Navy

• 1997:

ISO Quality System certification under the 1994 series

Design and manufacture of LASER Range Finders for Battle Tanks

• 1999:

Delivery of space qualified lenses and filters

• 2000:

Supply of Star Sensor lens assemblies

• 2001:

ISO 9001 - 2000 certification for Quality Management Systems

• 2002:

Design and realization of test and evaluation systems for ground checkout of satellite payloads

Design and fabrication of space borne filters

• 2004:

Proprietary process development and delivery of superpolished optics made from Zerodur® and fused silica (Patent pending)

Design and development of Laser Based Imaging And Surveillance Systems

• 2006:

Delivery of complex Glass Monoblocks for Gyros

• 2008:

Contract to build boundary layer LIDARs Contract to build ground based telescopes

• 2009:

Design and fabrication of Space borne Optical Solar Reflectors (Patents Pending)

• 2010:

ISO 9001 - 2008 certification for Quality Management Systems

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.53.46
UK Pound	1	Rs.86.27
Euro	1	Rs.69.40

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		63

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.