MIRA INFORM REPORT

Report Date :

29.11.2012

IDENTIFICATION DETAILS

Name :	TECHTREK INDIA LIMITED (w.e.f. 20.03.2010)
Formerly Known As :	ZENTRONICS TECHNOLOGIES LIMITED (w.e.f. 17.01.2008) NIRMAL METAL FABRICATORS LIMITED
Registered Office :	TechTrek House, Plot No 124 Road No 17, MIDC Marol, Andheri (East), Mumbai-400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.01.1983
Com. Reg. No.:	11-029203
Capital Investment / Paid-up Capital :	Rs. 36.302 millions
CIN No.: [Company Identification No.]	L27100MH1983PLC029203
TAN No.: [Tax Deduction & Collection Account No.]	MUMN12942G
PAN No.: [Permanent Account No.]	AAACN2310D
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.
Line of Business :	Service Provider of Information Technologies.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 613000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The latest financial is missing from government department and from the previous year record their appears huge accumulated losses. However, trade relations are reported to be fair. Business is active Payment are unknown. The company can be considered for business dealing with some caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	TechTrek House, Plot No 124 Road No 17, MIDC Marol, Andheri (East), Mumbai-400093, Maharashtra, India
Tel. No.:	91-22-66936446
Fax No.:	91-22-66970716
E-Mail :	info@techtrekindialimited.com info@techtrekindia.com
Website :	www.techtrekindia.com
Overseas Offices:	Located at · France · Italy

DIRECTORS

As on 29.09.2012

Name :

Mr. Praveen Mohanlal Shah

Designation :

Director

Address :

No.1, Neeraj Appartment, 1^st Floor, 70, Walkeshwer Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

19.05.1940

Qualification :

B.E Mechanical

Date of Appointment :

28.01.1983

DIN No.:

00376671

Name :

Mr. Dilip Vithal Damle

Designation :

Director

Address :

11 Kant Mansion, M.P. Road, Dadar (East), Mumbai-400014, Maharashtra, India

Date of Birth/Age :

01.02.1952

Qualification :

BA

Date of Appointment :

10.05.2005

DIN No.:

00385908

Name :

Mr. Narayanan R Pisharoty

Designation :

Director

Address :

E 2, Chaitraban Residency, ITI Road, Aundh, Pune-411007, Maharashtra, India

Date of Birth/Age :

08.01.1945

Qualification :

M.E Computer

Date of Appointment :

08.01.2009

Date of Cessation:

02.01.2012

DIN No.:

02468351

Name :

Mr. Anthony Clifford Gale

Designation :

Director

Address :

Poynters Lodge, 5 Croydon Road, Keston BR2 6EA

Date of Birth/Age :

17.08.1949

Qualification :

C.A

Date of Appointment :

30.09.2009

DIN No.:

01474870

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L99999MH1986PLC040604	MELSTAR INFORMATION TECHNOLOGIES LIMITED	Director	21/12/2000	21/12/2000	22/04/2009	Active	NO
2	L27100MH1983PLC029203	TECHTREK INDIA LIMITED	Director	30/09/2009	08/01/2009	-	Active	NO
3	U72100MH2000PLC126494	TECH TREK TECHNOLOGIES (INDIA) LIMITED	Director	30/09/2009	27/01/2009	-	Active	NO
4	U72900MH2006PTC164661	CAPCON SOLUTIONS PRIVATE LIMITED	Director	30/09/2010	20/11/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	500000	13.77
Sub Total	500000	13.77
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	500000	13.77
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	244700	6.74
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	1901320	52.37
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	984200	27.11
Sub Total	3130220	86.23
Total Public shareholding (B)	3130220	86.23
Total (A)+(B)	3630220	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	3630220	0.00

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	6.74
Directors or relatives of Directors	0.44
Other top fifty shareholders	19.86
Others	72.96
Total	100.00

BUSINESS DETAILS

Line of Business :

Service Provider of Information Technologies.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Indian Overseas Bank

2/10, Elphinstone Building, Veer Nariman Road, Fort, Mumbai - 400023, Maharashtra, India

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Term Loans from Indian Overseas Bank(All the above Loans are secured by Hypothecation of Land & Building and on a personal Guarantee of Two Individuals)	20.581	26.257
Bank OD A/c Form Indian Overseas Bank (Collaterally secured against Hypothecation of Land & Building and on a personal Guarantee of Three Individuals)	18.048	0.000
Total	38.629	26.257

Banking Relations :	--
Auditors :
Name :	A. Puri and Company Chartered Accountants

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3630220	Equity Shares	Rs.10/- each	Rs. 36.302 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		36.302	36.302	36.302
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		154.243	154.242	154.719
4] (Accumulated Losses)		(37.120)	(36.979)	(44.006)
NETWORTH		153.425	153.565	147.015
LOAN FUNDS
1] Secured Loans		38.629	26.257	16.479
2] Unsecured Loans		0.000	0.000	0.526
TOTAL BORROWING		38.629	26.257	17.005
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		192.054	179.822	164.020
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		189.592	177.918	159.369
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.089	0.051	0.011
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	2.966	0.016	0.069
	Cash & Bank Balances	20.686	20.973	11.353
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	19.735	16.701	36.668
Total Current Assets		43.387	37.690	48.090
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.007	0.662	0.062
	Other Current Liabilities	31.775	29.223	39.436
	Provisions	6.232	5.952	3.952
Total Current Liabilities		41.014	35.837	43.450
Net Current Assets		2.373	1.853	4.640
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		192.054	179.822	164.020

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	7.680	0.000	0.000
		Other Income	1.325	13.417	14.949
		TOTAL (A)	9.005	13.417	14.949
Less	EXPENSES
		Administrative expenses	5.380	4.480	6.049
		TOTAL (B)	5.380	4.480	6.049
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.625	8.937	8.900
Less	FINANCIAL EXPENSES (D)		3.117	0.018	1.380
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.508	8.919	7.520
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.406	0.408	0.435
	PROFIT BEFORE TAX (E-F) (G)		0.102	8.511	7.085
Less	TAX (H)		0.206	1.960	1.705
	PROFIT AFTER TAX (G-H) (I)		(0.140)	6.551	5.380
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(36.980)	(44.007)	(49.387)
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	(0.476)	0.000
	BALANCE CARRIED TO THE B/S		(37.120)	(36.980)	(44.007)
	EARNINGS IN FOREIGN CURRENCY		7.680	0.000	0.000
	Earnings Per Share (Rs.)		0.00	1.94	1.48

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011	31.03.2012	30.06.2012	30.09.2012
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited
	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter	5^th Quarter	6^th Quarter
Net Sales	1.200	2.810	2.850	6.020	3.090	3.380
Total Expenditure	0.850	3.560	0.990	3.150	1.550	1.740
PBIDT (Excl OI)	0.350	(0.750)	1.860	2.870	1.540	1.640
Other Income	0.350	0.410	0.000	0.000	0.250	0.390
Operating Profit	0.700	(0.350)	1.860	2.870	1.790	2.030
Interest	0.640	1.650	0.980	0.000	1.180	1.580
Exceptional Items	0.000	0.000	0.000	0.000	0.000	0.000
PBDT	0.060	(2.000)	0.880	2.870	0.600	0.450
Depreciation	0.000	0.000	0.000	0.570	0.000	0.000
Profit Before Tax	0.060	(2.000)	0.880	2.300	0.600	0.450
Tax	0.000	0.000	0.000	0.000	0.000	0.000
Provision and contingencies	0.000	0.000	0.000	0.000	0.000	0.000
Profit After Tax	0.060	(2.000)	0.880	2.300	0.600	0.450
Extraordinary Items	0.000	0.000	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000	0.000	0.000
Net Profit	0.060	(2.000)	0.880	2.300	0.600	0.450

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(1.55)	48.83	35.99
Net Profit Margin (PBT/Sales)	(%)	1.33	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.04	3.95	3.42
Return on Investment (ROI) (PBT/Net worth)		0.00	0.06	0.05
Debt Equity Ratio (Total Liability/Net worth)		0.52	0.40	0.41
Current Ratio (Current Asset/Current Liability)		1.06	1.05	1.11

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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 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	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATONS:

The total income for the period ended 31.03.2011 was Rs. 9.005 millions (Previous Year Rs. 13.417 millions). The Profit/(loss) After Tax is Rs.(0.141) million (Previous Year Rs. 6.550 millions).

CURRENT STATUS AND FUTURE PLANS OF COMPANY:

The Company has not been able to start any Manufacturing activities due to pending litigations and clearing of debts. The management has decided to exit the main business activities in the year 2007- 08 and altered its main object to IT and IT enabled services. To generate some income the Company has started to lease the premises. The company's proposed business plans could not be materialized, due to worldwide recession during last few years. The management is giving its best efforts to generate the income from the IT and IT enabled services. The Company has planned to use its additional office space by giving it on lease to have additional source of income. The Company has started construction of additional floors to the building and has transferred Rs.18.798 millions to the Building Account. However, it has not occupied the same during the year.

TECHTREK MANAGING BOARD

Tony Gale

Chairman 

Tony Gale is Chairman of TechTrek Limited and apart from running the board is responsible for strategy, finance and governance.

Tony started his career at EMI in finance and moved to BP where he became Finance Director of one of its divisions. He joined Ernst and Young's as a Principal Consultant, working on numerous projects worldwide, including an MIS system for a sovereign state. Four years later he joined Andersen's UK consultancy practice (now Accenture) as a Managing Consultant, specialising in multi-function 'turn around' assignments. He then moved to GN Great Nordic group as MD of its UK operations, overseeing an increase in business turnover from £3 million to £22 million per annum, achieved through mergers and organic growth.

In 1990 Tony co-founded Linkhand, an IT services company focused on document and process management. The company grew to sales of £4 million-plus before being acquired by Melstar in 2001, when he became CEO of the European Operations. Linkhand was subsequently acquired by LB Icon in 2004. As CEO of LB Icon Ltd, Tony Gale led the UK management team of LB Icon, one of the leading international full service digital marketing companies. On leaving LB Icon, to focus on TechTrek, the company had reached an annual turnover of £20 million in the UK.

Rob Allen

Head of Professional Services and Principal Consultant

Rob Allen has been involved with document centric business processes since the mid 80's; when he led early electronic document management (EDM) and Business Process Management (BPM) product development initiatives. Rob has been enrolled as a Master of Information Technologies by AIIM and as a Fellow of the Workflow Management Coalition (WfMC) for his thought leadership in inter-entity workflow collaborations. He is also the author of expert guides and is currently sharing the lead of an industry initiative to design BPM methodologies to support the 'knowledge worker.'

Recently, Rob has designed and built BPM environments for a leading car leasing company to control regulated processes, a payments reconciliation service for a large property management company, and outsourced a loans application process for a major UK bank

Rob Allen is passionate about business process optimisation, and delivering better than expected business performance for stakeholders by the adroit control of risk-reward ratios, whilst, at the same time, creating a pleasant working environment for all participants

Ray Paulauskas

IT and operations

Ray has extensive experience on software development and IT systems, and also holds an MSc in Electric Engineering. He gradually climbed up the ladder from Junior Developer to Product Architect, and eventually Chief Technology Officer at TechTrek. The software development background helps Ray to not only make technology work, but also understand how it works from inside and even do changes if necessary, making him invaluable asset to any business.

Marcello Dani

Country Manager for Italy

Marcello joined TechTrek in 2009 as Country Manager, he has made significant contributions with new orders for the Italian State Railways and working with the Italian Census and National Institute of Statistics and Public Research.

Marcello's past experience includes the following key roles within the industry;

1987-2006 as Sales Manager for Germany/Austria, Spain for The Imtec Group Ltd (a UK company of Imtec Group PLC) in document Management, microfilm and repro, in particular large format document capture.

2006 – 2008 as Managing Director at MC Digital Solution Srl. spin-off from Imtec Italy and helped to establish the business in Italy and in Egypt for Document Management, data entry, plotting and microfilm services. He has won several large document management contracts , in full-service engineering and construction services in the field of hydrocarbons and petrochemicals.

Akshay Malhotra

Non Executive Director

Akshay is senior professional with considerable experience in the Telco and IT industries and advises the TechTrek board on growth strategies in his role as a non-executive director.

Akshay started his career at Ericsson, where he managed several high profile projects for both growth and cost cutting initiatives. In 2003 he co-founded Xentronik, a technology start-up where he headed the products and services team. Over the following years, he secured several blue chip clients such as AePona, Devoteam, Stratus Technologies, TeleDenmark, Orange etc that helped to grow the company into a significant European product house. After selling Xentronik in 2009 to a VC backed MBO, Akshay moved on to providing consultancy services to businesses and corporate groups across EMEA. These include TechTrek, Virgin Mobile, Qatar Telecom etc.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	L27100MH1983PLC029203
Name of the company	TECHTREK INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	TechTrek House, Plot No 124 Road No 17, MIDC Marol, Andheri (East), Mumbai-400093, Maharashtra, India Email: info@zentronics.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90236407
Type of charge	· Immovable property · Any interest in immovable property
Particular of charge holder	Indian Overseas Bank 2/10, Elphinstone Building, Veer Nariman Road, Fort, Mumbai - 400023, Maharashtra, India Email: forttbr@mummrc01.iobnet.co.in
Nature of instrument creating charge	a) Deed of Further Charge Dated 27/02/2012. b) Letter from the Bank dated 27/02/2012.
Date of instrument Creating the charge	27.02.2012
Amount secured by the charge	Rs. 233.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Misc Cash Credit : Base rate + 4.00% p.a. (Presently at 14.75% p.a.) Term Loan Liquirent : Base rate + 5.00% p.a. (Presently at .15.75% p.a.) Letter of Gtee. : As per circular in force. Terms of Repayment Misc Cash Credit / Letter of Gtee. : Repayable on Demand. Term Loan Liquirent : Repayable in 50 EMI of Rs. 0.795 million each commencing from the following month of disbursement. Margin Misc Cash Credit : 50% Term Loan Liquirent : 25% Letter of Guarantee : 17.50% Extent and Operation of the charge The charge to operate as security, by way of first charge, for the due repayment of revised credit facilities of Rs.233.500 millions together with interests, additional interests, costs, charges, expenses and all other moneys payable by the Company to the Bank in terms of sanction. The immovable properties of the company mentioned below in Column No.15 of this Form8 is also security for the credit limits of Rs.14.800 millions granted by Indian Overseas Bank to Techtrek Technologies (I) Limited Others Facility : ---------- Misc. Cash Credit : Rs.15.000 millions Term Loan Liquirent : Rs.29.000 millions Letter of Guarantee : Rs.113.700 millions Letter of Guarantee : Rs.75.800 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Mortgage on the following immovable property of the Company : All that piece and parcel of land known as Plot No.124 in the Marol Industrial Area, Road No.17 within the Village limits of Kondivita, Taluka Andheri and Registration Sub District of Bombay City and Suburban, containing by admeasuring 1000 sq. mtrs. or thereabouts and bounded by Red coloured Boundary lines on the plan annexed, i.e. together with tress crops super structure building (existing and future) fixtures, fittings, machinery pipelines etc. (presently installed or that may be installed) bounded by: on or towards the North by Plot No.119. on or towards the South by Road. on or towards the East by Plot No.123. on or towards the West by Plot No.125.
Date of instrument modifying the charge	18/01/2011
Particulars of the present modification	The total credit limits granted by Indian Overseas Bank to the Company i.e. Techtrek India Limited has been modified to Rs.233.500 millions as detailed in the Annexure attached to this Form8 and hence the charge on the immovable properties of the company viz. Plot No.124, Marol Industrial Area, Road No.17, Kondivita, Andheri, Bombay is extended to cover the revised limits of Rs.233.500 Millions. [This property is also security for the credit limits granted by IOB to M/s.Techtrek Technologies (I) Limited]

CONTINGENT LIABILITY

(Rs. in millions)

PARTICULARS	31.03.2011
Indian Overseas Bank for overdraft facility/ Car loan given to Techtrek Technologies India Limited	6.500
Punjab National Bank UK for overdraft facility given to Techtrek Ltd U.K.	102.360

FIXED ASSETS:

· Leasehold Land

· Building

· Electrical Installation

· Air Conditioner

· Lift

· Fire Extinguisher

· Computer

· Furniture and Fixtures

· Photocopier Machine

CMT REPORT (Corruption, Money Laundering and 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 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 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.55.70
UK Pound	1	Rs.89.34
Euro	1	Rs.72.35

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE and RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		26

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 and 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.