MIRA INFORM REPORT

Report Date :

26.09.2012

IDENTIFICATION DETAILS

Name :	S.V.H. TECH PRIVATE LIMITED
Registered Office :	Opposite Modi Bagh, Lower Bazar, Modinagar, Modinagar – 201204, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.04.1992
Com. Reg. No.:	20-014261
Capital Investment / Paid-up Capital :	Rs.4.973 Millions
CIN No.: [Company Identification No.]	U52334UP1992PTC014261
TAN No.: [Tax Deduction & Collection Account No.]	MRTS01219B/ MRTS01430C
PAN No.: [Permanent Account No.]	AACCS3102J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Ku Band Dish Antenna.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 41000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered 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 – 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 :	Opposite Modi Bagh, Lower Bazar, Modinagar, Modinagar – 201204, Uttar Pradesh, India
Tel. No.:	91-1232-243449/ 220133/ 250701/ 250702
Fax No.:	91-1232-250702
E-Mail :	aashish.mahesh@gmail.com spacelink@vsnl.com
Website :	www.spavelinkindia.com

DIRECTORS

As on: 30.09.2011

Name :

Mr. Sanjeev Maheshwari

Designation :

Director

Address :

Heera Bhawan, Lower Bazaar, Modinagar, Ghaziabad – 201204, Uttar Pradesh, India

Date of Birth/Age :

21.12.1963

Date of Appointment :

06.04.1992

DIN No.:

01045198

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	U52334UP1992PTC014261	S.V.H. TECH PRIVATE LIMITED	Director	06/04/1992	06/04/1992	-	Active	NO
2	U74899DL1994PTC059054	SPACE LINK SYSTEMS PRIVATE LIMITED	Director	16/05/1994	16/05/1994	-	Active	NO

Name :

Mr. Vijay Maheshwari

Designation :

Director

Address :

C-169, Surya Nagar, Ghaziabad – 201204, Uttar Pradesh, India

Date of Birth/Age :

24.04.1957

Date of Appointment :

01.04.1994

DIN No.:

00417654

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	U52334UP1992PTC014261	S.V.H. TECH PRIVATE LIMITED	Director	01/04/1994	01/04/1994	-	Active	NO
2	U74899DL1994PTC059054	SPACE LINK SYSTEMS PRIVATE LIMITED	Director	16/05/1994	16/05/1994	-	Active	NO

Name :

Ms. Shailaja Maheshwari

Designation :

Director

Address :

Heera Bhawan, Lower Bazaar, Modinagar, Ghaziabad – 201204, Uttar Pradesh, India

Date of Birth/Age :

07.08.1961

Date of Appointment :

01.04.1994

DIN No.:

00445092

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Sanjeev Maheshwari	17500
Rajeev Maheshwari	1110
Sarvesh Kumari	33
Shailja Maheshwari	7417
Vijay Maheshwari	22800
Ram Avtar Maheshwari	717
Rita Maheshwari	8
Niraj Rathi	8
Ram Kumar Chuhan	8
Sanjeev Maheshwari and Sons HUF	8
Rajeev Maheshwari and Sons HUF	8
Siddhant Maheshwari	7
Shubham Maheshwari	17
Usha Maheshwari	17
Devendra Kumar Maheshwari	8
Renu Maheshwari	8
Vijay Maheshwari HUF	8
Jagdish Narain Rathi	8
Jagdish Narain Rathi and Sons HUF	8
Niraj Rathi and Sons HUF	8
Usha Rathi	8
Preeti Rathi	8
Devendra Kumar Maheshwari and Sons HUF	5
Ram Avtar Mahesnwari and Sons ( HUF)	5
Total	49732

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Ku Band Dish Antenna.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Punjab National Bank, Main Branch, G.T. Road, Modinagar - 201204, Uttar Pradesh, India

· Punjab National Bank, Main Branch, Near Bus Stand, Modinagar - 201204, Uttar Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
From Punjab National Bank, Modinagar
Cash Credit	0.023	8.653
Vehicles Term Loan	0.469	1.056
Total	0.492	9.709
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Share Holders (Including Rs.3.791 Millions form Director)	8.941	7.634
Total	8.941	7.634

Banking Relations :	--
Auditors :
Name :	N. Jain Maheshwari and Associates Chartered Accountants
Address :	Opposite Police Station, Upper Bazaar, Modinagar, Ghaziabad – 201204, Uttar Pradesh, India
PAN No.:	AAFFN5470Q

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
70000	Equity Shares	Rs.100/- each	Rs.7.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
49732	Equity Shares	Rs.100/- each	Rs.4.973 Millions

Note:

(Of the above 19887 Equity Shares issued as bonus Share by capitalization of Reserve.)

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		4.973	4.973	4.973
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.424	4.156	3.188
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10.397	9.129	8.161
LOAN FUNDS
1] Secured Loans		0.492	9.709	10.760
2] Unsecured Loans		8.941	7.634	7.330
TOTAL BORROWING		9.433	17.343	18.090
DEFERRED TAX LIABILITIES		0.059	0.031	0.051
TOTAL		19.889	26.503	26.302
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.201	10.158	8.952
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.388	8.629	8.089
	Sundry Debtors	2.804	22.048	22.974
	Cash & Bank Balances	1.731	2.539	1.593
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.485	3.462	2.722
Total Current Assets		21.408	36.678	35.378
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.822	14.726	14.915
	Other Current Liabilities	8.923	5.645	3.142
	Provisions	0.000	0.000	0.021
Total Current Liabilities		13.745	20.371	18.078
Net Current Assets		7.663	16.307	17.300
MISCELLANEOUS EXPENSES		0.025	0.038	0.050
TOTAL		19.889	26.503	26.302

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Gross Income	145.071	123.881	156.300
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		1.837	1.402	2.315
Less	TAX		0.569	0.434	0.860
	PROFIT AFTER TAX		1.268	0.968	1.455
	Earnings Per Share (Rs.)		25.50	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	5.47	2.99	5.22
Return on Investment (ROI) (PBT/Networth)		0.18	0.15	0.28
Debt Equity Ratio (Total Liability/Networth)		2.23	4.13	4.43
Current Ratio (Current Asset/Current Liability)		1.56	1.80	1.96

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	Yes
30]	Major Shareholders, if available	Yes
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

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U52334UP1992PTC014261
Name of the company	S.V.H. TECH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Opposite Modi Bagh, Lower Bazar, Modinagar, Modinagar – 201204, Uttar Pradesh, India E-mail: aashish.mahesh@gmail.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Punjab National Bank, Main Branch, G.T. Road, Modinagar - 201204, Uttar Pradesh, India E-mail: snrsmodinagar@gmail.com
Nature of instrument creating charge	1. Sanction Letter dated 20.06.2012
Date of instrument Creating the charge	20.06.2012
Amount secured by the charge	Rs.0.450 Million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 12.00% with monthly rests Terms of Repayment Repayable into 84 months. Margin 30% Extent and Operation of the charge 100% in favour of Bank to secured the Term Loan of Rs. 0.450 Million
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of Car Tata Manza to secured the Term Loan of Rs. 0.450 Million sanction by the bank

FIXED ASSETS:

· Building

· Electrical Installation

· Plant and Machinery

· Furniture and Fixture

· Computer

· Office Equipment

· Vehicles

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 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.53.53
UK Pound	1	Rs.86.82
Euro	1	Rs.69.03

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.