1. Summary Information

		Country	India
Company Name	SHARP INDIA LIMITED	Principal Name 1	Mr. Sunilkumar Sinha
Status	Moderate	Principal Name 2	Mr. Takashi Mikami
		Registration #	11-036759
Street Address	Gat No. 686/4, Taluka Sirur Koregaon, Bhima, Pune – 412216, Maharashtra, India
Established Date	05.07.1985	SIC Code	--
Telephone#	91-2137-666520 (8 Lines) / 252417 (4 Lines)	Business Style 1	Manufacture
Fax #	91-2137-252417	Business Style 2	Seller
Homepage	www.sharpindialimited.com	Product Name 1	Colour televisions (CRT TVs)
# of employees	300 (Approximately)	Product Name 2	LCD TVs.
Paid up capital	Rs. 259,440,000/-	Product Name 3	--
Shareholders	Shareholding of Promoter and Promoter Group - 80.00% Public Shareholding - 20.00%	Banking	Bank of India
Public Limited Corp.	Yes	Business Period	28 Years
IPO	Yes	International Ins.	--
Public Enterprise	Yes	Rating	B (27)
Related Company
Relation	Country	Company Name	CEO
Holding Company :	--	Sharp Corporation, Japan	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	150,898,000	Current Liabilities	161,195,000
Inventories	172,922,000	Long-term Liabilities	72,297,000
Fixed Assets	171,419,000	Other Liabilities	21,212,000
Deferred Assets	0,000	Total Liabilities	254,704,000
Invest& other Assets	0,000	Retained Earnings	0,000
		Net Worth	240,535,000
Total Assets	495,239,000	Total Liab. & Equity	495,239,000
Total Assets (Previous Year)	611,143,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	837,601,000	Net Profit	(5,040,000)
Sales(Previous yr)	1116,165,000	Net Profit(Prev.yr)	8,169,000
	1069,631,000

MIRA INFORM REPORT

Report Date :

30.04.2013

IDENTIFICATION DETAILS

Name :	SHARP INDIA LIMITED
Registered Office :	Gat No. 686/4, Taluka Sirur Koregaon, Bhima, Pune – 412216, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.07.1985
Com. Reg. No.:	11-036759
Capital Investment / Paid-up Capital :	Rs. 259.440 Millions
CIN No.: [Company Identification No.]	L36759MH1985PLC036759
TAN No.: [Tax Deduction & Collection Account No.]	pnek05203C
PAN No.: [Permanent Account No.]	aaack8541m
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacture and Seller of Colour televisions (CRT TVs) and LCD TVs.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 960000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of Sharp Corporation, Japan. It is an established company having moderate track record. The financial position of the company is weak. There appear some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great cautions.

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

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.

INFORMATION DECLINED BY

Management Non Co-Operative (91-2137-666520)

LOCATIONS

Registered Office :	Gat No. 686/4, Taluka Sirur Koregaon, Bhima, Pune – 412 216, Maharashtra, India
Tel. No.:	91-2137-666520 (8 Lines) / 252417 (4 Lines)
Fax No.:	91-2137-252417
E-Mail :	mayuresh.vaze@sharpindialimited.com shekhar.chavan@sharpindialimited.com sharp@service007.com
Website :	www.sharpindialimited.com
Area :
Location :	Owned
Region Offices:	WESTERN REGION Located at : Pune Mumbai Ahmedabad Indore EASTERN REGION Located at : Kolkata SOUTHERN REGION Located at : · Bangalore · Kerala · Chennai · Coimbatore · Hyderabad NORTHERN REGION Located at : · New Delhi

DIRECTORS

As on 31.03.2012

Name :	Mr. Sunilkumar Sinha
Designation :	Chairman and Executive Director
Name :	Mr. Takashi Mikami
Designation :	Managing Director
Name :	Mr. Masahiko Nakagawasai
Designation :	Executive Director
Name :	Mr. Sanjay S Vaidya
Designation :	Director
Name :	Mr. Sanjay Asher
Designation :	Director
Name :	Mr. Hiroaki Takayama
Designation :	Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2013

Category of Shareholder	Total No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	20755200	80.00
Sub Total	20755200	80.00
Total shareholding of Promoter and Promoter Group (A)	20755200	80.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1700	0.01
Foreign Institutional Investors	1200	0.00
Sub Total	2900	0.01
(2) Non-Institutions
Bodies Corporate	608974	2.35
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	3386509	13.05
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1026854	3.96
Any Others (Specify)	163563	0.63
Clearing Members	30953	0.12
Non Resident Indians	131610	0.51
Hindu Undivided Families	1000	0.00
Sub Total	5185900	19.99
Total Public shareholding (B)	5188800	20.00
Total (A)+(B)	25944000	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)	25944000	0.00

BUSINESS DETAILS

Line of Business :

Manufacture and Seller of Colour televisions (CRT TVs) and LCD TVs.

Products :

Item Code No. (ITC Code)	Product Description
852810.01	Colour Television Sets

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Colour TV receivers, LCD and sub-assemblies thereof		300000	200000	140474
Video cassette recorders/video cassette players/ video tape deck mechanisms		500000	335000	Nil
Two-in-one radio-cum-cassette recorders (audio products)		**	90000	Nil
Radio receivers combined with sound recorders reproducing apparatus		**	24000	Nil
Video Compact Disk Player		**	10000	Nil

* On single shift basis, some of the capacities are inter-changeable with other products depending on the need

** Registered with Ministry of Industry, Government of India

Installed capacity has been certified by the management, this being a technical matter

GENERAL INFORMATION

No. of Employees :

300 (Approximately)

Bankers :

• Bank of India
• The Bank of Tokyo-Mitsubishi UFJ Limited
• The Mizuho Corporate Bank Limited
• Citi Bank N.A.

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
SHORT TERM BORROWINGS
Cash credit from banks	72.297	40.036
Total	72.297	40.036
(Cash credit from banks is secured by first hypothecation charge on the company’s entire stock of raw materials, finished goods, work in progress, spares and packing material, book debts and movable plant and machinery.) The cash credit is repayable on demand and carries interest @ 12-14 %

Banking Relations :	--
Auditors :
Name :	S R batliboi and Company Chartered Accountants
Solicitors and Advocates
Name :	Crawford Bayley and Company
Address :	Mumbai, Maharashtra, India
Holding Company :	Sharp Corporation, Japan
Fellow Subsidiaries :	Sharp Electronics (Malaysia) SDN. BHD., Malaysia Sharp Manufacturing Corporation (M) SDN BHD, Malaysia Sharp Business Systems (India) Limited Sharp Manufacturing Thailand Company Limited Thailand Sharp Electronics Inc of Korea Sharp Middle East FZE, UAE P.T Sharp Electronics Indonesia Sharp Roxy Sales (Singapore) Pte Limited, Singapore Sharp Electronics (Singapore) Pte Limited, Singapore Sharp Appliances (Thailand) Limited, Thailand

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25944000	Equity Shares	Rs.10/- each	Rs.259.440 Millions

Reconciliation of shares outstanding at the beginning and at the end of the reporting period

Particular	Nos.	Rs. In Millions
At the beginning of the year	25944	259.440
Outstanding at the end of the year	25944	259.440

Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the share holders.

Shares held by holding /ultimate holding company and/or their subsidiaries / associates

Particular	Nos.	Rs. In Millions
Sharp Corporation Japan, the holding company	20755	207.552

Details of shareholding more than 5% shares in the company

Particular	Nos.	% holding in the class
Sharp Corporation Japan, the holding company	20755	80%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		259.440	259.440	259.440
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	180.600	180.600
4] (Accumulated Losses)		(18.905)	(194.457)	(202.626)
NETWORTH		240.535	245.583	237.414
LOAN FUNDS
1] Secured Loans		72.297	40.036	0.000
2] Unsecured Loans		0.000	50.000	0.000
TOTAL BORROWING		72.297	90.036	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		312.832	335.619	237.414
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		171.419	141.786	125.793
Capital work-in-progress		0.000	0.546	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	172.922	229.254	145.190
	Sundry Debtors	75.668	129.074	90.651
	Cash & Bank Balances	2.064	54.176	59.042
	Other Current Assets	0.474	0.244	0.202
	Loans & Advances	72.692	56.063	44.714
Total Current Assets		323.820	468.811	339.799
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	154.043	155.850	134.676
	Current Liabilities	7.152	96.359	70.852
	Provisions	21.212	23.315	22.650
Total Current Liabilities		182.407	275.524	228.178
Net Current Assets		141.413	193.287	111.621
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		312.832	335.619	237.414

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	837.601	1116.165	1069.631
		Other Income	3.864	6.859	10.630
		TOTAL (A)	841.465	1123.024	1080.261
Less	EXPENSES
		Cost of raw material and components consumed	552.839	--	--
		Purchases of traded goods	0.000	--	--
		(Increase)/decrease in inventories of finished goods, Work-in-progress and traded goods	85.286	(47.699)	11.042
		Employee benefits expense	62.457	111.921	108.396
		Other expenses	114.471	--	--
		Operating and Other Expenses	--	192.061	194.158
		Raw Material Consumed	--	551.451	546.949
		Purchases of Traded Goods	--	284.901	174.679
		TOTAL (B)	815.053	1092.635	1035.224
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		26.412	30.389	45.037
Less	FINANCIAL EXPENSES (D)		9.470	5.756	5.154
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		16.942	24.633	39.883
Less/ Add	DEPRECIATION/ AMORTISATION (F)		21.982	16.451	23.785
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(5.040)	8.182	16.098
Less	TAX (H)		0.007	0.013	0.017
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(5.047)	8.169	16.081
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(194.457)	(202.626)	(218.707)
	BALANCE / (LOSS) CARRIED TO THE B/S		(199.504)	(194.457)	(202.626)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	45.232	0.157	0.704
	TOTAL EARNINGS		45.232	0.157	0.704
	IMPORTS
		Raw Materials and Components	655.932	497.945	466.858
		Stores & Spares	0.155	3.344	1.997
		Capital Goods	58.475	38.227	19.271
		Others	0.000	210.847	122.461
	TOTAL IMPORTS		714.562	750.363	610.587
	Earnings /(Loss) Per Share (Rs.)		(0.19)	0.31	0.62

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Sales Turnover	196.800	211.800	180.800
Total Expenditure	203.900	197.900	171.300
PBIDT (Excl OI)	(7.000)	14.000	9.500
Other Income	0.300	0.200	0.000
Operating Profit	(6.800)	14.200	9.500
Interest	1.500	1.100	0.200
Exceptional Items	0.000	0.000	0.000
PBDT	(8.300)	13.100	9.300
Depreciation	6.200	6.200	15.700
Profit Before Tax	(14.400)	6.900	(6.400)
Tax	0.000	0.000	0.000
Reported PAT	0.000	0.000	0.000
Extraordinary Items	(14.400)	6.900	(6.400)
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	(14.400)	6.900	(6.400)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(0.60)	0.73	1.48
Net Profit Margin (PBT/Sales)	(%)	(0.60)	0.73	1.50
Return on Total Assets (PBT/Total Assets}	(%)	(1.02)	1.34	3.45
Return on Investment (ROI) (PBT/Networth)		(0.02)	0.03	0.06
Debt Equity Ratio (Total Debt /Networth)		0.30	0.37	0.00
Current Ratio (Current Asset/Current Liability)		1.76	1.70	1.48

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	No
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	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	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

BACKGROUND

Subject was incorporated on July 5, 1985. The company is principally engaged in the manufacture and sale of colour televisions ('CTVs') and liquid crystal display televisions ('LCD TVs'). Further, the company was also engaged in trading microwave ovens, refrigerators, colour televisions, LCD TVs, air conditioners and audio systems.

Effective from 1st April 2011, the company has shifted to a new business model wherein it has focused on its core strength of manufacturing. The products manufactured by the company would be sold to Sharp Business Systems (India) Limited ('SBSIL'), a 100% subsidiary company of Sharp Corporation Japan. SBSIL would handle the after sales and service activity for all products manufactured by the company and sold to SBSIL. Due to the change in business model the current year figures are not comparable with the previous year.

Sharp Corporation ('Sharp'), a company incorporated in Japan, holds 80 per cent of the issued share capital of the company. The company has a technical collaboration with Sharp for the manufacture of colour televisions ('CTVs') and ('LCD TVs').

OPERATIONS :

Gross Sales income during the year was Rs. 969.107 Millions. Effective from 1st April 2011, the company has shifted to a new business model wherein it has focused on its core strength of manufacturing. The products manufactured by the Company have been sold to Sharp Business Systems (India) Limited, (SBSIL) a 100% subsidiary company of Sharp Corporation, Japan. SBSIL will handle the after sales activity for all products manufactured by the Company. Due to the change in the business model, the results of the current financial year are not comparable with the results of the previous financial year.

The net loss of the company for the fiscal 2011- 2012 is Rs. 5.047 Millions. This was mainly due to the adverse exchange rate

MANAGEMENT DISCUSSION AND ANALYSIS

During the fiscal 2011 -2012 the Indian economy slowed down substantially compared to previous year. GDP growth rate dropped down to around 6.9 per cent to 7 percent. Tight Monetary policy, high inflation, rising interest rates, increasing oil prices and weak business sentiments contributed to the slowdown. The global economy also witnessed a lower economic growth due to Euro Zone crisis, high crude prices and unrest in the Middle East countries.

India's GDP growth in 2012-13 expected to be around 7.6 per cent +/ - 0.25 per cent.

INDUSTRY STRUCTURE AND DEVELOPMENT:

The Company is principally engaged in the manufacture and sale of Colour televisions (CRT TVs) and LCD TVs. The conventional colour television market in India witnessed a sharp decline of 33.3 % for the first time in 2011, from 18 million TV Sets to 12 million units. This decline is perceived as being in line with global trend of a discerning shift towards LCD technology.

The Indian television industry has been undergoing a major shift over the past few years. The conventional CRT TVs are being replaced with

LCD TVs. In the LCD TVs there is a continuous technology advancement and decline in the prices.

However, globally India commands major consumption of CRT TV technology. In spite of the upgradation of the technology to LCD TVs , demand for CRT TVs segment is likely to come from tier- II and tier – III cities and rural markets, which are still growing at a considerable rate. In this area Slim and ultra-slim TVs have emerged as the preferred segments. New customers and new markets may well support the falling CRT sales to some extent.

During the current year flat panel TVs which includes LCDs, LEDs and Plasma TVs registered a growth of 50 percent over the previous year.

The LEDs, being the latest in technology, received good response from consumers because of its design, high definition and less energy consumption. LED TVs enjoy a share of 15% in India's total flat panel market while LCD TVs dominated the segment with 85%, down by 7% over previous year. The industry also introduced high-end technology products like 3D and smart televisions during the current year. This will have considerable impact on total energy consumption of TVs.

OUTLOOK:

In the years to come product mix, brand image, well established distribution network, after sales service and technological superiority will be the factors which will decide the competitive advantage of the industry players. Increase in the TV Channels, increase in consumer base and changing lifestyles, penetration of the TV market in the rural areas is expected to have a good growth in the future too. The Company will explore manufacturing of other consumer electronic product and will focus on manufacturing of various models of LCD and LED TVs in addition to the current range of CRT and LCD TV in the forthcoming year, which will make the company more competitive. They are planning to explore OEM opportunities within and outside India to leverage their production capacity. All these will definitely help us to put their best foot forward with respect to competition.

FINANCIAL AND OPERATIONAL PERFORMANCE:

The financial highlights for the fiscal 2011-2012 are dealt with in the Directors' Report. During the current year, the company has made a loss of Rupees 5.047 Million. High Interest Rates, ever increasing input costs, inflation, exchange rate fluctuations, immense competition, are the factors which have an effect on the financial results of the company.

CONTINGENT LIABILITIES

Rs. In Millions

Particular	31.03.2012	31.03.2011
Claims against the company not acknowledged as debts
- Central excise authorities	20.038	20.188

Based on the opinion of the legal counsel of the company, all contingent liabilities as at balance sheet date have been assessed as remote. Claims against the company for central excise pertain to claim for (i) cenvat on work-in-progress and finished goods destroyed by fire and (ii) service tax on royalty paid to Sharp Corporation, Japan, and service tax on repairs and maintenance services.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
SHORT TERM BORROWINGS
Short term loans from banks	0.000	50.000
Total	0.000	50.000

FIXED ASSETS

· Land – Freehold

· Factory Building

· Plant and Machinery

· Moulds, Jigs and Fixtures

· Furniture Fittings and Equipment

· Computers

· Vehicles

· SAP Software

· Technical know how

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 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.54.28
UK Pound	1	Rs.84.23
Euro	1	Rs.70.90

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--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	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.