MIRA INFORM REPORT

Report Date :

10.12.2013

IDENTIFICATION DETAILS

Name :	INTEGRATED CLEANROOM TECHNOLOGIES LIMITED
Registered Office :	303, Surabhi Lotus, Nagarjuna Nagar Colony, Ameerpet, Hyderabad – 500073, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.11.2002
Com. Reg. No.:	01-039975
Capital Investment / Paid-up Capital :	Rs. 155.517 Millions
CIN No.: [Company Identification No.]	U29308AP2002PLC039975
PAN No.: [Permanent Account No.]	AABCI0328R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Cleanroom wall panels, ceiling panels and their Lab Furniture and Accessories.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 3500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profitability of the company seems to be decent. Overall fundamental position of the company appears to be sound and healthy. Trade relations are reported to be fair. Business is active. Payment terms are usually correct. The company can be considered for business dealing 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: “BBB+”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	11.03.2013

Rating Agency Name	CARE
Rating	Short term bank facilities: “A2+”
Rating Explanation	Strong degree of safety and low credit risk.
Date	11.03.2013

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 PARTED BY

Name :	Mr. Sridhar
Designation :	Purchase Department
Contact No.:	91-40-32913478
Date :	19.11.2013

LOCATIONS

Registered Office :	303, Surabhi Lotus, Nagarjuna Nagar Colony, Ameerpet, Hyderabad – 500073, Andhra Pradesh, India
Tel. No. :	91-40-66369803
Fax No. :	91-40-66369804
E-Mail :	uppalasrinivasamurthy@yahoo.com sridhar@icleantech.com
Website :	www.icleantech.com
Location :	Owned
Administrative Office 1:	Plot No.8, NCL Enclave, Opposite Satyam Enclave, NH-7, Pet Basheerabad, Medchal Road, Hyderabad – 500055, Andhra Pradesh, India
Tel. No.:	91-40-32913478
Fax No.:	91-8418-233850
Administrative Office 2:	403-406, Sree Vensai Towers, Varuna Block, Kompally, Hyderabad – 500014, Andhra Pradesh, India
Tel. No. :	91-40-27165311
Fax No. :	91-40-30995267/ 27165316
E-Mail :	info@icleantech.com
Corporate Office:	Flat No. 201, Sree Vensai Towers, Varuna Block, NH- 7, Kompally, Hyderabad - 500055, Andhra Pradesh, India
Factory 1:	Survey No.395, CHP Estate, Ranoli Station Road, Padamla, Vadodara – 391350, Gujarat, India
Tel. No. :	91-265-2240057/ 2240058
Fax No. :	91-265-2240065
Factory 2:	5-99, Survey No.64, Gundlapochampally, Medchal Mandal, R.R District – 501014, Andhra Pradesh, India
Factory 3:	Sy No 23/2, Gundlapochampally, Medchal Mandal, R.R District – 501014, Andhra Pradesh, India
Factory 4:	C.H.P.Estate, Ranoli Station Rd., Padamla, Vadodara – 391350, Gujarat, India
Branch Offices:	· B-110 Komp Plaza, Mindspace, Office Link Road, Malad (West), Mumbai - 400064, India 171 26, Syndicate Enclave, Sengani Amman Koil St. Maduvinkarai – Guindy Tamilnadu - 600032, India 678, 6th Floor, Agarwal Millennium Tower-11, Netaji Subash Place, Pitampura, Delhi – 110034, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Gopi Katamaneni

Designation :

Managing Director

Address :

Flat No.408, Block-A, NCL Godavari, Near Sherwood Public School, Jeedimetla, Hyderabad – 500055, Andhra Pradesh, India

Date of Birth/Age :

26.01.1967

Qualification :

B.E.

Date of Appointment :

07.04.2006

PAN No.:

AAEPG3908K

DIN No. :

00141581

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	Company/ LLP Status	Defaulting status
1	U29308AP2002PLC039975	INTEGRATED CLEANROOM TECHNOLOGIES LIMITED	Managing director	7/4/2006	25/11/2002	Active	NO
2	U67120AP2000PTC034419	CS SHARES AND STOCKS PRIVATE LIMITED	Managing director	10/4/2006	10/4/2006	Active	NO
3	U45201AP2006PTC050131	ACACIA LIFE SCIENCES PRIVATE LIMITED	Managing director	17/05/2006	17/05/2006	Active	NO
4	U29248AP2010PTC070164	MRC ICLEAN SYSTEMS PRIVATE LIMITED	Director	26/08/2010	26/08/2010	Active	NO
5	U29253AP2011PTC073772	ICTL PRECOAT PANELS PRIVATE LIMITED	Director	8/4/2011	8/4/2011	Active	NO

Name :

Mr. Narendra Dodla

Designation :

Whole-time director

Address :

13-6-434/D-22, Jyothi Nagar, Hyderabad – 500008, Andhra Pradesh, India

Date of Birth/Age :

06.06.1971

Qualification :

B.E., M.B.A.

Date of Appointment :

25.11.2002

PAN No. :

AELPD6587J

DIN No. :

00141562

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	U29256AP1997PTC027725	PRIDESAN ENGINEERS PRIVATE LIMITED	Director	9/8/1997	9/8/1997	-	Active	NO
2	U29308AP2002PLC039975	INTEGRATED CLEANROOM TECHNOLOGIES LIMITED	Whole-time director	25/11/2002	25/11/2002	-	Active	NO
3	U67120AP2000PTC034419	CS SHARES AND STOCKS PRIVATE LIMITED	Director	10/4/2006	10/4/2006	-	Active	NO
4	U45201AP2006PTC050131	ACACIA LIFE SCIENCES PRIVATE LIMITED	Director	1/9/2006	1/9/2006	-	Active	NO
5	U74900AP2007PTC053612	ICOAT PROJECTS PRIVATE LIMITED	Managing director	16/04/2007	16/04/2007	20/03/2008	Active	NO
6	U29253AP2011PTC073772	ICTL PRECOAT PANELS PRIVATE LIMITED	Director	8/4/2011	8/4/2011	-	Active	NO

Name :

Mr. Srinivasa Murthy Uppala

Designation :

Director

Address :

9-26, Panduranga Nagar, Motinagar Borabandra, Kukatpally, Hyderabad – 500018, Andhra Pradesh, India

Date of Birth/Age :

16.07.1965

Qualification :

Chartered Accountant

Date of Appointment :

25.11.2002

PAN No. :

AAJPU2965R

DIN No. :

00141594

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	U29308AP2002PLC039975	INTEGRATED CLEANROOM TECHNOLOGIES LIMITED	Director	25/11/2002	25/11/2002	-	Active	NO
2	U27108AP2006PLC050723	AARYAN EXTRUTECH INDIA LIMITED	Director	1/6/2007	1/6/2007	-	Active	NO
3	U29248AP2010PTC070164	MRC ICLEAN SYSTEMS PRIVATE LIMITED	Director	26/08/2010	26/08/2010	-	Active	NO

Name :

Mr. Varaprasad Tiruvayepati

Designation :

Additional director

Address :

H. No.20, National Highway-7, Ambience Canton, P T Basheerbad, Kutubullapur, Hyderabad – 500055, Andhra Pradesh, India

Date of Birth/Age :

08.04.1957

Qualification :

Special Diploma in Electronics

Date of Appointment :

10.11.2011

PAN No. :

ACFPT6813R

DIN No. :

00553700

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	U28932AP1996PLC024629	ANALOGIC CONTROLS INDIA LIMITED	Whole-time director	1/4/2011	12/7/1996	-	Active	NO
2	U72200AP1994PLC018728	ANALOGICS TECH INDIA LIMITED	Director	12/3/2004	12/3/2004	31/12/2009	Active	NO
3	U40300AP2010PTC071351	PHOTOSUN ENERGY SYSTEMS PRIVATE LIMITED	Director	24/11/2010	24/11/2010	-	Active	NO
4	U29308AP2002PLC039975	INTEGRATED CLEANROOM TECHNOLOGIES LIMITED	Additional director	10/11/2011	10/11/2011	-	Active	NO

Name :

Mr. Raj Pai

Designation :

Nominee Director

Name :

Mr. Alipt Sharma

Designation :

Nominee Director

KEY EXECUTIVES

Name :	Mr. Sridhar
Designation :	Purchase Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

NOTE: SHAREHOLDING AND ALLOTTEES DETAILS FILE ATTACHED.

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	30.06
Directors or relatives of Directors	51.81
Other top fifty shareholders	18.13
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Cleanroom wall panels, ceiling panels and their Lab Furniture and Accessories.

Products :

Item Code No. (ITC Code)	Product Description
28112	Modular Panels, Accessories, Lab Furniture, Air Handling Units

Exports :

Products :

Finished goods

Countries :

· South Africa

USA

Imports :

Products :

Raw Materials

Countries :

· Europe

USA

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

Customers :

End users

No. of Employees :

300 (Approximately)

Bankers :

State Bank of Hyderabad, Overseas Branch, 6-3-652, "Kautilya", Somajiguda, Hyderabad - 500082, Andhra Pradesh, India

Tel. No.: 91-40-23387416

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
State Bank of Hyderabad
Bank corporate loan	1.667	8.509
Buyers credit scheme	21.481	33.625
Term Loan	1.163	4.489
Vehicle loans from Banks and Others	3.575	2.500
SHORT TERM BORROWINGS
Loans repayable on demand from Bank
State bank of Hyderabad	39.933	11.045
Bank EPC A/c	100.000	85.252
NSIC Loan	3.494	12.586
Buyers credit schems	6.878	0.000
Total	178.191	158.006

Banking Relations :	--
Auditors :
Name :	Spad and Associates Chartered Accountants
Address :	6-3-609/195, Beldi Nilayam, Anandnagar Colony, Khairatabad, Hyderabad – 500004, Andhra Pradesh, India
Tel. No.:	91-40-23391772/ 23391773
Income-tax PAN of auditor or auditor's firm :	ARGPK6402P
Associates :	· Acacia Life Sciences Private Limited CIN No.: U45201AP2006PTC050131 Aaryan Extrutech India Limited CIN No.: U27108AP2006PLC050723 CS Shares and Stocks Private Limited CIN No.: U67120AP2000PTC034419 MRC Iclean Systems Private Limited CIN No.: U29248AP2010PTC070164 ICTL Precoat Panels Private Limited CIN No.: U29253AP2011PTC073772

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5500000	Equity Shares	Rs.10/- each	Rs. 55.000 Millions
1178751	0.01% Non-Cumulative Preference Shares	Rs. 100/- each	Rs. 117.875 Millions
	Total		Rs. 172.875 Millions

Issued & Subscribed Capital :

No. of Shares	Type	Value	Amount
4200000	Equity Shares	Rs.10/- each	Rs. 42.000 Millions
1178751	0.01% Non-Cumulative Preference Shares	Rs. 100/- each	Rs. 117.875 Millions
	Total		Rs. 159.875 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
3764141	Equity Shares	Rs.10/- each	Rs. 37.642 Millions
1178751	0.01% Non-Cumulative Preference Shares	Rs. 100/- each	Rs. 117.875 Millions
	Total		Rs. 155.517 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

NOTE: FINANCIAL DETAILS FILE ATTACHED

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION		CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10147741	24/02/2009	3,000,000.00		STATE BANK OF HYDERABAD	OVERSEAS BRANCH, 6-3-652, "KAUTILYA", SOMAJIGUDA, HYDERABAD - 500082, ANDHRA PRADESH, INDIA	A58671231
2	90130524	06/02/2012 *	595,300,000.00		STATE BANK OF HYDERABAD	OVERSEAS BRANCH, 6-3-652, "KAUTILYA", SOMAJIGUDA, HYDERABAD - 500082, ANDHRA PRADESH, INDIA	B34385666
3	90128493	12/08/2004 *	6,000,000.00		STATE BANK OF HYDERABAD	OVERSEAS BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA	-
4	90126723	02/08/2003	2,950,000.00		A.P.S.F.C.	HYDERABAD, HYDERABAD, ANDHRA PRADESH, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Religare Finance	2.883	0.555
Total	2.883	0.555

CORPORATE INFORMATION

Subject is a multi -location, multi- product company manufacturing Cleanroom wall panels, ceiling panels and their Lab Furniture and Accessories. Subject has manufacturing facilities at Gundlapochampally, Medchal Mandal, Hyderabad and Vadodara, Gujarat. It has project offices at different locations throughout the country.

COMPANY'S PERFORMANCE

During the year the Company has stepped up to Gross sales of Rs.1491.000 Millions showing a growth of 17 % compared to the previous financial year sales of Rs. 1278.200 Millions as against the growth of 69.82 % during the financial year 2012-13 Turnover.

Company's PBIDT moved from Rs.151.200 Millions to Rs.277.800 Millions keeping the rate at @20.08%, as against a13.12 %

PAT also moved forward from the previous level Rs.82.300 Millions to Rs.145.556 Millions. (10.71% against 6.43%)

EPS and CPS are @ 40.02 and @ 49.58 as against P.Y level of @ 25.63 and @ 30.78.

STRATEGIC INVESTMENT BY SACEF

South Asia Clean Energy Fund (SACEF), an SME fund, managed by clean technology investor Global Environment Fund (GEF), invested Rs.450.000 Millions or $8.4 million. The Company has used this funding to expand its manufacturing facilities and reach the target revenues of Rs.5000.000 Millions by F.Y 2017.

SACEF acquired a minority stake in the Company. With the capital infusion from GEF, the Company plans to expand its two existing plants in Hyderabad with additional machinery and finance a new facility in Vadodara, Gujarat. The Company has also expanded its manufacturing space from 1.5 lakh sq. ft. to 4.5 lakh sq. ft. and sees no major capex ahead. Its product range includes cleanrooms, cleanroom accessories, heating, ventilation and air conditioning (HVAC) , air handling unit and lab furniture.

AWARDS and RECOGNITIONS

Recipient of the "Best Customer Award7' from State Bank of Hyderabad for the year, 2013

Recipient of EEPC India's Export Award as "Silver Shield for Star Performer" for year 2011 - 12 by EEPC

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMY AND INDUSTRY REVIEW

The global economic environment in calendar year 2013 continued to remain uncertain with signs of concern and slow growth (1%-2%). Improving consumer confidence and structural policy decisions in the developed markets are providing the required momentum to kick-start the economy on to the path of recovery. In the emerging markets, strong consumer spending and upbeat investment sentiment continue to drive economic growth (5%-8%).

Indian economy slowed down with a growth rate of 4%-5%, accelerating inflation rate to around @ 696, devalued rupee to peak around of 69, low industrial production @ 2.20%, high current account deficit @ USD 70 billion i.e., 3.70% of GDP.

Across markets, technology and innovation are being seen as growth drivers. Investment in innovation has emerged as a differentiator in the market place. Investment in technology has been enabling companies to connect with customers and influence their purchase decisions on a real-time basis.

BUSINESS OVERVIEW

In Fiscal year 20 13, they articulated what has been their guiding principle for the past several years into a vision statement. Their vision "to be a leader in Cleanroom manufacturing through process innovation and unparalleled efficiencies" distinguishes them from others within their industry. Their relentless focus on process innovation and manufacturing efficiencies has resulted in a sustainable, competitive advantage that has enabled them to become a market leader for their products and derive value that others cannot match. The industry is on the cusp of a transformation that will require companies to reassess their business models in order to thrive. Governments and consumers are requiring higher quality products while concurrently seeking lower prices.

Companies will need to focus on how they can leverage manufacturing efficiencies in order to offer meaningful value to customers. They will benefit from this inevitable industry trend because operational excellence is part of their DNA. They have already demonstrated that they are able to derive value where others cannot and they will benefit as the emphasis on efficient manufacturing becomes paramount.

During FY 13, their revenue grew @ 17% to 149.10 cr. Their revenue targets though faring well could not meet the projected turnover as there was set back by several months due to a delay in setting up and gearing up the facilities.

OUTLOOK – 2014

They are enthusiastic about Fiscal Year 2014 since there team is ramping up production at their Baroda Unit too. While this will certainly be an exciting year for them, they team has plans to ensure sustainable medium and long-tem revenue and profitable growth through their new technologies and there strategic investments.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Disputed Sales Tax demands against which company is in appeals	0.000	8.827

FIXED ASSETS

· Land

Buildings

Plant and Machinery

Electrical Equipment

Furniture and Fixtures

Office Equipment

Computers

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 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.61.18
UK Pound	1	Rs.100.01
Euro	1	Rs.83.82

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.