MIRA INFORM REPORT

Report Date :

25.03.2013

IDENTIFICATION DETAILS

Name :	SYSTRONICS (INDIA) LIMITED
Registered Office :	B-116/129, 1^st Floor, Supath II Complex, Near Juna Wadaj Bus Terminus, Ashram Road, Ahmedabad - 380013, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.12.1973
Com. Reg. No.:	04-002437
Capital Investment / Paid-up Capital :	Rs. 119.850 Millions
CIN No.: [Company Identification No.]	U32201GJ1973PLC002437
TAN No.: [Tax Deduction & Collection Account No.]	AHMS13923A
PAN No.: [Permanent Account No.]	AADCS2709J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of Scientific Lab Electronic Instruments.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 400000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Ambalal Sarabhai Enterprises’. It is an established company having a moderate track record. The performance of the company has improved during 2012 but the profitability appears to be low. However, trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with slight 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Ketan Desai
Designation :	Manager
Contact No.:	91-9824435663
Date :	09.03.2013

LOCATIONS

Registered Office :	B-116/129, 1^st Floor, Supath II Complex, Near Juna Wadaj Bus Terminus, Ashram Road, Ahmedabad - 380013, Gujarat, India
Tel. No.:	91-79-27556077 / 27557075
Mobile No.:	91-9824435663/ 9427071575 (Mr. Ketan Desai)
Fax No.:	91-79-27552902
E-Mail :	Hedge.mm@systronicsindia.com info@systronicsindia.in ddesai@sarabhai.co.in kamleshshah@sarabhai.co.in
Website :	http://www.systronicsindia.com
Location :	Owned
Corporate Office :	89/92, Industrial Area, Naroda, Ahmedabad-382330, Gujarat, India
Area :	5000 Sq. ft.
Location :	Owned
Branches Office :	Bangalore Bhopal Bhubneshwar Chennai Hyderabad Kolkata Mumbai New Delhi Patna Thiruvananthapuram

DIRECTORS

As on: 29.09.2012

Name :

Mr. Mohandas Kondorathodi Nair

Designation :

Director

Address :

1/B, Aanik Apartments, Near Vastrapur Bus Stand, Ahmedabad - 380015, Gujarat, India

Date of Birth/Age :

12.05.1948

Qualification :

Graduate with Economics and Diploma in Material Management

Date of Appointment :

30.09.2006

PAN No.:

ABNPN4426B

DIN No.:

00312802

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	L52100GJ1978PLC003159	AMBALAL SARABHAI ENTERPRISES LIMITED	Additional director	03/03/2011	19/07/2005	-	Active	NO
2	U32201GJ1973PLC002437	SYSTRONICS INDIA LIMITED	Director	30/09/2006	18/02/2006	-	Active	NO

Name :

Mr. Pradip Kantilal Chokshi

Designation :

Director

Address :

301 Swaminarayan avenue 12A Chandranagar Society Narayannagar Road Paldi, Ahmedabad - 380007, Gujarat, India

Date of Birth/Age :

24.03.1951

Qualification :

Master of Commerce

Date of Appointment :

18.02.2006

PAN No.:

ABOPC4769P

DIN No.:

03273302

Name :

Mr. Mohal Kartikeya Sarabhai

Designation :

Director

Address :

Chidambaram, Ushamanpura, Ahmedabad - 380013, Gujarat, India

Date of Birth/Age :

05.10.1970

Qualification :

Mechanical Engineer

Date of Appointment :

30.09.2011

DIN No.:

00334441

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	U65910GJ1976PTC002964	UTPAL INVESTMENTS PRIVATE LIMITED	Director	22/03/1999	22/03/1999	-	Active	NO
2	U24232GJ1960PLC000992	SYNBIOTICS LIMITED	Director	30/03/2000	30/03/2000	-	Active	NO
3	U25202GJ1970PLC037926	HARYANA CONTAINERS LIMITED	Director	31/01/2001	31/01/2001	-	Active	NO
4	U26922GJ1987PTC009849	RAJKA POTTAY PRIVATE LIMITED	Director	03/03/2001	03/03/2001	-	Active	NO
5	U51909GJ1980PTC003969	RAJKA DESIGNS PRIVATE LIMITED	Director	03/03/2001	03/03/2001	-	Active	NO
6	U24230GJ2004PTC045141	ASENCE PHARMA PRIVATE LIMITED	Director	18/05/2005	18/05/2005	-	Active	NO
7	U24230GJ2008PTC055176	VOVANTIS LABORATORIES PRIVATE LIMITED	Director	06/10/2008	06/10/2008	-	Active	NO
8	U32201GJ1973PLC002437	SYSTRONICS INDIA LIMITED	Director	30/09/2011	15/06/2011	-	Active	NO
9	U50101GJ2000PLC039109	SARABHAI M. CHEMICALS LIMITED	Additional director	03/03/2012	03/03/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ketan Desai
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Ambalal Sarabhai Enterprises Limited, India	11985017
Ketan Adhvaryu ( Nominee of Ambalal Sarabhai Enterprises Limited )	1
Total	11985018

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Importer and Exporter of Scientific Lab Electronic Instruments.
Products :	Colorimeter Visible Spectrophotometer UV Visible Spectrophotometer Flame Photometer PH Meters Conductivity Meter Titration Meter Turbidity Meter Plarograph Potentio Meter Water Analyzer HB Meter Electrophoresis Apparatus
Exports :
Products :	Finished Goods
Countries :	Nigeria Egypt African Countries
Imports :
Products :	Raw Materials
Countries :	USA China Germany Canada
Terms :
Selling :	L/C, Cash and Credit (30 days)
Purchasing :	L/C, Cash and Credit (30 days)

PRODUCTION STATUS As on 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Oscilloscopes	Pieces	1500	1500	000
Test Instruments	Pieces	1500	1500	43
Textile Analytical Instruments Pieces	Pieces	6000	6000	2656

GENERAL INFORMATION

Customers :

• OEM’s
• Laboratories

No. of Employees :

300 (Approximately)

Bankers :

Sardar Vallabhabhai Sahakari Bank Limited, Hariom Tower Building, Law Garden, Ahmedabad - 380006, Gujarat, India

Tel No.: 91-79-26404575

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Rupee term loans from banks	1.725	4.353
Total	1.725	4.353

Banking Relations :	--
Auditors :
Name :	Sorab S. Engineer and Company Chartered Accountants
Address :	Ismile 381, Dr. D Navroji Road, Fort, Mumbai-400001, Maharashtra, India
PAN.:	AAAFS5191E
Holding Company :	Ambalal Sarabhai Enterprises Limited CIN No.: L52100GJ1978PLC003159
Joint Venture of Holding Company :	Vovantis Lab Private Limited
Fellow Subsidiary Company :	Synblotics Limited CIN No.: U24232GJ1960PLC000992 Haryana Containers Limited Asence Inc. USA Asence Pharma Private Limited CIN No.: U24230GJ2004PTC045141 Sarabhai M Chemicals Limited Suvik Hitek Private Limited

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11985018	Equity Shares	Rs.10/- each	Rs. 119.850 Millions

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		119.850	119.850	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.910	(1.565)	0.000
4] (Accumulated Losses)		0.000	0.000	(3.626)
NETWORTH		121.760	118.285	(2.626)
LOAN FUNDS
1] Secured Loans		1.725	4.353	0.000
2] Unsecured Loans		92.670	94.835	20.000
TOTAL BORROWING		94.395	99.188	20.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.402
TOTAL		216.155	217.473	17.776
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		43.896	53.445	10.062
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.188	0.188	0.000
DEFERREX TAX ASSETS		1.284	0.692	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	54.079	55.202	1.768
	Sundry Debtors	118.557	103.500	3.928
	Cash & Bank Balances	76.529	74.326	4.388
	Other Current Assets	1.789	6.612	0.003
	Loans & Advances	21.037	20.481	1.095
Total Current Assets		271.991	260.121	11.182
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20.717	15.800	0.085
	Other Current Liabilities	50.334	45.619	3.379
	Provisions	30.153	35.554	0.004
Total Current Liabilities		101.204	96.973	3.468
Net Current Assets		170.787	163.148	7.714
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		216.155	217.473	17.776

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	464.106	227.731
		Other Income	2.459	1.009
		TOTAL (A)	466.565	228.740
Less	EXPENSES
		Cost of materials consumed	44.361	21.236
		Purchases of stock-in-trade	228.653	106.791
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	2.068	12.459
		Employee benefit expense	77.656	39.476
		Other expenses	73.847	25.583
		TOTAL (B)	426.585	205.545
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		39.980	23.195
Less	FINANCIAL EXPENSES (D)		19.895	7.119
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20.085	16.076
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.602	9.109
	PROFIT BEFORE TAX (E-F) (G)		9.483	6.967
Less	TAX (H)		6.008	4.906
	PROFIT AFTER TAX (G-H) (I)		3.475	2.061
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1.604)	(3.665)
	BALANCE CARRIED TO THE B/S		1.871	(1.604)
	EARNINGS IN FOREIGN CURRENCY
		FOB value of manufactured goods exported	0.067	0.000
		Commission Earnings	13.327	4.196
	TOTAL EARNINGS		13.394	4.196
	IMPORTS
		Raw Materials	73.247	38.880
		Finished Goods	0.000	32.980
	TOTAL IMPORTS
	Earnings Per Share (Rs.)		0.29	0.17

	PARTICULARS		31.03.2010
	SALES
		Sale	8.912
		Other Income	0.012
		TOTAL (A)	8.924
Less	EXPENSES
		Cost of Sales And Services	7.071
		TOTAL (B)	7.071
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.853
Less	FINANCIAL EXPENSES (D)		0.001
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.852
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.771
	PROFIT BEFORE TAX (E-F) (G)		1.081
Less	TAX		0.402
	PROFIT AFTER TAX		0.679
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(4.344)
	BALANCE CARRIED TO THE B/S		(3.665)
	IMPORTS
		Finished Goods	4.066
	TOTAL IMPORTS		4.066
	Earnings Per Share (Rs.)		67.91

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.75	0.90	7.60
Net Profit Margin (PBT/Sales)	(%)	2.04	3.06	12.12
Return on Total Assets (PBT/Total Assets}	(%)	3.00	2.22	5.08
Return on Investment (ROI) (PBT/Networth)		0.08	0.06	(0.41)
Debt Equity Ratio (Total Debt /Networth)		0.77	0.84	(7.62)
Current Ratio (Current Asset/Current Liability)		2.68	2.68	3.22

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	Yes
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	No

NOTE:

The registered office of the company has been shifted from Shanti Sadan, Mirzapur Road, Ahmedabad, Gujarat, India to present address w.e.f. 18.09.2010

FINANCIALS:

With a view to conserve cash recourses of the Company to explore the better business opportunity, the directors have decided not to reccomend payment of any dividend to the Shareholders

During the Year, the sales of Systronics Manufacturing Division Decreased by 3% compared to previous year where as Agency Sales have been in upward direction by 52%. Therefore, there was overall increase in sales by 5%. Similarly Service Income of Systronics division has increased upto 16%

Likewise Sales of TELERAD division, income has increased by 27% and service income of the said division has increased by 28%

The Directors are expecting to continue to make such progress even in the forthcoming years

Pursuant to Section 256 of the Companies Act 1956 Mr. K Mohandas retires by rotation but being eligible offers himself for reappointment

As required under section 217(2AA) of the Companies Act 1956 we hereby state

1) That in preparation of the annual accounts the applicable accounting standards have been followed along with proper explanation relating to material departure if any

2. That the Directors have selected such accounting policies and applied them constituently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state affaris of the Company as on 31st March 2012 and its profit for the year ended on that date

3. That the Directors have taken proper and sufficient care for the maintenance of adequate accounting in accordance with the provisions of the Companies Act for safeguarding the assets of the Company and for preventing and defecting fraud and other irregularities

4 That the Directors have prepared the annual accounts on a going concern basis.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U32201GJ1973PLC002437
Name of the company	SYSTRONICS INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	B/116-129, 1st Floor, Supath II Complex, Near Juna Wadaj Bus Terminus, Ashram Road, Ahmedabad - 380013, Gujarat, India kamleshshah@sarabhai.co.in
This form is for	Creation of charge
Type of charge	Immovable Property Others
Particular of charge holder	Sardar Vallabhbhai Sahakari Bank Limited Hariom Tower Building, Law Garden, Ahmedabad - 380006, Gujarat, India info@sardarbank.com
Nature of instrument creating charge	Memorandum of Equitable Mortgage Dated 11.01.2013
Date of instrument Creating the charge	11.01.2013
Amount secured by the charge	Rs. 9.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rate of Int. 13.5% pa Terms of Repayment 60 Equal Monthly installment each of Rs. 218.594 Millions Extent and operation of the charge Shop No B-116 to 121 , B-123 to B-129 and B-134 of Block NO "B" on First Floor IN "SUPATH-2" Building situated within Supath-2 Complex Co.Operative Housing Society Limited, Near Wadaj Bus Stand, Ashram Road, Ahmedabad (Total 14 Shopes/Offices)
Short Particulars Of The Property Or Asset(S) Charged (Including Complete Address And Location Of The Property)	All that undivided share admeasuring 149.80 sq. mtrs. in the piece or parcel of Non Agriculture Commercial Use Land bearing City Survey No.2710 and 2711 of City Survey Wadaj T.P.S. No. 15[Old Revenue Survey No 581 and Final Plot No.263 of T.P.S. No.15 of Mouje Wadaj] of City Taluka in the Registration District of Ahmedabad and Sub-District of Ahmedabad-2 (Wadaj) together with superstructure being Shop No.B-116 TO B-121, B-123 TO B-129 AND B-134, In Block "B", all on the First Floor, admeasuring in aggregate 347 sq. mtrs, i.e. 3750 sq, fts. in a building known as "SUPATH-2" standing thereon and situated within Supath-2 Complex Co.Operative Housing Society Limited ,Near Wadaj Bus Stand, Ashram Road, Ahmedabad and Total 14 Shops /Offices in Supath II Building also bear Municipal Tenament No.0533-19-4071-0001-F and 0533-19-4096-0001-H(For Shop No.B-134) of Gandhi Ashram Ward Ahmedabad Municipal Coporation M/S. Ambalal Sarabhai Enterprises Limited execute the guarantee bond and to have Equitable Mortgage of 100000 Sq. ft of land at Village Ranoli, Ta. and District. Vadodra as per resolution of the Company and will stand as corporate guarantor to our loan of Rs. 9.500 Millions to M/s. Systronics (India) Limited

UNSECURED LOAN

(Rs in Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Loans and advances from related parties	92.670	94.835
Total	92.670	94.835

CONTINGENT LIABILITIES:

(Rs in Millions)

Particular	31.03.2012	31.03.2011
Guarantee given by Banks on behalf of the Company	5.640	5.721
Sales Tax	7.134	0.138
Income Tax	0.366	0.000
Custom and Excise	0.364	0.364
E S I C	0.156	0.156
Claims not acknowledged as Debt	0.000	0.298

FIXED ASSETS:

• Office Building
• Land
• Factory building
• Factory equipments
• Motor vehicles
• Computer equipments
• Electric Fittings
• Office Equipments
• Furniture And Fixtures
• Air Conditioners

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. 54.34
UK Pound	1	Rs. 82.56
Euro	1	Rs. 70.10

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	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		36

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.