MIRA INFORM REPORT

Report Date :

09.05.2013

IDENTIFICATION DETAILS

Name :	TRIDENT INFOSOL PRIVATE LIMITED
Registered Office :	1, Upper Ground Floor, Devika Tower, 6, Nehru Place, New Delhi – 110 019
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.02.2000
Com. Reg. No.:	55-103737
Capital Investment / Paid-up Capital :	Rs.12.001 millions
CIN No.: [Company Identification No.]	U72900DL2000PTC103737
TAN No.: [Tax Deduction & Collection Account No.]	DELT03230D
IEC No.:	0599060191
PAN No.: [Permanent Account No.]	AABCT0789P
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Embedded Hardware and Software Modules, Telemetry Systems and Recorders and also engaged in providing reliability services.
No. of Employees :	95 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. The company has progressed well during current year. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal 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

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 :	1, Upper Ground Floor, Devika Tower, 6, Nehru Place, New Delhi – 110 019, India
Tel. No.:	91-11-41008155/ 46113000
Fax No.:	91-11-41007055/ 46113058
E-Mail :	agupta@tridentifosol.com delhi@tridentinfosol.com
Website :	http://www.tridentinfosol.com
Area :	4680 sq ft
Location :	Rented
Branch Office 1 :	1^st Floor, ‘A’ Block, Khushal Garden Arcade, 2^nd Phase, Peenya Industrial Area, Bangalore – 560 058, Karnataka, India
Tel. No.:	91-80-42878787
Fax No.:	91-80-41172390/ 42878900
E-Mail :	bangalore@tridentifosol.com
Area :	13560 sq ft
Location :	Rented
Branch Office 2 :	223, Arenja Corner, Sector-17, Vashi, Navi Mumbai – 400 705, Maharashtra, India
Tel. No.:	91-22-27897879
Fax No.:	91-22-67913655
E-Mail :	tridentm@vsnl.com
Area :	680 sq ft
Location :	Owned
Branch Office 3 :	414, 4^th Floor, Babu Khan Estate, Basheer Bagh, Hyderabad – 500 001, Andhra Pradesh, India
Tel. No.:	91-40-66667079
Fax No.:	91-40-66627076
E-Mail :	absarma@tridentifosol.com
Area :	1581 sq ft
Location :	Owned
Branch Office 4 :	Located at: · New Delhi
Overseas Office :	1, North Bridge Road, #19-04/05, High Street Centre, Singapore 179094
Tel. No.:	0065-6336 7721
Fax No.:	0065-6337 8094
E-Mail :	singapore@tridentifosol.com
Area :	500 sq ft
Location :	Rented

DIRECTORS

As on 29.09.2012

Name :

Mr. Ashok Gupta

Designation :

Whole Time Director

Address :

178, First Floor, Sukhdev Vihar, New Delhi – 110 025, India

Date of Birth/Age :

05.11.1951

Qualification :

C.A.

Experience :

39 Years

Date of Appointment :

11.02.2000

Voter ID No.:

DL/01/005/309548

DIN No.:

00137490

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	U74899DL1992PTC051248	TRIDENT TECHNOLOGIES PRIVATE LIMITED	Whole-time director	04/12/1992	04/12/1992	-	Active	NO
2	U72900DL2000PTC103737	TRIDENT INFOSOL PRIVATE LIMITED	Whole-time director	11/02/2000	11/02/2000	-	Active	NO
3	U72200DL2000PTC108256	TRIDENT SYSTECH PRIVATE LIMITED	Whole-time director	20/10/2000	20/10/2000	-	Active	NO
4	U51909DL2003PTC121760	ALLIGATOR DESIGNS PRIVATE LIMITED	Whole-time director	13/08/2003	13/08/2003	-	Active	NO
5	U74899DL2003PTC123749	STARTEL MICROSYSTEMS PRIVATE LIMITED	Whole-time director	30/12/2003	30/12/2003	-	Active	NO

Name :

Mr. Pawan Seth

Designation :

Whole Time Director

Address :

I-105, Rohan Vasantha Apartment, Marathahalli, Bangalore – 560 037, Karnataka, India

Date of Birth/Age :

10.05.1968

Qualification :

M.Sc. (Electronics)

Experience :

24 Years

Date of Appointment :

11.02.2000

Voter ID No.:

DL/04/042/054561

DIN No.:

00148474

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	U74899DL1992PTC051248	TRIDENT TECHNOLOGIES PRIVATE LIMITED	Whole-time director	04/12/1992	04/12/1992	-	Active	NO
2	U72900DL2000PTC103737	TRIDENT INFOSOL PRIVATE LIMITED	Whole-time director	11/02/2000	11/02/2000	-	Active	NO
3	U72200DL2000PTC108256	TRIDENT SYSTECH PRIVATE LIMITED	Whole-time director	20/10/2000	20/10/2000	-	Active	NO
4	U51909DL2003PTC121760	ALLIGATOR DESIGNS PRIVATE LIMITED	Whole-time director	13/08/2003	13/08/2003	-	Active	NO
5	U74899DL2003PTC123749	STARTEL MICROSYSTEMS PRIVATE LIMITED	Whole-time director	30/12/2003	30/12/2003	-	Active	NO

Name :

Mr. Nitin Gupta

Designation :

Whole Time Director

Address :

B-51, Ram Enclave, P.O. Chander Nagar, Ghaziabad – 201 011, Uttar Pradesh, India

Date of Birth/Age :

20.07.1969

Qualification :

Mechanical Engineer

Experience :

22 Years

Date of Appointment :

11.02.2000

DIN No.:

00138063

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	U74899DL1992PTC051248	TRIDENT TECHNOLOGIES PRIVATE LIMITED	Whole-time director	04/12/1992	04/12/1992	-	Active	NO
2	U72900DL2000PTC103737	TRIDENT INFOSOL PRIVATE LIMITED	Whole-time director	11/02/2000	11/02/2000	-	Active	NO
3	U72200DL2000PTC108256	TRIDENT SYSTECH PRIVATE LIMITED	Whole-time director	20/10/2000	20/10/2000	-	Active	NO
4	U51909DL2003PTC121760	ALLIGATOR DESIGNS PRIVATE LIMITED	Whole-time director	13/08/2003	13/08/2003	-	Active	NO
5	U74899DL2003PTC123749	STARTEL MICROSYSTEMS PRIVATE LIMITED	Whole-time director	30/12/2003	30/12/2003	-	Active	NO

Name :

Kiran Vittal Poojary

Designation :

Nominee Director (SIDBI Nominee)

Address :

C/207, “Dhup Chaon”, Off Four Bunglows Road, Nav-Kiran Marg, Andheri (West), Mumbai – 400 053, Maharashtra, India

Date of Birth/Age :

27.12.1979

Date of Appointment :

21.04.2011

DIN No.:

00182328

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	U72200PN2002PTC017412	EXTENPRISE ESOLUTIONS INDIA PRIVATE LIMITED	Nominee director	10/10/2006	10/10/2006	16/12/2010	Active	NO
2	U72900DL2000PTC103737	TRIDENT INFOSOL PRIVATE LIMITED	Nominee director	21/04/2011	21/04/2011	-	Active	NO
3	U71110DL2000PTC189230	CARZONRENT (INDIA) PRIVATE LIMITED	Additional director	30/04/2013	30/04/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
Ashok Gupta	195100	16.26
Ashok Gupta (HUF)	129450	10.79
Nitin Gupta	400000	33.33
Pawan Seth	400000	33.33
Vipan Gupta	75200	6.26
Akul Gupta	250	0.02
SIDBI Trustee Company Limited A/c SME Growth Fund, India	100	0.01
Total	1200100	100.00

As on 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Venture capital	0.01
Directors or relatives of directors	99.99
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Embedded Hardware and Software Modules, Telemetry Systems and Recorders and also engaged in providing reliability services.

Products/ Services :

Product Description	ITC Code
Computer Software	85249100
Computer Hardware	8473301/90
Electronic Instruments	903010

· Embedded Solutions

· Security Solutions

· Telemetry Solutions

· Security Solutions

Terms :

Selling :

L/C, Cash and Advance

Purchasing :

Cash, Advance and Credit (30 days)

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

95 (Approximately)

Bankers :

· Canara Bank, SME Peenya Branch, 13^th Cross, 4^th Phase, PIA, Bangalore – 560 058, Karnataka, India

· Punjab National Bank, NSIC Bhawan, Okhla Industrial Estate, New Delhi – 110 020, India

· State Bank of India, Commercial Branch, Vardman Trade Centre, Nehru Place, New Delhi – 110 019, India

· ABN Amro Bank, Prestige Towers Ground Floor, 99 and 100, Residency Road, Bangalore – 560 025, Karnataka, India

Facilities :

Fund Based – Rs.25.000 millions and Non Fund Based – Rs.40.000 millions (From Canara Bank)

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans
- Rupee Term Loan from Banks
Vehicle Loans from Bank	0.817	0.461
Less: Current Maturities	(0.315)	(0.379)
SHORT TERM BORROWINGS
- Working Capital Rupee Loan from Bank	19.374	16.226
Total	19.876	16.308

Banking Relations :	--
Auditors :
Name :	Mehra Goel and Company Chartered Accountants
Address :	505, Chiranjiv Tower, 43, Nehru Place, New Delhi – 110 019, India
Tel. No.:	91-11-26419527/ 26430349
Fax No.:	91-11-26217981
E-Mail :	mg@mehragoel.com
Website :	www.mehragoelco.com
Income-tax PAN of auditor or auditor's firm :	AABFM1488M
Subsidiary Companies :	Alligator Designs Private Limited CIN No.: U51909DL2003PTC121760 Address: 3^rd Floor, ‘A’ Block, IInd Phase, Peenya Industrial Area, Bangalore – 560 058, Karnataka, India Line of Business: Manufacturing of Electro-mechanical products etc. Rentech Singapore Pte. Limited

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1200100	Equity Shares	Rs.10/- each	Rs.12.001 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		12.001	12.001	12.001
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		129.360	46.654	31.788
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		141.361	58.655	43.789
LOAN FUNDS
1] Secured Loans		19.876	16.308	20.901
2] Unsecured Loans		3.739	58.753	89.925
TOTAL BORROWING		23.615	75.061	110.826
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		164.976	133.716	154.615
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.902	18.084	9.805
Capital work-in-progress		0.000	0.485	0.000
INVESTMENT		10.301	10.301	10.301
DEFERRED TAX ASSETS		2.178	1.764	1.094
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	23.417	20.674	6.919
	Sundry Debtors	75.643	61.962	101.085
	Cash & Bank Balances	54.542	27.793	61.998
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	106.264	79.553	24.189
Total Current Assets		259.866	189.982	194.191
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	44.064	37.261	54.934
	Other Current Liabilities	61.963	33.470
	Provisions	19.244	16.169	5.842
Total Current Liabilities		125.271	86.900	60.776
Net Current Assets		134.595	103.082	133.415
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		164.976	133.716	154.615

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operation	298.865	274.646	237.775
		Other Income	113.271	8.752	7.459
		TOTAL (A)	412.136	283.398	245.234
Less	EXPENSES
		Cost of Goods	197.501	136.545	237.857
		Administrative Expenses	64.260	64.731
		Other Expenses	45.013	36.957
		TOTAL (B)	306.774	238.233	237.857 (including financial expenses)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		105.362	45.165
Less	FINANCIAL EXPENSES (D)		20.715	19.940
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		84.647	25.225	7.377
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.981	2.788	2.136
	PROFIT BEFORE TAX (E-F) (G)		80.666	22.437	5.241
Less	TAX (H)		(0.300)	7.435	1.917
	PROFIT AFTER TAX (G-H) (I)		80.966	15.002	3.324
	DEBENTURE REDEMPTION RESERVE		34.997	15.002	--
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		24.349	24.349	21.025
	BALANCE CARRIED TO THE B/S		70.348	24.349	24.349
	EARNINGS IN FOREIGN CURRENCY
		Dividend	100.040	0.000	0.000
		Commission	11.617	66.257	46.035
		Export Sales	0.000	0.000	0.733
	TOTAL EARNINGS		111.657	66.257	46.768
	IMPORTS
		Traded Goods	43.778	74.214	111.068
		Capital Goods	0.031	0.595	0.320
	TOTAL IMPORTS		43.809	74.809	111.388
	Earnings Per Share (Rs.)
	- Basic		67.47	12.50	3.53
	- Diluted		67.47	12.50	2.87

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	19.65	5.29	1.36
Net Profit Margin (PBT/Sales)	(%)	26.99	8.17	2.20
Return on Total Assets (PBT/Total Assets}	(%)	29.04	10.78	2.57
Return on Investment (ROI) (PBT/Networth)		0.57	0.38	0.12
Debt Equity Ratio (Total Debt/Networth)		0.17	1.28	2.53
Current Ratio (Current Asset/Current Liability)		2.07	2.19	3.20

LOCAL AGENCY FURTHER INFORMATION

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	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	Yes
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	Yes
34) External Agency Rating, if available	No

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Debentures
- 10% Optionally Convertible Debentures	49.999	74.999
Less: Current Maturities	(49.999)	(21.143)
Other Loans
- Rupee Term Loan from Banks	1.602	4.902
- Rupee Term Loan from Non Banking Financial Companies	4.662	2.857
Less: Current Maturities	(2.888)	(4.171)
SHORT TERM BORROWINGS
- Loans and Advances from Related Parties	0.363	1.309
Total	3.739	58.753

OPERATIONAL REVIEW

The company has earned a revenue of 298.865 millions from operation and has also earned other income of Rs.113.227 millions (inclusive of dividend received from Rentech Singapore Pte. Limited, wholly owned subsidiary amounting to Rs.100.040 millions) making a total of Rs.412.136 millions. This is against the revenue of Rs.274.646 millions from operations and other income of Rs.8.752 millions in the preceding year. If a reference is made to the above figure it can be observed that there is an increase of around 8.8% on account of revenue from operations as compared to the preceding year. Taking into consideration the dividend received, the company has earned a net profit of Rs.80.666 millions as against Rs.22.437 millions in the preceding year. Profit after tax in the current year has gone up from Rs.15.000 millions to Rs.80.966 millions. The company has a big pipeline of orders which are at the final stage of negotiation and keeping in view these orders the company hopes to achieve substantial increase in the revenue from operations as well as the profits of the company during the ensuing year.

CONTINGENT LIABILITIES (AS ON 31.03.2012):

(a) Claim against the Company not acknowledged as debt:

Disputed claims/ levies in respect of Sales tax*: Rs.1.857 millions

*net of tax paid under protest

(b) Guarantees

I. The company has issued counter guarantees against performance bank guarantees issued by the bank of Rs.35.191 millions

II. Guarantees issued on behalf of Subsidiary Company

i. The company has issued guarantees to Canara Bank for granting of credit facilities of Rs.80.000 millions towards fund based and non fund based limits to the company's wholly owned subsidiary Alligator Designs Private Limited.

ii. The company has issued guarantees to Religare Finvest Limited for Rs.3.500 millions for loan taken by its wholly owned subsidiary company Alligator Designs Private Limited. The amount of the said loan outstanding at the balance sheet date is Rs.2.333 millions.

Bankers Charges Report as per Registry

Corporate identity number of the company	U72900DL2000PTC103737
Name of the company	TRIDENT INFOSOL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1, Upper Ground Floor, Devika Tower, 6, Nehru Place, New Delhi – 110 019, India E-Mail: agupta@tridentinfosol.com
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	Canara Bank, SME Peenya Branch, 13^th Cross, 4^th Phase, PIA, Bangalore – 560 058, Karnataka, India E-Mail: cb2454@canarabank.com
Nature of description of the instrument creating or modifying the charge	Letter of evidencing deposit of title deeds 26.03.2012 1. EMT of office premises at No.223, II Floor, Arneja Corner Premises Cooperative Society Limited, Plot No.71, Sector 17, Vashi Navi Mumbai 2. EMT of office premises at 414, 4^th Floor Babukhan Estate Premises Bearing No.5-9-58/I-15, Baseerbagh Hyderabad
Date of instrument Creating the charge	26.03.2012
Amount secured by the charge	Rs.145.000 millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest: 14.50% Floating (Base Rate +3.75) Terms of Repayment: Payable on demand Margin: 25% Against Stock 30% Against Book Debts 15% Against Bank Guarantee / Letter of Credit in the form of FDR Extent and Operation of the charge: 100% Others: Common collateral against facilities granted to Trident Infosol Private Limited – Rs.65.000 millions and Alligator Designs Private Limited Rs.80.000 millions Total – 145.000 millions
Short particulars of the property charged	EMT of office premises At 414, 4^th Floor, Babukhan Estate Premises Bearing No.5-9-58/I-15, Baseerbagh, Hyderabad 01 EMT of office premises At No.223, II Floor, Arneja Corner Premises Cooperative Society Limited, Plot No.71, Sector 17, Vashi Navi Mumbai.

FIXED ASSETS:

Tangible Assets:

· Building

· Plant and Equipment

· Furniture and Fixture

· Vehicles

· Office Equipment

· Data Processing Machines including Computers

Intangible Assets:

· Software

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.54.16
UK Pound	1	Rs.83.88
Euro	1	Rs.71.00

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.