MIRA INFORM REPORT

Report Date :

23.10.2013

IDENTIFICATION DETAILS

Name :	ACTIS TECHNOLOGIES PRIVATE LIMITED (w.e.f. 24.10.2000)
Formerly Known As :	GE TECHNOLOGIES PRIVATE LIMITED
Registered Office :	Plot No. A-5, Cross Road ‘B’, MIDC, Industrial Area, Marol, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.04.2000
Com. Reg. No.:	11-125706
Capital Investment / Paid-up Capital :	Rs.29.304 Millions
CIN No.: [Company Identification No.]	U99999MH2000PTC125706
TAN No.: [Tax Deduction & Collection Account No.]	MUMA14240C
Legal Form :	Private Limited Liability Company
Line of Business :	Trading in Multimedia Presentation.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 740000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears some dip in the profitability during 2012. However, overall financial position seems to be decent. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade Term 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.

INDIAN ECONOMIC OVERVIEW

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

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. Ramesh Mishra
Designation :	Accounts Head
Contact No.:	91-22-28340004
Date :	22.10.2013

LOCATIONS

Registered/ Head Office/ Factory :	Plot No. A-5, Cross Road ‘B’, MIDC, Industrial Area, Marol, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-30808000/ 28340004
Fax No.:	91-22-28379609/ 30808111
E-Mail :	contact@actis.co.in ramesh_mishra@actic.co.in yogesh_devrukhakar@actis.co.in mufaddal_ahmedabadwala@actis.co.in mumbai@actis.co.in
Website:	www.actis.co.in
Locations :	Owned
Branch Office :	Located at: Ahmedabad Bangalore Chennai Gurgaon Delhi Kolkata Hyderabad Pune

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Manmohan Harcharan Gupta
Designation :	Chairman cum Managing Director
Address :	601, Sea Spray, Janki Kutir, Juhu, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	12.12.1942
Date of Appointment :	10.04.2000
DIN No.:	00009465
Name :	Mrs. Bina Manmohan Gupta
Designation :	Director
Address :	601, Sea Spray, Janki Kutir, Juhu, Mumbai - 400049, Maharashtra, India
Date of Birth/Age :	02.12.1945
Date of Appointment :	10.04.2000
DIN No.:	00009440
Name :	Mrs. Mansi Abhimanyu Gupta
Designation :	Director
Address :	601, Sea Spray, Janki Kutir, Juhu, Mumbai - 400049, Maharashtra, India
Date of Birth/Age :	16.07.1979
Date of Appointment :	01.10.2003
DIN No.:	00009366
Name :	Mr. Abhimanyu Manmohan Gupta
Designation :	Director
Address :	601, Sea Spray, Janki Kutir, Juhu, Mumbai - 400049, Maharashtra, India
Date of Birth/Age :	29.04.1975
Date of Appointment :	10.04.2000
DIN No.:	00009453

KEY EXECUTIVES

Name :	Mr. Ramesh Mishra
Designation :	Account Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Manmohan Harcharan Gupta	1170000
Abhimanyu Manmohan Gupta	572000
Bina Manmohan Gupta	572000
Ashish Manmohan Gupta	312000
Anuradha Sunil Khandelwal	130000
Mansi Abhimanyu Gupta	130000
Master Keshav Abhimanyu Gupta	26000
Manmohan Harcharan Gupta Bina Manmohan Gupta Abhimanyu Manmohan Gupta	18400
Total	2930400

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	83.92
Other top fifty shareholders	16.08
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading in Multimedia Presentation.
Products :	Multimedia Projectors Plasma and LCD Displays Front Projection Screens Optical Projection Screens Data and Video Walls Visualizers Motorised Projector Lifts and Drapes Audio Viduo Conferencing Conferencing Systems Audio Processors Power Amplifiers Microphones Lighting Controls Cinema Equipment CNC Machining Accessories
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Film Editing Equipment	(Nos.)	2,000	394
Splicers	(Nos.)	--	394
Motorized Curtain	(Nos.)	NA	--
Motorized Lift	(Nos.)	NA	--
Sprockets	(Nos.)	2,000	--
Ceiling Mount Bracket	(Nos.)	NA	253

GENERAL INFORMATION

Customers :

Corporate

No. of Employees :

250 (Approximately)

Bankers :

Axis Bank Limited, Corporate Banking Branch, Axis House, Ground Floor, Bombay Dyeing Mills Compound, P.B. Marg, Worli, Mumbai – 400025, Maharashtra, India

Tel. No.: 91-22-24252525

Facilities :

(Rs. In Millions)

Secured Loans	As on 31.03.2012	As on 31.03.2011
SHORT TERM BORROWINGS
Working Capital Loan from Bank	126.294	101.903
Foreign Currency Loan - Buyers' Credit	15.300	24.906
Total	141.594	126.809

Notes:

Working Capital Loan is secured by hypothecation of present and future Current Assets The Company has given its Plant and Machinery and Equitable Mortgage of Office Building at Mumbai, Pune and Hyderabad.

Banking Relations :	--
Auditors :
Name :	Dalal Doctor and Associates Chartered Accountants
Address :	305 T.V. Industrial Estate, 24-A S.K, Ahire Marg, Behind Glaxo, Worli, Mumbai – 400025, Maharashtra, India
Tel. No.:	91-22-66625050
Mobile No.:	91-9867555050
Fax No.:	91-22-66627890
E-Mail :	sp@dalaldoctor.com
Website :	http://www.dalaldoctor.com
Income-tax PAN of auditor or auditor's firm :	AACFD9379H
Associates :	GE Visual Private Limited
Directors/ Shareholders of the company are Trustees :	Gupta Charitable Trust

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs. 10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2930400	Equity Shares	Rs.10/- each	Rs.29.304 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	29.304	29.120
(b) Reserves & Surplus	156.965	142.260
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	186.269	171.380
(3) Non-Current Liabilities
(a) long-term borrowings	26.500	26.500
(b) Deferred tax liabilities (Net)	4.114	5.206
(c) Other long term liabilities	1.246	1.185
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	31.860	32.891
(4) Current Liabilities
(a) Short term borrowings	151.945	145.066
(b) Trade payables	45.638	25.093
(c) Other current liabilities	45.459	47.766
(d) Short-term provisions	6.655	7.897
Total Current Liabilities (4)	249.697	225.822
TOTAL	467.826	430.093
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	47.863	49.925
(ii) Intangible Assets	0.281	0.468
(iii) Capital work-in-progress	9.425	9.425
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	19.338	6.623
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	76.907	66.441
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	78.330	65.295
(c) Trade receivables	270.649	269.100
(d) Cash and cash equivalents	24.491	14.037
(e) Short-term loans and advances	17.449	15.220
(f) Other current assets	0.000	0.000
Total Current Assets	390.919	363.652
TOTAL	467.826	430.093

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		29.120
2] Share Application Money		0.000
3] Reserves & Surplus		104.748
4] (Accumulated Losses)		0.000
NETWORTH		133.868
LOAN FUNDS
1] Secured Loans		86.944
2] Unsecured Loans		27.437
TOTAL BORROWING		114.381
DEFERRED TAX LIABILITIES		5.115
TOTAL		253.364
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		39.321
Capital work-in-progress		20.723
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	54.929
	Sundry Debtors	147.638
	Cash & Bank Balances	32.379
	Other Current Assets	0.000
	Loans & Advances	15.557
Total Current Assets		250.503
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.246
	Other Current Liabilities	24.386
	Provisions	4.551
Total Current Liabilities		57.183
Net Current Assets		193.320
MISCELLANEOUS EXPENSES		0.000
TOTAL		253.364

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2012	31.03.2011	31.03.2010
	SALES
			Income			532.858 (Gross Income)
			Other Income			NA
			TOTAL (A)	878.617	826.177	NA
Less	EXPENSES
			Office Expenses
			Administrative Expenses
			Advertising Expenses
			TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			52.614	86.136	NA
Less	FINANCIAL EXPENSES (D)			20.120	16.372	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			32.494	69.764	30.669
Less/ Add	DEPRECIATION/ AMORTISATION (F)			4.810	4.704	4.193
	PROFIT BEFORE TAX (E-F) (G)			27.684	65.060	26.476
Less	TAX (H)			8.533	20.779	9.775
	PROFIT AFTER TAX (G-H) (I)			19.151	44.281	16.701
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			134.230	101.148	89.543
Less	APPROPRIATIONS
			Transfer to General Reserve		4.430	1.700
			Proposed Dividend		5.824	2.912
			Tax on Dividend		0.945	0.484
	BALANCE CARRIED TO THE B/S			NA	134.230	101.148
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports				2.257
		Commission Earnings				0.486
	TOTAL EARNINGS			NA	NA	2.743
	C.I.F. VALUE OF IMPORTS			232.544	265.800	222.089
	Earnings Per Share (Rs.)			6.54	15.00	57.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.18	5.36	NA
Return on Total Assets (PBT/Total Assets}	(%)	6.04	15.47	9.14
Return on Investment (ROI) (PBT/Networth)		0.15	0.38	0.20
Debt Equity Ratio (Total Debt/Networth)		0.96	1.00	0.85
Current Ratio (Current Asset/Current Liability)		1.57	1.61	4.38

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS – NOT AVAILABLE

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)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
From Directors and Shareholders	26.500	26.500
SHORT TERM BORROWINGS
From Directors and Shareholders	10.351	18.257
Total	36.851	44.757

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF: (As on: 31.03.2012)

a) Bank Guarantee as on 31st March 2012 is Rs. 14.633 Millions (Previous year Rs. 12.675 Millions).

b) The Customs department has filed an appeal against the relief granted to the Company of Rs.5.798 Millions (Previous year Rs. 5.798 Millions).

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80004801	03/06/2013 *	200,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH,GR.FL, AXIS HOUSE BOMBAY, DYEING MILLS, COMPOUND, P.B MARG ,WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B78413978

* Date of charge modification

FIXED ASSETS:

• Land – Freehold
• Building – Factory
• Building – Office
• Furniture and Fixture
• Plant and Machinery
• Computers
• Motor Cars

AS PER WEBSITE DETAILS

Press Releases

ACTIS TECH, ORAMA TEAM UP TO PROVIDE LED LIGHTING SOLUTIONS

April 19, 2013

Actis Technologies, audio-visual and integration technology specialist has partnered with Orama Inc, USA based company to provide LED lighting solutions. The alliance will introduce advanced colour and dimming controls in LED lighting to India while providing state-of-the-art lighting solutions and intelligent control electronics.

Actis technologies provides a host of other solutions including lighting control, daylight harvesting with high tech solar adaptive shading solutions and green building systems. Orama Inc offers high standard LED lighting fixtures.

The partnership will bring to India products that can smoothly transition between warm and cool colour temperatures, emulate natural light environment and mix colors for creating mood lighting through digital controls using wired or wireless control systems.

"The alliance with Orama provides lighting fixtures that not only help in conserving energy but also provides high-tech and eco friendly LED lighting fixtures. These fixtures are aimed at commercial, hospitality and high-end residential spaces," said Abhimanyu Gupta, Director, Actis Technologies.

Gupta said that the lighting industry in India is witnessing a robust growth. The sector is projected to grow to Rs 80000.000-120000.000 Millions in the next 5 years. Among all the lighting technologies in India, LED lighting has been considered to be most emerging segment which is expected to grow at around 45% till 2015.The price of LED lighting systems has declined by 30% over the last two to three years due to improvement in technology. Also, there is a huge demand of LED lighting products like downlighters and streetlights by institutions and government departments.

"LED Lighting technology is globally recognized as energy efficient green technology as it consumes 80% less energy than traditional lighting and has an improved life span that is 25 times more than incandescent lights. There is an additional 30-40% energy saving if dimming solutions are applied," said Jason Huang, President of Orama USA.

ACTIS TECHOLOGIES UNVEILS ENERGY CONTROL SOLUTIONS

19 April, 2013

Actis Technologies (Tech), which specialises in audio-visual and integration technology solutions has recently launched integrated Energy Management Systems and Solutions. These solutions will include lighting control, daylight harvesting with high-tech solar adaptive shading solutions, green building systems and LED fixtures. Actis’ innovative solutions will accurately measure, analyse and control the energy consumption in modern sustainable buildings. The solutions are aimed at corporate, residential and hospitality sectors.

Abhimanyu Gupta, Director, Actis Technologies, said, “Frequent power shortages and increase in energy costs have dampened the growth of the Indian industry in the last few years and this impact will continue to increase. Actis plans to partner with Indian industry in bringing these solutions to the fore and implement solutions that will bring clearly measurable benefits to businesses and consumers”.

Daylight harvesting refers to the optimum use of natural light while using the artificial lighting. Actis plans to decrease the lighting power consumption depending on the sunlight available with the help of technologies like solar adaptive shading systems. The systems will be able to adjust the artificial lighting based on the position and angle of the sun at any given point of the day. The shades reduce glare and solar heat gain in the space, creating a comfortable work environment. It maximises the amount of available daylight entering a space, enhancing the energy saving potential by 15 per cent.

In addition to the sun-based adaptive systems, Actis will also be providing sensor technologies that maximises views as well as available daylight by compensating for cloudy conditions and shadows from neighbouring buildings. This technology works in conjunction with the solar adaptive shading solutions. The sensor detects levels of daylight and overrides the adaptive shading solutions ensuring that shades only close when conditions are appropriate. Most importantly, this process is completely automated and happens without any human intervention.

Actis Tech also offers occupancy sensors, which aid in conserving energy in an unoccupied space by turning off lights resulting into energy savings by 15 per cent (in open office space) up to 80 per cent (in storage areas/closets). The tuning mechanism in the Actis’ offering which also helps in mood lighting saves about 20 per cent of energy.

Among all the lighting technologies in India, LED lighting has been considered to be most emerging segment due to its efficiency and long useful life. Actis will be introducing dimmable LED lighting fixtures which are cost-effective option for lighting a home or office space due to its long lifetime and shock resistance as compared to other incandescent light bulbs. These lighting fixtures can be controlled individually in a space with available natural light reducing energy costs by about ten per cent.

Gupta, added, “The solutions will enable consumers to ascertain the exact energy savings month on month. Actis’ solutions can integrate various elements in a premise and provide intelligent control over various electrical systems to optimise the use of power with the cumulative savings of 60 per cent based on the above offering.”

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. 61.78
UK Pound	1	Rs. 99.66
Euro	1	Rs. 84.49

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
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	5
--CREDIT LINES	1~10	6
--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		46

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.