MIRA INFORM REPORT

Report Date :

16.09.2013

IDENTIFICATION DETAILS

Name :	NOVA INTEGRATED SYSTEMS LIMITED (w.e.f. 04.08.2008)
Formerly Known As :	HIGH-TECH SYSTEMS LIMITED
Registered Office :	Bombay House, 1st Floor, 24 Homi Mody Street, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.06.2008
Com. Reg. No.:	11-183426
Capital Investment / Paid-up Capital :	Rs. 332.043 Millions
CIN No.: [Company Identification No.]	U74990MH2008PLC183426
PAN No.: [Permanent Account No.]	AACCH0670G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject’s object is to engaged in the business to manufacture in the field of defense, security and other related technologies and/ or to render related services
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears accumulated losses recorded by the company which has eroded networth of the company. However, trade relations are fair. Business is active. Payment terms are slow. The company can be considered for business dealings on a safe and secured 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 :	Bombay House, 1st Floor, 24 Homi Mody Street, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-11-66033990/66222666
Fax No.:	91-11-66034044
E-Mail :	srven@tataadvancedsystems.com
Corporate Office :	Thapar House, Eastern Wing, 124 Janapath, New Delhi – 110001, India
Head office :	Sy No. 64, Unit No. 1, Building No.9, 6th Floor, Hyderabad – 500081, Andhra Pradesh, India
Systems Division :	Plot No 21, Sy No 1/1 Hardware Park, Imarat Kancha, Raviryala Village, Maheshwaram Mandal, Rangareddy District, Andhra Pradesh
Tel. No.:	91-08414-664609
Fax No.:	91-84141-664632
R and D centre:	3rd Floor, Thapar house, Eastern Wing, 124 Janpath, New Delhi – 110001, India
Tel. No.:	91-11-66222666
Fax No.:	91-11-2334 1585

DIRECTORS

As on 18.09.2012

Name :

Mr. Ravishankar Seturam

Designation :

Director

Address :

Flat No. 803, Siddharth Towers II, Off. G A Kulkarni Road, Kothrud, Pune, 411038, Maharashtra, India

Date of Birth/Age :

03.10.1953

Date of Appointment :

16.09.2009

DIN No.:

02668364

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	U74990MH2008PLC183426	Nova Integrated Systems Limited	Director	16/09/2009	01/07/2009	-	Active	NO
2	U31909AP2004PTC042753	HELA Systems Private Limited	Director	03/11/2010	03/11/2010	-	Active	NO

Name :

Mr. Sukarn Singh

Designation :

Director

Address :

Flat No. 4B, Sett Minar Building, Pedder Road, Opposite Jaslok Hospital, Mumbai, 400026, Maharashtra, India

Date of Birth/Age :

14.05.1969

Date of Appointment :

11.06.2008

DIN No.:

01485745

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	U32109DL1996PTC082215	TVLIVE INDIA PRIVATE LIMITED	Director	25/09/1996	25/09/1996	-	Active	NO
2	U72901DL2006PTC148713	INFORMNET MEDIA PRIVATE LIMITED	Director	09/05/2006	09/05/2006	-	Active	NO
3	U72900AP2006PLC077939	Tata Advanced Systems Limited	Director	11/07/2007	28/09/2006	-	Active	NO
4	U72900MH2006PTC163193	STRATEGIC ENERGY TECHNOLOGY SYSTEMS Private Limited	Director	11/07/2007	05/05/2007	-	Active	NO
5	U74990MH2008PLC183426	Nova Integrated Systems Limited	Director	11/06/2008	11/06/2008	-	Active	NO
6	U74990AP2008PLC077969	Tara Aerospace Systems Limited	Director	12/06/2008	12/06/2008	-	Active	NO
7	U72900MH2008PLC188713	AVANA INTEGRATED SYSTEMS LIMITED	Director	24/09/2010	24/02/2010	-	Active	NO
8	U29119MH2008PTC187825	TASL Aerostructures Private Limited	Director	24/09/2010	24/02/2010	-	Active	NO
9	U29268AP2010PLC077940	Tata Lockheed Martin Aerostructures Limited	Director	05/04/2010	05/04/2010	-	Active	NO
10	U31909AP2004PTC042753	HELA Systems Private Limited	Director	03/11/2010	03/11/2010	-	Active	NO
11	U74120UP2006PTC032566	AURORA INTEGRATED SYSTEMS PRIVATE LIMITED	Nominee director	12/11/2012	12/11/2012	-	Active	NO

Name :

Mr. Kersi Rustome

Designation :

Director

Address :

Peregrine, Flat 6B, 400 Veer Savarkar Marg, Prabhadevi, Mumbai, 400025, Maharashtra, India

Date of Birth/Age :

02.11.1958

Date of Appointment :

18.09.2011

DIN No.:

00033802

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	U74300MH1982PLC027839	TADDSCO PROMOTIONS LIMITED	Director	09/01/2004	09/01/2004	27/11/2007	Active	NO
2	U74140MH1988PTC049927	AIDA MARKETING SERVICES PRIVATE LIMITED	Director	09/02/2005	09/02/2005	-	Active	NO
3	U63090MH1988PTC049519	TEJ TRANSPORTATION PRIVATE LIMITED	Director	09/02/2005	09/02/2005	-	Active	NO
4	U63090DL1989PTC036903	RAPID TANSPORTERS PRIVATE LIMITED	Director	09/02/2005	09/02/2005	-	Active	NO
5	U74899DL1989PTC036900	UNNATH ADVERTISING PRIVATE LIMITED	Director	09/02/2005	09/02/2005	-	Active	NO
6	U74899DL1989PTC036902	CHIC INTERIORS PRIVATE LIMITED	Director	09/02/2005	09/02/2005	-	Active	NO
7	U65990MH1988PTC049513	SARASH INVESTMENTS PRTVATE LIMITED	Director	09/02/2005	09/02/2005	-	Active	NO
8	U51900MH1988PTC049518	MOHAR EXPORT SERVICES PRTVATE LIMITED	Director	09/02/2005	09/02/2005	-	Active	NO
9	U63040MH1988PTC049514	MALUSHA TRAVELS PRTVATE LIMITED	Director	09/02/2005	09/02/2005	-	Active	NO
10	U74300MH1988PTC049512	KAYGEE ADVERTISING PRTVATE LIMITED	Director	09/02/2005	09/02/2005	-	Active	NO
11	U51900MH1988PTC049926	BRIHAT TRADING PRIVATE LIMITED	Director	09/02/2005	09/02/2005	-	Active	NO
12	U45200MH1979PLC021174	PRABHADEVI PROPERTIES AND TRADING COMPANY LIMITED	Director	25/11/2005	25/11/2005	-	Active	NO
13	U45201MH2007PLC171985	TRIL Constructions Limited	Director	29/11/2008	21/12/2007	18/03/2013	Active	NO
14	U45400MH2007PLC171654	TRIL Developers Limited	Director	29/11/2008	21/12/2007	-	Active	NO
15	U45203MH2007PTC174776	TRIF GANDHINAGAR PROJECTS PRIVATE LIMITED	Director	29/11/2008	21/12/2007	-	Active	NO
16	U67120MH1992PLC066160	PANATONE FINVEST LIMITED	Director	17/09/2010	11/09/2009	-	Active	NO
17	U29268AP2010PLC077940	Tata Lockheed Martin Aerostructures Limited	Director	05/04/2010	05/04/2010	10/08/2011	Active	NO
18	U72900MH2008PLC188713	AVANA INTEGRATED SYSTEMS LIMITED	Director	24/09/2010	16/04/2010	-	Active	NO
19	U74900AP2010PLC088210	Indian Rotorcraft Limited	Director	18/09/2010	18/09/2010	-	Active	NO
20	U29119MH2008PTC187825	TASL Aerostructures Private Limited	Director	18/09/2012	21/09/2011	-	Active	NO
21	U74990MH2008PLC183426	Nova Integrated Systems Limited	Director	18/09/2012	30/09/2011	-	Active	NO
22	U31909AP2004PTC042753	HELA Systems Private Limited	Additional director	27/09/2012	27/09/2012	-	Active	NO

MAJOR SHAREHOLDERS

As on 18.09.2012

Names of Shareholders	No. of Shares
Tata Advanced Systems Limited, India	71747184
Tata Advanced Systems Limited, India Jointly With K R Bhagat	1
Tata Advanced Systems Limited, India Jointly With Sukran Singh	1
Tata Advanced Systems Limited, India Jointly With F N Subedar	1
Tata Advanced Systems Limited, India Jointly With E N Kapadia	1
Tata Advanced Systems Limited, India Jointly With B D Vasani	1
Tata Advanced Systems Limited, India Jointly With Manoj Kumar	1
Total	71747190

As on 18.07.2013

Names of Allotee	No. of Shares
Tata Advanced Systems Limited, India	200000
Total	200000

Equity Share Break up (Percentage of Total Equity)

As on 18.09.2012

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject’s object is to engaged in the business to manufacture in the field of defense, security and other related technologies and/ or to render related services

Products :

Product / Service Description	ITC Code
Aeroplanes and other aircraft, of an unlade weight not exceeding 2000 KG	88022000

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed and Installed Capacity	Actual Production
Electro Optics	No.	70	-

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Kotak Mahindra Bank Limited, 2^nd Floor, Jewel Pawani Towers, Raj Bhavan Road, Somajiguda, Hyderabad – 500082, Andhra Pradesh, India

Banking Relations :	--
Auditors :
Name :	M.A. Parikh and Company Chartered Accountants
Address :	Yusuf Building, 2^nd Floor, 43, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India
PAN No.:	AAAFM1433H
Ultimate Holding Companies :	Tata Sons Limited, India CIN No.: U99999MH1917PLC000478
Holding Companies :	Tata advanced Systems Limited, India CIN No.: U72900AP2006PLC077939
Fellow Subsidiaries :	Tata Teleservices Limited, India CIN No.: U74899DL1995PLC066685 Tata AIG Life Insurance Company Limited, India CIN No.: U85110MH2000PLC128425 Tata Consultancy Services Limited, India CIN No.: L22210MH1995PLC084781 Tata Consulting Engineers Limited, India CIN No.: U74210MH1999PLC123010 TC Travel and services Limited, India CIN No.: U63040MH2008PLC187559 HELA Systems Private Limited, India Tata Business Support Services Limited, India CIN No.: U64200AP1995PLC044060 Tata Lockheed Martin Aerostructures Limited, India CIN No.: U29268AP2010PLC077940 Tata Industries Limited, India CIN No.: U44003MH1945PLC004403
Associates :	Tata Communications Limited, India CIN No.: L64200MH1986PLC039266 Tata Elxsi Limited, India CIN No.: L85110KA1989PLC009968 The Indian Hotel Company Limited, India CIN No.: L74999MH1902PLC000183

CAPITAL STRUCTURE

After 18.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs. 10/- each	Rs. 750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
73747190	Equity Shares	Rs. 10/- each	Rs. 737.472 Millions

As on 18.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs. 10/- each	Rs. 750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
71747190	Equity Shares	Rs. 10/- each	Rs. 717.472 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs. 10/- each	Rs. 750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
33204300	Equity Shares	Rs. 10/- each	Rs. 332.043 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	332.043	332.043
(b) Reserves & Surplus	(469.463)	(169.710)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	385.429	27.500
Total Shareholders’ Funds (1) + (2)	248.009	189.833
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	10.202	11.785
Total Non-current Liabilities (3)	10.202	11.785
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	51.321	33.391
(c) Other current liabilities	29.515	101.083
(d) Short-term provisions	0.153	0.121
Total Current Liabilities (4)	80.989	134.595
TOTAL	339.200	336.213
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	198.373	207.383
(ii) Intangible Assets	0.187	0.354
(iii) Capital work-in-progress	0.000	71.124
(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	10.933	32.812
(e) Other Non-current assets	0.439	0.027
Total Non-Current Assets	209.932	311.700
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	6.850	0.00
(c) Trade receivables	55.982	4.894
(d) Cash and cash equivalents	12.411	6.738
(e) Short-term loans and advances	53.835	12.104
(f) Other current assets	0.190	0.777
Total Current Assets	129.268	24.513
TOTAL	339.200	336.213

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.528
2] Share Application Money		162.515
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		172.043
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES
TOTAL		172.043
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		95.014
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	2.707
	Cash & Bank Balances	0.099
	Other Current Assets	0.000
	Loans & Advances	14.168
Total Current Assets		16.974
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.947
	Other Current Liabilities	27.530
	Provisions	0.590
Total Current Liabilities		43.067
Net Current Assets		(26.093)
MISCELLANEOUS EXPENSES		103.122
TOTAL		172.043

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		66.649	10.890	3.450
		Other Income		0.546	1.473	0.000
		TOTAL (A)		67.195	12.363	3.450
Less	EXPENSES
		Cost of materials consumed		15.200	0.108
		Employee benefit expense		92.389	20.634
		Other expenses		225.401	48.413
		TOTAL (B)		332.990	69.155	84.618
Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			(265.795)	(56.792)	(81.168)
Less	FINANCIAL EXPENSES (D)			5.111	0.000	0.000
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(270.906)	(56.792)	(81.168)
Less/ Add	DEPRECIATION/ AMORTISATION (F)			28.847	9.795	2.930
	PROFIT/LOSS BEFORE TAX (E-F) (G)			(299.753)	(66.587)	(84.098)
Less	TAX (H)			0.000	0.000	0.000
	PROFIT/LOSS AFTER TAX (G-H) (I)			(299.753)	(66.587)	(84.098)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			(169.710)	(103.123)	(19.025)
	BALANCE CARRIED TO THE B/S			(469.463)	(169.710)	(103.123)
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on FOB basis		42.691	0.000	0.000
		Maintenance and Support Technical charges		23.015	10.890	0.000
		Service Charge		0.000	0.000	3.450
	TOTAL EARNINGS			65.706	10.890	3.450
	IMPORTS
			Raw Materials	12.493	0.000	0.000
			Capital Goods	31.124	62.670	0.000
	TOTAL IMPORTS			43.617	62.970	0.000
	Earnings/Loss Per Share (Rs.)			(9.03)	(33.08)	(88.26)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(444.09)	(538.60)	(2437.62)
Net Profit Margin (PBT/Sales)	(%)	(449.75)	(611.45)	(2437.62)
Return on Total Assets (PBT/Total Assets}	(%)	(213.13)	(116.10)	(75.09)
Return on Investment (ROI) (PBT/Networth)		(1.20)	(0.35)	(0.48)
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.60	0.18	0.39

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	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

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10286164	26/07/2013 *	345,000,000.00	Kotak Mahindra Bank Limited	2nd floor, Jewel Pawani Towers, Raj Bhavan Road, Somajiguda., Hyderabad, Andhra Pradesh - 500082, INDIA	B83517680

* Date of charge modification

CORPORATE INFORMATION

The Company's object is to engage in the business to manufacture in the field of defense, security and other related technologies and/ or to render related services. In furtherance thereof, it has commenced the activity of rendering services in the nature of support of Unmanned Ariel Vehicles supplied by IAI to Indian Defence Sector as also established the facility for Assembly, Integration & Testing for POP Electro Optic Payloads at Hyderabad

BUSINESS AND OUTLOOK

The company achieved a unique distinction of being the only private sector Indian company to win an export order for Rs 64.000 Millions for Integrating the MIL STD Electro- optics payloads. Company during the current year has successfully exported units worth Rs 56.400 Millions.

The Company won approx Rs 289.000 Millions proto order for CMS System with future business potential of Rs 1360.000 Millions.

As a strategic plan, a Facility Requirement document (FRD) was evaluated for establishing the Green Field projects for Integration of UAS, Radar and Missiles.

In UAS business vertical, support operations have also doubled from the previous year with increase in scope of work.

The Company has also responded to the Surface surveillance Radar program and awaiting for the RFQ. The Combo pole with Radar is on the threshold of winning the order from the HLS customer.

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. 63.79
UK Pound	1	Rs. 100.73
Euro	1	Rs. 84.66

INFORMATION DETAILS

Report Prepared by :

VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	1
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		12

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.