MIRA INFORM REPORT

Report Date :

27.02.2014

IDENTIFICATION DETAILS

Name :	VELOCIS SYSTEMS PRIVATE LIMITED (w.e.f. 31.08.2007)
Formerly Known As :	SILICON INTEGRIX PRIVATE LIMITED
Registered Office :	73, Ground Floor, Begumpur, New Delhi – 110 017
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.06.1995
Com. Reg. No.:	55-069887
Capital Investment / Paid-up Capital :	Rs.54.785 Millions
CIN No.: [Company Identification No.]	U74899DL1995PTC069887
TAN No.: [Tax Deduction & Collection Account No.]	DELS09912A
PAN No.: [Permanent Account No.]	AABCS0858G
Legal Form :	Private Limited Liability Company
Line of Business :	Providing IT Solution.
No. of Employees :	770 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 590000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The management has failed to file its financial with government department for the year 2013. Further company has filed financial for the year 2012 but same could not be made available. As per previous financial for the year 2011, profitability of the company reported to be low. However, trade relations are fair. Business is active. Payment terms are unknown. The company can be considered for business dealing with some 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National  Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled  Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: BB+
Rating Explanation	Moderate risk of default and high credit risk.
Date	02.08.2013

Rating Agency Name	CRISIL
Rating	Short term rating: A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	02.08.2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Pawan Joshi
Designation :	Finance Head
Contact No.:	91-120-4737500
Date :	26.02.2014

LOCATIONS

Registered Office :	73, Ground Floor, Begumpur, New Delhi – 110 017, India
Tel. No.:	91-120-4737500
Fax No.:	Not Available
E-Mail :	Pawan.joshi@velocis.in jaidev.singh@velocis.in
Head Office/ Corporate Office :	A-25, Sector – 67, Noida – 201 301, Uttar Pradesh, India
Tel. No.:	91-120-2484186/ 2484187
Fax No.:	91-120-2484223
Factory :	Located at · Uttar Pradesh · Mumbai · Bangalore · Gurgaon
Overseas Office :	Located at Singapore

DIRECTORS

As on 28.09.2012

Name :

Mr. Atul Bansal

Designation :

Director

Address :

74-B, Pocket-III, Mayur Vihar, Phase – I, Delhi – 110 091, India

Date of Birth/Age :

21.08.1964

Date of Appointment :

22.10.2007

DIN No.:

00509520

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	U72100DL1997PTC086497	INTEGRIX (INDIA) PRIVATE LIMITED	Director	08/04/1997	08/04/1997	-	Amalgamated	NO
2	U72100DL1997PTC086554	PRE-EMPTIVE SYSTEMS PRIVATE LIMITED	Director	09/04/1997	09/04/1997	-	Amalgamated	NO
3	U72200DL2007PTC158806	CELERITY NETWORKS PRIVATE LIMITED	Director	05/02/2007	05/02/2007	-	Active	NO
4	U74899DL1995PTC069887	VELOCIS SYSTEMS PRIVATE LIMITED	Director	22/10/2007	22/10/2007	-	Active	NO

Name :

Mr. Rishi Kumar Malhotra

Designation :

Director

Address :

1074, Sector A, Pocket A, Vasant Kunj, New Delhi - 110 070, India

Date of Birth/Age :

17.06.1946

Date of Appointment :

16.06.1995

DIN No.:

00529491

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	U74899DL1989PTC038313	O A COMPSERVE PRIVATE LIMITED	Director	08/11/1989	08/11/1989	-	Active	NO
2	U74899DL1994PTC061272	RENOVISIAN SECURITIES PRIVATE LIMITED	Director	05/09/1994	05/09/1994	-	Amalgamated	NO
3	U74999DL1994PTC170134	RENOVISION AUTOMOTION SERVICES PRIVATE LIMITED	Director	05/09/1994	05/09/1994	-	Active	NO
4	U74899DL1994PTC062043	RENOVISION COMNET PRIVATE LIMITED	Director	10/10/1994	10/10/1994	-	Amalgamated	NO
5	U74899DL1995PTC069887	VELOCIS SYSTEMS PRIVATE LIMITED	Director	16/06/1995	16/06/1995	-	Active	NO
6	U74140DL1995PTC064602	PURASKAR FINANCE AND SECURITIES PRIVATE LIMITED	Director	23/08/2005	23/08/2005	-	Amalgamated	NO
7	U72200DL2007PTC158806	CELERITY NETWORKS PRIVATE LIMITED	Director	05/02/2007	05/02/2007	-	Active	NO
8	U72900DL2012PTC234926	SILICON COMNET PRIVATE LIMITED	Director	27/04/2012	27/04/2012	-	Active	NO

Name :

Mr. Ashok Kumar Gupta

Designation :

Director

Address :

B-5/46, Safdarjung Enclave, New Delhi – 110 029, India

Date of Birth/Age :

09.06.1952

Date of Appointment :

22.10.2007

DIN No.:

00509450

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	U72100DL1997PTC086497	INTEGRIX (INDIA) PRIVATE LIMITED	Director	17/10/2005	17/10/2005	-	Amalgamated	NO
2	U74899DL1995PTC069887	VELOCIS SYSTEMS PRIVATE LIMITED	Director	22/10/2007	22/10/2007	-	Active	NO
3	U67190DL2009PTC191100	VALIANT WEALTH ADVISORS PRIVATE LIMITED	Director	10/06/2009	10/06/2009	-	Active	NO

Name :

Mr. Jignesh Rachh

Designation :

Additional director

Address :

Flat No. 2602, D Wing, 26^th Floor, Ekta Meedows, Siddarth Nagar, Borivali (East), Mumbai – 400066, Maharashtra, India

Date of Birth/Age :

15.04.1974

Date of Appointment :

01.01.2011

DIN No.:

03369665

Name :

Mr. Sanjeev Ranjan

Designation :

Additional director

Address :

A-503, Ispatika Apartments, Plot No. 29, Sector 4, Dwarka, New Delhi – 110075, India

Date of Birth/Age :

07.11.1965

Date of Appointment :

01.01.2011

DIN No.:

03355082

KEY EXECUTIVES

Name :	Mr. Pawan Joshi
Designation :	Finance Head
Name :	Isha Gupta
Designation :	Secretary
Address :	5B/1, Hindustan Times Apartments, Mayur Viahr, Phase – 1, Delhi – 110091, India
Date of Birth/Age :	17.01.1986
Date of Appointment :	01.09.2012
PAN No.:	APMPG0102L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Rishi Kumar Malhotra	817470
R. K. Malhotra (HUF)	60310
Varsha Rishi Malhotra	93850
Ritika Malhotra	49650
Renovision Automation Services Private Limited, India	422846
Mani Stock Broker Limited, India	37665
Sobhagya Financial Services Private Limited, India	435
R. Kumar (Proprietor Surya Enterprises)	435
Puja Kapoor and Rajeev Kapoor	68440
Vandana Saxena	8700
Atul Bansal	1008980
Narender Kumar	188210
Sandeep Singhal	25665
Sanjaya Kumar Saxena	260130
Vidhu Bansal	1333400
Ashok Kumar Gupta	497970
Supermax Apparels Private Limited, India	221142
Ajay Bansal and Monical Bansal	396871
Total	5492169

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	7.23
Bodies corporate	12.42
Directors or relatives of Directors	80.35
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing IT Solution.
Exports :
Products :	Software Services
Countries :	US
Imports :
Products :	IT Hardware
Countries :	· Mexico · US · China · Singapore
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

Enterprise/Manufacturing

v Amway

v Honda

v Suzuki

v Samsung

v Yamaha

v Wrigley

v Jacob H and G

v Rico

v Shriram Pistons

v Honda Siel

v Apollo Tyres

v Subros

v Bajaj Hindustan

v Cargill

v Fluor

v Eicher

v Nokia

v Bharti-Airtel

v Maruti

Banking Finance Insurance

v Aviva

v Tata-AIG

v CCIL

v CRISIL

v Religare

v IL and FS

v Dolat Capital

v Max New York Life

v Citi-Financial

IT Enabled Services

v GE

v Fidelity

v XL INDIA

v L and T Infotech

v IGT

v Induslogic

v RMSI

v MIH

v FiServ

v Quintiles

v R Systems

v Medusind

v IBM Daksh

Education

v IIM Lko

v AMU

v PEC

v Jamia

v Amity

Media and Entertainment

v CNBC

v TURNER

v Sahara

v CNN

v Times of India

v NDTV

v Hindustan Times

Government and Defence

v IFFCO

v C-DOT

v Mother Dairy

v C-DAC

v Core of Signals

v Railways

v Ernet

v Indian Airlines

v DMRC

v IRCTC

v NTRO

Hospitality

v Scope vista

v Aman Resort

v Apollo

v Fortis

v Max Hospital

v Vatika Resorts

No. of Employees :

770 (Approximately)

Bankers :

· Union Bank of India, Sadar Bazar Branch, 6117 Qutab Road Sadar Bazar, Delhi - 110006, Delhi, India

· HDFC Bank

· ICICI Bank

· Citi Bank

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans financial institutions secured	23.036	36.021
Working capital loans banks secured	135.029	144.310
Loans taken for vehicles secured	1.451	1.106
Loans taken for other fixed assets secured	8.846	0.000
Total	168.362	181.437

Banking Relations :	--
Financial Institute:	CISCO Systems Capital (India) Private Limited, 2nd Floor, Brigade South Parade, 10, M.G. Road, Bangalore - 560001, Karnataka, India
Auditors :
Name :	Santosh Gupta and Company Chartered Accountants
Address :	SCF-30P, Sector 16, Part-1, Market, Faridabad – 121 002, Haryana, India
Tel. No.:	91-129-4709111/ 2226310
Residence No.:	91-129-2280530
Income-tax PAN of auditor or auditor's firm :	AAQFS1038Q
Subsidiaries :	Celerity Networks Private Limited CIN No.: U72200DL2007PTC158806 Address: 73, Ground Floor, Begumpur, New Delhi – 110 017, India Velocis Systems Middle East FZ-LLC Address: Building No.16, 3^rd Floor, Office No.334, Dubai Internet City, Dubai, U.A.E.

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6500000	Equity Shares	Rs.10/- each	Rs. 65.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5492169	Equity Shares	Rs.10/- each	Rs. 54.785 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		54.785	46.440	46.440
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		92.740	78.120	72.491
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		147.525	124.560	118.931
LOAN FUNDS
1] Secured Loans		168.362	181.437	223.107
2] Unsecured Loans		18.686	13.617	18.004
TOTAL BORROWING		187.048	195.054	241.111
DEFERRED TAX LIABILITIES		10.253	8.987	6.484
TOTAL		344.826	328.601	366.526
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		80.325	68.997	56.040
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		19.304	19.304	18.100
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	46.449	22.393	31.026
	Sundry Debtors	288.770	281.156	285.183
	Cash & Bank Balances	11.451	16.250	35.461
	Other Current Assets	36.431	31.945	10.367
	Loans & Advances	70.343	50.316	51.103
Total Current Assets		453.444	402.060	413.140
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	169.454	111.250	78.667
	Other Current Liabilities	37.882	48.832	35.881
	Provisions	0.950	1.756	6.325
Total Current Liabilities		208.286	161.838	120.873
Net Current Assets		245.158	240.222	292.267
MISCELLANEOUS EXPENSES		0.039	0.078	0.119
TOTAL		344.826	328.601	366.526

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	1092.007	1009.427	1004.957
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	1067.767	985.088	974.802
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		24.240	24.339	30.155
Less/ Add	DEPRECIATION/ AMORTISATION		19.117	14.005	9.627
	PROFIT BEFORE TAX		5.123	10.334	20.528
Less	TAX		3.198	4.705	8.940
	PROFIT AFTER TAX		1.925	5.629	11.588
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	6.671	8.617
	TOTAL EARNINGS		NA	6.671	8.617
	Earnings Per Share (Rs.)		0.35	1.21	2.50

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.18	0.56	1.15
Return on Total Assets (PBT/Total Assets}	(%)	0.96	2.19	4.38
Return on Investment (ROI) (PBT/Networth)		0.03	0.08	0.17
Debt Equity Ratio (Total Debt /Networth)		1.27	1.57	2.03
Current Ratio (Current Asset/Current Liability)		2.18	2.48	3.42

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	46.440	46.440	54.785
Reserves & Surplus	72.491	78.120	92.740
Net worth	118.931	124.560	147.525
Secured Loans	223.107	181.437	168.362
Unsecured Loans	18.004	13.617	18.686
Total borrowings	241.111	195.054	187.048
Debt/Equity ratio	2.027	1.566	1.268

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1004.957	1009.427	1092.007
		0.445	8.181

NET PROFIT MARGIN

Net Profit Margin	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1004.957	1009.427	1092.007
Profit	11.588	5.629	1.925
	1.15%	0.56%	0.18%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
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	No
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	Yes

NOTE:

The Registered office has again shifted from Vasisht House, 7/2 and 7/3, Kalu Sarai, Begumpur, New Delhi – 110 017 to the present address w.e.f. 07.04.2011.

OPERATION

During the year, the company has achieved turnover of Rs.1092.007 Millions against Rs.1009.427 Millions. The Directors are continuously looking for avenues for further growth of the company in IT industry.

UNSECURED LOAN

PARTICULARS	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans others unsecured	18.686	13.587
Loans directors unsecured	0.000	0.030
Total	18.686	13.617

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10352920	01/05/2012	11,577,063.00	CISCO SYSTEMS CAPITAL (INDIA) PRIVATE LIMITED	2ND FLOOR, BRIGADE SOUTH PARADE, 10, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA	B38664132
2	10192087	01/05/2012 *	9,255,746.00	CISCO SYSTEMS CAPITAL (INDIA) PRIVATE LIMITED	2ND FLOOR, BRIGADE SOUTH PARADE, 10, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA	B38666723
3	10044574	19/06/2007 *	75,000,000.00	UNION BANK OF INDIA	6117, QUTAB ROAD CORNER, SADAR BAZAR, DELHI, DELHI - 110006, INDIA	A18500686
4	80001478	31/03/2006 *	11,000,000.00	STATE BANK OF SAURASHTRA	A-101, PRATAO NAGAR, MAYUR VIHAR, PHASE, NEW DELHI, DELHI - 110092, INDIA	-
5	90050547	12/04/2004	4,000,000.00	UNION BANK OF INDIA	PADAN BAZAR, DELHI, DELHI - 110006, INDIA	-
6	90038590	08/01/2013 *	284,600,000.00	UNION BANK OF INDIA	SADAR BAZAR BRANCH, 6117 QUTAB ROAD SADAR BAZAR, DELHI, DELHI - 110006, INDIA	B66417809
7	90035700	18/02/2000	7,000,000.00	UNION BANK OF INDIA	BED FILE; BED FILE BEDFILE, DELHI, DELHI, INDIA	-

* Date of charge modification

CONTINGENT LIABILITY (As on 31.03.2011):

The Company has given Bank Guarantees to the tune of Rs.42.233 millions to various customers. The margin money with Bank against is Rs.8.713 millions. To that extent the contingent liabilities have not been provided in books.

In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated if realised in the ordinary course of business. The provisions for depreciation and for all known liabilities are adequate and not excess of the amount considered necessary.

Investments at the year-end have been physically verified, valued and certified by the management.

Confirmation from Sundry Debtors, Advances Recoverable and Sundry Creditors appearing in the Balance Sheet are subject to confirmation.

The company has not received any information from any of the suppliers being Small Scale Industrial Units. Hence the amount due to Small Scale Industrial Units as on 31^st March 2011 are not ascertainable.

Working capital facilities availed by the company from its bankers are secured by way of hypothecation of stock, debtors and by way of equitable mortgage of specified property the amount outstanding on this account as on 31-03-2011 Rs.129.068 millions Other loans amounting to Rs.37.843 millions as on 31-03-2011 from its bankers and financial institutions are secured by way of Personal guarantees of two Directors

FIXED ASSETS:

v Plant and Machinery

v Furniture and Fixtures

v Building

v Computers

v Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.61.94
UK Pound	1	Rs.103.31
Euro	1	Rs.85.11

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		29

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.