MIRA INFORM REPORT

Report Date :

03.01.2014

IDENTIFICATION DETAILS

Name :	S G S INDIA PRIVATE LIMITED
Registered Office :	SGS House, 4-B, Adi Shankaracharya Marg, Powai Road, Vikhroli (West), Mumbai – 400 083, Maharashtra
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	08.06.1950
Com. Reg. No.:	11-008117
Capital Investment / Paid-up Capital :	Rs.0.800 million
CIN No.: [Company Identification No.]	U74990MH1950PTC008117
TAN No.: [Tax Deduction & Collection Account No.]	MUMS05394E
PAN No.: [Permanent Account No.]	AAACS5514Q
Legal Form :	Private Limited Liability Company
Line of Business :	Providing inspection, verification, testing and certification services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 12054000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having a good track record. The overall financial position of the company appears to be sound and healthy. Trade relations are reported as fair. Business is active. Payments are reported as regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and condition.

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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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/ Head Office :	SGS House, 4-B, Adi Shankaracharya Marg, Powai Road, Vikhroli (West), Mumbai – 400 083, Maharashtra, India
Tel. No.:	91-22-25798421/ 66408888
Fax No.:	91-22-25781759/ 25798434/ 25798435/ 66408829
E-Mail :	sgs_india@sgs.com rajendra.apte@sgs.com
Website :	http://www.sgsgroup.in
Branch Office/ Laboratory :	Located at: · Ahmedabad · Bangalore · Bhavnagar · Chennai · Coimbatore · Dhanbad · Gandhidham · Haldia · Haryana · Hospet · Indore · Jamnagar · Jamshedpur · Joda · Karur · Kochi · Kolkata · Ludhiana · Nagpur · New Delhi · Paradip · Porbandar · Pune · Secunderabad · Thoraipakkam · Tirupur · Vadodara · Vasco-da-Gama · Visakhapatnam

DIRECTORS

AS ON 30.05.2013

Name :

Mr. Sundip Dashrath More

Designation :

Director

Address :

Siddachal, Phase 6, Plot No.2, A, Flat No.1605/06, Phokhran No.2, Thane (West), Thane – 400 601, Maharashtra, India

Date of Birth/Age :

07.03.1963

Date of Appointment :

27.06.2006

DIN No.:

00438280

Name :

Mr. Paul Edward House

Designation :

Managing Director

Address :

61, Grant St., Cttesloe W/A, Perth, 6011, Australia

Date of Birth/Age :

28.12.1970

Qualification :

Bachelor of Commerce

Experience :

22 Years

Date of Appointment :

15.10.2008

DIN No.:

02088945

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	U74990MH1950PTC008117	S G S INDIA PRIVATE LIMITED	Managing director	15/10/2008	27/09/2002	-	Active	NO

Name :

Mr. Kiok Piang Tan

Designation :

Director

Address :

12, Begonia Lane, Singapore 805828

Date of Birth/Age :

07.05.1958

Date of Appointment :

25.06.2010

DIN No.:

02651601

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	U74990MH1950PTC008117	S G S INDIA PRIVATE LIMITED	Director	25/06/2010	01/07/2009	-	Active	NO

Name :

Dr. Sudhir Kumar Gupta

Designation :

Whole-Time Director

Address :

503, B Vasukamal, Saki Vihar Road, Opposite Saki Vihar Tele Exchange, Mumbai – 400 072, Maharashtra, India

Date of Birth/Age :

15.08.1966

Qualification :

M.Sc., Phd.

Experience :

20 YEARS

Date of Appointment :

01.11.2012

DIN No.:

02981309

Name :

Mr. Pierre Martel

Designation :

Director

Address :

Rue De Saint-Jean 88. Geneva 1201

Date of Birth/Age :

20.07.1955

Date of Appointment :

25.06.2010

DIN No.:

03041894

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	U74990MH1950PTC008117	S G S INDIA PRIVATE LIMITED	Director	25/06/2010	01/06/2010	-	Active	NO

Name :

Mrs. Usha Gangadhar Itraj

Designation :

Whole-Time Director

Address :

1102, Electra, Planet Godrej, Keshavrao Khadye Marg, Jacob Circle, Mahalaxmi (East), Mumbai – 400 011, Maharashtra, India

Date of Birth/Age :

04.05.1958

Date of Appointment :

14.06.2012

DIN No.:

05238595

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	U74990MH1950PTC008117	S G S INDIA PRIVATE LIMITED	Whole-time director	14/06/2012	26/03/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.05.2013

Names of Shareholders	No. of Shares
SGS S.A., Switzerland	799
SGS European Holding B.V., Netherlands	1
Total	800

AS ON 30.05.2013

Equity Share Break up (Percentage of Total Equity)

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing inspection, verification, testing and certification services.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available
Facilities :	--

Banking Relations :	---
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679100
PAN No.:	AACFD4815A
Holding Company :	SGS SA., Switzerland
Fellow Subsidiary Company:	· SGS Austria Control- Co. GmbH · SGS Denmark A/S · SGS Tecnos S.A., Sociedad Unipersonal · SGS Consumer Services Limited · SGS Italia S.r.l. · SGS Portugal · Group Belgium · SGS Espanola · SGS Qualitest Industrie (S.A.S) · SGS United Kingdom Limited · SGS Nederland · SGS Sweden AB · SGS Turkey · SGS Egypt Limited · SGS South Africa (Proprietary) Limited · SGS Togo S.A. · SGS del Peru S.A.C · SGS EL Salvador · SGS de Mexico S.A. de C.V. · SGS Chile Limitada · SGS Bangladesh Limited · SGS Hong Kong Limited · SGS Japan · SGS Testing and Control Services Singapore Pte. Limited · SGS CSTC Std Tech · SGS Vietnam Limited · SGS Saudi Arabia Limited · SGS Korea Company Limited · SGS New Zealand Limited · SGS Pakistan · Societe Hellenique De Survelliance S.A · SGS Multilab · SGS Gulf IBC Dubai(Branch) · SGS Monitoring SAS · Independent Technical Inspection Company · P .T. SGS International Certification Services Indonesia · SGS Maroc S.A · SGS Switzerland · SGS Tanzania Superinitendence Company Limited · USTC Sales · SGS Cameroun S.A · SGS Supervisse Jamaica Limited · SGS Latvia · SGS Zambia · SGS Mangolia LLC · CNS Ghana Trade · SGS Geneva CH · SGS European Holding B.V · SGS Group Management SA · SGS Hungaria KFT · SGS Kenya Limited · SGS Mauritius · SGS Uganda Limited · SGS Canada Inc · SGS U.S. Testing Company Inc. · SGS do Brasil Ltda. · SGS Colombia S.A. · SGS Colombia S.A. · SGS Australia · SGS Lanka (Private) Limited · SGS (Malaysia) Sdn. Bhd. · SGS Taiwan Limited · SGS (Thailand) Limited · SGS( Iran) Limited · SGS Czech Republic SRO · SGS Gulf (UAE Branch) · SGS Phillipines · SGS Agri Lab · SGS Qatar · Wolff Agrilab · SGS Vostok Moscow · SGS (Liban) S.A. · Petrotechnical Inspection (Malaysia) Sdn Bhd. · SGS Norge A/S · Analabs Tanzania · SGS Ukrainee (Odessa) · SGS Argentina S.A · Lakefield Research Inc. · SGS International Certification Services Singapore (PTE) Limited · SGS CTS · SGS Test Singapore · SGS Geneve S.A, · SGS Germany · SGS ICS · SGS Institute Freseni · SGS TUV · SGS Ogc · SGS M-Scan UK · SGS Investments Limited · SGS Supervise Gozet · SGS Supervise Gozet C · SGS Slovakia · SGS Bulgaria · SGS Bosnal I Hercegovina · Reedwood Egypt · SGS Ghana · SGS Mozambique · Consolidated US · SGS Brazil · SGS Myanmar · SGS Singapore · ICS Singapore · FE Taiwan Branch · SGS CSTC · SGS Poland · Laboratory Quality Ser · Monitoring FR · SGS Adriatica · SGS Agri Min · SGS Cote d'lvoire · SGS Finland · SGS ICS France · S G S Inspection Servic · SGS Lab · SGS Oman · SGS Subic Bay · SGS Tunisia · SGS Uruguay · ITI Iran · SGS Canada · SGS Ecuador · SGS Jordan · SGS Institute Fresenius · SGS Romania · SGS Angola · SGS Klaipeda · SGS CSTC Standard Technical S · SGS Greece · SGS Beligum · SGS ICA, Lda · ICS Egypt · SGS Mineral Services · SGS Lebanon · Lo Burkina Faso · SGS Bahari · SGS Pana · SGS ICS Iberica · SGS Morocco · SGS Guatemala · SGS Nigeri · SSC Korea · ICS Brazil · SGS Ghana · SGS Singapore · SGS USTC Sales

CAPITAL STRUCTURE

AS ON 30.05.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.1000/- each	Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
800	Equity Shares	Rs.1000/- each	Rs.0.800 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	0.800	0.800
(b) Reserves & Surplus	3012.708	2400.937
(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)	3013.508	2401.737
(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	53.487	44.078
Total Non-current Liabilities (3)	53.487	44.078
(4) Current Liabilities
(a) Short term borrowings	179.269	176.646
(b) Trade payables	464.105	371.632
(c) Other current liabilities	661.977	601.396
(d) Short-term provisions	7.786	5.784
Total Current Liabilities (4)	1313.137	1155.458
TOTAL	4380.132	3601.273
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1086.433	624.408
(ii) Intangible Assets	6.839	0.000
(iii) Capital work-in-progress	396.834	461.241
(iv) Intangible assets under development or work-in-progress	0.000	7.576
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	240.696	179.575
(d) Long-term Loan and Advances	836.859	771.645
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	2567.661	2044.445
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	1297.761	1172.567
(d) Cash and cash equivalents	206.284	115.094
(e) Short-term loans and advances	199.614	170.191
(f) Other current assets	108.812	98.976
Total Current Assets	1812.471	1556.828
TOTAL	4380.132	3601.273

SOURCES OF FUNDS		31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.800
2] Share Application Money		0.000
3] Reserves & Surplus		2344.846
4] (Accumulated Losses)		0.000
NETWORTH		2345.646
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		2345.646
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		535.453
Capital work-in-progress		119.225
INVESTMENT		0.000
DEFERRED TAX ASSETS		159.994
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	1237.615
	Cash & Bank Balances	309.971
	Other Current Assets	0.000
	Loans & Advances	847.053
Total Current Assets		2394.639
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	487.466
	Other Current Liabilities	176.546
	Provisions	199.653
Total Current Liabilities		863.665
Net Current Assets		1530.974
MISCELLANEOUS EXPENSES		0.000
TOTAL		2345.646

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2012	31.12.2011	31.12.2010
	SALES
		Gross Turnover	5253.619	4639.029	4025.539
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1022.106	1149.103	1238.455
Less/ Add	DEPRECIATION/ AMORTISATION		239.202	212.755	187.861
	PROFIT/ (LOSS) BEFORE TAX		782.904	936.348	1050.594
Less	TAX		171.133	297.213	374.807
	PROFIT/ (LOSS) AFTER TAX		611.771	639.135	675.787
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1649.812	1657.635	981.848
Less	APPROPRIATIONS
		Interim Dividend	0.000	500.000	0.000
		Corporate Dividend Tax	0.000	83.044	0.000
		Transfer to General Reserve	0.000	63.914	0.000
	BALANCE CARRIED TO THE B/S		2261.583	1649.812	1657.635
	EARNINGS IN FOREIGN CURRENCY		928.897	715.978	NA
	Earnings/ (Loss) Per Share (Rs.)		764713.75	798918.75	NA

KEY RATIOS

PARTICULARS		31.12.2012	31.12.2011	31.12.2010
Return on Total Assets (PBT/Total Assets}	(%)	20.92	31.71	35.86
Return on Investment (ROI) (PBT/Networth)		0.26	0.39	0.45
Debt Equity Ratio (Total Debt /Networth)		0.06	0.07	0.00
Current Ratio (Current Asset/Current Liability)		1.38	1.35	2.77

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	No
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 Loan	31.12.2012 (Rs. in millions)	31.12.2011 (Rs. in millions)
SHORT-TERM BORROWINGS
Working capital loans from banks	179.269	176.646
Total	179.269	176.646

Note:

No Charges Exist for the Company.

FIXED ASSETS:

Tangible assets

· Land

· Buildings

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Leasehold Improvements

Intangible assets

· Computer Software

WEBSITE DETAILS:

PRESS RELEASES:

SGS INDIA AWARDED COAL INSPECTION AGENCY OF THE YEAR

October 21, 2013

SGS India Private Limited has recently been awarded the Coal Inspection Agency of the Year at the 7th Annual Indian Coal Markets Conference and Awards Dinner 2013.

This prestigious award was presented to SGS for the services the company renders to clients across the entire spectrum of the coal industry. The Annual Coal Markets Awards are unique as the awards are entirely driven by client nominations and votes. SGS was voted as the number one Coal Inspection Agency in India as clients felt that the company had excelled in its performance and service offering.

Organised by IHS McCloskey and mjunction, the annual awards are a highlight for companies operating in the coal industry. This year’s ceremony was held at the Westin, Gurgaon in September. The Coal Inspection Agency award was received by Kuchimanchi Mehar, Director – Minerals Services, SGS India Private Limited.

Speaking about the honor, Mr. Mehar stated, “This customer-driven award highlights the immense trust our clients bestow on us as their coal inspection agency. For SGS, building trust among our stakeholders is key in what we do and this award reiterates our success. Equally, the award is a testimony of the industry best practices that SGS demonstrates in the coal inspection area, not only in India, but globally. Our focus on integrity forms the cornerstone of our business.”

Around the world, SGS offers a wide range of services to the minerals sector including sustainable geochemical analysis, resource calculation, mineralogy, metallurgy, advanced systems, water treatment and trade services.

SGS INDIA INAUGURATES STATE OF THE ART LABORATORY IN CHENNAI

December 12, 2012

SGS India recently announced the inauguration of its largest laboratory and facility in India. Located at Ambattur, Chennai, the facility was opened by Chris Kirk, Chief Executive Officer, SGS Limited and houses multiple state of the art laboratories along with inspections and audit services.

The state of the art facility has been designed to offer testing, inspection and certification services for textile, footwear, PPE, food, environmental, agricultural, minerals and industrial products. The laboratory and facility adheres to the best quality standards set by the industry and regulatory bodies alike. In addition to being SGS’ largest laboratory in India, the facility is also the most efficient one, with special emphasis being placed on work flow movement. The facility is also a benchmark in meeting our commitments to corporate sustainability, with solar powered external lighting, rainwater harvesting, a building management system and dedicated Zero Discharge Effluent Treatment Plant (ETP) enabling considerable water saving every day.

The facility comprises of the following key laboratories among others:

· Personal Protective Equipments (PPE) Testing Laboratory

· Restricted Substance and Product Testing Laboratory

· Footwear Testing Laboratory

· Microbiology Laboratory

· Pesticide Testing Laboratory

· Environmental Laboratory

· Mineral Laboratory

· Food and Agriculture Laboratory

Speaking on the occasion, Chris Kirk, Chief Executive Officer, SGS Limited said “Our new laboratory and facility in Ambattur, Chennai will help us to offer world class services to our clients and set a new benchmark in the Testing, Inspection, Verification and Certification space, helping us further to achieve our goal of being the best service organisation in the world.”

The addition of this new laboratory and facility in the SGS network will add new capabilities and capacities to the ever expanding SGS India network.

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 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.61.90
UK Pound	1	Rs.102.74
Euro	1	Rs.85.15

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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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