MIRA INFORM REPORT

Report Date :

17.01.2014

IDENTIFICATION DETAILS

Name :	COREEL TECHNOLOGIES (INDIA) PRIVATE LIMITED
Formerly Known As :	CG-COREEL PROGRAMMABLE SOLUTIONS PRIVATE LIMITED
Registered Office :	21, 7^th Main, 1^st Block, Koramangala, Bangalore 560034, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.04.1999
Com. Reg. No.:	08-033050
Capital Investment / Paid-up Capital :	Rs.55.632 Millions
CIN No.: [Company Identification No.]	U72200KA1999PTC033050
TAN No.: [Tax Deduction & Collection Account No.]	BLRC01529D
PAN No.: [Permanent Account No.]	AAbCC1915E
Legal Form :	Private Limited Liability Company
Line of Business :	Provider of VLSI and Embedded System design services and Intellectual Property.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 710000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has seen a dip in its sales volume as well as profitability during 2013. However, the financial position appears to be decent. Trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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 / Head Office :	21, 7^th Main, 1^st Block, Koramangala, Bangalore 560034, Karnataka, India
Tel. No.:	91-80-41970400
Fax No.:	91-80-30723638
E-Mail :	sales@coreel.com (Sales Enquires) careers@coreel.com (Careers related Enquires) marketing@coreel.com (Press and Media Enquires) info@coreel.com (General Information)
Website:	www.coreel.com
India Sales and Marketing Office :	Located At · Bangalore · Hyderabad · Gurgaon · Kolkata · Pune
International Sales Representatives :	Tamscin Corp, 1924 Edgewood Drive, Palo Alto, CA 94303, USA
Tel. No.:	1 408 646 8498
E-Mail :	aditya@tamscin.com
United Kingdom:	Leading Light Technologies Limited (L2Tek Ltd.), 6 Cavendish Gardens, Church Crookham, Fleet Hans GU52 6PD, United Kingdom
Tell No.:	44 125 268 1238
Mobile No.:	44 751 528 2184
Fax No.:	48 844 736 5912
Email ID :	mark@12tek.co.uk

DIRECTORS

As on 01.07.2013

Name :

Mr. Chetan Vadilal Sanghvi

Designation :

Managing Director

Address :

45131, Manzanita CT Fremont Ca 94539, USA

Date of Birth/Age :

14.02.1956

Date of Appointment :

01.04.2013

DIN No.:

02813779

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	U33112PN1995PTC093837	COLOGICX SYSTEMS Private Limited	Director	14/03/1997	14/03/1997	-	Active	NO
2	U72200KA1999PTC033050	CoreEl Technologies (India) Private Limited	Managing director	01/04/2013	01/07/1999	-	Active	NO

Name :

Mr. Kewal Krishan Nohria

Designation :

Director

Address :

11, Aryavartha, N D Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

04.10.1932

Date of Appointment :

29.08.2000

PAN No.:

AACPN8340G

DIN No.:

00060015

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	L74140PN1986PLC041033	ACCELYA KALE SOLUTIONS LIMITED	Director	08/10/1988	08/10/1988	-	Active	NO
2	U24295GA1988PLC000921	CG-PPI ADHESIVE PRODUCTS LIMITED	Director	04/11/1988	04/11/1988	-	Active	NO
3	U74899DL1993PTC051849	ITRON METERING SOLUTIONS INDIA PRIVATE LIMITED	Director	22/01/1993	22/01/1993	29/10/2010	Active	NO
4	L29142TN1992PLC021997	IGARASHI MOTORS INDIA LIMITED	Director	03/07/1993	03/07/1993	-	Active	NO
5	U31404TN1993PTC025779	AGILE CONSUMER ELECTRIC INDIA Private Limited	Director	13/09/1993	13/09/1993	28/03/2011	Active	NO
6	U33112PN1995PTC093837	COLOGICX SYSTEMS Private Limited	Director	14/03/1997	14/03/1997	24/09/2013	Active	NO
7	U60231KA1984PTC006017	MAINI MATERIALS MOVEMENT PRIVATE LIMITED	Director	21/07/2007	24/09/1998	-	Active	NO
8	U27201KA1972PTC002307	MAINI PRECISION PRODUCTS PRIVATE LIMITED	Director	19/09/2007	26/03/1999	-	Active	NO
9	U72200KA1999PTC033050	CoreEl Technologies (India) Private Limited	Director	29/08/2000	29/08/2000	-	Active	NO
10	U74999HR2000PLC035269	GROW TALENT COMPANY LIMITED	Director	09/09/2000	09/09/2000	-	Active	NO
11	U72200DL2001PTC112820	SUKARMA TECHNOLOGIES PRIVATE LIMITED	Director	14/03/2002	14/03/2002	04/08/2008	Active	NO
12	U74899DL2001PTC111383	FONTUS WATER Private Limited	Director	02/01/2003	02/01/2003	-	Active	NO
13	U74899DL2000PTC105715	E A WATER PRIVATE LIMITED	Director	01/07/2003	01/07/2003	-	Active	NO
14	U74999HR2004PLC035286	ACQVIRE TALENT SERVICES LIMITED	Director	14/01/2004	14/01/2004	-	Amalgamated	NO
15	U31102TN2003PTC052057	AGILE ELECTRIC DRIVES TECHNOLOGIES AND HOLDINGS PRIVATE LIMITED	Director	20/05/2004	20/05/2004	-	Amalgamated	NO
16	U74899DL2000PTC103848	NET HOLDINGS PRIVATE LIMITED	Director	15/06/2004	15/06/2004	-	Active	NO
17	U29299MH1964PLC013087	C.T.R. MANUFACTURING INDUSTRIES LIMITED	Director	15/07/2004	15/07/2004	-	Active	NO
18	U31102TN2004PTC054140	AGILE ELECTRIC TECHNOLOGIES PRIVATE LIMITED	Director	26/09/2008	19/01/2005	-	Amalgamated	NO
19	U85110MH2001PTC132960	TANCLEAN PRIVATE LIMITED	Director	01/04/2005	01/04/2005	31/07/2008	Active	NO
20	U20200MH1956PLC009899	JOLLY BOARD LIMITED	Director	25/07/2005	25/07/2005	-	Active	NO
21	U51505DL1997PTC089785	AVENTURA COMPONENTS PRIVATE LIMITED	Director	05/10/2005	05/10/2005	-	Active	NO
22	U40100MH2005PTC156964	POWER ENERGY CONSERVATION (INDIA) PRIVATE LIMITED	Director	21/10/2005	21/10/2005	-	Strike off	NO
23	U51505TN2005PTC057898	IGARASHI MOTORS SALES PRIVATE LIMITED	Director	31/10/2006	31/10/2006	-	Active	NO
24	L99999MH1982PLC026191	PRADEEP METALS LIMITED	Director	05/09/2008	14/04/2008	-	Active	NO
25	U24134MH1986PTC038671	POLYMERMANN (ASIA) PRIVATE LIMITED	Director	18/06/2010	20/11/2009	-	Active	NO
26	U85100DL2009PTC227463	Healthpoint Services India Private Limited	Director	23/09/2011	12/09/2011	-	Active	NO
27	U80903HR2012NPL045688	Inspired Leadership Gurukul	Director	20/04/2012	20/04/2012	-	Active	NO
28	U24299DL2005PTC142116	GEIST RESEARCH PRIVATE LIMITED	Director	22/04/2013	22/04/2013	-	Active	NO

Name :

Mr. Ramesh N Babu

Designation :

Managing Director

Address :

No.404, Sobha Garnet Iblur, Sarjapura Road Bangalore-560034, Karnataka, India

Date of Birth/Age :

02.10.1952

Date of Appointment :

31.03.2013

PAN No.:

ACZPN5953E

DIN No.:

00390146

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	U72200KA1999PTC033050	CoreEl Technologies (India) Private Limited	Director	31/03/2013	12/06/2001	-	Active	NO
2	U36912MH2011PTC217719	iGlow Building Solutions Private Limited	Additional director	10/06/2013	10/06/2013	-	Active	NO

Name :

Mr. Vishwanath Padur

Designation :

Director

Address :

Vasuki, 3^rd Main VIbhudhamanya Nagar, Dondnagudde, Udupi – 576102, Karnataka, India

Date of Birth/Age :

20.08.1968

Date of Appointment :

16.07.2004

PAN No.:

ABAPP1071B

DIN No.:

00390160

Name :

Mr. Suryanarayana Murthy Trikutam

Designation :

Director

Address :

No.702, Renaissance Park -2, No.26/01,01, Main Industrial Suburb Malleshwaresm, West Bangalore – 560055, Karnataka, India

Date of Birth/Age :

24.07.1955

Date of Appointment :

29.09.2010

PAN No.:

ABNPM9419R

DIN No.:

02974727

MAJOR SHAREHOLDERS

As on 01.07.2013

Names of Shareholders	No. of Shares
Kewal Krishan Nohria	1305000
Chetan Vadilal Sanghvi	1276125
Vadilal M Sanghvi	1177325
CG Programmable Employees Stock Option Trust, India	434992
Ramesh Babu	376375
P. Vishwanath	420500
Sujay S W	32750
Aravind P Pamli	31750
T A Ramaswamy	32288
Champa Vadilal Sanghvi	271000
N. Neeharika	100000
Sivkiran Nagisetty	1250
T.S.N Murthy	42375
Naveen Reddy	2000
Vikas Akalewadi	1250
Charulatha Jayesh Shah	50500
Sairam kintali Patro	5000
Guru Prasad	1500
Sachin Vayas	1250
Total	5563230

Equity Share Break up (Percentage of Total Equity)

As on 01.07.2013

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	22.94
Bodies corporate	7.82
Directors or relatives of Directors	67.30
Other top fifty shareholders	1.94
Total	100.00

BUSINESS DETAILS

Line of Business :

Provider of VLSI and Embedded System design services and Intellectual Property.

Products :

Product description	ITC Code
Computer and packaged Software	99612840

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Canara Bank, Koramangala Layout Branch, Bangalore - 560034, Karnataka, India

· Canara Bank, 100 Feet Road IV Block, Kormangala Bangalore 560034, Karnataka, India

· The Karanataka Bank Limited, Nehrunagar Branch, Bangalore-560020, Bangalore - 560020, Karnataka, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Working capital loans from bank	14.307	11.729
Total	14.307	11.729

Notes:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Loans repayable on demand from banks
Karnataka Bank Overdraft Account	14.307	11.729

The overdraft from bank is secured against:

1. Hypothecation of plant and machinery, projectors, network components, access control system, electrical items, office equipment and furniture and fixtures

2. Hypothecation of stocks and

3. Assignment of book debts

Banking Relations :	--
Financial Institutions :	The Hongkong and Shanghai Banking Corporation Limited, No 7,Mahatma Gandhi Road, Bangalore - 560001, Karnataka, India
Auditors :
Name :	Sharp and Tannan Chartered Accountant
Address :	103, Midford House, Midford Garden, Bangalore 560001, Karnataka, India
PAN No.:	AAAFS2967E
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Core Designeering LLC, USA · Cologicx Systems Limited, Pune CIN No.: U33112PN1995PTC093837
Others :	VYUsync Design Solutions Private Limited CIN No.: U72200KA2011PTC057927

CAPITAL STRUCTURE

As on 01.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5563230	Equity Shares	Rs.10/- each	Rs.55.632 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	55.632	55.632	55.632
(b) Reserves & Surplus	120.753	114.952	101.018
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	176.385	170.584	156.650
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	14.908	12.976	10.773
Total Non-current Liabilities (3)	14.908	12.976	10.773
(4) Current Liabilities
(a) Short term borrowings	82.307	41.729	5.112
(b) Trade payables	82.183	57.071	108.644
(c) Other current liabilities	95.644	37.390	24.988
(d) Short-term provisions	5.316	11.525	10.154
Total Current Liabilities (4)	265.450	147.715	148.898
TOTAL	456.743	331.275	316.321
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	21.775	21.770	22.123
(ii) Intangible Assets	14.070	7.885	7.403
(iii) Capital work-in-progress	1.933	0.000	0.000
(iv) Intangible assets under development	47.714	5.883	3.049
(b) Non-current Investments	0.000	0.000	5.359
(c) Deferred tax assets (net)	5.606	4.195	0.000
(d) Long-term Loan and Advances	4.155	4.131	3.957
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	95.253	43.864	41.891
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	43.347	23.823	23.544
(c) Trade receivables	207.949	204.974	145.387
(d) Cash and cash equivalents	63.350	29.901	72.828
(e) Short-term loans and advances	46.844	28.713	32.671
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	361.490	287.411	274.430
TOTAL	456.743	331.275	316.321

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	623.885	640.245	528.355
		Other Income	3.633	1.943	1.189
		TOTAL (A)	627.518	642.188	529.544
Less	EXPENSES
		Cost of Materials Consumed
		Employee Benefits Expenses
		Other Expenses
		TOTAL (B)	599.484	603.961	475.941
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		28.034	38.227	53.603
Less	FINANCIAL EXPENSES (D)		8.947	3.907	0.759
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.087	34.320	52.844
Less	DEPRECIATION/ AMORTISATION (F)		10.967	9.148	9.928
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		8.120	25.172	42.916
Less	TAX (H)		2.318	11.238	5.069
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		5.801	13.934	37.847
	EARNINGS IN FOREIGN CURRENCY		125.152	147.631	150.093
	Earnings Per Share (Rs.)		1.04	2.50	6.80

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.92	2.17	7.15
Net Profit Margin (PBT/Sales)	(%)	1.30	3.93	8.12
Return on Total Assets (PBT/Total Assets}	(%)	2.04	7.94	14.12
Return on Investment (ROI) (PBT/Networth)		0.05	0.15	0.27
Debt Equity Ratio (Total Debt /Networth)		0.47	0.24	0.03
Current Ratio (Current Asset/Current Liability)		1.36	1.95	1.84

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Loans and advances from others	8.000	0.000
Loans and advances from related parties	60.000	30.000
Total	68.000	30.000

Notes:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Loans repayable on demand from banks
Canara Bank Account	8.000	0.000
Loan from director - repayable on or before June 30, 2013 along with 14% interest per annum	40.000	30.000
Loan from director - repayable on or before March 31, 2014 along with 14% interest per annum	20.000	0.000

REVIEW OF OPERATIONS AND FUTURE OUTLOOK:

The year can be considered as a year of investment for the future. The company invested significantly in Research and Development and other development activities that would yield high returns in the years to come. In a short period of about four years we are considered a clear leader in the complex digital electronics systems and the VLSI segment of the defence market. Considering they have overtaken over a dozen established companies in this segment, and now considered among the top three defence equipment designers and suppliers to the DRDO labs and assigned manufacturing agencies is noteworthy.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10365754	19/07/2012	110,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	NO 7, MAHATMA GANDHI ROAD, BANGALORE, BANGALORE, Karnataka - 560001, INDIA	B43731140
2	10335682	25/01/2012	55,000,000.00	THE KARNATAKA BANK	THE KARANATAKA BANK LIMITED, NEHRUNAGAR BRANCH, BANGALORE-560020, BANGALORE, Karnataka - 560020, INDIA	B32180382
3	10265926	03/02/2011	20,000,000.00	THE KARNATAKA BANK LTD	SUBHASHNAGAR BRANCH, BANGALORE, Karnataka - 560023, INDIA

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Computer

· Vehicles

PRESS RELEASES:

COREEL REACHED VALUE ADDED RESELLER AGREEMENT WITH COGNIMEM TECHNOLOGIES

Cognimem Technologies announced a value added reseller agreement with CoreEL Technologies, by which CoreEL technologies will now sell, distribute, integrate and support Cognimem range of products for the Indian region.

CogniMem is committed to providing truly parallel hardware based solutions towards solving AI and pattern recognition problems. The CogniMem technology is not based on von-Neumann computing techniques, but on a scalable, memory like structure that combines distributed memory and parallel hardware processing to eliminate the bottleneck inherent in traditional serial processing solutions. Solutions using CogniMem technology are not coded, but taught. Our mission includes providing development tools and modules to help customers solve their difficult pattern recognition problems as part of their overall product offering.

CoreEL Technologies will distribute the Cognimem range of IP’s to its defense and home land security customers and support the integration of these IP’s into the various indigenous defense programs of India. The wide reach and deep connect of CoreEL with its defense lab customers will help Cognimem Technologies expand into the Indian market effectively. Cognimem range of products and IPs will be a significant technological differentiator for CoreEL as it treads the path of “Concept to manufactured systems”. The technical expertise of CoreEL in video technologies, Radar, Sonar and EW arena will be an enabler for integration of Cognimem range of products in various solutions being pioneered by CoreEL

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.61.59
UK Pound	1	Rs.101.73
Euro	1	Rs.83.99

INFORMATION DETAILS

Report Prepared by :

VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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	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		47

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.