MIRA INFORM REPORT

Report Date :

21.01.2014

IDENTIFICATION DETAILS

Name :	SASMOS HET TECHNOLOGIES LIMITED (w.e.f.04.12.2012)
Formerly Known as:	SASMOS Empowering Solution Private Limited (w.e.f.19.05.2008) SasMos HET Technologies Private Limited
Registered Office :	Block GA, NPR Complex, Plot No.311, Survey No.197, Hoody Village, K.R. Puram Hobli, Bangalore East Taluk, Bangalore- 560048, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.11.2007
Com. Reg. No.:	08-044415
Capital Investment / Paid-up Capital :	Rs. 13.514 Million
CIN No.: [Company Identification No.]	U72900KA2007PLC044415
TAN No.: [Tax Deduction & Collection Account No.]	BLRS27242F
PAN No.: [Permanent Account No.]	AALCS3539C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Aerospace, Defence, Marine Industry Production Assemblies, Wiring Harnesses, Cable Assemblies and Electrical Panels.
No. of Employees :	149 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 93000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company is continuously incurring losses from its last two years of operations. However, Trade relation are reported to be fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealing with some cautions.

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long-Term Rating (BB-)
Rating Explanation	Moderate risk of default
Date	31 May, 2013

Rating Agency Name	CRISIL
Rating	Short-Term Rating (A4+)
Rating Explanation	Minimal degree of safety it carry very high credit risk.
Date	31 May, 2013

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:	Block GA, NPR Complex, Plot No.311, Survey No.197, Hoody Village, K.R. Puram Hobli, Bangalore East Taluk, Bangalore- 560048, Karnataka, India
Tel. No.:	91-80-42461200 / 42461227 / 28419740
Fax No.:	91-80-42461300
E-Mail :	pawan.vvr@sasmos.com sales@sasmos.com secretary@sasmos.com
Website :	http://www.sasmos.com

DIRECTORS

AS ON 30.07.2013

Name :

Mr. Chandrashekar Govindarao Hosa Agrahara

Designation :

Managing Director

Address :

C3, 105 South City Apartments Arekere, MICO Layout, Banneraghatta Road, Bangalore – 560076, Karnataka, India

Date of Birth/Age :

22.07.1964

Qualification :

BE

Experience :

24 Years

Date of Appointment :

01.04.2013

DIN No.:

01790005

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	U72200KA2007PTC044005	Citadel Hardsoft Solutions India Private Limited	Managing director	12/02/2009	28/09/2007	-	Active	NO
2	U72900KA2007PLC044415	SASMOS HET TECHNOLOGIES LIMITED	Managing director	01/04/2013	19/11/2007	-	Active	NO
3	U51505KA2009PTC049079	Ray-Q Interconnection Technologies India Private Limited	Director	06/02/2009	06/02/2009	01/06/2011	Active	NO

Name :

Mr. Pawan Vetcha Venkatarama

Designation :

Director

Address :

Flat No. B-207, Ittina Abby Apts, L.B Shastri Nagar, Vimanapura Post, Bangalore – 506017, Karnataka, India

Date of Birth/Age :

15.11.1977

Qualification :

B.Com, ICWA

Experience :

14 Years

Date of Appointment :

30.12.2010

DIN No.:

03355303

Name :

Mr. Ganesh Lakshminarayan

Designation :

Director

Address :

Door No. 5A, Valliammai Achi Road, Kotturpuram, Chennai – 600 085, Tamilnadu, India

Date of Birth/Age :

18.03.1954

Date of Appointment :

26.07.2012

PAN No.:

00012583

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	Company/ LLP Status	Defaulting status
1	L35999TN1936PLC002202	RANE HOLDINGS LIMITED	Managing director	01/04/2011	26/06/1986	Active	NO
2	L35999TN1964PLC005276	RANE BRAKE LININGS LIMITED	Director	26/09/1986	26/09/1986	Amalgamated	NO
3	U35999TN1987PLC014600	RANE TRW STEERING SYSTEMS LIMITED	Nominee director	03/07/1987	03/07/1987	Active	NO
4	L34103TN1967PLC005539	RANE ENGINE VALVES LIMITED	Managing director	10/04/1989	10/04/1989	Amalgamated	NO
5	L85110TN1936PLC071646	KAR MOBILES LIMITED	Director	06/01/1994	06/01/1994	Active	NO
6	L92490TN1983PLC009903	EIH ASSOCIATED HOTELS LIMITED	Director	23/03/1994	23/03/1994	Active	NO
7	U29141TN1995PLC030621	RANE NSK STEERING SYSTEMS LIMITED	Nominee director	22/03/1995	22/03/1995	Active	NO
8	U65993TN1982PLC009748	RANE INVESTMENTS LIMITED	Director	26/06/1995	26/06/1995	Amalgamated	NO
9	U51909DL1991PLC042645	JMA RANE MARKETING LIMITED	Director	26/04/1997	26/04/1997	Active	NO
10	L74999TN1972PLC006127	RANE ENGINE VALVE LIMITED	Managing director	01/04/2011	29/03/1999	Active	NO
11	L65993TN2004PLC052856	RANE (MADRAS) LIMITED	Director	31/03/2004	31/03/2004	Active	NO
12	U27104TN1996PLC060251	RANE DIECAST LIMITED	Nominee director	17/08/2005	17/08/2005	Active	NO
13	L63011TN2004PLC054948	RANE BRAKE LINING LIMITED	Director	22/07/2008	18/06/2007	Active	NO
14	L55101WB1949PLC017981	EIH LIMITED	Director	30/01/2008	30/01/2008	Active	NO
15	U72900KA2007PLC044415	SASMOS HET TECHNOLOGIES LIMITED	Director	26/07/2012	03/11/2011	Active	NO

Name :

Mr. Harsh Lakshman

Designation :

Director

Address :

G-B NO. 11, Prithvi Avenue, 2^nd Street, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

12.02.1974

Date of Appointment :

26.07.2012

DIN No.:

00012602

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	Company/ LLP Status	Defaulting status
1	U29141TN1995PLC030621	RANE NSK STEERING SYSTEMS LIMITED	Nominee director	01/01/2002	01/01/2002	Active	NO
2	U65993TN1982PLC009748	RANE INVESTMENTS LIMITED	Director	15/09/2003	15/09/2003	Amalgamated	NO
3	U51909DL1991PLC042645	JMA RANE MARKETING LIMITED	Director	02/12/2003	02/12/2003	Active	NO
4	L65993TN2004PLC052856	RANE (MADRAS) LIMITED	Director	31/03/2004	31/03/2004	Active	NO
5	L35999TN1936PLC002202	RANE HOLDINGS LIMITED	Director	19/05/2004	19/05/2004	Active	NO
6	U27104TN1996PLC060251	RANE DIECAST LIMITED	Nominee director	17/08/2005	17/08/2005	Active	NO
7	U35999TN1987PLC014600	RANE TRW STEERING SYSTEMS LIMITED	Managing director	01/04/2012	01/06/2006	Active	NO
8	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	08/09/2006	08/09/2006	Active	NO
9	U40101TN2008PTC067780	Savithur Enterprises Private Limited	Director	16/05/2008	16/05/2008	Active	NO
10	L63011TN2004PLC054948	RANE BRAKE LINING LIMITED	Director	20/07/2009	22/07/2008	Active	NO
11	L74999TN1972PLC006127	RANE ENGINE VALVE LIMITED	Director	22/07/2009	23/07/2008	Active	NO
12	U74900KA2008PTC048723	BROADVISION PERSPECTIVES INDIA PRIVATE LIMITED	Director	29/12/2008	29/12/2008	Active	NO
13	U85191KA2008PTC048722	BROADVISION SERVICES PRIVATE LIMITED	Director	29/12/2008	29/12/2008	Active	NO
14	U70101TN2010PTC074727	HL Hill Station Properties Private Limited	Director	26/02/2010	26/02/2010	Active	NO
15	U85320TN1999NPL041989	YOUNG PRESIDENTS ORGANISATION (CHENNAI CHAPTER)	Director	02/12/2013	14/09/2011	Active	NO
16	U72900KA2007PLC044415	SASMOS HET TECHNOLOGIES LIMITED	Director	26/07/2012	03/11/2011	Active	NO

Name :

Mr. Paramjeet Singh.

Designation :

Director

Address :

C-303, Veracious Sonesta Apartments, Murugeshpalya, Ashoka Avenue, KR Gardens, Bangalore – 560017, Karnataka, India

Date of Birth/Age :

06.10.1966

Qualification :

Masters from Indian institute of Science, Bangalore

Experience :

17 Years

Date of Appointment :

24.05.2013

DIN No:

02780424

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	Company/ LLP Status	Defaulting status
1	U72200KA2007PTC044005	Citadel Hardsoft Solutions India Private Limited	Director	30/09/2009	20/07/2009	Active	NO
2	U72900KA2007PLC044415	SASMOS HET TECHNOLOGIES LIMITED	Whole-time director	24/05/2013	03/11/2011	Active	NO

Name :

Mr. Paul Eugene Cornella Krieckaert

Designation :

Director

Address :

De Koperslanger 9, Heeze, MT5591, Netherland.

Date of Birth/Age :

12.10.1956

Date of Appointment :

26.07.2012

DIN No:

02058791

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	U72200KA2007PTC044005	Citadel Hardsoft Solutions India Private Limited	Director	20/12/2007	20/12/2007	-	Active	NO
2	U72900KA2007PLC044415	SASMOS HET TECHNOLOGIES LIMITED	Director	26/07/2012	03/11/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ram sanjiv
Designation :	Operation
Qualification :	Machanical Engineer
Experience :	18 Years
Name :	Mr. P. Santhana Kumar
Designation :	Sales & Marketing
Qualification :	BE (Machanical)
Experience :	20 Years

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.07.2013

Names of Shareholders	No. of Shares
Chandrashekar Govindarao Hosa Agrahara	705000
Paramjeet Singh, Bangalore	20000
Pawan Vetcha Venkatarama	15000
Harish Lakshman	10
Ganesh Lakshminarayan	10
Rane Holdings Limited, India.	351380
Lumipol International BV, Netherlands	259999
Total	1351399

As on 30.07.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings (Foreign institutional investor(s), Foreign Companie(s) Foreign financial institution(s). Non-resident Indian(s) or Overseas corporate bodies or Others)	19.24
Bodies corporate (not mention above)	26.00
Directors or relatives of directors	54.76
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Aerospace, Defence, Marine Industry Production Assemblies, Wiring Harnesses, Cable Assemblies and Electrical Panels.

GENERAL INFORMATION

No. of Employees :

149 (Approximately)

Bankers :

· Bank of Baroda

Mid Corporate branch, 1^st floor, 74, Theagaraya Road, T. Nagar, Chennai- 600017, Tamilnadu, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short Term Borrowings
Working Capital Loans repayable on demand from banks	45.853	36.949
Total	45.853	36.949
Short Term Borrowing from banks are secured by hypothecation of stocks, receivables and collaterally secured by hypothecation of existing plant and machinery. It is also secured by personal guarantee of two directors of the company. In addition Corporate Guarantee issued by YES Bank, Chennai to the extent of Rs. 30.000 Million has been furnished to the lending bank. There has been no continuing default as on the Balance Sheet in repayment of loans and interest.

Banking Relations :	----
Auditors :
Name :	Varma and Varma (Chartered Accountant)
Address :	No.887, 11^th Main, 4^th Cross, HAL 2^nd Stage, Bangalore- 560008, Karnataka, India.
PAN No:	AABFV9555E
Related Party:	· Ecology Group BV · Citadal Hardsoft Solutions India Private · Lumipol International BV(Citechma Industries BV, Citadel Industries BV) · Rane Holdings Limited · Rane (Madras) Limited

CAPITAL STRUCTURE

AS ON 30.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- Each	Rs.15.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1351399	Equity Shares	Rs.10/- Each	Rs.13.514 Million

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	13.514	13.514	10.000
(b) Reserves & Surplus	9.798	62.608	(3.549)
(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)	23.312	76.122	6.451
(3) Non-Current Liabilities
(a) long-term borrowings	19.940	15.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	1.001
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.105	1.713	0.000
Total Non-current Liabilities (3)	23.045	16.713	1.001
(4) Current Liabilities
(a) Short term borrowings	45.853	36.949	44.075
(b) Trade payables	70.639	75.253	91.969
(c) Other current liabilities	88.625	42.377	30.956
(d) Short-term provisions	0.304	0.187	0.115
Total Current Liabilities (4)	205.421	154.766	167.115
TOTAL	251.778	247.601	174.567
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24.487	23.239	17.194
(ii) Intangible Assets	3.719	2.533	4.195
(iii) Capital work-in-progress	0.018	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	4.889	5.727	1.527
(d) Long-term Loan and Advances	4.967	4.967	2.817
(e) Other Non-current assets	15.067	7.681	5.439
Total Non-Current Assets	53.147	44.147	31.172
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	63.614	78.608	73.042
(c) Trade receivables	90.673	89.777	55.461
(d) Cash and cash equivalents	14.468	9.164	6.287
(e) Short-term loans and advances	29.325	25.691	8.538
(f) Other current assets	0.551	0.214	0.066
Total Current Assets	198.631	203.454	143.395
TOTAL	251.778	247.601	174.567

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.02.2012	31.03.2011
	SALES
		Revenue from operation	220.634	236.264
		Other Income	0.809	0.466
		TOTAL (A)	221.443	236.730	140.794
Less	EXPENSES
		Cost of Material Consumed	133.896	145.976
		Work in Progress	15.201	(5.010)
		Employee Benefit Expenses	68.980	49.387
		Other Expenses	35.870	37.278
		TOTAL (B)	253.947	227.631	0.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(32.504)	9.099	140.794
Less	FINANCIAL EXPENSES (D)		11.704	7.829	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(44.208)	1.270	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.764	5.727	NA
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(51.972)	(4.457)	3.370
Less	TAX (I)		0.838	(4.200)	(1.491)
	PROFIT / (LOSS) AFTER TAX (G-I) (J)		(52.810)	(0.257)	4.861
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	140.245	170.990	99.357
	TOTAL EARNINGS		140.245	170.990	99.357
	IMPORTS
		Raw Materials	74.922	105.094	49.373
		Capital Goods	1.841	1.569	0.000
	TOTAL IMPORTS		76.763	106.663	49.373
	Earnings Per Share (Rs.10/- Each)		(39.08)	(0.22)	4.86

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(23.84)	(0.11)	3.45
Net Profit Margin (PBT/Sales)	(%)	(23.55)	(1.87)	2.39
Return on Total Assets (PBT/Total Assets}	(%)	(21.05)	(1.84)	1.95
Return on Investment (ROI) (PBT/Networth)		(2.23)	(0.06)	0.52
Debt Equity Ratio (Total Liability/Networth)		21.90	15.49	6.83
Current Ratio (Current Asset/Current Liability)		0.97	1.31	0.86

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	No
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	Yes

UNSECURED LOANS:

Particulars	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long Term Borrowings
Loans & advances from Related Parties	19.940	15.000
Total	19.940	15.000

This loan which was contract as repayable on demand has been agreed to be repaid over a period extending beyond 31.03.2013. The terms of repayment of the loan has been subsequently revised at the board meeting held during the year and hence there is no continuing default on the repayment of principal as at the end of the year.

REGISTERED OFFICE CHANGE:

Registered office of the company has been shifted from 1 and 2 Floor, Supra Chambers, Plot No.P1, ITI Ancillary Industrial Estate, Dyvasandra, Whitefield Road, Mahadevapura, Bangalore – 560048, Karnataka, India to the present address w.e.f.18.01.2012.

FINANCIAL PERFORMANCE:

During the year, the company had a negative growth of 9% in the total revenue over the previous year. It was a tough year for the company on account of operational issues, delay in receipt of customers’ orders and cash flow problems taking a toll turnover of the company, resulting into a loss of INR 52.710 Million during the year

However, the year had a bright side in terms of new orders booked to the tune of INR 842.000 Million for deliveries in 2013-14, 2014-15, and 2015-16. The company has set up an annual Operating Plan of INR 384.900 Million for 2013-14 and has been able to book all the orders for achieving this plan, during the year. The Management is confident to turnaround the performance in 2013-14

BUSINESS:

There has been no change in the primary business of the company. Product quality and timely delivery always being the prime focus of the company and has paid off again in this year. The customer have shown their immense confidence in the company, by awarding contracts worth INR 842.000 Million for delivery in the next 2 - 3 year. The company also has RFQ's worth INR 250.000 Million at various stages which could be a strong pillar for the future growth of the company.

Overall outlook of the business is strong with the: company adding mare customers from different geography like Europe and US. The company expects better leverage business opportunity by adding a new segment, to offer solutions in the high and system integration and development in electronic hardware and software for aerospace and defence markets.

CONVERSION TO PUBLIC LIMITED:

As you are aware, the members of the company at the Extra Ordinary General Meeting held on 26.10.2012 gave consent to convert the company to public Limited. The register of Companies, Karnataka vide fresh certificate of incorporation consequent upon change of name on conversion to public limited company issued on 04.12.2012 approved the conversion and name of the company has been changed to SasMos HET Technologies Limited with effect from 04.12.2012 This wilt mark beginning of a new era in the history of the company

CONTINGENT LIABILITIES AND COMMITMENTS:

Particular	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Contingent Liabilities
Claims against the company not acknowledged as debt	1.139	1.139
B-I Bond fumished to the Excise Department (Against which a bank guarantee of Rs.2,00,000 is given)	0.600	0.600
8-17 Bond fumished to Customs Department for 100% E- OU	2.156	1.800
Performance guarantees given against which bank guarantees have been furnished	3.671	1.420
Total	6.427	4.958
Commitments
Estimated amount of contracts remaining to be executed on capital account and not provided for	0.366	1.399
Total Contingent Liabilities and Commitments	6.794	6.358

BACKGROUND OF THE COMPANY:

a) The Company was incorporated on 19th November 2007. Consequently on receiving approval from ROC the Company was converted from Private Limited to Public Limited on 4th December 2012. The primary business of the company is Manufacture and Assembly of Wiring Harnesses I Cable Assemblies, Electrical I Electronic Panels and system integration for the aerospace and defense industry.

b) The company is a Small and Medium sized company (SMC) as defined in the Companies (Accounting Standards) Rules, 2006 notified under Companies Act, 1956. Accordingly, it has complied with the Accounting Standards as applicable to a SMC.

VIEW INDEX OF CHARGE:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10403018	04/02/2013	60,000,000.00	BANK OF BARODA	Mid Corporate Branch, 1st Floor, 74, Theagaraya Road, T. Nagar,, Chennai, Tamil Nadu - 600017, INDI A	B68097211
2	10262821	24/12/2012 *	88,000,000.00	CANARA BANK	SME BRANCH, DYAVASANDRA INDUSTRIAL AREA, MAHADEVA PURA, WHITEFIELD ROAD, BANGALORE, Karnataka - 5600 48, INDIA	B65191009

FIXED ASSETS:

· Leasehold Improvement

· Plant & Equipment

· Production Tools

· Furniture & Fixtures

· Vehicles

· Office Equipment

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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.61.63
UK Pound	1	Rs.101.25
Euro	1	Rs.83.52

INFORMATION DETAILS

Report Prepared by :

ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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

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.