MIRA INFORM REPORT

Report Date :

09.07.2014

IDENTIFICATION DETAILS

Name :	ASCENT CIRCUITS PRIVATE LIMITED (w.e.f. 07.04.2000)
Formerly Known As :	RIC CIRCUITS PRIVATE LIMITED
Registered Office :	B-13, I.T.I Industrial Estate, Mahadevpur, Bangalore – 560 048, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.02.1999
Com. Reg. No.:	08-024700
Capital Investment / Paid-up Capital :	Rs.15.000 millions
CIN No.: [Company Identification No.]	U31200KA1999PTC024700
TAN No.: [Tax Deduction & Collection Account No.]	BLRA06934E
PAN No.: [Permanent Account No.]	AABCR2074D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Printed Circuit Boards (PCBs).
No. of Employees :	Approximately 250 (In Office: 30 and In Factory: 220)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1617000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There seems some dip in the profit of the company during 2013 however networth of the company is satisfactory. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

NEWS

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before. A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two. While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs.2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers with hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB (Suspended)
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	21.12.2012

Reason for suspension: Non-cooperation by the company in providing details

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

Name :	Mr. Ravi Chandran
Designation :	Finance Department
Contact No.:	91-4344-271136/ 35
Date :	08.07.2014

LOCATIONS

Registered Office :	B-13, ITI Industrial Estate, Mahadevpur, Bangalore – 560 048, Karnataka, India
Tel. No.:	91-80-28511709
Fax No.:	91-80-28511709
E-Mail :	info@ascentcircuits.com rfq@ascentcircuits.com riclhosr@blr.vsnl.net.in manjunath@ascentcircuits.com ragee2001@rediffmail.com ravichandran@ascentcircuits.com
Website :	http://www.ascentcircuits.com
Factory :	Plot No.111, SIPCOT Industrial Complex, Phase-1, Hosur – 635 126, Tamilnadu, India
Tel. No.:	91-4344-400108/ 400124/ 400103/ 400102/ 400109/ 271123/ 271124/ 271136/ 35
Fax No.:	91-4344-400128/ 271148
Area :	5.5 Acres
Location :	Owned

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Punyamurthy Manjunath

Designation :

Managing Director

Address :

1282, 13^th Cross Indira Nagar, II State, Bangalore – 560 038, Karnataka, India

Date of Birth/Age :

05.02.1960

Qualification :

B. Tech.

Date of Appointment :

01.02.1999

DIN No.:

00900902

PAN No.:

ADKPM0177H

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	U01300TZ1989PTC002484	HOSUR COIR FOAMS PRIVATE LIMITED	Managing director	01-04-2013	24-03-1993	-	Active	NO
2	U31503KA1986PTC007459	TECHNOVA TAPES (INDIA)PRIVATE LIMITED	Director	25-08-1994	25-08-1994	-	Active	NO
3	U31200KA1999PTC024700	ASCENT CIRCUITS PRIVATE LIMITED	Managing director	01-02-1999	01-02-1999	-	Active	NO
4	U17111TZ1995PTC006507	PEPS INDUSTRIES PRIVATE LIMITED	Director	14-09-2006	16-12-2005	-	Active	NO
5	U31300KL2008PTC027811	GLOBALWAVE TECHNOLOGIES PRIVATE LIMITED	Director	12-05-2008	12-05-2008	-	Active	NO
6	U17214TZ2010PTC016432	HOSUR MATTRESS INDUSTRIES INDIA PRIVATE LIMITED	Director	13-10-2010	13-10-2010	-	Active	NO
7	U74900KA2011PTC059112	ACE ENVIRO TECH PRIVATE LIMITED	Director	13-06-2011	13-06-2011	18-07-2013	Active	NO
8	U40100TZ2013PTC019623	HOSUR INDUSTRIES POWER SERVICES PRIVATE LIMITED	Director	26-06-2013	26-06-2013	-	Active	NO

Name :

Mr. Shankar Ram Gopalan

Designation :

Director

Address :

E-001 and 002, Victorian Heaven, Domlur Layout, Bangalore – 560 071, Karnataka, India

Date of Birth/Age :

04.12.1959

Qualification :

B. Tech.

Date of Appointment :

01.02.1999

DIN No.:

00110783

PAN No.:

AIDPG2737M

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	U01300TZ1989PTC002484	HOSUR COIR FOAMS PRIVATE LIMITED	Whole-time director	01-04-2013	24-03-1993	-	Active	NO
2	U31200KA1999PTC024700	ASCENT CIRCUITS PRIVATE LIMITED	Director	01-02-1999	01-02-1999	-	Active	NO
3	U17111TZ1995PTC006507	PEPS INDUSTRIES PRIVATE LIMITED	Director	14-09-2006	16-12-2005	-	Active	NO
4	U17214TZ2010PTC016432	HOSUR MATTRESS INDUSTRIES INDIA PRIVATE LIMITED	Director	13-10-2010	13-10-2010	-	Active	NO

Name :

Mr. Arvind Aroor Rao

Designation :

Director

Address :

188/A, 6^th Main Road, Defence Colony, Bangalore – 560 038, Karnataka, India

Date of Birth/Age :

04.06.1959

Qualification :

B. Tech.

Date of Appointment :

01.02.1999

DIN No.:

00110677

PAN No.:

AEMPR1485A

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	U31503KA1986PTC007459	TECHNOVA TAPES (INDIA)PRIVATE LIMITED	Managing director	07-02-1986	07-02-1986	-	Active	NO
2	L85110KA1942PLC000295	THE MYSORE PLANTATIONS LIMITED	Whole-time director	01-09-2011	28-11-1991	-	Active	NO
3	U01300TZ1989PTC002484	HOSUR COIR FOAMS PRIVATE LIMITED	Director	01-04-1994	01-04-1994	-	Active	NO
4	U31200KA1999PTC024700	ASCENT CIRCUITS PRIVATE LIMITED	Director	01-02-1999	01-02-1999	-	Active	NO

KEY EXECUTIVES

Name :	Vijay Kumar Sajjan
Designation :	Company Secretary in Practice
Address :	No.236/16, First Floor, 4^th Main, Vyalikaval, Bangalore – 560 003, Karnataka, India
Mobile No.:	91-9880725300
E-Mail :	sajjanvijay@gmail.com
Name :	Mr. Ravi Chandran
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Arvind Aroor Rao	315000	21.00
Shankar Ram Gopalan	435000	29.00
Manjunath Punyamurthy	750000	50.00
Total	1500000	100.00

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Printed Circuit Boards (PCBs).

Product :

Item Code No. (ITC Code)	85340000
Product Description	Printed Circuits

• Hiring Systems
• Instruments
• Telecom Products, etc.

Exports :

Countries :

· USA

· European Countries

Imports :

Countries :

· Taiwan

· Korea

· Singapore

· China

· Hong Kong

PRODUCTION STATUS (AS ON 31.03.2011):

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Printed Circuit Boards	Sq. Mtrs	480000	480000	299946

Note:

Installed capacity is as certified by the management and not verified by the Auditors, being a technical matter.

GENERAL INFORMATION

Suppliers :

· Nan Ya Plastics Corporation

Customers :

· Advance Power Display Systems Limited

No. of Employees :

Approximately 250 (In Office: 30 and In Factory: 220)

Bankers :

· State Bank of India, Specialised MID Corporate Branch, # 97, Railway Parallel Road, Kumara Park West, Bangalore – 560 020, Karnataka, India

· ING Vysya Bank Limited, No.7, II Cross, Kamaraj Colony, Krishnagiri, District Hosur – 635 125, Tamilnadu, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT-TERM BORROWINGS
Working capital loans from banks [Working Capital loans (classified as Other Loans and Advances) are secured by - i) Hypothecation of present and future stock of raw materials, work-in-progress, finished goods, stores and spares, book debts and other current assets. ii) Collateral Security – Equitable mortgage of land and building bearing Plot No.99, and Plot No.111, SIPCOT, Hosur, including a charge over the unencumbered Plant and Machinery.]	150.475	58.852
Total	150.475	58.852

Banking Relations :	--
Auditors :
Name :	G. Jagadish Babu Chartered Accountant
Address :	No.760, 2^nd Floor, Dr. Rajkumar Road, Rajajinagar, 6^th Block, Bangalore – 560 010, Karnataka, India
Tel. No.:	91-80-23153425
Mobile No.:	91-9448324794
PAN No.:	AAOPB3442M
Companies in which directors of the Company are able to exercise control or have significant influence :	· Technova Tapes (India) Private Limited, India (CIN No.: U31503KA1986PTC007459) · Technova Industries · Global Wave Technologies Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 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	15.000	15.000	15.000
(b) Reserves & Surplus	389.155	338.348	271.863
(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)	404.155	353.348	286.863
(3) Non-Current Liabilities
(a) Long-term borrowings	17.162	23.496	43.062
(b) Deferred tax liabilities (Net)	14.105	16.474	19.659
(c) Other long term liabilities	9.663	3.370	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	40.930	43.340	62.721
(4) Current Liabilities
(a) Short term borrowings	156.456	62.811	118.789
(b) Trade payables	130.034	121.260	75.013
(c) Other current liabilities	41.084	2.933	21.511
(d) Short-term provisions	0.075	0.075	1.639
Total Current Liabilities (4)	327.649	187.079	216.952
TOTAL	772.734	583.767	566.536
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	233.104	175.168	188.960
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3.900	0.500	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6.448	6.235	5.355
(e) Other Non-current assets	27.550	30.762	41.490
Total Non-Current Assets	271.002	212.665	235.805
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	109.793	88.476	74.725
(c) Trade receivables	313.901	205.113	199.522
(d) Cash and cash equivalents	6.625	23.007	6.525
(e) Short-term loans and advances	71.413	54.506	49.959
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	501.732	371.102	330.731
TOTAL	772.734	583.767	566.536

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1020.000 (Approximately)	NA	916.374
		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		75.161	98.059	97.476
Less	TAX		24.354	31.574	33.097
	PROFIT / (LOSS) AFTER TAX		50.807	66.485	64.380
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		262.763	196.278	131.898
	BALANCE CARRIED TO THE B/S		NA	262.763	196.278
	EARNINGS IN FOREIGN CURRENCY
		Export Value of Goods on FOB basis	327.446	330.986	209.463
	TOTAL EARNINGS		327.446	330.986	209.463
	IMPORTS
		Raw Materials	NA	431.406	501.577
		Components and Spare Parts	NA	13.078	12.566
		Capital Goods	NA	17.317	10.471
	TOTAL IMPORTS		NA	461.801	524.614
	Earnings / (Loss) Per Share (Rs.)		33.87	44.32	42.92

Particulars	31.03.2014
Sales Turnover (Approximately)	1390.000

The above information has been parted by Mr. Ravi Chandran (Finance Department).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	NA	NA	10.64
Return on Total Assets (PBT/Total Assets}	(%)	9.78	16.81	17.21
Return on Investment (ROI) (PBT/Networth)		0.19	0.28	0.34
Debt Equity Ratio (Total Debt /Networth)		0.43	0.24	0.56
Current Ratio (Current Asset/Current Liability)		1.53	1.98	1.52

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	15.000	15.000	15.000
Reserves & Surplus	271.863	338.348	389.155
Share Application money pending allotment	0.000	0.000	0.000
Net worth	286.863	353.348	404.155
Long-term borrowings	43.062	23.496	17.162
Short term borrowings	118.789	62.811	156.456
Total borrowings	161.851	86.307	173.618
Debt/Equity ratio	0.564	0.244	0.430

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	Yes
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	Yes
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	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	Yes
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10412404	25/05/2013 *	273,000,000.00	ING VYSYA BANK LIMITED	NO.7, II CROSS, KAMARAJ COLONY, KRISHNAGIRI, DISTRICT HOSUR, TAMILNADU - 635125, INDIA	B79254496
2	90198599	27/06/2005 *	20,000,000.00	STATE BANK OF INDIA	III ANCILLARY INDUSTRIAL ESTATE, MAHADEVURA, BANGALORE, KARNATAKA, INDIA	-
3	90197640	08/04/2011 *	367,500,000.00	STATE BANK OF INDIA	SPECIALISED MID CORPORATE BRANCH, # 97, RAILWAY PA RALLEL ROAD, KUMARAPARK WEST, BANGALORE, KARNATAKA - 560020, INDIA	B11393998
4	90199280	27/06/2005 *	22,500,000.00	STATE BANK OF INDIA	ITI ANCILLARY INDUSTRIAL ESTATE, MAHADEVAPURA, BANGALORE, KARNATAKA - 560048, INDIA	-

* Date of charge modification

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Deferred payment Indian sources	15.494	21.828
Loans and advances from directors (Borrowings from Directors)	1.668	1.668
SHORT-TERM BORROWINGS
Deferred payment Indian sources	5.981	3.959
Total	23.143	27.455

BACKGROUND:

The Company was incorporated on 1^st February 1999 with its registered office in Bangalore and its manufacturing operations being carried in Hosur, India. The Company is a manufacturer of Printed Circuit Boards (PCBs).

FIXED ASSETS:

· Land

· Buildings

· Furniture and Fixtures

· Plant and Machinery

· Office Equipment

· Factory Equipment

· Other Pollution Reduction Equipment

· Vehicles

· Computers

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.59.80
UK Pound	1	Rs.102.42
Euro	1	Rs.81.32

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	DIV
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
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	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		45

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.