MIRA INFORM REPORT

Report Date :

19.06.2014

Tel No.:	91 44 43971000
Fax No.:	91 44 43971150

IDENTIFICATION DETAILS

Name :	MERRILL TECHNOLOGY SERVICES INDIA PRIVATE LIMITED
Registered Office :	5^th Floor, Fortius Towers, Olympia Technology Park, Guindy, Chennai – 600032, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.04.2006
Com. Reg. No.:	18-059627
Capital Investment / Paid-up Capital :	Rs.19.000 Millions
CIN No.: [Company Identification No.]	U72200TN2006PTC059627
TAN No.: [Tax Deduction & Collection Account No.]	CHEM08928D
PAN No.: [Permanent Account No.]	AAECM6364J
Legal Form :	Private Limited Liability Company
Line of Business :	Providing outsourcing services for business operations and systems operations including IT-helpdesk and support services.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (55)

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

Maximum Credit Limit :	USD 1050000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. Financial position of the company is sound. No borrowings recorded by the company. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. 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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 DENIED BY

Name :	Mr. Rajesh
Designation :	Admin Executive
Contact No.:	91-44-43971000
Date :	18.06.2014

LOCATIONS

Registered Office :	5^th Floor, Fortius Towers, Olympia Technology Park, Guindy, Chennai – 600032, Tamilnadu, India
Tel. No.:	91-44-43971000
Fax No.:	91-44-43971151
E-Mail :	corporate@lawindia.com
Branch Office :	Ascendas International Tech Park, Unit # 03, Tenth Floor Pinnacle Building, CSIR Road, Taramani, Chennai – 600113, Tamilnadu, India
Tel. No.:	91-44-43971300

DIRECTORS

As on 30.09.2013

Name :

Bhamathi Prakash

Designation :

Managing Director

Address :

Plot No. 574, Door No. 6, L B Road, 1^st Street, Indira Nagar, Chennai - 600020, Tamilnadu, India

Date of Birth/Age :

26.05.1969

Date of Appointment :

27.09.2010

DIN No.:

02810659

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	U72200TN2006PTC059627	MERRILL TECHNOLOGY SERVICES INDIA PRIVATE LIMITED	Managing director	27/09/2010	04/11/2009	-	Active	NO

Name :

Mr. Ashok Kumar Anchalia

Designation :

Director

Address :

No.6, Abhinav Anchorage, 3^rd Floor, 16 Venkateswara Nagar, 3^rd Street, Adayar, Chennai – 600020, Tamilnadu, India

Date of Birth/Age :

01.11.1953

Date of Appointment :

26.04.2006

DIN No.:

00009769

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	U67120TN1995PLC030873	SARDA GLOBAL INDUSTRIES LIMITED	Director	01/07/1995	01/07/1995	23/03/2010	Active	NO
2	U32109DL2005FTC139736	VERIFONE INDIA SALES PRIVATE LIMITED	Director	18/08/2005	18/08/2005	31/01/2008	Active	NO
3	U72900PN2005PTC021548	CROSS COUNTRY INFOTECH PRIVATE LIMITED	Director	16/11/2005	16/11/2005	-	Active	NO
4	U72200MH2006PTC235066	Navis India Technologies Private Limited	Director	26/04/2006	26/04/2006	-	Amalgamated	NO
5	U72200TN2006PTC059627	MERRILL TECHNOLOGY SERVICES INDIA PRIVATE LIMITED	Director	26/04/2006	26/04/2006	-	Active	NO
6	U26914TN2005PTC056208	KUNMING CHINA TRADE (INDIA) PRIVATE LIMITED	Director	06/05/2006	06/05/2006	22/04/2011	Active	NO
7	U72300PN2007FTC145411	Amdocs Development Centre Delhi Private Limited	Director	25/01/2007	25/01/2007	-	Amalgamated	NO
8	U72200PN2004PTC018832	AMDOCS DEVELOPMENT CENTRE INDIA PRIVATE LIMITED	Director	28/09/2007	22/06/2007	-	Active	NO
9	U72200PN2005PTC020318	AMDOCS BUSINESS SERVICES PRIVATE LIMITED	Director	28/09/2007	22/06/2007	-	Amalgamated	NO
10	U64120MH2006PTC161266	CRAMER SYSTEMS INDIA PRIVATE LIMITED	Director	18/10/2007	08/09/2007	-	Under liquidation	NO
11	U72200KA2007PTC044281	Sirius Embedded Software Private Limited	Director	02/11/2007	02/11/2007	-	Active	NO
12	U72200TN2007PTC065617	Zubaroo Infosystems Private Limited	Director	04/12/2007	04/12/2007	-	Active	NO
13	U45200TN2008PTC066800	NourIndia Engineers Private Limited	Director	13/03/2008	13/03/2008	14/06/2008	Active	NO
14	U29299TN2008PTC069590	Leitwind Electronics Private Limited	Director	17/10/2008	17/10/2008	04/02/2009	Active	NO
15	U32109TN2008PTC069996	HARTING Manufacturing India Private Limited	Director	26/11/2008	26/11/2008	-	Active	NO
16	U73100TN2009PTC071268	Test & Research India Private Limited	Director	09/04/2009	09/04/2009	-	Active	NO
17	U51909TN2005PTC056009	HARTING (INDIA) PRIVATE LIMITED	Director	30/09/2009	01/05/2009	19/11/2013	Active	NO
18	U28112TN2009PTC071855	GUMHO NT INDIA AUTO PARTS PRIVATE LIMITED	Director	08/06/2009	08/06/2009	-	Active	NO
19	U72400TN2010PTC077698	Madrone Software Technologies India Private Limited	Director	14/10/2010	14/10/2010	15/02/2012	Active	NO
20	U72400TN2011PTC078696	Zebra Technologies India Private Limited	Director	05/01/2011	05/01/2011	-	Active	NO
21	U72200TN2011PTC079692	Multibasic Technology Services India Private Limited	Director	17/03/2011	17/03/2011	-	Active	NO
22	U72900TN2011PTC080242	BEI Broadcast Electronics India Private Limited	Director	20/04/2011	20/04/2011	-	Active	NO
23	U72200KA2013PTC067714	Vidyo Software and Hardware Development India Private Limited	Director	01/02/2013	01/02/2013	31/01/2014	Active	NO
24	U72200KA2002PTC031048	NTT DATA Optimal India Delivery Services Private Limited	Additional director	23/12/2013	23/12/2013	-	Active	NO

Name :

Mr. Rick Robert Atterbury

Designation :

Director

Address :

1947, Bayard Ave, St Paul, Minnesota, USA 55116

Date of Birth/Age :

26.07.1953

Date of Appointment :

23.10.2007

DIN No.:

00499586

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	U72200TN2003PTC051239	MERRILL OFFICETIGER INDIA PRIVATE LIMITED	Director	18/07/2003	18/07/2003	04/06/2008	Strike off	NO
2	U72200TN2006PTC059627	MERRILL TECHNOLOGY SERVICES INDIA PRIVATE LIMITED	Director	23/10/2007	15/06/2007	-	Active	NO

Name :

Wendy Annine Miller

Designation :

Director

Address :

3841, 137 Thle Ne Ham Lake Minnesota USA 553047323

Date of Birth/Age :

19.08.1955

Date of Appointment :

27.09.2010

DIN No.:

02799960

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	U72200TN2006PTC059627	MERRILL TECHNOLOGY SERVICES INDIA PRIVATE LIMITED	Director	27/09/2010	04/11/2009	-	Active	NO

Name :

Brenda Jeanne Vale

Designation :

Director

Address :

5080 Larch Lnn Plymouth, Minnesota USA 554422011

Date of Birth/Age :

28.08.1962

Date of Appointment :

27.09.2010

DIN No.:

02830386

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	U72200TN2006PTC059627	MERRILL TECHNOLOGY SERVICES INDIA PRIVATE LIMITED	Director	27/09/2010	01/05/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajesh
Designation :	Admin Executive

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Merrill Ventures Inc., USA	1899999
Merrill Ventures Inc., USA Jointly With Merrill Communications LLC	1
Total	1900000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing outsourcing services for business operations and systems operations including IT-helpdesk and support services.

GENERAL INFORMATION

No. of Employees :	Information denied by management
Bankers :	Not Divulged

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	32, Khader Nawaz Khan Road, Nungambakkam, Chennai – 600006, Tamilnadu, India
PAN No.:	AAAFP8828M
Holding Company :	· Merrill Ventures, Inc.
Holding Company of Merrill Ventures, lnc. :	· Merrill Communications LLC
Ultimate Holding Company :	· Merrill Corporation
Fellow Subsidiaries :	· WordWave, Inc. · Merrill Corporation, Inc. · Smith-Bernal Group, Inc. · Merrill Corporation Canada · Merrill Rrink International Corporation · Merrill Brink lnternational Limited · MerrilVGlobal Inc. · Merrill Real Estate Company · Merriil Corporation Limited · Wordwave international Pty Limited · LegaLink, Inc. · VITAC Corporation · Talk Write Back Ltd. · Merrill Germany GmbH · Merrill Corporation S A R L · Merrill Brazil-1, LLC · Merrill Brazil-2, LLC · Merrill Corporation Australia Pty Lkd · Wordwave lnternational Limited · Merrill Corporation Asia Limited · Merrill Luxembourg S.a. r.l. · Merrill lnternational Holdings S.a. r.l. · Merrill Administracao de lnformacao e Docurnentos Ltda · FMC Resource Management Corporation · Merrill Corporation Pte Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1900000	Equity Shares	Rs.10/- each	Rs.19.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1900000	Equity Shares	Rs.10/- each	Rs.19.000 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	19.000	19.000	19.000
(b) Reserves & Surplus	243.139	195.272	156.730
(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)	262.139	214.272	175.730
(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	15.426	12.935	10.852
Total Non-current Liabilities (3)	15.426	12.935	10.852
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	20.840	15.109	12.151
(c) Other current liabilities	35.785	25.465	11.432
(d) Short-term provisions	14.063	8.698	5.059
Total Current Liabilities (4)	70.688	49.272	28.642
TOTAL	348.253	276.479	215.224
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	55.806	40.407	4.861
(ii) Intangible Assets	3.109	5.158	1.495
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	42.301	48.731	52.834
(e) Other Non-current assets	16.230	12.274	13.696
Total Non-Current Assets	117.446	106.570	72.886
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	146.921	119.311	93.106
(d) Cash and cash equivalents	43.356	27.156	28.566
(e) Short-term loans and advances	26.695	23.638	18.757
(f) Other current assets	13.835	0.074	1.909
Total Current Assets	230.807	170.179	142.338
TOTAL	348.253	276.749	215.224

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		469.852	360.174	243.673
		Other Income		0.105	5.748	0.904
		TOTAL		469.957	365.922	244.577
Less	EXPENSES
		Employee Benefits Expenses		264.108	201.167	135.361
		Interest on shortfall in payment of advance tax		0.021	0.000	0.000
		Other Expenses		118.085	97.979	65.526
		TOTAL		382.214	299.146	200.887
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			87.743	66.776	43.690
Less	DEPRECIATION/ AMORTISATION			16.754	9.309	5.638
	PROFIT/(LOSS) BEFORE TAX			70.989	57.467	38.052
Less	TAX			23.122	21.926	(9.110)
	PROFIT/(LOSS) AFTER TAX			47.867	35.541	47.162
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			190.556	152.015	364.359
Less	APPROPRIATIONS
			Transfer to General Reserve	0.000	0.000	4.716
			Proposed Dividend	0.000	0.000	218.500
			Tax on Dividend	0.000	0.000	36.290
	BALANCE CARRIED TO THE B/S			238.423	190.556	152.015
	EARNINGS IN FOREIGN CURRENCY
			Income from service rendered	469.852	360.174	243.673
	TOTAL EARNINGS			469.852	360.174	243.673
	IMPORTS
			Capital Goods	14.339	16.328	2.904
	TOTAL IMPORTS			14.339	16.328	2.904
	Earnings Per Share (Rs.)			25.19	20.28	24.82

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	10.19	9.71	19.28
Net Profit Margin (PBT/Sales)	(%)	15.11	15.96	15.62
Return on Total Assets (PBT/Total Assets}	(%)	20.38	20.77	17.68
Return on Investment (ROI) (PBT/Networth)		0.27	0.27	0.22
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.27	3.45	4.97

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	19.000	19.000	19.000
Reserves & Surplus	156.730	195.272	243.139
Net worth	175.730	214.272	262.139
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	243.673	360.174	469.852
		47.810	30.451

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	243.673	360.174	469.852
Profit	47.162	35.541	47.867
	19.35%	9.87%	10.19%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	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	No
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

Note: The registered office of the company has been shifted from 224, NSC Bose Road, First Floor, Chennai – 600001, Tamilnadu, India to the present address but the same has not been in the government department.

GENERAL INFORMATION

The Company was incorporated on April 26, 2006 as a wholly owned subsidiary of Merrill Ventures, Inc., USA with the main objective of providing outsourcing services for business operations and systems operations including IT-helpdesk and support services for the group companies. The Company's Chennai facility is registered under the Software Technology Park Scheme of the Government of lndia as 100% Export Oriented Unit and the Coimbatore facility is registered under the Special Economic Zone (SEZ).

FINANCIAL PERFORMANCE:

During the financial year ended on 31'' March 2013, the Company has recorded an income of Rs.469.852 Millions (previous year Rs.360.174 Millions) from its operations and also earned other income of Rs.0.105 Million (Previous year Rs.5.748 Millions). The Company has achieved a net profit after tax of Rs.47.867 Millions (previous year Rs.38.541 Millions) for financial year.

The Directors would like to further report that the income of the Company from outsourcing services is recognized on a monthly basis under cost plus method in terms of the service level agreement with its customer.

FUTURE OUTLOOK:

While the Company had established its SEZ unit at Coimbatore in IT and ITES Sector in the previous year, during the year, in addition to its unit at Olympia Tech Park, the Company has also established it’s another unit in Chennai in Pinnacle Tower, Ascendas IT Park, (Chennai) and the same along with other units are performing satisfactorily and therefore the Directors are optimistic about the Company's performance in future.

NO CHARGES EXIST OF THE COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.12
UK Pound	1	Rs.102.00
Euro	1	Rs.81.43

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	DIV
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/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
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		55

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.