MIRA INFORM REPORT

Report Date :

13.05.2014

IDENTIFICATION DETAILS

Name :	MAGNA INFOTECH LIMITED (w.e.f. 10.07.2013)
Formerly Known As :	MAGNA INFOTECH PRIVATE LIMITED
Registered Office :	10-2-289, Plot No - 79, Shantinagar, Hyderabad – 500028, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.09.2013
Com. Reg. No.:	01-027003
Capital Investment / Paid-up Capital :	Rs.52.332 Millions
CIN No.: [Company Identification No.]	U72200AP1997PLC027003
TAN No.: [Tax Deduction & Collection Account No.]	HYDM01022A
PAN No.: [Permanent Account No.]	AACCM0914A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Subject is engaged in the business of providing staffing services to IT / ITES companies.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating reflects established market position in information technology staffing solutions and experienced management. Rating also takes into consideration improved performance of the company and decent financial profile. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealing 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.2,453.2 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	October 25, 2013

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

MANAGEMENT NON CO-OPERATIVE (91-80-39280373 / 374)

LOCATIONS

Registered Office :	10-2-289, Plot No - 79, Shantinagar, Hyderabad – 500028, Andhra Pradesh
Tel. No. :	91-40-30687140
Fax No. :	Not Available
E-Mail :	subrata@ikyaglobal.com
Website :	www.manga.in

DIRECTORS

As on 03.09.2013

Name :

Mr. Ajit Abraham Isaac

Designation :

Director

Address :

242, 3^rd Main 4^th Cross 1^st Block, Koramangala, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

29.06.1967

Date of Appointment :

23.12.2010

Qualification :

M. A. (Personnel Management and Industrial Relations)

DIN No. :

00087168

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	U72900KA1999PTC051999	ADECCO INDIA PRIVATE LIMITED	Managing director	02/05/2000	02/05/2000	03/10/2007	Active	NO
2	U72200KA2000PTC028231	NET RESOURCES INVESTMENTS PRIVATE LIMITED	Director	04/12/2000	04/12/2000	-	Active	NO
3	U93090KA2002PTC030291	ADECCO FLEXIONE WORKFORCE SOLUTIONS Private LIMITED	Director	28/03/2002	28/03/2002	03/10/2007	Amalgamated	NO
4	U65999TN2006PTC059015	IRIS CAPITAL VENTURES PRIVATE LIMITED	Director	27/02/2006	27/02/2006	-	Active	NO
5	U70101TN2006PTC059300	IRIS REALTY PRIVATE LIMITED	Director	27/03/2006	27/03/2006	-	Active	NO
6	U72200TN1999PLC042263	INDIUM SOFTWARE (INDIA) LIMITED	Director	30/03/2006	30/03/2006	-	Active	NO
7	U93000KA2008PLC047017	AVON FACILITY MANAGEMENT SERVICES LIMITED	Director	29/09/2009	02/09/2008	-	Active	NO
8	U74140KA2007PLC043909	IKYA HUMAN CAPITAL SOLUTIONS LIMITED	Managing director	14/05/2013	06/04/2009	-	Active	NO
9	U72300DL2007PTC166789	COACHIEVE SOLUTIONS PRIVATE LIMITED	Director	06/09/2010	14/12/2009	-	Active	NO
10	U72200AP1997PLC027003	MAGNA INFOTECH LIMITED	Director	23/12/2010	23/12/2010	-	Active	NO
11	U72200KA2012PTC062235	NanoBi Data and Analytics Private Limited	Director	14/09/2012	03/08/2012	-	Active	NO

Name :

Mr. Subrata Kumar Nag

Designation :

Director

Address :

Block – B4, Flat No. 227, Tungabhadra, National Games Village, Bangalore – 560047, Karnataka, India

Date of Birth/Age :

12.12.1962

Date of Appointment :

23.12.2010

Qualification :

Cost Accountant, a Company Secretary, a CPA (USA) and an MBA (Finance).

DIN No. :

02234000

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	U72200KA2000PTC028231	NET RESOURCES INVESTMENTS PRIVATE LIMITED	Director	14/01/2006	14/01/2006	-	Active	NO
2	U74140KA2007PLC043909	IKYA HUMAN CAPITAL SOLUTIONS LIMITED	Whole-time director	04/09/2013	10/06/2008	-	Active	NO
3	U93000KA2008PLC047017	AVON FACILITY MANAGEMENT SERVICES LIMITED	Director	02/07/2008	02/07/2008	-	Active	NO
4	U72300DL2007PTC166789	COACHIEVE SOLUTIONS PRIVATE LIMITED	Director	06/09/2010	14/12/2009	-	Active	NO
5	U72200AP1997PLC027003	MAGNA INFOTECH LIMITED	Director	23/12/2010	23/12/2010	-	Active	NO

Name :

Mr. Marcel Raymond Parker

Designation :

Director

Address :

Bunglow No. 22, Jekegram, Staff Colony 1^st Pokran Road, Thane – 406006, Maharashtra, India

Date of Birth/Age :

14.12.1948

Date of Appointment :

15.05.2013

DIN No. :

00252900

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	U99999MH1986PLC040885	RING PLUS AQUA LIMITED	Director	03/05/2006	03/05/2006	31/03/2008	Active	NO
2	U74140KA2007PLC043909	IKYA HUMAN CAPITAL SOLUTIONS LIMITED	Director	29/07/2013	10/06/2008	-	Active	NO
3	U93000KA2008PLC047017	AVON FACILITY MANAGEMENT SERVICES LIMITED	Director	29/09/2009	02/09/2008	30/05/2013	Active	NO
4	U72200AP1997PLC027003	MAGNA INFOTECH LIMITED	Director	15/05/2013	15/05/2013	-	Active	NO

Name :

Ms. Harsha Raghavan

Designation :

Director

Address :

Flat No. 2, 1^st Floor, Shree Sadan ML Dahanukur Marg, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

10.10.1971

Date of Appointment :

03.09.2013

DIN No. :

01761512

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	U27320RJ1989PTC004961	ULTRATECH METALS (INDIA) PRIVATE LIMITED	Additional director	15/10/2007	15/10/2007	13/06/2008	Amalgamated	NO
2	U31909PN1996PTC101929	SIGMA ELECTRIC MANUFACTURING CORPORATION PRIVATE LIMITED	Additional director	15/10/2007	15/10/2007	13/06/2008	Active	NO
3	U93000MH2008PTC186342	Candover Advisors (India) Private Limited	Director	29/08/2008	29/08/2008	22/01/2010	Strike off	NO
4	U67190MH2011PTC219284	Fairbridge Capital Private Limited	Managing director	01/10/2011	30/06/2011	-	Active	NO
5	U51109MH2010PTC211536	UDBAL MERCANTILE PRIVATE LIMITED	Additional director	08/06/2012	08/06/2012	14/06/2012	Active	NO
6	L63040MH1978PLC020717	THOMAS COOK (INDIA) LIMITED	Director	06/06/2013	22/08/2012	-	Active	NO
7	U74140KA2007PLC043909	IKYA HUMAN CAPITAL SOLUTIONS LIMITED	Nominee director	14/05/2013	13/05/2013	-	Active	NO
8	U72200AP1997PLC027003	MAGNA INFOTECH LIMITED	Director	03/09/2013	29/07/2013	-	Active	NO
9	U93000KA2008PLC047017	AVON FACILITY MANAGEMENT SERVICES LIMITED	Director	04/09/2013	29/07/2013	-	Active	NO
10	L92490TN1986PLC013044	STERLING HOLIDAY RESORTS (INDIA) LIMITED	Additional director	14/03/2014	14/03/2014	-	Active	NO
11	AAA-0877	STEER CAPITAL ADVISORS LLP	Designated Partner	05/03/2010	05/03/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sukesh K L
Designation :	Secretary
Address :	#37, Siddiah Layout Maruthi nagar 1^st Cross Mahadeshwar Nagar Garherohalli Vishwanedum, Bangalore – 560091, Karnataka, India
Date of Birth/Age :	10.12.1986
Date of Appointment :	15.05.2013
PAN No.:	AHEPL7926K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 03.09.2013

Names of Shareholders	No. of Shares
Ikya Human Capital Solutions Limited	5233196
Ajit Isaac Jointly with Ikya Human Capital Solutions Limited	1
Subratanag Jointly with Ikya Human Capital Solutions Limited	1
Hithendra Ramchandran Jointly with Ikya Human Capital Solutions Limited	1
Pratibha J Jointly with Ikya Human Capital Solutions Limited	1
Guruprasad S Jointly with Ikya Human Capital Solutions Limited	1
Vijaysivaram Jointly with Ikya Human Capital Solutions Limited	1

As on 03.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Subject is engaged in the business of providing staffing services to IT / ITES companies.

Products :

Item Code No. (ITC Code)	Product Description
99831311	Consultancy services related to hardware and software requirements

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

State Bank of India, MId-Corporate Group, Overseas Branch , 2nd Floor, Rajala Centre, Plot No. 241/A, Road No. 36, Jubileehills, Hyderabad - 500033, Andhra Pradesh, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans taken for vehicles	0.000	0.021
SHORT TERM BORROWINGS
Term loans from bank	2.022	28.196
Working capital loans from bank	230.858	229.158
Loans taken for vehicles	0.000	0.147
Total	232.880	257.522

Banking Relations :	--
Financial Institution. :	3i Infotech Trusteeship Services Limited, 3^rd to 6^th Floor, International Infotech Park, Tower No. 5, Vashi Railway Station Complex, Vashi, Navi Mumbai – 400703, Maharashtra, India
Auditors :
Name :	B S R R and Company Chartered Accountants
Address :	Maruthi Info Tech Centre, 11-12/1, Inner Ring Road, Koramangala, Bangalore - 560071, Karnata, India
PAN No. :	AAKFB1884H
Holding Company :	Ikya Human Capital Solutions Limited (Formerly IKYA Human Capital Solutions Private Limited)
Associated :	Magna Infotech USA
Fellow Subsidiary :	Avon Facility Management Services Limited (Avon) (Formerly Avon Facility Management Services Private Limited)

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5233200	Equity Shares	Rs.10/- each	Rs.52.332 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	52.332	52.332	52.332
(b) Reserves & Surplus	222.720	141.586	110.715
(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)	275.052	193.918	163.047
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.021	0.562
(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	2.947	1.983	1.727
Total Non-current Liabilities (3)	2.947	2.004	2.289
(4) Current Liabilities
(a) Short term borrowings	289.122	264.096	213.716
(b) Trade payables	21.964	21.208	38.129
(c) Other current liabilities	310.736	357.169	369.118
(d) Short-term provisions	13.091	11.487	3.935
Total Current Liabilities (4)	634.913	653.960	624.898
TOTAL	912.912	849.882	790.234
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	35.079	50.267	59.877
(ii) Intangible Assets	0.981	0.478	2.274
(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)	13.747	7.444	30.417
(d) Long-term Loan and Advances	98.331	83.151	145.106
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	148.138	141.340	237.674
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	428.680	432.129	307.472
(d) Cash and cash equivalents	0.838	71.686	75.848
(e) Short-term loans and advances	79.992	99.463	5.968
(f) Other current assets	255.264	105.264	163.272
Total Current Assets	764.774	708.542	552.560
TOTAL	912.912	849.882	790.234

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2686.009	2043.839	1815.835
		Other Income	6.605	8.730	8.730
		TOTAL	2692.614	2052.569	1824.565
Less	EXPENSES
		Employees benefits expense	2354.360	1763.939
		Other expenses	156.847	157.340
		TOTAL	2511.207	1921.279	1729.101
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		181.407	131.290	95.464
Less	FINANCIAL EXPENSES		45.370	53.671	44.235
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		136.037	77.619	51.229
Less/ Add	DEPRECIATION/ AMORTISATION		23.216	23.775	30.136
	PROFIT/ (LOSS) BEFORE TAX		112.821	53.844	21.093
Less	TAX		31.686	22.974	4.978
	PROFIT/ (LOSS) AFTER TAX		81.135	30.870	16.115
	Earnings / (Loss) Per Share (Rs.)		15.50	5.90	3.08

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.01	1.50	0.88
Net Profit Margin (PBT/Sales)	(%)	4.20	2.63	1.16
Return on Total Assets (PBT/Total Assets}	(%)	12.55	6.39	2.78
Return on Investment (ROI) (PBT/Networth)		0.41	0.28	0.13
Debt Equity Ratio (Total Debt/Networth)		1.05	1.36	1.31
Current Ratio (Current Asset/Current Liability)		1.20	1.08	0.88

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	52.332	52.332	52.332
Reserves & Surplus	110.715	141.586	222.720
Net worth	163.047	193.918	275.052
long-term borrowings	0.562	0.021	0.000
Short term borrowings	213.716	264.096	289.122
Total borrowings	214.278	264.117	289.122
Debt/Equity ratio	1.314	1.362	1.051

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	1815.835	2043.839	2686.009
		12.556	31.420

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	1815.835	2043.839	2686.009
Profit	16.115	30.870	81.135
	0.89%	1.51%	3.02%

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	Yes

NOTE:

The registered address of the company has been shifted from 6-2-47, Yeturu Towersa C Guarda, Hyderabad – 500004, Andhra Pradesh, India to the present address w.e.f. 20.12.2010

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans and advances from bank	56.242	6.595
Total	56.242	6.595

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10192982	19/06/2013 *	350,000,000.00	STATE BANK OF INDIA	MId-Corporate Group, Overseas Branch, 2^nd Floor, Rajala Centre, Plot No 241/A, Road No 36, Jubileehills, Hyderabad, Andhra Pradesh - 500033, INDIA	B78566437

* Date of charge modification

OPERATIONS AND RESULTS

The Company has achieved a total income of Rs. 2692.614 millions for the year ended March 31, 2013 as against Rs. 2052.569 millions achieved during the previous year ended March 31, 2012. Net Profit of the Company for the year ended March 31, 2013 stood at Rs. 81.134 millions as against Net Profit of Rs. 30.870 millions for the previous year.

During the year under review, the Ministry of Corporate Affairs had approved for conversion of Private Company status into Public Company with effect from July 10, 2013.

BACKGROUND

Subject (formerly Magna Infotech Private Limited) is a Company incorporated under the provisions of the Companies Act, 1956 on April 30, 1997 originally as a Private Limited Company and subsequently converted into a Limited Company On July 10, 2013. The Company has its registered office in Hyderabad, India. The Company is engaged in the business of providing staffing services to IT / ITES companies. The Company changed its name to Magna Infotech Limited effective from July 10, 2013.

FIXED ASSETS

œ Furniture and Fixtures

œ Vehicles

œ Office Equipment

œ Computer Equipments

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.59.73
UK Pound	1	Rs.100.82
Euro	1	Rs.82.22

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	ANK

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		48

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.