1. Summary Information

		Country	India
Company Name	ANDHRA ELECTRONICS LIMITED	Principal Name 1	Mr. Bikkani Ratnakumar
Status	Moderate	Principal Name 2	Mr. Bolla Lakshminarayana
		Registration #	01-002130
Street Address	Plot No.34 and 35, Industrial Development Area, Kakinada- 533 005, Andhra Pradesh, India
Established Date	20.02.1977	SIC Code	--
Telephone#	91-884-2379407	Business Style 1	Manufacturer
Fax #	91-884-2341145	Business Style 2	--
Homepage	www.andhraelec.com	Product Name 1	Frequency Control Products
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs 4,917,500/-	Product Name 3	--
Shareholders	Nationalised or other banks – 33.55% Directors or relatives of directors – 66.45%	Banking	Bank of Baroda
Public Limited Corp.	NO	Business Period	37 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	B (27)
Related Company
Relation	Country	Company Name	-
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	49,514,000	Current Liabilities	10,161,000
Inventories	25,393,000	Long-term Liabilities	42,245,000
Fixed Assets	61,570,000	Other Liabilities	6,716,000
Deferred Assets	0.00	Total Liabilities	59,122,000
Invest& other Assets	280,000	Retained Earnings	72,717,000
		Net Worth	77,635,000
Total Assets	13,6757,000	Total Liab. & Equity	136,757,000
Total Assets (Previous Year)	143,000,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	59,183,935	Net Profit	(12,404,193)
Sales(Previous yr)	73,270,457	Net Profit(Prev.yr)	2,419,732

MIRA INFORM REPORT

Report Date :

19.09.2014

IDENTIFICATION DETAILS

Name :	ANDHRA ELECTRONICS LIMITED
Registered Office :	Plot No.34 and 35, Industrial Development Area, Kakinada – 533 005, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.02.1977
Com. Reg. No.:	01-002130
Capital Investment / Paid-up Capital :	Rs. 4.918 Millions
CIN No.: [Company Identification No.]	U29309AP1977PLC002130
TAN No.: [Tax Deduction & Collection Account No.]	VPNA00616A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Frequency Control Products For Telecommunication, Military And Space Applications.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 310000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred loss from its operational activities during financial year 2013. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE 2C
Rating Explanation	Low financial strength and high performance capability.
Date	28.05.2014

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Raju
Designation :	Accountant
Contact No.:	91-884-2379407
Date :	06.09.2014

LOCATIONS

Registered Office / Factory Address :	Plot No.34 and 35, Industrial Development Area, Kakinada – 533 005, Andhra Pradesh, India
Tel. No.:	91-884-2379407
Fax No.:	91-884-2341145
E-Mail :	info@andhraelec.com nvvsatya@andhraelec.com
Website :	www.andhraelec.com
Area :	20000 sq.fts
Location :	Owned
USA Office :	Suite 725, 14781, Memorial Drive, Houston, TX – 77079, USA
Tel. No.:	1-877-891-7815
Fax No.:	1-413-473-9809
E-Mail :	Sales-usa@andhraelec.com

DIRECTORS

As on 27.09.2013

Name :

Mr. Bikkani Ratnakumar

Designation :

Managing Director

Address :

H. No.2-2-3/1, Srinagar, Kakinada – 533 003, Andhra Pradesh, India

Date of Birth/Age :

22.10.1956

Date of Appointment :

11.02.2008

DIN No.:

00033991

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	U50300AP1981PTC003044	SRI KVR FORGINGS PRIVATE LIMITED	Director	02/02/1996	02/02/1996	-	Active	NO
2	U60231AP1944PLC000223	SRI RAMADAS MOTOR TRANSPORT LTD.	Director	18/03/1998	18/03/1998	21/08/2014	Active	NO
3	U29309AP1977PLC002130	ANDHRA ELECTRONICS LIMITED	Managing director	11/02/2008	05/08/2005	-	Active	NO
4	AAA-1187	AEL DATA SERVICES LLP	Designated Partner	23/04/2010	23/04/2010	-	Active	NO

Name :

Mr. Karipineni Venkata Sriram

Designation :

Whole-time Director

Address :

9-5, Ramanayya peta, Kakinada – 533 005, Andhra Pradesh, India

Date of Birth/Age :

18.01.1970

Date of Appointment :

13.08.2007

DIN No.:

00073911

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	U34300AP1983PLC003862	SRI BHAVANI CASTINGS LTD	Director	18/02/2005	18/02/2005	-	Active	NO
2	U29309AP1977PLC002130	ANDHRA ELECTRONICS LIMITED	Whole-time director	13/08/2007	27/09/2005	-	Active	NO

Name :

Mr. Bolla Lakshminarayana

Designation :

Managing Director

Address :

2-4-12/1, Girija Street, Srinagar, Kakinada – 533 003, Andhra Pradesh, India

Date of Birth/Age :

10.08.1949

Date of Appointment :

11.02.2008

DIN No.:

00075469

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	U34300AP1983PLC003862	SRI BHAVANI CASTINGS LTD	Director	06/07/1998	06/07/1998	-	Active	NO
2	U29309AP1977PLC002130	ANDHRA ELECTRONICS LIMITED	Managing director	11/02/2008	29/09/2004	-	Active	NO

Name :

Mr. Prattipati Partha Sarathi

Designation :

Director

Address :

8-2-293/82, Plot no.500/2, Road No.86, Jubilee Hills, Hyderabad – 533 003, Andhra Pradesh, India

Date of Birth/Age :

27.07.1948

Date of Appointment :

19.09.2003

Name :

Mr. Ramchandra Shahdadpuri

Designation :

Director

Address :

8-2-293/82, Plot No.500/2, Road No.86, Jubilee Hills, Hyderabad – 533 003, Andhra Pradesh, India

Date of Birth/Age :

17.09.1946

Date of Appointment :

24.12.2004

KEY EXECUTIVES

Name :	Mr. Raju
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2013

Names of Shareholders	No. of Shares
B. Tufasamma	13550
V. Sridevi	20400
B. Ratnakumar	83650
B. L. Narayana	88850
C. V. Chinna Rao	1250
B. Shyamkumar	50
P. Pardhasaradhi	1100
B. Padmavathi	35300
B. Bhawani Devi	4800
B. R.T. Sundari	50
K. Tulasi	22750
B. Aditya	12500
B. Abhinay	12500
B. Padmavathi	20000
IDBI, IDBI Tower, India	165000
K.V. Sri Ram	5000
Sai lkya Aparajitha	5000
Total	491750

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Nationalized or other banks	33.55
Directors or relatives of Directors	66.45
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Frequency Control Products For Telecommunication, Military And Space Applications

Products :

· Band Pass Filters

· Crystal Filters

· Local Oscillator

· Low Noise Amplifier

· Frequency Synthesizer

· Low Pass Filters

· High Pass Filters

Product or Services	ITC Code(4 digits)
Mounted Piezo	8541

Exports :

Countries :

· China

· Korea

Imports :

Products :

Raw Material

Countries :

· China

· Korea

Terms :

Selling :

Cheque and Credit

Purchasing :

Cheque and Credit

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

Not Divulged

Bankers :

· Industrial Development Bank of India Limited, IDBI TOWERWTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

· Bank of Baroda, P B N.64, 17.1.6., Main Road, Kakinada – 533 001, Andhra Pradesh , India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long term borrowing
Terms loans from bank Baroda	9.833	8.850
Short term borrowing
Bank of Baroda CC	12.653	10.289
Bank of Baroda Bad debts	8.779	6.924
Total	31.265	26.063

Banking Relations :	---
Auditors :
Name :	V. Ravi Sharma Chartered Accountants
Address :	Flat No. A7 Ratnanjali Towers, Near Three Lights Junction, Ramaraopeta, Kakinada – 533 004, Andhra Pradesh, India
PAN No.:	AAUPV0192N

CAPITAL STRUCTURE

As on 27.09.2013

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
491750	Equity Shares	Rs.10/- each	Rs. 4.918 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	4.918	4.918	4.917
(b) Reserves & Surplus	72.717	85.171	83.094
(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)	77.635	90.089	88.011
(3) Non-Current Liabilities
(a) long-term borrowings	20.814	17.831	22.781
(b) Deferred tax liabilities (Net)	5.397	5.618	5.329
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	26.211	23.449	28.11
(4) Current Liabilities
(a) Short term borrowings	21.431	17.213	11.137
(b) Trade payables	2.933	2.32	4.306
(c) Other current liabilities	7.228	7.455	7.098
(d) Short-term provisions	1.319	2.474	1.836
Total Current Liabilities (4)	32.911	29.462	24.377
TOTAL	136.757	143.000	140.498
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	61.570	59.863	63.888
(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	0.280	0.280	0.280
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	19.804	20.208	18.588
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	81.654	80.351	82.756
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	25.393	25.227	23.171
(c) Trade receivables	22.162	13.366	19.332
(d) Cash and cash equivalents	2.744	18.135	9.954
(e) Short-term loans and advances	4.804	5.921	5.285
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	55.103	62.649	57.742
TOTAL	136.757	143.000	140.498

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	59.184	73.270	67.743
		Other Income	2.023	2.876	2.034
		TOTAL	61.207	76.146	69.777
Less	EXPENSES
		Cost of Materials Consumed	21.882	22.288	21.979
		Purchases of Stock-in-Trade	0.000
		Change in inventories of finished goods, work in progress and stock-in-Trade	0.801	(2.546)	1.384
		Employees benefits expense	21.055	20.179	16.421
		Other expenses	18.973	21.304	17.325
		TOTAL (B)	62.711	61.225	57.109
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(0.703)	14.921	12.668
Less	FINANCIAL EXPENSES		5.511	5.198	5.441
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(6.214)	9.722	7.227
Less/ Add	DEPRECIATION/ AMORTISATION		5.610	5.364	5.286
	PROFIT/ (LOSS) BEFORE TAX		(11.824)	4.359	1.941
Less	TAX		0.221	1.940	0.667
	PROFIT/ (LOSS) AFTER TAX		(12.045)	2.419	1.274
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(11.878)	3.510	1.583
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	3.000	0.150
		Proposed Dividend at 6%	0.000	0.295	0.295
		Tax on Dividend	0.000	0.048	0.048
	BALANCE CARRIED TO THE B/S		(11.878)	0.167	1.090
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	4.089	3.803	3.195
	TOTAL EARNINGS		4.089	3.195	3.195
	IMPORTS
		Raw Materials and Capital Goods	13.233	9.830	13.389
		Imported	0.000	11.903	17.870
		Indigenous	0.000	6.020	4.003
	TOTAL IMPORTS		13.233	27.753	35.262
	Earnings / (Loss) Per Share (Rs.)		(24.49)	4.92	2.59

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(19.68)	3.18	1.83
Net Profit Margin (PBT/Sales)	(%)	(19.98)	5.95	2.87
Return on Total Assets (PBT/Total Assets}	(%)	(8.66)	3.05	1.38
Return on Investment (ROI) (PBT/Networth)		(0.15)	0.05	0.02
Debt Equity Ratio (Total Debt /Networth)		0.54	0.39	0.39
Current Ratio (Current Asset/Current Liability)		1.67	2.13	2.37

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	4.917	4.918	4.918
Reserves & Surplus	83.094	85.171	72.717
Net worth	88.011	90.089	77.635
long-term borrowings	22.781	17.831	20.814
Short term borrowings	11.137	17.213	21.431
Total borrowings	33.918	35.044	42.245
Debt/Equity ratio	0.385	0.389	0.544

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	67.743	73.270	59.184
		8.159	(19.225)

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	67.743	73.270	59.184
Profit	1.274	2.419	(12.045)
	1.88%	3.30%	(20.35)%

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	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	No
17]	Major suppliers	No
18]	Major customers	No
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 / No)
24]	Banking facility details	(Yes / 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

(Rs. in Millions)

Unsecured Loan	As on 31.03.2013	As on 31.03.2012
Long term borrowing
Loans from director	9.855	8.004
Loans from shareholder	1.126	0.976
Total	10.981	8.980

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10397152	18/12/2012	51,250,000.00	BANK OF BARODA	P B NO.64, 17.1.6., MAIN ROAD, KAKINADA, Andhra P  radesh - 533001, INDIA	B65947889
2	10079682	24/10/2007	20,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maha  rashtra - 400005, INDIA	A28603330
3	90132838	10/08/2001 *	28,500,000.00	I.D.B.I. BANK LTD.	W.T.C. COMPLEX; I.D.B.I. TOWER, CUFFE PARADE, MUM  BAI, Maharashtra - 400005, INDIA	-
4	90135764	14/08/2001 *	16,500,000.00	BANK OF BARODA	MAIN ROAD, KAKINADA, Andhra Pradesh - 533001, INDI  A	-
5	90132145	12/10/1995 *	3,330,000.00	I.D.B.I. BANK LTD.	W.T.C. COMPLEX; I.D.B.I. TOWER, CUFFE PARADE, MUM  BAI, Maharashtra - 400005, INDIA	-
6	90132139	12/10/1995 *	7,000,000.00	I.D.B.I. BANK LTD.	W.T.C. COMPLEX; I.D.B.I. TOWER, CUFFE PARADE, MUM  BAI, Maharashtra - 400005, INDIA	-
7	90136511	20/11/1992	701,000.00	SUNDARAM FINANCE LTD.	NO - 21; PATULLOS ROAD, MADRAS, Tamil Nadu - 60000  2, INDIA	-
8	90136510	22/09/1992	782,000.00	SUNDARAM FINANCE LTD.	NO - 21; PATULLOS ROAD, MADRAS, Tamil Nadu - 60000  2, INDIA	-

* Date of charge modification

FIXED ASSETS

· Land

· Building

· Clean Room

· Machinery

· Furniture and Fixture

· Office Equipments

· Air Conditioners

· Electrical Equipments

· Generators

· Vehicles

· Computers

· Nitrogen Plant

OPERATIONS

For the year ended 31^st march 2013 the company has incurred cash losses Rs. 6.961 Millions. The loss was largely due to serious power cuts and very low quality of power supply, this resulted in break down of sensitive equipment lead to production losses. The company has taken pro-active step to prevent such incidents in future.

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. 60.82
UK Pound	1	Rs. 98.15
Euro	1	Rs. 78.65

INFORMATION DETAILS

Information Gathered by :	GYT
Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.