MIRA INFORM REPORT

Report No. :	334839
Report Date :	01.08.2015

IDENTIFICATION DETAILS

Name :	COREEL TECHNOLOGIES (INDIA) PRIVATE LIMITED (w.e.f. 11.06.2008)
Formerly Known As :	CG-COREEL PROGRAMMABLE SOLUTIONS PRIVATE LIMITED
Registered Office :	21, 7^th Main, 1^st Block, Koramangala, Bangalore 560034, Karnataka
Tel. No.:	91-80-41970400
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.04.1999
Com. Reg. No.:	08-033050
Capital Investment / Paid-up Capital :	Rs.55.632 Million
CIN No.: [Company Identification No.]	U72200KA1999PTC033050
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRC01529D
PAN No.: [Permanent Account No.]	AABCC1915E
Legal Form :	Private Limited Liability Company
Line of Business :	Provider of VLSI and Embedded System design services and Intellectual Property.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 550000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade term and con Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade term and conditions. ditions.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2013.

INFORMATION DENIED

Management non-cooperative (Tel. No.: 91-80-41970400)

LOCATIONS

Registered Office / Head Office :	21, 7^th Main, 1^st Block, Koramangala, Bangalore 560034, Karnataka, India
Tel. No.:	91-80-41970400
Fax No.:	91-80-30723638
E-Mail :	sales@coreel.com (Sales Enquires) careers@coreel.com (Careers related Enquires) marketing@coreel.com (Press and Media Enquires) info@coreel.com (General Information)
Website:	www.coreel.com
India Sales and Marketing Office :	Located At · Bangalore · Hyderabad · Gurgaon · Kolkata · Pune
International Sales Representatives :	Tamscin Corp, 1924 Edgewood Drive, Palo Alto, CA 94303, USA
Tel. No.:	1 408 646 8498
E-Mail :	aditya@tamscin.com
United Kingdom:	Leading Light Technologies Limited (L2Tek Ltd.), 6 Cavendish Gardens, Church Crookham, Fleet Hans GU52 6PD, United Kingdom
Tell No.:	44 125 268 1238
Mobile No.:	44 751 528 2184
Fax No.:	48 844 736 5912
Email ID :	mark@12tek.co.uk

.

DIRECTORS

AS ON 12.09.2014

Name :

Mr. Ramesh N Babu

Designation :

Managing Director

Address :

No.404, Sobha Garnet Iblur, Sarjapura Road Bangalore-560034, Karnataka, India

Date of Birth/Age :

02.10.1952

Qualification :

BE., M. Tech.

Experience :

37 Years

Date of Appointment :

31.03.2013

PAN No.:

ACZPN5953E

DIN No.:

00390146

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	U72200KA1999PTC033050	COREEL TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	31/03/2013	12/06/2001	-	Active	NO
2	U36912MH2011PTC217719	IGLOW BUILDING SOLUTIONS PRIVATE LIMITED	Additional director	10/06/2013	10/06/2013	-	Active	NO

Name :

Mr. Chetan Vadilal Sanghvi

Designation :

Managing Director

Address :

45131, Manzanita CT Fremont Ca 94539, USA

Date of Birth/Age :

14.02.1956

Qualification :

B. Tech. (IIT Kharagpur), MSEE (University of Houston)

Experience :

Over 35 years’ experience in Computing Semi-conductors and systems. Known for starting and managing innovative R and D focused companies. Involved in the design of many first of its type ground-breaking computing systems, networking semi-conductors, and complex strategic systems. Played a key role in introducing and starting various centres for VLSI design in India during1988-89. Was one of the architects of the Intel 80386.

Date of Appointment :

01.04.2013

DIN No.:

02813779

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	U33112PN1995PTC093837	COLOGICX SYSTEMS PRIVATE LIMITED	Director	14/03/1997	14/03/1997	-	Active	NO
2	U72200KA1999PTC033050	COREEL TECHNOLOGIES (INDIA) PRIVATE LIMITED	Managing director	01/04/2013	01/07/1999	-	Active	NO

Name :

Mr. Kewal Krishan Nohria

Designation :

Director

Address :

11, Aryavartha, N D Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

04.10.1932

Date of Appointment :

29.08.2000

PAN No.:

AACPN8340G

DIN No.:

00060015

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	L74140PN1986PLC041033	ACCELYA KALE SOLUTIONS LIMITED	Director	08/10/1988	08/10/1988	-	Active	NO
2	U24295GA1988PLC000921	CG-PPI ADHESIVE PRODUCTS LIMITED	Director	04/11/1988	04/11/1988	-	Active	NO
3	U74899DL1993PTC051849	ITRON METERING SOLUTIONS INDIA PRIVATE LIMITED	Director	22/01/1993	22/01/1993	29/10/2010	Active	NO
4	L29142TN1992PLC021997	IGARASHI MOTORS INDIA LIMITED	Director	03/07/1993	03/07/1993	-	Active	NO
5	U31404TN1993PTC025779	AGILE CONSUMER ELECTRIC INDIA PRIVATE LIMITED	Director	13/09/1993	13/09/1993	28/03/2011	Active	NO
6	U33112PN1995PTC093837	COLOGICX SYSTEMS PRIVATE LIMITED	Director	14/03/1997	14/03/1997	24/09/2013	Active	NO
7	U60231KA1984PTC006017	MAINI MATERIALS MOVEMENT PRIVATE LIMITED	Director	21/07/2007	24/09/1998	-	Active	NO
8	U27201KA1972PTC002307	MAINI PRECISION PRODUCTS PRIVATE LIMITED	Director	19/09/2007	26/03/1999	-	Active	NO
9	U72200KA1999PTC033050	COREEL TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	29/08/2000	29/08/2000	-	Active	NO
10	U74999HR2000PLC035269	GROW TALENT COMPANY LIMITED	Director	09/09/2000	09/09/2000	-	Active	NO
11	U72200DL2001PTC112820	SUKARMA TECHNOLOGIES PRIVATE LIMITED	Director	14/03/2002	14/03/2002	04/08/2008	Active	NO
12	U74899DL2001PTC111383	FONTUS WATER PRIVATE LIMITED	Director	02/01/2003	02/01/2003	-	Active	NO
13	U74899DL2000PTC105715	E A WATER PRIVATE LIMITED	Director	01/07/2003	01/07/2003	-	Active	NO
14	U74999HR2004PLC035286	ACQVIRE TALENT SERVICES LIMITED	Director	14/01/2004	14/01/2004	-	Amalgamated	NO
15	U31102TN2003PTC052057	AGILE ELECTRIC DRIVES TECHNOLOGIES AND HOLDINGS PRIVATE LIMITED	Director	20/05/2004	20/05/2004	-	Amalgamated	NO
16	U74899DL2000PTC103848	NET HOLDINGS PRIVATE LIMITED	Director	15/06/2004	15/06/2004	-	Active	NO
17	U29299MH1964PLC013087	C.T.R. MANUFACTURING INDUSTRIES LIMITED	Director	15/07/2004	15/07/2004	-	Active	NO
18	U31102TN2004PTC054140	AGILE ELECTRIC TECHNOLOGIES PRIVATE LIMITED	Director	26/09/2008	19/01/2005	-	Amalgamated	NO
19	U85110MH2001PTC132960	TANCLEAN PRIVATE LIMITED	Director	01/04/2005	01/04/2005	31/07/2008	Active	NO
20	U20200MH1956PLC009899	JOLLY BOARD LIMITED	Director	25/07/2005	25/07/2005	-	Active	NO
21	U51505DL1997PTC089785	AVENTURA COMPONENTS PRIVATE LIMITED	Director	05/10/2005	05/10/2005	-	Active	NO
22	U40100MH2005PTC156964	POWER ENERGY CONSERVATION (INDIA) PRIVATE LIMITED	Director	21/10/2005	21/10/2005	-	Strike off	NO
23	U51505TN2005PTC057898	IGARASHI MOTORS SALES PRIVATE LIMITED	Director	31/10/2006	31/10/2006	-	Active	NO
24	L99999MH1982PLC026191	PRADEEP METALS LIMITED	Director	05/09/2008	14/04/2008	-	Active	NO
25	U24134MH1986PTC038671	POLYMERMANN (ASIA) PRIVATE LIMITED	Director	18/06/2010	20/11/2009	-	Active	NO
26	U85100DL2009PTC227463	HEALTHPOINT SERVICES INDIA PRIVATE LIMITED	Director	23/09/2011	12/09/2011	-	Active	NO
27	U80903HR2012NPL045688	INSPIRED LEADERSHIP GURUKUL	Director	20/04/2012	20/04/2012	-	Active	NO
28	U24299DL2005PTC142116	GEIST RESEARCH PRIVATE LIMITED	Director	22/04/2013	22/04/2013	-	Active	NO

Name :

Mr. Vishwanath Padur

Designation :

Director

Address :

Vasuki, 3^rd Main VIbhudhamanya Nagar, Dondnagudde, Udupi – 576102, Karnataka, India

Date of Birth/Age :

20.08.1968

Date of Appointment :

16.07.2004

PAN No.:

ABAPP1071B

DIN No.:

00390160

Name :

Mr. Suryanarayana Murthy Trikutam

Designation :

Director

Address :

No.702, Renaissance Park -2, No.26/01,01, Main Industrial Suburb Malleshwaresm, West Bangalore – 560055, Karnataka, India

Date of Birth/Age :

24.07.1955

Date of Appointment :

29.09.2010

PAN No.:

ABNPM9419R

DIN No.:

02974727

KEY EXECUTIVES

Name :	Mr. Ashok Singh
Designation :	Business Ethics Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 12.09.2014

Names of Shareholders	No. of Shares
Kewal Krishan Nohria	1305000
Chetan Vadilal Sanghvi	1276125
Vadilal M Sanghvi	1177325
CG Programmable Employees Stock Option Trust, India	420647
Ramesh Babu	376375
P. Vishwanath	420493
Sujay S W	32750
Aravind P Pamli	31750
T A Ramaswamy	32288
Champa Vadilal Sanghvi	271000
N. Neeharika	100000
Sivkiran Nagisetty	1250
T.S.N Murthy	56500
Naveen Reddy	2000
Vikas Akalewadi	1250
Charulatha Jayesh Shah	50500
Sairam kintali Patro	5000
Guru Prasad	1500
Sachin Vayas	1470
Ajay Schdev	1
Dilip sachdev	1
Satish praksh Khemchandani	1
Umkesh Rohra	1
M. M. Ahuja	1
Suresh Lal Hiralal	1
Rajkumari Arjundas	1
Total	5563230

As on 12.09.2014

Equity Share Break up (Percentage of Total Equity)

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	22.94
Bodies corporate	7.56
Directors or relatives of Directors	67.56
Other top fifty shareholders	1.94
Total	100.00

BUSINESS DETAILS

Line of Business :

Provider of VLSI and Embedded System design services and Intellectual Property.

Products :

PRODUCTION DESCRIPTION	ITEM CODE NO
Computer and packaged Software	99612840

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Not Divulged

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

(Approximately) / Information declined by the management

Bankers :

· Canara Bank, Koramangala Layout Branch, Bangalore - 560034, Karnataka, India

· Canara Bank, 100 Feet Road IV Block, Kormangala Bangalore 560034, Karnataka, India

· The Karanataka Bank Limited, Nehrunagar Branch, Bangalore-560020, Bangalore - 560020, Karnataka, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
Working capital loans from bank	10.318	14.306
Total	10.318	14.306

Auditors :
Name :	Sharp and Tannan Chartered Accountant
Address :	Parsn Manere, A wing 602, Anna Salai, Chennai – 600006, Tamil Nadu, India
PAN No.:	AAAFS2512D
Memberships :	--
Collaborators :	--
Subsidiaries :	· Core Designeering LLC, USA
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Cologicx Systems Limited, Pune CIN No.: U33112PN1995PTC093837

CAPITAL STRUCTURE

As on 12.09.2014

Authorised Capital :

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

Isued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5563230	Equity Shares	Rs.10/- each	Rs. 55.632 Millions

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	55.632	55.632	55.632
(b) Reserves & Surplus	136.382	120.753	114.952
(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)	192.014	176.385	170.584
(3) Non-Current Liabilities
(a) long-term borrowings	1.090	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	18.439	14.908	12.976
Total Non-current Liabilities (3)	19.529	14.908	12.976
(4) Current Liabilities
(a) Short term borrowings	130.310	82.306	41.729
(b) Trade payables	86.079	71.973	57.071
(c) Other current liabilities	129.722	105.854	37.390
(d) Short-term provisions	15.976	5.316	11.525
Total Current Liabilities (4)	362.087	265.449	147.715
TOTAL	573.630	456.742	331.275
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	25.435	21.775	21.770
(ii) Intangible Assets	44.888	14.070	7.885
(iii) Capital work-in-progress	0.000	1.933	0.000
(iv) Intangible assets under development	18.001	35.803	5.883
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	7.867	5.607	4.195
(d) Long-term Loan and Advances	11.943	15.506	4.131
(e) Other Non-current assets	13.096	0.000	0.000
Total Non-Current Assets	121.230	94.694	43.864
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	55.716	43.347	23.821
(c) Trade receivables	268.615	207.948	204.974
(d) Cash and cash equivalents	74.662	63.350	29.902
(e) Short-term loans and advances	42.836	35.493	28.714
(f) Other current assets	10.571	11.910	0.000
Total Current Assets	452.400	362.048	287.411
TOTAL	573.630	456.742	331.275

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	852.864	623.885	640.245
		Other Income	4.554	3.633	1.943
		TOTAL	857.418	627.518	642.188
Less	EXPENSES TOTAL		793.699	599.484	603.961
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		63.719	28.034	38.227
Less	FINANCIAL EXPENSES		15.895	8.948	3.907
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		47.824	19.086	34.320
Less/ Add	DEPRECIATION/ AMORTISATION		20.348	10.967	9.148
	PROFIT BEFORE TAX		27.476	8.119	25.172
Less	TAX		11.847	2.318	11.238
	PROFIT AFTER TAX		15.629	5.801	13.934
	EARNINGS IN FOREIGN CURRENCY		222.788	125.152	147.631
	Earnings Per Share (Rs.)		2.81	1.04	2.50

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt
Cash generated from operations
Net cash flow from (used in) operation

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.83	0.93	2.18
Operating Profit Margin (PBDIT / Sales)	(%)	7.47	4.49	5.97
Return on Total Assets (PBT/Total Assets}	(%)	5.02	1.96	7.84
Return on Investment (ROI) (PBT/Networth)		0.14	0.05	0.15
Debt Equity Ratio (Total Debt /Networth)		0.68	0.47	0.24
Current Ratio (Current Asset/Current Liability)		1.25	1.36	1.95

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	55.632	55.632	55.632
Reserves & Surplus	114.952	120.753	136.382
Net worth	170.584	176.385	192.014
long-term borrowings	0.000	0.000	1.090
Short term borrowings	41.729	82.306	130.310
Total borrowings	41.729	82.306	131.400
Debt/Equity ratio	0.245	0.467	0.684

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	640.245	623.885	852.864
		(2.555)	36.702

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	640.245	623.885	852.864
Profit	13.934	5.801	15.629
	2.18%	0.93%	1.83%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	No
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	----
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	-----
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	----
33	Market information	----
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee Term Loan from Bank	1.090	0.000
Short Term Borrowing
Term Loans from Bank	3.000	0.000
Term Loans from others	3.500	0.000
Loans Repayable on Demand from bank	32.732	8.000
Loans and Advance from Directors	75.000	60.000
Loans and Advance from others	5.760	0.000
Total	121.082	68.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10496449	18/03/2014	35,000,000.00	Karnataka Bank Ltd.	652,17TH MAIN,3RD BLOCK, KORMANGALA LAYOUT,KORMAN  GALA, BANGALORE, Karnataka - 560034, INDIA	C04413829
2	10475627	08/01/2014	45,000,000.00	Karnataka Bank Ltd.	652, 17TH MAIN 3RD BLOCK, KORAMANGALA LAYOUT, KOR  AMANGALA EXTENSION BRANCH, BANGALORE, Karnataka -  560034, INDIA	B95512638
3	10365754	30/09/2014 *	110,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI  TED	NO 7, M G ROAD, BANGALORE, Karnataka - 560001, INDIA	C30379598
4	10335682	08/01/2014 *	15,000,000.00	Karnataka Bank Ltd.	652,17TH MAIN ,3RD BLOCK,, KORAMANGALA LAYOUT, KO  RAMANGALA, BANGALORE, Karnataka - 560034, INDIA	B95514022
5	10265926	08/01/2014 *	60,000,000.00	Karnataka Bank Ltd.	652,17TH MAIN ,3RD BLOCK,, KORAMANGALA LAYOUT, KO  RAMANGALA, BANGALORE, Karnataka - 560034, INDIA	B95513248

* Date of charge modification

REVIEW OF OPERATIONS AND FUTURE OUTLOOK:

During the year, the company has made significant progress towards realizing both its short term goals and long term goals. Even under difficult business conditions company was able to return back to high revenue growth and improve its profitability. The company was able to achieve all this without compromising its market position or its continued thrust on R&D geared towards future high growth.

The company has spent over 18 crores on Research & Development, of which about 35% was paid for by Non-recurring Engineering development payments from defence DRDO labs and other similar organizations. The products, innovations and intellectual property resulting from the company’s R&D, backed by an aggressive marketing have resulted in the branding of the organization as a Customer Application Specific Product & Solutions (CASPS) company. The customers today recognize your company as one that delivers technology intensive Electronic Systems, Next-gen products, Intellectual Property (IP), Semiconductor solutions, EDA tools, COTS products and Technology Training. They are positioned as a market leader or among the top few companies in the market segments we participate. They have achieved this remarkable market status in all three business segments that we participate namely; Aerospace & Defence, Digital Media Broadcast, and Universities and Institutions of higher learning.

They have started putting significant marketing resources and management bandwidth to increase foreign exchange earnings. They are in discussions with few foreign companies to do joint system level product development. We are very encouraged with the positive response and have initiated some early work. We expect this initiative to give good results in future.

The very high US dollar rate during the second quarter of the financial year had a negative effect on there margins. Luckily, our new focus of targeting foreign customers acted as a counterbalance to the US dollar rate fluctuations. The Election season had a showdown effect in the last month of the financial year. However, proper planning allowed us to limit the adverse effect of the slowdown.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Computer

· Vehicles

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. 64.01
UK Pound	1	Rs. 99.84
Euro	1	Rs. 70.16

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--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	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		49

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.