MIRA INFORM REPORT

Report No. :	350414
Report Date :	02.12.2015

IDENTIFICATION DETAILS

Name :	HI-TECH SYSTEMS AND SERVICES LIMITED
Formerly Known As :	HI-TECH SYSTEMS AND SERVICES PRIVATE LIMITED
Registered Office :	White House, 5^th Floor, 119 Park Street, Kolkata – 700 016, West Bengal
Tel. No.:	91-33-22290045/ 22290037
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.02.1989
Com. Reg. No.:	21-046263
Capital Investment / Paid-up Capital :	Rs.13.011 Million
CIN No.: [Company Identification No.]	U74999WB1989PLC046263
IEC No.:	0289008701
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACH6621F
Legal Form :	Private Limited Liability Company.
Line of Business :	Subject provides specialised products and services to the Indian power and process industry. The company acts as a channel partner for various international manufacturers. It has diversified into leasing and power generation. Its activities are grouped into four divisions: power equipment, service, leasing, and wind farms. [From Indirect Sources]
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 2100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1989 having good track. Available financial indicates sound financial risk profile marked by healthy networth base along with comfortable liquidity position and decent profit margin of the company. Further the rating also takes into consideration favorable gap between trade payables and trade receivables. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. In view of long track record and sound financial base, 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, 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	CRISIL
Rating	Long Term Rating: BBB +
Rating Explanation	Moderate degree of safety and carry moderate credit risk.
Date	3 June, 2015

Rating Agency Name	CRISIL
Rating	Short Term Rating = A2
Rating Explanation	Strong degree of safety and carry low credit risk.
Date	3 June, 2015

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 31-03-2015.

LOCATIONS

Registered Office :	White House, 5^th Floor, 119 Park Street, Kolkata – 700 016, West Bengal, India
Tel. No.:	91-33-22290045/ 22290037
Fax No.:	91-33-22291264
E-Mail :	info@hitech.in subhasis@hitech.in compliance@hitech.in
Website :	http://www.hitech.in

DIRECTORS

AS ON 14.08.2014

Name :

Mr. Jayanta Saha Chaudhury

Designation :

Director

Address :

56, Raja S.C. Mullick Road, Block-I, Flat-4F, Ekta Heights, Kolkata – 700 032, West Bengal, India

Date of Birth/Age :

06.08.1944

Date of Appointment :

21.09.2005

DIN No.:

00037037

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	U29120WB2005PTC102950	KUSHAGRA INFRASTRUCTURE PRIVATE LIMITED	Director	04/05/2005	04/05/2005	09/02/2007	Active	NO
2	U74999WB1989PLC046263	HI-TECH SYSTEMS AND SERVICES LIMITED.	Director	21/09/2005	21/09/2005	-	Active	NO

Name :

Mr. Dharam Chand Agrawal

Designation :

Director

Address :

1A, New Road, 6^th Floor, Alipora, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

13.09.1939

Date of Appointment :

26.03.2014

DIN No.:

00037001

Election Commission Identity Card No.:

WB/23/146/105173

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	U31200WB2001PLC137884	HI-TECH RESOURCE MANAGEMENT LIMITED	Director	16/01/2001	16/01/2001	-	Active	NO
2	U45201WB2004PTC099009	RAJARHAT ESTATES PRIVATE LIMITED	Director	01/07/2004	01/07/2004	-	Active	NO
3	U70101WB2004PTC100187	DINODIA PROJECTS PRIVATE LIMITED	Director	18/10/2004	18/10/2004	-	Amalgamated	NO
4	U45209WB2005PTC101456	DINODIA DEVELOPERS PRIVATE LIMITED	Director	31/01/2005	31/01/2005	-	Amalgamated	NO
5	U45209WB2005PTC101454	MEGACITY SPRING VALLEY PRIVATE LIMITED	Director	31/01/2005	31/01/2005	-	Active	NO
6	U45203WB2006PTC111672	TIRUPATI RESIDENCY PRIVATE LIMITED	Director	01/11/2006	01/11/2006	26/07/2007	Active	NO
7	U29120WB2005PTC102950	KUSHAGRA INFRASTRUCTURE PRIVATE LIMITED	Additional director	06/11/2006	06/11/2006	25/02/2011	Active	NO
8	U74999WB1989PLC046263	HI-TECH SYSTEMS AND SERVICES LIMITED.	Director	26/03/2014	23/12/2006	-	Active	NO
9	U70109WB1986PTC040948	ARUNODAYA BUILDERS PRIVATE LIMITED	Director	22/09/2007	20/03/2007	-	Amalgamated	NO
10	U45200WB2005PTC162477	RAJUL DEVELOPERS PRIVATE LIMITED	Director	30/09/2008	01/07/2008	-	Amalgamated	NO

Name :

Mr. Vikash Agrawal

Designation :

Managing Director

Address :

1A, New Road, 6^th Floor, Alipora, Kolkata – 700 027, West Bengal, India

Date of Appointment :

16.08.2014

DIN No.:

00037141

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	U31200WB2001PLC137884	HI-TECH RESOURCE MANAGEMENT LIMITED	Director	16/01/2001	16/01/2001	-	Active	NO
2	U45202WB2004PTC099362	NEW TOWN PROJECTS PRIVATE LIMITED	Director	09/08/2004	09/08/2004	-	Active	NO
3	U70101WB2004PTC100187	DINODIA PROJECTS PRIVATE LIMITED	Director	18/10/2004	18/10/2004	-	Amalgamated	NO
4	U72200WB2004PLC100813	KILBURN SOFTWARE TECHNOLOGIES INDIA LIMITED	Director	23/12/2004	23/12/2004	16/08/2013	Active	NO
5	U45209WB2005PTC101456	DINODIA DEVELOPERS PRIVATE LIMITED	Director	31/01/2005	31/01/2005	-	Amalgamated	NO
6	U33122WB2005PTC102777	KENT TECH METERS PRIVATE LIMITED	Director	20/04/2005	20/04/2005	-	Amalgamated	NO
7	U29120WB2005PTC102950	KUSHAGRA INFRASTRUCTURE PRIVATE LIMITED	Director	04/05/2005	04/05/2005	09/02/2011	Active	NO
8	U74140WB2006PTC108711	HI-TECH SYSTEMS AND TECHNOCONSULTANTS PRIVATE LIMITED	Director	24/03/2006	24/03/2006	-	Amalgamated	NO
9	U74999WB1989PLC046263	HI-TECH SYSTEMS AND SERVICES LIMITED	Managing director	16/08/2014	23/12/2006	-	Active	NO
10	U31100WB2008PTC125252	ANANDALOK PROPERTIES PRIVATE LIMITED	Director	17/03/2009	17/03/2009	23/04/2009	Active	NO

Name :

Mr. Suprkash Ghosh

Designation :

Additional Director

Address :

Flat No.6, Block-H, No.31/1 Bulbul Co-Operative, Patuli Town Ship, Kolkata – 700 094, West Bengal, India

Date of Birth/Age :

05.11.1958

Date of Appointment :

16.04.2011

DIN No.:

00056389

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	U31909WB2004PTC098639	KANSAN TECHNOSYSTEMS PRIVATE LIMITED	Director	22/08/2005	22/08/2005	12/03/2012	Amalgamated	NO
2	U74999WB1989PLC046263	HI-TECH SYSTEMS AND SERVICES LTD.	Additional director	16/04/2011	16/04/2011	-	Active	NO

Name :

Bibekananda Guha

Designation :

Additional Director

Address :

142, Charu Chandra Place-East, Kolkata – 700 033, West Bengal, India

Date of Birth/Age :

20.06.1951

Date of Appointment :

01.04.2014

DIN No.:

06858557

MAJOR SHAREHOLDERS

AS ON 14.08.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 14.08.2014

Category	Percentage
Bodies corporate	1.73
Directors or relatives of directors	79.01
Other top fifty shareholders	19.26
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject provides specialised products and services to the Indian power and process industry. The company acts as a channel partner for various international manufacturers. It has diversified into leasing and power generation. Its activities are grouped into four divisions: power equipment, service, leasing, and wind farms. [From Indirect Sources]

Products :

Item Code No.	Product Description
90.00	Electronic and Mechanical Instruments Accessories, Tools, Spares etc.
73.00	Power Cables

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Banker Name	Indian Overseas Bank
Branch Address	International Business Branch, 2, Wood Street, Kolkata – 700 016, West Bengal, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Term Loans
From Banks
ICICI Bank Limited [Secured against hypothecation of plant and machinery, other movable and receivables from 4.2 MW Wind Firm Project situated at Villages: Chabala and P.C. Pyapil within Vajrakarur Mandal of Anantapur District in the state of Andhra Pradesh]	99.979	0.000
From Others
Life Insurance Corporation of India [Secured against assignment of life insurance policies of key personals of the company]	24.488	29.714
SHORT TERM BORROWINGS
Cash Credits/ Overdrafts
From Banks [Secured against hypothecation of book debts	67.208	0.000
Total	191.675	29.714

Financial Institution :	Indian Renewable Energy Development Agency Limited, India Habitat Centre, 1^st Floor, East Court Core, 4 A, Lodhi Road, New Delhi – 110 003, India
Auditors :
Name :	J. S. Vanzara and Associates Chartered Accountants
Address :	Oriental House, Suit-3A, 6C, Elgin Road, Kolkata – 700 020, West Bengal, India
Tel. No.:	91-33-22806673/ 6674
Fax No.:	91-33-22809363
E-Mail :	response@jsvassociates.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAFFJ9852N
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 14.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1301085	Equity Shares	Rs.10/- each	Rs.13.011 Million

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	13.011	13.011	13.011
(b) Reserves & Surplus	730.100	575.459	424.154
(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)	743.111	588.470	437.165
(3) Non-Current Liabilities
(a) long-term borrowings	124.467	29.714	28.769
(b) Deferred tax liabilities (Net)	10.149	0.000	0.000
(c) Other long term liabilities	103.948	102.966	99.281
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	238.564	132.680	128.050
(4) Current Liabilities
(a) Short term borrowings	67.208	0.000	36.622
(b) Trade payables	35.191	23.767	8.099
(c) Other current liabilities	16.930	27.152	11.327
(d) Short-term provisions	60.598	73.159	46.078
Total Current Liabilities (4)	179.927	124.078	102.126
TOTAL	1,161.602	845.228	667.341
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	438.981	233.868	258.935
(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	59.652	38.177	5.181
(c) Deferred tax assets (net)	0.000	2.296	1.155
(d) Long-term Loan and Advances	68.241	70.170	47.954
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	566.874	344.511	313.225
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	96.376	72.165	81.907
(c) Trade receivables	166.901	189.420	170.031
(d) Cash and cash equivalents	155.207	62.804	31.585
(e) Short-term loans and advances	176.244	176.328	70.593
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	594.728	500.717	354.116
TOTAL	1,161.602	845.228	667.341

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	840.031	888.683	613.191
	Other Income	41.713	26.176	34.103
	TOTAL (A)	881.744	914.859	647.294
Less	EXPENSES
	Cost of Materials Consumed	506.057	551.339	351.537
	Employees benefits expense	37.441	34.523	31.813
	Other expenses	68.029	58.779	48.677
	TOTAL (B)	611.527	644.641	432.027
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	270.217	270.218	215.267
Less	FINANCIAL EXPENSES (D)	5.579	4.303	13.612
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	264.638	265.915	201.655
Less/ Add	DEPRECIATION/ AMORTISATION (F)	37.398	43.495	50.709
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	227.240	222.420	150.946
Less	TAX (H)	69.554	68.091	46.491
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	157.686	154.329	104.455
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	1.153	0.848	0.930
Less	APPROPRIATIONS
	Proposed Dividend	2.602	2.602	1.302
	Interim Dividend	0.000	0.000	2.602
	Tax on Dividend	0.442	0.422	0.633
	Transfer to General Reserve	154.000	151.000	100.000
	Total (M)	157.044	154.024	104.537
	Balance Carried to the B/S	1.795	1.153	0.848
	IMPORTS
	Purchases of Traded Items	268.570	190.496	161.625
	Capital Goods	0.292	0.000	0.161
	Capital Goods
	TOTAL IMPORTS	268.862	190.496	161.786
	Earnings / (Loss) Per Share (Rs.)	121.20	118.62	80.28

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

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

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	18.77	17.37	17.03
Operating Profit Margin (PBIDT/Sales)	(%)	32.17	30.41	35.11
Return on Total Assets (PBT/Total Assets}	(%)	20.62	27.64	22.84
Return on Investment (ROI) (PBT/Networth)		0.31	0.38	0.35
Debt Equity Ratio (Total Debt /Networth)		0.26	0.05	0.15
Current Ratio (Current Asset/Current Liability)		3.31	4.04	3.47

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	13.011	13.011	13.011
Reserves & Surplus	424.154	575.459	730.100
Net worth	437.165	588.470	743.111
Long-term borrowings	28.769	29.714	124.467
Short term borrowings	36.622	0.000	67.208
Total borrowings	65.391	29.714	191.675
Debt/Equity ratio	0.150	0.050	0.258

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	613.191	888.683	840.031
		44.928	(5.475)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	613.191	888.683	840.031
Profit	104.455	154.329	157.686
	17.03%	17.37%	18.77%

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	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
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	No
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	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10542095	17/12/2014	25,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	HONGKONG HOUSE, CREDIT SERVICES, 31 B B D BAGH, K  OLKATA, WEST BENGAL - 700001, INDIA	C39976923
2	10529578	15/10/2014	150,000,000.00	DBS BANK LIMITED.	4A, NANDALAL BASU SARANI,, KOLKATA, WEST BENGAL -  700071, INDIA	C32560310
3	10496117	26/05/2014	150,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	HONGKONG HOUSE, 31 B B D BAGH, KOLKATA, WEST BENGAL - 700001, INDIA	C04875746
4	10473264	10/08/2015 *	287,200,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ  ARAT - 390015, INDIA	C61475695
5	90254215	02/04/2015 *	255,000,000.00	INDIAN OVERSEAS BANK	2 WOOD STREET, INTERNATIONAL BUSINESS BRANCH, KOL  KATA, WEST BENGAL - 700016, INDIA	C49800808

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Office Equipment

· Plant and machinery

· Computers

· Furniture and Fixtures

· Vehicles

· DG Sets

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.66.52
UK Pound	1	Rs.100.44
Euro	1	Rs.70.44

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	GEET

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.