MIRA INFORM REPORT

Report No. :	355526
Report Date :	25.12.2015

IDENTIFICATION DETAILS

Name :	ELCOM INNOVATIONS PRIVATE LIMITED
Formally Known As:	SRM ENGINEERING SERVICES INDIA PRIVATE LIMITED
Registered Office :	9th Floor, Meridien Commercial Tower Raisina Road, New Delhi - 110001
Mobile No.:	91-9999160378 [Mr. Manoj Garg]
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	05.12.2002
Com. Reg. No.:	55-117912
Capital Investment / Paid-up Capital :	Rs.0.200 Million
CIN No.: [Company Identification No.]	U45201DL2002PTC117912
IEC No.:	0512078696
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAKCS6783P
Legal Form :	Private Limited Liability Company.
Line of Business :	Subject is engaged in design, development and manufacturing of Telecom Systems, EPBX, Homeland Security and defense related Communication, Satellite based systems, Telephones, Security and Surveillance Systems and Other Software and Information technology. [Registered Activity]
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Elcom Innovations Private Limited is a part of Elcom group and a subsidiary of “Elcom Systems Private Limited”. It is an established company incorporated in the year 2002 having satisfactory track. Management of the company has not filed its financial with the government department for the year 2015 As per available financial of 2014, the company has shown healthy growth in its turnover and has achieved good profitability. The company also derives strength from its parentage and its experiences management. Moreover, the rating strength is partially offset by huge borrowings recorded by the company. Trade relations are reported as fair. Business is active. Payments terms are reported as slow but correct. 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	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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Manoj Garg
Designation :	Finance Manager
Contact No.:	91-9999160378
Date :	21.12.2015

LOCATIONS

Registered Office :	9th Floor, Meridien Commercial Tower Raisina Road, New Delhi – 110001, India
Tel. No.:	Not Available
Mobile No.:	91-9999160378 [Mr. Manoj Garg]
Fax No.:	Not Available
E-Mail :	sarkar6534@gmail.com
Factory :	Plot No.B-76, Phase-Vii, Industrial Area, S.A.S. Nagar, Mohali – 160055, Punjab

DIRECTORS

AS ON 31.03.2015

Name :

Deepak Mehta

Designation :

Director

Address :

1370, Sector-29, Noida - 201303, Uttar Pradesh, India

Date of Birth/Age :

19.02.1950

Date of Appointment :

03.01.2003

DIN No.:

00035908

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	U45201DL2002PTC117912	ELCOM INNOVATIONS PRIVATE LIMITED	Director	03/01/2003	03/01/2003	-	Active	NO
2	U65993TN1996PTC035747	MADRAS FINVEST PRIVATE LIMITED	Director	30/09/2005	28/06/2005	30/01/2007	Active	NO
3	U74140DL1995PTC170716	SGE ADVISORS (INDIA) PRIVATE LIMITED	Director	30/11/2005	30/11/2005	-	Active	NO
4	U74140DL2005PTC139395	TRANSCARE LOGISTICS INDIA PRIVATE LIMITED	Director	30/05/2006	30/05/2006	-	Active	NO
5	U01122DL1984PTC018925	INDU FARMS PRIVATE LIMITED	Director	09/04/2007	09/04/2007	-	Active	NO
6	U65993WB1975PTC029871	HOOGHLY HOLDINGS PRIVATE LIMITED	Director	26/09/2008	10/05/2008	-	Active	NO
7	U23300DL2007PTC167781	INDRASIL TECHNOLOGIES PRIVATE LIMITED	Director	30/09/2009	21/03/2009	-	Active	NO
8	U74999MH2006NPL163665	NABHA DEVELOPMENT INITIATIVE	Director	30/09/2010	27/02/2010	-	Active	NO
9	U40108DL2010PTC204419	SUN ALTERNATE ENERGY PRIVATE LIMITED	Director	21/06/2010	21/06/2010	-	Active	NO
10	U74120DL2008PTC174589	INDRASIL INFRASTRUCTURE PRIVATE LIMITED	Director	04/09/2010	04/09/2010	-	Active	NO
11	U40106DL2010PTC208523	SUN RENEWABLE ENERGY PRIVATE LIMITED	Director	21/09/2010	21/09/2010	-	Active	NO
12	U51909DL2008PTC182776	SUN FOREST CITY ENTERPRISES PRIVATE LIMITED	Director	27/09/2010	27/09/2010	-	Strike off	NO
13	U65993DL2000PTC104289	PLANET METALS INDIA PRIVATE LIMITED	Director	28/09/2011	06/07/2011	-	Active	NO
14	U40108DL2010PTC204413	SUN CLEAN RENEWABLE POWER PRIVATE LIMITED	Nominee director	21/09/2011	21/09/2011	-	Active	NO
15	U74999DL2005PTC132478	BOULA PLATINUM MINING PRIVATE LIMITED	Director	18/11/2011	18/11/2011	-	Active	NO
16	U74140DL2015PTC279028	NICETY IT CONSULTING PRIVATE LIMITED	Additional director	30/07/2015	30/07/2015	-	Active	NO
17	U70109DL2015PTC279040	OPPORTUNITY BUILDCON PRIVATE LIMITED	Additional director	30/07/2015	30/07/2015	-	Active	NO

Name :

Pradnyil Usgaonkar

Designation :

Director

Address :

D-1/1183, Sector-D, Pocket-1, Vasant Kunj, New Delhi -110070, India

Date of Birth/Age :

05.11.1961

Date of Appointment :

30.09.2013

DIN No.:

00356794

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	U31909PY1994PTC000986	USHA INFORMATICS PRIVATE LIMITED	Director	01/02/1995	01/02/1995	28/03/2014	Active	NO
2	U72300DL2003PTC119092	CLIXXO BROADBAND PRIVATE LIMITED	Director	30/09/2005	28/08/2005	19/09/2013	Active	NO
3	U45201DL2002PTC117912	ELCOM INNOVATIONS PRIVATE LIMITED	Director	30/09/2013	24/12/2012	-	Active	NO

Name :

Arun Sharma

Designation :

Director

Address :

C-178, Surajmal Vihar, New Delhi -110092, India

Date of Birth/Age :

09.09.1969

Date of Appointment :

30.09.2013

DIN No.:

00315419

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	U32104HP1996PLC017995	CORAL TELECOM LIMITED	Whole-time director	21/02/2007	09/04/1996	22/08/2012	Active	NO
2	U51909DL2005PTC135508	VNK MERCHANDISE PRIVATE LIMITED	Director	31/08/2007	04/09/2006	29/03/2013	Active	NO
3	U32200DL2012PTC239206	CODAS INNOVATIONS PRIVATE LIMITED	Director	24/07/2012	24/07/2012	30/11/2012	Active	NO
4	U45201DL2002PTC117912	ELCOM INNOVATIONS PRIVATE LIMITED	Director	30/09/2013	24/12/2012	-	Active	NO

Name :

Lakshminarayanan Subramanian

Designation :

Director

Address :

33 Paschimi Marg First Floor, Vasant Vihar, New Delhi - 110057, India

Date of Birth/Age :

01.07.1946

Date of Appointment :

30.09.2013

DIN No.:

02808698

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	U72300DL2006PTC154805	ELCOM SYSTEMS PRIVATE LIMITED	Director	30/09/2009	20/04/2009	-	Active	NO
2	L65191TN1979PLC007874	SHRIRAM TRANSPORT FINANCE COMPANY LIMITED	Director	30/03/2015	22/09/2009	-	Active	NO
3	U02423KA2005PTC035749	BIOPURE HEALTHCARE PRIVATE LIMITED	Director	23/10/2009	23/10/2009	-	Active	NO
4	U66010TG2005PLC045616	SHRIRAM LIFE INSURANCE COMPANY LIMITED	Director	04/09/2014	02/12/2010	-	Active	NO
5	U50100TN2010PLC074572	SHRIRAM AUTOMALL INDIA LIMITED	Director	30/03/2015	27/01/2011	-	Active	NO
6	U45201DL2002PTC117912	ELCOM INNOVATIONS PRIVATE LIMITED	Director	30/09/2013	24/05/2013	-	Active	NO
7	U74920MH2003PTC143404	GEEKAY SECURITY SERVICES PRIVATE LIMITED	Additional director	18/02/2014	18/02/2014	04/11/2014	Active	NO
8	U24110MH1993PLC070713	INDOFIL INDUSTRIES LIMITED	Director	22/09/2014	05/07/2014	-	Active	NO
9	U65910TN2009PLC073914	SHRIRAM EQUIPMENT FINANCE COMPANY LIMITED	Director	31/07/2015	29/04/2015	-	Active	NO

Name :

Ramasubramanian Appadurai

Designation :

Director

Address :

112 G.F.Block - V,, Eros Garden Amar Nagar, Faridabad - 121003, Haryana, India

Date of Birth/Age :

05.02.1951

Date of Appointment :

15.02.2014

DIN No.:

02851166

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	U74140DL2005PTC139395	TRANSCARE LOGISTICS INDIA PRIVATE LIMITED	Director	30/09/2009	30/09/2009	-	Active	NO
2	U31908DL2007PTC162062	SUNTERA ENERGY SERVICES (INDIA) PRIVATE LIMITED	Director	31/03/2011	28/10/2009	-	Active	NO
3	U51909DL2008PTC182776	SUN FOREST CITY ENTERPRISES PRIVATE LIMITED	Director	27/09/2010	27/09/2010	-	Strike off	NO
4	U74140DL1995PTC170716	SGE ADVISORS (INDIA) PRIVATE LIMITED	Director	30/09/2011	10/03/2011	-	Active	NO
5	U65993WB1975PTC029871	HOOGHLY HOLDINGS PRIVATE LIMITED	Director	24/03/2011	24/03/2011	-	Active	NO
6	U74999DL2005PTC132478	BOULA PLATINUM MINING PRIVATE LIMITED	Director	18/11/2011	18/11/2011	-	Active	NO
7	U45201DL2002PTC117912	ELCOM INNOVATIONS PRIVATE LIMITED	Director	27/08/2014	15/02/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manoj Garg
Designation :	Finance Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Elcom Systems Private Limited	14000
Arun Sharma	1080
Rajeev Vats	1080
Usgaonkar Pradnyil	1080
Harish Kumar Sharma	1080
Rajeev Pilathottam	540
Sumeet Mallikarun	300
Murali Shrinivas	540
Prafulla Sarode	300
Total	20000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	70.00
Directors or relatives of Directors	10.80
Other top fifty shareholders	19.20
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in design, development and manufacturing of Telecom Systems, EPBX, Homeland Security and defense related Communication, Satellite based systems, Telephones, Security and Surveillance Systems and Other Software and Information technology. [Registered Activity]
Products :	Telecom Systems EPBX Homeland Security defense related Communication Satellite based systems Telephones Security and Surveillance Systems Software Information technology
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	State Bank of India
Branch Address	SME Branch, Sector 17-B, Chandigarh - 160017, Chandigarh, 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 LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Repayable on demand working Capital loans from Bank*	43.164	0.000
Total	43.164	0.000

Auditors :
Name :	Mudit Gupta and Company Chartered Accountants
Address :	104A, Triveni Plaza, 17A/57,W.E.A., New Delhi – 110005, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAVPG1660K
Memberships :	Not Available
Collaborators :	Not Available
Holding company:	Elcom Systems Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.10/- each	Rs.0.200 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	0.200	0.200	0.200
(b) Reserves & Surplus	8.366	3.540	(0.260)
(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)	8.566	3.740	(0.060)
(3) Non-Current Liabilities
(a) long-term borrowings	38.000	30.000	0.000
(b) Deferred tax liabilities (Net)	0.245	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.705	0.167	0.000
Total Non-current Liabilities (3)	38.950	30.167	0.000
(4) Current Liabilities
(a) Short term borrowings	43.164	0.000	0.500
(b) Trade payables	78.358	65.298	0.000
(c) Other current liabilities	15.826	6.332	0.010
(d) Short-term provisions	1.941	1.843	0.001
Total Current Liabilities (4)	139.289	73.473	0.511
TOTAL	186.805	107.380	0.451
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.355	0.059	0.000
(ii) Intangible Assets	6.563	0.059	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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.042	0.000
(d) Long-term Loan and Advances	1.938	0.006	0.006
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	21.856	0.166	0.006
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	75.622	33.252	0.000
(c) Trade receivables	73.174	60.448	0.000
(d) Cash and cash equivalents	4.285	5.149	0.444
(e) Short-term loans and advances	11.868	8.365	0.001
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	164.949	107.214	0.445
TOTAL	186.805	107.380	0.451

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL REVENUE	155.043	109.346	0.014
Less	EXPENSES
	Administrative Expenses	138.995	102.442	0.009
	TOTAL (B)	138.995	102.442	0.009
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	16.048	6.904	0.005
Less	FINANCIAL EXPENSES (D)	8.160	1.301	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	7.888	5.603	0.005
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.832	0.004	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	7.056	5.599	0.005
Less	TAX (H)	2.230	1.800	0.001
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	4.826	3.799	0.004
	Earnings / (Loss) Per Share (Rs.)	241.30	189.95	0.20

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)	(%)	3.11	3.47	28.57
Operating Profit Margin (PBIDT/Sales)	(%)	10.35	6.31	35.71
Return on Total Assets (PBT/Total Assets}	(%)	3.78	5.22	1.11
Return on Investment (ROI) (PBT/Networth)		0.82	1.50	-0.08
Debt Equity Ratio (Total Debt /Networth)		9.48	8.02	-8.33
Current Ratio (Current Asset/Current Liability)		1.18	1.46	0.87

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	0.200	0.200	0.200
Reserves & Surplus	(0.260)	3.540	8.366
Net worth	(0.060)	3.740	8.566
Long-term borrowings	0.000	30.000	38.000
Short term borrowings	0.500	0.000	43.164
Total borrowings	0.500	30.000	81.164
Debt/Equity ratio	(8.333)	8.021	9.475

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	0.014	109.346	155.043
		780,942.857	41.791

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	0.014	109.346	155.043
Profit	0.004	3.799	4.826
	28.57%	3.47%	3.11%

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	Yes
8	Designation of contact person	Yes
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	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

NOTE: Registered office of the company has been shifted from 8th Floor, Meridien Commercial Tower Raisina Road New Delhi – 110001, India to the present address w.e.f. 18.08.2011

BACKGROUND:

The company was incorporated on December 5th, 2002. Company is formally known as SRM Engineering Services India Private Limited. It is a subsidiary of Elcom Systems Private Limited. The company is engaged in design, development and manufacturing of Telecom Systems, EPBX, Homeland Security and defense related Communication, Satellite based systems, Telephones, Security and Surveillance Systems and Other Software and Information technology.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loan from holding company	38.000	30.000
Total	38.000	30.000

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10467274	29/12/2014 *	120,000,000.00	STATE BANK OF INDIA	SME BRANCH, SECTOR 17-B, CHANDIGARH, CHANDIGARH -  160017, INDIA	C44128346

* Date of charge modification

FIXED ASSETS

Tangible Assets

• Computer
• Vehicles
• Furniture and Fixture
• Plant and Machinery
• Building

Intangible Assets

• Computer Software
• Website
• Design and Developments

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.66.20
UK Pound	1	Rs.98.30
Euro	1	Rs.72.41

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	GEET

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	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.