MIRA INFORM REPORT

Report No. :	305135
Report Date :	28.01.2015

IDENTIFICATION DETAILS

Name :	ARICENT TECHNOLOGIES (HOLDINGS) LIMITED (w.e.f. 28.05.2007)
Formerly Known As :	KAPPA INVESTMENTS LIMITED
Registered Office :	5, Jain Mandir Marg (Annexe.), Connaught Place, New Delhi - 110001
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.06.2006
Com. Reg. No.:	55-149728
Capital Investment / Paid-up Capital :	Rs.4851.124 Millions
CIN No.: [Company Identification No.]	U65993DL2006PLC149728
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCK8280B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company develops software products and provides software consulting services for use in the telecommunications industry.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 33000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track Trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

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 31-03-2014.

LOCATIONS

Registered Office :	5, Jain Mandir Marg (Annexe.), Connaught Place, New Delhi – 110001, India
Tel. No.:	91-11-23747336
Fax No.:	Not Available
E-Mail :	parveen.jain@aricent.com
Branch Office :	Electronic City, Sector 18, Gurgaon - 122015, Haryana, India
Tel. No.:	91-124-4095888 / 6604444
Fax No.:	91-124-4095880 / 2455150

DIRECTORS

As on 29.09.2014

Name :

Mr. Amal Ganguli

Designation :

Director

Address :

J - 6/7, DLF Phase - II, Gurgaon - 122002, Haryana, India

Date of Birth/Age :

17.10.1939

Date of Appointment :

29.09.2014

DIN No.:

00013808

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	U74899DL1993PTC051811	M L INFOMAP PRIVATE LIMITED	Director	20/01/1993	20/01/1993	-	Active	NO
2	U72200DL1991PLC046909	Flextronics Software Systems Limited	Director	08/01/2001	08/01/2001	-	Amalgamated	NO
3	L74140DL1991PLC046369	HCL TECHNOLOGIES LIMITED	Director	04/12/2014	08/05/2003	-	Active	NO
4	L35921TN1949PLC002905	TUBE INVESTMENTS OF INDIA LIMITED	Director	02/06/2003	02/06/2003	29/07/2010	Active	NO
5	L51909DL1986PLC024222	SAMTEL COLOR LIMITED	Director	10/10/2003	10/10/2003	02/02/2007	Active	NO
6	L92111DL1988PLC033099	NEW DELHI TELEVISION LIMITED	Director	14/05/2004	14/05/2004	-	Active	NO
7	L17120MH1897PLC000163	CENTURY TEXTILE AND INDUSTRIES LIMITED	Director	25/07/2014	31/07/2004	04/11/2014	Active	NO
8	U34103MP2005PLC017319	AVTEC LIMITED	Director	23/06/2014	27/07/2005	-	Active	NO
9	L74999DL1991PLC042749	ICRA LIMITED	Director	12/06/2006	30/03/2006	25/07/2014	Active	NO
10	U64202DL1992PLC048053	HUGHES COMMUNICATIONS INDIA LIMITED	Director	30/09/2014	20/04/2006	-	Active	NO
11	L34103DL1981PLC011375	MARUTI SUZUKI INDIA LIMITED	Director	05/09/2006	05/09/2006	-	Active	NO
12	L64200MH1986PLC039266	Tata Communications Limited	Director	13/09/2006	13/09/2006	16/10/2014	Active	NO
13	U93090MH2006PTC165286	PineBridge Investments Trustee Company (India) Private Limited	Director	15/12/2006	15/12/2006	05/10/2012	Active	NO
14	U65993DL2006PLC149728	Aricent Technologies (Holdings) Limited	Director	29/09/2014	06/08/2007	-	Active	NO
15	U24239AP2005PTC047518	LAURUS LABS PRIVATE LIMITED	Director	13/06/2013	30/08/2007	-	Active	NO
16	L15421UP1932PLC022174	TRIVENI ENGINEERING AND INDUSTRIES LIMITED	Director	29/12/2009	19/01/2009	10/05/2011	Active	NO
17	L64200MH1995PLC086354	TATA TELESERVICES (MAHARASHTRA) LIMITED	Director	13/08/2009	24/03/2009	25/09/2014	Active	NO
18	L29110UP1995PLC041834	TRIVENI TURBINE LIMITED	Director	06/09/2011	10/05/2011	-	Active	NO
19	L26943RJ1976PLC001705	MANGALAM CEMENT LTD	Director	29/07/2013	11/02/2013	-	Active	NO

Name :

Coimbatore Pattabiraman Murali

Designation :

Whole-Time Director

Address :

No. 1185, 12th B Main, Hal II Stage, Indiranagar, Bangalore - 560032, Karnataka, India

Date of Birth/Age :

05.01.1962

Date of Appointment :

10.09.2010

DIN No.:

00417810

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	U72200KA2000PTC032966	Aricent Communications Private Limited	Director	29/09/2006	24/05/2006	-	Active	NO
2	U65993DL2006PLC149728	Aricent Technologies (Holdings) Limited	Whole-time director	10/09/2010	21/07/2010	-	Active	NO

Name :

Mr. Vinay Mittal

Designation :

Director

Address :

136, Pushpanjali, Vikas Marg Extension, Delhi - 110092, India

Date of Birth/Age :

21.04.1962

Date of Appointment :

29.09.2014

DIN No.:

05107333

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	U74899DL1993PTC052581	ANCHOR FINCAP PRIVATE LIMITED	Director	16/05/2011	16/05/2011	-	Active	NO
2	U65993DL2006PLC149728	Aricent Technologies (Holdings) Limited	Director	29/09/2014	11/04/2014	-	Active	NO
3	U72200DL2012PTC244758	Ivy Talent India Private Limited	Additional director	21/11/2014	21/11/2014	-	Active	NO

Name :

Mr. Ashish Mohan

Designation :

Whole-Time Director

Address :

A-465, Defence Colony, New Delhi - 110024, India

Date of Appointment :

29.09.2014

DIN No.:

05270739

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	U72200KA2000PTC032966	Aricent Communications Private Limited	Director	28/09/2012	04/05/2012	-	Active	NO
2	U65993DL2006PLC149728	Aricent Technologies (Holdings) Limited	Whole-time director	29/09/2014	29/09/2014	-	Active	NO

Name :

Mr. Nipun Gupta

Designation :

Director

Address :

67, 2nd Floor, Vasant Vihar, New Delhi - 110067, India

Date of Birth/Age :

14.01.1969

Date of Appointment :

29.09.2014

DIN No.:

06861516

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	U65993DL2006PLC149728	Aricent Technologies (Holdings) Limited	Director	29/09/2014	23/06/2014	-	Active	NO
2	U72200KA2013FTC071880	Rackspace India Private Limited	Director	22/12/2014	03/09/2014	-	Active	NO

Name :

Mrs. Ashwani Lal

Designation :

Whole-Time Director

Address :

85, Aspen Greens, Nirvana Country, Sector 50, Gurgaon - 122018, Haryana, India

Date of Appointment :

29.09.2014

DIN No.:

06985241

KEY EXECUTIVES

Name :	Mr. Parveen Kumar Jain
Designation :	Secretary
Address :	Plot 31, Electronic City, Sector 18, Gurgaon - 122015, Haryana, India
Date of Birth/Age :	17.11.1965
Date of Appointment :	02.11.2010
PAN No.:	AADPJ3463D

MAJOR SHAREHOLDERS

As on 29.09.2014

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

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	98.28
Bodies corporate	0.12
Other top fifty shareholders	0.34
Others	1.26
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company develops software products and provides software consulting services for use in the telecommunications industry.
Products :	Software Products
Brand Names :	--
Agencies Held :	--
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :	Not Available
Customers :	Not Available
No. of Employees :	Not Available
Bankers :	Not Available
Facilities :	--

Financial Institution :	Il and FS Trust Company Limited, Il and FS Financial Centre, Plot No C22 G Block, Bandra Kurla Complex Bandra East, Mumbai - 400051, Maharashtra, India
Auditors :
Name :	Deloitte Haskins Chartered Accountants
Address :	7^th, Floor Building 10, Tower B, DLF Cyber City Complex, DLF City Phase II, Gurgaon- 122002, Haryana, India
PAN No.:	AABFD2095B
Memberships :	--
Collaborators :	--
Holding Company :	Aricent Holdings Mauritius Limited
Enterprise having substantial interest in the Company :	Aricent ( formerly known as Aricent Group) Aricent Holdings Aricent Technologies
Subsidiary Companies :	Aricent Technologies (Beijing) Limited Aricent Communications US Inc., till January 21, 2014 Aricent UK Limited, till December 3, 2012
Fellow subsidiaries and other companies which do not exercise control or significant influence over the Company	Aricent Holdings Mauritius India Limited Aricent Technologies Mauritius Ltd. Aricent South Africa (Pty) Limited (Deregistered on May 21, 2014) Aricent Holdings Cyprus Limited Aricent US Inc. Frog Design Srl Aricent Technologies UK Limited Aricent Technologies US Inc. Frog Design, Inc. Aricent Software US Inc. ( formerly known as Datalinx Corporation) Frog Design BV Aricent Holdings Luxembourg S.a.r.l. Aricent Technologies Sweden AB Aricent Vietnam Company Limited Aricent Technologies Ukraine Ltd. (Sold on April 25, 2014) Frog Industrial Design (Shanghai) Company Limited Frog Design Europe GmbH Aricent Belgium SPRL Aricent Technology (Shenzhen) Co Limited Aricent Technologies Denmark ApS Aricent Japan Limited Aricent Israel Limited

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
140000000	Equity Shares	Rs.10/- each	Rs.1400.000 Millions
1500000000	Preference Shares	Rs.10/- each	Rs.15000.000 Millions
	Total		Rs.16400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
131196104	Equity Shares	Rs.10/- each	Rs.1311.961 Millions
353916299	Preference Shares	Rs.10/- each	Rs.3539.163 Millions
	Total		Rs.4851.124 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	4,851.120	4,851.120	6,362.450
(b) Reserves & Surplus	6,668.600	12,057.250	10,990.050
(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)	11,519.720	16,908.370	17,352.500
(3) Non-Current Liabilities
(a) long-term borrowings	322.770	294.690	233.380
(b) Deferred tax liabilities (Net)	1,659.130	1,299.220	0.000
(c) Other long term liabilities	147.280	155.090	72.650
(d) long-term provisions	905.480	898.370	742.390
Total Non-current Liabilities (3)	3,034.660	2,647.370	1,048.420
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1,267.230	1,852.960	1,846.590
(c) Other current liabilities	1,627.250	1,823.180	1,293.370
(d) Short-term provisions	139.070	128.600	201.470
Total Current Liabilities (4)	3,033.550	3,804.740	3,341.430
TOTAL	17,587.930	23,360.480	21,742.350
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2,213.160	1,803.030	1,054.660
(ii) Intangible Assets	5,123.880	12,094.550	12,166.310
(iii) Capital work-in-progress	76.780	53.060	36.300
(iv) Intangible assets under development	0.000	113.320	0.000
(b) Non-current Investments	0.000	78.550	119.640
(c) Deferred tax assets (net)	0.000	0.000	454.250
(d) Long-term Loan and Advances	2,228.460	1,987.050	586.460
(e) Other Non-current assets	7.730	6.500	6.390
Total Non-Current Assets	9,650.010	16,136.060	14,424.010
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	5,243.650	5,780.510	5,478.780
(d) Cash and cash equivalents	1,987.280	466.550	406.420
(e) Short-term loans and advances	642.420	870.620	1,122.730
(f) Other current assets	64.570	106.740	310.410
Total Current Assets	7,937.920	7,224.420	7,318.340
TOTAL	17,587.930	23,360.480	21,742.350

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		17,584.580	16,867.590	15,056.560
		Other Income		144.960	249.260	85.810
		TOTAL (A)		17,729.540	17,116.850	15,142.370
Less	EXPENSES
		Employee Benefits Expenses		10,919.680	10,668.500	8,874.460
		Other Expenses		3,548.240	3,542.840	3,559.640
		Exceptional Items		0.000	0.000	(2,314.610)
		TOTAL (B)		14,467.920	14,211.340	10,119.490
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			3,261.620	2,905.510	5,022.880
Less	FINANCIAL EXPENSES (D)			30.660	26.400	27.690
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			3,230.960	2,879.110	4,995.190
Less	DEPRECIATION/ AMORTISATION (F)			755.290	560.930	593.740
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			2,475.670	2,318.180	4,401.450
Less	TAX (H)			804.320	1,250.980	1,296.390
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			1,671.350	1,067.200	3,105.060
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			4,492.370	4,936.500	4,862.240
Less	APPROPRIATIONS
			Transfer to capital redemption reserves	0.000	1,511.330	3,030.800
	BALANCE CARRIED TO THE B/S			6,163.720	4,492.370	4,936.500
	EARNINGS IN FOREIGN CURRENCY
			FOB value of exports	16083.040	15340.070	13991.760
			Interest on bank deposits	0.010	0.020	0.120
			Interest on others	0.020	0.000	0.090
	TOTAL EARNINGS			16083.070	15340.090	13991.970
	IMPORTS
			Capital Goods	852.570	467.360	284.530
	TOTAL IMPORTS			852.570	467.360	284.530
	Earnings / (Loss) Per Share (Rs.)			12.74	8.13	23.67

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	9.50	6.33	20.62
Operating Profit Margin (PBDIT/Sales)	(%)	18.55	17.23	33.36
Return on Total Assets (PBT/Total Assets}	(%)	14.14	10.03	20.83
Return on Investment (ROI) (PBT/Networth)		0.21	0.14	0.25
Debt Equity Ratio (Total Debt /Networth)		0.03	0.02	0.01
Current Ratio (Current Asset/Current Liability)		2.62	1.90	2.19

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	6362.450	4851.120	4851.120
Reserves & Surplus	10990.050	12057.250	6668.600
Share Application money pending allotment	0.000	0.000	0.000
Net worth	17352.500	16908.370	11519.720
Long Term borrowings	233.380	294.690	322.770
Short Term borrowings	0.000	0.000	0.000
Total borrowings	233.380	294.690	322.770
Debt/Equity ratio	0.013	0.017	0.028

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	15,056.560	16,867.590	17,584.580
		12.028	4.251

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	15,056.560	16,867.590	17,584.580
Profit	3,105.060	1,067.200	1,671.350
	20.62%	6.33%	9.50%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	No
24]	Banking facility details	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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
SHORT TERM BORROWINGS
Finance lease obligation	322.770	294.690
Total	322.770	294.690

CORPORATE INFORMATION

The principal line of business of (the Company has been, and its focus and core capability continue to be, software engineering services and solutions for the communications industry. The Company provides a comprehensive portfolio of innovation capabilities that combine customer insights, strategy, design, software engineering and systems integration that enables its clients to develop differentiated user experiences while at the same time accelerating time-to-market and optimising service operations.

OPERATIONS REVIEW

Operating in a volatile and uncertain environment, the Company demonstrated the resilience of its business model. During the year, total income on standalone basis witnessed an increase of Rs.613.000 Millions from previous year by registering a marginal growth of 3.58% over the previous year. Profit before Interest, Depreciation & Taxes has increased to Rs.32620.000 Millions against Rs.29050.000 Millions in the previous year.

BUSINESS REVIEW

The Company is a step down subsidiary of Aricent (formerly known as Aricent Group). Aricent is a leading global engineering services and software company, with specialized communications domain expertise. The Company provides outsourced product development, product support services and licensable enabling software. Aricents service offerings provide a comprehensive product life-cycle of services, for communications networks, as well as connected devices, applications and mobile services. Aricents deep product design, development and engineering services capabilities provide multiple strategic benefits to its clients. The Company augments in-house development teams with deep and specialized engineering and technical expertise, speeds its clients products to market, scales its clients businesses through a variable, lower-cost labor force and enables its clients to concentrate their resources where they can most effectively maximize value. In addition, Aricent has an unrivalled portfolio of unique enabling software and software frameworks that accelerates the product development process. This software is in areas that include: 3G, 4G Long Term Evolution, Multimedia, Software Defined Networks, Network Functions Virtualization, Self-Organizing Networks, Machine-to-Machine, WiFi, Cloud, Smart Grid and Internet of Things.

Aricent operates in the large and growing Outsourced Product Development market and is well positioned to capitalize on current industry drivers that support the increased adoption of Outsourced Product Development outsourcing. The industry momentum is fuelled by corporate investments in Research & Development and Innovation, the increasing complexity of new technologies and hence requirement for partners, thedisruptive

innovation occurring in many industries, the demand for skills in advanced economies at attractive prices and the increasing importance of speed to market for new products.

Organizations are increasingly partnering with third party Outsourced Product Development vendors, such as Aricent, to provide high value skills and services, to enhance their revenue production. These engineering services include design, development, integration, testing and maintenance/support. In contrast to Aricent and other Outsourced Product Development providers, IT Outsourcers and Business Process Outsourcers focus on the commoditized and less specialized back office services aimed at driving cost reductions.

The Company has a loyal, blue-chip global client base that spans several attractive market segments, including communications equipment providers, communications service providers, semiconductor & embedded systems and software & internet services. These companies frequently operate in an ecosystem that drives innovation on a global scale.

Aricents deep product engineering knowledge and experience, combined with its communications domain expertise in connectivity and mobility drive a differentiated capability and offerings, resulting in strategically important, long-term and sticky client relationships.

FUTURE PLAN OF ACTION

Consistent with the strategy of its parent, Aricent, the Company’s technology focus will be on the four segments namely SES, SIS, CE, CSP and building IPRs in each of them. The Company will continue to provide its best in class Software Solutions & Services for the communications industry.

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.46
UK Pound	1	Rs.92.77
Euro	1	Rs.69.03

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		NEW BUSINESS

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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