MIRA INFORM REPORT

Report No. :	333726
Report Date :	27.07.2015

IDENTIFICATION DETAILS

Name :	ANANTH TECHNOLOGIES LIMITED (w.e.f. 07.02.2000)
Formerly Known As :	ANANTH TECHNOLOGIES PRIVATE LIMITED (w.e.f. 12.06.1995) ANANTH MICROTRONICS PRIVATE LIMITED
Registered Office :	Plot No. 39, Hitec City, Phase-II, Madhapur, Hyderabad – 500081, Telangana
Tel. No.:	91-40-66156789 / 66156615
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.08.1992
Com. Reg. No.:	01-014675
Capital Investment / Paid-up Capital :	Rs.43.935 Million
CIN No.: [Company Identification No.]	U72200TG1992PLC014675
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is engaged in information technology services and fabrication and assembling of High-tech electronic items based on customers requirement. Design and Development of Digital Systems and Information Technology Services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 3800000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Overall financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. 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 31-03-2013.

LOCATIONS

Registered Office / Head Office :	Plot No. 39, Hitec City, Phase-II, Madhapur, Hyderabad – 500081, Telangana, India
Tel. No.:	91-40-66156789 / 66156615
Fax No.:	91-40-66156531
E-Mail :	mail@ananthtech.com sales@ananthtech.com hr@ananthtech.com pr@ananthtech.com info@ananthtech.com
Website :	www.ananthtech.com
Branches :	INDIA RESEARCH AND DEVELOPMANT CENTERS Plot No. 593, 9th A-Main 14th Cross, ISRO Layout, J.P. Nagar Post, Bangalore 560 078, Karnataka, India Phones:91-80-26664179 , 26666229 Fax:91-80-26664175 No. 356/12, N. S. C. Bose Road, Naktala, Kolkata-700 047, India Phone: 91-33-24718617 Shubhangan, 67V, Vijayanand Layout, Narendra Nagar, Nagpur–440015, Maharashtra, India Phones: 91-712 –2780980 Fax:91-712-2247001 Sai Gopasubba, BNRA 85°, Bhagavathi Nagar, Kowdiar P.O, Thiruvananthapuram– 695 041, India Phone: 91-471-2722293 REGIONAL CENTRE H.No. 359, 1st floor,  R K Complex IPICOL Street, Saheed Nagar, Bhubaneswar  - 751 007, India Phone:91-9437004569 aravind@ananthtech.com sumit.panda@ananthtech.com 36, Dattani Centre, Akurli Road, Near Kandivali east railway station, Kandivali (East), Mumbai – 400101, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :

Dr. Subba Rao Pavuluri

Designation :

Chairman

Address :

Plot No. 1355 A, Road No.45, Jubilee Hills, Hyderabad – 500033, Telangana, India

Date of Birth/Age :

05.08.1952

Date of Appointment :

17.08.1992

DIN No :

00053701

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	U74140TG1991PLC012308	INDIAN RESOURCES INFORMATION AND MANAGEMENT TECHNOLOGIES LIMITED	Director	08/02/1991	08/02/1991	-	Active	NO
2	U72200TG1992PLC014675	ANANTH TECHNOLOGIES LIMITED	Managing director	17/08/1992	17/08/1992	-	Active	NO
3	U40109TG1996PLC022844	ANANTH INFRA PROJECTS LIMITED	Director	10/01/1996	10/01/1996	-	Active	NO
4	U06599KA1999PTC025660	VYOMA MEDIA PRIVATE LIMITED	Director	01/09/1999	01/09/1999	-	Strike off	NO
5	L24110TG1990PLC011977	VIMTA LABS LIMITED	Director	07/07/2014	16/06/2003	-	Active	NO
6	U74999TG2004PTC044836	ANANTH IMPEX PRIVATE LIMITED	Director	10/12/2004	10/12/2004	-	Strike off	NO
7	U01120TG1996PLC022932	PRAGATI GREEN MEADOWS AND RESORTS LIMITED	Director	29/09/2008	14/12/2007	19/05/2009	Active	NO
8	U74999TG2008PTC057194	ZETATEK ENGINEERING SYSTEMS PRIVATE LIMITED	Director	18/01/2008	18/01/2008	-	Active	NO
9	U72200TG2008PTC057647	ANANTH PHOENIX INFRAZONE PRIVATE LIMITED	Director	18/02/2008	18/02/2008	-	Active	NO
10	U29252TG2008PLC058876	SAMUHA ENGINEERING INDUSTRIES LIMITED	Director	28/04/2008	28/04/2008	-	Active	NO
11	U74900TG2008PLC061439	GAGAN AEROSPACE LIMITED	Director	18/06/2015	16/10/2008	-	Active	NO
12	U29305TG2010PTC067792	LATLONG SYSTEMS PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO
13	U72200TG2011PTC072895	AONESAT COMMUNICATIONS PRIVATE LIMITED	Director	24/02/2011	24/02/2011	-	Active	NO
14	U72200TG2006PTC050642	SPACE ERA MATERIALS AND PROCESSES PRIVATE LIMITED	Director	15/03/2012	15/03/2012	-	Active	NO
15	U74900TG2014PTC094840	VIHANG SYSTEMS PRIVATE LIMITED	Director	11/07/2014	11/07/2014	-	Active	NO
16	U74999DL2012PTC244085	Raki Industries Private Limited	Additional director	02/02/2015	02/02/2015	-	Active	NO

Name :

Mr. Anantha Laxmi Pavuluri

Designation :

Director

Address :

Plot No. 1355 A, Road No.45, Jubilee Hills, Hyderabad – 500033, Telangana, India

Date of Birth/Age :

22.04.1957

Date of Appointment :

17.08.1992

DIN No :

00053734

Name :

Mr. N. Narayanan

Designation :

Director

Address :

5, Pal Street, Karaikudi, Tamil Nadu, India

Date of Appointment :

01.12.1994

DIN No :

00406915

Name :

Mr. Vijayabalan Shashi Kumar

Designation :

Director

Address :

102-289/110/202, Shanti Nagar, Hyderabad-500028, Telangana, India

Date of Appointment :

27.02.2010

DIN No :

00022385

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

NOTE: SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

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	1.03
Bodies corporate	1.14
Directors or relatives of Directors	85.00
Other top fifty shareholders	12.83
Total	100.00

BUSINESS DETAILS

Line of Business :	The company is engaged in information technology services and fabrication and assembling of High-tech electronic items based on customer’s requirement. Design and Development of Digital Systems and Information Technology Services.
Products :	Digital Systems Information Technology Studies Services Infrastructural Facilities Wind Energy
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Bank Name	CORPORATION BANK
Branch	M.G.Road Branch, Secunderabad - 500003, Telangana, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

(Rs. In Million)

Secured Loan	Rs. In Millions 31.03.2014	Rs. In Millions 31.03.2013
LONG TERM BORROWING
Term Loan from Banks
Term Loan under Rental Discount	171.041	248.857
Hire Purchase Loan	1.960	1.548
SHORT TERM BORROWING
Loans repayable on demand
Cash Credit Facility from Bank	196.363	190.501
Total	369.364	440.906

Note:

LONG TERM BORROWING

Rupee term Loan under Rental Discounting facility from Oriental Bank of Commerce (Limit Rs.540000000) Outstanding as at 31st March, 2014; Rs.267.494 Million (Previous Year Rs. 330.358 Million) carries Interest @ BR + 2.25%, repayable in 84 monthly installments of Rs.6.500 Million each.

The loan is secured by extension of mortgage of the land admeasuring 3.11 acres situated at Madhapur, Hyderabad and the buildings constructed thereon present and future and lien on the rent receivable from the lessees and guaranteed by two of the Directors In their individual capacity,

Hire purchase loans of Rs. 3.348 Million (Previous year Rs. 3.111 Million) from HDFC Bank Ltd are secured by hypothecation of the assets acquired with the loan amounts.

Hire purchase loans repayable over a period, ranging from 36 to 60 monthly installments and the amount of repayment per month is Rs,0.156Million

Unsecured loan from directors carries interest @ 13% p,a,

As on the Balance sheet date, there is a delay In repayment of 2 installment of term loans amounting to RS. 13.000 Million and interest thereon aggregating to Rs. 5.454 Million for a pereioa of 56 days. The same have been made good after the balance sheet date.

SHORT TERM BORROWING:

Open Cash Credit from Oriental Bank of Commerce (Limit Rs. 160.000 Million) carries interest @ BR + 4%, is secured by Hypothecation of Stocks of Raw material, Stock-in Process, Finished goods, Stores, Spares & Receivables and collaterally secured by equitable mortgage of land admeasuring 3.11 acres situated at Madhapur, Hyderabad and the buildings constructed thereon and guaranteed by two of the Directors in their individual capacity.

There are no continuing defaults as on the Balance sheet date in repayment of above loan and interest thereon.

Auditors :
Name :	Jvsl AND Associates Chartered Accountants
Address :	10, Master Sai Apartment, Somajiguda, Hyderabad - 500082, Telangana, India
Tel. No.:	91-40-23396336, 23312442
Fax No.:	91-40-23322463
E-Mail :	Jv9009@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAJFJ9593Q
Memberships :	--
Collaborators :	--
Subsidiaries :	Gagan Aero Space Limited Samuha Engineering Industries Limited AOneSat Communications Private Limited
Associates	Indian Resources Information and Management Technologies Limited Ananth Phoenix Infoparks Private Limited Space Era Materials and Process Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs. 60.000 Million

Issued

No. of Shares	Type	Value	Amount
4812410	Equity Shares	Rs.10/- each	Rs. 48.124 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4393460	Equity Shares	Rs.10/- each	Rs. 43.935 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	43.935	43.935	43.935
(b) Reserves & Surplus	1301.148	1223.121	1151.722
(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)	1345.083	1267.056	1195.657
(3) Non-Current Liabilities
(a) long-term borrowings	426.371	448.013	504.288
(b) Deferred tax liabilities (Net)	108.347	97.944	88.958
(c) Other long term liabilities	84.308	104.624	115.589
(d) long-term provisions	2.233	0.727	0.372
Total Non-current Liabilities (3)	621.259	651.308	709.207
(4) Current Liabilities
(a) Short term borrowings	196.363	190.501	143.450
(b) Trade payables	102.813	105.250	98.301
(c) Other current liabilities	583.707	599.622	520.057
(d) Short-term provisions	7.968	12.483	12.084
Total Current Liabilities (4)	890.851	907.856	773.892
TOTAL	2857.193	2826.220	2678.756
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1762.797	1771.230	1777.746
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	3.034	3.034	3.034
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	87.992	43.257	43.257
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	56.973	96.658	56.940
(e) Other Non-current assets	37.397	35.795	21.691
Total Non-Current Assets	1948.193	1949.974	1902.668
(2) Current assets
(a) Current investments	407.763	386.016	392.879
(b) Inventories	284.909	279.757	226.667
(c) Trade receivables	41.995	60.014	38.180
(d) Cash and cash equivalents	156.861	138.150	110.926
(e) Short-term loans and advances	0.000	0.000	7.436
(f) Other current assets	17.472	12.309	0.000
Total Current Assets	909.000	876.246	776.088
TOTAL	2857.193	2826.220	2678.756

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	715.339	657.255	654.283
	Other Income	19.695	10.318	13.914
	TOTAL	735.034	667.573	668.197
Less	EXPENSES
	Cost of Materials Consumed	299.018	242.390	309.765
	Purchases of Stock-in-Trade	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(21.718)	6.297	(24.947)
	Employees benefits expense	87.805	90.094	71.592
	Other expenses	116.536	89.566	90.825
	TOTAL	481.641	428.347	447.235
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	253.393	239.226	220.962
Less	FINANCIAL EXPENSES	100.976	97.397	96.952
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	152.417	141.829	124.010
Less/ Add	DEPRECIATION/ AMORTISATION	32.350	31.641	29.006
	PROFIT/ (LOSS) BEFORE TAX	120.067	110.188	95.004
Less	TAX	34.330	31.131	31.772
	PROFIT/ (LOSS) AFTER TAX	85.737	79.057	63.232
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	41.625	34.330	31.175
	TOTAL EARNINGS	41.625	34.330	31.175
	IMPORTS
	Components and Spare parts	215.788	198.768	249.353
	Capital Goods	0.000	0.000	1.838
	TOTAL IMPORTS	215.788	198.768	251.191
	Earnings / (Loss) Per Share (Rs.)	19.51	10.69	14.39

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	92.387	79.563	(81.136)
Cash generated from operations	N.A	N.A	N.A
Net cash flow from operating activity	134.992	151.084	43.711

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	11.99	12.03	9.66
Operating Profit Margin (PBIDT/Sales)	(%)	35.42	36.40	33.77
Return on Total Assets (PBT/Total Assets}	(%)	4.34	3.96	3.61
Return on Investment (ROI) (PBT/Networth)		0.09	0.09	0.08
Debt Equity Ratio (Total Debt /Networth)		0.53	0.57	0.47
Current Ratio (Current Asset/Current Liability)		1.02	0.97	1.00

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	43.935	43.935	43.935
Reserves & Surplus	1151.722	1223.121	1301.148
Net worth	1195.657	1267.056	1345.083
long-term borrowings	504.288	448.013	426.371
Short term borrowings	143.450	190.501	196.363
Current maturities of long-term debts	(81.136)	79.563	92.387
Total borrowings	566.602	718.077	715.121
Debt/Equity ratio	0.474	0.567	0.532

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	654.283	657.255	715.339
		0.454	8.837

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	654.283	657.255	715.339
Profit	63.232	79.057	85.737
	9.66%	12.03%	11.99%

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	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

REVIEW OF OPERATIONS

During the current year, the company recorded net revenue from operations of Rs. 715.339 as against Rs. 657.255 in the previous year and a net profit after tax of Rs. 85.737 Million as against Rs. 79.058 Million previous year.

The company continued to receive valuable orders from BrahMos, ISRO, VSSC, RCI and ASL. The Order book of the company for Information Studies jobs and Digital Systems is quite satisfactory and the company is marching ahead and is poised for big growth in the years to come.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans and advance from related parties	253.370	197.608
Total	253.370	197.608

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10320801	14/11/2013 *	890,000,000.00	ORIENTAL BANK OF COMMERCE	PLOT NO: 1271, ROAD NO: 63, JUBILEE HILLS, HYDERA  BAD, ANDHRA PRADESH - 500033, INDIA	B89752554
2	10097564	28/03/2008	44,000,000.00	CORPORATION BANK	M.G.ROAD BRANCH, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA	A36328300
3	90139495	09/07/2007 *	300,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	HDFC HOUSE, H.NO.3-6-310, HYDERGUDA, BASHEERBAGH,  HYDERABAD, ANDHRA PRADESH - 500029, INDIA	A19326040
4	90140105	06/05/2010 *	1,500,000,000.00	ORIENTAL BANK OF COMMERCE	JUBILEE HILLS BRANCH,, PLOT NO.52, ROAD NO.5, HYD  ERABAD, ANDHRA PRADESH - 500033, INDIA	A88365333
5	90139930	03/10/1997 *	1,100,000.00	ORIENTAL BANK OF COMMERCE	N S ROAD BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA	-

CONTINGENT LIABILITIES:

(Rs. In Million)

PARTICULARS	31.03.2014	31.03.2013
Bank Guarantees issued by bank	752.829	335.160
Letters of credit opened by the bank	19.539	16.566

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Computers and Assessories
• Office Equipments
• Furniture and Fixtures
• Motor 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.63.89
UK Pound	1	Rs.99.10
Euro	1	Rs.70.12

INFORMATION DETAILS

Analysis Done by :	RSH
Report Prepared by :	RKI

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	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		52

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.