MIRA INFORM REPORT

Report No. :	326657
Report Date :	09.06.2015

IDENTIFICATION DETAILS

Name :	VAYAM TECHNOLOGIES LIMITED (w.e.f 31.12.2008)

Formerly Known As :	i BILT TECHNOLOGIES LIMITED

Registered Office :	Thapar House, 124, Janpath, New Delhi-110001
Tel. No.:	91-11-47101200/47101201

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	01.08.2000

Com. Reg. No.:	55-107066

Capital Investment / Paid-up Capital :	Rs. 214.689 Million

CIN No.: [Company Identification No.]	U74900DL2000PLC107066

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 an IT Company Providing end-to-end IT Services and Solutions to Corporate and Government Clients and Various PSU’s.

No. of Employees :	Information declined by the management

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 6900000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record, Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade 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

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	CARE Rating
Rating	Long Term Bank Facilities = BB+ (Suspended)
Rating Explanation	Have moderate risk of default
Date	September 24, 2014

Rating Agency Name	CARE Rating
Rating	Short Term Rating = A4+ (Suspended)
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	September 24, 2014

Reason for Suspension: The rating have been suspended as the company has not furnished the information required by care for monitoring of the ratings.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION DENIED BY

Management Non Co-operative

LOCATIONS

Registered Office/ Corporate Office :	Thapar House, 124 Janpath, New Delhi-110001, India
Tel. No.:	91-11-47101200/47101201
Fax No.:	91-11-23368946
E-Mail :	info@vayamtech.com
Website :	http://www.vayamtech.com latac@vayamtech.com

Development Centre:	Vayam Technologies Limited, D-319, Sectoe-63, Noida, Uttar Pradesh, India
Tel. No.:	91-11-47101200/47101201
Fax No.:	91-11-23368946

Oversees Office 1:	Building No.3,566 Chiswick Park, Chiswick High Road, London W4 5YA, United Kingdom
Tel. No.:	44(0)20.8849.8395
Fax No.:	44(0)20.8899.6001

Oversees Office 2:	Linnanrakentajantie 6-8, Fin-00880 Helsinki, Finland
Tel. No.:	358-400-603308

Oversees Office 3:	Busitel 1, Orlyplein 85, 1043 DS Amsterdam, PO Box 59267, 1040, KG Amsterdam, The Netherlands
Tel. No.:	31-(0)20-4037325

Oversees Office 4:	Torgbygget, Nydalsvelen 33, Postbox 4814, Nydalen, 0422 Oslo, Norway

Tel. No.:	47-21520068

Oversees Office 5:	Knockepilsgr 37, 16576, Hasselbu, Sweden
Tel. No.:	46-733-970190

DIRECTORS

As on 30.09.2014

Name :

Mr. Ashok Tiwari

Designation :

Managing Director

Address :

E-4/6, 2^nd Floor, Vasant Vihar, New Delhi, 110057, India

Date of Birth/Age :

09.03.1959

Date of Appointment :

01.10.2014

PAN No.:

AACPT763L

DIN No.:

00015600

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	U74900DL2000PLC107066	Vayam Technologies Limited	Managing director	01/10/2014	01/08/2000	-	Active	NO
2	U72300DL1992PTC050018	NEWQUEST SERVICES PRIVATE LIMITED	Director	01/05/2001	01/05/2001	30/10/2007	Active	NO
3	U70101DL2008PTC184897	ASD Infrastructure and Developers Private Limited	Director	14/11/2008	14/11/2008	-	Strike off	NO
4	U51909DL2005PTC141944	ABHISAR IMPEX PRIVATE LIMITED	Director	10/08/2010	10/08/2010	-	Active	NO
5	U72212DL2010PTC211665	Vayam GMV Intelligent Transportation Private Limited	Director	21/12/2010	21/12/2010	-	Active	NO
6	U45200DL2012PTC234267	Vayam Infrastructure Private Limited	Director	12/04/2012	12/04/2012	-	Active	NO

Name :

Mrs. Amita Tiwari

Designation :

Director

Address :

E-4/6, 2^nd Floor, Vasant Vihar, New Delhi, 110057, India

Date of Birth/Age :

05.05.1956

Date of Appointment :

31.10.2007

DIN No.:

00616017

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	U74899DL1987PTC027420	EXPOSITION CONSULTANTS PRIVATE LIMITED	Director	01/12/1994	01/12/1994	21/04/2014	Active	NO
2	U74900DL2000PLC107066	Vayam Technologies Limited	Director	31/10/2007	31/10/2007	-	Active	NO
3	U70101DL2008PTC184897	ASD Infrastructure and Developers Private Limited	Director	14/11/2008	14/11/2008	-	Strike off	NO
4	U51909DL2005PTC141944	ABHISAR IMPEX PRIVATE LIMITED	Director	10/08/2010	10/08/2010	-	Active	NO
5	U72212DL2010PTC211665	Vayam GMV Intelligent Transportation Private Limited	Director	21/12/2010	21/12/2010	30/12/2011	Active	NO
6	U45200DL2012PTC234267	Vayam Infrastructure Private Limited	Director	12/04/2012	12/04/2012	-	Active	NO

Name :

Mr. Jitendra Tiwari

Designation :

Whole Time Director

Address :

E-4/6, 2^nd Floor, Vasant Vihar, New Delhi, 110057, India

Date of Birth/Age :

29.01.1983

Date of Appointment :

11.03.2011

PAN No.:

AEIPT1202K

DIN No.:

00616034

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	U74899DL1987PTC027420	EXPOSITION CONSULTANTS PRIVATE LIMITED	Director	20/11/2001	20/11/2001	21/04/2014	Active	NO
2	U74900DL2000PLC107066	Vayam Technologies Limited	Whole-time director	11/03/2011	31/10/2007	-	Active	NO

Name :

Mr. Jeet Singh Chhabra

Designation :

Whole Time Director

Address :

216, Jai Apartments, Plot No. 35, Sector - 9, Rohini, New Delhi-110085, India

Date of Birth/Age :

30.06.1950

Date of Appointment :

26.09.2011

PAN No.:

ABNPC8888J

DIN No.:

01272780

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	U74899DL1987GOI027481	INTELLIGENT COMMUNICATION SYSTEMS INDIA LIMITED	Director	29/01/2007	29/01/2007	30/07/2010	Active	NO
2	U74900DL2000PLC107066	Vayam Technologies Limited	Whole-time director	26/09/2011	25/05/2011	-	Active	NO
3	U72212DL2010PTC211665	Vayam GMV Intelligent Transportation Private Limited	Managing director	30/12/2011	30/12/2011	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Lata Chakraborty
Designation :	Secretary
Address :	37, Kotla Village, Mayur Vihar, Pahse-I
Date of Birth/Age :	05.04.1983
Date of Appointment :	23.06.2014
PAN No.:	AHZPC7898N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders		No. of Shares
Mr.Ashok Tiwari		15417388
Mr. Mohinder Kumar Chathli		10
Mr.Shakti Kumar Chauhan		10
Ms. Divya Tiwari		10
Mr. Jitendra Tiwari		10
Mrs. Amita Tiwari		10
Sam Financial Services Private Limited, India		1,000000
Endless Services Private Limited, India		100000
Mr. Rajesh Tiwari		600000
Mr. V.P. Nagarajan		100000
M/s ETA Star Holdings Limited, India		698824
M/s Canara Bank, India		2500000
SDT Multidevelopers Private Limited		1052632
Total		21,468,894

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
National and other Banks	11.65
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	3.26
Bodies corporate	10.03
Directors or relatives of Directors	71.82
Other top fifty shareholders	3.24
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is an IT Company Providing end-to-end IT Services and Solutions to Corporate and Government Clients and Various PSU’s.

Products :

PRODUCTION DESCRIPTION

ITEM CODE NO

9983

Other professional, technical and business services

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

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 :

Standard Chartered Bank - Credit Risk Control, Narain Manzil, 23 Barakhamba Road, New Delhi - 110001, India
DBS bank – Upper Ground Floor, Birla Tower, 25, Barakhamba Road, New Delhi-110001, India
Axis Bank - 4/10, Opg House, Asaf Ali Road, New Delhi- 110002, India
Standard Chartered Bank, Credit Risk Control, Narain Manzil, 23 Barakhamba Road, New Delhi – 110001, India
Canara Bank - 74; Janpath, New Delhi - 110001, India

Bank Name	Corporation Bank
Branch	Sarita Vihar, New Delhi – 110076, 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 :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Borrowing	492.931	361.559
Short-term borrowings
Borrowing	0.000	976.005
Borrowing	1211.737	0.000
Total	2379.001	1337.564

Auditors :
Name :	Mukesh Mittal and Associates Chartered Accountant
Address :	R-11/76, New Raj Nagar , Ghaziabad – 201001, Uttar Pradesh, India
PAN N Income-tax PAN of auditor or auditor's firm :	AGFPM7090M

Memberships :	Not Available

Collaborators :	Not Available

Associates/ Subsidiaries:	Abhisar Impex Private Limted Vayam Technologies Limited, Singapore Vayam Technologies Limited, UK Vayam GMV Intelligent Transportation Private Limited CIN No.: U72212DL2010PTC211665


Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Abhisar Impex private Limted CIN No.:U51909DL2005PTC141944 Exposition Consultants Private Limited CIN No.: U74899DL1987PTC027420

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

30000000	Equity Shares	Rs.10/- each	Rs. 300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

21468894	Equity Shares	Rs.10/- each	Rs. 214.689 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	214.689	214.689	214.689
(b) Reserves & Surplus	2228.575	1724.875	1181.135
(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)	2443.264	1939.564	1395.824

(3) Non-Current Liabilities
(a) long-term borrowings	492.931	369.699	208.588
(b) Deferred tax liabilities (Net)	38.122	76.470	58.321
(c) Other long term liabilities	70.770	118.590	41.898
(d) long-term provisions	20.366	20.197	15.862
Total Non-current Liabilities (3)	622.189	584.956	324.669

(4) Current Liabilities
(a) Short term borrowings	1886.071	976.005	887.445
(b) Trade payables	1114.829	1059.724	688.742
(c) Other current liabilities	226.448	138.643	107.336
(d) Short-term provisions	227.977	224.707	53.168
Total Current Liabilities (4)	3455.325	2399.079	1736.691

TOTAL	6520.778	4923.599	3457.184

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	667.141	647.581	460.087
(ii) Intangible Assets	442.586	413.253	302.458
(iii) Capital work-in-progress	121.773	85.706	50.532
(iv) Intangible assets under development	0.000	0.000	70.046
(b) Non-current Investments	8.180	8.180	8.179
(c) Deferred tax assets (net)	15.648	8.383	0
(d) Long-term Loan and Advances	24.391	19.950	0.277
(e) Other Non-current assets	0.000	0.000	26.548
Total Non-Current Assets	1279.719	1183.053	918.127

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	3286.294	2339.885	1865.196
(d) Cash and cash equivalents	135.065	93.678	61.985
(e) Short-term loans and advances	434.787	350.507	150.137
(f) Other current assets	1384.913	956.476	461.739
Total Current Assets	5241.059	3740.546	2539.057

TOTAL	6520.778	4923.599	3457.184

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue From operation	6940.250	5672.974	4416.692
		Other Income	59.252	33.421	9.790
		TOTAL	6999.502	5706.395	4426.482

Less	EXPENSES
		Cost of Materials Consumed	5550.847	4275.982	3405.230
		Employees benefits expense	269.014	277.729	235.108
		Other expenses	224.143	182.119	142.741
		TOTAL	6044.004	4735.830	3783.079

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		955.498	970.565	643.403

Less	FINANCIAL EXPENSES		269.183	168.503	101.462

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		686.315	802.062	541.941

Less/ Add	DEPRECIATION/ AMORTISATION		185.369	167.175	51.146

	PROFIT BEFORE TAX		500.946	634.887	490.795

Less	TAX		(36.248)	62.349	47.818

	PROFIT AFTER TAX		537.194	572.538	442.977

	EARNINGS IN FOREIGN CURRENCY		452.100	447.300	388.200

	Earnings Per Share (Rs.)		25.02	26.67	20.63

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	7.74	10.09	10.03

Operating Profit Margin (PBIDT/Sales)	(%)	13.77	17.11	14.57

Return on Total Assets (PBT/Total Assets}	(%)	7.86	13.17	14.75

Return on Investment (ROI) (PBT/Networth)		0.21	0.33	0.35

Debt Equity Ratio (Total Debt /Networth)		0.97	0.69	0.79

Current Ratio (Current Asset/Current Liability)		1.52	1.56	1.46

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	214.689	214.689	214.689
Reserves & Surplus	1181.135	1724.875	2228.575
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1395.824	1939.564	2443.264

long-term borrowings	208.588	369.699	492.931
Short term borrowings	887.445	976.005	1886.071
Total borrowings	1096.033	1345.704	2379.002
Debt/Equity ratio	0.785	0.694	0.974

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	4416.692	5672.974	6940.250
		28.444	22.339

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	4416.692	5672.974	6940.250
Profit	442.977	572.538	537.194
	10.03%	10.09%	7.74%

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	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	No
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	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

FINANCIAL PERFORMANCE:

During current Financial Year 2013-14, total income grew by 22.34% to Rs. 6940.300 Million as compared with Rs. 5672.900 Million in the previous year. The bottom line has reduced because of increase in raw material cost and finance cost. The cost of raw material is beyond our control but in current financial year prices have started coming down and your company shall be in a position to improve the bottom line in the current financial year.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Borrowing	0.000	8.140
Short-term borrowings
Borrowing	674.334	0.000
Total	674.334	8.140

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10471360	22/11/2013	300,000,000.00	Corporation Bank	Sarita Vihar, New Delhi, Delhi - 110076, INDIA	B93948149
2	10303450	05/08/2011	250,000,000.00	DBS Bank Ltd.	Upper Ground Floor, Birla Tower,, 25 Barakhamba R oad, New Delhi, Delhi - 110001, INDIA	B19275155
3	10247460	17/05/2013 *	4,000,000,000.00	Canara Bank(Lead Bank)	(Other Axis Bank, SCB, IDBI, DBS and DENA), 74,Ja npath, New Delhi, Delhi - 110001, INDIA	B75480319
4	10223292	26/05/2010	400,000,000.00	STANDARD CHARTERED BANK	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA	A86936879
5	10190011	07/10/2011 *	750,000,000.00	Axis Bank Limited	4/10, OPG HOUSE, ASAF ALI ROAD, NEW DELHI, Delhi - 110002, INDIA	B26416974
6	90050270	31/03/2004 *	30,000,000.00	CANARA BANK	74; JANPATH, NEW DELHI, INDIA	-
7	90050196	20/11/2003	14,378,000.00	CANARA BANK	74; JANPATH, NEW DELHI, INDIA	-

FIXED ASSETS

Building
Office Building
Plant and Equipment
Furniture and Fixture
Other Plant and Equipment
Vehicle
Motor Vehicle
Computer Equipment

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.63.93
UK Pound	1	Rs.98.26
Euro	1	Rs.72.36

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	RAS

Report Prepared by :	PJA

SCORE & RATING EXPLANATIONS

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

MIRA INFORM REPORT

INDEX OF CHARGES

Unit