MIRA INFORM REPORT

Report No. :	314145
Report Date :	28.03.2015

IDENTIFICATION DETAILS

Name :	EKA SOFTWARE SOLUTIONS PRIVATE LIMITED
Registered Office :	Vrindavan Tech Village SEZ,Phase II, 4th Floor, 2A East Tower, Outer Ring Road, Varthur Hobli, Bangalore – 560037, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.08.2004
Com. Reg. No.:	08-034432
Capital Investment / Paid-up Capital :	Rs.0.130 Million
CIN No.: [Company Identification No.]	U72200KA2004PTC034432
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of developing and licensing of technology based software products and providing of consultancy and related services.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Management of the company has failed to file its latest financial for the year 2014 with the Government Department. As per available financial of 2013, Financial position of the company seems to be sound. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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.

INFORMATION DENIED

Management non co-operative

LOCATIONS

Registered Office / Headquarters:	Vrindavan Tech Village SEZ,Phase II, 4th Floor, 2A East Tower, Outer Ring Road, Varthur Hobli, Bangalore – 560037, Karnataka, India
Tel. No.:	91-80-40819200
Fax No.:	91-80-40819201
E-Mail :	Ragunathan.s@ekaplus.com manav@ekaplus.com
Website :	www.ekaplus.com
Overseas Office:	Located at Asia Pacific Europe Americas Canada

DIRECTORS

As on 22.07.2013

Name :

Manav Garg

Designation :

Director

Address :

C-902, Prestige St.John Wood 80,St.John Cross Road, Bangalore-560029, Karnataka, India

Date of Birth/Age :

05.01.1974

Date of Appointment :

04.08.2004

DIN No.:

01620581

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	U72200KA2004PTC034432	EKA SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	04/08/2004	04/08/2004	-	Active	NO
2	U72200KA2007PTC043734	REFTREE SOLUTIONS PRIVATE LIMITED	Director	29/08/2007	29/08/2007	-	Active	NO
3	U72200KA2011PTC060690	UNBXD SOFTWARE PRIVATE LIMITED	Nominee director	30/04/2012	30/04/2012	-	Active	NO

Name :

Kirit Kumar Chimanlal Shah

Designation :

Director

Address :

35/45 Sukhumvit SOI 11 Bangkok Thailand

Date of Birth/Age :

30.09.1953

Date of Appointment :

18.03.2008

DIN No.:

00344087

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	U23203TN1994PLC026960	SOUTHERN LPG LIMITED	Director	25/09/1996	25/09/1996	-	Active	NO
2	U45203AP2001PTC038955	VIZAG SEAPORT PRIVATE LIMITED	Director	18/06/2008	15/07/2004	-	Active	NO
3	U45205WB1999PTC090733	INTERNATIONAL SEAPORTS (HALDIA) PRIVATE LIMITED	Director	11/07/2011	09/06/2006	-	Active	NO
4	U72200KA2004PTC034432	EKA SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO
5	U45200DL2008PTC180442	INTEGRATED REALTY PRIVATE LIMITED	Director	03/07/2008	03/07/2008	01/12/2010	Active	NO
6	U15493DL1991PTC205408	ADM AGRO INDUSTRIES KOTA AND AKOLA PRIVATE LIMITED	Director	30/06/2009	30/06/2009	16/08/2011	Active	NO
7	U24132TN2010PTC077174	EXUBER CHEMICALS PRIVATE LIMITED	Additional director	17/06/2011	17/06/2011	-	Active	NO

Name :

Shiraz Erach Poonevala

Designation :

Director

Address :

I D Cosmopous 21 LD Ruparel Marg, Malabar Hills, Mumbai – 400006, Maharashrta, India

Date of Birth/Age :

02.11.1964

Date of Appointment :

18.03.2008

DIN No.:

02133897

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	U72200KA2004PTC034432	EKA SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO
2	U45203AP2001PTC038955	VIZAG SEAPORT PRIVATE LIMITED	Alternate director	18/06/2008	18/06/2008	-	Active	NO
3	U15493DL1991PTC205408	ADM AGRO INDUSTRIES KOTA AND AKOLA PRIVATE LIMITED	Director	30/06/2009	30/06/2009	16/08/2011	Active	NO
4	U24132TN2010PTC077174	EXUBER CHEMICALS PRIVATE LIMITED	Director	22/09/2014	17/06/2011	-	Active	NO

Name :

Ashok Mukherjee

Designation :

Director

Address :

G703, Adarsh Gardens 47th Cross, 2nd Main, 8th Block Jayanagar, Bangalore – 560082, Karnataka, India

Date of Birth/Age :

10.01.1951

Date of Appointment :

18.03.2008

DIN No.:

00333939

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	U66020MH1995PTC225339	SECURITY CARDS(INDIA) PRIVATE LIMITED	Managing director	26/09/1995	26/09/1995	17/07/2012	Active	NO
2	U74140KA2001PTC029741	FIRST PACIFIC MANAGEMENT CONSULTING PRIVATE LIMITED	Managing director	08/11/2001	08/11/2001	-	Active	NO
3	U63090DL2007FTC167029	DIETHELM TRAVEL (INDIA) PRIVATE LIMITED	Director	16/08/2007	16/08/2007	15/12/2013	Active	NO
4	U72200KA2004PTC034432	EKA SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO

Name :

Sandeep Shiamsunder Singhal

Designation :

Director

Address :

Flat No 241,24th Floor Tahnee Heights, Petit Hall “D” Building, 66,Nepean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

21.10.1966

Date of Appointment :

17.03.2009

DIN No.:

00422796

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	U73900MH1998PTC116053	NETMAGIC SOLUTIONS PRIVATE LIMITED	Director	09/07/2001	09/07/2001	07/09/2010	Active	NO
2	U72300MH2000PLC124984	KPIT GLOBAL SOLUTIONS LIMITED	Director	27/07/2001	27/07/2001	01/12/2008	Amalgamated	NO
3	U72200MH1999PTC123007	EVENTURES INDIA PRIVATE LIMITED	Director	27/07/2001	27/07/2001	-	Active	NO
4	U74300MH2000PTC126354	Strategic Media Consulting Private Limited	Director	30/11/2011	13/08/2001	-	Active	NO
5	U74300MH1999PTC120140	CONTESTS2WIN COM INDIA PRIVATE LIMITED	Nominee director	29/09/2001	29/09/2001	13/01/2014	Active	NO
6	U74140MH2001PTC133168	MEDUSIND SOLUTIONS INDIA PRIVATE LIMITED	Director	27/09/2006	20/04/2006	-	Active	NO
7	U51395MH2003PTC142173	MOBILE2WIN INDIA PRIVATE LIMITED	Director	23/06/2006	23/06/2006	-	Active	NO
8	U65999MH2007PTC167234	Nexus India Capital Advisors Private Limited	Managing director	12/08/2008	24/01/2007	-	Active	NO
9	U51220MH2004PTC145857	SUMINTER INDIA ORGANICS PRIVATE LIMITED	Director	04/12/2007	04/12/2007	-	Active	NO
10	U74300MH2005PTC150598	MEDIA2WIN INDIA PRIVATE LIMITED	Nominee director	30/06/2008	30/06/2008	11/04/2012	Active	NO
11	U72200MH2006PTC160596	GAMES2WIN INDIA PRIVATE LIMITED	Nominee director	30/06/2008	30/06/2008	11/04/2012	Active	NO
12	U72200KA2004PTC034432	EKA SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	17/03/2009	17/03/2009	-	Active	NO
13	U72200TG1996PTC024351	DECCAN HEALTH CARE Private LIMITED	Director	29/09/2009	10/07/2009	-	Active	NO
14	U72200KA1999PTC025232	MISTRAL SOLUTIONS PRIVATE LIMITED	Director	26/08/2010	19/01/2010	-	Active	NO
15	U74999DL2003PTC122939	NORTH END FOODS MARKETING PRIVATE LIMITED	Director	19/05/2010	19/05/2010	-	Active	NO
16	U93090DL2009PTC193172	SOHAN LAL COMMODITY MANAGEMENT PRIVATE LIMITED	Director	19/05/2010	19/05/2010	-	Active	NO
17	U41000MH2010FTC208464	Jaldhara Technologies Private Limited	Director	30/09/2010	30/09/2010	-	Active	NO
18	U29253MH2007PTC172479	SEDEMAC Mechatronics Private Limited	Director	30/09/2011	10/06/2011	-	Active	NO
19	U36109GJ2011PTC063731	KRIBHA HANDICRAFTS PRIVATE LIMITED	Director	05/08/2011	05/08/2011	-	Active	NO
20	U65993TN1980PTC008184	KISSANDHAN AGRI FINANCIAL SERVICES PRIVATE LIMITED	Director	28/06/2012	13/08/2011	-	Active	NO
21	U93000DL2011PTC219498	Lapis Marketing Services Private Limited	Nominee director	23/08/2011	23/08/2011	10/04/2012	Active	NO
22	U80301PN2013PTC149566	Function Space Labs PRIVATE LIMITED	Director	20/12/2013	20/12/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 22.07.2013

Names of Shareholders	No. of Shares
Manav Garg	1
Sybex Mauritius Limited, Mauritius	12952
Total	12953

As on 22.07.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of developing and licensing of technology based software products and providing of consultancy and related services.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	HDFC Bank House senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, 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
Cash Credit from Bank	8.945	22.127
Total	8.945	22.127

Auditors :
Name :	BSR And Associates Chartered Accountants
Address :	Maruthi Info - Tech Centre, 11-12/1, Outer Inner Ring Road, Koramangala, Bangalore – 560071, Karnataka, India
PAN No.:	AAIFB7355D
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Sybex Mauritius Limited, Mauritius
Subsidiary Company :	EKA USA Inc.
Parties where significant influence exists and with whom transaction have taken place during the year :	First Pacific Management Consulting Private Limited, India Sybex Pte. Limited, Singapore

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12953	Equity Shares	Rs.10/- each	Rs.0.130 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.130	0.130	0.130
(b) Reserves & Surplus	508.825	406.419	329.944
(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)	508.955	406.549	330.074
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	40.429	39.273	50.369
(d) long-term provisions	11.630	10.401	7.817
Total Non-current Liabilities (3)	52.059	49.674	58.186
(4) Current Liabilities
(a) Short term borrowings	8.945	22.127	17.804
(b) Trade payables	10.773	36.925	1.460
(c) Other current liabilities	187.805	139.057	88.724
(d) Short-term provisions	3.178	24.677	1.591
Total Current Liabilities (4)	210.701	222.786	109.579
TOTAL	771.715	679.009	497.839
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	32.210	38.738	47.887
(ii) Intangible Assets	210.096	37.289	33.029
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	163.432	110.276
(b) Non-current Investments	0.452	0.452	4.702
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	11.114	11.801	12.646
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	253.872	251.712	208.540
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	203.161	266.012	155.150
(d) Cash and cash equivalents	150.559	92.751	64.772
(e) Short-term loans and advances	23.270	21.770	32.709
(f) Other current assets	140.853	46.764	36.668
Total Current Assets	517.843	427.297	289.299
TOTAL	771.715	679.009	497.839

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	845.174	559.714	395.730
	Other Income	12.440	10.200	4.710
	TOTAL	857.614	569.914	400.440
Less	EXPENSES
	Employees benefits expense	330.225	242.650	196.602
	Other expenses	290.043	181.446	160.153
	TOTAL	620.268	424.096	356.755
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	237.346	145.818	43.685
Less	FINANCIAL EXPENSES	65.655	48.229	34.811
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	171.691	97.589	8.874
Less/ Add	DEPRECIATION/ AMORTISATION	0.285	1.135	0.191
Less	PRIOR PERIOD EXPENSES	0.000	0.000	27.999
	PROFIT/ (LOSS) BEFORE TAX	171.406	96.454	(19.316)
Less	TAX	36.182	22.330	0.750
	PROFIT/ (LOSS) AFTER TAX	135.224	74.124	(20.066)
	Earnings / (Loss) Per Share (Rs.)	10439.59	5722.54	(1549.14)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	16.00	13.24	-5.07
Operating Profit Margin (PBDIT / Sales)	(%)	28.08	26.05	11.04
Return on Total Assets (PBT/Total Assets}	(%)	22.22	18.72	-5.05
Return on Investment (ROI) (PBT/Networth)		0.34	0.24	-0.06
Debt Equity Ratio (Total Debt /Networth)		0.02	0.05	0.05
Current Ratio (Current Asset/Current Liability)		2.46	1.92	2.64

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.130	0.130	0.130
Reserves & Surplus	329.944	406.419	508.825
Net worth	330.074	406.549	508.955
long-term borrowings	0.000	0.000	0.000
Short term borrowings	17.804	22.127	8.945
Total borrowings	17.804	22.127	8.945
Debt/Equity ratio	0.054	0.054	0.018

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	395.730	559.714	845.174
		41.438	51.001

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	395.730	559.714	845.174
Profit	(20.066)	74.124	135.224
	(5.07%)	13.24%	16.00%

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	Yes
24]	Banking facility details	Yes
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	No
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

COMPANY OVERVIEW

EKA Software Solutions Private Limited was incorporated on August 4, 2004 as a private limited company under the companies Act, 1956 with its registered office at Bangalore. The company is a wholly owned subsidiary of Sybex Mauritius Limited.

The Company is engaged in the business of developing and licensing of technology based software products and providing of consultancy and related services to its clients.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10219668	11/02/2013 *	100,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B72064850

* Date of charge modification

FIXED ASSETS

• Furniture and Fixture
• Office Equipment
• Computer and Equipment
• Leasehold Improvement

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.62.60
UK Pound	1	Rs.92.95
Euro	1	Rs.68.14

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	RAS
Report Prepared by :	PNM

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	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.