MIRA INFORM REPORT

Report Date :

21.06.2007

IDENTIFICATION DETAILS

Name :	CRYSTAL CROPSCIENCES LIMITED
Formerly Known As :	RAJENDRA HYBRID SEMENCES PRIVATE LIMITED
Registered Office :	41, Indra Market, Old Subzi Mandi, Delhi – 110 007
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	21.03.2002
Com. Reg. No.:	55-114674
CIN No.: [Company Identification No.]	U01122DL2002PLC114674
TAN No.: [Tax Deduction & Collection Account No.]	DELR05194A
Legal Form :	A closely held public limited liability company.
Line of Business :	Traders of Indian, Imported and Hybrid Quality Seeds.

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 9000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office / Head Office / Warehouse :	41, Indra Market, Old Subzi Mandi, Delhi – 110 007, India.
Tel. No.:	91-11-23827518 / 23825899 / 23947515
Fax No.:	91-11-23826141
E-Mail :	rhsdelhi@ndf.vsnl.net.in
Area :	1000 Sq. Ft.
Location :	Commercial Area - Owned

DIRECTORS

Name :	Mr. Raman Pal Uppal
Designation :	Managing Director
Address :	D-21, Bhagat Singh Road, Adarsh Nagar, New Delhi – 110 033, India.
Date of Birth/Age :	20^th September, 1967
Date of Appointment :	4^th August, 2006
Name :	Mr. Ravi Pal Uppal
Designation :	Director
Address :	D-21, Bhagat Singh Road, Adarsh Nagar, New Delhi – 110 033, India.
Date of Birth/Age :	13^th December, 1970
Date of Appointment :	4^th August, 2006
Name :	Ms. Manju Uppal
Designation :	Director
Address :	D-21, Bhagat Singh Road, Adarsh Nagar, New Delhi – 110 033, India.
Date of Birth/Age :	4^th May, 1971
Date of Appointment :	30^th September, 2003
Name :	Ms. Namita Uppal
Designation :	Director
Address :	D-21, Bhagat Singh Road, Adarsh Nagar, New Delhi – 110 033, India.
Date of Birth/Age :	6^th June, 1973
Date of Appointment :	30^th September, 2003
Name :	Mr. Rakesh Kumar Juneja
Designation :	Director
Address :	D-28, Bhagat Singh Road, Adarsh Nagar, New Delhi – 110 033, India.
Date of Birth/Age :	26^th January v1964
Date of Appointment :	30^th September, 2003
Name :	Mr. Shiwajee Yadav
Designation :	Director
Address :	A-4, New Anand Nagar, Near DLF Loni, Ghaziabad - 201102 [Uttar Pradesh], India
Date of Birth/Age :	25^th November 1972
Date of Appointment :	30^th September, 2003

KEY EXECUTIVES

Name :	A. K. Popli and Company
Designation :	Company Secretary
Address :	302 C-2/4, Pragati Market, Ashok Vihar Phase –II, Delhi-10052, India
Tel. No.:	91-11-27431426 / 27418378

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Mr. Raman Pal Uppal	60000
Mr. Ravi Pal Uppal	35000
Ms. Namita Uppal	4000
Ms. Nancy Gupta	1000
	100000
Equity Share Breakup
Category	Percentage of Holding
Directors of relatives of directors	99.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Traders of Indian, Imported and Hybrid Quality Seeds.
Imports :
Products :	Hybrid Quality Seeds
Countries :	Korea
Terms :
Selling :	Cash or Credit (30-60 days) terms
Purchasing :	Credit terms

GENERAL INFORMATION

No. of Employees :	9
Bankers :	Union Bank of India D-2, Panchwati Commercial Complex, Azadpur, Delhi - 110033
Facilities :

Banking Relations :	Satisfactory
Auditors :
Name :	Sobti Arora and Grover Chartered Accountant
Address :	301 C-2/4, Pragati Market, Ashok Vihar Phase –II, Delhi-10052, India
Tel. No.:	91-11-27431426 / 27418378

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs.10/- each	Rs. 1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs.10/- each	Rs. 1.000 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		1.000	1.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		1.391	1.119
4] (Accumulated Losses)		0.000	0.000
NETWORTH		2.391	2.119
LOAN FUNDS
1] Secured Loans		7.222	7.863
2] Unsecured Loans		1.650	1.970
TOTAL BORROWING		8.872	9.833
DEFERRED TAX LIABILITIES		0.263	0.270
TOTAL		11.526	12.222
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.820	6.039
Capital work-in-progress
INVESTMENT		0.000	0.044
DEFERREX TAX ASSETS
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.970	23.223
	Sundry Debtors	11.206	8.117
	Cash & Bank Balances	0.687	1.316
	Other Current Assets	0.000	0.000
	Loans & Advances	1.439	0.642
Total Current Assets		39.302	33.298
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	33.115	27.054
	Provisions	0.489	0.122
Total Current Liabilities		33.604	27.176
Net Current Assets		5.698	6.122
MISCELLANEOUS EXPENSES		0.008	0.017
TOTAL		11.526	12.222

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005
Sales Turnover		53.846	53.850
Other Income		0.237	0.561
Total Income		54.083	54.411
Profit/(Loss) Before Tax		0.633	0.677
Provision for Taxation		0.360	0.181
Profit/(Loss) After Tax		0.273	0.496
Expenditures :
	Purchases made for re-sale	40.238	41.234
	Salaries, Wages, Bonus, etc.	1.804	1.338
	Payment to Auditors	0.150	0.116
	Insurance Expenses	0.062	0.087
	Depreciation & Amortization	0.390	0.381
	Other Expenditure	10.806	10.578
Total Expenditure		53.450	53.734

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005
PAT / Total Income	(%)	0.50	0.91
Net Profit Margin (PBT/Sales)	(%)	1.18	1.26
Return on Total Assets (PBT/Total Assets}	(%)	1.40	1.72
Return on Investment (ROI) (PBT/Networth)		0.26	0.32
Debt Equity Ratio (Total Liability/Networth)		17.76	17.47
Current Ratio (Current Asset/Current Liability)		1.17	1.23

LOCAL AGENCY FURTHER INFORMATION

It is in trade terms with

Ø Seed Ex Company Limited, Korea

Bankers Charges Report as per Registry

Name of the company	RAJENDRA HYBRID SEMENCES PRIVATE LIMITED
Presented By	UNION BANK OF INDIA
1) Date and description of instrument creating the change	14.11.2002 – Agreement for Cash Credit Hypothecation of Goods Regd. On 28.11.2002
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 2.500 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All stock of seeds of various crops lying at 41, Indra market, Old Sabzi Mandi, Delhi – 110007 and godowns.
4) Gist of the terms and conditions and extent and operation of the charge.	Payable on demand – Interest @ 14.75 p.a. at monthly rests – Margin 25 % of value of Stock.
5) Name and Address and description of the person entitled to the charge.	Union Bank of India D-2, Panchwati Commercial Complex, Azadpur, Delhi – 110033
6) Date and brief description of instrument modifying the charge	Loan agreement dated 25.03.2003
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Limit is enhanced from Rs. 2.500 Millions to Rs. 5.000 Millions @ 14.75 % other terms and conditions are unchanged.

Corporate identity number of the company	U01122DL2002PLC114674
Name of the company	RAJENDRA HYBRID SEMENCES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	41, Indra Market, Old Subzi Mandi, Delhi – 110 007
This form is for	Modification of charge
Type of charge	Hypothecation
Particular of charge holder	Union Bank of India D-2, Panchwati Commercial Complex, Azadpur, Delhi – 110033 India sehgalsubhash@hotmail.com
Amount secured by the charge	Rs. 7.900 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Charge over Stocks, Book Debts and Movable Assets, Interest @ 12.5 % p.a. with monthly rests – Margin 25 %
Description of the property charged indicating whether it is a charged on	Plant and Machinery Stock in trade Book debts Furniture and Fixture
Particulars of the property charged	Hypothecation of present and future stock, book debts and movable property of any kind
Charge identification number of the charge to be modified	90049413
Brief description of the instrument modifying the charge under section 135	Hypothecation agreement of goods and debts
Date of instrument modifying the charge	29.06.2006
Particulars of the present modification	Bank’s charge over stocks, book debts and movable assets modified from Rs. 7.900 Millions to Rs. 7.200 Millions Interest @ 10.5 % p.a. with monthly rests Penal interest 2 % Margin 20 %

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 records 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.40.75
UK Pound	1	Rs.81.17
Euro	1	Rs.54.59

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--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	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
TOTAL		45

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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