MIRA INFORM REPORT

Report Date :

27.11.2007

IDENTIFICATION DETAILS

Name :	INDIAN POTASH LIMITED
Registered Office :	Ambal Building, 3^rd Floor, 727, Mount Road, Chennai – 600 006, Tamilnadu
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	17.06.1955
Com. Reg. No.:	18-961
CIN No.: [Company Identification No.]	U14219TN1955PLC000961
TAN No.: [Tax Deduction & Collection Account No.]	CHEI00029B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers of Cattle Feed and producing fertilisers by using imported potash as an intermediary.

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 4700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and professionally managed company. Board of directors consists of eminent personalities from fertiliser industry. Available information indicates high financial responsibility of the company. Payments are usually correct and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions

LOCATIONS

Registered/ Corporate Office:	Ambal Building, 3^rd Floor, 727, Mount Road, Chennai – 600 006, Tamilnadu, India
Tel. No.:	91-44-28520855 (5 lines)
Fax No.:	91-44-28522407
E-Mail :	1. potash@iplmds.xeemaa.xeemail.ems.vsnl.net.in 2. admn@iplho.xeemaa.xeemail.com 3. iplho@potindia.com
Area :	8000 sq. ft.
Location :	Rented
Factory:	Cattle Feed Division A-3, U.P.S.I.D.C Industrial Area, Secunderabad District, Bulandshahr – 203 205, Uttar Pradesh, India
Tel. No.:	91-5735-221632
Fax No.:	91-5735-221287
Branches :	v “Pragati Tower”, 3^rd Floor, 26 Rajendra Place, New Delhi – 110 008, India Tel. No. 91-11-25761540 Fax. No. 91-11-25755313 Area : 3951 sq. ft. owned v P. B. No. 3051, “Kadavill Court”, Pulleppady Cross Road, Ernakulam, Kochi – 682 018, Kerala, India Tel. No. 91-484-2354435 Fax. No. 91-484-2372191 Area: 2500 sq. fts. owned v No. 312, B Wing, 3^rd Floor, “Mittal Towers”, 6 M. G. Road, Bangalore – 560 001, Karnataka, India Tel. No. 91-80-5588057 Fax. No. 91-80-5065276 Area: 2070 sq. fts. owned v P. B. No. 1515, “Deepti Apartments”, 3^rd Floor, Flat No. 18, 9-1-7/83-84, Sardar Patel Road, Secunderabad – 500 026, Andhra Pradesh, India Tel. No. 91-40-27805669 Fax. No. 91-40-27806029 Area: 2033 sq. fts. owned v “Chittod Complex”, Zone – I, Maharana Pratap Nagar, Bhopal – 462 011, Madhya Pradesh, India Tel. No. 91-755-22553022 Fax. No. 91-755-22029579 Area: 2529 sq. fts. owned v No. 45, Drive-in-Road, Opp. Nirav Park, Navrangpura, Ahmedabad – 380 009, Gujarat, India Tel. No. 91-79-26563605 Fax. No. 91-79-26427506 Area: 6420 sq. fts. owned v 63-64, “Mittal Chambers”, 6^th Floor P. B. No. 9960, Nariman Point, Mumbai – 400 021, Maharashtra, India Tel. No. 91-22-22025269 Fax. No. 91-22-22029579 Area: 2218 sq. fts. owned v 259, Khervela Nagar, Unit III, Bhubaneshwar – 751 001, Orissa, India Tel. No. 91-674-2402954 Fax. No. 91-674-2416654 Area: 2395 sq. fts. leased v “Everest House”, 11^th Floor, No. 46-C, Jawaharlal Nehru Road, Kolkata – 700 071, West Bengal, India Tel. No. 91-33-22881306 Fax. No. 91-33-22882150 Area: 2000 sq. fts. owned v “G. S. Road, Bhangagarh, Guwahati – 781 005, Assam, India Tel. No. 91-361-2529138 Fax. No. 91-361-2451375 Area: 1400 sq. fts. leased v No. 3, Ghokhle Marg, Lucknow – 226 001, Uttar Pradesh, India Tel. No. 91-522-2208863 Fax. No. 91-522-2208864 Area: 5000 sq. fts. owned v No. B-393, Rajendra Nagar, Bareilly – 243 122, Uttar Pradesh, India Tel. No. 91-581-2310450 Fax. No. 91-581-2586265 Area: 600 sq. fts. leased v 410, Gaurav Towers – I, Malviya Nagar, Jaipur – 302 017, Rajasthan, India Tel. No. 91-6728-2552509 Fax. No. 91-6728-2721348 Area: 1926 sq. fts. owned v SCO 443-444, Sector 35-C, Chandigarh – 160 022, India Tel. No. 91-172-2603721 Fax. No. 91-172-2601907 Area: 2346 sq. fts. leased v Office No. 15, 3^rd Floor, Millennium Plaza, Banstal Road, Raipur – 492 001, Madhya Pradesh, India Tel. No. 91-771-2603721 Fax. No. 91-771-2601907 Area: 415 sq. fts. leased v Cattle Feed Division, A-3, U.P.S.I.D.C Industrial Area, Secunderabad District, Bulandshahr – 203 205, Uttar Pradesh, India Tel. No. 91-5735-221632 Fax. No. 91-5735-221287 Total Plot Area 134948.40 sq. fts. Built up leased Area 31084.89 sq. ft. v Ambal Building, II Floor, 727, Anna Salai, Chennai – 600 006, Tamilnadu, India Tel. No. 91-44-28522911 Fax. No. 91-44-28550161 Area: 3974 sq. fts. leased

DIRECTORS

Name :	Mr. A N Poreddiwar
Designation :	Director
Name :	Mr. A. Vellayan
Designation :	Director
Name :	Mr. Balvinder Singh Nakai
Designation :	Director
Address :	Bhatinda Barnala Road, Rampura Phul, District Bhatinda, Punjab
Date of Birth/Age :	63 Years
Date of Appointment :	25.09.1993
Name :	Mr. Devinder Kumar
Designation :	Director
Address :	Flat No. 612, Green Heavens, Sail CGHS Limited, Plot No. 35, Sector 4, Dwarka Phase I, New Delhi 110 045, India
Date of Birth/Age :	03.07.1953
Date of Appointment :	09.10.2001
Name :	Mr. H S Bawa
Designation :	Director
Address :	Devika Tower, Ground Floor, 6, Nehru Place, New Delhi 110 019, India
Date of Birth/Age :	20.03.1931
Date of Appointment :	30.09.1981
Name :	Mr. M A Khan
Designation :	Director
Name :	Mr. M P Muthukumaraswamy
Designation :	Director
Name :	Mr. Mostafa Sardar
Designation :	Director
Address :	C/O The West Bengal State Co-operative Mrketing Federation, 18, Rabindra Sarani, Poddar Court, Kolkata 700 001
Date of Birth/Age :	03.01.1936
Date of Appointment :	12.09.2003
Name :	Mr. P S Gahlaut
Designation :	Director
Address :	C-9/9156, Vasant Kunj, New Delhi 110 070, India
Date of Birth/Age :	27.07.1947
Date of Appointment :	29.09.1947
Name :	Mr. Uma Shankar
Designation :	Director
Name :	Mr. Sukumar N Oommen
Designation :	Director
Address :	No. 2, Chittaranjan Road, Teynampet, Chennai 600 018
Date of Birth/Age :	22.06.1949
Date of Appointment :	08.10.2002
Name :	Mr. U S Jha
Designation :	Director
Name :	Mr. Udai S Awasthi
Designation :	Director
Address :	IFFCO, 34, Nehru Place, New Delhi 110 019, India
Date of Birth/Age :	12.07.1945
Date of Appointment :	29.06.1993
Name :	Mr. V Sathyaseelan
Designation :	Director
Name :	Mr. Vijay Chhibber
Designation :	Director
Name :	Mr. Dinesh Rai
Designation :	Director
Address :	C/O, National Co-operative Development Corporation No. 4, Sin Industrial Area, Hauz Khas, New Delhi 110 016, India
Date of Birth/Age :	12.08.1950
Date of Appointment :	26.03.2003
Name :	Mr. Alexander Kolppuren Luke
Designation :	Director
Address :	M. D. Bungalow, GSFC Township, P. O. Fertiliser Nagar 391 750, Vadodara
Date of Birth/Age :	04.08.1948
Date of Appointment :	29.05.2003
Name :	Mr. Prem Singh Meena
Designation :	Nominee Director
Address :	B-22, Sangam Society, Andheri Versova Link Road, Andheri (West), Mumbai
Date of Birth/Age :	06.07.1956
Date of Appointment :	06.09.2006
Name :	Mr. Arvind Namdeorao Poreddiwar
Designation :	Nominee Director
Address :	63/64, Ujjwal Nagar, Opposite to hotel airport center point, Nagpur 440025, Maharashtra, India
Name :	Mr. Santosh Kumar Vashishtha
Designation :	Nominee Director
Address :	EN – 1/6, Char Imli, Bhopal 462016, Madhya Pradesh, India

KEY EXECUTIVES

Name :	Mylapore P. Muthukumaraswamy
Designation :	Secretary
Address :	Plot No. D-4, Door No. 8, 16^th street, Periyar Nagar, Chennai 600082
Date of Birth/Age :	30.06.1970
Date of Appointment :	01.09.2005

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares
Indian Farmers Fertiliser Co-operative Limited	32,40,000
Gujarat State Co-operative Marketing. Federation Limited	9,96,000
Gujarat State Fertilisers and Chemicals Limited	7,50,000
Andhra Pradesh State Co-operative Marketing. Federation	5,94,000
Madras Fertilisers Limited	5,28,000
Parry & Company Limited	4,24,800
Tamilnadu Co-operative Marketing Federation Limited	3,20,000
West Bengal State Co-operative Marketing Federation Limited	3,12,000
Karnataka State Co-operative Marketing Federation Limited	2,88,000
Steel Authority of India Limited	2,40,000
Rashtriya Chemicals Travancore Limited	2,24,400
Fertilisers & Chemicals Travancore Limited	2,16,000
National Co-operative Development Corporation	2,04,000
Punjab State Co-operative Supply and Marketing Federation	1,76,000
Orissa State Co-operative Marketing Federation Limited	1,44,000
Shaw Wallace Financial Services Limited	1,41,600
Madhya Pradesh State Co-operative Marketing Federation	1,28,000
Maharashtra State Co-operative Marketing Federation Limited	1,20,000
Coromandel Fertilisers Limited	60,000
Bihar State Co-operative Coal Marketing Society	50,000
Zuari Agro Chemicals Limited	48,000
Bihar State Co-operative Marketing Union Limited	40,000
Haryana State Co-operative Marketing Union Limited	40,000
Rallis India Limited	36,000
Bharat Fertilisers Industries Limited	22,800
Dharamsi Morarji Chemical Company Limited	22,000
Mrs. Vasanadu Nirmala	21,600
Mr. V. Venugopal	20,800
Kerala State Co-operative Marketing Federation Limited	20,000
Mrs. V. Anusuya Devi	15,200
Mr. Vasanadu Mohanrao	15,000
Mr. Vasanadu Govind	15,000
Shetkari ahakari Sangh Limited	13,000
Ms. Vasanadu Shalini	10,400
Vidarbha Co-operative Marketing Society Limited	8,000
Mr. Vasanadu Mohanrao	5,000
Mr. Vasanadu Mohanrao	5,000
Mrs. R. Revathi	4,600
Mrs. Manjula	3,600
Mrs. V. Prema	2,800
Ms. G. Mythri	2,400
Mrs. V. Anusuya Devi	1,200
MFC Industries Private Limited	1,200
Mr. V. Srikanth	1,200
Deccan Sales Corporation Limited	600
Fertiliser and Inputs Private Limited	200
Equity Share Break-up	Percentage of Holding
Bodies Corporate	99.00
Other top Fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Cattle Feed and producing fertilisers by using imported potash as an intermediary.

Products :

Product Description	Item Code No.
Muriate of Potash	31042000
Urea (Imported & Indigenous)	31021000
Di-Ammonium Phosphate	31053000
Cattle Feed	--

Exports :

Countries :

Bangladesh and Sri Lanka

Imports :

Countries :

Jordan Israel, England, United Kingdom, Singapore, Canada, USA, Germany and Switzerland

PRODUCTION STATUS

Particulars	Unit	Licensed Capacity	Installed Capacity
Cattle Feed	Mts.	30000	30000

GENERAL INFORMATION

No. of Employees :

450

Bankers :

q State Bank of India, Commercial Branch, 232, NSC Bose Road, Chennai – 600 001, Tamilnadu, India Facility – Fund Based – Rs. 218.000 millions Non Fund Based (Letter of Credit) – Rs. 1079.100 millions Non Fund Based (Guarantee) – Rs. 21.800 millions q Canara Bank, Corporate Service Branch, 770-A, Spencer Towers, Chennai – 600 002, Tamilnadu, India Fund Based – Rs. 135.000 millions Non Fund Based (Letter of Credit) – Rs. 668.250 millions Non Fund Based (Guarantee) – Rs. 13.500 millions q Central Bank of India, 48/49, Montieth Road, Egmore, Chennai – 600 002, Tamilnadu, India Fund Based – Rs. 157.000 millions Non Fund Based (Letter of Credit) – Rs. 771.150 millions Non Fund Based (Guarantee) – Rs. 15.700 millions q Oriental Bank of Commerce, Spencer Plaza, Anna Salai, Chennai – 600002, Tamilnadu, India Fund Based – Rs. 50.000 millions Non Fund Based (Letter of Credit) – Rs. 247.500 millions Non Fund Based (Guarantee) – Rs. 5.000 millions q Andhra Bank, 95, Anna Salai, Chennai – 600 002, Tamilnadu, India Fund Based – Rs. 140.000 millions Non Fund Based (Letter of Credit) – Rs. 693.000 millions Non Fund Based (Guarantee) – Rs. 14.000 millions q Bank of Baroda q State Bank of Patiala , 27, Whites Road, Chennai – 600 014, Tamilnadu, India Fund Based – Rs. 50.000 millions Non Fund Based (Letter of Credit) – Rs. 247.500 millions Non Fund Based (Guarantee) – Rs. 5.000 millions q Indian Overseas Bank q Punjab National Bank, 156, Linghi Chetty Street, Chennai – 600 014, Tamilnadu, India Fund Based – Rs. 100.000 millions Non Fund Based (Letter of Credit) – Rs. 495.000 millions Non Fund Based (Guarantee) – Rs. 10.000 millions q Corporation Bank, 49, Armenian Street, Chennai – 600 001, Tamilnadu, India Fund Based – Rs. 50.000 millions Non Fund Based (Letter of Credit) – Rs. 247.500 millions Non Fund Based (Guarantee) – Rs. 5.000 millions q Allahabad Bank q Punjab and Sind Bank, George Town Branch, 165 Thambu Chetty Street, Chennai 600001, Tamilnadu q State Bank of Bikaner and Jaipur q State Bank of Hyderabad, 37-B, First Floor, Whites Road, Chennai – 600 014, Tamilnadu, India Fund Based – Rs. 100.000 millions Non Fund Based (Letter of Credit) – Rs. 495.000 millions Non Fund Based (Guarantee) – Rs. 100.000 millions

Banking Relations :	Good
Auditors :	Fraser and Ross Chartered Accountants,
Address:	2^nd floor, Temple Tower, 672, Anna Salai, Nandanam 600035, Chennai, Tamilnadu, India
Tel. No.:	91-44-28251152 / 2631
Associates:	Indian Farmers Fertilisers Co-operative Limited
Subsidiaries:	Goldline Milkfood Limited
Address:	11,12/56, Industrial Area, Near HSIDC Office, Kundli, Sonepat, Haryana, India
Line of Business:	This company is engaged in processing of milk into milk products like butter/ghee and milk food.

CAPITAL STRUCTURE

Authorized Capital:

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs. 10/- each	Rs. 200.000 Millions

Issued Capital:

No. of Shares	Type	Value	Amount
16568200	Equity Shares	Rs. 10/- each	Rs. 165.682 Millions

Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
14298600	Equity Shares	Rs. 10/- each	Rs. 142.986 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		142.986	95.324	95.300
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1043.957	871.579	646.300
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1186.943	966.903	741.600
LOAN FUNDS
1] Secured Loans		508.270	109.625	282.100
2] Unsecured Loans		1779.376	913.874	150.000
TOTAL BORROWING		2287.646	1023.499	432.100
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3474.589	1990.402	1173.700
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		215.262	169.623	158.400
Capital work-in-progress		1.176	22.863	0.000
INVESTMENT		67.745	56.206	322.700
DEFERREX TAX ASSETS		32.186	3.923	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7190.728	6238.399	2648.300
	Sundry Debtors	11646.033	7891.902	3681.500
	Cash & Bank Balances	2256.458	2795.826	453.800
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	612.032	135.375	171.900
Total Current Assets		21705.251	17061.502	6955.500
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	18522.576	15299.186	6246.800
	Provisions	24.455	24.529	16.100
Total Current Liabilities		18547.031	15323.715	6262.900
Net Current Assets		3158.220	1737.787	692.600
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3474.589	1990.402	1173.700

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
Sales Turnover		43966.474	32671.955	16334.000
Other Income		364.022	218.450
Total Income		44330.496	32890.405	16334.000
Profit/(Loss) Before Tax		390.754	394.449	216.600
Provision for Taxation		-	-	76.400
Profit/(Loss) After Tax		390.754	394.449	140.200
Expenditures :
	Manufacturing Expenses	0.000	0.000	667.000
	Administrative Expenses	0.000	0.000	25.600
	Raw Material Consumed	78.779	79.868	14032.500
	Purchase made for re-sale	40977.412	33448.774	0.000
	Consumption of stores and spares	1.238	1.364	0.000
	Increased or decrease in finished goods	[940.633]	[3556.737]	0.000
	Salaries, wages	105.831	101.000	0.000
	Managerial remuneration	0.123	0.118	0.000
	Payment of Auditors	0.614	0.658	0.000
	Insurance Expenses	0.318	1.130	0.000
	Interest	225.689	113.971	47.700
	Power & Fuel	6.963	6.705	06.100
	Depreciation & Amortization	147.126	12.917	11.500
	Other Expenditure	3336.276	2286.187	92.300
Total Expenditure		43939.736	32495.955	14882.700

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
PAT / Total Income	(%)	0.88	1.19	0.85
Net Profit Margin (PBT/Sales)	(%)	0.88	1.19	0.85
Return on Total Assets (PBT/Total Assets}	(%)	1.78	2.28	3.04
Return on Investment (ROI) (PBT/Networth)		0.32	0.40	0.29
Debt Equity Ratio (Total Liability/Networth)		17.55	16.90	9.02
Current Ratio (Current Asset/Current Liability)		1.17	1.11	1.11

LOCAL AGENCY FURTHER INFORMATION

It is in trade terms with:-

v The Arab Potash Company Limited, P. O. Box 1470, Amman 11118, Jordan

v Dead Sea Works Limited, Potash House, P. O. Box No. 75, Beersheva – 84100, Israel

v ICEC Limited, C/o ICEC Europe Limited, Cavendish House, 36-40 Goldsworth Road, Woking, Surrey GU 21 6JT, England

v International Potash Company (UK) Limited, Elscot House, Arcadia Avenue, Finchley, London, N3, 2JE, United Kingdom

v Canpotex International Pte Limited, 30 Hill Street, HEX 04-01, Singapore 179360

v Canpotex Limited, P. O. Box 1600, Suite 400, 111-2^nd Avenue South, Saskatoon, Saskatchewan Canada 87K 3R7

v ICEC Limited, C/o, International Commodities Export Corporation, 2975 Westchester Avenue, Purchase, New York 10577, USA

v K+S Kali GmbH, Bertha-Von-Suttner-STR. 7, 34131 Kassel, Germany

v Transammonia AG, Bahnhofstrasse 1, CH-8852, Altendorf, Switzerland

v Jorden Phosphate Mines Company Limited, P. O. Box No. 30, Amman, Jordan

v Multicommerce LLC, 124, W-Putnam Avenue, Greenwinch CT – 06830, USA

v Petrochemical Industries Company (KSC), P. O. Box 1084, 13011, Safat, Kuwait

v Intermare Transport Pte. Limited, 100 Beach Road # 31-01, Shaw Tower, Singapore 189702

v Noble Resources Limited, 18/F, Massmutual Tower, 38, Gloucester Road, Wanchai, Hong Kong

v Transmmonia Agency, Bahnhofstrase 1, CH 8852, Altendorf, Switzerland

The company has been awarded Handling of Urea Shipments at the ports of Kochi and Okha.

The company has marketing arrangements with:-

§ National Fertiliser Corporation Limited

§ Hindustan Fertiliser Corporation Limited

§ Southern Petrochemical Industries Corporation Limited

97-98, Mount Road, Chennai – 600 032, Tamilnadu, India

Tel. No. 91-44-22350245

Fixed Assets:

• Land and Building (Freehold And Leasehold)
• Machinery
• Office Equipments and Fixtures
• Air Conditioners
• Refrigerators and Water Coolers
• Audio Visual / Soil Testing Vans and Equipments
• Vehicles

Form 8

This Form is for	Creation of Charge
Charge identification number of the charge to be modified	NA
Corporate identity number of the company	U14219TN1955PLC000961
Name of the company	Indian Potash Limited
Address of the registered office or of the principal place of business in India of the company	Ambal Building, 3^rd Floor, 727, Mount Road, Chennai – 600 006, Tamilnadu, India
Type of charge	Movable property Floating charge
Particular of charge holder	q Punjab and Sind Bank, George Town Branch, 165 Thambu Chetty Street, Chennai 600001, Tamilnadu
Nature of description of the instrument creating or modifying the charge	Hypothecation of goods to secure demand cash credit for Rs. 1000.000 Millions
Date of instrument Creating the charge	11.10.2006
Amount secured by the charge	Rs. 2400.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	[a] Rate of Interest For Short Term Loan facility for Rs. 1000 Millions : 7.75% p.a. [b] Terms of Repayment As per the sanction letter and instrument executed on 11.102006. [c] Margin As per the sanction letter and instrument executed on 11.10.2006. [d] Extend and operation of the charge As per the sanction letter and instrument executed on 11.10.2006. [e] others Nature of facility Short term loan facility Rs. 1000 Millions Adhoc Import LC Facility Rs. 1400 Millions Other terms and conditions as per the sanction letter and instrument executed 11.10.2006.
Short particulars of the property charged	For Short Term Loan facility of Rs. 1000 Millions. Hypothecation of stock of fertilizers/DAP etc. For Adhoc Import LC facility of Rs. 1400 Millions. Hypothecation of stock of fertilizers/DAP etc. imported under letter of credit. Stored at VDRC godown, port area, Visakhapatnam and all other godown situated at different places pertaining to the Indian Potash Limited.
Date of latest modification prior to the present modification	NA
Particulars of the present modification	NA

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.39.68
UK Pound	1	Rs.81.95
Euro	1	Rs.58.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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	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

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