MIRA INFORM REPORT

Report Date :

05.09.2007

IDENTIFICATION DETAILS

Name :	MAHYCO SEEDS LIMITED

Registered Office :	Resham Bhavan, 4^th Floor, 78, Veer Nariman Road, Mumbai – 400 020, Maharashtra

Country :	India

Financials (as on) :	31.03.2006

Date of Incorporation :	02.01.1995

Com. Reg. No.:	84203

CIN No.: [Company Identification No.]	U40107MH1995PLC084203

TAN No.: [Tax Deduction & Collection Account No.]	MUMM20350B

PAN No.: [Permanent Account No.]	AAACE088AC

Legal Form :	A Closely held Public Limited Liability Company.

Line of Business :	Subject is engaged in Plant Genetic Research and production of quality Hybrid Seeds for the farming community.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 2866892

Status :	Good

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 :	Resham Bhavan, 4^th Floor, 78, Veer Nariman Road, Mumbai – 400 020, Maharashtra
Tel. No.:	91-22-220 49497
Fax No.:	91-22-22047871
E-Mail :	raju.barwale@mahyco.com / badrinarayan.barwale@mahyco.com / khozem.poonawala@mahyco.com

Factory 1 :	Maharashtra Hybrid Seed Company , Dawalwadi, P. O Box No. 76, Jalna, India – 431 203
Tel. No.:	91-2482-262371-75 / 262001 / 91-2482-233881 / 233882
Fax No.:	91-2482-262002
E-Mail :	info@mahyco.com

DIRECTORS

Name :	Mr. Rajendra Badrinarayan Barwale
Designation :	Managing Director
Address :	72-B, Urvashi, Petit Hall, Nepean Sea Road, Mumbai – 400 006, Maharashtra
Date of Birth/Age :	12.12.1955
Date of Appointment :	20.03.2003

Name :	Mr. Shyam Sunder Agrawal
Designation :	Deputy Managing Director
Address :	Jolly Maker Apartment No.2 Flat No. 62 Opposite World Trade Centre, Cuffe Parade, Mumbai – 400 005, Maharashtra
Date of Birth/Age :	12.12.1955
Date of Appointment :	07.03.2003

Name :	Mr. Brent E Zehr
Designation :	Director
Address :	Mahyco Life Science, Research Center, P.O. Box 76, Dawalwadi, Jalna - 431 203, Maharashtra
Date of Birth/Age :	28.08.1961
Date of Appointment :	20.08.2002

Name :	Mr. Allen Smith
Designation :	Director

Name :	Mrs. Usha B Zehr
Designation :	Director
Address :	Mahyco Life Science, Research Center, P.O. Box 76, Dawalwadi, Jalna - 431 203, Maharashtra
Date of Birth/Age :	28.11.1961
Date of Appointment :	20.08.2002

Name :	Mr. Sekhar Natrajan
Designation :	Director
Address :	3^rd Floor, Jackers, 113, Carter Road, Bandra (West), Mumbai – 400 050, Maharashtra
Date of Birth/Age :	14.12.1953
Date of Appointment :	20.03.2002
Date of Ceasing:	01.02.2005

Name :	Mr. Eric Johnson
Designation :	Director
Address :	62 Kim Yam Road, Singapore – 239 363
Date of Birth/Age :	17.10.1956
Date of Appointment :	20.08.2002
Date of Ceasing:	17.05.2005

Name :	Mr. S P Adarkar
Designation :	Alternate Director to Ms. Nicole M Ringenberg
Address :	“DILKOOSHA”, Altamount Road, Mumbai – 400 026, Maharashtra
Date of Birth/Age :	02.10.1920
Date of Appointment :	31.08.2004
Date of Ceasing:	07.03.2005

Name :	Mr. S Rajagopalan
Designation :	Alternate Director to Mr. Eric W Johnson
Address :	A/1102, Valencia, Co-operative Housing Society Limited, Hiranandani Lake View , Powai, Mumbai – 400 076, Maharashtra
Date of Birth/Age :	25.04.1965
Date of Appointment :	31.08.2004
Date of Ceasing:	17.05.2005

Name :	Mr. Sandeep Kulkarni
Designation :	Alternate Director

Name :	Mr. Nicole M Ringenberg
Designation :	Managing Director
Address :	9, Ardmore Park, #25-01, Singapore – 259 955
Date of Birth/Age :	14.07.1961
Date of Appointment :	31.08.2004

Name :	Mr. Felipe Benjamin Osorio
Designation :	Director
Address :	Flat No. 111 and 121, 9^th and 10^th Floor, Unit No.1, “Narain Terraces” Union Park Road, Pali Hill, Bandra, mumbai – 400 050, Maharashtra
Date of Birth/Age :	26.09.1965
Date of Appointment :	01.02.2005

Name :	Mr. Jerry Brownie Flint
Designation :	Director
Address :	151, Lorong Chuan, #06-08, New Tech Park, Singapore – 556 741
Date of Birth/Age :	20.09.1961
Date of Appointment :	17.05.2005

Name :	Mr. Rajagopalan Santhanam
Designation :	Alternate Director to Ms. Nicole M Ringenberg
Address :	A/1102, Valencia, Co-operative Housing Society Limited, Hiranandani Lake View , Powai, Mumbai – 400 076, Maharashtra
Date of Birth/Age :	25.04.1965
Date of Appointment :	17.05.2005

Name :	Mr. John B Deadwyler
Designation :	Additional Director
Address :	Block No. 15, Ardmore Park, # 06.01, Singapore – 259 959
Date of Birth/Age :	08.05.1968
Date of Appointment :	16.01.2007
Directorship in other companies	CIN of Company L74999MH1949PLC007912 Name of the Company : Monsanto India Limited Designation : Director

Name :	Mr. Rajagopalan Santhanam
Designation :	Alternate Director to Mark James Deadwyler
Address :	903, Soverign CHS Limited, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra
Date of Birth/Age :	25.04.1965
Date of Appointment :	16.01.2007

Name :	Mr. Badrinarayan Ramulal Barwale
Designation :	Director
Address :	72 B Urvashi, Petit Hall, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	13.08.1931
Date of Appointment :	20.08.2002

KEY EXECUTIVES

Name :	Mr. Badrinarayan Ramulal Barwale
Designation :	Chairman
Address :	72-B, Urvashi, Petit Hall, Nepean Sea Road, Mumbai – 400 006, Maharashtra
Date of Birth/Age :	13.08.1931
Date of Appointment :	20.08.2002

Name :	Mr. Amit Kiritkumar Vyas
Designation :	Company Secretary
Address :	B/307, Soham Tower, 3^rd Floor, New 60ft Road, Bhayander ( West), District Thane, Maharashtra
Date of Birth/Age :	21.07.1976
Date of Appointment :	02.12.2002

Name :	Mr. Saifuddin Poonawala
Designation :	Secretary
Address :	37, Saint Mary Road, Rukalbai Palace Building, 4^th Floor, Flat No. 113, Mazagaon, Mumbai – 400 010, Maharashtra
Date of Birth/Age :	06.02.1967
Date of Appointment :	01.04.2007

Name :	Mr. John B Deadwyler
Designation :	Additional

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders		No. of Shares

Rajur Ganapati Investment and Trading Private Limited		213939
Harbhajan Investment and Trading Private Limited		206496
Harirani Investment and Trading Private Limited		233076
Jamwadi Investment and Trading Private Limited		207288
Keligavan Investment and Trading Private Limited		203856
Sarkara Investment and Trading Private Limited		217112
Chittoda Investment and Trading Private Limited		210848
Dudhna Investment and Trading Private Limited		218353
Mr. Prema Ramakant Garg		86750
Mr. Shobha Navin Jain		86740
Mr. Usha Brent Zehr		86750
Mr. Rajendra Prasad Ritesh Mishra		21684
Mrs. Asha Rajiv Bhojnagarwala		86740
Mrs. Savita Banewaroi Bagdiya		86740
Shri S.S. Agrawal and Jt Smt. R S Agrawal		2168
Monsanto Holdings Private Limited		761910
Dr. B R Barwale		10
Shri R B Barwale		10
Shri S S Agrawal		10
Shri S Rajagopalan		20

Total		2930500

Equity Share Break – up ( Percentage of Total Equity )

Sr. No.	Category	Percentage
1	Bodies Corporate	84.39
2	Directors or relatives of directors	14.87
3.	Other top fifty (50) shareholders	0.74

BUSINESS DETAILS

Line of Business :

Subject is engaged in Plant Genetic Research and production of quality Hybrid Seeds for the farming community.

Products :

Product Description	Item code No.
Cotton Seeds	120720
Bajra Seeds	100820.21
Jowar Seeds	100820.11

PRODUCTION STATUS

Items

Year

Installed

Production

Seeds

2005

343500

198628

2004

343500

189808

Installed capacity and production is as certified by management

GENERAL INFORMATION

Bankers :	1.Bank of India, (Lead Bank) Pune Corporate Banking Branch, Shivaji NagarUniversity Road, Pune 411 005 2. Bank of Maharashtra , Subhash Road, Branch, Court Road Jalna – 431 203 3. Syndicate Bank, Backbay Reclamation, Moti Mahal, 195-J. Tata Road, Mumbai – 400 020 4. Canara Bank Hi – Tech Agri Finance Branch, Model Colony, Pune 411 016

Banking Relations :	Satisfactory

Auditors :
Name :	J K Doshi and Company Chartered Accountants Address: Bhavan, 198 J Tata Road, Mumbai – 400 020, Maharashtra Ford Rhodes Parks and Company Chartered Accountants Bank of Baroda Building, 3^rd Floor, Mumbai Samachar Marg, Mumbai – 400 023, Maharashtra

Associates/Subsidiaries :	Harirani Investment and Trading Private Limited Maharashtra Hybrid Seeds Company Limited Mahyco Vegetable Seeds Limited Sungro Seeds Limited Jalna Seeds Processing and Refrigeration Company Limited Deccan Plantations Private Limited Seven Star Fruits Private Limited India Drossbach Limited Almet Corporation Limited Boxwell Industries Barwale Seeds Private Limited Gangabishan Bhikulal Investment and Trading Limited Monsanto India Limited Parry Monsanto Seeds Limited Monsanto Holdings Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
11990000	Equity Shares	Rs. 10/- each	Rs.119.900 millions
1000	Preference Shares	Rs. 100/- each	Rs. 0.100 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11722300	Equity Shares	Rs.10/- each	Rs.117.223millions

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		117.223	117.323	117.323
2] Share Application Money		0.00	0.000	0.000
3] Reserves & Surplus		599.500	442.256	438.548
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		716.723	559.579	555.871
LOAN FUNDS
1] Secured Loans		311.481	282.333	431.073
2] Unsecured Loans		5.822	1.233	251.928
TOTAL BORROWING		317.303	283.566	683.001
DEFERRED TAX LIABILITIES		82.917	98.176	84.216

TOTAL		1116.943	941.321	1323.088

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		504.288	519.992	586.860
Capital work-in-progress		11.480	1.840	0.691

INVESTMENT		50.159	53.258	10.224
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	965.896	941.840	797.731
	Sundry Debtors	56.466	110.058	321.448
	Cash & Bank Balances	161.981	882.470	68.326
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	544.534	423.791	405.171
Total Current Assets		1728.877	2358.159	1592.676
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	1167.599	2012.946	[894.924]
	Provisions	39.337	24.799	[13.903]
Total Current Liabilities		1206.936	2037.745	[908.827]
Net Current Assets		521.941	320.414	683.849

MISCELLANEOUS EXPENSES		29.075	45.817	41.464

TOTAL		1116.943	941.321	1323.088

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005	31.03.2004

Sales Turnover		1892.347	2093.794	1354.542
Other Income		526.920	127.483	55.700
Total Income		2419.267	2221.277	1410.242

Profit/(Loss) Before Tax		180.373	74.286	37.940
Provision for Tax		3.782	15.860	24.868
Profit/(Loss) After Tax		176.591	58.426	13.072

Export Turnover:		9.131	21.697	0.000

Expenditures :
	Material Cost	0.000	0.000	596.893
	Manufacturing Expenses	0.000	0.000	191.540
	Payments to and provisions for Employee	0.000	0.000	151.456
	Administrative, Selling and Other Expenses	0.000	0.000	506.704
	Finance Charges	0.000	0.000	56.264
	Raw Material Consumed	594.009	677.556	0.000
	Purchases made for re-sale	3.984	4.645	0.000
	Consumption of stores and spares parts	140.414	125.462	0.000
	Increase/(Decrease) in Finished Goods	[24.545]	[152.033]	0.000
	Salaries, Wages, Bonus, etc.	141.533	132.071	0.000
	Managerial Remuneration	5.515	3.686	0.000
	Payment to Auditors	0.557	0.508	0.000
	Interest	29.533	34.782	0.000
	Insurance Expenses	6.043	5.466	0.000
	Power & Fuel	17.847	16.210	0.000
	Depreciation & Amortization	60.774	64.131	42.219
	Other Expenditure	1473.788	1054.757	0.000
Total Expenditure		2449.472	1967.241	1545.076

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
PAT / Total Income	(%)	7.29	2.63	0.92

Net Profit Margin (PBT/Sales)	(%)	9.53	3.54	2.80

Return on Total Assets (PBT/Total Assets}	(%)	8.03	2.57	1.74

Return on Investment (ROI) (PBT/Networth)		0.25	0.13	0.06

Debt Equity Ratio (Total Liability/Networth)		2.12	4.14	0.40

Current Ratio (Current Asset/Current Liability)		1.43	1.15	[1.75]

LOCAL AGENCY FURTHER INFORMATION

Fixed Assets:

Buildings
Freehold Land
Plant and Machinery
Furniture and Fixture
Office Equipment
Vehicles
Projection equipments
Computers
Laboratory Equipments

Name of the company	MAHYCO SEEDS LIMITED
Presented By	Bank of India, Pune Corporate Banking Branch, Pune
1) Date and description of instrument creating the change	09.10.2003
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 471.490 millions Working Cap;ital Facilities 1. Fund Based Limits: (Rs,. in millions) i) Cash/Credit / FCNR (B) Bank of India 27.720 Bank Of Maharashtra 23.760 Syndicate Bank 19.800 Canara Bank 7.920 b) WCDL / FCNR Bank of India 110.880 Bank of Maharashtra 95.040 Syndicate Bank 79.200 Total (b) 316.800 Total (a) + (b) = RS. 396.000 millions 2. Non Fund Based Limits : (Rs. in millions) a) Letter of Credit (I/F) DA upto 180 days Bank of India 10.500 Bank of Maharashtra 3.000 Syndicate Bank 2.500 Canara Bank 1.000 Total (a) 17.000 b) Bank Guarantee (Performance / Financial) Bank Of India 3.500 Bank Of Maharastra 6.000 Syndicate Bank 5.000 Canara Bank 3.000 Total (b) 17.500 The above Non Fund Based Limits are subject to Maximum 2(a) + 2 (b) will stand as under; Bank of India 10.500 Bank o0f Maharashtra 9.000 Syndicate Bank 7.500 Canara Bank 3.000 Total 30.000 Total of Fund and Non Fund Based Limits stands at Rs. 426.000 millions B) TERM LOAN FACILITIES Jaina Project Bank of India 6.541 Bank of Maharashtra 6.954 Syndicate Bank 8.610 Canara Bank 12.022 Total 34.129 Staff Quarters Bank of Maharashtra 11.361 Total 11.361 millions Total Term Loan 45.490 millions Grand Total of Term Loan and Working Capital Facilities stands as under : Rs. 471.490 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	Details Of Property; 1. Land at Kamdod ( Ranebennur) District Dharwad, Karnataka ( Total 11 Acres 15 Gunthas) 2. Land at Kallakal, Toopran Mandal, Gajwal Taluka, Medk District Andhra Pradesh, Total 34 Acres, 16 gunthas 3. Land at Dhaniora, Ytalika Nandura, District Buldhana, Maharashtra Total 21 Acres, 16 gunthas 4. A part of fifth floor having a carpet area of 2800 sq.fts equivalent to 260.12 sq.mtrs in the buildings known as “Resham Bhavan” standing on Plot No. 2 in Block – 1of Backbay Reclamation Estate of Government of Bombay within the city and Region District of Bombay situate at 78 Veer Nariman Road, Mumbai – 400 028 The company has mortgage its immovable property as above. The detailed description of property is given in scheduled II of the Memorandum of Entry
4) Gist of the terms and conditions and extent and operation of the charge.	Equitable Mortgage by deposit of title Deeds created to secure the various working capital facilities and term loan granted by the consortium bankers. Title Deeds were deposited with the Bank of India ( Bank of India acting for itself also as agents for bank of Maharashtra, Syndicate Bank and Canara Bank)
5) Name and Address and description of the person entitled to the charge.	1. Bank of India, (Lead Bank) Pune Corporate Banking Branch, Shivaji NagarUniversity Road, Pune 411 005 2. Bank of Maharashtra , Subhash Road, Branch, Court Road Jalna – 431 203 3. Syndicate Bank, Backbay Reclamation, Moti Mahal, 195-J. Tata Road, Mumbai – 400 020 4. Canara Bank Hi – Tech Agri Finance Branch, Model Colony, Pune 411 016

WEBSITE DETAILS:

INFRASTRUCTURE

1. A strong R and D infrastructure developed near Jalna (Maharashtra)

.
2. An ISO 9001-2000 company with largest multi-locational ISO certification.

3. Network of more than 100000 farmers in 30 production centres of India.

4. State-of-art Processing units with in-house Quality Assurance facilities.

5. All India marketing network – more than 5000 sales outlets

COMMITMENT TO RESEARCH AND DEVELOPMENT

Mahyco Research Centre (MRC), at Dawalwadi near Jalna is one of Asia’s most advanced seed industry Research and Development establishment and is well equipped with state of art labs for seed health, molecular biology, cytogenetics, pathology, entomology, molecular virology and plant transformation. Best multi- disciplinary talent, trained nationally and internationally work in the centre.

Substantial investment in R and D have been made by Mahyco to be able to produce superior products to meet the customer needs.

QUALITY ASSURANCE AT MAHYCO

Mahyco products are known for their excellent quality. The production, processing and packaging of seeds are done as per stringent quality assurance norms. The ISO 9001-2000 certification awarded to Mahyco is the largest multilocation certification in India covering 59 locations. Mahyco's Quality Assurance laboratory at Dawalwadi (INML-06), has been granted the status of Member Laboratory of the International Seed Testing Association (ISTA), Zurich, Switzerland since 1999 and the status of ISTA accredited Laboratory since April 2005.

Welcome to Mahyco

Established in 1964 by Dr. Badrinarayan R. Barwale, Mahyco is a pioneer and leader in the Indian Seed Industry. The company strives to provide quality hybrid seeds. Since its inception it has been engaged in plant genetic research and production of quality hybrid seeds for the farming community of India. Currently, it is engaged in the research, production, processing and marketing of approximately 115 products in 30 crop species including cereals, oilseeds, fibre and vegetables. Mahyco is also developing genetically enhanced crops with the use of gene transfer technology. Mahyco has a national presence with its network across the country

Mahyco is the first private enterprise in India to produce and market hybrids of Cotton, Sorghum, Pearl Millet, Sunflower and Wheat

Mahyco is the first Indian company to commercially grow and market transgenic Bollgard cotton- India's first transgenic crop in 2002

Awards

National and Global Recognition

In recognition of its achievements and contributions to the Industry, Mahyco has won several National and International awards.

National Award

1989 : National Award for R and D efforts in Agro Industries sector from the Department of Science and Technology, Government of India.

1990 : Award by Indian Society of Science and Technology given to Mr. B. R. Barwale, founder and Chairman of Mahyco in recognition of his contribution to Seed Industry.

FICCI Award

1990 : Federation of Indian Chamber of Commerce and Industry, (FICCI) Award for outstanding achievement in research in Science and Technology with particular reference to development of Sunflower hybrid.

IARI Award

IARI Award presented by the Department of Genetics and Plant Breeding, in recognition of its outstanding contribution to Seed Industry

IMC Award

IMC Award for outstanding performance in hybrid Bajra (MBH-110) production.

Life Membership at World Apex body

1996 : Honorary Life Membership awarded to Shri B.R. Barwale, by FIS-Federation International Seedsmen- the apex body of the Seed Associations of the World.

World Food Prize Award

1998 : Mahyco's chairman, Shri. B.R. Barwale, was awarded the World Food Prize for his outstanding achivements in the enhancement of the world's food supply, by the World Food Prize Foundation, USA.

Padma Bhushan Award

2001 : Company Chairman Shri B.R. Barwale has been awarded with Padma Bhushan on March 21,2001 by his Excellency, The President of India. The award was bestowed on him in recognition of his contribution to trade and economic activity.

Biotechnology Award

2003 : On 11th May, National Technology Day, the Vice President of India Hon. Shri Bhairov Singh Shekhawat, Hon. Minister of Science and Technology, Shri. Murli Manohar Joshi, Seceretary, Development of Technology, Dr. Manju Sharma, awarded mahyco the first national award for biotech product Commercialisation.

Note to Account

Ø Background

Mahyco Seeds Limited ( MSL or the company). Formerly known as Energen International Limited (EIL) was incorporated on January 2, 1995. The company is engaged IN THE BUSINESS OF HYBRID AND HIGH YIELDING VARIETY SEEDS OF Cereals, pulses, fibre crops, oil seeds and forages. During the period ended March 31, 2002 Field Crop Seeds Divisions of Maharashtra Hybrid Seeds Company Limited ( MHSCL), was transferred to the company pursuant to the scheme of arrangement approved by Bombay High Court vide its order dated June 6, 2002 and certified copies of which were filed with the registrar of Companies, Maharashtra at Mumbai on July 16, 2002.

Contigent liabilities: 31.03.2005 31.03.2004

(Rs. in millions)

Guarantees given by the company’s Bankers 1.285 1.295

Guarantees given to banks for loan taken by

Maharashtra Hybrid Seeds Company Limited 114.063 114.063

Claims against the company not acknowledgment as debts

Concumer Forum / Commission 26.519 31.659

Legal cases

Seeds Compensation 23.125

Labour / industrial 5.157

Miscellaneous 5.252

Disputed Sales Tax Liability (excluding interest and penalty) 8.486 9.736

Disputed Income tax liability (excluding interest and penalty) 62.134 62.034

Disputed Custom / Excise duty as per show cause notice

for shortfall in export obligation of the Floriculture Business

(Based on the opinion received from concerned

Advocate the liability is not likely to devolve on the company) 11.129 0.000

Total 257.150 228.879

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. 40.71
UK Pound	1	Rs.82.26
Euro	1	Rs.55.66

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	9
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		60

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.	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

MIRA INFORM REPORT

965.896

56.466

161.981

0.000

544.534

1728.877

1167.599

39.337

521.941

7.29

9.53

8.03

0.25

2.12

1.43

Unit