MIRA INFORM REPORT

Report Date :

19.12.2011

IDENTIFICATION DETAILS

Name :	IDMC LIMITED
Formerly Known As :	INDIAN DAIRY MACHINERY COMPANY LIMITED
Registered Office :	Plot No. 124-128, GIDC Estate, Vithal Udyognagar, District Anand-388121, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.09.1992
Com. Reg. No.:	04 -18283
Capital Investment / Paid-up Capital :	Rs.121.445 Millions
CIN No.: [Company Identification No.]	U29299GJ1992PTC018283
TAN No.: [Tax Deduction & Collection Account No.]	BRDI00332D
PAN No.: [Permanent Account No.]	AAACI4631E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Equipments and Dairy Plant.
No. of Employees :	700 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

A (64)

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 3600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of National Dairy Development corporation. It is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal 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.

INFORMATION PARTED BY

Name :	Mr. Jivan Akhori
Designation :	AGM Accounts Head
Contact No.:	91-2692-225155
Date :	17.12.2011

LOCATIONS

Registered Office/ Factory 1 :	Plot No. 124-128, GIDC Estate, Vithal Udyognagar, District Anand-388121, Gujarat, India
Tel. No.:	91-2692-236375/ 229917/ 229918/ 229921/ 229922/ 229923/ 223675/ 225151
Fax No.:	91-2692-236580/ 236164/ 234397/ 234397
E-Mail :	idmc@idmc.coop info@rushabhinfosoft.com kinnarishah@idmc.coop jpgopal@idmc.coop anilshenoi@idmc.coop ssbhatnagar@idmc.coop
Website :	www.idmc.coop www.idmc.co.in
Location:	Owned
Factory 2 :	Plot No.606-608, GIDC Estate, Vithal Udyog Nagar, Anand, Gujarat, India
Location:	Owned
Factory 3 :	Plot No. 443-B , GIDC Estate, Vithal Udyog Nagar, Anand, Gujarat, India
Location:	Owned
Factory 4 :	Plot No. 94-97, GIDC Estate, Vithal Udyog Nagar, Anand, Gujarat, India
Fax No.:	91-2692-233029
Location:	Owned
Factory 5 :	Plot No. C-1/11-12, GIDC Estate, Vithal Udyog Nagar, Anand, Gujarat
Location:	Owned
Regional Offices :	Located At: · Mumbai · Chennai · New Delhi · Bangalore · Patna · Hyderabad · Kolkata · Anand

DIRECTORS

As on 28.07.2011

Name :

Dr. Amrita Hirubhai Patel

Designation :

Chairman

Address :

Savita” Bungalow, Vallabh Vidhyanagar, Anand – 388 120, Gujarat, India

Date of Birth/Age :

13.11.1943

Date of Appointment :

12.10.1992

DIN No.:

00065052

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29299GJ1992PLC018283	IDMC LIMITED	Director	12-10-92	12-10-92	-	Active	NO
2	U72200AP1999PLC032666	INDIAN IMMUNOLOGICALS LIMITED	Director	08-10-99	08-10-99	-	Active	NO
3	U15209DL2000PTC104671	MOTHER DAIRY FRUIT AND VEGETABLE PRIVATE LIMITED	Director	24-03-00	24-03-00	-	Active	NO
4	U15141DL2000PLC173051	DHARA VEGETABLE OIL AND FOODS COMPANY LIMITED	Director	11-12-00	11-12-00	-	Amalgamated	NO
5	U01211AP2004PLC044520	INDIAGEN LIMITED	Director	01-11-04	01-11-04	-	Amalgamated	NO
6	L15491WB1962PLC031425	TATA GLOBAL BEVERAGES LIMITED	Director	29-06-06	29-06-06	25-08-08	Active	NO
7	U51909KA2006PLC040569	SAFAL NATIONAL EXCHANGE OF INDIA LIMITED	Nominee director	21-08-07	20-09-06	25-06-10	Active	NO

Name :

Mr. Deepak Tikku

Designation :

Director

Address :

A -1, NDDB Campus, Anand – 388 001, Gujarat, India

Date of Birth/Age :

19.06.1948

Date of Appointment :

30.07.1999

DIN No.:

00064125

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29299GJ1992PLC018283	IDMC LIMITED	Director	30-07-99	30-07-99	-	Active	NO
2	U72200AP1999PLC032666	INDIAN IMMUNOLOGICALS LIMITED	Director	08-10-99	08-10-99	-	Active	NO
3	U15209DL2000PTC104671	MOTHER DAIRY FRUIT AND VEGETABLE PRIVATE LIMITED	Director	24-03-00	24-03-00	-	Active	NO
4	U15141DL2000PLC173051	DHARA VEGETABLE OIL AND FOODS COMPANY LIMITED	Director	11-12-00	11-12-00	-	Amalgamated	NO
5	U15419DL2002PLC115531	MOTHER DAIRY FOODS PROCESSING LIMITED	Director	24-05-02	24-05-02	-	Amalgamated	NO
6	U74899DL2003PLC119645	MOTHER DAIRY INDIA LIMITED	Director	01-04-03	01-04-03	-	Amalgamated	NO
7	U01211AP2004PLC044520	INDIAGEN LIMITED	Director	01-11-04	01-11-04	-	Amalgamated	NO
8	U51909KA2006PLC040569	SAFAL NATIONAL EXCHANGE OF INDIA LIMITED	Nominee director	21-08-07	20-09-06	25-06-10	Active	NO
9	U01403DL2009NPL195142	NDDB DAIRY SERVICES	Whole-time director	30-09-10	12-10-09	-	Active	NO

Name :

Mr. Subramaniam Ramachandran Iyer

Designation :

Director

Address :

R -3, Rao Mansions, No. 4, 17^th A Cross, 8^th Main, Malleswaram , Bangalore- 560 055, Karnataka, India

Date of Birth/Age :

28.05.1940

Date of Appointment :

22.09.2003

DIN No.:

00580437

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L17100MH1984PLC033143	ZODIAC CLOTHING COMPANY LIMITED	Director	22-06-02	22-06-02	Active	NO
2	U15141DL2000PLC173051	DHARA VEGETABLE OIL AND FOODS COMPANY LIMITED	Director	07-07-03	07-07-03	Amalgamated	NO
3	U29299GJ1992PLC018283	IDMC LIMITED	Director	22-09-03	22-09-03	Active	NO
4	L45204AP2001PLC057199	KSK ENERGY VENTURES LIMITED	Director	12-05-05	12-05-05	Active	NO
5	U63030MH1987PTC045750	P N WRITER AND COMPANY PRIVATE LIMITED	Director	31-12-08	03-10-07	Active	NO
6	U40109AP2005PTC047594	KSK ELECTRICITY FINANCING INDIA PRIVATE LIMITED	Director	18-08-08	16-01-08	Active	NO
7	U70100MH1995PTC092800	WRITER LIFESTYLE PRIVATE LIMITED	Director	10-09-09	10-09-09	Active	NO
8	U22300KA2005PLC035885	KANNADA PRABHA PUBLICATIONS LIMITED	Director	20-09-10	01-04-10	Active	NO
9	U74999MH2001PTC130866	WRITER SAFEGUARD PRIVATE LIMITED	Director	30-09-10	02-09-10	Active	NO
10	L85110KA1987PLC008699	CAN FIN HOMES LIMITED	Director	24-08-11	05-01-11	Active	NO

Name :

Mr. Ramachandran Nathan Kutty

Designation :

Director

Address :

B -6, NDDB Campus, Anand – 388 001, Gujarat, India

Date of Birth/Age :

12.11.1954

Date of Appointment :

30.12.2004

DIN No.:

00088397

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U15141DL2000PLC173051	DHARA VEGETABLE OIL AND FOODS COMPANY LIMITED	Director	13-12-04	13-12-04	Amalgamated	NO
2	U29299GJ1992PLC018283	IDMC LIMITED	Director	30-12-04	30-12-04	Active	NO
3	U51909KA2006PLC040569	SAFAL NATIONAL EXCHANGE OF INDIA LIMITED	Director	07-09-11	20-09-06	Active	NO
4	U01403DL2009NPL195142	NDDB DAIRY SERVICES	Director	30-09-10	12-10-09	Active	NO

Name :

Mr. Omprakash Nema

Designation :

Director

Address :

C-5, NDBB Campus, Anand – 388 001, Gujarat, India

Date of Birth/Age :

17.10.1954

Date of Appointment :

29.09.2010

DIN No.:

03424647

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29299GJ1992PLC018283	IDMC LIMITED	Director	28-07-11	29-09-10	Active	NO

Name :

Mr. Jitendra Prakash Gopal

Designation :

Managing director

Address :

B-1, NDDb Campus, Anand – 388001, Gujarat, India

Date of Birth/Age :

26.03.1963

Date of Appointment :

16.11.2009

DIN No.:

02941176

Name :

Mr. Anil Shenoi

Designation :

Whole-time director

Address :

B -12, NDDB Campus, Anand – 388 001, Gujarat

Date of Birth/Age :

01.02.1958

Date of Appointment :

01.04.2005

DIN No.:

00062468

KEY EXECUTIVES

Name :	Ms. Kinnari Hanskumar Shah
Designation :	Company Secretary
Address :	10, Ashok Apartment, Opposite Suraj Paty Plot, Behind Dharnidhar Temple, Vasana, Ahmedabad – 380007, Gujarat, India
Date of Birth/Age :	06.07.1978
Date of Appointment :	01.01.2011
Name :	Mr. Jivan Akhori
Designation :	AGM Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.07.2011

Names of Shareholders	No. of Shares
National Dairy Development Board, India	12144538
Amrita Patel	1
Ramachandran Nathan Kutty	1
Y. Y. Patil	1
Omprakash Nema	1
Jitendra Prakash Gopal	1
Anil Shenoi	1
Total	12144544

As on 28.07.2011

Equity Share Breakup	Percentage of Holding
Category
Public Financial Companies	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Equipments and Dairy Plant.

Products :

Item Code No. (ITC Code)	Product Description
84186909	Refrigerated Bulk Cooling Unit
84342000	Dairy Machinery
84195002	Plate type Heat Exchange Unit
39201099	Printed Film

Exports :

Products :

Equipments and Dairy Plant

Countries :

Asian Countries

Imports :

Products :

Steel

Countries :

Europe

Terms :

Selling :

Depends

Purchasing :

Depends

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Fabricated equipments	Nos.	NA	783
Bulk Milk Cooling Tank	Nos.	NA	1141
SS Fittings	Nos.	NA	50409
Pumps	Nos.	NA	1763
Plate heat Exchanges	Nos.	NA	736
Components Spares and accessories	Nos.	NA	27725
Optifilm	Kgs.	9100000	7825183

GENERAL INFORMATION

Customers :

OEM’s

· Mother Dairy, New Delhi

· Mahananda Dairy, Mumbai

No. of Employees :

700 [Approximately]

Bankers :

• Indian Bank, 5/8/14, Station Road, Anand – 388 001, Gujarat, India
• Axis Bank Limited, Vidhyanagar

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loan banks	229.518	268.584
Rupee term loans others	131.314	170.182
Working capital loans banks	141.714	146.673
Working capital loans others	249.082	455.907
Total	751.628	1041.346
Unsecured Loan
Rupee term loan banks	302.229	100.815
Foreign currency loans banks	0.000	11.009
Total	302.229	111.824

Banking Relations :	--
Financial Institution:	Indian Renewable Energy Development Agency Limited, Core-4A, East Court, 1^st Floor, India Habitat Centre, Lodi Road, New Delhi-110003, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	31, Nutan Bharat Socity, Alkapuri, Baroda – 390007, Gujarat, India
Tel. No.:	91-265-2333776
Fax No.:	91-265-2339729
Pan No.:	AADFD2337G
Associates/Subsidiaries :	· Mother Dairy · Indian Immunologicals Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12144544	Equity Shares	Rs.10/- each	Rs.121.445 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		121.445	121.445	121.445
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		780.651	576.715	409.598
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		902.096	698.160	531.043
LOAN FUNDS
1] Secured Loans		751.628	1041.346	959.850
2] Unsecured Loans		302.229	111.824	0.000
TOTAL BORROWING		1053.857	1153.170	959.850
DEFERRED TAX LIABILITIES		68.417	63.232	35.612
TOTAL		2024.370	1914.562	1526.505
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		858.560	874.023	538.150
Capital work-in-progress		11.893	1.635	142.682
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	618.865	563.606	641.559
	Sundry Debtors	1372.034	1057.199	759.211
	Cash & Bank Balances	23.020	29.198	43.707
	Other Current Assets	9.921	49.880	0.830
	Loans & Advances	157.393	186.356	205.596
Total Current Assets		2181.233	1886.239	1650.903
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	538.114	351.572	306.273
	Other Current Liabilities	397.112	418.000	452.147
	Provisions	92.090	77.763	46.810
Total Current Liabilities		1027.316	847.335	805.230
Net Current Assets		1153.917	1038.904	845.673
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2024.370	1914.562	1526.505

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		3166.962	2499.557
		Installation and Contract Revenue	3943.285	273.603	516.385
		Other Income		128.203	96.434
		Increase / Decrease in Stock		(41.263)	82.900
		TOTAL (A)	3943.285	3527.505	3195.276
Less	EXPENSES
		Material Cost and Manufacturing Expenses		2630.339	2553.201
		Personal Expenses	3395.111	219.206	186.578
		Administrative and Finance Charges		186.292	141.635
		TOTAL (B)	3395.111	3035.837	2881.414
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		548.174	491.668	313.862
Less	FINANCIAL EXPENSES (D)		116.000	121.067	92.717
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		432.174	370.601	221.145
Less/ Add	DEPRECIATION/ AMORTISATION (F)		80.058	68.312	50.991
	PROFIT BEFORE TAX (E-F) (G)		352.116	302.289	170.154
Less	TAX (H)		119.950	106.849	68.006
	PROFIT AFTER TAX (G-H) (I)		232.166	195.440	102.148
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		352.343	200.226	133.654
Less	APPROPRIATIONS
		Transfer to General Reserve	17.500	15.000	10.000
		Proposed Dividend	28.230	24.289	21.860
		Tax on Dividend	0.000	4.034	3.716
	BALANCE CARRIED TO THE B/S		538.779	352.343	200.226
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	77.821	58.861
		Commission Earnings	NA	1.574	0.453
	TOTAL EARNINGS		NA	79.395	59.314
	IMPORTS
		Raw Materials	NA	367.906	507.148
		Bought Out	NA	356.787	256.357
		Capital Goods	NA	168.770	133.512
		Goods-In-Transit	NA	10.606	42.413
	TOTAL IMPORTS		NA	904.069	939.430
	Earnings Per Share (Rs.)		19.12	16.09	8.41

Expected Sales (2011-12) : Rs.4520.000 Millions.

The above information has been parted by Mr. Jivan Akhori.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.89	5.54	3.20
Net Profit Margin (PBT/Sales)	(%)	NA	9.55	6.81
Return on Total Assets (PBT/Total Assets}	(%)	11.58	10.95	7.29
Return on Investment (ROI) (PBT/Networth)		0.39	0.43	0.32
Debt Equity Ratio (Total Liability/Networth)		2.31	2.87	3.32
Current Ratio (Current Asset/Current Liability)		2.12	2.22	2.05

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
Due to small micro enterprises	0.883	0.811	0.733
Due to others	537.231	350.761	305.540
Total	538.114	351.572	306.273

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	--
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
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	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

FINANCIAL RESULTS:

Sales and other income of Rs.3943.285 millions for the year 2010-2011. Profit before tax was Rs.352.116 millions compared to Rs.302.289 millions in the previous year. Sales growth was mainly observed in packaging division. The engineering division recorded a sale of Rs.2848.254 millions compared to Rs.2829.683 millions in the previous year. The packaging division recorded a sales of Rs.964.205 millions compared to Rs.610.882 millions in the previous year. Te profit after tax was Rs.232.166 millions for the year as compared to Rs.195.440 millions in the previous year. Earning per equity share of face value of Rs.10/- improved to Rs.19.12 compared to Rs.16.09 in the previous year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29299GJ1992PLC018283
Name of the company	IDMC LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 124-128, GIDC Estate, Vithal Udyognagar 388 121, District Anand, Gujarat, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10144863
Type of charge	Others (whole of the current assets)
Particular of charge holder	Indian Bank, 5/8/14, Station Road, Anand-388001, Gujarat, India E-mail id : anand@indianbank.co.in
Nature of instrument creating charge	Counter indemnity for buyers credit limit dated 12th july, 2011 and link document for earmarking of limit and interchangeability dated 12th July, 2011 for modification. Original charge doc. Is joint deed of hypothecation dated 4th February, 2009
Date of instrument Creating the charge	12.07.2011
Amount secured by the charge	Rs.2210.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Rate of interest PLR-3% SAY 09.50% Terms of repayment To be renewed yearly or on demand Margin Margin 25% on book debts and stock in trade
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1 ) whole of the current assets viz. Stocks of raw materials, stocks in process, semi finished and finished goods, stores and spares and spares not relating to plant and machinery, bills receivables 2 ) Book Debts, All Above Situated At Plot No. C-1/11-12, 124-128;606, 608, 94 To 97 And 443/B At GIDC Estate Vithal Udyognagar in the Anand District at Gujarat State, India.
Date of instrument modifying the charge
Particulars of the present modification	Modification to original sanction of Rs.2210 Millions dated 4th February, 2009 for availment of Buyers Credit sub limit within the overall NFB limit of Rs.350.000 Millions of axis bank and out of that availment for Rs.250 Millions by earmarking unutilized limits of Bank Guarantee without affecting aggregate limit originally sanctioned of Rs.2210.000 Millions through counter indemnity Buyer's credit limit and Link document for earmarking of limit and interchangeability dated 12th July, 2011 between IDMC and Axis Bank.

FIXED ASSETS:

• Land
• Building, Road and Housing Property
• Plant and machinery
• Electric installation
• Furniture and fixture
• Office Equipment and Air Conditioner
• Computer
• Vehicle
• Solar Power Systems

TRADE REFERENCES:

· Mother Dairy, New Delhi

· Mahananda Dairy, Mumbai

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.52.81
UK Pound	1	Rs.82.00
Euro	1	Rs.68.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	No
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
TOTAL		64

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.