MIRA INFORM REPORT

Report Date :

20.09.2011

IDENTIFICATION DETAILS

Name :	BALA INDUSTRIES AND ENTERTAINMENT PRIVATE LIMITED (w.e.f. 26.10.2010)
Formerly Known As :	VJ EQUIPMENT PRIVATE LIMITED (w.e.f. 31.03.2009) VJ EQUIPMENT LIMITED
Registered Office :	Venkateshwara House, Survey No. 114/A/2, Pune – Sinhagad Road, Pune – 411 030, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.03.1988
Com. Reg. No.:	25-20677
Capital Investment / Paid-up Capital :	Rs.7.500 millions
CIN No.: [Company Identification No.]	U74999PN1988PTC020677
TAN No.: [Tax Deduction & Collection Account No.]	PNEV00039E
PAN No.: [Permanent Account No.]	AAACV7248J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Poultry Equipments.
No. of Employees :	150 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual tarde terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Vikas
Designation :	Marketing Manager
Contact No.:	91-20-24251530
Date :	08.09.2011

LOCATIONS

Registered/Corporate Office :	Venkateshwara House, Survey No. 114/A/2, Pune – Sinhagad Road, Pune – 411 030, Maharashtra, India
Tel. No.:	91-20-24251530-41 / 91-2114-255384 / 255366 / 4332530 / 4331453
Fax No.:	91-20-24251077 / 91-2114-255043 / 4332287
E-Mail :	vikas.bhat@venkys.com corp.sec@venkys.com vjvr@vsnl.net
Website :	http://www.venkys.com
Factory :	Gat No. 88, Village Jambhul, Taluka Maval, District Pune – 412 106, Maharashtra, India
Tel. No.:	91-2114-255042 / 255366 / 255384 / 286520 / 286522
Fax No.:	91-2114-255043

DIRECTORS

As on 24.06.2010

Name :	Mrs. Anuradha Jitendra Desai
Designation :	Director
Address :	Venkatesh Farms, S. No. 95/1, NDA Road, Village Mauje Warje, Taluka Haveli, Pune – 411 029, Maharashtra, India
Date of Birth/Age :	15.05.1962
Date of Appointment :	14.03.1996
DIN No.:	00012212

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	U01222AP1971PTC001422	Venkateshwara Hatcheries Private Limited	Managing director	27-10-83	27-10-83	Active	NO
2	U07222PN1980PTC017423	Venco Research And Breeding Farm Private Limited	Director	03-12-84	03-12-84	Active	NO
3	L01222PN1976PLC017422	Venky's (India) Limited	Director	02-12-88	02-12-88	Active	NO
4	U65999MH1987PTC023309	Srivenk Investments And Finance Private Limited	Director	29-01-91	29-01-91	Active	NO
5	U74999PN1988PTC020677	Bala Industries And Entertainment Private Limited	Director	14-03-96	14-03-96	Active	NO
6	U01222PN1980PTC017494	Venkateshwara Research And Breeding Farm Private Limited	Director	15-03-96	15-03-96	Active	NO
7	U29299PN1993PTC020678	Venkateshwara Engineering Industries Private Limited	Director	18-03-96	18-03-96	Active	NO
8	U15400AP1982PLC070673	Agrocorpex India Limited	Director	23-03-96	23-03-96	Active	NO
9	U15332MH1996PTC099964	Uttara Foods And Feeds Private Limited	Director	04-06-96	04-06-96	Active	NO
10	U67120MH1982PTC027946	Venka Investments Private Limited	Director	30-06-97	30-06-97	Active	NO
11	U92111MH1998PTC114045	Bala Entertainment International Private Limited	Director	19-03-98	19-03-98	Active	NO
12	U01222AP2000NPL035402	Poultry Development Promotion Council	Director	05-10-00	05-10-00	Active	NO
13	U15332PN2002PTC016680	B.V. Bio-Corp Private Limited	Director	15-01-02	15-01-02	Active	NO
14	U74220PN2002NPL017463	National Agriculture And Food Analysis And Research Institute	Director	13-12-02	13-12-02	Active	NO
15	U55101MH2000PLC187834	Lavasa Corporation Limited	Director	24-02-03	24-02-03	Active	NO
16	U15136PN2004PTC018753	Uttara Masala Products Private Limited	Director	08-01-04	08-01-04	Active	NO
17	U74140DL2004NPL125424	Centre For International Trade In Agriculture And Agro Based Industries	Director	25-03-04	25-03-04	Dormant	NO
18	U01222AP1998NPL029027	Bharat Egg Producers' Association	Director	30-09-04	30-09-04	Active	NO
19	U01222PN2005PTC020345	All India Poultry Development And Services Private Limited	Director	28-02-05	28-02-05	Active	NO
20	U00029PN2006PTC022259	Uttara Poultry And Agri-Farms Private Limited	Director	30-03-06	30-03-06	Active	NO
21	U00029PN2006PTC022258	Uttara Hatcheries And Agri-Farms Private Limited	Director	30-03-06	30-03-06	Active	NO
22	U24230PN2007PTC130916	Uttara Biosciences Private Limited	Director	27-10-07	27-10-07	Active	NO
23	U51909PN2009PTC133389	Uttara Impex Private Limited	Director	20-01-09	20-01-09	Active	NO
24	U01222OR1985PTC002190	Eastern Hatcheries Private Limited	Director	19-06-10	23-04-10	Active Bottom of Form	NO

Name :	Mr. B. Venketesh B Vasudev Rao
Designation :	Director
Address :	Venkatesh Farms, S. No. 95/1, NDA Road, Village Mauje Warje, Taluka Haveli, Pune – 411 029, Maharashtra, India
Date of Birth/Age :	31.12.1964
Date of Appointment :	14.03.1996
DIN No.:	00013614

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	U67120MH1982PTC027946	Venka Investments Private Limited	Director	07-08-82	07-08-82	Active	NO
2	U01222OR1985PTC002190	Eastern Hatcheries Private Limited	Director	11-11-85	11-11-85	Active	NO
3	U01222AP1971PTC001422	Venkateshwara Hatcheries Private Limited	Managing director	10-11-95	10-11-95	Active	NO
4	L01222PN1976PLC017422	Venky's (India) Limited	Director	10-11-95	10-11-95	Active	NO
5	U74999PN1988PTC020677	Bala Industries And Entertainment Private Limited	Director	14-03-96	14-03-96	Active	NO
6	U07222PN1980PTC017423	Venco Research And Breeding Farm Private Limited	Director	16-03-96	16-03-96	Active	NO
7	U29299PN1993PTC020678	Venkateshwara Engineering Industries Private Limited	Director	18-03-96	18-03-96	Active	NO
8	U15332MH1996PTC099964	Uttara Foods And Feeds Private Limited	Managing director	04-06-96	04-06-96	Active	NO
9	U92111MH1998PTC114045	Bala Entertainment International Private Limited	Director	19-03-98	19-03-98	Active	NO
10	U01222PN1980PTC017494	Venkateshwara Research And Breeding Farm Private Limited	Director	12-07-01	12-07-01	Active	NO
11	U15332PN2002PTC016680	B.V. Bio-Corp Private Limited	Director	15-01-02	15-01-02	Active	NO
12	U15136PN2004PTC018753	Uttara Masala Products Private Limited	Director	08-01-04	08-01-04	Active	NO
13	U01222AP1998NPL029027	Bharat Egg Producers' Association	Director	30-09-04	30-09-04	Active	NO
14	U01222PN2005PTC020345	All India Poultry Development And Services Private Limited	Director	28-02-05	28-02-05	Active	NO
15	U00029PN2006PTC022259	Uttara Poultry And Agri-Farms Private Limited	Director	30-03-06	30-03-06	Active	NO
16	U00029PN2006PTC022258	Uttara Hatcheries And Agri-Farms Private Limited	Director	30-03-06	30-03-06	Active	NO
17	U24230PN2007PTC130916	Uttara Biosciences Private Limited	Managing director	20-06-08	27-10-07	Active	NO
18	U51909PN2009PTC133389	Uttara Impex Private Limited	Managing director	31-07-10	20-01-09	Active	NO

Name :	Mr. Jitendra Moreshwar Desai
Designation :	Director
Address :	Venkatesh Farms, S. No. 95/1, NDA Road, Village Mauje Warje, Taluka Haveli, Pune – 411 029, Maharashtra, India
Date of Birth/Age :	27.04.1962
Date of Appointment :	12.04.1993
DIN No.:	00013533

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	U67120MH1982PTC027946	Venka Investments Private Limited	Director	20-01-91	20-01-91	Active	NO
2	U65999MH1987PTC023309	Srivenk Investments And Finance Private Limited	Director	29-01-91	29-01-91	Active	NO
3	U01222PN1980PTC017494	Venkateshwara Research And Breeding Farm Private Limited	Managing director	22-03-91	22-03-91	Active	NO
4	U74999PN1988PTC020677	Bala Industries And Entertainment Private Limited	Director	12-04-93	12-04-93	Active	NO
5	L01222PN1976PLC017422	Venky's (India) Limited	Director	30-11-93	30-11-93	Active	NO
6	U01222OR1985PTC002190	Eastern Hatcheries Private Limited	Director	05-12-94	05-12-94	Active	NO
7	U01222AP1971PTC001422	Venkateshwara Hatcheries Pvt Ltd	Whole-time director	23-12-94	23-12-94	Active	NO
8	U92111MH1998PTC114045	Bala Entertainment International Private Limited	Director	19-03-98	19-03-98	Active	NO
9	U15332PN2002PTC016680	B.V. Bio-Corp Private Limited	Director	15-01-02	15-01-02	Active	NO
10	U15136PN2004PTC018753	Uttara Masala Products Private Limited	Director	08-01-04	08-01-04	Active	NO
11	U00029PN2006PTC022259	Uttara Poultry And Agri-Farms Private Limited	Director	30-03-06	30-03-06	Active	NO
12	U00029PN2006PTC022258	Uttara Hatcheries And Agri-Farms Private Limited	Director	30-03-06	30-03-06	Active	NO
13	U29299PN1993PTC020678	Venkateshwara Engineering Industries Private Limited	Director	27-11-06	27-11-06	Active	NO
14	U07222PN1980PTC017423	Venco Research and Breeding Farm Private Limited	Alternate director	16-03-11	30-03-07	Active	NO
15	U24230PN2007PTC130916	Uttara Biosciences Private Limited	Director	27-10-07	27-10-07	Active	NO
16	U51909PN2009PTC133389	Uttara Impex Private Limited	Director	20-01-09	20-01-09	Active	NO

Name :	Mr. Ashokkumar Harkishanlal Mahajan
Designation :	Director
Address :	Flat No. 304, Brownea, Nyati Estate, Mohammadwadi, Hadapsar, Pune – 411 028, Maharashtra, India
Date of Birth/Age :	20.05.1945
Date of Appointment :	31.01.2007
DIN No.:	00017150

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	L01222PN1976PLC017422	Venky's (India) Limited	Director	21-10-05	21-10-05	Active	NO
2	U74999PN1988PTC020677	Bala Industries And Entertainment Private Limited	Director	31-01-07	31-01-07	Active	NO
3	U29299PN1993PTC020678	Venkateshwara Engineering Industries Private Limited	Director	31-01-07	31-01-07	Active	NO
4	U15332PN2002PTC016680	B.V. Bio-Corp Private Limited	Director	01-08-07	01-08-07	Active	NO

Name :	Mr. Banda Balaji Banda Vasudev Rao
Designation :	Additional Director
Address :	Venkatesh Farms, S. No. 95/1, NDA Road, Village Mauje Warje, Taluka Haveli, Pune – 411 029, Maharashtra, India
Date of Birth/Age :	08.12.1972
Date of Appointment :	28.10.2010
DIN No.:	00013551

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	L01222PN1976PLC017422	Venky's (India) Limited	Managing director	01-11-07	09-11-95	Active	NO
2	U01222AP1971PTC001422	Venkateshwara Hatcheries Private Limited	Whole-time director	10-11-95	10-11-95	Active	NO
3	U15332MH1996PTC099964	Uttara Foods And Feeds Private Limited	Director	04-06-96	04-06-96	Active	NO
4	U92111MH1998PTC114045	Bala Entertainment International Private Limited	Director	19-03-98	19-03-98	Active	NO
5	U15332PN2002PTC016680	B.V. Bio-Corp Private Limited	Director	15-01-02	15-01-02	Active	NO
6	U15136PN2004PTC018753	Uttara Masala Products Private Limited	Director	08-01-04	08-01-04	Active	NO
7	U00029PN2006PTC022259	Uttara Poultry And Agri-Farms Private Limited	Director	30-03-06	30-03-06	Active	NO
8	U00029PN2006PTC022258	Uttara Hatcheries And Agri-Farms Private Limited	Director	30-03-06	30-03-06	Active	NO
9	U24230PN2007PTC130916	Uttara Biosciences Private Limited	Director	27-10-07	27-10-07	Active	NO
10	U51909PN2009PTC133389	Uttara Impex Private Limited	Director	20-01-09	20-01-09	Active	NO
11	U01222OR1985PTC002190	Eastern Hatcheries Private Limited	Director	19-06-10	23-04-10	Active	NO
12	U74999PN1988PTC020677	Bala Industries And Entertainment Private Limited	Director	04-07-11	28-10-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.06.2010

Names of Shareholders	No. of Shares
Anuradha Jitendra Desai	100
B. Venketesh B Vasudev Rao	100
Venkateshwara Hatcheries Private Limited, India	375400
Srivenk Investments and Finance Private Limited, India	374100
B Balaji B Vasudev Rao	100
Jitendra Moreshwar Desai	100
Venka Investments Private Limited, India	100
Total	750000

As on 24.06.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.95
Directors or relatives of directors	0.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Poultry Equipments.

Products :

Product Description	ITC Code
Poultry Incubators	843621.00

VJ Super J Incubation System

· Multi-Stage Incubator

· VJ Super J Hatcher

· VJ PT-500 Hatchery Control System

VJ Super K Incubation System

· VJ Multi-Stage Super K Setter (60,480 Eggs)

· VJ Super K Hatcher (10,080 Eggs)

· VJ PT-500 Hatchery Control System

VJ Super V Incubation System

· VJ Super V Setter 140 (14,112 Eggs)

· VJ Super V Hatcher 94 (9,408 Eggs)

Exports :

Products :

Poultry Equipments

Countries :

· African Countries

· Gulf Countries

Terms :

Selling :

Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Setters and Hatchers	Nos.	NA	180	98

Notes

1. Licensed capacity being not applicable has not been indicated.

2. The installed capacity has been certified by the Company, this being a technical matter.

3. Actual production includes production of various capacities of Setters and Hatchers.

4. In view of heterogeneous nature of products and denomination of trading items being dissimilar in nature, it is impracticable to furnish quantitative / value of trading goods purchased and sold during the year.

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

No. of Employees :

150 Approximately

Bankers :

Bank of Baroda, Sinhagad, Pune, Maharashtra, India

Facilities :

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Deferred sales tax liability under the Government of Maharashtra’s Package Scheme of incentives – 1988.	0.000	1.422
Total	0.000	1.422

Note : Deferred sales tax liability repayable within one year Rs. Nil.

Banking Relations :	--
Auditors :
Name 1 :	S R Batliboi and Company Chartered Accountant
Address :	C-401, 4^th Floor, Panchshil Tech Park, Yerwada (Near Don Bosco School), Pune – 411 006, Maharashtra, India
Name 2 :	P V Dev and Company Chartered Accountant
Address :	Pune, Maharashtra, India
Fellow Subsidiaries :	· Eastern Hatcheries Private Limited, India · Venkys (India) Limited, India
Group/Holding Company :	Venkateshwara Hatcheries Private Limited, India CIN No.: U01222AP1971PTC001422
Enterprises owned or significantly influenced by key management personnel or their relatives :	· Uttara Foods and Feeds Private Limited, India · V R Equipment Limited, India · Venco Research and Breeding Farm Private Limited, India · Venkateshwara Research and Breeding Farm · Private Limited, India · Srivenk Inveshnent Private Limited, India.

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 millions

(Of the above 375400 shares are held by Venkateshwara Hatcheries Private Limited, the Holding Company)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		7.500	7.500	7.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		68.331	48.658	40.868
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		75.831	56.158	48.368
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	1.422	2.629
TOTAL BORROWING		0.000	1.422	2.629
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		75.831	57.580	50.997
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.883	3.877	4.642
Capital work-in-progress		0.325	0.185	0.000
INVESTMENT		57.974	30.738	12.076
DEFERREX TAX ASSETS		1.086	1.240	0.809
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.862	12.984	16.673
	Sundry Debtors	15.748	6.574	12.401
	Cash & Bank Balances	2.363	1.813	4.556
	Other Current Assets	0.321	0.333	0.307
	Loans & Advances	7.611	16.868	18.328
Total Current Assets		41.905	38.572	52.265
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.628	6.869	15.515
	Other Current Liabilities	11.903	7.324
	Provisions	6.811	2.839	3.280
Total Current Liabilities		30.342	17.032	18.795
Net Current Assets		11.563	21.540	33.470
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		75.831	57.580	50.997

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	106.571	71.477	100.229
		Other Income	3.400	4.161	2.089
		TOTAL (A)	109.971	75.638	102.318
Less	EXPENSES
		Raw Material Consumed	49.187	37.749	50.454
		Processing Charges	4.266	2.630	3.147
		Personnel Expenses	9.277	11.135	9.666
		Operating and Other Expenses	11.788	9.261	13.021
		Decrease in Inventories	2.089	2.482	0.655
		TOTAL (B)	76.607	63.257	76.943
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		33.364	12.381	25.375
Less	INTEREST AND FINANCIAL EXPENSES (D)		0.580	0.128	0.686
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		32.784	12.253	24.689
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.889	0.883	0.956
	PROFIT BEFORE TAX (E-F) (G)		31.895	11.370	23.733
Less	TAX (H)		12.222	3.580	8.635
	PROFIT AFTER TAX (G-H) (I)		19.673	7.790	15.098
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		46.021	38.231	23.133
	BALANCE CARRIED TO THE B/S		65.694	46.021	38.231
	EARNINGS IN FOREIGN CURRENCY
		Export of Machinery at FOB Value	9.766	4.523	26.551
		Export Service Income at FOB value	0.084	0.000	0.000
	TOTAL EARNINGS		9.850	4.523	26.551
	IMPORTS
		Raw Materials and Components	4.347	4.261	2.058
	TOTAL IMPORTS		4.347	4.261	2.058
	Earnings Per Share (Rs.)		26.23	10.39	20.13

Particulars	31.03.2011
Sales Turnover (Approximately)	263.200

The above information has been parted by Mr. Vikas

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	17.89	10.30	14.76
Net Profit Margin (PBT/Sales)	(%)	29.93	15.91	23.68
Return on Total Assets (PBT/Total Assets}	(%)	68.17	26.79	41.70
Return on Investment (ROI) (PBT/Networth)		0.42	0.20	0.49
Debt Equity Ratio (Total Liability/Networth)		0.40	0.33	0.44
Current Ratio (Current Asset/Current Liability)		1.38	2.26	2.78

LOCAL AGENCY FURTHER INFORMATION

TRADE REFERENCES

· Charoen Pokphand (India) Private Limited

OPERATIONS

During the financial year 2009-2010 the Company registered a increase of 49.10% in sales turnover at Rs.106.600 millions as compared to Rs.71.400 millions for the previous year.

The profit after tax for the year 2009-2010 increased by 152.53% at Rs.19.600 millions as compared to Rs.779.000 millions in the previous year.

NATURE OF OPERATIONS

The Company is involved in manufacturing and servicing of Poultry Incubators, Hatches and other related equipments and components, which are used in the poultry industry.

CONTINGENT LIABILITIES NOT PROVIDED FOR

Claims against the company not acknowledged as debt:

· In respect of sales tax amounting to Rs.0.051 million for non submission of 'C form and disallowance of sales tax set off on purchases.

Based on legal opinion obtained by the Company and further discussion with solicitors, the Company believes that there is a fair chance of decision in its favour in respect of details listed above and accordingly no provision has been considered necessary.

FIXED ASSETS

Tangible Assets

· Freehold Land

· Buildings

· Plant and Machinery

· Furniture, Fittings and Office Equipments

· Vehicles

Intangible Assets

· Softwares

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.47.79
UK Pound	1	Rs.75.05
Euro	1	Rs.65.35

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		50

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.