MIRA INFORM REPORT

Report Date :

07.04.2012

IDENTIFICATION DETAILS

Name :	AMRIT FEEDS LIMITED
Registered Office :	158, Lenin Sarani, Kolkata – 700013, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.07.1994
Com. Reg. No.:	064082
Capital Investment / Paid-up Capital :	Rs.9.392 Millions
CIN No.: [Company Identification No.]	U15339WB1994PLC064082
TAN No.: [Tax Deduction & Collection Account No.]	CALA03281F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Food Beverages.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 1887740
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office/Factory :	158, Lenin Sarani, Kolkata – 700013, West Bengal, India
Tel. No.:	91-22-22151951
Fax No.:	91-22-22156134
E-Mail :	glakhotia@amritgroup.com
Corporate office:	Infinity Benchmark, 6th Floor, Block EP & GP, Sector – V, Saltlake, Kolkata – 700091, West Bengal, India

DIRECTORS

AS ON 20.09.2011

Name :	Mr. Harish Bagla
Designation :	Managing Director
Address :	Jaisalmer Building, 6 Ashoka Road, Alipore, Kolkata - 700027, West Bengal, India
Date of Birth/Age :	08.12.1970
Date of Appointment :	12.09.1994

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	U15339WB1994PLC064082	AMRIT FEEDS LTD	Managing director	01/03/2011	12/09/1994	-	Active	NO
2	U01409WB1998PTC088048	AMRIT HATCHERIES PRIVATE LIMITED	Managing director	01/10/2011	24/09/1998	-	Active	NO
3	U01409WB2000PTC090900	AMRICON AGROVET PRIVATE LIMITED	Director	10/01/2000	10/01/2000	-	Active	NO
4	U45203WB2000PTC091684	SHREE SHAKAMBHARI PROPERTIES PRIVATE LIMITED	Director	13/04/2000	13/04/2000	-	Active	NO
5	U45209WB2000PTC092459	SHREE SHAKAMBHARI VASTU NIRMAN PRIVATE LIMITED	Director	26/09/2000	26/09/2000	21/03/2007	Active	NO
6	U27109WB2004PLC099827	AMRIT METALS LIMITED	Director	01/10/2011	16/09/2004	-	Active	NO
7	U52324WB1993PTC059349	UDAYGIRI TREXIM PVT. LTD.	Director	09/11/2004	09/11/2004	-	Amalgamated	NO
8	U01409WB2005PTC105500	AMRIT AGROVET PRIVATE LIMITED	Director	20/09/2005	20/09/2005	-	Active	NO
9	U51900WB2005PTC106177	GREENBIRD VYAPAAR PVT LTD	Director	04/01/2006	04/01/2006	-	Active	NO
10	U74999WB2001PTC093918	JAISALMER SERVICES PRIVATE LIMITED	Director	01/02/2006	01/02/2006	15/02/2008	Active	NO
11	U45202WB1999PTC089197	OJESH ENCLAVE PRIVATE LIMITED	Director	10/04/2007	10/04/2007	-	Active	NO
12	U34103WB2007PTC116523	AMRIT AUTO ANCILLARIES PRIVATE LIMITED	Director	14/06/2007	14/06/2007	-	Active	NO
13	U15122WB2009PTC135621	AMRIT FRESH PRIVATE LIMITED	Director	03/06/2009	03/06/2009	-	Active	NO
14	U15139BR2009PTC014639	AMRIT FOODS PRIVATE LIMITED	Director	30/06/2009	30/06/2009	-	Active	NO
15	U63020BR2009PTC014637	AMRIT LOGISTICS PRIVATE LIMITED	Director	30/06/2009	30/06/2009	-	Active	NO
16	U01403ML2010PTC008441	MEGHALAYA AGROVET PRIVATE LIMITED	Director	20/11/2010	20/11/2010	-	Active	NO
17	U51109WB2006PTC108480	SREEDEB COMMODITIES PVT LTD	Director	29/09/2011	25/01/2011	-	Active	NO

Name :	Mr. Gauri Prasad Bagla
Designation :	Managing Director
Address :	Jaisalmer Building, 6 Ashoka Road, Alipore, Kolkata - 700027, West Bengal, India
Date of Birth/Age :	10.07.1937
Date of Appointment :	10.06.1998

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	U15339WB1994PLC064082	AMRIT FEEDS LTD	Whole-time director	30/09/2010	10/06/1998	-	Active	NO
2	U45209WB2000PTC092459	SHREE SHAKAMBHARI VASTU NIRMAN PRIVATE LIMITED	Director	26/09/2000	26/09/2000	21/03/2007	Active	NO
3	U01409WB2000PTC090900	AMRICON AGROVET PRIVATE LIMITED	Director	01/11/2000	01/11/2000	-	Active	NO
4	U01409WB1998PTC088048	AMRIT HATCHERIES PRIVATE LIMITED	Director	20/08/2001	20/08/2001	-	Active	NO
5	U45203WB2000PTC091684	SHREE SHAKAMBHARI PROPERTIES PRIVATE LIMITED	Director	10/08/2002	10/08/2002	-	Active	NO
6	U27109WB2004PLC099827	AMRIT METALS LIMITED	Director	30/11/2004	30/11/2004	-	Active	NO
7	U01409WB2005PTC105500	AMRIT AGROVET PRIVATE LIMITED	Director	20/09/2005	20/09/2005	-	Active	NO
8	U51900WB2005PTC106177	GREENBIRD VYAPAAR PVT LTD	Director	04/01/2006	04/01/2006	-	Active	NO
9	U45202WB1999PTC089197	OJESH ENCLAVE PRIVATE LIMITED	Director	10/04/2007	10/04/2007	-	Active	NO
10	U34103WB2007PTC116523	AMRIT AUTO ANCILLARIES PRIVATE LIMITED	Director	14/06/2007	14/06/2007	15/04/2008	Active	NO
11	U26940ML2008PLC008302	AMRIT CEMENT INDUSTRIES LIMITED	Director	24/01/2008	24/01/2008	-	Active	NO
12	U15122WB2009PTC135621	AMRIT FRESH PRIVATE LIMITED	Director	03/06/2009	03/06/2009	-	Active	NO
13	U15139BR2009PTC014639	AMRIT FOODS PRIVATE LIMITED	Director	30/06/2009	30/06/2009	-	Active	NO
14	U63020BR2009PTC014637	AMRIT LOGISTICS PRIVATE LIMITED	Director	30/06/2009	30/06/2009	-	Active	NO

Name :	Mr. Archana Bagla
Designation :	Managing Director
Address :	Jaisalmer Building, 6 Ashoka Road, Alipore, Kolkata - 700027, West Bengal, India
Date of Birth/Age :	31.05.1975
Date of Appointment :	24.04.2010

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	U27109WB2004PLC099827	AMRIT METALS LIMITED	Director	01/05/2011	08/12/2006	-	Active	NO
2	U45203WB2000PTC091684	SHREE SHAKAMBHARI PROPERTIES PRIVATE LIMITED	Director	08/05/2007	08/05/2007	-	Active	NO
3	U34103WB2007PTC116523	AMRIT AUTO ANCILLARIES PRIVATE LIMITED	Director	14/06/2007	14/06/2007	15/04/2008	Active	NO
4	U15139BR2009PTC014639	AMRIT FOODS PRIVATE LIMITED	Director	30/06/2009	30/06/2009	-	Active	NO
5	U63020BR2009PTC014637	AMRIT LOGISTICS PRIVATE LIMITED	Director	30/06/2009	30/06/2009	-	Active	NO
6	U01409WB1998PTC088048	AMRIT HATCHERIES PRIVATE LIMITED	Director	29/09/2010	24/04/2010	-	Active	NO
7	U01409WB2000PTC090900	AMRICON AGROVET PRIVATE LIMITED	Director	30/09/2010	24/04/2010	-	Active	NO
8	U15339WB1994PLC064082	AMRIT FEEDS LTD	Director	27/09/2010	24/04/2010	-	Active	NO
9	U51109WB2006PTC108480	SREEDEB COMMODITIES PVT LTD	Director	29/09/2011	25/01/2011	-	Active	NO
10	U01409WB2005PTC105500	AMRIT AGROVET PRIVATE LIMITED	Additional director	12/01/2012	12/01/2012	-	Active	NO

Name :	Mr. Rajesh Bagla
Designation :	Managing Director
Address :	860 Sector 15 Part – I, Gurgaon – 122001, Haryana, India
Date of Birth/Age :	20.11.1965
Date of Appointment :	07.08.2000

Other Directorship:

Top of Form

Bottom of Form

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	U15339WB1994PLC064082	AMRIT FEEDS LTD	Director	07/08/2000	07/08/2000	16/03/2012	Active	NO
2	U01409WB2005PTC105500	AMRIT AGROVET PRIVATE LIMITED	Director	20/09/2005	20/09/2005	12/01/2012	Active	NO
3	U74900DL2009PTC195579	AMRIT AGRITECH PRIVATE LIMITED	Director	28/10/2009	28/10/2009	-	Active	NO
4	U74900DL2011PTC216285	Alora Feeds Private Limited	Director	21/03/2011	21/03/2011	-	Active	NO
5	U15122AN2010PTC000131	ICY SPICY ICE CREAM PRIVATE LIMITED	Director	07/06/2011	07/06/2011	-	Active	NO
6	U52390WB2009PTC139390	SHREERAJ COMMERCIAL PRIVATE LIMITED	Director	17/06/2011	17/06/2011	-	Active	NO

Name :	Mr. Anurag Kedia
Designation :	Managing Director
Address :	BD-79, Salt Lake City, Kolkata - 700064, India
Date of Birth/Age :	13.05.1979
Date of Appointment :	18.10.2010

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	U15339WB1994PLC064082	AMRIT FEEDS LTD	Director	20/09/2011	18/10/2010	-	Active	NO
2	U51909WB2011PTC167667	ASTRO VINTRADE PRIVATE LIMITED	Director	15/09/2011	15/09/2011	-	Active	NO
3	U51909WB2011PTC167668	BLUECHIP DEALERS PRIVATE LIMITED	Director	15/09/2011	15/09/2011	-	Active	NO
4	U51909WB2011PTC167674	TORRENT TEXTRADE PRIVATE LIMITED	Director	16/09/2011	16/09/2011	-	Active	NO

Name :	Mr. Pradeep Kumar Bagla
Designation :	Director
Address :	Jaisalmer Building, 6 Ashoka Road, Alipore, Kolkata - 700027, West Bengal, India
Date of Birth/Age :	07.09.1965
Date of Appointment :	30.09.1994
Date of Ceasing:	14.12.2010

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	U15339WB1994PLC064082	AMRIT FEEDS LTD	Director	20/06/2008	30/09/1994	14/12/2010	Active	NO
2	U01409WB1998PTC088048	AMRIT HATCHERIES PRIVATE LIMITED	Director	20/06/2008	24/09/1998	14/12/2010	Active	NO
3	U01409WB2000PTC090900	AMRICON AGROVET PRIVATE LIMITED	Director	10/01/2000	10/01/2000	14/12/2010	Active	NO
4	U45203WB2000PTC091684	SHREE SHAKAMBHARI PROPERTIES PRIVATE LIMITED	Director	13/04/2000	13/04/2000	21/03/2007	Active	NO
5	U45209WB2000PTC092459	SHREE SHAKAMBHARI VASTU NIRMAN PRIVATE LIMITED	Director	26/09/2000	26/09/2000	-	Active	NO
6	U01409WB2005PTC105500	AMRIT AGROVET PRIVATE LIMITED	Director	20/09/2005	20/09/2005	12/01/2012	Active	NO
7	U51900WB2005PTC106177	GREENBIRD VYAPAAR PVT LTD	Director	04/01/2006	04/01/2006	22/07/2010	Active	NO
8	U70101WB1999PTC089108	OJESH APARTMENTS PRIVATE LIMITED	Director	10/04/2007	10/04/2007	-	Active	NO
9	U51909WB2007PLC119269	BAGLA AGRO LIMITED	Director	05/10/2007	05/10/2007	-	Active	NO
10	U26940ML2008PLC008302	AMRIT CEMENT INDUSTRIES LIMITED	Managing director	01/03/2010	24/01/2008	-	Active	NO
11	U26940WB2008PTC126894	KAZIRANGA CEMENT PRIVATE LIMITED	Director	25/06/2008	25/06/2008	-	Active	NO
12	U65921WB1993PTC138454	CHORDIA TRADE CREDITS PRIVATE LIMITED	Director	16/02/2009	16/02/2009	-	Active	NO
13	U51109WB1993PTC060546	S M R BUSINESSES PVT LTD	Director	23/03/2009	23/03/2009	-	Active	NO
14	U51109WB1996PTC077443	GRAVITY SALES AGENCY PVT LTD	Director	14/04/2009	14/04/2009	-	Active	NO
15	U26940WB2010PTC142112	AMRIT CEMENT PRIVATE LIMITED	Director	12/02/2010	12/02/2010	-	Active	NO
16	U67120WB1995PTC067921	PRABHU DHAN FINANCE PVT LTD	Director	11/03/2010	11/03/2010	-	Active	NO
17	U60200WB2009PTC134481	Integrated Roadways Private Limited	Director	01/07/2010	01/07/2010	02/12/2011	Active	NO
18	U15316WB2007PTC115854	NAMAN HEALTH FOOD INDUSTRIES PRIVATE LIMITED	Director	25/10/2010	25/10/2010	-	Active	NO
19	U51109WB2007PTC120429	SUBHLAKSHMI VANIJYA PRIVATE LIMITED	Director	25/10/2010	25/10/2010	-	Active	NO
20	U51109WB2006PTC107715	RIDHI SIDHI VANIJYA PRIVATE LIMITED	Director	25/10/2010	25/10/2010	-	Active	NO
21	U51109WB2005PTC103932	MADRID TRADERS PRIVATE LIMITED	Director	25/10/2010	25/10/2010	-	Active	NO
22	U51900WB2006PTC107716	JAI MATADI VANIJYA PVT LTD	Director	25/10/2010	25/10/2010	-	Active	NO
23	U65921PB1950PLC001581	BHARAT FINANCE AND INDUSTRIES LIMITED	Director	24/02/2012	24/02/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.09.2011

Names of Shareholders	No. of Shares
Harish Bagla	495763
Rajesh Bagla	1800
Archana Bagla	90714
H K Bagla HUF	35000
Chanda Bagla	100
Shree Shakambhari Properties Private Limited, Kolkata	315842
Gauri Prasad Bagla	20
Total	939239

AS ON 20.09.2011

Category	Percentage
Bodies corporate	33.63
Directors or relatives of Directors	66.37
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Food Beverages.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Punjab National Bank, New Market Branch, 9, Lindsay Street, Kolkata - 700087, West Bengal, India

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans banks secured	53.214	15.251
Rupee term loans financial institutions secured	0.000	0.500
Working capital loans banks secured	241.573	291.651
Loans taken for vehicles secured	9.515	11.735
TOTAL	304.302	319.137
UNSECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Other debt unsecured	34.603	9.226
TOTAL	34.603	9.226

Banking Relations :	--
Auditors :
Name :	K. K. Jain and Company Chartered Accountant
Address :	P-21/22 Radha Bazar Street, Kolkata – 700001, West Bengal, India
Associates/Subsidiaries :	NA

CAPITAL STRUCTURE

AS ON 20.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
939239	Equity Shares	Rs.10/- each	Rs.9.392 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		9.392	9.392	9.392
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		462.543	393.325	358.084
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		471.935	402.717	367.476
LOAN FUNDS
1] Secured Loans		304.302	319.137	229.871
2] Unsecured Loans		34.603	9.226	14.531
TOTAL BORROWING		338.905	328.363	244.402
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		810.840	731.080	611.878
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		205.337	194.288	87.838
Capital work-in-progress		111.491	20.069	36.808
INVESTMENT		13.237	11.834	11.834
DEFERREX TAX ASSETS		4.500	1.216	4.426
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	424.372	403.203	214.021
	Sundry Debtors	578.081	622.999	432.877
	Cash & Bank Balances	157.732	55.574	153.325
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	250.181	309.799	271.656
Total Current Assets		1410.366	1391.575	1071.879
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	721.179	767.017	509.739
	Other Current Liabilities	74.185	27.734	23.958
	Provisions	138.986	93.669	67.988
Total Current Liabilities		934.350	888.420	601.685
Net Current Assets		476.016	503.155	470.194
MISCELLANEOUS EXPENSES		0.259	0.518	0.778
TOTAL		810.840	731.080	611.878

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	7390.963	5835.717	3756.603
		Other Income	24.506	21.640	10.557
		TOTAL (A)	7415.469	5857.357	3767.160
Less	EXPENSES
		Consumption materials changes inventories	6754.934	5405.119
		Manufacturing service costs	135.909	91.123
		Employee related expenses	127.127	84.223	3670.024
		Administrative selling other expenses	198.608	140.119
		TOTAL (B)	7216.578	5720.584	3670.024
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		198.891	136.773	97.136
Less	FINANCIAL EXPENSES (D)		29.912	25.725	27.914
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		168.979	111.048	69.222
Less/ Add	DEPRECIATION/ AMORTISATION (F)		36.677	25.156	15.407
	PROFIT BEFORE TAX (E-F) (G)		132.302	85.892	53.815
Less	TAX (I)		41.216	28.710	19.341
	PROFIT AFTER TAX (G-I) (J)		91.086	57.182	34.474
	BALANCE CARRIED TO THE B/S		270.187	210.078	180.554
	Earnings Per Share (Rs.)		96.98	60.88	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.23	0.97	0.91
Net Profit Margin (PBT/Sales)	(%)	1.79	1.47	1.43
Return on Total Assets (PBT/Total Assets}	(%)	8.19	5.42	4.64
Return on Investment (ROI) (PBT/Networth)		0.28	0.21	0.15
Debt Equity Ratio (Total Liability/Networth)		2.70	3.02	2.30
Current Ratio (Current Asset/Current Liability)		1.51	1.57	1.78

LOCAL AGENCY FURTHER INFORMATION

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

FORM 8:

Corporate identity number of the company	U15339WB1994PLC064082
Name of the company	AMRIT FEEDS LTD
Address of the registered office or of the principal place of business in India of the company	158 Lenin Sarani, Kolkata – 700013, West Bengal, India
This form is for	Creation of charge
Type of charge	Movable Property Floating Charge
Particular of charge holder	HDFC BANK LIMITED
Nature of instrument creating charge	Letter of Hypothecation
Date of instrument Creating the charge	18/01/2012
Amount secured by the charge	Rs.70.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment on demand Margin Company shall at all times during the continuance of this security maintain the said debts of a sufficient amount to provide the margin of security as may from time to time advised by the Bank. Extent and Operation of the charge Hypothecation by way of First/exclusive charge on Movable Plant & Machinery, Vehicles & other fixed assets etc of the Company to secure as a continuing security as stated in Column No.15, as security for the due repayment of Rs.70.000 Millions, including principal amount of the Facility, interest, liquidated damages, costs, charges and expenses etc
Short particulars of the property charged	The movable plant and machinery, vehicles and other fixed assets which may now or at any time hereafter belong to the Borrower or come to the Borrower's disposal Exclusive charge on Movable Fixed assets situated at Rangia, Guwahati and Khurda, Bhubaneshwar

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.51.04
UK Pound	1	Rs.81.08
Euro	1	Rs.67.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	4
--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		51

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.