1. Summary Information

		Country	India
Company Name	UNIPHOS AGRO INDUSTRIES LIMITED	Principal Name 1	Mr. Rajnikant Devidas Shroff
Status	Moderate	Principal Name 2	Mr. Sandra Rajnikant Shroff
		Registration #	04-027317
Street Address	11, G.I.D.C., Vapi – 396 195, Gujarat
Established Date	24.07.1992	SIC Code	--
Telephone#	91-260-2432716	Business Style 1	Merchant Exporter
Fax #	91-260-2431828	Business Style 2	--
Homepage	www.uniphosagroindustries.com	Product Name 1	Agro Commodities
# of employees	Approximately 18 (In Office)	Product Name 2	Engineering Products
Paid up capital	Rs.66,052,200/-	Product Name 3	Chemicals
Shareholders	Bodies corporate – 17.07%, Directors or relatives of directors – 46.15%, Other top fifty shareholders – 3.19%, Others – 33.59%	Banking	Canara Bank
Public Limited Corp.	No	Business Period	20 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (30)
Related Company
Relation	Country	Company Name	CEO
Related	--	Ultima Search	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	142,380,000	Current Liabilities	14,108,000
Inventories	9,446,000	Long-term Liabilities	10,226,000
Fixed Assets	12,833,000	Other Liabilities	19,223,000
Deferred Assets	0,000	Total Liabilities	43,557,000
Invest& other Assets	0,000	Retained Earnings	55,050,000
		Net Worth	121,102,000
Total Assets	164,659,000	Total Liab. & Equity	164,659,000
Total Assets (Previous Year)	178,769,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	121,310,000	Net Profit	3,375,000
Sales(Previous yr)	247,506,000	Net Profit(Prev.yr)	432,000

MIRA INFORM REPORT

Report Date :

16.01.2012

IDENTIFICATION DETAILS

Name :	UNIPHOS AGRO INDUSTRIES LIMITED
Registered Office :	3-11, G.I.D.C., Vapi – 396 195, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.07.1992
Com. Reg. No.:	04-027317
Capital Investment / Paid-up Capital :	Rs.66.052 Millions
CIN No.: [Company Identification No.]	U24219GJ1992PLC027317
TAN No.: [Tax Deduction & Collection Account No.]	MUMU01773C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Merchant Exporter of Agro Commodities, Engineering Products and Chemicals.
No. of Employees :	Approximately 18 (In Office)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 484000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of United Phosphorus Group. It is a well established and reputed company having moderate track. There appears a continuous

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 :	3-11, G.I.D.C., Vapi – 396 195, Gujarat, India
Tel. No.:	91-260-2432716
Fax No.:	91-260-2431828
E-Mail :	gandhep@uniphos.com gandhi.tk@uniphos.com For Agro Products polam@uniphos.com kharchern@uniphos.com raulpr@uniphos.com uniagro@uniphos.com For Chemical products nambiarhs@uniphos.com singhsj@uniphos.com kamblesm@uniphos.com uniagro@uniphos.com For Engineering products triveditj@uniphos.com narrg@uniphos.com uniagro@uniphos.com For Imports nambiarhs@uniphos.com uniagro@uniphos.com For Organic products satlark@uniphos.com uniagro@uniphos.com
Website :	www.uniphosagroindustries.com
Location :	Owned
Administrative Office/ Share Department :	167, Ready Money Terrace, 4^th Floor, Dr. A.B. Road, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22-24930681/ 61233500
Fax No.:	91-22-24938826/ 66606689

DIRECTORS

As on 26.07.2011

Name :

Mr. Rajnikant Devidas Shroff

Designation :

Chairman

Address :

202, Parishram, 40, Pali Hill, Bandra (West), Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

20.10.1933

Date of Appointment :

02.11.1992

DIN No.:

00180810

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	L24219GJ1969PLC001588	Uniphos Enterprises Limited	Managing director	29-05-69	29-05-69	-	Active	NO
2	U24299GJ1979PLC003583	Shroffs United Chemicals Limited	Director	20-12-79	20-12-79	-	Active	NO
3	L99999MH1985PLC036391	Nivi Trading Limited	Director	02-03-92	02-03-92	-	Active	NO
4	U65990GJ1986PTC027312	Demuric Holdings Private Limited(Trading Company From Maharashtra)	Director	08-04-92	08-04-92	-	Active	NO
5	L24219GJ1985PLC025132	United Phosphorus Limited	Managing director	01-10-08	01-10-92	-	Active	NO
6	U24219GJ1992PLC027317	Uniphos Agro Industries Limited	Managing director	02-11-92	02-11-92	-	Active	NO
7	U91110MH1990NPL057237	Asmechem Chamber of Commerce and Industry of India	Managing director	05-11-92	05-11-92	-	Active	NO
8	U67120GJ1986PTC023998	Sanguine Holdings Private Limited(Transfer From Maharashtra To Gujarat)	Director	04-01-93	04-01-93	-	Active	NO
9	U65910GJ1983PTC027313	Vyom Finvest Private Limited	Director	12-05-93	12-05-93	-	Active	NO
10	L99999MH1982PLC026191	Pradeep Metals Limited	Director	26-05-93	26-05-93	19-08-11	Active	NO
11	U72200GJ1994PLC023786	Enviro Technology Limited	Director	07-12-94	07-12-94	-	Active	NO
12	U74210GJ1997GAP031525	Vapi Waste and Effluent Management Company Limited	Director	17-01-97	17-01-97	04-12-09	Active	NO
13	U45300GJ1997PLC032696	Bharuch Enviro Infrastructure Limited	Director	03-04-98	03-04-98	-	Active	NO
14	U29309GJ1998PTC035241	Shroff Envirotral Private Limited	Director	31-12-98	31-12-98	-	Active	NO
15	U99999MH2000PLC134747	Agri Net Solutions Limited	Director	10-04-00	10-04-00	-	Active	NO
16	U90002GJ2004PLC044094	Tatva Global Environment Limited	Director	06-05-04	06-05-04	-	Active	NO
17	U01110GJ2005PTC046287	Uniphos Seeds and Biogenetics Private Limited	Director	21-06-05	21-06-05	-	Amalgamated	NO
18	U24110MH1979PLC136661	Swal Corporation Limited	Director	29-06-05	29-06-05	-	Active	NO
19	U24211DL1970NPL005200	Crop Care Federation of India	Director	28-09-05	28-09-05	-	Active	NO
20	U29297GJ2007PTC052025	Uniphos Envirotronic Private Limited	Director	12-05-10	22-10-07	-	Active	NO
21	U65923MH2010PTC198952	UPL Investment Private Limited	Director	15-01-10	15-01-10	-	Active	NO
22	U41000MH2010PTC199840	Tatva Global Water Technologies Private Limited	Director	08-02-10	08-02-10	-	Active	NO

Name :

Mr. Mukul Bhupendra Trivedi

Designation :

Director

Address :

1206, Manish Towers, Service J P road, Four Bunglows, Andheri (West), Mumbai, Maharashtra, India

Date of Birth/Age :

02.02.1953

Date of Appointment :

24.07.1992

DIN No.:

00242399

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	U24219GJ1992PLC027317	Uniphos Agro Industries Limited	Director	24-07-92	24-07-92	-	Active	NO
2	U74210GJ2002PLC040908	Upl Environmental Engineers Limited	Director	14-05-05	14-05-05	-	Active	NO
3	U40101DL2004PLC128170	Upl Djai Power Limited	Director	28-11-08	16-11-05	-	Active	NO
4	U33130HP2005PLC028806	Shivalik Solid Waste Management Limited	Director	31-01-06	31-01-06	-	Active	NO
5	U24129KL2005PLC017973	Kerala Enviro Infrastructure Limited	Director	24-08-07	24-08-07	-	Active	NO
6	U90001TZ2008PTC014159	Coimbatore Integrated Waste Management Company Private Limited	Director	30-09-08	25-01-08	-	Active	NO
7	U40101MH2010PTC198447	Tatva Global Renewable Energy Company Private Limited	Director	04-01-10	04-01-10	-	Active	NO
8	U45201GJ2007PTC051689	Bharuch Airport Infrastructure Private Limited	Additional director	25-03-10	25-03-10	-	Active	NO

Name :

Mr. Sandra Rajnikant Shroff

Designation :

Director

Address :

202, Parishram, 40, Pali Hill, Bandra (West), Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

05.09.1940

Date of Appointment :

04.06.1993

DIN No.:

00189012

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	L24219GJ1969PLC001588	Uniphos Enterprises Limited	Director	29-05-69	29-05-69	-	Active	NO
2	U24299GJ1979PLC003583	Shroffs United Chemicals Limited	Director	20-12-79	20-12-79	-	Active	NO
3	L99999MH1985PLC036391	Nivi Trading Limited	Director	02-03-92	02-03-92	-	Active	NO
4	U65990GJ1986PTC027312	Demuric Holdings Private Limited(Trading Company From Maharashtra)	Director	08-04-92	08-04-92	-	Active	NO
5	L24219GJ1985PLC025132	United Phosphorus Limited	Director	01-10-92	01-10-92	-	Active	NO
6	L29299MH1984PLC034106	Ventura Guaranty Limited	Director	05-01-93	05-01-93	-	Active	NO
7	U24219GJ1992PLC027317	Uniphos Agro Industries Limited	Director	04-06-93	04-06-93	-	Active	NO
8	U72200GJ1994PLC023786	Enviro Technology Limited	Director	07-12-94	07-12-94	-	Active	NO
9	U74210GJ1997GAP031525	Vapi Waste and Effluent Management Company Limited	Director	17-01-97	17-01-97	28-09-11	Active	NO
10	U45300GJ1997PLC032696	Bharuch Enviro Infrastructure Limited	Director	03-04-98	03-04-98	-	Active	NO
11	U29309GJ1998PTC035241	Shroff Envirotral Private Limited	Director	31-12-98	31-12-98	-	Active	NO
12	U99999GJ2000PLC037236	Narmada Clean Tech Limited	Director	30-10-02	30-10-02	05-08-08	Active	NO
13	U74210GJ2002PLC040908	Upl Environmental Engineers Limited	Director	14-05-05	14-05-05	-	Active	NO
14	U29297GJ2007PTC052025	Uniphos Envirotronic Private Limited	Additional director	16-07-10	16-07-10	-	Active	NO

Name :

Mr. Kalyan Mohan Anadi Mohan Banerjee

Designation :

Director

Address :

Lake Castle, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

10.06.1942

Date of Appointment :

24.07.1992

DIN No.:

00276866

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	U24219GJ1992PLC027317	Uniphos Agro Industries Limited	Director	24-07-92	24-07-92	-	Active	NO
2	L24219GJ1985PLC025132	United Phosphorus Limited	Whole-time director	01-10-08	21-10-03	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.07.2011

Names of Shareholders	No. of Shares
United Phosphorus Limited	1000000
Vikram R. Shroff	1501000
S.R. Shroff	1031000
Jai Shroff	503000
Demuric Holding Private Limited	108900
Nivi Trading Limited	18800
Shilpa P. Sagar	3000
Mukul Bhupendra Trivedi	4200
Rajju D Shroff	1000
Kalyan M. Banerji	5000
Promoter	4175900
Public	2429320
TOTAL	6605220

Equity Share Break up (Percentage of Total Equity)

As on 26.07.2011

Category	Percentage
Bodies corporate	17.07
Directors or relatives of Directors	46.15
Other top fifty shareholders	3.19
Others	33.59
Total	100.00

BUSINESS DETAILS

Line of Business :

Merchant Exporter of Agro Commodities, Engineering Products and Chemicals.

Products :

Item Code No. (ITC Code)	280110
Product Description	Liquid Chlorine
Item Code No. (ITC Code)	283010
Product Description	Sodium Sulphide
Item Code No. (ITC Code)	100590
Product Description	Yellow Maize (Corn)

GENERAL INFORMATION

No. of Employees :

Approximately 18 (In Office)

Bankers :

v Canara Bank, Prime Corporate Branch – 1, Nariman Point, Mumbai – 400 021, Maharashtra, India

v Axis Bank, Branch Worli Naka, Worli, Mumbai, Maharashtra, India

v Bank of India

v State Bank of India

v ICICI Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Other Debts Secured	10.226	20.541
Total	10.226	20.541

Banking Relations :	--
Auditors :
Name :	Jawahar Thacker and Company Chartered Accountants
Address :	F-305, Manish park, Pump House, Andheri (East), Mumbai – 400 093, Maharashtra, India
PAN.:	AYCPT3450B
Enterprises over which key management personnel and their relatives have significant influence :	Uniphos Enterprises Limited Ultima Search Demuric Holding Private Limited Uniphos Envirotronics private limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6605220	Equity Shares	Rs.10/- each	Rs.66.052 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		66.052	66.052	66.052
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		55.050	51.676	51.244
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		121.102	117.728	117.296
LOAN FUNDS
1] Secured Loans		10.226	20.541	3.386
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		10.226	20.541	3.386
DEFERRED TAX LIABILITIES		2.982	3.349	3.022
TOTAL		134.310	141.618	123.704
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.833	18.300	17.681
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.446	11.161	14.855
	Sundry Debtors	14.096	15.379	15.385
	Cash & Bank Balances	102.521	108.858	72.135
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	25.763	25.071	22.290
Total Current Assets		151.826	160.469	124.665
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.398	14.964	5.633
	Other Current Liabilities	9.710	7.511	3.600
	Provisions	16.241	14.676	9.409
Total Current Liabilities		30.349	37.151	18.642
Net Current Assets		121.477	123.318	106.023
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		134.310	141.618	123.704

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	121.310	247.506	405.939
		Other Income	6.776	8.894	6.748
		TOTAL	128.086	256.400	412.687
Less	EXPENSES
		Consumption Material Changes Inventories	92.600	203.648	393.311
		Administrative Selling and Other Expenses	27.533	43.294
		TOTAL	120.133	246.942	393.311
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		7.953	9.458	19.376
Less/ Add	DEPRECIATION/ AMORTISATION		3.381	3.431	2.147
	PROFIT BEFORE TAX		4.572	6.027	17.229
Less	TAX		1.197	5.595	6.071
	PROFIT AFTER TAX BEFORE PRIOR PERIOD ITEMS		0.000	0.000	11.158
	Less: Prior Period Adjustment (Taxation)		0.000	0.000	(2.077)
	PROFIT AFTER TAX		3.375	0.432	9.081
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		45.843	45.411	36.330
	BALANCE CARRIED TO THE B/S		49.218	45.843	45.411
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	69.524	181.999	323.962
	TOTAL EARNINGS		69.524	181.999	323.962
	IMPORTS
		Traded Goods (Including Third Country Import)	45.961	132.855	216.973
	TOTAL IMPORTS		45.961	132.855	216.973
	Earnings Per Share (Rs.)		0.51	0.07	1.69

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.63	0.17	2.70
Net Profit Margin (PBT/Sales)	(%)	3.77	2.44	4.24
Return on Total Assets (PBT/Total Assets}	(%)	2.78	3.47	12.10
Return on Investment (ROI) (PBT/Networth)		0.04	0.05	0.14
Debt Equity Ratio (Total Liability/Networth)		0.34	0.49	0.18
Current Ratio (Current Asset/Current Liability)		5.00	4.32	6.69

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS

The Company has taken up Merchant Exports and has exported to the tune of Rs.74.218 millions against previous year’s export of Rs.194.065 millions

During the year, company has exported few products which include:

Chemical Division:

• Titanium Dioxide
• Liquid Chlorine
• Basic Chromium Sulphate
• Sodium Formate
• Tannery Chemicals
• Soda Ash
• Sodium Lauryl Ether Sulphate
• Fish Oil

Engineering Division:

• Conveyor Belt
• SS pipe fittings and Round bars
• PP yarn and Velvet Fabric
• Flocculent Dosing Systems
• Agro Division :
• Coriander Seeds
• Maize (Indian Corn)
• Tamarind Paste

FUTURE PLANS

The company has drawn further ambitious plans for expansion abroad by opening of offices in Egypt, Ghana, Sudan, Kenya, Tanzania and Nigeria. Company is planning for Contractual tie-ups with various domestic and overseas suppliers ( Chemical Division ) with reputed Indian companies for export of excavators, buses, heavy construction equipments, conveyor belt ( Engineering Division ), with various certified organizations and certified farmers ( Organic Produce Division ), with reputed overseas manufacturers ( for Import Division ) to increase business in Egypt, Ghana, Sudan, Kenya etc.

OVERSEAS OPERATION

During the year Company is planning to open office at two to three places out of Egypt, Ghana, Sudan, Kenya, Tanzania, Vietnam and Nigeria. International trade is also done through participating in international tenders through our offices and through widely spread agency network in Africa, Gulf, and Latin America.

FORM 8

Corporate identity number of the company	U24219GJ1992PLC027317
Name of the company	UNIPHOS AGRO INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	11, G.I.D.C., Vapi – 396 195, Gujarat, India Email : uniagro@uniphos.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10126840
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	Canara Bank, Prime Corporate Branch-1, Nariman Point, Mumbai – 400 021, Maharashtra, India E-Mail: mcity2630@canbank.co.in
Nature of instrument creating charge	Supplemental Common Hypothecation Agreement.
Date of instrument Creating the charge	11.05.2010
Amount secured by the charge	Rs.200.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at such rate/s as may be determined by the Bank from time to time. Terms of Repayment Repayable on Demand. Margin As may be stipulated by Bank from time to time. Extent and Operation of the charge The Company hypothecates by way of first charge in favour of the Bank over all its goods and book debts as security for due payment of the credit facilities together with interest, costs and other charges payable by Company to the Bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation by way of first charge of all the company’s stocks of raw material and goods meant for exports. Hypothecation by way of first charge of all the company’s book debts.
Particulars of the present modification	The amount secured by the charge has been enhanced from Rs.180.000 Millions to Rs.200.000 Millions (comprising therein: (a) FLC/ILC/BG - Rs.140.000 Millions and (b) FDB/FBE/PC - Rs.60.000 Millions) against hypothecation of stocks of raw materials, goods meant for export and book debts of the Company.

CONTINGENT LIABILITIES: (As on 31.03.2011)

Guarantees / Performance Bond / Bid Bond given by bankers on behalf of the Company to third party Rs. 22.478 Millions

FIXED ASSETS:

v Office Equipment

v Computer

v Gas Cylinders Including Valves and Regulars

v Plant and Machinery

v Car

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.51.43
UK Pound	1	Rs.79.10
Euro	1	Rs.66.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		30

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.