MIRA INFORM REPORT

Report Date :

09.07.2012

IDENTIFICATION DETAILS

Name :	MAHARASHTRA HYBRID SEEDS COMPANY LIMITED
Registered Office :	Resham Bhavan, 4^th Floor, 78, Veer Nariman Road, Mumbai – 400020, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.04.1970
Com. Reg. No.:	11-014600
Capital Investment / Paid-up Capital :	Rs. 293.048 millions
CIN No.: [Company Identification No.]	U01100MH1970PLC014600
TAN No.: [Tax Deduction & Collection Account No.]	NSKM03615D / MUMM20351C
PAN No.: [Permanent Account No.]	AAACM2809C
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Importer of Agro Based Commodities.
No. of Employees :	1500 (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 8500000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed 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.

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

INFORMATION PARTED BY

Name :	Mr. Mahesh Mehta
Designation :	Export -Import Manager
Contact No.:	91-9820006576
Date :	07.07.2012

LOCATIONS

Registered Office/Factory :	Resham Bhavan, 4^th Floor, 78, Veer Nariman Road, Mumbai – 400 020, Maharashtra
Tel. No.:	91-22-30273025 / 30273013
Mobile No.:	91-9820006576 (Mr. Manoj Mehta)
Fax No.:	91-22-22047871
E-Mail :	khozem.poonawala@mahyco.com raju.barwale@mahyco.com info@mahyco.com manisha.vhatkar@mahyco.com
Website	http://www.mahyco.com
Location :	Owned

DIRECTORS

AS ON 09.08.2011

Name :	Mr. Badrinarayan Ramulal Barwale
Designation :	Chairman
Address :	72-B, Urvashi, Petit Hall, Napeansea Road, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	13.08.1931
Date of Appointment :	04.05.1970
DIN No.:	00001479

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01100MH1970PLC014600	MAHARASHTRA HYBRID SEEDS COMPANY LIMITED	Director	04/05/1970	04/05/1970	-	Active	NO
2	U01110MH1972PLC015630	JALNA SEEDS PROCESSING AND REFRIGERATION COMPANY LIMITED	Director	23/12/1978	23/12/1978	-	Active	NO
3	U99999MH1958PTC011014	AMRITLAL CHEMAUX PRIVATE LIMITED	Director	25/08/1982	25/08/1982	-	Active	NO
4	U24110MH1984PTC034809	MARATHAWADA REALTORS PRIVATE LIMITED	Director	14/12/1984	14/12/1984	14/11/2007	Active	NO
5	L99999MH1982PLC026903	SHRENUJ AND COMPANY LIMITED	Director	17/09/1987	17/09/1987	-	Active	NO
6	U73100MH1987GAP042298	BARWALE FOUNDATION	Director	21/10/1987	21/10/1987	-	Active	NO
7	U65990MH1990PTC055398	ALMET HEALTHCARE PRIVATE LIMITED	Director	12/02/1990	12/02/1990	-	Active	NO
8	U67120MH1990PTC055473	HARIRANI INVESTMENT AND TRADING PRIVATE LIMITED	Director	15/02/1990	15/02/1990	-	Active	NO
9	U67120MH1990PTC055474	HARBHAJAN INVESTMENT AND TRADING PRIVATE LIMITED	Director	15/02/1990	15/02/1990	-	Active	NO
10	U65990MH1990PTC055475	DUDHNA INVESTMENT AND TRADING PRIVATE LIMITED	Director	15/02/1990	15/02/1990	-	Active	NO
11	U65990MH1990PTC055470	RAJUR GANAPATI INVESTMENT AND TRADING PRIVATE LIMITED	Director	15/02/1990	15/02/1990	-	Active	NO
12	U67120MH1990PTC055592	JOHN FOWLER OCULAR LENSES PRIVATE LIMITED	Director	28/02/1990	28/02/1990	-	Active	NO
13	U73200MH1986NPL041521	CENTRE FOR ADVANCEMENT OF PHILANTHROPY.	Director	08/12/1990	08/12/1990	-	Active	NO
14	U29100MH1953PTC009189	JOHN FOWLER (INDIA) PRIVATE LIMITED	Director	25/03/1991	25/03/1991	-	Active	NO
15	U74999MH1939PTC002945	THE GODAVARI SUGAR MILLS Private Limited	Director	04/08/1993	04/08/1993	24/04/2009	Active	NO
16	U85100MH1995PTC094853	JOHN FOWLER OPHTHALMICS PRIVATE LIMITED	Director	29/11/1995	29/11/1995	14/11/2007	Active	NO
17	U65990MH1996PLC099431	GANGABISHAN BHIKULAL INVESTMENT AND TRADING LIMITED	Director	10/05/1996	10/05/1996	-	Active	NO
18	U73100MH1997PLC111505	MAHYCO MONSANTO BIOTECH (INDIA) LIMITED	Director	23/10/1997	23/10/1997	-	Active	NO
19	U29219MH1998PTC115973	DICKINSON FOWLER PRIVATE LIMITED	Director	27/07/1998	27/07/1998	-	Active	NO
20	U01120MH1999PLC122855	MAHYCO VEGETABLE SEEDS LIMITED	Director	01/12/1999	01/12/1999	-	Amalgamated	NO
21	U74999MH2000PTC123855	FOWLER WESTRUP (INDIA) PRIVATE LIMITED	Director	27/01/2000	27/01/2000	-	Active	NO
22	U91990MH2001NPL133451	MAHARAJA AGRESEN FOUNDATION	Director	24/09/2001	24/09/2001	-	Active	NO
23	U40107MH1995PLC084203	MAHYCO SEEDS LIMITED	Director	20/08/2002	20/08/2002	-	Amalgamated	NO
24	U74999MH1991PLC061969	SUNGRO SEEDS LIMITED	Director	28/10/2005	28/10/2005	-	Active	NO
25	U67120MH2006PTC159783	BARWALE INVESTMENT AND TRADING PRIVATE LIMITED	Director	16/02/2006	16/02/2006	-	Amalgamated	NO
26	U65990MH1990PTC055515	MARATHAWADA ENGINEERS PRIVATE LIMITED	Director	30/09/2008	28/04/2008	-	Active	NO
27	U73100MH2009PTC191681	NANOPHORE LIFE SCIENCES PRIVATE LIMITED	Director	15/04/2009	15/04/2009	-	Active	NO
28	U67120MH1956PLC009707	GODAVARI BIOREFINERIES LIMITED	Director	12/08/2009	24/04/2009	-	Active	NO

Name :	Mr. Rajendra Badrinarayan Barwale
Designation :	Managing Director
Address :	72-B, Urvashi, Petit Hall, Napeansea Road, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	12.12.1955
Date of Appointment :	18.08.2008
DIN No.:	00001678

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01110MH1978PTC020708	BARWALE SEEDS PRIVATE LIMITED	Director	19/10/1978	19/10/1978	-	Active	NO
2	U01110MH1972PLC015630	JALNA SEEDS PROCESSING AND REFRIGERATION COMPANY LIMITED	Director	23/12/1978	23/12/1978	-	Active	NO
3	U24110MH1984PTC034809	MARATHAWADA REALTORS PRIVATE LIMITED	Director	26/02/1985	26/02/1985	14/11/2007	Active	NO
4	U73100MH1987GAP042298	BARWALE FOUNDATION	Director	21/10/1987	21/10/1987	-	Active	NO
5	U29290MH1960PLC059367	ALMET CORPORATION LIMITED	Director	14/09/1989	14/09/1989	14/11/2007	Active	NO
6	U65990MH1990PTC055402	NEEMUCH INVESTMENT AND TRADING PRIVATE LIMITED	Director	12/02/1990	12/02/1990	-	Active	NO
7	U65990MH1990PTC055398	ALMET HEALTHCARE PRIVATE LIMITED	Director	12/02/1990	12/02/1990	-	Active	NO
8	U65990MH1990PTC055468	JAMWADI INVESTMENT AND TRADING PRIVATE LIMITED	Director	15/02/1990	15/02/1990	-	Active	NO
9	U67120MH1990PTC055473	HARIRANI INVESTMENT AND TRADING PRIVATE LIMITED	Director	15/02/1990	15/02/1990	-	Active	NO
10	U65990MH1990PTC055467	AKSHNISHIT INVESTMENT AND TRADING PRIVATE LIMITED	Director	15/02/1990	15/02/1990	-	Active	NO
11	U67120MH1990PTC055474	HARBHAJAN INVESTMENT AND TRADING PRIVATE LIMITED	Director	15/02/1990	15/02/1990	-	Active	NO
12	U65990MH1990PTC055475	DUDHNA INVESTMENT AND TRADING PRIVATE LIMITED	Director	15/02/1990	15/02/1990	-	Active	NO
13	U65990MH1990PTC055470	RAJUR GANAPATI INVESTMENT AND TRADING PRIVATE LIMITED	Director	15/02/1990	15/02/1990	-	Active	NO
14	U67120MH1990PTC055472	NIDHONA INVESTMENT AND TRADING PRIVATE LIMITED	Director	15/02/1990	15/02/1990	-	Active	NO
15	U65990MH1990PTC055515	MARATHAWADA ENGINEERS PRIVATE LIMITED	Director	20/02/1990	20/02/1990	-	Active	NO
16	U67120MH1990PTC055591	CHITTODA INVESTMENT AND TRADING PRIVATE LIMITED	Director	28/02/1990	28/02/1990	-	Active	NO
17	U67120MH1990PTC055592	JOHN FOWLER OCULAR LENSES PRIVATE LIMITED	Director	28/02/1990	28/02/1990	-	Active	NO
18	U29100MH1953PTC009189	JOHN FOWLER (INDIA) PRIVATE LIMITED	Director	25/03/1991	25/03/1991	-	Active	NO
19	U31503KA1987PTC008336	R.B.ASSOCIATES PRIVATE LIMITED	Director	16/03/1993	16/03/1993	-	Active	NO
20	U85100MH1995PTC094853	JOHN FOWLER OPHTHALMICS PRIVATE LIMITED	Director	29/11/1995	29/11/1995	14/11/2007	Active	NO
21	U65990MH1996PLC099431	GANGABISHAN BHIKULAL INVESTMENT AND TRADING LIMITED	Director	10/05/1996	10/05/1996	-	Active	NO
22	U74899DL1991PLC044605	SUNGRO SEED EXPORTS LIMITED	Director	29/07/1996	29/07/1996	-	Amalgamated	NO
23	U01135JK1973PLC000388	SUNGRO SEEDS RESEARCH LIMITED	Director	29/07/1996	29/07/1996	-	Amalgamated	NO
24	U73100MH1997PLC111505	MAHYCO MONSANTO BIOTECH (INDIA) LIMITED	Director	23/10/1997	23/10/1997	-	Active	NO
25	U29219MH1998PTC115973	DICKINSON FOWLER PRIVATE LIMITED	Director	27/07/1998	27/07/1998	-	Active	NO
26	U01120MH1999PLC122855	MAHYCO VEGETABLE SEEDS LIMITED	Director	01/12/1999	01/12/1999	-	Amalgamated	NO
27	U74999MH1972PLC015791	SEED TRADE ASSOCIATION OF MAHARASHTRA LIMITED	Director	22/11/2000	22/11/2000	-	Strike off	NO
28	U74999MH2000PTC123855	FOWLER WESTRUP (INDIA) PRIVATE LIMITED	Director	05/02/2001	05/02/2001	-	Active	NO
29	U01110MH1992NPL066942	ASSOCIATION OF SEED INDUSTRY	Director	09/10/2001	09/10/2001	-	Active	NO
30	U40107MH1995PLC084203	MAHYCO SEEDS LIMITED	Managing director	07/03/2008	07/03/2003	-	Amalgamated	NO
31	U01100MH1970PLC014600	MAHARASHTRA HYBRID SEEDS COMPANY LIMITED	Managing director	18/08/2008	18/08/2003	-	Active	NO
32	U73100DL1990PLC041486	BIOTECH CONSORTIUM INDIA LIMITED	Director	24/11/2003	24/11/2003	-	Active	NO
33	U30007KA1998PTC024374	S.R. NOVA PRIVATE LIMITED	Director	24/06/2004	24/06/2004	-	Active	NO
34	U91990MH2005NPL153954	INDIAN FOUNDATION SEED AND SERVICES ASSOCIATION	Director	14/06/2005	14/06/2005	-	Active	NO
35	U74999MH1991PLC061969	SUNGRO SEEDS LIMITED	Director	28/10/2005	28/10/2005	-	Active	NO
36	U67120MH2006PTC159783	BARWALE INVESTMENT AND TRADING PRIVATE LIMITED	Director	16/02/2006	16/02/2006	-	Amalgamated	NO
37	U72200TN2001PTC047640	TECHSET COMPOSITION INDIA PRIVATE LIMITED	Director	27/09/2007	29/08/2007	-	Active	NO
38	U73100MH2009PTC191681	NANOPHORE LIFE SCIENCES PRIVATE LIMITED	Director	15/04/2009	15/04/2009	-	Active	NO
39	U15100MH2004PLC148387	TUNIP AGRO LIMITED	Director	24/12/2010	25/10/2010	-	Active	NO
40	U80302PN2001PLC135348	MAHARASHTRA KNOWLEDGE CORPORATION LIMITED	Director appointed in casual vacancy	15/01/2011	15/01/2011	-	Active	NO

Name :	Mr. Shyamsunder Gopilalji Agrawal
Designation :	Deputy Managing Director
Address :	62, Jolly Maker, Apartment No. 11, Opposite World Trade Centre, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
Date of Birth/Age :	02.12.1940
Date of Appointment :	13.08.2008
DIN No.:	00001949

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01135JK1973PLC000388	SUNGRO SEEDS RESEARCH LIMITED	Director	29/07/1996	29/07/1996	-	Amalgamated	NO
2	U74899DL1991PLC044605	SUNGRO SEED EXPORTS LIMITED	Director	29/07/1996	29/07/1996	-	Amalgamated	NO
3	U73100MH1997PLC111505	MAHYCO MONSANTO BIOTECH (INDIA) LIMITED	Director	23/10/1997	23/10/1997	-	Active	NO
4	U01120MH1999PLC122855	MAHYCO VEGETABLE SEEDS LIMITED	Director	01/12/1999	01/12/1999	-	Amalgamated	NO
5	U01100MH1970PLC014600	MAHARASHTRA HYBRID SEEDS COMPANY LIMITED	Managing director	13/08/2008	07/03/2003	-	Active	NO
6	U40107MH1995PLC084203	MAHYCO SEEDS LIMITED	Whole-time director	07/03/2008	07/03/2003	-	Amalgamated	NO
7	U74999MH1991PLC061969	SUNGRO SEEDS LIMITED	Director	28/10/2005	28/10/2005	-	Active	NO
8	U67120MH2006PTC159783	BARWALE INVESTMENT AND TRADING PRIVATE LIMITED	Director	16/02/2006	16/02/2006	-	Amalgamated	NO
9	U85100MH1995PTC094853	JOHN FOWLER OPHTHALMICS PRIVATE LIMITED	Alternate director	14/11/2007	14/11/2007	25/12/2007	Active	NO
10	U24110MH1984PTC034809	MARATHAWADA REALTORS PRIVATE LIMITED	Alternate director	14/11/2007	14/11/2007	25/12/2007	Active	NO
11	U29290MH1960PLC059367	ALMET CORPORATION LIMITED	Alternate director	14/11/2007	14/11/2007	25/12/2007	Active	NO
12	U65990MH1990PTC055515	MARATHAWADA ENGINEERS PRIVATE LIMITED	Director	30/09/2008	28/04/2008	-	Active	NO

Name :	Mrs. Usha Brent Zehr
Designation :	Whole Time Director
Address :	Mahyco Life Research Centre, Dawalwadi, Jalna – 431 203, Maharashtra, India
Date of Birth/Age :	28.11.1961
Date of Appointment :	01.11.2008
DIN No.:	00002982

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U73100MH1987GAP042298	BARWALE FOUNDATION	Director	17/04/1989	17/04/1989	Active	NO
2	U65990MH1996PLC099431	GANGABISHAN BHIKULAL INVESTMENT AND TRADING LIMITED	Director	27/10/1998	27/10/1998	Active	NO
3	U01100MH1970PLC014600	MAHARASHTRA HYBRID SEEDS COMPANY LIMITED	Whole-time director	01/11/2008	29/06/2000	Active	NO
4	U01120MH1999PLC122855	MAHYCO VEGETABLE SEEDS LIMITED	Director	03/11/2000	03/11/2000	Amalgamated	NO
5	U40107MH1995PLC084203	MAHYCO SEEDS LIMITED	Director	20/08/2002	20/08/2002	Amalgamated	NO
6	U73100MH2009PTC191681	NANOPHORE LIFE SCIENCES PRIVATE LIMITED	Director	24/09/2010	03/07/2009	Active	NO

Name :	Mr. Shirish Rajendra Barwale
Designation :	Whole Time Director
Address :	72-B, Urvashi, Petit Hall, Napeansea Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	24.02.1982
Date of Appointment :	29.09.2008
DIN No :	00152584

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U67120MH2006PTC159783	BARWALE INVESTMENT AND TRADING PRIVATE LIMITED	Director	15/06/2006	15/06/2006	-	Amalgamated	NO
2	U01409MP1997PLC011544	EAGLE SEEDS AND BIOTECH LIMITED	Director	30/09/2006	16/06/2006	29/01/2008	Active	NO
3	U65990MH1996PLC099431	GANGABISHAN BHIKULAL INVESTMENT AND TRADING LIMITED	Director	19/06/2006	19/06/2006	-	Active	NO
4	U67120MH1990PTC055472	NIDHONA INVESTMENT AND TRADING PRIVATE LIMITED	Director	24/06/2006	24/06/2006	-	Active	NO
5	U65990MH1990PTC055467	AKSHNISHIT INVESTMENT AND TRADING PRIVATE LIMITED	Director	24/06/2006	24/06/2006	-	Active	NO
6	U65990MH1990PTC055515	MARATHAWADA ENGINEERS PRIVATE LIMITED	Director	24/06/2006	24/06/2006	-	Active	NO
7	U24110MH1984PTC034809	MARATHAWADA REALTORS PRIVATE LIMITED	Director	02/08/2006	02/08/2006	04/11/2011	Active	NO
8	U29290MH1960PLC059367	ALMET CORPORATION LIMITED	Director	29/09/2008	14/11/2007	04/11/2011	Active	NO
9	U85100MH1995PTC094853	JOHN FOWLER OPHTHALMICS PRIVATE LIMITED	Director	29/09/2008	14/11/2007	-	Active	NO
10	U01100MH1970PLC014600	MAHARASHTRA HYBRID SEEDS COMPANY LIMITED	Whole-time director	29/09/2008	24/01/2008	-	Active	NO
11	U40107MH1995PLC084203	MAHYCO SEEDS LIMITED	Whole-time director	24/01/2008	24/01/2008	-	Amalgamated	NO
12	U74899MH1993PTC192449	SEVEN STAR FRUITS PRIVATE LIMITED	Director	12/08/2008	24/06/2008	16/11/2009	Active	NO
13	U72200MH2004PTC148501	EXCELIZE SOFTWARE PRIVATE LIMITED	Additional director	18/07/2008	18/07/2008	20/08/2010	Active	NO
14	U72300MH2008PTC178494	EXCELIZE ARCHITECTURAL SERVICES PRIVATE LIMITED	Additional director	18/07/2008	18/07/2008	20/08/2010	Active	NO
15	U73100MH2009PTC191681	NANOPHORE LIFE SCIENCES PRIVATE LIMITED	Director	15/04/2009	15/04/2009	-	Active	NO
16	U74999MH1991PLC061969	SUNGRO SEEDS LIMITED	Director	21/07/2009	20/06/2009	-	Active	NO

Name :	Mr. Richard Gerald Gaudet
Designation :	Independent Director
Address :	2202, Stoneridge Terrace, Chesterfirld, MO 63017
Date of Birth/Age :	28.05.1955
Date of Appointment :	25.01.2010
DIN No :	02953178

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U73100MH1997PLC111505	MAHYCO MONSANTO BIOTECH (INDIA) LIMITED	Director appointed in casual vacancy	25/01/2010	25/01/2010	Active	NO
2	U01100MH1970PLC014600	MAHARASHTRA HYBRID SEEDS COMPANY LIMITED	Director	09/08/2011	25/01/2010	Active	NO

Name :	Mr. Amitabh Jaipuria
Designation :	Alternate Director
Address :	501, Shiv Amrut –A, Shiv Shakti Complex, Kalyan, Thane – 421301, Maharashtra, India
Date of Birth/Age :	15.05.1966
Date of Appointment :	25.01.2010
DIN No :	01864871

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	L74999MH1949PLC007912	MONSANTO INDIA LIMITED	Managing director	01/11/2010	01/11/2007	Active	NO
2	U01100MH1970PLC014600	MAHARASHTRA HYBRID SEEDS COMPANY LIMITED	Alternate director	25/01/2010	25/01/2010	Active	NO

Name :	Mr. Sekhar Manakkal Natarajan
Designation :	Director
Address :	No.17, Gauri Giridhar Road No.2, Pestom Sagar, Chembur, Mumbai-400089, Maharashtra, India
Date of Birth/Age :	14.12.1953
Date of Appointment :	16.01.2007
DIN No :	01031445

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L74999MH1949PLC007912	MONSANTO INDIA LIMITED	Director	01/12/2006	01/12/2006	-	Active	NO
2	U01120MH1999PLC122855	MAHYCO VEGETABLE SEEDS LIMITED	Director appointed in casual vacancy	16/01/2007	16/01/2007	-	Amalgamated	NO
3	U73100MH1997PLC111505	MAHYCO MONSANTO BIOTECH (INDIA) LIMITED	Director	31/08/2007	16/01/2007	16/11/2010	Active	NO
4	U01100MH1970PLC014600	MAHARASHTRA HYBRID SEEDS COMPANY LIMITED	Director	09/08/2011	16/01/2007	-	Active	NO
5	U40107MH1995PLC084203	MAHYCO SEEDS LIMITED	Director	31/08/2007	16/01/2007	-	Amalgamated	NO
6	U91110DL1980GAP216937	CROPLIFE INDIA	Director	28/09/2007	28/09/2007	-	Active	NO
7	L74140PN1986PLC041033	KALE CONSULTANTS LIMITED	Director	08/11/2011	07/07/2011	-	Active	NO
8	L85190MH1947PLC005963	WYETH LIMITED	Additional director	05/08/2011	05/08/2011	-	Active	NO

Name :	Mr. Sandeep Ganesh Kulkarni
Designation :	Director
Address :	B-43, Ashiana, St. John Baptista Road, Bandra, Mumbai-400050, Maharashtra, India
Date of Birth/Age :	25.10.1960
Date of Appointment :	30.07.2010
DIN No :	03146502

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01100MH1970PLC014600	MAHARASHTRA HYBRID SEEDS COMPANY LIMITED	Director	09/08/2011	30/07/2010	-	Active	NO
2	U73100MH1997PLC111505	MAHYCO MONSANTO BIOTECH (INDIA) LIMITED	Director	09/08/2011	30/07/2010	20/06/2012	Active	NO

Name :	Mr. Narain Pattabhiram Duraiswami
Designation :	Director appointed in Casual Vacancy
Address :	Quantum Park, A Wing, 8^th Floor, Flat No.803-804, Union Park, Khar (West), Mumbai-400052, Maharashtra, India
Date of Birth/Age :	29.04.1963
Date of Appointment :	16.11.2010
DIN No :	03310642

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U01100MH1970PLC014600	MAHARASHTRA HYBRID SEEDS COMPANY LIMITED	Director appointed in casual vacancy	16/11/2010	16/11/2010	Active	NO
2	U73100MH1997PLC111505	MAHYCO MONSANTO BIOTECH (INDIA) LIMITED	Director	09/08/2011	16/11/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. V Gangadharan Sankunni Nair
Designation :	Company Secretary
Address :	B/2/7, Keshav Park, Near Premchand Nagar, Ahmedabad – 380 054, Gujarat, India
Date of Birth/Age :	01.06.1942
Date of Appointment :	01.04.2007
Pan No.:	ADZPG7178F
Name :	Mr. Mahesh
Designation :	Import Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 09.08.2011

Names of Shareholders Class A	No. of Shares
Usha Brent Zehr	260224
Harirani Investment and Trading Private Limited, India	4277042
Almet Healthcare Private Limited, India	320622
John Fowler Ocular Lenses Private Limited, India	535418
Monsanto Holdings Private Limited, India	2285754
Badrinarayan Ramulal Barwale	331784
Rajendra Badrinarayan Barwale	780668
Sandeep Kulkarni	8
TOTAL	8791520

Names of Shareholders Class B1	No. of Shares
Monsanto Holdings Private Limited, India	761904
TOTAL	761904

Names of Shareholders Class B2	No. of Shares
Usha Brent Zehr	86740
Harirani Investment and Trading Private Limited, India	1588194
Almet Healthcare Private Limited, India	108500
John Fowler Ocular Lenses Private Limited, India	14250
Badrinarayan Ramulal Barwale	110592
Rajendra Badrinarayan Barwale	260220
TOTAL	2168496

AS ON 09.08.2011

Equity Shares Break Up	Percentage
Bodies corporate	84.39
Directors or relatives of Directors	15.61
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Agro Based Commodities.

Products :

Product Description	ITC Code
Cotton Seeds	120720
Chilli Seeds	120991.9
Bhendi Seeds	120991.9

Exports :

Products :

Agro Based Commodities

Countries :

· Europe

· Japan

· Middle East Asian Countries

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Installed Capacity	Actual Production
Seeds	343500	158490

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

1500 (Approximately)

Bankers :

· Syndicate Bank

Backbay Reclamation, Motimahal, Mumbai – 400 020, Maharashtra, India

· Bank of India

Pune Corporate Banking Branch, 1162/6, Shivajinagar, University Road, Pune – 411005, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loan secured
Rupee term loan banks secured	510.822	176.239
Working capital loans secured
Working capital loans banks secured	4.311	0.000
Total	515.133	176.239
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans others unsecured
Rupee term loans unsecured	1.277	1.277
Total	1.277	1.277

Banking Relations :	--
Auditors :
Name :	J K Doshi and Company Chartered Accountant
Address :	Khetan Bhavan, 198 Jamshedji Tata Road, Mumbai – 400 020, Maharashtra, India
PAN No.:	AAAFJ0776F
Name :	Mr. Shrikant Balakrishna Prabhu
Address :	312/313, Sai Commercial Building, BKS Devshi Marg, Govandi, Mumbai-400088, Maharashtra, India
PAN No.:	AAAFF1849L
Joint Ventures :	Mahyco Monsanto Biotech (India) Limited CIN No.: - U73100MH1997PLC111505
Related Parties :	· Sungro Seeds Limited · Sungro Seeds Research Limited · Deccan Plantations Private Limited · Jalna Seed Processing and Refrigeration Company Limited · Almet Healthcare Private Limited (Formerly Almet Corporation Limited) · Barwale Seeds Private Limited · Leadbeter Seeds Private Limited · John Fowler (India) Private Limited · John Fowler Ocular Lenses Private Limited (Formerly John Fowler Opthalmics Private Limited) · Marathwada Engineers Private Limited · Monsanto Holdings Private Limited · Barwale Foundation · Seven Star Fruit Private Limited · Indian Foundation Seeds and Services Associates · Fowler Westrup India Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15200000	Class A Equity Shares	Rs. 25/- each	Rs. 380.000 millions
800000	Class B1 Equity Shares	Rs. 25/- each	Rs. 20.000 millions
2400000	Class B2 Equity Shares	Rs. 25/- each	Rs. 60.000 millions
20000000	Preference Shares	Rs. 10/- each	Rs. 200.000 millions
	TOTAL		Rs. 660.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8791520	Class A Equity Shares	Rs. 25/- each	Rs. 219.788 millions
761904	Class B1 Equity Shares	Rs. 25/- each	Rs. 19.048 millions
2168496	Class B2 Equity Shares	Rs. 25/- each	Rs. 54.212 millions
	Total		Rs. 293.048 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		293.048	293.048	293.058
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1853.929	1990.343	1275.724
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2146.977	2283.391	1568.782
LOAN FUNDS
1] Secured Loans		515.133	176.239	7.167
2] Unsecured Loans		1.277	1.277	5.000
TOTAL BORROWING		516.410	177.516	12.167
DEFERRED TAX LIABILITIES		445.155	331.859	275.318
Other Liabilities		0.300	0.500	0.700
TOTAL		3108.842	2793.266	1856.967
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1230.621	1294.338	1253.163
Capital work-in-progress		602.142	169.745	42.406
INVESTMENT		1885.346	850.029	434.352
DEFERREX TAX ASSETS		0.0000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1704.210	1834.230	1879.116
	Sundry Debtors	131.465	113.707	114.241
	Cash & Bank Balances	1919.966	1135.283	806.335
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1488.110	946.622	844.088
Total Current Assets		5243.751	4029.842	3643.780
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1007.520	1133.526	1143.100
	Other Current Liabilities	3193.513	2090.647	2073.805
	Provisions	1651.985	326.515	299.829
Total Current Liabilities		5853.018	3550.688	3516.734
Net Current Assets		(609.267)	479.154	127.046
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3108.842	2793.266	1856.967

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	5156.096	4549.253	3351.622
		Income from Royalty	0.000	0.000	119.457
		Other Income	1134.085	1156.749	686.438
		TOTAL (A)	6290.181	5706.002	4157.517
Less	EXPENSES
		Consumption Materials Changes Inventories	1420.546	1450.794	1079.747
		Manufacturing Expenses	271.130	309.766	275.815
		Payments to and Provision for Employees	670.682	615.762	534.678
		Administrative, Selling and Other Expenses	2263.904	1962.199	1519.636
		Voluntary Retirement Costs	0.000	0.000	1.026
		Prior year adjustment	0.000	(1.113)	(1.667)
		TOTAL (B)	4626.262	4337.408	3409.235
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1663.919	1368.594	748.282
Less	FINANCIAL EXPENSES (D)		26.909	12.880	17.304
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1637.010	1355.074	730.978
Less/ Add	DEPRECIATION/ AMORTISATION (F)		135.700	145.445	132.185
	PROFIT BEFORE TAX (E-F) (G)		1501.310	1210.629	598.793
Less	TAX (H)		275.252	105.994	15.765
	PROFIT AFTER TAX (G-H) (I)		1226.058	1104.275	583.028
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		888.414	284.132	(120.400)
Less	APPROPRIATIONS
		Transfer to General Reserve	(123.000)	(110.500)	(58.500)
		Interim Dividend on Equity Shares	(1172.192)	(205.130)	0.000
		Proposed Dividend on Equity Shares	0.000	(128.207)	(102.565)
		Tax on Proposed Dividend on Equity Shares	(190.159)	(21.294)	(17.431)
		Tax on Interim Dividend on Equity Shares	0.000	(34.862)	0.000
	BALANCE CARRIED TO THE B/S		629.121	888.414	284.132
	EXPORT VALUE		59.353	68.919	35.341
	IMPORTS VALUE		64.512	58.097	52.622
	Earnings Per Share (Rs.)		104.60	94.21	49.74

Particulars	31.03.2012
Sales Turnover (Approximately)	6000.000

Expected Sales (2012-2013) : Rs. 7000.000 Millions

The above information has been parted by Mr. Manoj Mehta.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	19.49	19.35	14.02
Net Profit Margin (PBT/Sales)	(%)	29.12	26.61	17.87
Return on Total Assets (PBT/Total Assets}	(%)	23.19	22.74	12.23
Return on Investment (ROI) (PBT/Networth)		0.70	0.53	0.38
Debt Equity Ratio (Total Liability/Networth)		3.17	1.78	2.25
Current Ratio (Current Asset/Current Liability)		0.90	1.13	1.04

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. Constructions 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	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	Yes
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	No
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
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

OPERATIONS:

SALES AND MARKETING

The Company has further improved overall performance with growth in Revenue. Efforts to further rationalize costs has also helped in achieving better performance. The overall monsoon during Kharif 2010 in most parts of the Country was satisfactory, however erratic and untimely rains have adversely affected seed production resulting in shortfall in availability of seed particularly Cotton and Bajra seed.

Several of the hybrids with BG-II technology supplied by the Company continued to be preferred choice of the farmer. The company is well placed and confident to build on this farmer preference in years to come. The prices of both BG and BG-II hybrids continued to be regulated by different State Governments.

Field Crops business registered an increase of about 17 % over the previous year largely due to improved realization and increased sales volumes of Forage seeds. Marginal increase in turnover of Bajra, Paddy and Jowar also contributed to turnover growth. Based on the performance during product trials new hybrid Maize and hybrid Paddy was introduced during the year which will help in increasing Company’s presence in new segment.

Vegetable BU achieved higher turnover, registering a growth of 23 % over the previous year.

FINANCE:

The company enjoys prime rating with the Consortium of Banks and the rates being offered by them are in line with such ratings.

Fitch Ratings, Mumbai assigned a National Long-term rating of A (ind) with a stable outlook and A (ind) /F1(ind) to the company’s fund based / non-fund based facilities from the Consortium of its Bankers.

As reported earlier, the Company was sanctioned Term Loan of Rs. 1000.000 Millions by the consortium of Bankers for funding the R and D expansion project, against which the company has drawn Rs. 501.200 Millions as on 31st March, 2011. The expansion project is expected to be completed during current Financial Year.

FORM 8

Corporate identity number of the company	U01100MH1970PLC014600
Name of the company	Maharashtra Hybrid Seeds Company Limited
Address of the registered office or of the principal place of business in India of the company	Resham Bhavan, 4th Floor, 78 Veer Nariman Road, Mumbai – 400020, Maharashtra, India manisha.vhatkar@mahyco.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Department of Biotechnology, 6-8^th Floor, Block No.2, CGO Complex, Lodhi Road, New Delhi-110003, Delhi, India
Nature of instrument creating charge	Deed of hypothecation dated 11th January, 2011 read with the original agreement Executed between the department of biotechnology and m/s Maharashtra hybrid seeds Company limited.
Date of instrument Creating the charge	11.01.2011
Amount secured by the charge	Rs. 9.256 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 2% p.a. up to Rs. 100.000 millions and 3% exceeding Rs. 100.000 millions Terms of repayment Ten Equal Half Yearly Installments Payable One Year After Closure Of The Project Margin 63.04% Extent and operation of the charge The whole of any movable properties of m/s Maharashtra hybrid seeds company limited. That Are purchased / acquired by the borrower using the loan amount, being a sum of Rs. 8.500 millions, and specific movable assets not previously encumbered, save and except book Debts, to a value equivalent to the amount of loan and interest thereon, i.e. Rs. 92.565 millions, shall be hypothecated to debt, till the full and final settlement of all dues to debt By the borrower.
Short particulars of the property charged (Including location of the property)	The whole of any movable properties of m/s Maharashtra hybrid seeds company ltd. That Are purchased / acquired by the borrower using the loan amount, being a sum of Rs. 8.500 millions, And specific movable assets not previously encumbered, save and except book debts, to A value equivalent to the amount of loan and interest thereon, i.e. Rs. 92.565 millions, shall Be hypothecated to debt, Till the full and final settlement of all dues to debt by the borrower.dbt shall have the First charge over the properties.

FIXED ASSETS

· Patents

· Rights for Development of Transgenic Crops

· Technology Development Cost

· Software Costs

· Enterprise Resources Planning Cost

· Freehold Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Projection Equipments

· Computers

· Laboratory Equipments

· Farm Equipments.

WEB SIDE DETAILS

PROFILE

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

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

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

AWARDS

NATIONAL AND GLOBAL RECOGNITION

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

National Award

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

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

FICCI Award

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

IARI Award

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

IMC Award

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

Life Membership at World Apex body

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

World Food Prize Award

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

Padma Bhushan Award

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

Biotechnology Award

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

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. 55.41
UK Pound	1	Rs. 86.04
Euro	1	Rs. 68.60

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--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	YES
--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.