MIRA INFORM REPORT

Report Date :

13.06.2012

IDENTIFICATION DETAILS

Name :	PARAKH AGRO INDUSTRIES LIMITED
Registered Office :	Parakh House, Plot No.1 and 2, Market Yard, Gultekdi, Pune – 411037, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.07.1987
Com. Reg. No.:	11-132583
Capital Investment / Paid-up Capital :	Rs. 480.000 Millions
CIN No.: [Company Identification No.]	U01403PN1987PLC132583
TAN No.: [Tax Deduction & Collection Account No.]	PNEP00528D
PAN No.: [Permanent Account No.]	AABCP0314L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Agro Based Product and Commodities.
No. of Employees :	1900 (Approximately)

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 3400000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an old established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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 :	Ms. Asma Shaikh
Designation :	Finance Manager
Contact No.:	91-20-24261733
Date :	06.06.2012

LOCATIONS

Registered Office / Corporate Office:	Parakh House, Plot No.1 and 2, Market Yard, Gultekdi, Pune – 411037, Maharashtra, India
Tel. No.:	91-20-24261733
Fax No.:	91-20-24263211
E-Mail :	info@parakhagro.com parakh_agro@vsnl.net asmashaikh@parakhagro.com
Website :	http://parakhagro.com
Location :	Owned
Branch Office / Factory 1 :	Plot No.D-230, T.T.C. Industrial Area, Thane Belapur Road, Opposite Tata Press, Shirawane – 400 613, Maharashtra, India
Tel. No.:	91-22-27632745-47 / 27685702
Fax No.:	91-22-27632755
Factory 2 :	Gat No.45/1-2-3, Village Bhandgaon, Taluka Daund, District Pune – 412 214, Maharashtra, India
Tel. No.:	91-2119-275377
Fax No.:	91-2119-275775
Factory 3 :	Gat No. 45/1-2-3, Village Devnavhe, Pali Road. Taluka Khopoli, District Raigad, Maharashtra, India
Factory 4 :	Food Processing Park, Plot No. 93-142, A.B. Road, Nimrani, District Kasravad, Tahsil-Khargaon, Madhya Pradesh, India
Factory 5 :	Plot No. 812 and 813, Sector No. III, Pithampur Industrial Area, District Dhar, Madhya Pradesh, India
Factory 6 :	Plot No. 73, Taloja Industrial Area, Village- Tongre, Taluka Panvel, District Raigad, Maharashtra, India

DIRECTORS

AS ON 30.06.2011

Name :

Mr. Prakash Harakchand Parakh

Designation :

Managing director

Address :

584/1, Salibury Park, Pune – 411 001, Maharashtra, India

Date of Birth/Age :

23.03.1956

Date of Appointment :

20.07.1987

DIN No.:

00337188

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	U01403PN1987PLC132583	PARAKH AGRO INDUSTRIES LIMITED	Managing director	01-04-09	20-07-87	Active	NO
2	U51101PN1993PLC075425	PARAKH INTERNATIONAL LIMITED	Director	03-12-93	03-12-93	Active	NO
3	U74999PN1981PLC023874	EM-KAY AGENCIES LIMITED	Director	15-04-94	15-04-94	Active	NO
4	U99999PN1994PTC083027	WONDERFUL PROPERTIES PRIVATE LIMITED	Director	25-04-97	25-04-97	Active	NO
5	U15412MP1995PLC009303	PARAKH BESAN MILLS LIMITED	Director	02-04-99	02-04-99	Active	NO
6	U31300MP1994PTC008421	DEWAS CONDUCTORS PRIVATE LIMITED	Director	05-04-99	05-04-99	Active	NO
7	U74220PN2002NPL017463	NATIONAL AGRICULTURE AND FOOD ANALYSIS AND RESEARCH INSTITUTE	Director	29-11-02	29-11-02	Active	NO
8	U70102PN2005PTC021651	JOLLYMAKER ESTATES PRIVATE LIMITED	Director	08-12-05	08-12-05	Active	NO
9	U70102PN2005PTC021650	SUDARSHAN PROPERTIES PRIVATE LIMITED	Director	08-12-05	08-12-05	Active	NO
10	U15142PN1993PLC071164	PARAKH OILS LIMITED	Managing director	01-04-09	01-02-09	Active	NO

Name :

Mr. Suresh Harakchand Parakh

Designation :

Managing director

Address :

584/1, Salibury Park, Pune – 411 001, Maharashtra, India

Date of Birth/Age :

15.04.1963

Date of Appointment :

20.07.1987

DIN No.:

00337190

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	U01403PN1987PLC132583	PARAKH AGRO INDUSTRIES LIMITED	Managing director	01-04-09	20-07-87	Active	NO
2	U51101PN1993PLC075425	PARAKH INTERNATIONAL LIMITED	Director	03-12-93	03-12-93	Active	NO
3	U74999PN1981PLC023874	EM-KAY AGENCIES LIMITED	Director	15-04-94	15-04-94	Active	NO
4	U99999PN1994PTC083027	WONDERFUL PROPERTIES PRIVATE LIMITED	Director	25-04-97	25-04-97	Active	NO
5	U15412MP1995PLC009303	PARAKH BESAN MILLS LIMITED	Director	02-04-99	02-04-99	Active	NO
6	U31300MP1994PTC008421	DEWAS CONDUCTORS PRIVATE LIMITED	Director	05-04-99	05-04-99	Active	NO
7	U70102PN2005PTC021650	SUDARSHAN PROPERTIES PRIVATE LIMITED	Director	08-12-05	08-12-05	Active	NO
8	U70102PN2005PTC021651	JOLLYMAKER ESTATES PRIVATE LIMITED	Director	08-12-05	08-12-05	Active	NO
9	U15142PN1993PLC071164	PARAKH OILS LIMITED	Managing director	01-04-09	01-08-06	Active	NO

Name :

Mr. Harakchand Kesharchand Parakh

Designation :

Director

Address :

584/1, Salibury Park, Pune – 411 001, Maharashtra, India

Date of Birth/Age :

23.10.1932

Date of Appointment :

23.06.1991

DIN No.:

00382908

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	U01403PN1987PLC132583	PARAKH AGRO INDUSTRIES LIMITED	Director	23-06-91	23-06-91	Active	NO
2	U51101PN1993PLC075425	PARAKH INTERNATIONAL LIMITED	Director	03-12-93	03-12-93	Active	NO
3	U74999PN1981PLC023874	EM-KAY AGENCIES LIMITED	Director	15-04-94	15-04-94	Active	NO
4	U15412MP1995PLC009303	PARAKH BESAN MILLS LIMITED	Director	02-04-99	02-04-99	Active	NO

Name :

Mr. Mahavir Rikhabchand Dugad

Designation :

Whole-time director

Address :

208/ 5647, Anita Kutir Housing Society, Pant Nagar, Santacruz (East), Mumbai – 400075, Maharashtra, India

Date of Birth/Age :

09.09.1972

Date of Appointment :

01.04.2009

DIN No.:

02687353

Name :

Mr. Mahendra Deepchand Lunawat

Designation :

Whole-time director

Address :

A/P, Shilphata Khopoli, Taluka Khalapur, Raigad, Shilphata – 410203, Maharashtra, India

Date of Birth/Age :

01.05.1965

Date of Appointment :

01.04.2009

DIN No.:

02696183

Name :

Mr. Vinay Ganpatrao Nalawade

Designation :

Director

Address :

3/TI Models Residency, Nt St Ines Church St Ines, Panji – 403002, Goa, India

Date of Birth/Age :

20.10.1968

Date of Appointment :

01.04.2009

DIN No.:

02696856

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	U01403PN1987PLC132583	PARAKH AGRO INDUSTRIES LIMITED	Director	30-09-09	01-04-09	Active	NO

KEY EXECUTIVES

Name :	Shekhar Ghatpande and Company
Designation :	Company Secretaries
Address :	‘Saraswati’, Flat No. 13, 3^rd Floor, 93, Rambaug Colony, Paud Road, Kothrud, Pune – 411038, Maharashtra, India
Qualification :	B.Com, D.T.L., F.C.S.
Email ID :	shekhar_fcs1659@yahoo.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2011

Names of Shareholders	No. of Shares
Mr. Parakh Kesharchand Harakchand	960000
Mr. Parakh Harakchand Prakash	12219975
Mr. Parakh Harakchand Suresh	11246650
Mrs. Parakh Harakchand Patashibai	960000
Mrs. Parakh Prakash Asha	5700000
Mrs. Parakh Suresh Anju	4800000
Mr. Parakh Suresh Harshal	3496650
Mr. Parakh Suresh Mayank	3496650
Mr. Parakh Prakash Akash	5120075
Total	48000000

AS ON 30.06.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Agro Based Product and Commodities.
Products :	Flour / Besan / Wheat Film Power Generation (Windmill)
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

1900 (Approximately)

Bankers :

v Corporation Bank, H-2406 East Street, Camp, Pune – 411001, Maharashtra, India

v Axis Bank Limited, Daund Branch

v Central Bank of India

v Bank of Maharashtra,

v Oriental Bank of Commerce

v Bank f India

v ICICI Bank

v Kotak Mahindra Bank

v HDFC Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans secured	733.015	596.896
Working Capital Loans secured	214.695	503.150
Loans taken for fixed assets secured	11.589	8.299
Other Debts secured	500.000	235.000
Total	1459.299	1343.345
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loans Directors	126.732	146.896
Total	126.732	146.896

Banking Relations :	--
Financial Institution :	Axis Trustee Services Limited, Axis House, 2^nd Floor, Bombay Dyeing Mills Compound, Pandurang Bhudhkar Marg, Worli, Mumbai – 400025, Maharashtra, India CIN No.: U74999MH2008PLC182264 Kotak Mahindra Primus Limited
Auditors :
Name :	Shah Kahndelwal Jain and Associates Chartered Accountants
Address :	Alankar Cinema Building, Pune Station, Pune – 411001, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AACSK3470E
Associates :	Parakh Besan Mills Limited Parakh Foods International Limited Parakh Oils Limited Emkay Agencies Limited Dewas Conductors Private Limited Wonderful Properties Private Limited Akash Developers Anand Developers Gemini Developers Samrat Developers Arihant Developers

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
48000000	Equity Shares	Rs.10/- each	Rs.480.000 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		480.000	480.000	300.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		420.000	420.000	0.000
4] (Accumulated Losses)		(31.719)	(116.748)	(51.422)
NETWORTH		868.281	783.252	248.578
LOAN FUNDS
1] Secured Loans		1459.299	1343.345	1387.920
2] Unsecured Loans		126.732	146.896	600.774
TOTAL BORROWING		1586.031	1490.241	1988.694
DEFERRED TAX LIABILITIES		199.852	191.385	168.124
TOTAL		2654.164	2464.878	2405.396
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1934.854	1712.862	1579.168
Capital work-in-progress		0.000	0.000	10.036
INVESTMENT		3.695	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	558.973	697.062	476.885
	Sundry Debtors	346.512	352.337	323.423
	Cash & Bank Balances	147.882	193.930	157.323
	Other Current Assets	161.354	67.048	0.000
	Loans & Advances	110.729	110.924	148.471
Total Current Assets		1325.450	1421.301	1106.102
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	561.285	608.855	208.303
	Other Current Liabilities	33.514	35.949	79.227
	Provisions	15.036	24.481	2.380
Total Current Liabilities		609.835	669.285	289.910
Net Current Assets		715.615	752.016	816.192
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2654.164	2464.878	2405.396

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	8286.687	6881.131	5929.563
		Other Income	11.253	19.786	7.443
		TOTAL	8297.940	6900.917	5937.006
Less	EXPENSES
		Raw Materials Consumed	6774.808	5673.186
		Manufacturing Expenses	337.270	246.043
		Employees Related expenses	60.389	50.367
		Selling Expenses	721.340	522.047
		TOTAL	7893.807	6491.643	5679.550
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		404.133	409.274	257.456
Less	FINANCIAL EXPENSES		170.966	142.949	151.273
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		233.167	266.325	106.183
Less/ Add	DEPRECIATION/ AMORTISATION		157.593	136.128	105.685
	PROFIT BEFORE TAX		75.574	130.197	0.498
Less	TAX		23.634	45.523	6.633
	PROFIT AFTER TAX		51.940	84.674	(6.135)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(116.748)	(201.422)	(195.287)
	BALANCE CARRIED TO THE B/S		(64.808)	(116.748)	(201.422)
	Earnings Per Share (Rs.)			1.76	(0.20)

Particulars	31.03.2012
Sales Turnover (Approximately)	7100.000

Expected Sales (2012-2013) : Rs. 7400.000 Millions

The above information has been parted by Ms. Asma Shaikh (Finance Manager)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.63	1.23	(0.10)
Net Profit Margin (PBT/Sales)	(%)	0.91	1.89	0.01
Return on Total Assets (PBT/Total Assets}	(%)	2.32	4.15	0.00
Return on Investment (ROI) (PBT/Networth)		0.09	0.17	0.00
Debt Equity Ratio (Total Liability/Networth)		2.53	2.76	9.17
Current Ratio (Current Asset/Current Liability)		2.17	2.12	3.82

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. Constitution 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	No
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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U01403PN1987PLC132583
Name of the company	PARAKH AGRO INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	Parakh House Plot No 1 and 2 Market Yard, Gultekdi, Pune – 411037, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the modified	10297799
Type of charge	Immovable Property Movable Property
Particular of charge holder	Axis Trustee Services Limited, Axis House, 2^nd Floor, Bombay Dyeing Mills Compound, Pandurang Bhudhkar Marg, Worli, Mumbai – 400025, Maharashtra, India Email ID: debenturetrustee@axistrustee.com
Nature of description of the instrument creating or modifying the charge	No instrument was executed. A mortgage by physical delivery of title deeds was created on July 19, 2011 in favour of Axis Trustee Services Limited acting as Security Trustee for facilities aggregating Rs. 2889.400 Millions sanctioned to Parakh Agro Industries Limited in respect of immovable properties of the Company situated in the State of Madhya Pradesh as per Annexure I of the letter dated August 17, 2011 of the Security Trustee attached.
Date of instrument Creating the charge	19.07.2011
Amount secured by the charge	Rs. 2889.400 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Per Sanction of Respective Consortium Member Bank ( No Change In Original Charge) Terms of Repayment As Per Sanction of Respective Consortium Member Bank Margin As Per Sanction of Respective Consortium Member Bank Extent and Operation of the charge Charge in favour of Axis Trustee Services Limited acting as Security Trustee for facilities aggregating Rs. 2889.400 millions sanctioned to Parakh Agro Industries Limited in respect of immovable properties of the Company situated in the State of Madhya Pradesh as per Annexure I of the letter dated August 17, 2011 of the Security Trustee attached in addition to the existing charge.
Short particulars of the property charged	Mortgage of piece and parcel of land bearing Plot Nos. 811A, 812 and 813 Admea. 96, 940 sq. Metres situated at the Industrial Area No. III, Pithampur, Tehsil and District Dhar ( M.P.) Together with building and structure thereon and plant and machinery attached to the earth. Mortgage of piece and parcel of land Admea. 34,272 sq. Mtrs bearing Plot Nos. 93 to 119 and 132 to 138 and 140 to 142 situated at Food Processing Park, Village, Nimrani, Tehsil Kasarwad, District Kargone Mortgage of piece and parcel of land bearing Survey No. 290 Paiki Situated At Rasalpur, P.H.N. 27 Tehsil and District Dewas comprising of area Admea. Approximately 0.405 total 4051.85 sq. Metres together with building and structure thereon and plant and machinery attached to the earth. Continuation of the security already offered as mortgage of property situated at Plot No l-73 taloja, Plot No D-230 Vashi, Survey No. 17/1,17/3A,17/3B,25/2B,25/3A and 25/3B Khalapur, Khopoli, Dist Raigad, Gat No 45 Hissa No 1, Gat No 45/3 and Gat No 45 Hissa No 2 situated at Bhandgaon Taluka Daund, 6 windmills and land situated at Gat No 21/52/2 and 21/1B/7 Ranjangaon, Sakari and Gat No 475 and Gat No 466/4 at Chadvel Taluka Sakari, Location No BB-4 and BB - 6, Plot No SW-3 Gat No 1781 Brahmanwel, Sakari Mortgage of whole of the company's movable properties including plant and machinery, Current assets etc.
Particulars of the present modification	The charge created in favour of Axis Trustee Services Limited (acting as Security Trustee for Facilities aggregating Rs. 2889.400 millions availed by Parakh Agro Industries Limited from various lenders) is further secured by a charge on immovable properties of the Company situated in the State of Madhya Pradesh as per Annexure I of the letter dated August 17, 2011 of the Security Trustee attached.

AS PER WEBSITE DETAILS

PROFILE

• One of the Leading Manufacturer of FMCG Commodities
• Manufacturer's of Wheat Products, Chakki Atta, All types of Pulses and Besan
• 8 Plants Located in Central and Western India
• 30 Years of Rich Experience in FMCG commodity Supply Chain Management]
• ISO 9001:2008 / ISO 22000:2006 1 HACCP Certified Plants
• Strong Retail and Distribution Network across India

MILESTONE

• One of the Leading Manufacturer of FMCG Commodities
• Manufacturers of Wheat Products, Chakki Atta, all types of Pulses and Besan
• 8 Plants located in central and western India
• 30 Years of rich experience in FMCG commodity Supply Chain Management
• ISO 9001 / 15022000 1 HACCP Certified Plants
• Strong retail and distribution network in west and south India
• India's only Kodak flexcel NX Digital flexographic plate making system

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. 56.05
UK Pound	1	Rs. 86.69
Euro	1	Rs. 69.98

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	3
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	3
--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	NO
--AFFILIATION	YES/NO	YES
--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	-

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