MIRA INFORM REPORT

Report Date :

03.12.2013

IDENTIFICATION DETAILS

Name :	GSP CROP SCIENCE PRIVATE LIMITED
Formerly Known As :	GUJARAT SUPERPHOSPHATE INDUSTRIES PRIVATE LIMITED
Registered Office :	404, Lalita Complex, 352/3, Rasala Road, Near Jain Temple, Navrangpura, Ahmedabad - 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.02.1985
Com. Reg. No.:	04-007641
Capital Investment / Paid-up Capital :	Rs.250.000 Millions
CIN No.: [Company Identification No.]	U24120GJ1985PTC007641
TAN No.: [Tax Deduction & Collection Account No.]	AHMG00810F
PAN No.: [Permanent Account No.]	AAACG7984Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Agro Chemicals.
No. of Employees :	650 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 3300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is a well established company having satisfactory track record. The company has seen a healthy growth in its sales volume as well as net profitability during 2013. Overall position seems to be above average. Trade relations are fair. Business is active. Payment terms are reported as usually correct. 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.

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB (Long Term Rating)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	22.11.2013

Rating Agency Name	CRISIL
Rating	A3+ (Short Term Rating)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	22.11.2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (EMPLOYEE PROVIDENT FUND) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Atish Shah
Designation :	General Manager in Finance
Contact No.:	91-9687652934
Date :	29.11.2013

LOCATIONS

Registered Office :	404, Lalita Complex, 352/3, Rasala Road, Near Jain Temple, Navrangpura, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-26466580 / 26440493 / 26449936
Fax No.:	91-79-26448872 / 22901047
E-Mail :	atishshah@gspcrop.co.in saumil@gspcorp.in alkesh@gspcorp.in info@gspcorp.in bpiad1@sanchanet.in bpi@ad1.vsnl.net.in gspabhijit@gspcrop.co.in saumil_gsp@yahoo.co.in gspcrop@vsnl.net
Website :	www.gspcorp.in
Area :	2000 sq. fts.
Location :	Owned
Corporate Office :	1^st Floor, Amar Chambers, Relief Road, Kalupur, Ahmedabad –380002, Gujarat, India
Tel. No.:	91-79-27430299 / 27489081
Fax No.:	91-79-27435431
Location :	Owned
Factory 1 :	Plot No. 101 to 103, GVMM Industrial Estate, Odhav Road, Ahmedabad – 382415, Gujarat, India
Tel. No.:	91-79-22900927 / 22900528 / 22873927 / 22871030
Fax No.:	91-79-22902526
E-Mail :	gujaratsuper@satyam.net.in
Area :	50000 sq. fts.
Location :	Owned
Factory 2 :	551, Phase II, GIDC Kathwada, O/S Odhav Octroi Naka, Ahmedabad – 382430, Gujarat, India
Tel No. :	91-79-22902556 / 22900451
Fax No.:	91-79-22901047
Factory 3:	Plot No. 1, GIDC Estate Nandesari-391340, District Baroda, Gujarat, India
Tel No.:	91-265-2841517
Fax No.:	91-265-2840117

DIRECTORS

As on: 30.09.2013

Name :	Mr. Bhavesh Vrajmohan Shah
Designation :	Joint Managing director [w.e.f. 01.01.2011]
Address :	35 Manikamal Co-operative Society, Sal Hospital road, Near Surdhara Circle, Thaltej, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	30.09.1971
Date of Appointment :	01.03.1994
DIN No.:	00094669
Name :	Mr. Kenal Vrajmohan Shah
Designation :	Managing director [w.e.f. 01.01.2011]
Address :	29/11 Manikamal Society, VI-2 Surdhara Circle, Thaltej, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	31.10.1969
Date of Appointment :	01.03.1994
DIN No.:	00094439
Name :	Mr. Vrajmohan Ramanlal Shah
Designation :	Director
Address :	11 Manikamal Society, VI-2 Surdhara Circle, Thaltej, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	03.12.1941
Date of Appointment :	12.11.1985
DIN No.:	00094656

KEY EXECUTIVES

Name :	Mr. Atish Shah
Designation :	General Manager in Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Vrajmohan.Ramanlal Shah	341750
Vrajmohan.Ramanlal Shah (HUF)	194140
Vrajmohan.Ramanlal Shah, Joint V.C Shah ,H.V. Shah and Joint Others	50
Vilasben Vrajmohan Shah	176250
Kenal Vrajmohan Shah	586710
Kenal Vrajmohan Shah (HUF)	52190
Falguni. K. Shah	56125
Bhavesh Vrajmohan Shah	583520
Bhavesh Vrajmohan Shah (HUF)	52190
Deepa B Shah	56125
V R Shah and V V Shah	267630
Anees Mohammed	24000
Arief Mohammed	24000
Munaf Mohammed	24000
Younus Mohammed	24000
Tirth Shah	133320
Total	2596000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Directors or relatives of Directors	96.30
Other top fifty shareholders	3.70
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Agro Chemicals.

Products :

· Insecticides

· Fungicides

· Herbicides

· Public Health Formulations

· Seed Treatment Chemicals

Products	ITC Code
Pesticides	38089910

Exports :

Products :

Pesticides and Insecticides

Countries :

· Latin America

· Australia

· Gulf Countries

Imports :

Products :

Raw Material

Countries :

· China

· Japan

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

650 (Approximately)

Bankers :

State Bank of India, Overseas Branch, 3rd Floor, Amrit Jayanti Bhavan, Navjivan Trust Complex, P.O. Navjivan, Ahmedabad - 380014, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Rupee term loans from banks	15.000	60.670
Other loans and advances	5.001	1.762
SHORT TERM BORROWINGS
Working capital loans from banks	740.381	619.002
Total	760.382	681.434

Banking Relations :	--
Auditors :
Name :	Borkar and Muzumdar Chartered Accountants
Address :	B - 408 Premium House Near Gandhigram Railway Station Ashram Road Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26580401 / 26580412
E-Mail :	gunvant_kotadia@yahoo.co.in
PAN No.:	AAAFD3194J
Associate :	Bharat Pesticides Industries Private Limited CIN No.: U24299GJ1971PTC001989
Other Related Party :	Universal Chemical Industries

CAPITAL STRUCTURE

As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.100/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2596000	Equity Shares	Rs.100/- each	Rs.259.600 Millions

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.100/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.100/- each	Rs.250.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	250.000	250.000	250.000
(b) Reserves & Surplus	575.733	251.457	182.932
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	825.733	501.457	432.932
(3) Non-Current Liabilities
(a) long-term borrowings89.628	89.628	175.270	210.132
(b) Deferred tax liabilities (Net)	0.000	0.000	3.263
(c) Other long term liabilities	9.279	0.610	2.598
(d) long-term provisions	0.962	1.853	2.506
Total Non-current Liabilities (3)	99.869	177.733	218.499
(4) Current Liabilities
(a) Short term borrowings	740.381	619.002	602.947
(b) Trade payables	958.813	624.210	545.398
(c) Other current liabilities	325.700	205.192	198.498
(d) Short-term provisions	144.377	32.048	2.150
Total Current Liabilities (4)	2169.271	1480.452	1348.993
TOTAL	3094.873	2159.642	2000.424
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	420.641	409.949	441.080
(ii) Intangible Assets	15.558	0.113	0.157
(iii) Capital work-in-progress	104.283	0.000	0.000
(iv) Intangible assets under development	0.000	6.120	5.613
(b) Non-current Investments	0.046	0.046	0.046
(c) Deferred tax assets (net)	7.708	3.159	0.000
(d) Long-term Loan and Advances	18.584	15.522	15.078
(e) Other Non-current assets	6.047	3.587	2.518
Total Non-Current Assets	572.867	438.496	464.492
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1296.240	879.601	815.661
(c) Trade receivables	933.942	678.320	491.530
(d) Cash and cash equivalents	213.290	104.880	137.654
(e) Short-term loans and advances	78.534	58.345	91.087
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	2522.006	1721.146	1535.932
TOTAL	3094.873	2159.642	2000.424

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Turnover	4752.100	3500.400	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		579.222	188.580	183.155
Less/ Add	DEPRECIATION/ AMORTISATION		84.411	89.279	94.764
	PROFIT BEFORE TAX		494.811	99.301	88.391
Less	TAX		170.535	30.776	28.472
	PROFIT AFTER TAX		324.276	68.525	59.919
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.245	6.720	6.801
Less	APPROPRIATIONS
		Transfer to General Reserve	320.000	75.000	60.000
	BALANCE CARRIED TO THE B/S		4.521	0.245	6.720
	EARNINGS IN FOREIGN CURRENCY		582.900	590.100	559.300
	Earnings Per Share (Rs.)		129.71	27.41	23.97

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	10.41	2.84	NA
Return on Total Assets (PBT/Total Assets}	(%)	16.59	4.62	4.43
Return on Investment (ROI) (PBT/Networth)		0.60	0.20	0.20
Debt Equity Ratio (Total Debt /Networth)		1.01	1.58	1.88
Current Ratio (Current Asset/Current Liability)		1.16	1.16	1.14

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF CURRENT MATURITIES OF LONG-TERM DEBT

(Rs. in Millions)

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Current maturities of long-term debt	66.349	57.588	54.039

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
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	No
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 (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	Yes
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS:

HIGH COURT OF GUJARAT

MISC.CIVIL APPLICATION No. 2483 of 2013

In CIVIL APPLICATION/ 8074/ 2013 ( DISPOSED ) On : 05/09/2013

Status : PENDING

( Converted from : C/MCAST/2511/2013 )

CCIN No : 001016201302483

Next Listing Date:

05/12/2013

Coram

HONOURABLE MR.JUSTICE RAJESH H.SHUKLA

Not Before :

HONOURABLE MR.JUSTICE KSHITIJ R.VYAS HONOURABLE MR.JUSTICE N.G.NANDI HONOURABLE MR.JUSTICE P.B.MAJMUDAR HONOURABLE MR.JUSTICE Y.B.BHATT

S.NO.	Name of the Petitioner	Advocate On Record
1	CROP LIFE INDIA	NANAVATI ASSOCIATES for: Applicant(s)  1

S.NO.	Name of the Respondant	Advocate On Record
1 2 3 4 5 6 7 8 9 10 11	PESTICIDES MANUFACTURERS AND FORMULATORS ASSOCIATION OF INDIA AGROCHEMICALS MANUFACTURERS ASSOCIATION OF INDIA CONFERATION OF ALL INDIA SMALL AND MEDIUM PESTICIDES MANUFACTURERS ASSOCIATYION - CAPMA MEGHMANI ORGANICS LTD GSP CROP SCIENCE -P LTD GUJARAT KRUSHI RASAYAN PVT LTD BARODA MINERALS GIRINDING INDUSTRIES PRESCIENTS INDUSTRIES LTD UNION OF INDIA REGISTRATION COMMITTEE BASF INDIA LIMITED more	MS MANISHA LAVKUMAR for :Opponent(s)  1 - 8 MR VH KANARA for :Opponent(s)  10 MR IH SYED for :Opponent(s)  9

Presented On	: 07/10/2013	Registered On	: 21/10/2013
Bench Category	: -	District	: AHMEDABAD
Case Originated From	: THROUGH ADVOCATE	Listed	: 5 times
Stage Name	: ADMISSION - MCA
Classification	· SJ - CIVIL MISC. APPLICATION - CODE OF CIVIL PROCEDURE, 1908 - REVIEW / MODIFICATION / DIRECTION / EXTENSION OF TIME / CLARIFICATION
Act	· CIVIL PROCEDURE CODE, 1908

OFFICE DETAILS

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	07/10/2013	APPEARANCE NOTE	NANAVATI ASSOCIATES ADVOCATE for PETITIONER(s)  1	0	NANAVATIASSOCIATES(1375) for P:1
2	07/10/2013	MEMO OF APPEAL/PETITION/SUIT	NANAVATI ASSOCIATES ADVOCATE for PETITIONER(s)  1	20	NANAVATIASSOCIATES(1375), for P:1

S. No.	CaseDetail	Status Name	Disposal Date	Action/Coram
1	MISC.CIVIL APPLICATION/2496/2013	PENDING	-	- HONOURABLE MR.JUSTICE RAJESH H.SHUKLA

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	22/10/2013	14	156	FOR REMOVAL OF OFFICE OBJECTIONS	NEXT DATE	HONOURABLE MR.JUSTICE ANANT S. DAVE
2	24/10/2013	14	2	FOR REGULAR ADMISSION	NEXT DATE	HONOURABLE MR.JUSTICE RAJESH H.SHUKLA
3	13/11/2013	14	1	FOR REGULAR ADMISSION	NEXT DATE	HONOURABLE MR.JUSTICE S.R.BRAHMBHATT  HONOURABLE MR.JUSTICE RAJESH H.SHUKLA
4	21/11/2013	14	1	FOR REGULAR ADMISSION	NEXT DATE	HONOURABLE MR.JUSTICE RAJESH H.SHUKLA
5	26/11/2013	14	1	FOR REGULAR ADMISSION	NEXT DATE	HONOURABLE MR.JUSTICE RAJESH H.SHUKLA
6	05/12/2013	14	-	ADMISSION - MCA	undefined	HONOURABLE MR.JUSTICE RAJESH H.SHUKLA

S. No.	Case Details	Judge Name	Order Date	CAV	Judgment/Order	Download
1	MISC.CIVIL APPLICATION/2483/2013	HONOURABLE MR.JUSTICE S.R.BRAHMBHATT	13/11/2013	N	ORDER	Download
2	MISC.CIVIL APPLICATION/2483/2013	HONOURABLE MR.JUSTICE RAJESH H.SHUKLA	24/10/2013	N	ORDER	Download
3	MISC.CIVIL APPLICATION/2483/2013	HONOURABLE MR.JUSTICE RAJESH H.SHUKLA	26/11/2013	N	ORDER	Download

S. No.	ApplicantName	ApplicationType	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	U.R.PATHAK PINP	ORDINARY	25/11/2013	O/35888/2013	-	30/11/2013	-	Notified	MEMO WITH ANNEX

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Loans and advances from directors	36.004	36.736
Other loans and advances	33.623	76.102
Total	69.627	112.838

PERFORMANCE AND OPERATIONS:

The Company has registered sales turnover during the year to the tune of Rs 4752.100 Millions as compared to Rs. 3500.400 Millions in the previous year. The Profit After tax has increased from Rs. 68.500 Millions to Rs. 324.300 Millions. The company has achieved this phenomenal growth in Profit majorly due to good performance of newly introduced product in the market. The board has pleasure in informing that the new effluent treatment plant at Nandesari which was under construction during the last financial year is now operational and as a result the production at existing Unit-3 has increased.

CORPORATE INFORMATION:

Subject is a private limited Company domiciled in India & incorporated under the provisions of The Companies Act, 1956.

The Company is engaged in manufacturing of Agro Chemicals. The Company caters to both Domestic and international market.

The Company is having four manufacturing units and Head Office, in the state of Gujarat. The Company is having in house R & D unit at Odhav, Ahmadabad and is in the process of setting up ETP Plant adjacent to Unit-3 at GIDC Nandesari, Vadodara.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10409775	23/02/2013	1,461,900,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, 3RD FLOOR, AMRIT JAYANTI BHAVAN, NAVJIVAN TRUST COMPLEX, P.O. NAVJIVAN, AHMEDABAD, Gujarat - 380014, INDIA	B70002316
2	90096988	02/09/2013 *	1,791,900,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, 3RD FLOOR, AMRIT JAYANTI BHAVAN, NAVJIVAN TRUST COMPLEX, P.O. NAVJIVAN, AHMEDABAD, Gujarat - 380014, INDIA	B85470177
3	90102475	23/02/2013 *	330,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, 3RD FLOOR, AMRIT JAYANTI BHAVAN, NAVJIVAN TRUST COMPLEX, P.O. NAVJIVAN, AHMEDABAD, Gujarat - 380014, INDIA	B70450184

* Date of charge modification

FIXED ASSETS:

· Leasehold / Freehold Land

· Bore Well

· Laboratory Equipments

· Plant and Machineries

· Electric Installation

· Factory Equipments

· Factory Shed

· Office Building

· Office Equipments

· Furniture and Fixtures

· Computer

· Vehicles

· Technical Know How

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.62.23
UK Pound	1	Rs.102.14
Euro	1	Rs.84.64

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.