MIRA INFORM REPORT

Report Date :

13.12.2013

IDENTIFICATION DETAILS

Name :	VIMAL AGRO PRODUCTS PRIVATE LIMITED
Registered Office :	Ten Road, GIDC, Bardoli, Surat -394601, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.10.1988
Com. Reg. No.:	04-011372
Capital Investment/ Paid-up Capital:	Rs.36.000 Millions
CIN No.: [Company Identification No.]	U15131GJ1988PTC011372
PAN No.: [Permanent Account No.]	AAACV8036E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Agro Products
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1717220
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track. The company has seen an increase in its sales volume as well as net profitability during 2013. The company possesses an above average financial risk. Profile marked by moderate networth. The ratings also take into consideration the small scale of operations and moderate market position in the processed food industry. However, 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating : BBB-
Rating Explanation	Moderate degree of Safety and moderate credit risk
Date	16.10.2013
Rating Agency Name	CRISIL
Rating	Short Term Rating : A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	16.10.2013

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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 Sandeep
Designation :	Director
Contact No.:	91-9825132859
Date :	30.11.2013

LOCATIONS

Registered Office/Factory :	Ten Road, GIDC, Bardoli, Surat -394601, Gujarat, India
Mobile No. :	91-9825132859 (Mr. Sandeep)
E-Mail :	vimalagro@gmail.com
Website :	http://www.vimalagro.com

DIRECTORS

(As on 30.09.2013)

Name :

Mr Sandeep Subhashchandra Nemani

Designation :

Director

Address :

Nemani Niwas, Near Shukla Hospital, M. G. Road, Bardoli, Surat, Gujarat, India

Date of Birth/Age :

07.01.1972

Date of Appointment :

05.08.1994

DIN No:

01112153

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15131GJ1988PTC011372	VIMAL AGRO PRODUCTS PRIVATE LIMITED	Director	5/8/1994	5/8/1994	-	Active	NO
2	U28999GJ1996PTC030861	VINDEC TINBOX COMPANY PRIVATE LIMITED	Director	3/10/1996	3/10/1996	-	Active	NO

Name :

Mr. Piyushkumar Subhashchandra Nemani

Designation :

Director

Address :

Nemani Niwas, Near Shukla Hospital, M. G. Road, Bardoli, Surat, Gujarat, India

Date of Birth/Age :

17.11.1967

Date of Appointment :

14.10.1988

DIN No:

01113813

Name :

Mr. Subhashchandra Parsotam Nemani

Designation :

Managing Director

Address :

Nemani Niwas, Near Shukla Hospital, M. G. Road, Bardoli, Surat, Gujarat, India

Date of Birth/Age :

30.09.1946

Date of Appointment :

14.10.1988

DIN No:

01509584

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 30.09.2013)

Names of Shareholders	No. of Shares
Mr.Subhashchandra Parsotamdas Nemani	17700
Mr.Sandeep Subhashchandra Nemani	8000
Mrs.Sushiladevi Nemani	6800
Mr.Piyush Subhashchandra Nemani	10100
Mrs.Renu P.Nemani	6200
Mrs.Shweta S. Nemani	8200
Mr.Subhash Nemani HUF	5000
Mr.Piyush Nemani HUF	5000
Mr.Sandeep Nemani HUF	5000
Total	72000

(As on 30.09.2013)

Category	Percentage
Directors or relatives of directors	50.00
Other top fifty shareholders	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Agro Products

Products :

ITC Code No.	Product Description
081290	Mango Pulp
071190	Canned Vegetables
200190	Mango Pickles
190190.09	Papad

Exports :

Products :

Finished Good

Countries :

· UK

· USA

· Japan

Imports :

Products :

Raw Material

Countries :

· China

· Thailand

Terms :

Selling :

L/C, Credit

Purchasing :

L/C, Credit

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Mid Corporate Branch, Trade House, Opposite Mandarwaja Fire Station, Ring Road, Surat - 395002, Gujarat, India

Facilities :

Secured Loan	31.03.2013	31.03.2012
	(Rs. In Millions)
Term Loan (E.O.U. Division)	38.768	36.969
Term Loan (Power Division)	3.387	3.517
Working Capital Secured Loans
Indian rupee loans from banks	100.636	121.265
Current portion of term & vehicle loans from long term borrowing	26.669	26.791
Total	169.460	188.542
Unsecured Loan	31.03.2013	31.03.2012
	(Rs. In Millions)
From Directors & shareholders	16.627	20.000
Total	16.627	20.000

Note

Term loans are secured by hypothecation of respective assets. They are collaterally secured by way of charge over factory land and building at Plot No. 408 & 413, Ten Road, Bardoli Lien over Tdrs of Rs. 0.26 crores and entire current assets of the company. They are also secured by personal guarantee of the directors of the company.

Hire purchase vehicle loans availed for the purchase of vehicles is secured by hypothecation of respective vehicle.

The credit facilities availed from state bank of india is secured by hypothecation all the current assets of the company. They are collaterally secured by way of charge over plant and machinery and wind mill of the company. They are also secured by way of extention of EM Over factory land and building at Plot No. 408 & 413, Ten Road, Bardoli . They are also secured by personal guarantee of the directors of the company.

Banking Relations :	--
Auditors :
Name :	SNK and company Chartered Accountants
Address :	SNK HOUSE, 31-A, Adarsh Society Opposite Seventh Day High School, Athwalines, Surat - 395001, Gujarat, India
PAN No.:	AAJFS8455L

CAPITAL STRUCTURE

(As on 31.03.2013)

Authorised Capital :

No. of Shares	Type	Value	Amount
80,000	Equity Share	Rs.500/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72,000	Equity Share	Rs.500/- each	Rs.36.000 Millions

Notes :

(Out of which 15,000 Equity shares are fully paid in cash and remaining 57,000 Equity shares in cash and remaining 57,000 Equity shares have been issued as Bonus shares)

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	36.000	36.000	36.000
(b) Reserves & Surplus	169.615	156.891	145.813
(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)	205.615	192.891	181.813
(3) Non-Current Liabilities
(a) long-term borrowings	35.070	62.701	50.233
(b) Deferred tax liabilities (Net)	35.530	35.016	29.920
(c) Other long term liabilities	0.000	0.042	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	70.600	97.759	80.153
(4) Current Liabilities
(a) Short term borrowings	127.306	148.056	135.380
(b) Trade payables	17.694	29.785	7.771
(c) Other current liabilities	0.919	3.199	6.799
(d) Short-term provisions	7.171	5.072	5.859
Total Current Liabilities (4)	153.090	186.112	155.809
TOTAL	429.305	476.762	417.775
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	192.325	196.881	183.924
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	1.858
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	51.649	53.717	79.608
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	5.508	7.897	4.018
Total Non-Current Assets	249.482	258.495	269.408
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	80.747	125.190	74.424
(c) Trade receivables	71.900	71.441	45.743
(d) Cash and cash equivalents	6.629	2.434	5.247
(e) Short-term loans and advances	0.379	1.395	13.554
(f) Other current assets	20.168	17.807	9.399
Total Current Assets	179.823	218.267	148.367
TOTAL	429.305	476.762	417.775

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Revenue from Operations	521.976	410.584
		Other Income	0.420	0.094
		TOTAL	522.396	410.678
	EXPENSES
		TOTAL	500.242	391.664
	PROFIT BEFORE TAX		22.154	19.015
Less	TAX		9.100	9.400
	PROFIT AFTER TAX		13.054	9.615

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income	348.537
		Export Incentives	18.979
		Other Income	0.542
		TOTAL (A)	368.058
Less	EXPENSES
		Materials	173.517
		Manufacturing and operating expenses	122.005
		Sales and Administrative expenses	37.377
		Increase/Decrease in Stock	(15.238)
		TOTAL (B)	317.661
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		50.397
Less	FINANCIAL EXPENSES (D)		18.223
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		32.174
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.191
	PROFIT BEFORE TAX (E-F) (G)		19.983
Less	TAX (H)		12.361
	PROFIT AFTER TAX (G-H) (I)		7.622
Add	Share of Profit /loss from Partnership Firms		0.000
Add	Profit from sale of Shares/securities		0.000
Add	Profit/loss on sale of fixed assets		(0.551)
Add	Profit/loss from mutual fund		(3.838)
Add	Income/loss from investments in mutual funds		0.000
Add/Less	Previous Year adjustment		(0.270)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		138.414
Less	APPROPRIATIONS
		Dividend	0.000
		Tax on Dividend	0.000
	BALANCE CARRIED TO THE B/S		141.377
	EARNINGS IN FOREIGN CURRENCY
	TOTAL EARNINGS		0.000
	IMPORTS
	TOTAL IMPORTS		29.654
	Earnings Per Share (Rs.)		41

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.49	2.34	2.07
Net Profit Margin (PBT/Sales)	(%)	4.24	4.63	5.73
Return on Total Assets (PBT/Total Assets}	(%)	5.86	4.49	2.26
Return on Investment (ROI) (PBT/Networth)		0.05	0.03	0.04
Debt Equity Ratio (Total Debt/Networth)		0.37	0.44	0.44
Current Ratio (Current Asset/Current Liability)		1.62	1.38	1.72

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Corporate identity number of the company	U15131GJ1988PTC011372
Name of the company	VIMAL AGRO PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Ten Road, GIDC, Bardoli, Surat, Gujarat -394601 , India
This form is for	Modification of charge
Type of charge	Immovable Property Book Debts Movable Property (not Being Pledge) Current Assets Including Stock and Wind Mill
Charge identification number of the charge to be modified	90101004
Particular of charge holder	State Bank of India, Mid Corporate Branch, Trade House, Opposite Mandarwaja Fire Station, Ring Road, Surat - 395002, Gujarat, India
Nature of instrument creating charge	1. Supplemental Agreement of Loan cum Hypothecation 2. Memorandum Relating to deposit of Title Deeds for creation of further Charge.
Date of instrument Creating the charge	15.02.2011
Amount secured by the charge	Rs.420.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	RATE OF INTEREST EPC/FBD - As Applicable to SBI Exporter's Gold card Scheme. TL-I- 4.75 % above Base Rate TL-II- 4.75 % above Base Rate TL III - 4.25 % above Base Rate TERMS OF REPAYMENT Working Capital: Repayable on demand T/L-I:- As per original repayment schedule (Repayable in 60 monthly installments of Rs.0.350 Millions each starting from January 2009) T/L-II:- As per original repayment Schedule Repayable in 63 monthly installments (58 installments of Rs 1.000 millions and lastly 5 installments of Rs 1.200 millions) starting from January 2010. T/L- III:- Repayable in 60 Monthly Installment (59 Installment of Rs. 0.666 millions and last Installment of Rs. 0.671 millions starting from October 2011. MARGIN Working Capital : Raw Material : 40.00 % Finished Goods: 30.00 %, Stores and Consumable - 25 %, EPC : 10 % LC : 15 % Cash Margin. Receivables : 50.00 % (90 days) EXTENT AND OPERATION OF THE CHARGE The charge will operate as continuing security by way of first charge for due repayment on demand of the bank of allmonies including principal sums, interest, cost, charges, expenses and other monies payable by the borrower concerning the aforesaid credit facilities agreed to be granted/ continued up to increased limit of Rs.420.0 Millions. Simple Registered Mortgage created on the Property of the Company to secure financial assistance given by the Bank to the Company.
Short Particulars of the property charged	All the present and future stocks, goods, raw materials, book debts, movable plants, machineries and other movable assets, referred in the said agreement as "THE SAID ASSETS" Factory Land & Building bearing cone no.408 S.No.384/1 admeasuring Hec 0-68-80 acre.of Ten Road, Nr. GIDC, Bardoli, Dist. Surat recorded as prop. no. 932 of Vil.Ten, Tal.Bardoli, Dist.Surat. All that piece and parcel of Factory Land and Building bearing cone no.413 survey no. 388p, 387/2 admeasuring Hec 0-61-83 are. Assessment Rs. 1523.42 ps of Ten Road, Nr. GIDC, Bardoli, Dist. Surat.
Date of last modification prior to the present modification	30.12.2009
Particulars of the present modification	Charge created on the property stated in point no. 15 above is now extended to secure Enhanced/Revised financial assistance of Rs. 420.000 Millions. (Enhanced From Rs.33.000 Millions. to Rs.42.000 Millions.) as stated below : 200.0 Millions FBD/EPC (Enhanced from Rs. 150.000 Millions) 020.0 Millions SLC 021.0 Millions Term Loan I 064.0 Millions Term Loan II 040.0 Millions Term Loan III (New) 075.0 Millions LC ------------ 420.0 Millions Total Limit

FIXED ASSETS:

• Land Development
• Building
• Plant and Machinery
• Furniture and fixtures
• Vehicles
• Office Equipment
• Computer and Software

LITIGATION

HIGH COURT OF GUJARAT

TAX APPEAL No. 1407 of 2009 To TAX APPEAL No. 1408 of 2009

---

Status : PENDING

( Converted from : ST/2405/2009 )

CCIN No : 001092200901407

Last Listing Date:

05/03/2012

Coram

· HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA · HONOURABLE MR.JUSTICE J.B.PARDIWALA

Not Before :

· HONOURABLE MR.JUSTICE AKIL KURESHI

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S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER OF INCOME TAX-II	MR SUDHIR M MEHTA for: Appellant(s) 1

---

S.NO.	Name of the Respondant	Advocate On Record
1	VIMAL AGRO PRODUCTS PRIVATE LIMITED	RULE UNSERVED for :Opponent(s) 1

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Presented On	: 13/07/2009	Registered On	: 13/07/2009
Bench Category	: DIVISION BENCH	District	: SURAT
Case Originated From	: THROUGH ADVOCATE	Listed	: 123 times
StageName	: FOR REGULAR ADMISSION (SPL.)

Act	· INCOME-TAX ACT, 1961

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Office Details

---

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	15/08/2009	VAKALATNAMA	MR SUDHIR M MEHTA ADVOCATE for PETITIONER(s) 1	-	MR SUDHIR M MEHTA:1
2	15/08/2009	DOCUMENT	RULE UNSERVED for RESPONDENT(s) 1	-	RULE UNSERVED:1
3	15/09/2012	APPEARANCE NOTE	MR SUDHIR M MEHTA ADVOCATE for PETITIONER(s) 1	-	MR SUDHIR M MEHTA:1
Linked Matters

S. No.	CaseDetail	Status Name	Disposal Date	Action/Coram
1	TAX APPEAL/1408/2009	PENDING	-	- · HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA · HONOURABLE MR.JUSTICE J.B.PARDIWALA
Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	01/03/2011	11	-	BOARD NO. I-A	NEXT DATE	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI
2	27/02/2012	1	-	BOARD NO. I-A	NEXT DATE	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI
3	05/03/2012	1	9	FOR REGULAR ADMISSION (SPL.)	RULE/ADMIT	· HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA · HONOURABLE MR.JUSTICE J.B.PARDIWALA
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgment/Order
1	TAX APPEAL/1407/2009	· HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA · HONOURABLE MR.JUSTICE J.B.PARDIWALA	05/03/2012	N	ORDER
2	TAX APPEAL/1407/2009	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI	01/03/2011	N	ORDER
Certified Copy

S. No.	ApplicantName	ApplicationType	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MRS MAUNA M BHATT	ORDINARY	06/03/2012	O/7526/2012	05/03/2012	07/03/2012	09/03/2012	Delivered	ORDER

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	----------------------
8]	No. of employees	No
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%	No
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	No
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

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 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.62.12
UK Pound	1	Rs.101.53
Euro	1	Rs.85.41

INFORMATION DETAILS

Information Gathered by :	HET
Report Prepared by :	NLM

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	5
--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		47

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

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.