MIRA INFORM REPORT

Report Date :

18.12.2013

IDENTIFICATION DETAILS

Name :	BUDGE BUDGE REFINERIES LIMITED
Formerly Known As :	SARAF OIL UDYOG LIMITED
Registered Office :	23-B, A.M. Ghosh Road , Budge Budge, 24 Parganas South, Kolkata – 743319, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.04.1981
Com. Reg. No.:	21-033574
Capital Investment / Paid-up Capital :	Rs. 113.800 Millions
CIN No.: [Company Identification No.]	U15326WB1981PLC033574
TAN No.: [Tax Deduction & Collection Account No.]	CALB06518B / CALB00527C
PAN No.: [Permanent Account No.]	AABCB2880M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Edible Oil.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 3200000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	--
Comments :	Subject is an established company in Eastern India having satisfactory track record. The company has seen a drastic dip in its net profitability during 2013, due to which the profit margin has been affected. However, the financial position appears to be decent marked by conservative capital structure and low working capital nature of the subject which also support its liquidity position. The ratings also take into consideration the highly competitive nature of the edible oil refining business and the volatility in the raw material prices as well as foreign exchange rate which also acts as a threat to the profit margin. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of experience of the promoters, the subject can be considered 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

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	ICRA
Rating	Fund based limits – Cash Credit : BB+
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	April 2013

Rating Agency Name	ICRA
Rating	Non Fund based limits – Foreign Letter of Credit : A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	April 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.

LOCATIONS

Registered Office :	23-B, A.M. Ghosh Road , Budge Budge, 24 Parganas South, Kolkata – 743319, West Bengal, India
Tel. No.:	91-33-24803791
Fax No.:	91-33-24803795
E-Mail :	suprioupadhyay@gmail.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Bijay Agarwal

Designation :

Director

Address :

DA-12, Salt Lake City, Sector-1, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

06.01.1964

Date of Appointment :

10.04.2013

Voter ID No.:

DKN3728623

DIN No.:

00552795

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	U24119WB1974PLC029234	KANCHAN OIL INDUSTRIES LIMITED	Director	08/12/1994	08/12/1994	Active	NO
2	U23101WB1998PTC088447	HIGAIN ORGANIC PRIVATE LIMITED	Director	14/12/1998	14/12/1998	Active	NO
3	U67120WB1997PTC086151	BAIJNATH SECURITIES PRIVATE LIMITED	Director	26/02/2003	26/02/2003	Active	NO
4	U45201WB2003PTC096560	BANSAL VEDIC VILLAGE PRIVATE LIMITED	Director	11/07/2003	11/07/2003	Active	NO
5	U13100WB2010PTC140629	NATURALL RESOURCES INDIA PRIVATE LIMITED	Director	04/01/2010	04/01/2010	Active	NO
6	U13100WB2010PLC155239	RIGVEDA RESOURCES LIMITED	Director	01/12/2010	01/12/2010	Active	NO
7	U15326WB1981PLC033574	BUDGE BUDGE REFINERIES LIMITED	Director	10/04/2013	10/04/2013	Active	NO

Name :

Mr. Pankaj Keshan

Designation :

Director

Address :

74A and B, Avani Oxford, Lobby II, 7^th Floor, Flat No. 7B, Kolkata – 700055, West Bengal, India

Date of Birth/Age :

20.06.1972

Qualification :

B. Com

Date of Appointment :

23.02.2004

DIN No.:

00976673

Name :

Mr. Rahul Nangalia

Designation :

Director

Address :

32C, New Road, PO Alipore, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

11.08.1982

Qualification :

B. Com

Date of Appointment :

23.02.2004

DIN No.:

00553185

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	U15326WB1981PLC033574	BUDGE BUDGE REFINERIES LTD	Director	23/02/2004	23/02/2004	Active	NO
2	U80598WB1996PTC080598	SHAKESPEAR PROMOTERS PRIVATE LIMITED	Director	10/01/2005	10/01/2005	Active	NO
3	U51503WB1993PTC057527	LIVFIT TREXIM PRIVATE LIMITED	Director	10/01/2005	10/01/2005	Active	NO
4	U67110WB2007PTC116377	QUADEYE SECURITIES PRIVATE LIMITED	Director	17/09/2007	17/09/2007	Active	NO
5	U51909WB1994PTC066321	ALTIUS BUILDERS PRIVATE LIMITED	Director	01/03/2011	01/03/2011	Active	NO
6	U24231WB1976PTC030424	LARGUS FLEMING PHARMACEUTICALS PRIVATE LIMITED	Director	14/03/2011	14/03/2011	Active	NO
7	U70101WB1995PTC073864	PEKON HOUSING PRIVATE LIMITED	Director	07/10/2011	07/10/2011	Active	NO
8	U14200WB2011PTC171026	BLACK GOLD EXCAVATORS PRIVATE LIMITED	Director	21/12/2011	21/12/2011	Active	NO
9	U45400WB2007PLC114928	BENGAL GLOBAL TECHNOCENTRE LIMITED	Director	25/09/2012	30/03/2012	Active	NO
10	U74999WB2011PTC162346	AMRITPATH COMMERCIAL PRIVATE LIMITED	Director	24/07/2012	24/07/2012	Active	NO

Name :

Mr. Ramesh Agarwal

Designation :

Director

Address :

146, Saltlake, Block-CF, Sector, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

27.11.1969

Qualification :

B. Com

Date of Appointment :

10.09.2009

Voter ID No.:

DKN2972123

DIN No.:

00564635

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	U15142WB1982PLC035602	EDIBLE PRODUCTS INDIA LIMITED	Director	25/11/2000	25/11/2000	Active	NO
2	U51909WB1995PTC070655	GAYLORD SALES PRIVATE LIMITED	Director	14/06/2003	14/06/2003	Active	NO
3	U80302WB2008PTC123940	VISTA BPO PRIVATE LIMITED	Director	10/03/2008	10/03/2008	Active	NO
4	U15326WB1981PLC033574	BUDGE BUDGE REFINERIES LIMITED	Director	10/09/2009	10/09/2009	Active	NO
5	U13100WB2010PLC155239	RIGVEDA RESOURCES LIMITED	Director	01/12/2010	01/12/2010	Active	NO
6	U01403UR2011PTC033678	RAJSHREE MILK PRODUCTS PRIVATE LIMITED	Director	03/10/2011	03/10/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Syamal Kumar Gangopadhyay
Designation :	Secretary
Address :	65/5 Sarat Chandra Dhar Road, Kolkata – 700090, West Bengal, India
Date of Appointment :	02.03.2009
PAN No.:	ACWPG6158M
Voter ID No.:	WB/20/137/486026

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	2.74
Bodies corporate	94.38
Directors or relatives of directors	2.88
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Edible Oil.

Products/ Services :

ITC Code No.	Product Descriptions
15151910	Edible Oil

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Allahabad Bank, Mission Row Branch, 18, R. N. Mukhrjee Road, Kolkata - 700001, West Bengal, India

Andhra Bank, Burrabazar Branch, 23/1 Maharshi Devendra Road, Kolkata - 700007, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans taken for Vehicles [Vehicle Loan from HDFC Bank Secured by way of hypothecation of the assets financed.]	0.677	0.105
Other loans and advances, others	0.000	4.485
SHORT TERM BORROWINGS
Loans repayable on demand from banks [Loan against fixed deposits are secured by pledge of fixed deposits]	70.288	114.390
Other loans and advances ["Cash Credits are secured by hypothecation over the entire current assets of the company & further secured by personal guarantee of the directors of the company."]	31.469	28.072
Total	102.434	147.052

Banking Relations :	--
Auditors :
Name :	Sav and Associates Chartered Accountants
Address :	2 Garstin Place, 4^th Floor, Kolkata-700001, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AAUFS6137J
Associate :	Edible Products India Limited [U15142WB1982PLC035602]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs. 10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11,380,000	Equity Shares	Rs. 10/- each	Rs. 113.800 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	113.800	113.800	113.800
(b) Reserves & Surplus	683.575	679.882	566.231
(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)	797.375	793.682	680.031
(3) Non-Current Liabilities
(a) long-term borrowings	377.366	273.390	175.990
(b) Deferred tax liabilities (Net)	29.186	21.502	14.823
(c) Other long term liabilities	24.173	29.449	26.151
(d) long-term provisions	0.532	0.532	0.532
Total Non-current Liabilities (3)	431.257	324.873	217.496
(4) Current Liabilities
(a) Short term borrowings	101.757	142.462	88.857
(b) Trade payables	639.615	913.113	577.198
(c) Other current liabilities	74.314	101.042	51.806
(d) Short-term provisions	24.459	21.441	17.850
Total Current Liabilities (4)	840.145	1178.058	735.711
TOTAL	2068.777	2296.613	1633.238
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	579.172	548.392	536.983
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	7.836	4.302	25.353
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.718	0.461	0.369
(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	0.000	0.000	0.000
Total Non-Current Assets	587.726	553.155	562.705
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	399.076	626.346	254.050
(c) Trade receivables	214.477	169.524	186.194
(d) Cash and cash equivalents	317.744	366.863	322.884
(e) Short-term loans and advances	549.754	580.725	307.405
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1481.051	1743.458	1070.533
TOTAL	2068.777	2296.613	1633.238

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	6386.062	6552.172	4357.813
		Other Income	137.132	168.517	23.223
		TOTAL (A)	6523.194	6720.689	4381.036
Less	EXPENSES
		Cost of materials consumed	5070.596	6012.360	3637.745
		Purchases of stock-in-trade	727.860	202.340	347.558
		Employee benefit expense	8.874	8.302	6.966
		Other expenses	550.390	509.618	286.944
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	71.310	(124.465)	(67.063)
		TOTAL (B)	6429.030	6608.155	4212.150
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		94.164	112.534	168.886
Less	FINANCIAL EXPENSES (D)		54.010	62.889	60.508
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		40.154	49.645	108.378
Less/ Add	DEPRECIATION/ AMORTISATION (F)		25.756	31.627	30.187
	PROFIT BEFORE TAX (E-F) (G)		14.398	18.018	78.191
Less	TAX (H)		10.702	10.270	28.823
	PROFIT AFTER TAX (G-H) (I)		3.696	7.748	49.368
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(74.972)	(82.720)	(132.088)
	BALANCE CARRIED TO THE B/S		(71.276)	(74.972)	(82.720)
	IMPORTS
		Raw Materials	4563.436	6034.992	2032.462
	Earnings Per Share (Rs.)		0.32	0.68	4.34

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.06	0.12	1.13
Net Profit Margin (PBT/Sales)	(%)	0.23	0.27	1.79
Return on Total Assets (PBT/Total Assets}	(%)	0.70	0.79	4.86
Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.11
Debt Equity Ratio (Total Debt/Networth)		0.60	0.52	0.39
Current Ratio (Current Asset/Current Liability)		1.76	1.49	1.46

LOCAL AGENCY FURTHER INFORMATION

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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	Yes
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

CALCUTTA HIGH COURT

CASE STATUS INFORMATION SYSTEM

Case Status     :   ---

Status of          TEMP APO (APOT)   89        of    2009        

VIRGOZ OIL & FATS PTE LTD.                Vs.                BUDGE BUDGE REFINERIES LTD. -AND- FRANCI

Pet's Adv.        :   BOSE & MITRA                   

Res's Adv.       :       

Court No.        :  13     Date of Disposal :     Tuesday, April 07, 2009     

Category           :   FINAL DECREE

connected application (s)	CONNECTED MATTER (S)
GA     782    of   2009	CS     9    of   2009

Case Updated on:   Tuesday, April 07, 2009

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10192409	24/06/2011 *	1,553,000,000.00	ANDHRA BANK -LEAD BANK	BURRABAZAR BRANCH, 23/1 M D ROAD, KOLKATA - 700007, WEST BENGAL, INDIA	B16654907
2	10096018	26/03/2008 *	198,400,000.00	ANDHRA BANK- LEAD BANK	BURRABAZAR BRANCH, 23/1 M D ROAD, KOLKATA - 700007, WEST BENGAL, INDIA	A35922558
3	10096020	19/03/2013 *	2,109,000,000.00	ANDHRA BANK	BURRABAZAR BRANCH, 23/1 M D ROAD, KOLKATA - 700007, WEST BENGAL, INDIA	B72272016
4	10032250	05/02/2010 *	554,600,000.00	ALLAHABAD BANK	MISSION ROW BRANCH, 18, R. N. MUKHRJEE ROAD, KOLKATA - 700001, WEST BENGAL, INDIA	A82105586
5	10028328	31/10/2006	180,000,000.00	ANDHRA BANK	BURRABAZAR BRANCH, 23/1 M D ROAD, KOLKATA - 700007, WEST BENGAL, INDIA	A07860216
6	10294732	19/09/2006	440,300,000.00	ANDHRA BANK (OTHER PERTACIPITAING BANKS SEE ATTACH MENTS)	BURRABAZAR BRANCH, 23/1 M D ROAD, KOLKATA - 700007, WEST BENGAL, INDIA	A05169073

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Intercorporate borrowings	376.689	268.800
Total	376.689	268.800

WORKING RESULTS

During the year, the Company achieved a gross turnover of Rs.6397.640 Millions against Rs.6559.115 Millions in the previous year. The Company has incurred profit of Rs.3.696 Millions after prior period adjustment and tax as against the profit of Rs. 7.749 Millions made in the previous year. The directors hope to better in near future.

FIXED ASSETS:

· Land

Buildings

Other building

Plant and equipment

Other plant and equipment

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipments

Other equipments

PRESS RELEASE

KOLKATA REFINERY TO FIND VALUE IN PALM OIL WASTE

Nov 14, 2008

KOLKATA: Budge Budge Refineries (BBRL), which runs an edible oil refinery at Budge Budge, near Kolkata, has firmed up plans to convert crude palm oil waste into value-added products.

After studying the market potential, especially in the eastern region, the company has decided to foray into production of soap noodles and stearic acid from fatty acid that is being left out as by-product after refining crude palm oil.

There is a huge market for those products in the eastern region with an average monthly consumption of 250-300 tonne for each product. In absence of any player here in these segments, the entire requirement is sourced from the western and northern zones. As an intermediary to toilet soap, soap noodles have huge demand among local toilet soap manufacturers while stearic acid has demand from the rubber industry.

"For having no players in those products in the eastern region, we have decided to create a facility to produce soap noodles and stearic acid from fatty acid. Initially, the capacity of the plant to produce 50 tonne per day, on either/or basis. About Rs 25 crore is estimated for initial investment to create that facility with the state-of-the-art technology. Some amount of new products will be exported," said BBRL director Vijay Agarwal.

The new facility would be put up within the existing plant, which is equipped to process and refine 300 tonne of crude edible oils per day. At present, the company uses the plant to refine crude palm oils, all of which are imported. In a move to shore up business from value addition, it is in the process of beefing up two of its brands - Sarona under which it sells refined palm oil and Bhojan under which it markets interestified or unhydrogenated refined vegetable oil.

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 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. 61.96
UK Pound	1	Rs. 101.14
Euro	1	Rs. 85.33

INFORMATION DETAILS

Report Prepared by :

BVA

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.