MIRA INFORM REPORT

Report Date :

30.12.2013

IDENTIFICATION DETAILS

Name :	SHAKTI BHOG FOODS LIMITED
Registered Office :	404-405, 4^th Floor, Krishna Apra Business Square, Netaji Subhash Place, Pitampura, Delhi - 110034
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.11.1992
Com. Reg. No.:	55-051124
Capital Investment / Paid-up Capital :	Rs. 262.400 Millions
CIN No.: [Company Identification No.]	U74899DL1992PLC051124
PAN No.: [Permanent Account No.]	AAACS4153M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing/ Processing of Food and related items.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 29680000
Status :	Good
Payment Behaviour :	Regular
Litigation :	clear
Comments :	Subject is an established company having good track record. Financial position of the company appears to be sound. The rating also take into consideration the company’s brand image as the products of the company are well known to the consumers. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2013

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 narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “A-”
Rating Explanation	Adequate degree of safety. It carry low credit risk.
Date	09.01.2013

Rating Agency Name	CRISIL
Rating	Short term rating: “A2+”
Rating Explanation	Strong degree of safety. It carry very low credit risk.
Date	09.01.2013

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 DECLINED BY

Name :	Mr. Rajeev Lochan
Designation :	Company Secretary
Contact No.:	91-11-47505050
Date :	28.12.2013

LOCATIONS

Registered/ Corporate Office :	404-405, 4^th Floor, Krishna Apra Business Square, Netaji Subhash Place, Pitampura, Delhi – 110034, India
Tel. No. :	91-11-47525252/ 47505050/ 27691124/ 47525252/ 431
Fax No. :	91-11-24720599/27693242
E-Mail :	csrajeevlochan@shaktibhog.com

DIRECTORS

As on 28.09.2013

Name :

Mr. Kewal Krishan Kumar

Designation :

Managing director

Address :

15/61, Punjabi Bagh (West), New Delhi – 110026, India

Date of Birth/Age :

59 Years

Qualification :

B.A. Eco.(H)

Experience :

37 Years

Date of Appointment :

24.11.1992

PAN No.:

AAKPK2088A

DIN No. :

00042504

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L15310DL1991PLC043456	KUMAR FOOD INDUSTRIES LIMITED	Director	13/03/1991	13/03/1991	-	Active	NO
2	U74899DL1992PLC051124	SHAKTI BHOG FOODS LIMITED	Managing director	06/12/2011	24/11/1992	-	Active	NO
3	U15499HR1990PTC048823	PRINCE FOOD TECH PVT LTD	Director	24/07/1996	24/07/1996	-	Active	NO
4	U15410DL1998PLC092654	SHAKTI BHOG SNACKS LIMITED	Director	10/03/1998	10/03/1998	-	Active	NO
5	U51909DL1999PTC097807	KDM MEDIA PRIVATE LIMITED	Director	05/01/1999	05/01/1999	-	Active	NO
6	U50300DL1996PTC075309	SUHANA AUTO PRIVATE LIMITED	Director	31/01/2005	31/01/2005	20/12/2010	Active	NO
7	U74899DL1994PTC060673	DASH EXPORTS PRIVATE LIMITED	Director	19/12/2005	19/12/2005	-	Active	NO
8	U74899DL1995PLC065515	GOAL SECURITIES AND CREDITS LIMITED	Director	31/01/2007	31/01/2007	-	Active	NO
9	U74899DL1995PTC072410	SUMESH FINANCIERS PRIVATE LIMITED	Director	31/01/2007	31/01/2007	-	Active	NO
10	U85100DL2008PTC181770	DIVYARTH HEALTH CARE PRIVATE LIMITED	Director	06/08/2008	06/08/2008	01/03/2013	Active	NO
11	U15494DL2009PTC190196	FRUTO FREESH INDUSTRIES PRIVATE LIMITED	Director	11/05/2009	11/05/2009	-	Active	NO
12	U55101DL2011PTC217579	DIVYASHAKTI HOSPITALITY PRIVATE LIMITED	Director	15/04/2011	15/04/2011	-	Active	NO
13	U40109DL2005PTC131772	AMGEN POWER SERVICES PRIVATE LIMITED	Additional director	21/06/2012	21/06/2012	-	Active	NO

Name :

Mr. Siddharth Kumar

Designation :

Whole-time director

Address :

15/61, Punjabi Bagh (West), New Delhi – 110026, India

Date of Birth/Age :

30 Years

Qualification :

B.A.

Experience :

11 Years

Date of Appointment :

01.10.2012

PAN No. :

AIKPK5868Q

DIN No. :

00042518

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1992PLC051124	SHAKTI BHOG FOODS LIMITED	Whole-time director	01/10/2012	14/08/2000	-	Active	NO
2	L15310DL1991PLC043456	KUMAR FOOD INDUSTRIES LIMITED	Director	25/09/2000	25/09/2000	-	Active	NO
3	U74899DL1994PTC062176	VITAL HOLDINGS PRIVATE LIMITED	Director	23/04/2001	23/04/2001	-	Active	NO
4	U65999DL1996PTC075272	VIZZY FINVEST PRIVATE LIMITED	Director	23/04/2001	23/04/2001	-	Active	NO
5	U67120DL1996PTC075055	ELANZA INVESTMENT PRIVATE LIMITED	Director	23/04/2001	23/04/2001	-	Active	NO
6	U15410DL1998PLC092654	SHAKTI BHOG SNACKS LIMITED	Director	22/10/2001	22/10/2001	-	Active	NO
7	U15316DL1995PLC074882	CREST AGROFOODS LIMITED	Director	10/02/2003	10/02/2003	-	Active	NO
8	U74899DL1994PTC060673	DASH EXPORTS PRIVATE LIMITED	Director	19/12/2005	19/12/2005	-	Active	NO
9	U74899DL1995PLC065515	GOAL SECURITIES AND CREDITS LIMITED	Director	31/01/2007	31/01/2007	-	Active	NO
10	U74899DL1995PTC072410	SUMESH FINANCIERS PRIVATE LIMITED	Director	31/01/2007	31/01/2007	-	Active	NO
11	U74899DL1995PTC065799	DIVAYARTH LEASING AND FINANCE PRIVATE LIMITED	Director	31/01/2007	31/01/2007	-	Active	NO
12	U74899DL1995PTC065694	BHAWNA PORTFOLIO PRIVATE LIMITED	Director	31/01/2007	31/01/2007	-	Active	NO
13	U65911DL1996PTC075297	SHUBHANGI FINVEST PRIVATE LIMITED	Director	20/05/2007	20/05/2007	-	Active	NO
14	U67120DL1996PTC075423	DINKAR HOLDINGS PRIVATE LIMITED	Director	20/05/2007	20/05/2007	-	Active	NO
15	U85100DL2008PTC181770	DIVYARTH HEALTH CARE PRIVATE LIMITED	Director	28/09/2009	07/01/2009	01/10/2012	Active	NO
16	U15494DL2009PTC190196	FRUTO FREESH INDUSTRIES PRIVATE LIMITED	Director	11/05/2009	11/05/2009	-	Active	NO
17	U55101DL2011PTC217579	DIVYASHAKTI HOSPITALITY PRIVATE LIMITED	Director	15/04/2011	15/04/2011	-	Active	NO

Name :

Sunanda

Designation :

Director

Address :

15/61, Punjabi Bagh (West), New Delhi – 110026, India

Date of Birth/Age :

54 Years

Qualification :

B.A

Experience :

20 Years

Date of Appointment :

24.11.1992

DIN No. :

01028518

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	L15310DL1991PLC043456	KUMAR FOOD INDUSTRIES LIMITED	Director	13/03/1991	13/03/1991	Active	NO
2	U74899DL1992PLC051124	SHAKTI BHOG FOODS LIMITED	Director	24/11/1992	24/11/1992	Active	NO
3	U15499HR1990PTC048823	PRINCE FOOD TECH PRIVATE LIMITED	Director	24/07/1996	24/07/1996	Active	NO
4	U51909DL1999PTC097807	KDM MEDIA PRIVATE LIMITED	Director	05/01/1999	05/01/1999	Active	NO
5	U74899DL1994PTC060673	DASH EXPORTS PRIVATE LIMITED	Director	19/12/2005	19/12/2005	Active	NO
6	U15410DL1998PLC092654	SHAKTI BHOG SNACKS LIMITED	Director	24/07/2006	24/07/2006	Active	NO
7	U74899DL1995PLC065515	GOAL SECURITIES AND CREDITS LIMITED	Director	31/01/2007	31/01/2007	Active	NO
8	U74899DL1995PTC065799	DIVAYARTH LEASING AND FINANCE PRIVATE LIMITED	Director	31/01/2007	31/01/2007	Active	NO
9	U40109DL2005PTC131772	AMGEN POWER SERVICES PRIVATE LIMITED	Additional director	21/06/2012	21/06/2012	Active	NO

Name :

Mr. Krishan Kumar Sharma

Designation :

Director

Address :

R/o D-6/31/1, Rohini, Sector- 6, New Delhi – 110085, India

Date of Appointment :

01.01.2012

DIN No. :

01605071

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	L15310DL1991PLC043456	KUMAR FOOD INDUSTRIES LIMITED	Director	01/03/2003	01/03/2003	Active	NO
2	U74899DL1992PLC051124	SHAKTI BHOG FOODS LIMITED	Director	29/09/2012	01/01/2012	Active	NO

Name :

Mr. Manmohan Singh Kapur

Designation :

Director

Address :

Flat No. Klasse / I/401, Eldeco-Utopia, Expressway, Noida - 201304, Uttar Pradesh, India

Date of Appointment :

30.09.2009

DIN No. :

00703815

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U70109DL2006PTC153357	INTERNATIONAL SPACE AND INFRASTRUCTURE DELIEVERIES PRIVATE LIMITED	Director	08/09/2006	08/09/2006	-	Active	NO
2	U24292AP1970GOI001353	BHARAT DYNAMICS LIMITED	Director	15/09/2006	15/09/2006	15/09/2009	Active	NO
3	U72300DL2006PTC154559	DKP SOLUTIONS PRIVATE LIMITED	Director	29/09/2006	29/09/2006	16/03/2009	Active	NO
4	U27110WB1988PLC163594	CORPORATE ISPAT ALLOYS LIMITED	Director	10/09/2007	16/12/2006	05/12/2012	Active	NO
5	L92130MH2004PLC144371	BROADCAST INITIATIVES LIMITED CN	Director	27/09/2007	26/12/2006	-	Active	NO
6	L40101DL1989GOI038121	POWER GRID CORPORATION OF INDIA LIMITED	Director	10/07/2007	10/07/2007	05/10/2007	Active	NO
7	U92199DL1999PTC102156	AERENS ENTERTAINMENT ZONE Private LIMITED	Director	27/09/2007	25/08/2007	14/05/2008	Active	NO
8	U55101RJ1972PTC001430	THE LAKE SHORE PALACE HOTEL PRIVATE LIMITED	Additional director	27/09/2013	31/03/2008	-	Active	NO
9	L74899DL1990PLC041188	CHD DEVELOPERS LIMITED	Director	26/09/2009	01/10/2008	-	Active	NO
10	U74899DL1992PLC051124	SHAKTI BHOG FOODS LIMITED	Director	30/09/2009	16/07/2009	-	Active	NO
11	L85110KA1915PLC000740	UNITED BREWERIES (HOLDINGS) LIMITED	Director	30/09/2010	07/12/2009	-	Active	NO
12	L32200MH1994PLC083853	SRI ADHIKARI BROTHERS TELEVISION NETWORK LIMITED	Director	29/09/2010	31/05/2010	-	Active	NO
13	L74899DL1995PLC073281	PRECISION PIPES AND PROFILES COMPANY LIMITED	Director	25/09/2010	20/07/2010	-	Active	NO
14	U40100MH2005PLC155140	EMCO ENERGY LIMITED	Director	12/07/2011	12/01/2011	02/09/2013	Active	NO
15	U27300PB2011PLC034689	G B TOOLS & FORGINGS LIMITED	Director	18/08/2011	18/08/2011	-	Active	NO
16	L85110KA1995PLC018045	Kingfisher Airlines Limited	Director	26/09/2012	24/04/2012	-	Active	NO

Name :

Mr. Gurcharan Das

Designation :

Director

Address :

124, Jor Bagh, New Delhi - 110003, India

Date of Appointment :

15.07.2009

DIN No. :

00032103

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1995PTC069699	GURCHARAN DAS CONSULTANTS PRIVATE LIMITED	Director	13/06/1995	13/06/1995	-	Active	NO
2	U74899DL1990PTC038945	ANKAR CAPITAL INDIA PRIVATE LIMITED	Director	07/09/1996	07/09/1996	30/09/2009	Active	NO
3	L22300MH1990PLC056397	CREST ANIMATION STUDIOS LIMITED	Director	18/09/1996	18/09/1996	10/11/2010	Active	NO
4	U74899MH1994PTC166755	BIRLA SUN LIFE TRUSTEE COMPANY PRIVATE LIMITED	Director	21/10/1999	21/10/1999	-	Active	NO
5	L85110DL1996PLC076704	FORTIS HEALTHCARE LIMITED	Director	29/06/2000	29/06/2000	-	Active	NO
6	L51434WB1923PLC004793	BERGER PAINTS INDIA LIMITED	Director	27/07/2001	27/07/2001	-	Active	NO
7	L24231PB1961PLC003747	RANBAXY LABORATORIES LTD	Director	23/01/2004	23/01/2004	19/12/2008	Active	NO
8	U36101DL2004PTC125479	BASIX HOME FURNITURE PRIVATE LIMITED	Director	14/04/2004	14/04/2004	01/12/2011	Active	NO
9	U65990MH1993GOI075578	IDBI CAPITAL MARKET SERVICES LIMITED	Director	07/09/2006	07/09/2006	07/09/2009	Active	NO
10	L28931RJ1984PLC002890	GILLETTE INDIA LIMITED	Director	25/10/2007	29/01/2007	-	Active	NO
11	L65999MH2003PLC250504	SKS MICROFINANCE LIMITED	Director	08/12/2008	01/02/2008	05/01/2010	Active	NO
12	U74899DL1992PLC051124	SHAKTI BHOG FOODS LIMITED	Director	15/07/2009	01/07/2009	-	Active	NO
13	U65929DL2008PTC182749	DMI FINANCE PRIVATE LIMITED	Director	07/09/2012	25/08/2011	-	Active	NO
14	U62200DL2007GOI161431	AIR INDIA LIMITED	Director	29/05/2013	29/05/2013	-	Active	NO

Name :

Mr. Divyarth Kumar

Designation :

Director

Address :

15/61, Punjabi Bagh (West), New Delhi – 110026, India

Date of Appointment :

28.09.2013

DIN No. :

03493861

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	U51909DL1999PTC097807	KDM MEDIA PRIVATE LIMITED	Director	27/09/2012	02/03/2011	Active	NO
2	U15494DL2009PTC190196	FRUTO FREESH INDUSTRIES PRIVATE LIMITED	Director	29/09/2011	02/03/2011	Active	NO
3	U85100DL2008PTC181770	DIVYARTH HEALTH CARE PRIVATE LIMITED	Director	28/09/2011	02/03/2011	Active	NO
4	U55101DL2011PTC217579	DIVYASHAKTI HOSPITALITY PRIVATE LIMITED	Director	15/04/2011	15/04/2011	Active	NO
5	U74899DL1992PLC051124	SHAKTI BHOG FOODS LIMITED	Director	28/09/2013	16/10/2012	Active	NO

Name :

Mr. Jatin Narendra Kakkar

Designation :

Nominee Director

Address :

6815, Orchid LN, Dallas- 75230, United States of America

Date of Appointment :

28.09.2013

DIN No. :

06367556

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	U67120MH1995PTC197293	INFIMAX FINANCE PRIVATE LIMITED	Director	04/09/2013	01/10/2012	Active	NO
2	U04520KA2005PTC036737	MALNAD PROJECTS PRIVATE LIMITED	Director	30/09/2013	08/10/2012	Active	NO
3	U67190MH2005PTC156790	Q INDIA INVESTMENT ADVISORS PRIVATE LIMITED	Director	05/09/2013	23/10/2012	Active	NO
4	U74899DL1992PLC051124	SHAKTI BHOG FOODS LIMITED	Nominee director	28/09/2013	30/01/2013	Active	NO

KEY EXECUTIVES

Name :	Rajeev Lochan
Designation :	Secretary
Address :	D-2, Dayanand Block, Shakarpur Extension, Delhi – 110092, India
Date of Appointment :	01.03.2008
PAN No.:	AABPL2765N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2013

Names of Shareholders	No. of Shares
Kewal Krishan Kumar	11876610
Siddarth Kumar	49010
Bhawna Kumar	26000
Sunanda	3510
Divyarth Kumar	2500
Kewal Krishan Kumar (HUF)	2000
Bhawna Portfolio Private Limited, India	2611385
Crest Agrofoods Limited, India	225800
Dinkar Holding Private Limited	12000
Divyarth Leasing and Finance Private Limited, India	3620440
Goal Securities and Credits Private Limited, India	2747200
Kumar Food Industries Limited, India	556710
Pansy Holdings Private Limited, India	12000
Shakti Bhog Snacks Limited, India	41400
Sumesh Financer Private Limited, India	1228740
Horse Shoe Capital, Mauritius	3113208
Ashok Chabra	2500
Baldev Raj	100
Dharshana Devi	2500
G. P. Khandelwal	2500
Kiran Mehta	2500
M L Julka	100
Pradeep Kumar	100
Rajendre Kumar	100
Rajesh Kumar	100
Seema Choudhary	78500
Sajjan Kumar	2500
Sandesh Jain and Mamta Jain	2500
Satish Kumar	2500
Usha Bhuraria	10000
Urmila Chabra	2500
Aditi Jain	2500
Total	26240013

As on 28.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	11.86
Bodies corporate	42.13
Directors or relatives of Directors	45.58
Others	0.43
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing/ Processing of Food and related items.

Products :

Item Code No. (ITC Code)	Product Description
11010000	Wheat Flour

Brand:

· SHAKTI BHOG

DIVSS

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Corporation Bank, Corporate Banking Branch, H.T.House, 10^th Floor, 18/20, K.G.Marg, Connaught Place, New Delhi - 110001, India

Oriental Bank of Commerce, A-Block, Connaught Place, New Delhi - 110001, India

State Bank of Patiala, Commercial Branch, 2^nd Floor, Chandralok Building, 36, Janpath , New Delhi - 110001, India

State Bank of Travancore, Commercial Branch, Travancore House, K.G Marg, New Delhi - 110001, India

State Bank of Mysore, Industrial Finance Branch, 15-17, Shaheed Bhagat Singh Marg, Near Gole Market, New Delhi - 110001, India

Bank of India

State Bank of Hyderabad

State Bank of Bikaner and Jaipur

Standard Chartered Bank

ICICI Bank Limited

Bank of Baroda

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	368.382	580.981
Foreign currency term loans from banks	970.624	859.448
Rupee term loans from others	12.012	18.769
Other loans and advances	7.812	6.438
SHORT TERM BORROWINGS
Rupee term loans from banks	1405.637	2373.849
Working capital loans from banks (Cash credit limit and buyer's credit)	17314.578	10629.949
Total	20079.045	14469.434

Banking Relations :	--
Auditors :
Name :	SS Kothari Mehta and Company Chartered Accountants
Address :	146 - 149, Tribhuvan Complex Ishwar Nagar, Mathura Road, New Delhi - 110065, India
Income-tax PAN of auditor or auditor's firm :	AABFS6783L
Subsidiary Company:	· Shakti Bhog Snacks Limited CIN No.: U15410DL1998PLC092654 Shakti Bhog Foods FZE, Dubai
Enterprises over which key management personnel exercise significant influence:	· Kumar Food Industries Limited CIN No.: L15310DL1991PLC043456 Dash Exports Private Limited CIN No.: U74899DL1994PTC060673 Divyashakti Hospitality Private Limited CIN No.: U85100DL2008PTC181770 Prince Food Tech Private Limited CIN No.: U15499HR1990PTC048823 Kumar Dal Mills KDM Media Private Limited CIN No.: U51909DL1999PTC097807 Pearl Agro Foods Divyarth Leasing and Finance Private Limited CIN No.: U74899DL1995PTC065799 Bhawna Portfolio Private Limited CIN No.: U74899DL1995PTC065694 Goal Securities and Credit Ltd. CIN No.: U74899DL1995PLC065515 Sumesh Financers Private Limited CIN No.: U74899DL1995PTC072410 Crest Agro Foods Limited (formally knows as Crest Biotech Limited) CIN No.: U15316DL1995PLC074882 Pancy Holdings Private Limited CIN No.: U67120DL1996PTC075254 Divyarth Healthcare Private Limited Vital Holding Private Limited Elanza Investment Private Limited Dinkar Holding Private Limited Shubhangi Finvest Private Limited Vizzy Finvest Private Limited Phlox Investment Private Limited Fruto Freesh Industries Private Limited CIN No.: U15494DL2009PTC190196 Sunanda Polymers

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
30,000,000	Equity Shares	Rs.10/- each	Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
26,240,013	Equity Shares	Rs.10/- each	Rs. 262.400 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	262.400	262.400	262.400
(b) Reserves & Surplus	7157.528	5348.434	3864.302
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	1400.000	0.000
Total Shareholders’ Funds (1) + (2)	7419.928	7010.834	4126.702
(3) Non-Current Liabilities
(a) long-term borrowings	3358.830	1469.539	732.074
(b) Deferred tax liabilities (Net)	71.606	44.589	34.041
(c) Other long term liabilities	27.293	25.358	24.411
(d) long-term provisions	11.419	11.007	5.046
Total Non-current Liabilities (3)	3469.148	1550.493	795.572
(4) Current Liabilities
(a) Short term borrowings	19441.972	13974.680	10797.754
(b) Trade payables	4586.175	1605.439	630.513
(c) Other current liabilities	1347.608	1037.417	1047.045
(d) Short-term provisions	982.925	799.698	537.180
Total Current Liabilities (4)	26358.680	17417.234	13012.492
TOTAL	37247.756	25978.561	17934.766
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1914.863	1167.003	1010.969
(ii) Intangible Assets	44.442	55.835	65.290
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	1484.803	1091.855	346.517
(b) Non-current Investments	64.530	76.907	34.570
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	773.392	528.517	160.592
(e) Other Non-current assets	1545.470	474.011	112.464
Total Non-Current Assets	5827.500	3394.128	1730.402
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	30020.280	21712.874	15364.627
(c) Trade receivables	747.823	491.194	371.892
(d) Cash and cash equivalents	38.564	86.392	97.751
(e) Short-term loans and advances	457.077	204.260	273.491
(f) Other current assets	156.512	89.713	96.603
Total Current Assets	31420.256	22584.433	16204.364
TOTAL	37247.756	25978.561	17934.766

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	52565.181	40683.043	32719.936
		Other Income	76.569	26.915	22.759
		TOTAL (A)	52641.750	40709.958	32742.695
Less	EXPENSES
		Cost of materials consumed	36977.142	29009.161	25191.161
		Purchases of stock-in-trade	7211.895	5017.452	4113.882
		Employee benefit expense	300.679	239.128	156.517
		Other expenses	2890.535	1861.950	1348.666
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(393.625)	59.849	(1059.817)
		TOTAL (B)	46986.626	36187.540	29750.410
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5655.124	4522.418	2992.285
Less	FINANCIAL EXPENSES (D)		2583.816	2080.220	1115.717
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3071.308	2442.198	1876.568
Less/ Add	DEPRECIATION/ AMORTISATION (F)		112.741	69.820	44.489
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		2958.567	2372.378	1832.079
Less	TAX (H)		1013.816	807.948	636.383
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1944.751	1564.430	1195.696
	EARNINGS IN FOREIGN CURRENCY
		Exports of Goods (FOB Value)	1482.696	702.605	543.100
	TOTAL EARNINGS		1482.696	702.605	543.100
	IMPORTS
		Capital Goods	211.256	1420.662	127.446
	TOTAL IMPORTS		211.256	1420.662	127.446
	Earnings / (Loss) Per Share (Rs.)		69.00	57.00	45.57

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.69	3.84	3.65
Net Profit Margin (PBT/Sales)	(%)	5.63	5.83	5.60
Return on Total Assets (PBT/Total Assets}	(%)	8.29	9.56	10.44
Return on Investment (ROI) (PBT/Networth)		0.40	0.34	0.44
Debt Equity Ratio (Total Debt/Networth)		3.07	2.20	2.79
Current Ratio (Current Asset/Current Liability)		1.19	1.30	1.25

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	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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10463727	06/12/2013	200,000,000.00	CORPORATION BANK	CORPORATE BANKING BRANCH, H.T.HOUSE, 10TH FLOOR, 18/20, K.G.MARG, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	B90918855
2	10449699	20/09/2013	1,660,000,000.00	STATE BANK OF MYSORE	INDUSTRIAL FINANCE BRANCH, 15/17, SHAHEED BHAGATH SINGH MARG, NEAR GOLE MARKET, NEW DELHI - 110001, INDIA	B85163087
3	10450890	03/09/2013	150,000,000.00	KARNATAKA BANK LIMITED	CORPORATE FINANCE BRANCH, K- BLOCK, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	B85677110
4	10448758	26/08/2013	300,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, 2ND FLOOR, CHANDRALOK BUILDING, 36, JANPATH , NEW DELHI - 110001, INDIA	B84865831
5	10429153	22/05/2013	1,500,000,000.00	BANK OF BARODA	CFS BRANCH, BANK OF BARODA BUILDING, 16, PARLIAMENT STREET, NEW DELHI - 110001, INDIA	B76329572
6	10429734	20/05/2013	500,000,000.00	STATE BANK OF TRAVANCORE	COMMERCIAL BRANCH, 2ND FLOOR, CHANDRALOK BUILDING, 36, JANPATH , NEW DELHI - 110001, INDIA	B76582360
7	10429518	16/04/2013	2,000,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, 2ND FLOOR, CHANDRALOK BUILDING, 36, JANPATH , NEW DELHI - 110001, INDIA	B76449776
8	10414670	21/03/2013	1,700,000,000.00	CORPORATION BANK	CORPORATE BANKING BRANCH, H.T.HOUSE, 10TH FLOOR, 18/20, K.G.MARG, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	B71764799
9	10421368	20/03/2013	200,000,000.00	STATE BANK OF BIKANER & JAIPUR	OUTSIDE KATRA NEEL, CHANDNI CHOWK, DELHI - 110006, INDIA	B73648891
10	10414159	08/03/2013	2,600,000,000.00	STATE BANK OF HYDERABAD	SCOPE COMPLEX BRANCH,, CORE-6, SCOPE COMPLEX, LOD HI ROAD, NEW DELHI - 110003, INDIA	B71551816
11	10409884	15/02/2013	800,000,000.00	STATE BANK OF TRAVANCORE	COMMERCIAL BRANCH,, TRAVANCORE HOUSE, K.G MARG, NEW DELHI - 110001, INDIA	B69992295
12	10410185	04/02/2013	7,000,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, JAWAHAR VYAPAR BHAWAN, 1, TOLSTO Y MARG, NEW DELHI - 110001, INDIA	B70220249
13	10384234	15/10/2012	500,000,000.00	IDBI BANK LIMITED	VIDEOCON TOWER, 1ST FLOOR, E-1, JHANDEWALAN EXTEN SION, NEW DELHI - 110055, INDIA	B61236014
14	10381084	19/11/2012 *	350,000,000.00	DEVELOPMENT CREDIT BANK LIMITED	A - SET HOUSE, 3RD FLOOR, 7/56, DESH BANDHU GUPTA ROAD, KAROL BAGH, NEW DELHI - 110005, INDIA	B62477518
15	10362889	09/05/2012	600,000,000.00	STATE BANK OF BIKANER AND JAIPUR	OUTSIDE KATRA NEEL, CHANDNI CHOWK, DELHI - 110006, INDIA	B42568030
16	10350678	18/04/2012	300,000,000.00	JAMMU AND KASHMIR BANK LIMITED	G-40, CONNAUGHT PLACE, DELHI - 110001, INDIA	B37861168
17	10342111	23/02/2012	300,000,000.00	LAKSHMI VILAS BANK	FLAT NO.G-8-9-10, TOLSTOY HOUSE, 15-17 TOLSTOY MA RG,, JANPATH, DELHI - 110001, INDIA	B35001742
18	10324140	17/03/2012 *	500,000,000.00	IDBI BANK LIMITED	VIDEOCON TOWER, 1ST FLOOR, E-1, JHANDEWALAN EXTEN SION, NEW DELHI - 110055, INDIA	B36997401
19	10307314	15/09/2011 *	900,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B21057336
20	10304178	07/09/2012 *	400,000,000.00	THE RATNAKAR BANK LIMITED	"MAHAVEER" , SHRI SHAHU MARKET YARD, SHAHUPURI, KOLHAPUR - 416005, MAHARASHTRA, INDIA	B58870528
21	10262470	27/03/2012 *	315,000,000.00	STANDARD CHARTERED BANK	CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B38010336
22	10263798	28/12/2010	450,000,000.00	STANDARD CHARTERED BANK	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B04171005
23	10214079	05/08/2013 *	14,800,000,000.00	STATE BANK OF INDIA - LEAD BANK	OVERSEAS BRANCH, JAWAHAR VYAPAR BHAWAN, 1, TOLSTO Y MARG, NEW DELHI - 110001, INDIA	B85891703
24	10207842	05/09/2011 *	680,000,000.00	STATE BANK OF HYDERABAD	SCOPE COMPLEX BRANCH, NEW DELHI - 110003, INDIA	B20769139
25	10191617	12/12/2012 *	1,200,000,000.00	STANDARD CHARTERED BANK	CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B63939557
26	90043153	19/04/2002 *	120,000,000.00	CITIBANK N A	JEEVAN VIHAR; 3, SANSAD MARG, NEW DELHI, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Fully convertible debentures others	2000.000	0.000
Rupee term loans from banks	0.000	3.902
SHORT TERM BORROWINGS
Intercorporate deposits	0.000	4.834
Loans and advances from directors	0.533	11.932
Other loans and advances, others	721.224	954.117
Total	2721.757	974.785

OVERVIEW

Subject is engaged in the manufacturing/processing of Food and related items. The company was incorporated on 24th November 1992. The company is selling its Wheat Flour and allied products, Rice and other products under the brand name of Shakti Bhog while the Biscuits are sold under the brand name DIVSS. The business of the company is spread across India and abroad.

BUSINESS OPERATIONS

During the FY 2012-13, the Company has registered a phenomenal growth of 29.21% in the turnover by registering net sales of Rs. 52565.200 Millions as compared to Rs. 40683.000 Millions during the previous FY 2011-12. The growth is attributed to overall increase in the demand of all the products like wheat flour, rice, biscuits, besan etc. of the company.

The company's brand Shakti Bhog is undoubtedly a market leader in the wheat flour (Atta) segment. The Wheat Flour and allied products sale has been increased to Rs. 27034.400 Millions during year from Rs. 23984.900 Millions achieving a growth of around 13%. The company is giving special focus on rice sale and looking forward to capture a significant share in this segment too. As a result, the Rice sale under brand Shakti Bhogi has also increased to Rs. 19938.200 Millions during the FY 2012-13 from Rs. 13373.000 Millions during the FY 2011-12 registering a steep growth of 49%.The company has launched a vigorous advertisement campaign through print and electronic media for Rice, Biscuits and Cookies and other products. These products have also been well received by the market. Accordingly, the sale of biscuits and cookies has increased to Rs. 720.000 Millions during the FY 2012-13 as compared to Rs. 437.400 Millions registering a growth of 64.61%. Other products like Besan, Tea, Daliya etc. are also well received in the market and their sales has also increased substantially.

The company has now decided to go global and has started extensive marketing its products overseas especially in middle-east and European market. During the FY 2012-13, the export sales has increased to Rs. 1482.700 Millions as compared to Rs. 702.600 Millions during the FY 2011-12 registering more than twofold jump.

The company's rice sale is increasing in leaps and bounds in middle-east countries. To market food products under Shakti Bhog Brandï and co-ordinate the sale in middle-east and European countries through distributors, the company has started its own office in Dubai by establishing a 100% subsidiary company there. The company is also focusing to export its other products like Wheat flour, Biscuits, Besan etc.

The company has launched two new products i.e. Brown Marie and Choco Bite.

To achieve the sales and meet the increasing demand of the products, the company has increased its manufacturing capacities of all products either its own or tie up with the third parties. During the FY13, the company successfully increased the capacity of its rice plant at village Samana Bahu, Karnal, Haryana to 30TPD from 18 TPD. The company has also installed a state of art, imported sortex plant thereby almost doubling the existing capacity at its existing rice unit at Siraspur, Delhi.

The company's profitability(PBT) during the FY 2012-13 has also improved substantially by registering growth of 24.71% over the previous year. The PBT has increased to Rs. 2958.600 Millions in the FY 2012-13 from Rs. 2372.400 Millions in the previous year. The company was able to achieve improvement in profitability as the food sector is flourishing despite the tough economic scenario and market conditions.

To achieve the growth in the revenues as well as profits, the management took various steps like increase in the production capacity, modernization of the existing machineries and procurement of better quality raw material resulting in the better yield and quality products.

FUTURE PROSPECTS

The Brand Shakti Bhog has adequately penetrated in the market and is poised for exponential growth. The brand has become a market leader in its segment.

The Company, encouraged by the success of its biscuit plant in Haridwar, Uttaranchal under the brand DIVSS, has added one more production line for manufacturing of the biscuits during the year. The work for Breakfast Cereal plant at Haridwar is going on in full swing and shall be operational during the coming year at Haridwar.

The Company is further increasing its capacity of Rice Plant at Samanabahu, Karnal, Haryana from 30TPH to 54TPH which shall be fully operational during the FY 2013-14. With the increase in the capacity of its Rice plant, the company will be in position to have substantial toe hold in the rice export market.

The company is giving special attention to the international market for export of its products.

To meet and capture the market in Central, West and South India, the company is setting up its own unit at Indore, M.P. for manufacturing of Wheat flour, Daliya, Suji Besan and Biscuits in the phased manner over couple of years. For this purpose, the company has made agreement to sell to acquire 45 acres of industrial land. Further the State Government of M.P. is extending various incentives like VAT exemptions, Capital subsidy, other state levies etc.

The Company is in the process of acquisition of an Agro Food SEZ at Village Bhagan and Kurar Ibrahimpur (District Sonipat), Haryana. This venture will be set up under the aegis of Ansal Colours Engineering SEZ Limited (ACEZL) which will be a 100% subsidiary of the Company. The company will be the co-developer to undertake the SEZ development. The company has also acquired 20 acres of land on lease from ACEZL in consideration of the development cost of SEZ to be incurred. The company will setup the Biscuit and Rice grading plant from where they are planning to export its products.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
(a) Corporate guarantee/undertakings issued on behalf of third parties	0.000	0.000
(b) Claims against the Company not acknowledged as debt:
-Kola Shipping Ltd. Case (Claim of demurrage and loss or (US $ 4,55,000) (US $ 4,55,000) Profit by a shipping company for unexecuted export consignment)	24.747	23.276
- Others	0.000	2.000
(c) Income Tax matters in respect of which appeals are pending.	13.525	13.525
(d) Guarantees issued by the company's Bankers on behalf of the company	182.712	226.000
(e) Bonds executed for machinery imports under EPCG Scheme	304.300	232.000
(f) Letter of Credits issued by company's bankers	0.000	594.247

FIXED ASSETS

v Tangible assets

Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Motor Vehicles

Office Equipment

Other Equipments

v Intangible assets

Brands and Trade Marks

Computer Software

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.62.06
UK Pound	1	Rs.102.03
Euro	1	Rs.85.27

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.