MIRA INFORM REPORT

Report Date :

04.01.2013

IDENTIFICATION DETAILS

Name :	CARGILL INDIA PRIVATE LIMITED

Registered Office :	111, Rectangle – I, Saket District Center, New Delhi-110017

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	12.04.1996

Com. Reg. No.:	55-118008

Capital Investment / Paid-up Capital :	Rs.410.458 Millions

CIN No.: [Company Identification No.]	U15440DL1996PTC118008

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturers and Exporters of Edible Oil, Vegetable Oils and Food Products.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING

STATUS

PROPOSED CREDIT LINE

56-70

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

Maximum Credit Limit :	USD 7900000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a part of Cargill USA. It is an established company having fine track record. Latest financial i.e. 2011-12 are missing from the government department from the available financial i.e. 2011 it seems that the company has recorded some accumulated losses. However, the company receives good financial support from its group companies. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments in view of strong holding. The company can be considered good for normal 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

(31.03.2012)

Current Rating

(30.06.2012)

India

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	AA+ [Fund Based Facilities]
Rating Explanation	The high credit quality it carry low credit risk.
Date	June 2012

Rating Agency Name	ICRA
Rating	A1+ [Fund Based and Non Fund Based Facilities]
Rating Explanation	The highest credit quality it carry lowest credit risk.
Date	June 2012

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 :	111, Rectangle – I, Saket District Center, New Delhi-110017, India
Tel. No.:	91-11-46010389
Fax No.:	91-11-46010390
E-Mail :	india_cargillgroup@cargill.com

Corporate Office 1 :	14^th Floor, Building 9 A DLF Cyber City, Phase III Gurgaon-122002 Haryana, India
Tel. No.:	91-124-2358939/ 4090489
Fax No.:	91-124-2358977

Corporate Office 2 :	99, Hope Farm, Hoody Whitefield Road, Bangalore-550066, Karnataka, India

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Siraj Azmat Chaudhry

Designation :

Director

Address :

S-12B, Windsor Court, DLF Phase IV, Gurgaon – 122009, Haryana, India

Date of Birth/Age :

08.01.1967

Date of Appointment :

22.09.2008

DIN No.:

00161853

Other Directorship :

No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Company Status

Defaulting status

U74999DL1979PLC136409

CARGILL FOODS INDIA LIMITED

Managing director

20-10-05

Amalgamated

U15440DL1996PTC118008

CARGILL INDIA PRIVATE LIMITED

Director

30-09-08

22-09-08

Active

Name :

Mr. Viraghavan Sankaran

Designation :

Director

Address :

519-A, Hamilton Court, DLF Phase IV, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

07.04.1964

Date of Appointment :

30.09.2008

DIN No.:

00174728

Other Directorship :

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U15142PN2003PTC018125	GLOBAL OILS AND FATS LIMITED	Director	20-10-05	20-10-05	Amalgamated	NO
2	U74999DL2003PLC136410	GLOBAL OILS AND FATS LIMITED	Director	20-10-05	20-10-05	Amalgamated	NO
3	U15440DL1996PTC118008	CARGILL INDIA PRIVATE LIMITED	Director	30-09-08	30-09-08	Active	NO

Name :

Mr. Maheep Kumar Shukla

Designation :

Director

Address :

106, C2C Block, Pocket-II, Janak Puri, New Delhi – 110058, Delhi, India

Date of Birth/Age :

01.10.1974

Date of Appointment :

16.12.2009

Din No.:

02901473

KEY EXECUTIVES

Name :	Ms. Jyoti Arora
Designation :	Company Secretary
Address :	H. No. 768/22, Street No. 2, Gandhi Nagar, Gurgaon-122001, Haryana, India
Date of Birth/Age :	25.07.1981
Date of Appointment :	21.01.2008
Pan No.:	AIAPA1497K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Preferences Shares	No. of Equity Shares
Cargill Mauritius Limited, Mauritius	--	40348554
Cargill International Trading PTE Limited, Singapore	--	2
Cargill Global Trading India Private Limited, India	1250000	--

Total	1250000	40348556

AS ON 30.09.2011

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]		100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporters of Edible Oil, Vegetable Oils and Food Products.

Products :

· Animal Nutrition

· Coal

· Cotton

· Flavor Systems

· Ferrous

· Grain and Oilseeds

· Refined Oils

· Sugar and Sugar Support Centre

· Trade and Structured Finance

PRODUCT DESCRIPTIONS	ITC CODE
Corn	11031300
Palmolein Oil	15132900.10
Soyameal	230400.02
Food Flavours	3302.10

Brand Names :

· “RATH”

· “SWEEKAR”

PRODUCTION STATUS (AS ON 31.03.2011)

Licensed capacity / Installed Capacity *

Particulars	Unit	Licensed Capacity
Edible oil refining	MT per annum	1140000
Aqua feed	MT per annum	36000
Emulsion and food flavors	MT per annum	2500
Others * *	MT per annum	190800

NOTE:

· *As certified by the management and not verified by the Auditor being a technical matter.

· **Represents installed capacity of distilled fatty acid (25500 MT), acid oil (13800 MT), hydro vasnaspati (150000 MT) and packing film extrusion (1500 MT).

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Short term loans and advance (repayable within one year)
Form banks
Rupee loan	4422.693	3361.161
Foreign currency loan	13682.318	7050.686
Form others
Other debt unsecured	99.358	112.150
Total	18204.369	10523.997


Banking Relations :	--

Auditors :
Name :	BSR and Company Chartered Accountant
Address :	Building No. 10, 8^th Floor, Tower – B, DLF Cyber City, Phase – II, Gurgaon 122002, Haryana, India
Tel. No.:	91-124-2549191
Fax No.:	91-124-2549101

Holding Company:	Cargill Mauritius Limited, Mauritius

Ultimate Holding Company:	Cargill Incorporated, USA

Fellow Subsidiaries:	· Cargill International S A, Geneva · Cargill International Trading Pte Limited, Singapore · Carval India Private Limited · Black River Advisors India Private Limited · Cargill Ocean Transportation, Singapore · P. T. Cargill, Indonesia · Cargill Asia Pacific Treasury Limited, Singapore · Cargill Agricola S A · Cargill Feed SDN BHD · Cargill TSF Asia Pte Limited, Singapore · Cargill Financial Services Corporation, USA · Cargill PLC, UK · Cargill Global Trading India Private Limited · Cargill (Malaysia) SDN BHD · Cargill France · Cargill Europe BVBA , Belgium · Poliamba Limited · Cargill Asia-Pacific Holdings Pte Limited, Singapore · Cargill Flavours System UK Limited · Cargill Phillipines Inc. · Cargill Palm Products SDN, BHD, Malaysia · Cargill Flavours System US, LLC · Cargill Investment China Limited · Cargill BV, Amsterdam · Cargill Capital and Financial Services India Private Limited · Cargill Vietnam Limited · CAN Technologies Inc, US · Cargill Ferrous International, US · Mosaic India Private Limited, India · M A Cargill Trading · Cargill Cotton Limited · Cargill Enterprise Inc, Russia · Cgl Agri Purina Inc, South Korea · Cargill SAS , France · Cargill Grain and Oilseeds (Yangjiang) Limited · Cargill Japan Limited · Cargill Hong Kong Limited · Agribrands Purina (Fushun) Feedmill Company Limited · Cargill Protein Feed (Dongguan) Limited · Cargill Oil Packers BVBA · Cargill Tarim Ve Gida Sanayi Ve Ticaret As · CTP (PNG) Limited · CTP Holdings Pte Limited · Cargill SACI Sucursal, Uruguay · Cargill President Holdings Pte Limited · Agribrands Purina Guatemala · Cargill Australia Limited · Cargill France S.A. · Cargill Holdings B.V. · Cargill Investments (China) Limited · Cargill Nutriproducts Inc · Cargill RSA Holdings · Cargill Siam Limited · Cargill Tropical Palm Holdings Pte Limited · Cargill Global Trading Solutions India Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
120,000,000	Equity Shares	Rs.10/- each	Rs.1200.000 Millions
26,000,000	Preferences Shares	Rs.10/- each	Rs.260.000 Millions
	Total		Rs.1460.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40,348,556	Equity Shares	Rs.10/- each	Rs.403.486 Millions
1,250,000	Preferences Shares	Rs.10/- each	Rs.12.500 Millions
			Rs.415.986 Millions

AS ON 31.03.2011

Authorised Capital:

No. of Shares	Type	Value	Amount
120,000,000	Equity Shares	Rs.10/- each	Rs.1200.000 Millions
26,000,000	Preference Share	Rs.10/-each	Rs.260.000 Millions
	Total		Rs.1460.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
39,795,893	Equity Shares	Rs.10/- each	Rs.397.958 Millions
1,250,000	Preference Share	Rs.10/-each	Rs.12.500 Millions
	Total		Rs.410.458 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		410.458	410.458	397.873
2] Share Application Money		67.425	0.000	1.701
3] Reserves & Surplus		1871.997	1871.997	1632.880
4] (Accumulated Losses)		(360.092)	(1017.998)	(1313.405)
NETWORTH		1989.788	1264.457	719.049
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		18204.369	10523.997	6656.812
TOTAL BORROWING		18204.369	10523.997	6656.812
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		20194.157	11788.454	7375.861

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		2505.465	1669.297	1438.110
Capital work-in-progress		562.796	217.421	362.741

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14091.460	12629.697	7735.270
	Sundry Debtors	4332.589	1449.497	1748.429
	Cash & Bank Balances	2729.816	1825.819	1190.110
	Other Current Assets	0.000	83.539	0.000
	Loans & Advances	2508.522	1771.873	2012.276
Total Current Assets		23662.387	17760.425	12686.085
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7212.441	9751.504	6138.279
	Other Current Liabilities	(817.769)	(2048.471)	804.932
	Provisions	141.819	155.656	167.864
Total Current Liabilities		6536.491	7858.689	7111.075
Net Current Assets		17125.896	9901.736	5575.010

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		20194.157	11788.454	7375.861

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	66653.020	63958.270	61420.840

Less	EXPENSES
		Office Expenses
		Administrative Expenses	65089.450	63030.950	59467.660
		Advertising Expenses
		TOTAL (B)	65089.450	63030.950	59467.660

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1563.570	927.320	1953.180

Less	FINANCIAL EXPENSES (D)		508.660	460.690	542.950

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1054.910	466.630	1410.230

Less/ Add	DEPRECIATION/ AMORTISATION (F)		254.080	197.390	301.830

	PROFIT BEFORE TAX (E-F) (G)		800.830	269.240	1108.400

Less	TAX (H)		142.920	16.880	45.280

	PROFIT AFTER TAX (G-H) (I)		657.910	252.360	1063.120

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1018.000)	(1313.410)	(2376.530)

Add	Transitional adjustment on adoption of AS 30 [net of provision for tax of Rs.8.810 millions in previous year]		0.000	43.050	0.000

	BALANCE CARRIED TO THE B/S		(360.090)	(1018.000)	(1313.410)

	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports* [Includes merchanting sales of Rs.6988.077 millions and sales of the overseas branch amounting to Rs.655.235 millions.]	NA	13876.075	18220.584
		Agency Fees	NA	164.247	172.488
		Other Income	NA	54.788	94.405
	TOTAL EARNINGS		NA	14095.110	18487.477

	IMPORTS
		Raw Materials	NA	16228.755	11482.930
		Stores & Spares	NA	13.716	47.865
		Capital Goods	NA	0.186	22.148
	TOTAL IMPORTS		NA	16242.657	11552.943

	Earnings Per Share (Rs.)		16.53	6.34	26.72

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.99	0.39	1.73

Return on Total Assets (PBT/Total Assets}	(%)	3.06	1.38	7.84

Return on Investment (ROI) (PBT/Networth)		0.40	0.21	1.54

Debt Equity Ratio (Total Liability/Networth)		12.43	14.54	19.14

Current Ratio (Current Asset/Current Liability)		3.62	2.26	1.78

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	No
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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

NOTE:

Registered office of the company has been shifted from 13, Abdul Fazal Road, New Delhi – 110001, Delhi, India to the present address w.e.f. 09.08.2007

PERFORMANCE FOR THE YEAR:

The company is that it has achieved a turnover of Rs.64862.110 millions (net of excise duty) during the financial year 2010-11, showing a growth of 4.65% over previous year. it has also reported a net profit of Rs.800.830 millions (before tax) during the current year with a growth of 197% over the profits of previous year.

MATERIAL CHANGES DURING THE YEAR:

The company is to announce that it has acquired 4623269 shares of face value of Rs.10/- in AWB Krishi Suvidha Parisar (Kota) Private Limited from AWB Mauritius Private Limited on 11^th May 2011.

The company has also acquired 2802126 shares of face value of Rs.10 in AWB Krishi Upaaj Vipnan Parisar (Talera) Private Limited from AWB Mauritius Private Limited on 11^th May 2011.

CONTINGENT LIABILITIES:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Claims against the Company not acknowledged as debts
Others	2.471	2.471
Sales tax matters (liability on account of non submission of statutory declaration forms and others)	208.138	192.646
Income Tax Act, 1961#	1832.932	1795.417
Custom duty # #	120.942	120.942
Excise duty###	28.373	28.373
Total	2192.856	2139.849

Note: # this includes the following:

Assessment Year	Amount Assessed after setting off the carry forward losses (Rs. in Millions)	Tax Demand (Rs. in Millions)	Current Appellate Authority
2003-2004	343.251	120.138	ITAT
2004-2005	169.351	88.049	CIT(A)
2006-2007	3210.091	1624.745	ITAT

1. # # This represents order passed by the Deputy Commissioner of Customs & Central Excise, Nellore dated 7 October 2009 assessing the Bill of Entry no. 23/09-10 dated 10 June 2009 as bill of entry for home consumption and determining a liability of Rs.120.942 millions as payable by the company in respect of 10,000 MT raw sugar imported at Krishnapatanam port. Currently, the company has filed appeal against this order to the relevant authorities.

2. ### Pertains to excise duty credit availed at Kurkumbh plant on imported material, on which import duty has been paid using DEPB license amounting to Rs. 28.373 millions (previous year Rs. 28.373 millions).

fixed ASSETS:

· Freehold land

· Leasehold land

· Building – Plant

· Building – Office

· Land development

· Plant and Machinery

· Computer

· Office equipment

· Vehicles

· Furniture and fixture

· Goodwill

WEBSITE DETAILS:

PROFILE:

Cargill maintains a number of businesses in India, with operations including the handling and processing of a wide range of products, including refined oils, grain and oilseeds, sugar, cotton and animal feed. In addition, Cargill develops flavour systems and operates a value investing business. The presence in India has been growing since we began a joint venture operation in 1987.

Cargill milestones in India

1986	Sets up Liaison office in New Delhi. Trading activities include petroleum, wheat and sugar.
1988-92	Cargill Seeds incorporated as a 51% JV at Bangalore with local partner JV buyout : Cargill becomes 100% owner of Seeds business
1996	Cargill India set up as a 100 % owned trading company, Cargill India Private Limited Expanded trading to Vegetable oils, Molasses Trade and Structured Finance starts operations
1997	Begins primary sugar supply business First vegetable oil domestic sales commence from Chennai terminal Country Office set up in Delhi. All businesses combined under Cargill India
1998	Exits seed business as part of a global divestiture to Monsanto First desk of Grain and Oils Seeds business begin operations
1999	Ferrous trading desk set up in Mumbai
2000	Packaged foods business under Nature Fresh brand launched with wheat products
2003	Acquires Duckworth Group UK and starts flavor business in India Nature Fresh brand transitions into refinery unit for sale in packed form
2004	Enters into JV with Prakash Parakh (2 entities – Parakh Foods Limited and Global Oils and Fats Limited). As a result, “Gemini” brand of refined oil and two oil refineries in West Coast of India comes into portfolio Commercial production of oil refineries at Paradip in East Coast of India and at Kandla in West Coast begins
2005	Acquires 100% stake in JV; new BU formed `Refined Oils India’
2006	Establishes Animal Nutrition business Refined Oils India enters into institutional oil selling to large Food industry
2007	Launches Cotton trading business Coal and Ocean Transportation businesses start operations in India
2008	Launches Kutch Livelihood and Education Advancement Program in Kutch district, Gujarat in partnership with CARE Launches Oliante brand of olive oil
2010	Refined Oils India becomes Cargill Foods India. Acquires `Rath’ brand of Vanaspati (hydrogenated fat) Production starts at Silkroad Sugar Private Limited JV with EID Parry, in Kakinada Andhra Pradesh Launches Fast-track nutrition project in 3 districts of Madhya Pradesh in partnership with UN World Food Program
2011	Acquires `Sweekar’ brand of sunflower refined oil. AWB global acquisition enables leveraging existing asset base of AWB in India in the form of grain storage facilities.

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.54.41
UK Pound	1	Rs.88.29
Euro	1	Rs.71.49

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		62

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.