MIRA INFORM REPORT

Report Date :

09.01.2013

IDENTIFICATION DETAILS

Name :	RBRL AGRO COMMODITIES LIMITED
Registered Office :	4088-4094, Naya Bazar, Delhi – 110 006
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.07.2007
Com. Reg. No.:	55-165440
Capital Investment / Paid-up Capital :	Rs.15.250 millions
CIN No.: [Company Identification No.]	U01403DL2007PLC165440
TAN No.: [Tax Deduction & Collection Account No.]	DELR15070G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader of Agro Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 381000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company has recorded some growth in its sales turnover and profitability during 2012. Trade relations are reported to be decent. Business is active. Payments are reported to be usually correct and as per commitments. The company 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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 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

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 :	4088-4094, Naya Bazar, Delhi – 110 006, India
Tel. No.:	91-11-27128901/ 23967512
Fax No.:	Not Available
E-Mail :	csdesk@sharpglobal.in csdesk@sharpmenthol.com

DIRECTORS

As on 01.09.2012

Name :

Mr. Jai Prakash Singhal

Designation :

Director

Address :

83, Sunder Nagar, New Delhi – 110 003, India

Date of Birth/Age :

07.03.1948

Date of Appointment :

02.07.2007

DIN No.:

00070349

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	U24200DL1989PLC038212	SHARP GLOBAL LIMITED	Director	31/10/1989	31/10/1989	-	Active	NO
2	U74899DL1994PTC057804	RAMJI LAL INVESTMENTS PRIVATE LIMITED	Director	08/03/1994	08/03/1994	-	Active	NO
3	U74999DL1996PLC077555	SHARP CAPITAL SERVICES LIMITED	Director	26/03/1996	26/03/1996	-	Active	NO
4	U74899DL1993PTC054900	MEGMA WOOLEN INDUSTRIES PRIVATE LIMITED	Director	05/01/1998	05/01/1998	-	Converted to LLP and dissolved	NO
5	U74899DL2000PLC107099	SHARP COMTRADE LIMITED	Director	21/08/2012	03/08/2000	31/08/2012	Active	NO
6	U67120DL1998PTC093637	DOVE REALTORS PRIVATE LIMITED	Director	19/10/2001	19/10/2001	-	Active	NO
7	U74899DL1989PLC038217	SINGHAL AGRO INDUSTRIES LIMITED	Managing director	01/09/2007	01/09/2002	-	Amalgamated	NO
8	U74899DL1988PLC032881	SHARP CORP LIMITED	Managing director	01/09/2012	01/09/2002	-	Active	NO
9	U24246DL1999PLC101103	SHARP AROMATICS INDIA LIMITED	Director	21/07/2003	21/07/2003	-	Amalgamated	NO
10	U15313DL2007PTC163855	NARAYAN DAL UDYOG PRIVATE LIMITED	Director	24/05/2007	24/05/2007	-	Active	NO
11	U01403DL2007PLC165440	RBRL AGRO COMMODITIES LIMITED	Director	02/07/2007	02/07/2007	-	Active	NO
12	U40101DL2010PLC210589	SHARP ENERGY LIMITED	Director	20/11/2010	20/11/2010	-	Active	NO
13	U67120DL2010PLC210795	SHARP HOLDINGS LIMITED	Director	26/11/2010	26/11/2010	-	Active	NO
14	U24100DL2010PLC211217	STEVIA BIOCON LIMITED	Director	08/12/2010	08/12/2010	-	Active	NO
15	U67120DL2010PLC211222	SHARP ASSET MANAGEMENT LIMITED	Director	09/12/2010	09/12/2010	-	Active	NO
16	U74120DL2008PTC173938	A S G S INVESTMENT PRIVATE LIMITED	Director	20/12/2010	20/12/2010	-	Active	NO
17	U70109DL2006PTC153097	WHITE DIAMOND CONSTRUCTION AND EQUIPMENTS PRIVATE LIMITED	Director	22/09/2012	13/12/2011	-	Active	NO
18	AAA-7954	MEGMA WOOLEN INDUSTRIES LLP	Designated Partner	10/02/2012	10/02/2012	-	Active	NO

Name :

Mr. Rajinder Prasad Singhal

Designation :

Director

Address :

F-1/18, Model Town-II, New Delhi – 110 009, India

Date of Birth/Age :

10.12.1955

Date of Appointment :

02.07.2007

DIN No.:

00171381

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	U74899DL1994PTC057804	RAMJI LAL INVESTMENTS PRIVATE LIMITED	Director	08/03/1994	08/03/1994	-	Active	NO
2	U74999DL1996PLC077555	SHARP CAPITAL SERVICES LIMITED	Director	26/03/1996	26/03/1996	17/08/2010	Active	NO
3	U74899DL1993PTC054900	MEGMA WOOLEN INDUSTRIES PRIVATE LIMITED	Director	05/01/1998	05/01/1998	-	Converted to LLP and dissolved	NO
4	U24200DL1989PLC038212	SHARP GLOBAL LIMITED	Director	21/04/1999	21/04/1999	-	Active	NO
5	U74899DL2000PLC107099	SHARP COMTRADE LIMITED	Director	03/08/2000	03/08/2000	15/04/2010	Active	NO
6	U67120DL1998PTC093637	DOVE REALTORS PRIVATE LIMITED	Director	19/10/2001	19/10/2001	-	Active	NO
7	U74899DL1988PLC032881	SHARP CORP LIMITED	Director	01/09/2002	01/09/2002	-	Active	NO
8	U74899DL1989PLC038217	SINGHAL AGRO INDUSTRIES LIMITED	Director	18/11/2006	18/11/2006	-	Amalgamated	NO
9	U01403DL2007PLC165440	RBRL AGRO COMMODITIES LIMITED	Director	02/07/2007	02/07/2007	-	Active	NO
10	U15313DL2007PTC163855	NARAYAN DAL UDYOG PRIVATE LIMITED	Director	05/11/2012	05/11/2012	-	Active	NO

Name :

Mr. Sanjay Singhal

Designation :

Director

Address :

83, Sunder Nagar, New Delhi – 110 003, India

Date of Birth/Age :

01.05.1968

Date of Appointment :

02.07.2007

DIN No.:

00007902

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	U24200DL1989PLC038212	SHARP GLOBAL LIMITED	Managing director	01/09/2012	31/10/1989	-	Active	NO
2	U74899DL1994PTC057804	RAMJI LAL INVESTMENTS PRIVATE LIMITED	Director	08/03/1994	08/03/1994	-	Active	NO
3	U74999DL1996PLC077555	SHARP CAPITAL SERVICES LIMITED	Director	26/03/1996	26/03/1996	-	Active	NO
4	U74899DL1993PTC054900	MEGMA WOOLEN INDUSTRIES PRIVATE LIMITED	Director	05/01/1998	05/01/1998	-	Converted to LLP and dissolved	NO
5	U74899DL2000PLC107099	SHARP COMTRADE LIMITED	Director	15/04/2010	03/08/2000	07/08/2012	Active	NO
6	U67120DL1998PTC093637	DOVE REALTORS PRIVATE LIMITED	Director	15/09/2001	15/09/2001	-	Active	NO
7	U74899DL1988PLC032881	SHARP CORP LIMITED	Director	01/09/2002	01/09/2002	-	Active	NO
8	U74899DL1989PLC038217	SINGHAL AGRO INDUSTRIES LIMITED	Director	01/09/2002	01/09/2002	-	Amalgamated	NO
9	U24246DL1999PLC101103	SHARP AROMATICS INDIA LIMITED	Director	21/07/2003	21/07/2003	-	Amalgamated	NO
10	U74899DL1995PLC064463	SDR CAPITAL LIMITED	Director	20/06/2005	20/06/2005	07/04/2006	Active	NO
11	U01403DL2007PLC165440	RBRL AGRO COMMODITIES LIMITED	Director	02/07/2007	02/07/2007	-	Active	NO
12	U74120DL2008PTC173938	A S G S INVESTMENT PRIVATE LIMITED	Director	12/02/2008	12/02/2008	-	Active	NO
13	U40101DL2010PLC210589	SHARP ENERGY LIMITED	Director	20/11/2010	20/11/2010	-	Active	NO
14	U67120DL2010PLC210795	SHARP HOLDINGS LIMITED	Director	26/11/2010	26/11/2010	-	Active	NO
15	U24100DL2010PLC211217	STEVIA BIOCON LIMITED	Director	08/12/2010	08/12/2010	-	Active	NO
16	U67120DL2010PLC211222	SHARP ASSET MANAGEMENT LIMITED	Director	09/12/2010	09/12/2010	-	Active	NO
17	U70109DL2006PTC153097	WHITE DIAMOND CONSTRUCTION AND EQUIPMENTS PRIVATE LIMITED	Director	22/09/2012	24/12/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 01.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
Jai Prakash Singhal	140000	9.18
Sanjay Singhal	50000	3.28
Rajinder Prasad Singhal	140000	9.18
Vikas Singhal	50000	3.28
Uma Rani Singhal	50000	3.28
Ambika Singhal	50000	3.28
Veena Singhal	50000	3.28
Rachna Singhal	25000	1.64
Jai Prakash Singhal (Karta) Jai Prakash Singhal and Sons, India	50000	3.28
Sanjay Singhal (Karta) Sanjay Singhal and Sons, India	50000	3.28
Jai Prakash Singhal (Karta) Ramji Lal and Sons, India	290000	19.02
Dove Holdings Private Limited, India	290000	19.02
Amrit Polyplast Private Limited, India	290000	19.02
Total	1525000	100.00

As on 01.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	38.04
Directors or relatives of directors	61.96
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Agro Products.
Products :	Agro Products

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of Mysore, Naya Bazar, Delhi – 110 006, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short Term Borrowings
Loans repayable on demand:
- Cash Credit Facility from Bank (Note 1 and 2)	8.883	0.000
Total	8.883	0.000

Notes:

1. The cash credit facilities are secured as first charge against the hypothecation of Inventories, receivables and current assets both present and future.

2. The borrowings from the bank are additionally secured by the personal guarantees given by two shareholders and by all the directors of the company.

Banking Relations :	--
Auditors :
Name :	Ram Rattan and Associates Chartered Accountants
Address :	104, Hans Bhawan, 1, Bahadur Shah Zafar Marg, New Delhi – 110 002, India
Income-tax PAN of auditor or auditor's firm :	AAAFR3936L
Associate Enterprises (As on 31.03.2011) :	v Ambika International (Jammu) v Dove Holdings Private Limited v Fine Aromatics (Jammu) v Ramji Lal Investment Private Limited v Sharp Corp Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital * :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1525000	Equity Shares	Rs.10/- each	Rs.15.250 millions

The reconciliation of the number of shares outstanding and the amount of share capital as at March 31, 2012 is set out below:

Particulars	No. of share	Amount (Rs. in millions)
Equity Shares outstanding at the beginning of the year	1025000	10.250
Equity Shares Issued during the year **	500000	5.000
Equity Shares bought back during the Year	--	--
Equity Shares outstanding at the end of the year	1525000	15.250

The disclosure of Shareholders holding more than 5% of the paid up capital pursuant to Note no.6(A)(g) of Part I of Schedule VI to the Companies Act, 1956

Particulars	No. of shares held	% of holding
Jai Prakash Singhal (Director)	140000	9.18
Rajinder Prasad Singhal (Director)	140000	9.18
Sanjay Singhal (Director)	50000	3.28
Ramji Lal and Sons (HUF)	290000	19.02
Dove Realtors Private Limited	290000	19.02
Amrit Polyplast Private Limited	290000	19.02
Others	325000	21.31
Total	1525000	100.00

* The Company has only one class of share referred to as equity shares having a par value of Rs.10/-. Each holder of equity shares is entitled to one vote per share.

** The company has allotted 500000 equity shares of Rs.10/- each at a premium of Rs.40/- each fully paid up to its existing shareholders on 11.08.2011.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		15.250	10.250	10.250
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		79.963	48.003	39.198
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		95.213	58.253	49.448
LOAN FUNDS
1] Secured Loans		8.883	0.000	0.000
2] Unsecured Loans		174.510	133.257	288.226
TOTAL BORROWING		183.393	133.257	288.226
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		278.606	191.510	337.674
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.045	3.064	3.576
Capital work-in-progress		0.000	0.630	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.211	0.165	0.147
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	138.003	54.041	144.225
	Sundry Debtors	334.149	305.676	345.000
	Cash & Bank Balances	91.515	64.134	69.036
	Other Current Assets	0.000	0.062	0.000
	Loans & Advances	237.016	82.783	121.867
Total Current Assets		800.683	506.696	680.128
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	211.321	112.001	326.433
	Other Current Liabilities	312.892	197.217	7.660
	Provisions	6.120	9.827	12.208
Total Current Liabilities		530.333	319.045	346.301
Net Current Assets		270.350	187.651	333.827
MISCELLANEOUS EXPENSES		0.000	0.000	0.124
TOTAL		278.606	191.510	337.674

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations	449.887	409.464	296.775
		Other Income	22.971	17.310	27.912
		TOTAL (A)	472.858	426.774	324.687
Less	EXPENSES
		Purchase of Stock-in-Trade	498.962	286.301	301.496
		Changes in Inventories of Stock-in-Trade	(83.962)	90.184
		Employee Benefit Expenses	5.384	3.787
		Other Expenses	10.122	5.971
		Exceptional Items	(0.048)	0.000
		TOTAL (B)	430.458	386.243	301.496
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		42.400	40.531	23.191
Less	FINANCIAL EXPENSES (D)		23.128	26.318	8.383
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.272	14.213	14.808
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.238	0.712	0.736
	PROFIT BEFORE TAX (E-F) (G)		18.034	13.501	14.072
Less	TAX (H)		6.075	4.696	5.014
	PROFIT AFTER TAX (G-H) (I)		11.959	8.805	9.059
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		30.503	21.698	12.639
	BALANCE CARRIED TO THE B/S		NA	30.503	21.698
	EARNINGS IN FOREIGN CURRENCY		Nil	1.733	0.485
	IMPORTS
		Trading Goods	NA	186.859	163.342
	TOTAL IMPORTS		NA	186.859	163.342
	Earnings Per Share (Rs.)		8.89	8.59	8.84

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.53	2.06	2.79
Net Profit Margin (PBT/Sales)	(%)	4.01	3.30	4.74
Return on Total Assets (PBT/Total Assets}	(%)	2.23	2.65	2.06
Return on Investment (ROI) (PBT/Networth)		0.19	0.23	0.28
Debt Equity Ratio (Total Liability/Networth)		7.50	7.76	12.83
Current Ratio (Current Asset/Current Liability)		1.51	1.59	1.96

LOCAL AGENCY FURTHER INFORMATION

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	No
34) External Agency Rating, if available	No

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short Term Borrowings
Loans and advances from related parties:
- Loans repayable on demand (Note 1)	114.374	82.439
Other loans and advances:
- Unsecured loans and repayable on demand	60.136	50.818
Total	174.510	133.257

Note:

1. The borrowings from related parties consist of amounts taken from shareholders, directors, their relatives and the companies/firms under the same management.

BUSINESS OPERATIONS

During the year, the Company recorded total revenue from sales and other operating income of Rs.472.858 millions as against Rs.426.773 millions in the previous year, and net profit of Rs.17.986 millions for the year ending 31^st March, 2012 as against Rs.13.501 millions for the previous year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U01403DL2007PLC165440
Name of the company	RBRL AGRO COMMODITIES LIMITED
Address of the registered office or of the principal place of business in India of the company	4088-4094, Naya Bazar, Delhi – 110 006, India E-Mail: csdesk@sharpmenthol.com
This form is for	Modification of charge
Charge identification number of the modified	10223739
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	State Bank of Mysore, Naya Bazar, Delhi – 110 006, India E-Mail: nayabazar@sbm.co.in
Nature of description of the instrument creating or modifying the charge	Agreement of LC and cash credit dated 21.12.2011.
Date of instrument Creating the charge	21.12.2011
Amount secured by the charge	Rs.215.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As per sanction letter dated 15.12.2011. Terms of Repayment: As per sanction letter dated 15.12.2011 Margin: As per sanction letter dated 15.12.2011 Extent and Operation of the charge: As per sanction letter dated 15.12.2011
Short particulars of the property charged	All stocks, receivable, book debts, including all movable properties both present & future.
Date of latest modification prior to the present modification	31.05.2010
Particulars of the present modification	Increased to Rs.215.000 millions from Rs.160.000 millions

FIXED ASSETS:

v Renovation Cost of Rented Premises

v Computer and Printer

v Furniture and Fittings

v Generators

v Office Equipments

v Vehicles

v Weighing Scales

v 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.55.33
UK Pound	1	Rs.89.05
Euro	1	Rs.72.57

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
TOTAL		48

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.