1. Summary Information

		Country	India
Company Name	GROBEST FEEDS CORPORATION (INDIA) LIMITED	Principal Name 1	Shim Wu Voon
Status	Satisfactory	Principal Name 2	Ko Chi Kang
		Registration #	18- 041807
Street Address	38/1, Nowroji Road, Chetpet Chennai-600031, Tamilnadu, India
Established Date	29.01.1999	SIC Code	--
Telephone#	91-44-26411688 / 26431813 / 26431814	Business Style 1	Manufacture/process
Fax #	91-44-26413249	Business Style 2	Dealer
Homepage	--	Product Name 1	Prawn Feed
# of employees	Not Available	Product Name 2	Fish Feed
Paid up capital	Rs. 143,312,500 /-	Product Name 3	--
Shareholders	Foreign holdings – 100.00 %	Banking	Union Bank of India
Public Limited Corp.	YES	Business Period	14 Years
IPO	YES	International Ins.	-
Public Enterprise	YES	Rating	Ba (46)
Related Company
Relation	Country	Company Name	CEO
Holding Company	Virgin Islands, British	Grobest Investments Limited
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	271,807,000	Current Liabilities	64,667,000
Inventories	167,245,000	Long-term Liabilities	80,782,000
Fixed Assets	146,004,000	Other Liabilities	99,801,000
Deferred Assets	0	Total Liabilities	245,250,000
Invest& other Assets	107,000	Retained Earnings	196,599,000
		Net Worth	339,913,000
Total Assets	585,163,000	Total Liab. & Equity	585,163,000
Total Assets (Previous Year)	409,989,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	737,948,000	Net Profit	78,379,000
Sales(Previous yr)	320,529,000	Net Profit(Prev.yr)	20,417,000

MIRA INFORM REPORT

Report Date :

14.01.2013

IDENTIFICATION DETAILS

Name :	GROBEST FEEDS CORPORATION (INDIA) LIMITED
Registered Office :	38/1, Nowroji Road, Chetpet Chennai-600031, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.01.1999
Com. Reg. No.:	18- 041807
Capital Investment / Paid-up Capital :	Rs. 143.312 millions
CIN No.: [Company Identification No.]	U15123TN1999PLC041807
TAN No.: [Tax Deduction & Collection Account No.]	CHEG02256C
PAN No.: [Permanent Account No.]	AABCG0897R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacture/Process and to deal with Prawn Feed, Fish Feed and other allied items.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1360000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Grobest Investments Limited., British Virgin Islands’. It is an established company having a satisfactory track record. The latest financials of the company are not made available. As per previous year’s record, the company is found to be performing well. Trade relations are reported as decent. Business is active. Payment terms are reported as usually correct and as per commitment. 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB (Long term rating)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	24.08.2012

Rating Agency Name	CRISIL
Rating	A3+ (Short term rating)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	24.08.2012

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 :	38/1, Nowroji Road, Chetpet Chennai-600031, Tamilnadu, India
Tel. No.:	91-44-26411688 / 26431813 / 26431814
Fax No.:	91-44-26413249
E-Mail :	grobest1999@yahoo.com info@grobestindia.net grpbestom@hotmail.com

DIRECTORS

As on 24.07.2012

Name :

Shim Wu Voon

Designation :

Director

Address :

Flat No. GF, Ground Floor, Camber Hall, Victoria Cresent Road, Egmore, Chennai-600105, Tamilnadu, India

Date of Birth/Age :

15.09.1967

Qualification :

Bachelor of Aquaculture Science

Date of Appointment :

01.08.2011

DIN No.:

00174572

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	U15123TN1999PLC041807	GROBEST FEEDS CORPORATION (INDIA) LIMITED	Managing director	01-08-11	19-05-99	-	Active	NO

Name :

Ko Chi Kang

Designation :

Director

Address :

No.22, AI, I Street, Tao Yuan, Taiwan R.O.C

Date of Birth/Age :

14.05.1949

Qualification :

Technical

Date of Appointment :

29.01.1999

DIN No.:

02914372

Name :

Chen Ho Hsiu

Designation :

Director

Address :

229, Chi Hsien, 2^nd Road, Kaohsuing, Taiwan, R.O.C

Date of Birth/Age :

19.09.1936

Qualification :

Technical

Date of Appointment :

29.01.1999

DIN No.:

02914441

Name :

Kuan Yu Wu

Designation :

Director

Address :

No. 1, Lane 133, Chungcheng Road, Lin 5, Kuangjung Li, Luchou City, Taipei County ,Luchou City 24758

Date of Birth/Age :

25.03.1956

Qualification :

Technical

Date of Appointment :

16.08.2010

DIN No.:

03095571

Name :

Pichai Charoonpisit

Designation :

Director

Address :

199/12, Vipavadee Rangsit Road, Phyathai, Bangkok- 10400, Thailand

Date of Birth/Age :

15.01.1943

Date of Appointment :

29.01.1999

DIN No.:

05179374

Name :

Chen Chung Ping

Designation :

Director

Address :

SF., No.53, Zhengfeng St., Sanmin District, Kaohsiung City, 00807, Taiwan, Province of China

Date of Birth/Age :

23.11.1948

Date of Appointment :

11.07.2011

DIN No.:

05179412

KEY EXECUTIVES

Name :	Mr. N Ramanathan Radhakrishnan
Designation :	Company Secretary
Address :	Sri Krishna Apartment, 48(94), First Floor, II Main Road, Gandhi Nagar, Adyar, Chennai-600020, Tamilnadu, India
Date of Birth/Age :	02.06.1951
Date of Appointment :	01.05.2002
PAN No.:	AAOPR8222K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.07.2012

Names of Shareholders	No. of Shares
Chen Ho Hsiu	50
Pichai Charoonpist	50
Ko Chi Kang	50
Ko Kuan Pu	50
Shim Wu Voon	50
Grobest Corporation Limited, Thailand	4156062
Chen Shan Tien	50
Grobest Investments Limited, British Virgin Islands	10174838
Chen Chung Ping	50
Total	14331250

Equity Share Break up (Percentage of Total Equity)

As on 24.07.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture/Process and to deal with Prawn Feed, Fish Feed and other allied items.

Products :

Item Code No.	Product Description
230990	Prawn Feed

PRODUCTION STATUS AS ON 31.03.2010

Prawn Feeds	31.03.2010
	Qty (Tons)
Licensed Capacity	21000
Installed Capacity	21000
Actual Production	8935

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v Union Bank of India, Industrial Finance Branch, 12 Riaz Garden Kodambkkam High Road Nungambakkam, Chennai - 600034,Tamilnadu, India

v State Bank of Travancore, Commercial Branch, 556 Anna Salai, Teynampet, Chennai-600018, Tamilnadu, India

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	23.161	20.000
Working capital loans banks secured	57.621	18.718
Total	80.782	38.718

Banking Relations :	--
Auditors :
Name :	S Sankaran and Associates Chartered Accountant
Address :	New No.6 (Old No.21), 3^rd Main Road, Seethamma Colony, Alwarpet, Chennai-600031, Tamilnadu, India
Pan No.:	AAKFS0380B
Name :	Chartered Accountants
Holding Company :	Grobest Investments Limited, Virgin Islands, British
Associate :	Grobest Corporation Limited, Thailand
Group Companies :	· First El Presidente  Manufacturing., Inc., Philippines · P.T. Grobest Indomakmur., Indonesia · Grobest Corporation Limited, Thailand · Grobest Feeds Malaysia Sdn.Bhd., Malaysia · Grobest International Development (Vietnam) Limited., Vietnam · Us Grobest Frozen Food Trading Company, USA · Grobest  Feeds Corporation (India ) Limited, India

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
17000000	Equity Share	Rs.10/- Each	Rs.170.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14331250	Equity Share	Rs.10/- Each	Rs.143.312 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		143.312	143.312	143.312
2] Share Application Money		0.002	0.002	0.080
3] Reserves & Surplus		196.599	135.100	126.381
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		339.913	278.414	269.773
LOAN FUNDS
1] Secured Loans		80.782	38.718	9.439
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		80.782	38.718	9.439
DEFERRED TAX LIABILITIES		16.072	15.142	14.704
TOTAL		436.767	332.274	293.916
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		146.004	148.785	146.722
Capital work-in-progress		0.107	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	167.245	96.471	80.724
	Sundry Debtors	61.733	53.465	50.116
	Cash & Bank Balances	105.090	41.786	21.274
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	104.984	69.482	61.280
Total Current Assets		439.052	261.204	213.394
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	53.893	22.854	13.769
	Other Current Liabilities	10.774	2.264	1.689
	Provisions	83.729	52.597	50.742
Total Current Liabilities		148.396	77.715	66.200
Net Current Assets		290.656	183.489	147.194
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		436.767	332.274	293.916

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	737.948	320.529	183.319
		Other Income	11.379	8.599	15.762
		TOTAL (A)	749.327	329.128	199.081
Less	EXPENSES
		Consumption materials changes inventories	510.754	221.443	--
		Manufacturing service costs	4.095	4.092
		Employee related expenses	26.116	20.848	21.116
		Administrative selling other expenses	83.830	53.311	--
		Cost of Goods Sold	--	--	182.777
		Manufacturing and Administrative Overheads	--	--	28.073
		Marketing Overheads	--	--	0.785
		Selling and Distribution Overhead	--	--	7.577
		TOTAL (B)	624.795	299.694	240.328
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		124.532	29.434	(41.247)
Less	FINANCIAL EXPENSES (D)		1.915	1.057	2.537
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		122.617	28.377	(43.784)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		17.978	7.466	8.018
	PROFIT BEFORE TAX (E-F) (G)		104.639	20.911	(51.802)
Less	TAX (H)		26.260	0.494	0.455
	PROFIT AFTER TAX (G-H) (I)		78.379	20.417	(52.257)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		106.365	99.693	NA
	APPROPRIATIONS		25.101	13.745	NA
	BALANCE CARRIED TO THE B/S		163.472	106.365	99.693
	EARNINGS IN FOREIGN CURRENCY		26.897	28.976	7.346
	IMPORTS
		Raw Materials	153.351	89.811	4.265
		Fish Feed	0.762	0.719	0.519
		Spare Parts and Components	12.155	0.879	1.627
	TOTAL IMPORTS		166.268	91.409	6.411
	Earnings Per Share (Rs.)		5.74	1.43	(3.65)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	10.46	6.20	(26.25)
Net Profit Margin (PBT/Sales)	(%)	14.18	6.52	(28.26)
Return on Total Assets (PBT/Total Assets}	(%)	17.89	5.10	(14.38)
Return on Investment (ROI) (PBT/Networth)		0.31	0.08	(0.19)
Debt Equity Ratio (Total Liability/Networth)		0.67	0.42	0.24
Current Ratio (Current Asset/Current Liability)		2.96	3.36	3.22

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

COMPANIES AFFAIR

During the year, the company has achieved a sales volume of 17327.595 tonnes as against a sales volume of 8970.685 tonnes for the year 2009-2010. The Company’s turnover was Rs. 737.948 millions during the year which was a quantum leap from the turnover of Rs. 320.529 millions during the previous year. In view of the improved market conditions, the company has earned a profit of Rs. 82.209 millions for the year ended 31.03.2011 as against a Net profit of Rs. 20.473 millions for the year 2009 2010.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U15123TN1999PLC041807
Name of the company	GROBEST FEEDS CORPORATION (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	38/1, Nowroji Road, Chetpet Chennai-600031, Tamilnadu, India Email: grobest1999@yahoo.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90285540
Type of charge	· Immovable Property · Book Debts · Movable Property (not being pledge) · Floating charge
Particular of charge holder	State Bank of Travancore, Commercial Branch, 556 Anna Salai, Teynampet, Chennai-600018, Tamilnadu, India Email: ilfbchennai@sbt.co.in
Nature of instrument creating charge	1) Deposit Of Title Deeds in respect of Wind Power Generation property situated at Survey No.352/5, Vallalnathi Village, Andipati Taluk, Theni District.
Date of instrument Creating the charge	19.07.2012
Amount secured by the charge	Rs. 272.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Existing: 3.25 % above base rate (effective rate 13.75% p.a.) Fresh Term loans:2.50% above SBT Base rate (effective rate 13.00% p.a.) Terms of Repayment 1) Original Term Loan - The term loan is to be repaid in fifty monthly installments of Rs.0.800 million each commencing after four months from the date of first disbursement. 2) Working capital - Running account 3) Term Loan : Rs.40.000 millions.:47 equal monthly instalments of Rs.0.835 million each and final instalment of Rs.0.755 millions,frst instalment in July 2012 3) Term Loan : Rs.37.000 millions.:83 equal monthly instalments of Rs.0.440 million each and final instalment of Rs.0.480 million, frst instalment in July 2012 Margin 1) Term loan (Original)- 35% 2) Working Capital - 25% 3) Fresh term Loans : 33% Extent and Operation of the charge 1) Term loan - First Charge of the project assets, Collateral - First charge on Fixed assets of the company and second charge on the entire current assets of the company both present and future 2) Working Capital - First Charge over the entire current assets of the company both present and future, Collateral - First charge on Fixed assets of the company Equitable Mortgage by constructive delivery of documents of title to property in S.nos. 174/1,174/2,174/3A,174/3B and 176/1 in Panchatti village. Others Deposit of title deeds relating to Immovable property situated at S.No.352/5,Vallalnathi Village,Andipatti Taluk,Theni Distt. admeasuring 1.90 acres together with all buildings (existing/ to be constructed). Breakup of Credit facilities: Cash Credit : Rs.115.000 millions Letter of Credit : Rs.40.000 millions Term Loan (original) : Rs.40.000 millions Fresh term Loans : Rs.77.0000 millions (40.000+ 37.000) Total : Rs.272.000 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Existing and proposed building and machinery both present and future at our factory situated at Grobest Feeds Corporation (India) Limited, S.F. NO. 174/1, 2, 3A, 3B, 176/1, Panchetti Village, Ponneri Charge on the entire current assets of the company both present and future Charge on the entire fixed assets of the company both present and future Equitable Mortgage by constructive delivery of documents of title to the property in S.nos. 174/1,174/2,174/3A,174/3B and 176/1 in Panchatti village,Ponneri Taluk,Tiruvallur District Deposit of title deeds relating to Immovable property situated at S.No.352/5,Vallalnathi Village,Andipatti Tk,Theni Distt. admeasuring 1.90 acres with all buildings (existing/ to be constructed)
Date of instrument modifying the charge	02.03.2012
Particulars of the present modification	Additional Security by way of : Deposit of title deeds relating to Immovable property situated at S.No.352/5,Vallalnathi Village,Andipatti Tk,Theni Distt. admeasuring 1.90 acres with all buildings (existing/ to be constructed) relating to Wind Farm project

Fixed Assets

Tangible Assets

v Freehold Land

v Building

v Computer and Accessories

v Electrical Equipments

v Electrical Fitting

v Furniture and Fitting

v Furniture and Fixture

v Lab Equipments

v Office Equipments

v Plant and Machinery

v Telephone Equipments

v Test Equipments

v Vehicles

Intangible Assets

v Trade Mark and Patents

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.54.54
UK Pound	1	Rs.88.05
Euro	1	Rs.72.29

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	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		46

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.