MIRA INFORM REPORT

Report Date :

16.01.2013

IDENTIFICATION DETAILS

Name :	BUSH FOODS OVERSEAS PRIVATE LIMITED
Registered Office :	# 505-506, 5^th Floor, DLF South Court, Saket, New Delhi – 110017
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.07.2005
Com. Reg. No.:	55-139164
Capital Investment / Paid-up Capital :	Rs. 417.464 Millions
CIN No.: [Company Identification No.]	U15312DL2005PTC139164
TAN No.: [Tax Deduction & Collection Account No.]	DELB08533A
PAN No.: [Permanent Account No.]	AACCB6743Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Rice.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 5980000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Latest financial i.e. 2011-12 are missing from the government department. However from the available financial of 2011, the company seems to be progressing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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 – 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	Term Loan : BBB-
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	10^th August, 2012

Rating Agency Name	CRISIL
Rating	Short term Bank loan : A3
Rating Explanation	Moderate degree of safety. It carry higher credit risk.
Date	10^th August, 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/ Head Office :	# 505-506, 5^th Floor, DLF South Court, Saket, New Delhi - 110017, India
Tel. No.:	91-11-23766910 / 23766911 / 23766912 / 64724827
Fax No.:	91-11-23766909
E-Mail :	bushfoodsoverseas@airtelmail.in
Website :	www.bushfoodsbasmati.com
Plant :	42-43, Milestone, G.T. Karnal Road, Bahalgarh, Sonepat, Haryana, India
New York Office :	2301, Trafalgur Square, Hillsborough NJ 08844
Tel. No.:	908-392-6793
Fax No.:	908-874 4480

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Virkaran Vijay Awasty

Designation :

Managing director

Address :

5/10 Shanti Niketan, New Delhi – 110021, India

Date of Birth/Age :

08.11.1968

Qualification :

Graduate

Experience :

17 Years

Date of Appointment :

01.04.2006

DIN No.:

01121761

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	U15312DL2005PTC139164	BUSH FOODS OVERSEAS PRIVATE LIMITED	Managing director	01/04/2006	29/07/2005	-	Active	NO
2	U15491WB1972PTC028384	BUSH TEA CO PVT LTD	Director	02/06/2006	02/06/2006	10/08/2009	Active	NO

Name :

Mrs. Ritika Virkaran Awasty

Designation :

Whole-time director

Address :

5/10 Shanti Niketan, New Delhi – 110021, India

Date of Birth/Age :

07.09.1970

Qualification :

Graduate

Experience :

7 Years

Date of Appointment :

02.07.2007

DIN No.:

01527264

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	U15312DL2005PTC139164	BUSH FOODS OVERSEAS PRIVATE LIMITED	Whole-time director	02/07/2007	29/07/2005	Active	NO

Name :

Mr. Rahul Pramod Raisurana

Designation :

Director

Address :

112/A, Atlas Apts., J. Mehta Road, Malabar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

15.05.1969

Date of Appointment :

30.09.2011

DIN No.:

02570812

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	L70200MH2002PLC136849	MAN INFRACONSTRUCTION LIMITED	Nominee director	09/03/2009	09/03/2009	-	Active	NO
2	L24211RJ1946PLC000469	PI INDUSTRIES LIMITED	Director	30/11/2009	24/10/2009	07/11/2012	Active	NO
3	U24120MH1982PLC026867	PRIVI ORGANICS LIMITED	Director	28/02/2011	28/02/2011	-	Active	NO
4	U15312DL2005PTC139164	BUSH FOODS OVERSEAS PRIVATE LIMITED	Director	30/09/2011	31/03/2011	-	Active	NO
5	L29309PN1991PLC063045	INNOVENTIVE INDUSTRIES LIMITED	Nominee director	28/09/2012	16/12/2011	-	Active	NO
6	U45203PY2006PTC001945	KARAIKAL PORT PRIVATE LIMITED	Nominee director	28/09/2012	25/06/2012	-	Active	NO
7	U05005AP1995PLC021217	OCEAN SPARKLE LIMITED	Additional director	06/12/2012	06/12/2012	-	Active	NO

Name :

Mr. Namit Kailash Arora

Designation :

Director

Address :

Flat No. 202, 2nd Floor, Monica Co-Operative Housing Society, Fazal Sobani St. Colaba Wood Hse Road, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

19.11.1971

Date of Appointment :

30.09.2011

DIN No.:

02577648

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	U91990MH2005GAP152320	INDIAN ASSOCIATION OF INVESTMENT PROFESSIONALS	Director	30/09/2008	30/09/2008	Active	NO
2	U15312DL2005PTC139164	BUSH FOODS OVERSEAS PRIVATE LIMITED	Director	30/09/2011	31/03/2011	Active	NO
3	U28991TZ1986PTC001816	CRAFTSMAN AUTOMATION PRIVATE LIMITED	Nominee director	21/08/2012	02/08/2012	Active	NO

Name :

Mr. Vinod Sirohi

Designation :

Director

Address :

House No. 503, Aman Castle, Sector-4, Vaishali, Ghaziabad – 201001, Uttar Pradesh, India

Date of Birth/Age :

31.05.1965

Date of Appointment :

30.09.2011

DIN No.:

03530067

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	U15312DL2005PTC139164	BUSH FOODS OVERSEAS PRIVATE LIMITED	Director	30/09/2011	04/05/2011	Active	NO

KEY EXECUTIVES

Name :	Mrs. Nitika Bakshi
Designation :	Secretary
Address :	F-1/6, Krishna Nagar, Delhi – 110051, India
Date of Birth/Age :	27.09.1987
Date of Appointment :	05.02.2012
PAN No.:	AYDPB0248A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	Address	No. of Shares
Virkaran Vijay Awasty	5/10 Shanti Niketan, New Delhi – 110021, India	38978590
Ritika Virkaran Awasty	5/10 Shanti Niketan, New Delhi – 110021, India	767680
Standard Chartered Private Equity (Mauritius) II Limited, Mauritius	C/o Kross Border Trust Services Limited, St. Louis Business Centre, CNR Desroches and St. Louis Streets, Port Louis, Mauritius	3490471
Standard Chartered Private Equity (Mauritius) III Limited, Mauritius	C/o Kross Border Trust Services Limited, St. Louis Business Centre, CNR Desroches and St. Louis Streets, Port Louis, Mauritius	2000000
Total		45236741

AS ON 16.10.2012

Names of Shareholders	Address	No. of Shares
Standard Chartered Private Equity (Mauritius) II Limited, Mauritius	C/o Kross Border Trust Services Limited, St. Louis Business Centre, CNR Desroches and St. Louis Streets, Port Louis, Mauritius	10744122
Total		10744122

AS ON 29.09.2012

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]	12.14
Directors or relatives of directors	87.86
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Rice.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Licensed Capacity	Installed Capacity
Stock and Turnover	N.A.	200000 M.T.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø Punjab National Bank, B.O. Rajendra Place, New Delhi – 110008, India

Ø Bank of Baroda, Corporate Financial Services Branch, 11^th Floor, BOB Building, 16, Sansad Marg, New Delhi – 110001, India

Ø Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	193.905	60.251
Foreign currency loans banks secured	372.815	0.000
Working capital loans banks secured	3128.050	2665.994
Total	3694.770	2726.245

Banking Relations :	--
Auditors :
Name :	Mitra and Mitra Chartered Accountants
Address :	Flat No. 207-A 2nd Floor, Sundram Tower, Commercial Complex, Paschim Vihar New Delhi – 110063, India
Tel. No.:	91-11-25276749
Income-tax PAN of auditor or auditor's firm :	AAIPM7789A
Enterprises over which key management personnel have significant influence :	Ø V and R Overseas Ø Neesa Overseas Ø Natalia Overseas Ø BFOPL-UK and BFOPL-USA

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs. 10/- each	Rs. 600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
55980863	Equity Shares	Rs. 10/- each	Rs. 559.809 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Shares	Rs. 10/- each	Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
41746370	Equity Shares	Rs. 10/- each	Rs. 417.464 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		417.464	342.463	95.463
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1078.933	505.465	270.059
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1496.397	847.928	365.522
LOAN FUNDS
1] Secured Loans		3694.769	2726.245	1479.211
2] Unsecured Loans		959.585	16.314	122.113
TOTAL BORROWING		4654.354	2742.559	1601.324
DEFERRED TAX LIABILITIES		0.000	3.242	3.319
TOTAL		6150.751	3593.729	1970.165
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		525.201	408.473	378.139
Capital work-in-progress		113.353	124.045	88.283
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		12.357	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6516.553	3782.309	3224.204
	Sundry Debtors	535.722	995.816	541.317
	Cash & Bank Balances	1089.310	169.730	148.372
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	271.665	248.982	595.183
Total Current Assets		8413.250	5196.837	4509.076
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1682.580	1187.347	1358.109
	Other Current Liabilities	742.002	717.771	1494.243
	Provisions	488.828	230.518	153.000
Total Current Liabilities		2913.410	2135.636	3005.352
Net Current Assets		5499.840	3061.201	1503.724
MISCELLANEOUS EXPENSES		0.000	0.010	0.019
TOTAL		6150.751	3593.729	1970.165

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	8231.500	5221.300
		Other Income	111.600	201.300
		Closing Stock	5.200	1.700
		TOTAL	8348.300	5424.300	N.A.
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	6773.700	4548.400	N.A.
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1574.600	875.900	N.A.
Less	FINANCIAL EXPENSES		547.600	485.200	N.A.
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1027.000	390.700	N.A.
Less/ Add	DEPRECIATION/ AMORTISATION		81.500	47.500	N.A.
	PRIOR PERIOD INCOME/EXPENSES (NET)		(8.700)	2.200	0.070
	PROFIT BEFORE TAX		936.800	345.400	223.083
Less	TAX		363.400	110.100	79.489
	PROFIT AFTER TAX		573.400	235.300	143.594
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		505.400	270.100	126.464
	BALANCE CARRIED TO THE B/S		1078.800	505.400	270.058
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2349.149	3159.871	4445.092
	IMPORTS
		Capital Goods	45.792	14.729	8.173
	Earnings Per Share (Rs.)		15.30	11.94	15.04

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.87	4.34	N.A.
Net Profit Margin (PBT/Sales)	(%)	11.38	6.62	N.A.
Return on Total Assets (PBT/Total Assets}	(%)	10.48	6.16	4.56
Return on Investment (ROI) (PBT/Networth)		0.63	0.41	0.61
Debt Equity Ratio (Total Liability/Networth)		5.06	5.75	12.60
Current Ratio (Current Asset/Current Liability)		2.89	2.43	1.50

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 two 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

UNSECURED LOANS

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Fully convertible debentures unsecured	949.999	0.000
Loans directors unsecured	9.500	16.314
Other debt unsecured	0.086	0.000
Total	959.585	16.314

BUSINESS OPERATIONS AND FUTURE OUTLOOK

During the period, the Company has been able to achieve Sales of Rs. 8231.500 Millions as compared to Rs. 5221.300 Millions in the previous Financial Year ended 31st March, 2010 showing an increase of 57.65%. The profit before tax rose to Rs. 93.68 as against Rs. 345.400 Millions recording an increase of 171.22 %. The profit after tax was Rs. 573.400 Millions as against Rs. 235.300 Millions showing an increase of 143.68%.

The Company has diversified its business activities and the new manufacturing unit of Ready to Eat (RTE) and Ready to Cook (RTC) food products will start commercial production during Financial Year 2011-12. The Company has appointed various Distributors for its products in India and abroad. The future outlook of the Company is bright.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U15312DL2005PTC139164
Name of the company	BUSH FOODS OVERSEAS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	# 505-506, 5^th Floor, DLF South Court, Saket, New Delhi - 110017, India Email: bushfoodsoverseas@airtelmail.in
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India Email: eximcro@eximbankindia.in
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation of movable assets dated 10/11/2012 executed by Bush Foods Overseas Private Limited ("the Company") in favour of Export Import Bank of India ("EXIM Bank), a copy whereof is attached hereto as security over the Company's moveable fixed assets and current assets for the loan of Rs.300.000 Millions ("the Loan") granted by EXIM Bank to the Company.
Date of instrument Creating the charge	10.11.2012
Amount secured by the charge	Rs. 300.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rupee disbursement: 11.50% p. a. payable on monthly basis, subject to reset. Dollar disbursement: LIBOR (6M)+ 450 bps payable on quarterly basis, subject to reset. Terms of Repayment Pre-shipment credit: Out of disbursement under pre shipment credit or out of export proceeds or at the end of 270 days from the date of each disbursement, whichever is earlier. Post-shipment credit: Out of export proceeds or at the end of 180 days from the date of disbursement under post shipment credit, whichever is earlier. Margin Pre-shipment credit: 25% Post-shipment credit: 10% Extent and Operation of the charge Charge created vide Deed of Hypothecation shall operate as a continuing security by way of first pari passu charge over the Company's entire current assets and fixed assets excluding assets charged on exclusive basis to other lenders for due repayment of the enhanced loan of Rs.300.000 Millions together with interest & all other monies payable by the Company to Exim Bank under the Supplemental Loan Agreement.
Short particulars of the property charged	Company's entire current and fixed assets excluding assets charged on exclusive basis, both present and future, briefly described in Schedule III of the Deed of Hypothecation attached hereto.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

a) Letters of credit issued by bank R NIL (Previous year Rs.7.700 millions)

b) Sales Tax Liability R 2.935 millions (Previous year 2.935 millions)

R22 millions paid against demand of R 5.135 millions.

c) Market Committee Fee R 2.282 millions (Previous year R NIL)

d) Guarantee given to Bank on behalf of third party R 79.400 millions (Previous year RNIL). Guarantee extinguished on repayment of loan by the party on 09.04.2011.

FIXED ASSETS:

Ø Land

Ø Building

Ø Plant and Machinery

Ø Godown Equipment

Ø Vehicles

Ø Furniture and Fixture

Ø Office Equipment

Ø Computer

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 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. 87.69
Euro	1	Rs. 72.85

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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
TOTAL		50

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.