MIRA INFORM REPORT

Report Date :

05.07.2013

IDENTIFICATION DETAILS

Name :	PARAKH AGRO INDUSTRIES LIMITED
Registered Office :	Gate No. 45/ 1, 2, 3, Village Bhandgoan, Taluka Daund, Bhandgoan – 412214, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.07.1987
Com. Reg. No.:	11-132583
Capital Investment / Paid-up Capital :	Rs.480.000 Millions
CIN No.: [Company Identification No.]	U01403PN1987PLC132583
TAN No.: [Tax Deduction & Collection Account No.]	PNEP00528D
PAN No.: [Permanent Account No.]	AABCP0314L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Agro based Product and Commodities and also engaged in wind mill power generation.
No. of Employees :	1900 (Approximately) (In Office + In Factory)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 3900000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The performance capacity of the company seems to be good. Financial position of the company is improving. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	CASH CREDIT : ICRA BBB
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk.
Date	January, 2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Ms. Asma Shaikh
Designation :	Finance Manager
Contact No.:	91-20-24261733

LOCATIONS

Registered Office / Factory 1 :	Gate No. 45/ 1, 2, 3, Village Bhandgoan, Taluka Daund, Bhandgoan – 412214, Maharashtra, India
Tel. No.:	91-2119-275377
Fax No.:	91-2119-275775
E-Mail :	info@parakhagro.com parakh_agro@vsnl.net asmashaikh@parakhagro.com
Website :	http://parakhagro.com
Location :	Owned
Corporate Office :	Parakh House, Plot No.1 and 2, Market Yard, Gultekdi, Pune – 411037, Maharashtra, India
Tel. No.:	91-20-24261733
Fax No.:	91-20-24263211
E-Mail :	info@parakhagro.com
Branch Office / Factory 2 :	Plot No. D-230, T.T.C. Industrial Area, Thane Belapur Road, Opposite Tata Press, Shirawane – 400 613, Maharashtra, India
Tel. No.:	91-22-27632745-47 / 27685702
Fax No.:	91-22-27632755
Factory 3 :	Gat No. 45/1-2-3, Village Devnavhe, Pali Road. Taluka Khopoli, District Raigad - 410203, Maharashtra, India
Factory 4 :	Food Processing Park, Plot No. 93-142, A.B. Road, Nimrani, District Kasravad, Tahsil-Khargaon, Madhya Pradesh, India
Factory 5 :	Plot No. 812 and 813, Sector No. III, Pithampur Industrial Area, District Dhar, Madhya Pradesh, India
Factory 6 :	Plot No. 73, Taloja Industrial Area, Village - Tongre, Taluka Panvel, District Raigad, Maharashtra, India

DIRECTORS

As on: 30.07.2012

Name :

Mr. Prakash Harakchand Parakh

Designation :

Managing director

Address :

584/1, Salibury Park, Pune – 411 001, Maharashtra, India

Date of Birth/Age :

23.03.1956

Date of Appointment :

01.04.2013

DIN No.:

00337188

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	U01403PN1987PLC132583	Parakh Agro Industries Limited	Managing director	01/04/2013	20/07/1987	-	Active	NO
2	U51101PN1993PLC075425	Parakh International Limited	Director	03/12/1993	03/12/1993	-	Active	NO
3	U74999PN1981PLC023874	Em-Kay Agencies Limited	Director	15/04/1994	15/04/1994	-	Active	NO
4	U99999PN1994PTC083027	Wonderful Properties Private Limited	Director	25/04/1997	25/04/1997	-	Active	NO
5	U15412MP1995PLC009303	Parakh Besan Mills Limited	Director	02/04/1999	02/04/1999	-	Active	NO
6	U31300MP1994PTC008421	Dewas Conductors Private Limited	Director	05/04/1999	05/04/1999	-	Active	NO
7	U74220PN2002NPL017463	National Agriculture And Food Analysis And Research Institute	Director	29/11/2002	29/11/2002	-	Active	NO
8	U70102PN2005PTC021650	Sudarshan Properties Private Limited	Director	08/12/2005	08/12/2005	04/01/2013	Active	NO
9	U70102PN2005PTC021651	Jollymaker Estates Private Limited	Director	08/12/2005	08/12/2005	-	Active	NO
10	U15142PN1993PLC071164	Parakh Oils Limited	Managing director	01/04/2009	01/02/2009	-	Active	NO

Name :

Mr. Suresh Harakchand Parakh

Designation :

Managing director

Address :

584/1, Salibury Park, Pune – 411 001, Maharashtra, India

Date of Birth/Age :

15.04.1963

Date of Appointment :

01.04.2013

DIN No.:

00337190

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	U01403PN1987PLC132583	Parakh Agro Industries Limited	Managing director	01/04/2013	20/07/1987	-	Active	NO
2	U51101PN1993PLC075425	Parakh International Limited	Director	03/12/1993	03/12/1993	-	Active	NO
3	U74999PN1981PLC023874	Em-Kay Agencies Limited	Director	15/04/1994	15/04/1994	-	Active	NO
4	U99999PN1994PTC083027	Wonderful Properties Private Limited	Director	25/04/1997	25/04/1997	-	Active	NO
5	U15412MP1995PLC009303	Parakh Besan Mills Limited	Director	02/04/1999	02/04/1999	-	Active	NO
6	U31300MP1994PTC008421	Dewas Conductors Private Limited	Director	05/04/1999	05/04/1999	-	Active	NO
7	U70102PN2005PTC021650	Sudarshan Properties Private Limited	Director	08/12/2005	08/12/2005	04/01/2013	Active	NO
8	U70102PN2005PTC021651	Jollymaker Estates Private Limited	Director	08/12/2005	08/12/2005	-	Active	NO
9	U15142PN1993PLC071164	Parakh Oils Limited	Managing director	01/04/2009	01/08/2006	-	Active	NO

Name :

Mr. Mahavir Rikhabchand Dugad

Designation :

Whole-time director

Address :

208/ 5647, Anita Kutir Housing Society, Pant Nagar, Santacruz (East), Mumbai – 400075, Maharashtra, India

Date of Birth/Age :

09.09.1972

Date of Appointment :

01.04.2013

PAN No.:

AAIPD4289Q

DIN No.:

02687353

Name :

Mr. Mahendra Deepchand Lunawat

Designation :

Whole-time director

Address :

A/P, Shilphata Khopoli, Taluka Khalapur, Raigad, Shilphata – 410203, Maharashtra, India

Date of Birth/Age :

01.05.1965

Date of Appointment :

01.04.2013

PAN No.:

ABHPL6961H

DIN No.:

02696183

Name :

Mr. Vinay Ganpatrao Nalawade

Designation :

Director

Address :

3/TI Models Residency, Nt St Ines Church St Ines, Panji – 403002, Goa, India

Date of Birth/Age :

20.10.1968

Date of Appointment :

30.09.2009

PAN No.:

ABMPN6001B

DIN No.:

02696856

Name :

Mr. Harshal Suresh parakh

Designation :

Whole time director

Address :

584/1, Salisbury Park, Pune – 411037, Maharashtra, India

Date of Birth/Age :

19.06.1988

Date of Appointment :

01.01.2013

DIN No.:

05357867

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	U74999PN1981PLC023874	Em-Kay Agencies Limited	Director	29/08/2012	01/08/2012	-	Active	NO
2	U15412MP1995PLC009303	Parakh Besan Mills Limited	Director	29/09/2012	01/08/2012	-	Active	NO
3	U51101PN1993PLC075425	Parakh International Limited	Director	28/09/2012	01/08/2012	-	Active	NO
4	U01403PN1987PLC132583	Parakh Agro Industries Limited	Whole-time director	01/01/2013	01/08/2012	-	Active	NO

Name :

Ms. Asma Shaikh

Designation :

Finance Manager

KEY EXECUTIVES

Name :	Shekhar Ghatpande and Company
Designation :	Company Secretaries
Address :	‘Saraswati’, Flat No. 13, 3^rd Floor, 93, Rambaug Colony, Paud Road, Kothrud, Pune – 411038, Maharashtra, India
Qualification :	B.Com, D.T.L., F.C.S.
Email ID :	shekhar_fcs1659@yahoo.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.07.2012

Names of Shareholders	No. of Shares
Parakh Kesharchand Harakchand	960000
Parakh Harakchand Prakash	12219975
Parakh Harakchand Suresh	11246650
Parakh Harakchand Patashibai	960000
Parakh Prakash Asha	5700000
Parakh Suresh Anju	4800000
Parakh Suresh Harshal	3496650
Parakh Suresh Mayank	3496650
Parakh Prakash Akash	5120075
Total	48000000

Equity Share Break up (Percentage of Total Equity)

As on: 30.07.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Agro based Product and Commodities and also engaged in wind mill power generation.

Products / Services :

• Flour / Besan / Wheat
• Film
• Power Generation (Windmill)

ITC Code	Products or Services
9805	Processed Foods

GENERAL INFORMATION

No. of Employees :

1900 (Approximately) (In Office + In Factory)

Bankers :

• Corporation Bank, Aditi Commerce Centre, Gen. Thimmayya Road Camp, Pune – 411001, Maharashtra, India
• Bank of India, Corporate Banking Branch, 1162/6, Shivaji Nagar, University Road, Pune – 411005, Maharashtra, India
• Axis Bank Limited, Daund Branch
• Central Bank of India
• Bank of Maharashtra,
• Oriental Bank of Commerce
• ICICI Bank
• Kotak Mahindra Bank
• HDFC Bank Limited

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
LONG TERM
Term Loan – From Bank #	443.918	417.549
Term Loan – From Others *	93.231	107.995
SHORT TERM
Working Capital Loans from Banks	516.001	214.695
Total	1053.150	740.239
Notes: # Secured by Hypothecation of Fixed Assets of various plants. Loan carrying floating Interest @ 12.75% p.a. to 13.75% p.a. prevailing at the time of sanction loan. Loans are repayable in 1 to 6 years Secured by Hypothecation of respective vehicles. The Loans are retable in monthly installment along with interest from the date of loans. Loan carrying floating interest @ 12.75% p.a. to 13.75% p.a. prevailing at the time sanction loan. Loans are repayable in 1 to 6 years. * Other Foreign Loan payable of Rs.123.346 Millions carrying interest @ 3.75% / 360 Tg / days. Loans are repayable in 5 Years from the date of sanction in half yearly equal installment. Current Maturity of loan is (€ 483354.58 @ 67.8675) Rs.32.804 Millions * Other Rupee Loan payable of Rs.4.617 Millions carrying interest @ 9.50%. Loan is repayable in 4 years from the date of sanction in equal installment. Working Capital Loan of Rs.516.001 Millions Secured by Hypothecation of Stock and book debts, personal Guarantee by Directors, First Charge on Plant and Machinery of Company and Export Orders.

Banking Relations :	--
Financial Institution :	Axis Trustee Services Limited, Axis House, 2^nd Floor, Bombay Dyeing Mills Compound, Pandurang Bhudhkar Marg, Worli, Mumbai – 400025, Maharashtra, India CIN No.: U74999MH2008PLC182264 Kotak Mahindra Primus Limited
Auditors :
Name :	Shah Kahndelwal Jain and Associates Chartered Accountants
Address :	Level 3, Business Bay, Plot No. 84, Wellesley Road, Near Rto, Pune-411001, Maharashtra, India
PAN No.:	AACFK3470E
Associates :	Parakh Besan Mills Limited CIN No.: U15412MP1995PLC009303 Parakh Foods International Limited Parakh Oils Limited CIN No.: U15142PN1993PLC071164 Emkay Agencies Limited Dewas Conductors Private Limited Wonderful Properties Private Limited Akash Developers Anand Developers Gemini Developers Samrat Developers Arihant Developers

CAPITAL STRUCTURE

As on: 30.07.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
48000000	Equity Shares	Rs.10/- each	Rs.480.000 Millions

Notes:

(i) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

Particulars	Equity Shares
	As at 31 March, 2012
	No. of Shares	Rs. In Millions
Shares outstanding at the beginning of the year	48000000	480.000
Shares Issued during the year	--	--
Shares bought back during the year	--	--
Shares outstanding at the end of the year	48000000	480.000

(ii) Details of shares held by each shareholder holding more than 5% shares:

Class of shares / Name of shareholder	As at 31 March, 2012
	Number of shares held	% holding in that class of shares
Parakh Harakchand K.	-	-
Parakh Prakash Harakchand	12219975	25.46%
Parakh Suresh Harakchand	11246650	23.43%
Parakh Asha Prakash	5700000	11.88%
Parakh Anju Suresh	4800000	10.00%
Parakh Harshal Suresh	3496650	7.28%
Parakh Mayank Suresh	3496650	7.28%
Parakh Aakash Prakash	5120075	10.67%
Parakh Patasibai H	-	-

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	480.000	480.000
(b) Reserves & Surplus	513.039	388.281
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	993.039	868.281
(3) Non-Current Liabilities
(a) long-term borrowings	841.354	902.276
(b) Deferred tax liabilities (Net)	198.849	199.852
(c) Other long term liabilities	70.967	56.619
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1111.170	1158.747
(4) Current Liabilities
(a) Short term borrowings	1088.845	259.214
(b) Trade payables	401.490	369.222
(c) Other current liabilities	332.761	593.499
(d) Short-term provisions	25.139	15.036
Total Current Liabilities (4)	1848.235	1236.971
TOTAL	3952.444	3263.999
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1948.456	1922.988
(ii) Intangible Assets	0.087	0.000
(iii) Capital work-in-progress	184.164	11.866
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	14.107	23.480
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	2146.814	1958.334
(2) Current assets
(a) Current investments	3.324	3.695
(b) Inventories	826.375	558.973
(c) Trade receivables	444.435	346.512
(d) Cash and cash equivalents	134.846	110.349
(e) Short-term loans and advances	128.421	89.056
(f) Other current assets	268.229	197.080
Total Current Assets	1805.630	1305.665
TOTAL	3952.444	3263.999

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		480.000
2] Share Application Money		0.000
3] Reserves & Surplus		420.000
4] (Accumulated Losses)		(116.748)
NETWORTH		783.252
LOAN FUNDS
1] Secured Loans		1343.345
2] Unsecured Loans		146.896
TOTAL BORROWING		1490.241
DEFERRED TAX LIABILITIES		191.385
TOTAL		2464.878
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1712.862
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	697.062
	Sundry Debtors	352.337
	Cash & Bank Balances	193.930
	Other Current Assets	67.048
	Loans & Advances	110.924
Total Current Assets		1421.301
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	608.855
	Other Current Liabilities	35.949
	Provisions	24.481
Total Current Liabilities		669.285
Net Current Assets		752.016
MISCELLANEOUS EXPENSES		0.000
TOTAL		2464.878

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	9669.157	8241.778	6881.131
		Other Income	13.223	12.288	19.786
		TOTAL	9682.380	8254.066	6900.917
Less	EXPENSES
		Cost of materials consumed	7818.141	6786.336	6491.641
		Purchases of stock-in-trade	27.684	48.758
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(74.125)	(60.286)
		Employee benefit expense	151.404	129.719
		Other expenses	1216.723	941.800
		TOTAL	9139.827	7846.327	6491.641
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		542.553	407.739	409.276
Less	FINANCIAL EXPENSES		238.854	174.702	142.949
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		303.699	233.037	266.327
Less/ Add	DEPRECIATION/ AMORTISATION		178.050	157.593	136.128
	PROFIT BEFORE TAX		125.649	75.444	130.199
Less	TAX		0.891	(9.585)	45.525
	PROFIT AFTER TAX		124.758	85.029	84.674
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(31.719)	(116.748)	(201.422)
	BALANCE CARRIED TO THE B/S		93.039	(31.719)	(116.748)
	Earnings Per Share (Rs.)		2.60	1.77	1.76

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.29	1.03	1.23
Net Profit Margin (PBT/Sales)	(%)	1.30	0.92	1.89
Return on Total Assets (PBT/Total Assets}	(%)	3.33	2.31	4.15
Return on Investment (ROI) (PBT/Networth)		0.12	0.09	0.17
Debt Equity Ratio (Total Debt/Networth)		1.94	1.33	1.90
Current Ratio (Current Asset/Current Liability)		0.98	1.06	2.12

LOCAL AGENCY FURTHER INFORMATION

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

UNSECURED LOAN

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
LONG TERM
Term Loan – From Bank	300.000	250.000
Loans and Advances from Directors	4.205	126.732
SHORT TERM
Rupee Term Loan – From Bank	302.930	0.000
Foreign Currency Term Loan – From Others	169.606	44.519
Loans Repayable on Demand – From Others	100.308	0.000
Total	877.049	421.251
Notes: Term Loan of Rs.302.930 Millions is payable within 180 Days from the date of sanction.

BUSINESS OPERATIONS AND FUTURE OUTLOOK

The performance of all factories located at various locations is quite satisfactory, and the Directors are confident to perform better in the years to come.

The Net Sales of the Company during the Year were Rs. 9669.200 Millions as against Rs.8241.800 Millions of the previous Year resulting in an increase of 17.32% approx. The Net Profit before Tax was also higher at Rs.124.800 Millions, as against Rs.85.000 Millions, of the previous Year resulting in an increase of 46.82% approx .

FIXED ASSETS

• Land
• Buildings
• Factory Building
• Plant and Equipment
• Factory Equipments
• Furniture and Fixtures
• Vehicles Office Equipment
• Computer Equipments

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. 60.10
UK Pound	1	Rs. 91.58
Euro	1	Rs. 78.08

INFORMATION DETAILS

Report Prepared by :

DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.