MIRA INFORM REPORT

Report Date :

30.03.2013

IDENTIFICATION DETAILS

Name :	PRASAD SEEDS PRIVATE LIMITED
Registered Office :	D. No. B-92, Ground Floor, Srinivasa Nagar Colony, Guntur - 522007, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.10.1994
Com. Reg. No.:	01-018609
Capital Investment / Paid-up Capital :	Rs. 147.500 Millions
CIN No.: [Company Identification No.]	U01122AP1994PTC018609
PAN No.: [Permanent Account No.]	AABCP3199F
Legal Form :	Private Limited Liability Company
Line of Business :	The company is mainly engaged in the business of providing infrastructure facilities for crop drying, harvesting, seed conditioning and packing to various companies engaged in the business of research, production and sale of sowing seeds of field crops. The company is also generating the power through wind power plant.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (38)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2100000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The external borrowings appear to be increasing over years causing threat to the company’s liquidity. However, trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

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	Long term Rating: B
Rating Explanation	High risk of default
Date	09.10.2012

Rating Agency Name	Crisil
Rating	Short term Rating: A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	09.10.2012

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 :	D. No. B-92, Ground Floor, Srinivasa Nagar Colony, Guntur - 522007, Andhra Pradesh, India
Tel. No.:	91-0863-2235971
Mobile No.:	Not Available
Fax No.:	91-0863-2240796
E-Mail :	Dsc_director@rediffmail.com Prasadseeds@hotmail.com psplgnt@gmail.com
Website :	http://www.prasadseeds.com
Corporate Office :	Survey No. 854, Industrial Area, Medchal Village, R. R. District – 501401, Andhra Pradesh, India
Tel. No.:	91-8418-223127
Fax No.:	91-8418-223225
E-Mail :	info@prasadseeds.com
Branches :	Located at: · West Godaveri · Guntur · Kodakandla

DIRECTORS

As on : 08.09.2012

Name :

Mr. Karumanchi Prasad

Designation :

Managing director

Address :

B-92, SVN Colony, Guntur - 522007, Andhra Pradesh, India

Date of Birth/Age :

01.07.1955

Date of Appointment :

24.10.1994

PAN No.:

ADVPK3607R

DIN No.:

00057701

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	U01122AP1994PTC018609	PRASAD SEEDS PRIVATE LIMITED	Managing director	24/10/1994	24/10/1994	-	Active	NO
2	U24110AP1987PTC007972	DELTA AGRO CHEMICALS PVT LTD	Managing director	06/06/2003	06/06/2003	-	Active	NO
3	U01122AP2004PTC044192	DELTA AGRIGENETICS PRIVATE LIMITED	Director	16/09/2004	16/09/2004	-	Active	NO
4	U24110AP1992PTC014632	DELTA AGRI FINANCES PRIVATE LIMITED	Director	16/09/2004	16/09/2004	-	Dormant	NO
5	U17200AP2007PTC054222	KAKUMANU TEXTILES PRIVATE LIMITED	Director	30/05/2007	30/05/2007	-	Active	NO
6	U74900AP2007PTC054716	KK COLD STORAGE PRIVATE LIMITED	Director	05/07/2007	05/07/2007	01/11/2010	Active	NO
7	U45200AP2007PTC054732	KHR INFRASTRUCTURES PRIVATE LIMITED	Director	07/07/2007	07/07/2007	01/11/2010	Active	NO
8	U74900AP2007PTC054733	KPR COLD STORAGE PRIVATE LIMITED	Director	09/07/2007	09/07/2007	-	Active	NO
9	U45200AP2007PTC054892	PRASAD PROJECTS PRIVATE LIMITED	Director	25/07/2007	25/07/2007	-	Active	NO

Name :

Mr. Malleswara Rao Kongara

Designation :

Director

Address :

B-92, SVN Colony, Guntur - 522007, Andhra Pradesh, India

Date of Birth/Age :

02.07.1962

Date of Appointment :

24.10.1994

PAN No.:

ADVPK3619D

DIN No.:

00057745

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	U01122AP1994PTC018609	PRASAD SEEDS PRIVATE LIMITED	Director	24/10/1994	24/10/1994	-	Active	NO
2	U24110AP1987PTC007972	DELTA AGRO CHEMICALS PVT LTD	Director	06/06/2003	06/06/2003	-	Active	NO
3	U05004AP2005PTC048017	NEELI AQUA PRIVATE LIMITED	Director	10/11/2005	10/11/2005	27/07/2012	Active	NO
4	U17200AP2007PTC054222	KAKUMANU TEXTILES PRIVATE LIMITED	Director	30/05/2007	30/05/2007	-	Active	NO
5	U74900AP2007PTC054716	KK COLD STORAGE PRIVATE LIMITED	Director	05/07/2007	05/07/2007	01/11/2010	Active	NO
6	U45200AP2007PTC054732	KHR INFRASTRUCTURES PRIVATE LIMITED	Director	07/07/2007	07/07/2007	01/11/2010	Active	NO
7	U74900AP2007PTC054733	KPR COLD STORAGE PRIVATE LIMITED	Director	09/07/2007	09/07/2007	-	Active	NO

Name :

Mr. Hemanth Karumanchi

Designation :

Additional Director

Address :

B-92, SVN Colony, Guntur - 522007, Andhra Pradesh, India

Date of Appointment :

08.09.2012

PAN No.:

ABQPH9399L

DIN No.:

00060449

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	U24110AP1987PTC007972	DELTA AGRO CHEMICALS PVT LTD	Director	06/06/2003	06/06/2003	-	Active	NO
2	U45200AP2007PTC054732	KHR INFRASTRUCTURES PRIVATE LIMITED	Director	26/09/2011	27/08/2010	-	Active	NO
3	U74900AP2007PTC054716	KK COLD STORAGE PRIVATE LIMITED	Additional director	22/10/2010	22/10/2010	-	Active	NO
4	U01122AP1994PTC018609	PRASAD SEEDS PRIVATE LIMITED	Director	08/09/2012	06/10/2011	-	Active	NO

Name :

Mrs. Rama Devi Karumanchi

Designation :

Director

Address :

B-92, SVN Colony, Guntur - 522007, Andhra Pradesh, India

Date of Birth/Age :

21.04.1960

Date of Appointment :

09.03.2011

PAN No.:

ADVPK3523C

DIN No.:

00300186

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	U01122AP1994PTC018609	PRASAD SEEDS PRIVATE LIMITED	Director	24/10/1994	24/10/1994	-	Active	NO
2	U45200AP2007PTC054892	PRASAD PROJECTS PRIVATE LIMITED	Additional director	09/03/2011	09/03/2011	-	Active	NO

Name :

Ms. Karthika Karumanchi

Designation :

Additional director

Address :

B-92, SVN Colony, Guntur - 522007, Andhra Pradesh, India

Date of Birth/Age :

24.04.1985

Date of Appointment :

27.09.2010

DIN No.:

02798564

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	U01122AP1994PTC018609	PRASAD SEEDS PRIVATE LIMITED	Director	27/09/2010	28/10/2009	-	Active	NO
2	U74900AP2007PTC054716	KK COLD STORAGE PRIVATE LIMITED	Additional director	27/08/2010	27/08/2010	-	Active	NO
3	U45200AP2007PTC054732	KHR INFRASTRUCTURES PRIVATE LIMITED	Director	26/09/2011	22/10/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 08.09.2012

NAMES OF SHAREHOLDERS	NO. OF SHARES
Karumanchi Prasad	709516
Kongara Malleswar Rao	156100
Karumanchi Kotaiah	500
Karumanchi Rama Devi	69684
Satish Gavini	18
Kanchana Latha Kongara	33759
Sestha Roa Doppalapudi	150
Karimanchi Hemanth	3700
Karimanchi Bhanu Kishore	40000
Sandya Aqua Exports Private Limited, India	50000
Pinnaka Doondeshwar Rao	20000
Kandru Hari Babu	10000
V Narendra	10000
R Nageswar Rao	10000
Kolasani Ravi	5000
K Venkata Subba Rao	50000
Pagidipati Devaiah	125000
Naveen V	55798
Kantamneni Vijaya	26759
K Sukanya	26516
Prasad Seed Farm Industries	72500
Total	1475000

Equity Share Break up (Percentage of Total Equity)

As on : 08.09.2012

CATEGORY	PERCENTAGE
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is mainly engaged in the business of providing infrastructure facilities for crop drying, harvesting, seed conditioning and packing to various companies engaged in the business of research, production and sale of sowing seeds of field crops. The company is also generating the power through wind power plant.

Products :

Products Description	ITC Code No.
Sowing Seeds	120999.09

PRODUCTION STATUS As on 08.09.2012

Particulars	Unit	Installed Capacity
Conditioning of all crops	M. Tons per day	1440
Drying :
Paddy	M. Tons per day	200
Corn Cobs	M. Tons per day	1740
Actual Production : Total Quantity of Sowing Seeds Production During the year 839923 kgs. [Previous year 915675 kgs.] excluding seeds produced to outsiders

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Punjab National Bank, KPHB Colony, Kukatpally, Hyderabad-500072, Andhra Pradesh, India.

Facilities :

Secured Loans :	As on 31.03.2012 Rs. in Millions	As on 31.03.2011 Rs. in Millions
Long term Secured Loan from Banks	568.558	523.795
Short term Secured Borrowings	68.787	40.225
Total	637.345	564.020

Auditors :
Name :	Mastanaiah and Company Chartered Accountants
Address :	11/1, Arundelpet, Guntur - 522002, Andhra Pradesh, India
PAN No.:	AADFM5561H
Related Parties :	· Prasad Seed Farm Industries, Guntur · Coastal Seed Tech, Guntur · Delta Agro Chemicals Limited, Guntur · Delta Agrigenetics Private Limited, Guntur K K Cold Storage Private Limited, India Kakumanu Seeds KHR infrastructures Private Limited, India

CAPITAL STRUCTURE

As on : 08.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs 100/-each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1475000	Equity Shares	Rs 100/-each	Rs. 147.500 Millions

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		147.500	100.000	100.000
2] Share Application Money		0.000	47.475	47.475
3] Reserves & Surplus		367.813	265.165	198.554
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		515.313	412.640	346.029
LOAN FUNDS
1] Secured Loans		637.345	564.020	895.481
2] Unsecured Loans		11.727	24.115	5.906
TOTAL BORROWING		649.072	588.135	901.387
DEFERRED TAX LIABILITIES		59.651	60.593	51.605
TOTAL		1224.036	1061.368	1299.021
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		991.703	984.092	1008.354
Capital work-in-progress		0.000	0.000	18.472
INVESTMENT		11.957	24.953	24.767
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.734	40.892	8.395
	Sundry Debtors	381.266	279.447	158.285
	Cash & Bank Balances	42.601	27.655	179.951
	Other Current Assets	83.533	35.911	1.125
	Loans & Advances	138.955	109.680	59.590
Total Current Assets		657.089	493.585	407.346
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	84.619	120.756	0.000
	Other Current Liabilities	329.682	313.648	158.966
	Provisions	22.412	6.858	0.952
Total Current Liabilities		436.713	441.262	159.918
Net Current Assets		220.376	52.323	247.428
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1224.036	1061.368	1299.021

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL (A)	908.113	815.465	608.127
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	518.045	451.497	309.365
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		390.068	333.968	298.761
Less	FINANCIAL EXPENSES (D)		121.201	102.250	73.343
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		268.867	230.621	225.418
Less/ Add	DEPRECIATION/ AMORTISATION (F)		120.529	130.142	168.721
	PROFIT BEFORE TAX (E-F) (G)		148.338	100.479	56.697
Less	TAX (I)		45.690	33.868	22.884
	PROFIT AFTER TAX (G-I) (J)		102.648	66.611	33.813
	Earnings Per Share (Rs.)		69.59	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	11.30	8.17	5.56
Net Profit Margin (PBT/Sales)	(%)	16.33	12.32	9.32
Return on Total Assets (PBT/Total Assets}	(%)	8.99	6.80	4.00
Return on Investment (ROI) (PBT/Networth)		0.28	0.24	0.16
Debt Equity Ratio (Total Debt /Networth)		1.25	1.42	2.60
Current Ratio (Current Asset/Current Liability)		1.50	1.12	2.55

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	Yes
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	No
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

FUTURE OUTLOOK:

Accounting for approximately 30% of the national GDP, agriculture is the backbone of the Indian economy. It is the source of livelihood for over 70% of its population. Having, the largest arable area (170 million ha), ranks second only to in sheer size of agriculture. By virtue of India USA its large arable land area, sizeable irrigated area. Rich agric biodiversity, diverse agro climate and well developed research system, the country has all the potential to emerge as a global power in agriculture. The impressive growth registered in agricultural production in general and food grains in particular during the last 30 years has made the country self-sufficient in certain grain with a sizable surplus which will be exported.

The Indian agriculture sector is now moving towards another green revolution. The transformations in the sector are being induced by the factors like newfound interest of the organized sector, new and improved technologies, farming becoming more mechanized, new markets and demands, easy credit facilities, rapid growth of contract farming, agriculture friendly policies from the government, etc. Agriculture is now evolving from just traditional way of life to a professionally managed industry- The agricultural industry.

The company always prided itself in constructing the state of art of the manufacturing facilities which are equipped with the latest technologies geared towards producing the quality hybrid seeds for the farmers. The company has registered an impressive growth in income from both the processing and drying operations and is expected to maintain the same in years to come.

Better technologies, that provide better value while mitigating external risks, have been generally well received both by the government and the farmer. The company remain focused on its key objectives of profitable and sustainable growth, maximizing operational efficiencies and striving to attain the highest standards of quality, safety and productivity.

The overall outlook for the growth of the seeds business continues to be positive and the management remains optimistic with regards to continued growth. The company is an undisputed leader in providing infrastructure facilities to various reputed seed companies and also having largest seed drying and processing facilities in. Presently the company also evaluating India various proposals to set up further facilities to increase its market share.

UNSECURED LOAN DETAILS

Particulars	31.03.2012 Rs in Millions	31.03.2011 Rs in Millions
Long term Unsecured Loans From Banks	11.250	23.638
Long term Unsecured Loans and Advances from related parties	0.477	0.477
Total	11.727	24.115

Bankers Charges Report as per Registry:

Corporate identity number of the company	U01122AP1994PTC018609
Name of the company	PRASAD SEEDS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D.No.B-92, Ground Floor, Srinivasa Nagar Colony, Guntur – 522007, Andhra Pradesh, India
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	10372676
Type of charge	· Book Debts · Movable Property (not being pledge) · Floating charge
Particular of charge holder	Punjab National Bank, KPHB Colony, Kukatpally, Hyderabad-500072, Andhra Pradesh, India
Nature of instrument creating charge	1. Hypothecation of movable assets forming part of fixed/block assets. 2. Hypothecation of Goods and Book Debts to Secure Cash Credit Facility. 3. Hypothecation of Current Assets of the Company 4. Hypothecation of Book Debts 5. General Counter Indemnity 6. Sanction Letter
Date of instrument Creating the charge	28.11.2012
Amount secured by the charge	Rs 105.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: CC: BR plus 4.25% i.e. 14.75% p.a. with monthly rests BG: Commission as per banks schedule of charges Terms of repayment: CC: Sanction is valid for one year but repayable on demand BG: Maximm 12 months excluding claim period. Margin: CC: 25% against stocks & 25% against book debts BG: 10% by way of FDR duly lien marked in favour of the Bank Extent and Operation of the charge: The charge mainly operates as exclusive first charge on current assets of company on exclusive basis by way of hypothecation of stocks, stores and spares, all book-debts ( exclusive of those receivables which were already charged to term lenders) and further extension of second charge on P & M of processing unit located at Bandamylaram, Mulugu M, Medak (D) and further charge on receivables to be received from M/s. Syngenta India Limited/PHI Seeds Limited. Others: 2ONE
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1) First charge on all current assets of company on exclusive basis by way of hypothecation of stocks, stores and spares and book-debts (exclusive of those receivables which were already charged to 2) Term lenders) including receivables from M/s. Delta Agrigenetics Private Limited and further extension of second charge on P and M of processing unit located at Bandamylaram, Mulugu Mandal, Medak (D) and 3) Second charge on receivables to be received from M/s. Syngenta India Limited/PHI Seeds Limited.
Particulars of the present modification	The overall limits has been modified as detailed below: CC(Hyp): Rs. 70.000 Millions (reduced from Rs. 150.000 Millions) BG: Rs. 35.000 Millions (reduced from Rs. 45.000 Millions) Hence total limits after the present modification is Rs. 105.000 Millions

FIXED ASSETS :

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Computer

· Electric Equipments

· Roads and Drainage

· Office Equipments

· Bore well

· Printer

· Temporary Shed

· Staff Quarters

· Well and Water Works

· Fencing

· Agricultural Equipments

· Wind Electric Generator

· Vehicles

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. 54.27
UK Pound	1	Rs. 82.49
Euro	1	Rs. 69.88

INFORMATION DETAILS

Report Prepared by :

NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		38

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.