MIRA INFORM REPORT

Report Date :

15.10.2013

IDENTIFICATION DETAILS

Name :	PHOENIX OVERSEAS LIMITED [w.e.f.14.11.2011]
Formerly Known As :	PHOENIX OVERSEAS PRIVATE LIMITED [w.e.f.16.12.2008] PHOENIX COMMODITY EXPORT PRIVATE LIMITED
Registered Office :	13-B, Bidhan Sarani, Amherst ST, 4th Floor, Chanda Plaza, Kolkata – 700006, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	31.12.2002
Com. Reg. No.:	21-095587
Capital Investment / Paid-up Capital :	Rs. 7.238 Millions
CIN No.: [Company Identification No.]	U15314WB2002PLC095587
TAN No.: [Tax Deduction & Collection Account No.]	CALP10301E
PAN No.: [Permanent Account No.]	AADCP0393F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader and Exporter of Agro Commodities.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 760000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Even though sales turnover of the company has increased there appears dip in profit of the company during the year 2012. However, trade relations are fair. Business is active. Payment terms are usually correct. 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 – 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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : BBB
Rating Explanation	Moderate credit quality and average credit risk.
Date	January 25, 2013

Rating Agency Name	CRISIL
Rating	Short term rating : A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	January 25, 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.

LOCATIONS

Registered/ Corporate Office :	13-B, Bidhan Sarani, Amherst ST, 4th Floor, Chanda Plaza, Kolkata – 700006, West Bengal, India
Tel. No.:	91-33-22198668/ 9370/ 8752
Fax No.:	91-33-22199368
E-Mail :	phoenixinter@bcril.com copp@bcbil.com accounts@bcbil.com info@craftsdecor.com info@seashellindia.com info@bagsindia.com
Website :	http://www.craftsdecor.com http://www.bagsindia.com http://www.seashellindia.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Aparesh Nandi

Designation :

Managing director

Address :

63/1B, Hari Ghosh Street, Flat No. 3A, 3^rd Floor, Kolkata – 700006, West Bengal, India

Date of Birth/Age :

07.07.1963

Qualification :

Graduate

Date of Appointment :

01.10.2011

PAN No.:

ACUPN1297N

Voter ID :

HCH0194654

DIN No.:

00722439

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	U51109WB1995PLC075801	BCPL RAILWAY INFRASTRUCTURE LIMITED	Director	30/09/2011	08/12/1995	Active	NO
2	U15314WB2002PLC095587	PHOENIX OVERSEAS LIMITED	Managing director	01/10/2011	31/12/2002	Active	NO
3	U63022WB2004PTC098450	PHOENIX COLD STORAGE PRIVATE LIMITED	Director	30/04/2004	30/04/2004	Amalgamated	NO
4	U51109WB1995PTC073780	RESILIENT EXPORTS PRIVATE LIMITED	Director	10/01/2007	10/01/2007	Active	NO
5	U51909WB2008PTC129126	AN DEALERS PRIVATE LIMITED	Director	05/09/2008	05/09/2008	Active	NO
6	U24100WB2009PTC135503	KBC SOLVEX PRIVATE LIMITED	Director	29/05/2009	29/05/2009	Active	NO

Name :

Mr. Uday Narayan Singh

Designation :

Whole-time director

Address :

Bungalow No. 7, Lakeland Country Club Vivian Valley, Bankra, Howrah – 711403, West Bengal, India

Date of Birth/Age :

01.02.1959

Qualification :

Graduate

Date of Appointment :

01.10.2011

PAN No.:

ALCPS0243E

Voter ID :

CHX1600055

DIN No.:

00722449

Other Directorship:

	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	U15314WB2002PLC095587	PHOENIX OVERSEAS LIMITED	Whole-time director	01/10/2011	31/12/2002	Active	NO
2	U63022WB2004PTC098450	PHOENIX COLD STORAGE PRIVATE LIMITED	Director	30/04/2004	30/04/2004	Amalgamated	NO
3	U74999WB2008PTC125002	TRICON LOGISTICS ENGINEERING CONSULTANCY PRIVATE LIMITED	Director	16/04/2008	16/04/2008	Active	NO
4	U51109WB1995PLC075801	BCPL RAILWAY INFRASTRUCTURE LIMITED	Director	30/09/2011	19/06/2008	Active	NO
5	U51909WB2008PTC129121	UNS COMMERCIAL PRIVATE LIMITED	Director	05/09/2008	05/09/2008	Active	NO
6	U24100WB2009PTC135503	KBC SOLVEX PRIVATE LIMITED	Director	29/05/2009	29/05/2009	Active	NO

Name :

Jayanta Kumar Ghosh

Designation :

Director

Address :

30/ 26/ 1, Andul Road, Howrah – 711109, West Bengal, India

Date of Birth/Age :

07.01.1964

Qualification :

Graduate

Date of Appointment :

30.03.2012

PAN No.:

ADPPG0794F

Voter ID :

MQC1436096

DIN No.:

00722445

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	U51109WB1995PLC075801	BCPL RAILWAY INFRASTRUCTURE LIMITED	Whole-time director	15/07/2008	26/11/2001	Active	NO
2	U15314WB2002PLC095587	PHOENIX OVERSEAS LIMITED	Director	30/03/2012	31/12/2002	Active	NO
3	U63022WB2004PTC098450	PHOENIX COLD STORAGE PRIVATE LIMITED	Director	30/04/2004	30/04/2004	Amalgamated	NO
4	U51109WB1995PTC073780	RESILIENT EXPORTS PRIVATE LIMITED	Director	10/01/2007	10/01/2007	Active	NO
5	U51909WB2008PTC129122	JKG COMMERCIAL PRIVATE LIMITED	Director	05/09/2008	05/09/2008	Active	NO
6	U24100WB2009PTC135503	KBC SOLVEX PRIVATE LIMITED	Director	02/03/2010	02/03/2010	Active	NO

Name :

Mr. Kanhai Singh

Designation :

Director

Address :

32/ 7/ B, Mohanlal Bhalwala Road, Bally, Howrah – 711201, West Bengal, India

Date of Birth/Age :

12.08.1959

Qualification :

Matriculate

Date of Appointment :

30.03.2012

PAN No.:

ALCPS0244D

Voter ID :

WB/26/180/495635

DIN No.:

00722435

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	U51109WB1995PLC075801	BCPL RAILWAY INFRASTRUCTURE LIMITED	Whole-time director	15/07/2008	08/12/1995	Active	NO
2	U15314WB2002PLC095587	PHOENIX OVERSEAS LIMITED	Director	30/03/2012	31/12/2002	Active	NO
3	U63022WB2004PTC098450	PHOENIX COLD STORAGE PRIVATE LIMITED	Director	30/04/2004	30/04/2004	Amalgamated	NO
4	U51109WB1995PTC073780	RESILIENT EXPORTS PRIVATE LIMITED	Director	10/01/2007	10/01/2007	Active	NO
5	U51909WB2008PTC129200	KS VINIMAY PRIVATE LIMITED	Director	09/09/2008	09/09/2008	Active	NO
6	U24100WB2009PTC135503	KBC SOLVEX PRIVATE LIMITED	Director	02/03/2010	02/03/2010	Active	NO

Name :

Mr. Deb Kumar Chakrabarti

Designation :

Additional director

Address :

28/1, M.N. Sen Lane, Kolkata – 700040, West Bengal, India

Date of Birth/Age :

05.01.1946

Date of Appointment :

30.03.2012

DIN No.:

05247686

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Aparesh Nandi	80093
Uday Narayan Singh	80093
Jayanta Kumar Ghosh	80093
Kanhai Singh	80093
BCPL Railway Infrastructure Limited, India	38800
Debasis Sircar	6093
An Dealers Private Limited, India	88757
JKG Commercial Private Limited, India	87557
KS Vinimay Private Limited, India	77755
UNS Commercial Private Limited, India	79357
Tricon Logistics Engineering Consultancy Private Limited, India	25134
Total	723825

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	54.90
Directors or relatives of directors	45.10
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Exporter of Agro Commodities.

Products/ Services :

ITC Code No.	Product Descriptions
23091000	Animal Feeds

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of India, Kolkata MID Corporate Branch, 5, B.T.M. Sarani, Kolkata - 700001, West Bengal, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	8.788	7.494
Deposits from others	4.733	4.630
SHORT TERM BORROWINGS
Loans repayable on demand	261.390	235.941
Total	274.911	248.065

Banking Relations :	--
Auditors :
Name :	Jain Seth and Company Chartered Accountants
Address :	12/1, Lindsay Street 1st Floor, Kolkata, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	ALLPS1749N

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs. 10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
723,825	Equity Share	Rs.10/- each	Rs. 7.238 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7.238	7.238
(b) Reserves & Surplus	182.915	164.051
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.100
Total Shareholders’ Funds (1) + (2)	190.153	171.389
(3) Non-Current Liabilities
(a) long-term borrowings	40.753	21.753
(b) Deferred tax liabilities (Net)	5.325	3.853
(c) Other long term liabilities	1.050	1.050
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	47.128	26.656
(4) Current Liabilities
(a) Short term borrowings	261.390	235.941
(b) Trade payables	33.084	42.867
(c) Other current liabilities	31.318	24.082
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	325.792	302.890
TOTAL	563.073	500.935
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	109.308	105.512
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	39.369	39.370
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	11.745	8.632
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	160.422	153.514
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	118.619	123.341
(c) Trade receivables	80.782	78.226
(d) Cash and cash equivalents	146.513	105.679
(e) Short-term loans and advances	48.225	37.524
(f) Other current assets	8.512	3.651
Total Current Assets	402.651	348.421
TOTAL	563.073	500.935

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		6.174
2] Share Application Money		27.735
3] Reserves & Surplus		103.672
4] (Accumulated Losses)		0.000
NETWORTH		137.581
LOAN FUNDS
1] Secured Loans		38.083
2] Unsecured Loans		2.000
TOTAL BORROWING		40.083
DEFERRED TAX LIABILITIES		2.340
TOTAL		180.004
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		71.561
Capital work-in-progress		0.000
INVESTMENT		33.881
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.605
	Sundry Debtors	10.263
	Cash & Bank Balances	53.219
	Other Current Assets	0.000
	Loans & Advances	38.398
Total Current Assets		110.485
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.424
	Other Current Liabilities	8.909
	Provisions	18.590
Total Current Liabilities		35.923
Net Current Assets		74.562
MISCELLANEOUS EXPENSES		0.000
TOTAL		180.004

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	3547.020	3150.565	1223.513
		Other Income	7.414	5.684	6.491
		TOTAL (A)	3554.434	3156.249	1230.004
Less	EXPENSES
		Cost of materials consumed	3238.126	2843.007
		Employee benefit expense	4.344	3.050
		Other expenses	207.462	222.026
		TOTAL (B)	3449.932	3068.083	1185.778
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		104.502	88.166	44.226
Less	FINANCIAL EXPENSES (D)		71.266	35.975	13.910
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		33.236	52.191	30.316
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.207	3.434	3.415
	PROFIT BEFORE TAX (E-F) (G)		28.029	48.757	26.901
Less	TAX (H)		9.165	13.914	6.810
	PROFIT AFTER TAX (G-H) (I)		18.864	34.843	20.091
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3377.331	3063.734	1174.203
	Earnings Per Share (Rs.)
	Basic [A]		NA	48.14	34.74
	[B]		NA	48.14	18.37
	Diluted [A]		NA	48.14	32.57
	[B]		NA	48.14	17.20

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.53	1.54	1.63
Net Profit Margin (PBT/Sales)	(%)	0.79	1.55	2.20
Return on Total Assets (PBT/Total Assets}	(%)	5.35	10.54	14.78
Return on Investment (ROI) (PBT/Networth)		0.15	0.28	0.20
Debt Equity Ratio (Total Debt/Networth)		1.59	1.50	0.29
Current Ratio (Current Asset/Current Liability)		1.24	1.15	3.08

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	No
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	Yes
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10294551	24/06/2011	1,850,000.00	BANK OF INDIA	VIVEKANANDA ROAD BRANCH, 36/2, VIVEKANANDA ROAD, KOLKATA - 700007, WEST BENGAL, INDIA	B15960784
2	10251017	06/11/2010	255,000,000.00	BANK OF INDIA	VIVEKANANDA ROAD BRANCH, 36/2, VIVEKANANDA ROAD, KOLKATA - 700007, WEST BENGAL, INDIA	A99116899
3	10226739	30/03/2013 *	801,600,000.00	BANK OF INDIA	KOLKATA MID CORPORATE BRANCH, 5, B.T.M. SARANI, KOLKATA - 700001, WEST BENGAL, INDIA	B75861971
4	10094469	12/03/2008	1,200,000.00	BANK OF INDIA	VIVEKANANDA ROAD BRANCH, 36/2, VIVEKANANDA ROAD, KOLKATA - 700007, WEST BENGAL, INDIA	A34555474
5	10029305	12/03/2009 *	147,450,000.00	BANK OF INDIA	VIVEKANANDA ROAD BRANCH, 36/2, VIVEKANANDA ROAD, KOLKATA - 700007, WEST BENGAL, INDIA	A60794716
6	10029126	12/03/2009 *	147,450,000.00	BANK OF INDIA	VIVEKANANDA ROAD BRANCH, 36/2, VIVEKANANDA ROAD, KOLKATA - 700007, WEST BENGAL, INDIA	A60794328
7	90255473	28/07/2007 *	45,566,000.00	BANK OF INDIA	VIVEKANANDA ROAD BRANCH, 36/2, VIVEKANANDA ROAD, KOLKATA - 700007, WEST BENGAL, INDIA	A19583087
8	90256677	28/07/2007 *	45,566,000.00	BANK OF INDIA	VIVEKANANDA ROAD BRANCH, 36/2, VIVEKANANDA ROAD, KOLKATA - 700007, WEST BENGAL, INDIA	A19582006
9	90246500	12/03/2009 *	147,450,000.00	BANK OF INDIA	VIVEKANANDA ROAD BRANCH, 36/2, VIVEKANANDA ROAD, KOLKATA - 700007, WEST BENGAL, INDIA	A60793890
10	80018332	28/08/2008 *	147,450,000.00	BANK OF INDIA	VIVEKANANDA ROAD BRANCH, 36/2, VIVEKANANDA ROAD, KOLKATA - 700007, WEST BENGAL, INDIA	A45930799

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Other loans and advances	27.232	9.629
Total	27.232	9.629

REVIEW OF OPERATION

During the year, the Company had a total export turnover of Rs. 3377.300 Millions, comprising of various products like Soyabean Extraction, Maize, Mustard Oil Cake, Fish Meal, Rice Bran Oil, fruits/vegetables in different countries, mainly in Bangladesh. The Merchant Export division also exported Machineries and other industrial and project inputs. This division of the Company is effectively supported by a warehouse at Malda which has a capacity of more than 8000 M.T. The Multi-purpose cold store of the Company located at corridor of Bangladesh in Malda also has immense export potential. The Company s bags and garment manufacturing division has recorded an export turnover of Rs.84.200 Millions to various European countries like France, Italy, Germany. The Company s bag export division also has immense export potential particularly in the Euro Zone. The Company is a partner in a Bangladesh Rice Bran Oil Project namely KBC Agro Products Private Limited. This venture commenced its operations in 2010 and has already started to generate profits.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE AND DEVELOPMENT

Among the major emerging markets, India ranks second in terms of economic growth with the IMF forecasting a GDP growth rate of 6.9 percent for 2012 as against 6.8 percent GDP in 2011. India s industrialized economy encompasses diverse manufacturing sectors (steel production, oil and gas refining, auto, plastics, textiles) while also including traditional village farming, modern agriculture, and handicrafts. The increased security presence in the Country combined with conservative monetary and fiscal policies and a stable political environment has allowed India to become a stable economy in the region and thereby lessened the impact of the ongoing global economic downturn. Multiple factors have however affected economic growth in India. They include the worldwide economic slowdown, an uncertain U.S. recovery, a debt crisis in Europe resulting in a decline in demand in the EU for India s exports, decreasing international financing, and anti-inflationary measures of 2011 introduced by the Indian central bank - the Reserve Bank of India.

OUTLOOK

The Bangladesh Government in encouraging Industrialization of Bangladesh. Since the Company has experience in Project Exports, it can easily capitalize on the opportunity. The Company has a state of the art Cold Storage near the Indo-Bangla border, which would help the Company to provide strategic support to its importers by enabling them to procure perishable goods from all over the country and store them before taking them into Bangladesh.

FIXED ASSETS:

· Land

· Buildings

· Office building

· Other building

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

· 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. 61.30
UK Pound	1	Rs. 97.99
Euro	1	Rs. 83.15

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--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.