MIRA INFORM REPORT

Report Date :

15.10.2013

IDENTIFICATION DETAILS

Name :	SHAKTI BHOG SNACKS LIMITED

Registered Office :	409, Krishna Apra Business Square, Netaji Subhash Place, Pitampura, New Delhi - 110034

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	10.03.1998

Com. Reg. No.:	55-092654

Capital Investment / Paid-up Capital :	Rs. 24.902 Millions

CIN No.: [Company Identification No.]	U15410DL1998PLC092654

TAN No.: [Tax Deduction & Collection Account No.]	DELS21470B

PAN No.: [Permanent Account No.]	AAGCS4372Q

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Subject is engaged in the marketing of Rice, Tea, Poha, Besan, and other Kiryana items and also engaged in the preparation and selling of Ready to Eat meals.

No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 330000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established and reputed company having satisfactory track record. The company is well known in the field of foods products. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported regular and as per commitment. 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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

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	Cash Credit (A-)
Rating Explanation	Adequate degree of safety. It carry low credit risk
Date	10.01.2013

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 DENIED BY

Name :	Mr. Oberai
Designation :	Purchase Department
Contact No.:	91-11-47545454
Date :	12.10.2013

LOCATIONS

Registered Office :	409, Krishna Apra Business Square, Netaji Subhash Place, Pitampura, New Delhi – 110034, India
Tel. No.:	91-11-27838554/47525252
Fax No.:	91-11-47055490
E-Mail :	csrajeevlochan@shaktibhog.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Kewal Krishan Kumar

Designation :

Director

Address :

15/61, Punjabi Bagh West, New Delhi - 110026, India

Date of Appointment :

10.03.1998

DIN No.:

00042504

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	L15310DL1991PLC043456	KUMAR FOOD INDUSTRIES LIMITED	Director	13/03/1991	13/03/1991	-	Active	NO
2	U74899DL1992PLC051124	SHAKTI BHOG FOODS LIMITED	Managing director	06/12/2011	24/11/1992	-	Active	NO
3	U15499HR1990PTC048823	PRINCE FOOD TECH PRIVATE LIMITED	Director	24/07/1996	24/07/1996	-	Active	NO
4	U15410DL1998PLC092654	SHAKTI BHOG SNACKS LIMITED	Director	10/03/1998	10/03/1998	-	Active	NO
5	U51909DL1999PTC097807	KDM MEDIA PRIVATE LIMITED	Director	05/01/1999	05/01/1999	-	Active	NO
6	U50300DL1996PTC075309	SUHANA AUTO PRIVATE LIMITED	Director	31/01/2005	31/01/2005	20/12/2010	Active	NO
7	U74899DL1994PTC060673	DASH EXPORTS PRIVATE LIMITED	Director	19/12/2005	19/12/2005	-	Active	NO
8	U74899DL1995PLC065515	GOAL SECURITIES AND CREDITS LIMITED	Director	31/01/2007	31/01/2007	-	Active	NO
9	U74899DL1995PTC072410	SUMESH FINANCIERS PRIVATE LIMITED	Director	31/01/2007	31/01/2007	-	Active	NO
10	U85100DL2008PTC181770	DIVYARTH HEALTH CARE PRIVATE LIMITED	Director	06/08/2008	06/08/2008	01/03/2013	Active	NO
11	U15494DL2009PTC190196	FRUTO FREESH INDUSTRIES PRIVATE LIMITED	Director	11/05/2009	11/05/2009	-	Active	NO
12	U55101DL2011PTC217579	DIVYASHAKTI HOSPITALITY PRIVATE LIMITED	Director	15/04/2011	15/04/2011	-	Active	NO
13	U40109DL2005PTC131772	AMGEN POWER SERVICES PRIVATE LIMITED	Additional director	21/06/2012	21/06/2012	-	Active	NO

Name :

Mrs. Sunanda Arora

Designation :

Director

Address :

15/61, Punjabi Bagh West, New Delhi - 110026, India

Date of Appointment :

24.07.2006

DIN No.:

01028518

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	L15310DL1991PLC043456	KUMAR FOOD INDUSTRIES LIMITED	Director	13/03/1991	13/03/1991	-	Active	NO
2	U74899DL1992PLC051124	SHAKTI BHOG FOODS LIMITED	Director	24/11/1992	24/11/1992	-	Active	NO
3	U15499HR1990PTC048823	PRINCE FOOD TECH PRIVATE LIMITED	Director	24/07/1996	24/07/1996	-	Active	NO
4	U51909DL1999PTC097807	KDM MEDIA PRIVATE LIMITED	Director	05/01/1999	05/01/1999	-	Active	NO
5	U74899DL1994PTC060673	DASH EXPORTS PRIVATE LIMITED	Director	19/12/2005	19/12/2005	-	Active	NO
6	U15410DL1998PLC092654	SHAKTI BHOG SNACKS LIMITED	Director	24/07/2006	24/07/2006	-	Active	NO
7	U74899DL1995PLC065515	GOAL SECURITIES AND CREDITS LIMITED	Director	31/01/2007	31/01/2007	-	Active	NO
8	U74899DL1995PTC065799	DIVAYARTH LEASING AND FINANCE PRIVATE LIMITED	Director	31/01/2007	31/01/2007	-	Active	NO
9	U40109DL2005PTC131772	AMGEN POWER SERVICES PRIVATE LIMITED	Additional director	21/06/2012	21/06/2012	-	Active	NO

Name :

Mr. Siddharth Kumar

Designation :

Director

Address :

15/61, Punjabi Bagh West, New Delhi - 110026, India

Date of Appointment :

22.10.2001

DIN No.:

00042518

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	U74899DL1992PLC051124	SHAKTI BHOG FOODS LIMITED	Whole-time director	01/10/2012	14/08/2000	-	Active	NO
2	L15310DL1991PLC043456	KUMAR FOOD INDUSTRIES LIMITED	Director	25/09/2000	25/09/2000	-	Active	NO
3	U74899DL1994PTC062176	VITAL HOLDINGS PRIVATE LIMITED	Director	23/04/2001	23/04/2001	-	Active	NO
4	U65999DL1996PTC075272	VIZZY FINVEST PRIVATE LIMITED	Director	23/04/2001	23/04/2001	-	Active	NO
5	U67120DL1996PTC075055	ELANZA INVESTMENT PRIVATE LIMITED	Director	23/04/2001	23/04/2001	-	Active	NO
6	U15410DL1998PLC092654	SHAKTI BHOG SNACKS LIMITED	Director	22/10/2001	22/10/2001	-	Active	NO
7	U15316DL1995PLC074882	CREST AGROFOODS LIMITED	Director	10/02/2003	10/02/2003	-	Active	NO
8	U74899DL1994PTC060673	DASH EXPORTS PRIVATE LIMITED	Director	19/12/2005	19/12/2005	-	Active	NO
9	U74899DL1995PLC065515	GOAL SECURITIES AND CREDITS LIMITED	Director	31/01/2007	31/01/2007	-	Active	NO
10	U74899DL1995PTC072410	SUMESH FINANCIERS PRIVATE LIMITED	Director	31/01/2007	31/01/2007	-	Active	NO
11	U74899DL1995PTC065799	DIVAYARTH LEASING AND FINANCE PRIVATE LIMITED	Director	31/01/2007	31/01/2007	-	Active	NO
12	U74899DL1995PTC065694	BHAWNA PORTFOLIO PRIVATE LIMITED	Director	31/01/2007	31/01/2007	-	Active	NO
13	U65911DL1996PTC075297	SHUBHANGI FINVEST PRIVATE LIMITED	Director	20/05/2007	20/05/2007	-	Active	NO
14	U67120DL1996PTC075423	DINKAR HOLDINGS PRIVATE LIMITED	Director	20/05/2007	20/05/2007	-	Active	NO
15	U85100DL2008PTC181770	DIVYARTH HEALTH CARE PRIVATE LIMITED	Director	28/09/2009	07/01/2009	01/10/2012	Active	NO
16	U15494DL2009PTC190196	FRUTO FREESH INDUSTRIES PRIVATE LIMITED	Director	11/05/2009	11/05/2009	-	Active	NO
17	U55101DL2011PTC217579	DIVYASHAKTI HOSPITALITY PRIVATE LIMITED	Director	15/04/2011	15/04/2011	-	Active	NO

Name :

Mr. Bharat Lal Shukla

Designation :

Director

Address :

G701, Jahangirpuri, Delhi – 110033, India

Date of Appointment :

29.09.2012

DIN No.:

05174820

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	U85100DL2008PTC181770	DIVYARTH HEALTH CARE PRIVATE LIMITED	Director	29/09/2012	01/01/2012	-	Active	NO
2	U74899DL1994PTC060673	DASH EXPORTS PRIVATE LIMITED	Director	29/09/2012	01/01/2012	-	Active	NO
3	U15410DL1998PLC092654	SHAKTI BHOG SNACKS LIMITED	Director	29/09/2012	01/01/2012	-	Active	NO

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders		No. of Shares
Shakti Bhog Foods Limited, India		2490194
Kewal Krishan Kumar (Shakti Bhog Foods is Beneficial Holder)		1
Sunanda Arora (Shakti Bhog Foods is Beneficial Holder)		1
Siddharth Kumar (Shakti Bhog Foods is Beneficial Holder)		1
Bhwana Kumar (Shakti Bhog Foods is Beneficial Holder)		1
Tarun Kumar (Shakti Bhog Foods is Beneficial Holder)		1
Abdul H. Ansari (Shakti Bhog Foods is Beneficial Holder)		1
Total		2490200

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the marketing of Rice, Tea, Poha, Besan, and other Kiryana items and also engaged in the preparation and selling of Ready to Eat meals.

Products :

Product Description	ITC Code
Rice/Paddy	99611111

Brand Names :

“SHAKTI BHOG”

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

· State Bank of Hyderabad, Core – 6, Scope Complex, Ludhi Road, New Delhi – 110003, India

· State Bank of Patiala, Commercial Branch, 2^nd Floor, Chandralok building, 36, Janpath, new Delhi – 110001, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Rupee Term Loan From Others	300.000	0.317
Short Term Borrowings
Working Capital loan from bank	51.527	56.828
Total	351.527	57.145


Banking Relations :	--

Auditors :
Name :	S.S. Kothari Mehta and Company Chartered Accountants
Address :	146-149, Tribhuvan Complex, Ishwar Nagar, Mathura Road, New Delhi-110065, India
PAN No.:	AABFS6783L

Holding company :	· Shakti Bhog Foods Limited CIN No.: U74899DL1992PLC051124

Associates :	· Kumar Food Industries Limited CIN No.: L15310DL1991PLC04345 · Dash Exports Private Limited CIN No.: U74899DL1994PTC060673 · Bhawna Portfolio Private Limited CIN No.: U74899DL1995PTC065694 · Divayarth Leasing And Finance Private Limited CIN No.: U74899DL1995PTC065799 · Divyashakti Hospitality Private Limited CIN No.: U55101DL2011PTC217579 · Fruto Freesh Industries Private Limited CIN No.: U15494DL2009PTC190196

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

3000000	Equity Shares	Rs. 10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2490200	Equity Shares	Rs. 10/- each	Rs. 24.902 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	24.902	24.902
(b) Reserves & Surplus	57.218	36.229
(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)	82.120	61.131

(3) Non-Current Liabilities
(a) long-term borrowings	300.000	0.317
(b) Deferred tax liabilities (Net)	0.467	0.492
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.285	0.000
Total Non-current Liabilities (3)	300.752	0.809

(4) Current Liabilities
(a) Short term borrowings	51.527	56.828
(b) Trade payables	36.340	78.799
(c) Other current liabilities	225.684	6.006
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	313.551	141.633

TOTAL	696.423	203.573

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	26.018	12.336
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	15.353
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	6.487	6.247
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	5.168	0.252
(e) Other Non-current assets	8.135	4.954
Total Non-Current Assets	45.808	39.142

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	88.119	100.699
(c) Trade receivables	21.436	58.745
(d) Cash and cash equivalents	52.094	1.298
(e) Short-term loans and advances	486.608	3.572
(f) Other current assets	2.358	0.117
Total Current Assets	650.615	164.431

TOTAL	696.423	203.573

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		24.902
2] Share Application Money		0.000
3] Reserves & Surplus		30.968
4] (Accumulated Losses)		0.000
NETWORTH		55.870
LOAN FUNDS
1] Secured Loans		70.518
2] Unsecured Loans		0.000
TOTAL BORROWING		70.518
DEFERRED TAX LIABILITIES		0.518

TOTAL		126.906

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		12.865
Capital work-in-progress		0.000

INVESTMENT		6.247
DEFERRED TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	106.225
	Sundry Debtors	1.611
	Cash & Bank Balances	4.236
	Other Current Assets	0.000
	Loans & Advances	2.911
Total Current Assets		114.983
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities
	Provisions
Total Current Liabilities		7.254
Net Current Assets		107.729

MISCELLANEOUS EXPENSES		0.065

TOTAL		126.906

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1045.842	797.090	931.431
		Other Income	73.975	0.239	0.030
		TOTAL (A)	1119.817	797.329	931.461

Less	EXPENSES
		Cost of materials consumed	12.129	0.000
		Purchases of stock-in-trade	917.239	744.842
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(2.770)	0.000
		Employee benefit expense	13.889	7.992
		Other expenses	66.102	25.640
		TOTAL (B)	1006.589	778.474	914.975

Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		113.228	18.855	16.486

Less	FINANCIAL EXPENSES (D)		80.431	7.812	6.678

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		32.797	11.043	9.808

Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.810	2.053	1.858

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		29.987	8.990	7.950

Less	TAX (H)		9.765	2.853	2.499

	PROFIT/(LOSS) AFTER TAX (G-H) (I)		20.222	6.137	5.451

	Earnings Per Share (Rs.)		8.12	2.46	2.19

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.81	0.77	0.59

Net Profit Margin (PBT/Sales)	(%)	2.87	1.13	0.85

Return on Total Assets (PBT/Total Assets}	(%)	4.52	5.30	6.22

Return on Investment (ROI) (PBT/Networth)		0.37	0.15	0.14

Debt Equity Ratio (Total Debt /Networth)		4.28	0.93	1.26

Current Ratio (Current Asset/Current Liability)		0.25	1.16	15.85

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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OVERVIEW

Subject is engaged in the marketing of Rice, Tea, Poha, Besan, and other Kiryana items. The company was incorporated on 10.03.1998. The company is also engaged in the preparation and selling of Ready to Eat meals. The company is selling its products under the brand name of “Shakti Bhog”.

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10307955	12/08/2011	70,000,000.00	State Bank of India	Overseas Branch, Jawahar Vyapar Bhawan, 1, Tolstoy Marg, New Delhi, Delhi - 110001, INDIA	B21335740

* Date of modification charge

FIXED ASSETS:

· Land

· Building

· Plant and Equipment

· Furniture and Fixture

· Vehicles

· Computer Equipment

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

Information Gathered by :	PDT

Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.

MIRA INFORM REPORT

1.81

2.87

4.52

0.37

4.28

0.25

Unit