MIRA INFORM REPORT

Report Date :

03.12.2014

IDENTIFICATION DETAILS

Name :	SYNENTA INDIA LIMITED
Formerly Known As :	NOVARTIS AGRIBUSINESS INDIA PRIVATE LIMITED
Registered Office :	Amar Paradigm, S. No.110/11/3, Baner Road, Baner, Pune – 411 045, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.03.2000
Com. Reg. No.:	25-135336
Capital Investment / Paid-up Capital :	Rs.159.300 Millions
CIN No.: [Company Identification No.]	U24210PN2000PLC135336
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMS27059E PNES06546B PNES28531G
PAN No.: [Permanent Account No.]	AAECS9424P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in business of agro chemicals and seeds processing and also engaged in manufacturing of technical grade and formulating pesticides, herbicides and fungicides and processes field crop and vegetable seeds.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 44000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well – established company having fine track record. The rating reflects company’s healthy operational risk profile supported by adequate liquidity position and favorable profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION DECLINED BY

MANAGEMENT NON – CORPORATIVE (91-20-30699200)

LOCATIONS

Registered Office/ Corporate Office :	Amar Paradigm, S. No.110/11/3, Baner Road, Baner, Pune – 411 045, Maharashtra, India
Tel. No.:	91-20-30699200
Fax No.:	91-20-30699480
E-Mail :	tapan.parida@syngenta.com info.seedsindia@syngenta.com customercare.seeds@syngenta.com vijay.iyer@syngenta.com companysecretary@syngenta.com
Website :	http://www.syngenta.com
Location :	Owned
Seeds Division 1 :	Plot No.9-1-164/A, 165,166, 4^th Floor, Amsari Faust, S.D. Road, Beside Hotel Basera, Near Clock Tower, Opposite Sigma Hospital, Secunderabad – 500 025, Andhra Pradesh, India
Tel. No.:	91-40-30932700
Seeds Division 2 :	Survey No.39/1a, 39/2a, 39/2b, Ansundi – Kajjrari Road, Rannebenur – Taluka, Havari District Ansundi Village, Rannebenur – 581 115, Karnataka, India
Tel. No.:	91-8373-398200
Seeds Division 3 :	Gate No.32, Mulani Wadgaon, At Post Mulani Wadgaon, Taluka Paithan, District Aurangabad – 431 105, Maharashtra, India
Tel. No.:	91-2431-231273-74-94
Seeds Division 4 :	Survey No.600/661, Nuthankal Village, Medchal Mandal, R.R. District, Medchal – 501 401, Andhra Pradesh, India
Tel. No.:	91-8418-304500
Delhi Office :	G-8, Hans Bhavan, Bahadur Shah Zafar Marg, New Delhi - 110 002, India
Tel. No.:	91-11-23378546
Kolkata Office :	No.2F, 2^nd Floor, Orbit  House, 1, Garstin Place, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22484961

DIRECTORS

As on 30.09.2013

Name :

Mr. Prakash Krishnaji Apte

Designation :

Director

Address :

Flat No.803, Wing - B, Blossom, Boule Vard Koregaon Park, Pune – 411 001, Maharashtra, India

Date of Birth/Age :

06.05.1954

Qualification :

Degree in Mechanical Engineering, PG Diploma in Management

Date of Appointment :

01.05.2011

DIN No.:

00196106

PAN No.:

AABPA3173H

Others 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	U24210PN2000PLC135336	SYNGENTA INDIA LIMITED	Director	01-05-11	10-11-00	-	Active	NO
2	U91120PN2005PTC139186	SYNGENTA FOUNDATION INDIA	Director	26-10-05	26-10-05	-	Active	NO
3	U91110DL1980GAP216937	CROPLIFE INDIA	Director	07-09-06	07-09-06	18-02-13	Active	NO
4	L65110MH1985PLC038137	KOTAK MAHINDRA BANK LIMITED	Director	21-07-11	18-03-11	-	Active	NO
5	U66030MH2000PLC128503	KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED	Director	14-08-14	28-05-11	-	Active	NO

Name :

Mr. Akshaya Manjunath Kamath

Designation :

Managing Director

Address :

06, 01 Block No.2, 134, Tanjung Rhu Road, Singapore 436920, Singapore

Date of Birth/Age :

17.02.1976

Qualification :

BE, MBA

Date of Appointment :

01.05.2011

DIN No.:

02645371

PAN No.:

AGKPK2824Q

Name :

Mr. Govind Premanand Sinaibene

Designation :

Whole-time Director

Address :

H.No.457, Radha Mandop Road, P.O. Navelim Salcete, Salcete – 403 707, Goa, India

Date of Birth/Age :

29.11.1961

Qualification :

ACA

Date of Appointment :

01.04.2014

DIN No.:

03450063

PAN No.:

APMPS6861G

Name :

Mr. Martin Sanjay Ghosh

Designation :

Whole-time Director

Address :

C22 LA Marvel, Colony Dona Paula, Panaji – 403 004, Goa, India

Date of Birth/Age :

03.05.1965

Date of Appointment :

01.10.2014

DIN No.:

05101487

PAN No.:

ACKPG7535N

Name :

Steven Brett Hawkins

Designation :

Director

Address :

1 Harbour Front Avenue 03-03, Keppel Bay Tower, Singapore, 098632

Date of Birth/Age :

17.08.1966

Date of Appointment :

30.09.2013

DIN No.:

06409087

KEY EXECUTIVES

Name :	Mr. Tapan Kumar Parida
Designation :	Secretary
Address :	Padmavilas Apartment No.C-804, 8^th Floor, Survey, No.13111, Pashan Baner, Link Road, Near HDFC Bank, Pune – 411 021, Maharashtra, India
Date of Birth/Age :	13.04.1977
Date of Appointment :	01.04.2011
PAN No.:	AJXPP3251G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

MAJOR SHAREHOLDERS – NOT AVAILABLE

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Public financial Companies	0.01
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	96.42
Bodies corporate	0.01
Other top fifty shareholders	3.47
Others	0.09
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in business of agro chemicals and seeds processing and also engaged in manufacturing of technical grade and formulating pesticides, herbicides and fungicides and processes field crop and vegetable seeds.

Products :

Item Code No. (ITC Code)	38089199
Product Description	Thiamethoxam Insecticide
Item Code No. (ITC Code)	38089199
Product Description	Chlorantraniliprole Insecticide
Item Code No. (ITC Code)	38089199
Product Description	Emamectin Benzoate

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

GENERAL INFORMATION

Suppliers :	Not Divulged
Customers :	Not Divulged
No. of Employees :	Not Divulged
Bankers :	BNP Paribas · Citi Bank, Pune Branch · Deutsche Bank · Union Bank of India

Auditors :
Name :	S. R. Batliboi and Co. LLP Chartered Accountants
Address :	C-401, Fourth Floor, Panchshil Tech Park, Yerwada, Pune – 411 006, Maharashtra, India
PAN No.:	ACHFS9180N
Holding Company:	Syngenta Participation AG, Switzerland, Switzerland
Ultimate Holding Company:	Syngenta AG, Switzerland
Associates:	Syngenta South Asia AG, Switzerland
Fellow Subsidiary Companies:	Syngenta (Bangladesh) Limited, Bangladesh Syngenta (Pakistan) Limited, Pakistan Syngenta Asia Pacific PTE Limited, Singapore Syngenta Biosciences Private Limited, India (CIN No.: U24210PN2001PTC135949) Syngenta Crop Protection Inc., USA Syngenta Seeds BV, Holland, Netherlands Syngenta Philippines Inc., Philippines Syngenta Seeds Inc., USA Syngenta Seeds Limited, (Thailand) Zeraim Gedera Limited, Israel Syngenta Crop Protection Private Limited, India (CIN No.: U24210PN1995PTC136970) Syngenta Limited, UK Syngenta Taiwan Limited, Taiwan, Province of China Pt. Syngenta Indonesia Syngenta Foundation India, India Syngenta Crop Protection AG., Basel, Switzerland
Other Related Parties :	Syngenta Seeds (Beijing) Co. Limited, China Syngenta Seeds S.A.S., France Syngenta Korea Limited, Korea Syngenta Seeds Limited – Bangkok, Thailand Syngenta Seeds BV Nedarland, Netherlands Pt. Mitra Kreasidharma, Indonesia Syngenta Japan KK, Japan Syngenta Seed Co. Limited, Japan Ethoipia Cuttings Plc, Ethiopia Syngenta Ethiopia, Ethiopia Syngenta Supply AG, Switzerland Syngenta Crop Protection Seeds Divi, Switzerland Syngenta Seeds Inc., United States Pt. Syngenta Seeds Indonesia

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
32000000	Equity Shares	Rs.5/- each	Rs. 160.000 Millions

Isued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
31861664	Equity Shares	Rs.5/- each	Rs. 159.308 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
32000000	Equity Shares	Rs.5/- each	Rs. 160.000 Millions

Isued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
31861664	Equity Shares	Rs.5/- each	Rs. 159.308 Millions

Shareholding more than five per cent in company:

Name of Shareholders	As at 31^st March, 2014
	No. of Shares	% of holding
Syngenta Participations AG, Switzerland	16246450	50.99%
Syngenta South Asia AG, Switzerland	14434178	45.30%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	159.300	159.300	159.300
(b) Reserves & Surplus	15388.300	13036.900	10755.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	15547.600	13196.200	10914.300
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	146.000	130.600	38.100
Total Non-current Liabilities (3)	146.000	130.600	38.100
(4) Current Liabilities
(a) Short term borrowings	0.000	1400.000	617.800
(b) Trade payables	7705.500	6904.500	6532.900
(c) Other current liabilities	475.400	595.700	627.600
(d) Short-term provisions	488.000	503.300	545.200
Total Current Liabilities (4)	8668.900	9403.500	8323.500
TOTAL	24362.500	22730.300	19275.900
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3181.600	3416.300	3327.600
(ii) Intangible Assets	0.000	0.000	0.100
(iii) Capital work-in-progress	839.700	452.800	220.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	212.200	156.500	-74.500
(d) Long-term Loan and Advances	248.700	365.600	384.100
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4482.200	4391.200	3857.300
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	9728.300	9932.600	8796.700
(c) Trade receivables	5127.800	6085.900	4252.900
(d) Cash and cash equivalents	3290.200	838.700	1236.300
(e) Short-term loans and advances	1734.000	1481.900	1132.700
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	19880.300	18339.100	15418.600
TOTAL	24362.500	22730.300	19275.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	30686.200	29617.000	25399.000
		Other Income	722.600	502.500	228.600
		TOTAL (A)	31408.800	30119.500	25627.600
Less	EXPENSES
		Cost of materials consumed	15590.800	16567.000	15541.500
		Purchases of stock-in-trade	3068.700	2367.700	2353.400
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	73.200	(578.200)	(1264.800)
		Employee benefit expense	1575.300	1433.100	1179.600
		Other expenses	6275.000	5855.300	4683.100
		TOTAL (B)	26583.000	25644.900	22492.800
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4825.800	4264.100	3134.800
Less	FINANCIAL EXPENSES (D)		81.100	121.900	40.300
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4744.700	4142.200	3094.500
Less/ Add	DEPRECIATION/ AMORTISATION (F)		557.400	531.300	448.000
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		4187.300	3610.900	2646.500
Less	TAX (H)		1649.500	1142.600	971.500
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		2537.800	2468.300	1675.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8950.500	6915.400	5593.000
Less	APPROPRIATIONS
		Dividend (Proposed)	159.300	159.300	159.300
		Tax on Dividend	27.100	27.100	25.800
		Transfer to General Reserve	253.800	246.800	167.500
	BALANCE CARRIED TO THE B/S		11048.100	8950.500	6915.400
	EARNINGS IN FOREIGN CURRENCY
		FOB value of manufactured goods exported	678.700	1453.700	11884.000
	TOTAL EARNINGS		678.700	1453.700	11884.000
	IMPORTS
		Raw Materials	8831.700	13030.300	10490.700
		Components and Spare Parts	111.300	10.300	49.300
		Capital Goods	176.100	170.000	84.700
		Packing material	41.400	30.300	0.000
		Traded goods	66.500	122.500	0.000
	TOTAL IMPORTS		9227.000	13363.400	10624.700
	Earnings / (Loss) Per Share (Rs.)		79.65	77.47	52.57

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	8.27	8.33	6.59
Operating Profit Margin (PBITD/Sales)	(%)	15.73	14.40	12.34
Return on Total Assets (PBT/Total Assets}	(%)	17.96	16.32	13.84
Return on Investment (ROI) (PBT/Networth)		0.27	0.27	0.24
Debt Equity Ratio (Total Debt /Networth)		0.00	0.11	0.06
Current Ratio (Current Asset/Current Liability)		2.29	1.95	1.85

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	159.300	159.300	159.300
Reserves & Surplus	10755.000	13036.900	15388.300
Net worth	10914.300	13196.200	15547.600
long-term borrowings	0.000	0.000	0.000
Short term borrowings	617.800	1400.000	0.000
Total borrowings	617.800	1400.000	0.000
Debt/Equity ratio	0.057	0.106	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	25399.000	29617.000	30686.200
		16.607	3.610

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	25399.000	29617.000	30686.200
Profit	1675.000	2468.300	2537.800
	6.59%	8.33%	8.27%

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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Working Capital Loans From Banks	0.000	1100.000
Rupee Term Loans From Banks	0.000	300.000
Total	0.000	1400.000

INDEX OF CHARGES

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90147722	04/07/2001	700,000,000.00	DEUTSCHE BANK	DB HOUSE, H. SOMANI MARG, FORT, MUMBAI, MAHARASHTRA  - 400001, INDIA	-

* Date of charge modification

Note:

The registered office of the company has been shifted from Royal Insurance Building, 14, J Tata Road, Mumbai – 400 020, Maharashtra, India to the present address w.e.f. 04.11.2009.

Fixed AssetS:

Tangible Assets

· Leasehold Land

· Buildings

· Poly House

· Plant and Machinery

· Furniture and Fixtures

· Office Equipment

· Vehicles

Intangible Assets

· 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 records 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. 61.92
UK Pound	1	Rs. 97.39
Euro	1	Rs. 77.21

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KRN
Report Prepared by :	ANU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		62

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.