MIRA INFORM REPORT

Report Date :

03.12.2014

IDENTIFICATION DETAILS

Name :	THE PANCHMAHAL DISTRICT COOPERATIVE MILK PRODUCERS UNION LIMITED
Registered Office :	P.B. No.37, Lunawada Road, Godhra – 389001, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	1973
Capital Investment :	Not Available
Legal Form :	Co-Operative Society
Line of Business :	They are into milk production.
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is the part of AMUL. It is an established Cooperative society having a fine track record. It is engaged into business of milk production. It is having over 18000 primary village level Dairy Cooperative of Panchmahal and Dahod Districts, affiliated to it, with membership of over 250000 milk producers’ members. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. The subject 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 – 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.

EXTERNAL AGENCY RATING

Not Available

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 PARTED BY

Name :	Mr. J. B. Shah
Designation :	Account Consultant
Contact No.:	91-2672-261782
Date :	02.12.2014

LOCATIONS

Registered Office/ Factory :	P.B. No.37, Lunawada Road, Godhra – 389001, Gujarat, India
Tel. No.:	91-2672-261782
Fax No.:	91-2672-260327
E-Mail :	md@panchmahalunion.coop
Website :	www.panchmrutdairy.org
Location :	Owned

MEMBERS

Name :	Mr. Mr. Jethabhai Bhardwad
Designation :	Chairman
Name :	Mr. Suresh G. Patel
Designation :	Managing Director

KEY EXECUTIVES

Name :	Mr. J. B. Shah
Designation :	Account Consultant

BUSINESS DETAILS

Line of Business :	They are into milk production.
Products :	Milk
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Milk Product
Countries :	Dubai USA
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :	Not Divulged
Customers :	Not Divulged
No. of Employees :	600 (Approximately)
Bankers :	· Bank of Baroda · State Bank of India · Dena Bank · ICICI Bank

Banking Relations :	--
Auditors :	Special Auditor [Milk]
Membership :	--
Sister Concern :	--

CAPITAL STRUCTURE

Capital Investment :
Owned :	Not Divulged
Borrowed :	Not Divulged
Total :	Not Divulged

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2014	31.03.2013
Sales Turnover (Approximately)	8852.400	8082.600

The above information has been parted by Mr. S. L. Pathak (Accounts Officer)

Note: Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions
Sales	8082.600	8852.400
		9.524

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	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last three years	No
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	No
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

THE PANCHMAHAL DISTRICT CO. OPERATIVE MILK PRODUCER’S UNION LIMITED – GODHRA
Panchamrut at a Glance
	Established in 1973 by Gujarat Dairy Development Corporation Ltd. (GDDC). From 1983 Milk producers of the district has taken over the charge.
	From 1983 to 2006, the milk processing capacity was expanded to 4 LLPD from 30 TLPD.
	Union constitutes 1650 village Dairy Co-operative Societies covering 208,0000 milk producers across the Panchmahal & Dahod district. Collection of milk From Village Dairy Co-operative societies.
	The Milk Union obtained ISO: 9001 & HACCP certification from Quality Assurance Service, (QAS), Australia in 2000.
	More than 30 programmes & activities to develop employee, co-op societies & milkman.
	First consignment of Amul Ghee exported to Dubai through GCMMF in 1996.

HISTORY

The Co-operative Dairy Movement in India initiated with the establishment of AMUL in 1946. Following that the co-operative district milk unions in different districts took shape. During early 70’s, when the co-operative leaders of erstwhile; Panchmahal District, thought to have a district co-operative milk union at district head quarter Godhra, the neighbouring districts of Sabarkantha, Kheda & Baroda had already the existence of well established co-op. dairy network. On proposal of district leaders to have a separate milk co-operative union at Godhra; the initial survey conducted by National Dairy Development Board; Anand revealed no possibilities of establishment of an independent co-operative Milk Producers’ Union Ltd., at Godhra; due to very low productivity of native milch animals and availability of insufficient quantity of surplus milk..But the leaders were determined and committed for their goal to establish a milk union and under the inspiration & guidance from late Shri Maneklal Gandhi, Late Shri Ratilal Trivedi & Late Shri Dahyabhai Naik, in May,1973 The Panchmahal Dist.Co-op. Milk Producers’ Union Ltd., got registered under Gujarat State Co-op. Act. 1962. Initially, due to lack of milk processing facilities in district, the milk procurement around 7000 kg per day from about 40 village primary dairy co-op. societies was diverted to the neighbouring milk unions of Sabarkantha, Kheda & Baroda. The then Chief Minister of Gujarat Hon’ble late Shri Babubhai Jashbhai Patel laid the foundation stone for the establishing Dairy building at Godhra; in presence of prominent co-operative leaders of the district; including late Shri Maneklal Gandhi; in the year 1977.The milk chilling plant having capacity to chill 30,000 ltrs of milk per day was established in 1978 with the financial help from Draught Prone Area Project, Panchmahals. The Gujarat Dairy Development Corporation was asked to manage the affairs of the Milk Union.   The Co-operative leaders; supported by Shri Bhikhabhai Rayajeebhai Patel, Late Shri Tapubhai Parmar and Late Shri Padmashankar Pathak, to persuade the milk producers of various villages for forming the co-operative milk producer societies.   The then Member of Lagislative Assembly from Godhra Shri Shantibhai Patel; and Asst. District Registrar(Co-op.Societies) Panchmahals; Mr S.K. Pandya and Shri Mahendrabhai Upadhyay; the then Executive Officer of District Co-op. Union contributed a lot to instill the spirit of co-operation in the milk producers which helped them to come together and unite to establish primary milk producer societies in the district.   The Milk Union was set to move ahead and had its first election to elect the board during the same year Late Shri Mangalbhai Haribhai Patel was elected the first Chairman of the milk union. Mr S.R. Patel of Gujarat Dairy Development  Corporation was the first Chief Executive Officer of the organization.   At Patelwada; Godhra; a small office building was acquired on rent and from there; the future plans for the development were plotted. At this stage; Mr Bhupendrabhai Parekh, Late Shri Chandubhai Patel,Late Shri Rameshbhai M. Patel and Shri Krishnakant Upadhyay’s contribution is noteworthy.   Shri Chaturbhai M. Patel Shri Manubhai C. Patel and their team put untiring efforts to encourage more and more milk producers to join co-operatives. Their contribution in organization and sustaining the milk co-operative societies have been commendable.   Mr. Bhikhabhai Rayjeebhai Patel of Rabod took over as the next Chairman of the organization in 1977. Then; the milk procurement was reached to 21000 kgs per day from 128 Dairy Co-operatives.   Till; March,1983; the Gujarat Dairy Development Corporation; managed the activities of the milk union; which handed over the total administration of the organization to the elected body of the Panchmahal Dist. Co-operative Milk Producers’ Union Ltd., on 1st April,1983.   During the years 1980-1994; Mr Babubhai Khatubhai Patel; as one of the youngest Chairman of the Co-operative Milk Unions in the country; helped the organization to build an image of an outstanding and fast growing organization. During this period only in 1982; the organization was brought under NDDB’s ambitious Operation Flood II project.   Mr Babubhai Patel helped acquiring 10 acres of land from Govt. of Gujarat to establish a new plant in 1992; the foundation stone of the new plant was laid by the then Chief Minister of Gujarat Late Shri Chimanbhai Patel.   The  milk processing capacity of the plant was increased from 30,000 to 60,000 kgs per day in 1984; with the facilities of Ghee Packing Unit.   In 1985; the milk processing capacity was further expanded to 100000 kgs per day, with commissioning of a powder plant having capacity of 10MT per day.   Under Operation Flood II Programme; the Technical Input activities in form of Animal Health and Animal Breeding were initiated in 1982 under the guidence of milk union officials Dr. H.Y.Kantharia ,Dr.V.R.Jani and Dr. G.S.Reddy of NDDB,Anand. Various milk production Enhancements Programmes were launched with specific emphesis on extension activities to bring awareness about ideal animal husbandry practices amongst the  milk producer members.   Mr Ravindra Mathur; during his tenure from 1980 to 1998 as a Chief Executive Officer of the organization; had provided technically competent; successful and encouraging leadership; to the Panchamrut Team. Under his able leadership; the milk union observed three expansions of milk processing capacity at various stages; from 30,000 kgs per day to 200000 kgs per day with the establishment of a chilling Centre at Chopada (Lunawada) in 1994.   With a view to increase the productivity of our milch animals; a Dairy Herd Improvement Programme Actions(DIPA) –Field Progeny Testing Programme- was launched in 1993; in collaboration with Sabar & Baroda Milk Unions under the technical guidance of NDDB ; which has proved very much useful – and a plan for expanding same is being considered. The concept of  Total Quality Management(TQM) was adopted by the Organization in 1996 which brought revolutionary changes in functioning of the organization. The organization then was accredited as conforming to the ISO 9001:2000 and HACCP International Standards; in the year 2000.   Mr Bhupendrasinh Solanki headed the organization between 1994 to 2009..Organization has registered a considerable   growth during his tenure. Dr R.S. Patel; observed the responsibilities of Managing Director of the Organization between 1999 to 2010. The Organization observed lots of technological changes and expansion of the milk processing capacity to 4 lakhs kgs per day; with commissioning of State of art milk drying plant having the drying capacity of 15 MT per day. The Cattle Feed Factory also was established during the year 2002. The Milk Chilling Units at Limdi and Shivrajpur started functioning during this period only.

Since October 2010,Mr Jethabhai Bharvad (Ahir) and his team acquired the control of the organization.Shri Jethabhai has been representing Shahera constituency in the state assembly since 1993 and has been very popular as a dynamic leader.Dr.V.R.Jani took over the charge of Managing Director of the organization since June 2010.

Under new leadership, the organization hasbenn progressing ahead to achieve the new landmark.

OBJECTIVES

The Objectives of the Union are to carry out activities for the economic development of the milk producers by or gaining effective production, processing and marketing of milk & milk products. .
To achieve above objects the Union may
A	01	Purchase, pool, process, manufacture.. distribute and sell commodities from the members of the affiliated societies and private sources without affecting the interest of the members.
		Note: In case of the Union undertakes production, processing and marketing of agricultural commodities other than milk and milk products, it will obtain the prior permission of the Registrar.
	02	Own or hold on lease or otherwise, movable or immovable properties;
	03	Purchase, process, manufacture, distribute and sell cattle feed, dairy and food machinery, tools and instruments, dairy and food packaging materials.
	04	Encourage growing of fodder by the members of its affiliated societies.
	05	Give veterinary and artificial insemination services and provide medicines and undertake cattle insurance work.
	06	Own herd of cattle for breeding work.
	07	Buy animals on behalf of members of the affiliated societies.
	08	Make arrangements for transport of commodities.
	09	Organize new Co-operative Societies and develop affiliated 'societies to the utmost and impart Co-operative knowledge amongst members and its application to business methods.
	10	Render technical, financial, administrative and other necessary assistance to other milk schemes.
	11	Organise and encourage savings schemes.
	12	Settle all matters of common interest of the affiliated societies and to further these interests.
	13	Carry on co-operative propaganda.
	14	Generally to carry on such other activities as to push and further the above objects and to do all such things as are incidental or conducive to the attainment of the above mentioned objects.
B	01	With a view to organize and co-ordinate the activities of the primary societies affiliated to the Union, the Union shall advise, guide, assist, rectify, control or take over their management partially or fully when necessary and may appoint an administrator under section 81 of the Act.
	02	Union may organize supervision of the affiliated societies and for that purpose may fix supervision charges to collect with the permission of the Registrar and collect.
C	01	Establish a Research and Development Association having independent existence, to contribute to its funds, and to raise funds for the same from the members of the Union.
	02	To create funds and trusts for the benefit of the employees to support and to assist the same . The union shall approach the Registrar for approval regarding the contribution by Union and employees and to implements the same as per rules framed under the laws in force.

AWARDS

AWARD TITLE	YEAR	AWARDED BY
Udyog Bharati Award	2004	Indian Achievers Forum, New Delhi
Certificate of Excellence	2003	Shri Jayant Patil Hon’ble Minister for Finance& planning (Govt. of Maharashtra)
Export Inspection Council of India	2002	Ministry of Commerce & Industry Govt. of India
Bharat Jyoti Award	---	Outstanding Services Achievements & Contribuions
Bhartiya Nirman Gaurav Award	---	Business & Economic Society For Trade
Sarvshreshth Udyog Puraskar	---	Business & Economic Society For Trade
Udyog Rattan Award	---	The Institute of Economic Studies
National Productivity Council of India	1997	Shri K. R. Narayanan Honourable President of India
Excellence Award	1996	The Institute of Economic Studies , New Delhi

MILESTONES

Year	Particulars.
1973	Registration of milk union under Gujarat Co-op. Act, 1962.
1975	Milk Union Administration was taken over by Gujarat Dairy Development Corporation (GDDC).
1977	The first election was held to elect the Board of Milk Union.
	The Then Chief Minister of Gujarat Hon’ble Late Shri Babubhai Jashbhai Patel laid foundation stone for establishing Dairy building at Godhra, in august presence of the then Panchayat Minister of Gujarat Hon’ble Late Shri Maneklal Gandhi.
1979	Milk Chilling Plant of 30,000 LPD capacity commissioned at Godhra, by GDDC.
1982	Tech. Input Services namely Animal Health & Artificial Insemination started under OF-II.
1983	The Administration of District Co-op. Milk Union was handed over to the elected Board, by GDDC.
1984	The chilling plant capacity was expanded from 30,000 to 60,000 kg per day. Ghee packing started.
1985	The milk processing capacity of plant was expanded from 60,000 kg to 1,00,000 kg per day. The Powder Plant having capacity of 10 MT per day was commissioned.
1993	Dairy Herd Improvement Programme Actions (DIPA), a field progeny testing programme launched  in collaboration with Baroda & Sabar Milk Unions under the technical guidance of NDDB.
1994	Milk Union got registered under Milk & Milk Product order (MMPO), Govt. of India. A Milk Chilling Plant at Chopada(Lunawada) commissioned to process 50,000 kg milk per day. Cluster Concept to increase coverage under Artificial Insemination was adopted.
1995	Liquid Milk Marketing in brands of Amul Gold & Amul Shakti started through GCMMF.
1996	First consignment of Amul Ghee exported to Dubai through GCMMF.
	A Concept of Total Quality Management (TQM) adopted.
	Milk Union got certification of Merit from National Productivity Council of India, for productivity performance during the year 95-96.
	Milk Union got certificate of Excellence by Institute of Economic Studies (IES), New Delhi for excellence in productivity, Quality Innovation & Management.
1997	Milk Union received Udyog Ratna Award.
	Milk Union started production of Table Butter under Amul Brand.
	Milk Union received National Productivity Award.
1998	The then Chief Minister of Gujarat Hon’ble Keshubhai Patel laid foundation stone for establishing Milk Chilling Centre at Limadi(Ta: Zalod).
	The Milk Union started village Self Leadership Improvement Programme known as Internal Consultant Development Programme through GCMMF.
	Milk Union got Udyog Ratan Award.
1999	The Commercial Production of ‘Panchamrut Goras’ initiated.
	The Commercial Production of Amul Gulab Jamun Mix started.
2000	The Milk Union obtained ISO: 9001 & HACCP certification from Quality Assurance Service, (QAS), Australia.
2001	Limadi Milk Chilling Centre having capacity to process 30,000 kg per day commissioned.
2002	Initiation of Shivrajpur Bulk Milk Chilling Unit, having the capacity of 1000 LPD.
2003	The Milk Chilling Capacity of Chopada Chilling Centre was doubled from 50,000 kg per day
2004	Panchmahal Cattle Feed Factory having capacity of 100 MT per day, inaugurated by Hon’ble Chief Minister of Gujarat Shri Narendrabhai Modi.
	Milk Union got Udyog Bharati Award by India Achievers Forum, New Delhi.
	Milk Union got Bhartiya Nirman Gaurav Award by Business & Economic Society for reforms for Role in the process of Economic Reforms.
2005	The Milk Union started installing Bulk Milk Cooling Unit at Village Dairy Co-operative.
	Milk Union got Recognition Certificate in linking tradition & technology for Dairy Farmers by World Bank, Washington DC.
2006	The Milk processing capacity of the Milk Union’s Plant expanded from  2,00,000 kg per day to 4,00,000 kg per day.
	The commercial production and distribution of bypass cattle feed started.
	The production and distribution of Area Specific Mineral Mixture started.
2007	Started implementing Fertility Improvement Programme (FIP) under technical guidance and financial support from GCCMMF Ltd;Anand.
	Acquired 25 acres of land of Moti Sarsan village of santrampur taluka for establishing Vegetable de-hydration plant for ginger,garlic and onon on co-operative basis.
	The production and distribution of chelated mineral mixture.
2008	The milk union’s peak procurement crossed 5.5 lakh kgs of mik per day.
	A bulk cooling unit of 10000 liters capacity, commissioned at Pipero (Ta: Dhanpur)
	Modified DIPA-a field progeny testing programme implemented with the help of NDDB.
2009	Modified DIPA-a field progeny testing programme implemented with the help of NDDB.

FUTURE PLANS

	A separate milk packaging section (with cold rooms) having a capacity of pasteurizing 3 lakh liters of milk per day will be constructed.
	Setting bulk milk coolers at more 45 cooperativesocieties.
	Enhancing the production capacityofcattle feed factory.
	Construction of more one hundred Dudh Chars.
	Helping the milk producers to set up about 200 dairy farms with 25 to 30 cows/buffalos.
	Planning to market liquid milk in the city of Mumbai
	Planning for providing all the facilities required for clean milk production to cooperative dairies and milk producers.
	Putting in special efforts for increasing milk productivity by gearing up Fertility Improvement Programme (FIP) and Field Progeny Testing Programme (DIPA)
	Implementation of animal Productivity Enhancement Programme (PEP) atthe cooperative societies covered under Fertility Improvement Programme (FIP) with the help of Gujarat Co- operative Milk Marketing Federation.
	Changing the present animal health service system for improving the quality of veterinary health service connecting all the veterinary centers through a computer network.
	Preparing special calf-starterforcalves.
	Arranging for a new administrative section andagodowns at the milk union.
	Constructing a check dam near the cattle feed factory at Khandiya village of Shahera taluka, under Sander Sahbhagi Jal Sanchay Scheme for managing water resources.

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.61.93
UK Pound	1	Rs.97.39
Euro	1	Rs.77.21

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	NKT

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	-

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