MIRA INFORM REPORT

Report Date :

04.12.2014

IDENTIFICATION DETAILS

Name :	PRESTIGE FEED MILLS LIMITED [w.e.f.30.03.1993]
Formerly Known As :	PRESTIGE FEED MILLS PRIVATE LIMITED
Registered Office :	30, Jaora Compound, M.Y.H Road, Indore – 452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.10.1980
Com. Reg. No.:	10-001673
Capital Investment / Paid-up Capital :	Rs. 49.295 Millions
CIN No.: [Company Identification No.]	U15332MP1980PLC001673
IEC No.:	Not Available
PAN No.: [Permanent Account No.]	AABCP0412H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Soy Products like Soyabean Processing, Food Products and Feed Products.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 910000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects extensive experience on PFML’s promoters in the edible oil industry supported by sound financial base and fair liquidity profile of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	27.11.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3
Rating Explanation	Moderate degree of safety and high credit risk
Date	27.11.2014

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 (GENERAL DETAILS)

Name :	Mr. Pawan
Designation :	Admin Department
Contact No.:	91-731-4011111
Date :	03.12.2014

LOCATIONS

Registered/ Corporate Office :	30, Jaora Compound, M.Y.H Road, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-4011111/ 4041111/ 2704600
Fax No.:	91-731-4011110/ 2704455
E-Mail :	info@prestigeindia.com prestigeindia@sancharnet.in
Website :	http://www.prestigeindia.com
Factory :	Located at: v Dewas v Ambala
Branch Offices :	Located at: v New Delhi v Mumbai v Ambala

DIRECTORS

As on 29.09.2014

Name :

Manmath Patni

Designation :

Director

Address :

O-103, Mankamal Nemi Nagar, Indore – 452009, Madhya Pradesh, India

Date of Birth/Age :

30.01.1946

Qualification :

M.Sc. DLCHNF (USA), Ph. D.

Date of Appointment :

04.04.2002

DIN No.:

00017816

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	U41454MH1986PLC041454	AMBITIOUS INVESTMENT AND FINANCE LIMITED	Director	30-10-86	30-10-86	-	Strike off	NO
2	U99999MH1986PLC041452	IVORY HOLDING AND LEASING LIMITED	Director	30-10-86	30-10-86	-	Strike off	NO
3	U45202MP1987PLC003907	AHILYA CONSTRUCTIONS LTD	Director	18-04-87	18-04-87	10-09-14	Active	NO
4	L52110DL1985PLC020158	KANISHKA MERCANTILE LIMITED.	Director	15-08-93	15-08-93	-	Active	NO
5	L74899DL1985PLC019943	PRESTIGE AGRO-TECH LIMITED	Director	15-09-93	15-09-93	01-03-11	Active	NO
6	U15332MP1980PLC001673	PRESTIGE FEED MILLS LIMITED	Director	04-04-02	04-04-02	-	Active	NO

Name :

Mr. Ramesh Jain

Designation :

Director

Address :

N/15, Saket, Indore – 452018, Madhya Pradesh, India

Date of Birth/Age :

14.12.1951

Qualification :

B. Com, MBA

Date of Appointment :

15.07.2001

DIN No.:

00038352

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	U32303MP1985PTC002799	PRESTIGE FORTUNE TRADING PRIVATE LIMITED	Director	19-03-85	19-03-85	-	Active	NO
2	U15332MP1980PLC001673	PRESTIGE FEED MILLS LIMITED	Director	15-07-01	15-07-01	-	Active	NO
3	U72200MP2011PTC026739	DENVER IT SOLUTIONS PRIVATE LIMITED	Director	12-09-11	12-09-11	-	Active	NO

Name :

Mr. Purushottam Lodha

Designation :

Director

Address :

A/1 204, Shenni Residency, A.B. Road, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

22.08.1946

Qualification :

B. Sc

Date of Appointment :

03.05.2004

DIN No.:

03275879

KEY EXECUTIVES

Name :	Mr. Jitendra Ratnaparkhi
Designation :	Secretary
Address :	9-D, Sampat Farms, Opposite Agarwal Public School, Bicholi Mardana Road, Indore – 452016, Madhya Pradesh, India
Date of Birth/Age :	04.09.1968
Date of Appointment :	01.04.1995
PAN No.:	AFUPR5275F
Name :	Mr. Pawan
Designation :	Admin Department

MAJOR SHAREHOLDERS

As on 29.09.2014

Names of Shareholders	No. of Shares
Dipin Jain	649350
Nemnath Jain	812680
Davish Jain	479000
Sunita Jain	166400
Prestige Starch-Chem Private Limited, India	350150
Prakashwanti Jain	565000
Kanishka Mercantile Limited, India	309500
Renu Jain	131400
Rachita Jain	30000
Shikha Jain	30000
Prestige Agro Tech Limited, India	410000
Bahubali Properties Limited, India	270000
Himanshu Jain	14000
Monika Jain	44020
Kapii Jain	59000
Avance technologies Limited, India	272500
Empower India Limited, India	335000
Kajal Jain	500
Fenu Jain	1000
Total	4929500

As on 29.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	39.50
Other top fifty shareholders	60.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Soy Products like Soyabean Processing, Food Products and Feed Products.

Products/ Services :

ITC Code No.	Product Descriptions
23040030	Meal of Soyabean, Solvent Extracted

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Finished Goods

Countries :

· Myanmar

· Kuwait

Imports :

Not Divulged

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

No. of Employees :

80 (Approximately)

Bankers :

· State Bank of Indore, Industrial Finance Branch, Abhay Prashal, Indore - 452001, Madhya Pradesh, India

· State Bank of India Consortium, Khel Prashal, Race Course Road, Indore - 452001, Madhya Pradesh, India

· State Bank of India, Commercial Branch, Near G.P.O, A.B. Road, Indore – 452001, Madhya Pradesh, India

· Punjab National Bank, Sitlamata Bazaar, Indore - 452001, Madhya Pradesh, India

· Central Bank of India, 2nd Floor, Palika Plaza, Phase-I, M. T. H. Compound, Indore - 452007, Madhya Pradesh, India

· ICICI Bank Limited

Facilities :

SECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Rupee term loans from others	101.670	117.259
Working capital loans from banks	30.000	0.000
Loans taken for vehicles	0.256	0.603
Other loans and advances, others	(38.000)	(36.750)
SHORT TERM BORROWINGS
Working Capital loans from Banks	455.062	409.927
Total	548.988	491.037

Banking Relations :	---
Financial Institutions :	· Madhya Pradesh Financial Corporation, Finance House, Agra Bombay Road, Indore - 452001, Madhya Pradesh, India · MPFC Capital Markets (A Division of MPFC), Navaratan Bagh Opposite St. Paul Primary School, Indore - 452001, Madhya Pradesh, India
Auditors :
Name :	S.M. Jain and Company Chartered Accountants
Address :	103, Shalimar Corporate Center, 8, South Tukoganj, Indore – 452001, Madhya Pradesh, India
Income-tax PAN of auditor or auditor's firm :	ABCSF1046D
Memberships :	-----
Collaborators :	-----
Associates :	· Prestige Fabricators Private Limited [U28121MP1982PTC002040] · Prestige Foods Limited [L15141MP1979PLC001535] · Prestige Feed Mills

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4929500	Equity Shares	Rs.10/- each	Rs. 49.295 Millions

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	49.295	49.295	49.295
(b) Reserves & Surplus	270.436	256.185	226.041
(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)	319.731	305.480	275.336
(3) Non-Current Liabilities
(a) long-term borrowings	232.930	264.711	225.576
(b) Deferred tax liabilities (Net)	32.056	17.888	22.315
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	264.986	282.599	247.891
(4) Current Liabilities
(a) Short term borrowings	455.062	409.927	451.665
(b) Trade payables	173.808	115.372	180.507
(c) Other current liabilities	136.356	105.298	105.440
(d) Short-term provisions	9.744	9.179	13.941
Total Current Liabilities (4)	774.970	639.776	751.553
TOTAL	1359.687	1227.855	1274.780
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	329.375	316.655	184.353
(ii) Intangible Assets	0.397	0.477	0.000
(iii) Capital work-in-progress	0.000	0.000	87.024
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.501	0.501	0.501
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.605	5.533	6.080
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	335.878	323.166	277.958
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	600.189	363.457	537.281
(c) Trade receivables	325.424	422.141	348.059
(d) Cash and cash equivalents	43.075	38.938	14.664
(e) Short-term loans and advances	55.121	80.153	96.818
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1023.809	904.689	996.822
TOTAL	1359.687	1227.855	1274.780

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	5426.004	5423.883	5107.915
		Other income	0.893	0.748	0.621
		TOTAL (A)	5426.897	5424.631	5108.536
Less	EXPENSES
		Cost of materials consumed	4071.732	3824.497	3656.409
		Purchases of stock-in-trade	798.848	879.611	621.352
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(204.405)	17.264	8.304
		Employee benefit expense	25.555	32.276	19.922
		Other expenses	588.646	545.395	663.944
		Prior period items	(0.234)	0.198	(0.084)
		TOTAL (B)	5280.142	5299.241	4969.847
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		146.755	125.390	138.689
Less	FINANCIAL EXPENSES (D)		84.356	72.143	82.995
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		62.399	53.247	55.694
Less/ Add	DEPRECIATION/ AMORTISATION (F)		24.980	18.144	16.489
	PROFIT BEFORE TAX (E-F) (G)		37.419	35.103	39.205
Less	TAX (H)		23.168	4.959	13.009
	PROFIT AFTER TAX (G-H) (I)		14.251	30.144	26.196
	Earnings Per Share (Rs.)		2.89	6.12	5.31

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.26	0.56	0.51
Operating Profit Margin (PBIDT/Sales)	(%)	2.70	2.31	2.72
Return on Total Assets (PBT/Total Assets}	(%)	2.75	2.86	3.30
Return on Investment (ROI) (PBT/Networth)		0.12	0.11	0.14
Debt Equity Ratio (Total Debt /Networth)		2.15	2.21	2.46
Current Ratio (Current Asset/Current Liability)		1.32	1.41	1.33

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	49.295	49.295	49.295
Reserves & Surplus	226.041	256.185	270.436
Net worth	275.336	305.480	319.731
long-term borrowings	225.576	264.711	232.930
Short term borrowings	451.665	409.927	455.062
Total borrowings	677.241	674.638	687.992
Debt/Equity ratio	2.460	2.208	2.152

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	5107.915	5423.883	5426.004
		6.186	0.039

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	5107.915	5423.883	5426.004
Profit	26.196	30.144	14.251
	0.51%	0.56%	0.26%

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	Yes
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	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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Loans and advances from others	130.462	175.056
Deposits from others	8.542	8.545
Total	139.005	183.601

Note:

The registered office of the company has been shifted from 31, Jaora Compound, M.Y.H Road, Indore – 452001, Madhya Pradesh, India to the present w.e.f.19.12.2011

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10483825	06/03/2014	40,000,000.00	MADHYA PRADESH FINANCIAL CORPORATION	FINANCE HOUSE, AGRA BOMBAY ROAD, INDORE, MADHYA PRADESH - 452001, INDIA	C00046987
2	10423932	21/03/2013	394,700,000.00	CENTRAL BANK OF INDIA	2ND FLOOR, PALIKA PLAZA, PHASE-I,, M. T. H. COMPOUND,, INDORE, MADHYA PRADESH - 452007, INDIA	B74495458
3	10408012	01/03/2013	40,000,000.00	MADHYA PRADESH FINANCIAL CORPORATION	FINANCE HOUSE, AGRA BOMBAY ROAD, INDORE, MADHYA PRADESH - 452001, INDIA	B69620755
4	10326394	29/12/2011	60,000,000.00	MPFC INDORE M.P.	FINANCE HOUSE A B ROAD, INDORE, MADHYA PRADESH - 452001, INDIA	B29075132
5	10270247	04/03/2011	45,000,000.00	MADHYA PRADESH FINANCIAL CORPORATION	FINANCE HOUSE,, AGRA BOMBAY ROAD,, INDORE, MADHYA  PRADESH - 452001, INDIA	B07556681
6	10261254	07/01/2011	25,000,000.00	MADHYA PRADESH FINANCIAL CORPORATION	FINANCE HOUSE,, AGRA BOMBAY ROAD,, INDORE, MADHYA  PRADESH - 452001, INDIA	B03769676
7	10197086	20/01/2009	40,000,000.00	MADHYA PRADESH FINANCIAL CORPORATION	NAVRATAN BAGH, OPPOSITE SAINT PAUL PRIMARY SCHOOL,  , INDORE, MADHYA PRADESH - 452001, INDIA	A72517170
8	10144072	03/11/2008	20,100,000.00	PUNJAB NATIONAL BANK	SITLAMATA BAZAAR, INDORE, MADHYA PRADESH - 452001,  INDIA	A51426864
9	10087551	08/02/2008	20,000,000.00	MPFC CAPITAL MARKETS ( A DIVISION OF MPFC)	NAVARATAN BAGH OPP. ST. PAUL PRIMARY SCHOOL, INDOR  E, MADHYA PRADESH - 452001, INDIA	A32430332
10	10072356	29/11/2007 *	90,000,000.00	STATE BANK OF INDORE	INDUSTRIAL FINANCE BRANCH, ABHAY PRASHAL, INDORE,  MADHYA PRADESH - 452001, INDIA	A27945922
11	10031914	03/01/2007	22,000,000.00	M. P. FINANCIAL CORPORATION	FINANCE HOUSE, A. B. ROAD, INDORE, MADHYA PRADESH  - 452001, INDIA	A08942468
12	90210437	24/12/1996	15,000,000.00	MADHYA PRADESH FINANCIAL CORPORATION	FINANCE HOUSE, A.B. ROAD, INDORE, MADHYA PRADESH,  INDIA	-
13	90201576	24/10/2006 *	222,300,000.00	STATE BANK OF INDORE	INDUSTRIAL FINANCE BRANCH, ABHAY PRASHAL, RACE CO  URSE ROAD, INDORE, MADHYA PRADESH - 452001, INDIA	-
14	90204831	13/06/1992	13,000,000.00	STATE BANK OF INDORE	INDUSTRIAL FINANCE BRANCH, KHEL PRASHAL, INDORE,  MADHYA PRADESH, INDIA	-
15	90207276	04/12/1998 *	23,000,000.00	STATE BANK OF INDORE	INDUSTRIAL FINANCE BRANCH, KHEL PRASHAL, INDORE,  MADHYA PRADESH - 452001, INDIA	-
16	90207274	16/11/1993 *	23,000,000.00	STATE BANK OF INDORE	INDUSTRIAL FINANCE BRANCH, INDORE, MADHYA PRADESH,  INDIA	-
17	90207272	06/03/2014 *	721,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, A. B. ROAD, G P O, INDORE, MAD  HYA PRADESH - 452001, INDIA	C04537726
18	90204827	09/09/2004 *	5,000,000.00	STATE BANK OF INDORE	INDUSTRIAL FINANCE BRANCH, INDORE, MADHYA PRADESH,  INDIA	-

* Date of charge modification

FIXED ASSETS:

· Land

· Residential building

· Factory building

· Plant and equipment

· Factory equipments

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

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. 61.88
UK Pound	1	Rs. 96.82
Euro	1	Rs. 76.57

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KAR
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.