MIRA INFORM REPORT

Report Date :

26.02.2014

IDENTIFICATION DETAILS

Name :	RAGHUNANDAN INDUSTRIES PRIVATE LIMITED
Registered Office :	Udaygiri Bhaskar Lane, Jayendra Ganj, Gwalior – 474009, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.11.1995
Com. Reg. No.:	10-010130
Capital Investment / Paid-up Capital :	Rs.13.182 Millions
CIN No.: [Company Identification No.]	U63021MP1995PTC010130
TIN No.:	09202503681
PAN No.: [Permanent Account No.]	AADCM4632J
Legal Form :	Private Limited Liability Company
Line of Business :	Complete financial services spectrum ranging from equity, equity derivatives, commodities derivatives, depository services, insurance broking, currency derivatives and distribution of mutual funds.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The rating reflects sound financial risk profile supported by adequate liquidity position and fair profitability achieved by 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs.39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs.35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

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 PARTED BY

Name :	Mr. Mukesh Mangal
Designation :	Chartered Accountant
Contact No.:	91-9412258726
Date :	20.02.2014

LOCATIONS

Registered Office :	Udaygiri Bhaskar Lane, Jayendra Ganj, Gwalior – 474009, Madhya Pradesh, India
Tel. No.:	Not Available
Mobile No.:	91-9412258726 (Mr. Mukesh Mangal)
Fax No.:	Not Available
E-Mail :	mukesh.mangals@gmail.com agracfc@gmail.com saurabh.mittal@rmoneyindia.com jsafs@rediffmail.com
Website :	http://www.moneyindia.com
Head Office :	26/257 B, Sultan Ganj, Near Ashish Palace, Agra – 282004, Uttar Pradesh, India
Tel. No.:	91-562-2522389/ 4039999/ 4039217/ 4039219/ 4266600
Fax No.:	91-562-256550
E-Mail :	mittalfr@rediffmail.com askus@rmoneyindia.com
Website :	http://www.commodityfutures.in
Branch Office :	Ground Floor, INR Building, C-202, Sector – 63, Noida – 201301, Uttar Pradesh, India
Tel No.:	91-120-4263337
E-Mail :	askus@rmoneyindia.com

DIRECTORS

(AS ON 30.09.2013)

Name :	Mr. Saurabh Mittal
Designation :	Director
Address :	Flat No.25, Vijay Shree Apartments, Vijay Nagar, Agra – 282004, Uttar Pradesh, India
Date of Birth/Age :	07.09.1974
Qualification :	MBA
Date of Appointment :	03.11.1995
Mobile No.:	91-9897036767
PAN No.:	ADDPM5232A
DIN No.:	00171148
Name :	Mr. Kapil Mittal
Designation :	Director
Address :	Flat No.25, Vijay Shree Apartments, Vijay Nagar, Agra – 282004, Uttar Pradesh, India
Date of Birth/Age :	17.03.1979
Qualification :	MBA
Date of Appointment :	03.11.1995
Mobile No.:	91-9897036767
PAN No.:	ADDPM5233A
DIN No.:	00171217
Name :	Ms. Asha Mittal
Designation :	Director
Address :	Flat No.25, Vijay Shree Apartments, Vijay Nagar, Agra – 282004, Uttar Pradesh, India
Date of Birth/Age :	19.11.1948
Qualification :	MA
Date of Appointment :	03.11.1995
PAN No.:	ADDPM5230C
DIN No.:	01092790

KEY EXECUTIVES

Name :	Mr. Mukesh Mangal
Designation :	Chartered Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2013)

Name of Shareholders	No. of Shares	%age
Saurabh Mittal	3,78,200	28.69
Kapil Mittal	3,39,500	25.75
Rashmi Mittal	17,500	1.33
Ram Niwas Mittal	2,75,000	20.86
Ram Niwas Mittal HUF	2,17,782	16.52
Raghuvar Dayal Mittal HUF	90,000	6.83
Saurabh Mittal HUF	80	0.01
Shiv Mittal	70	0.01
Kapil Mittal HUF	70	0.01
Total	13,18,202	100.00

(AS ON 30.09.2013)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Complete financial services spectrum ranging from equity, equity derivatives, commodities derivatives, depository services, insurance broking, currency derivatives and distribution of mutual funds.
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Cash and Credit (30 days)

GENERAL INFORMATION

Customers :

Retailers

No. of Employees :

300 (Approximately)

Bankers :

· State Bank of India

Raja Ki Mandi Branch, Raja Ki Mandi, Agra - 282002, Uttar Pradesh, India

· Axis Bank Limited

Shop No.1, 3 to 16, Block No.51, Anupam Plaza li, Sanjay Place, Agra – 282002, Uttar Pradesh, India

· State Bank of Bikaner and Jaipur

Facilities :

Secured Loans	31.03.2013	31.03.2012
	(Rs. In Millions)
Long Term Borrowings
Cash Credit Limit
Axis Bank (The limit is secured by mortgage of immovable properties of the company both present and future and are further secured by hypothecation of all borrowers movable including movable machinery, spare, tools accessories and book debts and personally guaranteed by directors)	30.597	26.945
State Bank of India (The limit is secured by mortgage of immovable properties of the company both present and future and are further secured by hypothecation of all borrowers movable including movable machinery, spare, tools accessories and book debts and personally guaranteed by directors)	24.664	18.279
Bank Overdraft State Bank of Bikaner and Jaipur (Secured by lien on fixed deposit receipts)	3.921	4.376
Total	59.182	49.600

Banking Relations :	--
Auditors :
Name :	Jain Sanjay and Associates Chartered Accountants
Address :	Udaygiri, Jayendraganj, Gwalior – 474009, Madhya Pradesh, India
Tel No.:	91-751-4014100/ 300/ 400
PAN No.:	ACMPJ4521F
Email :	jain@jsaca.in
Website :	http://www.jsaca.in

CAPITAL STRUCTURE

(AS ON 31.03.2013)

Authorised Capital:

No. of Shares	Type	Value	Amount
2300000	Equity Shares	Rs.10/- each	Rs.23.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
1318202	Equity Shares	Rs.10/- each	Rs.13.182 Millions

NOTE:

Details of the shareholders holding more than 5% shares:

Name of the Shareholders	No of shares	%
Mr. Saurabh Mittal	355700	26.98%
Mr. Kapil Mittal	317000	24.05%
Mr. Ram Niwas Mittal	275000	20.86%
Ram Niwas Mittal HUF	217702	16.52%
Raghuvar Dayal Mittal HUF	90000	6.83%

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	13.182	13.182	13.182
(b) Reserves & Surplus	54.727	49.958	45.137
(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)	67.909	63.140	58.319
(3) Non-Current Liabilities
(a) long-term borrowings	38.887	26.179	21.140
(b) Deferred tax liabilities (Net)	2.860	2.659	2.465
(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)	41.747	28.838	23.605
(4) Current Liabilities
(a) Short term borrowings	59.182	49.600	36.414
(b) Trade payables	0.210	0.201	53.238
(c) Other current liabilities	83.267	73.270	15.939
(d) Short-term provisions	2.328	1.949	1.190
Total Current Liabilities (4)	144.987	125.020	106.781
TOTAL	254.643	216.998	188.705
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	38.431	35.976	35.944
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	18.900	16.300	15.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	6.598	3.204	3.575
Total Non-Current Assets	63.929	55.480	54.619
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	40.384	25.632	13.964
(c) Trade receivables	3.087	2.435	28.205
(d) Cash and cash equivalents	43.520	54.441	37.175
(e) Short-term loans and advances	64.294	46.273	39.582
(f) Other current assets	39.429	32.737	15.160
Total Current Assets	190.714	161.518	134.086
TOTAL	254.643	216.998	188.705

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	262.356	165.042	86.434
		Other Income	3.346	2.849	3.783
		TOTAL (A)	265.702	167.891	90.217
Less	EXPENSES
		Purchases	87.596	83.894	7.565
		Changes in Inventories	20.100	(17.520)	(2.579)
		Operation Expenses	76.728	40.540	0.000
		Employee Benefits Expenses	42.603	24.825	18.017
		Other Expenses	19.028	17.195	49.881
		TOTAL (B)	246.055	148.934	72.884
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.647	18.957	17.333
Less	FINANCIAL EXPENSES (D)		6.100	6.607	6.295
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.547	12.350	11.038
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.249	5.387	4.617
	PROFIT BEFORE TAX (E-F) (G)		7.298	6.963	6.421
Less	TAX (H)		2.529	2.142	1.964
	PROFIT AFTER TAX (G-H) (I)		4.769	4.821	4.457
	Earnings Per Share (Rs.)		3.62	3.66	3.38

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.79	2.87	4.94
Net Profit Margin (PBT/Sales)	(%)	2.78	4.22	7.43
Return on Total Assets (PBT/Total Assets}	(%)	3.10	3.47	3.70
Return on Investment (ROI) (PBT/Networth)		0.11	0.11	0.11
Debt Equity Ratio (Total Debt/Networth)		1.44	1.20	0.99
Current Ratio (Current Asset/Current Liability)		1.32	1.29	1.26

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	13.182	13.182	13.182
Reserves & Surplus	45.137	49.958	54.727
Net worth	58.319	63.140	67.909
long-term borrowings	21.140	26.179	38.887
Short term borrowings	36.414	49.600	59.182
Total borrowings	57.554	75.779	98.069
Debt/Equity ratio	0.987	1.200	1.444

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	86.434	165.042	262.356
		90.946	58.963

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR)	(INR)	(INR)
Sales	86.434	165.042	262.356
Profit	4.457	4.821	4.769
	5.16%	2.92%	1.82%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

------------------------------------------------------------------------------------------------------------------------------

UNSECURED LOANS

Particulars	31.03.2013	31.03.2012
	(Rs. In Millions)
Long Term Borrowings
From Directors, Shareholders and Relatives	38.887	26.179
Total	38.887	26.179

------------------------------------------------------------------------------------------------------------------------------

ASSESSMENT IF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

Particulars	31.03.2014	31.03.2015	31.03.2016
	(Estimated)	(Projected)
GROSS SALES
-Domestic Sales	365.000	420.000	450.000
-Export Sales	0.000	0.000	0.000
-Job Work	10.000	10.000	10.000
-Other Direct Income	102.500	110.000	115.000
Sub Total	477.500	540.000	575.000
Less: Excise duty	--	--	--
Net Sales	477.500	540.000	575.000
% age rise (+) or fall (-) in net sales as compared to previous year	19%	13%	6%
Cost of Sales
Raw Material (Including Stores and Other Items used in the process of Manufacturer)
-Indigenous	312.500	340.000	350.000
-Imported	0.000	0.000	0.000
Stores and Spares
-Indigenous	0.000	0.000	0.000
-Imported	0.000	0.000	0.000
Power and Fuel	5.000	5.500	6.000
Direct Labour (Wages, Salaries, Bonus, Staff Welfare etc.)	43.000	48.000	50.000
Other Manufacturing Expenses	0.000	0.000	0.000
Depreciation	5.800	5.500	5.200
Sub Total	366.300	399.000	411.200
Add: Opening Stock in Process	0.000	0.000	0.000
Less: Closing Stock in Process	0.000	0.000	0.000
Sub Total (Total Cost of Productions)	366.300	399.000	411.200
Add: Opening Stock of Finished Goods	40.400	68.200	80.000
Less: Closing Stock of Finished Goods	68.200	80.000	85.000
Sub Total (Total Cost of Sales )	338.500	387.200	406.200
Selling, Administrative & General Expenses	120.000	130.000	140.000
Sub Total	458.500	517.200	546.200
Operating Profit Before Interests	19.000	22.800	28.800
Interest	8.000	8.000	8.000
Operating profit After Interests	11.000	14.800	20.800
Add: other non-operating Incomes	4.000	4.500	5.000
Sub Total (Income)	4.000	4.500	5.000
Less: Other non-operating Expenses	0.000	0.000	0.000
Preliminary Exp. W/O	0.000	0.000	0.000
Sub Total (Expenses)	0.000	0.000	0.000
Net of other non-operating Income/ Expenses	4.000	4.500	5.000
Net Profit before tax/loss	15.000	19.300	25.800
Provision for taxes	4.500	6.000	7.700
Net profit after Tax/loss	10.500	13.300	18.100
Equity Dividend Paid/ Withdrawals	--	--	--
Retained Profit	10.500	13.300	18.100
Retained Profit/ Net Profit (% age)	100%	100%	100%

------------------------------------------------------------------------------------------------------------------------------

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

LIABILITIES	31.03.2014	31.03.2015	31.03.2016
	(Estimated)	(Projected)
CURRENT LIABILITIES
Short Term Bank Borrowings from banks (Including Bills purchased, discounted and excess borrowings placed on repayment basis)
(i) From Applicant Bank	90.000	90.000	90.000
(ii) From Other Banks	0.000	0.000	0.000
(iii) (Of which BP and BD) – FBP/ FBD	0.000	0.000	0.000
Sub Total (A)	90.000	90.000	90.000
Short Term Borrowings from Others	0.000	0.000	0.000
Sundry Creditors(Trade)	0.200	0.200	0.200
Advance Payment from Customers / Deposit From Dealers	0.000	0.000	0.000
Provision for taxation if any	4.500	6.000	7.700
Divided Payable	0.000	0.000	0.000
Other Statutory Liabilities (Due within one year)	0.000	0.000	0.000
Deposit / Installments of Term Loan	0.000	0.000	0.000
Other Current Liabilities and Provision (Due within 1 years)
-Expenses Payable	12.000	13.000	13.400
-Exchange O/s	4.000	3.500	3.200
-Other Liabilities	0.700	0.600	0.500
-Other Liabilities	65.300	65.300	65.300
Sub Total	86.700	88.600	90.300
TOTAL CURRENT LIABILITIES (A+B)	176.700	178.600	180.300
TERM LIABILITIES
Debentures (Not Maturing within one year)	0.000	0.000	0.000
Preference Shares (Redeemable after one year)	0.000	0.000	0.000
Deferred Tax Liability	0.000	0.000	0.000
Term Loans (exclusive Payable within one years)	38.900	38.900	38.900
Loan Against Property	0.000	0.000	0.000
Unsecured Loans	0.000	0.000	0.000
Brokers Current Account	0.000	0.000	0.000
Other Term Liabilities (Unsecured Loans)	0.000	0.000	0.000
TOTAL TERM LIABILITIES	38.900	38.900	38.900
TOTAL OUTSIDE LIABILITIES	215.600	217.500	219.200
NET WORTH
Ordinary Shares Capital	13.200	13.200	13.200
Share Application Money	0.000	0.000	0.000
Quasi Capital	0.000	0.000	0.000
Security Premium	0.000	0.000	0.000
Profit and Loss A/c	45.000	58.300	76.400
Others Reserve (Excl. Provision)	20.200	20.200	20.200
Differed Tax Liabilities	2.900	2.900	2.900
Total Networth	81.300	94.600	112.700
TOTAL LIABILITIES	296.900	312.100	331.900
ASSETS
CURRENT ASSETS
Cash & Bank Balance	4.500	2.900	13.200
Invetsment (Other than long term inv.) - Fixed deposits with banks	32.000	35.000	37.500
Receivable other than deferred and export including bills purchased and discounted by the bankers	64.000	67.500	70.500
Export receivables including bill purchased and discounted by the bankers	--	--	--
Raw Materials (Including Stores and Other Items)
Imported	0.000	0.000	0.000
Indigenous	0.000	0.000	0.000
Stock on Process	0.000	0.000	0.000
Finished Goods	68.200	80.000	85.000
Advance payment of taxes	4.500	6.000	7.700
Sundry Debtors	0.000	0.000	0.000
Inventories	0.000	0.000	0.000
Stock in trade	0.000	0.000	0.000
Finished Goods	0.000	0.000	0.000
Advances to suppliers of Raw Materials and Stores/ Spares	0.000	0.000	0.000
Loans and Advances	0.000	0.000	0.000
Duties and Taxes	--	--	--
Deposits	--	--	--
Other Current Assets	65.500	68.000	70.500
TOTAL CURRENT ASSETS	238.700	259.400	284.400
FIXED ASSETS
Gross Block (Land and Building Machinery, Construction in progress etc.)	70.500	70.500	70.500
Depreciation to due	37.800	43.300	48.500
Net Block	32.700	27.200	22.000
Invetsment in Subsidiary company/ Affiliates	18.900	18.900	18.900
Security deposits/ tender deposits TDR’s Pledged with Banks for BGs and LCs	6.600	6.600	6.600
Total Other Non-current Assets	25.500	25.500	25.500
Intangible assets, Misc, Expenditures (Such as goodwill, doubtfull debts etc.)	0.000	0.000	0.000
TOTAL ASSETS	296.900	312.100	331.900
Tangible Net Worth	81.300	94.600	112.700
Net Working Capital	62.000	80.800	104.100
Current Ratio	1.35	1.45	1.58
Total Outside Liabilities/ Tangible Net worth	2.65	2.30	1.94
Total Term Liabilities/ Tangible Net Worth	0.48	0.41	0.35

------------------------------------------------------------------------------------------------------------------------------

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS. IN MILLIONS)

Particulars	31.03.2014	31.03.2015	31.03.2016
	(Estimated)	(Projected)
A. CURRENT ASSETS
Raw Materials (Including stores and Other Items used in the process of manufacturer
Imported	0.000	0.000	0.000
- Month’s Consumption	--	--	--
Indigenous	0.000	0.000	0.000
- Month’s Consumption	--	--	--
Other Consumable spares(excluding those included under item 1 above)
Imported	0.000	0.000	0.000
- Month’s Consumption	--	--	--
Indigenous	0.000	0.000	0.000
- Month’s Consumption	--	--	--
Stock in process	0.000	0.000	0.000
Months cost of Production	--	--	--
Finished Goods	68.200	80.000	85.000
Months Cost of Sales	(2.42)	(2.48)	(2.51)
Receivables other than export and deferred receivables (Including BP/BD by the Bankers)	64.000	67.500	70.500
Month’s Sales	(2.10)	(1.93)	(1.88)
Exports receivables (Including BP/BD)	0.000	0.000	0.000
Month’s Sales	--	--	--
Other CA including cash and bank balance and def. receivables due within 1 years (Sp. Major items)
Cash and Bank Balance	4.500	2.900	13.200
Invetsment Except loan term	32.000	35.000	37.500
Instalment of def. receivables	--	--	--
Others	70.000	74.000	78.200
TOTAL CURRENT ASSETS	238.700	259.400	284.400
B) CURRENT LIABILITIES
(Other than bank borrowings for working capital)
Creditors for purchase of raw materials, stores and consumable spares	0.200	0.200	0.200
Months' purchases :	(0.01)	(0.01)	(0.01)
Advance Payment from Customers/ Deposit from dealers	65.300	65.300	65.300
Statutory Liabilities	0.000	0.000	0.000
Advances Received from Customers	0.000	0.000	0.000
Provision for taxation	0.000	0.000	0.000
Others current Liabilities	86.500	88.400	90.100
Total Current Liabilities	152.000	153.900	155.600

------------------------------------------------------------------------------------------------------------------------------

FUNDS FLOW STATEMENT

(RS. IN MILLIONS)

Particulars	31.03.2014	31.03.2015	31.03.2016
1. SOURCES	(Estimated)	(Projected)
a) Net profit (after tax)	10.500	13.300	18.100
b) Depreciation	5.800	5.500	5.200
c) Increase in Shares capital	0.000	0.000	0.000
d) - Increase in Term Liabilities (Including Public Deposits)	0.000	0.000	0.000
e) Decrease in:
i) Fixed Assets	0.000	0.000	0.000
ii) Other Non-current Assets	0.000	0.000	0.000
f) Others	0.000	0.000	0.000
g) TOTAL	16.300	18.800	23.300
2. USES
a) Net loss	0.000	0.000	0.000
b) Decrease in – Term Liabilities (including public deposits)	0.000	0.000	0.000
c) Increase in:
i) Fixed Assets	0.000	0.000	0.000
ii) Other Non-current Assets	0.000	0.000	0.000
d) Dividend Payments	0.000	0.000	0.000
e) Others	0.000	0.000	0.000
f) TOTAL	0.000	0.000	0.000
3. Long Term Surplus(+)/ deficit(-) [1-2]	16.300	18.800	23.300
4. Increase/decrease in current assets* (as per details given below)	48.100	20.700	25.000
5. Increase/decrease in current liabilities other than bank borrowings.	1.000	1.900	1.700
6. Increase/decrease in Working Capital Gap.	47.100	18.800	23.300
7. Net surplus (+)/ deficit (-) (Difference of 3 & 6)	(30.800)	0.000	0.000
8. Increase/decrease in Bank borrowings	30.800	0.000	0.000
Increase/Decrease in Net Sales	77.400	62.500	35.000

------------------------------------------------------------------------------------------------------------------------------

STATEMENT OF ASSETS AND LIABILITIES

MR. SAURABH MITTAL

(RS. IN MILLIONS)

BANK ACCOUNT

Bank	Branch	S/B/C/D A/C No.	Balance as on 31.03.2013	Last 6 Months Average
ICICI Bank	Rashmi Place	08080500280	0.549	0.033
ICICI Bank	Delhi	628701013188	0.048	0.138
ICICI Bank	Rashmi Place	080801500159	0.231	0.135
PNB Bank	Dholpur	--	0.005	0.004
Total			0.833	0.310

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own/ Joint Name	Area	Freehold or Leasehold	Location./ Address	Present Value	Whether Encumbered
Land	Owned	5600 sq. yds.	Freehold	G T Road, Dholpur	84.000	No
Commercial	Owned	1184 sq. ft.	Freehold	Sanjay Place, Agra	12.500	No
Residential	Owned	207.93 sq. mt.	Freehold	Vijay Nagar, Agra	16.500	No
Commercial	Owned	952.88 sq. yds.	Freehold	Firozpur, Dholpur	10.000	No
Land	Owned	8 bigh	Freehold	Chawani, Dholpur	3.500	No
Commercial	Owned	56.9 sq. mt.	Freehold	Bodla, Agra	2.128	No
Total					128.628

MOVABLE PROPERTY

INSURANCE POLICIES

Name of Company and Branch	Policy No.	Date of Issue	Sum Assured	Annual Premium	Premium Paid upto what period
Different Companies	Different	Different	2500.000	81.714	Yes

SHARES/ DEBENTURES/ MUTUAL FUND ETC.

Name of Company and Branch	No of Shares	Certificate No. A/c No. Demat Account No.	Scheme	Whether Fully Paid (Yes/ No)	Current Market Value
Mittal and Company	--	Different	Equity	Yes	0.504
Raghunandan Capital Private Limited	119500	Different	Equity	Yes	7.725
Raghunandan Industries Private Limited	355700	Different	Equity	Yes	2.717
Reghunandan Finance Private Limited	102000	Different	Equity	Yes	10.200
Raghunandan Insurance Private Limited	5000	Different	Equity	Yes	0.050
Other shares (Different Companies)	--	Different	Equity	Yes	5.271
Other Invetsment	--	Different	Different Scheme	Yes	0.522
					26.989

JEWELLARY

Type of Vehicles	Valuation
Gold	0.500

OTHER INVESTMENTS

Pee Cee Saop	Short Term	0.100
Kapil Mittal	Short Term	0.758
Rashmi Mittal	Short Term	0.920
Shivi Mittal	Short Term	0.997
Other Deposit	Short Term	0.149
Total		2.924

DETAILS OF LIABILITIES

AS BORROWER

Borrowed From	Purpose of Loan	Outstanding Balance
HDFC Housing Loan	Housing	3.821

LEGAL HEIRS/ FAMILY PARTICULARS

Name	Occupation	Relation	Age	Marital Status	Address
Rashmi Mittal	Business	Wife	39	Married	Flat No.25, Vijay Shree Apartment, Old Vijay Nagar Colony, Agra – 282004, Uttar Pradesh, India
Aishani Mittal	Student	Daughter	7	Unmarried	Flat No.25, Vijay Shree Apartment, Old Vijay Nagar Colony, Agra – 282004, Uttar Pradesh, India
Aarni Mittal	--	Daughter	1	Unmarried	Flat No.25, Vijay Shree Apartment, Old Vijay Nagar Colony, Agra – 282004, Uttar Pradesh, India

------------------------------------------------------------------------------------------------------------------------------

STATEMENT OF ASSETS AND LIABILITIES

MR. KAPIL MITTAL

(RS. IN MILLIONS)

BANK ACCOUNT

Bank	Branch	S/B/C/D A/C No.	Balance as on 31.03.2013	Last 6 Months Average
ICICI Bank	Rashmi Place	08080500279	0.270	0.061
HDFC Bank	Delhi	1211680000040	0.005	0.005
PNB Bank	Dholpur	--	0.006	0.005
Total			0.281	0.071

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own/ Joint Name	Area	Freehold or Leasehold	Location/ Address	Present Value	Whether Encumbered
Land	Owned	2 Bigh	Freehold	G T Road, Dholpur	14.500	No
Commercial	Owned	1184 sq. ft.	Freehold	Sanjay Place, Agra	12.000	No
Residential	Owned	207.93 sq. mt.	Freehold	Vijay Nagar, Agra	16.500	No
Commercial	Owned	56.9 sq. mt.	Freehold	Bodla, Agra	2.128	No
Total					45.128

MOVABLE PROPERTY

INSURANCE POLICIES

Name of Company and Branch	Policy No.	Date of Issue	Sum Assured	Annual Premium	Premium Paid upto what period
Different Companies	Different	Different	2000.000	65.034	Yes

SHARES/ DEBENTURES/ MUTUAL FUND ETC.

Name of Company and Branch	No of Shares	Certificate No. A/c No. Demat Account No.	Scheme	Whether Fully Paid (Yes/ No)	Current Market Value
Raghunandan Capital Private Limited	119500	Different	Equity	Yes	7.725
Raghunandan Industries Private Limited	31700	Different	Equity	Yes	2.230
Reghunandan Finance Private Limited	98000	Different	Equity	Yes	9.800
Raghunandan Insurance Brokers Private Limited	5000	Different	Equity	Yes	0.050
R Money Marketing Services	5000	Different	Equity	Yes	0.050
Other Shares (Different)	--	Different	Equity	Yes	5.381
Other Invetsment	--	Different	Different Scheme	Yes	0.238
					25.474

OTHER INVESTMENTS

Mittal Petro Chem.	Short Term	0.072
Rashmi Mittal	Short Term	0.162
Shivi Mittal	Short Term	0.188
Other Deposit	Short Term	0.280
Total		0.702

DETAILS OF LIABILITIES

AS BORROWER

Borrowed From	Purpose of Loan	Outstanding Balance
HDFC Housing Loan	Housing	3.821
ICICI Term Loan		0.323

LEGAL HEIRS/ FAMILY PARTICULARS

Name	Occupation	Relation	Age	Marital Status	Address
Shivi Mittal	Business	Wife	30	Married	Flat No.25, Vijay Shree Apartment, Old Vijay Nagar Colony, Agra – 282004, Uttar Pradesh, India
Parygya Mittal	Student	Daughter	5	Unmarried	Flat No.25, Vijay Shree Apartment, Old Vijay Nagar Colony, Agra – 282004, Uttar Pradesh, India
Abhiraj Mittal	--	Son	1	Unmarried	Flat No.25, Vijay Shree Apartment, Old Vijay Nagar Colony, Agra – 282004, Uttar Pradesh, India

------------------------------------------------------------------------------------------------------------------------------

STATEMENT OF ASSETS AND LIABILITIES

MS. ASHA MITTAL

(RS. IN MILLIONS)

BANK ACCOUNT

Bank	Branch	S/B/C/D A/C No.	Balance as on 31.03.2013	Last 6 Months Average
ICICI Bank	Rashmi Place	08080500287	0.267	0.135
HDFC Bank	Delhi	01211000251725	0.491	0.466
HDFC Bank	Delhi	15771670002324	0.191	0.093
PNB Bank	Dholpur	--	0.014	0.246
HDFC Bank	Delhi	--	0.005	0.005
Total			0.968	0.945

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own/ Joint Name	Area	Freehold or Leasehold	Location/ Address	Present Value	Whether Encumbered
Commercial	Owned	5746 sq. yed	--	Dholpur	40.000	No
Residential	Owned	135.69 sq. mt.	--	Vijay Nagar, Agra	5.500	No
Total					45.500

MOVABLE PROPERTY

INSURANCE POLICIES

Name of Company and Branch	Policy No.	Date of Issue	Sum Assured	Annual Premium	Premium Paid upto what period
Different Companies	--	--	1000.000	--	Yes

SHARES/ DEBENTURES/ MUTUAL FUND ETC.

Name of Company and Branch	No of Shares	Certificate No. A/c No. Demat Account No.	Scheme	Whether Fully Paid (Yes/ No)	Current Market Value
Other Shares (Different)	--	Different	Different	Yes	22.077
Other Invetsment	--	Different	Different	Yes	0.766
					22.843

OTHER INVESTMENTS

J. P. Green	--	5.887
Raghunandan Capital Private Limited	Short Term	0.273
Raghunandan Industries Private Limited	Short Term	0.897
Other Deposit	Short Term	0.289
Total		7.346

DETAILS OF LIABILITIES

AS BORROWER

Borrowed From	Purpose of Loan	Outstanding Balance
HDFC Housing Loan	Housing	4.456

LEGAL HEIRS/ FAMILY PARTICULARS

Name	Occupation	Relation	Age	Marital Status	Address
Ram Niwas Mittal	Retd.	Husband	69	Married	Flat No.25, Vijay Shree Apartment, Old Vijay Nagar Colony, Agra – 282004, Uttar Pradesh, India
Saurabh Mittal	Business	Son	39	Married	Flat No.25, Vijay Shree Apartment, Old Vijay Nagar Colony, Agra – 282004, Uttar Pradesh, India
Kapil Mittal	Business	Son	34	Married	Flat No.25, Vijay Shree Apartment, Old Vijay Nagar Colony, Agra – 282004, Uttar Pradesh, India

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VALUATION REPORT

Property i.e Office building of Mr. Saurabh Mittal S/o Mr. R. N. Mittal

Property i.e. office building siautated at 4D/ IIed, IVth Floor, Block No. G-10/B, Padam Deep Tower, Sanjay Place, Hariparbat Ward, Agra

Purpose for which valuation is made	For Bank of India, SME Branch, Sanjay Place, Agra
Date on which valuation is made	17.02.2014
If the property is under joint ownership/ Co-ownership share of each owner, are the shares undivided?	NA
Brief description of the property	The above said property is a office building having converted area 110.03 sq. mt.
Boundaries of the property
	As per Deed	As per Site
East	Pedestrian / Parking	Open to sky
West	Common Area	Common Space
North	P/No 4-D/(i)	--
South	P/ No 4-E	--
Whether covered under corporation / Panchayat/ Municipality	In urban Limit
Whether covered under any Land ceiling Of State Govt./Centra Govt.	No
Any Specific Identification Mark (Like Electric Pole, Dig well etc.)	NA
Is it freehold or lease hold land?	Lease Hold
Is there any restrictive covenant in regard to use of land?	Commercial Building
Is the property situated in residential/ Commercial/ mixed area/ industrial area?	Developed area
Proximity to civic amenities like schools hospitals, offices	With in 1.0 km distance
Terrain of land	Plain
Whether the plots is Intermittent or corner	Intermittent Plot
Roads, Streets on which the land is abutting	Area Road
Front width of the Road	About 40.00 ft. wide
Source of water and water potentiality	Ground Water
Availability of power supply	By UPSEB Feeder
Is the building owner occupied/ tenanted / both	Owner Occupied
If partly owner-occupied, specify portion and extent of area under owner-occupation	Fully Owner Occupied
Total Value of Property	Rs.9.132 Millions
The overall fair market value of the property is Rs.9.132 Millions
The realisable sale value of the property after considering all facts is Rs.8.219 Millions
Distress Value	Rs.8.219 Millions
Value of the property as per circle rate is	Rs.7.741 Millions

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VALUATION REPORT

Property i.e commercial Plot of Mr. Saurabh Mittal S/o Mr. R. N. Mittal

Property – commercial plot situated at Part KH No.787, Mauza Firojpur, NH-3, Dholpur, (Rajasthan)

Purpose for which valuation is made	For Bank of India, SME Branch, Agra
Date on which valuation is made	15.02.2014
If the property is under joint ownership/ Co-ownership share of each owner, are the shares undivided?	NA
Brief description of the property	The above said property is a commercial plot having area 836.12 sq. mt.
Boundaries of the property
	As per Deed
East	NH – 3 Road
West	P/O Saurabh Mittal
North	P/O Husain Etc
South	P/O Saurabh Mittal
Whether covered under corporation / Panchayat/ Municipality	In urban Limit
Whether covered under any Land ceiling Of State Govt./Centra Govt.	No
Any Specific Identification Mark (Like Electric Pole, Dig well etc.)	NA
Is it freehold or lease hold land?	Lease Hold
Is there any restrictive covenant in regard to use of land?	Commercial
Is the property situated in residential/ Commercial/ mixed area/ industrial area?	Developed area
Classification of the site population Group	Urban Area
PART I
Valuation of land
Dimension of Plot	NA
Total Area of Plot	836.12 sq. mt.
Prevailing Market Rate	Rs.35000.00 per sq. mt.
Guide Line Rate Obtained from the	Rs.29719.00 per sq. yd. (35530.72 per sq. mt.)
Estimated value of the land	Rs.29.264 Millions
Total Value of Property	Rs.29.264 Millions
The overall fair market value of the property is Rs.29.264 Millions
The realisable sale value of the property after considering all facts is Rs.26.338 Millions
Distress Value	Rs.26.338 Millions
Value of the property as per circle rate is	Rs.29.708 Millions

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VALUATION REPORT

Property i.e cold storage building M/s Mittal Frozen Foods (Private) Limited, Through Mr. Saurabh Mittal S/o Mr. R. N. Mittal

Property – i.e cold storage building M/s Mittal Frozen Foods (Private) Limited, situated at Kh Nos. 788 and 789, Mauza Firojpur, NH – 3, Dholpur, (Rajasthan)

Purpose for which valuation is made	For Bank of India, SME Branch, Agra
Date on which valuation is made	15.02.2014
If the property is under joint ownership/ Co-ownership share of each owner, are the shares undivided?	NA
Brief description of the property	The above said property is a cold storage building having area 7839.28 sq. mt (3 deeds, part Kh No.789, Industrial – 797.01 sq. mt, Part Kh Nos.788 and 789, Industrial 2360.00 sq. mt, Part Kh No 788 and 789 Residential 4682.22 sq. mt)
Boundaries of the property
	As per Deed
East	Rasta (Through Owners Prop)
West	P/O Husain Etc
North	P/O Saurabh Mittal
South	P/O Jaswant Singh
Whether covered under corporation / Panchayat/ Municipality	In urban Limit
Whether covered under any Land ceiling Of State Govt./Centra Govt.	No
Any Specific Identification Mark (Like Electric Pole, Dig well etc.)	NA
Is it freehold or lease hold land?	Lease Hold
Is there any restrictive covenant in regard to use of land?	Abadi Land
Is the property situated in residential/ Commercial/ mixed area/ industrial area?	Developed area
Classification of the site population Group	Rural Area
High /Medium Class/poor class.	Middle Class
Residential / Non Residential	Non Residential
Development of Surrounding area	Developed
Possibility of any threat to the property (Flood, claminities etc.)	No
Proximity to civic amenities like schools hospitals, offices	Within 2.0 km distance
Terrain of land	Plain
Whether the plots is Intermittent or corner	Intermittent Plot
Roads, Streets on which the land is abutting	Area Road
Front width of the Road	About 20.00 ft. Road
Source of water and water potentiality	Ground Water
Availability of power supply	By REB Feeder
Is the building owner occupied/ tenanted / both	Owner Occupied
If partly owner-occupied, specify portion and extent of area under owner-occupation	Fully Owner Occupied
Total Value of Property	Rs.9.132 Millions
PROPERTY DETAILS
PART I - Valuation of land
Dimension of Plot	NA
Total Area of Plot	7839.28 sq. mt.
Prevailing Market Rate	Rs.12000.00 per sq. mt.
Guide Line Rate Obtained from the	Rs.2552.00 per sq. yd. (Rs.3051.05 per sq. mt.)
Estimated value of the land	Rs.94.071 Millions
Part II Valuation of the Building Property
Type of building	Cold Storage
Year of construction	About 16 year and 11 year old const
Future life of the Property	About 44 year and 49 years
No. of floors and	Two
Height of each floor	3.00 mt ht to 15.50 mt ht
Type of construction load bearing R.C.C frame, Steel frame	Framed Structure/ Load Bearing
Condition of the building	Good
Internal Condition	Good
Whether the property is constructed strictly according to the sanctioned plan, details of variations notice if any and effect of the same on the valuation	Yes
Specification of construction
Type of foundation	Isolated Footings
Superstructure	Framed/Load Bearing Structure
Flooring	C.C/Brick Flooring
Roof work	Ordinary
Joinery	M. S/Wood
Any special finishing	NA
Whether any weather proof course is provided	NA
Compound Wall (a) Height and length (b) Type of construction	7' ht B.W
Electric Installation	Ordinary
Plumbing installation	Ordinary
Open area	NA
Details of Valuation
Cost of land :- Area of land 7839.28 Sq Mt @ Rs.12000.00 per Sq Mt	Rs.94.071 Millions
Cost of Const:-
16 Year old const- Covered area of 2 Chambers (6 Stages) 1188.83 Sq Mt Rs.17000.00 per Sq Mt	Rs.20.210 Millions
G.F Verandah covered area 263.47 Sq Mt @ Rs.4000.00 per Sq Mt	Rs.1.054 Millions
F.F shed Verandah covered area 263.47 Sq Mt @ Rs.2000.00 per Sq Mt	Rs.0.527 Million
M/C Rm covered area 75.83 Sq Mt @ Rs.5000.00 per Sq Mt	Rs.0.379 Million
Ice plant covered area 106.41 Sq Mt @ Rs.5000.00 per Sq Mt	Rs.0.532 Million
Condensing Tank @ L.S	Rs.0.300 Million
Add for 7' Ht boundary Wall L.S	Rs.0.600 Millions
	Rs.23.602 Millions
Depreciation – 1.5 x 16 = 24.00 % i.e.	Rs.5.665 Millions
Total Value of Const.	Rs.17.938 Millions
11 Year Old Const-
Covered area of chamber (6 Stages)
986.75 Sq Mt @ Rs.17000.00 per Sq Mt	Rs.16.775 Millions
G.F and F.F covered area 430.80 Sq Mt @ Rs.4000.00 per Sq M	Rs.1.723 Millions
Office G.F and F.F covered area 63.56 Sq Mt @ Rs.7000.00 per Sq Mt	Rs.0.445 Million
M/C shed Rm covered area 85.46 Sq Mt @ Rs.2500.00 per Sq Mt	Rs.0.214 Million
Labout Qrs covered area 143.84 Sq Mt @ Rs.5000.00 per Sq Mt	Rs.0.719 Million
Godown shed covered area 321.60 Sq Mt @ Rs.3000.00 per Sq Mt	Rs.0.965 Million
Condensing Tank L.S	Rs.0.200 Million
Depreciation- 1.5 x11 = 16.50 % i.e	Rs.3.472 Millions
Net value of Const=	Rs.17.569 Millions
Total value of property	Rs.129.578 Millions
The overall fair market value of the property is Rs.129.578 Millions
The realisable sale value of the property after considering all facts is Rs.116.620 Millions
Distress Value	Rs.116.620 Millions
Value of the property as per circle rate is	Rs.59.424 Millions

------------------------------------------------------------------------------------------------------------------------------

OPERATIONAL REVIEW

During the year, the company has achieved the gross turnover of Rs.262.356 Millions and the net profit of Rs.4.769 Millions in comparison of net profit of Rs.4.821 Millions in the last year. The directors are hopeful to give better result in future.

------------------------------------------------------------------------------------------------------------------------------

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/ Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10294966	17/06/2011	25,000,000.00	STATE BANK OF INDIA	Raja Ki Mandi Branch, Raja Ki Mandi, Agra, Uttar Pradesh - 282002, India	B16104440
2	10106627	17/09/2012 *	45,000,000.00	AXIS BANK LIMITED	Shop No.1,3 To 16, Block No 51, Anupam Plaza li, Sanjay Place, AGRA, Uttar Pradesh - 282002, India	B60946662

* Date of charge modification

------------------------------------------------------------------------------------------------------------------------------

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipment

· Computer Equipment

· Air Conditioner

· Telephone Instruments

· Refrigerator

· Motor Cycles

· Car

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 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.61.98
UK Pound	1	Rs.103.31
Euro	1	Rs.85.14

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NIT

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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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.