MIRA INFORM REPORT

Report Date :

18.01.2013

IDENTIFICATION DETAILS

Name :	NCML INDUSTRIES LIMITED (w.e.f 16.12.2010)
Formerly Known As :	NCML INDUSTRIES PRIVATE LIMITED NCML EXIM PRIVATE LIMITED (w.e.f. 19.04.2007) NEWAL CHAND MOHAN LAL JAIN PRIVATE LIMITED
Registered Office :	1818, Naya Bazar, Delhi - 110006
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	26.09.1996
Com. Reg. No.:	55-082284
Capital Investment / Paid-up Capital :	Rs.210.213 Millions
CIN No.: [Company Identification No.]	U65923DL1996PLC082284
TAN No.: [Tax Deduction & Collection Account No.]	DELN05603D
PAN No.: [Permanent Account No.]	AAACN4248A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of trading and manufacturing of edible oils.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 7600000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Management of the company has failed to file its financial for the year 2013 with the government department. As per previous year financials i.e, 2012, the financial position of the company appears to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: BBB
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	15.11.2012

Rating Agency Name	CARE
Rating	Short term bank facilities: A3
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	15.11.2012

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.

LOCATIONS

Registered Office :	1818, Naya Bazar, Delhi – 110006, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	rashigupta230@gmail.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Manish Jain

Designation :

Director

Address :

R-4/13, RJ Nagar, Ghaziabad – 201002, Uttar Pradesh, India

Date of Birth/Age :

05.10.1967

Qualification:

MBA

Date of Appointment :

01.04.2008

DIN No.:

00256375

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	U15209DL2000PTC103461	N M AGRO PRIVATE LIMITED	Director	27/01/2000	27/01/2000	-	Active	NO
2	U65923DL1996PLC082284	NCML INDUSTRIES LIMITED	Director	01/04/2008	24/11/2006	-	Active	NO
3	U74120DL2008PTC175664	N M INDUSTRIES PRIVATE LIMITED	Director	20/03/2008	20/03/2008	-	Active	NO
4	U45201DL2004PTC129934	ONAXE BUILDERS AND PROMOTERS PRIVATE LIMITED	Director	15/09/2012	12/09/2012	-	Active	NO

Name :

Mr. Rajnish Jain

Designation :

Managing director

Address :

R-4/13, RJ Nagar, Ghaziabad – 201002, Uttar Pradesh, India

Date of Birth/Age :

12.09.1965

Qualification:

MBA

Date of Appointment :

02.11.2010

DIN No.:

00256414

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	U65923DL1996PLC082284	NCML INDUSTRIES LIMITED	Managing director	02/11/2010	26/09/1996	-	Active	NO
2	U74899DL1985PTC022232	SHREE SHAKAGO (INDIA) PRIVATE LIMITED	Director	03/02/2000	03/02/2000	18/03/2008	Strike off	NO
3	U15209DL2000PTC103461	N M AGRO PRIVATE LIMITED	Director	26/06/2006	26/06/2006	-	Active	NO
4	U74120DL2008PTC175664	N M INDUSTRIES PRIVATE LIMITED	Director	20/03/2008	20/03/2008	-	Active	NO
5	U45201DL2004PTC129934	ONAXE BUILDERS AND PROMOTERS PRIVATE LIMITED	Director	15/09/2012	12/09/2012	-	Active	NO

Name :

Mr. Dinesh Kalra

Designation :

Director

Address :

Room No. 10, Boys Hostel, IITTM, Govind Puri, New Delhi – 110019, India

Date of Birth/Age :

18.11.1980

Date of Appointment :

29.09.2012

DIN No.:

03321584

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	U65923DL1996PLC082284	NCML INDUSTRIES LIMITED	Director	29/09/2012	01/08/2012	-	Active	NO

Name :

Mr. Sanjay Tickoo

Designation :

Director

Address :

C-203, Plot – 18, Sector – 5, Dwarka, New Delhi – 110075, India

Date of Birth/Age :

09.02.1976

Date of Appointment :

29.09.2012

DIN No.:

03419068

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	U65923DL1996PLC082284	NCML INDUSTRIES LIMITED	Director	29/09/2012	01/08/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rakesh Kumar Bajaj
Designation :	Secretary
Address :	House No. 12, IInd Floor, Pocket 11, Rajiv Enclave, Sector – 5, Rohini, New Delhi – 110085, India
Date of Birth/Age :	30.01.1974
Date of Appointment :	01.08.2011
PAN No.:	AFHPB4738C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Mohan Lal Jain	661020
Rajnish Jain	30600
Suman Jain	78600
Kamla Jain	1188600
Sangeeta Jain	600600
Mohan Lal Jain (HUF)	59400
Rajnish Jain (HUF)	78600
Manish Jain (HUF)	44520
Sobhag Chand Sham Lal Jain	60
Maanik Jain	60
Shrenik Jain	60
Manish Jain	648000
Maash Agro Oils	792000
N M Agro Private Limited	6980000
Mohit Nidhi Agro Oil Private Limited	4600000
Sundaram Distributors Private Limited	2018800
Jagprem Vyapaar Private Limited	1981200
Chandrika Traders Limited	59200
Genesis Distributors (Private) Limited	2840555
Chamunda Sales (Private) Limited	886667
Total	23548542

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	82.24
Directors or relatives of Directors	14.40
Other top fifty shareholders	3.36
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of trading and manufacturing of edible oils.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Union Bank of India, 111 - 112 Fateh Puri, Khari Baoli, Delhi - 110006, Delhi, India

· Syndicate Bank, Corporate Finance Branch, First Floor Sarojini House, 6 Bhagwan Das Road, New Delhi - 110001, Delhi, India

· State Bank of Patiala, Commercial Branch, Chandralok Building, 36, Janpath ,, New Delhi - 110001, Delhi, India

· State Bank of India, Industrial Finance Branch, Jawahar Vyapar Bhawan, 1-Tolstoy Marg, New Delhi - 110001, Delhi, India

· Yes Bank Limited, 9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli,, Mumbai - 400018, Maharashtra, India

· Central Bank of India, Mid Corporate Finance Branch ,Link House, Ground Floor(Right Wing),3 Bahadur Shah Zafar Marg, New Delhi - 110003, Delhi, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	352.648	124.167
Other loans and advances	5.456	1.185
Short-term borrowings
Foreign currency term loans from banks	4131.749	0.000
Working capital loans from banks	889.112	1513.033
Total	5378.965	1638.385

Banking Relations :	--
Auditors :
Name :	Manoj and Associates Chartered Accountants
Address :	20, Chawla ComplexA-215, Shakarpur
PAN N Income-tax PAN of auditor or auditor's firm :	ADXPJ1715D
Companies in which directors are interested::	· N M Agro Private Limited · N M Industries Private Limited
Firms in which directors/relatives are partners/proprietor:	· Newal Chand Mohan Lal and Company

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
23550000	Equity Shares	Rs.10/- each	Rs. 235.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23548542	Equity Shares	Rs.10/- each	Rs. 235.485 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
23000000	Equity Shares	Rs.10/- each	Rs. 230.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21021320	Equity Shares	Rs.10/- each	Rs. 210.213 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	210.213	133.621
(b) Reserves & Surplus	1697.343	485.944
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1907.556	619.565
(3) Non-Current Liabilities
(a) long-term borrowings	390.026	497.097
(b) Deferred tax liabilities (Net)	84.647	22.641
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	474.673	519.738
(4) Current Liabilities
(a) Short term borrowings	5020.861	1579.505
(b) Trade payables	4284.903	4030.604
(c) Other current liabilities	100.098	54.324
(d) Short-term provisions	99.629	68.683
Total Current Liabilities (4)	9505.491	5733.116
TOTAL	11887.720	6872.419
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	750.136	300.812
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	3.023
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	2.680	1.680
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	4.242	1.313
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	757.058	306.828
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	249.377	401.882
(c) Trade receivables	3058.920	1648.477
(d) Cash and cash equivalents	7182.974	3961.664
(e) Short-term loans and advances	583.256	513.689
(f) Other current assets	56.135	39.879
Total Current Assets	11130.662	6565.591
TOTAL	11887.720	6872.419

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		16.570
2] Share Application Money		0.000
3] Reserves & Surplus		314.759
4] (Accumulated Losses)		0.000
NETWORTH		331.329
LOAN FUNDS
1] Secured Loans		82.614
2] Unsecured Loans		30.177
TOTAL BORROWING		112.791
DEFERRED TAX LIABILITIES		0.000
Other Liabilities		21.999
TOTAL		466.119
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		159.956
Capital work-in-progress		0.000
INVESTMENT		3.680
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	94.817
	Sundry Debtors	1996.978
	Cash & Bank Balances	143.818
	Other Current Assets	0.000
	Loans & Advances	38.084
Total Current Assets		2273.697
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1917.895
	Other Current Liabilities	18.119
	Provisions	35.200
Total Current Liabilities		1971.214
Net Current Assets		302.483
MISCELLANEOUS EXPENSES		0.000
TOTAL		466.119

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	16560.310	10232.376	6999.826
		Other Income	364.663	233.913	32.608
		TOTAL (A)	16924.973	10466.289	7032.434
Less	EXPENSES
		Cost of materials consumed	113.103	0.000
		Purchases of stock-in-trade	15650.938	10140.925
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	173.136	(307.065)
		Employee benefit expense	20.767	10.448
		Other expenses	163.568	164.808
		TOTAL (B)	16121.512	10009.116	6822.078
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		803.461	457.173	210.356
Less	FINANCIAL EXPENSES (D)		262.074	229.505	59.388
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		541.387	227.668	150.960
Less/ Add	DEPRECIATION/ AMORTISATION (F)		49.161	20.106	4.707
	PROFIT BEFORE TAX (E-F) (G)		492.226	207.562	146.261
Less	TAX (H)		161.635	69.326	50.081
	PROFIT AFTER TAX (G-H) (I)		330.591	138.236	96.180
	BALANCE CARRIED TO THE B/S		330.591	197.165	163.980
	Earnings Per Share (Rs.)		21.30	10.79	134.44

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.95	1.32	1.37
Net Profit Margin (PBT/Sales)	(%)	2.97	2.03	2.09
Return on Total Assets (PBT/Total Assets}	(%)	4.14	3.02	6.01
Return on Investment (ROI) (PBT/Networth)		0.26	0.34	0.44
Debt Equity Ratio (Total Debt /Networth)		2.84	3.35	0.34
Current Ratio (Current Asset/Current Liability)		1.17	1.15	1.15

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
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

OPERATIONS

The Company has successfully commissioned its 350 TPD Edible Oil refinery during the year. The Refinery set-up was successfully completed in a record time of less than 12 months from the date of start of the construction. With this the company would strengthen its branded sales segment and will increase its market reach. The trading operations were also successful during the year, with the company registered a growth of more than 60% on YTY basis.

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from others	26.622	211.445
Other loans and advances	5.300	160.300
Short-term borrowings
Loans and advances from related parties	0.000	10.386
Rupee term loans from banks	0.000	56.086
Total	31.922	438.217

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10462026	22/11/2013	498,800,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, CHANDRALOK BUILDING, 36, JANPATH, NEW DELHI, DELHI - 110001, INDIA	B90262635
2	10434215	07/06/2013	278,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B78451259
3	10403400	05/10/2013 *	1,338,400,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, JAWAHAR VYAPAR BHAWAN, 1-TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	B89749220
4	10397206	03/12/2012	400,000,000.00	CENTRAL BANK OF INDIA	MID CORPORATE FINANCE BRANCH, LINK HOUSE, GROUND FLOOR(RIGHT WING),3 BAHADUR SHAH ZAFAR MARG, NEW DELHI, DELHI - 110003, INDIA	B65964348
5	10386737	07/11/2013 *	670,000,000.00	SYNDICATE BANK	CORPORATE FINANCE BRANCH, FIRST FLOOR SAROJINI HOUSE, 6 BHAGWAN DAS ROAD, NEW DELHI, DELHI - 110001, INDIA	B92991991
6	10388883	02/11/2012	500,000,000.00	INDIAN OVERSEAS BANK	MID CORPORATE BRANCH, 2 RACHNA CINEMA BUILDING, 4TH FLOOR,RAJENDRA PLACE, NEW DELHI, DELHI - 110008, INDIA	B62908389
7	10316593	23/09/2011	85,700,000.00	ORIENTAL BANK OF COMMERCE	85-A, OVERSEAS BRANCH, PANCHKUIAN ROAD, NEW DELHI, DELHI - 110001, INDIA	B24901951
8	10307620	10/04/2012 *	1,000,000,000.00	STANDARD CHARTERED BANK	CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARA KHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B36771939
9	10299642	01/07/2011	450,000,000.00	ORIENTAL BANK OF COMMERCE	85-A, RISHYAMOOK BUILDING, PANCHKUIAN ROAD, NEW DELHI, DELHI - 110001, INDIA	B17865429
10	10274966	31/01/2012 *	87,466,000.00	INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED	INDIA HABITAT CENTRE1ST FLOOR EAST COURT CORE, 4 A LODHI ROAD, NEW DELHI, DELHI - 110003, INDIA	B31381130

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2012
Outstanding corporate guarantees given to Companies	200.000
Income tax/ Sales tax/Registrar of Properties	87.100

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer 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.61.35
UK Pound	1	Rs.100.21
Euro	1	Rs.83.52

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.