MIRA INFORM REPORT

Report Date :

15.07.2014

IDENTIFICATION DETAILS

Name :	SARAIWWALAA AGRR REFINERIES LIMITED
Formerly Known As :	SARAIWALA AGRO REFINERIES LIMITED (w.e.f. 05.06.2002) SARAIWALA AGRO REFINERIES PRIVATE LIMITED
Registered Office :	Plot No.268, Sri Krupa Market Malakpet, Hyderabad – 500036, Telangana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.02.1999
Com. Reg. No.:	01-031223
Capital Investment / Paid-up Capital :	Rs.94.128 Millions
CIN No.: [Company Identification No.]	U15143TG1999PLC031223
PAN No.: [Permanent Account No.]	AAFCS6410C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the manufacture of the finest Edible Oils and Fats, Rice and Rava products.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 5800000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. There seems slight dip in the profits of the company during 2013 however, financial position of the company is sound. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB+
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	16.01.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A2
Rating Explanation	Moderate degree of safety and low credit risk.
Date	16.01.2013

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 DENIED BY

Management Non-Cooperative (Tel No.: 91-40-67284444)

LOCATIONS

Registered Office :	Plot No.268, Sri Krupa Market Malakpet, Hyderabad – 500036, Telangana, India
Tel. No.:	91-40-23157294 / 24548288 / 67284444
Fax No.:	91-40-24548288
E-Mail :	rkg@saraiwwalaa.com
Website :	http://www.saraiwwalaa.com
Unit 1 Edible Oils Division :	460/2, Plot No1, 1A 2,1 and 12,Mankhal, APIIC, IDA, Maheshwaram Mandal, Ranga Reddy District, Andhra Pradesh, India
Unit 2 Rice Milling :	Plot No.5 in Sy No.460/ 2, 461, 462/ 2 and 472 to 482, Mankhal, IDA, Maheshwaram, Ranga Reddy District, Andhra Pradesh, India
Unit 3 Edible Oils Division :	Sy.No. 255, 256, 257/1, 257/2, 2, 271, 273, of Epuru – 1B Village, Muthukuru Mandal, S.P.S.R, Nellore District, Krishnapatnam, Andhra Pradesh, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Ravinder Kumar Gupta

Designation :

Managing Director

Address :

16-11-20/1/25, Saleem Nagar Colony, Malakpet, Hyderabad - 500036, Telangana, India

Date of Birth/Age :

25.01.1972

Date of Appointment :

26.02.1999

PAN No.:

AEHPG8296F

DIN No.:

00237357

Name :

Mr. Pawan Kumar Gupta

Designation :

Whole Time Director

Address :

16-11-20/1/25, Saleem Nagar Colony, Malakpet, Hyderabad - 500036, Telangana, India

Date of Birth/Age :

24.12.1969

Date of Appointment :

26.02.1999

PAN No.:

AEHPG8298M

DIN No.:

00237513

Name :

Mr. Kamal Kishore Gupta

Designation :

Director

Address :

16-11-20/1/25, Saleem Nagar Colony, Malakpet, Hyderabad - 500036, Telangana, India

Date of Birth/Age :

07.07.1962

Date of Appointment :

28.07.2007

PAN No.:

AEIPG1488G

DIN No.:

00237559

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	U15143TG1999PLC031223	SARAIWWALAA AGRR REFINERIES LIMITED	Director	28/07/2007	15/09/1999	-	Active	NO

Name :

Mrs. Anjani Kumar Gupta

Designation :

Whole Time Director

Address :

16-11-20/1/25, Saleem Nagar Colony, Malakpet, Hyderabad - 500036, Telangana, India

Date of Birth/Age :

28.08.1984

Date of Appointment :

01.06.2004

PAN No.:

AGZPG8103H

DIN No.:

00237604

Name :

Mr. Gulab Chand Agarwal

Designation :

Director

Address :

16-11-20/1/25, Saleem Nagar Colony, Malakpet, Hyderabad - 500036, Telangana, India

Date of Birth/Age :

12.12.1962

Date of Appointment :

31.03.2004

DIN No.:

00237650

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Ravinder Kumar Gupta	750253
Pawan Kumar Gupta	748768
Kamal Kishore Gupta	737669
Kamal Kishore Gupta (HUF)	563700
Beena Gupta	946600
Laxmi Devi Gupta	883350
Sumanlata Gupta	931500
Sandhya Gupta	780400
Tulsi Ram Gupta (HUF)	100000
Pawan Kumar Gupta (HUF)	381000
Pawan Kumar Gupta (HUF)	741833
Anjani Kumar Gupta	616100
Esha Gupta	947810
Venus Dealing Private Limited, India	1133200
Anjani Kumar Gupta (HUF)	377037
Total	10639220

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	10.65
Directors or relatives of Directors	89.35
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacture of the finest Edible Oils and Fats, Rice and Rava products.

Products :

Products Description	ITC Code
Refined Bleached Deodorised Palm Oil	15119010
Rice, Parboiled	10063010

Brand Names :

· Naturalle

· Sri Krishna Drop

· Ruchiraa

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· Andhra Bank, # 4-5-110-23, P. B. No. 518, Sultan Bazar, Hyderabad - 500195, Andhra Pradesh, India

· Andhra Bank, Sultan Bazar Branch, 4-5-110-23, P.B.No.:518, Sultan Bazar, Hyderabad - 500195, Andhra Pradesh, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	444.661	548.223
Rupee term loans from others	0.000	11.458
Other loans and advances	0.502	2.312
Short Term Borrowings
Working capital loans from banks	638.085	273.813
Total	1083.248	835.806

Long Term Borrowings

i) Details of Security for Long term Borrowings :

The Term Loans from Banks viz., Andhra Bank, SBI, SBH are secured by pari passu first charge over entire Plant & Macheinery and other fixed assets and including the Land & Building, pari passu first charge on the Fixed assets of Oil Division Unit III at Krishnapatnam. These are further secured by pari passu 1st charge on the Fixed Assets of Unit I at Maheswaram.

The Term Loan from Andhra Bank for Rice Division is secured by industrial land measuring about 5 acres (24200 sq. yards) situated at Plot No.5, in 460/2 Mankhal, Maheshwaram, RR Dist. Vehicle Loans on hire-purchasebasis from SBI, HDFC Bank, Kotak Mahindra Bank, Tata Motors Finance Ltd, Cholamandalam Finance Ltd are secured by hypothecation of the respective vehicles.

The Term loans limits are further secured by way of personal guarantees of the Directors and relatives.

ii) Repayment Schedule

Term Loans from Banks for Oil Dvision are repayable in Quarterly/Monthly Instalments upto Yr. 2018-19. Rate of Interest applicable is between 13.95% to 14.25% pa Term Loan from Andhra Bank for Rice Dvision Unit-II are payable in Quarterly Instalments upto Year 2013-14. Rate of Interest applicable is about 14.25% pa

iii) Vehicle Loans repayable in Monthly Instalments upto Year 2014-15. Rate of Interest applicable is between 9 to 12% pa

iv) Defaults, if any, Nil

Short Term Borrowings

i) Details of Security for Shortterm Borrowings from Banks :

The working capital limits of Oil Division from consortium of banks of Andhra Bank, SBI, SBH, ICICI, PNB Banks are secured by pari passu first charge on Stocks, Books Debts, other current assets of Oil Division at Maheswaram and Krishnapatnam. They are further secured by pari passu first charge on Land, Building, Plant & machinery of Maheswaram Factory and Krishnapatnam Factory after adjustment of its term loan outstanding. The working capital, export credit facilities of Rice Division from Andhra Bank are secured by pari passu first charge on the Stocks, Books Debts, and other current assets of Rice Division.

ii) The Working Capital limits are further secured by way of personal guarantees of the Directors and relatives.

iii) Defaults, if any, Nil

Banking Relations :	--
Auditors :
Name :	Naresh Chand Agarwal and Company Chartered Accountants
Address :	No. 6, 2nd Floor, Hydri Complex, 5-5-109 to 132, Pan Bazar, Ranigunj, Secunderabad – 500003, Telangana, India
PAN No.:	AAQPA1231K
Subsidiary Company :	· S A Global Trading Pte Limited
Associates :	· Gupta Trade Associates · Venkateshwara Poly Packaging (India) Private Limited CIN No.: U25200AP2010PTC069024 · Sunita Polymers

CAPITAL STRUCTURE

After 30.09.2013

Authorised Capital : Rs.140.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.107.070 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
14000000	Equity Shares	Rs.10/- each	Rs.140.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9412783	Equity Shares	Rs.10/- each	Rs.94.128 Millions

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	94.128	94.128	81.332
(b) Reserves & Surplus	1,181.346	950.660	539.160
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	165.406	162.756	110.960
Total Shareholders’ Funds (1) + (2)	1,440.880	1,207.544	731.452
(3) Non-Current Liabilities
(a) long-term borrowings	1,755.916	1,903.084	1,667.114
(b) Deferred tax liabilities (Net)	198.422	159.389	115.109
(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)	1,954.338	2,062.473	1,782.223
(4) Current Liabilities
(a) Short term borrowings	638.085	273.813	0.000
(b) Trade payables	3,275.131	3,024.321	1,963.107
(c) Other current liabilities	202.240	214.209	285.038
(d) Short-term provisions	30.843	53.453	13.942
Total Current Liabilities (4)	4,146.299	3,565.796	2,262.087
TOTAL	7,541.517	6,835.813	4,775.762
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1,980.361	1,972.916	1,758.471
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	12.486	29.225	60.613
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	7.732	1.000	1.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	67.932	74.784	43.472
(e) Other Non-current assets	0.297	4.050	1.642
Total Non-Current Assets	2,068.808	2,081.975	1,865.198
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2,727.351	2,664.297	1,568.304
(c) Trade receivables	2,111.252	1,525.987	907.201
(d) Cash and cash equivalents	179.977	180.545	117.982
(e) Short-term loans and advances	454.129	383.009	317.077
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	5,472.709	4,753.838	2,910.564
TOTAL	7,541.517	6,835.813	4,775.762

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		18,130.603	17995.341	9228.634
		Other Income		1.248	1.314	0.278
		TOTAL (A)		18,131.851	17,996.655	9,228.912
Less	EXPENSES
		Cost of Materials Consumed		16,567.731	16113.319	9316.599
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(416.387)	(122.581)	(1069.687)
		Employee Benefits Expenses		115.075	115.696	75.825
		Other Expenses		1,157.888	1012.83	572.537
		TOTAL (B)		17,424.307	17,119.264	8,895.274
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			707.544	877.391	333.638
Less	FINANCIAL EXPENSES (D)			250.689	426.412	99.466
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			456.855	450.979	234.172
Less	DEPRECIATION/ AMORTISATION (F)			101.662	92.708	59.673
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			355.193	358.271	174.499
Less	TAX (H)			124.507	87.525	84.295
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			230.686	270.746	90.204
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	404.546	120.199	0.000
	TOTAL EARNINGS			404.546	120.199	0.000
	Earnings Per Share (Rs.)			24.51	33.27	11.09

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.27	1.50	0.98
Net Profit Margin (PBT/Sales)	(%)	1.96	1.99	1.89
Return on Total Assets (PBT/Total Assets}	(%)	4.72	5.26	3.70
Return on Investment (ROI) (PBT/Networth)		0.25	0.30	0.24
Debt Equity Ratio (Total Debt /Networth)		1.66	1.80	2.28
Current Ratio (Current Asset/Current Liability)		1.32	1.33	1.29

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	81.332	94.128	94.128
Reserves & Surplus	539.160	950.660	1181.346
Share Application money pending allotment	110.96	162.756	165.406
Net worth	731.452	1207.544	1440.880
long-term borrowings	1667.114	1903.084	1755.916
Short term borrowings	0.000	273.813	638.085
Total borrowings	1667.114	2176.897	2394.001
Debt/Equity ratio	2.279	1.803	1.661

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	9,228.634	17,995.341	18,130.603
		94.995	0.752

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	9,228.634	17,995.341	18,130.603
Profit	90.204	270.746	230.686
	0.98%	1.50%	1.27%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	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	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	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Deferred sales tax loan	25.639	25.639
Deposits from others	164.700	155.100
Other loans and advances	1120.414	1160.352
Total	1310.753	1341.091

GENERAL INFORMATION

Subject was incorporated in 1999 under the visionary leadership of the Founder Late Shri. Tulsiram Gupta. Over these years, subject has grown multifold in terms of buisness volumes and production capacities. Subject is engaged in the manufacture of the finest Edible Oils and Fats, Rice and Rava products. subjects' brands include Naturalle, Sri Krishna Drop, Ruchiraa etc. which are among the leading brands and having presence in the States of Andhra Pradesh, Karnataka, Tamilnadu, Maharastra etc. subject has Two manufacturing facilities for Oil at Maheswaram, Hyderabad and a Port based Refinery at Krishnapatnam, Nellore, Andhra Pradesh besides a Rice Factory at Maheswaram, Hyderabad which operates under the name & style of 'Shubam Paddy Processors'.

FINANCIAL HIGHLIGHTS:

FY 2012-13 has been a year of further consolidation of the operating and marketing activities of your company. The total revenues have registered a growth of 0.7% despite the temporary suspension of production at our Krishnapatnam Refinery due to some technical snag in the heating system of the Boiler during Jan-Feb 2013. There has also been improvement in the profitability of the company except for the write-off of an exceptional item of insurance claim loss pertaining to the fire accident at Maheswaram Refinery in December 2010. The Profit Before Tax before the exceptional item has grown from Rs.358.271 Millions to 371.028 Millions while the Profit after tax was Rs.230.686 Millions, being slightly impacted due to higher provision for income taxes. The company continues to derive the economies of scale by the optimum utilization of the

capacities.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10435706	21/06/2013	35,800,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	B79135828
2	10220405	03/04/2010	860,000,000.00	ANDHRA BANK LEAD BANK	4-5-110-23, P. B. No. 518, Sultan Bazar, Hyderabad, Andhra Pradesh - 500195, India	A86343662
3	10192128	26/08/2010 *	870,000,000.00	ANDHRA BANK	Lead Bank, Sultan Bazar Branch, 4-5-110-23, P.B. No: 518, Sultan Bazar, Koti, Hyderabad, Andhra Pradesh - 500195, India	A96333000
4	10052406	09/05/2014 *	586,100,000.00	ANDHRA BANK	# 4-5-110-23, P. B. No. 518, 0205 Sultan Bazar, Hyderabad, Telangana - 500195, India	C06493753
5	90246077	27/05/2013 *	5,735,000,000.00	Andhra Bank Lead Bank	# 4-5-110-23, P. B. No. 518, Sultan Bazar, Hyderabad, Andhra Pradesh - 500195, India	B78039682

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.60.01
UK Pound	1	Rs.102.72
Euro	1	Rs.81.60

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		53

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.