MIRA INFORM REPORT

Report Date :

27.06.2014

IDENTIFICATION DETAILS

Name :	DUKES CONSUMER CARE LIMITED
Registered Office :	Plot No. 45, I.D.A., Kattedan, Hyderabad - 500077, Telangana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.12.2011
Com. Reg. No.:	038238
Capital Investment / Paid-up Capital :	Rs. 30.000 Millions
CIN No.: [Company Identification No.]	U15419TG2001PLC038238
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Biscuits, Chocolates and Wafers.
No. of Employees :	500 (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

Maximum Credit Limit :	USD 660000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. 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.

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.

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. Narsimhachari
Designation :	Accounts Executive
Contact No.:	91-40-24360900
Date :	25.06.2014

LOCATIONS

Registered Office/ Factory :	Plot No. 45, I.D.A., Kattedan, Hyderabad - 500077, Telangana, India
Tel. No. :	91-40-24360900/ 24360901/ 24361030/ 1603
Fax No. :	91-40-24360902
E-Mail :	vivek@dukesindia.com gsbabu@dukesindia.com rajesh.k@dukesindia.com dukescare@gmail.com
Website :	www.dukesindia.com
Location :	Owned
Locality :	Commercial

DIRECTORS

As on 30.09.2013

Name :

Preethi Agarwal

Designation :

Whole-time Director

Address :

H. No. 8-2-293/82/A/779, Road No. 39, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

18.10.1979

Date of Appointment :

01.06.2013

DIN No. :

01269952

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	Company/ LLP Status	Defaulting status
1	U63023TG2004PLC042812	DUKES PRODUCTS (INDIA) LIMITED	Director	24/08/2004	24/08/2004	Active	NO
2	U15419TG2001PLC038238	DUKES CONSUMER CARE LIMITED	Whole-time director	01/06/2013	01/06/2013	Active	NO

Name :

Mr. Vikas Agarwal

Designation :

Managing Director

Address :

H. No. 8-2-293/82/A/779, Road No. 39, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

24.08.1976

Date of Appointment :

01.04.2009

DIN No. :

01270007

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	U15419TG2001PLC038238	DUKES CONSUMER CARE LIMITED	Managing director	01/04/2009	08/01/2004	-	Active	NO
2	U15412TG2006PLC052072	PAHAL FOODS EXIM LIMITED	Director	26/05/2008	26/05/2008	02/04/2013	Active	NO
3	U15499TG1998PTC030641	DISHA FOODS PRIVATE LIMITED	Whole-time director	01/01/2014	17/11/2012	-	Active	NO
4	U70102TG2006PTC051232	KAMALA INTERNATIONAL EXIM PRIVATE LIMITED	Additional director	10/04/2014	10/04/2014	-	Active	NO
5	U51909WB2010PTC142214	LIFELINE MERCHANDISE PRIVATE LIMITED	Director	15/04/2014	15/04/2014	-	Active	NO

Name :

Mr. Ramesh Kumar Agarwal

Designation :

Director

Address :

H. No. 8-2-293/82/A/852, Road No. 39, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

12.06.1953

Date of Appointment :

01.04.2009

DIN No. :

01270045

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	U15412TG1988PTC009309	RAVI FOODS PVT LTD.	Whole-time director	01/07/2012	27/07/1999	-	Active	NO
2	U24134TG2002PLC039757	ABHEDYA INDUSTRIES LIMITED	Director	11/10/2002	11/10/2002	-	Active	NO
3	U70102TG2007PLC056197	VIREN SHELTERS LIMITED	Director	05/11/2007	05/11/2007	-	Active	NO
4	U51909WB1994PTC064404	SOLEX COMMERCIAL AND CREDIT PVT LTD	Whole-time director	01/04/2012	18/01/2008	-	Active	NO
5	U15419TG2001PLC038238	DUKES CONSUMER CARE LIMITED	Director	01/04/2009	01/04/2009	-	Active	NO
6	U01134TG1998PTC030371	PAHAL FOODS PRIVATE LIMITED	Director	01/02/2010	01/02/2010	01/08/2010	Active	NO
7	U15202TG2010PTC068475	BADAMI FOODS PRIVATE LIMITED	Director	19/05/2010	19/05/2010	-	Active	NO
8	U37100TG2011PTC073278	A R RESURGENCE RESOURCES PRIVATE LIMITED	Director	20/06/2012	20/06/2012	-	Active	NO
9	U45200TG2007PTC052557	PYRAMID SHELTERS PRIVATE LIMITED	Additional director	01/07/2012	01/07/2012	-	Active	NO
10	U67120WB1994PTC065545	KOKILA EXPORTS PRIVATE LIMITED	Additional director	01/03/2013	01/03/2013	-	Active	NO
11	U51909WB2010PTC147246	MOONLINK SALE PRIVATE LIMITED	Additional director	18/03/2013	18/03/2013	-	Active	NO
12	U70102TG2006PTC051232	KAMALA INTERNATIONAL EXIM PRIVATE LIMITED	Additional director	10/04/2014	10/04/2014	-	Active	NO
13	AAB-1380	SHRE FORTUNE AMBIENCE INFRA LLP	Body corporate as Designated Partner	27/09/2012	27/09/2012	-	Active	NO

Name :

Pushpalatha Agarwal

Designation :

Whole-time Director

Address :

Plot No. 779, Road No. 39, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

11.09.1955

Date of Appointment :

01.04.2009

DIN No. :

01735842

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	Company/ LLP Status	Defaulting status
1	U85110TG2007PLC055825	NIRMAY HEALTHCARE LIMITED	Director	08/10/2007	08/10/2007	Active	NO
2	U01134TG1998PTC030371	PAHAL FOODS PRIVATE LIMITED	Director	01/04/2009	08/10/2007	Active	NO
3	U15419TG2001PLC038238	DUKES CONSUMER CARE LIMITED	Whole-time director	01/04/2009	01/04/2009	Active	NO

KEY EXECUTIVES

Name :	Mr. Narsimhachari
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	32.11
Directors or relatives of Directors	67.89
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Biscuits, Chocolates and Wafers.
Exports :
Products :	Finished Goods
Countries :	· African Countries · USA
Imports :
Products :	Machinery and Raw Materials
Countries :	· Germany · Malaysia · China · Srilanka
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Unit	Actual Production
Confectionery, Wafers and Coconut Oil	Qty in Tones	1156.87

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

500 (Approximately)

Bankers :

· ING Vysya Bank Limited, 8-2-120/76/1/B, Ground Floor, Ashoka Hitech Chambers, Road No.2, Banjara Hills, Hyderabad - 500034, Andhra Pradesh, India

· State Bank of India, Hyderabad, Andhra Pradesh, India

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loan
ING Vysya Bank Limited – I (Hypothecation of Rent receivable)	2.520	7.038
SHORT TERM BORROWINGS
ING Vysya Bank Limited – I (Secured by Plant and Machinery)	0.000	0.559
ING Vysya Bank Limited – CC (Secured by hypothecation of inventories)	20.586	13.530
Total	23.106	21.127

Banking Relations :	--
Auditors :
Name :	S.B. Kabra and Company Chartered Accountants
Address :	3-5-378/1, Metro Towers, 1^st Floor, Vitthalwadi X Roads, Narayanguda, Hyderabad – 500029, Andhra Pradesh, India
Tel. No. :	91-40-23228854/ 23228275
Income-tax PAN of auditor or auditor's firm :	ABLPA5057H
Related Parties :	· Harsh Bakers · Dukes Products India Limited · Ankit Biscuits Private Limited · Kamala International · Kamala Foods International · Ravi Foods Private Limited Unit-I · Rvai Foods Private Limited Unit-II · Pahal Foods Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.10/- each	Rs. 30.000 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	30.000	30.000	27.476
(b) Reserves & Surplus	135.850	130.027	110.380
(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)	165.850	160.027	137.856
(3) Non-Current Liabilities
(a) long-term Borrowings	90.620	55.238	10.774
(b) Deferred Tax Liabilities (Net)	9.706	8.621	8.449
(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)	100.326	63.859	19.223
(4) Current Liabilities
(a) Short Term Borrowings	20.586	14.089	18.635
(b) Trade Payables	4.776	3.675	4.175
(c) Other Current Liabilities	11.692	9.597	13.888
(d) Short-term Provisions	1.311	2.878	6.097
Total Current Liabilities (4)	38.365	30.239	42.795
TOTAL	304.541	254.125	199.874
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible Assets	152.875	120.650	92.692
(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	25.723	25.300	24.000
(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	0.000	0.000	0.000
Total Non-Current Assets	178.598	145.950	116.692
(2) Current assets
(a) Current Investments	0.000	0.000	0.000
(b) Inventories	114.495	72.086	53.579
(c) Trade Receivables	12.913	9.234	10.136
(d) Cash and Cash Equivalents	(39.352)	1.226	1.356
(e) Short-term Loans and Advances	14.475	5.021	1.709
(f) Other Current Assets	23.412	20.608	16.402
Total Current Assets	125.943	108.175	83.182
TOTAL	304.541	254.125	199.874

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	101.091	93.042	108.365
		Other Income	18.956	9.219	7.462
		TOTAL (A)	120.047	102.261	115.827
Less	EXPENSES
		Raw Material Consumed	53.108	44.604	57.936
		Changes in inventories of finished goods (as) certified by director	(1.581)	2.639	1.331
		Employees benefits expense	11.744	9.848	7.454
		Other expenses	29.335	24.056	30.720
		TOTAL (B)	92.606	81.147	97.441
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		27.441	21.114	18.386
Less	FINANCIAL EXPENSES (D)		8.375	3.661	2.788
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.066	17.453	15.598
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.953	8.555	7.529
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		9.113	8.898	8.069
Less	TAX (H)		2.941	1.871	1.120
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		6.172	7.027	6.949
	EARNINGS IN FOREIGN CURRENCY
		Sales – Export (Deemed)	68.668	39.177	0.000
	TOTAL EARNINGS		68.668	39.177	0.000
	Earnings / (Loss) Per Share (Rs.)		2.06	2.97	2.94

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	5.14	6.87	6.00
Net Profit Margin (PBT/Sales)	(%)	9.01	9.56	7.45
Return on Total Assets (PBT/Total Assets}	(%)	3.27	3.89	4.59
Return on Investment (ROI) (PBT/Networth)		0.05	0.06	0.06
Debt Equity Ratio (Total Debt/Networth)		0.67	0.43	0.21
Current Ratio (Current Asset/Current Liability)		3.28	3.58	1.94

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	27.476	30.000	30.000
Reserves & Surplus	110.380	130.027	135.850
Net worth	137.856	160.027	165.850
long-term borrowings	10.774	55.238	90.620
Short term borrowings	18.635	14.089	20.586
Total borrowings	29.409	69.327	111.206
Debt/Equity ratio	0.213	0.433	0.671

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	108.365	93.042	101.091
		(14.140)	8.651

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	108.365	93.042	101.091
Profit	6.949	7.027	6.172
	6.41%	7.55%	6.11%

LOCAL AGENCY FURTHER INFORMATION

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10459742	24/09/2013	275,000,000.00	ING VYSYA BANK LIMITED	8-2-120/76/1/B, GROUND FLOOR, ASHOKA, HITECH CHAMBERS, ROAD NO.2, BANJARA HILLS, HYDERABAD, ANDHRA PRADESH - 500034, INDIA	B89323174
2	10240379	30/09/2013 *	156,000,000.00	ING VYSYA BANK LIMITED	8-2-120/76/1/B, GROUND FLOOR, ASHOKA HITECH, ROAD NO.2, BANJARA HILLS, HYDERABAD, ANDHRA PRADESH - 500034, INDIA	B89924278
3	10203116	30/09/2013 *	43,500,000.00	ING VYSYA BANK LIMITED	8-2-120/76/1/B,GROUND FLOOR, ASHOKA HITECH CHAMBERS, ROAD NO.2, BANJARA HILLS, HYDERABAD, ANDHRA PRADESH - 500034, INDIA	B89977680
4	90136404	17/01/2008 *	55,000,000.00	STATE BANK OF INDIA	SAIFABAD (SIB), HYDERABAD, ANDHRA PRADESH - 500004, INDIA	A40806465

*Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
From Directors
Vikas Agarwal	38.400	16.500
Pushpalatha Agarwal	0.000	1.500
From Others
Namokar Trade India Limited	10.000	10.000
Adukia Consultants	0.000	2.000
Nipha Trade Commercial Private Limited	1.000	1.000
Drutgati Yatayat Private Limited	8.700	8.700
Rajendra Kumar Agarwal (HUF)	0.000	5.000
Greeshma Agarwal	0.000	3.500
Solax Commercial and Credit Private Limited	30.000	0.000
Total	88.100	48.200

REVIEW OF OPERATIONS

During the year, the company has produced 1156.87 tonnes of Confectionery, Wafers and Coconut Oil respectively as against 800.70 tonnes in the previous year.

During the year the company has achieved a total revenue of Rs. 120.047 Millions (Previous Year Rs. 102.261 Millions) which has resulted in a net profit after tax of Rs. 6.172 Millions (Previous Year Rs. 7.027 Millions).

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Factory Equipment

· Office Equipment

· Electrical Equipment

· Computers

· Cell Phones

· Vehicles

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.60.16
UK Pound	1	Rs.102.23
Euro	1	Rs.82.04

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	KAR
Report Prepared by :	MRI

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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		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	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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