MIRA INFORM REPORT

Report Date :

28.06.2014

IDENTIFICATION DETAILS

Name :	JADLI FOOD (INDIA) PRIVATE LIMITED
Registered Office :	219, R.G. Complex-II, Plot No.5, Sector-14 Rohini, New Delhi – 110 085
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.11.1999
Com. Reg. No.:	55-102413
Capital Investment / Paid-up Capital :	Rs.6.313 millions
CIN No.: [Company Identification No.]	U15139DL1999PTC102413
TAN No.: [Tax Deduction & Collection Account No.]	DELJ03325A
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Fruits-Pulp, Puree and Concentrate.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 89000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a fine track record. Management of the company has failed to file its financial for the year 2013 with the Government Department. Mr. Sanjiv Morya (Accounts Manager) has provided us with all information and he also provided us with financial statement for the year 2013. Financial position of the company seems to be sound during 2013. Trade relations are fair. Business is active. Payment terms are reported as regular. 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

NEWS

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 with 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. Sanjiv Morya
Designation :	Accounts Manager
Contact No.:	91-11-27555459
Date :	26.06.2014

LOCATIONS

Registered Office/ Head Office/ Administrative Office :	219, R.G. Complex-II, Plot No.5, Sector-14 Rohini, New Delhi – 110 085, India
Tel. No.:	91-11-27555459/ 60/ 61
Fax No.:	91-11-27555462
E-Mail :	info@jadlifoods.net jadli_int@yahoo.com accounts@jadlifoods.net
Website :	http://www.jadlifoods.com
Area :	1000 sq. ft.
Location :	Owned
Factory 1 :	Delhi Dehradun National Highway, Bhagwanpur, Roorkee, Uttaranchal, India
Tel. No.:	91-1332-235332/ 333
Fax No.:	91-1332-235333
Location :	Owned
Factory 2 :	35/3B, Akalapuram, Kottapeta Village, Krishnagiri – 635 001, Tamilnadu, India
Tel. No.:	91-4343-233730

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Raghwa Nand Jadli

Designation :

Director

Address :

E-2/5/16, Sector-15, Rohini, New Delhi – 110 085, India

Date of Birth/Age :

20.10.1968

Date of Appointment :

12.11.1999

DIN No.:

01069441

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	U15139DL1999PTC102413	JADLI FOOD (INDIA) PRIVATE LIMITED	Director	12-11-1999	12-11-1999	-	Active	NO
2	U15137DL2005PLC132308	JADLI INTERNATIONAL FOODS LIMITED	Director	20-01-2005	20-01-2005	-	Active	NO

Name :

Ms. Amarjeet Kaur Jadli

Designation :

Director

Address :

E-2/5/16, Sector-15, Rohini, New Delhi – 110 085, India

Date of Birth/Age :

02.12.1967

Date of Appointment :

12.11.1999

DIN No.:

02168545

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	U21029DL1999PLC100494	EXCEL PACK LIMITED	Director	01-07-1999	01-07-1999	29-11-2008	Active	NO
2	U15139DL1999PTC102413	JADLI FOOD (INDIA) PRIVATE LIMITED	Director	12-11-1999	12-11-1999	-	Active	NO
3	U15137DL2005PLC132308	JADLI INTERNATIONAL FOODS LIMITED	Director	20-01-2005	20-01-2005	-	Active	NO

Name :

Mr. Gitaram Jadli

Designation :

Director

Address :

D-258, Shafipur, Subhash Nagar, Roorkee – 247 667, Uttarakhand, India

Date of Birth/Age :

29.10.1960

Date of Appointment :

12.11.1999

DIN No.:

02254507

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	U15139DL1999PTC102413	JADLI FOOD (INDIA) PRIVATE LIMITED	Director	12-11-1999	12-11-1999	-	Active	NO
2	U15137DL2005PLC132308	JADLI INTERNATIONAL FOODS LIMITED	Director	01-11-2010	01-11-2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjiv Morya
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Raghwa Nand Jadli	615100
Amarjeet Kaur Jadli	8100
Gitaram Jadli	8100
Total	631300

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Fruits-Pulp, Puree and Concentrate.
Products :	“MANSA”
Exports :
Products :	Fruits-Pulp Puree Concentrate
Countries :	Saudi Arabia UAE Malaysia UK
Imports :
Products :	Packaging Material
Countries :	Italy
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :	Hi-Can Industries Private Limited, Vadodara
Customers :	Wholesalers and Retailers Al-Amoudi Beverage Industries, Saudi Arabia
No. of Employees :	250 (Approximately)
Bankers :	Bank of India, New Delhi Overseas Branch, G-40, Connaught Place, New Delhi – 110 001, India Punjab National Bank, Ram Nagar, Roorkee, Uttaranchal, India ICICI Bank Limited
Facilities :	Fund and Non-Fund Based: Rs.80.000 millions (From Bank of India, Connaught Place Branch)

Banking Relations :	--
Auditors :
Name :	Kumar Praveen and Company Chartered Accountants
Address :	2185/62, IIIrd Floor, Kartar Chamber, Luxmi Rani Dawar Marg, Naiwala, Karol Bagh, New Delhi – 110 005, India
Tel. No.:	91-11-28754875
Mobile No.:	91-9810172084
E-Mail :	praveenkkhanna@yahoo.co.in
PAN No.:	AHZPK6742P

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
631300	Equity Shares	Rs.10/- each	Rs.6.313 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	6.313	6.313	6.313
(b) Reserves & Surplus	16.007	12.485	11.317
(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)	22.320	18.798	17.630
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.390	0.195	0.139
(c) Other long term liabilities	0.000	0.100	0.100
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.390	0.295	0.239
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	56.729	42.598	36.561
(c) Other current liabilities	0.576	0.000	0.000
(d) Short-term provisions	1.791	0.813	0.653
Total Current Liabilities (4)	59.096	43.411	37.214
TOTAL	81.806	62.504	55.083
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.829	5.814	4.337
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.085	0.085	0.012
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	5.914	5.899	4.349
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8.377	13.591	14.534
(c) Trade receivables	20.760	24.878	11.416
(d) Cash and cash equivalents	44.095	13.819	20.407
(e) Short-term loans and advances	2.635	4.232	4.275
(f) Other current assets	0.025	0.085	0.102
Total Current Assets	75.892	56.605	50.734
TOTAL	81.806	62.504	55.083

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	241.630	216.739	235.292
		Other Income	1.256	1.026	1.292
		TOTAL (A)	242.886	217.765	236.584
Less	EXPENSES
		Cost of materials consumed	84.193	62.295	228.255
		Purchases of Trading Goods	104.017	104.844
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	1.570	(0.871)
		Employee benefits Expenses	5.389	5.571
		Operational Expenses	39.654	38.329
		Audit Fees	0.050	0.050
		TOTAL (B)	234.873	210.218	228.255
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.013	7.547	8.329
Less	FINANCIAL EXPENSES (D)		2.086	4.538	2.538
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.927	3.009	5.791
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.603	0.522	0.389
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		5.324	2.487	5.402
Less	TAX (H)		1.802	1.319	0.724
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		3.522	1.168	4.678
	EARNINGS IN FOREIGN CURRENCY		$36.70	$39.45	$35.53
	Earnings / (Loss) Per Share (Rs.)		5.89	1.94	NA

Particulars	31.03.2014
Sales Turnover (Approximately)	400.000

The above information has been parted by Mr. Sanjiv Morya (Accounts Manager).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.45	0.54	1.98
Net Profit Margin (PBT/Sales)	(%)	2.20	1.15	2.30
Return on Total Assets (PBT/Total Assets}	(%)	6.51	3.98	9.81
Return on Investment (ROI) (PBT/Networth)		0.24	0.13	0.31
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.28	1.30	1.36

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	6.313	6.313	6.313
Reserves & Surplus	11.317	12.485	16.007
Share Application money pending allotment	0.000	0.000	0.000
Net worth	17.630	18.798	22.320
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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)
Revenue from operations	235.292	216.739	241.630
		(7.885)	11.484

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	235.292	216.739	241.630
Profit	4.678	1.168	3.522
	1.99%	0.54%	1.46%

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	Yes
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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10483144	18/02/2014	18,400,000.00	BANK OF INDIA	NEW DELHI OVERSEAS BRANCH, G-40, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B98696321
2	10170876	18/02/2014 *	80,000,000.00	BANK OF INDIA	NEW DELHI OVERSEAS BRANCH, G-40, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B98696552

* Date of charge modification

Note:

The registered office of the company has been shifted from Flat No.16, Block E-2, Sector 5, Rohini, New Delhi – 110 085 to the present address w.e.f. 10.11.2011.

FIXED ASSETS:

• Factory Building
• Office Building
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Computer
• Air Conditioners

WEBSITE DETAILS:

PROFILE:

Subject are an active and exponentially growth oriented company involved in the manufacturing and export of food products and agro products. They are serving the food business of India with their heart and soul from the year 1999 and are striving to reach the zenith. They have luckily conceived a group of highly professional technocrats and analysis experts from the Food Industry having sound knowledge and experience. In both international and domestic market, they have been able to build a strong reputation in the food industry as far as manufacturing and exports are concerned.

They were grounded in the year 1999 and since then they are tracing a path of superior success for their self. They are a Government of India recognized firm with star status Manufacturer Export House. Their firm is ISO 22000:2005 certified from URS, UK covering Food Safety Management System (FSMS).

They have their headquarters situated in the capital of India, New Delhi. Operating from here, Subject is ornamented with multi-locational HACCP accredited state-of-the-art manufacturing equipments and facilities. They have a splendid environment for growing fruit and vegetable. Their manufacturing facilities are embedded in these favorable environments. The manufacturing sphere of their firm functions under the expert supervision of food technologists who knows all the ins and outs of development stage. The development stages starts right from the raw materials and to packaging and then exporting of the food products. The superb quality of the fruits and vegetables are grown and obtained from Ratnagiri, Mysore, South Gujarat, Krishnagiri, Chittor, Shimla, Jammu and Kashmir, Meerut, Lucknow and Assam. In each of these regions of their productivity, they have a team of agro technologists and analysts which ponders the quality of the produce. The agronomists from the different regions also assist the farmers for producing and maintaining the quality of the produce and raw materials which allows them to have the privilege of getting the best of nature.

They are known for the best quality control measures and strict quality standard maintenance which makes them stand apart and firm in the competition among other food products company. They are completely engrossed in the quality check and the hygiene of the food.

At Subject they are blessed with a strong network for supply and distribution of their products at both international and domestic level. Though they have a wide range of products in the market but their leading brand is “Mansa”. Mansa includes the fruit pulp, fruit concentrates, processed foods and agro products. Mansa is active in both international and domestic market. Apart from Mansa, they also pack the food range under different brand names for different private companies for buyers across the world.

They are also the front runners in supplying the special ingredients to leading fruit juice and dairy Industries in International markets. The global importers of their company include countries in Far East, Middle East, Europe, North and West Africa, and few of the North American Countries. They as a company has not restricted their self only to the production of processed food and juices, they also have another range of commodities that includes jams, squashes, sauces, pickles, fruit syrups, canned fruits and vegetables  for the consumers.

The success of their company is attributed to their morals and values namely Dignity, Trust, Respect, and Fair Business Practice. The working culture of their company is integrated with these values completely. Managing Director and CEO of their company Mr. R. N. Jadli himself is an expert food technologist and a keen analyst of the processed food. The company was established in 1999 as a private limited company and has acquired many quality certifications namely APEDA, CII, FICCI, PHD, AEPC, URS. They are providing employment to around 100 people. Their company has a proficient policy of satisfying and earning the faith of their valuable clients. This policy encounters providing free samples to the clients. They respect the time of their clients and therefore, they provide on time delivery by air, sea or cargo. They provide customized packing and they accept the payment through cheque or Demand Draft.

Their State-of-the-art Infrastructure

All the business activities are being carried out from their Headquarters in New Delhi which is responsible for providing and setting up a state-of-the-art infrastructure for the fruit and vegetable growing environment. They have the best of the manufacturing facilities and all of them are multi-locational HACCP certified. They have a world class working infrastructure and completely smooth and hygienic environment. The processing of the food takes place in a world class atmosphere with the optimum utilization of the available resources. They follow a strict protocol for the safety measures, cleanliness and quality of food. They also encompass a bulk manufacturing unit that enables them to supply requirements of the clients. They are having a capacious room for storage. Their manufacturing unit is being upgraded regularly having the hand in hand with the ever evolving technology.

Their expertise team

They have a strong team of experts here at Subject to provide the best assistance and supervision for all the manufacturing activities and production activities. With such an amazing and effective leadership, they are able to supply a quality assured range of Fruit pulp and concentrates, bakery products, frozen fruits and vegetables and processed foods.

Their team of experts comprises of Food Technologists, Agronomists, Food Analysts, Engineers, Quality Controllers, Skilled and Semi-Skilled workers, Marketing and Sales Executives, Supporting Staff, Packing Personnel, Logistics Support.

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 records 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.60.09
UK Pound	1	Rs.102.40
Euro	1	Rs.81.88

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.