MIRA INFORM REPORT

Report Date :

24.03.2014

IDENTIFICATION DETAILS

Name :	RADIKAL FOODS LIMITED (w.e.f. 13.09.2013)
Formerly Known As :	RADIKAL FOODS PRIVATE LIMITED (w.e.f. 01.10.2013) RADIKAL OVERSEAS PRIVATE LIMITED
Registered Office :	Radikal House, 28 Community Centre, Saket New Delhi - 110017, Delhi
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.06.2009
Com. Reg. No.:	55 - 191397
Capital Investment / Paid-up Capital :	Rs. 106.296 Millions
CIN No.: [Company Identification No.]	U15122DL2009PLC191397
TAN No.: [Tax Deduction & Collection Account No.]	DELR17134F
PAN No.: [Permanent Account No.]	AAECR3846A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and suppliers of premium basmati rice.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 63115
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has achieved decent profitability from its operation during the financial year 2013. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List – 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 for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based limits: BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	June 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

Management Non Co operative

Contact No.:	91-11-26566002
Date :	18.03.2014

LOCATIONS

Registered Office :	Radikal House, 28 Community Centre, Saket New Delhi - 110017, Delhi, India
Tel. No. :	91-11-47566000
Fax No. :	91-11-26566001
E-Mail :	rajendrasingh@radikaloverseas.com ACCOUNTS@RADIKALOVERSEAS.COM SIDDS.SIDDHARTH@GMAIL.COM

DIRECTORS

As on : 30.09.2013

Name :

Mr. Siddharth Chaudhary

Designation :

Managing director

Address :

D-119, Ground Floor, Saket, New Delhi- 110017, Delhi, India

Date of Birth/Age :

17.09.1987

Date of Appointment :

17.07.2009

DIN No. :

02272725

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	U80903DL2003PTC121845	SHREEDHAR ESTATES PRIVATE LIMITED	Director	03-06-09	03-06-09	31-03-12	Active	NO
2	U15122DL2009PLC191397	RADIKAL FOODS LIMITED	Managing director	17-07-09	19-06-09	-	Active	NO
3	U51909DL2010PTC200530	RADIKAL INTERNATIONAL PRIVATE LIMITED	Director	22-03-10	22-03-10	-	Active	NO
4	U51909DL2010PTC200791	RADIKAL IMPEX PRIVATE LIMITED	Director	26-03-10	26-03-10	-	Active	NO
5	U63020DL2012PTC240090	RADIKAL WAREHOUSING PRIVATE LIMITED	Director	09-08-12	09-08-12	-	Active	NO
6	U15400DL2012PTC240173	RADIKAL GLOBAL FOODS PRIVATE LIMITED	Director	13-08-12	13-08-12	-	Active	NO
7	U01400DL2012PTC240351	RADIKAL AGROTECH PRIVATE LIMITED	Director	17-08-12	17-08-12	-	Active	NO
8	U80301DL2005PTC143286	PARADISE ACADEMY PVT LTD	Director	15-10-12	15-10-12	-	Active	NO
9	U15490DL2014PTC266226	RADIKAL INDUSTRIES PRIVATE LIMITED	Director	12-03-14	12-03-14	-	Active	NO

Name :

Mr. Chandra Prakash Choudhary

Designation :

Director

Address :

D-119, Ground Floor,Saket,New Delhi- 110017 Delhi, India

Date of Birth/Age :

19.10.1963

Date of Appointment :

01.07.2010

DIN No. :

00054040

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	U65922UP1998PTC023076	SIDDHARTH HIRE PURCHASE PRIVATE LIMITED	Director	19-01-98	19-01-98	-	Strike off	NO
2	U80903DL2003PTC121845	SHREEDHAR ESTATES PRIVATE LIMITED	Director	21-08-03	21-08-03	-	Active	NO
3	U45200DL2007PTC161183	YASH AGENCIES PRIVATE LIMITED	Director	29-09-07	12-09-07	07-07-10	Active	NO
4	U15122DL2009PLC191397	RADIKAL FOODS LIMITED	Director	01-07-10	17-07-09	-	Active	NO
5	U51909DL2010PTC200530	RADIKAL INTERNATIONAL PRIVATE LIMITED	Director	22-03-10	22-03-10	-	Active	NO
6	U51909DL2010PTC200791	RADIKAL IMPEX PRIVATE LIMITED	Director	26-03-10	26-03-10	-	Active	NO
7	U63020DL2012PTC240090	RADIKAL WAREHOUSING PRIVATE LIMITED	Director	09-08-12	09-08-12	-	Active	NO
8	U15400DL2012PTC240173	RADIKAL GLOBAL FOODS PRIVATE LIMITED	Director	13-08-12	13-08-12	-	Active	NO
9	U01400DL2012PTC240351	RADIKAL AGROTECH PRIVATE LIMITED	Director	17-08-12	17-08-12	-	Active	NO
10	U80301DL2005PTC143286	PARADISE ACADEMY PVT LTD	Director	15-10-12	15-10-12	-	Active	NO
11	U51494DL2008PTC182209	EPOPEE MARKETING PRIVATE LIMITED	Director	01-04-13	01-04-13	-	Active	NO
12	U15100DL2013PTC250637	TARGET FOODTECH PRIVATE LIMITED	Director	01-05-13	01-05-13	-	Active	NO

Name :

Mr. Anju Choudhary

Designation :

Director

Address :

D-119, Ground Floor,Saket,New Delhi- 110017 Delhi, India

Date of Birth/Age :

14.04.1964

Date of Appointment :

19.06.2009

DIN No. :

00054061

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	U65922UP1998PTC023076	SIDDHARTH HIRE PURCHASE PRIVATE LIMITED	Director	19-01-98	19-01-98	-	Strike off	NO
2	U80903DL2003PTC121845	SHREEDHAR ESTATES PRIVATE LIMITED	Director	21-08-03	21-08-03	-	Active	NO
3	U15122DL2009PLC191397	RADIKAL FOODS LIMITED	Director	19-06-09	19-06-09	-	Active	NO
4	U01400DL2012PTC240351	RADIKAL AGROTECH PRIVATE LIMITED	Director	12-06-13	12-06-13	-	Active	NO
5	U51909DL2010PTC200530	RADIKAL INTERNATIONAL PRIVATE LIMITED	Director	03-02-14	03-02-14	-	Active	NO
6	U15490DL2014PTC266226	RADIKAL INDUSTRIES PRIVATE LIMITED	Director	12-03-14	12-03-14	-	Active	NO

Name :

Mrs. Anindita Chaudhary

Designation :

Director

Address :

D-119, Ground Floor,Saket, New Delhi- 110017 Delhi, India

Date of Birth/Age :

13.07.1986

Date of Appointment :

01.05.2010

DIN No. :

02993959

KEY EXECUTIVES

Name :	Mr. Sachin Kumar
Designation :	Secretary
Address :	96, govind park, Jagat Puri, Krishna nagar, New Delhi- 110059 Delhi, India
Date of Birth/Age :	15.07.1986
Date of Appointment :	17.01.2013
PAN No.:	BLRPK7781F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Siddharth Chaudhary		155000
Chandra Prakash Choudhary		310000
Anju Chaudhary		175000
Radikal International Pvt. Ltd. India		3455000
Shreedhar Estates Pvt. Ltd. India		1530000
Tirumala Vanijya Pvt. Ltd. India		2790000
Kundan Commercial Pvt. Ltd. India		3354600
Minarva Vyappar Private Limited India		2060000
Bennett Coleman & Co. Limited India		10
Werfine Investments Limited India		170731
Total		14000341

As on : 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	95.43
Directors or relatives of Directors	4.57
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and suppliers of premium basmati rice.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, 14^th Floor, Jawahar Vyapaar Bhawan, 1 Tolstoy Marg, New Delhi – 110001, Delhi, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan	435.463	0.000
Loans and advances	11.224	0.000
SHORT TERM BORROWINGS
Loans repayable on demand	3172.251	1816.496
Total	3618.938	1816.496

Banking Relations :	--
Auditors :
Name :	Vikas Jain & Associates Chartered Accountants
Address :	O-14, 2^ND Floor, Amber Tower, S.C. Road, Jaipur, Rajasthan, India
Income-tax PAN of auditor or auditor's firm :	AABFV4320K
Associates/Subsidiaries :	Shreedhar Estates Private Limited., India Radikal International Private Limited, India Radikal Impex Private Limited, India

CAPITAL STRUCTURE

As on : 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14000341	Equity Shares	Rs.10/- each	Rs. 140.003 Millions

As on : 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10629600	Equity Shares	Rs.10/- each	Rs. 106.296 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	106.296	62.296	40.246
(b) Reserves & Surplus	1179.395	538.114	223.220
(c) Money received against share warrants	30.000	0.000	0.000
(2) Share Application money pending allotment	262.194	70.000	180.500
Total Shareholders’ Funds (1) + (2)	1577.885	670.410	443.966
(3) Non-Current Liabilities
(a) long-term borrowings	516.687	275.168	159.846
(b) Deferred tax liabilities (Net)	5.250	5.090	1.068
(c) Other long term liabilities	14.117	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	536.054	280.258	160.914
(4) Current Liabilities
(a) Short term borrowings	3322.251	1819.241	955.680
(b) Trade payables	134.386	202.224	144.932
(c) Other current liabilities	55.072	36.792	53.535
(d) Short-term provisions	57.463	54.894	3.419
Total Current Liabilities (4)	3569.172	2113.151	1157.566
TOTAL	5683.111	3063.819	1762.446
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	302.549	294.991	284.146
(ii) Intangible Assets	4.493	2.998	3.286
(iii) Capital work-in-progress	291.743	13.262	45.348
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.300	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	214.403	25.866	3.375
(e) Other Non-current assets	129.746	1.741	26.730
Total Non-Current Assets	943.234	338.858	362.885
(2) Current assets
(a) Current investments
(b) Inventories	4137.358	2372.136	1214.699
(c) Trade receivables	438.511	228.246	106.863
(d) Cash and cash equivalents	31.589	12.092	2.046
(e) Short-term loans and advances	37.587	14.644	6.531
(f) Other current assets	94.832	97.843	69.422
Total Current Assets	4739.877	2724.961	1399.561
TOTAL	5683.111	3063.819	1762.446

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	5587.473	3445.223	NA
		Other Income	60.326	23.050	NA
		TOTAL (A)	5647.799	3468.273	NA
Less	EXPENSES
		Cost of materials consumed	5198.328	3373.283	NA
		Changes in Inventories	(721.476)	(587.028)	NA
		Employees Benefits	43.386	22.413	NA
		Other Expenses	383.377	229.178	NA
		TOTAL (B)	4903.615	3037.846	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		744.184	430.427	NA
Less	FINANCIAL EXPENSES (D)		387.400	202.908	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		356.784	227.519	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		44.484	44.380	NA
Less	PRIOR PERIOD BEFORE TAX		0.728	1.720	NA
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		311.572	181.419	56.844
Less	TAX (H)		66.292	64.975	8.275
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		245.280	116.444	48.569
	Earnings / (Loss) Per Share (Rs.)		33.47	24.26	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.34	3.36	0.000
Net Profit Margin (PBT/Sales)	(%)	5.58	5.27	0.000
Return on Total Assets (PBT/Total Assets}	(%)	5.78	5.95	3.31
Return on Investment (ROI) (PBT/Networth)		0.20	0.27	0.13
Debt Equity Ratio (Total Debt/Networth)		2.43	3.12	2.51
Current Ratio (Current Asset/Current Liability)		1.33	1.29	1.21

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	40.246	62.296	106.296
Reserves & Surplus	223.220	538.114	1179.395
Net worth	263.466	600.410	1,285.691
long-term borrowings	159.846	275.168	516.687
Short term borrowings	955.680	1819.241	3322.251
Total borrowings	1,115.526	2,094.409	3,838.938
Debt/Equity ratio	4.234	3.488	2.986

YEAR ON YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)
Sales	3445.223	5587.473
		62.180

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)
Sales	3445.223	5587.473
Profit	116.444	245.282
	3.38%	4.39%

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 two 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

FINANCIAL REVIEW

During the year the Company has achieved a turnover of INR 5587.400 Millions as against INR 3445.200 Millions in the previous year. An increase of 61.66% over the last year. During the year, net profit of the Company is increased to INR 245.200 Millions in comparison to net profit of INR 116.400 Millions in the previous year showing an increment of 47.47%. The Directors of the Company are optimist and envisage further increase in the sales in the coming years.

UNSECURED LOANS

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances	70.000	275.168
SHORT TERM BORROWINGS
Loans and advances	150.000	2.745
Total	220.000	277.913

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10470203	07-01-14	250,000,000.00	IDBI Bank Limited	Indian red cross society building, 1, red cross r oad, new delhi, delhi - 110001, india	B93509438
2	10469864	07-01-14	280,000,000.00	State Bank of Mysore	15-16, shaheed bhagat singh marg,, near goal mark Et, new delhi, delhi - 110001, india	B93397545
3	10402663	07-02-13	700,000,000.00	State Bank of India	Industrial finance branch, 14, 15 floor jawahar vyapar bhawan, new delhi, delhi - 110001, india	B67958231
4	10402553	30/11/2013 *	860,000,000.00	State Bank Of Travancore	18/4, arya samaj road, delhi, delhi - 110005, india	B91228932
5	10379705	31/01/2014 *	5,200,000,000.00	State Bank of India	14th floor, jawahar vyapaar bhawan, 1 tolstoy mar G, new delhi, delhi - 110001, india	B96182597
6	10351527	30-03-12	550,000,000.00	Indian Overseas Bank	Mid corporate branch,, rachna cinema building,4th Floor,2 rajendra place,, new delhi, delhi - 110008, india	B38138806
7	10346651	12/01/2013 *	350,000,000.00	State Bank Of Patiala	Amarpali corporate tower,ground floor,, block-j,s Ector-2, imt, manesar, gurgaon, haryana -122050, India	B68154780
8	10333282	31-01-12	410,000,000.00	State Bank of Hyderabad	36, elite house,, kailash colony branch, new delhi, delhi - 110048, india	B31116205
9	10269164	30/01/2013 *	300,000,000.00	Oriental Bank of Commerce	M-1/2/3,, connaught place, new delhi, delhi – 110 001, india	B68482629
10	10304779	14/12/2012 *	410,000,000.00	State Bank of Bikaner & Jaipur	Khari baoli, delhi, delhi - 110006, india

FIXED ASSETS

• Land and Building
• Plant and Machinery

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.61.05
UK Pound	1	Rs.100.81
Euro	1	Rs.84.18

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	NIS

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	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		47

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.