MIRA INFORM REPORT

Report Date :

26.05.2014

IDENTIFICATION DETAILS

Name :	COROMANDEL AGRICO PRIVATE LIMITED
Registered Office :	7 Community Centre, 2^nd and 3^rd Floor, East of Kailash, Near Sapna Cinema, New Delhi – 110065
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.12.1998
Com. Reg. No.:	55-097496
Capital Investment / Paid-up Capital :	Rs.65.085 Millions
CIN No.: [Company Identification No.]	U74899DL1998PTC097496
PAN No.: [Permanent Account No.]	AABCC6812A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Agro-chemical and Plant Nutrients Products.
No. of Employees :	700 (Approximately)

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 890000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Rating reflects sound financial risk profile marked by increase in profitability margins and wide experience of promoters. Trade relations are reported to be 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 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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	22.01.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3+
Rating Explanation	Moderate degree of safety and higher credit risk
Date	22.01.2014

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 (GENERAL DETAILS)

Name :	Mr. Manoj Gupta
Designation :	Accounts Executive
Contact No.:	91-11-41620713
Date :	23.05.2014

LOCATIONS

Registered Office / Corporate Office / Head Office :	7 Community Centre, 2^nd and 3^rd Floor, East of Kailash, Near Sapna Cinema, New Delhi – 110065, India
Tel. No.:	91-11-41620713 to 17 / 49361200
Fax No.:	91-11-26215405
E-Mail :	admin@coromandelagrico.com greencrop@rediffmail.com info@coromandelagrico.com
Website :	http://www.coromandelagrico.com
Factory :	A-73, Industrial Area, Sikandrabad, District Bulandshahar – 203205, Uttar Pradesh, India
Tel No.:	91-5735-224404/ 221732/ 221975
Telefax No.:	91-5735-221092
Branch Office :	They have many branches. (Address not provided)

DIRECTORS

As on 30.09.2013

Name :

Mr. Anand Pradeep Kumar

Designation :

Director

Address :

Flat No.306, Plot No.GH-4, Sabzaar C.G.H.S., Sector-45, Faridabad - 121003, Haryana, India

Date of Birth/Age :

15.09.1964

Qualification :

B.Sc (Chemicals), Bachelor of Engineering

Date of Appointment :

16.08.2005

PAN No.:

AAAPF2647Q

DIN No.:

01530354

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	U65993TN1983PTC009929	RND INVESTMENTS PRIVATE LIMITED	Director	05/09/1990	05/09/1990	-	Active	NO
2	U67120MH1992PTC069314	MURRAY INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	14/07/1995	14/07/1995	-	Active	NO
3	U01135GJ1982PTC005109	VITHAJ AGRICHEM INDUSTRIES PRIVATE LIMITED	Director	03/02/1997	03/02/1997	01/05/2008	Active	NO
4	U24231TN1983PLC010117	COROMANDEL INDAG PRODUCTS INDIA LIMITED	Director	22/10/1998	22/10/1998	-	Dormant	NO
5	U74899DL1995PTC072407	PRITSONS BUILDERS AND CONSTRUCTIONS PRIVATE LIMITED	Director	16/05/2002	16/05/2002	-	Active	NO
6	U00000DL2001PTC109984	DREAM TECH EXPORTS PRIVATE LIMITED	Director	15/03/2004	15/03/2004	-	Active	NO
7	U74899DL2000PTC103588	SANKAN TRAVELS PRIVATE LIMITED	Director	27/03/2004	27/03/2004	-	Active	NO
8	U74899DL1998PTC097496	COROMANDEL AGRICO PRIVATE LIMITED	Director	16/08/2005	16/08/2005	-	Active	NO
9	U66990MH1996PTC097936	SIMBA SECURITIES PRIVATE LIMITED	Director	08/03/2007	08/03/2007	-	Active	NO
10	U65990MH1996PTC097935	MARA SECURITIES PRIVATE LIMITED	Director	08/03/2007	08/03/2007	-	Active	NO
11	U31908DL2007PTC162361	SimeCoromandel Energy Private Limited	Director	20/04/2007	20/04/2007	-	Active	NO
12	U01403DL2008PTC174143	Petch Agri Biotech Private Limited	Director	18/02/2008	18/02/2008	-	Strike off	NO
13	U24100UP2014PTC062148	RICHCROP SOLUTION PRIVATE LIMITED	Nominee director	22/01/2014	22/01/2014	-	Active	NO

Name :

Mrs. Svetlana Kazankina

Designation :

Director

Address :

Jaihun Street, Building 22-A, Samarkand – 1001004, Uzbekistan

Date of Birth/Age :

04.06.1982

Date of Appointment :

30.09.2011

DIN No.:

03593423

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	U74899DL1998PTC097496	COROMANDEL AGRICO PRIVATE LIMITED	Director	30/09/2011	08/08/2011	-	Active	NO

Name :

Mr. Sanjeev Madanlal Jain

Designation :

Director

Address :

D-596, Situated at Chittaranjan Park, New Delhi – 110019, India

Date of Birth/Age :

20.04.1964

Date of Appointment :

29.09.2012

DIN No.:

05188803

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	U74899DL1998PTC097496	COROMANDEL AGRICO PRIVATE LIMITED	Director	29/09/2012	09/06/2012	-	Active	NO

Name :

Mr. Kanwal Kishen Bhat

Designation :

Director

Address :

M2/37, DLF City, Phase – 1, Gurgaon - 122002, Haryana, India

Date of Birth/Age :

13.07.1957

Date of Appointment :

30.09.2013

DIN No.:

06541201

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	U74899DL1998PTC097496	COROMANDEL AGRICO PRIVATE LIMITED	Director	30/09/2013	28/03/2013	-	Active	NO
2	U24233UP2013PTC059468	COROMANDEL AGRI SOLUTION PRIVATE LIMITED	Nominee director	09/09/2013	09/09/2013	-	Active	NO
3	U24100UP2014PTC062148	RICHCROP SOLUTION PRIVATE LIMITED	Nominee director	22/01/2014	22/01/2014	-	Active	NO

7KEY EXECUTIVES

Name :	Barnita Chajraborty
Designation :	Secretary
Address :	RZ-B/16A, Raghu Nagar, Pankha Road, New Delhi – 110045, India
Date of Birth/Age :	22.12.1986
Date of Appointment :	25.08.2013
PAN No.:	APLPC2970F

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Anand Pradeep Kumar	5268500	70.17
Dream Tech Exports Private Limited, India	107000	1.43
Mara Securities Private Limited, India	480000	6.39
Simba Securities Private Limited, India	400000	5.33
Sankan Travels Private Limited, India	112000	1.49
Agrimas Chemical Limited, India	1141000	15.20
Total	7508500	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	29.83
Directors or relatives of Directors	70.17
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Agro-chemical and Plant Nutrients Products.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

No. of Employees :

700 (Approximately)

Bankers :

· State Bank of Bikaner and Jaipur (Lead Bank), 16, Community Centre, Saket, New Delhi – 110017, Delhi, India

· Corporation Bank, Overseas Branch, M-93,Connaught Place, New Delhi – 110001, India

· Punjab National Bank, Branch Navyug Market, Navyug Market, Ghaziabad - 201001, Uttar Pradesh, India

· State Bank of Patiala, E-15, Main Market, Hauz Khas,, New Delhi - 110016, Delhi, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from others	12.019	15.382
Loans taken for fixed assets	7.813	14.012
Short Term Borrowings
Working capital loans from banks	205.609	246.160
Total	225.441	275.554

Banking Relations :	--
Financial Institution :	ICICI Home Finance Company Limited, ICICI Bank Towers, Bandra-Kurla, Complex, Mumbai - 400051, Maharashtra, India
Statutory Auditors :
Name :	S. R. Kapur and Company Chartered Accountant
Address :	R-289-C, Greater Kailsh, Part – I, New Delhi – 110048, India
PAN No.:	AAAFS9078E
Internal Auditors :
Name :	Pricewaterhouse Coopers Chartered Accountants
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Agrimas Chemicals Limited CIN No.: L99999MH1973PLC016649 · Vithaj Agrichem Industries Private Limited CIN No.: U01135GJ1982PTC005109 · Coromandel Indag Products India Limited CIN No.: U24231TN1983PLC010117 · Dream Tech Exports Private Limited CIN No.: U00000DL2001PTC109984 · Simba Securities Private Limited CIN No.: U66990MH1996PTC097936 · Sime Coromandel Energy Private Limited CIN No.: U31908DL2007PTC162361 · Murrey Finance and Investment Limited CIN No.: U67120MH1992PTC069314 · Sankan Travels Private Limited CIN No.: U74899DL2000PTC103588 · Pritsons Builders and Constructions Private Limited CIN No.: U74899DL1995PTC072407 · R N D Investment Private Limited CIN No.: U65993TN1983PTC009929 · Mara Securities Private Limited CIN No.: U65990MH1996PTC097935 · Pasumai Irrigation Limited · Priston Builders Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7508500	Equity Shares	Rs.10/- each	Rs.75.085 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6508500	Equity Shares	Rs.10/- each	Rs.65.085 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	65.085	65.085	55.085
(b) Reserves & Surplus	157.282	113.728	81.109
(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)	222.367	178.813	136.194
(3) Non-Current Liabilities
(a) long-term borrowings	19.832	29.394	29.589
(b) Deferred tax liabilities (Net)	3.434	7.568	5.917
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	9.027	8.836	0.000
Total Non-current Liabilities (3)	32.293	45.798	35.506
(4) Current Liabilities
(a) Short term borrowings	236.699	341.488	227.561
(b) Trade payables	355.509	196.067	225.537
(c) Other current liabilities	179.032	56.233	37.840
(d) Short-term provisions	15.557	12.420	14.944
Total Current Liabilities (4)	786.797	606.208	505.882
TOTAL	1,041.457	830.819	677.582
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	140.555	139.149	151.192
(ii) Intangible Assets	4.365	2.102	0.000
(iii) Capital work-in-progress	7.996	7.639	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.550	0.051	0.051
(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	155.466	148.941	151.243
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	466.372	329.623	252.731
(c) Trade receivables	267.252	207.765	179.059
(d) Cash and cash equivalents	51.745	26.797	35.531
(e) Short-term loans and advances	94.143	107.030	49.969
(f) Other current assets	6.479	10.663	9.049
Total Current Assets	885.991	681.878	526.339
TOTAL	1,041.457	830.819	677.582

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income			1121.732
		Other Income			7.109
		TOTAL	1392.027	1370.583	1128.841
Less	EXPENSES		1331.794	1317.314	1081.531
	PROFIT/(LOSS) BEFORE TAX		60.234	53.270	47.310
Less	TAX		16.679	20.651	16.814
	PROFIT/(LOSS) AFTER TAX		43.555	32.619	30.496
	Earnings Per Share (Rs.)
	Basic		6.69	5.01	NA
	Diluted		6.69	5.62	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.13	2.38	2.70
Net Profit Margin (PBT/Sales)	(%)	NA	NA	4.22
Return on Total Assets (PBT/Total Assets}	(%)	5.84	6.47	6.98
Return on Investment (ROI) (PBT/Networth)		0.27	0.30	0.35
Debt Equity Ratio (Total Debt /Networth)		1.15	2.07	1.89
Current Ratio (Current Asset/Current Liability)

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	55.085	65.085	65.085
Reserves & Surplus	81.109	113.728	157.282
Net worth	136.194	178.813	222.367
long-term borrowings	29.589	29.394	19.832
Short term borrowings	227.561	341.488	236.699
Total borrowings	257.150	370.882	256.531
Debt/Equity ratio	1.888	2.074	1.154

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
Total Income	1,128.841	1,370.583	1,392.027
		21.415	1.565

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	1,128.841	1,370.583	1,392.027
Profit	30.496	32.619	43.555
	2.70%	2.38%	3.13%

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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	No
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
Short Term Borrowings
Unsecured borrowings	31.089	95.328
Total	31.089	95.328

BRIEF PROFILE

Subject is a leading manufacturer of Agro-chemical and Plant Nutrients Products in India. It has extended its operating in more than 20 states throughout the India in a shorter span of few decades.

RESULT OF OPERATIONS

The Company is stepping towards the growth and an increase has been marked in the operating results of the Company as compared to the previous year. During the year, the revenue of the Company has increased to Rs.1392.027 Millions compared to Rs.1370.583 Millions in the Previous Year, registering an impressive growth of Rs.21.444 Millions.

The profit for the year is Rs.43.555 Millions as compared to Rs.32.619 Millions in the previous year.

The Company is making continuous efforts to improvise upon the past deficiencies and margins of the Company and to increase the level of value addition to its esteemed shareholders.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10428838	02/09/2013 *	20,000,000.00	IDBI BANK LIMITED	Indian Red Cross Society Building, 1, Red Cross Road, New Delhi, Delhi - 110001, India	B85222750
2	10344642	02/09/2013 *	550,000,000.00	State Bank of Bikaner and Jaipur	16, Community Centre, Saket, New Delhi, Delhi - 110017, India	B83833418
3	10344486	27/01/2014 *	32,000,000.00	State Bank of Bikaner and Jaipur	16, Community Centre, Saket, New Delhi, Delhi - 110017, India	B95273777

*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.58.48
UK Pound	1	Rs.98.67
Euro	1	Rs.79.81

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	SUM
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	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--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.