MIRA INFORM REPORT

Report Date :

12.09.2014

IDENTIFICATION DETAILS

Name :	INDAPUR DAIRY AND MILK PRODUCTS LIMITED
Registered Office :	Gala No.1, Market Yard, Indapur, Pune – 413106, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.10.2001
Com. Reg. No.:	11-016485
Capital Investment / Paid-up Capital :	Rs. 77.345 Millions
CIN No.: [Company Identification No.]	U15204PN2001PLC016485
TAN No.: [Tax Deduction & Collection Account No.]	PNEI04065F
PAN No.: [Permanent Account No.]	AABCI1700R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Distributor and Trader of lactose powder, cow milk and milk product-butter, paneer, ghee, curd supplier of lactose powder, cow milk and milk products.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1100000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The rating is constrained on account of company’s moderate financial risk profile marked by thin profitability margins and leveraged capital structures of the company. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Pratap Salunkhe
Designation :	H.R. Manager
Contact No.:	91-2111-217002
Date :	03.09.2014

LOCATIONS

Registered Office :	Gala No.1, Market Yard, Indapur, Pune – 413106, Maharashtra, India
Tel. No.:	91-2111-217002
Fax No.:	91-2111-217002
E-Mail :	sonai.dudh@yahoo.co.in admin@sonaidairy.com
Website :	http://www.sonaidairy.com
Marketing Office :	Sonmatha, At post: Gokhali, Taluka: Indapur, District: Pune – 413106, Maharashtra , India

DIRECTORS

AS ON 30.09.2013

Name :

Vishnukumar Shrirang Mane

Designation :

Director

Address :

A/P, RUI, Taluka : Indapur, Pune – 413106, Maharashtra, India

Date of Birth/Age :

06.08.1968

PAN No.:

ABNPM6396D

Date of Appointment :

08.10.2001

DIN No. :

00050937

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	U15204PN2001PLC016485	INDAPUR DAIRY AND MILK PRODUCTS LIMITED	Director	08/10/2001	08/10/2001	-	Active	NO
2	U15142PN2003PTC018105	SONAI KRUSHI PRAKRIYA KARKHANA LIMITED	Director	08/07/2003	08/07/2003	-	Active	NO

Name :

Ramesh Namdeo Nalwade

Designation :

Director

Address :

A/P Gotandi, Taluka : Indapur, Pune – 413105, Maharashtra, India

Date of Birth/Age :

01.06.1960

Date of Appointment :

08.10.2001

DIN No. :

00051037

Name :

Rajaram Shivram Bhujbal

Designation :

Director

Address :

A/P Shelgaon, Taluka : Indapur, Pune – 413109, Maharashtra, India

Date of Birth/Age :

03.04.1954

Date of Appointment :

08.10.2001

DIN No. :

00052336

Name :

Dashrath Shrirang Mane

Designation :

Director

Address :

At Post RUI, Taluka : Indapur, Pune – 413106, Maharashtra, India

Date of Birth/Age :

20.06.1957

PAN No.:

AMEPM6727E

Date of Appointment :

08.10.2001

DIN No. :

00838606

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	U15204PN2001PLC016485	INDAPUR DAIRY AND MILK PRODUCTS LIMITED	Director	08/10/2001	08/10/2001	-	Active	NO
2	U15142PN2003PTC018105	SONAI KRUSHI PRAKRIYA KARKHANA LIMITED	Director	08/07/2003	08/07/2003	-	Active	NO

Name :

Pravin Dashrath Mane

Designation :

Director

Address :

A/P. Post, Taluka : Indapur, Pune – 413106, Maharashtra, India

Date of Birth/Age :

02.03.1985

Date of Appointment :

10.02.2009

DIN No. :

01284323

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	U15142PN2003PTC018105	SONAI KRUSHI PRAKRIYA KARKHANA LIMITED	Director	08/07/2003	08/07/2003	-	Active	NO
2	U15204PN2001PLC016485	INDAPUR DAIRY AND MILK PRODUCTS LIMITED	Director	10/02/2009	10/02/2009	-	Active	NO

Name :

Harichandra Shreerang Mane

Designation :

Director

Address :

A/P. Post, Taluka : Indapur, Pune – 413106, Maharashtra, India

Date of Birth/Age :

06.06.1965

Date of Appointment :

08.10.2001

DIN No. :

01573335

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	U15204PN2001PLC016485	INDAPUR DAIRY AND MILK PRODUCTS LIMITED	Director	08/10/2001	08/10/2001	-	Active	NO
2	U15142PN2003PTC018105	SONAI KRUSHI PRAKRIYA KARKHANA LIMITED	Director	10/10/2008	10/10/2008	-	Active	NO

Name :	Shahaji Shivram Bhujbal
Designation :	Director
Address :	At Post Shelgaon, Taluka : Indapur, Pune – 413109, Maharashtra, India
Date of Birth/Age :	01.06.1950
Date of Appointment :	08.10.2001
DIN No. :	02740827

KEY EXECUTIVES

Name :	Mr. Pratap Salunkhe
Designation :	H.R. Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Shareholders files are attached.

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	0.95
Directors or relatives of Directors	53.41
Other top fifty shareholders	45.64
Total	100.00

BUSINESS DETAILS

Line of Business :

Distributor and Trader of lactose powder, cow milk and milk product-butter, paneer, ghee, curd supplier of lactose powder, cow milk and milk products.

Product :

Product / ITC Code	Product Description
03079990	Milk and Milk Products

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· Axis Bank

· Janata Sahakari Bank Limited, 1444, Shukrawar Peth, Thorle Bajirao Road, Through its Indapur Branch, Pune - 411002, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term loans from banks	NA	100.859
SHORT TERM BORROWINGS
Loans repayable on demand from banks	NA	204.512
Total	NA	305.371

Banking Relations :	--
Auditors :
Name :	R C Doshi Chartered Accountant
Address :	2 0 8 – B, Kalpatruplaza, 224, Bhavani Peth, Pune, Maharashtra, India
Tel. No.:	ABAPD7758D
Associate :	· Sonai Krushi Prakriya Karkhana Limited [U15142PN2003PTC018105] · Sonai Vahtuk Sanstha · Yuvak Vikas Gramin Na Path Sanstha

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 77.345 Millions

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000	Equity Shares	Rs. 5000/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13,313	Equity Shares	Rs. 5000/- each	Rs. 66.565 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	77.345	66.565	66.565
(b) Reserves & Surplus	184.723	56.526	38.720
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.105
Total Shareholders’ Funds (1) + (2)	262.068	123.091	105.390
(3) Non-Current Liabilities
(a) long-term borrowings	462.262	108.025	130.729
(b) Deferred tax liabilities (Net)	14.427	14.427	18.851
(c) Other long term liabilities	5.846	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	482.535	122.452	149.580
(4) Current Liabilities
(a) Short term borrowings	0.000	204.512	129.907
(b) Trade payables	582.199	273.254	269.715
(c) Other current liabilities	0.721	189.173	85.135
(d) Short-term provisions	8.633	10.955	9.899
Total Current Liabilities (4)	591.553	677.894	494.656
TOTAL	1336.156	923.437	749.626
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	535.505	278.741	315.931
(ii) Intangible Assets	0.000	0.281	0.329
(iii) Capital work-in-progress	45.882	96.541	7.293
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	5.600	5.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	35.377	20.021
(e) Other Non-current assets	0.482	0.000	0.000
Total Non-Current Assets	581.869	416.540	348.674
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	228.922	131.359	204.409
(c) Trade receivables	437.842	183.893	159.597
(d) Cash and cash equivalents	23.549	11.797	18.915
(e) Short-term loans and advances	15.409	177.825	17.893
(f) Other current assets	48.565	2.023	0.138
Total Current Assets	754.287	506.897	400.952
TOTAL	1336.156	923.437	749.626

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from operations	8631.881	4774.516	3462.331
	Other Income	123.349	93.948	17.657
	TOTAL (A)	8755.230	4868.464	3479.988
Less	EXPENSES
	Cost of Materials Consumed	0.000	3766.963	3013.708
	Purchases of Stock-in-Trade	0.000	215.319	168.388
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	72.895	(155.921)
	Employees benefits expense	0.000	62.776	50.966
	Manufacturing Expenses	42.839	0.000	0.000
	Administrative and Office Expenses	15.383	0.000	0.000
	Selling Distribution Expenses	253.650	0.000	0.000
	Other Expenses	353.601	612.315	318.070
	Cost of Goods Sold	6574.581	0.000	0.000
	Direct Expense	1137.813	0.000	0.000
	Indirect Expenses	154.468	0.000	0.000
	TOTAL (B)	8532.335	4730.268	3395.211
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	222.895	138.196	84.777
Less	FINANCIAL EXPENSES (D)	0.000	40.114	33.813
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	222.895	98.082	50.964
Less/ Add	DEPRECIATION/ AMORTISATION (F)	94.699	70.562	37.395
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	128.196	27.520	13.569
Less	TAX (H)	0.000	9.714	4.674
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	128.196	17.806	8.895
	Earnings / (Loss) Per Share (Rs.)	15469	1337.53	668.13

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	1.46	0.37	0.26
Net Profit Margin (PBT/Sales)	(%)	1.49	0.58	0.39
Return on Total Assets (PBT/Total Assets}	(%)	9.94	3.35	1.84
Return on Investment (ROI) (PBT/Networth)		0.49	0.22	0.13
Debt Equity Ratio (Total Debt /Networth)		1.76	2.54	2.47
Current Ratio (Current Asset/Current Liability)		1.28	0.75	0.81

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	66.565	66.565	77.345
Reserves & Surplus	38.720	56.526	184.723
Share Application money pending allotment	0.105	0.000	0.000
Net worth	105.390	123.091	262.068
long-term borrowings	130.729	108.025	462.262
Short term borrowings	129.907	204.512	0.000
Total borrowings	260.636	312.537	462.262
Debt/Equity ratio	2.473	2.539	1.764

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	3462.331	4774.516	8631.881
		37.899	80.791

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	3462.331	4774.516	8631.881
Profit/(Loss) After Tax	8.895	17.806	128.196
	0.26%	0.37%	1.49%

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	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	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	No

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10516039	13/08/2014	92,500,000.00	JANATA SAHAKARI BANK LIMITED	1444 SHUKRAWAR PETH, BAJIRAO ROAD, THROUGH IT'S INDAPUR BRANCH, PUNE, MAHARASHTRA - 411002, INDIA	C17414871
2	10489598	06/05/2014	51,500,000.00	JANATA SAHAKARI BANK LIMITED. PUNE	JANATA SAHAKARI BANK LIMITED. PUNE, THROUGH IT'S INDAPUR BRANCH, PUNE, MAHARASHTRA - 411002, INDIA	C03097003
3	10489786	04/04/2014	1,800,000.00	AXIS BANK LIMITED	PLOT NO. 485, GUDDI COMPLEX, BHIGVAN ROAD,, BARAM  ATI, PUNE, MAHARASHTRA - 413102, INDIA	C03716743
4	10491021	26/03/2014	5,300,000.00	JANATA SAHAKARI BANK LIMITED. PUNE	JANATA SAHAKARI BANK LIMITED. PUNE, 1444 SHUKRAWA  R PETH BAJIRAO RD THROUGH INDAPUR BR., PUNE, MAHAR  ASHTRA - 411002, INDIA	C03279304
5	10491019	26/03/2014	11,000,000.00	JANATA SAHAKARI BANK LIMITED. PUNE	JANATA SAHAKARI BANK LIMITED. PUNE, 1444 SHUKRAWA  R PETH BAJIRAO RD THROUGH INDAPUR BR., PUNE, MAHAR  ASHTRA - 411002, INDIA	C03278645
6	10496250	14/03/2014	6,000,000.00	JANATA SAHAKARI BANK LIMITED. PUNE	1444 SHUKRAWARPETH, BAJIRAO ROAD, THROUGH IT'S IN  DAPUR BRANCH, PUNE, MAHARASHTRA - 411002, INDIA	C04924486
7	10496244	14/03/2014	24,000,000.00	JANATA SAHAKARI BANK LIMITED. PUNE	1444 SHUKRAWARPETH, BAJIRAO ROAD, THROUGH IT'S IN  DAPUR BRANCH, PUNE, MAHARASHTRA - 411002, INDIA	C04923058
8	10496220	14/03/2014	90,000,000.00	JANATA SAHAKARI BANK LIMITED. PUNE	1444 SHUKRAWARPETH, BAJIRAO ROAD, THROUGH IT'S IN  DAPUR BRANCH, PUNE, MAHARASHTRA - 411002, INDIA	C04915955
9	10466800	14/03/2014 *	10,400,000.00	JANATA SAHAKARI BANK LIMITED. PUNE	1444, SHUKRAWAR PETH,THORLE BAJIRAO ROAD., THROUG  H IT'S INDAPUR BRANCH, PUNE, MAHARASHTRA - 411002,  INDIA	C04925970
10	10466802	14/03/2014 *	10,800,000.00	JANATA SAHAKARI BANK LIMITED. PUNE	1444, SHUKRAWAR PETH,THORLE BAJIRAO ROAD., THROUG  H IT'S INDAPUR BRANCH, PUNE, MAHARASHTRA - 411002,  INDIA	C04919080

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Deposits from others	NA	3.166
Loans and advances from related parties	NA	3.999
Total	NA	7.165

FINANCIAL RESULTS:

During the year the company’s financial Performance was as under: Particulars Amount in Rs.(2012 - 2013) Amount in Rs.(2011 - 2012) Income 4,868.464 Millions 3479.988 Millions Less: Expenses 4840.936 Millions 3466.419 Millions Profit before Tax 27.520 Millions 13.568 Millions Provision for Tax 9.713 Millions 4.674 Millions Profit After Tax 17.806 Millions 8.895 Millions.

FIXED ASSETS

· Land

· Buildings

· Factory building

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Computer

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.60.92
UK Pound	1	Rs.98.66
Euro	1	Rs.78.64

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		28

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.