MIRA INFORM REPORT

Report No. :	314182
Report Date :	09.04.2015

IDENTIFICATION DETAILS

Name :	KARNAL MILK FOODS LIMITED
Registered Office :	134 K.M. Stone, Village Dadupur, G.T. Road, Karnal – 132001, Haryana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.11.1991
Com. Reg. No.:	05-031481
Capital Investment / Paid-up Capital :	Rs. 70.927 Million
CIN No.: [Company Identification No.]	U15202HR1991PLC031481
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACK4558Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Trader of Milk Dairy Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 490000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profitability of the company is low. However, the rating takes into consideration company’s sound financial risk profile and fair liquidity position of the company. Trade relations are fair. Business is active. Payments are reported to be slow but 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating (BB+)
Rating Explanation	Inadequate – credit – quality and high credit risk.
Date	March 27, 2014
Rating Agency Name	CRISIL
Rating	Short Term Rating (A4+)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	March 27, 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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Manoj Singla
Designation :	Purchasing Department
Contact No.:	91-9729122933
Date :	31.03.2015

LOCATIONS

Registered Office/ Factory :	134 K.M. Stone, Village Dadupur, G.T. Road, Karnal – 132001, Haryana, India
Tel. No.:	91-184-2388900/ 2388200
Mobile No.:	91-9729122933 (Mr. Manoj Singla)
Fax No.:	91-184-2388100
E-Mail :	amitsehgalcs@gmail.com dinesh@djainassociates.com promotion@karanmilk.com customercare@karanmilk.com
Website :	www.karanmilk.com
Location :	Owned
Corporate Office :	M8-M11, Hemkunt Chambers, 89 - Nehru Place, New Delhi – 110019, India
Tel. No.:	91-11-40582777/ 40582999
Fax No.:	91-11-40582444
Eastern Branch Office:	Room No. 6, IInd Floor 20/1, M. D. Road, Kolkata – 700007, West Bengal, India
Fax No.:	91-33-22743771

DIRECTORS

As on: 27.09.2014

Name :

Mr. Vipin Gupta

Designation :

Director

Address :

14, The Mall, Karnal - 132001, Haryana, India

Date of Birth/Age :

29.08.1963

Qualification :

Graduate

Date of Appointment :

26.11.1991

PAN No.:

ABFPG9126P

DIN No.:

00108338

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	U15202HR1991PLC031481	KARNAL MILK FOODS LIMITED	DIRECTOR	26/11/1991	26/11/1991	-	ACTIVE	NO
2	U32109DL1996PTC082602	ELECTROVISION INDIA PRIVATE LIMITED	DIRECTOR	16/10/1996	16/10/1996	-	ACTIVE	NO
3	U74899DL2000PLC103611	KMF SOLUTIONS LIMITED.	DIRECTOR	04/02/2000	04/02/2000	-	ACTIVE	NO
4	U51909DL2000PTC106149	KMF INTERNATIONAL PRIVATE LIMITED	DIRECTOR	07/06/2000	07/06/2000	-	ACTIVE	NO
5	U45201DL2005PTC133499	B M G BUILDCON PRIVATE LIMITED	DIRECTOR	02/03/2005	02/03/2005	-	ACTIVE	NO
6	U18101DL2005PTC139295	ROOPAK LOOMTEX PRIVATE LIMITED	ADDITIONAL DIRECTOR	24/12/2014	03/08/2005	21/01/2015	ACTIVE	NO
7	U15201DL2005PTC138427	GIA FOODS PRIVATE LIMITED	DIRECTOR	03/08/2005	03/08/2005	-	ACTIVE	NO
8	U45201DL2006PTC144367	CHESTER LAND DEVELOPERS PRIVATE LIMITED	DIRECTOR	02/01/2006	02/01/2006	-	ACTIVE	NO
9	U24233DL2006PTC150486	SAMRIDHI BIOTECH PRIVATE LIMITED	DIRECTOR	24/03/2007	24/03/2007	-	ACTIVE	NO
10	U15490DL2007PTC164961	PLATINUM FOOD PRIVATE LIMITED	DIRECTOR	20/06/2007	20/06/2007	15/04/2014	ACTIVE	NO
11	U74900DL2007PTC164960	KMF MANAGEMENT AND CONSULTANTS PRIVATE LIMITED	DIRECTOR	20/06/2007	20/06/2007	-	ACTIVE	NO
12	U15137DL2007PTC165892	ALPHA MILKFOODS PRIVATE LIMITED	DIRECTOR	16/07/2007	16/07/2007	-	ACTIVE	NO
13	U51101DL2005PTC142087	ALLENE OVERSEAS PRIVATE LIMITED	DIRECTOR	05/02/2009	05/02/2009	24/06/2009	ACTIVE	NO
14	U74999DL2010PTC200984	INNOVATION DATA ANALYTICS PRIVATE LIMITED	ADDITIONAL DIRECTOR	10/09/2011	10/09/2011	-	ACTIVE	NO
15	U70109DL2011PTC219658	STANDARD BUILDHOMES PRIVATE LIMITED	DIRECTOR	15/09/2011	15/09/2011	-	ACTIVE	NO
16	U45200DL2012PTC232773	VRS BUILDCON PRIVATE LIMITED	DIRECTOR	13/03/2012	13/03/2012	-	ACTIVE	NO
17	U45400DL2012PTC245528	S.T.B.J. DEVELOPERS PRIVATE LIMITED	DIRECTOR	30/11/2012	30/11/2012	-	ACTIVE	NO
18	U45209DL2012PTC246449	ALL TIME PROMOTERS PRIVATE LIMITED	DIRECTOR	19/12/2012	19/12/2012	-	ACTIVE	NO
19	U45200DL2013PTC250133	V.G. PROMOTERS PRIVATE LIMITED	DIRECTOR	30/03/2013	30/03/2013	-	ACTIVE	NO
20	U52100DL2014PTC263634	TERRIL IMPEX INDIA PRIVATE LIMITED	DIRECTOR	14/02/2014	14/02/2014	12/03/2014	ACTIVE	NO
21	U55101DL2014PTC270626	B M G HOSPITALITIES PRIVATE LIMITED	DIRECTOR	20/08/2014	20/08/2014	-	ACTIVE	NO

Name :

Mr. Gian Parkash Gupta

Designation :

Director

Address :

14, The Mall, Karnal - 132001, Haryana, India

Date of Birth/Age :

21.11.1942

Qualification :

Graduate

Date of Appointment :

26.11.1991

PAN No.:

ABFPG9127N

DIN No.:

00108366

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	U15202HR1991PLC031481	KARNAL MILK FOODS LIMITED	Director	26/11/1991	26/11/1991	-	Active	NO
2	U32109DL1996PTC082602	ELECTROVISION INDIA PRIVATE LIMITED	Director	16/10/1996	16/10/1996	-	Active	NO
3	U74899DL2000PLC103611	KMF SOLUTIONS LIMITED.	Director	04/02/2000	04/02/2000	-	Active	NO
4	U51909DL2000PTC106149	KMF INTERNATIONAL PRIVATE LIMITED	Director	07/06/2000	07/06/2000	-	Active	NO
5	U18101DL2005PTC139295	ROOPAK LOOMTEX PRIVATE LIMITED	Additional director	24/12/2014	03/08/2005	21/01/2015	Active	NO
6	U15201DL2005PTC138427	GIA FOODS PRIVATE LIMITED	Director	03/08/2005	03/08/2005	-	Active	NO
7	U24233DL2006PTC150486	SAMRIDHI BIOTECH PRIVATE LIMITED	Director	03/07/2006	03/07/2006	-	Active	NO
8	U74900DL2007PTC164960	KMF MANAGEMENT AND CONSULTANTS PRIVATE LIMITED	Director	20/06/2007	20/06/2007	-	Active	NO
9	U15137DL2007PTC165892	ALPHA MILKFOODS PRIVATE LIMITED	Additional director	10/06/2014	10/06/2014	-	Active	NO

Name :

Mr. Vineet Gupta

Designation :

Director

Address :

14, The Mall, Karnal - 132001, Haryana, India

Date of Birth/Age :

15.10.1971

Qualification :

Graduate

Date of Appointment :

26.11.1991

DIN No.:

00554467

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	U15202HR1991PLC031481	KARNAL MILK FOODS LIMITED	Director	26/11/1991	26/11/1991	-	Active	NO
2	U51101DL2005PTC142087	ALLENE OVERSEAS PRIVATE LIMITED	Director	24/10/2005	24/10/2005	24/06/2009	Active	NO
3	U15490DL2007PTC164961	PLATINUM FOOD PRIVATE LIMITED	Director	20/06/2007	20/06/2007	14/11/2008	Active	NO

Name :

Smarth Gupta

Designation :

Director

Address :

14, The Mall, Opposite SP Residence, Karnal – 132001, Haryana, India

Date of Birth/Age :

11.04.1990

Date of Appointment :

05.11.2012

DIN No.:

02285284

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	U15202HR1991PLC031481	KARNAL MILK FOODS LIMITED	Director	05/11/2012	05/11/2012	-	Active	NO
2	U15137DL2007PTC165892	ALPHA MILKFOODS PRIVATE LIMITED	Director	30/09/2014	30/09/2014	-	Active	NO
3	U55101DL2014PTC270626	B M G HOSPITALITIES PRIVATE LIMITED	Additional director	18/11/2014	18/11/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manoj Singla
Designation :	Purchasing Department
Name :	Mr. Ashok Jadon
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 27.09.2014

Names of Shareholders	No. of Shares
Anil Kumar	10000
Anup Kumar Taraori	6865
Arun Kumar	7500
Ashok Kumar Gupta	9000
Aslam Khan	5000
Atul Aggarwal Karnal	20000
Akshay Sales Private Limited, India	60000
Balbir Singh Taraori	5881
Chand Gupta	4000
Chander Mohan Aggarwal	10200
Darshan Singh Karnal	14958
Dharam Pal Gupta	10
Dharmindra Bhai Nadiad	43590
Dinesh Chand	5000
Dinesh Kumar Mittal Karnal	8168
Electrovisions India Private Limited, INdia	133240
Gian Parkash Gupta	1099958
Gian Parkash Gupta HUF	26000
Gopal Kishan Ch Karnal	41500
Gopal Rai Guwahati	40000
Gulab Singh Vill Kaur	35000
Gurdev Sungh Vill Darar	15020
Ilam Singh	4000
Iqbal Khan Vill Bapa	18500
Jagdish Sharma	23000
Jai Singh Vill Dalanpur	35000
KMF Solutions Limited, India	160800
M.M. Gupta	10000
Mam Chand Vill Bhukaipuri	14550
Monisha Granite Limited, India	50000

Equity Share Break up (Percentage of Total Equity)

As on: 27.09.2014

Category	Percentage
Bodies corporate	7.53
Directors or relatives of Directors	87.11
Other top fifty shareholders	5.36
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Trader of Milk Dairy Products.

Products :

Product Description	ITC Code
Milk and Milk Products	04039090

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Milk Dairy Products

Countries :

Bangladesh

Imports :

Products :

Milk Dairy Products

Countries :

• Singapore
• USA

Terms :

Selling :

Cheque

Purchasing :

Cheque

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Not Available

Bankers :

• Punjab National Bank, G.T. Road, Karnal, Haryana, India
• State Bank of India, Industrial Finance Branch Jawahar Vyapar Bhawan, 14th Floor, 1 Tolstoy Marg, New Delhi - 110001, India

Bank Name	HDFC Bank Limited
Branch	Haryana, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	3.380	0.368
Short-term borrowings
Loans repayable on demand	107.925	141.815
Total	111.305	142.183

Auditors :
Name :	Dinesh K. Jain and Associates Chartered Accountants
Address :	Geeta Mandir Road, Geeta Market, Haryana, India
PAN No.:	AAEFD6898H
Memberships :	Not Available
Collaborators :	Not Available
Related Parties :	Alfa Milk Food Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
8,000,000	Equity Shares	Rs.10/- each	Rs. 80.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
7,092,740	Equity Shares	Rs.10/- each	Rs. 70.927 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	70.927	66.529	66.529
(b) Reserves & Surplus	99.206	82.773	75.125
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.588	11.584	5.584
Total Shareholders’ Funds (1) + (2)	170.721	160.886	147.238
(3) Non-Current Liabilities
(a) long-term borrowings	20.518	21.670	23.632
(b) Deferred tax liabilities (Net)	20.436	20.436	20.436
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	40.954	42.106	44.068
(4) Current Liabilities
(a) Short term borrowings	107.925	141.815	99.960
(b) Trade payables	119.835	43.459	53.542
(c) Other current liabilities	3.163	1.918	2.616
(d) Short-term provisions	6.909	6.149	4.705
Total Current Liabilities (4)	237.832	193.341	160.823
TOTAL	449.507	396.333	352.129
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	126.269	111.934	115.986
(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	1.524	2.861	0.000
(b) Non-current Investments	19.117	11.286	2.215
(c) Deferred tax assets (net)	6.810	4.710	3.685
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.042	0.000	0.000
Total Non-Current Assets	153.762	130.791	121.886
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	119.839	131.638	161.982
(c) Trade receivables	138.297	117.832	48.148
(d) Cash and cash equivalents	6.137	5.728	10.049
(e) Short-term loans and advances	31.472	10.344	10.064
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	295.745	265.542	230.243
TOTAL	449.507	396.333	352.129

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1455.650	1183.661	1135.266
		Other Income	1.430	0.554	1.376
		TOTAL (A)	1457.080	1184.215	1136.642
Less	EXPENSES
		Cost of Materials Consumed	1335.808	1063.763	1115.922
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	3.514	29.885	(90.381)
		Employees benefits expense	3.567	3.102	2.767
		Other expenses	68.957	46.867	69.760
		TOTAL (B)	1411.846	1143.617	1098.068
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		45.234	40.598	38.574
Less	FINANCIAL EXPENSES (D)		19.527	18.069	17.393
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		25.707	22.529	21.181
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.507	9.881	9.643
	PROFIT BEFORE TAX (E-F) (G)		15.200	12.648	11.538
Less	TAX (H)		5.364	5.001	3.408
	PROFIT AFTER TAX (G-H) (I)		9.836	7.647	8.130
	Earnings Per Share (Rs.)		1.39	1.15	1.22

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.68	0.65	0.72
Operating Profit Margin (PBIDT/Sales)	(%)	3.11	3.43	3.40
Return on Total Assets (PBT/Total Assets}	(%)	3.60	3.35	3.33
Return on Investment (ROI) (PBT/Networth)		0.09	0.08	0.08
Debt Equity Ratio (Total Debt /Networth)		0.75	1.02	0.84
Current Ratio (Current Asset/Current Liability)		1.24	1.37	1.43

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	66.529	66.529	70.927
Reserves & Surplus	75.125	82.773	99.206
Share Application money pending allotment	5.584	11.584	0.588
Net worth	147.238	160.886	170.721
long-term borrowings	23.632	21.670	20.518
Short term borrowings	99.960	141.815	107.925
Total borrowings	123.592	163.485	128.443
Debt/Equity ratio	0.839	1.016	0.752

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operation	1135.266	1183.661	1455.650
		4.263	22.979

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operation	1135.266	1183.661	1455.650
Profit	8.130	7.647	9.836
	0.72%	0.65%	0.68%

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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

PERFORMANCE APPRAISAL:

During the year, company achieved turnover of Rs. 1455.700 Million in comparison to turnover of Rs. 1183.600 Million during 2012-13. It has registered the growth of 22.99% in turnover.

UNSECURED LOAN

Particular	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from related parties	17.138	21.302
Total	17.138	21.302

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90061785	11/07/2013 *	299,300,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH JAWAHAR VYAPAR BHAWAN, 14TH FLOOR, 1 TOLSTOY MARG, NEW DELHI - 110001, INDIA	B83459859
2	90060391	26/04/1994	6,500,000.00	PUNJAB NATIONAL BANK	CLOCK TOWER, KARNAL, HARYANA, INDIA	-
3	90060247	10/05/1994 *	6,500,000.00	PUNJAB NATIONAL BANK	CLOCK TOWER BRANCH, KARNAL, HARYANA, INDIA	-

* Date of charge modification

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment

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.62.33
UK Pound	1	Rs.92.53
Euro	1	Rs.67.60

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	KRN
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.