MIRA INFORM REPORT

Report No. :	318386
Report Date :	22.04.2015

IDENTIFICATION DETAILS

Name :	NEO SEEDS INDIA PRIVATE LIMITED (w.e.f 11.03.2015)
Formerly known as :	NEO SEEDS INDIA LIMITED
Registered Office :	A-24/25, Apie Balanagar, Hyderabad – 500037, Telangana
Tel No :	91-40-23772502
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.03.2009
Com. Reg. No.:	01-063224
Capital Investment / Paid-up Capital :	Rs. 10.000 Million
CIN No.: [Company Identification No.]	U01112TG2009PTC063224
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of production and sales of seeds
No. of Employees :	Information Denied by 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 90000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Sales turnover of the company has declined which resulted into drastic decline in the profit of the company during FY 2014. Borrowings recorded by the company are also huge. However, trade relations are reported as fair. Payments 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 – 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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

Management non co-operative

LOCATIONS

Registered Office :	A-24/25, Apie Balanagar, Hyderabad – 500037, Telangana, India
Tel. No.:	91-40-23772502
Fax No.:	91-40-23772595
E-Mail :	hydchem@hyderabadchemical.com
Factory :	Sy. No. 231, Auto Park Road, Muppireddypalli Village, Toopran Mandal, Medak Dist – 502336, Telangana, India
R and D Farm:	Masaipet, Veldurthy Mandal, Medak Dist – 502336, Telangana, India

DIRECTORS

As on: 02.07.2014

Name :

Mr. Sukumar Nellore

Designation :

Director

Address :

6-3-883/A/10, Padmavathipalace, Punjagutta, Hyderabad – 500482, Telangana, India

Date of Birth/Age :

02.10.1951

Date of Appointment :

31.03.2009

DIN No.:

00462316

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	U24230TG1954PTC000736	VIBRANT GREENTECH INDIA Private Limited	Managing director	01/04/2014	24/09/1988	-	Active	NO
2	U24239TG1990PTC011356	HYDERABAD CHEMICAL PRODUCTS Private Limited	Director	01/01/2015	11/06/1990	-	Active	NO
3	U24211DL1970NPL005200	CROP CARE FEDERATION OF INDIA	Director	17/09/2002	17/09/2002	-	Active	NO
4	U01112TG2009PTC063224	NEO SEEDS INDIA Private Limited	Director	31/03/2009	31/03/2009	-	Active	NO
5	U24100TG2013PTC091503	NECTAR CROP SCIENCES Private Limited	Director	05/12/2013	05/12/2013	-	Active	NO
6	U24100TG2013PTC091502	HYDERABAD CHEMICAL Private Limited	Managing director	05/01/2015	05/12/2013	-	Active	NO

Name :

Mr. Dipesh Kantisen Shroff

Designation :

Director

Address :

Sanket 39, Hatkesh Society, 6 NS Road, Juhu, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

03.02.1960

Date of Appointment :

31.03.2009

DIN No.:

00030792

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	U65990MH1984PTC033148	DIPKANTI INVESTMENTS AND FINANCING PRIVATE LIMITED	Director	18/04/1986	18/04/1986	-	Active	NO
2	U33152MH1984PTC033152	SHRODIP INVESTMENTS PRIVATE LIMITED	Director	18/04/1986	18/04/1986	-	Active	NO
3	U65990MH1983PLC030597	KAMALJYOT INVESTMENTS LIMITED	Director	01/02/1991	01/02/1991	04/06/2008	Active	NO
4	U25209GJ1994PTC022542	DEVNIDHI PLASTICS PVT LTD	Director	28/05/1995	28/05/1995	-	Active	NO
5	U24210GJ1985PLC007569	AGROCEL INDUSTRIES LIMITED	Managing director	01/08/2012	26/06/1996	-	Active	NO
6	L23205GJ1965PLC001343	TRANSPEK INDUSTRY LIMITED	Director	27/03/2001	27/03/2001	-	Active	NO
7	U24231GJ1987PLC009324	PARUL CHEMICALS LIMITED	Director	01/12/2001	01/12/2001	14/12/2009	Amalgamated	NO
8	L74999MH1964PLC012878	EXCEL CROP CARE LTD	Managing director	01/09/2013	01/09/2003	-	Active	NO
9	L24200MH1960PLC011807	EXCEL INDUSTRIES LIMITED	Director	03/09/2003	03/09/2003	-	Active	NO
10	U67120MH2003PTC034259	PRITAMI INVESTMENTS PVT LTD	Director	15/09/2003	15/09/2003	-	Active	NO
11	U24230TG1954PTC000736	VIBRANT GREENTECH INDIA Private Limited	Director	21/11/2003	21/11/2003	-	Active	NO
12	U24239TG1990PTC011356	HYDERABAD CHEMICAL PRODUCTS Private Limited	Director	21/11/2003	21/11/2003	-	Active	NO
13	U01110GJ2005PLC047254	KUTCH CROP SERVICES LIMITED	Director	12/12/2005	12/12/2005	-	Active	NO
14	L24210MH1987PLC044362	AIMCO PESTICIDES LIMITED	Director	26/04/2006	26/04/2006	31/07/2007	Active	NO
15	U74120GJ1989PLC012329	TML INDUSTRIES LIMITED	Director	15/11/2007	20/06/2007	-	Active	NO
16	U29259GJ1970PLC001800	SHROFFS ENGINEERING LTD	Director	26/06/2007	26/06/2007	-	Active	NO
17	U01403MH2007PLC176907	EXCEL BIO RESOURCES LIMITED	Director	18/12/2007	18/12/2007	-	Active	NO
18	U01135GJ1996PLC030102	OASIS AGRITECH LIMITED	Director	10/11/2008	07/01/2008	-	Active	NO
19	U91990GJ2008NPL053876	FEDERATION OF KUTCH INDUSTRIES ASSOCIATION	Director	16/01/2009	16/01/2009	26/08/2014	Active	NO
20	U01112TG2009PTC063224	NEO SEEDS INDIA Private Limited	Director	31/03/2009	31/03/2009	-	Active	NO
21	U65993MH2006PLC164038	ECCL INVESTMENTS AND FINANCE LIMITED	Director	05/08/2014	26/09/2013	-	Active	NO
22	U24100TG2013PTC091502	HYDERABAD CHEMICAL Private Limited	Director	05/12/2013	05/12/2013	-	Active	NO
23	U24100TG2013PTC091503	NECTAR CROP SCIENCES Private Limited	Director	05/12/2013	05/12/2013	-	Active	NO

Name :

Ms. Shruthi Atul Shroff

Designation :

Director

Address :

H No. 1028, AT and PT, Raipura Taluka and District Vadodara – 391410, Gujarat, India

Date of Birth/Age :

24.09.1950

Date of Appointment :

31.03.2009

DIN No.:

00019693

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	U29259GJ1970PLC001800	SHROFFS ENGINEERING LTD	Director	16/01/1985	16/01/1985	-	Active	NO
2	U65990GJ1985PTC082604	MADISON INVESTMENTS PRIVATE LIMITED	Director	06/04/1985	06/04/1985	-	Active	NO
3	U24230TG1954PTC000736	VIBRANT GREENTECH INDIA Private Limited	Director	21/11/2003	21/11/2003	-	Active	NO
4	U24239TG1990PTC011356	HYDERABAD CHEMICAL PRODUCTS Private Limited	Director	21/11/2003	21/11/2003	-	Active	NO
5	U51909GJ2004PLC043474	TRANSCHEM AGRITECH LIMITED	Director	20/01/2004	20/01/2004	-	Active	NO
6	U01112TG2009PTC063224	NEO SEEDS INDIA Private Limited	Director	31/03/2009	31/03/2009	-	Active	NO
7	U24100TG2013PTC091502	HYDERABAD CHEMICAL Private Limited	Director	05/12/2013	05/12/2013	-	Active	NO
8	U24100TG2013PTC091503	NECTAR CROP SCIENCES Private Limited	Director	05/12/2013	05/12/2013	-	Active	NO

KEY EXECUTIVES

Name :	DSMR and Associates
Designation :	Company Secretaries
Address :	407, Nirmal Towers, Near Saibaba Temple, Dwarkapuri Colony, Punjagutta, Hyderabad – 500082, Telangana, India
Tel No.:	91-40-23358776
Mobile No.:	91-9848243356
Email Id :	ram.devata@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 02.07.2014

Names of Shareholders	No. of Shares
Hyderabad Chemicals Limited, India	999994
Sukumar Nellore	1
Gayatri Nellore	1
Dipesh Kantisen Shroff	1
Preeti Dipesh Shroff	1
Atul Goyindji Shroff	1
Atul Shruthi Shroff	1
Total	1000000

As on : 02.07.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of production and sales of seeds
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information Denied by Management

Bankers :

Banker Name	State Bank of India
Branch Address	IDPL Colony Branch, Kulkatpally, Hyderabad – 500037, Telangana, 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 :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loan repayable on demand
Working capital loan from SBH	18.046	19.618
Total	18.046	19.618
Details of securities for woring capital loan: Working Cap[ital. Loan from State bank of Hyderabad, IDPL Colony Branch Hyderabad -37, Secured by Hypothecation of Stocks, Book Debts, Stores and Spares, Other Current Assets, Open Land at Muppireddypalli village, Building at Masipet and Corporate Guarantee by Hyderabad Chemicals Limited

Auditors :
Name :	Akasam and Associates Chartered Accountants
Address :	Akasam, 10-1-17-/1/1, Level 1 and 2, Masab Tank, Hyderabad – 500004, Telangana, India
Email Id:	info@akasamandassociates.com
Wed site :	www.akasamandassociates.com
PAN No.:	AADFA6112E
Enterprises over which Key Management Personnel and their Relatives have significant influence :	Vibrant Greentech Limited Excel Crop Care Limited Excel Industries Limited
Holding Company :	Hyderabad Chemicals Limited (CIN No.:U24230TG1954PLC000736)
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Hyderabad Chemicals Products Limited Nectar Crop Science Limited

CAPITAL STRUCTURE

As on : 02.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 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	10.000	10.000	10.000
(b) Reserves & Surplus	21.328	21.016	18.365
(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)	31.328	31.016	28.365
(3) Non-Current Liabilities
(a) long-term borrowings	132.500	92.500	52.500
(b) Deferred tax liabilities (Net)	0.416	0.278	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.317	0.281	0.210
Total Non-current Liabilities (3)	133.233	93.059	52.710
(4) Current Liabilities
(a) Short term borrowings	18.046	19.618	0.000
(b) Trade payables	42.240	19.235	10.061
(c) Other current liabilities	39.403	34.106	47.772
(d) Short-term provisions	2.177	2.070	1.319
Total Current Liabilities (4)	101.866	75.029	59.152
TOTAL	266.427	199.104	140.227
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	93.950	55.069	54.649
(ii) Intangible Assets	4.631	5.449	3.436
(iii) Capital work-in-progress	1.793	28.994	0.629
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.044
(d) Long-term Loan and Advances	0.185	0.153	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	100.559	89.665	58.758
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	83.042	59.594	37.322
(c) Trade receivables	61.433	37.092	21.474
(d) Cash and cash equivalents	0.201	0.479	6.372
(e) Short-term loans and advances	21.192	12.232	16.218
(f) Other current assets	0.000	0.042	0.083
Total Current Assets	165.868	109.439	81.469
TOTAL	266.427	199.104	140.227

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	128.090	139.503	119.872
	Other Income	0.017	0.000	0.016
	TOTAL (A)	128.107	139.503	119.888
Less	EXPENSES
	Cost of Materials Consumed	76.861	48.656	16.605
	Purchases of Stock-in-Trade	(2.803)	50.531	61.880
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(25.487)	(20.941)	(10.281)
	Employees benefits expense	3.944	2.790	2.598
	Other expenses	59.237	42.806	36.374
	TOTAL (B)	111.752	123.842	107.176
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	16.355	15.661	12.712
Less	FINANCIAL EXPENSES (D)	11.139	8.477	3.941
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	5.216	7.184	8.771
Less/ Add	DEPRECIATION/ AMORTISATION (F)	4.661	3.353	1.885
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	0.555	3.831	6.886
Less	TAX (I)	0.243	1.180	1.179
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	0.312	2.651	5.707
	Earnings / (Loss) Per Share (Rs.)	0.31	2.65	5.71

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.24	1.90	4.76
Operating Profit Margin (PBITD/Sales)	(%)	12.77	11.23	10.60
Return on Total Assets (PBT/Total Assets}	(%)	0.21	2.25	4.93
Return on Investment (ROI) (PBT/Networth)		0.02	0.12	0.24
Debt Equity Ratio (Total Debt /Networth)		4.81	3.61	1.85
Current Ratio (Current Asset/Current Liability)		1.63	1.46	1.38

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	10.000	10.000	10.000
Reserves & Surplus	18.365	21.016	21.328
Net worth	28.365	31.016	31.328
long-term borrowings	52.500	92.500	132.500
Short term borrowings	0.000	19.618	18.046
Total borrowings	52.500	112.118	150.546
Debt/Equity ratio	1.851	3.615	4.805

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)
Sales	119.872	139.503	128.090
		16.377	(8.181)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	119.872	139.503	128.090
Profit	5.707	2.651	0.312
	4.76%	1.90%	0.24%

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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

COEPORATE INFORMATION :

The company is engaged in the business of production and sale of seeds. Date of incorporation of the company is 31.03.2009 and the registered office of the company is situated at A-24/25, Assisted Private Industrial Estate, Balanagar, Hyderabad-500037.

OPERRATION REVIEW :

The Company has achieved sales of Rs. 130.000 Million during the financial year 2013-2014 as against Rs. 140.000 Million in the previous year. Profit after tax, however, has dropped to Rs. 0.300 Million from Rs. 2.800 Million of the previous mainly due to R and D expenditure and interest paid to the holding company for the funds borrowed. The company has recently received approval for 9 Cotton Hybrids from Genetic Engineering Appraisal Committee for sales in North and Central India. In addition to approval for 2 Hybrid received during the year under review. With this the Company has 21 Cotton Hybrids approved by GEAC for B states and the company is expected to take advantage of new hybrids for future growth. Good progress is achieved in stabilizing Biotechnology Laboratory.

New processing and packing plant measuring 40,000 Sq. ft. has been completed and the Company is operating from these facilities at Muppireddypally village, near Hyderabad.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Inter corporate Holding Company	132.500	92.500
Total	132.500	92.500

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10367306	05/07/2012	25,000,000.00	STATE BANK OF HYDERABAD	IDPL COLONY BRANCH,, KUKATPALLY,, HYDERABAD, Andh  ra Pradesh - 500037, INDIA	B44431161

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Vehicles
• Computers

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.62.56
UK Pound	1	Rs.93.56
Euro	1	Rs.67.49

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

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

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.