MIRA INFORM REPORT

Report No. :	338041
Report Date :	22.08.2015

IDENTIFICATION DETAILS

Name :	EDHAYAM FROZEN FOODS PRIVATE LIMITED
Registered Office :	3/52-B, Krishnarajapuram, Chidambaranar District, Tuticorin – 628 002 Tamilnadu
Tel. No.:	91-461-2361354
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.01.1995
Com. Reg. No.:	18-029921
Capital Investment / Paid-up Capital :	Rs.10.000 million
CIN No.: [Company Identification No.]	U15431TN1995PTC029921
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACE4015A
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged primarily in the business of processing and exporting marine products.
No. of Employees :	Information declined by the Management.

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 355600
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Sales turnover of the company has increased from Rs.784.000 million to Rs.1270.000 million in FY14. Further it has achieved fair profitability margin. However rating constraints on account of increasing short term borrowings in FY14. 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 usual trade terms and conditions. Note: Partial information has been taken from indirect source i.e. ICRA ratings.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	ICRA
Rating	Long Term - Term Loans: BB
Rating Explanation	Inadequate credit quality and high credit risk
Date	July, 2015

Rating Agency Name	ICRA
Rating	Short Term - Fund Based Facilities: A4+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	July, 2015

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 31-03-2013.

INFORMATION DECLINED BY

Name :	Mr. Thangamariappan
Designation :	Accounts Department
Contact No.:	91-461-2360346
Date :	21.08.2015

LOCATIONS

Registered Office :	3/52-B, Krishnarajapuram, Chidambaranar District, Tuticorin – 628 002 Tamilnadu, India
Tel. No.:	91-461-2361354/ 2360952/ 2360346/ 2360117
Fax No.:	91-461-2362693/ 2361109
E-Mail :	ttn_kanni@sancharnet.in
Website :	http://www.kanni.com
Corporate Office :	Building No.8, 2^nd Floor, Tower A, DLF Cyber City, Phase II, Gurgaon, Haryana, India
Tel. No.:	91-124-4545310/ 4545300/ 4545800
Fax No.:	91-124-4050424
E-Mail :	vivek@icraindia.com
Shrimp Processing Facility:	Located at: · Tuticorin (Tamilnadu)
Branch Office :	Located at: · Mumbai · Kolkata · Chennai · Bangalore · Ahmedabad · Pune · Hyderabad

DIRECTORS

AS ON 12.09.2014

Name :

Mr. Durairaj

Designation :

Managing Director

Address :

13A/5D, Innasiarpuram, Tuticorin – 628 002, Tamilnadu, India

Date of Birth/Age :

11.02.1947

Date of Appointment :

23.01.1995

DIN No.:

00610556

PAN No.:

ACFPD8436L

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	U15431TN1995PTC029921	EDHAYAM FROZEN FOODS PRIVATE LIMITED	Managing director	23/01/1995	23/01/1995	-	Active	NO
2	U45202TN2004PTC054079	DSF GRAND PLAZAS PRIVATE LIMITED	Managing director	27/08/2004	27/08/2004	-	Active	NO
3	U91200KL1970NPL002301	SEA FOOD EXPORTERS ASSOCIATION OF INDIA	Director	24/09/2011	24/09/2011	-	Active	NO

Name :

Mr. Anbalagan D.

Designation :

Director

Address :

5/27, South Street, Vembar, Vilathikulam Taluk, Tuticorin - 628 906, Tamilnadu, India

Date of Birth/Age :

19.07.1960

Date of Appointment :

23.01.1995

DIN No.:

00610650

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	U15431TN1995PTC029921	EDHAYAM FROZEN FOODS PRIVATE LIMITED	Director	23/01/1995	23/01/1995	-	Active	NO
2	U45202TN2004PTC054079	DSF GRAND PLAZAS PRIVATE LIMITED	Director	27/08/2004	27/08/2004	-	Active	NO

Name :

Mr. Devanesam Paul Pandi

Designation :

Director

Address :

112/27/1,Gomathibai Colony, Tuticorin – 628 002, Tamilnadu, India

Date of Birth/Age :

20.09.1945

Date of Appointment :

23.01.1995

DIN No.:

00610697

PAN No.:

AEWPP9937M

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	U15431TN1995PTC029921	EDHAYAM FROZEN FOODS PRIVATE LIMITED	Director	23/01/1995	23/01/1995	-	Active	NO
2	U45202TN2004PTC054079	DSF GRAND PLAZAS PRIVATE LIMITED	Managing director	27/08/2004	27/08/2004	-	Active	NO
3	U93000TN2012NPL086868	PALMYRAH MICRO FINANCE	Director	16/06/2015	16/06/2015	-	Active	NO

Name :

Ms. Jeyasusila

Designation :

Director

Address :

112/27/1, Gomathibai Colony, Tuticorin – 628 002, Tamilnadu, India

Date of Birth/Age :

25.01.1976

Date of Appointment :

23.01.1995

DIN No.:

00610707

Name :

Mr. Manoharan

Designation :

Director

Address :

3C, Innasiarpuram, II Street, Tuticorin – 628 002, Tamilnadu, India

Date of Birth/Age :

17.02.1955

Date of Appointment :

23.01.1995

DIN No.:

00610748

PAN No.:

ADZPM1967A

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	U15431TN1995PTC029921	EDHAYAM FROZEN FOODS PRIVATE LIMITED	Director	23/01/1995	23/01/1995	-	Active	NO
2	U45202TN2004PTC054079	DSF GRAND PLAZAS PRIVATE LIMITED	Director	27/08/2004	27/08/2004	-	Active	NO

Name :

Mr. Sathiyanathan D.

Designation :

Director

Address :

26 O. Valasamuthirapuram, Vembar South, Tuticorin – 628 906, Tamilnadu, India

Date of Birth/Age :

19.01.1944

Date of Appointment :

23.01.1995

DIN No.:

00612240

PAN No.:

AKXPS6094D

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	U15431TN1995PTC029921	EDHAYAM FROZEN FOODS PRIVATE LIMITED	Director	23/01/1995	23/01/1995	-	Active	NO
2	U45202TN2004PTC054079	DSF GRAND PLAZAS PRIVATE LIMITED	Director	27/08/2004	27/08/2004	-	Active	NO

Name :

Mr. Neeger Giftson Prince

Designation :

Director

Address :

13A/5D, Innasiarpuram, Tuticorin – 628 002, Tamilnadu, India

Date of Birth/Age :

10.06.1974

Date of Appointment :

23.01.1995

DIN No.:

02351973

KEY EXECUTIVES

Name :	Mr. Thangamariappan
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 12.09.2014

Names of Shareholders	No. of Shares
Paulpandi. D	148000
Durairaj. D	148000
Sathiyanathan. D	147000
Manoharan. D	147000
Anbalagan. D	147000
Neeger Giftson Prince	2000
Jeyasusila. P	2000
Ebenezer Jeya Anbu. A	53000
Chnadra Gnanasironmani. M	53000
Gnanapoo Sugirtham. D	50000
Panchavarnam. P	50000
Solomon Raja. S	53000
Total	1000000

AS ON 12.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged primarily in the business of processing and exporting marine products.
Products :	Shrimps Cuttlefish Squid etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

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 :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

Customers :

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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

Information declined by the Management.

Bankers :

Banker Name	Canara Bank
Branch Address	Tuticorin Branch, 55, Beach Road, Tuticorin – 628 001, Tamilnadu, 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

· State Bank of India

· Axis Bank Limited

Facilities :

Secured Loans	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS:
Rupee term loans from others (Secured by land, building, plant and machinery and repayable in 60 installments of Rs.10 lacs each)	2.454	12.584
Loans taken for other fixed assets (HP From Sundaram Finance Limited)	0.183	0.854
SHORT TERM BORROWINGS:
Loans repayable on demand from banks (All above loans are secured by Hypothecation of stock in trade, and also guaranteed by all the directors)	383.945	187.936
Total	386.582	201.374

Financial Institution :	Sundaram Finance Limited, 21 Patullos Road, Chennai – 600 002, Tamilnadu, India
Auditors :
Name :	M. Arumugam Chartered Accountant
Address :	4 B/A8, Mangal Mall, Mani Nagar, Thoothukkudi – 628 003, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AARPA3590L
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Theva and Company, India Diamond Seafood Exports, India Kadalkanny Frozen Foods, India King Ice Plant, India Edhayam and Company, India Thevanesam Erudhayam, India Theva Erudhayam Aqua Farms, India DSF Grand Plazas Private Limited, India

CAPITAL STRUCTURE

AS ON 12.09.2014

Authorized 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	114.463	97.542	90.350
(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)	124.463	107.542	100.350
(3) Non-Current Liabilities
(a) Long-term borrowings	2.637	13.438	25.609
(b) Deferred tax liabilities (Net)	3.198	3.070	3.153
(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)	5.835	16.508	28.762
(4) Current Liabilities
(a) Short term borrowings	383.945	187.936	229.853
(b) Trade payables	14.990	18.740	3.893
(c) Other current liabilities	12.839	11.207	6.399
(d) Short-term provisions	8.223	3.995	7.470
Total Current Liabilities (4)	419.997	221.878	247.615
TOTAL	550.295	345.928	376.727
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	76.197	83.873	89.671
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	2.902	1.672	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.427	0.427	0.427
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.521	0.460	0.460
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	80.047	86.432	90.558
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	207.755	121.716	170.382
(c) Trade receivables	209.909	104.280	85.853
(d) Cash and cash equivalents	21.511	24.869	22.624
(e) Short-term loans and advances	31.073	8.631	7.310
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	470.248	259.496	286.169
TOTAL	550.295	345.928	376.727

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	1270.000 (Operating Income)	783.552	734.778
		Other Income	NA	0.537	0.705
		TOTAL	NA	784.089	735.483
Less	EXPENSES
		Cost of raw materials consumed	NA	583.909	616.494
		Changes in inventories of finished goods	NA	48.726	(25.767)
		Employees benefits expense	NA	3.211	3.619
		Other expenses	NA	108.399	94.166
		TOTAL	NA	744.245	688.512
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		NA	39.844	46.971
Less	FINANCIAL EXPENSES		NA	18.399	11.335
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	21.445	35.636
Less/ Add	DEPRECIATION/ AMORTISATION		NA	10.340	6.324
	PROFIT/ (LOSS) BEFORE TAX		NA	11.105	29.312
Less	TAX		NA	3.913	9.603
	PROFIT/ (LOSS) AFTER TAX		16.921	7.192	19.709
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		97.542	90.350	70.641
	BALANCE CARRIED TO THE B/S		114.463	97.542	90.350
	EARNINGS IN FOREIGN CURRENCY
		Export of goods on F.O.B. Basis	NA	724.486	621.651
	TOTAL EARNINGS		NA	724.486	621.651
	Earnings/ (Loss) Per Share (Rs.)		16.92	7.19	19.71

Note:

Partial information (i.e. operating income) has been taken from indirect source i.e. ICRA ratings.

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current maturities of long-term debt	11.411	11.032	6.212
Cash generated from operations	NA	NA	NA
Net cash from operating activities	NA	80.409	18.948

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.33	0.92	2.68
Operating Profit Margin (PBIDT/Sales)	(%)	NA	5.09	6.39
Return on Total Assets (PBT/Total Assets}	(%)	NA	3.23	7.79
Return on Investment (ROI) (PBT/Networth)		NA	0.10	0.29
Debt Equity Ratio (Total Debt /Networth)		3.20	1.98	2.61
Current Ratio (Current Asset/Current Liability)		1.12	1.17	1.16

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	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	90.350	97.542	114.463
Share Application money pending allotment	0.000	0.000	0.000
Net worth	100.350	107.542	124.463
Long-term borrowings	25.609	13.438	2.637
Short term borrowings	229.853	187.936	383.945
Current Maturities of Long term debt	6.212	11.032	11.411
Total borrowings	261.674	212.406	397.993
Debt/Equity ratio	2.608	1.975	3.198

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 operations	734.778	783.552	1270.000 (Operating Income)
		6.638	62.082

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 operations	734.778	783.552	1270.000 (Operating Income)
Profit	19.709	7.192	16.921
	2.68%	0.92%	1.33%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity-Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10579794	21/05/2015	779,100.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA	C58816174
2	10378926	16/08/2012	1,089,000.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA	B59037119
3	10378927	16/08/2012	1,089,000.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA	B59037168
4	10274340	03/03/2011	1,198,000.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA	B08833337
5	10274355	03/03/2011	1,078,200.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA	B08834921
6	10163294	28/05/2009	907,500.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA	A64246036
7	90283146	25/11/2013 *	390,804,000.00	CANARA BANK	TUTICORIN BRANCH, 55 BEACH ROAD, TUTICORIN, TAMILNADU - 628001, INDIA	B93144392
8	90281555	24/01/2002	16,000,000.00	CANARA BANK	55; BEACH ROAD, TUTICORIN, TAMILNADU, INDIA	-
9	90282326	30/03/2001	10,000,000.00	CANARA BANK	55; BEACH ROAD, TUTICORIN, TAMILNADU - 628001, INDIA	-
10	90282045	21/01/2005 *	6,000,000.00	CANARA BANK	55; BEACH ROAD, TUTICORIN, TAMILNADU - 628001, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Computer

· 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 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.65.83
UK Pound	1	Rs.103.39
Euro	1	Rs.74.27

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KIN
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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		42

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.