MIRA INFORM REPORT

Report No. :	351959
Report Date :	02.12.2015

IDENTIFICATION DETAILS

Name :	SHRI AMBALIKA SUGAR PRIVATE LIMITED
Registered Office :	S. No. 685, Sharada Arcade, Pune-Satara Road, Bibwewadi, Pune-411037, Maharashtra
Tel No.:	91-2489-200401/402/501/502
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.05.2011
Com. Reg. No.:	11-139507
Capital Investment / Paid-up Capital :	Rs. 600.000 Million
CIN No.: [Company Identification No.]	U15429PN2011PTC139507
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAPCS8027H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of White Sugar. (Confirmed by Management)
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2011 having moderate track. Subject is a manufacturer of white sugar. Profit of the company has sharply declined during FY 2014. Further, the borrowings recorded by the company are huge which act as a threat to the liquidity position of the company. The rating also takes into consideration unfavorable gap between trade payables and trade receivables. Trade relations are reported as fair. Business is active. Payments are reported as 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 – 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	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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. More
Designation :	Finance Manager
Contact No.:	91-8554987521
Date :	30.11.2015

LOCATIONS

Registered Office :	S. No. 685, Sharada Arcade, Pune-Satara Road, Bibwewadi, Pune-411037, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-8554987518 (Mr. Kapace)
Fax No.:	Not Available
E-Mail :	shriambalikasugar@gmail.com
Location :	Rented
Factory :	Ambika Nagar, Near Rashin, Taluka- Karjat, Ahmednagar, Maharashtra, India
Tel No.:	91-2489-200401/402/501/502
Location :	Rented

DIRECTORS

As on 30.09.2014

Name :

Mr. Rajendra Shankarrao Ghadge

Designation :

Director

Address :

D/34, Swapnashilpa, Near Gandhi Lawns,, Ganesh Nagar, Kothrud, Pune-411029, Maharashtra, India

Date of Birth/Age :

03.04.1953

Date of Appointment :

11.05.2011

DIN No.:

00488491

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	U01100MH2004PTC145469	JAY AGROTECH PRIVATE LIMITED	Director	01/07/2005	01/07/2005	06/03/2014	Active	NO
2	U70102PN2007PTC131050	SHIVRAJ AGRO ESTATES PRIVATE LIMITED	Director	30/11/2007	30/11/2007	07/03/2014	Active	NO
3	U70102PN2008PTC131246	SURYAKIRAN AGRO-ESTATES PRIVATE LIMITED	Director	07/01/2008	07/01/2008	20/06/2011	Active	NO
4	U17120MH2001PTC131304	GOOFY TEXTILE PARK PRIVATE LIMITED	Director	15/07/2008	15/07/2008	07/03/2014	Active	NO
5	U15421PN2007PTC130272	DAUND SUGAR Private Limited	Director	04/11/2008	16/10/2008	-	Active	NO
6	U40100MH1995PTC087385	NON-CON ENERGIES (INDIA) Private Limited	Director	28/09/2010	25/05/2010	06/03/2014	Active	NO
7	U01403MH2007PTC169859	FIRE POWER AGRI-FARMS PRIVATE LIMITED	Director	28/09/2010	25/05/2010	-	Active	NO
8	U01400MH2007PTC169642	FIRE POWER AGROTECH PRIVATE LIMITED	Director	28/09/2010	25/05/2010	-	Active	NO
9	U45200MH2006PTC159297	FIRE POWER PROPERTIES PRIVATE LIMITED	Director	28/09/2010	25/05/2010	-	Active	NO
10	U66030MH1999PTC119640	FIRE POWER MARKETING (INDIA) PRIVATE LIMITED	Director	28/09/2010	25/05/2010	-	Active	NO
11	U45209PN2010PTC137986	Sunmitra Developers Private Limited	Director	14/12/2010	14/12/2010	-	Strike off	NO
12	U45209PN2010PTC137987	VIRAJ VASTU NIRMAN PRIVATE LIMITED	Director	14/12/2010	14/12/2010	-	Strike off	NO
13	U15432PN2011PTC138853	AMBANAGAR SUGAR PRIVATE LIMITED	Additional director	27/03/2011	27/03/2011	-	Strike off	NO
14	U15429PN2011PTC139507	SHRI AMBALIKA SUGAR PRIVATE LIMITED	Director	11/05/2011	11/05/2011	-	Active	NO
15	U70102PN2008PTC131244	SUJAY AGRO-ESTATES PRIVATE LIMITED	Director	30/09/2011	22/06/2011	07/03/2014	Active	NO
16	U15421PN2010PTC137691	JARANDESHWAR SUGAR MILLS Private Limited	Director	30/09/2011	10/08/2011	-	Active	NO
17	U45200PN2007PTC130795	NINE ELEMENTS DEVELOPERS PRIVATE LIMITED	Director	30/09/2013	27/07/2012	08/03/2014	Active	NO
18	U74999PN2007PTC129741	FIRE POWER ESTATE PRIVATE LIMITED	Director	30/09/2014	07/03/2014	-	Active	NO
19	AAB-1616	VAKRATUND PROMOTERS LLP	Body corporate as Designated Partner	10/10/2012	10/10/2012	-	Active	NO

Name :

Mr. Shahaji Ramadas Bhagat

Designation :

Director

Address :

At Post Someshwar Nagar, Waghalwadi, Tal-Baramati, Pune - 412306, Maharashtra, India

Date of Birth/Age :

01.06.1965

Date of Appointment :

08.11.2012

PAN No.:

ABAPB6666N

DIN No.:

03557951

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	U15429PN2011PTC139507	SHRI AMBALIKA SUGAR PRIVATE LIMITED	Director	08/11/2012	16/06/2011	-	Active	NO
2	U15421PN2010PTC137691	JARANDESHWAR SUGAR MILLS Private Limited	Director	30/09/2011	10/08/2011	18/10/2014	Active	NO
3	U74120PN2010PTC148843	ASTORIA AGRO AND ALLIED INDUSTRIES PRIVATE LIMITED	Whole-time director	29/09/2011	29/09/2011	-	Active	NO
4	U15549PN2013PTC148975	VISHWARAJA DISTILLERIES AND ALLIED INDUSTRIES PRIVATE LIMITED	Director	27/09/2013	27/09/2013	-	Strike off	NO
5	U15549PN2013PTC148973	SIDDHIPRIYA DISTILLERIES AND ALLIED INDUSTRIES PRIVATE LIMITED	Director	27/09/2013	27/09/2013	-	Strike off	NO
6	U15549PN2013PTC148974	AVANEESH DISTILLERIES AND ALLIED INDUSTRIES PRIVATE LIMITED	Director	27/09/2013	27/09/2013	-	Strike off	NO

KEY EXECUTIVES

Name :	Mr. More
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Equity Shareholders	No. of Shares
Gajanan Patkar	5000
Rajendra Shankarrao Ghadge	4900
Kalpa Vruksha Plantations Private Limited, India	9400000
Fire Power Marketing (India) Private Limited, India	5590000
Jay Agrotech Private Limited, India	5000000
Prakash Shard Joshi	100
Total	20000000

Names of Preference Shareholders	No. of Shares
Daund Sugar Limited, India	33300000
Kalpa Vruksha Plantations Private Limited, India	6700000
Total	40000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of White Sugar. (Confirmed by Management)

Products :

Item Code No.	Product Description
17011190	White Crystal Sugar

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

White Sugar

Countries :

Dubai

Imports :

Not Available

Terms :

Selling :

L/C, Cheque, Credit

Purchasing :

L/C, Cheque, Credit

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 :	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 :	Not Divulged
Remark:	Not Divulged

No. of Employees :

600 (Approximately)

Bankers :

Bank Name	Pune District Central Co-operative Bank Limited
Branch	Deulgaon, Rajapur, Pune, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

· Pune District Central Co-operative Bank Limited, 4 B, B J Road, Pune GPO, Pune – 411001, Maharashtra India

· Maharashtra State Co-operative Bank Limited, Sir Vithaldas Thakersey Memorial Building, 9,, Maharashtra Chambers of Commerce Lane, Fort, Mumbai- 400001, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans repayable on demand from banks (Secured Loans repayable on demand from Banks)	827.296	0.000
Short-term borrowings
Loans repayable on demand from Banks (Pledge loan from P.D.C.C. bank is secured by Hypothecation of sugar and other stocks, stores. Book debts and liquid assets.)	1341.268	0.000
Total	2168.564	0.000

Auditors :
Name :	S.H.Surana Chartered Accountants
Address :	7, Duggal Plaza, Premnagar Bibewadi, Pune-411037, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	ADWPS8894B
Memberships :	--
Collaborators :	--
Enterprise over which key managerial personnel exercise significant influence :	Fire Power Marketing (India) Private Limited, India Jay Agro tech Private Limited, India Daund Sugar Limited, India Astoria Agro and Allied Private Limited, India

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital : Rs.1050.000 Million

Issued, Subscribed & Paid-up Capital : Rs.814.000 Million

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
40,000,000	Equity Shares	Rs.10/- each	Rs. 400.000 Million
65,000,000	Preference Shares	Rs.10/- each	Rs. 650.000 Million
	Total		Rs. 1050.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs.10/- each	Rs. 200.000 Million
40,000,000	Preference Shares	Rs.10/- each	Rs. 400.000 Million
	Total		Rs. 600.000 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	600.000	539.000	533.000
(b) Reserves & Surplus	31.269	25.550	(1.367)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	112.000	295.800	43.800
Total Shareholders’ Funds (1) + (2)	743.269	860.350	575.433
(3) Non-Current Liabilities
(a) long-term borrowings	1349.723	615.851	423.300
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	17.280	5.410	4.131
Total Non-current Liabilities (3)	1367.003	621.261	427.431
(4) Current Liabilities
(a) Short term borrowings	1341.268	1453.120	323.257
(b) Trade payables	250.341	751.515	266.625
(c) Other current liabilities	92.017	144.431	60.367
(d) Short-term provisions	0.000	6.188	8.806
Total Current Liabilities (4)	1683.626	2355.254	659.055
TOTAL	3793.898	3836.865	1661.919
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1369.570	1319.100	79.812
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	155.666	47.337	796.540
(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	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1525.236	1366.437	876.352
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1923.291	2167.404	573.264
(c) Trade receivables	133.570	136.837	40.161
(d) Cash and cash equivalents	93.626	26.008	13.601
(e) Short-term loans and advances	105.944	137.180	156.497
(f) Other current assets	12.231	2.999	2.044
Total Current Assets	2268.662	2470.428	785.567
TOTAL	3793.898	3836.865	1661.919

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL INCOME	3071.699	1047.375	77.944
	Expenses Before Depreciation and Tax	2962.207	943.792	62.803
	Profit/(Loss) before Depreciation, Exceptional, Extraordinary items and Tax	109.492	82.126	15.141
Less	DEPRECIATION	89.718	54.249	3.577
	Profit/ (Loss) after Depreciation but before Exceptional, Extraordinary items and Tax	19.774	27.877	11.564
Less	Prior Period items, Exceptional, Extraordinary items	0.000	21.457	0.000
	PROFIT/ (LOSS) BEFORE TAX	19.774	27.877	11.564
Less	TAX	12.027	1.890	(15.353)
	PROFIT/ (LOSS) AFTER TAX	7.747	25.987	26.917
Less	Short/ (Excess) Provision for tax in prior period periods	(2.028)	0.929	NA
	BALANCE CARRIED TO THE B/S	5.719	26.916	NA
	Earnings / (Loss) Per Share (Rs.)	0.13	0.48	NA

Particulars	31.03.2015
Sales Turnover (Approximately)	4100.000

Expected Sales (2015-2016) : Rs.4200.000 Million

The above information has been parted by Mr. More (Finance Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	(145.200)	0.000	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	(35.698)	105.669	(106.569)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Income)	(%)	0.25	2.48	34.53
Return on Total Assets (PBT/Total Assets}	(%)	0.54	0.74	1.34
Return on Investment (ROI) (PBT/Networth)		0.03	0.03	0.02
Debt Equity Ratio (Total Debt /Networth)		3.43	2.40	1.30
Current Ratio (Current Asset/Current Liability)		1.35	1.05	1.19

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	533.000	539.000	600.000
Reserves & Surplus	(1.367)	25.550	31.269
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	43.800	295.800	112.000
Net worth	575.433	860.350	743.269
long-term borrowings	423.300	615.851	1349.723
Short term borrowings	323.257	1453.120	1341.268
Current maturities of long-term debts	0.000	0.000	(145.200)
Total borrowings	746.557	2068.971	2545.791
Debt/Equity ratio	1.297	2.405	3.425

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)
Total Income	77.944	1047.375	3071.699
		1,243.753	193.276

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	77.944	1047.375	3071.699
Profit/ (Loss)	26.917	25.987	7.747
	34.53%	2.48%	0.25%

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	No
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)	Yes
16]	No. of employees	Yes
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 about three years 11 months	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	Yes
29]	Profitability for last about three years 11 months	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	No
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	Yes
35]	Negative Reporting by Auditors in the Annual Report	No

COMPANY OVERVIEW AND OPERATIONS

During the period, the company continues to achieve good results. A net sale of Rs.3071.600 Million was achieved during the period which is almost 3 times that of previous financial year. Though the economic situation in the country as a whole was not satisfactory, by the efforts of the directors, the company has made remarkable increase sales. Members will appreciate that the company is gradually marching towards sound progress and prosperity.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Fully convertible debentures intercorporate	100.000	0.000
Term loans from banks	422.427	92.551
Intercorporate borrowings	0.000	523.300
Short-term borrowings
Loans repayable on demand from Banks	0.000	1453.120
Total	522.427	2068.971

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10556132	25/02/2015	101,296,000.00	PUNE DISTRICT CENTRAL CO-OPERATIVE BANK LIMITED	4B, B.J. ROAD, PUNE, PUNE, Maharashtra - 411001, INDIA	C47299615
2	10555413	20/02/2015	1,002,600,000.00	Maharashtra State Co-operative Bank Limited	Sir Vithaldas Thakersey Memorial Building, 9, Maharashtra Chambers of Commerce Lane, Fort, Mumbai, Maharashtra - 400001, INDIA	C46868444
3	10507461	24/06/2014	350,000,000.00	BANK OF INDIA LIMITED	Rahul Complex,, Daund Jamkhed Road, Shrigonda, Maharashtra - 413701, INDIA	C10139293
4	10511003	27/03/2014	726,000,000.00	The Maharashtra State Co-operative Bank Limited	9, Maharashtra Chamber of Commerce lan, Fort, Mumbai, Maharashtra - 400001, INDIA	C02731651
5	10360521	21/05/2013 *	1,850,000,000.00	PUNE DISTRICT CENTRAL CO-OPERATIVE BANK LIMITED PUNE	4B, B J ROAD,, PUNE, Maharashtra - 411001, INDIA	B76680081

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and Equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• 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.66.51
UK Pound	1	Rs.100.43
Euro	1	Rs.70.44

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
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	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	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		29

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.