MIRA INFORM REPORT

Report No. :	352342.2
Report Date :	04.12.2015

IDENTIFICATION DETAILS

Name :	MAXGROW OVERSEAS LIMITED (w.e.f. 25.03.2015)
Formerly Known As :	MAXGROW TRADE SOLUTIONS LIMITED (w.e.f. 30.10.2014) MAXGROW TRADE SOLUTIONS PRIVATE LIMITED
Registered Office :	Natural Height Complex, C 1^st Floor, Building No.5, Phase I, VIP Road, Opposite Haldiram (Airport), Kolkata – 700 052, West Bengal
Tel. No.:	91-22-66067200
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	05.08.2008
Com. Reg. No.:	21-128225
Capital Investment / Paid-up Capital :	Rs.111.105 Million
CIN No.: [Company Identification No.]	U51909WB2008PLC128225
IEC No.:	0309007143
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAFCM6876Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged into trading and Distributing of Edible oils, agri commodity, soap noodles, stearic acid, refined glycerin, oleo chemicals and also trading iron and steel, ferrous and non-ferrous. (Confirmed by management)
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 723200
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration moderate financial risk profile of the company marked by leveraged capital structure of the company due to additional borrowings in the year 2015. However, the company has satisfactory operations performance marked by decent increase in sales revenue and healthy cash accruals from its operations, however with low profit margin. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual terms and condition.

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	CARE
Rating	Long term bank facilities: “BB+” (Suspended)
Rating Explanation	Inadequate credit quality and high credit risk.
Date	27.02.2015

Rating Agency Name	CARE
Rating	Short term bank facilities: “A4+” (Suspended)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	27.02.2015

Reason for Suspension: Absence of requisite information.

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. Rahul Saraf
Designation :	Director
Contact No.:	91-9870114000
Date :	27.11.2015

LOCATIONS

Registered Office :	Natural Height Complex, C 1^st Floor, Building No.5, Phase I, VIP Road, Opposite Haldiram (Airport), Kolkata – 700052, West Bengal, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	maxgrowindia@gmail.com info@maxgrow.in cs@maxgrow.in info@maxgrow.com
Website :	http://www.maxgrow.in
Location :	Owned
Locality :	Commercial
Head Office / Corporate Office:	103, Hub Town, Solaris Building, N.S. Phadke Marg, Near Regency Hotel, Andheri (East), Mumbai - 400069, Maharashtra, India
Admin Office :	14-A, Paper Box Estate, Mahakali Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-66067000/ 66067070/ 26879677/ 26879688 / 66067200
Fax No.:	91-22-66067070 / 66067270
Godown :	1 Wade Compound, Anjur Valllgaon Road, Mumbai Agra Road, Bhiwandi, Thane – 421302, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Rahul Kumar Saraf

Designation :

Director

Address :

Flat No.1205/1206, Building No.14-C, Sierra Tower, Lokhandwala Township, Akruli Road, Kandivali Road, Kandivali (East), Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

07.08.1984

Date of Appointment :

05.08.2008

PAN No.:

AXWPS8240B

DIN No.:

01494992

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	U51225MH2008PTC178046	IMEXGO PRIVATE LIMITED	Director	18/12/2014	21/01/2008	-	Active	NO
2	U51909WB2008PLC128225	MAXGROW OVERSEAS LIMITED	Director	05/08/2008	05/08/2008	-	Active	NO
3	U92412MH2011PTC218177	BLACK PEPPER ENTERTAINMENT PRIVATE LIMITED	Director	01/06/2011	01/06/2011	17/06/2013	Active	NO
4	U14107RJ2012PTC037505	RBS MINING PRIVATE LIMITED	Director	02/01/2012	02/01/2012	02/07/2014	Active	NO
5	U27310MH2013PLC241232	MAXGROW INDUSTRIES Limited	Director	21/03/2013	21/03/2013	-	Active	NO
6	U51101WB1992PTC055769	PAMAJ TRADE COMPANY PRIVATE LIMITED	Director	03/04/2013	03/04/2013	26/08/2013	Active	NO
7	U15312WB2005PTC103273	BINODINI RICE MILL PRIVATE LIMITED	Director	17/01/2014	17/01/2014	14/11/2014	Active	NO
8	U74999WB2012PTC180891	EXPRO ADVISORY SERVICES PRIVATE LIMITED	Director	27/11/2014	27/11/2014	25/03/2015	Active	NO
9	U51101MH2010PTC203768	NEW PRIDE COMMOTRADE PRIVATE LIMITED	Director	11/03/2015	11/03/2015	-	Active	NO
10	U20296WB2015PTC206700	MAXGROW SAW PRIVATE LIMITED	Director	11/06/2015	11/06/2015	-	Active	NO
11	U70102WB2015PTC206681	MAXGROW REAL ESTATE PRIVATE LIMITED	Director	11/06/2015	11/06/2015	-	Active	NO
12	U51909WB2015PTC206682	MAXGROW CEMENT PRIVATE LIMITED	Director	11/06/2015	11/06/2015	-	Active	NO
13	U23101WB2015PTC207030	MAXGROW COKE PRIVATE LIMITED	Director	08/07/2015	08/07/2015	-	Active	NO
14	U67190WB2015PTC207054	MAXGROW FINTRADE PRIVATE LIMITED	Director	10/07/2015	10/07/2015	-	Active	NO
15	U40300WB2015PTC207008	MAXGROW TUBE AND ENERGY PRIVATE LIMITED	Additional director	08/08/2015	08/08/2015	-	Active	NO

Name :

Ms. Shah Kiran Devi Saraf

Designation :

Director

Address :

503/A-Wing, Jaldarshan Chs Limited, G B Jukar Marg, Near Ruia Park, Juhu, Mumbai-400049, Maharashtra, India

Date of Birth/Age :

07.05.1959

Date of Appointment :

28.03.2015

DIN No.:

06798140

Name :

Mr. Rajendra Prasad Saraf

Designation :

Director

Address :

Flat No.1205/1206, Building No.14-C, Sierra Tower, Lokhandwala Township, Akruli Road, Kandivali Road, Kandivali (East), Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

15.02.1954

Date of Appointment :

01.04.2009

PAN No.:

AUHPS2647C

DIN No.:

02729545

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	U51909WB2008PLC128225	MAXGROW OVERSEAS LIMITED	Director	01/04/2009	01/04/2009	-	Active	NO
2	U51225MH2008PTC178046	IMEXGO PRIVATE LIMITED	Director	07/02/2011	07/02/2011	14/01/2015	Active	NO
3	U92412MH2011PTC218177	BLACK PEPPER ENTERTAINMENT PRIVATE LIMITED	Director	01/06/2011	01/06/2011	07/09/2011	Active	NO
4	U27310MH2013PLC241232	MAXGROW INDUSTRIES Limited	Director	21/03/2013	21/03/2013	-	Active	NO
5	U15312WB2005PTC103273	BINODINI RICE MILL PRIVATE LIMITED	Director	17/01/2014	17/01/2014	14/11/2014	Active	NO
6	U27100WB2006PTC108712	MANTHAN TIE - UP PRIVATE LIMITED	Director	01/04/2015	01/04/2015	22/04/2015	Active	NO
7	U20296WB2015PTC206700	MAXGROW SAW PRIVATE LIMITED	Additional director	02/09/2015	02/09/2015	-	Active	NO
8	U23101WB2015PTC207030	MAXGROW COKE PRIVATE LIMITED	Additional director	22/09/2015	22/09/2015	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Rahul Kumar Saraf	1768000	15.91
Rajendra Prasad Saraf	875000	7.88
Roshni Saraf	3700000	33.30
Kiran Devi Saraf	2592500	23.33
Bikash Saraf	1810000	16.29
Dinesh Choudhary	57500	0.52
Rahul Saraf (HUF)	177500	1.60
Rajendra Saraf (HUF)	130000	1.17
Total	11110500	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	83.71
Other top fifty shareholders	16.29
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged into trading and Distributing of Edible oils, agri commodity, soap noodles, stearic acid, refined glycerin, oleo chemicals and also trading iron and steel, ferrous and non-ferrous. (Confirmed by management)
Products :	· Edible Oils · Agri Commodity · Soap Noodles · Stearic Acid · Refined Glycerin · Oleo Chemicals · Iron · Steel · Ferrous and Non-Ferrous
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	· Edible Oils · Agri Commodity · soap noodles · Stearic Acid · Refined Glycerin Oleo Chemicals
Countries :	· Middle East Countries · South African Countries
Imports :
Products :	· Edible Oils · Agri Commodity · soap noodles · Stearic Acid · Refined Glycerin Oleo Chemicals
Countries :	· Malaysia · Indonesia · United Kingdom · European Countries
Terms :
Selling :	Cash and Credit (30/60/90 Days)
Purchasing :	Cash and Credit (30/60/90 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	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 (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

100 (Approximately)

Bankers :

Banker Name	Bank of India
Branch Address	Andheri (West) Branch, Bank of India Building, Ground Floor, 28, S. V. Road, Andheri (West), Mumbai – 400058, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	91-22-26718565 (Constantly Ringing)
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

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Term loans from others	5.078	15.650
SHORT-TERM BORROWINGS
Term loans from banks	756.409	353.051
Total	761.487	368.701

Auditors :
Name :	B. N. Kedia and Company Chartered Accountants
Address :	623, Midas Sahar Plaza, Andheri Kurla Road, Near J.B Nagar Metro Station, Andheri (East), Mumbai-400059, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABFB4343G
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Company :	World Wide resources (HK) Limited, Hong Kong
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Imexgo Private Limited, India

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital:

No. of Shares	Type	Value	Amount
16000000	Equity Shares	Rs.10/- each	Rs.160.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
11110500	Equity Shares	Rs.10/- each	Rs.111.105 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	111.105	111.105	96.000
(b) Reserves & Surplus	142.008	93.752	59.288
(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)	253.113	204.857	155.288
(3) Non-Current Liabilities
(a) long-term borrowings	69.177	51.400	17.670
(b) Deferred tax liabilities (Net)	0.347	0.507	0.280
(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)	69.524	51.907	17.950
(4) Current Liabilities
(a) Short term borrowings	762.278	353.051	222.484
(b) Trade payables	775.016	416.676	108.737
(c) Other current liabilities	9.853	2.129	43.488
(d) Short-term provisions	26.545	9.845	6.945
Total Current Liabilities (4)	1573.692	781.701	381.654
TOTAL	1896.329	1038.465	554.892
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.950	14.711	12.821
(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	0.000	0.000	0.000
(b) Non-current Investments	47.261	0.783	0.046
(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	58.211	15.494	12.867
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	434.338	175.239	339.448
(c) Trade receivables	1091.354	687.269	107.155
(d) Cash and cash equivalents	277.254	149.315	85.693
(e) Short-term loans and advances	30.117	10.732	7.877
(f) Other current assets	5.055	0.416	1.852
Total Current Assets	1838.118	1022.971	542.025
TOTAL	1896.329	1038.465	554.892

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	8016.027	2904.926	2440.599
	Other Income	11.601	4.234	6.730
	TOTAL	8027.628	2909.160	2447.329
		(Increase in Orders)
Less	EXPENSES
	Cost of Materials Consumed	8134.101	2638.610	2313.181
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(259.099)	164.209	(21.238)
	Employees benefits expense	3.677	3.038	0.925
	Other expenses	27.239	17.439	92.471
	TOTAL	7905.918	2823.296	2385.339
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	121.710	85.864	61.990
Less	FINANCIAL EXPENSES	44.310	54.960	40.439
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	77.400	30.904	21.551
Less/ Add	DEPRECIATION/ AMORTISATION	2.341	1.492	1.322
	PROFIT/ (LOSS) BEFORE TAX	75.059	29.412	20.229
Less	TAX	26.803	10.053	6.855
	PROFIT/ (LOSS) AFTER TAX	48.256	19.359	13.374
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	37.061	15.632	0.000
	TOTAL EARNINGS	37.061	15.632	0.000
	IMPORTS
	Raw Materials	2748.595	1136.529	552.434
	TOTAL IMPORTS	2748.595	1136.529	552.434
	Earnings / (Loss) Per Share (Rs.)	4.34	1.74	1.20

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	0.000	0.000	0.000
Cash generated from operations	(325.127)	(104.985)	NA
Net cash flows from (used in) operating activities	(263.295)	(130.944)	(34.412)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.60	0.67	0.55
Operating Profit Margin (PBDIT/Sales)	(%)	1.52	2.96	2.54
Return on Total Assets (PBT/Total Assets}	(%)	4.06	2.83	3.65
Return on Investment (ROI) (PBT/Networth)		0.30	0.14	0.13
Debt Equity Ratio (Total Liability/Networth)		3.28	1.97	1.55
Current Ratio (Current Asset/Current Liability)		1.17	1.31	1.42

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	96.000	111.105	111.105
Reserves & Surplus	59.288	93.752	142.008
Net worth	155.288	204.857	253.113
long-term borrowings	17.670	51.400	69.177
Short term borrowings	222.484	353.051	762.278
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	240.154	404.451	831.455
Debt/Equity ratio	1.547	1.974	3.285

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2440.599	2904.926	8016.027
		19.025	175.946

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2440.599	2904.926	8016.027
Profit	13.374	19.359	48.256
	0.55%	0.67%	0.60%

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)	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 three years	Yes
27	Reasons for variation <> 20%	Yes
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	Yes
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	10547234	21/01/2015	790,000,000.00	BANK OF INDIA	ANDHERI (WEST) BRANCH, BANK OF INDIA BUILDING, GROUND FLOOR, 28, S. V. ROAD, ANDHERI (WEST), MUMBAI - 400058, MAHARASHTRA, INDIA	C42556621
2	10460336	16/11/2013	165,000,000.00	BANK OF BARODA	NITIN NIWAS, M G ROAD, VILEPARLE EAST, MUMBAI - 400057, MAHARASHTRA, INDIA	B89595573
3	10273877	14/10/2014 *	375,000,000.00	BANK OF INDIA	ANDHERI (WEST) BRANCH, BANK OF INDIA BUILDING, GROUND FLOOR, 28, S. V. ROAD, ANDHERI (WEST), MUMBAI - 400058, MAHARASHTRA, INDIA	C37449733

* Date of charge modification

UNSECURED LOANS

Particulars	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Other loans and advances	64.100	35.750
SHORT-TERM BORROWINGS
Other Short term borrowings	5.868	0.000
Total	69.968	368.701

CHANGE OF ADDRESS

The registered office of the company has been shifted from 6A, Raja Sbodh Mulick Square, Suit No.207, Near Hind Cinema, Above Bank of Baroda, Kolkata – 700013, West Bengal, India to the present address w.e.f. 22.08.2013.

FIXED ASSETS

Tangible Assets

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

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. 66.74
UK Pound	1	Rs. 99.61
Euro	1	Rs. 70.66

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KIN
Report Prepared by :	PNM

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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		41

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.