MIRA INFORM REPORT

Report No. :	353671
Report Date :	10.12.2015

IDENTIFICATION DETAILS

Name :	RICHFIELD FERTILISERS PRIVATE LIMITED (w.e.f. 09.10.2007)
Formerly Known As :	RICHFIELD FERTILISERS LIMITED
Registered Office :	Plot No.B-27, M.I.D.C., Ambad, Nashik – 422010, Maharashtra
Tel. No.:	91-253-2380062 / 63 / 64
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	12.04.2001
Com. Reg. No.:	11-131579
Capital Investment / Paid-up Capital :	Rs.9.800 Million
CIN No.: [Company Identification No.]	U24129MH2001PTC131579
IEC No.:	3103005741
TAN No.: [Tax Deduction & Collection Account No.]	NSKR01542C
CST:	27210004537C
VAT:	27210004537V
PAN No.: [Permanent Account No.]	AACCR2567C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer and Trader of all kinds of fertilizers, pesticides, derivatives, natural or mixed fertilizers etc. (Confirmed by management)
No. of Employees :	Approximately 88 [In Office : 16 , In Factory : 12, In Branch : 60]

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 230000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2001 and it is manufacturer, importer and trader of all kinds of fertilizers, pesticides, derivatives, natural or mixed fertilizers etc. For the financial year ended 2015, revenue of the company has been declined by 18.52% but company has maintained above average profitability margins at 2.74% during the year under a review. Rating reflects RFPL’s above average financial base marked by adequate debt protection metrics and moderate capital structure. The ratings also factor in the company’s strong distribution network and its promoter’s extensive experience in the fertilizer trading business. Rating strength partially offset by company’s exposure to risks related to fragmentation and competition in the fertilizer industry and working capital intense nature of business operations. Trade relations are reported as fair. Payment terms are reported to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade 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	CRISIL
Rating	Long term rating (BB+)
Rating Explanation	Inadequate credit quality and high credit risk
Date	October 2014
Rating Agency Name	CRISIL
Rating	Short term rating (A4+)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	October 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Sandeep Pawar
Designation :	Assistant Manager Accounts
Contact No.:	91-253-2380062
Date :	07.12.2015

LOCATIONS

Registered Office/ Factory :	Plot No.B-27, M.I.D.C., Ambad, Nashik – 422010, Maharashtra, India
Tel. No.:	91-253-2380062 / 63 / 64
Mobile No.:	91-9422251559 (Dr. Uday)
Fax No.:	91-253-2382710
E-Mail :	mail@richfield-wsf.com preeti_patki@rediffmail.com swapnil9.sb@gmail.com accounts@richfield-wsf.com
Website	www.richfieldfertilizer.com
Area :	Owned
Branch Offices 1 :	G-69-128, Anjanay Krupa Society Galaxi Cinema Road, Naroda, Ahmedabad, Gujarat, India
Branch Offices 2 :	G-3, Briujeshwari Tower, Neemawas Road, Prakash Nagar, Navlakha Choraha, Indore-450001, Madhya Pradesh, India
Branch Offices 3 :	Cezari Sales, 635, Madhavghat Road, Near Sundar Nagar Gate, Paipur, Chhattisgarh, India
Branch Offices 4 :	7-2-162, Plot No.1, Chintakunta Shakti Nagar, Hyderabad-500079, Telangana, India
Branch Offices 5 :	Hubli-580020, Karnataka, India
Branch Offices :	Also Located at: · Narayangaon · Pimplgaon · Sangli

DIRECTORS

As on: 31.03.2015

Name :

Dr. Swapnil Murlidhar Bachchhav

Designation :

Managing Director

Address :

“Suprbha”, Plot No.49, Balwant Nagar, Anadvalli Shivar, Gangapur Road, Nashik – 422 013, Maharashtra, India

Date of Birth/Age :

12.05.1968

Qualification :

MSC, PH. D (Agricultural)

Experience :

23 Years

Date of Appointment :

01.10.2005

DIN No.:

00516131

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	U24129MH2001PTC131579	RICHFIELD FERTILISERS Private LIMITED	Managing director	01-10-2005	09-08-2005	-	Active	NO
2	AAB-0476	ADITYA SPECIALITY AGRONUTRITION LLP	Designated Partner	02-08-2012	02-08-2012	-	Active	NO

Name :

Mrs. Pratibha Swapnil Bachchhav

Designation :

Whole Time Director

Address :

“Suprbha”, Plot No.49, Balwant Nagar, Anadvalli Shivar, Gangapur Road, Nashik – 422 013, Maharashtra, India

Date of Birth/Age :

08.01.1971

Qualification :

BSC, Horticulture

Experience :

15 Years

Date of Appointment :

01.10.2005

DIN No.:

00518710

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	U24129MH2001PTC131579	RICHFIELD FERTILISERS Private LIMITED	Whole-time director	01-10-2005	09-08-2005	-	Active	NO
2	AAB-0476	ADITYA SPECIALITY AGRONUTRITION LLP	Designated Partner	02-08-2012	02-08-2012	-	Active	NO

Name :

Mr. Ashok Kundlik Auti

Designation :

Director

Address :

Flat No.2A, Indrayani Complex, Mangal Nagar, G Road, Nashik – 422002, Maharashtra, India

Date of Birth/Age :

01.06.1970

Date of Appointment :

01.09.2005

DIN No.:

00525359

Name :

Mrs. Tanuja Uday Bhosale

Designation :

Director

Address :

Flat No.8, Raghavalaya Apartment, Chattanya Nagar, Gangapur, Near Nirmala Convent School, Nashik – 422 005, Maharashtra, India

Date of Birth/Age :

21.10.1971

Date of Appointment :

01.09.2005

DIN No.:

00525415

Name :

Mr. Vinayak Pundik Patil

Designation :

Director

Address :

G.No.465/3/1, Farm House, Satpur, Nashik – 425 001, Maharashtra, India

Date of Birth/Age :

19.08.1943

Date of Appointment :

01.09.2005

DIN No.:

00616009

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	L25200MH1981PLC025731	EPC INDUSTRIE LIMITED	Director	08-07-2003	08-07-2003	-	Active	NO
2	U24129MH2001PTC131579	RICHFIELD FERTILISERS Private LIMITED	Director	01-09-2005	01-09-2005	-	Active	NO

Name :

Mr. Murlidhar Budhaji Bachchhav

Designation :

Director

Address :

Plot No.30 B, S.No.38, Balwant Nagar, Anadvalli Shivar, Balwant Nagar, Near Kadlakmala Stop, Nashik – 422 013, Maharashtra, India

Date of Birth/Age :

03.12.1940

Date of Appointment :

09.08.2005

DIN No.:

00616030

KEY EXECUTIVES

Name :	Dr. Uday R. Bhosale
Designation :	Vice President
Name :	Mr. Sandeep Pawar
Designation :	Assistant Manager Accounts
Name :	Mr. Vishvas Bokil
Designation :	Company Secretary
Address:	Uma Building, Flat No. 502, Mahalaxminagar, Bibwewadi, Near VIT/Laketown, Pune-411037, Maharashtra, India
Contact No.:	91-9822254210

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2015

Names of Shareholders	No. of Shares
Swapnil Murlidhar Bachchhav	589926
Pratibha Swapnil Bachchhav	389944
Murlidhar Budhaji Bachchhav	26
Rahul Budhaji Bachchhav	26
Uday Ramrao Bhosale	26
Sulbha Murlidhar Bachchhav	26
Lizy John	26
Total	980000

Equity Share Break up (Percentage of Total Equity)

As on: 25.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer and Trader of all kinds of fertilizers, pesticides, derivatives, natural or mixed fertilizers etc. (Confirmed by management)

Products :

Item Code No. (ITC Code)	Product Description
99611720	Fertilizers and Agrochemical Products

· 100% water Soluble Fertilisers

· Organic Fertilisers

· Micro Nutrient Chealted Products

Brand Names :

· RICHFIELD

· RICHSPRAY^TM

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Products :

Raw Material

Countries :

Dubai

China

Spain

Netherland

Terms :

Selling :

Credit (60 Days)

Purchasing :

L/C, Credit (90/120 Days), Others (Direct Payment after 90 days BL)

GENERAL INFORMATION

Suppliers :

Reference :	Trade Corporation International S.A., Spain
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

· Ferm-O-Feed, Netherland

· Union Chemicals Company L.C.C.

· RNZ International FZE, Dubai

· Sichuan Potassium Company Limited, China

· Sichuan Xinchuangxin Chemical Company Limited, China

· Chengdu Beluckey Technology Company Limited, China

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 :

Approximately 88 [In Office : 16 , In Factory : 12, In Branch : 60]

Bankers :

Bank Name	Bank of Maharashtra
Branch	Special Agri Hi-tech Branch, Chint Amani Building, Thatte Nagar, Gangapur Road, Nashik-422005, Maharashtra, 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)	Rs. 110.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· Union Bank of India, SSI Branch, B-50, Nice, M.I.D.C. Satpur, Nashik - 422007, Maharashtra, India

· Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

· Bank of Maharashtra, Lokmangal, 1501, Shivaji Nagar, Pune - 411005, Maharashtra, India

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short Term Borrowing
Cash Credit From Bank	97.694	73.444
Total	97.694	73.444

Auditors :
Name :	Desai Associates Chartered Accountants
Address :	103/104-A, Anand Estates, 189A, Sane Guruji Marg, Mumbai – 400011, Maharashtra, India
Tel. No.:	91-22-23001840/23051165/23080788
Fax No.:	91-22-23073055/23072981
E-Mail :	iqma@vsnl.com mukadam.associates@gmail.com
PAN No.:	AAAFD4921H
Memberships :	Not Available
Collaborators :	Not Available
Other Related Parties :	· Aditya Speciality Agronutrition LLP · Mahafeed Speciality Fertilizers India Private Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorized Capital:

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
980,000	Equity Shares	Rs.10/- each	Rs. 9.800 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.3.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.800	9.800	9.800
(b) Reserves & Surplus	69.581	58.589	44.083
(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)	79.381	68.389	53.883
(3) Non-Current Liabilities
(a) long-term borrowings	9.926	6.349	0.597
(b) Deferred tax liabilities (Net)	2.361	2.533	1.924
(c) Other long term liabilities	8.859	6.816	5.473
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	21.146	15.698	7.994
(4) Current Liabilities
(a) Short term borrowings	97.694	73.444	65.023
(b) Trade payables	46.668	80.440	66.989
(c) Other current liabilities	5.948	7.219	7.066
(d) Short-term provisions	0.045	1.433	1.747
Total Current Liabilities (4)	150.355	162.536	140.825
TOTAL	250.882	246.623	202.702
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	35.055	37.833	32.558
(ii) Intangible Assets	3.255	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	0.233	0.183	0.183
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.439	3.320	3.656
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	41.982	41.336	36.397
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	81.361	68.298	45.800
(c) Trade receivables	121.661	122.088	103.159
(d) Cash and cash equivalents	5.639	13.876	13.053
(e) Short-term loans and advances	0.239	1.025	4.151
(f) Other current assets	0.000	0.000	0.142
Total Current Assets	208.900	205.287	166.305
TOTAL	250.882	246.623	202.702

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	413.833	507.889	414.416
			(Due to Market Fluctuation )
		Other Income	5.986	0.227	2.310
		TOTAL	419.819	508.116	416.726
Less	EXPENSES
		Cost of Materials Consumed	250.039	307.681
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(12.342)	(21.823)
		Employees benefits expense	27.239	25.114
		Other expenses	118.098	163.345
		Prior Period Income	0.000	(0.114)
		TOTAL	383.034	474.204	395.171 (Including finance and Depreciation)
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		36.785	33.913
Less	FINANCIAL EXPENSES (D)		13.432	10.997
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		23.353	22.916
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.606	1.601
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		19.747	21.315	21.555
Less	TAX (H)		8.418	6.808	6.821
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		11.329	14.507	14.734
	Value of Imports on CIF Basis		207.794	252.615	NA
	Earnings Per Share (Rs.)		11.33	14.51	15.03

Expected Sales (2015-2016) : Rs.500.000 Million

The above information has been parted by Mr. Sandeep Pawar (Assistant Manager Accounts)

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	0.689	1.483
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	(20.361)	3.010	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	2.74	2.86	3.56
Operating Profit Margin (PBIDT/Sales)	(%)	8.89	6.68	NA
Return on Total Assets (PBT/Total Assets}	(%)	7.88	8.65	10.64
Return on Investment (ROI) (PBT/Networth)		0.25	0.31	0.40
Debt Equity Ratio (Total Debt /Networth)		1.36	1.18	1.25
Current Ratio (Current Asset/Current Liability)		1.39	1.26	1.18

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	9.800	9.800	9.800
Reserves & Surplus	44.083	58.589	69.581
Net worth	53.883	68.389	79.381
long-term borrowings	0.597	6.349	9.926
Short term borrowings	65.023	73.444	97.694
Current maturities of long-term debts	1.483	0.689	0.000
Total borrowings	67.103	80.482	107.620
Debt/Equity ratio	1.245	1.177	1.356

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	414.416	507.889	413.833
		22.555	(18.519)

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	414.416	507.889	413.833
Profit	14.734	14.507	11.329
	3.56%	2.86%	2.74%

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)	No
16]	No. of employees	Yes
17]	Details of sister concerns	No
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	Yes
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

OPERATIONS OF THE COMPANY AND THE STATE OF COMPANY'S AFFAIRS

During the year, the Company has achieved a turnover of Rs. 413.833 Million as against Rs. 507.889 Million in the previous year, reflecting a reduction of 18.52% whereas the profit before, tax stood at 4.77% as against 4.17% in the previous year. The increase in profit is mainly due to forex gains.

The decrease in turnover is mainly due to unseasonal rainfall particularly in major horticultural crops growing area i.e. the areas growing grape, pomegranate and mango. This has affected major sales in the last three months of the financial year.

During the year, the Company has commenced Sales and Marketing Operations in Himachal Pradesh particularly for the areas growing apple and vegetables and has been receiving encouraging response from the customers.

UNSECURED LOAN

(Rs. In Million)

Particular	As on 31.03.2015	As on 31.03.2014
Long Term Borrowing
Loans and Advances From Related Parties	9.926	6.349
Total	9.926	6.349

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10214279	26/03/2015 *	157,500,000.00	Bank of Maharashtra	Bank of Maharashtra Head Office, 'Lokmangal' 1501,  Shivajinagar,, Pune, Maharashtra -411005, INDIA	C53461299

* Date of charge modification

FIXED ASSETS

· Land

· Building

· Electrical Installation

· Plant and Machinery

· Furniture and Fixture

· Office Equipments

· Computers

· Vehicles

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.66.79
UK Pound	1	Rs.100.49
Euro	1	Rs.72.51

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.