MIRA INFORM REPORT

Report No. :	354261
Report Date :	11.12.2015

IDENTIFICATION DETAILS

Name :	SUNFRESH AGRO INDUSTRIES PRIVATE LIMITED

Registered Office :	Gate No 121/2A, at Post Ranjankhol, Nirmal Nagar, Taluka Rahata, Shrirampur, Ahmednagar- 413720, Maharashtra
Tel. No.:	91-2422-645500/645901-09

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	22.01.2007

Com. Reg. No.:	11-129505

Capital Investment / Paid-up Capital :	Rs.374.833 Million

CIN No.: [Company Identification No.]	U01122PN2007PTC129505

IEC No.:	Not Divulged

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in Manufacturing of Milk Products. (From Indirect Sources)

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is an established company incorporated in the year 2007 having good track. The company possesses sound financial risk profile marked by healthy net worth base with fair liquidity acceptable profit margin of the company. The rating also takes into consideration favorable gap between trade payables and trade receivables. The company has also witnessed a healthy growth in its turnover during FY2014. Trade relations are reported as fair. Business is active. Payments terms are reported as regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions.

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

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	INDIA RATING
Rating	Long term IND : A
Rating Explanation	Adequate degree of safety and carry low credit risk.
Date	September, 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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Shirish Borle
Designation :	Senior Executive Finance
Contact No.:	91-9763727737
Date :	10.12.2015

LOCATIONS

Registered Office :	Gate No 121/2A, at Post Ranjankhol, Nirmal Nagar, Taluka Rahata, Shrirampur, Ahmednagar- 413720, Maharashtra, India
Tel. No.:	91-2422-645500/645901-09
Mobile No.:	91-9763727737 (Mr. Shirish)
Fax No.:	91-2422-645816
E-Mail :	cs@prabhatfresh.org

Corporate Office :	2^nd floor, Kataria Chambers, Above Reliance Footprint, S. No.128/4, Plot No.6, Sanewadi, Aundh, Pune-411007, Maharashtra, India
Tel. No.:	91-20-30269085

Branch Office :	2F, Elagance, Jasola District Center, Old Mathura Road, New Delhi-110025, India

Factory :	Located At : Village Ranjankhol, Maharashtra, India

DIRECTORS

As on 31.03.2015

Name :

Mr. Vivek Sarangdhar Nirmal

Designation :

Managing Director

Address :

At Post Ranjankhol, Taluka Rahata, Ahmednagar-413720, Maharashtra, India

Date of Birth/Age :

16.08.1983

Date of Appointment :

18.12.2013

DIN No.:

00820923

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	U01122PN2007PTC129505	SUNFRESH AGRO INDUSTRIES PRIVATE LIMITED	Managing director	18/12/2013	22/01/2007	-	Active	NO
2	U01122PN2007PTC130915	PRABHAT AGRI PROJECT DEVELOPMENT Private Limited	Director	26/10/2007	26/10/2007	-	Amalgamated	NO
3	U15209PN2010PTC136135	CHEESE LAND AGRO (INDIA) PRIVATE LIMITED	Director	22/04/2010	22/04/2010	-	Active	NO
4	U15200PN2010PTC137025	PRABHAT MILK AND AGRO INDUSTRIES PRIVATE LIMITED	Director	03/08/2010	03/08/2010	-	Amalgamated	NO
5	U15142PN2008PLC131439	SUNFRESH SOYA OILS REFINERIES LIMITED	Director	30/09/2011	21/03/2011	-	Amalgamated	NO
6	U15200PN2009PTC134859	PRABHAT NUTRITIOUS & FROZEN FOOD INDUSTRIES PRIVATE LIMITED	Director	29/09/2012	27/02/2012	-	Amalgamated	NO
7	U15203PN1998PLC013068	PRABHAT DAIRY Limited	Managing director	01/03/2015	01/05/2012	-	Active	NO

Name :

Mr. Ashok Sinha

Designation :

Director

Address :

19, Suniti, 10th Floor, Gen. J.B. Marg, Mumbai-400021, Maharashtra, India

Date of Appointment :

30.09.2015

DIN No.:

00299600

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	U99999MH1974GOI017823	NATIONAL TEXTILE CORPORATION (MAHARSHTRA NORTH) LIMITED	Director	02/09/2006	02/09/2006	-	Amalgamated	NO
2	U17110MH1974GOI017824	NATIONAL TEXTILE CORPORATION (SOUTH MAHARSHTRA) LIMITED	Director	02/09/2006	02/09/2006	-	Amalgamated	NO
3	U80300DL2007NPL166745	NATIONAL INSTITUTE OF FOOD TECHNOLOGY ENTREPRENEURSHIP & MANAGEMENT	Director	23/12/2008	23/12/2008	12/09/2011	Under liquidation	NO
4	U67120DL2008PLC182140	INDIAN COMMODITY EXCHANGE LIMITED	Nominee director	19/12/2012	19/12/2012	-	Active	NO
5	U40101ML1976GOI001658	NORTH EASTERN ELECTRIC POWER CORPN LTD	Director	13/07/2015	31/12/2012	30/09/2015	Active	NO
6	U15203PN1998PLC013068	PRABHAT DAIRY Limited	Director	22/02/2013	22/02/2013	-	Active	NO
7	U01122DL2002PTC117220	KEJRIWAL BEE CARE INDIA PRIVATE LIMITED	Director	30/07/2013	10/05/2013	-	Active	NO
8	U01122PN2007PTC129505	SUNFRESH AGRO INDUSTRIES PRIVATE LIMITED	Director	30/09/2015	09/03/2015	-	Active	NO
9	U73100KA2005PLC035741	BELOORBAYIR BIOTECH LIMITED	Director	31/07/2015	28/03/2015	-	Active	NO
10	U15209PN2010PTC136135	CHEESE LAND AGRO (INDIA) PRIVATE LIMITED	Director	30/09/2015	24/06/2015	-	Active	NO

Name :

Seemantinee Shashank Khot

Designation :

Director

Address :

1104 Wooland Avenue, S. No. 36, Part Kothrud, Pune-411038, Maharashtra, India

Date of Appointment :

09.03.2015

DIN No.:

07026548

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	U65929MH1991PTC060656	ANIK FINANCIAL SERVICES PVT LTD	Director	24/11/2014	24/11/2014	-	Active	NO
2	U15203PN1998PLC013068	PRABHAT DAIRY Limited	Director	09/03/2015	20/02/2015	-	Active	NO
3	U01122PN2007PTC129505	SUNFRESH AGRO INDUSTRIES PRIVATE LIMITED	Director	30/09/2015	09/03/2015	-	Active	NO
4	U15209PN2010PTC136135	CHEESE LAND AGRO (INDIA) PRIVATE LIMITED	Director	30/09/2015	24/06/2015	-	Active	NO

Name :

Mr. Sarangdhar Ramchandra Nirmal

Designation :

Additional Director

Address :

Nirmalnagar At Post Ranjankhol, Taluka Shrirampur, Ahmedhnagar-413720, Maharashtra, India

Date of Appointment :

28.11.2015

DIN No.:

00035234

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	U15203PN1998PLC013068	PRABHAT DAIRY Limited	Managing director	01/03/2015	25/11/1998	-	Active	NO
2	U01122PN2007PTC130915	PRABHAT AGRI PROJECT DEVELOPMENT Private Limited	Director	26/10/2007	26/10/2007	-	Amalgamated	NO
3	U15142PN2008PLC131439	SUNFRESH SOYA OILS REFINERIES LIMITED	Director	18/02/2008	18/02/2008	-	Amalgamated	NO
4	U15400PN2010PTC136435	ANNAPURNA HEALTH FOOD & AGRO PRODUCTS PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Amalgamated	NO
5	U74999PN2011NPL140813	Shrirampur Entrepreneurs Association	Director	19/09/2011	19/09/2011	-	Active	NO
6	U01122PN2007PTC129505	SUNFRESH AGRO INDUSTRIES PRIVATE LIMITED	Additional director	28/11/2015	28/11/2015	-	Active	NO
7	AAC-8893	NIRMAL GOGRASS LLP	Designated Partner	10/11/2014	10/11/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Anurag Pandya
Designation :	Secretary
Address :	501,Monalisa Plaza, Sector 8, Koperkhairne, Navi Mumbai-400709, Maharashtra, India
Date of Appointment :	21.09.2015
PAN No.:	AWLPP8609H

Name :	Mr. Shirish Borle
Designation :	Senior Executive Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders		No. of Shares
Vivek Sarangdhar Nirmal		1
Cheese Land Agro (India) Private Limited, India		37483254
Total		37483255

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Manufacturing of Milk Products. (From Indirect Sources)

Products :

Item Code No.	Product Description
99622860	Agricultural Product

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

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 :

Not Divulged

Bankers :

Bank Name	Vijaya Bank
Branch	Vinayak Niwas, 1206/A-32, Shirole Road, Opposite Sambhaji Park, Pune - 411004, 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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Bank of India, 1162/6, Shivajinagar, University Road, Pune - 411005, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks	912.321	923.069
Short-term borrowings
Term loans from banks	551.658	534.557
Total	1463.979	1457.626

Auditors :
Name :	BSR and Company LLP Chartered Accountants
Address :	Mumbai, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAAA1111A

Memberships :	--

Collaborators :	--

Ultimate Holding Company :	Prabhat Dairy Private Limited

Holding Company :	Cheese Land Agro (India) Private Limited CIN No.: U15209PN2010PTC136135

Other related Parties :	Nirmal Family Trust Prabhat Agro. Multi State Co-Operative Society Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

56,348,300	Equity Shares	Rs.10/- each	Rs. 563.483 Million
151,700	Preference Shares	Rs.10/- each	Rs. 1.517 Million
	Total		Rs. 565.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

37,483,255	Equity Shares	Rs.10/- each	Rs. 374.833 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	374.833	376.349	376.349
(b) Reserves & Surplus	866.338	725.261	608.434
(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)	1241.171	1101.610	984.783

(3) Non-Current Liabilities
(a) long-term borrowings	2384.824	1712.884	615.496
(b) Deferred tax liabilities (Net)	113.039	97.926	86.266
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.962	0.613	0.282
Total Non-current Liabilities (3)	2498.825	1811.423	702.044

(4) Current Liabilities
(a) Short term borrowings	701.658	573.625	376.671
(b) Trade payables	51.229	208.636	78.814
(c) Other current liabilities	390.382	334.963	164.239
(d) Short-term provisions	45.024	24.301	0.000
Total Current Liabilities (4)	1188.293	1141.525	619.724

TOTAL	4928.289	4054.558	2306.551

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1954.358	1922.236	1657.681
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	917.431	261.229	57.043
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.032	0.032	0.054
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	429.961	908.713	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3301.782	3092.210	1714.778

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	245.474	200.507	106.906
(c) Trade receivables	1223.912	697.334	388.489
(d) Cash and cash equivalents	20.271	28.001	29.173
(e) Short-term loans and advances	136.092	15.841	52.252
(f) Other current assets	0.758	20.665	14.953
Total Current Assets	1626.507	962.348	591.773

TOTAL	4928.289	4054.558	2306.551

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
SALES
	Gross Revenue	5811.310	4072.970	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA

EXPENSES
	TOTAL	NA	NA	NA

PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		565.790	449.210	NA

FINANCIAL EXPENSES		186.810	180.010	NA

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		378.980	269.200	NA

DEPRECIATION/ AMORTISATION		178.630	136.640	NA

PROFIT/ (LOSS) BEFORE TAX		200.350	132.550	NA

TAX		57.890	13.000	NA

PROFIT/ (LOSS) AFTER TAX		142.460	119.560	29.693

Earnings / (Loss) Per Share (Rs.)		3.80	3.17	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	231.104	168.187	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Gross Revenue)	(%)	2.45	2.94	NA

Operating Profit Margin (PBIDT/ Gross Revenue)	(%)	9.74	11.03	NA

Return on Total Assets (PBT/Total Assets}	(%)	5.00	3.49	NA

Return on Investment (ROI) (PBT/Networth)		0.16	0.12	NA

Debt Equity Ratio (Total Debt /Networth)		2.67	2.23	1.01

Current Ratio (Current Asset/Current Liability)		1.37	0.84	0.95

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	376.349	376.349	374.833
Reserves & Surplus	608.434	725.261	866.338
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	984.783	1101.610	1241.171

long-term borrowings	615.496	1712.884	2384.824
Short term borrowings	376.671	573.625	701.658
Current maturities of long-term debts	0.000	168.187	231.104
Total borrowings	992.167	2454.696	3317.586
Debt/Equity ratio	1.007	2.228	2.673

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Gross Revenue	4072.970	5811.310
		42.680

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Gross Revenue	4072.970	5811.310
Profit	119.560	142.460
	2.94%	2.45%

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	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 two 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

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from related parties	1464.248	781.562
Other Loans and advances	8.255	8.253
Short-term borrowings
Term loans from banks	150.000	39.068
Total	1622.503	828.883

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10549399	27/03/2015 *	1,070,000,000.00	IL & FS TRUST COMPANY LIMITED	IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA , KURLA COMPLEX BANDRA EAST, MUMBAI, Maharashtra - 400051, INDIA	C49349046
2	10527548	25/08/2015 *	400,000,000.00	SOCEITE GENERALE BANK	UPPER GROUND FLOOR, AMBA DEEP BUILDING, 14,KASTUR BA GANDHI MARG, NEW DELHI, Delhi - 110001, INDIA	C63733851
3	10501872	04/06/2014	250,000,000.00	ICICI BANK LIMITED	BUND GARDEN ROAD,, PUNE, PUNE, Maharashtra - 4110 01, INDIA	C06066278
4	10507949	04/06/2014	20,000,000.00	ICICI BANK LIMITED	Bund Garden Branch, Pune, Pune, Maharashtra - 411 001, INDIA	C10451862
5	10512896	04/06/2014	300,000,000.00	INDUSIND BANK LTD.	2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, Maharashtra - 411001, INDIA	C15006711
6	10508161	30/04/2015 *	300,000,000.00	Rabobank International	2/F, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra - 400013, INDIA	C56007388

* Date of charge modification

FIXED ASSETS

Land
Building
Plant and machinery
Furniture and fixture
Vehicle
Computer
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.66.78
UK Pound	1	Rs.101.10
Euro	1	Rs.73.10

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	DIV

Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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		53

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit