MIRA INFORM REPORT

Report No. :	355006
Report Date :	22.12.2015

IDENTIFICATION DETAILS

Name :	SANTOSH OVERSEAS LIMITED
Registered Office :	G-321, Chirag Delhi, New Delhi – 110017
Tel. No.:	91-11-29250318
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	09.04.2007
Com. Reg. No.:	55-161735
Capital Investment / Paid-up Capital :	Rs.212.500 Million
CIN No.: [Company Identification No.]	U52100DL2007PLC161735
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAKCS8835J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged primarily in the business of Manufacturing and Trading of Rice and other Agricultural Produce. (Registered Activity)
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 2916000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2007. It has satisfactory track. For the financial year ended 2015, the company has healthy operational activity marked by decent top line growth of 8.16%. Although, it has thin profitability margin of 0.8%. The company has efficient financial base backed by adequate networth position along with favourable gap between trade payables and receivables. However, it has high debt levels. Trade relations are fair. Business is active. Payments are slow but correct. The company can be considered 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	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=BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	October, 2015

Rating Agency Name	CRISIL
Rating	Short Term=A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	October, 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.

LOCATIONS

Registered Office/ Head Office :	G-321, 1^st Floor, Chirag Delhi, New Delhi – 110017, India
Tel. No.:	91-11-29250318
Fax No.:	91-11-29250314
E-Mail :	cs@santoshoverseas.com info@santoshoverseas.com
Website :	www.santoshoverseas.com
Corporate Office :	A-25, Sector-83, Phase-LL, Noida, District: Gautam Budh Nagar – 201301, Uttar Pradesh, India
Tel. No.:	91-120-4807600 (40 Lines)
Fax No.:	91-120-4807666
Branch Office:	Q-1-2, APMC Market, Dana Bunder, Phase-II, Turbhe Vashi, Navi Mumbai – 400703, Maharashtra, India
Tel. No.:	91-22-65264013
Fax No.:	91-22-27882526
Factory:	Khasra No.140, Village Neknampur (Bishanpur), Industrial Area, Sikandarad, District: Bulandsahar, Utta Pradesh, India
Tel. No.:	91-5735-221295
Fax No.:	91-5735-221296
Packaging Plant:	Khasra No.101, Plot No.23, Seed Farm Road, Alipur, Delhi – 110036, India
Tel No.:	91-11-27204635

DIRECTORS

Name :

Mr. Sunil Mittal

Designation :

Managing Director

Address :

D-250, Anupam Garden, Sainik Firms, New Delhi - 110062, India

Date of Birth/Age :

26.03.1956

Date of Appointment :

01.04.2010

DIN No.:

00124175

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	L51755PB1995PLC015903	DIAMOND AGRO INDUSTRIES LIMITED	Director	06/07/2009	05/11/1996	-	Active	NO
2	U51399CH2005PTC028002	PANCHKULA MERCHANTS PRIVATE LIMITED	Director	28/03/2007	28/03/2007	05/05/2011	Active	NO
3	U52100DL2007PLC161735	SANTOSH OVERSEAS LIMITED	Managing director	01/04/2010	01/04/2008	-	Active	NO
4	U74899DL1999PTC099800	S L OVERSEAS PRIVATE LIMITED	Director	19/04/2008	19/04/2008	23/03/2015	Active	NO
5	U63020DL2012PLC230569	SANTOSH WAREHOUSING LIMITED	Director	25/01/2012	25/01/2012	-	Active	NO
6	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	18/01/2013	18/01/2013	20/12/2013	Active	NO
7	L01122DL1984PLC018307	AAYUSH FOOD AND HERBS LIMITED	Director	16/10/2014	25/07/2014	-	Active	NO

Name :

Mr. Ajay Mathur

Designation :

Director

Address :

D - 96, Munirka, Flat No - 18, Shubhram Complex, Near Barat Ghar, New Delhi - 110067, India

Date of Birth/Age :

31.03.1958

Date of Appointment :

30.09.2014

DIN No.:

01609016

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	L51755PB1995PLC015903	DIAMOND AGRO INDUSTRIES LIMITED	Director	30/06/2006	30/06/2006	-	Active	NO
2	L74899DL1967PLC004704	Justride Enterprises Limited	Director	30/06/2006	30/06/2006	-	Active	NO
3	U52100DL2007PLC161735	SANTOSH OVERSEAS LIMITED	Director	30/09/2014	23/06/2014	-	Active	NO
4	U63020DL2012PLC230569	SANTOSH WAREHOUSING LIMITED	Director	30/09/2014	24/06/2014	-	Active	NO
5	L01122DL1984PLC018307	AAYUSH FOOD AND HERBS LIMITED	Director	30/09/2015	13/02/2015	-	Active	NO
6	AAE-5982	TRIDENT BIZCONNECT LLP	Designated Partner	19/08/2015	19/08/2015	-	Active	NO

Name :

Ms. Neena Mittal

Designation :

Director

Address :

D-250, Anupam Garden Sainik Farm, New Delhi - 110017, India

Date of Birth/Age :

16.07.1961

Date of Appointment :

24.11.2015

DIN No.:

01645878

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	U52100DL2007PLC161735	SANTOSH OVERSEAS LIMITED	Director	24/11/2015	09/04/2007	-	Active	NO
2	U15400PB2010PTC033874	N.A. FOODS PRIVATE LIMITED	Director	05/05/2010	05/05/2010	23/03/2015	Active	NO
3	U63020DL2012PLC230569	SANTOSH WAREHOUSING LIMITED	Director	25/01/2012	25/01/2012	-	Active	NO
4	U51909DL2004PTC127036	NAV TRADEX PRIVATE LIMITED	Director	26/09/2013	07/03/2013	-	Active	NO
5	L01122DL1984PLC018307	AAYUSH FOOD AND HERBS LIMITED	Director	16/10/2014	10/08/2014	-	Active	NO

Name :

Mr. Ashish Mittal

Designation :

Director

Address :

D 250, Anupam Garden, Sainik Farm, Delhi - 110017, India

Date of Birth/Age :

31.07.1989

Date of Appointment :

01.04.2010

DIN No.:

02158722

Name :

Mr. Pramod Kumar Gupta

Designation :

Director

Address :

H. No. 66, Bazar Madho Das, P. O. Sikandrabad, Bulandshar - 202305, Uttar Pradesh, India

Date of Birth/Age :

02.09.1958

Date of Appointment :

01.02.2010

DIN No.:

02940528

Name :

Mr. Rajnish Goenka

Designation :

Additional Director

Address :

E - 14, Greater Kailash - Ii, New Delhi - 110048, India

Date of Appointment :

19.10.2015

DIN No.:

00479495

KEY EXECUTIVES

Name :	Mr. Ram Gopal Gupta
Designation :	Chief Financial Officer
Address :	F-13/5, Krishna Nagar, East Delhi, Delhi - 110051, India
Date of Appointment :	18.08.2014
PAN No.:	AAGPG6161Q
Name :	Mr. Ravinder Singh Kataria
Designation :	Secretary
Address :	C-169E, Jeevan Park, Uttam Nagar, New Delhi - 110059, India
Date of Appointment :	27.07.2015
PAN No.:	BKZPK9920P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Names of Shareholders	No. of Shares
SUNIL MITTAL	1000
Vinay Mittal	86000
Naveen Mittal	2000
Sanjeev Mittal	2000
Atul Mittal	2000
Neena Mittal	2558100
Sabhajeet Pandey	2000
Anju Mittal	30000
Frontline Building Materials Trading Company LLC, UAE	427700
Rajan Industries FZC, UAE	1178500
Rama Mittal	300000
S.L. Overseas Private Limited, India	7770700
Ashish Mittal	2090000
AGP BIO Energy Private Limited, India	100000
Amaranth Buildcon Private Limited, India	280000
Dhanshree Softtech Private Limited, India	300000
N A Foods Private Limited, India	5500000
Priority Vanijya Private Limited	320000
GPM Spinning Mills Private Limited	300000
Total	21250000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	76.99
Directors or relatives of Directors	23.00
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged primarily in the business of Manufacturing and Trading of Rice and other Agricultural Produce. (Registered Activity)
Products/ Services :	Rice and other Agricultural Produce
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 Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

No. of Employees :

Not Available

Bankers :

Bank Name	Union Bank of India
Branch	9 Shopping Centre-Ii,Poorvi Marg, D Block,Vasant  Vihar, New Delhi - 110057, 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

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term loan from Bank	131.709	139.224
Short-term borrowings
Working capital loans from banks	3003.877	2353.502
Other loans and advances	409.233	644.011
Total	3544.819	3136.737

Auditors :
Name :	Kapil Kumar and Company Chartered Accountants
Address :	38-39, Deep Complex, Court Road, Amritsar, Punjab, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFK4996N
Memberships :	Not Available
Collaborators :	Not Available
Associate :	N.A. Foods Private Limited
Enterprises which are owned, or have significant influence of or are partners with key management personnel and their relatives:	Asia Africa General Trading LLLC, United Arab Emirates Ashi Shassociates, India Santos Hwarehousing Limited, India (U63020DL2012PLC230569) Nav Tradex Private Limited, India (U51909DL2004PTC127036)

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21250000	Equity Shares	Rs.10/- each	Rs.212.500 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	212.500	201.500	187.000
(b) Reserves & Surplus	808.213	690.196	491.048
(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)	1020.713	891.696	678.048
(3) Non-Current Liabilities
(a) long-term borrowings	560.098	495.314	431.772
(b) Deferred tax liabilities (Net)	21.645	15.586	11.168
(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)	581.743	510.900	442.940
(4) Current Liabilities
(a) Short term borrowings	3413.110	2997.513	2190.577
(b) Trade payables	1254.025	1082.935	511.017
(c) Other current liabilities	784.979	759.072	71.693
(d) Short-term provisions	33.410	53.048	55.170
Total Current Liabilities (4)	5485.524	4892.568	2828.457
TOTAL	7087.980	6295.164	3949.445
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	757.224	701.659	629.319
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	10.353	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	26.000	27.000	27.566
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	11.449	9.189	8.660
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	794.673	748.201	665.545
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4088.563	3414.369	1679.033
(c) Trade receivables	2099.531	2019.290	1505.934
(d) Cash and cash equivalents	51.206	46.753	30.468
(e) Short-term loans and advances	54.007	66.551	68.465
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	6293.307	5546.963	3283.900
TOTAL	7087.980	6295.164	3949.445

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	9688.021	8961.015	6570.950
	Other Income	15.261	10.051	8.967
	TOTAL (A)	9703.282	8971.066	6579.917
Less	EXPENSES
	Cost of Materials Consumed	8653.141	8333.855	5813.090
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(583.250)	(775.538)	(386.696)
	Employees benefits expense	60.702	58.557	54.788
	Other expenses	969.866	819.367	612.620
	TOTAL (B)	9100.459	8436.241	6093.802
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	602.823	534.825	486.115
Less	FINANCIAL EXPENSES (D)	438.657	292.835	254.298
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	164.166	241.990	231.817
Less/ Add	DEPRECIATION/ AMORTISATION (F)	45.152	39.524	31.974
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	119.014	202.466	199.843
Less	TAX (H)	39.470	57.466	59.225
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	79.544	145.000	140.618
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	5531.600	NA	NA
	TOTAL EARNINGS	5531.600	NA	NA
	Earnings / (Loss) Per Share (Rs.)	3.74	7.20	7.52

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.82	1.62	2.14
Operating Profit Margin (PBIDT/Sales)	(%)	6.22	5.97	7.40
Return on Total Assets (PBT/Total Assets}	(%)	1.69	3.24	5.10
Return on Investment (ROI) (PBT/Networth)		0.12	0.23	0.29
Debt Equity Ratio (Total Debt /Networth)		3.95	3.99	3.95
Current Ratio (Current Asset/Current Liability)		1.15	1.13	1.16

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	54.800	68.257	59.269
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	14.422	(485.381)	NA
Net cash flow from operating activity	(1.608)	(515.205)	NA

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	187.000	201.500	212.500
Reserves & Surplus	491.048	690.196	808.213
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	678.048	891.696	1020.713
long-term borrowings	431.772	495.314	560.098
Short term borrowings	2190.577	2997.513	3413.110
Current Maturities of Long-Term Debts	59.269	68.257	54.800
Total borrowings	2681.618	3561.084	4028.008
Debt/Equity ratio	3.955	3.994	3.946

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	6570.950	8961.015	9688.021
		36.373	8.113

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	6570.950	8961.015	9688.021
Profit	140.618	145.000	79.544
	2.14%	1.62%	0.82%

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

OVERVIEW:

Subject is engaged primarily in the business of Manufacturing and Trading of Rice and other Agricultural Produce. Santosh Overseas Limited ‘Company Limited by Share’, which was incorporated on 9th April 2007. The registered office of the Company is located at G-321 Chirag Delhi, New Delhi, India.

BUSINESS REVIEW

The Financial year 2014-15 concluded with increase in the Sales revenue of Rs. 9703.300 Million for the company as compared to Rs. 8971.100 Million earned by the company in the previous financial year 2013-14. Overall expenses were increased including finance cost but the company was aggressive in capturing new market and enhancing its sales. The Company focuses on its business to broaden its customer base to set a benchmark in the competitive market.

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term loan from others	428.389	356.090
Total	428.389	356.090

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10607158	27/11/2015	560,200,000.00	UNION BANK OF INDIA	9 SHOPPING CENTRE-II,POORVI MARG, D BLOCK,VASANT  VIHAR, NEW DELHI, Delhi - 110057, INDIA	C72849516
2	10598002	17/03/2015	1,800,000.00	PUNJAB NATIONAL BANK	SIKANDRABAD, BULANDSHAHR, Uttar Pradesh - 203205,  INDIA	C67800862
3	10562310	26/02/2015	472,500,000.00	ORIENTAL BANK OF COMMERCE	B-31, SECTOR-62, NOIDA, Uttar Pradesh - 201301, I  NDIA	C50433143
4	10552890	20/02/2015	310,000,000.00	Vijaya Bank	Vijaya Building, Overseas Branch, Ground Floor, 1  7 Barakhamba Road, New Delhi, Delhi - 110001, INDIA	C45518123
5	10551709	20/01/2015	100,000,000.00	PUNJAB NATIONAL BANK	Sikandrabad, BULANDSHAHAR, BULANDSHAHAR, Uttar Pradesh - 203205, INDIA	C44897247
6	10539910	30/01/2015 *	50,000,000.00	IDBI Bank Limited	Videocon Tower, 1st Floor,, E-1, Jhandewalan Extension, New Delhi, Delhi - 110055, INDIA	C53487799
7	10475100	20/01/2014	320,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B95301321
8	10469246	18/12/2013	50,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B93161834
9	10460427	13/11/2013	250,000,000.00	UNION BANK OF INDIA	9 SHOPPING CENTRE-II,POORVI MARG, D BLOCK,VASANT  VIHAR, NEW DELHI, Delhi - 110057, INDIA	B89632517
10	10451425	18/09/2013	650,000.00	UNION BANK OF INDIA	9 SHOPPING CENTRE-II,POORVI MARG, D BLOCK VASANT  VIHAR, NEW DELHI, Delhi - 110057, INDIA	B85899623

FIXED ASSETS

• Land
• Furniture and fixtures
• Buildings
• Plant and equipment
• Vehicles
• Office equipment
• Computer 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.66.32
UK Pound	1	Rs.98.98
Euro	1	Rs.72.13

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	SUD

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	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.