MIRA INFORM REPORT

Report No. :	308386
Report Date :	18.02.2015

IDENTIFICATION DETAILS

Name :	WEIKFIELD FOODS PRIVATE LIMITED
Registered Office :	Weikfield IT City Infotech, 9th Floor, D Block, Nagar Road, Pune – 411014, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.03.1998
Com. Reg. No.:	11-114249
Capital Investment / Paid-up Capital :	Rs. 27.371 Millions
CIN No.: [Company Identification No.]	U15549MH1998PTC114249
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	PNEW01460E
PAN No.: [Permanent Account No.]	AAACW1596J
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the manufacturing and selling of various food product
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part of Weikfield Group, based in Pune. It is an established company having satisfactory track. The company possesses a decent financial profile marked by favorable networth position along with a better improvement in its sales volume during 2014. The ratings also take into consideration the modest scale of operations with dependence on seasonal availability of raw material inputs and moderately high inventory period. However, trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of vast experience of the promoters, the subject 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Rating “A-“ (Withdrawn)
Rating Explanation	Adequate degree of safety and low credit risk
Date	December 20, 2013

Rating Agency Name	CARE
Rating	Short Term Rating “A2+“
Rating Explanation	Strong degree of safety and low credit risk
Date	December 20, 2013

Note:

The rating has been withdrawn at the request of the company on account of the outstanding amounts against the bank facilities availed by the company, falling below the threshold for external rating.

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Shailesh Khanore
Designation :	Account Manager
Contact No.:	91-20-66322308
Date :	16.12.2015

LOCATIONS

Registered/ Corporate Office :	Weikfield IT City Infotech, 9th Floor, D Block, Nagar Road, Pune – 411014, Maharashtra, India
Tel. No.:	91-20-66478300
Fax No.:	91-20-66478330
E-Mail :	weikfield@weikfield.com sunil_gijare@weikfield.com info@weikfield.com
Website :	http://www.weikfield.com
Factory :	Lonikand Unit: Weikfield Estate, Gat No. 485, Lonikand, Nagar Road, Pune – 412216, Maharashtra, India Tel. No.: 91-20-66478300 / 66322323 Fax No.: 91-20-66322345 Baddi Unit: Village Gullarwala, Sai Road, Baddi – 173 205, Tehsil Nalagarh, District Solan, Himachal Pradesh, India Bakori Unit: Gat No.323/331, Village Bakori, Taluka Haveli, District Pune – 412207, Maharashtra, India Honey Unit – Sanaswadi: Survey No.1288, Works and Office, Nagar Road, Sanaswadi, Pune – 412208, Maharashtra, India

DIRECTORS

AS ON 22.09.2014

Name :	Mr. Baldevraj Sitaram Malhotra
Designation :	Director
Address :	116, Koregaon Park, Pune – 411001, Maharashtra, India
Date of Birth/Age :	21.01.1934
Date of Appointment :	30.03.1998
DIN No.:	00610681
Name :	Mr. Mukesh Satpal Malhotra
Designation :	Director
Address :	A-9, Forest Park, Nagar Road, Pune – 411014, Maharashtra, India
Date of Birth/Age :	12.06.1952
Date of Appointment :	30.03.1998
DIN No.:	00129504
Name :	Mrs. Ashwini Baldevraj Malhotra
Designation :	Managing director
Address :	A-8, Forest Park, Nagar Road, Pune – 411014, Maharashtra, India
Date of Birth/Age :	02.09.1959
Date of Appointment :	02.05.2008
DIN No.:	00129609
Name :	Mr. Akshay Mukesh Malhotra
Designation :	Director
Address :	A-9, Forest Park, Nagar Road, Pune – 411014, Maharashtra, India
Date of Birth/Age :	04.08.1976
Date of Appointment :	29.09.2008
DIN No.:	00129626
Name :	Mr. Parag Saxena
Designation :	Director
Address :	6, Timber Trail Rye, New York 10580, United States of America
Date of Birth/Age :	27.04.1955
Date of Appointment :	19.09.2009
DIN No.:	01461421

KEY EXECUTIVES

Name :	Mr. Shailesh Khanore
Designation :	Account Manager

MAJOR SHAREHOLDERS

As on 22.09.2014

Names of Shareholders	No. of Shares
Mukesh Satpal Malhotra and Ritu Malhotra	626496
Akshay Mukesh Malhotra and Smriti Malhotra	376904
Ashwini Baldevraj Malhotra and Priti Ashwini Malhotra	779160
Ritu Mukesh Malhotra and Mukesh Satpal Malhotra	176823
Priti Ashwini Malhotra and Ashwini Baldevraj Malhotra	180395
Hilda Investments Limited	810
Sanjay Kailash Kohli	688
Sandeep Bhushan Kumar and Niti Sandeep Kumar	608
Parag Phoolchand Saxena and Siddharth Parag Saxena	2722
Parag Phoolchand Saxena and Tanya Saxena	2609
Parag Phoolchand Saxena jointly with Gaurav Parag Saxena	2835
Vijay Kewalramani	18473
Amalgamated Bean Coffee Trading Company Limited, India	4050
Parag Phoolchand Saxena	104015
Weikfield Products Corporation LLP	131360
Ishwar Sani	18473
Saachi Malhotra jointly with Ashwini and Priti Malhotra	132834
Avanti Malhotra jointly with Ashwini and Priti Malhotra	132834
Smriti Malhotra jointly with Akshay Mukesh Malhotra	45000
Baldevraj Sitaram Malhotra jointly with Ashwini Baldevraj Malhotra	5
Total	2737094

As on 22.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	4.83
Bodies corporate	4.94
Directors or relatives of Directors	89.56
Other top fifty shareholders	0.67
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the manufacturing and selling of various food product
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	State Bank of India
Branch Address	1548/A Sadashiv Peth, Tilak Road, Pune – 411030, 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

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	7.971	1.295
Total	7.971	1.295

Auditors :
Name :	MZSK And Associates Chartered Accountants
Address :	Level 3, Business Bay, Plot No. 84, Wellesley Road, Near RTO, Pune – 411001, Maharashtra, India
Tel. No.:	91-20-26225500
Fax No.:	91-20-26225670
Income-tax PAN of auditor or auditor's firm :	AACFK3470E
Memberships :	Not Available
Collaborators :	Not Available
Associate Companies and Firms :	WeikField Products Corporation LLP Weikfield Overseas Limited Weikfield Ventures International Firm Weikfield Infrastructure and Real Estates Limited Eco Valley Farms and Foods Limited Camomile Farms and Properties Private Limited Tuberose Farms and Properties Private Limited Vinca Rosea Farms and Properties Private Limited Yucca Farms and Properties Private Limited Shoeflower Farms and Properties Private Limited Sesame Farms and Resorts Private Limited Hollyhock Farms and Properties Private Limited Casuarina Farms and Properties Private Limited Gladiolus Farms and Properties Private Limited Cypress Farms and resorts Private Limited Deodar Farms and Properties Private Limited. Erythrina Farms and Properties Private Limited Antherium Farms and Properties Private Limited Alamander Farms and Resorts Private Limited Fir Farms and Properties Private Limited Malhotra Bhavan Property Private Limited Malhotra Weikfield Foundation Trust Pururavas Consultancy Private Limited Pune City Connect Development Foundation

CAPITAL STRUCTURE

As on 22.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2750000	Equity Shares	Rs.10/- each	Rs.27.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2737094	Equity Shares	Rs.10/- each	Rs. 27.371 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	27.371	27.371	27.371
(b) Reserves & Surplus	433.762	382.786	313.804
(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)	461.133	410.157	341.175
(3) Non-Current Liabilities
(a) long-term borrowings	193.045	158.915	1.169
(b) Deferred tax liabilities (Net)	38.538	36.681	6.513
(c) Other long term liabilities	16.924	6.655	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	248.507	202.251	7.682
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	201.286
(b) Trade payables	73.228	64.415	40.550
(c) Other current liabilities	36.650	24.051	43.885
(d) Short-term provisions	4.758	4.200	3.787
Total Current Liabilities (4)	114.636	92.666	289.508
TOTAL	824.276	705.074	638.365
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	332.364	333.365	338.478
(ii) Intangible Assets	1.429	2.049	2.670
(iii) Capital work-in-progress	3.079	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	37.754	53.256	48.175
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	374.626	388.670	389.323
(2) Current assets
(a) Current investments	127.634	55.530	37.500
(b) Inventories	147.814	124.289	96.592
(c) Trade receivables	142.406	105.687	70.865
(d) Cash and cash equivalents	20.153	21.447	33.565
(e) Short-term loans and advances	11.643	9.451	10.520
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	449.650	316.404	249.042
TOTAL	824.276	705.074	638.365

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL INCOME	1105.494	947.016	789.140
Less	TOTAL EXPENSES	917.189	761.920	653.779
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	188.305	185.096	135.361
Less	FINANCIAL EXPENSES	21.869	21.547	24.622
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	166.436	163.549	110.739
Less/ Add	DEPRECIATION/ AMORTISATION	31.966	30.193	29.725
	EXTRAORDINARY / PRIOR PERIOD EXPENSES	0.000	0.363	0.000
	PROFIT/ (LOSS) BEFORE TAX	134.470	132.993	81.014
Less	TAX	49.615	26.050	16.287
	PROFIT/ (LOSS) AFTER TAX	84.855	106.943	64.727
	DEFERRED TAX ASSETS / (LIABILITY)	(1.857)	(30.168)	(28.399)
	MAT ENTITLEMENT CREDIT	0.000	10.805	15.060
Less	APPROPRIATIONS
	Interim Dividend and Tax thereon	32.022	22.268	19.082
	Total (M)	32.022	22.268	19.082
	Balance Carried to the B/S (J+K+L-M)	50.976	65.312	32.305
	EARNINGS IN FOREIGN CURRENCY	NA	88.072	87.996
	Earnings / (Loss) Per Share (Rs.)	31.00	39.07	23.65

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/ Sales)	(%)	7.68	11.29	8.20
Operating Profit Margin (PBDIT/Sales)	(%)	17.03	19.55	17.15
Return on Total Assets (PBT/Total Assets}	(%)	16.37	18.86	12.69
Return on Investment (ROI) (PBT/Networth)		0.29	0.32	0.24
Debt Equity Ratio (Total Debt /Networth)		0.42	0.39	0.59
Current Ratio (Current Asset/Current Liability)		3.92	3.41	0.86

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	27.371	27.371	27.371
Reserves & Surplus	313.804	382.786	433.762
Net worth	341.175	410.157	461.133
long-term borrowings	1.169	158.915	193.045
Short term borrowings	201.286	0.000	0.000
Total borrowings	202.455	158.915	193.045
Debt/Equity ratio	0.593	0.387	0.419

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	789.140	947.016	1105.494
		20.006	16.734

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	789.140	947.016	1105.494
Profit	64.727	106.943	84.855
	8.20%	11.29%	7.68%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBTS

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Current maturities of long-term debt	2.671	1.085
Total	2.671	1.085

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note :

The Registered office of the company has been shifted Weikfield IT City Infotech, B Block, 9the Floor, Nagar Road, Pune – 411014, Maharashtra, India to the present address w.e.f. 02.05.2008

REVIEW OF OPERATIONS and FUTURE PLANS:

The company achieved a major landmark in its history by crossing Rs. 1000.000 Millions sales during the year 2013-14. The company’s performance has been satisfactory during the year as Sales have increased by 17% over the previous year but the Operating Profit (EBITDA) has increased by only 2%. This was due to the fact that there was a steep increase in the Advertising, Sales promotion and Marketing expenses by almost 300% over the previous year, which was required for the introduction of many new products during the year. All the Divisions of the company as well as all the three plants at Lonikand, Bakori and Nalagarh have performed well during the year under the able leadership of your COO Mr. Mahesh Joshi.

The following products were introduced in the domestic market as well as some export markets during the year viz. Hearty Oats, (Savoury and Sweet), Pasta and Pasta Sauces, Cake Mixes and Falooda Mix. They are all performing satisfactorily.

The Healthy Quick Service Kiosks (HQSK) initiative under the? Hearty Bites? Branding was started in the Infosys campus in Hyderabad with a very positive response from the target customers.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10116647	08/07/2013 *	45,000,000.00	STATE BANK OF INDIA	1548/A SADASHIV PETH,TILAK ROAD, PUNE, PUNE, Maharashtra - 411030, INDIA	B82465774

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances from Directors	118.618	108.404
Loans and advances from others	66.456	49.216
Total	185.074	157.620

FIXED ASSETS

• Land
• Buildings
• Factory building
• Plant and equipment
• Factory equipments
• Other plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments

PRESS RELEASE

Godrej, Aptech, Weikfield keen to invest in Himachal

IANS | Mumbai November 6, 2014 Last Updated at 19:24 IST

Himachal Pradesh Thursday got more investment proposals from Godrej, Aptech, Mukand Ltd., Weikfield Foods Pvt. Ltd., Stanford English Academy and American Global Health Group in the investors' meet in Mumbai, an official said.

Chief Minister Virbhadra Singh, leading a delegation of government functionaries, said in a meeting here that the state is offering several incentives to entrepreneurs, including freezing power tariff till 2018 at one fixed rate for the new industry.

While Weikfield Foods has showed interest in setting up food, beverages and agro-based food parks, Stanford English Academy intends to set up the first vocational university in the state with a projected investment of Rs.200-250 crore, a government spokesperson told IANS.

LR Active Private Ltd., dealing in edible oil, has shown interest in opening food parks besides launching environment-friendly cement bags replacing polythene.

American Global Health Group, world leaders in organic aloe vera and energy drinks, has submitted a proposal of Rs.100 crore for producing aloe vera products, besides Rs.190 crore in a mega food park and and Rs.127 crore in a paper bag industry.

Ruchi Soya Industries Ltd. was keen to invest in agro-packaging, food processing and cold stores in the state, said the spokesperson.

He said officials of Tata Group of companies met the chief minister and expressed interest in investing in construction of infrastructure and real estate.

Ireland-based CRH Cement Company has proposed to set up a cement plant, whereas a proposal was discussed for setting up a film city by the Triumph Institute of Performing Arts.

Scaling Heights Entertainment Private Ltd. has also submitted a proposal for setting up a film city at an investment of over Rs.500 crore in Palampur in Kangra district.

Tata, Mahindra and Mahindra and Amarson Ltd. and Meridian Group Wednesday expressed interest in investing in the state, while Pidlite and Luminous Power Technology India showed interest in expanding their existing facilities in the state.

This was the first phase investors' meet organised in association with the Confederation of India Industries.

Two more meets in this phase will be organised in Bangalore and Ahmedabad Friday and Saturday respectively.

In the second phase, the investors' meet will be held next month in Chennai, Hyderabad, Kolkata and New Delhi.

Official data shows that Himachal Pradesh got maximum investment from 2003 to 2010 when there was a special industrial package of the central government.

Most investments were in pharmaceutical, food processing, textile, packaging and light engineering sectors.

Dabur exits UAE cosmetics distributor Weikfield news 

03 July 2012

Dabur International Limited, a wholly owned subsidiary of Dabur India Ltd, has divested its entire shareholding in Weikfield International (UAE) Ltd. Accordingly, Weikfield International has ceased to be the company's step-down subsidiary with effect from 25 June 2012, Dabur India said in a filing with the Bombay Stock Exchange (BSE).

Weikfield International is in the business of importing, exporting, warehousing and distribution of cosmetics and food products.

Dabur International had, in September 2003, acquired 38.41 per cent equity in Weikfield by purchasing 615 shares in the company.

Dabur India is the fourth largest FMCG Company in India, with operations in hair care, oral care, health care, skin care, home care and foods segments.

Dabur's flagship brands include Vatika, Hajmola, Real and Fem.

Dabur had, in November 2010, bought US-based hair care company Namaste Laboratories and its three subsidiaries for $100 million (Rs4460.000 Millions) in an all-cash deal through its US-based wholly-owned subsidiary Dermoviva Skin Essentials Inc.

Dabur made its first overseas acquisition in September 2010 when it bought Turkish personal care company Hobi Kozmetick - which sells hair care and skin care products in 34 countries mostly in the Middle East and North Africa - for Rs 3240.000 Millions ($69 million).

Weikfield Foods MD elected CII Maharashtra council Chairman

Press Trust Of India | Mumbai March 07, 2014 Last Updated at 17:21 IST

Weikfield Foods Managing Director Ashwini Malhotra has been elected as CII Maharashtra State Council’s chairperson for the year 2014-15.

Malhotra succeeds Aptech CEO and Managing Director Ninad Karpe, the CII said in a release issued her today.

Tata Chemicals’ President, New Business and Innovation Centre Arup Basu has been elected CII Maharashtra State Council’s vice chairman.

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. 62.20
UK Pound	1	Rs. 95.99
Euro	1	Rs. 71.00

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUB
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		50

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.