MIRA INFORM REPORT

Report Date :

03.01.2015

IDENTIFICATION DETAILS

Name :	SHARDA CROPCHEM LIMITED (18.09.2013)
Formerly Known As :	SHARDA CROPCHEM PRIVATE LIMITED SHARDA WORLDWIDE EXPORTS PRIVATE LIMITED
Registered Office :	Domnic Holm, 29^th Road, Bandra (West), Mumbai - 400050, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.03.2004
Com. Reg. No.:	145007
Capital Investment / Paid-up Capital :	Rs. 902.205 Millions
CIN No.: [Company Identification No.]	L51909MH2004PLC145007
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMS36859E
PAN No.: [Permanent Account No.]	AAICS0137P
Legal Form :	A Closely Held Public Limited liability Company.
Line of Business :	Distribution of formulations and generic active ingredients.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by decent liquidity position and fair profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal 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	CRISIL
Rating	Short Term Rating A1
Rating Explanation	Very Strong degree of safety and lowest credit risk
Date	July 04, 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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Shilpesh
Contact No.:	91-22-66782800
Date :	31.12.2014

LOCATIONS

Registered/ Corporate Office :	Domnic Holm, 29^th Road, Bandra (West), Mumbai - 400050, Maharashtra, India
Tel. No. :	91-22-66782800 / 66782828
Fax No. :	91-22-66782828/ 66782808
E-Mail :	finance@shardaintl.com export@shardaintl.com shardain@vsnl.com sales@shardaintl.com accounts@shardalntl.com
Website :	www.shardacropchem.com

DIRECTORS

AS ON 09.08.2014

Name :	Mr. Ramprakash Vilasrai Bubna
Designation :	Managing Director
Address :	501, Pleasant Park, 5th Floor, 24th Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	20.07.1946
Qualification :	B. Tech
Date of Appointment :	01.01.2014
PAN No.:	AACPB6260D
DIN No. :	00136568
Name :	Mrs. Sharda Ramprakash Bubna
Designation :	Whole Time Director
Address :	501, Pleasant Park, 5th Floor, 24th Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	04.05.1953
Qualification :	Graduate
Date of Appointment :	01.01.2014
PAN No. :	AACPB5921B
DIN No. :	00136760
Name :	Mr. Ashish Ramprakash Bubna
Designation :	Director
Address :	501, Pleasant Park, 5th Floor, 24th Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	09.10.1972
Qualification :	B.Com
Date of Appointment :	01.01.2014
PAN No. :	AACPB5507B
DIN No. :	00945147
Name :	Mr. Manish Ramprakash Bubna
Designation :	Director
Address :	501, Pleasant Park, 5th Floor, 24th Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	30.06.1974
Qualification :	B.Tech
Date of Appointment :	01.01.2014
PAN No. :	AAAPB9774C
DIN No. :	00137394
Name :	Mr. Swaminathan Sundararajan Mittur
Designation :	Director
Address :	Flat 11, 248, Aswarooda, T.T.K. Salai, Alwarpet, Chennai – 600004, Tamilnadu, India
Date of Birth/Age :	15.03.1950
Qualification :	Post-Graduate in Economics
Date of Appointment :	09.08.2014
DIN No. :	00169775
Name :	Mrs. Urvashi Saxena
Designation :	Director
Address :	2602, Light Bridge, Hiranandani Meadows, Gladys Alwares Road, Thane (West) – 400610, Maharashtra, India
Date of Birth/Age :	14.06.1945
Qualification :	L.L.B.
Date of Appointment :	09.08.2014
DIN No. :	02021303
Name :	Mr. Shitin Dayalji Desai
Designation :	Director
Address :	Flat 6A, 6^th Floor, 11, L.D. Ruparel Marg, Malabar Hill, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	20.03.1947
Date of Appointment :	09.08.2014
DIN No. :	00009905
Other Directorship :
Name :	Mr. Shobhan Madhukant Thakore
Designation :	Director
Address :	509, Cumbala Crest, 42/A, G, Deshmukh Marg, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	03.07.1947
Date of Appointment :	09.08.2014
DIN No. :	00031788
Name :	Mr. Perumal Ramamurthy Srinivasan
Designation :	Director
Address :	25A, Belvedere Court, Sane Guruji Marg, Mumbai – 400011, Maharashtra, India
Date of Birth/Age :	01.06.1965
Date of Appointment :	09.08.2014
DIN No. :	00365025

KEY EXECUTIVES

Name :	Mr. Jetkin Gupta
Designation :	Secretary
Address :	E – 2, Juhu Apartmnet, Juhu Road, Santacruz (West), Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	13.07.1987
Date of Appointment :	23.02.2011
PAN No. :	ALEPG6217E
Name :	Mr. Gautam Arora
Designation :	Chief Financial Officer
Address :	29/21, Sagarkiran, H.I.G. Complex, Bandra Reclamation, Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	08.01.1968
Date of Appointment :	23.02.2011

SHAREHOLDING PATTERN

As on 30.09.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	67665371	75.00
Sub Total	67665371	75.00
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	67665371	75.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	11886068	13.17
Financial Institutions / Banks	150000	0.17
Foreign Institutional Investors	3468443	3.84
Sub Total	15504511	17.19
(2) Non-Institutions
Bodies Corporate	2524112	2.80
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Millions	3146044	3.49
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Millions	625763	0.69
Any Others (Specify)	754694	0.84
Non Resident Indians	41672	0.05
Clearing Members	700570	0.78
Trusts	12452	0.01
Sub Total	7050613	7.81
Total Public shareholding (B)	22555124	25.00
Total (A)+(B)	90220495	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	90220495	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl.No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Ashish Ramprakash Bubna	1,51,79,990	16.83
2	Manish Ramprakash Bubna	1,51,79,990	16.83
3	Ramprakash Vilasrai Bubna	1,41,52,686	15.69
4	Sharda Ramprakash Bubna	1,41,52,685	15.69
5	Seema Ashish Bubna	45,00,000	4.99
6	Anisha Manish Bubna	45,00,000	4.99
7	Ashish Ramprakash Bubna	10	0.00
8	Manish Ramprakash Bubna	10	0.00
	Total	6,76,65,371	75.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	HDFC Trustee Company Ltd HDFC Prudence	2145526	2.38
2	DSP Blackrock Micro	1532595	1.70
	Total	3678121	4.08

Details of Locked-in Shares

Sl. No.	Name of the Shareholder	No. of Shares	Locked-in Shares as % of Total No. of Shares
1	Ramprakash Vilasrai Bubna	97,99,650	10.86
2	Anisha Manish Bubna	45,00,000	4.99
3	Manish Ramprakash Bubna	1,05,10,976	11.65
4	Sharda Ramprakash Bubna	97,99,650	10.86
5	Ashish Ramprakash Bubna	1,05,10,976	11.65
6	Ashish Ramprakash Bubna	10	0.00
7	Seem Ashish Bubna	45,00,000	4.99
8	Manish Ramprakash Bubna	10	0.00
9	Kuwait Investment Authority Fund 224	3,38,310	0.37
10	Ashmore Sicav Indian Small Cap Equity Fund	3,38,310	0.37
11	Goldman Sachs India Fund Limited	3,38,310	0.37
12	Morgan Stanley Sicav (Mauritius) Limited	3,38,310	0.37
13	Dsp Blackrock Natural Resources And New Energy Fun	64,103	0.07
14	Dsp Blackrock Opportunities Fund	1,46,002	0.16
15	Dsp Blackrock Focus 25 Fund	1,28,205	0.14
16	L And T Mutual Fund Trustee Ltd L And T Tax Advant	3,38,310	0.37
17	Icici Prudential Exports And Other Services Fund	1,00,215	0.11
18	Icici Prudential Child Care Plan - Gift Plan	1,50,323	0.17
19	Icici Prudential Growth Fund Series 2	87,772	0.10
20	Reliance Capital Trustee Co Ltd A/C Reliance Capi	3,38,310	0.37
21	Uti Focussed Equity Fund Series 1 (1100 Days)	3,38,310	0.37
22	Sbi Magnum Midcap Fund	1,02,068	0.11
23	Sbi Magnum Comma Fund	1,02,068	0.11
24	Sbi Magnum Multicap Fund	1,02,068	0.11
25	Sbi Magnum Monthly Income Plan Floater	15,198	0.02
26	Sbi Resurgent India Opportunities Scheme	16,908	0.02
27	Ramprakash Vilasrai Bubna	43,53,036	4.82
28	Manish Ramprakash Bubna	46,69,014	5.18
29	Sharda Ramprakash Bubna	43,53,035	4.82
30	Ashish Ramprakash Bubna	46,69,014	5.18
	Total	7,10,48,471	78.75

As on 09.08.2014

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	15.87
Directors or relatives of Directors	84.13
Total	100.00

BUSINESS DETAILS

Line of Business :

Distribution of formulations and generic active ingredients.

Products :

Item Code No. (ITC Code)	Product Description
38249090	Agrochemicals
40101910	Belts
32041490	Others

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

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	Standard Chartered Bank
Branch Address	90, M G Road, Fort Mumbai – 400001, 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

Banker Name	Union bank of India
Branch Address	Oversea Branch, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400021, 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)
SHORT TERM BORROWINGS
Working Capital loans from banks	0.000	2.154
Total	0.000	2.154

Auditors :
Name :	S.R Batliboi and Company LLP Chartered Accountants
Address :	14^th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India
PAN No.:	ACHFS9180N
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates/Subsidiaries :	Sharda International DMCC Sharda Polska SP. ZO.O Sharda Ukraine LLC Sharda Del Ecuador CIA. Ltda. Sharda Peru SAC Sharda Swiss SARL Sharda Do Brasil Comercio De Produtos Quimicos E Agroquimicos LTDA Sharda Hellas Agrochemicals Limited Sharda Balkan Agrochemicals Limited Shardaserb D.O.O Shardarus LLC Sharda Spain, S.L. Axis Crop Science Private Limited Sharda Costa Rica SA Sharda Italia SRL Sharda De Guatemala, S.A. Shardacan Limited Sharda USA LLC Sharda Chile SpA Sharda Cropchem Espana, S.L. Sharzam Limited Sharda Hungary Kft

CAPITAL STRUCTURE

As on 09.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
105000000	Equity Shares	Rs.10/- each	Rs.1050.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
90220495	Equity Shares	Rs.10/- each	Rs. 902.205 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	902.205	902.205	902.205
(b) Reserves & Surplus	4262.738	3587.269	2921.406
(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)	5164.943	4489.474	3823.611
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	102.622	69.093	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.528	0.000	0.000
Total Non-current Liabilities (3)	104.150	69.093	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	2.154	26.307
(b) Trade payables	1614.573	1621.273	1699.602
(c) Other current liabilities	674.834	687.836	592.610
(d) Short-term provisions	266.363	105.987	123.525
Total Current Liabilities (4)	2555.770	2417.250	2442.044
TOTAL	7824.863	6975.817	6265.655
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.086	12.799	12.787
(ii) Intangible Assets	618.981	627.723	633.974
(iii) Capital work-in-progress	1334.842	883.910	630.596
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	64.180	59.437	48.423
(c) Deferred tax assets (net)	0.000	0.000	61.823
(d) Long-term Loan and Advances	189.107	137.904	3.405
(e) Other Non-current assets	79.955	73.979	29.181
Total Non-Current Assets	2300.151	1795.752	1420.189
(2) Current assets
(a) Current investments	1692.420	922.716	323.145
(b) Inventories	611.754	808.573	982.802
(c) Trade receivables	2855.671	2916.518	3162.866
(d) Cash and cash equivalents	153.893	318.622	294.524
(e) Short-term loans and advances	186.818	191.472	76.142
(f) Other current assets	24.156	22.164	5.987
Total Current Assets	5524.712	5180.065	4845.466
TOTAL	7824.863	6975.817	6265.655

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	5405.867	5556.930	3560.151
	Other Income	353.751	218.941	63.049
	TOTAL (A)	5759.618	5775.871	3623.200
Less	EXPENSES
	Cost of Materials Consumed	1493.609	1318.941	950.579
	Purchases of Stock-in-Trade	1434.803	2336.383	1302.826
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	163.830	(23.315)	(111.381)
	Employees benefits expense	70.598	56.065	41.994
	Other expenses	960.071	624.372	442.195
				14.430
	TOTAL (B)	4122.911	4312.446	2640.643
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1636.707	1463.425	982.557
Less	FINANCIAL EXPENSES (D)	5.857	0.095	0.085
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	1630.850	1463.330	982.472
Less/ Add	DEPRECIATION/ AMORTISATION (F)	288.817	344.271	387.340
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1342.033	1119.059	595.132
Less	TAX (H)	455.458	348.341	185.348
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	886.575	770.718	409.784
	EARNINGS IN FOREIGN CURRENCY	5214.107	5396.124	3411.6
	Earnings / (Loss) Per Share (Rs.)	9.83	8.54	4.54

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/ Sales)	(%)	16.40	13.87	11.51
Operating Profit Margin (PBDIT/Sales)	(%)	30.28	26.34	27.60
Return on Total Assets (PBT/Total Assets}	(%)	20.88	18.55	10.77
Return on Investment (ROI) (PBT/Networth)		0.26	0.25	0.16
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.01
Current Ratio (Current Asset/Current Liability)		2.16	2.14	1.98

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	902.205	902.205	902.205
Reserves & Surplus	2921.406	3587.269	4262.738
Net worth	3823.611	4489.474	5164.943
long-term borrowings	0.000	0.000	0.000
Short term borrowings	26.307	2.154	0.000
Total borrowings	26.307	2.154	0.000
Debt/Equity ratio	0.007	0.000	0.000

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	3560.151	5556.930	5405.867
		56.087	(2.718)

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	3560.151	5556.930	5405.867
Profit	409.784	770.718	886.575
	11.51%	13.87%	16.40%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBTS: Not Available

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONAL PERFORMANCE AND FUTURE OUTLOOK:

The Company continued to maintain profitable growth in the financial year ended 31^st March, 2014.

The Company?s total revenue declined by a marginal 0.28% over the previous year from Rs. 57,75.871 Millions in FY 2012-13 to Rs. 57,59.618 Millions in FY 2013-14. However, there was a decline in Latin America by 45% and in North America by 33%. The net profit after tax and prior period adjustment increased from Rs. 770.718 Millions in FY 2012-13 to Rs. 886.576 Millions in FY 2013-14. Increase in profits is mainly due to improved margins, better inventory management, control on fixed costs and lower borrowings. However, increase in Personnel Expenses partially offset the savings in overall costs. The Company received ~ 260 new registrations during the current financial year

The Company has continued its thrust on investment in registration of products in developed countries as well as other countries where agriculture is the backbone of the economy. The company strongly believes that the future of agrochemical business is in obtaining early registration of products.

VIEW INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10324025	12/12/2011	50,000,000.00	UNION BANK OF INDIA	OVERSEAS BRANCH, UNION BANK BHAVAN, 239, VIDHAN B  HAVAN MARG, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B28181501
2	90145411	10/07/2014 *	1,200,000,000.00	UNION BANK OF INDIA	OVERSEAS BRANCH, UNION BANK BHAVAN, 239, VIDHAN B  HAVAN MARG, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	C11144078

* Date of charge modification

FIXED ASSETS

• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Other equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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. 63.28
UK Pound	1	Rs. 98.38
Euro	1	Rs. 76.30

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		64

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.