MIRA INFORM REPORT

Report No. :	325390
Report Date :	06.06.2015

IDENTIFICATION DETAILS

Name :	DESAI FRUITS AND VEGETABLES PRIVATE LIMITED (w.e.f. 06.12.2006)
Formerly Known As :	DESAI COLD STORAGE PRIVATE LIMITED
Registered Office :	Plot No-49, At and Post Amadpore, National Highway No.- 8, Navsari – 396445, Gujarat
Tel. No.:	91-2637-281547
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.02.1999
Com. Reg. No.:	04-035377
Capital Investment / Paid-up Capital :	Rs. 93.286 Million
CIN No.: [Company Identification No.]	U63020GJ1999PTC035377
IEC No.:	5201004296
TAN No.: [Tax Deduction & Collection Account No.]	SRTD00309B
PAN No.: [Permanent Account No.]	AABCD0223G
Legal Form :	Private Limited Liability Company
Line of Business :	Trader Exporter and Importer of Fruit and Vegetables
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 88000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred huge accumulated losses due to which company financial position has hampered. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

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

NOT AVAILABLE

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Ajit Kumar Jayantilal Desai
Designation :	Director
Contact No.:	91-9824121574
Date :	02.06.2015

LOCATIONS

Registered Office :	Plot No-49, At and Post Amadpore, National Highway No.- 8, Navsari – 396445, Gujarat, India
Tel. No.:	91-2637-281547/ 281548
Mobile No.:	91-9824121574 (Ajit Kumar Jayantilal Desai)
Fax No.:	91-2637-281546
E-Mail :	sales@desaifv.com contactus@desaifv.com pankaj.gupta@dfpcl.com info@desaifv.com ajit.desai@desaifv.com kashyapvyas123@rediffmail.com k_dalal@rediffmail.com
Website :	www.desaifv.com
Corporate Office :	201-204, Mariegold, Neco Garden,  Viman Nagar, Pune – 410014, Maharashtra, India
Tel. No.:	91-20-66478052
Fax No.:	91-20-66478080

DIRECTORS

AS ON 12.06.2014

Name :

Mr. Ajit Kumar Jayantilal Desai

Designation :

Managing Director

Address :

Atpo Amadpur, Navsari, Navsari, 396445, Gujarat, India

Date of Birth/Age :

19.06.1960

Date of Appointment :

25.03.2015

DIN No.:

00489166

Name :

Guy Roland Goves

Designation :

Director

Address :

20.C, Shatabdi Vihar, Block E-15, Sector-61, Noida, Noida - 201307, Uttar Pradesh, India

Date of Birth/Age :

26.06.1954

Date of Appointment :

26.09.2014

DIN No.:

01585447

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	U01403DL2007PTC160357	H G CONSULTANCY AND AGROPRODUCE PRIVATE LIMITED	Alternate director	07/12/2010	18/06/2007	26/01/2011	Active	NO
2	U63020GJ1999PTC035377	DESAI FRUITS AND VEGETABLES PRIVATE LIMITED	Director	26/09/2014	11/11/2011	-	Active	NO
3	U24120PN2012PLC145024	SCM SOILFERT LIMITED	Director	10/10/2012	10/10/2012	-	Active	NO

Name :

Mr. Ronjeet Singh Pal

Designation :

Director appointed in casual vacancy

Address :

Bergstr.271, Uetikon Am See - 8707, Switzerland

Date of Birth/Age :

21.01.1969

Date of Appointment :

20.01.2012

DIN No.:

05117364

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	Company/ LLP Status	Defaulting status
1	U63020GJ1999PTC035377	DESAI FRUITS AND VEGETABLES PRIVATE LIMITED	Director appointed in casual vacancy	20/01/2012	20/01/2012	Active	NO
2	U74990MH2009PTC193648	P AND P ENTREPRENEURIAL MANAGEMENT SERVICES PRIVATE LIMITED	Director	30/09/2013	20/03/2013	Active	NO

Name :

Mr. Sanjay Gupta

Designation :

Director appointed in casual vacancy

Address :

B-250, Flat No. 2, Ramprastha Colony, Ghaziabad - 201011, Uttar Pradesh, India

Date of Birth/Age :

29.05.1970

Date of Appointment :

26.09.2014

DIN No.:

00911518

Name :

Mr. Krishnan Seshan Iyer

Designation :

Director appointed in casual vacancy

Address :

79, Tejal, Road No. 2, Hindu Colony, Dadar, Mumbai - 400014, Maharashtra, India

Date of Birth/Age :

09.08.1968

Date of Appointment :

27.08.2014

DIN No.:

01724793

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	U64200DL2007PLC207420	VODAFONE TOWERS LIMITED	Director	27/09/2010	19/10/2007	08/02/2011	Active	NO
2	U32202MH1999PTC120818	CONNECT (INDIA) MOBILE TECHNOLOGIES PRIVATE LIMITED	Director	30/09/2008	14/12/2007	26/03/2009	Active	NO
3	U74900MH2008PLC183456	MOBILE COMMERCE SOLUTIONS LIMITED	Director	12/06/2008	12/06/2008	08/02/2011	Active	NO
4	U64201DL1997PLC088088	VODAFONE DIGILINK LIMITED	Director	27/09/2010	01/04/2009	08/02/2011	Active	NO
5	U65999MH2008NPL182612	VODAFONE FOUNDATION	Director	08/07/2009	01/04/2009	08/02/2011	Active	NO
6	U64202TZ1995PLC007674	VODAFONE CELLULAR LIMITED	Director	27/09/2010	01/04/2009	08/02/2011	Active	NO
7	U32100GJ1995PLC035282	VODAFONE WEST LIMITED	Director	27/09/2010	01/04/2009	08/02/2011	Active	NO
8	U74899DL1995PLC074451	VODAFONE SOUTH LIMITED	Director	27/09/2010	01/04/2009	08/02/2011	Active	NO
9	U72200DL1997PLC085764	VODAFONE SPACETEL LIMITED	Director	27/09/2010	01/04/2009	08/02/2011	Active	NO
10	U32204WB1992PLC079998	VODAFONE EAST LIMITED	Director	28/09/2010	01/04/2009	08/02/2011	Active	NO
11	U64202DL1992PLC088087	VODAFONE MOBILE SERVICES LIMITED	Director	27/09/2010	01/04/2009	08/02/2011	Active	NO
12	U74900GJ2009PLC058189	VODAFONE SHARED SERVICES LIMITED	Director	24/09/2009	24/09/2009	08/02/2011	Active	NO
13	U51101DL2007PLC180238	VODAFONE INFRASTRUCTURE LIMITED	Director	27/09/2010	10/02/2010	08/02/2011	Amalgamated	NO
14	U63020GJ1999PTC035377	DESAI FRUITS AND VEGETABLES PRIVATE LIMITED	Director appointed in casual vacancy	27/08/2014	28/10/2011	-	Active	NO
15	U15500MH2009PTC193480	CITRUS PROCESSING INDIA PRIVATE LIMITED	Director	06/07/2013	18/06/2013	17/07/2013	Active	NO
16	U51101MH2014PTC257869	FARMLINK AGRI DISTRIBUTION AND MARKET LINKAGE PRIVATE LIMITED	Director	09/09/2014	09/09/2014	-	Active	NO

Name :

Mr. Debasish Banerjee

Designation :

Director appointed in casual vacancy

Address :

B-5/519, Eden Garden, Nagar Road, Wadgaonsheri, Pune - 411014, Maharashtra, India

Date of Birth/Age :

05.06.1963

Date of Appointment :

26.09.2014

DIN No.:

06976914

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	Company/ LLP Status	Defaulting status
1	U63020GJ1999PTC035377	DESAI FRUITS AND VEGETABLES PRIVATE LIMITED	Director appointed in casual vacancy	26/09/2014	26/09/2014	Active	NO
2	U65990MH1954PLC009228	YERROWDA INVESTMENTS LIMITED	Director appointed in casual vacancy	26/12/2014	26/12/2014	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 12.06.2014

Names of Shareholders	No. of Shares
Deepak Fertilisers and Petrochemicals Corporation Limited, India	4683973
Contract Farming Mauritius Private Limited, Mauritius	381765
Contract Farming India Ag, Switzerland	625971
Ajit Jayantilal Desai	242518
Jayantilal B. Desai (HUF)	78500
Nikul J. Desai	61401
Kokilaben N. Desai	29000
Meenben A. Desai	26001
Total	6129129

AS ON 12.06.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	46.43
Bodies corporate	49.00
Directors or relatives of directors	4.57
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader Exporter and Importer of Fruit and Vegetables
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :
Products :	--
Countries :	UAE
Terms :
Selling :	Cash and Credit (30 /60/ 90 Days)
Purchasing :	Cash and Credit (30 /60/ 90 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

End Users and OEM’s

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

50 (Approximately)

Bankers :

Bank Name:	State Bank of Saurashtra
Branch:	Near Godkari Chowk, Opposite Rambai Matani Pole, Navsari – 396445, Gujarat, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· ICICI Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans Repayable on Demand from Banks	40.316	0.000
Total	40.316	0.000

Banking Relations :	--
Auditors :
Name :	J M N Associates Chartered Accountant
Address :	J M N House, Ground Floor, Garda College Road ,Ashanagar, Navsari – 396445, Gujarat, India
Tel. No.:	91-2637-250232
Fax No.:	91-2637-247402
E-Mail :
Income-tax PAN of auditor or auditor's firm :	AAFPN6954R
Associate :	Taste Makers Foods Private Limited
Joint Ventures :	· Desai Fruits and Vegetables Private Limited · Deepak Fertilizer’s and Petrochemicals Corporation Limited · Contract Farming Mauritius Private Limited · Contract Farming India AG
Other Related Party :	Contract Farming Mauritius Private Limited

CAPITAL STRUCTURE

AFTER 12.06.2014

Authorised Capital : Rs. 200.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 103.701 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- each	Rs. 100.000 Million

Issued Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- each	Rs. 100.000 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5926660	Subscribed and Fully Paid	Rs. 10/- each	Rs. 59.267 Million
3632469	Subscribed but Not Fully Paid		Rs. 34.019 Million
	Total		Rs. 93.286 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	93.286	77.284	66.277
(b) Reserves & Surplus	(62.305)	(36.306)	15.504
(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)	30.981	40.978	81.781
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	1.725	2.193	3.757
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1.725	2.193	3.757
(4) Current Liabilities
(a) Short term borrowings	40.316	0.000	36.630
(b) Trade payables	41.045	38.475	43.852
(c) Other current liabilities	18.784	17.960	16.942
(d) Short-term provisions	0.222	0.199	0.134
Total Current Liabilities (4)	100.367	56.634	97.558
TOTAL	133.073	99.805	183.096
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	56.076	52.685	57.321
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	19.528	4.994	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	12.690
(c) Deferred tax assets (net)	0.188	0.529	0.379
(d) Long-term Loan and Advances	2.801	3.034	2.020
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	78.593	61.242	72.410
(2) Current assets
(a) Current investments
(b) Inventories	17.584	9.966	15.224
(c) Trade receivables	31.061	17.682	30.327
(d) Cash and cash equivalents	3.281	10.196	55.311
(e) Short-term loans and advances	2.554	0.719	1.499
(f) Other current assets			8.325
Total Current Assets	54.480	38.563	110.686
TOTAL	133.073	99.805	183.096

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	323.862	261.104	309.313
Less	EXPENSES
		TOTAL	415.635	348.031	504.817
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(91.773)	(86.927)	(195.504)
Less/ Add	DEPRECIATION/ AMORTISATION		8.481	16.162	22.699
	PROFIT BEFORE TAX		(100.254)	(103.089)	(218.203)
Less	TAX		0.342	(0.169)	(0.999)
	PROFIT AFTER TAX		(100.596)	(102.920)	(217.204)
	EARNINGS IN FOREIGN CURRENCY		126.166	141.239	118.887
	Earnings Per Share (Rs.)		(10.52)	(10.77)	(22.72)

Expected Sales (2014-2015): Rs. 400.000 Million

The above information has been parted by Mr. Ajit Desai (Director).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	3.041
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(88.44)	(109.34)	(128.33)
Return on Investment (ROI) (PBT/Networth)		(3.24)	(2.52)	(2.67)
Debt Equity Ratio (Total Liability/Networth)		1.30	0.00	0.49
Current Ratio (Current Asset/Current Liability)		0.54	0.68	1.13

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	66.277	77.284	93.286
Reserves & Surplus	15.504	(36.306)	(62.305)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	81.781	40.978	30.981
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	36.630	0.000	40.316
CURRENT MATURITIES OF LONG-TERM DEBTS	3.041	0.000	0.000
Total borrowings	39.671	0.000	40.316
Debt/Equity ratio	0.485	0.000	1.301

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	309.313	261.104	323.862
		(15.586)	24.036

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	309.313	261.104	323.862
Profit/ (Loss)	(217.204)	(102.920)	(100.596)
	(70.22%)	(39.42%)	(31.06%)

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)	Yes
16	No. of employees	Yes
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	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10500475	26/05/2014	70,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	C05782974

PERFORMANCE

The Company could achieve Total revenue of Rs 323.800 million as compared to Rs 261.100 million of last year a growth of 24%. Despite the increase in turnover the Margins were not encouraging. This was mainly due to following reasons:

1. Excess Material in Gujarat was directly sold in field due to over calibre and labour availability

2. Quality Issues and low productivity in rains;

3. High Procurement prices in Last two quarters which impacted our export sales margins;

4. Chilling Impact in last quarter; and

5. High Quality Claims from Theni Material. issues;

The Operational losses were higher as compared to last year. There was decrease in Fixed Overheads by almost 31%. Despite that the Company made the overall cash loss of Rs 91.700 Million as compared to Rs 86.900 million of last year.

FUTURE PROSPECTS

For a Company of this size to have continuous cash losses may affect it as a going concern in future which would require continuous equity infusion till the Company starts making profits.

Various Steps have been taken on the Strategy, Business Model, Cost control and Efficiencies to make business viable commercial case.

Their Major focus on turnaround strategy will be on below areas:

The Company is targeting Volume Growth of 25 % out of which Major Growth should come from Lease farms. After Five years the Company’s Total Land bank will comprise of 50% Contract farming and 50% through lease farming.

Lease farming has high Gross margins as compared to Contract farming as quality and Quantity is controlled better as per Market Demand in lease farming.

In Lease farming the Company De-risk itself from Market price volatility. As Export Prices Depend on Global Demand and Supply it does not take in to account domestic price rise. Lease farming results in to controlled cost of production which is very competitive

The Company has finalized its Organisation Structure as per btheminess need which is effective and economical this can be verified through last three years trend in Manpotheyr cost though their revenue has not dropped.

The Company is also opening Dubai office which will help them realizing more premium by tapping the cthemtomers directly instead of through wholesaler.

The Company is now able to realize high premium in Domestic Market and also pass on the backend cost increase timely to cthemtomers easily.

The Company has categorized C-Specials from normal C grade by Marketing it to organized market at different price point resulting in to substantial reduction is losses from C Grade.

The Company has also worked on labtheir Productivity by Training and Close Supervision which will result in reduction in labtheir Cost.

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipment’s

· Other Equipment’s

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.63.90
UK Pound	1	Rs.97.98
Euro	1	Rs.71.82

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	DIV
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION		3
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10
--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		28

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.