MIRA INFORM REPORT

Report No. :	309906
Report Date :	03.03.2015

IDENTIFICATION DETAILS

Name :	JAGDALE INDUSTRIES LIMITED JUGGAT PHARMA DIVISION OF JAGDALE INDUSTRIES LIMITED

Registered Office :	No. 782, 15th Cross, I Phase, J P Nagar, Bangalore – 560078, Karnataka

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	30.06.1994

Com. Reg. No.:	08-015825

Capital Investment / Paid-up Capital :	Rs.99.526 Million

CIN No.: [Company Identification No.]	U33114KA1994PLC015825

TIN No.:	Not Available

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	BLRJ00501E

PAN No.: [Permanent Account No.]	AAACJ4499B

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Pharmaceuticals.

No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1190000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually 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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	17.11.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	17.11.2014

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 DENIED BY

Name :	Ms. Nagamani
Designation :	Assistant General Manager
Contact No.:	91-80-26635642
Date :	28.02.2015

LOCATIONS

Registered Office / Marketing Office :	No. 782, 15th Cross, I Phase, J P Nagar, Bangalore – 560078, Karnataka, India
Tel. No.:	91-80-26635642 / 26635653 / 26635631
Fax No.:	91-80-26635271 / 26636231
E-Mail :	jil-cosec@jagdale.com info@jagdale.com
Website :	http://www.jagdale.com

Farms / Project Site :	Bellathur P.O., Bagalur, Hosur Taluk, Dharmapuri District, Tamilnadu, India

Factory 1 / Laboratory :	20th Km, Bangalore-Mysore Road, Kumbalgodu, Anchepalya, Bangalore - 560074, Karnataka, India
Tel. No.:	91-80-28437306 / 28437370
Fax No.:	91-80-28437850

Factory 2 :	No. 532, Bangalore-Mysore Road, Kengeri, Bangalore - 560060, Karnataka, India
Tel. No.:	91-80-22723582
Fax No.:	91-80-22723582

Plantation :	West Nemmale P.O., South Kodagu, Karnataka, India

DIRECTORS

As on 30.09.2014

Name :

Ujwala Nagaraja Rao Jagdale

Designation :

Managing Director

Address :

Sumeru, 39/23, 29th Cross, 7th Block, Jayanagar, Bangalore - 560082, Karnataka, India

Date of Birth/Age :

28.04.1979

Date of Appointment :

01.01.2014

DIN No.:

00076857

Other Directorship:

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

U33114KA1994PLC015825

JAGDALE INDUSTRIES LIMITED

Managing director

01/01/2014

31/10/2001

Active

U70109KA2001PTC029926

GLEN LOREN PLANTATIONS PRIVATE LIMITED

Director

30/09/2006

20/04/2006

Active

Name :

Mr. Jayesh Nagaraja Rao Jagdale

Designation :

Managing Director

Address :

Sumeru, 39/23, 29th Cross, 7th Block, Jayanagar, Bangalore - 560082, Karnataka, India

Date of Birth/Age :

09.07.1976

Date of Appointment :

01.01.2014

DIN No.:

00076941

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	U33114KA1994PLC015825	JAGDALE INDUSTRIES LIMITED	Managing director	01/01/2014	01/01/1999	-	Active	NO
2	U70109KA2001PTC029926	GLEN LOREN PLANTATIONS PRIVATE LIMITED	Director	30/09/2006	20/04/2006	-	Active	NO
3	U21020KA2009PTC051674	RJU ENTERPRISES PRIVATE LIMITED	Director	01/12/2009	01/12/2009	-	Active	NO
4	U15137AS2010PLC010235	TRINITY FRUCTA LIMITED	Director	19/10/2010	19/10/2010	-	Active	NO

Name :

Mr. Rajesh Jagdale

Designation :

Managing Director

Address :

Sumeru, 39/23, 29th Cross, 7th Block, Jayanagar, Bangalore - 560082, Karnataka, India

Date of Birth/Age :

04.11.1974

Date of Appointment :

01.01.2014

DIN No.:

00077029

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	U33114KA1994PLC015825	JAGDALE INDUSTRIES LIMITED	Managing director	01/01/2014	01/01/1999	-	Active	NO
2	U70109KA2001PTC029926	GLEN LOREN PLANTATIONS PRIVATE LIMITED	Director	30/09/2006	20/04/2006	-	Active	NO
3	U21020KA2009PTC051674	RJU ENTERPRISES PRIVATE LIMITED	Director	01/12/2009	01/12/2009	-	Active	NO
4	U15137AS2010PLC010235	TRINITY FRUCTA LIMITED	Director	19/10/2010	19/10/2010	-	Active	NO

Name :

Mr. Nagarajrao Jayamala

Designation :

Director

Address :

Sumeru, 39/23, 29th Cross, 7th Block, Jayanagar, Bangalore - 560082, Karnataka, India

Date of Birth/Age :

18.07.1951

Date of Appointment :

01.01.2014

DIN No.:

00075110

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	U33114KA1994PLC015825	JAGDALE INDUSTRIES LIMITED	Managing director	01/01/2014	01/01/1999	-	Active	NO
2	U70109KA2001PTC029926	GLEN LOREN PLANTATIONS PRIVATE LIMITED	Director	30/09/2006	20/04/2006	-	Active	NO
3	U21020KA2009PTC051674	RJU ENTERPRISES PRIVATE LIMITED	Director	01/12/2009	01/12/2009	-	Active	NO
4	U15137AS2010PLC010235	TRINITY FRUCTA LIMITED	Director	19/10/2010	19/10/2010	-	Active	NO

Name :

Mr. Sudhindra Damodhar Rao

Designation :

Director

Address :

593, 'Gurukrupa', 12th 'A' Cross, J P Nagar II Phase, Bangalore - 560078, Karnataka, India

Date of Birth/Age :

02.10.1972

Date of Appointment :

30.09.2006

DIN No.:

00531089

Other Directorship:

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

U33114KA1994PLC015825

JAGDALE INDUSTRIES LIMITED

Director

30/09/2006

18/08/2006

Active

KEY EXECUTIVES

Name :	Mr. Ganapati Raghav Hebbar
Designation :	Secretary
Address :	No.4, 5th Cross, 30th Main, 1st Phase, J P Nagar, Bangalore - 560078, Karnataka, India
Date of Birth/Age :	10.01.1963
Date of Appointment :	03.07.2000
PAN No.:	AALPH0565L

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders		No. of Shares
Nagarajrao Jayamala		131542
Rajesh Jagdale		288250
Jayesh Nagaraja Rao Jagdale		288250
Ujwala Nagaraja Rao Jagdale		286989
Uttara Jagdale		100
Ganapati Raghav Hebbar		25
Sudhindra Damodhar Rao		100
Total		995256

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceuticals.

Products :

Product Description	Item Code No. (ITC Code)
Juice based drinks named Bejois	22029020
Branded tablets and liquids	30049069
Boxes	48191010

Brand Names :

Agencies Held :

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS – (As on 31.03.2014)

Class of Goods	Unit	Licensed Capacity	Installed Capacity	Actual Production
Liquids	L	N.A.	N.Asc.	821936
Tablet & Capsules	T	N.A.	N.Asc.	206702
Injectable	L	N.A.	N.Asc.	5555
Powder & Granules	K	N.A.	N.Asc.	18112
Fruit Juice/Pulp based drinks	L	N.A.	N.Asc.	21123639
Corrugated Boxes	K	N.A.	N.Asc.	903099

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
Remark :	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
Remark :	Not Divulged

No. of Employees :

Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

Canara Bank, Industrial Finance Branch, Venkatadri Complex, No.83, Richmond Road, Bangalore - 560025, Karnataka, India
Axis Bank Limited, Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Term Loan-Domestic (Secured by hypothecation of plant and machinery purchased out of the said loan, collateral security of land and building and other plant and machineries and personal guarantee of Directors. Loan was procured for the principal amount of Rs.36.392 Million repayable at an instalment of Rs.0.625 Million p.m at base rate plus 5.25 % p.a.)	0.000	2.643
Value Secured Loan (Secured against Fixed deposits and interest is charged at a rate of 1% higher than the said fixed deposits rate of return)	24.766	25.458
Vehicle Loan (Secured by Hypothecation of respective vehicles)	21.433	18.165
Tetra Pak India Private Limited (Secured by TBA 19 machine, repayable at an instalment of Rs.7.575 Million p.a ending December 2014 at the rate of 13% p.a. Secured by TBA 19 machine, repayable at an instalment of Rs.17.539 Million p.a ending December 2016 at the rate of 8% p.a.)	27.518	6.704
SHORT TERM BORROWINGS
Loans repayable on demand from banks	386.895	342.531
Total	460.612	395.501


Auditors :
Name :	Singhvi, Dev and Unni Chartered Accountants
Address :	6th Floor, Trade Centre, # 29 / 4, Race Course Road, Bengalore – 560001, Karnataka, India
PAN No.:	AAEFS6338K

Memberships :	--

Collaborators :	--

Joint Venture :	Trinity Fructa Limited CIN No.: U15137AS2010PLC010235

Enterprise over which key management personnel are able to exercise significant influence :	Glen Loren Plantations Private Limited CIN No.: U70109KA2001PTC029926 RJU Enterprises Private Limited CIN No.: U21020KA2009PTC051674 Jagdale Scientific Research Foundation (J.S.R.F)

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.100/- each	Rs.100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

995256	Equity Shares	Rs.100/- each	Rs.99.526 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	99.526	99.526	99.526
(b) Reserves & Surplus	316.749	279.847	232.925
(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)	416.275	379.373	332.451

(3) Non-Current Liabilities
(a) long-term borrowings	119.997	99.208	97.731
(b) Deferred tax liabilities (Net)	52.131	24.160	23.350
(c) Other long term liabilities	89.991	86.256	78.156
(d) long-term provisions	30.139	31.006	22.255
Total Non-current Liabilities (3)	292.258	240.630	221.492

(4) Current Liabilities
(a) Short term borrowings	386.895	342.531	217.215
(b) Trade payables	255.540	226.488	140.573
(c) Other current liabilities	72.672	47.470	125.932
(d) Short-term provisions	20.514	13.456	11.295
Total Current Liabilities (4)	735.621	629.945	495.015

TOTAL	1,444.154	1,249.948	1,048.958

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	563.128	505.762	457.925
(ii) Intangible Assets	1.582	0.703	0.703
(iii) Capital work-in-progress	6.378	0.000	30.040
(iv) Intangible assets under development	4.371	0.000	0.000
(b) Non-current Investments	27.517	27.517	27.517
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	25.135	22.620	15.628
(e) Other Non-current assets	8.099	6.283	8.347
Total Non-Current Assets	636.210	562.885	540.160

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	269.587	276.882	233.167
(c) Trade receivables	346.716	264.962	172.580
(d) Cash and cash equivalents	123.339	107.928	69.293
(e) Short-term loans and advances	10.197	5.509	21.842
(f) Other current assets	58.105	31.782	11.916
Total Current Assets	807.944	687.063	508.798

TOTAL	1,444.154	1,249.948	1,048.958

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		2,008.746	1,753.596	1,301.556
		Other Income		32.697	28.917	45.450
		TOTAL (A)		2,041.443	1,782.513	1,347.006

Less	EXPENSES
		Cost of Materials Consumed		533.422	535.263	550.003
		Purchase of Stock-in-trade		318.216	228.896	0.000
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		2.983	(19.028)	(30.933)
		Employee Benefits Expenses		407.758	362.708	300.731
		Other Expenses		571.554	490.217	389.617
		Exceptional Items		0.000	0.000	1.523
		TOTAL (B)		1,833.933	1,598.056	1,210.941

	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			207.510	184.457	136.065

Less	FINANCIAL EXPENSES (D)			69.203	64.351	52.567

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			138.307	120.106	83.498

Less	DEPRECIATION/ AMORTISATION (F)			38.653	35.425	29.098

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			99.654	84.681	54.400

Less	TAX (H)			62.752	37.759	22.120

	PROFIT/(LOSS) AFTER TAX (G-H) (I)			36.902	46.922	32.280

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			260.848	213.926	181.646

	BALANCE CARRIED TO THE B/S			297.750	260.848	213.926

	EARNINGS IN FOREIGN CURRENCY
			C.I.F. Value of Exports	2.296	1.546	1.471
	TOTAL EARNINGS			2.296	1.546	1.471

	IMPORTS
			Raw Materials	15.716	25.528	8.573
	TOTAL IMPORTS			15.716	25.528	8.573

	Earnings / (Loss) Per Share (Rs.)			37.08	47.15	33.44

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.84	2.68	2.48

Operating Profit Margin (PBDIT/Sales)	(%)	10.33	10.52	10.45

Return on Total Assets (PBT/Total Assets}	(%)	7.09	6.93	5.49

Return on Investment (ROI) (PBT/Networth)		0.24	0.22	0.16

Debt Equity Ratio (Total Debt /Networth)		1.22	1.16	0.95

Current Ratio (Current Asset/Current Liability)		1.10	1.09	1.03

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	99.526	99.526	99.526
Reserves & Surplus	232.925	279.847	316.749
Share Application money pending allotment	0.000	0.000	0.000
Net worth	332.451	379.373	416.275

Long Term borrowings	97.731	99.208	119.997
Short Term borrowings	217.215	342.531	386.895
Total borrowings	314.946	441.739	506.892
Debt/Equity ratio	0.947	1.164	1.218

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
	1,301.556	1,753.596	2,008.746
		34.731	14.550

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	1,301.556	1,753.596	2,008.746
Profit	32.280	46.922	36.902
	2.48%	2.68%	1.84%

LOCAL AGENCY FURTHER INFORMATION

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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Loan from Directors	46.280	46.238
Total	46.280	46.238

RESULTS OF OPERATIONS

Sales and other income during the Financial Year 2013-2014 was Rs.2041.443 lacs as compared to Rs.1782.513 Million during the previous financial year, thereby registering the growth of about 14.52% as compared to the previous year. Profit for the year was Rs.36.903 Million as compared to Rs.469.21 Million during the previous financial year. The decline in profit was due to higher tax expenses during the year which was Rs.59.897 Million as compared to Rs.36.491 Million during the previous year.

FUTURE OUTLOOK

The Directors are confident of registering consistent growth in volume of business and operating profit in the coming years, with introduction of new products both in Pharma & Food segments coupled with expansion of markets for the products in India and internationally.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10506259	19/05/2014	986,000.00	Axis Bank Limited	Trishul 3rd Floor Opp Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad, Gujarat - 380006, India	C09395948
2	10440847	16/07/2013	1,754,000.00	Axis Bank Limited	Trishul 3rd Floor Opp Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad, Gujarat - 380006, India	B81016339
3	10400112	10/01/2013	394,000.00	Axis Bank Limited	Trishul 3rd Floor Opp Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad, Gujarat - 380006, India	B66947334
4	10367238	02/07/2012	2,899,000.00	Axis Bank Limited	Trishul 3rd Floor Opp Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad, Gujarat - 380006, India	B44408136
5	90198272	22/11/2013 *	685,000,000.00	Canara Bank	Industrial Finance Branch, Venkatadri Complex, No.83, Richmond Road, Bangalore, Karnataka - 560025,India	B92371830
6	90196928	04/11/1995	490,000.00	Canara Bank	N. R.Road, Bangalore, Karnataka, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.82
UK Pound	1	Rs.95.27
Euro	1	Rs.69.14

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	KAR

Report Prepared by :	VNT

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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		45

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.

MIRA INFORM REPORT

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