MIRA INFORM REPORT

Report No. :	312803
Report Date :	17.03.2015

IDENTIFICATION DETAILS

Name :	SHARP AGRICOM LIMITED (w.e.f. 08.02.2013)
Formerly Known As :	SHARP ENERGY LIMITED
Registered Office :	Plot No.9, LSC, Gujranwala Town, Part-I, Delhi – 110009
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.11.2010
Com. Reg. No.:	55-210589
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U01400DL2010PLC210589
TAN No.: [Tax Deduction & Collection Account No.]	DELS51394A
PAN No.: [Permanent Account No.]	AAQCS4380Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Processor of Rice.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 1500
Status :	Yet to commence its commercial operations
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject has been incorporated in November 20, 2010 but has not yet commenced its commercial operations. Mr. Bhavna Goel, Vice President in finance provided information and claimed that commercial activity will be commenced from April 2015. As per available, the management has reported a minimal income from its investments, whereas has recorded huge gearing in the books during FY 14. Business is active. Payment terms are unknown. In view of non-commencement of commercial operations, the company can be considered for business dealings with great 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 31-03-2014.

INFORMATION PARTED BY

Name :	Ms. Bhavna Goel
Designation :	Vice President in Finance
Contact No.:	91-11-42290741
Date :	17.03.2015

LOCATIONS

Registered Office :	Plot No.9, LSC, Gujranwala Town, Part-I, Delhi – 110009, India
Tel. No. :	91-11-42290739
Fax No. :	Not Available
E-Mail :	bhavna.goel@sharpcorp.in csdesk@sharpglobal.in ramrattan_fca@hotmail.com
Factory :	Plot No. 4 and 12B, New Industrial Area II, Mandideep, Raisen, Madhya Pradesh, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Jai Prakash Singhal

Designation :

Director

Address :

83, Sunder Nagar, New Delhi – 110003, India

Date of Birth/Age :

07.03.1948

Date of Appointment :

20.11.2010

DIN No. :

00070349

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	U24200DL1989PLC038212	SHARP MINT LIMITED	Director	31-10-1989	31-10-1989	-	Active	NO
2	U74899DL1994PTC057804	RAMJI LAL INVESTMENTS PRIVATE LIMITED	Director	08-03-1994	08-03-1994	-	Active	NO
3	U74999DL1996PLC077555	SHARP COMMODITYMANAGEMENT LIMITED	Director	26-03-1996	26-03-1996	-	Active	NO
4	U74899DL1993PTC054900	MEGMA WOOLEN INDUSTRIES PRIVATE LIMITED	Director	05-01-1998	05-01-1998	-	Converted to LLP and dissolved	NO
5	U74899DL2000PLC107099	SHARP COMTRADE LIMITED	Director	21-08-2012	03-08-2000	31-08-2012	Active	NO
6	U67120DL1998PTC093637	DOVE REALTORS PRIVATE LIMITED	Director	19-10-2001	19-10-2001	-	Active	NO
7	U74899DL1989PLC038217	SINGHAL AGRO INDUSTRIES LIMITED	Managing director	01-09-2007	01-09-2002	-	Amalgamated	NO
8	U74899DL1988PLC032881	SHARP CORP LIMITED	Managing director	01-09-2012	01-09-2002	-	Active	NO
9	U24246DL1999PLC101103	SHARP AROMATICS INDIA LIMITED	Director	21-07-2003	21-07-2003	-	Amalgamated	NO
10	U15313DL2007PTC163855	NARAYAN DAL UDYOG PRIVATE LIMITED	Director	24-05-2007	24-05-2007	-	Active	NO
11	U01403DL2007PLC165440	RBRL AGRO COMMODITIES LIMITED	Director	02-07-2007	02-07-2007	-	Active	NO
12	U01400DL2010PLC210589	SHARP AGRICOM LIMITED	Director	20-11-2010	20-11-2010	-	Active	NO
13	U67120DL2010PLC210795	SHARP HOLDING LIMITED	Director	26-11-2010	26-11-2010	-	Active	NO
14	U24100DL2010PLC211217	SHARP BIOCON LIMITED	Director	08-12-2010	08-12-2010	-	Active	NO
15	U67120DL2010PLC211222	SHARP ASSET MANAGEMENT LIMITED	Director	09-12-2010	09-12-2010	-	Active	NO
16	U74120DL2008PTC173938	A S G S INVESTMENT PRIVATE LIMITED	Director	20-12-2010	20-12-2010	-	Active	NO
17	U70109DL2006PTC153097	WHITE DIAMOND CONSTRUCTION AND EQUIPMENTS PRIVATE LIMITED	Director	22-09-2012	13-12-2011	-	Active	NO
18	U15122DL2014PLC269715	SHARP INTEGRATED FOOD PARK LIMITED	Director	31-07-2014	31-07-2014	-	Active	NO
19	AAA-7954	MEGMA WOOLEN INDUSTRIES LLP	Designated Partner	10-02-2012	10-02-2012	-	Active	NO

Name :

Mr. Sanjay Singhal

Designation :

Director

Address :

83, Sunder Nagar, New Delhi – 110003, India

Date of Birth/Age :

01.05.1968

Date of Appointment :

20.11.2010

DIN No. :

00007902

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	U24200DL1989PLC038212	SHARP MINT LIMITED	Managing director	01-09-2012	31-10-1989	-	Active	NO
2	U74899DL1994PTC057804	RAMJI LAL INVESTMENTS PRIVATE LIMITED	Director	08-03-1994	08-03-1994	-	Active	NO
3	U74999DL1996PLC077555	SHARP COMMODITYMANAGEMENT LIMITED	Director	26-03-1996	26-03-1996	-	Active	NO
4	U74899DL1993PTC054900	MEGMA WOOLEN INDUSTRIES PRIVATE LIMITED	Director	05-01-1998	05-01-1998	-	Converted to LLP and dissolved	NO
5	U74899DL2000PLC107099	SHARP COMTRADE LIMITED	Director	15-04-2010	03-08-2000	07-08-2012	Active	NO
6	U67120DL1998PTC093637	DOVE REALTORS PRIVATE LIMITED	Director	15-09-2001	15-09-2001	-	Active	NO
7	U74899DL1988PLC032881	SHARP CORP LIMITED	Director	01-09-2002	01-09-2002	-	Active	NO
8	U74899DL1989PLC038217	SINGHAL AGRO INDUSTRIES LIMITED	Director	01-09-2002	01-09-2002	-	Amalgamated	NO
9	U24246DL1999PLC101103	SHARP AROMATICS INDIA LIMITED	Director	21-07-2003	21-07-2003	-	Amalgamated	NO
10	U74899DL1995PLC064463	SDR CAPITAL LIMITED	Director	20-06-2005	20-06-2005	07-04-2006	Active	NO
11	U01403DL2007PLC165440	RBRL AGRO COMMODITIES LIMITED	Director	02-07-2007	02-07-2007	-	Active	NO
12	U74120DL2008PTC173938	A S G S INVESTMENT PRIVATE LIMITED	Director	12-02-2008	12-02-2008	-	Active	NO
13	U01400DL2010PLC210589	SHARP AGRICOM LIMITED	Director	20-11-2010	20-11-2010	-	Active	NO
14	U67120DL2010PLC210795	SHARP HOLDING LIMITED	Director	26-11-2010	26-11-2010	-	Active	NO
15	U24100DL2010PLC211217	SHARP BIOCON LIMITED	Director	08-12-2010	08-12-2010	-	Active	NO
16	U67120DL2010PLC211222	SHARP ASSET MANAGEMENT LIMITED	Director	09-12-2010	09-12-2010	-	Active	NO
17	U70109DL2006PTC153097	WHITE DIAMOND CONSTRUCTION AND EQUIPMENTS PRIVATE LIMITED	Director	22-09-2012	24-12-2011	-	Active	NO
18	U15122DL2014PLC269715	SHARP INTEGRATED FOOD PARK LIMITED	Director	31-07-2014	31-07-2014	-	Active	NO

Name :

Mr. Sourabh Behani

Designation :

Director

Address :

49, Anoop Nagar, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

08.12.1988

Date of Appointment :

09.04.2013

DIN No. :

06540520

Name :

Mr. Sunil Kumar Baldeva

Designation :

Director

Address :

House No.4138, 2^nd Floor, Naya Bazar, Lahori Gate, Delhi – 110006, India

Date of Birth/Age :

10.06.1972

Date of Appointment :

09.04.2013

DIN No. :

06491561

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	U51909DL2013PTC250102	BJSN AGRO IMPEX PRIVATE LIMITED	Director	30-03-2013	30-03-2013	Active	NO
2	U01400DL2010PLC210589	SHARP AGRICOM LIMITED	Director	09-04-2013	09-04-2013	Active	NO

Name :

Mr. Vikas Jain

Designation :

Director

Address :

110/5, B.D. Estate, Timarpur, Delhi – 110054, India

Date of Birth/Age :

11.11.1968

Date of Appointment :

30.09.2014

DIN No. :

06738648

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	U01400DL2010PLC210589	SHARP AGRICOM LIMITED	Director	30-09-2014	25-11-2013	Active	NO
2	U24200DL1989PLC038212	SHARP MINT LIMITED	Director	30-09-2014	03-03-2014	Active	NO

KEY EXECUTIVES

Name :	Ms. Bhavna Goel
Designation :	Vice President in Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Jai Prakash Singhal	10000	20.00
Sanjay Singhal	19700	39.40
Ambika Singhal	10000	20.00
Umarani Singhal	10000	20.00
K.Vijay Kumar	100	0.20
Manu Gupta	100	0.20
Parag Gupta	100	0.20
Total	50000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	99.40
Others	0.60
Total	100.00

BUSINESS DETAILS

Line of Business :	Processor of Rice.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

10 (Approximately)

Bankers :

Bank Name:	ICICI Bank Limited
Branch:	Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India
Name of the Person (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

Banking Relations :	--
Financial Institution :	ECL Finance Limited, Edelweiss House, Off. C.S.T Road, Kalina, Mumbai - 400098, Maharashtra, India
Auditors :
Name :	Ram Rattan and Associates Chartered Accountants
Address :	104, Hans Bhawan, 1 Bahadur Shah Zafar Marg, New Delhi – 110002, India
Income-tax PAN of auditor or auditor's firm :	AAAFR3936L
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

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	0.500	0.500	0.500
(b) Reserves & Surplus	0.015	(0.034)	(0.011)
(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)	0.515	0.466	0.489
(3) Non-Current Liabilities
(a) long-term borrowings	12.500	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	63.779	22.265	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	76.279	22.265	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	0.052	0.007	0.004
(d) Short-term provisions	0.012	0.000	0.000
Total Current Liabilities (4)	0.064	0.007	0.004
TOTAL	76.858	22.738	0.493
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	46.012	0.000	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	15.508	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	7.570	22.665	0.000
(e) Other Non-current assets	0.345	0.020	0.027
Total Non-Current Assets	69.435	22.685	0.027
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	7.412	0.053	0.466
(e) Short-term loans and advances	0.011	0.000	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	7.423	0.053	0.466
TOTAL	76.858	22.738	0.493

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.112	0.000	0.000
		TOTAL (A)	0.112	0.000	0.000
Less	EXPENSES
		Other expenses	0.042	0.016	0.003
		TOTAL (B)	0.042	0.016	0.003
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.070	(0.016)	(0.003)
Less	FINANCIAL EXPENSES (D)		0.003	0.000	0.001
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.067	(0.016)	(0.004)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.007	0.007	0.007
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		0.060	(0.023)	(0.011)
Less	TAX (H)		0.011	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.049	(0.023)	(0.011)
	Earnings / (Loss) Per Share (Rs.)		0.98	(0.46)	(0.22)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.00	0.00	0.00
Operating Profit Margin (PBDIT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.10	(0.10)	(2.23)
Return on Investment (ROI) (PBT/Networth)		0.12	(0.05)	(0.02)
Debt Equity Ratio (Total Debt/Networth)		24.27	0.00	0.00
Current Ratio (Current Asset/Current Liability)		115.98	7.57	116.50

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	0.500	0.500	0.500
Reserves & Surplus	(0.011)	(0.034)	0.015
Net worth	0.489	0.466	0.515
long-term borrowings	0.000	0.000	12.500
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	12.500
Debt/Equity ratio	0.000	0.000	24.272

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	Yes
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10546956	08/01/2015	250,000,000.00	ECL FINANCE LIMITED	EDELWEISS HOUSE, OFF. C.S.T ROAD, KALINA, MUMBAI - 400098, MAHARASHTRA, INDIA	C42398933
2	10443828	26/03/2014 *	122,500,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	C01118876
3	10443833	26/03/2014 *	350,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	C01118512

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
From Other Parties	12.500	0.000
Total	12.500	0.000

CORPORATE INFORMATION

The company was incorporated under the Companies Act, 1956 as Sharp Energy Limited. Later the management changed its name to Sharp Agricom Limited w.e.f. 08.02.2013 to carry the business of Agro commodities. After having purchased an industrial land and building in the State of Madhya Pradesh, the company is erecting a rice milling plant with the latest available technology and its shall be functional within a period of 12 months.

FINANCIAL RESULTS

The year the company has also no yet started any operation but has Interest Income amounting to Rs. 0.112 Million.

FIXED ASSETS

· Leasehold Industrial Plot

· Factory Building

· Plant and Machinery

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.62.82
UK Pound	1	Rs.92.83
Euro	1	Rs.66.17

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUB
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.