MIRA INFORM REPORT

Report No. :	311931
Report Date :	30.03.2015

IDENTIFICATION DETAILS

Name :	GLOBAL ENERGYFOOD INDUSTRIES PRIVATE LIMITED
Registered Office :	Hotel Airlink, 75, Off Nehru Road, Near Santacruz Airport, Vile Parle (East), Mumbai – 400057, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.10.2011
Com. Reg. No.:	11-223441
Capital Investment / Paid-up Capital :	Rs. 40.399 Million
CIN No.: [Company Identification No.]	U15400MH2011PTC223441
TAN No.: [Tax Deduction & Collection Account No.]	MUMG11447C
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Biscuit and Confectionery Products.
No. of Employees :	45 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 230000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and leveraged capital structure of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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 – 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

Rating Agency Name	CARE
Rating	Long Term Bank Facilities (BB-)
Rating Explanation	Inadequate credit quality and high credit risk.
Date	February 24, 2015
Rating Agency Name	CARE
Rating	Short Term Bank Facilities (A4)
Rating Explanation	Minimal Degree of safety and very high credit risk.
Date	February 24, 2015

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. Deepak Purswami
Designation :	Export Manager
Contact No.:	91-9820700011
Date :	19.03.2015

LOCATIONS

Registered/ Marketing/ Admin Bombay Office :	Hotel Airlink, 75, Off Nehru Road, Near Santacruz Airport, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-65701007/ 65701008/ 65701009/24265902
Mobile No.:	91-9820700011 (Mr. Deepak Purswami)
Fax No.:	91-22-26134034
E-Mail :	globalenergyfoods@gmail.com globalenergyfood@yahoo.co.in varun@gefifoods.com sales@gefifoods.com
Website :	http://www.globalfood.co.in
Location :	Owned
Ahmedabad Factory :	173, Opposite Telephone Exchange, G.I.D.C. Estate, Naroda, Ahmedabad- 382330 Gujarat, India
Location :	Owned

DIRECTORS

As on: 30.09.2014

Name :

Mr. Narayan Jethanand Pagrani

Designation :

Director

Address :

Golden Peak, Flat No. 802, 8th Floor, Ambedkar Road, Opposite 'K' Value Super Market, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

06.05.1948

Date of Appointment :

25.10.2011

DIN No.:

00284274

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	U55200MH1984PTC033067	UNIVERSAL HOTELS PRIVATE LIMITED	Director	18/10/1984	18/10/1984	Active	NO
2	U45201MH1996PTC103953	A.SURTI DEVELOPERS PRIVATE LIMITED	Managing director	01/11/2004	01/11/2004	Active	NO
3	U15500MH2007PTC205192	UNIVERSAL CONFECTIONERY AND FOOD PRODUCTS PRIVATE LIMITED	Director	19/06/2009	19/06/2009	Active	NO
4	U01100MH2004PTC045303	SAMARTH GURU AGRO FARMS PRIVATE LIMITED	Director	01/06/2010	01/06/2010	Active	NO
5	U45400MH2011PTC219667	A SURTI CONSTRUCTIONS PRIVATE LIMITED	Director	12/07/2011	12/07/2011	Active	NO
6	U15400MH2011PTC223441	GLOBAL ENERGYFOOD INDUSTRIES PRIVATE LIMITED	Director	25/10/2011	25/10/2011	Active	NO
7	U15122MH2011PTC223517	GLOBAL CONFECTIONERY AND GROCERIES PRIVATE LIMITED	Director	31/10/2011	31/10/2011	Active	NO
8	U93000MH2012PTC226271	UNIVERSAL IMPORT EXPORT INDIA PRIVATE LIMITED	Director	20/01/2012	20/01/2012	Active	NO
9	U27101DL2010PTC206152	MODA HARDWARE (INDIA) PRIVATE LIMITED	Director	08/05/2013	08/05/2013	Active	NO

Name :

Mr. Narendra Narayan Pagrani

Designation :

Director

Address :

Golden Peak, Flat No. 802, 8th Floor, Ambedkar Road, Opposite 'K' Value Super Market, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

07.03.1972

Date of Appointment :

25.10.2011

DIN No.:

02686394

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	U55200MH1984PTC033067	UNIVERSAL HOTELS PRIVATE LIMITED	Director	04/07/1994	04/07/1994	-	Active
2	U45201MH1996PTC103953	A.SURTI DEVELOPERS PRIVATE LIMITED	Director	01/11/2004	01/11/2004	-	Active
3	U15400MH2011PTC223441	GLOBAL ENERGYFOOD INDUSTRIES PRIVATE LIMITED	Director	25/10/2011	25/10/2011	-	Active
4	U15122MH2011PTC223517	GLOBAL CONFECTIONERY & GROCERIES PRIVATE LIMITED	Director	31/10/2011	31/10/2011	-	Amalgamated
5	U93000MH2012PTC226271	Universal Import Export India Private Limited	Director	20/01/2012	20/01/2012	-	Active
6	U27101DL2010PTC206152	MODA HARDWARE (INDIA) PRIVATE LIMITED	Director	08/05/2013	08/05/2013	-	Active
7	U01100MH2004PTC045303	SAMARTH GURU AGRO FARMS PRIVATE LIMITED	Director	27/09/2014	31/07/2014	-	Active

Name :

Mr. Suresh Kanayalal Bhirwani Aka Bherwani

Designation :

Director

Address :

S/R No. 377/B, Near Block No. 289/A Sardarnagar Sindhi Colony Ahmedabad – 382475, Gujarat, India

Date of Birth/Age :

01.06.1967

Date of Appointment :

25.10.2011

DIN No.:

02701784

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	U15500MH2007PTC205192	UNIVERSAL CONFECTIONERY AND FOOD PRODUCTS PRIVATE LIMITED	Director	15/10/2010	15/10/2010	Active	NO
2	U15400MH2011PTC223441	GLOBAL ENERGYFOOD INDUSTRIES PRIVATE LIMITED	Director	25/10/2011	25/10/2011	Active	NO
3	U15122MH2011PTC223517	GLOBAL CONFECTIONERY AND GROCERIES PRIVATE LIMITED	Director	31/10/2011	31/10/2011	Active	NO

Name :

Mrs. Sonia Rajesh Punjabi

Designation :

Director

Address :

401, Kesar Kripa, Plot No.361, 14th Road, Khar, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

19.12.1973

Date of Appointment :

25.10.2011

DIN No.:

02701784

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	U15500MH2007PTC205192	UNIVERSAL CONFECTIONERY AND FOOD PRODUCTS PRIVATE LIMITED	Director	15/10/2010	15/10/2010	Active	NO
2	U15400MH2011PTC223441	GLOBAL ENERGYFOOD INDUSTRIES PRIVATE LIMITED	Director	25/10/2011	25/10/2011	Active	NO
3	U15122MH2011PTC223517	GLOBAL CONFECTIONERY & GROCERIES PRIVATE LIMITED	Director	31/10/2011	31/10/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Deepak Pusswami
Designation :	Export Manager
Name :	Ashish O. Lalpuria and Company
Designation :	Practicing Company Secretary
Address:	14, Adarsh, 9/83, Nehru Road, Near HDFC Bank, Vile Parle (East), Mumbai – 400057, Maharashtra, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares
Sureshkumar Bherwani	1636169
Narayan Jethanand Pagrani	383793
Meena N. Pagrani	383793
Universal Hotels Private Limited, India	181797
Narendra N. Pagrani	383793
Sonia Punjabi	504990
Saanya Pagrani	181797
Komal Bherwani	383793
Total	4039925

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Bodies corporate	4.50
Directors or relatives of Directors	95.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Biscuit and Confectionery Products.
Products :	Biscuit and Confectionery Product
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Biscuit and Confectionery Products
Countries :	· Africa · Middle East
Imports :	Not Available
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

• Aarav Fragrance & Flavours Private Limited
• Adan Gas Limited
• Agarwal Daal and Besan Mill
• Arth Marketing
• Arth Packaging Industries
• Bhagwati Flour Milling Private Limited
• Gujarat Ambuja Export Limited
• Gujarat Enterprises
• Gujarat Tradelink
• India Tradelink

Customers :

Wholesaler and Retailers

• AJC Trading Company Limited
• Alhosseini Maiga Soydou
• Edwumabe Enterprises
• Elh Alkassoum Mohamed
• Elle General Trading Company Limited
• ETS Codeco
• ETS Muva
• FB Global H K Limited
• Kafin Kafi Limited
• Kanoovi Foods Private limited

No. of Employees :

45 (Approximately)

Bankers :

Bank of Baroda, Bandra (West) Branch, 6, Meghdoot, Junction of, Turner Road and Linking Road, Bandra (West), Mumbai - 400050, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loan From Bank
Bank of Baroda Car Loan	0.000	0.952
Bank of Baroda Term Loan (No. BBB)	0.000	2.025
Bank of Baroda Term Loan (No. 965)	0.000	0.183
Bank of Baroda Term Loan (No. 922)	0.000	12.886
Short-term borrowings
Loan Reparable on Demand from Bank
Bank of Baroda Packing Credit	137.083	118.836
Bank of Baroda Bills Discounted	96.667	96.832
Total	233.750	231.714

Auditors :
Name :	D.J. Bhambhani and Company Chartered Accountants
Address :	205, Ambica Cloth Market-2, 2nd Floor, Near Kalupur Gate, Kalupur Kotni Rang, Ahmedabad – 380001, Gujarat, India
Tel. No.:	91-79-22139496/ 22172764/29296110
Mobile No.:	91-9825094544
Income-tax PAN of auditor or auditor's firm :	ADJPB9924G
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Million
2,000,000	Preference shares	Rs. 10/- each	Rs. 20.000 Million
	Total		Rs. 70.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
4,039,925	Equity Shares	Rs. 10/- each	Rs. 40.399 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	40.399	40.399	40.399
(b) Reserves & Surplus	40.469	20.616	23.170
(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)	80.868	61.015	63.569
(3) Non-Current Liabilities
(a) long-term borrowings	21.000	129.529	195.396
(b) Deferred tax liabilities (Net)	4.541	1.619	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	25.541	131.148	195.396
(4) Current Liabilities
(a) Short term borrowings	233.750	215.668	270.352
(b) Trade payables	15.018	1.449	1.928
(c) Other current liabilities	35.503	17.026	19.012
(d) Short-term provisions	8.449	6.136	12.644
Total Current Liabilities (4)	292.720	240.279	303.936
TOTAL	399.129	432.442	562.901
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	162.525	177.818	176.440
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	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	2.502
(d) Long-term Loan and Advances	1.712	1.704	77.714
(e) Other Non-current assets	5.544	6.062	6.857
Total Non-Current Assets	169.781	185.584	263.513
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	39.041	36.438	36.074
(c) Trade receivables	131.620	142.624	174.600
(d) Cash and cash equivalents	26.576	21.378	36.117
(e) Short-term loans and advances	32.111	46.418	52.597
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	229.348	246.858	299.388
TOTAL	399.129	432.442	562.901

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Sales/Receipts	649.511	601.025	301.102
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		59.574	63.048	42.547
Less	FINANCIAL EXPENSES (D)		21.833	31.577	11.970
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		37.741	31.471	30.577
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.725	10.235	3.385
	PROFIT BEFORE TAX (E-F) (G)		27.016	21.236	27.192
Less	TAX (H)		10.045	6.603	1.943
	PROFIT AFTER TAX (G-H) (I)		16.971	14.633	25.249
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		20.616	23.170	(2.079)
Less	APPROPRIATIONS
	Payment of Income Tax Demands		(2.282)	17.187	0.000
	BALANCE CARRIED TO THE B/S		39.869	20.616	23.170
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	510.050	504.032	243.747
	IMPORTS		0.133	11.216	7.951
	Earnings Per Share (Rs.)		4.20	3.62	6.25

Expected Sales (2014-2015): Rs. 800.000 million

The above information has been parted by Mr. Deepak Purswami (Export Manager)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.61	2.43	8.39
Operating Profit Margin (PBIDT/Sales)	(%)	9.17	10.49	14.13
Return on Total Assets (PBT/Total Assets}	(%)	6.77	4.91	4.85
Return on Investment (ROI) (PBT/Networth)		0.33	0.35	0.43
Debt Equity Ratio (Total Debt /Networth)		3.15	5.66	7.33
Current Ratio (Current Asset/Current Liability)		0.78	1.03	0.99

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	40.399	40.399	40.399
Reserves & Surplus	23.170	20.616	40.469
Net worth	63.569	61.015	80.868
long-term borrowings	195.396	129.529	21.000
Short term borrowings	270.352	215.668	233.750
Total borrowings	465.748	345.197	254.750
Debt/Equity ratio	7.327	5.658	3.150

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)
Sales/Receipts	301.102	601.025	649.511
		99.608	8.067

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/Receipts	301.102	601.025	649.511
Profit	25.249	14.633	16.971
	8.39%	2.43%	2.61%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

OPERATIONS:

The Company has achieved the turnover of Rs. 649.500 Million during the year and profit after tax (PAT) of Rs. 17.000 Million. The working of the Company is satisfactory.

UNSECURED LOAN

Particular	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans & Advances From Related Parties	21.000	113.483
Total	21.000	113.483

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10538274	29/11/2014	40,000,000.00	BANK OF BARODA	6,MEGHDOOT, JUNCTION OF TURNER ROAD AND LINKING ROAD, BANDRA (WEST), MUMBAI - 400050, MAHARASHTRA, INDIA	C37838497
2	10324347	31/10/2011	235,800,000.00	BANK OF BARODA	BANDRA (WEST) BRANCH, 6, MEGHDOOT, JUNCTION OF, TURNER ROAD & LINKING ROAD, BANDRA (W), MUMBAI - 400050, MAHARASHTRA, INDIA	B28279826
3	10324349	31/10/2011	231,800,000.00	BANK OF BARODA	BANDRA (WEST) BRANCH, 6, MEGHDOOT, JUNCTION OF, TURNER ROAD & LINKING ROAD, BANDRA (W), MUMBAI - 400050, MAHARASHTRA, INDIA	B28280030
4	10323673	25/10/2011	361,300,000.00	BANK OF BARODA	BANDRA (WEST) BRANCH, 6, MEGHDOOT, JUNCTION OF, TURNER ROAD & LINKING ROAD, BANDRA (W), MUMBAI - 400050, MAHARASHTRA, INDIA	B28053940
5	10323674	25/10/2011	363,600,000.00	BANK OF BARODA	BANDRA (WEST) BRANCH, 6, MEGHDOOT, JUNCTION OF, TURNER ROAD & LINKING ROAD, BANDRA (W), MUMBAI - 400050, MAHARASHTRA, INDIA	B28054070

* Date of charge modification

FIXED ASSETS:

· Buildings

· Plant and Machinery

· Electric Installation

· Furniture and Fixture

· Utensils

· Vehicles

· Land

· Computers

· Office Equipments

· Telephone Instruments

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.62.60
UK Pound	1	Rs.92.95
Euro	1	Rs.68.15

INFORMATION DETAILS

Information Gathered by :	SNJ
Analysis Done by :	KRN
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.