MIRA INFORM REPORT

Report No. :	323588
Report Date :	26.05.2015

IDENTIFICATION DETAILS

Name :	AVT MCCORMICK INGREDIENTS PRIVATE LIMITED
Registered Office :	60, Rukmini Lakshmi pathy salai egmore, Chennai – 600008, Tamil Nadu
Tel. No.:	91-484-2866333
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.12.1993
Com. Reg. No.:	18-026433
Capital Investment / Paid-up Capital :	Rs.216.000 Million
CIN No.: [Company Identification No.]	U51225TN1993PTC026433
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporting of Spices
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 2200000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a 50-50 joint venture of A.V. Thomas Group Companies, India and McCormick and Co, Inc. USA. It is a well-established having satisfactory tracks. The company possesses average financial risk profile marked by adequate gearing, moderate net worth and comfortable liquidity profile characterized by favorable gap between trade receivables and payables. Financial position of the company is satisfactory during FY2014. Trade relations are fair. Business is active. Payment terms are usually correct. In the view of aforesaid, subject can be considered for short to medium term 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 – 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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 (GENERAL DETAILS)

Name :	Mr. Shibu
Designation :	Secretary
Contact No.:	91-484-2866333
Date :	20.05.2015

LOCATIONS

Registered Office :	60, Rukmini Lakshmi pathy salai egmore, Chennai – 600008, Tamil Nadu, India
Tel. No.:	91-484-2866333 (Mr. Shibu)
Fax No.:	Not Available
E-Mail :	cyril_shibu@avtspice.com Shibu_cyril@avtspice.com mail@avtspice.com
Location :	Owned
Factory 1 :	Karnataka, India
Factory 2 :	S. Vazhakulam, Marampilly, P.O. Aluva – 683107, Kerala, India
Tel. No.:	91-484-2677262 / 2677263 / 2677381 / 2677382
Fax No.:	91-484-2677275
E-Mail :	mail@avtspice.com

DIRECTORS

As on : 02.09.2014

Name :

Mr. Ajit Thomas

Designation :

Director

Address :

47 Vijaya Raghav Raod, T Nagar, Chennai – 600017, Tamil Nadu, India

Date of Birth/Age :

07.06.1954

Date of Appointment :

22.12.1993

DIN No.:

00018691

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	U18209TN1977PTC007377	A V THOMAS LEATHER & ALLIED PRODUCTS PRIVATE LIMITED	Director	21/09/1977	21/09/1977	-	Active	NO
2	L51102TN1941PLC000023	A.V.THOMAS INTERNATIONAL LIMITED.	Director	27/09/1978	27/09/1978	29/01/2010	Active	NO
3	L51109KL1935PLC000024	A V THOMAS AND CO LTD	Whole-time director	01/06/2014	27/09/1978	-	Active	NO
4	U67120TN1976PLC007167	A V THOMAS INVESTMENTS CO LTD	Director	25/06/1980	25/06/1980	-	Active	NO
5	L01117TZ1943PLC000117	NEELAMALAI AGRO INDUSTRIES LIMITED	Director	31/01/2010	18/07/1980	-	Active	NO
6	U25199KL1984PLC013414	MIDLAND LATEX PRODUCTS LIMITED	Director	11/07/1984	11/07/1984	-	Active	NO
7	L15142TN1986PLC012780	AVT NATURAL PRODUCTS LIMITED	Director	12/03/1986	12/03/1986	-	Active	NO
8	L01132KL1943PLC000782	THE NELLIAMPATHY TEA AND PRODUCE COMPANY LIMITED	Director	31/07/2011	18/08/1989	-	Active	NO
9	L25191KL1937PLC000691	MIDLAND RUBBER AND PRODUCE CO LTD	Director	31/07/2010	20/03/1991	-	Active	NO
10	U33112TN1993PTC026049	TELEFLEX MEDICAL PRIVATE LIMITED	Director	18/11/1993	18/11/1993	-	Active	NO
11	U51225TN1993PTC026433	AVT MCCORMICK INGREDIENTS PRIVATE LIMITED	Director	22/12/1993	22/12/1993	-	Active	NO
12	U74900TN2000PTC044810	AVT HOLDINGS PRIVATE LIMITED	Director	25/04/2001	25/04/2001	-	Active	NO
13	U29119TN2002PTC048352	SERMATECH PRIVATE LIMITED	Director	25/01/2002	25/01/2002	29/01/2010	Active	NO
14	U74999TN1984PLC010850	A.V.THOMAS EXPORTS LIMMITTED.	Director	02/07/2004	02/07/2004	-	Active	NO
15	U72300TN1999PTC043754	IQ TECH PRIVATE LIMITED	Director	05/08/2004	05/08/2004	29/01/2010	Active	NO
16	U67120TN2005PTC055674	AJIT THOMAS HOLDINGS PRIVATE LIMITED	Director	16/03/2005	16/03/2005	-	Active	NO
17	U65993TN2005PTC055807	MIDLAND CORPORATE ADVISORY SERVICES PRIVATE LIMITED	Director	30/03/2005	30/03/2005	-	Active	NO
18	U65993MH1996PLC211198	L&T Mutual Fund Trustee Limited	Director	06/07/2006	06/07/2006	16/06/2010	Active	NO
19	U72200TN2003PTC051522	TEKESSENCE SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	25/10/2007	25/10/2007	16/12/2009	Active	NO
20	U15499TN2008PTC065914	AVT GAVIA FOODS PRIVATE LIMITED	Director	02/01/2008	02/01/2008	-	Active	NO
21	L72200TN1999PLC054429	SAKSOFT LIMITED	Director	26/09/2014	31/07/2009	-	Active	NO
22	L01131TN1943PLC002723	L.J. INTERNATIONAL LIMITED	Director	29/10/2009	29/10/2009	-	Active	NO

Name :

Mr. James Radin

Designation :

Director

Address :

14002, Fox Rup Court, Phoenix 2113 NA,USA

Date of Birth/Age :

21.05.1960

Date of Appointment :

22.05.2009

DIN No.:

02654215

Name :

Mr. Albert Goetze III F

Designation :

Director

Address :

210South Church Street, Georgerown, Cayman Islands USA

Date of Birth/Age :

19.10.1950

Date of Appointment :

28.02.1994

DIN No.:

00112885

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	U51225TN1993PTC026433	AVT MCCORMICK INGREDIENTS PRIVATE LIMITED	Director	28/02/1994	28/02/1994	-	Active	NO
2	U51909KA1997PTC021698	MCCORMICK INDIA PRIVATE LIMITED	Director	25/09/2008	07/02/2008	-	Active	NO

Name :

Mr. Sushma Srikandath

Designation :

Whole Time Director

Address :

Rain Tree Realm. Chilavanoor Road, Kochi, Ernakulam – 682020, Kerala, India

Date of Birth/Age :

31.05.1958

Date of Appointment :

18.09.2003

DIN No.:

00024796

KEY EXECUTIVES

Name :	Mr. Shibu
Designation :	Secretary
Name :	Mr. Gibbons Edward Neith
Designation :	Secretary
Address :	51, Hazelden, Grove, London, Canada, N6H5A1
Date of Birth/Age :	17.09.1953
Date of Appointment :	30.01.2014
DIN No.:	02250783
Name :	Mr. Cyril
Designation :	Secretary
Address :	Aashiana, Kollattuthara, Koonammavu, Ernakulam – 683518, Kerala, India
Date of Birth/Age :	27.05.1963
Date of Appointment :	25.07.2007
PAN No.:	AICPS9774K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 02.09.2014

Names of Shareholders	No. of Shares	%age holding
The Midland Rubber And Produce Company Limited, Kerala	5850000	27.08
The Nelliampathy Tea and Produce Company Limited, Kerala	1800000	8.33
McCormick and Company Incorporated, USA	10800000	50.00
Neelamalai Agro Industries Limited, Tamil Nadu	3150000	14.58
Total	21600000	100.00

Equity Share Break up (Percentage of Total Equity)

As on : 02.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporting of Spices

Products :

Product Description	Item Code No.
Pepper Of The Genus Piper; Dried Or Crushed Or Ground Fruits Of The Genus Capsicum Or Of The Genus Pimenta Pepper	0904
Ginger, Saffron, Turmeric (Curcuma), Thyme, Bay Leaves, Curry And Other Spices	0910

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Spices

Countries :

• USA
• Europe

Imports :

Not Divulged

Terms :

Selling :

Cash, Cheque and Credit

Purchasing :

Cash, Cheque and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

300 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Commercial Branch Vankarathi Towers, Padivattom, NH Bye-pass Junction, Kochi – 682024, (Kerala), India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• Citibank NA, Photofast House, M.G. Road, Padma Junction, Cochin – 682035, Kerala, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loan from Bank	31.127	0.000
Short-term borrowings
Loans repayable on demand from bank	1149.796	1197.661
Total	1180.923	1197.661

Auditors :
Name :	Suri and Company Chartered Accountants
Address :	No.4, Chevaliar Shivaj I Ganesan Salai, (South Boag Road) , T. Nagar , Chennai-600 017, Tamil Nadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFS5023Q
Memberships :	Not Divulged
Collaborators :	Not Divulged
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Avt Natural Products Limited, India L15142TN1986PLC012780 A V Thomas And Co Ltd, India L51109KL1935PLC000024 The Nelliampathy Tea And Produce Company Limited, India L01132KL1943PLC000782 Midland Rubber And Produce Co Ltd, India L25191KL1937PLC000691 Avt Gavia Foods Private Limited, India U15499TN2008PTC065914 McCormick (Thailand ) Ltd., Thailand McCormick Global Ingredients Ltd, United States McCormick Ingredients SEA PTE LTD., Singapore McCormick Pesa SA De C.V, Mexico McCormick Philippines Inc, Philippines McCormick Polska S.A., Poland McCormick South Africa (Pty) Ltd, South Africa Sh a n g h a I McCormick Foods Co, China Stange Japan kk, Japan McCormick France
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 02.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
24000000	Equity Shares	Rs.10/- each	Rs.240.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21600000	Equity Shares	Rs.10/- each	Rs.216.000 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	216.000	216.000	216.000
(b) Reserves & Surplus	548.034	437.162	362.216
(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)	764.034	653.162	578.216
(3) Non-Current Liabilities
(a) long-term borrowings	31.127	0.000	2.500
(b) Deferred tax liabilities (Net)	16.946	10.946	8.183
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	6.109	8.093	6.617
Total Non-current Liabilities (3)	54.182	19.039	17.300
(4) Current Liabilities
(a) Short term borrowings	1149.796	1197.661	1063.656
(b) Trade payables	258.988	91.893	98.947
(c) Other current liabilities	57.932	34.959	142.391
(d) Short-term provisions	59.881	85.813	75.618
Total Current Liabilities (4)	1526.597	1410.326	1380.612
TOTAL	2344.813	2082.527	1976.128
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	201.723	179.130	166.585
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	13.717	3.248	13.070
(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	2.610	5.933	2.064
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	218.050	188.311	181.719
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1222.457	1098.070	1152.092
(c) Trade receivables	710.028	624.562	473.815
(d) Cash and cash equivalents	32.547	26.666	33.367
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	161.731	144.918	135.135
Total Current Assets	2126.763	1894.216	1794.409
TOTAL	2344.813	2082.527	1976.128

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES	3512.600	1581.300	3147.500
Less	TOTAL EXPENSES	3345.200	1427.800	3021.100
	PROFIT/ (LOSS) BEFORE TAX	167.400	153.500	126.400
Less	TAX	56.528	52.984	40.873
	PROFIT/ (LOSS) AFTER TAX	110.872	100.516	85.527
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	28.674	33.728	53.305
Less	APPROPRIATIONS
	Transfer to General Reserve	80.000	80.000	80.000
	Dividend	21.600	21.600	21.600
	Tax on Dividend	3.671	3.671	3.504
	Total	105.271	105.271	105.104
	Balance Carried to the B/S	34.275	28.973	33.728
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	3335.800	3147.900	3009.200
	TOTAL EARNINGS	3335.800	3147.900	3009.200
	Earnings / (Loss) Per Share (Rs.)	5.13	4.65	3.96

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	11.200	2.551	10.169
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.16	6.36	2.72
Return on Total Assets (PBT/Total Assets}	(%)	7.18	7.38	6.44
Return on Investment (ROI) (PBT/Networth)		0.22	0.24	0.22
Debt Equity Ratio (Total Debt /Networth)		1.56	1.84	1.86
Current Ratio (Current Asset/Current Liability)		1.39	1.34	1.30

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	216.000	216.000	216.000
Reserves & Surplus	362.216	437.162	548.034
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	578.216	653.162	764.034
long-term borrowings	2.500	0.000	31.127
Short term borrowings	1063.656	1197.661	1149.796
Current Maturities of Long-Term Debts	10.169	2.551	11.200
Total borrowings	1076.325	1200.212	1192.123
Debt/Equity ratio	1.861	1.838	1.560

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	3147.500	1581.300	3512.600
		(49.760)	122.134

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	3147.500	1581.300	3512.600
Profit	85.527	100.516	110.872
	2.72%	6.36%	3.16%

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	No
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

NOTE: Registered office of the company has been shifted from 64, Rukmini Lakshmipathysalai, Egmore, Chennai 8, Tamil Nadu, India to the present address w.e.f. 01.08.2011

OPERATIONS

During the year, the company recorded sales of 16,056 MT in volume with a corresponding value of Rs.3512.600 Million as compared to 15,813 MT and Rs. 3316.900 Million respectively during the previous year.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90289151	05/07/2012 *	400,000,000.00	Citibank NA	Photofast House, M.G. Road, Padma Junction, Kochi, Kerala - 682035, INDIA	B42741165
2	90293011	24/07/2013 *	1,200,000,000.00	State Bank of India	Commercial Branch, Vankarath Towers, Padivattom, NH Bye-pass Junction, Kochi, Kerala - 682024, INDIA	B81259343
3	90290298	16/12/2005 *	160,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, EXPRESS HOUSE KALOOR, EMAKULAM  , Tamil Nadu, INDIA	-
4	90292411	04/12/1996 *	155,000,000.00	STATE BANK OF INDIA	KTDC BUILDING, ERNAKULAM, Kerala, INDIA	-
5	90294322	26/11/1996 *	20,000,000.00	STATE BANK OF INDIA	SHANMAGHAM ROAD, ERNAKULAM, Tamil Nadu, INDIA	-

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and Fixture
• Vehicles
• Motor Vehicles
• Leasehold Improvement

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.63.62
UK Pound	1	Rs.98.50
Euro	1	Rs.69.93

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	SUM
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
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		46

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.