MIRA INFORM REPORT

Report No. :	348430
Report Date :	07.11.2015

IDENTIFICATION DETAILS

Name :	THE KERALA CARDAMOM PROCESSING AND MARKETING COMPANY LIMITED
Registered Office :	KP.1/741B, Spice House, Thekkady P O, Idukki District – 685536, Kerala
Tel. No.:	91-4869-222097
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.03.1990
Com. Reg. No.:	09-005656
Capital Investment / Paid-up Capital :	Rs. 39.998 Million
CIN No.: [Company Identification No.]	U15495KL1990PLC005656
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCT2044H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject operates in four segments: distribution and retail trading of agricultural inputs, auctioning of cardamom, export of cardamom, and domestic and international trading of natural rubber.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 1089000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. It was incorporated in the year 1990 and it is a trader, supplier and exporter of green cardamom and natural rubber. Rating reflects company’s healthy financial risk profile marked by its good capital structure and strong debt protection metrics. It also reflects company's strong position in the cardamom auction market along with diversified revenue profile and has extensive experience of its promoters in the agricultural inputs business. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per the commitments. In view of aforesaid, the company can be considered normal 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 – 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	CRISIL
Rating	Long term bank facilities : A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	09.04.2015

Rating Agency Name	CRISIL
Rating	Short term bank facilities : A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	09.04.2015

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Boban
Designation :	Accounts Manager
Contact No.:	91-4869-222097
Date :	04.11.2015

LOCATIONS

Registered Office/ Warehouse :	KP.1/741B, Spice House, Thekkady P O, Idukki District – 685536, Kerala, India
Tel. No.:	91-4869-222097 / 222865
Mobile No.:	91-9447177752 (Mr. K. George)
Fax No.:	91-4869-222097
E-Mail :	info@kcpmc.com
Website :	www.kcpmc.com www.indiancardamom.com
Regional / Divisional Offices :	Located at : · Kalpetta · Bodinayakanur · Kanijirappally
Branches Offices:	Located at : · Vandanmedu · Kumily · Kattappana · Nedumkandam · Bisonvalley · Poopara · Rajakumary · Udumbanchola · Anakkara · Puliyanmala · Rajakadu · Vazhakulam · Parathodu

DIRECTORS

As on 25.09.2014

Name :

Mr. Jojo George Pottemkulam

Designation :

Managing Director

Address :

Pottemkulam House, Kootickal P.O., Kottayam-686514, Kerala, India

Date of Birth/Age :

20.01.1973

Date of Appointment :

30.10.2013

PAN No.:

AFAPG2866F

DIN No.:

00050344

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	U15495KL1990PLC005656	THE KERALA CARDAMOM PROCESSING AND MARKETING COMPANY LIMITED	Managing director	30/10/2013	25/09/2003	-	Active	NO
2	U73100KL1984PLC004006	AGRICULTURAL RESEARCH AND SERVICES KERALA LIMITED	Nominee director	18/12/2003	18/12/2003	-	Strike off	NO
3	U25199KL1990PLC005637	PECARU RUBBER AND AGRO PRODUCTS LIMITED	Managing director	15/01/2009	18/12/2003	-	Strike off	NO
4	U70101KL2006PTC019944	ORANGERIE LIFESPACE PROPERTIES PRIVATE LIMITED	Director	27/10/2006	27/10/2006	-	Active	NO

Name :

Mr. Ziauddin Ahamed Kadermohideen

Designation :

Whole-Time Director

Address :

26 Kulakkaran Street, Theni District, Tamilnadu, Cumbum-625516, Tamilnadu, India

Date of Birth/Age :

26.10.1956

Date of Appointment :

28.0.2012

DIN No.:

00350688

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	U15495KL1990PLC005656	THE KERALA CARDAMOM PROCESSING AND MARKETING COMPANY LIMITED	Whole-time director	28/02/2012	22/03/1990	-	Active	NO
2	U73100KL1984PLC004006	AGRICULTURAL RESEARCH AND SERVICES KERALA LIMITED	Nominee director	27/09/1999	27/09/1999	-	Strike off	NO
3	U25199KL1990PLC005637	PECARU RUBBER AND AGRO PRODUCTS LIMITED	Whole-time director	15/01/2009	29/09/2000	-	Strike off	NO

Name :

Mr. Karimpanal Ittiavira Varkey

Designation :

Director

Address :

K.I. Varkey, Karimpanal House, Palampra P.O., Parathode, Kply, Kanjirappally-686507, Kerala, India

Date of Birth/Age :

17.07.1955

Date of Appointment :

25.09.2014

DIN No.:

01899065

Name :

Mr. Johny Mathew

Designation :

Director

Address :

Pottamkulam House, Yendayar P.O., Kottayam-686514, Kerala, India

Date of Birth/Age :

24.11.1953

Date of Appointment :

25.09.2014

DIN No.:

02503346

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	U91990KL1914NPL000653	MUNDAKAYAM CLUB	Director	25/09/1999	25/09/1999	-	Active	NO
2	U15495KL1990PLC005656	THE KERALA CARDAMOM PROCESSING AND MARKETING COMPANY LIMITED	Director	25/09/2014	25/09/2014	-	Active	NO

Name :

Mr. Thamanan Karunakaran Krishnasamy Suruliyandi Sharavanan

Designation :

Director

Address :

70, Odaikarastreet, Kambam (M), Uthamapalayam (TK)., Theni-625516, Tamilnadu, India

Date of Birth/Age :

12.01.1966

Date of Appointment :

25.09.2014

DIN No.:

02980614

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	U15139TN2010PTC075843	PRIME BANANA RIPENING PRIVATE LIMITED	Director	28/05/2010	28/05/2010	-	Active	NO
2	U15495KL1990PLC005656	THE KERALA CARDAMOM PROCESSING AND MARKETING COMPANY LIMITED	Director	25/09/2014	25/09/2014	-	Active	NO

Name :

Mr. Boby Tom

Designation :

Director

Address :

Potamkulam, Koottickal, Kottayam-686513, Kerala, India

Date of Birth/Age :

26.11.1976

Date of Appointment :

25.09.2014

DIN No.:

03589559

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	U91990KL1914NPL000653	MUNDAKAYAM CLUB	Director	26/09/2009	26/09/2009	-	Active	NO
2	U15495KL1990PLC005656	THE KERALA CARDAMOM PROCESSING AND MARKETING COMPANY LIMITED	Director	25/09/2014	25/09/2014	-	Active	NO

Name :

Mr. Mohan Varughese

Designation :

Director

Address :

Vilakkupattathil, 21 J.P. Nagar, R.S.P.O, Thiruvalla, Thiruvalla-689111, Kerala, India

Date of Birth/Age :

24.10.1951

Date of Appointment :

25.09.2014

DIN No.:

06981109

Name :

Mr. Raghavan Guhan

Designation :

Director

Address :

3/25, Nandagopalan Street, Cumbum P.O, Uthamapalayam Taluk, Cumbum-625516, Tamilnadu, India

Date of Birth/Age :

25.07.1971

Date of Appointment :

25.09.2014

DIN No.:

06981128

Name :

Mr. Susan Punnoose

Designation :

Director

Address :

Mangalam House, Vellimala, Vandanmedu, Vandanmedu-685551, Kerala, India

Date of Birth/Age :

02.11.1951

Date of Appointment :

25.09.2014

DIN No.:

06981148

Name :

Mr. Sivakumar Jayakumari

Designation :

Director

Address :

61, Ramiah Gowder Street, Cumbum P.O, Theni District, Cumbum-625516, Tamilnadu, India

Date of Appointment :

25.09.2014

DIN No.:

06981167

Name :

Mr. Rajamanickam Sakthi Subramanian

Designation :

Director

Address :

O/No:36A, N/No:9, Ranger Office Road, Cumbum, Uthamapalyam -Tk, Theni District, Cumbum-625516, Tamilnadu, India

Date of Birth/Age :

01.01.1979

Date of Appointment :

25.09.2014

DIN No.:

06982076

Name :

Mr. Sakthivel Kumersan

Designation :

Director

Address :

7A Ellai Street, Gudalur Post, Theni District, Tamilnadu, Gudalur-625518, Tamilnadu, India

Date of Birth/Age :

09.06.1974

Date of Appointment :

25.09.2014

DIN No.:

06982078

KEY EXECUTIVES

Name :	Mr. Boban
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2014

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 25.09.2014

Category	Percentage
Directors or relatives of Directors	19.43
Other top fifty shareholders	20.91
Other	59.66
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject operates in four segments: distribution and retail trading of agricultural inputs, auctioning of cardamom, export of cardamom, and domestic and international trading of natural rubber.
Products :	· Green Cardamom · Natural Rubber
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	· Green Cardamom · Natural Rubber
Countries :	· Egypt · Iran · Turkey · Saudi Arabia · Iraq · United Arab Emirates · Qatar · Oman
Imports :	Not Available
Terms :
Selling :	Cash / L/C / Credit
Purchasing :	Cash / L/C / 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 :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

100 (Approximately)

Bankers :

Bank Name	Central Bank of India
Branch	Hubli-580028, Karnataka, 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

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Vadodara- 390015, Gujarat, India

· State Bank of Travancore, Kumily Branch, Kumily, Idukki District, Kumily - 685509, Kerala, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks (Hypothecation of inventories and book debts and collateral security by way of equitable mortgage of landed properties and buildings thereon.)	1.423	1.423
Short-term borrowings
Loans repayable on demand from banks (Hypothecation of inventories and book debts and collateral security by equitable mortgage of the landed properties of the company and buildings thereon)	76.349	41.123
Total	77.772	42.546

Auditors :
Name :	K. T. Thomas Chartered Accountant
Address :	Kathayanat Ponkunnam, Kottayam-686506, Kerala, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABIPT8411H
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 25.09.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,999,800	Equity Shares	Rs.10/- each	Rs. 39.998 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	39.998	39.998	39.998
(b) Reserves & Surplus	341.054	275.055	209.308
(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)	381.052	315.053	249.306
(3) Non-Current Liabilities
(a) long-term borrowings	1.423	1.423	1.458
(b) Deferred tax liabilities (Net)	0.000	1.211	1.212
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.344	0.000	0.000
Total Non-current Liabilities (3)	6.767	2.634	2.670
(4) Current Liabilities
(a) Short term borrowings	76.349	41.123	73.408
(b) Trade payables	83.393	54.581	31.925
(c) Other current liabilities	15.416	13.402	12.318
(d) Short-term provisions	62.239	57.795	55.896
Total Current Liabilities (4)	237.397	166.901	173.547
TOTAL	625.216	484.588	425.523
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	159.719	158.922	69.715
(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)	0.579	0.000	0.000
(d) Long-term Loan and Advances	0.151	0.425	0.565
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	160.449	159.347	70.280
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	117.869	74.073	54.745
(c) Trade receivables	253.682	133.820	175.086
(d) Cash and cash equivalents	52.731	75.650	83.287
(e) Short-term loans and advances	40.485	41.698	42.125
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	464.767	325.241	355.243
TOTAL	625.216	484.588	425.523

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	3075.181	2146.339	2040.471
		Other Income	36.726	42.774	41.168
		TOTAL (A)	3111.907	2189.113	2081.639
Less	EXPENSES
		Purchases of Stock-in-Trade	2916.584	1989.298	1885.258
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(43.796)	(19.328)	(11.423)
		Employees benefits expense	22.214	18.311	19.550
		Other expenses	82.687	73.955	68.078
		TOTAL (B)	2977.689	2062.236	1961.463
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		134.218	126.877	120.176
Less	FINANCIAL EXPENSES (D)		2.619	2.339	2.136
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		131.599	124.538	118.040
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.959	3.029	2.579
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		127.640	121.509	115.461
Less	TAX (H)		45.067	41.723	39.604
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		82.573	79.786	75.857
	Earnings / (Loss) Per Share (Rs.)		21.00	20.00	19.00

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	36.925	139.077	58.204

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.69	3.72	3.72
Operating Profit Margin (PBIDT/Sales)	(%)	4.36	5.91	5.89
Return on Total Assets (PBT/Total Assets}	(%)	20.43	25.07	27.13
Return on Investment (ROI) (PBT/Networth)		0.33	0.39	0.46
Debt Equity Ratio (Total Debt /Networth)		0.20	0.14	0.30
Current Ratio (Current Asset/Current Liability)		1.96	1.95	2.05

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	39.998	39.998	39.998
Reserves & Surplus	209.308	275.055	341.054
Net worth	249.306	315.053	381.052
long-term borrowings	1.458	1.423	1.423
Short term borrowings	73.408	41.123	76.349
Total borrowings	74.866	42.546	77.772
Debt/Equity ratio	0.300	0.135	0.204

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	2040.471	2146.339	3075.181
		5.188	43.276

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	2040.471	2146.339	3075.181
Profit	75.857	79.786	82.573
	3.72%	3.72%	2.69%

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	Yes
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	No
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	Yes
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	Yes
35]	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10542502	09/01/2015	50,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	C40164659
2	10477200	15/01/2014	50,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B96185541
3	10291573	21/10/2014 *	100,000,000.00	CENTRAL BANK OF INDIA	KUMILY BRANCH, KUMILY, IDUKKI DISTRICT, KUMILY, Kerala - 685509, INDIA	C40331738
4	10289239	31/03/2015 *	149,600,000.00	CENTRAL BANK OF INDIA	KUMILY BRANCH, KUMILY, IDUKKI DISTRICT, KUMILY, Kerala - 685509, INDIA	C57104077

* Date of charge modification

FINANCIAL PERFORMANCE

Gross Turnover for the year grew by 44.68% to Rs. 3008.888 Million driven by the praiseworthy growth of 59.80% in Rubber division. Agri-inputs division maintained the previous year figures and continued as the main contributor of company’s bottom line, to be noted, the achievement was in spite of adverse climatic conditions. Auction division performed creditably well and created a history by attaining a turnover of Rs 2509.244 Million. The rubber division showed a segment result of Rs.11.483 Million for the year.

FIXED ASSETS

· Land

· Building

· Plant and machinery

· Furniture and fixture

· Vehicle

· Computer

· Office equipment

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.65.67
UK Pound	1	Rs.101.02
Euro	1	Rs.71.34

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	HNA
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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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