MIRA INFORM REPORT

Report No. :	349153
Report Date :	17.11.2015

IDENTIFICATION DETAILS

Name :	SONA BISCUITS LIMITED (w.e.f. 12.06.2001)
Formally Known as:	SONA BISCUITS PRIVATE LIMITED
Registered Office :	15 A, Hemant Basu Sarani, Saranicontinental Chembers, PS Hare Street, 5^th Floor, Kolkata - 700001, West Bengal
Tel. No.:	91-33-22480071/ 2/ 4
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.11.1988
Com. Reg. No.:	21-045571
Capital Investment / Paid-up Capital :	Rs. 20.570 Million
CIN No.: [Company Identification No.]	U15419WB1988PLC045571
IEC No.:	0299000702
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAECS9292D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Biscuits.
No. of Employees :	750 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1988 and it is engaged in manufacturing and marketing of cakes and confectioneries. It offers sweet biscuits, semi-sweet biscuits, salted biscuits and cream biscuits with sweet and cream biscuits under the brand name ‘SOBISCO’. For the financial year ended 2014, company possesses below average operational performance and net profile has been declined by 96.26% during the year under a review. Rating continue to reflect the extensive experience of promoters in the biscuits industry supported by its established distribution network along with above average financial base and sound debt protection indicators. Rating strengths is partially offset by the susceptibility of the company’s operating margin to volatility in input prices and its limited market share in the competitive biscuit industry. Trade relations are reported as fair. Payment terms are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

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 rating = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	06.04.2015

Rating Agency Name	CRISIL
Rating	Short term rating = A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	06.04.2015

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. Ankit Newatiya
Designation :	Accounts Manager
Contact No.:	91-33-22480074
Date :	07.11.2015

LOCATIONS

Registered Office :	15 A, Hemant Basu Sarani, Saranicontinental Chembers, PS Hare Street, 5^th Floor, Kolkata - 700001, West Bengal, India
Tel. No.:	91-33-22480071/ 2/ 4
Mobile No.:	91-9830584811 (Mr. Alok)
Fax No.:	91-33-22480077
E-Mail :	ankit@sobisco.com info@sobisco.com
Website :	http://www.sobisco.com
Factory 1:	D 3-8, Hajipur Industrial area, Vaishali - 844102, Bihar, India
Factory 2:	Delhi Road, Dankuni, District Hooghly – 712310, West Bengal, India
Tel. No.:	91-33-26590681 / 82

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Ashok Kumar Agarwal

Designation :

Director

Address :

P-23, Block 'H', New Alipore, Kolkata - 700053, West Bengal, India

Date of Birth/Age :

04.01.1959

Qualification :

B COM

Date of Appointment :

16.10.2006

PAN No.:

ADBPA1107C

DIN No.:

00112824

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	U15410MH1998PTC115059	SOBISCO FOODS PRIVATE LIMITED	Whole-time director	01/07/2015	22/05/1998	-	Active	NO
2	U27109WB2004PTC099721	SONA FOOD PRODUCTS PRIVATE LIMITED	Director	09/09/2004	09/09/2004	24/07/2009	Active	NO
3	U15419WB1988PLC045571	SONA BISCUITS LIMITED	Director	16/10/2006	16/10/2006	-	Active	NO
4	U15412WB2009PTC131805	PATANJALI BISCUITS PRIVATE LIMITED	Director	09/01/2009	09/01/2009	-	Active	NO

Name :

Mr. Mahesh Kumar Agarwal

Designation :

Director

Address :

301, Harekrishna Enclave, Ramdaspeth, Nagpur - 440010, Maharashtra, India

Date of Birth/Age :

13.10.1968

Qualification :

B COM

Date of Appointment :

01.11.2000

DIN No.:

00120329

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	U15419WB1988PLC045571	SONA BISCUITS LIMITED	Director	01/11/2000	01/10/2000	-	Active	NO
2	U15311WB1953PLC021297	K.H.BUILDERS LIMITED	Director	29/09/2001	29/09/2001	-	Active	NO
3	U15410MH2004PTC149049	HARSH BAKERS PRIVATE LIMITED	Director	08/10/2004	08/10/2004	-	Active	NO
4	U45201MH2006PLC165768	CHHINDWARA PLUS DEVELOPERS LIMITED	Director	24/11/2006	24/11/2006	-	Active	NO
5	U74999MH2008PTC186005	SOBISCO BAKERS PRIVATE LIMITED	Director	20/08/2008	20/08/2008	-	Active	NO
6	U51909WB2005PTC106388	BAJRANGBALI VANIJYA PRIVATE LIMITED	Director	21/04/2010	02/06/2009	-	Active	NO
7	U15122MH2012PTC235241	MAPLES GREAT DAY FOODS PRIVATE LIMITED	Director	03/09/2012	03/09/2012	12/08/2014	Active	NO

Name :

Mr. Ajay Kumar Ghosh

Designation :

Director

Address :

89D, D D Mondal Ghat Road, Dakshineswar, Kolkata - 700076, West Bengal, India

Date of Birth/Age :

03.11.1941

Qualification :

B COM

Date of Appointment :

01.07.2001

DIN No.:

00272689

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	U15419WB1988PLC045571	SONA BISCUITS LIMITED	Director	01/07/2001	01/07/2001	-	Active	NO
2	U15201UP1992PLC014919	SURYA FOOD AND AGRO LIMITED	Director	18/09/2007	01/09/2007	03/08/2009	Active	NO
3	U15412WB2009PTC131805	PATANJALI BISCUITS PRIVATE LIMITED	Director	01/11/2012	01/11/2012	-	Active	NO
4	U15122WB2015PTC206339	DSM SOBISCO FOODS PRIVATE LIMITED	Additional director	14/08/2015	14/08/2015	-	Active	NO

Name :

Mr. Harshil Agarwal

Designation :

Director

Address :

32A, Nalini Ranjan Avenue, New Alipore, Kolkata -700053, West Bengal, India

Date of Birth/Age :

17.06.1993

Date of Appointment :

01.06.2013

PAN No.:

AXPPA7986H

DIN No.:

06594413

KEY EXECUTIVES

Name :	Mr. Ankit Newatiya
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Ashok Kumar Agarwal	50
Ashok Kumar Kumaral HUF	1420
Mahesh Kumar Agarwal	50
Sarita Devi Agarwal	230
Madhu Agarwal	950
K C Agarwal and Sons HUF	210
Vivek Agarwal	2470
R K Agarwal and Sons HUF	350
Rukmani Devi Agarwal	600
Anil Agarwal	400
Vinita Agarwal	640
Vivek Trade and Investment Private Limited, India	13600
Moonshine Vanijya Private Limited, India	55000
Alok Agarwal	50
Sweta Agarwal	50
Usha Devi Agarwal	150
Kailash Chand Agarwal	100
Sona Food Products Private Limited, India	10710
Anil Agarwal HUF	50
Suresh Chand Agarwal HUF	20
Skyline Tracom Private Limited, India	91200
Bhagwati Devi Agarwal	400
Suresh Chand Agarwal	200
Mahesh Kumar Agarwal HUF	500
Harshil Agarwal	200
Nidhi Agarwal	1000
Agarwal Vivek HUF	200
Nikita Agarwal	1000
Aangad Vincom Private Limited	23000
Nilisha Agarwal	700
Babu Lal Agarwal	100
Maliram Bansal	100
Total	205700

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	95.00
Directors or relatives of directors	5.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Biscuits.

Products :

ITC Code No.	Product Descriptions
19049000	Bread, Pastry, Cakes, Biscuits And Other Bakers

Brand Names :

‘SOBISCO’

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

· South Africa

· USA

Imports :

--

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholesalers and Retailers

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

750 (Approximately)

Bankers :

Bank Name:	Allahabad Bank
Branch:	Alipore Branch, 1A, Ronadsay Road, Kolkata - 700027, West Bengal, India
Person Name (with Designation):	Not Divulged
Contact Number:	91-33-24796267
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:	Management non Co-Operative

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	172.710	145.715
Other loans and advances, others	3.066	4.197
SHORT TERM BORROWINGS
Working capital loans from banks	91.044	82.766
Total	266.82	232.678

Banking Relations :	--
Auditors :
Name :	T R Tibrewala and Associates Chartered Accountants
Address :	P41, Princep Street 6^th Floor Suite 603 Kolkata - 700072, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AAEFT0194N
Memberships :	--
Collaborators :	--
Associates:	Sona Food Products Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
300,000	Equity Shares	Rs. 100/- each	Rs. 30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
205,700	Equity Shares	Rs. 100/- each	Rs. 20.570 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	20.570	20.570	18.270
(b) Reserves & Surplus	223.006	157.638	62.972
(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)	243.576	178.208	81.242
(3) Non-Current Liabilities
(a) Long-term borrowings	214.248	193.668	191.912
(b) Deferred tax liabilities (Net)	18.891	2.948	2.988
(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)	233.139	196.616	194.900
(4) Current Liabilities
(a) Short term borrowings	91.044	82.766	68.136
(b) Trade payables	24.391	31.797	25.978
(c) Other current liabilities	77.421	41.233	33.702
(d) Short-term provisions	23.563	11.702	2.878
Total Current Liabilities (4)	216.419	167.498	130.694
TOTAL	693.134	542.322	406.836
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	180.003	221.609	241.840
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	181.289	19.301	4.277
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	27.983	27.232	26.491
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.211	0.776	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	390.486	268.918	272.608
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	67.903	55.012	37.378
(c) Trade receivables	144.656	111.024	70.185
(d) Cash and cash equivalents	15.011	43.516	9.948
(e) Short-term loans and advances	47.179	48.041	10.472
(f) Other current assets	27.899	15.811	6.245
Total Current Assets	302.648	273.404	134.228
TOTAL	693.134	542.322	406.836

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	1275.338	1003.391	546.573
		Other Income	14.398	14.507	4.340
		TOTAL (A)	1289.736	1017.898	550.913
Less	EXPENSES
		Cost of Materials Consumed	861.454	687.960	365.819
		Purchases of Stock-in-Trade	33.283	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	8.080	(13.288)	(2.118)
		Employees benefits expense	75.628	41.569	29.614
		Other expenses	231.917	181.804	111.552
		TOTAL (B)	1210.362	898.045	504.867
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		79.374	119.853	46.046
Less	FINANCIAL EXPENSES (D)		25.280	31.828	25.781
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		54.094	88.025	20.265
Less/ Add	DEPRECIATION/ AMORTISATION (F)		24.719	34.278	22.177
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		29.375	53.747	(1.912)
Less	TAX (H)		27.803	11.662	(0.183)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1.572	42.085	(1.729)
	EARNINGS IN FOREIGN CURRENCY		NA	996.300	NA
	Earnings/ (Loss) Per Share (Rs.)		7.64	204.60	(9.46)

PARTICULARS	31.03.2015
Sales Turnover (Approximately)	120.000

The above information has been parted by Mr. Ankit Newatiya (Accounts Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	48.983	18.731	0.000
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	(48.496)	32.717	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.12	4.19	(0.32)
Operating Profit Margin (PBDIT/Sales)	(%)	6.22	11.94	8.42
Return on Total Assets (PBT/Total Assets}	(%)	6.07	10.84	(0.51)
Return on Investment (ROI) (PBT/Networth)		0.12	0.30	(0.02)
Debt Equity Ratio (Total Debt/Networth)		1.45	1.66	3.20
Current Ratio (Current Asset/Current Liability)		1.40	1.63	1.03

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	18.270	20.570	20.570
Reserves & Surplus	62.972	157.638	223.006
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	81.242	178.208	243.576
Long-term borrowings	191.912	193.668	214.248
Short term borrowings	68.136	82.766	91.044
CURRENT MATURITIES OF LONG-TERM DEBTS	0.000	18.731	48.983
Total borrowings	260.048	295.165	354.275
Debt/Equity ratio	3.201	1.656	1.454

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	546.573	1003.391	1275.338
		83.579	27.103

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	546.573	1003.391	1275.338
Profit	-1.729	42.085	1.572
	-0.32%	4.19%	0.12%

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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10293685	21/02/2012 *	38,500,000.00	AXIS BANK LTD.	1ST FLOOR, LOK NAYAK JAI PRAKASH BHAWAN, DAK BUNGLOW ROAD CROSSING, PATNA - 800001, BIHAR, INDIA	B33344912
2	10151295	24/06/2013 *	285,700,000.00	ALLAHABAD BANK	ALIPORE BRANCH, 1A, RONADSAY ROAD, KOLKATA - 700027, WEST BENGAL, INDIA	B79463659
3	90252806	28/03/2013 *	45,000,000.00	WEST BENGAL FINANCIAL CORPORATION	12-A, NETAJI SUBHAS ROAD, 3RD & 4TH FLOOR,, KOLKATA - 700001, WEST BENGAL, INDIA	B71888838
4	90253989	08/08/2001 *	11,600,000.00	WEST BENGAL FINANCIAL CORPORATION	12-A; NETAJI SUBHAS ROAD, KOLKATA - 7  00001, WEST BENGAL, INDIA	-
5	90253797	20/12/2006 *	28,297,000.00	ALLAHABAD BANK	ALIPORE BRANCH, 1A, RONALDSHAY ROAD, KOLKATA - 700001, WEST BENGAL, INDIA	-
6	90253359	30/03/2005 *	5,400,000.00	WEST BENGAL FINANCIAL CORPORATION	12-A; NETAJI SUBHAS ROAD, KOLKATA - 7  00001, WEST BENGAL, INDIA	-
7	90255648	09/03/2005 *	5,400,000.00	WEST BENGAL FINANCIAL CORPORATION	12-A; NETAJI SUBHAS ROAD, KOLKATA - 7  00001, WEST BENGAL, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Loans and advances from others	38.472	43.756
Total	38.472	43.756

FINANCIAL ANALYSIS

The Company has made profit of Rs.1.572 Million during the Accounting Period ended 31^st March, 2014.The Directors are hopeful of better results during the current year.

OPERATIONS

During the 26th Year, the Company has done successful business. However, the Directors are hopeful that the Company will do better in the Current Year and expand the areas of its Business operations for achieving a higher sales target.

FIXED ASSETS:

· Land

· Furniture and Fixtures

· Other plant and Equipment

· Factory Equipment’s

· Computer Equipment’s

· Motor Vehicles

· Other Equipment’s

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.66.17
UK Pound	1	Rs.100.66
Euro	1	Rs.70.97

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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	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		42

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.