MIRA INFORM REPORT

Report No. :	351701
Report Date :	28.11.2015

IDENTIFICATION DETAILS

Name :	NETAFIM AGRICULTURAL FINANCING AGENCY PRIVATE LIMITED
Registered Office :	The Affaires, Premises No. 1602 and 1603, Plot No.9, Sector 17, Palm Beach Road, Sanpada, Navi Mumbai – 400705, Maharashtra
Tel. No.:	91-22-61707600
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	02.08.2011
Com. Reg. No.:	11-220385
Capital Investment / Paid-up Capital :	Rs.374.153 Million
CIN No.: [Company Identification No.]	U67190MH2011PTC220385
IEC No.:	Not Available (As claimed by company management that company does not export and import)
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 :	Subject is engaged in the financing or facilitating financing for purpose of sale, distribution and/or marketing of agricultural or agricultural related products, including without limitations, irrigation equipment to customer in India.
No. of Employees :	Information declined by the management

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 is a subsidiary of Netafim Singapore Holding Pte. Limited, Singapore, a wholly, owned subsidiary of Netafim Limited, Israel. Subject is the captive financial NBFC of Netafim Irrigation India Private Limited (NIIFL). It was incorporated in the year 2011. The company has reported acceptable revenue base along with decent profit margin in the year 2015. Further, the company has minimal reserve level as it has started its business activity somewhere during FY14. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings with 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	CARE
Rating	Proposed Long-term Bank Facilities = (BBB+)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	September 16, 2015

Rating Agency Name	CARE
Rating	Proposed Short – term Bank Facilities = (A2)
Rating Explanation	Strong degree of safety and low credit risk.
Date	September 16, 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 DENIED BY

Name :	Mr. Shrikant Yadav
Designation :	Accountant
Contact No.:	91-22-61707600
Date :	25.11.2015

LOCATIONS

Registered Office :	The Affaires, Premises No. 1602 and 1603, Plot No.9, Sector 17, Palm Beach Road, Sanpada, Navi Mumbai – 400705, India
Tel. No.:	91-22-61707600
Fax No.:	91-22-61707617
E-Mail :	tauseef.shaikh@netafim-india.com customercare@nafa.co.in

DIRECTORS

As on 30.09.2014

Name :

Mr. Shailesh Jayantilal Mehta

Designation :

Director

Address :

401 El Cerrito Ave, Hillsborough, California - 94010, United States Of America

Date of Birth/Age :

22.04.1949

Date of Appointment :

30.09.2013

DIN No.:

01633893

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	U72200MH2004PTC144223	G H INFOTECH SERVICES PRIVATE LIMITED	Director	05/02/2004	05/02/2004	-	Active	YES
2	L64202MH2001PLC134147	Firstsource Solutions Limited	Director	01/08/2014	21/01/2005	30/03/2015	Active	NO
3	U74999MH2007NPL168975	JAIN INTERNATIONAL TRADE ORGANISATION	Director	11/12/2010	03/04/2007	21/04/2012	Active	NO
4	L25200MH1980PLC022812	SAFARI INDUSTRIES (INDIA) LIMITED	Director	28/07/2014	30/04/2007	-	Active	NO
5	U74999MH2004PTC144036	All Services Global Private Limited	Director	31/07/2007	31/07/2007	-	Active	NO
6	U74999MH2007PTC170689	A-1 FACILITY AND PROPERTY MANAGERS PRIVATE LIMITED	Director	31/07/2007	31/07/2007	10/03/2014	Active	NO
7	U67190MH2007PTC172390	ABP REALTY ADVISORS PRIVATE LIMITED	Director	22/12/2008	26/12/2007	13/05/2014	Active	NO
8	L65910KL1992PLC006623	MANAPPURAM FINANCE LIMITED	Director	31/07/2014	06/11/2008	-	Active	NO
9	U65921TZ1994PLC005299	MANAPPURAM FINANCE TAMIL NADU LIMITED	Director	31/08/2009	06/11/2008	-	Amalgamated	NO
10	U65922TN2009PLC073881	APTUS VALUE HOUSING FINANCE INDIA LIMITED	Director	04/03/2015	24/12/2009	-	Active	NO
11	U24231MH1993PLC150891	ARCH PHARMALABS LIMITED	Director	30/09/2011	09/12/2010	30/03/2013	Active	NO
12	U67190MH2011PTC220385	Netafim Agricultural Financing Agency Private Limited	Director	30/09/2013	02/08/2011	-	Active	NO
13	U72900PN1994PLC077095	SEED INFOTECH LIMITED	Director	23/11/2012	21/10/2011	-	Active	NO
14	U65923KL2010PTC039179	MANAPPURAM HOME FINANCE PRIVATE LIMITED	Director	05/08/2015	25/07/2014	-	Active	NO

Name :

Lauri Ann Toobi

Designation :

Director

Address :

6 Deborah St., Kochav Yair, Israel - 44864, Israel

Date of Birth/Age :

27.10.1959

Date of Appointment :

30.09.2013

DIN No.:

06685944

Name

Mr. Randhirsinh Abasinh Chauhan

Designation :

Director

Address :

D-101, Iscon Height, Gotri, Vadodara - 390021, Gujarat, India

Date of Birth/Age :

17.11.1970

Date of Appointment :

02.08.2011

DIN No.:

00987092

Name :

Mr. Ashvin Chadha

Designation :

Director

Address :

42, Friends Colony, Delhi - 110065, India

Date of Birth/Age :

09.01.1981

Date of Appointment :

02.08.2011

DIN No.:

01962798

Name :

Mr. Vivian Dina Goldstein Richter

Designation :

Director

Address :

3/10 Maanit Steet, Kfar Saba - 4421605, Israel

Date of Appointment :

28.09.2015

DIN No.:

07234410

Name :

Ms. Renu Challu

Designation :

Director

Address :

A 34/1, Afochs, Sainikpuri, Secunderabad - 500094, Andhra Pradesh, India

Date of Appointment :

28.09.2015

DIN No.:

00157204

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	U65999MH2005PLC155485	SBICAP SECURITIES LIMITED	Director	19/08/2005	19/08/2005	15/01/2007	Active	NO
2	U65991MH2005PLC158386	SBICAP TRUSTEE COMPANY LIMITED	Director	28/12/2005	28/12/2005	10/09/2007	Active	NO
3	U65910MH1988PLC046447	SBI DFHI LIMITED	Managing director	14/11/2007	14/11/2007	10/06/2008	Active	NO
4	U72200TG2008PTC057506	DHANUSH INFOTECH PRIVATE LIMITED	Director	30/09/2013	26/04/2013	21/10/2014	Active	NO
5	U45201MH1997PLC107906	SMS INFRASTRUCTURE LIMITED	Director	31/03/2015	14/12/2013	-	Active	NO
6	L31200GJ2004PLC044068	TORRENT POWER LIMITED	Director	28/07/2014	28/07/2014	12/05/2015	Active	NO
7	U66010MH2001PLC167089	RELIANCE LIFE INSURANCE COMPANY LIMITED	Director	01/08/2014	29/07/2014	-	Active	NO
8	L72200AP1990PLC011146	NCC LIMITED	Director	25/09/2014	13/08/2014	-	Active	NO
9	U65191TN1994PLC079235	FULLERTON INDIA CREDIT COMPANY LIMITED	Director	20/08/2014	20/08/2014	-	Active	NO
10	L10101WB1974PLC094602	GRAPHITE INDIA LIMITED	Director	11/08/2015	25/08/2014	01/10/2015	Active	NO
11	L29130MH1962PLC012340	FAG BEARINGS INDIA LIMITED	Director	24/04/2015	06/11/2014	-	Active	NO
12	L74899DL1990PLC041790	LT FOODS LIMITED	Director	18/09/2015	10/11/2014	01/10/2015	Active	NO
13	L74899DL1992PLC050333	MINDA INDUSTRIES LIMITED	Director	10/08/2015	19/12/2014	-	Active	NO
14	L24230GJ1991PLC015279	TORRENT CABLES LIMITED.	Director	28/07/2015	07/02/2015	-	Amalgamated	NO
15	L24230GJ1972PLC002126	TORRENT PHARMACEUTICALS LTD	Director	27/07/2015	27/07/2015	-	Active	NO
16	U67190MH2011PTC220385	Netafim Agricultural Financing Agency Private Limited	Director	28/09/2015	03/09/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shrikant Yadav
Designation :	Accountant
Name :	Mr. Ramanathan Sriram
Designation :	Secretary
Address :	Plot No G5, C Block, Anand Apartments, R S Ranganathan Street, Urapakkam West, Chennai - 603211, Tamil Nadu, India
Date of Appointment :	14.07.2014
PAN No.:	AAKPS3979G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Netafim Singapore Holding Pte Limited	19081802	51.00
Atmaram Properties Private Limited	9727977	26.00
GHIOF Mauritius	8605518	23.00
Total	37415297	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

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	74.00
Bodies corporate	26.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the financing or facilitating financing for purpose of sale, distribution and/or marketing of agricultural or agricultural related products, including without limitations, irrigation equipment to customer in India.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

Information declined by the management

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
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

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
From Private Financial institutions	230.625	0.000
Short-term borrowings
From Private Financial institutions	119.375	0.000
Total	350.000	0.000
Note : Long-term Borrowings Secured against book debt carrying interest rate of 13.25% on Rs. 55.600 Million Secured against book debts carrying interest rate of 12% on Rs. 175.000 Million. Short-term borrowings Secured against book debts carrying interest rate of +2% on Rs. 50.000 Million Secured against book debts carrying interest rate of 13.25% on Rs.44.300 Million Secured against book debts carrying interest rate of 12% on Rs. 25.000 Million

Auditors :
Name :	Kalyaniwalla and Mistry Chartered Accountants
Address 1:	Kalpataru Heritage, Mahatma Gandhi Road, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-61587200
Fax No.:	91-22-22673964
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFK7554R
Address 2:	Army and Navy Building 148 Mahatma Gandhi Road, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-61586200
Fax No.:	91-22-61586275
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Netafim Singapore Holding Pte Limited
Ultimate Holding Company :	Permira Holdings Limited
Fellow Subsidiary :	Netafim Irrigation India Private Limited
Significant Shareholder :	GHIOF Mauritius Atmaram Properties Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
37415297	Equity Shares	Rs.10/- each	Rs.374.153 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	374.153	374.153	374.153
(b) Reserves & Surplus	16.686	6.974	0.565
(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)	390.839	381.127	374.718
(3) Non-Current Liabilities
(a) long-term borrowings	230.625	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.533	0.264	0.000
Total Non-current Liabilities (3)	231.158	0.264	0.000
(4) Current Liabilities
(a) Short term borrowings	119.375	0.000	0.000
(b) Trade payables	0.035	0.445	0.950
(c) Other current liabilities	26.124	9.943	0.561
(d) Short-term provisions	11.753	5.272	5.716
Total Current Liabilities (4)	157.287	15.660	7.227
TOTAL	779.284	397.051	381.945
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.007	3.762	0.208
(ii) Intangible Assets	3.429	5.258	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)	1.847	0.335	0.266
(d) Long-term Loan and Advances	257.640	145.224	0.000
(e) Other Non-current assets	0.459	0.000	0.000
Total Non-Current Assets	266.382	154.579	0.474
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	42.833	183.708	378.346
(e) Short-term loans and advances	436.866	53.603	2.106
(f) Other current assets	33.203	5.161	1.019
Total Current Assets	512.902	242.472	381.471
TOTAL	779.284	397.051	381.945

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Revenue from Operations	70.806	8.900	0.000
	Other Income	5.160	28.906	20.048
	TOTAL (A)	75.966	37.806	20.048
Less	EXPENSES
	Employees benefits expense	21.438	15.077
	Other expenses	23.283	10.331
	TOTAL (B)	44.721	25.408	13.091 (Including financial and depreciation)
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	31.245	12.398
Less	FINANCIAL EXPENSES (D)	13.104	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	18.141	12.398
Less/ Add	DEPRECIATION/ AMORTISATION (F)	3.967	1.925
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	14.174	10.473	6.957
Less	TAX (H)	4.462	4.064	6.465
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	9.712	6.409	0.492
	Earnings / (Loss) Per Share (Rs.)	0.26	0.17	0.07

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	(492.100)	(85.292)	(136.687)
Net cash flow from operating activity	(494.651)	(90.201)	(138.776)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	13.72	72.01	2.45
Operating Profit Margin (PBIDT/Sales)	(%)	44.13	139.30	34.70
Return on Total Assets (PBT/Total Assets}	(%)	1.82	2.64	1.82
Return on Investment (ROI) (PBT/Networth)		0.04	0.03	0.02
Debt Equity Ratio (Total Debt /Networth)		0.90	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.26	15.48	52.78

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	374.153	374.153	374.153
Reserves & Surplus	0.565	6.974	16.686
Net worth	374.718	381.127	390.839
long-term borrowings	0.000	0.000	230.625
Short term borrowings	0.000	0.000	119.375
Total borrowings	0.000	0.000	350.000
Debt/Equity ratio	0.000	0.000	0.896

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	20.048	8.900	70.806
		(55.607)	695.573

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	20.048	8.900	70.806
Profit	0.492	6.409	9.712
	2.45%	72.01%	13.72%

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)	No
16	No. of employees	No
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
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from State Bank Buildings. N.G.N. Vaidya Marg, Fort, Mumbai – 400023, Maharashtra, India to the present address w.e.f.

OPERATIONS: (As on 31.03.2014)

Since the Company was awaiting the approval from Reserves Bank of India to commerce its operations hence during the year no sales has been reported however other income of the Company has increased from Rs. 0.782 Million to 20.048 Million during the year. Net Profit for the year increased from Rs. 0.072 Million to Rs. 0.492 Million

GENERAL INFORMATION (As on 31.03.2015)

Netafim Agricultural Financing Agency Private Limited (“the company”) was incorporated on August 2, 2011 under the companies Act, 1956. The Company is engaged in the financing or facilitating financing for purpose of sale, distribution and/or marketing of agricultural or agricultural related products, including without limitations, irrigation equipment to customer in India.

The company has got registered as Non-Banking Financial Company under Section 45-1A of the Reserve Bank of India (“RBI”) Act 1934 from the RBI on March 5, 2013 vide Certification of Registration No. N-1302041.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10561209	12/03/2015	200,000,000.00	Rabobank International (Mumbai Branch)	20/F, Tower A, Peninsula Business Park,, Senapati  Bapat Marg, Lower Parel,, Mumbai, Maharashtra - 4  00013, INDIA	C49989098
2	10561317	12/03/2015	400,000,000.00	Rabo India Finance Limited	Peninsula Business Park, 20th Floor, Tower A, Senapati Bapat Marg, Lower Parel,, Mumbai, Maharashtra - 400013, INDIA	C50028281
3	10533691	25/09/2014	100,000,000.00	MAS FINANCIAL SERVICES LIMITED	6 NARAYAN CHAMBERS GR FLR B/H, PATANG HOTEL, ASHR  AM ROAD, AHMEDABAD, Gujarat - 380009, INDIA	C34295543

FIXED ASSETS

• Computer
• Office Equipment
• Vehicle
• Furniture and Fixture

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.66.55
UK Pound	1	Rs.100.67
Euro	1	Rs.70.87

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KIN
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

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