MIRA INFORM REPORT

Report No. :	352403
Report Date :	30.11.2015

IDENTIFICATION DETAILS

Name :	AMRIT FEEDS LIMITED
Registered Office :	158 Lenin Sarani, Kolkata – 700013, West Bengal
Tel. No.:	91-33-22151951
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.07.1994
Com. Reg. No.:	21-064082
Capital Investment / Paid-up Capital :	Rs.100.631 Million
CIN No.: [Company Identification No.]	U15339WB1994PLC064082
IEC No.:	0297022466
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCA5571D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the production of poultry (mainly in pellet form), cattle and fish feeds. It also manufactures poultry feed in the form of crumbs and mash.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1994, it has moderate track. As per the available financials of the year 2014, the company has reported sound financial condition backed by fair profit margin. However from the indirect source we found that subject has reported delay in serving its term debt obligations. Trade relations are fair. Business is active. Payment terms are reported to be slow and delayed. In view of aforesaid, the company can be considered for business dealings with fully safe and secured trade terms and conditions. (Note: Partial Information has been taken from indirect source i.e. ICRA Ratings October 2015)

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	ICRA
Rating	Long term Rating = (D)
Rating Explanation	Lowest – credit quality and very low prospects of recovery.
Date	October 2015

Rating Agency Name	ICRA
Rating	Short term Rating = (D)
Rating Explanation	Instruments with this rating are is default or expected to be in default on maturity.
Date	October 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 DECLINED

Management Non-Cooperative (Tel No.: 91-33-22151951)

LOCATIONS

Registered Office :	158 Lenin Sarani, Kolkata – 700013, West Bengal, India
Tel. No.:	91-33-22151951
Fax No.:	Not Available
E-Mail :	compliances@amritgroup.net
Manufacturing Facilities :	Located at: West Bengal Orissa Bihar Uttar Pradesh Assam Chhattisgarh Tamilnadu

DIRECTORS

As on 30.09.2014

Name :

Mr. Harish Bagla

Designation :

Managing Director

Address :

Jaisalmer Building, 6, Ashoka Road, Kolkata - 700027, West Bengal, India

Date of Birth/Age :

08.12.1970

Qualification :

B.Com(H)

Experience

20 Years

Date of Appointment :

01.03.2014

DIN No.:

00037512

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	U15339WB1994PLC064082	AMRIT FEEDS LTD	Managing director	01/03/2014	12/09/1994	-	Active	NO
2	U01409WB1998PTC088048	AMRIT HATCHERIES PRIVATE LIMITED	Managing director	01/10/2014	24/09/1998	-	Active	NO
3	U01409WB2000PTC090900	AMRICON AGROVET PRIVATE LIMITED	Director	10/01/2000	10/01/2000	-	Active	NO
4	U45203WB2000PTC091684	SHREE SHAKAMBHARI PROPERTIES PRIVATE LIMITED	Director	13/04/2000	13/04/2000	-	Active	NO
5	U45209WB2000PTC092459	SHREE SHAKAMBHARI VASTU NIRMAN PRIVATE LIMITED	Director	26/09/2000	26/09/2000	21/03/2007	Active	NO
6	U27109WB2004PLC099827	AMRIT METALS LIMITED	Director	01/10/2011	16/09/2004	-	Active	NO
7	U52324WB1993PTC059349	UDAYGIRI TREXIM PVT. LTD.	Director	09/11/2004	09/11/2004	-	Amalgamated	NO
8	U01409WB2005PTC105500	AMRIT AGROVET PRIVATE LIMITED	Director	20/09/2005	20/09/2005	-	Active	NO
9	U51900WB2005PTC106177	GREENBIRD VYAPAAR PVT LTD	Director	04/01/2006	04/01/2006	-	Active	NO
10	U74999WB2001PTC093918	JAISALMER SERVICES PRIVATE LIMITED	Director	01/02/2006	01/02/2006	15/02/2008	Active	NO
11	U45202WB1999PTC089197	OJESH ENCLAVE PRIVATE LIMITED	Director	10/04/2007	10/04/2007	-	Active	NO
12	U34103WB2007PTC116523	AMRIT AUTO ANCILLARIES PRIVATE LIMITED	Director	14/06/2007	14/06/2007	-	Active	NO
13	U15122WB2009PTC135621	AMRIT FRESH PRIVATE LIMITED	Director	03/06/2009	03/06/2009	-	Active	NO
14	U15139WB2009PTC195909	AMRIT FOODS PRIVATE LIMITED	Director	30/06/2009	30/06/2009	-	Active	NO
15	U63020WB2009PTC196051	AMRIT LOGISTICS PRIVATE LIMITED	Director	30/06/2009	30/06/2009	-	Active	NO
16	U01403ML2010PTC008441	MEGHALAYA AGROVET PRIVATE LIMITED	Director	28/09/2015	20/11/2010	-	Active	NO
17	U51109WB2006PTC108480	SREEDEB COMMODITIES PVT LTD	Director	29/09/2011	25/01/2011	-	Active	NO
18	U40100BR2013PTC020220	AMRIT POWER AND CEMENT PRIVATE LIMITED	Director	02/05/2013	02/05/2013	-	Active	NO
19	U51109WB2008PTC124107	EKTA TRACOM PRIVATE LIMITED	Additional director	21/11/2015	21/11/2015	-	Active	NO
20	U51109WB2008PTC127092	PRIME TRADELINK PRIVATE LIMITED	Additional director	21/11/2015	21/11/2015	-	Active	NO
21	U51109WB2008PTC127467	WONDER VINTRADE PRIVATE LIMITED	Additional director	21/11/2015	21/11/2015	-	Active	NO
22	AAB-4701	BAGLA TOWER LLP	Designated Partner	17/04/2013	17/04/2013	-	Active	NO

Name :

Mr. Rakesh Kumar Jain

Designation :

Director

Address :

Sneha Gardens, Flat No C-1-D, 28 Roy Bahadur Road, Kolkata - 700053, West Bengal, India

Date of Appointment :

02.03.2015

DIN No.:

00454508

Name :

Ms. Archana Bagla

Designation :

Director

Address :

6, Ashoka Road, Jaislamer Building, Alipore, Kolkata - 700027, West Bengal, India

Date of Birth/Age :

31.05.1975

Date of Appointment :

27.09.2010

DIN No.:

01066643

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	U27109WB2004PLC099827	AMRIT METALS LIMITED	Director	01/05/2011	08/12/2006	-	Active	NO
2	U45203WB2000PTC091684	SHREE SHAKAMBHARI PROPERTIES PRIVATE LIMITED	Director	08/05/2007	08/05/2007	-	Active	NO
3	U34103WB2007PTC116523	AMRIT AUTO ANCILLARIES PRIVATE LIMITED	Director	29/09/2015	14/06/2007	-	Active	NO
4	U15139WB2009PTC195909	AMRIT FOODS PRIVATE LIMITED	Director	30/06/2009	30/06/2009	-	Active	NO
5	U63020WB2009PTC196051	AMRIT LOGISTICS PRIVATE LIMITED	Director	30/06/2009	30/06/2009	-	Active	NO
6	U15339WB1994PLC064082	AMRIT FEEDS LTD	Director	27/09/2010	24/04/2010	-	Active	NO
7	U01409WB1998PTC088048	AMRIT HATCHERIES PRIVATE LIMITED	Director	29/09/2010	24/04/2010	-	Active	NO
8	U01409WB2000PTC090900	AMRICON AGROVET PRIVATE LIMITED	Director	30/09/2010	24/04/2010	-	Active	NO
9	U51109WB2006PTC108480	SREEDEB COMMODITIES PVT LTD	Director	29/09/2011	25/01/2011	-	Active	NO
10	U01409WB2005PTC105500	AMRIT AGROVET PRIVATE LIMITED	Director	29/09/2012	12/01/2012	-	Active	NO
11	U45202WB1999PTC089197	OJESH ENCLAVE PRIVATE LIMITED	Director	24/09/2012	24/09/2012	-	Active	NO
12	U51900WB2005PTC106177	GREENBIRD VYAPAAR PVT LTD	Director	29/09/2012	29/09/2012	-	Active	NO
13	U01403ML2010PTC008441	MEGHALAYA AGROVET PRIVATE LIMITED	Director	29/09/2012	29/09/2012	09/01/2014	Active	NO
14	U40100BR2013PTC020220	AMRIT POWER AND CEMENT PRIVATE LIMITED	Director	02/05/2013	02/05/2013	-	Active	NO
15	AAB-4701	BAGLA TOWER LLP	Designated Partner	17/04/2013	17/04/2013	-	Active	NO

Name :

Mr. Neeru Jain

Designation :

Director

Address :

90C/2 Road FL Alipore Road New Alipore, Kolkata -700027, West Bengal, India

Date of Appointment :

02.03.2015

DIN No.:

06465150

KEY EXECUTIVES

Name :	Mr. Giriraj Lakhotia
Designation :	Chief Finance Officer
Address :	Prasad Exotica, BL- II, Flat 6B, 71/3, Canal Circular Road, Kolkata - 700054, West Bengal, India
Date of Appointment :	15.10.2015
PAN No.:	ABAPL0329A
Name :	Mr. Vikram Kumar Khaitan
Designation :	Secretary
Address :	Flat 1C, Block 7, Sunny Dale, Ramchandrapur, Kolkata - 700103, West Bengal, India
Date of Appointment :	01.03.2015
PAN No.:	ADLPK8436C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Harish Bagla	5368067
Archana Bagla	951336
H.K. Bagla (HUF)	425000
Chanda Bagla	900
Shree Shakambhari Properties (P) Limited	3317578
Gauri Prasad Bagla	180
G.P. Bagla (HUF)	90
Total	10063151

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	32.97
Directors or relatives of Directors	67.06
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the production of poultry (mainly in pellet form), cattle and fish feeds. It also manufactures poultry feed in the form of crumbs and mash.

Products :

Item Code No.	Product Description
23099090	Poultry Feeds

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	Punjab Nationa Bank
Branch	B.O. New Market, 9, Lindsay Street, Kolkata – 700087, West Bengal, 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

Auditors :
Name :	K.K.JAIN and Company Chartered Accountants
Address :	P-21/22, Radha Bazar Street, Kolkata – 700001, West Bengal, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAFFK1512N
Memberships :	Not Available
Collaborators :	Not Available
Associate :	Amricon Agrovet Private Limited Amrit Hatcheries Private Limited Shree Shakambhari Properties Private Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Amrit Agrovet Private Limited Amrit Fresh Private Limited Exotic Farms

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10063151	Equity Shares	Rs.10/- each	Rs.100.631 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	100.632	84.532	28.177
(b) Reserves & Surplus	883.249	691.986	562.445
(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)	983.881	776.518	590.622
(3) Non-Current Liabilities
(a) long-term borrowings	598.613	240.245	90.152
(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	8.651	7.958	5.992
Total Non-current Liabilities (3)	607.264	248.203	96.144
(4) Current Liabilities
(a) Short term borrowings	857.695	730.230	658.437
(b) Trade payables	1836.031	1241.963	627.472
(c) Other current liabilities	288.209	196.859	110.339
(d) Short-term provisions	283.967	227.885	172.151
Total Current Liabilities (4)	3265.902	2396.937	1568.399
TOTAL	4857.047	3421.658	2255.165
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	662.724	563.961	337.830
(ii) Intangible Assets	34.564	51.807	1.880
(iii) Capital work-in-progress	504.491	146.167	119.086
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	31.870	34.970	34.937
(c) Deferred tax assets (net)	20.930	22.617	5.632
(d) Long-term Loan and Advances	90.695	178.168	57.777
(e) Other Non-current assets	1.485	8.650	16.331
Total Non-Current Assets	1346.759	1006.340	573.473
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1007.611	715.007	767.141
(c) Trade receivables	1467.118	1168.681	537.138
(d) Cash and cash equivalents	180.945	84.896	106.056
(e) Short-term loans and advances	842.335	440.599	263.825
(f) Other current assets	12.279	6.135	7.532
Total Current Assets	3510.288	2415.318	1681.692
TOTAL	4857.047	3421.658	2255.165

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from Operations	13128.001	11691.267	8847.950
	Other Income	52.843	14.338	21.826
	TOTAL (A)	13180.844	11705.605	8869.776
Less	EXPENSES
	Cost of Materials Consumed	11164.116	9877.415	7308.376
	Purchases of Stock-in-Trade	168.647	121.536	149.873
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(35.099)	41.778	(32.521)
	Employees benefits expense	304.803	254.830	183.118
	Other expenses	1082.239	1010.448	967.568
	TOTAL (B)	12684.706	11306.007	8576.414
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	496.138	399.598	293.362
Less	FINANCIAL EXPENSES (D)	106.907	68.254	65.549
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	389.231	331.344	227.813
Less/ Add	DEPRECIATION/ AMORTISATION (F)	120.316	74.686	45.890
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	268.915	256.658	181.923
Less	TAX (H)	57.487	38.015	52.320
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	211.428	218.643	129.603
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	539.944	375.913	270.187
Less	APPROPRIATIONS
	Transfer to General Reserve	21.143	21.864	12.961
	Dividend	147.355	32.748	10.916
	Total (M)	168.498	54.612	23.877
	Balance Carried to the B/S (J+K+L-M)	582.874	539.944	375.913
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.175	0.133	0.000
	TOTAL EARNINGS	0.175	0.133	0.000
	Earnings / (Loss) Per Share (Rs.)	24.61	76.76	136.5

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	88.015	63.765	25.104
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.61	1.87	1.46
Operating Profit Margin (PBIDT/Sales)	(%)	3.78	3.42	3.32
Return on Total Assets (PBT/Total Assets}	(%)	6.25	7.98	8.68
Return on Investment (ROI) (PBT/Networth)		0.27	0.33	0.31
Debt Equity Ratio (Total Debt /Networth)		1.57	1.33	1.31
Current Ratio (Current Asset/Current Liability)		1.07	1.01	1.07

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	28.177	84.532	100.632
Reserves & Surplus	562.445	691.986	883.249
Net worth	590.622	776.518	983.881
long-term borrowings	90.152	240.245	598.613
Short term borrowings	658.437	730.230	857.695
Current Maturities Of Long-Term Debts	25.104	63.765	88.015
Total borrowings	773.693	1034.240	1544.323
Debt/Equity ratio	1.310	1.332	1.570

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	8847.950	11691.267	13128.001
		32.135	12.289

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	8847.950	11691.267	13128.001
Profit	129.603	218.643	211.428
	1.46%	1.87%	1.61%

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	Yes
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

FINANCIAL PERFORMANCE :

The Company has registered a growth of 12.29 % in topline over the immediate previous financial year and has been able to continue the growth story. Couple with the same Profit Before Tax (PBT) has also increased by 4.78% over the immediate previous financial year.

FUTURE OUTLOOK:

The Company is in the process of setting up a new unit in Panagarh, West Bengal to produce Aqua Feed and Shrimp Feed in addition to Poultry Feed. The markets for Aqua Feed and Shrimp Feed in the area are quite encouraging.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10512408	10/07/2014	514,900,000.00	BANK OF INDIA	KOLKATA LARGE CORPORATE BRANCH,, 5, B.T.M. SARANI, KOLKATA, West Bengal - 700001, INDIA	C14728059
2	10380923	21/09/2012	660,500,000.00	PUNJAB NATIONAL BANK	NEW MARKET BRANCH, 9,LINDSAY STREET, KOLKATA, West Bengal - 700087, INDIA	B59842146
3	10320933	07/10/2013 *	402,900,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH (CBB), 1, SHAKESPEARE S  ARANI, AC MARKET, 3RD FLOOR, KOLKATA, West Bengal  - 700071, INDIA	B88430509
4	10290054	27/04/2012 *	204,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B39648282
5	80009498	02/07/2014 *	1,117,700,000.00	PUNJAB NATIONAL BANK	NEW MARKET BRANCH, 9LINDSAY STREET, KOLKATA, West  Bengal - 700087, INDIA	C15446321

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Claims against company not acknowledged as debt	808.302	984.976
Guarantees	572.300	572.300
Other money for which company is contingently liable	10.623	7.114

FIXED ASSETS

• Land
• Buildings
• Office building
• Factory building
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments

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

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		12

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.