MIRA INFORM REPORT

Report No. :	345813
Report Date :	27.10.2015

IDENTIFICATION DETAILS

Name :	RAGHUNATH AGRO TECH PRIVATE LIMITED

Registered Office :	D.No.7-5-53/5, National Highway, No. 7 Road, Adilabad - 504001, Andhra Pradesh
Tel. No.:	91-8732-230731

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	01.01.2004

Com. Reg. No.:	36-042340

Capital Investment / Paid-up Capital :	Rs.52.029 Million

CIN No.: [Company Identification No.]	U15141TG2004PTC042340

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 business of manufacturing of cotton bales

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 300000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company incorporated in the year 2004. It is engaged in the business of manufacturing of cotton bales. For the financial year ended 2014, the company has healthy scale of operations marked by decent top line growth on revenue of Rs. 7940.014 Million as compared to Rs. 4231.725 Million that of previous year. The company has taken huge borrowings. However, it has comfortable capital structure along with favorable gap between trade payables and receivables. The company has shown rapid growth and expansion during the year. Trade relations are fair. Business is active. Payments are usually correct. The company can be considered 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

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION DECLINED

Management Non-cooperative (Tel No.; 91-8732-230731 / 230682)

LOCATIONS

Registered Office / Head Office :	D.No.7-5-53/5, National Highway, No. 7 Road, Adilabad - 504001, Andhra Pradesh, India
Tel. No.:	91-8732-230731 / 230682 / 230637
Fax No.:	91-8732-232896
E-Mail :	asawavickey@gmail.com
Website :	www.raghunathagro.in

Branch office :	102, Aditya Hill Top, Plot #70, Huge Heights Road #12, MLA Colony, Banjara Hills, Hyderabad – 500034, Telangana, India
Tel. No.:	91-40-23357932
Fax No.:	91-40-23357931

DIRECTORS

As on 30.09.2014

Name :

Mr. Raghunath Mittal

Designation :

Director

Address :

4-6-346, Ward-25, Bhoktapur, Adilabad - 504001, Andhra Pradesh, India

Date of Appointment :

01.01.2004

DIN No.:

01555625

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	U18100TG2000PTC035266	VINAYAKA SPINTEX PRIVATE LIMITED	Director	14/09/2000	14/09/2000	-	Active	NO
2	U17111TG2001PTC037019	SREE ASTALAXMI SPINNING MILLS PRIVATE LIMITED	Director	13/07/2001	13/07/2001	18/10/2014	Active	NO
3	U15141TG2004PTC042340	RAGHUNATH AGRO TECH PRIVATE LIMITED	Director	01/01/2004	01/01/2004	-	Active	NO
4	U18101TG2004PTC043986	AYUSHMAN ECO-PRODUCTS PRIVATE LIMITED	Managing director	25/08/2004	25/08/2004	16/08/2014	Active	NO
5	U45200TG2005PTC048422	GROW WELL SHELTERS INDIA PRIVATE LIMITED	Director	22/02/2006	22/02/2006	02/07/2007	Active	NO
6	U70101TG2006PTC050104	ACCORD SKYCRAPERS PRIVATE LIMITED	Director	03/05/2006	03/05/2006	-	Active	NO
7	U01119AP2006PTC051272	K.K.PROTIENS PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
8	U45209TG2007PTC055814	SPEYZ INFRA PROJECTS PRIVATE LIMITED.	Director	06/10/2007	06/10/2007	-	Active	NO
9	U45209TG2011PTC072482	RAGHUNATH MEADOWS PRIVATE LIMITED	Director	03/02/2011	03/02/2011	-	Active	NO
10	U45209TG2011PTC073148	RAGHUNATH AVENUES PRIVATE LIMITED	Director	09/03/2011	09/03/2011	-	Active	NO
11	U01403TG2011PTC073655	SWIFT AGRI TECH PRIVATE LIMITED	Director	01/04/2011	01/04/2011	-	Active	NO
12	U15143TG2012PTC083645	RAGHUNATH AGRO PRODUCTS PRIVATE LIMITED	Director	17/10/2012	17/10/2012	-	Active	NO

Name :

Mr. Rohitkumar Goyel

Designation :

Director

Address :

5-62,, Indervelly, Adilabad- 504001, Andhra Pradesh, India

Date of Appointment :

01.03.2004

DIN No.:

02095076

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	U18100TG2000PTC035266	VINAYAKA SPINTEX PRIVATE LIMITED	Director	14/09/2000	14/09/2000	-	Active	NO
2	U15141TG2004PTC042340	RAGHUNATH AGRO TECH PRIVATE LIMITED	Director	01/03/2004	01/03/2004	-	Active	NO
3	U18101TG2004PTC043986	AYUSHMAN ECO-PRODUCTS PRIVATE LIMITED	Director	25/08/2004	25/08/2004	16/08/2014	Active	NO
4	U01119AP2006PTC051272	K.K.PROTIENS PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO

Name :

Mr. Sanjeev Kumar Mittal

Designation :

Director

Address :

4-6-346, Bhuktapur, N. H. No, Adilabad - 504201, Andhra Pradesh, India

Date of Appointment :

31.03.2004

DIN No.:

02655037

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	U18100TG2000PTC035266	VINAYAKA SPINTEX PRIVATE LIMITED	Director	14/09/2000	14/09/2000	-	Active	NO
2	U15141TG2004PTC042340	RAGHUNATH AGRO TECH PRIVATE LIMITED	Director	31/03/2004	31/03/2004	-	Active	NO
3	U70109DL2004PTC267548	ASKA REAL ESTATE PRIVATE LIMITED	Director	21/05/2004	21/05/2004	22/05/2013	Active	NO
4	U01119AP2006PTC051272	K.K.PROTIENS PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
5	U18101TG2004PTC043986	AYUSHMAN ECO-PRODUCTS PRIVATE LIMITED	Director	05/12/2006	05/12/2006	16/08/2014	Active	NO

Name :

Mr. Rajiv Kumar Mittal

Designation :

Director

Address :

H No 4-6-340, N H 7, Bhoktapur St, Adilabad - 504001, Andhra Pradesh, India

Date of Appointment :

01.01.2004

DIN No.:

02687993

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	U15141TG2004PTC042340	RAGHUNATH AGRO TECH PRIVATE LIMITED	Director	01/01/2004	01/01/2004	-	Active	NO
2	U18101TG2004PTC043986	AYUSHMAN ECO-PRODUCTS PRIVATE LIMITED	Director	25/08/2004	25/08/2004	16/08/2014	Active	NO
3	U27101TG2007PTC054296	SRI SALASAR BALAJI METALS PRIVATE LIMITED	Director	05/06/2007	05/06/2007	-	Active	NO
4	U45209TG2011PTC072482	RAGHUNATH MEADOWS PRIVATE LIMITED	Director	03/02/2011	03/02/2011	-	Active	NO
5	U45209TG2011PTC073148	RAGHUNATH AVENUES PRIVATE LIMITED

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders		No. of Shares
Raghunath Mittal		1200000
Aarti Devi Mittal		226250
Rajiv Kumar Mittal		887500
Sanjeev Kumar Mittal		1181250
Santosh Goyal		312500
Rohit Kumar Goyal		1067500
Sri Sai Baba Cotton Co		178125
Sunstar Realty Development Private Limited		33200
Supernova Advertising Private Limited		40000
Narendernath Chaganlal		20000
Parichalesheraih Sanjay		22000
Devender Singh		2400
Shashipal Singh		2400
Koushal Mukesh Singh		2400
Koushal Dinesh Singh		2400
Datta schedule		2400
Prakash geer		2400
Devi		1000
T.roopender		1600
Gurubachan singh		1600
Roshan kour		1600
N. Krishna		1600
N. Sumalatha		1600
P.narender goud		1600
Venu gopal		1600
M.sudhakar		1600
D. Satish kumar		1600
M. Balraj		1600
Dhanlaxmi		1600
Pawan kumar loya		1600
Total		5202925

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	1.40
Directors or relatives of Directors	97.12
Other top fifty shareholders	1.48
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing of cotton bales

Products :

Item Code No.	Product Description
61079190	Cotton Bales

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	Lakshmi Villas Bank
Branch	Adilabad Branch, Adilabad – 504001, Andhra Pradesh, 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

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Working capital loans from banks	245.771	202.020
(Equitable mortgage of immovable properties of the Company ranking pari passu)
Total	245.771	202.020

Auditors :
Name :	M K A Associates Chartered Accountants
Address :	Adilabad, Telangana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAHFM2660F

Memberships :	Not Available

Collaborators :	Not Available

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Kaushik Apparels Private Limited Sree Astalaxmi Spinning Mills Private Limited K.K. Proteins Private Limited Raghunath Agro Products Private Limited Vinayaka Spintex Private Limited Raghunath Rajeev Kumar Mittal HUF Raghunath Sanjeev Kumar Mittal HUF Rajeev Kumar HUF Raghunath Mittal HUF Rajeev Kumar Kaushik Kumar HUF Kaushik Welfare Trust Sanjeev Mittal HUF Rohit Goyal HUF Diya Welfare Trust Santosh Kumar Goyal HUF Kashyap Welfare Trust Kushi Welfare Trust Mittal Ginning Factory Sanjeev Kumar Mittal Commission Agent Sri Sai Baba Ginning & Pressing Factory Sri Darshana Industries Sri Sai Baba Cotton Industries Shr i Mukhi Industries Kamal Krishna Agro Traders Balaji Fertilizers Narendra Cot Fibres Industries (P) Ltd. Sri Saibaba Cotton Company K.K. Oil Refinery Mittal Industries Deepali Mittal Goyal Brothers

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

6000000	Equity Shares	Rs.10/- each	Rs.60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

5202925	Equity Shares	Rs.10/- each	Rs.52.029 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	52.029	52.029	52.029
(b) Reserves & Surplus	53.346	47.600	41.125
(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)	105.375	99.629	93.154

(3) Non-Current Liabilities
(a) long-term borrowings	94.928	66.462	93.317
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	94.928	66.462	93.317

(4) Current Liabilities
(a) Short term borrowings	245.771	202.020	97.917
(b) Trade payables	393.923	333.372	127.631
(c) Other current liabilities	15.077	7.001	5.882
(d) Short-term provisions	0.000	0.000	0.017
Total Current Liabilities (4)	654.771	542.393	231.447

TOTAL	855.074	708.484	417.918

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.948	10.446	11.941
(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	0.299	0.299	0.299
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7.331	13.881	8.362
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	16.578	24.626	20.602

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	308.687	314.628	74.994
(c) Trade receivables	407.934	254.641	292.242
(d) Cash and cash equivalents	38.812	45.904	2.153
(e) Short-term loans and advances	47.765	47.978	25.295
(f) Other current assets	35.298	20.707	2.619
Total Current Assets	838.496	683.858	397.303

TOTAL	855.074	708.484	417.905

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	7940.014	4231.726	3561.205
	Other Income	43.677	37.545	2.041
	TOTAL (A)	7983.691	4269.271	3563.246

Less	EXPENSES
	Purchases of Stock-in-Trade	7540.892	4240.856
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	5.704	(240.144)
	Employees benefits expense	2.777	2.213
	Other expenses	357.312	222.383
	TOTAL (B)	7906.685	4225.308	3541.924

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	77.006	43.963	21.322

Less	FINANCIAL EXPENSES (D)	66.162	32.741	11.690

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	10.844	11.222	9.632

Less/ Add	DEPRECIATION/ AMORTISATION (F)	1.559	1.794	1.537

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	9.285	9.428	8.095

Less	TAX (H)	3.539	2.953	3.076

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	5.746	6.475	5.019

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	3476.238	1869.624	NA
	TOTAL EARNINGS	3476.238	1869.624	NA

	IMPORTS
	Stock in trade	0.000	10.396	NA
	TOTAL IMPORTS	0.000	10.396	NA

	Earnings / (Loss) Per Share (Rs.)	1.1	1.24	--

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	(22.507)	5.960	50.912
Net cash flow from operating activity	(26.149)	2.716	47.660

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.07	0.15	0.14

Operating Profit Margin (PBIDT/Sales)	(%)	0.97	1.04	0.60

Return on Total Assets (PBT/Total Assets}	(%)	1.09	1.33	1.94

Return on Investment (ROI) (PBT/Networth)		0.09	0.09	0.09

Debt Equity Ratio (Total Debt /Networth)		3.23	2.69	2.05

Current Ratio (Current Asset/Current Liability)		1.28	1.26	1.72

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	52.029	52.029	52.029
Reserves & Surplus	41.125	47.600	53.346
Net worth	93.154	99.629	105.375

long-term borrowings	93.317	66.462	94.928
Short term borrowings	97.917	202.020	245.771
Total borrowings	191.234	268.482	340.699
Debt/Equity ratio	2.053	2.695	3.233

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	3561.205	4231.726	7940.014
		18.828	87.631

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	3561.205	4231.726	7940.014
Profit	5.019	6.475	5.746
	0.14%	0.15%	0.07%

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	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	No
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

OPERATIONAL REVIEW

During the year the company achieved turnover of Rs. 7983.691 Million. The Net Profit after Tax of Rs. 5.746 Million is satisfactory.

The future outlook of the company is bright in view of good monsoon and bumper crop is expected.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from others	88.928	39.962
Other loans and advances	6.000	26.500
Total	94.928	66.462

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10534415	26/09/2014	1,400,000,000.00	KARUR VYSYA BANK LIMITED	Door No. 3-2-24, Station Road,, ADILABAD, Telangana - 504001, INDIA	C35660372
2	10478409	02/01/2014	240,000,000.00	LAKSHMI VILLAS BANK	ADILABAD BRANCH, ADILABAD, Andhra Pradesh - 504001 , INDIA	B96705249
3	10390939	26/06/2013 *	110,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B81378796
4	10197033	11/12/2009	25,000,000.00	STATE BANK OF HYDERABAD	SHIVAJI CHOWK, ADILABAD, Andhra Pradesh - 504001, INDIA	A77413045
5	90259041	10/04/2012 *	450,000,000.00	STATE BANK OF HYDERABAD	shivaji chowk, adilabad, Andhra Pradesh - 504001, INDIA	B39481536

FIXED ASSETS

Land
Buildings
Office building
Plant and equipment
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 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. 64.89
UK Pound	1	Rs. 100.39
Euro	1	Rs. 73.52

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	TRI

Report Prepared by :	SUJ

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
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit