MIRA INFORM REPORT

Report No. :	342021
Report Date :	22.09.2015

IDENTIFICATION DETAILS

Name :	BUNGE INDIA PRIVATE LIMITED
Registered Office :	601C and 601D, 6^th Floor, The Capital, C-70, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Tel No.:	91-22-40509500
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.03.1958
Com. Reg. No.:	11-174267
Capital Investment / Paid-up Capital :	Rs. 147.992 Million
CIN No.: [Company Identification No.]	U15421MH1958PTC174267
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACG7034K
Legal Form :	Private Limited Liability Company
Line of Business :	Trading in crude Edible oil, Agricultural commodities, and other related activities and also Manufacturing and Trading of Vanaspati, Edible Oils and Bakery Fats and Margarine.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

A (58)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a subsidiary of ‘Bunge Mauritius Holdings Limited’. It operates in four business division fertilizer, agribusiness, sugar and bio energy, food and ingredients. For the financial year ended 2014, company has reported growth of 30.76% in its revenue profile but failed to achieve profit from its operations and reported loss of Rs.1044.000 million during the year under a review. However, rating takes into consideration Bunge India’s established brands such as Dalda and Gagan in the domestic edible oils and bakery fats markets supported by its sound financial base and adequate liquidity position. Rating also takes into consideration operational, managerial and financial support that the company receives from its parent company. Trade relations are reported as fair. Payments are reported to be regular and as per commitment. In view of strong parent company support, the company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term Rating = A
Rating Explanation	Adequate degree of safety and low credit risk.
Date	March 03, 2015

Rating Agency Name	CRISIL
Rating	Short term debt = A1
Rating Explanation	Very strong degree of safety and Carry lowest credit risk.
Date	March 03, 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. Jaswant Singh
Designation :	Purchase Officer
Contact No.:	91-9357604704
Name :	Mr. Jaya Khambey
Designation :	Finance Department
Contact No.:	91-22-66819500
Date :	19.09.2015

LOCATIONS

Registered Office :	601C and 601D, 6^th Floor, The Capital, C-70, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-40509898/ 99/ 40509500/ 26533768
Fax No.:	91-22-40509898/ 99
E-Mail :	doraiswamy.sankaran@bunge.com kishore.kumar@bunge.com kalpesh.dedhia@bunge.com sudhakar.desai@bunge.com anil.aggarwal@bunge.com gurdeep.kaur@bunge.com info@bungeindia.com
Website :	http://www.bunge.com
Head Office:	1^st Floor, No.1, Old Air Port Road, Kodihall, Bangalore – 560008, Karnataka, India
Tel No.:	91-80-41265075
Fax No.:	91-80-41265075
Factory 1:	N.H. 12, P.O. Ramganj, Balaji District Bundi, Jaipur – 323001, Rajasthan, India
Tel No.:	91-747-2444840/ 2447623
Fax No.:	91-747-2444525
Factory 2 :	Foods Factory, Edamalaipatti, Pudur Trichy – 620012, Tamilnadu, India

DIRECTORS

AS ON 26.09.2014

Name :

Mr. Samir Prempal Jain

Designation :

Managing director

Address :

201, Tower 11, Planet Godrej, Keshav Rao Khadye Marg, Mahalaxmi (East), Mumbai, Maharashtra, India

Date of Birth/Age :

22.09.1972

Qualification :

B.Com and C.A

Experience :

19 Years

Date of Appointment :

10.04.2013

PAN No.:

AAIPJ2477N

DIN No.:

05255615

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	U15421MH1958PTC174267	BUNGE INDIA PRIVATE LIMITED	Managing director	10/04/2013	01/03/2012	-	Active	NO
2	U74120MH2012PTC236747	BUNGE FOODS PRIVATE LIMITED	Director	12/10/2012	12/10/2012	-	Active	NO

Name :

Mr. Michael David Goettl

Designation :

Director

Address :

238, Orchard Blvd, # 40 - 07, Singapore, 237973, Singapore

Date of Birth/Age :

15.03.1963

Date of Appointment :

26.09.2014

DIN No.:

06817384

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	U15421MH1958PTC174267	BUNGE INDIA PRIVATE LIMITED	Director	26/09/2014	21/03/2014	-	Active	NO

Name :

Mr. Sanjay Jindal

Designation :

Whole-time director

Address :

C-201, Raheja Regency, #90, Santhome High Road, R.A. Puram, Chennai, 600028, Tamilnadu, India

Date of Birth/Age :

28.05.1966

Qualification :

ICWAI

Experience :

22 Years

Date of Appointment :

21.03.2014

PAN No.:

AAAPJ0423C

DIN No.:

06804128

Name :

Mr. Alok Mishra

Designation :

Whole-time director

Address :

Shah Arcade, Fl No. 1-736, Pl No. 4/5, Sec - 06, Kharghar, Tal - Panvel, Raigad - 410210, Maharashtra, India

Date of Birth/Age :

16.12.1971

Qualification :

LLB

Experience :

16 Years

Date of Appointment :

21.03.2014

PAN No.:

AJCPM0232H

DIN No.:

06804127

Name :

Mr. John Joseph

Designation :

Director

Address :

Flat No. 201 Hillscapes, Pashan-Baner Link Road, Pashan, Pune - 411021, Maharashtra, India

Date of Birth/Age :

26.05.1966

Date of Appointment :

26.09.2014

DIN No.:

01520069

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	U74999DL2003PLC136410	GLOBAL OILS AND FATS LIMITED	Director	09/05/2007	09/05/2007	-	Amalgamated	NO
2	U15440DL1996PTC118008	CARGILL INDIA PRIVATE LIMITED	Director	30/09/2013	22/10/2012	18/10/2013	Active	NO
3	U15421MH1958PTC174267	BUNGE INDIA PRIVATE LIMITED	Director	26/09/2014	31/07/2014	-	Active	NO

Name :

Mr. Nataraj Subramanian

Designation :

Director

Address :

301, Ambrosia Building, Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India

Date of Appointment :

30.09.2009

DIN No.:

01603182

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	U05121MH2004PTC199195	ADVANTAGE OVERSEAS PRIVATE LIMITED	Director	01/05/2007	01/05/2007	18/09/2007	Active	NO
2	U15421MH1958PTC174267	BUNGE INDIA PRIVATE LIMITED	Director	30/09/2009	01/10/2008	-	Active	NO
3	U72400TN2002PTC048858	IVY MOBILITY SOLUTIONS LIMITED	Director	28/09/2011	17/09/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Gurdeep Kaur
Designation :	Secretary
Address :	B-25/397, Gobind Nagar, Near Sheranwala Gate, Patiala - 147001, Punjab, India
Date of Birth/Age :	16.09.1976
Date of Appointment :	10.02.2012
PAN No.:	AUXPK1340G
Name :	Mr. Victor
Designation :	Account Manager
Name :	Mr. Jaswant Singh
Designation :	Purchase Officer
Name :	Mr. Jaya Khambey
Designation :	Finance Department

MAJOR SHAREHOLDERS

AS ON 26.09.2014

Names of Shareholders	No. of Shares
Bunge Mauritius Holdings Limited, Mauritius	14799237
Vipin Gupta jointly with Bunge Mauritius Holdings Limited, Mauritius	25
Total	14799262

AS ON 26.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	99.99
Others	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading in crude Edible oil, Agricultural commodities, and other related activities and also Manufacturing and Trading of Vanaspati, Edible Oils and Bakery Fats and Margarine.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person :	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person :	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

Information denied by management

Bankers :

· Standard Chartered Bank, Sansad Marg, New Delhi, India

Bank Name	State Bank Of Bikaner and Jaipur
Branch	I.E. Branch, Kota, Rajasthan, 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 LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Working capital loans from banks	1282.500	0.000
Total	1282.500	0.000

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Tower 3, 27-32^nd Floor, India Bulls Finance Centre, Elphinstone Mills Compound, Senapati Bapte Marg, Elphinstone (West), Mumbai-400013, Maharashtra, India
PAN No. :	AACFD4815A
Cost Auditors :
Name :	N.I. Mehta and Company Cost Accountants
Address :	115, Jolly Maker Chambers, No. 2, Nariman Point, Mumbai – 400021, Maharashtra, India
E-Mail :	nimehta@nimehta.com
Memberships :	Not Divulged
Collaborators :	Not Divulged
Holding company :	Bunge Mauritius Holdings Limited
Ultimate Holding Company :	Bunge Limited, Bermuda
Bunge Group Company :	· Bunge S.A.-Geneva (BSA) · Grains and Industrial Products Trading Pte. Ltd. (GRIPT)\ · Bunge Handelsgesellschaft MBH (BHH) · Bunge AgriTrade S.A. (BAT) · Bunge North America (BNA) · Bunge London Limited (BLL) · Ecoinvest SA, Switzerland (ECO) · Bunge Management Services Inc. (BMSI) · Bunge Chia Tai (Tianjin) · Grain and Oilseeds Limited (BCT) · Bunge Vietnam Limited (BVL) · Bunge Barcelona Limited (BBL)
Subsidiary of Ultimate Holding Company :	· Bunge Global Markets Inc., USA (BGM) · Bunge Agribusiness Singapore PTE. Limited (BAS)
Associate :	Bunge Management Services Incorporation
Subsidiary company :	Bunge Foods Private Limited [U74120MH2012PTC236747]

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs. 250.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
14799262	Equity Shares	Rs.10/- each	Rs. 147.993 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	147.993	147.993	147.993
(b) Reserves & Surplus	6946.300	7990.100	5441.500
(c) Money received against share warrants	0.007	0.007	0.007
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7094.300	8138.100	5589.500
(3) Non-Current Liabilities
(a) long-term borrowings	4579.000	4586.100	4594.800
(b) Deferred tax liabilities (Net)	0.000	161.500	72.800
(c) Other long term liabilities	197.400	152.000	132.500
(d) long-term provisions	280.900	142.600	120.400
Total Non-current Liabilities (3)	5057.300	5042.200	4920.500
(4) Current Liabilities
(a) Short term borrowings	8356.600	4697.700	1902.200
(b) Trade payables	5404.900	20131.200	6637.500
(c) Other current liabilities	62973.900	97805.700	40265.700
(d) Short-term provisions	21.900	35.500	21.300
Total Current Liabilities (4)	76757.300	122670.100	48826.700
TOTAL	88908.900	135850.400	59336.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4754.100	2373.200	1852.500
(ii) Intangible Assets	1973.300	2284.300	2635.000
(iii) Capital work-in-progress	99.300	2103.200	1123.300
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.100	0.000	0.000
(c) Deferred tax assets (net)	332.100	0.000	0.000
(d) Long-term Loan and Advances	3162.600	728.300	973.200
(e) Other Non-current assets	22.600	22.300	2.000
Total Non-Current Assets	10344.100	7511.300	6586.000
(2) Current assets
(a) Current investments	529.100	352.900	0.000
(b) Inventories	8600.500	4392.300	3302.000
(c) Trade receivables	58791.700	97561.100	43347.500
(d) Cash and cash equivalents	8156.500	24906.900	5458.000
(e) Short-term loans and advances	2472.000	1091.100	643.200
(f) Other current assets	15.000	34.800	0.000
Total Current Assets	78564.800	128339.100	52750.700
TOTAL	88908.900	135850.400	59336.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Net Sales	609701.000	466262.000	263426.000
		Other Income	24904.000	14185.000	8395.000
		TOTAL	634605.000	480447.000	271821.000
Less	EXPENSES
		TOTAL	635608.000	476110.000	269151.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(1003.000)	4337.000	2670.000
Less	DEPRECIATION/ AMORTISATION		535.000	498.000	175.000
	PROFIT/ (LOSS) BEFORE TAX		(1538.000)	3839.000	2495.000
Less	TAX		(494.000)	1290.000	800.000
	PROFIT/ (LOSS) AFTER TAX		(1044.000)	2549.000	1695.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7906.000	5357.000	3662.000
	BALANCE CARRIED TO THE B/S		6862.000	7906.000	5357.000
	Earnings / (Loss) Per Share (Rs.)		(7.05)	17.22	11.45

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	(15239.200)	20994.300	4813.100

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	(0.17)	0.55	0.64
Return on Total Assets (PBT/Total Assets)	(%)	(1.74)	2.87	4.29
Return on Investment (ROI) (PBT/Networth)		(0.22)	0.47	0.45
Debt Equity Ratio (Total Debt /Networth)		1.82	1.14	1.16
Current Ratio (Current Asset/Current Liability)		1.02	1.05	1.08

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	147.993	147.993	147.993
Reserves & Surplus	5441.500	7990.100	6946.300
Net worth	5589.493	8138.093	7094.293
long-term borrowings	4594.800	4586.100	4579.000
Short term borrowings	1902.200	4697.700	8356.600
Total borrowings	6497.000	9283.800	12935.600
Debt/Equity ratio	1.162	1.141	1.823

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	263426.000	466262.000	609701.000
		76.999	30.764

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	263426.000	466262.000	609701.000
Profit	1695.000	2549.000	(1044.000)
	0.64%	0.55%	(0.17%)

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)	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	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS:

Case Details

Bench:-Bombay

Presentation Date:-				13/08/2015
Lodging No.:-	ITXAL/1161/2015	Filing Date:-	13/08/2015

Petitioner:-

THE PR.COMMISSIONER OF INCOME TAX-9

Respondent:-

M/S.BUNGE INDIA PVT LTD

Petn.Adv.:-

ARVIND PINTO (0)

District:-

MUMBAI

Bench:-	DIVISION
Status:-	Pre-Admission	Category:-	TAX APPEALS

Last Date:-

20/08/2015

Stage:-

Last Coram:-

REGISTRAR(OS)/PROTHONOTARY & SR. MASTER

Act :-

Income Tax Act, 1961

Under Section:-

260A

NOTE:

· The Registered Office of the company has been shifted from B - 401 and 501, Business Square, Andheri- Kurla Road, Chakala, Andheri (East), Mumbai - 400093, Maharashtra, India to the present address w.e.f.29.04.2013.

· No Charges Exist For Company

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Debentures	4550.000	4550.000
Deferred payment liabilities	29.000	36.100
SHORT TERM BORROWINGS
Working capital loans from banks	2067.000	4684.700
Deferred payment liabilities	7.100	13.000
Commercial paper	5000.000	0.000
Total	11653.100	9283.800

FIXED ASSETS

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Leasehold improvements

· Goodwill

· Brands and trade marks

· Computer software

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 exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.75
UK Pound	1	Rs.102.17
Euro	1	Rs.74.38

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		58

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.