MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	501920
Report Date :	06.04.2018

IDENTIFICATION DETAILS

Name :	ALMIGHTY AGROTECH PRIVATE LIMITED

Registered Office :	G/1934-35, Lodhika G.I.D.C., Almighty Gate, Kalawad Road, Metoda, District: Rajkot – 360021, Gujarat
Tel. No.:	91-2827-287307

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	03.04.2007

Com. Reg. No.:	04-050451

Capital Investment / Paid-up Capital :	INR 20.000 Million

CIN No.: [Company Identification No.]	U29210GJ2007PTC050451

IEC No.: [Import-Export Code No.]	Not Divulged

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

GSTN : [Goods & Service Tax Registration No.]	24AAGCA2542J1ZW

PAN No.: [Permanent Account No.]	AAGCA2542J

Legal Form :	Private Limited Liability Company

Line of Business :	The Subject is engaged in Manufacturing and Trading of Crop protection equipments, plastic jerry cans, Machinery and Auto Parts. (Registered activity)

No. of Employees :	Information declined by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Maximum Credit Limit :	USD 43000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject was incorporated in the year 2007. It is a manufacturer and importer of sprays, dusters, agriculture sprayers, agriculture dusters, foot sprayers, etc. For the financial year 2017, the company has achieved revenue growth of 42.98% as compared to the previous year along with an average profit margin of 5.26%. The moderate financial risk profile of the company is marked by negative reserve base along with comfortable debt balance sheet profile. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings with some caution.

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

India

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 06.04.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED BY

Name :	Mr. Amod Kumar Maurya
Designation :	Marketing Head
Contact No.:	91-9979255149
Date :	06.04.2018

Tel. No.: 91-2827-287307 / 287407 (Ringing)

LOCATIONS

Registered Office/ Factory :	G/1934-35, Lodhika G.I.D.C., Almighty Gate, Kalawad Road, Metoda, District: Rajkot – 360021, Gujarat, India
Tel. No.:	91-2827-287307/ 287407
Mobile No.:	91-9825218699 (Mr. Dharmeshkumar Jamanbhai Bhalani)
Fax No.:	91-2827-287508
E-Mail :	hbkalaria.roc@gmail.com import@almightyagro.com aap@almightyagro.com
Website :	www.almightyagro.com
Location :	Owned
Locality :	Commercial

DIRECTORS

As on 31.03.2017

Name :	Mr. Maheshkumar Maganlal Bhalani
Designation :	Director
Address :	Kailash 42-B, Shri Colony Society, Rajkot – 360001, Gujarat, India
Date of Appointment :	03.04.2007
PAN No.:	ACDPB4359E
DIN No.:	00721483

Name :	Mr. Jamanbhai Veljibhai Bhalani
Designation :	Director
Address :	702, Hillberg Apartment, Dindayal Upadhyay Marg, Near Shree Coloni Society, Rajkot – 360001, Gujarat, India
Date of Appointment :	03.04.2007
PAN No.:	ABPPB6409J
DIN No.:	00721513

Name :	Mr. Dharmeshkumar Jamanbhai Bhalani
Designation :	Director
Address :	702, Hillberg Apartment, Dindayal Upadhyay Marg, Near Shree Coloni Society, Rajkot – 360001, Gujarat, India
Date of Birth/Age :	23.02.1979
Date of Appointment :	03.04.2007
PAN No.:	ACDPB4398P
DIN No.:	00733410

Name :	Mr. Paresh Maganlal Bhalani
Designation :	Director
Address :	Kailash 42-B, Shri Colony Society, Rajkot – 360001, Gujarat, India
Date of Appointment :	03.04.2007
PAN No.:	ACDPB4396D
DIN No.:	00733459

Name :	Ms. Sheetal Dharmeshkumar Bhalani
Designation :	Director
Address :	702, Hillberg Apartment, Dindayal Upadhyay Marg, Near Shree Coloni Society, Rajkot – 360001, Gujarat, India
Date of Appointment :	03.04.2007
PAN No.:	AHWPB2260L
DIN No.:	00733518

Name :	Ms. Hetal Paresh Bhalani
Designation :	Director
Address :	Kailash 42-B, Shri Colony Society, Rajkot – 360001, Gujarat, India
Date of Appointment :	03.04.2007
DIN No.:	00733562
PAN No.:	AGMPB6409J

Name :	Ms. Chandrikaben Maheshkumar Bhalani
Designation :	Director
Address :	Kailash 42-B, Shri Colony Society, Rajkot – 360001, Gujarat, India
Date of Birth/ Age :	03.09.1974
Date of Appointment :	03.04.2007
PAN No.:	ACDPB4398P
DIN No.:	00733593

KEY EXECUTIVES

Name :	Mr. Amod Kumar Maurya
Designation :	Marketing Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares	%age
Jamanbhai Bhalani	500000	25.00
Maheshkumar Bhalani	300000	15.00
Pareshkumar Bhalani	300000	15.00
Dharmeshkumar Bhalani	300000	15.00
Chandrikaben Bhalani	200000	10.00
Hetalben Bhalani	200000	10.00
Sheetalben Bhalani	200000	10.00
Total	2000000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2017

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Subject is engaged in Manufacturing and Trading of Crop protection equipments, plastic jerry cans, Machinery and Auto Parts. (Registered activity)

Products :

Item Code No.	Product/ Services Description
28213	Agriculture Spray Pumps

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Better Perspective Solutions
D.R. Enterprises
Ergonomic Engineering
Gupta Engineering Company
Hiren Metal Industries
JRD Corporation
JRD Polymers Private Limited, Mumbai
Krishna Steel
Paras Associates
Pardeep Sprayers
Shreenathji Brother
Sudan Steel Corporation
Uttam Enterprise
Taixhou Fengtian Spraying Machine Company Limited
Asha Packaging
Ganga Enterprises
Gujarat Packaging Industries

Reference :	Ahmedabad Pipe Enterprise
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Devot Enterprise
Hari Om Agro Agro Chemical
Khodiyar Agro Traders
Krishna Agro Agency
Krishna Sales
Krishna Trading Company
Lehri Distributors
Mahinshree Agency
Manjunath Enterprise
Maruthi Engineering Works
Matru Agrotech
M.D. Enterprise
Phira Enterprise

Reference :	Agri Business Center Anjaneya Agri Equipment
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Kotak Mahindra Bank Limited
Branch	27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Vehicle Loan from Kotak Mahindra Prime Limited	0.729	0.944
Vehicle Loan from Tata Capital Limited	0.000	0.111

Short-term borrowings
Working Capital Loan from Bank of India	19.276	19.744
Total	20.005	20.910
Note: Long-term Borrowings: a. Vehicle loan from Kotak Mahindra Prime Limited is secured by way of hypothecation of Vehicle b. The term loan from Kotak Mahindra Prime Limited is repayable in 60 EMI of INR 0.025 Million Short-term borrowings: a. The Working Capital loan from bank of India is secured by a hypothecation of the entire current assets of the company b. The working capital loan from Bank of India is guaranteed by the Directors of the company. c. The unsecured loan funds have been raised in response to the stipulation imposed by Bank of India for the secured loans extended vide sanction letter dated 17.10.2011. d. Rate of Interest on Working capital loan from Bank of India is base rate+3.00%. e. Working Capital Loans from Bank of India are payable on demand.

Auditors :
Name :	H. B. Kalaria and Associates Chartered Accountants
Address :	A 601/602, The Imperial Heights, Opposite Big Bazaar, 150.Ft Ring Road, Rajkot – 360005, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAHFH8868A

Memberships :	Not Available

Collaborators :	Not Available

Other related parties where common control exists :	Super Tech

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

2000000	Equity Shares	INR 10/- each	INR 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2000000	Equity Shares	INR 10/- each	INR 20.000 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	20.000	20.000	12.000
(b) Reserves & Surplus	(4.861)	(10.245)	(10.327)
(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)	15.139	9.755	1.673

(3) Non-Current Liabilities
(a) long-term borrowings	15.676	20.197	23.191
(b) Deferred tax liabilities (Net)	0.000	0.031	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)	15.676	20.228	23.191

(4) Current Liabilities
(a) Short term borrowings	19.276	19.744	19.429
(b) Trade payables	1.659	2.252	0.949
(c) Other current liabilities	3.801	4.623	7.920
(d) Short-term provisions	1.455	0.856	1.116
Total Current Liabilities (4)	26.191	27.475	29.414

TOTAL	57.006	57.458	54.278

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14.808	16.047	15.941
(ii) Intangible Assets	0.103	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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.363
(d) Long-term Loan and Advances	0.652	0.613	0.588
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	15.563	16.660	16.892

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	20.977	32.444	29.911
(c) Trade receivables	6.383	3.936	4.798
(d) Cash and cash equivalents	10.647	2.514	0.799
(e) Short-term loans and advances	3.422	1.889	1.864
(f) Other current assets	0.014	0.015	0.014
Total Current Assets	41.443	40.798	37.386

TOTAL	57.006	57.458	54.278

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	106.041	74.164	83.527
	Other Income	0.058	0.016	0.017
	TOTAL	106.099	74.180	83.544

Less	EXPENSES
	Cost of Materials Consumed	56.498	51.830	55.956
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	10.100	(2.044)	(5.331)
	Direct expenses	9.121	8.309	8.098
	Employees benefits expense	10.325	6.999	8.984
	Exceptional Items	0.000	(0.209	0.000
	Other expenses	7.018	5.208	4.981
	TOTAL	93.062	70.093	72.688

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	13.037	4.087	10.856

Less	FINANCIAL EXPENSES	4.503	2.504	7.143

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	8.534	1.583	3.713

Less/ Add	DEPRECIATION/ AMORTISATION	2.932	1.107	3.288

	PROFIT/ (LOSS) BEFORE TAX	5.602	0.476	0.425

Less	TAX	0.019	0.393	(0.310)

	PROFIT/ (LOSS) AFTER TAX	5.583	0.083	0.735

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(11.644)	(11.727)	(9.865)

	Prior Period Expenditure	0.000	0.000	2.597

	Balance Carried to the B/S	(6.061)	(11.644)	(11.727)

	Earnings / (Loss) Per Share (INR)	2.69	0.04	0.61

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	0.326	1.136	2.013
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	19.417	(0.089)	8.716

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	21.97	19.37	20.97

Account Receivables Turnover (Income / Sundry Debtors)	16.61	18.84	17.41

Average Payment Days (Sundry Creditors / Purchases * 365 Days)	10.72	15.86	6.19

Inventory Turnover (Operating Income / Inventories)	0.62	0.13	0.36

Asset Turnover (Operating Income / Net Fixed Assets)	0.87	0.25	0.68

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.74	0.85	1.01

Debt Equity Ratio (Total Liability / Networth)	2.33	4.21	26.68

Current Liabilities to Networth (Current Liabilities / Net Worth)	1.73	2.82	17.58

Fixed Assets to Networth (Net Fixed Assets / Networth)	0.98	1.65	9.53

Interest Coverage Ratio (PBIT / Financial Charges)	2.90	1.63	1.52

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	5.26	0.11	0.88

Return on Total Assets ((PAT / Total Assets) * 100)	%	9.79	0.14	1.35

Return on Investment (ROI) ((PAT / Networth) * 100)	%	36.88	0.85	43.93

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.58	1.48	1.27

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.78	0.30	0.25

G-Score Ratio Financial (Networth / Total Assets)	0.27	0.17	0.03

G-Score Ratio Debt (Debts / Equity Capital)	1.76	2.05	3.72

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.58	1.48	1.27

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	12.000	20.000	20.000
Reserves & Surplus	(10.327)	(10.245)	(4.861)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1.673	9.755	15.139

Long Term borrowings	23.191	20.197	15.676
Short Term borrowings	19.429	19.744	19.276
Current Maturities of Long term debt	2.013	1.136	0.326
Total borrowings	44.633	41.077	35.278
Debt/Equity ratio	26.678	4.211	2.330

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	83.527	74.164	106.041
		(11.210)	42.982

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	83.527	74.164	106.041
Profit	0.735	0.083	5.583
	0.88%	0.11%	5.26%

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	Yes
19	Major customers	Yes
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

NOTE: Registered office of the company has been shifted from Adarsh Building, 17-Bhaktinagar Station Plot, Rajkot – 360002, Gujarat, India to the present address w.e.f. 06.06.2009.

CORPORATE INFORMATION

The Subject is engaged in Manufacturing and Trading of Crop protection equipments, plastic jerry cans, Machinery and Auto Parts.

PERFORMANCE REVIEW AND STATE OF COMPANY’S AFFAIRS AND FUTURE OUTLOOK

The company has earned total revenue of INR 106.100 Million as compared to total revenue of INR 74.180 Million in the previous year. Likewise, profit/loss before tax was INR 5.602 Million as compared to that of previous year of INR 0.476 Million, Net profit/loss after taxation was INR 5.383 Million as compared to INR 0.083 Million of previous year. The directors expect further increase in sales and profitability of the company in the year to come.

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
From Directors:
Chandrikaben Bhalani	2.121	1.084
Dharmeshkumar Bhalani	0.646	2.704
Hetalben Bhalani	0.473	1.445
Jamanbhai Bhalani	6.540	5.975
Maheshkumar Bhalani	2.274	2.772
Pareshkumar Bhalani	0.759	3.926
Sheetalben Bhalani	2.134	1.236
Total	14.947	19.142

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G52346830	100120192	KOTAK MAHINDRA BANK LIMITED	08/05/2017	27/08/2017	-	49000000.0	27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
2	B26393272	10227830	BANK OF INDIA	30/06/2010	16/11/2011	-	37000000.0	KRISHNA COMPLEX, NEAR MADHAV W- BRIDGE, PLOT NO.1305, METODA – 360035, GUJARAT, INDIA
3	A89375331	10048118	CORPORATION BANK	03/04/2007	29/04/2008	05/07/2010	17000000.0	SME BRANCH J P TOWER, RAJKOT – 360002, GUJARAT, INDIA

FIXED ASSETS

Land
Building
Machinery
Testing Equipment
Furniture and Fixture
Light Fittings
Cycle
Ford Car
Honda City Car
Vehicle
Camera
CCTV Camera
Computer
Fax Machine
Fire Protection
Refrigerator
Generator Set
Telephone Fitting
Projector

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	INR
US Dollar	1	INR 65.02
UK Pound	1	INR 91.45
Euro	1	INR 80.09

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	PRY

Report Prepared by :	SUJ

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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

2000000

INDEX OF CHARGES:

Unit