MIRA INFORM REPORT

Report No. :	511990
Report Date :	28.05.2018

IDENTIFICATION DETAILS

Name :	PB GLOBAL LIMITED (w.e.f.10.08.2016) PB INTERNATIONAL (A DIVISION OF PB GLOBAL LIMITED)
Formerly Known As :	PESTICIDES AND BREWERS LIMITED (w.e.f.16.10.1970) PESTICIDES LIMITED
Registered Office :	Chitalsar, Manpada, Swami Vivekananda Road, Thane – 400607, Maharashtra
Tel. No.:	91-22-22047131
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	28.10.1960
Com. Reg. No.:	11-011864
Capital Investment / Paid-up Capital :	INR 10.500 Million
CIN No.: [Company Identification No.]	L99999MH1960PLC011864
GSTN : [Goods & Service Tax Registration No.]	33AAACP2251P1ZE
IEC No.: [Import-Export Code No.]	0391172948
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACP2251P
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Buying, Selling and Trading of Industrial Chemicals, Salt and Electronic items and acting as Agent for Chemical Business. The company is also engaged in the business of Providing Warehousing Services. [Registered Activity]
No. of Employees :	Not Divulged

RATING & COMMENTS

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

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1960 and it is engaged in the business of buying/selling and trading of Industrial chemicals, Salt and Electronic items and acting as agent for chemical business. The company is also engaged in the business of providing Warehousing services. As per financials of March 2017, the company has registered decent growth in its revenue and has reported minimal profit margin of 0.40%. Rating takes into consideration the company’s moderate risk financial profile along with leveraged balance sheet and unfavourable gap between its trade payables to its trade receivables. Rating is further constrained on account of company’s low profit margin, volatility in raw material prices and competition faced by the company from its strong peers group in pesticides and brewers business. As per unaudited quarterly financials of September 2017, the company has achieved a revenue of INR 1520.06 million and has reported minimal profit margin of 0.20%. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings with some caution. NOTE: Subject is listed on BSE but it has been suspended due to Penal Reasons.

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	A1	A1

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

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 28.05.2018

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 DECLINED

MANAGEMENT NON-COOPERATIVE

[CONTACT NO.: 91-22-22047131]

LOCATIONS

Registered Office :	Chitalsar, Manpada, Swami Vivekananda Road, Thane – 400607, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	p_bint@hotmail.com accounts@pbltd.in compliance@pbltd.in
Website :	http://www.pbltd.in
Head Office :	318, Maker Chambers V, Nariman Point, Mumbai - 400021, Maharashtra, India
Tel. No.:	91-22-22047131
Fax No.:	91-22-22886137
E-Mail :	info@pbltd.in
Branch Offices :	Located at: · Ahmedabad · Bangalore · Chennai · Goa · Indore · Hyderabad · New Delhi · Pune · Thane · Indore · Kanpur

DIRECTORS

AS ON 31.03.2018

Name :	Mr. Omprakash Gurdayal Berlia
Designation :	Managing Director
Address :	2B-177, Prem Kutir, N.S. Road, Colaba, Mumbai – 400020, Maharashtra, India
Date of Appointment :	15.03.2004
DIN No.:	00646890
Name :	Ms. Annie Jaquim Fernandes
Designation :	Director
Address :	203/7, Rita Mansion, Bora Bazar Street, Fort, Mumbai – 400001, Maharashtra, India
Date of Appointment :	19.04.2006
DIN No.:	00691072
Name :	Mr. Rajendrakumar Kishanlal Agarwal
Designation :	Additional Director
Address :	21-A Meher Apartments, Altamount Road, Mumbai - 400026, Maharashtra, India
Date of Appointment :	03.11.2007
DIN No.:	01879869
Name :	Mr. Pratik Didwania
Designation :	Director
Address :	1, Ballyganj Park Road, 7A, Bally-High, Kolkata-700019, West Bengal, India
Date of Birth/Age :	13.06.1986
Qualification :	B.A, University of Southern California, USA
Experience :	Businessman with over 7 years’ experience in chemicals and telecom industries.
Date of Appointment :	28.04.2011
PAN No.:	AHVPD1598A
DIN No.:	01966886
Name :	Mr. Parimal Vibhash Mehta
Designation :	Director
Address :	35/608, Azad Nagar -II, Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	29. 01.1978
Qualification :	B.Com, Mumbai University
Experience :	Business Executive with over 15 years’ experience in FMCG and Consumer Electronics fields.
Date of Appointment :	30.09.2016
PAN No.:	AFZPM6880Q
DIN No.:	03514645

KEY EXECUTIVES

Name :	Himgauri Deepak Palkar
Designation :	Company Secretary
Address :	B-112, Rajendra Nagar, Dattapada Road, Opposite Triveni Building, Borivali (East), Mumbai 400066, Maharashtra, India
Date of Appointment :	30.09.2017
PAN No.:	BPRPP9726F
Name :	Mr. Bharat Premchand Savla
Designation :	CFO(KMP)
Address :	B-203, Rushabh Apartment, Near To Jain Mandir, Kurar Village, Malad East, Mumbai 400097, Maharashtra, India
Date of Appointment :	30.09.2017
PAN No.:	ABYPS0665C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON DECEMBER 2017

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
(A) Promoter & Promoter Group	0	0.00
(B) Public	10,50,000	100.00
Grand Total	10,50,000	100.00

Statement showing shareholding pattern of the Public shareholder

Category & Name of the Shareholders	Total no. shares held	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)
B1) Institutions		0.00
Financial Institutions/ Banks	2,500	0.24
Sub Total B1	2,500	0.24
B2) Central Government/ State Government(s)/ President of India		0.00
B3) Non-Institutions		0.00
Individual share capital upto INR 0.200 Million	2,76,689	26.35
Individual share capital in excess of INR 0.200 Million	2,25,000	21.43
Any Other (specify)	5,45,811	51.98
Bodies Corporate	5,20,511	49.57
Jalan	25,300	2.41
Sub Total B3	10,47,500	99.76
B=B1+B2+B3	10,50,000	100.00

BUSINESS DETAILS

Line of Business :	Buying, Selling and Trading of Industrial Chemicals, Salt and Electronic items and acting as Agent for Chemical Business. The company is also engaged in the business of Providing Warehousing Services. [Registered Activity]
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 (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

(Approximately) / Not Divulged

Bankers :

Union Bank of India

Facilities :

SECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
From Banks Vehicle Loan (Secured by way of hypothecation of Vehicles purchased there against)	3.200	3.897
SHORT TERM BORROWINGS
Cash Credit from Union Bank of India	341.735	369.857
Total	344.935	373.754

Auditors :
Name :	P.V. Page and Company Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	INR 10/- each	INR 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1050000	Equity Shares	INR 10/- each	INR 10.500 Million

Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the year:

Particulars	Opening Balance	Closing Balance
Equity shares with voting rights
Year ended 31 March, 2017
- Number of shares	1050000	1050000
- Amount	10.500	10.500

Details of shares held by each shareholder holding more than 5% shares:

Name of Shareholders	As at 31st March, 2017
	No. of shares held	% Holding
Preet Mittal	1,00,000	9.52%
Amitabh V W Mitta	1,00,000	9.52%
New Era Fabrics Limited	1,00,000	9.52%
Sujata Electronics Limited	1,00,000	9.52%
Infotech Era Private Limited	1,00,000	9.52%
Berlia Chemicals and Traders Private Limited	70,600	6.72%
Satvijay Traders Private Limited	54,000	5.14%
The Barium Chemicals Limited	54,000	5.14%
Total	6,78,600	64.60%

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	10.500	10.500	10.500
(b) Reserves & Surplus	79.509	54.362	31.503
(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)	90.009	64.862	42.003
(3) Non-Current Liabilities
(a) Long-term borrowings	27.097	12.553	9.015
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	308.142	308.484	306.726
(d) long-term provisions	0.186	0.000	0.000
Total Non-current Liabilities (3)	335.425	321.037	315.741
(4) Current Liabilities
(a) Short term borrowings	341.735	369.857	0.000
(b) Trade payables	261.679	246.753	177.356
(c) Other current liabilities	23.321	7.916	4.799
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	626.735	624.526	182.155
TOTAL	1052.169	1010.425	539.899
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.875	7.244	6.864
(ii) Intangible Assets	2.216	0.185	0.086
(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	33.298	10.528	2.029
(c) Deferred tax assets (net)	0.000	0.300	0.403
(d) Long-term Loan and Advances	7.496	10.512	10.221
(e) Other Non-current assets	0.010	0.010	0.010
Total Non-Current Assets	50.895	28.779	19.613
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	534.000	489.564	275.747
(c) Trade receivables	363.978	421.680	189.090
(d) Cash and cash equivalents	52.428	10.896	44.766
(e) Short-term loans and advances	33.660	17.642	10.683
(f) Other current assets	17.208	41.864	0.000
Total Current Assets	1001.274	981.646	520.286
TOTAL	1052.169	1010.425	539.899

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Revenue from Operations	6262.660	4993.112	2738.098
		Other Income	1.685	3.844	0.073
		TOTAL (A)	6264.345	4996.956	2738.171
Less	EXPENSES
		Purchases of Stock-in-Trade	5705.089	4627.952	2695.451
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(44.436)	(213.817)	(185.770)
		Employees benefits expense	31.280	15.262	11.190
		Other expenses	472.444	468.486	162.603
		TOTAL (B)	6164.377	4897.883	2683.474
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		99.968	99.073	54.697
Less	FINANCIAL EXPENSES (D)		61.702	62.122	23.251
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		38.266	36.951	31.446
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.648	2.196	1.919
	PROFIT BEFORE TAX (E-F) (G)		36.618	34.755	29.527
Less	TAX (H)		11.471	11.896	9.562
	PROFIT AFTER TAX (G-H) (I)		25.147	22.859	19.965
	IMPORTS
		Traded Goods	528.683	555.392	335.591
	Earnings Per Share (INR)		23.95	21.77	19.01

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	102.098	89.404	52.180
Net Cash generated from operating activities	91.113	77.508	49.360

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	21.21	30.83	25.21
Account Receivables Turnover (Income / Sundry Debtors)	17.21	11.84	14.48
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	16.74	19.46	24.02
Inventory Turnover (Operating Income / Inventories)	0.19	0.20	0.20
Asset Turnover (Operating Income / Net Fixed Assets)	9.91	13.34	7.87

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.62	0.63	0.35
Debt Equity Ratio (Total Liability / Networth)	4.10	5.90	0.21
Current Liabilities to Networth (Current Liabilities / Net Worth)	6.96	9.63	4.34
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.11	0.11	0.17
Interest Coverage Ratio (PBIT / Financial Charges)	1.62	1.59	2.35

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	0.40	0.46	0.73
Return on Total Assets ((PAT / Total Assets) * 100)	%	2.39	2.26	3.70
Return on Investment (ROI) ((PAT / Networth) * 100)	%	27.94	35.24	47.53

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.60	1.57	2.86
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.75	0.79	1.34
G-Score Ratio Financial (Networth / Total Assets)	0.09	0.06	0.08
G-Score Ratio Debt (Debts / Equity Capital)	35.13	36.42	0.86
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.60	1.57	2.86

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

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particulars	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	10.500	10.500	10.500
Reserves & Surplus	31.503	54.362	79.509
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	42.003	64.862	90.009
Long-term borrowings	9.015	12.553	27.097
Short term borrowings	0.000	369.857	341.735
Total borrowings	9.015	382.410	368.832
Debt/Equity ratio	0.215	5.896	4.098

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	2738.098	4993.112	6262.660
		82.357	25.426

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	2738.098	4993.112	6262.660
Profit	19.965	22.859	25.147
	0.73%	0.46%	0.40%

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	No
8	Designation of contact person	No
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

INDEX OF CHARGES

CHARGES REGISTERED
SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G81218935	100164169	UNION BANK OF INDIA LIMITED	14/02/2018	-	-	30000000.0	MAHALAXMI CHAMBERS, 22, BHULABHAI DESAI ROADMUMBAIMH400026IN
2	G56643539	100127601	UNION BANK OF INDIA LIMITED	11/09/2017	-	-	6000000.0	22 BHULABHAI DESAI RDMAHALAXMIMUMBAIMH400026IN
3	C65282295	10593167	UNION BANK OF INDIA	03/09/2015	-	-	485000000.0	MAHALAXMI CHAMBERS,22, BHULABHAI DESAI ROAD,MUMBAIMH400026IN
4	G79343844	100127047	UNION BANK OF INDIA LIMITED	21/07/2017	-	15/02/2018	50000000.0	22 BHULABHAI DESAI RDMAHALAXMIMUMBAIMH400026IN
5	Y10251441	90151671	NEW INDIA ASSURANCE CO. LTD	20/04/1968	-	24/07/1973	675000.0	NEW INDIA ASSURANCE BLDG87; MAHATMA GANDHI ROADMUMBAIMH400001IN
6	Y10251442	90151672	CENTRAL BANK OF INDIA	05/11/1969	-	28/01/1972	45000.0	MAHATMA GANDHI ROADFORTMUMBAIMH400001IN
7	Y10249693	90149923	DENA BANK LTD	08/09/1966	-	03/01/1970	1000000.0	17; HORNIMAN CIRCLEFORTMUMBAIMH400001IN
8	Y10251440	90151670	THE PUNJAB NATIONAL BANK	02/08/1963	-	26/12/1969	865000.0	KARIMJEE HOUSESIR PM ROADMUMBAIMH400001IN
9	Y10249687	90149917	DEVKARAN NANAJI BANKING CO.LTD	10/12/1962	-	08/09/1966	500000.0	17; HORNIMAN CIRCLEFORTMUMBAIMH400001IN

UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
From Banks	6.412	3.293
From NBFC's	17.485	5.363
Total	23.897	8.656

BACKGROUND

The Company is a public Limited Company and is engaged in the business of buying/selling and trading of Industrial chemicals, Salt and Electronic items and acting as agent for chemical business. The company is also engaged in the business of providing Warehousing services.

FIXED ASSETS:

· Freehold Land

· Furniture and Fixture

· Building

· Vehicles

· Fire Fighting Equipment

· Office Equipment

· Computers

· Plant and Machinery

· Patents

· 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 records 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	INR 68.26
UK Pound	1	INR 91.22
Euro	1	INR 79.88

INFORMATION DETAILS

Information Gathered by :	SHI
Analysis Done by :	VIV
Report Prepared by :	BVA

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	YES
--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.