MIRA INFORM REPORT

Report Date :

02.06.2008

IDENTIFICATION DETAILS

Name :	GRAPHTONE INDIA PRIVATE LIMITED
Registered Office :	A-1/319, Shah and Nahar Industrial Estate, S J Marg, Lower Parel [West], Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2008 [Provisional]
Date of Incorporation :	14.12.2001
Com. Reg. No.:	11-134233
CIN No.: [Company Identification No.]	U22190MH2001PTC134233
PAN No.: [Permanent Account No.]	AABCG4771G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing, Processing and Printing of Leaflet, Booklet, Book, Magazine etc

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear
Comments :	Subject is an established company. Directors are reported to have good experience n their field. The company has taken several loans from its bank and its bank account usually shows a debit balance. However, no complaints have been heard about the subject’s dealings, so far. The company can be considered good for normal business dealings within its capabilities.

INFORMATION PARTED BY

Name :	Mr. Sayed Babar
Designation :	Director
Contact No.:	9820648216
Date :	29.05.2008

LOCATIONS

Registered Office / Factory :	A-1/319, Shah and Nahar Industrial Estate, S J Marg, Lower Parel [West], Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-66606572 - 73 / 24940478
Mobile No.:	91-9820648215
Fax No.:	91-22-24948614
E-Mail :	graphtone_i@sify.com
Area :	770 sq. ft. [Owned]

DIRECTORS

Name :	Mr. Sayed Babar
Designation :	Director
Address :	Rashid Chawl, Azad Nagar, Akbarlal Compound, NSS Road, Ghatkopar [West]
Date of Birth/Age :	25.02.1963
Qualification :	H. S. C. Printing Diploma
Experience :	20 Years
Name :	Mr. Sachin H. Sawant
Designation :	Director
Address :	1/9, Kadam Wadi, Vakola Village Road, Santacruz [East], Mumbai – 400055, Maharashtra, India
Date of Birth/Age :	05.12.1966
Qualification :	H. S. C. Printing Diploma
Experience :	20 Years

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares
Mr. Sayed Babar	7000
Mr. Sachin H. Sawant	7000
Total	14000

BUSINESS DETAILS

Line of Business :	Manufacturing, Processing and Printing of Leaflet, Booklet, Book, Magazine etc
Terms :
Selling :	Credit [30-60-90 days]
Purchasing :	Credit [30-60 days]

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

35 [In Office : 10 and In Factory : 25]

Bankers :

Corporation Bank, 42 G. D. / Ambekar Marg, India Printing House, Wadala West, [Near Ram Mandir] Mumbai – 400031

Facilities :

Cash Credit Limit Rs. 2.300 Millions

Rs in Millions

Secured Loan	As on 31.03.2008 [Provisional]	As on 31.03.2007
Term Loan for Plant and Machinery [Secured against Plant and Machinery]	2.260	0.000
Term Loan for Plant and Machinery [Secured against Plant and Machinery]	1.099	0.000
Bank Overdraft	2.033	2.396
Term Loans [Secured against hypothecation of plant and machinery, Stock and Debtors]	0.000	4.667
Total	5.392	7.063
Unsecured Loan
Loan from Directors and Shareholders	2.439	0.819

Banking Relations :	Satisfactory
Auditors :
Name :	Sahasrabudhe Bapat and Company Chartered Accountants
Address :	6/148, Ramanand Society, Vile Parle [East], Mumbai – 400057
Tel. No.:	91-22-66970366
Fax No.:	91-22-26169056
E-Mail :	Vikas_sbco@yahoo.co.in

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
15000	Equity Shares	Rs. 100/- each	Rs. 1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14000	Equity Shares	Rs. 100/- each	Rs. 1.400 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008 [Provisional]	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		1.400	1.400	1.490
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.380	1.414	0.000
4] (Accumulated Losses)		0.000	0.000	[0.009]
NETWORTH		3.780	2.814	1.481
LOAN FUNDS
1] Secured Loans		5.392	7.063	6.508
2] Unsecured Loans		2.439	0.819	0.969
TOTAL BORROWING		7.831	7.882	7.477
DEFERRED TAX LIABILITIES		0.609	0.610	0.743
TOTAL		12.220	11.306	9.701
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.864	8.562	7.557
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.067	0.414	0.498
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.359	0.529	0.509
	Sundry Debtors	3.619	3.653	3.205
	Cash & Bank Balances	0.018	0.085	0.013
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.578	0.494	0.467
Total Current Assets		4.574	4.761	4.194
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	1.440	1.569	1.894
	Provisions	0.845	0.862	0.662
Total Current Liabilities		2.285	2.431	2.556
Net Current Assets		2.289	2.330	1.638
MISCELLANEOUS EXPENSES		0.000	0.000	0.008
TOTAL		12.220	11.306	9.701

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2008 [Provisional]	31.03.2007	31.03.2006
Sales Turnover		18.618	18.085	13.536
Other Income		0.018	0.053	0.023
Total Income		18.636	18.138	13.559
Profit/(Loss) Before Tax		1.478	1.554	[0.288]
Provision for Taxation		0.512	0.156	0.029
Profit/(Loss) After Tax		0.966	1.398	[0.317]
Expenditures :
	Raw Material Consumption	8.133	8.492	7.856
	Direct Operating Expenses	5.121	3.823	2.285
	Operating and Administration Expenses	1.783	1.899	1.462
	Selling and Distribution Expenses	0.148	0.094	0.182
	Financial Expenses	0.759	0.905	0.859
	Depreciation	1.214	1.364	1.196
	Preliminary and Deferred Revenue Expenses written off	0.000	0.008	0.008
Total Expenditure		17.158	16.585	13.848

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
PAT / Total Income	(%)	5.18	7.71	[2.34]
Net Profit Margin (PBT/Sales)	(%)	7.94	8.59	[2.13]
Return on Total Assets (PBT/Total Assets}	(%)	11.88	11.66	[2.45]
Return on Investment (ROI) (PBT/Networth)		0.26	0.55	0.19
Debt Equity Ratio (Total Liability/Networth)		2.68	3.66	6.77
Current Ratio (Current Asset/Current Liability)		2.00	1.96	1.64

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSETS

• Computer
• Electrical Fittings
• Air Conditioner
• Fan
• Furniture and Fixture
• Gala
• Plate making Machine
• Telephone Instrument
• Television
• Plant and Machinery
• Office Equipments
• Offset Printing Machine

STATEMENT OF ASSETS AND LIABILITIES

Mr. Sayed Babar

Annual Income

Source	Annual Income
Remuneration	Rs. 0.440 Million

Investment of Business Capital

Name of the Company	Amount invested
Graphtone India Private Limited	Rs. 0.700 Million

Deposits held with Banks

Name of the Bank	Nature of Deposits held	Amount of Deposit
Corporation Bank	Fixed Deposits	Rs. 0.080 Million

Life Insurance Policies

Date of Policy	Policy No.	Whether Endowment policy or whole Life Policy	Annual Premium	Sum assured
15.12.2007	893537484	Endowment	Rs. 0.149 Millions	Rs. 0.975 Million

Immovable Properties

Name of the owner	Description of Property	Location / Address of property
Sayed Babar	Room and Shop	Rashid Chawl, Azad nagar, Akbarlal Compound, NSS Road, Ghatkopar [West]

Extent of building area constructed	Type of property i.e. whether residential / agricultural / industrial / commercial etc.	Details of documents conferring right	Date of purchase of property
Room 300 sq. ft.	Residential	Rent receipt	1985
Shop 150 sq. ft.	Commercial		1992
Shop 175 sq. ft.	Commercial		1999

Original purchase cost [Rs in Millions]	Present market value
0.300	Total market value of Room and Shop 3.000
0.300
0.500

Nature / Details of assets	Market value of assets
Jewellery and Furniture	0.100
Motor Cycle	0.060
Motor Car	0.100

Total Assets : Rs. 4.040 Millions

Mr. Sachin H. Sawant

Annual Income

Source	Annual Income
Remuneration	Rs. 0.430 Million

Investment of Business Capital

Name of the Company	Amount invested
Graphtone India Private Limited	Rs. 0.700 Million

Life Insurance Policies

Date of Policy	Policy No.	Whether Endowment policy or whole Life Policy	Annual Premium	Sum assured
15.12.2007	893537600	Endowment	Rs. 0.139 Million	Rs. 0.975 Million

Immovable Properties

Name of the owner	Description of Property	Location / Address of property
Sachin H. Sawant	Residential	1/9, Kadam Wadi, Vakola Village Road, Santacruz

Extent of building area constructed	Type of property i.e. whether residential / agricultural / industrial / commercial etc.	Details of documents conferring right	Date of purchase of property
225 sq. ft.	Residential	Rent receipt	1978

Original purchase cost [Rs in Millions]	Present market value
0.040	Rs. 1.000 Million

Government Securities / national Savings Certificates / Shares of listed companies / Unit Trust of India etc.

Description of security	Face value
N.S.C.	Rs. 0.014 Million

Nature / Details of assets	Market value of assets
Jewellery and Furniture	0.100
Motor Cycle	0.060

Total Assets : Rs. 1.874 Millions

OPERATING STATEMENT

[Rs in Millions]

Particulars	Projected
	2008-09	2009-10	2010-11	2011-12	2012-13
1. Gross Sales
Sales – Export
Sales – Local	22.500	24.750	27.000	29.250	31.500
2. Net Sales [1-2]	22.500	24.750	27.000	29.250	31.500
3. Other Income	0.000	0.000	0.000	0.000	0.000
Total Income
4. % rise [+] or fall [-] in net sales as compared to previous year	20.85 %	10.00 %	9.09 %	8.33 %	7.69 %
5. COST OF SALES
i] Raw Materials [Including stores and other items used in the process of manufacture]	10.125	11.137	12.150	13.162	14.175
[a] Imported
[b] Indigenous
ii] Job work and other manufacturing expenses	3.375	3.712	4.050	4.387	4.725
iii] Other Spares
[a] Imported
[b] Indigenous
iv] Power and Fuel
v] Direct labour	1.350	1.485	1.633	1.796	1.976
[Factory Wages and Salaries]
vi] Depreciation	2.031	1.934	1.901	2.200	2.763
vii] SUB TOTAL [i to iv]	16.881	18.269	19.734	21.546	23.640
viii] Add : Opening Stocks – in – process	0.00	0.00	0.00	0.00	0.00
Sub Total	16.881	18.269	19.734	21.546	23.640
ix] Deduct : Closing Stock – in – Process	0.00	0.00	0.00	0.00	0.00
x] Cost of production	16.881	18.269	19.734	21.546	23.640
xi] Add : Opening Stock of finished goods	0.00	0.00	0.00	0.00	0.00
Sub – total	16.881	18.269	19.734	21.546	23.640
xii] Deduct: Closing Stock – in - finished goods	0.00	0.00	0.00	0.00	0.00
xiii] Total Cost of Sales	16.881	18.269	19.734	21.546	23.640
6. Selling general and administrative expenses	1.786	1.977	2.190	2.426	2.688
7. SUB – TOTAL [5+6]	18.667	20.247	21.924	23.973	26.329
8. Operation profit before interest [3-7]	3.832	4.502	5.075	5.276	5.170
9. Interest	0.990	0.799	0.626	0.550	0.487
10. Operating profit after interest [8-9]	2.842	3.703	4.448	4.725	4.683
11. i] Add : other non-operating income	0.00	0.00	0.00	0.00	0.00
Sub – total [Income]	0.00	0.00	0.00	0.00	0.00
ii] Deduct other non-operating expenses	0.00	0.00	0.00	0.00	0.00
Sub total [Expenses]	0.00	0.00	0.00	0.00	0.00
iii] Net of other non-operating income / expenses	0.00	0.00	0.00	0.00	0.00
12. Profit before tax / Loss [10+11[iii]]	2.842	3.703	4.448	4.725	4.683
13. Provision for taxes	0.966	1.258	1.511	1.606	1.591
Partners Salary	0.00	0.00	0.00	0.00	0.00
14. Net profit / loss [12-13]	1.876	2.444	2.936	3.119	3.091
15 [a] Equity Dividend Paid	0.00	0.00	0.00	0.00	0.00
[b] Dividend Rate
16. Retained profit [14-15]	1.876	2.444	2.936	3.119	3.091
17. Retained profit / Net profit [%]	100%	100%	100%	100%	100%

ANALYSIS OF BALANCE SHEET

[Rs in Millions]

Particulars	Projected
	2008-09	2009-10	2010-11	2011-12	2012-13
CURRENT LIABILITIES
01 Short – Term borrowings from banks [including bill purchased, discounted and excess borrowings placed on repayment basis]
I] Cash Credit	2.282	2.282	2.282	2.282	2.282
Sub Total [A]	2.282	2.282	2.282	2.282	2.282
02 Short Term Borrowings from others	0.00	0.00	0.00	0.00	0.00
03 Sundry creditors [Trade]	1.842	2.017	2.193	2.369	2.545
04 Advance payments from customers / Deposits from dealers	0.00	0.00	0.00	0.00	0.00
05 Provision for tax [net of Tax paid]	0.00	0.00	0.00	0.00	0.00
06 Dividend and Dividend Tax payable	0.00	0.00	0.00	0.00	0.00
07 other statutory liabilities [due within one year]	0.00	0.00	0.00	0.00	0.00
08 Deposits / Installments of term loans / DPGs / debentures, etc [due within one year]	0.00	0.00	0.00	0.00	0.00
09 Other current liabilities and provisions [due within one year]	1.094	1.401	1.670	1.780	1.786
Sub – Total [B]	2.937	3.419	3.863	4.151	4.331
10 TERM LIABILITIES [Total of 1 to 9]	5.219	5.701	6.146	6.433	6.614
11 Debentures [not maturing within one year]	0.00	0.00	0.00	0.00	0.00
12 Preference Shares [Redeemable after 1 year]	0.00	0.00	0.00	0.00	0.00
13 Term loans [excluding installments payable within one year]	5.165	3.312	2.338	1.857	1.313
14 Deferred Sales Tax / Deferred Loan Deferred Payment Credit [Excluding installments due within one year]
15 Term deposit [repayable after one year]	0.00	0.00	0.00	0.00	0.00
16 other Term Liabilities	2.439	1.439	0.439	0.439	0.439
17 TOTAL TERM LIABILITIES [Total of 11 to 16]	7.604	4.751	2.777	2.296	1.752
18 TOTAL OUTSIDE LIABILITIES [10 + 17]	12.823	10.453	8.923	8.730	8.367
NET WORTH
19 Proprietor’s Capital Account	1.400	1.400	1.400	1.400	1.400
20 General Reserve	2.989	4.866	7.310	10.247	13.366
21 Revaluation Reserve	0.00	0.00	0.00	0.00	0.00
22 Other Reserves [Excluding provisions]	0.00	0.00	0.00	0.00	0.00
23 Surplus [+] or deficit [-] in Profit and Loss Account	1.876	2.444	2.936	3.119	3.091
	6.266	8.710	11.647	14.766	17.858
Less : Drawings	0.00	0.00	0.00	0.00	0.00
24 NET WORTH [19+23]	6.266	8.710	11.647	14.766	17.858
25 TOTAL LIABILITIES [18+24]	19.090	19.164	20.570	23.497	26.225
CURRENT ASSETS
26 Cash and Bank Balance	0.212	0.774	0.984	1.164	1.709
27 Investments [Other than long term investments] Government and other Trustee securities
I] Fixed deposit with bank	0.00	0.00	0.00	0.00	0.00
II] Share with Co-operative Bank
28 I] Receivables other than deferred and exports [Including bills purchased and discounted by banks]	5.625	6.187	6.750	7.312	7.875
II] Export receivables [Including bills purchased / discounted by banks]	0.00	0.00	0.00	0.00	0.00
29 Instalments of Deferred receivables [due within one year]	0.00	0.00	0.00	0.00	0.00
30 Inventory
I] Raw materials [Including stores and other items used in the process of manufacture]
Imported
Indigenous	0.928	1.012	1.096	1.181	1.265
II] Stock – in – process	0.00	0.00	0.00	0.00	0.00
II] Finished Goods	0.00	0.00	0.00	0.00	0.00
IV] Other consumable spares
Imported
Indigenous
31 Advances recordable in Cash or kind	0.00	0.00	0.00	0.00	0.00
32 Advance payment of taxes [NET]	0.00	0.00	0.00	0.00	0.00
33 Excise and Sales Tax Refund
Other current assets	0.250	0.00	0.00	0.00	0.00
34 TOTAL CURRENT ASSETS [Total of 26 to 33]	7.015	7.974	8.831	9.657	10.850
FIXED ASSETS
35 Gross Block	14.252	15.302	17.752	22.052	26.352
36. Depreciation to date	3.244	5.179	7.080	9.280	12.044
37 NET BLOCK [35-36]	11.007	10.123	10.672	12.771	14.308
OTHER NON – CURRENT ASSETS
38 Investments / book / debts / advances / deposits which are not Current Assts	0.00	0.00	0.00	0.00	0.00
I] [a] Others Investments in Subsidiary	0.00	0.00	0.00	0.00	0.00
[b] Others companies / affiliates	0.00	0.00	0.00	0.00	0.00
II] Advances to suppliers of capital goods and contractors
III} Deferred receivables [maturity exceeding one year]	0.00	0.00	0.00	0.00	0.00
IV] Others	1.067	1.067	1.067	1.067	1.067
39 Non consumables Stores and Spares	0.00	0.00	0.00	0.00	0.00
40 Other non – current assets including dues from directors	0.00	0.00	0.00	0.00	0.00
41 TOTAL OTHER NON – CURRENT ASSETS [total of 38 to 40]	1.067	1.067	1.067	1.067	1.067
42 Intangible assets [Patents, goodwill, prelim, expenses, bad / doubtful debts Not provided for etc.]	0.00	0.00	0.00	0.00	0.00
43 TOTAL ASSETS [Total of 34, 37, 41 and 42]	19.090	19.164	20.570	23.497	26.225
44 TANGIBLE NET WORTH [24-22]	6.266	8.710	11.647	14.766	17.858
45 NET WORKING CAPITAL	1.795	2.272	2.685	3.224	4.235
[17 + 24]-[37+41+42]
to tally with [34-10]
46 Current Ratio [Items 34/10]	1.34	1.40	1.44	1.50	1.64

FUND FLOW STATEMENT

[Rs in Millions]

Particulars	Projected
	2008-09	2009-10	2010-11	2011-12	2012-13
SOURCES
1 Net Profit [after tax]	1.876	2.444	2.936	3.119	3.091
[a] Depreciation	2.031	1.934	1.901	2.200	2.763
[b] Increase in [i] Partner’s Capital	[0.965]	[1.876]	[2.444]	[2.444]	[2.936]
[c] [ii] Other Term Liabilities	1.806	[1.000]	[1.000]	[1.000]	0.000
Increase in Unsecured Loans	0.00	0.00	0.00	0.00	0.00
[d] Increase in Deferred Payment Credits Decrease in	0.00	0.00	0.00	0.00	0.00
[e] Other non-current assets	1.000	0.00	0.00	0.00	0.00
Fixed Assets	0.00	0.00	0.00	0.00	0.00
[f] Others	0.00	0.00	0.00	0.00	0.00
[g] TOTAL	5.747	1.502	1.392	1.875	2.919
2 USES [a] Net Loss	0.00	1.852	0.974	1.455	1.024
[b] Decrease in Term Liabilities [Including A Closely Held Public Limited Liability Company Deposits]
[c] Increase in
Other Non Current Assets
Fixed Assets [Net]	5.175	1.050	2.450	6.750	8.600
[d] Dividend	0.00	0.00	0.00	0.00	0.00
[e] Others	0.00	0.00	0.00	0.00	0.00
[f] Total	5.175	1.050	2.450	6.750	8.600
3 Long – Term Surplus [+] / Deficit [-] [Item 1 minus Item 2]	0.573	[1.399]	[2.031]	[6.329]	[6.705]
4 Increase / Decrease in Current Assets [As per details given below]	2.441	0.958	0.857	1.683	2.018
5 Increase / Decrease in Current Liabilities other than bank borrowings.	0.652	0.482	0.444	0.731	0.467
6 Increase / Decrease in Working Capital Gap	1.788	0.476	0.412	0.951	1.550
7 Net Surplus [+] / Deficit [-] [Difference of 3 & 6]	[1.215]	--	[2.444]	[7.281]	[8.255]
8 Increase / Decrease in Bank Borrowings	0.250	--	--	--	--
	[0.965]	--	[2.444]	[7.281]	[8.255]
INCREASE / DECREASE IN NET SALES	3.881	2.250	2.250	4.500	4.500
BREAK UP OF [4]
[i] Increase / Decrease in raw Materials	0.569	0.084	0.084	0.168	0.168
[ii] Increase / Decrease stock – in – process	0.00	0.00	0.00	0.00	0.00
[iii] Increase / Decrease in Finished goods	0.00	0.00	0.00	0.00	0.00
[iii] Increase / Decrease in Receivables
[a] Domestic	2.006	0.562	0.562	1.125	1.125
[b] Exports	0.00	0.00	0.00	0.00	0.00
[v] Increase / Decrease in Store and Spares	0.00	0.00	0.00	0.00	0.00
[vi] Increase / Decrease in other Current Assets	[0.134]	0.312	0.210	0.390	0.724
	2.441	0.958	0.857	1.683	2.018

ANALYTICAL AND COMPARATIVE RATIO

[Rs in ‘000]

Particulars	Projected
	2008-09	2009-10	2010-11	2011-12	2012-13
1 Net Sales	22500.00	24750.00	27000.00	29250.00	31500.00
2 %age rise [+] or fall [-] in net sales during the year as compared to the previous year	20.85%	10.00%	9.09%	8.83%	7.69%
3 Profit Before Tax [+] or Loss [-]	2842.80	3703.17	4448.27	4725.80	4683.47
4 Net Profit After Tax [+] or Loss [-]	1876.53	2444.47	2936.30	3119.50	3091.56
4 Equity Dividend Declared	0.00	0.00	0.00	0.00	0.00
Equity Dividend Paid [Drawings]
Rate % of [a]
Rate % of [b]
6 Retained Profit	1876.53	2444.47	2936.30	3119.50	3091.56
7 Retained Profit % of Net Profit	100.00 %	100.00 %	100.00 %	100.00 %	100.00 %
8 Raw Materials [including stores and other items used in the process of manuf Imported and Indigenous]	928.13	1012.50	1096.88	1181.25	1265.63
[a] [Day’s Consumption]	[1.00]	[1.00]	[1.00]	[1.00]	[1.00]
9 Other consumable stores	0.00	0.00	0.00	0.00	0.00
10 Stock – in Process [Month’s Cost of Production]	0.00	0.00	0.00	0.00	0.00
11 Finished Goods [Month’s Cost of sales]	0.00	0.00	0.00	0.00	0.00
12 [i] Receivable other than deferred and export receivables [including bills purchased and discounted by Bankers]	5625.00	6187.00	6750.00	7312.50	7875.00
How many months domestic sales other than sales on deferred payment basis do these represent	[3.00]	[3.00]	[3.00]	[3.00]	[3.00]
13 Sundry Creditors [Trade]	1842.19	2017.97	2193.75	2369.53	2545.31
How many months purchases do these represent	[1.64]	[1.63]	[1.63]	[1.62]	[1.62]
14 Net Working Capital	1.795	2.272	2.685	3.224	4.2235
15 Current Ratio	1.34	1.40	1.44	1.50	1.64
16 Tangible Net Worth	6266.27	8710.74	11647.04	14766.54	17858.10
Total Outside Liabilities
17 [a] Tangible Net Worth	2.05	1.20	0.77	0.59	0.47
[b] Total Term Liabilities / Tangible Net Worth	1.21	0.55	0.24	0.16	0.10
18 Bank Borrowings / Total Outside Liabilities	0.18	0.22	0.26	0.26	0.27

BALANCE SHEET AS AT

[Rs in Millions]

Particulars	Projected
	2008-09	2009-10	2010-11	2011-12	2012-13	2013-14
SOURCES OF FUNDS
Capital	6.266	8.710	11.647	14.766	17.858	21.648
Term Loan	5.165	3.312	2.338	1.857	1.313	0.697
Bank C/C	2.282	2.282	2.282	2.282	2.282	2.287
Unsecured Loans	2.439	1.439	0.439	0.439	0.439	0.439
TOTAL FUND	16.153	15.745	16.707	19.346	21.893	25.068
APPLICATION OF FUNDS
FIXED ASSETS	11.007	10.123	10.672	12.771	14.308	12.120
INVESTMENT	1.067	1.067	1.067	1.067	1.067	1.067
CURRENT ASSETS
Inventories
Raw Materials	0.928	1.012	1.096	1.181	1.265	1.350
Sundry Debtors	5.625	6.187	6.750	7.312	7.875	8.437
Cash & Bank Balances	0.212	0.774	0.984	1.164	1.709	6.981
Other Current Assets	0.250	0.000	0.000	0.000	0.000	0.000
TOTAL CURRENT ASSETS	7.015	7.973	8.830	9.657	10.849	16.768
						28.889
CURRENT LIABILITIES
Sundry Creditors	1.842	2.017	2.193	2.369	2.545	2.721
Outstanding Expenses	1.094	1.401	1.670	1.781	1.786	2.167
Other Current Liabilities	0.00	0.00	0.00	0.00	0.00	0.00
TOTAL CURRENT LIABILITIES	2.936	3.418	3.863	4.150	4.331	4.888
NET WORKING CAPITAL	4.078	4.558	4.967	5.506	6.518	11.880
TOTAL DEPLOYMENT OF FUNDS	16.153	15.745	16.707	19.346	21.893	25.068

PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED

[Rs in Millions]

Particulars	Projected
	2008-09	2009-10	2010-11	2011-12	2012-13	2013-14	2014-15
INCOME
36.000Total Revenues	22.500	24.750	27.000	29.250	31.500	33.750	36.000
Other Income
TOTAL INCOME	22.500	24.750	27.000	29.250	31.500	33.750	36.000
EXPENDITURE
Material Consumption	10.125	11.137	12.150	13.162	14.175	15.187	16.200
Direct labour and Manufacturing Overheads	3.375	3.712	4.050	4.387	4.725	5.062	5.400
Salary and Wages	1.350	1.485	1.633	1.796	1.976	2.174	2.391
Other Costs	1.786	1.977	2.190	2.426	2.688	2.980	3.304
Interest on Term Loan	0.704	0.514	0.341	0.265	0.201	0.129	0.048
Interest on C/C	0.285	0.285	0.285	0.285	0.285	0.285	0.285
Depreciation	2.031	1.934	1.901	2.200	2.763	2.187	1.798
Sub Total	19.657	21.046	22.551	24.524	26.816	28.007	29.428
PROFIT BEFORE TAX	2.842	3.703	4.448	4.725	4.683	5.742	6.571
Taxes @ 30 %	0.966	1.258	1.511	1.606	1.591	1.951	2.233
PROFIT AFTER TAX	1.876	2.444	2.936	3.119	3.091	3.790	4.337

RATIO ANALYSIS

[Rs in ‘000]

Particulars	Projected
	2008-09	2009-10	2010-11	2011-12	2012-13
DEBT SERVICE COVERAGE RATIO
TOTAL AVAILABLE FUNDS FOR REPAYMENT OF DEBT
NET PROFIT	1876.53	2444.47	2936.30	3119.50	3091.56
DEPRECIATION	2031.05	1934.56	1901.07	2200.11	2763.95
INTEREST ON TERM LOAN	704.82	514.33	341.53	265.37	201.76
TOTAL	4612.40	4893.36	5178.89	5584.99	6057.26
TOTAL DEBT REPAYMENT
INTEREST ON TERM LOAN	704.82	514.33	341.53	265.37	201.76
LOAN REPAYMENT	1331.00	1852.32	974.58	480.44	544.05
TOTAL	2035.82	2366.66	1316.11	745.81	745.81
DEBT SERVICE COVERAGE RATIO	2.27	2.07	3.94	7.49	8.12
AVG DSCR [PROJECTED]	3.94
CURRENT RATIO
CURRENT ASSETS – I	7015.24	7974.11	8831.44	9657.97	10850.00
CURRENT LIABILITIES – II	5219.72	5701.89	6146.43	6433.78	6614.36
CURRENT RATIO [I / II]	1.34	1.40	1.44	1.50	1.64

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.42.59
UK Pound	1	Rs.84.16
Euro	1	Rs.65.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		36

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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