MIRA INFORM REPORT

Report Date :

09.06.2008

IDENTIFICATION DETAILS

Name :	MANACO EXIM PRIVATE LIMITED
Registered Office :	D-3, 2^nd Floor, 21/22, 1^st Cross Street, Off TTK Road, Alwerpet, Chennai – 600018, Tamilnadu
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	10.05.1994
Com. Reg. No.:	027512
CIN No.: [Company Identification No.]	U51101TN1994PTC027512
TAN No.: [Tax Deduction & Collection Account No.]	CHEM02331A
Legal Form :	Private Limited Liability Company
Line of Business :	Importer of all types coated papers and board.

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 26000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well – established and reputed company meeting its normal commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings.

INFORMATION PARTED BY

Name :	Mr. Chandra Shekhar
Designation :	Finance Director
Contact No.:	91-9840318886
Date :	09.06.2008

LOCATIONS

Registered Office :	D-3, 2^nd Floor, 21/22, 1^st Cross Street, Off TTK Road, Alwerpet, Chennai – 600018, Tamilnadu, India
Tel. No.:	91-44-24359427
Mobile No.:	91-9840175558
Fax No.:	91-44-24345032
E-Mail :	manaco@vsnl.com manaco.exim@gmail.com
Area :	1500 sq. ft.
Location :	Rented
Warehouse :	Madhavram, Near to Chennai, India
Area :	5000 sq. ft.
Location :	Rented

DIRECTORS

Name :	Mrs. Geetha Bhupatrai
Designation :	Director
Address :	1A, Velliyam Road, Kotturpuram, Chennai – 600085, India
Date of Birth/Age :	12.09.1951
Date of Appointment :	10.05.1994
Name :	Mrs. Priti Hiren Shah
Designation :	Director
Address :	Waikiki Flat No.207, 3^rd Floor, No.289 Purasawalkam High Road, Vepery, Chennai – 600007m India
Date of Birth/Age :	19.11.1965
Date of Appointment :	10.05.1994
Name :	Mr. Hiren Shah
Designation :	Director
Address :	Waikiki Flat No.207, 3^rd Floor, No.289 Purasawalkam High Road, Vepery, Chennai – 600007m India
Date of Birth/Age :	17.07.1960
Qualifications :	Graduate
Date of Appointment :	10.05.1994
Name :	Mr. B. Ramanlal
Designation :	Director
Address :	1A, Velliyam Road, Kotturpuram, Chennai – 600085, India
Date of Birth/Age :	31.10.1946
Qualifications :	Graduate
Date of Appointment :	01.07.1995
Name :	Mr. Chandrashekhar
Designation :	Director
Address :	No.1, 23^rd Street, Nangalore, Chennai – 600061, India
Date of Birth/Age :	28.11.1957
Qualifications :	Graduate, Chartered Accountant
Date of Appointment :	01.02.1999

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 29.09.2005)

Names of Shareholders	No. of Shares
Mrs. Geetha Bhupatrai	4957
Mrs. Priti Hiren Shah	4958
Mr. Ashok L. Vyas	150
Mr. Dhhimant T. Shah	150
Total	10215

(As on 31.03.2007)

Category	Percentage
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Importer of all types coated papers and board.
Products :	· Label Paper · C2s art Paper/ Boards · Packaging Papers/Boards · Metallized Papers · Metallic Papers/ Boards · Cast Coated Papers/ Boards · Sticker Adhesive Papers
Imports :
Countries :	· USA · Italy · Spain · Indonesia · Taiwan · Japan
Terms :
Selling :	Credit (60-90 days)
Purchasing :	L/C CDA/ DP

GENERAL INFORMATION

Customers :	· Wholesalers · Printers
No. of Employees :	10
Bankers :	· State Bank of India · Standard Chartered Bank Mylapore Branch, Chennai, India · Union Bank of India No.67, Chamiens Road Branch, Alwarpet, Chennai - 600018, India
Facilities :	Rs.15.000 Millions From Standard Chartered Bank Rs.8.000 Millions From Union Bank of India Rs.23.000 Millions Total

Banking Relations :	Satisfactory
Auditors :
Name :	Chandran and Raman Chartered Accountant
Address :	Paragon, No.2 Dr. Radhakrishnan Road, 2^nd Street, Mylapore, Chennai – 400004, Tamilnadu, India
Associates/Subsidiaries :	Manaco Anergy Solutions Private Limited Every Saving Equipments www.mes.co.in A-16 and D-3, 2^nd Floor, 21/22, 1^st Cross Street, Off TTK Road, Alwerpet, Chennai – 600018, Tamilnadu, India

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10220	Equity Shares	Rs.100/- each	Rs.1.022 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		1.022	1.022	1.022
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.275	0.591	0.000
4] (Accumulated Losses)		0.000	0.000	(0.626)
NETWORTH		5.297	1.613	0.396
LOAN FUNDS
1] Secured Loans		1.407	3.133	0.956
2] Unsecured Loans		2.988	5.635	4.835
TOTAL BORROWING		4.395	8.768	5.791
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		9.692	10.381	6.187
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.136	1.388	1.745
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.360	0.360	0.000
DEFERREX TAX ASSETS		0.207	0.177	0.129
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.550	18.495	17.445
	Sundry Debtors	16.973	7.736	1.761
	Cash & Bank Balances	0.759	0.478	0.494
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.850	8.508	4.190
Total Current Assets		33.132	35.217	23.890
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	23.406	25.996	19.421
	Provisions	1.737	0.765	0.156
Total Current Liabilities		25.143	26.761	19.577
Net Current Assets		7.989	8.456	4.313
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		9.692	10.381	6.187

KEY RATIOS

PARTICULARS	31.03.2007	31.03.2006	31.03.2005
Debt Equity Ratio (Total Liability/Networth)	5.58	22.03	64.06
Current Ratio (Current Asset/Current Liability)	1.32	1.31	1.22

LOCAL AGENCY FURTHER INFORMATION

Trade Reference:

· Olyphrmic Cards Limited, Chennai

· Dutta Press, New Delhi

· Narayana Offset works, Nagpur

· Manipal Press, Bangalore

Form 8:

Name of the company	MANACO EXIM PRIVATE LIMITED
Presented By	Fiat Sundaram Auto Finance Limited, No.21 Patullos Road, Chennai – 600002, India
1) Date and description of instrument creating the change	Loan Agreement Dated 23.03.2002 Loan Agreement No. HC – 0178
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 0.362 Million Including Finance Charge of Rs.0.062 Million
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	On the security of 1 No. Fiat Palio Car 2002 Model Bearing E. No.0514719, Ch. No.8023741 as mentioned in the 1^st Schedule of the enclosed copy of the loan agreement.
4) Gist of the terms and conditions and extent and operation of the charge.	The total amount of Rs.0.360 Million is repayable in 36 monthly installment as follows: - The 1^st installment of Rs.0.010 Million and the rests of the 35 monthly installment of Rs.0.010 Million each, the 1^st hire money falls due on 23.03.2002
5) Name and Address and description of the person entitled to the charge.	Fiat Sundaram Auto Finance Limited No. 21 Patullos Road, Chennai – 600002, India
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

Corporate identity number (CIN) Foreign company registration number

U51101TN1994PTC027512

Name of the Company

MANACO EXIM PRIVATE LIMITED

Address

D-3, 2^nd Floor, 21/22, 1^st Cross Street, Off TTK Road, Alwerpet, Chennai – 600018, Tamilnadu

This form is for

Modification of Charge

Type of Charge

Book Debts

Movable Property (not being pledge)

Particulars of the charge holder

Union Bank of India

Chamiers Road Branch, No.67, Chamiers Road, Alwarpet, Chennai – 600018, India

chennai.ssandco@vsnl.net

Nature or description of the instrument(s) creating or modifying the charge

Hypothecation Agreement of Goods and Debts (SD-06) for Rs.4.000 Millions

Hypothecation of Agreement of Goods and Debts (SD-06) for Rs.4.800 Millions

Both dated 30.06.2007 and relate to one and the same modification.

Date of the instrument creating or modifying the charge

30.06.2007

Amount secured by the charge

Rs.8.800 Millions

Brief particulars of the principal terms and conditions and extent and operation of the charge

Rate of Interests :

Interests @1% p.a. above BPLR, Presently 14.25% p.a. monthly rests

Terms of Repayment:

Working Capital Repayable on Demands

Margin:

For CC (Hypothecation) Stock 25%, Book Debts 50%

Import LC: Cash Margin – 25%

Extent and Operation of the Charge:

The charges on the Hypothecation assets of the company shall continue to be held as security for the due repayment of the present enhanced credit limit of Rs.8.800 Millions together with interests, Costs, Charges and Other expenses by the company to the Bank as recorded in the Book Debts of Accountant of the Bank.

Others:

The Overall Credit Limit of Rs.8.800 Millions Companies of:

Cash Credit (Hypothecation): Rs.4.800 Millions

(Enhanced from Rs.3.500 Millions)

Import LC : Rs.4.000 Millions

(Enhanced from Rs.2.000 Millions)

Short particulars of the property charged (including location of the property)

Hypothecation of all types of Coated paper, paperboard, synthetic paper etc., and all stocks such as raw materials, semi finished and finished goods, consumable stores/ spares, movable property of any kind, present and future book debts, outstanding moneys, deposits receivable claims, bills, contract securities, investment stocks and book debts etc. Held at New No.71 Linghi Chetty Chennai 01 (Ground Floor) and Continental ware housing corporation NDR Estates, GNT Road, Madhavaram, Chennai – 110, India

Particular of the present modification

By the present modification, the credit facility sanctioned to the company has now been enhanced from Rs.5.500 Millions to Rs.8.800 Millions as hereunder:

(Rs. In Millions)

Facility	Existing	Revised
Cash Credit	3.500	4.800
Import LC	2.000	4.000
Total	5.500	8.800

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.42.79
UK Pound	1	Rs.83.77
Euro	1	Rs.66.71

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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