MIRA INFORM REPORT

Report Date :

27.04.2011

IDENTIFICATION DETAILS

Name :	MITSU INKS PRIVATE LIMITED

Registered Office :	Shop 12, Gurudev Commercial Complex, Opposite Jay Tower, Imran Nagar, Vapi-396195, Gujarat

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	03.04.2009

Com. Reg. No.:	04-056532

CIN No.: [Company Identification No.]	U24223GJ2009PTC056532

Legal Form :	Private Limited Liability Company.

Line of Business :	Manufacturer, Exporter, Importer of Mitsu-DX Digital Ink Series and Inkjet Ink Series

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING

STATUS

PROPOSED CREDIT LINE

11-25

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

Status :	New Company

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is a new company and establishing itself gradually. Business is active. Payments are unknown. The company can be considered for business dealings on a secured trade terms and conditions. The profit and loss of the company is not available.

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 – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

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

INFORMATION PARTED BY

Name :	Ms. Kripa
Designation :	Accountant
Date :	26.04.2011

LOCATIONS

Registered Office :	Shop 12, Gurudev Commercial Complex, Opposite Jay Tower, Imran Nagar, Vapi-396195, Gujarat, India
Tel. No.:	91-260-26533757
Mobile No.:	91-9825139892/9099925692
Fax No.:	91-260-22410492
E-Mail :	mitsuinks@yahoo.in subuji@gmail.com h.belim@mitsudx.com k.singh@mitsudx.com
Website :	www.mitsuink.tradeinida.com
Location :	Owned

Factory :	Plot No-19, Laghu Udyog Sahkari Mandli Bhilad, Gujarat, India
Tel. No.:	91-260-6533758
Mobile No.:	91-9825139892/9099925692
Fax No.:	91-260-2410492
Location :	Owned

Branches :	Located at: Delhi (Pahar Gunj) Maharashtra (Dahisar)
Location :	Rented

DIRECTORS

As On 30.09.2010

Name :	Mrs. Bilkisbanu Hanif Belim
Designation :	Director
Address :	306, Titupati Apartments, At Bhilad, Valsad-396195, Gujarat, India
Date of Birth/Age :	06.02.1970
Qualification :	House Wife
Date of Appointment :	03.04.2009
DIN No.:	02524673

Name :	Mr. Hanif Abdula Belim
Designation :	Director
Address :	12 Gurudev Complex, Imran Nagar, Vapi – 396102, Gujarat, India
Date of Birth/Age :	14.09.1966
Qualification :	Chemical Engineer
Experience :	20 Years
Date of Appointment :	03.04.2009
DIN No.:	02525011

Name :	Ms. Poonam P Gungliya
Designation :	Director
Address :	12 Gurudev Complex, Imran Nagar, Vapi – 396102, Gujarat, India
Date of Birth/Age :	06.02.1970
Date of Appointment :	04.04.2009

KEY EXECUTIVES

Name :	Ms. Kripa
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 30.09.2010

Names of Shareholders		No. of Shares
Hanif A Belim		495000
Bilkisbanu H Belim		5000
Total		500000`

As On 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter, Importer of Mitsu-DX Digital Ink Series and Inkjet Ink Series

Products :	PVC Inks Batch Coding Inks HDPE Coding Woven Sac Inks Water Based Inks Solvent Based Inks Flexo/ Gravure Inks Multi-gloss Flexo Poly Inks Oil Packing Inks Reverse Printing Lamination Ink Polyester Films Lamination Inks High Bond Lamination Inks Gravure BOPP Inks PVC Film Printing Inks Two Pack Ultra Gloss Poly Inks Lamination Inks PE Inks BOPP Inks Heat Resist Foil Inks Heat Resists Glassine Paper Inks Surface Printing Inks for Polyethylene Substrates Solvent Based Gravure Inks Reverse Printing Laminatable Inks Multi-Purpose Bag Inks Surface Printing Inks High Gloss Inks Inks for Packing Carton Transparent Inks Inks for Freezer Packaging Metalic Inks Gravure Inks Gold Ink and Silver Inks Flexo Inks All types of Metalic Gold and Silver Inks UV Resistant Tape Testing Ink PCB Ink Fabric Inks Solvent Based (Pigment based) Digital Inks Heat Resistance Inks

Exports :
Products :	Printing Inks
Countries :	UAE Egypt Taiwan

Imports :
Products :	Raw material
Countries :	China UK

Terms :
Purchasing :	Credit

GENERAL INFORMATION

Customers :

Wholesalers
OEM’s

No. of Employees :

19 (5 – In Office + 10 – In Factory + 4 – In Branch)

Bankers :

IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India
IDBI Bank Limited, Vapi, Gujarat, India

Facilities :

Credit Limit: Rs. 10.000 Millions (IDBI Bank Limited, Vapi, Gujarat, India)

Secured Loans	31.03.2010 (Rs. In Millions)
From IDBI Bank	12.586
From Sundaram Finance	0.176
Total	12.762

Unsecured Loans	31.03.2010 (Rs. In Millions)
From Directors	0.024
Total	0.024


Banking Relations :	--

Auditors :
Name :	Krishnand and Company Chartered Accountant
Address :	C-5/21 Raj Shopping Center, GIDC Charaste, Vapi – 396195, Gujarat, India
Pan No.:	AAEFK1891M

Associates/Subsidiaries :	Metrochem Industries Address: Vapi, Gujarat, India Line of Business: Manufacturers of Liquid soap and other house keeping items Mitsu Marketing Address: Vapi, Gujarat, India Line of Business: Trading in Safety Items

CAPITAL STRUCTURE

As On 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount

500000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

500000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5.000
2] Share Application Money		0.000
3] Reserves & Surplus		0.054
4] (Accumulated Losses)		0.000
NETWORTH		5.054
LOAN FUNDS
1] Secured Loans		12.762
2] Unsecured Loans		0.024
TOTAL BORROWING		12.786
DEFERRED TAX LIABILITIES		0.000

TOTAL		17.840

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		4.742
Capital work-in-progress		0.000

INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.093
	Sundry Debtors	5.531
	Cash & Bank Balances	0.077
	Other Current Assets	0.000
	Loans & Advances	1.332
Total Current Assets		15.033
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.779
	Other Current Liabilities	0.006
	Provisions	0.150
Total Current Liabilities		1.935
Net Current Assets		13.098

MISCELLANEOUS EXPENSES		0.000

TOTAL		17.840

KEY RATIOS

PARTICULARS				31.03.2010
Debt Equity Ratio (Total Liability/Networth)				2.91

Current Ratio (Current Asset/Current Liability)				7.77

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office of the company has been shifted form B-306, Tirupathi Co -Operative Society, Near Bank of Baroda, Bhilad-396195, Gujarat, India to present address w.e.f. 01.07.2009

Form 8:

Corporate identity number of the company

U24223GJ2009PTC056532

Name of the company

MITSU INKS PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

Shop 12, Gurudev Commercial Complex Opp Jay Tower, Imran Nagar Vapi - 396195, Gujarat, India

This form is for

Creation of charge

Type of charge

Book Debts

Movable Property

Floating Charge

Particular of charge holder

Name :	IDBI Bank Limited
Address :	IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Email :	madan.tambekar@idbi.co.in

Nature of instrument creating charge

Loan Cum Hypothecation Agreement

Date of instrument Creating the charge

30.09.2010

Amount secured by the charge

Rs. 9.600 Millions

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

Rate of Interest - Cash Credit Limitof Rs. 6.000 Lakhs And Working Capital Term Loan Limit Of Rs. 3.600 Lakhs @Bbr+5.75% (Present Bbr Being At 8.00%) Payable At Monthly Rest On Last Working Day Of Every Month.

Terms of Repayment - For Cash Credit Limit - Amount Payable On Demand And Renewable After 12 Months.

For Working Capital Term Loan - For A Tenure Of 6 Months, Monthly Installment Of Rs. 0.624 million

Margin - 25% on Stock and 40% on Book debts (upto 90 days)

Extent and Operation of the charge - The charge will be continuing on the security provided on loan amount

Particulars of the property charged

Plot No. 19, Laghu Udhog Sahakari Mandli, Bhilad

Bungalow At Plot No. 9, Apsana Market, Opp. Sahara Market, Vapi

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.44.59
UK Pound	1	Rs.73.43
Euro	1	Rs.64.81

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	2
--CREDIT LINES	1~10	--
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		14

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

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