MIRA INFORM REPORT

Report Date :

05.08.2011

IDENTIFICATION DETAILS

Name :	PITAMBARI PRODUCTS PRIVATE LIMITED (w.e.f.27.05.2003)
Formerly Known As :	PITAMBARI MARKETING PRIVATE LIMITED (w.e.f.21.07.1999) MHALSA SALES COMPANY PRIVATE LIMITED
Registered Office :	3^rd Floor, Hemendra Apartment, Gokhale Road, Thane-400602, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	07.04.1989
Com. Reg. No.:	11-051314
Capital Investment / Paid-up Capital :	Rs. 11.179 millions
CIN No.: [Company Identification No.]	U24239MH1989PTC051314
TAN No.: [Tax Deduction & Collection Account No.]	PNEP07752D
PAN No.: [Permanent Account No.]	AABCM1570F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Home care and healthcare products like copper and braos shine powder, detergent powder, toilet cleaner, pain relief oil etc.
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 26000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Umesh Pawar
Designation :	Sales and Marketing Manager
Contact No.:	91-9820158509
Date :	04.08.2011

LOCATIONS

Registered Office :	3^rd Floor, Hemendra Apartment, Gokhale Road, Thane-400602, Maharashtra, India
Tel. No.:	91-22-67035555 / 5640
Mobile No.:	91-9820158509 (Mr. Umesh Pawar)
Fax No.:	91-22-25396848
E-Mail :	shining@pitambari.com sales@pitambari.com
Website :	www.pitambari.com
Location :	Owned
Factory :	Located At · Tamil Nadu · Himachal Pradesh · Baroda

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Ravindra Vaman Prabhudesai
Designation :	Director
Address :	B/1/2,3, Vikas Complex, Meena Tai Thakre, Chowk, Agra Road, Thane-400601, Maharashtra, India
Date of Appointment :	07.04.1989
DIN No :	02141873
Name :	Ms. Vrushali Ravindra Prabhudesai
Designation :	Director
Address :	B/1/2,3, Vikas Complex, Meena Tai Thakre, Chowk, Agra Road, Thane-400601, Maharashtra, India
Date of Appointment :	28.04.2011
DIN No :	02142010
Name :	Mr. Ajay Arvind Joshi
Designation :	Director
Address :	Swami Narayan Bhuvan, Kharkar Ali, Thane-400601, Maharashtra, India.
Date of Appointment :	01.07.2010
DIN No :	03125616

KEY EXECUTIVES

Name :	Mr. Umesh Pawar
Designation :	Sales and Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Ravindra Vaman Prabhudesai	110452
Vrushali Ravindra Prabhudesai	1286
Ajay Arvind Joshi	10
Total	111748

AS ON 30.09.2010

Names of Preference Shareholders	No. of Shares
A. G. Palsule	1
Abhishek V. Sathe	1
Chandrashekhar V. Pore	1
Deepali Bhoir	1
Gandhavati G. Tambe	1
Gangadhar B. Joshi	1
Jayant H. Ranade	1
Suchitra J. Ranade	1
Padmabai Ranade	1
Sulbha. S. Ranade	1
Dinesh S. Ranade	1
Kalpana Chitale	1
M. Suseela K. Murugesan	1
Padmaja Pote	1
Rajani Ramesh Salunkhe	1
Rohit Ramesh Salunkhe	1
Ramchandra Acharya	1
Rashmi Bhaskar Sathe	1
Sanjiv G. Vaze	1
Madhavi S. Vaze, Varun S. Vaze	1

AS ON 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Home care and healthcare products like copper and braos shine powder, detergent powder, toilet cleaner, pain relief oil etc.
Exports :
Products :	· Healthcare and Home Care Products
Countries :	· Gulf Countries · South East Countries
Terms :
Selling :	L/C, Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Customers :

· Wholesalers

· End Users

No. of Employees :

600 (Approximately)

Bankers :

· The Thane Janata Sahakari Bank Limited, Anant Laxmi Chambers, Naupada Branch, Thane-400602, Maharashtra, India

· ICICI Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
The Thane Janata Sahakari Bank Limited [Term loan secured by mortgage of Factory Building, Car, hypothecation of machinery and personal guarantee of directors]
For Hypothecation of Machinery	1.210	7.226
For Property	16.227	23.195
For Property from DHFL	7.394	8.302
For Vehicles	2.175	0.803
For Working Capital Term Loan	13.994	9.765
For Vehicles – ICICI Bank Limited	0.000	0.043
From LIC (Keyman Policy)	10.341	7.518
Cash Credit Account (Secured by hypothecation of Stocks and Book Debts and Personal Guarantee of the Directors)
The Thane Janata Sahakari Bank Limited	35.509	33.665
Total	86.850	90.517
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Deposit from Shareholders	8.785	5.885
For Working Capital Term Loan – Kotak	0.282	2.487
Total	9.067	8.372

Banking Relations :	--
Auditors :
Name :	Joshi and Karandikar Chartered Accountant
Address :	A/4, Sanmitra Cooperative Housing Society, M.G. Road, Thane-400602, Maharashtra, India
PAN No.:	AAAFJ9154G

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
124950	Equity Shares	Rs.100/- each	Rs. 12.495 Millions
50	Preference Shares	Rs. 100/- each	Rs. 0.005 million
	Total		Rs. 12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
111748	Equity Shares	Rs.100/- each	Rs. 11.175 Millions
45	Preference Shares	Rs. 100/- each	Rs. 0.004 millions
	Total		Rs. 11.179 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		11.179	8.679	8.679
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12.667	12.667	12.667
4] (Accumulated Losses)		(17.140)	(38.076)	(8.289)
NETWORTH		6.706	(16.730)	13.057
LOAN FUNDS
1] Secured Loans		86.850	90.517	85.340
2] Unsecured Loans		9.067	8.372	7.459
TOTAL BORROWING		95.917	98.889	92.799
DEFERRED TAX LIABILITIES		3.383	2.731	3.079
TOTAL		106.006	84.890	108.935
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		67.607	76.009	75.584
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.965	1.043	0.492
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	34.094	20.959	26.544
	Sundry Debtors	74.323	65.748	51.647
	Cash & Bank Balances	6.647	7.899	17.869
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	29.516	25.210	23.522
Total Current Assets		144.580	119.816	119.582
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	58.626	68.842	43.828
	Other Current Liabilities	27.785	29.438	29.850
	Provisions	20.735	13.788	13.224
Total Current Liabilities		107.146	112.068	86.902
Net Current Assets		37.434	7.748	32.680
MISCELLANEOUS EXPENSES		0.000	0.000	0.179
DIFFERED MERGER EXPENSES		0.000	0.090	0.000
TOTAL		106.006	84.890	108.935

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
GROSS SALES	508.507	403.037	471.712
PROFIT BEFORE TAX	20.960	(30.036)	(5.958)
EXPORT VALUE	1.068	0.597	0.374

Particulars	31.03.2011
Sales Turnover (Approximately)	580.000

Expected Sales (2011-2012) : Rs. 780.000 Millions.

The above information has been parted by Mr. Umesh Pawar.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	4.12	(7.45)	1.26
Return on Total Assets (PBT/Total Assets}	(%)	9.88	(15.34)	(3.05)
Return on Investment (ROI) (PBT/Networth)		3.13	1.80	(0.46)
Debt Equity Ratio (Total Liability/Networth)		30.78	(12.77)	14.00
Current Ratio (Current Asset/Current Liability)		1.35	1.07	1.38

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

During the current year, the company has achieved 26.20% growth in Gross Sales as in the current year a gross sale was Rs. 508.507 millions as against Rs. 403.037 millions in the last year. During the year Company has posted profit of Rs. 20.960 millions compared to the last year Loss of Rs. 30.036 millions, me Company has taken various remedial steps to increase its performance as a result of which the Company has achieved to generate profits as against previous year's losses, the Board of Directors is committed towards achieving further heights of growth and prosperity in the near future.

FORM 8

Corporate identity number of the company	U24239MH1989PTC051314
Name of the company	PITAMBARI PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	3^RD Floor Hemendra Apartment, Gokhale Road, Thane-400602, Maharashtra, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	The Thane Janata Sahakari Bank Limited, Anant Laxmi Chambers, Naupada Branch, Thane-400602, Maharashtra, India
Nature of instrument creating charge	Deed of hypothecation.(for vehicle advance)
Date of instrument Creating the charge	10.06.2011
Amount secured by the charge	Rs. 2.800 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Floating rate of interest at 150 basis points below PLR of 14.50% p.a. {present applicable ROI of 13.00 P.A.} Terms of repayment Loan is repayable in 61 months in 60 monthly installments. Margin 30% Extent and operation of the charge Charge Is Created For Hypothecation of Tata and other Vehicles In Favour of The Bank.
Short particulars of the property charged (Including location of the property)	Charge is secured against hypothecation of Tata and other vehicles to be purchased in favour of the bank more particularly described in the said hypothecation agreement.

FIXED ASSETS

· Goodwill

· Accounting Machines

· Borewell

· Computers

· Factory

· Furniture and Fixtures

· Furniture and Fixtures

· Office Equipments

· Office Premises

· Plant and Machinery

· Vehicle

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	Rs. 44.41
UK Pound	1	Rs. 72.69
Euro	1	Rs. 63.55

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.