MIRA INFORM REPORT

Report Date :

16.08.2011

IDENTIFICATION DETAILS

Name :	PRASAD FILM LABS (MUMBAI) PRIVATE LIMITED
Formerly Known As :	OCEANIC RUBBER INDUSTRIES PRIVATE LIMITED
Registered Office :	99/100, 16^th Road, MIDC, Marol, Andheri, Mumbai – 400 093, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	22.05.1973
Com. Reg. No.:	11-16559
Capital Investment / Paid-up Capital :	Rs.2.000 millions
CIN No.: [Company Identification No.]	U25110MH1973PTC016559
Legal Form :	Private Limited Liability Company
Line of Business :	Service Provider for Processing Films.
No. of Employees :	120 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 500000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

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. Sanjay
Designation :	Account Department

LOCATIONS

Registered Office :	99/100, 16^th Road, MIDC, Marol, Andheri, Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-28259623 / 28259624 / 28259625 / 28259626 / 27
Fax No.:	91-22-28259621
E-Mail :	sachinp@efxmagic.com inaidu@prasadlab.com sanjayc@prasadlab.com admin@prasadlab.com
Website :	http://www.prasadlab.com/
Location :	Owned
Film Laboratories :	Located at · Chennai · Hyderabad · Mumbai · Bangalore · Bhuvaneswar · Thiruvananthapuram

DIRECTORS

As on 20.08.2010

Name :	Mr. Sai Prasad Akkeneni
Designation :	Director
Address :	208, (Old 288), TTK Road, Alwarpet, Chennai – 600 018, Tamilnadu, India
Date of Birth/Age :	05.07.1964
Date of Appointment :	03.09.2004
DIN No. :	00017623
Name :	Mr. Ramesh Akkeneni
Designation :	Director
Address :	No. 208, (Old 288), TTK Road, Alwarpet, Chennai – 600 018, Tamilnadu, India
Date of Birth/Age :	30.09.1936
Date of Appointment :	28.12.2001
DIN No. :	00212124
Name :	Mr. Maganti Paratpara Rao
Designation :	Director
Address :	768, Munuswami Salai, Kalaignar, Karunanidhi Nagar (West), Chennai – 600 078, Tamilnadu, India
Date of Birth/Age :	12.06.1930
Date of Appointment :	04.09.2006
Date of Ceasing :	16.06.2010
DIN No. :	00040270
Other Directorship :	· Name of the company: Ojas Infotech Private Limited CIN of Company: U72200TN2002PTC048717 Designation: Director · Name of the company: Prasad Productions Private Limited CIN of company: U92490TN1956PTC003433 Designation: Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.08.2010

Names of Shareholders	No. of Shares
Prasad Production Private Limited, India	19999
Ramesh Akkeneni	1
Total	20000

As on 20.08.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.99
Directors or relatives of directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Service Provider for Processing Films.
Services :	· Processing of Film Negatives. · Processing of Film Positives. · Other Post Production Activities.

GENERAL INFORMATION

No. of Employees :

120 Approximately

Bankers :

· Central Bank of India

Corporate Finance Branch, M G Road, Fort, Mumbai – 400 023, Maharashtra, India

· HDFC Bank, Andheri

Facilities :

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
From Inter Corporate Company Advance From Holding Company Prasad Productions Private Limited	72.686	76.000
Total	72.686	76.000

Banking Relations :	--
Auditors :
Name :	C N Lapsiwala and Company Chartered Accountant
Address :	416, Narayan Bhavan, 26, Baazar Road, Near Jain Mandir, Off Hill Road, Bandra (West), Mumbai – 400 050, Maharashtra, India
Holding Company :	Prasad Film Laboratories Private Limited CIN No. : U92111AP1979PTC002529

CAPITAL STRUCTURE

As on 31.03.2010

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
20000	Equity Shares	Rs.100/- each	Rs.2.000 millions

(The company is a wholly owned subsidiary of Prasad Productions Private Limited.)

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		2.000	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		123.049	87.761	61.279
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		125.049	89.761	63.279
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		72.686	76.000	80.851
TOTAL BORROWING		72.686	76.000	80.851
DEFERRED TAX LIABILITIES		0.224	0.438	0.579
TOTAL		197.959	166.199	144.709
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		38.000	39.181	33.855
Capital work-in-progress		3.822	0.217	1.289
INVESTMENT		75.987	62.688	40.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.548	1.857	2.347
	Sundry Debtors	71.249	69.590	70.159
	Cash & Bank Balances	5.992	1.051	2.767
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	81.287	57.488	44.153
Total Current Assets		161.076	129.986	119.426
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.398	6.209	5.578
	Other Current Liabilities	0.959	1.809	1.333
	Provisions	76.569	57.855	42.950
Total Current Liabilities		80.926	65.873	49.861
Net Current Assets		80.150	64.113	69.565
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		197.959	166.199	144.709

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	147.039	139.629	NA
		Other Income
		TOTAL	147.039	139.629	NA
Less	EXPENSES
		Office Expenses	87.311	93.152	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	87.311	93.152	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		59.728	46.477	42.590
Less/ Add	DEPRECIATION/ AMORTISATION		6.336	5.588	5.909
	PROFIT BEFORE TAX		53.392	40.889	36.681
Less	TAX		17.986	14.180	13.485
	PROFIT AFTER TAX		35.406	26.709	23.196
Less / Add	PRIOR PERIOD ADJUSTMENTS		0.118	0.227	2.593
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		87.280	60.798	35.009
	BALANCE CARRIED TO THE B/S		122.568	87.280	60.798
	IMPORTS
		Capital Goods	0.000	0.000	0.000
		Others	2.897	2.515	1.627
	TOTAL IMPORTS		2.897	2.515	1.627
	Earnings Per Share (Rs.)		1770.00	1335.00	1159.80

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	24.08	19.13	NA
Return on Total Assets (PBT/Total Assets}	(%)	26.82	24.17	23.93
Return on Investment (ROI) (PBT/Networth)		0.43	0.46	0.58
Debt Equity Ratio (Total Liability/Networth)		1.23	1.58	2.07
Current Ratio (Current Asset/Current Liability)		1.99	1.97	2.40

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Name of the company

PRASAD FILM LABS (MUMBAI) PRIVATE LIMITED

Presented By

Central Bank of India and Prasad Film Labs (Mumbai) Private Limited

1) Date and description of instrument creating the change

Dated 1^st August, 2003.

Agreement of Hypothecation of goods, book debts and other movable assets.

2) Amount secured by the charge/amount owing on the securities of charge

Rs.10.000 millions

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

a) Hypothecation of stock of raw materials, such as consumable stores and spares, both present and future, now being or hereafter during the continuance of this agreement brought into or upon or now or hereafter in course of transit to any godowns, jathas or other place of storage at various factories of the Borrower or other places whatsoever and wheresoever in the possession or occupation of the Borrower.

b) All the present and future book debts, outstandings, monies, receivables, claims, bills, rights, to or immovable properties and movable assets and which are now due, owing or payable to or belonging to the Borrower or which may at any time hereafter during the continuance of this security become, due, owing payable or belonging to Borrower in the course of its business by any person, firm, company or body corporate or by the Government Central or State or Indian Railways, any Government Department of Office or any Municipal or Local or Public or Public or Semi Government Department or authority or any body corporate or undertaking or project, whatever in the public sector.

c) All the tangible, movable properties and assets of the Borrower of whatsoever nature as security for payment and discharge by the Borrower to the Bank.

4) Gist of the terms and conditions and extent and operation of the charge.

The above goods, debts and assets shall be the security by way of first charge for payment and discharge by the Borrower to the Bank on demand a sum of Rs.10.000 millions as shown hereunder and all other moneys due and payable by the Borrower to the Bank.

Nature of Credit Facilities	Sanctioned Limit	Margin	Interest/ Commission
i. Fund Based
Cash Credit	Rs.10.000 millions	25% and 50% on Book debts	PLR + 0.5% (11.5 + 0.5 = 12% at present)
Total	Rs.10.000 millions

ii. The Borrower will at all times maintain a sufficient quantity and market value of the said hypothecated premises, the said goods and book debts to provide the margins of security required by the Bank from time to time.

iii. This agreement shall operate as a continuing security for all moneys, indebtness and liabilities aforesaid notwithstanding the existence of a credit balance in the account or accounts at any time or any partial payments or fluctuations of accounts.

5) Name and Address and description of the person entitled to the charge.

Central Bank of India, Corporate Finance Branch, M.G. Road, Fort, Mumbai – 400 023, Maharashtra, 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

FIXED ASSETS

· Leasehold Land

· Factory Building

· Office Equipment

· Plant and Machinery

· Borewell

· Electrical Installation

· Furniture

· Lab Equipment

· Vehicle

· Computer

· Air-Conditioner

· Mobile Racks

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.45.37
UK Pound	1	Rs.73.53
Euro	1	Rs.64.37

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		51

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.