MIRA INFORM REPORT

Report Date :

19.08.2011

IDENTIFICATION DETAILS

Name :	MIL INDIA LIMITED
Formerly Known As :	MAZZINDIA PRIVATE LIMITED
Registered Office :	Unit No.3F/307, Mamram East Plaza, Plot No.C-1 and 2, LSC Block G, Kondli, Gharoli, New Delhi – 110 096
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	04.03.1986
Com. Reg. No.:	55-23524
Capital Investment / Paid-up Capital :	Rs. 12.295 millions
CIN No.: [Company Identification No.]	U52111DL1986PLC023524
TAN No.: [Tax Deduction & Collection Account No.]	DELM09121A DELM10638F
PAN No.: [Permanent Account No.]	AACCM4710E
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturers and Exporters of Soap Making Machinery and Detergent Making Machinery.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 820000
Status :	Satisfactory
Payment Behaviour :	Usually correct
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 usually correct 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. Balgopal
Designation :	Administration Manager
Contact No.:	91-120-4766100
Date :	11.08.2011

LOCATIONS

Registered Office :	Unit No.3F/307, Mamram East Plaza, Plot No.C-1 and 2, LSC Block G, Kondli, Gharoli, New Delhi – 110 096, India
Tel No.:	Not Available
E-Mail :	management@milindia.com accounts@milindia.com
Website :	http://www.milindia.com
Factory :	W-31, Sector XI, Noida – 201 301, Uttar Pradesh, India
Tel. No.:	91-120-2536772 / 2536773 / 4766100
Fax No.:	91-120-2553342 / 2542103
E-Mail :	milmazz@vsnl.com mail@milindia.com

DIRECTORS

AS ON 27.08.2010

Name :	Mr. Shridhar Krishnan
Designation :	Chairman cum Managing Director
Address :	C-45, Sector 33, Gautam Budh Nagar, Noida – 201 301, Uttar Pradesh, India
Date of Birth/Age :	25.12.1957
Date of Appointment :	04.03.1986
DIN No.:	00214754
Name :	Mr. Sukh Ram Binyani
Designation :	Whole Time Director
Address :	C-700 Sarita Vihar, New Delhi – 110 042, India
Date of Birth/Age :	14.06.1953
Date of Appointment :	15.10.1999
DIN No.:	00105205
Name :	Mr. Ram Mohan Subramanian
Designation :	Whole Time Director
Address :	C-53, Sector 34, Gautam Budh Nagar, Noida – 201 301, Uttar Pradesh, India
Date of Birth/Age :	27.02.1954
Date of Appointment :	25.09.1995
DIN No.:	00214985

KEY EXECUTIVES

Name :	Mr. Balgopal
Designation :	Administration Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.08.2010

Names of Shareholders	No. of Shares
Krishnan K. S.	60400
Lalita Krishnan	40200
Krishnan Associates Private Limited	269400
Ballestra S. P. A.	340000
Shridhar Krishnan	82500
Master Dhruva	7000
Kumari Medha	5000
Krisoaps Private Limited	420000
S. Ram Mohan	2000
Shravan Krishnan	500
Kumari Shruti Krishnan	500
S. R. Binyani	2000
Total	1229500

AS ON 27.08.2010

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	27.66
Bodies corporate	56.07
Directors or relatives of Directors	16.27
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporters of Soap Making Machinery and Detergent Making Machinery.

Products :

Description Products	Item Code No.
Soap and Detergent Manufacturing Machine	8479.19
Parts	8479.90
Casting and Forging	7203.30
Scrap and Plate	7204.20

Exports :

Products :

· Soap Making Machinery

Countries :

· America

· Africa

· England

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Actual Production
Soap Machinery, Plant and Equipment	31
Detergent Bar Machinery, Plant and Equipment	2
Fatty Acid Plant	0
Sulphonation Plant	0

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· Fresh Soap Factory, Sudan

· Integrated Chemical Industries Limited, Nigeria

· ITC Limited, Baddi

· ITC Limited, Haridwar

· Jyothy Laboratories Limited, Uttrakhand

· Kerala State Industrial Enterprises Limited, Kerala

· Patanjali Ayurved Limited, Uttrakhand

· Reckitt Benckiser India Limited, Uttrakhand

· Reckitt Benckiser Nigeria Limited, Nigeria

· RSIL Holdings Private Limited, Uttrakhand

· The Union Trading company Limited, Sudan

· WF Limited, Baddi

No. of Employees :

80 (Approximately)

Bankers :

· Canara Bank, Community Center, East of Kailash, New Delhi – 110 065, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Financial Institutions
SIDBI (Due within one year Rs.8.600 millions) (P. Y. Rs. 8.200 millions)	1.800	10.000
From Banks
Cash Credit including packing credit	39.015	19.258
Term Loan
Vehicle Loan (Due within one year Rs.1.602 millions) (P. Y. Rs. 1.602 millions)	1.476	3.078
Total	42.291	32.336

Banking Relations :	--
Auditors :
Name :	Mukund M Chitale and Company Chartered Accountant
Address :	206, Lakshmi Bhawan, 72, Nehru Place, New Delhi – 110 065, India
E-Mail :	tasmani@vsnl.com
Associates/Subsidiaries :	· Desmet Ballestra S.P.A. · Desmet Ballestra India Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1229500	Equity Shares	Rs.10/- each	Rs. 12.295 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		12.295	12.295	12.295
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		194.742	169.203	136.261
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		207.037	181.498	148.556
LOAN FUNDS
1] Secured Loans		42.291	32.336	51.598
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		42.291	32.336	51.598
DEFERRED TAX LIABILITIES		1.847	2.106	2.176
TOTAL		251.175	215.940	202.330
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		70.012	72.154	83.314
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.500	2.681	2.500
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	71.989	49.918	80.478
	Sundry Debtors	31.844	66.238	56.911
	Cash & Bank Balances	168.444	143.795	140.948
	Other Current Assets	8.805	6.267	5.403
	Loans & Advances	12.455	27.073	77.625
Total Current Assets		293.537	293.291	361.365
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	18.384	26.009	35.861
	Other Current Liabilities	55.309	74.462	139.914
	Provisions	41.181	51.715	69.074
Total Current Liabilities		114.874	152.186	244.849
Net Current Assets		178.663	141.105	116.516
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		251.175	215.940	202.330

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	389.793	544.728	641.675
		Other Income	22.580	8.516	23.680
		TOTAL (A)	412.373	553.244	665.355
Less	EXPENSES
		Manufacturing Expenses	246.351	336.674	416.467
		Administrative Expenses	114.253	147.243	187.300
		TOTAL (B)	360.604	483.917	603.767
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		51.769	69.327	61.588
Less	FINANCIAL EXPENSES (D)		2.505	5.320	5.023
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		49.264	64.007	56.565
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.104	11.254	11.563
	PROFIT BEFORE TAX (E-F) (G)		39.160	52.753	45.002
Less	TAX (I)		(9.305)	(15.496)	(14.534)
	PROFIT AFTER TAX (G-I) (J)		29.855	37.257	30.468
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		149.264	120.047	96.941
Less	APPROPRIATIONS
		Transfer to General Reserve	2.986	3.725	3.047
		Proposed Dividend	3.688	3.688	3.688
		Tax on Dividend	0.627	0.627	0.627
	BALANCE CARRIED TO THE B/S		171.818	149.264	120.047
	EXPORT VALUE		168.785	385.421	322.173
	IMPORTS
		Raw Materials	18.188	6.943	3.583
		Stores & Spares	10.887	8.560	29.890
	TOTAL IMPORTS		29.075	15.503	33.473
	Earnings Per Share (Rs.)		24.28	30.30	24.78

Particulars	31.03.2011
Sales Turnover (Approximately)	600.000

The above information has been parted by Mr. Balgopal.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	7.24	2.40	4.58
Net Profit Margin (PBT/Sales)	(%)	10.05	9.68	7.01
Return on Total Assets (PBT/Total Assets}	(%)	10.77	14.43	10.12
Return on Investment (ROI) (PBT/Networth)		0.19	0.29	0.30
Debt Equity Ratio (Total Liability/Networth)		0.77	1.03	2.01
Current Ratio (Current Asset/Current Liability)		2.55	1.93	1.48

LOCAL AGENCY FURTHER INFORMATION

Note

The Registered Office of the company has been shifted from H No.41, Pocket Asarita Vihar, New Delhi – 110049, India to the present address w.e.f. 01.04.2008.

REVIEW OF CURRENT YEAR PERFORMANCE

The Company achieved a Total Income of Rs. 412.373 millions (€ 6,760,000) with Total Sales of Rs. 389.793 millions (€ 6,390,000).

As compared to the Previous Financial Year (FY 2008-09) the Turnover achieved corresponds to a decrease of 25 %.

In addition the Tarnet of Rs. 600.000 millions (€ 9,836,000) set for Current Financial Year (FY 2009-10) could not be achieved.

Thus, this is the third year in succession that the Company's Annual Target could not be achieved and this is a matter of great concern.

The Directors are pleased to convey that the Company achieved a Profit Before Tax (PBT) of Rs 39.160 millions (€ 642,000) for the Current Financial Year (FY 2009-10). There is however a decrease by Rs. 13.594 millions (€ 223,000) over the Profit Before Tax of the Previous Financial Year at Rs 52.754 millions (€ 865,000) (FY 2008-09).

The Company has earned a Profit After Tax (PAT) of Rs. 29.855 millions (€ 489,000) during Current Financial Year (FY 2009-10) against a PAT of Rs. 37.257 millions (€ 611,000) in the Previous Financial Year (FY 2008-09).

The Directors are pleased to convey that despite of reduction in the Turnover, the Company could maintain its profitability by controlling on the Material Consumption and reducing the Administrative and Financial Cost.

FORM 8

Corporate identity number of the company	U52111DL1986PLC023524
Name of the company	MIL INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	Unit No.3F/307, Mamram East Plaza, Plot No.C-1 and 2, LSC Block G, Kondli, Gharoli, New Delhi – 110 096, India
This form is for	Modification of charge
Type of charge	Immovable property Others
Particular of charge holder	Canara Bank, Community Center, East of Kailash, New Delhi – 110 065, India
Nature of instrument creating charge	Common Hypothecation Agreement Dated 28/05/2008
Date of instrument Creating the charge	28.05.2008
Amount secured by the charge	Rs. 4.600 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest The interest payable shall be libor+1% inclusive of panel interest for the entire period of advance on the outstanding in the account. Terms of repayment To recover the pc interest as and when due by debiting the operative account maintained at the branch in case of any overdrawing in that account the borrower shall clear the overdrawing together with interest as applicable to clean advances. Margin 25% Extent and operation of the charge The above charge is to secure packing credit advances (PCFC/ BRD-PBLC) of Rs. 4.600 millions together with interest at such rates as may be specified by the bank from time to time together with all costs and charges incurred/ to be incurred by the bank.
Short particulars of the property charged (Including location of the property)	Primary Security: Hypothecation of Stocks of R M for fabrication/ mfg of soaps, detergents, fatty acid plants, Collateral Security: 1. Hypothecation of P and M and other FA with WDV Rs. 116.479 millions as per ABS as at 31.3.07 (excl FA charged to SIDBI) 2. EMT of factory L and B at W-31, Sector XI, Noida, 3. EMT of factory L and B at W-32A, Sector XI, Noida, 4. EMT of factory L and B at W-32B, Sector XI, Noida, 5. 2nd charge on FA and P and M of the Co. project at Haridwar valued at Rs. 56.774 millions as per ABS 31.3.06.
Charge identification number of the charge to be modified	90064671
Date of instrument modifying the charge	18.02.2005
Particulars of the present modification	1) The Packing Credit Advances limit of Rs. 4.600 millions increased to Rs. 8.000 millions as per Common Hypothecation Agreement dated 28.05.2008.

Fixed Assets

· Land

· Buildings and Roads

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Computers

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.45.61
UK Pound	1	Rs. 75.32
Euro	1	Rs. 65.68

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.