1. Summary Information

		Country	India
Company Name	DUJODWALA PAPER CHEMICALS LIMITED	Principal Name 1	Mr. Omprakash Ramgopal Dujodwala
Status	Satisfactory	Principal Name 2	Ms. Vineet Omprakash Dujodwala
		Registration #	11-043709
Street Address	Atkargaontakai Adoshi Road, Khalapur, Khopoli, Raigad – 410203, Maharashtra
Established Date	10.06.1987	SIC Code	--
Telephone#	91-2192-329253	Business Style 1	Manufacturing
Fax #	Not Available	Business Style 2	Selling
Homepage	www.dpcl.net	Product Name 1	Rosin
# of employees	Not Available	Product Name 2	Rosin Size
Paid up capital	Rs.58,606,000/-	Product Name 3	Synthetic
Shareholders	Total shareholding of Promoter and Promoter Group (46.76%) Total Public Shareholding (53.24%)	Banking	State Bank of India
Public Limited Corp.	Yes	Business Period	24 Years
IPO	Yes	International Ins.	-
Public Enterprise	Yes	Rating	Ba (44)
Related Company
Relation	Country	Company Name	CEO
Companies controlled by Directors/ Relatives who have the authority controlling their activities	--	Blue Orange Entertainment Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	385,395,000	Current Liabilities	282,774,000
Inventories	403,417,000	Long-term Liabilities	406,701,000
Fixed Assets	235,096,000	Other Liabilities	47,997,000
Deferred Assets	0,000	Total Liabilities	737,472,000
Invest& other Assets	30,000	Retained Earnings	227,860,000
		Net Worth	286,466,000
Total Assets	1,023,938,000	Total Liab. & Equity	1,023,938,000
Total Assets (Previous Year)	1,025,443,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	1,296,042,000	Net Profit	10,425,000
Sales(Previous yr)	1,055,438,000	Net Profit(Prev.yr)	4,134,000

MIRA INFORM REPORT

Report Date :

06.12.2011

IDENTIFICATION DETAILS

Name :	DUJODWALA PAPER CHEMICALS LIMITED
Registered Office :	Atkargaontakai Adoshi Road, Khalapur, Khopoli, Raigad – 410203, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.06.1987
Com. Reg. No.:	11-043709
Capital Investment / Paid-up Capital :	Rs.61.686 Millions
CIN No.: [Company Identification No.]	L24130MH1987PLC43709
TAN No.: [Tax Deduction & Collection Account No.]	MUMD11066G MUMM16128A MUMD09821A
PAN No.: [Permanent Account No.]	AAACD1848A
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchange.
Line of Business :	Subject is engaged in the manufacturing and selling of Rosin and Rosin Size, Synthetic Resins and other Terpene Chemicals and its products.
No. of Employees :	(Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 1140000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an 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 normal for 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	Atkargaontakai Adoshi Road, Khalapur, Khopoli, Raigad – 410203, Maharashtra, India
Tel. No.:	91-2192-329253
Fax No.:	Not Available
E-Mail :	resins@dcpl.net
Website :	www.dpcl.net
Corporate Office :	907, Raheja Centre, 214, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-67522780/67522781/67522782/67522783
Fax No.:	91-22-67522784
Regional Office 1 :	117, Indraprakash Building, 21, Narakhambha Road, New Delhi – 110001, India
Tel. No.:	91-11-30483226
Fax No.:	91-11-30483222
Regional Office 2 :	Everest House, 15^th Floor, Room No. 15 A (2), 46 C, Chowringhee Road, Kolkata – 700071, West Bengal, India
Tel. No.:	91-33-30588821
Fax No.:	91-33-30588825
Regional Office 3 :	No. 27, First Cross Street, Sripuram Colony, St. Thomas Mount, Chennai – 600016, Tamilnadu, India
Tel. No.:	91-44-22313053
Fax No.:	91-44-22313053
Regional Office 4 :	# 47, 9^th Cross Road, Opposite to Sri Satyanarayan Kalyan Mantap, J. C. Nagar, Kurubarahalli – 560086, Bangalore, India

DIRECTORS

As on 30.09.2010

Name :

Mr. Omprakash Ramgopal Dujodwala

Designation :

Whole-time director

Address :

201, Rambha Building, 66, Nepeansea Road, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

22.09.1948

Date of Appointment :

11.07.2005

DIN No.:

00388848

Name :

Ms. Vineet Omprakash Dujodwala

Designation :

Whole-time director

Address :

201, Rambha Building, 66, Nepeansea Road, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

27.10.1975

Date of Appointment :

31.01.2003

DIN No.:

00389249

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
L24130MH1987PLC043709	Dujodwala Paper Chemicals Limited	Whole-time director	31/01/2003	31/01/2003	-	Active	NO

Name :

Mr. Rajendra Mankumar Agarwal

Designation :

Director

Address :

505, Belscot Tower, Lokhandwala Complex Link Road, Andheri (West), Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

15.04.1956

Date of Appointment :

29.10.2005

DIN No.:

00351166

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U45200MH2002PTC136338	Mukund Enterprises Private Limited	Director	27/06/2002	27/06/2002	-	Active	NO
L24130MH1987PLC043709	Dujodwala Paper Chemicals Limited	Director	29/10/2005	29/10/2005	-	Active	NO

Name :

Mr. Ravi Todi

Designation :

Director

Address :

2, Queens Park, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

01.05.1969

Date of Appointment :

30.09.2006

DIN No.:

00080388

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U29299WB1989PLC046347	Shrachi Infrastructure Finance Limited	Director	6/09/1989	6/09/1989	-	Amalgamated	NO
U65910WB1990PTC048119	Sbr Credit Private Limited	Director	2/01/1990	2/01/1990	-	Under liquidation	NO
U70101WB1989PTC047400	Sutanutti Construction Private Limited	Director	25/01/1991	25/01/1991	-	Amalgamated	NO
U29219WB1993PTC059719	Sino-Indian Agro Machinery Company Private Limited	Director	11/08/1993	11/08/1993	14/11/2007	Active	NO
U72100DL1976PLC008348	Continental Packagings Limited	Director	1/09/1993	1/09/1993	1/02/2009	Active	NO
U51109WB1993PLC060456	Godavari Leasing and Finance Limited	Director	8/11/1993	8/11/1993	-	Active	NO
U65929WB1990PTC048201	G N B Credit Private Limited	Director	20/06/1994	20/06/1994	-	Amalgamated	NO
U70109WB1997PLC084598	Bengal Shrachi Housing Development Limited	Director	11/06/1997	11/06/1997	-	Active	NO
L28932WB1958PLC023718	Bengal Tools Limited	Director	29/09/1997	29/09/1997	-	Amalgamated	NO
U34300WB1998PTC087075	Shrachi Auto Private Limited	Director	5/05/1998	5/05/1998	1/01/2007	Active	NO
U36900WB1992PLC101415	Accent Industries Limited	Director	3/06/2004	3/06/2004	-	Active	NO
U85110WB1989PLC046284	Advanced Medicare and Research Institute Limited	Director	29/12/2004	29/12/2004	-	Amalgamated	NO
U24231WB1995PLC071347	Liberty Pharma Limited	Director	8/12/2005	8/12/2005	-	Active	NO
L24130MH1987PLC043709	Dujodwala Paper Chemicals Limited	Director	30/09/2006	30/09/2006	-	Active	NO
U45200WB2006PTC111545	Shrachi Burdwan Developers Private Limited	Director	16/10/2006	16/10/2006	-	Active	NO
L51504WB1978PLC031813	Magma Fincorp Limited	Director	4/09/2007	12/04/2007	27/05/2011	Active	NO
U65910WB2007PLC120137	Magma ITL Finance Limited	Director	1/11/2007	1/11/2007	27/05/2011	Active	NO
U65900WB2007PTC120480	Magma Consumer Finance Private Limited	Director	21/11/2007	21/11/2007	27/05/2011	Active	NO
U51216WB1992PLC054541	Bengal Tools Limited	Managing director	1/05/2008	15/02/2008	-	Active	NO
U74999WB2008PTC126530	Magma CF Services Private Limited	Director	29/09/2009	12/06/2008	5/03/2010	Active	NO
U85110WB1986PLC040525	Amri Hospitals Limited	Director	30/09/2009	18/05/2009	-	Active	NO
U85300WB1926GAP005585	Indian Chamber of Commerce Calcutta	Director	2/07/2010	27/06/2009	-	Active	NO
U70109WB1999PTC089015	Celica Developers Private Limited	Director	29/09/2009	19/09/2009	27/05/2011	Active	NO
U70109WB1994PTC062617	Martina Financial Services Private Limited	Director	30/09/2009	30/09/2009	-	Amalgamated	NO
U65993WB1988PTC045852	Juhi Investment Private Limited	Director	30/09/2009	30/09/2009	-	Active	NO
U40102WB1988PTC045661	Sunflowr Engineering Industries Private Limited	Director	30/09/2009	30/09/2009	-	Active	NO
L51109WB1995PLC071126	Bhaskar Shrachi Alloys Limited	Director	20/08/2011	9/11/2010	-	Active	NO
U28999WB1991PTC053525	GNB Logistics Private Limited	Director	27/05/2011	27/01/2011	-	Converted to LLP and dissolved	NO
U28991WB1977PLC031188	Calcutta Becon Engineering Company Limited	Director	27/05/2011	27/01/2011	-	Converted to LLP and dissolved	NO
U70102WB2010PTC152558	Supreme Shrachi Infrastructures Private Limited	Director	30/09/2011	8/07/2011	-	Active	NO
U51909WB2011PTC166761	Sakura Exim Private Limited	Director	24/08/2011	24/08/2011	-	Active	NO
L74140WB1990PLC049032	SKP Securities Limited	Additional director	29/10/2011	29/10/2011	-	Active	NO

Name :

Mr. Ashish Agarwal

Designation :

Director

Address :

Jatan, Todar Mal Marg, Civil Lines, Ajmer – 305001, Rajasthan, India

Date of Birth/Age :

09.12.1974

Date of Appointment :

31.08.2009

DIN No.:

00697868

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U45201RJ1985PTC003411	Jatan Constructions Private Limited	Whole-time director	28/09/1996	28/09/1996	-	Active	NO
U14101RJ1997PTC013179	Jatan Marble and Granites Private Limited	Director	29/01/1997	29/01/1997	1/05/2007	Active	NO
L24130MH1987PLC043709	Dujodwala Paper Chemicals Limited	Director	30/09/2010	31/08/2009	-	Active	NO
U45201RJ2011PTC036295	Jatan Infraprojects Private Limited	Director	27/08/2011	27/08/2011	-	Active	NO

Name :

Mr. Prashant Agarwal

Designation :

Director

Address :

Jatan Todar Mal Marg, Civil Lines, Ajmer – 305001, Rajasthan, India

Date of Birth/Age :

19.10.1970

Date of Appointment :

30.10.2009

DIN No.:

00697891

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U45201RJ1985PTC003411	Jatan Constructions Private Limited	Whole-time director	28/09/1996	28/09/1996	-	Active	NO
U14101RJ1997PTC013179	Jatan Marble and Granites Private Limited	Director	28/01/1997	28/01/1997	1/05/2007	Active	NO
L24130MH1987PLC043709	Dujodwala Paper Chemicals Limited	Director	30/10/2009	30/10/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2013140	32.64
Bodies Corporate	871000	14.12
Sub Total	2884140	46.76
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2884140	46.76
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3200	0.05
Sub Total	3200	0.05
(2) Non-Institutions
Bodies Corporate	221581	3.59
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	2568556	41.64
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	427753	6.93
Any Others (Specify)	63340	1.03
Clearing Members	12967	0.21
NRIs/OCBs	50373	0.82
Sub Total	3281230	53.19
Total Public shareholding (B)	3284430	53.24
Total (A)+(B)	6168570	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	--	--
Total (A)+(B)+(C)	6168570	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the manufacturing and selling of Rosin and Rosin Size, Synthetic Resins and other Terpene Chemicals and its products.
Products :	Synthetic Resin, Rosins and Rosins Size

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Synthetic Resin	(MT)			5568.264

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Uco Bank, MID Corporate Churchgate Reclamation Branch, Mafatlal Centre, 1^st Floor, Nariman Point, Mumbai – 400021, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
TERM LOANS
- From Bank Loan is Secured against equitable mortgage and hypothecation (Repayable within one year Rs.120.000 Millions, Paid during the	59.304	65.806
WORKING CAPITAL LOAN FROM BANK (Secured by hypothecation of stocks, Book Debts and other movable assets and second charge over the fixed assets and further secured by personal guarantee of two Directors.	275.293	275.343
VEHICLE LOANS (Secured by hypothecation of vehicles)	5.600	1.705
Total	340.197	342.854
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Sales Tax Deferment	12.111	15.137
From corporate	54.393	28.352
Total	66.504	43.489

Banking Relations :	--
Auditors :
Name :	A. P. Sanzgari and Company Chartered Accountants
Address :	21/167, Anand Nagar, Om Cooperative Housing Society, Off Nehru Road, Vakola, Santacruz (East), Mumbai – 400055, Maharashtra, India
PAN.:	AADFA5503F
Companies controlled by Directors/ Relatives who have the authority controlling their activities :	Blue Orange Entertainment Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5860570	Equity Shares	Rs.10/- each	Rs.58.606 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		58.606	58.606	55.676
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		227.860	217.441	213.307
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		286.466	276.047	268.983
LOAN FUNDS
1] Secured Loans		340.197	342.854	228.637
2] Unsecured Loans		66.504	43.489	60.953
TOTAL BORROWING		406.701	386.343	289.590
DEFERRED TAX LIABILITIES		31.523	31.152	31.502
TOTAL		724.690	693.542	590.075
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		235.096	177.124	183.796
Capital work-in-progress		0.000	64.648	61.484
INVESTMENT		0.030	0.030	0.030
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	403.417	448.187	364.935
	Sundry Debtors	331.518	257.675	226.663
	Cash & Bank Balances	19.897	14.736	11.375
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	33.980	63.043	24.329
Total Current Assets		788.812	783.641	627.302
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	278.593	288.948	282.537
	Other Current Liabilities	4.181	29.103
	Provisions	16.474	13.849
Total Current Liabilities		299.248	331.900	282.537
Net Current Assets		489.564	451.741	344.765
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		724.690	693.543	590.075

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1296.042	1055.438	817.706
		Other Income	1.924	2.421	1.175
		TOTAL (A)	1297.966	1057.859	818.881
Less	EXPENSES
		Increase/ Decrease in Stock	14.219	(24.577)	0.000
		Cost of Goods	1104.308	920.487	696.045
		Manufacturing and Other Expenses	106.594	91.762	72.000
		TOTAL (B)	1225.121	987.672	768.045
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		72.845	70.187	50.836
Less	FINANCIAL EXPENSES (D)		41.061	45.214	26.625
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		31.784	24.973	24.211
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.090	16.975	14.168
	PROFIT BEFORE TAX (E-F) (G)		12.694	7.998	10.043
Less	TAX (H)		2.269	3.864	4.355
	PROFIT AFTER TAX (G-H) (I)		10.425	4.134	5.688
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		159.414	155.280	140.933
	BALANCE CARRIED TO THE B/S		169.839	159.414	146.621
	EARNINGS IN FOREIGN CURRENCY
		Finished Goods Exported (FOB)	0.001	0.001	0.002
	TOTAL EARNINGS		0.001	0.001	0.002
	IMPORTS
		Raw Materials	0.001	0.002	0.001
	TOTAL IMPORTS		0.001	0.002	0.001
	Earnings Per Share (Rs.)		1.78	0.74	1.11

QUARTERLY RESULTS

PARTICULARS	30.06.2010 1^st Quarter	30.09.2010 2^nd Quarter	31.12.2010 3^rd Quarter	31.03.2011 4^th Quarter	30.06.2011 5^th Quarter
Net Sales	380.470	342.600	247.170	383.230	351.340
Total Expenditure	358.590	323.560	233.530	353.140	321.930
PBIDT (Excl OI)	21.880	19.040	13.640	30.090	29.410
Other Income	0.330	0.040	0.320	0.090	0.100
Operating Profit	22.210	19.080	13.960	30.180	29.510
Interest	9.330	10.130	8.910	11.780	16.750
Exceptional Items	0.000	0.000	0.000	0.000	0.000
PBDT	12.880	8.950	5.050	18.400	12.760
Depreciation	5.120	5.290	4.990	4.100	5.250
Profit Before Tax	7.760	3.660	0.060	14.290	7.530
Tax	1.360	0.000	0.010	4.940	3.190
Provisions and contingencies	0.000	0.000	0.000	0.000	0.000
Profit After Tax	6.40	3.660	0.060	9.350	4.340
Extraordinary Items	0.000	0.000	0.000	0.000	0.00
Prior Period Expenses	0.000	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000	0.000
Net Profit	6.400	3.660	0.060	9.350	4.340

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.80	0.39	0.69
Net Profit Margin (PBT/Sales)	(%)	0.97	0.75	1.22
Return on Total Assets (PBT/Total Assets}	(%)	0.01	0.83	1.23
Return on Investment (ROI) (PBT/Networth)		0.04	0.02	0.04
Debt Equity Ratio (Total Liability/Networth)		2.46	2.60	2.13
Current Ratio (Current Asset/Current Liability)		2.63	2.36	2.22

LOCAL AGENCY FURTHER INFORMATION

MANAGEMENT’S DISCUSSION AND ANALYSIS

Overview:

The company is engaged in the manufacturing and selling of Rosin and Rosin Size, Synthetic Resins and other Terpene Chemicals and its products at its unit located at Atkargaon, Taluka Khalapur, Khopoli., Dist. Raigad, Maharashtra, India.

Industrial Structure and Developments

There was a huge volatility in the price of critical raw-materials alongwith a recessionary trend in the Western part of the World to save all slow down in the growth of economic programme.

The same had a huge impact on the purchasing price of critical Raw Material which eventually effected the profitability.

In order to mitigate the impact created by the volatility in the prices, the Company made a concerted effort for shifting to alternate technologies in manufacturing.

Outlook

The Company is continuously implementing means to innovate, reduce cost, be environment friendly. The Company has a positive outlook towards the future with the industries being catered to showing good signs of growth.

Discussion on Financial Performance with respect to Operational Performance

During the year, the company has achieved sales of Rs.1296.042 Millions as against Rs.1055.438 Millions during the previous year resulting an increase of 22.80%.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	10087967
Corporate identity number of the company	L24130MH1987PLC043709
Name of the company	DUJODWALA PAPER CHEMICALS LIMITED
Address of the registered office or of the principal place of business in India of the company	Atkargaontakai Adoshi Road, Khalapur, Khopoli, Raigad – 410203, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Backbay Reclamation Branch, Raheja Chamber, Nariman Point, Mumbai – 400021, Maharashtra, India Email Id : sbi.01593@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum of Deposit of Title Deeds for Extending of Charges
Date of instrument Creating the charge	29.05.2008
Amount secured by the charge	Rs.487.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest N.A Terms of Repayment N.A Margin N.A Extent and Operation of the charge First charge
Short particulars of the property charged	Office Premises No. 811 on 8th Floor, admeasuring 435 sq. feet (built up area) in Tulsiani Chambers, Nariman Point, Mumbai 400 021, alongwith furniture, fixtures and other assets therein
Date of latest modification prior to the present modification	25.05.2007
Particulars of the present modification	Equitable mortgage created on 08/04/2005 on the immovable property described at Sr. No. 14 above, to secure the credit facilities of Rs.210.000 Millions and extended on 25/05/2007 to secure the additional credit limits of Rs.142.500 Millions, further extended to secure the additional credit limits of Rs.135.000 Millions. Hence, amount of charge increased from Rs.352.50027 Millions to Rs.487.500 Millions

Contingent Liabilities:

(Rs. In Millions)

Particulars	As on 31.03.2010
Bills Receivable Discounted	8.714
Custom Duty on pending export obligation against import of Raw Material	0.110
Bank Guarantees given	4.222
Disputed Income Tax Liabilities	4.132

FIXED ASSETS

· Land

· Factory Building

· Plant and Machinery

· Furniture and Fixtures

· Office/ Residence Premises

· Vehicle

· Office Equipment

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.51.39
UK Pound	1	Rs.80.20
Euro	1	Rs.68.92

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.