MIRA INFORM REPORT

Report Date :

13.12.2011

IDENTIFICATION DETAILS

Name :	GODREJ AND BOYCE MANUFACTURING COMPANY LIMITED
Registered Office :	Pirojsha nagar, Vikhroli, Mumbai - 400079, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.03.1932
Com. Reg. No.:	11-001828
Capital Investment / Paid-up Capital :	Rs. 66.291 Millions
CIN No.: [Company Identification No.]	U28993MH1932PLC001828
TAN No.: [Tax Deduction & Collection Account No.]	MUMG06742B MUMG05774G
PAN No.: [Permanent Account No.]	AAACG1395D
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Manufacturing and Marketing of Consumer Durables, Office Equipments and Industrial Products.
No. of Employees :	9700 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (67)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed Godrej group company having fine track. It is reported that Mr. J N Godrej, chairman of the board of directors and the managing directors of the company was conferred the “Padma Bhushan” award in recognition of his distinguished service of high order to the nation in the field of trade and economic activity. Financial position of the company appears to be sound. Trade relations are reported as fair. Directors are reported to be experienced and respectable businessmen. Payments are regular 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

INFORMATION PARTED BY

Name :	Mr. V.V.V. Shivdas
Designation :	Senior Sales Manager
Contact No.:	91-9545553955
Date :	12.12.2011

LOCATIONS

Registered Office / Factory 1:	Pirojsha Nagar, Vikhroli, Mumbai - 400 079, Maharashtra, India.
Tel. No.:	91-22-67961300 / 67965106 / 67965656-5959
Fax No.:	91-22-67961518
E-Mail :	info@godrej.com mumbaibr@godrej.com
Website :	www.godrej.com www.new.godrej.com
Factory 2:	Apollo Square Building, Plot No. 60, Sahaney Sujan Park, Lullanagar, Pune-411040, Maharashtra, India
Branch Office :	Located At: · Mumbai · Ahmedabad · Bangalore · Bhopal · Bhubaneshwar · Kolkata · Chandigarh · Kochi · Coimbatore · Faridabad · Ghaziabad · Guwahati · Hyderabad · Indore · Jabalpur · Jaipur · Jamshedpur · Kanpur · Lucknow · Chennai · New Delhi · Patna · Pune · Rajkot · Surat · Trivandrum · Vishakhapatnam

DIRECTORS

As on 12.09.2011

Name :

Mr. Jamshyd N. Godrej

Designation :

Chairman and Managing Director

Date of Birth/Age :

24.01.1949

Address :

40-D, B.G. Khar Marg, Mumbai -400006, Maharashtra, India

Date of Appointment :

07.10.1974

DIN :

00076250

Other Directorship :

S.No.	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
1	U28993MH1932PLC001828	GODREJ AND BOYCE MANUFACTURING COMPANY LIMITED	Managing director	1/4/2011	7/10/1974	-	Active	NO
2	U74999MH1960PLC011759	LAWKIM LIMITED	Director	21/02/1977	21/02/1977	-	Active	YES
3	U65990MH1975PTC018480	GODREJ INVESTMENTS PRIVATE LIMITED	Director	12/6/1984	12/6/1984	-	Active	NO
4	L24241MH1988PLC097781	GODREJ INDUSTRIES LIMITED	Director	7/3/1988	7/3/1988	-	Active	NO
5	L74120MH1985PLC035308	GODREJ PROPERTIES LIMITED	Director	25/04/1990	25/04/1990	-	Active	NO
6	L15142MP1984PLC002382	WADALA COMMODITIES LIMITED	Director	28/11/1991	28/11/1991	10/6/2008	Active	NO
7	U15410MH1991PLC135359	GODREJ AGROVET LIMITED	Director	24/08/1992	24/08/1992	-	Active	NO
8	U85110KA1992PLC013570	ANTRIX CORPORATION LIMITED	Director	27/11/1992	27/11/1992	-	Active	NO
9	L72200MH1994PLC077342	GEOMETRIC LIMITED	Director	25/03/1994	25/03/1994	-	Active	NO
10	U24211MH1987PLC043137	GODREJ HOUSEHOLD PRODUCTS LIMITED	Director	8/8/1994	8/8/1994	-	Amalgamated	NO
11	U65991MH1995PLC087722	TATA TRUSTEE COMPANY LIMITED	Director	21/05/1996	21/05/1996	-	Active	NO
12	L35911PN1945PLC004656	BAJAJ HOLDINGS AND INVESTMENT LIMITED	Director	27/10/1998	27/10/1998	20/02/2008	Active	NO
13	L24246MH2000PLC129806	GODREJ CONSUMER PRODUCTS LIMITED	Director	1/3/2001	1/3/2001	-	Active	NO
14	U72900MH2001PLC134244	3D PLM SOFTWARE SOLUTIONS LIMITED	Director	23/01/2002	23/01/2002	17/04/2007	Active	NO
15	U24240MH1997PLC105714	GODREJ HERSHEY LIMITED	Director	12/7/2002	12/7/2002	15/05/2007	Active	NO
16	U74140MH2002PTC136070	EUREKA OUTSOURCING SOLUTIONS PRIVATE LIMITED	Director	18/12/2003	18/12/2003	27/12/2007	Active	NO
17	U23209WB1985SGC039487	HALDIA PETROCHEMICALS LTD	Director	2/11/2004	2/11/2004	-	Active	NO
18	U85100MH1946GAP005082	BREACH CANDY HOSPITAL TRUST	Director	13/12/2004	13/12/2004	-	Active	NO
19	U80301TN2004NPL052529	GREAT LAKES INSTITUTE OF MANAGEMENT	Director	1/4/2005	1/4/2005	3/5/2011	Active	NO
20	U80302KA1998PTC037801	ILLINOIS INSTITITUTE OF TECHNOLOGY (INDIA) PRIVATE LIMITED	Director	29/11/2005	29/11/2005	-	Active	NO
21	U67120MH2005PLC155188	BSE LIMITED	Director	14/09/2007	26/09/2006	16/06/2008	Active	NO
22	U80904DL2007NPL161078	SINGAPORE - INDIA PARTNERSHIP FOUNDATION(INDIA)	Director	23/03/2007	23/03/2007	-	Active	NO
23	L65993PN2007PLC130076	BAJAJ AUTO LIMITED	Director	10/7/2008	30/01/2008	-	Active	NO
24	U74990MH2008NPL189117	INDIAN INSTITUTE FOR HUMAN SETTLEMENTS	Director	23/12/2008	23/12/2008	-	Active	NO
25	U93030DL2009NPL194891	SHAKTI SUSTAINABLE ENERGY FOUNDATION	Director	5/10/2009	5/10/2009	-	Active	NO
26	U80211DL2008NPL185825	WWF INDIA FOUNDATION	Additional director	13/08/2010	13/08/2010	-	Active	NO
27	U73100MH2011NPL220003	RAPTOR RESEARCH AND CONSERVATION FOUNDATION	Director	21/07/2011	21/07/2011	-	Active	NO

Name :

Mr. Kavas N. Petigara

Designation :

Director

Date of Birth/Age :

10.07.1948

Address :

801, Citadel, 18-B, Ruparel Marg, Maharashtra, Mumbai – 400006, Maharashtra, India

Date of Appointment :

29.09.1988

DIN :

00066162

Other Directorship :

S.No.	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
1	U28993MH1932PLC001828	GODREJ AND BOYCE MANUFACTURING COMPANY LIMITED	Director	29/09/1988	29/09/1988	-	Active	NO
2	U24243MH1974PLC017488	SWADESHI DETERGENTS LIMITED	Director	29/09/1988	29/09/1988	-	Active	NO
3	U24241MH1979PLC021804	VORA SOAPS LIMITED	Director	29/12/1988	29/12/1988	-	Active	NO
4	U15410MH1991PLC135359	GODREJ AGROVET LIMITED	Director	24/08/1992	24/08/1992	-	Active	NO
5	L24241MH1988PLC097781	GODREJ INDUSTRIES LIMITED	Director	30/01/2002	30/01/2002	-	Active	NO
6	U74999MH2003PLC139413	TRICOM INFOTECH SOLUTIONS LIMITED	Director	1/9/2004	1/9/2004	30/06/2008	Active	NO

Name :

Mr. Adi Burjor Godrej

Designation :

Director

Date of Birth/Age :

03.04.1942

Address :

Godrej House, 67H, Walkeshwar Road, Opposite Birla Public School, Mumbai – 400006, Maharashtra, India

Date of Appointment :

30.04.1973

DIN :

00065964

Other Directorship :

S.No.	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
1	U28993MH1932PLC001828	GODREJ AND BOYCE MANUFACTURING COMPANY LIMITED	Director	30/04/1973	30/04/1973	-	Active	NO
2	U24241MH1979PLC021804	VORA SOAPS LIMITED	Director	31/12/1979	31/12/1979	-	Active	NO
3	U24243MH1974PLC017488	SWADESHI DETERGENTS LIMITED	Director	31/12/1979	31/12/1979	-	Active	NO
4	U65990MH1975PTC018480	GODREJ INVESTMENTS PRIVATE LIMITED	Director	8/6/1984	8/6/1984	-	Active	NO
5	L15142MP1984PLC002382	WADALA COMMODITIES LIMITED	Director	21/01/1986	21/01/1986	10/6/2008	Active	NO
6	L24241MH1988PLC097781	GODREJ INDUSTRIES LIMITED	Director	7/3/1988	7/3/1988	-	Active	NO
7	L74120MH1985PLC035308	GODREJ PROPERTIES LIMITED	Director	25/04/1990	25/04/1990	-	Active	NO
8	U15410MH1991PLC135359	GODREJ AGROVET LIMITED	Director	25/11/1991	25/11/1991	-	Active	NO
9	U29294MH1993PTC072222	ISS HICARE PRIVATE LIMITED	Director	31/05/1993	31/05/1993	18/06/2009	Active	NO
10	U24211MH1987PLC043137	GODREJ HOUSEHOLD PRODUCTS LIMITED	Director	8/8/1994	8/8/1994	-	Amalgamated	NO
11	U80100AP1997NPL036631	INDIAN SCHOOL OF BUSINESS	Director	2/4/2011	13/11/1997	-	Active	NO
12	L24246MH2000PLC129806	GODREJ CONSUMER PRODUCTS LIMITED	Whole-time director	1/4/2010	29/11/2000	-	Active	NO
13	U24240MH1997PLC105714	GODREJ HERSHEY LIMITED	Director	1/7/2002	1/7/2002	-	Active	NO
14	U74140MH2002PTC136070	EUREKA OUTSOURCING SOLUTIONS PRIVATE LIMITED	Director	17/12/2003	17/12/2003	27/12/2007	Active	NO
15	U15432MH1952PLC169547	NUTRINE CONFECTIONERY COMPANY LIMITED	Director	19/06/2007	30/06/2006	-	Active	NO
16	U51909MH2007PLC168675	GODREJ HYGIENE PRODUCTS LIMITED	Director	13/03/2007	13/03/2007	-	Active	NO
17	U18101MH1977PTC181783	SARALEE HOUSEHOLD AND BODYCARE INDIA PRIVATE LIMITED	Director	2/7/2007	2/7/2007	-	Amalgamated	NO

Name :

Mr. Nadir B. Godrej

Designation :

Director

Address :

40-D, B.G. Kher Marg, Malabar Hill, Mumbai – 400006, Maharashtra, India.

Date of Birth/Age :

26.08.1951

Date of Appointment :

27.09.1990

DIN :

00066195

Other Directorship :

S.No.	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
1	L15142MP1984PLC002382	WADALA COMMODITIES LIMITED	Director	21/01/1986	21/01/1986	26/02/2007	Active	NO
2	L24241MH1988PLC097781	GODREJ INDUSTRIES LIMITED	Managing director	7/3/1988	7/3/1988	-	Active	NO
3	L74120MH1985PLC035308	GODREJ PROPERTIES LIMITED	Director	25/04/1990	25/04/1990	-	Active	NO
4	U28993MH1932PLC001828	GODREJ AND BOYCE MANUFACTURING COMPANY LIMITED	Director	27/09/1990	27/09/1990	-	Active	NO
5	U15410MH1991PLC135359	GODREJ AGROVET LIMITED	Director	25/11/1991	25/11/1991	-	Active	NO
6	L65990MH1945PLC004558	MAHINDRA AND MAHINDRA LIMITED	Director	28/08/1992	28/08/1992	-	Active	NO
7	U72900MH1992PLC065539	KARROX TECHNOLOGIES LIMITED	Director	7/9/1992	7/9/1992	-	Active	NO
8	U24211MH1987PLC043137	GODREJ HOUSEHOLD PRODUCTS LIMITED	Director	8/8/1994	8/8/1994	-	Amalgamated	NO
9	L24246MH2000PLC129806	GODREJ CONSUMER PRODUCTS LIMITED	Director	29/11/2000	29/11/2000	-	Active	NO
10	U15100MH1974PLC017887	GOLDMOHUR FOODS AND FEEDS LIMITED	Director	15/01/2001	15/01/2001	24/06/2008	Amalgamated	NO
11	U24240MH1997PLC105714	GODREJ HERSHEY LIMITED	Director	1/7/2002	1/7/2002	15/05/2007	Active	NO
12	U74999MH2003PLC139413	TRICOM INFOTECH SOLUTIONS LIMITED	Director	28/02/2003	28/02/2003	30/06/2008	Active	NO
13	U74140MH2002PTC136070	EUREKA OUTSOURCING SOLUTIONS PRIVATE LIMITED	Director	17/12/2003	17/12/2003	27/12/2007	Active	NO
14	U73100KA1998PLC030671	AVESTHAGEN LIMITED	Director	20/09/2004	20/09/2004	14/11/2008	Active	NO
15	U72900MH1999PTC120346	CBAY SYSTEMS (INDIA) PRIVATE LIMITED	Director	2/1/2006	2/1/2006	11/9/2007	Active	NO
16	U15432MH1952PLC169547	NUTRINE CONFECTIONERY COMPANY LIMITED	Director	28/08/2006	28/08/2006	15/05/2007	Active	NO
17	U45201MH2006PLC164656	GODREJ GOLD COIN AQUAFEED LIMITED	Director	29/05/2007	16/11/2006	-	Amalgamated	NO
18	U74999MH2002NPL137058	POULTRY PROCESSORS' ASSOCIATION OF INDIA	Director	6/12/2006	6/12/2006	-	Active	NO
19	L64200MH1995PLC086354	TATA TELESERVICES (MAHARASHTRA) LIMITED	Director	12/8/2008	12/3/2008	-	Active	NO
20	U15142TN1996PLC036551	CAUVERY PALM OIL LIMITED	Director	7/7/2008	8/5/2008	-	Active	NO
21	U15122MH2006PLC163857	GODREJ OIL PALM LIMITED	Director	16/06/2008	8/5/2008	-	Active	NO
22	U15122MH2008PLC177741	GODREJ TYSON FOODS LIMITED	Director	6/7/2009	24/06/2008	-	Active	NO
23	L74999MH1902PLC000183	THE INDIAN HOTELS COMPANY LIMITED	Director	3/8/2009	7/11/2008	-	Active	NO

Name :

Mr. Vijay M. Crishna

Designation :

Director

Address :

A-261, Grand parade Apts. Off August Kranti Marg, Mumbai – 400026, Maharashtra, India.

Date of Birth/Age :

08.03.1945

Date of Appointment :

27.09.1990

DIN :

00066267

Other Directorship :

S.No.	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
1	U28993MH1932PLC001828	GODREJ AND BOYCE MANUFACTURING COMPANY LIMITED	Whole-time director	1/4/2011	27/09/1990	-	Active	NO
2	U29299MH1992PTC064675	STATOMAT SPECIAL MACHINES (INDIA) PRIVATE LIMITED	Director	1/1/1992	1/1/1992	30/04/2009	Active	NO
3	U91110MH1992NPL068102	NAOROJI GODREJ CENTRE FOR PLANT RESEARCH	Director	10/8/1992	10/8/1992	-	Active	NO
4	U15410MH1991PLC135359	GODREJ AGROVET LIMITED	Director	24/08/1992	24/08/1992	-	Active	NO
5	L31300MH1989PLC054356	PRECISION WIRES INDIA LIMITED	Director	25/09/1992	25/09/1992	-	Active	NO
6	U29294MH1993PTC072222	ISS HICARE PRIVATE LIMITED	Director	31/05/1993	31/05/1993	18/06/2009	Active	NO
7	L24241MH1988PLC097781	GODREJ INDUSTRIES LIMITED	Director	3/1/1995	3/1/1995	-	Active	NO
8	U74999MH1960PLC011759	LAWKIM LIMITED	Managing director	16/08/1997	16/08/1997	-	Active	YES
9	U74140MH2002PTC136070	EUREKA OUTSOURCING SOLUTIONS PRIVATE LIMITED	Managing director	30/05/2002	30/05/2002	28/07/2008	Active	NO

Name :

Mr. Fali P. Sarkari

Designation :

Director

Address :

Sethna Bhabha Bldg., 3^rd Floor, Banaji Fire Temple Compound, Mumbai – 400002, Maharashtra, India.

Date of Birth/Age :

29.02.1932

Date of Appointment :

13.01.1998

DIN :

00066085

Other Directorship :

S.No.	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
1	U28993MH1932PLC001828	GODREJ AND BOYCE MANUFACTURING COMPANY LIMITED	Director	13/01/1998	13/01/1998	-	Active	NO
2	U52110DL1981PTC011384	TROPICANA ENTERPRISES PRIVATE LIMITED	Director	24/09/2001	2/4/2001	-	Active	NO
3	L24241MH1988PLC097781	GODREJ INDUSTRIES LIMITED	Director	30/01/2002	30/01/2002	-	Active	NO
4	U74999MH2003PLC139413	TRICOM INFOTECH SOLUTIONS LIMITED	Director	1/9/2004	1/9/2004	30/06/2008	Active	NO

Name :

Mr. Navroze Jamshyd Godrej

Designation :

Whole Time Director

Date of Birth/Age :

10.06.1982

Address :

40-D, B.G. Khar Marg, Malabar Hill, Mumbai – 400006, Maharashtra, India

Date of Appointment :

01.05.2010

DIN :

03049821

Name :

Mr. Phiroze D. Lam

Designation :

Executive Director and President

Address :

21/23 Mistry Park, 77 B Desai Road, Mumbai – 400036, Maharashtra, India.

Date of Birth/Age :

06.03.1945

Date of Appointment :

01.10.2003

DIN :

00066218

Other Directorship :

S.No.	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
1	U28990MH1996PLC104088	GODREJ EFACEC AUTOMATION AND ROBOTICS LIMITED	Director	22/11/1996	22/11/1996	-	Active	NO
2	U28112TN1992PLC023798	MERCURY MANUFACTURING COMPANY LIMITED	Director	1/4/1997	1/4/1997	-	Active	NO
3	U28993MH1932PLC001828	GODREJ AND BOYCE MANUFACTURING COMPANY LIMITED	Whole-time director	1/4/2011	1/10/2003	-	Active	NO

Name :

Mr. Kyamas A. Palia

Designation :

Executive Director (Finance)

Address :

7C, Wadia Street, Tardeo, Mumbai – 400034, Maharashtra, India.

Date of Birth/Age :

22.11.1945

Date of Appointment :

01.10.2003

DIN :

00281971

Other Directorship :

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U28112TN1992PLC023798	MERCURY MANUFACTURING COMPANY LIMITED	Director	11/11/1992	11/11/1992	Active	NO
2	L72200MH1994PLC077342	GEOMETRIC LIMITED	Director	26/03/1994	26/03/1994	Active	NO
3	U28990MH1996PLC104088	GODREJ EFACEC AUTOMATION AND ROBOTICS LIMITED	Director	22/11/1996	22/11/1996	Active	NO
4	U32100MH1997PLC106135	GODREJ INFOTECH LIMITED	Director	1/1/1999	1/1/1999	Active	NO
5	U28993MH1932PLC001828	GODREJ AND BOYCE MANUFACTURING COMPANY LIMITED	Whole-time director	1/4/2011	1/10/2003	Active	NO
6	U65991MH2006PTC160076	AROHAN TRUSTEE COMPANY PRIVATE LIMITED	Director	28/03/2006	28/03/2006	Active	NO

Name :

Mr. Pradeep P. Shah

Designation :

Director

Address :

72-A, Embassy Apartments, 46 Napean Sea Road, Mumbai – 400006, Maharashtra, India.

Date of Birth/Age :

07.01.1953

Date of Appointment :

10.08.2004

DIN :

00066242

Other Directorship :

S.No.	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
1	U15419GJ1982PLC005071	SHAH FOODS LIMITED	Director	18/03/1982	18/03/1982	-	Active	NO
2	L31400GJ1972PLC002091	PANASONIC ENERGY INDIA COMPANY LIMITED	Director	5/5/1992	5/5/1992	-	Active	NO
3	U74120MH1994PTC082219	INDASIA FUND ADVISORS PRIVATE LIMITED	Director	20/10/1994	20/10/1994	-	Active	NO
4	L72200MH1994PLC082110	SONATA SOFTWARE LIMITED	Director	14/07/1998	14/07/1998	-	Active	NO
5	L24231MH1950PLC008311	PFIZER LIMITED	Director	7/12/1999	7/12/1999	-	Active	NO
6	L33112MH1943FLC003972	BASF INDIA LIMITED	Director	31/01/2000	31/01/2000	-	Active	NO
7	U99999MH1986PLC062170	WARTSILA INDIA LIMITED	Director	13/12/2000	13/12/2000	29/06/2010	Active	NO
8	L63030MH1950GOI008033	SHIPPING CORPORATION OF INDIA LIMITED	Director	24/01/2003	24/01/2003	29/01/2007	Active	NO
9	U65999MH2002PLC134884	ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED	Director	12/6/2003	12/6/2003	-	Active	NO
10	L72200MH1978PLC020127	PATNI COMPUTER SYSTEMS LIMITED	Director	12/11/2003	12/11/2003	12/5/2011	Active	NO
11	U28993MH1932PLC001828	GODREJ AND BOYCE MANUFACTURING COMPANY LIMITED	Director	10/8/2004	10/8/2004	-	Active	NO
12	L18101KA2004PLC033475	GOKALDAS EXPORTS LIMITED	Director	28/01/2005	28/01/2005	21/08/2007	Active	NO
13	L65990MH1990PLC056669	VAKRANGEE SOFTWARES LIMITED	Director	3/3/2006	3/3/2006	28/11/2008	Active	NO
14	L26593MH1950PLC008163	GRINDWELL NORTON LIMITED	Director	6/3/2006	6/3/2006	-	Active	NO
15	L24202MH1920PLC000825	KANSAI NEROLAC PAINTS LIMITED	Director	30/01/2007	30/01/2007	-	Active	NO
16	U85100MH1991PLC063096	WOCKHARDT HOSPITALS LIMITED	Director	11/6/2007	15/05/2007	8/5/2009	Active	NO
17	L99999MH1937PLC002726	MUKAND LIMITED	Director	29/07/2008	27/09/2007	-	Active	NO
18	U28110AP1996PTC023794	INDO-US MIM TEC PRIVATE LIMITED	Director	29/09/2008	27/10/2007	-	Active	NO
19	L67200MH1937PLC002622	TATA INVESTMENT CORPORATION LIMITED	Director	8/7/2009	19/06/2008	-	Active	NO
20	L29120MH1960PLC011635	K S B PUMPS LIMITED	Director	7/4/2011	21/06/2008	-	Active	NO
21	U67190MH2008PTC181421	C3 ADVISORS PRIVATE LIMITED	Director	23/09/2009	24/11/2008	-	Active	NO
22	L85190MH1947PLC005963	WYETH LIMITED	Director	19/07/2011	31/03/2010	-	Active	NO
23	U74900MH2010PTC201683	PANGEA ECONETASSETS PRIVATE LIMITED	Director	5/4/2010	5/4/2010	-	Active	NO
24	U17114MH2000PLC126018	REID AND TAYLOR (INDIA) LIMITED	Additional director	30/07/2010	30/07/2010	-	Active	NO
25	U74990MH2010PTC206204	UNIVERSAL TRUSTEES PRIVATE LIMITED	Director	28/07/2011	16/02/2011	-	Active	NO
26	U63090WB2011PTC165284	C.D. AVIATION (INDIA) PRIVATE LIMITED	Director	23/07/2011	23/07/2011	-	Active	NO

Name :

Mrs. Anita Ramchandran

Designation :

Additional Director

Address :

13 Navroze Apartments, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India.

Date of Birth/Age :

28.04.1955

Date of Appointment :

28.04.2007

DIN :

00118188

Other Directorship :

S.No.	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
1	L72200DL1986PLC023955	HCL INFOSYSTEMS LIMITED	Director	28/08/1998	20/08/1998	-	Active	NO
2	L72200MH1994PLC077342	GEOMETRIC LIMITED	Director	27/03/2000	27/03/2000	-	Active	NO
3	U74140MH2000PTC127159	CEREBRUS CONSULTANTS PRIVATE LIMITED	Director	13/06/2000	13/06/2000	-	Active	NO
4	L34102PN1958PLC011172	FORCE MOTORS LIMITED	Director	11/9/2004	11/9/2004	-	Active	NO
5	U91990MH2005NPL151790	SWADHAAR FINACCESS	Director	3/12/2005	3/12/2005	8/11/2008	Active	NO
6	U65991MH2002GOI137867	UTI ASSET MANAGEMENT COMPANY LIMITED	Director	5/12/2006	5/12/2006	-	Active	NO
7	U74140MH2000PTC130064	CONNEXUS CONSULTANTS PRIVATE LIMITED	Director	13/04/2007	13/04/2007	-	Strike off	NO
8	U28993MH1932PLC001828	GODREJ AND BOYCE MANUFACTURING COMPANY LIMITED	Director	10/9/2007	28/04/2007	-	Active	NO
9	U65991KA2001PTC028827	UTI VENTURE FUNDS MANAGEMENT COMPANY PRIVATE LIMITED.	Nominee director	24/04/2008	24/04/2008	-	Active	NO
10	U65990MH2007PTC175181	SWADHAAR FINSERVE PRIVATE LIMITED	Director	20/08/2010	17/09/2008	-	Active	NO

Name :

Mr. Anil Kumar Verma

Designation :

Whole time Director

Address :

902-B, Fantasia, Raheja garden, LBS Road, Thane – 400604, Maharashtra, India.

Date of Birth/Age :

22.06.1957

Date of Appointment :

01.10.2008

DIN :

02366334

KEY EXECUTIVES

Name :	Mr. V.V.V. Shivdas
Designation :	Senior Sales Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

NOT AVAILABLE

BUSINESS DETAILS

Line of Business :

Manufacturing and Marketing of Consumer Durables, Office Equipments and Industrial Products.

Products :

Item Code No. (ITC Code)	940310.01
Product Description	Steel Furniture for Offices
Item Code No. (ITC Code)	841821.00
Product Description	Household Furniture
Item Code No. (ITC Code)	830300.00
Product Description	Safes, Safe Deposit Lockers and other Security Equipments

PRODUCTION STATUS [AS ON 31.03.2011]

PARTICULARS	Unit	Installed Capacity	Actual production
Steel Furniture	Tonnes	60000	49476
Security Equipment	Tonnes	21000	14353
Typewriters	Nos.	40000	--
Locks	Nos.	4740000	1199377
Home Appliances	Nos.	2100000	1396395
Furniture and Fixtures [primarily of metal]	Nos.	1050000	248719
Press Tools, Jigs, Fixtures, Gauges, Dies, Cutting Tools, etc.	Rs. ‘000	1000000	1508920
Process Plant and Equipment	Rs. ‘000	4000000	3579752
Forklift Trucks	Nos.	2400	2234
Electric Motors	Nos.	1520000	73950
Ready Mix Concrete	M3	334500	219412

Notes:

1. Installed Capacity is as certified by the Management and accepted by the Auditors.

2. Unless otherwise stated, actual production is inclusive of quantities used internally.

3. For Electric Motors (item 10 above), Actual Production does not include production of motor parts/components and production on job work basis.

4. The production of Typewriters has been discontinued since October 2009.

5. The production of Furniture and Fixtures (primarily of metal) in a new industrial undertaking set up by the Company, commenced from 17th November 2009.

6. Figures in brackets pertain to the previous year.

GENERAL INFORMATION

No. of Employees :

9700 (Approximately)

Bankers :

v Central Bank of India, 1^st Floor, Mumbai Main Office Building, Fort, Mumbai – 400 023, Maharashtra, India

v Union Bank of India, Mumbai – 400 021, Maharashtra, India

v Citibank N. A., 293, Dr. D. N. Road, Mumbai – 400 001, Maharashtra, India

v BNP Paribas, Mumbai – 400 001, Maharashtra, India

v Standard Chartered Grindlays Bank Limited, Mumbai – 400 001, Maharashtra, India

v State Bank of Patiala, Mumbai - 400 021, Maharashtra

v Axis Bank Limited, Mumbai – 400 001, Maharashtra

v The Hong Kong and Shanghai Banking Corporation Limited, Mumbai – 400 001, Maharashtra

v ICICI Bank Limited, Mumbai – 400 021, Maharashtra

v Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe parade, Mumbai – 400005, Maharashtra, India.

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Working capital facilities from banks (net) secured by a first pari passu charge by way of hypothecation of inventories and book debts	3941.181	0.000
Export Credit from Export-Import Bank of India under a revolving credit limit secured by first equitable mortgage of specified immovable properties situated at Vikhroli, Mumbai	2846.000	1756.000
Term Loans from Housing Development Finance Corporation Limited secured by first equitable mortgage of specified immovable properties situated at vikhroli, Mumbai	0.000	40.000
Term Loan from Central Bank of India secured by exclusive charge by way of hypothecation of specified machinery and equipment	500.000	700.000
Term Loan from The Zoroastrian Co-operative Bank Limited secured by way of hypothecation of specified machinery and	80.000	0.000
Term Loans form Corporation Bank secured by first equitable mortgage of specified immovable properties situated at Vikhroli, Mumbai.	274.900	0.000
Total	7642.081	2496.000
Unsecured Loan
Deposit from companies	3.300	3.500
Fixed deposits and loans	0	0
Fixed deposits	1552.141	1515.240
Loans guaranteed by a director	0.232	0.282
Interest – free loans under the sales tax deferral schemes	664.309	708.918
Total	2219.982	2227.940

NOTE:

· Working Capital Facilities from Banks (Net) and Balances with Banks on Cash Credit Accounts (Net) include Rs. 2101.612 millions (as at 31-3-2010: Rs.150.309 millions) due and payable in foreign currency.

· Export Credits from Export-Import Bank of India are denominated in rupees.

· Loans guaranteed by a directors Rs.0.232 millions (as at 31.03.2010 Rs.0.282 millions) were due for repayment, but were not claimed by the depositors on due dates.

· Maximum amount raised at any time during the year by way of issue of commercial paper (unsecured Negotiable Usance Promissory Notes) Rs.1500.000 millions by earmarking of designated working capital facilities from banks. No commercial paper was outstanding at the year end.

Banking Relations :	--
Auditors :
Name :	Kalyaniwala and Mistry Chartered Accountants
Address :	Maneckji Wadia Building, 127, Mahatma Gandhi Road, Mumbai – 400 023, Maharashtra, India
Joint Venture:	Godrej Efacec Automation and Robotics Limited
Associates:	· Godrej and Khimji (Middle East) LLC (Incorporated in Oman) · LVD Godrej Infotech NV (Incorporated in Belgium) · ABG Venture LLP · NBG Enterprise LLP · SVC Enterprise LLP
Subsidiaries :	· Godrej Industries Limited CIN : L24241MH1988PLC097781 · Godrej Infotech Limited CIN : U32100MH1997PLC106135 · Wadala Commodities Limited CIN : L15142MP1984PLC002382 · Godrej Malaysia Sdn. Bhd, (Incorporated in Malaysia) (w.e.f 28^th July, 2010, the company holds 100% of its equity share capital) · Godrej Singapore Pte. Limited (Incorporated in Singapore) · Veromatic International BV (Incorporated in the Netherlands)
Enterprises over which the company’s chairman and managing directors, Mr. J.N. Godrej, is able to exercise significant influence:	· Geometric Limited · Godrej and Boyce Enterprises LLP · JNG Enterprise LLP · RKN Enterprise LLP
Step-Subsidiaries (Where the company’s subsidiaries listed in a above, hold more than 50% of equity share capital):	G and B Enterprises (Mauritius) Private Limited (Incorporated in Mauritius on 17^th December, 2010) [A Wholly owned subsidiary of Godrej Malaysia Sdn. Bhd.]
Subsidiaries of Veromatic International BV:	· Veromatic Services BV (incorporated in the Netherlands) · Water Wonder Benelux BV (incorporated in the Netherlands)
Subsidiaries and Sub-subsidiaries of Godrej Industries Limited (GIL):	· Natures Basket Limited · Ensemble Holdings and Finance Limited · Godrej International Limited (Incorporated in the Isle of Man) · Godrej Agrovet Limited (GAVL) · Godrej Properties Limited (GPL)
Subsidiaries of GAVL:	· Golden Feed Products Limited · Godrej Oil Palm Limited · Cauvery Palm Oil Limited · Godrej Gokarna Oil Palm Limited [Formerly Godrej IJM Palm Oil Limited] [A Subsidiary w.e.f 24^th November, 2010]
Subsidiaries of GPL:	· Godrej Realty Private Limited · Godrej Waterside Properties Private Limited · Godrej Developers Private Limited · Godrej Real Estate Private Limited · Godrej Sea View Properties Private Limited · Godrej Estate Developers Private Limited · Happy Highrises Limited · Godrej Buildwell Private Limited (A Subsidiary w.e.f. 14^th January, 2011) · Godrej Projects Developments Private Limited (A Subsidiary w.e.f 22^nd November, 2010) · Godrej Buildcon Private Limited (A Subsidiary w.e.f. 21^st September, 2010) · Godrej Premium Builders Private Limited (A Subsidiary w.e.f. 18^th February, 2011) · Godrej Garden City Properties Private Limited (A Subsidiary w.e.f 18^th February, 2011) · Udhay GK Realty Private Limited (A Subsidiary w.e.f. 7^th March, 2011) Note: During the year, Godrej Gold Coin Aquafeed Limited, which became a subsidiary of Godrej Agrovet Limited, w.e.f. 21^st October, 2010, has merged with Godrej Agrovet Limited w.e.f. 5^th January, 2011, and hence has ceased to be its subsidiary. During the financial year commencing from 1^st April, 2011, Godrej Seeds and Genetics Limited has become a subsidiary of Godrej Agrovet Limited, w.e.f. 6^th June, 2011.

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1100000	Equity Shares	Rs. 100/- each	Rs.110.000 Millions
900000	Cumulative Redeemable Preference Shares	Rs. 100/- each	Rs. 90.000 Millions
	Total		Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
662910	Equity Shares	Rs. 100/- each	Rs.66.291 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		66.291	66.291	66.291
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		14776.334	11735.435	9031.134
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		14842.625	11801.726	9097.425
LOAN FUNDS
1] Secured Loans		7642.081	2496.000	4370.726
2] Unsecured Loans		2219.982	2227.940	1733.653
TOTAL BORROWING		9862.063	4723.940	6104.379
DEFERRED TAX LIABILITIES		432.581	517.981	585.581
TOTAL		25137.269	17043.647	15787.385
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8480.693	5542.948	5571.876
Capital work-in-progress		1476.679	2470.410	952.547
INVESTMENT		4713.078	4575.577	3089.199
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12258.944	9059.687	8256.278
	Sundry Debtors	12894.622	8384.506	7603.463
	Cash & Bank Balances	60.040	490.603	33.234
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3437.888	2108.648	3298.425
Total Current Assets		28651.494	20043.444	19191.400
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11098.487	8137.674	5787.031
	Other Current Liabilities	5720.781	6206.843	6334.248
	Provisions	1365.407	1244.215	896.358
Total Current Liabilities		18184.675	15588.732	13017.637
Net Current Assets		10466.819	4454.712	6173.763
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		25137.269	17043.647	15787.385

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	54911.148	43621.790	40351.778
		Other Income	1271.833	1057.627	1123.661
		Compensation received on surrender of tenancy rights	10.000	0.000	0.000
		Profit on sale of investment (net)	4.758	62.711	440.713
		Profit on sale / transfer / disposal of fixed assets (net)	11.136	3.686	(2.982)
		TOTAL (A)	56208.875	44745.814	41913.170
Less	EXPENSES
		Raw material consumed and goods purchased	36634.935	26642.812	25150.222
		Employee remuneration and benefits	6306.491	5705.024	4638.199
		Voluntary retirement compensation	2.116	51.607	9.547
		Other expenses	9877.176	7935.968	7856.605
		Property development and construction expenses	196.503	286.729	259.641
		Increase in stocks of finished goods and work in progress	(2523.971)	(1110.306)	20.930
		Expenditure transferred to capital account	(413.270)	(505.085)	(322.589)
		TOTAL (B)	50079.980	39006.749	37612.555
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6128.895	5739.065	4300.615
Less	FINANCIAL EXPENSES (D)		626.515	525.657	840.944
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5502.380	5213.408	3459.671
Less/ Add	DEPRECIATION/ AMORTISATION (F)		581.902	536.602	501.069
	PROFIT BEFORE TAX (E-F) (G)		4920.478	4676.806	2958.602
Less	TAX (H)		930.725	1314.267	544.221
	PROFIT AFTER TAX (G-H) (I)		3989.753	3362.539	2414.381
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7557.312	5193.010	3448.203
Less	APPROPRIATIONS
		Transfer to General Reserve	473.263	340.000	244.000
		Proposed Dividend	795.492	596.619	397.746
		Tax on Dividend	80.099	61.618	27.828
	BALANCE CARRIED TO THE B/S		10198.211	7557.312	5193.010
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	4257.555	3741.509	4846.242
		Dividend	2.637	2.198	2.036
		Royalty	0.000	3.356	4.055
		Others	203.325	78.780	116.722
	TOTAL EARNINGS		4463.517	3825.843	4969.055
	IMPORTS
		Raw Materials	3019.755	2416.418	3441.002
		Stores & Spares	70.824	40.086	99.513
		Capital Goods	943.267	218.876	300.494
		Others	4814.465	2858.659	3048.466
	TOTAL IMPORTS		8848.311	5534.039	6889.475
	Earnings Per Share (Rs.)		6019	5072	3642

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.10	7.51	5.76
Net Profit Margin (PBT/Sales)	(%)	8.96	10.72	7.33
Return on Total Assets (PBT/Total Assets}	(%)	13.25	18.27	10.27
Return on Investment (ROI) (PBT/Networth)		0.33	0.40	0.33
Debt Equity Ratio (Total Liability/Networth)		1.89	1.72	2.10
Current Ratio (Current Asset/Current Liability)		1.57	1.29	1.47

LOCAL AGENCY FURTHER INFORMATION

History:

The company was incorporated on 3^rd March, 1932 at Mumbai in Maharashtra having company Registration Number 1828.

The Company celebrated its centenary in 1997. In 1897 a young man named Ardeshir Godrej gave up law and turned to lock-making. Ardeshir went on to make safes and security equipment of the highest order, and then stunned the world by creating toilet soap from vegetable oil. His brother Pirojsha Godrej carried Ardeshir's dream forward, leading Godrej towards becoming a vibrant, multi-business enterprise. Pirojsha laid the foundation for the sprawling industrial garden township (ISO 14001- certified) now called Pirojshanagar in the suburbs of Mumbai. Godrej touches the lives of millions of Indians every day. To them, it is a symbol of enduring ideals in a changing world.

In company, on the other hand, the Construction Department made it a point from the very beginning to adapt practices which prevent pollution, and that is why Vikhroli, unlike the city which it adjoins, remains clean and green. The Construction Department had to conserve water and other resources, use raw material having less adverse environmental impacts, conserve and enhance green cover, and continue to create environmental awareness among their employees, sub-contractors, vendors and the community around, in pursuance of the environmental Policy laid down by the management: ' They at Godrej are committed to profitable growth in the business through sustainable development and continual improvement in the environmental performance.'

The further steps of the company took towards control of pollution make their synonymous with clean and sound environmental practices. The late Nozer A. Lentin, who has a member Secretary (Retired.) to Maharashtra Pollution Control Board, was appointed in 1980 to conduct a survey of legal and technical problems likely to be faced regarding treatment and disposal of effluents. In 1982, a Manager (Environment and Pollution Control) was appointed to attend to the day-to-day work related to environment and pollution control. Data of effluents from the industrial plants was an alysed and a feasibility report was prepared. Later, in 1983, an Effluent Treatment Plant (ETP) was established with Associated Industrial Consultants. An ETP with a capacity of 1,200 cubic metres was commissioned in 1986. In 1987, electroplating effluents were segregated and treated separately in a plant having the capacity of 200 cubic metres per day.

The first Tertiary Sewage Treatment and Recycling Plant was commissioned 1989 and second as recently as in 1996. At present, 100 cubic metres per day as sewage waste are being treated for re-use in industrial plants and gardens. In 1995 AIC Watson were appointed to carry out a detailed study of all aspects of solid waste management in the Godrej industrial premises. Suggestions in a comprehensive report submitted in January 1997 are in the process of being implemented. Paint waste, which has been a major source of hazardous wastes, was sent for test incineration to M/s. Bayers Limited. A procedure has been put in place to incinerate the paint sludge and to dispose of the ash generated. A secured landfill for hazardous wastes has been constructed.

Finally, in 1995 the management decided to appraise all the Divisional Heads and Managers about the Environmental Management System and Environment Audit. Mr. K.P. Nyati, Head of the Environment Management Division, Confederation of Indian Industry, was invented to give a presentation to them. Further follow-up was done to initiate action on the Environment Management System and adoption of ISO-14001 standards throughout the Company.

Naval emphasized upon quality for the department, by which each of the structures would provide satisfactory services for about 100 years. He made it clearly known that an initial fault in the concept of design or workmanship would involve heavy costs at a later date, which had to be avoided. In this way, by having in-house facilities and capabilities, the Construction Department not only achieved economy, but also quality and reliably, unlike the construction industry in the country, which is becoming a matter of grave concern. Naval had envisaged from the beginning that the Construction Department would not only undertake new projects for construction at Vikhroli, but would also be responsible for its maintenance.

Baria's appointment in 1948 was followed by H.N. Engineer's in 1949. The foundation work of Plant-I was then in progress and work on the construction of plant-II had also started. Engineer became the departmental head in 1996 and continued in that capacity till 1971. He was ably assisted by Edul Postwalla. Engineer was followed by Bomi Sethna, who with his twenty years' experience, having joined Godrej in 1951, took over as departmental head in 1971 and continued till 1986. It was then Engineer's son Maneck's turn to take over, and deservedly too, for he had been in the service of the Company for twenty-two years since 1964 and continues to head the Department in the capacity of Vice-President to this day.

Progress in construction was slow, but steady. Naval's habit of adopting a system for everything he did and expecting his workers to follow, was very much in evidence in the construction of manufacturing plants, housing and the Udayachal schools. After the construction of plant-I and II, construction of other plants was taken up every second year. By the year 1990, when Naval passed away, eighteen factory sheds had been constructed and the last, the nineteenth, was completed in 1992.

As regards housing for workers, Naval would sit with the architects and insist on cross-ventilation.

The experience thus gained would prove to be most useful when designing Godrej Baug years later. The first housing project was taken in hand in 1951. This project known as Betthi Chawl initiated a brisk Programme of housing for workers; there was a break in the speed of construction between 1975 and 1985, when the Urban Land (Ceiling and Regulation) Act 1976 came into force. Otherwise, the going was smooth throughout. As of today, about 3,600 tenements stand erected in different sizes of one/two/three/ four-room flats with kitchen along with a few bungalows for top management executives on the hillside. There are three Godrej housing colonies in Vikhroli, located at the Creekside, Hillside and Station Road, where the employees live comfortably in spacious rooms - quite unheard of in Mumbai.

CONTINGENT LIABILITIES NOT PROVIDED FOR: [AS ON 31.03.2011]

(a) Guarantees given by the Company’s Bankers against counter-guarantees given by the Company Rs. 7216.375 Millions.

(b) Guarantees given by the Company’s Bankers on behalf of subsidiary/associate companies against counter guarantees given by the Company: Rs. 55.937 Millions.

(c) Guarantees given by Export-Import Bank of India, against the security of first equitable mortgage of specified immovable properties situated at Vikhroli, Mumbai: Rs. 1100.371 Millions.

(d) Excise Duty/Service Tax/Sales Tax demands in dispute and pending at various stages of appeal: Rs. 556.020 Millions.

(e) The State of Maharashtra has filed a suit against the Company, being Suit No. 679 of 1973, in the High Court of Judicature at Bombay, claiming ownership of part of the Company’s lands at Vikhroli, Mumbai. In the said Suit, which is still pending, various claims have been raised, which are undetermined and not acknowledged as debts due by the Company. According to the Company’s legal advisers, the Company has a complete defence against the plaintiff in the said Suit, and the said Suit is not sustainable.

(f) Claims against the Company under the Industrial Disputes Act, 1947 - amount indeterminate.

(g) Disputed Provident Fund liability for the period March 1996 to September 1997 arising on account of disapproval of infancy benefit: Rs. 5.300 Millions. The Supreme Court of India has allowed the company’s appeal and set aside the judgment of the High Court of Punjab and Haryana. The matter has been remanded to the regional provident fund commissioner for a fresh decision in accordance with law after hearing the parties concerned expeditiously.

(h) Other Claims against the Company not acknowledged as debt: Rs. 123.800 Millions.

NOTE: Future cash outflows in respect of items (d) to (h) above are determinable only on receipt of judgements/decisions pending with various forums/authorities.

FUTURE PLANS:

1. Development of motorized lifting of mattress panel in bed to access storage area.

2. Use of PU-based spray edging for tables in education furniture.

3. Incorporation of electronic vibration user alert in Flair chair to optimize ergonomics.

4. Development of bio-safety cabinets.

5. Design and development of brushless DC motors for hermetic compressors.

6. Development of controlled induction motor applications.

7. Development of new models of mechanical and electronic locks.

8. Transition to emission compliant BS-Ill engines on diesel trucks with support from engine manufacturers.

9. Development of new three-wheeler range and reach warehouse trucks.

10. Transition to new energy-efficient AC motors on all electric trucks.

11. Development of juice and soup machines, jointly with Veromatic International BV.

12. Development of seismic-resistant racks.

13. Research into using racks as a self supported building, and rack-clad buildings.

14. Development of standardized dies for crank cases and ETB body.

Fixed Assets:

v Freehold Land

v Leasehold Land

v Freehold Buildings

v Leasehold Buildings

v Staff and Workmen Quarters

v Machinery

v Vehicles

v Furniture and Fixtures

v Other Equipments

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.52.42
UK Pound	1	Rs.81.92
Euro	1	Rs.69.94

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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		67

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	-

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