MIRA INFORM REPORT

Report Date :

20.01.2011

IDENTIFICATION DETAILS

Name :	MAHARSHI LABELS PRIVATE LIMITED
Registered Office :	4, Ruchi, 36, Swastik Society, Navragpura, Ahmedabad-380009, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	08.12.1997
Com. Reg. No.:	04-33392
CIN No.: [Company Identification No.]	U28992GJ1997PTC033392
TAN No.: [Tax Deduction & Collection Account No.]	AHMM00442B
PAN No.: [Permanent Account No.]	AAACM7996G
Legal Form :	Private Limited Liability Company
Line of Business :	Printing of Stickers and Label

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 :	USD167000
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 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 – 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

LOCATIONS

Registered Office :	4, Ruchi, 36, Swastik Society, Navragpura, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-26422883/26441079/26563612/26402816
Fax No.:	91-79-26425456
E-Mail :	info@maharshi.com maharshi1@dataone.on
Website :	http://www,maharshi.com http://www.labelingandcables.com
Location :	Owned
Factory 1 :	Plot No.10, Panchratna Industrial Estate, Changodar Village, Ahmedabad-382213, Gujarat, India
Tel. No.:	91-79-2717251140
Fax No.:	91-79-2717251141
E-Mail :	maharshilabels@rediffmail.com
Location :	Owned
Branches 1 :	C-101, Motanagar, Andheri-Kurla Road, Chakala, Andheri (East), Mumbai-400059, Maharashtra, India
Mobile No.:	91-9227200313
Branch 2 :	12, 1^st Main Road, RPC Layout, Vidya Nagar, II Stage, Bangalore-560040, Karnataka, India
Mobile No. :	91-9227254313

DIRECTORS

As on 30.09.2010

Name :	Mr. Rajesh V. Shah
Designation :	Director
Address :	33, Uganda Society, Memnagar, Ahmedabad, Gujarat, India
Qualification :	B.E. (Mech.)
Name :	Mr. Rajendra B. Gandhi
Designation :	Director
Address :	6, Karmanya Flat, Ambawaddi, Ahmedabad, Gujarat, India
Qualification :	Commerce Graduate
Name :	Mr. Jigesh S. Dani
Designation :	Director
Address :	A/5, Uday Aparment, Behind Shanti Nagar Bus Stop, Paldi, Ahmedabad, Gujarat, India
Qualification :	BE (Mechtronics)
Name :	Mr. Bhagwat V. Shah
Designation :	Director
Address :	8. Gopinath Society, Drive in Road, Ahmedabad-, Gujarat, India
Qualification :	Commerce Graduate
Name :	Mr. Harshit R. Shah
Designation :	Director
Address :	33, Uganda Society, Opposite Sarthi Raw House, Memnagar, Ahmedabad-380052, Gujarat, India
Date of Birth/Age :	26.08.1984
Date of Appointment :	05.02.2003
Name :	Mr. Harivardhan Shah
Designation :	Director
Address :	8. Gopinath Society, Drive in Road, Ahmedabad-, Gujarat, India
Date of Appointment :	31.03.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Rajesh Vitthaldas Shah	47300
Rajendra B. Gandhi	47300
Balvantrai K. Gandhi	5600
Leena R. Gandhi	13800
Kanchangauri B. Gandhi	8400
Bhagvat Vitthaldas Shah HUF	100
Bhagvat Vitthaldas Shah	48000
Harivadan V. Shah	45700
Jitubhai L. Kothari	100
Jayshree B. Shah	700
Lilalavati V. Shah	200
Paulomi H. Shah	2500
Rajesh Vitthaldas Shah (HUF)	100
Tasvina R. Shah	100
Chandulal H. Kalyani	10000
Dharmesh M. Shukla	100
Jigesh S. Dani	6500
Rajesh V. Shah (Karta of Vithaldas Somchand Shah HUF)	100
Harshit Rajesh Shah	5000
Chetna Jignesh Dani	6000
Balwantrai Kantilal (HUF)	2300
Rajendra Balvantrai Gandhi (|HUF)	100
Total	250000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Printing of Stickers and Label

GENERAL INFORMATION

Customers :

· Nicholas

· Glaxo SmithKline

· Astra Zeneca

· Gulf

· Gilette

· Martini

· Dr. Reddy’s Laboratories Limited

· Seagram

· Baxter

· Albert David

· Parke-Davis

· Kodak

· BASF

· Cipla

· SmithKline Beachem

· Glaxo

· Wockhard Limited

· Wyeth

· Novartis

· P&G India

· Fresenius Kabi

· Lederle

· Hoechst

· Syngenta

· NIVEA

· Ranbaxy Limited

· Dabur India

· Aventis

· Novozymes

· Strides Arcolab

Bankers :

State Bank Of India (Formly Known As State Bank Of Saurashtra) Mid Corporate Branch, Zodiac Avenue, Commissioner's Bunglow Law Garden Mithakhali, Ahmedabad – 380 006, Gujarat, India

Facilities :

Secured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
HDFC Car Loan	0.000	0.260
SBS Term Loan Wind Farm Project	0.000	18.826
Total	0.000	19.086

Banking Relations :	-
Auditors :
Name :	N.C. Kalyani and Company Chartered Accountants
Address :	B-604, Ganesh Plaza, Navrangpura, Ahmedabad-380 009, Gujarat, India

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/-Each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/-Each	Rs.2.500 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		2.500	2.500	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		39.249	22.676	12.626
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		41.749	25.176	12.726
LOAN FUNDS
1] Secured Loans		0.000	19.086	0.489
2] Unsecured Loans		71.809	80.623	47.267
TOTAL BORROWING		71.809	99.709	47.756
DEFERRED TAX LIABILITIES		7.612	8.285	1.433
TOTAL		121.170	133.170	61.915
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		91.604	105.345	38.533
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.972	5.739	5.359
	Sundry Debtors	52.365	34.138	28.206
	Cash & Bank Balances	10.157	4.939	15.553
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.917	16.572	10.202
Total Current Assets		86.411	61.388	59.320
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	50.002	28.758	29.037
	Other Current Liabilities	3.568	2.549	4.266
	Provisions	3.275	2.256	2.635
Total Current Liabilities		56.845	33.563	35.938
Net Current Assets		29.566	27.825	23.382
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		121.170	133.170	61.915

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	208.124	162.889	132.717
		Wind Farm Project Income	3.686	1.107	0.000
		Other Income	0.973	2.161	0.738
		TOTAL (A)	212.783	166.157	133.455
Less	EXPENSES
		Cost of Goods sold	140.154	102.525	88.186
		Manufacturing Expenses	6.779	6.091	1.930
		Wages and Bonus	6.061	4.977	2.993
		Wind Farm Project Expenses	1.383	1.943	0.000
		Director Remuneration	3.000	3.000	9.200
		Selling and Administrative Expenses	8.901	6.139	11.112
		Loss on sale of Fixed Assets	0.000	0.206	0.000
		Auditors Remuneration	0.010	0.022	0.022
		Donation	0.009	0.000	0.000
		Preliminary Expense Written off	0.000	0.053	0.000
		Fringe Benefit Tax	0.001	0.000	0.005
		Income Tax	0.085	0.199	0.074
		TOTAL (B)	166.383	125.155	113.522
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		46.400	41.002	19.933
Less	FINANCIAL EXPENSES (D)		8.672	7.764	5.410
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		37.728	33.238	14.523
Less/ Add	DEPRECIATION/ AMORTISATION (F)		18.553	14.080	5.886
	PROFIT BEFORE TAX (E-F) (G)		19.175	19.158	8.637
Less	TAX (H)		2.601	9.108	0.626
	PROFIT AFTER TAX (G-H) (I)		16.574	10.050	8.011
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		22.675	12.626	6.614
	BALANCE CARRIED TO THE B/S		39.249	22.676	12.626
	Earnings Per Share (Rs.)		66	-	-

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	7.79	6.05	6.47
Net Profit Margin (PBT/Sales)	(%)	9.21	11.76	6.51
Return on Total Assets (PBT/Total Assets}	(%)	10.77	11.49	8.83
Return on Investment (ROI) (PBT/Networth)		0.46	0.76	0.68
Debt Equity Ratio (Total Liability/Networth)		3.08	5.29	6.58
Current Ratio (Current Asset/Current Liability)		1.52	1.83	1.65

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10114223
Corporate identity number of the company	U28992GJ1997PTC033392
Name of the company	MAHARSHI LABELS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	4, Ruchi, 36, Swastik Society, Navragpura, Ahmedabad-380009, Gujarat, India
Type of charge	Movable Property
Particular of charge holder	State Bank Of India (Formly Known As State Bank Of Saurashtra) Mid Corporate Branch, Zodiac Avenue, Commissioner's Bunglow Law Garden Mithakhali, Ahmedabad – 380 006, Gujarat, India
Nature of description of the instrument creating or modifying the charge	Letter Dated 05/09/2008
Date of instrument Creating the charge	05.09.2008
Amount secured by the charge	Rs.21.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 1% below BPLR i. e. @12.75% p. a. effective at present floating Terms of Repayment The firm shall repay the loan in 20 quarterly installments commencing September 2008. The style of repayment will be in 20 equal quarterly installments of Rs.1.075 millions each. Margin 34.85% Extent and Operation of the charge First charge over the said property of the company
Short particulars of the property charged	1.) 600 kw Pawan Shakti Wind Electric Generator with 47mtr Rotor diaon 50 mtr Tower height, alongwith Civil and Electrical installment at Village Chandrodi, Tal. Bhachau, Dist. Kutchh 3.) Printing Machine S-Combat 570 8k installed at Factory situated at 10/B, Pancharatna Indu. Estate, Sarkhej Bavla Highway, Village Changodar, Tal. Sanand, Dist. Ahmedabad.
Particulars of the present modification	no objedion in modification of the charge by deleating words like "1.)All present and future goods, book debts and all other movable assets including title to the goods, outstanding moneys, receivables" in earlier form 8 filled by the Company and bank.

Fixed Assets:

· Land

· Computer

· Factory Building

· Plant and Machinery

· CCTV Camara

· Furniture

· Office Equipment

· Scooter

· Car

· Wind Mill

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.45.38
UK Pound	1	Rs.72.71
Euro	1	Rs.61.15

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.