MIRA INFORM REPORT

Report Date :

23.07.2011

IDENTIFICATION DETAILS

Name :	HINDOOSTAN MILLS LIMITED (w.e.f. 13.06.2011)
Formerly Known as :	THE SIRDAR CARBONIC GAS COMPANY LIMITED
Registered Office :	Sir Vithaldas Chambers 16, 2^nd Floor, Apollo Street, Fort, Mumbai-400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.05.1904
Com. Reg. No.:	11-000195
Capital Investment / Paid-up Capital :	Rs.7.058 millions
CIN No.: [Company Identification No.]	L17121MH1904PLC000195
TAN No.: [Tax Deduction & Collection Account No.]	MUMT10719C
PAN No.: [Permanent Account No.]	AAACTO173A
Legal Form :	A Public Limited Liability Company. The Company Shares Listed to The Stock Exchange.
Line of Business :	Manufacturer of Elastic Calendar Bowls, Cotton Spun Laps (Cakes) and Textile Piece Goods etc.
No. of Employees :	120 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 970000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an old and well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered 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.

INFORMATION DENIDED BY

Name :	Mr. Morekar
Designation :	Accounts Department
Date :	21.07.2011

LOCATIONS

Registered Office :	Sir Vithaldas Chambers 16, 2^nd Floor, Apollo Street, Fort, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-22842595
Fax No.:	91-22-22842595
E-Mail :	sirdarcarbonic@vsnl.net
Location :	Owned

DIRECTORS

As On : 30.09.2010

Name :	Mr. Chandrahas Krishnaraj Thackersey
Designation :	Chairman
Address :	151, Silver Arch, 66, L. Jagmohandas Marg, Malbar Hill, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	18.10.1948
Date of Appointment :	09.02.1994
DIN No :	00060108
Name :	Mr. Jagdish Udaikant Thackersey
Designation :	Managing Director
Address :	36, Silver Arch, A- Block, 66, L. Jagmohandas Marg, Malbar Hill, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	04.03.1951
Date of Appointment :	29.03.1985
DIN No :	00060987
Name :	Mr. Khurshed Hormasji Sahiar
Designation :	Director
Address :	11, Zenia Abad, Off Little Gibbs Road, Malbar Hill, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	05.06.1927
Date of Appointment :	17.12.1987
DIN No :	01779029
Name :	Mr. Jawahir Tricumdas Kapadia
Designation :	Director
Address :	37, Laxmi Nivas, Nepean Sea Road, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	25.11.1930
Date of Appointment :	30.01.2002
DIN No :	00446116
Name :	Mr. Raoul Sudhir Thackersey
Designation :	Director
Address :	Flat No.201, Urvashi Building, Malbar Cooperative Housing Society Limited, 63, L. Jagmohandas Marg, Malbar Hill, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	08.05.1971
Date of Appointment :	31.10.2006
DIN No :	00332211
Name :	Mr. Krishnadas Devidas Vora
Designation :	Director
Address :	7B/1, Woodlands, 67, Peddar Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	11.05.1929
Date of Appointment :	30.04.2007
DIN No :	00883649
Name :	Mr. Naresh Ranjitsinh Kara
Designation :	Director
Address :	Pallonji Mansion, 43, Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India
Date of Birth/Age :	16.06.1932
Date of Appointment :	30.01.2008
DIN No :	00061271
Name :	Mr. Hrishikesh Jagdish Thackersey
Designation :	Director
Address :	31, Silver Arch, A- Block, 66, L. Jagmohandas Marg, Malbar Hill, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	20.11.1978
Date of Appointment :	23.07.2009
DIN No :	00349752

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2011

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	39,402	55.82
Bodies Corporate	5,623	7.97
Sub Total	45,025	63.79
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	45,025	63.79
(B) Public Shareholding
(1) Institutions
Insurance Companies	3,000	4.25
Sub Total	3,000	4.25
(2) Non-Institutions
Bodies Corporate	3,661	5.19
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	4,500	6.38
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	13,051	18.49
Any Others (Specify)	1,347	1.91
Foreign Nationals	1,347	1.91
Sub Total	22,559	31.96
Total Public shareholding (B)	25,559	36.21
Total (A)+(B)	70,584	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	70,584	-

BUSINESS DETAILS

Line of Business :

Manufacturer of Elastic Calendar Bowls, Cotton Spun Laps (Cakes) and Textile Piece Goods etc.

Products :

ITC CODE	PRODUCT
842000	Elastic Calendar Bowls
591100	Cotton Spun Laps (Cakes)
630700	Textile Piece Goods

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (As On 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Elastic Calendar Bowls	Nos.	400	400	323

GENERAL INFORMATION

Customers :

• OEM’s
• Traders

No. of Employees :

120 (Approximately)

Bankers :

Not Divulged

Facilities :

SECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Term Loan from a Financial Institution : [Secured by mortgage of all immovable and movable properties both present and future (save and except stocks and book debts.)]	0.000	16.639
Total	0.000	16.639

Banking Relations :	--
Financial Institution :	Sicom Limited, Nirmal, 1^st Floor, Nariman Paont, Mumbai-400021, Maharashtra, India
Auditors :
Name :	H. N. Motiwalla and Company Chartered Accountant
Address :	508, sharda Chambers, 33 New Marine Lines, Mumbai-400020, Maharashtra, India
Associates :	Ø The Hindoostan spinning and Weaving Mills Limited. Ø Delta Investments Limited

CAPITAL STRUCTURE

As On 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
253000	Equity Shares	Rs. 100/- each	Rs. 25.300 millions
2500	5% Redeemable Cumulative “A” Preference Shares	Rs. 10/- each	Rs. 0.025 million
780000	15% Non-convertible Preference Shares	Rs. 10/- each	Rs. 7.800 millions
237500	Unclassified Shares	Rs. 10/- each	Rs. 2.375 millions
	Total		Rs. 35.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
70584	Equity Shares	Rs. 100/- each	Rs. 7.058 millions

Note : (Net of 12018 Equity Shares held by erstwhile subsidiaries after amalgamation)

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		7.058	8.260	8.260
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		236.478	204.887	200.625
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		243.536	213.147	208.885
LOAN FUNDS
1] Secured Loans		0.000	16.639	26.364
2] Unsecured Loans		0.000	0.000	32.000
TOTAL BORROWING		0.000	16.639	58.364
DEFERRED TAX LIABILITIES		6.205	7.180	8.443
TOTAL		249.741	236.966	275.692
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		43.417	48.780	52.799
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		203.623	154.763	192.363
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.630	14.647	11.647
	Sundry Debtors	0.324	5.338	8.168
	Cash & Bank Balances	7.743	2.999	4.948
	Other Current Assets	0.121	0.038	0.291
	Loans & Advances	16.770	38.917	38.123
Total Current Assets		34.588	61.939	63.177
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.472	9.032	13.948
	Other Current Liabilities	15.897	14.273	12.590
	Provisions	7.518	5.211	6.109
Total Current Liabilities		31.887	28.516	32.647
Net Current Assets		2.701	33.423	30.530
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		249.741	236.966	275.692

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	61.394	27.828	43.401
		Compensation from rendering Business Centre Services [Including tax deducted at source Rs.1.906 millions (Previous Year: Rs.2.781 millions)]	11.674	11.674	11.528
		Lease Rent Received [Including tax deducted at source Rs.0.045 million (Previous Year: Rs.0.042 million)]	0.400	0.359	1.774
		Other Income [Including tax deducted at source Rs. 0.103 million (Previous Year: Rs 0.145 million)]	17.167	13.176	12.417
		TOTAL (A)	90.635	53.037	69.120
Less	EXPENSES
		Manufacturing Expenses	35.126	15.887	20.302
		Employees Remuneration	12.323	6.267	7.294
		Increase/(Decrease) in Finished Goods	1.610	1.226	0.799
		Administrative Selling and Expenses	19.857	13.686	16.267
		TOTAL (B)	68.916	37.066	44.662
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		21.719	15.971	24.458
Less	FINANCIAL EXPENSES (D)		0.723	3.037	4.722
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20.996	12.934	19.736
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.340	5.605	5.502
	PROFIT BEFORE TAX (E-F) (G)		15.656	7.329	14.234
Less	TAX (H)		2.726	0.356	2.620
Add	(Short)/ Excess Prevision of Earlier Year		(0.203)	0.188	0.000
Add	Provision of Doubtful Debts Written Back		1.845	0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		14.572	7.161	11.614
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9.000	9.000	9.000
Less	APPROPRIATIONS
Add	Profit Transferred Pursuant to The Scheme of Amalgamation		9.111	0.000	0.000
		Transfer to General Reserve	19.568	4.262	7.749
		Dividend	3.529	2.478	3.304
		Tax on Dividend	0.586	0.421	0.561
	BALANCE CARRIED TO THE B/S		9.000	9.000	9.000
	EXPORT VALUE		7.929	4.247	NA
	IMPORTS
		Raw Materials	4.942	6.654	NA
	TOTAL IMPORTS		4.942	6.654	NA
	Earnings Per Share (Rs.)		183.19	84.42	140.61

Particulars	31.03.2011
Sales Turnover (Approximately)	100.000

The above information has been parted by Mr. Morekar

QUARTERLY RESULTS

(Rs. In Millions)

PARTICULARS	30.06.2010	30.09.2010	31.12.2010	31.03.2011
	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	17.450	21.020	10.770	25.540
Total Expenditure	13.210	15.520	12.100	23.890
PBIDT (Excl OI)	4.240	5.500	-1.330	1.650
Other Income	3.850	2.250	64.130	-1.180
Operating Profit	8.090	7.750	62.800	0.470
Interest	0.000	0.000	0.000	0.000
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	8.090	7.750	62.800	0.470
Depreciation	1.340	1.350	1.380	1.470
Profit Before Tax	6.750	6.400	61.420	-1.000
Tax	1.810	1.870	9.670	-1.590
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	4.930	4.530	51.750	0.590
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	4.930	4.530	51.750	0.590

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	14.08	13.50	16.80
Net Profit Margin (PBT/Sales)	(%)	25.50	26.34	32.80
Return on Total Assets (PBT/Total Assets}	(%)	20.07	6.62	12.27
Return on Investment (ROI) (PBT/Networth)		0.06	0.03	0.07
Debt Equity Ratio (Total Liability/Networth)		0.16	0.24	0.48
Current Ratio (Current Asset/Current Liability)		1.08	2.17	1.93

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. In millions)

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Sundry creditors (Other than small scale industrial undertakings)	8.472	9.032	13.948

OPERATIONS :

The Directors have to report that the Company has performed reasonably well. The production during the year was 323 Bowls at its plant at Arnbernath as against 138 Bowls during last year. The Company continued its leasing activities as per last year.

The Company continued to promote its products in the export market which resulted in the exports rising to Rs.7.929 millions as against the corresponding figure of Rs.4.246 millions. Presently, the Company's products are marketed to Bangladesh, Tanzania, Sri Lanka, Thailand, Nigeria, Korea and Turkey.

The Company has formed an alliance with MIS NCCM Company LLC (formerly known as "the Mill Roll Division of 3M," h m USA) to purchase material which will be used to manufacture rolls for metal industries. The Company has secured trial orders for mill rolls from few leading companies.

FIXED ASSETS

Ø Leasehold Land and Buildings

Ø Factory Buildings

Ø Plant and Machinery

Ø Electrical Installations

Ø Furniture, Fittings and Equipments

Ø Motor Vehicles

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.44.38
UK Pound	1	Rs.72.34
Euro	1	Rs.63.83

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.