MIRA INFORM REPORT

Report Date :

17.03.2011

IDENTIFICATION DETAILS

Name :	NALIN SYNTEX PRIVATE LIMITED
Registered Office :	75/13, Joy Apartment, J B Nagar, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.02.1987
Com. Reg. No.:	11-42626
CIN No.: [Company Identification No.]	U17110MH1987PTC042626
IEC No.:	0391147358
TAN No.: [Tax Deduction & Collection Account No.]	MUMN04474B
PAN No.: [Permanent Account No.]	AAACN1204G
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Doubling and Twisted of Yarn.

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

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. However, it would be advisable to take adequate securities while dealing with the subject. Absence of valuation report should be borne in mind.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Nalin R. Mehta
Designation :	Director
Contact No.:	91-9323030041/ 9820059457
Date :	02.03.2011

LOCATIONS

Registered Office :	75/13, Joy Apartment, J B Nagar, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-32908583/ 28343350/ 28395029
Fax No.:	91-22-22037167/ 28395029
E-Mail :	nalinsyntex@email.com nalinsyntex@hotmail.com
Location :	Owned
Town Office :	310, Rewa Chambers, New Marine Lines, Mumbai – 400020, Maharashtra, India
Tel No.:	91-22-22011621/ 22906158/ 32518927
Fax No.:	91-22-22037167
Factory :	F1/13 (Part), MIDC, Tarapur, District Thane – 401506, Maharashtra, India
Tel. No.:	91-2525-325526/ 952525-273312/ 279006
Location :	Owned

DIRECTORS

(AS ON 30.09.2009)

Name :	Mr. Ranjitsingh Mehta
Designation :	Director
Address :	504 A, Oberoi Garden, Thakur Village, Kandivali (East), Mumbai-400101, Maharashtra, India
Date of Birth/Age :	03.08.2004
Date of Appointment :	19.02.1987
Name :	Mr. Nalin Ranjitsingh Mehta
Designation :	Director
Address :	75/13, Joy Apartment, J B Nagar, Andheri (East), Mumbai – 400059, Maharashtra, India
Date of Birth/ Age:	11.09.1966
Qualification :	B. Com
Experience :	30 years
Date of Appointment :	19.02.1987
Profile:	He has been associates with the purchasing and marketing aspects of the company
PAN No.:	AACPM9947N
Name :	Mr. Manmohan R Mehta
Designation :	Director
Address :	102 A, Oberoi Garden, Thakur Village, Kandivali- (East), Mumbai – 400101, Maharashtra, India
Date of Birth/ Age:	28.08.1968
Qualification :	B. Com
Experience :	29 years
Date of Appointment :	01.04.1987
Profile:	He has been associates with administration aspects of the company
PAN No.:	AABPM2579D

KEY EXECUTIVES

Name :	Mr. Surendra Mehta
Designation :	Plant Incharge
Qualification :	B. Sc.
Previous Position Held :	All relating activities in Textile Business
Name :	Mr. Harish Tiwari
Designation :	Marketing Manager
Qualification :	Graduate
Previous Position Held :	Sales Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2009)

Names of Shareholders	No. of Shares (Equity)
Ranjitsingh Mehta	2345
Sunil Mehta	11687
Nalin Mehta	8827
Manmohan Mehta	8918
Vimla Mehta	1060
H. S. Mehta	240
Kalpana Mehta	5800
Sunil Mehta – HUF	8280
Nalin Mehta – HUF	11700
Manmohan Mehta – HUF	13600
Mehta Syntex Private Limited, India	1225
Mehta Corporate Services Private Limited, India	16318
Total	90000

Names of Shareholders	No. of Shares (Preference)
Ranjitsingh Mehta	504
Sunil Mehta	120
Nalin Mehta	3700
Manmohan Mehta	1748
Kalpa Mehta	1648
Mehta Syntex Private Limited, India	1780
Total	9500

(AS ON 30.09.2009)

Category	Percentage
Bodies corporate	6.00
Directors or relatives of directors	94.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Doubling and Twisted of Yarn.

Products :

Product Description	ITC Code No.
Texturised Yarn	540,233.00

· Polyester

· Viscose

· Texturised

· Bright Yarn

· Rayon

· Spun

· Cotton Dyed

· Grey Yarn

Terms :

Selling :

Credit (45-60 days)

Purchasing :

Credit (10-30 days)

PRODUCTION STATUS

Particulars	Unit	Actual Production
Finished Goods (Yarn)	Kgs	322586

GENERAL INFORMATION

Suppliers :

· Abhijeet Exports Private Limited

· Bhawani Texo-Twist

· Banswara Syntex Limited

· Century Rayon

· Chiripal Petrochemicals Limited

· Chenraj and Sons

· Dattatraya Trading Company

· Deenox Poly-Yarn Private Limited

· Husain Fibres

· Kesoram Rayon

· Mahabhoot Textiles

· Manikchnand Swaroopchand Gotewa

· Malwa Cotton Spg. Mills Limited

· Manisha Enterprises

· Mukesh Synthetics Private Limited

· Nimbark Fashions Limited

· Rahul Rayon

· Rajasthan Spg. Wvg. Mills Limited

· Reliance Industries Limited

· Rasiklal and Sons

· Shree Vinayak Polyester

· Super Polyester Yarn’s Private Limited

· Sun I International

· Sanatan Textiles Private Limited

· Prajanan Technology

· Universal Texturisers Limited

· Pioneer Embroideries Limited

· Poonam Enterprises

· Pratap Lace Industries

· Welspun Syntex Limited

Customers :

End Users

· Ajay Silk Mills

· Anantnath Silk Mills Private Limited

· Arviva Industries (India) Limited

· ATF Clothing Private Limited

· Baleshwar Synthetics Textiles (Private) Limited

· Banbury Exports

· Banswara Syntex Limited – Sale

· Bellmonte ( A Division of SKNL)

· Bherunath Synfab Private Limited

· B K Synfab

· B K Textiles

· Bombay Rayon Fashions Limited

· Brijesh Textiles

· B S Limited

· Chinar Syntex Limited

· Designer Fabrics (India) Limited

· Dishank Synthetics Private Limited

· Donear Industries Limited

· Eden Exports

· Global Wool Alliance Private Limited

· Goel Synthetics Private Limited

· Grasim Bhiwani Textiles Limited

· Grasim Industries Limited

· Kanodia Silk Mills Private Limited

· Kanchan Wool

· KIanchan Industries Limited

· Khimishra Silk Mills Private Limited

· Kishor Sagar Fab and Exports

· Laxmi Polytex Private Limited

· Mahajan Silk Mills Private Limited

· Nahar Textiles

· Prahlad Rai and Company

· Reid and Tylor

· Reliance Industries Limited

· Rajasthan Spinning and Weaving Mills Limited

· Siyaram Silk Mills Limited

· Santoor Textiles

· Suzuki

· Sub Tex India Limited

· VHM Industries Limited

· Veekayem Textiles Mills Private Limited

· Well Weave Suiting Private Limited

· Wevettee Texstyles Limited

No. of Employees :

20 (Office – 4 and Factory – 16)

Bankers :

· State Bank of India,

Sakinaka Branch, Saki Vihar Road, Andheri (East), Mumbai – 400072, Maharashtra, India

· Corporation Bank

SME Marol Branch, Bonanza Plaza- Andheri Kurla Road, J B Nagar, Andheri (East), Mumbai – 400059, Maharashtra, India

· CITI Bank

Facilities :

Bank	Nature of Credit Facility	Sanctioned Loan (Rs in Millions)
State Bank India	CC	11.000

Secured Loan	31.03.2010	31.03.2009
	(Rs. In Millions)
From CITI Bank
Housing Loan (Secured by hypothecation of Property)	7.950	8.085
From State Bank of India
Cash Credit (Secured by hypothecation of Machinery)	15.773	10.755
From CITI Bank
Car Loan (Secured by hypothecation of Vehicles)	0.534	0.953
Total	24.257	19.793
Unsecured Loan	31.03.2010	31.03.2009
	(Rs. In Millions)
From Shareholders and Directors	0.239	0.114
Total	0.239	0.114

Banking Relations :	--
Auditors :
Name :	Kamlesh and Associates (Kamlesh Shah) Chartered Accountant
Address :	A/2 Poonam, Ground F1, 45/48 Lallubhai Park, Andheri (West), Mumbai-400058, Maharashtra, India
Tel. No.:	91-22-26700537
Fax No.:	91-22-26700537
Mobile :	91-9821115725
Email :	cakamleshshah@yahoo.com
Associates/Subsidiaries :	· Mehta Syntex Prviate Limited U17120MH1995PTC093080 75/13, Joy Apartments, J B Nagar, Andheri (East), Mumbai – 400059, Maharashtra, India Bank: Corporation Bank – SME Marol Andheri, India Activity: Manufacturing Yarn and Fancy Yarn

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 Millions
50000	Preference Shares	Rs.10/- each	Rs.0.500 Million
	Total		Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
90000	Equity Shares	Rs.10/- each	Rs.0.900 Million
9500	0% Redeemable Preference Shares	Rs.10/- each	Rs.0.095 Million
	Total		Rs.0.995 Million

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		0.995	0.995	0.995
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		20.171	18.925	17.740
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		21.166	19.920	18.735
LOAN FUNDS
1] Secured Loans		24.257	19.793	19.750
2] Unsecured Loans		0.239	0.114	0.176
TOTAL BORROWING		24.496	19.907	19.926
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		45.662	39.827	38.660
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.589	14.458	14.568
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.075	0.075	0.075
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.943	15.817	16.338
	Sundry Debtors	7.461	7.782	9.887
	Cash & Bank Balances	0.760	0.339	0.077
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.183	8.285	8.123
Total Current Assets		34.347	32.223	34.425
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	6.381	6.148	9.975
	Other Current Liabilities	0.757	0.676	0.332
	Provisions	0.211	0.105	0.105
Total Current Liabilities		7.349	6.929	10.412
Net Current Assets		26.998	25.294	24.013
MISCELLANEOUS EXPENSES		0.000	0.000	0.004
TOTAL		45.662	39.827	38.660

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	49.495	55.151	64.374
		Other Income	0.000	0.000	0.000
		TOTAL (A)	49.495	55.151	64.374
Less	EXPENSES
		Increase/(Decrease) in Stock	3.949	(6.494)	1.774
		Raw Material Consumed	34.899	50.736	50.827
		Manufacturing Expenses	0.363	0.242	0.465
		Payments to and Provision for Employees	1.543	1.635	1.447
		Administrative Expenses	1.966	2.504	2.304
		Selling and Distribution Expenses	1.205	1.011	1.490
		TOTAL (B)	43.925	49.634	58.307
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.570	5.517	6.067
Less	FINANCIAL EXPENSES (D)		2.880	2.880	3.548
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.690	2.637	2.519
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.934	0.917	0.801
	PROFIT BEFORE TAX (E-F) (G)		1.756	1.720	1.718
Less	TAX (H)		1.221	0.466	0.567
	PROFIT AFTER TAX (G-H) (I)		0.535	1.254	1.151
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	0.000	0.000
Less	APPROPRIATIONS
		Premium on Preference Shares	0.095	0.095	0.095
		Dividend	0.090	0.090	0.090
		Tax on Dividend	0.015	0.015	0.015
	BALANCE CARRIED TO THE B/S		0.335	1.054	0.951
	Earnings Per Share (Rs.)		5.38	12.60	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.08	2.27	1.78
Net Profit Margin (PBT/Sales)	(%)	3.55	3.12	2.67
Return on Total Assets (PBT/Total Assets}	(%)	3.32	3.68	3.51
Return on Investment (ROI) (PBT/Networth)		0.08	0.09	0.09
Debt Equity Ratio (Total Liability/Networth)		1.50	1.35	1.61
Current Ratio (Current Asset/Current Liability)		4.67	4.65	3.31

LOCAL AGENCY FURTHER INFORMATION

OPERATING STATEMENT

(RS. IN MILLIONS)

Particulars	31.03.2011	31.03.2012
	(PROJECTED)
Gross Sales
Domestic Sales	52.800	56.760
Exports Sales	0.000	0.000
Total Gross Sales	52.800	56.760
Less : Excise Duty	0.000	0.000
Net Sales	52.800	56.760
% rise [+] or fall [-] in net sales as compared to previous year	7.50%	7.50%
Cost of Sales
Raw Materials Consumed (Including Stores and Other Items Used in the Process of Manufacture)	41.276	45.088
	78.17%	79.44%
Others Stores and Spares	0.000	0.000
Power and Fuel	0.000	0.000
Direct Labour	0.000	0.000
Other Manufacturing Expenses	0.377	0.392
Depreciation	0.000	0.000
Sub Total	41.653	45.480
Add: Opening Stock	10.010	9.950
Sub Total	51.662	55.430
Less: Closing Stock	9.950	10.448
Sub Total (Total of Cost of Sales)	41.712	44.983
Selling, General and Administrative Expenses	3.298	3.430
% of Sales	6.25%	6.04%
Payment to and provision of employees	1.620	1.701
Operating Profit Before Interest	6.170	6.646
% of Sales	11.68%	11.71%
Interest	2.619	2.382
% of Sales	4.96%	4.20%
Deprecation	1.557	1.597
Operating Profit after Interest	1.994	2.668
% of Sales	3.78%	4.70%
Add : Non- Operating income	0.100	0.100
Deduct: Non –Operating Expenses	0.000	0.000
Net of other non operating Income / Expenses	0.100	0.100
Profit before Tax/ Loss [PBT]	2.094	2.768
% of Sales	3.97%	4.88%
Provision for taxes	0.628	0.830
Net Profit / Loss [PAT]	1.466	1.937
% of Sales	2.78%	3.41%
Dividend	0.95	0.95
Retained profit	13.71	18.42
Retained Profit/ Net profit %	93.52%	95.10%

------------------------------------------------------------------------------------------------------------------------------

BALANCE SHEET

(RS. IN MILLIONS)

Particulars	31.03.2011	31.03.2012
	(PROJECTED)
CURRENT LIABILITIES
Short term borrowings from banks (Including bills purchased, discounted and excess borrowings placed on repayment bases)
From applicant bank	15.000	15.000
From other banks	0.000	0.000
Of which BP&BD	0.000	0.000
Sub Total (A)	15.000	15.000
Short term borrowings from others	0.000	0.000
Sundry creditors(trade)	3.471	3.790
Advance payments from customers/deposits from dealers	0.000	0.000
Provision for taxation	0.000	0.000
Dividend payable/expenses payable	0.000	0.000
Other statutory liabilities(payable within one year)	0.000	0.000
Deposits/ Installments of term loans/ DPGs/ debentures, etc.(due within one year)	1.500	1.500
Other current liabilities and provisions(due within one year)--specify major items	1.000	1.000
SUB TOTAL	5.971	6.290
TOTAL CURRENT LIABILITIES	20.971	21.290
TERM LIABILITIES
Debentures [not maturing within one year]	0.000	0.000
Preference Shares [Redeemable after 1 year]	0.000	0.000
Term loans [excluding installments  payable within one year]	11.001	9.518
Loans (Unsecured from Promoters)	0.000	0.000
Deferred Sales Tax / Deferred Loan Deferred Payment Credit [Excluding installments due within one year]	0.000	0.000
Term deposit [repayable after one year]	0.000	0.000
Other Term Liabilities	0.000	0.000
TOTAL TERM LIABILITIES	11.001	9.518
TOTAL OUT LIABILITIES	31.972	30.808
NET WORTH
Equity Shares Capital	0.995	0.995
Unsecured Loans	0.239	0.239
Capital Reserve	0.000	0.000
Revaluation Reserve	0.000	0.000
Profit and loss and other reserve	20.139	21.510
Surplus [+] or deficit [-] in Profit and Loss Account	1.371	1.842
Other (Specify)	0.000	0.000
TOTAL NET WORTH	22.744	24.586
TOTAL LIABILITIES	54.716	55.394
CURRENT ASSETS
Cash and Bank Balance	0.903	0.356
Investments	0.100	0.100
Receivable	8.800	9.460
(Month’s Domestic Sales)	(2.00)	(2.00)
Export Receivables	0.000	0.000
INVENTORY
Raw Material Consumed	7.430	8.295
Stock in Process	17.380	18.743
(Month’s cost of Sales)	(5.00)	(5.00)
Finished Goods	9.950	10.448
Other Consumable Spares	0.000	0.000
Advances Suppliers of Stores and Spares	0.000	0.000
Advances Payment of Taxes	0.000	0.000
Other Current Assets	5.000	5.000
TOTAL CURRENT ASSETS	32.184	33.659
FIXED ASSETS
Gross Block (Land and Building, Machinery, Work-In-Progress)	31.141	31.941
Depreciation to date	8.609	10.206
NET BLOCK	22.532	21.735
OTHER NON – CURRENT ASSETS
Investments/ book/ debts/ advances/ deposits which are not Current Assts
a. Deposits	0.000	0.000
b. FD for Margin Money with Bank for L/C and B/ G	0.000	0.000
ii] Advances to suppliers of capital goods and contractors	0.000	0.000
iii] Deferred receivables [maturity exceeding one year]	0.000	0.000
iv] Others	0.000	0.000
Miscellaneous Deposits	0.000	0.000
Non consumables Stores and Spares	0.000	0.000
Other non – current assets including dues from directors (Deferred Tax Assets)	0.000	0.000
TOTAL OTHER NON – CURRENT ASSETS	0.000	0.000
Intangible assets [Patents, goodwill, prelim, expenses, bad/ doubtful expenses Not provided for etc.]	0.000	0.000
TOTAL ASSETS	54.716	55.394
TANGIBLE NET WORTH	22.744	24.586
Net Working Capital	11.213	12.369
Current Ratio	1.53	1.58
Total Outside Liabilities/ Tangible Net worth	1.41	1.25
Total Term Liabilities/ Tangible Net worth	1.45	1.30

------------------------------------------------------------------------------------------------------------------------------

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS IN MILLIONS)

Particulars	31.03.2011	31.03.2012
	(PROJECTED)
Stock in process	17.380	18.743
Months cost of Sales	(5.00)	(5.00)
Receivable other than export and deferred receivables [including bills purchased and discounted by bankers]	8.800	9.460
Months domestic sales	(2.00)	(2.00)
Export receivables [including bills purchased and discounted by bankers]	0.000	0.000
Months export sales	0.000	0.000
Advances to suppliers of raw materials and stores/ spares consumable	0.000	0.000
Other current Assets including cash and bank balances and deferred receivable due within one year	6.003	5.456
TOTAL CURRENT ASSETS	32.184	33.659
B CURRENT LIABILITIES
[Other than bank borrowing for working capital]
Sundry Creditors (Trade)	3.471	3.790
Months Purchases	(1.00)	(1.00)
Advances from customers	0.000	0.000
Statutory Liabilities	0.000	0.000
Other current liability including short term borrowing dividend payable, installment of DPG public deposit, debentures etc	2.500	2.500
TOTAL	5.971	6.290

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS IN MILLIONS)

Particulars	31.03.2011	31.03.2012
	(PROJECTED)
FIRST METHOD OF LENDING
Total current assets	32.184	33.659
Other Current Liabilities [Other than bank borrowings]	5.971	6.290
Working capital gap [WCG]	26.213	27.369
Min. stipulated Net Working Capital – 25 % of total current assets other than Export Receivables	5.243	5.474
Actual / Projected net working capital	11.213	12.369
Item 3 minus item 4	20.970	21.895
Item 3 minus item 5	15.000	15.000
Maximum permissible bank finance [item 6 or 7, whichever is lower]	15.000	15.000
Excess borrowings, if any representing shortfall in NWC	0.000	0.000

------------------------------------------------------------------------------------------------------------------------------

FUNDS FLOW STATEMENT

(RS IN MILLIONS)

Particulars	31.03.2011	31.03.2012
	(Estimated)	(Projected)
SOURCES
Net Profit (After Tax)	1.466	1.937
Depreciation	1.557	1.597
Increase in Capital	--	--
Increase in Term Liabilities	4.000	--
Decrease in:
- Fixed Assets	--	--
- Other Non Current Assets	--	--
- Intangible Assets	--	--
SUB TOTAL	7.023	3.534
USES
Net Loss	--	--
Decrease in Capital	--	--
Decrease in Term Liabilities (Including Public deposits)	--	1.483
Increase in:
- Fixed Assets	5.500	0.800
- Other Non Current Assets	--	--
- Intangible Assets	--	--
Withdrawals	0.095	0.095
Others –Tax Payment	--	--
SUB TOTAL	5.595	2.378
Long Term Surplus (+) Deficit (-)	1.428	1.156
Increase/ decrease in Current Assets	(2.207)	1.475
Increase/ decrease in current Liabilities other than Bank Borrowings	(2.862)	0.319
Increase / Decrease in Working Capital Gap	0.655	1.156
Net Surplus [+] / Deficit [-] [Difference of 3 & 6]	0.773	0.000
Increase / Decrease in Bank Borrowings	(0.773)	0.000
INCREASE / DECREASE IN NET SALES	3.684	3.960
BREAK UP OF (4)
Increase/ Decrease in Stock-in-trade	(0.563)	1.363
Increase/ Decrease in Receivables
- Domestic	1.339	0.660
- Export	--	--
Increase/ Decrease in Other current Assets	(2.983)	(0.547)

------------------------------------------------------------------------------------------------------------------------------

STATEMENT OF TOTAL INCOME

(NALIN SYNTAX PRIVATE LIMITED)

PARTICULARS	2010-11 (RS. IN MILLIONS)
PROFIT AND GAINS OF BUSINESS OR PROFESSION/ BUSINESS
Net Profit before Tax as per P and L A/c		1.755
Add – Inadmissible expenses and Income not included
Depreciation debited in P/L A/c	0.934
37 Disallowance	0.018
40 Disallowance	(0.079)	0.873
		2.628
Less- Deductible expenditure and income to be excluded
Keyman Insurance Premium	0.450
Other deductions	0.353
		0.803
Adjusted Profit from Business		1.825
Total Income form Business and profession		1.825
Less: Depreciation as per IT Act		1.589
Income chargeable under the head “Business and profession”			0.236
Total Income			0.236
Total income rounded off u/s 288A			0.236
Tax on total income			0.071
Add – Education Cess			0.002
Tax with Cess			0.073
Minimum Alternative Tax (Schedule)			0.271
Net Tax			0.271
TDS		0.027
Advance Tax		0.140
Total Prepaid Taxes			0.167
Balance Tax			0.104
Interest u/s 234B		0.007
Interest u/s 234C		0.002	0.009
Balance Tax payable			0.113

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MR. NALIN MEHTA – DIRECTOR

STATEMENT OF TOTAL INCOME

Particulars	2008-2009 (RS. IN MILLIONS)
Income from Salaries
NALINE SYNTEX PRIVATE LIMITED	0.401
Total Salary		0.401
Deductions
Tax on employment u/s 16(iii)		0.003
Income chargeable under the head “Salaries”			0.398
Income from House Property
Self occupied property
Gross annual value u/s 23(2)(a)		NIL
Less: Interest on borrowed capital u/s 24(b) (Schedule1)		0.273
Income from Self occupied property		[0.150]
Income chargeable Under the head of the house property			[0.150]
Capital Gains
Long term Capital Gain expempt u/s 10(38) (Schedule 2)		0.000
Short Term Gain form securities taxable @ 10% (Schedule 3)		0.006
Income chargeable under the head “Capital Gains”			0.006
Income form other sources
Bank Interest		0.001
Income chargeable under the head “other sources”			0.001
Gross Total Income			0.256
Deduction under chapter VI-A		0.007
80D:Mediclaimn Policy
Investment u/s 80C, CCC, CCD
PF	0.037
LIC Premium	0.056
Housing loan repayment	0.035
Total Investment – subject to ceiling u/s 80FFE		0.100	0.107
Total Income			0.148
Tax on short term capital	0.006	0.001
Tax on Normal income	0.142	0.003
Tax on Total Income			0.004
Add : Educational Cess			0.000
NET TAX			0.004
TDS (Schedule 4)		0.010
Total prepaid tax			0.010
Refund Due			0.006

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MR. MANMOHAN MEHTA - DIRECTOR

STATEMENT OF TOTAL INCOME

Particulars	2008-2009 (RS. IN MILLIONS)
Income from Salaries
Salary as per Form 16 (Schedule)	0.168
Perquisite	0.063
Total Salary		0.232
Deductions
Tax on employment u/s 16(iii)		0.003
Income Chargeable under the head “ Salaries”			0.229
Profits and Gains of Business or Profession/ Business
Net Profit before tax as per P and L A/C		0.396
Add: Inadmissible expenses and Income not included
Depreciation debited in P/L A/C	0.058
Disallowances of expenditure u/s 37 (Schedule)	0.014	0.073
Adjusted Profit form Business		0.469
Total Income from Business and profession		0.469
Less: Depreciation as per IT Act (Schedule)		0.058
Income Chargeable under the head “Business and Profession”			0.411
Income from other sources
Bank Interest		0.002
Income chargeable under the head “Other sources”			0.002
Gross Total Income			0.642
Deductions under chapter VI-A
80G – Donations		0.013
80D – Mediclaim Policy (Schedule)		0.011
Investment u/s 80C, CCC, CCD
PPF	0.010
Tuition Fees/ School Fees	0.024	0.034	0.058
Total Income			0.584
Total Income rounded off u/s 288A			0.584
Tax On Total Income			0.124
Add- Education Cess			0.004
Tax with Cess			0.128
Net Tax			0.128
TDS		0.089
Advance Tax		0.040
Total Prepaid Tax			0.129
Balance Tax			[0.001]
Interest u/s 234C			0.001
Refund Due			0.000

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MR. MANMOHAN MEHTA - DIRECTOR

CAPITAL A/C

Particulars	(Rs. In Millions)	Particulars	(Rs. In Millions)
To TDS From Remuneration	0.010
To TDS From Fees	0.079	By Balance Brought Forward	2.474
To Drawing	0.129	By Profit for the year	0.396
To Insurance	0.001	By Remuneration for the year - NSPL	0.168
To Professional Tax	0.003	By Interest on PPF Fund	0.003
To School Fees Paid	0.024	By Interest Income	0.002
To Interest on Loan	0.085	By Profit on Sale of Agriculture Land	0.325
To Advance Tax Paid	0.040	By Provident Fund Contribution	0.021
To Loss on sale of Motor Car	0.000
To Mediclaim Insurance	0.011
To Balance C/fd.	3.008
Total	3.390	Total	3.390

BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		3.008	2.487
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		3.008	2.487
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		3.008	2.488
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.986	8.154
Capital work-in-progress		0.000	0.000
INVESTMENT		0.773	0.706
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	1.137	0.429
	Other Current Assets	0.000	0.000
	Loans & Advances	0.475	1.049
Total Current Assets		1.612	1.478
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	10.363	7.851
	Provisions	0.000	0.000
Total Current Liabilities		10.363	7.851
Net Current Assets		[8.751]	[6.373]
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		3.008	2.487

PROFIT & LOSS ACCOUNT

(RS. IN MILLIONS)

PARTICULARS		31.03.2008	31.03.2007
Professional Fees		0.800	0.800
Interest Received		0.000	0.001
Dividend Received		0.000	0.003
Total Income		0.800	0.804
Profit/(Loss) Before Tax		0.396	0.350
Provision for Taxation		0.000	0.000
Profit/(Loss) After Tax		0.396	0.350
Expenditures :
	Books and Periodicals	0.003	0.002
	Service Tax	0.000	0.087
	Business Promotion Expenses	0.002	0.002
	Legal and Professional Fees	0.000	0.056
	Salaries	0.084	0.106
	Telephone Expenses	0.017	0.026
	Traveling and Conveyance	0.092	0.049
	Motor Car Expenses	0.051	0.018
	Depreciation & Amortization	0.058	0.000
Total Expenditure		0.404	0.454

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MEHTA SYNTEX PRIVATE LIMITED

(SISTER COMPANY)

ABRIDGED BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2008	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		0.723	0.723	0.723
2] Share Application Money		4.276	4.599	4.549
3] Reserves & Surplus		3.778	2.853	1.930
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.777	8.175	7.202
LOAN FUNDS
1] Secured Loans		7.154	0.392	0.582
2] Unsecured Loans		2.271	6.576	4.233
TOTAL BORROWING		9.425	6.968	4.815
DEFERRED TAX LIABILITIES		1.079	0.920	0.628
TOTAL		19.281	16.063	12.645
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.602	9.910	8.525
Capital work-in-progress		0.000	0.000	1.382
INVESTMENT		0.377	0.377	0.377
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.846	5.411	3.136
	Sundry Debtors	5.646	4.068	3.674
	Cash & Bank Balances	0.303	0.082	0.161
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.543	1.583	0.737
Total Current Assets		14.338	11.144	7.708
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	4.912	5.290	5.327
	Provisions	0.135	0.091	0.040
Total Current Liabilities		5.047	5.381	5.367
Net Current Assets		9.291	5.763	2.341
MISCELLANEOUS EXPENSES		0.011	0.013	0.000
Preliminary Expenditure		0.000	0.000	0.020
TOTAL		19.281	16.063	12.645

PROFIT & LOSS ACCOUNT

(RS. IN MILLIONS)

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
Sales Turnover		30.153	22.875	19.148
Other Income		0.598	0.553	0.817
Total Income		30.751	23.428	19.965
Profit/(Loss) Before Tax		1.861	1.830	1.798
Provision for Taxation		0.604	0.577	0.601
Profit/(Loss) After Tax		1.257	1.253	1.197
Expenditures :
	Manufacturing Expenses	0.646	0.611	0.379
	Administrative Expenses	1.950	1.979	1.407
	Raw Material Consumed	23.825	16.503	15.226
	Payment to Employees	1.225	1.416	0.586
	Interest and Financial Charge	0.734	0.559	0.267
	Depreciation & Amortization	0.510	0.530	0.302
Total Expenditure		28.890	21.598	18.167

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
PAT / Total Income	(%)	4.09	5.35	5.99
Net Profit Margin (PBT/Sales)	(%)	6.17	8.00	9.39
Return on Total Assets (PBT/Total Assets}	(%)	7.77	8.69	11.08
Return on Investment (ROI) (PBT/Networth)		0.21	0.22	0.25
Debt Equity Ratio (Total Liability/Networth)		1.65	1.51	1.41
Current Ratio (Current Asset/Current Liability)		2.84	2.07	1.44

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VALUE OF FRINGE BENEFITS IN TERMS OF SECTION 115 WC READ WITH SECTION 115WB FOR THE ASSESMENT YEAR 2009-10

(RS. IN MILLIONS)

Section under which chargeable to Fringe Benefit Tax	Name	Amount of expenditure incurred or payment made	Percentage expenditure/ Payment being fringe benefits	Value of fringe benefits
115WB(1)(b)	Free or concessional ticket provided by the employer for private journeys of this employees or their family members	Nil	100%	Nil
115WB(1)(c)	Any contribution by the employer to any approved Superannuation fund for employees (see Note1)	Nil	100%	Nil
115WB(2)(A)	Entertainment	Nil	20%	Nil
115WB(2)(B)	Provision of Hospitality of every kind by the employer to any person (see Note 2)	Nil	20% (see Note 3)	Nil
115WB(2)(C)	Conference (Other than fee for participation by the employees in any conference) (See Note 4)	Nil	20%	Nil
115WB(2)(D)	Sales promotion including publicity (see Note 5)	0.056	20%	0.011
115WB(2)(E)	Employees’ Welfare (see Note 6)	0.036	20%	0.007
115WB(2)(F)	Conveyance, (see Note 7)	0.084	20% (See Note 8)	0.017
115WB(2)(G)	Use of hotel, boarding and lodging facilities	Nil	20% (See Note 9)	Nil
115WB(2)(H)	Repair, Running (including fuel), maintenance of motor cars and the amount of depreciation thereon	0.578	20% (see Note 10)	0.116
115WB(2)(I)	Repair, Running ( Including Fuel) and maintenance of aircraft and the amount of depreciation thereon	Nil	20% (See Note 11)	Nil
115WB(2)(J)	Use of Telephone (Including mobile phone) other than expenditure on leased telephone lines	0.298	20%	0.060
115WB(2)(K)	Maintenance of any accommodation in the nature of guest house other than accommodation used for training purpose	Nil	20%	Nil
115WB(2)(L)	Festival Celebrations	Nil	50%	Nil
115WB(2)(M)	Use of health club and similar facilities	Nil	50%	Nil
115WB(2)(N)	Use of any other club facilities	Nil	50%	Nil
115WB(2)(O)	Gifts	Nil	50%	Nil
115WB(2)(P)	Scholarships	Nil	50%	Nil
115WB(2)(Q)	Tour and Travel (Including foreign travel) (see Note 12)	0.030	5%	0.001
Total		1.082		0.212

NOTES:

1. For Assessment year 2007-08 and subsequent assessment years, the value of fringe benefits in respect of contribution by the employer to an approved superannuation fund shall be the amount of contribution which exceeds Rs.0.100 Million in respect of each employee

2. Expenditure on hospitality does not include the following :-

(i) any expenditure on, or payment for, food or beverage provided by the employer to his employees in office or factory;

(ii) any expenditure on, or payment through paid vouchers which are not transferable and usable only at eating joints or outlets

3. In the case of an employer engaged in the business of hotel 5% shall be substituted for 20%. In addition to this, in the case of an employer engaged in the business of carriage of passengers or goods by aircraft or by ship 5% shall be substituted for 20% for assessment year 2007-08 and subsequent assessment years.

4. For the purpose of this clause, any expenditure on conveyance, tour and travel (including foreign travel), on hotel or boarding and lodging in connection with any conference shall be deemed to be expenditure incurred for the purpose of conference.

5. The following expenditure on advertisement shall not be considered as expenditure on sales promotion including publicity.

(i) the expenditure (including rental) on advertisement of any form in any print (including journals, catalogues or price lists) or electronic media or transport system.

(ii) The expenditure on the holding of, or the participation in any press conference or business convention, fair or exhibition.

(iii) The expenditure on sponsorship of any sport event or any other event organized by any Government agency or trade association or body.

(iv) The expenditure on the publication in any print or electronic media of any notice required to be published by or under any law or by an order of a court or Tribunal

(v) The expenditure on advertisement by way of signs, art work, painting, banners, awnings, direct mail, electric spectaculars, kiosks, hoardings, bill boards or by way of such other medium of advertisement.

(vi) The expenditure byway of payment of any advertising agency for the purpose of clause (i) to (v) above

(vii) The expenditure on distribution of free samples of medicines or of medical equipment, to doctors (not be considered as expenditure or sales promotion, including publicity for assessment year 2007-08 and subsequent assessment years)

(viii) The expenditure by way of payment to any person of repute for promoting the sale of goods or services for the business of the employer (not to be considered as expenditure on sales promotion, including publicity for assessment year 2007-08 and subsequent assessment years)

6. For the purpose of this clause, any expenditure incurred or payment made to fulfill any statutory obligation or mitigate occupational hazards or provide first aid facilities in the hospital or dispensary run by the employer shall not be considered as expenditure for employee’s welfare

7. For assessment year 2007-08 and subsequent assessment years, clause (F) of sub-section (2) of section 115WB refers to expense of ‘conveyance’

8. In the case of an employer engaged in the business of construction, or in the business of manufacture of production of pharmaceuticals or computer software, 5% shall be substituted for 20%

9. In the case of an employer engaged in the business of manufacture or production of pharmaceuticals or computer software, 5% shall be substituted for 20% Besides, in the case on an employer engaged in the business of carriage of passengers or goods by aircraft or by ship 5% shall be substituted for assessment year 2007-08 and subsequent assessment years

10. In the case of and employer engaged in the business of carriage or passengers or goods by motor car, 5% shall be substituted for 20%

11. In the case of an employer engaged in the business of carriage of passengers or goods by aircraft, ‘Nil’ shall be substituted for 20%

12. This clause is applicable for assessment year 2007-08 and subsequent assessment years”.

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TO WHOM SO EVER IT MAY CONCERN

(MR. NALIN MEHTA)

Mr. Nalin Mehta residing at L-604, Greenwood, Andheri Kurla Road, Chakala, Andheri (East), Mumbai – 400093 have a Tangible Networth of Rs.3.001 Millions as on 31^st March 2010.

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TO WHOM SO EVER IT MAY CONCERN

(MR. MANMOHAN MEHTA)

Mr. Manmohan Mehta as on 31^st March 2010 was Rs.3.344 Millions based on the Unaudited Balance Sheet as at 31^st March 2010 produced before them for verification.

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VALUATION OF INDUSTRIAL ASSETS

NALIN SYNTEX PRIVATE LIMITED

PLOT NO.F-1/13 P, MIDC TARAPUR INDUSTRIAL AREA, VILLAGE – KOLWADE, TALUKA – PALGHAR, DISTRICT THANE

As per instruction from the Chief Manager Corporation Bank, SME Branch Marol Andheri (E), Mumbai — 400059. They have inspected assets of the company at above Location on 23.02.2011, to determine fair market value of assets of the company

Details of Inspection and Observation there on are as under: m

Date of Inspection: 23.02.2011

LAND

Land	Land is Leasehold land from MIDC (Lease Period is 95 years i.e. from 1987 Owned)
Name of the Owner	Nalin Syntex Private Limited
Person Contracted	Nalin Syntex Private Limited
Location	Project is located in MIDC Tarapur and at a distance of 3 to 4 Km from Boisar Railway Station
Land Area	Admeasuring 720 Sq. Mtrs. (as per Agreement)

SITE DEVELOPMENT

Compound Wall	There is 8’.00 feet height stone masonry compound wall along periphery of the Plot. There is CC paving in the compound.
Internal Roads	There are Internal Tar Road, Constructed by MIDC in the Area.

Plot Area is 720 Sq. Mtrs,

There are Various Structures on the Plot, Details of which are as under:

Description	Dimensions	Total Area
Main Building is Ground + 1 Storied RCC Structure with A.C. Sheet Roofing Height 15’	2 x 39’ x 102”	7956.00 sq. ft.
Security Cabin Near Main Gate	10’.06” x 08’.09”	85.00 sq. ft.
Lean to roof Shed	13’.06” x 58’.06” + 09’.06” x 102’.00”	1759.00 sq. ft.
Office	9’ x 7”	63.00 sq. ft.
Store Room on 1^st Floor	13’.09” x 11.06” + 28’ x 11’.09”	487.13 sq. ft.

VALUATION

Land: Official rate of land in M.I.D.C. Tarapur area is Rs.2500/- Sq. Mtr however no plots are available within M.I.D.C Presently only resale transactions are taking place considering present market situation they adopt rate of Rs.5500/- Sq. mtr for valuation of land.

Land Valuation 720x 5500= Rs.3.960 Millions

Site Development: Lump sum amount of Rs.0.300 Million is considered for site development consisting of Leveling of Land, M.S Gate, compound wall etc.

Building: Structure wise Valuation is as under

Description of Items	Area (in Sq. ft.)	Unit Rate (in Rs.)	Fair Market value (Rs. In Millions)
Main Building	7956.00	750/-	5.967
Lean to roof shed	1759.00	300/-	0.528
Office and Store Room	550.00	200/-	0.110
Compound wall, paving in the compound, security Cabin, M. S. Gate etc.	Lump Sum	--	0.300
Total			6.905

VALUATION OF PLANT AND MACHINERY

NALIN SYNTEX PRIVATE LIMITED

PLOT NO.F-1/13 P, MIDC TARAPUR INDUSTRIAL AREA, VILLAGE – KOLWADE, TALUKA – PALGHAR, DISTRICT THANE

THIS SET UP IS FOR DOUBLING OF YARN

Description of Machinery	Qty	No of Spindle	Fair Market Value (Rs. In millions)
Two for one Twister – 02 TP	1 No.	560	1.500
Cops winder + Accessories Texport 28 VWLC	1 No.	80	0.900
Cops Winder + Accessories	1 No.	40	0.200
Two for one Twister	1 No.	288	1.000
Two for one Twister	1 No.	24	0.060
Two for one Twister	1 No.	288/168	1.400
Conning Machine	1 No.	56	0.200
Trolleys, Plastic Containers, Cop, Flange Bobbins, electrical Installation, Erection expenses etc.	Lump Sum	--	0.400
Total			5.660

(All Machines are in working condition)

SUMMARY VALUATION OF INDUSTRIAL ASSETS

NALIN SYNTEX PRIVATE LIMITED

PLOT NO.F-1/13 P, MIDC TARAPUR INDUSTRIAL AREA, VILLAGE – KOLWADE, TALUKA – PALGHAR, DISTRICT THANE

Description of Item	Fair Market Value (Rs. In Millions)
Land	3.960
Site development and Building	6.905
Machinery and Electricals Installation	5.660
Total	16.525

FAIR MARKET VALUE = RS.16.500 MILLIONS

DISTRESS SALES VALUE = RS.13.200 MILLIONS

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NOTE:

The Register office of the company has been shifted from 310, Rewa Chambers New Marine Lines, Mumbai-400020, Maharashtra, India to present address w.e.f. 27.12.2004

------------------------------------------------------------------------------------------------------------------------------

TRADE REFERENCE:

· Sameer Bhai – Husain Fibres

Tel No.: 91-23430533

· Shree Sharma ji Siyaram Silk Mills

Tel No.: 91-30400526

· Raju Bhai (Chenraj and Sons)

Tel No.: 91-23456130

· Shri Vinod Ji Rat – Sunil Industries

Tel No.: 91-22017389

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FORM 8:

Name of the company	NALIN SYNTEX PRIVATE LIMITED
Presented By	Nalin Mehta, Director
1) Date and description of instrument creating the change	Hypothecation of Goods, Book Debts, Movables and other assets by execution of General Agreement for the grant of small industrial advances. (working capital finance) Ancillary Agreement upto the General Agreement for the grant of small industrial advances against hypothecation of movables book debts and other assets and Ancillary Agreement 3 to the General Agreement for the grant of small industrial advances. (working capital finance) advances against receivables and bills in the course of collection signed on the 2^nd Day of April 2005
2) Amount secured by the charge/amount owing on the securities of charge	Rs.14.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All present and future goods, book debts, movables an other assets of the borrower including documents of title to goods and other assets, such as outstanding moneys, receivables claims, bills, invoices, documents contracts engagements securities investments and rights and the present machinery and all future machinery belonging to or in the possession or under the control of the borrower wherever lying stored and kept and whether in possession of the borrower or of the bank or of any third party whether in India or elsewhere throughout the world (including all such goods, movables, and other assets as may be in course of shipment transit or delivery) in favour of State Bank of India, Saki Naka Branch
4) Gist of the terms and conditions and extent and operation of the charge.	Nature of Facility: Working Capital of Rs.14.000 Millions Rate of Interest : 11.75% per annum
5) Name and Address and description of the person entitled to the charge.	State Bank of India, Sakinaka Branch, Saki Vihar Road, Andheri (East), Mumbai-400072, Maharashtra, India
6) Date and brief description of instrument modifying the charge	N.A
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	N.A

Corporate identity number of the company	U17110MH1987PTC042626
Name of the company	Nalin Syntex Private Limited
Address of the registered office or of the principal place of business in India of the company	75/13, Joy Apartment, J B Nagar, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
This form is for	Modification of charge
Type of charge	Immovable Property Book Debts Movable Property Other: Current and Fixed assets
Particular of charge holder	· Corporation Bank SME Marol Branch, Bonanza Plaza- Andheri Kurla Road, J B Nagar, Andheri (East), Mumbai – 400059, Maharashtra, India info@ca-adlawani.com
Nature of instrument creating charge	Memorandum of Deposit of Title Deeds in favour of corporation Bank
Date of instrument Creating the charge	26.07.2010
Amount secured by the charge	Rs.20.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: As Stipulated by Bank From Time to Time Terms of Repayment: As Stipulated by Bank From Time to Time Margin: As Stipulated by Bank From Time to Time Extent and Operation of the charge: First Charge (Present and Future) Total Limit Rs.20.500 Millions (Cash Credit – Rs.14.000 Millions, Term Loan Rs.5.500 Millions, Bank Guarantee – Rs.1.000 Millions) Others: As Stipulated by Bank From Time to Time
Particulars of the property charged	First Charge (present and future) – EMG of all that piece or parcel of land known as Plot No.F-1/13 PT in the Tarapur Industrial area within the Village limits of Municipal council Taluka and Registration Sub District Palghar, District and Registration Thane containing by admeasuring 720 sq. meters with building thereon and all fixed and movable assets Hypothecation of all stock in trade/ goods/ inventories kept at borrower place or in transit or wherever else Hypothecation of all book debts and receivable. Hypothecation of all plant and machinery and assets purchased out of term Loan, installed or to be installed. Hypothecation of all current, movable and fixed assets of the company.
Particulars of the present modification	By this modification details total limit remain same of Rs.20.500 Millions, securities are continued as given by original as well as by modification, by the modification EMG of Plot No.F-1/13 PT, in the Tarapur Industrial Area, Palghar District Thane with building thereon has been created in favour of the, Terms and condition as per agreement.

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FIXED ASSETS:

· Leasehold Land

· Building

· Machinery

· Furniture and Fixture

· Office Equipments

· Electrical Installations

· Computer

· 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.45.24
UK Pound	1	Rs.72.57
Euro	1	Rs.63.00

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--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.