MIRA INFORM REPORT

Report Date :

07.11.2011

IDENTIFICATION DETAILS

Name :	MADRAS SECURITY PRINTERS PRIVATE LIMITED

Registered Office :	No. 72 (Old No. 781), T H Road, Tondiarpet, Chennai - 600081, Tamilnadu

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	11.06.2009

Com. Reg. No.:	18-071927

Capital Investment / Paid-up Capital :	Rs.10.000 Millions

CIN No.: [Company Identification No.]	U22190TN2009PTC071927

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is involved in Various Specialized Smartcard and Security Printing Activities.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 3090000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is a successor of Madras Security Printers, a partnership concern started in 1975. It is a well established company having satisfactory track. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

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

ECGC Country Risk Classification List – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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

LOCATIONS

Registered Office :	No. 72 (Old No. 781), T H Road, Tondiarpet, Chennai 600081, Tamil Nadu, India
Tel. No.:	91-44-25916086, 25915549, 25912699, 25916942
Fax No.:	91-44-25913385
E-Mail :	lakshmiahca@rediffmail.com mspindia@dataone.in
Website :	http://www.madrassecurityprinters.com

DIRECTORS

As On 30.09.2011

Name :

Mr. Pratap Singh Maria Antony Joseph

Designation :

Director

Address :

No.15, Mannarswamy Koil Street, Royapuram, Chennai- 600013, Tamilnadu, India

Date of Birth/Age :

20.11.1931

Date of Appointment :

11.06.2009

DIN :

01189703

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	U22121TN1982PTC009499	EAGLE PRESS PRIVATE LIMITED	Managing director	30/06/1986	30/06/1986	Active	NO
2	U05001TN1993PTC025079	EAGLE REALTY FOUNDATION PRIVATE LIMITED	Managing director	18/05/1993	18/05/1993	Active	NO
3	U22219TN1995PTC033131	MSP PRINTERS PRIVATE LIMITED	Managing director	5/10/1995	5/10/1995	Active	NO
4	U72200TN2005PTC056872	EAGLE SOFTWARE INDIA PRIVATE LIMITED	Director	12/7/2005	12/7/2005	Active	NO
5	U22190TN2009PTC071927	MADRAS SECURITY PRINTERS PRIVATE LIMITED	Director	11/6/2009	11/6/2009	Active	NO

Name :

Mr. Joseph Pratap Singh Rajah Sunder Singh

Designation :

Director

Address :

No.19, T.H.Road, Chennai- 600019, Tamilnadu, India

Date of Birth/Age :

13.09.1960

Date of Appointment :

11.06.2009

DIN :

01049089

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	U22121TN1982PTC009499	EAGLE PRESS PRIVATE LIMITED	Director	20/07/1982	20/07/1982	Active	NO
2	U05001TN1993PTC025079	EAGLE REALTY FOUNDATION PRIVATE LIMITED	Director	18/05/1993	18/05/1993	Active	NO
3	U72200TN2005PTC056872	EAGLE SOFTWARE INDIA PRIVATE LIMITED	Director	12/7/2005	12/7/2005	Active	NO
4	U22219TN1995PTC033131	MSP PRINTERS PRIVATE LIMITED	Director	23/06/2007	23/06/2007	Active	NO
5	U22190TN2009PTC071927	MADRAS SECURITY PRINTERS PRIVATE LIMITED	Director	11/6/2009	11/6/2009	Active	NO

Name :

Mr. Prathap Sam Prasad

Designation :

Director

Address :

No.63, Broadway, Chennai- 600108, Tamilnadu, India

Date of Birth/Age :

19.04.1969

Date of Appointment :

11.06.2009

DIN :

01266490

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	U22121TN1982PTC009499	EAGLE PRESS PRIVATE LIMITED	Director	16/12/1987	16/12/1987	Active	NO
2	U05001TN1993PTC025079	EAGLE REALTY FOUNDATION PRIVATE LIMITED	Director	18/05/1993	18/05/1993	Active	NO
3	U22219TN1995PTC033131	MSP PRINTERS PRIVATE LIMITED	Director	1/4/2002	1/4/2002	Active	NO
4	U72200TN2005PTC056872	EAGLE SOFTWARE INDIA PRIVATE LIMITED	Director	12/7/2005	12/7/2005	Active	NO
5	U22190TN2009PTC071927	MADRAS SECURITY PRINTERS PRIVATE LIMITED	Director	11/6/2009	11/6/2009	Active	NO

Name :

Mr. Arul Prathan Singh Rajah

Designation :

Director

Address :

No.46, Mariadoss Street, Royapuram, Chennai- 600013, Tamilnadu, India

Date of Birth/Age :

10.11.1988

Date of Appointment :

30.07.2009

DIN :

02320356

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	U22190TN2009PTC071927	MADRAS SECURITY PRINTERS PRIVATE LIMITED	Additional director	30/07/2009	30/07/2009	Active	NO
2	U72200TN2005PTC056872	EAGLE SOFTWARE INDIA PRIVATE LIMITED	Additional director	12/8/2009	12/8/2009	Active	NO
3	U05001TN1993PTC025079	EAGLE REALTY FOUNDATION PRIVATE LIMITED	Additional director	12/8/2009	12/8/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 30.09.2011

Names of Shareholders	No. of Shares
M J Pratap Singh	100000
J P Raja Sunder Singh	300000
J P Sam Prasad	400000
Suseela Sunder Singh	50000
Ponmani Prasad	50000
R Arul Prathan Singh	100000
Total	1000000

As on 30.09.2011

Equity Share Break Up Category	Percentage

Directors or relatives of Directors	100.00

Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is involved in Various Specialized Smartcard and Security Printing Activities.

GENERAL INFORMATION

No. of Employees :	Not Available

Bankers :	State Bank of India - Overseas Bank Indian Overseas Bank Standard Chartered Bank Limited

Facilities :	--


Banking Relations :	--

Auditors :
Name :	Lakshmiah and Company Chartered Accountant
Address :	NO.225, NSC Bose Road, Chennai – 600001, Tamilnadu, India
PAN :	AABPT9075H

CAPITAL STRUCTURE

As On 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount

1,000,000	Equity Shares	Rs. 10 each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1,000,000	Equity Shares	Rs. 10 each	Rs.10.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.000
2] Share Application Money		0.000
3] Reserves & Surplus		763.182
4] (Accumulated Losses)		0.000
NETWORTH		773.182
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000

TOTAL		773.182

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		669.724
Capital work-in-progress		0.358

INVESTMENT		191.609
DEFERREX TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	42.003
	Sundry Debtors	11.538
	Cash & Bank Balances	596.781
	Other Current Assets	35.224
	Loans & Advances	206.067
Total Current Assets		891.613
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	147.216
	Other Current Liabilities	702.973
	Provisions	129.933
Total Current Liabilities		980.122
Net Current Assets		[88.509]

MISCELLANEOUS EXPENSES		0.000

TOTAL		773.182

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2010

	PROFIT / [LOSS] BEFORE TAX	381.677

Less	TAX	120.440

	PROFIT / [LOSS] AFTER TAX	261.237

	Preliminary Expenses	0.194

	BALANCE CARRIED TO THE B/S	261.043

	Earnings/[Loss] Per Share (Rs.)	261.24

KEY RATIOS

PARTICULARS		31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	22.81

Return on Investment (ROI) (PBT/Networth)		0.49

Debt Equity Ratio (Total Liability/Networth)		1.27

Current Ratio (Current Asset/Current Liability)		0.91

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSETS :

Land
Building
Plant and Machinery
Furniture and Fixtures
Computer
Office Equipments
Electrical Installations
Vehicles
Motor Car
Motor Cycle
Fax Machine
Air Conditioner
Generator
Type Writer
Weighing Machine
Mobile Phones
Franking Machine
Van
Lift
Vacuum Cleaner

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.49.08
UK Pound	1	Rs.78.65
Euro	1	Rs.67.79

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

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.

MIRA INFORM REPORT

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