1. Summary Information

		Country	India
Company Name	MERINO INDUSTRIES LIMITED	Principal Name 1	Champa Lal Lohia
Status	Good	Principal Name 2	Mr. Rupchand Lohia
		Registration #	21-026556
Street Address	5, Alexandra Court, 60/1, Chowringhee Road, Kolkata – 700020, West Bengal, India
Established Date	29.07.1965	SIC Code	--
Telephone#	91-33-22470976 / 22479291 / 22472758 / 22472196 / 22477587	Business Style 1	Manufacturer
Fax #	91-33-22400314 / 22476103	Business Style 2	--
Homepage	www.merinoindia.com	Product Name 1	Decorative Laminates
# of employees	--	Product Name 2	Cold Storage
Paid up capital	Rs.104,703,000/-	Product Name 3	Impregnated Paper
Shareholders	--	Banking	Export Import Bank of India
Public Limited Corp.	YES	Business Period	46 years
IPO	YES	International Ins.	-
Public Enterprise	YES	Rating	Ba (54)
Related Company
Relation	Country	Company Name
Subsidiary	--	Merino Panel Products Limited
Note

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	689,752,000	Current Liabilities	507,470,000
Inventories	746,816,000	Long-term Liabilities	1,126,390,000
Fixed Assets	905,577,000	Other Liabilities	80,243,000
Deferred Assets	0000	Total Liabilities	1,714,103,000
Invest& other Assets	47,415,000	Retained Earnings	570,754,000
		Net Worth	675,457,000
Total Assets	2,389,560,000	Total Liab. & Equity	2,389,560,000
Total Assets (Previous Year)	2,322,893,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	3,265,421,000	Net Profit	144,618,000
Sales(Previous yr)	2,882,482,000	Net Profit(Prev.yr)	14,326,000

MIRA INFORM REPORT

Report Date :

17.11.2011

IDENTIFICATION DETAILS

Name :	MERINO INDUSTRIES LIMITED
Formerly Known As :	CENTURY LAMINATING COMPANY LIMITED H. N. LOHIA (AGENCIES) PRIVATE LIMITED
Registered Office :	5, Alexandra Court, 60/1, Chowringhee Road, Kolkata – 700020, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	29.07.1965
Com. Reg. No.:	21-026556
Capital Investment/ Paid-up Capital:	Rs.104.703 millions
CIN No.: [Company Identification No.]	U51909WB1965PLC026556
TAN No.: [Tax Deduction & Collection Account No.]	CALC05572A CALC00253B
PAN No.: [Permanent Account No.]	AAACC9186C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Marketing of Decorative Laminates, Cold Storage, Formaldehyde and Impregnated Paper.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 2700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an old and established company having fine track. General financial position is good. 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)
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 :	5 Alexandra Court, 60/1, Chowringhee Road, Kolkata – 700020, West Bengal, India
Tel. No.:	91-33-22470976 / 22479291 / 22472758 / 22472196 / 22477587 / 22901214
Fax No.:	91-33-22400314 / 22476103
E-Mail :	merinokol@merinoindia.com
Website :	http://www.merinoindia.com
Factory 1:	Village Achheja, Post Hapur, District Ghaziabad, Hapur – 245101, Uttar Pradesh, India
Tel. No.:	91-122-2308601/ 3290749/ 3290338 ;
Fax No.:	91-122-2306998
E-Mail :	merinohapur@merinoindia.com
Factory 2:	44 Km Stone, Delhi - Rohtak Road, Rohad, Dist. Jhajjar, Haryana- 124501, India
Tel. No.:	91-1276-276335 / 276337 / 276338 / 276339
Fax No.:	91-1276- 276336
Email :	merino@nde.vsnl.net.in
Export Office :	B-41, Lawrence Road, Industrial Area, New Delhi -110 035, India
Tel. No.:	27180241 / 27181632 / 27181430 / 27103695 / 27103696
Fax No.:	91-11-27183524 / 27104763
Email :	: merinodelhi@merinoindia.com
Branches/ Marketing Office 1 :	AHMEDABAD 137, Chinubhai Tower, 1st Floor, Oppossite Handloom House, Ashram Road, Ahmedabad- 380 009, Gujarat, India
Tel. No.:	91-79-6589511, 31142648
Fax No.:	91-79-6589511
Email :	merinoahm@merinoindia.com
Branches/ Marketing Office 2 :	BANGALORE  Appareddy Building, No.4, 5th Cross, Mysore Road, Bangalore-560026, Karnataka, India
Tel. No.:	91-80-26741982, 26748379, 26740186
Fax No.:	91-80-26741982
Email :	merinoblr@merinoindia.com
Branches/ Marketing Office 3 :	BHUBANESWAR Park Tower Apartment, Flat No. 17, Plot No. 43 (P), Unit-VI, Gangasagar, Bhubaneswar – 751 001,India
Tel. No.:	91-0674-2595563/ 2595759, 3400673
Email :	merinobbsr@merinoindia.com
Branches/ Marketing Office 4 :	CHENNAI 551 (Old No. 291), Sydenhams Road, Nehru Timber Market, Choolai, Chennai-600 112, Tamilnadu, India
Tel. No.:	091-4-26691398/26690979/26690716
Mobile No. :	91-98403-33502/ 98403-33503
Fax No.:	91-44-26691398
Email :	merinochennai@merinoindia.com
Branches/ Marketing Office 5 :	COCHIN 41/3518 (Old No. XLI 2910) Providence Road, Cochin - 682 018, Tamilnadu, India
Tel. No.:	91-484 – 2398265, 2397972
Mobile No. :	91-9847276702
Email :	merinokochi@vsnl.net
Branches/ Marketing Office :	COIMBATORE 969 - D, Mettupalayam Road, Coimbatore - 641 002, Tamilnadu, India
Tel. No.:	91-422 - 2554164 / 2554722
Fax No. :	91-422 – 3105463
Email :	merinocbt@merinoindia.com
Branches/ Marketing Office 6 :	DELHI F-101/102, Bharat Ashish Building; 5, D. B. Gupta Road, Paharganj New Delhi -110 055, India
Tel. No.:	91-11-23580845 / 23588011 / 23588784
Fax No. :	91-11-23587927
Email :	merinopg@merinoindia.com
Branches/ Marketing Office 7 :	HYDERABAD 14-1-387, Flat no. 303, 3rd Floor, Shyam Apartment, Aghapura, Hyderabad – 500012 ,Andhra Pradesh, India
Tel. No.:	91-40-24801978
Mobile No. :	91-98490 49143
Fax No.:	91-40-24801388
Email :	merinohyd@merinoindia.com
Branches/ Marketing Office 8 :	JAIPUR Opp. Mistri Khana, Gangori Bazar, Jaipur-302 001, Rajasthan, India
Tel. No.:	91-141-2318698/ 2318699
Fax No. :	91-141-2324998
Email :	merinojaipur@hotmail.com
Branches/ Marketing Office 9 :	MUMBAI Kurla Industrial Estate, Shed No. 5, Nari Seva Sadan Road, Off. L. B. S. Marg, Narayan Nagar, Ghatkopar (West), Mumbai-400 086, India
Tel. No.:	91-22-55991970 / 55991971
Fax No. :	91-22-55991973
Email :	merinomum@merinoindia.com
Branches/ Marketing Office 10 :	NAGPUR GS-1, Amar Jyoti Palace, Wardha Road, Dhantoli, Nagpur-440012, India
Tel. No.:	91-712-557123,
Fax No. :	91-712-2536372
Email :	merino@nagpur.dot.net.in
Branches/ Marketing Office 11 :	PUNE 1/10, Mira Cooperative Housing Society, Salisbury Park, Pune-411001, India
Tel. No.:	91-20-24273265/ 24273249/ 24272903
Fax No. :	91-20-24271408.
Email :	merinopn@vsnl.com
Branches/ Marketing Office 12 :	TINSUKIA Inder Mansion, AT. Road, Tinsukia-786125, Assam, India
Tel. No.:	91-374-2338975

DIRECTORS

(AS ON 30.09.2010)

Name :

Champa Lal Lohia

Designation :

Whole Time Director

Address :

44/78, Punjabi Bagh, New Delhi – 110026, India

Date of Birth/Age :

09.03.1934

Qualification

B. Com.

Experience

47 years

Date of Joining

01.05.1985

Previous Employment

Own Business

Date of Appointment :

15.01.1968

DIN No :

00154019

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51909WB1965PLC026556	Merino Industries Limited	Whole-time director	1/3/2010	15/01/1968	-	Active	NO
2	U20299WB1994PLC064386	Merino Panel Products Limited	Director	8/8/1994	8/8/1994	-	Active	NO

Name :

Mr. Rupchand Lohia

Designation :

Director

Address :

Flat No.40 4^th Floor, 3 Mayfair Road, Kolkata - 700019, West Bengal, India

Date of Birth/Age :

16.01.1940

Date of Appointment :

01.01.2002

DIN No :

00063290

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U20299WB1994PLC064386	Merino Panel Products Limited	Director	8/8/1994	8/8/1994	-	Active	NO
2	U70101WB1988PTC044285	Merino Exports Private Limited	Director	1/4/1996	1/4/1996	-	Active	NO
3	U25200MH1955NPL009601	The Plastics Export Promotion Council	Director	18/10/1996	18/10/1996	-	Active	NO
4	U51909WB1965PLC026556	Merino Industries Limited	Whole-time director	1/1/2010	1/1/2002	-	Active	NO

Name :

Mr. Prakash Lohia

Designation :

Managing Director

Address :

Vrindavan Apartment, 4^th Floor, Kabi Bharati Sarani, Kolkata - 700029, West Bengal, India

Date of Birth/Age :

10.07.1952

Qualification

B. Tech. (Chem.), M.E.P. (I.I.M. Ahmd.)

Experience

25 years

Date of Joining

01.05.1985

Previous Employment

Own Business

Date of Appointment :

14.07.1976

DIN No :

00063274

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51909WB1965PLC026556	Merino Industries Limited	Managing director	1/3/2011	14/07/1976	-	Active	NO
2	U20299WB1994PLC064386	Merino Panel Products Limited	Director	8/8/1994	8/8/1994	-	Active	NO
3	U51109WB1993PLC058257	Merino Services Limited.	Director	27/09/2007	15/02/2007	-	Active	NO

Name :

Miss. Ruchira Lohia

Designation :

Whole Time Director

Address :

Kasturi Bai, Cold Storage Compound, Bulland Sahar Road, Hapur, Ghaziabad-245101, Uttar Pradesh, India

Date of Birth/Age :

14.07.1968

Date of Appointment :

01.04.2000

DIN No :

00127797

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U70101WB1988PTC044285	Merino Exports Private Limited	Director	8/4/1994	8/4/1994	-	Active	NO
2	U51909WB1965PLC026556	Merino Industries Limited	Whole-time director	1/4/2011	1/4/2000	-	Active	NO
3	U51109WB1993PLC058257	Merino Services Limited.	Director	27/09/2007	15/02/2007	-	Active	NO

Name :

Mr. Prasan Lohia

Designation :

Director

Address :

Flat No.40 4^th Floor, 3 Mayfair Road, Kolkata - 700019, West Bengal, India

Date of Birth/Age :

12.10.1968

Date of Appointment :

01.10.2004

DIN No :

00061111

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U70101WB1988PTC044285	Merino Exports Private Limited	Director	4/4/1994	4/4/1994	-	Active	NO
2	U51909WB1965PLC026556	Merino Industries Limited	Whole-time director	1/10/2010	1/10/2004	-	Active	NO
3	U51109WB1993PLC058257	Merino Services Limited.	Director	27/09/2007	15/02/2007	-	Active	NO

Name :

Mr. Nripen Kumar Dugar

Designation :

Whole Time Director

Address :

Kasturai Bai Cold Storage Compound, Hapur – 245101, Uttar Pradesh, India

Date of Birth/Age :

23.01.1962

Date of Appointment :

06.10.1986

DIN No :

00127790

Name :

Dr. Gautam Bhattacharjee

Designation :

Director

Address :

Panchajanya, 4^th Floor, 25/59. Prince Gulam MD Shah Road, Kolkata – 700095, West Bengal, India

Date of Birth/Age :

16.09.1953

Date of Appointment :

01.08.1997

DIN No :

00109269

Name :

Mr. Amar Nath Roy

Designation :

Director

Address :

10 Central Road, Jadavpur, Kolkata – 700032, West Bengal, India

Date of Birth/Age :

16.12.1927

Date of Appointment :

03.05.1999

DIN No :

00109280

Name :

Mr. Bikash Lohia

Designation :

Whole Time Director

Address :

44/78, Punjabi Bagh, NewDelhi-110028, India

Date of Birth/Age :

27.05.1970

Date of Appointment :

01.10.2006

DIN No :

00154013

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U20299WB1994PLC064386	Merino Panel Products Limited	Director	1/10/2006	1/12/1994	-	Active	NO
2	U51909WB1965PLC026556	Merino Industries Limited	Whole-time director	1/10/2009	1/10/2006	-	Active	NO
3	U51109WB1993PLC058257	Merino Services Limited.	Director	27/09/2007	15/02/2007	-	Active	NO

Name :

Mr. Madhusudan Lohia

Designation :

Whole Time Director

Address :

Vrindavan Apartments, Flat No. 48, 4^th Floor, 55/1, Kabi Bharati Sarani, Kolkata-700029, West Bengal, India

Date of Birth/Age :

05.01.1980

Date of Appointment :

01.10.2006

DIN No :

00063278

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U63022WB1993PTC058429	Kasturi Bai Cold Storage Private Limited	Director	1/10/2006	1/6/2005	-	Active	NO
2	U51909WB1965PLC026556	Merino Industries Limited	Whole-time director	1/10/2009	1/10/2006	-	Active	NO

Name :

Mr. Saumar Jyoti Sonowal

Designation :

Nominee Director

Address :

Export-Import Bank of India, 4^th Floor, Sanmati Plaza, G. S. Road, Guwahati-781005, Assam, India

Date of Birth/Age :

27.12.1950

Date of Appointment :

21.02.1994

DIN No :

01505070

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U26921AS2004PTC007485	Luit Refractories Private Limited	Nominee director	26/12/2006	26/12/2006	14/07/2011	Active	NO
2	U85110AS2003PLC007246	North East Onco Care Limited	Nominee director	17/08/2007	17/08/2007	17/04/2009	Active	NO
3	U51909WB1965PLC026556	Merino Industries Limited	Nominee director	27/10/2008	27/10/2008	27/04/2011	Active	NO
4	L27106WB1966PLC101410	Gontermann - Peipers (India) Limited	Nominee director	27/10/2008	27/10/2008	18/01/2011	Active	NO
5	U15127WB1983PTC036852	Razban Seafood Private Limited	Nominee director	16/02/2009	16/02/2009	25/01/2011	Active	NO

Name :

Mr. Sudatta Mandal

Designation :

Nominee Director

Address :

1201, Aditya Akruti Towers, N. Barucha Marg, Garnd Road (West), Mumbai-400007, Maharashtra, India

Date of Birth/Age :

20.01.1968

Date of Appointment :

29.04.2011

DIN No :

00942070

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L99999MH1988PLC047408	Man Industries (India) Limited	Nominee director	22/06/2005	22/06/2005	-	Active	NO
2	U24230TN1980PLC008382	Malladi Drugs And Pharmaceuticals Limited	Nominee director	25/09/2009	25/09/2009	10/8/2010	Active	NO
3	L17291MH1991PLC063752	Pioneer Embroideries Limited	Nominee director	29/04/2011	29/04/2011	-	Active	NO
4	U51909WB1965PLC026556	Merino Industries Limited	Nominee director	29/04/2011	29/04/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashok Kumar Parui
Designation :	Secretary and Chief Executive Officer (Finance)
Address :	4 Dr A L Munshi Lane., Uttarpara, Hooghly, West Bengal, India
Date of Birth/Age :	27.12.1950
Date of Appointment :	21.02.1994

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Champ Lal Lohia	368400
Prakash Lohia	555550
Ruchira Lohia	503856
Amar Nath Roy	3000
Nripen Kuumar Dugar	600
Rupchand Lohia	177100
Prasan Lohia	162900
Bikash Lohia	628140
Madhusudan Lohia	296435

Equity share Breakup

(AS ON 30.09.2010)

Category	Percentage
Bodies corporate	32.82
Directors or relatives of directors	60.21
Other top fifty shareholders	6.97
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Marketing of Decorative Laminates, Cold Storage, Formaldehyde and Impregnated Paper.

Products :

(As on 31.03.2009)

Product Description	Item Code No.
Decorative Laminates	4823-90-19
Furniture	94036000
Potato Flakes	11052000

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre, Cuffe Parade, Mumbai-400005, Maharashtra, India

Facilities :

(Rs. in millions)

Secured Loans	As on 31.03.2010	As on 31.03.2009
TERM LOANS
From Financial Institution :
Foreign Currency Term Loan		12.816
From Banks :
Rupee Term Loan		277.312
Interest accrued and due		1.843
CASH / EXPORT CREDIT / WORKING CAPITAL FACILITIES
From Financial Institution :	788.732
Foreign Currency Loans		0.000
Rupee Loans		48.810
From Banks :
Foreign Currency Loans		229.838
Interest accrued and due		0.006
Rupee Loans		516.894
CAR LOANS
From Banks :		0.357
Total	788.732	1087.876

NOTES :

1. Term loans from Financial Institutions are secured by way of First Pari Passu Charge on the entire fixed assets of the Company, both present and future.

2. Term loans from Banks are secured by way of first charge on related fixed assets first Pari Passu Charge on the remaining fixed assets of the Company, both present and future.

3. Cash / Export Credit / Working Capital facilities are secured by way of:

a) Primary Securities : Hypothecation of the entire current assets of the Company on Pari Passu basis, both present and future.

b) Collateral Securities: Second Charge on the entire fixed assets of the Company on Pari Passu basis, both present and future.

4. Foreign currency loans from banks include Buyer’s Credit Rs.137.337 millions (Previous year – Rs.119.792 millions). This facility is secured as indicated in 3(a) and 3(b) above.

5. The Term loans and Cash / Export credit facilities are also guaranteed by Personal Guarantee of some of the Directors of the Company.

6. Car loans are secured by way of hypothecation of the related assets, some of which are pending registration of charge.

(Rs. in millions)

Unsecured Loans	As on 31.03.2010	As on 31.03.2009
Short Term Loans
From Bank		150.000
From Subsidiary Company	337.658	54.100
From a Body Corporate		62.330
Interest accrued and due		5.410
Total	337.658	271.840

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountant
Address :	Plot No Y 14, Block-Ep, Sector V, Salt Lake Electronics Complex, Bidhan Nagar, Kolkata-700091, West Bengal, India
Income-tax PAN of auditor or auditor’s firm :	AAEFP5579P
Subsidiary :	Merino Panel Products Limited CIN No : U20299WB1994PLC064386
Associates/Subsidiaries :	(As On 31.03.2009) · Merino Exports Private Limited · Kasturi Bai Cold Storage (Private) Limited · Merino Services Limited · Gopi Cold Storage Private Limited · Sri Harakasturi Memorial Trust · Man Kumar Lohia and Brothers

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
17000000	Equity Share	Rs.10/- each	Rs.170.000 millions

Issued Capital

No. of Shares	Type	Value	Amount
10566100	Equity Share	Rs.10/- each	Rs.105.661 millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10369600	Equity Share	Rs.10/- each	Rs.103.696 millions

(AS ON 31.03.2010)

Authorised Capital: Not available

Paid Up Capital: Rs.104.703 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		104.703	104.703	104.703
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		570.754	475.904	463.134
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		675.457	580.607	567.837
LOAN FUNDS
1] Secured Loans		788.732	1087.876	891.273
2] Unsecured Loans		337.658	271.840	200.000
TOTAL BORROWING		1126.390	1359.716	1091.273
DEFERRED TAX LIABILITIES		61.633	61.507	67.369
TOTAL		1863.480	2001.830	1726.479
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		905.577	763.265	680.586
Capital work-in-progress		32.133	57.485	53.528
INVESTMENT		15.282	15.292	15.292
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	746.816	770.981	765.252
	Sundry Debtors	481.508	466.882	521.631
	Cash & Bank Balances	104.661	160.629	42.902
	Other Current Assets	74.305	60.769	50.616
	Loans & Advances	29.278	27.590	22.333
Total Current Assets		1436.568	1486.851	1402.734
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	507.470	309.725	412.714
	Other Current Liabilities
	Provisions	18.610	11.338	12.947
Total Current Liabilities		526.080	321.063	425.661
Net Current Assets		910.488	1165.788	977.073
MISCELLANEOUS EXPENSES		0.000	.000	0.000
TOTAL		1863.480	2001.830	1726.479

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	3265.421	2882.482	2441.794
		Other Income	123.124	52.218	59.211
		TOTAL (A)	3388.545	2934.700	2501.005
Less	EXPENSES
		Cost of Goods sold	276.402	288.433	201.374
		Consumption of Raw Materials	1610.529	1490.306	1259.259
		Expenses	944.770	910.010	722.769
		Loss of Finished Goods due to Fire	(2.888)	0.000	0.000
		Loss on Fire	174.136	0.000	0.000
		TOTAL (B)	3002.949	2688.749	2183.402
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		385.596	245.951	317.603
Less	FINANCIAL EXPENSES (D)		85.661	123.057	84.974
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		299.935	122.894	232.629
Less/ Add	DEPRECIATION/ AMORTISATION (F)		92.115	85.280	76.146
	PROFIT BEFORE TAX (E-F) (G)		207.820	37.614	156.483
Less	TAX (H)		63.202	23.288	51.433
	PROFIT AFTER TAX (G-H) (I)		144.618	14.326	105.050
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		158.823	144.497	144.497
Less	APPROPRIATIONS
		Transfer to General Reserve	14.462	0.000	74.720
		Interim Dividend	45.108	0.000	25.924
		Tax on Dividend	4.114	0.000	4.406
	BALANCE CARRIED TO THE B/S		303.441	158.823	144.497
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	654.500	568.869
	TOTAL EARNINGS		0.000	654.500	1223.369
	IMPORTS
		Raw Materials	0.000	732.700	615.275
		Consumables and Spares	0.000	31.600	8.565
		Capital Goods	0.000	35.900	19.774
	TOTAL IMPORTS		0.000	800.200	643.614
	Earnings Per Share (Rs.)		13.95	1.38	10.13

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.27	0.49	1.20
Net Profit Margin (PBT/Sales)	(%)	6.36	1.30	6.41
Return on Total Assets (PBT/Total Assets}	(%)	8.87	1.67	7.51
Return on Investment (ROI) (PBT/Networth)		0.31	0.06	0.28
Debt Equity Ratio (Total Liability/Networth)		2.45	2.89	2.67
Current Ratio (Current Asset/Current Liability)		2.73	4.63	3.29

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company	U51909WB1965PLC026556
Name of the company	MERINO INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	5 Alexandra Court, 60/1, Chowringhee Road, Kolkata – 700020, West Bengal, India E-Mail Id: merinokol@merinoindia.com
This form is for	Creation of charge
Type of charge	Book Debts Movable property Floating charge
Particular of charge holder	Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre, Cuffe Parade, Mumbai-400005, Maharashtra, India E-Mail Id: eximkro@eximbankondia.in
Nature of instrument creating charge	Unattested Deed of Hypothecation of Movable Assets dated 14.09.2011 (DHMA) executed by Merino Industries Limited ('the Borrower') in favour of Export-Import Bank of India ('Exim Bank') over the moveable assets of the Borrower for securing the loan of Rs. 90.000 millions or in Euro by way of fund and non-fund based limits ('the Loan) granted by Exim Bank to the Borrower.
Date of instrument Creating the charge	14.09.2011
Amount secured by the charge	Rs.90.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	a) Rate of Interest For Rupee Disb.- 11.50% p.a. payable at monthly rests For Euro Disb.- Euribor (6 Months) + 450 basis p.a. payable quarterly and further subject to reset of Interest Rate. LC Commission- 0.50% p.a. b) Terms of Repayment Unless the Borrower prepays the Loan as per provisions of the Facilities Agreement, the Loan shall be repayable in 16 (sixteen) suitable quarterly equal installments, commencing after 1 (one) year from the date of first disbursement under the Loan or such other date closer to that date as may be advised by Exim Bank at the time of making the first disbursement. c) Margin Minimum 25% d) Extent and operation of the charge First pari-passu charge over the entire moveable fixed assets of the Borrower, both present and future excluding assets exclusively charged to other lenders and second pari-passu charge on the entire current assets of the Borrower, both present and future.
Short Particulars of the property charged	The particulars of the entire moveable assets are more particularly described in Schedule III to the Deed of Hypothecation dated 14.09.2011.

FIXED ASSETS:

(As on 31.03.2010)

Tangible Assets

· Leasehold Land

· Freehold Land

· Leasehold Building

· Freehold Building

· Plant and Machinery

· Furniture and Fittings

· Vehicles

Intangible Assets

· Computer Software

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.50.90
UK Pound	1	Rs.80.30
Euro	1	Rs.68.47

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
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	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		54

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.