1. Summary Information

		Country	India
Company Name	INTEK TAPES PRIVATE LIMITED	Principal Name 1	Mr. Raghavendra Shastry
Status	Satisfactory	Principal Name 2	Mr. Hudrali Subbanna Ramakrishna
		Registration #	08-008117
Street Address	No. 38, Road No.5, Bommasandra Industrial Area, Bangalore – 562158, Karnataka, India
Established Date	23.01.1987	SIC Code	--
Telephone#	91-80-26655691	Business Style 1	Manufacturer
Fax #	91-80-26648984	Business Style 2	--
Homepage	--	Product Name 1	Variety of Tapes
# of employees	--	Product Name 2	--
Paid up capital	Rs.3044000/-	Product Name 3	--
Shareholders	Bodies corporate (10.67%) Directors or relatives of Directors (38.17%) Other top fifty shareholders (51.16%)	Banking	State Bank Of Mysore
Public Limited Corp.	NO	Business Period	24 Years
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	Ba (49)
Related Company
Relation	Country	Company Name	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	108,161,000	Current Liabilities	36,885,000
Inventories	85,688,000	Long-term Liabilities	11,134,000
Fixed Assets	92,910,000	Other Liabilities	17,409,000
Deferred Assets	0,000	Total Liabilities	65,428,000
Invest& other Assets	18,365,000	Retained Earnings	236,652,000
		Net Worth	239,696,000
Total Assets	305,124,000	Total Liab. & Equity	305,124,000
Total Assets (Previous Year)	285,494,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	327,827,000	Net Profit	17,468,000
Sales(Previous yr)	266,969,000	Net Profit(Prev.yr)	23,813,000

MIRA INFORM REPORT

Report Date :

18.11.2011

IDENTIFICATION DETAILS

Name :	INTEK TAPES PRIVATE LIMITED
Registered Office :	No. 38, Road No. 5, Bommasandra Industrial Area, Bangalore – 562158, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	23.01.1987
Com. Reg. No.:	08-008117
Capital Investment / Paid-up Capital :	Rs.3.044 Millions
CIN No.: [Company Identification No.]	U52100KA1987PTC008117
TAN No.: [Tax Deduction & Collection Account No.]	BLRI01797F
PAN No.: [Permanent Account No.]	AAACI5571P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pressure Sensitive Adhesive Tapes.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 958000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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 :	No. 38, Road No. 5, Bommasandra Industrial Area, Bangalore – 562158, Karnataka, India
Tel. No.:	91-80-26655691
Fax No.:	91-80-26648984
E-Mail :	venkat@intektapes.com sales@intektapes.com intek@vsnl.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Raghavendra Shastry

Designation :

Director

Address :

Sri Sahravu Mahaganpathy Temple, Mangalore – 575000, Karnataka, India

Date of Birth/Age :

11.06.1954

Date of Appointment :

30.10.2002

DIN No.:

01235244

Other Directorship :

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
U55101KA1983PTC005284	Sharvu Hotels Private Limited	Managing director	27/04/1983	27/04/1983	-	Active	NO
U52100KA1987PTC008117	Intek Tapes Private Limited	Director	30/10/2002	30/10/2002	-	Active	NO

Name :

Mr. Hudrali Subbanna Ramakrishna

Designation :

Director

Address :

# 31/1, 6^th C Main Road, 4^th Block, Jayanagar, Bangalore – 560011, Karnataka, India

Date of Birth/Age :

11.06.1940

Date of Appointment :

23.01.1987

DIN No.:

01235372

Other Directorship :

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
U51909KA1968PTC001724	Durano Process Private Limited	Director	6/05/1968	6/05/1968	6/03/2008	Converted to LLP and dissolved	NO
U52100KA1987PTC008117	Intek Tapes Private Limited	Director	23/01/1987	23/01/1987	-	Active	NO
U22219KA1982PTC004768	Decal Print (India) Private Limited	Director	30/06/1999	30/06/1999	-	Active	NO

Name :

Mr. Santanam Natarajan

Designation :

Director

Address :

B-104, Adarsh Residency, 47^th Cross, 8^th Block, Jayanagar, Bangalore – 560082, Karnataka, India

Date of Birth/Age :

10.11.1953

Date of Appointment :

01.04.1996

DIN No.:

01235413

Other Directorship :

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
U52100KA1987PTC008117	Intek Tapes Private Limited	Director	1/04/1996	1/04/1996	-	Active	NO
U22219KA1982PTC004768	Decal Print (India) Private Limited	Director	24/08/2000	24/08/2000	-	Active	NO

Name :

Mr. Niddodi Jairaj

Designation :

Director

Address :

# 4, 1^st Cross, Sarakki, Main Road, C R Layout, J P Nagar, 1^st Phase, Bangalore – 560078, Karnataka, India

Date of Birth/Age :

20.10.1958

Date of Appointment :

27.03.1989

DIN No.:

01248339

Other Directorship :

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
U52100ka1987ptc008117	Intek Tapes Private Limited	Director	27/03/1989	27/03/1989	-	Active	No
U22219ka1982ptc004768	Decal Print (India) Private Limited	Director	24/08/2000	24/08/2000	-	Active	No

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Ramakrishna H.S.	400
Krishnamurthy R.	70
Decal Print (India) Private Limited, India	325
Dr. Sudesh Shastry Mrs. Susheela Shastry	40
Balachandra Rao P.	35
P. Raghuram Mrs. Padma Raghuram	100
Srinivas H.S.	134
Rohini Jairaj	50
Malini Kumar	34
Nagaraj H. S.	13
Jairaj N.	200
Rahul Shastry Sri Raghavendra Shastry	200
Dr. Vidya Sharma	300
Dinesh Kurji Vithalani	121
Chandrakanth Amritlal Lakhani	121
Mahendra Maganlal Thakkar	161
Bhaskar T. Achar	100
Devi D Somaiya	40
Padmavathy S. Shastry	10
Suman Babu	10
Raghavendra Shastry Mr. S Ramakrishna Shastry	50
Prameela Srinivas	25
Anushna Srinivas	25
Anusuya H.	25
Bharathi Iraniraya	10
Ramakrishna H. S. (HUF)	40
Dr. Raghupradas N. Mrs. Meenakshi Hari	95
Ashwini Pejawar P. Balachandra	35
Mrs. Anjana K. Murali Mrs. Vandana Roa	20
Mrs. Anjana K. Murali Sri K. N. Ramdas	50
H.S. Ramakrishna and Saralaya Ramakrishna	180
Sarala Ramakrishna and R. Shyam	25
Total	3044

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	10.67
Directors or relatives of Directors	38.17
Other top fifty shareholders	51.16
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pressure Sensitive Adhesive Tapes.

Products :

Item Code No.	Product Description
39.19.10	Pressure Sensitive Adhesive Tapes

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Karnataka State Financial Corporation, Thimmaiah Road, Bangalore – 560052, Karnataka, India

· State Bank Of Mysore, Sme City Credit Centre, 2nd Floor, Rangarao Road, Shankarpuram, Bangalore-560004, Karnataka, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
A>Working Capital Loans State Bank of Mysore (Cash Credit) (Secured by hypothecation of raw materials, stock in process and finished goods, book debts not more than 90 days old. In addition 1^st charge on plant and machinery and guaranteed by three directors of the company)	10.784	9.783
Total	10.784	9.783
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rent Deposit (Adarsha Residency)	0.350	0.350
Total	0.350	0.350

Banking Relations :	--
Auditors :
Name :	C P Ethirajan Chartered Accountant
Address :	No.38, 1^st Floor, Nehru Circle, Bangalore – 560020, Karnataka, India
Tel. No.:	91-80-23342566
Res No..:	91-80-23355926
Fax No.:	91-80-23465695
E-Mail :	cthirajan@rediffmail.com
PAN.:	AAAPE4631M

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.1000/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3044	Equity Shares	Rs.1000/- each	Rs.3.044 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		3.044	3.044	3.044
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		236.652	222.218	201.426
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		239.696	225.262	204.470
LOAN FUNDS
1] Secured Loans		10.784	9.783	0.000
2] Unsecured Loans		0.350	0.350	13.350
TOTAL BORROWING		11.134	10.133	13.350
DEFERRED TAX LIABILITIES		1.109	0.721	0.877
TOTAL		251.939	236.116	218.697
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		92.910	121.187	108.765
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		18.365	16.835	19.746
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	85.688	53.715	57.689
	Sundry Debtors	45.986	55.004	30.493
	Cash & Bank Balances	37.690	20.077	16.545
	Other Current Assets	0.000	0.000	0.000
	Loans, Advances and Deposits	24.485	18.676	23.625
Total Current Assets		193.849	147.472	128.352
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	36.885	34.454	24.112
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	16.300	14.924	14.055
Total Current Liabilities		53.185	49.378	38.167
Net Current Assets		140.664	98.094	90.185
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		251.939	236.116	218.697

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	327.827	266.969	232.203
		Other Income
		TOTAL (A)	327.827	266.969	232.203
Less	EXPENSES
		Office Expenses
		Administrative Expenses	288.398	223.856	192.998
		Advertising Expenses
		TOTAL (B)	288.398	223.856	192.998
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		39.429	43.113	39.205
Less	FINANCIAL EXPENSES (D)		0.914	0.883	2.194
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		38.515	42.230	37.011
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.203	6.357	5.862
	PROFIT BEFORE TAX (E-F) (G)		31.312	35.873	31.149
Less	TAX (I)		13.844	12.060	12.520
	PROFIT AFTER TAX (G-I) (J)		17.468	23.813	18.629
	BALANCE AVAILABLE FOR APPROPRIATION		18.823	24.384	22.075
Less	APPROPRIATIONS
		Transfer to General Reserve	15.000	20.000	20.000
		Proposed Dividend	3.044	3.040	1.522
	BALANCE CARRIED TO THE B/S		0.779	1.327	0.553
	Earnings Per Share (Rs.)		5.73	7.82	6.12

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.33	8.91	8.02
Net Profit Margin (PBT/Sales)	(%)	9.55	13.43	13.41
Return on Total Assets (PBT/Total Assets}	(%)	10.91	13.35	13.13
Return on Investment (ROI) (PBT/Networth)		0.13	0.15	0.15
Debt Equity Ratio (Total Liability/Networth)		0.27	0.26	0.25
Current Ratio (Current Asset/Current Liability)		3.64	2.98	3.36

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS

During the year, the Company has earned profit after tax of Rs.17.468 Millions (Previous year Rs.23.813 Millions)

BUSINESS OPERATIONS OVERVIEW

During the year 2010-2011 the Company was able to sustain its growth momentum through operational excellence, high quality products, innovation and by providing customer-centric product solutions to satisfy customer requirements. The turnover (Current year turnover- Rs.32393.000 Millions) from sales of the Company’s products depicted an upward boost by 20% as compared to the previous year (Previous year turnover Rs.26172.000 Millions). The enhanced sales of the Company’s products conforming to international standards are a clear affirmation of the Company’s channel initiatives implemented through consolidation, employee engagement, performance management and customer focus to create an efficient and robust system of operation.

The gross profit earned by the Company during the year (Profit before tax-Rs.31312 Millions during 2010-2011) depicted a marginal decline as compared to the previous year (Profit before Tax-Rs.35.874 Millions during 2009- 2010) owing to the incurrence of higher expenditure with regard to enhanced consumption of raw materials and higher manufacturing and administrative expenses. The Directors are confident of further improving the performance of the Company by implementation of conservative operating plans for the year ahead with continued focus on cost management to meet the challenges posed by the competitive business environment.

FORM 8

Corporate identity number of the company	U52100KA1987PTC008117
Name of the company	INTEK TAPES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 38, Road No. 5, Bommasandra Industrial Area, Bangalore – 562158, Karnataka, India
This form is for	Modification of charge
Type of charge	Book debts Movable Property Floating charges
Particular of charge holder	State Bank Of Mysore, Sme City Credit Centre, 2nd Floor, Rangarao Road, Shankarpuram, Bangalore-560004, Karnataka, India
Nature of instrument creating charge	Agreement Of Loan Cum Hypothecation Form Adv-2
Date of instrument Creating the charge	20.08.2010
Amount secured by the charge	Rs.20.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cc - At 4.25% Above The Base Rate, Present Eff Rate Is 12.00% Per Annum At Monthly Rests. Penal Int : Max 2% P.A. Over The Normal Rate. Terms of repayment Cash Credit - repayable on demand. advance is for a period of 12 months. Margin Stocks/Rm/Sip/Fg/Consumables : 25% Book Debts : 50% LC : 10% Extent and operation of charge Exclusive First Charge On The Assets Of The Company And To The Full Extent. Others Cash Credit Rs.5.000 Millions ; Advance Against Export Bills Under Collection Rs 5.000 Millions ; Flc Limit Rs.10.000 Millions; Total Rs.20.000 Millions.
Particulars of the property charged	Hypo. of company's present and future movable fixed assets and current assets like stocks, raw materials, semi finished and finished goods, book debts, receivables, outstanding monies, bills, rights, stores, components, furniture and fittings; other movables, plant and machinery, vehicles and assets to be purchased out of bank finance.
Particulars of the present modification	The amount secured by the charge stands modified to Rs.20.000 Millions. The securities described for the modified limit. All other terms and conditions remain unchanged.

FIXED ASSETS

• Land
• Building
• Staff Quarters
• Plant and Machinery (Imported)
• Plant and Machinery (Indigenous)
• Electrical Installations
• Vehicles
• Fire Fighting Equipments
• Furniture and Fittings
• Air Conditioners
• Computers
• Borewell
• Solar Electrical Fittings

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.50.72
UK Pound	1	Rs.79.88
Euro	1	Rs.68.46

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	NO
--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.