MIRA INFORM REPORT

Report Date :

20.10.2011

IDENTIFICATION DETAILS

Name :	EAGLE FLASK INDUSTRIES PRIVATE LIMITED (w.e.f. 15.07.2009)
Formerly Known As :	EAGLE FLASK INDUSTRIES (INDIA) PRIVATE LIMITED
Registered Office :	4^th Floor, Parmar Gallery, S. NO.77, Shivarkar Road, Opposite Parmar Park, Wanawadi, Pune - 411040, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	23.06.1986
Com. Reg. No.:	11-040189
Capital Investment / Paid-up Capital :	Rs.165.388 Millions
CIN No.: [Company Identification No.]	U99999PN1986PTC040189
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Vacuum Flasks, Thermoware Items, Cutlery and Cookware, Stainless Steel Casseroles, Kitchen Utensils, Glassware, Tableware, etc.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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

INFORMATION PARTED BY

Name :	Mr. Salim Hamirani
Designation :	General Manager in Exports and Works
Contact No.:	91-9766391837

LOCATIONS

Registered / Head Office / Factory :	4^th Floor, Parmar Gallery, S. No.77, Shivarkar Road, Opposite Parmar Park, Wanawadi, Pune - 411040, Maharashtra, India
Tel. No.:	91-20-66028561 / 62
Mobile No.:	91-9766391837 (Mr. Salim Hamirani)
Fax No.:	91-20-66028563
E-Mail :	hamiranisalim@yahoo.co.in cs.eagle@ymail.com eaglehomeexim@rediffmail.com
Area :	70000 sq. ft. (Owned)
Location :	Owned
Branch Office :	115-116, Thiru-Vi-Ka Industrial Estate, Guindy, Chennai - 600032, Tamilnadu, India
Tel. No.:	91-44-22500582

DIRECTORS

As on 21.09.2010

Name :

Mr. Riaz Alimahomed Padamsee

Designation :

Director

Address :

Bunglow No. A/19, Padam Vilas Enclave, Wanawadi, Pune-411048, Maharashtra, India

Date of Birth/Age :

31.12.1949

Date of Appointment :

14.09.1997

DIN :

01632000

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	U65910MH1987PLC045187	EQUITABLE FINANCE LIMITED	Director	8/7/1997	8/7/1997	Active	NO
2	U29299PN1995PTC092937	EAGLE GAZ AND APPLIANCES PRIVATE LIMITED	Director	8/8/1997	8/8/1997	Active	YES
3	U25200MH1981PTC023678	ADLER METALS AND PACKAGING PRIVATE LIMITED	Director	8/8/1997	8/8/1997	Active	NO
4	U70100MH1965PTC013097	PADAMSEE CONSOLIDATED PRIVATE LIMITED	Director	8/8/1997	8/8/1997	Active	NO
5	U26100PN1965PTC139986	EAGLE HOME APPLIANCES PRIVATE LIMITED	Director	8/8/1997	8/8/1997	Active	NO
6	U11220MH1991PTC059801	EAGLE AGRO-FARM PRIVATE LIMITED	Managing director	26/04/2010	8/8/1997	Active	NO
7	U99999PN1986PTC040189	EAGLE FLASK INDUSTRIES PRIVATE LIMITED	Managing director	2/4/2009	14/09/1997	Active	NO

Name :

Mrs. Dowlut Ismail Padamsee

Designation :

Director

Address :

22/29, Union Bank, Khar (West), Mumbai-400052, Maharashtra, India

Date of Birth/Age :

04.11.1929

Date of Appointment :

25.09.1992

DIN :

01640383

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	U70100MH1965PTC013097	PADAMSEE CONSOLIDATED PRIVATE LIMITED	Director	5/1/1965	5/1/1965	Active	NO
2	U26100PN1965PTC139986	EAGLE HOME APPLIANCES PRIVATE LIMITED	Director	1/5/1976	1/5/1976	Active	NO
3	U25200MH1981PTC023678	ADLER METALS AND PACKAGING PRIVATE LIMITED	Director	12/1/1981	12/1/1981	Active	NO
4	U99999PN1986PTC040189	EAGLE FLASK INDUSTRIES PRIVATE LIMITED	Director	25/09/1992	25/09/1992	Active	NO

Name :

Ms. Sherize A. Padamsee

Designation :

Director

Address :

22/29, Union Bank, Khar (West), Mumbai-400052, Maharashtra, India

Date of Birth/Age :

19.04.1958

Date of Appointment :

25.09.1993

DIN :

01654235

Name :

Mrs. Shamim Mumtaz Padamsee

Designation :

Director

Address :

22/29, Union Bank, Khar (West), Mumbai-400052, Maharashtra, India

Date of Birth/Age :

07.06.1947

Date of Appointment :

25.09.1993

DIN :

01654291

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	U70100MH1965PTC013097	PADAMSEE CONSOLIDATED PRIVATE LIMITED	Director	31/12/1983	31/12/1983	Active	NO
2	U26100PN1965PTC139986	EAGLE HOME APPLIANCES PRIVATE LIMITED	Director	17/06/1993	17/06/1993	Active	NO
3	U11220MH1991PTC059801	EAGLE AGRO-FARM PRIVATE LIMITED	Director	17/06/1993	17/06/1993	Active	NO
4	U25200MH1981PTC023678	ADLER METALS AND PACKAGING PRIVATE LIMITED	Director	17/06/1993	17/06/1993	Active	NO
5	U65910MH1987PLC045187	EQUITABLE FINANCE LIMITED	Director	8/7/1993	8/7/1993	Active	NO
6	U99999PN1986PTC040189	EAGLE FLASK INDUSTRIES PRIVATE LIMITED	Director	25/09/1993	25/09/1993	Active	NO
7	U29299PN1995PTC092937	EAGLE GAZ AND APPLIANCES PRIVATE LIMITED	Director	20/06/1996	20/06/1996	Active	YES

Name :

Mrs. Noorjehan Naushad Padamsee

Designation :

Director

Address :

22/29, Union Bank, Khar (West), Mumbai-400052, Maharashtra, India

Date of Birth/Age :

31.05.1954

Date of Appointment :

25.09.1993

DIN :

01727753

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	U70100MH1965PTC013097	PADAMSEE CONSOLIDATED PRIVATE LIMITED	Director	12/1/1981	12/1/1981	Active	NO
2	U25200MH1981PTC023678	ADLER METALS AND PACKAGING PRIVATE LIMITED	Director	12/1/1981	12/1/1981	Active	NO
3	U11220MH1991PTC059801	EAGLE AGRO-FARM PRIVATE LIMITED	Director	14/01/1991	14/01/1991	Active	NO
4	U65910MH1987PLC045187	EQUITABLE FINANCE LIMITED	Director	28/10/1991	28/10/1991	Active	NO
5	U99999PN1986PTC040189	EAGLE FLASK INDUSTRIES PRIVATE LIMITED	Director	25/09/1993	25/09/1993	Active	NO
6	U29299PN1995PTC092937	EAGLE GAZ AND APPLIANCES PRIVATE LIMITED	Director	20/06/1996	20/06/1996	Active	YES

KEY EXECUTIVES

Name :	Mr. Sandip Balasaheb Rahane
Designation :	Company Secretary
Address :	Hari Om, 152, Parvati Payatha, Parvati, Pune-411009, Maharashtra, India
Date of Birth/Age :	24.04.1984
Date of Appointment :	01.09.2009
PAN :	AMGPR0068P
Name :	Mr. Salim Hamirani
Designation :	General Manager in Exports and Works

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.09.2010

Names of Shareholders	No. of Shares
Trade Team Limited, India	110194
IHP Investment Company, India	21308
Niaquat Naushad Padamsee	14000
Nadirshah Naushad Padamsee	14000
Riaz Alimohamed Padamsee	76193
Behroz Ria2 Padamsee	7700
Shamim Mumtaz Padamsee	98950
Dowlat .I. Padamsee	36267
D.I. Padamsee	36268
Suhas Vithalrao Sankpal	1
Bljal Anll Dattani	1
Naushad Ismail Padamsee	62000
Noorjehan Naushad Padamsee	61000
Riaz Alimohmed Padamsee	62000
Eagle Home Appliances Private Limited, India	470000
Eagle Gaz And Appliances Private Limited, India	34000
Equitable Finance Limited, India	550000
Total	1653882

As on 21.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	72.00
Directors or relatives of directors	28.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Vacuum Flasks, Thermoware Items, Cutlery and Cookware, Stainless Steel Casseroles, Kitchen Utensils, Glassware, Tableware, etc.

Products :

Product Description	Item Code
Glass Refills	7009.00
Flasks	9617.00
Insulated Wares	3924.90

Exports :

Countries :

• Gulf Countries
• Australia

Terms :

Selling :

Cash

Purchasing :

Cash

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity
1 Usable Molten Glass	MT	4500	4500
Vacuum Glass Refill	PCS	10500000	10500000
Vacuum Flask	PCS	8400000	8400000
Insulated / Vacuum Ware / Eletromaxx	PCS	2400000	2400000
Designer Sets	PCS	--	--
Automobile Headlight Lenses	PCS	200000	200000

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

200 (Approximately)

Bankers :

• ICICI Bank, Bund Garden, Pune, Maharashtra, India
• HDFC Bank, Bhadarkar Road, Pune, Maharashtra, India

Facilities :

Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Loans form directors	1.861	1.861
Loans from shareholders and others	1.205	1.205
Loans from group companies	32.286	22.678
Total	35.352	25.744

Financial Institution:	Dattani and Sankpals Associates, 101/104, Haripriya Apartments, Sundervan Complex, Lokhanwala X Road, Andheri (West), Mumbai-400053, Maharashtra, India
Banking Relations :	--
Auditors :
Name :	S.B. Shingte and Company Chartered Accountant
Address :	Shivanjali, Shivanand Garden, 38/1, Kothrud, Pune-411038, Maharashtra, India
PAN :	ADLPS5828S

CAPITAL STRUCTURE

As on 21.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1700000	Equity Shares	Rs.100/- each	Rs.170.000 Millions
3800000	Preferences Shares	Rs.100/- each	Rs.380.000 Millions
	Total		Rs.550.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1653882	Equity Shares	Rs.100/- each	Rs.165.388 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		165.388	165.388	545.388
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.130	385.130	318.893
4] (Accumulated Losses)		(518.799)	(134.995)	(392.569)
NETWORTH		(348.281)	415.523	471.712
LOAN FUNDS
1] Secured Loans		0.000	0.000	10.000
2] Unsecured Loans		35.352	25.744	50.894
TOTAL BORROWING		35.352	25.744	60.894
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
OTHERS		11.156	11.206	11.559
TOTAL		(301.773)	452.473	544.165
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.793	13.265	359.692
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.074	0.204	0.174
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.156	250.022	0.086
	Sundry Debtors	9.542	9.531	9.565
	Cash & Bank Balances	7.525	3.898	5.346
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	88.517	135.198	95.066
Total Current Assets		105.740	398.649	110.063
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.764	14.331
	Other Current Liabilities	487.531	41.201	62.498
	Provisions	0.182	6.528	0.000
Total Current Liabilities		502.477	62.060	62.498
Net Current Assets		(396.737)	336.589	47.565
MISCELLANEOUS EXPENSES		68.097	102.415	136.734
TOTAL		(301.773)	452.473	544.165

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL	1.034	720.622	74.786
Less	EXPENSES
		Office Expenses
		Administrative Expenses	52.933	57.847	66.326
		Financial Expenses
		Advertising Expenses
		TOTAL	52.933	57.847	66.326
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(51.899)	662.775	8.460
Less/ Add	DEPRECIATION/ AMORTISATION		0.608	0.554	1.313
	PROFIT/[LOSS] BEFORE TAX		(52.507)	662.221	7.147
	TAX		0.000	18.770	15.191
	PROFIT/[LOSS] AFTER TAX		(763.804)	643.551	(8.044)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(134.995)	(392.569)	(381.508)
	Prior Period Adjustments		(711.297)	5.877	3.017
	Profit for Appropriation [including preference share redemption reserve]		0.000	380.000	0.000
	Transferred from Redemption Reserve		380.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		(518.799)	(134.995)	(392.569)
	Earnings/[Loss] Per Share (Rs.)		(232.06)	389.12	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(73868.85)	89.30	(10.76)
Return on Total Assets (PBT/Total Assets}	(%)	(39.92)	160.77	1.52
Return on Investment (ROI) (PBT/Networth)		(0.15)	1.59	0.02
Debt Equity Ratio (Total Liability/Networth)		(1.54)	0.21	0.26
Current Ratio (Current Asset/Current Liability)		0.21	6.42	1.76

LOCAL AGENCY FURTHER INFORMATION

Note : Registered office address of the company has been shifted from Eagle Estate, Talegaon, Pune – 410507, Maharashtra, India to the present address.

PERFORMANCE REVIEW ;

During the year company has done marginal business activity, that's the reason company i.e. in accumulated losses.

The Company has executed Indenture of Conveyance of the property with Sabio Infra Projects Private Limited on 22^nd April, 2010 for total consideration of Rs. 660.000 millions bearing Survey No. 443/3, 463/3+4, 445, 446/1 to 7 and Agreement of Sale with Sabio Eagle Realtors Private Limited for total consideration of Rs.90.000 millions bearing Survey No.458/1, 458/3, 457/2A, 455/2B/2, 449/1, 460/1 dated 22^nd April, 2010.

The Company made Deed of Release at Talegaon on 22 April, 2010 with Dattani and Associates for full and final settlement total amount of Rs.203.500 millions which was originally made on 02.07.2007 and registered in the office of Sub Registrar, Lonawala, at Survey no.7401 on 30.07.2007.

FINANCE

During the year company has not raised any funds through issuing Debentures and Shares of the company. Company has not taken any loan from financial institutions, banks etc. in the year 2009-2010.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	90089626
Corporate identity number of the company	U99999PN1986PLC040189
Name of the company	EAGLE FLASK INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	Eagle Estate, Talegaon, Pune-410507, Maharashtra, India
Type of charge	Book Debts Movable Property (not being pledge) Immovable Property
Particular of charge holder	Dattani and Sankpals Associates, 101/104, Haripriya Apartments, Sundervan Complex, Lokhandwala X Road, Andheri (West), Mumbai-400053, Maharashtra, India
Email	dattani_d@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Deed of assignment of debt along with the underlying security
Date of instrument Creating the charge	02.07.2007
Amount secured by the charge	Rs.18.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 16% p.a. Extent and Operation of the charge Charge over immovable and movable properties stands assigned to Dattani and Sankpals Associates, Mumbai
Short particulars of the property charged	Immovable properties of the company bearing Survey Nos. 443, 463, 445, 446 totally admg. 7 Hectare and 314.4 Acres located at Taluka Maval, Dist. Pune, Village Talegaon and (ii) Whole of the current assets, bills receivable, book debts, both present and future
Particulars of the present modification	Charge originally created in favour of Bank of Baroda, Pune Camp Branch, Pune now stands assigned along with all the underlying securities in favour of Dattani and Sankpals Associates, Mumbai to the extent of Rs.18.000 Millions.

Fixed Assets:

• Goodwill
• Land
• Building
• Water Works
• Plant and Machinery
• Glass Furnace
• Electrical Installation
• Weighing Scales
• Furniture and Fixtures
• Office Equipments
• Intercom Telephones
• 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.49.17
UK Pound	1	Rs.77.49
Euro	1	Rs.67.96

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	-
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		11

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.