MIRA INFORM REPORT

Report Date :

21.04.2012

IDENTIFICATION DETAILS

Name :	LUXOR WRITING INSTRUMENTS PRIVATE LIMITED

Registered Office :	229, Okhla Industrial Estate, Phase – III, New Delhi – 110 020

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	08.11.1995

Com. Reg. No.:	55-073683

Capital Investment / Paid-up Capital :	Rs.24.688 Millions

CIN No.: [Company Identification No.]	U74899DL1995PTC073683

TAN No.: [Tax Deduction & Collection Account No.]	DELL02132E

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Writing Instruments.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 3700000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is a well established and a reputed company having moderate track. There appears some accumulated losses recorded by the company. However trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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

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

LOCATIONS

Registered Office/ Head Office :	229, Okhla Industrial Estate, Phase – III, New Delhi – 110 020, India
Tel. No.:	91-11-43113311, 26849211, 26848891, 26828314, 41613536, 41613537, 26849617, 26835607, (D) 26319137
Fax No.:	91-11-26319179, 26847602
E-Mail :	corporateenquiry@luxoroffice.com mahesh.gupta@luxoroffice.com
Website :	http://www.worldofluxor.com http://www.luxorpen.com

Overseas Office :	Luxor Euro GmbH, Germany Luxor UK Limited, (London)

Factory 1 :	5, Okhla Industrial Estate, Phase III, New Delhi – 110 020, India
Tel. No.:	91-11-41613540, 41613541, 26827214, 26846106
Fax No.:	91-11-26821214

Factory 2 :	# 7, Okhla Industrial Estate, Phase III, New Delhi – 110 020, India

Factory 3 :	# 867, Udyog Vihar, Gurgaon, Haryana, India And also located at: Noida Mumbai Haridwar

Regional Sales Office :	Located at: New Delhi Kolkata Mumbai Chennai Bangalore

Signature Stores :	Located at: Ghaziabad Jaipur Agra Noida Lucknow New Delhi Hyderabad Ahmedabad Vadodara

For Export Enquiries :	Techink Industries C-42, Opposite Subros Factory, Phase – 2, District Gautam Budh Nagar, Noida - 201 305, Uttar Pradesh, India Tel: 91-120-3048013 Website : www.best-inks.com email id -: corporateenquiry@luxoroffice.com Luxor International (Private) Limited C-42, Opposite Subros Factory, Phase – 2, District Gautam Budh Nagar, Noida - 201 305, Uttar Pradesh, India Tel: 91-120-3047000-28 Fax: 91-120-3047023-24 E-mail : Luxor@vsnl.com Website: www.luxorpen.com email id -: corporateenquiry@luxoroffice.com

DIRECTORS

As on 30.09.2011

Name :	Mr. Davinder Kumar Jain
Designation :	Chairman cum Managing Director
Address :	D – 19, Nizamuddin East, New Delhi – 110 013, India
Date of Birth/Age :	19.02.1943
Date of Appointment :	08.11.1995
DIN No.:	00055350

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	U74899DL1987PTC019042	LUXOR (INDIA) PRIVATE LIMITED	Director	03-09-87	03-09-87	-	Active	NO
2	U74899DL1995PTC073683	LUXOR WRITING INSTRUMENTS PRIVATE LIMITED	Director	08-11-95	08-11-95	-	Active	NO
3	U67120DL1996PTC076128	JHPL HOLDINGS PRIVATE LIMITED	Director	07-02-96	07-02-96	-	Active	NO
4	U25199DL1957PTC002817	PROCESSORS CORPORATION PRIVATE LIMITED	Director	26-03-96	26-03-96	-	Active	NO
5	U72200DL2000PTC104496	LUXOR INFOTECH PRIVATE LIMITED	Director	16-03-00	16-03-00	-	Active	NO
6	U55101DL2001PTC110097	EDENPARK HOTELS PRIVATE LIMITED	Director	20-03-01	20-03-01	-	Active	YES
7	U65993DL2002PTC114412	LAGUNA HOLDINGS PRIVATE LIMITED	Director	28-02-02	28-02-02	-	Active	NO
8	U45201DL2003PTC123494	INDIA COLONISERS PRIVATE LIMITED	Director	05-01-04	05-01-04	-	Active	NO
9	U45202DL2001PTC112449	PROSPEROUS ESTATES PRIVATE LIMITED	Director	02-06-04	02-06-04	-	Active	NO
10	U24232DL2005PTC132418	LUXOR BIOTEC PRIVATE LIMITED	Director	25-01-05	25-01-05	-	Active	NO
11	U51909DL2005PTC135882	LUXOR GLOBAL BRANDS MARKETING PRIVATE LIMITED	Director	06-05-05	06-05-05	-	Active	NO
12	U70102DL2005PTC132799	TANMAY REALTECH PRIVATE LIMITED	Director	09-05-05	09-05-05	14-06-07	Active	NO
13	U70102DL2002PTC117222	HARI REALTECH PRIVATE LIMITED	Director	09-05-05	09-05-05	14-06-07	Active	NO
14	U74999DL2004PTC131590	UPPALS INFO AND BIO TECHNOLOGIES PRIVATE LIMITED	Director	11-06-05	11-06-05	-	Active	NO
15	U45201DL2005PTC138745	LUXOR CYBER CITY PRIVATE LIMITED	Director	15-07-05	15-07-05	-	Active	NO
16	U51909DL2006PTC145517	LUXOR RETAIL PRIVATE LIMITED	Director	27-01-06	27-01-06	-	Active	NO
17	U92111AP2005PLC045256	APAKSH BROADBAND LIMITED	Director	24-05-06	24-05-06	05-02-08	Active	NO
18	U70109DL2006PTC149303	HAWKS TOWN PLANNERS PRIVATE LIMITED	Director	29-09-07	03-07-06	-	Active	NO
19	U67120DL2006PTC153576	DPK INVESTMENTS PRIVATE LIMITED	Director	12-09-06	12-09-06	-	Active	NO
20	U74999MH2007NPL168975	JAIN INTERNATIONAL TRADE ORGANISATION	Director	11-12-10	03-04-07	-	Active	NO
21	U74140MH2006PLC163437	ATHERSTONE CAPITAL MARKETS LIMITED	Director	01-02-08	01-02-08	06-08-08	Active	NO
22	U70100DL2009PTC191360	LUXOR INFRATECH PRIVATE LIMITED	Director	18-06-09	18-06-09	-	Active	NO
23	U74140DL2009PTC195033	LUXOR NANO TECHNOLOGY PRIVATE LIMITED	Director	09-10-09	09-10-09	-	Active	NO
24	U36991DL1996PTC076070	HI-LINE PENS PRIVATE LIMITED	Director	30-09-10	15-11-09	-	Active	NO
25	U74899DL1980PTC010659	LUXOR INTERNATIONAL PRIVATE LIMITED	Managing director	16-11-09	15-11-09	-	Active	NO
26	U55101DL2010PTC201057	SUSHREE HOSPITALITY PRIVATE LIMITED	Director	01-04-10	01-04-10	-	Active	NO
27	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	23-12-11	23-12-11	-	Active	NO
28	U41000DL2007PTC163653	LUXOR AQUA PRIVATE LIMITED	Additional director	06-03-12	06-03-12	-	Active	NO

Name :	Ms. Pooja Jain
Designation :	Whole Time Director
Address :	D – 19, Nizamuddin East, New Delhi – 110 013, India
Date of Birth/Age :	22.10.1974
Date of Appointment :	08.11.1995
DIN No.:	00055375

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	U74899DL1981PTC012566	LUXOR PLASTCHEM PRIVATE LIMITED	Director	25-09-93	25-09-93	-	Active	NO
2	U74899DL1995PTC073683	LUXOR WRITING INSTRUMENTS PRIVATE LIMITED	Director	08-11-95	08-11-95	-	Active	NO
3	U64202DL2001PLC113348	AKSH BROADBAND LIMITED	Director	25-09-06	16-11-05	-	Amalgamated	NO
4	U51909DL2006PTC145517	LUXOR RETAIL PRIVATE LIMITED	Director	27-01-06	27-01-06	-	Active	NO
5	U36991DL1996PTC076070	HI-LINE PENS PRIVATE LIMITED	Director	30-09-10	15-11-09	-	Active	NO
6	U67120DL2006PTC153576	DPK INVESTMENTS PRIVATE LIMITED	Additional director	05-03-10	05-03-10	-	Active	NO
7	U74899DL1980PTC010659	LUXOR INTERNATIONAL PRIVATE LIMITED	Director	30-09-11	01-07-11	-	Active	NO

Name :	Mr. Pankaj Jain
Designation :	Director
Address :	D – 19, Nizamuddin East, New Delhi – 110 013, India
Date of Birth/Age :	13.04.1971
Date of Appointment :	15.03.1996
DIN No.:	00055373

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	U74899DL1995PTC073683	LUXOR WRITING INSTRUMENTS PRIVATE LIMITED	Director	15-03-96	15-03-96	-	Active	NO
2	U72200DL2000PTC104496	LUXOR INFOTECH PRIVATE LIMITED	Director	16-03-00	16-03-00	-	Active	NO
3	U64203DL2001PLC113346	NEW GENERATION NETWORKS LIMITED	Director	30-09-06	15-10-05	30-09-08	Active	NO
4	U70109DL2006PTC149303	HAWKS TOWN PLANNERS PRIVATE LIMITED	Director	29-09-07	03-07-06	-	Active	NO
5	U41000DL2007PTC163653	LUXOR AQUA PRIVATE LIMITED	Director	18-05-07	18-05-07	-	Active	NO
6	U45201DL2005PTC138745	LUXOR CYBER CITY PRIVATE LIMITED	Director	30-09-10	08-10-09	-	Active	NO
7	U74140DL2009PTC195033	LUXOR NANO TECHNOLOGY PRIVATE LIMITED	Director	09-10-09	09-10-09	-	Active	NO

Name :	Mr. Vijay Kumar Jain
Designation :	Additional Director
Address :	B-167, SFS DDA Flats, Sarita Vihar, Mathura Road, New Delhi – 110 044, India
Date of Birth/Age :	05.06.1936
Date of Appointment :	01.04.2011
DIN No.:	00055376

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	U74899DL1981PTC012566	LUXOR PLASTCHEM PRIVATE LIMITED	Director	24-04-89	24-04-89	-	Active	NO
2	U74899DL1980PTC010659	LUXOR INTERNATIONAL PRIVATE LIMITED	Director	08-01-96	08-01-96	-	Active	NO
3	U74899DL1990PTC042066	INDEAL HI-TECH ENGINEERING EQUIPMENT PRIVATE LIMITED	Director	01-06-96	01-06-96	-	Active	NO
4	U74899DL1987PTC019042	LUXOR (INDIA) PRIVATE LIMITED	Director	01-04-99	01-04-99	-	Active	NO
5	U36991DL1996PTC076070	HI-LINE PENS PRIVATE LIMITED	Director	20-07-99	20-07-99	-	Active	NO
6	U74140DL2009PTC195033	LUXOR NANO TECHNOLOGY PRIVATE LIMITED	Director	14-09-10	17-03-10	-	Active	NO
7	U74899DL1995PTC073683	LUXOR WRITING INSTRUMENTS PRIVATE LIMITED	Director	30-09-11	01-04-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Anil Kumar Vanjani
Designation :	Secretary
Address :	B – 2/ 112, Paschim Vihar, Delhi – 110 063, India
Date of Birth/Age :	02.02.1963
Date of Appointment :	25.06.2001
Date of Ceasing :	31.01.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders		No. of Shares
Davinder Kumar Jain		1599750
Pooja Jain		108625
JHPL Holdings Private Limited, India		641875
Payal Kapoor		59250
Priya Jain		59250
Total		2468750

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category		Percentage of Holding
Bodies corporate		26.00
Directors or relatives of directors		74.00
Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Writing Instruments.

Products :

Item Code No. (ITC Code)	96.08
Product Description	Writing Instruments
Item Code No. (ITC Code)	32.15
Product Description	Ink
Item Code No. (ITC Code)	96.08
Product Description	Tips

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Actual Production
Writing Instruments	Nos.	66084373
Ink Bottles	Nos.	5525
Fixtures/ Machines – for captive use/ for sale	Nos.	30

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Canara Bank, Okhla Industrial Estates, New Delhi – 110 020, India
Dena Bank, Okhla Industrial Estate, Phase-III, New Delhi – 110 020, India
Standard Chartered Bank, Credit Risk Control, H-2, Connaught Circus, New Delhi – 110 001, India
Kotak Mahindra Bank Limited, 15-16 Upper Ground Floor, Ambadeep Building, 14, Kasturba Gandhi Marg, New Delhi – 110 001, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rupee Term Loans Secured	233.559	99.462
Working Capital Loans Bank Secured	129.632	70.539
Loans Taken for Vehicles Secured	26.369	4.325
Total	389.560	174.326

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Loans Directors Unsecured	42.850	97.350
Other Debt Unsecured	97.500	97.500
Total	140.350	194.850


Banking Relations :	--

Auditors :
Name :	S. Kalra and Associates Chartered Accountants
Address :	24, Manak Vihar, I.P. Extension, Part – II, New Delhi – 110 092, India
Tel. No.:	91-11-22151632
Fax No.:	91-11-22142850
E-Mail :	skalra4@gmail.com skalra4@vsnl.net skalra4@hotmail.com

Associates :	Hi Line Pens Private Limited L.P. Pens Private Limited

Vendors/Other Associates :	Kakkar Brothers Luxor International Private Limited Luxor Pen Company Technik Industries Luxor Infotech Luxor Foundation Laguna Holding Private Limited Ideal Hitech Engineering Equipment Private Limited Luxor Nano Technology Private Limited Processors Corporation Private Limited Luxor Cyber City Private Limited Luxor India Private Limited Luxor Retail Private Limited Luxor Global Brand Marketing Private Limited JHPL Holding Private Limited Prosperious Estate Private Limited Uppal Info and Biotechnologies Private Limited Halk Toen Planners Private Limited Luxor Infra Tech Private Limited Edenpark Hotels Private Limited Plastchem Private Limited Hazel Foods Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2468750	Equity Shares	Rs.10/- each	Rs.24.688 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		24.688	24.688	24.688
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1575.698	1575.698	1575.698
4] (Accumulated Losses)		(665.460)	(674.456)	(688.166)
NETWORTH		934.926	925.930	912.220
LOAN FUNDS
1] Secured Loans		389.560	174.326	249.784
2] Unsecured Loans		140.350	194.850	189.600
TOTAL BORROWING		529.910	369.176	439.384
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		1464.836	1295.106	1351.604

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		740.918	746.307	414.371
Capital work-in-progress & Capital Advances		202.055	78.314	342.135

INVESTMENT		16.260	11.260	0.010
DEFERREX TAX ASSETS		67.880	98.927	99.870

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	392.691	350.214	352.141
	Sundry Debtors	192.203	166.563	136.980
	Cash & Bank Balances	7.477	12.859	48.338
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	74.021	68.933	160.652
Total Current Assets		666.392	598.569	698.111
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	177.924	201.070	162.448
	Other Current Liabilities	44.709	29.368	34.163
	Provisions	6.036	7.833	6.282
Total Current Liabilities		228.669	238.271	202.893
Net Current Assets		437.723	360.298	495.218

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		1464.836	1295.106	1351.604

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		1267.973	1222.561
		Other Income		2.563	102.005
		TOTAL (A)	1612.440	1270.536	1324.566

Less	EXPENSES
		Cost of Materials & Manufacturing Expenses		852.269	845.993
		Personnel, Administrative & Selling Expenses		363.319	404.262
		Increase/(Decrease) in Stocks		(14.828)	23.275
		TOTAL (B)	1572.397 (Including Financial Charges and Depreciation)	1200.760	1273.530

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			69.776	51.036

Less	INTEREST & FINANCIAL EXPENSES (D)			29.159	22.231

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			40.617	28.805

Less/ Add	DEPRECIATION/ AMORTISATION (F)			25.964	23.162

	PROFIT BEFORE TAX (E-F) (G)		40.043	14.653	5.643

Less	TAX (H)		31.047	0.943	3.832

	PROFIT AFTER TAX (G-H) (I)		8.996	13.710	1.811

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(674.456)	(688.166)	(689.977)

	BALANCE CARRIED TO THE B/S		(665.460)	(674.456)	(688.166)

	IMPORTS
		Raw Materials, Components & Finished Goods	NA	177.527	156.015
		Capital Goods	NA	7.774	6.560
	TOTAL IMPORTS		NA	185.301	162.575

	Earnings Per Share (Rs.)		3.64	5.55	0.73

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.56	1.08	0.14

Net Profit Margin (PBT/Sales)	(%)	NA	1.16	0.46

Return on Total Assets (PBT/Total Assets}	(%)	2.85	1.09	0.51

Return on Investment (ROI) (PBT/Networth)		0.04	0.02	0.01

Debt Equity Ratio (Total Liability/Networth)		0.81	0.66	0.70

Current Ratio (Current Asset/Current Liability)		2.91	2.51	3.44

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

During the year the company has performed very well as the sales and other income have gone up to Rs.1612.440 Millions, as against previous year’s sales and other income of rs.1270.536 Millions also, accordingly, the profit before tax for the year has also gone up to Rs.40.043 Millions as absent previous year’s profit of Rs.14.653 Millions

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74899DL1995PTC073683
Name of the company	LUXOR WRITING INSTRUMENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	229, Okhla Industrial Estate, Phase – III, New Delhi – 110 020, India E-Mail: mahesh.gupta@luxoroffice.com
This form is for	Modification of charge
Charge identification number of the modified	10264914
Type of charge	· Immovable Property · Book Debts · Movable Property ( not being pledge) · Other (Current, Movable and Fixed Assets)
Particular of charge holder	CIN No.: L65110MH1985PLC038137 Kotak Mahindra Bank Limited, 15-16 Upper Ground Floor, Ambadeep Building, 14, Kasturba Gandhi Marg, New Delhi – 110 001, India E-Mail: praveen.dm@kotak.com
Nature of description of the instrument creating or modifying the charge	Memorandum of deposit and constructive delivery of title deeds dates 16.02.2012
Date of instrument Creating the charge	16.02.2012
Amount secured by the charge	Rs.685.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As per sanction letter/such other rate as may be prescribed by the bank from time to time Terms of Repayment: As per sanction terms of the faculties sanctioned Margin: The company shall maintain such margin as may be specified by the bank from time to time. Extent and Operation of the charge: To additionally secure the following credit facilities Cash Credit Rs.250.000 Millions Working Capital Demand Loan (Sub Limit of CC) Rs.250.000 Millions Letter of Credit (Sub Limit of CC) Rs.50.000 Millions Bank Guarantee (Sub Limit of CC) Rs.20.000 Millions Term Loan 1 Rs.40.200 Millions (Present Outstanding) Term Loan 2 Rs.81.600 Millions (Present Outstanding) Term Loan 3 Rs.163.200 Millions Term Loan 4 Rs.150.000 Millions Total Limits Rs.685.000 Millions
Short particulars of the property charged	First and Exclusive charge by way of Equitable Mortgage over the properties located at All that piece and parcel of land bearing 1). Plot No. 107 Adm. 7937.50 Sq. Mtrs. Sit. In Sector 7, Integrated Industrial Area, Bhel, Ranipur, Haridwar, Uttarakhand 2). Plot No. 867 Adm. 1000 Square Meters And Situated In Industrial Area, Udyog Vihar, Phase V, Gurgaon, Haryana 3). Industrial Plot No. 40 Situated In Block A, Hosiery Complex, Phase-II, Ext., Noida, Dist. Gautam Budh Nagar, U P, Adm. 5040 Sq Mtrs. Together with all buildings, structures, installments, fitments, plant and machinery, if any, affixed to something attached to the earth. First and Exclusive charge by way of hypothecation on the Current assets (Both present and future) and Movable Fixed Assets (Both present and future) First and Exclusive charge by way of Equitable Mortgage over the immoveable property in the name of M/s Luxor Pen Company, detailed as: All that piece and parcel of land bearing Plot No. 229 Adm. 1126 Sq. Mtrs. Sit. In Okhla Industrial Estate, Phase - III, New Delhi-110020
Date of instrument modifying the charge	15.02.2012
Particulars of the present modification	Aggregate facilities have been enhanced to Rs. 685.000 Millions and further secured by equitable mortgage of co. Immovable properties i.e. all that piece and parcel of land bearing (1) Plot No. 107 Adm. 7937.50sq.Mtrs. Sit. In Sec 7, Integrated Industrial Area, Bhel, Ranipur, Haridwar, Utarakhand, (2) Plot No. 867 Adm. 1000sq. Mtrs. and Sit. In Industrial Area, Udyog Vihar, Ph-V Gurgaon, Haryana, (3) Industrial Plot No. 40 Sit. In Block A, Hosiery Complex, Ph-II Extn. Noida, Gautam Budh Nagar, Uttar Pradesh, Adm. 5040 Sq Mtrs.

CONTINGENT LIABILITY:

Particulars

31.03.2010

(Rs. in millions)

Bank Guarantee Outstanding

3.200

FIXED ASSETS:

Goodwill
Trademarks and Copyrights
Freehold Land
Leasehold Land
Plant and Machinery
Moulds
EDP
Generator Set
Office Equipment
Electrical Installation
Vehicles
Furniture and Fixtures
Leasehold Improvement
Factory Building

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.52.00
UK Pound	1	Rs.83.54
Euro	1	Rs.68.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		36

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

392.691

350.214

352.141

192.203

166.563

136.980

7.477

12.859

48.338

0.000

0.000

0.000

74.021

68.933

160.652

666.392

598.569

698.111

177.924

201.070

162.448

44.709

29.368

34.163

6.036

7.833

6.282

228.669

238.271

202.893

437.723

360.298

495.218

0.14

0.46

0.51

0.01

0.70

3.44

Unit