MIRA INFORM REPORT

Report Date :

25.04.2012

IDENTIFICATION DETAILS

Name :	SPECTRA INK MAKERS PRIVATE LIMITED
Registered Office :	135/P, Patel Shamanna Layout, Railway Parallel Road, Horamavu Post, Bangalore-560043, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.05.1991
Com. Reg. No.:	08-011929
Capital Investment / Paid-up Capital :	Rs. 0.800 Million
CIN No.: [Company Identification No.]	U24223KA1991PTC011929
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Inks Printing, Flexo, Gravure Inks
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 9000
Status :	Small Company
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is a small company in it’s field. It scale of activities are limited. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small business dealings at usual trade terms and conditions. Current year profit and loss account is not available.

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 :	135/P, Patel Shamanna Layout, Railway Parallel Road, Horamavu Post, Bangalore-560043, Karnataka, India
Tel. No.:	91-80-25447870 / 25446223
Fax No.:	Not Available
E-Mail :	mdsaleemca@yahoo.co.in

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Chamunni Parameswari
Designation :	Managing Director
Address :	No.42, 7^th Main Road, Hoysala Nagar, R. M. Nagar Extension, D. V. Nagar, Bangalore-560016, Karnataka, India
Date of Birth/Age :	01.11.1955
Date of Appointment :	02.05.1991
DIN No.:	02303053
Name :	Mr. Kolandaswamy Emerencia
Designation :	Director
Address :	33/A Main, 4^th Cross, OMBR Layout, Banaswadi, Bangalore-560043, Karnataka, India
Date of Birth/Age :	30.10.1955
Date of Appointment :	02.05.1991
DIN No.:	02800464

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
C Parameshwari	1050
K Muralidharan	1500
Nisha Murlidharan	1200
K Emerencia	750
A Prabhakar	945
M Clary Premalatha	450
Ambuja Rajgopala	650
Biju Rajgopala	455
N Devadasan	500
K K Unni	500
Total	8000

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Inks Printing, Flexo, Gravure Inks

GENERAL INFORMATION

Suppliers :

· Adinath Chemicals, Mumbai

· A. N. Madhukar and Company

· Apoorva Enterprises

· D R Coats Ink and Resins Private Limited

· Jyoti Colours Private Limited

· Net Marketing

· Rekha Chemical Corporation

· Sanvy Resins and Coatings Private Limited

· Summit Corporation

· Uma Maheshwara Chemicals

Customers :

· Bee Chemical Industries

· Alliance Industries

· Cigfic Limited

· Jyothi Bags

· Klene Packs Limited

· M Power Beltings and Elastomers

· Prefect Poly Bags Private Limited

· Shree Siva Sai Packs

· Sree Bharantesh Packaging Industries

· S V Polypacks

· Tulsyan Nec Limited, Andhra

No. of Employees :

Not Available

Bankers :

Bank of Baroda, Malleshwaram Branch No.12, Usha Mansion, 8^th Cross Malleshwaram, Bangalore-560003, Karnataka, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Bank of Baroda – OD	3.228	2.517
Reliance Capital Loan	0.000	0.183
Total	3.228	2.700
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Mr. H. Murlidharan and Sons	0.240	0.104
Kotak Bank Loan	0.347	0.000
Religare Finvest – Loan	0.840	0.000
Total	1.427	0.104

Banking Relations :	--
Auditors :
Name :	Mohammed Saleem and Company Chartered Accountant
Address :	3^rd Floor, Vinod Complex No.25/1, J. C. Road, Bangalore-560002, Karnataka, India
Tel. No.:	91-80-22278073
Fax No.:	91-80-22237081
E-Mail :	mdsaleemca@gmail.com
Pan No.:	AIFPS1638B

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
8000	Equity Shares	Rs.100/- each	Rs. 0.800 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8000	Equity Shares	Rs.100/- each	Rs. 0.800 Million

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		0.800	0.800	0.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.661	1.324	1.023
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2.461	2.124	1.823
LOAN FUNDS
1] Secured Loans		3.228	2.700	2.852
2] Unsecured Loans		1.427	0.104	0.155
TOTAL BORROWING		4.655	2.804	3.007
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		7.116	4.928	4.830
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.381	0.426	0.466
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.070	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	7.579	5.674	3.508
	Cash & Bank Balances	0.319	0.084	0.045
	Other Current Assets	3.540	2.395	3.672
	Loans & Advances	1.004	0.732	0.217
Total Current Assets		12.442	8.885	7.442
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	5.777	4.383	3.078
	Provisions	0.000	0.000	0.000
Total Current Liabilities		5.777	4.383	3.078
Net Current Assets		6.665	4.502	4.364
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		7.116	4.928	4.830

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010
	GROSS INCOME FROM OPERATION		18.883
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.478
Less/ Add	DEPRECIATION/ AMORTISATION		0.053
	PROFIT BEFORE TAX		0.425
Less	TAX		0.000
	PROFIT AFTER TAX		0.425
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.023
Less	APPROPRIATIONS
		Income Tax for Earlier Years	0.125
	BALANCE CARRIED TO THE B/S		1.323
	Earnings Per Share (Rs.)		53.13

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	NA	4.56	NA
Return on Investment (ROI) (PBT/Networth)		NA	0.20	NA
Debt Equity Ratio (Total Liability/Networth)		4.24	3.38	3.34
Current Ratio (Current Asset/Current Liability)		2.15	2.03	2.42

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	No
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	Yes
8. No. of Employees	No
9. Name of person contacted	No
10. Designation of contact person	No
11. Turnover of firm for last one years	Yes
12. Profitability for last one years	Yes
13. Reasons for variation <> 20%	------
14. Estimation for coming financial year	No
15. Capital in the business	Yes
16. Details of sister concerns	No
17. Major suppliers	Yes
18. Major customers	Yes
19. Payments terms	No
20. Export / Import details	No
21. Market information	------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	Yes
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	Yes
28. Incorporation details, if applicable	Yes
29. Last accounts filed at ROC	Yes
30. Major Shareholders, if available	Yes

NOTE:

The registered office has been shifted from HBR Layout, 1^st Main Road, K K Halli, Arabic College, Bangalore-560045, Karnataka, India to the present address w.e.f.15.02.2010

FINANCIAL HIGHLOGHTS

The gross earnings and profitability position of the company have improved during the year.

FORM 8

Corporate identity number of the company	U24223KA1991PTC011929
Name of the company	SPECTRA INK MAKERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	135/P, Patel Shamanna Layout, Railway Parallel Road, Horamavu Post, Bangalore-560043, Karnataka, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Bank of Baroda, Malleshwaram Branch No.12, Usha Mansion, 8^th Cross Malleshwaram, Bangalore-560003, Karnataka, India
Nature of instrument creating charge	Supplemental Composite Agreement of Hypothecation of Goods, Book debts, Movable Machinery and Vehicles
Date of instrument Creating the charge	21.03.2012
Amount secured by the charge	Rs. 4.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest CC - 3% over Base Rate i.e.,3%+10.75% = 13.75% p.a. Terms of repayment CC - Running account repayable on demand Margin CC - 25% Extent and operation of the charge The charge shall operate to the extent of the entire loan amount plus interest, commission, cost, expenses and other charges thereon Other Cash Credit facility of Rs.4.500 Millions
Short particulars of the property charged (Including location of the property)	Hypothecation by way of first charge on the stocks of raw materials, outstanding monies, claims, bills, receivables, contracts, engagements, machinery, book debts and other movables present and future. Stored /installed at 1^st Main Road, Behind Arbic Colleage, K. K. Halli, HBR Layout, Bangalore or at any other place.
Charge identification number of the charge to be modified	90191747
Date of instrument modifying the charge	10.03.2011
Particulars of the present modification	By the above, the amount secured by charge stands increased from Rs.3.500 Millions to Rs.4.500 Millions. (All other terms and conditions remain unchanged)

FIXED ASSETS

· Machinery

· Weighing Scale

· Furniture and Fixtures

· Computer

· Vehicles

· Factory Land

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 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. 52.79
UK Pound	1	Rs. 85.17
Euro	1	Rs. 69.53

INFORMATION DETAILS

Information Gathered by :	--
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		30

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.