MIRA INFORM REPORT

Report Date :

03.08.2012

IDENTIFICATION DETAILS

Name :	PITAMBARI PRODUCTS PRIVATE LIMITED (w.e.f. 29.05.2003)
Formerly Known As :	PITAMBARI MARKETING PRIVATE LIMITED (w.e.f. 21.07.1999) MHALSA SALES COMPANY PRIVATE LIMITED
Registered Office :	3^rd Floor, Hemendra Apartment, Gokhale Road, Thane – 400 602, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.04.1989
Com. Reg. No.:	11-051314
Capital Investment / Paid-up Capital :	Rs.12.500 millions
CIN No.: [Company Identification No.]	U24239MH1989PTC051314
TAN No.: [Tax Deduction & Collection Account No.]	PNEP07752D
PAN No.: [Permanent Account No.]	AABCM1570F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Marketing of Cleaning Products and Healthcare Products.
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

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 appear huge 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 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Umesh Pawar
Designation :	General Manager - Sales and Marketing
Contact No.:	91-9820158509
Date :	31.07.2012

LOCATIONS

Registered Office :	3^rd Floor, Hemendra Apartment, Gokhale Road, Thane – 400 602, Maharashtra, India
Tel. No.:	91-22-67035564/ 67035555/ 5640
Mobile No.:	91-9820158509 (Mr. Umesh Pawar)
Fax No.:	91-22-25396848
E-Mail :	shining@pitambari.com sales@pitambari.com umesh.pawar@pitambari.com
Website :	www.pitambari.com
Location :	Owned
Factory :	Located at: v Ganpatipada and Supe (Maharashtra) v Salem (Tamilnadu) v Baddi (Himachal Pradesh) v Vadodara (Gujarat)

DIRECTORS

As on 26.08.2011

Name :

Mr. Ravindra Vaman Prabhudesai

Designation :

Director

Address :

B/1/2, 3, Vikas Complex, Meena Tai Thakre, Chowk, Agra Road, Thane – 400 601, Maharashtra, India

Date of Appointment :

07.04.1989

DIN No :

02141873

Voter ID No.:

RCT5151071

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24239MH1989PTC051314	PITAMBARI PRODUCTS PRIVATE LIMITED	Director	07/04/1989	07/04/1989	Active	NO
2	U99999MH1991PTC059839	KLENZ MARKETING PRIVATE LIMITED	Director	16/04/2003	16/04/2003	Under liquidation	NO
3	U70102MH2008PTC186339	VASUNDHARA VIKASAK PRIVATE LIMITED	Director	29/08/2008	29/08/2008	Strike off	NO
4	U45400MH2008PTC186475	KALPAK VIKASAK PRIVATE LIMITED	Director	04/09/2008	04/09/2008	Strike off	NO
5	U85191PN2008PTC132703	KONKAN AYUR PHARMA PRIVATE LIMITED	Director	30/09/2009	30/09/2009	Active	NO

Name :

Mrs. Vrushali Ravindra Prabhudesai

Designation :

Director

Address :

B/1/2, 3, Vikas Complex, Meena Tai Thakre, Chowk, Agra Road, Thane – 400 601, Maharashtra, India

Date of Appointment :

28.04.2011

DIN No :

02142010

Voter ID No.:

RCT5151089

Name :

Mr. Ajay Arvind Joshi

Designation :

Director

Address :

Swami Narayan Bhuvan, Kharkar Ali, Thane – 400 601, Maharashtra, India

Date of Birth/Age :

05.02.1970

Date of Appointment :

30.08.2010

DIN No :

03125616

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24239MH1989PTC051314	PITAMBARI PRODUCTS PRIVATE LIMITED	Director	30/08/2010	01/07/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Umesh Pawar
Designation :	General Manager - Sales and Marketing

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.08.2011

Names of Shareholders (Equity Shares)	No. of Shares
Ravindra Vaman Prabhudesai	123654
Vrushali Ravindra Prabhudesai	1286
Ajay Arvind Joshi	10
Total	124950

As on 26.08.2011

Names of Shareholders (Preference Shares)	No. of Shares
Chandrashekhar V. Pore	1
Suchitra J. Ranade	1
Shweta S. Ganu	1
Ravindra V Prabhudesai	12
Arvind G.Palsule	1
Kalpana K. Chitale	1
Shashank Sawant	1
Shivanand N. Kulkarni	1
Padma H. Ranade 1	1
Rajani Ramesh Salunke	1
Rohit R. Salunke	1
Sudhir Anant Barve	1
Damodar K. Soman	1
M. Susheela/ K.Murugesan	1
Gangadhar B. Joshi	1
Rajesh Pore	1
Vinayak S. Rahalkar	1
Abhishek D. Sathe	1
Sulabha Ranade	1
Usha N. Nimkar	1
Padmaja P. Pote	1
Rashmi B Sathe	1
Milind Ballal	1
Jayant H. Ranade	1
Ramchandra Acharya	1
Bhaskar L. Sathe	1
Girish Vaze	1
Gandhavati G. Tambe	1
Ruta D. Ranade	1
Sanjiv G. Vaze	1
Shambunath D. Ganu	1
Shreyas S. Ganu and S.D. Ganu	1
Aniruddha M. Gadgil	1
Tanaya S. Vaze	1
Total	45

As on 09.03.2012

Names of Allottee (Equity Shares)	No. of Shares
Ravindra Vaman Prabhudesai	25000
Total	25000

As on 27.01.2012

Names of Allottee (Equity Shares)	No. of Shares
Ravindra Vaman Prabhudesai	25000
Total	25000

As on 26.08.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Marketing of Cleaning Products and Healthcare Products.
Products :	v Dishwash Liquid v Detergent Powder v Detergent Bar v Hair Oil v Pain Relief Oil v Baby Massage Oil v Foot Healing Cream v Lactating Granuals v Shining Powder v Toilet Cleaner v After Shave Gel v Pain Relief v Syrup v Pancharas v Light Diesel Oil
Exports :
Products :	Healthcare and Homecare Products
Countries :	v Nepal v Dubai v Malaysia v Thailand
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

v Pulin Sewa, Delhi

Customers :

Wholesalers and Retailers

v Manta Sales, Pune

No. of Employees :

600 (Approximately)

Bankers :

v The Thane Janata Sahakari Bank Limited, Anant Laxmi Chamber, B-Cabin, Shivaji Nagar Road, Naupada, Thane – 400 602, Maharashtra, India

v ICICI Bank Limited

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Term Loan from The Thane Janata Sahakari Bank Limited
For Machinery	3.261	1.210
For Property	12.492	16.227
For WCTL	19.013	13.994
For Vehicles (Secured by Mortgage of Factory Building, Cars, Hypothecation of Machinery and Personal Guarantee of the Directors)	2.132	2.175
Term Loans from DHFL (Secured by Mortgage of Office Building)	14.552	7.394
Loan from LIC Against Keyman Policy	12.857	10.341
Cash Credit The Thane Janata Sahakari Bank Limited (Secured by hypothecation of stock and book debts)	68.610	35.509
Total	132.917	86.850

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Deposit from Shareholders	15.500	8.785
Working Capital Term Loan from Kotak Mahindra Bank Limited	0.008	0.282
Total	15.508	9.067

Banking Relations :	--
Auditors :
Name :	Joshi and Karandikar Chartered Accountants
Address :	A/4, Sanmitra Co-operative Housing Society, M.G. Road, Thane – 400 602, Maharashtra, India
Tel. No.:	91-22-25408828
Fax No.:	91-22-25408828
E-Mail :	pramod.lele@rediffmail.com
Income-tax PAN of auditor or auditor's firm :	AAAFJ9154G
Memberships :	v Federation of Indian Chambers of Commerce and Industry (FICCI) v Confederation of Indian Industry (CII) v Chemicals Pharmaceuticals & Cosmetics Export Promotion Council (CHEMEXCIL) v Pharmaceuticals Export Promotion Council (PHARMAEXCIL) v Indian Merchants' Chamber (IMC) v Indo-American Chamber of Commerce

CAPITAL STRUCTURE

After 26.08.2011

Authorised Capital : Rs.30.000 millions

Issued, Subscribed & Paid-up Capital : Rs.17.500 millions

As on 26.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
199950	Equity Shares	Rs.100/- each	Rs.19.995 millions
50	Preference Shares	Rs.100/- each	Rs.0.005 million
	Total		Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
124950	Equity Shares	Rs.100/- each	Rs.12.495 millions
45	Preference Shares	Rs.100/- each	Rs.0.005 million
	Total		Rs.12.500 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		12.500	11.179	8.679
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12.667	12.667	12.667
4] (Accumulated Losses)		(22.470)	(17.140)	(38.076)
NETWORTH		2.697	6.706	(16.730)
LOAN FUNDS
1] Secured Loans		132.917	86.850	90.517
2] Unsecured Loans		15.508	9.067	8.372
TOTAL BORROWING		148.425	95.917	98.889
DEFERRED TAX LIABILITIES		3.174	3.383	2.731
TOTAL		154.296	106.006	84.890
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		67.469	67.607	76.009
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.715	0.965	1.043
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	46.537	34.094	20.959
	Sundry Debtors	105.714	74.323	65.748
	Cash & Bank Balances	9.042	6.647	7.899
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	32.317	29.516	25.210
Total Current Assets		193.610	144.580	119.816
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	85.332	58.626	68.842
	Other Current Liabilities		27.785	29.438
	Provisions	23.166	20.735	13.788
Total Current Liabilities		108.498	107.146	112.068
Net Current Assets		85.112	37.434	7.748
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
DIFFERED MERGER EXPENSES		0.000	0.000	0.090
TOTAL		154.296	106.006	84.890

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	535.554	508.507	403.037
		Other Income	NA	2.053	0.954
		TOTAL	NA	510.560	403.991
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT / (LOSS)		(5.329)	20.938	(30.036)
	EARNINGS IN FOREIGN CURRENCY		1.056	1.068	0.597

Particulars	31.03.2012
Sales Turnover (Approximately)	700.000

Expected Sales (2012-2013): Rs.800.000 millions

The above information has been parted by Mr. Umesh Pawar (General Manager - Sales and Marketing) .

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	95.26	30.28	(12.61)
Current Ratio (Current Asset/Current Liability)	1.78	1.35	1.07

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) Constitutions 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	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
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
31) PAN of Proprietor/Partner/Director, if available	No
32) Passport No of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	Yes

OPERATIONS:

Although the Company has achieved 5.32% growths in Gross Sales as in the current year, at the Sales level of Rs.535.554 millions as against Rs.508.507 millions in the Last Year. It posted loss Rs.5.329 millions compared to the last year Profit of Rs.20.938 millions. However in view, of price rise decision taken by the Company for all its major products growth and also various steps initiated for controlling overheads, management is hopeful of turning around operations of the Company into profits during the current year.

CONTINGENT LIABILITIES:

Particulars	31.03.2011 (Rs. in millions)
In respect of Excise Demand Disputed in appeal	2.281
In respected of disputed purchases	0.069
In respected Bank Guarantee given to CSD and Sales Tax Office etc. for performance and loss or damages to breach of agreement	6.565
In respect of bank guarantee given to Mumbai High Court in matter of Nicrome	2.000
Dividend on Preference Share not provided for	0.001
Total	10.916

Bankers Charges Report as per Registry

Corporate identity number of the company	U24239MH1989PTC051314
Name of the company	PITAMBARI PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	3^rd Floor, Hemendra Apartment, Gokhale Road, Thane – 400 602, Maharashtra, India E-Mail: shining@pitambari.com
This form is for	Creation of charge
Type of charge	Movable Property (not being pledge) Others (Hypothecation of Maruti SX 4 ZDI)
Particular of charge holder	The Thane Janata Sahakari Bank Limited, Anant Laxmi Chamber, B-Cabin, Shivaji Nagar Road, Naupada, Thane – 400 602, Maharashtra, India E-Mail: sanjayrisbud@yahoomail.com
Nature of description of the instrument creating or modifying the charge	Hypothecation Agreement for Vehicle Advance.
Date of instrument Creating the charge	28.06.2012
Amount secured by the charge	Rs.0.685 million
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 12.35% floating i.e. 3.00% below PLR Terms of Repayment: 36 EMI Margin: N.A. Extent and Operation of the charge: Hypothecation of vehicle to secure Vehicle Loan of Rs.0.685 million.
Short particulars of the property charged	Hypothecation of vehicle - Maruti SX 4ZDI Personal guarantee of director viz, 1. Mr. Ravindra Vaman Prabhudesai

TRADE REFERENCES:

v Manta Sales, Pune

v Pulin Sewa, Delhi

FIXED ASSETS

v Accounting Machines

v Air Conditioner

v Electrical Installations

v Factory Equipments

v Laboratory Equipments

v Office Equipments

v Pits

v Plant and Machinery

v Telephone Installations

v Monorail

v Moulds and Dyes

v Computers

v Software Appliances

v Borewell

v Road to Factory Angaon

v Road to Factory Vadodara

v Factory Shed

v Fire Extinguishers

v Factory Cabin

v Office Cabin

v Godown at Purna

v Office Premises

v Vehicles

v Land at Kudus

v Leasehold Land

v Plantations

v Live Stock

v Agricultural Equipment

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.55.77
UK Pound	1	Rs.86.75
Euro	1	Rs.68.32

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	2
--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		15

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.