MIRA INFORM REPORT

Report Date :

24.08.2012

IDENTIFICATION DETAILS

Name :	ASPHA BOARD PRIVATE LIMITED
Registered Office :	Gut No. 708, Tardobawadi, Taluka Shirur, District Pune – 412210, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.04.1986
Com. Reg. No.:	25-39422
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U21011PN1986PTC039422
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of High Value added Speciality Paper.
No. of Employees :	150 (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 appears 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 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.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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. Dhiren Ishwarlal Mehta
Designation :	Director
Contact No.:	91-9820068201
Date :	23.08.2012

LOCATIONS

Registered Office / Factory :	Gut No. 708, Tardobawadi, Taluka Shirur, District Pune – 412210, Maharashtra, India
Tel. No.:	91-2138-222614
Mobile No.:	91-9820068201 (Mr. Dhiren Ishwarlal Mehta)
Fax No.:	Not Available
E-Mail :	aspha@pn2.vsnl.net.in mumbai@aspha.com aspha@bom3.vsnl.net.in
Website :	www.aspha.com
Area :	10000 Sq. ft.
Location :	Owned
Head Office :	16, Surti Chambers, 1^st Floor, 2^nd Dhobi Talao Lane, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22068201 / 22091681 / 22072342
Fax No.:	91-22-22082046
Pune Office :	B-1, Amar Enclave, Opp. A.S.P.T., Pune Sholapur Road, Pune – 411013, Maharashtra, India
Tel. No.:	91-20-26872015 / 56221855
Fax No.:	91-20-26816294

DIRECTORS

As on 30.09.2011

Name :	Mr. Dhiren Ishwarlal Mehta
Designation :	Director
Address :	A-1, Chandrabhaga Apartments, A.V. Nagvekar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India
Date of Birth/Age :	23.05.1962
Date of Appointment :	20.06.2002
DIN No. :	00523880
Name :	Mrs. Neeta Dhiren Mehta
Designation :	Director
Address :	A-1, Chandrabhaga Apartments, A.V. Nagvekar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India
Date of Birth/Age :	25.09.1963
Date of Appointment :	30.09.2010
DIN No. :	03210722
Name :	Ms. Anjana Ishwarlal Mehta
Designation :	Director
Address :	8/A, Moti Mansion, 5^th Khetwadi Lane, Mumbai – 400004, Maharashtra, India
Date of Birth/Age :	11.03.1951
Date of Appointment :	30.09.2010
DIN No. :	03302246

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Makarand Shriniwas Kharadkar	670
Makarand Shriniwas Kharadkar J/W Anjali M. Kharadkar	10089
Amol Narayan Chandekar J/W Makarand S. Kharadkar	690
Anjali Makarand Kharadkar J/W Makarand S. Kharadkar	4610
Ishwarlal Shantilal Mehta J/W Anjana Iswarlal Mehta	7297
Anjana Ishwarlal Mehta	3070
Dhiren Ishwarlal Mehta J/W Neeta D. Mehta	6803
Neeta Dhiren Mehta J/W Dhiren I. Mehta	555
Anjana Ishwarlal Mehta	25
Shridhar Waman Kulkarni	660
Emco Papers Private Limited, India	3250
Aspha Packaging Private Limited, India	5150
Varsha Amol Chandekar J/W Amol N. Chandekar	100
Amol Narayan Chandekar J/W Varsha A. Chandekar	150
Narayan Krishnaji Chandekar J/W Kunda N. Chandekar	200
Kunda Narayan Chandekar J/W Narayan K. Chandekar	100
Ishwarlal Shantilal Mehta J/W Dhiren I. Mehta	3050
Jagdish Shankar Muley J/W Makarand S. Kharadkar	500
Maruti Shivram Chavan J/W Makarand S. Kharadkar	100
Asitosh Makarand Kharadkar J/W Makarand S. Kharadkar	2931
Total	50000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	16.80
Directors or relatives of Directors	41.60
Other top fifty shareholders	41.60
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of High Value added Speciality Paper.
Products :	Kraft Paper Electrical Grade Insulation Paper (Presspann Paper) Filter Paper
Imports :
Products :	Raw Paper
Countries :	· Europe · America · Far East
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Installed Capacity	Actual Production (In Kgs)
Electrical Grade Insulation Paper (Presspann Paper)		99744
Kraft Paper	1500 Tons (p.a.)	577723
Special Kraft Paper		94362
Others	0.000	2065

GENERAL INFORMATION

Suppliers :

Trigen Energy Design Private Limited

Customers :

Wholesalers and Retailers

· Carborundum Universal Limited

No. of Employees :

150 (Approximately)

Bankers :

• Bank of India, Bullion Exchange Branch, 185, Sheikh Memon Street, Mumbai – 400002, Maharashtra, India
• ICICI Bank
• Alta Leasing and Finance Limited
• Kotak Mahindra Prime Limited
• HDFC Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Loans from Bank of India :	16.501	16.513
From Other
Alta Leasing and Finance Limited	0.061	0.187
Kotak Mahindra Prime Limited	0.553	0.900
ICICI Bank Limited	0.000	0.012
HDFC Bank Limited	0.000	0.057
Tata Capital Limited	0.484	0.000
Total	17.599	17.669
1 Secured by way of equitable mortgage of land and building for all the limits and personal guarantee given by the company's directors and shareholders. 1(a) Secured by way of hypothecation of Stocks of Finished Goods and Raw Materials, Book Debts and Stock of Consumable Spares. 1(b) Secured by way of hypothecation of Stock of Fuel (Baggasse / Wood pieces) 2 Secured by hypothecation of Plant & Machinery purchased out of the proceeds of the loan & personal guarantee of director Mr. Ishwarlal S. Mehta and Mr. Makarand S. Kharadkar. 3 Secured by way of hypothecation of Motor Vehicles purchased out of the proceeds of the loan. (Rs. In Millions)
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Shareholders	2.144	1.475
From Others
Sales Tax Deferral Loan	3.793	4.694
Total	5.937	6.169

Banking Relations :	--
Auditors :
Name :	Fatehi and Associates Chartered Accountants
Address :	16, Surti Chambers, 2^nd Dhobi Talao Lane, J. Shankar Seth Marg, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22077952 / 22077953
Fax No.:	91-22-22077951
E-Mail :	fatehi52@vsnl.net fap@fatehiassociates.com
PAN.:	AAAFF0470H

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/-each	Rs.5.000 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		5.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.375	3.782	4.189
4] (Accumulated Losses)		(14.962)	(15.137)	(16.039)
NETWORTH		(6.587)	(6.355)	(6.850)
LOAN FUNDS
1] Secured Loans		17.599	17.669	13.213
2] Unsecured Loans		5.937	6.169	7.110
TOTAL BORROWING		23.536	23.838	20.323
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		16.949	17.483	13.473
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.774	14.712	13.427
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.304	0.304	0.304
DEFERREX TAX ASSETS		5.264	5.828	5.451
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.742	19.251	17.636
	Sundry Debtors	3.547	2.034	2.049
	Cash & Bank Balances	(0.474)	0.053	0.394
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.329	3.297	3.601
Total Current Assets		27.144	24.635	23.680
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	29.156	26.355	26.517
	Other Current Liabilities	0.000	1.233	2.473
	Provisions	0.381	0.408	0.399
Total Current Liabilities		29.537	27.996	29.389
Net Current Assets		(2.393)	(3.361)	(5.709)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		16.949	17.483	13.473

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	55.324	47.113	37.183
		Other Income
		TOTAL	55.324	47.113	37.183
Less	EXPENSES
		Office Expenses
		Administrative Expenses	54.334	46.493	38.457
		Advertising Expenses
		TOTAL	54.334	46.493	38.457
	PROFIT BEFORE TAX		0.990	0.620	(1.274)
Less	TAX		0.765	(0.282)	(0.749)
	PROFIT AFTER TAX		0.225	0.902	(0.525)
	Earnings Per Share (Rs.)		4.49	18.04	(10.50)

Particulars	31.03.2012
Sales Turnover (Approximately)	60.000

Expected Sales (2012-13) : Rs.70.000 Millions

The above information has been parted by Mr. Dhiren Ishwarlal Mehta

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.41	1.91	(1.41)
Return on Total Assets (PBT/Total Assets}	(%)	2.42	1.57	(3.43)
Return on Investment (ROI) (PBT/Networth)		(0.15)	(0.09)	0.18
Debt Equity Ratio (Total Liability/Networth)		(8.06)	(8.16)	(7.26)
Current Ratio (Current Asset/Current Liability)		0.92	0.88	0.80

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

(Rs. in Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Creditors for Goods	9.935	8.911	9.591
Creditors for Expenses and Services	19.221	17.444	16.926
Total	29.156	26.355	26.517

Sr. No.	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	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

TRADE REFERENCES:

· Trigen Energy Design Private Limited

· Carborundum Universal Limited

CONTINGENT LIABILITY

Rs. In Millions

Particular	31.03.2011	31.03.2010
Claims against the company not acknowledged as debts	Nil	Nil
Disputed demands of MSEDCL Authorities	6.104	5.620

FIXED ASSETS :

• Land
• Factory Building
• Well
• Plant and Machinery
• Vehicle
• Office Equipment
• Laboratory
• Computer
• Furniture and Fixture

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.55.19
UK Pound	1	Rs.87.65
Euro	1	Rs.69.16

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

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