MIRA INFORM REPORT

Report Date :

24.08.2012

IDENTIFICATION DETAILS

Name :	MULTI-FLEX LAMI-PRINT LIMITED
Registered Office :	D-54-55, MIDC, Mahad, Raigad, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.03.1991
Com. Reg. No.:	11-060717
Capital Investment / Paid-up Capital :	Rs.121.720 Millions
CIN No.: [Company Identification No.]	U22219MH1991PLC060717
TAN No.: [Tax Deduction & Collection Account No.]	MUMM21417E
PAN No.: [Permanent Account No.]	AAACM3316J
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Multilayer Plastic Laminated and Printed Packaging Films.
No. of Employees :	350 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1900000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealing at usual trade terms and condition.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Cash Credit (CRISIL) B
Rating Explanation	Having high risk of default regarding timely servicing of financial obligation
Date	July 2011

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 (General Details)

Name :	Mr. Naresh
Designation :	Senior Account Manager
Contact No.:	91-9324256528
Date :	23.08.2012

LOCATIONS

Registered Office/Factory :	D-54-55, MIDC, Mahad, Raigad, Maharashtra, India
Tel. No.:	91-2145-232126 / 32127
Fax No.:	91-2145-232240
E-Mail :	naresh.salvi@multiflexindia.com mflbom@bom5.vsnl.net.in msl_bom@bom5.vsnl.net.in info@multiflexindia.com bindesh.shah@multiflexindia.com
Website :	www.multiflexindia.com
Location :	Owned
Corporate Office :	210, Shalimar Morya Park, Link Road, Andheri [West], Mumbai 400053, Maharashtra, India
Tel. No.:	91-22-56473000
Fax No.:	91-22-56473001
E-Mail :	info@multiflexindia.com
Branch Office 1 :	Unit No. 205,Local Shopping Complex, Pocket D and E, Sarita Vihar, New Delhi 110076, India
Tel. No.:	91-11-32590126
Fax No.:	91-11-29944871
E-Mail :	info@multiflexindia.com
Branch Office 2 :	22, Railway Parallel Road, Kumara Park East, Bangalore – 560001, Karnataka, India
Tel. No.:	91-80-32975425
Fax No.:	91-80-22372105
E-Mail :	info@multiflexindia.com

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Anil Kundanlal Dang

Designation :

Managing director

Address :

House No. 10, Palm Springs, Near Chandan Cinema, Juhu Road, Vile Parle, Mumbai -400 049, Maharashtra, India

Date of Birth/Age :

28.03.1962

Date of Appointment :

12.01.1995

DIN No.:

00276893

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999MH1994PLC076404	MISSION PACKAGING INDUSTRIES LIMITED	Director	03/02/1994	03/02/1994	-	Active	NO
2	U22219MH1991PLC060717	MULTI-FLEX LAMI-PRINT LIMITED	Managing director	12/01/1995	12/01/1995	-	Active	NO
3	U65923MH1996PTC096217	MULTI-FLEX FINANCIAL SERVICES PRIVATE LIMITED	Director	12/01/1996	12/01/1996	-	Active	NO
4	U21010MH1965GAP013226	INDIAN FLEXIBLE PACKAGING AND FOLDING CARTON MANUFACTURERS ASSOCIATION	Director	02/08/2002	02/08/2002	30/09/2009	Active	NO
5	U74899DL1995PLC067482	EXCEL INFORMATION TEHCNOLOGY LIMITED	Director	06/03/2003	06/03/2003	01/03/2007	Active	NO

Name :

Mr. Phootermal Pukhraj Surana

Designation :

Director

Address :

8 A, Purushottam Nagar, Jari Mari Mandir Marg, Bandra (West), Mumbai 400050, Maharashtra, India

Date of Birth/Age :

15.08.1947

Date of Appointment :

24.10.1991

DIN No.:

01239903

Name :

Mr. Amrit Kumar Agrawal

Designation :

Director

Address :

M-4/8, Model Town II, Delhi 110009, India

Date of Birth/Age :

27.01.1968

Date of Appointment :

01.12.2000

DIN No.:

00064314

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	U22219MH1991PLC060717	MULTI-FLEX LAMI-PRINT LIMITED	Director	01/12/2000	01/12/2000	Active	NO
2	U32109HP2000PTC023367	HIMALAYAN CREST POWER PRIVATE LIMITED	Director	03/01/2003	03/01/2003	Active	NO
3	U40101DL2004PLC126765	CLC POWER LIMITED	Director	28/09/2005	28/09/2005	Active	NO
4	U17124DL2003PLC155044	INDO RAMA TEXTILES LIMITED	Director	21/07/2006	21/07/2006	Amalgamated	NO
5	L74899DL1991PLC138153	SPENTEX INDUSTRIES LIMITED	Whole-time director	28/04/2010	28/04/2007	Active	NO

Name :

Mr. Vijay Rajaram Shahane

Designation :

Additional director

Address :

Ichha Poorti, 79, Anant Patil Road, Off Gokhale Road, Mumbai 400028, Maharashtra, India

Date of Birth/Age :

12.02.1944

Voter ID :

MT/06/032/0375649

Date of Appointment :

01.12.2000

DIN No.:

00277332

Name :

Mr. Sajid Siraj Malik

Designation :

Director

Address :

702, Vastu Bandstand, BJ Road, Bandra West, Mumbai- 400050, Maharashtra, India.

Date of Birth/Age :

01.04.1964

Date of Appointment :

30.11.2007

DIN No.:

00400366

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	L29299MH1984PLC034106	VENTURA GUARANTY LIMITED	Director	01/12/1993	01/12/1993	Active	NO
2	U67120MH1994PLC082048	VENTURA SECURITIES LIMITED	Director	14/10/1994	14/10/1994	Active	NO
3	L65990MH1983PLC029197	GENESYS INTERNATIONAL CORPORATION LIMITED	Managing director	17/01/2000	17/01/2000	Active	NO
4	L40109MH2006PLC163731	GI ENGINEERING SOLUTIONS LIMITED	Managing director	30/11/2007	10/08/2006	Active	NO
5	U22219MH1991PLC060717	MULTI-FLEX LAMI-PRINT LIMITED	Director	30/11/2007	30/11/2007	Active	NO
6	U65900MH2007PTC176678	VENTURA INSTITUTIONAL EQUITIES PRIVATE LIMITED	Director	12/12/2007	12/12/2007	Strike off	NO
7	U72200MH2004PLC144054	GENESYS WORLDEYE LIMITED	Director	29/09/2008	25/01/2008	Amalgamated	NO
8	U67200MH2010PLC202685	VENTURA INSURANCE BROKERS LIMITED	Director	03/05/2010	03/05/2010	Active	NO

Name :

Mr. Uday Champaklal Shah

Designation :

Additional director

Address :

81, Jawahar Nagar, Road No. 4, 2^nd Floor, Flat No. 5, Goregaon (West), Mumbai – 400062, Maharashtra, India

Date of Birth/Age :

02.11.1966

Voter ID :

MT/09/042/0084494

Date of Appointment :

27.11.2009

DIN No.:

02852104

Name :

Mr. Shrigopal Ramprasad Rathi

Designation :

Additional director

Address :

42/3, Nav Chandrakunj CHS Limited, Road No. 4, Jawahar Nagar, Goregaon (W), Mumbai – 400062, Maharashtra, India

Date of Birth/Age :

01.10.1963

Voter ID :

MT/09/042/0081089

Date of Appointment :

27.11.2009

DIN No.:

02852578

Name :

Mr. Jason Glenn Edwards

Designation :

Nominee director

Address :

27, Chancery Lane, Chanery Grove, Singapore- 309526

Date of Birth/Age :

10.11.1968

Date of Appointment :

20.08.2009

DIN No.:

02581362

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U65993MH2004PTC144260	CLEARWATER CAPITAL PARTNERS INDIA PRIVATE LIMITED	Director	29/09/2009	01/07/2009	29/03/2012	Active	NO
2	U22219MH1991PLC060717	MULTI-FLEX LAMI-PRINT LIMITED	Nominee director	20/08/2009	20/08/2009	-	Active	NO

Name :

Mrs. Mrinal Ramesh Chandran

Designation :

Nominee director

Address :

Flat No. F- 704, Lloyds Estate, 7^th Floor, Salt Pan Road, Wadala East, Mumbai- 400037, Maharashtra, India

Date of Birth/Age :

15.12.1976

Date of Appointment :

20.08.2009

DIN No.:

02578553

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	U22219MH1991PLC060717	MULTI-FLEX LAMI-PRINT LIMITED	Nominee director	20/08/2009	20/08/2009	Active	NO
2	U74999MH1996PTC099716	AIREFF DETOX PRIVATE LIMITED	Director	17/09/2009	11/09/2009	Active	NO
3	U74140TN2000PTC045303	G.E.T. WATER SOLUTIONS PRIVATE LIMITED	Director	14/05/2010	14/05/2010	Active	NO

Name :

Mr. Mahesh Ganeshlal Trivedi

Designation :

Additional director

Address :

B/502, Vasundhara-5, Poonam Sagar Complex, Mira Road (East), Thane – 401107, Maharashtra, India

Date of Birth/Age :

02.02.1980

Date of Appointment :

29.07.2010

DIN No.:

03074569

Name :

Mr. Manish Jain

Designation :

Nominee director

Address :

A-1/403, Ascent Residency, Behind Poonam Nagar, Off Mahakali Caves Road, Andheri East, Mumbai- 400093, Maharashtra, India

Date of Birth/Age :

07.02.1979

Date of Appointment :

20.08.2009

DIN No.:

02578269

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	U22219MH1991PLC060717	MULTI-FLEX LAMI-PRINT LIMITED	Nominee director	20/08/2009	20/08/2009	Active	NO
2	U28999TN2001PTC048200	TEXCEL INTERNATIONAL PRIVATE LIMITED	Nominee director	26/09/2011	08/12/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Naresh
Designation :	Senior Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

SHAREHOLDING DETAILS FILE ATTACHED

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	18.07
Bodies corporate	40.95
Directors or relatives of directors	31.74
Other top fifty shareholders	9.24
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Multilayer Plastic Laminated and Printed Packaging Films.

Products :

ITC Code	Product Descriptions
3920.38	Printed Articles of Plastic In Roll Form

Exports :

Products :

· Multilayer Plastic Laminated

· Printed Packaging Films

Countries :

Ø Saudi Arabia

Ø Nepal

Ø South Africa

Ø Malaysia

Imports :

Products :

Raw Material

Countries :

Singapore

Terms :

Selling :

L/C

Purchasing :

L/C

PRODUCTION STATUS AS ON (31.03.2011)

Particulars	Unit	Installed Capacity
Laminates	MT	14400

GENERAL INFORMATION

Customers :

Manufacturer

· Britannia Industries Limited

· Parle Products Limited

· Dabur India Limited

· Warner Lambert

· Perfetti India Limited

· Hindustan Lever Limited

· Cavin Care Limited

· Bajaj Sevashram Limited

· Tura International

· Godrej Soaps Limited

· Tata Tea Limited

· Jivraj Tea Limited

· Amar Tea

No. of Employees :

350 (Approximately)

Bankers :

· ING Vysya Bank Limited, Patel Chambers Ground Floor, Sandhurst Bridge, Opera House, Mumbai – 400007, Maharashtra, India

· Union Bank of India- Santacruz (West) Branch, La Avanti Junction of S. V. Road and Main Avenue Santacruz (West), Mumbai 400054, Maharashtra, India

· Punjab National Bank, 82/5, Jay Apartment, Linking Road, Santacruz (west), Mumbai – 400054, Maharashtra, India

· The Lakshmi Vilas Bank Limited- 8, Kapoor Apartment, Chandavarkar Road, Borivali (West), Mumbai- 400092, Maharashtra, India

· Corporation Bank, Industrial Finance Branch, 104, Bharat House, B.S. Marg, Mumbai-400001, Maharashtra, India

· Bank of Baroda, Khetwadi Branch, Shah Mansion, 213, Khetwadi Main Road, Mumbai – 400 004, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	12.914	15.943
Rupee term loans others secured	373.021	373.239
Working capital loans banks secured	346.000	329.222
Loans taken for vehicles secured	0.468	1.200
Total	732.403	719.604
Note: (Secured by charge on office premises at Mumbai financed by them) (Secured by first charge on all the existing and future immoveable and moveable Assets of the Company and second charge on all current assets of the company and also guaranteed by the managing director.) (Secured by hypothecation of stocks and debtors and second charge on all immovable properties and also guaranteed by the managing director) (Secured by vehicles financed by them)
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks unsecured	0.105	0.675
Fixed deposits unsecured	0.283	0.515
Loans directors unsecured	0.000	0.700
Deferred sales tax loan unsecured	85.987	89.115
Other debt unsecured	30.117	5.301
Total	116.492	96.306

Banking Relations :	--
Auditors 1 :
Name :	Chaturvedi Sohan and Company Chartered Accountants
Address :	320 Tulsiani Chambers, Free Press Journal Marg, Nariman Point, Mumbai – 400021, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABFC7158A
Auditors 2 :
Name :	Atul C Shah and Associates Chartered Accountants
Address :	A 101 Sharda Gram Mathuradas Road, Kandivali West, Mumbai – 400067, Maharashtra, India
Tel. No.:	91-22-28634919/22959560
Fax No.:	91-22-28634920
Income-tax PAN of auditor or auditor's firm :	AAKPS6810N
Enterprises owned or significantly influenced by key management personnel their relatives. :	· Pallav Chemicals and Solvents Private Limited [U24100MH2002PTC137599] · Mission Packaging Industries Limited [U74999MH1994PLC076404] · T R Flexi-Pack

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs. 10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12,172,018	Equity Share	Rs.10/- each	Rs. 121.720 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		121.720	121.720	121.720
2] Share Application Money		0.000	0.000	0.000
3] Share Warrants		5.692	5.692	5.692
4] Reserves & Surplus		355.277	322.478	332.255
5] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		482.689	449.890	459.667
LOAN FUNDS
1] Secured Loans		732.403	719.604	660.873
2] Unsecured Loans		116.492	96.306	100.664
TOTAL BORROWING		848.895	815.910	761.537
DEFERRED TAX LIABILITIES		30.955	33.379	28.089
TOTAL		1362.539	1299.179	1249.293
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		376.115	414.944	465.789
Capital work-in-progress		9.056	2.274	1.778
INVESTMENT		0.210	0.210	0.914
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	783.493	596.842	579.091
	Sundry Debtors	207.579	254.261	212.268
	Cash & Bank Balances	51.844	29.042	34.118
	Other Current Assets	39.667	46.969	0.000
	Loans & Advances	162.551	165.983	187.748
Total Current Assets		1245.134	1093.097	1013.225
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	140.384	141.728	191.526
	Other Current Liabilities	111.633	67.511	35.299
	Provisions	15.959	2.107	5.588
Total Current Liabilities		267.976	211.346	232.413
Net Current Assets		977.158	881.751	780.812
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1362.539	1299.179	1249.293

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1606.092	1252.400
		Other Income	26.764	9.145
		TOTAL (A)	1632.856	1261.545	1352.850
Less	EXPENSES
		Consumption materials changes inventories	1149.228	859.630
		Manufacturing service costs	74.548	57.743
		Employee related expenses	65.775	73.259
		Administrative selling other expenses	69.375	54.398
		TOTAL (B)	1358.926	1045.030	1159.870
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		273.930	216.515	192.980
Less	FINANCIAL EXPENSES (D)		180.997	145.614	122.737
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		92.933	70.901	70.243
Less/ Add	DEPRECIATION/ AMORTISATION (F)		49.801	53.892	55.377
	PROFIT BEFORE TAX (E-F) (G)		43.132	17.009	14.866
Less	TAX (H)		10.333	7.010	3.444
	PROFIT AFTER TAX (G-H) (I)		32.799	9.999	18.310
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		64.501	104.502	86.206
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	50.000	0.000
		Wealth Tax	0.000	0.000	0.014
	BALANCE CARRIED TO THE B/S		97.300	64.501	104.502
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	1.765	4.604	12.677
	IMPORTS
		Raw Materials	0.000	7.729	17.887
		Capital Goods	0.000	0.000	1.333
		Stores & Spares	2.316	0.404	1.405
	TOTAL IMPORTS		2.316	8.133	20.625
	Earnings Per Share (Rs.)
	Basic		2.69	0.82	1.53
	Diluted		2.26	0.69	1.29

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.01	0.80	1.35
Net Profit Margin (PBT/Sales)	(%)	2.69	1.36	N.A.
Return on Total Assets (PBT/Total Assets}	(%)	2.66	1.13	1.01
Return on Investment (ROI) (PBT/Networth)		0.09	0.04	0.03
Debt Equity Ratio (Total Liability/Networth)		2.31	2.28	2.16
Current Ratio (Current Asset/Current Liability)		4.65	5.17	4.36

LOCAL AGENCY FURTHER INFORMATION

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	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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
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	Yes
34]	External Agency Rating, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U22219MH1991PLC060717
Name of the company	MULTI-FLEX LAMI-PRINT LIMITED
Address of the registered office or of the principal place of business in India of the company	D-54-55 MIDC, Mahad, Raigad, Maharashtra, India
This form is for	Creation of charge
Type of charge	Book Debts Others (Current Assets and movable and immovable Fixed Asset)
Particular of charge holder	Punjab National Bank, 82/5, Jay Apartment, Linking Road, Santacruz (west), Mumbai – 400054, Maharashtra, India Email ID: pnbsantacruz@pnb.co.in
Nature of description of the instrument creating or modifying the charge	1. Deed of hypothecation to secure lc on da basis. 2. Deed of hypothecation of goods and book debt to secure cash credit facility. 3. Deed of hypothecation of block of assets as collateral security for working capital limits and non fund based limits.
Date of instrument Creating the charge	01.03.2012
Amount secured by the charge	Rs. 95.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base rate + 3.5% i.e. 14.25% at present as applicable to A Rated borrower as per LAC/66 dated 10.06.2011 and will be revised as per bank's guidelines from time to time. Terms of Repayment As stipulate by from time to time. Margin 25% on Stock and 40% on Book Debts. 10% (FD) on LC and/ or as stipulated by bank from time to time. Extent and Operation of the charge First paripassu charge on current assets (present and future) and second paripassu charge on entire fixed Assets/block Assets (both existing and future) for total limits of Rs.95.000 Millions comprising of, C/C (H) = Rs.85.000 Millions IMP/INLAND L/C = Rs.10.000 Millions And /or as stipulated by bank from time to time. Others As stipulated by bank from time to time and as per agreements attached and as per sanction letter of the bank.
Short particulars of the property charged	First paripassu charge by way of 1.Hypothecation of the whole of stock/goods/inventories/products (presents and future) kept at borrower place/premises/ factories/ godown etc or wherever else or in transit including brought under L.C. 2. Hypothecation of all book debts and receivables. 3. Hypothecation of all current and movable assets of the company. Second paripassu charge by way of 1. Hypothecation of of all fixed and movable assets (presents and future of the company. Properties situated at Plot No. D-50, D-51, D-52, D-54, D-55, D-56, D-57, D-58 in the Mahad Industrial Area of M.I.D.C., Village Birwadi, Mahad. Current assets and fixed assets situated at above address.

CONTINGENT LIABILITIES

· Bill Discounting Rs. 297.851 Millions

· Outstanding Letter of Credit Rs. 5.517 Millions

· Bank Guarantees Rs. 0.354 Millions

· Claims against Company not acknowledged as debts and disputed Rs. 27.735 Millions

· Excise Duty under dispute Rs.10.404 Millions against which Rs. 3.605 Millions has been paid and shown as advances.

· Sales Tax liability under dispute Rs. 55.219 Millions against which Rs. 8.500 Millions has been paid and shown in advances, however as per expert opinion this liability will be deleted in appeal.

· Sales tax liability under dispute Rs. 155.786 Millions. Against which Rs. 0.500 Million has been paid and shown in advance, however as per expert opinion this liability will be deleted in appeal.

· The company has obtained EPCG licenses issued under and subject to condition contained in Export and Import policy 2002-2007. These license entitle the company to import capital goods at concessional rate. In accordance with the terms of the EPCG license the company has undertaken an export obligation of Rs. 713.681 Millions to be discharged as per details given below. The company has discharged export obligation of approximately Rs.90.063 Millions.

Year	Obligation to be discharged upto	Value of machineries	Export obligation	Obligation discharge upto March 2010	Obligation to be discharge
2004-05	2012-2013	106.970	295.632	90.063	205.569
2007-08	2015-2016	128.964	264.492	--	264.492
Machinery to Import	73.519	153.557	--	--
	Total		713.681	90.063	470.061

FIXED ASSETS:

· Leasehold Land

· Factory premises

· Office premises

· Factory equipment

· Electrical fitting

· Plant and machinery

· Office equipment

· Furniture and fixtures

· Vehicles

· Software

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

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		43

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

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.