MIRA INFORM REPORT

Report Date :

09.02.2012

IDENTIFICATION DETAILS

Name :	MITTAL APPLIANCES LIMITED (w.e.f. 15.09.1995)
Formerly Known As :	MITTAL APPLIANCES PRIVATE LIMITED
Registered Office :	402, Meridian Apartment, 3^rd Wing, Veera Desai Road, Andheri (West), Mumbai-400058, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.01.1985
Com. Reg. No.:	10-174619
Capital Investment / Paid-up Capital :	Rs.21.920 Millions
CIN No.: [Company Identification No.]	U28122MH1985PLC174619
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Traders of Aluminium Utensils, Sheets, Circles, Aluminium and Copper Alloy Ingots and Strips.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 980000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal business dealings at usual 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.

INFORMATION DECLINED BY

Name :	Mr. Mittal Jain
Designation :	Accounts Manager
Contact No.:	91-731-3091800
Date :	08.02.2012

LOCATIONS

Registered Office/ Factory :	402, Meridian Apartment, 3^rd Wing, Veera Desai Road, Andheri (West), Mumbai-400058, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	info@mittalgroup.com pawan.agarwal@mittalgroup.com
Head / Corporate Office :	303, Apollo Trade Centre, Geeta Bhavan Square, A.B. Road, Indore-452001, Madhya Pradesh, India
Tel. No.:	91-731-3091800
Fax No.:	91-731-3044753
E-Mail :	info@mittalgroup.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Dinesh Chand Mittal

Designation :

Director

Address :

Manak 15A/22, Y.N. Road, Indore-452003, Madhya Pradesh, India

Date of Birth/Age :

04.02.1951

Date of Appointment :

01.08.1990

DIN :

00127385

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	U27320MP1986PTC003524	BABSONS ALLOYS PRIVATE LIMITED	Director	13-08-86	13-08-86	-	Active	NO
2	U74999MH1987PLC042863	NETWORK CAPITAL MARKETS LIMITED	Director	10-04-89	10-04-89	-	Active	NO
3	U28122MH1985PLC174619	MITTAL APPLIANCES LIMITED	Managing director	01-10-09	01-08-90	-	Active	NO
4	U15541MP1981PTC001846	P.J.BEVERAGE PRIVATE LIMITED	Director	20-06-91	20-06-91	-	Active	NO
5	U70101MP1995PTC009794	FLAME REAL ESTATE PVT LTD	Director	31-07-95	31-07-95	-	Active	NO
6	U45201MH1995PTC174464	ANSHUL DEVELOPERS PVT LTD	Director	31-07-95	31-07-95	-	Active	NO
7	U45201MP1996PTC011305	MANGALMAYA ESTATE AND FINVEST PRIVATE LIMITED	Director	11-10-96	11-10-96	01-02-10	Active	NO
8	U45201MP1996PTC011304	PUSHPRAJ ESTATE AND FINVEST PRIVATE LIMITED	Director	11-10-96	11-10-96	-	Active	NO
9	U45201MP1996PTC011308	STUD ESTATE AND FINVEST PRIVATE LIMITED	Director	11-10-96	11-10-96	-	Active	NO
10	U45201MP1996PTC011303	NIRMULYA ESTATE AND FINVEST PRIVATE LIMITED	Director	11-10-96	11-10-96	-	Active	NO
11	U45201MP1996PTC011301	EKROOPTA ESTATE AND FINVEST PRIVATE LIMITED	Director	11-10-96	11-10-96	-	Active	NO
12	U45201MP1996PTC011306	ANTARDHARA ESTATE AND FINVEST PRIVATE LIMITED	Director	11-10-96	11-10-96	-	Active	NO
13	U45201MP1996PTC011366	MANONEET ESTATE AND CONSTRUCTION PRIVATE LIMITED	Director	28-10-96	28-10-96	-	Active	NO
14	U01211MP1996PTC011378	MANAVHIT FINVEST AND BUILDERS PRIVATE LIMITED	Director	04-11-96	04-11-96	-	Active	NO
15	U74210MH1986PTC039051	SHAILENDRA ENGINEERING COMPANY PRIVATE LIMITED	Director	12-12-96	12-12-96	25-10-08	Active	NO
16	U67120MP1997PTC012255	OSTWAL FINCOM PRIVATE LIMITED	Director	20-03-04	20-03-04	-	Active	NO
17	U27203MH2006PTC159177	MITTAL ALUMINIUM PRIVATE LIMITED	Director	23-01-06	23-01-06	-	Active	NO
18	U45203MH2008PTC179890	MANAVHIT DEVELOPERS PRIVATE LIMITED	Director	10-03-08	10-03-08	-	Active	NO
19	U28996MH1990PTC223472	MITTAL UTENSILS PRIVATE LIMITED	Director	30-09-09	08-12-08	-	Active	NO

Name :

Mr. Anshul Mittal

Designation :

Director

Address :

402, Meridian Apartment, 3^rd Wing, Veera Desai Road, Andheri West, Mumbai-400058, Maharashtra, India

Date of Birth/Age :

27.07.1977

Date of Appointment :

01.01.1996

DIN :

00139786

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	U28122MH1985PLC174619	MITTAL APPLIANCES LIMITED	Whole-time director	01-10-09	01-01-96	-	Active	NO
2	U74999MH1987PLC042863	NETWORK CAPITAL MARKETS LIMITED	Director	28-05-96	28-05-96	-	Active	NO
3	U45201MP1996PTC011301	EKROOPTA ESTATE AND FINVEST PRIVATE LIMITED	Director	11-10-96	11-10-96	-	Active	NO
4	U45201MP1996PTC011304	PUSHPRAJ ESTATE AND FINVEST PRIVATE LIMITED	Director	11-10-96	11-10-96	-	Active	NO
5	U45201MP1996PTC011305	MANGALMAYA ESTATE AND FINVEST PRIVATE LIMITED	Director	11-10-96	11-10-96	-	Active	NO
6	U67120MP1997PTC012255	OSTWAL FINCOM PRIVATE LIMITED	Director	20-03-04	20-03-04	-	Active	NO
7	U27203MH2006PTC159177	MITTAL ALUMINIUM PRIVATE LIMITED	Director	23-01-06	23-01-06	-	Active	NO
8	U67120GJ1996PLC029205	KAMALI FINSTOCK LIMITED	Director	05-03-07	05-03-07	-	Active	NO
9	U65910GJ1997PLC031573	MA-ANANDIA LEASING AND FINANCE LIMITED	Director	05-03-07	05-03-07	-	Active	NO
10	U23209MP2003PTC015910	SURENDRA PETROCHEM PRIVATE LIMITED	Director	26-03-07	26-03-07	-	Active	NO
11	U45201MP2006PTC018707	MANGALNATH REALITY PRIVATE LIMITED	Director	29-09-07	29-09-07	23-08-10	Active	NO
12	U45203MH2008PTC179890	MANAVHIT DEVELOPERS PRIVATE LIMITED	Director	10-03-08	10-03-08	-	Active	NO
13	U45200MP2008PTC020782	A M BUILDCON PRIVATE LIMITED	Director	13-06-08	13-06-08	-	Active	NO
14	U45203MH2008PTC185324	DHAROHAR INFRASTRUCTURE PRIVATE LIMITED	Director	01-08-08	01-08-08	-	Active	NO
15	U45400MH2008PTC185505	TREASURE BUILDCON PRIVATE LIMITED	Director	06-08-08	06-08-08	-	Active	NO
16	U27108MP1981PTC001742	ANKIT STEELS PRIVATE LIMITED	Director	25-09-08	25-09-08	15-03-09	Active	NO
17	U28996MH1990PTC223472	MITTAL UTENSILS PRIVATE LIMITED	Director	30-09-09	25-09-08	-	Active	NO
18	U27320MP1998PLC012737	BAGREE ALLOYS LIMITED	Director	30-09-09	24-12-08	-	Active	NO

Name :

Mr. Navneet Bagree

Designation :

Director

Address :

101, Princess Square, 14/1, New Palasia, Indore-452001, Madhya Pradesh, India

Date of Birth/Age :

30.05.1977

Date of Appointment :

10.03.2005

DIN :

00184281

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	U65921MP1998PTC012567	BAGREE FINCOM PRIVATE LIMITED	Director	09-01-98	09-01-98	-	Active	NO
2	L24233MP1985PLC002709	BIOFIL CHEMICALS AND PHARMACEUTICALS LIMITED	Director	11-11-11	31-01-03	-	Active	NO
3	U27320MP1998PLC012737	BAGREE ALLOYS LIMITED	Director	15-12-03	15-12-03	-	Active	NO
4	U28122MH1985PLC174619	MITTAL APPLIANCES LIMITED	Director	10-03-05	10-03-05	-	Active	NO
5	U02423MP2005PTC017904	NIRMESH ENTERPRISES PRIVATE LIMITED	Director	26-08-05	26-08-05	25-12-08	Active	NO
6	U29230MP2007PTC019827	ACE PRECISION PRIVATE LIMITED	Director	17-09-07	17-09-07	11-08-09	Active	NO
7	U14108MP2007PTC019687	KANISHKA N.K. HOLDINGS PRIVATE LIMITED	Director	10-11-11	12-07-10	-	Active	NO

Name :

Mr. Anil Kumar Sharma

Designation :

Director

Address :

H. No. 2931 KE Scheme No. 54, Vijay Nagar, Indore-452010, Madhya Pradesh, India

Date of Birth/Age :

28.03.1968

Date of Appointment :

10.03.2005

DIN :

00216361

Name :

Mr. Harsh Kumar Maheshwary

Designation :

Director

Address :

502 B, Manavsthal II, Gokul Dham, Goregaon (E), Mumbai-400063, Maharashtra, India

Date of Birth/Age :

04.02.1950

Date of Appointment :

10.03.2005

DIN :

00088660

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	U27100GJ1986PTC008424	GUJARAT NIPPON ENTERPRISES PRIVATE LIMITED	Director	01-07-02	01-07-02	-	Active	NO
2	U24230GJ1994PTC024024	PEJA HYDROTEC PRIVATE LIMITED	Director	09-02-04	09-02-04	30-06-07	Active	NO
3	U51900MH2004PTC149572	GUJARAT NIPPON INTERNATIONAL PRIVATE LIMITED	Director	18-11-04	18-11-04	-	Active	NO
4	U92199MH2004PTC147343	COLAL APPARELS PRIVATE LIMITED	Director	05-12-04	05-12-04	-	Active	NO
5	U25200GJ1997PTC057689	LOGIC PLASTICS PRIVATE LIMITED	Director	05-03-05	05-03-05	-	Active	NO
6	U28122MH1985PLC174619	MITTAL APPLIANCES LIMITED	Director	10-03-05	10-03-05	-	Active	NO
7	U71110MH2003PTC141500	CARTOLERIA RETAILING PRIVATE LIMITED	Director	03-10-06	03-10-06	-	Active	NO
8	U27204MH1994PTC080471	JAY METOXIDE (INDIA) PRIVATE LIMITED	Director	20-12-06	20-12-06	-	Active	NO
9	U29253MH2007PTC171228	CF CORPORATION PRIVATE LIMITED	Director	31-05-07	31-05-07	-	Active	NO
10	U92411MH2004PTC149686	CF HYDROTEC PRIVATE LIMITED	Director	30-06-07	30-06-07	-	Active	NO
11	U92110MH2004PTC147356	INTELLIPACK SOLUTIONS PRIVATE LIMITED	Director	01-08-07	01-08-07	11-11-08	Active	NO
12	U67120MH2002PTC135257	ZENEXT ADVISORS PRIVATE LIMITED	Director	21-08-07	21-08-07	-	Active	NO
13	U31401MH2007PTC168654	CLEAN ENERGY DEVELOPMENT CORPORATION PRIVATE LIMITED	Director	30-09-08	30-04-08	23-03-11	Active	NO
14	U40100MH2004PTC149723	CF COGEN PRIVATE LIMITED	Director	10-09-08	30-04-08	-	Active	NO
15	U67120MH1995PTC089767	PURSE HOLDINGS (INDIA) PRIVATE LIMITED	Director	08-08-09	30-04-08	-	Active	NO
16	U15122MH2008PTC182892	CF FOODS PRIVATE LIMITED	Director	30-05-08	30-05-08	10-08-11	Active	NO
17	U51101GJ1984PTC006836	GREAT NUTRITION FOODS PRIVATE LIMITED	Director	30-06-08	30-06-08	-	Active	NO
18	U74140HR2007PTC036586	SCIENTIFIC PROPERTY ADVISORY COMPANY PRIVATE LIMITED	Director	30-09-09	21-01-09	03-06-10	Active	NO
19	U25202GJ2006PTC048135	HI-END PACKAGING PRIVATE LIMITED	Nominee director	25-02-09	25-02-09	-	Active	NO
20	U40300GJ1994PTC057691	CF ENERGY INDIA PRIVATE LIMITED	Director	17-09-10	26-02-10	-	Active	NO
21	U40300GJ1991PTC057692	CF BIOMASS PRIVATE LIMITED	Director	17-09-10	26-02-10	-	Active	NO
22	U40300MH2010PTC201247	CF BIOTEC GUJARAT PRIVATE LIMITED	Director	24-03-10	24-03-10	-	Active	NO
23	U51220MH2000PTC129864	GOURMET LOGISTICS PRIVATE LIMITED	Additional director	28-05-10	28-05-10	01-12-10	Active	NO
24	U65990MH1992PLC066228	PANCHRATNA SECURITIES LIMITED	Director	09-09-11	05-10-10	23-01-12	Active	NO
25	U55101MH2010PTC209804	MURUD HOLIDAY RESORTS PRIVATE LIMITED	Director	03-11-10	03-11-10	-	Active	NO
26	U55100MH2005PTC151128	DENOVO ENTERPRISES PRIVATE LIMITED	Additional director	04-03-11	04-03-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mittal Jain
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Preferences Shares	No. of Equity Shares
Rajrani Mittal	--	460000
Anshul Mittal	--	252000
Dinesh Chand Mittal (HUF)	--	67000
Ankit Mittal	--	275000
Rajshree Finsec Private Limited	--	100000
Rajshree Overseas Private Limited, India	--	50000
Network Capital Market Limited, India	--	150000
Shweta Mittal	--	38000
Manavhit Developers Private Limited, India	--	20000
Ananya Buildcon and Real Estate Private Limited, India	--	20000
Dharohar Infrastructure Private Limited, India	--	20000
Treasure Buildcon Private Limited, India	--	20000
Feel Home Real Estate Private Limited, India	--	20000
Anshul Developers Private Limited, India	500000	200000
Total	500000	1692000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	35.46
Directors or relatives of directors	64.54
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Traders of Aluminium Utensils, Sheets, Circles, Aluminium and Copper Alloy Ingots and Strips.

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Licensed Capacity	Installed Capacity
Aluminum Wares etc	Qty. in MT	1500	900
Casting of Mac. Pats of ferrous, non ferrous and alloys	Qty. in MT	820	820
Foundry, casting and alloys foundry, brass, copper nickel strips, ingots etc.	Qty. in MT	1200	1200
Aluminum circles	Qty. in MT	600	600
Copper, copper alloys coil, sheet, strips, billets, ferrous and non ferrous items, C.N. coin blanks	Qty. in MT	2000	2000

ACTUAL PRODUCTION:

Particular	Production Qty. in MT
Alu. Division (Aluminium Utensils, Circles, Alloy Scrap)	0
Alu. Utensil, Circle, Alloys (Job Work)	0
Copper / Nickel Alloys	5428
C.N. Strips and Brass Coil (Job Work)	11

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

· UCO Bank, Gram Pipliahana, Tilak Nagar, Indore Branch, Indore-452001, Madhya Pradesh, India

· Bank of India, Mid Corporate Branch, Airen Heights, A.B. Road, Indore-452010, Madhya Pradesh, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loan banks	35.541	22.155
Rupee term loan financial institution	12.927	11.415
Working capital loans banks	209.752	400.997
Total	258.220	434.567
Unsecured Loan
Directors loans	25.204	25.197
Other debts	76.724	71.274
Total	101.928	96.471

Banking Relations :	--
Auditors :
Name :	M. Mehta and Company Chartered Accountants
Address :	11/5, South Tukoganj, Nath Mandir Road, Indore-452001, Madhya Pradesh, India
Tel. No.:	91-731-4065948/2511011/2511022 (O) 91-731-2431713/2523117
Mobile No.:	91-9826294918
Fax No.:	91-731-2523117
Website :	http://www.mmehtaco.com
Pan No.:	AAGFM2167A

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions
500000	Preferences Shares	Rs.10/- each	Rs.5.000 Millions
	Total		Rs.155.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1692000	Equity Shares	Rs.10/- each	Rs.16.920 Millions
500000	Preferences Shares	Rs.10/- each	Rs.5.000 Millions
	Total		Rs.21.920 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		21.920	19.920	19.920
2] Share Application Money		0.000	0.000	7.500
3] Reserves & Surplus		224.785	164.883	145.488
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		246.705	184.803	172.908
LOAN FUNDS
1] Secured Loans		258.220	434.567	290.078
2] Unsecured Loans		101.928	96.471	99.986
TOTAL BORROWING		360.148	531.038	390.064
DEFERRED TAX LIABILITIES		26.418	25.487	28.779
TOTAL		633.271	741.328	591.751
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		160.313	162.631	149.343
Capital work-in-progress		0.000	2.676	9.347
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	275.217	351.334	400.423
	Sundry Debtors	552.563	130.324	225.503
	Cash & Bank Balances	211.145	90.995	69.071
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	148.912	134.150	144.393
Total Current Assets		1187.837	706.803	839.390
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	684.485	90.245	355.201
	Other Current Liabilities	14.863	30.567	46.153
	Provisions	15.531	9.970	4.975
Total Current Liabilities		714.879	130.782	406.329
Net Current Assets		472.958	576.021	433.061
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		633.271	741.328	591.751

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3167.770	1388.755
		Other Income	12.540	56.385
		TOTAL (A)	3180.310	1445.140	1572.908
Less	EXPENSES
		Consumption Materials Changes Inventories	2655.027	1108.716
		Manufacturing Service Costs	320.692	169.977	1488.408
		Employee Related Expenses	29.011	29.444
		Administrative, Selling and Other Expenses	58.679	58.155
		TOTAL (B)	3063.409	1366.292	1488.408
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		116.901	78.848	84.500
Less	FINANCIAL EXPENSES (D)		57.336	43.469	67.652
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		59.565	35.379	16.848
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.348	10.234	9.274
	PROFIT BEFORE TAX (E-F) (G)		48.217	25.145	7.574
Less	TAX (H)		17.882	3.111	3.278
	PROFIT AFTER TAX (G-H) (I)		30.335	22.034	4.296
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		52.720	33.509	31.170
	APPROPRIATIONS
		Transfer to General Reserve	6.999	0.500	0.500
		Proposed Dividend (Including Tax Thereon)	3.193	2.323	0.000
		Corporate Tax on Dividend	0.000	0.000	0.211
		Proposed Dividend on Preferences Shares	0.000	0.000	0.500
		Proposed Dividend on Equity Shares	0.000	0.000	0.746
	BALANCE CARRIED TO THE B/S		72.863	52.720	33.509
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	266.300	275.400	670.509
	IMPORTS
		Raw Materials	NA	682.985	765.974
		Stores & Spares	NA	9.920	1.731
		Capital Goods	NA	1.281	2.288
	TOTAL IMPORTS		NA	694.186	769.993
	Earnings Per Share (Rs.)		14.98	13.98	2.88

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.95	1.52	0.27
Net Profit Margin (PBT/Sales)	(%)	1.52	1.81	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.57	2.89	0.77
Return on Investment (ROI) (PBT/Networth)		0.20	0.14	0.04
Debt Equity Ratio (Total Liability/Networth)		4.35	3.58	4.61
Current Ratio (Current Asset/Current Liability)		1.66	5.40	2.07

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors	684.485	90.245	355.201

NOTE:

The registered office of the company has been shifted from Plot No. 75, Industrial Area No. 3, Pithampur, Dhar, Madhya Pradesh, India to the present address w.e.f. 20.08.2007.

PERFORMANCES:

The total Production of Coinage Product i.e. Coin Blanks and Strips During the year was 5439 MT as compared to 3787 MT during last year. With the improvement in the global economy and ongoing Coinage order from the India Government Mint, the company achieved higher Sales and profitability during this year. The Sales and Profit after Tax is Rs. 3180.310 Millions and Rs. 25.336 Millions as compared to Rs. 1445.140 Millions and Rs. 20.855 Millions during last year. Looking to the order book situation in the current year, the company is hopeful perform better in the Current year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U28122MH1985PLC174619
Name of the company	MITTAL APPLIANCES LIMITED
Address of the registered office or of the principal place of business in India of the company	402, Meridian Apartment, 3^rd Wing, Veera Desai Road, Andheri (West), Mumbai-400058, Maharashtra, India
Type of charge	Book Debts Movable Property [not being pledge] Others
Particular of charge holder	Bank of India, Mid Corporate Branch, Airen Heights, A.B. Road, Indore-452010, Madhya Pradesh, India
Email	mcb.indore@bankofindia.co.in
Nature of description of the instrument creating or modifying the charge	Hypothecation Cum Loan Agreement (Plant & Machinery, Stocks and Book Debts) to secure non fund based facilities.
Date of instrument Creating the charge	31.12.2011
Amount secured by the charge	Rs.100.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 7.25% over base rate at present 18% p.a. Terms of Repayment on Due date of L/C Margin As per the agreement Extent and Operation of the charge First charge on all hypothecated machinery, hypothecated goods and book debts and all tangible movable property, assets of the Company and in particular aluminium Bronze and Blank coins, strips along with other material lying in the premises and or wheresoever situated and/ or in transit.
Short particulars of the property charged	All tangible movable property, assets of the Company in particular aluminium Bronze and Blank coins , strips along with other material lying in the premises And or wheresoever situated and/ or in transit.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Bank guarantees issued by Banks	193.416	331.794
Letter of Credit opened by Banks	403.317	69.188
Income Tax matter under disputed/ appeals (In the above matter, the company is hopeful of succeeding and as such does not expect any significant liability to crystallize.)	7.215	7.215
Excise duty liability	2.000	2.000
Total	605.948	410.197

FIXED ASSETS:

• Factory Building
• Land
• Plant and Machinery
• Scooter
• Computer
• Photo Copier
• Laboratory Equipment
• Dies and Moulds
• Motor Cars
• Fax
• Office 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.49.07
UK Pound	1	Rs.78.09
Euro	1	Rs.65.15

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.