MIRA INFORM REPORT

Report Date :

27.02.2012

IDENTIFICATION DETAILS

Name :	NEW (INDIA) IMAGING INDUSTRIES PRIVATE LIMITED
Registered Office :	Plot No. A/95, TTC Industrial Area, MIDC Khairane, Thane Belapur Road, Navi Mumbai – 400705, Maharashtra, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.10.2002
Com. Reg. No.:	11-137684
Capital Investment/ Paid-up Capital:	Rs.1.700 Millions
CIN No.: [Company Identification No.]	U22200MH2002PTC137684
IEC No.:	0302076760
TAN No.: [Tax Deduction & Collection Account No.]	MUMN09276B
PAN No.: [Permanent Account No.]	AABCN6581B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Importer of Inkjet Media – Compu Color, Vinyl, Tracing Paper, Solvent Media etc.
No. of Employees:	45 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 204000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a successor of old established Proprietary concern. Directors are experienced, respectable and resourceful businessmen. Their trade relations are fair. Financial position is good. Payments are usually correct and as per commitments. The company can be considered normal for 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	Plot No. A/95, TTC Industrial Area, MIDC Khairane, Thane Belapur Road, Navi Mumbai – 400705, Maharashtra, India
Tel. No.:	91-22-27782281 / 2 / 3 / 4 / 27780648/ 41510100/ 41510104
Fax No.:	91-22-27782285
E-Mail :	haresh_joshi@hotmail.com administration@newindiaind.com national@bom4.vsnl.net.in info@nationalind.com nationalind@vsnl.com bharat@newindiaind.com
Website :	http://www.newindiaind.com http://www.nationalind.com
Area :	20,000 sq. ft.
Location :	Owned
Factory :	Plot No. 128, 129, 130 Mustafa Bazar, Union Park Lane, Victoria Road, Mazgaon, Mumbai – 400 010, Maharashtra, India
Warehouse :	Indian Corporation Complex, Dapode Village, Unit No. 6,7, Building No. 39, Bhiwndi, Mumbai, Maharashtra, India
Area :	7000 Sq. ft
Location :	Rented
Branches :	Located At :- · Delhi · Kolkata, West Bengal · Hyderabad, Andhra Pradesh · Bangalore, Karnataka · Lucknow, Uttar Pradesh · Calcutta

DIRECTORS

(As on 30.09.2011)

Name :

Mr. Rajan Nanikram Vaswani

Designation :

Director

Address :

122-A, Sea Lord Apartments, Cuffe Parade, Mumbai- 400005, Maharashtra, India.

Date of Birth/Age :

03.02.1962

Date of Appointment :

25.10.2002

DIN No:

00751947

Other Directorships :

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	U99999MH1985PTC035982	GEE ARR LAMOCOAT PVT LTD	Whole-time director	10/2/1989	10/2/1989	-	Active	NO
2	U22200MH2002PTC137684	NEW (INDIA) IMAGING INDUSTRIES PRIVATE LIMITED	Director	25/10/2002	25/10/2002	-	Active	NO
3	U27109DL2006PTC157072	VISH FABRICATORS & CONVERTORS PRIVATE LIMITED	Director	28/12/2006	28/12/2006	-	Active	NO
4	U52599MH2007PTC168193	MALHAR AGENCY AND TRADING PRIVATE LIMITED	Director	27/02/2007	27/02/2007	-	Active	NO
5	U74900MH2010PTC198317	SPRINT (INDIA) IMAGING PRIVATE LIMITED	Director	2/1/2010	2/1/2010	-	Active	NO
6	U21022DL2003PTC122213	SPRINT PAPERS PRIVATE LIMITED	Director	1/4/2010	1/4/2010	-	Active	NO
7	U74999MH1986PTC040783	HEATHER IMPEX PRIVATE LIMITED	Director	1/3/2011	1/3/2011	-	Active	NO
8	U51396KA2011PTC059119	Phoenix Boards Private Limited	Director	13/06/2011	13/06/2011	-	Active	NO

Name :

Mrs. Sonia Rajan Vaswani

Designation :

Director

Address :

122-A, Sea Lord Apartments, Cuffe Parade, Mumbai- 400005, Maharashtra, India.

Date of Birth/Age :

05.03.1964

Date of Appointment :

25.10.2002

DIN No:

00752160

Other Directorships :

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	U22200MH2002PTC137684	NEW (INDIA) IMAGING INDUSTRIES PRIVATE LIMITED	Director	25/10/2002	25/10/2002	-	Active	NO
2	U74999MH1986PTC040783	HEATHER IMPEX PRIVATE LIMITED	Director	1/3/2011	1/3/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Mr. Rajan Nanikram Vaswani	85,000
Mrs.Sonia Rajan Vaswani	85,000
Total	170,000

(AS ON 30.09.2011)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader, Exporter and Importer of Inkjet Media – Compu Color, Vinyl, Tracing Paper, Solvent Media etc.

Products :

Products Description	Item Code No.
Tracing Paper	1
Inkjet Paper	2
Plain Paper	3
PVC	4

· Utoplex Tracing Paper

· SIHL Traink Paper

· Compu Color

· Inject Paper

· Folex

· Inject Film

· Plus Print and Gen Plain Paper

· Conversation and Marketing of Paper and Film.

· Tracing Paper

· Inkjet Paper

· Plain Paper

· PVC

Agencies Held :

(As on 31.03.2010)

· SIHL Group, Germany

· Folex Film System, P. O. Box 608, CH-8010, Zurich, Switzerland

· Felix Scholler, Bung Gretesch, 49086 Osnabruck, Post Fach 3667, 49026 Osnabruck, Germany

· Folex AG

· Ziegler Paper AG, Post Fach, CH-4203, Grellingen, Switzerland

· Land Quart, Switzerland

· Speciality Toner Corporation

· Naisi Digital, China

· Schoelle R S Hammer, Germany

GENERAL INFORMATION

No. of Employees :

45 (Approximately)

Bankers :

Bank of Baroda, Cuffe Parade Branch, G D Somani School Building, G D Somani School Marg, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Facilities :

Secured Loan	31.03.2011	31.03.2010
	(Rs. In millions)
Bank of Baroda Term Loan Account (Secured Against hypothecation of Vehicles)	0.000	0.162
Bank of Baroda CC amount 10043 (secured against Hypothecation of Sundry Debtors and Stock)	11.557	18.205
Total	11.557	18.367
Unsecured Loan	31.03.2011	31.03.2010
	(Rs. In millions)
From Directors and Shareholders
Rajan Vaswani A/c	3.190	6.500
Sonia R Vaswani A/c	3.950	6.950
Rajan N Vaswani HUF A/c	1.990	0.550
Benzer Electronics Private Limited	9.900	0.000
Total	19.030	14.000

Banking Relations :	--
Auditors :
Name :	H. R. Joshi and Company Chartered Accountants
Address :	Shop No.9, 1^st Floor, Hi-Life Mall, P M Road, Santacruz (West), Mumbai – 400054, Maharashtra,India.
PAN. No.:	AAEPJ9204H
Memberships : (As on 31.03.2010)	· Indo American Society · Indo Swiss Society Indo German Chamber of Commerce

CAPITAL STRUCTURE

(As on 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
2,00,000	Equity Share	Rs.10/- each	Rs.2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,70,000	Equity Share	Rs.10/- each	Rs.1.700 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		1.700	1.700	1.700
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		49.292	41.856	29.718
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		50.992	43.556	31.418
LOAN FUNDS
1] Secured Loans		11.557	18.367	15.528
2] Unsecured Loans		19.030	14.000	14.000
TOTAL BORROWING		30.587	32.367	29.528
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		81.579	75.923	60.946
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.384	11.858	12.233
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	40.647	29.022	19.911
	Sundry Debtors	31.534	29.897	36.543
	Cash & Bank Balances	10.667	8.302	0.720
	Other Current Assets	0.875	3.659	3.865
	Loans & Advances	20.213	18.411	15.558
Total Current Assets		103.936	89.291	76.597
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	19.467	13.027	16.614
	Other Current Liabilities	3.074	2.021	1.517
	Provisions	10.200	10.178	9.753
Total Current Liabilities		32.741	25.226	27.884
Net Current Assets		71.195	64.065	48.713
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		81.579	75.923	60.946

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010 (Unaudited)	31.03.2009 (Unaudited)
	SALES
		Income	N.A.	268.107	232.231
		Other Income	N.A.	11.811	7.853
		TOTAL (A)	N.A.	279.918	240.084
Less	EXPENSES
		Cost of Goods Sold	N.A.	218.354	189.967
		Cost of Packing Material Consumed	N.A.	12.890	10.660
		Manufacturing Expenses	N.A.	6.684	10.464
		Office & Administrative Expenses	N.A.	15.572	12.313
		Selling & Distribution Expenses	N.A.	1.726	1.047
		Preliminary Expenses W/off	N.A.	0.000	0.000
		Other Expenditure	N.A.	0.000	0.000
		TOTAL (B)	N.A.	255.226	224.451
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		N.A.	24.692	15.633
Less	FINANCIAL EXPENSES (D)		N.A.	3.536	3.378
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		N.A.	21.156	12.255
Less/ Add	DEPRECIATION/ AMORTISATION (F)		N.A.	2.000	2.247
	PROFIT BEFORE TAX (E-F) (G)		N.A.	19.156	10.008
Less	TAX (H)		N.A.	6.575	3.603
	PROFIT AFTER TAX (G-H) (I)		7.639	12.581	6.405
Add	BALANCE B/F		N.A.	28.918	22.513
Less	INCOME TAX (EARLIER YEAR)		N.A.	0.443	0.000
	Balance carried to Balance Sheet		N.A.	41.056	28.918
	Earnings Per Share (Rs.)		N.A.	74.01	37.68

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	N.A.	4.49	2.67
Net Profit Margin (PBT/Sales)	(%)	N.A.	7.14	4.31
Return on Total Assets (PBT/Total Assets}	(%)	N.A.	18.94	11.27
Return on Investment (ROI) (PBT/Networth)		N.A.	0.44	0.32
Debt Equity Ratio (Total Liability/Networth)		1.24	1.32	0.89
Current Ratio (Current Asset/Current Liability)		3.17	3.54	2.75

LOCAL AGENCY FURTHER INFORMATION

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U22200MH2002PTC137684
Name of the company	NEW (INDIA) IMAGING INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. A/95, TTC Industrial Area, MIDC Khairane, Thane Belapur Road, Navi Mumbai – 400705, Maharashtra, India
This form is for	Modification of Charge
Charge identification number of the charge to be modified	90141200
Type of charge	· Immovable Property · Any Interest in Immovable Property
Particular of charge holder	Bank of Baroda, Cuffe Parade Branch, G D Somani School Building, G D Somani School Marg, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Nature of instrument creating charge	Fifth Supplemental Memorandum of Deposit of Title Deeds.
Date of instrument Creating the charge	08.03.2010
Amount secured by the charge	Rs. 35.820 Millions
Brief of the principal terms an conditions and extent and operation of the charge	RATE OF INTEREST Interest to be charged as per sanction/review of the account from time to time. TERMS OF REPAYMENT -- MARGIN -- EXTENT AND OPERATION OF THE CHARGE The charge is modified to secure the due repayment, discharge & redemption by the company to Bank for Cash Credit (Hypothecation of Stock and Book Debts) - Rs.20.000 Millions, Car Loan - Rs.0.320 Millions, Import Letter of Credit (DP/DA 60 days Usance) - Rs.10.000 Millions, Bank Guarantee - Rs.0.500 Millions and Packing Credit cum FBP/UFBP (90 days) - Rs.5.000 Millions [with Sub-Limit : Packing Credit (90 days)- Rs.3.500 Millions], aggregating to Rs.35.820 Millions together with interest, compound interest and/or additional interest, further interest, etc.. OTHERS --
Short Particulars of the property charged	Company's immovable property being Plot No. A/95 admeasuring 1656 sq. meters. in Trans Thane Creek Industrial Area of MIDC, Village - Khairane, Navi Mumbai, Taluka and District Thane, together with factory Building and Structures standing thereon with fixed Plant and Machinery, erected or to be erected in future.
Date of last modification prior to the present modification	29.01.2009
Particulars of the present modification	The charge is increased upto Rs.35.820 Millions to cover Cash Credit (Hypothecation of Stock and Book Debts) - Rs.20.000 Millions (Review), Car Loan - Rs.0.320 Millions (Review), Import Letter of Credit (DP/DA 60 days Usance) - Rs.10.000 Millions (Increased from Rs.5.000 Millions), Bank Guarantee - Rs.0.500 Millions (Review) and Packing Credit cum FBP/UFBP (90 days) - Rs.5.000 Millions (Fresh) [with Sub-Limit : Packing Credit (90 days) - Rs.3.500 Millions].

STATE OF THE AFFAIRS OF THE COMPANY:

The company has made a profit of Rs.7.639 Millions for the financial year ended 31^st March 2011 as against a net profit of Rs.12.581 Million for the financial year ended 31^st March 2010.

FIXED ASSETS

· Land and Building

· Air Conditioner

· Electrical Installation

· Office Equipments

· Plant and Machinery

· Computers

· Vehicle

· Furniture and Fixtures

· Generator Machine

WEBSITE DETAILS:

PROFILE:

New (India) Imaging Industries, original know as “National Industries was incorporated in the year 1979. Since then it has been dedicated in the field of Transparent Papers close to over Three Decades associated with World Leaders-Sihl-Switzerland. Since 1972 Company is one of the kind company that has been converter of tracing paper and allied products maintaining strict criteria of quality control for the conversion of specialty media in sheets and rolls and engaged in the distribution of its product Pan India through its distributor network present all over India. Special care is taken in packaging of products to make it more attractive and affordable as per international standard.

With the ushering in of the new millennium the indications are clear that the future belong to the Digital Imaging. With over three decades of existing leadership company has expanded and diversified in media for large format and small format digital printing applications, special products for engineering office etc. Company is prepared for the future.

BUSINESS PARTNERS

Company has tie-ups with world leaders like Sihl-Switzerland, Felix Schoeller- Germany, who have recognised the immense potential of the country and are eying to get a head start, company being the pioneer and the market leader since past 3 decades in introducing new technologies is their preferred partner to market their products in India.

Subject has anticipated future challenges positively and have linked up their growth plans energetically in liaison with their principals in the area of new developments of future technology and the changing requirements of the market. The know-how the vast experience and the results of research and development are concentrated and applied objectively in the product which are renowned for the very highest characteristics, All this is immediately brought down to India by Company

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.49.07
UK Pound	1	Rs.77.19
Euro	1	Rs.65.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		53

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.