MIRA INFORM REPORT

Report Date :

13.07.2012

IDENTIFICATION DETAILS

Name :	INDRAS AGENCIES PRIVATE LIMITED
Registered Office :	No.285, (Old 128), Wall Tax Road, Chennai – 600 003, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.09.1995
Com. Reg. No.:	18-032799
Capital Investment / Paid-up Capital :	Rs.80.000 millions
CIN No.: [Company Identification No.]	U15419TN1995PTC032799
TAN No.: [Tax Deduction & Collection Account No.]	CHEI02123C
PAN No.: [Permanent Account No.]	AAACI2667J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Perfumery and Other Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 869000
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 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 (30.09.2011)	Current Rating (31.12.2011)
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 :	No.285, (Old 128), Wall Tax Road, Chennai – 600 003, Tamilnadu, India
Tel. No.:	91-44-25352648/ 25356643/ 25358209/ 25358216/ 25352045
Fax No.:	91-44-25352045
E-Mail :	indrag@vsnl.com r.jagan@indrasagencies.com accounts1@indrasagencies.com
Website :	http://www.indrasagencies.com
Factory :	128, Chamarajpet, Bangalore - 560 018, Karnataka, India
Tel. No.:	91-80-26608754
Branch Office :	Located at: v Bangalore v New Delhi v Hyderabad v Mumbai v Kolkata v Cochin v Madurai

DIRECTORS

As on 31.03.2012

Name :

Mr. Ramadoss Srinivas

Designation :

Managing Director

Address :

No.28, Ananda Road, Alwarpet, Chennai – 600 018, Tamilnadu, India

Date of Birth/Age :

07.03.1966

Qualification :

B. Sc, PGDBA

Date of Appointment :

31.07.2008

DIN No.:

01133214

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	U15419TN1995PTC032799	Indras Agencies Private Limited	Managing director	31/07/2008	04/09/1995	Active	NO
2	U28996KA2001PTC028427	Vintop Products Private Limited	Director	09/01/2001	09/01/2001	Active	NO

Name :

Mr. Kodancha Srikanth Rao

Designation :

Whole-time Director

Address :

Kaivalya, 31/1, 4^th Block, 2^nd Main Road, Thyagaraja Nagar, Bangalore – 560 028, Karnataka, India

Date of Birth/Age :

04.12.1952

Qualification :

B.Com

Date of Appointment :

31.07.2008

DIN No.:

01067640

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	U15419TN1995PTC032799	Indras Agencies Private Limited	Whole-time director	31/07/2008	04/09/1995	Active	NO
2	U28996KA2001PTC028427	Vintop Products Private Limited	Director	09/01/2001	09/01/2001	Active	NO
3	U15400AP2009PTC063010	Sproutamins Super Foods Private Limited	Director	01/03/2010	01/03/2010	Active	NO

Name :

Mr. Shrikant Jagdishprasad Tibrewala

Designation :

Director

Address :

504, Panchsheel, Gokuldham, Goregaon (East), Mumbai – 400 063, Maharashtra, India

Date of Birth/Age :

22.06.1958

Date of Appointment :

21.04.2006

DIN No.:

00197891

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	U24100MH1972PTC015941	Roha Dye Chem Private Limited	Director	19/07/1982	19/07/1982	-	Active	NO
2	U17100MH1969PTC014416	Jagdish Textiles Private Limited	Director	20/06/1984	20/06/1984	-	Active	NO
3	U01100MH1988PTC047034	Jagdish Farms Private Limited	Director	11/10/1989	11/10/1989	-	Active	NO
4	U65990MH1994PLC076830	Roha Leasing and Financing Limited	Director	28/02/1994	28/02/1994	-	Active	NO
5	U24239MH1988PTC048150	Ideal Cures Private Limited	Director	04/08/1994	04/08/1994	-	Active	NO
6	U24110MH1996PTC099750	Nilaya Chemicals Private Limited	Director	26/08/1996	26/08/1996	-	Active	NO
7	U99999MH1994PLC082238	Roha Global Ventures Limited	Director	22/10/1996	22/10/1996	-	Active	NO
8	U99999MH1996PTC103439	Roha Natural Extracts Private Limited	Director	22/10/1996	22/10/1996	-	Active	NO
9	U24116MH1997PTC107008	Rujutaa Chemicals Private Limited	Director	02/04/1997	02/04/1997	-	Strike off	NO
10	U72200MH1998PLC117274	RS Global Infotech Limited	Director	11/12/1998	11/12/1998	-	Active	NO
11	U27109MH1972PTC015615	Shree Kamal Ispat Udyog Private Limited	Director	15/11/2000	15/11/2000	-	Active	NO
12	U67120MH1996PLC096977	Wellworth Share and Stock Broking Limited	Director	29/09/2003	29/09/2003	-	Active	NO
13	U67120MH1999PTC119980	Wellworth Commodities Broking Private Limited	Director	15/06/2005	15/06/2005	-	Active	NO
14	U15419TN1995PTC032799	Indras Agencies Private Limited	Director	21/04/2006	21/04/2006	-	Active	NO
15	U29199DL2004PTC128952	MR Orance Juicing Systems Private Limited	Director	30/05/2006	30/05/2006	17/01/2011	Active	NO
16	U45201MH2006PTC162778	Roha Infrastructure Developers Private Limited	Director	22/06/2006	22/06/2006	26/07/2011	Active	NO
17	U29199MH2006PTC163229	Filter Machines Private Limited	Director	22/07/2006	22/07/2006	-	Active	NO
18	U67190MH2007PTC176367	Wellworth Capital Services Private Limited	Director	30/11/2007	30/11/2007	-	Active	NO
19	U72200MH1998PLC117545	Roha Infotech Limited	Director	31/03/2009	31/03/2009	-	Active	NO
20	U24297MH2010PTC204395	Roha Dyechem Sez Private Limited	Director	17/06/2010	17/06/2010	-	Active	NO
21	U40105MH2010PTC209822	Roha Energy Private Limited	Director	04/11/2010	04/11/2010	-	Active	NO

Name :

Mr. Anandarao Ramadas Rao

Designation :

Director

Address :

No.28, Ananda Road, Alwarpet, Chennai – 600 018, Tamilnadu, India

Date of Birth/Age :

14.08.1935

Date of Appointment :

04.09.1995

DIN No.:

01133254

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	U15419TN1995PTC032799	Indras Agencies Private Limited	Director	04/09/1995	04/09/1995	Active	NO
2	U07513TZ2001NPL009693	Tamilnadu Food Industries Association	Director	28/09/2004	28/09/2004	Active	NO

Name :

Mr. Ramakant Jagdishprasad Tibrewala

Designation :

Director

Address :

504, Panchsheel, Gokuldham, Goregaon (East), Mumbai – 400 063, Maharashtra, India

Date of Birth/Age :

21.09.1956

Date of Appointment :

24.12.2010

DIN No.:

01237898

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	U24100MH1972PTC015941	Roha Dye Chem Private Limited	Director	06/08/1979	06/08/1979	-	Active	NO
2	U74999MH1959PTC011463	Steinmetz Overseas Private Limited	Director	01/09/1979	01/09/1979	-	Active	NO
3	U17100MH1969PTC014416	Jagdish Textiles Private Limited	Director	20/06/1984	20/06/1984	-	Active	NO
4	U01100MH1988PTC047034	Jagdish Farms Private Limited	Director	11/10/1989	11/10/1989	-	Active	NO
5	U65990MH1994PLC076830	Roha Leasing and Financing Limited	Director	28/02/1994	28/02/1994	-	Active	NO
6	U24239MH1988PTC048150	Ideal Cures Private Limited	Director	20/07/1994	20/07/1994	-	Active	NO
7	U24112MH1996PTC099657	Sapin Chemicals Private Limited	Director	15/07/1996	15/07/1996	-	Active	NO
8	U99999MH1994PLC082238	Roha Global Ventures Limited	Director	22/10/1996	22/10/1996	-	Active	NO
9	U99999MH1996PTC103439	Roha Natural Extracts Private Limited	Director	22/10/1996	22/10/1996	-	Active	NO
10	U24116MH1997PTC107008	Rujutaa Chemicals Private Limited	Director	02/04/1997	02/04/1997	-	Strike off	NO
11	U27109MH1972PTC015615	Shree Kamal Ispat Udyog Private Limited	Director	21/11/1998	21/11/1998	-	Active	NO
12	U72200MH1998PLC117274	RS Global Infotech Limited	Director	30/11/1998	30/11/1998	-	Active	NO
13	U72200MH1998PLC117545	Roha Infotech Limited	Director	21/12/1998	21/12/1998	-	Active	NO
14	U25209DD1992PTC001310	Supreme Polyrotex Private Limited	Director	30/03/1999	30/03/1999	29/09/2008	Active	NO
15	U67120MH1999PTC119980	Wellworth Commodities Broking Private Limited	Director	21/05/1999	21/05/1999	-	Active	NO
16	U67120MH1996PLC096977	Wellworth Share And Stock Broking Limited	Director	29/09/2003	29/09/2003	-	Active	NO
17	U29199DL2004PTC128952	MR Orance Juicing Systems Private Limited	Director	30/05/2006	30/05/2006	05/09/2008	Active	NO
18	U45201MH2006PTC162778	Roha Infrastructure Developers Private Limited	Director	22/06/2006	22/06/2006	01/02/2011	Active	NO
19	U15419KA2006PTC041294	Juices N Snacks India Private Limited	Director	27/12/2006	27/12/2006	27/02/2009	Active	YES
20	U70101MH2005PTC158473	StatFord Developers Private Limited	Additional director	05/08/2009	05/08/2009	-	Active	NO
21	U74990MH2009PTC196665	Wisdom Wellness Private Limited	Director	30/09/2010	02/12/2009	-	Active	NO
22	U15419TN1995PTC032799	Indras Agencies Private Limited	Director	24/12/2010	24/12/2009	-	Active	NO
23	U24297MH2010PTC204395	Roha Dyechem SEZ Private Limited	Director	17/06/2010	17/06/2010	-	Active	NO
24	U40105MH2010PTC209822	Roha Energy Private Limited	Director	04/11/2010	04/11/2010	-	Active	NO
25	U01111GJ2010PTC062884	Roha Agri Developers Private Limited	Director	11/11/2010	11/11/2010	-	Active	NO
26	U85191MH2011NPL216938	Agarwal Global Foundation	Director	02/05/2011	02/05/2011	-	Active	NO
27	U45200MH2006PTC160428	J. P. Infra (Mumbai) Private Limited	Director	30/09/2011	24/06/2011	20/03/2012	Active	NO
28	U45400MH2010PTC205367	J.P. Infra Developers Private Limited	Director	30/09/2011	24/06/2011	12/04/2012	Active	NO

Name :

Mr. Deepesh Shrikant Tibrewala

Designation :

Director

Address :

504, Panchsheel, Gokuldham, Goregaon (East), Mumbai – 400 063, Maharashtra, India

Date of Birth/Age :

13.11.1986

Date of Appointment :

21.04.2006

DIN No.:

01342101

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	U15419TN1995PTC032799	Indras Agencies Private Limited	Director	21/04/2006	21/04/2006	-	Active	NO
2	U45201MH2006PTC162778	Roha Infrastructure Developers Private Limited.	Director	22/06/2006	22/06/2006	01/02/2011	Active	NO
3	U24100MH1972PTC015941	Roha Dye Chem Private Limited	Director	31/08/2011	31/08/2011	-	Active	NO

KEY EXECUTIVES

Name :	R. Jaganathan
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2012

Names of Shareholders	No. of Shares
A. Ramadas Rao	100
K. Srikanth Rao	99900
R. Srinivas	199900
K. Jayasheela Rao	100000
Ramakant Jagdishprasad Tibrewala	32000
Mahesh Ramakant Tiberwala	24000
Annapurna Srikant Tiberwala	56000
Brijesh Ramakant HUF	240000
Deepesh Srikant HUF	48000
Aruna Rao	100
Total	800000

As on 31.03.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Perfumery and Other Chemicals.

Products :

Item Code No. (ITC Code)	29124910
Product Description	Perfumery Chemicals
Item Code No. (ITC Code)	33021010
Product Description	Food Flavours
Item Code No. (ITC Code)	29124100
Product Description	Vanillin and Ethyl Vanillin

GENERAL INFORMATION

Customers :

FOOD AND ALLIED DIVISION

v Auro Food Private Limited               

v Milka Group of Companies                                   

v Elite Foods Private Limited       

v Parry's (Lotte) India Corporation Limited                   

v Nestle India Limited   

v Britannia Industries Limited

v Joyco India Limited

v Hatsun Foods Private Limited

v Carborandum Universal Limited

v Kemin Nutritional Technologies (India) Private Limited

v M.T.R Foods Limited

v I.T.C Limited

v Nutrine Confectionery Company Private Limited

v Perfetti Van Melle India Private Limited

v The Campco Limited

v Hindustan Lever Limited

v Haldiram Foods

v Wrigley India Private Limited

v Sri Baidyanath Ayurved Bhawan (Private) Limited

PHARMACEUTICAL DIVISON

v Wardex Pharmaceuticals Limited   

v Tablets India Limited

v Apex Laboratories Limited

v Polaris Healthcare Private Limited

v T.T.K Health care Limited

v Medo Pharm Remedies and Pharmaceuticals

v Biocon India Limited

v Dr. Reddy's Laboratories Limited

v Spic Pharmaceuticals Limited

v Anglo French drugs and Industries Limited

v Strides Arcolab Limited

v Kemwell Private Limited

v Medrich Sterilab Limited

v Sai Mirra Pharmaceuticals Private Limited

v The Himalaya Drug Company

v Raptakos Brett and Company (India) Private Limited

v Aurobindo Pharma Limited

v ATOZ Pharmaceutical Limited

FRAGRANCE DIVISION

v Parimala Mandir

v Padmini Products Private Limited

v A.C.P Industries

v Gogia Chemical Industries    

v Hem Corporation

v Maschmeizer Aromatics (India) Private Limited

v N.Rangarao and Sons

v Symrise Limited

v International Flavours and Fragrances (India) Limited

v Srinivasa Sugandhalaya

v Asian Flavours and Fragrance

v T.S.R and Company

v Duckworth Flavours (India) Private Limited

v Moksh Agarbathi Company

v Sachee Aromatics Limited

v Food Ingredients Specialties Private Limited

v Haridarshan Sevasharam (Private) Limited

v Goldfield Fragrances Private Limited

v Narmada Chemicals Private Limited

No. of Employees :

Not Available

Bankers :

v Citibank N.A., Ground Floor, ELC Division, No.2, Club House Road, Chennai – 600 041, Tamilnadu, India

v HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Working capital loans financial institutions secured	202.592	183.999
Working capital loans others secured	0.000	0.544
Total	202.592	184.543

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Loans directors unsecured	60.000	60.000
Other debt unsecured	2.500	0.000
Total	62.500	60.000

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	No.10, Mahatma Gandhi Road, Nungambakkam, Chennai – 600 034, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAIFB4734C
Enterprises over which KMP have significant influence :	v Roha Dyechem Private Limited v Vintop Products Private Limited v Chemodist Industries v Ind Aroma v Ind Aroma Fragrances v Viveka Agencies v Jaytex Dyes and Chemicals

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.100/- each	Rs.80.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.100/- each	Rs.80.000 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		80.000	80.000	80.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		137.167	84.393	44.855
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		217.167	164.393	124.855
LOAN FUNDS
1] Secured Loans		202.592	184.543	191.721
2] Unsecured Loans		62.500	60.000	60.000
TOTAL BORROWING		265.092	244.543	251.721
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		482.259	408.936	376.576
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.977	3.707	4.300
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		5.117	4.799	4.240
DEFERRED TAX ASSETS		13.057	5.892	1.047
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	222.018	164.060	140.348
	Sundry Debtors	327.239	291.179	248.684
	Cash & Bank Balances	32.190	40.545	28.483
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	29.770	24.676	39.940
Total Current Assets		611.217	520.460	457.455
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	114.395	89.005	81.967
	Other Current Liabilities	26.136	15.567	3.999
	Provisions	10.578	21.350	4.500
Total Current Liabilities		151.109	125.922	90.466
Net Current Assets		460.108	394.538	366.989
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		482.259	408.936	376.576

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1419.990	1249.378	1035.456
		Other Income	26.090	34.026	26.128
		TOTAL (A)	1446.080	1283.404	1061.584
Less	EXPENSES
		Cost of Goods Sold	1353.720	1133.424	925.946
		Personnel Expenses		22.033	18.297
		Operating Expenses		28.904	55.638
		Selling and Distribution Expenses		14.755	15.719
		TOTAL (B)	1353.720	1199.116	1015.600
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		92.360	84.288	45.984
Less	INTEREST & FINANCIAL EXPENSES (D)		10.990	12.424	15.553
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		81.370	71.864	30.431
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.900	1.261	1.541
	PROFIT BEFORE TAX (E-F) (G)		80.470	70.603	28.890
Less	TAX (H)		27.700	21.736	13.945
	PROFIT AFTER TAX (G-H) (I)		52.770	48.867	14.945
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		53.390	43.855	43.910
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	30.000	15.000
		Equity Dividend	0.000	8.000	0.000
		Dividend Distribution Tax	0.000	1.329	0.000
	BALANCE CARRIED TO THE B/S		106.170	53.393	43.855
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Exports	NA	9.214	5.321
	TOTAL EARNINGS		NA	9.214	5.321
	IMPORTS
		Traded Goods	NA	524.408	369.623
	TOTAL IMPORTS		NA	524.408	369.623
	Earnings Per Share (Rs.)
	- Basic		65.96	61.00	30.00
	- Diluted		NA	61.00	24.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.65	3.81	1.41
Net Profit Margin (PBT/Sales)	(%)	5.67	5.65	2.79
Return on Total Assets (PBT/Total Assets}	(%)	13.08	13.47	6.26
Return on Investment (ROI) (PBT/Networth)		0.37	0.43	0.23
Debt Equity Ratio (Total Liability/Networth)		1.92	2.25	2.74
Current Ratio (Current Asset/Current Liability)		4.04	4.13	5.06

LOCAL AGENCY FURTHER INFORMATION

PURCHASE DETAILS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Purchases	NA	1157.136	960.793

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	No
9) Name of person contacted	No
10) Designation of contact person	No
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	No
20) Export / Import details (if applicable)	No
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

OPERATIONS

The company principally caters to customers among Aromatics, Food and Pharma industries. During the year, the company continues to be one of the single largest distributor in India for a global Flavours and Fragrances company. During the year, the company has also taken up new distributorship of other leading manufacturers of Flavour and Fragrance Ingredients. During the period, the company has expanded the range of chemical products to cater to the customers with a wider range including of Chinese origin. This strategy is helping the company in retaining some of the customers who would have gone to other sources. This is also expected to mitigate their risk of being dependent on selective large suppliers.

The working of the Company has registered good results during the year as compared to the previous year. Gross Sales during 2010-11 at Rs.1435.000 millions registered an impressive growth of 14% over the previous year sales of Rs.1262.000 millions. Total income during 2010-11 at Rs.1446.000 millions has registered an increase of 13% as compared to the total income of Rs.1283.000 millions during the previous year. EBITDA during 2010-11 has registered an increase at Rs.92.000 millions as compared to Rs.84.000 millions during the previous year. Consequently, the net profit before tax for the year is Rs.80.000 millions as compared to Rs.71.000 millions during the previous year. Profit after tax for the year is Rs.53.000 millions as compared to Rs.49.000 millions during the previous year.

PROSPECTS:

With the larger range of products and expansion of the distribution network, the company is expected to register further growth in the coming years.

Bankers Charges Report as per Registry

Corporate identity number of the company	U15419TN1995PTCO32799
Name of the company	INDRAS AGENCIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	285, Wall Tax Road, Chennai – 600 003, Tamilnadu, India E-Mail: accounts1@indrasagencies.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	CIN No.: L65920MH1994PLC080618 HDFC BANK LIMITED, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India E-Mail: srinivasan.venkataraman@hdfcbank.com
Nature of instrument creating charge	i) Letter of Hypothecation of Stocks and Book Debts dated 14^th May, 2010; and ii) Memorandum relating to Hypothecation of Machinery dated 14^th May, 2010.
Date of instrument Creating the charge	14.05.2010
Amount secured by the charge	Rs.20.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Any such rate as may be advised to the Company from time to time in respect of the credit facilities. Terms of repayment Repayable on Demand. Margin As may be prescribed by the Bank from time to time for the credit facilities. Extent and operation of the charge Hypothecation by way of First Exclusive Charge in favour of HDFC Bank Limited on all the Stock-in-trade, Book Debts and movable Plant and Machinery of the Company both present and future.
Short particulars of the property charged (Including location of the property)	Hypothecation by way of First Exclusive Charge in favour of HDFC Bank Limited on all the Stock-in-trade, Book Debts and movable Plant and Machinery of the Company both present and future.

FIXED ASSETS:

Tangible Assets

v Plant and Machinery

v Furniture and Fittings

v Office Equipment

v Computers

v Vehicles

Intangible Assets

v 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 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.55.70
UK Pound	1	Rs.86.28
Euro	1	Rs.68.15

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.