MIRA INFORM REPORT

Report Date :

21.03.2012

IDENTIFICATION DETAILS

Name :	ASIAN REPROGRAPHICS PRIVATE LIMITED
Registered Office :	115 and 116, SIDCO Industrial Estate, Ambattur, Chennai – 600098, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.02.1977
Com. Reg. No.:	18-007268
Capital Investment / Paid-up Capital :	Rs.8.825 Millions
CIN No.: [Company Identification No.]	U33209TN1977PTC007268
TAN No.: [Tax Deduction & Collection Account No.]	CHEA02171B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Reprographic Media, Photo Lamination Media and Equipment etc.
No. of Employees :	Approximately 80 (In Office – 10, In factory – 70)

RATING & COMMENTS

MIRA’s Rating :

B (34)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 80000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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

INFORMATION PARTED BY

Name :	Mr. Mukundan
Designation :	Accounts Manager
Date :	01.03.2012

LOCATIONS

Registered Office/ Factory :	115 and 116, SIDCO Industrial Estate, Ambattur, Chennai – 600098, Tamilnadu, India
Tel. No.:	91-44-45048101/ 45048102/ 45048103/ 43401900-918 (19 Lines)
Mobile No.:	91-9382849085/ 9600013802 (Mr. Abhay Gautam Jain)
Fax No.:	91-44-45048104/ 43401919
E-Mail :	sales@asianreprographics.com info@asianreprographics.com gdg@airtelmail.in mundhara_co@yahoo.co.in
Website :	www.asianreprographics.com
Area :	2550 sq ft
Location :	Owned

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Goutham Deoraj Jain

Designation :

Director

Address :

No.153, Vaibhav Apartments, 62, Dr. E.V.K. Sampath Road, Vepery, Chennai – 600 007, Tamilnadu, India

Date of Birth/Age :

05.06.1960

Date of Appointment :

22.05.2000

DIN No.:

00902961

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	U33209TN1977PTC007268	ASIAN REPROGRAPHICS PRIVATE LIMITED	Director	22-05-00	22-05-00	-	Active	NO
2	U35999TN1993PTC024227	INDRA DHANUSH IMAGE SYSTEM PRIVATE LIMITED	Director	29-09-07	09-05-07	09-09-10	Active	NO

Name :

Mrs. Kumari Indira Goutham Chand

Designation :

Director

Address :

No.153, Vaibhav Apartments, 62, Dr. E.V.K. Sampath Road, Vepery, Chennai – 600 007, Tamilnadu, India

Date of Birth/Age :

10.04.1963

Date of Appointment :

29.09.2007

DIN No.:

01387690

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	U35999TN1993PTC024227	INDRA DHANUSH IMAGE SYSTEM PRIVATE LIMITED	Director	29-09-07	09-05-07	02-09-10	Active	NO
2	U33209TN1977PTC007268	ASIAN REPROGRAPHICS PRIVATE LIMITED	Director	29-09-07	29-09-07	-	Active	NO

Name :

Mr. Abhay Goutham Jain

Designation :

Additional Director

Address :

A-Block, D.No.153, Fifth Floor, Vaibhav Apartments, E.V.K. Sampath Road, Vepery, Chennai – 600 007, Tamilnadu, India

Date of Birth/Age :

20.09.1981

Date of Appointment :

13.12.2010

DIN No.:

00923609

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U35999TN1993PTC024227	INDRA DHANUSH IMAGE SYSTEM PRIVATE LIMITED	Director	24-11-00	24-11-00	Active	NO
2	U33209TN1977PTC007268	ASIAN REPROGRAPHICS PRIVATE LIMITED	Director	30-09-11	30-01-03	Active	NO

KEY EXECUTIVES

Name :	Mr. Mukadan
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Gouthamchand D. Jain	47969
Gouthamchand D. Jain (HUF)	6140
Abhay G. Kumar	11060
Indira Kumari G. Jain	22577
Sheetal A Jain	500
Total	88246

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Reprographic Media, Photo Lamination Media and Equipment etc.
Products :	v Office Equipments and Supplies v Digital Inkjet Media v Cyber Print Media for Digital Colour Laser, Xerox v Quick Offset Print Media v Pre Press Positive Films v Pre Press Equipments v Reprographic Media v Plotter Paper
Exports :
Products :	v Laminated Film v Laminated Materials
Countries :	v Spain v Egypt v Turkey v Taiwan v Iran v Israel
Imports :
Products :	Raw Materials
Countries :	· Singapore · Netherland · China · USA · Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Concrete Agency

Customers :

Wholesalers and Retailers

No. of Employees :

Approximately 80 (In Office – 10, In factory – 70)

Bankers :

· State Bank of India,

Ambattur Industries, Chennai – 600 058, Tamilnadu, India

· Standard Chartered Bank,

No.58, IInd Floor, SME, Armenian Street, Chennai – 600001, Tamilnadu, India

· Standard Chartered Bank,

SME Banking, No. 19, 2nd Floor, Rajaji Salai, Chennai – 600001, Tamilnadu, India

· Axis bank

· ICICI Bank

· Citi Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Standard Chartered Bank C.C. A/c No.42605056915	26.987	15.967
Sundaram Finance Limited	0.249	0.432
State Bank of India		0.000
Total	38.011	16.399
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Abhay G. Jain	0.066	0.521
G.D. Jain	3.266	0.136
G.D. Jain HUF	2.622	2.366
Indirakumari G. Jain	2.375	2.844
Kavitha	0.659	0.598
Sheetal Jain	0.943	0.830
Total	9.931	7.295

Banking Relations :	--
Financial Institution :	Sundaram Finance Limited
Auditors :
Name :	K.R. Bhansali and Associates Chartered Accountants
Address :	No.21, Pathasarathi Puram, 2^nd Floor, T. Nagar, Chennai – 600 017, Tamilnadu, India
Tel. No.:	91-44-28144088
PAN No.:	AACPC4829P
Associates/Subsidiaries :	· Indian Engineering Agency · Indian Engineering Industries · Devraj Computers · Indradhanush Images System Private limited

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
88246	Equity Shares	Rs.100/- each	Rs.8.825 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		8.825	8.825	7.325
2] Share Application Money		0.000	0.000	1.500
3] Reserves & Surplus		11.109	9.225	7.431
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		19.934	18.050	16.256
LOAN FUNDS
1] Secured Loans		38.011	16.399	9.160
2] Unsecured Loans		9.931	7.295	11.765
TOTAL BORROWING		47.942	23.694	20.925
DEFERRED TAX LIABILITIES		0.573	0.639	0.552
TOTAL		68.449	42.383	37.733
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.513	18.087	17.254
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	27.847	23.586	18.592
	Sundry Debtors	21.740	13.641	9.722
	Cash & Bank Balances	2.473	4.667	1.450
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	21.336	17.485	10.361
Total Current Assets		73.396	59.379	40.125
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	21.733	33.814	18.471
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	1.727	1.269	1.175
Total Current Liabilities		23.460	35.083	19.646
Net Current Assets		49.936	24.296	20.479
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		68.449	42.383	37.733

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	TURNOVER		147.319	139.076	113.223
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		5.748	5.172	3.977
Less/ Add	DEPRECIATION/ AMORTISATION		2.942	2.487	2.579
	PROFIT BEFORE TAX		2.806	2.685	1.398
Less	TAX		0.922	0.891	0.515
	PROFIT AFTER TAX		1.884	1.794	0.883
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.925	1.431	0.848
Less	APPROPRIATIONS
		Transfer to General Reserve	0.200	0.300	0.300
	BALANCE CARRIED TO THE B/S		4.609	2.925	1.431
	Earnings Per Share (Rs.)		21.35	20.33	NA

Expected Sales (2011-12): Rs.180.000 Millions

The above information has been parted by Mr. Mukundan

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	3.05	3.47	2.44
Return on Investment (ROI) (PBT/Networth)		0.14	0.15	0.09
Debt Equity Ratio (Total Liability/Networth)		3.58	3.26	2.50
Current Ratio (Current Asset/Current Liability)		3.13	1.69	2.04

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	-----
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last two years	Yes
Profitability for last three years	-----
Reasons for variation <> 20%	-----
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	No
Incorporation details is applicable	-----
Last Accounts filed at ROC	-----
Major Shareholders, if available	-----

NOTE:

The registered office of the company has been shifted from No.116, SIDCO Industrial Estate, Ambattur, Chennai – 600 098, Tamilnadu to the present address w.e.f. 02.05.2005.

OPERATIONS:

The performance of the company for the year has been satisfactory in comparison to market situations. The Company achieved a turnover Rs.147.319 millions (previous year Rs.139.876 millions).

CONTINGENT LIABILITIES (AS ON 31.03.2011)

E.S. I. Liability of Rs.0.016 was arised on account of non deduction of ESI from Job Workers, Contractors, etc, the assessee has remitted Rs.0.008 million and petition against the above order during f.y. 2000-2001.

TRADE REFERENCE:

· Concrete Agency

FORM 8:

Corporate identity number of the company	U33209TN1977PTC007268
Name of the company	ASIAN REPROGRAPHICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	115 and 116, SIDCO Industrial Estate, Ambattur, Chennai – 600 098, Tamilnadu, India E-Mail: mundhara_co@yahoo.co.in
This form is for	Modification of charge
Charge identification number of the modified	90288282
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Standard Chartered Bank, SME Banking, No. 19, 2nd Floor, Rajaji Salai, Chennai – 600 001, Tamilnadu, India E-Mail: leena.gangadharan@sc.com
Nature of description of the instrument creating or modifying the charge	Hypothecation Agreement - Supplemental
Date of instrument Creating the charge	21.12.2010
Amount secured by the charge	Rs.26.425 millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest: Credit Facility. Interest/ Commission - As agreed by and with the Bank from time to time. Terms of Repayment: As agreed by and with the Bank from time to time. Margin: As applicable, if any. Extent and Operation of the charge: The Bank is having first and exclusive charge on security given by the Companies.
Short particulars of the property charged	Hypothecation by way of first and exclusive charge on: a) All the stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise b) All the present and future book debts, outstanding moneys receivable, claims and bills. c) All the movable fixed assets.
Date of latest modification prior to the present modification	22.12.2009
Particulars of the present modification	By present modification, the existing charge amount of Rs.21.425 millions enhanced to Rs.26.425 millions against the security of hypothecation by way of first & exclusive charge on: a) all the stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise b) all the present and future book debts, outstanding moneys receivable, claims and bills c) all the movable fixed assets.

FIXED ASSETS

v Land

v Building Account

v Furniture and Fittings

v Plant and Machinery

v Vehicle

v Computer

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.50.25
UK Pound	1	Rs.79.76
Euro	1	Rs.66.52

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		34

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.