MIRA INFORM REPORT

Report Date :

07.05.2012

IDENTIFICATION DETAILS

Name :	SAMRUDDHI INDUSTRIES LIMITED [w.e.f. 2004]
Formerly Known As :	MALSONS ORGANICS LIMITED
Registered Office :	J – 98, MIDC, Kupwad, Sangli – 416 436, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.09.1992
Com. Reg. No.:	11-068458
Capital Investment / Paid-up Capital :	Rs.74.325 Millions
CIN No.: [Company Identification No.]	U24119PN1992PLC068458
TAN No.: [Tax Deduction & Collection Account No.]	KLPS05417G
PAN No.: [Permanent Account No.]	AAHCS9137L
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of Plastic Products.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 900000
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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Ram Patil
Designation :	Finance Head
Contact No.:	91-9423677044
Date :	04.05.2012

LOCATIONS

Registered Office/ Manufacturing Plant 1 :	J – 98, MIDC, Kupwad, Sangli – 416 436, Maharashtra, India
Tel. No.:	91-233-2645137/ 2644217/ 2644902/ 2645717
Mobile No.:	91-9423677044 (Mr. Ram Patil)
Fax No.:	91-233-2644903
E-Mail :	klp_samrudhi@sancharnet.in account@samruddhi.com amitkumar@samruddhi.com swapnalpawar@yahoo.co.in mukund@samruddhi.com sachin@sachinfcs.com rampatil@samruddhi.com
Website :	http://www.samruddhi.com
Area :	500 sq. ft.
Location :	Owned
Manufacturing Plant 2 :	Plot No. 31, L.K. Akiwate Industrial Estate, Jaysingpur, Kolhapur-416 144, Maharashtra, India
Location :	Owned
Manufacturing Plant 3 :	I.I.E. Pantanagar, Sector 6, Plot No. 24 and 25, Rudrapur, District- U.S. Nagar - 244713, Uttarakhand, India
Manufacturing Plant 4 :	Plot No.39 and 42, APIIC Industrial Park, Valasapalli, Madanapalle, District – Chittoor – 517325, Andhra Pradesh, India
Manufacturing Plant 5 :	R Plot No.25, 25 sector 6, Pant Nagar, Rudrapur – 263153, Uttarakhand, India
Corporate/ Head Office :	J-84, MIDC, Kupwad Block, Sangli, Maharashtra, India
Tel No.:	91-233-2645137/ 2644217/ 2644902/ 2645717
Fax No.:	91-233-2644903
Email :	samruddhi@samruddhi.com
International Office :	Silicon Towers, Flat No A-Wing 402, Plot – 46, Sector – 30A Vashi, Navi Mumbai – 400705, Maharashtra, India
Regional Offices and Distribution Centers :	Located at: · Gujarat · Andhra Pradesh · Ahmedabad · Punjab

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Ramakant Narayan Malu
Designation :	Managing Director
Address :	196/ 3, M.G. Road, Jaysingpur, Kolhapur – 416 101, Maharashtra, India
Date of Birth/Age :	11.05.1966
Date of Appointment :	15.05.1995
DIN No.:	00286135
Name :	Mr. Omprakash Narayan Malu
Designation :	Whole-time Director
Address :	196/ 3, M.G. Road, Jaysingpur, Kolhapur – 416 101, Maharashtra, India
Date of Birth/Age :	24.02.1969
Date of Appointment :	01.01.2002
DIN No.:	00286152
Name :	Mr. Pramod Narayan Malu
Designation :	Whole-time Director
Address :	196/ 3, M.G. Road, Jaysingpur, Kolhapur – 416 101, Maharashtra, India
Date of Birth/Age :	21.11.1973
Date of Appointment :	25.04.2003
DIN No.:	00286155
Name :	Mrs. Shweta Alias Ranjana Pramod Malu
Designation :	Director
Address :	196/ 3, M.G. Road, Jaysingpur, Kolhapur – 416 101, Maharashtra, India
Date of Birth/Age :	14.10.1973
Date of Appointment :	25.04.2003
DIN No.:	00286168
Name :	Mr. Narayan Mangilal Malu
Designation :	Director
Address :	196/ 3, M.G. Road, Jaysingpur, Kolhapur – 416 101, Maharashtra, India
Date of Birth/Age :	28.07.1937
Date of Appointment :	08.09.1992
DIN No. :	00286126
Name :	Mr. Rajkumar Kisanlal Zawar
Designation :	Director
Address :	2503, Raviwarpeth, Gokak – 591 307, Karnataka, India
Date of Birth/Age :	05.12.1958
Date of Appointment :	31.08.2006
DIN No. :	03245365
Name :	Mr. Venu Kotreswar Rao Dabeer
Designation :	Director
Address :	2 Shivdarshan Society, Sakar School Lane, New C.G. Road Chandkheda, Gandhinagar – 382424, Gujarat, India
Date of Birth/Age :	06.04.1967
Date of Appointment :	21.09.2010
DIN No. :	03339990
Name :	Ms. Minal Madhav Bapat
Designation :	Director
Address :	964, Gaonbhag, Sangli, Maharashtra - 416416, India
Date of Birth/Age :	12.04.1955
Date of Appointment :	21.09.2010
DIN No. :	03343399

KEY EXECUTIVES

Name :	Mr. Ram Patil
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Smita Omprakash Malu	38700
Ranjana Omprakash Malu	34800
Geeta Narayan Malu	14100
Shrikrishna Desai	3000
Pranvallabh C. Motla	6000
P. Hari Krishna Bhatt	1500
Manik Dwarkadas Rupchandani	6000
Surekha R. Zawar	156000
Leena Ramakant Malu	36000
Natwarlal Shriniwas Malu	30
Gulabchand Mangilal Malu	60
Narayan Mangilal Malu	229560
Nandkishore Mangilal Malu	60
Anuradha Parab	30
Kamalakar Bajarang Mhetre	30
Swati Prabhakar Mujumdar	30
Ramakant Narayan Malu	1509720
Omprakash Narayan Malu	1914030
Pramod Narayan Malu	1571580
Pranesh Malharrao Kulkarni	1500
Shankarayya Gurusitldayya Mathpati	1500
Babulal Mammadgous Makandar	1500
Ashok shrishallappa Koti	3000
Ramchandra Venkatesh Mudebihal	1500
Bhalchandra Dnyaneshwar Mandlik	1500
Chandrashekar Shivappa Akki	1500
Sunita Virupaxappa Mural	1500
shakuntala Channnamakkappa Chobari	3000
Haribhau Bhagwanrao Naraguddi	3000
Basappa mallappa karadi	3000
Guruppa Veerabadrappa Maratad	3000
Nagappa Lakkappa Kannur	3000
Indira Shivanand Hiremath	3000
Laxmiprasad Veerswami Mittapally	4500
Chandrashekhar Guruling Shastri	4500
Madhav Raghunath Desai	3000
Jayashree Tukappa Ramdurg	3000
Mahableshwar Guruppa Maratad	3000
Dnyashwar Kallappa Sutar	3000
Anilkumar Ratanlalji Pincha	600
Shashikala V Sheeri	1500
Janardhan P. Shriniwas Murthy	600
D. Uttamchand	600
Sushilkumar VSH Uttamchand	600
D. dalichand Deepchand	600
S. Subhash Chand	600
Vishal Mahaveerchand Jain	600
S. Kalyana Kumar V. O. Subramani	600
Sucheta Gundurao Padaki	600
Ajaypal Kapoor Singh	1500
Basavraj Mallappa Gani	1500

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	92.00
Other	08.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Plastic Products.

Products :

Products Description	Item Code No.
Plastic	3924

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

500 (Approximately)

Bankers :

· The Karnataka Bank Limited,

P. B. No. 599, Mahaveera Circle, Kankanady Mangalore – 575 002, Karnataka, India

· State Bank of India,

Krishna Valley Complex, MIDC, Kupwad, Sangli, Maharashtra, India

· State Bank of India,

Industrial Finance Branch, Tara Chambers, Wakdewadi, Pune, Maharashtra, India

· Shamrao Vithal Co-operative Bank Limited

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee Term Loans Banks Secured	191.817	136.646
Total	191.817	136.646
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Other Debts Unsecured	39.802	13.465
Total	39.802	13.465

Banking Relations :	--
Auditors :
Name :	T. C. Shah and Company Chartered Accountants
Address :	127/2, Next to Kanti Shah Hospital, Rockel Lane, Vakharbhag, Sangli, Maharashtra, India
Tel No.:	91-233-2623625/ 2622536
Email :	san_tcco@sancharnet.in
PAN :	AKJPS4349B
Associates/Subsidiaries :	· Samruddhi Value Marketing Limited Address : J – 98, MIDC, Kupwad, Sangli – 416 436, Maharashtra, India Line of Business : Trading

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
8500000	Equity Shares	Rs.10/- each	Rs.85.000 Millions
1500000	Preference Shares	Rs.10/- each	Rs.15.000 Millions
	Total		Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5932530	Equity Shares	Rs.10/- each	Rs.59.325 Millions
1500000	Preference Shares	Rs.10/- each	Rs.15.000 Millions
	Total		Rs.74.325 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		74.325	74.325	74.325
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		150.778	107.729	71.348
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		225.103	182.054	145.673
LOAN FUNDS
1] Secured Loans		191.817	136.646	269.728
2] Unsecured Loans		39.802	13.465	19.089
TOTAL BORROWING		231.619	150.111	288.817
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
Other Liabilities		164.989	118.453	0.000
TOTAL		621.711	450.618	434.490
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		216.053	138.713	116.989
Capital work-in-progress		13.610	0.000	10.679
INVESTMENT		0.270	0.310	2.266
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	223.540	176.386	175.451
	Sundry Debtors	47.713	48.092	61.215
	Cash & Bank Balances	6.975	3.840	5.197
	Other Current Assets	0.000	0.000	11.184
	Loans & Advances	112.815	82.538	93.070
Total Current Assets		391.043	310.856	346.117
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.000	0.000	5.706
	Other Current Liabilities	0.000	0.000	28.628
	Provisions	0.000	0.000	7.987
Total Current Liabilities		0.000	0.000	42.321
Net Current Assets		391.043	310.856	303.796
MISCELLANEOUS EXPENSES		0.735	0.739	0.760
TOTAL		621.711	450.618	434.490

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	885.971	765.369	582.370
		Other Income	2.911	6.251	10.218
		TOTAL (A)	888.882	771.620	592.588
Less	EXPENSES
		Material Consumed	567.670	501.388
		Manufacturing Expenses	69.894	55.560
		Employee Related Expenses	24.784	19.569
		Administrative, Selling and Other Expenses	116.147	93.487	508.891
		Research and Development Expenses	0.020	0.012
		Exceptional Items	0.000	(0.142)
		Prior Period Items	0.719	0.271
		TOTAL (B)	779.234	670.145	508.891
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		109.648	101.475	83.697
Less	FINANCIAL EXPENSES (D)		38.826	42.036	31.846
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		70.822	59.439	51.851
Less/ Add	DEPRECIATION/ AMORTISATION (F)		27.053	21.550	22.770
	PROFIT BEFORE TAX (E-F) (G)		43.769	37.889	29.081
Less	TAX (H)		0.845	1.951	0.457
	PROFIT AFTER TAX (G-H) (I)		42.924	35.938	28.624
	Earnings Per Share (Rs.)		7.20	6.03	4.66

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.83	4.66	4.83
Net Profit Margin (PBT/Sales)	(%)	4.94	4.95	4.99
Return on Total Assets (PBT/Total Assets}	(%)	7.21	8.43	6.28
Return on Investment (ROI) (PBT/Networth)		0.19	0.21	0.20
Debt Equity Ratio (Total Liability/Networth)		1.03	0.82	2.27
Current Ratio (Current Asset/Current Liability)		0.00	0.00	8.18

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Creditors – Capital Goods	0.000	0.000	1.928
Creditors – Expenses	0.000	0.000	2.171
Creditors – Master Batches	0.000	0.000	1.810
Creditors – Packing Materials	0.000	0.000	1.590
Creditors – Raw Materials	0.000	0.000	20.065
Creditors – Transport	0.000	0.000	2.003
Creditors – for Other Goods	0.000	0.000	2.644
Creditors – Cheque Issued	0.000	0.000	2.457
Creditors – Bills payable / letter of credit	0.000	0.000	3.998
Debit balance with Creditors	0.000	0.000	[32.960]
Total	0.000	0.000	5.706

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	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	No
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	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

FORM 8

Corporate identity number of the company	U24119PN1992PLC068458
Name of the company	SAMRUDDHI INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	J - 98, MIDC, Kupwad, Sangli – 416436, Maharashtra, India E-Mail : account@samruddhi.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10049424
Type of charge	§ Immovable property § Book debts Movable property (not being pledge)
Particular of charge holder	The Karnataka Bank Limited, Registered and Head Office, Post Box No.599, Mahaveera Circle, Kankanady Mangalore - 575002, Karnataka , India E-Mail : info@ktkbank.com
Nature of instrument creating charge	Application Cum Agreement for Letter of Credit.
Date of instrument Creating the charge	02.09.2011
Amount secured by the charge	Rs.449.700 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest UBD - LC/NLC - Base Rate + 3.25% p.a. Presently At 12 % p.a. Terms of repayment UBD - LC/NC - At Sight/ On Due Date Margin : UBD - Nil Extent and operation of the charge As per application cum agreement for letter of credit
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Immovable and Movable Property
Date of instrument modifying the charge	12.10.2010
Particulars of the present modification	L.C. limit extended to Rs.50.000 Millions by the present modification.

FIXED ASSETS:

· Land and Buildings

· Plant and Machinery

· Electrical Installation

· Patterns and Moulds

· Vehicles

· Patents and Trademarks

· 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.53.72
UK Pound	1	Rs.86.98
Euro	1	Rs.70.65

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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		46

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.