MIRA INFORM REPORT

Report Date :

02.11.2012

IDENTIFICATION DETAILS

Name :	SHIRDI INDUSTRIES LIMITED
Registered Office :	'A' Wing, Mhatre Pen Building, 2^nd Floor, Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.12.1993
Com. Reg. No.:	11-075613
Capital Investment / Paid-up Capital :	Rs.173.066 Millions
CIN No.: [Company Identification No.]	U51900MH1993PLC075613
TAN No.: [Tax Deduction & Collection Account No.]	MUMS26935G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of MDF Board, Particle Board, prelaminated Board, etc
No. of Employees :	400 (Approximately)

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 11000000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a part of the Asia Group. It is an established company having moderate track. There appears huge external borrowings recorded by the company. Even though the subject has achieved healthy growth in its sale turnover during 2011, it has incurred heavy loss from its operations. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	(Term Loan) B+
Rating Explanation	High risk of default
Date	16.09.2011

Rating Agency Name	CRISIL
Rating	(Cash Credit) B+
Rating Explanation	High risk of default
Date	16.09.2011

Rating Agency Name	CRISIL
Rating	(Long Term Bank Loan Facility) B+
Rating Explanation	High risk of default
Date	16.09.2011

Rating Agency Name	CRISIL
Rating	(Letter of Credit) A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	16.09.2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered/ Head Office :	'A' Wing, Mhatre Pen Building, 2nd Floor, Senapati Bapat Marg, Dadar (West), Mumbai - 400028, Maharashtra, India
Tel. No.:	91-22-24318550
Fax No.:	91-22-24372200
E-Mail :	ozahiren@asisindia.com corporate@asisindia.com corporate@eximkey.com sraban.karan@asisindia.com
Website :	www.asisindia.com
Area :	2000 Sq.fts
Location :	Owned
Central Marketing Office :	18, Prime Centre, 2nd Floor, S V Road, Santacruz (West), Mumbai – 400054, Maharashtra, India
Tel. No.:	91-22-67101111/67101133
Fax No.:	91-22-67101122
E-Mail :	marketing@asisindia.com
Website :	http://www.asisindia.com
Factory 1 :	Plot No. 1, Sector 9, IIE, Sidcul, Pant Nagar, District U.S. Nagar, Uttarakhand, India
Factory 2 :	Bhawanpur, District - Haridwar, Uttarakhand, India
Factory 3 :	SF No. 170/2, Annur, District - Coimbatore, Tamilnadu, India
Factory 4 :	JSR Complex, E2/1, Bhiwandi, District - Thane, Maharashtra, India
Branch Office :	Located At: · Kolkata · Bhubaneshwar · Pune · Nagpur · Guwahati · Ahmedabad · Mumbai · New Delhi · Lucknow · Chennai · Hyderabad · Indore · Chandigarh · Uttaranchal · Jaipur · Bangalore

DIRECTORS

(AS ON 14.05.2012)

Name :

Mr. Rakeshkumar Hariram Agarwal

Designation :

Managing Director

Address :

Plot No. 326, Matrusmruti, New Linking Road, Khar (West), Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

10.06.1963

Date of Appointment :

01.04.2008

DIN No.:

00244328

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	U67120MH1992PTC067214	LABH CAPITAL SERVICES PRIVATE LIMITED	Director	10/02/1993	10/02/1993	-	Active	NO
2	U51900MH1993PLC075613	SHIRDI INDUSTRIES LIMITED	Managing director	01/04/2008	15/12/1993	-	Active	NO
3	U45200MH1995PTC091140	REPUTE PROPERTIES PRIVATE LIMITED	Director	07/08/1995	07/08/1995	-	Active	NO
4	U74900MH1995PTC091199	EMECA CONSULTANCY SERVICES PRIVATE LIMITED	Director	08/08/1995	08/08/1995	07/04/2007	Active	NO
5	U51900MH1994PLC077469	ASIS LOGISTICS LIMITED	Director	20/04/1998	20/04/1998	-	Active	NO
6	U51900MH1995PLC090410	ASIS GLOBAL LIMITED	Director	01/05/1998	01/05/1998	-	Active	NO
7	U72100MH2000PLC128709	ASIS INDUSTRIES LIMITED	Director	14/09/2000	14/09/2000	-	Active	NO
8	U20296MH1995PTC085715	ASIS LIVING IN STYLE PRIVATE LIMITED	Director	08/11/2000	08/11/2000	-	Active	NO
9	L99999MH1982PLC026191	PRADEEP METALS LIMITED	Director	06/09/2012	31/10/2001	-	Active	NO
10	U01110MH2004PLC144347	POONA PEARLS BOITEK LIMITED	Director	04/02/2004	04/02/2004	01/02/2010	Active	NO
11	U74140MH2007PTC169689	CHRIST CONSULTANCY PRIVATE LIMITED	Director	11/07/2007	11/07/2007	11/07/2007	Active	NO
12	U74990DL2005PTC135152	ASIS PLYWOOD PRIVATE LIMITED	Director	30/09/2011	10/09/2010	-	Active	NO

Name :

Mr. Mukesh Hariram Bansal

Designation :

Director

Address :

Plot No. 326, Matrusmruti, New Linking Road, Khar (West), Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

29.09.1961

Date of Appointment :

16.11.1996

DIN No.:

00244474

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	U67120MH1992PTC067214	LABH CAPITAL SERVICES PRIVATE LIMITED	Director	15/06/1992	15/06/1992	-	Active	NO
2	U74900MH1995PTC091199	EMECA CONSULTANCY SERVICES PRIVATE LIMITED	Director	08/08/1995	08/08/1995	07/04/2007	Active	NO
3	U70102MH1995PTC091436	MANHAR PROPERTIES PRIVATE LIMITED	Director	08/08/1995	08/08/1995	-	Active	NO
4	U51900MH1993PLC075613	SHIRDI INDUSTRIES LIMITED	Director	16/11/1996	16/11/1996	-	Active	NO
5	U63090MH1997PTC110233	ASIS OVERSEAS (C&F) PRIVATE LIMITED	Director	21/08/1997	21/08/1997	-	Active	NO
6	U20296MH1995PTC085715	ASIS LIVING IN STYLE PRIVATE LIMITED	Director	08/11/2000	08/11/2000	-	Active	NO
7	U72100MH2000PLC128709	ASIS INDUSTRIES LIMITED	Director	20/11/2000	20/11/2000	-	Active	NO
8	U51900MH1994PLC077469	ASIS LOGISTICS LIMITED	Director	20/11/2000	20/11/2000	-	Active	NO
9	U67190MH2007PTC169626	SHARVEN CONSULTANCY PRIVATE LIMITED	Director	30/09/2011	11/07/2007	-	Active	NO

Name :

Mr. Sarvesh Hariram Bansal

Designation :

Whole Time Director

Address :

Plot No. 326, Matrusmruti, New Linking Road, Khar (West), Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

30.05.1976

Date of Appointment :

01.04.2008

DIN No. :

00244881

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	U65923MH1995PTC089183	DYTEL FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	06/06/1995	06/06/1995	-	Active	NO
2	U65921MH1995PTC089163	RACHANA FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	24/07/1995	24/07/1995	-	Active	NO
3	U63090MH1997PTC110233	ASIS OVERSEAS (C&F) PRIVATE LIMITED	Director	10/08/1999	10/08/1999	-	Active	NO
4	U51900MH1993PLC075613	SHIRDI INDUSTRIES LIMITED	Whole-time director	01/04/2008	30/05/2001	-	Active	NO
5	U72100MH2000PLC128709	ASIS INDUSTRIES LIMITED	Director	21/10/2002	21/10/2002	-	Active	NO
6	U51900MH1995PLC090410	ASIS GLOBAL LIMITED	Director	22/10/2003	22/10/2003	-	Active	NO
7	U01110MH2004PLC144347	POONA PEARLS BOITEK LIMITED	Director	04/02/2004	04/02/2004	01/02/2010	Active	NO
8	U51900MH1994PLC077469	ASIS LOGISTICS LIMITED	Director	12/01/2005	12/01/2005	-	Active	NO
9	U74990DL2005PTC135152	ASIS PLYWOOD PRIVATE LIMITED	Director	30/09/2011	10/09/2010	-	Active	NO

Name :

Mr. Hariram Budhram Agarwal

Designation :

Director

Address :

Plot No. 326, Matrusmruti, New Linking Road, Khar (West), Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

03.01.1937

Date of Appointment :

16.11.1996

DIN No. :

00245032

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	U65923MH1995PTC089183	DYTEL FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	06/06/1995	06/06/1995	-	Active	NO
2	U65923MH1995PTC090141	SAJAL FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	24/07/1995	24/07/1995	23/03/2009	Active	NO
3	U65920MH1995PTC092097	PRATIBHA FINANCE AND INVESTMENT PRIVATE LIMITED	Director	24/08/1995	24/08/1995	-	Active	NO
4	U51900MH1993PLC075613	SHIRDI INDUSTRIES LIMITED	Director	16/11/1996	16/11/1996	-	Active	NO
5	U72100MH2000PLC128709	ASIS INDUSTRIES LIMITED	Director	21/10/2002	21/10/2002	-	Active	NO
6	U01110MH2004PLC144347	POONA PEARLS BOITEK LIMITED	Director	04/02/2004	04/02/2004	01/02/2010	Active	NO

Name :

Mr. Jasbirsingh Bhullar Sardar Chanchal Singh

Designation :

Director

Address :

703, Vandana Apartments, Jan Kalyan Nagar, Malvani, Malad (West), Mumbai – 400098, Maharashtra, India

Date of Birth/Age :

04.05.1952

Date of Appointment :

24.10.2003

DIN No. :

00271251

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	U17120MH1990PTC058804	ANIL CLOTH MILLS PRIVATE LIMITED	Director	05/11/1990	05/11/1990	02/07/2012	Active	NO
2	U51900MH1993PLC075613	SHIRDI INDUSTRIES LIMITED	Director	24/10/2003	24/10/2003	-	Active	NO
3	U74140MH1992PTC066562	GREEN VALLEY HOMES DEVELOPERS PRIVATE LIMITED	Director	04/04/2006	04/04/2006	01/10/2011	Active	NO

Name :

Mr. Sujay Nitin Kantawala

Designation :

Director

Address :

74, Dariya Mahal – li 80, Napeansea Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

02.04.1967

Date of Appointment :

26.07.2010

DIN No. :

00271102

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	U51900MH1993PLC075613	SHIRDI INDUSTRIES LIMITED	Director	26/07/2010	23/06/2007	-	Active	NO
2	L36911MH1989PLC051577	FLAWLESS DIAMOND (INDIA) LIMITED	Additional director	18/10/2007	18/10/2007	20/11/2010	Active	NO

Name :

Mr. Mahabir Prasad Agrawall

Designation :

Director

Address :

26, Palm Country, Golconda Post, Darga Hussain Shawali, Toli Chowki, Hyderabad – 500018, Andhra Pradesh, India

Date of Birth/Age :

09.05.1953

Date of Appointment :

15.03.2010

DIN No. :

00040364

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	L65910AP1984PLC004862	KAVERI PROJECTS LTD	Director	09/11/1984	09/11/1984	-	Active	NO
2	U70102AP1995PLC022235	AMBIENCE PROPERTIES LIMITED	Whole-time director	01/09/2006	18/11/1996	-	Active	NO
3	U45200AP1991PTC012171	THEME AMBIENCE RESORTS AND HOTELS PRIVATE LIMITED	Director	22/06/1997	22/06/1997	15/09/2010	Active	NO
4	U15142WB1999PTC089477	SHREE MAHESH EDIBLE PRODUCTS PVT LTD	Director	24/05/1999	24/05/1999	-	Active	NO
5	U55101AP1999PTC032502	AMBIENCE RESORTS AND MOTELS PRIVATE LIMITED	Director	15/09/1999	15/09/1999	-	Active	NO
6	U24239AP2000PTC035396	AR PHARMACARE PRIVATE LIMITED	Director	04/10/2000	04/10/2000	-	Active	NO
7	U45201AP1995PTC019214	VASUNDHARA CONSTRUCTIONS PRIVATE LIMITED	Director	31/03/2001	31/03/2001	-	Active	NO
8	U45209AP2002PTC038846	SHUBHAM TELECOM PRIVATE LIMITED	Director	24/04/2002	24/04/2002	-	Active	NO
9	U51900MH1985PTC036590	NISHANT AGENCIES PRIVATE LIMITED	Director	01/07/2002	01/07/2002	13/10/2011	Active	NO
10	U45200AP1986PTC006563	VISHAL DEVELOPERS & BUILDERS PRIVATE LIMITED	Director	31/03/2004	31/03/2004	-	Active	NO
11	U45200AP2004PTC043098	KONCEPT NIRMAAN PRIVATE LIMITED	Director	22/04/2004	22/04/2004	-	Active	NO
12	U70109WB1995PTC071661	GANDEVA PROPERTIES PVT.LTD.	Director	02/07/2004	02/07/2004	-	Active	NO
13	U45200AP1995PTC021803	FORTUNE CONSTRUCTIONS PRIVATE LIMITED	Whole-time director	01/10/2007	12/07/2004	-	Active	NO
14	U45200AP2005PTC045924	PLATINUM PROPERTIES PRIVATE LIMITED	Director	19/04/2005	19/04/2005	-	Active	NO
15	U72200AP2005PLC046637	SONAR SHELTERS LIMITED	Managing director	23/06/2005	23/06/2005	-	Active	NO
16	U70102AP2005PTC045173	UNIVERSAL REALTORS PRIVATE LIMITED	Whole-time director	01/04/2012	30/06/2005	-	Active	NO
17	U70102AP2005PTC047122	RADIANT DEVELOPERS PRIVATE LIMITED	Director	12/08/2005	12/08/2005	-	Active	NO
18	U40103WB1985PLC038515	AVANT GARDE RE-ENERGY LIMITED	Director	22/09/2005	22/09/2005	-	Active	NO
19	L74210WB1964PLC026284	TANTIA CONSTRUCTIONS LTD	Director	04/11/2005	04/11/2005	-	Active	NO
20	U45200AP2006PTC049729	OMEGA SHELTERS PRIVATE LIMITED	Director	06/04/2006	06/04/2006	-	Active	NO
21	U45201AP2006PTC050132	TRIDENT SHELTERS PRIVATE LIMITED	Director	16/05/2006	16/05/2006	-	Active	NO
22	U70102AP2006PTC051232	GLOBAL SHELTERS PRIVATE LIMITED	Director	29/09/2006	29/09/2006	-	Active	NO
23	U45200AP2007PTC052557	PYRAMID SHELTERS PRIVATE LIMITED	Director	31/01/2007	31/01/2007	-	Active	NO
24	U45200AP2008PTC057120	CELEBRITY SHELTERS PRIVATE LIMITED	Director	11/01/2008	11/01/2008	-	Active	NO
25	U45200AP2008PTC057252	SWIFT HOMES PRIVATE LIMITED	Director	21/01/2008	21/01/2008	-	Active	NO
26	U55100AP2008PTC059472	CELEBRITY HOSPITALITY PRIVATE LIMITED	Director	03/06/2008	03/06/2008	-	Active	NO
27	U70102AP2007PTC053937	GM INFRA VENTURES PRIVATE LIMITED	Alternate director	15/09/2008	15/09/2008	-	Active	NO
28	U55101AP2009PTC063757	ESPIRIT HOTELS PRIVATE LIMITED	Director	26/05/2009	26/05/2009	-	Active	NO
29	U51900MH1993PLC075613	SHIRDI INDUSTRIES LIMITED	Director	15/03/2010	15/03/2010	-	Active	NO

Name :

Mr. Bankuru Venkateswara Rao

Designation :

Whole Time Director

Address :

HIG 128, 1^st Floor, Bharat Nagar Colony, Hyderabad – 500018, Andhra Pradesh, India

Date of Birth/Age :

31.07.1959

Date of Appointment :

30.09.2009

DIN No. :

02859677

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	U51900MH1993PLC075613	SHIRDI INDUSTRIES LIMITED	Whole-time director	30/09/2009	30/09/2009	Active	NO
2	U74990DL2005PTC135152	ASIS PLYWOOD PRIVATE LIMITED	Director	30/09/2011	15/03/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Sraban Kumar Karan
Designation :	Company Secretary
Address :	Flat No.1502, 15^th Floor, Building No. T3, Daffodil, Soham Manpada, Ghodbunder Road, Thane (West), Thane – 400607, Maharashtra, India
Date of Birth/Age :	15.04.1977
Date of Appointment :	27.12.2010
PAN No. :	BCIPK8278B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 14.05.2012)

Names of Shareholders	No. of Shares
Rakesh Hariram Agrawal	1325440
Anita Mukesh Bansal	558800
Rukamani Hariram Agarwal	300250
Mukesh Bansal	1293690
Anu Agarwal	734630
Sarvesh Hariram Agarwal	711770
Sajal Finance and investment Private Limited – India	725000
Rachana Finance and investment Private Limited – India	965000
Manhar Properties Private Limited – India	49000
Pratibha Finance and investment Private Limited – India	185000
Dytel Finance and Investment Private Limited – India	180000
Hariram Agarwal	406200
Asha Sarvesh Agarwal	258200
Asis Industries Private Limited – India	8290000
Labh Capital Services Private Limited – India	1323600
Total	17306580

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Bodies corporate	67.71
Directors or relatives of Directors	32.29
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of MDF Board, Particle Board, prelaminated Board, etc

Products :

Products Description	Item Code No.
Plain and Pre-laminated Medium Density Fiber Board	4411
Plain and Pre-laminated Particle Board	4410
High Pressure Laminates	4823

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Plain and Pre-laminated Boards*	SqM	50881000	50881000	19082357
Decorative Laminates	SqM	18800000	18800000	11528789
Furniture (including flooring, furniture components, Door, Door Skins and others)		--	--	13647419

NOTE:

* The capacity includes 1,01,71,690 SQ MET of pre-lamination also, for which plain boards manufactured by the Company are also used for captive consumption.

GENERAL INFORMATION

No. of Employees :

400 (Approximately)

Bankers :

· Union Bank of India - Lead Bank of UBI Bank Consortium

Industrial Finance Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai – 400023, Maharashtra, India

· Dena Bank

43/1/1, Gaba Complex, Kashipur Road, Rudrapur, Udham Singh Nagar – 263153, Uttarakhand, India

· UCO Bank

· Bank of India

· Indian Bank

· Standard Chartered Bank

· State Bank of India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans secured
Rupee term loans banks secured	1226.929	1243.623
Working capital loans secured
Working capital loans banks secured	1357.974	877.017
Loans taken for fixed assets secured
Loans taken for vehicles secured	5.073	2.274
Interest accrued due secured loans
Interest accrued due other debt secured	15.689	8.333
Total	2605.665	2131.247
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans unsecured
Rupee term loans banks unsecured	233.683	156.776
Rupee term loans others unsecured	66.310	53.567
Total	299.993	210.343

Banking Relations :	--
Auditors :
Name :	Haribhakti and Company Chartered Accountant
Address :	701, Leela Business Park Andheri Kurla Rd Andheri (East) Mumbai – 400059, Maharashtra, India
PAN No.:	AAAFH2010F
Enterprises significantly influenced by key management personnel or their relatives :	· Asis Global Limited · Asis Logistic Limited · Asis Overseas (C and F) Private Limited · Asis Plywood Private Limited · Dytel Finance and Investment Private Limited · Labh Capital Service Private Limited · Manhar Properties Private Limited · Poona Pearls Biotek Limited · Pratibha Finance and Investment Private Limited · Rachna Finance and Investment Private Limited · Repute Properties Private Limited · Swanbay Technologies Private Limited · Asis Industries Private Limited

CAPITAL STRUCTURE

(AS ON 14.05.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17306580	Equity Shares	Rs.10/- each	Rs.173.066 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		173.066	173.066	177.506
2] Share Application Money		0000	0.000	0.000
3] Reserves & Surplus		2510.692	904.839	640.365
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2683.758	1077.905	817.871
LOAN FUNDS
1] Secured Loans		2605.665	2131.247	1950.563
2] Unsecured Loans		299.993	210.343	77.430
TOTAL BORROWING		2905.658	2341.590	2027.993
DEFERRED TAX LIABILITIES		83.800	66.013	46.033
TOTAL		5673.216	3485.508	2891.897
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3076.558	1763.603	1763.842
Capital work-in-progress		88.404	12.220	24.035
INVESTMENT		0.000	31.892	124.076
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1240.186	651.027	587.810
	Sundry Debtors	1377.851	1165.826	554.356
	Cash & Bank Balances	82.279	49.112	23.954
	Other Current Assets	0.000	1.745	0.000
	Loans & Advances	481.242	290.488	251.707
Total Current Assets		3181.558	2158.198	1417.827
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	567.494	415.772	375.309
	Other Current Liabilities	40.390	10.482	20.820
	Provisions	100.135	65.448	41.754
Total Current Liabilities		708.019	491.702	437.883
Net Current Assets		2473.539	1666.496	979.944
MISCELLANEOUS EXPENSES		34.715	11.297	0.000
TOTAL		5673.216	3485.508	2891.897

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	4008.324	2606.196	2157.992
		Other Income	44.983	27.892	13.361
		TOTAL (A)	4053.307	2634.088	2171.353
Less	EXPENSES
		Purchase of finished goods	0.000	0.000	556.358
		Raw material and packing material consumed	4333.881	1942.327	718.127
		Decrease/(increase) in inventories	0.000	0.000	(101.892)
		Personnel expenses	0.000	0.000	93.924
		Other manufacturing, administrative, selling	173.135	127.157	395.049
		Employee Related Expenses	114.090	94.852	0.000
		Manufacturing service Cost	337.112	299.621	0.000
		Prior Period Items	(1.008)	17.372	0.000
		TOTAL (B)	4957.210	2481.329	1661.566
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(903.903)	152.759	509.787
Less	FINANCIAL EXPENSES (D)		303.082	248.923	197.700
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1206.985)	(96.164)	312.087
Less/ Add	DEPRECIATION/ AMORTISATION (F)		198.340	184.329	142.199
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(1405.325)	(280.493)	169.888
Less	TAX (H)		51.260	20.053	(2.961)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(1456.584)	(300.546)	172.849
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	199.668
	BALANCE CARRIED TO THE B/S		965.044	632.550	372.517
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	199.165	96.491	97.308
	TOTAL EARNINGS		199.165	96.491	97.308
	IMPORTS
		Raw Materials	248.374	155.341	98.626
		Finished Goods	41.780	16.253	0.974
		Capital Goods	42.363	6.605	41.725
	TOTAL IMPORTS		332.517	178.199	141.325
	Earnings Per Share (Rs.)
	- Basic		19.21	15.03	9.99
	- Diluted		19.21	15.03	9.99

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(35.94)	(11.41)	7.96
Net Profit Margin (PBT/Sales)	(%)	(35.06)	(10.76)	7.87
Return on Total Assets (PBT/Total Assets}	(%)	(22.46)	(7.15)	5.34
Return on Investment (ROI) (PBT/Networth)		(0.52)	(0.26)	0.21
Debt Equity Ratio (Total Liability/Networth)		1.38	2.69	3.01
Current Ratio (Current Asset/Current Liability)		4.49	4.39	3.24

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
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	No
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

COMPANY’S PERFORMANCE:

The Company has achieved turnover of Rs. 4053.300 millions for the period 1st April 2010 to 31st March 2011 as against the turnover of Rs. 2634.800 millions for the year ended 31st March 2010 representing growth of 54%.

CONTINGENT LIABILITIES NOT PROVIDED FOR

Particulars	31.03.2011 (Rs. In Millions)
a) Corporate Guarantees given on behalf of others.	59.880
b) Claims against the company not acknowledged as debt	0.552
Total	91.6631

FORM 8

This form is for	Creation of charge
Corporate identity number of the company	U51900MH1993PLC075613
Name of the company	SHIRDI INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	'A' Wing, Mhatre Pen Building, 2^nd Floor, Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India sraban.karan@asisindia.com
Type of charge	Others: Guarantee
Particular of charge holder	Dena Bank 43/1/1, Gaba Complex, Kashipur Road, Rudrapur, Udham Singh Nagr, Uttarkhand – 263153, India
Email	rudrap@denabank.co.in
Nature of description of the instrument creating or modifying the charge	Letter of confirmation of guarantee by guarantor Letter of comfort for bills discounting facilities extended to vendor(Khan Timber) Letter of Guarantee
Date of instrument Creating the charge	13.04.2012
Amount secured by the charge	Rs.40.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Nil Terms of Repayment Nil Margin Nil Extent and Operation of the charge Shirdi Industries Limited will undertake all efforts to ensure that Khan Timber availing the Bills Discounting Facilities will comply with all the terms and conditions of the Bank as per the sanction letter executed and accepted. Others Shirdi Industries Limited will not be responsible for any obligations, duties to be performed by Khan Timber as an account holder of Dena Bank, Rudrapur, credit extended by the said Bank or bills presented by Khan Timber with the consent/guarantee of any other firm/company without their written consent.
Short particulars of the property charged	Nil

FIXED ASSETS:

· Land Freehold

· Land Leasehold

· Leasehold Improvements

· Building

· Plant and Machinery

· Vehicles

· Furniture and Fixtures

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.54.12
UK Pound	1	Rs.87.08
Euro	1	Rs.70.15

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		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.