MIRA INFORM REPORT

Report Date :

29.10.2012

IDENTIFICATION DETAILS

Name :	MONOCHEM GRAPHICS PRIVATE LIMITED
Registered Office :	A-25, Mayapuri Industrial Area, Phase I, New Delhi - 110064
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.07.1996
Com. Reg. No.:	55-080711
Capital Investment / Paid-up Capital :	Rs.0.900 Million
CIN No.: [Company Identification No.]	U74899DL1996PTC080711
TAN No.: [Tax Deduction & Collection Account No.]	DELM05370B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Metal Labels, Graphics Stickers and Plastic and Moulded Components.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (58)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 2800000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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 – 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

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 Office :	A-25, Mayapuri Industrial Area, Phase I, New Delhi-110064, Delhi, India
Tel. No.:	91-11-28116441 / 5842 / 7632 / 4633/ 41451520
Fax No.:	91-11-28117278
E-Mail :	monochem@gmail.com monochem@satyam.net.in info@bac.firm.in
Website :	http://www.monochem.net.in

DIRECTORS

As on: 30.09.2011

Name :

Mr. Manmohan

Designation :

Director

Address :

F-38. Rajouri Garden, New Delhi-110027, India

Date of Birth/Age :

13.06.1953

Date of Appointment :

26.07.1996

DIN No.:

00062672

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	U74899DL1996PTC080711	MONOCHEM GRAPHICS PRIVATE LIMITED	Director	26/07/1996	26/07/1996	-	Active	NO
2	U22219MH2001NPL133077	SCREEN PRINTERS ASSOCIATION OF INDIA	Director	24/09/2007	24/09/2007	30/09/2009	Active	NO

Name :

Mrs. Madhu Arora

Designation :

Director

Address :

F-38. Rajouri Garden, New Delhi-110027, India

Date of Birth/Age :

14.09.1956

Date of Appointment :

26.07.1996

DIN No.:

00062688

Date of Cessation :

15.05.2012

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Manmohan	60000
Madhu Arora	30000
Total	90000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Metal Labels, Graphics Stickers and Plastic and Moulded Components.

PRODUCTION STATUS (As on: 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Plastic Printed Stickers	Nos.	35000000	33486058
Name Plates	Nos.	8000000	7697448

GENERAL INFORMATION

Suppliers :

· Adeshwar Meditex Private Limited

· Advance Tapes Private Limited

· Ajit industries Private Limited

· Amrit Die Makers

· Anand Insulation Private Limited

· Apex Mdevision Industry

· Brother Plastic

· B.K. Die Makers

· Babbar Sales Corporation

· C.K Mahajan

· Delhi Commercial Agencies

· Devoir Deals

· DHL Express (India) Private Limited

· Deepjyoti Advertisers

· Fujifilm Sericol India Private Limited

· Fedral Express Corporation

· Formacators

· Gandhi Store (India)

· Cyan Tele Communications

· Golden Press services

· Gold Blumen

· Galliard Freight Solutions Private Limited

· Jai Ganesh Industries

· Kawal Jeet Singh

· Krishna Agencies

· Leo Industries

· Lintec Corporation

· Manchandia Brother

· Omega Marketing Private Limited

· Pandit Chemicals

· Paper Point

· Punjab Febro Controls Private Limited

Customers :

· Action Construction Equipment

· Ahuja Radios

· Art Auto Private Limited

· Honda Motorcycle and Scooter

· Honda Siel Cars India Limited

· Horizon Industrial Products

· Hero Honda Motors Limited

· Himachal Energy Private Limited

· HPL Electric and Power Private Limited

· Honda motor India (Private Limited (HMS) C. Noida

· lndiofarm Tractors and Motors Limited

· Jain Diecaster Private Limited

· JCB India Limited (FED)

· JCB India Limited Heavyline (I)

· Maruti Suzuki India Limited (M)

· Maruti Suzuki India Limited (G)

· Moriroku UT India Private Limited

· M and B Footwear Private Limited

· Minda Emer Technologies Limited

· Nissan Motor manufacturing (UK)

· Nissan Motor Iberica, S.A.

· Whirlpool of India Limited (FED)

· Whirlpool of India Limited (PON)

· India Yamaha Motor Private Limited (MSD)

· India Yamaha Motor Private Limited

No. of Employees :

Not Available

Bankers :

· lClCl Bank Limited

· Punjab National Bank

· Standard Chartered Bank

· Federal Bank

· South Indian Bank

· Syndicate Bank

· SCB

· Allahabad Bank

· Citi Bank

· HDFC Bank Limited

· Axis Bank Limited

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
R. C. Arora	0.180	0.180
Sukhminder Singh	0.120	0.120
S. P. Thapar (HUF)	0.300	0.300
Manmohan	0.064	1.076
Manmohan (HUF) Loan	0.000	0.600
Neha Arora	0.043	0.476
Varun Arora	0.528	0.574
Madhu Arora	3.500	3.500
Leo Industries	6.000	10.000
The Dot	2.800	3.800
Total	13.535	20.626

Banking Relations :	--
Auditors :
Name :	B. Aggarwal and Company Chartered Accountants
Address :	8/19, Smile Chamber, W.E.A. Karol Bagh, New Delhi – 110005, India
Tel. No.:	91-11-41451520
Mobile No.:	91-11-28751685
E-Mail :	info@bac.firm.in
PAN No.:	AAAFB3603N
Related Party :	· Leo Industries · The Dot

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
90000	Equity Shares	Rs.10/- each	Rs.0.900 Million

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		0.900	0.900	0.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		700.890	585.099	469.085
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		701.790	585.999	469.985
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		13.535	20.626	20.570
TOTAL BORROWING		13.535	20.626	20.570
DEFERRED TAX LIABILITIES		0.000	0.000	5.441
TOTAL		715.325	606.625	495.996
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		197.831	171.344	122.670
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		466.359	391.610	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.377	28.497	25.788
	Sundry Debtors	36.256	36.384	28.474
	Cash & Bank Balances	6.219	1.028	0.373
	Other Current Assets	13.367	12.977	345.304
	Loans & Advances	4.849	0.997	0.457
Total Current Assets		86.068	79.883	400.396
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	30.177	30.474
	Other Current Liabilities	2.805	3.156
	Provisions	1.951	2.582	27.070
Total Current Liabilities		34.933	36.212	27.070
Net Current Assets		51.135	43.671	373.326
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		715.325	606.625	495.996

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	418.429	330.516	302.303
		Other Income	32.671	50.141	27.540
		TOTAL	451.100	380.657	329.843
Less	EXPENSES
		Raw Material Consumed	215.193	175.981	150.072
		Manufacturing Expenses	30.723	24.845	22.286
		Administration Expenses	30.836	27.151	26.654
		Selling and Distribution Expenses	1.138	1.044	0.705
		TOTAL	277.890	229.021	199.717
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		173.210	151.636	130.126
Less/ Add	DEPRECIATION/ AMORTISATION		7.488	5.030	3.223
	PROFIT BEFORE TAX		165.722	146.606	126.903
Less	TAX		52.768	39.715	38.724
	PROFIT AFTER TAX		112.954	106.891	88.179
	BALANCE CARRIED TO THE B/S		112.954	106.891	88.179
	Earnings Per Share (Rs.)		1255.00	1.00	979.76

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	25.04	28.09	26.73
Net Profit Margin (PBT/Sales)	(%)	40.09	44.36	38.47
Return on Total Assets (PBT/Total Assets}	(%)	58.37	58.36	24.26
Return on Investment (ROI) (PBT/Networth)		0.24	0.25	0.27
Debt Equity Ratio (Total Liability/Networth)		0.07	0.10	0.10
Current Ratio (Current Asset/Current Liability)		2.46	2.21	14.79

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	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	No
17]	Major suppliers	Yes
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
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	No

OPERATIONS:

The company’s performance during the year is satisfactory. The turnover and other income of the company is at Rs. 451.100 Millions as compared to the turnover and other income of Rs. 380.657 Millions in the previous year. The Net Profit is at Rs. 112.954 Millions as compared to the previous year Profit of Rs. 106.891 Millions.

Note:

The Registered Office of the company has been shifted from F-38 Rajouri Garden, New Delhi-110027, India to the present address w.e.f. 01.03.1999

FIXED ASSETS:

· Plot at Gurgaon

· Plot at Bawana

· Machinery

· Generator

· Air Conditioner

· Electric Equipment

· Office Equipment

· Cycle

· Scooter

· Vehicles (Cars)

· Computer

· Furniture and Fixtures

· Fan

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.53.63
UK Pound	1	Rs.86.18
Euro	1	Rs.69.47

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		58

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.