MIRA INFORM REPORT

Report Date :

07.09.2012

IDENTIFICATION DETAILS

Name :	CHIRIPAL INDUSTRIES LIMITED (w.e.f. 13.04.2006)
Formerly Known As :	CHIRIPAL PETROCHEMICALS LIMITED (w.e.f. 07.01.2004) CHIRIPAL TWISTING AND SIZING LIMITED (w.e.f. 23.10.2003) CHIRIPAL TWISTING AND SIZING PRIVATE LIMITED
Registered Office :	Survey No.199, 200/1 and 200/2 Saijpur Gopalpur Pirana Road, Piplej, Ahmedabad – 382405, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.04.1988
Com. Reg. No.:	04-010634
Capital Investment / Paid-up Capital :	Rs.223.198 Millions
CIN No.: [Company Identification No.]	U17110GJ1988PLC010634
TAN No.: [Tax Deduction & Collection Account No.]	AHMC00373C
PAN No.: [Permanent Account No.]	AAACC8513B
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of Textiles and Yarns.
No. of Employees :	2500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 7000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of Chiripal Group. It is having satisfactory track record. There appears dip in the profitability of the company. However, trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered 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.

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	CARE
Rating	LONG TERM BANK FACILITIES : CARE BB+
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	March, 2012

Rating Agency Name	CARE
Rating	SHORT TERM BANK FACILITIES : CARE A4+
Rating Explanation	Having minimal degree of safety regarding timely payments of financial obligation it carry very high credit risk and susceptible to default
Date	March, 2012

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.

INFORMATION PARTED BY

Name :	Mr. Niraj Thakkar
Designation :	Accounts Manager
Contact No.:	91-9099054949
Date :	06.09.2012

LOCATIONS

Registered Office / Factory :	Survey No.199, 200/1 and 200/2 Saijpur Gopalpur Pirana Road, Piplej, Ahmedabad – 382405, Gujarat, India
Tel. No.:	91-79-25710231-34/ 25714568/ 1655/ 0886
Mobile No.:	91-9099054949 (Mr. Niraj Thakkar)
Fax No.:	91-79-25711755/ 25714569
E-Mail :	cpl@chiripalgroup.com info@chiripalgroup.com kulkarni@chiripalgroup.com corporate@chiripalgroup.com shanty@chiripalgroup.com nirajm@chiripalgroup.com cs.cil@chiripalgroup.com
Website :	www.chiripalgroup.com
Corporate Office 1 :	1^stFloor, Bombay Shopping Centre, Race Course Road, Vadodara – 390005, Gujarat, India
Corporate Office 2 :	Chiripal House, Shiv Ranjini, Cross Road, Satelite, Ahmedabad-380015, Gujarat, India
Tel. No.:	91-79-27634660/2/3
Fax No.:	91-79-26768656
Email :	corporate@chiripalgroup.com
Mumbai Office :	109-110, Peninsula Center, Dr. S. S. Rao Road, Lower Parel, Mumbai - 400012. Maharashtra, India
Tel. No.:	91 - 22 - 56604123
Fax No.:	91 - 22 - 56604124
Email :	shanti.bom@chiripalgroup.com
Marketing :	21, Century Business Centre, Man Darwaza Ring Road, Surat – 395 002, Gujarat, India
Tel. No.:	91-261-6627078
E-Mail :	cpl@chiripalgroup.com

DIRECTORS

As on: 30.09.2011

Name :	Mr. Vedprakash Devkinandan Chiripal
Designation :	Managing director
Address :	11, Nandi Hill Society, Satelite Road, Ahmedabad – 380 015, Gujarat, India
Date of Birth/Age :	21.11.1951
Date of Appointment :	26.04.2006
DIN No.:	00290454
Name :	Mr. Jaiprakash Devkinandan Chiripal
Designation :	Whole Time Director
Address :	10, Nandi Hill Society, Satelite Road, Ahmedabad – 380 015, Gujarat, India
Date of Birth/Age :	02.11.1959
Date of Appointment :	26.04.2006
DIN No.:	00155430
Name :	Mr. Jyotiprasad Devkinandan Chiripal
Designation :	Director
Address :	91, Basant Bahar Bunglows, Bopal, Ahmedabad – 380 058, Gujarat, India
Date of Birth/Age :	21.08.1953
Date of Appointment :	07.08.2006
DIN No.:	00155695
Name :	Mr. Rajesh Premchand Bindal
Designation :	Executive Director
Address :	10, Mangalyam Society, Near Ocean Park, Nehru Nagar Road, Ahmedabad – 380 015, Gujarat, India
Date of Birth/Age :	30.11.1973
Date of Appointment :	26.04.2006
DIN No.:	00155156
Name :	Mr. Ambalal Chhitabhai Patel
Designation :	Director
Address :	14/ B, Shreyasnath Society, Vasana, Dhranidhar Derasar, Ahmedabad, Gujarat, India
Date of Birth/Age :	01.04.1944
Date of Appointment :	22.12.2006
DIN No.:	00037870
Name :	Mr. Jawaharlal Goel
Designation :	Director
Address :	Nand Tara, 22 Oak Drive, Mandi Road, Sultanpur, Mehrauli – 110 030, Delhi, India
Date of Birth/Age :	17.12.1954
Date of Appointment :	09.01.2008
DIN No.:	00076462
Name :	Mrs. Arakhita Prahllad Khandual
Designation :	Nominee director
Address :	B-102, Panchdhara Plaza, Satellite Road, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	24.07.1953
Date of Appointment :	29.04.2011
DIN No.:	00055601

KEY EXECUTIVES

Name :	Mr. Sandip Mistry
Designation :	Company Secretary
Address :	B – 87, Ghanshyam Park, Ghodasar Kansh, Ahmedabad – 380 050, Gujarat, India
Date of Birth/Age :	13.02.1964
Date of Appointment :	20.10.2005
PAN No.:	ACZPM2110Q
Name :	Mr. Niraj Thakkar
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Shareholding details file attached

List of Allottees

As on 14.03.2012

Names of Allottess	No. of Shares Allotted
Orange Mauritius Investment Limited, Mauritius	233966

List of Allottees

As on 13.01.2012

Names of Allottess	No. of Shares Allotted
Orange Mauritius Investment Limited, Mauritius	1795150

As on 30.09.2011

Equity Share breakup (Percentage of Total Equity)

Category	Percentage
Bodies corporate	12.47
Directors or relatives of Directors	70.19
Other top fifty shareholders	17.34
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Textiles and Yarns.

Products :

· Partially Oriented Yarns

· Fully Drawn Yarn

· Draw Textured Yarn

Product Description	Item Code No. (ITC Code)
MMF Knitted Fabrics	3062
FDY	3062
POY	NA
Synthetic Filament Yarn (Polyester Yarn )	5402
Sale and Printing, Dyeing and Processing of woven fabrics	5212
Sale and Printing, Dyeing and Processing of knitted Fabrics	6003
Polymers in primary forms (chemicals/ binders)	3906

Imports :

Products :

· Raw Material

Countries :

· Japan

· China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS

As on 31.03.2011:-

Particulars	Unit	Licensed Capacity	Installed Capacity
FDY	M.T	N.A.	28450
POY	M.T	N.A.	42950
Processed Yarn	M.T	N.A.	25780
Fabrics	M.T	N.A.	10000

Particulars	Unit	Actual Production
Yarn	Kgs.	39905401
Fabrics	Kgs.	1037173

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

2500 (Approximately)

Bankers :

• State Bank of India, Commercial Branch, Paramsiddhi Complex, Ellis Bridge, Ahmedabad - 380 006, Gujarat, India
• Punjab National Bank, Vanijya Bhawan Branch, Ahmedabad – 380 008, Gujarat, India
• Jammu and Kashmir Bank Limited, Branch Ansal Plaza, HUDCO Place, Khelgaon Marg, 205-B, Andrews Ganj, New Delhi – 110 049, India
• State Bank of Indore, Ashram Road Branch, Ahmedabad – 380 009, Gujarat, India

Facilities :

Secured Loans	As on 31.03.2011 Rs. in Millions	As on 31.03.2010 Rs. in Millions
Rupee Term Loans	1738.736	1445.473
Working Capital Loans	672.873	614.141
Loans Taken For Vehicles	23.754	22.309
Total	2435.363	2081.923

Unsecured Loans	As on 31.03.2011 Rs. in Millions	As on 31.03.2010 Rs. in Millions
Other External Commercial Borrowings	0.000	25.073
Other Debt	262.794	312.409
Total	262.794	337.482

Banking Relations :

--

Auditors :

Name 1 :

Nahta Jain and Associates

Chartered Accountants

Address :

211, New Cloth Market, Ahmedabad – 380 002, Gujarat, India

PAN No.:

AABFN3524D

Subsidiaries :

· Chiripal Lifestyle Limited

CIN NO.: U18109GJ2008PLC052724

· Vishal Fabrics Private Limited

CIN NO.: U17110GJ1985PTC008206

Associates :

· Sparrow Exports Private Limited

· Nandan Exim Limited

CIN NO.: L51909GJ1994PLC022719

· Shanti Educational Initiatives Limited (Formerly known as Chiripal Enterprises Limited

· CIL Nova Petrochemicals Limited

CIN NO.: L17111GJ2003PLC043354

· Deepak Enterprises (Proprietor Jyotiprasad D. Chiripal)

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24348916	Equity Shares	Rs.10/- each	Rs.243.489 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22319800	Equity Shares	Rs.10/- each	R.223.198 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		223.198	207.833	207.833
2] Share Application Money		0.000	200.500	200.500
3] Reserves & Surplus		1524.191	1236.539	1075.005
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1747.389	1644.872	1483.338
LOAN FUNDS
1] Secured Loans		2435.363	2081.923	1648.400
2] Unsecured Loans		262.794	337.482	378.337
TOTAL BORROWING		2698.157	2419.405	2026.737
DEFERRED TAX LIABILITIES		237.227	196.778	182.213
TOTAL		4682.773	4261.055	3692.288
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2923.054	2439.325	2234.178
Capital work-in-progress		60.717	335.912	107.786
INVESTMENT		188.966	119.548	148.635
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1007.762	933.774	923.149
	Sundry Debtors	943.199	920.171	750.244
	Cash & Bank Balances	172.199	130.256	77.446
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	163.869	174.335	254.908
Total Current Assets		2287.029	2158.536	2005.747
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	691.840	727.004	749.028
	Other Current Liabilities	42.708	15.425	30.138
	Provisions	44.933	55.079	31.442
Total Current Liabilities		779.481	797.508	810.608
Net Current Assets		1507.548	1361.028	1195.139
MISCELLANEOUS EXPENSES		2.488	5.242	6.550
TOTAL		4682.773	4261.055	3692.288

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	6147.385	5702.247	4784.725
		Other Income	20.817	51.654	24.403
		TOTAL (A)	6168.202	5753.901	4809.128
Less	EXPENSES
		Consumption Materials Changes Inventories	4148.450	3802.859	4157.856
		Manufacturing Service Costs	963.734	929.400
		Employee Related Expenses	204.590	170.301
		Administrative Selling Other Expenses	155.769	161.907
		TOTAL (B)	5472.543	5064.467	4157.856
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		695.659	689.434	651.272
Less	FINANCIAL EXPENSES (D)		298.222	249.307	286.173
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		397.437	440.127	365.099
Less/ Add	DEPRECIATION/ AMORTISATION (F)		237.136	201.743	181.522
	PROFIT BEFORE TAX (E-F) (G)		160.301	238.384	183.577
Less	TAX (H)		87.759	76.849	38.141
	PROFIT AFTER TAX (G-H) (I)		72.542	161.535	145.436
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		897.673	736.138	590.702
	BALANCE CARRIED TO THE B/S		970.215	897.673	736.138
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	171.141	222.808	208.139
	TOTAL EARNINGS		171.141	222.808	208.139
	IMPORTS
		Raw Materials	340.963	385.408	360.288
		Stores & Spares	6.815	32.394	7.952
		Capital Goods	155.136	246.738	82.415
	TOTAL IMPORTS		502.914	664.540	450.655
	Earnings Per Share (Rs.)		3.40	7.77	7.00

Particulars	31.03.2012
Sales Turnover (Approximately)	7000.000

Expected Sales (2012-2013) : Rs.7500.000 Millions

The above information has been parted by Mr. Niraj Thakkar.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.18	2.81	3.02
Net Profit Margin (PBT/Sales)	(%)	2.61	4.18	12.38
Return on Total Assets (PBT/Total Assets}	(%)	3.08	5.18	8.20
Return on Investment (ROI) (PBT/Networth)		0.09	0.14	0.12
Debt Equity Ratio (Total Liability/Networth)		1.99	1.96	1.91
Current Ratio (Current Asset/Current Liability)		2.93	2.71	2.47

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
- Due Small Micro Enterprises	0.000	0.000
- Due Others	691.840	727.004
Total	691.840	727.004	749.028

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

PERFORMANCE:

During the year, the Company has achieved a turnover of Rs. 6147.400 Millions as compared to the previous year figure of Rs. 5702.200 Millions achieving a rise of 7.81% over the previous year. The Net Profit during the year has achieved to Rs. 86.800 Millions. The Directors expect to improve performance during the current year. During the term 2010-11. The overall performance of the Company remains stable due to prevailing market condition and the textile industry as a whole.

CONTINGENT LIABILITY AS ON 31.03.2011:

a) The company has given the Corporate guarantee in favour of Banks against credit facilities extended aggregating to Rs. 255.000 Millions .(P.Y Rs. 255.000 Millions).

b) The Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 13.627 Millions (P.Y. Rs. 158.596 Millions) against which no advance have been paid (P.Y. Rs. 77.038 Millions).

c) Unexpired Letter of Credits Rs. 570.783 Millions (P.Y.Rs. 595.027 Millions net of margins).

d) The central excise National Calamity Contingent Duty is (NCCD) paid under protest till balance sheet date is Rs 8.136 Millions (P.Y. Rs 8.136 Millions) towards captive consumption of polyester partially oriented Filament Yarn and polyester fully drawn yarn for manufacture of texturised yarn, crimped Yarn, twisted yarn, M. M. knitted yarn etc. as per show cause notice received from Commissioner of Central Excise, Ahmedabad. The same has been shown under the head Loans and Advances and matter is still pending before the authorities

e) Bank guarantee given to Commissioner of Custom, JNPT for clearance of imported raw material amounting Rs. 0.338 Millions (P.Y. 0.338 Millions) during the financial year 2005-06 against which the company has provided 100% margin in form of term deposit .The matter is still pending with the authority till the date

f) Unexpired Bank guarantees Rs. 14.700 Millions (P.Y.Rs. 14.950 Millions)

g) The company has imported certain capital goods at concessional rate of custom duty under “Export promotion of capital goods scheme” .The company has pending export obligation to the extent of Rs. 725.384 Millions (P.Y Rs 750.581 Millions) to be fulfilled during the specified period. The liability towards custom duty payable thereon in respect of unfulfilled export obligation as on 31st Mar 2011 is Rs. 90.673 Millions (P.Y Rs. 85.953 Millions)

h) The company has imported certain raw material expenditure at concessional rate of custom duty under “Advance license goods scheme”. The company has pending export obligation to the extent of Rs. 10.633 Millions (P.Y Rs 12.203 Millions) to be fulfilled during the specified period. The liability towards custom duty payable in respect of unfulfilled export obligation as on 31st March 2011 is Rs. 2.649 Millions (P.Y Rs. 2.993 Millions)

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17110GJ1988PLC010634
Name of the company	CHIRIPAL INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No.199, 200/1 and 200/2 Saijpur Gopalpur Pirana Road, Piplej, Ahmedabad – 382405, Gujarat, India E-mail Id : cs.cil@chiripalgroup.com
This form is for	Modification of Charge
Charge identification number of the modified	10181398
Type of charge	Immovable Property Any interest in immovable property Book debts Movable property (not being pledge) Floating charge Others (Fixed Assets, Plant and Machinery and Current Assets
Particular of charge holder	State Bank of India, Commercial Branch, 3^rd Floor, Paramsiddhi Complex, Ellis Bridge, Ahmedabad - 380 006, Gujarat, India E-mail Id : rm2.cbahm@sbi.co.in
Nature of instrument creating charge	1. Supplemental Joint Deed of Hypothecation by way of second pari passu charge dated 30.06.2012; 2. Supplemental Memorandum of Deposit of Title Deeds for second charge in favour of SBI, SBH, PNB, KBL, SBT, IDBI BANK, AB, J and K BANK, UCO BANK, BOI, UBI AND OBC dated 30.06.2012
Date of instrument Creating the charge	30.06.2012
Amount secured by the charge	Rs.4182.800 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest This is a collateral charge. However rate of interest for computing the TLs' and SBI Consms' liability as per sanction letters of respective Banks and agreed to the parties from time to time. Terms of Repayment (1) The Working Capital of SBI, SBH, SBT, PNB, KBL, IDBI Bank, AB and UBI aggregating to Rs. 1527.000 Millions is repayable on demand whereas (2) The Term Loans of granted of SBI, SBH, PNB, KBL, IDBI Bank, UCO, AB, J and K, BOI, OBC, UBI and SBT are repayable in such installments and manner as may be prescribed by the respective Banks. Margin This being a collateral charge, the norms relating to margin of security is not applicable. Extent and Operation of the charge The charge created on the assets described in Sr. No 15 shall rank as (1) Second pari passu charge on all current assets of the Borrower to secure Term Loans of Rs.2655.800 Millions of respective Term Lenders, (2) Second pari passu charge on all fixed assets and movable plant and machinery including EM of immovable properties of the Borrower to secure Working capital of Rs. 1527.000 Millions of SBI Consortium member Banks Others The charge shall rank as continuing security for (1) Term Loans aggregating to Rs.2655.800 Millions of Term Lenders to collaterally secure by way of second pari passu charge on current assets of the Borrower (2) WC limits aggregating to Rs.1527.000 Millions of SBI Consortium to collaterally secure by way of second pari passu charge on fixed assets including EM of immovable properties of the Borrower
Date of instrument modifying the charge	10.03.2011
Particulars of the present modification	Original charge dated 10.03.2011 for Rs.3999.800 Millions in favour of SBI, SBH,PNB,KBL,IDBI Bank, UCO Bank, AB, J and K Bank, BOI, UBI, OBC and SBT is now modified and enhanced by way of charge of Hypothecation and EM for Rs.4182.800 Millions comprising of (1) Term Loans aggregating to Rs.2655.800 Millions of SBI, SBH, PNB, KBL,IDBI Bank, UCO Bank, AB, J and K, BOI, OBC and UBI and (2) WC aggregating to Rs.1527.000 Millions of SBI, SBH, SBT, PNB, KBL, IDBI Bank, UBI and AB

FIXED ASSETS:

• Land and Land Development
• Factory Building
• Office Building
• Plant and Machinery
• Electric Fittings
• Furniture and Fixtures
• Computers
• Office Equipments
• Vehicle

AS PER WEBSITE DETAILS

PRESS RELEASE

CHIRIPAL INDUSTRIES BUYS 50 LAKH SHARES OF NANDAN EXIM

MARCH 09, 2011

On March 8, 2011 CHIRIPAL INDUSTRIES LIMITED bought 5,000,000 shares of Nandan Exim at Rs 1.91 on the BSE. SPAROW EXPORTS PRIVATE LIMITED sold 5,000,000 shares at Rs 1.91. Yesterday the share closed at Rs 1.96.

At 09:30 hrs the share was quoting at Rs 2, up Rs 0.04, or 2.04%.

CMT REPORT (Corruption, Money Laundering and 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.55.97
UK Pound	1	Rs.89.02
Euro	1	Rs.70.39

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	yes
--LITIGATIONs	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		48

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.