1. Summary Information

		Country	India
Company Name	PANASONIC AVC NETWORKS INDIA COMPANY LIMITED	Principal Name 1	Mr. Mamoru Yoshida
Status	Satisfactory	Principal Name 2	Mr. Ichiro Kitahara
		Registration #	55-077330
Street Address	D-13/4, Okhla Industrial Area, Phase – II, New Delhi – 110 020
Established Date	19.03.1996	SIC Code	--
Telephone#	91-120-2567045 / 11-51614322	Business Style 1	Manufacturers
Fax #	91-11-26388581	Business Style 2	Importers and Exporters
Homepage	www.panasonic.co.in	Product Name 1	Colour Television
# of employees	Not Available	Product Name 2	Audio Hi-fi Systems
Paid up capital	Rs. 500,000,000	Product Name 3	Picture Tube
Shareholders	Nationalized or other banks (0.03%) Mutual funds (0.01%) Foreign holdings (95.33%) Bodies corporate (0.27%) Other top fifty shareholders (1.28%) Others (3.08%)	Banking	ICICI Bank, Citi Bank
Public Limited Corp.	NO	Business Period	16 years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (47)
Related Company
Relation - Holding Company	Country	Company Name	Panasonic Corporation
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	575,292,000	Current Liabilities	198,470,000
Inventories	121,976,000	Long-term Liabilities	00,000
Fixed Assets	175,444,000	Other Liabilities	100,453,000
Deferred Assets	00,000	Total Liabilities	298,923,000
Invest& other Assets	22,336,000	Retained Earnings	96,125,000
		Net Worth	596,125,000
Total Assets	895,048,000	Total Liab. & Equity	895,048,000
Total Assets (Previous Year)	164,802,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	3603,991,000	Net Profit	115,355,000
Sales(Previous yr)	3537,812,000	Net Profit(Prev.yr)	173,911,000

MIRA INFORM REPORT

Report Date :

17.09.2012

IDENTIFICATION DETAILS

Name :	PANASONIC AVC NETWORKS INDIA COMPANY LIMITED
Registered Office :	D-13/4, Okhla Industrial Area, Phase – II, New Delhi – 110 020
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.03.1996
Com. Reg. No.:	55-077330
Capital Investment / Paid-up Capital :	Rs. 500.000 millions
CIN No.: [Company Identification No.]	U74899DL1996PLC077330
TAN No.: [Tax Deduction & Collection Account No.]	DELM09384E
PAN No.: [Permanent Account No.]	AAACM6492M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 2300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Panasonic Corporation. It is well established company having satisfactory track record. There appears sharp dip in the profitability of the company. However, trade relation are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered normal for business dealing at usual trade terms and condition

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 :	D-13/4, Okhla Industrial Area, Phase – II, New Delhi – 110 020, India
Tel. No.:	91-120-2567045 / 11-51614322
Mobile No.:	91-9811488011 (Mr. R. K. Sharma)
Fax No.:	91-11-26388581
E-Mail :	bajaj.rajiv@mtaic.panasonic.co.in mtaic@mtaic.panasonic.co.in
Website :	www.panasonic.co.in
Head Office :	No. 88, 6th Floor, “ SPIC building Annexe, Mount Road, Guindy, Chennai – 600032, Tamilnadu, India
Tel. No.:	91-44-22301952/22304100
Fax No.:	91-44-22301951
Corporate Office 1 :	First Floor, ABW Tower, IFFCO Chowk, Sector 25, Gurgaon - 122001, Haryana, India
Tel. No.:	91-124-4596600
Fax No.:	91-124-4596625
Corporate Office 2 /Factory :	C-52, Phase II, Noida – 201 305, District Gautam Budh Nagar, Uttar Pradesh
Tel. No.:	91-120-2567045/26101174/83/89/90
Fax No.:	91-120-2567042/2567046/26176339
E-Mail :	mtaic@panasonic.mtaic.com
Branches :	Located at :- AB11, Community Centre, Safdarjung Enclave, New Delhi – 110 029 Tel. 91-11-26101174/26101183/26101189/26101190 Fax. 91-11-26176339 No. 2 C / D, GG Emerald, 18 Velluvar Kottam Road, Chennai – 600 034, Tamilnadu Tel. 91-44-28253462 to 65 SCO 4 and 5 Sector – 9D, Madhya Marg, Chandigarh – 160 009 Tel. 91-172-2742710/2747218 F/101, Wall Street 1, Opposite Orient Club, Near Railway Crossing Ellis Bridge, Ahmedabad, Gujarat Tel. 91-79-26405060 Kale Rubber Works Compound, Near Kohinoor Industrial Estate & SBI Western Express Highway, Goregaon (East), Mumbai – 400 063, Maharashtra Tel. 91-22-28761677-91/28761711/22/33 6^th Floor, 6 (1), Metro Towers, 1, Ho-Chi-Minh Sarani, Kolkata – 700 070, West Bengal Tel. 91-33-22882531/32/33/34 4^th Floor, Esplanade Building, Convent Junction, Kochi – 682 011, Kerala Tel. 91-4840-2364427/2364747 5-A, APII C, Kukatpally, Ranga Reddy District, Hyderabad – 500 072, Andhra Pradesh Tel. 91-40-23073690/92
Overseas Office:	Located at: Chennai Vadodara Uttar Pradesh Indonesia Malaysia Philippines Singapore Thailand Viet Nam Australia New Zealand

DIRECTORS

As on 29.08.2011

Name :

Mr. Mamoru Yoshida

Designation :

Director

Address :

3 – 7, Naritahigashicho, Neyagawa City, Osaka – 5720001 , Japan

Date of Birth/Age :

21.05.1956

Date of Appointment :

29.08.2011

DIN No.:

03504695

Name :

Mr. Ichiro Kitahara

Designation :

Chairman cum Managing Director

Address :

A – 225, New Friends Colony, New Delhi – 110 065, India

Date of Birth/Age :

18.10.1957

Date of Appointment :

01.03.2012

DIN No.:

02517449

Name :

Mr. Makoto Okamoto

Designation :

Whole-time director

Address :

C - 46, New Friends Colony, New Delhi – 110 065, India

Date of Birth/Age :

21.08.1970

Date of Appointment :

01.03.2012

DIN No.:

02589088

Name :

Mr. Prem Nath Mehta

Designation :

Director

Address :

90, Anandlok, August Kranti Marg, New Delhi – 110 049, India

Date of Birth/Age :

22.06.1936

Date of Appointment :

28.04.2001

DIN No.:

00277303

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	U74899DL1996PLC077330	PANASONIC AVC NETWORKS INDIA COMPANY LIMITED	Director	28/04/2001	28/04/2001	-	Active	NO
2	L74899DL1968PLC004962	SALORA INTERNATIONAL LIMITED	Director	19/06/2002	19/06/2002	-	Active	NO
3	U65992MH2003PTC139955	LIC NOMURA Mutual Fund Trustee Company Private Limited	Director	08/04/2003	08/04/2003	18/01/2011	Active	NO

Name :

Mr. Autar Krishna

Designation :

Director

Address :

7 – Golf Links, New Delhi – 110 003, India

Date of Birth/Age :

08.09.1931

Date of Appointment :

26.03.2002

DIN No.:

00031386

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	U72100DL1962PTC003626	SAK INDUSTRIES Private LTD	Director	17/01/1962	17/01/1962	-	Active	NO
2	U92111DL1935PTC000395	THE GENERAL TALKIES Private Limited	Director	28/09/1968	28/09/1968	-	Active	NO
3	U60221TN1977PLC065831	SAK ABRASIVES LIMITED	Director	30/12/1997	30/12/1997	-	Active	NO
4	L24111UR1983PLC009097	INDIA GLYCOLS LIMITED	Director	13/03/1999	13/03/1999	-	Active	NO
5	L72200TN1999PLC054429	SAKSOFT LIMITED	Director	30/10/2009	24/11/1999	-	Active	NO
6	U64202TN2000PLC044897	SAK TECHNOLOGIES LIMITED (TRFD TO DELHI)	Director	08/05/2000	08/05/2000	-	Not Available for eFiling	NO
7	U72200DL2001PLC111539	SAK TECHNOLOGIES LIMITED	Director	04/07/2001	04/07/2001	-	Strike off	NO
8	U74899DL1996PLC077330	PANASONIC AVC NETWORKS INDIA COMPANY LIMITED	Director	26/03/2002	26/03/2002	-	Active	NO
9	U51100MH1985PLC036662	SONNET TRADE AND INVESTMENTS PRIVATE LIMITED	Director	28/12/2002	28/12/2002	-	Active	NO
10	U51397DL2003PLC119000	SAK CONSUMER RETAIL SERVICES LIMITED	Director	27/02/2003	27/02/2003	22/10/2008	Amalgamated	NO
11	U72200TN2004PLC085818	SYNETAIROS TECHNOLOGIES LIMITED	Director	22/09/2011	01/07/2011	-	Active	NO

Name :

Mr. Daizo Ito

Designation :

Director

Address :

15-10, 2-Chome Uenno-Higashi, Toyonaka City, Osaka 5600013

Date of Birth/Age :

27.02.1959

Date of Appointment :

17.09.2010

DIN No.:

02429688

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	U51395TN2006PTC060554	PANASONIC INDIA PRIVATE LIMITED	Whole-time director	07/09/2009	30/10/2008	-	Active	NO
2	U74899DL1996PLC077330	PANASONIC AVC NETWORKS INDIA COMPANY LIMITED	Director	17/09/2010	30/03/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajiv Bajaj
Designation :	Secretary
Address :	C – 262, Salora Vihar, C – 58 / 12 Sector 62, Noida – 201 307, Uttar Pradesh, India
Date of Birth/Age :	21.08.1966
Date of Appointment :	01.04.1998
PAN No.:	AAHPB5250A
Audit Committee :	· Mr. Ichiro Kitahara · Mr. P.N. Mehta · Mr. Autar Krishna

MAJOR SHAREHOLDERS

NOT AVAILABLE

As on 29.08.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Nationalized or other banks	0.03
Mutual funds	0.01
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	95.33
Bodies corporate	0.27
Other top fifty shareholders	1.28
Others	3.08
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers, Importers and Exporters of Colour Television, Audio Hi-fi Systems, Picture Tube, etc.

Products :

ITC Code	Product Descriptions
85281001	Colour Televisions
85272100	Radio Cassette Recorders
85401100	Picture Tubes

· Digital Camcoder

· Hd Digitalmobile Camera

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity*	Installed Capacity*	Actual Production
Colour Television / LCD’s	Nos	Not Applicable	400,000	197,188

* The licensed and installed capacities have been stated by reference to the capacity on the last date of the accounting year and are certified by the management (on triple shift basis) and have not been verified by the auditors, being a technical matter. During the year, the Company has discontinued manufacturing of certain products/models and thus, the installed capacity is reduced.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· The Bank of Tokyo Mitsubhi Limited, New Delhi, India · Citi Bank, New Delhi, India · ICICI Bank, Noida, Uttar Pradesh, India · Sumitomo Mitsui Banking Corporation, New Delhi, India · UFJ Bank, New Delhi, India · Standard Chartered Bank, New Delhi, India

Banking Relations :	--
Auditors :
Name :	B.S.R. and Company Chartered Accountants
Address :	KPMG, 8^th Floor, Tower B, DLF Building # 10, DLF Cyber City, Phase II, Gurgaon – 12202, India
PAN No.:	AAAFB9852F
Ultimate Holding Company and Holding Company :	Panasonic Corporation, Japan
Associates :	· Salora International Limited, India (till 9^th April 2009)
Fellow Subsidiaries :	Overseas fellow subsidiaries · Panasonic Factory Solutions Singapore Pte Limited, India · Panasonic Trading (S) Pte Limited, India · Panasonic Marketing Middle-east FZE · Panasonic AVC Networks Thailand Company Limited, India · Panasonic AVC Networks Kuala Lumpur SDN. BHD. Malaysia · Panasonic Trading Malaysia SDN. BHD. · Panasonic Liquid Crystal Display Ci. Limited (formerly IPS Alpha Technology Limited) · Panasonic Asia Pacific Pte Limited, India · Panasonic Industrial Asia Pte Limited, India · PT Panasonic Manufacturing Indonesia · Panasonic AVC Networks Vietnam Company Limited, India Local fellow subsidiaries · Panasonic India Private Limited, India · Panasonic Energy India Company Limited, India

CAPITAL STRUCTURE

As on 29.08.2011

Authorized Capital:

No. of Shares	Type	Value	Amount
50000007	Equity Shares	Rs. 10/- each	(A) Rs. 500.000 millions
59999993	Preference Shares	Rs. 10/- each	Rs. 600.000 millions
	TOTAL		Rs. 1100.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
50000007	Equity Shares	Rs. 10/- each	Rs. 500.000 millions

(A) Authorized 50,000,007(Previous year 50,000,007) equity shares of Rs. 10 each. 59,999,993 (previous year 59,999,993) 5% Non-cumulative redeemable preference shares of Rs. 10 each. Issued, Subscribed and fully paid up: 50,000,007 equity shares (previous year 50,000,007) of Rs. 10 each. Of the above 47,627,439 equity shares (previous year 47,627,439 equity shares) of Rs. 10 each are held by Panasonic Corporation Japan, being the holding company. During the FY 2003-2004, the company has amended its MOA & AOA to bifurcate its authorized share capital of 110,000,000 equity shares of Rs. 10 each into 50,000,007 equity shares of Rs. 10 each and 59,999,993 5% Non-cumulative redeemable preference shares of Rs.10 each.

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		500.000	500.000	500.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		96.125	68.294	16.822
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		596.125	568.294	516.822
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		596.125	568.294	516.822
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		175.444	135.442	92.395
Capital work-in-progress		22.312	17.255	62.748
INVESTMENT		0.024	0.024	0.024
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	121.976	178.076	79.963
	Sundry Debtors	183.896	242.287	206.884
	Cash & Bank Balances	327.694	312.362	213.280
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	63.702	86.340	92.353
Total Current Assets		697.268	819.065	592.480
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	198.470	235.462	196.631
	Other Current Liabilities	12.946	30.588	33.301
	Provisions	87.507	137.442	0.893
Total Current Liabilities		298.923	403.492	230.825
Net Current Assets		398.345	415.573	361.655
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		596.125	568.294	516.822

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3603.991	3537.812	1957.770
		Other Income	25.926	36.399	16.719
		TOTAL (A)	3629.917	3574.211	1974.489
Less	EXPENSES
		Increase/Decrease in stocks	--	(14.473)	(1.939)
		Materials consumed	--	3047.853	1721.565
		Personnel expenses	--	89.956	59.673
		Operating and other expenses	--	94.298	89.039
		Selling and distribution expenses	--	95.882	73.015
		Consumption materials changes inventories	3082.546	--	--
		Manufacturing service costs	124.043	--	--
		Employee related expenses	97.945	--	--
		Administrative selling other expenses	115.873	--	--
		TOTAL (B)	3420.407	3313.516	1941.353
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		209.51	260.695	33.136
Less	FINANCIAL EXPENSES (D)		5.674	3.048	2.021
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		203.836	257.647	31.115
Less/ Add	DEPRECIATION/ AMORTISATION (F)		88.481	47.396	16.996
	PROFIT BEFORE TAX (E-F) (G)		115.355	210.251	14.119
Less	TAX (I)		0.000	36.340	2.299
	PROFIT AFTER TAX (G-I) (J)		115.355	173.911	11.820
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		50.903	16.822	5.002
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	17.391	0.000
		Proposed Dividend	NA	105.000	0.000
		Corporate Dividend Tax on Proposed Dividend	NA	17.439	0.000
	BALANCE CARRIED TO THE B/S		NA	50.903	16.822
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	265.000	14.277	32.321
	TOTAL EARNINGS		265.000	14.277	32.321
	IMPORTS
		Stores & Spares	0.000	NA	0.000
		Capital Goods	114.818	NA	0.000
		Raw Materials	2441.379	NA	0.000
		Others	51.388	NA	0.000
	TOTAL IMPORTS		2607.585	NA	0.000
	Earnings Per Share (Rs.)		1.84	3.48	0.24

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.17	4.86	0.60
Net Profit Margin (PBT/Sales)	(%)	3.20	5.94	0.72
Return on Total Assets (PBT/Total Assets}	(%)	13.22	22.03	2.06
Return on Investment (ROI) (PBT/Networth)		0.19	0.37	0.03
Debt Equity Ratio (Total Liability/Networth)		0.50	0.71	0.45
Current Ratio (Current Asset/Current Liability)		2.33	2.03	2.57

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	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	No
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	No
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

FINANCIAL PERFORMANCE

The Company has been able to increase its domestic turnover to Rs. 3,603.000 million as compared to Rs. 3,523.000 million last year. During the Year 2010-11, they had a transition phase from CRT & LCD TV to Only LCD TV, the transition has resulted in slight decrease in the profit but LCD TV market is more competitive and would add to the growth of the Business in years to come.

OPERATIONS REVIEW

The Company has made a transition from the CRT and LCD manufacturing to only LCD Business. Lot of focus has been made on developing India specific models to meet the customer needs .The electronic market is rapidly developing in India.

All the manufacturers are offering latest technology products at a most competitive price .This results into low profit margins and intense competition .The market is bound to grow with the growth in the economy but the challenge will be there to maintain the bottomline for all the manufacturers.

Contingent Liabilities:

Claims received but not acknowledged as debts*

Rs. In Millions

- Excise duty demand (including penalty)	64.117
- Port Charges	1.803
- Service tax (including penalty)	19.548
- Income tax	57.216
- Sales tax	0.911
- Value added tax	-
TOTAL	143.595

* The Company has received demands/ notices from various authorities as above. The Company is contesting these and the disputes are outstanding at various levels. Pending final settlement of these cases, the Company considers all the amounts described above as contingent liability.

FIXED ASSETS:

• Lease Hold Land
• Building
• Plant and Machinery
• Dies and Moulds
• Furniture and Fixture
• Vehicles
• 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 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.54.73
UK Pound	1	Rs.88.61
Euro	1	Rs.71.34

INFORMATION DETAILS

Report Prepared by :

NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--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		47

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.