MIRA INFORM REPORT

Report Date :

12.04.2013

IDENTIFICATION DETAILS

Name :	ANCHOR CORK PRIVATE LIMITED
Registered Office :	17, Shri Niketan, Vithalbhai Road, Vile Parle (West), Mumbai-400072, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.09.1993
Com. Reg. No.:	11-074017
Capital Investment / Paid-up Capital :	Rs. 2.400 Millions
CIN No.: [Company Identification No.]	U74999MH1993PTC074017
IEC No.:	0394026233
PAN No.: [Permanent Account No.]	AAACA5517F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Cork and Rubberised cork sheet and components.
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 100000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The performance capability of the company appears to be moderate. It has incurred loss from its operation during 2012. However, trade relations are reported as fair. Business is active. Payments terms are slow but correct. The company can be considered for business dealings with some caution.

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.

INFORMATION PARTED BY

Name :	Mr. Parag Vora
Designation :	Director
Contact No.:	91-9820101817
Date :	23.03.2013

LOCATIONS

Registered Office :	17, Shri Niketan, Vithalbhai Road, Vile Parle (West), Mumbai-400072, Maharashtra, India
Tel. No.:	91-22-40056342/40056343/66962729
Mobile No.:	91-9820101817
Fax No.:	91-22-40055034
E-Mail :	ancork@vsnl.com parag@ancork.com
Website :	http://www.ancork.com
Area :	1000 sq. ft
Location :	Owned
Factory :	Plot No. 172-173, Dabhel Indl. Co-Op, Society, Dabhel, Daman-396210, U.T, India
Tel. No.:	91-22-2242295/224395
Fax No.:	Not Available
E-Mail :	daman@anchorcork.com
Area :	12000 sq. ft
Location :	Owned

DIRECTORS

As on : 29.09.2012

Name :	Mr. Parag Vora
Designation :	Directors
Address :	Jyoti Bunglow, Vile Parle (East), Mumbai-400056, Maharashtra, India
Date of Birth/Age :	13.10.1958
Qualification :	B.COM, A.C.A
Experience :	30 Years
Date of Appointment :	02.11.1993
DIN No.:	00305608
Name :	Mrs. Bharati Vora
Designation :	Director
Address :	Jyoti Bunglow, Vile Parle (East), Mumbai-400056, Maharashtra, India
Date of Birth/Age :	03.09.1957
Qualification :	M.SC
Experience :	20 Years
Date of Appointment :	15.05.1996
DIN No.:	00305836

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2012

Names of Shareholders	No. of Shares
Parag Vora Jointly with Bharti Vora	78010
Bharti Vora Jointly with Parag vora	30000
Jyoti Vora Jointly with Bharti Vora	30000
Bharti Vora Jointly with Jyoti Vora	75000
Parag Vora Jointly with Jyotin Vora	16990
Kanaiyalal J. Vora (H.U.F)	9990
Dinesh G. Patel	10
Total	240000

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Cork and Rubberised Cork Sheet and Components
Brand Names :	‘Ancork’
Exports :
Products :	· Cork Sheet · Rubberised Cork Sheet
Countries :	· Russia · Australia · South Africa · Saudi Arabia · Iran · Oman · Leabnon · Bahrain · Denmark
Imports :
Products :	· Granulated Cork · Broken Cork
Countries :	· Portugal · China · Spain
Terms :
Selling :	L/C, Credit (60 and 90 Days)
Purchasing :	L/C, Credit (60 Days)

PRODUCTION STATUS

Particulars	Installed Capacity	Actual Production
Plain and Rubberised Cork Sheet	8,00,000 NOS	6,00,000 NOS

GENERAL INFORMATION

Customers :

End Users, Wholesalers OEM’s

No. of Employees :

60 (Approximately), (In Office 10 and In factory 50 (Approximately).

Bankers :

Dena Bank, 67-A, Krishna Bhavan, Nehru Road, Vile Parle (East), Mumbai-400057, Maharashtra, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
(Secured Considered goods) Cash Credit From Dena Bank (secured against Hypothecation of Stocks. book debts and also secured by equitable mortgage of the company's factory al Daman.)	3.357	2.971
Total	3.357	2.971

Auditors :
Name :	Vatsraj and Company Chartered Accountants
Address :	Fort Chambers, ‘C’ Block 65, Tamarind land, Fort, Mumbai-400023, Maharashtra, India
Tel No :	91-22-22653931
	91-22-66101003
PAN No.:	AAAKPK4012A

CAPITAL STRUCTURE

As on : 29.09.2012

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
240000	Equity Shares	Rs. 10/-each	Rs. 2.400 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.400	2.400	2.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		24.103	20.312	22.992
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		26.503	22.712	25.392
LOAN FUNDS
1] Secured Loans		3.357	2.971	0.237
2] Unsecured Loans		25.975	20.525	4.800
TOTAL BORROWING		29.332	23.496	5.037
DEFERRED TAX LIABILITIES		0.000	0.000	0.053
TOTAL		55.835	46.208	30.482
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.167	27.862	17.585
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	2.800
DEFERRED TAX ASSETS		2.214	5.393	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.697	19.829	13.948
	Sundry Debtors	14.681	11.307	4.411
	Cash & Bank Balances	0.628	0.798	1.715
	Other Current Assets	7.044	0.066	0.000
	Loans & Advances	5.123	4.816	2.880
Total Current Assets		46.173	36.816	22.954
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.646	13.993	9.545
	Other Current Liabilities	1.440	8.930	3.312
	Provisions	1.633	0.940	0.000
Total Current Liabilities		15.719	23.863	12.857
Net Current Assets		30.454	12.953	10.097
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		55.835	46.208	30.482

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	76.172	71.081	49.407
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	80.380	71.445	43.033
	PROFIT BEFORE TAX		(4.208)	(0.364)	6.374
Less	TAX		(7.999)	3.044	(0.970)
	PROFIT AFTER TAX		3.791	(2.680)	7.344
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		19.912	22.593	29.937
	BALANCE CARRIED TO THE B/S		23.703	19.913	22.593
	EARNINGS IN FOREIGN CURRENCY
		CIF Value of Imports	21.459	25.022	25.051
	Earnings Per Share (Rs.)		NA	(11.17)	(30.60)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.00	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	(5.52)	(0.51)	12.90
Return on Total Assets (PBT/Total Assets}	(%)	(6.07)	(0.56)	15.72
Return on Investment (ROI) (PBT/Networth)		(0.15)	(0.17)	0.25
Debt Equity Ratio (Total Debt /Networth)		1.11	1.03	0.20
Current Ratio (Current Asset/Current Liability)		2.94	1.54	1.78

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	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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	No
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	No

UNSECURED LOAN :

Rs in Millions

	As on 31.03.2012	As on 31.03.2011
Loans and advance from related parties
Loan from Directors	12.650	9.650
Loan from Shareholders	12.775	10.325
Loan from Others	0.550	0.550
Total	25.975	20.525

Bankers Charges Report as per Registry :

Corporate identity number of the company	U74999MH1993PTC074017
Name of the company	ANCHOR CORK PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	17, Shri Niketan, Vithalbhai Road, Vile Parle (West), Mumbai-400072, Maharashtra, India Email: parag@anchorcork.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80045557
Type of charge	Immovable Property
Particular of charge holder	Dena Bank, 67-A, Krishan Bhavan, Nehru Road, Vile Parl (East), Mumbai, Maharashtra, India
Nature of instrument creating charge	Memorandum Of Entry For Extension Of Mortgage Dated 2-1-2013
Date of instrument Creating the charge	02.01.2013
Amount secured by the charge	Rs. 12.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Not Applicable Terms of Repayment: Not Applicable Margin: Not Applicable Extend and operation of the charge: Extension of Mortgage by deposit of Title Deeds for enhanced limit upto Rs.1200.000 Millions in respect of Property described in Second Schedule- All that pieces and parcels of Industrial Plots No. 168-172 admeasuring 1200 Sq. Mtrs or thereabout in area and situate at Village Dabhel, Dabhel Industrial Co-Op Society Ltd., Taluka Daman, Registration, Sub- District and Registration District Daman within the jurisdiction of Village Panchayat Dabhel together with building, other structures, fixtures,fittings Others: All other terms and conditions as per the Memorandum of Entry for Extension of Existing Mortgage Dated 2-1-2013
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1) Extension of Mortgage by deposit of Title Deeds for enhanced limit upto Rs.900.000 Millions in respect of Property described in Second Schedule- All that pieces and parcels of Industrial Plots No. 168-172 2) admeasuring 1200 Sq. Meters or thereabout in area and situate at Village Dabhel, Dabhel Industrial Co-Op Society Ltd., Taluka Daman, Registration, Sub- District and Registration District Daman 3) within the jurisdiction of Village Panchayat Dabhel together with building, other structures, fixtures,fittings
Date of instrument modifying the charge	31.12.2012
Particulars of the present modification	By present Modification Dated 2-1-2013 the charge is further secured by Extension of Mortgage by deposit of Title Deeds for enhanced limit upto Rs.1200.000 Millions in respect of Property described in Second Schedule- All that pieces and parcels of Industrial Plots No. 168-172 admeasuring 1200 Sq. Meters or thereabout in area and situate at Village Dabhel, Dabhel Industrial Co-Op Society Limited., Taluka Daman,India Registration, Sub- District and Registration District Daman. Total limit stands at Rs.1200.000 Millions

FIXED ASSETS :

· Land

· Plant and Machinery

· Building

· Office Premises

· Moulds

· Computers

· Motor Cars

· Delivery Van

· Office Equipments

· Furniture and Fittings

· Electric Fittings

· Shares Dabhel Co.op Society Limited, India

TRADE REFERENCE:

Mr. K.S Laxminarayan- Talbros Automotive Limited, India

Mr. Chandreshekar- Zeroleak, India

Mr. Harshil Shah- Jyoti Impex Private Limited, India

Mr. Devraj-Indo Tech Transformers Limited, India

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 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. 54.53
UK Pound	1	Rs. 83.59
Euro	1	Rs. 71.32

INFORMATION DETAILS

Report Prepared by :

NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.