MIRA INFORM REPORT

Report Date :

24.04.2013

IDENTIFICATION DETAILS

Name :	KAIRA CAN COMPANY LIMITED
Registered Office :	ION House, Dr E Moses Road, Mahalaxmi, Mumbai-400011, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.03.1962
Com. Reg. No.:	11-012289
Capital Investment / Paid-up Capital :	Rs. 9.221 millions
CIN No.: [Company Identification No.]	L28129MH1962PLC012289
TAN No.: [Tax Deduction & Collection Account No.]	MUMK11380F / MUMK12715D
PAN No.: [Permanent Account No.]	AAACK4319B / AAACK4319B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject in the business of Metal packaging.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 860000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having a satisfactory track record. Trade relations are reported as decent. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealing 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term rating: BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	June, 2012

Rating Agency Name	ICRA
Rating	Short term rating: A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	June, 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.

LOCATIONS

Registered Office :	ION House, Dr E Moses Road, Mahalaxmi, Mumbai-400011, Maharashtra, India
Tel. No.:	91-22-56608711 (4 lines) / 66608712 / 66608713
Fax No.:	91-22-56635401 / 66608714 / 66635401
E-Mail :	kairacan@vsnl.com info@kairacan.com companysecretary@kairacan.com
Website :	http://www.kairacan.com
Corporate Office :	Kairacan – GCMMF Complex, Anand – 388001, Gujarat, India
Tel. No.:	91-2692-63237 / 63238 / 63239
Fax No.:	91-2692-62559
E-Mail :	kairacan2@wilnetonline.net
Factory 1 :	Post Box No.23, Amul dairy Compound, Anand – 388 001, Gujarat, India
Tel. No.:	91-2692-266634/35/36
Fax No.:	91-2692-241117
E-Mail :	kairacan1@wilnetonline.net mktg@kairacan.com
Factory 2 :	District Kheda, Kanjari – 387325, Gujarat, India
Factory 3 :	Dudhsagar Dairy Compound, Mehsana – 384002, Gujarat, India
Factory 4 :	Unit Plot No. 704/1-2, Phase IV, GIDC, Vithal Udyog Nagar, Anand, Gujarat, India
E-Mail :	kairacan5@wilnetonline.net
Factory 5 :	Located at Vashi

DIRECTORS

As on 31.03.2012

Name :	Mr. Premal N. Kapadia
Designation :	Chairman
Name :	Mr. Ashok B Kulkarni
Designation :	Managing Director
Name :	K. Jagannathan
Designation :	Executive Director
Name :	Mr. Utsav R. Kapadia
Designation :	Managing Director
Name :	R. S. Sodhi
Designation :	(Nominee of GCMMF)
Name :	Jayen Mehta
Designation :	(Nominee of GCMMF)
Name :	Mr. Nanak G. Sheth
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Hiten Vanjara
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2013

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	400364	43.42
Bodies Corporate	151799	16.46
Sub Total	552163	59.88
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	3260	0.35
Sub Total	3260	0.35
Total shareholding of Promoter and Promoter Group (A)	555423	60.23
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	245190	26.59
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 millions	44315	4.81
Individual shareholders holding nominal share capital in excess of Rs. 0.100 millions	50666	5.49
Any Others (Specify)	26539	2.88
Non Resident Indians	26539	2.88
Sub Total	366710	39.77
Total Public shareholding (B)	366710	39.77
Total (A)+(B)	922133	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	922133	0.00

BUSINESS DETAILS

Line of Business :

Subject in the business of Metal packaging.

Products :

Item code	Product Description
040229-00	Milk Processing and Packing
731021-01	Tin Containers
190530-00	Waffles and Wafers/Ice-Cream Cones

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

§ Bank of Baroda, Mumbai, Maharashtra, India

§ Canara Bank

§ HDFC Bank

§ Axis Bank

§ Bank of Baroda

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Canara Bank Rupee Term Loan	22.074	1.195
Auto Loans	1.321	0.776
Machine Loan	0.402	0.000
Cash Credit Account	49.775	52.653
Packing Credit Account	12.500	7.500
Total	86.072	62.124

Nature of security and terms of repayments for secured borrowings:
Nature of Security	Terms of Repayment
Term Loan from Canara Bank amounting to Rs. 33.774 millions, are secured by creating charge on Machines acquired by availing Term Loan.	Repayable in 54 monthly instalments of Rs. 0.975 millions each (except last instalment of Rs. 0.875 million) starting from Jan. 2012. Rate of interest - Base rate plus 4.75% i.e. 15.50% p.a
Auto Loans from HDFC Bank Rs. 1,24,990 (Previous year Rs. 0.389 million), Axis Bank Rs. Nil and from Kotak Mahindra Prime Limited Rs. 2.667 millions. Auto Loans are Secured by Hypothecation of vehicles financed by the Auto Loan.	Repayable in 36 EMI to HDFC Bank of starting from Sep. 2009 and to Kotak Mahindra Prime Limited from Mar. 2010 - Mar. 2012. Rate of interest to HDFC Bank 10.12% and to Kotak Mahindra Prime Limited 8.26% - 11.00%.
Machine Loans from HDFC Bank Rs. 0.632 millions are secured by hypothecation of machine financed by the Loan.	Repayable in 36 EMI of starting from Nov. 2011. Rate of interest 12.00%

Working Capital Loans from Bank of Baroda Rs 62.275 millions are Secured by Hypothecation of and/or pledge of stock-in-trade, stores, spare parts, other materials and book debts. The cash credit accounts are further secured by the first charge by way of equitable mortgage on the Company’s immovable properties, both present and future, situated at village Kanjari and Anand office in the state of Gujarat.

Banking Relations :	--
Financial Institution :	Kotak Mahindra Prime Limited
Auditors :
Name :	Kalyaniwalla and Mistry Chartered Accounts
Address :	Mumbai, Maharashtra, India
Subsidiary Company:	Puma Properties Limited
Enterprise having significant influence on the Company :	Gujarat Co-Op. Milk Marketing Federation Limited (GCMMF)

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions
20000	11% Redeemable Cumulative Preference Shares	Rs.100/- each	Rs. 2.000 Millions
	Total		Rs. 22.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
922133	Equity Shares	Rs.10/- each	Rs. 9.221 Millions

(9,22,133) Of the above Shares, 5,33,600 Shares are allotted as fully paid up by way of Bonus Shares by capitalisation of General Reserve.

Nil Shares out of the issued, subscribed and paid up share capital were allotted as Bonus Shares in the last five years by capitalisation of reserves. (Nil)

Equity Shares: The Company has issued only one class of equity shares having a par value of Rs.10 per share. Each Shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion to their shareholding.

The Details Shareholders holding more than 5% of total no. of shares in the Company

Name of the Shareholder	31.03.2012
	No. of Shares held	% of holding
Gujarat Co-Op. Milk Marketing Federation Limited	2,38,016	25.81
Harshadray Private Limited	1,36,313	14.78
Rekha Harshadray Kapadia	96,950	10.51
Premal N. Kapadia	90,349	9.80
Bharat A. Kapadia	65,514	7.10
Shefali Narendra Kapadia	54,057	5.86

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		9.221	9.221	9.221
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		205.237	178.425	164.357
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		214.458	187.646	173.578
LOAN FUNDS
1] Secured Loans		86.072	62.124	79.220
2] Unsecured Loans		22.585	14.160	27.420
TOTAL BORROWING		108.657	76.284	106.640
DEFERRED TAX LIABILITIES		0.647	0.000	2.221
TOTAL		323.762	263.930	282.439
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		175.011	44.731	60.071
Capital work-in-progress		0.363	35.889	0.000
INVESTMENT		2.718	2.718	1.718
DEFERRED TAX ASSETS		0.000	3.252	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	172.435	190.388	183.123
	Sundry Debtors	94.077	78.237	76.895
	Cash & Bank Balances	20.452	48.550	12.581
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	119.096	110.293	117.378
Total Current Assets		406.060	427.468	389.977
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	151.587	152.039	118.622
	Other Current Liabilities	100.805	90.478	43.945
	Provisions	7.998	7.611	6.759
Total Current Liabilities		260.390	250.128	169.326
Net Current Assets		145.670	177.340	220.651
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		323.762	263.930	282.439

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1089.798	1107.641	939.933
		Other Income	13.969	12.725	90.126
		TOTAL (A)	1103.767	1120.366	1030.059
Less	EXPENSES
		Cost of Materials Consumed	662.779	645.273
		Employee Benefits Expense	64.253	65.925	957.758
		Other Expenses	316.994	348.754
		Changes in Inventories of Finished Goods and Process Stock	(9.225)	8.153
		TOTAL (B)	1034.801	1068.105	957.758
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		68.966	52.261	72.301
Less	FINANCIAL EXPENSES (D)		14.026	7.535	10.439
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		54.940	44.726	61.862
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.149	6.453	12.624
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		44.791	38.273	49.238
Less	TAX (H)		15.299	21.526	8.807
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		29.492	16.747	40.431
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		37.675	33.607	5.864
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	10.000	10.000
		Dividend	2.305	2.305	2.305
		Tax on Dividend	0.374	0.374	0.382
	BALANCE CARRIED TO THE B/S		54.488	37.675	33.607
	EARNINGS IN FOREIGN CURRENCY
		Exports of Goods on F.O.B. value (including exchange difference)	122.297	153.188	119.448
	TOTAL EARNINGS		122.297	275.485	119.448
	IMPORTS
		Raw Materials	391.618	385.842	285.566
		Stores & Spares	4.596	13.523	16.414
		Capital Goods	60.502	19.092	0.000
	TOTAL IMPORTS		456.716	418.457	301.980
	Earnings / (Loss) Per Share (Rs.)		31.98	18.16	43.85

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	368.900	302.600	229.500
Total Expenditure	346.000	275.000	210.300
PBIDT (Excl OI)	22.900	27.600	19.100
Other Income	00.800	02.300	02.000
Operating Profit	23.700	29.900	21.200
Interest	04.900	03.800	04.300
Exceptional Items	195.100	0.000	0.000
PBDT	213.900	26.000	16.900
Depreciation	03.700	04.900	04.200
Profit Before Tax	210.200	21.100	12.700
Tax	49.800	04.200	03.600
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	160.400	17.000	09.000
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	160.400	17.000	09.000

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	43.45	1.49	3.93
Net Profit Margin (PBT/Sales)	(%)	4.11	3.46	5.24
Return on Total Assets (PBT/Total Assets}	(%)	7.71	8.11	10.94
Return on Investment (ROI) (PBT/Networth)		0.21	0.20	0.28
Debt Equity Ratio (Total Debt/Networth)		0.51	0.41	0.61
Current Ratio (Current Asset/Current Liability)		1.56	1.71	2.30

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	No
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	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	No
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

BACKGROUND

Subject is a company incorporated in India under Companies Act, 1956 in the year 1962. The Company started its manufacturing activity as a Private Limited Company at Anand in the state of Gujarat, which later became a public limited company in 1971. The Company is a prominent player in the business of Metal packaging. The head office of the Company is situated at Mahalaxmi, Mumbai in the state of Maharastra. The factories are located at Anand, Kanjari, Vithal Udyog Nagar in the State of Gujarat and Vashi in the state of Maharashtra.

REVIEW OF OPERATIONS

The Company has achieved a total sales turnover of Rs.1172.400 millions for the year ended 31st March, 2012 as compared to Rs.1185.000 millions for the previous year - a drop of 1%. The decline is attributed mainly to two factors. Firstly, the sales of OTS cans were affected due to poor mango season in Western part of India, i.e., Gujarat region and Kokan region of Maharashtra. Secondly, our exports of metal components to Middle East countries were substantially reduced due to prevailing economic conditions there.

As a result of the above, the Company could achieve a turnover of Rs.1058.800 millions of metal cans and its components during the year under review as compared to Rs.1079.100 millions for the previous year – a reduction of 2%. The Company could only execute export orders worth Rs.118.900 millions of metal cans and its components during the year under review as compared to Rs.151.700 millions for the previous year, a drop of 22%.

However, the profitability has shown an improved trend as compared to previous year. This growth is mainly due to two reasons, firstly on account of higher job-work earnings of the Milk and Milk Products Division (MMPD) and secondly due to sale of four small tenements owned by the Company at Mehsana, as a result of closing the said Unit last year.

The work of installation of the Oven at Kanjari Unit was completed in October, 2011. The work of installation of the new imported Printing and Coating Line at Kanjari Unit was also completed in October, 2011. As the Printing and Coating Machinery was installed and commissioned in the third quarter of 2011 - 12, it would enable the Company to compete more effectively in the OTS market and also tap the export market.

The Milk and Milk Products Division has achieved job-work earnings to the tune of Rs.66.200 millions during the year ended 31st March, 2012 as compared to Rs.60.300 millions for the previous year – a growth of 10%.

The Sugar Cone Division has achieved a sales turnover of Rs.47.400 millions as compared to Rs.45.600 millions for the previous year. As the demand for Sugar Cones for filling ice-cream continues to be increasing, the Company has undertaken an expansion of its Vitthal Udyog Nagar Unit, Kheda District. The construction of additional shed will be completed in the third quarter of the current financial year. The Company has already placed the order for new imported equipment which will be installed in the new shed and the commercial production is expected to commence in the third quarter of the current year.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2012.

(Rs. In millions)

Sr. No.	Particulars	Quarter ended		Nine Months ended
		31.12.2012 (Unaudited)	30.09.2012 (Unaudited)	31-12.2012 (Unaudited)
1	INCOME FROM OPERATIONS a. Net Sales / Income from Operations b. Other Operating Income Total Income from Operations (a+b)	228.504 0.948	297.251 5.349	893.246 7.721
		229.452	302.600	900.967
2	Expenses a) Consumption of Raw Materials b) Change in Inventories of Finished Goods and Process Stock c) Consumption of Stores & Spares d) Employee Benefits Expense e) Depreciation and Amortisation Expense f) Other Expenses	124.291 2.892 35.426 17.139 4.220 30.597	223.688 (45.334) 42.717 16.296 4.897 37.653	530.196 13.407 123.113 53.271 12.807 111.393
	g) Total Expenses	214.565	279.916	844.186
3	Profit from Operations before Other Income, Finance Cost and Exceptional Items (1-2)	14.887	22.684	56.781
4	Other Income	2.040	2.308	5.131
5	Profit before Finance Cost & Exceptional Items (3+4)	16.927	24.993	61.913
6	Finance Cost	4.258	3.835	12.946
7	Profit after Finance Cost & before Exceptional Items (5-6)	12.670	21.158	48.967
8	Exceptional Items [ Income / (Expenses) ]			195.050
9	Profit before Tax (7+8)	12.670	21.158	244.017
10	Tax Expense - Current Tax (Current Year) - Current Tax (Earlier Year) - Deferred Tax	(0.040) -- 3.670	5.080 -- (0.880)	51.840 1.900 3.920
11	Net Profit for the period (9-10)	9.040	16.958	186.357
12 13 14	Paid-up Equity Share Capital (Face value of Rs. 10/- each ) Reserves excluding Revaluation Reserve Earning per Share - Basic and Diluted before Exceptional item - Basic and Diluted after Exceptional item	9.221 9.80 9.80	9.221 18.39 18.39	9.221 35.75 202.10
A 1	Particulars of Shareholding Public shareholding
	No. of Shares	366710	366710	366710
	Percentage of Shareholding	39.77%	39.77%	39.77%
2	Promoter and Promoter Group Shareholding (a) Pledged / Encumbered
	- Number of Shares	NIL	NIL	NIL
	- Percentage of Shares (to total
	Promoter Shareholding)	NIL	NIL	NIL
	- Percentage of Shares
	(to total Share Capital of the Company)	NIL	NIL	NIL
	(b) Non-Encumbered
	- Number of Shares	555,423	555,423	555,423
	- Percentage of Shares (to total Promoter
	Shareholding)	100.00%	100.00%	100.00%
	- Percentage of Shares (to total Share
	Capital of the Company)	60.23%	60.23%	60.23%

	Particulars	3 Months ended 31.12.2012
B	Investor Complaints Pending at the beginning of the quarter Received during the quarter Disposed of during the quarter Remaining unresolved at the end of the quarter	Nil Nil Nil Nil

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT.

(Rs. In millions)

Sr. No.		Particulars	Quarter ended		Nine Months ended
			31.12.2012 (Unaudited)	30.09.2012 (Unaudited)	31-12.2012 (Unaudited)
1	Segment Revenue (Net sales / Income) a. Tin Containers b. Ice-Cream Cones (Waffles & Wafers) c. Milk and Milk Products Division		201.561 11.198 16.882	273.758 10.570 17.831	812.741 36.972 51.785
	Net Sales / Income from operations		229.641	302.159	901.498
2	Segment Results (Profit (+) / Loss (-) before tax and interest) a. Tin Containers b. Ice-Cream Cones (Waffles & Wafers) c. Milk and Milk Products Division		15.166 (0.903) 1.272	21.227 0.812 1.723	52.835 1.753 4.652
	Total		15.535	23.762	59.240
	Less :-(i) Interest (ii) Other un-allocable expenditure net off unallocable income		4.258 (1.393)	3.835 (1.231)	12.946 (197.723)
	Total Profit Before Tax		12.670	21.158	244.017
3	Capital Employed (Segment Assets - Segment Liabilities) a. Tin Containers b. Ice-Cream Cones ( Waffles & Wafers ) c. Milk and Milk Products Division d. Unallocated		133.719 64.056 7.277 195.764	143.491 22.064 13.633 212.588	133.719 64.056 7.277 195.764
	Total		400815	3917.76	400.815

Notes :

The Statutory auditors of the Company have carried out a limited review of the financial results for the quarter and nine months ended December 31, 2012.

The above results which are published in accordance with Clause 41 of the Listing Agreement were approved by the Board of Directors at their Meeting held on 6th February, 2013.

As regards Auditors qualifications in their Audited Report for the year ended 31^st March, 2012 for :

The Company did not have an internal audit system during the year In the opinion of the Management, there are adequate internal control system and procedures commensurate with the size of the Company and nature of its business.

Exceptional item includes Profit on disposal of 100% shares of Subsidiary Company Puma Properties Limited.

UNSECURED LOAN

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
Fixed Deposits *	22.585	14.160
Total	22.585	14.160

* Deposit includes deposit received from Directors amounting to Rs. 1.160 millions

Terms of repayments for unsecured borrowings:
Borrowing	Terms of Repayment
Fixed Deposits Rs. 29.715 millions	The company accepts Fixed Deposit for 2 and 3 year maturities and same is repayable on maturity in one tranche. Rate of Interest offered at present for 3 year deposit 11.50% p.a. and for 2 year deposit 11.00% p.a.

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2012
Claims against the Company / disputed liabilities not acknowledged as debts	45.079

FIXED ASSETS

v Tangible Assets

§ Freehold Land

§ Leasehold Land

§ Buildings

§ Machinery

§ Furniture & Fixtures

§ Vehicles

v Intangible Assets

§ 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 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.54.30
UK Pound	1	Rs.82.88
Euro	1	Rs.70.80

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
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	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	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.