MIRA INFORM REPORT

Report Date :

27.04.2013

IDENTIFICATION DETAILS

Name :	AI CHAMPDANY INDUSTRIES LIMITED (w.e.f. 19.05.2005)
Formerly Known As :	ANGLO-INDIA JUTE MILLS COMPANY LIMITED
Registered Office :	25 Princep, Street, Kolkata – 700072, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.01.1917
Com. Reg. No.:	21-002767
Capital Investment / Paid-up Capital :	Rs. 196.700 Millions
CIN No.: [Company Identification No.]	L51909WB1917PLC002767
Legal Form :	A Public Limited Liability Company. The Company’s Share are Listed on the Stock Exchange.
Line of Business :	Manufacturer, Exporter of Yarns Threads, Jute Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 4000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The profitability of the company seems to be low. However, the networth of the company appears to be strong. The promoter seems to be experienced businessmen. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings 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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities: BBB
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation, it carry moderate credit risk.
Date	December, 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 :	25 Princep, Street, Kolkata – 700072, West Bengal, India
Tel. No.:	91-33-22317880/ 85
Fax No.:	91-33-22250221/ 22363754
E-Mail :	cil@ho.champdany.co.in
Website:	www.jute-world.com

DIRECTORS

As on 12.09.2012

Name :

Mr. Gordhandas Jerambhai Wadhwa

Designation :

Chairman and Director

Address :

220/2, Acharya Jagadish, Chandra Bose Road, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

01.10.1925

Date of Appointment :

26.09.2006

DIN No.:

00046115

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	U92131WB1947PTC015023	NATIONAL ELECTRONICS PRIVATE LIMITED	Director	24/02/1947	24/02/1947	-	Active	NO
2	U17232WB1967PLC027167	G JERAMBHAI EXPORTS LIMITED	Director	23/10/1967	23/10/1967	-	Active	NO
3	L67120WB1976PLC030625	AMAR INVESTMENTS LIMITED	Director	29/07/2004	29/07/2004	-	Active	NO
4	L51909WB1917PLC002767	AI CHAMPDANY INDUSTRIES LIMITED	Director	26/09/2006	31/05/2006	-	Active	NO

Name :

Mr. Harbhajan Singh

Designation :

Director

Address :

F-9, Jangpura Extension, New Delhi – 110014, India

Date of Birth/Age :

01.04.1940

Date of Appointment :

24.09.2003

DIN No.:

00237556

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	U72200MH2000PTC224667	INDUS VALLEY PARTNERS (INDIA) PRIVATE LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
2	L25209HR2003PLC035034	MACHINO PLASTICS LIMITED	Director	24/01/2003	24/01/2003	10/12/2009	Active	NO
3	U65990MH1993PLC072984	TAURUS INVESTMENT TRUST COMPANY LIMITED	Director	22/08/2003	22/08/2003	-	Active	NO
4	L51909WB1917PLC002767	AI CHAMPDANY INDUSTRIES LIMITED	Director	24/09/2003	24/09/2003	-	Active	NO
5	U72200DL2005PTC133369	INDUS VALLEY IT PARKS PRIVATE LIMITED	Director	25/02/2005	25/02/2005	-	Active	NO
6	U74140MH2005PTC157823	INDUS BUSINESS CONSULTANTS PRIVATE LIMITED	Director	06/12/2005	06/12/2005	-	Amalgamated	NO
7	U70109DL2006PTC153357	INTERNATIONAL SPACE AND INFRASTRUCTURE DELIEVERIES PRIVATE LIMITED	Director	08/09/2006	08/09/2006	-	Active	NO
8	U25201HR1996PLC033306	MACHINO POLYMERS LIMITED	Director	28/09/2007	27/03/2007	17/12/2009	Active	NO
9	L27100WB1983PLC035650	SHRI BADRINARAIN ALLOYS & STEEL LTD.	Director	08/09/2008	08/09/2008	11/06/2009	Active	NO
10	U72200MH2009PTC189527	KAPUR INFOTECH PRIVATE LIMITED	Director	12/01/2009	12/01/2009	-	Active	NO
11	U30000MH2005PTC156388	INDUS VALLEY PARTNERS (MUMBAI) PRIVATE LIMITED	Director	30/09/2009	25/02/2009	-	Amalgamated	NO
12	U17212DL1999PTC102313	R.S. AIRCON PRIVATE LIMITED.	Director	13/07/2009	13/07/2009	-	Active	NO
13	U74140WB2010PTC153033	WADHWA ENDOWMENT MANAGEMENT PRIVATE LIMITED	Director	28/09/2012	25/06/2012	-	Active	NO
14	U74140WB2010PTC154188	JERAMBHAI MANAGEMENT SERVICES PRIVATE LIMITED	Director	28/09/2012	25/06/2012	-	Active	NO

Name :

Mr. Sam Maneckshaw Palia

Designation :

Director

Address :

16- Ruchir Bungalows, Vastrapur, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

25.04.1938

Date of Appointment :

26.09.2006

DIN No.:

00031145

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	L65923GJ1986PLC008809	GRUH FINANCE LIMITED	Director	29/01/1993	29/01/1993	-	Active	NO
2	L27100MH1907PLC000260	TATA STEEL LIMITED	Director	25/08/1994	25/08/1994	-	Active	NO
3	U74140GJ1995PLC027080	SALINE AREA VITALISATION ENTERPRISE LIMITED	Director	13/07/1996	13/07/1996	-	Active	NO
4	L70101WB1994PLC066445	SHIBIR INDIA LIMITED	Director	30/10/1996	30/10/1996	26/05/2008	Active	NO
5	L26940MH1936PLC002515	ACC LIMITED	Director	25/01/2002	25/01/2002	-	Active	NO
6	L28920MH1945PLC004520	TATA MOTORS LIMITED	Director	11/07/2006	19/05/2006	-	Active	NO
7	L17120MH1879PLC000037	THE BOMBAY DYEING AND MANUFACTURING COMPANY LIMITED	Director	30/05/2006	30/05/2006	-	Active	NO
8	L51909WB1917PLC002767	AI CHAMPDANY INDUSTRIES LIMITED	Director	26/09/2006	31/05/2006	-	Active	NO
9	L26942WB1937PLC009086	KALYANPUR CEMENTS LIMITED	Director	14/06/2007	23/02/2007	26/05/2008	Active	NO
10	U74140WB2010PTC153033	WADHWA ENDOWMENT MANAGEMENT PRIVATE LIMITED	Director	15/09/2010	15/09/2010	-	Active	NO
11	U74140WB2010PTC154188	JERAMBHAI MANAGEMENT SERVICES PRIVATE LIMITED	Director	20/10/2010	20/10/2010	-	Active	NO

Name :

Mr. Damodardas Jerambhai Wadhwa

Designation :

Director

Address :

220/2, Acharya Jagadish, Chandra Bose Road, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

06.09.1937

Date of Appointment :

26.09.2006

DIN No.:

00046180

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	L51909WB1917PLC002767	AI CHAMPDANY INDUSTRIES LIMITED	Director	26/09/2006	31/05/2006	-	Active	NO
2	U17125WB2008PLC127928	WEST BENGAL MULTIFIBER JUTE PARK LIMITED	Director	28/07/2008	28/07/2008	-	Active	NO
3	U74140WB2010PTC153033	WADHWA ENDOWMENT MANAGEMENT PRIVATE LIMITED	Director	15/09/2010	15/09/2010	-	Active	NO
4	U74140WB2010PTC154188	JERAMBHAI MANAGEMENT SERVICES PRIVATE LIMITED	Director	20/10/2010	20/10/2010	-	Active	NO
5	AAA-5341	G L COMMODITIES LLP	Body corporate as Designated Partner	24/06/2011	24/06/2011	-	Active	NO

Name :

Mr. Narottam Das

Designation :

Director

Address :

Flat No. 001, Nirmala Plaza-B, a-1, Forest Park, Bhuneshwar – 751009, Orissa, India

Date of Birth/Age :

26.12.1937

Date of Appointment :

26.09.2006

DIN No.:

00080612

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	U55101WB1983PLC036362	NICCO CORPORATION LIMITED	Director	12/04/1993	12/04/1993	-	Active	NO
2	L70101WB1994PLC066445	SHIBIR INDIA LIMITED	Director	29/01/2004	29/01/2004	-	Active	NO
3	U74210WB2000PLC092471	NICCO ENGINEERING SERVICES LIMITED	Director	30/12/2005	30/12/2005	-	Active	NO
4	L51909WB1917PLC002767	AI CHAMPDANY INDUSTRIES LIMITED	Director	26/09/2006	31/05/2006	-	Active	NO
5	U24239WB2006PLC107275	NICCO BIOTECH LIMITED	Director	27/10/2006	27/10/2006	04/02/2013	Active	NO

Name :

Dr. Giridhan Goswami

Designation :

Director

Address :

3B, Vatika, 43D-Biren Roay Road (East), Kolkata – 700058, West Bengal, India

Date of Birth/Age :

05.01.1940

Date of Appointment :

26.09.2006

DIN No.:

00024209

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	U27100GJ1976FLC013787	ESSAR STEEL INDIA LIMITED	Director	02/08/2002	02/08/2002	13/06/2008	Active	NO
2	U17232WB1935PLC008441	NAFFAR CHANDRA JUTE MILLS LIMITED	Director	21/03/2003	21/03/2003	-	Active	NO
3	L74899DL1985PLC022717	FCL TECHNOLOGIES AND PRODUCTS LIMITED	Nominee director	28/07/2003	28/07/2003	-	Amalgamated	NO
4	L67120WB1976PLC030625	AMAR INVESTMENTS LIMITED	Director	10/01/2004	10/01/2004	-	Active	NO
5	L65993WB1976PLC030622	RISHRA INVESTMENTS LIMITED	Director	10/01/2004	10/01/2004	-	Active	NO
6	L17110GJ1948PLC000753	DIGJAM LIMITED	Director	28/03/2006	01/02/2005	23/08/2012	Active	NO
7	L11100GJ1989PLC032116	ESSAR OIL LIMITED	Nominee director	21/06/2005	21/06/2005	18/10/2010	Active	NO
8	L51909WB1917PLC002767	AI CHAMPDANY INDUSTRIES LIMITED	Director	26/09/2006	30/12/2005	-	Active	NO
9	L70101WB1994PLC066445	SHIBIR INDIA LIMITED	Director	30/05/2006	30/05/2006	-	Active	NO

Name :

Mr. Bhushan Wadhwa

Designation :

Director

Address :

3, Lovelock Street, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

22.08.1953

Date of Appointment :

31.07.2004

DIN No.:

00407790

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	U70101WB1964PTC026152	GOJER BROS PRIVATE LIMITED	Director	04/10/1979	04/10/1979	-	Active	NO
2	U51909WB1967PLC027122	LIBRA EXPORTERS LIMITED	Director	04/12/1980	04/12/1980	-	Active	NO
3	U60210WB1973PLC028782	LIBRA TRANSPORT LIMITED	Director	30/12/1982	30/12/1982	-	Active	NO
4	U70101WB1987PLC042806	COOPER HOUSING ESTATES PR. LIMITED	Director	29/10/1998	29/10/1998	-	Active	NO
5	U70109WB1987PTC042807	CIRCUS AVENUE PROPERTIES PRIVATE LIMITED	Director	29/10/1998	29/10/1998	-	Active	NO
6	U70109WB1986PTC041647	WEST RANGE PROPERTIES PRIVATE LIMITED	Director	30/10/1998	30/10/1998	02/02/2009	Active	NO
7	U17232WB1935PLC008441	NAFFAR CHANDRA JUTE MILLS LIMITED	Whole-time director	01/04/2009	01/04/2003	-	Active	NO
8	U01111WB1954PLC021405	GUNNY DEALERS LIMITED	Director	05/04/2004	05/04/2004	-	Active	NO
9	U17232WB1988PLC044344	RISHRA INDUSTRIAL ENTERPRISES LIMITED	Director	05/04/2004	05/04/2004	-	Active	NO
10	U17232WB1967PLC027167	G JERAMBHAI EXPORTS LIMITED	Director	05/04/2004	05/04/2004	-	Active	NO
11	L51909WB1917PLC002767	AI CHAMPDANY INDUSTRIES LIMITED	Director	31/07/2004	31/07/2004	-	Active	NO
12	U17125WB2008PLC127928	WEST BENGAL MULTIFIBER JUTE PARK LIMITED	Director	28/07/2008	28/07/2008	-	Active	NO
13	U67120WB1992PLC054132	COOPERS WEALTH ADVISORS LIMITED	Director	07/02/2009	07/02/2009	16/07/2009	Active	NO

Name :

Mr. Nirmal Pujara

Designation :

Executive Director-Marketing

Address :

7 Ciurcus Avenue, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

23.07.1953

Date of Appointment :

30.05.2012

DIN No.:

00047803

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	L65993WB1976PLC030622	RISHRA INVESTMENTS LIMITED	Director	14/07/1976	14/07/1976	-	Active	NO
2	U01111WB1954PLC021405	GUNNY DEALERS LIMITED	Director	30/12/1976	30/12/1976	-	Active	NO
3	U60210WB1973PLC028782	LIBRA TRANSPORT LIMITED	Director	30/12/1976	30/12/1976	-	Active	NO
4	U17232WB1967PLC027167	G JERAMBHAI EXPORTS LIMITED	Director	14/06/1977	14/06/1977	-	Active	NO
5	L67120WB1976PLC030625	AMAR INVESTMENTS LIMITED	Director	16/12/1985	16/12/1985	-	Active	NO
6	U70109WB1986PTC041647	WEST RANGE PROPERTIES PVT LIMITED	Director	07/08/1987	07/08/1987	02/02/2009	Active	NO
7	U74140WB1977PLC030973	EASTERN SERVICES LIMITED	Director	07/08/1987	07/08/1987	02/02/2009	Active	NO
8	U70101WB1987PLC042806	COOPER HOUSING ESTATES PR. LIMITED	Director	07/08/1987	07/08/1987	-	Active	NO
9	U70109WB1987PTC042807	CIRCUS AVENUE PROPERTIES PRIVATE LIMITED	Director	07/08/1987	07/08/1987	-	Active	NO
10	U17232WB1988PLC044344	RISHRA INDUSTRIAL ENTERPRISES LIMITED	Director	05/05/1988	05/05/1988	-	Active	NO
11	U17119WB1989PTC047589	LIBRA CARPETS P. LIMITED	Director	15/09/1989	15/09/1989	-	Active	NO
12	U51398WB1990PLC049970	COOPERS COMMODITIES LIMITED	Director	08/10/1990	08/10/1990	-	Active	NO
13	U67120WB1992PLC054132	COOPERS WEALTH ADVISORS LIMITED	Director	16/01/1992	16/01/1992	-	Active	NO
14	L51909WB1917PLC002767	AI CHAMPDANY INDUSTRIES LIMITED	Whole-time director	30/05/2012	05/04/1994	-	Active	NO
15	L70101WB1994PLC066445	SHIBIR INDIA LIMITED	Director	08/12/1994	08/12/1994	-	Active	NO
16	U17119WB1998PTC087122	COOCHBEHAR INDUSTRIES (INDIA) PRIVATE LIMITED	Director	08/05/1998	08/05/1998	-	Active	NO
17	U17125WB2008PLC127928	WEST BENGAL MULTIFIBER JUTE PARK LIMITED	Director	28/07/2008	28/07/2008	-	Active	NO
18	AAA-5341	G L COMMODITIES LLP	Body corporate as Designated Partner	24/06/2011	24/06/2011	-	Active	NO

Name :

Mr. Basudeb Sen

Designation :

Additional director

Address :

109, Rashtraguru Avenue, Kolkata – 700028, West Bengal, India

Date of Birth/Age :

16.06.1948

Date of Appointment :

12.09.2012

DIN No.:

00056861

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	L16005WB1910PLC001985	ITC LIMITED	Director	27/08/2008	23/03/1995	-	Active	NO
2	L51496WB1996PLC079932	SOUTH ASIAN PETROCHEM LIMITED	Director	31/01/2003	31/01/2003	-	Amalgamated	NO
3	U65999WB1994PLC065722	SREI VENTURE CAPITAL LIMITED	Director	20/06/2003	20/06/2003	-	Active	NO
4	L51909WB1986PLC040098	GUJARAT NRE COKE LIMITED	Director	18/12/2003	18/12/2003	-	Active	NO
5	L70101WB1989PLC047465	SUMEDHA FISCAL SERVICES LIMITED	Director	28/12/2005	28/12/2005	-	Active	NO
6	U40200MH1995PLC088133	MAHANAGAR GAS LIMITED	Director	21/03/2006	21/03/2006	-	Active	NO
7	L27106MH1984PLC238266	JSW ISPAT STEEL LIMITED	Director	28/08/2008	30/06/2008	13/01/2011	Active	NO
8	L15492WB1916PLC002697	DHUNSERI PETROCHEM AND TEA LIMITED	Director	04/08/2011	03/07/2010	-	Active	NO
9	L27106WB1987PLC042756	HIMADRI CHEMICALS AND INDUSTRIES LTD	Director	28/09/2010	04/08/2010	-	Active	NO
10	L51909WB1917PLC002767	AI CHAMPDANY INDUSTRIES LIMITED	Director	12/09/2012	30/05/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Binod Kumar Chowdhury
Designation :	Senior General Manager (Accounts) and Company Secretary
Address :	Flat 2A, Block 21, Phase 5, 493/C/A GT Road (South), Howrah – 711102, West Bengal, India
Date of Birth/Age :	18.09.1956
Date of Appointment :	01.02.2008
PAN No.:	ACMPC2753L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2013

Category of Shareholders	No. of Shares held	% of holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1865354	7.54
Bodies Corporate	8259571	33.39
Any Others (Specify)	1971804	7.97
Trusts	1971804	7.97
Sub Total	12096729	48.90
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	12096729	48.90
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	2748916	11.11
Central Government / State Government(s)	704	0.00
Foreign Institutional Investors	1332	0.01
Sub Total	2750952	11.12
(2) Non-Institutions
Bodies Corporate	590831	2.39
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	609997	2.47
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	151779	0.61
Any Others (Specify)	8537498	34.51
Non Resident Indians	4156	0.02
Foreign Corporate Bodies	8533332	34.50
Trust & Foundation	10	0.00
Sub Total	9890105	39.98
Total Public shareholding (B)	12641057	51.10
Total (A)+(B)	24737786	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)	24737786	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter of Yarns Threads, Jute Products.

Products :

Item Code No.	Product description
630510.04	Jute Sacking Bags
531010.03	Hessian Cloth
530710.01	Jute Yarn

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Jute / Jute Diversified	MT	149530	113486	51860
Products	Sq Mtr.	1534128	1406390	Nil
Flax Products	MT	1454	1235	507

Notes:

(1) The Licensed Capacity of Wellington Jute Mills has been estimated by the Management based on the number of spindles licensed at the Mill. The Licensed Capacities in respect of the Export Oriented units, Shalimar unit, Flax unit and Carpet unit are in accordance with respective industrial licenses. Licensed capacity in case of mill at Jagatdal as per Jute Commissioner’s letter no. Jute (T) 1/6(2)/77-78 dated 27.12.1977.

(2) Installed capacity in case of mill at Jagatdal has been certified by the company’s Technical Expert (after considering sale of Lower Mill undertaking during 1986-87) and for other Units as certified by Directors and accepted by the Auditors.

(3) Excludes data for captive consumption.

(4) Figures on parenthesis represent data for 2009-10.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Baroda, International Business Branch, 4, India Exchange Place (1st Floor), Kolkata - 700001, West Bengal, India

· Allahabad Bank, International Branch, 119,Park Street, Kolkata - 700017, West Bengal, India

· Export-Import Bank of India, Floor 21, Center One Building, World Trade Centre, Cuffee Parade, Mumbai - 400005, Maharashtra, India

· Indusind Bank Limited, 2401 Gen Thimmayya Road, Contonment, Pune - 411001, Maharashtra, India

· Indusind Bank Limited, Park Street Branch, 24,Park Street, Kolkata - 700016, West Bengal, India

· The Vysya Bank Limited, Bradourne Road Branch, Mukerjee House, Brabourne Road, Kolkata - 700001, West Bengal, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011
Cash Credit / Packing Credit Accounts*	485.719
Working Capital Demand Loan*	0.000
Corporate Term Loan From Bank**	150.000
Term Loan From Bank***	270.000
From Financial Institution
Term Loans****	128.935
Total	1034.654

Banking Relations :	--
Auditors :
Name :	D. P. Sen and Company Chartered Accountants
Address :	22, Ashutosh Chowdhury Avenue, 2nd Floor, Flat No. 22, Kolkata – 700019, West Bengal, India
PAN.:	AACFD2962L
Subsidiaries: (As on 31.03.2011)	· Landale and Clark Limited · Champdany Constructions Limited · West Bengal Multifibre Jute Park Limited · AIC Properties Limited

CAPITAL STRUCTURE

After: 12.09.2012

Authorised Capital : Rs. 350.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 207.761 Millions

As on 31.03.2012

Authorised Capital : Nil

Issued, Subscribed & Paid-up Capital : Rs. 196.700 Millions

As on 12.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.5/- each	Rs. 200.000 Millions
3000000	7% Cumulative Preference shares	Rs.10/- each	Rs. 30.000 Millions
24000000	2% Cumulative Preference shares	Rs.5/- each	Rs. 120.000 Millions
	Total		Rs. 350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22533000	Equity Shares	Rs.5/- each	Rs. 112.665 Millions
2200000	7% Cumulative Preference Shares	Rs.10/- each	Rs. 22.000 Millions
12414353	Non Convertible 2% Cumulative Preference shares	Rs.5/- each	Rs. 62.071 Millions
	Total		Rs. 196.736 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		196.700	196.736	196.736
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		895.200	897.117	845.058
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1091.900	1093.853	1041.794
LOAN FUNDS
1] Secured Loans		916.500	1034.654	916.698
2] Unsecured Loans		0.000	31.902	31.901
TOTAL BORROWING		916.500	1066.556	948.599
DEFERRED TAX LIABILITIES		0.000	19.257	19.222
TOTAL		2008.400	2179.665	2009.615
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		921.400	958.499	920.018
Capital work-in-progress		129.600	113.319	113.892
INVESTMENT		89.500	89.459	94.592
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1304.200	1412.286	1280.078
	Sundry Debtors	273.900	148.084	80.399
	Cash & Bank Balances	2.600	19.945	15.184
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	169.800	238.578	260.782
Total Current Assets		1750.500	1818.893	1636.443
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	831.900	765.473	681.888
	Other Current Liabilities		13.952	12.216
	Provisions	50.700	21.079	61.226
Total Current Liabilities		882.600	800.504	755.330
Net Current Assets		867.900	1018.389	881.113
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2008.400	2179.666	2009.615

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Income	3906.800
		Other Income	1.200
		TOTAL	3908.000
Less	EXPENSES
		Stock Adjustment	65.200
		Raw Materials	2372.300
		Employee Costs	688.000
		Miscellaneous Expenses	626.500
		TOTAL	3752.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		156.000
Less	FINANCIAL EXPENSES		80.100
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		75.900
Less/ Add	DEPRECIATION/ AMORTISATION		69.700
	PROFIT BEFORE TAX		6.200
Less/ Add	Extra Ordinary Items		0.700
Less	TAX		(1.300)
	PROFIT AFTER TAX		6.800
	Earnings Per Share (Rs.)		0.30

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	3413.304	2447.627
		Other Income	35.149	13.748
		TOTAL (A)	3448.453	2461.375
Less	EXPENSES
		Operating Expenses	3557.539	2403.806
		(Increase)/Decrease in stocks of finished goods and work-in-process	(238.312)	(102.576)
		Exceptional items(Net)	0.093	8.336
		TOTAL (B)	3319.320	2309.566
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		129.133	151.809
Less	FINANCIAL EXPENSES (D)		61.676	67.621
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		67.457	84.188
Less/ Add	DEPRECIATION/ AMORTISATION (F)		65.278	76.901
	PROFIT BEFORE TAX (E-F) (G)		2.179	7.287
Less	TAX (H)		0.665	(0.912)
	PROFIT AFTER TAX (G-H) (I)		1.514	8.199
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.522	49.502
Less	Adjustment relating to earlier years (Taxes)		(1.598)	(52.460)
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000
		Proposed Dividend on Preference Shares	0.000	0.000
		Transfer to Capital Redemption Reserve	0.000	0.000
		Tax on Dividend	0.000
	BALANCE CARRIED TO THE B/S		1.438	1.522
	EARNINGS IN FOREIGN CURRENCY
		Export on FOB basis
		Jute/Jute diversified Products	896.253	437.010
		Flax Products	12.080	12.521
	TOTAL EARNINGS		908.333	449.531
	IMPORTS
		Raw Materials	496.719	305.415
		Stores & Spares	1.048	1.656
		Capital Goods	0.000	40.644
	TOTAL IMPORTS		497.767	347.715
	Earnings Per Share (Rs.)		0.07	0.36

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
Type	2^ndQuarter	3^rd Quarter	4^th Quarter
Net Sales	833.700	809.900	897.700
Total Expenditure	783.400	759.400	856.100
PBIDT (Excl OI)	50.300	50.500	41.600
Other Income	0.100	0.100	000
Operating Profit	50.400	50.600	41.700
Interest	22.100	23.600	21.200
Exceptional Items	000	000	000
PBDT	28.300	27.000	20.500
Depreciation	18.300	16.800	17.900
Profit Before Tax	10.000	10.200	2.500
Tax	0.600	(2.900)	(0.600)
Provisions and contingencies	000	000	000
Profit After Tax	9.400	13.100	3.100
Extraordinary Items	000	000	000
Prior Period Expenses	000	000	000
Other Adjustments	000	000	000
Net Profit	9.400	13.100	3.100

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.17	0.04	0.33
Net Profit Margin (PBT/Sales)	(%)	0.16	0.06	0.29
Return on Total Assets (PBT/Total Assets}	(%)	0.23	0.08	0.28
Return on Investment (ROI) (PBT/Networth)		0.01	0.00	0.01
Debt Equity Ratio (Total Debt /Networth)		0.84	0.97	0.91
Current Ratio (Current Asset/Current Liability)		1.98	2.27	2.17

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	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	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	Yes

UNSECURED LOAN

(Rs in Millions)

Particular	As on 31.03.2011
From Bodies Corporate	29.000
Interest accrued and due	2.901
Total	31.901

CONTINGENT LIABILITIES IN RESPECT OF:

(Rs in Millions)

Particular	As on 31.03.2011
Bank Guarantees:	173.778
Bank Guarantees issued on pledged of shares by other companies	43.254
Claims for Income Tax, Wealth Tax Commercial Taxes not acknowledged as debt and under appeal	110.398
Other claims not acknowledged as debt	43.146
Bills drawn on customers and discounted with banks and advances against collection	44.364

FIXED ASSETS

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Machinery

· Motor Vehicles

· Furniture and Fittings

· Office Equipments

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. 54.29
UK Pound	1	Rs. 83.88
Euro	1	Rs. 70.68

INFORMATION DETAILS

Report Prepared by :

UDS

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	5
--PROFITABILIRY	1~10	5
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.