MIRA INFORM REPORT

Report Date :

05.08.2013

IDENTIFICATION DETAILS

Name :	POLMANN INDIA LIMITED
Formerly Known As :	GREENHORN FINANCE LIMITED
Registered Office :	184 – B, Maker Tower – E, 18^th Floor, Cuffe Parade, Mumbai – 400005, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.06.1993
Com. Reg. No.:	11-072458
Capital Investment / Paid-up Capital :	Rs.3.140 Millions
CIN No.: [Company Identification No.]	U65994MH1993PLC072458
TAN No.: [Tax Deduction & Collection Account No.]	MUMP1289E
PAN No.: [Permanent Account No.]	AAACG1409N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader of all kinds of chemicals.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (57)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a fine track record. There appears slight dip in the profitability during 2012. However, financial position of the company appears to be sound. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SME 2
Rating Explanation	High credit quality and very low credit risk
Date	03.07.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Bhagwati
Designation :	Finance Head
Contact No.:	91-9870950022
Date :	03.08.2013

LOCATIONS

Registered Office / Warehouse :	184-B, Maker Tower – E, 18^th Floor, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Tel. No.:	91-22-22814526/ 22814530/ 40504050/ 22875715/ 22154987/ 22185611
Fax No:	91-22-22814532
E-mail.:	info@polmannindia.com vlaxman@vsnl.com agarwal@bhimrajka.com
Factory :	6 7 8, Thane Gala No. Rahnal Village Bhiwandi, Khanderao Compound, Thane, Maharashtra, India
Tel. No.:	91-22-22814530

DIRECTORS

(AS ON 29.09.2012)

Name :

Mr. Vijay Jagdishprasad Bhimrajka

Designation :

Director

Address :

14, Casablanca, Cuffee Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

12.02.1949

Date of Appointment :

29.09.1993

DIN No.:

00339726

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	U51900MH1990PLC056732	BHIMRAJKA IMPEX LIMITED	Director	01/06/1990	01/06/1990	-	Active	NO
2	U65994MH1993PLC072458	POLMANN INDIA LIMITED	Director	29/09/1993	29/09/1993	-	Active	NO
3	U92140MH2004PTC148110	COURTYARD LEISURE PRIVATE LIMITED	Director	19/08/2004	19/08/2004	-	Active	NO
4	U70101MH2006PTC165255	BHIMRAJKA REALTY PRIVATE LIMITED	Director	26/10/2006	26/10/2006	-	Converted to LLP and dissolved	NO
5	U51229WB1987PTC042718	ARUNIL COMMERCE PRIVATE LIMITED	Director	16/08/2007	16/08/2007	-	Active	NO
6	AAB-5347	SUPOL ENTERPRISE LLP	Designated Partner	17/05/2013	17/05/2013	-	Active	NO

Name :

Mr. Rohan Vinod Bhimrajka

Designation :

Director

Address :

84, Sea- Lord, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

04.08.1985

Date of Appointment :

01.04.2007

PAN No.:

AHOPB9428N

DIN No.:

00340059

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	U51900MH1990PLC056732	BHIMRAJKA IMPEX LIMITED	Director	29/03/2005	29/03/2005	-	Active	NO
2	U65994MH1993PLC072458	POLMANN INDIA LIMITED	Director	01/04/2007	01/04/2007	-	Active	NO
3	U74900MH2008PTC183940	BHIMRAJKA MADER COATINGS PRIVATE LIMITED	Nominee director	28/01/2013	28/01/2013	-	Active	NO

Name :

Mr. Vinodkumar Jagdishprasad Bhimrajka

Designation :

Director

Address :

84, Sea- Lord, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

15.03.1953

Date of Appointment :

18.06.1993

PAN No.:

AABPB7347N

DIN No.:

00339527

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	U51900MH1990PLC056732	BHIMRAJKA IMPEX LIMITED	Director	01/06/1990	01/06/1990	-	Active	NO
2	U65994MH1993PLC072458	POLMANN INDIA LIMITED	Director	18/06/1993	18/06/1993	-	Active	NO
3	U51900MH2007PLC174154	BHIMRAJKA EXIM LIMITED	Director	14/09/2007	14/09/2007	-	Converted to LLP and dissolved	NO
4	U51900MH2008PTC180440	PEER POLYMERS PRIVATE LIMITED	Director	26/03/2008	26/03/2008	-	Active	NO
5	U74900MH2008PTC183940	BHIMRAJKA MADER COATINGS PRIVATE LIMITED	Director	24/06/2008	24/06/2008	-	Active	NO
6	U25200MH2008PTC185001	HULTEC BHIMRAJKA INDUSTRIES PRIVATE LIMITED	Director	23/07/2008	23/07/2008	-	Active	NO
7	AAB-1820	VIDIT POLYMERS LLP	Designated Partner	23/10/2012	23/10/2012	-	Active	NO

Name :

Mr. Vishwanath Vijaykumar Bhimrajka

Designation :

Director

Address :

14, Casablanca, Cuffee Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

30.06.1975

Date of Appointment :

29.09.1993

PAN No.:

AABPB7340M

DIN No.:

00339856

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	U65994MH1993PLC072458	POLMANN INDIA LIMITED	Director	29/09/1993	29/09/1993	-	Active	NO
2	U51900MH1990PLC056732	BHIMRAJKA IMPEX LIMITED	Director	10/06/1996	10/06/1996	-	Active	NO
3	U92140MH2004PTC148110	COURTYARD LEISURE PRIVATE LIMITED	Director	19/08/2004	19/08/2004	-	Active	NO
4	U70101MH2006PTC165255	BHIMRAJKA REALTY PRIVATE LIMITED	Director	26/10/2006	26/10/2006	-	Converted to LLP and dissolved	NO
5	U51229WB1987PTC042718	ARUNIL COMMERCE PRIVATE LIMITED	Director	29/09/2012	14/11/2011	-	Active	NO
6	AAA-4195	BHIMRAJKA REALTY LLP	Designated Partner	22/03/2011	22/03/2011	-	Active	NO
7	AAB-3941	SUGEE BIG PROJECTS LLP	Body corporate as Designated Partner	13/03/2013	13/03/2013	-	Active	NO
8	AAB-5347	SUPOL ENTERPRISE LLP	Designated Partner	17/05/2013	17/05/2013	-	Active	NO

Name :

Mr. Siddharth Ganeshprasad Bhimrajka

Designation :

Director

Address :

43 – B, Jolly Maker – 1, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

12.05.1977

Date of Appointment :

29.09.1995

PAN No.:

AAEPB8894M

DIN No.:

00339900

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	U65994MH1993PLC072458	POLMANN INDIA LIMITED	Director	29/09/1995	29/09/1995	-	Active	NO
2	U51900MH2007PLC174154	BHIMRAJKA EXIM LIMITED	Director	14/09/2007	14/09/2007	-	Converted to LLP and dissolved	NO
3	U51900MH2008PTC180440	PEER POLYMERS PRIVATE LIMITED	Director	30/04/2010	30/04/2010	-	Active	NO
4	AAB-1820	VIDIT POLYMERS LLP	Designated Partner	23/10/2012	23/10/2012	-	Active	NO

Name :

Mr. Amit Ganeshprasad Bhimrajka

Designation :

Director

Address :

43 – B, Jolly Maker – 1, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

15.12.1979

Date of Appointment :

28.01.2002

PAN No.:

AEZPB9587L

DIN No.:

00340002

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	U65994MH1993PLC072458	POLMANN INDIA LIMITED	Director	28/01/2002	28/01/2002	-	Active	NO
2	U51900MH1990PLC056732	BHIMRAJKA IMPEX LIMITED	Director	01/04/2006	01/04/2006	-	Active	NO
3	U51900MH2007PLC174154	BHIMRAJKA EXIM LIMITED	Director	14/09/2007	14/09/2007	-	Converted to LLP and dissolved	NO
4	U51900MH2008PTC180440	PEER POLYMERS PRIVATE LIMITED	Director	30/04/2010	30/04/2010	-	Active	NO

Name :

Mr. Dara Jehangir Bharucha

Designation :

Director

Address :

P-31, Cusrow Baug, S.B. Singh Road, Mumbai – 400 039, Maharashtra, India

Date of Birth/Age :

12.01.1936

Date of Appointment :

01.04.2008

DIN No.:

00823456

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	U51900MH1990PLC056732	BHIMRAJKA IMPEX LIMITED	Director	17/04/1996	17/04/1996	-	Active	NO
2	U65994MH1993PLC072458	POLMANN INDIA LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO

Name :

Mr. Vishnukumar Jagdishprasad Bhimrajka

Designation :

Director

Address :

183, Jupiter, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

07.04.1964

Date of Appointment :

04.04.2006

PAN No.:

AABPB7343J

DIN No.:

00339428

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	U51900MH1990PLC056732	BHIMRAJKA IMPEX LIMITED	Director	17/10/1990	17/10/1990	-	Active	NO
2	U51229WB1987PTC042718	ARUNIL COMMERCE PRIVATE LIMITED	Director	29/10/2004	29/10/2004	30/11/2007	Active	NO
3	U65994MH1993PLC072458	POLMANN INDIA LIMITED	Director	04/04/2006	04/04/2006	-	Active	NO
4	U51900MH2007PLC174154	BHIMRAJKA EXIM LIMITED	Director	14/09/2007	14/09/2007	-	Converted to LLP and dissolved	NO
5	U51900MH2008PTC180440	PEER POLYMERS PRIVATE LIMITED	Director	26/03/2008	26/03/2008	-	Active	NO
6	U74900MH2008PTC183940	BHIMRAJKA MADER COATINGS PRIVATE LIMITED	Director	24/06/2008	24/06/2008	-	Active	NO
7	U25200MH2008PTC185001	HULTEC BHIMRAJKA INDUSTRIES PRIVATE LIMITED	Director	23/07/2008	23/07/2008	-	Active	NO

Name :

Mr. Rajiv Anoop Bhimrajka

Designation :

Director

Address :

184, Jupiter, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

02.03.1986

Date of Appointment :

01.04.2006

PAN No.:

AHWPB8394B

DIN No.:

01739611

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	U51900MH1990PLC056732	BHIMRAJKA IMPEX LIMITED	Director	29/03/2005	29/03/2005	-	Active	NO
2	U65994MH1993PLC072458	POLMANN INDIA LIMITED	Director	01/04/2006	01/04/2006	-	Active	NO
3	U74900MH2008PTC183940	BHIMRAJKA MADER COATINGS PRIVATE LIMITED	Nominee director	28/01/2013	28/01/2013	-	Active	NO

Name :

Mr. Tanay Anoop Bhimrajka

Designation :

Additional director

Address :

183, Jupiter, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

17.05.1994

Date of Appointment :

16.01.2013

DIN No.:

06395263

KEY EXECUTIVES

Name :	Mr. Bhagwati
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2012)

Names of Shareholders	No. of Shares
Rajkumari G. Bhimrajka	20000
Siddharth G. Bhimrajka	15000
Neha S. Bhimrajka	20500
Amit G. Bhimrajka	15000
Vinod Kumar J. Bhimrajka	15000
Asha Devi V Bhimrajka	36000
Rohan V. Bhimrajka	17500
Vinod Kumar J. Bhimrajka	5000
Sangeeta A. Bhimrajka	36000
Rajiv A. Bhimrajka	20000
Tanay A Bhimrajka	17500
Anoop Kumar J. Bhimrajka HUF	5000
Vishnu Kumar J. Bhimrajka	20000
Anjali V. Bhimrajka	36000
Vishnu Kumar J. Bhimrajka HUF	22500
Priyanka Bhimrajka	8000
Anoop Kumar J. Bhimrajka HUF	5000
Total	314000

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 :

Trader of all kinds of chemicals.

GENERAL INFORMATION

Customer:

End Users

No. of Employees :

30 (Approximately)

Bankers :

· Central Bank of India, Chandermukhi Building, Nariman Point, Mumbai-400021, Maharashtra, India

· Citi Bank, DLF Square, Jacaranda Marg, M. Block, DLF City, Phase II, Gurgaon – 122002, Haryana, India

Facilities :

(Rs. In Millions)

Secured Loans	31.03.2012	31.03.2011
Short term borrowings
Loans Taken for Vehicles	11.423	5.943
Total	11.423	5.943

Banking Relations :	--
Auditors :
Name :	Vinod K Mehta and Company Chartered Accountants
Address :	B-5, Satyam Shopping Centre, 2nd Floor , Ghatkopar (East), Mumbai – 400077, Maharashtra, India
PAN No.:	AADFV6947N
Related Parties (As on 31.03.2011) :	· Saraswati Chemicals

CAPITAL STRUCTURE

(AS ON 31.03.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
314000	Equity Shares	Rs.10/- each	Rs.3.140 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3.140	3.140
(b) Reserves & Surplus	425.646	370.709
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	428.786	373.849
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	28.533	5.300
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	28.533	5.300
(4) Current Liabilities
(a) Short term borrowings	11.424	5.943
(b) Trade payables	325.641	223.444
(c) Other current liabilities	0.000	28.507
(d) Short-term provisions	4.162	10.068
Total Current Liabilities (4)	341.227	267.962
TOTAL	798.546	647.111
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	71.584	64.948
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.291	0.282
(d) Long-term Loan and Advances	8.155	1.511
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	80.030	66.741
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	232.368	197.469
(c) Trade receivables	335.889	285.278
(d) Cash and cash equivalents	(2.696)	(0.625)
(e) Short-term loans and advances	152.932	98.202
(f) Other current assets	0.023	0.046
Total Current Assets	718.516	580.370
TOTAL	798.546	647.111

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		3.140
2] Share Application Money		0.000
3] Reserves & Surplus		267.404
4] (Accumulated Losses)		0.000
NETWORTH		270.544
LOAN FUNDS
1] Secured Loans		9.817
2] Unsecured Loans		0.000
TOTAL BORROWING		9.817
DEFERRED TAX LIABILITIES		0.000
TOTAL		280.361
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		31.029
Capital work-in-progress		0.000
INVESTMENT		14.690
DEFERREX TAX ASSETS		0.628
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	126.648
	Sundry Debtors	217.380
	Cash & Bank Balances	8.093
	Other Current Assets	0.000
	Loans & Advances	91.956
Total Current Assets		444.077
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	169.454
	Other Current Liabilities	28.282
	Provisions	12.396
Total Current Liabilities		210.132
Net Current Assets		233.945
MISCELLANEOUS EXPENSES		0.069
TOTAL		280.361

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1396.424	1228.773	940.215
		Other Income	3.064	2.172	6.739
		TOTAL (A)	1399.488	1230.945	946.954
Less	EXPENSES
		Cost of materials consumed	19.349	3.058	818.205
		Purchases of stock-in-trade	1179.652	1017.716
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(31.515)	(60.921)
		Employee benefit expense	9.967	10.821
		Other expenses	98.543	94.115
		Exceptional items	29.137	0.025
		TOTAL (B)	1305.133	1064.814	818.205
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		94.355	166.131	128.749
Less	FINANCIAL EXPENSES (D)		4.665	3.809	1.973
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		89.690	162.322	126.776
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.263	7.172	3.035
	PROFIT BEFORE TAX (E-F) (G)		79.427	155.150	123.741
Less	TAX (H)		24.491	51.845	42.516
	PROFIT AFTER TAX (G-H) (I)		54.936	103.305	81.225
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		238.949	135.644	54.419
	BALANCE CARRIED TO THE B/S		293.885	238.949	135.644
	Earnings Per Share (Rs.)		174.96	329.00	258.68

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.93	8.39	8.57
Net Profit Margin (PBT/Sales)	(%)	5.69	12.63	13.16
Return on Total Assets (PBT/Total Assets}	(%)	9.95	23.99	26.04
Return on Investment (ROI) (PBT/Networth)		0.19	0.42	0.46
Debt Equity Ratio (Total debt/Networth)		0.03	0.02	0.04
Current Ratio (Current Asset/Current Liability)		2.03	2.18	2.11

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	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	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	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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	ADDRESS	Service Request Number (SRN)
1	10137017	22/07/2010 *	164,000,000.00	CITIBANK N. A.	DLF SQUARE, JACARANDA MARG, M BLOCK, DLF CITY, PHASE II, GURGAON, HARYANA - 122002, INDIA	A94199502

NOTE:

The registered office of the company has been shifted from 708 Maker Chamber, Nariman Point, Mumbai-400021, Maharashtra, India to the present address w.e.f. 22.06.2009

CONTINGENT LIABILITY:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
Indemnity for guarantees given by bank	11.900	3.510

FIXED ASSETS:

· Office Equipment

· Scooter

· Motor Car

· Computer

· Shrirampur Ind. Area

· Warehouse (Building)

· Warehouse (Land)

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.60.80
UK Pound	1	Rs.91.95
Euro	1	Rs.80.37

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		57

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.