MIRA INFORM REPORT

Report Date :

13.08.2013

IDENTIFICATION DETAILS

Name :	INARCO LIMITED
Registered Office :	B2 - 801, 8th Floor, B2 Wing, Marathon Innova, Opposite Peninsula Corporate Park, Off Ganapatrao Kadam Marg, Lower Parel, Mumbai - 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.12.1958
Com. Reg. No.:	11-011233
Capital Investment / Paid-up Capital :	Rs. 9.500 Millions
CIN No.: [Company Identification No.]	U74999MH1958PLC011233
TAN No.: [Tax Deduction & Collection Account No.]	PNEI04164G
PAN No.: [Permanent Account No.]	AAACI2897Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Cots, Aprons and Vinyl Floor Coverings.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 280000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Management has filed the latest financial of 2013 with the government but are not available with us. The financial for the year 2013 is not available with us. However, trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for normal business dealing at usual trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List – 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	BBB- (Long Term Rating)
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation. It carry moderate credit risk.
Date	September 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 / Corporate Office / Export Sales / Head - Domestic Sales :	B2 - 801, 8th Floor, B2 Wing, Marathon Innova, Opposite Peninsula Corporate Park, Off Ganapatrao Kadam Marg, Lower Parel, Mumbai - 400013, Maharashtra, India
Tel. No.:	91-22-43152200/ 43152230
Fax No.:	91-22-24919187
E-Mail :	vpoddar@inarco.com amitarora@inarco.com esm@inarco.com
Website :	www.inarco.com
Location :	Owned
Factory:	Opposite Jawahar Maidan, Plot No. 1129, Ghoga Road, Bhavnagar – 364001, Gujarat. India
Tel No.:	91-278-2430545
E-Mail :	pkdas@inarco.com
Technical Support:	658 Central Studio Compound, Trichy Road, Singanallur, Coimbatore - 641 005, Tamilnaud, India
Tel No.:	91- 422-2316942 / 43
E-Mail :	products@inarco.com
Zone Office:	Located at: · Coimbatore · Madurai · Guntur · Mumbai · Chandigarh · Kolkata · Bhilwara

DIRECTORS

As on 30.05.2013

Name :

Mr. Arvind Bhandari Kewalkishan

Designation :

Managing director

Address :

203, Panorama, Walkeshwar Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

12.04.1947

Qualification :

CA

Date of Appointment :

12.07.2007

PAN No.:

AABPB5123G

DIN No.:

00708080

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	U74999MH1958PLC011233	INARCO LIMITED	Managing director	12/07/2007	01/10/2005	-	Active	NO

Name :

Mr. Bahram Navroz Vakil

Designation :

Director

Address :

Neptune Court, First Floor, Nepeansea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

12.09.1958

Qualification :

LLM

Date of Appointment :

22.08.2006

DIN No.:

00283980

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	U55101MH1996PTC097667	DEGUSTIBUS HOSPITALITY PRIVATE LIMITED	Director	01/06/1998	01/06/1998	20/06/2009	Active	NO
2	U25110MH1996PTC098147	GOLD SEAL AVON POLYMERS PRIVATE LIMITED	Alternate director	26/08/2008	13/03/2001	07/06/2011	Active	NO
3	U67190MH1997PTC109777	STRATEGIC PARTNERS (INDIA) PRIVATE LIMITED	Director	09/04/2001	09/04/2001	-	Active	NO
4	U29111MH2001PTC131781	LOMBARDINI INDIA PRIVATE LIMITED	Director	14/05/2001	14/05/2001	22/06/2007	Active	NO
5	U55101TN2002PTC048331	WILD INDIA CAMPS PRIVATE LIMITED	Director	10/03/2004	10/03/2004	-	Active	NO
6	U25209MH1997PTC110354	GOLDSEAL-SAARGUMMI INDIA PRIVATE LIMITED	Alternate director	16/02/2005	16/02/2005	03/12/2009	Active	NO
7	U74999MH2003PTC149854	THE WALT DISNEY COMPANY (INDIA) PRIVATE LIMITED	Director	09/12/2005	09/12/2005	03/02/2009	Active	NO
8	U65991MH2005PLC158045	PENINSULA TRUSTEE LIMITED	Director	12/07/2007	06/03/2006	-	Active	NO
9	U72900PN2006PTC129658	BODHI GLOBAL SERVICES PRIVATE LIMITED	Director	22/03/2006	22/03/2006	-	Active	NO
10	U74999MH1958PLC011233	INARCO LIMITED	Director	22/08/2006	22/08/2006	-	Active	NO
11	U73100AP2006PTC051414	BVUD RESEARCH (INDIA) PRIVATE LIMITED	Director	16/10/2006	16/10/2006	29/03/2007	Under liquidation	NO
12	U65990MH2005PLC154276	EDELWEISS WEB SERVICES LIMITED	Director	02/11/2006	02/11/2006	-	Active	NO
13	U92130MH2004PTC143978	UNITED HOME ENTERTAINMENT PRIVATE LIMITED	Director	12/12/2006	12/12/2006	27/08/2007	Active	NO
14	U65923MH2007PLC168721	GRAMEEN CAPITAL INDIA LIMITED	Director	14/03/2007	14/03/2007	-	Active	NO
15	U67190MH2007FTC175891	BABCOCK & BROWN INDIA PRIVATE LIMITED	Director	14/11/2007	14/11/2007	22/08/2008	Under liquidation	NO
16	U74900KA2008PTC050780	UNITUS CAPITAL PRIVATE LIMITED	Director	03/03/2008	03/03/2008	07/11/2008	Active	NO
17	U40106MH2008PTC180689	SUNNIGHT SOLAR PRIVATE LIMITED	Director	01/04/2008	01/04/2008	08/07/2011	Strike off	NO
18	U65999MH2008NPL188370	PREMANAND MICRO FINANCING	Director	20/11/2008	20/11/2008	08/07/2011	Active	YES
19	U93090MH2010NPL201145	INDIAN COUNCIL ON GLOBAL RELATIONS	Director	28/09/2011	25/08/2010	-	Active	NO
20	U74900MH2011PTC215129	GE-HITACHI NUCLEAR ENERGY INDIA PRIVATE LIMITED	Director	22/03/2011	22/03/2011	-	Active	NO
21	U73100MH2011FTC216670	COLUMBIA RESEARCH AND CONSULTANCY SERVICES PRIVATE LIMITED	Alternate director	31/05/2011	31/05/2011	-	Active	NO
22	L74140PN1986PLC041033	ACCELYA KALE SOLUTIONS LIMITED	Director	08/11/2011	07/07/2011	01/07/2013	Active	NO
23	L24240MH1952PLC008951	TRENT LIMITED	Director	10/08/2012	25/06/2012	-	Active	NO
24	U51900MH2005PLC157853	AXIS CAPITAL LIMITED	Director	15/07/2013	14/01/2013	-	Active	NO
25	U67190MH2013PTC245486	GRAMEEN CAPITAL INVESTMENT ADVISORS PRIVATE LIMITED	Director	11/07/2013	11/07/2013	-	Active	NO

Name :

Mr. Manmohan Krishan Mahajan

Designation :

Director

Address :

232 Jupiter Apartment, Cuffe Parafe, Mumbai – 40005, Maharashtra, India

Date of Birth/Age :

10.08.1949

Date of Appointment :

16.12.2008

DIN No.:

00290208

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	U74140MH1998PTC114225	MAHAJAN AND AIBARA CONSULTING PRIVATE LIMITED	Director	30/03/1998	30/03/1998	-	Active	NO
2	U74999MH1958PLC011233	INARCO LIMITED	Director	16/12/2008	16/12/2008	-	Active	NO

Name :

Mr. Kavas Dara Patel

Designation :

Director

Address :

C-33, River Nest, 311, North Main Road, Koregaon Park, Pune – 411001, Maharashtra, India

Date of Birth/Age :

02.02.1947

Date of Appointment :

31.03.1999

DIN No.:

00002634

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	L33208GA1983PLC000520	PHIL CORPORATION LIMITED	Director	18/08/1993	18/08/1993	-	Active	NO
2	U24300MH1989PLC052085	INDIAN OXIDES AND CHEMICALS LIMITED	Director	27/06/1997	27/06/1997	-	Active	NO
3	U45309PN1991PTC063598	ZINNIA PROPERTIES PRIVATE LIMITED	Director	14/03/1998	14/03/1998	-	Active	NO
4	U74999MH1958PLC011233	INARCO LIMITED	Director	31/03/1999	31/03/1999	-	Active	NO
5	L24100MH1960PLC011681	DAI-ICHI KARKARIA LIMITED	Director	26/04/2001	26/04/2001	-	Active	NO
6	L17110MH1943PLC010052	ARI CONSOLIDATED INVESTMENTS LIMITED	Director	15/10/2001	15/10/2001	-	Active	NO
7	U31909MH1983PLC029134	UNI KLINGER LIMITED	Director	02/12/2002	02/12/2002	-	Active	NO
8	U24110MH1990PLC055089	CHAMPION DAI-ICHI TECHNOLOGIES INDIA LIMITED	Director	22/12/2005	22/12/2005	-	Active	NO
9	U72900PN2005PTC020816	MIMOSA DATA SYSTEMS (INDIA) PRIVATE LIMITED	Additional director	20/09/2006	20/09/2006	01/08/2007	Strike off	NO
10	L15419PN1985PLC037347	TASTY BITE EATABLES LIMITED	Director	27/08/2009	29/05/2009	-	Active	NO

Name :

Mr. Nani Byram Javeri

Designation :

Director

Address :

Flat # 9, Ivorine, , M. K. Road, Mumbai- 400020, Maharashtra, India

Date of Birth/Age :

04.04.1946

Qualification :

B.A. - Economics

Date of Appointment :

27.02.2001

DIN No.:

02731854

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	U74999MH1958PLC011233	INARCO LIMITED	Director	27/02/2001	27/02/2001	-	Active	NO
2	L17110MH1943PLC010052	ARI CONSOLIDATED INVESTMENTS LIMITED	Director	30/09/2009	30/06/2009	-	Active	NO
3	L29308MH1954PLC009371	VOLTAS LIMITED	Director	16/08/2010	29/10/2009	-	Active	NO
4	U52190KA1997PTC046775	LIFE STYLE INTERNATIONAL PRIVATE LIMITED	Director	30/08/2010	04/08/2010	-	Active	NO
5	U65923MH2009PTC198201	UNION KBC ASSET MANAGEMENT COMPANY PRIVATE LIMITED	Director	31/05/2011	16/09/2010	-	Active	NO
6	U74140MH2008FTC187025	HANNOVER RE CONSULTING SERVICES INDIA PRIVATE LIMITED	Director	31/10/2011	31/10/2011	-	Active	NO
7	U29193DN2001PLC000159	UNIVERSAL COMFORT PRODUCTS LIMITED	Director	11/08/2012	01/11/2011	-	Active	NO
8	L74140PN1986PLC041033	ACCELYA KALE SOLUTIONS LIMITED	Additional director	08/07/2013	08/07/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.05.2013

Names of Shareholders	No. of Shares
ARI Consolidated Investment Limited, India	94500
Arvind K. Bhandari and ARI Consolidated Investment Limited, India	500
TOTAL	95000

Equity Share Break up (Percentage of Total Equity)

As on 30.05.2013

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Cots, Aprons and Vinyl Floor Coverings.

Products :

ITC Code	Product Descriptions
8448	Cots and Aprons

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Cots and Aprons	R. Mtrs	1680000	28477
Cots and Aprons including Clearer Tubes	R. Mtrs	--	1594182

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Commercial Branch, Bank Street, Bomaby – 400023, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Deferred payment for acquisition of fixed assets	0.115	0.247
Short-term borrowings
Loans repayable on demand from Banks	10.103	8.589
Total	10.218	8.836

Banking Relations :	--
Financial Institution :	IFCI Limited, Bank of Baroda Building, 16, Sansad Marg, New Delhi-110001, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Heritage, 3rd Floor, Near Gujarat Vidyapith, Off. Ashram Road, Ahmedabad-380014, Gujarat, India
PAN No.:	AABFD7919A
Holding Company :	Ari Consolidated Investments Limited CIN No.:- L17110MH1943PLC010052
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Sankil Investments Private Limited CIN No.:- U99999MH1973PTC016347 Odin Capital Holdings Private Limited CIN No.:- U65990MH1997PTC109653

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
95000	Equity Shares	Rs.100/- each	Rs. 9.500 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	9.500	9.500
(b) Reserves & Surplus	59.545	54.784
(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)	69.045	64.284
(3) Non-Current Liabilities
(a) long-term borrowings	0.115	0.247
(b) Deferred tax liabilities (Net)	0.000	0.00
(c) Other long term liabilities	11.685	9.335
(d) long-term provisions	3.012	2.604
Total Non-current Liabilities (3)	14.812	12.186
(4) Current Liabilities
(a) Short term borrowings	20.103	18.589
(b) Trade payables	87.068	77.474
(c) Other current liabilities	9.395	13.292
(d) Short-term provisions	16.794	16.609
Total Current Liabilities (4)	133.360	125.964
TOTAL	217.217	202.434
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	38.616	44.570
(ii) Intangible Assets	0.003	0.005
(iii) Capital work-in-progress	4.360	2.970
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	4.420	4.244
(c) Deferred tax assets (net)	10.922	8.311
(d) Long-term Loan and Advances	16.034	18.803
(e) Other Non-current assets	4.894	4.894
Total Non-Current Assets	79.249	83.797
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	61.773	54.236
(c) Trade receivables	62.802	53.172
(d) Cash and cash equivalents	6.689	4.935
(e) Short-term loans and advances	3.918	5.433
(f) Other current assets	2.786	0.861
Total Current Assets	137.968	118.637
TOTAL	217.217	202.434

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.500
2] Share Application Money		0.000
3] Reserves & Surplus		43.803
4] (Accumulated Losses)		0.000
NETWORTH		53.303
LOAN FUNDS
1] Secured Loans		1.155
2] Unsecured Loans		25.000
TOTAL BORROWING		26.155
DEFERRED TAX LIABILITIES		0.000
TOTAL		79.458
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		36.028
Capital work-in-progress		4.051
INVESTMENT		1.945
DEFERREX TAX ASSETS		6.403
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	49.145
	Sundry Debtors	45.176
	Cash & Bank Balances	11.722
	Other Current Assets	0.202
	Loans & Advances	20.919
Total Current Assets		127.164
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	71.744
	Other Current Liabilities	10.614
	Provisions	13.775
Total Current Liabilities		96.133
Net Current Assets		31.031
MISCELLANEOUS EXPENSES		0.000
TOTAL		79.458

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	520.883	510.475	411.003
		Other Income	3.425	6.664	7.103
		TOTAL	524.308	517.139	418.106
Less	EXPENSES
		Cost of materials consumed	226.093	204.959	375.991
		Employee benefit expense	93.119	89.317
		Other expenses	172.406	176.085
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(6.530)	(2.678)
		TOTAL	485.088	467.683	375.991
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		39.220	49.456	42.115
Less	FINANCIAL EXPENSES		5.715	4.365	3.757
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		33.505	45.091	38.358
Less/ Add	DEPRECIATION/ AMORTISATION		12.199	11.845	8.024
	PRIOR PERIOD ITEMS BEFORE TAX		0.000	0.000	0.100
	PROFIT / (LOSS) BEFORE TAX		21.306	33.246	30.234
Less	TAX		5.503	11.224	15.386
	PROFIT / (LOSS) AFTER TAX		15.803	22.022	14.848
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		43.720	36.070	31.653
	APPROPRIATIONS
		Proposed Dividend	9.500	9.500	7.600
		Tax on distributes profits	1.540	1.540	1.262
		Transferred to General Reserve	2.230	3.330	1.570
	BALANCE CARRIED TO THE B/S		46.250	43.720	36.069
	EARNINGS IN FOREIGN CURRENCY
		Export of goods at F.O.B.	166.536	134.866	108.501
		Freight and Insurance	NA	1.849	2.047
		Exchange Gain	NA	1.543	1.450
	TOTAL EARNINGS		NA	138.258	111.998
	IMPORTS
		Raw Materials	NA	77.687	56.616
	TOTAL IMPORTS		NA	77.687	56.616
	Earnings Per Share (Rs.)		166.34	231.81	156.30

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.01	4.26	3.55
Net Profit Margin (PBT/Sales)	(%)	4.09	6.51	7.36
Return on Total Assets (PBT/Total Assets}	(%)	10.79	17.79	18.53
Return on Investment (ROI) (PBT/Networth)		0.31	0.52	0.57
Debt Equity Ratio (Total Debt /Networth)		0.29	0.29	0.49
Current Ratio (Current Asset/Current Liability)		1.24	1.19	1.32

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	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE

The registered office of the company has been shifted from “M-3, Court Chamber, Sir V Thalkersey Marg, Mumbai – 400020, Maharashtra, India” to the present address w.e.f.01.04.2011

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short-term borrowings
Loans repayable on demand from others	5.000	0.000
Deposits from directors	5.000	10.000
Total	10.000	10.000

FINANCIAL RESULTS:

The revenue from operations for the year stood at Rs.524.310 Millions against Rs.517.140 Millions in the previous year. The Company made a profit of Rs.27.020 millions before interest and tax compared to Rs.37.61 million in the previous year.

The performance for the year was affected by adverse market conditions and steep increases in input costs.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90226917	20/08/2001 *	87,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G. N. V. MARG, BOMBAY, MAHARASHTRA - 400023, INDIA	-
2	90232487	20/08/2002 *	87,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G. N. V. MARG, BOMBAY, MAHARASHTRA - 400023, INDIA	-
3	90228678	15/05/2002 *	87,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G. N. V. MARG, BOMBAY, MAHARASHTRA - 400023, INDIA	-
4	90230260	03/09/1975	1,000,000.00	STATE BANK OF INDIA	BACKBAY RECLAMATION BRANCH, BOMBAY, MAHARASHTRA - 400021, INDIA	-

Note: * Date of charge modification

FIXED ASSETS

Tangible assets

· Buildings

· Factory building

· Other building

· Plant and equipment

· Factory equipments

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

Intangible assets

· Computer 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.60.80
UK Pound	1	Rs.94.21
Euro	1	Rs.81.03

INFORMATION DETAILS

Report Prepared by :

KVT

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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.