MIRA INFORM REPORT

Report Date :

27.12.2013

IDENTIFICATION DETAILS

Name :	LAXMI ORGANIC INDUSTRIES LIMITED
Registered Office :	A-22/2/3, MIDC, Mahad, Raigarh – 402309, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	15.05.1989
Com. Reg. No.:	11-051736
Capital Investment / Paid-up Capital :	Rs. 100.051 Millions
CIN No.: [Company Identification No.]	U24200MH1989PLC051736
TAN No.: [Tax Deduction & Collection Account No.]	MUML05098C / MUML04695F
PAN No.: [Permanent Account No.]	AAACL2435R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Speciality in Chemicals and Derivatives.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 7300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. Profitability of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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

Uptick in agriculture and construction spread some cheer as the economy grew a higher-than-expected 4.8 % in the three months through September. Manufacturing rose an annual rate per cent during the quarter and mining fell by 0.4 %, government data showed while farm output rose 46%.

India has emerged as the most attractive investment destination, thanks to a relaxation in foreign direct investment norms, says a report. India is followed by Brazil and China in the ranking part of EY’s Capital Confidence Barometer report based on a survey across 70 nations. The US, France and Japan have emerged as the top three investors likely to invest in India.

India has been ranked 83^rd globally in terms of talent competitiveness of its human capital.  Switzerland, Singapore, Denmark, Sweden and Luxembourg are the top five in the list of 103 nations compiled by INSEAD business school.

Tax rates for companies in India are among the highest in the world and the number of payments is also more than the global average putting the country at low, 158^th rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the time taken for tax payments is relatively less in India which is rated ahead of China and Japan.

1 billion smartphone shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost computing in emerging markets. By 2017, total smartphone shipments are expected to approach 1.7 billion units, resulting in a compound annual growth rate of 18.4 % between 2013 and 2017, according to research from IDC.

20 % vacancy rate of office space in Mumbai and Delhi in the third quarter, the highest in Asia after Chengdu, in China. According to Cushman and Wakefield, six Indian cities are among the 10 office markets with the worst vacancies.

Foreign banks will not have to pay stamp duty and capital gains tax, if they convert their branch operations into a wholly owned subsidiary, according to the Reserve Bank of India.

The Reserve Bank of India is planning to launch CPI – indexed bonds aimed to protecting the savings of retail investors from the impact the price rise by December end.

Central Bureau of Investigation has booked State Bank of India, Deputy Managing Director Shyamal Acharya and others in a graft case related to distribution of a loan of over Rs 4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the residence of Acharya.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan : BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	October 2013

Rating Agency Name	ICRA
Rating	Non-Fund based limits : A3+
Rating Explanation	Moderate degree of safety and high credit risk
Date	October 2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Satish Bhandari
Designation :	Accountant
Contact No.:	91-9867015954
Date :	24.12.2013

LOCATIONS

Registered Office/ Factory 1:	A-22/2/3, MIDC, Mahad, Raigarh – 402309, Maharashtra, India
Tel. No.:	91-2145-232548/ 232205
Fax No.:	91-2145-232203/ 04
E-Mail :	laxmimahad@sancharnet.in rkmehta@laxmiorganic.co.in bkc@chokhani.org factory@laxmiorganic.co.in aniket.hirpara@laxmiorganic.co.in ov.bundellu@idbi.co.in
Website :	http://www.laxmiorganic.co.in
Corporate Office :	Chandramukhi, 3^rd Floor, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-49104444/ 22853753/ 5176/ 5177/ 22851316 (4 Lines)
Fax No.:	91-22-22853752/ 22850033
E-Mail :	loil@laxmiorganic.co.in
Factory 2 :	Plot No. B-2/2, 3/1/1, 3/1/2 MIDC Mahad, District Raigad – 402309, Maharashtra, India
Tel. No.:	91-2145-233302/ 233417/ 233161
Fax No.:	91-2145-233418
Overseas Office :	Laxmi Organic Industries (Europe) B.V. Stoelmatter 32, 2292, JL Wateringen, The Netherlands
Tel. No.:	31 (0) 174820100
Fax No.:	31 (0) 174820104
E-Mail :	info@laxmiorganic.eu

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Ravi Vasudeo Goenka

Designation :

Managing director

Address :

242-C, Grand Paradi Apartment, August Kranti Marg, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

11.02.1962

Qualification :

B. E. (Chemicals)

Experience :

29 Years

Date of Appointment :

01.04.2012

PAN No.:

AACPG2667D

DIN No.:

00059267

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	U67120MH1981PLC119313	ANUGRAH INVESTMENTS LIMITED	Director	09/06/1988	09/06/1988	-	Active	NO
2	U24200MH1989PLC051736	LAXMI ORGANIC INDUSTRIES LIMITED	Managing director	01/04/2012	15/05/1989	-	Active	NO
3	U21012MH1990PTC055519	UNITY PAPERS PRIVATE LIMITED	Director	20/02/1990	20/02/1990	-	Active	NO
4	U51900MH1991PTC060407	SHERRY EXPORTS PRIVATE LIMITED	Director	21/02/1991	21/02/1991	-	Active	NO
5	U51900MH1991PTC062767	HARSHVARDHAN IMPEX PRIVATE LIMITED	Director	01/08/1991	01/08/1991	-	Active	NO
6	U63023MH1994PTC079518	LAXMI TANK TERMINAL PRIVATE LIMITED	Director	08/07/1994	08/07/1994	-	Active	NO
7	U65920MH1993PTC071303	PEDESTAL FINANCE AND TRADING PRIVATE LIMITED	Director	28/09/1994	28/09/1994	15/12/2011	Active	NO
8	U70100MH1995PTC094490	KRISHNA MEADOWS PRIVATE LIMITED	Director	15/11/1995	15/11/1995	-	Active	NO
9	U45200MH1995PTC094489	AQUA MISCHIEF PRIVATE LIMITED	Director	15/11/1995	15/11/1995	-	Active	NO
10	U01122MH1995PTC084643	GAST FARMS PRIVATE LIMITED	Director	30/03/1996	30/03/1996	-	Active	NO
11	U65990MH1995PTC090945	UNITY PORTFOLIO PRIVATE LIMITED	Director	05/03/1997	05/03/1997	-	Active	NO
12	U92132MH1997PTC112256	POPCORN ENTERTAINMENT PRIVATE LIMITED	Director	04/12/1997	04/12/1997	14/08/2006	Active	NO
13	U15130MH1998PTC115829	LAXMI NATURAL PRODUCTS PRIVATE LIMITED	Director	17/07/1998	17/07/1998	-	Active	NO
14	U15400MH1999PLC118245	LAXMI BIOENERGIE LIMITED.	Director	09/02/1999	09/02/1999	-	Active	NO
15	U40104MH1982PLC027136	MAHARASHTRA ALDEHYDES AND CHEMICALS LTD	Director	09/03/2002	09/03/2002	-	Active	NO
16	U92132MH2002PTC137846	POPCORN MOTION PICTURES PRIVATE LIMITED	Director	13/11/2002	13/11/2002	14/08/2006	Active	NO
17	U45200MH1995PTC093492	AMRUTSAGAR CONSTRUCTIONS PRIVATE LIMITED	Director	23/01/2003	23/01/2003	-	Active	NO
18	U40300MH2000PLC128785	SUVAS HOLDINGS LIMITED	Director	30/06/2003	30/06/2003	-	Active	NO
19	U80220MH2003PTC142981	INTERNATIONAL KNOWLEDGE PARK PRIVATE LIMITED	Director	27/10/2004	27/10/2004	-	Active	NO
20	U17120MH2005PTC151280	FASHION BOLLYWOOD ISHTYLE APPARELS PRIVATE LIMITED	Director	01/03/2005	01/03/2005	30/05/2005	Active	NO
21	U51909MH2003PTC141211	STARSILVER MERCANTILE COMPANY PRIVATE LIMITED	Director	15/02/2006	15/02/2006	-	Active	NO
22	U15140MH1979PTC021371	CRESCENT OILS PRIVATE LIMITED	Director	27/10/2006	27/10/2006	-	Active	NO
23	U70101MH2006PTC165324	ARCH SHELTERS PRIVATE LIMITED	Director	01/11/2006	01/11/2006	-	Active	NO
24	U40106MH2006PTC166601	ENERSUN POWER TECH PRIVATE LIMITED	Director	29/12/2006	29/12/2006	-	Active	NO
25	U24110MH2007PTC168517	BIOCELL TECHNOLOGY PRIVATE LIMITED	Director	09/03/2007	09/03/2007	08/05/2008	Active	NO
26	U24233MH2007PTC170041	CELLBION LIFESCIENCES PRIVATE LIMITED	Director	17/04/2007	17/04/2007	-	Active	NO
27	U92419MH2000PTC127618	DRISHTI ADVENTURE SPORTS PRIVATE LIMITED	Director	02/05/2007	02/05/2007	11/12/2007	Active	NO
28	U51909MH2008PTC186154	VARADVINAYAK MULTI-IMPEX PRIVATE LIMITED	Director	30/09/2009	25/06/2009	-	Active	NO
29	U24100MH2013PTC245226	VIVA LIFESCIENCES PRIVATE LIMITED	Director	04/07/2013	04/07/2013	-	Active	NO
30	U24233MH2013PTC245224	LAXMI LIFESCIENCES PRIVATE LIMITED	Director	04/07/2013	04/07/2013	-	Active	NO

Name :

Mr. Rajeev Vasudeo Goenka

Designation :

Managing director

Address :

241-C, 24^th Floor, Grand Paradi Apartment, August Kranti Marg, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

04.08.1967

Qualification :

B.Com, MBA (Finance and Marketing)

Date of Appointment :

01.04.2012

PAN No.:

AEKPG0054J

DIN No.:

00059346

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	Company/ LLP Status	Defaulting status
1	U27200MH1989PTC050451	ALUMI PROFILES PRIVATE LIMITED	Director	24/01/1989	24/01/1989	Active	NO
2	U51900MH1991PTC062767	HARSHVARDHAN IMPEX PRIVATE LIMITED	Director	25/05/1993	25/05/1993	Active	NO
3	U67120MH1981PLC119313	ANUGRAH INVESTMENTS LIMITED	Director	23/07/1993	23/07/1993	Active	NO
4	U65990MH1994PTC079062	LAXMI CAPITAL SERVICES PRIVATE LIMITED	Director	17/06/1994	17/06/1994	Active	NO
5	U63023MH1994PTC079518	LAXMI TANK TERMINAL PRIVATE LIMITED	Director	08/07/1994	08/07/1994	Active	NO
6	U24200MH1989PLC051736	LAXMI ORGANIC INDUSTRIES LIMITED	Managing director	01/04/2012	12/08/1994	Active	NO
7	U65990MH1993PTC071307	MERTON FINANCE AND TRADING PRIVATE LIMITED	Director	28/09/1994	28/09/1994	Active	NO
8	U70100MH1995PTC094490	KRISHNA MEADOWS PRIVATE LIMITED	Director	15/11/1995	15/11/1995	Active	NO
9	U45200MH1995PTC094489	AQUA MISCHIEF PRIVATE LIMITED	Director	15/11/1995	15/11/1995	Active	NO
10	U24100MH1995PTC084561	HOSI CHEMICALS PRIVATE LIMITED	Director	30/03/1996	30/03/1996	Active	NO
11	U65990MH1995PTC090945	UNITY PORTFOLIO PRIVATE LIMITED	Director	05/03/1997	05/03/1997	Active	NO
12	U65990MH1990PTC055631	BRADY INVESTMENTS PRIVATE LIMITED	Director	30/09/1997	30/09/1997	Active	NO
13	U15400MH1999PLC118245	LAXMI BIOENERGIE LIMITED.	Director	09/02/1999	09/02/1999	Active	NO
14	U40104MH1982PLC027136	MAHARASHTRA ALDEHYDES AND CHEMICALS LTD	Director	09/03/2002	09/03/2002	Active	NO
15	U40300MH2000PLC128785	SUVAS HOLDINGS LIMITED	Director	30/06/2003	30/06/2003	Active	NO
16	U80220MH2003PTC142981	INTERNATIONAL KNOWLEDGE PARK PRIVATE LIMITED	Director	04/11/2003	04/11/2003	Active	NO
17	U51900MH1991PTC060407	SHERRY EXPORTS PRIVATE LIMITED	Director	18/06/2004	18/06/2004	Active	NO
18	U24114MH2004PTC021663	OJAS DYCEHEM (INDIA) PRIVATE LIMITED	Director	27/10/2006	27/10/2006	Active	NO
19	U70101MH2006PTC165324	ARCH SHELTERS PRIVATE LIMITED	Director	01/11/2006	01/11/2006	Active	NO
20	U24233MH2007PTC170041	CELLBION LIFESCIENCES PRIVATE LIMITED	Director	18/08/2008	18/08/2008	Active	NO
21	U24100MH2013PTC245226	VIVA LIFESCIENCES PRIVATE LIMITED	Director	04/07/2013	04/07/2013	Active	NO
22	U24233MH2013PTC245224	LAXMI LIFESCIENCES PRIVATE LIMITED	Director	04/07/2013	04/07/2013	Active	NO

Name :

Mr. Vasudeo Nathmal Goenka

Designation :

Director

Address :

242-C, Grand Paradi Apartment, August Kranti Marg, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

14.01.1940

Date of Appointment :

15.05.1989

PAN No.:

AACPG2666C

DIN No.:

00059215

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	U27103MH1962PTC012335	THE QUALITY IRON AND STEEL WORKS PRIVATE LIMITED	Director	29/04/1985	29/04/1985	21/06/2012	Active	NO
2	U45200MH1980PTC022503	M B LOHIA AND SONS PRIVATE LIMITED	Director	29/04/1985	29/04/1985	-	Active	NO
3	U67120MH1981PLC119313	ANUGRAH INVESTMENTS LIMITED	Director	19/08/1986	19/08/1986	-	Active	NO
4	U24200MH1989PLC051736	LAXMI ORGANIC INDUSTRIES LIMITED	Director	15/05/1989	15/05/1989	-	Active	NO
5	U21012MH1990PTC055519	UNITY PAPERS PRIVATE LIMITED	Director	20/02/1990	20/02/1990	-	Active	NO
6	U65990MH1990PTC055631	BRADY INVESTMENTS PRIVATE LIMITED	Director	02/03/1990	02/03/1990	-	Active	NO
7	U67120MH1992PTC066415	SAMSUNG INVESTMENTS AND FINANCE PVT LTD	Director	25/04/1992	25/04/1992	-	Active	NO
8	U51900MH1986PTC038579	VENKATESH HOLDING AND MARKETING COMPANY PVT LTD	Director	25/04/1992	25/04/1992	-	Active	NO
9	U65990MH1994PTC079062	LAXMI CAPITAL SERVICES PRIVATE LIMITED	Director	17/06/1994	17/06/1994	-	Active	NO
10	U65920MH1993PTC071303	PEDESTAL FINANCE AND TRADING PRIVATE LIMITED	Director	28/09/1994	28/09/1994	-	Active	NO
11	U15400MH1999PLC118245	LAXMI BIOENERGIE LIMITED.	Director	09/02/1999	09/02/1999	-	Active	NO
12	U51103MH1988PTC047953	UPADRASTA AND SONS PRIVATE LIMITED	Director	01/12/1999	01/12/1999	-	Active	NO
13	U40104MH1982PLC027136	MAHARASHTRA ALDEHYDES AND CHEMICALS LTD	Director	09/03/2002	09/03/2002	-	Active	NO
14	U70100MH1995PTC094490	KRISHNA MEADOWS PRIVATE LIMITED	Director	24/04/2003	24/04/2003	-	Active	NO
15	U80220MH2003PTC142981	INTERNATIONAL KNOWLEDGE PARK PRIVATE LIMITED	Director	04/11/2003	04/11/2003	-	Active	NO
16	U45200MH1995PTC093492	AMRUTSAGAR CONSTRUCTIONS PRIVATE LIMITED	Director	01/12/2003	01/12/2003	-	Active	NO
17	U51900MH1991PTC060407	SHERRY EXPORTS PRIVATE LIMITED	Director	18/06/2004	18/06/2004	-	Active	NO
18	U51909MH2003PTC141211	STARSILVER MERCANTILE COMPANY PRIVATE LIMITED	Director	15/02/2006	15/02/2006	-	Active	NO
19	U65990MH1969PTC014328	R R INVESTMENTS AND ESTATES PRIVATE LIMITED	Director	03/03/2006	03/03/2006	-	Active	NO
20	U24114MH2004PTC021663	OJAS DYCEHEM (INDIA) PRIVATE LIMITED	Director	27/10/2006	27/10/2006	-	Active	NO
21	U15140MH1979PTC021371	CRESCENT OILS PRIVATE LIMITED	Director	27/10/2006	27/10/2006	-	Active	NO
22	U51900MH2000PTC124306	PILANI B.P.O. PRIVATE LIMITED	Additional director	29/03/2007	29/03/2007	-	Active	NO
23	U65990MH1995PTC090945	UNITY PORTFOLIO PRIVATE LIMITED	Director	08/01/2010	08/01/2010	-	Active	NO

Name :

Mr. Desh Kedarnath Verma

Designation :

Director

Address :

West View 87, Woodhouse Road, Colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

20.08.1938

Qualification :

Bachelor in Law

Date of Appointment :

15.05.1989

DIN No.:

00064077

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	Company/ LLP Status	Defaulting status
1	U24200MH1989PLC051736	LAXMI ORGANIC INDUSTRIES LIMITED	Director	15/05/1989	15/05/1989	Active	NO
2	U65990MH1990PTC055631	BRADY INVESTMENTS PRIVATE LIMITED	Director	02/03/1990	02/03/1990	Active	NO
3	U67120MH1992PTC066415	SAMSUNG INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	25/04/1992	25/04/1992	Active	NO
4	U51900MH1986PTC038579	VENKATESH HOLDING AND MARKETING COMPANY PRIVATE LIMITED	Director	25/04/1992	25/04/1992	Active	NO
5	U51103MH1988PTC047953	UPADRASTA AND SONS PRIVATE LIMITED	Director	01/12/1999	01/12/1999	Active	NO
6	U45200MH1995PTC093492	AMRUTSAGAR CONSTRUCTIONS PRIVATE LIMITED	Director	20/10/2003	20/10/2003	Active	NO
7	U35110MH1984PTC034522	SEATECH ENGINEERING PRIVATE LIMITED	Director	04/07/2009	04/07/2009	Active	NO

Name :

Mr. Manish Balkishan Chokhani

Designation :

Director

Address :

161, Silver Arch, Petit Hall Compound, 66 L Jagmohandas Marg, Nepeansea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

14.10.1966

Date of Appointment :

28.09.2012

PAN No.:

AAFPG8219E

DIN No.:

00204011

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	U21010MH1983PTC030754	SEARS CONSULTANTS PRIVATE LIMITED	Additional director	03/12/2013	25/04/1991	-	Active	NO
2	U24200MH1989PLC051736	LAXMI ORGANIC INDUSTRIES LIMITED	Director	28/09/2012	23/11/2001	-	Active	NO
3	U65990MH1991PTC061305	ENAM SHARES & SECURITIES PRIVATE LIMITED	Director	01/07/2002	01/07/2002	31/10/2012	Active	NO
4	U67120MH2005PTC152297	ENAM SECURITIES PRIVATE LIMITED.	Director	15/11/2006	15/11/2006	-	Active	NO
5	U65990MH1993PTC070311	ALLIANCE HOLDINGS PRIVATE LIMITED	Director	16/02/2009	16/02/2009	-	Active	NO
6	U67120MH1993PTC070287	SEARS SECURITIES AND INVESTMENTS PRIVATE LIMITED	Director	18/09/2010	08/03/2010	-	Active	NO
7	U51900MH2005PLC157853	Axis Capital Limited	Director	15/11/2013	20/10/2012	-	Active	NO
8	L65990MH1982PLC028593	WESTLIFE DEVELOPMENT LIMITED	Additional director	18/09/2013	18/09/2013	-	Active	NO

Name :

Mr. Omprakash Venkatswamy Bundellu

Designation :

Director

Address :

Flat No.192, Jolly Maker Apartment II, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

15.01.1950

Date of Appointment :

21.02.2011

DIN No.:

00032950

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	U65990MH1993GOI075578	IDBI CAPITAL MARKET SERVICES LIMITED	Nominee director	30/03/1998	30/03/1998	04/08/2007	Active	NO
2	U72200MH2000GOI124665	IDBI INTECH LIMITED	Director	23/09/2006	23/09/2006	04/08/2007	Active	NO
3	L65190MH2004GOI148838	IDBI BANK LIMITED	Whole-time director	04/12/2006	04/12/2006	31/01/2010	Active	NO
4	U67120MH2006GOI166186	IDBI GILTS LIMITED	Nominee director	13/12/2006	13/12/2006	01/02/2010	Amalgamated	NO
5	U65999DL2000PLC103177	IDBI HOMEFINANCE LIMITED	Director	17/08/2007	17/08/2007	09/02/2010	Amalgamated	NO
6	U66010MH2007PLC167164	IDBI FEDERAL LIFE INSURANCE COMPANY LIMITED	Director	10/06/2008	12/12/2007	19/02/2010	Active	NO
7	U67190MH1993PLC071691	CREDIT ANALYSIS AND RESEARCH LIMITED	Director	29/09/2010	09/02/2010	03/12/2013	Active	NO
8	L74140PN1982PLC026933	MITCON CONSULTANCY & ENGINEERING SERVICES LIMITED	Nominee director	20/08/2010	26/03/2010	-	Active	NO
9	U67110MH2000PTC129483	PRINCIPAL TRUSTEE COMPANY PRIVATE LIMITED	Director	28/09/2010	10/08/2010	-	Active	NO
10	U24200MH1989PLC051736	LAXMI ORGANIC INDUSTRIES LIMITED	Director	21/02/2011	21/02/2011	-	Active	NO
11	U74210MH1999PTC118349	CARE KALYPTO RISK TECHNOLOGIES AND ADVISORY SERVICES PRIVATE LIMITED	Nominee director	22/11/2011	22/11/2011	-	Active	NO

Name :

Mr. Arun Keshav Dudhane

Designation :

Whole-time director

Address :

A-902, Ravechi Heights, A-Wing, 9^th Floor, Plot No. 25, Sector-7, Kharghar, Navi Mumbai – 410210, Maharashtra, India

Date of Birth/Age :

03.01.1955

Qualification :

Bachelor in Chemical Engineering and Technology Master In Science

Date of Appointment :

01.04.2012

DIN No.:

00202524

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	U24110MH1995PLC090555	GARWARE CHEMICALS LIMITED	Whole-time director	04/02/1997	04/02/1997	28/01/2008	Active	NO
2	U24200MH1989PLC051736	LAXMI ORGANIC INDUSTRIES LIMITED	Whole-time director	01/04/2012	01/11/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Satish Bhandari
Designation :	Accountant
Name :	Mr. Aniket Bavchandbhai Hirpara
Designation :	Secretary
Address :	B-103, Orchid, Agrawal and Doshi Complex, Kaul’s Heritage City, Bhabhola, Vasai (West), Thane – 401202, Maharashtra, India
Date of Birth/Age :	15.07.1982
Date of Appointment :	01.09.2012
PAN No.:	ABPPH4615N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Vasodeo Goenka	1685739
Ravi Goenka	1399510
Rajeev Goenka	1323000
Desh Verma	10010
Uma Shankar Modi	10
Manisha R. Goenka	788010
Sandeep Ruia	100
Sandeep Ruia	100
Seema Ruia and Sanjay Ruia	100
Sanjay Ruia and Seema Ruia	100
Pushpa Devi Ruia and Sandeep Ruia	100
Nilesh Ruparel (NRI)	12500
Brij Mohan Mishra (NRI)	100000
Suman Mishra (NRI)	50000
Harshvardhan Goenka	281000
Ravi Goenka – HUF	425000
Niharika Goenka	470000
Aditi Goenka	730000
Rajiv Goenka and Manisha Goenka	13000
Vishwas Kunte	11500
Vibha Bhandari	2000
Avantika Goenka	1260000
Brady Investments Private Limited, India	198000
Vishwas Kunte and Aparna V. Kunte	10000
Master Aryavrat Goenka	37500
Hansa K. Agarwal and Kailash Agarwal	192000
International Finance Corporation (W), USA	1005802
Total	10005081

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	13.60
Bodies corporate	1.98
Directors or relatives of directors	84.18
Other top fifty shareholders	0.24
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Speciality in Chemicals and Derivatives.

Products/ Services :

ITC Code No.	Product Descriptions
29153100	Etyhl Acetate
29242990	Diketene Derivative Products

Exports :

Products :

Chemicals and Derivatives

Countries :

· Europe

Gulf Country

Imports :

Products :

Raw Material

Countries :

· Singapore

China

Malaysia

USA

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Unit	#Licensed Capacity	Installed Capacity	Actual Production
Acetic Acid	M.T.	NA	10350	--
Acetaldehyde	M.T.	NA	8280	--
Ethyl Acetate	M.T.	NA	120750	68350
Denatured Anhydrous - Ethyl Alcohol	KL.	NA	5500	--
Ethyl Alcohol (Distillery)*	KL.	NA	9450	11617
Diketene and Derivatives	M.T.	NA	10000	9627

# As certified by the Management.

Industrial Licence not required for the company's products and hence licensed capacities are not stated.

1* Ethyl Alcohol production capacity arrived at after due consideration of seasonal impact.

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

150 (Approximately)

Bankers :

· Yes Bank Limited

9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India

· ING Vysya Bank Limited

Mittal Towers, A-Wing, Ground Floor, 210 Nariman Point, Mumbai - 400021, Maharashtra, India

· State Bank of India

Industrial Finance Branch, 2^nd Floor, The Arcade, World Trade Centre, Cuffe Parade, Mumbai – 400005, Maharashtra, India

· IDBI Bank Limited,

IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India

· Standard Chartered Bank

· ICICI Bank Limited

· HDFC Bank Limited

· Kotak Mahindra Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	55.556	100.000
Foreign currency term loans from banks	1064.307	655.956
Other loans and advances	4.370	1.005
SHORT TERM BORROWINGS
Working capital loans from banks [First pari passu charge on the movable and immovable assets of the company]	389.972	27.530
Total	1514.205	784.491

Banking Relations :	--
Financial Institution :	· International Finance Corporation 2121 Pennsylvania Avenue, N.W., Washington DC - 20433, United States Of America
Auditors :
Name :	Dayal and Lohia Chartered Accountants
Address :	Kamanwala Chambers, Office No.6 & 7, 1st Floor, Sir P.M. Road, Fort, Mumbai – 400001, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFD1548C
Associates :	· Amrutsagar Constructions Private Limited [U45200MH1995PTC093492] Alumi Profiles Private Limited [U27200MH1989PTC050451] Brady Investments Private Limited [U65990MH1990PTC055631] Crescent Oils Private Limited [U15140MH1979PTC021371] Sherry Exports Private Limited [U51900MH1991PTC060407] Enersun Power Tech Private Limited [U40106MH2006PTC166601] Laxmi Petrochem Laxmidevi Nathmal Goenka Charitable Trust Varadvinayak Multi-Impex Private Limited [U51909MH2008PTC186154] Zenith Distributors International Knowledge Park Private Limited [U80220MH2003PTC142981] Maharashtra Aldehydes And Chemicals Limited [U40104MH1982PLC027136] Ojas Dycehem (India) Private Limited [U24114MH2004PTC021663]
Subsidiary Company :	· Cellbion Lifesciences Private Limited [U24233MH2007PTC170041] Laxmi Organic Industries (Europe) B.V.
Joint Venture :	Suvas Holdings Limited [U40300MH2000PLC128785]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
21,000,000	Equity Shares	Rs. 10/- each	Rs. 210.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,005,081	Equity Shares	Rs. 10/- each	Rs. 100.051 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	100.051	100.051	52.446
(b) Reserves & Surplus	1726.908	1477.126	674.166
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1826.959	1577.177	726.612
(3) Non-Current Liabilities
(a) long-term borrowings	1228.040	875.259	457.120
(b) Deferred tax liabilities (Net)	221.101	90.619	94.773
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	15.104	3.927	3.349
Total Non-current Liabilities (3)	1464.245	969.805	555.242
(4) Current Liabilities
(a) Short term borrowings	406.972	34.630	480.850
(b) Trade payables	1092.025	780.553	487.841
(c) Other current liabilities	370.965	251.157	165.919
(d) Short-term provisions	1.635	98.721	38.655
Total Current Liabilities (4)	1871.597	1165.061	1173.265
TOTAL	5162.801	3712.043	2455.119
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2148.631	1031.228	936.925
(ii) Intangible Assets	4.995	7.345	9.696
(iii) Capital work-in-progress	30.467	422.796	41.561
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	28.117	19.453	19.453
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	24.262	22.262	19.093
(e) Other Non-current assets	8.482	5.243	0.510
Total Non-Current Assets	2244.954	1508.327	1027.238
(2) Current assets
(a) Current investments	0.000	400.013	0.000
(b) Inventories	841.742	498.902	417.407
(c) Trade receivables	1128.881	719.581	651.261
(d) Cash and cash equivalents	59.318	120.744	50.928
(e) Short-term loans and advances	882.724	461.076	306.900
(f) Other current assets	5.182	3.400	1.385
Total Current Assets	2917.847	2203.716	1427.881
TOTAL	5162.801	3712.043	2455.119

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	6292.059	5126.432	3417.783
		Other Income	27.026	(31.509)	23.332
		TOTAL (A)	6319.085	5094.923	3441.115
Less	EXPENSES
		Cost of materials consumed	4310.603	3296.002	2151.295
		Purchases of stock-in-trade	186.460	123.678	55.691
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(103.436)	(79.428)	(97.397)
		Employee benefit expense	125.061	92.667	67.154
		Other expenses	1210.412	858.097	693.515
		Exceptional items	(113.668)	0.000	(52.400)
		TOTAL (B)	5615.432	4291.016	2817.858
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		703.653	803.907	623.257
Less	FINANCIAL EXPENSES (D)		132.182	130.630	84.497
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		571.471	673.277	538.760
Less/ Add	DEPRECIATION/ AMORTISATION (F)		183.266	139.037	131.289
	PROFIT BEFORE TAX (E-F) (G)		388.205	534.240	407.471
Less	TAX (H)		127.888	171.047	136.466
	PROFIT AFTER TAX (G-H) (I)		260.317	363.193	271.005
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		617.048	379.030	217.198
Less	APPROPRIATIONS
		Transfer to General Reserve	6.100	100.000	100.000
		Proposed Dividend	9.005	21.661	7.867
		Tax on Dividend	1.530	3.514	1.306
	BALANCE CARRIED TO THE B/S		860.730	617.048	379.030
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. value of Exports	2176.977	1465.988	793.985
	IMPORTS
		Traded Goods	73.413	121.750	35.956
		Raw Materials	2001.028	1570.991	1030.347
		Capital Goods	16.811	4.402	0.599
	TOTAL IMPORTS		2091.252	1697.143	1066.902
	Earnings Per Share (Rs.)		26.02	58.73	51.67

Expected Sales (2013-2014): Rs. 8500.000 Millions

The above information has been parted by Mr. Satish Bhandari (Accountant)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.12	7.13	7.88
Net Profit Margin (PBT/Sales)	(%)	6.17	10.42	11.92
Return on Total Assets (PBT/Total Assets}	(%)	7.61	16.34	17.02
Return on Investment (ROI) (PBT/Networth)		0.21	0.34	0.56
Debt Equity Ratio (Total Debt/Networth)		0.89	0.58	1.29
Current Ratio (Current Asset/Current Liability)		1.56	1.89	1.22

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
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

LITIGATION DETAILS

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

Lodging No: LPETNL/294/2012 Filing Date: 02.04.2012 Reg. No.: LPETN/294/2012 Reg. Date: 02.04.2012

Main Matter

Lodging No: SSL/881/2012 Reg. No.: SS/1027/2012

Petitioner: NOAHS ARK CHEMICLS GMBH Respondent: LAXMI ORGANIC INDUSTRIES LIMITED

Petn. Adv : RES LEGAL (0)

District: MUMBAI

Bench: SINGLE

Status: Pre-Admission Category: LEAVE PETITION UNDER CLAUSE XII

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10441001	12/07/2013	542,700,000.00	INTERNATIONAL FINANCE CORPORATION	2121 PENNSYLVANIA AVENUE, N.W., WASHINGTON DC, - 20433, UNITED STATES OF AMERICA	B81097149
2	10407106	31/01/2013	600,000,000.00	ING VYSYA BANK LIMITED	MITTAL TOWERS,A-WING, GROUND FLOOR,210 NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B69224798
3	10327375	31/07/2012 *	500,000,000.00	IDBI BANK LIMITED	IDBI TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B56028392
4	10329331	25/11/2011	150,000,000.00	IDBI BANK LIMITED	IDBI TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B29742046
5	10285881	28/03/2013 *	500,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B73597619
6	10223277	09/12/2011 *	220,000,000.00	IDBI BANK LIMITED	IDBI TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B29210341
7	10184239	09/12/2011 *	200,000,000.00	IDBI BANK LIMITED	IDBI TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B29209723
8	10127401	08/05/2013 *	960,000,000.00	IDBI BANK LIMITED	IDBI TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B76376995
9	90156108	24/09/2013 *	954,400,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	B87283164
10	90159458	27/08/1999 *	51,500,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	-
11	90156075	19/10/2004 *	51,500,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	-
12	90154950	06/06/2000 *	34,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	-
13	90159370	12/08/1994 *	14,500,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	-
14	90159365	04/02/1992	4,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	-
15	90159351	04/09/1992 *	11,400,000.00	THE INDUSTRIAL CREDIT & INVESTMENT CORPORATION OF INDIA	163; BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA	-

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Deferred payment liabilities	103.807	118.298
SHORT TERM BORROWINGS
Deposits from directors	6.500	6.100
Loans and advances from related parties	10.500	1.000
Total	120.807	125.398

CHANGE OF ADDRESS:

The registered office of the company has been shifted from A-22/2/3, MIDC, Mahad Area, P.O. Mahad, District Raigad – 402309, Thane, Maharashtra, India to the present w.e.f.01.06.2013.

FINANCIAL PERFORMANCE REVIEW:

During the year, net sales grew by 24% to Rs.6319.000 Millions compared to Rs.5095.000 Millions in the previous year.

The Operating EBIDT declined by 27% compared to previous year primarily due to steep increase in raw material costs which needed to be absorbed by the company due to competitive pressures. PBT was at Rs.363.000 Millions compared to Rs.534.000 Millions in the previous year due to lower operating margins and higher interest and depreciation charges consequent to major capital expenditure incurred during the year, the benefits of which will accrue from next year.

ECONOMIC BACKGROUND:

Following the financial crisis of 2008-09, the Indian Economy had recovered to grow by 8.4% in 2009-10 and 2010-11. However in 2011-12 GDP slowed down to 6.2% and declined to 5.0% in 2012-13 as conditions turned adverse due to a variety of factors, including high current account deficit, high inflation, high interest rates, slowing global economy, delay in implementation of projects, poor monsoons and policy logjam.

Global economic conditions too slowed down with growth slipping to 3.2% in 20011-12 with USA growth by 2.2% and Euro Region growth slipped to negative at -0.6% with Euro crisis playing out. The Rupee, therefore, became vulnerable to the USD and Euro currencies. The Indian Corporate performance was therefore subdued in the light of elevated borrowing costs with high interest rate coupled with low demand.

OPERATIONAL REVIEW:

The economic slowdown resulted in a subdued demand growth for our products and impacted our ability to pass on rising input costs in full and on time. Despite such adverse macro-economic developments, the company has performed reasonably well and its performance needs to be appraised in the backdrop of the general economic scenario.

The strategy adopted by the company to broaden the product portfolio by continuously investing in speciality niche products and focus on continuous improvement in operations have helped the company to reduce the impact of the adverse developments and competitive pressures.

Production and sales of Ethyl Acetate in volume terms increased by 31% and 29% respectively. Diketene derivatives production and sales volumes dropped by 8% and 14% primarily due to the poor monsoons that led to a major reduction in demand in the agriculture segment and higher imports from China by customers in pharma and colorant segments. They expect to regain volumes in 2013-14 through more new products and better value proposition to our customers.

During the year, they commenced production of Acetic Anhydride, another new product line that is expected to enhance the business mix of the company in 2013-14.

The trading operations at the European Subsidiary have progressed as planned. Since incorporation of a fully owned subsidiary namely, Laxmi Organic Industries (Europe) BV in June 2012, the subsidiary operations have helped building the image of the company as a manufacturer and supplier of high quality products. They are now considered at par to the European Manufacturers/Suppliers for Ethyl Acetate like Ineos, Celanese and Sasol.

As part of the strategy to invest in technologies to reduce the operating costs, the Captive Power Plant project was successfully commissioned in September 2012. This investment will benefit the company through uninterrupted availability of high quality power at a lower cost compared to public sources.

The performance of the distilleries and windmills has been satisfactory during the year.

The Company has received the approval for in-house Research and Development facility under section 35(2AB) of the Income tax Act, 1961 for the year 2012-13.

The Company has received ISO 9001:2008, ISO 14001:2004 and BS OHSAS 18001:2007 Certification with respect to Ethyl Acetate Plant.

The Diketene Plant also obtained ISO 9001:2008 Certification.

The Company‘s credit ratings by ICRA at ‘BBB’ for long term and ‘A3+’ for short term rating were maintained. The rating agency has also enhanced the rating on outlook to “Positive”.

The company is constantly looking for diversification opportunities in the speciality chemicals space to further expand the operating base to mitigate its exposure to different business risks.

HYDRO POWER PROJECTS:

The work on Hydro Power Projects at Yedgaon and Temghar in Pune is progressing well. However, the status quo continues with respect to 10 MW Hydel Project in Himachal Pradesh.

Necessary approvals are in place and financial closures, tie-ups with potential consumers and JV partners for sale of electricity generated from these projects are in progress.

FINANCE:

To meet the ambitious growth plans for new product manufacture, capacity increase of existing products and market development activities globally, the company has been exploring various options for raising funds – with an appropriate mixture of equity and debt. The Company has received full disbursement of ECB Loan of USD 10.00 Mn sanctioned by International Finance Corporation (IFC), the investing arm of the World Bank.

The company has been regular in interest payment and repayment of principal amounts of term loans to lenders.

The working capital limits have been enhanced by State Bank of India, IDBI Bank Limited and Yes Bank Limited.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
a) Estimated amount of contracts remaining to be executed on capital account and not provided for	10.000	151.433
b) Letter of credit & Guarantees issued by bankers (partly secured by fixed deposits).	21.264	249.780
c) Outstanding Bills discounted by bank.	53.672	215.704
d) Claims against the Company not acknowledged as debts and disputed in appeals/court
i) Modvat Credit on raw material	34.160	36.383
ii) Demand of MIDC Mahad towards compensation	0.000	0.000
Total	119.096	653.300

FIXED ASSETS:

· Land

Buildings

Residential building

Factory building

Plant and equipment

Factory equipments

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipments

Other equipments

Know-how

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. 61.98
UK Pound	1	Rs. 101.49
Euro	1	Rs. 84.79

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
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	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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	--

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