MIRA INFORM REPORT

Report Date :

20.07.2013

IDENTIFICATION DETAILS

Name :	ASIAN REPROGRAPHICS PRIVATE LIMITED
Registered Office :	115 and 116, SIDCO Industrial Estate, Ambattur, Chennai – 600098, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.02.1977
Com. Reg. No.:	18-007268
Capital Investment / Paid-up Capital :	Rs. 8.825 Millions
CIN No.: [Company Identification No.]	U33209TN1977PTC007268
TAN No.: [Tax Deduction & Collection Account No.]	CHEA02171B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Reprographic Media, Photo Lamination Media and Equipment etc.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 88000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business 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

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/ Factory :	115 and 116, SIDCO Industrial Estate, Ambattur, Chennai – 600098, Tamilnadu, India
Tel. No.:	91-44-45048101/ 45048102/ 45048103/ 43401900-918 (19 Lines)
Mobile No.:	91-9382849085/ 9600013802 (Mr. Abhay Gautam Jain)
Fax No.:	91-44-45048104/ 43401919
E-Mail :	sales@asianreprographics.com info@asianreprographics.com gdg@airtelmail.in mundhara_co@yahoo.co.in dispatch@asianprographics.com
Website :	www.asianreprographics.com
Area :	2550 sq ft
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :

Mr. Goutham Deoraj Jain

Designation :

Director

Address :

No.153, Vaibhav Apartments, 62, Dr. E.V.K. Sampath Road, Vepery, Chennai – 600 007, Tamilnadu, India

Date of Birth/Age :

05.06.1960

Date of Appointment :

22.05.2000

DIN No.:

00902961

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	U33209TN1977PTC007268	ASIAN REPROGRAPHICS PRIVATE LIMITED	Director	22-05-00	22-05-00	-	Active	NO
2	U35999TN1993PTC024227	INDRA DHANUSH IMAGE SYSTEM PRIVATE LIMITED	Director	29-09-07	09-05-07	09-09-10	Active	NO

Name :

Mrs. Kumari Indira Goutham Chand

Designation :

Director

Address :

No.153, Vaibhav Apartments, 62, Dr. E.V.K. Sampath Road, Vepery, Chennai – 600 007, Tamilnadu, India

Date of Birth/Age :

10.04.1963

Date of Appointment :

29.09.2007

DIN No.:

01387690

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	U35999TN1993PTC024227	INDRA DHANUSH IMAGE SYSTEM PRIVATE LIMITED	Director	29-09-07	09-05-07	02-09-10	Active	NO
2	U33209TN1977PTC007268	ASIAN REPROGRAPHICS PRIVATE LIMITED	Director	29-09-07	29-09-07	-	Active	NO

Name :

Mr. Abhay Goutham Jain

Designation :

Additional Director

Address :

A-Block, D.No.153, Fifth Floor, Vaibhav Apartments, E.V.K. Sampath Road, Vepery, Chennai – 600 007, Tamilnadu, India

Date of Birth/Age :

20.09.1981

Date of Appointment :

30.09.2011

DIN No.:

00923609

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	U35999TN1993PTC024227	INDRA DHANUSH IMAGE SYSTEM PRIVATE LIMITED	Director	24-11-00	24-11-00	-	Active	NO
2	U33209TN1977PTC007268	ASIAN REPROGRAPHICS PRIVATE LIMITED	Director	30-09-11	30-01-03	-	Active	NO

Name :

Sheetal Abhay Jain

Designation :

Director

Address :

No.153, Vaibhav Apartment, A-Block, 5^th Floor, 62, E.V.K. Sampath Road, Vepery, Chennai – 600007, Tamilnadu, India

Date of Birth/Age :

22.04.1982

Date of Appointment :

29.09.2012

DIN No.:

01846555

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	U33209TN1977PTC007268	ASIAN REPROGRAPHICS PRIVATE LIMITED	Director	29-09-12	29-09-07	-	Active	NO
2	U35999TN1993PTC024227	INDRA DHANUSH IMAGE SYSTEM PRIVATE LIMITED	Director	30-09-10	02-09-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Gouthamchand D. Jain	47969
Gouthamchand D. Jain (HUF)	6140
Abhay G. Kumar	11060
Indira Kumari G. Jain	22577
Sheetal A Jain	500
Total	88246

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Reprographic Media, Photo Lamination Media and Equipment etc.
Products :	· Office Equipments and Supplies · Digital Inkjet Media · Cyber Print Media for Digital Colour Laser, Xerox · Quick Offset Print Media · Pre Press Positive Films · Pre Press Equipments · Reprographic Media · Plotter Paper
Exports :
Products :	Reprographic Media, Photo Lamination Media and Equipment
Countries :	· Brazil · Mexico · Uruguay · UK · Chili · Canada · Malaysia · Saudi Arabia · Singapore · Spain · Germany
Imports :
Products :	Raw Materials
Countries :	· China · European Countries
Terms :
Selling :	L/C / Cash / Credit (30 Days)
Purchasing :	L/C / Cash / Credit (30 Days)

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

100 (Approximately)

Bankers :

· State Bank of India, Ambattur Industries, Chennai – 600 058, Tamilnadu, India

· Standard Chartered Bank, SME Banking, No. 19, 2nd Floor, Rajaji Salai, Chennai – 600001, Tamilnadu, India

· Standard Chartered Bank, Grindlays Gardens, 1-Haddows Road, Chennai – 600 006, Tamilnadu, India

Tel. No.: 91-44-28219666

· Axis bank

· ICICI Bank

· Citibank

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2012	As on 31.03.2011
Short Term Borrowings :
Loans repayable on demand
From Banks	29.818	37.762
From Other Parties	0.929	0.249
Total	30.747	38.011

Auditors :
Name :	K.R. Bhansali and Associates Chartered Accountants
Address :	No.21, Pathasarathi Puram, 2^nd Floor, T. Nagar, Chennai – 600 017, Tamilnadu, India
Tel. No.:	91-44-28144088
PAN.:	AACPC4829P

CAPITAL STRUCTURE

As on : 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
88246	Equity Shares	Rs.100/- each	Rs.8.825 Millions

Reconciliation of the No. of share as at

Particular	Nos.	Rs. In Millions
As per last Balance Sheet	88,246	8.825
Add: Shares Issued	--	--
Less: Shares Bought Bank	--	--
At the end of the year	88,246	8.825

Details of Shareholders holding

Name of Shareholder	No. of Shares	% of Holding
Gouthamchand D. Jain	47,969	54.36
Gouthamchand D. Jain (HUF)	6,140	6.96
Indira Kumari G. Jain	22,577	25.58
Abhay G. Kumar	11,060	12.53
Sheetal A Jain	500	0.57

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	8.825	8.825
(b) Reserves & Surplus	13.175	11.109
(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)	22.000	19.934
(3) Non-Current Liabilities
(a) long-term borrowings	6.939	9.931
(b) Deferred tax liabilities (Net)	0.516	0.573
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.058	0.060
Total Non-current Liabilities (3)	7.513	10.564
(4) Current Liabilities
(a) Short term borrowings	30.747	38.011
(b) Trade payables	32.375	21.733
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	1.628	1.667
Total Current Liabilities (4)	64.750	61.411
TOTAL	94.263	91.909
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17.141	18.513
(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)	0.000	0.000
(d) Long-term Loan and Advances	0.025	0.025
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	17.166	18.538
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	38.895	27.847
(c) Trade receivables	28.223	30.238
(d) Cash and cash equivalents	2.090	2.473
(e) Short-term loans and advances	7.889	12.813
(f) Other current assets	0.000	0.000
Total Current Assets	77.097	73.371
TOTAL	94.263	91.909

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		8.825
2] Share Application Money		0.000
3] Reserves & Surplus		9.225
4] (Accumulated Losses)		0.000
NETWORTH		18.050
LOAN FUNDS
1] Secured Loans		16.399
2] Unsecured Loans		7.295
TOTAL BORROWING		23.694
DEFERRED TAX LIABILITIES		0.639
TOTAL		42.383
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.087
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	23.586
	Sundry Debtors	13.641
	Cash & Bank Balances	4.667
	Other Current Assets	0.000
	Loans & Advances	17.485
Total Current Assets		59.379
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	33.814
	Other Current Liabilities	0.000
	Provisions	1.269
Total Current Liabilities		35.083
Net Current Assets		24.296
MISCELLANEOUS EXPENSES		0.000
TOTAL		42.383

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Turnover	160.562	147.319	139.076
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		5.557	5.748	5.172
Less/ Add	DEPRECIATION/ AMORTISATION		2.564	2.942	2.487
	PROFIT BEFORE TAX		2.993	2.806	2.685
Less	TAX		0.927	0.922	0.891
	PROFIT AFTER TAX		2.066	1.884	1.794
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.609	2.925	1.431
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.200	0.300
	BALANCE CARRIED TO THE B/S		6.675	4.609	2.925
	Earnings Per Share (Rs.)		23.41	21.35	20.33

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	1.86	1.90	1.93
Return on Total Assets (PBT/Total Assets}	(%)	3.18	3.05	3.47
Return on Investment (ROI) (PBT/Networth)		0.14	0.14	0.15
Debt Equity Ratio (Total Debt /Networth)		1.71	2.41	1.31
Current Ratio (Current Asset/Current Liability)		2.26	3.13	1.69

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	Yes
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	No
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	---------
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	No

OPERATIONS :

The performance of the company for the year under has been satisfactory in comparison to market situations. The company has achieved a turnover of Rs.160.562 Millions (Previous year Rs.147.319 Millions).

UNSECURED LOAN :

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long Term Loan
From other Parties	6.939	9.931
Total	6.939	9.931

BANKERS CHARGES REPORT AS PER REGISTRY :

Corporate identity number of the company	U33209TN1977PTC007268
Name of the company	ASIAN REPROGRAPHICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	115 and 116, SIDCO Industrial Estate, Ambattur, Chennai – 600098, Tamilnadu, India Email : mundhara_co@yahoo.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90288282
Type of charge	· Book debts · Movable property (not being pledge) · Others (Stocks)
Particular of charge holder	Standard Chartered Bank, SME Banking, No. 19, 2nd Floor, Rajaji Salai, Chennai – 600001, Tamilnadu, India Email : sme.form8@sc.com
Nature of instrument creating charge	Hypothecation Agreement (Supplemental) dated 23.01.2012
Date of instrument Creating the charge	23.01.2012
Amount secured by the charge	Rs.32.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : Credit Facility. Interest / Commission - As agreed by and with the Bank from time to time. Terms of Repayment : As agreed by and with the Bank from time to time Margin : As agreed by and with the Bank from time to time Extent and Operation of the charge : As agreed by and with the Bank from time to time
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation by way of first and exclusive charge on: a) All the stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise. b) All the present and future book debts, outstanding moneys receivable, claims and bills. c) All the movable fixed assets.
Date of instrument modifying the charge	21.12.2010
Particulars of the present modification	The facility has been increased from Rs. 26.425 Millions to Rs.32.500 Millions vide Hypothecation agreement (Supplemental) dated 23.01.2012.

FIXED ASSETS :

· Land

· Building Account

· Furniture and Fittings

· Plant and Machinery

· Vehicle

· Computer

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. 59.80
UK Pound	1	Rs. 91.03
Euro	1	Rs. 78.52

INFORMATION DETAILS

Report Prepared by :

NIS

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	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.