MIRA INFORM REPORT

Report Date :

02.03.2013

IDENTIFICATION DETAILS

Name :	DAT INDUSTRIES PRIVATE LIMITED
Registered Office :	B/8, Lalji Complex, Behind Bobby Shopping Centre, M G Road, Kandivali (West), Mumbai – 400069, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.06.1997
Com. Reg. No.:	11-108575
Capital Investment / Paid-up Capital :	Rs.7.475 Millions
CIN No.: [Company Identification No.]	U25200MH1997PTC108575
TAN No.: [Tax Deduction & Collection Account No.]	MUMD09635D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Inks and All kinds of Writing Instruments.
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 120000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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/ Head Office :	B/8, Lalji Complex, Behind Bobby Shopping Centre, M G Road, Kandivali (West), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-29676655/ 29694917/ 32504840
Mobile No.:	91-9324636655 (Mr. Vinay Thakkar)
Fax No.:	91-22-29674917
E-Mail :	dkgmail@icai.org datind@gmail.com datindho@gmail.com
Website :	http://datinks.com
Factory 1:	111, 112, 113, Shubh, Sagar Manthan Industrial Estate, Bhoida Pada, Vasai (East), District thane – 401208, Maharashtra, India
Tel. No.:	91-250-2451819
Factory 2:	1, Anand Industrial Estate, 66 KVR Road, Village Amli, Silvassa, D and NH – 396230, Union Territory, India
Kolkata Branch Office :	B -304, 3^rd Floor, Bagree Market, 71 Canning Street, Kolkata – 700001, West Bengal, India
Overseas Office :	Located at: · Hong Kong · China

DIRECTORS

As on: 13.09.2012

Name :	Mr. Vijay Dhansukhlal Thakkar
Designation :	Director
Address :	8/83-84, Varma Nagar, Azad Street, Andheri (East), Mumbai – 400069, Maharashtra, India
Date of Birth/Age :	22.08.1967
Date of Appointment :	06.06.1997
DIN No.:	00793880
Name :	Mr. Vinay Dhansukhlal Thakkar
Designation :	Director
Address :	8/83-84, Varma Nagar, Azad Street, Andheri (East), Mumbai – 400069, Maharashtra, India
Date of Birth/Age :	28.02.1966
Date of Appointment :	06.06.1997
DIN No.:	00793947
Name :	Mr. Paresh Dhansukhlal Thakkar
Designation :	Director
Address :	8/83-84, Varma Nagar, Azad Street, Andheri (East), Mumbai – 400069, Maharashtra, India
Date of Birth/Age :	30.04.1969
Date of Appointment :	06.06.1997
DIN No.:	00793977
Name :	Mr. Nirmala Dhansukhlal Thakkar
Designation :	Director
Address :	8/83-84, Varma Nagar, Azad Street, Andheri (East), Mumbai – 400069, Maharashtra, India
Date of Birth/Age :	03.06.1947
Date of Appointment :	06.06.1997
DIN No.:	00793999

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 13.09.2012

Names of Shareholders	No. of Shares
Nirmala Dhansukhlal Thakkar	118851
Vinay Dhansukhlal Thakkar	217173
Vijay Dhansukhlal Thakkar	203367
Paresh Dhansukhlal Thakkar	199292
Jyoti Vinay Thakkat	5175
Rupal Vijay Thakkar	1800
Pina Paresh Thakka	1800
Total	747458

Equity Share Break up (Percentage of Total Equity)

As on: 13.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Inks and All kinds of Writing Instruments.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Baroda, Colaba Branch, Esperanca Building, Shahid Bhagat Singh Road, Colaba, Mumbai - 400039, Maharashtra, India

· State Bank of India , MIDC, Andheri East Branch, Merol, Central Road, Andheri East, Mumbai – 400093, Maharashtra, India

· N.K.G.S.B. Co-operative Bank Limited

· HDFC Bank Limited

· ICICI Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
From Banks	0.000	0.575
Deferred Payment Liabilities	0.000	0.149
SHORT TERM BORROWINGS
From Banks	89.294	69.016
Deferred Payment Liabilities	0.149	0.443
Total	89.443	70.183

Banking Relations :	--
Auditors :
Name :	N R Panchal and Company Chartered Accountants
Address :	C-509, Amrut, J S Road, Dahisar (West), Mumbai – 400068, Maharashtra, India
PAN No.:	ALIPP5588K

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
747458	Equity Shares	Rs.10/- each	Rs.7.475 Millions

Reconciliation of shares

	No. of Shares	Rs. In Millions
Opening Share Capital	747458	7.475
Add: Shares issued During the year	-	-
Add: Rights/Bonus Shares Issued	-	-
Total	747458	7.475
Less: Buy back of Shares	-	-
Less Reduction in Capital	-	-
Closing Share Capital	747458	7.475

List of shareholders having 5% or more shares

Name of the shareholder	No. of Shares	% of Total Shares
Vinay D. Thakkar	217173	29.05%
Vijay D. Thakkar	203367	27.21%
Paresh D. Thakkar	199292	26.66%
Nirmala D. Thakkar	118851	15.90%
Total	738683	98.83%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		7.475	7.475	7.475
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		23.897	19.553	18.336
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		31.372	27.028	25.811
LOAN FUNDS
1] Secured Loans		89.443	70.183	48.846
2] Unsecured Loans		6.221	9.030	11.062
TOTAL BORROWING		95.664	79.213	59.908
DEFERRED TAX LIABILITIES		3.556	3.506	3.412
TOTAL		130.592	109.747	89.131
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.647	14.631	15.665
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	2.841
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	46.915	47.149	31.882
	Sundry Debtors	90.605	60.365	55.075
	Cash & Bank Balances	1.209	0.510	0.154
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.266	8.998	8.959
Total Current Assets		144.995	117.022	96.070
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.987	19.787	22.637
	Other Current Liabilities	0.000	0.000	0.987
	Provisions	3.063	2.119	1.821
Total Current Liabilities		28.050	21.906	25.445
Net Current Assets		116.945	95.116	70.625
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		130.592	109.747	89.131

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	418.528	273.226	230.300
		Other Income	0.168	4.051	1.570
		TOTAL	418.696	277.277	231.870
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	412.534	274.934	227.245
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		6.162	2.343	4.625
Less/ Add	DEPRECIATION/ AMORTISATION		0.735	0.733	0.742
	PROFIT BEFORE TAX		5.427	1.610	3.883
Less	TAX		1.056	0.393	0.094
	PROFIT AFTER TAX		4.371	1.217	3.789
	Earnings Per Share (Rs.)		5.81	1.63	5.07

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.04	0.44	1.63
Net Profit Margin (PBT/Sales)	(%)	1.30	0.59	1.69
Return on Total Assets (PBT/Total Assets}	(%)	3.42	1.23	3.48
Return on Investment (ROI) (PBT/Networth)		0.17	0.06	0.15
Debt Equity Ratio (Total Debt/Networth)		3.05	2.93	2.32
Current Ratio (Current Asset/Current Liability)		5.17	5.34	3.78

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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
From Banks	1.737	3.188
Loans and Advances from Related Parties	1.276	2.127
Loans and Advances from Others	1.757	1.772
SHORT TERM BORROWINGS
From Banks	1.451	1.943
Total	6.221	9.030

OPERATING RESULTS

The Company has achieved a turnover of Rs. 418.528 Millions as compared to previous year turnover of Rs. 273.226 Millions. Net Increase in sales for the year amounted to Rs. 145.302 Millions.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U25200MH1997PTC108575
Name of the company	DAT INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B-8 Lalji Complexbehind Bobby Shopping Centre, M G Road Kandivali West, Mumbai – 400069, Maharashtra, India E-mail: dkgmail@icai.org
Type of charge	· Book Debts · Movable Property
Particular of charge holder	Bank of Baroda, Colaba Branch, Esperanca Building, Shahid Bhagat Singh Road, Colaba, Mumbai – 400039, Maharashtra, India E-mail: shirishshetye@gmail.com
Nature of description of the instrument creating or modifying the charge	Composite Hypothecation Agreement. (For Stocks/ Book Debts/ Vehicles/ Movable Machinery).
Date of instrument Creating the charge	31.03.2012
Amount secured by the charge	Rs.20.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest 5.50% above Base Rate of the Bank per annum with monthly rests. Terms of Repayment On Demand. Margin 25% on Stock 35% on Book Debts. Extent and Operation of the charge The charge is created to secure Adhoc Working Capital facility of Rs.20.000 Millions together with interest, further interest, additional interest, penal interest, commission, fees, cost, charges and expenses incurred or to be incurred by the Bank till date of payment.
Short particulars of the property charged	Stocks, both present and future and all stocks of RMs, WIP,SFGs and FGs such as various type of Ink, writings instruments, all types of pens of various quality and ranges, packing materials and Stores, etc. All the book debts in respect of supplies made to various Govt. Department or limited companies etc. as evidenced by supply bills, receipted challans/ receipted invoices deposited with the Bank. All the tangible moveable machinery and plant and cranes, boats and crafts and the vehicles together with spares, tools and accessories and other movables, both present and future, and the furniture, fixtures, fittings and office equipment whether installed or not and whether lying loose or in cases at 1) Factory Land and Building situated at Anand Industrial Estate, 66, KVA Road, Village Amli, Silvassa 396 230 2) Factory Land and Building situated at Shed No .L/720/4, Road No.7, Chemical Zone, GIDC, Sarigam Dist. Valsad, Gujarat 396 155, 3) Commercial Premises situated at Gala No.105, Sanghavi Industrial Estate M. G. Road, Kandivali (West), Mumbai - 400 067, 4) Commercial Premises situated at Shop No.B/8, Lalji Complex Co-operative Housing Society Limited,, Behind Bobby Shopping Centre, M. G. Road, Kandivali (West), Mumbai 400 067 5) Commercial premises situated at Office No.203, Vertex Vikas Co-operative Housing Society Limited, M. V. Road, Andheri (East), Mumbai - 400 069, 6) Flat No.83 and 84, Amit Mandir Co-operative Housing Society Limited, C Wing, 8, Verma Nagar, Old Nagardas Road, Andheri (East), Mumbai - 400 069.

FIXED ASSETS:

· Office Premises

· GIDC Residential Qtrs

· Building

· Factory Gala

· Plant and Machinery

· Dies and Tools

· Computer and Printer

· EPABX

· Laptop

· Mobile Phone

· Fax Machine

· Air Condition

· Electric Installation

· Furniture and Fixtures

· Motor Car (Sumo)

· Motor Car Indica

· Motor Car Innova

· Motor Car Linea

· Maxxi Truck

· Bicycles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.48
UK Pound	1	Rs.82.72
Euro	1	Rs.71.27

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
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	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--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.