MIRA INFORM REPORT

Report Date :

02.03.2013

IDENTIFICATION DETAILS

Name :	NEW (INDIA) IMAGING INDUSTRIES PRIVATE LIMITED
Registered Office :	Plot No. A/95, TTC Industrial Area, MIDC Khairane, Thane Belapur Road, Navi Mumbai – 400705, Maharashtra, India
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.10.2002
Com. Reg. No.:	11-137684
Capital Investment / Paid-up Capital :	Rs.1.700 Millions
CIN No.: [Company Identification No.]	U22200MH2002PTC137684
IEC No.:	0302076760
TAN No.: [Tax Deduction & Collection Account No.]	MUMN09276B
PAN No.: [Permanent Account No.]	AABCN6581B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Importer of Inkjet Media – Compu Color, Vinyl, Tracing Paper, Solvent Media etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 234000
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 commitments. The company can be considered for normal 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

EXTERNAL AGENCY RATING

Rating Agency Name	NSIC CRISIL
Rating	SE2A
Rating Explanation	High performance and high financial strength.
Date	November, 2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED BY

Name :	Mr. Bharat Chheda
Designation :	Administration Department
Contact No.:	91-22-27782281
Date :	28.02.2013

LOCATIONS

Registered Office :	Plot No. A/95, TTC Industrial Area, MIDC Khairane, Thane Belapur Road, Navi Mumbai – 400705, Maharashtra, India
Tel. No.:	91-22-27782281/ 2/ 3/ 4/ 27780648/ 41510100/ 41510104
Fax No.:	91-22-27782285
E-Mail :	haresh_joshi@hotmail.com administration@newindiaind.com national@bom4.vsnl.net.in info@nationalind.com nationalind@vsnl.com bharat@newindiaind.com
Website :	http://www.newindiaind.com http://www.nationalind.com
Area :	20,000 sq. ft.
Location :	Owned
Factory :	Plot No. 128, 129, 130 Mustafa Bazar, Union Park Lane, Victoria Road, Mazgaon, Mumbai – 400 010, Maharashtra, India
Warehouse :	Indian Corporation Complex, Dapode Village, Unit No. 6,7, Building No. 39, Bhiwndi, Mumbai, Maharashtra, India
Area :	7000 Sq. ft
Location :	Rented
Branches :	Located At :- · Delhi, India · Kolkata, West Bengal · Hyderabad, Andhra Pradesh · Bangalore, Karnataka · Lucknow, Uttar Pradesh · Calcutta

DIRECTORS

(AS ON 30.09.2012)

Name :

Mr. Rajan Nanikram Vaswani

Designation :

Director

Address :

122-A, Sea Lord Apartments, Cuffe Parade, Mumbai- 400005, Maharashtra, India.

Date of Birth/Age :

03.02.1962

Date of Appointment :

25.10.2002

DIN No.:

00751947

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U99999MH1985PTC035982	GEE ARR LAMOCOAT PVT LTD	Whole-time director	10/2/1989	10/2/1989	Active	NO
2	U22200MH2002PTC137684	NEW (INDIA) IMAGING INDUSTRIES PRIVATE LIMITED	Director	25/10/2002	25/10/2002	Active	NO
3	U27109DL2006PTC157072	VISH FABRICATORS & CONVERTORS PRIVATE LIMITED	Director	28/12/2006	28/12/2006	Active	NO
4	U52599MH2007PTC168193	MALHAR AGENCY AND TRADING PRIVATE LIMITED	Director	27/02/2007	27/02/2007	Active	NO
5	U74900MH2010PTC198317	SPRINT (INDIA) IMAGING PRIVATE LIMITED	Director	2/1/2010	2/1/2010	Active	NO
6	U21022DL2003PTC122213	SPRINT PAPERS PRIVATE LIMITED	Director	1/4/2010	1/4/2010	Active	NO
7	U74999MH1986PTC040783	HEATHER IMPEX PRIVATE LIMITED	Director	1/3/2011	1/3/2011	Active	NO
8	U51396KA2011PTC059119	Phoenix Boards Private Limited	Director	13/06/2011	13/06/2011	Active	NO

Name :

Mrs. Sonia Rajan Vaswani

Designation :

Director

Address :

122-A, Sea Lord Apartments, Cuffe Parade, Mumbai- 400005, Maharashtra, India.

Date of Birth/Age :

05.03.1964

Date of Appointment :

25.10.2002

DIN No.:

00752160

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U22200MH2002PTC137684	NEW (INDIA) IMAGING INDUSTRIES PRIVATE LIMITED	Director	25/10/2002	25/10/2002	Active	NO
2	U74999MH1986PTC040783	HEATHER IMPEX PRIVATE LIMITED	Director	1/3/2011	1/3/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Bharat Chheda
Designation :	Administration Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2012)

Names of Shareholders	No. of Shares
Rajan Nanikram Vaswani	85000
Sonia Rajan Vaswani	85000
Total	170000

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader, Exporter and Importer of Inkjet Media – Compu Color, Vinyl, Tracing Paper, Solvent Media etc.

Products :

Products Description	Item Code No.
Tracing Paper	1
Inkjet Paper	2
Plain Paper	3
PVC	4

· Utoplex Tracing Paper

· SIHL Traink Paper

· Compu Color

· Inject Paper

· Folex

· Inject Film

· Plus Print and Gen Plain Paper

· Conversation and Marketing of Paper and Film.

· Tracing Paper

· Inkjet Paper

· Plain Paper

· PVC

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Bank of Baroda

Cuffe Parade Branch, G D Somani School Building, G D Somani School Marg, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loan Repayable on Demand
- From Bank	0.000	11.557
Total	0.000	11.557

Banking Relations :	--
Auditors :
Name :	H. R. Joshi and Company Chartered Accountants
Address :	Shop No.9, 1^st Floor, Hi-Life Mall, P M Road, Santacruz (West), Mumbai – 400054, Maharashtra, India.
PAN No.:	AAEPJ9204H

CAPITAL STRUCTURE

(AS ON 30.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Share	Rs.10/- each	Rs.2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
170000	Equity Share	Rs.10/- each	Rs.1.700 Millions

NOTE:

The Company has only one class of shares referred to as equity shares having a par value of Rs.10/-. Each holder of equity shares is entitled to one vote per share.

The Company declares and pays dividends in Indian rupees.

During the year ended March 31, 2012, the directors have not recommended any dividend during the period to conserve the resources of the company.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, will be in proportion to the number of equity shares held by the shareholders.

The aggregate number of bonus shares issued in the last five years immediately preceeding the balance sheet date is NIL equity shares.

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		1.700	1.700	1.700
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		56.686	49.292	41.856
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		58.386	50.992	43.556
LOAN FUNDS
1] Secured Loans		0.000	11.557	18.367
2] Unsecured Loans		14.025	19.030	14.000
TOTAL BORROWING		14.025	30.587	32.367
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		72.411	81.579	75.923
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.986	10.384	11.858
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.590	40.647	29.022
	Sundry Debtors	26.150	31.534	29.897
	Cash & Bank Balances	22.744	10.667	8.302
	Other Current Assets	1.006	0.866	3.659
	Loans & Advances	17.945	20.222	18.411
Total Current Assets		88.435	103.936	89.291
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	14.965	19.754	13.027
	Other Current Liabilities	2.820	2.787	2.021
	Provisions	7.225	10.200	10.178
Total Current Liabilities		25.010	32.741	25.226
Net Current Assets		63.425	71.195	64.065
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		72.411	81.579	75.923

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010 (Unaudited)
	SALES
		Income	NA	NA	268.107
		Other Income	NA	NA	11.811
		TOTAL (A)	NA	NA	279.918
Less	EXPENSES
		Cost of Goods Sold	NA	NA	218.354
		Cost of Packing Material Consumed	NA	NA	12.890
		Manufacturing Expenses	NA	NA	6.684
		Office and Administrative Expenses	NA	NA	15.572
		Selling and Distribution Expenses	NA	NA	1.726
		Preliminary Expenses W/off	NA	NA	0.000
		Other Expenditure	NA	NA	0.000
		TOTAL (B)	NA	NA	255.226
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	NA	24.692
Less	FINANCIAL EXPENSES (D)		NA	NA	3.536
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	NA	21.156
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	NA	2.000
	PROFIT BEFORE TAX (E-F) (G)		NA	NA	19.156
Less	TAX (H)		NA	NA	6.575
	PROFIT AFTER TAX (G-H) (I)		7.394	7.436	12.581
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	28.918
Less	INCOME TAX (EARLIER YEAR)		NA	NA	0.443
	BALANCE CARRIED TO THE B/S		NA	NA	41.056
	Earnings Per Share (Rs.)		43.49	43.74	74.01

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	4.49
Net Profit Margin (PBT/Sales)	(%)	NA	NA	7.14
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	18.94
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.44
Debt Equity Ratio (Total Debt/Networth)		0.24	0.60	0.74
Current Ratio (Current Asset/Current Liability)		3.54	3.17	3.54

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	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last one 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	Yes

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Unsecured – Considered Goods	14.025	19.030
Total	14.025	19.030

STATE OF THE AFFAIRS OF THE COMPANY

The company has made a profit of Rs.7.394 Millions for the financial year ended 31^st March 2012 as against a net profit of Rs.7.436 Million for the financial year ended 31t March, 2011.

FIXED ASSETS

· Land and Building

· Air Conditioner

· Electrical Installation

· Office Equipments

· Plant and Machinery

· Computers

· Vehicle

· Furniture and Fixtures

· Generator Machine

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

Information Gathered by :	PLK
Report Prepared by :	NIT

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	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	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		45

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.