MIRA INFORM REPORT

Report Date :

16.05.2013

IDENTIFICATION DETAILS

Name :	WIMCO LIMITED
Registered Office :	1^st Floor, Indian Mercantile Chambers Kamani Marg, Ballard Estate, Mumbai – 400038, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.09.1923
Com. Reg. No.:	11-001082
Capital Investment / Paid-up Capital :	Rs. 685.855 Millions
CIN No.: [Company Identification No.]	U24291MH1923PLCC001082
TAN No.: [Tax Deduction & Collection Account No.]	SHLW00001B MUMW02212A
PAN No.: [Permanent Account No.]	AAACW3082B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Safety Matches.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 4500000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘ITC Limited’. It is an established company having a moderate track record. The company has incurred huge losses in the year 2012 on account of lower volumes in the safety matches business. Trade relations are fair. Business is active. Payments are slow but correct. The company can be considered for business dealings with some caution.

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

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 (GENERAL DETAILS)

Name :	Mr. V Ranjanathan
Designation :	Commercial Manager
Contact No.:	91-44-43487656
Date :	14.05.2013

LOCATIONS

Registered Office/ Safety Matches Division :	1^st Floor, Indian Mercantile Chambers, R Kamani Marg, Ballard Estate, Mumbai - 400038, Maharashtra, India
Tel. No.:	91-22-66316600
Fax No.:	91-22-66314525 / 56314513 / 66314525
E-Mail :	vranganathan@wimco.in surendra.sipani@itc.in
Website :	http://www.wimco.in
Corporate Office:	No. 69, Chamiers Road, Chennai – 600018, Tamilnadu, India
Tel No.:	91-44-43487656
Factory [Matches] 1 / Engineering Division:	Kalyan Badlapur Road, Ambarnath, Thane District- 421 505, Maharashtra, India
Tel No.:	91-251-2682281/2683982
Fax No.:	91-251-2682665/2681874
Factory [Matches] 2 :	Clutterbuckganj, Bareilly - 243502, Uttar Pradesh, India
Factory [Matches] 3 :	Tiruvottiyur, Chennai- 600019, Tamil nadu, India
Factory [Matches] 4 :	Alambazar, Kolkata - 700035, West Bengal, India
Factory [Matches] 5 :	Amco Road Post Office, Dhubri - 783323, Assam, India
Seedling Division :	Post Box No. 4, Kashipur Road, Rudrapur, Udham Singh Nagar – 263153, Uttaranchal, India

DIRECTORS

As on 07.09.2012

Name :

Mr. Ramendra Lal Auddy

Designation :

Director

Address :

Flat 3D, 1 Auckland Squar, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

22.12.1951

Date of Appointment :

01.07.2005

PAN No.:

ACTPA4157H

DIN No. :

00272953

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	U24100WB1997PLC084645	QUAKER CHEMICALS INDIA LIMITED	Alternate director	09/09/2007	17/10/1997	-	Active	NO
2	U24291MH1923PLC001082	WIMCO LIMITED	Director	01/07/2005	01/07/2005	-	Active	NO
3	U45203WB2006PLC111364	BENGAL MULTIPLE HOUSING DEVELOPMENT LIMITED	Director	27/07/2011	31/01/2007	-	Active	NO
4	U65922WB1988PLC044915	P S GROUP REALTY LIMITED	Director	20/03/2007	20/03/2007	-	Active	NO
5	U45202WB2003NPL096324	CALCUTTA PROMOTIONS	Director	30/09/2010	28/03/2010	-	Active	NO
6	U29196WB1986PTC040670	ADAMS ELEVATOR COMPANY PRIVATE LIMITED	Director	17/09/2011	17/09/2011	-	Active	NO
7	U26102WB1972PLC028352	INDOBELL INSULATIONS LIMITED	Director	01/08/2012	01/08/2012	-	Active	NO

Name :

Mr. Chittranjan Dua

Designation :

Director

Address :

88, Sundar Nagar, New Delhi – 110003, Delhi, India

Date of Birth/Age :

03.11.1951

Date of Appointment :

21.04.1998

PAN No.:

AACPD7256P

DIN No. :

00036080

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	U21098MH1962PLC012488	CABOT INDIA LIMITED	Director	09/04/1987	09/04/1987	-	Active	NO
2	U64203DL1987PTC029740	LINDE ENGINEERING INDIA PRIVATE LIMITED	Director	11/11/1987	11/11/1987	-	Active	NO
3	U32109DL1990FTC039906	STMICROELECTRONICS PRIVATE LIMITED	Director	19/04/1990	19/04/1990	10/09/2007	Active	NO
4	U74899DL1993PTC055015	MCDONALD'S INDIA PRIVATE LIMITED	Director	30/08/1993	30/08/1993	-	Active	NO
5	U19202DL1993PTC052247	FILA SPORT INDIA PRIVATE LIMITED	Director	22/11/1993	22/11/1993	-	Active	NO
6	U74899DL1993PTC056590	LEXSPHERE PRIVATE LIMITED.	Director	22/12/1993	22/12/1993	-	Active	NO
7	U74899DL1979PTC009714	ASSOCIATED CORPORATE CONSULTANTS INDIA PRIVATE LIMITED	Director	02/05/1995	02/05/1995	-	Active	NO
8	U74899DL1989PTC038649	RESULT SERVICES PRIVATE LIMITED	Director	02/05/1995	02/05/1995	-	Active	NO
9	U74899DL1995PTC068500	PBE INDIA PRIVATE LIMITED	Director	15/05/1995	15/05/1995	-	Under liquidation	NO
10	U65993DL1979PTC009973	AMIT INVESTMENTS PRIVATE LIMITED	Director	19/07/1995	19/07/1995	-	Active	NO
11	U74899DL1995PTC064117	BECTON DICKINSON INDIA PRIVATE LIMITED.	Alternate director	30/12/2011	18/12/1995	-	Active	NO
12	U25209DL1996PTC078605	TUPPERWARE INDIA PRIVATE LIMITED	Director	01/05/1996	01/05/1996	13/01/2010	Active	NO
13	U33112HR1996PTC038528	BAXTER INDIA PRIVATE LIMITED	Director	11/06/1996	11/06/1996	18/04/2008	Active	NO
14	U40109DL1997FTC085582	EMERSON PROCESS MANAGEMENT POWER AND WATER SOLUTIONS INDIA PRIVATE LIMITED	Director	26/03/1997	26/03/1997	-	Active	NO
15	U24291MH1923PLC001082	WIMCO LIMITED	Director	21/04/1998	21/04/1998	-	Active	NO
16	U74999DL2000PTC103170	ELCA COSMETICS PRIVATE LIMITED	Director	10/01/2000	10/01/2000	20/10/2009	Active	NO
17	U74899DL1992PTC051031	INAPEX PRIVATE LIMITED	Director	06/09/2001	06/09/2001	-	Active	NO
18	L35921TN1992PLC022845	TVS MOTOR COMPANY LIMITED	Director	27/12/2001	27/12/2001	-	Active	NO
19	L28931RJ1984PLC002890	GILLETTE INDIA LIMITED	Director	31/07/2002	31/07/2002	-	Active	NO
20	U74200KA1997PTC023189	UL INDIA PRIVATE LIMITED	Director	03/04/2003	03/04/2003	-	Active	NO
21	L33301DL1988PLC033434	TIMEX GROUP INDIA LIMITED	Alternate director	28/05/2009	19/01/2004	30/07/2009	Active	NO
22	U74899DL1995PTC070306	CONNAUGHT PLAZA RESTAURANTS PRIVATE LIMITED	Alternate director	24/02/2005	24/02/2005	18/08/2008	Active	NO
23	U29199DL2005FTC142899	LAF FIRE SAFETY SYSTEMS INDIA PRIVATE LIMITED	Director	23/11/2005	23/11/2005	19/12/2006	Active	NO
24	U72300DL2006PTC149510	VAN SOFTECH SOLUTIONS ONE PRIVATE LIMITED.	Director	06/06/2006	06/06/2006	25/07/2007	Active	NO
25	U74996DL2006PTC150392	VAN FILMS REMAKE THREE INDIA PRIVATE LIMITED.	Director	29/06/2006	29/06/2006	25/07/2007	Active	NO
26	U74996DL2006PTC150838	VAN FILMS REMAKE ONE INDIA PRIVATE LIMITED.	Director	11/07/2006	11/07/2006	25/07/2007	Active	NO
27	U21022DL2006PTC152671	CADMUS PACKAGING PRIVATE LIMITED	Director	29/08/2006	29/08/2006	01/09/2008	Active	NO
28	U29118DL2006PTC152991	NOSKE-KAESER INDIA PRIVATE LIMITED	Director	04/09/2006	04/09/2006	22/06/2007	Active	NO
29	L74899DL1989PLC036849	PEARL GLOBAL INDUSTRIES LIMITED	Director	12/09/2006	12/09/2006	-	Active	NO
30	U32200MH1992PLC119108	VODAFONE INDIA LIMITED	Director	15/06/2007	27/09/2006	-	Active	NO
31	U34300DL1996FTC078874	STANLEY WORKS (INDIA) PRIVATE LIMITED	Director	28/09/2007	22/11/2006	08/10/2009	Active	NO
32	U74140DL2006FTC155125	ALCOA INDIA PRIVATE LIMITED	Alternate director	11/06/2007	20/12/2006	-	Active	NO
33	U13203DL2007PTC158380	LAND MINERALS EXPLORATION PRIVATE LIMITED	Director	24/01/2007	24/01/2007	-	Strike off	NO
34	U13203DL2007PTC158515	CCRI EXPLORATION PRIVATE LIMITED	Director	29/01/2007	29/01/2007	-	Strike off	NO
35	U63040DL2006PTC154671	UNIVERSAL WEATHER AND AVIATION INDIA PRIVATE LIMITED	Director	31/01/2007	31/01/2007	04/10/2011	Active	NO
36	U14291DL2007PTC158715	NEWFOUND EXPLORATION PRIVATE LIMITED	Director	02/02/2007	02/02/2007	-	Strike off	NO
37	U65910DL1985PTC020969	MCCANN-ERICKSON INDIA PRIVATE LIMITED	Director	06/02/2007	06/02/2007	-	Active	NO
38	U40101TN2007PTC086532	ALLISON TRANSMISSION INDIA PRIVATE LIMITED	Director	30/05/2007	30/05/2007	01/05/2008	Active	NO
39	U72900DL2007PTC170969	SINGTEL GLOBAL (INDIA) PRIVATE LIMITED	Director	03/12/2007	03/12/2007	06/12/2007	Active	NO
40	U34102GJ2008PTC054265	CHEVROLET SALES INDIA PRIVATE LIMITED	Director	20/06/2008	20/06/2008	14/08/2008	Active	NO
41	U72300TN1996PTC036570	SELLA SYNERGY INDIA PRIVATE LIMITED	Director	08/04/2010	17/04/2009	-	Active	NO
42	U29129TN1960PLC004337	TRACTORS AND FARM EQUIPMENT LIMITED.	Additional director	09/08/2012	25/01/2011	-	Active	NO
43	U18101DL2013PTC248406	NORLING PRIVATE LIMITED	Director	18/02/2013	18/02/2013	-	Active	NO

Name :

Mr. Dipak Kumar Dutta

Designation :

Director

Address :

GD 137, Salt Lake, Sector III, Near Tank NO. 12 and GD Market, Kolkata – 700106, West Bengal, India

Date of Birth/Age :

19.10.1947

Date of Appointment :

01.07.2005

PAN No.:

ACPPD3401M

DIN No. :

00078772

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	U74900WB1986PTC041319	UBIX MANAGEMENT SERVICES PRIVATE LIMITED	Director	14/05/1987	14/05/1987	-	Active	NO
2	U74210WB1992PTC055730	SPEARHEAD CONSULTANTS AND EVALUATERS PRIVATE LIMITED	Director	18/06/1992	18/06/1992	-	Active	NO
3	U51109WB1980PTC032715	PROMARK PRIVATE LIMITED	Director	12/02/1998	12/02/1998	20/11/2010	Active	NO
4	U57102WB1973PLC028864	MIMEC (INDIA) LIMITED	Director	24/08/1998	24/08/1998	-	Active	NO
5	U74140WB1982PTC034445	PATHFINDERS CONSULTANCY SERVICES PRIVATE LIMITED	Director	09/06/1999	09/06/1999	30/10/2010	Active	NO
6	U74140MH1998PTC116442	DFK CONSULTING SERVICES (INDIA) PRIVATE LIMITED	Director	27/09/2002	27/09/2002	-	Active	NO
7	U24291MH1923PLC001082	WIMCO LIMITED	Director	01/07/2005	01/07/2005	-	Active	NO
8	L63090WB1919GOI003229	ANDREW YULE AND COMPANY LIMITED	Director	21/07/2006	21/07/2006	23/03/2007	Active	NO
9	U22219WB1922SGC004390	HOOGHLY PRINTING COMPANY LIMITED	Additional director	07/10/2006	07/10/2006	20/03/2007	Active	NO
10	U85300WB1907NPL001771	ROYAL CALCUTTA GOLF CLUB	Director	02/09/2010	02/09/2010	22/03/2013	Active	NO
11	U74140WB2010PTC155008	LOOKEAST BUSINESS CONSULTANTS PRIVATE LIMITED	Director	25/11/2010	25/11/2010	-	Active	NO

Name :

Mr. Rajendra Kumar Singhi

Designation :

Director

Address :

Flat No. 5EE, Manikarn, 3B Rammohan Mullick Garden Lane, Kolkata – 700010, West Bengal, India

Date of Birth/Age :

15.08.1964

Date of Appointment :

01.07.2005

PAN No.:

AIRPS4155M

DIN No. :

00009931

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	U45201WB1996PLC116323	CLASSIC INFRASTRUCTURE AND DEVELOPMENT LIMITED	Director	12/05/1998	12/05/1998	-	Active	NO
2	U72300WB1992PTC056722	SWIFT SYSTEMS AND SERVICES PRIVATE LIMITED	Director	19/04/1999	19/04/1999	-	Active	NO
3	U24291MH1923PLC001082	WIMCO LIMITED	Director	01/07/2005	01/07/2005	-	Active	NO
4	U91990WB2007NPL116333	MANI KARN OWNERS ASSOCIATION	Director	11/12/2007	11/12/2007	26/09/2010	Active	NO

Name :

Mr. Rajiv Tandon

Designation :

Director

Address :

Flat No. 4, Woodlands Synidcate 8/7, Alipore Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

05.10.1953

Date of Appointment :

01.07.2005

PAN No.:

AAQPT5649E

DIN No. :

00042227

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
1	U55202WB1986PLC049467	GREENACRE HOLDINGS LTD	Director	05/05/1998	05/05/1998	-	Active
2	L15142AP1986PLC006957	AGRO TECH FOODS LIMITED	Director	30/07/1998	30/07/1998	30/07/2008	Active
3	U65993WB1994PLC061684	RUSSELL CREDIT LIMITED	Director	18/09/2000	18/09/2000	-	Active
4	U74899DL1992PLC047331	LANDBASE INDIA LIMITED	Director	16/02/2001	16/02/2001	-	Active
5	U45201WB1996PLC116323	CLASSIC INFRASTRUCTURE AND DEVELOPMENT LIMITED	Director	03/03/2001	03/03/2001	-	Active
6	U24291MH1923PLC001082	WIMCO LIMITED	Director	01/07/2005	01/07/2005	-	Active
7	U65993WB1987PLC043324	RUSSELL INVESTMENTS LIMITED	Director	14/07/2010	24/09/2009	24/02/2012	Active
8	U16003WB1935PLC008314	GOLD FLAKE CORPORATION LIMITED	Director	19/05/2010	24/09/2009	-	Active
9	U51494WB1958PLC087149	WILLS CORPORATION LIMITED	Director	19/05/2010	24/09/2009	-	Active
10	U65991WB1996PLC077341	ITC INFOTECH INDIA LIMITED	Director	19/05/2011	03/01/2011	-	Active
11	U65923WB2012PLC176166	ITC INVESTMENTS AND HOLDINGS LIMITED	Director	19/03/2012	19/03/2012	-	Active

Name :

Mr. Kurush Noshir Grant

Designation :

Director

Address :

7/1, Little Russel Street, Kolkata – 700071, West Bengal, India

Date of Birth/Age :

22.08.1957

Date of Appointment :

25.03.2010

PAN No.:

ADXPG8211B

DIN No.

00336288

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	U24999MH1948NPL006309	AUDIT BUREAU OF CIRCULATIONS	Director	26/11/1999	26/11/1999	13/09/2007	Active	NO
2	L16005WB1910PLC001985	ITC LIMITED	Whole-time director	20/03/2013	20/03/2010	-	Active	NO
3	U24291MH1923PLC001082	WIMCO LIMITED	Director	09/09/2010	25/03/2010	-	Active	NO
4	U85300WB1909GAP001941	TOLLYGUNGE CLUB LIMITED	Director	07/08/2011	07/08/2011	-	Active	NO
5	U74300MH1952GAP008859	THE INDIAN SOCIETY OF ADVERTISERS	Director	11/09/2012	11/09/2012	-	Active	NO

Name :

Mr. Vellore Mani Rajasekaran

Designation :

Managing Director

Address :

3A, Bougainvillae, No.3, Adyar Club, Gate Road, R.A. Puram, Chennai – 600028, Tamil Nadu, India

Date of Birth/Age :

03.10.1958

Date of Appointment :

23.09.2011

PAN No.:

AASPR9749M

DIN No.

03378682

KEY EXECUTIVES

Name :	Mr. Surendra Kumar Sipani
Designation :	Secretary
Address :	Sumangal Apartments, 4, Lee Road, Flat No. 20, Kolkata – 700020, West Bengal, India
Date of Birth/Age :	01.06.1966
Date of Appointment :	01.05.2011
PAN No.:	AIQPS2993G
Name :	Mr. V Ranjanathan
Designation :	Commercial Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

NOT AVAILABLE

Equity Share Break up (Percentage of Total Equity)

As on 07.09.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	0.02
Bodies corporate	98.26
Other top fifty shareholders	0.16
Others	1.55
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Safety Matches.

Products :

Item Code No.	Product Description
36050010	Matches Safety
84223000	Containers; Machinery for Aerating Beverages
06029030	Other live plants (including Their roots), cuttings and Slips ; mushroom spawn

Exports :

Products :

Safety Matches

Countries :

• Europe Country
• Gulf Country
• Africa
• South East
• Asia
• Middle East
• Switzerland
• USA
• UK

Imports :

Products :

Raw Material

Countries :

• China
• Middle East

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (As On 31.03.2011):-

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Matches	Million Boxes	5000	5000 (on 3 Shift basis 300 working day)	2675
Machines	Numbers	NA	NA	54

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	300 (Approximately)
Bankers :	· ABN Amro Bank N.V. – 14, Veer Nariman Road, Mumabi – 400023, Maharashtra, India · ICICI Bank Limited · Royal Bank of Scotland – Branch V.T, Mumbai

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalakshmi, Mumbai 400011, Maharashtra, India
Pan No. :	AAAFB9852F
Holding Company :	ITC Limited, India CIN No.: L16005WB1910PLC001985
Wholly Owned Subsidiaries :	Pavan Poplar Limited CIN: U01100MH1995PLC128849 Prag Agro Farm Limited CIN: U01100MH1997PLC128846
Fellow Subsidiaries :	ITC Infotech India Limited CIN No.: U65991WB1996PLC077341 Russell Credit Limited, India CIN: U65993WB1994PLC061684

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
350000000	Equity Shares	Rs.1/- each	Rs. 350.000 Millions
11300000	Preference Shares	Rs.100/- each	Rs. 1130.000 Millions
	Total		Rs. 1480.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
188460000	Equity Shares	Rs.1/- each	Rs. 188.460 Millions
5000000	Preference Shares	Rs.100/- each	Rs. 500.000 Millions
	Total		Rs. 688.460 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
185855147	Equity Shares	Rs.1/- each	Rs. 185.855 Millions
5000000	Preference Shares	Rs.100/- each	Rs. 500.000 Millions
	Total		Rs. 685.855 Millions

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		685.855	1144.230	644.230
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		429.854	429.992	567.810
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1115.709	1574.222	1212.040
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		47.584	130.330	31.527
TOTAL BORROWING		47.584	130.330	31.527
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1163.293	1704.552	1243.567
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1540.838	1571.146	1140.193
Capital work-in-progress		2.338	10.499	21.071
INVESTMENT		59.915	59.910	59.910
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	229.972	313.642	350.144
	Sundry Debtors	32.068	33.496	20.783
	Cash & Bank Balances	12.942	6.046	5.160
	Other Current Assets	0.173	0.111	0.000
	Loans & Advances	320.206	289.012	256.188
Total Current Assets		595.361	642.307	632.275
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	409.359	462.804	566.020
	Other Current Liabilities	608.032	83.002	22.262
	Provisions	17.768	33.504	21.600
Total Current Liabilities		1035.159	579.310	609.882
Net Current Assets		(439.798)	62.997	22.393
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1163.293	1704.552	1243.567

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1710.843	1934.349	2131.220
		Other Income	20.496	11.765	132.343
		TOTAL (A)	1731.339	1946.114	2263.563
Less	EXPENSES
		Cost of materials consumed	761.079	1161.322
		Purchases of stock-in-trade	361.174	188.820
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	63.431	6.933
		Employee benefit expense	250.048	342.998
		Other expenses	322.205	410.715
		Exceptional items	368.726	374.646
		TOTAL (B)	2126.663	2485.434	2377.955
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(395.324)	(539.320)	(114.392)
Less	FINANCIAL EXPENSES (D)		18.966	5.784	(1.518)
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(414.290)	(545.104)	(112.874)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		45.646	51.400	49.521
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(459.936)	(596.504)	(162.395)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(459.936)	(596.504)	(162.395)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		736.707	(140.203)	22.192
	BALANCE CARRIED TO THE B/S		276.771	736.707	(140.203)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	NA	3.966
	TOTAL EARNINGS		NA	NA	3.996
	IMPORTS
		Raw Materials	NA	NA	55.500
		Capital Goods	NA	NA	0.000
		Spares	NA	NA	3.380
	TOTAL IMPORTS		NA	NA	58.880
	Earnings Per Share (Rs.)		(4.82)	(6.67)	(2.09)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(26.57)	(30.65)	(7.17)
Net Profit Margin (PBT/Sales)	(%)	(26.88)	(30.84)	(7.62)
Return on Total Assets (PBT/Total Assets}	(%)	(77.25)	(92.87)	(25.68)
Return on Investment (ROI) (PBT/Networth)		(0.41)	(0.38)	(0.13)
Debt Equity Ratio (Total Debt /Networth)		0.04	0.08	0.03
Current Ratio (Current Asset/Current Liability)		0.58	1.11	1.04

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	No
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	--
23]	Banking Details	Yes
24]	Banking facility details	nO
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

COMPANY PERFORMANCE

The Company’s turnover, which stood at INR 1697.000 Millions, has seen a decline of 12% as compared to last year primarily on account of lower volumes in the Safety Matches Business. During the year, the Company incurred a net loss of INR 459.900 Millions after taking into account a one-time cost of INR 368.700 Millions, inter alia, for rationalising its operations.

The income from Safety Matches Business for the year declined by 17% to INR 1528.900 Millions from INR 1847.800 Millions earned in the previous year. The Company continues to face challenges in its main business of Safety Matches due to steep increase in the prices of key raw materials on the one hand and growing competition from the small scale and cottage sector on the other. The recent budget announcement increasing the excise duty on the mechanized industry while reducing the duty on semi-mechanised industry has put the Company’s Safety Matches Business at a further disadvantage. Besides, the levy of discriminatory state level taxes on mechanised Safety Matches industry has compounded the challenge faced by the Company in the market place.

In its pursuit to restructure the Safety Matches Business to make it viable, the Company, during the year, has implemented a Voluntary Retirement Scheme at the Kolkata unit, post suspension of operations at the said unit. With the above, the Company has discontinued operations at its Chennai, Ambarnath and Kolkata units. Insofar as the Bareilly unit is concerned, the Company has initiated steps to modernise the said unit. Meanwhile, the Company has made alternate arrangements for sourcing its volume requirements from external vendors. The outsourced volume has increased by 72% to 608 million boxes from 354 million boxes sold in the previous year.

Pursuant to the approval at the last Annual General Meeting held on 23rd September, 2011, for deployment of the assets of the Safety Matches Business that may be rendered surplus for alternate usage, the Company leased out its land located at Chennai to ITC Limited (ITC), the Holding Company, for a period of ten years at an initial lease rental of INR 24.000 Millions per year and a non-interest bearing refundable security deposit of INR 500.000 Millions. The Company has also agreed in-principle to lease out its land and buildings located at Ambarnath to ITC for a period of ten years at an initial lease rental of INR 15.000 Millions per year and a non-interest bearing refundable security deposit of INR 300.000 Millions.

The surplus movable assets of the Chennai, Ambarnath and Kolkata units, including plant and machinery, factory equipments, furniture and fixtures, are being suitably deployed, inter alia, at the Company’s Bareilly unit Such deployment would assist the Company in optimising its supply-chain management.

The Engineering Business recorded a turnover of INR 167.700 Millions as compared to INR 140.400 Millions in the previous year, registering a growth of 19%. It is the Company’s endeavour to increase value capture through continuous product development in the packaging machinery category. This Business is poised for further growth through new customer acquisitions. The income from the Agri (Forestry) Business during the year was INR 119.200 Millions as against INR 97.600 Millions in the previous year, registering a growth of 22%. This Business is supplying high quality poplar and eucalyptus ETPs (Entire Transplants) to farmers in Northern India thereby providing employment and livelihood opportunities. Apart from creating a long-term sustainable supply of a critical raw material, their strategy of creating sustainable and meaningful linkages across the farmer community is helping us to contribute towards improving the green cover in the region.

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Loans and advances from related parties	45.000	128.000
Loans and advances from others	2.584	2.330
Total	47.584	130.330

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2012
1 Claims against the company not acknowledged as debts:
Income tax matters relating to allowability of expenses, unabsorbed depreciation and brought forward losses, etc.	1.356
Excise duty, sales tax and indirect taxes claims disputed relating to issues of applicability and classification	42.144
Local authority taxes / Cess/ Royalty on property, utilities etc. disputed relating to issues of applicability and determination	38.053
Third party claims arising from disputes relating to contracts	47.475
Other matters	4.591
Total	133.619
2 Other matters for which the Company is contingently liable
Test bonds / special valuation bonds equivalent to CIF Value of exports of certain raw materials in respect of which additional liability of custom duty is not likely to exceed the amount.	24.100
Claims have been filed by farmers in respect of disputes under the WIMCO NABARD Poplar Scheme.	1.965
The Company had issued Legal Agreement - Undertaking in favour of the President of India acting through the Director General of Foreign Trade, Ministry of Commerce, and given declarations under the amended procedures of the Export Import Policy 1992-1997 and issued bonds to the President of India acting through the Assistant Commissioner of Customs, Mumbai, aggregating Rs. 23.535 Millions (2010-11: Rs. 23.53.5 Millions) where necessary formalities and entries have not been completed.	136.262
Total	295.946

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments
• Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.78
UK Pound	1	Rs.83.38
Euro	1	Rs.70.71

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.