MIRA INFORM REPORT

Report Date :

27.05.2013

IDENTIFICATION DETAILS

Name :	VACMET INDIA LIMITED (w.e.f 10.09.2009)
Formerly Known As :	VACMET PACKAGINGS (INDIA) PRIVATE LIMITED
Registered Office :	Anant Plaza, 2^nd Floor, 4/117-2A, Civil Lines, Church Road, Agra – 282002, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.03.1993
Com. Reg. No.:	20-034039
Capital Investment / Paid-up Capital :	Rs.142.889 Millions
CIN No.: [Company Identification No.]	U74899UP1993PLC034039
TAN No.: [Tax Deduction & Collection Account No.]	AGRV10053B
PAN No.: [Permanent Account No.]	AAACV5120B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in production of Polyester film
No. of Employees :	Information declined by the management

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 8800000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears a loss during the financial year 2012. The general financial position of the company is strong whereas the liquidity position is good. Trade relations are fair. Business is active. Payment terms are usually correct and as per commitment. 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Borrowings = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	22.11.2012

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. D.K. Agarwal
Designation :	Cheif Executive Officer
Contact No.:	91-562-2525466
Date :	21.05.2013

LOCATIONS

Registered Office :	Anant Plaza, 2^nd Floor, 4/117-2A, Civil Lines, Church Road, Agra – 282002, Uttar Pradesh, India
Tel. No.:	91-562-2525466/ 4050400
Fax No.:	91-562-2151188/ 2527064
E-Mail :	vacmet@vsnl.com vacmet@vpiplmail.co.in
Website :	http://www.vpiple.co.in
Factory :	110 Km Stone, Delhi National Highway, Chhata, District Mahtura – 281401, Uttar Pradesh, India
Branch Office:	104/106, Tribuvan Complex, New Friends Colony, Mathura Road, New Delhi, India

DIRECTORS

As on 14.09.2012

Name :

Mr. Dinesh Chand Agarwal

Designation :

Managing Director

Address :

4/117 E, Civil Lines, Church Road, Agra-282002, Uttar Pradesh, India

Date of Birth/Age :

15.01.1949

Date of Appointment :

01.12.2012

DIN No.:

00472703

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	U74899UP1993PLC034039	VACMET INDIA LIMITED	Managing director	01-12-12	03-03-93	-	Active	NO
2	U65922UP2005PLC029770	VACMET FINANCE AND INVESTMENTS LIMITED	Director	07-04-05	07-04-05	-	Active	NO
3	U74950UP2005PLC030159	VACMET INDUSTRIES AND INFRASTRUCTURES LIMITED	Director	08-06-05	08-06-05	-	Active	NO
4	U21098UP2010PTC042655	POLYPACKS TRADE VENTURE PRIVATE LIMITED	Director	24-11-10	24-11-10	-	Active	NO

Name :

Mr. Suresh H Chand Agarwal

Designation :

Director

Address :

4/117 D, Civil Lines, Church Road, Agra-282002, Uttar Pradesh, India

Date of Birth/Age :

08.05.1942

Date of Appointment :

03.03.1993

DIN No.:

00472773

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	U74899UP1993PLC034039	VACMET INDIA LIMITED	Director	03-03-93	03-03-93	-	Active	NO
2	U74950UP2005PLC030159	VACMET INDUSTRIES AND INFRASTRUCTURES LIMITED	Director	08-06-06	08-06-06	-	Active	NO

Name :

Mr. Padam Chand Agarwal

Designation :

Whole-Time Director

Address :

4/117 B, Civil Lines, Church Road, Agra-282002, Uttar Pradesh, India

Date of Birth/Age :

08.03.1944

Date of Appointment :

01.01.2012

DIN No.:

00007191

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	U74899UP1993PLC034039	VACMET INDIA LIMITED	Whole-time director	01-01-12	03-03-93	-	Active	NO
2	U74950UP2005PLC030159	VACMET INDUSTRIES AND INFRASTRUCTURES LIMITED	Director	08-06-05	08-06-05	-	Active	NO

Name :

Mr. Raj Narain Agarwal

Designation :

Director

Address :

4/117 C, Civil Lines, Church Road, Agra-282002, Uttar Pradesh, India

Date of Birth/Age :

05.05.1947

Date of Appointment :

01.07.2010

DIN No.:

00472736

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	U74899UP1993PLC034039	VACMET INDIA LIMITED	Whole-time director	01-07-10	03-03-93	-	Active	NO
2	U74950UP2005PLC030159	VACMET INDUSTRIES AND INFRASTRUCTURES LIMITED	Director	08-06-05	08-06-05	-	Active	NO
3	U21098UP2010PTC042655	POLYPACKS TRADE VENTURE PRIVATE LIMITED	Director	24-11-10	24-11-10	-	Active	NO

Name :

Mr. Mayank Agarwal

Designation :

Director

Address :

4/117 E, Civil Lines, Church Road, Agra-282002, Uttar Pradesh, India

Date of Birth/Age :

12.11.1976

Date of Appointment :

08.09.2009

DIN No.:

00513665

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	U65922UP2005PLC029770	VACMET FINANCE AND INVESTMENTS LIMITED	Director	07-04-05	07-04-05	-	Active	NO
2	U74899UP1993PLC034039	VACMET INDIA LIMITED	Director	08-09-09	24-03-09	-	Active	NO

Name :

Mr. Nitin Agarwal

Designation :

Director

Address :

4/117 C, Civil Lines, Church Road, Agra-282002, Uttar Pradesh, India

Date of Birth/Age :

22.07.1969

Date of Appointment :

24.03.2009

DIN No.:

01826926

Name :

Mr. Rahul Agarwal

Designation :

Director

Address :

4/117 C, Civil Lines, Church Road, Agra-282002, Uttar Pradesh, India

Date of Birth/Age :

02.05.1970

Date of Appointment :

08.09.2009

DIN No.:

01232503

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	U65922UP2005PLC029770	VACMET FINANCE AND INVESTMENTS LIMITED	Director	07-04-05	07-04-05	-	Active	NO
2	U74899UP1993PLC034039	VACMET INDIA LIMITED	Director	08-09-09	24-03-09	-	Active	NO

Name :

Mr. Rajesh Kumar Srivastava

Designation :

Director

Address :

S-376, Ground Floor, Panchshila Park, New Delhi – 110017, India

Date of Birth/Age :

20.03.1957

Date of Appointment :

12.08.2011

DIN No.:

00302223

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	U67120MH2003PTC139711	RABO INDIA SECURITIES PRIVATE LIMITED	Managing director	20-01-07	01-06-06	06-01-09	Active	NO
2	U65929HR1998PLC037509	RABO INDIA FINANCE LIMITED	Director	18-07-08	15-03-07	15-12-09	Active	NO
3	U67190DL2006PTC191588	RABO EQUITY ADVISORS PRIVATE LIMITED	Managing director	18-07-08	21-04-08	-	Active	NO
4	U24239AP2006PLC050060	SRI BIOTECH LABORATORIES INDIA LIMITED	Director	03-03-09	02-03-09	-	Active	NO
5	U01110AP1997PTC026890	SRI BIOREMEDIES PRIVATE LIMITED	Director	05-03-09	04-03-09	-	Active	NO
6	U15493DL1991PTC205408	ADM AGRO INDUSTRIES KOTA AND AKOLA PRIVATE LIMITED	Director	05-11-09	05-11-09	16-08-11	Active	NO
7	L74899DL1990PLC041790	LT FOODS LIMITED	Nominee director	30-09-10	09-11-09	-	Active	NO
8	U15209DL2005PLC135838	DAAWAT FOODS LIMITED	Nominee director	29-09-10	29-12-09	-	Active	NO
9	U02001DL1992PLC047666	GLOBAL GREEN COMPANY LIMITED	Director	30-09-10	31-03-10	-	Active	NO
10	U74899UP1993PLC034039	VACMET INDIA LIMITED	Director	12-08-11	19-08-10	-	Active	NO
11	U74140MH2004PLC148859	NATIONAL COLLATERAL MANAGEMENT SERVICES LIMITED	Director	25-08-11	13-06-11	-	Active	NO
12	U01119AP2003PTC041810	SUPER AGRISEEDS PRIVATE LIMITED	Nominee director	30-03-12	30-03-12	-	Active	NO
13	U01122PN2007PTC129505	SUNFRESH AGRO INDUSTRIES PRIVATE LIMITED	Nominee director	28-09-12	28-09-12	-	Active	NO
14	U15200PN2009PTC134859	PRABHAT NUTRITIOUS AND FROZEN FOOD INDUSTRIES PRIVATE LIMITED	Nominee director	28-09-12	28-09-12	-	Active	NO
15	U15203PN1998PTC013068	PRABHAT DAIRY PRIVATE LIMITED	Nominee director	28-09-12	28-09-12	-	Active	NO

Name :

Mr. Siddharth Lal

Designation :

Director

Address :

12, Ishwar Nagar, New Delhi – 110065, India

Date of Birth/Age :

09.04.1976

Date of Appointment :

12.08.2011

DIN No.:

03312590

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	U74899UP1993PLC034039	VACMET INDIA LIMITED	Director	12-08-11	14-12-10	-	Active	NO
2	U15493DL1991PTC205408	ADM AGRO INDUSTRIES KOTA & AKOLA PRIVATE LIMITED	Director	30-06-11	21-12-10	16-08-11	Active	NO

KEY EXECUTIVES

Name :	Mr. D.K. Agarwal
Designation :	Cheif Executive Officer
Name :	Mr. Ambrish Dwivedi
Designation :	Secretary
Address :	117-L-205, Naveen Nagar, Kakadeo, Kanpur – 208025, Uttar Pradesh, India
Date of Birth/Age :	31.05.1981
Date of Appointment :	06.04.2012
PAN No. :	AJHPD2631A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 14.09.2012

Names of Shareholders	No. of Shares
Dinesh Chand Agarwal	3989000
Raj Narain Agarwal	1345000
Suresh Chand Agarwal	554500
Padam Chand Agarwal	195500
Nitin Agarwal	205000
Rahul Agarwal	190500
Mayank Agarwal	170814
Shailendra Agarwal	133000
Om Prakash Agarwal	20000
Umesh Agarwal	68000
Bimla Agarwal	23000
Sudha Agarwal	29000
Sangeeta Agarwal	25000
Rekha Agarwal	42000
Shalini Agarwal	67000
Neeta Agarwal	23000
Rajni Agarwal	15000
Manoj Agarwal	32000
Pawan Agarwal	23000
Deepak Agarwal	25000
Manjuri Agarwal	83500
Kirti Agarwal	25000
Swati Agarwal	10000
Priyanka Agarwal	15000
Ravi Agarwal	17000
Shilpa Agarwal	1000000
Vacmet Finance and Investments Limited, India	1050000
KMC Portfolio Private Limited, India	1350000
Ganpati Fincap Services Private Limited, India	250000
Shushre Securities Private Limited, India	200100
India Agri Business Fund Limited, India	3102062
Real Trust	10895
TOTAL	14288871

As on 14.09.2012

Equity Share Break up (Percentage of Total Equity)

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	21.70
Bodies corporate	20.03
Directors or relatives of Directors	58.27
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in production of Polyester film

Products :

Description of product or service category	ITC Code
Polyster Film	3920
Holographic Film	3920
Lacquered Polyster Film	3920
Paper Products	4823
Metallised Polyster Film	3920

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Polyester Film	MT	20600.61
Glitter Powder	MT	80.27
Paper Film	MT	2645.60
Bopp Film	MT	400.80

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

• Bank of Baroda, International Business Branch, 13, M.G. Road, Agra-282001, Uttar Pradesh, India
• Landesbank Badeb – Wurttemerg Am Hauptbahnhof 2, 70173, Stuttgart, Federal Republic of Germany, Stuttgart – D70173, Germany
• Bank of India
• State Bank of India
• Citi Bank
• Allahabad Bank
• Standard Chartered Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Rupee term loans from banks (Movable and imovalbe assets)	308.629	198.026
Foreign currency term loans from banks	1816.536	892.848
Other loans and advances	370.712	122.875
Short-term borrowings
Working capital loans from banks (Hypo. of raw material, stock in process, finished goods, book debts of the company., Foreign currency working capital loans)	371.630	298.510
Other loans and advances (Foreign currency working capital loans)	217.328	9.139
Total	3084.835	1521.398

Banking Relations :	--
Auditors 1 :
Name :	Tondon Mital and Associates Chartered Accountants
Address :	F-5, Narayan Tower, Sanjay Place, Agra-282002, Uttar Pradesh, India
Tel. No.:	91-562-4004525/ 2526449/ 3298751
PAN.:	AAAFT8324N
Auditors 2 :
Name :	Walker Chandiok and Company Chartered Accountants
Address :	L-41, Cannaught Circus, New Delhi, India
PAN.:	AACFG6740K
Entities where significant influence is exercised by Key Management Personnel and/ or their relatives having transactions with the Company	Afore Tracom Merchants Private Limited Immaculate Multi Trade and Commerce Private Limited Polypacks Industries Vacmet Overseas Rishabh Tracom and Commercial Merchant Private Limited
Subsidiaries :	Vacmet Europe Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14288871	Equity Shares	Rs.10/- each	Rs.142.889 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		142.889	130.130	98.000
2] Share Application Money		0.000	0.000	4.000
3] Reserves & Surplus		2076.916	2136.321	959.229
4] (Accumulated Losses)		0.000	0.000	0.000
5] Money received against share warrants		1.276	2.552	0.000
NETWORTH		2221.081	2269.003	1061.229
LOAN FUNDS
1] Secured Loans		3084.835	1521.398	963.162
2] Unsecured Loans		64.242	63.905	76.852
TOTAL BORROWING		3149.077	1585.303	1040.014
DEFERRED TAX LIABILITIES		189.507	219.236	146.139
TOTAL		5559.665	4073.542	2247.382
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3247.661	3031.152	1462.845
Capital work-in-progress		1805.320	11.303	33.134
INVESTMENT		0.812	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	510.410	378.366	294.141
	Sundry Debtors	363.673	150.680	161.454
	Cash & Bank Balances	418.225	681.116	206.404
	Other Current Assets	31.642	40.220	26.879
	Loans & Advances	253.798	424.000	292.200
Total Current Assets		1577.748	1674.382	981.078
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	197.397	69.768	203.538
	Other Current Liabilities	872.303	536.678	18.116
	Provisions	2.176	36.849	8.197
Total Current Liabilities		1071.876	643.295	229.851
Net Current Assets		505.872	1031.087	751.227
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5559.665	4073.542	2247.382

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	4555.172	4087.960	2574.079
		Other Income	52.011	26.252	96.825
		TOTAL (A)	4607.183	4114.212	2670.904
Less	EXPENSES
		Cost of materials consumed	3294.922	2129.927
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(120.547)	13.809	2099.143
		Employee benefit expense	108.928	73.643
		Other expenses	1037.333	667.899
		Prior period items	0.000	4.382
		TOTAL (B)	4320.636	2889.660	2099.143
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		286.547	1224.552	571.761
Less	FINANCIAL EXPENSES (D)		121.141	57.829	71.175
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		165.406	1166.723	500.586
Less/ Add	DEPRECIATION/ AMORTISATION (F)		254.405	138.279	139.018
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(88.999)	1028.444	361.568
Less	TAX (H)		(29.594)	323.194	103.464
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(59.405)	705.250	258.104
	Earnings /(Loss) Per Share (Rs.)		(4.34)	59.81	26.07

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(1.29)	17.14	9.66
Net Profit Margin (PBT/Sales)	(%)	(1.95)	25.16	14.05
Return on Total Assets (PBT/Total Assets}	(%)	(1.84)	21.86	14.47
Return on Investment (ROI) (PBT/Networth)		(0.04)	0.45	0.34
Debt Equity Ratio (Total Debt /Networth)		1.42	0.70	0.98
Current Ratio (Current Asset/Current Liability)		1.47	2.60	3.64

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	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	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

PERFORMANCE

The Financial year 2011-12 was a difficult year in terms of growth. Uncertain global economic environment, poor demand-supply situation, decline in prices were among the major factor affecting their overall performance for the year. The turnover for the year ended 31st March 2012 at Rs. 4920.000 Millions as against Rs. 4390.000 Millions in the preceding accounting year recorded an increase of 12.07 % on annualized basis. The Company recorded a net loss of Rs. 59.405 Millions during the year.

The Company has faced a very difficult year and stand strong with growth and expansions. They are confident to achieve very good financial results in coming year.

FUTURE OUTLOOK

Packaging industry’s growth has led to greater specialization and sophistication from the point of view of health (in the case of packaged foods and medicines) and environment friendliness of packing material. The demands on the packaging industry are challenging, given the increasing environmental awareness among communities.

The changing Trend of buying in small packets, health awareness among public, extraordinary growth retail industry are the major factors for growth in Packaging industry.

Worldwide demand for converted flexible packaging is growing rapidly.

Growth in processed foods industry, beverages, pharmaceutical industry is supporting increases in converted flexible packaging consumption.

The Company is endeavoring to capture market share in the domestic as well as international market, floating its wholly owned subsidiary in London, (U.K).in the name of Vacmet Europe Limited aims at providing faster and reliable products and services in Europe at CIS countries.

They are committed to work hard to meet the elevated expectation of their stakeholders

The overall future of the industry and in particular of the company seems good and long term prospects are extremely encouraging

CORPORATE INFORMATION

Subject is engaged in production of Polyester film, located at Chatta, Mathura. Total annual production of polyester film is 48,000 M.T per annum. The Company has three converting units for manufacturing of metallising films and speciality coated films and paper with annual production capacity of 35,000 M.T per annum. Currently subject manufactures polyester films from 8 microns to 75 microns. Subject exports to more than 50 countries across the global directly, through their associates and through wholly owned subsidiary in United Kingdom.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Short-term borrowings
Loans and advances from directors	64.242	58.901
Other loans and advances	0.000	5.004
Total	64.242	63.905

FIXED ASSETS:

• Land and Site Development (Leasehold Hold)
• Land and Site Development (Free Hold)
• Building
• Plant and Machinery
• Electric Fittings
• Vehicles
• Motor Car
• Office Furniture
• Capital Work in Progress

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.55.61
UK Pound	1	Rs.83.98
Euro	1	Rs.71.94

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--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.