MIRA INFORM REPORT

Report Date :

08.11.2013

IDENTIFICATION DETAILS

Name :	JAIPAN INDUSTRIES LIMITED (w.e.f 10.07.1999)
Formerly Known As :	SNAIL FORGINGS LIMITED SNAIL SPANNERS (INDIA) AND TOOLS LIMITED
Registered Office :	17, Jai Villa Compound, Cama Industrial Estate, Walbhat Road, Goregaon (East), Mumbai-400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.04.1965
Com. Reg. No.:	11-013188
Capital Investment / Paid-up Capital :	Rs.60.998 Millions
CIN No.: [Company Identification No.]	L28991MH1965PLC013188
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ11224D
PAN No.: [Permanent Account No.]	AAACS5636F
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Trader of Home Appliances.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 420000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB (Long Term Rating)
Rating Explanation	Inadequate credit quality and high credit risk.
Date	20.11.2012

Rating Agency Name	CRISIL
Rating	A4+ (Short Term Rating)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	20.11.2012

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.

LOCATIONS

Registered Office :	17, Jai Villa Compound, Cama Industrial Estate, Walbhat Road, Goregaon (East), Mumbai-400063, Maharashtra, India
Tel. No.:	91-22-61410000 / 26852274
Fax No.:	91-22-6691979
E-Mail :	vilas_jaipan@rediffmail.com jaipan@jaipan.com
Website :	www.jaipan.com
Corporate Office :	4/3 Sonal Apartments, Sonawalla Cross Road No.1, Goregaon East, Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-8731716 / 3777 / 3456 / 0753 / 4761
Fax No.:	91-22-8738315

DIRECTORS

As on: 31.03.2013

Name :

Mr. Jaynarayan O Agarwal

Designation :

Chairman and Managing Director

Address :

Jai Villa Compound 17, Cama Industrial Estate, Walbhat Road, Goregaon (East), Mumbai – 400063, Maharashtra, India

Date of Birth/Age :

16.04.1954

Date of Appointment :

01.04.2004

DIN No.:

01861610

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	L28991MH1965PLC013188	JAIPAN INDUSTRIES LIMITED	Managing director	01/04/2004	01/04/2004	-	Active	NO
2	U74999MH2007PTC168426	JAIPAN SOGO ELECTRONICS PRIVATE LIMITED	Director	24/08/2010	24/08/2010	-	Active	NO
3	U74900MH2012PTC225697	Jaipan C2c Marketing Private Limited	Director	03/01/2012	03/01/2012	-	Active	NO
4	U74140MH2013PTC240900	VENERE INDIA MARKETING PRIVATE LIMITED	Director	13/03/2013	13/03/2013	-	Active	NO

Name :

Mr. Atin Jai Agarwal

Designation :

Managing Director

Address :

Gala No 17, Cama Industrial Estate, Walbhat Road, Goregaon (East), Mumbai – 400063, Maharashtra, India

Date of Birth/Age :

05.09.1977

Date of Appointment :

01.09.2004

DIN No.:

01861554

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	L28991MH1965PLC013188	JAIPAN INDUSTRIES LIMITED	Director	01/09/2004	01/09/2004	-	Active	NO
2	U74999MH2007PTC168426	JAIPAN SOGO ELECTRONICS PRIVATE LIMITED	Director	01/06/2011	01/06/2011	-	Active	NO
3	U74999MH2011PTC220709	PRAXIS HEALTHCARE PRIVATE LIMITED	Director	09/08/2011	09/08/2011	-	Active	NO
4	U74140MH2013PTC240900	VENERE INDIA MARKETING PRIVATE LIMITED	Director	13/03/2013	13/03/2013	-	Active	NO

Name :

Mr. Mahesh S. Shetty

Designation :

Director

Name :

Mr. Shirish Dwarkadas Gotecha

Designation :

Director

Address :

Plot B 1, Ground Floor, Row House Bets, Marve Road, Behind Marve Apartments, Malad West, Mumbai – 400064, Maharashtra, India

Date of Birth/Age :

13.02.1956

Date of Appointment :

21.06.1999

DIN No.:

02877874

Name :

Mr. Arjunsingh Vishwanath Mehrotra

Designation :

Director

Address :

3/4, Sonal Apartments Sonawala Cross Road, No. 1, Goregaon East, Mumbai – 400063, Maharashtra, India

Date of Birth/Age :

08.05.1940

Date of Appointment :

25.03.2002

DIN No.:

03489366

Name :

Mr. Ashwini Om Prakash Sharma

Designation :

Director

Address :

A-20, Sujata Appartment, GST Road, Kalina, Mumbai – 400098, Maharashtra, India

Date of Birth/Age :

12.05.1954

Date of Appointment :

25.03.2002

DIN No.:

02976996

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2315080	37.95
Sub Total	2315080	37.95
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2315080	37.95
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	621007	10.18
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2355809	38.62
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	723641	11.86
Any Others (Specify)	84303	1.38
Non Resident Indians	26169	0.43
Clearing Members	14146	0.23
Market Maker	43988	0.72
Sub Total	3784760	62.05
Total Public shareholding (B)	3784760	62.05
Total (A)+(B)	6099840	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	6099840	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Home Appliances.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of Baroda, Goregaon (East) Branch, Shivshakti, 48, Jay Prakash Nagar Road No. 4, Goregaon East, Mumbai-400063, Maharashtra, India
• ICICI Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
ICICI Bank Car Loan	9.546	8.337
SHORT TERM BORROWINGS
Loans repayable on demand
Cash Credit loan	43.548	35.907
Foreign Packing Credit Loan	0.000	2.243
Total	53.094	46.487

LONG TERM BORROWINGS

(Rs. in Millions)

Particulars	Terms of repayment and security*	As at 31 March, 2013		As at 31 March, 2012
		Secured	Unsecured	Secured	Unsecured
		Rs.	Rs.	Rs.	Rs.
CAR Loan
Term loans from banks:
ICICI Bank Ltd	Motor Car	-		0.611
ICICI Bank Ltd		0.103		0.627
Kotak Mahindra Bank Ltd		-		1.833
Reliance Caital Limited		3.903		10.684
Bank of Baroda Car Loan		5.538		-
Total		9.546		13.757
Loans and advances from related parties:
Hansa Motor Works			0.073		1.064
Jai Narayan Agarwal			0.838		1.551
Atin J Agarwal			0.639		0.852
Neha Agarwal			0.065		0.178
Total			1.615
Other loans and advances:
Shailesh D Shah			-		1.718
Venus Reords and Tapes Pvt Ltd			2.029		2.000
Amar Singh Kundliwal			0.060		-
Shanti Construction			0.050		-
Total			2.139
Total - Other loans and advances		9.546	3.755	13.757	3.718

SHORT TERM BORROWINGS

Particulars	Nature of security	As at 31 March, 2013	As at 31 March, 2012
		Rs.	Rs.
Cash Credit Loan	Hypothecation of Bookdebts and Stock	43.547	34.582
Foreign Packing Credit Loan	Mortgate of Factory Building Situated at AmliSilvassa	—
Inland Packing Credit			3.442
Total		43.547	38.024

Banking Relations :	--
Auditors :
Name :	Ashok K. Lohiya and Associates Chartered Accountant
Address :	4/3, Sonal Apartment, Sonawala Cross Road No. 1, Goregaon (East), Mumbai – 400063, Maharashtra, India
PAN No.:	AAAPL3646B

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
6,100,000	Equity Shares	Rs.10/- each	Rs.61.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6,099,840	Equity Shares	Rs.10/- each	Rs.60.998 Millions

Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

Particulars	Opening Balance	Fresh issue	Bonus	ESOP	Conversion	Buy Back	Other changes back	Closing Balance
Equity shares with voting rights
Year ended 31 March, 2013
- Number of shares of Rs. 10 each	6,099,840.00	—	—	—	—	—	—	6,099,840.00
- Amount	60,998,400.00	—	—	—	—	—	—	60,998,400.00
Year ended 31 March, 2012
- Number of shares	6,099,840.00	—	—	—	—	—	—	6,099,840.00
— Amount (Rs.)	60,998,400.00	—	—	—	—	—	—	60,998,400.00

Details of Share held by Shareholder more than 5%

Particulars	As at 31 March, 2013
	Number	Holding %
List of Share Holders J. N. Agarwal	1666832	26.51
Total	1666832	26.51

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	60.998	60.998
(b) Reserves & Surplus	45.756	44.329
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	106.754	105.327
(3) Non-Current Liabilities
(a) long-term borrowings	9.546	8.338
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	3.755	7.365
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	13.301	15.703
(4) Current Liabilities
(a) Short term borrowings	43.548	38.149
(b) Trade payables	47.938	42.108
(c) Other current liabilities	10.731	7.297
(d) Short-term provisions	1.083	0.984
Total Current Liabilities (4)	103.300	88.538
TOTAL	223.355	209.568
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	30.128	33.629
(ii) Intangible Assets	0.017	0.029
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.326	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.241	0.944
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	31.712	34.602
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	86.944	86.090
(c) Trade receivables	51.611	43.289
(d) Cash and cash equivalents	19.254	13.336
(e) Short-term loans and advances	33.221	31.683
(f) Other current assets	0.613	0.568
Total Current Assets	191.643	174.966
TOTAL	223.355	209.568

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		60.998
2] Share Application Money		0.000
3] Reserves & Surplus		42.767
4] (Accumulated Losses)		0.000
NETWORTH		103.765
LOAN FUNDS
1] Secured Loans		53.888
2] Unsecured Loans		2.700
TOTAL BORROWING		56.588
DEFERRED TAX LIABILITIES		0.000
TOTAL		160.353
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		35.992
Capital work-in-progress		0.000
INVESTMENT		0.001
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	57.120
	Sundry Debtors	52.420
	Cash & Bank Balances	14.335
	Other Current Assets	0.000
	Loans & Advances	39.224
Total Current Assets		163.099
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	35.567
	Other Current Liabilities	2.605
	Provisions	1.256
Total Current Liabilities		39.428
Net Current Assets		123.671
MISCELLANEOUS EXPENSES		0.689
TOTAL		160.353

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	266.913	267.154	269.667
		Other Income	4.581	4.750	1.755
		TOTAL (A)	271.494	271.904	271.422
Less	EXPENSES
		Cost of materials consumed	11.223	36.800	264.255
		Purchases of stock-in-trade	219.215	191.069
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(12.078)	(13.450)
		Employee benefits expense	10.965	10.452
		Other expenses	26.831	28.324
		Exceptional items	0.000	0.580
		TOTAL (B)	256.156	253.775	264.255
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.338	18.129	7.167
Less	FINANCIAL EXPENSES (D)		5.430	7.470	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.908	10.659	7.167
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.603	8.565	4.750
	PROFIT BEFORE TAX (E-F) (G)		2.305	2.094	2.417
Less	TAX (H)		0.879	0.824	0.746
	PROFIT AFTER TAX (G-H) (I)		1.426	1.270	1.671
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		34.686	33.124	31.453
Add	EXCESS PROVISIONS OF LAST YEAR		0.000	0.292	0.000
	BALANCE CARRIED TO THE B/S		36.112	34.686	33.124
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	61.868	79.950	72.389
	TOTAL EARNINGS		61.868	79.950	72.389
	IMPORTS
		Finished Goods	4.663	3.028	NA
		Travelling	0.000	0.210	NA
	TOTAL IMPORTS		4.663	3.238	NA
	Earnings Per Share (Rs.)		0.23	0.21	0.27

QUARTERLY RESULTS

PARTICULARS	30.06.2013
Net Sales	52.100
Total Expenditure	49.600
PBIDT (Excl OI)	2.500
Other Income	0.000
Operating Profit	2.500
Interest	0.800
Exceptional Items	0.000
PBDT	1.800
Depreciation	1.100
Profit Before Tax	0.700
Tax	0.000
Provisions and contingencies	0.000
Profit After Tax	0.700
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	0.700

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.53	0.47	0.62
Net Profit Margin (PBT/Sales)	(%)	0.86	0.78	0.90
Return on Total Assets (PBT/Total Assets}	(%)	1.03	1.00	1.21
Return on Investment (ROI) (PBT/Networth)		0.02	0.02	2.33
Debt Equity Ratio (Total Debt /Networth)		0.50	0.44	0.54
Current Ratio (Current Asset/Current Liability)		1.86	1.98	4.14

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	Yes
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

LITIGATION DETAILS:

Bench:- Bombay
Lodging No:-	CHSL/1230/2012	Failing Date:-	10.08.2012	Reg. No.:-	CHS/1040/2012	Reg. Date:-	14.08.2012
		Main Matter
Lodging No:-	SL/1036/2009		Reg. No.:-	S/1550/2009
Petitioner:-	MAYA APPLIANCES PRIVATE LIMITED		Respondent:-	JAIPAN INDUSTRIES LIMITED
			Resp Adv. :-	MEHUL SHAH (APPLICANT 3^RD PRTY)
District:-	MUMBAI
Bench:-	SINGLE		Category:-	CHAMBER SUMMONS
Status:-	Pre-Admission		Stage:-
Last Date:-	27.08.2012
Last Coram:-	REGISTRAR (OS)/ PROTHONOTARY AND SR. MASTER

NOTE

Registered office has been shifted from 4/3 Sonal Apartments Sonawalla Cross Road No.1, Goregaon East, Mumbai – 400063, Maharashtra, India to the present address

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE AND DEVELOPMENT:

In view of the demand for Latest Home Appliances, there is good demand in Domestic as well as International Market. The Companies which will manage to maintain high standards of quality will see potential in the Indian / Overseas market in diamond trade and export.

OUTLOOK:

The outlook for the Industry and consequently for the company during the current financial year is reasonable, subject however, to the demands in the different parts of the Country. The Company is putting a lot of efforts to maintain high standards of quality and strengthen its financial position and is attempting to tie up with various Banks- National and Multinational for working capital so as to expand its operations and export business.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90227022	29/08/2007 *	30,000,000.00	BANK OF BARODA	GORGAON, EAST, MUMBAI, Maharashtra - 400063, INDIA	A25361353
2	90232201	28/09/2011 *	70,000,000.00	Bank of Baroda	48, Shiv Shakti, Jai Prakash Nagar, Road No. 4, Goregaon (East), MUMBAI, Maharashtra - 400063, INDIA	B23457666
3	90228619	21/10/2008 *	45,000,000.00	BANK OF BARODA	GOREGAON EAST BRANCH, SHIVSHAKTI,, 48, JAY PRAKASH NAGAR ROAD NO.4, GOREGAON EAST, MUMBAI, Maharashtra - 400063, INDIA	A52122108
4	90227971	09/04/1987	1,500,000.00	CENTRAL BANK OF INDIA	M G ROAD FORT, BOMBAY, Maharashtra - 400023, INDIA	-
5	90231513	15/06/1984	125,700.00	CENTRAL BANK OF INDIA	M G ROAD, BOMBAY, Maharashtra - 400023, INDIA	-
6	90231511	24/05/1984	282,900.00	CENTRAL BANK OF INDIA	M G ROAD, BOMBAY, Maharashtra - 400021, INDIA	-
7	90231510	11/05/1984	375,400.00	CENTRAL BANK OF INDIA	M G ROAD, BOMBAY, Maharashtra - 400021, INDIA	-
8	90231507	14/03/1984	36,100.00	CENTRAL BANK OF INDIA	M G ROAD, BOMBAY, Maharashtra - 400021, INDIA	-
9	90231504	17/02/1984	100,600.00	CENTRAL BANK OF INDIA	M G ROAD FORT, BOMBAY, Maharashtra - 400023, INDIA	-
10	90231502	27/01/1984	416,500.00	CENTRAL BANK OF INDIA	M G ROAD, BOMBAY, Maharashtra - 400023, INDIA	-
11	90227630	12/08/1982	4,400,000.00	CENTRAL BANK OF INDIA	M G ROAD FORT, BOMBAY, Maharashtra - 400001, INDIA	-
12	90231476	16/07/1982	2,500,000.00	CENTRAL BANK OF INDIA	MAHATMA GANDHI ROAD FORT, BOMBAY, Maharashtra - 40 0001, INDIA	-
13	90226819	05/12/1979	2,000,000.00	THE MAHARASHTRA STATE FINANCIAL CORPORATION	NEW EX CELSIOR BUILDING, NAYAK MARG FORT, BOMBAY, Maharashtra - 400001, INDIA	-
14	90227512	25/07/1979	2,500,000.00	CENTRAL BANK OF INDIA	M G ROAD FORT, BOMBAY, Maharashtra - 400001, INDIA	-
15	90231424	21/10/1985 *	2,500,000.00	CENTRAL BANK OF INDIA	M G ROAD FORT, BOMBAY, Maharashtra - 400001, INDIA	-
16	90226816	15/09/1978	470,000.00	THE MAHARASHTRA STATE FINANCIAL CORPORATION	NEW EX CELSIOR BUILDING, NAYAK MARG FORT, BOMBAY, Maharashtra - 400001, INDIA	-
17	90231388	23/03/1976	500,000.00	CENTRAL BANK OF INDIA	M G ROAD FORT, BOMBAY, Maharashtra - 400023, INDIA	-
18	90231387	05/03/1976	600,000.00	CENTRAL BANK OF INDIA	NARIMAN POINT, BOMBAY, Maharashtra - 400021, INDIA	-
19	90231362	13/02/1974	200,000.00	CENTRAL BANK OF INDIA	MAHATMA GANDHI ROAD, BOMBAY, Maharashtra - 400001, INDIA	-
20	90231359	30/11/1973	300,000.00	CENTRAL BANK OF INDIA	MAHATMA GANDHI ROAD FORT, BOMBAY, Maharashtra - 400001, INDIA	-
21	90231354	10/08/1973	300,000.00	CENTRAL BANK OF INDIA	MAHATMA GANDHI ROAD FORT, BOMBAY, Maharashtra - 400001, INDIA	-
22	90230238	08/03/1973	410,000.00	MAHARASHTRA STATE FINANCIAL CORPORATION	SIR PHEROZSHAH MEHTA ROAD, BOMBAY, Maharashtra - 400001, INDIA	-
23	90231350	26/12/1972	150,000.00	CENTRAL BANK OF INDIA	MAHATMA GANDHI ROAD FORT, BOMBAY, Maharashtra - 400001, INDIA	-
24	90231346	19/09/1972	500,000.00	CENTRAL BANK OF INDIA	M G ROAD FORT, BOMBAY, Maharashtra - 400001, INDIA	-
25	90226807	08/06/1972	450,000.00	THE MAHARASHTRA STATE FINANCIAL CORPORATION	SIR PHEROZSHAH MEHTA ROAD, BOMBAY, Maharashtra - 400001, INDIA	-
26	90231340	21/06/1971	100,000.00	CENTRAL BANK OF INDIA	MAHATMA GANDHI ROAD, BOMBAY, Maharashtra - 400001, INDIA	-
27	90231333	19/09/1969	400,000.00	CENTRAL BANK OF INDIA	M G ROAD FORT, BOMBAY, Maharashtra - 400001, INDIA	-
28	90231329	27/02/1969	250,000.00	CENTRAL BANK OF INDIA	MAHATMA GANDHI ROAD, BOMBAY, Maharashtra - 400001, INDIA	-
29	90231320	09/11/1967	50,000.00	CENTRAL BANK OF INDIA	MAHATMA GANDHI ROAD FORT, BOMBAY, Maharashtra - 40 0001, INDIA	-
30	90231319	12/09/1967	150,000.00	CENTRAL BANK OF INDIA	MAHATMA GANDHI ROAD FORT, BOMBAY, Maharashtra - 40 0001, INDIA	-
31	90232403	09/08/1967	300,000.00	MAHARASHTRA STATE FINANCIAL CORPORATION	PHIROZSHAH MEHTA ROAD FORT, BOMBAY, Maharashtra, I NDIA	-
32	90231315	12/12/1966	200,000.00	CENTRAL BANK OF INDIA	M G ROAD FORT, BOMBAY, Maharashtra - 400001, INDIA	-
33	90232400	23/07/1966	300,000.00	MAHARASHTRA STATE FINANCIAL CORPORATION	SIR PHEROZSHAH MEHTA ROAD, BOMBAY, Maharashtra - 4 00001, INDIA	-
34	90231314	23/07/1966	1,700,000.00	MAHARASHTRA STATE FINANCIAL CORPORATION	MEHTA ROAD FORT, BOMBAY, Maharashtra, INDIA	-
35	90231289	18/06/1957	10,700,000.00	CENTRAL BANK OF INDIA	MAHATMA GANDHI ROAD, BOMBAY, Maharashtra - 400001, INDIA	-

* Date of charge modification

FIXED ASSETS:

• Free hold land
• Factory building
• Plant and machinery
• Mould and dies
• Motor vehicles
• Furniture and fixtures
• Computer system
• Office equipment

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.62.57
UK Pound	1	Rs.100.63
Euro	1	Rs.84.62

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.