MIRA INFORM REPORT

Report Date :

16.10.2013

IDENTIFICATION DETAILS

Name :	NIKHIL ADHESIVES LIMITED
Registered Office :	Shreeji Industrial Estate, Vadkun. Collage Road, Dahanu, District Thane – 401 602, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.09.1986
Com. Reg. No.:	11-041062
Capital Investment / Paid-up Capital :	Rs.39.050 millions
CIN No.: [Company Identification No.]	L51900MH1986PLC041062
TAN No.: [Tax Deduction & Collection Account No.]	MUMN04256A
PAN No.: [Permanent Account No.]	AAACN1436G
Legal Form :	A Public Limited Liability Company. The Company's Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Adhesives and Emulsion also Trading in Chemicals
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 530000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well-established company having satisfactory track record. Even though of the company has increased, profit of the company has decreased during financial year 2012. However, trade relations are fair. Business is active. Payments are usually correct. The company can be considered for business dealings at usually 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 – 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund Based Working Capital Limits = BBB-
Rating Explanation	Moderate credit quality and average credit risk.
Date	February, 2013

Rating Agency Name	ICRA
Rating	Non Fund Based Bank Guarantee Limits = A3
Rating Explanation	Moderate degree of safety and high credit risk.
Date	February, 2013

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

Management Non-cooperative (91-20-26835864)

LOCATIONS

Registered Office/ Factory 1 :	Shreeji Industrial Estate, Vadkun, Collage Road, Dahanu, District Thane – 401 602, Maharashtra, India
Tel. No.:	91-258-224463/ 223107
Fax No.:	Not Available
E-Mail :	ho@nikhiladhesives.com ynakre@nikhiladhesives.com
Website :	http://www.nikhiladhesives.com
Head Office :	39, Gundivali, off Sir M V Road, Andheri (East), Mumbai-400069, Maharashtra, India
Tel. No.:	91-22-26837973
Sales Office/ Administrative Office :	A, 501/502, Mathuria Apartments, Near Vishal Hall, Sir M.V. Road, Andheri (East), Mumbai - 400 069, Maharashtra
Tel. No.:	91-11-26835864/ 26838030
Fax No.:	91-11-26840854
E-Mail :	bala@nikhiladhesives.com
Website :	www.nikhiladhesives.com
Trading Office :	A-405, Mathuria Apartments, Near Vishal Hall, Sir M.V. Road, Andheri (East), Mumbai - 400 069, Maharashtra, India
Tel. No.:	91-11-26840750/ 26836550
Factory 2 :	7, Government Industrial Estate, Phase – I, Behind Euraform Factory, Piparia, Silvassa, India
Tel. No.:	91-260-2640045/ 3292186
Fax No.:	91-260-2640055
Branch Office :	Located at: · Ahmedabad · Chennai · Kolkata · Jaipur · New Delhi · Ghaziabad

DIRECTORS

As on 29.09.2012

Name :

Mr. Umesh Jayantilal Sanghavi

Designation :

Managing director

Address :

1, Ground Floor, Heritage House, Gundavali, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

26.06.1957

Date of Appointment :

01.01.2013

DIN No.:

00491220

Voter ID No.:

MT/08/04/0576106

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	L51900MH1986PLC041062	NIKHIL ADHESIVES LIMITED	Managing director	01-01-13	29-09-86	-	Active	NO
2	U61200MH2009PTC198102	SANGHAVI LOGISTICS PRIVATE LIMITED	Director	24-12-09	24-12-09	-	Active	NO

Name :

Mr. Rajendra Jayantilal Sanghavi

Designation :

Whole-Time Director

Address :

Heritage House, Gundavali, Cross Lane 2, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

11.12.1955

Date of Appointment :

01.01.2013

DIN No.:

00245637

Voter ID No.:

MT/OB/041/0510207

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	L51900MH1986PLC041062	NIKHIL ADHESIVES LIMITED	Whole-time director	01-01-13	29-09-86	-	Active	NO
2	U61200MH2009PTC198102	SANGHAVI LOGISTICS PRIVATE LIMITED	Director	24-12-09	24-12-09	-	Active	NO

Name :

Mr. Tarak Jayantilal Sanghavi

Designation :

Whole-Time Director

Address :

Flat A/202, 79-B, Heritage House, Gundavali, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

02.10.1962

Qualification :

B. Com

Date of Appointment :

01.01.2013

DIN No.:

00519403

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	L51900MH1986PLC041062	NIKHIL ADHESIVES LIMITED	Whole-time director	01-01-13	01-10-87	-	Active	NO
2	AAA-9063	GREENTREE LIFESCAPES LLP	Designated Partner	03-05-12	03-05-12	22-04-13	Active	NO

Name :

Mr. Madhusudan Manmohandas Vora

Designation :

Managing Director

Address :

Shree Neelkanth, Parnaka, Dahanu – 401601, Maharashtra, India

Date of Birth/Age :

22.06.1939

Date of Appointment :

03.02.2007

DIN No.:

00245427

Name :

Mr. Hirebettu Sadananda Kamath

Designation :

Director

Address :

Flat No 21, Deonar House, Deonar Village House, Mumbai – 401601, Maharashtra, India

Date of Birth/Age :

10.06.1942

Qualification :

B.E Mechanical

Date of Appointment :

15.02.2004

DIN No.:

02628018

Name :

Mr. Avadhendra Pratap Singh

Designation :

Director

Address :

D6, Sector 1, P O, Petro Chemicals Township, Vadodara - 391345, Gujarat, India

Date of Birth/Age :

15.03.1952

Date of Appointment :

29.05.2010

DIN No.:

03321202

Name :

Mr. Samaldas Ranchoddas Sanghavi

Designation :

Director,

Address :

Ranchod Bhavan, Satya Narayan Mandir, Malsar, Vadodara – 391115, Gujarat, India

Date of Birth/Age :

04.06.1929

Date of Appointment :

03.02.2003

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2013

Category of Shareholders	No. of Shares	Percentage of Holding
A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2399810	61.62
Sub Total	2399810	61.62
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2399810	61.62
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	900	0.02
Sub Total	900	0.02
(2) Non-Institutions
Bodies Corporate	474523	12.19
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	511187	13.13
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	507455	13.03
Any Others (Specify)	425	0.01
Non Resident Indians	425	0.01
Sub Total	1493590	38.35
Total Public shareholding (B)	1494490	38.38
Total (A)+(B)	3894300	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)	3894300	0.00

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Mutual funds	0.02
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	0.04
Bodies corporate	12.58
Directors or relatives of Directors	59.75
Other top fifty shareholders	18.41
Others	9.20
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Adhesives and Emulsion also Trading in Chemicals

Products :

Description of product or service category	ITC Code
Adhesives and Emulsions	39051220
Chemicals	29153200

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Adhesives and Emulsions	Kgs.	16,955,471
Other Chemicals	Kgs.	--

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· Bank of India, Andheri MID Corporate Branch, 28, MDI Building, 1st Floor, S.V. Road, Andheri (West), Mumbai - 400058, Maharashtra, India

· Standard Chartered Bank, Abhijeet II, Ground Floor, Near Mithakali Six Roads, Ahmedabad - 380006, Gujarat, India

· Barclays 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	94.061	7.964
Other loans and advances	0.427	0.677
Short-term borrowings
Loans repayable on demand	84.890	98.902
Total	179.378	107.543

Banking Relations :	---
Auditors :
Name :	PHD and Associates Chartered Accountants
Address :	B - 204, Anuradha S V Road, Irla Bridge, Andheri (West), Mumbai 400058 Maharashtra, India
PAN No.:	AALFP4587E
A Company Significantly Influenced by relatives of KMP.	· Vasant Polymers and Chemicals Private Limited · Zeki Software and Solutions Private Limited
Subsidiaries :	Sanghavi Logistics Private Limited

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4950000	Equity Shares	Rs.10/- each	Rs.49.500 Millions
50000	8% Non Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.0.500 Million
	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3894300	Equity Shares	Rs.10/- each	Rs.38.943 Millions
	Add : Forfeited Shares Account		Rs.0.107 Million
	Total		Rs.39.050 Millions

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

Particulars	No. of Shares	Rs. In Millions
At the beginning of the year	3894300	38.943
Outstanding at the end of the year	3894300	38.943

(b) The company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

(c) Details of shareholders holding more than 5% shares in the company :

Name of Shareholder	No. of Share	% holding
Equity shares of Rs.10/- each fully paid :
Ashok J. Sanghavi	4,55,180	11.69
Vasantben J. Snaghavi	2,46,960	6.34
Mrunalini R. Sanghavi	2,16,780	5.57
Rekha T. Sanghavi	2,26,440	5.82
Vasant Polymers and Chemicals Private Limited	3,02,000	7.76

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	39.050	39.050
(b) Reserves & Surplus	95.800	91.673
(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)	134.850	130.723
(3) Non-Current Liabilities
(a) long-term borrowings	108.429	19.642
(b) Deferred tax liabilities (Net)	8.714	10.055
(c) Other long term liabilities	0.558	0.247
(d) long-term provisions	1.511	1.163
Total Non-current Liabilities (3)	119.212	31.107
(4) Current Liabilities
(a) Short term borrowings	146.080	128.902
(b) Trade payables	338.100	258.511
(c) Other current liabilities	59.044	44.578
(d) Short-term provisions	7.801	12.222
Total Current Liabilities (4)	551.025	444.213
TOTAL	805.087	606.043
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	86.303	96.066
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	110.094	1.530
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.136	0.136
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	12.520	11.211
(e) Other Non-current assets	17.869	0.295
Total Non-Current Assets	226.922	109.238
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	151.327	191.410
(c) Trade receivables	344.025	237.420
(d) Cash and cash equivalents	17.977	26.234
(e) Short-term loans and advances	64.423	41.640
(f) Other current assets	0.413	0.101
Total Current Assets	578.165	496.805
TOTAL	805.087	606.043

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		39.050
2] Share Application Money		0.000
3] Reserves & Surplus		72.428
4] (Accumulated Losses)		0.000
NETWORTH		111.478
LOAN FUNDS
1] Secured Loans		151.293
2] Unsecured Loans		49.728
TOTAL BORROWING		201.021
DEFERRED TAX LIABILITIES		10.951
TOTAL		323.450
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		89.344
Capital work-in-progress		0.000
INVESTMENT		0.136
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	108.056
	Sundry Debtors	271.352
	Cash & Bank Balances	24.059
	Other Current Assets	0.000
	Loans & Advances	35.117
Total Current Assets		438.584
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	177.299
	Other Current Liabilities	13.012
	Provisions	14.303
Total Current Liabilities		204.614
Net Current Assets		233.970
MISCELLANEOUS EXPENSES		0.000
TOTAL		323.450

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1664.348	1303.605	1218.056
		Other Income	0.973	4.226	0.396
		TOTAL (A)	1665.321	1307.831	1218.452
Less	EXPENSES
		Cost of materials consumed	881.943	774.802
		Purchases of stock-in-trade	538.754	383.163
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	32.247	(40.739)	1144.565
		Employee benefit expense	38.300	31.833
		Other expenses	91.057	89.318
		Exceptional items	37.624	(5.582)
		TOTAL (B)	1619.925	1232.795	1144.565
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		45.396	75.036	73.887
Less	FINANCIAL EXPENSES (D)		22.327	26.273	26.908
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		23.069	48.763	46.979
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.562	11.188	9.634
	PROFIT BEFORE TAX (E-F) (G)		11.507	37.575	37.345
Less	TAX (H)		3.759	12.904	14.647
	PROFIT AFTER TAX (G-H) (I)		7.748	24.671	22.698
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		14.961	13.216	8.467
Less	APPROPRIATIONS
		Transfer to General Reserve	0.775	17.500	12.500
		Dividend	3.115	4.673	4.673
		Tax on Dividend	0.505	0.753	0.776
	BALANCE CARRIED TO THE B/S		18.314	14.961	13.216
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	NA	2.550	8.113
		Software Development Charges	NA	0.000	0.918
		Commission received	NA	0.035	1.078
	TOTAL EARNINGS		NA	2.585	10.109
	IMPORTS
		Materials (for Manufacturing & Trading)	NA	537.636	359.640
	TOTAL IMPORTS		NA	537.636	359.640
	Earnings Per Share (Rs.)		1.99	6.34	5.83

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012	31.03.2013	30.06.2013
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter	5^th Quarter
Net Sales	424.000	424.000	485.100	462.200	485.600
Total Expenditure	410.200	410.200	461.200	439.400	453.100
PBIDT (Excl OI)	13.800	13.800	23.900	22.800	32.500
Other Income	0.100	0.100	0.000	0.100	0.000
Operating Profit	13.900	13.900	23.900	22.800	32.500
Interest	8.200	8.200	10.900	10.500	11.500
Exceptional Items	0.000	0.000	(3.600)	(5.600)	(1.900)
PBDT	5.800	5.800	9.300	6.800	09.100
Depreciation	3.100	3.100	5.900	5.600	5.900
Profit Before Tax	2.700	2.700	3.500	1.200	3.100
Tax	(2.000)	(2.000)	0.000	9.100	0.000
Provisions and contingencies	0.000	0.000	0.000	0.000	0.000
Profit After Tax	4.700	4.700	3.500	(7.900)	3.100
Extraordinary Items	0.000	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000	0.000
Net Profit	4.700	4.700	3.500	(7.900)	3.100

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.47	1.89	1.86
Net Profit Margin (PBT/Sales)	(%)	0.69	2.88	3.07
Return on Total Assets (PBT/Total Assets}	(%)	1.66	6.22	7.07
Return on Investment (ROI) (PBT/Networth)		0.09	0.29	0.33
Debt Equity Ratio (Total Debt /Networth)		1.89	1.14	1.80
Current Ratio (Current Asset/Current Liability)		1.05	1.12	2.14

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	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	Yes
34]	External Agency Rating, if available	Yes

RESULT OF OPERATIONS

The Financial year 2011-2012 was another challenging year both globally and domestically. Amidst several challenges, the company endeavourerd to achieve the projected business targets. Even though the company’s sales surpassed the projections, profits however came under stress mainly due to unstable foreign exchange scenario.

The sales turnover of the company has increased from Rs.1420.800 Millions to Rs.1800.200 Millions registering growth of approx 26.70 %. Other income for the year is Rs.0.973 Million as against Rs.4.226 Millions for the previous year. The operating profit before depreciation and tax is Rs.23.069 Millions compared to Rs.48.763 Millions in the previous year registering about 52.69% decrease due to substantial volatility in foreign currency market. The profit after depreciation and tax is Rs.7.748 Millions compared to Rs.24.671 Millions for the previous year.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Deferred sales tax loan	2.911	3.365
Public deposits	11.030	7.636
Short-term borrowings
Loans repayable on demand	13.647	0.000
Loans and advances from related parties	39.900	30.000
Other loans and advances	7.643	0.000
Total	75.131	41.001

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10361540	27/04/2012	217,500,000.00	BANK OF INDIA	ANDHERI MID CORPORATE BRANCH, 28 MDI BLDG, 1ST FLOOR, S.V. ROAD, ANDHERI (WEST), MUMBAI, MAHARASHTRA - 400058, INDIA	B42006338
2	10331099	05/11/2012 *	98,700,000.00	STANDARD CHARTERED BANK	ABHIJEET II, GRL FLOOR, NEAR MITHAKALI SIX ROADS,  AHMEDABAD, GUJARAT - 380006, INDIA	B64158140
3	10172256	29/06/2009	10,000,000.00	BANK OF INDIA	SSI ANDHERI (EAST) BR. MATHURIA APARTMENT,, SIR M  V ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400069, INDIA	A67766881
4	10049021	23/08/2013 *	567,000,000.00	BANK OF INDIA	ANDHERI MID CORPORATE BRANCH, 28, MDI BUILDING,,  1ST FLOOR, S.V. ROAD, ANDHERI (WEST), MUMBAI, MAHARASHTRA - 400058, INDIA	B84818327
5	10049022	12/03/2007	17,500,000.00	BANK OF INDIA	SSI ANDHERI (EAST) BRANCH, MATHURIA APARTMENTS ,,  SIR M V ROAD , ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400069, INDIA	A14544142
6	80010973	23/08/2013 *	750,000,000.00	BANK OF INDIA - LEAD BANK	ANDHERI MID CORPORATE BRANCH, 28, MDI BLDG.,, 1^ST FLOOR, S.V. ROAD, ANDHERI (WEST), MUMBAI, MAHARASHTRA - 400058, INDIA	B84819283
7	90223521	23/08/2013 *	750,000,000.00	BANK OF INDIA AND 2 OTHERS IN BOI CONSORTIUM	ANDHERI MID CORPORATE BR., MDI BUILDING,1ST FLOOR,  , 28, S.V. ROAD, ANDHERI (WEST),, MUMBAI, MAHARASHTRA - 400058, INDIA	B84819796
8	90223178	12/01/2001 *	3,400,000.00	BANK OF INDIA	SSI BRANCH, ANDHERI (W), MUMBAI, MAHARASHTRA - 400069, INDIA	-
9	90220243	13/09/1997 *	16,305,000.00	BANK OF INDIA	SSI BRANCH, ANDHERI (W), MUMBAI, MAHARASHTRA - 400069, INDIA	-
10	90222302	05/05/2000 *	2,000,000.00	BANK OF INDIA	SSI BRANCH, ANDHERI (W), MUMBAI, MAHARASHTRA - 400069, INDIA	-
11	90221415	29/12/1987	300,000.00	BANK OF INDIA	SSI BRANCH, ANDHERI (W), MUMBAI, MAHARASHTRA - 400069, INDIA	-

* Date of charge modification

Fixed Assets:

· Factory land (Freehold)

· Factory land (Leasehold)

· Factory Buildings

· Plant and Machinery

· Computers

· Vehicles

· Furniture and Fixtures

· Goodwill

· MDC Logo

· Technical Know How

· Trade Mark

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.61.69
UK Pound	1	Rs.98.59
Euro	1	Rs.83.67

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.