MIRA INFORM REPORT

Report Date :

19.10.2013

IDENTIFICATION DETAILS

Name :	ACCENT INDUSTRIES LIMITED
Registered Office :	Unit No. 6A, Shrachi Towers, 686, Anandpur, Kasba, Kolkata – 700107, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.03.1992
Com. Reg. No.:	21-101415
Capital Investment / Paid-up Capital :	Rs. 20.000 Millions
CIN No.: [Company Identification No.]	U36900WB1992PLC101415
TAN No.: [Tax Deduction & Collection Account No.]	CALA08422B
PAN No.: [Permanent Account No.]	AAACA3675Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trading of Industrial Safety Products and Manufacturing of Gloves.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 51000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appear huge accumulated losses recorded by the company during the financial year 2012. Profitability of the company appears to be under pressure. However, trade relations are fair. Business is active. Payment terms are slow. The company can be considered for business dealings with some cautions.

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.

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 [91-9867712981]

LOCATIONS

Registered Office :	Unit No. 6A, Shrachi Towers, 686, Anandpur, Kasba, Kolkata – 700107, West Bengal, India
Tel. No.:	91-33-40012701
Fax No.:	91-33-40012711
E-Mail :	vyas@texbrex.com atlas@accent.com.in
Website :	http://www.accent.co.in
Corporate Office :	430/B, Kewal Industrial Estate, S. B. Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-43110120
Fax No.:	91-22-24924111

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Anup Jatia

Designation :

Director

Address :

111-A, Somerset House, 61G, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

19.04.1971

Date of Appointment :

25.02.1995

DIN No.:

00351425

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	U65990MH1994PTC076708	TOZAI ENTERPRISES PRIVATE LIMITED	Director	15/03/1994	15/03/1994	-	Active	NO
2	U18202MH1994PTC078647	TOZAI SAFETY PRIVATE LIMITED	Director	30/05/1994	30/05/1994	-	Active	NO
3	U51900MH1989PTC052732	BLACK ROSE TRADING PRIVATE LIMITED	Director	18/01/1995	18/01/1995	-	Active	NO
4	U36900WB1992PLC101415	ACCENT INDUSTRIES LIMITED	Director	25/02/1995	25/02/1995	-	Active	NO
5	U51909MH2007PTC167053	FUKUI ACCENT TRADING (INDIA) PRIVATE LIMITED	Director	16/01/2007	16/01/2007	-	Active	NO
6	L17120MH1990PLC054828	BLACK ROSE INDUSTRIES LIMITED	Whole-time director	12/07/2013	18/01/2007	-	Active	NO
7	U51909MH2007PTC172205	MAIDO ENTERPRISES PRIVATE LIMITED	Director	10/07/2007	10/07/2007	20/03/2009	Active	NO
8	U24233MH2013PTC245941	ASIAN POLYACRYLAMIDES PRIVATE LIMITED	Director	19/07/2013	19/07/2013	-	Active	NO
9	AAA-4457	WEDGEWOOD HOLDINGS LLP	Designated Partner	13/04/2011	13/04/2011	-	Active	NO

Name :

Mrs. Shruti Jatia

Designation :

Director

Address :

111-A, Somerset House, 61G, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

29.12.1971

Date of Appointment :

28.07.1995

DIN No.:

00227127

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	U65910WB1986PLC040137	GARIMA LEASING COMPANY LIMITED	Director	02/11/1991	02/11/1991	-	Active	NO
2	U36900WB1992PLC101415	ACCENT INDUSTRIES LIMITED	Director	28/07/1995	28/07/1995	-	Active	NO
3	U18202MH1994PTC078647	TOZAI SAFETY PRIVATE LIMITED	Director	15/02/1996	15/02/1996	-	Active	NO
4	U65990MH1994PTC076708	TOZAI ENTERPRISES PRIVATE LIMITED	Director	08/04/1996	08/04/1996	-	Active	NO
5	U22219WB1952PTC020756	EASTERN GANGES CORPN PRIVATE LIMITED	Director	28/04/1997	28/04/1997	-	Active	NO
6	U51900MH1989PTC052732	BLACK ROSE TRADING PRIVATE LIMITED	Director	01/10/2002	01/10/2002	-	Active	NO
7	U74999MH2007PTC168366	ARGO TRADE LOGISTICS PRIVATE LIMITED	Director	06/03/2007	06/03/2007	-	Active	NO
8	L17120MH1990PLC054828	BLACK ROSE INDUSTRIES LIMITED	Whole-time director	01/10/2007	01/10/2007	01/04/2008	Active	NO
9	U51909MH2007PTC167053	FUKUI ACCENT TRADING (INDIA) PRIVATE LIMITED	Director	24/09/2012	07/10/2011	-	Active	NO
10	U24233MH2013PTC245941	ASIAN POLYACRYLAMIDES PRIVATE LIMITED	Director	19/07/2013	19/07/2013	-	Active	NO
11	AAA-4457	WEDGEWOOD HOLDINGS LLP	Designated Partner	13/04/2011	13/04/2011	-	Active	NO

Name :

Mr. Ganesh Ruia

Designation :

Director

Address :

Ruia House, 75CD, Barfiwala Road, Andheri (West), Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

27.11.1954

Date of Appointment :

27.06.2002

DIN No.:

00227023

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	U74999MH1954PTC009235	MADHAV MOTOR STORES PRIVATE LIMITED	Director	24/10/1980	24/10/1980	-	Active	NO
2	U65990MH1994PTC076708	TOZAI ENTERPRISES PRIVATE LIMITED	Director	21/02/1994	21/02/1994	-	Active	NO
3	U18202MH1994PTC078647	TOZAI SAFETY PRIVATE LIMITED	Director	30/05/1994	30/05/1994	-	Active	NO
4	U51900MH1989PTC052732	BLACK ROSE TRADING PRIVATE LIMITED	Director	18/01/1995	18/01/1995	-	Active	NO
5	U36900WB1992PLC101415	ACCENT INDUSTRIES LIMITED	Director	27/06/2002	27/06/2002	-	Active	NO
6	U74999MH2007PTC168366	ARGO TRADE LOGISTICS PRIVATE LIMITED	Director	06/03/2007	06/03/2007	-	Active	NO
7	U51909MH2007PTC172205	MAIDO ENTERPRISES PRIVATE LIMITED	Director	10/07/2007	10/07/2007	09/04/2009	Active	NO

Name :

Mr. Ravi Todi

Designation :

Director

Address :

Shiawasey 2/2B, Sarat Bose Road, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

01.05.1964

Date of Appointment :

03.06.2004

DIN No.:

00080388

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	U29299WB1989PLC046347	SHRACHI INFRASTRUCTURE FINANCE LIMITED	Director	06/09/1989	06/09/1989	-	Amalgamated	NO
2	U65910WB1990PTC048119	SBR CREDIT PRIVATE LIMITED	Director	02/01/1990	02/01/1990	-	Active	NO
3	U70101WB1989PTC047400	SUTANUTTI CONSTRUCTION PRIVATE LIMITED	Director	25/01/1991	25/01/1991	-	Amalgamated	NO
4	U29219WB1993PTC059719	SINO-INDIAN AGRO MACHINERY COMPANY PRIVATE LIMITED	Director	11/08/1993	11/08/1993	14/11/2007	Active	NO
5	U72100DL1976PLC008348	CONTINENTAL PACKAGINGS LIMITED	Director	01/09/1993	01/09/1993	01/02/2009	Active	NO
6	U51109WB1993PLC060456	GODAVARI LEASING AND FINANCE LIMITED	Director	08/11/1993	08/11/1993	-	Active	NO
7	U65929WB1990PTC048201	G N B CREDIT PRIVATE LIMITED	Director	20/06/1994	20/06/1994	-	Amalgamated	NO
8	U70109WB1997PLC084598	BENGAL SHRACHI HOUSING DEVELOPMENT LIMITED	Director	11/06/1997	11/06/1997	-	Active	NO
9	L28932WB1958PLC023718	BENGAL TOOLS LIMITED	Director	29/09/1997	29/09/1997	-	Amalgamated	NO
10	U34300WB1998PTC087075	SHRACHI AUTO PRIVATE LIMITED	Director	05/05/1998	05/05/1998	01/01/2007	Active	NO
11	U36900WB1992PLC101415	ACCENT INDUSTRIES LIMITED	Director	03/06/2004	03/06/2004	-	Active	NO
12	U85110WB1989PLC046284	ADVANCED MEDICARE AND RESEARCH INSTITUTE LIMITED	Director	29/12/2004	29/12/2004	-	Amalgamated	NO
13	U24231WB1995PLC071347	LIBERTY PHARMA LIMITED	Director	08/12/2005	08/12/2005	-	Active	NO
14	L24130MH1987PLC043709	DUJODWALA PAPER CHEMICALS LIMITED	Director	30/09/2006	30/09/2006	08/06/2012	Active	NO
15	U45200WB2006PTC111545	SHRACHI BURDWAN DEVELOPERS PRIVATE LIMITED	Director	16/10/2006	16/10/2006	-	Active	NO
16	L51504WB1978PLC031813	MAGMA FINCORP LIMITED	Director	04/09/2007	12/04/2007	27/05/2011	Active	NO
17	U65910WB2007PLC120137	MAGMA ITL FINANCE LIMITED	Director	01/11/2007	01/11/2007	27/05/2011	Active	NO
18	U65900WB2007PTC120480	MAGMA CONSUMER FINANCE PRIVATE LIMITED	Director	21/11/2007	21/11/2007	27/05/2011	Active	NO
19	U51216WB1992PLC054541	BENGAL TOOLS LIMITED	Managing director	01/05/2008	15/02/2008	-	Active	NO
20	U74999WB2008PTC126530	MF PROCESS AND SOLUTIONS PRIVATE LIMITED	Director	29/09/2009	12/06/2008	05/03/2010	Active	NO
21	U85110WB1986PLC040525	AMRI HOSPITALS LIMITED	Director	30/09/2009	18/05/2009	-	Active	NO
22	U85300WB1926GAP005585	INDIAN CHAMBER OF COMMERCE CALCUTTA	Director	24/07/2012	27/06/2009	-	Active	NO
23	U70109WB1999PTC089015	CELICA DEVELOPERS PRIVATE LIMITED	Director	29/09/2009	19/09/2009	27/05/2011	Active	NO
24	U40102WB1988PTC045661	SUNFLOWER ENGINEERING INDUSTRIES PRIVATE LIMITED	Director	30/09/2009	30/09/2009	-	Active	NO
25	U65993WB1988PTC045852	JUHI INVESTMENT PRIVATE LIMITED	Director	30/09/2009	30/09/2009	-	Active	NO
26	U70109WB1994PTC062617	MARTINA FINANCIAL SERVICES PRIVATE LIMITED	Director	30/09/2009	30/09/2009	-	Amalgamated	NO
27	L51109WB1995PLC071126	BHASKAR SHRACHI ALLOYS LIMITED	Director	20/08/2011	09/11/2010	22/06/2012	Active	NO
28	U28991WB1977PLC031188	CALCUTTA BECON ENGINEERING COMPANY LIMITED	Director	27/05/2011	27/01/2011	-	Converted to LLP and dissolved	NO
29	U28999WB1991PTC053525	GNB LOGISTICS PRIVATE LIMITED	Director	27/05/2011	27/01/2011	-	Converted to LLP and dissolved	NO
30	U70102WB2010PTC152558	SUPREME SHRACHI INFRASTRUCTURES PRIVATE LIMITED	Director	30/09/2011	08/07/2011	-	Active	NO
31	U51909WB2011PTC166761	SAKURA EXIM PRIVATE LIMITED	Director	24/08/2011	24/08/2011	-	Active	NO
32	L74140WB1990PLC049032	SKP SECURITIES LIMITED	Director	28/07/2012	29/10/2011	-	Active	NO
33	U45201WB2004PTC100084	ROSEDALE DEVELOPERS PRIVATE LIMITED	Director	21/09/2013	15/04/2013	-	Active	NO
34	U70101WB2007PTC118879	SPECTRA REALCON PRIVATE LIMITED	Director	16/08/2013	04/06/2013	-	Active	NO
35	AAA-3823	SANJEEVANI VYAPAAR LLP	Designated Partner	17/02/2011	17/02/2011	-	Active	NO
36	AAA-5273	GNB LOGISTICS LLP	Designated Partner	20/06/2011	20/06/2011	-	Active	NO
37	AAA-5315	CALCUTTA BECON ENGINEERING COMPANY LLP	Designated Partner	23/06/2011	23/06/2011	-	Active	NO

Name :

Mr. Pankaj Tibrawalla

Designation :

Director

Address :

34 Ballygunge Park, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

31.10.1975

Date of Appointment :

03.06.2004

DIN No.:

00203579

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	U70109WB1991PTC052403	ISHAN PROPERTIES AND INVESTMENT PRIVATE LIMITED	Director	20/06/1996	20/06/1996	27/07/2012	Active	NO
2	L15421WB1980PLC032970	RIGA SUGAR COMPANY LIMITED	Director	24/01/2000	24/01/2000	-	Active	NO
3	U14293WB1947PTC015629	MICA PRIVATE LIMITED	Director	31/07/2000	31/07/2000	-	Active	NO
4	U67120WB1968PLC027409	SHREE SHYAM COAL COMPANY LIMITED	Director	30/01/2001	30/01/2001	28/08/2012	Active	NO
5	U27109WB1974PLC029266	PURE COKE LIMITED.	Director	15/03/2001	15/03/2001	17/08/2009	Active	NO
6	U67120WB1976PTC030416	KEJRIWAL INVESTMENT COMPANY PRIVATE LIMITED	Director	09/10/2002	09/10/2002	-	Active	NO
7	U36900WB1992PLC101415	ACCENT INDUSTRIES LIMITED	Director	03/06/2004	03/06/2004	-	Active	NO
8	U70101WB2004PTC098531	GAP INFRASTRUCTURE AND HOUSING PRIVATE LIMITED	Director	04/04/2007	04/04/2007	02/02/2012	Active	NO
9	U70101WB2007PTC117649	GARIMA DEVELOPERS PRIVATE LIMITED	Director	06/08/2007	06/08/2007	04/10/2012	Active	NO
10	U65921UP1977PLC004415	RAMSARUP TOWERS LIMITED	Director	30/08/2007	30/08/2007	-	Active	NO
11	U51909WB1991PTC052398	LAKE VIEW MEDICARE PRIVATE LIMITED	Director	04/05/2010	04/05/2010	-	Active	NO
12	U45400WB2010PTC152861	INVICTUS INFRASTRUCTURE PRIVATE LIMITED	Director	08/09/2010	08/09/2010	-	Active	NO
13	AAA-1386	BCT INFRASTRUCTURE LLP	Body corporate as Designated Partner	21/05/2010	21/05/2010	-	Active	NO

Name :

Mr. Basant Kumar Goenka

Designation :

Whole-time director

Address :

94/S, Block-E, New Alipore, Kolkata – 700053, West Bengal, India

Date of Birth/Age :

29.01.1974

Date of Appointment :

01.06.2011

DIN No.:

00227217

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	L17120MH1990PLC054828	BLACK ROSE INDUSTRIES LIMITED	Director	28/03/2003	28/03/2003	-	Active	NO
2	U65993WB1940PLC009977	BHARAT PRODUCE COMPANY LIMITED	Director	27/06/2003	27/06/2003	-	Active	NO
3	U36900WB1992PLC101415	ACCENT INDUSTRIES LIMITED	Whole-time director	01/06/2011	03/06/2004	-	Active	NO
4	U51909MH2007PTC167053	FUKUI ACCENT TRADING (INDIA) PRIVATE LIMITED	Director	16/01/2007	16/01/2007	01/03/2012	Active	NO
5	L27107PB1954PLC002162	HINDUSTAN WIRE PRODUCTS LIMITED	Director	29/09/2007	27/01/2007	-	Active	NO

Name :

Mr. Srivrat Dhanuka

Designation :

Director

Address :

3 Penn Road, Alipore, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

26.02.1989

Date of Appointment :

29.09.2012

DIN No.:

01588895

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	Company/ LLP Status	Defaulting status
1	U22219WB1952PTC020756	EASTERN GANGES CORPN PRIVATE LIMITED	Director	25/06/2007	25/06/2007	Active	NO
2	U65922WB1996PLC081605	DG VITTA VINIMAY AND PROPERTIES LIMITED	Whole-time director	01/09/2013	22/09/2009	Active	NO
3	U36900WB1992PLC101415	ACCENT INDUSTRIES LIMITED	Director	29/09/2012	07/02/2012	Active	NO
4	U67120WB1994PLC063167	PARAMOUNT STOCK AND SHARE BROKING SERVICES LIMITED	Additional director	30/10/2012	30/10/2012	Active	NO
5	U65910WB1986PLC040137	GARIMA LEASING COMPANY LIMITED	Additional director	30/10/2012	30/10/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	% of Holdings
Jatia Atmaram	24300	1.22
Jatia Anup	51500	2.57
Jatia Shruti	700	0.03
Dhanuka Meera	5000	0.25
Eastern Ganges Corporation Private Limited, India	330000	0.50
Garima Investment and Trading Company Limited, India	266500	16.50
O.P. Vanyjya Limited, India	15000	13.33
Tozai Enterprises Private Limited, India	175000	0.75
D.G. Vitta Vinimay and Properties Limited, India	125000	8.75
Black Rose Trading Private Limited, India	248500	6.25
Nucore Exports Private Limited, India	80000	12.43
Rup Tradecomm Private Limited, India	80000	4.00
Shreyans Vyapaar Private Limited, India	88500	4.00
Dhanuka Om Prakash	10000	4.42
Wedgewood Holdings LLP	500000	25.00
Total	2000000	100.00

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	95.42
Directors or relatives of directors	4.58
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading of Industrial Safety Products and Manufacturing of Gloves.

Products/ Services :

ITC Code No.	Product Descriptions
61169200	Knitted Hand Gloves
62101000	Disposable

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Corporation Bank, Lakshmi Apartment, Shubham Karoti Housing Complex, C S Road, Dahisar-East, Mumbai - 400068, Maharashtra, India

Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, DR. Annie Besant Road, Worli,, Mumbai - 400018, Maharashtra, India

Allahabad Bank, Stephen House Branch, 4, B. B. D. Bag (East), Kolkata - 700001, West Bengal, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Loan from Bank	1.357	1.219
Less: Amount disclosed under the head “other current liabilities”	0.452	0.254
SHORT TERM BORROWINGS
Cash Credit from Banks	18.195	17.960
Bill Discounting from Banks	10.000	1.490
Trade Credit	6.946	0.000
Total	36.046	20.415

Banking Relations :	--
Auditors :
Name :	Karnavat and Company Chartered Accountants
Address :	Kitab Mahal, 192, Dr. D.N. Road, Mumbai – 400001, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFK1143L
Enterprises owned or significantly influenced by any management personnel or their relatives :	· Black Rose Trading Private Limited Tozal Enterprises Private Limited Black Rose Industries Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

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	20.000	10.000
(b) Reserves & Surplus	(7.245)	(6.046)
(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)	12.755	3.954
(3) Non-Current Liabilities
(a) long-term borrowings	0.905	0.965
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.501	0.319
Total Non-current Liabilities (3)	1.406	1.284
(4) Current Liabilities
(a) Short term borrowings	86.623	44.985
(b) Trade payables	77.187	19.247
(c) Other current liabilities	5.804	4.148
(d) Short-term provisions	0.895	1.059
Total Current Liabilities (4)	170.509	69.439
TOTAL	184.670	74.677
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	54.239	7.259
(ii) Intangible Assets	2.417	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	3.090	2.434
(d) Long-term Loan and Advances	5.185	0.214
(e) Other Non-current assets	0.200	0.350
Total Non-Current Assets	65.131	10.257
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	74.503	32.931
(c) Trade receivables	34.788	22.786
(d) Cash and cash equivalents	6.045	0.571
(e) Short-term loans and advances	3.654	8.123
(f) Other current assets	0.549	0.009
Total Current Assets	119.539	64.420
TOTAL	184.670	74.677

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.000
2] Share Application Money		2.500
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(7.090)
NETWORTH		5.410
LOAN FUNDS
1] Secured Loans		8.943
2] Unsecured Loans		11.496
TOTAL BORROWING		20.439
DEFERRED TAX LIABILITIES		0.000
TOTAL		25.849
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.631
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		3.074
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.137
	Sundry Debtors	11.535
	Cash & Bank Balances	0.628
	Other Current Assets	0.000
	Loans & Advances	1.979
Total Current Assets		26.279
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.052
	Other Current Liabilities	2.675
	Provisions	0.408
Total Current Liabilities		9.135
Net Current Assets		17.144
MISCELLANEOUS EXPENSES		0.000
TOTAL		25.849

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	214.387	136.257	72.414
		Other Income	0.548	0.625	0.137
		TOTAL (A)	214.935	136.882	72.551
Less	EXPENSES
		Cost of material consumed	24.341	4.603
		Purchase of traded goods	178.298	120.700
		Changes in inventories of finished goods, work in progress and traded goods	(37.983)	(20.306)
		Employee benefit Expenses	8.493	5.666
		Other Expenses	32.192	18.910
		TOTAL (B)	205.341	129.573	71.128
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.594	7.309	1.423
Less	FINANCIAL EXPENSES (D)		9.429	4.395	1.218
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.165	2.914	0.205
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.392	0.846	0.747
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(2.227)	2.068	(0.542)
Less	TAX (H)		(1.028)	1.024	(0.142)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(1.199)	1.044	(0.400)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(6.046)	(7.090)	(6.690)
	BALANCE CARRIED TO THE B/S		(7.245)	(6.046)	(7.090)
	IMPORTS
		Raw Materials	0.499	0.000	3.734
		Capital Goods	37.333	0.000	0.000
	TOTAL IMPORTS		37.832	0.000	3.734
	Earnings/ (Loss) Per Share (Rs.)		(0.92)	1.04	(0.73)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(0.56)	0.76	(0.75)
Net Profit Margin (PBT/Sales)	(%)	(1.04)	1.52	(0.75)
Return on Total Assets (PBT/Total Assets}	(%)	(1.23)	2.86	(1.70)
Return on Investment (ROI) (PBT/Networth)		(0.17)	0.52	(0.10)
Debt Equity Ratio (Total Debt/Networth)		6.86	11.62	3.78
Current Ratio (Current Asset/Current Liability)		0.70	0.93	2.88

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	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10413783	01/02/2013	98,500,000.00	CORPORATION BANK	LAKSHMI APARTMENT, SHUBHAM KAROTI HOUSING COMPLEX, C S ROAD, DAHISAR-EAST, MUMBAI - 400068, MAHARASHTRA, INDIA	B71441711

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
SHORT TERM BORROWINGS
Overdraft against fixed deposit	18.832	0.000
Loan from Body Corporate	32.300	15.300
Loan from Others	0.315	10.200
Security Deposit	0.035	0.035
Total	51.482	25.535

Note:

The registered office of the company has been shifted from 14, Netaji Subhash Road, Kolkata – 700001, West Bengal, India to the present w.e.f.07.02.2012

NATURE OF OPERATIONS:

The Company is engaged in trading in Industrial Safety Products and Manufacturing of Gloves.

OPERATIONAL PERFORMANCE:

The company has achieved a reasonable growth in sales during the year. The total turnover of the company for the year ended March 31, 2012 amounted to Rs.214.900 Millions as against Rs.136.900 Millions in the previous year resulting into 57% increase in the turnover. However, due to severe competition from cheap imports and dumping of goods from China, Pakistan and some other countries, the operating margins have been under pressure.

The project for setting-up the company's second manufacturing facilities, initiated in 2010 has been successfully completed during the year and the new unit is now fully operational. With a current installed capacity of manufacturing 2.5 million pairs/ month of seamless knitted gloves, this unit is one of the largest and most modern in the country. The company will not only be able to manufacture the required quality and quantities of seamless knitted gloves, but also have better control over the costs, which will help to strengthen the operating margins in future.

Due to the additional costs of interest and depreciation, coupled together with competition from cheap imports and depreciating currency, the Net Profit margins have decreased from Rs.2.067 Millions to Rs.2.227 Millions) during the year. The company expects to strengthen its profitability and turn around by optimum capacity utilisation of its manufacturing facilities in future.

FUTURE OUTLOOK:

Occupational safety and PPE (Personal Protective Products) is still a sunrise industry in India, which is undergoing a transformation from unorganised to organised business and with the growing awareness and importance of occupational safety in India, the future prospects for PPE industries is bright. The company plans to add new verticals and extend the scope of its business beyond hand safety solutions in future and is currently working on some such projects.

The company plans aggressive marketing through conducting workshops, participation in exhibitions, advertising, etc., which will help in capturing new customers. Several steps have been taken in this direction during the year, with reasonable satisfactory returns.

The company targets a turnover of Rs.400.000 millions for the financial year 2012-2013 and is well positioned to achieve the same.

FIXED ASSETS:

· Computer

Office Equipment

Plant and Machinery

Electrical Installation

Furniture and Fixture

Factory Equipments

Vehicles

Air Conditioner

Packing Credit

Dies and Moulds

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. 61.28
UK Pound	1	Rs. 99.03
Euro	1	Rs. 83.80

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.