MIRA INFORM REPORT

Report Date :

05.09.2013

IDENTIFICATION DETAILS

Name :	ASHAPURA VOLCLAY LIMITED
Registered Office :	Jeevan Udyog Building, 3^rd Floor, 278-D.N. Road, Fort, Mumbai-400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.04.1997
Com. Reg. No.:	11-107300
Capital Investment / Paid-up Capital :	Rs.179.331 Millions
CIN No.: [Company Identification No.]	U14108MH1997PLC107300
TAN No.: [Tax Deduction & Collection Account No.]	RKTA00057B
PAN No.: [Permanent Account No.]	AAACA9472H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Acid Activated Bleaching Earth.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 2800000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track record. Trade relations are recorded as fair. Business is active. Payments are reported to be usually correct and as per commitments. Company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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	Term loan: BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	14.04.2013

Rating Agency Name	ICRA
Rating	Non fund based limits: A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	14.04.2013

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 PARTED BY

Name :	Mr. Deepak Vora
Designation :	Accounts Department
Contact No.:	91-22-66651700
Date :	02.09.2013

LOCATIONS

Registered Office :	Jeevan Udyog Building, 3^rd Floor, 278-D.N. Road, Fort, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-66651700
Fax No.:	91-22-22079395 / 22074452/ 22063288
E-Mail :	cosec@ashapura.com
Website :	http://www.avelgalleon.com http://www.ashapura@asbm01.vsnl.net.in http://www.ashapura@vsnl.com
Location :	Owned
Factory :	Village Ler, Near Bhujodi, Off Anjar-Bhuj Highway, Bhuj-Kutch-370001, Gujarat, India
Tel. No.:	91-2832-240301/ 302/ 242032/ 033
Fax No.:	91-2832-240303

DIRECTORS

As on: 28.09.2012

Name :

Mr. Chetan Navnitlal Shah

Designation :

Director

Address :

Wyoming Cooperative Housing Society Limited, 4^th Floor, Flat No. 4, 12A, Little Gibbs Road, Malbar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

28.01.1955

Qualification :

B.COM

Date of Appointment :

24.09.2010

DIN No.:

00018960

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	L14108MH1982PLC026396	Ashapura Minechem Limited	Managing director	01/10/2011	19/02/1982	-	Active	NO
2	U14108MH1989PLC054664	Ashapura International Limited	Director	25/08/2010	18/12/1989	-	Active	NO
3	U61100MH1991PLC059827	Ashapura Shipping Limited	Director	16/01/1991	16/01/1991	07/05/2009	Active	NO
4	U65990MH1993PTC071285	Ashapura Infin Private Limited	Director	17/08/1993	17/08/1993	-	Active	NO
5	U51900MH1983PTC029188	Gurbarga Trading Company Private Limited	Director	18/11/1993	18/11/1993	-	Active	NO
6	U74140MH1993PTC075195	Sharda Consultancy Private Limited	Director	18/11/1993	18/11/1993	15/05/2009	Active	NO
7	U14102MH1993PTC072589	Manico Resources Private Limited	Director	10/04/1995	10/04/1995	-	Active	NO
8	U26939MH1995PLC090484	Ashapura Claytech Limited	Director	25/08/2010	11/07/1995	-	Active	NO
9	U14108MH1997PLC107300	Ashapura Volclay Limited	Director	24/09/2010	15/04/1997	-	Active	NO
10	U45202MH1997PTC109395	Penisula Property Developers Private Limited	Director	30/10/1998	30/10/1998	15/05/2009	Active	NO
11	U51909MH2001PTC132060	Ashapura Exports Private Limited	Director	22/05/2001	22/05/2001	-	Active	NO
12	U91120MH2005NPL151226	Eyecare Foundation	Director	11/02/2005	11/02/2005	-	Active	NO
13	U63011MH2006PLC163719	Axis Logistics ( India ) Limited	Director	10/08/2006	10/08/2006	07/05/2009	Active	NO
14	U63032GJ2006PTC049157	Ashapura Arcadia Logistic Private Limited	Director	02/11/2009	26/09/2006	-	Active	NO
15	U27203GJ2007PLC051421	Ashapura Aluminium Limited	Director	23/08/2010	31/07/2007	-	Active	NO
16	U14100GJ2006PTC047900	K.M.Mehta Minerals Private Limited	Director	07/09/2007	07/09/2007	-	Active	NO
17	U24100MH2004PTC145912	Ashapura Volclay Chemicals Private Limited	Director	22/09/2010	28/12/2007	-	Strike off	NO
18	U24100MH2008PLC178587	Ashapura Industrial Finance Limited	Director	07/02/2008	07/02/2008	-	Active	NO
19	U14292GJ2006PTC048632	Prabhudas Vithaldas Minarals Private Limited	Director	01/04/2008	01/04/2008	-	Active	NO
20	U26999MH2008PLC180875	Asim Resources Limited	Director	07/04/2008	07/04/2008	-	Strike off	NO
21	U63000MH2008PTC187703	Ambica Logistics Private Limited	Director	21/10/2008	21/10/2008	25/06/2009	Active	NO
22	U91990GJ2008NPL053876	Federation of Kutch Industries Association	Director	16/01/2009	16/01/2009	-	Active	NO
23	U14100GJ1953PLC000699	Bombay Minerals Limited	Director	23/08/2010	02/11/2009	-	Active	NO
24	U51909GJ1995PLC028159	Prashansha Ceramics Limited	Director	23/08/2010	02/11/2009	-	Active	NO
25	U14200GJ2010PTC059637	Manico Minerals International Private Limited	Director	18/02/2010	18/02/2010	-	Active	NO
26	U74999MH2011FTC216899	Cetco Lining Technologies India Private Limited	Director	14/08/2012	03/11/2011	-	Active	NO

Name :

Mr. Navnitlal Ratanji Shah

Designation :

Director

Address :

M3-N4, The Loyal Hosing Society Limited, Eden Hall, Dr Annie Besant Road, Worli, Mumbai-400 018, Maharashtra, India

Date of Birth/Age :

17.08.1926

Qualification :

Industrialist

Date of Appointment :

15.04.1997

DIN No.:

00018945

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	L14108MH1982PLC026396	Ashapura Minechem Limited	Whole-time director	01/10/2011	19/02/1982	-	Active	NO
2	U51900MH1983PTC029189	Hem Prabha Trading Company Private Limited	Director	31/03/1983	31/03/1983	-	Active	NO
3	U14108MH1989PLC054664	Ashapura International Limited	Director	18/12/1989	18/12/1989	-	Active	NO
4	U61100MH1991PLC059827	Ashapura Shipping Limited	Director	16/01/1991	16/01/1991	07/05/2009	Active	NO
5	U51900MH1992PTC067621	Legendary Traders Private Limited	Director	27/07/1992	27/07/1992	-	Active	NO
6	U14102MH1993PTC072589	Manico Resources Private Limited	Director	28/06/1993	28/06/1993	-	Active	NO
7	U74140MH1993PTC075194	Ashapura Consultancy Services Private Limited	Director	18/11/1993	18/11/1993	-	Active	NO
8	U26939MH1995PLC090484	Ashapura Claytech Limited	Director	11/07/1995	11/07/1995	-	Active	NO
9	U14108MH1997PLC107300	Ashapura Volclay Limited	Director	15/04/1997	15/04/1997	-	Active	NO
10	U65990MH1993PTC071285	Ashapura Infin Private Limited	Director	20/06/1997	20/06/1997	-	Active	NO
11	U45202MH1997PTC109395	Penisula Property Developers Private Limited	Director	30/10/1998	30/10/1998	-	Active	NO
12	U51909MH2001PTC132060	Ashapura Exports Private Limited	Director	22/05/2001	22/05/2001	-	Active	NO
13	U13100MH2003PTC142944	Ashapura Mine Explore Private Limited	Director	30/10/2003	30/10/2003	-	Active	NO
14	U51909MH2004PTC145379	Pura Exim (India) Private Limited	Director	29/03/2004	29/03/2004	-	Active	NO
15	U72100MH2004PTC145401	Puratech Software (India) Private Limited	Director	29/03/2004	29/03/2004	-	Active	NO
16	U91120MH2005NPL151226	Eyecare Foundation	Director	11/02/2005	11/02/2005	-	Active	NO
17	U26960MH2006PTC160189	Mahagujarat Chamunda Cements Company Private Limited	Director	02/03/2006	02/03/2006	-	Active	NO
18	U63011MH2006PLC163719	Axis Logistics ( India ) Limited	Director	10/08/2006	10/08/2006	07/05/2009	Active	NO
19	U13209MH2006PTC163885	Pura Mine Chem Private Limited	Director	19/08/2006	19/08/2006	-	Under Process of Striking off	NO
20	U13209MH2006PTC164009	Pura Minerals Exports Private Limited	Director	24/08/2006	24/08/2006	-	Strike off	NO
21	U13209MH2006PTC164008	Pura Mine Explore Private Limited	Director	24/08/2006	24/08/2006	-	Strike off	NO
22	U51909MH2006PTC164059	Pura Bentonite Exports Private Limited	Director	25/08/2006	25/08/2006	-	Strike off	NO

Name :

Mr. Ajay Ishwar Muttreja

Designation :

Alternate director

Address :

I - 52, Ashok Niketan, Naraina Vihar, New Delhi -110028, India

Date of Birth/Age :

12.11.1956

Qualification :

Bachelor of Technology, MBA

Date of Appointment :

28.03.2011

DIN No.:

00078035

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	U74899DL1989PTC035583	Ideatec Technologies Private Limited	Director	22/02/1990	22/02/1990	-	Active	NO
2	U74899DL1992PLC048310	Zaffiro Fashion Limited	Director	10/04/1992	10/04/1992	01/10/2009	Active	NO
3	U29299DL1984PTC018517	Tecnova India Private Limited	Director	30/09/1992	30/09/1992	13/10/2011	Active	NO
4	U32109MH2005PTC192559	Sick India Private Limited	Director	23/02/2005	23/02/2005	26/02/2010	Active	NO
5	U52100MH2007PTC210704	Jarden Consumer Solutions of India Private Limited	Director	12/11/2007	12/11/2007	29/03/2009	Active	NO
6	U51909DL2008PTC173286	Houghton India Private Limited	Director	29/01/2008	29/01/2008	-	Active	NO
7	U93000DL2009PTC191781	G2 Frontline Services Private Limited	Director	01/07/2009	01/07/2009	-	Active	NO
8	U14108MH1997PLC107300	Ashapura Volclay Limited	Alternate director	28/03/2011	28/03/2011	27/06/2013	Active	NO
9	U29253DL2012FTC234094	Bondioli and Pavesi India Private Limited	Director	09/04/2012	09/04/2012	-	Active	NO

Name :

Mr. Francis Rayan Mc Kendrick

Designation :

Director

Address :

1258, Ashbury Wilmett, Ilinois – 60093, U.S.A.

Date of Birth/Age :

14.12.1951

Date of Appointment :

28.09.2011

DIN No.:

00984963

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	L14108MH1982PLC026396	Ashapura Minechem Limited	Alternate director	28/01/2000	28/01/2000	15/05/2009	Active	NO
2	U14108MH1997PLC107300	Ashapura Volclay Limited	Director	28/09/2011	25/07/2002	-	Active	NO

Name :

Mr. Donald Winford Pearson

Designation :

Director

Address :

1258, Asbury Ave., Winnetka Illinois – 60093

Date of Birth/Age :

23.10.1961

Qualification :

Bachelors degree in Accounting, M.B.A.

Date of Appointment :

05.08.2010

DIN No.:

03225874

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	U14108MH1997PLC107300	Ashapura Volclay Limited	Director	05/08/2010	05/08/2010	-	Active	NO
2	U74900MH2011FTC213455	AMCOL Minerals and Materials (India) Private Limited	Director	14/08/2012	13/02/2011	-	Active	NO
3	U74999MH2011FTC216899	Cetco Lining Technologies India Private Limited	Director	14/08/2012	30/08/2011	-	Active	NO

Name :

Mr. Suryakant Matulal Shah

Designation :

Alternate director

Address :

501, Ashapura Kalyan Gram Society , V. P. Road, Ananen (West), Mumbai – 400059, Maharashtra, India

Date of Birth/Age :

30.07.1959

Date of Appointment :

28.05.2012

DIN No.:

00065341

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	U67120MH1986PTC041954	Manori Investment and Trading Company Private Limited	Director	01/07/1996	01/07/1996	-	Active	NO
2	U67120MH1986PTC041955	Kodai Investment and Trading Company Private Limited	Director	28/07/1997	28/07/1997	-	Active	NO
3	U51909MH2001PTC132060	Ashapura Exports Private Limited	Director	22/05/2001	22/05/2001	-	Active	NO
4	U51909MH2004PTC145379	Pura Exim (India) Private Limited	Director	29/03/2004	29/03/2004	-	Active	NO
5	U72100MH2004PTC145401	Puratech Software (India) Private Limited	Director	29/03/2004	29/03/2004	-	Active	NO
6	U13100MH2003PTC142944	Ashapura Mine Explore Private Limited	Director	16/01/2006	16/01/2006	-	Active	NO
7	U13209MH2006PTC163885	Pura Mine Chem Private Limited	Director	19/08/2006	19/08/2006	-	Under Process of Striking off	NO
8	U13209MH2006PTC164009	Pura Minerals Exports Private Limited	Director	24/08/2006	24/08/2006	-	Strike off	NO
9	U13209MH2006PTC164008	Pura Mine Explore Private Limited	Director	24/08/2006	24/08/2006	-	Strike off	NO
10	U51909MH2006PTC164059	Pura Bentonite Exports Private Limited	Director	25/08/2006	25/08/2006	-	Strike off	NO
11	U65990MH1987PTC044420	Arlington Investment And Trading Company Private Limited	Director	22/12/2006	22/12/2006	-	Active	NO
12	U26960MH2006PTC160189	Mahagujarat Chamunda Cements Company Private Limited	Director	14/09/2007	10/03/2007	-	Active	NO
13	U27203GJ2007PLC051421	Ashapura Aluminium Limited	Director	22/09/2011	15/11/2010	-	Active	NO
14	U70102MH2012PTC227544	Mbsv Realtors Private Limited	Director	01/03/2012	01/03/2012	-	Active	NO
15	U14108MH1997PLC107300	Ashapura Volclay Limited	Alternate director	28/05/2012	28/05/2012	-	Active	NO

Name :

Mr. William Bartow Rowland

Designation :

Alternate director

Address :

212, N Brighton PI Arlington Heights - II – 600046346

Date of Birth/Age :

29.10.1974

Date of Appointment :

28.05.2012

DIN No.:

03641565

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	U74999MH2011FTC216899	Cetco Lining Technologies India Private Limited	Whole-time director	14/08/2012	03/11/2011	-	Active	NO
2	U74900MH2011FTC213455	AMCOL Minerals and Materials (India) Private Limited	Director	14/08/2012	12/12/2011	-	Active	NO
3	U14108MH1997PLC107300	Ashapura Volclay Limited	Alternate director	28/05/2012	28/05/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Deepak Vora
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2012

Names of Shareholders	No. of Shares
Ashapura Minechem Limited, India	8966590
Volclay International Corporation, USA	8966590
Total	17933180

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Acid Activated Bleaching Earth.

Products :

· Bleaching Clay

· Geo-Synthetic Liner

ITC Code	Product or Services
99999999	Manufacturing, trading and Export of processed Industrial Mineral

Terms :

Selling :

L/C/ Credit (30 days)

Purchasing :

L/C/ Credit (30 days)

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

200 (Approximately)

Bankers :

Union Bank of India, Bhuj-Kutch Branch, Nirmala Point, Jubilee Circle, Bhuj - 370001, Gujarat, India

Tel No.: 91-2832-220408

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long term borrowings
Term loans from banks	173.459	222.830
Other loans and advance	1.420	0.000
Short term borrowings
Working capital loans from banks	46.809	121.267
Total	221.688	344.097

Banking Relations :	--
Auditors :
Name :	Sanghavi and Company Chartered Accountants
Address :	Bulbul, 1^st Floor, Cresent Road, Bhavnagar-364001, Gujarat, India
Fax No.:	91-278-2423434/ 2426151
E-Mail :	manojganatra@hotmail.com
PAN No.:	AAFQS2682A
Subsidiaries :	Ahapura Volclay Chemicals Private Limited CIN No.: U24100MH2004PTC145912
Associates	Ashapura Minechem Limited

CAPITAL STRUCTURE

As on: 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions
10000	11% Cumulative Redeemable Preference Shares	Rs. 100/- each	Rs.1.000 Million
			Rs.201.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17933180	Equity Shares	Rs.10/- each	Rs.179.331 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	179.331	179.331
(b) Reserves & Surplus	544.565	429.113
(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)	723.896	608.444
(3) Non-Current Liabilities
(a) long-term borrowings	562.053	359.226
(b) Deferred tax liabilities (Net)	38.523	31.323
(c) Other long term liabilities	18.909	26.307
(d) long-term provisions	1.614	1.193
Total Non-current Liabilities (3)	621.099	418.049
(4) Current Liabilities
(a) Short term borrowings	46.809	121.267
(b) Trade payables	124.345	117.931
(c) Other current liabilities	98.787	78.531
(d) Short-term provisions	47.677	29.277
Total Current Liabilities (4)	317.618	347.006
TOTAL	1662.613	1373.499
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1058.511	838.732
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	7.994	2.819
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	2.000	2.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	28.303	36.816
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1096.808	880.367
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	154.916	122.565
(c) Trade receivables	379.387	328.221
(d) Cash and cash equivalents	5.014	6.788
(e) Short-term loans and advances	26.488	35.558
(f) Other current assets	0.000	0.000
Total Current Assets	565.805	493.132
TOTAL	1662.613	1373.499

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		179.332
2] Share Application Money		0.000
3] Reserves & Surplus		356.369
4] (Accumulated Losses)		0.000
NETWORTH		535.701
LOAN FUNDS
1] Secured Loans		190.661
2] Unsecured Loans		0.000
TOTAL BORROWING		190.661
DEFERRED TAX LIABILITIES		44.049
DEFERRED LIABILITIES (NET)		11.173
TOTAL		781.584
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		513.514
Capital work-in-progress		60.918
INVESTMENT		2.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	93.807
	Sundry Debtors	231.405
	Cash & Bank Balances	5.154
	Other Current Assets	0.000
	Loans & Advances	78.138
Total Current Assets		408.504
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	161.052
	Other Current Liabilities	17.646
	Provisions	24.654
Total Current Liabilities		203.352
Net Current Assets		205.152
MISCELLANEOUS EXPENSES		0.000
TOTAL		781.584

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1453.879	1261.409	968.475
		Other Income	5.235	1.731	3.144
		TOTAL (A)	1459.114	1263.140	971.619
Less	EXPENSES
		Cost of materials consumed	434.251	442.171
		Purchases of stock-in-trade	4.158	7.363
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(20.350)	(10.071)
		Employee benefit expense	92.161	91.676
		Other expenses	579.959	456.751
		Prior period items before tax	0.000	(0.869)
		TOTAL (B)	1090.179	987.021	676.973
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		368.935	276.119	294.646
Less	FINANCIAL EXPENSES (D)		67.061	39.006	24.676
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		301.874	237.113	269.970
Less/ Add	DEPRECIATION/ AMORTISATION (F)		101.238	76.791	62.132
	PROFIT BEFORE TAX (E-F) (G)		200.636	160.322	207.838
Less	TAX (H)		64.343	66.736	71.637
	PROFIT AFTER TAX (G-H) (I)		136.293	93.586	136.201
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		179.113	156.369	121.149
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	70.842	100.981
	BALANCE CARRIED TO THE B/S		NA	179.113	156.369
	EARNINGS IN FOREIGN CURRENCY		361.090	327.107	266.538
	Earnings Per Share (Rs.)		7.60	5.22	7.59

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	9.35	7.41	14.01
Net Profit Margin (PBT/Sales)	(%)	13.81	12.71	21.47
Return on Total Assets (PBT/Total Assets}	(%)	12.15	11.71	22.54
Return on Investment (ROI) (PBT/Networth)		0.28	0.26	0.39
Debt Equity Ratio (Total Debt/Networth)		0.84	0.79	0.36
Current Ratio (Current Asset/Current Liability)		1.78	1.42	2.01

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Long term borrowings
Interoperate borrowings	387.174	136.396
Total	387.174	136.396

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10368546	23/06/2012	1,443,000.00	UNION BANK OF INDIA LIMITED	BHUJ-KUTCH BRANCH, JUBILEE CIRCLE, BHUJ, Gujarat - 370001, INDIA	B44913648
2	10329152	15/11/2011	1,876,000.00	UNION BANK OF INDIA	BHUJ BRANCH, NIRMALA POINT, JUBILEE CIRCLE, BHUJ , KUTCH, Gujarat - 370001, INDIA	B29599016
3	10263917	21/12/2010	557,700,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, Maharashtra - 400023, INDIA	B03496445
4	10256495	28/01/2011 *	278,100,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, Maharashtra - 400023, INDIA	B07837594
5	10168853	28/01/2011 *	20,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, Maharashtra - 400023, INDIA	B07838311
6	80019110	07/03/2006	441,900,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH, MUMBAI, Maharashtra - 400023, INDIA	-
7	80019351	25/11/2005	102,500,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE BUILDING, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	-
8	80019106	16/11/2005	100,000,000.00	UNINO BANK OF INDIA	FORT, MUMBAI, Maharashtra - 400023, INDIA	-
9	80019105	19/07/2004	15,900,000.00	UNION BANK OF INDIA	FORT, MUMBAI, Maharashtra - 400023, INDIA	-
10	90151203	19/07/2004	105,500,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, Maharashtra - 400023, INDIA	-
11	90151149	19/12/2003	16,400,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, Maharashtra - 400023, INDIA	-
12	90149855	23/05/2003	102,100,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, Maharashtra - 400023, INDIA	-
13	90150919	28/09/2001 *	95,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER, WTC COMPLEX; COLABA, MUMBAI, Maharashtra - 400005, INDIA	-
14	80019102	28/01/2011 *	230,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, Maharashtra - 400023, INDIA	B07839467
15	90150907	28/01/2011 *	230,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, Maharashtra - 400023, INDIA	B07840127
16	90151537	28/01/2011 *	230,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, Maharashtra - 400023, INDIA	B07841455
17	80019101	12/07/2001	10,000,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MAEG BRANCH, MUMBAI, Maharashtra - 400023, INDIA	-
18	80019103	12/07/2001	50,000,000.00	UNION BANK OF INDIA	FORT, MUMBAI, Maharashtra - 400023, INDIA	-
19	90150722	20/05/2003 *	130,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER, COLABA, MUMBAI, Maharashtra - 400005, INDIA	-

* Date of charge modification

Fixed Assets:

· Land

· Building

· Plant and Machinery

· Vehicles

· Office Equipments

· Furniture and Fixtures

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. 67.02
UK Pound	1	Rs. 104.31
Euro	1	Rs. 88.23

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.