MIRA INFORM REPORT

Report Date :

04.09.2013

IDENTIFICATION DETAILS

Name :	MODI HITECH INDIA LIMITED (w.e.f. 07.05.2013)
Formerly Known As :	MORGARDSHAMMAR INDIA LMITED
Registered Office :	1400, Modi Tower, 98, Nehru Place, New Delhi - 110019
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.02.1983
Com. Reg. No.:	55-015250
Capital Investment / Paid-up Capital :	Rs.9.500 Millions
CIN No.: [Company Identification No.]	U51109DL1983PLC015250
TAN No.: [Tax Deduction & Collection Account No.]	DELM09458B
PAN No.: [Permanent Account No.]	AAACM2301H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of electrodes.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 130000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears some losses recorded by the company. The external borrowing seems to be huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great caution.

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2013

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

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

INDIAN ECONOMIC OVERVIEW

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.

LOCATIONS

Registered Office :	1400, Modi Tower, 98, Nehru Place, New Delhi – 110019, India
Tel. No.:	91-11-26286641/66504555
Fax No.:	91-11-26451659/26293277
E-Mail :	companysecretary@bsil.org.in mhil@vsnl.net
Factory:	Behind Dayawati, Modi Academy, Modipuram – 250110, Uttar Pradesh, India
Tel. No.:	91-121-2577789/2577891
Fax No.:	91-121-2576818

DIRECTORS

As on 29.09.2012

Name :

Mr. Umesh Kumar Modi

Designation :

Director

Address :

36, Amrita Shergill Marg, New Delhi – 110003, India

Date of Birth/Age :

06.03.1951

Date of Appointment :

21.02.1983

DIN No.:

00002757

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	L15429UP1932PLC000469	MODI INDUSTRIES LIMITED	Managing director	01/03/2011	12/02/1976	-	Active	NO
2	L27106JH1982PLC001633	BIHAR SPONGE IRON LIMITED	Managing director	28/03/2009	16/04/1982	-	Active	NO
3	U51109DL1983PLC015250	MODI HITECH INDIA LIMITED	Director	21/02/1983	21/02/1983	-	Active	NO
4	U51397DL1981PTC011647	WIN-MEDICARE PRIVATE LIMITED	Director	21/03/1990	21/03/1990	-	Active	NO
5	U74899DL1990PTC041928	MODI-MUNDIPHARMA PRIVATE LIMITED	Director	31/10/1990	31/10/1990	-	Active	NO
6	U74899DL1994PTC057763	MODI REVLON PRIVATE LIMITED	Director	08/03/1994	08/03/1994	-	Active	NO
7	L15421UP1991PLC019160	SBEC SUGAR LIMITED	Director	03/02/1995	03/02/1995	-	Active	NO
8	U67120DL1997PTC087365	JAI ABHISHEK INVESTMENTS PRIVATE LIMITED	Director	19/05/1997	19/05/1997	-	Active	NO
9	U40105UP1996PLC037250	SBEC BIOENERGY LIMITED	Director	24/07/1997	24/07/1997	-	Active	NO
10	U25209DL2000PTC103815	MODI-SENATOR (INDIA) PRIVATE LIMITED	Director	17/02/2000	17/02/2000	-	Active	NO
11	U67120UP1980PTC004957	LONGWELL INVESTMENT PRIVATE LIMITED	Director	21/08/2000	21/08/2000	-	Active	NO
12	U74899DL1987PTC028294	A TO Z HOLDINGS PRIVATE LIMITED	Director	21/08/2000	21/08/2000	-	Active	NO
13	U24246DL2000PTC235624	KAMAKHYA COSMETICS AND PHARMACEUTICALS PRIVATE LIMITED	Director	03/01/2001	03/01/2001	-	Amalgamated	NO
14	U67120DL2001PLC112424	SBEC STOCKHOLDING AND INVESTMENT LIMITED	Director	14/08/2010	16/09/2001	-	Active	NO
15	U74900DL2007PTC164608	UMESH MODI CORP. PRIVATE LIMITED	Director	11/06/2007	11/06/2007	-	Active	NO
16	U15494DL2008PLC183504	MODI GOURMET LIMITED	Director	19/09/2008	19/09/2008	-	Active	NO
17	U51101DL2008PTC184860	MODI GOODS AND RETAIL SERVICES PRIVATE LIMITED	Director	12/11/2008	12/11/2008	-	Active	NO
18	U24100DL2009PTC188842	MODI OMEGA PHARMA (INDIA) PRIVATE LIMITED	Director	25/03/2009	25/03/2009	-	Active	NO
19	U15400DL2009PTC191424	MODI ILLVA INDIA PRIVATE LIMITED	Director	19/06/2009	19/06/2009	-	Active	NO
20	U00432JH2006PLC011972	CHANDIL POWER LIMITED	Director	27/08/2009	20/07/2009	-	Active	NO

Name :

Mr. Brajeshwar Dayal Garg

Designation :

Director

Address :

26 NRI Complex Msandakant, New Delhi – 110003, India

Date of Birth/Age :

11.05.1949

Date of Appointment :

30.06.2012

DIN No.:

00002792

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	U51109DL1983PLC015250	MODI HITECH INDIA LIMITED	Director	30/06/2012	12/06/1997	-	Active	NO
2	U34300DL1996PTC082800	MEGHNA AUTOWORKS PRIVATE LIMITED	Director	21/08/1997	21/08/1997	-	Active	NO
3	L27106JH1982PLC001633	BIHAR SPONGE IRON LIMITED	Director	30/09/2011	04/06/2011	-	Active	NO
4	U00432JH2006PLC011972	CHANDIL POWER LIMITED	Additional director	02/08/2013	08/08/2011	-	Active	NO
5	U51503DL1985PTC022226	BEKAERT ENGINEERING (INDIA) PRIVATE LIMITED	Director	30/09/2011	26/08/2011	-	Active	NO

Name :

Mr. Abhishek Modi

Designation :

Director

Address :

36, Amrita Shergill Marg, New Delhi – 110003, India

Date of Birth/Age :

12.12.1975

Date of Appointment :

05.09.1997

DIN No.:

00002798

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	U51397DL1981PTC011647	WIN-MEDICARE PRIVATE LIMITED	Director	11/03/1994	11/03/1994	-	Active	NO
2	L15421UP1991PLC019160	SBEC SUGAR LIMITED	Whole-time director	10/07/2008	13/05/1994	-	Active	NO
3	U67120UP1980PTC004957	LONGWELL INVESTMENT PRIVATE LIMITED	Director	19/09/1994	19/09/1994	-	Active	NO
4	U74899DL1990PTC041928	MODI-MUNDIPHARMA PRIVATE LIMITED	Director	15/02/1995	15/02/1995	-	Active	NO
5	U74899DL1987PTC028294	A TO Z HOLDINGS PRIVATE LIMITED	Director	01/03/1996	01/03/1996	-	Active	NO
6	U63040DL1996PTC076223	MODILINE TRAVEL SERVICE PRIVATE LIMITED	Director	28/06/1996	28/06/1996	-	Active	NO
7	U51109DL1983PLC015250	MODI HITECH INDIA LIMITED	Director	05/09/1997	05/09/1997	-	Active	NO
8	L27106JH1982PLC001633	BIHAR SPONGE IRON LIMITED	Director	14/02/2001	14/02/2001	-	Active	NO
9	L15429UP1932PLC000469	MODI INDUSTRIES LIMITED	Director	29/11/2007	08/12/2006	-	Active	NO
10	U40105UP1996PLC037250	SBEC BIOENERGY LIMITED	Whole-time director	11/07/2011	08/12/2006	-	Active	NO
11	U15494DL2008PLC183504	MODI GOURMET LIMITED	Director	19/09/2008	19/09/2008	-	Active	NO
12	U51101DL2008PTC184860	MODI GOODS AND RETAIL SERVICES PRIVATE LIMITED	Director	12/11/2008	12/11/2008	-	Active	NO
13	U20297UP2008PTC034600	MODI ARTS PRIVATE LIMITED	Director	03/09/2009	14/11/2008	-	Active	NO
14	U15400DL2009PTC191424	MODI ILLVA INDIA PRIVATE LIMITED	Director	19/06/2009	19/06/2009	-	Active	NO
15	U00432JH2006PLC011972	CHANDIL POWER LIMITED	Additional director	02/08/2013	08/08/2011	-	Active	NO
16	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	23/12/2011	23/12/2011	-	Active	NO

Name :

Kumkum Modi

Designation :

Director

Address :

36, Amrita Shergill Marg, New Delhi – 110003, India

Date of Birth/Age :

19.01.1951

Date of Appointment :

29.09.1989

DIN No.:

00522904

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	U67120UP1980PTC004957	LONGWELL INVESTMENT PRIVATE LIMITED	Director	15/03/1980	15/03/1980	-	Active	NO
2	U51109UP1978PTC004616	SWASTH INVESTMENT PRIVATE LIMITED	Director	26/06/1984	26/06/1984	-	Active	NO
3	U51109DL1983PLC015250	MODI HITECH INDIA LIMITED	Director	29/09/1989	29/09/1989	-	Active	NO
4	U74899DL1990PTC041928	MODI-MUNDIPHARMA PRIVATE LIMITED	Director	28/04/1993	28/04/1993	-	Active	NO
5	U74899DL1994PTC057763	MODI REVLON PRIVATE LIMITED	Director	08/03/1994	08/03/1994	-	Active	NO
6	U51397DL1981PTC011647	WIN-MEDICARE PRIVATE LIMITED	Managing director	01/04/1995	01/04/1995	-	Active	NO
7	U63040DL1996PTC076223	MODILINE TRAVEL SERVICE PRIVATE LIMITED	Director	28/06/1996	28/06/1996	-	Active	NO
8	U67120DL1997PTC087365	JAI ABHISHEK INVESTMENTS PRIVATE LIMITED	Director	19/05/1997	19/05/1997	-	Active	NO
9	U74899DL1987PTC028294	A TO Z HOLDINGS PRIVATE LIMITED	Director	19/05/1997	19/05/1997	-	Active	NO
10	U74899DL1985PTC022550	MODI MOTORS PRIVATE LIMITED	Director	05/09/1997	05/09/1997	-	Active	NO
11	L15421UP1991PLC019160	SBEC SUGAR LIMITED	Director	26/05/2000	26/05/2000	-	Active	NO
12	U24246DL2000PTC235624	KAMAKHYA COSMETICS AND PHARMACEUTICALS PRIVATE LIMITED	Director	03/01/2001	03/01/2001	-	Amalgamated	NO
13	U74900DL2007PTC164608	UMESH MODI CORP. PRIVATE LIMITED	Director	11/06/2007	11/06/2007	-	Active	NO
14	U51909DL2010PTC208795	JAYESH TRADEX PRIVATE LIMITED	Director	30/09/2011	12/10/2010	-	Active	NO
15	L27106JH1982PLC001633	BIHAR SPONGE IRON LIMITED	Director	30/09/2011	04/06/2011	-	Active	NO

Name :

Mr. Jayesh Modi

Designation :

Director

Address :

36, Amrita Shergill Marg, New Delhi – 110003, India

Date of Birth/Age :

14.11.1991

Date of Appointment :

30.09.2010

DIN No.:

02849637

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	U51397DL1981PTC011647	WIN-MEDICARE PRIVATE LIMITED	Director	30/06/2012	17/11/2009	-	Active	NO
2	U40105UP1996PLC037250	SBEC BIOENERGY LIMITED	Director	27/09/2010	13/05/2010	-	Active	NO
3	U74899DL1987PTC028294	A TO Z HOLDINGS PRIVATE LIMITED	Director	16/05/2010	16/05/2010	-	Active	NO
4	U67120UP1980PTC004957	LONGWELL INVESTMENT PRIVATE LIMITED	Director	16/05/2010	16/05/2010	-	Active	NO
5	L15421UP1991PLC019160	SBEC SUGAR LIMITED	Director	30/09/2010	18/06/2010	-	Active	NO
6	L27106JH1982PLC001633	BIHAR SPONGE IRON LIMITED	Director	29/09/2010	18/06/2010	-	Active	NO
7	U51109DL1983PLC015250	MODI HITECH INDIA LIMITED	Director	30/09/2010	21/06/2010	-	Active	NO
8	U00432JH2006PLC011972	CHANDIL POWER LIMITED	Additional director	02/08/2013	13/08/2010	-	Active	NO
9	U51909DL2010PTC208795	JAYESH TRADEX PRIVATE LIMITED	Director	27/09/2010	27/09/2010	-	Active	NO
10	U74899DL1990PTC041928	MODI-MUNDIPHARMA PRIVATE LIMITED	Director appointed in casual vacancy	13/09/2012	13/09/2012	-	Active	NO

Name :

Mr. Om Prakash Modi

Designation :

Director

Address :

A-57, Sector –31, Gautam Budh Nagar, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

16.07.1929

Date of Appointment :

14.031991

DIN No.:

00009490

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	U51109DL1983PLC015250	MODI HITECH INDIA LIMITED	Director	14/03/1991	14/03/1991	-	Active	NO
2	L15421UP1991PLC019160	SBEC SUGAR LIMITED	Director	29/12/2005	29/12/2005	-	Active	NO

Name :

Bindu Kumar Luthra

Designation :

Director

Address :

31/21 Ear Patel Nagar, 2^nd Floor, New Delhi – 110008, India

Date of Birth/Age :

19.12.1949

Date of Appointment :

27.09.2011

DIN No.:

00004154

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	U74899DL1987PTC028300	A B C HOLDING PRIVATE LIMITED	Director	05/02/1989	05/02/1989	-	Active	NO
2	U74899DL1995PTC069930	SJA TECHNICAL CONSULTANTS PRIVATE LIMITED	Director	19/06/1995	19/06/1995	-	Active	NO
3	U65929DL1996PTC075715	ABR FINLEASE ND HOLDING PRIVATE LIMITED	Director	26/12/1997	26/12/1997	-	Active	NO
4	U25191RJ1997PTC015136	H.M. TUBES AND CONTAINERS PRIVATE LIMITED (TRANSFER FROM DELHI TO RA	Director	23/01/1998	23/01/1998	-	Active	NO
5	U74899UR1985PTC032852	G S PHARMBUTOR PRIVATE LIMITED	Director	20/05/1999	20/05/1999	-	Active	NO
6	U45220DL2000PTC107893	ASHOK KUMAR CHHABRA CONSTRUCTIONS PRIVATE LIMITED	Director	25/09/2000	25/09/2000	14/04/2009	Active	NO
7	U27320DL1985PLC022890	TECHNICAST ENGINEERS LIMITED	Director	03/12/2002	03/12/2002	-	Active	NO
8	L74210DL1987PLC029979	SBEC SYSTEMS (INDIA) LIMITED	Alternate director	30/01/2006	30/01/2006	-	Active	NO
9	U15311UP1995PLC018448	MAHARAJA AGRO LIMITED	Director	16/03/2009	16/03/2009	-	Active	NO
10	L27106JH1982PLC001633	BIHAR SPONGE IRON LIMITED	Whole-time director	18/06/2011	18/06/2010	23/08/2012	Active	NO
11	U51109DL1983PLC015250	MODI HITECH INDIA LIMITED	Director	27/09/2011	21/02/2011	-	Active	NO
12	U00432JH2006PLC011972	CHANDIL POWER LIMITED	Additional director	30/09/2011	08/08/2011	02/08/2013	Active	NO
13	U74140DL2007PTC170632	FIRST MOVE MANAGEMENT SERVICES PRIVATE LIMITED	Director	28/09/2012	01/10/2011	-	Active	NO
14	U51909DL2007PTC158717	G O MOBILE TRADING PRIVATE LIMITED	Additional director	29/04/2012	29/04/2012	17/09/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Umesh Kumar Modi	750880
Kumkum Modi	10100
Veena Modi	20
Own Investment India Limited, India	20000
Longwell Investment Private Limited, India	34000
Morgarshmmar AB, India	80000
Your Investment India Limited, India	20000
Indo Euro Investment Company Private Limited, India	19980
Mcorpgalobal Private Limited, India	15020
Total	950000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	8.42
Bodies corporate	11.47
Directors or relatives of Directors	80.11
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of electrodes.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

The Shamrao Vithal Co-Operative Bank Limited, SVC Tower, Nehru Road, Vakola, Santacruz (East), Mumbai – 400055, Maharashtra, India

Facilities :

Secured Loan

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

Long-term Borrowings

Term Loans

From bank

14.078

4.305

Loans against Vehicle

From bank

0.078

0.305

Short-term borrowings

Working Capital Loans From Banks

85.670

60.774

Total

99.826

65.384

NOTE:

The term Loan from banks are secured by way of Equitable mortgage of Factory Land and Building and Hypothecation of entire machines .n Modipuram.

Loan against Vehicle purchased from banks are secured by hypothecation of respective assets (Vehicle)

The term loans from banks are repayable as follows;

(Rs. In Millions)

Name of bank	Rate of interest	Repayment	Amount	No of Installment Outstanding
The Shamrao Vithal Co-Operative Bank Limited	16.5%	Monthly	831.000	5
The Shamrao Vithal Co-Operative Bank Limited	16.5%	Monthly	674	45

Loan against Vehicle are repayable in 14 monthly outstanding installment of Rs.14.000 Millions and Rs.8.000 Millions respectively

Working Capital Loans from Banks are secured by first charge by way of hypothecation of all the stocks of raw materials .semi finished goods and finished goods consumable store, spares, book debts, and other current assets and entire Plant and Machinery,

Banking Relations :
Auditors :
Name :	Rastogi Narain and Company Chartered Accountants
Address :	305,Lotus chamber 2079/38, Nalwa Street Karol Bagh, New Delhi – 110005, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFR7044M
Other parties with whom the company has entered into transaction during the year:	Modi Line Travel Services Private Limited Bihar Sponge Iron Limited Win Medicare Private Limited Modi Industries Limited MG Mobile India Private Limited HM Tubes and Containers Private Limited Technicast Engineering Limited S BE C Sugar Limited G S Pharmbutor Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
950000	Equity Shares	Rs.10/- each	Rs.9.500 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	9.500	9.500
(b) Reserves & Surplus	22.613	34.857
(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)	32.113	44.357
(3) Non-Current Liabilities
(a) long-term borrowings	107.742	65.005
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.651	3.906
(d) long-term provisions	1.715	1.839
Total Non-current Liabilities (3)	110.108	70.750
(4) Current Liabilities
(a) Short term borrowings	104.335	73.972
(b) Trade payables	80.673	74.261
(c) Other current liabilities	50.798	42.526
(d) Short-term provisions	0.793	1.356
Total Current Liabilities (4)	236.599	192.115
TOTAL	378.820	307.222
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	119.972	84.842
(ii) Intangible Assets	0.530	0.314
(iii) Capital work-in-progress	0.000	3.528
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.500	0.500
(c) Deferred tax assets (net)	3.896	(1.764)
(d) Long-term Loan and Advances	2.223	6.331
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	127.121	93.751
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	162.122	139.193
(c) Trade receivables	62.283	51.250
(d) Cash and cash equivalents	10.807	8.971
(e) Short-term loans and advances	16.393	13.945
(f) Other current assets	0.094	0.112
Total Current Assets	251.699	213.471
TOTAL	378.820	307.222

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.500
2] Share Application Money		0.000
3] Reserves & Surplus		34.629
4] (Accumulated Losses)		0.000
NETWORTH		44.129
LOAN FUNDS
1] Secured Loans		66.269
2] Unsecured Loans		41.062
TOTAL BORROWING		107.331
DEFERRED TAX LIABILITIES		1.529
TOTAL		152.989
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		85.469
Capital work-in-progress		0.070
INVESTMENT		0.500
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	117.685
	Sundry Debtors	51.027
	Cash & Bank Balances	6.401
	Other Current Assets	0.000
	Loans & Advances	15.123
Total Current Assets		190.236
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.973
	Other Current Liabilities	109.763
	Provisions	3.550
Total Current Liabilities		123.286
Net Current Assets		66.950
MISCELLANEOUS EXPENSES		0.000
TOTAL		152.989

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	437.220	366.008	316.593
		Other Income	3.934	9.656	2.293
		TOTAL (A)	441.154	375.664	318.886
Less	EXPENSES
		Cost of materials consumed	308.811	232.828
		Purchase of stock in trade	0.421	0.124
		Changes in inventories of finished goods, Work-in-progress	(16.377)	(13.335)
		Employee benefit expenses	54.252	53.264
		Other Expenses	78.126	78.575
		Exceptional Items	(0.010)	0.035
		TOTAL (B)	425.223	351.491	294.178
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.931	24.173	24.708
Less	FINANCIAL EXPENSES (D)		27.917	18.861	19.928
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(11.986)	5.312	4.780
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.918	4.744	4.672
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(17.904)	0.568	0.108
Less	TAX (H)		5.660	0.340	(0.159)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(12.244)	0.228	0.267
	EARNINGS IN FOREIGN CURRENCY		5.334	4.475	6.427
	Earnings / (Loss) Per Share (Rs.)		(12.89)	0.24	0.28

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(2.78)	0.06	0.08
Net Profit Margin (PBT/Sales)	(%)	(4.09)	0.16	0.03
Return on Total Assets (PBT/Total Assets}	(%)	(13.31)	0.19	0.04
Return on Investment (ROI) (PBT/Networth)		(0.56)	0.01	0.00
Debt Equity Ratio (Total Debt /Networth)		6.60	3.13	2.43
Current Ratio (Current Asset/Current Liability)		1.06	1.11	1.54

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

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
From Bank	1.970	3.033
From body corporate	91.615	57.363
Short-term borrowings
Inter Corporate Deposits	18.665	13.198
Total	112.250	73.594

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10140964	16/12/2008	7,500,000.00	FIRST LEASING CO OF INDIA LIMITED	749, ANNA SALAI,CHENNAI-2, TAMILNADU, TAMILNADU, TAMIL NADU - 600002, INDIA	A56078991
2	10118331	12/05/2011 *	173,370,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	SVC TOWER, NEHRU ROAD, VAKOLA, SANTACRUZ(E), MUMBAI, MAHARASHTRA - 400055, INDIA	B13421771
3	10118221	04/05/2011 *	173,370,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	SVC TOWER, NEHRU ROAD, VAKOLA, SANTACRUZ(E), MUMBAI, MAHARASHTRA - 400055, INDIA	B13417407

NOTE: * Date of charge modification

CONTINGENT LIABILITIES:

1. Estimated amount of contracts remaining to be executed on capital account and not provided to Rs.0.534 Million (Previous year Rs 16.499 Millions)

2. The amount of Borrowing Cost capitalized is accordance with requirement of AS-16 amounts to Rs 1.686 Millions during the year (Previous years Rs. 0.135 Million).

3. In some of the cases debtors/creditors remained unconfirmed.

4. The Company is in the process of identifying suppliers who have registered themselves under "The Micro, Small and Medium (Enterprise Development Act 2006". As of dale the Company - net received confirmation in this record from any of its registered suppliers. 'Therefore, the information in this regard has not been disclosed,

FIXED ASSETS

Tangible Assets

• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Office Equipment
• Computers
• Vehicle

Intangible Assets

• EDP Software

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.66.89
UK Pound	1	Rs.103.95
Euro	1	Rs.88.10

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	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		27

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.