MIRA INFORM REPORT

Report Date :

17.09.2013

IDENTIFICATION DETAILS

Name :	PERMALI WALLACE PRIVATE LIMITED
Formerly Known As :	PERMALI WALLACE LIMITED
Registered Office :	Permali House, Hoshangabad Road, Opposite RBI, Bhopal – 462 011, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.08.1961
Com. Reg. No.:	10-000927
Capital Investment / Paid-up Capital :	Rs.30.000 Millions
CIN No.: [Company Identification No.]	U02001MP1961PTC000927
TIN No.:	23643602339
IEC No.:	1188003984
TAN No.: [Tax Deduction & Collection Account No.]	BPLP01367C
PAN No.: [Permanent Account No.]	AABCP7557R
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of wood based densifed impregnated laminates for Industrial and Engineering Applications.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 711000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears a slight decrease in the net profitability during 2012. External borrowing seems to be increasing over previous year. The ratings also take into consideration the weak domestic electrical equipment industry which has affected the profitability and the continued delays in the project completion, which may exert liquidity pressure on cash flows in the near term. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealings with some caution.

NOTES :

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

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

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

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

INDIAN ECONOMIC OVERVIEW

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	CRISIL
Rating	Long term rating
Rating Explanation	CRISIL has suspended its rating due to lack of information.
Date	June 2013.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED

Management is non-cooperative

Tel No.: 91-755-2550085

LOCATIONS

Registered Office/ Factory :	Permali House, Hoshangabad Road, Opposite RBI, Bhopal – 462 011, Madhya Pradesh, India
Tel. No.:	91-755-2550085/ 2552192/ 4272657/ 2555633/ 4203333/ 2552195/ 4049161/ 2601894/ 4049155
Fax No.:	91-755-2550504
E-Mail :	permali@vsnl.com permali@sancharnet.in info@permaliwallace.com sales@permaliwallace.com purchase@permaliwallace.com
Website :	http://www.permaliwallace.com
Area:	8 Acres
Location:	Owned

DIRECTORS

AS ON 19.06.2012

Name :

Mr. Nalin Karsondas

Designation :

Director

Address :

3A, Woodlands, 3^rd Floor, 67 Dr. G. Deshmukh Marg, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

14.01.1931

Qualification :

Graduate

Date of Appointment :

05.04.1995

DIN No.:

00045597

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	U15400MH1955PTC009539	VISSANJI KHIMJI AND COMPANY PRIVATE LIMITED	Director	18/06/1971	18/06/1971	-	Active	NO
2	L99999GJ1973PLC002260	INDIA GELATINE AND CHEMICALS LTD	Director	11/12/1974	11/12/1974	06/11/2012	Active	NO
3	U99999MH1947PTC005773	B TRIKAMLAL AND COMPANY PRIVATE LIMITED	Director	08/02/1977	08/02/1977	-	Active	NO
4	U02001MP1961PTC000927	PERMALI WALLACE PRIVATE LIMITED	Director	05/04/1995	05/04/1995	-	Active	NO
5	U85110KA1968PTC001771	DANDELI RIVER RESORTS PRIVATE LIMITED	Director	29/09/2005	29/09/2005	27/09/2008	Active	NO
6	U51109MH1938PTC002788	B M D CHEMICALS PRIVATE LIMITED	Director	14/12/2007	14/12/2007	-	Active	NO
7	U20100MH1944PTC004192	INDIAN PLYWOOD MANUFACTURING COMPANY PRIVATE LIMITED	Director	25/03/2013	25/03/2013	-	Active	NO

Name :

Mrs. Nirmala Nalin Karsondas

Designation :

Director

Address :

3A, Woodlands, 3^rd Floor, 67 Dr. G. Deshmukh Marg, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

18.03.1933

Date of Appointment :

05.04.1995

DIN No.:

00045607

Name :

Mr. Subhash Vithaldas Kanji

Designation :

Whole Time Director

Address :

Permali House, Hoshangabad Road, Bhopal – 462 011, Madhya Pradesh, India

Date of Birth/Age :

07.01.1946

Qualification :

B.Sc. and Specialized in Training in composite in U.K.

Date of Appointment :

01.11.1996

DIN No.:

00012684

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	U15400MH1955PTC009539	VISSANJI KHIMJI AND COMPANY PRIVATE LIMITED	Director	01/12/1992	01/12/1992	-	Active	NO
2	U02001MP1961PTC000927	PERMALI WALLACE PRIVATE LIMITED	Whole-time director	01/11/1996	01/11/1996	-	Active	NO
3	U67120MP1997PTC012024	PUMIK ENGINEERING COMPONENTS PRIVATE LIMITED	Director	28/08/1999	28/08/1999	-	Active	NO

Name :

Mr. Bankim Hamir Vissanji Karsondas

Designation :

Non Executive Director

Address :

93, Ashutosh Co-operative Housing Society Limited, 38 A, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

09.09.1947

Qualification :

B. Com.

Date of Appointment :

18.08.2004

DIN No.:

00045864

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	U21016MH1994PTC078614	SUPERIOR BOARD PRODUCTS PVT LTD	Director	26/05/1994	26/05/1994	-	Active	NO
2	U02001MP1961PTC000927	PERMALI WALLACE PRIVATE LIMITED	Director	18/08/2004	18/08/2004	-	Active	NO
3	U51393MH2005PTC154720	ANCHOR PLYWOOD AND PANEL PRODUCTS PRIVATE LIMITED	Director	12/07/2005	12/07/2005	01/11/2011	Active	NO
4	U20100MH1944PTC004192	INDIAN PLYWOOD MANUFACTURING COMPANY PRIVATE LIMITED	Director	29/06/2007	29/06/2007	-	Active	NO
5	U51109MH1938PTC002788	B M D CHEMICALS PRIVATE LIMITED	Director	05/02/2008	05/02/2008	-	Active	NO

Name :

Mr. Mahesh Vithaldas Kanji

Designation :

Whole Time Director

Address :

Permali House, Hoshangabad Road, Bhopal – 400 011, Madhya Pradesh, India

Date of Birth/Age :

30.03.1942

Date of Appointment :

01.04.2011

DIN No.:

00013014

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	U02001MP1961PTC000927	PERMALI WALLACE PRIVATE LIMITED	Whole-time director	01/04/2011	01/04/2011	-	Active	NO
2	U24224MP1980PTC005012	PERMACAST PRIVATE LIMITED	Director	26/09/2011	20/08/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay Sharma
Designation :	Secretary
Address :	64-A, Annapurna Nagar, Indore – 452 009, Madhya Pradesh, India
Date of Birth/Age :	15.06.1973
Date of Appointment :	24.06.2006
PAN No.:	BDPPS0654F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 19.06.2012

Names of Shareholders	No. of Shares
Vissanji Khimji and Company Private Limited, Mumbai	16225
BMD Chemicals Private Limited , Mumbai	10500
Jaisinh Vithaldsa Nalin Karsondas	3412
Bankim Hamir Panna Hamir	19950
Panna Bankim Bankim Hamir	6106
Bankim Hamir Panna Hamir Gauranji Manon Porech	1170
Nalin Karsondas Bankim Hamir	10377
Nalin Karsondas Nirmala Nalin	3008
Nirmala Nalin Nalin Karsondas	126000
Hina Chandrahas Hemen Chandrahas	18282
Chandrakant Vijaysinh Nirupama Chandrakant	144
Nirupama Chandrakant Chandrakant Vijaysinh	588
Ranjit Vithaldas Tara Ranjit	2669
Tara Ranjit Ranjit Vithaldas	1142
Punam Vithaldas Haren Vithaldas	288
Haren Vithaldas Punam Vithaldas	192
Vasant Vithaldas, Kumud Vasant Prasant Vasant	580
Mahesh Vithaldas Purnima Mahesh	3331
Purnima Mahesh Mahesh Vithaldas	2663
Subhash Vithaldas Harshika Subhash	10000
Harshika Subhash Subhash Vithaldas	336
Vinay Narendra Divya Vinay	4814
Lata Randhir Meena Jasbir Bhandari	1606
Meena Jasbir Bhandari Lata Randhir	693
Kumud Pratapsinh Mahesh Vithaldas	50
Kumud Vasant Vasant Vithaldas	528
Prashant Vasant Vithaldas Namita Prashant Vithaldas	2415
Pankaj Vijaysinh Usha Pankaj	563
Sushila Virendra Panna Bankim	3156
Haresh Vijaysinh Sonal Haresh	563
Vijya Vijaysinh Hamir Karsondas PankajVijaysinh	156
Ashok Chandrahas Jhanvi Ashok	1800
Hemen Chandrahas Jyoti Hemen	5800
Hemen Chandrahas Jyoti Hemen	2000
Kunal S. Merchant	16686
Rekha Bharat Ratansey Karsondas	11
Rekha Bharat, Bharat Ratansey Brijesh Bharat	430
Bharat Ratansey, Brijesh Bharat Rekha Bharat	370
Brijesh Bharat, Rekha Bharat Bharat Ratansey	431
Rekha Bharat Bharat Ratansey	2
Bharat Ratansey Rekha Bharat	9501
Bharat Ratansey Rekha Bharat	855
Bharat Ratansey Rekha Bharat	884
Mihir Subhash Ravisha Mihir	7235
Ravisha Mihir Mihir Subhash	1688
Yashveersingh Lauly	50
Meenal Rajesh Kapadia and Shri Rajesh Gordhandas Kapadia	750
TOTAL	300000

AS ON 19.06.2012

Equity Shares Break Up	Percentage of Holding
Bodies corporate	8.91
Directors or relatives of Directors	80.89
Other top fifty shareholders	10.20
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of wood based densifed impregnated laminates for Industrial and Engineering Applications.

Products :

Product Description	ITC Code
Densified Wood	44.09.00
Fibreglass Products	85.46.00
DNC, SMC and their Moulding	39.07.91

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Unit	Installed Capacity	Actual Production
Densified Woods	Tones	5900	2227.908
Glass Fibre Laminates	Tones	1200	365.459
Cast Epoxies	Tones	60	7.144
SMC and DMC and Their Mouldings	Tones	1000	1416

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

• Bank of India, Sachivalaya Branch, Plot No.228, Zone 1, Maharana Pratap Nagar, Bhopal – 462 011, Madhya Pradesh, India

• State Bank of India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Cash Credit Account		72.177
12.5% Non Convertible Redeemable Debenture (Repayable in four equal installment form the F.Y. 2009 -10 to 2015-16)		6.833
12% Non Convertible Redeemable Debenture IInd Series (Repayable in four equal installment form the F.Y. 2012 -13 to 2014-15)	302.325	15.000
Loan from SBI (EPC)		12.440
Assessment Council (TIFAC) FRP Bracket Assembly project		7.212
Term Loan From BOI		8.438
Term Loan From UBI		55.492
Term Loan From MPFC (New)		44.300
TOTAL	302.325	221.892
NOTES CASH CREDIT / SLC / EPC / FCNR (B) WITH UBISBI AND BOI Secured by first charge ranking pari - passu between the bankers by hypothecation of stock of raw materials, stock-in-process, semi-finished and finished goods, stores and spares parts, bills receivable and all other moveable and documents of title to goods and other assets, both present and future, and secured by second charge ranking pari-passu between the bankers by equitable mortgage over land and buildings situated at Hoshangabad Road, Bhopal and Village Mandhari Mandideep, District Raisen including plant and machinery thereon. Debenture 12.50% Secured Redeemable Non-Convertible Debenture are secured by way of equitable mortgage shall rank third on Land. Series I) 12.00% Secured Redeemable Non-Convertible Debenture are secured by way of equitable mortgage shall rank forth on Land.(Series II) 12.00% Secured Redeemable Non-Convertible Debenture are secured by way of equitable mortgage shall rank fifth on Land.(Series III) TIFAC TIF AC will have exclusive first charge over the assets created out of TIFAC assistance. UBI Consortium - Term loan The Consortium Term Loan from Union Bank of India, M.P. Financial Corporation, State Bank of India, Bank of India and EXIM Bank are secured by the first pari-passu charge among all the term lenders , on immovable properties of the borrower , namely Land and Building and Plant and Machinery appertaining or affixed thereto both present and future and second pari-passu charge on current assets of the company among all the term lenders at Hoshangabad Road, Bhopal and Village Mandhari Mandideep, District Raisen. Term Loan From Axis Bank Limited (Vehicle Loan) First exclusively charge on SUPERB SKODA CAR in favour of the bank.

Banking Relations :	--
Auditors :
Name :	Vidya and Company Chartered Accountants
Address :	Room No.316, 3^rd Floor, Centre Point, 21, Hemanta Basu Sarani, Kolkata – 700 001, West Bengal, India
Tel No.:	91-33-22133231/ 32
E-Mail :	vidya@cal3.vsnl.net.in

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs.40.000 Millions
100000	Preference Shares	Rs.100/- each	Rs.10.000 Millions
	TOTAL		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		30.000	30.000	30.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		147.778	113.828	73.940
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		177.778	143.828	103.940
LOAN FUNDS
1] Secured Loans		302.325	221.892	132.565
2] Unsecured Loans		34.650	14.285	28.008
TOTAL BORROWING		336.975	236.177	160.573
DEFERRED TAX LIABILITIES		15.622	11.960	9.392
TOTAL		530.375	391.965	273.905
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		272.186	203.976	101.982
Capital work-in-progress		25.971	17.162	19.456
INVESTMENT		0.096	5.119	0.117
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	173.572	145.197	109.940
	Sundry Debtors	104.365	84.734	88.635
	Cash & Bank Balances	36.555	39.802	14.995
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	72.602	88.657	52.660
Total Current Assets		387.094	358.390	266.230
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	107.170	1.901	2.858
	Other Current Liabilities		139.314	61.236
	Provisions	47.802	51.467	49.786
Total Current Liabilities		154.972	192.682	113.880
Net Current Assets		232.122	165.708	152.350
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		530.375	391.965	273.905

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	562.902	551.973	440.464
		Other Income	8.553	0.000	3.415
		TOTAL (A)	571.455	551.973	443.879
Less	EXPENSES
		Cost of Goods Sold			195.266
		Employees Expenses	452.548	441.698	80.854
		Administrative, Selling and Other Expenses			67.415
		TOTAL (B)	452.548	441.698	343.535
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		118.907	110.275	100.344
Less	FINANCIAL EXPENSES (D)		37.522	24.000	21.855
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		81.385	86.275	78.489
Less/ Add	DEPRECIATION/ AMORTISATION (F)		22.098	17.351	11.502
	PROFIT BEFORE TAX (E-F) (G)		59.287	68.924	66.987
Less	TAX (H)		18.358	22.298	25.142
	PROFIT AFTER TAX (G-H) (I)		40.929	46.626	41.845
Add	PRIOR PERIOD ITEM		NA	0.347	0.939
Add	ADJUSTMENT/PAYMENT OF TAX FOR EARLIER YEAR		NA	(0.088)	(0.039)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		40.908	29.020	19.545
Less	APPROPRIATIONS
		Transfer to Debenture Redemption Reserve	NA	3.000	1.250
		Proposed Dividend	NA	6.000	6.000
		Tax on Dividend	NA	0.997	1.020
		Fringe Benefit Tax	NA	25.000	25.000
	BALANCE CARRIED TO THE B/S		NA	40.908	29.020
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	123.706	73.607	71.376
	TOTAL EARNINGS		123.706	73.607	71.376
	IMPORTS
		Raw Materials	98.948	104.127	82.408
		Stores & Spares	0.964	0.328	0.024
		Capital Goods	28.856	21.491
	TOTAL IMPORTS		128.768	125.946	82.432
	Earnings Per Share (Rs.)		136.43	156.28	142.48

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.16	8.44	9.42
Net Profit Margin (PBT/Sales)	(%)	10.53	12.48	15.20
Return on Total Assets (PBT/Total Assets}	(%)	8.99	12.25	18.19
Return on Investment (ROI) (PBT/Networth)		0.33	0.47	0.64
Debt Equity Ratio (Total Debt/Networth)		1.90	1.64	1.54
Current Ratio (Current Asset/Current Liability)		2.50	1.86	2.34

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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

Particulars	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
From Directors		3.600
From Shareholders		6.950
Others	34.650
Inter Corporate Loans		0.170
Corporate Loan From BOI		3.565
TOTAL	34.650	14.285

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10420207	26/03/2013	76,000,000.00	MADHYA PRADESH FINANCIAL CORPORATION	FINANCE HOUSE, BOMBAY-AGRA ROAD, INDORE, MADHYA PRADESH - 452001, INDIA	B73325201
2	10257390	27/11/2010	95,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B01765601
3	10244211	29/09/2010	35,000,000.00	KAMLESH G. PANDYA	COMMERCIAL UNION HOUSE, 9, WALLACE STREET FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A96263314
4	10241027	10/09/2010	252,500,000.00	UNION BANK OF INDIA CONSORTIUM	84, ZONE-II, M. P. NAGAR, BHOPAL, MADHYA PRADESH - 462011, INDIA	A95196382
5	10219613	10/09/2010 *	721,740,000.00	UNION BANK OF INDIA CONSORTIUM	84, ZONE-II, M. P. NAGAR, BHOPAL, MADHYA PRADESH - 462011, INDIA	A95199832
6	10189274	30/11/2009	15,000,000.00	KAMLESH G. PANDYA	COMMERCIAL UNION HOUSE, 9, WALLACE STREET FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A74660564
7	10066278	25/08/2007	30,000,000.00	MADHYA PRADESH FINANCIAL CORPORATION	FINANCE HOUSE, BOMBAY-AGRA ROAD, INDORE, MADHYA PRADESH - 452001, INDIA	A22046742
8	80015464	17/06/2005	10,298,000.00	TECHNOLOGY INFORMATION FORECASTING AND ASSESSMENT COUNCIL	TECHNOLOGY BHAVAN, SHAHEED JEET SINGH MARG, NEW DELHI, DELHI - 110016, INDIA	-
9	90210595	29/12/2003 *	10,000,000.00	SHRI C.C. SAKARDA AND SHRI VINAY KAMBOJ PERMALI WA LLACE LIMITED	HOSHANGABAD ROAD, BHOPAL, MADHYA PRADESH, INDIA	-

* Date of charge modification

FIXED ASSETS

· Freehold Land

· Building

· Plant and Machinery

· Lab Equipments

· Office Equipments

· Furniture and Fixtures

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.49
UK Pound	1	Rs.99.66
Euro	1	Rs.83.50

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.