MIRA INFORM REPORT

Report Date :

18.04.2014

IDENTIFICATION DETAILS

Name :	SAI SECURITY PRINTERS PRIVATE LIMITED (w.e.f. 01.03.2007)
Formerly Known As :	SAI SECURITY PRINTERS LIMITED
Registered Office :	Village Dungerpur, PO: Badarpur Syed, Kanwara Industrial Area, District Faridabad – 121101, Haryana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.03.1994
Com. Reg. No.:	05-048217
Capital Investment / Paid-up Capital :	Rs.40.773 Millions
CIN No.: [Company Identification No.]	U74899HR1994PTC048217
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Print-Packaging, Book and Commercial.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 3071000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. There is a dip in profit of the company in the year 2013 as compared to previous year. However, liquidity position of the company is decent. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. He company can be considered normal for business dealing 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = A-
Rating Explanation	Adequate degree of safety and low credit risk
Date	06.01.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A2+
Rating Explanation	String degree of safety and low credit risk
Date	06.01.2014

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. Lokesh
Designation :	Assistant General Manager
Contact No.:	91-80-28361171
Date :	22.03.2014

LOCATIONS

Registered Office :	Village Dungerpur, PO: Badarpur Syed, Kanwara Industrial Area, District Faridabad, Faridabad – 121101, Haryana, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	shiv@saiprinters.com
Website :	http://saiprinters.com
Corporate Office :	C-40, Okhla Industrial Area, Phase- II, New Delhi – 110020, India
Tel. No.:	91-11-26385503
Fax No.:	91-11-26388571
E-Mail :	sspdel@saiprinters.com
Security Printing Division - Unit I :	152, DLF Industrial Area, Faridabad – 121003, Haryana, India
Tel. No.:	91-129-2276370/ 2272277
Fax No.:	91-129-2256239
E-Mail :	sspdel@saiprinters.com saipressindia@yahoo.com
Security Printing Division - Unit II :	256, 4^th Phase, 8^th Cross, Peenya Industrial Area, Bangalore – 560 058, Karnataka, India
Tel. No.:	91-80-28361171/ 28378266/ 41171388
Fax No.:	91-80-41170769/ 41170770/ 28363954
E-Mail :	sspblr@saiprinters.com saisecurity@touchtelindia.net sai@bgl.vsnl.net.in
Packaging Division I :	13/1 Mathura Road, Faridabad – 121003, Haryana, India
Tel. No.:	91-129-2270309 / 2255910
Fax No.:	91-129-2279433
E-Mail :	spcdel@saiprinters.com
Packaging Division II :	42/43, 3rd Phase, 4th Main, Peenya Industrial Area, Bangalore - 560058, Karnataka, India
Tel. No.:	91-80-41179645 / 41171387
Fax No.:	91-80-41170769 / 41170770 / 28363954
E-Mail :	spcblr@saiprinters.com saiprocess_bgl@yaho.co.in

DIRECTORS

As on 30.09.2013

Name :

Mr. Vijay Ram Murthi Raghavan

Designation :

Managing Director

Address :

704, Royale Retreat, Charmwood Village, Eros Garden, Suraj Kund Road, Faridabad – 121 009, Haryana, India

Date of Birth/Age :

30.09.1947

Qualification :

M.B.A.

Date of Appointment :

23.03.1994

DIN No.:

00362184

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	U74899HR1994PTC048217	SAI SECURITY PRINTERS PRIVATE LIMITED	Managing director	23/03/1994	23/03/1994	-	Active	NO
2	U22219DL2001PTC110295	SAI PRESS (INDIA) PRIVATE LIMITED	Director	03/04/2001	03/04/2001	-	Active	NO
3	U15122UR2009PTC032768	Patanjali Food & Herbal Park Private Limited	Director	27/01/2009	27/01/2009	25/02/2012	Active	NO
4	U74120UR2009PTC032909	PATANJALI FLEXIPAK PRIVATE LIMITED	Director	21/11/2009	21/11/2009	22/12/2011	Active	NO

Name :

Mr. Balaji Srinivasan

Designation :

Director

Address :

362 Ranka Heights, 7^th Cross, Domlur Layout, Bangalore – 560071, Karnataka, India

Date of Birth/Age :

06.07.1966

Date of Appointment :

17.09.2013

DIN No.:

00371609

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	U65999MH2005PTC154367	AUREOS INDIA TRUSTEES PRIVATE LIMITED	Director	30/06/2005	30/06/2005	-	Active	NO
2	U67190MH2006PTC159133	AUREOS INDIA ADVISERS PRIVATE LIMITED	Whole-time director	20/01/2006	20/01/2006	-	Active	NO
3	U65999KA2006PTC041272	JAY B INVESTMENTS PRIVATE LIMITED	Director	21/12/2006	21/12/2006	-	Active	NO
4	U67120KA1995PTC045373	ORDYN TECHNOLOGIES PRIVATE LIMITED	Nominee director	27/09/2007	05/04/2007	17/04/2009	Active	YES
5	U63090MH1997PLC108197	CONTINENTAL WAREHOUSING CORPORATION (NHAVA SEVA) LIMITED	Nominee director	30/07/2009	30/07/2009	-	Active	NO
6	U40101TN2005PTC058237	AURO MIRA ENERGY COMPANY PRIVATE LIMITED	Nominee director	28/09/2010	28/09/2010	12/06/2012	Active	NO
7	U85110CT2003PLC015937	BSR SUPER SPECIALITY HOSPITALS LIMITED	Director	30/12/2010	30/12/2010	-	Active	NO
8	U72400TN2004PTC054226	Newgen Knowledge Works Private Limited	Nominee director	13/09/2013	13/09/2013	-	Active	NO
9	U74899HR1994PTC048217	SAI SECURITY PRINTERS PRIVATE LIMITED	Additional director	17/09/2013	17/09/2013	-	Active	NO

Name :

Mr. Ravi Seth

Designation :

Director

Address :

G-2, Skyline Residency, No.5, Kingston Road, Richmond Towen, Bangalore – 560 025, Karnataka, India

Date of Birth/Age :

05.11.1961

Date of Appointment :

28.09.2012

DIN No.:

01069845

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	U24231TZ1986PLC008788	GLOBAL REMEDIES LIMITED	Director	19/06/2007	19/12/2006	16/03/2009	Amalgamated	NO
2	U24231TN1996PLC035068	GRANDIX PHARMACEUTICALS LIMITED	Director	28/09/2007	28/09/2007	16/03/2009	Amalgamated	NO
3	U24232TN2001PLC047875	GRANDIX LABORATORIES LIMITED	Director	28/09/2007	28/09/2007	16/03/2009	Amalgamated	NO
4	U24296KA2008PTC045588	QUANTUM REMEDIES PRIVATE LIMITED	Director	12/03/2008	12/03/2008	-	Amalgamated	NO
5	U74899HR1994PTC048217	SAI SECURITY PRINTERS PRIVATE LIMITED	Director	28/09/2012	01/11/2011	-	Active	NO
6	U40300DL2012PTC235917	ReNew Wind Energy (Rajasthan) Private Limited	Additional director	19/02/2014	19/02/2014	-	Active	NO
7	U40300DL2012PTC242747	ReNew Wind Energy (Orissa) Private Limited	Additional director	19/02/2014	19/02/2014	-	Active	NO
8	U40106DL2011PTC224360	ReNew Wind Energy (Jadeswar) Private Limited	Additional director	19/02/2014	19/02/2014	-	Active	NO
9	U40101DL2011PTC224171	ReNew Wind Energy (Rajkot) Private Limited	Additional director	19/02/2014	19/02/2014	-	Active	NO
10	U40109DL2012PTC236509	ReNew Wind Energy (Devgarh) Private Limited	Additional director	19/02/2014	19/02/2014	-	Active	NO
11	U40106DL2012PTC236356	ReNew Wind Energy (Welturi) Private Limited	Additional director	19/02/2014	19/02/2014	-	Active	NO
12	U40106DL2012PTC242719	ReNew Wind Energy (AP) Private Limited	Additional director	19/02/2014	19/02/2014	-	Active	NO
13	U40106DL2012PTC242763	ReNew Wind Energy (MP) Private Limited	Additional director	07/03/2014	07/03/2014	-	Active	NO

Name :

Ms. Priyata Raghavan

Designation :

Director

Address :

704, Royale Retreat, Charmwood Village, Eros Garden, Suraj Kund Road, Faridabad – 121 009, Haryana, India

Date of Birth/Age :

15.11.1980

Date of Appointment :

13.09.2007

DIN No.:

01543577

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	U74899HR1994PTC048217	SAI SECURITY PRINTERS PRIVATE LIMITED	Director	13/09/2007	01/06/2007	-	Active	NO
2	U74999DL2009PTC193586	ROOTS INDIA RETAILING PRIVATE LIMITED	Director	26/08/2009	26/08/2009	-	Active	NO
3	U74120UR2009PTC032909	PATANJALI FLEXIPAK PRIVATE LIMITED	Director	21/11/2009	21/11/2009	22/12/2011	Active	NO

Name :

Mr. Arvind Sekhar

Designation :

Director

Address :

Flat No.354, 5^th Floor, Block 3, Embassy Heritage Apartments, 8^th Main, Malleswaram, Bangalore – 560 003, Karnataka, India

Date of Birth/Age :

26.07.1974

Date of Appointment :

13.09.2007

DIN No.:

01571685

KEY EXECUTIVES

Name :	Mr. Lokesh
Designation :	Assistant General Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders (Equity Shares)	No. of Shares
Vijay R. Raghavan	466800
Vijailakshmi Raghavan	466775
Sai Press India Private Limited, India	315000
Sweta Raghavan	374600
Priyata Raghavan	624300
Arvind Sekhar	249700
Aureos South Asia Fund L.L.C., Mauritius	1506916
Total	4004091

Names of Shareholders (Preference Shares)	No. of Shares
Vijay R. Raghavan	287142
Vijailakshmi Raghavan	203818
Sai Press India Private Limited, India	92329
Sweta Raghavan	37518
Priyata Raghavan	37935
Arvind Sekhar	73189
Total	731931

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

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	37.63
Bodies corporate	7.86
Directors or relatives of Directors	54.51
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Print-Packaging, Book and Commercial.
Exports :
Products :	Print Packaging
Countries :	Myanmar
Imports :
Products :	Paper
Countries :	Belgium UK
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

300 (Approximately)

Bankers :

• ING Vysya Bank Limited, 5 E -1, NIT, Ground Floor, Railway Road, Fariadbad – 121 001, Haryana, India
• State Bank of India, Okhla Industrial Estate, New Delhi – 110020, India
• Axis Bank Limited, 2nd Floor, Statesman House, 148, Barakhamba Road, New Delhi - 110001, Delhi, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	87.312	55.766
Short Term Borrowings
Working capital loans from banks	141.501	90.565
Total	228.813	146.331

Banking Relations :	--
Auditors :
Name :	Walker Chandiok and Company Chartered Accountants
PAN No.:	AAAFW4298E
Other Entities in which significant influence exists during the year :	Sai Press (India) Private Limited CIN No.: U22219DL2001PTC110295 Roots India Retailing Private limited CIN No.: U74999DL2009PTC193586

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4010000	Equity Shares	Rs.10/- each	Rs.40.100 Millions
800000	Optional Convertible Preference Shares	Rs.10/- each	Rs.8.000 Millions
	Total		Rs.48.100 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
4004091	Equity Shares	Rs.10/- each	Rs.40.041 Millions
731931	Optional Convertible Preference Shares	Rs.10/- each	Rs.7.319 Millions
	Total		Rs.47.360 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
4004091	Equity Shares	Rs.10/- each	Rs.40.041 Millions
731931	Optional Convertible Preference Shares (Of Rs.10/- each, Re.1/- Paid up)	Re.1/- each	Rs.0.732 million
	Total		Rs.40.773 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	40.773	40.773	24.972
(b) Reserves & Surplus	726.854	691.785	310.206
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	767.627	732.558	335.178
(3) Non-Current Liabilities
(a) long-term borrowings	113.262	81.716	109.868
(b) Deferred tax liabilities (Net)	66.605	48.562	38.841
(c) Other long term liabilities	0.320	0.300	0.300
(d) long-term provisions	1.818	1.783	0.792
Total Non-current Liabilities (3)	182.005	132.361	149.801
(4) Current Liabilities
(a) Short term borrowings	141.501	90.565	105.592
(b) Trade payables	215.162	147.436	223.497
(c) Other current liabilities	69.171	64.485	75.687
(d) Short-term provisions	2.093	1.502	1.653
Total Current Liabilities (4)	427.927	303.988	406.429
TOTAL	1,377.559	1,168.907	891.408
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	732.506	524.615	440.387
(ii) Intangible Assets	0.783	0.809	1.038
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	64.330	0.184	91.841
(b) Non-current Investments	0.000	0.000	11.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	46.934	20.202	6.862
(e) Other Non-current assets	0.100	0.112	0.000
Total Non-Current Assets	844.653	545.922	551.628
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	198.593	149.769	112.170
(c) Trade receivables	240.714	176.299	180.234
(d) Cash and cash equivalents	35.551	278.260	28.383
(e) Short-term loans and advances	39.926	16.216	18.611
(f) Other current assets	0.122	2.441	0.382
Total Current Assets	514.906	622.985	339.780
TOTAL	1,359.559	1,168.907	891.408

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		1086.046	952.158	911.322
		Other Income		NA	NA	NA
		TOTAL		NA	NA	NA
Less	EXPENSES			NA	NA	NA
	PROFIT BEFORE EXTRAORDINARY ITEMS AND TAXATION			53.852	42.719	105.393
Less	EXCEPTIONAL ITEMS			0.000	(26.293)	0.000
Less	PRIOR PERIOD ADJUSTMENT			0.243	0.767	(0.421)
	PROFIT/(LOSS) BEFORE TAX			53.609	68.245	105.814
Less	TAX			18.541	21.597	35.704
	PROFIT/(LOSS) AFTER TAX			35.068	46.648	70.110
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			332.951	286.303	216.193
	BALANCE CARRIED TO THE B/S			368.019	332.951	286.303
	IMPORTS
			Raw Materials	105.249	103.031	61.787
			Consumables Tools & Dies	0.000	0.000	0.130
			Stores & Spares	12.097	33.670	4.929
			Capital Goods	150.068	0.000	115.774
	TOTAL IMPORTS			267.414	136.701	182.620
	Earnings Per Share (Rs.)			7.40	11.66	28.08

Expected Sales (2013-2014): Rs.1300.000 Millions

Above information has been Parted by Mr. Lokesh, Assistant General Manager

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	4.94	7.17	11.61
Return on Total Assets (PBT/Total Assets}	(%)	4.14	5.84	13.43
Return on Investment (ROI) (PBT/Networth)		0.07	0.09	0.32
Debt Equity Ratio (Total Debt /Networth)		0.33	0.24	0.64
Current Ratio (Current Asset/Current Liability)		1.20	2.05	0.84

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	24.972	40.773	40.773
Reserves & Surplus	310.206	691.785	726.854
Net worth	335.178	732.558	767.627
long-term borrowings	109.868	81.716	113.262
Short term borrowings	105.592	90.565	141.501
Total borrowings	215.460	172.281	254.763
Debt/Equity ratio	0.643	0.235	0.332

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	911.322	952.158	1,086.046
		4.481	14.062

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	911.322	952.158	1,086.046
Profit	70.110	46.648	35.068
	7.69%	4.90%	3.23%

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	Yes
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)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	Yes
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

LITIGATION DETAILS:

IN THE HIGH COURT OF DELHI AT NEW DELHI

  O.M.P. 130/2014

  A.C. GOEL PAPER DISTRIBUTING CO PVT LTD

  ..... Petitioner

  Through: Mr. Shiv Khorana, Advocate

  versus


  SAI SECURITY PRINTERS PRIVATE LIMITED

 ..... Respondent

  Through:
 CORAM:

HON'BLE MR. JUSTICE VIPIN SANGHI

ORDER

03.02.2014

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans and advances from related parties	25.950	25.950
Total	25.950	25.950

OPERATIONS REVIEW

The Company has achieved turnover of Rs.1086.046 Millions during the current financial year as against 9521.58 lacs in the previous financial year. The turnover grown, but was short of the projected growth.

The company has increased its capital expenditure from Rs.742.701 Millions to Rs.993.742 Millions in the current financial year.

In current financial year the Company has not achieved the expected profitability level. The company has earned a net Profit after Tax of Rs.35.068 Millions as compared to Net Profit after Tax of Rs.46.648 Millions in the Previous Year. Financial Year 12-13 proved to be a challenging year with tremendous pressures on bottom line. The directors expect the next year to bring in higher revenues and stabilise the profitability as well.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10420417	23/05/2013 *	200,000,000.00	AXIS BANK LIMITED	2nd Floor, Statesman House, 148, Barakhamba Road, New Delhi, Delhi - 110001, India	B76979293
2	10084849	24/12/2012 *	450,665,000.00	ING VYSYA BANK LIMITED	5 E -1, Nit, Ground Floor, Railway Road, Fariadbad, Haryana - 121001, India	B65610149

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.60.38
UK Pound	1	Rs.101.63
Euro	1	Rs.83.50

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUM
Report Prepared by :	VNT

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	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.