1. Summary Information

		Country	India
Company Name	MUTUAL INDUSTRIES LIMITED	Principal Name 1	Mr. Dharmendra Kantilal Gandhi
Status	Satisfactory	Principal Name 2	Mr. Jaysinh Vallabhdas Mariwala
		Registration #	11-58368
Street Address	9, Ehara Industrial Complex, Village Waliv, Vasai (East), District Thane - 401202, Maharashtra, India
Established Date	28.09.1990	SIC Code	--
Telephone#	91-250-3217731	Business Style 1	Manufacturer
Fax #	91-250-2454047	Business Style 2	--
Homepage	www.mutual-industries.com	Product Name 1	Plastic Mould
# of employees	70 (Approximately)	Product Name 2	Plastic Automotive Parts
Paid up capital	Rs.59,682,000/-	Product Name 3	Automotive Systems
Shareholders	Directors or relatives of Directors – 100%	Banking	ICICI Bank Limited
Public Limited Corp.	No	Business Period	24 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (44)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	952,250,000	Current Liabilities	800,455,000
Inventories	424,655,000	Long-term Liabilities	803,649,000
Fixed Assets	1558,019,000	Other Liabilities	248,491,000
Deferred Assets	0,000	Total Liabilities	1,852,595,000
Invest& other Assets	72,743,000	Retained Earnings	1,095,390,000
		Net Worth	1,155,072,000
Total Assets	3,007,667,000	Total Liab. & Equity	3007,667,000
Total Assets (Previous Year)	2,905,256,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	2,716,189,000	Net Profit	91,710,000
Sales(Previous yr)	2,960,402,000	Net Profit(Prev.yr)	197,842,000

MIRA INFORM REPORT

Report Date :

23.04.2014

IDENTIFICATION DETAILS

Name :	MUTUAL INDUSTRIES LIMITED
Formerly Known As :	MUTUAL MECAPLAST LIMITED
Registered Office :	9, Ehara Industrial Complex, Village Waliv, Vasai (East), District Thane - 401202, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.09.1990
Com. Reg. No.:	11-58368
Capital Investment / Paid-up Capital :	Rs.59.682 Millions
CIN No.: [Company Identification No.]	U99999MH1990PLC058368
TAN No.: [Tax Deduction & Collection Account No.]	MUMM19469C
PAN No.: [Permanent Account No.]	AAACM3522G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Plastic Mould, Plastic Automotive Parts, Automotive Systems, etc.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 4620000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There is a dip in sales and profit of the company. However, liquidity position of the company is decent. Rating also takes into consideration established market position and good product profile. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered 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	10.05.2013

Rating Agency Name	CRISIL
Rating	Short term rating: “A1”
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	10.05.2013

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. Jinesh Jyotindra Shah
Designation :	Company Secretary and Head of Finance Department
Contact No.:	91-8983045610
Date :	17.04.2014

LOCATIONS

Registered Office/ Engineering and Toolroom :	9, Ehara Industrial Complex, Village Waliv, Vasai (East), District Thane - 401202, Maharashtra, India
Tel. No.:	91-250-3217731 / 3267728 / 3267729 / 3297727 / 3217726 / 30 91-22-66895300
Mob. No.:	91-8983045610 (Mr. Jinesh Jyotindra Shah) 91-982002608 (Mr. Abhay)
Fax No.:	91-250-2454047 91-22-66895311
E-Mail :	walter@mutual-industries.com jshah@mutual-industries.com jinesh.shah@mutual-industries.com
Website :	www.mutual-industries.com
Corporate Office :	601, Dev Plaza, 6^th Floor, Opposite Andheri Fire Brigade, S.V. Road, Andheri (West), Mumbai - 400058, Maharashtra, India
Tel. No.:	91-22-66895300
Fax No.:	91-250-2454047
Factory 1 :	Gut No. 5464, Garegoan Road, Malthan Phata, Shikrapur, Shirpur, District Pune - 412210, Maharashtra, India
Factory 2 :	112/113, B.U. Bhandari Industrial Estate, Sanaswadi, Shirur, District Pune - 412210, Maharashtra, India
Tel. No.:	91-2137-669600
Factory 3 :	Survery No. 206, Plot No. 2, 3 and 4, Opposite Dadra Check Post, Village Dadra, Silvasa - 396191, Dadra and Nagar Haveli, India
Tel. No.:	91-250-6134100
Factory 4 :	Plot No. 18, Sector 11, Tata Vendors Park, IIE Pantnagar, (SIDCUL), Rudrapur (Uddham Singh Nagar) - 263153, Uttarakhand, India
Branch Office :	The Peerage, 86, M. Vasanji Road, Andheri (East), Mumbai - 400093, Maharashtra, India
Tel. No.:	91-22-26834763

DIRECTORS

As on 30.09.2013

Name :

Mr. Dharmendra Kantilal Gandhi

Designation :

Managing Director

Address :

Ekdanti, 1st Floor, 19–A, Vallabh Nagar, CHSL, North South Road No. 4, JVPD Scheme, Vile Parle (West), Mumbai - 400056, Maharashtra, India

Date of Birth/Age :

18.05.1957

Qualification :

Graduate

Date of Appointment :

28.09.1990

DIN No.:

01254714

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U99999MH1990PLC058368	MUTUAL INDUSTRIES LIMITED	Managing director	28/09/1990	28/09/1990	Active	NO
2	U74210MH2007PTC173238	MUTUAL ENGINEERING PRIVATE LIMITED	Director	18/08/2007	18/08/2007	Active	NO
3	U25203MH2012PTC235302	MUTUAL EXTERIOR SYSTEMS PRIVATE LIMITED	Director	04/09/2012	04/09/2012	Active	NO

Name :

Mr. Jaysinh Vallabhdas Mariwala

Designation :

Director

Address :

3, Sudhakunj, Tardeo Road, Mumbai - 400034, Maharashtra, India

Date of Birth/Age :

09.07.1933

Qualification :

Chartered Accountant

Date of Appointment :

25.03.2002

DIN No.:

00182835

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	U51109KL1942PLC001301	VALLABHDAS KANJI LIMITED	Director	19/06/1963	19/06/1963	-	Active	NO
2	U51909MH1990PLC240460	KANCOR INGREDIENTS LIMITED	Director	03/05/1990	03/05/1990	-	Active	NO
3	U51220MH1994PTC080424	AUTO HANGAR (INDIA) PRIVATE LIMITED	Director	01/10/1994	01/10/1994	-	Active	NO
4	U65929KL1995PTC008589	AJM FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	23/01/1995	23/01/1995	-	Strike off	NO
5	U65929KL1995PTC008586	JAYSINH ANILA FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	23/01/1995	23/01/1995	-	Under Process of Striking off	NO
6	U65929KL1995PTC008590	SJM FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	23/01/1995	23/01/1995	-	Strike off	NO
7	U65929KL1995PTC008587	MADHAVI MOHAN FINANCE AND INVESTMENT PRIVATE LIMITED	Director	23/01/1995	23/01/1995	-	Strike off	NO
8	U67190MH1996PTC098775	MARIGOLD CAPITAL MANAGEMENT PRIVATE LIMITED	Director	10/04/1996	10/04/1996	27/08/2010	Active	NO
9	U27200MH1979PLC021470	NIRLEP APPLIANCES LIMITED	Director	30/05/1997	30/05/1997	10/01/2008	Active	NO
10	U99999MH1990PLC058368	MUTUAL INDUSTRIES LIMITED	Director	05/03/2002	05/03/2002	-	Active	NO
11	U51225KL2000PLC014152	RED PEPPERS LIMITED	Director	18/03/2002	18/03/2002	-	Active	NO
12	L24100MH1992PLC066691	JAYANT AGRO-ORGANICS LIMITED	Director	29/06/2002	29/06/2002	-	Active	NO
13	U24230MH2003PLC141898	OMNIACTIVE HEALTH TECHNOLOGIES LIMITED	Director	27/08/2003	27/08/2003	-	Active	NO
14	U72900MH2001PTC131243	REDLINE AUTOMOTIVE PRIVATE LIMITED	Director	30/09/2004	30/09/2004	-	Amalgamated	NO
15	U85110MH2004PTC146014	CENTRE FOR DIGESTIVE AND KIDNEY DISEASES (INDIA) PRIVATE LIMITED	Director	02/01/2005	02/01/2005	-	Active	NO
16	U15495MH2006PLC240494	KANCOR NATURAL ISOLATES LIMITED	Director	17/08/2006	17/08/2006	-	Active	NO
17	U24117MH2006PTC164412	IHSEDU SPECIALITY CHEMICALS PRIVATE LIMITED	Director	15/07/2010	18/09/2009	-	Amalgamated	NO
18	U52100MH2007PTC173441	VKL SEASONING PRIVATE LIMITED	Director	30/09/2013	17/06/2013	-	Active	NO
19	U24233MH2013PLC245230	OMNI WELLNESS AND NUTRITION LIMITED	Director	05/07/2013	05/07/2013	-	Active	NO

Name :

Mr. Prakash Chandra Kapoor

Designation :

Director

Address :

Pallonji Mansion, Block – D, Ground Floor, 43, CUFFE Parade, Colaba, Mumbai - 400005, Maharashtra, India

Date of Birth/Age :

05.04.1945

Date of Appointment :

29.03.2005

DIN No.:

00786682

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	L61100MH1976PLC019092	BHARATI SHIPYARD LIMITED	Managing director	07/06/2009	22/06/1976	-	Active	NO
2	U63013MH1978PTC020515	BHARATI SHIPPING AND DREDGING COMPANY PRIVATE LIMITED	Director	24/07/1978	24/07/1978	-	Active	NO
3	U35111GA1991PTC001139	PINKY SHIPYARD PRIVATE LIMITED	Director	05/01/2005	05/01/2005	-	Active	NO
4	U99999MH1990PLC058368	MUTUAL INDUSTRIES LIMITED	Director	29/03/2005	29/03/2005	-	Active	NO
5	U35111WB2007PLC116261	BENGAL SHIPYARD LIMITED	Director	31/05/2007	31/05/2007	-	Active	NO
6	U74140MH2007PTC169694	BHARATI MARITIME SERVICES PRIVATE LIMITED	Director	10/09/2007	10/09/2007	12/03/2014	Active	NO
7	U17120MH1975PTC018558	USHA SILK MILLS PRIVATE LIMITED	Director	27/09/2008	17/11/2007	-	Active	NO
8	U17120MH1975PTC018555	SWATI SILK MILLS PRIVATE LIMITED	Director	27/09/2008	17/11/2007	-	Active	NO
9	U40108MH2007PTC176680	VAYURAJ ENERGY PRIVATE LIMITED	Additional director	01/01/2008	01/01/2008	-	Active	NO
10	U40108MH2007PTC176677	VAYUTATVA ENERGY PROJECTS PRIVATE LIMITED	Director	29/09/2008	01/01/2008	-	Active	NO
11	U35110MH2008PTC177487	BHARATI MARINE CONSTRUCTION AND ENGINEERING PRIVATE LIMITED	Director	07/01/2008	07/01/2008	-	Active	NO
12	U35100WB2008PLC121530	OCEANIC SHIPYARD LIMITED	Director	08/01/2008	08/01/2008	-	Active	NO
13	U45200MH2008PTC180437	BHARATI INFRATECH PROJECTS PRIVATE LIMITED	Director	26/03/2008	26/03/2008	12/03/2014	Active	NO
14	U74999MH2007PTC168518	SHARVEN MULTITRADE PRIVATE LIMITED	Director	27/09/2008	20/08/2008	-	Active	NO
15	U45200MH2009PTC189650	HARSHA INFRASTRUCTURE PRIVATE LIMITED	Director	28/12/2009	24/01/2009	12/03/2014	Active	NO
16	U51900MH2008PTC186264	PREMILA MERCANTILE PRIVATE LIMITED	Additional director	02/02/2009	02/02/2009	-	Active	NO
17	U51900MH2008PTC187444	NISHITA MERCANTILE PRIVATE LIMITED	Additional director	02/02/2009	02/02/2009	-	Active	NO
18	U40104MH2008PTC183571	VISHUDH URJA PRIVATE LIMITED	Director	09/06/2009	02/02/2009	-	Active	NO
19	U40105MH2008PTC183570	NATURAL POWER VENTURES PRIVATE LIMITED	Director	09/06/2009	02/02/2009	-	Active	NO
20	U40104MH2008PTC183572	ADVITIYA URJA PRIVATE LIMITED	Director	09/06/2009	02/02/2009	-	Active	NO
21	U40108MH2007PTC176682	NIRUPAM ENERGY PROJECTS PRIVATE LIMITED	Director	09/06/2009	02/02/2009	-	Active	NO
22	U45200MH2007PTC169252	DHANSHREE PROPERTIES PRIVATE LIMITED	Director	09/06/2009	02/02/2009	-	Active	NO
23	U35117MH2009PTC190733	SHIPACE SHIPPING PRIVATE LIMITED	Director	05/03/2009	05/03/2009	-	Active	NO
24	U35115MH2009PTC191083	SEA SPLICE SHIPPING PRIVATE LIMITED	Director	20/03/2009	20/03/2009	30/07/2009	Active	NO
25	U35114MH2009PTC191104	PORTSIDE SHIPPING PRIVATE LIMITED	Director	20/03/2009	20/03/2009	-	Active	NO
26	L11200MH2005PLC154793	GOL OFFSHORE LIMITED	Whole-time director	01/05/2010	02/02/2010	-	Active	NO

Name :

Mr. Balkrishna Patwardhan

Designation :

Director

Address :

3, Unmesh, N P Thakkar Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India

Date of Birth/Age :

18.12.1941

Qualification :

Master in Economics

Date of Appointment :

30.09.2011

DIN No.:

00147084

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	L61100MH1976PLC019092	BHARATI SHIPYARD LIMITED	Director	12/07/2004	12/07/2004	01/06/2013	Active	NO
2	U99999MH1990PLC058368	MUTUAL INDUSTRIES LIMITED	Director	30/09/2011	14/03/2011	-	Active	NO
3	L65990MH1985PLC037697	WEIZMANN FOREX LIMITED	Additional director	13/11/2013	13/11/2013	-	Active	NO

Name :

Mr. Drumil Jayantilal Gandhi

Designation :

Director

Address :

G-2, Ground Floor, Ruby Apartment, A, Plot No. 51, 7^th Road, JVPD Scheme, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

14.10.1970

Qualification :

BE electrical

Date of Appointment :

30.09.2011

DIN No.:

03560719

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U99999MH1990PLC058368	MUTUAL INDUSTRIES LIMITED	Director	30/09/2011	14/03/2011	Active	NO

Name :

Mr. Harin Kiritkumar Gandhi

Designation :

Director

Address :

401, Dev Residency, JVPD Scheme, Vile Parle (West), Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

19.11.1968

Qualification :

Graduate

Date of Appointment :

30.09.2011

DIN No.:

03477195

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
1	U72200MH2003PTC143618	ARISH INFORMATICS PRIVATE LIMITED	Director	01/03/2011	01/03/2011	-	Active
2	U99999MH1990PLC058368	MUTUAL INDUSTRIES LIMITED	Director	30/09/2011	14/03/2011	-	Active
3	U25203MH2012PTC235302	MUTUAL EXTERIOR SYSTEMS PRIVATE LIMITED	Director	04/09/2012	04/09/2012	-	Active

KEY EXECUTIVES

Name :	Mr. Jinesh Jyotindra Shah
Designation :	Company Secretary and Head of Finance Department
Date of Appointment :	02.06.2003
PAN No.:	AOWPS0599A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
Dharmendra Kantilal Gandhi	1151230	19.29
Mala Dharmendra Gandhi	599230	10.04
Uchit Dharmendra Gandhi	338410	5.67
Hemit Dharmendra Gandhi	298410	5.00
Dhirajbal Kiritkumar Gandhi	596820	10.00
Apurva Kiritkumar Gandhi	596820	10.00
Harin Kiritkumar Gandhi	596820	10.00
Kanchan Jayantilal Gandhi	895230	15.00
Akash Drumil Gandhi	895230	15.00
Total	5968200	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Plastic Mould, Plastic Automotive Parts, Automotive Systems, etc.

Products :

Item Code No. (ITC Code)	Product Description
39239090	Plastic Moulded Industrial Components

Exports :

Products :

· Plastic Mould

· Plastic Automotive Parts

· Automotive Systems

Countries :

· Singapore

· Dubai

· Europe

Imports :

Products :

Raw Material

Countries :

· Europe

· Korea

Terms :

Selling :

Advance Payment and Cheque

Purchasing :

Advance Payment and Cheque

GENERAL INFORMATION

Suppliers :

Customers :

Retailers and Endusers

· Tata

· Mahindra

· Ashok Leyland

· Piaggio

· Ford

· Behr

· Fiat

· Maruti Suzuki

· Whirlpool

· Anchor

· IFB

· LG

· Montaplast

· Visteon

· Reliance Industries Limited

No. of Employees :

70 (Approximately)

Bankers :

· ICICI Bank Limited, Landmark Building, Race Course Circle, Alkapuri, Vadodara - 390007, Gujarat, India

· Axis Bank Limited, Corporate Banking Branch, 214-215, City Mall, 2nd Floor, Plot No. 1, S. No. 132, Ganesh Khind Road, Pune - 411007, Maharashtra, India

· DBS Bank Limited, 3rd Floor, Fort House, 221 D N Road, Fort, Mumbai - 400001, Maharashtra, India

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

· Kotak Mahindra Bank Limited, 36-38a, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India

· Barclays Bank, 801/808, Ceejay House, Shiv Sagar Estate, Dr. Anne Beasant Road, Worli, Mumbai - 400018, Maharashtra, India

· Yes Bank

· Standard Chartered Bank

Facilities :

Total Facility: Rs. 600.000 Millions

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	403.145	398.999
Rupee term loans from others (Tata Capital term Loan (Secured Against movable and immovable fixed assets))	31.640	44.298
Loans taken for vehicles (Secured against Vehicle financed under Hire Purchase Agreement.)	2.967	3.798
SHORT TERM BORROWINGS
Working capital loans from banks	359.754	340.216
Total	797.506	787.311

Banking Relations :	--
Financial Institution:	· Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra, India
Auditors :
Name :	Kamdar Desai and Patel Chartered Accountants
Address :	D/2/3, Nutan Jeevan Co Opeartive Housing Society, Kripa Nagar IRLA S V Road, Mumbai - 400056, Maharshtra, India
E-Mail :	info@kdpaccountants.com
Website:	www.kdpacoountants.com
Income-tax PAN of auditor or auditor's firm :	AAAFK6984H
Associates/Subsidiaries :

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,968,200	Equity Shares	Rs.10/- each	Rs.59.682 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	59.682	59.682	59.682
(b) Reserves & Surplus	1095.390	1017.553	840.520
(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)	1155.072	1077.235	900.202
(3) Non-Current Liabilities
(a) long-term borrowings	443.895	455.201	519.986
(b) Deferred tax liabilities (Net)	110.799	110.799	112.206
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	554.694	566.000	632.192
(4) Current Liabilities
(a) Short term borrowings	359.754	340.216	386.460
(b) Trade payables	587.022	599.926	787.045
(c) Other current liabilities	213.433	209.124	0.000
(d) Short-term provisions	137.692	112.755	64.240
Total Current Liabilities (4)	1297.901	1262.021	1237.745
TOTAL	3007.667	2905.256	2770.139
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1558.019	1590.185	1511.789
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	4.417	3.090	32.786
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	68.326	69.625	67.901
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1630.762	1662.900	1612.476
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	424.655	392.061	393.919
(c) Trade receivables	604.975	560.172	537.440
(d) Cash and cash equivalents	32.756	17.456	3.008
(e) Short-term loans and advances	301.066	260.097	204.686
(f) Other current assets	13.453	12.570	18.610
Total Current Assets	1376.905	1242.356	1157.663
TOTAL	3007.667	2905.256	2770.139

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2716.189	2960.402	2307.956
		Other Income	14.196	14.239	11.655
		TOTAL (A)	2730.385	2974.641	2319.611
Less	EXPENSES
		Cost of Materials Consumed	1562.325	1634.517	665.944
		Purchases of Stock-in-Trade	0.000	0.000	749.223
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(44.401)	11.532	85.392
		Employees benefits expense	198.054	154.809	219.476
		Other expenses	606.880	635.011	282.288
		Exceptional Items	0.000	1.045	0.000
		TOTAL (B)	2322.858	2436.914	2002.323
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		407.527	537.727	317.288
Less	FINANCIAL EXPENSES (D)		90.704	102.481	94.812
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		316.823	435.246	222.476
Less/ Add	DEPRECIATION/ AMORTISATION (F)		202.113	182.812	165.46
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		114.710	252.434	57.016
Less	TAX (H)		23.000	54.592	8.270
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		91.710	197.842	48.746
	APPROPRIATIONS
		Transfer to General Reserve	6.905	22.100	5.000
		Dividend	11.936	17.904	11.936
		Tax on Dividend	1.936	2.904	1.982
	BALANCE CARRIED TO THE B/S		71.296	154.934	29.827
	EARNINGS IN FOREIGN CURRENCY
		Exports of goods	14.099	9.458	5.789
	TOTAL EARNINGS		14.099	9.458	5.789
	IMPORTS
		Raw Material/Stores and Spares	111.761	156.914	115.014
		Capital Goods	54.005	87.049	72.025
	TOTAL IMPORTS		165.766	244.033	187.039
	Earnings / (Loss) Per Share (Rs.)		15.37	33.15	8.70

Expected Sales 2013-2014: Rs. 2950.000 Millions

The above information has been parted by Mr. Jinesh Jyotindra Shah (Company Secretary and Head of Finance Department).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.36	6.65	2.10
Net Profit Margin (PBT/Sales)	(%)	4.22	8.53	2.47
Return on Total Assets (PBT/Total Assets}	(%)	3.91	8.91	2.14
Return on Investment (ROI) (PBT/Networth)		0.10	0.23	0.06
Debt Equity Ratio (Total Debt/Networth)		0.70	0.74	1.01
Current Ratio (Current Asset/Current Liability)		1.06	0.98	0.94

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	59.682	59.682	59.682
Reserves & Surplus	840.520	1017.553	1095.390
Net worth	900.202	1077.235	1155.072
long-term borrowings	519.986	455.201	443.895
Short term borrowings	386.460	340.216	359.754
Total borrowings	906.446	795.417	803.649
Debt/Equity ratio	1.007	0.738	0.696

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	2307.956	2960.402	2716.189
		28.269	(8.249)

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	2307.956	2960.402	2716.189
Profit	48.746	197.842	91.710
	2.11%	6.68%	3.38%

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	No
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10436882	01/07/2013	1,963,420,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B79644498
2	10419013	17/02/2013	50,000,000.00	ICICI BANK LIMITED	LANDMARK BUILDING, RACE COURSE CIRCLE, ALKAPURI, VADODARA, GUJARAT - 390007, INDIA	B72978133
3	10410234	07/02/2013	380,000,000.00	ICICI BANK LIMITED	LANDMARK BUILDING, RACE COURSE CIRCLE, ALKAPURI, VADODARA, GUJARAT - 390005, INDIA	B70236468
4	10386835	26/09/2012	250,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	B62172960
5	10339892	10/04/2012 *	100,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BR., 214-215 CITY MALL, 2ND FLOOR, PLOT NO.1, S.NO.132, GANESH KHIND ROAD, PUNE, MAHARASHTRA - 411007, INDIA	B38826731
6	10383054	21/02/2012	150,000,000.00	YES BANK LIMITED	NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIA, DR. A B ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B41712837
7	10324570	26/09/2012 *	200,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B60514585
8	10277680	10/04/2012 *	150,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BR., 214-215 CITY MALL, 2ND FLOOR, PLOT NO.1, S.NO.132, GANESH KHIND ROAD, PUNE, MAHARASHTRA - 411007, INDIA	B38826426
9	10236757	03/08/2011 *	100,000,000.00	TATA CAPITAL LIMITED	ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B21858196
10	10403605	31/05/2010	100,000,000.00	BANK OF INDIA	PUNE CORPORATE BANKING BRANCH, 1162/6, SHIVAJI NA GAR, UNIVERSITY ROAD, PUNE, MAHARASHTRA - 411005, INDIA	A90094871
11	10208192	04/03/2011 *	200,000,000.00	ST HELEN'S NOMINEES INDIA PRIVATE LIMITED	CHARTERED BANK BLDG23-25 M G ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B09689183
12	10124126	12/09/2008	75,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A46888764
13	10102421	27/03/2008	80,000,000.00	BANK OF INDIA	1162/6, SHIVAJI NAGAR UNIVERSITY ROAD, PUNE, MAHARASHTRA - 411005, INDIA	A38428090
14	10051921	03/08/2011 *	436,000,000.00	BANK OF INDIA	PUNE CORPORATE BANKING BRANCH,1162/6, SHIVAJINAGAR, UNIVERSITY ROAD, NEAR OBSERVATORY, PUNE - 411005, MAHARASHTRA, INDIA	B42365734
15	10058192	20/04/2007	267,000,000.00	BANK OF INDIA	1162/6, SHIVAJI NAGAR UNIVERSITY ROAD, PUNE, MAHARASHTRA - 411005, INDIA	A15237308
16	10054488	28/02/2007	135,000,000.00	CITIBANK N.A.	BIRLA TOWER, 3RD FLOOR, WEST WING, 25 BARAKHAMBA ROAD, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	A13920244
17	10033763	21/02/2012 *	110,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B35087238
18	10021903	08/10/2009 *	350,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A71512032

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Other loans and advances, others	6.143	8.106
Total	6.143	8.106

FINANCE

As at the end of the financial year, the Company has sanctioned fund based working capital facilities of Rs. 570.000 Millions. The Non-Fund based limits was at Rs. 30.000 Millions. The Company enjoys multiple banking arrangements. Present Working Capital Bankers of the Company are Bank of India, Standard Chartered Bank, Axis Bank, Kotak Mahindra Bank, Yes Bank, HDFC Bank and ICICI Bank. Terms lending banks are Kotak Mahindra Bank, Bank of India, Axis Bank, HDFC Bank, ICICI Bank, Yes Bank and Tata Capital Limited

The capex plan for next 3 years as envisaged earlier, estimated at Rs 1000.000 Millions, has been delayed. The company is yet to get its land allotment for the green field project at Dharwad, Tata Motors Ltd. Further due to slowdown in the automobile industry the plan to construct additional factory building at Pantnagar has also been postponed at the moment. Its expansion plan at all locations including its paint shop at Shikhrapur and Pantnagar, has been postponed indefinitely and awaiting better market situations and growth prospects.

The Company has imported one more Vacumm Forming Machine to cater to business of LCV and Non Auto customers. The Company is confident to create more such customers in this space of business.

WIND POWER PROJECT

The company’s Wind Farm, consisting of 1 wind Energy Generators with a total capacity of 1.65 MW has generated total revenues of Rs. 12.423 Millions during the year under report. The generation of electricity has been uniform year on year.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
a. Guarantees given by banks	11.110	27.237
b. Excise demand on account of price structure of moulds against which MIL has made an appeal and has been allowed to do so without deposit.	18.771	14.971
c. L/C's Outstanding (converted @Rs. 69.60 Per Euro as on 31.3.13)	64.580	42.499
d. Sales tax demand on account of wrong C form being issued	1.222	1.222

FIXED ASSETS

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipment’s

· Other Equipment’s

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.60.71
UK Pound	1	Rs.102.04
Euro	1	Rs.83.77

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUM
Report Prepared by :	MRI

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	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.