MIRA INFORM REPORT

Report Date :

07.08.2014

IDENTIFICATION DETAILS

Name :	CONTINENTAL DEVICE INDIA LIMITED
Registered Office :	C / 120, Naraina Industrial Area, New Delhi - 110 028
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.12.1964
Com. Reg. No.:	55-004291
Capital Investment / Paid-up Capital :	Rs. 43.000 Millions
CIN No.: [Company Identification No.]	U32109DL1964PLC004291
TAN No.: [Tax Deduction & Collection Account No.]	DELC07659B
PAN No.: [Permanent Account No.]	AAACC1835E
Legal Form :	Closely Held Public Limited Liability Company.
Line of Business :	Manufacturing and Exporting of discrete silicon Semiconductor components like Transistors, Diodes, Zener Diodes in standard and surface Mount Packages, Photo-Sensitive Semi-Conductor Devices including Photo-Voltaic Cells, Mounted Piezo-Electric Crystals, Subcontract Assembly for Discrete Components and Contract PC Board Assembly.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 4120000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Ranjeet Kapadia
Designation :	Finance Executive
Contact No.:	91-11-25796150
Date :	05.08.2014

LOCATIONS

Registered Office :	C / 120, Naraina Industrial Area, New Delhi – 110 028, India
Tel. No.:	91-11-25796150 / 6151 / 6152 / 6153/51411112
Fax No.:	91-11-25799569/25795290/51411119
E-Mail :	sales@cdil.cc.gw.wiprobt.ems.vsnl.net.in sales@cdil.com email@cdil.com
Website :	http://www.cdil.com http://www.cdilsemi.com
Area :	10000 sq.fts (Owned)
Location :	Industrial Area
Factory 1 :	C / 120, Naraina Industrial Area, New Delhi – 110 026
Factory 2 :	14/5, Mathura Road, Faridabad, Haryana
Factory 3 :	132, Industrial Area, Chandigarh
Factory 4 :	Electronics Complex, Rangreth, Sri Nagar, Jammu & Kashmir
Factory 5 :	B-97, Phase-VIII Industrial Area, SAS Nagar, Mohali 160059, Punjab
Branches :	4801, High Point IV, 45, Palace Road, Bangalore, Karnataka – 560 001

DIRECTORS

As on: 30.09.2013

Name :

Mr. Gurpreet Singh

Designation :

Chairman and Managing Director

Address :

20-A, Aurangzeb Road, New Delhi – 110011, Delhi

Date of Birth :

22/11/1933

Date of Appointment :

01.12.2012

DIN No. :

00173503

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	U74899DL1947PTC001234	NATIONAL COLD STORAGE AND REFRIGERATION PRIVATE LIMITED	Director	15/12/1954	15/12/1954	-	Active	NO
2	U32109DL1964PLC004291	CONTINENTAL DEVICE INDIA LIMITED	Managing director	01/12/2012	10/12/1964	-	Active	NO
3	U74899DL1970PTC005207	DELTA ELECTRONICS PRIVATE LIMITED	Director	27/10/1970	27/10/1970	-	Active	NO
4	U74899DL1968PTC004976	SEMTECH PRIVATE LIMITED.	Director	13/09/1975	13/09/1975	-	Active	NO
5	L32109DL1982PLC013838	DELTRON LIMITED	Director	17/10/1983	17/10/1983	-	Active	NO
6	U74899DL1970PTC005443	SIMRAN ELECTRONICS PRIVATE LIMITED	Director	12/07/1990	12/07/1990	-	Active	NO
7	U67120DL2001PTC111221	M D HOLDINGS PRIVATE LIMITED	Director	05/03/2004	05/03/2004	-	Active	NO
8	U45201DL2001PTC111217	RAGHAV PROPERTIES PRIVATE LIMITED	Director	08/03/2004	08/03/2004	-	Active	NO
9	U72900DL2006PLC153842	Nile Tech LIMITED	Director	29/09/2007	15/09/2006	04/03/2011	Active	NO
10	U72200DL2006PLC154058	CONTINENTAL DEVICE INFOTECH LIMITED	Director	19/09/2006	19/09/2006	-	Active	NO
11	U45201DL2003PTC123474	MULBERRY PROJECTS PRIVATE LIMITED	Director	29/09/2007	10/05/2007	-	Active	NO

Name :

Ms. Maharani Gita Devi

Designation :

Director

Address :

B 90-A, Greater Kailash Part I, New Delhi – 110048, Delhi

Date of Birth :

21.03.1936

Date of Appointment :

11.12.1969

DIN No. :

00215138

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	U32109DL1964PLC004291	CONTINENTAL DEVICE INDIA LIMITED	Director	11/12/1969	11/12/1969	-	Active	NO
2	U18104DL2013PTC253173	BEAGLE FASHIONS PRIVATE LIMITED	Director	30/05/2013	30/05/2013	-	Active	NO

Name :

Mr. Inderdeep Singh

Designation :

Managing Director

Address :

20-A, Aurangzeb Road, New Delhi – 110011, Delhi

Date of Birth :

18/08/1960

Date of Appointment :

01.12.2012

DIN No. :

00173538

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	U32109DL1964PLC004291	CONTINENTAL DEVICE INDIA LIMITED	Managing director	01/12/2012	01/09/1988	-	Active	NO
2	U74899DL1987PTC026729	SOFT ELECTRONICS PRIVATE LIMITED	Director	04/09/1989	04/09/1989	-	Active	NO
3	U74899DL1970PTC005443	SIMRAN ELECTRONICS PRIVATE LIMITED	Director	12/07/1990	12/07/1990	-	Active	NO
4	L32109DL1982PLC013838	DELTRON LIMITED	Director	26/11/1991	26/11/1991	-	Active	NO
5	U74899DL1947PTC001234	NATIONAL COLD STORAGE AND REFRIGERATION PRIVATE LIMITED	Director	04/08/1999	04/08/1999	-	Active	NO
6	U67120DL2001PTC111221	M D HOLDINGS PRIVATE LIMITED	Director	05/03/2004	05/03/2004	-	Active	NO
7	U45201DL2001PTC111217	RAGHAV PROPERTIES PRIVATE LIMITED	Director	08/03/2004	08/03/2004	-	Active	NO
8	U65999CH1998SGC022010	PUNJAB VENTURE CAPITAL LIMITED	Director	14/12/2005	14/12/2005	28/06/2010	Active	NO
9	U72900DL2006PLC153842	Nile Tech LIMITED	Director	29/09/2007	15/09/2006	02/03/2011	Active	NO
10	U72200DL2006PLC154058	CONTINENTAL DEVICE INFOTECH LIMITED	Director	19/09/2006	19/09/2006	-	Active	NO
11	U45201DL2003PTC123474	MULBERRY PROJECTS PRIVATE LIMITED	Director	29/09/2007	07/05/2007	-	Active	NO
12	L29112DL1963PLC004084	SHRIRAM PISTONS AND RINGS LIMITED	Director	26/06/2010	25/03/2008	-	Active	NO
13	U91900PB2011NPL034564	YOUNG PRESIDENT'S ORGANISATION (PUNJAB CHAPTER)	Director	05/01/2011	05/01/2011	28/03/2013	Active	NO
14	U74140DL2011PTC216948	BELLA VISTA MANAGEMENT SOLUTIONS PRIVATE LIMITED	Director	04/04/2011	04/04/2011	-	Active	NO

Name :

Mr. G Kushal Singh

Designation :

Director

Address :

20-A, Aurangzeb Road, New Delhi – 110011, Delhi

Date of Birth :

19/02/1935

Date of Appointment :

07/03/1966

DIN No. :

00178630

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	U32109DL1964PLC004291	CONTINENTAL DEVICE INDIA LIMITED	Director	07/03/1966	07/03/1966	-	Active	NO
2	U74899DL1968PTC004976	SEMTECH PRIVATE LIMITED.	Director	23/03/1969	23/03/1969	-	Active	NO
3	U74899DL1970PTC005207	DELTA ELECTRONICS PRIVATE LIMITED	Whole-time director	27/10/1970	27/10/1970	-	Active	NO
4	U74899DL1970PTC005443	SIMRAN ELECTRONICS PRIVATE LIMITED	Director	06/11/1975	06/11/1975	-	Active	NO

Name :

Mr. G. V. Subramanian

Designation :

Director

Address :

Flat No. A- 706, 7^th Floor, Riverview apartment, Plot # 10, Mayur Vihar Ext. Phase – I, Delhi – 110091, Delhi

Date of Birth :

18/02/1940

Date of Appointment :

28/10/2002

DIN No. :

00173861

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	U74899DL1947PTC001234	NATIONAL COLD STORAGE AND REFRIGERATION PRIVATE LIMITED	Director	04/02/1987	04/02/1987	01/12/2013	Active	NO
2	U74899DL1947PTC001282	A G TRADERS PRIVATE LIMITED	Director	14/03/1987	14/03/1987	01/12/2013	Active	NO
3	U74899DL1970PTC005207	DELTA ELECTRONICS PRIVATE LIMITED	Director	22/06/1989	22/06/1989	01/12/2013	Active	NO
4	U72900DL1999PTC102689	QUALITY SOLUTIONS (INDIA) PRIVATE LIMITED	Director	06/12/1999	06/12/1999	01/12/2011	Active	NO
5	U32109DL1964PLC004291	CONTINENTAL DEVICE INDIA LIMITED	Director	28/10/2002	28/10/2002	01/12/2013	Active	NO
6	U72200DL2006PLC154058	CONTINENTAL DEVICE INFOTECH LIMITED	Director	19/09/2006	19/09/2006	01/12/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Atul Sharma
Designation :	Director
Address :	183-184, Pocket – 2, Sector – 24, Rohini – 110085, Delhi, India
Date of Birth :	22.12.1985
Date of Appointment :	01.06.2012
PAN No. :	BJUPS6702B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

SHAREHOLDERS LIST ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Bodies corporate	1.76
Directors or relatives of directors	97.18
Other top fifty shareholders	1.06
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Exporting of discrete silicon Semiconductor components like Transistors, Diodes, Zener Diodes in standard and surface Mount Packages, Photo-Sensitive Semi-Conductor Devices including Photo-Voltaic Cells, Mounted Piezo-Electric Crystals, Subcontract Assembly for Discrete Components and Contract PC Board Assembly.

Products :

Product Description	ITC Code No
DIODES	85.41.10
Transistors	85.41.29
Electronic Sub-Assemblies	85.17.19
Automotive Parts	85.11.90
Other Electronic Sub-Assemblies and Modules	85.48.00

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· ING Vysya Bank Limited, Narain Manzil, 23, Barakhamba Road, New Delhi, Delhi, India

· Punjab National Bank, Naraina Vihar, New Delhi – 110028, Delhi, India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Term Loan	16.024	16.024
SHORT TERM BORROWINGS:
Cash Credit From Banks	8.740	4.030
Total	24.764	20.054

Banking Relations :	--
Auditors :
Name :	Raghunath Rai and Company Chartered Accountants
Address :	9, Mathura Road, Jangpura ‘B’, New Delhi – 110014, Delhi, India
PAN No.:	AAAFR6306E
Subsidiaries :	· CDIL (HK) Limited · Continental Device InfoTech Limited · Bella Vista Management Solutions Private Limited
Group Companies :	· Deltron Limited · Mulberry Projects Private Limited · NCS and R Private Limited · Delta Electronics Private Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
4900000	Equity Shares	Rs.10/- each	Rs. 49.000 Millions
10000	Preference shares	Rs. 100/- each	Rs. 1.000 Millions
	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
4300000	Equity Shares	Rs.10/- each	Rs. 43.000 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	43.000	43.000	43.000
(b) Reserves & Surplus	986.892	982.467	980.301
(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)	1029.892	1025.467	1023.301
(3) Non-Current Liabilities
(a) long-term borrowings	182.351	188.487	276.626
(b) Deferred tax liabilities (Net)	22.919	26.091	28.426
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	8.795	9.062	16.062
Total Non-current Liabilities (3)	214.065	223.640	321.114
(4) Current Liabilities
(a) Short term borrowings	13.615	8.905	13.274
(b) Trade payables	55.707	44.651	53.215
(c) Other current liabilities	172.398	132.699	118.599
(d) Short-term provisions	5.031	4.998	9.995
Total Current Liabilities (4)	246.751	191.253	195.083
TOTAL	1490.708	1440.360	1539.498
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	282.504	308.702	324.223
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	17.033	28.416	19.740
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	869.073	807.840	899.967
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.859	4.884	4.786
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1173.469	1149.842	1248.716
(2) Current assets
(a) Current investments	8.795	8.533	0.000
(b) Inventories	69.225	63.076	74.607
(c) Trade receivables	172.720	139.834	122.759
(d) Cash and cash equivalents	28.015	23.395	39.216
(e) Short-term loans and advances	23.335	31.645	23.965
(f) Other current assets	15.149	24.035	30.235
Total Current Assets	317.239	290.518	290.782
TOTAL	1490.708	1440.360	1539.498

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	906.515	796.181	849.342
		Other Income	18.017	36.429	376.274
		TOTAL (A)	924.532	832.610	1225.616
Less	EXPENSES
		Cost of Materials Consumed	421.015	371.314	426.854
		Purchases of Stock-in-Trade	220.578	171.100	155.539
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(9.189)	5.521	9.665
		Employees benefits expense	150.408	147.379	142.166
		Other expenses	77.712	76.135	79.021
		TOTAL (B)	860.524	771.449	813.245
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		64.008	61.161	412.371
Less	FINANCIAL EXPENSES (D)		33.474	33.483	33.412
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		30.534	27.678	378.959
Less/ Add	DEPRECIATION/ AMORTISATION (F)		21.000	21.849	22.324
	PROFIT BEFORE TAX (E-F) (G)		9.534	5.829	356.635
Less	TAX (H)		0.078	1.335	68.038
	PROFIT AFTER TAX (G-H) (I)		9.456	4.494	288.597
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	252.412	289.064	369.722
	TOTAL EARNINGS		252.412	289.064	369.722
	IMPORTS
		Raw Materials	256.082	244.318	372.008
		Stores & Spares	224.304	175.153	160.787
		Capital Goods	0.000	2.210	0.613
	TOTAL IMPORTS		480.386	421.681	533.408
	Earnings Per Share (Rs.)		2.20	1.67	67.12

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.02	0.54	23.55
Net Profit Margin (PBT/Sales)	(%)	1.05	0.73	41.99
Return on Total Assets (PBT/Total Assets}	(%)	1.58	0.96	57.54
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.35
Debt Equity Ratio (Total Debt/Networth)		0.19	0.19	0.28
Current Ratio (Current Asset/Current Liability)		1.29	1.52	1.49

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	43.000	43.000	43.000
Reserves & Surplus	980.301	982.467	986.892
Net worth	1023.301	1025.467	1029.892
long-term borrowings	276.626	188.487	182.351
Short term borrowings	13.274	8.905	13.615
Total borrowings	289.900	197.392	195.966
Debt/Equity ratio	0.283	0.192	0.190

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	849.342	796.181	906.515
		(6.259)	13.858

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	849.342	796.181	906.515
Profit	288.597	4.494	9.456
	33.98%	0.56%	1.04%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN:

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
FIXED DEPOSITS
From directors	92.670	113.065
From others	73.657	59.398
SHORT TERM BORROWINGS:
FIXED DEPOSITS
From others	4.875	4.875
Total	171.202	177.338

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10311492	29/09/2011	123,000,000.00	PUNJAB NATIONAL BANK (LEAD BANK)	NARAINA VIHAR, NEW DELHI - 110028, DELHI, INDIA	B23064405
2	90059689	10/07/1989 *	12,500,000.00	BANK OF INDIA	MAULANA AZAD ROAD, SRINAGAR, JAMMU AND KASHMIR, INDIA	-
3	90059295	27/07/1999 *	300,000.00	UCO BANK	H BLOCK CONNAUGHT PLACE, NEW DELHI, DELHI, INDIA	-

THE YEAR IN RETROSPECT

The growth of markets and opportunities has been very low worldwide. The Global economic growth reduced to 3.2% in 2012 from 3.5% in 2011. Although USA has shown some signs of improvement however moderate contraction continues in Euro Zone economies. Low demand for goods and products in the USA and Europe, the two developed blocks of the world, has impacted Asia’s export market adversely. In the Indian context, the year has been difficult not only for the Private enterprises but also for the Nation at large in terms of controlling the country’s debts and fiscal deficit. The country witnessed a decline in growth in almost all segments of the economy. India’s GDP growth rate reduced to 5% for 2012-13 as compared to 6.5% during 2011-12. The Index of Industrial Production (IIP) recorded a subdued growth of 1% in 2012-13 as against 2.8% in the previous year. Current Account Deficit (CAD) increased to 4.8% on account of high import of Gold and Oil. Inflation rate also remained high and averaged around 7.4% in 2012-13 and the depreciating rupee further added to the worries by making import of essential items costlier. India’s export for the year 2012-13 has dipped by US $6 Bn from the previous year and stood at US $ 301 Bn due to decline in global export demand. Employment generation has also been low in all the key sectors including Textile, Leather, Metal, Automobile, IT/BPO etc. Notwithstanding the difficult period persisting worldwide, the Company performed reasonably well and maintained its profitability with prudent management of its resources.

FUTURE OUTLOOK

Almost all the Indian industries have recorded lower growth in the first quarter (Q1) of 2013-14 in comparison to the corresponding period for the year 2012-13. During Q1 of 2013-14, Indian export contracted by 1.4% and import grew by 6% in comparison to Q1 for the year 2012-13. Growth in the manufacturing sector worldwide is expected to struggle until some positive sentiments are injected into the economy. The Government and the policy makers have taken some action in the later half on 2013 by relaxing FDI norms, intensifying disinvestment efforts in selected Public Sector undertakings, discouraging import on Gold, Oil and other non-essential items, reducing Overseas Investments limits etc. which are expected to yield positive results in future. The Reserve Bank of India has projected the Indian GDP growth rate at 5.7% for the year 2013-14. The Company expects increasing pressure on margins in its business during the current financial year. Growth is expected to pick up only slowly as the year progress.

FIXED ASSETS:

· Land

· Buildings

· Plant and Machinery

· Air-condition Plant

· Computers

· Office equipment

· Furniture and Fixtures

· Vehicles

· Electrical Installations

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 judgment 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.61.34
UK Pound	1	Rs.103.44
Euro	1	Rs.81.96

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	KAR
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.