Report Date :

11.08.2014

IDENTIFICATION DETAILS

Name :	UNIVERSAL COLD STORAGE PRIVATE LIMITED
Registered Office :	Old No.60, New No.30, 28^th Cross Street, Indira Nagar Chennai - 600020, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.05.1984
Com. Reg. No.:	18-010904
Capital Investment / Paid-up Capital :	Rs. 5.500 Millions
CIN No.: [Company Identification No.]	U63023TN1984PTC010904
Legal Form :	Private Limited Liability Company
Line of Business :	Supplier and manufacturer of frozen prawns, frozen peeas, frozen strawberries, frozen sheled corns, frozen sitafal pulps, frozen green peeas etc.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 380000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Profit margin of the company is thin. However, networth of the company is satisfactory. General financial position of the company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal for business dealings 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 – 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

NEWS

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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based facilities = BB+
Rating Explanation	Moderate risk of default.
Date	June, 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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Rajendra Jain
Designation :	Accounts Manager
Contact No.:	91-22-66381080
Date :	08.08.2014

LOCATIONS

Registered Office :	Old No.60, New No.30, 28^th Cross Street, Indira Nagar Chennai - 600020, Tamilnadu, India
Tel. No.:	91-44-45520012
Fax No.:	91-44-45520014
E-Mail :	ls@libertyfoods.net accounts@libertyfoods.net
Factory :	Door No.83, Jail Road, Dogri, Mumbai - 400001, Maharashtra, India
Tel. No.:	91-22-66381080
Fax No.:	91-22-66381089

DIRECTORS

AS ON 21.08.2013

Name :

Mr. Afzal Esmail Kader

Designation :

Director

Address :

Liberty House, 31 Farook Oomerbhoy Path, Byculla, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

03.10.1953

Date of Appointment :

30.05.1984

DIN No. :

01275547

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	U15120TN1973PTC006322	DEVI MARINE FOOD EXPORTS PRIVATE LIMITED	Director	16/03/1978	16/03/1978	-	Active	NO
2	U63022MH1980PTC023048	LIBERTY COLD STORAGE BOMBAY PRIVATE LIMITED	Director	30/08/1980	30/08/1980	-	Active	NO
3	U93090TN1981PTC034315	KADER INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Director	05/11/1981	05/11/1981	-	Active	NO
4	U15499TN1983PTC010518	LIBERTY FROZEN FOODS PRIVATE LIMITED	Director	12/12/1983	12/12/1983	-	Active	NO
5	U63023TN1984PTC010904	UNIVERSAL COLD STORAGE PRIVATE LIMITED	Director	30/05/1984	30/05/1984	-	Active	NO
6	U15142MH1978PTC020372	KADER EXPORTS PRIVATE LIMITED	Director	26/09/1988	26/09/1988	-	Active	NO
7	U29191TN1976PTC007850	LIBERTY COLD STORAGE PRIVATE LIMITED	Director	20/10/1988	20/10/1988	-	Active	NO
8	U05001TN1993PTC026295	VITAL HATCHERIES PRIVATE LIMITED	Director	01/12/1993	01/12/1993	-	Active	NO
9	U65990MH1978PTC020458	LIBERTY INVESTMENTS PRIVATE LIMITED VT LTD	Director	31/10/1998	31/10/1998	-	Active	NO
10	U15140MH1978PLC020274	LIBERTY OIL MILLS LIMITED	Director	30/01/2003	30/01/2003	-	Active	NO
11	U74999TN2013PTC090407	LIBERTY CARRIERS PRIVATE LIMITED	Director	03/04/2013	03/04/2013	-	Active	NO
12	U74999TN2013PTC090476	PREMIER MARINE PRODUCTS PRIVATE LIMITED	Director	08/04/2013	08/04/2013	-	Active	NO

Name :

Parvez Hamza Kader

Designation :

Director

Address :

Liberty House, 31 Farook Oomerbhoy Path, Byculla, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

02.06.1959

Date of Appointment :

30.05.1984

DIN No. :

00546469

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	U15120TN1973PTC006322	DEVI MARINE FOOD EXPORTS PRIVATE LIMITED	Director	16/03/1978	16/03/1978	-	Active	NO
2	U15140MH1978PLC020274	LIBERTY OIL MILLS LIMITED	Managing director	01/10/2012	07/04/1978	-	Active	NO
3	U63022MH1980PTC023048	LIBERTY COLD STORAGE BOMBAY PRIVATE LIMITED	Director	30/08/1980	30/08/1980	-	Active	NO
4	U93090TN1981PTC034315	KADER INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Director	05/11/1981	05/11/1981	-	Active	NO
5	U15499TN1983PTC010518	LIBERTY FROZEN FOODS PRIVATE LIMITED	Director	12/12/1983	12/12/1983	-	Active	NO
6	U63023TN1984PTC010904	UNIVERSAL COLD STORAGE PRIVATE LIMITED	Director	30/05/1984	30/05/1984	-	Active	NO
7	U65990MH1978PTC020458	LIBERTY INVESTMENTS PRIVATE LIMITED VT LTD	Director	31/10/1998	31/10/1998	-	Active	NO
8	U01112TN2002PTC049571	LIBERTY AGRI PRODUCTS PRIVATE LIMITED	Director	09/09/2002	09/09/2002	-	Active	NO
9	U63020MH1998PTC115926	KISSAN WAREHOUSE PRIVATE LIMITED	Director	01/02/2003	01/02/2003	-	Active	NO
10	U15141MH2004PTC128747	LIBERTY FOODS PRIVATE LIMITED	Director	30/09/2004	30/09/2004	-	Active	NO
11	U15140MH2004PTC149085	LIBERTY INDUSTRIES PRIVATE LIMITED	Director	11/10/2004	11/10/2004	-	Active	NO
12	U99999MH1938GAP002843	THE BOMBAY COMMODITY EXCHANGE LIMITED	Director	31/12/2005	31/12/2005	02/02/2008	Active	NO
13	U25209DL1996NPL078182	THE CENTRAL ORGANISATION FOR OIL INDUSTRY AND TRADE	Director	22/09/2006	22/09/2006	-	Active	NO
14	U91110MH1971NPL015233	THE SOLVENT EXTRACTORS ASSOCIATION OF INDIA	Director	22/09/2006	22/09/2006	-	Active	NO
15	U74999TN2013PTC090407	LIBERTY CARRIERS PRIVATE LIMITED	Director	03/04/2013	03/04/2013	-	Active	NO
16	U74999TN2013PTC090476	PREMIER MARINE PRODUCTS PRIVATE LIMITED	Director	08/04/2013	08/04/2013	-	Active	NO

Name :

Mr. Najib Hamza Kader

Designation :

Director

Address :

Liberty House, 31 Farook Oomerbhoy Path, Byculla, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

14.11.1967

Date of Appointment :

01.10.1986

DIN No. :

00547214

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	U63022MH1980PTC023048	LIBERTY COLD STORAGE BOMBAY PRIVATE LIMITED	Director	30/09/1986	30/09/1986	-	Active	NO
2	U63023TN1984PTC010904	UNIVERSAL COLD STORAGE PRIVATE LIMITED	Director	01/10/1986	01/10/1986	-	Active	NO
3	U15120TN1973PTC006322	DEVI MARINE FOOD EXPORTS PRIVATE LIMITED	Director	01/10/1986	01/10/1986	-	Active	NO
4	U15499TN1983PTC010518	LIBERTY FROZEN FOODS PRIVATE LIMITED	Director	01/10/1986	01/10/1986	-	Active	NO
5	U65990MH1978PTC020458	LIBERTY INVESTMENTS PRIVATE LIMITED VT LTD	Director	15/12/1995	15/12/1995	-	Active	NO
6	U15140MH1978PLC020274	LIBERTY OIL MILLS LIMITED	Director	30/01/2003	30/01/2003	-	Active	NO

Name :

Mr. Abdul Razzak Ganj

Designation :

Director

Address :

Flat No. 7, Shalimar Garden, 5^th Valmigi Street, Injambakkam, Chennai – 600115, Tamilnadu, India

Date of Birth/Age :

17.12.1946

Date of Appointment :

01.10.1986

DIN No. :

02414699

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	U63023TN1984PTC010904	UNIVERSAL COLD STORAGE PRIVATE LIMITED	Director	01/10/1986	01/10/1986	-	Active	NO
2	U15499TN1983PTC010518	LIBERTY FROZEN FOODS PRIVATE LIMITED	Director	01/10/1986	01/10/1986	-	Active	NO
3	U15120TN1973PTC006322	DEVI MARINE FOOD EXPORTS PRIVATE LIMITED	Director	01/10/1986	01/10/1986	-	Active	NO
4	U15142MH1978PTC020372	KADER EXPORTS PRIVATE LIMITED	Director	26/09/1988	26/09/1988	-	Active	NO
5	U93090TN1981PTC034315	KADER INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Director	17/09/1990	17/09/1990	-	Active	NO
6	U74999TN2013PTC090476	PREMIER MARINE PRODUCTS PRIVATE LIMITED	Director	22/07/2013	22/07/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajendra Jain
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 21.08.2013

Names of Shareholders	No. of Shares
Roshna Parvez Kader	1,300
Ibrahim Abdul Kader	2,000
Afzal Esmail Kader	197
Parvez Hamza Kader	2683
Liberty Investments Private Limited, India	3,002
Zubeda Ibrahim Kader	2,000
Najib Hamza Kader	5,482
Asma Afzal Kader	2,500
Zubeda Ibrahim Kader	2,000
Ibrahim Abdul Kader	4,670
Esmail Abdul Kader	3,165
Wasim Esmail Kader Trust	6,000
Kader Exports Private Limited. India	20,000
Maimoona Mustafa Kader	1
Total	55,000

AS ON 21.08.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	42.00
Directors or relatives of Directors	58.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Supplier and manufacturer of frozen prawns, frozen peeas, frozen strawberries, frozen sheled corns, frozen sitafal pulps, frozen green peeas etc.

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· Dena Bank, Industrial Finance Branch, Dena Bank Building, Horniman Circle, Fort, Mumbai - 400023, Maharashtra, India

· The Jammu and Kashmir Bank Limited, Voltas International Centre, 52; Armenish Street, Chennai - 600001, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans from Bank
Packing Credit Advance from Dena Bank – Mumbai [Against hypothecation of stock]	110.793	122.845
Car loan with KVB	0.937	0.000
Total	111.730	122.845

Banking Relations :	--
Auditors :
Name :	Vijayaraghavan and Associates Chartered Accountants
Address :	51, Giri Road, T. Nagar, Chennai – 600017, Tamilnadu, India
PAN No.:	AAAFV1842R
Tel. No.:	91-44-28340273 / 42121335
Fax No.:	91-44-28345223
E-Mail :	pbvassociates@gmail.com

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
90000	Equity Shares	Rs.100/- each	Rs.9.000 Millions
10000	4% Prefernce Shares	Rs.100/- each	Rs.1.000 Million
	Total		Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
55000	Equity Shares	Rs.100/- each	Rs.5.500 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	5.500	5.500	5.500
(b) Reserves & Surplus	89.211	84.162	82.088
(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)	94.711	89.662	87.588
(3) Non-Current Liabilities
(a) long-term borrowings	75.795	0.214	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.021	2.715	2.165
Total Non-current Liabilities (3)	79.816	2.929	2.165
(4) Current Liabilities
(a) Short term borrowings	111.731	122.845	104.574
(b) Trade payables	112.781	16.344	17.168
(c) Other current liabilities	11.626	6.242	0.000
(d) Short-term provisions	8.458	5.567	4.019
Total Current Liabilities (4)	244.596	150.998	125.761
TOTAL	419.123	243.589	215.514
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15.274	9.555	10.455
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	7.865	7.865	7.862
(c) Deferred tax assets (net)	1.021	0.684	0.454
(d) Long-term Loan and Advances	2.769	2.699	26.066
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	26.929	20.803	44.837
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	167.845	114.425	97.511
(c) Trade receivables	144.908	52.236	55.530
(d) Cash and cash equivalents	17.991	8.142	1.718
(e) Short-term loans and advances	34.947	37.320	0.000
(f) Other current assets	26.503	10.663	15.918
Total Current Assets	392.194	222.786	170.677
TOTAL	419.123	243.589	215.514

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Revenue from operations	947.500	591.200	330.100
	Other Income	53.100	70.900	52.400
	TOTAL (A)	1,000.600	662.100	382.500
Less	EXPENSES
	TOTAL (B)	979.800	641.500	371.500
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	20.800	20.600	11.000
Less	FINANCIAL EXPENSES (D)	11.000	16.100	7.600
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	9.800	4.500	3.400
Less/ Add	DEPRECIATION/ AMORTISATION (F)	1.900	1.100	1.200
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	7.900	3.400	2.200
Less	TAX (H)	2.900	1.300	0.800
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	5.000	2.100	1.400
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	79.400	77.300	75.900
	Balance Carried to the B/S	84.400	79.400	77.300
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	947.479	591.249	NA
	TOTAL EARNINGS	947.479	591.249	NA
	IMPORTS
	Raw Materials	188.400	NIL	NA
	TOTAL IMPORTS	188.400	NIL	NA
	Earnings / (Loss) Per Share (Rs.)	90.91	38.18	25.46

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.50	0.32	0.37
Net Profit Margin (PBT/Sales)	(%)	0.83	0.58	0.67
Return on Total Assets (PBT/Total Assets)	(%)	1.93	1.45	1.06
Return on Investment (ROI) (PBT/Networth)		0.08	0.04	0.03
Debt Equity Ratio (Total Debt /Networth)		1.98	1.37	1.19
Current Ratio (Current Asset/Current Liability)		1.60	1.48	1.36

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	5.500	5.500	5.500
Reserves & Surplus	82.088	84.162	89.211
Net worth	87.588	89.662	94.711
long-term borrowings	0.000	0.214	75.795
Short term borrowings	104.574	122.845	111.731
Total borrowings	104.574	123.059	187.526
Debt/Equity ratio	1.194	1.372	1.980

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)
Revenue from operations	330.100	591.200	947.500
		79.097	60.267

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	330.100	591.200	947.500
Profit/(Loss) After Tax	1.400	2.100	5.000
	0.42%	0.36%	0.53%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-------
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	CHARGE HOLDER	ADDRESS	Service Request Number (SRN)
1	10331875	30/12/2011	30,000,000.00	DENA BANK	INDUSTRIAL FINANCE BRANCH, DENA BANK BUILDING, HO  RNIMAN CIRCLE, FORT,, MUMBAI, MAHARASHTRA - 400023  , INDIA	B30592000
2	90287715	15/12/2006 *	376,000,000.00	DENA BANK	INDUSTRIAL FINANCE BRANCH, MAKER TOWER, CUFFE PAR  ADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
3	90305344	14/06/2001	20,000,000.00	DENA BANK	INDUSTRIAL FINANCE BRANCH, CUFFE PARADE, MUMBAI,  MAHARASHTRA - 400005, INDIA	-
4	90305192	08/10/1998	60,000,000.00	DENA BANK	INDUSTRIAL FINANCE BRANCH, CUFFE PARADE, MUMBAI,  MAHARASHTRA, INDIA	-
5	90305000	20/03/1996	10,000,000.00	DENA BANK	INDUSTRIAL FINANCE BRANCH, MAKER TOWER; CUFFE PAR  ADE, BOMBAY, MAHARASHTRA - 400005, INDIA	-
6	90304888	25/01/1995	15,000,000.00	DENA BANK	INDUSTRIAL FINANCE BRANCH, MAKER TOWER `E' 9TH FL  OOR; CUFFE PARADE; COLABA, BOMBAY, MAHARASHTRA - 400005, INDIA	-
7	90308479	27/10/1994 *	21,500,000.00	DENA BANK	INDUSTRIAL FINANCE BRANCH, MAKER TOWER; `E'; 9TH  FLOOR; CUFFE PARADE; COLABA, BOMBAY, MAHARASHTRA -  400005, INDIA	-
8	90304853	24/10/1994	4,900,000.00	DENA BANK	INDUSTRIAL FINANCE BRANCH, MAKER TOWER; `E' 9TH F  LOOR; CUFFE PARADE; COLABA, BOMBAY, MAHARASHTRA -  400005, INDIA	-
9	90303620	08/06/1998 *	123,212,000.00	DENA BANK	INDUSTRIAL FINANCE BRANCH, MUMBAI, MAHARASHTRA, INDIA	-
10	90306174	17/12/1993	248,000.00	CITI BANK	766, ANNA SALAI, MADRAS, TAMIL NADU - 600002, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans from others	75.795	0.214
SHORT TERM BORROWINGS
Loans from Bank	0.000	0.000
Loans from others	0.000	0.000
Total	75.795	0.214

REVIEW OF ACTIVITIES

Income from Export Sales and other sources amounted to Rs. 947.500 Millions. The Directors are confident that the market is highly buoyant and better export turnover will result in the ensuing year.

FIXED ASSETS

· Land

· Buildings

· Plant and Machinery

· vehicles

· Computers

· Furnitures and Fittings

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 records 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.61.56
UK Pound	1	Rs.103.50
Euro	1	Rs.82.41

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	----
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.