MIRA INFORM REPORT

Report Date :

01.12.2014

IDENTIFICATION DETAILS

Name :	GANSONS LIMITED
Registered Office :	Plot No. 157/158 A, Akbar Camp Road, Sandoz Baug, Kolshet, Thane (West) – 400607, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.08.1947
Com. Reg. No.:	11-005906
Capital Investment / Paid-up Capital :	Rs.14.400 Millions
CIN No.: [Company Identification No.]	U24110MH1947PLC005906
TAN No.: [Tax Deduction & Collection Account No.]	NSKG00057B / PNEG04669A
PAN No.: [Permanent Account No.]	AAACG1699Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company is engaged in manufacturing machineries to the Pharmaceutical, Chemical, Food and Allied Industries etc.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 560000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects moderate financial risk profile marked by continuous dip in the profit of the company. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES:

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

ECGC Country Risk Classification List – 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

Verdict Implications: Apex court order may alter coal import dynamics. Traders go slowly on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn Business Empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M a M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that it had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	INDIA RATING
Rating	Long Term Issuer Rating = BB
Rating Explanation	Moderate risk of default
Date	November 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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Rode
Designation :	Accounts Manager
Contact No.:	91-22-25314052
Date :	28.11.2014

LOCATIONS

Registered Office / Head Office / Factory 1 :	Plot No. 157/158 A, Akbar Camp Road, Sandoz Baug, Kolshet, Thane (West) – 400607, Maharashtra, India
Tel. No.:	91-22-25314052 - 55
Fax No.:	91-22-25894003
E-Mail :	accounts@gansons.co.in pmrode@gansons.co.in sales@gansons.co.in export@gansons.co.in tsd@gansons.co.in
Website :	www.gansons.com
Factory 2:	Industrial Gala No. B/18, In Osia Mata Compound, Village Kalher, Taluka -Bhiwandi, District Thane – 421302, Maharashtra, India
Factory 3 :	G – 10, MIDC Area., Hingna Industtrial Estate, Hingna Road, Nagpur – 440028, Maharashtra, India
Factory 4 :	Plot No. C – 5/2, MIDC Area, Ambad, Nashik – 422010, Maharashtra, India
Tel No.:	91-253-2383352
Fax No.:	91-253-2382401
Regional Offices :	59-B, Chowringhee Road, Kolkata – 700020, West Bengal, India 358, Anna Salai, Chennai – 600006, Tamilnadu, India 114, The Shopping Mall, 1st Floor, Arjun Marg, DLF Qurub Enclave, Phase-I, Gurgaon – 122002, Haryana, India Cl-94, Sector-II, Salt Lake, Kolkata – 700091, West Bengal, India

DIRECTORS

As on 29.09.2014

Name :

Mr. Ashis Banerjee

Designation :

Managing Director

Address :

“Kamal”,39, Jai –Hind, Co–operative Housing Society, JVPD, Scheme, Juhu, Mumbai -400049, Maharashtra, India

Date of Birth/Age :

01.02.1960

Date of Appointment :

01.09.1997

DIN No.:

00317649

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	U99999MH1996PTC100152	GANSONS MARKETING PRIVATE LIMITED	Managing director	01/04/2014	11/06/1996	-	Active	NO
2	U24110MH1947PLC005906	GANSONS LIMITED	Managing director	01/09/2013	01/09/1997	-	Active	NO
3	U28920MH1971PTC015497	GANSONS ENGINEERS PRIVATE LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
4	U93090MH2009PTC190065	WEST VIEW INNOVATION SERVICES PRIVATE LIMITED	Director	03/02/2009	03/02/2009	-	Active	NO

Name :

Mr. Shamaldas Jivandas Parekh

Designation :

Director

Address :

11/195, “Parvati”, Station Avenue Road, D.K. Sandu Marg, Chembur, Mumbai-400071, Maharashtra, India

Date of Birth/Age :

20.01.1923

Date of Appointment :

14.09.1967

DIN No.:

00317504

Name :

Mr. Subroto Banerjee

Designation :

Director

Address :

3203, Ivory Creek, San Antonio, TX – 78258, USA

Date of Birth/Age :

18.11.1964

Date of Appointment :

29.12.2003

DIN No.:

00989283

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	U24110MH1947PLC005906	GANSONS LIMITED	Director	29/12/2003	29/12/2003	-	Active	NO
2	U93090MH2009PTC190065	WEST VIEW INNOVATION SERVICES PRIVATE LIMITED	Director	03/02/2009	03/02/2009	-	Active	NO
3	U99999MH1996PTC100152	GANSONS MARKETING PRIVATE LIMITED	Director	01/10/2014	01/01/2013	-	Active	NO

Name :

Dr. Kalimohan Bhattacharya

Designation :

Director

Address :

Building No. 11 D, Flat No. 703, Spring Leaf, Lokhandwala Township, Akurli Road, Kandivali (East), Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

04.12.1938

Date of Appointment :

20.02.2007

DIN No.:

00318457

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	L30007MH1990PLC055256	OMNITECH INFOSOLUTIONS LIMITED	Director	31/07/2006	31/07/2006	-	Active	NO
2	U24110MH1947PLC005906	GANSONS LIMITED	Director	20/02/2007	20/02/2007	-	Active	NO
3	L51909PY1919PLC002537	MARSHALL SONS AND CO INDIA LIMITED	Director	20/09/2014	15/09/2007	-	Active	NO
4	L67190MH1993PLC071117	CHOICE INTERNATIONAL LIMITED	Director	30/09/2011	30/05/2011	-	Active	NO
5	U99999MH2000PLC129113	SBI LIFE INSURANCE COMPANY LIMITED	Director	27/08/2013	17/10/2012	-	Active	NO

Name :

Mr. Kavan Jagdish Mukhtyar

Designation :

Additional Director

Address :

1409, Magnum Tower, 2^nd Cross Road, Lokhandwala Complex, Lokhandwala Complex, Andheri (West), Mumbai-400053, Maharashtra, India

Date of Birth/Age :

18.01.1973

Date of Appointment :

05.12.2011

DIN No.:

00501595

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	U74140TN1999PTC079226	FROST AND SULLIVAN (INDIA) PRIVATE LIMITED	Director	28/05/1999	28/05/1999	04/07/2012	Active	NO
2	U24110MH1947PLC005906	GANSONS LIMITED	Additional director	05/12/2011	05/12/2011	-	Active	NO
3	U01400MH2013PTC247735	FRESH BOWL HORTICULTURE PRIVATE LIMITED	Director	30/08/2013	30/08/2013	-	Active	NO

Name :

Mr. Mahesh Khatri

Designation :

Additional Director

Address :

Arunanjail, Plot No 40, 11th 12th Cross Road, JVPD, Scheme, Vile Parle (West), Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

20.09.1960

Date of Appointment :

12.06.2014

DIN No.:

00431604

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	U72200MH1985PTC037554	KAYTEK COMPUTER SERVICES PVT LTD	Director	23/09/1985	23/09/1985	-	Active	NO
2	U24110MH1947PLC005906	GANSONS LIMITED	Director	29/09/2014	12/06/2014	-	Active	NO
3	U99999MH1996PTC100152	GANSONS MARKETING PRIVATE LIMITED	Director	29/09/2014	19/08/2014	-	Active	NO

Name :

Mr. Shyam Nagorao Khante

Designation :

Additional Director

Address :

104, Clarinet, Nyati Windchimes, Near Corianthian, Club, Off Nibm Road, Pune - 411060, Maharashtra, India

Date of Birth/Age :

25.11.1952

Date of Appointment :

12.06.2014

DIN No.:

06918122

KEY EXECUTIVES

Name :	Mr. Rode
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

As on 29.09.2014

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Public financial companies	3.13
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	0.07
Bodies corporate	35.57
Directors or relatives of Directors	53.68
Other top fifty shareholders	6.91
Others	0.64
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in manufacturing machineries to the Pharmaceutical, Chemical, Food and Allied Industries etc.

Products :

Product Description	Item Code No.
Chemical Plant and Other Machinery for Manufacturing Chemicals, Pharmaceuticals etc	847989.02
Mixing, Sifting, Emulsifying, Stirring Machines.	847989.02
Tank and similar containers of steel of a capacity exceeding 300 Litres.	7309.00

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information denied by management

Bankers :

• State Bank of India, Commercial Branch “Bullet Building” L.N Road, Dadar (East) Mumbai – 400014, Maharashtra, India
• ICICI Bank Limited

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Loans repayable on demand
Other loans and advances - Car Loans
From ICICI Bank Limited and Axis Bank Limited (Secured by Hypothecation of Motor Car purchased under higher purchase scheme)	2.223	1.794
SHORT TERM BORROWINGS
State Bank of India CC A/C (Secured against hypothecation of entire stock of raw material, Finished goods, Consumables Stores/spares as also receivables and entire current Assets and Equitable mortgage of company's entire immovable properties and charge on Plant and Machinery and all other movable, immovable Assets.) (The above is fully guaranteed by Director of the Company	43.952	63.713
State Bank of India (Secured by hypothecation of machinery and hypothecation charge on current assets of the Company). (The above is fully guaranteed by Director of the Company)	0.000	2.609
Car Loan From ICICI Bank Limited and Axis Bank Limited (Secured by Hypothecation of Motor Car purchased under higher purchase scheme)	1.520	0.912
Advance from customer (Out of the above amount Rs.29.335 Millions is secured by bank guarantee given by State Bank of India.	50.093	63.643
Total	97.788	132.671

Banking Relations :	--
Auditors :
Name :	N.S. Gokhale and Company Chartered Accountant
Address :	104, Siddharth Darshan, 1^st Floor, Dada Patil Wadi, Dada Patil Marg, Thane – 400607, India
PAN No.:	AAAFN1445J
Memberships :	--
Collaborators :	--
Associates :	Gansons Engrs. Private Limited Gansons Marketing Private Limited

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1925000	Equity Shares	Rs.10/- each	Rs.19.250 Millions
75000	Preference Shares	Rs.10/- each	Rs.0.750 Million
	Total		Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1440000	Equity Shares	Rs.10/- each	Rs.14.400 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	14.400	14.400	14.400
(b) Reserves & Surplus	180.772	178.590	165.476
(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)	195.172	192.990	179.876
(3) Non-Current Liabilities
(a) long-term borrowings	12.802	12.373	13.128
(b) Deferred tax liabilities (Net)	8.824	8.700	9.227
(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)	21.626	21.073	22.355
(4) Current Liabilities
(a) Short term borrowings	95.565	131.177	104.666
(b) Trade payables	93.695	95.545	85.333
(c) Other current liabilities	4.633	7.227	3.454
(d) Short-term provisions	84.513	87.840	59.076
Total Current Liabilities (4)	278.406	321.789	252.529
TOTAL	495.204	535.852	454.760
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	72.403	73.822	70.903
(ii) Intangible Assets	0.888	1.089	0.761
(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	0.000	0.000	0.000
(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
Total Non-Current Assets	73.291	74.911	71.664
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	168.109	192.688	146.998
(c) Trade receivables	79.663	70.339	79.280
(d) Cash and cash equivalents	45.978	88.008	73.604
(e) Short-term loans and advances	127.422	109.427	82.758
(f) Other current assets	0.741	0.479	0.456
Total Current Assets	421.913	460.941	383.096
TOTAL	495.204	535.852	454.760

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		768.306	722.908	634.525
		Other Income		30.204	11.575	16.354
		TOTAL (A)		798.510	734.483	650.879
Less	EXPENSES
		Cost of Materials Consumed		499.980	480.022	380.316
		Purchase of Stock-in-trade		0.000	0.000	1.153
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		19.132	(36.104)	(6.992)
		Employee Benefits Expenses		153.847	140.286	138.867
		Other Expenses		97.366	103.405	83.918
		TOTAL (B)		770.325	687.609	597.262
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			28.185	46.874	53.617
Less	FINANCIAL EXPENSES (D)			15.177	16.133	19.359
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			13.008	30.741	34.258
Less	DEPRECIATION/ AMORTISATION (F)			5.401	4.917	4.476
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			7.607	25.824	29.782
Less	TAX (H)			3.190	10.477	12.281
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			4.417	15.347	17.501
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			11.020	7.357	11.53
Less	APPROPRIATIONS
			Transfer to General Reserve	7.500	10.000	20.000
			Dividend	1.440	1.440	1.440
			Tax on Dividend	0.245	0.244	0.234
	BALANCE CARRIED TO THE B/S			6.252	11.020	7.357
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	132.800	122.000	24.830
	TOTAL EARNINGS			132.800	122.000	24.830
	IMPORTS
			Raw Materials	1.855	0.000	2.402
			Stores & Spares	107.143	114.806	74.588
	TOTAL IMPORTS			108.998	114.806	76.990
	Earnings / (Loss) Per Share (Rs.)			3.07	10.66	12.15

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.57	2.12	2.76
Operating Profit Margin (PBIDT/Sales)	(%)	3.67	6.48	8.45
Return on Total Assets (PBT/Total Assets}	(%)	1.54	4.82	6.55
Return on Investment (ROI) (PBT/Networth)		0.04	0.13	0.17
Debt Equity Ratio (Total Debt /Networth)		0.56	0.74	0.65
Current Ratio (Current Asset/Current Liability)		1.52	1.43	1.52

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	14.400	14.400	14.400
Reserves & Surplus	165.476	178.590	180.772
Share Application money pending allotment	0.000	0.000	0.000
Net worth	179.876	192.990	195.172
Long Term borrowings	13.128	12.373	12.802
Short Term borrowings	104.666	131.177	95.565
Total borrowings	117.794	143.550	108.367
Debt/Equity ratio	0.655	0.744	0.555

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	634.525	722.908	768.306
		13.929	6.280

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	634.525	722.908	768.306
Profit	17.501	15.347	4.417
	2.76%	2.12%	0.57%

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	Yes
17]	Major suppliers	Yes
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Deposit from Public	10.579	10.579
SHORT TERM BORROWINGS
Loan from Director	0.000	0.300
Total	10.579	10.879

GENERAL INFORMATION:

Subject was incorporated on 19.08.1947. It is mainly engaged in the manufacture of Plant and Machinery for Pharmaceutical, Chemical, Food and Allied Industries for over 67 years. The Company has achieved net sales of

Rs.768.306 Millions during the year as compared to Rs.722.908 Millions in the previous year. The Company has earned a profit of Rs.4.417 Millions in the year as compared to profit of Rs.15.347 Millions in the previous year. The Company has no foreign investment or collaboration.

FINANCIAL RESULTS

During the year your Company achieved Sales of Rs.768.300 Millions as against the sales of Rs.722.900 Millions for the previous year. The Company has earned a Profit of Rs.4.400 Millions for the year as compared to a profit of Rs.15.300 Millions in the previous year.

Even though the sales have increased by 6%, the profits are lower than previous year on account of heavy losses suffered by the Nagpur Unit & Nasik Unit of the Company. The Board of directors will be taking corrective steps in the current year to improve the situation.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90151829	09/10/1994	116,200,000.00	The State Bank of India	Dadar, Bombay, Maharashtra - 400014, India	-
2	90150295	27/01/2012 *	364,900,000.00	State Bank of India	Commercial Branch, "Bullet Building", L N Road, Dadar (East), Mumbai, Maharashtra - 400014, India	B34819805
3	90151828	20/01/2005 *	116,200,000.00	The State Bank of India	Dadar, Bombay, Maharashtra - 400014, India	-
4	90230818	26/12/2005 *	116,200,000.00	The State Bank of India	Dadar, Bombay, Maharashtra - 400014, India	-
5	90150238	25/04/1995 *	6,200,000.00	Bank of India	Nejaji Subash Road, Calcutta, West Bengal - 700001, India	-
6	90150206	01/07/2002 *	8,000,000.00	Industrial Investment Bank Of India	Earnest House, 11th Floor; 194 Nariman Point, Bombay, Maharashtra - 400021, India	-
7	90151790	06/12/2001 *	8,000,000.00	Bank of India	Nejaji Subash Road, Calcutta, West Bengal - 700001, India	-
8	90150130	15/02/1989	954,000.00	The State Bank of India	Dadar, Bombay, Maharashtra - 400014, India	-
9	90151768	23/12/1988	937,096.00	The State Bank of India	Dadar, Bombay, Maharashtra - 400014, India	-
10	90150120	21/09/1988	932,000.00	The State Bank of India	Dadar, Bombay, Maharashtra - 400014, India	-
1	90151758	02/02/1988	3,000,000.00	STATE BANK OF INDIA	Dadar Branch, Swami Gyan Jivandas Marg; Dadar, Bombay, Maharashtra - 400014, India	-
12	90151750	20/12/1992 *	20,000,000.00	STATE BANK OF INDIA	Dadar Branch, Swami Gyan Jivandas Marg; Dadar, Bombay, Maharashtra - 400014, India	-
13	90151748	11/12/1986	1,000,000.00	State Bank of India	Commercial Branch, Justice G.N Vaidya Marg, Mumbai, Maharashtra - 400023, India	-
14	90150082	25/04/1995 *	5,000,000.00	Bank of India	Nejaji Subash Road, Calcutta, West Bengal - 700001, India	-
15	90151747	28/06/1988 *	5,000,000.00	Industrial Reconstruciton Bank Of India	19; Netaji Subhash Road, Calcutta, Maharashtra - 700001, India	-
16	90150081	21/11/1986	1,000,000.00	State Bank of India	Commercial Branch, Justice G.N Vaidya Marg, Mumbai, Maharashtra - 400023, India	-
17	90151742	07/05/1986	1,000,000.00	State Bank of India	Commercial Branch, Justice G.N Vaidya Marg, Mumbai, Maharashtra - 400023, India	-
18	90151735	10/08/1985 *	16,000,000.00	State Bank of India	Commercial Branch, Justice G.N Vaidya Marg, Mumbai, Maharashtra - 400023, India	-
19	90150057	06/03/1992 *	4,500,000.00	Bank of India	Nejaji Subash Road, Calcutta, West Bengal - 700001, India	-
20	90151731	07/11/1985 *	4,500,000.00	Industrial Reconstruction Bank Of India	19; Netaji Subash Marg, Calcutta, West Bengal - 700001, India	-
21	90151730	16/01/1985 *	13,500,000.00	State Bank of India	Commercial Branch, Justice G.N Vaidya Marg, Mumbai, Maharashtra - 400023, India	-
22	90151728	27/08/1984 *	13,500,000.00	State Bank of India	Commercial Branch, Justice G.N Vaidya Marg, Mumbai, Maharashtra - 400023, India	-
23	90150047	18/07/1984	2,000,000.00	Life Insurance Corporation Of India	Yogakshama; Jeevan Bima Marg, Bombay, West Bengal - 400021, India	-
24	90151726	25/04/1995 *	2,000,000.00	Life Insurance Corporation Of India	Yogakshama; Jeevan Bima Marg, Bombay, West Bengal - 400021, India	-
25	90151721	17/11/1983	500,000.00	Life Insurance Corporation Of India	Yogakshama; Jeevan Bima Marg, Bombay, West Bengal - 400021, India	-
26	90152313	16/10/1987 *	1,350,000.00	The State Industrial & Investment Corporation Of Maharashtra	Nirmal; 1st Floor, Nirman Point, Bombay, Maharashtra - 400021, India	-
27	90152312	26/10/1983	1,350,000.00	The State Industrial & Investment Corporation Of Maharashtra	Nirmal; 1st Floor, Nirman Point, Bombay, Maharashtra - 400021, India	-
28	90150030	03/05/1983	800,000.00	The State Industrial & Investment Corporation Of Maharashtra	Nirmal; 1st Floor, Nirman Point, Bombay, Maharashtra - 400021, India	-
29	90150028	17/02/1983	2,000,000.00	State Bank of India	Commercial Branch, Justice G.N Vaidya Marg, Mumbai, Maharashtra - 400023, India	-
30	90151718	16/12/1982	1,200,000.00	Life Insureance Corporation Of India	Logekshema, Jeevan Bima Marg, Bombay, Maharashtra - 400021, India	-
31	90151713	07/01/1982	11,500,000.00	State Bank of India	Commercial Branch, Justice G.N Vaidya Marg, Mumbai, Maharashtra - 400023, India	-
32	90151705	25/02/1981	7,500,000.00	State Bank of India	Commercial Branch, Justice G.N Vaidya Marg, Mumbai, Maharashtra - 400023, India	-
33	90151698	27/03/1980	3,000,000.00	State Bank of India	Commercial Branch, Justice G.N Vaidya Marg, Mumbai, Maharashtra - 400023, India	-
34	90151695	14/06/1979	7,500,000.00	State Bank of India	Commercial Branch, Justice G.N Vaidya Marg, Mumbai, Maharashtra - 400023, India	-
35	90151689	21/10/1978	500,000.00	STATE BANK OF INDIA	Bombay Main Branch, Bobmay Samachar Marg, Bombay, Maharashtra - 400023, India	-
36	90151688	29/03/1978	5,000,000.00	State Bank of India	Commercial Branch, Justice G.N Vaidya Marg, Mumbai, Maharashtra - 400023, India	-
37	90151684	16/03/1977	300,000.00	State Bank Of India	Dadar Branch, Bombay, Maharashtra - 400014, India	-
38	90152305	04/06/1992 *	412,500.00	The State Industrial & Investment Corporation Of Maharashtra	Nirmal; 1st Floor, Nariman Point, Bombay, West Bengal - 400021, India	-
39	90151679	10/05/1973	2,000,000.00	The State Bank of India	Dadar, Bombay, Maharashtra - 400014, India	-
40	90151678	03/03/1973	1,000,000.00	The State Bank of India	Dadar, Bombay, Maharashtra - 400014, India	-
41	90151677	14/11/1972	1,800,000.00	The State Bank Of India	Dadar, Bombay, Maharashtra - 400014, India	-
42	90151675	27/07/1970	600,000.00	Maharashtra State Financial Corporation	United India Building, Sir; P.M. Road, Bombay, Maharashtra - 400001, India	-
43	90151674	16/07/1970	600,000.00	The State Bank of India	Dadar, Bombay, Maharashtra - 400014, India	-
44	90149920	24/11/1964	150,000.00	CANARA BANK	Parel, Mumbai, Maharashtra - 400012, India	-
45	90152301	03/07/1962	200,000.00	bombay state financial corporation	P.M. Road, Bombay, Maharashtra - 400001, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

No 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.61.97
UK Pound	1	Rs.97.37
Euro	1	Rs.77.16

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		NEW BUSINESS

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.