MIRA INFORM REPORT

Report Date :

06.02.2014

IDENTIFICATION DETAILS

Name :	SUTURES INDIA PRIVATE LIMITED
Registered Office :	472/D, 4^th Phase, 13^th Cross, peenya Industrial Area, Bangalore - 560058, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.12.1992
Com. Reg. No.:	18-013831
Capital Investment / Paid-up Capital :	Rs. 15.603 Millions
CIN No.: [Company Identification No.]	u03311ka1992ptc013831
TAN No.: [Tax Deduction & Collection Account No.]	BLRS02607D
PAN No.: [Permanent Account No.]	AACCS6580N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Surgical Meshes, Surgical Gloves, Surgical Paper Tapes, Two Way Foley Catheters.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (66)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 5660000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Profitability of company appears to be sound. Financial position of the company is good. Trade relations of the company reported as fair. Business is active. Payment terms are regular. The company can be considered normal for business dealing at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non-compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus on providing payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loans (A)
Rating Explanation	Adequate degree of safety it carry low credit risk.
Date	January 2013

Rating Agency Name	ICRA
Rating	Fund based facilities (A1)
Rating Explanation	Strongest degree of safety it carry lowest credit risk.
Date	January 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.

LOCATIONS

Registered Office :	472/D, 4^th Phase, 13^th Cross, peenya Industrial Area, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-41868000/ 41868100/ 41868192
Fax No.:	91-80-41171056
E-Mail :	accounts@suturesin.com sales@suturesin.com hr@sutguresin.com admin@suturesin.com ksreddy@suturesin.com sales@suturesin.com, marketing@suturesin.com hr@suturesin.com
Website :	http://www.suturesin.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Chandrasekhar Gopalan Latteri

Designation :

Whole-time director

Address :

A-11 , Sobha Emerald, Jakkur Village, Yelahanka Hobli, Bangalore - 560064, Karnataka, India

Date of Birth/Age :

08.10.1958

Date of Appointment :

02.07.2009

PAN No.:

AALPC3244M

DIN No.:

01997057

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	U03311KA1992PTC013831	SUTURES INDIA PRIVATE LIMITED	Whole-time director	02/07/2009	28/12/1992	-	Active	NO
2	U24236KA1995PTC019479	EASYSTICH NEEDLES PRIVATE LIMITED	Director	27/12/1995	27/12/1995	-	Amalgamated	NO
3	U25191KL2001PTC014953	TRUSKIN GLOVES PRIVATE LIMITED	Additional director	10/12/2007	10/12/2007	26/02/2010	Active	NO

Name :

Mr. Prabhakar Valivatti

Designation :

Director

Address :

# 19/B, 8^th Main Road, Sadashivnagar, Bangalore – 560 080, Karnataka, India

Date of Birth/Age :

18.05.1959

Date of Appointment :

30.06.2009

DIN No.:

02007088

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	U74140KA2006PTC039752	MENTOR ADVISORY PRIVATE LIMITED	Director	19/06/2006	19/06/2006	Active	NO
2	U74140KA2008PLC045632	MENTORSQUARE ADVISORS LIMITED	Director	17/03/2008	17/03/2008	Active	NO
3	U03311KA1992PTC013831	SUTURES INDIA PRIVATE LIMITED	Director	30/06/2009	11/03/2009	Active	NO
4	U72200KA2012PTC066263	BUZZLE NETWORKS PRIVATE LIMITED	Director	11/10/2012	11/10/2012	Active	NO

Name :

Mr. Subramanian Shivaraman

Designation :

Managing director

Address :

4-C, anandi Villa, 6^th Main, 13^th Cross Road, Malleswaram, Bangalore – 560003, Karnataka, India

Date of Birth/Age :

14.03.1963

Date of Appointment :

01.07.2009

PAN No.:

AADPS8738E

DIN No.:

02009723

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	U03311KA1992PTC013831	SUTURES INDIA PRIVATE LIMITED	Managing director	01/07/2009	28/12/1992	-	Active	NO
2	U24236KA1995PTC019479	EASYSTICH NEEDLES PRIVATE LIMITED	Director	27/12/1995	27/12/1995	-	Amalgamated	NO
3	U25191KL2001PTC014953	TRUSKIN GLOVES PRIVATE LIMITED	Additional director	10/12/2007	10/12/2007	26/02/2010	Active	NO
4	U74210KA2005PTC037520	KNN INTERNATIONAL PRIVATE LIMITED	Director	24/09/2012	02/04/2012	-	Active	NO

Name :

Mr. Vivek Chhachhi

Designation :

Director

Address :

TG-2A-2 No.11, Garden Estate, Mehrauli Gurgaon Road, Gurgaon - 122002, Haryana, India

Date of Birth/Age :

05.01.1971

Date of Appointment :

30.09.2013

DIN No.:

00496620

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	U74899DL1995PTC074579	BEEHIVE SYSTEMS PRIVATE LIMITED	Director	20/09/2000	20/09/2000	21/08/2007	Active	NO
2	L74899DL1991PLC138153	SPENTEX INDUSTRIES LIMITED	Director	07/12/2006	07/12/2006	12/05/2010	Active	NO
3	L40106DL1981PLC012228	SPML INFRA LIMITED	Director	30/09/2008	21/08/2007	01/06/2009	Active	NO
4	U51909DL2004PLC126962	SVIL MINES LIMITED	Alternate director	02/12/2008	07/09/2007	31/03/2009	Active	NO
5	L27102WB1999PLC089755	JAI BALAJI INDUSTRIES LIMITED	Director	18/09/2008	07/02/2008	12/05/2010	Active	NO
6	L27106WB1987PLC042756	HIMADRI CHEMICALS & INDUSTRIES LTD	Nominee director	27/08/2008	27/08/2008	28/05/2010	Active	NO
7	L45309WB1963PLC025898	TECHNO ELECTRIC & ENGG CO LTD	Nominee director	25/10/2008	25/10/2008	30/03/2009	Amalgamated	NO
8	U74140DL2008PTC182274	CX ADVISORS PRIVATE LIMITED	Whole-time director	15/09/2010	05/07/2010	-	Converted to LLP and dissolved	NO
9	U85110MH2000PLC123882	THYROCARE TECHNOLOGIES LIMITED	Nominee director	27/12/2010	27/12/2010	-	Active	NO
10	U03311KA1992PTC013831	SUTURES INDIA PRIVATE LIMITED	Director	30/09/2013	09/10/2012	-	Active	NO
11	U75230BR1985PLC002083	SECURITY AND INTELLIGENCE SERVICES (INDIA) LIMITED	Alternate director	03/04/2013	03/04/2013	-	Active	NO
12	U74120MH2011PLC212839	NUECLEAR HEALTHCARE LIMITED	Alternate director	23/08/2013	23/08/2013	-	Active	NO
13	AAA-4311	CX ADVISORS LLP	Designated Partner	31/03/2011	31/03/2011	-	Active	NO

Name :

Jayanta Kumar Basu

Designation :

Director

Address :

I-1742, Chittaranjan Park, New Delhi, India

Date of Birth/Age :

09.11.1965

Date of Appointment :

30.09.2013

DIN No.:

01268046

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	U72900DL2000PTC105782	ATS SERVICES PRIVATE LIMITED	Director	26/09/2001	26/09/2001	01/08/2008	Active	NO
2	U24239AP2005PTC047357	PERLECAN PHARMA PRIVATE LIMITED	Director	21/09/2006	25/08/2006	29/07/2008	Amalgamated	NO
3	L40106DL1981PLC012228	SPML INFRA LIMITED	Director	28/09/2007	21/08/2007	31/07/2008	Active	NO
4	U51909DL2004PLC126962	SVIL MINES LIMITED	Additional director	07/09/2007	07/09/2007	31/07/2008	Active	NO
5	L74100DL1985PLC021350	GLOBE CAPITAL MARKET LIMITED	Additional director	02/02/2008	02/02/2008	25/10/2008	Active	NO
6	L27102WB1999PLC089755	JAI BALAJI INDUSTRIES LIMITED	Additional director	07/02/2008	07/02/2008	01/08/2008	Active	NO
7	U74140DL2008PTC182274	CX ADVISORS PRIVATE LIMITED	Whole-time director	01/09/2008	21/08/2008	-	Converted to LLP and dissolved	NO
8	L51102CT2002PLC015041	MOUNTEVEREST TRADING AND INVESTMENT LIMITED	Additional director	21/11/2009	21/11/2009	-	Amalgamated	NO
9	U65993HR2010PTC045795	CONVEXITY SOLUTIONS AND ADVISORS PRIVATE LIMITED	Director	18/07/2011	01/06/2010	26/12/2013	Active	NO
10	U64202DL2005PTC142628	MATRIX CELLULAR (INTERNATIONAL) SERVICES PRIVATE LIMITED	Director	15/02/2011	15/02/2011	-	Active	NO
11	U03311KA1992PTC013831	SUTURES INDIA PRIVATE LIMITED	Director	30/09/2013	09/10/2012	-	Active	NO
12	U75230BR1985PLC002083	SECURITY AND INTELLIGENCE SERVICES (INDIA) LIMITED	Director	27/09/2013	03/04/2013	-	Active	NO
13	U72200DL2005PTC135086	TRANSACTION SOLUTIONS INTERNATIONAL (INDIA) PRIVATE LIMITED	Director	07/08/2013	07/08/2013	-	Active	NO
14	AAA-4311	CX ADVISORS LLP	Designated Partner	31/03/2011	31/03/2011	-	Active	NO

Name :

Mr. Tarun Khanna

Designation :

Alternate director

Address :

B-9/21, Vasant Vihar, Delhi – 110057, India

Date of Birth/Age :

16.03.1971

Date of Appointment :

09.10.2012

DIN No.:

02306480

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	U28939DL1962PTC003780	MICRO ABRASIVES (INDIA) PRIVATE LIMITED	Director	22/09/2008	22/09/2008	11/06/2013	Active	NO
2	U32109DL2002PLC115129	NTL ELECTRONICS INDIA LIMITED	Alternate director	16/09/2010	16/09/2010	-	Active	NO
3	U85110MH2000PLC123882	THYROCARE TECHNOLOGIES LIMITED	Alternate director	27/12/2010	27/12/2010	07/04/2011	Active	NO
4	U03311KA1992PTC013831	SUTURES INDIA PRIVATE LIMITED	Alternate director	09/10/2012	09/10/2012	-	Active	NO
5	U75230BR1985PLC002083	SECURITY AND INTELLIGENCE SERVICES (INDIA) LIMITED	Alternate director	03/04/2013	03/04/2013	-	Active	NO
6	U55101KA2006PLC073031	BARBEQUE-NATION HOSPITALITY LIMITED	Nominee director	12/04/2013	12/04/2013	-	Active	NO
7	L65993DL1983PLC016993	EMERALD LEASING FINANCE AND INVESTMENT COMPANY LIMITED	Additional director	21/11/2013	21/11/2013	-	Active	NO

Name :

Mr. Akshay Tanna

Designation :

Alternate director

Address :

Dunkeld Building, Ground Floor, 8, Jamnadas Mehta Road, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

20.11.1982

Date of Appointment :

12.08.2013

DIN No.:

02967021

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	U65944MH1993PTC071025	JHARA FINANCE PRIVATE LIMITED	Director	21/07/2005	21/07/2005	Active	NO
2	U03311KA1992PTC013831	SUTURES INDIA PRIVATE LIMITED	Alternate director	12/08/2013	12/08/2013	Active	NO

Name :

Vishwarupe Narain

Designation :

Director

Address :

Flat No 509, Mansarover Building, 5/6, MT Pleasant Road, Malabar Hill, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

12.08.1974

Date of Appointment :

12.08.2013

DIN No.:

03394320

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	U18202DL2003PLC121787	LILLIPUT KIDSWEAR LIMITED	Alternate director	10/12/2010	10/12/2010	25/02/2011	Active	NO
2	U72200MH2002PLC138213	AGS TRANSACT TECHNOLOGIES LIMITED	Nominee director	07/06/2011	07/06/2011	-	Active	NO
3	U72900MH2007PLC172249	INDIA TRANSACT SERVICES LIMITED	Nominee director	24/05/2013	24/05/2013	-	Active	NO
4	L25202WB1993PLC111382	FLEXITUFF INTERNATIONAL LIMITED	Director	30/09/2013	27/05/2013	-	Active	NO
5	U03311KA1992PTC013831	SUTURES INDIA PRIVATE LIMITED	Director	12/08/2013	12/08/2013	-	Active	NO
6	U73100GJ2013FTC077777	GLOBAL GENE CORP PRIVATE LIMITED	Director	05/12/2013	05/12/2013	-	Active	NO

Name :

Manas Tandon

Designation :

Director

Address :

28 Hastings Road, Allahabad - 211001, Uttar Pradesh, India

Date of Birth/Age :

07.05.1977

Date of Appointment :

12.08.2013

DIN No.:

05254602

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	U74120MH2012PLC230193	SECUREVALUE INDIA LIMITED	Director	24/04/2012	24/04/2012	-	Active	NO
2	U72900MH2007PLC172249	INDIA TRANSACT SERVICES LIMITED	Nominee director	18/09/2012	18/09/2012	24/05/2013	Active	NO
3	L25202WB1993PLC111382	FLEXITUFF INTERNATIONAL LIMITED	Director	30/09/2013	15/03/2013	-	Active	NO
4	U72200MH2002PLC138213	AGS TRANSACT TECHNOLOGIES LIMITED	Nominee director	24/05/2013	24/05/2013	-	Active	NO
5	U03311KA1992PTC013831	SUTURES INDIA PRIVATE LIMITED	Director	12/08/2013	12/08/2013	-	Active	NO

Name :

Mr. Sumit Gupta

Designation :

Alternate director

Address :

B-3, Second Floor, East Of Kailash, New Delhi – 110065, India

Date of Birth/Age :

12.07.1982

Date of Appointment :

09.10.2012

DIN No.:

06401402

KEY EXECUTIVES

Name :	K S Reddy
Designation :	Secretary
Address :	2363, 24^th Main, 1 Sector, HSR Layout, Bangalore – 560102, Karnataka , India
Date of Birth/Age :	10.01.1960
Date of Appointment :	18.10.2009
PAN No.:	AASPR0442F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Chandrasekhar Latteri Gopalan	268984
Subramanian Sivaraman	134122
Geetha Chandrasekhar	189922
Venkataraman Iyer	31813
Ambrose Private Limited, Mauritius	561704
S V Nene	51
Parvathi Prabhakar	1801
Prabhakar Valivati	3301
AAJV Investment Trust, India	11463
TPG Growth Fund II SF Pte Limited, Singapore	356929
Total	1560090

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	58.88
Directors or relatives of directors	40.38
Other	0.74
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Surgical Meshes, Surgical Gloves, Surgical Paper Tapes, Two Way Foley Catheters.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank Of India

Peenya Industrial Estate Branch, B-96, II Cross, I Stage, Peenya Industrial Estate, Bangalore - 560058, Karnataka, India

· Bank Of Baroda

APMC Yard, Yeshwanthpur Branch, Bangalore - 560022, Karnataka, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks [Equitable mortgage of factory land, hypothecation of factory building, p/machi and personal guarantee of directors]	42.968	80.111
SHORT TERM BORROWINGS
Working capital loans from banks [Secured by stock and trade receivables]	17.187	30.617
Total	60.155	110.728

Banking Relations :	--
Auditors :
Name :	A S A And Associates Chartered Accountants
Address :	A-2, Ground Floor, Akruti Antara Apartment, Bangalore – 560042, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AAAFA4690A
Subsidiary company :	· Truskin Gloves Private Limited [U25191KL2001PTC014953] Peekay Mediequip Limited [U33112TN1995PLC032432] Mena Medical

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs. 10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,560,090	Equity Shares	Rs. 10/- each	Rs. 15.601 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs. 10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,560,300	Equity Shares	Rs. 10/- each	Rs. 15.603 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	15.603	15.603	15.603
(b) Reserves & Surplus	1399.563	1162.300	955.602
(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)	1415.166	1177.903	971.205
(3) Non-Current Liabilities
(a) long-term borrowings	80.008	110.301	114.493
(b) Deferred tax liabilities (Net)	2.508	5.934	5.128
(c) Other long term liabilities	1.746	1.793	0.935
(d) long-term provisions	16.870	13.045	13.849
Total Non-current Liabilities (3)	101.132	131.073	134.405
(4) Current Liabilities
(a) Short term borrowings	17.611	30.874	3.744
(b) Trade payables	120.597	72.916	45.957
(c) Other current liabilities	100.877	80.721	82.401
(d) Short-term provisions	277.541	201.125	118.254
Total Current Liabilities (4)	516.626	385.636	250.356
TOTAL	2032.924	1694.612	1355.966
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	724.485	654.172	554.505
(ii) Intangible Assets	3.197	4.255	0.823
(iii) Capital work-in-progress	10.232	5.594	87.155
(iv) Intangible assets under development	0.000	0.000	4.254
(b) Non-current Investments	236.955	24.112	24.102
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	171.456	160.024	57.548
(e) Other Non-current assets	10.721	14.509	4.959
Total Non-Current Assets	1157.046	862.666	733.346
(2) Current assets
(a) Current investments	0.000	15.004	0.000
(b) Inventories	272.746	228.386	200.521
(c) Trade receivables	274.545	233.150	175.938
(d) Cash and cash equivalents	120.103	156.060	143.039
(e) Short-term loans and advances	38.577	82.044	46.959
(f) Other current assets	169.907	117.302	56.163
Total Current Assets	875.878	831.946	622.620
TOTAL	2032.924	1694.612	1355.966

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Sales	1693.287	1294.794	1021.963
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		583.947	488.951	319.255
Less	FINANCIAL EXPENSES (D)		23.715	22.717	19.245
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		560.232	466.234	300.010
Less/ Add	DEPRECIATION/ AMORTISATION (F)		65.243	58.620	53.463
	PROFIT BEFORE TAX (E-F) (G)		494.989	407.614	246.547
Less	TAX (H)		112.435	(63.311)	(88.991)
	PROFIT AFTER TAX (G-H) (I)		382.554	470.925	335.538
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	425.663	339.462	350.454
	IMPORTS
		Raw Materials	191.635	142.881	NA
	Earnings Per Share (Rs.)		245.18	301.82	215.05

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	29.23	31.48	24.12
Return on Total Assets (PBT/Total Assets}	(%)	27.72	24.48	19.88
Return on Investment (ROI) (PBT/Networth)		0.35	0.35	0.25
Debt Equity Ratio (Total Debt/Networth)		0.07	0.12	0.12
Current Ratio (Current Asset/Current Liability)		1.70	2.16	2.49

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	No
10]	Designation of contact person	No
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	Yes
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	10200290	28/04/2009	760,000.00	STATE BANK OF INDIA	PEENYA INDUSTRIAL ESTATE BRANCH, B-96, II CROSS, I STAGE, PEENYA INDUSTRIAL ESTATE, BANGALORE - 560058, KARNATAKA, INDIA	A68115526
2	80041121	27/06/2013 *	332,400,000.00	STATE BANK OF INDIA	SME BRANCH, B-96, 2ND CROSS, INDUSTRIAL ESTATE, PEENYA, BANGALORE - 560058, KARNATAKA, INDIA	B79295713

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Deposits from others	37.040	30.190
SHORT TERM BORROWINGS
Loans taken for vehicles [Secured By Hypothecation Of Motor Car]	0.424	0.257
Total	37.464	30.447

FIXED ASSETS:

· Land

Buildings

Factory building

Plant and equipment

Factory equipments

Other plant and equipment

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipments

Other equipments

Computer software

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. 62.45
UK Pound	1	Rs. 102.01
Euro	1	Rs. 84.35

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		66

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.