MIRA INFORM REPORT

Report Date :

18.02.2014

IDENTIFICATION DETAILS

Name :	NEW (INDIA) IMAGING INDUSTRIES PRIVATE LIMITED
Registered Office :	Plot No. A/95, TTC Industrial Area, MIDC, Khairane, Thane Belapur Road, Navi Mumbai – 400 705, Maharashtra, India
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.10.2002
Com. Reg. No.:	11-137684
Capital Investment / Paid-up Capital :	Rs.1.700 millions
CIN No.: [Company Identification No.]	U22200MH2002PTC137684
IEC No.:	0302076760
TAN No.: [Tax Deduction & Collection Account No.]	MUMN09276B
PAN No.: [Permanent Account No.]	AABCN6581B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Importer of Inkjet Media – Compu Color, Vinyl, Tracing Paper, Solvent Media etc.
No. of Employees :	44 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 262000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for normal 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 – 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 worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

EXTERNAL AGENCY RATING

Rating Agency Name	NSIC CRISIL
Rating	SE2A
Rating Explanation	High performance and high financial strength.
Date	November, 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Bharat Chheda
Designation :	Administration Department
Contact No.:	91-22-27782281
Date :	14.02.2014

LOCATIONS

Registered Office/ Factory :	Plot No. A/95, TTC Industrial Area, MIDC, Khairane, Thane Belapur Road, Navi Mumbai – 400 705, Maharashtra, India
Tel. No.:	91-22-27782281/ 2/ 3/ 4/ 27780648/ 41510100/ 41510104
Fax No.:	91-22-27782285
E-Mail :	haresh_joshi@hotmail.com administration@newindiaind.com national@bom4.vsnl.net.in info@nationalind.com nationalind@vsnl.com bharat@newindiaind.com
Website :	http://www.newindiaind.com
Area :	20,000 sq. ft.
Location :	Owned
Branch Office :	Located at: · Delhi, India · Kolkata, West Bengal · Hyderabad, Andhra Pradesh · Bangalore, Karnataka · Lucknow, Uttar Pradesh · Calcutta

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Rajan Nanikram Vaswani

Designation :

Director

Address :

122-A, Sea Lord Apartments, Cuffe Parade, Mumbai – 400 005, Maharashtra, India.

Date of Birth/Age :

03.02.1962

Date of Appointment :

25.10.2002

DIN No.:

00751947

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	U99999MH1985PTC035982	GEE ARR LAMOCOAT PRIVATE LIMITED	Whole-time director	10/02/1989	10/02/1989	-	Active	NO
2	U22200MH2002PTC137684	NEW (INDIA) IMAGING INDUSTRIES PRIVATE LIMITED	Director	25/10/2002	25/10/2002	-	Active	NO
3	U27109DL2006PTC157072	VISH FABRICATORS AND CONVERTORS PRIVATE LIMITED	Director	28/12/2006	28/12/2006	-	Active	NO
4	U52599MH2007PTC168193	MALHAR AGENCY AND TRADING PRIVATE LIMITED	Director	27/02/2007	27/02/2007	-	Active	NO
5	U74900MH2010PTC198317	SPRINT (INDIA) IMAGING PRIVATE LIMITED	Director	02/01/2010	02/01/2010	-	Active	NO
6	U21022DL2003PTC122213	SPRINT PAPERS PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO
7	U74999MH1986PTC040783	HEATHER IMPEX PRIVATE LIMITED	Director	01/03/2011	01/03/2011	-	Active	NO
8	U51396KA2011PTC059119	PHOENIX BOARDS PRIVATE LIMITED	Director	13/06/2011	13/06/2011	27/03/2012	Active	NO

Name :

Mrs. Sonia Rajan Vaswani

Designation :

Director

Address :

122-A, Sea Lord Apartments, Cuffe Parade, Mumbai – 400 005, Maharashtra, India.

Date of Birth/Age :

05.03.1964

Date of Appointment :

25.10.2002

DIN No.:

00752160

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	U22200MH2002PTC137684	NEW (INDIA) IMAGING INDUSTRIES PRIVATE LIMITED	Director	25/10/2002	25/10/2002	-	Active	NO
2	U74999MH1986PTC040783	HEATHER IMPEX PRIVATE LIMITED	Director	01/03/2011	01/03/2011	-	Active	NO
3	U52599MH2007PTC168193	MALHAR AGENCY AND TRADING PRIVATE LIMITED	Director	15/04/2013	15/04/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bharat Chheda
Designation :	Administration Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Name of Shareholders	No. of Shares	%age
Rajan Nanikram Vaswani	84900	49.94
Sonia Rajan Vaswani	85000	50.00
Rajan Vaswani HUF	100	0.06
Total	170000	100.00

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader, Exporter and Importer of Inkjet Media – Compu Color, Vinyl, Tracing Paper, Solvent Media etc.

Products :

Products Description	Item Code No.
Tracing Paper	1
Inkjet Paper	2
Plain Paper	3
PVC	4

· Utoplex Tracing Paper

· SIHL Traink Paper

· Compu Color

· Inject Paper

· Folex

· Inject Film

· Plus Print and Gen Plain Paper

· Conversation and Marketing of Paper and Film.

· Tracing Paper

· Inkjet Paper

· Plain Paper

· PVC

Exports :

Products :

Finished Goods

Countries :

· Bangladesh

· Kenya

· Sri Lanka

· Dubai

Imports :

Products :

Raw Materials

Countries :

· Germany

· Switzerland

· China

Terms :

Selling :

Cash

Purchasing :

Cash and Credit

GENERAL INFORMATION

No. of Employees :	44 (Approximately)
Bankers :	Bank of Baroda, Cuffe Parade Branch, G.D. Somani School Building, G.D. Somani School Marg, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
Facilities :	Cash Credit – Rs.15.000 millions (From Bank of Baroda)

Banking Relations :	--
Auditors :
Name :	H.R. Joshi and Company Chartered Accountants
Address :	Shop No.9, 1^st Floor, Hi-Life Mall, P.M. Road, Santacruz (West), Mumbai – 400 054, Maharashtra, India.
Tel. No.:	91-22-26055071
Fax No.:	91-22-26055072
E-Mail :	haresh_joshi@hotmail.com
PAN No.:	AAEPJ9204H

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
170000	Equity Shares	Rs.10/- each	Rs.1.700 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	1.700	1.700	1.700
(b) Reserves & Surplus	63.704	56.686	49.292
(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)	65.404	58.386	50.992
(3) Non-Current Liabilities
(a) Long-term borrowings	4.800	14.025	19.030
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	4.800	14.025	19.030
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	11.557
(b) Trade payables	8.075	14.965	19.754
(c) Other current liabilities	2.676	2.820	2.787
(d) Short-term provisions	7.100	7.225	10.200
Total Current Liabilities (4)	17.851	25.010	44.298
TOTAL	88.055	97.421	114.320
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.921	8.987	10.385
(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	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	0.000
Total Non-Current Assets	7.921	8.987	10.385
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	26.916	20.590	40.647
(c) Trade receivables	29.225	26.150	31.534
(d) Cash and cash equivalents	6.975	22.744	10.667
(e) Short-term loans and advances	16.134	17.945	20.221
(f) Other current assets	0.884	1.005	0.866
Total Current Assets	80.134	88.434	103.935
TOTAL	88.055	97.421	114.320

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
SALES TURNOVER (APPROXIMATELY)	280.000	260.000	260.000
NET PROFIT / (LOSS) FOR THE YEAR	7.196	7.394	7.436

Expected Sales (2013-2014): Rs.300.000 millions

The above information has been parted by Mr. Bharat Chheda.

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt/Networth)	0.07	0.24	0.60
Current Ratio (Current Asset/Current Liability)	4.49	3.54	2.35

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	1.700	1.700	1.700
Reserves & Surplus	49.292	56.686	63.704
Net worth	50.992	58.386	65.404
long-term borrowings	19.030	14.025	4.800
Short term borrowings	11.557	0.000	0.000
Total borrowings	30.587	14.025	4.800
Debt/Equity ratio	0.600	0.240	0.073

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales (Approximately)	260.000	260.000	280.000
		0.000	7.692

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Sales (Approximately)	260.000	260.000	280.000
Profit	7.436	7.394	7.196
	2.86%	2.84%	2.57%

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

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10103781	05/05/2008	1,200,000.00	BANK OF BARODA	CUFFE PARADE BRANCH, G.D. SOMANI SCHOOL BUILDING, G. D. SOMANI MARG, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A38796520
2	90141200	08/03/2010 *	35,820,000.00	BANK OF BARODA	CUFFE PARADE BRANCH, G.D. SOMANI SCHOOL BUILDING, G. D. SOMANI MARG, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A82345844
3	90144587	08/03/2010 *	35,820,000.00	BANK OF BARODA	CUFFE PARADE BRANCH, G.D. SOMANI SCHOOL BUILDING, G. D. SOMANI MARG, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A81954406
4	90148332	17/07/2003	10,500,000.00	BANK OF BARODA	CUFFE PARADE BRANCH, MUMBAI, MAHARASHTRA - 400005, INDIA	-

* Date of charge modification

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and Advances from Related Parties	4.800	14.025
Total	4.800	14.025

STATE OF THE AFFAIRS OF THE COMPANY:

The Company has made a Profit of Rs.7.196 millions for the financial year ended 31^st March 2013 as against a net Profit of Rs.7.394 millions for the financial year ended 31^st March 2012.

FIXED ASSETS

· Land and Building

· Air Conditioners

· Electrical Installations

· Office Equipments

· Plant and Machinery

· Computers

· Vehicles

· Furniture and Fixtures

· Generator Machine (New)

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.61.95
UK Pound	1	Rs.104.02
Euro	1	Rs.84.95

INFORMATION DETAILS

Information Gathered by :	PRT
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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

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

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

RATING EXPLANATIONS

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

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

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