MIRA INFORM REPORT

Report Date :

09.06.2014

IDENTIFICATION DETAILS

Name :	BLOSSOM INDUSTRIES LIMITED
Formerly Known As :	BLOSSOM BREWERIES PRIVATE LIMITED
Registered Office :	Village Jani Vankad, Nan Daman-396210, Union Territory
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.08.1989
Com. Reg. No.:	56-003122
Capital Investment / Paid-up Capital :	Rs.110.675 Millions
CIN No.: [Company Identification No.]	U31200DD1989PLC003122
PAN No.: [Permanent Account No.]	AABCB5457E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Beer.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1257000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There seems some dip in the turnover and profit of the company during 2013. However net worth of the company is satisfactory. General financial positions of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term loan BBB
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	March 20, 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 DENIED

MANAGEMENT NON CO-OPERATIVE (91-260-2221050)

LOCATIONS

Registered Office :	Village Jani Vankad, Nan Daman-396210, Union Territory, India
Tel. No.:	91-260-2221050/2221060/2221120/2221130
Fax No.:	91-260-2220421
E-Mail :	blossom@bildaman.com
Website :	http://www.khemanigroup.com
Factory :	Located at Daman, Union Territory, India

DIRECTORS

As on 05.09.2013

Name :

Mr. Satan Santumal Bharwani

Designation :

Chairman

Address :

34, Bandra Amar Jivan, St. Martin Road, Bandra, Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

01.09.1936

Date of Appointment :

23.06.2000

Din No.:

00183286

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	U65990MH1989PLC051506	SATCO CAPITAL MARKETS LIMITED	Director	02/09/2009	01/09/1994	30/01/2014	Active	NO
2	U24239MH1990PTC057075	PRIVI LIFE SCIENCES PRIVATE LIMITED	Director	29/09/2012	01/04/1999	03/09/2013	Active	NO
3	U31200DD1989PLC003122	BLOSSOM INDUSTRIES LIMITED	Director	23/06/2000	23/06/2000	-	Active	NO
4	U24120MH1982PLC026867	PRIVI ORGANICS LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO
5	U51900MH1991PTC059819	SATGURU ENTERPRISES PRIVATE LIMITED	Director	25/07/2006	25/07/2006	-	Active	NO
6	U24100MH2009PTC197842	PRIVI LIFE SCIENCES PRIVATE LIMITED	Director	03/12/2010	03/03/2010	-	Amalgamated	NO
7	U67120MH1995PTC086563	MONEYMART SECURITIES PRIVATE LIMITED	Director	08/08/2011	15/06/2011	-	Active	NO
8	U74220MH1985PTC037534	PRIVI BIOTECHNOLOGIES PRIVATE LIMITED	Director	27/09/2011	06/08/2011	-	Active	NO

Name :

Mr. Amit Ashok Khemani

Designation :

Managing Director

Address :

Plot no. 8, Devka Road, Nani Daman - 396210, Union Territory, India

Date of Birth/Age :

07.05.1977

Date of Appointment :

15.06.2011

PAN No.:

ACPPK1847A

DIN No.:

00057283

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	U31200DD1989PLC003122	BLOSSOM INDUSTRIES LIMITED	Managing director	27/09/2013	27/09/2003	-	Active	NO
2	U01122DD2005PLC004015	PERFUNOVA (INTERNATIONAL) LIMITED	Director	30/11/2007	01/04/2007	-	Active	NO
3	U51900MH1994PTC077911	NORFOLK TRADING PRIVATE LIMITED	Additional director	12/08/2010	12/08/2010	-	Active	NO
4	U24246DD2014PTC004744	COSMINOVA COSMETICS PRIVATE LIMITED	Director	28/01/2014	28/01/2014	-	Active	NO

Name :

Dr. Pamidi Kotaiah

Designation :

Director

Address :

102, Pooja Pride, Plot No. 75, Srinagar Colony, Hyderabad - 500073, Andhra Pradesh, India

Date of Birth/Age :

15.05.1938

Date of Appointment :

26.11.2001

Din No.:

00038420

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	U40101TG1995PLC021459	LANCO KONDAPALLI POWER LIMITED	Director	29/06/1999	29/06/1999	-	Active	NO
2	L15420AP1947PLC000326	THE ANDHRA SUGARS LIMITED	Director	27/04/2001	27/04/2001	-	Active	NO
3	U31200DD1989PLC003122	BLOSSOM INDUSTRIES LIMITED	Director	26/11/2001	26/11/2001	-	Active	NO
4	L72200TG1993PLC015939	ZEN TECHNOLOGIES LIMITED	Director	17/01/2005	17/01/2005	27/09/2012	Active	NO
5	L45200AP1993PLC015545	LANCO INFRATECH LIMITED	Director	03/09/2007	16/06/2006	-	Active	NO
6	U40109TG1995PLC020948	KRISHNA GODAVARI POWER UTILITIES LIMITED	Director	29/12/2006	29/12/2006	15/03/2010	Active	NO
7	U67120TG2007PLC053327	PRIDHVI ASSET RECONSTRUCTION AND SECURITISATION COMPANY LIMITED	Director	19/06/2008	29/03/2007	-	Active	NO
8	U01120TG1996PLC022932	PRAGATI GREEN MEADOWS AND RESORTS LIMITED	Director	29/09/2008	14/12/2007	01/02/2009	Active	NO
9	U40109DL1985PTC114839	NSL RENEWABLE POWER PRIVATE LIMITED	Director	21/07/2008	29/01/2008	12/08/2010	Active	NO
10	U40104TG2007PLC054207	LANCO BABANDH POWER LIMITED	Director	20/08/2011	24/07/2010	-	Active	NO
11	U74120TG2008PLC074583	NUZIVEEDU SEEDS LIMITED	Director	28/09/2011	17/08/2010	-	Active	NO
12	U15429KA1999PLC026121	NSL SUGARS LIMITED	Director	04/09/2012	03/12/2010	-	Active	NO
13	U74120AP2008PTC074522	MANDAVA HOLDINGS PRIVATE LIMITED	Director	29/09/2011	29/12/2010	-	Active	NO
14	U85110TG2012NPL078569	SADHIKARATHA FOUNDATION	Director	20/04/2012	20/04/2012	-	Active	NO
15	U40109AP2002PLC038452	LANCO Thermal Power Limited	Director	27/09/2013	06/11/2012	-	Active	NO
16	U40109AP2005PLC045214	LANCO POWER LIMITED	Director	27/09/2013	06/11/2012	-	Active	NO

Name :

Mr. Dwarko Topandas Khilnani

Designation :

Director

Address :

6/21, Borla Society, Chembur, Mumbai - 400074, Maharashtra, India

Date of Birth/Age :

11.11.1943

Date of Appointment :

14.09.2007

Din No.:

01824655

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	U31200DD1989PLC003122	BLOSSOM INDUSTRIES LIMITED	Director	14/09/2007	21/06/2007	-	Active	NO
2	U24230GJ1983PTC006157	SIDMAK LABORATORIES (INDIA) PRIVATE LIMITED	Director	25/09/2008	06/02/2008	-	Active	NO

Name :

Mr. Padmanabh Ramchandra Barpande

Designation :

Director

Address :

Saubhagya Society, Block 51, 5^th Floor, A-Wing, Jeevan Vikas Kendra Marg, Andheri (East), Mumbai - 400069, Maharashtra, India

Date of Birth/Age :

29.11.1947

Date of Appointment :

08.09.2010

Din No.:

00016214

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	U65990MH1979PTC021763	Deloitte Shared Services India Private Limited	Director	10/08/1996	10/08/1996	31/03/2009	Active	NO
2	U67120MH2008PLC188032	MCX-SX CLEARING CORPORATION LIMITED	Director	17/07/2009	17/04/2009	25/07/2013	Active	NO
3	U31200DD1989PLC003122	BLOSSOM INDUSTRIES LIMITED	Director	08/09/2010	07/11/2009	-	Active	NO
4	L29142TN1988PLC015586	FINANCIAL TECHNOLOGIES (INDIA) LIMITED	Director	01/04/2012	11/08/2010	10/08/2013	Active	NO
5	U65999MH2008PLC185856	MCX STOCK EXCHANGE LIMITED	Director	27/09/2011	12/03/2011	04/02/2013	Active	NO
6	U24230GJ1983PTC006157	SIDMAK LABORATORIES (INDIA) PRIVATE LIMITED	Director	29/09/2011	31/03/2011	-	Active	NO
7	L51909MH2002PLC135594	MULTI COMMODITY EXCHANGE OF INDIA LIMITED	Director appointed in casual vacancy	28/06/2012	28/06/2012	30/08/2013	Active	NO
8	L65990MH1982PLC028593	WESTLIFE DEVELOPMENT LIMITED	Director	31/12/2012	24/11/2012	-	Active	NO
9	U55202MH1995PTC089619	TRIPLE A FOODS PRIVATE LIMITED	Director	01/01/2013	01/01/2013	-	Amalgamated	NO
10	U70102MH2008PTC178127	WESTPOINT LEISUREPARKS PRIVATE LIMITED	Director	01/01/2013	01/01/2013	-	Amalgamated	NO
11	U55101MH1995PTC091422	HARDCASTLE RESTAURANTS PRIVATE LIMITED	Director	30/09/2013	01/02/2013	-	Active	NO
12	U74140MH2006PTC161381	Jingo Competitive Consultants Private Limited	Director	28/09/2013	15/03/2013	-	Active	NO

Name :

Mrs. Lila Firoz Poonawalla

Designation :

Director

Address :

Fili Villa, S. NO. 23, Baner Road, Balewadi, Pune - 411045, Maharashtra, India

Date of Birth/Age :

16.09.1944

Date of Appointment :

14.09.2007

Din No.:

00074392

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	U29212MH1992PTC069010	DELAVAL PRIVATE LIMITED	Director	14/10/1992	14/10/1992	08/09/2008	Active	NO
2	U11350MH1994PTC076272	FILA ROZIL EXPORTS P.LTD.	Director	28/01/1994	28/01/1994	-	Active	NO
3	U72200PN1991PLC062192	NEILSOFT LIMITED	Director	21/07/2001	21/07/2001	12/10/2007	Active	NO
4	U74220PN2002NPL017463	NATIONAL AGRICULTURE AND FOOD ANALYSIS AND RESEARCH INSTITUTE	Director	23/12/2002	23/12/2002	29/08/2007	Active	NO
5	L51109WB1993PLC057984	BEEYU OVERSEAS LTD.	Director	30/01/2004	30/01/2004	05/02/2008	Active	NO
6	U74140PN1988PTC013377	PRAGATI LEADERSHIP INSTITUTE PRIVATE LIMITED	Director	22/03/2005	22/03/2005	-	Active	NO
7	U15142MH1976PLC019209	BIOTOR INDUSTRIES LIMITED	Director	21/07/2005	21/07/2005	19/01/2009	Active	NO
8	L65190MH2004GOI148838	IDBI Bank Limited	Director	02/08/2005	02/08/2005	01/08/2011	Active	NO
9	U01132KA2005PLC065039	ALLIANCE COFFEE LIMITED	Director	23/11/2005	23/11/2005	17/10/2007	Active	NO
10	U72200PN1997PTC106621	NobleTek PLM Solutions Private Limited	Director	30/09/2006	22/08/2006	-	Active	NO
11	U31200DD1989PLC003122	BLOSSOM INDUSTRIES LIMITED	Director	14/09/2007	26/03/2007	-	Active	NO
12	U72200MH2000GOI124665	IDBI INTECH LIMITED	Director	29/05/2007	29/05/2007	04/07/2012	Active	NO
13	L72200PN1990PLC059594	KPIT Technologies Limited	Director	29/08/2008	30/05/2008	-	Active	NO

Name :

Dr. Shivkumar Dhalumal Israni

Designation :

Director

Address :

24, Sukhmani A, 4^th Floor, Bomanji Petit Road, Warden Road, Mumbai - 400036, Maharashtra, India

Date of Birth/Age :

17.09.1949

Date of Appointment :

14.09.2007

Din No.:

00125532

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	U65991MH1999PLC119683	ICICI TRUSTEESHIP SERVICES LIMITED	Director	03/12/2002	03/12/2002	-	Active	NO
2	U45200MH1982PTC027610	CHUCHUM PROPERTIES PRIVATE LIMITED	Director	31/08/2003	31/08/2003	11/04/2008	Active	NO
3	L93010MH1951PLC008546	CRAVATEX LIMITED	Director	31/10/2003	31/10/2003	-	Active	NO
4	U67120MH2005PLC157556	INTER-CONNECTED STOCK EXCHANGE OF INDIA LIMITED	Director	24/11/2006	24/11/2006	30/01/2008	Active	NO
5	U31200DD1989PLC003122	BLOSSOM INDUSTRIES LIMITED	Director	14/09/2007	26/03/2007	-	Active	NO
6	U24230GJ1983PTC006157	SIDMAK LABORATORIES (INDIA) PRIVATE LIMITED	Director	25/09/2008	06/02/2008	-	Active	NO
7	L17120MH1933PLC002031	MODERN INDIA LIMITED	Director	28/07/2011	18/01/2011	-	Active	NO
8	U74140MH2011PTC223916	SPAIN INDIA CORPORATE SERVICES PRIVATE LIMITED	Director	14/11/2011	14/11/2011	-	Active	NO
9	U74140KA2005PTC035878	VERIFACTS SERVICES PRIVATE LIMITED	Additional director	04/02/2014	04/02/2014	-	Active	NO

Name :

Mr. Vincent Valerian Vaz

Designation :

Whole Time Director

Address :

8, Shanti Niketan, Lourdes Colony, Orlem, Malad (West), Mumbai - 400064, Maharashtra, India

Date of Birth/Age :

23.07.1967

Date of Appointment :

8.01.2013

PAN No.:

AAAPV6663J

Din No.:

02067875

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	U31200DD1989PLC003122	BLOSSOM INDUSTRIES LIMITED	Whole-time director	28/01/2013	28/01/2008	-	Active	NO
2	U24246DD2014PTC004744	COSMINOVA COSMETICS PRIVATE LIMITED	Director	28/01/2014	28/01/2014	-	Active	NO

Name :

Mr. Haresh Vardhan Jajoo

Designation :

Director

Address :

Mangla Dwar, Home # 30, 30 Greens, Gut no. 33-35, Golwadi (Next to Disha Sanskruti), Aurangabad - 431001, Maharashtra, India

Date of Birth/Age :

22.05.1969

Date of Appointment :

05.09.2013

Din No.:

00758308

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	U74899DL1990PTC039477	KARAM TOWERS PVT LIMITED	Director	12/03/1990	12/03/1990	-	Active	NO
2	U51109DL1992PLC047385	SAPTARISHI INTERNATIONAL LIMITED	Director	29/01/1992	29/01/1992	22/06/2007	Strike off	NO
3	L67120DL1984PLC018874	MANGROVE INTERNATIONAL LIMITED	Director	29/06/1996	29/06/1996	18/09/2009	Active	NO
4	U74899DL1983PTC015832	SAI SABURI HOLDINGS PRIVATE LIMITED	Director	30/09/1997	30/09/1997	-	Active	NO
5	U51909DL2000PLC106539	CANEX INTERNATIONAL LIMITED	Director	29/06/2000	29/06/2000	29/11/2008	Active	NO
6	U45201PB2002PTC025259	PENTA HOMES PRIVATE LIMITED	Director	26/08/2004	26/08/2004	24/11/2007	Active	NO
7	L29211CH1992PLC012321	AGRO DUTCH INDUSTRIES LIMITED	Whole-time director	01/08/2005	01/08/2005	20/11/2007	Active	NO
8	L74999DL1984PLC018747	CRAZYPRICING ONLINE SERVICES LIMITED	Director	06/10/2005	06/10/2005	18/09/2009	Active	NO
9	U52390MH2007PTC176188	Can-Pack India Private Limited	Managing director	01/01/2008	26/11/2007	01/01/2013	Active	NO
10	U74999MH1992GAP066130	THE COUNCIL OF EU CHAMBERS OF COMMERCE IN INDIA	Director	29/07/2011	29/07/2011	-	Active	NO
11	U31200DD1989PLC003122	BLOSSOM INDUSTRIES LIMITED	Director	05/09/2013	16/02/2013	-	Active	NO
12	U72200TZ2009PTC015462	SwiftAnt IT Solutions India Private Limited	Director	06/01/2014	06/01/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Haresh L. Thakkar
Designation :	Secretary
Address :	33/35/6, Arsiwala Building No. 1, Dr. Ambedkar Road, Lalbaug, Mumbai - 400012, Maharashtra, India
Date of Birth/Age :	29.12.1958
Date of Appointment :	01.03.2007
Pan No.:	AADPT8391A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 05.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

As on 05.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	0.05
Directors or relatives of Directors	93.81
Other top fifty shareholders	0.76
Others	5.38
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Beer.

Products :

Item Code No. (ITC Code)	Product Description
22030000	Beer Made From Malt

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

State Bank of India, Nani Daman-396210, Daman and Diu, Union Territory, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term loans from bank	0.000	109.995
Total	0.000	109.995

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Tower 3, 27^th – 32^nd Floor, India Bulls Finance Centre, Elphinstone Mill Compound, Senapati Bapat Marg, Elphinstone (West), Mumbai, Maharashtra, India
PAN No. :	AACFD4815A
Entities where individuals i.e. Key Management Personnel, Promoters and their relatives have Control and / or significant Influence and with whom transactions have taken place during the year :	Khemani Distilleries Private Limited [U15511DD1993PTC001431] K.H. Khemani and Sons.

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.3/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
36891700	Equity Shares	Rs.3/- each	Rs.110.675 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	111.652	111.652	111.652
(b) Reserves & Surplus	202.693	157.706	62.081
(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)	314.345	269.358	173.733
(3) Non-Current Liabilities
(a) long-term borrowings	297.000	336.995	511.999
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	210.173	0.862	0.675
(d) long-term provisions	1.718	0.913	0.845
Total Non-current Liabilities (3)	508.891	338.770	513.519
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	267.303	236.857	205.287
(c) Other current liabilities	105.338	158.613	184.896
(d) Short-term provisions	0.632	0.292	0.163
Total Current Liabilities (4)	373.273	395.762	390.346
TOTAL	1196.509	1003.890	1077.598
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	519.261	621.987	706.182
(ii) Intangible Assets	0.000	0.000	0.019
(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)	14.505	12.250	0.000
(d) Long-term Loan and Advances	233.999	28.671	19.663
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	767.765	662.908	725.864
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	143.705	139.698	155.152
(c) Trade receivables	191.208	96.946	102.180
(d) Cash and cash equivalents	57.532	55.169	42.380
(e) Short-term loans and advances	33.934	44.923	47.704
(f) Other current assets	2.365	4.246	4.318
Total Current Assets	428.744	340.982	351.734
TOTAL	1196.509	1003.890	1077.598

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1832.828	2182.777	1926.718
		Other Income	4.010	2.920	16.790
		TOTAL	1836.838	2185.697	1943.508
Less	EXPENSES
		Cost of Materials Consumed	390.548	353.695	320.189
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	5.261	13.351	(0.063)
		Employees benefits expense	45.520	39.629	27.570
		Other expenses	1180.916	1496.292	1329.559
		TOTAL	1622.245	1902.967	1677.255
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		214.593	282.730	266.253
Less	FINANCIAL EXPENSES		41.776	61.006	76.979
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		172.817	221.724	189.274
Less/ Add	DEPRECIATION/ AMORTISATION		107.646	127.176	166.895
	PROFIT/ (LOSS) BEFORE TAX		65.171	94.548	22.379
Less	TAX		20.184	(1.077)	4.999
	PROFIT/ (LOSS) AFTER TAX		44.987	95.625	17.380
	Earnings / (Loss) Per Share (Rs.)		1.22	2.59	0.47

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.45	4.38	0.89
Net Profit Margin (PBT/Sales)	(%)	3.56	4.33	1.16
Return on Total Assets (PBT/Total Assets}	(%)	5.51	9.53	2.08
Return on Investment (ROI) (PBT/Networth)		0.21	0.35	0.13
Debt Equity Ratio (Total Debt/Networth)		0.94	1.25	2.95
Current Ratio (Current Asset/Current Liability)		1.15	0.86	0.90

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	111.652	111.652	111.652
Reserves & Surplus	62.081	157.706	202.693
Net worth	173.733	269.358	314.345
long-term borrowings	511.999	336.995	297.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	511.999	336.995	297.000
Debt/Equity ratio	2.947	1.251	0.945

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1926.718	2182.777	1832.828
		13.290	(16.032)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1926.718	2182.777	1832.828
Profit	17.380	95.625	44.987
	0.90%	4.38%	2.45%

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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advance from related parties	297.000	227.000
Total	297.000	227.000

INDEX OF CHARGES

No Charges Exist for Company

PERFORMANCE:

The sales for the year have declined due to sales in different markets as there were price differences in the same product in different states due to duty and tax structure. However, the quantity of sales was more or less constant. The profit for the year has reduced from Rs. 95.600 millions to Rs.44.900 millions. Increase in raw material cost, utility charges, employee cost and maintenance expenses were the main contributors for the reduction in gross profit. The Management is conscious about the cost reduction particularly on maintenance of Plant and Machinery. During the year, the Company could develop various parts through new local vendors and procured them locally in lieu of imported costly spares. As a result, the Company could achieve almost 20% reduction in maintenance cost. Such process of development of new vendors will be continued in the current year also.

FIXED ASSETS

œ Land

œ Buildings

œ Plant and Equipment

œ Furniture and Fixtures

œ Computer Equipments

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.59.20
UK Pound	1	Rs.99.52
Euro	1	Rs.80.83

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		45

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.