MIRA INFORM REPORT

Report Date :

09.06.2014

IDENTIFICATION DETAILS

Name :	SHANKAR PACKAGINGS LIMITED
Formerly Known As :	SHANKAR PACKAGINGS PRIVATE LIMITED
Registered Office :	303, Turf Estate, Dr. E. Moses Road, Shakti Mills Lane, Mumbai – 400 011, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.05.1985
Com. Reg. No.:	11-036120
Capital Investment / Paid-up Capital :	Rs.28.049 millions
CIN No.: [Company Identification No.]	U25202MH1985PTC036120
TAN No.: [Tax Deduction & Collection Account No.]	BRDS01961B / MUMS40482B / MUMS40819C
PAN No.: [Permanent Account No.]	AAACS8076P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of FIBC Bags.
No. of Employees :	Information declined by Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 2911000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflect SPL’s established market position in the flexible intermediate bulk carrier (FIBC) segment of the packaging industry marked by its sound operating efficiency and decent profitability levels of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 Rating: BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	April 30, 2013

Rating Agency Name	CRISIL
Rating	Short Term Rating: A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	April 30, 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.

INFORMATION DECLINED

Management non-cooperative

(Tel. No.: 91-22-24903225)

LOCATIONS

Registered Office/ Corporate Office:	303, Turf Estate, Dr. E. Moses Road, Shakti Mills Lane, Mumbai – 400 011, Maharashtra, India
Tel. No.:	91-22-24903236/ 24903225/ 24903228
Fax No.:	91-22-24903227
E-Mail :	shankar1@mtnl.net.in corporate@shankarpack.com prama142@hotmail.com info@shankarpack.com hr@shankarpack.com sales@shankarpack.com
Website :	http://www.shankarpack.com
Factory/ Sales Office :	2-3-4-5-6, GIDC Estate, Vaghodia, District: Vadodara – 391 760, Gujarat – India
Tel. No.:	91-2668-262334/ 262434
Fax No.:	91-2668-262833
Branch Office :	(Hyderabad - Marketing) 508, Maheshwari Chambers, Somajiguda, Hyderabad – 500 082, Andhra Pradesh, India
Tel. No.:	91-40-40038828

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Gaj Singh Jodhpur

Designation :

Director

Address :

Umaid Bhavan Palace, Jodhpur – 342 006, Rajasthan, India

Date of Birth/Age :

13.01.1948

Qualification :

MBA

Date of Appointment :

27.02.1988

DIN No.:

00061278 

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	U55101RJ1971PTC001349	MARUDHAR HOTELS PRIVATE LIMITED	Director	14-10-2011	31-03-1971	-	Active	NO
2	U70101RJ1971PTC001348	JODHAN REAL ESTATE DEVELOPMENT CO PRIVATE LIMITED	Director	31-03-1971	31-03-1971	-	Active	NO
3	U74899DL1978PTC009369	MARUDHAR CULTIVATORS PRIVATE LIMITED	Director	18-12-1978	18-12-1978	-	Active	NO
4	U74899DL1978PTC009368	MARUDHAR THEATER PRIVATE LIMITED	Director	18-12-1978	18-12-1978	-	Active	NO
5	U74899DL1978PTC009231	MARUDHAR INVESTMENT PRIVATE LIMITED	Director	18-12-1978	18-12-1978	-	Active	NO
6	U63040RJ1967PTC001220	MAYUR TRAVELS RAJASTHAN PRIVATE LIMITED	Director	20-01-1980	20-01-1980	-	Active	NO
7	U25202MH1985PLC036120	SHANKAR PACKAGINGS LIMITED	Director	27-02-1988	27-02-1988	-	Active	NO
8	U51909DL1978PTC009232	ENGINEERS IMPEX PRIVATE LIMITED	Director	10-08-1990	10-08-1990	-	Active	NO
9	U85110MH1992PLC068793	JODHANA MEDICAL AND RESEARCH CENTRE LIMITED	Director	29-09-1992	29-09-1992	-	Active	NO
10	U65993DL1981PTC012505	UMAID INVESTMENT CO PRIVATE LIMITED	Director	18-10-1993	18-10-1993	-	Active	NO
11	L24230DL1975PLC007908	DABUR INDIA LIMITED	Director	16-11-1993	16-11-1993	30-10-2008	Active	NO
12	U22101RJ1995PTC009282	MEHRANGARH PUBLISHERS PRIVATE LIMITED	Director	04-01-1995	04-01-1995	-	Active	NO
13	U55101HR1995PLC052281	FORTUNE PARK HOTELS LIMITED	Director	26-07-1995	26-07-1995	-	Active	NO
14	U74899DL1995PLC099649	MAHARAJA HERITAGE RESORTS LIMITED	Director	28-08-1995	28-08-1995	-	Active	NO
15	U55101RJ1992PTC006948	MALLANI HOTELS, MOTELS AND RESTAURANTS PRIVATE LIMITED	Director	30-09-1996	30-09-1996	-	Active	NO
16	U63040RJ1999PTC015546	MARUDHAR TOURS AND TRAVELS PRIVATE LIMITED	Director	16-04-1999	16-04-1999	-	Active	NO
17	U65991DL1998FTC095176	ACAM TRUST COMPANY PRIVATE LIMITED.	Director	20-09-1999	20-09-1999	14-03-2007	Active	NO
18	U99999MH2000PLC128110	BIRLA SUN LIFE INSURANCE COMPANY LIMITED	Director	19-11-2002	19-11-2002	05-02-2008	Active	NO
19	U45200MH2007PTC168282	URBAN AKARSH INFRASTRUCTURE PRIVATE LIMITED	Director	24-05-2007	24-05-2007	13-10-2010	Active	NO
20	U15411MH2007PTC168244	ESS GEE REALTY PRIVATE LIMITED	Director	24-05-2007	24-05-2007	13-10-2010	Active	NO
21	U92400MH2004PTC146693	ROYAL MARWAR HOSPITALITY PRIVATE LIMITED	Director	24-05-2007	24-05-2007	-	Active	NO
22	U65993RJ1970PTC001290	JODHAN INVESTMENT AND FINANCE CORPORATION PRIVATE LIMITED	Managing director	26-12-2007	26-12-2007	-	Active	NO
23	U45200DL2008PTC176653	JODHANA DEVELOPERS PRIVATE LIMITED	Director	11-04-2008	11-04-2008	-	Active	NO
24	U55204DL2008PTC176937	JODHANA HERITAGE RESORTS PRIVATE LIMITED	Director	21-04-2008	21-04-2008	-	Active	NO
25	U55101MH2008PLC200363	APODIS HOTELS AND RESORTS LIMITED	Director	30-09-2009	12-11-2008	28-01-2011	Active	NO
26	U40106DL2008PTC173114	JODHANA ALTERNATIVE ENERGY SOLUTIONS INDIA PRIVATE LIMITED	Director	30-09-2009	26-12-2008	-	Active	NO
27	U92199RJ2009NPL028272	RAJASTHAN CREATIVE ALLIANCE NETWORK	Director	09-02-2009	09-02-2009	-	Active	NO
28	U70109DL2010PTC199778	UMAID HERITAGE ESTATE MANAGEMENT PRIVATE LIMITED	Director	08-03-2010	08-03-2010	-	Active	NO
29	U55101MH2000PLC187834	LAVASA CORPORATION LIMITED	Director	30-07-2010	16-07-2010	-	Active	NO
30	U55101DL2010PTC206049	PALACE HOTELS (INDIA) PRIVATE LIMITED	Director	20-07-2010	20-07-2010	-	Active	NO
31	U55101DL2011PTC214931	STADIUM HOTELS PRIVATE LIMITED	Director	28-02-2011	28-02-2011	-	Active	NO
32	U92322RJ2011NPL036676	MEHRANGARH ENTERPRISES	Director	11-10-2011	11-10-2011	-	Active	NO

Name :

Mr. Govind Shankar Pandya

Designation :

Director

Address :

a-5, Garibdas CHSL, N.S. Road No5, J.V.P.D. Scheme, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

19.03.1930

Qualification :

CA

Date of Appointment :

09.04.2008

DIN No.:

00316822

PAN No.:

AADPP9794R

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	U25202MH1985PLC036120	SHANKAR PACKAGINGS LIMITED	Director	09-04-2008	01-04-1986	-	Active	NO

Name :

Mr. Praveen Shankar Pratap Shankar Pandya

Designation :

Director

Address :

132/133, 13^th Floor, D Building, Petit Hall 66, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

04.10.1950

Qualification :

CA

Date of Appointment :

06.05.1985

DIN No.:

00316843

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	U25202MH1985PLC036120	SHANKAR PACKAGINGS LIMITED	Director	06-05-1985	06-05-1985	-	Active	NO
2	U36912MH1989PLC054800	SHANKAR JEWELS LIMITED	Director	29-12-1989	29-12-1989	-	Active	NO
3	U36911MH1995PLC087127	REVASHANKAR GEMS LIMITED	Director	03-04-1995	03-04-1995	-	Active	NO
4	U36912MH2000PLC123669	SHANGOLD INDIA LIMITED	Director	17-01-2000	17-01-2000	-	Active	NO
5	U36911MH2002PLC138275	DIAMOND INDIA LIMITED	Whole-time director	21-06-2013	16-12-2002	-	Active	NO
6	U91110GJ2000NPL039065	GUJARAT HIRA BOURSE	Director	09-03-2004	09-03-2004	-	Active	NO
7	U99999MH2006PTC159430	SHANKAR REALTY PRIVATE LIMITED	Managing director	01-02-2006	01-02-2006	-	Active	NO
8	U65999MH2006PTC163129	BULK DIAMONDS PRIVATE LIMITED	Director	17-07-2006	17-07-2006	-	Active	NO
9	U99100MH1966GAP013486	THE GEM AND JEWELLERY EXPORT PROMOTION COUNCIL	Director	29-09-2006	29-09-2006	21-09-2010	Active	NO
10	U36996MH2012PLC233853	COLOURJEWELS INDIA LIMITED	Director	27-07-2012	27-07-2012	-	Active	NO
8	U65999MH2006PTC163129	BULK DIAMONDS PRIVATE LIMITED	Director	17-07-2006	17-07-2006	-	Active	NO
9	U99100MH1966GAP013486	THE GEM AND JEWELLERY EXPORT PROMOTION COUNCIL	Director	29-09-2006	29-09-2006	21-09-2010	Active	NO
10	U36996MH2012PLC233853	COLOURJEWELS INDIA LIMITED	Director	27-07-2012	27-07-2012	-	Active	NO

Name :

Mr. Anandshankar Revashankar Pandya

Designation :

Director

Address :

1402, Pleasant Palace, 16 N D Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

11.04.1923

Qualification :

BA

Date of Appointment :

21.06.1986

DIN No.:

01163634

PAN No.:

AAFPP4024N

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	U25202MH1985PLC036120	SHANKAR PACKAGINGS LIMITED	Director	21-06-1986	21-06-1986	-	Active	NO
2	U36911MH1995PLC087127	REVASHANKAR GEMS LIMITED	Director	03-04-1995	03-04-1995	01-04-2010	Active	NO
3	U67120MH1995PTC093476	SHANKAR SECURITIES PRIVATE LIMITED	Director	20-11-1995	20-11-1995	-	Active	NO
4	U36912MH1989PLC054800	SHANKAR JEWELS LIMITED	Additional director	30-03-2009	30-03-2009	-	Active	NO
5	U36912MH2000PLC123669	SHANGOLD INDIA LIMITED	Director	01-04-2010	01-04-2010	-	Active	NO

Name :

Mr. Akshayshankar Pratapshankar Pandya

Designation :

Director

Address :

112-A, Paradise Apartments, 44, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

02.06.1965

Qualification :

B. Com

Date of Appointment :

21.09.2010

DIN No.:

01557239

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	U25202MH1985PLC036120	SHANKAR PACKAGINGS LIMITED	Director	21-09-2010	06-05-1985	-	Active	NO
2	U36911MH1995PLC087127	REVASHANKAR GEMS LIMITED	Director	03-04-1995	03-04-1995	-	Active	NO
3	U67120MH1995PTC093476	SHANKAR SECURITIES PRIVATE LIMITED	Director	10-10-1995	10-10-1995	-	Active	NO
4	U55101RJ1992PTC006948	MALLANI HOTELS, MOTELS AND RESTAURANTS PRIVATE LIMITED	Director	30-09-1996	30-09-1996	-	Active	NO
5	U99999MH2006PTC159430	SHANKAR REALTY PRIVATE LIMITED	Director	01-02-2006	01-02-2006	-	Active	NO
6	U70102MH2007PTC173215	SPRINGNATURE ESTATE PRIVATE LIMITED	Director	18-08-2007	18-08-2007	-	Active	NO
7	U36912MH2000PLC123669	SHANGOLD INDIA LIMITED	Director	01-04-2010	01-04-2010	-	Active	NO
8	U36912MH1989PLC054800	SHANKAR JEWELS LIMITED	Director	30-09-2010	30-09-2010	-	Active	NO
9	AAA-4156	PANDYA INFRA LLP	Designated Partner	18-03-2011	18-03-2011	-	Active	NO
10	AAA-8349	GUJPROP DEVELOPERS LLP	Designated Partner	13-03-2012	13-03-2012	-	Active	NO

Name :

Mr. Vikramshankar Govindshankar Pandya

Designation :

Managing Director

Address :

A/5, Garib CHSL, N.S. Road, No.5, JVPD, Juhu, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

16.04.1961

Qualification :

MBA

Date of Appointment :

09.04.2013

PAN No.:

AGJPP9410C

DIN No.:

01595269

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	U25202MH1985PLC036120	SHANKAR PACKAGINGS LIMITED	Managing director	09-04-2013	01-04-1995	-	Active	NO
2	U91990MH2004PLC144915	INDIAN FLEXIBLE INTERMEDIATE BULK CONTAINER ASSOCIATION	Director	20-09-2008	20-09-2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pranab Lalit Mitra
Designation :	Secretary
Address :	302, Usha Sadan, Marol, Andheri (East), Mumbai – 400 059, Maharashtra, India
Date of Birth/Age :	24.05.1960
Date of Appointment :	01.01.1986
PAN No.:	AAFPM3756L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Praveen Shankar Pandya	35547
Rajeev Shankar Pandya	144500
Umaid Investment Company (Private) Limited, India	690000
Govind Shankar Pandya	147375
Vikram Shankar Pandya	290905
Alka Rajeev Pandya	31625
Namita Praveen Pandya	29274
Urvashi B. Bhatt	2185
Akshay Shankar Pandya	34500
Ankur Jyoti Shankar Pandya	120000
Saroj Pandya	62360
Rati Pandya	1572
Aparna Kulkarni	5750
Manoj Selot	5750
Sangeeta Pandya	46000
Shivani Pandya	34500
Shuchi Pandya	34500
Avinash Pandya	70437
Siddarth Pandya	70437
Vivek Pandya	65500
Shankar Securities (Private) Limited, India	150000
Bulk Bags India Limited, India	391100
Dolphin Investments Limited, Hong Kong	150600
Jyotishankar A. Pandya, Englewood Nandini Jyotishankar Pandya	43125
Revashankar Gems Limited, India	11250
Shankar Jewels Limited, India	11250
Shankar Realty Private Limited, India	22590
R.D. Pandya (HUF)	650
Dhruv Akshay Pandya	35938
Kashyap Akshay Pandya	24438

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]	13.00
Bodies corporate	21.00
Directors or relatives of directors	66.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of FIBC Bags.

Products :

ITC number of product	Description of product or services
39.23.90	FIBC
39.2032	Tape
39.26.90	Fabric

PRODUCTION STATUS (AS ON 31.03.2011):

Particulars	Unit	Installed Capacity	Actual Production
Woven Stocks	MT	15264	11909

GENERAL INFORMATION

No. of Employees :

Information declined by Management.

Bankers :

• Citibank N.A., Pelican, 2^nd Floor, Opposite Race Course Towers, Gotri Road, Vadodara – 390 007, Gujarat, India
• State Bank of India, Mid Corporate Group Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara – 390 007, Gujarat, India
• The Hongkong and Shanghai Banking Corporation Limited, 52/60 Mahatma Gandhi Road, Fort, Mumbai – 400 001, Maharashtra, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	138.373	157.859
Deferred payment liabilities	0.272	0.720
Other loans and advances	0.046	0.082
SHORT-TERM BORROWINGS
Borrowing from government semi-government bodies	462.864	397.307
Total	601.555	555.968

Banking Relations :	--
Auditors :
Name :	Rajendra and Company Chartered Accountants
Address :	1311, Dalamal Tower, 211, Nariman Point, Mumbai – 400 021, Maharashtra, India
PAN No.:	AAAFR1878D
Subsidiaries Company:	Lift Pack Doo, Serbia Shankar Europe BVBA, Belgium
Other Related Parties :	Umaid Investment Company Private Limited, India

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2804953	Equity Shares	Rs.10/- each	Rs.28.049 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	28.049	28.049	28.049
(b) Reserves & Surplus	699.693	572.433	470.489
(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)	727.742	600.482	498.538
(3) Non-Current Liabilities
(a) Long-term borrowings	149.174	168.067	108.383
(b) Deferred tax liabilities (Net)	64.387	52.052	31.944
(c) Other long term liabilities	62.229	58.272	11.070
(d) Long-term provisions	12.009	9.999	10.276
Total Non-current Liabilities (3)	287.799	288.390	161.673
(4) Current Liabilities
(a) Short term borrowings	462.864	397.307	292.677
(b) Trade payables	114.798	89.692	75.183
(c) Other current liabilities	130.781	117.284	72.424
(d) Short-term provisions	73.344	45.584	43.376
Total Current Liabilities (4)	781.787	649.867	483.660
TOTAL	1797.328	1538.739	1143.871
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	836.884	822.116	523.065
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	11.663	0.014	43.238
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	18.015	4.250	4.244
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	66.495	28.255	21.103
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	933.057	854.635	591.650
(2) Current assets
(a) Current investments	24.838	20.837	33.998
(b) Inventories	257.816	230.384	239.578
(c) Trade receivables	294.587	176.189	135.422
(d) Cash and cash equivalents	97.275	52.471	27.712
(e) Short-term loans and advances	138.416	172.462	111.892
(f) Other current assets	51.339	31.761	3.619
Total Current Assets	864.271	684.104	552.221
TOTAL	1797.328	1538.739	1143.871

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	2411.866	2044.261	1609.516
		Other Income	10.402	6.461	5.995
		TOTAL (A)	2422.268	2050.722	1615.511
Less	EXPENSES
		Cost of materials consumed	1260.311	1115.188	885.565
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	18.843	(33.271)	(41.901)
		Employee related expenses	158.561	112.311	92.613
		Other expenses	639.582	582.615	485.414
		TOTAL (B)	2077.297	1776.843	1421.691
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		344.971	273.879	193.820
Less	FINANCIAL EXPENSES (D)		49.905	43.132	37.872
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		295.066	230.747	155.948
Less/ Add	DEPRECIATION/ AMORTISATION (F)		68.325	51.976	35.115
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		226.741	178.771	120.833
Less	TAX (H)		74.046	54.426	34.378
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		152.695	124.345	86.455
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on F.O.B. basis	2091.550	1769.965	1402.700
	TOTAL EARNINGS		2091.550	1769.965	1402.700
	IMPORTS
		Raw Materials	NA	NA	160.272
		Stores & Spares	NA	NA	9.988
		Plant and Machinery	NA	NA	49.467
	TOTAL IMPORTS		NA	NA	219.727
	Earnings Per Share (Rs.)		48.28	39.25	30.82

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	6.30	6.06	5.35
Net Profit Margin (PBT/Sales)	(%)	9.40	8.75	7.51
Return on Total Assets (PBT/Total Assets}	(%)	12.83	11.65	11.02
Return on Investment (ROI) (PBT/Net worth)		0.31	0.30	0.24
Debt Equity Ratio (Total Debt/Net worth)		0.84	0.94	0.80
Current Ratio (Current Asset/Current Liability)		1.11	1.05	1.14

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	28.049	28.049	28.049
Reserves & Surplus	470.489	572.433	699.693
Share Application money pending allotment	0.000	0.000	0.000
Net worth	498.538	600.482	727.742
Long-term borrowings	108.383	168.067	149.174
Short term borrowings	292.677	397.307	462.864
Total borrowings	401.060	565.374	612.038
Debt/Equity ratio	0.804	0.942	0.841

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)
Revenue from operations	1609.516	2044.261	2411.866
		27.011	17.982

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	1609.516	2044.261	2411.866
Profit	86.455	124.345	152.695
	5.37%	6.08%	6.33%

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]	PAN of Proprietor/Partner/Director, if available	Yes
32]	Date of Birth 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	10478991	31/12/2013	50,000,000.00	CITIBANK N. A.	PELICAN, 2ND FLOOR, OPPOSITE RACE COURSE TOWERS, GOTRI ROAD, VADODARA, BARODA, GUJARAT - 390007, INDIA	B96955760
2	10478992	31/12/2013	300,000,000.00	CITIBANK N. A.	PELICAN, 2ND FLOOR, OPPOSITE RACE COURSE TOWERS, GOTRI ROAD, VADODARA, BARODA, GUJARAT - 390007, INDIA	B96956149
3	10062886	09/01/2014 *	1,473,000,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE, VADODARA, GUJARAT - 390007, INDIA	B94021383
4	90210878	08/08/1996 *	50,013,000.00	STATE BANK OF INDIA	COMERCIAL BRANCH, JUSTICE GN VAIDAY MARG, MUMBAI, MAHARASHTRA - 400023, INDIA	-
5	90215987	15/12/1995	50,013,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, MUMBAI, MAHARASHTRA - 400023, INDIA	-
6	90212351	18/03/1993	4,348,000.00	STATE BANK OF INDIA	COMERCIAL BRANCH, JUSTICE GN VAIDAY MARG, MUMBAI, MAHARASHTRA - 400023, INDIA	-
7	90212300	30/11/2006 *	300,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FIANANCE BRANCH, 'THE ARCADE', 2ND FLOOR, WORLD TRADE CENTRE,CUFFE PARADE,, MUMBAI, MAHARASHTRA - 400005, INDIA	-
8	90236969	31/10/2005 *	33,263,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
9	90212136	24/12/1990	13,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, MUMBAI, MAHARASHTRA - 400023, INDIA	-
10	90211883	13/02/1989	12,000,000.00	STATE BANK OF INDIA	COMERCIAL BRANCH, JUSTICE GN VAIDAY MARG, MUMBAI, MAHARASHTRA - 400023, INDIA	-
11	90211685	08/09/1987	8,900,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, MUMBAI, MAHARASHTRA - 400023, INDIA	-
12	90211540	13/02/1989 *	4,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, MUMBAI, MAHARASHTRA - 400023, INDIA	-
13	90214287	29/08/1986	4,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, MUMBAI, MAHARASHTRA - 400023, INDIA	-
14	90214266	29/03/1986	5,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, MUMBAI, MAHARASHTRA - 400023, INDIA	-

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Loans repayable on demand from others	10.483	9.406
Total	10.483	9.406

Note:

The Registered address of the company has been shifted from A-4, Purshottam Buildings, Opera House, Mumbai, Maharashtra, India to present address w.e.f. 13.04.2008

OPERATING RESULTS AND BUSINESS

The gross turnover of the company for the year increased to Rs.2411.800 millions which is a quantum jump of nearly 18% over the previous year. In tune with increased sales, the profit after tax of the company has gone up from 1110 lacs to 135.400 millions.

The total capacity of the company as on date is 17,875 MT per annum.

The actual capacity utilization have been 15,470 MT which reflects the capacity utilization of up to 86.55%. The business environment of the company continues to remain favourable barring developments in the global environment.

 FIXED ASSETS:

· Leasehold Land

· Buildings

· Office Equipments

· Plant and Machinery

· Office and Other Equipments

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] 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 :	PLK
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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		50

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.