MIRA INFORM REPORT

Report Date :

09.06.2014

IDENTIFICATION DETAILS

Name :	WIMCO LIMITED
Registered Office :	Indian Mercantile Chambers R K Marg, Ballard Estate, Mumbai – 400038, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	07.09.1923
Com. Reg. No.:	11-001082
Capital Investment / Paid-up Capital :	Rs.688.460
CIN No.: [Company Identification No.]	U24291MH1923PLC001082
TAN No.: [Tax Deduction & Collection Account No.]	SHLW00001B MUMW02212A
PAN No.: [Permanent Account No.]	AAACW3082B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Safety Matches.
No. of Employees :	Not Divulged

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 4500000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “ITC Limited, India”. It is an established company having satisfactory record. A reserve of the company is low. However, the rating reflects company’s improved financial risk profile marked by fair profitability achieved by the company during financial year 2013 and financial as well as managerial support that company receives from its parent company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of strong holding support, 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.

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 is non-cooperative (91-44-43487656)

LOCATIONS

Registered Office :	Indian Mercantile Chambers R K Marg, Ballard Estate, Mumbai – 400038, Maharashtra
Tel. No.:	91-22-56316600 / 56310828
Mobile No.:	91-97817085829 (Mr. V. Ranganathan)
Fax No.:	91-22-66314525
E-Mail :	vranganathan@wimco.in surendra.sipani@itc.in
Website :	http://www.wimco.in
Corporate Office:	No. 69, Chamiers Road, Chennai – 600018, Tamilnadu, India
Tel No.:	91-44-43487656
Factory [Matches] 1 / Engineering Division:	Kalyan Badlapur Road, Ambarnath, Thane District- 421 505, Maharashtra, India
Tel No.:	91-251-2682281 / 2683982
Fax No.:	91-251-2682665 / 2681874
Factory [Matches] 2 :	Clutterbuckganj, Bareilly - 243502, Uttar Pradesh, India
Factory [Matches] 3 :	Tiruvottiyur, Chennai- 600019, Tamilnadu, India
Factory [Matches] 4 :	Alambazar, Kolkata - 700035, West Bengal, India
Factory [Matches] 5 :	Amco Road Post Office, Dhubri - 783323, Assam, India
Seedling Division :	Post Box No. 4, Kashipur Road, Rudrapur, Udham Singh Nagar – 263153, Uttaranchal, India

DIRECTORS

As on: 17.09.2013

Name :

Mr. Kurush Noshir Grant

Designation :

Director

Address :

7/1, Little Russel Street, Kolkata – 700071, West Bengal, India

Date of Birth/Age :

22.08.1957

Date of Appointment :

25.03.2010

PAN No.:

ADXPG8211B

DIN No.:

00336288

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	U24999MH1948NPL006309	AUDIT BUREAU OF CIRCULATIONS	Director	26/11/1999	26/11/1999	13/09/2007	Active	NO
2	L16005WB1910PLC001985	ITC LIMITED	Whole-time director	26/07/2013	20/03/2010	-	Active	NO
3	U24291MH1923PLC001082	WIMCO LIMITED	Director	09/09/2010	25/03/2010	-	Active	NO
4	U85300WB1909GAP001941	TOLLYGUNGE CLUB LTD.	Director	07/08/2011	07/08/2011	-	Active	NO
5	U74300MH1952GAP008859	THE INDIAN SOCIETY OF ADVERTISERS	Director	11/09/2012	11/09/2012	-	Active	NO

Name :

Mr. Vellore Mani Rajasekaran

Designation :

Managing Director

Address :

3A, Bougainvillae, No.3, Adyar Club, Gate Road, R.A. Puram, Chennai – 600028, Tamil Nadu, India

Date of Birth/Age :

03.10.1958

Date of Appointment :

07.01.2011

PAN No.:

AASPR9749M

DIN No.:

03378682

Name :

Mr. Chittranjan Dua

Designation :

Director

Address :

88, Sundar Nagar, New Delhi – 110003, Delhi, India

Date of Birth/Age :

03.11.1951

Date of Appointment :

21.04.1998

PAN No.:

AACPD7256P

DIN No.:

00036080

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	U21098MH1962PLC012488	CABOT INDIA LIMITED	Director	09/04/1987	09/04/1987	-	Active	NO
2	U64203DL1987PTC029740	LINDE ENGINEERING INDIA PRIVATE LIMITED	Director	11/11/1987	11/11/1987	-	Active	NO
3	U32109DL1990FTC039906	STMICROELECTRONICS PRIVATE LIMITED	Director	19/04/1990	19/04/1990	10/09/2007	Active	NO
4	U74899DL1993PTC055015	MCDONALD'S INDIA PRIVATE LIMITED	Director	30/08/1993	30/08/1993	-	Active	NO
5	U19202DL1993PTC052247	FILA SPORT INDIA PRIVATE LIMITED	Director	22/11/1993	22/11/1993	-	Active	NO
6	U74899DL1993PTC056590	LEXSPHERE PRIVATE LIMITED.	Director	22/12/1993	22/12/1993	-	Active	NO
7	U74899DL1979PTC009714	ASSOCIATED CORPORATE CONSULTANTS INDIA PRIVATE LIMITED	Director	02/05/1995	02/05/1995	-	Active	NO
8	U74899DL1989PTC038649	RESULT SERVICES PRIVATE LIMITED	Director	02/05/1995	02/05/1995	-	Active	NO
9	U74899DL1995PTC068500	PBE INDIA PRIVATE LIMITED	Director	15/05/1995	15/05/1995	-	Under liquidation	NO
10	U65993DL1979PTC009973	AMIT INVESTMENTS PRIVATE LIMITED	Director	19/07/1995	19/07/1995	-	Active	NO
11	U74899DL1995PTC064117	BECTON DICKINSON INDIA PRIVATE LIMITED.	Alternate director	30/12/2011	18/12/1995	-	Active	NO
12	U25209DL1996PTC078605	TUPPERWARE INDIA PRIVATE LIMITED	Director	01/05/1996	01/05/1996	13/01/2010	Active	NO
13	U33112HR1996PTC038528	BAXTER INDIA PRIVATE LIMITED	Director	11/06/1996	11/06/1996	18/04/2008	Active	NO
14	U40109DL1997FTC085582	EMERSON PROCESS MANAGEMENT POWER AND WATER SOLUTIONS INDIA PRIVATE LIMITED	Director	26/03/1997	26/03/1997	-	Active	NO
15	U24291MH1923PLC001082	WIMCO LIMITED	Director	21/04/1998	21/04/1998	-	Active	NO

Name :

Mr. Ramendra Lal Auddy

Designation :

Director

Address :

Flat 3D, 1 Auckland Squar, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

22.12.1951

Date of Appointment :

01.07.2005

PAN No.:

ACTPA4157H

DIN No.:

00272953

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	U24100WB1997PLC084645	QUAKER CHEMICAL INDIA LIMITED	Alternate director	09/09/2007	17/10/1997	-	Active	NO
2	U24291MH1923PLC001082	WIMCO LIMITED	Director	01/07/2005	01/07/2005	-	Active	NO
3	U45203WB2006PLC111364	BENGAL MULTIPLE HOUSING DEVELOPMENT LIMITED	Director	27/07/2011	31/01/2007	-	Active	NO
4	U65922WB1988PLC044915	P S GROUP REALTY LIMITED	Director	20/03/2007	20/03/2007	-	Active	NO
5	U45202WB2003NPL096324	CALCUTTA PROMOTIONS	Director	30/09/2010	28/03/2010	-	Active	NO
6	U29196WB1986PTC040670	ADAMS ELEVATOR COMPANY PVT. LTD.	Director	17/09/2011	17/09/2011	-	Active	NO
7	U26102WB1972PLC028352	INDOBELL INSULATIONS LTD	Director	01/08/2012	01/08/2012	-	Active	NO
8	U85300WB1909GAP001941	TOLLYGUNGE CLUB LTD.	Director	15/03/2013	15/03/2013	-	Active	NO

Name :

Mr. Dipak Kumar Dutta

Designation :

Director

Address :

GD 137, Salt Lake, Sector III, Near Tank NO. 12 and GD Market, Kolkata – 700106, West Bengal, India

Date of Birth/Age :

19.10.1947

Date of Appointment :

01.07.2005

PAN No.:

ACPPD3401M

DIN No.:

00078772

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	U74900WB1986PTC041319	UBIX MANAGEMENT SERVICES PRIVATE LIMITED	Director	14/05/1987	14/05/1987	-	Active	NO
2	U74210WB1992PTC055730	SPEARHEAD CONSULTANTS & EVALUATERS PVT LTD	Director	18/06/1992	18/06/1992	-	Active	NO
3	U51109WB1980PTC032715	PROMARK PRIVATE LIMITED	Director	12/02/1998	12/02/1998	20/11/2010	Active	NO
4	U57102WB1973PLC028864	MIMEC (INDIA) LTD	Director	24/08/1998	24/08/1998	-	Active	NO
5	U74140WB1982PTC034445	PATHFINDERS CONSULTANCY SERVICES PVT LTD	Director	09/06/1999	09/06/1999	30/10/2010	Active	NO
6	U74140MH1998PTC116442	DFK CONSULTING SERVICES (INDIA) PRIVATE LIMITED	Director	27/09/2002	27/09/2002	29/05/2013	Active	NO
7	U24291MH1923PLC001082	WIMCO LIMITED	Director	01/07/2005	01/07/2005	-	Active	NO
8	L63090WB1919GOI003229	ANDREW YULE & CO LTD	Director	21/07/2006	21/07/2006	23/03/2007	Active	NO
9	U22219WB1922SGC004390	HOOGHLY PRINTING CO LTD	Additional director	07/10/2006	07/10/2006	20/03/2007	Active	NO
10	U85300WB1907NPL001771	ROYAL CALCUTTA GOLF CLUB	Director	02/09/2010	02/09/2010	22/03/2013	Active	NO
11	U74140WB2010PTC155008	LOOKEAST BUSINESS CONSULTANTS PRIVATE LIMITED	Director	25/11/2010	25/11/2010	-	Active	NO

Name :

Mr. Rajendra Kumar Singhi

Designation :

Director

Address :

Flat No. 5EE, Manikarn, 3B Rammohan Mullick Garden Lane, Kolkata – 700010, West Bengal, India

Date of Birth/Age :

15.08.1964

Date of Appointment :

01.07.2005

PAN No.:

AIRPS4155M

DIN No.:

00009931

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	U45201WB1996PLC116323	CLASSIC INFRASTRUCTURE AND DEVELOPMENT LIMITED	Director	12/05/1998	12/05/1998	-	Active	NO
2	U72300WB1992PTC056722	SWIFT SYSTEMS & SERVICES P LTD	Director	19/04/1999	19/04/1999	-	Active	NO
3	U24291MH1923PLC001082	WIMCO LIMITED	Director	01/07/2005	01/07/2005	-	Active	NO
4	U91990WB2007NPL116333	Mani Karn Owners Association	Director	11/12/2007	11/12/2007	26/09/2010	Active	NO

Name :

Mr. Rajiv Tandon

Designation :

Director

Address :

Flat No. 4, Woodlands Synidcate 8/7, Alipore Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

05.10.1953

Date of Appointment :

01.07.2005

PAN No.:

AAQPT5649E

DIN No.:

00042227

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	U55202WB1986PLC049467	GREENACRE HOLDINGS LTD	Director	05/05/1998	05/05/1998	-	Active	NO
2	L15142TG1986PLC006957	AGRO TECH FOODS LIMITED	Director	30/07/1998	30/07/1998	30/07/2008	Active	NO
3	U65993WB1994PLC061684	RUSSELL CREDIT LTD	Director	18/09/2000	18/09/2000	-	Active	NO
4	U74899HR1992PLC052412	LANDBASE INDIA LIMITED	Director	16/02/2001	16/02/2001	-	Active	NO
5	U45201WB1996PLC116323	CLASSIC INFRASTRUCTURE AND DEVELOPMENT LIMITED	Director	03/03/2001	03/03/2001	-	Active	NO
6	U24291MH1923PLC001082	WIMCO LIMITED	Director	01/07/2005	01/07/2005	-	Active	NO
7	U65993WB1987PLC043324	RUSSELL INVESTMENTS LIMITED	Director	14/07/2010	24/09/2009	24/02/2012	Active	NO
8	U16003WB1935PLC008314	GOLD FLAKE CORPORATION LIMITED	Director	19/05/2010	24/09/2009	-	Active	NO
9	U51494WB1958PLC087149	WILLS CORPORATION LIMITED	Director	19/05/2010	24/09/2009	-	Active	NO
10	U65991WB1996PLC077341	ITC INFOTECH INDIA LIMITED	Director	19/05/2011	03/01/2011	-	Active	NO
11	U65923WB2012PLC176166	ITC Investments & Holdings Limited	Director	19/03/2012	19/03/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Surendra Kumar Sipani
Designation :	Secretary
Address :	Sumangal Apartments, 4, Lee Road, Flat No. 20, Kolkata – 700020, West Bengal, India
Date of Birth/Age :	01.06.1966
Date of Appointment :	01.05.2011
PAN No.:	AIQPS2993G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 17.09.2013

NOT AVAILABLE

Equity Share Break up (Percentage of Total Equity)

As on: 17.09.2013

Category	Percentage
Bodies corporate	98.26
Other top fifty shareholders	0.17
Others	1.54
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Safety Matches.

Products :

Product Description	Item Code No.
Matches Safety	36050010
Containers; Machinery for Aerating Beverages	84223000
Other live plants (including Their roots), cuttings and Slips ; mushroom spawn	06029030

GENERAL INFORMATION

Customers :	Hindustan Lever Dabur Balsara Glaxo Smithkline Johnson and Johnson Glenmark Pharmaceuticals Pidilite Emami Cavinkare J L Morrison
No. of Employees :	Not Divulged
Bankers :	ABN Amro Bank N.V. – 14, Veer Nariman Road, Mumbai – 400023, Maharashtra, India
Facilities :	--
Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalakshmi, Mumbai 400011, Maharashtra, India
PAN No.:	AAAFB9852F
Holding Company :	ITC Limited, India CIN No.: L16005WB1910PLC001985
Wholly Owned Subsidiaries :	Pavan Poplar Limited CIN: U01100MH1995PLC128849 Prag Agro Farm Limited CIN: U01100MH1997PLC128846
Fellow Subsidiaries :	ITC Infotech India Limited CIN No.: U65991WB1996PLC077341 Russell Credit Limited, India CIN: U65993WB1994PLC061684
Associate of the Holding company	International Travel House Limited
Associate of the Fellow Subsidiary	ATC Limited

CAPITAL STRUCTURE

As on: 17.09.2013

Authorised Capital:

No. of Shares	Type	Value	Amount
350000000	Equity Shares	Re.1/- each	Rs.350.000 Millions
11300000	Preference Shares	Re.100- each	Rs.1130.000 Millions
	Total		Rs.1480.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
188460000	Equity Shares	Re.1/- each	Rs.188.460 Millions
5000000	Preference Shares	Re.100- each	Rs.500.000 Millions
	Total		Rs.688.460 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	688.460	685.855	1144.230
(b) Reserves & Surplus	433.149	429.854	429.992
(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)	1121.609	1115.709	1574.222
(3) Non-Current Liabilities
(a) long-term borrowings	20.000	45.000	128.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	598.846	565.268	17.235
(d) long-term provisions	8.596	8.797	8.453
Total Non-current Liabilities (3)	627.442	619.065	153.688
(4) Current Liabilities
(a) Short term borrowings	1.840	2.584	2.330
(b) Trade payables	434.809	409.359	462.804
(c) Other current liabilities	34.924	42.764	65.767
(d) Short-term provisions	5.388	8.971	25.051
Total Current Liabilities (4)	476.961	463.678	555.952
TOTAL	2226.012	2198.452	2283.862
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1489.378	1537.365	1563.051
(ii) Intangible Assets	1.520	3.473	8.095
(iii) Capital work-in-progress	4.791	2.338	10.499
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	59.915	59.915	59.910
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	234.919	226.749	77.696
(e) Other Non-current assets	0.025	0.025	0.025
Total Non-Current Assets	1790.548	1829.865	1719.276
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	268.605	229.972	313.642
(c) Trade receivables	61.495	32.068	33.496
(d) Cash and cash equivalents	8.367	12.942	6.046
(e) Short-term loans and advances	84.158	93.457	211.316
(f) Other current assets	12.839	0.148	0.086
Total Current Assets	435.464	368.587	564.586
TOTAL	2226.012	2198.452	2283.862

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	1685.244	1710.843	1934.349
	Other Income	95.904	20.496	11.765
	TOTAL (A)	1781.148	1731.339	1946.114
Less	EXPENSES
	Cost of Materials Consumed	771.619	761.079	1161.322
	Purchases of Stock-in-Trade	478.206	361.174	188.820
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(60.360)	63.431	6.933
	Employees benefits expense	209.617	250.048	342.998
	Exceptional Items	0.000	368.726	374.646
	Other expenses	321.802	322.205	410.715
	TOTAL (B)	1720.884	2126.663	2485.434
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	60.264	(395.324)	(539.320)
Less	FINANCIAL EXPENSES (D)	0.481	18.966	5.784
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	59.783	(414.290)	(545.104)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	40.814	45.646	51.400
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	18.969	(459.936)	(596.504)
Less	TAX (I)	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	18.969	(459.936)	(596.504)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	276.771	736.707	(140.203)
	Balance Carried to the B/S	295.740	276.771	736.707
	EARNINGS IN FOREIGN CURRENCY	25.589	NA	NA
	Earnings / (Loss) Per Share (Rs.)	0.10	(2.38)	(3.08)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.06	(26.57)	(30.65)
Net Profit Margin (PBT/Sales)	(%)	1.13	(26.88)	(30.84)
Return on Total Assets (PBT/Total Assets}	(%)	0.88	(21.53)	(26.95)
Return on Investment (ROI) (PBT/Networth)		0.02	(0.41)	(0.38)
Debt Equity Ratio (Total Debt/Networth)		0.02	0.04	0.08
Current Ratio (Current Asset/Current Liability)		0.91	0.79	1.02

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	1144.230	685.855	688.460
Reserves & Surplus	429.992	429.854	433.149
Net worth	1574.222	1115.709	1121.609
long-term borrowings	128.000	45.000	20.000
Short term borrowings	2.330	2.584	1.840
Total borrowings	130.330	47.584	21.840
Debt/Equity ratio	0.083	0.043	0.019

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	1934.349	1710.843	1685.244
		(11.555)	(1.496)

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	1934.349	1710.843	1685.244
Profit	(596.504)	(459.936)	18.969
	(30.84%)	(26.88%)	1.13%

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	Yes
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	No

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Long Term Borrowings
Loans and advances from related parties	20.000	45.00
Short Term Borrowings
Loans and advances from related parties	1.840	2.584
Total	21.840	47.584

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80044146	04/03/2008 *	30,000,000.00	ABN AMRO BANK N.V.	14, VEER NARIMAN ROAD, MUMBAI - 400023, Maharashtra, INDIA	A37004876
2	90357503	22/05/1999	235,000.00	UNION BANK OF INIDA	RUDHRA PUR BRANCH, NANITAL, Andhra Pradesh, INDIA	-
3	90156858	29/04/1998 *	59,800,000.00	THE INDUSTRIAL FINANCE CORPORATION OF INDIA LTD.	IFCI TOWER; NEHRU PLACE, NEW DELHI – 110019, INDIA	-
4	90156843	07/04/1998	75,400,000.00	THE INDUSTRIAL FINANCE CORPORATION OF INDIA LTD.	IFCI TOWER; NEHRU PLACE, NEW DELHI – 110019, INDIA	-
5	90156383	31/03/1997 *	170,000,000.00	THE INDUSTRIAL FINANCE CORPORATION OF INDIA LTD.	BANK OF BARODA BUILDING, 16; SANSAD MARG, NEW DELHI - 110001, INDIA	-
6	90357200	22/05/1999 *	2,900,000.00	UNION BANK OF INIDA	RUDHRA PUR BRANCH, NANITAL, Andhra Pradesh, INDIA	-

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and Equipments
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Computer 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.59.20
UK Pound	1	Rs.99.52
Euro	1	Rs.80.83

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	KAR
Report Prepared by :	VNK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--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	Aja	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aar	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.