MIRA INFORM REPORT

Report Date :

16.06.2014

IDENTIFICATION DETAILS

Name :	BHARAT INSULATION COMPANY (INDIA) LIMITED (w.e.f. 23.12.2011)
Formerly Known As :	JYOTI WIRE INDIA LIMITED
Registered Office :	B-32, Wagle Industrial Estate, Road No. 18, Thane – 400 604, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.10.1974
Com. Reg. No.:	11-017814
Capital Investment / Paid-up Capital :	Rs. 30.600 Millions
CIN No.: [Company Identification No.]	U31300MH1974PLCO17814
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Electrical Household and Other Goods, Wind Made Copper
No. of Employees :	150 (Approximately)

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 630000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is good. 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 Ratings = BBB
Rating Explanation	Moderate degree of safety. It carry moderate credit risk
Date	28.06.2013
Rating Agency Name	CRISIL
Rating	Short Term Ratings = A3
Rating Explanation	Moderate degree of safety. It carry higher credit risk
Date	28.06.2013

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 PARTED BY

Name :	Ms. Kalapandey
Designation :	MIS Manager
Contact No.:	91-22-25812790
Date :	17.05.2014

LOCATIONS

Registered Office / Factory :	B-32, Wagle Industrial Estate, Road No. 18, Thane – 400 604, Maharashtra, India
Tel. No.:	91-22-25823911 / 12/ 25812789/ 25812790
Fax No.:	91-22-25823913
E-Mail :	talukdarbk@bicwire.com pareshaga@bicwire.com bic@bicwire.com sales@bicwire.com bicfactory@bicwire.com
Website :	http://www.bicwires.com
Unit No. I - Waluj	E-7,Waluj Industrial Area , M.I.D.C., Aurangabad-431 133, Maharashtra, India
Tel. No.:	91-240-2556550/2555644/2564170
Fax No.:	91-240-2554681
E-Mail :	bicahd@bicwirw.com
Unit No.II – Dadra	44 /2, Vaghdhara River Road, Near Swastik Box, Village – Dadra, Dadra Nagar Haveli - 396 230 India

DIRECTORS

As on: 30.09.2013

Name :

Mr. Vinod D Mehta

Designation :

Chairman Cum Managing Director

Address :

11, Mount Eminance, 5^th Floor, N Gamadia Cross Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

03.01.1944

Date of Appointment :

13.12.2006

DIN No :

00328076

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	U99999MH1972PLC015551	COVERED WIRES LIMITED	DIRECTOR	13-03-72	13-03-72	-	ACTIVE	NO
2	U45400MH1971PLC015518	TERRAPLAZO REALTY MANAGEMENT LIMITED	DIRECTOR	31-01-12	13-03-72	-	ACTIVE	NO
3	U74210MH1972PTC015679	SONA CONSTRUCTION AND METAL INDUSTRIES PRIVATE LIMITED	DIRECTOR	13-03-72	13-03-72	-	ACTIVE	NO
4	U31300MH1974PLC017814	BHARAT INSULATION COMPANY (INDIA) LIMITED	DIRECTOR	05-10-74	05-10-74	-	ACTIVE	NO
5	U51900MH1986PTC040722	CARNATION HEALTHFOOD PVT LTD	DIRECTOR	26-09-96	26-09-96	-	STRIKE OFF	NO
6	U31300MH1973GAP016998	WINDING WIRES MANUFACTURERS ASSOCIATION OF INDIA	DIRECTOR	09-08-97	09-08-97	15-09-11	ACTIVE	NO
7	U70100MH1983PTC030780	MULUND PROPERTIES DEVELOPERS PVT LTD	DIRECTOR	10-12-03	10-12-03	-	ACTIVE	NO
8	U29199MH2006PTC165037	RELIABLE MACHINES & TECHNOLOGY PRIVATE LIMITED	DIRECTOR	14-02-07	14-02-07	-	ACTIVE	NO

Name :

Mr. Dhiren D Mehta

Designation :

Managing Director

Address :

Kanchan’ Ashoknagar, Co.Op. Housing Society Limited, N S Road, No. 10, JVPD Scheme, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

27.09.1960

Date of Appointment :

25.09.1981

DIN No :

00249017

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	U31300MH1974PLC017814	BHARAT INSULATION COMPANY (INDIA) LIMITED	MANAGING DIRECTOR	01-02-12	07-08-81	-	ACTIVE	NO
2	U45400MH1971PLC015518	TERRAPLAZO REALTY MANAGEMENT LIMITED	DIRECTOR	31-01-12	25-09-81	30-03-12	ACTIVE	NO
3	U99999MH1972PLC015551	COVERED WIRES LIMITED	DIRECTOR	25-09-81	25-09-81	08-05-10	ACTIVE	NO
4	U74210MH1972PTC015679	SONA CONSTRUCTION AND METAL INDUSTRIES PRIVATE LIMITED	DIRECTOR	25-09-81	25-09-81	-	ACTIVE	NO
5	U51900MH1986PTC040722	CARNATION HEALTHFOOD PVT LTD	DIRECTOR	06-10-86	06-10-86	-	STRIKE OFF	NO
6	U29199MH2006PTC165037	RELIABLE MACHINES & TECHNOLOGY PRIVATE LIMITED	DIRECTOR	14-02-07	14-02-07	-	ACTIVE	NO
7	U31300MH1973GAP016998	WINDING WIRES MANUFACTURERS ASSOCIATION OF INDIA	DIRECTOR	15-09-11	15-09-11	-	ACTIVE	NO

Name :

Mr. Rajeev D Suri

Designation :

Director

Address :

802, Joama II, Pali Road, Bandra, Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

24.09.1957

Date of Appointment :

11.03.1996

DIN No :

00419320

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	U15100MH1993PTC072814	SURI FOODS PVT LTD	DIRECTOR	13-07-93	13-07-93	-	ACTIVE	NO
2	U45400MH1971PLC015518	TERRAPLAZO REALTY MANAGEMENT LIMITED	DIRECTOR	11-03-96	11-03-96	20-01-12	ACTIVE	NO
3	U31300MH1974PLC017814	BHARAT INSULATION COMPANY (INDIA) LIMITED	DIRECTOR	28-09-12	20-01-12	-	ACTIVE	NO

Name :

Mr. Sarosh S Irani

Designation :

Director

Address :

A-12/A, Ness Baug, Nana Chowk, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

27.11.1960

Date of Appointment :

18.03.1996

DIN No :

00056809

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	U45400MH1971PLC015518	TERRAPLAZO REALTY MANAGEMENT LIMITED	DIRECTOR	18-03-96	18-03-96	20-01-12	ACTIVE	NO
2	U65920MH1995PTC090696	MACQUARIE CAPITAL (INDIA) PRIVATE LIMITED	DIRECTOR	21-07-05	21-07-05	30-06-08	ACTIVE	NO
3	U67120MH1995PTC089592	MACQUARIE CAPITAL SECURITIES (INDIA) PRIVATE LIMITED	DIRECTOR	21-07-05	21-07-05	20-11-08	ACTIVE	NO
4	U67190MH2007PTC168966	MACQUARIE WEALTH MANAGEMENT (INDIA) PRIVATE LIMITED	DIRECTOR	20-03-07	20-03-07	30-06-08	STRIKE OFF	NO
5	U72900MH2000PTC124367	RELIANCE EQUITIES INTERNATIONAL PRIVATE LIMITED	WHOLE-TIME DIRECTOR	15-10-08	15-10-08	29-10-09	AMALGAMATED	NO
6	U67190MH2010PTC209904	VIOLET ARCH CAPITAL ADVISORS PRIVATE LIMITED	ADDITIONAL DIRECTOR	18-11-10	18-11-10	10-03-11	ACTIVE	NO
7	U74140MH2007PTC200509	JEFFERIES INDIA PRIVATE LIMITED	WHOLE-TIME DIRECTOR	30-09-11	31-03-11	-	ACTIVE	NO
8	U31300MH1974PLC017814	BHARAT INSULATION COMPANY (INDIA) LIMITED	DIRECTOR	28-09-12	20-01-12	-	ACTIVE	NO

Name :

Mrs. Kanchalaxmi Dulerai Mehta

Designation :

Additional Director

Address :

Kanchan, 26, Ashoknagar, CHS Limited, N S Road No. 10, JVPD Scheme, Mumbai-400049, Maharashtra, India

Date of Birth/Age :

22.02.1926

Date of Appointment :

01.04.2010

KEY EXECUTIVES

Name :	Ms. Kalapandey
Designation :	MIS Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Madhurita Dhiren Mehta	3069
Parul Vinod Mehta	8
Mulund Properties Developers Private Limited	1
Dhiren Dulerai Mehta (HUF)	1
Dhiren Dulerai Mehta	167057
Sanat Dhiren Mehta	62433
Gayatri Dhiren Mehta	3060
Shivani Dhiren Mehta	3060
Vinod Dulerai Mehta	67311
Total	306000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Electrical Household and Other Goods, Wind Made Copper

Products :

· Enamelled Copper Wires

· PVC Insulated Copper Cables

· PVC Insulated Copper Wires

· Copper Conductors

· Copper Anodes and Impregnating Varnish

· Electric Wires

· Automobile Harness Cables

· Bare Conductors

· Bunched Copper/Stranded Copper Conductors

· XLPE Insulated Single Core Cables

Product	ITC Code
Winding Wire of Enamelled Copper	85441110
Others With Cross Section Less Than 6 MM	74081990
Other Plates, Sheets etc of Refined Copper	74091900
Other Winding Wire of Copper	85441190
Other Copper Scraps	74040019
Insulating Varnish	32089041

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

End Users, OEM’s and Manufacturer

No. of Employees :

150 (Approximately)

Bankers :

• Bank of India, Andheri Branch, M.D.I, Building, 28, S.V. Road, Andheri (West), Mumbai-400058, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
SHORT TERM BORROWINGS
Working capital loan from bank (All the above loans are guaranteed by the some of the Directors in their personal capacity and by a company under the same management)	18.512	32.415
Other loans and Advances	1.206	0.506
Total	19.718	32.921

Banking Relations :	---
Auditors :
Name :	Chaturvedi and Shah Chartered Accountant
Address :	714-715m Tulsiani Chambers, 212 Free Press Journal Marg, Nariman Point, Mumbai-400021, Maharashtra, India
PAN No.:	AAAFC0662N
Related Parities :	Covered Wires Limited Reliable Machines and Technology Private Limited Sona Construction and Metal Industries Private Limited Terra Plazo Realty Management Limited Dhiren D Mehta (H.U.F)

CAPITAL STRUCTURE

As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
320000	Equity Shares	Rs.100/- each	32.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
306000	Equity Shares	Rs.100/- each	30.600 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	30.600	30.600	0.500
(b) Reserves & Surplus	128.270	104.686	84.993
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	30.600
Total Shareholders’ Funds (1) + (2)	158.870	135.286	116.093
(3) Non-Current Liabilities
(a) long-term borrowings	63.661	64.441	66.331
(b) Deferred tax liabilities (Net)	0.000	0.000	0.263
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	17.891
Total Non-current Liabilities (3)	63.661	64.441	84.485
(4) Current Liabilities
(a) Short term borrowings	19.719	32.921	31.194
(b) Trade payables	295.203	301.561	335.851
(c) Other current liabilities	29.617	43.394	40.739
(d) Short-term provisions	0.896	1.578	2.323
Total Current Liabilities (4)	345.435	379.454	410.107
TOTAL	567.966	579.181	610.685
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	53.794	61.973	51.320
(ii) Intangible Assets	0.000	0.000	0.170
(iii) Capital work-in-progress	19.650	19.544	0.561
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.241	0.241	0.741
(c) Deferred tax assets (net)	7.637	1.692	0.000
(d) Long-term Loan and Advances	9.233	26.487	48.672
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	90.555	109.937	101.464
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	157.677	182.232	198.701
(c) Trade receivables	254.546	217.215	225.518
(d) Cash and cash equivalents	39.654	53.528	54.672
(e) Short-term loans and advances	25.534	16.269	30.330
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	477.411	469.244	509.221
TOTAL	567.966	579.181	610.685

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2206.679	2306.709	2096.941
		Other Income	10.075	7.745	2.707
		TOTAL (A)	2216.754	2314.454	2099.648
Less	EXPENSES
		Cost of Materials Consumed	1937.904	2076.287	1929.060
		Purchases of Stock-in-Trade	1.110	0.256	0.009
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	33.629	6.973	(46.346)
		Employees benefits expense	24.813	25.925	26.107
		Prior period items	0.000	0.000	(0.009)
		Other expenses	132.531	115.654	115.338
		TOTAL (B)	2129.987	2225.095	2024.159
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		86.767	89.359	75.489
Less	FINANCIAL EXPENSES (D)		47.315	55.178	44.345
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		39.452	34.181	31.144
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.494	11.894	13.168
	PROFIT BEFORE TAX (E-F) (G)		25.958	22.287	17.976
Less	TAX (H)		2.374	2.594	9.660
	PROFIT AFTER TAX (G-H) (I)		23.584	19.693	8.316
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		95.735	76.041	NA
	BALANCE CARRIED TO THE B/S		119.319	95.734	NA
	Earnings Per Share (Rs.)		77.07	64.36	27.18

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.06	0.85	0.40
Net Profit Margin (PBT/Sales)	(%)	1.18	0.97	0.86
Return on Total Assets (PBT/Total Assets}	(%)	4.80	4.00	2.95
Return on Investment (ROI) (PBT/Networth)		0.16	0.16	0.15
Debt Equity Ratio (Total Debt /Networth)		0.52	0.72	0.84
Current Ratio (Current Asset/Current Liability)		1.38	1.24	1.24

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	0.500	30.600	30.600
Reserves & Surplus	84.993	104.686	128.270
Net worth	85.493	135.286	158.870
long-term borrowings	66.331	64.441	63.661
Short term borrowings	31.194	32.921	19.719
Total borrowings	97.525	97.362	83.380
Debt/Equity ratio	1.141	0.720	0.525

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	2096.941	2306.709	2206.679
		10.004	-4.336

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	2096.941	2306.709	2206.679
Profit	8.316	19.693	23.584
	0.40%	0.85%	1.07%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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

INDEX OF CHARGES

.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10493145	10/04/2014	20,000,000.00	THE SARASWAT CO-OPERATIVE BANK	SME BRANCH-NARIMAN POINT, MITTAL COURT, A-WING,,  NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	C04292785
2	10490389	03/04/2014	25,500,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA -  400018, INDIA	C03838448

* Date of charge modification

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Intercorporate Borrowings	21.970	23.539
Loans and Advances from related parties	17.238	20.109
Other loans and Advances	24.453	20.793
Total	63.661	64.441

FIXED ASSETS

· Goodwill

· Leasehold Land

· Freehold Land

· Building

· Plant and Machinery

· Electrical Installation

· Office Equipments

· Motor Car and Vehicles

· Furniture and Fixture

· Factory Equipments

· Computer

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.59.48
UK Pound	1	Rs.100.93
Euro	1	Rs.80.71

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	SBN

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	4
--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	--

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