MIRA INFORM REPORT

Report Date :

06.03.2014

IDENTIFICATION DETAILS

Name :	AQUAPHARM CHEMICALS PRIVATE LIMITED (w.e.f. 21.04.1981)
Formerly Known As :	VIKRAM ION EXCHANGERS PRIVATE LIMITED
Registered Office :	9^th and 10ht Floor, Amar Synergy, 12B, Sadhu Vaswani Road, Pune - 411001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.03.1974
Com. Reg. No.:	11-017243
Capital Investment / Paid-up Capital :	Rs.30.000 Millions
CIN No.: [Company Identification No.]	U24231MH1974PTC017243
PAN No.: [Permanent Account No.]	AAECA7014R
Legal Form :	Private Limited Liability Company
Line of Business :	The Company Produces and Sells Chemicals.
No. of Employees :	Not Divulged

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 5100000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The rating reflects healthy financial risk profile supported by adequate liquidity position and decent profitability 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 conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	26.09.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	26.09.2013

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 DENIED BY

Name :	Mr. Soni
Designation :	Manager
Contact No.:	91-20-66090000
Date :	04.03.2012

LOCATIONS

Registered Office :	9^th and 10ht Floor, Amar Synergy, 12B, Sadhu Vaswani Road, Pune - 411001, Maharashtra, India
Tel. No.:	91-20-66090000
Fax No.:	91-20-26053396
E-Mail :	aquapharm@vsnl.com ghatpande.s@aquapharm.net soni.a@aquapharm.net
Website :	http://www.aquapharm-india.com
Area :	800 sq ft (Approximately)
Location :	Owned
Head Office :	3^rd Floor, Atur Chambers, 2-A Moledina Road , Pune – 411 001, Maharashtra, India
Tel. No.:	91-20-66090000
Fax No.:	91-20-26053396
E-Mail :	intlsales@aquapharm.net sales@aquapharm.net techsupport@aquapharm.net
Factory 1 :	At and Near Village Pirangut Village, Taluka Mulshi, Pune - 412 108, Maharashtra, India
Tel. No.:	91-2139-22883 / 22792
Fax No.:	91-2139-22362
Area :	10665 sq ft
Location :	Owned
Factory 2 :	K-3/ 1, 2 and 3, Additional Mahad M.I.D.C. Area, Mahad Raigad – 402 302, Maharashtra, India
Area :	53547 sq ft
Location :	Owned
R and D Office :	S-1, M.I.D.C., Bhosari, Pune – 411 026, Maharashtra, India
Branch Office :	Located At: · Delhi · Chennai · Baroda · Kolkata

DIRECTORS

As on: 15.07.2013

Name :

Mr. Nitin Raoji Bhai Desai

Designation :

Chairman cum Managing Director

Address :

457, Sindh Housing Society, Aundh, Pune – 411 007, Maharashtra, India

Date of Birth/Age :

01.11.1943

Date of Appointment :

30.08.1980

PAN NO :

AAAHD7774E

Din No.:

00140239

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	U24231MH1974PTC017243	AQUAPHARM CHEMICALS PRIVATE LIMITED	Director	30/08/1980	30/08/1980	-	Active	NO
2	U67120PN1983PTC029447	DESONS HOLDINGS AND FINANCE PVT LTD	Director	01/03/1983	01/03/1983	-	Active	NO
3	U55101MH1973PLC016960	DESAI BROTHERS LTD	Managing director	01/04/2012	01/10/1989	-	Active	NO
4	U85110PN1996PLC099499	SAHYADRI HOSPITALS LIMITED	Director	14/06/1996	14/06/1996	-	Active	NO
5	U70102PN2007PTC130273	DESONS INVESTMENTS PRIVATE LIMITED	Director	07/06/2007	07/06/2007	-	Amalgamated	NO
6	U65993PN1976ULT018893	AJINKYA INVESTMENT AND TRADING COMPANY	Director	29/09/2008	04/08/2008	08/05/2012	Active	NO
7	U65910PN2009PTC133658	DESONS FINVEST PRIVATE LIMITED	Director	17/03/2009	17/03/2009	-	Active	NO
8	U15400PN2009PTC133749	DESAI FOODS PRIVATE LIMITED	Director	06/04/2009	06/04/2009	-	Active	NO
9	U85100PN2011PTC139130	KONKAN MEDICAL SERVICES PRIVATE LIMITED	Director	28/09/2012	09/04/2011	-	Active	NO
10	L24230GJ1995PLC025878	CADILA HEALTHCARE LIMITED	Director	19/07/2011	06/05/2011	-	Active	NO
11	U55100MH2004PTC147334	SAVANNAH HOTELS PRIVATE LIMITED	Director	25/07/2013	25/07/2013	-	Active	NO

Name :

Mr. Vishnu Khushaldas Mangwani

Designation :

Managing Director

Address :

242, Sindh Housing Society, Aundh, Pune – 411 007, Maharashtra, India

Date of Birth/Age :

01.07.1931

Date of Appointment :

02.03.1974

PAN NO :

ABAPM6828K

Din No.:

00352161

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	U24231MH1974PTC017243	AQUAPHARM CHEMICALS PRIVATE LIMITED	Managing director	02-03-74	02-03-74	-	Active	NO
2	U72200PN2000PTC014910	BHAGEETA ENTERPRISES PRIVATE LIMITED	Director	22-05-00	22-05-00	-	Strike off	NO
3	U91110PN2003PLC017601	INTERNATIONAL SINDHU CHAMBER OF COMMERCE	Director	15-01-03	15-01-03	-	Active	NO
4	U65990PN2008PTC132526	VEEKAY INFIN AND HOLDINGS PRIVATE LIMITED	Director	31-07-08	31-07-08	-	Active	NO

Name :

Mrs. Vimal Vishnu Mangwani

Designation :

Joint Managing Director

Address :

303, Sindh Housing Society, Aundh, Pune – 411 007, Maharashtra, India

Date of Birth/Age :

13.09.1956

Date of Appointment :

01.07.2008

PAN NO :

ABAPM6827G

Din No.:

00352180

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	U24231MH1974PTC017243	AQUAPHARM CHEMICALS PRIVATE LIMITED	Managing director	01-07-08	11-11-91	-	Active	NO
2	U65990PN2008PTC132526	VEEKAY INFIN AND HOLDINGS PRIVATE LIMITED	Director	31-07-08	31-07-08	-	Active	NO
3	U24299PN2009PTC133793	AQUENTA CHEMICALS PRIVATE LIMITED	Director	16-04-09	16-04-09	-	Active	NO

Name :

Mr. Sanjay Jasubhai Desai

Designation :

Director

Address :

14, Dr. Koyaji Road, Pune –411 001, Maharashtra, India

Date of Birth/Age :

18.05.1960

Date of Appointment :

28.12.1998

Din No.:

00140307

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	U85110PN1996PLC099499	SAHYADRI HOSPITALS LIMITED	Director	14/06/1996	14/06/1996	29/09/2008	Active	NO
2	U67120PN1983PTC029447	DESONS HOLDINGS AND FINANCE PVT LTD	Director	01/04/1998	01/04/1998	-	Active	NO
3	U55101MH1973PLC016960	DESAI BROTHERS LTD	Whole-time director	01/04/2012	01/04/1998	-	Active	NO
4	U24231MH1974PTC017243	AQUAPHARM CHEMICALS PRIVATE LIMITED	Director	28/12/1998	28/12/1998	-	Active	NO
5	U50102PN1991PTC060310	RAJHARI CARRIERS AND FINANCE PRIVATE LIMITED	Director	06/09/2000	06/09/2000	10/11/2009	Active	NO
6	U70102PN2007PTC130273	DESONS INVESTMENTS PRIVATE LIMITED	Director	14/01/2008	14/01/2008	-	Amalgamated	NO
7	U74220PN2002NPL017463	NATIONAL AGRICULTURE AND FOOD ANALYSIS AND RESEARCH INSTITUTE	Director	28/06/2008	28/06/2008	-	Active	NO
8	U65993PN1976ULT018893	AJINKYA INVESTMENT AND TRADING COMPANY	Director	29/09/2008	04/08/2008	08/05/2012	Active	NO
9	U65910PN2009PTC133658	DESONS FINVEST PRIVATE LIMITED	Director	17/03/2009	17/03/2009	-	Active	NO
10	U15400PN2009PTC133749	DESAI FOODS PRIVATE LIMITED	Director	06/04/2009	06/04/2009	-	Active	NO
11	U85100PN2011PTC139130	KONKAN MEDICAL SERVICES PRIVATE LIMITED	Director	28/09/2012	09/04/2011	-	Active	NO
12	U74900PN2012NPL144986	World Presidents Organisation Pune Chapter	Director	08/10/2012	08/10/2012	-	Active	NO
13	U55100MH2004PTC147334	SAVANNAH HOTELS PRIVATE LIMITED	Director	25/07/2013	25/07/2013	-	Active	NO

Name :

Mr. Dharmesh Vishin Mangwani

Designation :

Managing Director

Address :

209, Sindh Housing Society, Aundh, Pune – 411 007, Maharashtra, India

Date of Birth/Age :

16.04.1963

Date of Appointment :

13.12.2010

Din No.:

00467962

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	U24231MH1974PTC017243	AQUAPHARM CHEMICALS PRIVATE LIMITED	Managing director	13-12-10	28-10-99	-	Active	NO
2	U72200PN2000PTC014910	BHAGEETA ENTERPRISES PRIVATE LIMITED	Director	22-05-00	22-05-00	08-05-07	Strike off	NO
3	U91110PN2005NPL020305	YOUNG PRESIDENTS ORGANIZATION (PUNE CHAPTER)	Director	30-09-06	30-09-06	-	Active	NO
4	U65990PN2008PTC132526	VEEKAY INFIN AND HOLDINGS PRIVATE LIMITED	Director	31-07-08	31-07-08	-	Active	NO
5	U24299PN2009PTC133793	Aquenta Chemicals Private Limited	Director	16-04-09	16-04-09	-	Active	NO
6	U29299PN2005PTC021445	DelVal Flow Controls Private Limited	Nominee director	25-03-13	25-03-13	-	Active	NO

Name :

Mr. Subramanian Padmanabhan

Designation :

Director

Address :

30, Vishrambaug Society, Senapati Bapat Road, Pune – 411 016, Maharashtra, India

Date of Birth/Age :

01.09.1939

Date of Appointment :

14.09.2005

Din No.:

00001207

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	U40100MH1994PLC128291	VIDEOCON POWER LIMITED	Director	22-12-94	22-12-94	-	Active	NO
2	L99999MH1989PLC052233	TREND ELECTRONICS LIMITED	Director	18-08-95	18-08-95	30-03-10	Active	NO
3	U99999MH1995PLC131152	KAIL LIMITED	Director	23-08-95	23-08-95	02-02-12	Active	NO
4	U29302PN1996PLC104800	APPLICOMP (INDIA) LIMITED	Director	31-12-96	31-12-96	05-01-12	Active	NO
5	U40105GA1996PLC007246	GOA ENERGY LIMITED	Director	01-08-97	01-08-97	13-03-12	Active	NO
6	U99999MH1996PLC128289	VIDEOCON ENERGY HOLDINGS LIMITED	Director	01-08-97	01-08-97	-	Active	NO
7	U67120MH1995PLC133952	VIDEOCON VCR SECURITIES LIMITED	Director	24-06-98	24-06-98	29-09-08	Strike off	NO
8	U55101MH1973PLC016960	DESAI BROTHERSLIMITED	Director	01-04-99	01-04-99	-	Active	NO
9	L24119PN1951PLC008409	SUDARSHAN CHEMICAL INDUSTRIES LIMITED	Director	25-09-02	25-09-02	-	Active	NO
10	L34103PN1944PLC020842	PREMIER LIMITED	Director	24-12-02	24-12-02	-	Active	NO
11	L99999MH1964PLC012835	ASIAN ELECTRONICS LIMITED	Director	25-11-03	25-11-03	05-11-08	Active	NO
12	L99999MH1986PLC103624	VIDEOCON INDUSTRIES LIMITED	Director	31-03-06	01-06-05	-	Active	NO
13	U24231MH1974PTC017243	AQUAPHARM CHEMICALS PRIVATE LIMITED	Director	14-09-05	14-09-05	-	Active	NO
14	L28910PN1990PLC056985	RAJKUMAR FORGE LIMITED	Director	24-04-06	24-04-06	-	Active	NO
15	L29150PN1989PLC054143	SANGHVI MOVERS LIMITED	Director	02-09-06	02-09-06	-	Active	NO
16	L34102PN1958PLC011172	FORCE MOTORS LIMITED	Director	30-09-06	30-09-06	-	Active	NO
17	U40102MH2007PTC171813	PIPAVAV ENERGY PRIVATE LIMITED	Director	19-06-07	19-06-07	-	Active	NO
18	U51395MH2003PLC143371	NEXT RETAIL INDIA LIMITED	Director	26-09-08	09-12-07	06-01-12	Active	NO
19	U40300MH2010PTC201493	CHHATTISGARH POWER VENTURES PRIVATE LIMITED	Director	28-06-11	14-05-10	-	Active	NO

Name :

Mr. Bimal Natubhai Desai

Designation :

Director

Address :

AMI 4, Purna Prasad Extension, Race Course, Bangalore – 560 001, Karnataka, India

Date of Birth/Age :

13.04.1959

Date of Appointment :

02.07.2010

Din No.:

00141120

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	Company/ LLP Status	Defaulting status
1	U55101MH1973PLC016960	DESAI BROTHERS LTD	Whole-time director	01/04/2012	22/06/2001	Active	NO
2	U24231GJ1999PLC035441	TROIKAA PHARMACEUTICALS LIMITED	Director	29/03/2005	29/03/2005	Active	NO
3	U70102PN2007PTC130273	DESONS INVESTMENTS PRIVATE LIMITED	Director	07/06/2007	07/06/2007	Amalgamated	NO
4	U67120PN1983PTC029447	DESONS HOLDINGS AND FINANCE PVT LTD	Director	14/01/2008	14/01/2008	Active	NO
5	U65910PN2009PTC133658	DESONS FINVEST PRIVATE LIMITED	Director	17/03/2009	17/03/2009	Active	NO
6	U15400PN2009PTC133749	DESAI FOODS PRIVATE LIMITED	Director	06/04/2009	06/04/2009	Active	NO
7	U24231MH1974PTC017243	AQUAPHARM CHEMICALS PRIVATE LIMITED	Director	02/07/2010	16/11/2009	Active	NO
8	U85100PN2011PTC139130	KONKAN MEDICAL SERVICES PRIVATE LIMITED	Director	28/09/2012	09/04/2011	Active	NO
9	U55100MH2004PTC147334	SAVANNAH HOTELS PRIVATE LIMITED	Director	25/07/2013	25/07/2013	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 15.07.2013

Names of Shareholders	No. of Shares
Vishnu Khushaldas Mangwani	19551
Kamal V. Mangwani	27180
Natuhubhai H. Desai	5436
Bimal N. Desai (HUF)	10869
Sanjay J. Desai (HUF)	7248
Nitin R. Desai (HUF)	15219
Vimal Mangwani	40096
Desons Holdings Private Limited, India	6522
Nitin R. Desai	7369
Dharmesh V. Mangwani	49274
Sanjana S. Desai	7248
Meena N. Desai	10993
Sheetal R. Navani	7248
Natubhai Desai HUF	2535
Ameeta Patel	7245
Parul Desai	7245
Veena Desai	7248
Sarojben Desai	7245
Prisha Desai	7245
Nirupamaben Desai will Sanjana Prisha Trust, India	7245
Ranna Desai	7245
Sanjay Desai	6159
Divya Vimal Mangwani	7245
Poonam Mangwani	3269
Tanya Mangwani	1017
Kirti Dharmesh Mangwani	726
J.H. Desai Will Sanjana Prisha Trust, India	5436
Naman Family Trust, India	3500
Rudra Family Trust, India	3500
Minoo Mangwani	1642
TOTAL	300000

Equity Share Break up (Percentage of Total Equity)

As on: 15.07.2013

Category	Percentage
Bodies corporate	2.17
Directors or relatives of Directors	97.83
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company Produces and Sells Chemicals.

Products :

PRODUCT DESCRIPTION	ITC CODE
Formulation	99884260
Dispersants and Biocides	99884260
Others	99884260

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Organophosphonates	MT	49280*	32175.99
Dispersants and Biocides	MT	2600	437.34
Formulation	MT	4000	1483.62
Others	MT	--	20355.40

NOTE: (*) Capacity has been increased due to change in Production process cycle.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Corporation Bank, Corporate Banking Branch, 14, Wakdewadi, Mumbai Pune Road, Pune – 411 003, Maharashtra, India

· The Cosmos Co-operative Bank Limited, 269/270, Saniwar Peth, Laxmi Road Branch, Pune - 411 030, Maharashtra, India

Facilities :

(Rs in Millions)

SECURED LOANS	31.03.2013	31.03.2012
LONG TERM BORROWINGS
Rupee term loans from banks (Indian rupee loan from Banks - secured By Hypothecation of respective vehicles)	3.490	2.887
Foreign currency term loans from banks (Foreign currency loan from banks - secured by equitable mortgage of fixed assets of the company and floating charge over all other assets of the company) (The loan carries interest @ Libor plus 7.75 % p.a. to 8.00% p.a. The loan is repayable in 4 to 5 years in quarterly installments.)	77.604	107.548
Rupee term loans from others (Loan from other parties - secured By Hypothecation of respective vehicles.)	1.310	1.905
SHORT TERM BORROWINGS
Working capital loans from banks (Working capital loans secured by hypothecation of raw materials, W.I.P., finished goods, sundry debtors and further secured by personal guarantees of the Directors of the Company.)	68.632	174.445
Total	151.036	286.785

Banking Relations :	--
Auditors :
Name :	MZSK and Associates Chartered Accountants
Address :	1^st Floor, Alankar Cinema Building, Pune – 411001, Maharashtra, India
PAN No.:	AACFK3470E
Subsidiary company :	Aquapharm Chemicals (Hong Kong) Limited
Associates	Veekay Infin and Holdings Private Limited, India Desai Brothers Limited Desons Holdings and Finance Private Limited, India

CAPITAL STRUCTURE

As on: 15.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs. 30.000 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	30.000	30.000	30.000
(b) Reserves & Surplus	1,267.724	1116.588	1066.351
(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)	1,297.724	1146.588	1096.351
(3) Non-Current Liabilities
(a) long-term borrowings	82.404	114.982	75.612
(b) Deferred tax liabilities (Net)	17.834	19.715	27.153
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.431	5.523	5.934
Total Non-current Liabilities (3)	104.669	140.220	108.699
(4) Current Liabilities
(a) Short term borrowings	882.823	830.011	720.342
(b) Trade payables	360.053	243.669	270.324
(c) Other current liabilities	196.453	215.289	185.779
(d) Short-term provisions	243.828	242.749	134.362
Total Current Liabilities (4)	1,683.157	1531.718	1310.807
TOTAL	3,085.550	2818.526	2515.857
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	597.718	607.852	624.261
(ii) Intangible Assets	5.969	7.152	0.000
(iii) Capital work-in-progress	21.473	13.126	23.898
(iv) Intangible assets under development	0.000	1.287	0.000
(b) Non-current Investments	0.000	60.874	0.873
(c) Deferred tax assets (net)	100.873	0.000	0.000
(d) Long-term Loan and Advances	114.544	133.372	125.041
(e) Other Non-current assets	0.000	0.844	0.000
Total Non-Current Assets	840.577	824.507	774.073
(2) Current assets
(a) Current investments	60.000	0.000	0.000
(b) Inventories	529.732	446.646	385.084
(c) Trade receivables	728.376	575.031	702.722
(d) Cash and cash equivalents	702.130	790.206	547.314
(e) Short-term loans and advances	213.157	176.044	103.167
(f) Other current assets	11.578	6.092	3.497
Total Current Assets	2,244.973	1994.019	1741.784
TOTAL	3,085.550	2818.526	2515.857

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	3126.342	2395.850	2356.026
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	2746.791	2121.916	2073.749
	PROFIT BEFORE TAX		379.551	273.934	282.277
Less	TAX		123.119	84.461	17.683
	PROFIT AFTER TAX		256.432	189.473	264.594
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	2270.259	1710.425	1672.524
	TOTAL IMPORTS		2270.259	3980.684	3382.949
	Earnings Per Share (Rs.)		854.77	631.58	881.98

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	8.20	7.91	11.23
Return on Total Assets (PBT/Total Assets}	(%)	12.81	9.99	11.33
Return on Investment (ROI) (PBT/Networth)		0.29	0.24	0.26
Debt Equity Ratio (Total Debt /Networth)		0.73	0.82	0.74
Current Ratio (Current Asset/Current Liability)		1.33	1.30	1.33

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	30.000	30.000	30.000
Reserves & Surplus	1066.351	1116.588	1,267.72
Net worth	1,096.351	1,146.588	1,297.724
long-term borrowings	75.612	114.982	82.404
Short term borrowings	720.342	830.011	882.823
Total borrowings	795.954	944.993	965.227
Debt/Equity ratio	0.726	0.824	0.744

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)
Total Income	2356.026	2395.850	3126.342
		1.690	30.490

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	2356.026	2395.85	3126.342
Profit	264.594	189.473	256.432
	11.23%	7.91%	8.20%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	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)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN:

(Rs in Millions)

Particulars	31.03.2013	31.03.2012
LONG TERM BORROWINGS
Deferred sales tax loan (Deferred sales tax loan is interest free and payable in yearly installments based on respective sales tax assessments.)	0.000	2.642
SHORT TERM BORROWINGS
Foreign currency term loans from banks (Buyers credit loans are repayable on respective due dates. These loans are supported by letter of undertaking given by Bank)	580.191	432.966
Loans repayable on demand from others (Unsecured loans and advances from related parties are repayable on demand and carries interest @ 12% p.a.)	234.000	222.600
Total	814.191	658.208

OPERATIONS:

Some of the highlights of this year’s operations are as follows-

Total export sales during the year were Rs. 2471.400 Millions. (Last year Rs. 1844.200 Millions.) and Domestic sales were Rs. 557.400 Millions. (Last Year 493.000 Millions). Thus there is a increase of 34% increase in export sales and 13% increase in domestic sales over previous year.

Mahad plant continues to be a major contributor to the company’s operations. About 83% of the total sales were from Mahad (about Rs. 25.300 Millions.)

CONTINGENT LIABILITIES AND COMMITMENTS

Contingent Liabilities

(i) Guarantees issued by the banks on behalf of the Company Rs. 0.025 Millions. (Rs. 2.659 Millions).

(ii) The show cause notice of Rs. 39.074 Millions (Rs. 22.040 Millions) received from Central Excise/ Service Tax Authority is disputed by the Company and in respect of which no provision has been made.

(iii) A demand for Rs. 2.495 Millions (Rs. 2.495 Millions) has been raised by the Sales Tax Authority. The same is disputed by the Company and the matter is in appeal. [Advance paid Rs. 0.615 Millions (Rs. 0.615 Millions)] and in respect of which no provision has been made.

(iv) Appeals filed by Income Tax Authorities against orders of Commissioner of Income Tax (Appeals) in favour of the Company, the quantum of tax involved is Rs. Nil (Rs.5.483 Millions). and in respect of which no provision has been made.

(v) The demand of Rs. 46.393 Millions (Rs. Nil) by Income Tax Authority is disputed by the Company and the matter is in appeal.

(vi) The Income tax assessments of the company have been completed up to assessment year 2010-11. No additional demand has been raised as the company is taxed on the basis of book profits. Certain additions were made during the course of assessment against which company has filed appeals and expecting relief based on judicial pronouncement and interpretation of provisions of law. No adjustment has been made on account of disputed addition in respect of MAT credit available to the company for future set off. Amount involved in respect of such credit is Rs. 8.347 Millions (Rs. 7.814 Millions).

Commitments

(i) Estimated amounts of contracts remaining to be executed on Capital account and not provided for is Rs. 91.189 Lakh (Rs. 23.519 Lakh) and in respect of which no provision has been made.

REGISTERED OFFICE CHANGE:

Registered office of the company has been shifted from S-1, M.I.D.C., Bhosari, Pune – 411 026, Maharashtra, India. To the preset address w.e.f. 10.12.2011

INDEX OF CHARGE:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10377015	30/07/2012	369,000.00	Corporation Bank	Industrial Finance Branch,, 14, Pune Mumbai Road,  Wakdeadi, Pune, Maharashtra - 411003, INDIA	B58315623
2	10372728	26/07/2012	595,000.00	Corporation Bank	Industrial Finance Branch,, Pune Mumbai Road, Wakdewadi,, Pune, Maharashtra - 411003, INDIA	B56442650
3	10372723	03/07/2012	968,000.00	Corporation Bank	Corporate Banking Branch,, Pune Mumbai Road, Wakdewadi,, Pune, Maharashtra - 411003, INDIA	B56442049
4	10343898	07/02/2012	338,000.00	Corporation Bank	Industrial Finance Branch,, 14, Pune Mumbai Road,  Wakdewadi, Pune, Maharashtra - 411003, INDIA	B35706183
5	10337037	12/01/2012	548,000.00	Corporation Bank	Industrial Finance Branch, 14,, Pune Mumbai Road,  Wakdewadi, Pune, Maharashtra - 411003, INDIA	B32732646
6	10333085	03/01/2012	130,000,000.00	Corporation Bank	Industrial Finance Branch, No 14, Pune-Mumbai Roa d, Wakdewadi, Pune, Maharashtra - 411003, INDIA	B31037815
7	10322122	04/11/2011	550,000.00	Corporation Bank	Industrial Finance Branch, 14, Pune - Mumbai Road,  , Wakdewadi, Pune, Maharashtra - 411003, INDIA	B27450352
8	10322614	24/10/2011	427,000.00	Corporation Bank	Industrial Finance Branch, 14,, Mumbai-Pune Road,  Wakdewadi, Pune, Maharashtra - 411003, INDIA	B27673854
9	10306384	28/07/2011	535,000.00	Corporation Bank	Industrial Finance Branch,, 14, Pune-Mumbai Road,  Wakdewadi, Pune, Maharashtra - 411003, INDIA	B20591848
10	10292554	19/05/2011	1,160,000.00	Corporation Bank	Industrial Finance Branch, 14,, Pune Mumbai Road,  Wakdewadi, Pune, Maharashtra - 411003, INDIA	B15127814
11	10271757	25/02/2011	747,000.00	Corporation Bank	Industrial Finance Branch, 14,, Pune Mumbai Road,  Wakdewadi, Pune, Maharashtra - 411003, INDIA	B08107047
12	10260769	24/12/2010	105,000,000.00	Corporation Bank	Industrial Finance Branch,, 14, Pune Mumbai Road,  wakdewadi, Mumbai, Maharashtra - 411003, INDIA	B03536372
13	10264081	16/11/2010	424,000,000.00	CORPORATION BANK	Industrial Finance Branch, 14, Mumbai Pune Road,,  Wakdewadi,, Pune, Maharashtra - 411003, INDIA	B02948461
14	10250192	14/10/2010	400,000.00	Corporation Bank	Industrial Finance Branch,, 14, Pune Mumbai Road,  Wakdewadi,, Pune, Maharashtra - 411003, INDIA	A99003352
15	10190739	12/12/2009	315,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, 14, PUNE MUMBAI ROAD,  WAKDEWADI, PUNE, Maharashtra - 411003, INDIA	A75287078
16	10187740	18/11/2009	470,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, 14, PUNE MUMBAI ROAD,  WAKDEWADI, PUNE, Maharashtra - 411003, INDIA	A74157942
17	10186490	13/11/2009	532,954.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, 14 PUNE MUMBAI ROAD, W  AKDEWADI, PUNE, Maharashtra - 411003, INDIA	A73744146
18	10169141	20/07/2009	1,564,000.00	CORPORATION BANK	14, PUNE - MUMBAI ROAD,, WAKDEWADI,, PUNE, Maharashtra - 411003, INDIA	A66879016
19	10152411	02/04/2009	1,200,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, 14 PUNE MUMBAI ROAD, W  AKDEWADI, PUNE, Maharashtra - 431001, INDIA	A60347473
20	10135746	24/11/2008	210,000,000.00	CORPORATION BANK	Industrial Finance Branch, 14, Wakdewadi,, Pune Mumbai Road,, PUNE, Maharashtra - 411003, INDIA	A53770418
21	10115405	25/07/2008	150,000,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, 14, PUNE MUMBAI ROAD,  WAKDEWADI, PUNE, Maharashtra - 411003, INDIA	A43003805
22	10083844	03/01/2008	97,500,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, 14, PUNE MUMBAI ROAD,  WAKDEWADI, PUNE, Maharashtra - 411003, INDIA	A30226153
23	90087307	31/05/2005	50,000,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED	269/270; SHANIWAR PETH, PUNE, Maharashtra - 411030  , INDIA	-
24	90087133	31/01/2005	40,000,000.00	THE COSMIS CO-OPERATIVE BANK LIMITED	269/270; SHANIWAR PETH, PUNE, Maharashtra - 411030  , INDIA	-
25	90086516	08/09/2003	7,500,000.00	CORPORATION BANK	PUNE MUMBAI ROAD, WAKDEWANI, PUNE, Maharashtra -  411003, INDIA	-
26	90086206	16/09/2013 *	1,800,000,000.00	CORPORATION BANK	CORPORATE BANKING BRANCH,, 14, WAKDEWADI, MUMBAI  PUNE ROAD,, PUNE, Maharashtra - 411003, INDIA	B87961108
27	90091191	06/03/2000	5,000,000.00	THE COSMOS CO-OPERATIVE BANK LTD	269/270 SHANIWAR PETH, PUNE, Maharashtra - 411030,  INDIA	-
28	90084184	24/10/1994	4,000,000.00	THE STATE INDUSTRIAL AND INVESTMENT CORP OF MAHARASH  TRA LIMITED.	NIRMAL; 1ST FLOOR, NARIMAN POINT, BOMBAY, Maharashtra - 400021, INDIA	-

FIXED ASSETS

· Freehold land

· Leasehold Land

· Building

· Plant and Machinery

· Technical Know-How

· Electrical Installation

· Vehicles

· Furniture and Fittings

· Data Processing Machines

· Office 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 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.61.86
UK Pound	1	Rs.103.06
Euro	1	Rs.84.92

INFORMATION DETAILS

Information Gathered by :	PRT
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	6
--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.