MIRA INFORM REPORT

Report Date :

13.03.2014

IDENTIFICATION DETAILS

Name :	HENKEL CHEMBOND SURFACE TECHNOLOGIES LIMITED (w.e.f. 10.04.1997)
Formerly Known As :	HENKEL CHEMBOND METAL CHEMICALS LIMITED
Registered Office :	Chembond Centre, EL-71, Mahape, MIDC, Navi Mumbai – 400710, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	07.10.1996
Com. Reg. No.:	11-103091
Capital Investment / Paid-up Capital :	Rs. 10.000 Millions
CIN No.: [Company Identification No.]	U24243MH1996PLC103091
TAN No.: [Tax Deduction & Collection Account No.]	MUMH03901C
PAN No.: [Permanent Account No.]	AAACH7282G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Oils, Grease and Lubricants, Activators, Cleaners and Maintainence Products, Lubricants, etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 2100000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company is decent. However, trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal for business dealing 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

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-39213108)

LOCATIONS

Registered Office :	Chembond Centre, EL-71, Mahape, MIDC, Navi Mumbai – 400710, Maharashtra, India
Tel. No. :	91-22-39213000
Fax No. :	91-22-27681294
E-Mail :	omkar.mhamunkar@chembondindia.com
Factory :	T-129, Thane – 401506, Maharashtra, India

DIRECTORS

As on 21.05.2013

Name :

Mr. Sameer Vinod Shah

Designation :

Director

Address :

101/A, Jagat Vidya CHS, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

Date of Birth/Age :

16.02.1960

Qualification :

Chemical Engineer, BBA in Finance

Date of Appointment :

12.03.2011

DIN No. :

00105721

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	U67190MH1994PTC076807	VISAN HOLDINGS AND FINANCIAL SERVICES P LTD	Director	25/02/1994	25/02/1994	-	Active	NO
2	U25202GJ1985PLC008209	FINOR PIPLAJ CHEMICALS LIMITED	Director	10/05/1994	10/05/1994	-	Active	NO
3	U24243MH1996PLC103091	HENKEL CHEMBOND SURFACE TECHNOLOGIES LIMITED	Director	12/03/2011	11/02/1997	-	Active	NO
4	L24100MH1975PLC018235	CHEMBOND CHEMICALS LIMITED	Managing director	01/08/2013	10/01/2000	-	Active	NO
5	U33200MH2000PTC127515	C C L OPTOELECTRONICS PRIVATE LIMITED	Director	30/06/2000	30/06/2000	-	Active	NO
6	U72200MH1996PTC102653	SHREE MAHALASA ELECTRONICS PRIVATE LIMITED	Director	23/10/2003	23/10/2003	-	Amalgamated	NO
7	U24117MH2006PLC166224	CHEMBOND ENZYME COMPANY LIMITED	Director	14/12/2006	14/12/2006	-	Active	NO
8	U24117MH2006PLC166227	Chembond Distribution Limited	Director	14/12/2006	14/12/2006	-	Active	NO
9	U24117MH2007PLC166639	S AND N VENTURES LIMITED	Director	02/01/2007	02/01/2007	-	Active	NO
10	U32109GJ1992PLC039667	ARRAYCOM (INDIA) LIMITED	Director	17/08/2007	27/03/2007	-	Active	NO
11	U32109MH1995PTC087279	CCL PROJECTS PRIVATE LIMITED	Director	09/08/2008	09/08/2008	-	Active	NO
12	U73100MH2008PLC188852	CHEMBOND BIOENGINEERING COMPANY LIMITED	Director	12/12/2008	12/12/2008	-	Active	NO
13	U24200MH2000PTC125231	PROTOCHEM INDUSTRIES PRIVATE LIMITED	Director	30/09/2009	26/03/2009	-	Active	NO
14	U29248MH2010PLC202124	CHEMBOND CLEAN WATER TECHNOLOGIES LIMITED	Director	17/04/2010	17/04/2010	08/05/2010	Active	NO
15	U74120MH2011PTC213548	LAUREN BHARAT ENGINEERING PRIVATE LIMITED	Director	15/02/2011	15/02/2011	05/06/2013	Active	NO
16	U24110MH1984PLC143564	CHEMBOND ASHLAND WATER TECHNOLOGIES LIMITED	Director	27/06/2011	01/06/2011	-	Active	NO
17	U24100MH2011PLC219324	Chembond Inver Coatings Limited	Director	01/07/2011	01/07/2011	-	Active	NO

Name :

Mr. Nirmal Vinod Shah

Designation :

Director

Address :

701, Phalguni Apartment, 1/11, Saroiini Road, Santacrnz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

18.11.1971

Qualification :

B.A, Diploma in Business Management

Date of Appointment :

14.09.2011

DIN No. :

00083853

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	U67190MH1994PTC076807	VISAN HOLDINGS AND FINANCIAL SERVICES P LIMITED	Director	25/02/1994	25/02/1994	Active	NO
2	U25202GJ1985PLC008209	FINOR PIPLAJ CHEMICALS LIMITED	Director	06/07/2007	10/05/1994	Active	NO
3	L24100MH1975PLC018235	CHEMBOND CHEMICALS LIMITED	Managing director	01/08/2013	10/01/2000	Active	NO
4	U24110MH1984PLC143564	CHEMBOND ASHLAND WATER TECHNOLOGIES LIMITED	Managing director	26/04/2001	26/04/2001	Active	NO
5	U72200MH1996PTC102653	SHREE MAHALASA ELECTRONICS PRIVATE LIMITED	Director	23/10/2003	23/10/2003	Amalgamated	NO
6	U24117MH2006PLC166224	CHEMBOND ENZYME COMPANY LIMITED	Director	14/12/2006	14/12/2006	Active	NO
7	U24117MH2006PLC166227	CHEMBOND DISTRIBUTION LIMITED	Director	14/12/2006	14/12/2006	Active	NO
8	U24117MH2007PLC166639	S AND N VENTURES LIMITED	Director	02/01/2007	02/01/2007	Active	NO
9	U73100MH2008PLC188852	CHEMBOND BIOENGINEERING COMPANY LIMITED	Director	12/12/2008	12/12/2008	Active	NO
10	U24200MH2000PTC125231	PROTOCHEM INDUSTRIES PRIVATE LIMITED	Director	30/09/2009	26/03/2009	Active	NO
11	U29248MH2010PLC202124	CHEMBOND CLEAN WATER TECHNOLOGIES LIMITED	Director	17/04/2010	17/04/2010	Active	NO
12	U24243MH1996PLC103091	HENKEL CHEMBOND SURFACE TECHNOLOGIES LIMITED	Director	14/09/2011	12/03/2011	Active	NO
13	U24100MH2011PLC219324	CHEMBOND INVER COATINGS LIMITED	Director	01/07/2011	01/07/2011	Active	NO
14	U24230GJ2012PTC068624	NJP HEALTHCARE PRIVATE LIMITED	Director	16/01/2012	16/01/2012	Active	NO
15	U51397MH1991PTC060657	PROTOCHEM INVESTMENT PRIVATE LIMITED	Director	28/09/2012	28/09/2012	Active	NO

Name :

Mr. Ashwin Ratilal Nagarwadia

Designation :

Director

Address :

4, Bharti Niwas Society, Ellisbridge, Ahmedabad - 380006, Gujarat, India

Date of Birth/Age :

20./09.1937

Qualification :

BE (Mechanical) USA

Date of Appointment :

07.10.1996

DIN No. :

00466681

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	L28992MH1991PLC168235	HITECH PLAST LIMITED	Director	14/11/2013	09/07/1993	Active	NO
2	L24100MH1975PLC018235	CHEMBOND CHEMICALS LIMITED	Director	10/05/1994	10/05/1994	Active	NO
3	U24243MH1996PLC103091	HENKEL CHEMBOND SURFACE TECHNOLOGIES LIMITED	Director	07/10/1996	07/10/1996	Active	NO
4	U25202GJ1985PLC008209	FINOR PIPLAJ CHEMICALS LIMITED	Director	10/05/1998	10/05/1998	Active	NO
5	U33200MH2000PTC127515	C C L OPTOELECTRONICS PRIVATE LIMITED	Director	14/02/2001	14/02/2001	Active	NO
6	U29199KA1990PTC011149	EQUIPMENTS AND SPARES ENGINEERING (INDIA) PRIVATE LIMITED	Director	01/07/2002	01/07/2002	Active	NO
7	U29248MH2010PLC202124	CHEMBOND CLEAN WATER TECHNOLOGIES LIMITED	Director	22/08/2011	08/05/2010	Active	NO
8	U25202MH1986PLC038626	CLEAR MIPAK PACKAGING SOLUTIONS LIMITED	Director	13/09/2013	02/11/2012	Active	NO

Name :

Mr. Sundararaman Ramakrishnan Iyer

Designation :

Director

Address :

A-2/403, Gangotri Sadan Chs Limited, Bangur Nagar, Goregaon (West), Mumbai – 400090, Maharashtra, India

Date of Birth/Age :

24.05.1960

Qualification :

B.Com, Diploma in Business Management

Date of Appointment :

26.07.2012

DIN No. :

03303029

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	U28933MH1990PTC234233	HENKEL ADHESIVES TECHNOLOGIES INDIA PRIVATE LIMITED	Director	30/09/2011	27/09/2010	Active	NO
2	U24222HR1996PLC033371	HENKEL TEROSON INDIA LIMITED	Director appointed in casual vacancy	22/11/2010	22/11/2010	Active	NO
3	U24243MH1996PLC103091	HENKEL CHEMBOND SURFACE TECHNOLOGIES LIMITED	Director	26/07/2012	12/03/2011	Active	NO

Name :

Mr. Shilip Sant Kumar

Designation :

Managing director

Address :

8/62, Shyam Nivas Warden Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

27.01.1966

Qualification :

B.E., M.BA

Date of Appointment :

01.04.2013

DIN No. :

02466770

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	U24231MH1995PTC132718	ROHM AND HAAS (INDIA) PRIVATE LIMITED	Director	25/09/2008	25/09/2008	23/03/2011	Active	NO
2	U24222HR1996PLC033371	HENKEL TEROSON INDIA LIMITED	Director appointed in casual vacancy	31/08/2011	31/08/2011	-	Active	NO
3	U24243MH1996PLC103091	HENKEL CHEMBOND SURFACE TECHNOLOGIES LIMITED	Managing director	01/04/2013	13/09/2011	-	Active	NO

Name :

Mr. Jeremy Hunter

Designation :

Director

Address :

105 Webb, ST Warrandyte VIC, Australia 3113

Date of Birth/Age :

16.05.1960

Qualification :

Degree (Political and Modern History)

Date of Appointment :

14.09.2011

DIN No. :

03536491

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	U28933MH1990PTC234233	HENKEL ADHESIVES TECHNOLOGIES INDIA PRIVATE LIMITED	Director	30/09/2011	01/08/2011	Active	NO
2	U24222HR1996PLC033371	HENKEL TEROSON INDIA LIMITED	Director appointed in casual vacancy	31/08/2011	31/08/2011	Active	NO
3	U24243MH1996PLC103091	HENKEL CHEMBOND SURFACE TECHNOLOGIES LIMITED	Director	14/09/2011	13/09/2011	Active	NO

Name :

Mr. Marco Swoboda

Designation :

Director

Address :

Apartment 2-3001,211Xingfu Road, Changing District, Shanghai 200052

Date of Birth/Age :

23.09.1971

Qualification :

Diploma in Economics and Business Administration of University of Bochum Germany

Date of Appointment :

28.09.2012

DIN No. :

05146598

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	U24222HR1996PLC033371	HENKEL TEROSON INDIA LIMITED	Director appointed in casual vacancy	17/11/2011	17/11/2011	Active	NO
2	U24243MH1996PLC103091	HENKEL CHEMBOND SURFACE TECHNOLOGIES LIMITED	Director	26/07/2012	13/12/2011	Active	NO
3	U28933MH1990PTC234233	HENKEL ADHESIVES TECHNOLOGIES INDIA PRIVATE LIMITED	Director	28/09/2012	14/12/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.05.2013

Names of Shareholders	No. of Shares
Vinod D. Shah	10
Sameer V. Shah	10
Bhadresh D. Shah	10
Nirmal V.Shah	10
Sharad M. Mahadik	10
Ashwin R. Nagarwadia	10
Jayant S. Vasani	10
Henkel KGaA, Germany	510000
Chembond Chemicals Limited, India	489930
Total	1000000

As on 21.05.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	51.00
Bodies corporate	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Oils, Grease and Lubricants, Activators, Cleaners and Maintainence Products, Lubricants, etc.

Products :

Item Code No. (ITC Code)	Product Description
38119000	ACC 866 R (205 L)

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	31.03.2011
Actual Production	2,740,605

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	Deutsche Bank

Banking Relations :	--
Auditors :
Name :	Kastury and Talati Chartered Accountants
Address :	202, Kapol Co-Op Bank Building, 19/21 R.C. Mama Path, Picket Cross Road, Mumbai - 400002, Maharashtra India
Income-tax PAN of auditor or auditor's firm :	AAAFV7014M
Holding Company:	Henkel AG and Co. KGAA, Germany
Joint Venture:	· Chembond Chemicals Limited Henkel AG and Co. KGaA
Entities over which Key Management Personnel are able to exercise influence:	· Chembond Ashland Water Technologies Limited Finor Piplaj Chemicals Limited CCL Optoelectronics Private Limited H2O Innovations (India) Limited GTK Intermediates Private Limited Protochem Industries Private Limited Henkel LimitedUK Henkel Corporation US National Starch and Chemical (Shanghai) Co. Limited Cn Henkel China Henkel Iberica (Fundicion) Henkel Japan Limited Henkel Hongkong Limited Guangzhou Henkel Chemicals Products Henkel Nederland Acheson B.V Henkel Loctite Adhesives Limited Pt Henkel Indonesien Henkel Teroson India Limited Henkel Adhesive Technologies India Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs. 10.000 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	10.000	10.000	10.000
(b) Reserves & Surplus	512.838	451.246	378.864
(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)	522.838	461.246	388.864
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	6.492	5.388	5.641
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.729	1.512	1.428
Total Non-current Liabilities (3)	8.221	6.900	7.069
(4) Current Liabilities
(a) Short term borrowings	29.818	193.607	99.559
(b) Trade payables	196.786	153.349	198.519
(c) Other current liabilities	53.864	84.998	36.195
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	280.468	431.954	334.273
TOTAL	811.527	900.100	730.206
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	111.986	114.159	113.342
(ii) Intangible Assets	3.122	5.522	7.967
(iii) Capital work-in-progress	31.570	22.570	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.052	0.052	0.052
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.123	10.157	9.837
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	147.853	152.460	131.198
(2) Current assets
(a) Current investments	1.697	1.573	1.474
(b) Inventories	110.071	129.902	116.624
(c) Trade receivables	441.928	393.167	364.311
(d) Cash and cash equivalents	32.767	165.948	67.743
(e) Short-term loans and advances	77.211	57.050	48.856
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	663.674	747.640	599.008
TOTAL	811.527	900.100	730.206

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1699.164	1594.994	1474.020
		Other Income	14.520	13.964	25.510
		TOTAL (A)	1713.684	1608.958	1499.530
Less	EXPENSES
		Cost of materials consumed	247.871	235.110	282.280
		Purchases of stock-in-trade	911.172	818.540	717.176
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(3.815)	(8.047)	(7.400)
		Employee benefit expense	101.393	89.957	83.288
		Prior period items	(3.899)	(1.717)	(8.889)
		Other expenses	257.838	259.253	224.866
		TOTAL (B)	1518.358	1396.530	1309.099
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		195.326	212.428	190.431
Less	FINANCIAL EXPENSES (D)		15.387	15.350	3.756
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		179.939	197.078	186.675
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.697	8.150	8.054
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		171.242	187.928	178.621
Less	TAX (H)		57.351	64.247	62.970
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		113.891	124.681	115.651
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		367.755	309.374	250.034
Less	APPROPRIATIONS
		General Reserve	16.510	14.000	12.000
		Interim Dividend	45.000	45.000	38.000
		Tax on Interim Dividend	7.300	7.300	6.311
	BALANCE CARRIED TO THE B/S		412.836	367.755	309.374
	IMPORTS
		Raw Materials	146.375	154.862	126.371
	TOTAL IMPORTS		146.375	154.862	126.371
	Earnings / (Loss) Per Share (Rs.)		113.89	124.68	115.65

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	6.65	7.75	7.71
Net Profit Margin (PBT/Sales)	(%)	10.08	11.78	12.12
Return on Total Assets (PBT/Total Assets}	(%)	21.96	21.42	24.46
Return on Investment (ROI) (PBT/Networth)		0.33	0.41	0.46
Debt Equity Ratio (Total Debt/Networth)		0.06	0.41	0.26
Current Ratio (Current Asset/Current Liability)		2.37	1.73	1.79

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	10.000	10.000	10.000
Reserves & Surplus	378.864	451.246	512.838
Net worth	388.864	461.246	522.838
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	99.559	193.607	29.818
Total borrowings	99.559	193.607	29.818
Debt/Equity ratio	0.256	0.420	0.057

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	1474.020	1594.994	1699.164
		8.207	6.531

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	1474.02	1594.994	1699.164
Profit	115.651	124.681	113.891
	7.85%	7.82%	6.70%

LOCAL AGENCY FURTHER INFORMATION

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90143778	27/02/2002	30,000,000.00	DEUTSCHE BANK	HAZARIMAL SOMANI MARG, FORT, MUMBAI - 400001, MAHARASHTRA , INDIA	-
2	90143115	14/11/2000	15,000,000.00	COMMERZ BANK AKTHENGESELISCHAFT	MUMBAI, MUMBAI - 400021, MAHARASHTRA, INDIA	-

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Other loans and advances, others	29.818	193.607
Total	29.818	193.607

CONTINGENT LIABILITIES (AS ON 31.03.2013):

i Bank Guarantees Given: Rs. 0.100 Million (PY Rs. 0.318 Million).

ii Show Cause Notice from Commissioner of Central Excise - Thane II for Irregular Cenvat Credit availed and utilised : Basic duty Rs. 22.315 Millions, Penalty Rs. 22.315 Millions and Interest thereon not determined (PY Basic duty Rs. 12.778 Millions, Penalty Rs. 12.778 Millions and Interest thereon). Company has taken legal opinion on the same and on the basis of the same it is confident that no future liability on this count may arise.

iii Capital commitments nets of Advances: Rs. 5.329 Millions (PY Rs. 8.128 Millions).

iv. VAT (Jharkhand State)liability for FY 2003-04 Rs. 4.642 Millions is disputed and appealed filed to Commissioner of Sales Tax.

FIXED ASSETS

v Tangible Assets

Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Motor Vehicles

Office Equipment

Computer Equipments

Other Equipments

v Intangible Assets

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.61.09
UK Pound	1	Rs.101.59
Euro	1	Rs.84.65

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	MRI

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	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		49

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.