1. Summary Information

		Country	India
Company Name	KUMAR ASHIS PROJECTS LIMITED	Principal Name 1	Mr. Ashish Kumar Khetan
Status	Moderate	Principal Name 2	Mr. Manish Kumar Khetan
		Registration #	05-031341
Street Address	Plot No.67, Sector-6, Faridabad - 121006, Haryana
Established Date	05.11.1982	SIC Code	--
Telephone#	91-129-2241904	Business Style 1	Manufacturer, Exporter
Fax #	91-129-2245269	Business Style 2	--
Homepage	www.khetan.com	Product Name 1	PVC/PU Leather Cloth
# of employees	500 (Approximately)	Product Name 2	--
Paid up capital	Rs.16,412,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors – 68.99% Other top fifty (50) shareholders – 31.01%	Banking	Corporation Bank
Public Limited Corp.	--	Business Period	32 years
IPO	---	International Ins.	-
Public Enterprise	---	Rating	B (30)
Related Company
Relation	Country	Company Name
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	274,858,000	Current Liabilities	160,642,000
Inventories	208,321,000	Long-term Liabilities	422,743,000
Fixed Assets	248,886,000	Other Liabilities	23,187,000
Deferred Assets	0	Total Liabilities	606,572,000
Invest& other Assets	0	Retained Earnings	109,081,000
		Net Worth	125,493,000
Total Assets	732,065,000	Total Liab. & Equity	732,065,000
Total Assets (Previous Year)	718,296,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	993,000,000	Net Profit	13,676,000
Sales(Previous yr)	863,668,000	Net Profit(Prev.yr)	11,222,000

MIRA INFORM REPORT

Report Date :

13.03.2014

IDENTIFICATION DETAILS

Name :	KUMAR ASHIS PROJECTS LIMITED
Formerly Known as :	MANISH VINYLS - A DIVISION OF KUMAR ASHIS PROJECTS LIMITED
Registered Office :	Plot No.67, Sector-6, Faridabad - 121006, Haryana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.11.1982
Com. Reg. No.:	05-031341
Capital Investment / Paid-up Capital :	Rs.16.412 Millions
CIN No.: [Company Identification No.]	U74999HR1982PLC031341
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of PVC Leather Cloth in various thickness and quantities for use in upholstery, shoes, luggage, novelty and promotional items.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 510000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Borrowings of the company’s are huge. The rating also take into consideration in the company modest scale of operations marked by intense competition and the company’s exposure to risks relating to the highly fragmented synthetic leather industry. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB- (Long Term Rating)
Rating Explanation	Moderate risk of default
Date	27.12.2013

Rating Agency Name	CRISIL
Rating	A4+ (Short Term Rating)
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	27.12.2013

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 :	Mr. Bharat Gupta
Designation :	Accounts Manager
Contact No.:	91-129-2306660
Date :	08.03.2014

LOCATIONS

Registered Office / Factory :	Plot No.67, Sector-6, Faridabad - 121006, Haryana, India
Tel. No.:	91-129-2241904
Fax No.:	91-129-2245269 / 2289895
E-Mail :	khetan@khetan.com ankur.asco@gmail.com accounts@khetan.com
Website :	www.khetan.com
Head Office :	3^rd Floor, Saini Market, 3007, Bahadurgarh Road, Delhi – 110006, India
Location :	Owned
Factory 2 :	Plot 184/185, Sector – 58, Faridabad, Haryana, India
Location :	Owned

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Ashish Kumar Khetan

Designation :

Whole – Time Director

Address :

House No.762, Sector 15, Faridabad – 121007, Haryana, India

Date of Appointment :

06.01.2010

DIN No.:

00042951

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	U74999HR1982PLC031341	KUMAR ASHIS PROJECTS LIMITED	Whole-time director	06/01/2010	30/08/1995	-	Active	NO
2	U65922WB1990PTC049804	AJC LEASING & FINANCE COMPANY PVT LTD	Director	10/07/2005	10/07/2005	-	Active	NO
3	U51109WB2006PTC107618	PASSION BARTER PVT LTD	Director	17/08/2007	17/08/2007	14/09/2007	Active	NO
4	U52110WB1996PTC082414	PROMPT VINTRADE PRIVATE LIMITED	Director	14/09/2007	14/09/2007	02/06/2010	Active	NO
5	U51109WB1995PTC069267	COINSAVE DISTRIBUTORS PVT LTD	Director	19/09/2008	19/09/2008	-	Active	NO
6	U51909WB2004PTC099876	COSMIC CONSUMER GOODS PRIVATE LIMITED	Additional director	06/06/2011	06/06/2011	12/12/2011	Active	NO
7	U51109WB2007PTC112771	MANISH VINYLS PRIVATE LIMITED	Director	03/02/2014	03/02/2014	-	Active	NO

Name :

Mr. Manish Kumar Khetan

Designation :

Whole – Time Director

Address :

House No.762, Sector 15, Faridabad – 121007, Haryana, India

Date of Appointment :

01.01.2010

DIN No.:

00042998

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	U74999HR1982PLC031341	KUMAR ASHIS PROJECTS LIMITED	Whole-time director	01/01/2010	01/08/1995	-	Active	NO
2	U51109WB1995PTC069267	COINSAVE DISTRIBUTORS PVT LTD	Director	07/01/2002	07/01/2002	-	Active	NO
3	U51909WB2004PTC099876	COSMIC CONSUMER GOODS PRIVATE LIMITED	Additional director	18/05/2011	25/01/2007	06/06/2011	Active	NO
4	U51109WB2005PTC105014	UMESH SUPPLIERS PRIVATE LIMITED	Director	19/07/2007	19/07/2007	20/05/2008	Active	NO
5	U52110WB1996PTC082414	PROMPT VINTRADE PRIVATE LIMITED	Director	17/08/2007	17/08/2007	02/06/2010	Active	NO
6	U65922WB1990PTC049804	AJC LEASING & FINANCE COMPANY PVT LTD	Director	19/09/2008	19/09/2008	-	Active	NO
7	U51109WB2007PTC112771	MANISH VINYLS PRIVATE LIMITED	Director	03/02/2014	03/02/2014	-	Active	NO

Name :

Mr. Dilip Koyhari

Designation :

Director

Address :

B-3/6, Ashok Vihar, Phase-II, Delhi – 110052, India

Date of Appointment :

27.12.2004

DIN No.:

00873625

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	U74999HR1982PLC031341	KUMAR ASHIS PROJECTS LIMITED	Director	27/12/2004	27/12/2004	-	Active	NO
2	U74899DL1992PTC049050	AMER AGENTS & TRADERS PRIVATE LIMITED	Director	15/11/2005	15/11/2005	-	Active	NO
3	U51109WB2006PTC107617	PROMINENT VANIJYA PVT LTD	Director	02/04/2012	02/04/2012	-	Active	NO

Name :

Mr. Sumit Mohanka

Designation :

Additional Director

Address :

Ward No.7, Station Road, Supaul- 852131, Bihar, India

Date of Birth/Age :

19.07.1982

Date of Appointment :

01.09.2010

DIN No.:

03167943

Name :

Mr. Sunil Kumar Tekriwal

Designation :

Additional Director

Address :

House No. 2/68, Sector – 8, Faridabad – 121006, Haryana, India

Date of Birth/Age :

15.11.1965

Date of Appointment :

01.04.2012

DIN No.:

02939025

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	U51109WB2007PTC116804	ZIGZAG COMMERCIAL PRIVATE LIMITED	Director	10/02/2010	10/02/2010	-	Active	NO
2	U51909WB2004PTC099876	COSMIC CONSUMER GOODS PRIVATE LIMITED	Director	14/02/2010	14/02/2010	06/06/2011	Active	NO
3	U74999HR1982PLC031341	KUMAR ASHIS PROJECTS LIMITED	Additional director	01/04/2012	01/04/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bharat Gupta
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Om Prakash Khetan	92700
Shashi Khetan	68000
Ashsh Kumar Khetan	134100
Manish Kumar Khetan	68200
Cosmic Consumer Goods Private Limited, India	249020
AJC Leasing and Finance Company Private Limited, India	130000
Coinsave Distributors Private Limited	130000
Nupur Khetan	90000
Manish Kumar Khetan	60000
Shashi Khetan	65000
On Prakash Khetan	62650
Shashank Agarwal	50000
Sweta Khetan	120000
Ashish Kumar Khetan	60000
Om Prakash Khetan Joint with Shashi Khetan	108000
Ashish Kumar Khetan Joint with Sweta Khetan	80000
Manish Kumar Khetan Joint with Nupur Khetan	20000
Rumi Agarwal	53540
Total	1641210

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	68.99
Other top Fifty Shareholders	31.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of PVC Leather Cloth in various thickness and quantities for use in upholstery, shoes, luggage, novelty and promotional items.

Products :

Products Description	ITC Code
Cotton Coated Fabrics / PVC Leathers Cloth	5903.10
P.V.C.	3904.10
D.O.P	2917

Exports :

Products :

Finished Goods

Countries :

• Bangladesh
• Srilanka
• Asian
• African Countries
• Rasiya

Imports :

Products :

Raw Material

Countries :

• Korea
• USA
• China
• Italy
• Japan
• Hong Kong
• Malaysia

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Installed Capacity
Cotton Coated Fabrics / PVC Leathers Cloth	90 Lacs meters per annum

Particulars	Unit	Actual Production
Cotton Coated Fabrics / PVC Leathers Cloth	Mts.	6886186
Cuts and Defective Pcs.	Kgs	1038823

GENERAL INFORMATION

No. of Employees :

500 (Approximately)

Bankers :

• Corporation Bank, M 3 and 4, Greater Kailash-II, New Delhi – 110048, India
• ICICI Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	31.03.2013	31.03.2012
Term Loan
Form Corporation Bank	33.979	46.524
Loans Repayable on demand from bank	298.364	289.733
Total	332.343	336.257

Banking Relations :	--
Auditors :
Name :	RKAAP and Associates Chartered Accountants
Address :	110, G.K. House, 187-A, Sant Nagar, East Of Kailash, New Delhi – 110065, Delhi, India
PAN.:	AAOCS4718E

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1641210	Equity Shares	Rs.10/- each	Rs.16.412 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	16.412	16.412
(b) Reserves & Surplus	109.081	95.405
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	125.493	111.817
(3) Non-Current Liabilities
(a) long-term borrowings	124.379	136.924
(b) Deferred tax liabilities (Net)	14.632	12.841
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	139.011	149.765
(4) Current Liabilities
(a) Short term borrowings	298.364	289.733
(b) Trade payables	156.724	148.508
(c) Other current liabilities	8.555	15.509
(d) Short-term provisions	3.918	2.964
Total Current Liabilities (4)	467.561	456.714
TOTAL	732.065	718.296
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	248.886	245.985
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	6.252	6.665
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	255.138	252.650
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	208.321	237.253
(c) Trade receivables	208.671	176.674
(d) Cash and cash equivalents	12.870	10.916
(e) Short-term loans and advances	46.287	40.404
(f) Other current assets	0.778	0.399
Total Current Assets	476.927	465.646
TOTAL	732.065	718.296

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		16.412
2] Share Application Money		0.000
3] Reserves & Surplus		84.183
4] (Accumulated Losses)		0.000
NETWORTH		100.595
LOAN FUNDS
1] Secured Loans		162.194
2] Unsecured Loans		0.000
TOTAL BORROWING		162.194
DEFERRED TAX LIABILITIES		10.630
TOTAL		273.419
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		220.212
Capital work-in-progress		22.341
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	166.606
	Sundry Debtors	102.235
	Cash & Bank Balances	9.512
	Other Current Assets	0.000
	Loans & Advances	33.884
Total Current Assets		312.237
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	165.040
	Other Current Liabilities	114.247
	Provisions	2.084
Total Current Liabilities		281.371
Net Current Assets		30.866
MISCELLANEOUS EXPENSES		0.000
TOTAL		273.419

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	993.000	863.668	802.907
		Other Income	2.328	13.427	0.885
		TOTAL (A)	995.328	877.095	803.792
Less	EXPENSES
		Cost of Raw Material Consumed	773.807	740.673	637.639
		Purchases for sale / Stock in trade	0.000	74.986	56.195
		Changes in Inventories of finished goods, work in progress and stock in trade	46.573	(87.298)	0.000
		Decrease / (Increase) in stocks	0.000	0.000	(19.645)
		Stores, spares and packing materials consumed	0.000	0.000	8.088
		Excise duty on stocks	0.000	0.000	2.791
		Payments to and provisions for employees / Employee Benefit Expenses	16.099	16.804	14.035
		Other expense	105.796	80.072	59.371
		TOTAL (B)	942.275	825.237	758.474
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		53.053	51.858	45.318
Less	FINANCIAL EXPENSES (D)		15.916	21.507	13.384
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		37.137	30.351	31.934
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.438	13.527	12.111
	PROFIT BEFORE TAX (E-F) (G)		20.699	16.824	19.823
Less	TAX (H)		7.023	5.602	5.978
	PROFIT AFTER TAX (G-H) (I)		13.676	11.222	13.845
Less/ Add	Income Tax, Fringe Benefit Tax, Wealth Tax For Earlier Years		0.000	0.000	(0.133)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	0.000	34.086
	BALANCE CARRIED TO THE B/S		13.676	11.222	47.798
	Earnings Per Share (Rs.)		8.33	6.84	8.44

Expected Sales ( 2013-2014 ) : Rs.1100.000 Millions (Approximately)

The above information has been parted by Mr. Bharat Gupta (Accounts Executives)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.37	1.28	1.72
Net Profit Margin (PBT/Sales)	(%)	2.08	1.95	2.47
Return on Total Assets (PBT/Total Assets}	(%)	2.83	2.34	3.72
Return on Investment (ROI) (PBT/Networth)		0.16	0.15	0.20
Debt Equity Ratio (Total Liability/Networth)		3.37	3.82	4.41
Current Ratio (Current Asset/Current Liability)		1.02	1.02	1.11

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)
Share Capital	16.412	16.412
Reserves & Surplus	95.405	109.081
Net worth	111.817	125.493
long-term borrowings	136.924	124.379
Short term borrowings	289.733	298.364
Total borrowings	426.657	422.743
Debt/Equity ratio	3.816	3.369

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)
Sales	802.907	863.668	993.000
		7.568	14.975

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	802.907	863.668	993.000
Profit After Tax	13.845	11.222	13.676
	1.72%	1.30%	1.38%

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 two years	Yes
12]	Profitability for last two 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	Yes

UNSECURED LOANS

(Rs. In Millions)

	31.03.2013	31.03.2012
Long Term Borrowing
Loans and Advances from related parties	90.400	90.400
Total	90.400	90.400

OPERATIONS

During the year, turnover of the company increased and stood at Rs.993.00 Millions as against Rs.863.700 Millions in 2011-2012. The net profit before tax increases form Rs.16.824 Millions in 2011-2012 to Rs.20.700 Millions in 2012-2013. The net profit after tax for the year increased to Rs. 13.676 Millions as against Rs. 11.222 Millions in 2011-2012.

The cash profit (Before writing off depreciation) increased form Rs.30.351 Millions in 2011-2012 to Rs.37.139 Millions in 2012-2013. The depreciation increased from Rs. 13.527Millions 2011-2012 to Rs. 16.348 Millions. The depreciation increased due to commissioning of one production line of the new project in September’ 2010.

Special emphasis is continued to be laid on export during the year under consideration direct export increased from Rs . 526.703 Millions to Rs. 676.871 Millions.

Barring unforeseen circumstances, with the production capacity increase and exportation of revival of economy. Results are expected to be better in next financial year.

FINANCE

During the period, the working capital facilities and term loan limits were revised and working capital facilities both fund based and non fund based were revised to Rs.583.400 Millions

The company has not taken or accepted any deposits form public and there is no unclaimed or unpaid deposits.

AMALGAMATION

The process of amalgamation with another company namely Manish Vinyls Private Limited is under progress and approval of high court is awaited. Upon amalgamation, all the assets and liabilities of this company will belong to new amalgamated company w.e.f. 01.4.2008 and shareholders of this company will be issued one share of the amalgamated company or every one share held.

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10275347	19/03/2011	675,000.00	CORPORATION BANK	M 3&4,, GREATER KAILASH-II, NEW DELHI, Delhi - 11  0048, INDIA	B09093857
2	10222144	05/04/2010	730,000.00	CORPORATION BANK	M 3&4,, GREATER KAILASH-II, NEW DELHI, Delhi - 11  0048, INDIA	A86251089
3	10179892	08/10/2009	1,000,000.00	Corporation Bank	M - 3 & 4,, Greater Kailash - II,, New Delhi, Del  hi - 110048, INDIA	A71380877
4	10179888	26/08/2009	1,285,000.00	Corporation Bank	M - 3 & 4,, Greater Kailash - II,, New Delhi, Del  hi - 110048, INDIA	A71379630
5	10081905	15/02/2012 *	583,400,000.00	CORPORATION BANK	M-3&4, GREATER KAILASH-II, NEW DELHI, Delhi - 110  048, INDIA	B34574855
6	80021397	15/02/2012 *	583,400,000.00	CORPORATION BANK	M-3&4, GREATER KAILASH-II, NEW DELHI, Delhi - 110  048, INDIA	B34572735
7	80021399	15/02/2012 *	583,400,000.00	CORPORATION BANK	M-3&4, GREATER KAILASH-II, NEW DELHI, Delhi - 110  048, INDIA	B34571455

* Date of charge modification

FIXED ASSETS

· Freehold Land

· Building

· Plant and Machinery

· Rolls and Dies

· R and D Equipments

· Generator

· Electric Installations

· Furniture and Fixtures

· Motor Vehicles

· Refrigerator and Air Conditioner

· Computer

· Office Equipments

· Cycle

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 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 :	PRT
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.