1. Summary Information

		Country	India
Company Name	VISEN INDUSTRIES LIMITED	Principal Name 1	Mr. Vijayasankaran Sivaraman Nair
Status	Satisfactory	Principal Name 2	Mr. Ramachandran Theruvara Pandalonda
		Registration #	11-037350
Street Address	501, Stanford, Plot No.554, Junction of S V Road, and Juhu Lane, Andheri (West), Mumbai-400058, Maharashtra, India
Established Date	03.09.1985	SIC Code	--
Telephone#	91-22-66443333	Business Style 1	Manufacturer
Fax #	91-22-66443344	Business Style 2	--
Homepage	info@visen.net	Product Name 1	Polymer Emulsion
# of employees	Not Divulged	Product Name 2	Textile Finishing Agent
Paid up capital	Rs. 348,600,000/-	Product Name 3	Acrylic Co-Polymers
Shareholders	Venture Capital – 0.01% Foreign holdings – 1.86% Bodies corporate – 13.47% Directors or relatives of Directors – 84.66%	Banking	State Bank of Patiala
Public Limited Corp.	No	Business Period	29 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (51)
Related Company
Relation	Country	Company Name	CEO
Associates	India	Visen Marketing Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	3,129,670,000	Current Liabilities	1,768,358,000
Inventories	1,212,507,000	Long-term Liabilities	1,633,459,000
Fixed Assets	717,565,000	Other Liabilities	50,370,000
Deferred Assets	0,000	Total Liabilities	3,452,187,000
Invest& other Assets	686,202,000	Retained Earnings	1,945,157,000
		Net Worth	2,293,757,000
Total Assets	5,745,944,000	Total Liab. & Equity
Total Assets (Previous Year)	5,046,662,000		5,745,944,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	8,250,779,000	Net Profit	218,493,000
Sales(Previous yr)	6,280,806,000	Net Profit(Prev.yr)	45,179,000

MIRA INFORM REPORT

Report Date :

15.03.2014

IDENTIFICATION DETAILS

Name :	VISEN INDUSTRIES LIMITED
Formerly Known As :	VISEN CHEMICALS PRIVATE LIMITED
Registered Office :	501, Stanford, Plot No.554, Junction of S V Road, and Juhu Lane, Andheri (West), Mumbai-400058, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.09.1985
Com. Reg. No.:	11-037350
Capital Investment / Paid-up Capital :	Rs. 348.600 Millions
CIN No.: [Company Identification No.]	U24100MH1985PLC037350
TAN No.: [Tax Deduction & Collection Account No.]	MUMV10076D
PAN No.: [Permanent Account No.]	AAACV1768K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Polymer Emulsion, Textile Finishing Agent and Acrylic Co-Polymers.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 9200000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term fund based - Bank facilities: BBB+ (Withdrawn)
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	03.02.2014

Rating Agency Name	CARE
Rating	Short term non fund based - Bank facilities: A3+ (Withdrawn)
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	03.02.2014

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. Menon
Designation :	Import Export Head
Contact No.:	91-22-66443333
Date :	03.03.2014

LOCATIONS

Registered Office / Corporate Head Office :	501, Stanford, Plot No.554, Junction of S V Road, and Juhu Lane, Andheri (West), Mumbai-400058, Maharashtra, India
Tel. No.:	91-22-66443333
Fax No.:	91-22-66443344
E-Mail :	info@visen.net marketing@visen.net
Website :	www.visen.net
Location:	Owned
Factory :	Plot No. 68, 69, 88, B-Nanji Industrial Estate, Village Kharadpada, Silvassa, Dadra and Nagar Haveli-396230
Tel. No.:	91-260-2651154/ 55/ 56
Telefax No.:	91-260-2650463

DIRECTORS

AS ON 17.09.2013

Name :

Mr. Vijayasankaran Sivaraman Nair

Designation :

Chairman and Managing Director

Address :

Oberoi Crest CHS, 16th Road, Near Khar gymkhana , Khar, Mumbai-400052, Maharashtra, India

Date of Birth/Age :

28.11.1955

Qualification :

B.Com.

Date of Appointment :

01.04.2012

PAN No:

AABPN2385G

DIN No.:

00028395

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	U24100MH1985PLC037350	VISEN INDUSTRIES LIMITED	Managing director	01/04/2012	03/09/1985	-	Active	NO
2	U90990MH2005GAP154351	SMALL AND MEDIUM SCALE EMULSION MANUFACTURERS ASSOCIATION	Director	29/06/2005	29/06/2005	-	Active	NO

Name :

Mr. Ramachandran Theruvara Pandalonda

Designation :

Whole Time Director

Address :

B-1202/Runwal Heights, L.B.S. Marg, Mulund (West), Mumbai-400080

Date of Birth/Age :

15.05.1941

Date of Appointment :

01.04.2012

PAN No:

ADWPR3710M

DIN No.:

00030529

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	U24100MH1985PLC037350	VISEN INDUSTRIES LIMITED	Whole-time director	01/04/2012	28/08/2000	-	Active	NO

Name :

Mr. Ashok Rao

Designation :

Director

Address :

3, Ishwar Bhavan, A Road, Churchgate, Mumbai, 400020, Maharashtra, India

Date of Birth/Age :

13.11.1945

Qualification :

B.Com. (Hons.), FCA, ACMA (Lond.)

Date of Appointment :

25.05.2005

DIN No.:

00091222

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	U91999MH2004GAP148413	FEDERATION OF CHURCHGATE RESIDENTS	Director	06/09/2004	06/09/2004	-	Active	NO
2	U24100MH1985PLC037350	VISEN INDUSTRIES LIMITED	Director	25/05/2005	25/05/2005	-	Active	NO
3	U74140PN2007PTC134136	SARV DEMURRAGE CONSULTANTS PRIVATE LIMITED	Director	20/11/2007	20/11/2007	31/03/2008	Active	YES
4	U74999MH1922PLC000973	BOMBAY GYMKHANA LIMITED	Director	25/09/2008	25/09/2008	29/09/2011	Active	NO
5	U92412MH2010NPL202673	GAUTAM THAKKAR MEMORIAL BADMINTON ASSOCIATION	Director	04/03/2011	04/03/2011	24/10/2011	Active	NO

Name :

Mr. Nikhil

Designation :

Nomiee Director

Address :

11 Mohan Apartment, Yari Road, Versova, Andheri (West), Mumbai- 400061, Maharashtra, India

Date of Birth/Age :

26.12.1977

Date of Appointment :

02.08.2013

DIN No.:

00932030

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	U72900MH2003PTC234753	LEARNING MATE SOLUTIONS PRIVATE LIMITED	Alternate director	03/05/2007	03/05/2007	29/05/2009	Active	NO
2	L85110GJ1994PLC022543	CLARIS LIFESCIENCES LIMITED	Director	12/05/2011	28/01/2008	21/09/2012	Active	NO
3	U33209TN1996PTC035162	NEWGEN IMAGING SYSTEMS PRIVATE LIMITED	Alternate director	03/04/2008	03/04/2008	-	Amalgamated	NO
4	U72400TN2004PTC054226	NEWGEN KNOWLEDGE WORKS PRIVATE LIMITED	Alternate director	03/04/2008	03/04/2008	30/05/2011	Active	NO
5	U72200TN2006PTC061754	GPSL INDIA PRIVATE LIMITED	Additional director	07/01/2009	07/01/2009	19/03/2011	Active	NO
6	U24100MH1985PLC037350	VISEN INDUSTRIES LIMITED	Nominee director	02/08/2013	07/09/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Menon
Designation :	Import Export Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 17.09.2013

Names of Equity Shareholders	No. of Shares
Vijay Nair	7057428
Geeta Nair	1573620
Visen Marketing Private Limited, India	1455600
Ruchirag Investment Private Limited, India	206480
Sumitomo Corporation (Asia) PTe Limited, Singapore	230000
S Kodapully	225000
Arun Mehta	70424
Bardarayan Nair	223600
Cherry Nair	7316
Kamalakshi Amma	220912
Anish Nair	86800
Maya Nair (Raji Nair)	4000
Ragesh Nair	8000
Rajeshwari Nair	368240
Rajkumari Mehta	75200
Ruch Nair	71316
Suprabha Nair	196000
Thankappan Nair	255232
TOTAL	12335168

AS ON 17.09.2013

Names of Preference Shareholders	No. of Shares
First Carlyle Ventures III, Mauritius	22448980
Madhava Menon Shankar Narayanan	56123
Mahesh Parasuraman	5613
Nikhil Mohta	5613
Manish Gaur	5613
Kapil Modi	2807
TOTAL	22524749

AS ON 17.09.2013

Equity Shares Break Up	Percentage of Holding
Venture Capital	0.01
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	1.86
Bodies corporate	13.47
Directors or relatives of Directors	84.66
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Polymer Emulsion, Textile Finishing Agent and Acrylic Co-Polymers

Products :

Product Description	ITC Code
Polymer Emulsion	390510
Textile Finishing Agent	380900
Acrylic Co-Polymers	390690
Acrylic Co-Polymers	39069090
Vinyl Acetate Co Polymer	39052100
PVA Emulsions	39051290

Exports :

Products :

Finished Goods

Countries :

• Bangladesh
• Sri Lanka
• Nigeria
• Bahrain
• Tanzania
• Kenia

Imports :

Products :

Raw Material

Countries :

• Korea
• China

Terms :

Selling :

Depend

Purchasing :

Depend

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Polymeremulsions	MTS	110,000.00	74893.74
Industrial Chemicals	MTS	NA	4001.22

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· State Bank of Patiala, Atlanta 1^st Floor, Jamnalal, Bajaj Marg, Nariman Point, Mumbai-400021, Maharashtra, India

· ICICI Bank Limited, ICICI Bank Towers, Bandra Kurla Complex, Mumbai-400051, Maharashtra, India

· Standard Chartered Bank, Narain Manzil, 23, Barakhamba Road, Delhi - 110001, Delhi, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2013	Rs. In Millions 31.03.2012
Long term borrowing
Term Loans from Banks	465.375	512.310
Short term borrowing
Working Capital Loans from Banks	1168.084	1280.661
TOTAL	1633.459	1792.971

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679100
PAN No.:	AACFD4815A
Associates :	Visen Marketing Private Limited
Subsidiaries :	Visen Polymer FZE
Enterprises which are owned, or have significant influence of or are partners wi t h Ke y management personnel and their relatives:	Ruchirag Investment Private Limited
Related Party:	Visen Industries Lanka (Private) Limited Visen Overseas Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
37000200	Equity Shares	Rs.10/- each	Rs. 370.002 Millions
230000000	Preference Shares	Rs.10/- each	Rs. 230.000 Millions
	TOTAL		Rs. 600.002 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12335273	Equity Shares	Rs.10/- each	Rs. 123.353 Millions
22524749	Preference Shares	Rs.10/- each	Rs. 225.247 Millions
	TOTAL		Rs. 348.600 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	348.600
(b) Reserves & Surplus	1945.157
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	2293.757
(3) Non-Current Liabilities
(a) long-term borrowings	465.375
(b) Deferred tax liabilities (Net)	22.155
(c) Other long term liabilities	0.680
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	488.210
(4) Current Liabilities
(a) Short term borrowings	1168.084
(b) Trade payables	1627.036
(c) Other current liabilities	140.642
(d) Short-term provisions	28.215
Total Current Liabilities (4)	2963.977
TOTAL	5745.944
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	717.565
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	208.885
(iv) Intangible assets under development	0.000
(b) Non-current Investments	477.317
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	0.000
(e) Other Non-current assets	771.801
Total Non-Current Assets	2175.568
(2) Current assets
(a) Current investments	0.000
(b) Inventories	1212.507
(c) Trade receivables	1660.883
(d) Cash and cash equivalents	307.309
(e) Short-term loans and advances	351.006
(f) Other current assets	38.671
Total Current Assets	3570.376
TOTAL	5745.944

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		348.600	129.602
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		1746.598	921.807
4] (Accumulated Losses)		0.000	0.000
NETWORTH		2095.198	1051.409
LOAN FUNDS
1] Secured Loans		1792.971	1105.687
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		1792.971	1105.687
DEFERRED TAX LIABILITIES		19.836	22.698
TOTAL		3908.005	2179.794
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		749.664	690.141
Capital work-in-progress		77.731	142.485
INVESTMENT		477.831	411.154
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	982.883	876.974
	Sundry Debtors	1264.273	647.504
	Cash & Bank Balances	474.385	4.187
	Other Current Assets	12.587	1.700
	Loans & Advances	1007.308	386.344
Total Current Assets		3741.436	1916.709
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1087.264	810.088
	Other Current Liabilities	46.118	157.370
	Provisions	5.275	13.237
Total Current Liabilities		1138.657	980.695
Net Current Assets		2602.779	936.014
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		3908.005	2179.794

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	8250.779	6280.806	5049.455
		Other Income	87.102	17.175	43.489
		TOTAL (A)	8337.881	6297.981	5092.944
Less	EXPENSES
		Cost of materials consumed	4482.578	3915.483	2817.789
		Purchases of stock-in-trade	2462.529	1419.521	1125.936
		Employee benefit expense	108.210	93.860	82.891
		Other expenses	722.967	579.523	610.067
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(75.195)	(51.741)	(34.703)
		TOTAL (B)	7701.089	5956.646	4601.980
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		636.792	341.335	490.964
Less	FINANCIAL EXPENSES (D)		224.633	211.389	118.086
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		412.159	129.946	372.878
Less/ Add	DEPRECIATION/ AMORTISATION (F)		78.578	78.653	78.134
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		333.581	51.293	294.744
Less	TAX (H)		115.088	6.114	92.535
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		218.493	45.179	202.209
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		818.660	785.006	582.797
	APPROPRIATION
	Preference Divided		5.631	--	--
	DDT		0.957	--	--
	BALANCE CARRIED TO THE B/S		1030.565	830.185	785.006
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	781.834	698.218
	TOTAL EARNINGS		NA	781.834	698.218
	IMPORTS
		Raw Materials	NA	2901.242	2348.148
		Trading Goods	NA	0.000	1003.586
	TOTAL IMPORTS		NA	2901.242	3351.734
	Earnings Per Share (Rs.)		17.18	3.16	15.63

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.62	0.72	3.97
Net Profit Margin (PBT/Sales)	(%)	4.04	0.82	5.84
Return on Total Assets (PBT/Total Assets}	(%)	7.16	1.14	11.31
Return on Investment (ROI) (PBT/Networth)		0.15	0.02	0.28
Debt Equity Ratio (Total Debt /Networth)		0.54	0.86	1.05
Current Ratio (Current Asset/Current Liability)		1.20	3.29	1.95

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

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	5049.455	6280.806	8250.779
		24.386	31.365

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	5049.455	6280.806	8250.779
Profit	202.209	45.179	218.493
	4.00%	0.72%	2.65%

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

NOTE

Registered office has been shifted from Premier House, 6th Floor, 38, Central Road, MIDC, Andheri (East), Mumbai-400 093, Maharashtra, India to the present address w.e.f. 01.04.2012.

COMPANY BACKGROUND

Subject a leading manufacturer of polymer emulsions, centers its efforts on delivering premium products to paint, textile, adhesive and construction industries. With a clear vision of becoming the largest supplier of water based polymer emulsions, the Company has been making a persistent effort in improving its products, manufacturing sales and marketing, and supply / logistic activities.

OPERATIONS:

During the year, all the plants have been working smoothly on 3 shift basis. The overall capacity utilization was around 87%.

CHENNAI PROJECT:

Substantial progress has been made. During the year, the Administration building, Finished Goods storage, Raw Material storage, Utility building, Security room, DG room, Engineering store and Control room were substantially completed. Finished Goods and Raw Material tank fabrication work has started and is expected to complete by end of September 2013. Work has started for construction of inside road and the work for the process plant will commence in August 2013.

Company intends to have the plant to be ready by 1st quarter of financial year 2014.

UAE PROJECT:

The production trial runs are expected to commence by end of calendar year 2013 or beginning of calendar year 2014. The external pipeline work is completed and the Company is making all the efforts to complete other pending works to start commercial production by end of calendar year 2013 or beginning of calendar year 2014.

Company has received the sanction letter from Bank of India, London branch and Bank of Baroda, UAE branch to fund the balance of the project cost. Company is in the process of complying the documentation formality and expect to get the disbursement in the August, 2013.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10478372	22/01/2014	615,000,000.00	DBS BANK LIMITED	FORT HOUSE, 3RD FLOOR, 221, DR. D. N ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B96715313
2	10471354	18/12/2013	615,000,000.00	AXIS BANK LIMITED	2ND FLOOR, AXIS HOUSE,, BOMBAY DYEING MILLS COMPO UND, P.B. MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B93946085
3	10372286	30/07/2012	287,500,000.00	DBS BANK LIMITED	UPPER GROUND FLOOR, 25 BARAKAMBHA ROAD, BIRLA TOWER, NEW DELHI, DELHI - 110001, INDIA	B56301930
4	10361515	16/05/2012	500,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWERS, BANDRA KURLA COMPLEX, MUMBAI, MAHARASHTRA - 400051, INDIA	B41992595
5	10345321	26/04/2013 *	3,250,000,000.00	BANK OF INDIA	NEW DELHI LARGE CORPORATE BRANCH, PTI BUILDING, 4 PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	B75543710
6	10306276	19/08/2011	650,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, P.B. MAR, MUMBAI, MAHARASHTRA - 400025, INDIA	B20546487
7	10130059	30/04/2012 *	300,000,000.00	DBS BANK LIMITED	UPPER GROUND FLOOR, BIRLA TOWER, 25, BARAKHAMBHA ROAD, NEW DELHI, DELHI - 110001, INDIA	B39935879
8	10105070	15/11/2011 *	350,000,000.00	STANDARD CHARTERED BANK	NARAIN MANZIL, 23, BARAKHAMBA ROAD, DELHI - 110001, INDIA	B27052943
9	10049807	06/06/2012 *	600,000,000.00	STATE BANK OF PATIALA	ATLANTA 1ST FLOOR JAMNALAL BAJAJ MARG, NARIMAN PO INT, MUMBAI, MAHARASHTRA - 400021, INDIA	B43390095
10	90216309	06/03/2002	78,000,000.00	BANK OF INDIA	M.D.I. BUILDING; 1ST FLOOR, 28; S.V. ROAD; ANDHERI, MUMBAI, MAHARASHTRA - 400058, INDIA	-

* Date of charge modification

FIXED ASSETS

Tangible assets

· Land

· Building

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Computer equipments

· Office equipment

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.61.52
UK Pound	1	Rs.102.22
Euro	1	Rs.85.23

INFORMATION DETAILS

Information Gathered by :	PRT
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	7
--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	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		51

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.