MIRA INFORM REPORT

Report Date :

20.03.2014

IDENTIFICATION DETAILS

Name :	CICO TECHNOLOGIES LIMITED

Registered Office :	C-44/2, 1^stand 2^nd Floor, Okhla Industrial Area, Phase – II, New Delhi – 110020

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	15.02.2000

Com. Reg. No.:	55-103782

Capital Investment / Paid-up Capital :	Rs.15.643 Millions

CIN No.: [Company Identification No.]	U99999DL2000PLC103782

TAN No.: [Tax Deduction & Collection Account No.]	DELC04746A

PAN No.: [Permanent Account No.]	AABCC2930K

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturing of Chemical Waterproofing Compounds and Repair and Rehabilitation of Civil Structures.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (37)

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

Maximum Credit Limit :	USD 680000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having a moderate track record. Management of the company has filed its financials for the year 2013 but the same could not be made available with government department. As per available financials (2012), there seems dip in the profitability of the company. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealing with some cautions.

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

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.

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 BY

Name :	Mr. Sandeep Chatterjee
Designation :	Account Executive
Contact No.:	91-11-40509400
Date :	19.03.2014

LOCATIONS

Registered Office/ Corporate Office :	C-44/2, 1^stand 2^nd Floor, Okhla Industrial Area, Phase – II, New Delhi – 110 020, India
Tel. No.:	91-11-40509400
Fax No.:	91-11-40509413
E-Mail :	cicotech@cicogroup.com
Website :	http://www.cicogroup.com

Zonal Office :	Located At: Mumbai Bangalore Kolkata Chennai

DIRECTORS

As on 06.09.2013

Name :

Mrs. Anasuya Gupta

Designation :

Managing Director

Address :

S-29, Greater Kailash –II, New Delhi – 110 048, India

Date of Birth/Age :

30.06.1960

Date of Appointment :

26.02.2008

DIN No.:

00186729

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	U26921HR1987PLC029054	BENGAL CERAMICS LIMITED	Director	28/08/1987	28/08/1987	-	Active	NO
2	U51909DL1985PLC022429	FRC COMPOSITES INDIA LTD	Director	29/09/1999	29/09/1999	-	Active	NO
3	U99999DL2000PLC103782	CICO TECHNOLOGIES LIMITED	Managing director	26/02/2008	15/02/2000	-	Active	NO
4	U51496HR2001PLC038457	CICO TECHNOTRADE LIMITED	Director	09/03/2001	09/03/2001	-	Active	NO
5	U74899DL1990PTC040105	CICO TOSHIN SERVICES PRIVATE LIMITED	Director	31/08/2001	31/08/2001	-	Strike off	NO
6	U74210DL1997PTC091268	SRG PROJECTS PRIVATE LIMITED	Director	14/08/2011	01/03/2008	-	Active	NO
7	U24100DL2008PTC179407	CORCHEM INDIA PRIVATE LIMITED	Director	12/06/2008	12/06/2008	-	Active	NO

Name :

Mr. Ajoy Kumar Ghosh

Designation :

Director

Address :

B-502, “Kaveri Apartment’, Alaknada, New Delhi – 110 019, India

Date of Birth/Age :

21.10.1938

Date of Appointment :

30.09.2009

DIN No.:

00005404

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	U28932DL1993PTC054825	GARDTOOLS PRIVATE LIMITED	Director	10/12/1996	10/12/1996	-	Active	YES
2	L31200HR1989PLC035580	EON ELECTRIC LIMITED	Director	24/06/2005	24/06/2005	-	Active	NO
3	U45201DL2008PTC172695	CICO PROJECTS PRIVATE LIMITED	Director	15/01/2008	15/01/2008	-	Strike off	NO
4	U99999DL2000PLC103782	CICO TECHNOLOGIES LIMITED	Director	30/09/2009	07/09/2009	-	Active	NO
5	L31401HR2011PLC042015	ADVANCE METERING TECHNOLOGY LIMITED	Director	29/09/2012	06/04/2012	-	Active	NO
6	U51496HR2001PLC038457	CICO TECHNOTRADE LIMITED	Additional director	07/05/2013	07/05/2013	-	Active	NO

Name :

Mr. Amitava Ray

Designation :

Director

Address :

B-181, Sector-41, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

30.10.1945

Date of Appointment :

30.09.2009

DIN No.:

00184143

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	L63090WB1919GOI003229	ANDREW YULE And Company LIMITED	Director	18/11/2005	18/11/2005	29/06/2009	Active	NO
2	U21010MH1965GAP013226	INDIAN FLEXIBLE PACKAGING AND FOLDING CARTON MANUFACTURERS ASSOCIATION	Director	06/11/2006	06/11/2006	-	Active	NO
3	U99999DL2000PLC103782	CICO TECHNOLOGIES LIMITED	Director	30/09/2009	22/01/2008	-	Active	NO

Name :

Ms. Ashmita Gupta

Designation :

Director

Address :

S-29, Greater Kailash –II, New Delhi – 110 048, India

Date of Birth/Age :

11.10.1988

Date of Appointment :

29.02.2008

DIN No.:

02098714

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	U51909DL1985PLC022429	FRC COMPOSITES INDIA LIMITED	Additional director	22/01/2008	22/01/2008	-	Active	NO
2	U51496HR2001PLC038457	CICO TECHNOTRADE LIMITED	Additional director	22/01/2008	22/01/2008	-	Active	NO
3	U26921HR1987PLC029054	BENGAL CERAMICS LIMITED	Director	30/09/2011	25/02/2008	-	Active	NO
4	U99999DL2000PLC103782	CICO TECHNOLOGIES LIMITED	Director	29/02/2008	29/02/2008	-	Active	NO
5	U24100DL2008PTC179407	CORCHEM INDIA PRIVATE LIMITED	Director	12/06/2008	12/06/2008	-	Active	NO
6	U74210DL1997PTC091268	SRG PROJECTS PRIVATE LIMITED	Director	01/08/2011	01/08/2011	-	Active	NO

Name :

Mr. Abhiroop Gupta

Designation :

Director

Address :

S-29, Greater Kailash –II, New Delhi – 110 048, India

Date of Birth/Age :

06.09.1991

Date of Appointment :

30.09.2009

DIN No.:

02778957

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	U99999DL2000PLC103782	CICO TECHNOLOGIES LIMITED	Director	30/09/2009	07/09/2009	-	Active	NO
2	U26921HR1987PLC029054	BENGAL CERAMICS LIMITED	Director	01/06/2011	01/06/2011	-	Active	NO
3	U74210DL1997PTC091268	SRG PROJECTS PRIVATE LIMITED	Director	01/08/2011	01/08/2011	-	Active	NO
4	U51496HR2001PLC038457	CICO TECHNOTRADE LIMITED	Director	12/08/2011	12/08/2011	-	Active	NO
5	U51909DL1985PLC022429	FRC COMPOSITES INDIA LTD	Director	12/08/2011	12/08/2011	-	Active	NO

Name :

Mr. Abhoy Charan Sengupta

Designation :

Alternate Director

Address :

255/7/2, N.S.C. Bose, Kolkata – 700 047, West Bengal, India

Date of Birth/Age :

04.11.1965

Date of Appointment :

12.08.2011

DIN No.:

01461133

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	U26921HR1987PLC029054	BENGAL CERAMICS LIMITED	Director	01/04/2003	01/04/2003	-	Active	NO
2	U51109DL1999PTC100025	MANIK AGENCIES PRIVATE LIMITED	Director	05/10/2006	05/10/2006	-	Strike off	NO
3	U74210DL1997PTC091268	SRG PROJECTS PRIVATE LIMITED	Director	01/12/2007	01/12/2007	14/08/2011	Active	NO
4	U51909DL1985PLC022429	FRC COMPOSITES INDIA LIMITED	Director	22/01/2008	22/01/2008	-	Active	NO
5	U99999DL2000PLC103782	CICO TECHNOLOGIES LIMITED	Alternate director	12/08/2011	12/08/2011	-	Active	NO
6	U51496HR2001PLC038457	CICO TECHNOTRADE LIMITED	Alternate director	12/08/2011	12/08/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sandeep Chatterjee
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 06.09.2013

Names of Shareholders		No. of Shares
Anasuya Gupta		305166
Bengal Ceramics Limited, India		1209105
Ashmita Gupta		1
Abhiroop Gupta		1
Abhoy Charan Sengupta		10
FRC Composites India Limited, India		50000
Geeta Sengupta		10
Total		1564293

Equity Share Break up (Percentage of Total Equity)

As on 06.09.2013

Category	Percentage
Bodies corporate	80.49
Directors or relatives of Directors	19.51
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Chemical Waterproofing Compounds and Repair and Rehabilitation of Civil Structures.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
		per annum
Waterproofing and Construction Compounds	Kg./ Ltr.	N.A.	13500000	13266000

GENERAL INFORMATION

Customers :

Delhi Metro Rail Corporation
KOLDAM
Nathpa Jhakri Power Corporation
Delhi Jal Board
U P Jal Nigam
Madras Atomic Power Station
Hindustan Paper Corporation Limited
Central Public Works Department
Balco Captive Power Project
Nuclear Power Corporation of India Limited
National Highway Project
DLF Group
New Delhi Municipal Corporation
National Thermal Power Corporation

No. of Employees :

Information declined by the management

Bankers :

Bank of India, Pahar Ganj Branch, New Delhi - 110055, Delhi, India
Kotak Mahindra Bank Limited, 36-38a, Nariman Bhavan, 227,D, Nariman Point,, Mumbai - 400021, Maharashtra, India
ING Vysya Bank Limited, Connaught Place, Delhi – 110 001, India

Facilities :

Secured Loan

As on 31.03.2012

[Rs. in Millions]

As on 31.03.2011

[Rs. in Millions]

Long Term Borrowings

Term Loans from Banks

26.294

33.575

Other Term Loans from Banks Secured Long Term Borrowings

2.005

2.620

Short Term Borrowings

Cash Credit from Banks

88.947

60.638

Other Loans (NSIC) Secured

18.315

1.211

Total

135.561

98.044

Term Loan

(i) Loans of Rs 41.074 Millions (Previous Year Rs 45.517 Millions) as shown in long term borrowings and other current liabilities in Note‐10 (a) are secured by first and exclusive charge on all existing and future current assets/ moveable fixed assets and by personal guarantee of a Director and Corporate guarantee given by Bengal Ceramics Limited amounting to Rs. 213.200 Millions against finance facilities.

Above loans are further secured by way of Equitable/Registered mortgage of factory land and building situated at Haridwar, Dehradun owned by the

Company and factory land and building situated at Gurgaon owned by Bengal Ceramics Limited, a company under the same.

(ii) Repayments and interest rates for the above term loans are as follows:‐

Year	2012-13	2013-14	2014-15	2015-16 and Above
Amount (Rs in Millions)	14.781	15.287	7.383	3.624

The interest rate for the above term loans varies from 13% to 14.25% p.a

Other Term Loans From Bank

(i) Hire purchase Car Loan of Rs 0.194 Millions (Previous Year Rs 0.253 Millions) as shown in long term borrowings and other current liabilities in Note‐10(a) are secured by hypothecation of asset acquired by this loan.

(ii) Hire purchase Car Loans of Rs 1.125 Millions (Previous Year Rs 0.208 Millions) as shown in long term borrowings and other current liabilities in Note‐10(a) are secured by hypothecation of assets acquired by this loan.

(iii) Hire purchase Car Loan of Nil (Previous Year Rs 0.081 Million) as shown in long term borrowings and other current liabilities in Note‐10(a) are secured by hypothecation of asset acquired by this loan.

(iv) Hire purchase Car Loans of Rs 2.381 Millions (Previous Year Rs 3.685 Millions) as shown in long term borrowings and other current liabilities in Note‐10(a) are secured by hypothecation of assets acquired by this loan.

(v) Hire purchase Car Loan of Rs 0.471 Millions (Previous Year Nil) as shown in long term borrowings and other current liabilities in Note‐10(a) are secured by hypothecation of asset acquired by this loan.

Repayments and interest rates for the above term loans are as follows:‐

Year	2012-13	2013-14	2014-15	2015-16 and Above
Amount (Rs in Millions)	2.167	1.798	0.207	-

The interest rate for the above term loans varies from 6% to 12.74% p.a.

Cash Credit from Bank

Secured by first and exclusive charge on all existing and future current assets and by personal guarantee of a Director and Corporate guarantee given by

Bengal Ceramics Limited amounting to Rs. 213.200 Millions against finance facilities.

Above loans are further secured by way of Equitable/Registered mortgage of factory land & building situated at Haridwar, Dehradun owned by the company and factory land and building situated at Gurgaon owned by Bengal Ceramics Limited a company under the same.

The interest rate for the above cash credit varies from 13% to 14.25% p.a

Other Loans

Loan secured against Bank Guarantees issued to NSIC.

The interest rate for the above loan varies from 12% to 13.40% p.a


Banking Relations :	--

Auditors :
Name :	S.S. Kothari Mehta and Company Chartered Accountants
Address :	146-149, Tribhuvan Complex, Ishwar Nagar, Mathura Road, New Delhi – 110 065, India
Tel. No.:	91-11-46708888
Fax No.:	91-11-66628889
E-Mail :	delhi@sskmin.com
PAN.:	AABFS6730L

Holding Company :	Bengal Ceramics Limited CIN No.: U26921HR1987PLC029054

Subsidiaries :	CICO Technotrade Limited CIN No.: U51496HR2001PLC038457

CAPITAL STRUCTURE

AS ON 31.03.2012

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

1564293	Equity Shares	Rs.10/- each	Rs.15.643 Millions

a) Terms/rights attached to equity shares. The Company has only one class of equity shares having par value of Rs.10/‐ per share. Each holder of equity share is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive assets of the Company. The distribution will be in proportion the number of equity shares held by the shareholders.

b) Detail of Shareholders holding more than 5% shares in the Company

Name of the Shareholder	Number of Shares	% of holding
Equity Shares of Rs.10 each fully paid up
Bengal Ceramics Limited	1281829	81.94
Nandi Investment Limited	177276	11.33

As per of the Company, including register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

c) Aggregate number of bonus shares issued and shares issued for consideration other than cash during the period of five years immediately preceding the reporting date:

The Company has not issued any bonus shares nor has there been any buy back of shares during five years immediately preceding 31st March, 2012.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	15.643	15.643
(b) Reserves & Surplus	154.367	148.556
(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)	170.010	164.199

(3) Non-Current Liabilities
(a) long-term borrowings	28.299	36.195
(b) Deferred tax liabilities (Net)	8.697	5.526
(c) Other long term liabilities	11.572	9.702
(d) long-term provisions	1.147	1.010
Total Non-current Liabilities (3)	49.715	52.433

(4) Current Liabilities
(a) Short term borrowings	107.262	61.849
(b) Trade payables	97.481	77.325
(c) Other current liabilities	111.715	85.543
(d) Short-term provisions	0.395	0.213
Total Current Liabilities (4)	316.853	224.930

TOTAL	536.578	441.562

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	89.878	83.963
(ii) Intangible Assets	1.830	2.195
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.990	1.990
(c) Deferred tax assets (net)	59.702	21.915
(d) Long-term Loan and Advances	0.696	0.261
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	154.096	110.324

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	84.777	72.015
(c) Trade receivables	242.835	200.240
(d) Cash and cash equivalents	6.927	9.248
(e) Short-term loans and advances	46.771	48.712
(f) Other current assets	1.172	1.023
Total Current Assets	382.482	331.238

TOTAL	536.578	441.562

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		15.643
2] Share Application Money		0.000
3] Reserves & Surplus		138.068
4] (Accumulated Losses)		0.000
NETWORTH		153.711
LOAN FUNDS
1] Secured Loans		104.746
2] Unsecured Loans		0.000
TOTAL BORROWING		104.746
DEFERRED TAX LIABILITIES		7.320

TOTAL		265.777

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		87.202
Capital work-in-progress		0.000

INVESTMENT		1.990
DEFERRED TAX ASSETS		0.000
OTHER NON CURRENT ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	68.358
	Sundry Debtors	185.890
	Cash & Bank Balances	19.483
	Other Current Assets	0.000
	Loans & Advances	64.084
Total Current Assets		337.815
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	115.908
	Other Current Liabilities	45.322
	Provisions	0.000
Total Current Liabilities		161.230
Net Current Assets		176.585

MISCELLANEOUS EXPENSES		0.000

TOTAL		265.777

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Revenue from Operation	625.866	559.610
		Other Income	4.606	3.079
		TOTAL (A)	630.472	562.689

Less	EXPENSES
		Cost of materials consumed	352.710	311.695
		Job work charges	53.372	61.011
		Trading goods consumed	0.805	0.962
		Employee benefits expense	52.738	44.089
		Other expenses	134.249	112.444
		Changes in inventories of finished goods, work‐in‐process and Stock‐in‐Trade	(2.024)	0.965
		TOTAL (B)	591.850	531.166

	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		38.622	31.523

Less	INTEREST & FINANCE EXPENSES (D)		20.205	14.721

Less	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.417	16.802

Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.135	6.009

	PROFIT BEFORE TAX (E-F) (G)		11.282	10.793

Less	TAX (H)		5.471	0.306

	PROFIT AFTER TAX (G-H) (I)		5.811	10.487

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		72.230	61.743

Less	APPROPRIATIONS
		Transfer to General Reserve	78.041	72.230

	BALANCE CARRIED TO THE B/S		0.000	0.000

	Earnings Per Share (Rs.)		3.72	6.70

	PARTICULARS		31.03.2010
	SALES
		Sales (Net)	419.063
		Job Receipts	107.453
		Other Income	2.744
		TOTAL (A)	529.260

Less	EXPENSES
		Manufacturing and Other Expenses	299.433
		Job Expenses	54.652
		Operating and Other Expenses	143.373
		TOTAL (B)	497.458

	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.802

Less	INTEREST & FINANCE EXPENSES (D)		14.047

Less	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.755

Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.471

	PROFIT BEFORE TAX (E-F) (G)		12.284

Less	TAX (H)		3.863

	PROFIT AFTER TAX (G-H) (I)		8.421

	PRIOR PERIOD EXPENDITURE		0.000

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		53.322

	BALANCE CARRIED TO THE B/S		61.743

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2.942
	TOTAL EARNINGS		2.942

	IMPORTS
		Raw Materials	20.464
		Traveling	0.122
	TOTAL IMPORTS		20.586

	Earnings Per Share (Rs.)		5.38

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.92	1.86	1.59

Net Profit Margin (PBT/Sales)	(%)	1.80	1.93	2.93

Return on Total Assets (PBT/Total Assets}	(%)	2.37	2.58	2.89

Return on Investment (ROI) (PBT/Networth)		0.07	0.07	0.08

Debt Equity Ratio (Total Debt /Networth)		0.80	0.60	0.68

Current Ratio (Current Asset/Current Liability)		1.21	1.47	2.10

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	15.643	15.643
Reserves & Surplus	148.556	154.367
Net worth	164.199	170.010

long-term borrowings	36.195	28.299
Short term borrowings	61.849	107.262
Total borrowings	98.044	135.561
Debt/Equity ratio	0.597	0.797

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	419.063	559.610	625.866
		33.538	11.840

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	419.063	559.610	625.866
Profit	8.421	10.487	5.811
	2.01%	1.87%	0.93%

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	Yes
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	No
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

NOTE:

The registered office of the company has been shifted from S-38, Ground Floor, Okhla Industrial Area, Phase-II

New Delhi – 110020, Delhi, India to present address w.e.f. 01.06.2011

PERFORMANCE

The Company recorded a satisfactory growth during the year. The Annual Turnover has shown a growth from Rs. 562.689 Millions to Rs. 630.472 Millions. Profit before tax has also shown a growth from Rs. 10.793 Millions to Rs. 11.282 Millions. This growth is appreciable considering the adverse economic conditions for business in general and sector in particular.

FUTURE OUTLOOK:

Barring unforeseen circumstances, despite conditions not being favorable, market scenario and vast competition; the company is confident of achieving healthy growth in future in the field of Construction chemicals Industry in India. The Company is in process of introducing further number of new products in the market under Brands owned by the company as a contemporary quality manufacturer offering the products equivalent to latest International technology and standard. It is hoped that the Company shall do further better in the current financial year.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10242627	24/02/2014 *	272,600,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B98786932
2	10183429	03/10/2009	2,200,000.00	INTEC CAPITAL LIMITED	701,MANJUSHA, 57 NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA	A72438161

* Date of charge modification

FIXED ASSETS:

Land-Lease Hold
Factory Land
Building
Computers
Plant and Machinery
Office Equipment
Factory Shed
Furniture and Fixtures
Vehicle

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] 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.61.10
UK Pound	1	Rs.101.41
Euro	1	Rs.85.08

INFORMATION DETAILS

Information Gathered by :	PLK

Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	6
--CREDIT LINES	1~10	4
--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		37

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.

MIRA INFORM REPORT

68.358

185.890

19.483

0.000

64.084

337.815

115.908

45.322

0.000

161.230

176.585

0.92

1.86

1.80

1.93

2.37

2.58

0.07

0.07

0.80

0.60

1.21

1.47

INDEX OF CHARGES

Unit