MIRA INFORM REPORT

Report Date :

08.05.2014

IDENTIFICATION DETAILS

Name :	TULSYAN CANS AND CARDBOARDS PRIVATE LIMITED
Formerly Known As :	TULSYAN COMMERCIAL CREDIT COMPANY PRIVATE LIMITED
Registered Office :	5-A, Rabinson Street, Kolkata – 700017, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.10.1989
Com. Reg. No.:	21-047707
Capital Investment / Paid-up Capital :	Rs.28.503 Millions
CIN No.: [Company Identification No.]	U51399WB1989PTC047707
TAN No.: [Tax Deduction & Collection Account No.]	CALT02843B
PAN No.: [Permanent Account No.]	AAACT9375L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Cans, Cardboards Tin Cans, Plastic Cans.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 340000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Rating reflects moderate financial risk profile due to low profitability. However, trade relation are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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. Vivek Jayant
Designation :	Account Executive
Contact No.:	91-33-22904436
Date :	05.05.2014

LOCATIONS

Registered Office :	5-A, Rabinson Street, Kolkata – 700017, West Bengal, India
Tel. No.:	91-33-22904436 / 7
Fax No.:	Not Available
E-Mail :	upen@tulsyanindia.com indiatinbox2010@gmail.com
Factory :	C-23 and 24, Industrial Focal Point, Dera Bassi District, Mohali – 140507, Punjab, India
Tel. No.:	91-1762-281521 / 329991
Fax No.:	91-1762-281521

DIRECTORS

As on 30.09.2013

Name :

Mr. Satyaa Narayan Tulsyan

Designation :

Director

Address :

5-A, Rabinson Street, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

29.12.1947

Date of Appointment :

11.10.1989

DIN No.:

00240689

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	U27209WB1968PTC027347	G.L.& SONS (METAL & PRODUCTS) PVT LTD	Director	13/08/1968	13/08/1968	07/05/2013	Active	NO
2	U51420WB1974PTC029363	INDIAN TIN BOX MANUFACTURING COMPANY PRIVATE LIMITED	Director	13/03/1975	13/03/1975	-	Active	NO
3	U70101WB1978PTC031470	SREE BASUKINATH COLD STORAGE PVT LTD	Director	03/03/1979	03/03/1979	30/04/2010	Amalgamated	NO
4	U51399WB1989PTC047707	TULSYAN CANS & CARDBOARDS PRIVATE LIMITED	Director	11/10/1989	11/10/1989	-	Active	NO
5	U70109WB1991PTC050984	PRAGATI VINIYOG PVT LTD	Director	27/02/1991	27/02/1991	30/04/2010	Active	NO
6	U70101WB1991PTC050983	ROBINSON HOLDINGS PVT LTD	Director	27/02/1991	27/02/1991	30/04/2010	Active	NO
7	U17111WB1987PTC042744	SHREE BALAJI SAREES PRIVATE LIMITED	Director	01/04/1998	01/04/1998	04/03/2009	Active	NO
8	U67120WB1990PTC048327	G.L. FINANCE PVT LTD	Director	07/02/1999	07/02/1999	30/04/2010	Active	NO
9	U65993WB1991PTC051072	G L INVESTMENT PVT LTD	Director	24/02/1999	24/02/1999	30/04/2010	Active	NO
10	U28129WB1953PTC021291	BHARAT TIN & ENAMEL CO PVT LTD	Director	01/04/2002	01/04/2002	-	Active	NO
11	U60210WB2002PTC094570	TULSYAN TRANSPACK UDYON PRIVATE LIMITED	Director	15/10/2002	15/10/2002	-	Amalgamated	NO
12	U51909WB2003PTC095839	TULSYAN AUTOMOBILES PRIVATE LIMITED	Director	24/02/2003	24/02/2003	30/04/2010	Active	NO
13	U22219WB2006PTC109049	TULSYAN FLEXSYS PRIVATE LIMITED	Director	24/04/2006	24/04/2006	-	Active	NO
14	U51109WB1995PTC074096	JYOTIMOY EMPORIUM PVT LTD	Director	20/07/2006	20/07/2006	-	Amalgamated	NO
15	U51109WB1995PTC074640	COLEL DEALCOM PVT LTD	Director	20/07/2006	20/07/2006	-	Active	NO
16	U25209WB2007PTC113766	AANAVI PACKAGING PRODUCTS PRIVATE LIMITED	Director	28/02/2007	28/02/2007	-	Active	NO
17	U45400WB1978PTC031465	YASHRAJ ENCLAVE PRIVATE LIMITED	Director	01/03/2007	01/03/2007	07/05/2009	Active	NO
18	U28129WB1936PTC008649	BENGAL TIN BOX MFG.CO.PVT LTD.	Director	25/03/2013	16/07/2007	-	Active	NO
19	U51109WB2007PTC120960	AXIS DEALER PRIVATE LIMITED	Director	28/04/2010	28/04/2010	-	Active	NO
20	U51109WB2005PTC106350	PUSKAR VYAPAAR PVT LTD	Director	30/04/2010	30/04/2010	-	Active	NO
21	U45400WB2007PTC121004	METROCITY DEVLOPER PRIVATE LIMITED	Director	15/07/2010	15/07/2010	-	Amalgamated	NO
22	U51109WB2006PTC108097	RAMAKRISHNA VINIMAY PVT LTD	Director	06/12/2010	06/12/2010	-	Active	NO
23	U51109WB2008PTC126214	IDEA VINIMAY PRIVATE LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO
24	U51101WB2010PTC145019	BAVISCON MERCANTILES PRIVATE LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO
25	U51909WB2010PTC145018	BAVISCON DEALTRADE PRIVATE LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO
26	U51909WB2010PTC145013	BAVISCON DEALCOMM PRIVATE LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO

Name :

Mr. Upen Tulsyan

Designation :

Director

Address :

5-A, Rabinson Street, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

01.01.1978

Date of Appointment :

28.08.1999

DIN No.:

00535150

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	U51420WB1989PTC047708	TULSYAN ENTERPRISE PVT LTD	Director	15/07/1997	15/07/1997	30/04/2010	Active	NO
2	U51399WB1989PTC047707	TULSYAN CANS & CARDBOARDS PRIVATE LIMITED	Director	28/08/1999	28/08/1999	-	Active	NO
3	U63022WB2004PTC100243	RAMDIHA REFRIGERATIONS PRIVATE LIMITED	Director	26/10/2004	26/10/2004	30/04/2010	Amalgamated	NO
4	U22219WB2006PTC109049	TULSYAN FLEXSYS PRIVATE LIMITED	Director	24/04/2006	24/04/2006	-	Active	NO
5	U28129WB1936PTC008649	BENGAL TIN BOX MFG.CO.PVT LTD.	Director	10/05/2013	16/07/2007	-	Active	NO
6	U15412WB2007PTC117567	SCOPE VINCOM INDUSTRIES PRIVATE LIMITED	Director	01/08/2007	01/08/2007	-	Active	NO
7	U28129WB1953PTC021291	BHARAT TIN & ENAMEL CO PVT LTD	Director	21/01/2008	21/01/2008	-	Active	NO
8	U25209WB2007PTC113766	AANAVI PACKAGING PRODUCTS PRIVATE LIMITED	Director	02/04/2008	02/04/2008	-	Active	NO
9	U51909WB2008PTC125834	MANAVI IMPEX PRIVATE LIMITED	Director	19/05/2008	19/05/2008	-	Strike off	NO
10	U51109WB1995PTC074096	JYOTIMOY EMPORIUM PVT LTD	Director	30/06/2008	30/06/2008	-	Amalgamated	NO
11	U51109WB1995PTC074640	COLEL DEALCOM PVT LTD	Director	30/06/2008	30/06/2008	-	Active	NO
12	U51109WB2005PTC106350	PUSKAR VYAPAAR PVT LTD	Director	11/08/2008	11/08/2008	-	Active	NO
13	U51109WB2006PTC108097	RAMAKRISHNA VINIMAY PVT LTD	Director	06/04/2009	06/04/2009	-	Active	NO
14	U51109WB2007PTC120960	AXIS DEALER PRIVATE LIMITED	Director	28/04/2010	28/04/2010	-	Active	NO
15	U51420WB1974PTC029363	INDIAN TIN BOX MANUFACTURING COMPANY PRIVATE LIMITED	Director	30/04/2010	30/04/2010	-	Active	NO
16	U45400WB2007PTC121004	METROCITY DEVLOPER PRIVATE LIMITED	Director	15/07/2010	15/07/2010	-	Amalgamated	NO
17	U51109WB2008PTC126214	IDEA VINIMAY PRIVATE LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO
18	U51101WB2010PTC145019	BAVISCON MERCANTILES PRIVATE LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO
19	U51909WB2010PTC145018	BAVISCON DEALTRADE PRIVATE LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO
20	U51909WB2010PTC145013	BAVISCON DEALCOMM PRIVATE LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO

Name :

Mr. Diplip Kumar Jha

Designation :

Director

Address :

7 – B, Picnic Garden, Second Lane, Kolkata – 700039, West Bengal, India

Date of Birth/Age :

02.01.1956

Date of Appointment :

27.01.2012

DIN No.:

02274254

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	U72200WB2008PTC128618	IDEAFLOAT TECHNOLOGIES PRIVATE LIMITED	Director	19/08/2008	19/08/2008	-	Active	NO
2	U45400WB2008PTC128200	MILESTONE MANSIONS PRIVATE LIMITED	Director	10/12/2008	10/12/2008	-	Active	NO
3	U45400WB2008PTC129851	NEXTGEN REALTORS PRIVATE LIMITED	Director	10/12/2008	10/12/2008	-	Active	NO
4	U51399WB1989PTC047707	TULSYAN CANS & CARDBOARDS PRIVATE LIMITED	Director	27/01/2012	27/01/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vivek Jayant
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Satyanarayan Tulsyan	224600
Sushila Devi Tulsyan	3300
Upen Tulsyan	70866
Satyanarayan Upen Tulsyan (HUF)	100
Bengal Tin Box Manufacturing Company Private Limited, India	237000
Ramkrishna Vinimay Private Limited, India	652000
Rameshwari Devi Tulsyan	100
Puskar Vyapaar Private Limited, India	639441
Axis Dealer Private Limited, India	711493
Manita Tulsyan	100
Aanvi Packing Products Private Limited	83000
Idea Vinimay Private Limited	228300
Total	2850300

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	89.51
Directors or relatives of Directors	10.49
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Cans, Cardboards Tin Cans, Plastic Cans.

Products :

Item Code No. (ITC Code)	Product Description
480810	Card Board Boxes
731029.01	Metal Container
393310.09	Plastic Container

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

100 (Approximately)

Bankers :

• Karnataka Bank Limited, Kolkata – Park Street Branch, 1 Sarojini Naidu, Sarani, Kolkata – 700017, West Bengal, India
• HDFC Bank, Park Street, Kolkata, West Bengal, India
• HDFC Bank, Ambala Cantt, Haryana,
• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term loan
From bank	3.792	9.245
Auto loan	1.560	2.233
SHORT TERM BORROWINGS
Loans repayable on demand	118.759	88.461
Total	124.111	99.939

Banking Relations :	--
Auditors :
Name :	R. Kothari and Company Chartered Accountant
Address :	16-A, Shakespeare Sarani, Kolkata – 700071, West Bengal, India
Tel. No. :	91-33-22826776/ 6809/ 6807
Fax No. :	91-33-22825921
E-Mail :	kolkata@rkothari.in
Website :	www.rkothari.in
PAN No. :	AAEER7366B
Associates :	Axis Dealers Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5446000	Equity Shares	Rs.10/- each	Rs.54.460 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2850300	Equity Shares	Rs.10/- each	Rs.28.503 Millions

After 30.09.2013

Authorised Capital : Rs. 54.460 Millions

Issued, Subscribed & Paid-up Capital : Rs. 31.836 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	28.503	24.060	24.060
(b) Reserves & Surplus	56.590	45.660	41.671
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.940	0.940
Total Shareholders’ Funds (1) + (2)	85.093	70.660	66.671
(3) Non-Current Liabilities
(a) long-term borrowings	21.238	27.224	30.179
(b) Deferred tax liabilities (Net)	1.821	1.613	2.503
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.612	0.542	0.451
Total Non-current Liabilities (3)	23.671	29.379	33.133
(4) Current Liabilities
(a) Short term borrowings	118.759	88.461	72.879
(b) Trade payables	34.348	46.501	33.895
(c) Other current liabilities	22.382	23.210	14.477
(d) Short-term provisions	2.710	1.660	1.139
Total Current Liabilities (4)	178.199	159.832	122.390
TOTAL	286.963	259.871	222.194
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	62.811	61.191	60.956
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.509	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.110	0.110	0.110
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	9.821	8.633	2.621
(e) Other Non-current assets	1.370	0.397	0.000
Total Non-Current Assets	74.621	70.331	63.687
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	114.675	107.708	98.042
(c) Trade receivables	77.541	68.171	48.132
(d) Cash and cash equivalents	3.352	0.474	0.692
(e) Short-term loans and advances	16.541	10.820	11.598
(f) Other current assets	0.233	2.367	0.043
Total Current Assets	212.342	189.540	158.507
TOTAL	286.963	259.871	222.194

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	470.600	395.000	358.100
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	456.651	380.009	347.320
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		13.949	14.991	10.780
Less/ Add	DEPRECIATION/ AMORTISATION		10.647	11.140	8.275
	PROFIT/ (LOSS) BEFORE TAX		3.302	3.851	2.505
Less	TAX		1.258	(0.138)	1.312
	PROFIT/ (LOSS) AFTER TAX		2.044	3.989	1.193
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		11.460	7.471	6.278
	BALANCE CARRIED TO THE B/S		13.504	11.460	7.471
	Earning Per Shares (Rs.)		5.82	1.40	0.42

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.43	1.01	0.33
Return on Total Assets (PBT/Total Assets}	(%)	1.15	1.48	1.13
Return on Investment (ROI) (PBT/Networth)		0.04	0.05	0.04
Debt Equity Ratio (Total Debt/Networth)		1.65	1.64	1.55
Current Ratio (Current Asset/Current Liability)		1.19	1.19	1.30

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	24.060	24.060	28.503
Reserves & Surplus	41.671	45.660	56.590
Share Application money pending allotment	0.940	0.940	0.000
Net worth	66.671	70.660	85.093
long-term borrowings	30.179	27.224	21.238
Short term borrowings	72.879	88.461	118.759
Total borrowings	103.058	115.685	139.997
Debt/Equity ratio	1.546	1.637	1.645

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	358.100	395.000	470.600
		10.304	19.139

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	358.100	395.000	470.600
Profit	1.193	3.989	2.044
	0.33%	1.01%	0.43%

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 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)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
From other parties
Magma Fin. Corp. Limited	0.062	0.772
Intercorporate Deposits	14.824	14.974
Other Loans and Advances	1.000	0.000
Total	15.886	15.746

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10467900	07/11/2013	40,000,000.00	Karnataka Bank Ltd.	PARK STREET BRANCH, 1, SAROJINI NAIDU STREET, KOLKATA, West Bengal - 700017, INDIA	B92640747
2	10454281	30/01/2014 *	160,200,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B95683991

* Date of charge modification

FIXED ASSETS

Building

Vehicles

Plant and Machinery

Office Equipment

Furniture and Fixture

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.60.04
UK Pound	1	Rs.101.96
Euro	1	Rs.83.58

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	SUM
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.