MIRA INFORM REPORT

Report Date :

09.05.2014

IDENTIFICATION DETAILS

Name :	WEST COAST FROZEN FOODS PRIVATE LIMITED [w.e.f. 09.11.2006]
Formerly Known As :	HORIZON FISH PRODUCTS PRIVATE LIMITED
Registered Office :	3^rd Floor, Victor House, 142/C, N.M. Joshi Marg, Lower Parel (West), Mumbai-400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	31.03.2005
Com. Reg. No.:	11-152333
Capital Investment / Paid-up Capital :	Rs.31.500 Millions
CIN No.: [Company Identification No.]	U15120MH2005PTC152333
TAN No.: [Tax Deduction & Collection Account No.]	MUMH08896G
PAN No.: [Permanent Account No.]	AABCH5456R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter, Distributors and Suppliers of Prawns, Sea Foods, etc.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Maximum Credit Limit :	USD 820000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Rating takes into consideration processing business to adverse climatic condition, government regulation and large working capital requirement. However, trade relation are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution. 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.2453.2 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BB+
Rating Explanation	Inadequate credit quality and high credit risk
Date	15.01.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	15.01.2014

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 DENIED BY

Management Non-Cooperative (Tel No.: 91-22-22822026)

LOCATIONS

Registered Office :	3^rd Floor, Victor House, 142/C, N.M. Joshi Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
Tel. No.:	91-22-22822026 / 27566520
Fax No.:	91-22-23470495 / 27566520 / 22831435
E-Mail :	devanand.p@west-coast.in
Website :	http://www.west-coast.in
Corporate Office :	Victor House, Level 3, 142C, N.M. Joshi Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
Tel No.:	91-22-22822026
Facsimile No.:	91-22-22831435
Email :	info@west-coast.in

DIRECTORS

As on 27.09.2013

Name :

Mr. Kamlesh Nemichand Gupta

Designation :

Managing Director

Address :

59-8, Mount Unique, 62-A, Peddar Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

08.12.1968

Date of Appointment :

18.02.2009

PAN No.:

AEGPG9788R

DIN No.:

01443672

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	U28992MH1970PTC014813	MTC TRANS MOVERS PRIVATE LIMITED	Director	15/05/1989	15/05/1989	16/11/2009	Active	NO
2	U15100MH1994PTC081960	WEST COAST WATER BASE PRIVATE LIMITED	Managing director	27/05/2009	12/10/1994	-	Active	NO
3	U05004MH2002PTC138453	HORIZON AQUACULTURE PRIVATE LIMITED	Director	30/12/2002	30/12/2002	-	Amalgamated	NO
4	U15120MH2005PTC152333	WEST COAST FROZEN FOODS PRIVATE LIMITED	Managing director	18/02/2009	31/03/2005	-	Active	NO
5	U05000GJ2005PTC046174	KING MARINE PRODUCTS PRIVATE LIMITED	Director	02/06/2005	02/06/2005	-	Active	NO
6	U65000GJ1994PTC021878	CHOICE AQUACULTURE PRIVATE LIMITED	Director	23/06/2006	23/06/2006	22/02/2014	Active	NO
7	U24239MH2006PTC162923	MAXIMUS BIOTECH PRIVATE LIMITED	Director	29/06/2006	29/06/2006	-	Active	YES
8	U15122MH2007PTC169210	WEST COAST FINE FOODS (INDIA) PRIVATE LIMITED	Managing director	27/03/2007	27/03/2007	-	Active	NO
9	U61200GJ1992PTC017854	DASH MARINE PRODUCTS PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO
10	U51109WB2005PTC105965	SALASAR BARTER PRIVATE LIMITED	Director	26/02/2009	26/02/2009	-	Amalgamated	NO
11	U91110MH1999NPL122117	Entrepreneurs' Organization Mumbai	Director	01/07/2012	01/07/2012	18/01/2013	Active	NO
12	U05004KA2000PTC028334	SKYLINE AQUA HATCHERY PRIVATE LIMITED	Additional director	28/02/2014	28/02/2014	-	Active	NO

Name :

Mr. Jagarlamudi Sri Ranganaayakulu

Designation :

Director

Address :

4/67, Kapaleswarar Nagar, Chennai-600041, Tamilnadu, India

Date of Birth/Age :

13.08.1953

Date of Appointment :

01.12.2006

PAN No.:

ABFPJ6609J

DIN No.:

00175425

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	U05001TN1994PLC029369	PAASLA AQUATECH LIMITED	Director	26/07/1996	26/07/1996	-	Active	NO
2	U15127TN2001PTC047071	AYSHWARYA SEA FOOD PRIVATE LIMITED	Managing director	02/05/2001	02/05/2001	-	Active	NO
3	U45203TN2003PTC051751	LOTUS ROAD MAARKING PRIVATE LIMITED	Whole-time director	10/10/2003	10/10/2003	-	Active	NO
4	U15120MH2005PTC152333	WEST COAST FROZEN FOODS PRIVATE LIMITED	Director	01/12/2006	01/12/2006	-	Active	NO
5	U72900TN2013PTC090879	APTA SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	01/05/2013	01/05/2013	-	Active	NO

Name :

Mr. Devaram Balaramy Ravireddy

Designation :

Director

Address :

18, East Coast Road, Kapaleswarar Nagar, Chennai-600041, Tamilnadu, India

Date of Birth/Age :

12.05.1945

Date of Appointment :

31.03.2005

PAN No.:

ADLPR7476D

DIN No.:

00175559

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	U05001TN1994PLC029369	PAASLA AQUATECH LIMITED	Director	29/11/1994	29/11/1994	-	Active	NO
2	U05001TN1996PTC035245	SAANTHI SEA FOOD PRIVATE LIMITED	Managing director	18/04/1996	18/04/1996	-	Dormant	NO
3	U91200KL1970NPL002301	SEA FOOD EXPORTERS ASSOCIATION OF INDIA	Director	30/09/2009	29/10/1999	-	Active	NO
4	U15120MH2005PTC152333	WEST COAST FROZEN FOODS PRIVATE LIMITED	Director	31/03/2005	31/03/2005	-	Active	NO
5	U15127TN2001PTC047071	AYSHWARYA SEA FOOD PRIVATE LIMITED	Whole-time director	20/06/2006	20/06/2006	-	Active	NO
6	U15122MH2007PTC169210	WEST COAST FINE FOODS (INDIA) PRIVATE LIMITED	Director	27/03/2007	27/03/2007	27/07/2009	Active	NO
7	U72900TN2013PTC090879	APTA SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	01/05/2013	01/05/2013	-	Active	NO

Name :

Mrs. Mridula Kamlesh Gupta

Designation :

Director

Address :

59-8, Mount Unique, 62-A, Peddar Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

28.09.1969

Date of Appointment :

31.03.2005

PAN No.:

ADZPG7487K

DIN No.:

00203463

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	U15100MH1994PTC081960	WEST COAST WATER BASE PRIVATE LIMITED	Director	04/12/1998	04/12/1998	-	Active	NO
2	U05004MH2002PTC138453	HORIZON AQUACULTURE PRIVATE LIMITED	Director	16/08/2004	16/08/2004	-	Amalgamated	NO
3	U15120MH2005PTC152333	West Coast Frozen Foods PRIVATE LIMITED	Director	31/03/2005	31/03/2005	-	Active	NO
4	U15122MH2007PTC169210	WEST COAST FINE FOODS (INDIA) PRIVATE LIMITED	Director	27/03/2007	27/03/2007	-	Active	NO
5	U61200GJ1992PTC017854	DASH MARINE PRODUCTS PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO
6	U51109WB2005PTC105965	SALASAR BARTER PRIVATE LIMITED	Director	26/02/2009	26/02/2009	-	Amalgamated	NO

Name :

Ms. Shweta Sachin Vakil

Designation :

Additional Director

Address :

602-C Wing, Tulip Apartments, Asha Nagar, Mulund (West), Mumbai-400080, Maharashtra, India

Date of Birth/Age :

05.11.1976

Date of Appointment :

15.09.2011

PAN No.:

ACQPV7147K

DIN No.:

03034613

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	U15100MH1994PTC081960	WEST COAST WATER BASE PRIVATE LIMITED	Director	29/09/2012	10/05/2010	-	Active	NO
2	U15120MH2005PTC152333	West Coast Frozen Foods PRIVATE LIMITED	Director	30/09/2011	15/09/2011	-	Active	NO
3	U15122MH2007PTC169210	WEST COAST FINE FOODS (INDIA) PRIVATE LIMITED	Director	29/09/2012	02/04/2012	-	Active	NO
4	U05004KA2000PTC028334	SKYLINE AQUA HATCHERY PRIVATE LIMITED	Additional director	28/02/2014	28/02/2014	-	Active	NO

Name :

Mr. Yogesh Nandlal Agarwal

Designation :

Director

Address :

E-101, Sankalp II, Film City Road, Malad (East), Mumbai-400097, Maharashtra, India

Date of Birth/Age :

11.03.1972

Date of Appointment :

01.04.2010

PAN No.:

ADLPR7476D

DIN No.:

01797654

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	U61200GJ1992PTC017854	DASH MARINE PRODUCTS PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO
2	U15120MH2005PTC152333	WEST COAST FROZEN FOODS PRIVATE LIMITED	Director	30/09/2011	01/04/2010	-	Active	NO
3	U05004GJ2012PTC070266	SAI GAJANAN AQUA PRIVATE LIMITED	Director	09/05/2012	09/05/2012	-	Active	NO
4	U05004KA2000PTC028334	SKYLINE AQUA HATCHERY PRIVATE LIMITED	Additional director	28/02/2014	28/02/2014	-	Active	NO

MAJOR SHAREHOLDERS

As on 27.09.2013

Names of Shareholders (Equity shares of Rs.10/- each)	No. of Shares
Kamlesh Nemichand Gupta	75000
Devaram Balaramy Ravireddy	50000
Mridula Kamlesh Gupta	200000
Arabian Seafoods Inc., India	200000
Jagarlamudi Sri Ranganaayakulu	50000
West Coast Waterbase Private Limited, India	825000
Rajiv Singhania	250000
Total	1650000

Names of Shareholders (Equity shares of Rs.100/- each)	No. of Shares
Kamlesh Nemichand Gupta	57000
Mridula Kamlesh Gupta	18000
West Coast Waterbase Private Limited, India	50000
Shivam Gupta	25000
Total	150000

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2013

Category	Percentage
Bodies corporate	42.06
Directors or relatives of Directors	50.00
Other top fifty shareholders	7.94
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter, Distributors and Suppliers of Prawns, Sea Foods, etc.

GENERAL INFORMATION

No. of Employees :

Information denied by management / (Approximately)

Bankers :

· Bank of Baroda, Walkeshwar Branch, 59, Walkeshwar Road, Opposite Shital Baug, Mumbai-400006, Maharashtra, India

· Bank of Baroda, Gamdevi Branch, Geeta Building, Pandita Ramabai Road, Gamdevi, Mumbai-400007, Maharashtra, India

· HDFC Bank Limited

· Kotak Mahindra Bank Limited

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	34.817	52.497
Long-term maturities of finance lease obligations	0.635	1.661
Loans taken for fixed assets	1.013	3.767
Short Term Borrowings
Loans repayable on demand from banks	472.071	443.972
Total	508.536	501.897

Banking Relations :	--
Auditors :
Name :	Chandabhoy and Jassoobhoy Chartered Accountants
Address :	208, Phoenix House, A Wing, 2^nd Floor,462, Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra, India
PAN No.:	AAAFC5274C
Associates :	· West Coast Fine Foods ( India ) Private Limited CIN No.: U15122MH2007PTC169210 · West Coast Water Base Private Limited CIN No.: U15100MH1994PTC081960 · Arabian Seafoods Inc. · Fortune Aqua · Dash Marine Products Private Limited · Shivsmaran Charitable Trust

CAPITAL STRUCTURE

As on 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions
150000	Equity Shares	Rs.100/- each	Rs.15.000 Millions
	Total		Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1650000	Equity Shares	Rs.10/- each	Rs.16.500 Millions
150000	Equity Shares	Rs.100/- each	Rs.15.000 Millions
	Total		Rs.31.500 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	31.500	31.500	25.000
(b) Reserves & Surplus	173.015	149.080	61.259
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	78.000
Total Shareholders’ Funds (1) + (2)	204.515	180.580	164.259
(3) Non-Current Liabilities
(a) long-term borrowings	36.465	57.925	44.741
(b) Deferred tax liabilities (Net)	17.053	1.865	1.810
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	53.518	59.790	46.551
(4) Current Liabilities
(a) Short term borrowings	532.367	465.170	375.026
(b) Trade payables	177.345	92.486	58.580
(c) Other current liabilities	100.846	66.258	2.984
(d) Short-term provisions	19.658	11.926	5.500
Total Current Liabilities (4)	830.216	635.840	442.090
TOTAL	1,088.249	876.210	652.900
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	379.239	199.723	147.283
(ii) Intangible Assets	0.303	0.418	0.000
(iii) Capital work-in-progress	0.000	29.767	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	14.533	35.285	47.182
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	394.075	265.193	194.465
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	307.971	320.078	226.975
(c) Trade receivables	192.214	174.145	163.029
(d) Cash and cash equivalents	54.496	12.552	2.974
(e) Short-term loans and advances	54.727	73.364	5.753
(f) Other current assets	84.766	30.878	59.704
Total Current Assets	694.174	611.017	458.435
TOTAL	1,088.249	876.210	652.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	GROSS INCOME		1791.208	1312.909	1022.777
	EXPENSES		NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		101.645	52.509	42.285
Less	DEPRECIATION/ AMORTISATION		42.300	23.833	17.412
	PROFIT/(LOSS) BEFORE TAX		59.345	28.676	24.873
Less	TAX		21.391	12.355	5.972
	PROFIT/(LOSS) AFTER TAX		37.954	16.321	18.901
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1543.772	959.630	NA
	TOTAL EARNINGS		1543.772	959.630	NA
	IMPORTS
		Raw Materials	2.220	0.000	NA
		Capital Goods	42.177	73.718	NA
	TOTAL IMPORTS		44.397	73.718	NA
	Earnings Per Share (Rs.)
	Rs.10/- each		7.60	5.18	9.41
	Rs.100/- each		75.98	51.81	9.41

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	5.45	3.39	3.81
Return on Investment (ROI) (PBT/Networth)		0.29	0.16	0.15
Debt Equity Ratio (Total Debt /Networth)		2.78	2.90	2.56
Current Ratio (Current Asset/Current Liability)		0.84	0.96	1.04

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	25.000	31.500	31.500
Reserves & Surplus	61.259	149.080	173.015
Share Application money pending allotment	78.000	0.000	0.000
Net worth	164.259	180.580	204.515
long-term borrowings	44.741	57.925	36.465
Short term borrowings	375.026	465.170	532.367
Total borrowings	419.767	523.095	568.832
Debt/Equity ratio	2.556	2.897	2.781

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
Gross Sales	1,022.777	1,312.909	1,791.208
		28.367	36.430

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Gross Sales	1,022.777	1,312.909	1,791.208
Profit	18.901	16.321	37.954
	1.85%	1.24%	2.12%

LOCAL AGENCY FURTHER INFORMATION

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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Loans repayable on demand from others	5.125	15.125
Loans and advances from related parties	55.171	6.073
Total	60.296	21.198

PERFORMANCE OF THE COMPANY

This is the eights year of the company’s operations. In the Current year, company’s turnover increased by 41% to 1655.800 Millions. Directors are hopeful that production and exports will be achieved to the satisfactory level as desired by the board during the coming Financial year.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10469180	03/12/2013	100,000,000.00	Bank of Baroda	Gamdevi Branch, Geeta Building, Pandita Ramabai Road, Gamdevi, Mumbai, Maharashtra - 400007, India	B93142438
2	10469181	03/12/2013	140,400,000.00	Bank of Baroda	Gamdevi Branch, Geeta Building, Pandita Ramabai Road, Gamdevi,, Mumbai, Maharashtra - 400007, India	B93142461
3	10435430	29/06/2013	40,000,000.00	Bank of Baroda	Gamdevi Branch, Geeta Building, Pandita Ramabai Road, Gamdevi,, Mumbai, Maharashtra - 400007, India	B79012829
4	10431945	03/05/2013	49,000,000.00	Bank of Baroda	Gamdevi Branch, Geeta Building, Pandita Ramabai Road, Gamdevi,, Mumbai, Maharashtra - 400007, India	B77451680
5	10364749	12/06/2012	150,000,000.00	Bank of Baroda	Gamdevi Branch, Geeta Building, Pandita Ramabai Road, Gamdevi,, Mumbai, Maharashtra - 400007, India	B43296847
6	10300677	15/06/2011	40,000,000.00	Bank of Baroda	Gamdevi Branch, Geeta Building, Pandita Ramabai Road, Gamdevi,, Mumbai, Maharashtra - 400007, India	B18218941
7	10300676	15/06/2011	60,000,000.00	Bank of Baroda	Walkeshwar Branch, 59, Walkeshwar Road, Opposite Shital Baug,, Mumbai, Maharashtra - 400006, India	B18218420
8	10264930	21/01/2011	40,000,000.00	Bank of Baroda	Walkeshwar Branch, 59, Walkeshwar Road, Opposite Shital Baug,, Mumbai, Maharashtra - 400006, India	B04516613
9	10256912	24/01/2014 *	1,193,700,000.00	Bank of Baroda	Gamdevi Branch, Geeta Building, Pandita Ramabai Road, Gamdevi,, Mumbai, Maharashtra - 400007, India	B96338769
10	10058840	03/12/2013 *	860,000,000.00	Bank of Baroda	Gamdevi Branch, Geeta Building, Pandita Ramabai Road, Gamdevi,, Mumbai, Maharashtra - 400007, India	B93142503

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· 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.59.99
UK Pound	1	Rs.101.75
Euro	1	Rs.83.48

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	VNT

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	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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		35

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.