MIRA INFORM REPORT

Report Date :

11.10.2014

IDENTIFICATION DETAILS

Name :	EUROBOND INDUSTRIES PRIVATE LIMITED
Registered Office :	C-5, Gala and Shethia Enterprise Building, 3rd Floor, Road No. 11, Near Zenith House, MIDC, Andheri East, Mumbai - 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.08.2004
Com. Reg. No.:	11-147987
Capital Investment / Paid-up Capital :	Rs.36.125 Millions
CIN No.: [Company Identification No.]	U27203MH2004PTC147987
IEC No.:	0304049239
TAN No.: [Tax Deduction & Collection Account No.]	MUME05523A
PAN No.: [Permanent Account No.]	AABCE3477F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of aluminum composite panel sheets, iron ore beneficiation and pelletisation and also engaged in trading of glass hardware and aluminum composite panel.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred a heavy loss during 2013. Borrowing recorded by the company are huge which may further act as a threat to the liquidity position of the company. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications: Apex court order may alter coal import dynamics. Traders go slowly on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn Business Empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M a M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that it had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = B
Rating Explanation	High risk of default
Date	09.01.2014

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 31-03-2014.

INFORMATION DENIED

Management Non Co-Operative (Tel No.: 91-22-29264017)

LOCATIONS

Registered Office / Head Office :	C-5, Gala and Shethia Enterprise Building, 3rd Floor, Road No. 11, Near Zenith House, MIDC, Andheri East, Mumbai - 400093, Maharashtra, India
Tel. No.:	91-22-29264017
Fax No.:	91-22-29264001
E-Mail :	harshadjoshi@eurobondindia.com toharshad@gmail.com accounts@eurobonindia.com sales@eurobonindia.com surat@eurobondindia.com hyderabad@eurobondindia.com ahmedabad@eurobondindia.com jammu@eurobondindia.com
Website :	http://www.eurobonindia.com
Factory 1:	EPIP, Kartholi, Bali Brahmana, Jammu – 181133, India
Tel No.:	91-192-3221405/ 06
Fax No.:	91-192-3221403
Factory 2 :	Plot No. 18, Hargarh Industrial Area, Village – Hargarh, Tehsil Sihora, District Jabalpur – 483325, Madhya Pradesh, India
Warehouse :	C-11, Karnavati Estate, Sarkhej, Sanand Road, Near Essar Petrol Pump, Ahmedabad - 380007, Gujarat, India
Branch Office 1 :	9/57, Ground Floor, Ramesh Nagar,  New Delhi -110015, India
Tel. No.:	91-11-45054255
Fax No.:	91-11- 45054266
Branch Office 2 :	Plot No. 232, 6/ E, New Industrial Estate, Road No. 6, Near Automotive Pressing, Udhna, Surat - 394210, Gujarat, India
Branch Office 3 :	Plot No.5-A/1, IDA Nacharam, Next to Economic Times Press Nacharam, Hyderabad -500076, Andhra Pradesh, India
Tel. No.:	91-40-27150933
Fax No.:	91-40-27150933
Branch Office 4 :	C/O: Central Warehouse – Bonhooghly, Ric complex, NB-5, Bonhooghly, Kolkata – 700108, West Bengal, India
Tel. No.:	91-33-24015047
Fax No.:	91-33-24015046

DIRECTORS

As on 30.09.2013

Name :

Mr. Rahul Suresh Gada

Designation :

Additional Director

Address :

Flat No.2, Building No.5, Krishna Baug Society, R C Marg, Chembur (East), Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

03.12.1980

Date of Appointment :

01.04.2009

DIN No.:

00089973

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	U51909MH2005PTC155113	KEVIN IMPEX PRIVATE LIMITED	Director	27/12/2005	27/12/2005	01/01/2012	Active	NO
2	U27203MH2004PTC147987	EUROBOND INDUSTRIES PRIVATE LIMITED	Director	30/09/2009	01/04/2009	-	Active	NO

Name :

Mr. Bharat Dharamshi Gala

Designation :

Director

Address :

F – 20, Sunil Shopping Center, J P Road, Andheri (west), Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

26.02.1965

Date of Appointment :

19.10.2007

DIN No.:

00090253

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	U20200MH2004PTC148708	METPLUS LAMINATE PRIVATE LIMITED	Director	20/09/2004	20/09/2004	24/05/2012	Converted to LLP and dissolved	NO
2	U51909MH2004PTC149933	DHARMI SALES PRIVATE LIMITED	Director	10/12/2004	10/12/2004	-	Active	NO
3	U51909MH2005PTC155113	KEVIN IMPEX PRIVATE LIMITED	Director	28/09/2012	27/12/2005	-	Active	NO
4	U27203MH2004PTC147987	EUROBOND INDUSTRIES PRIVATE LIMITED	Whole-time director	01/04/2009	19/10/2007	-	Active	NO
5	U45202MH2011PTC213699	MANN INFRA TRADE PRIVATE LIMITED	Director	18/02/2011	18/02/2011	01/10/2012	Active	NO
6	U45202MH2011PTC213704	MANN INFRA RESOURCES PRIVATE LIMITED	Director	18/02/2011	18/02/2011	-	Active	NO
7	U51900MH2008PTC187205	GLITORIUM INFRATRADE (INDIA) PRIVATE LIMITED	Director	30/09/2011	15/03/2011	-	Active	NO
8	U45400MH2011PTC216792	MANMEET SALES PRIVATE LIMITED	Director	27/04/2011	27/04/2011	-	Active	NO
9	U51109MH2011PTC217005	SAGARDARSHAN SALES PRIVATE LIMITED	Director	03/05/2011	03/05/2011	-	Active	NO
10	U45400MH2011PTC217129	DEVAL SALES PRIVATE LIMITED	Director	06/05/2011	06/05/2011	-	Active	NO
11	AAA-1069	JINENDRA TRADING HOUSE LLP	Designated Partner	01/04/2010	01/04/2010	21/11/2012	Active	NO

Name :

Mr. Chintan Suresh Gada

Designation :

Director

Address :

2, Building No.5, Krishna Baug Society, R Marg, Chembur (East), Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

11.06.1985

Date of Appointment :

13.08.2004

DIN No.:

00105515

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	U27203MH2004PTC147987	EUROBOND INDUSTRIES PRIVATE LIMITED	Whole-time director	03/01/2008	13/08/2004	-	Active	NO

Name :

Mr. Suresh Dharamshi Gala

Designation :

Director

Address :

A/302, 3^rd Floor, Prathmesh Residency, Plot No.9, CTS no.219, Dadabhai Road No.1, Andheri (West), Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

26.01.1969

Date of Appointment :

13.08.2004

DIN No.:

00117735

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	U27100MH2004PTC146542	EURO PRATIK ISPAT PRIVATE LIMITED	Director	25/05/2004	25/05/2004	21/02/2011	Active	NO
2	U27203MH2004PTC147987	EUROBOND INDUSTRIES PRIVATE LIMITED	Managing director	03/01/2008	13/08/2004	-	Active	NO
3	U51909MH2004PTC149933	DHARMI SALES PRIVATE LIMITED	Director	10/12/2004	10/12/2004	-	Active	NO
4	U27107MH2008PTC184344	EURO PALLETS Private Limited	Director	07/07/2008	07/07/2008	18/08/2011	Active	NO
5	U45202MH2011PTC213699	MANN INFRA TRADE PRIVATE LIMITED	Director	18/02/2011	18/02/2011	01/10/2012	Active	NO
6	U45202MH2011PTC213704	MANN INFRA RESOURCES PRIVATE LIMITED	Director	18/02/2011	18/02/2011	-	Active	NO
7	U51900MH2008PTC187205	GLITORIUM INFRATRADE (INDIA) PRIVATE LIMITED	Director	30/09/2011	15/03/2011	-	Active	NO
8	U45400MH2011PTC216792	MANMEET SALES PRIVATE LIMITED	Director	27/04/2011	27/04/2011	-	Active	NO
9	U51109MH2011PTC217005	SAGARDARSHAN SALES PRIVATE LIMITED	Director	03/05/2011	03/05/2011	-	Active	NO
10	U45400MH2011PTC217129	DEVAL SALES PRIVATE LIMITED	Director	06/05/2011	06/05/2011	-	Active	NO
11	U51909MH2005PTC155113	KEVIN IMPEX PRIVATE LIMITED	Director	28/09/2012	31/12/2011	-	Active	NO
12	AAA-1069	JINENDRA TRADING HOUSE LLP	Designated Partner	01/04/2010	01/04/2010	21/11/2012	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Suresh Gala	377750
Dhiraj Gala	363750
Chintan Gada	232000
Rahul Gada	235050
Bharat Gala	241212
Naina Suresh Gala	219913
Meena Dhiraj Gala	211500
Prabha Bharat Gala	211500
Disti Multimedia Limited, India	235000
Rinkal R. Gada	74825
Pinak N. Shah	86825
Subhash L. Shah	105000
Atlantic Apparels Private Limited, India	903125
Forum D Shah	105000
Sonalben S Shah	10050
Total	3612500

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	31.51
Directors or relatives of Directors	68.49
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of aluminum composite panel sheets, iron ore beneficiation and pelletisation and also engaged in trading of glass hardware and aluminum composite panel.

Products :

Products Description	Item Code No.
Aluminum Composite Panel Sheet	76061190
Iron Ore Concentrate	26011150

GENERAL INFORMATION

Customers :

• I.I.T
• Bangalore Development Authority
• Airport Authority of India
• Indian Airlines
• Palam Airport
• LIC of India
• ESIC
• MTNL
• BEST
• CPWD
• MMRDA
• Sahara Star Hotel
• Axis Bank
• Bajaj Finance

No. of Employees :

Information denied by management

Bankers :

• UCO Bank, MID Corporate Branch, D N Road, UCO Bank Building, Fort, Mumbai – 400001, Maharashtra, India
• The Jammu and Kashmir Bank Limited, 79-A, Mehta House, Bombay Samachar Marg, Fort Mumbai – 400001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Term loans from banks	1242.459	901.321
Term loans from others	0.678	3.934
SHORT TERM BORROWINGS
Working capital loans from banks	335.533	411.257
Total	1578.670	1316.512

Notes:

LONG TERM BORROWINGS

The Long Term portion of Term Loans are shown under long term borrowings and current maturities of Long term Borrowings are shown under current liabilities.

The Company has availed Term Loan Facilities under Consortium banking arrangement from UCO Bank, J and K Bank and Corporation Bank.

Particulars	31.03.2013	31.03.2012
Term Loan under Vehicle / Equipment Finance from Banks repayable in equated monthly installments and secured by hypothecation of the Vehicles acquired by utilizing the said loans.	0.384	2.599
Term Loan under Vehicle / Equipment Finance from others repayable in equated monthly installments and secured by hypothecation of the Vehicles acquired by utilizing the said loans.	0.679	3.934
Term Loan repayable in 20 equal quarterly Installment of Rs.3.584 Millions each. The Balance tenure of these loans is 21 Months from Balance Sheet date.	0.000	11.069
Term Loans repayable in 20 equal quarterly Installment of Rs.16.600 Millions each. The Balance tenure of these loans is 60 Months from Balance Sheet date.	0.000	260.505
Term Loans repayable in 20 equal quarterly Installment of Rs.37.500 Millions each. The Balance tenure of these loans is 63 Months from Balance Sheet date.	0.000	627.147
Term Loans Repayable in 27 structured quarterly Installments from September 2015 to March 2022	1188.943	0.000
Term Loans Repayable in 24 equal quarterly Installments from June 2015 to March 2021	27.210	0.000
Term Loans Repayable on or before 31st march 2015 or 1st Drawdown of Fresh Term Loan, whichever is earlier	25.922	0.000
Total	1243.138	905.254

Term Loans from Banks are Secured against Equitable Mortgage of Lease hold Land and Buildings and hypothecation of all other Fixed Assets and Pari passu second hypothecation charge on Current Assets and Collaterally secured against Mortgage of Specific assets owned by relative of the Director of the company and personally guaranteed by All directors of the company.

SHORT TERM BORROWINGS

The Company has availed Working Capital Facilities under Consortium banking arrangement from UCO Bank, J and K Bank and Corporation Bank.

Secured against hypothecation of Current Assets, (Raw Material, Book Debts and all other current Assets) present & Future in respect of ACP unit at jammu and Iron Ore pellet unit at Jabalpur and collaterally secured by second pari pasu Equitable Mortgage of Lease hold Land and Buildings and hypothecation of all Fixed Assets of Jammu Unit and Jabalpur Unit and additionally collaterally secured against Mortage of Specific assets owned by some of the relatives of the Directors and personally guranteed by the Directors.

Banking Relations :	--
Financial Institution :	GE Capital Transportation Financial Services Limited, Aifacs Building, 1 Rafi Marg, New Delhi – 110001, India
Auditors :
Name :	A S Sureka and Associates Chartered Accountants
Address :	201 Ashapura, 1 – B, Kalyangram Society, V P Road, Near Santoshi Mata Temple, Andheri (West), Mumbai – 400058, Maharashtra, India
Tel. No.:	91-22-2628 3449 / 2628 2284
E-Mail :	arunureka2000@gmail.com
PAN No.:	AAQPS2937L
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Dharmi Sales Private Limited U51909MH2004PTC149933 Dominion Infra Resources Private Limited U45400MH2011PTC212721 Glitorium Infratrade (India) Private Limited U51900MH2008PTC187205 Kevin Impex Private Limited U51909MH2005PTC155113 Atlantic Apparels Private Limited U18101MH2007PTC173414 Aishwarya Design Studio Private Limited U74994MH2010PTC207580 Eurobond India Jinendra Trading House LLP Rajvi Enterprises

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3612500	Equity Shares	Rs.10/- each	Rs.36.125 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	36.125	36.125	25.500
(b) Reserves & Surplus	206.932	799.686	749.027
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	45.348
Total Shareholders’ Funds (1) + (2)	243.057	835.811	819.875
(3) Non-Current Liabilities
(a) long-term borrowings	1,479.040	1,145.727	1,038.797
(b) Deferred tax liabilities (Net)	0.000	4.427	8.195
(c) Other long term liabilities	0.015	0.000	0.000
(d) long-term provisions	7.891	3.712	2.615
Total Non-current Liabilities (3)	1,486.946	1,153.866	1,049.607
(4) Current Liabilities
(a) Short term borrowings	335.533	411.257	213.311
(b) Trade payables	143.982	135.954	123.575
(c) Other current liabilities	210.392	414.098	157.088
(d) Short-term provisions	0.000	14.800	19.009
Total Current Liabilities (4)	689.907	976.109	512.983
TOTAL	2,419.910	2,965.786	2,382.465
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1,574.261	199.741	202.338
(ii) Intangible Assets	2.095	3.072	3.116
(iii) Capital work-in-progress	0.000	1,706.604	1,293.485
(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	32.016	96.077	107.581
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1,608.372	2,005.494	1,606.520
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	432.671	562.842	298.781
(c) Trade receivables	184.593	211.161	294.720
(d) Cash and cash equivalents	77.841	70.216	35.699
(e) Short-term loans and advances	67.959	114.786	146.086
(f) Other current assets	48.474	1.287	0.659
Total Current Assets	811.538	960.292	775.945
TOTAL	2,419.910	2,965.786	2,382.465

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		1029.728	1028.132	1019.166
		Other Income		NA	NA	NA
		TOTAL		NA	NA	NA
	EXPENSES			NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			(415.101)	84.559	113.748
Less	DEPRECIATION/ AMORTISATION			94.246	20.254	18.767
	PROFIT/(LOSS) BEFORE TAX			(509.347)	64.305	94.981
Less	TAX			83.407	13.646	8.874
	PROFIT/(LOSS) AFTER TAX			(592.754)	50.659	86.107
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			655.327	680.993	594.886
Less	APPROPRIATIONS
			Transfer to Capital Redemption Reserve	0.000	3.825	0.000
			Transfer to General Reserve	0.000	72.500	0.000
	BALANCE CARRIED TO THE B/S			62.573	655.327	680.993
	Earnings / (Loss) Per Share (Rs.)			(164.08)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	(49.46)	6.25	9.32
Return on Total Assets (PBT/Total Assets}	(%)	(21.05)	5.11	8.72
Return on Investment (ROI) (PBT/Networth)		(2.10)	0.08	0.12
Debt Equity Ratio (Total Debt /Networth)		7.47	1.86	1.53
Current Ratio (Current Asset/Current Liability)		1.18	0.98	1.51

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	25.500	36.125	36.125
Reserves & Surplus	749.027	799.686	206.932
Share Application money pending allotment	45.348	0.000	0.000
Net worth	819.875	835.811	243.057
long-term borrowings	1038.797	1145.727	1479.040
Short term borrowings	213.311	411.257	335.533
Total borrowings	1252.108	1556.984	1814.573
Debt/Equity ratio	1.527	1.863	7.466

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	1,019.166	1,028.132	1,029.728
		0.880	0.155

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	1,019.166	1,028.132	1,029.728
Profit	86.107	50.659	(592.754)
	8.45%	4.93%	(57.56%)

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
LONG TERM BORROWINGS
Rupee term loans from banks	0.139	1.668
Rupee term loans from others	0.000	0.128
Loans and advances from related parties	235.039	236.451
Intercorporate borrowings	0.725	2.225
Total	235.903	240.472

Notes:

LONG TERM BORROWINGS

Particulars	31.03.2013	31.03.2012
Term Loans from Bank repayable in equated 36 monthly installment. The Balance tenure of these loans are 25 Months from Balance Sheet date.	0.139	1.668

CORPORATE INFORMATION

Subject is a private company domiciled in India and incorporated under the provisions of the Companies Act 1956.The Company is presently engaged in Manufacturing of Aluminum Composite Panel Sheets, Iron ore beneficiation and pelletisation. The Company is also engaged in Trading of Glass Hardware and Aluminum Composite Panel

FINANCIAL PERFORMANCE: -

Aluminum Composite Panel (ACP) Division:

The Turnover of the ACP Division was Rs.1029.728 Millions in the current financial year as against Rs.1028.132 Millions in the previous financial year resulting in net profit before Exceptional items & tax of Rs.31.522 Millions as against Rs.64.306 Millions in the previous financial year. Decrease in the profit for the year is due to pressure on margins on account of high input cost of imported raw materials which in turn could not be passed on to the customers in highly competitive environment.

Iron Ore Beneficiation and Pelletization Division:

During the period, several internal and external factors, including slower market growth and liquidity stress adversely affected the operation of the company. During the financial year not satisfied with the quality and capacity of pallets accompanied with non-acceptance of material in market, Management resolved to replace the furnace. Hence the furnace was discarded and loss on discard of Furnace is shown in the statement of Profit and Loss as an exceptional item.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10114090	30/06/2008	490,000.00	Ge Capital Transportation Financial Services Limited	Aifacs Building, 1, Rafi Marg, New Delhi, Delhi - 110001, India	A41842030
2	10097255	21/04/2008	614,000,000.00	UCO Bank	Mid Corporate Branch, D N Road, Uco Bank Building, Fort, Mumbai, Maharashtra - 400001, India	A36159440
3	90354043	03/10/2011 *	1,635,000,000.00	UCO Bank	Mid Corporate Branch, D N Road, Uco Bank Building, Fort, Mumbai, Maharashtra - 400001, India	B23278476

*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.61.16
UK Pound	1	Rs.98.62
Euro	1	Rs.77.67

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		26

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.