MIRA INFORM REPORT

Report Date :

13.10.2014

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) :	31.03.2013
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.
No. of Employees :	180 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. As per registrar of companies the date of Balance Sheet i.e. Financial file is shown as 31^st March, 2014 but the documents related to the financials for the year 2014 are not available from any sources. As per available financials of 2013, financial position of the company seems to be decent. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealing at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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 slow 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.

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 PARTED BY

Name :	Mr. Sandeep Chatterjee
Designation :	Assistant Finance Manager
Contact No.:	91-11-40509400
Date :	10.10.2014

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 sandeep@cicogroup.com
Website :	http://www.cicogroup.com
Factory 1:	3KM Basai Road, Gurgaon, Haryana, India
Factory 2:	Tomjur, Howrah, Kolkata, West Bengal, India
Factory 3:	12 B, Diravium Nagar, Arcot Road, Porur, Chennai – 600116, Tamilnadu, India
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 LIMITED	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 :	Assistant Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 06.09.2013

Names of Shareholders	No. of Shares
Anasuya Gupta	80661
Bengal Ceramics Limited, India	1433610
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	94.80
Directors or relatives of Directors	5.20
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Chemical Waterproofing Compounds and Repair.

Product :

Product Description	Item Code No.
Prepared Additives for cement Mortars and concrete	38244010
Acrylic Polymer in Primary Form	39069090

Exports :

Products :

Chemical Waterproofing

Countries :

• Bangladesh
• Sri Lanka
• Nepal
• Bhutan

Imports :

Products :

Raw Material

Countries :

• UK
• Korea
• Russia

Terms :

Selling :

TT, LC

Purchasing :

TT, LC

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 :

180 (Approximately)

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
• Kotak Mahindra Bank Limited, Okhla Branch

Facilities :

Fund and Non Fund: Rs. 222.600 Millions (From Kotak Mahindra Bank Limited)

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Term Loans from Banks	10.868	26.294
Other Term Loans from Banks Secured Long Term Borrowings	0.209	2.005
Short Term Borrowings
Cash Credit from Banks	109.641	88.947
Buyers Credit Kotak Mahindra Bank	1.428	0.000
Other Loans (NSIC) Secured	27.331	18.315
Total	149.477	135.561

Term Loan

(i) Loans of Rs 26.207 Millions (Previous Year Rs 41.074 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. 272.600 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	2013-14	2014-15	2015-16	2016-17 and Above
Amount (Rs in Millions)	15.339	7.296	1.711	1.861

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 0.128 Million (Previous Year Rs 0.194 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 0.592 Million (Previous Year Rs 1.125 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 Loans of Rs 0.984 Millions (Previous Year Rs 2.381 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 0.300 Millions (Previous Year 0.471 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.

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

Year	2013-14	2014-15	2015-16	2016-17 and Above
Amount (Rs in Millions)	1.796	0.209	--	--

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. 272.600 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 14% to 14.25% p.a

Buyers 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. 272.600 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 14%

Other Loans

Loan secured against Bank Guarantees issued to NSIC.

The interest rate for the above loan varies from 12.95% 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
Enterprises over which key management personnel and their relatives exercise significant influences. :	FRC Composite India Limited SRG Projects Private Limited

CAPITAL STRUCTURE

AS ON 06.09.2014

Authorised Capital : Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.15.643 Millions

AS ON 31.03.2013

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

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	15.643	15.643	15.643
(b) Reserves & Surplus	161.359	154.367	148.556
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	177.002	170.010	164.199
(3) Non-Current Liabilities
(a) long-term borrowings	11.077	28.299	36.195
(b) Deferred tax liabilities (Net)	8.299	8.697	5.526
(c) Other long term liabilities	12.689	11.572	9.702
(d) long-term provisions	2.101	1.147	1.010
Total Non-current Liabilities (3)	34.166	49.715	52.433
(4) Current Liabilities
(a) Short term borrowings	138.400	107.262	61.849
(b) Trade payables	81.221	97.481	77.325
(c) Other current liabilities	128.687	111.715	85.543
(d) Short-term provisions	0.623	0.395	0.213
Total Current Liabilities (4)	348.931	316.853	224.930
TOTAL	560.099	536.578	441.562
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	83.432	89.878	83.963
(ii) Intangible Assets	2.200	1.830	2.195
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.990	1.990	1.990
(c) Deferred tax assets (net)	0.000	0.000	21.915
(d) Long-term Loan and Advances	72.353	59.702	0.261
(e) Other Non-current assets	2.332	0.696	0.000
Total Non-Current Assets	162.307	154.096	110.324
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	85.703	84.777	72.015
(c) Trade receivables	239.749	242.835	200.240
(d) Cash and cash equivalents	9.281	6.927	9.248
(e) Short-term loans and advances	60.459	46.771	48.712
(f) Other current assets	2.600	1.172	1.023
Total Current Assets	397.792	382.482	331.238
TOTAL	560.099	536.578	441.562

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operation	607.419	625.866	559.610
		Other Income	2.431	4.606	3.079
		TOTAL (A)	609.850	630.472	562.689
Less	EXPENSES
		Cost of materials consumed	338.005	352.710	311.695
		Job work charges	41.629	53.372	61.011
		Trading goods consumed	1.190	0.805	0.962
		Employee benefits expense	55.569	52.738	44.089
		Other expenses	132.349	134.249	112.444
		Changes in inventories of finished goods, work‐in‐process and Stock‐in‐Trade	1.521	(2.024)	0.965
		TOTAL (B)	570.263	591.850	531.166
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		39.587	38.622	31.523
Less	INTEREST & FINANCE EXPENSES (D)		23.432	20.205	14.721
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		16.155	18.417	16.802
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.325	7.135	6.009
	PROFIT BEFORE TAX (E-F) (G)		8.830	11.282	10.793
Less	TAX (H)		1.838	5.471	0.306
	PROFIT AFTER TAX (G-H) (I)		6.992	5.811	10.487
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		78.041	72.230	61.743
	BALANCE CARRIED TO THE B/S		85.033	78.041	72.230
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports		5.494	3.289	NA
	TOTAL EARNINGS		5.494	3.289	NA
	IMPORTS
	Raw Materials		18.319	4.404	NA
	TOTAL IMPORTS		18.319	4.404	NA
	Earnings Per Share (Rs.)		4.75	3.72	6.70

Particulars	31.03.2014
Sales Turnover (Approximately)	720.000

The above information has been parted by Mr. Sandeep Chatterjee.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.15	0.92	1.86
Net Profit Margin (PBT/Sales)	(%)	1.45	1.80	1.93
Return on Total Assets (PBT/Total Assets}	(%)	1.58	2.11	2.58
Return on Investment (ROI) (PBT/Networth)		0.05	0.07	0.07
Debt Equity Ratio (Total Debt /Networth)		0.84	0.80	0.60
Current Ratio (Current Asset/Current Liability)		1.14	1.21	1.47

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	15.643	15.643	15.643
Reserves & Surplus	148.556	154.367	161.359
Net worth	164.199	170.010	177.002
long-term borrowings	36.195	28.299	11.077
Short term borrowings	61.849	107.262	138.400
Total borrowings	98.044	135.561	149.477
Debt/Equity ratio	0.597	0.797	0.844

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	559.610	625.866	607.419
		11.840	(2.947)

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	559.610	625.866	607.419
Profit	10.487	5.811	6.992
	1.87%	0.93%	1.15%

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 four 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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	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

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

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.77.62

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.