MIRA INFORM REPORT

Report Date :

05.09.2014

IDENTIFICATION DETAILS

Name :	INDORE COMPOSITE PRIVATE LIMITED
Registered Office :	4th Floor, Sethna Building, 55, Maharshi Karve Road, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	07.04.1994
Com. Reg. No.:	11-077596
Capital Investment / Paid-up Capital :	Rs.9.002 Millions
CIN No.: [Company Identification No.]	U25209MH1994PTC077596
TAN No.: [Tax Deduction & Collection Account No.]	MUMI02282A
PAN No.: [Permanent Account No.]	AAACI1091A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of FRP Rod.
No. of Employees :	190 (Approximately) (40 Permanent) (150 Temporary)

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 725000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a well established company having moderate track. The company possesses a moderate financial profile marked by acceptable networth base and moderately comfortable capital structure along with working capital intensive nature of operations. Management has reported an increase in its sales volume as well has seen a turnaround in the profitability during FY13. The ratings also take into consideration the modest scale of operations and investment in the loss making joint venture which may have an effect on its business profile. However, trade relations seems to be fair. Business is active. Payment terms are reported as slow but correct. In view of experienced management with financial support in the past and established relationship with reputed clients, the subject 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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BB- (Long Term Bank Facilities)
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	October 03, 2013

Rating Agency Name	CARE
Rating	A4 (Short Term Bank Facilities)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	October 03, 2013

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. Desai
Designation :	HOD Account and Finance
Contact No.:	91-22-61452700
Date :	02.09.2014

LOCATIONS

Registered Office :	4th Floor, Sethna Building, 55, Maharshi Karve Road, Mumbai – 400002, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	jainandbafna@gmail.com account@indore.co.in sales.cm@indore.co.in export@indore.co.in marketingd.ep@indore.co.in admin@indore.co.in
Website :	http://www.indore.co.in
Corporate Office :	24, B.D. Raja Bahadur Compound, Ambalal Doshi Marg, Fort, Mumbai - 400001, Maharashtra, India
Tel. No.:	91-22-61452700
Fax No.:	91-22-61452727
Factory 1 :	S-4/2, Sector-1, Pithampur - 454775, Dhar, Madhya Pradesh, India
Tel. No.:	91-7292-253424
Fax No.:	91-7292-253425
Location :	Owned
Factory 2 :	Plot No. N - 50, MIDC, Ambernath, Anand Nagar, Ambernath (East) - 421506, Maharashtra, India
Tel. No.:	91-251-2621981
Location :	Owned
Factory 3 :	Plot No.03, S-86/5/1/P3, OHM Industrial Infrastructure Park, New Expansion, GIDC, Umbergaon, District Valsad - 396171, Gujarat, India
Tel. No.:	91-260-2564491

DIRECTORS

As on: 19.07.2013

Name :

Mr. Mukesh Jethmal Sanghvi

Designation :

Director

Address :

801, Jogani Apartments Sanghvi, Doongarshi Road Walkeshwar, Mumbai-400 006, Maharashtra, India

Date of Birth :

19.12.1962

Date of Appointment :

07.04.1994

DIN No.:

00334136

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	U25209MH1994PTC077596	INDORE COMPOSITE PRIVATE LIMITED	Director	07/04/1994	07/04/1994	-	Active	NO
2	L67120MH1979PLC022039	SHREENATH INVESTMENT COMPANY LIMITED	Director	31/03/2002	31/03/2002	31/10/2012	Active	NO
3	U51909MH2006PTC163351	AAR CUBE ENTERPRISE PRIVATE LIMITED	Director	27/07/2006	27/07/2006	-	Active	NO
4	U45201MH2006PTC165944	KARMA LAND ANDINFRASTRUCTURE DEVELOPMENT COMPANY PRIVATE LIMITED	Director	04/12/2006	04/12/2006	28/02/2010	Active	NO
5	U24100MH2009PTC191930	INDORE GEL PRIVATE LIMITED	Director	22/04/2009	22/04/2009	-	Active	NO

Name :

Mr. Shailesh Jethmal Sanghvi

Designation :

Director

Address :

801 Jogani Apartments Sanghvi, Doongarshi Road Walkeshwar, Mumbai-400 006, Maharashtra, India

Date of Birth :

20.08.1968

Date of Appointment :

01.04.2002

DIN No.:

00194775

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	U24239MH1995PTC092028	MEGA FINE PHARMA PRIVATE LIMITED	Director	22/08/1995	22/08/1995	-	Active	NO
2	U25209MH1994PTC077596	INDORE COMPOSITE PRIVATE LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
3	U51909MH2006PTC163351	AAR CUBE ENTERPRISE PRIVATE LIMITED	Director	27/07/2006	27/07/2006	-	Active	NO
4	U24100MH2009PTC191930	INDORE GEL PRIVATE LIMITED	Director	02/08/2010	22/04/2009	-	Active	NO
5	U27104MH1985PTC036940	VAID DIE CASTING PRIVATE LIMITED	Additional director	03/12/2011	03/12/2011	-	Active	NO

Name :

Mr. Vallabh Roopchand Bhanshali

Designation :

Director

Address :

12 Laxmi Niwas Bhanshali, Nepeansea Road, Mumbai-400 006, Maharashtra, India

Date of Birth :

04.03.1951

Date of Appointment :

01.04.2002

DIN No.:

00184775

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	U67120MH1984PTC033151	ENAM FINANCIAL CONSULTANTS PRIVATE LIMITED	Director	15/06/1984	15/06/1984	-	Active	NO
2	U74140MH1986PTC040120	REEMA BUSINESS SERVICES PRIVATE LIMITED	Director	21/01/1993	21/01/1993	30/12/2010	Active	NO
3	U67120MH1997PTC112542	BHANSHALI STOCK BROKERS PRIVATE LIMITED	Director	18/12/1997	18/12/1997	-	Active	NO
4	U25209MH1994PTC077596	INDORE COMPOSITE PRIVATE LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
5	U74990MH2002GAP137795	SECURITIES INDUSTRY ASSOCIATION OF INDIA	Director	07/11/2002	07/11/2002	15/09/2010	Active	NO
6	U67120MH2005PTC152297	ENAM SECURITIES PRIVATE LIMITED	Director	30/03/2005	30/03/2005	-	Active	NO
7	L22300MH1990PLC056397	CREST ANIMATION STUDIOS LIMITED	Director	29/09/2006	30/07/2005	31/10/2008	Active	NO
8	U67190MH2005PTC154781	INDIAREIT FUND ADVISORS PRIVATE LIMITED	Director	08/08/2005	08/08/2005	02/05/2013	Active	NO
9	U92100MH1989PLC051768	MAYA ENTERTAINMENT LIMITED	Director	13/01/2006	13/01/2006	23/04/2010	Active	NO
10	U74992MH2006PLC163204	AXIS SECURITIES LIMITED	Director	21/07/2006	21/07/2006	20/10/2012	Active	NO
11	U80211PN2004NPL019964	FOUNDATION FOR LIBERAL AND MANAGEMENT EDUCATION	Director	12/12/2006	12/12/2006	-	Active	NO
12	U36911MH2002PLC138275	DIAMOND INDIA LIMITED	Director	28/09/2010	28/09/2010	-	Active	NO
13	U01403MH2011PTC219192	SUROOP FRESH PRIVATE LIMITED	Director	27/06/2011	27/06/2011	-	Active	NO
14	U72309PN2000PTC015028	SARVATRA TECHNOLOGIES PRIVATE LIMITED	Additional director	16/03/2013	16/03/2013	-	Active	NO
15	AAB-2479	EVERFRESH ENTERPRISES LLP	Designated Partner	06/12/2012	06/12/2012	-	Active	NO

Name :

Mr. Mangal Roopchand Bhanshali

Designation :

Director

Address :

12, Laxmi Niwas Bhanshali, Nepeansea Road, Mumbai-400 006, Maharashtra, India

Date of Birth :

26.03.1954

Date of Appointment :

07.04.1994

DIN No.:

01176442

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	U25209GJ1970PTC001738	PARAG PLASTICS INDUSTRIES PRIVATE LIMITED	Director	28/12/1984	28/12/1984	-	Active	NO
2	U24110MH1983PTC031052	TALMA CHEMICAL INDUSTRIES PRIVATE LIMITED	Director	25/04/2011	14/12/1990	-	Active	NO
3	U25209MH1994PTC077596	INDORE COMPOSITE PRIVATE LIMITED	Director	07/04/1994	07/04/1994	-	Active	NO
4	U65990MH1988PTC048113	ENAM INVESTMENT SERVICES PRIVATE LIMITED	Director	20/05/2001	20/05/2001	01/04/2007	Active	NO
5	U67120MH2004PTC149419	JAI-VIJAY RESOURCES PRIVATE LIMITED	Director	05/11/2004	05/11/2004	-	Active	NO
6	U65991MH2004PTC149422	ENAM INFRASTRUCTURE FUND MANAGEMENT COMPANY PRIVATE LIMITED	Director	05/11/2004	05/11/2004	13/05/2010	Active	NO
7	U67120MH2000PTC123921	PROFITEX SHARES AND SECURITIES PRIVATE LIMITED	Director	01/09/2005	01/09/2005	01/04/2007	Active	NO
8	U70100MH2006PTC159608	BLUE DAIMOND PROPERTIES PRIVATE LIMITED	Director	08/02/2006	08/02/2006	01/04/2007	Active	NO
9	U67120MH2000PTC123913	PAYASH SECURITIES PRIVATE LIMITED	Director	01/03/2006	01/03/2006	01/04/2007	Amalgamated	NO
10	U13100MH2006PTC162987	EAGLE MINING AND EXPLORATION PRIVATE LIMITED	Additional director	14/01/2008	14/01/2008	16/06/2009	Active	NO
11	U93000MH2010PTC199627	ENAM INFRASTRUCTURE TRUSTEESHIP SERVICES PRIVATE LIMITED	Additional director	10/02/2010	10/02/2010	-	Active	NO
12	AAA-1247	GYANMAY INVESTMENT ADVISORS LLP	Designated Partner	29/04/2010	29/04/2010	-	Active	NO
13	AAA-0847	PAYASH SOLAR ENERGY PARK LLP	Body corporate as Designated Partner	04/08/2010	04/08/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mangesh Jadhav
Designation :	Senior Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 19.07.2013

Names of Shareholders	No. of Shares
Mukesh Jatmal Sanghvi	242600
Mangal Roopchand Bhanshali	150100
Vallabh Roopchand Bhanshali	150000
Lata M Bhanshali	150000
Jatmal M Sanghvi	57500
Kamala J Sanghvi	40000
Neena M Sanghvi	40000
Meena M Sanghvi	40000
Jatmal M Sanghvi (HUF)	30000
Total	900200

Equity Share Break up (Percentage of Total Equity)

As on: 19.07.2013

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of FRP Rod.
Exports :
Products :	Finished Goods
Countries :	· Austria · USA · Russia
Imports :
Products :	Raw Materials
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	31.03.2011
Installed Capacity	Kms.	360000

Particulars	Unit	Actual Production
F.R.P Rods	Kms.	219707.92
Indoflex	Kgs	242496.44
Ripcord	Kgs	89930.10
Riplet	Kgs	60988.000
Tapes	Kgs	3703.00

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

190 (Approximately) (40 Permanent) (150 Temporary)

Bankers :

· State Bank of India, Churchgate Branch, ‘The International’, 16 M.K. Road, Churchgate, Mumbai-400020, Maharashtra, India

· State Bank of India, Sir P.M. Road Branch, Gresham House, Ground Floor, Sir P.M. Road, Fort, Mumbai-400001, Maharashtra, India

Facilities :

Total Facility Rs.50.000 Millions (From State Bank of India)

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
From Technology information forcasting and Assessment Council (Secured by exclusive charge on movable properties earmarked for the project.)	1.500	2.500
SHORT TERM BORROWINGS
From Bank	107.333	132.600
Total	108.833	135.100

Banking Relations :	--
Auditors :
Name :	Jain and Bafna Chartered Accountants
Address :	5, First Ganeshwadi, 4^th Floor, Zaveri Bazar, Mumbai - 400002, Maharashtra, India
Tel. No.:	91-22-22403848
PAN No.:	AAAFJ1912E

CAPITAL STRUCTURE

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
900200	Equity Shares	Rs.10/- each	Rs.9.002 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.002	9.002	9.002
(b) Reserves & Surplus	172.268	123.283	157.110
(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)	181.270	132.285	166.112
(3) Non-Current Liabilities
(a) long-term borrowings	1.500	2.500	12.772
(b) Deferred tax liabilities (Net)	3.813	0.000	0.000
(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)	5.313	2.500	12.772
(4) Current Liabilities
(a) Short term borrowings	141.272	251.421	158.284
(b) Trade payables	69.679	53.327	48.975
(c) Other current liabilities	1.498	1.133	3.696
(d) Short-term provisions	11.647	5.989	9.216
Total Current Liabilities (4)	224.096	311.870	220.171
TOTAL	410.679	446.655	399.055
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	130.207	145.772	159.740
(ii) Intangible Assets	1.136	1.342	1.585
(iii) Capital work-in-progress	7.536	1.122	0.631
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	21.450	21.450	21.350
(c) Deferred tax assets (net)	0.000	5.787	0.890
(d) Long-term Loan and Advances	30.798	27.983	7.574
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	191.127	203.456	191.770
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	62.169	78.561	92.674
(c) Trade receivables	117.083	130.321	61.958
(d) Cash and cash equivalents	8.410	6.090	5.072
(e) Short-term loans and advances	31.890	27.227	47.581
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	219.552	242.199	207.285
TOTAL	410.679	446.655	399.055

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	517.453	431.264	276.058
		Other Income	24.386	5.512	13.888
		TOTAL (A)	541.839	436.776	289.946
Less	EXPENSES
		Cost of materials consumed	312.689	317.074	206.244
		Changes in inventories of finished goods, work-in-progress	6.534	2.897	1.912
		Other Manufacturing Expenses	45.990	46.796	36.281
		Employee Benefit Expenses	20.634	15.460	13.194
		Other Administrative Expenses	12.846	13.313	13.211
		Selling and Distribution Expenses	33.832	30.823	24.623
		TOTAL (B)	432.525	426.363	295.465
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		109.314	10.413	(5.519)
Less	FINANCIAL EXPENSES (D)		26.971	30.359	19.773
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		82.343	(19.946)	(25.292)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		17.047	18.778	21.193
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		65.296	(38.724)	(46.485)
Less	TAX (H)		16.312	(4.897)	(6.521)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		48.984	(33.827)	(39.964)
	Earnings/ (Loss) Per Share (Rs.)		54.41	(37.58)	(44.39)

Particulars	31.03.2014
Sales Turnover (Approximately)	580.000

The above information has been parted by Mr. Desai

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	9.04	(7.74)	(13.78)
Net Profit Margin (PBT/Sales)	(%)	12.62	(8.98)	(16.84)
Return on Total Assets (PBT/Total Assets}	(%)	17.11	(9.28)	(12.36)
Return on Investment (ROI) (PBT/Networth)		0.36	(0.29)	(0.28)
Debt Equity Ratio (Total Debt/Networth)		0.79	1.92	1.03
Current Ratio (Current Asset/Current Liability)		0.98	0.76	0.94

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	9.002	9.002	9.002
Reserves & Surplus	157.110	123.283	172.268
Net worth	166.112	132.285	181.270
long-term borrowings	12.772	2.500	1.500
Short term borrowings	158.284	251.421	141.272
Total borrowings	171.056	253.921	142.772
Debt/Equity ratio	1.030	1.919	0.788

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	276.058	431.264	517.453
		56.222	19.985

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	276.058	431.264	517.453
Profit	(39.964)	(33.827)	48.984
	(14.48%)	(7.84%)	9.47%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
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	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

FINANCIAL RESULTS:

During the financial year ended on March 31, 2012, the company has earned a profit before tax of Rs. 65.296 Millions during the financial year against loss of Rs. 38.724 Millions in the previous year.

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
SHORT TERM BORROWINGS
Loan from Related parties	33.939	99.821
Loan from Others	0.000	19.000
Total	33.939	118.821

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10036474	08/04/2010 *	192,500,000.00	STATE BANK OF INDIA	SIR P. M. ROAD BRANCH, GRESHAM HOUSE,, GROUND FLOOR, SIR P. M. ROAD, FORT,, MUMBAI, Maharashtra - 4  00001, INDIA	B00371286
2	90159533	04/06/1996	18,760,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, APOLLO TOWER; M.G. RAOD, INDORE, Madhya Pradesh, INDIA	-

Note: * Date of charge modification

FIXED ASSETS

Tangible Assets

· Land

· Office Building

· Factory Building

· Staff Quarters

· Plant and Machineries

· Electrical Fittings

· Computers

· Furniture and Fixtures

· Office Equipments

· Vehicles

Intangible Assets

· Technical Know-how

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.54
UK Pound	1	Rs.99.73
Euro	1	Rs.79.54

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	SUB
Report Prepared by :	NTH

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	3
--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	YES
--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.