1. Summary Information

		Country	India
Company Name	GRAND POLYCOATS COMPANY PRIVATE LIMITED	Principal Name 1	Mr. Maulik C Mehta
Status	Satisfactory	Principal Name 2	Mr. Bharat P Chokshi
		Registration #	04-10350
Street Address	Padra Jaspur Road, Padra – 391 440, District Baroda, Gujarat, India
Established Date	10.02.1988	SIC Code	--
Telephone#	91-2662-304200 / 304201 / 221345 / 222462 / 222935	Business Style 1	Manufacturer
Fax #	91-2662-223462/2337022	Business Style 2	Importer
Homepage	www.grandpolycoats.com	Product Name 1	Guide to Technical Data Sheet
# of employees	150 (Approximately)	Product Name 2	Primer
Paid up capital	Rs.62,883,000/-	Product Name 3	Intermediates
Shareholders	Directors or relatives of directors 100%	Banking	Bank of Baroda
Public Limited Corp.	No	Business Period	26 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (43)
Related Company
Relation	Country	Company Name	CEO
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	379,457,000	Current Liabilities	127,817,000
Inventories	71,825,000	Long-term Liabilities	43,328,000
Fixed Assets	73,488,000	Other Liabilities	19,535,000
Deferred Assets	0,000	Total Liabilities	190,680,000
Invest& other Assets	8,000	Retained Earnings	271,215,000
		Net Worth	334,098,000
Total Assets	524,778,000	Total Liab. & Equity	524,778,000
Total Assets (Previous Year)	498,185,00
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	823,723,000	Net Profit	20,704,000
Sales(Previous yr)	823,266,000	Net Profit(Prev.yr)	40,204,000

MIRA INFORM REPORT

Report Date :

13.09.2014

IDENTIFICATION DETAILS

Name :	GRAND POLYCOATS COMPANY PRIVATE LIMITED
Registered Office :	Padra-Jaspur Road, Padra, Vadodara – 391440, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.02.1988
Com. Reg. No.:	04-010350
Capital Investment/ Paid-up Capital:	Rs. 62.883 Millions
CIN No.: [Company Identification No.]	U74999GJ1988PTC010350
TAN No.: [Tax Deduction & Collection Account No.]	BRDG00568B
PAN No.: [Permanent Account No.]	AAACG8439N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Industrial Coating.
No. of Employees:	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 1340000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There seems some dip in profit of the company during the financial year 2013. However, the rating reflects sound financial risk profile marked by fair liquidity position and adequate debt protection metrics. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condition.

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	CRISIL
Rating	Long term rating: “BBB-”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	03.01.2014

Rating Agency Name	CRISIL
Rating	Short term rating: “A3”
Rating Explanation	Moderate degrre of safety and higher credit risk.
Date	03.01.2014

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 PARTED BY

Name :	Ms. Leela Rajan
Designation :	Secretary of Managing Director
Tel. No :	91-265-3064200
Date :	30.08.2014

LOCATIONS

Registered Office / Factory :	Padra-Jaspur Road, Padra, Vadodara – 391440, Gujarat, India
Tel. No.:	91-2662-304200 / 304201 / 221345 / 222462 / 222935
Fax No.:	91-2662-223462 / 2337022
E-Mail :	maildeveshpathak@rediffmail.com marketing@grandpolycoats.com maulik@team.infinity.com
Website :	www.grandpolycoats.com
Head Office :	204, Siddharth Complex, R C Dutt Road 5, Vadodara – 390007, Gujarat, India
Tel. No.:	91-2662-304200 / 304201
Fax No.:	91-2662-2337022 / 223462
E-Mail :	maildeveshpathak@rediffmail.com
Website :	http://www.grandpolycoats.com
Branch Office 1 :	E-2/12, 1^st Floor, Malviya Nagar, New Delhi – 110017, India
Tel. No.:	91-11-6599116 / 26676136
Branch Office 2 :	10, 2^nd Floor, Cison Complex, 150, Montieth Road, Egmore, Chennai – 600008, Tamilnadu, India
Tel. No.:	91-44-28585881
Fax No.:	91-44-28547898

DIRECTORS

As on 30.09.2013

Name :

Mr. Maulik Chandraketu Mehta

Designation :

Director

Address :

604-A, Indraprasta, Oppostie Ellorapark Market, Vadodara – 390007, Gujarat, India

Date of Birth/Age :

04.07.1965

Date of Appointment :

10.10.2003

PAN No.:

AASPM9462C

DIN No.:

00010848

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	U51410GJ1998PTC035145	ARCUS RESOURCES PRIVATE LIMITED	Director	16/12/1998	16/12/1998	-	Active	NO
2	U67120GJ1995PLC028236	INFINITY CONSULTANTS LIMITED	Director	01/04/2003	01/04/2003	-	Active	NO
3	U74999GJ1988PTC010350	GRAND POLYCOATS COMPANY PRIVATE LIMITED	Director	10/10/2003	10/10/2003	-	Active	NO
4	U72200GJ2005PTC045652	C-SAM (INDIA) PRIVATE LIMITED	Director	24/03/2005	24/03/2005	-	Amalgamated	NO
5	U72200GJ2000PTC038116	POPNET INFOTECH INDIA PRIVATE LIMITED	Director	24/03/2005	24/03/2005	-	Amalgamated	NO
6	U24100MH1984PLC033942	TARAK CHEMICALS LIMITED	Director	16/05/2005	16/05/2005	-	Active	NO
7	U72200GJ2005PTC046802	C- SAM SOLUTIONS PRIVATE LIMITED(TR.FROM	Director	30/09/2005	30/09/2005	-	Active	NO
8	U72200MH2007PLC171849	INDIA INTERACTIVE TECHNOLOGIES LIMITED	Director	20/06/2007	20/06/2007	-	Active	NO
9	U72900GJ2008PTC055259	PITRODA INFOTECH PRIVATE LIMITED	Director	17/10/2008	17/10/2008	-	Active	NO
10	U24117GJ1999PTC035429	NEWAGE ECO SOLUTIONS PRIVATE LIMITED	Director	30/09/2010	01/08/2010	04/07/2011	Active	NO
11	U34300MH1971PTC015262	SUCHI FASTENERS PRIVATE LIMITED	Director	30/09/2011	27/11/2010	-	Active	NO
12	U72300HR2007PTC037388	NEWGEN ITES PRIVATE LIMITED	Director	03/09/2012	10/11/2011	-	Active	NO
13	U29130GJ2014PTC079773	TMSS DALFAB ENGINEERS PRIVATE LIMITED	Director	12/06/2014	12/06/2014	-	Active	NO

Name :

Mr. Bharat Punjalal Chokshi

Designation :

Managing Director

Address :

22, Shanti Nagar Society, Dinesh Mill, Vadodara – 390007, Gujarat, India

Date of Birth/Age :

08.08.1958

Qualification :

B.Sc. (Chem.)

Date of Appointment :

10.02.1988

PAN No.:

ABDPC3438Q

DIN No.:

00111725

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	U74999GJ1988PTC010350	GRAND POLYCOATS COMPANY PRIVATE LIMITED	Director	10/02/1988	10/02/1988	-	Active	NO
2	U24224GJ2002PTC040987	ADMARK POLYCOATS PRIVATE LIMITED	Director	22/07/2002	22/07/2002	-	Active	NO
3	U25200GJ2010PTC062731	NANOVATION PRODUCTS PRIVATE LIMITED	Additional director	27/11/2010	27/11/2010	-	Active	NO

Name :

Ms. Anita Bharat Chokshi

Designation :

Director

Address :

22, Shanti Nagar Society, Dinesh Mill, Vadodara – 390007, Gujarat, India

Date of Birth/Age :

20.11.1961

Date of Appointment :

10.02.1988

PAN No.:

ABEPC2755P

DIN No.:

01654486

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	U74999GJ1988PTC010350	GRAND POLYCOATS COMPANY PRIVATE LIMITED	Director	10/02/1988	10/02/1988	-	Active	NO
2	U24224GJ2002PTC040987	ADMARK POLYCOATS PRIVATE LIMITED	Director	15/07/2007	15/07/2007	-	Active	NO
3	AAC-0787	BPC INNOVATION LLP	Designated Partner	11/02/2014	11/02/2014	-	Active	NO
4	AAC-5372	GP ENVIROCOATS LLP	Body corporate as Designated Partner	02/08/2014	02/08/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Aditi B. Chokshi	314400	5.00
Amishi B. Chokshi	314400	5.00
Ankur B. Chokshi	115500	1.84
Pravin P. Chokshi	5544000	88.16
Total	6288300	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of Industrial Coating.

Products :

Item Code No. (ITC Code)	Product Description
320890	Industrial Paints

· Guide to Technical Data Sheet

Primer

Intermediates

Top Coat

Speciality Coating

Elastomeric Coating

Floor Coating

Miscellaneous Coating

Polyurea

Polyurethane Elastomeric Coatings

Concrete Preservation Treatment Solutions

Glass Coatings

Brass Coatings

Coatings Castings

Weldable Coatings

Electrostatic Dissipative Tank Coatings for Plastic

Imports :

Products :

Raw Material

Countries :

· Europe

Grmany

China

Terms :

Selling :

Cash and Advance payment and Credit

Purchasing :

Cash and Advance payment and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Industrial Paints	Liters	NA	NA	7200000

GENERAL INFORMATION

Customer :

Wholesalers and Retailers

No. of Employees :

150 (Approximately)

Bankers :

· Bank of Baroda, Sayajigunj, Vadodara - 390005, Gujarat, India

Small Industries Development Bank of India, Vikas Deep 22, Station Road, Lucknow – 226019, Uttar Pradesh, India

Facilities :

Rs. In Millions

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Working capital loans from banks (Secured by first charge on entire plant and machinery Stock of raw material, stores, WIP, Finished Goods, Book, Debts and personal Guarantee of Directors and Equitable Mortgage of factory land and building)	32.828	36.949
Total	32.828	36.949

Banking Relations :	--
Auditors :
Name :	Shah and Bhandari Chartered Accountants
Address :	38/101, Gautam Nagar, Race Course, Vadodara – 390007, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AANFS8293E
Associate:	· Admark Polycoats Private Limited Infinity Consultants Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital:

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs. 10/- each	Rs. 75.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6288300	Equity Shares	Rs. 10/- each	Rs. 62.883 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	62.883	62.883
(b) Reserves & Surplus	271.215	250.511
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	334.098	313.394
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.804	0.830
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.804	0.830
(4) Current Liabilities
(a) Short term borrowings	43.328	47.449
(b) Trade payables	123.007	119.886
(c) Other current liabilities	4.810	5.210
(d) Short-term provisions	18.731	11.416
Total Current Liabilities (4)	189.876	183.961
TOTAL	524.778	498.185
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	73.488	58.328
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	6.811
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.008	0.008
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	28.365	38.667
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	101.861	103.814
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	71.825	62.897
(c) Trade receivables	300.574	281.866
(d) Cash and cash equivalents	44.445	40.977
(e) Short-term loans and advances	6.073	8.631
(f) Other current assets	0.000	0.000
Total Current Assets	422.917	394.371
TOTAL	524.778	498.185

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		62.883
2] Share Application Money		0.000
3] Reserves & Surplus		210.306
4] (Accumulated Losses)		0.000
NETWORTH		273.189
LOAN FUNDS
1] Secured Loans		40.932
2] Unsecured Loans		14.500
TOTAL BORROWING		55.432
DEFERRED TAX LIABILITIES		1.610
TOTAL		330.231
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		61.258
Capital work-in-progress		0.433
INVESTMENT		0.008
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	56.957
	Sundry Debtors	284.033
	Cash & Bank Balances	38.757
	Other Current Assets	0.000
	Loans & Advances	39.126
Total Current Assets		418.873
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	118.308
	Other Current Liabilities	24.847
	Provisions	7.186
Total Current Liabilities		150.341
Net Current Assets		268.532
MISCELLANEOUS EXPENSES		0.000
TOTAL		330.231

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	823.723	823.266	818.613
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		39.394	69.951	NA
Less	FINANCIAL EXPENSES (D)		2.667	4.316	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		36.727	65.635	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.364	8.853	NA
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		27.363	56.782	NA
Less	TAX (H)		6.659	16.578	NA
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		20.704	40.204	43.463
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		146.719	106.515	63.052
	BALANCE CARRIED TO THE B/S		167.423	146.719	106.515
	EARNINGS IN FOREIGN CURRENCY		0.000	0.372	4.532
	IMPORTS
		Raw Materials	NA	NA	64.581
		Others	NA	NA	0.119
	TOTAL IMPORTS		NA	NA	64.700
	Earnings / (Loss) Per Share (Rs.)		3.29	6.39	6.98

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	3.32	6.90	NA
Return on Total Assets (PBT/Total Assets}	(%)	5.21	11.56	NA
Return on Investment (ROI) (PBT/Networth)		0.08	0.18	NA
Debt Equity Ratio (Total Debt/Networth)		0.13	0.15	0.55
Current Ratio (Current Asset/Current Liability)		2.23	2.14	2.79

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	62.883	62.883	62.883
Reserves & Surplus	210.306	250.511	271.215
Net worth	273.189	313.394	334.098
Long-term borrowings		0.000	0.000
Short term borrowings	55.433	47.449	43.328
Total borrowings	55.433	47.449	43.328
Debt/Equity ratio	0.203	0.151	0.130

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)
	818.613	823.266	823.723
		0.568	0.056

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	818.613	823.266	823.723
Profit	43.463	40.204	20.704
	5.31%	4.88%	2.51%

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10069386	01/09/2007	32,500,000.00	BANK OF BARODA	SAYAJIGUNJ, VADODARA - 390005, GUJARAT, INDIA	A23996606
2	10027374	11/10/2006	19,500,000.00	BANK OF BARODA	SAYAJIGUNJ, VADODARA - 390005, GUJARAT, INDIA	A06469456
3	90109492	30/09/1996	250,000.00	SMALL INDUSTRIAL DEVELOPMENT BANK OF INDIA	VIKAS DEEP, 22 STATION ROAD, LOCKNOW - 226019, UTTAR PRADESH, INDIA	-
4	90111993	08/07/1989 *	300,000.00	BANK OF INDIA	UNIVERSITY ROAD BRANCH, VADODARA, GUJARAT, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans and advances from others	10.500	10.500
Total	10.500	10.500

CHANGE OF ADDRESS

Registered of the company has been shifted from 204, Siddhartha Complex, R C Dutt Road 5, Vadodara – 390007, Gujarat, India to the present address w.e.f 24.08.2009

OPERATION REVIEW AND FUTURE PROSPECTS:

The company has maintained revenue. The revenue from operation for the financial year is 823.723 Millions as against Rs. 823.266 Millions for the previous financial year the profit before interest, depreciation for the financial year is Rs. 39.394 Millions as against 69.951 Millions of the previous financial year.

FUTURE OUTLOOKS:

It is expected that the Company will register substantial growth in coming year. The Company has built up a solid foundation and it will scale greater heights in the years to come.

FIXED ASSETS

· Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Office Equipment

Computer Equipments

Other Equipments

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 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.6042
UK Pound	1	Rs.97.24
Euro	1	Rs.77.92

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done By :	DIV
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		43

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.