MIRA INFORM REPORT

Report No. :	311727
Report Date :	01.04.2015

IDENTIFICATION DETAILS

Name :	NEW (INDIA) IMAGING INDUSTRIES PRIVATE LIMITED
Registered Office :	Plot No. A/95, TTC Industrial Area MIDC, Khairane, Thane Belapur Road, Navi Mumbai – 400 705, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.10.2002
Com. Reg. No.:	11-137684
Capital Investment / Paid-up Capital :	Rs.1.700 Million
CIN No.: [Company Identification No.]	U22200MH2002PTC137684
IEC No.:	0302076760
TAN No.: [Tax Deduction & Collection Account No.]	MUMN09276B
PAN No.: [Permanent Account No.]	AABCN6581B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Importer of Inkjet Media Paper, Solvent Media Paper, Natural Transparent Paper, Inkjet Glossy Paper, Check Plot Paper, Cold Lamination Film.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 200000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seem to be decent. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal business dealings 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 (GENERAL INFORMATION)

Name :	Mr. Bharat Chheda
Designation :	Chief Executive Officer
Contact No.:	91-22-41510100
Date :	24.03.2015

LOCATIONS

Registered Office / Factory :	Plot No. A/95, TTC Industrial Area MIDC, Khairane, Thane Belapur Road, Navi Mumbai – 400 705, Maharashtra, India
Tel. No.:	91-22-41510100
Mobile No.:	Not Available
Fax No.:	91-22-27782285
E-Mail :	haresh_joshi@hotmail.com administration@newindiaind.com
Website :	http://www.newindiaind.com
Area :	20000 Sq. Ft.
Location :	Owned

DIRECTORS

As on : 31.03.2014

Name :

Mr. Rajan Nanikram Vaswani

Designation :

Director

Address :

122 - A, Sea Lord Apartments, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

03.02.1962

Date of Appointment :

25.10.2002

DIN No.:

00751947

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	U99999MH1985PTC035982	GEE ARR LAMOCOAT PVT LTD	Whole-time director	10/02/1989	10/02/1989	-	Active	NO
2	U22200MH2002PTC137684	NEW (INDIA) IMAGING INDUSTRIES PRIVATE LIMITED	Director	25/10/2002	25/10/2002	-	Active	NO
3	U27109DL2006PTC157072	VISH FABRICATORS & CONVERTORS PRIVATE LIMITED	Director	28/12/2006	28/12/2006	-	Strike off	NO
4	U52599MH2007PTC168193	MALHAR AGENCY AND TRADING PRIVATE LIMITED	Director	27/02/2007	27/02/2007	-	Active	NO
5	U74900MH2010PTC198317	SPRINT (INDIA) IMAGING PRIVATE LIMITED	Director	02/01/2010	02/01/2010	-	Active	NO
6	U21022DL2003PTC122213	SPRINT PAPERS PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Strike off	NO
7	U74999MH1986PTC040783	HEATHER IMPEX PRIVATE LIMITED	Director	01/03/2011	01/03/2011	-	Active	NO
8	U51396KA2011PTC059119	Phoenix Boards Private Limited	Director	13/06/2011	13/06/2011	27/03/2012	Active	NO

Name :

Mrs. Sonia Rajan Vaswani

Designation :

Director

Address :

122 - A, Sea Lord Apartments, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

05.03.1964

Date of Appointment :

25.10.2002

DIN No.:

00752160

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	U22200MH2002PTC137684	NEW (INDIA) IMAGING INDUSTRIES PRIVATE LIMITED	Director	25/10/2002	25/10/2002	-	Active	NO
2	U74999MH1986PTC040783	HEATHER IMPEX PRIVATE LIMITED	Director	01/03/2011	01/03/2011	-	Active	NO
3	U52599MH2007PTC168193	MALHAR AGENCY AND TRADING PRIVATE LIMITED	Director	15/04/2013	15/04/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bharat Chheda
Designation :	Administration Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 31.03.2014

Names of Shareholders	No. of Shares	%age
Rajan Nanikram Vaswani	84900	49.94
Sonia Rajan Vaswani	85000	50.00
Rajan Vaswani HUF	100	0.06
Total	170000	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader, Exporter and Importer of Inkjet Media Paper, Solvent Media Paper, Natural Transparent Paper, Inkjet Glossy Paper, Check Plot Paper, Cold Lamination Film.
Products :	Inkjet Media Natural Transparent Paper Specialty Media Check Plot Paper Solvent Media Paper
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Inkjet Media Natural Transparent Paper Specialty Media Check Plot Paper Solvent Media Paper
Countries :	Bangladesh Kenya
Imports :
Products :	Inkjet Media Natural Transparent Paper Specialty Media Check Plot Paper Solvent Media Paper
Countries :	Germany China
Terms :
Selling :	Advance Payment, Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Banker Name	Bank of Baroda
Branch Address	Cuffe Parade Branch, G D Somani School Building, G D Somani School Marg, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans & Advances From Related Parties - Secured Considered good	1.000	4.800
SHORT TERM BORROWING
Loan Repayable on Demand - From Bank	11.497	0.000
Total	12.497	4.800

Auditors :
Name :	H. R. Joshi and Company Chartered Accountants
Address :	Shop No.9, 1^st Floor, Hi – Life Mall, P M Road, Santacruz (West), Mumbai – 400054, Maharashtra, India.
Tel. No.:	91-22-26055071
Fax No.:	91-22-26055072
PAN No.:	AAEPJ9204H
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	Not Available

CAPITAL STRUCTURE

As on : 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs. 2.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
170000	Equity Shares	Rs.10/- each	Rs. 1.700 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.700	1.700	1.700
(b) Reserves & Surplus	70.466	63.704	56.686
(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)	72.166	65.404	58.386
(3) Non-Current Liabilities
(a) long-term borrowings	1.000	4.800	14.025
(b) Deferred tax liabilities (Net)	0.000	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)	1.000	4.800	14.025
(4) Current Liabilities
(a) Short term borrowings	11.497	0.000	0.000
(b) Trade payables	9.370	8.076	14.965
(c) Other current liabilities	3.370	2.675	2.820
(d) Short-term provisions	10.100	7.100	7.225
Total Current Liabilities (4)	34.337	17.851	25.010
TOTAL	107.503	88.055	97.421
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.930	7.921	8.987
(ii) Intangible Assets	0.000	0.000	0.000
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	6.930	7.921	8.987
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	27.748	26.916	20.589
(c) Trade receivables	35.308	29.225	26.150
(d) Cash and cash equivalents	12.858	6.975	22.744
(e) Short-term loans and advances	23.342	16.134	17.945
(f) Other current assets	1.317	0.084	1.006
Total Current Assets	100.573	79.334	88.434
TOTAL	107.503	88.055	97.421

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT AFTER TAX		6.762	7.196	7.394
	Earnings Per Share (Rs.)		39.78	42.33	43.49

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	0.17	0.07	0.24
Current Ratio (Current Asset/Current Liability)	2.93	4.44	3.54

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1.700	1.700	1.700
Reserves & Surplus	56.686	63.704	70.466
Net worth	58.386	65.404	72.166
long-term borrowings	14.025	4.800	1.000
Short term borrowings	0.000	0.000	11.497
Total borrowings	14.025	4.800	12.497
Debt/Equity ratio	0.240	0.073	0.173

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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10103781	05/05/2008	1,200,000.00	Bank of Baroda	Cuffe Parade Branch, G. D. Somani School Building,  , G. D. Somani Marg, Cuffe Parade,, Mumbai, Mahar  ashtra - 400005, INDIA	A38796520
2	90141200	08/03/2010 *	35,820,000.00	Bank of Baroda	Cuffe Parade Branch, G. D. Somani School Building,  , G.D. Somani School Marg, Cuffe Parade,, Mumbai,  Maharashtra - 400005, INDIA	A82345844
3	90144587	08/03/2010 *	35,820,000.00	Bank of Baroda	Cuffe Parade Branch, G. D. Somani School Building,  , G.D. Somani School Marg, Cuffe Parade,, Mumbai,  Maharashtra - 400005, INDIA	A81954406
4	90148332	17/07/2003	10,500,000.00	BANK OF BARODA	CUFFE PARADE BRANCH, MUMBAI, Maharashtra - 400005  , INDIA	-

FIXED ASSETS

· Land and Building

· Air Conditioner

· Electrical Installation

· Office Equipments

· Plant and Machinery

· Computers

· Vehicle

· Furniture and Fixtures

· Generator Machine

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.62.19
UK Pound	1	Rs.92.93
Euro	1	Rs.68.03

INFORMATION DETAILS

Information Gathered by :	RKA
Analysis Done by :	RSM
Report Prepared by :	RNK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--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	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		46

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.