MIRA INFORM REPORT

Report No. :	317774
Report Date :	16.04.2015

IDENTIFICATION DETAILS

Name :	PROCTER AND GAMBLE HOME PRODUCTS PRIVATE LIMITED
Formerly Known As :	PROCTER AND GAMBLE HOME PRODUCTS LIMITED (w.e.f.25.10.1993) PERSONAL CARE PRODUCTS LIMITED (w.e.f.17.08.1993) PERSONAL CARE PRODUCTS PRIVATE LIMITED
Registered Office :	P and G Plaza, Cardinal Gracias Road, Chakala, Andheri (East), Mumbai - 400099, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.01.1989
Com. Reg. No.:	11-050398
Capital Investment / Paid-up Capital :	Rs. 525.000 Million
CIN No.: [Company Identification No.]	U24240MH1989PTC050398
TAN No.: [Tax Deduction & Collection Account No.]	MUMP10704B
PAN No.: [Permanent Account No.]	AAACP4072C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing, Trading and Selling of branded packaged fast moving consumer goods in the fabric and home care, baby care, skin care and hair care businesses.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 63898000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is a subsidiary of “Procter and Gamble Overseas India BV, Netherlands It is an established company having satisfactory track record. The company is continuously incurring losses from its operation. However, net worth of the company is good. It also enjoys established market position and reputation. It has huge customer base. Trade relation reported to be fair. Business is active. Payment terms are reported to be usually correct and as per commitment. The company can be considered normal for business dealing 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 – 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

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 DENIED

MANAGEMENT NON-COOPERATIVE

(TEL NO.: 91-22-28266000)

LOCATIONS

Registered Office :	P and G Plaza, Cardinal Gracias Road, Chakala, Andheri (East), Mumbai - 400099, Maharashtra, India
Tel. No.:	91-22-28266000/ 40543618
Fax No.:	91-22-66939696/ 66939698
E-Mail :	ramachandran.v.3@pg.com nair.cs@pg.com tawde.r@pg.com vyas.a@pg.com bishnoi.p@pg.com
Website :	http://www.pg.com http://www.pg-india.com
Factory 1 :	Plot No.182, Sector A, Industrial Area, Mandideep, District Raisen – 462010, Madhya Pradesh, India
Factory 2 :	Located at: · Baddi, Himachal Pradesh, India

DIRECTORS

AS ON 17.09.2014

Name :

Mr. Shantanu Maharaj Khosla

Designation :

Managing director

Address :

Gool Rukh, Ground Floor, Plot No.83, Khan Abdul Gaffar Road, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

25.01.1960

Qualification :

B. Tech (Mech. Engg), MBA

Date of Appointment :

01.10.2014

DIN No.:

00059877

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	L24239MH1964PLC012971	PROCTER & GAMBLE HYGIENE AND HEALTH CARE LIMITED	Managing director	01-06-2012	27-08-2001	-	Active	NO
2	U91200MH1985GAP037820	THE ADVERTISING STANDARDS COUNCIL OF INDIA	Director	16-07-2005	16-07-2005	-	Active	NO
3	L28931RJ1984PLC002890	GILLETTE INDIA LIMITED	Managing director	29-01-2012	26-10-2005	-	Active	NO
4	U24240MH1989PTC050398	PROCTER & GAMBLE HOME PRODUCTS PRIVATE LIMITED	Director	01-10-2014	01-08-2007	-	Active	NO
5	U51100MH1975PTC018207	TEMPLE TREES IMPEX AND INVESTMENT PRIVATE LIMITED	Director	30-09-2010	12-03-2010	-	Active	NO
6	U74900MH1994PTC192968	WELLA INDIA HAIRCOSMETICS PRIVATE LIMITED	Director	28-09-2011	16-05-2011	18-03-2013	Active	NO

Name :

Mr. Karthik Natarajan

Designation :

Director

Address :

Flat No. 1001 / 1002, Hi Con Heights, 24th Road, Bandra West, Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

28.06.1977

Qualification :

CA

Date of Appointment :

26.09.2013

DIN No.:

06685891

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	Company/ LLP Status	Defaulting status
1	U24240MH1989PTC050398	PROCTER & GAMBLE HOME PRODUCTS PRIVATE LIMITED	Director	26-09-2013	20-09-2013	Active	NO
2	L24239MH1964PLC012971	PROCTER & GAMBLE HYGIENE AND HEALTH CARE LIMITED	Additional director	01-10-2014	01-10-2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Ishan Sonthalia
Designation :	Company Secretary
Address :	Akruti Orchird Park, Flat No 304 F, Andheri Kurla Road, Sakinaka, Mumbai - 400072, Maharashtra, India
Date of Birth/Age :	23.06.1987
Date of Appointment :	07.02.2014
PAN No.:	BLLPS8214Q

MAJOR SHAREHOLDERS

AS ON 17.09.2014

Names of Shareholders	No. of Shares
Procter and Gamble Overseas India B.V., Netherlands	52497348
Procter and Gamble Far East Inc., USA	1
Procter and Gamble NPD Inc., USA	1
The Procter and Gamble Company, USA	1
The Procter and Gamble Distribution Company Limited, USA	1
The Procter and Gamble Manufacturing Co., USA	1
Procter and Gamble Canada Holding B.V., Netherlands	1
Total	52497354

AS ON 17.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Trading and Selling of branded packaged fast moving consumer goods in the fabric and home care, baby care, skin care and hair care businesses.

Products :

ITC Code No.	Product Descriptions
34029011	Detergents
33051090	Shampoo and Conditioners

Brand Names :

· Ambi Pur

· Ariel

· Duracell

· Gillette

· Head & Shoulders

· Olay

· Oral-B

· Pampers

· Pantene

· Tide

· Vicks

· Wella

· Whisper

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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	Not Divulged
Branch Address	Not Divulged
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

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Indiabulls Finance Centre Tower, 3/27-32 Floor, Elphistone Mill Compound, Senapati Bapat Marg, Elphistone (West), Mumbai-400013, Maharashtra, India
PAN No.:	AACFD4815A
Holding Company :	Procter and Gamble Overseas India BV, The Netherlands
Ultimate Holding Company :	The Procter and Gamble Company, USA
Fellow Subsidiaries :	· Fameccanica Machinery (Shanghai) Company Limited · Fameccanica.Data S.P.A. · P&G Innovation Godo Kaisha · Procter & Gamble Product Supply (U.K.) Limited · PT. Procter & Gamble Operations Indonesia · Procter & Gamble Service Gmbh · Procter & Gamble Vietnam Co. Limited · Gillette Diversified Operations Private Limited · Gillette India Limited · Procter and Gamble Indochina Company Limited · Procter and Gamble Northeast Asia Pte Limited - Japan Br · Procter and Gamble (China) Sales Co., Limited. · PT Procter and Gamble Home Products Indonesia · Procter and Gamble Europe SA Singapore Branch · Procter and Gamble Hygiene and Health Care Limited · The Procter and Gamble US Business Services Company · Procter and Gamble International Operations Pte. Limited · Procter and Gamble International Operations SA · Procter and Gamble International Operations SA Singapore Br. · Procter and Gamble International Operations SA-ROHQ · Procter and Gamble Kabushiki Kaisha · Procter and Gamble Malaysia Sdn Bhd · Procter and Gamble Manufacturing (Thailand) Limited · Procter and Gamble Manufacturing Gmbh · Procter and Gamble Services Company NV · Procter and Gamble (Guangzhou) Limited · Procter and Gamble Bangladesh Private Limited · The Procter and Gamble Distributing LLC · Procter and Gamble Philippines, Inc. · Procter and Gamble Productions, Inc. · Wella India Hair Cosmetics Private Limited · Gillette Products Private Limited
The Group Companies of The Procter and Gamble Company USA include, among others :	· Procter and Gamble India Holdings BV · Procter and Gamble Luxembourg Global SARL · Procter and Gamble Canada Holding BV · Procter and Gamble Iron Horse Holding BV · Procter and Gamble International SARL · Procter and Gamble Overseas Canada, BV · Procter and Gamble Eastern Europe LLC · Procter and Gamble India Holdings Inc. · Procter and Gamble Overseas India BV · Procter and Gamble Nordic LLC · Procter and Gamble International Operations, SA · Procter and Gamble Asia Holding BV. · Procter and Gamble Global Holdings Limited · Gillette Group (Europe) Holdings, BV Rosemount BV. · Rosemount BV

CAPITAL STRUCTURE

AFTER 17.09.2014

Authorised Capital : Rs. 750.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 569.974 Million

AS ON 17.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
75,000,000	Equity Shares	Rs.10/- each	Rs. 750.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
52,497,354	Equity Shares	Rs.10/- each	Rs. 525.000 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	525.000	425.800	281.600
(b) Reserves & Surplus	21839.400	15309.500	9320.800
(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)	22364.400	15735.300	9602.400
(3) Non-Current Liabilities
(a) Long-term borrowings	55.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	21.000	21.000	0.200
(d) long-term provisions	34.800	22.700	16.500
Total Non-current Liabilities (3)	110.800	43.700	16.700
(4) Current Liabilities
(a) Short term borrowings	6363.800	5398.500	5821.400
(b) Trade payables	8220.700	8154.000	6652.300
(c) Other current liabilities	2557.600	3156.100	2345.500
(d) Short-term provisions	583.100	587.400	65.500
Total Current Liabilities (4)	17725.200	17296.000	14884.700
TOTAL	40200.400	33075.000	24503.800
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15822.100	14016.200	8808.500
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	8249.200	4971.200	5270.800
(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	2933.700	3340.200	1938.600
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	27005.000	22327.600	16017.900
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4601.400	4568.200	3794.900
(c) Trade receivables	3167.300	2963.700	2593.400
(d) Cash and cash equivalents	3407.500	1639.000	920.200
(e) Short-term loans and advances	1916.600	1441.400	1134.800
(f) Other current assets	102.600	135.100	42.600
Total Current Assets	13195.400	10747.400	8485.900
TOTAL	40200.400	33075.000	24503.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	53811.100	48313.300	39303.900
		Other Income	163.000	159.300	210.300
		TOTAL (A)	53974.100	48472.600	39514.200
Less	EXPENSES
		Cost of Materials Consumed	25819.000	24581.400	18045.100
		Purchases of Stock-in-Trade	1875.400	2061.400	3479.200
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	126.400	-594.800	-220.800
		Employees benefits expense	2680.300	2485.400	2195.100
		Other expenses	22452.000	22852.300	18247.900
		TOTAL (B)	52953.100	51385.700	41746.500
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1021.000	(2913.100)	(2232.300)
Less	FINANCIAL EXPENSES (D)		635.800	641.700	576.600
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		385.200	(3554.800)	(2808.900)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1385.100	1260.400	724.600
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(999.900)	(4815.200)	(3533.500)
Less	TAX (H)		6.000	157.600	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(1005.900)	(4972.800)	(3533.500)
	EARNINGS IN FOREIGN CURRENCY
		Exports of goods calculated on F.O.B. basis	115.200	91.000	83.700
		Research & Development income	67.000	151.900	200.500
		Business process outsourcing income	25.800	0.000	0.000
		Others (freight, insurance etc.)	4.400	4.000	3.800
	TOTAL EARNINGS		212.400	246.900	288.000
	IMPORTS
		Raw Materials	4596.200	4871.500	2414.200
		Packing materials	0.000	0.000	298.300
		Stores & Spares	121.400	108.200	99.400
		Capital Goods	1863.500	1993.200	2259.400
	TOTAL IMPORTS		6581.100	6972.900	5071.300
	Earnings/ (Loss) Per Share (Rs.)		(21.48)	(149.37)	(161.68)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(1.87)	(10.29)	(8.99)
Operating Profit Margin (PBDIT/Sales)	(%)	1.90	(6.03)	(5.68)
Return on Total Assets (PBT/Total Assets}	(%)	(3.13)	(17.13)	(18.37)
Return on Investment (ROI) (PBT/Networth)		(0.04)	(0.31)	(0.37)
Debt Equity Ratio (Total Debt/Networth)		0.29	0.34	0.61
Current Ratio (Current Asset/Current Liability)		0.74	0.62	0.57

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	281.600	425.800	525.000
Reserves & Surplus	9320.800	15309.500	21839.400
Net worth	9602.400	15735.300	22364.400
Long-term borrowings	0.000	0.000	55.000
Short term borrowings	5821.400	5398.500	6363.800
Total borrowings	5821.400	5398.500	6418.800
Debt/Equity ratio	0.606	0.343	0.287

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	39303.900	48313.300	53811.100
		22.922	11.379

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	39303.900	48313.300	53811.100
Profit/ (Loss)	(3533.500)	(4972.800)	(1005.900)
	(8.99%)	(10.29%)	(1.87%)

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	Yes
23]	Banking Details	No
24]	Banking facility details	No
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	No

LITIGATION DETAILS

LITIGATION DETAILS
Bench:- Bombay
Presentation Date: 20.02.2015
Lodging No. :	ARBPL/343/2015	Filling Date:-	20/02/2015
Petitioner:-	JHS SVENDGAARD LABORATORIES LTD.		Respondent:-	PROCTER AND GAMBLE HOME PRODUCTS PRIVATE LIMITED
Petn.Adv:-	HALAI AND CO (I1036)		Resp. Adv.:	0 (0)
District:-	OUTSIDE MAHARASHTRA
Bench:-	SINGLE
Status:-	Pre-Admission		Category:-	ARBITRATION ACT.
Act. :	Income Tax Act,1961			Under Section 260A

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWING
Loans and advances from related parties	55.000	0.000
SHORT TERM BORROWING
Loans and advances from related parties	6363.800	5398.500
Total	6418.800	5398.500

CORPORATE INFORMATION

The Company is a public company incorporated under the provisions of the Companies Act, 1956. The company is engaged in the manufacturing, trading and selling of branded packaged fast moving consumer goods in the fabric and home care, baby care, skin care and hair care businesses. The company's products are sold through retail operations including mass merchandisers, grocery stores, membership club stores, drug stores, department stores, and high frequency stores. The Company has its manufacturing locations at Mandideep, Madhya Pradesh and Baddi - Himachal Pradesh, apart from third party manufacturing locations spread across India.

PERFORMANCE

Amidst overall market slowdown, net sales at Rs. 53620.000 Million were up by 11 % against sales of Rs.48100.000 Million in the previous Financial Year driven by balanced growth across all the category especially by Baby Care and Fabric and Home Care.

Loss before Tax (LBT) is Rs. 1000.000 Million as compared to LBT of Rs. 4870.000 Million for the previous Financial Year. Significant structural improvement behind pricing and mix improvement lead to improved results. Continued focus on end to end efficiencies resulted in positive cash flows from operation of Rs. 900.000 Million against negative cash flows of Rs. 2690.000 Million in previous Financial Year.

CONTINGENT LIABILITIES (AS ON 31.03.2014):

1) In respect of Income Tax demands for which the company has preferred appeals with appropriate authorities - Rs. 1575.400 Million (Previous year : Rs. 1052.300 Million). The contingent liability is in respect of income tax matters relating to disallowances on account of suppression of gross profit, media production cost and other matters.

2) In respect of Sales tax matters for which the company has preferred appeals with appropriate authorities - Rs. 885.200 Million (Previous year Rs. 829.000 Million). The liability is in respect to matters related to non submission of "C" / "F" forms Rs. 497.700 Million (Previous year Rs. 486.800 Million), disallowances relating to Rs. 26.900 Million (Previous year Rs. 26.900 Million), Brand holder issues Rs. 100.600 Million (Previous year Rs. 100.600 Million), Valuation Rs. 6.000 Million (Previous year Rs. 6.000 Million), Entry Tax Rs. 80.200 Million (Previous year Rs. 80.400 Million) and Others Rs. 173.800 Million (Previous year Rs. 128.300 Million).

3) In respect of Excise, Service tax and Customs Duty matters for which the company has preferred appeals with appropriate authorities - Rs. 296.600 Million (Previous year Rs. 273.700 Million). The liability is in respect to matters related to valuation of detergents Rs. 103.800 Million (Previous year Rs. 103.500 Million) applicability of service tax on foreign payments Rs. 16.100 Million (Previous year Rs. 16.100 Million) denial of cenvat credit Rs. 149.700 Million (Previous year Rs. 127.000 Million), customs duty Rs. 23.900 Million (Previous year Rs. 23.900 Million) and others Rs. 3.200 Million (Previous year Rs. 3.200 Million).

Items in respect of which the Company has succeeded in appeal, but the Excise department is pursuing/likely to pursue in appeal / reference and exclusive of the effect of similar matters in respect of assessments remaining to be completed: Excise valuation matter Rs. 255.300 Million (Previous year Rs. Nil).

4) In respect of counter guarantees given to bank against guarantees given by bank Rs. 376.900 Million (Previous year Rs. 419.100 Million). At the request of the Company, its banks have issued guarantees in the event of the Company failing to fulfil its performance obligation under various commercial agreements. The Company has issued counter guarantees to the banks in respect of these guarantees.

5) In respect of other claims Rs. 52.100 Million (Previous year : Rs. 3.200 Million). The Company is a party to various legal proceedings in the normal course of business. The Company does not expect the outcome of these proceedings to have a material adverse effect on the Company's financial conditions, results of operations or cash flows.

6) In respect of demand from Employees State Insurance Corporation Rs. 27.200 Million (Previous year Rs. 27.200 Million) Future cash flow in respect of the above, if any, is determinable only on receipt of judgments / decisions pending with the relevant authorities. The Company does not expect the outcome of matters stated above to have a material adverse effect on the Company's financial condition, results of operations or cash flows.

FIXED ASSETS:

· Land

· Building

· Plant and equipment

· Office equipment

· Vehicles

· Furniture and Fixture

· Goodwill

· Brands and trade marks

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. 62.40
UK Pound	1	Rs. 92.15
Euro	1	Rs. 66.48

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	BVA

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	6
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	YES
--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		45

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.