MIRA INFORM REPORT

Report No. :	352605
Report Date :	05.12.2015

IDENTIFICATION DETAILS

Name :	SABOO COATINGS PRIVATE LIMITED (w.e.f. 03.08.2015)
Formerly Known As :	SABOO COATINGS LIMITED SABOO BRALAC LABORATORIES LIMITED
Registered Office :	SCO 88, 89 Sector 8 C, Madhya Marg, Chandigarh – 160018
Tel. No.:	91-172-2548223
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.09.1994
Com. Reg. No.:	53-015100
Capital Investment / Paid-up Capital :	Rs.29.600 Million
CIN No.: [Company Identification No.]	U24231CH1994PTC015100
IEC No.:	2298000093
TAN No.: [Tax Deduction & Collection Account No.]	PTLS12521F
PAN No.: [Permanent Account No.]	AACCS9993B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of coating paints lacquers industrial coatings. (From Indirect Sources)
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 170000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1994, it is engaged into manufacturing of coating paints lacquers industrial coatings. It is established company having satisfactory track record. The ratings derive strength from the comfortable financial risk profile characterized by low leverage, comfortable debt coverage indicators along with decent liquidity position of the company. The ratings also derive strength from experience of promoters and well-established position of the company in the industry and healthy operational activities with good profitability margin during the year under review. Trade relations are fair. Business is active. Payments are reported to be usually correct. In view of aforesaid, the company can be considered normal for 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2015.

INFORMATION DENIED

Management Non Co-operative (911762-522107)

LOCATIONS

Registered / Corporate Office :	SCO 88, 89 Sector 8 C, Madhya Marg, Chandigarh – 160018, India
Tel. No.:	91-172-2548223/24/27, 2544378/79
Fax No.:	91-172-2548302
E-Mail :	scl@saboocoatings.com pawan.goyal@kddl.com
Website :	http://www.saboocoatings.com
Factory :	Haibatpur Road, Derabassi – 140507, Punjab, India
Tel. No.:	91-1762-522111/ 522101/ 522107
Fax No.:	91-1762-522110
E-Mail :	info@saboocoatings.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Subhash Chandra

Designation :

Managing Director

Address :

Flat No. 42, Gh-7, Mansa Devi Complex, Sector-5, Panchkula - 134109, Haryana, India

Date of Birth/Age :

16.07.1942

Date of Appointment :

01.04.2015

DIN No.:

00021712

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	U24231CH1994PTC015100	SABOO COATINGS Private Limited	Managing director	01/04/2015	01/04/2002	Active	NO
2	U25209CH1994PLC014126	Vardhan International Limited	Whole-time director	01/04/2012	20/04/2009	Active	NO
3	U74899DL1983PTC107973	SUGAM PRECISION PRIVATE LIMITED	Director	30/09/2009	24/08/2009	Active	NO
4	U72900CH2010PTC032151	CONNEXITY TECHNOLOGIES PRIVATE LIMITED	Director	12/04/2010	12/04/2010	Strike off	NO
5	U24222CH2014PTC034995	Saboo Specialty Coatings Private Limited	Director	27/02/2014	27/02/2014	Active	NO

Name :

Mr. Yashovardhan Saboo

Designation :

Director

Address :

House No.1, Sector 5, Chandigarh - 160008, India

Date of Birth/Age :

24.08.1958

Date of Appointment :

17.05.2003

DIN No.:

00012158

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	L33302HP1981PLC008123	KDDL LIMITED	Managing director	01/04/2014	25/03/1981	-	Active	NO
2	L74899DL1962PLC003634	HINDUSTAN EVEREST TOOLS LIMITED	Director	19/11/1992	19/11/1992	30/06/2009	Active	NO
3	U25209CH1994PLC014126	Vardhan International Limited	Director	18/01/1994	18/01/1994	-	Active	NO
4	U85110KA1994PTC016562	VBL INNOVATIONS Private Limited	Director	16/11/1994	16/11/1994	-	Active	NO
5	U33302HP1994PLC031126	HIMACHAL FINE BLANK LIMITED	Director	08/12/1994	08/12/1994	-	Amalgamated	NO
6	U51909UP1985PLC056366	AMRIT BANASPATI COMPANY LIMITED	Director	02/02/1995	02/02/1995	06/07/2007	Active	NO
7	U33309CH1996PLC018732	KAMLA TESIO DIALS LIMITED	Director	09/09/1996	09/09/1996	-	Active	NO
8	U51909WB1995PTC069580	GIRINANDINI MERCANTILE PRIVATE LIMITED	Director	24/04/2000	24/04/2000	02/06/2014	Active	NO
9	U70101CH1973PLC030714	VARDHAN PROPERTIES & INVESTMENT LIMITED	Alternate director	27/03/2001	27/03/2001	27/05/2013	Active	NO
10	U24231CH1994PTC015100	SABOO COATINGS Private Limited	Director	17/05/2003	17/05/2003	-	Active	NO
11	U91110DL2004NPL128854	ALL INDIA FEDERATION OF HOROLOGICAL INDUSTRIES	Director	06/09/2004	06/09/2004	-	Active	NO
12	U36911CH2004PLC027767	SATVA JEWELLERY AND DESIGN LIMITED	Director	23/12/2004	23/12/2004	-	Active	NO
13	L21012PB1997PLC035243	KUANTUM PAPERS LIMITED	Director	08/08/2014	24/07/2007	-	Active	NO
14	U52300HP2007PLC030800	Ethos Limited	Managing director	01/12/2014	05/11/2007	-	Active	NO
15	U74994DL2008PLC183646	MAHEN BOUTIQUES LIMITED	Director	24/09/2008	24/09/2008	-	Amalgamated	NO
16	U93000CH2009PLC031625	MAHEN DISTRIBUTION LIMITED	Director	28/05/2009	28/05/2009	-	Active	NO
17	U72900CH2010PTC032151	CONNEXITY TECHNOLOGIES PRIVATE LIMITED	Director	12/04/2010	12/04/2010	05/03/2013	Strike off	NO
18	U72900CH2011PLC032758	DREAM DIGITAL TECHNOLOGY LIMITED	Director	22/02/2011	22/02/2011	-	Active	NO
19	U74900DL2008NPL183742	Swiss Indian Chamber of Commerce India	Director	29/09/2014	28/11/2013	-	Active	NO
20	AAB-3181	SABOO VENTURES LLP	Designated Partner	15/01/2013	15/01/2013	-	Active	NO

Name :

Mr. Rajendra Kumar Saboo

Designation :

Director

Address :

House No.1, Sector 5, Chandigarh - 160008, India

Date of Birth/Age :

11.08.1934

Date of Appointment :

10.03.2005

DIN No.:

00012194

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	U70101CH1973PLC030714	VARDHAN PROPERTIES & INVESTMENT LIMITED	Director	21/04/1973	21/04/1973	-	Active	NO
2	L33302HP1981PLC008123	KDDL LIMITED	Whole-time director	01/12/2013	08/01/1981	-	Active	NO
3	U72900CH2004PTC027310	LEXDATA INDIA PRIVATE LIMITED	Director	16/07/2004	16/07/2004	23/05/2008	Strike off	NO
4	U24231CH1994PTC015100	SABOO COATINGS Private Limited	Director	10/03/2005	10/03/2005	-	Active	NO
5	U24220KA2009PTC048821	Saboo Hesse Wood Coatings Private Limited	Director	30/09/2013	04/02/2013	-	Active	NO
6	U24222CH2014PTC034995	Saboo Specialty Coatings Private Limited	Director	27/02/2014	27/02/2014	-	Active	NO
7	AAB-3181	SABOO VENTURES LLP	Designated Partner	15/01/2013	15/01/2013	-	Active	NO

Name :

Mr. Kesavaram Srinivasaiah Booravalli

Designation :

Director

Address :

# S-102, 11/1 Parisara Flying View, Jakkur Main Road, Byatarayanapura, Bangalore - 560092, Karnataka, India

Date of Birth/Age :

15.11.1954

Date of Appointment :

31.03.2015

DIN No.:

00022629

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	U24231CH1994PTC015100	SABOO COATINGS Private Limited	Director	31/03/2015	01/04/2006	Active	NO
2	U25209CH1994PLC014126	Vardhan International Limited	Director	26/09/2009	20/04/2009	Active	NO
3	U24220KA2009PTC048821	Saboo Hesse Wood Coatings Private Limited	Managing director	01/04/2015	04/02/2013	Active	NO

Name :

Mr. Jai Vardhan Saboo

Designation :

Director

Address :

House No.1, Sector 5, Chandigarh - 160008, India

Date of Birth/Age :

07.07.1963

Date of Appointment :

10.03.2005

DIN No.:

00025499

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	U70101CH1973PLC030714	VARDHAN PROPERTIES & INVESTMENT LIMITED	Director	12/08/1994	12/08/1994	27/05/2013	Active	NO
2	U72900CH2004PTC027310	LEXDATA INDIA PRIVATE LIMITED	Director	16/07/2004	16/07/2004	23/05/2008	Strike off	NO
3	U24231CH1994PTC015100	SABOO COATINGS Private Limited	Director	10/03/2005	10/03/2005	-	Active	NO
4	U25209CH1994PLC014126	Vardhan International Limited	Director	27/09/2008	15/10/2007	27/05/2013	Active	NO
5	U52300HP2007PLC030800	Ethos Limited	Director	17/09/2009	14/02/2009	-	Active	NO
6	U72900CH2010PTC032151	CONNEXITY TECHNOLOGIES PRIVATE LIMITED	Director	20/05/2010	20/05/2010	05/03/2013	Strike off	NO
7	U24220KA2009PTC048821	Saboo Hesse Wood Coatings Private Limited	Director	30/09/2013	04/02/2013	10/01/2014	Active	NO

Name :

Mr. Lalit Mohan Suri

Designation :

Director

Address :

Kothi No. 36, Sector-9A, Chandigarh - 160001, India

Date of Birth/Age :

07.03.1948

Date of Appointment :

17.04.2001

DIN No.:

00026285

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	U24231CH1994PTC015100	SABOO COATINGS Private Limited	Director	17/04/2001	17/04/2001	-	Active	NO
2	L15141UP1940PLC000946	AMRIT CORP. LIMITED	Director	29/04/2004	29/04/2004	04/07/2007	Active	NO
3	U51909UP1985PLC056366	AMRIT BANASPATI COMPANY LIMITED	Director	14/09/2007	24/07/2007	16/07/2010	Active	NO

Name :

Mr. Narottam Das Agrawal

Designation :

Director

Address :

House No. 116, Sector 18-A, Chandigarh - 160018, India

Date of Birth/Age :

10.07.1935

Date of Appointment :

26.09.2009

DIN No.:

00224750

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	U70101CH1973PLC030714	VARDHAN PROPERTIES & INVESTMENT LIMITED	Director	17/02/1999	17/02/1999	-	Active	NO
2	U25209CH1994PLC014126	Vardhan International Limited	Director	01/11/2003	01/11/2003	20/04/2009	Active	NO
3	U45202CH2006PTC029639	KAROL VIEW DEVELOPERS PVT LTD	Director	03/02/2006	03/02/2006	-	Active	NO
4	U24231CH1994PTC015100	SABOO COATINGS Private Limited	Director	26/09/2009	10/12/2008	-	Active	NO
5	U74140CH2012PTC033479	NCC ADVISORS PRIVATE LIMITED	Director	12/01/2012	12/01/2012	-	Active	NO

Name :

Mr. Hemant Kumar Arora

Designation :

Director

Address :

435, Civil Lines, Roorkee Hardwar - 247667, Uttarakhand, India

Date of Birth/Age :

23.09.1952

Date of Appointment :

17.09.2008

DIN No.:

02183588

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	U24231CH1994PTC015100	SABOO COATINGS Private Limited	Director	17/09/2008	10/05/2008	Active	NO
2	AAE-4095	HEMANT ARORA & CO. LLP	Designated Partner	20/07/2015	20/07/2015	Active	NO

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
R. K. Saboo	640000
Asha Devi Saboo	10100
L M Suri	12
Rohit Khanna	120
Dinesh Aggarwal	120
Subhash Chandra	20000
B S Kesavaram	20000
Saboo Ventures LLP	2269648
Total	2960000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	76.68
Directors or relatives of Directors	23.32
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of coating paints lacquers industrial coatings. (From Indirect Sources)

Products :

Product Description	ITC Code
Lacquers / Primers	3208.2090
Thinners	3814.0010

Spray Paints and Lacquers

• Clear and Colored Flamboyant Lacquers
• Metallic and Opaque Paints
• Pearl - Effect Paints
• Fluorescent Daylight Paints
• Soft Feel Lacquers
• Cracking Effect Paints
• Two Tone Effect (Grigita) Paints
• Dyestuff Solutions
• Wood Sealers and Lacquers
• PU Surfacer, Etch and Adhesion Primers

Electrophoretic Lacquers

Clear, Colored, Opaque, Dyes, Solvent

Lead-Free

Clear, Colored, Opaque

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS – (2013-2014)

Particulars	2013-2014
Licensed Capacity	NA
Installed Capacity (Liters) [As certified by the management and not verified by the auditors, being a technical matter]	2745000
Actual Production (Lacquer and Thinner)	2294363 Kgs.

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Banker Name :	Bank of India
Branch :	Sector 32, Chandigarh, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India

· Centurion Bank of Punjab Limited, SCO 46-47, Sector 9 D, Chandigarh - 160009, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Term loan – Bank of India	1.888	3.697
Vehicle loan	0.000	0.388
Short Term Borrowings
Loans repayable on demand	65.902	68.054
Total	67.790	72.139

Auditors :
Name :	S.S. Kothari Mehta and Company Chartered Accountants
Address :	S.C.O. 19, 1st Floor, Sector 11, Panchkula – 134109, Haryana, India
Tel. No.:	91-172-5066820
E-mail :	dineshkabrol@gmail.com sschd@gmail.com
PAN No.:	ABOFS7294K
Memberships :	Not Divulged
Collaborators :	Not Divulged
Entities over which significant influence is exercised by the company / key management personnel (wither individually or with others) :	· Saboo Ventures LLP (Holding Concern) · KDDL Limited · Vardhan International Limited · Ethos Limited · Infoscient Inc. · Saboo Hesse Wood Coatings Private Limited (Formerly Hesse Diamond Wood Coatings Private Limited)

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
2960000	Equity Shares	Rs.10/- each	Rs.29.600 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	29.600	29.600	29.600
(b) Reserves & Surplus	30.634	24.066	20.222
(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)	60.234	53.666	49.822
(3) Non-Current Liabilities
(a) long-term borrowings	7.302	14.500	18.030
(b) Deferred tax liabilities (Net)	6.988	7.364	5.476
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.471	3.111	3.319
Total Non-current Liabilities (3)	17.761	24.975	26.825
(4) Current Liabilities
(a) Long-term borrowings- Current maturities	10.237	12.511	20.312
(b) Short term borrowings	65.902	68.054	66.663
(c) Trade payables	70.930	76.643	70.350
(d) Other current liabilities	23.261	22.326	20.729
(e) Short-term provisions	5.458	2.216	1.998
Total Current Liabilities (4)	175.788	181.750	180.052
TOTAL	253.783	260.391	256.699
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	72.854	76.311	74.157
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.815
(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	1.046	0.722	1.098
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	73.900	77.033	76.070
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	61.402	59.205	57.589
(c) Trade receivables	108.716	112.208	112.531
(d) Cash and cash equivalents	5.196	3.523	3.744
(e) Short-term loans and advances	4.569	8.422	6.765
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	179.883	183.358	180.629
TOTAL	253.783	260.391	256.699

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		506.462	506.750	468.477
		Other Income		0.450	0.240	0.093
		TOTAL (A)		506.912	506.990	468.570
Less	EXPENSES
		Cost of Materials Consumed		351.876	353.670	337.170
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(0.035)	5.134	1.050
		Employee Benefits Expenses		57.766	50.771	49.818
		Other Expenses		68.298	75.032	63.211
		Excise duty on change in stocks		(0.050)	(0.506)	0.245
		TOTAL (B)		477.855	484.101	451.494
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			29.057	22.889	17.076
Less	FINANCIAL EXPENSES (D)			10.833	11.698	13.177
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			18.224	11.191	3.899
Less	DEPRECIATION/ AMORTISATION (F)			5.283	5.356	4.923
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			12.941	5.835	(1.024)
Less	TAX (H)			4.641	1.991	(0.429)
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			8.300	3.844	(0.595)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			24.066	20.222	20.817
Less	APPROPRIATIONS
			Proposed Dividend	1.480	0.000	0.000
			Tax on proposed Dividend	0.252	0.000	0.000
	BALANCE CARRIED TO THE B/S			30.634	24.066	20.222
	IMPORTS
			Raw Materials	8.820	9.668	7.150
			Stores & Instruments / Equipments	0.000	0.000	0.204
	TOTAL IMPORTS			8.820	9.668	7.354
	Earnings Per Share (Rs.)			2.80	1.30	(0.20)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	10.237	12.511	20.312
Cash generated from operations	32.847	28.963	19.592
Net cash flow from (used in) operations	27.830	28.860	19.736

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	1.64	0.76	(0.13)
Operating Profit Margin (PBDIT/Sales)	(%)	5.74	4.52	3.65
Return on Total Assets (PBT/Total Assets)	(%)	5.10	2.24	(0.40)
Return on Investment (ROI) (PBT/Networth)		0.21	0.11	(0.02)
Debt Equity Ratio (Total Debt /Networth)		1.39	1.77	2.11
Current Ratio (Current Asset/Current Liability)		1.09	1.08	1.13

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	29.600	29.600	29.600
Reserves & Surplus	20.222	24.066	30.634
Net worth	49.822	53.666	60.234
long-term borrowings	18.030	14.500	7.302
Short term borrowings	66.663	68.054	65.902
Current Maturities of Long term debt	20.312	12.511	10.237
Total borrowings	105.005	95.065	83.441
Debt/Equity ratio	2.108	1.771	1.385

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	468.477	506.750	506.462
		8.170	(0.057)

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	468.477	506.750	506.462
Profit	(0.595)	3.844	8.300
	(0.13%)	0.76%	1.64%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Security from dealers	1.714	1.740
Inter-corporate deposit	2.000	2.000
Fixed deposit	1.700	6.675
Total	5.414	10.415

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10534756	13/11/2014	800,000.00	Bank of India	Sector - 32 Branch, Chandigarh- 160032, India	C35775865
2	90175932	28/12/2011 *	73,000,000.00	Bank of India	Sector - 32 Branch, Chandigarh- 160032, India	B30478028

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Electrical Installations

· Furniture and Fixtures

· Computers

· Miscellaneous Fixed Assets

· Lab Equipments

· Vehicles

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.66.84
UK Pound	1	Rs.101.04
Euro	1	Rs.73.05

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAS
Report Prepared by :	NKT

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	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	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		47

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.