MIRA INFORM REPORT

IRA INFORM REPORT

Report No. :	312542
Report Date :	20.03.2015

IDENTIFICATION DETAILS

Name :	ADVANCE SURFACTANTS INDIA LIMITED (w.e.f. 24.11.2006)

Formerly Known As :	ADVANCE DETCHEM LIMITED

Registered Office :	511/2/1, Rajokri, New Delhi - 110038

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	10.08.1998

Com. Reg. No.:	55-095458

Capital Investment / Paid-up Capital :	Rs. 446.799 Million

CIN No.: [Company Identification No.]	U74899DL1998PLC095458

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Subject is engaged in manufacturing of LABSA (Linear Alkyl Benzene Sulphonic Acid) which is used as a raw material for manufacturing detergents.

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 3700000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. As per ROC the date of balance sheet (i.e. financial filed) is shown as 31.03.2014 but the documents related to the financial for the year 2014 are not available from any sources. As per available financial of 2013, general financial position of the company seems to be sound. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal for business 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

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	CRISIL
Rating	Long term rating: BBB+
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	20.02.2015

Rating Agency Name	CRISIL
Rating	Short term rating: A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	20.02.2015

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 DECLINED BY

Name :	Mr. Vikas Purndir
Designation :	Export Department
Contact No.:	91-9650097056
Date :	17.03.2015

LOCATIONS

Registered Office / Head Office:	511/2/1, Rajokri, New Delhi – 110038, India
Tel. No.:	91-11-25060801/804/25062992
Mobile No.:	91-9650097056 (Mr. Vikas Purndir)
Fax No.:	91-2506306025060807
E-Mail :	cs@advancegroup.biz corporate@advanceindia.com sales@advaceindia.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Ashok Mahindru

Designation :

Managing director

Address :

351/15, Jacobpura, Gurgaon – 122001, Haryana, India

Date of Appointment :

28.05.2012

DIN No.:

00492444

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	U74899DL1983PLC015692	AUREOLA CHEMICALS LIMITED	Director	11-05-83	11-05-83	-	Amalgamated	NO
2	U65993DL1996PTC076140	ADVANCE FINVEST PRIVATE LIMITED	Director	08-02-96	08-02-96	-	Active	NO
3	U65910DL1996PTC080741	MAHINDRU INFRASTRUCTURE PRIVATE LIMITED	Director	30-07-96	30-07-96	-	Active	NO
4	U24233DL1991PTC045899	ASEEM DETERGENTS PRIVATE LIMITED	Director	13-12-97	13-12-97	-	Active	NO
5	U74899DL1998PTC091564	PLUS FINVEST PRIVATE LIMITED	Director	07-01-98	07-01-98	-	Active	NO
6	U74899DL1998PLC094890	ADVANCE STUDIO LIMITED	Director	30-06-07	09-07-98	05-03-09	Active	NO
7	U74899DL1998PLC095458	ADVANCE SURFACTANTS INDIA LIMITED	Managing director	28-05-12	20-08-98	-	Active	NO
8	L65921DL1991PLC043544	AKS CREDITS LIMITED	Director	05-01-99	05-01-99	-	Active	NO
9	L65910DL1988PLC033799	PURSHOTTAM INVESTOFIN LIMITED	Director	25-08-99	25-08-99	18-03-10	Active	NO
10	U65993DL1998PTC091565	CREST FINVEST PRIVATE LIMITED	Director	02-12-99	02-12-99	-	Active	NO
11	U74899DL1988PLC034467	ADVANCE DETERGENTS LIMITED	Director	20-09-00	20-09-00	-	Amalgamated	NO
12	U74899DL1987PTC029813	MAHINDRU CHEMICALS PRIVATE LIMITED	Director	18-12-01	18-12-01	12-10-09	Active	NO
13	U67120DL1996PTC079651	SAKAR PORTFOLIO PRIVATE LIMITED	Director	16-08-04	16-08-04	-	Active	NO
14	U17110MH1969PTC014334	CHAMPAK TEXTILES PRIVATE LIMITED	Director	03-09-13	01-11-04	-	Active	NO
15	U67120DL1996PTC080946	EMAN HOLDINGS PRIVATE LIMITED	Director	16-05-05	16-05-05	-	Active	NO
16	U45201DL2005PLC144243	OZO MEDIA ESTATE LIMITED	Director	30-12-05	30-12-05	05-09-09	Active	NO
17	U45202DL1996PLC185327	UNITOP APARTMENTS AND BUILDERS LIMITED	Director	05-12-06	05-12-06	-	Active	NO
18	U00501PB2006PLC029502	OZO CORPORATION LIMITED	Director	31-03-07	31-03-07	25-01-11	Active	NO
19	U93090DL2006PTC151342	OZO MANAGEMENT SERVICES PRIVATE LIMITED	Director	31-03-07	31-03-07	25-01-11	Active	NO
20	U92200DL2002PLC116719	ADVANCE NEWS SERVICES LIMITED	Director	30-08-07	30-08-07	-	Active	NO
21	U70109DL1996PTC080795	ALKA BUILDERS PRIVATE LIMITED	Additional director	30-10-07	30-10-07	25-03-08	Active	NO
22	U24241DL1997PTC089175	ADVANCE COSMETICS PRIVATE LIMITED	Director	24-09-12	06-10-08	-	Active	NO
23	U85100DL2011NPL212443	RUN FOR VISION FOUNDATION	Director	11-01-11	11-01-11	-	Active	NO
24	U74140DL2012PLC229812	EMKOR SOLUTIONS LIMITED	Director	11-01-12	11-01-12	-	Active	NO
25	U74899DL1995PTC064587	ADVANCE COAL MANAGEMENT AND MARKETING PRIVATE LIMITED	Director	24-09-12	31-03-12	-	Active	NO
26	U74899DL1998PLC095462	ADVANCE BUSINESS ENTERPRISES LIMITED	Director	27-09-12	07-05-12	-	Active	NO
27	U24243DL1985PLC021386	ADVANCE HOME AND PERSONAL CARE LIMITED	Director	02-09-13	02-09-13	-	Active	NO
28	U74899DL1998PLC094875	ADVANCE NAVOTPAD SURFACTANTS LIMITED	Director	26-11-13	26-11-13	-	Active	NO
29	U74300DL1997PLC088172	ADVANCE MARKETING AND TRADING LIMITED	Director	26-05-14	26-05-14	-	Active	NO

Name :

Mr. Ashutosh Mahindru

Designation :

Director

Address :

351/15, Jacobpura, Gurgaon – 122001, Haryana, India

Date of Appointment :

15.07.2009

DIN No.:

01850381

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	U74300DL1997PLC088172	ADVANCE MARKETING AND TRADING LIMITED	Director	10-07-97	10-07-97	-	Active	NO
2	U24241DL1997PTC089175	ADVANCE COSMETICS PRIVATE LIMITED	Director	21-08-97	21-08-97	19-11-09	Active	NO
3	U74210DL1998PTC094874	COST ENGINEERING (INDIA) PRIVATE LIMITED	Director	07-07-98	07-07-98	-	Active	NO
4	U51909DL1998PTC095491	IWIN ENTERTAINMENT PRIVATE LIMITED	Director	11-08-98	11-08-98	-	Active	NO
5	U74899DL2000PLC103514	ADVANCE BROADCASTING NETWORK LIMITED,	Director	31-01-00	31-01-00	-	Active	NO
6	U74899DL1991PTC045518	DELHI DETERGENTS PRIVATE LIMITED	Director	10-06-00	10-06-00	-	Active	NO
7	U24923DL1997PLC088648	ADVANCE SURFACTANTS LIMITD	Director	10-06-00	10-06-00	-	Active	NO
8	U24233DL1991PTC045899	ASEEM DETERGENTS PRIVATE LIMITED	Director	10-06-00	10-06-00	-	Active	NO
9	U91132DL1997PLC089770	ADVANCE ENTERTAINMENT NETWORK LIMITED.	Director	16-06-00	16-06-00	-	Active	NO
10	U92199DL2001PLC111565	ADVANCE SATELLITE COMMUNICATION NETWORK LTD	Director	06-07-01	06-07-01	-	Active	NO
11	U92199DL2001PLC111564	ADVANCE ENTERTAINMENT LTD.	Director	07-12-01	07-12-01	-	Active	NO
12	U92200DL2002PLC116719	ADVANCE NEWS SERVICES LIMITED	Director	27-08-02	27-08-02	-	Active	NO
13	U51909DL1991PTC045875	ACE DETERGENTS PRIVATE LIMITED	Director	30-06-05	30-06-05	-	Active	NO
14	U17110MH1969PTC014334	CHAMPAK TEXTILES PRIVATE LIMITED	Director	14-12-09	12-02-07	03-09-13	Active	NO
15	U74899DL1998PLC095462	ADVANCE BUSINESS ENTERPRISES LIMITED	Director	27-09-12	19-07-07	-	Active	NO
16	U74899DL1995PTC065477	ADVANCE TRADELINKS PRIVATE LIMITED	Director	17-08-07	17-08-07	-	Active	NO
17	U74899DL1998PLC094875	ADVANCE NAVOTPAD SURFACTANTS LIMITED	Director	30-08-07	30-08-07	-	Active	NO
18	U74899DL1998PLC094890	ADVANCE STUDIO LIMITED	Director	31-08-07	31-08-07	-	Active	NO
19	U67120DL1996PTC080946	EMAN HOLDINGS PRIVATE LIMITED	Director	31-08-07	31-08-07	-	Active	NO
20	U74899DL1983PLC015692	AUREOLA CHEMICALS LIMITED	Director	14-11-07	14-11-07	-	Amalgamated	NO
21	U24243DL1985PLC021386	ADVANCE HOME AND PERSONAL CARE LIMITED	Director	02-09-08	02-09-08	-	Active	NO
22	U74899DL1998PLC095458	ADVANCE SURFACTANTS INDIA LIMITED	Director	15-07-09	26-05-09	-	Active	NO
23	U74899DL1987PTC029813	MAHINDRU CHEMICALS PRIVATE LIMITED	Director	26-09-12	25-08-09	-	Active	NO
24	U74899DL1982PTC013177	M G C ENTERPRISES PVT LTD	Director	22-09-12	01-11-11	-	Active	NO
25	U74899DL1995PTC064587	ADVANCE COAL MANAGEMENT AND MARKETING PRIVATE LIMITED	Director	24-09-12	11-05-12	-	Active	NO
26	U60231DL2000PTC108201	SHRI KRISHNA TANKERS PRIVATE LIMITED.	Director	20-10-12	20-10-12	06-11-12	Active	NO
27	U65993DL1998PTC091565	CREST FINVEST PRIVATE LIMITED	Director	08-03-13	08-03-13	-	Active	NO
28	U85100DL2011NPL212443	RUN FOR VISION FOUNDATION	Director	12-08-14	12-08-14	-	Active	NO

Name :

Mr. Devendra Kumar Sharma

Designation :

Director

Address :

A-505, Priyadarshi Apartments, IP Exit Sion, Patpadhganj, New Delhi – 110092, India

Date of Appointment :

10.06.2014

DIN No.:

00191417

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	U74899DL1983PLC015692	AUREOLA CHEMICALS LIMITED	Director	01-12-97	01-12-97	-	Amalgamated	NO
2	U74899DL1998PTC091564	PLUS FINVEST PRIVATE LIMITED	Director	07-01-98	07-01-98	07-05-12	Active	NO
3	L65921DL1991PLC043544	AKS CREDITS LIMITED	Managing director	01-08-98	01-08-98	07-05-12	Active	NO
4	U91132DL1997PLC089770	ADVANCE ENTERTAINMENT NETWORK LIMITED.	Director	05-02-15	31-10-98	-	Active	NO
5	U74899DL1998PLC094890	ADVANCE STUDIO LIMITED	Director	17-08-99	17-08-99	07-05-12	Active	NO
6	U65993DL1998PTC091565	CREST FINVEST PRIVATE LIMITED	Director	30-11-02	30-11-02	07-05-12	Active	NO
7	U74899DL1998PLC095462	ADVANCE BUSINESS ENTERPRISES LIMITED	Director	10-01-03	10-01-03	07-05-12	Active	NO
8	U74899DL1998PLC094875	ADVANCE NAVOTPAD SURFACTANTS LIMITED	Director	10-01-03	10-01-03	07-05-12	Active	NO
9	U24923DL1997PLC088648	ADVANCE SURFACTANTS LIMITD	Director	05-02-15	10-01-03	-	Active	NO
10	U74899DL2000PLC103514	ADVANCE BROADCASTING NETWORK LIMITED,	Director	29-04-03	29-04-03	07-05-12	Active	NO
11	U60231DL2000PTC108201	SHRI KRISHNA TANKERS PRIVATE LIMITED.	Director	30-05-03	30-05-03	31-03-10	Active	NO
12	U92199DL2001PLC111564	ADVANCE ENTERTAINMENT LTD.	Director	01-08-03	01-08-03	07-05-12	Active	NO
13	U24243DL1985PLC021386	ADVANCE HOME AND PERSONAL CARE LIMITED	Director	14-01-04	14-01-04	07-05-12	Active	NO
14	L26994OR1992PLC003022	ACE STONE CRAFT LIMITED	Director	04-08-04	04-08-04	27-02-10	Active	NO
15	U24241DL1997PTC089175	ADVANCE COSMETICS PRIVATE LIMITED	Director	16-08-04	16-08-04	19-11-09	Active	NO
16	U74210DL1998PTC094874	COST ENGINEERING (INDIA) PRIVATE LIMITED	Director	16-08-04	16-08-04	07-05-12	Active	NO
17	U92199DL2001PLC111565	ADVANCE SATELLITE COMMUNICATION NETWORK LTD	Director	05-02-15	16-08-04	-	Active	NO
18	U74899DL1998PLC095458	ADVANCE SURFACTANTS INDIA LIMITED	Director	10-06-14	01-07-05	-	Active	NO
19	L65910DL1988PLC033799	PURSHOTTAM INVESTOFIN LIMITED	Director	30-05-08	30-05-08	18-03-10	Active	NO

Name :

Mr. Kunhi Perumadathil Puthanveedu Sandeep Kumar

Designation :

Director

Address :

2-1F/4, Hosabettu Bangalore – 75014, Karnataka, India

Date of Appointment :

07.07.2014

DIN No.:

06918045

KEY EXECUTIVES

Name :	Mr. Vinod Kumar Raina
Designation :	Secretary
Address :	183C, Shipra Sun City, Ghaziabad – 201014, Uttar Pradesh, India
Date of Appointment :	04.01.2013
PAN No.:	AFDPR8473A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders		No. of Shares
Ashok Mahindru		8486038
Atul Mahindru		3200000
Ashutosh Mahindru		2016000
Sadhna Mahindru		2400000
Alka Mahindru		1600000
Purushottam Investofin Limited, India		60000
Advance Finvest Private Limited, India		2801500
ACE Detergents Private Limited, India		4050000
Aseem Detergents Private Limited, India		3200000
Delhi Detergents Private Limited, India		2892700
Advance Navotpad Surfactants Limited, India		2700000
Sakar Portfolio Private Limited, India		4050000
Advance Surfactants Limited, India		2734800
Cost Engineering India Private Limited, India		2880810
Sap Belle Tradelinks Private Limited, India		74012
NRS Investment Consultant Private Limited, India		50000
Chemtec FZE, UAE		3111000
Total		46306860

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	6.72
Bodies corporate	55.05
Directors or relatives of Directors	38.23
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing of LABSA (Linear Alkyl Benzene Sulphonic Acid) which is used as a raw material for manufacturing detergents.

Products :

Item Code No.	Product Description
34022090	Linear Alkyl Benzene Sulphonic Acid

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Unit	Installed Capacity
Surfactants	M.T	162000

GENERAL INFORMATION

Suppliers :

Reference :	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 :

Reference :	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 :

State Bank of India (Lead Bank), Commercial Branch, N-3, South Extension Part-1, New Delhi - 110049, India

Facilities :

Secured Loan	31.03.2013 (Rs. In Million)	31.03.2012 (Rs. In Million)
Long-term Borrowings
Rupee term loans from banks	122.612	180.597
Short-term borrowings
Working capital loans from banks	1542.187	553.660
Total	1664.799	734.257


Banking Relations :	--

Financial Institute:	Tata Capital Financial Services Limited, One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai - 400001, Maharashtra, India

Auditors :
Name :	Narinder Arora and Company Chartered Accountants
Address :	111, Sewak Bhawan, Arya Samaj Road, Karol Bagh, Delhi, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFN6885G

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

54000000	Equity Shares	Rs.10/- each	Rs. 540.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

46306860	Equity Shares	Rs.10/- each	Rs. 463.069 Million

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

45000000	Equity Shares	Rs.10/- each	Rs. 450.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

44679860	Equity Shares	Rs.10/- each	Rs. 446.799 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	446.799	430.560	402.350
(b) Reserves & Surplus	862.634	591.838	243.759
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	40.000
Total Shareholders’ Funds (1) + (2)	1309.433	1022.398	686.109

(3) Non-Current Liabilities
(a) long-term borrowings	126.850	184.834	575.682
(b) Deferred tax liabilities (Net)	18.978	15.848	18.311
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.315	2.852	2.705
Total Non-current Liabilities (3)	149.143	203.534	596.698

(4) Current Liabilities
(a) Short term borrowings	1542.187	553.660	0.000
(b) Trade payables	226.140	684.843	603.957
(c) Other current liabilities	50.483	41.413	43.027
(d) Short-term provisions	56.736	45.343	83.171
Total Current Liabilities (4)	1875.546	1325.259	730.155

TOTAL	3334.122	2551.191	2012.962

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	298.822	275.866	245.069
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	6.170	3.058	28.066
(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	13.261	10.566	10.446
Total Non-Current Assets	318.253	289.490	283.581

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	399.831	446.878	319.373
(c) Trade receivables	2282.738	1395.383	956.688
(d) Cash and cash equivalents	7.064	80.951	183.016
(e) Short-term loans and advances	119.634	118.995	87.498
(f) Other current assets	206.602	219.494	182.806
Total Current Assets	3015.869	2261.701	1729.381

TOTAL	3334.122	2551.191	2012.962

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	7251.459	7053.874	4967.650
	Other Income	13.614	7.148	5.534
	TOTAL (A)	7265.073	7061.022	4973.184

Less	EXPENSES
	Purchases of Stock-in-Trade	6355.083	6435.943	4287.264
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	47.512	(162.536)	0.000
	Employees benefits expense	40.635	48.657	38.542
	Other expenses	409.360	428.656	381.359
	TOTAL (B)	6852.590	6750.720	4707.165

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	412.483	310.302	266.019

Less	FINANCIAL EXPENSES (D)	190.601	136.317	117.139

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	221.882	173.985	148.880

Less/ Add	DEPRECIATION/ AMORTISATION (F)	37.368	36.916	35.474

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	184.514	137.069	113.406

Less	TAX (I)	59.866	42.880	41.263

	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	124.648	94.189	72.143

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	389.026	377.813	NA
	TOTAL EARNINGS	389.026	377.813	NA

	IMPORTS
	Raw Materials	259.179	977.508	NA
	TOTAL IMPORTS	259.179	977.508	NA

	Earnings / (Loss) Per Share (Rs.)	2.79	2.19	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	1.72	1.34	1.45

Operating Profit Margin (PBIDT/Sales)	(%)	5.69	4.40	5.36

Return on Total Assets (PBT/Total Assets}	(%)	5.54	5.38	5.71

Return on Investment (ROI) (PBT/Networth)		0.14	0.13	0.17

Debt Equity Ratio (Total Debt /Networth)		1.27	0.72	0.84

Current Ratio (Current Asset/Current Liability)		1.61	1.71	2.37

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	402.350	430.560	446.799
Reserves & Surplus	243.759	591.838	862.634
Share Application money pending allotment	40.000	0.000	0.000
Net worth	686.109	1022.398	1309.433

long-term borrowings	575.682	184.834	126.850
Short term borrowings	0.000	553.660	1542.187
Total borrowings	575.682	738.494	1669.037
Debt/Equity ratio	0.839	0.722	1.275

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	4967.650	7053.874	7251.459
		41.996	2.801

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	4967.650	7053.874	7251.459
Profit	72.143	94.189	124.648
	1.45%	1.34%	1.72%

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	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	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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

PERFORMANCE REVIEW (AS ON 31.03.2013)

During the year, the Company has earned profit after tax of Rs. 124.649 Million as compared to Rs. 94.183 Million in the year 2011-12. The turnover of the Company during the year was Rs. 8021.873 Million. Directors of the Company were happy with the Company’s performance and also expected that the initiatives undertaken will result in improvement in financial results in coming years. The details of financial performance of the Company are appearing in the Balance Sheet and Profit & Loss Account for the period.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Long-term Borrowings
Other loans and advances	4.238	4.237
Total	4.238	4.237

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10459447	23/10/2013	400,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	ONE FORBES, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B89212732
2	10407739	16/02/2013 *	2,495,000,000.00	STATE BANK OF INDIA(LEAD BANK)	COMMERCIAL BRANCH, N-3, SOUTH EXTENSION PART-1, NEW DELHI, DELHI - 110049, INDIA	B69679736
3	10281683	26/03/2011	200,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	B11079480
4	10226851	09/06/2010	67,500,000.00	STATE BANK OF BIKANER AND JAIPUR	G-72, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA	A88660584
5	10109007	21/04/2008	85,464,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	A40843690
6	10109009	21/04/2008	85,464,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	A40843724
7	80015561	02/02/2007 *	387,900,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	-
8	80030076	13/02/2013 *	201,700,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, N-3, SOUTH EXTENSION PART-1, NEW DELHI, DELHI - 110049, INDIA	B69439156

* Date of charge modification

FIXED ASSETS

Tangible 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.62.42
UK Pound	1	Rs.92.99
Euro	1	Rs.67.29

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	DIV

Report Prepared by :	KVT

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	6
--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	NO
--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

IRA INFORM REPORT

INDEX OF CHARGES

Unit