MIRA INFORM REPORT

Report No. :	321247
Report Date :	08.05.2015

IDENTIFICATION DETAILS

Name :	STI SANOH INDIA LIMITED
Registered Office :	Suite 601 F5, Hailey Road, New Delhi-110001, Delhi
Tel. No.:	91-124-4149102
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	07.08.1996
Com. Reg. No.:	55-080998
Capital Investment / Paid-up Capital :	Rs. 276.000 Million
CIN No.: [Company Identification No.]	U25190DL1996PLC080998
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 :	Manufacturer of ms tubes, breaks lines, ms tube dia 4.76 mm and weld ms wire dia 1.6 mm exporter of cooper tube
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 1700000
Status :	Satisfactory
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The management has failed to file its financial record with government department for the year 2014. As per available financial information of 2013, the rating takes into consideration company’s sound financial risk profile and fair liquidity profile of the company. Trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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 DECLINED BY

Management non co-operative (91-124-4149102)

LOCATIONS

Registered Office :	Suite 601 F5, Hailey Road, New Delhi-110001, Delhi
Tel. No.:	91-11-23352365
Fax No.:	91-11-23352594
E-Mail :	Mukesh.cs@stisanoh.com
Factory :	Plot No.23, Sector18, Maruti Industrial Area, Gurgaon-122015, Haryana, India
Tel. No.:	91-124-2347782 / 4149102

DIRECTORS

AS ON 29.11.2013

Name :	Mr. Kailash Narayan Garg
Designation :	Whole Time Director
Address :	23, Old Palasia Agar Bombay Road, Indore-452001, Madhya Pradesh, India
Date of Birth/Age :	01.12.1945
Date of Appointment :	24.03.2010
DIN No.:	00008402
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	L27105MP1984PLC002521	STI INDIA LIMITED	Director	07/08/1984	07/08/1984	Active	NO
2	L85110KA1987PLC008089	STI PRODUCTS INDIA LIMITED	Director	22/03/1994	22/03/1994	Active	NO
3	U04010MP1995PTC009311	STI POWER INDIA PRIVATE LIMITED	Director	21/04/1995	21/04/1995	Active	NO
4	U74100DL1981PLC012316	STI INTERNATIONAL LIMITED	Director	09/06/1995	09/06/1995	Strike off	NO
5	U25190DL1996PLC080998	STI SANOH INDIA LIMITED	Whole-time director	01/11/2012	01/11/2006	Active	NO
6	U67120MH1995PTC091750	STI FABRICRAFT PRIVATE LIMITED	Director	01/05/2007	01/05/2007	Active	NO
7	U18101MP2007PTC019771	STI PHOENIX WEAR PRIVATE LIMITED	Director	30/09/2008	27/08/2007	Active	NO
8	L51909KA1985PLC006812	GLOBAL STONE INDIA LIMITED	Director	26/09/2009	08/01/2009	Active	NO
9	U74999MH1996PLC102087	STI AMENITIES AND HOSPITALITY LIMITED	Director	29/09/2014	03/06/2014	Active	NO

Name :	Mr. Asharam Mundra
Designation :	Alternate Director
Address :	63A, Shivam, 96 Jay Prakash Road, Andheri (West), Mumbai-400058, Maharashtra, India
Date of Birth/Age :	21.07.1956
Date of Appointment :	09.02.2011
DIN No.:	00019234
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	L17120MH1992PLC066880	BOMBAY RAYON FASHIONS LIMITED	Whole-time director	01/06/2013	16/05/2005	Active	NO
2	U18109MH2007PTC172009	LEELA SCOTTISH LACE PRIVATE LIMITED.	Director	10/09/2007	10/09/2007	Amalgamated	NO
3	U45203MH2008PTC182610	LATUR INTEGRATED TEXTILE PARK PRIVATE LIMITED	Director	30/09/2009	30/06/2008	Active	NO
4	L27105MP1984PLC002521	STI INDIA LIMITED	Director	24/12/2010	25/11/2010	Active	NO
5	U25190DL1996PLC080998	STI SANOH INDIA LIMITED	Alternate director	09/02/2011	09/02/2011	Active	NO

Name :	Mr. Prashant Janardan Agarwal
Designation :	Director
Address :	Flat No.602, 6^th Floor, Daffodilns Road No.7, JVPD Scheme, Vile Parle, Mumbai-400049, Maharashtra, India
Date of Birth/Age :	26.01.1974
Date of Appointment :	09.02.2011
DIN No.:	00019464
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	L17120MH1992PLC066880	BOMBAY RAYON FASHIONS LIMITED	Managing director	01/06/2013	01/09/1997	-	Active	NO
2	U17120MH2003PLC143303	REYNOLD SHIRTING LIMITED	Director	29/11/2003	29/11/2003	-	Active	NO
3	U18101MH2005PLC150375	BOMBAY RAYON CLOTHING LIMITED	Director	06/01/2005	06/01/2005	-	Active	NO
4	U01132KA2005PTC038071	SCOTTS PLANTATIONS PRIVATE LIMITED	Director	28/12/2005	28/12/2005	-	Active	NO
5	U45202KA2006PLC041044	SCOTTS FASHIONCITI INDIA LIMITED	Director	24/11/2006	24/11/2006	19/02/2015	Active	NO
6	U17291MH2007PLC168067	BOMBAY RAYON HOLDINGS LIMITED	Director	09/03/2007	09/03/2007	-	Active	NO
7	U29220KA1978PTC003427	B R MACHINE TOOLS PRIVATE LIMITED	Director	11/06/2007	11/06/2007	-	Active	NO
8	U18109MH2007PTC172009	LEELA SCOTTISH LACE PRIVATE LIMITED.	Managing director	10/09/2007	27/06/2007	-	Amalgamated	NO
9	U18101KA2002PLC030185	SCOTTS GARMENTS LIMITED	Director	01/09/2007	01/09/2007	19/04/2011	Active	NO
10	U74899DL1978NPL008877	APPAREL EXPORT PROMOTION COUNCIL.	Director	30/09/2010	10/09/2007	27/09/2013	Active	NO
11	U45203MH2008PTC182613	ISLAMPUR INTEGRATED TEXTILE PARK PRIVATE LIMITED	Director	23/05/2008	23/05/2008	-	Active	NO
12	U45203MH2008PTC182610	LATUR INTEGRATED TEXTILE PARK PRIVATE LIMITED	Director	23/05/2008	23/05/2008	30/06/2008	Active	NO
13	U13204KA2008PTC048765	GFI INFRASTRUCTURE DEVELOPMENT PRIVATE LIMITED	Director	31/12/2008	31/12/2008	-	Active	NO
14	U74999MH2009PTC190674	BEST UNITED LIFESTYLES PRIVATE LIMITED	Director	06/03/2009	03/03/2009	-	Active	NO
15	U52390MH2009PTC190686	BEST UNITED INDIA COMFORTS PRIVATE LIMITED	Director	06/03/2009	04/03/2009	-	Active	NO
16	U52390MH2009PTC190721	BESTSELLER RETAIL INDIA PRIVATE LIMITED	Director	06/03/2009	05/03/2009	-	Active	NO
17	U51109MH2009PTC193223	BESTSELLER WHOLESALE INDIA PRIVATE LIMITED	Director	11/06/2009	11/06/2009	-	Active	NO
18	U91990MH2004NPL148221	TARAPUR ENVIRONMENT PROTECTION SOCIETY	Director	21/11/2009	01/09/2009	-	Active	NO
19	U45201KA2009PTC051106	COPPERS COIN REALTY PRIVATE LIMITED	Director	06/10/2009	06/10/2009	25/03/2011	Active	NO
20	U17120MH1967PLC013669	CONFEDERATION OF INDIAN TEXTILE INDUSTRY	Director	28/09/2010	28/09/2010	30/09/2011	Active	NO
21	L27105MP1984PLC002521	STI INDIA LIMITED	Managing director	25/11/2013	25/11/2010	-	Active	NO
22	U25190DL1996PLC080998	STI SANOH INDIA LIMITED	Director	26/09/2011	09/02/2011	-	Active	NO
23	U74900MH2011PTC215214	ASHWELL HOLDING COMPANY PRIVATE LIMITED	Director	24/03/2011	24/03/2011	-	Active	NO
24	U74120MH2012PTC225806	KAGAL INDUSTRIAL TEXTILE TECHNOLOGY PARK PRIVATE LIMITED	Director	06/01/2012	06/01/2012	-	Active	NO
25	U29230MH1971PTC015273	PALGHAR ROLLING MILLS PRIVATE LIMITED	Additional director	03/05/2012	03/05/2012	-	Active	NO
26	U70100MH2012PTC236042	BLUERAYS REALTORS PRIVATE LIMITED	Director	21/09/2012	21/09/2012	-	Active	NO
27	U45200MH2006PTC158798	CLINVENT REAL ESTATE PRIVATE LIMITED	Director	30/09/2013	23/09/2013	-	Active	NO
28	U74120MH2013PTC251465	LINEN ART PRIVATE LIMITED	Director	27/12/2013	27/12/2013	24/02/2014	Active	NO

Name :	Mr. Aman Janardhan Agarwal
Designation :	Director
Address :	Villa 144, Prestage O Zone, Varthur, Kodi White Field Hagadur Village, Bangalore-560066, Karnataka, India
Date of Birth/Age :	21.05.1972
Date of Appointment :	09.02.2011
DIN No.:	00019534
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	L17120MH1992PLC066880	BOMBAY RAYON FASHIONS LIMITED	Whole-time director	01/06/2013	31/01/2003	-	Active	NO
2	U17120MH2003PLC143303	REYNOLD SHIRTING LIMITED	Director	15/12/2003	15/12/2003	-	Active	NO
3	U18101MH2005PLC150375	BOMBAY RAYON CLOTHING LIMITED	Director	06/01/2005	06/01/2005	-	Active	NO
4	U17291MH2007PLC168067	BOMBAY RAYON HOLDINGS LIMITED	Director	09/03/2007	09/03/2007	-	Active	NO
5	U29220KA1978PTC003427	B R MACHINE TOOLS PRIVATE LIMITED	Director	11/06/2007	11/06/2007	-	Active	NO
6	U18109MH2007PTC172009	LEELA SCOTTISH LACE PRIVATE LIMITED.	Director	27/06/2007	27/06/2007	-	Amalgamated	NO
7	U18101KA2002PLC030185	SCOTTS GARMENTS LIMITED	Director	01/09/2007	01/09/2007	19/04/2011	Active	NO
8	U65910KA2007PTC041730	CKM INVESTMENTS PRIVATE LIMITED	Additional director	07/09/2007	07/09/2007	-	Active	NO
9	U18101KA2005PTC035757	SCOTTS APPARELS PRIVATE LIMITED	Director	21/02/2008	21/02/2008	-	Active	NO
10	U45203MH2008PTC182610	LATUR INTEGRATED TEXTILE PARK PRIVATE LIMITED	Director	23/05/2008	23/05/2008	-	Active	NO
11	U45203MH2008PTC182613	ISLAMPUR INTEGRATED TEXTILE PARK PRIVATE LIMITED	Director	23/05/2008	23/05/2008	30/06/2008	Active	NO
12	U74999MH2009PTC190674	BEST UNITED LIFESTYLES PRIVATE LIMITED	Director	06/03/2009	03/03/2009	-	Active	NO
13	U52390MH2009PTC190686	BEST UNITED INDIA COMFORTS PRIVATE LIMITED	Director	06/03/2009	04/03/2009	-	Active	NO
14	U52390MH2009PTC190721	BESTSELLER RETAIL INDIA PRIVATE LIMITED	Director	06/03/2009	05/03/2009	-	Active	NO
15	U51109MH2009PTC193223	BESTSELLER WHOLESALE INDIA PRIVATE LIMITED	Director	11/06/2009	11/06/2009	-	Active	NO
16	L27105MP1984PLC002521	STI INDIA LIMITED	Director	24/12/2010	25/11/2010	-	Active	NO
17	U25190DL1996PLC080998	STI SANOH INDIA LIMITED	Director	26/09/2011	09/02/2011	-	Active	NO
18	U74900MH2011PTC215214	ASHWELL HOLDING COMPANY PRIVATE LIMITED	Director	24/03/2011	24/03/2011	-	Active	NO
19	U70100MH2012PTC236042	BLUERAYS REALTORS PRIVATE LIMITED	Director	21/09/2012	21/09/2012	-	Active	NO
20	U18109KA2012PTC066128	BLOOMCRAFT APPARELS PRIVATE LIMITED	Director	01/10/2012	01/10/2012	22/03/2014	Active	NO
21	U74120MH2013PTC251465	LINEN ART PRIVATE LIMITED	Director	27/12/2013	27/12/2013	24/02/2014	Active	NO

Name :	Masayuki Oinuma
Designation :	Alternate Director
Address :	B-304, Shalimar Township, Agra Bombay Road, Indore-452010, Madhya Pradesh, India
Date of Birth/Age :	29.07.1965
Date of Appointment :	26.06.2013
DIN No.:	02637029
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	U25190DL1996PLC080998	STI SANOH INDIA LIMITED	Alternate director	26/06/2013	27/03/2009	Active	NO

Name :	Takashi Hosojima
Designation :	Managing Director
Address :	3-11-29, Yokoyama-Chokoga, Ibaraki Prfecture, Japan-3060022
Date of Birth/Age :	15.11.1948
Date of Appointment :	24.03.2010
DIN No.:	03090265
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	U25190DL1996PLC080998	STI SANOH INDIA LIMITED	Managing director	24/03/2013	24/03/2010	Active	NO

Name :	Takashi Ono
Designation :	Alternate Director
Address :	Flat No.310-B, Hamilton Court, Phase IV, DLF Gurgaon-122002, Haryana, India
Date of Birth/Age :	07.10.1970
Date of Appointment :	21.12.2012
DIN No.:	06509689
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	U25190DL1996PLC080998	STI SANOH INDIA LIMITED	Alternate director	21/12/2012	21/12/2012	Active	NO

Name :	Seiichiro Yasukawa
Designation :	Additional Director
Address :	310-B, Hamilton Court, DLF Phase IV, DLF, Gurgaon-122002, Haryana, India
Date of Birth/Age :	11.08.1965
Date of Appointment :	30.03.2013
DIN No.:	06532788
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	U25190DL1996PLC080998	STI SANOH INDIA LIMITED	Additional director	30/03/2013	30/03/2013	Active	NO

Name :	Nobuo Haramiishi
Designation :	Additional Director
Address :	769-66 Kounosu, Koga Ibaraki, Japan 306004
Date of Birth/Age :	10.09.1959
Date of Appointment :	26.06.2013
DIN No.:	06658844
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	U25190DL1996PLC080998	STI SANOH INDIA LIMITED	Additional director	26/06/2013	26/06/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Mukesh Kumar Garg
Designation :	Secretary
Address :	8-Tulsi-Villa, 3/1, Old Palasia, Behind Apna Sweets / Navneet Tower, Indore-452001, Madhya Pradesh, India
Date of Birth/Age :	30.09.1963
Date of Appointment :	16.08.2010
PAN No.:	ABOPG8833G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.11.2013

Name of Shareholders	No. of Shares	%age
R B Baheti	100	0.00
K N Garg	100	0.00
A K Anand	100	0.00
STI India Limited, India	11,999,300	43.48
Sanoh Industrial Company Limited, Japan	15,600,000	56.52
Ajay Jajoo	100	0.00
Ramesh Chandra Soni	100	0.00
Vivek Loiwal	100	0.00
Arun Kumar Mehta	100	0.00
TOTAL	27,600,000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 29.11.2013

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	56.52
Bodies corporate	43.48
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of ms tubes, breaks lines, ms tube dia 4.76 mm and weld ms wire dia 1.6 mm exporter of cooper tube
Products :	Not Available
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
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

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

--

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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

--

No. of Employees :

Not Divulged

Bankers :

• The Bank of Tokyo Mitsubishi UFJ Limited, Jeevan Vihar Building, 3, Parliament Street, New Delhi-110001, Delhi, India
• Industrial Development Bank of India, IDBI Towers, Coloba, Mumbai-400005, Maharashtra, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Long-term Borrowings
Deferred Payment for Acquisition of Fixed Assets	0.901	0.588
Short-term borrowings
Loans repayable of demand from bank	40.000	175.000
Total	40.901	175.588

Banking Relations :
Auditors :
Name :	Sunil Saraf and Associates Chartered Accountants
Address :	401-B, Shalimar Corporate Centre, 4^th Floor, South Tukoganj Behind High Court, Indore
PAN N Income-tax PAN of auditor or auditor's firm :	ABQFS4607N
Memberships :	--
Collaborators :	--
Associates :	Sanoh Industrial Co Limited Sanoh Industries (Thailand) Able Sanoh Industries Sanoh Nagyar Kft. Guangzhou Sanoh Seikan Company Limited Nissho Iwai Corporation

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs. 350.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
27600000	Equity Shares	Rs.10/- each	Rs. 276.000 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	276.000	276.000	276.000
(b) Reserves & Surplus	349.195	239.316	203.082
(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)	625.195	515.316	479.082
(3) Non-Current Liabilities
(a) long-term borrowings	0.901	0.588	1.603
(b) Deferred tax liabilities (Net)	38.550	48.355	49.699
(c) Other long term liabilities	0.000	166.662	133.683
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	39.451	215.605	184.985
(4) Current Liabilities
(a) Short term borrowings	40.000	175.000	185.000
(b) Trade payables	374.911	242.538	229.910
(c) Other current liabilities	48.085	35.401	33.744
(d) Short-term provisions	30.006	16.255	27.968
Total Current Liabilities (4)	493.002	469.194	476.622
TOTAL	1157.648	1200.115	1140.689
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	330.407	362.763	374.827
(ii) Intangible Assets	2.494	2.049	3.056
(iii) Capital work-in-progress	0.000	0.000	(3.056)
(iv) Intangible assets under development	1.896	1.406	16.930
(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	27.450	28.192	21.824
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	362.247	394.410	413.581
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	328.460	326.150	290.762
(c) Trade receivables	336.548	361.275	300.029
(d) Cash and cash equivalents	49.258	15.463	50.415
(e) Short-term loans and advances	81.135	82.868	82.800
(f) Other current assets	0.000	19.949	3.102
Total Current Assets	795.401	805.705	727.108
TOTAL	1157.648	1200.115	1140.689

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	2,391.250	2,002.192	2,360.862
	Other Income	22.935	12.083	13.273
	TOTAL (A)	2414.185	2014.275	2374.135
Less	EXPENSES
	Cost of Material Consumed	1544.442	1,317.512	1,746.822
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	25.070	(12.151)	(27.783)
	Employees benefits expense	176.552	161.159	137.677
	Other expenses	430.215	404.597	341.210
	TOTAL (B)	2176.279	1871.117	2197.926
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	237.906	143.158	176.209
Less	FINANCIAL EXPENSES (D)	16.476	20.942	29.468
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	221.430	122.216	146.741
Less/ Add	DEPRECIATION/ AMORTISATION (F)	69.671	65.767	63.471
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	151.759	56.449	83.270
Less	TAX (I)	52.196	20.215	44.983
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	99.563	36.234	38.287
	Earnings / (Loss) Per Share (Rs.)	3.61	1.31	1.39

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	4.16	1.81	1.62
Operating Profit Margin (PBITD/Sales)	(%)	9.95	7.15	7.46
Return on Total Assets (PBT/Total Assets}	(%)	13.13	4.71	7.39
Return on Investment (ROI) (PBT/Networth)		0.24	0.11	0.17
Debt Equity Ratio (Total Debt /Networth)		0.07	0.34	0.39
Current Ratio (Current Asset/Current Liability)		1.61	1.72	1.53

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	276.000	276.000	276.000
Reserves & Surplus	203.082	239.316	349.195
Net worth	479.082	515.316	625.195
long-term borrowings	1.603	0.588	0.901
Short term borrowings	185.000	175.000	40.000
Total borrowings	186.603	175.588	40.901
Debt/Equity ratio	0.390	0.341	0.065

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	2,360.862	2,002.192	2,391.250
		(15.192)	19.432

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR)	(INR)	(INR)
Sales	2,360.862	2,002.192	2,391.250
Profit	38.287	36.234	99.563
	1.62%	1.81%	4.16%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
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	10022920	14/09/2006	65,000,000.00	THE BANK OF TOKYO MITSUBISHI UFJ LIMITED	JEEVAN VIHAR BUILDING, 3, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	A05852165
2	90036404	03/03/2001	35,000,000.00	THE SANWA BANK LIMITED	NEW DELHI BRANCH UPPER GROUND FLOOR, MERCANTILE HOUSE 15 KASTURBA GANDHI MARG, NEW DELHI, DELHI - 110001, INDIA	-
3	90034329	15/10/1997	200,000,000.00	THE SANWA BANK LIMITED	NEW DELHI BRANCH UPPER GROUND FLOOR, 15 KASTURBA GANDHI MARG, NEW DELHI, DELHI - 110001, INDIA	-
4	90034311	25/05/2001 *	200,000,000.00	THE SANWA BANK LIMITED	NEW DELHI BRANCH UPPER GROUND FLOOR, 15 KASTURBA GANDHI MARG, NEW DELHI, DELHI - 110001, INDIA	-

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and Equipment
• Factory Equipments
• Furniture and Fixtures
• Vehicles
• Computer Software

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.63.88
UK Pound	1	Rs.97.20
Euro	1	Rs.72.51

INFORMATION DETAILS

Information Gathered by :	GYR
Analysis Done by :	KRN
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.