MIRA INFORM REPORT

Report No. :	320929
Report Date :	16.05.2015

IDENTIFICATION DETAILS

Name :	NICHROME INDIA LIMITED
Registered Office :	Safire Park Galleria, 2^nd Floor, 4, Mumbai-Pune Road, Wakdewadi, Shivaji Nagar, Pune-411 005, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.01.1960
Com. Reg. No.:	11-011575
Capital Investment / Paid-up Capital :	Rs. 66.125 Million
CIN No.: [Company Identification No.]	U28113MH1960PLC011575
TAN No.: [Tax Deduction & Collection Account No.]	PNEN00250F
PAN No.: [Permanent Account No.]	AAACT4161C
IEC No :	3198009367
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Subject is engaged in the business of packaging machines and packing solutions.
No. of Employees :	125 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 700000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory record. Financial Position of the company is decent. However, trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered normal for business dealing 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

Rating Agency Name	CRISIL
Rating	BBB (Long Term Rating)
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	14.05.2014

Rating Agency Name	CRISIL
Rating	A3+ (Short Term Rating)
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	14.05.2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Santosh
Designation :	Finance Manager
Contact No.:	91-9370665969
Date :	06.05.2015

LOCATIONS

Registered Office :	Safire Park Galleria, 2^nd Floor, 4, Mumbai-Pune Road, Wakdewadi, Shivaji Nagar, Pune-411 005, Maharashtra, India
Tel. No.:	91-20-66011001 / 002 / 003 / 004 / 005
Mobile No.:	91-9370665969 (Mr. Santosh) Finance Manager
Fax No.:	91-20-66011010
E-Mail :	finance@nichrome.com
Website :	http://www.nichrome.com
Area :	6500 sq ft
Location :	Owned
Factory :	At/Post Wing, Tal - Khandala, Gate No. 769 B, Shirwal – 412 801, India.
Tel. No.:	91-21-69284063-8
Fax No.:	91-21-69284066
Service Centres / Offices : :	LOCATED AT :- India :- Bangalore Chennai Ahmedabad New Delhi Kolkata Mumbai Hyderabad WORLDWIDE :- · ASEAN · Middle East · SAARC · CIS · Africa · USA

DIRECTORS

As on : 20.09.2014

Name :

Mr. Shrinivas Vinayak Joshi

Designation :

Chairman

Address :

857, Savali Apartment, Bhandarkar Road, Pune-411004, Maharashtra, India.

Date of Birth/Age :

07.03.1937

Date of Appointment :

03.04.1990

PAN No.:

ACAPJ2953K

DIN No.:

00227320

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	U28113MH1960PLC011575	NICHROME INDIA LIMITED	Whole-time director	20/09/2014	3/4/1990	-	Active	NO
2	U74950PN1998PTC114617	NICHROME FLEXIBLE PACKAGING PRIVATE LIMITED	Director	24/04/1998	24/04/1998	-	Active	NO
3	U74220PN2002NPL017463	NATIONAL AGRICULTURE AND FOOD ANALYSIS AND RESEARCH INSTITUTE	Director	13/12/2002	13/12/2002	14/09/2010	Active	NO
4	U72200PN2005PTC020413	Nichrome Info Management Private Limited	Director	15/03/2005	15/03/2005	-	Active	NO

Name :

Mr. Ashok Natwarlal Kothary

Designation :

Director

Address :

5D, 5+6, Himali Co-operative Housing Society 8+13/1/2 Erandwana Pune-411004, Maharashtra, India.

Date of Birth/Age :

13.09.1949

Date of Appointment :

22.10.1994

DIN No.:

00811919

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	U65910MH1986PTC040687	CONCORD MARKETING AND FINANCIERS PRIVATE LIMITED	Director	13/06/1990	13/06/1990	-	Active	NO
2	U28113MH1960PLC011575	NICHROME INDIA LIMITED	Director	22/10/1994	22/10/1994	-	Active	NO
3	U74140MH1997PTC109282	QUAESTOR CONSULTANTS PRIVATE LIMITED	Director	8/7/1997	8/7/1997	-	Active	NO
4	L24110MH1973PLC016247	UNIVERSAL STARCH CHEM ALLIED LIMITED	Director	29/09/2014	28/10/1999	-	Active	NO
5	U72200PN2001PTC016510	FOUR J'S DEVELOPMENT TOOLS (INDIA) PRIVATE LIMITED	Director	22/10/2001	22/10/2001	-	Active	NO
6	U72200PN2005PTC020413	Nichrome Info Management Private Limited	Director	15/03/2005	15/03/2005	-	Active	NO
7	U72900PN2005PTC020512	DESign Automation Pune Private Limited	Director	5/4/2005	5/4/2005	26/03/2006	Active	NO
8	U74140PN2005PTC021354	PHOENIX KNOWLEDGE MANAGEMENT PRIVATE LIMITED	Director	28/09/2005	28/09/2005	11/6/2007	Active	NO
9	U15421MH1981PLC025191	UNIQUE SUGARS LIMITED	Additional director	24/04/2010	24/04/2010	-	Active	NO
10	U01407PN2009PTC134990	BAIF Agro and Bio Technology Private Limited	Director	29/09/2010	25/06/2010	-	Active	NO
11	U00069PN2006PTC022285	ATRIUM HOSPITALITY AND PROPERTY MANAGEMENT PRIVATE LIMITED	Director	10/7/2010	10/7/2010	-	Strike off	NO
12	U73100PN2013GAT146328	Arthkranti Global Private Limited	Director	21/02/2013	21/02/2013	-	Active	NO

Name :

Mr. Mohan Chimanlal Gujarathi

Designation :

Director

Address :

Advait 1277, Shukrawar Peth, Subhash Nagar, Lane No- 6, Pune-411002, Maharashtra, India.

Date of Birth/Age :

30.08.1956

Date of Appointment :

16.10.2000

DIN No.:

00988542

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	U74140PN1994PTC079902	PRABODH ARTHA WARDHINI PRIVATE LIMITED	Director	27/07/1994	27/07/1994	-	Active	NO
2	U65923PN1997PTC108406	PRABODH ARTHA-SANCHAY PRIVATE LIMITED	Director	30/05/1997	30/05/1997	-	Active	NO
3	U72200MH1997PTC106779	PRABODHAN INFOSYSTEMS PRIVATE LIMITED	Director	11/10/1997	11/10/1997	-	Strike off	NO
4	U74992PN2000PTC014593	PRABODH ARTHA SAMWARDHAN PRIVATE LIMITED	Director	14/03/2000	14/03/2000	-	Active	NO
5	U28113MH1960PLC011575	NICHROME INDIA LIMITED	Director	16/10/2000	16/10/2000	-	Active	NO
6	U74999PN2004PTC019763	PRABODH ARTHA SAMPADA PRIVATE LIMITED	Director	20/09/2004	20/09/2004	-	Active	NO
7	U74140PN2009PTC133393	MANODAY MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	20/01/2009	20/01/2009	-	Strike off	NO
8	U74900PN2009PTC133394	MANODAY CORPORATE CONSULTANTS PRIVATE LIMITED	Director	20/01/2009	20/01/2009	-	Strike off	NO

Name :

Mr. Pramod Madhukar Chaudhari

Designation :

Director

Address :

Kinnari, 6, Vee Nimbkar Co-operative Housing Society 80/4, off Baner Road, Pune-411007, Maharashtra, India.

Date of Birth/Age :

26.11.1949

Date of Appointment :

16.04.2005

DIN No.:

00196415

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	L27101PN1985PLC038031	PRAJ INDUSTRIES LIMITED	Whole-time director	1/8/2012	8/11/1985	-	Active	NO
2	U28113MH1960PLC011575	NICHROME INDIA LIMITED	Director	16/04/2005	16/04/2005	-	Active	NO
3	U72200PN2001PTC016563	ACCELTREE SOFTWARE PRIVATE LIMITED	Director	25/08/2006	25/08/2006	9/6/2009	Active	NO
4	L70200MH2002PLC136849	Man Infra construction Limited	Director	3/8/2009	30/11/2006	8/8/2012	Active	NO
5	U74900PN2008PTC131691	P-Cube Enterprises Private Limited.	Director	26/03/2008	26/03/2008	-	Active	NO
6	U41000MH2007PLC175261	Praj Hi Purity Systems Limited	Nominee director	6/1/2012	6/1/2012	-	Active	NO
7	U73100PN2007NPL129455	ENTREPRENEURSHIP DEVELOPMENT CENTER	Director	29/08/2012	11/8/2012	-	Active	NO
8	U74900PN2013PTC147132	P-CUBE TRUSTEESHIP SERVICES PRIVATE LIMITED	Director	29/04/2013	29/04/2013	-	Strike off	NO
9	AAB-5131	PLUTUS PROPERTIES LLP	Designated Partner	10/5/2013	10/5/2013	-	Active	NO

Name :

Mrs. Mrunalini Harish Joshi

Designation :

Whole-time Director

Address :

857, Bhandarkar Road, Shivajinagar, Deccan Gymkhana, Pune – 411 004, Maharashtra, India.

Date of Birth/Age :

10.02.01967

Qualification :

Bachelor of Science

Experience :

10 Years

Date of Appointment :

29.06.2013

PAN No :

AARPJ7394K

DIN No.:

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	U74950PN1998PTC114617	NICHROME FLEXIBLE PACKAGING PRIVATE LIMITED	Director	27/03/2004	27/03/2004	-	Active	NO
2	U28113MH1960PLC011575	NICHROME INDIA LIMITED	Whole-time director	20/09/2014	29/06/2013	-	Active	NO

Name :

Mr. Hemant Mukund Ogate

Designation :

Managing Director

Address :

Flat No.3, Gaurishankar 773/8, Erandwane, Pune-411004, Maharashtra, India.

Date of Birth/Age :

10.02.1967

Date of Appointment :

03.03.2014

DIN No.:

00596947

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	U29299MH1994PTC077795	KAM-AVIDA ENVIRO ENGINEERS PRIVATE LTD	Director	24/09/2012	8/3/2012	11/2/2013	Active	NO
2	U28113MH1960PLC011575	NICHROME INDIA LIMITED	Managing director	3/3/2014	3/3/2014	-	Active	NO

KEY EXECUTIVES

Name :	Shruti Rahiul Kanhere
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 20.09.2014

Names of Shareholders	No. of Shares
Mr. Shriniwas Vinayak Joshi Jointly with Jayashree S. Joshi	3965472
Mrs. Jayashree S. Joshi Jointly with Shriniwas Vinayak Joshi	322560
Mr. Ashok N. Kothary	3360
Mrs. Rita A. Kothary	3360
Mr. Jehan A. Kothari	3360
Mrs. Mrunalini H. Joshi	2307648
Mr. Soham Joshi Jointly with Ms. Mrunali joshi	3360
Mr. Maithili Joshi Jointly with Ms. Mrunalini Joshi	3360
Total	6612480

Equity Share Break up (Percentage of Total Equity)

As on : 20.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of packaging machines and packing solutions.

Products :

Product	ITC Code
Packaging Machine	84224000

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Products :

Countries :

• Asia
• Africa
• USA
• Middle East
• SAARC Countries
• CIS Countries

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 :	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 :

125 (Approximately)

Bankers :

Bank Name	Bank of Baroda
Branch	Pune Camp Branch
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee Term Loan from banks	5.487	15.751
Short-term borrowings
Working Capital Loans from Banks	57.037	52.445
Total	62.524	68.196

Auditors :
Name :	Naniwadekar and Company Chartered Accountants
Address :	2, Nalini Apartments, Plot No 3/10 Opposite SNDT College, Erandawane Pune – 411004, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AANPN9281B
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6612480	Equity Shares	Rs.10/- each	Rs. 66.125 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	66.125	66.125	66.125
(b) Reserves & Surplus	199.638	156.588	126.583
(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)	265.763	222.713	192.708
(3) Non-Current Liabilities
(a) long-term borrowings	5.487	19.528	19.846
(b) Deferred tax liabilities (Net)	6.789	8.036	9.479
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	12.276	27.564	29.325
(4) Current Liabilities
(a) Short term borrowings	60.057	55.366	35.765
(b) Trade payables	91.440	89.931	64.458
(c) Other current liabilities	67.478	47.666	44.862
(d) Short-term provisions	40.441	41.085	41.011
Total Current Liabilities (4)	259.416	234.048	186.096
TOTAL	537.455	484.325	408.129
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	91.191	96.938	98.801
(ii) Intangible Assets	14.100	5.807	8.181
(iii) Capital work-in-progress	46.656	44.131	22.896
(iv) Intangible assets under development	1.149	9.696	5.352
(b) Non-current Investments	0.186	0.186	0.186
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	74.521	52.728	20.932
(e) Other Non-current assets	0.000	0.074	0.148
Total Non-Current Assets	227.803	209.560	156.496
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	139.130	89.120	76.260
(c) Trade receivables	103.513	125.184	110.537
(d) Cash and cash equivalents	33.817	37.209	25.984
(e) Short-term loans and advances	29.062	21.179	36.871
(f) Other current assets	4.130	2.073	1.981
Total Current Assets	309.652	274.765	251.633
TOTAL	537.455	484.325	408.129

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	802.791	631.949	607.772
		Other Income	11.614	4.582	4.176
		TOTAL (A)	814.405	636.531	611.948
Less	EXPENSES
		Cost of Materials Consumed	468.004	324.664	295.176
		Purchase of Stock-in-trade	17.497	11.664	15.135
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(45.294)	(4.095)	6.210
		Employee Benefits Expenses	137.748	115.671	105.542
		Other Expenses	136.741	107.952	98.503
		TOTAL (B)	714.696	555.856	520.566
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		99.709	80.675	91.382
Less	FINANCIAL EXPENSES (D)		3.529	5.250	7.326
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		96.180	75.425	84.056
Less	DEPRECIATION/ AMORTISATION (F)		13.005	12.237	11.436
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		83.175	63.188	72.620
Less	TAX (H)		29.287	21.577	24.199
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		53.888	41.611	48.421
	Earnings / (Loss) Per Share (Rs.)		8.15	6.29	7.32

CURRENT MATURITIES OF LONG TERM DEBT DETAIL :

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

Expected Sales (2014-2015): Rs. 800.000 Million

The above information has been parted by Mr. Santosh (Manager)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	6.71	6.58	7.97
Operating Profit Margin (PBDIT/Sales)	(%)	12.42	12.77	15.04
Return on Total Assets (PBT/Total Assets}	(%)	16.99	14.68	19.13
Return on Investment (ROI) (PBT/Networth)		0.31	0.28	0.38
Debt Equity Ratio (Total Debt /Networth)		0.25	0.34	0.29
Current Ratio (Current Asset/Current Liability)		1.19	1.17	1.35

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	66.125	66.125	66.125
Reserves & Surplus	126.583	156.588	199.638
Share Application money pending allotment
Net worth	192.708	222.713	265.763
long-term borrowings	19.846	19.528	5.487
Short term borrowings	35.765	55.366	60.057
Total borrowings	55.611	74.894	65.544
Debt/Equity ratio	0.289	0.336	0.247

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	607.772	631.949	802.791
		3.978	27.034

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	607.772	631.949	802.791
Profit	48.421	41.611	53.888
	7.97%	6.58%	6.71%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents		Available in Report (Yes / No)
1]	Year of Establishment		Yes
2]	Locality of the firm		Yes
3]	Constitutions of the firm		Yes
4]	Premises details		Yes
5]	Type of Business		Yes
6]	Line of Business		Yes
7]	Promoter's background		Yes
8]	No. of employees		Yes
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		Yes
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		Yes
30]	Major Shareholders, if available		Yes
31]	Date of Birth of Proprietor/Partner/Director, if available		Yes
32]	PAN of Proprietor/Partner/Director, if available		Yes
33]	Voter ID No of Proprietor/Partner/Director, if available		No
34]	External Agency Rating, if available		Yes
35		Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN :

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long Term Borrowings :
Deferred Sales Tax Loan	0.000	1.324
Other Loans and Advances	0.000	2.453
Short Term Borrowings :
Deposits from Directors	1.000	0.900
Deposits from Others	2.020	2.020
Total	3.020	6.697

INDEX OF CHARGES :

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10493556	2/4/2014	1,900,000.00	Bank of Baroda	Pune Camp Branch, 2, Moledina road,, Pune, Maharashtra - 411001, INDIA	C03116316
2	90087218	28/03/2005	15,000,000.00	BANK OF BARODA	PUNE CAMP BRANCH, PUNE, Maharashtra, INDIA	-
3	90088893	24/08/2007 *	112,500,000.00	BANK OF BARODA	CAMP BRANCH, PUNE, Maharashtra - 411001, INDIA	A23117542
4	90092002	2/12/2002	85,827,000.00	BANK OF BARODA	LAXMI ROAD BRANCH, PUNE, Maharashtra - 411002, INDIA	-
5	90082823	23/01/2015 *	112,400,000.00	Bank of Baroda	Pune Camp Branch, Pune, Maharashtra - 411001, INDIA	C43133511
6	90082747	20/07/2001	38,616,000.00	BANK OF BARODA	LAXMI ROAD BRANCH, PUNE, Maharashtra, INDIA	-
7	90085556	29/11/2000	10,000,000.00	BANK OF BARODA	LAXMI ROAD BRANCH, LAXMI ROAD, PUNE, Maharashtra, INDIA	-
8	90085301	23/01/2015 *	112,400,000.00	Bank of Baroda	Pune Camp Branch, Pune, Maharashtra - 411001, INDIA	C43132711

FIXED ASSETS :

1. Tangible assets :

• Land
• Buildings
• Other building
• Plant and equipment
• Other plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipment
• Other equipment

2. Intangible assets :

• Computer software
• Other intangible assets
• Know-how

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. 63.84
UK Pound	1	Rs. 100.65
Euro	1	Rs. 72.88

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	RAS
Report Prepared by :	THR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		46

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

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

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

RATING EXPLANATIONS

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

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

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