MIRA INFORM REPORT

Report No. :	346547
Report Date :	21.10.2015

IDENTIFICATION DETAILS

Name :	EXPANDED POLYMER SYSTEMS PRIVATE LIMITED
Registered Office :	C-44/1 and 2, C-45/3, TTC Area, Pawne, MIDC, Vashi, Navi Mumbai – 400705, Maharashtra
Tel. No.:	91-22-27670838
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.11.2007
Com. Reg. No.:	11-175657
Capital Investment / Paid-up Capital :	Rs.120.000 Million
CIN No.: [Company Identification No.]	U24134MH2007PTC175657
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUME00833A MUME07100C
PAN No.: [Permanent Account No.]	AAAFE0142M AABCE8627R
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Manufacturer, Exporter and Importer of Polyurethane Chemicals.
No. of Employees :	110 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limits:	USD 572300
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Expanded Polymer Systems Private Limited was established in 1982 as a Partnership Firm (Expanded Incorporation) with manufacturing facilities at Pawne Industrial Area in Navi Mumbai. It was converted into a Private Limited Company in November 2007 with the current name. The rating remain constrained on company’s leveraged capital structure on account of its debt funded capital expenditure and working capital borrowings and cyclical nature of the industry. Further, the rating also takes into consideration low reserves level of the company and unfavourable gap between trade payable and trade receivable. This rating weakness is partially offsets on long standing experience of the promoters in manufacturing of polyols and diversified customer base including relationship with established players. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings with some caution.

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	ICRA
Rating	Long term: “BB” (Suspended)
Rating Explanation	Moderate risk of default.
Date	February 2014

Rating Agency Name	ICRA
Rating	Short term: “A4” (Suspended)
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	February 2014

REASON FOR SUSPENSION: Inability to carry out rating in absence of requisite information from the company.

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 PARTED BY

Name :	Mr. Rajen Mahesh Mehta
Designation :	Managing Director
Contact No.:	91-22-30914300

LOCATIONS

Registered Office / Factory 1 :	C–44/1 and 2, C–45/3, TTC Area, Pawne MIDC, Vashi, Navi Mumbai – 400705, Maharashtra, India
Tel. No.:	91-22-27670838/ 30914300 / 30914323 / 30914320
Fax No.:	91-22-27671065
E-Mail :	expanded.inc@vsnl.com admin@expandedinc.com hemantp@expandedinc.com rmehta@expanded.co.in
Website :	www.expanded.co.in
Location :	Owned
Factory 2:	Plot - CH-10, GIDC, Taluka Vagra Dahej, District Bharuch, Gujarat, India
Branches:	Located at: Gurgaon Bangalore Hyderabad

DIRECTORS

AS ON 27.09.2014

Name :

Mr. Mukesh Shantilal Bhuta

Designation :

Managing Director

Address :

1101, Alaknanda CHS Limited, 7^th Road, Rajawadik, Ghatkopar (East), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

12.08.1953

Qualification :

Science Graduate, B.E. Tech London

Date of Appointment :

01.08.2009

Experience :

32 Years

PAN No.:

AAAPB7437Q

DIN No.:

00801515

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	U28920MH1950PTC008137	SHANTILAL AND COMPANY PRIVATE LIMITED	Director	22/07/2002	22/07/2002	-	Active	NO
2	U24134MH2007PTC175657	EXPANDED POLYMER SYSTEMS PRIVATE LIMITED	Managing director	01/08/2009	02/11/2007	-	Active	NO

Name :

Dr. Vaman Jasvantrai Mehta

Designation :

Director

Address :

24, Garodia Palace, Plot No. 198, 90 Feet Road, Garodia Nagar, Ghatkopar (East), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

08.01.1934

Date of Appointment :

01.10.2013

PAN No.:

AAAPM9031F

DIN No.:

01214512

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	U24134MH2007PTC175657	EXPANDED POLYMER SYSTEMS PRIVATE LIMITED	Whole-time director	01/10/2013	02/11/2007	-	Active	NO

Name :

Mr. Ajit Shantilal Bhuta

Designation :

Director

Address :

1102, Alaknanda, Neelkanth Valley, Ghatkopar (East), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

12.03.1951

Date of Appointment :

01.08.2014

PAN No.:

AABPB0541Q

DIN No.:

00802006

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	U72900MH2001PTC134270	Value Projects Private Limited	Director	19/12/2001	19/12/2001	19/10/2010	Active	NO
2	U24134MH2007PTC175657	EXPANDED POLYMER SYSTEMS PRIVATE LIMITED	Director	01/08/2014	02/11/2007	-	Active	NO
3	U45400MH2007PTC175945	NGV INFRASTRUCTURES PRIVATE LIMITED	Director	15/11/2007	15/11/2007	-	Active	NO
4	U45400MH2007PTC176247	PEGASUS VALUE INFRAPROJECTS PRIVATE LIMITED	Director	28/11/2007	28/11/2007	-	Active	NO
5	U74999MH2011PTC218530	ABA PROJECTS CONSULTANT PRIVATE LIMITED	Director	10/06/2011	10/06/2011	-	Active	NO

Name :

Mr. Chandulal Kalidas Shah

Designation :

Director

Address :

64/A, Manju Niketan, Opposite Topiwala Cinema, Topiwala Compound, S.V. Road, Goregaon (West), Mumbai – 400 062, Maharashtra, India

Date of Birth/Age :

07.09.1941

Date of Appointment :

01.08.2014

PAN No.:

AADPS9643Q

DIN No.:

01977071

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	U24134MH2007PTC175657	EXPANDED POLYMER SYSTEMS PRIVATE LIMITED	Director	01/08/2014	28/11/2007	-	Active	NO

Name :

Mr. Rajen Mahesh Mehta

Designation :

Managing Director

Address :

101 Gayatri Niwas, Bhagat Singh Road, Vile Parle (West), Mumbai - 400056, Maharashtra, India

Date of Birth/Age :

09.08.1951

Date of Appointment :

21.09.2015

DIN No.:

06988706

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	U24134MH2007PTC175657	EXPANDED POLYMER SYSTEMS PRIVATE LIMITED	Whole-time director	21/09/2015	01/10/2014	-	Active	NO

Name :

Ms. Jayshree Ajit Bhuta

Designation :

Director

Address :

1102, Alaknanda, Neelkanth Valley,, 7th Rajawadi Road, Ghatkopar (East), Mumbai - 400077, Maharashtra, India

Date of Appointment :

21.09.2015

DIN No.:

02913199

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	U74999MH2011PTC218530	ABA PROJECTS CONSULTANT PRIVATE LIMITED	Director	10/06/2011	10/06/2011	-	Active	NO
2	U45400MH2012PTC228374	VALUE TERRACES PRIVATE LIMITED	Director	17/03/2012	17/03/2012	-	Converted to LLP and dissolved	NO
3	U72900MH2001PTC134270	Value Projects Private Limited	Director	03/04/2012	03/04/2012	-	Active	NO
4	U70102MH2011PTC215187	PANYA DEV PROPERTIES PRIVATE LIMITED	Additional director	30/04/2012	30/04/2012	-	Active	NO
5	U24134MH2007PTC175657	EXPANDED POLYMER SYSTEMS PRIVATE LIMITED	Director	21/09/2015	24/03/2015	-	Active	NO
6	AAD-6613	VALUE TERRACES LLP	Designated Partner	29/03/2015	29/03/2015	-	Active	NO

Name :

Ms. Medha Mukesh Bhuta

Designation :

Director

Address :

Room No. 1101, 11th Floor, Alaknanda, Neelkanth Valley, 7th Rd Rajawadi, Ghatkopar (East, Mumbai - 400077, Maharashtra, India

Date of Appointment :

21.09.2015

DIN No.:

07133176

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	U24134MH2007PTC175657	EXPANDED POLYMER SYSTEMS PRIVATE LIMITED	Director	21/09/2015	24/03/2015	-	Active	NO

Name :

Mr. Mikhail Mukesh Bhuta

Designation :

Director

Address :

1101, Alaknanda, 7th Road, Rajawadi, Ghatkopar (East), Mumbai - 400077, Maharashtra, India

Date of Appointment :

21.09.2015

DIN No.:

07133180

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	U24134MH2007PTC175657	EXPANDED POLYMER SYSTEMS PRIVATE LIMITED	Director	21/09/2015	24/03/2015	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Mukesh Shantilal Bhuta	8400000	70.00
Vaman Jasvantrai Mehta	960000	8.00
Jayshree Ajit Bhuta	300000	2.50
Ajit Shantilal Bhuta	300000	2.50
Harsh Vaman Mehta	120000	1.00
Medha Mukesh Bhuta	600000	5.00
Hema C Shah and Vaman Jasvantrai Mehta	120000	1.00
Mikhail Mukesh Bhuta	1200000	10.00
Total	12000000	100.00

AS ON 27.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Manufacturer, Exporter and Importer of Polyurethane Chemicals.

Products :

Item Code No. (ITC Code)	Product Description
39072010	Polyol

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Polyurethane Chemical

Countries :

· Middle East

· Thailand

Imports :

Products :

Raw Material

Countries :

· Singapore

· Japan

Terms :

Selling :

Cash, Cheque and Credit (90 days)

Purchasing :

Cash, Cheque and Credit (90 days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Reliance – Mumbai Lyondell – Singapore
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

Wholesalers and Retailers

Reference:	Videocon Group – Hosur Thai Mitsui Chemicals – Thailand
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

110 (Approximately)

Bankers :

· Standard Chartered Bank, SME Credit, Crescenzo, 3a/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

· Bank of India, Andheri MID Corporate Branch, 28, MDI Building, 1^st Floor, S. V. Road, Andheri (West), Mumbai - 400058, Maharashtra, India

· Bank of India, Ghatkopar (West) Branch,Desai Niwas, M.G. Road, Ghatkopar (West), Mumbai - 400086, Maharashtra, India

Facilities :

Cash Credit: Rs. 250.000 Million

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loans from banks (The Term Loans from Bank is secured by first charge ranking pari passu on immovable assets and hypothecation of movable assets (Save and Except Current Assets) of the company subject to second charge in favor of the Company's Bankers for working capital limits)	36.814	63.638
Loans taken for vehicles (Vehicles Loans are secured against hypothecation of the vehicles.)	1.314	0.403
SHORT TERM BORROWINGS
Working capital loans from banks (The cash credit facilities from Banks is secured by hypothecation of stocks and book debts ( present and future) of the Company and further secured by second charge over the immovable fixed assets of the company)	408.688	284.915
Total	446.816	348.956

Auditors :
Name :	C M Gabhawala and Company Chartered Accountants
Address :	42, Nanik Nivas, 30, Dr. D. D. Sathe Marg, Girgaum, Mumbai – 400004, Maharashtra, India
PAN No.:	AAAFC1255D
Memberships :	--
Collaborators :	--
Associates Enterprises :	· Ajit Bhuta and Associates · Shantilal and Company Private Limited

CAPITAL STRUCTURE

AS ON 27.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
12,000,000	Equity Shares	Rs.10/- each	Rs. 120.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12,000,000	Equity Shares	Rs.10/- each	Rs. 120.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	120.000	120.000	120.000
(b) Reserves & Surplus	80.302	54.405	17.160
(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)	200.302	174.405	137.160
(3) Non-Current Liabilities
(a) long-term borrowings	155.148	179.291	190.787
(b) Deferred tax liabilities (Net)	23.932	11.705	2.382
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.288	4.557	9.048
Total Non-current Liabilities (3)	184.368	195.553	202.217
(4) Current Liabilities
(a) Short term borrowings	408.688	284.915	329.789
(b) Trade payables	501.668	517.502	487.454
(c) Other current liabilities	147.421	165.174	142.468
(d) Short-term provisions	9.842	11.136	0.873
Total Current Liabilities (4)	1067.619	978.727	960.584
TOTAL	1452.289	1348.685	1299.961
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	415.006	430.239	392.583
(ii) Intangible Assets	1.320	1.646	0.047
(iii) Capital work-in-progress	101.738	49.775	34.465
(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	2.553	2.890	6.288
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	520.617	484.550	433.383
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	343.529	270.756	250.684
(c) Trade receivables	344.613	407.870	412.584
(d) Cash and cash equivalents	129.499	53.855	77.942
(e) Short-term loans and advances	97.789	116.232	119.326
(f) Other current assets	16.242	15.422	6.042
Total Current Assets	931.672	864.135	866.578
TOTAL	1452.289	1348.685	1299.961

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	TOTAL REVENUE		2489.185	2563.415	2050.268
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		179.028	172.157	116.423
Less	FINANCIAL EXPENSES		109.238	93.163	79.855
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		69.790	78.994	36.568
Less	DEPRECIATION/ AMORTISATION		31.392	28.423	24.233
	PROFIT/ (LOSS) BEFORE TAX		38.398	50.571	12.335
Less	TAX		20.418	10.518	(6.001)
	PROFIT/ (LOSS) AFTER TAX		17.980	40.053	18.336
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		46.405	13.160	(5.176)
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	4.000	0.000
		Proposed Dividend (Including Dividend Tax)	1.404	2.808	0.000
	BALANCE CARRIED TO THE B/S		62.981	46.405	13.160
	EARNINGS IN FOREIGN CURRENCY
		Sales	299.636	225.196	50.204
		Commission	14.059	15.327	11.076
		Installation and Commissioning	2.573	0.000	0.000
	TOTAL EARNINGS		316.268	240.523	61.280
	IMPORTS
		Materials	1269.271	1321.842	1099.029
		Capital Goods	0.391	0.000	0.000
		Spares (Trading)	12.183	13.963	13.746
	TOTAL IMPORTS		1281.845	1335.805	1112.775
	Earnings / (Loss) Per Share (Rs.)		1.50	3.34	1.53

Particulars	31.03.2015
Sales Turnover (Approximately)	2970.000

Expected Sales (2015-2016): Rs.3750.000 Million

The above information has been parted by Mr. Rajen Mahesh Mehta (Additional Director).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	39.392	45.713	44.231
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	42.678	116.466	(79.856)
Net cash flows from (used in) operating activities	144.039	208.799	153.689

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.72	1.56	0.89
Operating Profit Margin (PBIDT/Sales)	(%)	7.19	6.72	5.68
Return on Total Assets (PBT/Total Assets}	(%)	2.84	3.89	0.97
Return on Investment (ROI) (PBT/Networth)		0.19	0.29	0.09
Debt Equity Ratio (Total Debt/Networth)		3.01	2.92	4.12
Current Ratio (Current Asset/Current Liability)		0.87	0.88	0.90

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	120.000	120.000	120.000
Reserves & Surplus	17.160	54.405	80.302
Share Application money pending allotment	0.000	0.000	0.000
Net worth	137.160	174.405	200.302
long-term borrowings	190.787	179.291	155.148
Short term borrowings	329.789	284.915	408.688
Current Maturities of Long Term Debt	44.231	45.713	39.392
Total borrowings	564.807	509.919	603.228
Debt/Equity ratio	4.118	2.924	3.012

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)
Total Revenue	2050.268	2563.415	2489.185
		25.028	(2.896)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Revenue	2050.268	2563.415	2489.185
Profit	18.336	40.053	17.980
	0.89%	1.56%	0.72%

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	Yes
8	Designation of contact person	Yes
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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 four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

BACKGROUND

The company has been converted from partnership firm to a Private Limited Company on 2 November 2007 under chapter IX of the Companies Act, 1956 vide certificate of incorporation issued on 2 November 2007. No.-U24134MH2007PTC175657.

The Company is engaged in the business of manufacturing polyurethane chemicals and trading of chemicals.

OPERATIONS

The company has earned total revenue of Rs. 2489.185 Million (Previous year Rs. 2563.415 Million) thereby registering a decrease 3% over the previous year, during the year under review, and incurred profit after tax of Rs.17.980 Million (Previous year Rs.40.053 Million).

Indian Polyurethane industries performance had been impressive till 2012 but the market become stagnant in 2013 due to various factors like overall economic slow down, impact of global economic crises on Indian manufacturers, inflationary pressures, etc. This had affected the performance of the company during 2013-14.

CONTINGENT LIABILITIES (AS ON 31.03.2014):

(i). Letter of credit issued by banks on behalf of the company Rs. 200.548 Million (Previous year Rs. 321.586 Million)

(ii). Guarantee given by the banks on behalf of the company Rs. NIL (Previous Rs. 0.347 Million)

(iii). Bills drawn on customers and discounted with Banks Rs. 70.113 Million (Previous year Rs.89.660 Million)

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Loans and advances from directors	112.390	108.817
Other loans and advances, others	4.630	6.433
Total	117.020	115.250

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10466706	29/10/2013	50,000,000.00	BANK OF INDIA	ANDHERI MID CORPORATE BRANCH, 28, MDI BUILDING 1ST FLOOR, S.V.ROAD, ANDHERI (WEST), MUMBAI, MAHARASHTRA - 400058, INDIA	B92174937
2	10417463	22/07/2013 *	200,000,000.00	STANDARD CHARTERED BANK	SME CREDIT, CRESCENZO, 3A/F, PLOT NO. C-38 & 39,  G BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI  , MAHARASHTRA - 400051, INDIA	B80574486
3	10259623	11/12/2010	341,000.00	BANK OF INDIA	GHATKOPAR (WEST) BRANCH,DESAI NIWAS, M.G.ROAD,GHA  TKOPAR (WEST), MUMBAI, MAHARASHTRA - 400086, INDIA	B02731800
4	10243694	06/09/2010	580,300.00	BANK OF INDIA	GHATKOPAR (WEST) BRANCH,DESAI NIWAS, M.G.ROAD,GH  ATKOPAR (WEST),, MUMBAI, MAHARASHTRA - 400086, IND  IA	A96189766
5	10238730	31/07/2010	75,000,000.00	BANK OF INDIA	GHATKOPAR (WES) BRANCH, DESAI NIWAS,, M. G. ROAD,  GHATKOPAR (WEST),, MUMBAIOR SUCH OTHER, MAHARASHT  RA - 400086, INDIA	A94006111
6	10245424	29/11/2009	12,050,000.00	KOTAK MAHINDRA PRIME LIMITED	36-38A NARIMAN BHAVAN,, 227, NARIMAN POINT,, MUMB  AI, MAHARASHTRA - 400021, INDIA	A88597224
7	10191623	03/11/2009	240,000.00	BANK OF INDIA	GHATKOPAR (WEST) BRANCH DESAI NIWAS, M. G. ROAD G  HATKOPAR (WEST), MUMBAI, MAHARASHTRA - 400086, IND  IA	A74750050
8	10191626	03/11/2009	345,000.00	BANK OF INDIA	GHATKOPAR (WEST) BRANCH DESAI NIWAS, M. G. ROAD G  HATKOPAR (WEST), MUMBAI, MAHARASHTRA - 400086, IND  IA	A74750183
9	10192362	03/11/2009	349,000.00	BANK OF INDIA	GHATKOPAR (WEST) BRANCH DESAI NIWAS, M. G. ROAD G  HATKOPAR (WEST), MUMBAI, MAHARASHTRA - 400086, IND  IA	A75252403
10	10083708	20/11/2008 *	135,000,000.00	BANK OF INDIA	GHATKOPAR (WEST) BRANCH, DESAI NIWAS,, M.G. ROAD,  GHATKOPAR (WEST),, MUMBAI, MAHARASHTRA - 400086,  INDIA	A50964089

* Date of charge modification

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

Intangible Assets

· Computer Software

· 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.64.89
UK Pound	1	Rs.100.39
Euro	1	Rs.73.52

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	KSH
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.