MIRA INFORM REPORT

Report No. :	338522
Report Date :	01.09.2015

IDENTIFICATION DETAILS

Name :	DURIAN INDUSTRIES LIMITED
Formerly Known As :	DURIAN TRADING AND INVESTMENTS LIMITED (w.e.f. 15.02.1995) DURIAN TRADING AND INVESTMENTS PRIAVTE LIMITED
Registered Office :	401, The Chambers, Hanuman Road, Western Express Highway, Vile Parle (East), Mumbai – 400057, Maharashtra
Tel. No.:	91-22-26120007
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.10.1992
Com. Reg. No.:	11-069235
Capital Investment / Paid-up Capital :	Rs. 102.914 Million
CIN No.: [Company Identification No.]	U51900MH1992PLC069235
IEC No.:	0393006832
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACD1698N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Trader and Importer of Plywood and Home Furniture.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1100000
Status :	Satisfactory
Payment Behavior :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of Durian Group. It is an established company incorporated in the year 1992 having a satisfactory track record. General financial position of the company is good. The rating also takes into consideration the company’s established position and brand name in the furniture manufacturing and retailing business. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct and as per commitment. 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	Long-Term Rating : (BBB)
Rating Explanation	Moderate degree of safety and carry moderate credit risk.
Date	18.06.2014

Rating Agency Name	CRISIL
Rating	Short-Term Rating : (A3+)
Rating Explanation	Moderate degree of safety and carry higher credit risk.
Date	18.06.2014

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Sushil Bansal
Designation :	Finance Executive
Contact No.:	91-22-2629000
Date :	27.08.2015

LOCATIONS

Registered/ Corporate/ Marketing Office 1 :	401, The Chambers, Hanuman Road, Western Express Highway, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-26120007 / 26269000
Fax No.:	91-22-26112261 / 26269024
E-Mail :	info@durian.in sushil@durian.in customersupport@durian.in
Website :	www.durian.in
Area :	10,000 sq.ft
Location :	Owned (Commercial)
Branch 1 / Warehouse :	7, 2nd Floor, Venkataswamy, Naidu Road, Shivaji Nagar, Bangalore - 560051, Karnataka, India
Marketing Office 2 :	Durian Estate, Goregaon - Mulund Link Road, Goregaon (East), Mumbai - 400063, Maharashtra, India.
Tel. No.:	91-22-67142000
Fax No.:	91-22-66783125
E-Mail :	marketing@durian.in
Factory :	Plot No. 9 & 10, Village Mahim, Taluka Palghar, District Thane, Maharashtra, India
Branches 2 :	Located at : Ø Ahmedabad Ø Surat Ø Aurangabad Ø Nashik Ø Indore Ø Bangalore Ø Hyderabad Ø Chennai Ø Guwahati Ø Ranchi Ø Jamshedpur Ø Orissa Ø Siliguri Ø New Delhi Ø Pune Ø Jaipur
Showrooms :	WEST ZONE Ø Mumbai (Goregaon, Worli Naka, Thane, Vashi, Kurla) Ø Pune Ø Bhopal Ø Goa Ø Nasik Ø Aurangabad Ø Ahmedabad Ø Surat Ø Indore NORTH ZONE Ø Delhi Ø Noida Ø Jaipur Ø Agra Ø Allahabad Ø Chandigarh Ø Ludhiana Ø Gurgaon Ø Jammu Ø Dehradun Ø Varanasi Ø Lucknow Ø Kanpur Ø Gorakhpur Ø Jalandhar EAST ZONE Ø Siliguri Ø Kolkata Ø Ranchi Ø Bhubaneshwar Ø Jamshedpur Ø Guwahati Ø Patna Ø Raipur Ø Dhanbad SOUTH ZONE Ø Bangalore Ø Chennai Ø Hyderabad

DIRECTORS

AS ON 30.09.2014

Name :

Radhe shyam Kanoria

Designation :

Director

Address :

A/102 Leela Sterling, Opposite Yeshodham, High School, Film City Road, Goregaon (East), Mumbai - 400063, Maharashtra, India

Date of Birth/Age :

12.07.1942

Qualification :

MBA

PAN No.:

AESPK6035R

Date of Appointment :

28.10.1992

DIN No.:

00030858

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	U28129MH1978PTC020523	SAHYADRI PACKAGING AND TIMBER INDUSTRIES PRIVATE LIMITED	Director	20/04/1989	20/04/1989	-	Amalgamated	NO
2	U51900MH1992PLC069235	DURIAN INDUSTRIES LIMITED	Director	28/10/1992	28/10/1992	-	Active	NO

Name :

Beni Gopal Choudhary

Designation :

Additional Director

Address :

No 92, 7th Cross Versova Layout,, Kaggadaspura Main Road, C V Raman Nagar,, Bangalore - 560093, Karnataka, India

Date of Appointment :

25.03.2015

DIN No.:

00267332

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	U67120WB1999PTC088866	SKBG INVESTMENT PRIVATE LIMITED	Director	24/02/1999	24/02/1999	-	Active	NO
2	U67120WB1996PTC079929	SKC SHARE & STOCK BROKING SERVICES PVT.LTD.	Director	05/06/1999	05/06/1999	-	Active	NO
3	U51900MH1992PLC069235	DURIAN INDUSTRIES LIMITED	Additional director	25/03/2015	25/03/2015	-	Active	NO

Name :

Saharsh Khaitan

Designation :

Whole-Time Director

Address :

House No. 161, Sector - 19A, Chandigarh - 160019, India

Date of Birth/Age :

26.09.1977

Qualification :

B.Com

PAN No.:

ACWPK1334P

Date of Appointment :

01.04.2015

DIN No.:

00760938

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	U52190CH2004PTC027253	SANROJ SALES PRIVATE LIMITED	Director	29/06/2004	29/06/2004	-	Active	NO
2	U51900MH1992PLC069235	DURIAN INDUSTRIES LIMITED	Whole-time director	01/04/2015	20/10/2006	-	Active	NO

Name :

Sajjan Kumar Dokania

Designation :

Managing Director

Address :

18/R , Devpark, Opposite Chandan Talkies, Juhu, Vile Parle (West), Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

15.06.1955

Qualification :

B.Com

PAN No.:

ADVPD6404F

Date of Appointment :

01.04.2015

DIN No.:

00828579

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	U70109DL1988PTC031976	MVS REAL ESTATE PRIVATE LIMITED	Director	10/04/1992	10/04/1992	29/03/2005	Active	NO
2	U51900MH1992PLC069235	DURIAN INDUSTRIES LIMITED	Managing director	01/04/2015	28/10/1992	-	Active	NO
3	U45200MH2004PTC145554	ELDER DEVELOPERS PRIVATE LIMITED	Director	06/04/2004	06/04/2004	05/03/2009	Active	NO
4	U51909MH2006PTC163783	ELDER EXIM PRIVATE LIMITED	Director	14/08/2006	14/08/2006	01/11/2013	Active	NO

Name :

Tridib Sukhomoy Sen

Designation :

Whole-Time Director

Address :

C/702, Vasant Aishwarya,, Mathurad, Kandivali West, Mumbai - 400067, Maharashtra, India

Date of Birth/Age :

16.12.1949

Qualification :

B.Com

PAN No.:

AXAPS5599R

Date of Appointment :

01.04.2015

DIN No.:

01929715

Name :

Nitin Dhanuka

Designation :

Additional Director

Address :

10/2A, Alipore, Park Place, Kolkata - 700027, West Bengal, India

Date of Appointment :

25.03.2015

DIN No.:

02603862

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	U51909WB1996PTC081009	STARNET SALES AGENCIES PVT LTD	Director	03/05/2001	03/05/2001	31/03/2009	Active	NO
2	U51900MH1992PLC069235	DURIAN INDUSTRIES LIMITED	Additional director	25/03/2015	25/03/2015	-	Active	NO

Name :

Shilpi Dokania

Designation :

Whole-Time Director

Address :

18/R Dev Park Opposite Chandan, Talkies Juhu Village, Vile Parle (West), Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

15.05.1985

Qualification :

B.Com

PAN No.:

AHFPD3842B

Date of Appointment :

01.04.2015

DIN No.:

03350470

Name :

Somesh Sajjan Dokania

Designation :

Additional Director

Address :

18 / R Dev Park, Opposite Chandan Talkies, Juhu Village, Vile Parle (West), Mumbai - 400049, Maharashtra, India

Date of Appointment :

25.03.2015

DIN No.:

07125962

KEY EXECUTIVES

Name :	Mr. Sushil Bansal
Designation :	Finance Executive
Name :	Vikaash Tulsian
Designation :	Chief Finance Officer
Address :	RH-6, Aloka CHS, Plot No.128/131, Sector 21, Nerul, Navi Mumbai - 400706, Maharashtra, India
Date of Appointment :	01.04.2015
PAN No.:	ABUPT3894N

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Sajjan Kumar Dokania	2751595
Kusum Dokania	3000
Satyabhama Dokania	3000
Suman Dokania	3960450
Amita Dokania	3000
Sajjan Kumar Dokania HUF	2672700
Ashok Kumar Dokania	345
Palghar Plywood Production Private Limited, India	172500
Somesh Dokania	524850
Shilpi Dokania	200000
Total	10291440

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	1.68
Directors or relatives of Directors	98.32
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader and Importer of Plywood and Home Furniture.

Products :

Item Code No.	Product Description
94032090	Furniture
94038900	Furniture Installation Job Work

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Products :

Raw Material

Countries :

• Malaysia
• China
• Singapore
• European Countries

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	G. Furniture - Malaysia
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 :

Wholesalers, Retailers and Manufacturer

Reference :	Reliance Retail Limited – Mumbai
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 :

500 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Backfree Pbay Reclamation Branch, Raheja Chambers, Free Press Journal Marg, Nariman Point, Mumbai – 400021, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (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
Loans taken for fixed assets	1.367	3.329
Term loans from Banks	27.937	52.888
Short-term borrowings
Working capital loans from banks	352.497	316.102
Total	381.801	372.319

Auditors :
Name :	P Bajaj and Company Chartered Accountants
Address :	286, Princess Street, Bhatia Mansion, 2nd Floor, Mumbai – 400002, Maharashtra, India
PAN. No.:	AABPB5012C
Memberships :	-----
Collaborators :	-----
Other related parties where common control exists:	Palghar Plywood Products Private Limited (PPPPL) Maple Mouldings Private Limited (MMPL) Cedar Décor Private Limited (CDL) Elder Exim Private Limited (EEPL) Sanroj Sales Private Limited (SSPL)
Relatives of Key management personnel :	Sajjan Kumar Dokania HUF

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs. 110.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10291440	Equity Shares	Rs.10/- each	Rs. 102.914 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	102.914	102.914	102.915
(b) Reserves & Surplus	283.735	249.991	219.180
(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)	386.649	352.905	322.095
(3) Non-Current Liabilities
(a) long-term borrowings	160.130	188.721	180.459
(b) Deferred tax liabilities (Net)	1.885	2.923	1.639
(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)	162.015	191.644	182.098
(4) Current Liabilities
(a) Short term borrowings	352.497	316.102	318.285
(b) Trade payables	205.331	204.893	205.246
(c) Other current liabilities	38.568	48.005	39.483
(d) Short-term provisions	6.918	12.201	11.353
Total Current Liabilities (4)	603.314	581.201	574.367
TOTAL	1151.978	1125.750	1078.560
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	298.081	309.046	311.197
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3.722	3.722	3.745
(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	0.000	0.000	0.000
Total Non-Current Assets	301.803	312.768	314.942
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	448.288	393.457	427.320
(c) Trade receivables	284.092	317.424	218.636
(d) Cash and cash equivalents	36.981	13.962	14.540
(e) Short-term loans and advances	40.712	44.651	35.578
(f) Other current assets	40.102	43.488	67.544
Total Current Assets	850.175	812.982	763.618
TOTAL	1151.978	1125.750	1078.560

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1766.779	1900.279	1848.725
	Other Income	19.399	16.631	17.212
	TOTAL	1786.178	1916.910	1865.937
Less	EXPENSES
	Cost of Materials Consumed	169.970	150.476	152.960
	Purchases of Stock-in-Trade	1047.854	1106.506	1143.133
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(8.595)	36.570	(64.794)
	Employees benefits expense	119.167	118.127	115.135
	Exceptional items before tax	(0.067)	0.922	0.514
	Other expenses	298.402	334.999	364.656
	TOTAL	1626.731	1747.600	1711.604
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	159.447	169.310	154.333
Less	FINANCIAL EXPENSES	71.666	77.801	67.241
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	87.781	91.509	87.092
Less/ Add	DEPRECIATION/ AMORTISATION	32.386	33.355	21.971
	PROFIT/ (LOSS) BEFORE TAX	55.395	58.154	65.121
Less	TAX	17.294	20.953	20.266
	PROFIT/ (LOSS) AFTER TAX	38.101	37.201	44.855
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	192.349	166.539	132.664
Less	APPROPRIATIONS	9.357	11.391	10.980
	Balance Carried to the B/S	221.093	192.349	166.539
	IMPORTS
	Raw Materials	30.541	11.204	16.378
	Traded Goods	181.318	113.745	337.232
	Plant and Machinery	2.365	0.000	8.142
	TOTAL IMPORTS	214.224	124.949	361.752
	Earnings / (Loss) Per Share (Rs.)	3.70	3.61	-----

Particulars	31.03.2015
Sales Turnover	1900.000

Expected Sales (2015-2016): Rs. 2000.000 Million

The above information has been parted by Mr. Sushil Bansal.

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	28.504	28.167	39.483
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	133.848	124.516	(2.923)
Net cash flows from operating activities	108.166	102.959	37.954

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.16	1.96	2.43
Operating Profit Margin (PBIDT/Sales)	(%)	9.02	8.91	8.35
Return on Total Assets (PBT/Total Assets}	(%)	4.82	5.18	6.06
Return on Investment (ROI) (PBT/Networth)		0.14	0.16	0.20
Debt Equity Ratio (Total Debt /Networth)		1.40	1.51	1.67
Current Ratio (Current Asset/Current Liability)		1.41	1.40	1.33

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	102.915	102.914	102.914
Reserves & Surplus	219.180	249.991	283.735
Net worth	322.095	352.905	386.649
long-term borrowings	180.459	188.721	160.130
Short term borrowings	318.285	316.102	352.497
Current maturities of long-term debts	39.483	28.167	28.504
Total borrowings	538.227	532.990	541.131
Debt/Equity ratio	1.671	1.510	1.400

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	1848.725	1900.279	1766.779
		2.789	(7.025)

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	1848.725	1900.279	1766.779
Profit	44.855	37.201	38.101
	2.43%	1.96%	2.16%

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	Yes
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	Yes
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 three 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

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Other loans and advances	130.826	132.504
Total	130.826	132.504

CONTINGENT LIABILITIES NOT PROVIDED FOR

i) Guarantees issued by the banker of Rs.41.890 Million (Previous Year Rs.37.361 Million) against magin of Deposit receipts.

ii) Letter of credit established by the bankers and outstanding as on the date of Balance Sheet is Rs.22.928 Million (Previous Year Rs.26.338 Million) against which materials are yet to be received.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10035730	19/01/2007	252,500,000.00	STATE BANK OF INDIA	BACKBAY RECLAMATION BRANCH,, RAHEJA CHAMBER, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	A09656141
2	10034934	07/06/2013 *	718,500,000.00	STATE BANK OF INDIA	BACKBAY RECLAMATION BRANCH,, RAHEJA CHAMBER, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B81077109
3	90147812	22/11/2001	7,500,000.00	STATE BANK OF INDIA	BACKBAY RECLAMATION BRANCH, MUMBAI, MAHARASHTRA,  INDIA	-
4	90147811	14/02/2004 *	7,500,000.00	STATE BANK OF INDIA	BACKBAY RECLAMATION BRANCH,, RAHEJA CHAMBER, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	-
5	90155167	09/09/1999	14,500,000.00	STATE BANK OF INDIA	CHURCHAGATE BRANCH, MUMBAI, MAHARASHTRA, INDIA	-
6	90158880	01/06/1998	34,500,000.00	STATE BANK OF INDIA	CHURCHAGATE BRANCH, MUMBAI, MAHARASHTRA, INDIA	-
7	90158822	14/02/2004 *	35,000,000.00	STATE BANK OF INDIA	CHURCHGATE BRANCH, MUMBAI - 400020, MAHARASHTRA, INDIA	-
8	90158655	16/01/1989	1,200,000.00	STATE BANK OF INDIA	CHURCHAGATE BRANCH, MUMBAI - 400020, MAHARASHTRA,  INDIA	-
9	90158650	17/02/1988	5,900,000.00	STATE BANK OF INDIA	CHURCHAGATE BRANCH, 16; INTERNATIONAL; M. K. ROAD, MUMBAI - 400020, MAHARASHTRA, INDIA	-

* Date of charge modification

OPERATIONS:

The working of the company for the year has been satisfactory.

FIXED ASSETS

• Land
• Buildings
• Office Building
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report : No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 66.26
UK Pound	1	Rs. 101.99
Euro	1	Rs. 74.79

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	DIV
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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 unfavorable 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.