MIRA INFORM REPORT

Report No. :	339209
Report Date :	04.09.2015

IDENTIFICATION DETAILS

Name :	SPI INDUSTRIES PRIVATE LIMITED (w.e.f.22.11.2011)
Formerly Known As :	SPI CONTAINERS PRIVATE LIMITED (w.e.f.24.05.2006) VITRAG TRADERS PRIVATE LIMITED
Registered Office :	Survey No. 439/1, Sarkhej-Bavla Highway, Near Chacharwadi, Bus Stand, Matoda, Sanand, Ahmedabad – 382213, Gujarat
Tel. No.:	91-2717-323955
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.09.1985
Com. Reg. No.:	04-008087
Capital Investment / Paid-up Capital :	Rs. 30.000 Million
CIN No.: [Company Identification No.]	U28910GJ1985PTC008087
TAN No.: [Tax Deduction & Collection Account No.]	AHMV02085G
PAN No.: [Permanent Account No.]	AABCV1970G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of M. S. Drums and Radiator.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	SPI Industries Private Limited was established as a partnership firm and later it reconstituted as a private limited company. It is having a satisfactory track record. The rating reflect company’s above –average financial risk profile, marked by strong debt protection metrics and adequate liquidity, aided by strong support from promoter. The rating strengths is partially offset by fluctuating in raw material prices resulting in low profitability and modest scale of operations in a fragmented industry. However, trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. In view long track record and vast experience of promoter, the company can be considered normal for business dealings 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 bank facilities = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	30.04.2015

Rating Agency Name	CRISIL
Rating	Short term bank facilities = A3
Rating Explanation	Moderate degree of safety and Higher credit risk
Date	30.04.2015

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Atish Shah
Designation :	General Finance Manager
Contact No.:	91-79-26562689
Date :	02.09.2015

LOCATIONS

Registered Office/ Factory :	Survey No. 439/1, Sarkhej-Bavla Highway, Near Chacharwadi, Bus Stand, Matoda, Sanand, Ahmedabad – 382213, Gujarat, India
Tel. No.:	91-2717-323955/56
	91-9377315881
Fax No.:	91-2717-252010
E-Mail :	prakashrawal72@rediffmail.com prakash.rawal@spiindustries.in prashant.shah@vspl.co.in contact@spiindustries.in
Website :	http://spiindustries.in
Admin Office :	2^nd Floor, Murlidhar Complex, Ambawadi, Nehrunagar Circle, Ahmedabad- 380009, Gujarat, India
Tel. No.:	91-79-26562689
Fax No.:	91-79-26461108

DIRECTORS

AS ON 28.09.2013

Name :

Mr. Vinod Chinubhai Shah

Designation :

Director

Address :

19,Tapovan Society, Nehru, Nagar,Ambawadi, Ahmedabad - 380015, Gujarat, India

Date of Appointment :

09.04.1986

DIN No.:

01836654

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	U51909GJ1986PTC008612	VARDHMAN STAMPINGS PRIVATE LIMITED	Director	09/04/1986	09/04/1986	Active	NO
2	U28910GJ1985PTC008087	SPI INDUSTRIES PRIVATE LIMITED	Director	09/04/1986	09/04/1986	Active	NO
3	U51100GJ1986PTC008611	NAVKAR TRANSCORE PRIVATE LIMITED	Director	28/04/2015	28/04/2015	Active	NO

Name :

Mr. Hardik Dipakbhai Shah

Designation :

Director

Address :

34 Mithila Society Opposite Shreyas, Foundation Ambawadi, Ahmedabad - 380015, Gujarat, India

Date of Birth/Age :

12.12.1984

Date of Appointment :

01.04.2006

DIN No.:

01877011

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	U28910GJ1985PTC008087	SPI INDUSTRIES PRIVATE LIMITED	Director	01/04/2006	01/04/2006	Active	NO
2	U51100GJ1986PTC008611	NAVKAR TRANSCORE PRIVATE LIMITED	Director	28/04/2015	28/04/2015	Active	NO
3	U51909GJ1986PTC008612	VARDHMAN STAMPINGS PRIVATE LIMITED	Director	28/04/2015	28/04/2015	Active	NO

Name :

Mr. Kamlesh Chinubhai Shah

Designation :

Director

Address :

257/ Manekbag Society, Ambawadi, Ahmedabad - 380015, Gujarat, India

Date of Birth/Age :

17.12.1948

Date of Appointment :

11.09.1985

DIN No.:

02493827

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	U28910GJ1985PTC008087	SPI INDUSTRIES PRIVATE LIMITED	Director	11/09/1985	11/09/1985	Active	NO
2	U51100GJ1986PTC008611	NAVKAR TRANSCORE PRIVATE LIMITED	Director	28/04/2015	28/04/2015	Active	NO
3	U51909GJ1986PTC008612	VARDHMAN STAMPINGS PRIVATE LIMITED	Director	28/04/2015	28/04/2015	Active	NO

Name :

Mr. Parthiv Kamleshbhai Shah

Designation :

Director

Address :

257-Manekbaug Society, Ambawadi, Ahmedabad - 380015, Gujarat, India

Date of Appointment :

28.04.2015

DIN No.:

01836667

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	U51100GJ1986PTC008611	NAVKAR TRANSCORE PRIVATE LIMITED	Director	09/04/1986	09/04/1986	Active	NO
2	U28910GJ1985PTC008087	SPI INDUSTRIES PRIVATE LIMITED	Director	28/04/2015	28/04/2015	Active	NO
3	U51909GJ1986PTC008612	VARDHMAN STAMPINGS PRIVATE LIMITED	Director	28/04/2015	28/04/2015	Active	NO

Name :

Mr. Dipakkumar Chinubhai Shah

Designation :

Director

Address :

34,Mithila Society, Ambawadi, Ahmedabad - 380005, Gujarat, India

Date of Appointment :

28.04.2015

DIN No.:

01836659

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	U51100GJ1986PTC008611	NAVKAR TRANSCORE PRIVATE LIMITED	Director	09/04/1986	09/04/1986	Active	NO
2	U51909GJ1986PTC008612	VARDHMAN STAMPINGS PRIVATE LIMITED	Director	01/04/2006	09/04/1986	Active	NO
3	U28910GJ1985PTC008087	SPI INDUSTRIES PRIVATE LIMITED	Director	28/04/2015	28/04/2015	Active	NO

Name :

Mr.Samkit Dipakbhai Shah

Designation :

Director

Address :

34 Mithila Society, Opposite Shreyas Foundation, Ambawadi, Ahmedabad -380015, Gujarat, India

Date of Birth/Age :

16.06.1987

Date of Appointment :

28.04.2015

DIN No.:

07151776

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	U51909GJ1986PTC008612	VARDHMAN STAMPINGS PRIVATE LIMITED	Director	28/04/2015	28/04/2015	Active	NO
2	U51100GJ1986PTC008611	NAVKAR TRANSCORE PRIVATE LIMITED	Director	28/04/2015	28/04/2015	Active	NO
3	U28910GJ1985PTC008087	SPI INDUSTRIES PRIVATE LIMITED	Director	28/04/2015	28/04/2015	Active	NO

Name :

Mr. Prashant Kamleshbhai Shah

Designation :

Director

Address :

257 Manekbag Society, Ellisbridge Ambawadi, Ahmedabad - 380015, Gujarat, India

Date of Birth/Age :

07.03.1977

Date of Appointment :

28.04.2015

DIN No.:

00233808

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	U51909GJ1986PTC008612	VARDHMAN STAMPINGS PRIVATE LIMITED	Director	01/04/2006	01/04/2006	Active	NO
2	U31909GJ2006PLC047953	ELITE CONDUCTORS Limited	Director	05/03/2015	04/03/2015	Active	NO
3	U51100GJ1986PTC008611	NAVKAR TRANSCORE PRIVATE LIMITED	Director	28/04/2015	28/04/2015	Active	NO
4	U28910GJ1985PTC008087	SPI INDUSTRIES PRIVATE LIMITED	Director	28/04/2015	28/04/2015	Active	NO

Name :

Mr. Pathik Vinodbhai Shah

Designation :

Director

Address :

19,Tapovan Society, Ambawadi, Ahmedabad -380015, Gujarat, India

Date of Birth/Age :

16.07.1983

Date of Appointment :

28.04.2015

DIN No.:

01836670

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	U51100GJ1986PTC008611	NAVKAR TRANSCORE PRIVATE LIMITED	Director	09/04/1986	09/04/1986	Active	NO
2	U28910GJ1985PTC008087	SPI INDUSTRIES PRIVATE LIMITED	Director	28/04/2015	28/04/2015	Active	NO
3	U51909GJ1986PTC008612	VARDHMAN STAMPINGS PRIVATE LIMITED	Director	28/04/2015	28/04/2015	Active	NO

Name :

Mr. Krutarth Vinodbhai Shah

Designation :

Director

Address :

19, Tapovan Society, Nehrunagar, Ambawadi,, Ahmedabad - 380015, Gujarat, India

Date of Birth/Age :

27.12.1985

Date of Appointment :

28.04.2015

DIN No.:

07151760

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	U51909GJ1986PTC008612	VARDHMAN STAMPINGS PRIVATE LIMITED	Director	28/04/2015	28/04/2015	Active	NO
2	U51100GJ1986PTC008611	NAVKAR TRANSCORE PRIVATE LIMITED	Director	28/04/2015	28/04/2015	Active	NO
3	U28910GJ1985PTC008087	SPI INDUSTRIES PRIVATE LIMITED	Director	28/04/2015	28/04/2015	Active	NO

KEY EXECUTIVES

Name :	Mr. Atish Shah
Designation :	General Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2013

Names of Shareholders	No. of Shares
Vinodbhai i Shah	198640
Ranjanben V Shah	350000
Pathik V Shah	249900
Ashka P Shah	100
Krutarth V Shah	199900
Birju K Shah	100
Kamleshbhai C Shah	148640
Bhartiben K Shah	350000
Parthiv K Shah	249900
Dipali P Shah	100
Prashant K Shah	249900
Chaitali P Shah	100
Dipakbhai C Shah	198640
Ninaben D Shah	350000
Hardik D Shah	249900
Hirva H Shah	100
Samkit D Shah	200000
Chinubhai S Shah	40
Sudarshnaben C.Shah	40
Navkar Transcore Private Limited	2000
Vardhman Stampings Private Limited	2000
Total	3000000

AS ON 28.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	0.13
Directors or relatives of directors	99.87
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of M. S. Drums and Radiator.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Finished Goods
Countries :	· Latin America · Australia · Oman · West Indies
Imports :	--
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	S. R. Steel Limited
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholesalers, Retailers and End Users

Reference:	Atlanta Electrical Private Limited
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

150 (Approximately)

Bankers :

Bank Name:	State Bank of India
Branch:	Medium Enterprises Cell, Region-Ii, Laghu Udhog, Branch Premises, Opposite Gandhigram Railway Station, Ahmedabad - 380009, Gujarat, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Cash Credit = Rs. 30.000 Million Letter of Credit = Rs. 100.000 Million
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Development Credit Bank Limited., 8th Floor, Pariseema Annexe, Opposite IFC Bhavan, C G Road, Ahmedabad - 380006, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Million)	31.03.2012 (Rs. In Million)
SHORT TERM BORROWINGS
Loans repayable on demand	0.000	11.105
Total	0.000	11.105

Banking Relations :	--
Auditors :
Name :	Mukesh M Shah and Company Chartered Accountants
Address :	1st Floor, H.K. House, Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26580549/ 5814
Fax No.:	91-79-26581236
E-Mail :	mukesh@mmsco.in contact@mmsco.in
Income-tax PAN of auditor or auditor's firm :	AAIFM0810A
Memberships :	--
Collaborators :	--
Related Party :	· Vardhman Stamping Private Limited Address: Nehrunagar Circle, Ahmedabad, Gujarat, India

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 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	30.000	30.000	1.500
(b) Reserves & Surplus	43.854	39.479	52.815
(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)	73.854	69.479	54.315
(3) Non-Current Liabilities
(a) Long-term borrowings	82.605	86.599	79.255
(b) Deferred tax liabilities (Net)	1.133	1.783	0.497
(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)	83.738	88.382	79.752
(4) Current Liabilities
(a) Short term borrowings	0.000	11.105	31.620
(b) Trade payables	50.188	42.104	10.541
(c) Other current liabilities	3.830	3.268	4.831
(d) Short-term provisions	4.630	2.177	7.988
Total Current Liabilities (4)	58.648	58.654	54.980
TOTAL	216.240	216.515	189.047
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	50.238	57.332	36.389
(ii) Intangible Assets	0.010	0.016	0.027
(iii) Capital work-in-progress	0.000	0.000	4.528
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.013	0.013	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.550	1.112	1.066
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	51.811	58.473	42.010
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	27.184	31.894	36.683
(c) Trade receivables	101.800	115.040	102.633
(d) Cash and cash equivalents	24.887	5.617	2.576
(e) Short-term loans and advances	9.787	5.148	4.823
(f) Other current assets	0.771	0.343	0.322
Total Current Assets	164.429	158.042	147.037
TOTAL	216.240	216.515	189.047

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	357.923	366.532	328.438
		Other Income	1.186	2.913	1.006
		TOTAL (A)	359.109	369.445	329.444
Less	EXPENSES
		Cost of Materials Consumed	274.381	289.424	256.063
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	12.273	(4.062)	(10.870)
		Employees benefits expense	5.030	3.539	2.941
		Other expenses	38.046	32.422	28.717
		TOTAL (B)	329.730	321.323	276.851
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		29.379	48.122	52.593
Less	FINANCIAL EXPENSES (D)		12.890	17.059	12.866
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		16.489	31.063	39.727
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.710	5.877	5.020
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		8.779	25.186	34.707
Less	TAX (H)		2.650	8.279	11.962
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		6.129	16.907	22.745
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods Calculated on F.O.B. basis	33.655	13.610	30.332
	IMPORTS
		Raw Materials	0.548	0.000	0.000
	Earnings Per Share (Rs.)		2.04	5.64	7.58

PARTICULARS	31.03.2015	31.03.2014
Sales Turnover (Approximately)	373.000	434.800
	(Due to market fluctuation)

Expected Sales (2015-2016): Rs. 450.000 Million

The above information has been parted by Mr. Atish Shah (General Manager Finance)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	0.000	0.000	2.535
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	1.71	4.61	6.93
Operating Profit Margin (PBDIT/Sales)	(%)	8.21	13.13	16.01
Return on Total Assets (PBT/Total Assets}	(%)	4.06	11.63	18.81
Return on Investment (ROI) (PBT/Networth)		0.12	0.36	0.64
Debt Equity Ratio (Total Liability/Networth)		1.12	1.41	2.09
Current Ratio (Current Asset/Current Liability)		2.80	2.69	2.67

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1.500	30.000	30.000
Reserves & Surplus	52.815	39.479	43.854
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	54.315	69.479	73.854
Long-term borrowings	79.255	86.599	82.605
Short term borrowings	31.620	11.105	0.000
CURRENT MATURITIES OF LONG-TERM DEBTS	2.535	0.000	0.000
Total borrowings	113.410	97.704	82.605
Debt/Equity ratio	2.088	1.406	1.118

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	328.438	366.532	357.923
		11.599	-2.349

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	328.438	366.532	357.923
Profit	22.745	16.907	6.129
	6.93%	4.61%	1.71%

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	Yes
12	Voter Id Card No. of Proprietor / Partners	Yes
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	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10361805	07/06/2012	132,000,000.00	STATE BANK OF INDIA	MEDIUM ENTERPRISES CELL, REGION-II, LAGHU UDHOG, BRANCH PREMISES, OPPOSITE GANDHIGRAM RAILWAY STATION, AHMEDABAD - 380009, GUJARAT, INDIA	B42121061
2	10357332	21/04/2012	132,000,000.00	STATE BANK OF INDIA	MEDIUM ENTERPRISES CELL, REGION-II, LAGHU UDHOG, BRANCH PREMISES, OPPOSITE GANDHIGRAM RAILWAY STATION, AHMEDABAD - 380009, GUJARAT, INDIA	B40204950

UNSECURED LOANS

PARTICULARS	31.03.2013 (Rs. In Million)	31.03.2012 (Rs. In Million)
LONG-TERM BORROWINGS
Loans from related parties	82.605	86.599
Total	82.605	86.599

CHANGE OF ADDRESS:

The Registered Office of the Company has been shifted from 37, Gujarat Vepari Mahamadal Estate, Odhav Road, Ahmedabad, Gujarat, India to the present address w.e.f. 24.12.2007

REVIEW OF BUSINESS:

The Directors regret to report decrease in the turnover and registering profit after tax of Rs. 6.129 Million which was made possible through inserting capital equipment last year and better production planning. Directors are exploring various other opportunities to further improve the working results during the current year.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Million)	31.03.2012 (Rs. In Million)
In respect of excise duty matters pending before appellate authorities which the company
Expects to succeed, based on decisions of tribunals/courts	1.095	1.095
Inland Letters of credit	2.147	0.000

FIXED ASSETS:

· Freehold

· Buildings

· Plant and equipment

· Computer and Furniture

· Vehicle

· Office Equipment’s

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.66.23
UK Pound	1	Rs.101.22
Euro	1	Rs.74.33

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAS
Report Prepared by :	ARC

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
--PROFITABILIRY	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	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		45

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.