MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	495535
Report Date :	05.03.2018

IDENTIFICATION DETAILS

Name :	PROCTER AND GAMBLE HOME PRODUCTS PRIVATE LIMITED (w.e.f. 17.01.2015)

Formerly Known As :	PROCTER AND GAMBLE HOME PRODUCTS LIMITED PERSONAL CARE PRODUCTS LIMITED PERSONAL CARE PRODUCTS PRIVATE LIMITED

Registered Office :	P and G Plaza, Cardinal Gracias Road, Chakala, Andheri (East), Mumbai - 400099, Maharashtra
Tel. No.:	91-22-28266000

Country :	India

Financials (as on) :	31.03.2016

Date of Incorporation :	19.01.1989

Com. Reg. No.:	11-050398

Capital Investment / Paid-up Capital :	INR 570.000 Million

CIN No.: [Company Identification No.]	U24240MH1989PLC050398

IEC No.: [Import-Export Code No.]	0393058875

GSTN : [Goods & Service Tax Registration No.]	Not Divulged

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAACP4072C

Legal Form :	Private Limited Liability Company

Line of Business :	The company is engaged in manufacturing, trading and selling of branded packaged fast moving consumer goods in the fabric and home care, baby care, skin care and hair care businesses. [Registered Activity]

No. of Employees :	Information denied by management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A++

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default

Status :	Excellent

Payment Behaviour :	Regular

Litigation :	Exists

Comments :	Subject is a subsidiary of “Procter and Gamble Overseas India BV,” Netherlands. It is a well-established company incorporated in the year 1989 and is having excellent track record. P and G is one of the largest and fastest growing consumer goods companies in India. The Ultimate Holding Company is “The Procter and Gamble Company” USA. The company is engaged in manufacturing, trading and selling of branded packaged fast moving consumer goods in the fabric and home care, baby care, skin care and hair care businesses. For the financial year 2016, the company has reported decline in its revenue as compared to previous year but has managed to maintain average profit margin of 1.26%. The robust financial profile of the company is marked by healthy networth base, strong liquidity position and negligible debt level. The rating takes into consideration on rich experience of its promoter’s long established marked reputation, huge customer base and strong operating efficiency of the company. Further, the rating also factors on company need based support received from its ultimate holding company and its experienced management. It is also to be noted that the “P&G” has been ranked at 36th place in global fortune 500, company list 2017, which is considered good company. However, rating strengths are partially offset by unfaourable gap between trade payables and trade receivables. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered good for business dealing at usual trade terms and condition. Note: As per the Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to financial for the year 31.03.2017 are not available from any sources.

NOTES :

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 05.03.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED BY

MANAGEMENT NON-COOPERATIVE (91-22-28266000)

LOCATIONS

Registered Office :	P and G Plaza, Cardinal Gracias Road, Chakala, Andheri (East), Mumbai - 400099, Maharashtra, India
Tel. No.:	91-22-28266000 / 40543618
Fax No.:	91-22-66939696 / 66939698
E-Mail :	machado.f.1@pg.com
Website :	http://www.pg.com

Factory 1 :	Plot No.182, Sector A, Industrial Area, Mandideep, District Raisen – 462 010, Madhya Pradesh, India

Factory 2 :	Located At: Baddi, Himachal Pradesh, India

DIRECTORS

AS ON 31.03.2017

Name :	Mr. Prashant Bhatnagar
Designation :	Director
Address :	M-423 Tarapore Towers, Off Link Road, Oshiwara, Andheri (West), Mumbai -400053, Maharashtra, India
Date of Appointment :	27.04.2015
DIN No.:	01264359

Name :	Sonali Roychowdhury
Designation :	Director
Address :	501, Pinnacle-D Pride, Plot-67 3rd Road, Off Turner Road, Bandra (West) Mumbai - 400050, Maharashtra, India
Date of Appointment :	16.06.2016
DIN No.:	07540241

Name :	Mr. Anand Narendra Nagda
Designation :	Director
Address :	B-5, Hansasagar Chs, Govardhan Nagar, L. B. S. Marg, Mulund (West), Mumbai 400080, Maharashtra, India
Date of Appointment :	26.09.2017
DIN No.:	07127717

Name :	Niranjani Chandramouli
Designation :	Director
Address :	1704, Mirabilis, Nahar Amrit Shakti, Chandivali Farm Road, Chandivali, Sakinaka, Mumbai – 400072, Maharashtra, India
Date of Appointment :	26.09.2017
DIN No.:	07128770

KEY EXECUTIVES

Name :	Mr. Zeal Jayesh Shah
Designation :	Company Secretary
Address :	304, Parasnath Aptartment, Soni Wadi, Shimpoli Road Borivali (West), Mumbai -400092, Maharashtra, India
Date of Appointment :	18.10.2017
PAN No.:	ETJPS6729G

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders		No. of Shares
Procter and Gamble Overseas India B.V., Netherland		57043261
Procter and Gamble International S a r l		1
Procter and Gamble Canada Holding BV		1
Total		57043263

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2017

Category	Percentage
Promoters- Body corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in manufacturing, trading and selling of branded packaged fast moving consumer goods in the fabric and home care, baby care, skin care and hair care businesses. [Registered Activity]

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
Detergents	20233
Baby diapers	14309
Hair care products	20236

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

Information denied by management

Bankers :

Banker Name :	Not Divulged
Branch :	--
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	2 0 2 - B , Vastupark, 2^nd Floor, Near Ryan International School Evershine Nagar, Malad (West) Mumbai -400064, Maharshtra, India
PAN No.:	AACFD4815A

Memberships :	Not Available

Collaborators :	Not Available

Holding Company (AS ON 31.03.2016):	Procter and Gamble Overseas India BV, The Netherlands

Ultimate Holding Company (AS ON 31.03.2016):	The Procter and Gamble Company, USA

The Group Companies of The Procter and Gamble Company, USA, include, among others (AS ON 31.03.2016):	Procter and Gamble India Holdings BV Procter and Gamble Luxembourg Global SARL Procter and Gamble Canada Holding BV Procter and Gamble Iron Horse Holding BV Procter and Gamble International SARL Procter and Gamble Overseas Canada, BV Procter and Gamble Eastern Europe LLC Procter and Gamble India Holdings Inc. Procter and Gamble Overseas India BV Procter and Gamble Nordic LLC Procter and Gamble International Operations,SA Procter and Gamble Asia Holding BV Procter and Gamble Global Holdings Limited Gillette Group (Europe) Holdings, BV Rosemount BV

Fellow Subsidiaries (AS ON 31.03.2016):	Fameccanica Machinery (Shanghai) Co. Limited Procter and Gamble Indochina Company Limited Procter and Gamble Service Gmbh Fameccanica.Data S.P.A. Procter and Gamble Company Myanmar Limited Procter and Gamble Services Company NV Gillette Diversified Operations Private Limited Procter and Gamble International Operations SA Procter and Gamble Vietnam Co. Limited Procter and Gamble Egypt Procter and Gamble International Operations SA Singapore Br. Procter And Gamble Polska Sp.Z O.O PandG Innovation Godo Kaisha Procter and Gamble International Operations SA-ROHQ LLC "Procter and Gamble - Novomoskovsk" Procter and Gamble Australia Pty Limited The Procter and Gamble US Business Services Co. The Procter and Gamble Distributing LLC Procter and Gamble (Guangzhou) Consumer Products Co.Limited Procter and Gamble Manufacturing (Thailand) Limited Procter and Gamble Technical Centers Limited Procter and Gamble Hong Kong Limited Procter and Gamble Manufacturing Gmbh Wella India Hair Cosmetics Private Limited Procter and Gamble Bangladesh Private Limited Procter and Gamble International Operations S.A. Dubai Branch Procter and Gamble Europe SA Procter and Gamble Europe SA Singapore Br. PT. Procter and Gamble Home Products Indonesia Gillette India Limited Procter and Gamble Hygiene and Health Care Limited PT. Procter and Gamble Operations Indonesia The Gillette Company Procter and Gamble Gulf FZE PandG K.K. Procter and Gamble Distributing (Philippines), Inc. Gillette U.K. Limited Temple Trees Impex And Investments Private Limited Wella India Private Limited

CAPITAL STRUCTURE

AS ON 29.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

75000000	Equity Shares	INR 10/- each	INR 750.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

57043263	Equity Shares	INR 10/- each	INR 570.433 Million

AS ON 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount

75000000	Equity Shares	INR 10/- each	INR 750.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

56997354	Equity Shares	INR 10/- each	INR 570.000 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	570.000	570.000	525.000
(b) Reserves and Surplus	25046.900	24328.500	21839.400
(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)	25616.900	24898.500	22364.400

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	55.000	55.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long-term liabilities	49.200	13.900	21.000
(d) long-term provisions	67.300	59.700	34.800
Total Non-current Liabilities (3)	116.500	128.600	110.800

(4) Current Liabilities
(a) Short-term borrowings	2595.000	4440.000	6363.800
(b) Trade payables	9516.300	8602.200	8220.700
(c) Other current liabilities	2691.600	2887.800	2557.600
(d) Short-term provisions	2498.800	2393.300	2342.000
Total Current Liabilities (4)	17301.700	18323.300	19484.100

TOTAL	43035.100	43350.400	41959.300

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	23918.200	22236.900	15822.100
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Tangible assets capital work-in-progress	1639.800	4196.200	8249.200
(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 loans and advances	5280.700	4891.100	4690.800
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	30838.700	31324.200	28762.100

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3638.200	4331.800	4601.400
(c) Trade receivables	3586.200	3011.800	3167.300
(d) Cash and bank balances	2634.500	2456.000	3407.500
(e) Short-term loans and advances	2048.000	2123.300	1916.600
(f) Other current assets	289.500	103.300	104.400
Total Current Assets	12196.400	12026.200	13197.200

TOTAL	43035.100	43350.400	41959.300

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	57112.600	60449.500	53811.100
	Other Income	387.300	297.100	163.000
	TOTAL	57499.900	60746.600	53974.100

Less	EXPENSES
	Cost of Materials Consumed	24958.300	28684.500	25819.000
	Purchases of Stock-in-Trade	490.900	1068.600	1875.400
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	698.000	(43.600)	126.400
	Employee benefit expense	3234.400	3048.400	2680.300
	Other expenses	24393.200	24798.300	22452.000
	TOTAL	53774.800	57556.200	52953.100

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	3725.100	3190.400	1021.000

Less	FINANCIAL EXPENSES	445.100	562.500	635.800

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	3280.000	2627.900	385.200

Less/ Add	DEPRECIATION/ AMORTISATION	2561.600	2403.200	1385.100

	PROFIT/ (LOSS) BEFORE TAX	718.400	224.700	(999.900)

Less	TAX	0.000	0.000	6.000

	PROFIT/ (LOSS) AFTER TAX	718.400	224.700	(1005.900)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(9527.500)	(9703.600)	(8697.700)

Less	Depreciation as per transitional provision specified in Schedule II of the Companies Act, 2013	0.000	(48.600)	0.000

	Balance Carried to the B/S	(8809.100)	(9527.500)	(9703.600)

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	72.400	112.100	115.200
	Earnings on other income	26.600	80.400	97.200
	TOTAL EARNINGS	99.000	192.500	212.400

	IMPORTS
	Raw Materials	7194.200	7030.400	4596.200
	Components and Stores parts	147.900	230.400	121.400
	Capital Goods	147.900	230.400	1863.500
	TOTAL IMPORTS	7490.000	7491.200	6581.100

	Earnings / (Loss) Per Share (INR)	12.60	4.10	(21.48)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	NA	NA	NA

Cash generated from operations	NA	NA	NA

Net cash flows from (used in) operations	5628.700	4354.000	1055.200

Net cash flows from (used in) operating activities	5459.800	4207.000	855.700

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income 365 Days)*	22.92	18.19	21.48

Account Receivables Turnover (Income / Sundry Debtors)	15.93	20.07	16.99

Average Payment Days (Sundry Creditors / Purchases 365 Days)*	136.49	105.53	108.35

Inventory Turnover (Operating Income / Inventories)	1.02	0.74	0.22

Asset Turnover (Operating Income / Net Fixed Assets)	0.15	0.12	0.04

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.40	0.42	0.47

Debt Equity Ratio (Total Liability / Networth)	0.10	0.18	0.29

Current Liabilities to Networth (Current Liabilities / Net Worth)	0.68	0.74	0.87

Fixed Assets to Networth (Net Fixed Assets / Networth)	1.00	1.06	1.08

Interest Coverage Ratio (PBIT / Financial Charges)	8.37	5.67	1.61

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) 100)*	%	1.26	0.37	-1.87

Return on Total Assets ((PAT / Total Assets) 100)*	%	1.67	0.52	-2.40

Return on Investment (ROI) ((PAT / Networth) 100)*	%	2.80	0.90	-4.50

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	0.70	0.66	0.68

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.49	0.42	0.44

G-Score Ratio Financial (Networth / Total Assets)	0.60	0.57	0.53

G-Score Ratio Debt (Debts / Equity Capital)	4.55	7.89	12.23

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.70	0.66	0.68

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	525.000	570.000	570.000
Reserves & Surplus	21839.400	24328.500	25046.900
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	22364.400	24898.500	25616.900

Long-term borrowings	55.000	55.000	0.000
Short term borrowings	6363.800	4440.000	2595.000
Total borrowings	6418.800	4495.000	2595.000
Debt/Equity ratio	0.287	0.181	0.101

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	53811.100	60449.500	57112.600
		12.336	(5.520)

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	53811.100	60449.500	57112.600
Profit/ (Loss)	(1005.900)	224.700	718.400
	(1.87 %)	0.37 %	1.26 %

LEGAL CASE

CASE DETAILS

BENCH:-BOMBAY

Presentation Date:-				22/02/2017
	Lodging No.:-	ITXAL/559/2017	Filing Date:-	22/02/2017	Reg. No.:-	ITXA/1052/2017	Reg. Date:-	20/07/2017

Petitioner:-

PR. COMMISSIONER OF INCOME TAX-10

Respondent:-

M/S. PROCTER AND GAMBLE HOME PRODUCTS LIMITED

Petn.Adv.:-

PADMA DIVAKAR (I3287)

Resp.Adv.:-

M/S. Rajesh Shah and Company (46)

District:-

MUMBAI

	Bench:-	DIVISION
	Status:-	Pre-Admission	Category:-	TAX APPEALS

Next Date:-

17/04/2018

Stage:-

FOR REJECTION [ORIGINAL SIDE MATTERS]

Coram:-

ACCORDING TO SITTING LIST

Act :-

Income Tax Act, 1961

Under Section:-

260A

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

INDEX OF CHARGE: No Charges Exists for Company

CORPORATE INFORMATION (AS ON 31.03.2016)

Subject is a private limited company incorporated under the provisions of the Companies Act, 1956. The company is engaged in manufacturing, trading and selling of branded packaged fast moving consumer goods in the fabric and home care, baby care, skin care and hair care businesses. The company's products are sold through retail operations including mass merchandisers, grocery stores, membership club stores, drug stores, department stores, and high frequency stores. The Company has its manufacturing locations at Mandideep, Hyderabad and Baddi - Himachal Pradesh, apart from third party manufacturing locations spread across India.

UNSECURED LOANS:

(INR In Million)

Particulars	As on 31.03.2016	As on 31.03.2015
LONG TERM BORROWING
Loans and advances from related parties	0.000	55.000
SHORT TERM BORROWING
Loans and advances from related parties	2595.000	4440.000
Total	2595.000	4495.000

CONTINGENT LIABILITIES: (AS ON 31.03.2016)

(i) In respect of Income Tax demands for which the company has preferred appeals with appropriate authorities – INR 2977.000 Million (Previous year INR 1882.100 Million). The contingent liability is in respect of income tax matters relating to disallowances on account of suppression of gross profit, media production cost and other matters.

(ii) In respect of Sales tax matters for which the company has preferred appeals with appropriate authorities – INR 867.200 Million (Previous year INR 854.800 Million). The liability is in respect to matters related to non submission of "C" / "F" forms INR 541.200 Million (Previous year INR 522.700 Million), disallowances relating to records INR 26.900 Million (Previous year INR 26.900 Million), Brand holder issues INR 78.900 Million (Previous year INR 78.900 Million), Valuation INR 6.000 Million (Previous year INR 6.000 Million), Entry Tax INR 50.800 Million (Previous year INR 50.800 Million) and Others INR 163.400 Million (Previous year INR 169.500 Million).

(iii) In respect of Excise, Service tax and Customs Duty matters for which the company has preferred appeals with appropriate authorities - INR 232.600 Million (Previous year INR 239.600 Million). The liability is in respect to matters related to valuation of detergents INR 45.800 Million (Previous year INR 46.800 Million), denial of R&D exemption for payment of service tax INR 137.300 Million (Previous year INR 137.300 Million), applicability of service tax on foreign payments INR 16.100 Million (Previous year INR 16.100 Million) denial of cenvat credit INR 8.400 Million (Previous year INR 12.300 Million), customs duty INR 23.900 Million (Previous year INR 23.900 Million) and others INR 1.100 Million (Previous year INR 3.200 Million). Items in respect of which the Company has succeeded In appeal, but the Excise department is pursuing / likely to pursue in appeal / reference and exclusive of the effect of similar matters in respect of assessments remaining to be completed: Excise valuation matter INR Nil Million (Previous year INR Nil Million).

(iv) In respect of counter guarantees given to bank against guarantees given by bank INR 1934.600 Million (Previous year INR 1667.700 Million). At the request of the Company, its banks have issued guarantees in the event of the Company failing to fulfill its performance obligation under various commercial agreements. The Company has issued counter guarantees to the banks in respect of these guarantees.

(v) In respect of other claims INR 14.300 Million (Previous year INR 3.800 Million). The Company is a party to various legal proceedings in the normal course of business. The Company does not expect the outcome of these proceedings to have a material adverse effect on the Company's financial conditions, results of operations or cash flows.

(vi) In respect of demand from Employees State Insurance Corporation INR 27.200 Million (Previous year INR 27.200 Million). Future cash flow in respect of the above, if any, is determinable only on receipt of judgments / decisions pending with the relevant authorities. The Company does not expect the outcome of matters stated above to have a material adverse effect on the Company's financial condition, results of operations or cash flows.

FIXED ASSETS:

Tangible assets

Land
Buildings
Plant and equipment
Office 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 records 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 records 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	INR
US Dollar	1	INR 64.23
UK Pound	1	INR 89.71
Euro	1	INR 79.50

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	VAR

Report Prepared by :	KVT

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	YES
--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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.