MIRA INFORM REPORT

Report Date :

27.02.2007

IDENTIFICATION DETAILS

Name :	SATYA VINYLS PRIVATE LIMITED
Registered Office :	59/6 Prabhat Road, Karol Bagh, New Delhi – 110005
Country :	India
Financials (as on) :	31.03.2005
Date of Incorporation :	28.07.1997
Com. Reg. No.:	55-088016
CIN No.: [Company Identification No.]	U24295DL1997PTC088016
TAN No.: [Tax Deduction & Collection Account No.]	DELS23263C
PAN No.: [Permanent Account No.]	AACCS2938L
Legal Form :	Private Limited Liability Company
Line of Business :	Importers, Distributors and Traders of Vinyl Sheeting, Solar Films and Furniture

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small

Maximum Credit Limit :
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an old and established company having moderate track. Company’s profitability is under server pressure. It has some accumulated losses. Payments are reported as slow but correct. The company can be considered normal for small business dealings at usual trade terms and conditions, with slight caution initially.

LOCATIONS

Registered Office :	59/6 Prabhat Road, Karol Bagh, New Delhi – 110005
Tel. No.:	91-11-25754461/25763436/25766538/25754461/25711161
Fax No.:	91-11-25754461/25763437
E-Mail :	oci.india@vsnl.com
Administrative Office/ Showroom :	8/19, WEA First Fllor, Smile Chambers, Satbharwan Marg, Karol Bagh, New Delhi – 110005
Tel. No.:	91-11-25754461/25763436/25766538/25754461/25711161
Fax No.:	91-11-25754461/25763437
E-Mail :	oci.india@vsnl.com
Area :	15000 Sq. ft (The subject is having its office on the first floor and the show room is on Ground Floor and the Warehouse is in the Basement)
Location :	Commercial

DIRECTORS

Name :	Mr. Sandeep Sabharwal
Designation :	Director
Address :	59/6 Prabhat Road, Karol Bagh, New Delhi – 110005
Date of Birth/Age :	25.10.1963
Date of Appointment :	18.07.1997
Name :	Ms. Manta Chaudhary
Designation :	Whole Time Director
Address :	10A, Ashok Apartments, 7 Rajpura Road, Civil Lines, Delhi – 110054
Date of Birth/Age :	04.11.1957
Date of Appointment :	01.09.2003

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares	Percentage of Holding
Mr. Sandeep Sabharwal	10	0.10
Ms. Priti Chaudhary	9990	99.90
Total	10000	100.00

BUSINESS DETAILS

Line of Business :	Importers, Distributors and Traders of Vinyl Sheeting, Solar Films and Furniture
Imports :
Products :	Vinyl
Countries :	Europe

GENERAL INFORMATION

No. of Employees :	Around 40 (Including its group companies)
Bankers :	v ICICI Bank Limited v ING Vysya Bank Limited
Facilities :	--

Banking Relations :	Satisfactory
Auditors :
Name :	M/s. Singh & Bakhru Chartered Accountant (Mr. Maneesh Kumar Singh, Partner, Membership No. 88468)
Memberships :	Nil
Collaborators :	Nil
Associates/Subsidiaries :	Overseas Connexion Limited Legal Status – Deemed Public Limited Company Date of Incorporation – 10.05.1994 Line of Business – Importers and Supplier of Wooden & Steel Furniture, Modular Kitchen Turnover – Rs. 70.253 Millions as on 31.03.2005 Mamta Enterprises Legal Status – Sole Proprietory Concern Name of the proprietor – Ms. Mamta Choudhary

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 10/- Each	Rs. 1.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs. 10/- Each	Rs. 0.100 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(0.440)	(0.056)
NETWORTH		(0.340)	0.044
LOAN FUNDS
1] Secured Loans		1.077	0.000
2] Unsecured Loans		4.323	1.080
TOTAL BORROWING		5.400	1.080
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		5.060	1.124
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.088	0.000
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.242	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.983	3.590
	Sundry Debtors	4.314	1.981
	Cash & Bank Balances	0.534	0.295
	Other Current Assets	0.000	0.000
	Loans & Advances	1.158	1.289
Total Current Assets		10.989	7.155
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	7.079	5.925
	Provisions	0.180	0.106
Total Current Liabilities		7.259	6.031
Net Current Assets		3.730	1.124
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		5.060	1.124

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2005	31.03.2004
Sales Turnover		20.567	12.120
Other Income		0.078	0.014
Total Income		20.645	12.134
Profit/(Loss) Before Tax		(0.552)	0.049
Provision for Taxation		0.167	0.009
Profit/(Loss) After Tax		(0.385)	0.040
Expenditures :
	Cost of Goods Sold	19.225	10.175
	Administrative Expenses	1.659	1.788
	Other Expenditure	0.035	0.062
Total Expenditure		20.919	12.025

KEY RATIOS

PARTICULARS		31.03.2005	31.03.2004
PAT / Total Income	(%)	(1.86)	0.33
Net Profit Margin (PBT/Sales)	(%)	(2.68)	0.40
Return on Total Assets (PBT/Total Assets}	(%)	(3.13)	0.56
Return on Investment (ROI) (PBT/Networth)		113.24	90.91
Debt Equity Ratio (Total Liability/Networth)		(15.88)	24.55
Current Ratio (Current Asset/Current Liability)		1.51	1.19
Quick Ration		0.83	0.59
Current Liabilities/Net worth		(21.35)	137.07
Fixed Assets/ Net Worth		(3.20)	--
Average Collection Days		76.56	59.66
Account Receivables Turnover		4.77	6.12
Inventory Turnover		4.13	3.38
Assets Turnover		18.90	--

PROFIT & LOSS ACCOUNT

Overseas Connexion Limited

PARTICULARS	31.03.2005	31.03.2004	31.03.2003
Sales Turnover	70.253	62.725	64.584
Other Income	1.488	2.590	0.951
Total Income	71.741	65.315	65.535
Profit/(Loss) Before Tax	2.551	2.651	1.244
Provision for Taxation	1.750	0.170	0.232
Profit/(Loss) After Tax	0.801	2.481	1.012
Total Imports	23.620	18.620	25.129

Net Worth – March 2005 – Rs. 12.747 Millions

March 2004 – Rs. 12.046 Millions

March 2003 – Rs. 9.565 Millions

KEY RATIOS

Overseas Connexion Limited

PARTICULARS		31.03.2005	31.03.2004	31.03.2003
PAT / Total Income	(%)	1.11	3.79	1.54
Net Profit Margin (PBT/Sales)	(%)	3.55	4.05	1.89
Return on Investment (ROI) (PBT/Networth)		0.20	0.22	0.13

LOCAL AGENCY FURTHER INFORMATION

Nil

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	Indian Rupees
US Dollar	1	Rs.44.28
UK Pound	1	Rs.86.62
Euro	1	Rs.58.32

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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
TOTAL		26

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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