MIRA INFORM REPORT

Report Date :

31.07.2008

IDENTIFICATION DETAILS

Name :	SURENDRA ELASTOMERS PRIVATE LIMITED
Registered Office :	56/58, Garibdas Street, Dadajee Dhakjee Building, 1^st Floor, Mumbai-400003
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	20.09.2004
Com. Reg. No.:	11-111951
CIN No.: [Company Identification No.]	U25110MH2004PTC111951
TAN No.: [Tax Deduction & Collection Account No.]	MUMS39093F
PAN No.: [Permanent Account No.]	AAFCS3922F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Preforms

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 312755
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company in its field. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

INFORMATION PARTED BY

Name :	Mr. Ravindra Parekh
Designation :	Director
Contact No.:	91-9821044959
Date :	30.07.2008

LOCATIONS

Registered Office :	56/58, Garibdas Street, Dadajee Dhakjee Building, 1^st Floor, Mumbai-400003, India
Tel. No.:	91-22-26254106/23413874/23447929
Mobile No.:	91-9821044959/9867344959
Fax No.:	91-22-23410496
E-Mail :	ravindra@srimpex.com
Website :	www.parekhgroup.com
Area :	560 Sq ft
Location :	Owned
Administrative office:	101/102, Radhaka Building, 1^st Floor, 55, Gulmohar Road, JVPD Scheme, Vile Parle (W), India-400056, Maharashtra, India
Tel. No.:	91-22-26254106/26254107/26209715
Fax No.:	91-22-26254108
E-Mail :	info@sriimpex.com
Area :	2250 Sq ft
Factory :	42/45, Harlukunte Village, Bangalore, India
Tel. No.:	91-80-32005388
Fax No.:	91-80-42045195
Area :	7250 Sq ft
Location :	Owned
Godown:	Bhiwandi, Mumbai, Maharashtra
Tel. No.:	91-22-22274243
Fax No.:	91-22-22274330
Area:	80000 Sq ft
Branches Located at :	Delhi Gurgaon Chennai Bangalore Calcutta

DIRECTORS

Name :	India Ravindra S. Parekh
Designation :	Director
Address :	56/58, Garibdas Street, Dadajee Dhakjee Building, 1^st Floor, India-400003, India
Date of Birth/Age :	13.08.1964
Qualification:	B.com, M.B.A
Date of Appointment :	18.11.1997
Name :	India Indra S. Parekh
Designation :	Director
Address :	56/58, Garibdas Street, Dadajee Dhakjee Building, 1^st Floor, India-400003, India
Date of Birth/Age :	04.01.1966
Qualification:	Rubber Technical
Date of Appointment :	18.11.1997
Name :	India Surendra S. Parekh
Designation :	Director
Address :	56/58, Garibdas Street, Dadajee Dhakjee Building, 1^st Floor, India-400003, India
Date of Birth/Age :	08.12.1967
Qualification:	B.com
Date of Appointment :	18.11.1997
Name :	Mrs. Kanchan S. Parekh
Designation :	Director
Address :	56/58, Garibdas Street, Dadajee Dhakjee Building, 1^st Floor, Mumbai-400003, India
Date of Birth/Age :	06.08.1946
Date of Appointment :	18.11.1997

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Mr. Ravindra S. Parekh	2500
Mr. Indra S. Parekh	2500
Mr. Surendra S. Parekh	2500
Mrs. Kanchan S. Parekh	2500
Tanu Healthcare Limited	60000
Kushal Software Limited	50000
Mr. Hanumanmal Dugar	80000
Marudhar Mudra Private Limited	375000
Mr. Kanta Dugar	61500
Om Procurements and Projects Limited	780000
Indocity Infotech Limited	50000
Indo-Castle Multimedia Limited	50000
Mrs. Neelima Bagrecha	32500
Nissim Traders Private Limited	285000
Mrs. Indu Bagrecha	42500
Medicold Global Limited	300000
Mrs. Sunita Mehta	70000
Mrs. Kamala Devi Mehta	80000
Clairant Industries Limited	245000
Mr. Mahaveer Chand	25000
Mr. Sharvan Kumar Dugar	20000
Epsilon Industries Limited	372000
Mr. Jitendra B. Salecha	130000
E-John Pharmaceuticals Limited	285000
Ecotech Consultancy Services (India) Limited	175000
Earnest Capital management	250000
Amature Builders Private Limited	180000
Equator Trading Private Limited	200000
Ethic Pharma Lab and Engineering. Private Limited	400000
Ethical Drugs Private Limited	250000
Merciful Leasing and Finvest Private Limited	150000
Haxo Pharmaceuticals Private Limited	150000
Osnar Chempharm Private Limited	240000
Shavi Textile Machinery (India) Private Limited	185000
Vasan Holding and Leasing Private Limited	145000
Induja Traders Private Limited	270000
Total	5998500

BUSINESS DETAILS

Line of Business :	Manufacturer of Preforms
Products :	Natural Rubber                                ISNR 10/20 SIR/SMR 10/20 RSS 3/4/5 Synthetic rubber SBR NBR PBR BUTYL Chlorobutyl Bromobutyl EPDM PCR Isoprene Nbr-Pvc Silicone Fluoroelastomers Speciality Compounds Polyurethane Cast Elastomers Systems Polyurethane Dispensing Machine Rubber chemicals                         Accelerators Antioxidents Vulcanizing Agents Rubber Dispersion Chemicals-Premix  Organic Peroxide-Luperox  Bonding Agents-Chemlok  Mould Release Agents Carbon Black Processing Additives-Struktol  Coagents-Sartomer  White Fillers And Minerals Other Products Bead Wire Rubber Processing  Oils Tyre Cord Fabrics Synthetic Canvas Fabrics For Belts Nylon Yarn Soft Cord
Exports :
Countries :	European Countries, South East Asia
Imports :
Countries :	European Countries, U.S.A, China, Korea, Russia
Terms :
Selling :	L/C, Cash and Credit (depends)
Purchasing :	L/C, Cash and Credit (depends)

GENERAL INFORMATION

Customers :	End users OEM’s
No. of Employees :	52 (In Office), 12 (In Factory) Total:64
Bankers :	Canara Bank, Juhu Branch, Vile parle, Mumbai Citi Bank, Juhu Branch, Vile parle, Mumbai YES Bank, Juhu Branch, Vile parle, Mumbai
Facilities :	L/C Rs. 130.000 millions

Banking Relations :	Satisfactory
Auditors :
Name :	A.P Rathi and Company Chartered Accountants
Associates/Subsidiaries :	Meen Been Elastomers Private Limited Shri Impex Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5998500	Equity Shares	Rs.10/- each	Rs.59.985 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		59.985
2] Share Application Money		0.000
3] Reserves & Surplus		2.566
4] (Accumulated Losses)		0.000
NETWORTH		62.551
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		6.143
TOTAL BORROWING		6.143
DEFERRED TAX LIABILITIES		0.000
TOTAL		68.694
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.089
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Closing Stock	13.110
	Sundry Debtors	38.244
	Cash & Bank Balances	7.703
	Other Current Assets	0.817
	Loans & Advances	63.269
Total Current Assets		123.143
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	60.631
	Provisions	0.324
Total Current Liabilities		60.955
Net Current Assets		62.188
MISCELLANEOUS EXPENSES
Preliminary Expenses		0.417
TOTAL		68.694

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2008
Sales Turnover [including other income]	75.568
Profit/(Loss) Before Tax	1.120
Provision for Taxation	0.000
Profit/(Loss) After Tax	1.120
Total Expenditure	74.448

KEY RATIOS

PARTICULARS		31.03.2008
PAT / Total Income	(%)	1.48
Net Profit Margin (PBT/Sales)	(%)	1.48
Return on Total Assets (PBT/Total Assets}	(%)	0.87
Return on Investment (ROI) (PBT/Networth)		0.02
Debt Equity Ratio (Total Liability/Networth)		1.07
Current Ratio (Current Asset/Current Liability)		2.02

LOCAL AGENCY FURTHER INFORMATION

Trade References:

SKF India Limited, Bangalore

Form 8

Particular for creation or modification of charges

Corporation identity number or foreign company registrations number of the company

U25110MH2004PTC111951

Name of the company	SURENDRA ELASTOMERS PRIVATE LIMITED
Address	56/58, Garibdas Street, Dadajee Dhakjee Building, 1^st Floor, Mumbai-400003, India
This Form is for	Creation of charge
Type of Charges	Hypothecation
Particular of the charge holder	Canara Bank NS Road 5, Hatkesh, JVPD Scheme, Juhu, Mumbai-400049, Maharashtra, India E-Mail : mcity0121@canbank.co.in
Nature or description of the instrument creating charge	Hypothecation agreement of goods and book debts
Date of the instrument creating charge	16.05.2006
Amount Secure by the charge	Rs.5.000 millions
Brief of the principal terms and conditions and extent and operation of the charge	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 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.42.47
UK Pound	1	Rs.84.00
Euro	1	Rs.66.14

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.	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