MIRA INFORM REPORT

Report Date :

07.06.2008

IDENTIFICATION DETAILS

Name :	FERYEZ POLYMER PRIVATE LIMITED
Registered Office :	172, Aga Industries Compound, Chinchwadgaon, Pune – 411 017, Maharashtra
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	27.08.1993
Com. Reg. No.:	11-73659
CIN No.: [Company Identification No.]	U25206MH1993PTC073659
TAN No.: [Tax Deduction & Collection Account No.]	PNEF00159F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Extruded Rubber Products, Flocked Rubber Profiles, Joint Moulded Rubber Products and Moulded Rubber Products.

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 28000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well – established and reputed company meetings its normal commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings.

INFORMATION PARTED BY

Name :	Mr. Mahesh
Designation :	Excise Officer
Contact No.:	91-9975491943
Date :	03.06.2008

LOCATIONS

Registered Office / Factory :	172, Aga Industries Compound, Chinchwadgaon, Pune – 411 017, Maharashtra, India
Tel. No.:	91-20-27458660 / 65101381 / 27456492 / 09975491943
Mobile No.:	9823046506
Fax No.:	91-20-27456492
E-Mail :	info@uppl.co.in feryez@vsnl.net

DIRECTORS

Name :	Mr. Eruch Jamshed Aga
Designation :	Director
Address :	172, Aga Industries Compound, Chinchwadgaon, Pune – 411 017, Maharashtra, India
Date of Birth/Age :	19.10.1935
Qualification:	Graduate
Date of Appointment :	27.08.1993
Name :	Mr. Farheez Eruch aga
Designation :	Director
Address :	172, Aga Industries Compound, Chinchwadgaon, Pune – 411 017, Maharashtra, India
Date of Birth/Age :	13.03.1969
Qualification:	Graduate
Date of Appointment :	30.08.1993
Name :	Mr. Yezdi Eruch Aga
Designation :	Director
Address :	172, Aga Industries Compound, Chinchwadgaon, Pune – 411 017, Maharashtra, India
Date of Birth/Age :	10.02.1972
Qualification:	Graduate
Date of Appointment :	05.12.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders (as on 31.03.2007) :-	No. of Shares
Mr. Eruch Jamshed Aga	37395
Mr. Iruvite Umesh pai	3775
Mr. Feryez Eruch Aga	17500
Mrs. Piloo Eruch Aga	18750
Mr. Yezdi Eruch Aga	15000
Mr. Farheez E Aga Jointly With Mrs. Monaz Farheez Aga	25795
Mr. Yezdi E Aga Jointly with Mrs. Prochi Aga	18750
Mrs. Piloo Eruch Aga Jointly Eruch Jamshed Aga	13030
Others	5

Equity Shares Breakup (Percentage of Total Equity): as on 31.03.2007:-

Sr No.	Category	Percentage
1	Directors or relative of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Extruded Rubber Products, Flocked Rubber Profiles, Joint Moulded Rubber Products and Moulded Rubber Products.
Products :	· Rubber Extrusion · Moulding Items
Exports :
Countries :	Spain
Terms :
Selling :	Cash, Credit (30 days)
Purchasing :	Cash, Credit (30 days)

GENERAL INFORMATION

Customers :	End users
No. of Employees :	20
Bankers :	State Bank of India Address: Pimpri Town Branch, Near Tapowan Temple, Pimpri, Pune – 411 017, Maharashtra, India
Banking Relations :	Satisfactory
Auditors :
Name :	Bal Bhatia and Company Chartered Accountants
Address :	1170/32 Revenue Colony, 103 Shree Laxmi Villa, Shivaji Nagar, Pune – 411 017, Maharashtra, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

(As on 31.03.2007):-

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 10/- each	Rs. 5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs. 10/- each	Rs.1.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		1.500	1.500
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		4.024	3.019
4] (Accumulated Losses)		0.000	0.00
NETWORTH		5.524	4.519
LOAN FUNDS
1] Secured Loans		5.726	2.519
2] Unsecured Loans		2.371	1.535
TOTAL BORROWING		8.097	4.054
DEFERRED TAX LIABILITIES		0.332	0.297
TOTAL		13.953	8.870
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.851	4.183
Capital work-in-progress		0.000	0.000
INVESTMENT		0.050	0.050
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.674	1.718
	Sundry Debtors	13.962	11.715
	Cash & Bank Balances	0.690	0.545
	Other Current Assets	0.000	0.000
	Loans & Advances	1.788	1.094
Total Current Assets		20.114	15.072
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	12.301	8.692
	Provisions	1.761	1.743
Total Current Liabilities		14.062	10.435
Net Current Assets		6.052	4.637
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		13.953	8.870

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2007
Sales Turnover	51.573
Other Income	0.000
Total Income	51.573
Profit/(Loss) Before Tax	1.005
Provision for Taxation	0.000
Profit/(Loss) After Tax	1.005
Total Expenditure	50.568

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006
PAT / Total Income	(%)	1.95	NA
Net Profit Margin (PBT/Sales)	(%)	1.95	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.67	NA
Return on Investment (ROI) (PBT/Networth)		0.18	NA
Debt Equity Ratio (Total Liability/Networth)		4.01	3.21
Current Ratio (Current Asset/Current Liability)		1.43	1.44

LOCAL AGENCY FURTHER INFORMATION

FORM 8:-

Corporation identity number or foreign company registrations number of the company	U25206MH1993PTC073659
Name of the company	FERYEZ POLYMER PRIVATE LIMITED
Address	172, Aga Industries Compound, Chinchwadgaon, Pune – 411 017, Maharashtra, India
This Form is for	Creation of charge
Type of Charges	· Immovable Property · Book Debts · Movable Property · Floating Charge · Others
Particular of the charge holder	State Bank of India Address: Pimpri Town Branch, Near Tapowan Temple, Pimpri, Pune – 411 017, Maharashtra, India E-Mail: shrimadhavnath@sify.com
Nature or description of the instrument creating charge	· Deed of mortgage · Agreement of loan cum hypothecation (Both agreements are executed constitute a single charge)
Date of the instrument creating charge	03.01.2007
Amount Secure by the charge	Rs. 12.500 millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of Interest : 11.00% p.a Terms of repayment: Working capital : cash credit facility is repayable on demand , or 12 month from time to time from 28.10.2003 Term Loan is payable in 60 installments of Rs. 0.125 million each. The first installments to commence on January 2007 and the last installments falls due on December 2011. Margin; As per mentioned in letter of arrangement Extent and operation of the charge Cash credit facility Rs. 5.000 millions Term loan Facility Rs. 7.500 millions More particularly described in letter of arrangement.
Short Particulars of the Property charged	Cash credit facility : Primary – hypothecation of stock and book debts Term Loan : hypothecation of machinery Collateral : Factory Land and building at CTS No. 3176, S. No. 172/1 to 6 , Chinchwad

Name of the company	FERYEZ POLYMER PRIVATE LIMITED
Presented By	State Bank of India , Pimpri Town branch, Pune – 411 017, Maharashtra, India
1) Date and description of instrument creating the change	General Agreement for WC -20.01.1996 Ancillary Agreement No. 103, 20.01.1996 for the grant of small industrial advances and hypothecation of movable assets book debts and assets.
2) Amount secured by the charge/amount owing on the securities of charge	Both the agreement creates a single charge Rs. 1.000 millions.
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of stock semi finished goods and finished goods, Trade bills , Book Debts
4) Gist of the terms and conditions and extent and operation of the charge.	Hypothecation of Stock, Trade Bills.
5) Name and Address and description of the person entitled to the charge.	State Bank of India Pimpri Town Branch, Pune – 411 017, Maharashtra, India
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

OTHER INFORMATION:-

PARAMETER	DETAIL
Statutory Approval
Income Tax Registration	AAACF2592F
VAT / TIN Registration	27770247796-V
Excise Registration	AAACF2592FXM001
Name of Bank	State Bank of India
Current Account Number	10878532704
Account Since	1994
Emp PF Reg Number	MH31942
Company ESI Reg. Number	338915
Credibility Factors
India Mart Client Since	1 year
Trade Affiliations
SSI Registration	Yes
Export Promotion Council	No
Chambers of commerce Membership	Maratha Chambers of Commerce membership
D & B D-U-N-S Number	No
Government Recognized Export House Status	No
Other Affiliations	No
Standard and certifications
Quality Management Systems	ISO 9001 : 2000
Environment Management Systems	No
Safety Certificate	Safety Credit Certificate
Other Certificates	No

TRADE REFERENCES:

· Sah Petroleum

· BP Chemical

· Avik Polychem

WEBSITES DETAILS:

Company profile:

The company is of manufacturer of Extruded Rubber Products, Flocked Rubber Profiles, Joint Moulded Rubber Products and Moulded Rubber Products. They are an ISO certified organization and observe superior quality standards at every production stage.

Their products are stringently checked and tested thoroughly to meet the International Quality Standards. They endeavor to incorporate technical advancements in their plants and equipment. They always keep an eye on the changing demands of the market and new revolutions in the industry. They constantly upgrade their production systems to remain ahead of the competition and serve their clients efficiently.

Quality Assurance

They are a quality-centric ISO 9001:2000 certified enterprise. Their products go through a series of checks and inspections to ensure quality specifications are met, besides testing them for performance, endurance, etc. Their quality control department is managed by a dedicated team of supervisors.

Infrastructure

They possess a sophisticated manufacturing facility capable of executing orders customized to client specifications. Their infrastructure is a constant source of strength for them that is characterized by high tech machinery, competent work force and a dynamic environment. Their manufacturing unit is constantly upgraded to absorb technical advancements and offer better products.

On-time Execution of Orders

They have an efficient team of technocrats, engineers and workers with rich industrial expertise who are able to execute orders of various sizes and specifications with ease. Their well equipped manufacturing unit is continuously serviced to keep it in top notch condition so as to avoid unnecessary delays in the production and completion of orders.

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.42.97
UK Pound	1	Rs.83.77
Euro	1	Rs.66.71

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	6
--PROFITABILIRY	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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	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