MIRA INFORM REPORT

Report Date :

21.04.2011

IDENTIFICATION DETAILS

Name :	SEEMA INDUSTRIES LIMITED (w.e.f. 12.04.1991)
Formerly Known As :	SEEMA CHEMICALS LIMITED (w.e.f 27.07.1988) AGGARWAL SOLVENT AND OIL INDUSTRIES LIMITED
Registered Office :	6^th – 7^th Store, Mansa Road, Bathinda – 151 001, Punjab
Country :	India
Financials (as on) :	31.03.1997
Date of Incorporation :	21.01.1985
Com. Reg. No.:	16-006112
CIN No.: [Company Identification No.]	L00000PB1985PLC006112
Legal Form :	Public Limited Liability Company. The company’s shares were listed on the Stock Exchanges.
Line of Business :	Manufacturer of Polymer Concrete/ Synthetic Marble Products.

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Under Liquidation
Payment Behaviour :	--
Litigation :	--
Comments :	As per government, the status of the company is shown as ‘Under Liquidation’. No further information would be available. Initially, the company can be considered for business dealings strictly on a safe and secured 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :

6^th – 7^th Store, Mansa Road, Bathinda – 151 001, Punjab, India

DIRECTORS

As on 30.09.1997

Name :	Mr. T.R. Goyal
Designation :	Managing Director
Address :	6568, Pujanwala Mohalla, Bathinda, Punjab, India
Date of Birth/Age :	01.10.1946
Date of Appointment :	01.12.1994
Name :	Mr. K.M. Uphadyay
Designation :	Director
Address :	C-98, Sector 39, Noida, Uttar Pradesh, India
Date of Birth/Age :	10.08.1941
Date of Appointment :	29.06.1990
Name :	Mr. D.B.S. Gill
Designation :	Director
Address :	H.No.1746, Phase – II, Mohali, SAS Nagar, Punjab, India
Date of Birth/Age :	27.04.1955
Date of Appointment :	25.03.1992
Name :	Mr. P.L. Goyal
Designation :	Director
Address :	C/o Seema Trading Company, Mawdi, 708/1, Sri Gaya Nagar, Rajasthan, India
Date of Birth/Age :	19.02.1942
Date of Appointment :	29.04.1990
Name :	Mr. Sanjay Khar
Designation :	Alternate Director
Address :	1143, Sector B, Packet – I, Vasant Kunj, New Delhi – 110 030, India
Date of Appointment :	29.06.1992

FORMER DIRECTORS:

Name :	Mr. R.C. Singhal
Designation :	Director
Date of Ceasing :	15.09.1995
Name :	Mr. Kewal S. Dhillon [K.S. Dhillon]
Designation :	Director
Date of Ceasing :	28.09.1993

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.1997

Equity Share Breakup	Percentage of Holding
Category
Public Financial Institutions	19.37
Bodies corporate	5.90
Directors or relatives of directors	13.47
Other top fifty shareholders	13.82

BUSINESS DETAILS

Line of Business :	Manufacturer of Polymer Concrete/ Synthetic Marble Products.
Products :	Polymer Concrete/ Synthetic Marble Pro

PRODUCTION STATUS (AS ON 31.03.1997)

Particulars	Licensed Capacity	Installed Capacity	Actual Production
Cultured Marble Plant	10000 TPA	9000 TPA	2.037 MT
Resin Plant	3000 TPA	3000 TPA	0.980 MT

GENERAL INFORMATION

Bankers :

ICICI Bank Limited

Facilities :

Secured Loans	31.03.1997 Rs. In Millions	31.03.1996 Rs. In Millions
Loan from IFCI	17.600	17.600
Loan from ICICI	11.593	11.593
Foreign Current Loan from IFCI	5.780	5.780
Foreign Current Loan from ICICI (Secured against the first charge of fixed assets and personal guarantee of promoter, directors and second charge on other assets)	3.153	3.153
Working Capital Facilities from Bank (Secured against hypothecation of stocks and debtors, personal guarantee of promoter director)	3.566	3.566
Interest payable on term loan	21.107	21.107
Total	62.799	62.799

Banking Relations :	--
Financial Institution :	Industrial Credit and Investment Corporation of India Limited, 163, Backbay Reclamation, Mumbai – 400 020, Maharashtra, India
Auditors :
Name :	Vijay Vig and Associates Chartered Accountants
Address :	26, Nehru Sidhant Kendra, Feroze Gandhi Market, Ludhiana, Punjab, India

CAPITAL STRUCTURE

As on 30.09.1997

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 millions

Issued Capital :

No. of Shares	Type	Value	Amount
4450007	Equity Shares	Rs.10/- each	Rs.44.500 millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4309907	Equity Shares	Rs.10/- each	Rs.43.099 millions

As on 31.03.1997

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4309907	Equity Shares	Rs.10/- each	Rs.43.099 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.1997	31.03.1996
SHAREHOLDERS FUNDS
1] Share Capital		43.099	43.099
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		3.625	1.550
4] (Accumulated Losses)		(59.569)	(51.818)
NETWORTH		(12.845)	(7.169)
LOAN FUNDS
1] Secured Loans		62.799	62.799
2] Unsecured Loans		2.433	2.421
TOTAL BORROWING		65.232	65.220
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		52.387	58.051
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		41.112	43.519
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.888	4.249
	Sundry Debtors	3.385	4.016
	Cash & Bank Balances	0.015	0.539
	Other Current Assets	0.000	0.019
	Loans & Advances	1.178	1.255
Total Current Assets		7.466	10.078
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.730	1.252
	Other Current Liabilities	1.192	2.066
	Provisions	0.000	0.000
Total Current Liabilities		1.922	3.318
Net Current Assets		5.544	6.760
MISCELLANEOUS EXPENSES		5.731	7.772
TOTAL		52.387	58.051

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.1997	31.03.1996
	SALES
		Operating Income	0.296	0.511
		Other Income	0.121	0.035
		TOTAL (A)	0.417	0.546
Less	EXPENSES
		Increase/ Decrease in Finished Goods	1.076	(0.011)
		Material Cost	0.469	0.418
		Manufacturing Expenses	0.231	0.072
		Personnel Cost	0.148	0.137
		Administrative Expenses	0.757	0.059
		Selling Cost	0.122	0.085
		Provision for Bad and Doubtful Debts	0.000	0.125
		Miscellaneous Expenses written off	2.466	0.242
		Other Expenses	0.404	0.000
		TOTAL (B)	5.673	1.127
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(5.256)	(0.581)
Less	FINANCIAL EXPENSES (D)		0.083	0.006
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(5.339)	(0.587)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.412	0.240
	PROFIT BEFORE TAX (E-F) (G)		(7.751)	(0.827)
Less	TAX (H)		--	--
	PROFIT AFTER TAX (G-H) (I)		(7.751)	(0.827)
	BALANCE CARRIED TO THE B/S		(7.751)	(0.827)
	Earnings Per Share (Rs.)		(1.80)	NA

KEY RATIOS

PARTICULARS		31.03.1997	31.03.1996
PAT / Total Income	(%)	(1858.75)	(151.47)
Net Profit Margin (PBT/Sales)	(%)	(2618.58)	(161.84)
Return on Total Assets (PBT/Total Assets}	(%)	(15.96)	(1.54)
Return on Investment (ROI) (PBT/Networth)		0.60	0.12
Debt Equity Ratio (Total Liability/Networth)		(5.23)	(9.56)
Current Ratio (Current Asset/Current Liability)		3.88	3.04

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office of the company has been shifted from 6568, Pujanwala Mohalla, Bathinda to the present address w.e.f. 01.04.1990

FIXED ASSETS:

· Plant and Machinery

· Furniture and Fixture

· Office Equipments

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.44.38
UK Pound	1	Rs.72.55
Euro	1	Rs.63.92

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.