MIRA INFORM REPORT

Report Date :

07.12.2011

IDENTIFICATION DETAILS

Name :	VISION PRODUCTS PRIVATE LIMITED
Registered Office :	Survey No. 104, P. O. Mahuvad – 391440, On Coastal Highway, Padra, Vadodara – 391440, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.04.2005
Com. Reg. No.:	04-045893
Capital Investment / Paid-up Capital :	Rs.9.350 Millions
CIN No.: [Company Identification No.]	U15140GJ2005PTC045893
TAN No.: [Tax Deduction & Collection Account No.]	BRDV01030B
PAN No.: [Permanent Account No.]	AACCV0330R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Various Types of Alkyd Resins.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. Profitability of the company is under pressure. However, Business is active. Payments are reported to be slow. The company can be considered for business dealings on a 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	Survey No. 104, P. O. Mahuvad – 391440, On Coastal Highway, Padra, Vadodara – 391440, Gujarat, India
Tel. No.:	91-2662-320722/292150
Fax No.:	91-265-2320875
E-Mail :	info@thevisionproducts.com maildeveshpathak@rediffmail.com
Website :	www.thevisionproducts.com
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :

Mr. Pranav Jayantibhai Patel

Designation :

Director

Address :

Pranav Darshan, 2/3, New Palasia, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

23.05.1979

Date of Appointment :

15.04.2005

DIN No.:

00171387

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U65920MH1986PLC039208	Centennial Finance Limited	Director	7/11/1995	7/11/1995	-	Active	NO
U24114MP2000PTC014157	Mpd Industries Private Limited	Managing director	5/04/2000	5/04/2000	-	Active	NO
L28129MH1984PLC032008	Rishi Techtex Limited	Director	15/09/2001	15/09/2001	-	Active	NO
U67120MP1995PLC009451	OTG Global Finance Limited	Director	30/09/2002	30/09/2002	1/10/2010	Active	NO
U15140MH1992PLC067344	Centennial Fabrics Limited	Director	19/05/2003	19/05/2003	-	Active	NO
U28992MH1996PTC102810	Percentage Enpackers Private Limited	Director	23/12/2003	23/12/2003	-	Active	NO
U15140GJ2005PTC045893	Vision Products Private Limited	Director	15/04/2005	15/04/2005	-	Active	NO
U24223MP2006PTC018327	U.V. Risins Private Limited	Director	24/01/2006	24/01/2006	-	Active	NO
U24299MP2007PTC019668	VP Hitech Coatings Private Limited	Director	12/07/2007	12/07/2007	-	Active	NO
U93000MH2007PTC175056	Rishi Technical Services Private Limited	Director	30/09/2009	10/01/2009	4/01/2010	Active	NO
U24200MH2005PTC152122	Rishi Coatings Private Limited	Director	30/09/2011	12/10/2010	-	Active	NO
U24134MP2011PTC026803	Xcel Polymer Products Private Limited	Director	23/09/2011	23/09/2011	-	Active	NO

Name :

Mr. Rajesh Indravadan Mehta

Designation :

Director

Address :

202 – N, Block, Shalimar Township, A. B. Road, Indore – 452010, Madhya Pradesh, India

Date of Birth/Age :

17.07.1958

Date of Appointment :

15.04.2005

DIN No.:

01344168

Name :

Mr. Shailesh Indravadan Mehta

Designation :

Director

Address :

401, Shukan, 20, Hari Bhakti Extension, Lions Hall Road, Race Course, Vadodara – 390007, Gujarat, India

Date of Birth/Age :

14.03.1957

Date of Appointment :

15.04.2005

DIN No.:

02318024

Name :

Mr. Prashant Sahebrao Raut

Designation :

Director

Address :

89, Meghdhanush Society, Old Padra Road. Vadodara – 390015, Gujarat, India

Date of Birth/Age :

28.11.1972

Date of Appointment :

31.03.2010

DIN No.:

02795697

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Pranav Patel	30000
Rajesh Mehta	415000
Shailesh Mehta	150000
Bhagavatiben Patel	260000
Nihar Mehta	50000
Priti Mehta	30000
Total	935000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Various Types of Alkyd Resins.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Baroda, Atmajyoti Ashram Branch, Indraprastha, Ellora Park, Vadodara – 390007, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Bank of Baroda (Term Loan A/c No.806)	2.066	3.011
Bank of Baroda (Term Loan A/c No.1159)	1.913	2.292
Bank of Baroda (C. C. A/c)	10.110	9.866
Bank of Baroda (PCFC. A/c.)	4.945	5.000
Total	19.034	20.169
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Directors and Relatives	8.813	16.422
Total	8.813	16.422

Banking Relations :	--
Auditors :
Name :	Kaushik B. Patel and Company Chartered Accountants
Address :	201/A, “Sarjan” Complex, Pratap Road, Dandia Bazar, Baroda – 390001, Gujarat, India
Tel. No.:	91-265-2422979
Mobile No.:	91-9825354979
E-Mail :	kbpco@yahoo.com
PAN.:	ACQPP5952N

CAPITAL STRUCTURE

After 30.09.2010

Authorised Capital : Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.19.350 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
935000	Equity Shares	Rs.10/- each	Rs.9.350 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		9.350	8.750	7.500
2] Share Application Money		0.600	1.250	2.200
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		9.950	10.000	9.700
LOAN FUNDS
1] Secured Loans		19.034	20.169	17.004
2] Unsecured Loans		8.813	16.422	5.788
TOTAL BORROWING		27.847	36.591	22.792
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		37.797	46.591	32.492
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.419	20.334	19.482
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.453	22.587	15.753
	Sundry Debtors	10.577	8.593	14.976
	Cash & Bank Balances	0.591	0.318	0.246
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.178	11.210	3.966
Total Current Assets		35.799	42.708	34.941
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.122	23.721	23.721
	Other Current Liabilities	2.262	2.546	1.924
	Provisions	0.000	0.000	0.000
Total Current Liabilities		29.384	26.267	25.645
Net Current Assets		6.415	16.441	9.296
MISCELLANEOUS EXPENSES		12.963	9.816	3.714
TOTAL		37.797	46.591	32.492

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	107.615	43.805
		Other Income	28.575	126.339
		TOTAL	136.190	170.144
Less	EXPENSES
		Manufacturing Expenses	126.862	159.416
		Administration, Selling and Distribution Expenses	6.296	10.909	NA
		Increase/ Decrease in Stock	(0.362)	(0.754)
		TOTAL	132.796	169.571
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		3.394	0.573
Less	FINANCIAL EXPENSES		4.241	4.217
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(0.847)	(3.644)	(0.512)
Less/ Add	DEPRECIATION/ AMORTISATION		2.344	2.500	1.853
	NET PROFIT/ LOSS		(3.191)	(6.144)	(2.365)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(9.729)	(3.585)	(1.220)
	BALANCE CARRIED TO THE B/S		(12.920)	(9.729)	(3.585)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.34	3.61	NA
Net Profit Margin (PBT/Sales)	(%)	(2.96)	(14.02)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(5.88)	(9.74)	(4.34)
Return on Investment (ROI) (PBT/Networth)		0.32	0.61	0.24
Debt Equity Ratio (Total Liability/Networth)		5.75	6.28	4.99
Current Ratio (Current Asset/Current Liability)		1.21	1.62	1.36

LOCAL AGENCY FURTHER INFORMATION

Note :

The registered address of the company has been shifted from A 4 Jupiter Apartment, Productivity Road, Sampatrao Colony, Vadodara – 390007, Gujarat, India with effect from 29.06.2006

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	10040027
Corporate identity number of the company	U15140GJ2005PTC045893
Name of the company	VISION PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No. 104, P. O., On Costal Highway, Padra, Mahuvad - 391 440, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	Bank of Baroda, Atmajyoti Ashram Branch, Indraprastha, Ellora Park, Vadodara – 390007, Gujarat, India Email Id : atmajy@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Instrument of extension relating to deposit of title deeds
Date of instrument Creating the charge	07.11.2008
Amount secured by the charge	Rs.26.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest TL- I and II AT BPLR + 0.50% I.E. 14.50% P.A. with monthly res, C C - at BPLR I.E. 13.25% P.A. with monthly rest Terms of Repayment TL- I and II IN 60 monthly instalments, working capital - on demand Margin TL- I -30% on building, 25% on P and M, TL- II - 30% on land development, 25% on machineries, C.C. - 25% on RM and other stocks, 25% on book debts ILC / FLC - 25%, EPC - 10% Extent and Operation of the charge The credit facilities are secured by way of E M of pieces and parcel of N A land bearing S. No.104, Mahuvad, Padra, District: Baroda and REGN Sub District Vadodara Adm. 3449 sq. mtrs together with all buildings and structures standing thereon or to be erected hereafter and the plant and machinery attached to the earth or permanantly fastened to anything attached to the earth, both present and future
Short particulars of the property charged	The credit facilities are secured by way of E M of pieces and parcel of N A Land bearing S. No.104, Mahuvad, Padra, District: Baroda and REGN Sub District Vadodara Adm. 3449 Sq. mtrs together with all buildings and structures standing thereon or to be erected hereafter and the plant and machinery attached to the earth or permanently fastened to anything attached to the earth, both present and future.
Particulars of the present modification	By this execution the charge extended to cover revised credit facilities from Rs.13.000 Millions to Rs.26.500 Millions

FIXED ASSETS

· Land

· Tubewell

· Building Construction

· Plant and Machinery

· Electrical Installation

· Furniture and Fixtures

· Office Equipments

· Computer

· Factory Safety Equipment

· Lab Equipment

· Vehicles

· Chimny Erection

· Container

· Road Construction

· Storage Tank

· Weighing Machines

· Stores, Spares and Parts

· Shewing Machine

· Store Well

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.51.39
UK Pound	1	Rs.80.20
Euro	1	Rs.68.92

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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		12

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	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.