MIRA INFORM REPORT

Report Date :

18.01.2011

IDENTIFICATION DETAILS

Name :	TIRUPATI COIRS PRIVATE LIMITED
Registered Office :	6751/10, 1^stFloor, Pyarelal Road, Karol Bagh, New Delhi – 110005, Delhi
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	05.08.1988
Com. Reg. No.:	55-032689
CIN No.: [Company Identification No.]	U74899DL1988PTC032689
TAN No.: [Tax Deduction & Collection Account No.]	DELT01068E
PAN No.: [Permanent Account No.]	AAACT3243M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Mattresses, Pillows, Cushions, Bus Seats, Bath Mats etc.

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 70116
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small business dealings at usual 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 :	6751/10, 1^stFloor, Pyarelal Road, Karol Bagh, New Delhi – 110005, Delhi, India
Tel. No.:	91-121-2660184 / 2660245
Mobile No.:	91-9911116749 (Mr. Puneet)
Fax No.:	91-121-2660438
E-Mail :	skmittal_axis@rediffmail.com
Factory :	Khasra No. 107, 108, 109, 110, 113/1 & 113/2, Chak No. 118, Village Bubakpur Tehsil Sardhana, Distt. Meerut, Uttar Pradesh, India
Area :	4215 sq. mtrs.

DIRECTORS

AS ON 24.09.2010

Name :	Mr. Radhe Sham Gupta
Designation :	Director
Address :	176-D, Abu Lane, Meerut, Uttar Pradesh, India
Date of Appointment :	31.08.1989
Name :	Mrs. Vibha Gupta
Designation :	Director
Address :	176-D, Abu Lane, Meerut, Uttar Pradesh, India
Date of Appointment :	01.05.2007
Name :	Mr. Mukesh Gupta
Designation :	Managing Director
Address :	176-D, Abu Lane, Meerut, Uttar Pradesh, India
Date of Appointment :	05.08.1988
Name :	Mr. Sandeep Gupta
Designation :	Director
Address :	176-D, Abu Lane, Meerut, Uttar Pradesh, India
Date of Appointment :	05.08.1988

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.09.2010

Names of Shareholders	No. of Shares
Mukesh Gupta	9960
Sandeep Gupta	10980
Aruna Gupta	18150
Radhey Shyam Gupta	28290
Sandeep Gupta and Sons, Meerut	95
Rajni Gupta	95
Mukesh Gupta and Sons, Meerut	90
Vibha Rani	15150
Radhey Shyam Gupta and Sons, Meerut	400
Padma Rani	73
Agarwal Alloys Steel Private Limited, Delhi	1
Nitin Gupta	1929
Nirbhay Gupta	2929
Tajendra Khurana	1
Pallav Goel	1
Mohendra Prakash (HUF)	1
Rakesh Kumar (HUF)	1
Sonal Tie Up Private Limited, Kolkata	5000
Sab – Computing Private Limited, Kolkata	15000
Savita Gupta	4000
Nipun Gupta	927
Puneet Gupta	927
Shivani Sharma	4000
Total	118000

AS ON 24.09.2010

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	0.00
Bodies corporate	0.00
Directors or relatives of Directors	100.00
Other top fifty shareholders	0.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Mattresses, Pillows, Cushions, Bus Seats, Bath Mats etc.

GENERAL INFORMATION

No. of Employees :

105-500 (Approximately)

Bankers :

State Bank Of India, Commercial Branch, Ganga Plaza, Begum Bridge Road, Meerut – 250002, Uttar Pradesh, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
State Bank of India, Meerut
Against Hypothecation of stock and book debts	9.834	12.294
SME CC Account	2.431	2.325
Car Loan	1.075	1.432
ICICI Bank Limited
Car Loan	0.064	0.182
Total	13.404	16.233

Banking Relations :	--
Auditors :
Name :	Sudhir Mittal and Company Chartered Accountant
Address :	1, Bankers Street, Meerut – 250001, Uttar Pradesh, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
118000	Equity Shares	Rs.100/- each	Rs.11.800 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		11.800	11.800	11.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.729	4.952	4.209
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		17.529	16.752	16.009
LOAN FUNDS
1] Secured Loans		13.404	16.233	14.257
2] Unsecured Loans		27.970	25.305	20.980
TOTAL BORROWING		41.374	41.538	35.237
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		58.903	58.290	51.246
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.233	3.909	4.727
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	57.029	54.102	48.905
	Sundry Debtors	22.148	19.248	16.453
	Cash & Bank Balances	2.934	4.708	2.658
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.146	6.941	1.579
Total Current Assets		88.257	84.999	69.595
Less : CURRENT LIABILITIES & PROVISIONS
	Other Current Liabilities	30.756	29.278	22.179
	Provisions	1.831	1.340	0.903
Total Current Liabilities		32.587	30.618	23.082
Net Current Assets		55.670	54.381	46.513
MISCELLANEOUS EXPENSES		0.000	0.000	0.006
TOTAL		58.903	58.290	51.246

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	93.997	81.115	71.761
		Other Income
		TOTAL (A)	93.997	81.115	71.761
Less	EXPENSES
		Office Expenses
		Administrative Expenses	91.887	79.426	69.942
		Advertising Expenses
		TOTAL (B)	91.887	79.426	69.942
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.110	1.689	1.819
Less	FINANCIAL EXPENSES (D)		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.110	1.689	1.819
Less/ Add	DEPRECIATION/ AMORTISATION (F)		(0.842)	(0.508)	(0.684)
	PROFIT BEFORE TAX (E-F) (G)		1.268	1.181	1.135
Less	TAX (I)		(0.491)	(0.436)	(0.371)
	PROFIT AFTER TAX (G-I) (J)		0.777	0.745	0.764
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.931	3.647	2.884
	BALANCE CARRIED TO THE B/S		5.167	4.391	3.647
	EARNINGS IN FOREIGN CURRENCY		Nil	Nil	Nil
	IMPORTS		Nil	Nil	Nil
	Earnings Per Share (Rs.)		6.58	6.31	6.47

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.82	0.91	1.58
Net Profit Margin (PBT/Sales)	(%)	1.34	1.45	1.58
Return on Total Assets (PBT/Total Assets}	(%)	1.38	1.32	1.52
Return on Investment (ROI) (PBT/Networth)		0.07	0.07	0.07
Debt Equity Ratio (Total Liability/Networth)		4.21	4.30	3.64
Current Ratio (Current Asset/Current Liability)		2.70	2.77	3.01

LOCAL AGENCY FURTHER INFORMATION

Fixed Assets :

• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Fire Extinguisher
• Car-Maruti Van
• Car Maruti Gypsy
• Car- Indigo
• Scooter – Chetak
• Scooter – T-5
• Scooter – Vespa
• Scooter – Super Baj
• Scooter – NV/SPL
• Truck
• Lab Equipments
• Computer
• MobileTelephone
• Pager Instrument
• Office Equipments
• New Canter
• Motor Cycle
• Bajaj CT-100
• Hero Honda – Dwan
• Telephone
• Car Hyundai – I10
• Car Endeavour
• Motor Cycle Delux
• Plantina Bike
• Telephone Tata

FORM : 8

This Form is for	Modification of charge
Corporate identity number of the company	U74899DL1988PTC032689
Name of the company	TIRUPATI COIRS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	6751/10 1st Floor Pyarelal Road , Karol Bagh, New Delhi, Delhi – 110005, India
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	State Bank Of India, Commercial Branch, Ganga Plaza, Begum Bridge Road, Meerut – 250002, Uttar Pradesh, India E-mail Address : sbi04183@sbi.co.in
Nature of instrument creating charge	(1) Letter Of Arrangement (Sme-1) (2) Agreement Of Loan -Cum-Hypothecation (Sme-4) (3) Link Letter (Sme-12)
Date of instrument Creating the charge	09/04/2009
Amount secured by the charge	Rs. 16.800 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest : Working Capital:- 1.5% Above (SBAR) (SBAR=12.25% W.E.F. 01-01-2009) With A Minimum Of 13.75% P.A. Rising Or Falling Therewith On Daily Products With Monthly Rests. Presently Effective Rate 13.75% P.A. Wherever Expedient Interest Rate Is Directly Linked To The Credit Risk Assessment Of The Borrower Working Capital Demand Loan :- 8% Fixed For 1 Year And Later Normal Rate Of Interest Applicable Term Loan :- SBAR= 12.25% W.E.F. 01-01-2009 Terms of repayment : Repayable On Demand Margin : Raw Material Indigenous - 25% Semi Finished Goods - 25% Finished Goods - 25 % Domestic Receibles (Cover Period 60 Days) -- 35% Extent and operation of the charge : First Charge On Company's Property As Per Point No 14 To Secure Following Limit Cc Stock --- 12.000 Millions SME ---- 2.400 Millions WCDL (SME Care) 2.400 Millions --------------- 16.800 Millions Other : Nil
Short particulars of the property charged (Including location of the property)	Primary Security :- First Charge Over The Current Assets Including Hyp. Of Stocks & Receivables And Goods In Transit. Collateral Security:- (1) Em. Of Factory Land And Building In The Name Of Company Situated At Khasra No. 107, 108, 109, 110, 113/1 & 113/2, Chak No. 118, Village Bubakpur Tehsil Sardhana, Distt. Meerut, Area 4215.00 Sq Meters. 2) Hyp. Of Plant & Machinery Of The Company. 3) Third Party Guarntee: - Sh. Radhey Shayam Gupta, Sh. Mukesh Gupta, Sh. Sandeep Gupta.
Date of instrument modifying the charge	14/08/2007
Particulars of the present modification	Limit Enhanced To Rs. 14.400 Millions To Rs. 16.800 millions

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. 45.59
UK Pound	1	Rs. 72.31
Euro	1	Rs. 60.73

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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		27

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.