MIRA INFORM REPORT

Report Date :

02.06.2011

IDENTIFICATION DETAILS

Name :	FERYEZ POLYMER PRIVATE LIMITED
Registered Office :	172, Aga Industries Compound, Chinchwadgaon, Pune – 411 033, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	27.08.1993
Com. Reg. No.:	11-073659
Capital Investment / Paid-up Capital :	Rs. 5.000 millions
CIN No.: [Company Identification No.]	U25206PN1993PTC073659
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.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 38000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Financial position of the company is improving. Trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for 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 / 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

AS ON 13.09.2010

Name :	Mrs. Piloo Aga
Designation :	Director
Address :	172, Aga Industries Compound, Chinchwad, Pune – 411 017, Maharashtra, India
Date of Birth/Age :	15.05.1945
Date of Appointment :	01.02.2009
DIN No :	02573975
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
DIN No :	00116356
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 :	01.08.1999
DIN No :	00116385

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 13.09.2010

Names of Shareholders	No. of Shares
Piloo Eruch Aga	198435
Iruvite Umesh pai	11325
Piyush Trimbaklal Mehta	6
Homai Keki Shroff	9
Farheez Eruch Aga	72500
Yezdi Eruch Aga	45000
Farheez E Aga Jointly With Mrs. Monaz Farheez Aga	77385
Yezdi E Aga Jointly with Mrs. Prochi Aga	56250
Piloo Eruch Aga Jointly Eruch Jamshed Aga	39090
Total	500000

AS ON 13.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	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

GENERAL INFORMATION

No. of Employees :

20 (Approximately)

Bankers :

State Bank of India, Pimpri Town Branch, Near Tapowan Temple, Pimpri, Pune – 411 017, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Cash Credit from State Bank of India Pimpri Town Branch	4.528	4.621
(Secured by hypothecation of Raw Material, Finished Goods and Semi Finished Goods and Bills receivables. Further guaranteed by the directors of the Company in their personal capacity.)
Term Loan from State Bank of India	3.308	4.953
(Guaranteed by the directors of the company in their personal capacity)
Citi Bank Loan	0.000	0.557
(Guaranteed by the directors of the company in their personal capacity)
Total	7.836	10.131
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Directors and Share Holders
F E. Aga	0.104	0.293
Y. E. Aga	0.029	0.028
P.E. Aga	1.436	1.435
Total	1.569	1.756

Banking Relations :
Auditors :
Name :	Bal Bhatia and Company Chartered Accountants
Address :	1170/32 Revenue Colony, 103 Shree Laxmi Villa, Shivaji Nagar, Pune – 411 017, Maharashtra, India

CAPITAL STRUCTURE

AS ON 31.03.2010

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
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Note : [Previous year 120000 Equity Shares are issued as Bonus Shares out their Reserves and surplus]

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		5.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.556	1.992	3.067
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		9.556	6.992	8.067
LOAN FUNDS
1] Secured Loans		7.836	10.131	10.559
2] Unsecured Loans		1.569	1.756	1.760
TOTAL BORROWING		9.405	11.887	12.319
DEFERRED TAX LIABILITIES		0.748	0.773	0.875
TOTAL		19.709	19.652	21.261
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.590	14.611	15.180
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.050	0.050	0.050
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.737	2.728	2.554
	Sundry Debtors	24.455	16.938	14.531
	Cash & Bank Balances	1.127	0.687	0.906
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.995	2.283	3.300
Total Current Assets		31.314	22.636	21.291
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	21.881	15.148	12.772
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	3.426	2.574	2.565
Total Current Liabilities		25.307	17.722	15.337
Net Current Assets		6.007	4.914	5.954
MISCELLANEOUS EXPENSES		0.062	0.077	0.077
TOTAL		19.709	19.652	21.261

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	Gross Profit / Sales		82.645	60.013	60.814
Less	EXPENSES
		Office Expenses			NA
		Administrative Expenses	77.086	58.959	NA
		Advertising Expenses			NA
		TOTAL	77.086	58.959	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		5.559	1.054	NA
Less/ Add	DEPRECIATION/ AMORTISATION		2.089	2.215	NA
	PROFIT BEFORE TAX		3.470	(1.161)	2.043
Less	TAX		0.906	(0.085)	NA
	PROFIT AFTER TAX		2.564	(1.076)	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.991	3.067	NA
	BALANCE CARRIED TO THE B/S		4.555	1.991	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	NA	NA	3.36
Return on Total Assets (PBT/Total Assets)	(%)	7.73	(3.12)	5.60
Return on Investment (ROI) (PBT/Networth)		0.36	(0.17)	0.25
Debt Equity Ratio (Total Liability/Networth)		3.71	4.34	3.54
Current Ratio (Current Asset/Current Liability)		1.24	1.28	1.39

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

FIXED ASSETS

· Plant and Machinery

· Electrical Installation

· Furniture and Fixture

· Fax Machine

· Computer and Software

· Library Books

· Vehicles

· Office Equipment

· Dies and Moulds

· Factory Building

· Ape Delivery Van

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.44.89
UK Pound	1	Rs.73.84
Euro	1	Rs.64.76

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		30

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.