MIRA INFORM REPORT

Report Date :

30.06.2011

IDENTIFICATION DETAILS

Name :	OMKAR PUF INSULATION PRIVATE LIMITED
Registered Office :	R-875, TTC Industrial Area, MIDC, Near Golden Garage, Rabale, Navi Mumbai – 400 701, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	13.04.2005
Com. Reg. No.:	11-152614
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U26999MH2005PTC152614
TAN No.: [Tax Deduction & Collection Account No.]	MUMO03679E
PAN No.: [Permanent Account No.]	AAACO7384C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of PU Foam, PUF Sheets Supports, Rigid PU Foam, PUF Pipe Sections and Slabs, Insulated Pipe Sections.
No. of Employees :	32 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 36000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a successor of “Omkar Puf Insulation” a partnership concern started in the year 1994. It is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Ms. Geeta
Designation :	Account Assistant
Contact No. :	91-22-27641347
Date :	28.06.2011

LOCATIONS

Registered Office/Factory :	R-875, TTC Industrial Area, MIDC, Near Golden Garage, Rabale, Navi Mumbai – 400 701, Maharashtra, India
Tel. No.:	91-22-27641347 / 27641362 / 61
Mobile No. :	91-9821024110 (Mr. Sanjay)
Fax No.:	91-22-27641347
E-Mail :	omkarpufinsulation@yahoo.co.in response@omkarpufinsulation.com
Website :	www.omkarpufinsulation.com
Area :	6000 Sq. ft.
Location :	Owned

DIRECTORS

As on 31.08.2010

Name :	Mr. Sanjay Haripant Valsangkar
Designation :	Director
Address :	1003, Chandan Apartment, Hutatma Chaphekar Bandhu Marg, Mulund (East), Mumbai – 400 081, Maharashtra, India
Date of Birth/Age :	05.11.1961
Qualification :	B.Sc.
Date of Appointment :	13.04.2005
Name :	Mr. Prafull Sadanand Joshi
Designation :	Director
Address :	305, Chintamani Co-Operative Housing Society, B K Road, Mulund (East), Mumbai – 400 081, Maharashtra, India
Date of Birth/Age :	08.01.1961
Qualification :	B.Sc.
Date of Appointment :	13.04.2005
Name :	Mrs. Yugandhara Sanjay Valsangkar
Designation :	Director
Address :	A/4, Vishakha Co-Operative Housing Society, Sane Guruji Nagar, Mulund (East), Mumbai – 400 081, Maharashtra, India
Date of Birth/Age :	31.05.1969
Qualification :	M.A.
Date of Appointment :	13.04.2005
Name :	Mrs. Pravina Prafulla Joshi
Designation :	Director
Address :	305, Chintamani Co-Operative Housing Society, B K Road, Mulund (East), Mumbai – 400 081, Maharashtra, India
Date of Birth/Age :	16.10.1964
Qualification :	Degree in Catering
Date of Appointment :	13.04.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 31.08.2010)

Names of Shareholders	No. of Shares
Sanjay Haripant Valsangkar	2500
Prafull Sadanand Joshi	2500
Yugandhara Sanjay Valsangkar	2500
Pravina Prafulla Joshi	2500
Total	10000

Equity share breakup (percentage of total equity)

(As on 31.08.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of PU Foam, PUF Sheets Supports, Rigid PU Foam, PUF Pipe Sections and Slabs, Insulated Pipe Sections.
Products :	· PUF Sheets · PUF Pipe Sections · PUF Pipe Supports · PUF Sandwich Panels

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· End Users

No. of Employees :

32 (Approximately)

Bankers :

Bank of India, Mulund (East) Branch, Mulund, Mumbai – 400 081, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Loans and Advances from Banks
Loan from Bank of India (Secured against Plant and Machinery)	1.450	0.000
Loan from Bank of India (Secured against Factory Building)	1.235	2.760
Cash Credit	0	0
Bank of India CC A/c	2.082	1.142
Bank of India CC A/c – 2	(0.001)	(0.004)
Total	4.766	3.898
Unsecured Loans	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
From Directors	10.566	5.629
Total	10.566	5.629

Banking Relations :	--
Auditors :
Name :	CVK and Associates Chartered Accountant
Address :	A/103 / 104, Varadlaxmi, Gokhale Road, Mulund (East), Mumbai – 400 081, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.811	6.704	3.272
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.911	6.804	3.372
LOAN FUNDS
1] Secured Loans		4.766	3.898	6.077
2] Unsecured Loans		10.566	5.629	6.319
TOTAL BORROWING		15.332	9.527	12.396
DEFERRED TAX LIABILITIES		0.744	0.000	0.196
TOTAL		24.987	16.331	15.964
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.900	9.538	10.040
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.046	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.048	1.764	1.671
	Sundry Debtors	12.176	8.635	8.225
	Cash & Bank Balances	1.185	0.053	0.465
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.869	2.236	1.520
Total Current Assets		18.278	12.688	11.881
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.020	1.242	2.421
	Other Current Liabilities	1.056	1.402	1.339
	Provisions	3.115	3.304	2.211
Total Current Liabilities		7.191	5.948	5.971
Net Current Assets		11.087	6.740	5.910
MISCELLANEOUS EXPENSES		0.000	0.007	0.014
TOTAL		24.987	16.331	15.964

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL (A)	54.569	48.740	47.249
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	49.211	43.087	42.806
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.358	5.653	4.443
Less/ Add	DEPRECIATION/ AMORTISATION (D)		1.306	1.372	1.540
	PROFIT BEFORE TAX (C-D) (E)		4.052	4.281	2.903
Less	TAX (F)		1.951	1.208	1.067
	PROFIT AFTER TAX (G-I) (G)		2.101	3.073	1.836
	Earnings Per Share (Rs.)		210.10	--	183.60

Particulars	31.03.2011
Sales Turnover (Approximately)	60.000

The above information has been parted by Ms. Geeta

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.85	6.30	3.89
Return on Total Assets (PBT/Total Assets}	(%)	12.59	19.26	13.24
Return on Investment (ROI) (PBT/Networth)		0.45	0.63	0.86
Debt Equity Ratio (Total Liability/Networth)		2.53	2.27	5.45
Current Ratio (Current Asset/Current Liability)		2.54	2.13	1.99

LOCAL AGENCY FURTHER INFORMATION

Note

The Registered Office of the company has been shifted from Navsagar Factory Compound, Lake Road, Bhandup (West), Mumbai – 400 078, India to the present address w.e.f. 01.12.2006.

Trade References

· National Refractory, Umesh Kamath - 91-9820784049

Form No. 8

Corporate identity number of the company	U26999MH2005PTC152614
Name of the company	OMKAR PUF INSULATION PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	R-875, TTC Industrial Area, MIDC, Near Golden Garage, Rabale, Navi Mumbai – 400 701, Maharashtra, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Bank of India Mulund (East) Branch, Mulund, Mumbai – 400 081, Maharashtra, India
Nature of instrument creating charge	Agreement of Hypothecation for consumer loan in respect of vehicles
Date of instrument Creating the charge	19.06.2007
Amount secured by the charge	Rs.1.420 millions
Brief of the principal terms an conditions and extent and operation of the charge	· Rate of interest 11.75% · Terms of repayment 60 Equated monthly instalment Rs.0.031 million per month · Margin 25% · Extent and operation of the charge First charge by way of hypothecation of the said two brand new cars model Honda City.
Particulars of the property charged	Two brand new cars model Honda City 1.5 VTEC

Fixed Assets

· Compressor

· Land

· Computer

· EPABX

· Fax Machine

· Furniture

· Machinery

· Moulds

· Office Equipment

· Rabale – Factory Shed

· Motor Vehicle

· Water Coolers

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.45.05
UK Pound	1	Rs.71.92
Euro	1	Rs.64.34

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	5
--PROFITABILIRY	1~10	5
--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	NO
--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	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.