MIRA INFORM REPORT

Report Date :

14.11.2011

IDENTIFICATION DETAILS

Name :	INDIA TYRE AND RUBBER COMPANY (INDIA) LIMITED
Registered Office :	Berger House, 5^th Floor, 129, Park Street, Kolkata – 700017, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.06.1938
Com. Reg. No.:	21-150983
Capital Investment / Paid-up Capital :	Rs.8.964 Millions
CIN No.: [Company Identification No.]	U25190WB1938PLC150983
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader and Importer of Plastic and Rubber Products like Hoses, Vee-Belts.
No. of Employees :	42 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 140000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an old and established company having satisfactory track. Trade relations are fair. Business is active. Payments are reported 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.

INFORMATION PARTED BY

Name :	Mr. Sanjay Kumar Thakur
Designation :	Accountant
Contact No.:	91-9831788610
Date :	14.11.2011

LOCATIONS

Registered Office :	Berger House, 5^th Floor, 129, Park Street, Kolkata – 700017, West Bengal, India
Tel. No.:	91-33-22176651 / 22178775
Mobile No.:	91-9831788610 (Mr. Sanjay Kumar Thakur)
Fax No.:	91-33-22178776 / 22267929
E-Mail :	ecare@itr.co.in sanjaythakur@itr.co.in
Website :	www.itr.co.in
Area :	2000 sq. ft.
Location :	Owned

DIRECTORS

As on 31.08.2011

Name :	Mr. Mahesh Chand Gupta
Designation :	Director
Address :	228A, A.J.C. Bose Road, Kolkata – 700020, West Bengal, India
Date of Birth/Age :	02.12.1961
Date of Appointment :	01.12.2005
DIN No.:	00137642

Other Directorship

S.No.	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
1	U67120WB1997PTC084877	MTG Holdings Private Limited	Director	14-07-97	14-07-97	-	Active	NO
2	U63011WB1998PLC088238	Indo Wagon Engineering Limited	Director	05-10-02	05-10-02	-	Active	NO
3	U24239WB2003PTC096320	Pawan Herbals Private Limited	Director	21-08-03	21-08-03	-	Active	NO
4	U72900DL2000PTC105047	Jessop Infotech Private Limited	Director	04-01-04	04-01-04	-	Active	NO
5	L51109WB1984PLC037804	Raghav Industries Limited	Director	07-03-05	07-03-05	-	Under liquidation	NO
6	U65923WB1992PLC057315	Sterling Credit Capital Limited	Director	06-04-05	06-04-05	-	Dormant	NO
7	U74899DL1994PTC058095	Ruia Overseas Private Limited	Director	05-09-05	05-09-05	-	Active	NO
8	U51909WB2002PTC095176	Blessings Commercial Private Limited	Director	05-09-05	05-09-05	-	Active	NO
9	U51909WB2002PTC095179	Hiland Traders Private Limited	Director	05-09-05	05-09-05	-	Active	NO
10	U70109WB2003PTC096768	Shalini Properties and Developers Private Limited	Director	07-10-05	07-10-05	-	Active	NO
11	U29230WB1997PTC084936	Pallavi Manufacturers Private Limited	Director	14-10-05	14-10-05	-	Active	NO
12	U15511WB1997PLC085133	Payneganga Sugars and Chemicals Limited	Director	25-10-05	25-10-05	-	Active	NO
13	U55102WB1997PLC085132	SPR Resorts Limited	Director	24-11-05	24-11-05	-	Active	NO
14	U25190WB1938PLC150983	India Tyre and Rubber Company (India) Limited	Director	01-12-05	01-12-05	-	Active	NO
15	U51909WB2002PTC095177	Borneo Traders Private Limited	Director	28-08-06	28-08-06	-	Active	NO
16	U45201WB2005PLC095763	Jessop Shipyard Limited	Director	31-01-07	31-01-07	-	Active	NO
17	U45400WB2008PTC124639	Jessop Estate Private Limited	Director	31-03-08	31-03-08	-	Active	NO
18	U70102WB2008PTC124638	Jessop Infrastructure Private Limited	Director	31-03-08	31-03-08	-	Active	NO
19	U45400WB2008PTC124637	Jessop Properties Private Limited	Director	31-03-08	31-03-08	-	Active	NO
20	U27100WB2008PLC128165	Jessop Wagons and Coaches Limited	Director	01-08-08	01-08-08	-	Active	NO
21	U24139MH1986PTC041139	Fibre Foam (Bombay) Private Limited	Director	21-01-10	21-01-10	-	Active	NO
22	U72200WB2010PTC154715	NBM Infotech Private Limited	Director	18-11-10	18-11-10	-	Active	NO
23	U65923WB1992PLC057312	Suryamani Financing Company Limited	Director	17-06-11	17-06-11	-	Active	NO
24	U74140WB1997PTC082837	Ruia Sons Private Limited	Director	26-09-11	29-06-11	-	Active	NO
25	U92199MH1995PLC084948	Monotona Tyres Limited	Additional director	16-08-11	16-08-11	-	Active	NO

Name :	Mr. Ashok Kumar Goenka
Designation :	Director
Address :	73, Bangur Avenue, D Block, Kolkata – 700055, West Bengal, India
Date of Birth/Age :	18.03.1952
Date of Appointment :	12.07.2008
DIN No.:	00474447

Other Directorship

S.No.	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
1	U24299WB1994PTC062842	Chinsurah Chemicals Private Limited	Director	31-03-94	31-03-94	-	Active	NO
2	U26914WB1961PTC025023	Liluah Ceramics Private Limited	Director	24-08-94	24-08-94	-	Active	NO
3	U01132WB1992PTC054189	Ruia Agro Products Private Limited	Director	01-01-97	01-01-97	-	Active	NO
4	U55103WB1997PTC082539	Metropole Hills Hotel Private Limited	Director	07-01-97	07-01-97	-	Active	NO
5	U50101WB1997PLC084060	Power Corporation of India Limited	Director	22-04-97	22-04-97	-	Active	NO
6	U74140WB1997PTC082837	Ruia Sons Private Limited	Additional director	27-10-97	27-10-97	-	Active	NO
7	U70101WB1993PLC091492	Spices Valley Estates Limited	Director	06-09-99	06-09-99	-	Active	NO
8	U67120DL1993PLC055219	Securities Brokers of India Limited	Director	17-11-00	17-11-00	-	Active	NO
9	U15511WB1997PLC085133	Payneganga Sugars and Chemicals Limited	Director	06-05-02	06-05-02	-	Active	NO
10	U51909WB2002PTC095406	Deblok Traders Private Limited	Director	01-01-03	01-01-03	-	Active	NO
11	U51909WB2002PTC095404	Edina Marketing Private Limited	Director	01-01-03	01-01-03	-	Active	NO
12	U51909WB2002PTC095399	Ballard Commercials Private Limited	Director	01-01-03	01-01-03	-	Active	NO
13	U65910WB1994PLC061909	SPR Sugar and Chemicals Ltd	Director	20-01-03	20-01-03	-	Active	NO
14	U40101WB1997PLC084111	Bharat Vidyut Company Limited	Director	13-02-03	13-02-03	-	Active	NO
15	U24239WB2003PTC096320	Pawan Herbals Private Limited	Director	04-06-03	04-06-03	-	Active	NO
16	U15429WB2003PTC096401	Ruia Iron and Steel Company Private Limited	Director	17-06-03	17-06-03	-	Active	NO
17	U65923WB1992PLC057312	Suryamani Financing Company Limited	Director	26-03-05	26-03-05	-	Active	NO
18	U63011WB1998PLC088238	Indo Wagon Engineering Limited	Director	06-04-05	06-04-05	-	Active	NO
19	U65923WB1992PLC057315	Sterling Credit Capital Limited	Director	06-04-05	06-04-05	-	Dormant	NO
20	U51909WB2003PTC096776	Mudrika Commercials Private Limited	Director	06-04-05	06-04-05	-	Active	NO
21	U92114WB2004PTC100036	Our Films Productions Private Limited	Director	07-04-05	07-04-05	-	Active	NO
22	U74899DL1994PTC058095	Ruia Overseas Private Limited	Director	05-09-05	05-09-05	-	Active	NO
23	U51909WB2002PTC095176	Blessings Commercial Private Limited	Director	05-09-05	05-09-05	-	Active	NO
24	U51909WB2002PTC095179	Hiland Traders Private Limited	Director	05-09-05	05-09-05	-	Active	NO
25	U70109WB2003PTC096768	Shalini Properties and Developers Private Limited	Director	07-10-05	07-10-05	-	Active	NO
26	U55102WB1997PLC085132	SPR Resorts Limited	Director	24-11-05	24-11-05	-	Active	NO
27	U51909WB2002PTC095177	Borneo Traders Private Limited	Director	28-08-06	28-08-06	-	Active	NO
28	L51109WB1984PLC037804	Raghav Industries Limited	Director	01-11-07	01-11-07	-	Under liquidation	NO
29	U65910WB1994PTC061907	Ruia Global Nivesh Private Limited	Director	18-02-08	18-02-08	-	Active	NO
30	U51909WB2002PTC095402	Anoush Traders Private Limited	Director	18-02-08	18-02-08	-	Active	NO
31	U25190WB1938PLC150983	India Tyre and Rubber Company (India) Limited	Director	12-07-08	12-07-08	-	Active	NO
32	U31909WB2008PTC127433	Schlegel Automotive India Private Limited	Director	12-07-08	12-07-08	-	Active	NO
33	U45400WB2008PTC122397	Walker Properties Private Limited	Additional director	20-09-08	20-09-08	-	Active	NO
34	U40101WB1997PLC085128	Globe Sugar Refinery Limited	Additional director	19-02-09	19-02-09	-	Active	NO
35	U45400WB2008PTC122387	Sagarika Properties Private Limited	Director	14-01-10	14-01-10	-	Active	NO
36	U24139MH1986PTC041139	Fibre Foam (Bombay) Private Limited	Director	21-01-10	21-01-10	-	Active	NO
37	U45400WB2008PTC122388	Aparupa Pproperties Private Limited	Director	08-02-10	08-02-10	-	Active	NO
38	U51909WB1996PTC080649	Subhra Marketing Private Limited	Director	05-05-10	05-05-10	-	Active	NO
39	U65993WB1997PTC082478	Zipco Industrial Finance Private Limited	Director	05-05-10	05-05-10	-	Active	NO
40	U51909DL2003PTC119647	Kanti Commercials Private Limited	Director	24-05-10	24-05-10	-	Active	NO
41	U25112WB2007PLC117750	Dunlop Rubbers Limited	Director	10-12-10	10-12-10	-	Active	NO
42	U25111HP2010PTC031506	Dunlop Auto Tyres Private Limited	Director	28-03-11	28-03-11	-	Active	NO
43	U45400WB2008PTC122396	Satarupa Properties Private Limited	Director	21-07-11	21-07-11	-	Active	NO

Name :	Mr. Amit Kumar Joshi
Designation :	Director
Address :	114, C. R. Avenue, Kolkata - 700073, West Bengal, India
Date of Birth/Age :	01.07.1971
Date of Appointment :	17.06.2011
DIN No.:	01594152

Other Directorship

S.No.	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
1	U50101WB1997PLC084060	Power Corporation of India Limited	Director	10-04-07	10-04-07	-	Active	NO
2	U65923WB1992PLC057312	Suryamani Financing Company Limited	Director	01-11-07	01-11-07	-	Active	NO
3	U63011WB1998PLC088238	Indo Wagon Engineering Limited	Director	01-11-07	01-11-07	-	Active	NO
4	L51109WB1984PLC037804	Raghav Industries Limited	Whole-time director	17-10-08	01-11-07	-	Under liquidation	NO
5	U92114WB2004PTC100036	Our Films Productions Private Limited	Director	07-12-07	07-12-07	-	Active	NO
6	U51109WB1984PLC037566	Ruia Marketing Limited	Additional director	17-12-07	17-12-07	-	Active	NO
7	U51909WB2003PTC096776	Mudrika Commercials Private Limited	Additional director	17-12-07	17-12-07	-	Active	NO
8	U67120DL1993PLC055219	Securities Brokers of India Limited	Additional director	18-12-07	18-12-07	-	Active	NO
9	U65910WB1994PTC061907	Ruia Global Nivesh Private Limited	Director	18-02-08	18-02-08	-	Active	NO
10	U51909WB2002PTC095402	Anoush Traders Private Limited	Director	18-02-08	18-02-08	-	Active	NO
11	U45200WB2007PTC113663	Dunlop Properties Private Limited	Director	27-07-09	01-07-08	-	Active	NO
12	U55101WB1997PLC084156	Bhartiya Hotels Limited	Director	27-07-09	01-07-08	-	Active	NO
13	U85110WB1993PTC059163	Ruia Hospital and Educational Research Institution	Additional director	18-08-08	18-08-08	-	Active	NO
14	U45400WB2008PTC122397	Walker Properties Private Limited	Additional director	20-09-08	20-09-08	-	Active	NO
15	U31909WB2008PTC127433	Schlegel Automotive India Private Limited	Director	17-10-08	17-10-08	-	Active	NO
16	U45400WB2008PTC122396	Satarupa Properties Private Limited	Additional director	10-11-08	10-11-08	-	Active	NO
17	U01132WB1992PTC054189	Ruia Agro Products Private Limited	Director	06-01-09	06-01-09	-	Active	NO
18	U70101WB1993PLC091492	Spices Valley Estates Limited	Director	06-01-09	06-01-09	-	Active	NO
19	U55101WB1997PTC084157	Alpha Airways Private Limited	Director	30-12-09	30-12-09	-	Active	NO
20	U51909WB1996PTC080649	Subhra Marketing Private Limited	Director	05-05-10	05-05-10	-	Active	NO
21	U51909DL2003PTC119647	Kanti Commercials Private Limited	Director	24-05-10	24-05-10	-	Active	NO
22	U40101WB1997PLC085128	Globe Sugar Refinery Limited	Additional director	13-12-10	13-12-10	-	Active	NO
23	U25190WB1938PLC150983	India Tyre and Rubber Company (India) Limited	Director	17-06-11	17-06-11	-	Active	NO
24	U45400WB2008PTC122388	Aparupa Pproperties Private Limited	Director	20-06-11	20-06-11	-	Active	NO
25	U45400WB2008PTC122387	Sagarika Properties Private Limited	Director	20-06-11	20-06-11	-	Active	NO
26	U74140WB1997PTC082837	Ruia Sons Private Limited	Director	26-09-11	29-06-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay Kumar Thakur
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

MAJOR SHAREHOLDERS : Not Available

As on 31.08.2011

Category	Percentage
Bodies corporate	99.77
Other top fifty shareholders	0.23
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Importer of Plastic and Rubber Products like Hoses, Veebelts.

Products :

Products	ITC Code
Industrial Products	560300
Rubber Mattress	CHAP94
Industrial	CHAP40
Metalastik	CHAP84

• All Synthetic Conveyor Belting
• Cushy Foot Mountings
• Double-U Shear
• Rectangular Sandwich Mounting
• Metacone Mounting
• Two-Bolt Instumounting
• Equi-Frequency Mountings
• Heavy Duty Air / Water Hoses
• Petrol / Oil Hoses
• Food and Beverage Hoses
• Hydraulic Hoses
• Pneumatic Hoses
• Steam Hoses
• Polyester Cords Vee Belts

Imports :

Products :

• Hoses
• Vee-Belts

Countries :

China

Terms :

Selling :

Cash and Credit (30 Days)

Purchasing :

Cash and Credit (30 Days)

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

42 (Approximately)

Bankers :

• HDFC Bank
• Axis Bank, Park Street Branch

Facilities :

Secured Loans	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Bill Discounting From Global Trade Finance Limited (Secured by hypothecation by way of first charge on specified book debts and collaterally secured by creation of mortgage of property of a body corporate)	0.000	73.631
Overdraft from HDFC Bank Limited (Secured by mortgage of properties by two Bodies Corporate)	6.351	0.000
Housing Term Loan from ICICI Home Finance Company Limited (Secured by mortgage of properties by two bodies corporate)	26.740	28.332
Car Loan From HDFC Bank Limited (Secured by Hypothecation of Car)	4.096	6.691
Total	37.187	108.654

Banking Relations :	--
Auditors :
Name :	Ford Rhodes Parks and Company Amar Krishna Pal Chartered Accountant
Address :	15 CR Avenue, Kolkata – 700072, West Bengal, India
PAN No.:	AAAFF1843L
Holding Company :	Suryamani Financing Company Limited CIN No. : U65923WB1992PLC057312
Subsidiaries :	Fibre Foam (Bombay) Private Limited CIN No. : U24139MH1986PTC041139

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
422020	Equity Shares Issued during the year 1999-2000 on conversion of part A of 105610 14% unsecured fully convertible Debentures of Rs.100/- each	Rs.10/- each	Rs.4.220 Millions
344420	Equity Shares Issued during the year 2000-2001 on conversion of part B of 105000 14% unsecured fully convertible Debentures of Rs.80/- each	Rs.10/- each	Rs.3.444 Millions
130000	Equity Shares Issued during the year 2002-2003 on conversion of part B of 105000 14% unsecured fully convertible Debentures of Rs.20/- each	Rs.10/- each	Rs.1.300 Millions
	Total		Rs.8.964

Note : Of the above 894420 shares are held by holding company Suryamani Financing Company Limited.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		8.964	8.964	8.964
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		27.097	21.940	21.959
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		36.061	30.904	30.923
LOAN FUNDS
1] Secured Loans		37.187	108.654	107.794
2] Unsecured Loans		0.000	0.000	23.424
TOTAL BORROWING		37.187	108.654	131.218
DEFERRED TAX LIABILITIES		0.781	0.147	0.000
TOTAL		74.029	139.705	162.141
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.535	10.743	2.101
Capital work-in-progress		0.000	0.000	0.113
INVESTMENT		29.533	21.504	0.054
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.670	4.789	3.438
	Sundry Debtors	22.280	92.933	159.360
	Cash & Bank Balances	15.830	4.878	5.791
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	19.032	29.314	62.313
Total Current Assets		60.812	131.914	230.902
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.263	6.218	55.216
	Other Current Liabilities	10.917	12.047	6.494
	Provisions	0.671	6.191	9.319
Total Current Liabilities		38.851	24.456	71.029
Net Current Assets		21.961	107.458	159.873
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		74.029	139.705	162.141

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	349.853	409.204	584.239
		Other Income	8.657	3.190	3.398
		TOTAL (A)	358.510	412.394	587.637
Less	EXPENSES
		Cost of Sales (Finished Goods)	299.322	357.779	522.889
		Selling and Administrative Expenses	39.977	38.492	39.169
		TOTAL (B)	339.299	396.271	562.058
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.211	16.123	25.579
Less	INTEREST AND FINANCIAL EXPENSES (D)		10.980	14.254	15.350
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.231	1.869	10.229
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.730	0.789	0.244
	PROFIT BEFORE TAX (E-F) (G)		6.501	1.080	9.985
Less	TAX (H)		0.820	0.355	3.523
	PROFIT AFTER TAX (G-H) (I)		5.681	0.725	6.462
Less	Income Tax for prior year		0.000	0.220	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13.350	13.369	11.228
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	0.650
		Dividend	0.448	0.448	3.318
		Tax on Dividend	0.076	0.076	0.533
	BALANCE CARRIED TO THE B/S		18.507	13.350	13.369
	Earnings Per Share (Rs.)		6.33	0.81	7.21

Expected Sales ( 2011-12 ) : More than Rs.500.000 Millions

The above information has been parted by Mr. Sanjay Kumar Thakur.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.58	0.17	1.10
Net Profit Margin (PBT/Sales)	(%)	1.86	0.26	1.71
Return on Total Assets (PBT/Total Assets}	(%)	7.80	0.76	4.28
Return on Investment (ROI) (PBT/Networth)		0.18	0.03	0.32
Debt Equity Ratio (Total Liability/Networth)		2.11	4.31	6.54
Current Ratio (Current Asset/Current Liability)		1.57	5.39	3.25

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	27.263	6.218	55.216
Total	27.263	6.218	55.216

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	YES
2) Locality of the firm	YES
3) Constitutions of the firm	YES
4) Premises details	YES
5) Type of Business	YES
6) Line of Business•	YES
7) Promoter’s background	--
8) No. of employees	YES
9) Name of person contacted	YES
10) Designation of contact person	YES
11) Turnover of firm for last three years	YES
12) Profitability for last three years	NO
13) Reasons for variation <> 20%	NO
14) Estimation for coming financial year	YES
15) Capital in the business	YES
16) Details of sister concerns	YES
17) Major suppliers	NO
18) Major customers	YES
19) Payments terms	YES
20) Export / Import details (if applicable)	YES
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	YES
24) Banking facility details	NO
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	NO
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

REVIEW OF OPERATIONS :

The turnover and other income of the Company was lower at Rs.358.500 millions as against Rs.412.400 millions in the Previous year. The drop in turnover was due to unprecedented rise in Rubber prices resulting in lack of demand for Company’s products. Considering other Income, the Net profit for the Year is higher at Rs.5.700 Millions as against Rs.0.700 Million in the previous year.

FUTURE PROSPECTS:

The Company is making all out efforts to increase the business in industrial Rubber products like Hoses, Vee-Belts, Conveyor belts, etc. Barring unforeseen circumstances the company expects to report better results in the current year.

SUBSIDIARY COMPANY:

Fibre Foam (Bombay) Private Limited became subsidiary of the company during the year when 55000 Shares representing 55% share capital were accrued. In terms of Share purchase Agreement with the promoters chowders of Fibre Foam (Bombay) Private Limited, Another 190000 Shares representing 19% share Capital were acquired during the year. Hence now the company holds 74% of the share capital of the said subsidiary company.

CONTINGENT LIABILITY:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
Bank Guarantee	0.200	0.205
West Bengal Sales Tax (Under Appeal)	0.092	0.092

FIXED ASSETS :

• Plant and Machinery
• Moulds
• Furniture and Fixture
• Office Equipment
• Computer and Printing
• Motor Car
• Air Conditioners

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.50.28
UK Pound	1	Rs.80.08
Euro	1	Rs.68.45

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SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.