MIRA INFORM REPORT

Report Date :

01.10.2011

IDENTIFICATION DETAILS

Name :	SAVOIR FAIRE MANUFACTURING COMPANY PRIVATE LIMITED
Registered Office :	Plot No.29, Sector 3A, integrated Industrial Estate, SIDCUL, Haridwar – 249403, Uttarkhand
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	07.05.2004
Com. Reg. No.:	20-032332
Capital Investment / Paid-up Capital :	Rs.5.965 Millions
CIN No.: [Company Identification No.]	U27201UR2004PTC032332
IEC No.:	0505074451
PAN No.: [Permanent Account No.]	AAICS6239C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer Exporter and Trader of Mounting and Fittings PP-R pipes are light and flexible, Their transportation and installation is easier. Future of Plumbing Unique joining Procedure which ensures homogenous leak proof jointing. Where as in case of G.I. pipes, threading peels off galvanization which results in flowing water coming in contact with raw iron.
No. of Employees :	75 (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 410000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject 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 – 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

INFORMATION PARTED BY

Name :	Ms. Anjali Gupta
Designation :	Manager
Contact No.:	91-11-27017993
Date :	27.09.2011

LOCATIONS

Registered Office :	Plot No.29, Sector 3A, integrated Industrial Estate, SIDCUL, Haridwar – 249403, Uttarkhand, India
Tel. No.:	91-11-31072766 / 35606076 / 27017297 / 27013092
Fax No.:	91-11-27025487
E-Mail :	sfmc.accounts@gmail.com info@sfmc-india.com
Website :	http://www.sfmc-india.com
Corporate Office :	C-195, Pushpanjali Enclave, Pitam Pura, Delhi – 110034, India
Factory :	M-30, Street No.8, New Rohtak Road, Ananad Prabat Industries Area, New Delhi – 110005, Delhi, India

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Mahesh Aggarwal
Designation :	Director
Address :	C-195, Pushpanjali, Enclave Pitampura, New Delhi – 110034, Delhi, India
Date of Birth/Age :	05.06.1973
Date of Appointment :	07.05.2004
Name :	Mr. Bhupesh Khanna
Designation :	Director
Address :	15/14, East Patel Nagar, New Delhi – 110008, Delhi, India
Date of Birth/Age :	13.07.1973
Date of Appointment :	07.05.2004
Name :	Mr. Madan Mohan Aggarwal
Designation :	Director
Address :	C-195, Pushpanjali, Enclave Pitampura, New Delhi – 110034, Delhi, India
Date of Birth/Age :	01.07.1938
Date of Appointment :	04.08.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Aggarwal Mahesh	40650
Khanna Bhupesh	19000
Total	59650

AS ON 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer Exporter and Trader of Mounting and Fittings PP-R pipes are light and flexible, Their transportation and installation is easier. Future of Plumbing Unique joining Procedure which ensures homogenous leak proof jointing. Where as in case of G.I. pipes, threading peels off galvanization which results in flowing water coming in contact with raw iron.
Terms :
Selling :	Cash, Credit (30 days, 60 days)
Purchasing :	L/C, Cash, Credit (30 days, 60 days, 90 days)

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

No. of Employees :

75 (Approximately )

Bankers :

· Bank of Maharashtra

· HDFC Bank Limited

· State Bank of India

· Axis Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Loan and advances from banks
Cash credit from State bank of India	0.000	8.024
Term loan from State Bank of India	0.000	2.880
Term Loan from State Bank of India	0.000	5.388
Cash Credit Limit from Axis Bank Limited	33.280	0.000
Term Loan – Axis Bank Limited	0.902	0.000
Term Loan – Axis Bank Limited	3.012	0.000
Vehicles Loan from HDFC Bank Limited	1.372	2.000
Vehicles Loan from ICICI Bank Limited	0.431	0.000
Total	38.999	18.294
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Director	0.387	0.000
From Others	1.076	1.400
Total	1.464	1.400

Banking Relations :	---
Auditors :
Name :	Shuishir Gupta and Company Chartered Accountant
Address :	City Centre, 6 Cross Road, Dehradun – 248001, Uttarkhand, India
Tel. No.:	91-135-2714719
E-Mail :	shishir@shishir.co.in
Pan No.:	AAVFS8230M
Group Companies :	· Savoir Faire Manufacturing Company Private Limited (Flagship Company) · Manglam Industries – Nepal · Safe Industries – Dehradun · Shivaye Namah Manufacturing Company

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
59650	Equity Shares	Rs.100/- each	Rs.5.965 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		5.965	5.965
2] Share Application Money		0.000	0.650
3] Reserves & Surplus		96.339	78.493
4] (Accumulated Losses)		0.000	0.000
NETWORTH		102.304	85.108
LOAN FUNDS
1] Secured Loans		38.999	18.294
2] Unsecured Loans		1.464	1.400
TOTAL BORROWING		40.463	19.694
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		142.767	104.802
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.629	26.701
Capital work-in-progress		0.000	0.000
INVESTMENT		1.500	0.000
DEFERREX TAX ASSETS		1.483	1.135
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	22.404	23.501
	Sundry Debtors	109.772	86.218
	Cash & Bank Balances	31.304	1.730
	Other Current Assets	0.000	0.000
	Loans & Advances	10.885	9.490
Total Current Assets		174.365	120.939
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	43.578	29.699
	Other Current Liabilities	11.010	10.467
	Provisions	3.622	3.807
Total Current Liabilities		58.210	43.973
Net Current Assets		116.155	76.966
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		142.767	104.802

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2010	31.03.2009
	GROSS INCOME	327.018	--
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	27.086	36.478
Less/ Add	DEPRECIATION/ AMORTISATION	5.969	5.712
	PROFIT BEFORE TAX	21.117	30.766
Less	TAX	3.272	3.807
	PROFIT AFTER TAX	17.845	26.959
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	66.951	39.992
	BALANCE CARRIED TO THE B/S	84.797	66.951
	Earnings Per Share (Rs.)	451.97	---

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	10.66	18.25
Return on Investment (ROI) (PBT/Networth)		0.09	0.36
Debt Equity Ratio (Total Liability/Networth)		0.96	0.74
Current Ratio (Current Asset/Current Liability)		2.99	2.75

LOCAL AGENCY FURTHER INFORMATION

Form : 8

Corporate identity number of the company	U27201UR2004PTC032332
Name of the company	SAVOIR FAIRE MANUFACTURING COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.29, Sector 3A, Integrated Industrial Estate, Sidcul, Haridwar – 249403, Uttarakhand, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	Axis Bank Limited, 6, Hari Nagar, Opp Classic Residency, Delhi Haridwar Road, HARIDWAR - 249407, Uttarakhand, INDIA
Nature of instrument creating charge	Declaration Cum Confirmation Deed For Em Of Property At Shop No 2 ( Without Roof ) Ground Floor, Triple Storey, Plot No 164, Mohalla Prakash Industrial Estate, Karkar Madan, Pargana Loni, Ghaziabad
Date of instrument Creating the charge	09/03/2011
Amount secured by the charge	Rs. 49.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest No Change Terms of repayment No Change Margin No Change Extent and operation of the charge Exclusive Charge by way of hypothecation of entire present and future current assets of the firm (value as on 31.03.09 Rs. 936.25 lacs as oer ABS'09) Collateral a) EM of the following properties: 1. EM of leasehold right of factory land and building situated at Plot no. 29, Sector 3A, Integrated Industrial Estate, SIDCUL, Haridwar (Unarakhand) measuring 1800 sqm. In the name of company. 2. Em Of Shop No 2 ( Without Roof ) Ground Floor, Triple Storey, Plot No 164, Mohalla Prakash Industrial Esta Other Nil
Short particulars of the property charged (Including location of the property)	Exclusive Charge by way of hypothecation of entire present and future current assets of the firm (value as on 31.03.09 Rs. 93.625 millions as oer ABS'09) EM of leasehold right of factory land and building situated at Plot no. 29, Sector 3A, Integrated Industrial Estate, SIDCUL, Haridwar (Unarakhand) measuring 1800 sqm. In the name of company. Em Of Shop No 2 ( Without Roof ) Ground Floor Triple Storey, Plot No 164 , Mohalla Prakash Industrial Estate, Karkar Madan, Pargana Loni, Ghaziabad b) Hypothecation of machineries / other assets purchased out of Term Loans.
Particulars of the present modification	Em Of Shop No 2 ( Without Roof ) Ground Floor, Triple Storey, Plot No 164, Mohalla Prakash Industrial Estate, Karkar Madan, Pargana Loni, Ghaziabad

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.48.92
UK Pound	1	Rs.76.51
Euro	1	Rs.66.64

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	YES
--AFFILIATION	YES/NO	YES
--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.