MIRA INFORM REPORT

Report Date :

12.10.2011

IDENTIFICATION DETAILS

Name :	FIBRADITE PRODUCTS PRIVATE LIMITED
Registered Office :	No. 4-15, HMT, Main Road, Bangalore – 560054, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	26.04.1975
Com. Reg. No.:	08-002781
Capital Investment / Paid-up Capital :	Rs.0.385 Millions
CIN No.: [Company Identification No.]	U26102KA1975PTC002781
TAN No.: [Tax Deduction & Collection Account No.]	BLRF01151D
PAN No.: [Permanent Account No.]	AAACF2242G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Reactors.
No. of Employees :	20 (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 18000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an old and 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 :	Mr. P. K. Rajan
Designation :	Director
Contact No.:	91-9448689866
Date :	05.10.2011

LOCATIONS

Registered Office/ Factory :	No. 4-15, HMT, Main Road, Bangalore – 560054, Karnataka, India
Tel. No.:	91-80-23605643/ 23608161
Mobile No.:	91-9448689866 (Mr. P. K. Rajan)
Fax No.:	91-80-23605643/ 23608161
E-Mail :	fibradite@gmail.com
Area :	1400 Sq. ft
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :	Mr. Vackayil Rayiran Gopalakrishna Kaimal
Designation :	Managing Director
Address :	90, 7^th Cross I Block, 3^rd Main Bel, Vidyaranyapura, Bangalore – 580097, Karnataka, India
Date of Birth/Age :	01.06.1941
Date of Appointment :	18.09.1986
DIN No.:	01573517
Name :	Mr. Parappallil Kochunni Panicker Rajan
Designation :	Director
Address :	Flat No. 8, MF/11, Nandini Layout, Bangalore – 560096, Karnataka, India
Date of Birth/Age :	21.01.1949
Date of Appointment :	18.09.1986
DIN No.:	02427040
Name :	Ms. Shalini Babu Kamath
Designation :	Director
Address :	188, 2^nd Phase, Ideal Home Society, Mysore Road, Bangalore – 560026, Karnataka, India
Date of Birth/Age :	08.10.1950
Date of Appointment :	01.02.1981
DIN No.:	02556377

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Fibradite Products Private Limited, India	528
K. S. Gopala Krishnan	149
Nirmala Kaimal	1124
V. R. G. Kaimal	1290
L. Babu Kamath	50
Shalini Kamath	124
P. K. Rajan	500
Sreelatha Rajan	80
Total	3845

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Reactors.
Products :	Korndoffer Starters Harmonic Filters Special Magnetic devices Electronic Transformers Power Supply Transformers
Exports :
Products :	Reactors
Countries :	· South East Asia
Imports :
Products :	Raw Material
Countries :	· Europe · USA
Terms :
Selling :	L/C/ Cash/ Credit
Purchasing :	L/C/ Cash/ Credit

GENERAL INFORMATION

Suppliers :

Metal Tubes

Customers :

· Bharat Heavy Electricals Limited (BHEL)

· BPL

· Auto Axis

· Bharat Electronics Limited (BEL)

No. of Employees :

20 (Approximately)

Bankers :

State Bank of Travancore, Bangalore City Branch, M.M. Mills Vartha Bhavana, P.B. No. 1808, Tippu Sultan Palace Road, Bangalore-56001, Karnataka, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Cash Credit Account (with state Bank of Travancore, Bangalore, main branch, secured by mortgage of land and building and hypothecation of stock and personal guarantee of the directors of the company)	0.000	1.356
Total	0.000	1.356
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Loans from Share holders K. S. Balachandran	0.004	0.004
Total	0.004	0.004

Banking Relations :	--
Auditors :
Name :	Ramendra Bhandari Chartered Accountant
Address :	532, First Floor, Brindavan Building, Avenue Road, Bangalore – 560002, Karnataka, India
PAN.:	APLPB4346C

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3845	Equity Shares (Of the above equity shares, 100 shares were allotted for consideration other than cash to promoters for takeover of the firm in which some directors were interested and equity shares were allotted to the directors to meet the initial expenses)	Rs.100/- each	Rs.0.385 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		0.385	0.385	0.385
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.250	2.914	2.099
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4.635	3.299	2.484
LOAN FUNDS
1] Secured Loans		0.000	1.356	0.557
2] Unsecured Loans		0.004	0.004	0.004
TOTAL BORROWING		0.004	1.360	0.561
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4.639	4.659	3.045
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.535	0.591	0.663
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.402	0.232	0.232
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.980	0.938	1.276
	Sundry Debtors	3.166	4.693	3.255
	Cash & Bank Balances	1.304	0.027	0.026
	Other Current Assets	0.000	0.000	0.000
	Loans, Advances and Deposits	0.414	0.350	0.447
Total Current Assets		5.864	6.008	5.004
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.136	2.052	2.920
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.070	0.175	0.000
Total Current Liabilities		2.206	2.227	2.920
Net Current Assets		3.658	3.781	2.084
MISCELLANEOUS EXPENSES		0.044	0.055	0.066
TOTAL		4.639	4.659	3.045

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	18.484	11.134	15.407
		Other Income	2.568	2.448	0.000
		Closing Stock	0.998	0.938	0.000
		TOTAL (A)	22.050	14.520	15.407
Less	EXPENSES
		Opening Stock	0.938	1.276
		Office Expenses	0.018	0.000
		Director Remuneration	0.790	0.580
		Rent	0.232	0.231
		Telephone Charges	0.081	0.058
		Building Repairs and Maintenance	0.016	0.010
		Testing and Calibrations	0.020	0.014	NA
		Deferred revenue expenditure	0.011	0.011
		Advertising Expenses	0.104	0.015
		Audit Fees	0.027	0.020
		Others	17.422	10.629
		TOTAL (B)	19.659	12.844	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.391	1.676	NA
Less	FINANCIAL EXPENSES (D)		0.295	0.245	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.096	1.431	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.091	0.098	NA
	PROFIT BEFORE TAX (E-F) (G)		2.005	1.333	1.406
Less	TAX (I)		0.669	0.517	NA
	PROFIT AFTER TAX (G-I) (J)		1.336	0.816	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.902	2.086	NA
	BALANCE CARRIED TO THE B/S		4.238	2.902	NA
	Earnings Per Share (Rs.)		347.46	212.22	NA

Particulars	31.03.2011
Sales Turnover (Approximately)	15.000

Expected Sales ( 2011-12 ) : Rs.40.000 Millions

The above information has been parted by Mr. P. K. Rajan

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	6.06	5.62	NA
Net Profit Margin (PBT/Sales)	(%)	10.84	11.97	9.13
Return on Total Assets (PBT/Total Assets}	(%)	31.33	20.20	24.81
Return on Investment (ROI) (PBT/Networth)		0.43	0.40	0.57
Debt Equity Ratio (Total Liability/Networth)		0.48	1.08	1.40
Current Ratio (Current Asset/Current Liability)		2.66	2.70	1.71

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report(Yes/No)
Year of Establishment	Yes
Locality of the firm	Yes
Constitutions of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s background	--
Number of employees	Yes
Name of person contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years (2 Years)	Yes
Profitability for last three years	No
Reasons for variation <> 20%	No
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	--
Major suppliers	No
Major customers	No
Payments terms	Yes
Export/Import details (if applicable)	Yes
Market Information	--
Litigations that the firm/ promoter involved in	--
Banking Details	Yes
Banking facility details	No
Conduct of the banking account	--
Buyer visit details	--
Financials, if provided	No
Incorporation details, if applicable	--
Last accounts filed at ROC	--
Major Shareholders, if available	--

TRADE REFERENCES

· BHEL

· BPL

· Metal Tubes

FORM 8

Corporate identity number of the company	U26102KA1975PTC002781
Name of the company	FIBRADITE PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 4-15, HMT, Main Road, Bangalore – 560054, Karnataka, India
This form is for	Creation of charge
Type of charge	Equitable Mortgage or mortgage of property by depositing the title deeds Hypothecation
Particular of charge holder	State Bank of Travancore, M M Hills, Vartha Bhavan, Tippu Sultan Palace Road, Chamarajpet, Bangalore – 560018, Karnataka, India
Nature of instrument creating charge	Hypothecation Cum Working Capital Agreement Memorandum of Deposit of title Deeds by Joint Owners
Date of instrument Creating the charge	21.02.2006
Amount secured by the charge	Rs.2.200 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 1.5% below SBTPLR MIN 9.5% as of now. Monthly rests Terms of repayment Nil Margin 25% Extent and operation of the charge Nil Other Nil
Short particulars of the property charged (Including location of the property)	First charge by way of : a)hypothecation of all types of inductors/reactors, filters, power transformers, instrument transformers, wave trap coils and harmonic filters semi finished and finished goods and all book debts outstanding; b)Equitable mortgage of immovable property at Site No.4/15, formerly bearing No.4, Sy.No.43/1, HMT Main Road, Mathikere, Yeshwanthpura Hobli, Bangalore – 560054, Karnataka, India

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Tools and Equipments

· Testing and Measuring Equipments

· Office Equipments

· Type Writer

· Electrical Fittings

· Furniture and Fitting

· Scooter

· Computer

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.49.03
UK Pound	1	Rs.76.60
Euro	1	Rs.66.80

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	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.