MIRA INFORM REPORT

Report Date :

25.10.2011

IDENTIFICATION DETAILS

Name :	BASANT RUBBER FACTORY PRIVATE LIMITED
Registered Office :	103-B, Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai-400083, Maharashtra.
Country :	India
Financials (as on) :	30.03.2011
Date of Incorporation :	23.12.1960
Com. Reg. No.:	11-011904
Capital Investment / Paid-up Capital :	Rs.20.000 millions
CIN No.: [Company Identification No.]	U25190MH1960PTC011904
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Rubber Extruded, Molded and also Rubber to Metal Bonded products for Household, Railways, Automobiles, Defense and Civil Engineering Industries.
No. of Employees :	Not Available

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 100000
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	103-B, Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai-400083, Maharashtra, India.
Tel. No.:	91-22-25781275 / 25781276
Fax No.:	91-22-25783105
E-Mail :	basantrubber@vsnl.com
Website :	www.basantrubber.net

DIRECTORS

(AS ON 26.09.2011)

Name :

Mr. Anil Lachman Sajnani

Designation :

Director

Address :

Khar Garden Apartments, 7-A, 7^th Floor, Near Madhu Park, Khar (West), Mumbai-400052, Maharashtra, India.

Date of Birth/Age :

13.01.1973

Date of Appointment :

04.09.1995

DIN No. :

00014257

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	U65910MH1995PLC090903	Bholenath Developers Limited	Managing director	1/1/2009	24/07/1995	-	Active	NO
2	U25190MH1960PTC011904	Basant Rubber Factory Private Limited	Director	4/9/1995	4/9/1995	-	Active	NO
3	L45202MH1992PLC067466	Shree Steel Wire Ropes Limited	Director	16/07/1997	16/07/1997	-	Active	NO
4	U55100MH2005PTC157114	Soham Hospitality Private Limited	Director	27/10/2005	27/10/2005	-	Active	NO
5	U70100MH1989PTC054804	Amesur Builders And Developers Private Limited	Director	1/12/2008	1/12/2008	-	Active	NO
6	U45200MH1994PTC082111	Magenta Infrastructures Private Limited	Director	1/6/2009	1/6/2009	-	Active	NO

Name :

Mr. Lachman Sobhraj Sajnani

Designation :

Director

Address :

701/702 Aryan, Virnadavan Society, Deonar Farm Road, Mumbai-400088, Maharashtra, India.

Date of Birth/Age :

26.06.1943

Date of Appointment :

01.04.2011

DIN No. :

00014278

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	U55200MH1982PTC026232	Royal Western (India) Hotels Private Limited	Director	11/3/1982	11/3/1982	-	Active	NO
2	U65910MH1995PLC090903	Bholenath Developers Limited	Director	31/08/2001	31/08/2001	-	Active	NO
3	U99999MH1984PTC032012	Mitha Estates Private Limited	Director	11/9/2007	31/05/2007	-	Active	NO
4	U45201MH2000PTC129738	Pilot Constructions Private Limited	Director	23/06/2007	23/06/2007	27/02/2010	Active	NO
5	U25190MH1960PTC011904	Basant Rubber Factory Private Limited	Director	¼/2011	¼/2011	-	Active	NO

Name :

Mr. Sunil Parmanand Sajnani

Designation :

Director

Address :

901, Kritika Tower, S.T. Road, Chembur, Mumbai-400071, Maharahstra, India.

Date of Birth/Age :

14.09.1973

Date of Appointment :

01.01.1996

DIN No. :

00014425

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	U65910MH1995PLC090903	Bholenath Developers Limited	Director	24/07/1995	24/07/1995	-	Active	NO
2	U25190MH1960PTC011904	Basant Rubber Factory Private Limited	Director	1/1/1996	1/1/1996	-	Active	NO

Name :

Mr. Vijay Parshotam Manghnani

Designation :

Director

Address :

Windsor Tower C.H.S Limited, 1703/4, T-28, Shastri Nagar, Andheri (West), Mumbai-400053, Maharashtra, India.

Date of Birth/Age :

15.09.1968

Date of Appointment :

01.01.1996

DIN No. :

00014444

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	U25190MH1960PTC011904	Basant Rubber Factory Private Limited	Director	1/1/1996	1/1/1996	-	Active	NO
2	U70100MH1989PTC054804	Amesur Builders And Developers Private Limited	Director	30/03/2007	30/03/2007	-	Active	NO
3	U65910MH1995PLC090903	Bholenath Developers Limited	Additional director	15/04/2008	15/04/2008	-	Active	NO

Name :

Mr. Anil Mahrchan Jethwani

Designation :

Managing Director

Address :

Flat No. B-603/606, 6^th Floor, Sabari Ashiana, Inside Tata Institute, Deonar Farm Road, Deonar, Mumbai-400088, Maharashtra, India.

Date of Birth/Age :

22.01.1956

Date of Appointment :

04.09.1995

DIN No. :

00014673

Name :

Mr. Pravin Mahrchand Jethwani

Designation :

Director

Address :

Flat No.1405, 14^th Floor, Apollo Raheja, Acropolis-1, Deonarpada, Deonar, Mumbai-400088, Maharashtra, India.

Date of Birth/Age :

01.09.1965

Date of Appointment :

04.09.1995

DIN No. :

00014682

Name :

Mr. Ajeet Mahrchand Jethwani

Designation :

Director

Address :

102-A, Sunny Estate II, Sion-Trombay Road, Chembut, Mumbai-400071, Maharashtra, India.

Date of Birth/Age :

14.08.1968

Date of Appointment :

01.01.2002

DIN No. :

00014698

Other Directorship :

.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	U51900MH1996PTC103998	Psv Trading Private Limited	Director	18/11/1996	18/11/1996	-	Active	YES
2	U25190MH1960PTC011904	Basant Rubber Factory Private Limited	Director	1/1/2002	1/1/2002	-	Active	NO

Name :

Mr. Manoj Mahrchand Jethwani

Designation :

Director

Address :

A-604, Valencia CHS, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India.

Date of Birth/Age :

22.04.1972

Date of Appointment :

08.08.2011

DIN No. :

03593144

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 26.09.2011)

Names of Shareholders	No. of Shares
Anil Lachman Sajnani	1694
Pasrhotam N. Manghnani	1243
Minu L. Sajnani	153
Pravin M. Jethwani	2250
Ashish L. Sajnani	1360
Anil M. Jethwani	3875
Bholenath Developers Limited, India.	975
Lachman S. Sajnani HUF	150
Vijay P. Manghnani	1550
Dilip B. Manghnani	1600
Lachman S. Sajnani	1275
Kiran Anil Jethwani Jtly with Anil M. Jethwani	3875
Total	20000

Equity Share Breakup

(AS ON 30.09.2011)

Category	Percentage
Bodies corporate	4.88
Directors or relatives of directors	95.12
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Rubber Extruded, Molded and also Rubber to Metal Bonded products for Household, Railways, Automobiles, Defense and Civil Engineering Industries.
Products :	Extruded Products Rubber to Metal Bonded Products Molded Products TPU Products

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of India, Sion Branch, 29, Amba Bhavan, Rani Laxmi Chowk, Sion (East), Mumbai-400022, Maharashtra, India.

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
A) From Bank of India, Sion Branch
Cash Credit Account	0.000	18.190
Foreign Bill Purchase	0.000	0.775
Export Packing credit	0.000	2.329
Overdraft B O I A/c	9.500	0.000
(Against Pledge of Fixed Deposit of Company)
B) From Kotak Mahindra Prime Limited	0.675	1.037
(Secured by hypothecation of Motor Car)
C) From HDFC Bank	0.920	1.380
(Secured by hypothecation of Motor Car)
D) From Kotak Mahindra Prime Limited	2.764	0.000
(Secured by hypothecation of Motor Car)
Total	13.859	23.711

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Shareholders and Directors	1.955	1.209
From Relatives of Directors	14.231	7.645
Total	16.186	8.854

Banking Relations :	---
Financial Institution :	Kotak Mahindra Prime Limited
Auditors :
Name :	S B Chhajed and Company Chartered Accountant
Address :	202, Inder Tower Kakasaheb Gadgil Marg, Opposite Zandu Pharmaceuticals, Gokhke Road, Dadar (West), Mumbai-400025, Maharashtra, India.
Income-tax PAN of auditor or auditor’s firm :	ABCFS0439E

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Share	Rs.1000/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Share	Rs.1000/- each	Rs.20.000 millions

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		20.000	15.000	9.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		22.961	20.368	15.609
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		42.961	35.368	24.609
LOAN FUNDS
1] Secured Loans		13.859	23.711	27.676
2] Unsecured Loans		16.186	8.854	12.987
TOTAL BORROWING		30.045	32.565	40.663
DEFERRED TAX LIABILITIES		2.103	2.550	2.222
TOTAL		75.109	70.483	67.494
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		53.166	56.171	48.630
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	26.012	16.476	21.945
	Sundry Debtors	79.017	62.708	73.404
	Cash & Bank Balances	0.460	1.670	2.663
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	14.324	12.507	3.687
Total Current Assets		119.813	93.361	101.699
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	75.599	58.779
	Other Current Liabilities	19.071	17.541	82.835
	Provisions	3.200	2.729
Total Current Liabilities		97.870	79.049	82.835
Net Current Assets		21.943	14.312	18.864
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		75.109	70.483	67.494

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	378.679	413.331	419.137
		Other Income	0.914	0.445	0.971
		TOTAL	379.593	413.776	420.108
Less	TOTAL EXPENDITURE		357.919	390.653	398.282
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		21.674	23.123	21.826
Less	FINANCIAL EXPENSES		2.943	2.709	3.761
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		18.731	20.414	18.065
Less/ Add	DEPRECIATION/ AMORTISATION		10.854	10.131	9.280
	PROFIT BEFORE TAX		7.877	10.283	8.785
Less	TAX		2.524	3.250	3.126
	PROFIT AFTER TAX		5.353	7.033	5.659
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.367	2.108	1.528
Less	APPROPRIATIONS
		Transfer to General Reserve	3.000	4.500	3.500
		Proposed Dividend	2.375	1.950	1.350
		Tax on Dividend	0.385	0.323	0.229
	BALANCE CARRIED TO THE B/S		1.960	2.367	2.108
	Earnings Per Share (Rs.)		267.65	351.65	282.95

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.41	1.70	1.35
Net Profit Margin (PBT/Sales)	(%)	2.08	2.49	2.09
Return on Total Assets (PBT/Total Assets}	(%)	4.55	6.88	5.84
Return on Investment (ROI) (PBT/Networth)		0.18	0.29	0.36
Debt Equity Ratio (Total Liability/Networth)		2.97	3.15	5.02
Current Ratio (Current Asset/Current Liability)		1.22	1.18	1.23

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company	U25190MH1960PTC011904
Name of the company	BASANT RUBBER FACTORY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	103-B, Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai-400083, Maharashtra, India. Email Id: basantrubber@vsnl.net
This form is for	Modification of charge
Charge identification number of the charge to be modified	10085040
Type of charge	· Book debts · Movable Property (not being pledge)
Particular of charge holder
Nature of instrument creating charge	Supplemental Deed of Hypothecation
Date of instrument Creating the charge	17.07.2009
Amount secured by the charge	Rs.44.924 millions
Brief of the principal terms an conditions and extent and operation of the charge	a) Rate of interest Cash Credir Stocks/Book Debts at 0.50% below BPLR min 11.50% p.a with monthly rests. EPC/FBN, LC and Inland Gtee as per extent guidelines. Term Loans 0.50% below BPLR min 11.50% p.a with monthly rests b) Terms of repayment: Working Capital Facilities and Non Fund Based on Demand and Term Loans in installments. c) Margin As Per sanction terms d) Extent and operation of the charge To secure various revised facilities aggregating to Rs.44.924 millions granted by the Bank to the Company as under : 1. CC Stocks Rs.9.000 millions 2. CC Book-Debts Rs.5.000 millions Max 1+2 Rs.14.000 millions 3. EPC Rs.3.500 millions, FBP/FBN Rs.5.000 millions Max Rs.6.000 millions 4. Term Loan I Rs.7.924 millions, Term Loan II Rs.4.966 millions, Term Loan III Rs.7.034 millions 5. L/C Rs.5.000 millions 6. Inland Gtee Rs.5.000 millions Max (5+6) Rs.5.000 millions Total aggregate Rs.44.924 millions. e) That the security of hypothecated assets created under the Principal Deed of Hypothecation in favour of the Bank shall with effect from the date hereof constitute security of the revised limit of Rs.44.924 millions.
Short Particulars of the property charged	i. Hypothecation by way offirst charge in favour of the Bank:- · All tangible movable machinery and plant viz. 1. Cold Feed Plain Barrel Extruder 2. Heavy Duty Variables Speed Drive Rubber Extruder (cont) ii. 3. RRPP-50MM/NAylon/PVC Solid Red 4. Hydraulic mandral crimping Machine, high speed cutter Pillar, Compete “Shiva and Cutter Pillar Belt etc in particular and entire Plant and Machinery owned (cont) iii. by the Company whether installed or not and whether lying loose or in cases iv · All tangible movable property and assets whatsoever nature both present and future al stock of raw materials viz. Rubber, Chemicals, Steel Plates, Rods, semi finished goods, L.P. Gas, Pipes, Hoses, (cont) v. packing material, finished goods etc. and stocks in process of the Borrower wheresoever situate at Vikhroli Mumbai and/ or in transit. vi. · All the present and futire Book-Debts, Outstanding, Money Receivables, Claims and Bills,
Particulars of the present modification	The Original charge dated: 0501.2008 for Rs.30.000 millions is hereby modified and enhanced to Rs.44.924 millions by addition of Rs.14.924 and secure against Hypothecation by way of first charge in favour of the Bank Of Plant and Machinery Stock and Book Debts.

FIXED ASSETS:

Building

· Land

· Factory building

Plant and Machinery

• Plant and Machinery
• Energy Saving Device
• Tools and Implements
• Control Equipments
• Moulds
• Electric Installations
• Motor Vehicles
• Motor Lorries
• Office Equipments
• Computer

Furniture and Fixtures

• Furniture and Fixtures

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.49.87
UK Pound	1	Rs.79.72
Euro	1	Rs.69.52

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.