MIRA INFORM REPORT

Report Date :

10.04.2012

IDENTIFICATION DETAILS

Name :	DYNAMIC RUBBERS PRIVATE LIMITED
Registered Office :	7, Elaj Apartment, Near Daxini Railway Crossing, Maninagar (East), Ahmedabad-380008, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.11.1986
Com. Reg. No.:	04-061646
Capital Investment / Paid-up Capital :	Rs. 1.349 Millions
CIN No.: [Company Identification No.]	U25191GJ1986PTC061646
TAN No.: [Tax Deduction & Collection Account No.]	AHMD05245C
PAN No.: [Permanent Account No.]	AAACD8518P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Cycle Tyres, Conveyor Belt and Machinery Part
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 59000
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 :	7, Elaj Apartment, Near Daxini Railway Crossing, Maninagar (East), Ahmedabad-380008, Gujarat, India
Tel. No.:	91-79-22721567 / 22721758
Fax No.:	91-79-22721567 / 22721758
E-Mail :	info@dynamicrubers.com
Website :	www.dynamicrubers.com

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Ramesh Kumar Pareek
Designation :	Managing Director
Address :	C-76-A, Siwar Area, Bapu Nagar, Lal Kothi Marg, Jaipur-302015, Rajasthan, India
Date of Appointment :	11.11.1986
DIN No.:	00823631

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25191GJ1986PTC061646	DYNAMIC RUBBERS PRIVATE LIMITED	Managing director	31-08-09	11-11-86	Active	NO
2	U35116WB2011PTC164354	DYNAMIC INFROAT PRIVATE LIMITED	Director	29-06-11	29-06-11	Active	NO

Name :	Mr. Dinesh Pareek
Designation :	Director
Address :	C-76-A, Siwar Area, Bapu Nagar, Lal Kothi Marg, Jaipur-302015, Rajasthan, India
Date of Appointment :	11.11.1986
DIN No.:	01872361
Name :	Mr. Vivek Ramesh Pareek
Designation :	Director
Address :	C-24, Ras Rajeshwar Apartment, Near Kotha Wala Flats, Ellisbridge, Ahmedabad-380006, Gujarat, India
Date of Appointment :	02.10.2009
DIN No.:	02839305

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25191GJ1986PTC061646	DYNAMIC RUBBERS PRIVATE LIMITED	Director	02-10-09	02-10-09	Active	NO
2	U35116WB2011PTC164354	DYNAMIC INFROAT PRIVATE LIMITED	Director	29-06-11	29-06-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Ramesh Kumar Pareek	61790
Sushil Kumar Pareek	10
Budha Karan Pareek	19300
Dinesh Pareek	6800
Suresh Kumar Pareek	100
Rajesh Pareek	700
Uma Pareek	840
Suman Pareek	700
Kiran Pareek	5400
Pragya Pareek	300
Dipenita Purohit	800
Sanjay Purohit	800
Shreekant Purohit	100
Dinesh Pareek	100
Ramesh Pareek	100
Rajesh Pareek	100
Om Prakash Pareek Karta of Om Pareek HUF	1000
Budha Karan Pareek Karta of B K Pareek HUF	8700
Chitali Pandya	100
Shubhkaran Pareek	100
Kishore Kumar Mahavar	100
Vivek Pareek	27000
Total	134940

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	99.85
Other top fifty shareholders	0.15
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Cycle Tyres, Conveyor Belt and Machinery Part

GENERAL INFORMATION

Suppliers :

· Larsen and Toubro Limited

· Laxmi Business Cement Company Limited

· Calico Mils

· Shree Ram Rayon Limited

· Bajan Dhatu Udyog

· Power Build Limited

· Anil Starch Products Limited

· Nirma Limited

· Ankur Mining Private Limited

· Nepal Sugar Mill

· Amol Decalilte Limited

· Navcom Oil Products Limited

· Britania Industries

· Parle Bisuit Limited

No. of Employees :

Not Available

Bankers :

Axis Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Kotak Mahindra Prime Limited (Secured against hypothecation of vehicles)	0.139	0.458
Reliance Capital Limited (Secured against hypothecation of Vehicles)	0.000	0.160
Axis Bank Limited (Secured against hypothecation of vehicles)	0.506	0.000
Total	0.645	0.618
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors	0.016	0.014
From Share Holders	5.074	4.312
Total	5.090	4.326

Banking Relations :	--
Financial Institution :	Kotak Mahindra Prime Limited, 36-38, Nariman Bhavan, 227, Nariman Point, Mumbai-400021, Maharashtra, India
Auditors :
Name :	J. M. Raval and Company Chartered Accountant
Address :	B-5, Manav Apartment, Opposite Bank of Baroda, Near H. L. College, Navrangpura, Ahmedabad-380009, Gujarat, India
Pan No.:	ACZPR0019H

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
134940	Equity Shares	Rs.10/- each	Rs. 1.349 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		1.349	1.349	1.349
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		13.563	11.074	9.123
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		14.912	12.423	10.472
LOAN FUNDS
1] Secured Loans		0.645	0.618	1.099
2] Unsecured Loans		5.090	4.326	3.928
TOTAL BORROWING		5.735	4.944	5.027
DEFERRED TAX LIABILITIES		0.292	0.284	0.000
TOTAL		20.939	17.651	15.499
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.939	6.992	7.169
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	6.410	5.355	4.584
	Sundry Debtors	30.269	32.699	25.774
	Cash & Bank Balances	14.112	6.128	3.701
	Other Current Assets	2.394	2.374	2.560
	Loans & Advances	1.190	2.249	2.110
Total Current Assets		54.375	48.805	38.729
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	37.512	34.987	26.711
	Other Current Liabilities	2.145	1.708	1.958
	Provisions	1.718	1.451	1.730
Total Current Liabilities		41.375	38.146	30.399
Net Current Assets		13.000	10.659	8.330
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		20.939	17.651	15.499

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	141.101	141.456	172.467
		Other Income	1.510	0.546	1.132
		TOTAL (A)	142.611	142.002	173.599
Less	EXPENSES
		Trading Expenses	109.375	114.557	152.443
		Raw Materials Consumption	11.980	8.010	0.860
		Manufacturing and Operating Expenses	5.184	4.609	5.222
		Employee Emoluments	7.245	5.616	6.330
		Office and Administrative Expenses	1.875	1.702	2.262
		Selling and Distribution Expenses	2.928	2.903	1.382
		Loss on Sale of Assets	0.000	0.000	0.060
		Increase (Decrease) in Stock	(1.199)	(0.462)	(0.514)
		TOTAL (B)	137.388	136.935	168.045
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.223	5.067	5.554
Less	FINANCIAL EXPENSES (D)		0.603	0.603	0.874
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.620	4.464	4.680
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.030	1.138	0.846
	PROFIT BEFORE TAX (E-F) (G)		3.590	3.326	3.834
Less	TAX (H)		1.109	1.113	1.247
	PROFIT AFTER TAX (G-H) (I)		2.481	2.213	2.587
	REMITTANCES IN FOREIGN CURRENCY		2.476	6.270
	Earnings Per Share (Rs.)		18.38	16.40	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.74	1.56	1.49
Net Profit Margin (PBT/Sales)	(%)	2.54	2.35	2.22
Return on Total Assets (PBT/Total Assets}	(%)	5.76	5.96	8.35
Return on Investment (ROI) (PBT/Networth)		0.24	0.27	0.37
Debt Equity Ratio (Total Liability/Networth)		3.18	3.49	3.38
Current Ratio (Current Asset/Current Liability)		1.31	1.28	1.27

LOCAL AGENCY FURTHER INFORMATION

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

NOTE

The registered office has been shifted from C-76A, Siwaar Area Lal, Kothimarg, Bapu Nagar, Jaipur, Rajasthan, India to the present address w.e.f. 12.07.2010.

OPERATIONS

The directors are pleased to inform that the company has sustained the turnover to the turn of Rs. 142.611 Millions (Previous year Rs. 141.456 Millions). The company has earned the gross profit of Rs. 5.222 Millions, (Previous year Rs. 5.068 Millions) operating profit of Rs. 3.326 Millions (Previous year Rs. 3.326 Millions) and net profit of Rs. 2.480 Millions (Previous year Rs. 2.212 Millions).

Despite global economic fall down and recessionary market conditions during 2010-2011, the company has sustained its operations. Sales volume but decline in gross and net margins.

FIXED ASSETS

· Office Building

· Electric Fittings

· Office Equipments

· Dies and Mould

· Chain Puily

· Motor Cycle

· Furniture and Fixtures

· Cars

· Television

· Computers

· Cycle

· Lorry Mini Truck

· Factory Building

· Goodwill

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. 51.28
UK Pound	1	Rs. 81.38
Euro	1	Rs. 67.01

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
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.