MIRA INFORM REPORT

Report Date :

17.08.2012

IDENTIFICATION DETAILS

Name :	ARVIND RUB - WEB CONTROLS LIMITED
Registered Office :	Arvind, 198, Sarkhej Bavla Road, Chacharvadi Vasna, Sanand, Ahmedabad – 382110, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.07.1995
Com. Reg. No.:	04-026909
Capital Investment / Paid-up Capital :	Rs. 17.262 Millions
CIN No.: [Company Identification No.]	U51909GJ1995PLC026909
TAN No.: [Tax Deduction & Collection Account No.]	AHMA02092G
PAN No.: [Permanent Account No.]	AABCA3133G
Legal Form :	A closely held Public Limited Liability Company
Line of Business :	Manufacturer of industrial rollers and web processing accessories.
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 210000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some dip in the profitability of the company. However, 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, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Arvind, 198, Sarkhej Bavla Road, Chacharvadi Vasna, Sanand, Ahmedabad – 382110, Gujarat, India
Tel. No.:	91-2717-294127/ 43/ 46/ 76/ 83
Fax No.:	91-2717-294175
E-Mail :	anish_shahcs@yahoo.com info@arvindrubber.com cmd@arvindrubber.com director@arvindrubber.com
Website :	http://www.arvindrubber.com

DIRECTORS

AS ON 30.09.2011

Name :

Mrs. Ramila Rajnikant Patel

Designation :

Director

Address :

880/First Street, Naranpura Village, Ahmedabad – 380013, Gujarat, India

Date of Birth/Age :

20.07.1962

Date of Appointment :

28.09.2009

DIN No.:

00360268

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U01135GJ1994PTC022695	ARVIND AQUA PRIVATE LIMITED	Director	01/08/2001	01/08/2001	Active	NO
2	U51909GJ1995PLC026909	ARVIND RUB-WEB CONTROLS LIMITED	Director	28/09/2009	28/09/2009	Active	NO

Name :

Mr. Rajnikant Purshottamdas Patel

Designation :

Director

Address :

1, Sarthi Co Operative Society Limited, Opposite Kunal Apartments, Memnagar, Ahmedabad – 380052, Gujarat, India

Date of Appointment :

28.07.1995

DIN No.:

00462959

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909GJ1995PLC026909	ARVIND RUB-WEB CONTROLS LIMITED	Director	28/07/1995	28/07/1995	-	Active	NO
2	U25209GJ1996PLC029606	ARVIND ANTICOR LIMITED	Whole-time director	01/10/2008	14/05/1996	-	Active	NO
3	U29199GJ2006PTC047525	KODY EQUIPMENTS PRIVATE LIMITED	Director	16/01/2006	16/01/2006	22/03/2007	Active	NO

Name :

Mr. Nirav Rajnikant Patel

Designation :

Director

Address :

1, Sarthi Co Operative Society Limited, Opposite Kunal Apartments, Memnagar, Ahmedabad – 380052, Gujarat, India

Date of Appointment :

07.02.2008

DIN No.:

02047335

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Rajnikant P. Patel	1334700
Vallabhbhai P. Patel	110100
Bharatbhai P. Patel	150100
Shirishkumar S. Thaker	3100
Maheshkumar R. Joshi	2600
Manish A. Patel	100100
Indicula V.O	5000
Martina Indicula	4000
M.M.Jani	2500
Mukesh Kachhia	2500
Bhavna Kachhia	2500
Ila R.Shah	1400
Heli R.Shah	1800
Savitriben D.Shah	1800
Kamlesh B.Patel	500
Sunil S.Raval	500
Anilbhai V. Shah	500
Hemantkumar Shelat	2000
Natubhai T. Patel	500
Total	1726200

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of industrial rollers and web processing accessories.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
HDFC BANK - CC AIC	8.009	8.705
HDFC BANK - fabla	0.389	0.533
HDFC BANK - Staff Bus	0.766	1.282
HDFC BANK - Term Loan(CC)	1.559	2.502
HDFC CC -Term Loan -2	3.138	0.000
HDFC Term Loan-3	4.000	0.000
Tata Motor Finance Limited	0.094	0.190
Total	17.955	13.212
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
ABN AMRO - Business Loan	0.000	0.094
HDFC Bank - Business Loan	0.000	0.955
Total	0.000	1.049

Banking Relations :	--
Auditors :
Name :	Ingit Modi and Associates Chartered Accountants
Address :	103, Panlee Complex, Opposite Sardar Patel Seva Samaj Hall, Ahmadabad – 380009, Gujarat, India
Mobile No.:	91-9227200903
E-Mail :	ingitmodi@rediffmail.com
Income-tax PAN of auditor or auditor's firm :	AAVPM5849G

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6,000,000	Equity Shares	Rs. 10/- each	Rs. 60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,726,200	Equity Shares	Rs. 10/- each	Rs. 17.262 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		17.262	17.262	17.262
2] Share Application Money		0.010	0.010	0.010
3] Reserves & Surplus		36.478	30.533	21.666
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		53.750	47.805	38.938
LOAN FUNDS
1] Secured Loans		17.955	13.212	8.946
2] Unsecured Loans		0.000	1.049	1.771
TOTAL BORROWING		17.955	14.261	10.717
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		71.705	62.066	49.655
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		43.329	42.580	6.144
Capital work-in-progress		0.000	0.000	19.651
INVESTMENT		0.075	0.075	0.075
DEFERREX TAX ASSETS		0.369	0.043	0.141
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.601	9.250	6.701
	Sundry Debtors	35.448	19.556	18.331
	Cash & Bank Balances	2.651	2.928	7.593
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	13.327	15.167	13.130
Total Current Assets		59.027	46.901	45.755
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.898	12.829	8.685
	Other Current Liabilities	1.558	0.589	5.253
	Provisions	12.639	14.115	8.173
Total Current Liabilities		31.095	27.533	22.111
Net Current Assets		27.932	19.368	23.644
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		71.705	62.066	49.655

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	130.921	117.338	95.102
		Other Income	0.009	0.181	0.076
		Insurance claim received	0.000	0.000	0.054
		TOTAL (A)	130.930	117.519	95.232
Less	EXPENSES
		Direct Expenses	9.547	5.952
		Cost of goods sold	77.145	72.634
		Advertising Expenses	3.847	3.982
		Selling and Distribution Expenses	5.430	4.416
		Indirect Expenses	17.619	9.033
		Auditors Remuneration	0.035	0.031
		TOTAL (B)	113.623	96.048	84.355
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.307	21.471	10.877
Less	FINANCIAL EXPENSES (D)		2.164	1.927	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.143	19.544	10.877
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.286	5.097	1.495
	PROFIT BEFORE TAX (E-F) (G)		8.857	14.447	9.382
Less	TAX (H)		2.911	5.580	3.360
	PROFIT AFTER TAX (G-H) (I)		5.946	8.867	6.022
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		29.258	20.391	14.369
	BALANCE CARRIED TO THE B/S		35.204	29.258	20.391
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	7.668	N.A.	N.A.
	Earnings Per Share (Rs.)		3.44	5.14	3.49

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.54	7.55	6.32
Net Profit Margin (PBT/Sales)	(%)	6.76	12.29	9.87
Return on Total Assets (PBT/Total Assets}	(%)	8.65	16.15	18.08
Return on Investment (ROI) (PBT/Networth)		0.16	0.30	0.24
Debt Equity Ratio (Total Liability/Networth)		0.91	0.87	0.84
Current Ratio (Current Asset/Current Liability)		1.90	1.70	2.07

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	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	No
10]	Designation of contact person	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note: The registered address of the company has been shifted from Arvind, Near Jashodnagar Char Rasta Naroda, Narol, Ahmedabad, Gujarat, India to the present w.e.f. 24.06.2009

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51909GJ1995PLC026909
Name of the company	ARVIND RUB-WEB CONTROLS LIMITED
Address of the registered office or of the principal place of business in India of the company	Arvind, 198, Sarkhej Bavla Road, Chacharvadi Vasna, Sanand, Ahmedabad - 382110, Gujarat, India
This form is for	Modification of charge
Charge identification number of the modified	10097629
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai – 400013, Maharashtra, India Email ID: RBBform8@hdfcbank.com CIN No.: L65920MH1994PLC080618
Nature of description of the instrument creating or modifying the charge	Supplementary Letter of hypothecation.
Date of instrument Creating the charge	19.02.2011
Amount secured by the charge	Rs. 20.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment Working Capital facility shall payable On Demand and Term Loan facility shall repayable in suitable installments. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge Hypothecation by way of First Charge on Company's Stocks, Book Debts etc., to secure as a continuing security for the repayment of Rs.20.000 Millions together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank. Others NIL.
Short particulars of the property charged	Stock in Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties All the debts, that is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights
Date of latest modification prior to the present modification	03.06.2010
Particulars of the present modification	The charge shall now stand increased from Rs.16.000 Millions to Rs.20.000 Millions, against the security of Stocks and Book Debts in favour of the Bank.

FIXED ASSETS:

· Plant and Machinery

· Factory building

· Computer

· Air Conditioner

· Mobile Phone

· Office Equipment

· Plazma

· Sony Handy Camp

· Water Cooler

· Xerox Machine

· Aqua Guard

· Digital Camera – Sony

· Epbx System

· Fax

· Furniture and Fixtures

· Vehicles

· Heavy Vehicles

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. 55.99
UK Pound	1	Rs. 87.55
Euro	1	Rs. 68.69

INFORMATION DETAILS

Report Prepared by :

BVA

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	4
--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

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.