MIRA INFORM REPORT

Report Date :

16.08.2012

IDENTIFICATION DETAILS

Name :	YASH SEALS PRIVATE LIMITED
Registered Office :	Plot No. 43, Vasai Municipal Industrial Estate, Umela Phata, Papdi, Vasai (West), District Thane – 401207, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.09.2002
Com. Reg. No.:	11-137282
Capital Investment / Paid-up Capital :	Rs. 0.250 Million
CIN No.: [Company Identification No.]	U24130MH2002PTC137282
TAN No.: [Tax Deduction & Collection Account No.]	MUMY01251F
PAN No.: [Permanent Account No.]	AAAFY3557C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plastic Seals
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 16000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management of the company has not filed its latest financials of the company with the government department. However, trade relations are reported as fair. Business is active. Payments are unknown. The company can be considered for business dealings with some caution.

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.

INFORMATION PARTED BY

Name :	Ms. Alka
Designation :	Accounts Manager
Contact No.:	91-250-2323803
Date :	16.08.2012

LOCATIONS

Registered Office/ Head Office/ Factory :	Plot No. 43, Vasai Municipal Industrial Estate, Umela Phata, Papdi, Vasai (West), District Thane – 401207, Maharashtra, India
Tel. No.:	91-250-2323803/ 4
Fax No.:	91-22-39167487
E-Mail :	svaid@unisto.co.in sales@yashseals.com
Website :	http://www.unisto.com http://www.yashseals.com
Location :	Owned
Overseas Office :	150, South Bridge Road, #04-06, Fook Hai Building, Singapore – 058727
Tel. No.:	91-65-31515985
Fax No.:	91-65-65320198
E-Mail :	shah@yashseals.com

DIRECTORS

AS ON 30.09.2010

Name :

Mr. Siddharth Sushil Vaid

Designation :

Director

Address :

7 School View Building 2nd Floor Sunder Lane Orlem Marve Road, Malad (West), Mumbai - 400064, Maharashtra, India

Date of Birth/Age :

15.08.1975

Date of Appointment :

19.09.2002

Voter ID:

MT/09/044/0265538

DIN No.:

01759671

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	U24130MH2002PTC137282	YASH SEALS PRIVATE LIMITED	Director	19/09/2002	19/09/2002	-	Active	NO
2	U25202MH2002PTC136219	UNISTO INDIA PRIVATE LIMITED	Managing director	07/03/2008	22/02/2003	31/03/2011	Active	NO

Name :

Mr. Sushil Purnanand Vaid

Designation :

Director

Address :

7 School View Building 2nd Floor Sunder Lane Orlem Marve Road, Malad (West), Mumbai - 400064, Maharashtra, India

Date of Birth/Age :

30.07.1947

Date of Appointment :

19.09.2002

Voter ID:

MT/09/044/0264382

DIN No.:

01759995

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	U24130MH2002PTC137282	YASH SEALS PRIVATE LIMITED	Director	19/09/2002	19/09/2002	-	Active	NO
2	U25202MH2002PTC136219	UNISTO INDIA PRIVATE LIMITED	Director	22/02/2003	22/02/2003	31/03/2011	Active	NO

KEY EXECUTIVES

Name :	Ms. Alka
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Sushil Purnanand Vaid	10000
Siddharth Sushil Vaid	10000
Uma Vaid	2500
Puja Vaid	2500
Total	25000

AS ON 30.09.2010

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

BUSINESS DETAILS

Line of Business :	Manufacturer of Plastic Seals
Exports :
Products :	Seals
Countries :	· Dubai · Germany · France · Singapore
Imports :
Products :	Raw Material
Countries :	· Malaysia · Dubai
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

20 (Approximately)

Bankers :

Bassein Catholic Co-operative Bank Limited, Papdy Branch, Near Papdy Talao, Vasai (West), Vasai, Thane – 401207, Maharashtra, India

Union Bank of India, Manickpur Branch, At and Post Bassein Road, Thane – 401202, Maharashtra, India

Facilities :

CC – Rs. 10.000 Millions (Bassein Catholic Co-operative Bank Limited)

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Banks
Term Loan	3.901	1.507
Working Capital Loan	4.796	1.868
Total	8.697	3.375
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Other loans and advances:
From Directors	2.637	1.925
Intercorporate Loan	0.436	0.107
From Others	1.436	1.276
Total	4.509	3.308

Banking Relations :	--
Auditors :
Name :	Songira and Associates Chartered Accountants
Address :	21, Jalaram Nagar, Near Chamunda Nagar, S.V.P. Road, Borivali (West) Mumbai – 400092, Maharashtra, India
Tel. No.:	91-22-32654517/ 28926230
E-Mail :	casongira@gmail.com dsongira@yahoo.com
Income-tax PAN of auditor or auditor's firm :	AZWPS0946G
Associates/Subsidiaries :	Hightech

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 10/- each	Rs. 1.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25,000	Equity Shares	Rs. 10/- each	Rs. 0.250 Million

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		0.250	0.250	0.250
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.863	3.033	1.837
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4.113	3.283	2.087
LOAN FUNDS
1] Secured Loans		8.697	3.375	3.480
2] Unsecured Loans		4.509	3.308	2.278
TOTAL BORROWING		13.206	6.683	5.758
DEFERRED TAX LIABILITIES		0.145	0.105	0.056
TOTAL		17.464	10.071	7.901
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.111	6.943	7.363
Capital work-in-progress		0.183	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	4.085	3.272	2.906
	Sundry Debtors	9.582	3.959	1.713
	Cash & Bank Balances	0.175	1.225	0.457
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.245	2.006	1.703
Total Current Assets		16.087	10.462	6.779
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.515	6.852	6.212
	Other Current Liabilities	0.299	0.426	0.004
	Provisions	0.103	0.056	0.025
Total Current Liabilities		8.917	7.334	6.241
Net Current Assets		7.170	3.128	0.538
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		17.464	10.071	7.901

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	42.977	34.930	19.687
		Other Income	0.308	0.452	0.208
		TOTAL (A)	43.285	35.382	19.895
Less	EXPENSES
		Manufacturing, Administrative and Other Expenses	39.898	31.812	17.518
		TOTAL (B)	39.898	31.812	17.518
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.387	3.570	2.377
Less	FINANCIAL EXPENSES (D)		1.015	0.702	0.585
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.372	2.868	1.792
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.150	1.062	1.142
	PROFIT BEFORE TAX (E-F) (G)		1.222	1.806	0.650
Less	TAX (H)		0.392	0.610	0.208
	PROFIT AFTER TAX (G-H) (I)		0.830	1.196	0.442
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.033	1.837	1.395
	BALANCE CARRIED TO THE B/S		3.863	3.033	1.837
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings on FOB Basis	21.401	23.962	17.239
		Recovery towards freight and insurance on export	1.347	1.026	0.424
	TOTAL EARNINGS		22.748	24.988	17.663
	Earnings Per Share (Rs.)		33.21	47.85	17.66

Particulars	31.03.2012	31.03.2011
Sales Turnover (Approximately)	70.000	60.000

Expected Sales ( 2012-2013 ) : Rs. 80.000 Millions

The above information has been parted by Ms. Alka (Accounts Manager)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.92	3.38	2.22
Net Profit Margin (PBT/Sales)	(%)	2.84	5.17	3.30
Return on Total Assets (PBT/Total Assets}	(%)	4.66	10.38	4.60
Return on Investment (ROI) (PBT/Networth)		0.30	0.55	0.31
Debt Equity Ratio (Total Liability/Networth)		5.38	4.27	5.75
Current Ratio (Current Asset/Current Liability)		1.80	1.43	1.09

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Sundry Creditors
Due to Micro, Small and Medium Enterprises	0.000	0.000	0.000
Due to Others	8.515	6.852	6.212
Total	8.515	6.852	6.212

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	Yes
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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
34]	External Agency Rating, if available	No

Note: The registered address of the company has been shifted from 7 School View Building 2nd Floor Sunder Lane Orlem Marve Road, Malad (West), Mumbai - 400064, Maharashtra, India to the present w.e.f. 30.03.2009

OPERATIONS:

During the financial year, the company has made a profit of Rs. 1.222 Millions before tax.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24130MH2002PTC137282
Name of the company	YASH SEALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 43, Vasai Municipal Industrial Estate, Umela Phata, Papdi, Vasai (W) Dist Thane. 401207, Thane, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the modified	10180149
Type of charge	Immovable Property
Particular of charge holder	Bassein Catholic Co-operative Bank Limited, Papdy Branch, Near Papdy Talao, Vasai (West), Vasai, Thane – 401207, Maharashtra, India Email ID: amittrivedics@gmail.com
Nature of description of the instrument creating or modifying the charge	No instruments, Equitable mortgage deed.
Date of instrument Creating the charge	23.05.2012
Amount secured by the charge	Rs. 12.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per the sanction terms. Terms of Repayment As per the sanction terms. Margin As per the sanction terms. Extent and Operation of the charge The Cash Credit limit will remain in force upto 28th Feb 2013 Others N.A
Short particulars of the property charged	All that piece and parcel of plot of land bearing no 12 admeasuring aggregating 500 sq meters alongwith factory premises admeasuring 4383 sq ft. constructed thereon in Vasai Industrial estate situated at village Dhovali, tal Vasai, Dist, Thane, on the land bearing survey No 104, Hissa No A-1, within the limits of Vasai Virar Shahar Mahanagarpalika and within Registration Sub -District of Vasai-1 of Registration District of Thane.
Date of latest modification prior to the present modification	19.04.2012
Particulars of the present modification	Now by this modification the company offered its Dhovali property of papdy, vasai, as a security to secure its enhanced cash credit limit (book debts) to the extent of Rs. 4.000 Millions (additional cash credit limit) Details of immovable property is mentioned in col no 15 of this form 8.

FIXED ASSETS:

· Leasehold land

· Factory Building

· Plant and Machinery

· Factory Office and Other Equipments

· Electrical Installation

· Furniture and Fixtures

· Motor Car and Other Vehicle

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. 55.64
UK Pound	1	Rs. 87.31
Euro	1	Rs. 68.81

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		27

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.