MIRA INFORM REPORT

Report Date :

06.12.2012

IDENTIFICATION DETAILS

Name :	COIRFOAM (INDIA) PRIVATE LIMITED
Registered Office :	231, Rai Bahadur Road, Behala, Kolkata – 700034, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.06.1978
Com. Reg. No.:	21-031553
Capital Investment / Paid-up Capital :	Rs. 9.500 Millions
CIN No.: [Company Identification No.]	U51909WB1978PTC031553
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Polyurethan Foam, Foam Mattresses and Other Kinds of Mattresses and Other Allied Products
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 91000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered 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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 :	231, Rai Bahadur Road, Behala, Kolkata – 700034, West Bengal, India.
Tel. No.:	Not Available
Fax No.:	Not Available
Factory :	14/6, Mathura Road, Faridabad – 121003, Haryana, India
Tel. No.:	91-129-4090500 / 4090599 / 4090507 / 4090508 / 4049521 / 4109533
Fax No.:	91-129-4090567 / 4049523
E-Mail :	company@coirfoam.org

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Indrajeet Singh Khurana
Designation :	Director
Address :	BF – 16, Tagor Garden, Delhi – 110227, Delhi, India.
Date of Birth/Age :	21.10.1962
Date of Appointment :	30.11.2001
Voter ID No.:	DL/02/014/012097
DIN No.:	00211029

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	U74899DL1986PTC024047	ROSE COIR FOAMS PRIVATE LIMITED	Director	28/09/1994	28/09/1994	18/12/2006	Active	NO
2	U51909WB1978PTC031553	COIRFOAM (INDIA) PRIVATE LIMITED	Director	30/11/2001	30/11/2001	-	Active	NO
3	U19115DL2007PTC169811	COZY TOUCH POLY FOAMS INDIA PRIVATE LIMITED	Director	24/10/2007	24/10/2007	-	Active	NO

Name :	Mr. Sukhdip Singh Khurana
Designation :	Director
Address :	BF – 16, Tagor Garden, Delhi – 110227, Delhi, India.
Date of Birth/Age :	06.08.1965
Date of Appointment :	29.09.1997
Voter ID No.:	DL/02/014/012099
DIN No.:	00210987

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	U74899DL1986PTC024047	ROSE COIR FOAMS PRIVATE LIMITED	Director	28/09/1994	28/09/1994	18/12/2006	Active	NO
2	U51909WB1978PTC031553	COIRFOAM (INDIA) PRIVATE LIMITED	Director	29/09/1997	29/09/1997	-	Active	NO
3	U51909DL2004PTC124582	S. K. POLY FOAMS PRIVATE LIMITED	Director	30/09/2008	15/03/2008	-	Active	NO
4	U36101RJ2005PTC021581	SELECT POLY PRODUCTS PRIVATE LIMITED	Director	15/09/2008	01/07/2008	-	Active	NO
5	U19115DL2007PTC169811	COZY TOUCH POLY FOAMS INDIA PRIVATE LIMITED	Director	01/03/2011	01/03/2011	30/09/2011	Active	NO

Name :	Mr. Jagdish Prasad Agarwal
Designation :	Whole Time Director
Address :	291, Sector -15, Faridabad – 121001, Haryana, India
Date of Birth/Age :	15.08.1947
Date of Appointment :	22.06.1985
Voter ID No.:	DL/02/006/189380
DIN No.:	00473667
Name :	Mr. Pankaj Agarwal
Designation :	Director
Address :	1355, Sector – 17, Faridabad – 121003, Haryana, India
Date of Birth/Age :	03.08.1969
Date of Appointment :	25.10.2004
DIN No.:	00473612

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	U51909WB1978PTC031553	COIRFOAM (INDIA) PRIVATE LIMITED	Director	25/10/2004	25/10/2004	-	Active	NO
2	U51909DL2004PTC124582	S. K. POLY FOAMS PRIVATE LIMITED	Additional director	09/06/2009	09/06/2009	30/09/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Sukhdeep Singh Khurana	217875
Jatinder Khurana	51250
Inderjeet Singh Khurana	400125
Devinder Jeet Kaur	7000
Gurmeet Kaur	47500
Gurpeet Kaur	23750
Nirmala Agarwal	35000
Pradeep Kumar Agarwal	3000
Jagdish Prasad Agarwal	30245
Comtech (India) Private Limited, India	10
Bhudeo Prasad Agarwal	4000
Sudha Agarwal	4000
Rajender Kumar Agarwal	25000
Anup Kumar Agarwal	4500
Purshottam Agarwal	6700
Nawal Kishore Agarwal	9500
Gayatri Devi Agarwal	5900
Pankaj Agarwal	63900
Sunil Kumar Agarwal	5000
Girish Agarwal	5000
Santosh Agarwal	745
TOTAL	950000

AS ON 30.09.2011

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	97.14
Other top fifty shareholders	2.86
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Polyurethan Foam, Foam Mattresses and Other Kinds of Mattresses and Other Allied Products

Products :

ITEM CODE NO.	PRODUCT DESCRIPTION
96	Rubberised Coir Mattresses
96	Spring Mattresses

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Punjab National Bank, Punjabi Bagh Branch, 39 and 40, Central Market, Punjabi Bagh West, New Delhi-110026, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
LOANS AND ADVANCES FROM BANKS From Banks (Secured against Vehicles under Hypothecation) From Finance Company (Secured against Vehicles) From Punjab National Bank (Cash Credit Limit Primarily secured against Stock)	2.300 1.500 66.764	32.027
All other assets of the company and collaterally secured against residential and other property of the relations of some directors and in addition a secondary charge on Industrial property in the form of land and building, block of assets and work in progress of M/S Cozy Touch Poly Foams (Private) Limited. Based at Una, Himachal Pradesh and personal guarantees of all the directors of the company
TOTAL	70.564	32.027
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Short Term Loans and Advances
From Directors (Free of Interest)	1.462	0.000
From Shareholders (Free of Interest)	0.252	0.000
Trade / Security Deposits	10.912	4.006
Other Loans and Advances
From Banks	4.902	0.000
Financial Institutions	7.662	12.051
TOTAL	25.190	16.057

Banking Relations :	--
Auditors :
Name :	Vinod Rakesh and Associates Chartered Accountant
Address :	3001, 2^nd Floor, Bhagat Singh Street No. 2, Chuna Mandi, Paharganj, Delhi – 11055, New Delhi, India
Tel. No.:	91-11-23589802 / 23583611
PAN No.:	AAAFV5031C

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
366500	Equity Shares	Rs.10/- each	Rs. 3.665 Millions
550000	Equity Shares	Rs.10/- each	Rs. 5.500 Millions
33500	Equity Shares	Rs.10/- each	Rs. 0.335 Million
	TOTAL		Rs. 9.500 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		9.500	9.500	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		13.493	10.016	4.962
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		22.993	19.516	8.962
LOAN FUNDS
1] Secured Loans		70.564	32.027	23.318
2] Unsecured Loans		25.190	16.057	22.771
TOTAL BORROWING		95.754	48.084	46.089
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		118.747	67.600	55.051
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.179	17.828	16.668
Capital work-in-progress		6.783	4.836	1.549
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		2.197	0.343	0.492
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	43.202	29.805	24.970
	Sundry Debtors	103.048	65.323	58.343
	Cash & Bank Balances	5.039	4.986	4.633
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	38.300	30.519	27.665
Total Current Assets		189.589	130.633	115.611
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	63.380	60.252	61.521
	Other Current Liabilities	28.368	23.438	18.158
	Provisions	4.253	2.350	2.496
Total Current Liabilities		96.001	86.040	82.175
Net Current Assets		93.588	44.593	33.436
MISCELLANEOUS EXPENSES		0.000	0.000	2.906
TOTAL		118.747	67.600	55.051

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	477.699	429.092	414.890
		Other Income
		TOTAL	477.699	429.092	414.890
Less	EXPENSES
		Office Expenses	462.045	422.694	408.535
		Administrative Expenses
		Advertising Expenses
		TOTAL	462.045	422.694	408.535
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		15.654	6.398	6.355
Less	FINANCIAL EXPENSES		8.868	3.448	3.598
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		6.786	2.950	2.757
Less/ Add	DEPRECIATION/ AMORTISATION		2.262	2.115	1.936
	PROFIT / (LOSS) BEFORE TAX		4.524	0.835	0.821
Less	TAX		1.047	1.281	(0.105)
	PROFIT / (LOSS) AFTER TAX		3.477	(0.446)	0.926
	BALANCE CARRIED TO THE B/S		3.477	(0.446)	0.926
	Earnings Per Share (Rs.)		5.19	(0.47)	2.31

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.73	(0.10)	0.22
Return on Total Assets (PBT/Total Assets}	(%)	2.18	0.56	2.81
Return on Investment (ROI) (PBT/Networth)		0.20	0.04	0.42
Debt Equity Ratio (Total Liability/Networth)		8.34	6.87	14.31
Current Ratio (Current Asset/Current Liability)		1.97	1.52	1.41

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

FUNCTIONING

The working of the company has been smooth and efforts are efforts are on to improve the quality of the products maintain efficiency. The overall turnover of the company has increased by over 11.32% over last years turnover. The company has been able to maintain its place in the market in spite of steep rise in the cost of inputs and other expenses involved. The company during the year introduced some new models of mattresses, which are more comfortable and attractive. Further the company is continuously making efforts to introduce better and new models of mattresses in the market to cater to all the sections in the society. The relations between the staff and the management continued to be cordial. The Company is continuously making research to improve upon the quality of all its products. Further, during the year, three plants were in operation and their functioning has been satisfactory. The company has already attained organization quality system.

FORM 8

Corporate identity number of the company	U51909WB1978PTC031553
Name of the company	COIRFOAM (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	231, Rai Bahadur Road, Behala, Kolkata – 700034, West Bengal, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	10200870
Type of charge	· Others
Particular of charge holder	Punjab National Bank, Punjabi Bagh Branch, 39 and 40, Central Market, Punjabi Bagh West, New Delhi-110026, India
Nature of instrument creating charge	Agreement of Guarantee
Date of instrument Creating the charge	20.03.2012
Amount secured by the charge	Rs. 90.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest N. A. Terms of repayment N. A. Margin N. A. Extent and operation of the charge 100 percent. Other The said charge is to collaterally secure various credit facilities aggregating to Rs.90.000 Millions granted by bank to Cozy Touch Poly Foams India Private Limited.
Short particulars of the property charged (Including location of the property)	Corporate guarantee given by the company in favour of the bank, for bank having granted various credit facilities aggregating to Rs.90.000 Millions to Cozy Touch Poly Foams India Private Limited.
Particulars of the present modification	The Corporate Guarantee given to M/s. Cozy Touch Poly Foams India Private Limited stands enhanced from Rs.43.000 Millions to Rs.90.000 Millions. Other terms and conditions remain the same.

FIXED ASSETS

· Land

· Building

· Tube well

· Plant and Machinery

· Electrical Installation

· Fire Fighting Equipments

· Computer

· Furniture and Fixtures

· Office Equipments

· Heavy Vehicles

· Light Motor 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 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 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. 54.56
UK Pound	1	Rs. 87.89
Euro	1	Rs. 71.52

INFORMATION DETAILS

Report Prepared by :

DPT

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.