MIRA INFORM REPORT

Report Date :

02.02.2012

IDENTIFICATION DETAILS

Name :	ARORA VINYL PRIVATE LIMITED
Registered Office :	C-1/10, 2^nd Floor, Mianwali Nagar, Paschim Vihar, New Delhi - 110087
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.02.2001
Com. Reg. No.:	55-109648
Capital Investment / Paid-up Capital :	Rs.7.000 Millions
CIN No.: [Company Identification No.]	U74899DL2001PTC109648
TAN No.: [Tax Deduction & Collection Account No.]	DELA16490F
PAN No.: [Permanent Account No.]	AAECA0254D
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Suppliers of PVC Leather and Rexene Cloth.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 49000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with same cautions.

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

INFORMATION PARTED BY

Name :	Mr. Narender Kumar Arora
Designation :	Director
Contact No.:	91-9313105210
Date :	21.01.2012

LOCATIONS

Registered Office :	C – 1/10, 2^nd Floor, Mianwali Nagar, New Delhi – 110087, India
Tel. No.:	91-1276-267443
Mobile No.:	91-9313105210 (Mr. Narender Arora)
Fax No.:	91-11-66458877 91-1276-267443
E-Mail :	singhjain@gamil.com aroravinyl195@yahoo.com
Website :	http://www.aroravinly.com
Location :	Owned
Factory:	Plot No. 921, Modern Industrial Estate, Part A, Bahadurgarh – 124507, District Jhajjar, Haryana, India
Tel. No.:	91-1276-267443 / 267450 / 55458877
Fax No.:	91-1276-267443

DIRECTORS

As on 29.09.2011

Name :

Mr. Narender Kumar Arora

Designation :

Director

Address :

D – 46, 1^st Floor, New Multan Nagar, New Delhi – 110056, India

Date of Birth/Age :

16.04.1954

Qualification :

B.Com

Date of Appointment :

14.02.2001

DIN No.:

00429607

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	U74899DL2001PTC109648	ARORA VINYL PRIVATE LIMITED	Director	14/02/2001	14/02/2001	-	Active	NO
2	U18101DL1993PTC053102	ARORA COTTON COATED FABRICS PRIVATE LIMITED	Director	1/10/2001	1/10/2001	-	Active	NO
3	U17291DL2009PTC191562	A.C. POLYCOATERS PRIVATE LIMITED	Director	24/06/2009	24/06/2009	-	Active	NO

Name :

Mr. Pravesh Arora

Designation :

Director

Address :

C – 1/10, 2^nd Floor, Mianwali Nagar, New Delhi – 110087, India

Date of Birth/Age :

04.07.1954

Qualification :

BA

Date of Appointment :

14.02.2001

DIN No.:

00429566

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	U18101DL1993PTC053102	ARORA COTTON COATED FABRICS PRIVATE LIMITED	Director	16/04/1993	16/04/1993	-	Active	NO
2	U74899DL2001PTC109648	ARORA VINYL PRIVATE LIMITED	Director	14/02/2001	14/02/2001	-	Active	NO

Name :

Mr. Pawan Kumar Arora

Designation :

Director

Address :

H – 3/77-78, 2^nd Floor, Sector X 1, Rohini, Delhi – 110085, India

Date of Birth/Age :

18.07.1965

Qualification :

HSC

Experience :

Date of Appointment :

14.02.2001

DIN No.:

00429648

Name :

Mr. Vinod Arora

Designation :

Director

Address :

Flat No. 03, Ritu Apartment, A – 4, Paschim Vihar, Delhi – 110063, India

Date of Birth/Age :

05.05.1961

Qualification :

BA

Date of Appointment :

14.02.2001

Name :

Mr. Ravinder Arora

Designation :

Director

Address :

298, 1^st Floor, Ambica Vihar, Paschim Vihar, Delhi – 110087, India

Date of Birth/Age :

11.12.1967

Qualification :

BA

Date of Appointment :

14.02.2001

DIN No.:

00429693

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	U18101DL1993PTC053102	ARORA COTTON COATED FABRICS PRIVATE LIMITED	Director	15/05/1998	15/05/1998	-	Active	NO
2	U74899DL2001PTC109648	ARORA VINYL PRIVATE LIMITED	Director	14/02/2001	14/02/2001	-	Active	NO
3	U17200DL2011PTC219760	A.C. UNICOATERS PRIVATE LIMITED	Director	24/05/2011	24/05/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Vinod Arora	73500
Parvesh Arora	24000
Ravinder Arora	70000
Narender Kumar Arora	32500
Narender Kumar Arora and Sons HUF	35000
Rajni Arora	53500
Anju Arora	16500
Pawan Arora	39999
Renu Arora	37500
Pawan Kumar Arora	12501
Neelam Arora	22500
Parvesh Arora and Sons HUF	12500
Sumeet Arora	20000
Janak Kumari	250000
Total	700000

As on 29.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Suppliers of PVC Leather and Rexene Cloth.
Products :	PVC Leather Cloth
Imports :
Products :	Raw Material
Countries :	Korea, China, Thailand
Terms :
Selling :	L/C / Cash / Credit (30 Days)
Purchasing :	Cash / Credit (30 Days)

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Actual Production
Cotton Coated Fabrics	Mts.	2060869.90
Sub Standard	Kg.	12807.50
Side Treaming	Kg.	10012.00

GENERAL INFORMATION

Customers :	Wholesalers, Retailers and End Users
No. of Employees :	50 (Approximately)
Bankers :	State Bank of India, Industrial Complex, Bahadurgarhm-124507, Haryana, India

Banking Relations :	---
Auditors :
Name :	J.K. Manocha and Associates Chartered Accountants
Address :	27/55, Street No 8, Vishwas Nagar, Shahdara, New Delhi-110032, India
PAN.:	AGDPM0903B

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs.10/- each	Rs.7.000 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		7.000	7.000	7.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.260	3.856	2.352
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		12.260	10.856	9.352
LOAN FUNDS
1] Secured Loans		26.123	133.360	7.744
2] Unsecured Loans		8.350	3.500	3.500
TOTAL BORROWING		34.473	136.860	11.244
DEFERRED TAX LIABILITIES		0.276	0.325	0.250
TOTAL		47.009	28.040	20.846
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.849	22.030	15.137
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	31.485	14.259	19.506
	Sundry Debtors	41.951	30.716	15.618
	Cash & Bank Balances	3.189	0.843	1.172
	Other Current Assets	0.000	0.550	0.445
	Loans & Advances	1.459	0.689	0.656
Total Current Assets		78.084	47.057	37.397
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	56.651	40.750	31.396
	Other Current Liabilities
	Provisions	0.340	0.370	0.374
Total Current Liabilities		56.991	41.120	31.770
Net Current Assets		21.093	5.937	5.627
MISCELLANEOUS EXPENSES		0.067	0.073	0.082
TOTAL		47.009	28.040	20.846

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	234.931	182.865	138.102
		Other Income
		TOTAL (A)	234.931	182.865	138.102
Less	EXPENSES
		Office Expenses	227.481	176.396	133.198
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	227.481	176.396	133.198
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.450	6.469	4.904
Less	INTEREST COST (D)		2.328	2.584	1.794
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.122	3.885	3.110
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.083	1.701	1.679
	PROFIT BEFORE TAX (E-F) (G)		2.039	2.184	1.431
Less	TAX (H)		0.684	0.605	0.634
	PROFIT AFTER TAX (G-H) (I)		1.355	1.579	0.797
	Earnings Per Share (Rs.)		1.94	2.25	0.94

Expected Sales (2011-12): Rs.320.000 Millions

The above information has been parted by Mr. Narender Kumar Arora.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.58	0.86	0.58
Return on Total Assets (PBT/Total Assets}	(%)	1.96	3.16	2.72
Return on Investment (ROI) (PBT/Networth)		0.17	0.20	0.15
Debt Equity Ratio (Total Liability/Networth)		7.46	5.89	4.60
Current Ratio (Current Asset/Current Liability)		1.37	1.14	1.18

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) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	--
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	--
23) Banking Details	Yes
24) Banking facility details	--
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

FROM 8

Corporate identity number of the company

U74899DL2001PTC109648

Name of the company

ARORA VINYL PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

C –1/10, Second Floor, Mianwali Nagar, New Delhi – 110087, India

This form is for

Modification of Charges

Charge identification (ID) number of the charge to be modified

90039407

Type of charge

• Immovable Property
• Book Debts
• Movable Property (Not being Pledge)
• Other

Particular of charge holder

State Bank of India,

Industrial Complex, Bahadurgarhm-124507, Haryana, India

info@qskassociates.com

Nature of instrument creating charge

• Letter of Arrangement (SME-1)
• Agreement of Loan- Cum- Hypothecation (SME-2)

Date of instrument Creating the charge

28.03.2011

Amount secured by the charge

Rs.60.800 Millions

Brief of the principal terms an conditions and extent and operation of the charge

• Rate of Interest

Working Capital = 15%

Term Loan =15.5 %

• Terms of Prepayments

Working Capital = Repayment on Demand.

SME car Loan = As per the Term of Original Sanction.

Terms Loan = As per terms of Original Sanction.

• Margin

RM = 25%

SIP = 25%

FG = 25%

Receivables = 50%

LC = 25%

BG = 25%

• Extent and Operation of the Charges

Personal Guarantees of the Following Directors.

o Pawan Kumar Arora

o Narender Arora

o Ravinder Arora

o Viond Arora

o Pavesh Arora

Third Party Guarantee

• Rajni Arora

Short particulars of the property or asset(s) charged (including complete address and location of the property)

· Primary Security WC. Hypothecation of Firm’s Entire Inventory, Received and all other Current Assets.

· Primary Security SME Car Loan: Hypothecation of Vehicles.

· Collateral Security :

1. Factory Land and Building 921, M.I.E., Bahadurgarh, District Jhajjar, Haryana-124507 in the Name of Arora Vinyl Private Limited Measuring 3498 sq. Yards.
2. Euitable Motgage of Freehold Plot Measuring 5 Kanal 0 Marla Khewat No. 211, Khata No.250, Mustill and Killa No. 60/17 (5-0) Sytuted in revenue record Hassanpur Near MIE, Bhadurgath in the Name of Vinod. Arora, Ravinder Arora and Parvesh Arora
3. Extention of Equitable mortgage of c-1/10. Second Floor, Mianwali Nagar, New Delhi Measuring 229.64 sq. yards in the Name of Pavesh Arora and Rajni Arora

Date of instrument modifying the charge

Particulars of the present modification

LIMIT	EXISTING (Rs. In millions)	PROPOSED (Rs. In millions)
Cash Credit	10.000	20.000
SME Car Loan	0.950	0.600
Term Loan	0.280	0.220
Open Term Loan	0.000	0.100
FLC	0.000	30.000
ILC	10.000	5.000
BG	0.000	2.000

FIXED ASSETS:

• Car
• Land
• Air Conditioner
• Computer
• Cell Phone
• Industrial Plot (HSIDC)
• Cycle
• Electric Fittings
• Factory Buildings
• Refrigerator
• Transformer
• TATA 407
• Intercom
• Machinery

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/sStandards:

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.49.53
UK Pound	1	Rs.77.94
Euro	1	Rs.64.65

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		32

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.