MIRA INFORM REPORT

Report Date :

06.02.2012

IDENTIFICATION DETAILS

Name :	SWASTIK POLYVINYLS PRIVATE LIMITED
Registered Office :	Flat No.3-B, Big Jos Tower, A-8, Netaji Subhash Place, District Centre, Pitampura, New Delhi - 110034
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.05.1998
Com. Reg. No.:	093922
Capital Investment / Paid-up Capital :	Rs. 8.426 Millions
CIN No.: [Company Identification No.]	U25209DL1998PTC093922
TAN No.: [Tax Deduction & Collection Account No.]	DELS14064B
PAN No.: [Permanent Account No.]	AAECS4130L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Wire and Cable PUC Compounds
No. of Employees :	60 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 309928
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

INFORMATION PARTED BY

Name :	Mr. Sanjiv
Designation :	Accountant
Contact No.:	91-11-65954032
Date:	23.01.2012

LOCATIONS

Registered Office :	Flat No.3-B, Big Jos Tower, A-8, Netaji Subhash Place, District Centre, Pitampura, New Delhi – 110034, India
Tel. No.:	91-11-27351471/ 65954032/ 27352074
Mobile No.:	91-9811011360 (Deepak Bansal)
Fax No.:	91-11-27352074/ 55954032/ 27351471
E-Mail :	suresh_associates@rediffmail.com sanjiv@swastikpolyvinyla.com
Web Site:	www.swastikpolyvinyls.com
Area :	2500 sq. ft.
Location :	Owned
Factory :	302 Industrial Estate, EPIP Kundli, District Sonepat, Haryana-131025, India
Tel. No.:	91-130-2219304 / 305
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Deepak Bansal
Designation :	Director
Address :	99, Vasudha Enclave Pitampura, Delhi – 110034, India
Date of Birth/Age :	31.12.1976
Qualification :	Graduate
Date of Appointment :	19.05.1998
DIN No.:	00279409

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	U25209DL1998PTC093922	Swastik Polyvinyls Private Limited	Director	19/05/1998	19/05/1998	-	Active	NO
2	U52320DL2011PTC213508	D. R. Products Private Limited	Director	08/02/2011	08/02/2011	-	Active	NO
3	U70109DL2011PTC223848	Lifespace India Private Limited	Director	18/08/2011	18/08/2011	-	Active	NO

Name :	Mr. Om Prakash Bansal
Designation :	Director
Address :	99, Vasudha Enclave Pitampura, Delhi – 110034, India
Date of Birth/Age :	15.04.1946
Date of Appointment :	19.05.1998
DIN No.:	00279369

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	U25209DL1998PTC093922	Swastik Polyvinyls Private Limited	Director	19/05/1998	19/05/1998	-	Active	NO
2	U52100DL2011PTC213642	Parkashdeep Enterprises Private Limited	Director	09/02/2011	09/02/2011	-	Active	NO
3	U70109DL2011PTC223848	Lifespace India Private Limited	Director	18/08/2011	18/08/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Om Parkash Bansal	397706
Kamlesh Bansal	90000
Deepak Bansal	89100
Roopali Bansal	80000
O.P Bansal & Sons (Huf)	24410
Deepak Bansal & Sons (Huf)	28000
Devki Devi Garg	10
Gordhan Dass Garg	10
N.k Singhal	10
Shanti Devi	10
Suresh Kumar	10
Suresh Kumar (Huf)	10
Rohtas Kumar Bansal	10
R.S khurana	10
ASI Fincon Limited	38370
Blue Blood Equity Trading Private Limited, New Delhi	10000
Natraj Buildhome Private Limited, New Delhi	7500
S.J.M Investments (Delhi) Private Limited, New Delhi	10000
Crest Comtrade Private Limited, New Delhi	10000
Black Fox Financial Private Limited, New Delhi	7500
Amarjeet Motor Finance Private Limited, New Delhi	7500
Disha Commercial Private Limited, New Delhi	10000
Mridul Securities Private Limited, New Delhi	10000
Ballabgarh Refactories Limited, New Delhi	7500
Litman Power System Private Limited, New Delhi	7500
Maddad Leasing Private Limited, New Delhi	7500
Total	842666

SHAREHOLDING PATTERN

AS ON 30.09.2011

Category	Percentage
Bodies corporate	15.83
Directors or relatives of directors	84.16
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Wire and Cable Compounds
Products :	· PVC Compound (Insulation and Sheathing) · PVC Master Batch · PVC FR or FRLS Compound · PVC Lead Free Compound · Footwear Compounds · PVC Compound · PVC Foam Compound · PVC Colour Compound · Automobile Compounds · PVC Compound (Moulding and Extrusion) · TPE or TPR Compound (SEBS Based)
Exports :
Products :	Footwear compound, PVC compound, PVC lead free compound, TPE / TPR Compound
Imports :
Products :	PVC Resin, Plasticizers, Stabilizers, Calcium Carbonate
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

· Retailers

· End User

No. of Employees :

60 Approximately

Bankers :

Union Bank of India, LU Block, Pitampura, Delhi 110034, India

Facilities :

Cash Credit Rs. 30.000 millions

Rs. In Millions

SECURED LOAN	31.03.2011	31.03.2010
Union Bank of India (Cash Credit Account) (Secured against Hypothecation of Stock, Book Debts, Plant and Machinery and Personal guarntee of Directors)	72.043	69.509
Union Bank of India (Term Loan-5006) (Secured against Hypothecation of Stock, Book Debts, Plant and Machinery and Personal guarntee of Directors)	5.151	6.751
Reliance Capital Limited (Secured against Hypothecation of Eicher Canter)	0.721	0.000
Union Bank of India (Secured against Hypothecation of Car)	0.224	0.572
Total	78.139	76.832
UNSECURED LOAN
FROM DIRECTORS
Om Parkash Bansal	0.005	0.015
Deepak Bansal	0.088	0.077
OTHERS
Devki Devi Garg	0.601	0.542
Roopali Bansal	2.936	1.079
Kamlesh Bansal	0.106	0.007
G. D. Gupta	0.370	0.333
Deepak Bansal and sons (HUF)	2.565	1.847
Shanti Devi	0.186	0.168
Suresh Kumar (HUF)	0.641	0.579
Suresh Kumar	0.563	0.508
O.P. Bansal and Sons (HUF)	3.107	7.358
D.R Products Private Limited	7.353	0.000
Parkashdeep Enterprises Private Limited	7.286	0.000
Total	25.808	12.513

Banking Relations :	--
Auditors :
Name :	Suresh and Associated Chartered Accountant
Address :	3A, Big Jos Tower, Netaji subhash Place, Pitampura, Delhi-110034, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
842666	Equity Share	Rs.10/- Each	Rs. 8.426 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		8.426	7.476	7.477
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		69.056	47.459	44.274
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		77.482	54.935	51.751
LOAN FUNDS
1] Secured Loans		78.139	76.832	47.854
2] Unsecured Loans		25.807	12.513	16.994
TOTAL BORROWING		103.946	89.345	64.848
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		181.428	144.280	116.599
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		34.403	36.303	27.795
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.198	0.147	0.183
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	35.057	30.967	17.669
	Sundry Debtors	151.583	122.009	91.607
	Cash & Bank Balances	3.504	2.121	2.471
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.571	2.579	2.579
Total Current Assets		192.715	157.676	114.326
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Current Liabilities	43.115	47.282	23.630
	Provisions	2.773	2.564	2.076
Total Current Liabilities		45.888	49.846	25.706
Net Current Assets		146.827	107.830	88.620
MISCELLANEOUS EXPENSES		0.000	0.000	0.001
TOTAL		181.428	144.280	116.599

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Sales	347.594	270.917
		Other Income	2.215	1.623
		TOTAL (A)	349.809	272.540
Less	EXPENSES
		Cost of Materials	314.786	238.157
		Manufacturing Expenses	11.976	8.712
		Increase/(Decrease) in Finished Goods	(4.235)	0.812
		Selling and Distribution Expenses	4.335	4.581
		Administrative Expenses	6.314	6.325
		TOTAL (B)	333.176	258.587
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16.633	13.953
Less	FINANCIAL EXPENSES (D)		9.071	8.454
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.562	5.499
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.075	1.922
	PROFIT BEFORE TAX (E-F) (G)		4.487	3.577
Less	TAX (H)		1.302	1.099
	PROFIT AFTER TAX (G-H) (I)		3.185	2.478
	Earnings Per Share (Rs.)		3.77	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	0.91	0.90
Net Profit Margin (PBT/Sales)	(%)	NA	1.29	1.32
Return on Total Assets (PBT/Total Assets}	(%)	NA	2.31	2.51
Return on Investment (ROI) (PBT/Networth)		NA	0.08	0.06
Debt Equity Ratio (Total Liability/Networth)		1.93	2.53	1.74
Current Ratio (Current Asset/Current Liability)		4.19	3.16	4.44

LOCAL AGENCY FURTHER INFORMATION

Note:

Registered Office of the company has been shifted from 308/1, Shahazada Baghindustrial Area, Old Rohtak Road, Delhi, India to the present address w.ef. 30.05.2006

FIXED ASSETS:

· Plant and Machinery

· Building

· Furniture and Fixture

· Generator

· Air Conditioner

· Water Cooler

· Office Equipment

· Cars

· Scooter

· Computers

· Mobile Phone

· Land

· Printer

FORM 8

Corporate identity number of the company	U25209DL1998PTC093922
Name of the company	SWASTIK POLYVINYLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Flat No.3-B, Big Jos Tower, A-8, Netaji Subhash Place, District Centre, Pitampura, New Delhi – 110034, India
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Union Bank of India, LU Block, Pitampura, Delhi 110034, India Email: pitampura@unionbankofindia.com
Nature of instrument creating charge	Hypothecation Deed
Date of instrument Creating the charge	22.07.2011
Amount secured by the charge	Rs. 15.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest On Term Loan -I of Rs. 15.000 millions @ BR+2% Terms of repayment Repayable on demand with interest thereon except the term loan which are repayable as per schedule of repayment. Margin On Term Loan -I of Rs. 15.000 millions @ 25% Extent and operation of the charge Term Loans were secured against the hypothecation of P/M purchased with bank finance.
Short particulars of the property charged (Including location of the property)	Plant and Machinery Purchased against secured Loan by Bank in the name of company at 302, EPIP Estate, Kundli, Sonepat, Haryana .

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 three years	Yes
12) Profitability for last three years	--
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	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	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

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.48.96
UK Pound	1	Rs.77.47
Euro	1	Rs.64.40

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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		50

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.