MIRA INFORM REPORT

Report Date :

10.07.2012

IDENTIFICATION DETAILS

Name :	SWAGATH URETHANE PRIVATE LIMITED
Registered Office :	Plot No.27, E.C.I.L Extension, E.C.I.L Cross Roads, Hyderabad – 500062, Andhra Pradesh – 500062
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.08.2006
Com. Reg. No.:	050990
Capital Investment / Paid-up Capital :	Rs. 1.000 Million
CIN No.: [Company Identification No.]	U25191AP2006PTC050990
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and exporters of Polyurethane Components.
No. of Employees :	60 (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 12352
Status :	Small Company
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a small Company in its field. Its scale of activities are limited. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The concern can be considered for small 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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
India	A1	A1

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

INFORMATION DECLINED BY

Name :	Mr. Brahmananda Rout
Designation :	Director
Contact No.:	91-9437006035

LOCATIONS

Registered Office :	Plot No.27, E.C.I.L Extension, E.C.I.L Cross Roads, Hyderabad – 500062, Andhra Pradesh – 500062, India
Tel. No.:	91-40-27811549
Mobile No.:	91-9437006035 (Mr. B. Raut)
Fax No.:	91-40-27137598
E-Mail :	orithane@gmail.com
Website :	www.swagath-orithane.com
Sales Office :	Plot No. 501, Radha Krishna Tower, Radha Krishna Nagar, Seetammadhar North, Vishakhapatnam – 530013
Tel. No.:	91-891-2711784
Mobile No.:	91-9848187674

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Sruti Ranjan Parida
Designation :	Director
Address :	Plot no.140, Srinivasa Nagar Colony, A.S. Rao Nagar, Hyderabad – 500062, Andhra Pradesh, India
Date of Appointment :	26.08.2006
DIN No.:	01601428
Name :	Mr. Brahmananda Rout
Designation :	Director
Address :	209, Rashmi Enclaves, Post Office Lane, Budheswari, Bhubaneswar- 750006, Orissa, India
Date of Appointment :	26.08.2006
DIN No.:	00513386
Name :	Mr. Shasanka Shekhar Behera
Designation :	Director
Address :	HIG – 14, Bijay Vihar, 7-Acres, C.s. Pur, H.B. Colony, Phase-1, Bhubaneswar – 751016, Orrissa, India
Date of Appointment :	26.08.2006
DIN No.:	00513390
Name :	Mr. Sudhansu Sekhar Padhy
Designation :	Director
Address :	6-1-1-3/12, Padmarao Nagar, Abhinav Nagar, Hyderabad – 500025, Andhra Pradesh, India
Date of Appointment :	26.08.2006
DIN No.:	01601404
Name :	Mrs. Santoshi Kumari Devi
Designation :	Director
Date of Appointment :	06.04.2009
DIN No.:	02646306
Name :	Mrs. Sunita Behera
Designation :	Director
Date of Appointment :	06.04.2009
DIN No.:	02646314
Name :	Mrs. Rasmita Biswal
Designation :	Director
Date of Appointment :	06.04.2009
DIN No.:	02646320
Name :	Mr. Sujata Parida
Designation :	Director
Date of Appointment :	06.04.2009
DIN No.:	02696157

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Sruti Ranjan Parida	170
Sudhansu Sekhar Padhy	170
Brahmananda Rout	170
Shasanka Shekhar Behera	170
Rasmita Biswal	80
Sunita Behera	80
Sujata Parida	80
Santoshi Kumari Devi	80
Total	1000

AS ON 30.09.2011

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 and exporters of Polyurethane Components.
Products :	Pipe Line Pigs Screen Panel Wheel and Castor Poly Urethane Linings and Liners Mallets Hydro Cyclone Poly Urethane Screen
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

60 (Approximately)

Bankers :

· Axis Bank, A.S. Raonagar, Hyderabad – 600062, Andhra Pradesh, India

· HDFC Bank Limited, HDFC Bank House Senapati Bapat MArg, Lower Parel (West), Mumbai 400013, Maharashtra, India

Facilities :

Rs. In Millions

UNSECURED LOAN	31.03.2011	31.03.2010
From Share Holders and Others	4.120	4.170
Kotak Mahendra Car Loan	4.511	0.757
Total	8.631	4.927

Banking Relations :	--
Auditors :
Name :	Hari Babu and Associates Chartered Accountant
Address :	309, CTC Park Lane, Secunderabad - 500003, Andhra Pradesh, India
Tel. No.:	91-040-27811549
PAN.:	AABFH0839D

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.1000/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.1000/- each	Rs. 1.000 Million

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		1.000	0.360	0.360
2] Share Application Money		0.000	0.640	0.686
3] Reserves & Surplus		2.088	1.152	0.495
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.088	2.152	1.541
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		8.631	4.927	5.542
TOTAL BORROWING		8.631	4.927	5.542
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		11.719	7.079	7.083
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.315	2.453	0.588
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	1.894	0.963	1.018
	Sundry Debtors	15.957	8.892	7.904
	Cash & Bank Balances	2.621	0.160	0.638
	Other Current Assets	0.502	0.321	0.218
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		20.974	10.336	9.778
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.023	5.003	0.000
	Current Liabilities and Provisions	0.563	0.725	3.304
Total Current Liabilities		11.586	5.728	3.304
Net Current Assets		9.388	4.608	6.474
MISCELLANEOUS EXPENSES		0.016	0.018	0.021
TOTAL		11.719	7.079	7.083

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	52.527	32.535	NA
		Other Income	0.167	0.000	NA
		TOTAL (A)	52.694	32.535	NA
Less	EXPENSES
		Cost of Materials	30.000	20.511	NA
		Job Work Expenses	4.883	1.664	NA
		Salaries and Wages	2.804	4.226	NA
		Administrative Expenses	13.365	4.928	NA
		TOTAL (B)	51.052	31.329	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.642	1.206	0.566
Less	FINANCIAL EXPENSES (D)		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.642	1.206	0.566
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.246	0.238	0.125
	PROFIT BEFORE TAX (E-F) (G)		1.396	0.968	0.441
Less	TAX (H)		0.461	0.311	0.177
	PROFIT AFTER TAX (G-H) (I)		0.935	0.657	0.264
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.152	0.495	NA
	BALANCE CARRIED TO THE B/S		2.087	1.152	NA
	Earnings Per Share (Rs.)		--	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.77	2.01	0.00
Net Profit Margin (PBT/Sales)	(%)	2.65	2.97	0.00
Return on Total Assets (PBT/Total Assets}	(%)	5.99	7.56	4.25
Return on Investment (ROI) (PBT/Networth)		0.45	0.44	0.28
Debt Equity Ratio (Total Liability/Networth)		6.54	4.95	5.74
Current Ratio (Current Asset/Current Liability)		1.81	1.80	2.95

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSETS:

• Plant and Machinery
• Office Equipment
• Computers
• Land at Orissa
• Air Conditioner

FORM 8

Corporate identity number of the company	U25191AP2006PTC050990
Name of the company	SWAGATH URETHANE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.27, E.C.I.L Extension, E.C.I.L Cross Roads, Hyderabad – 500062, Andhra Pradesh – 500062
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat MArg, Lower Parel (West), Mumbai 400013, Maharashtra, India Email: RBBform8@hdfcbank.com
Nature of instrument creating charge	Letter of Hypothecation.
Date of instrument Creating the charge	10.02.2012
Amount secured by the charge	Rs. 5.000 millions
Brief 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 On Demand. Margin As may be stipulated by the Bank from time to time. Extent and operation of the charge Hypothecation by way first charge on: i) Stock in Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties, now stored at or being stored or which may hereafter be brought into or stored at the premises, factories or warehouses or at any such place of the Borrower; any of the above which is or may be in course of transit or awaiting transit by any mode of transport to the Borrower’s factory or premises or at any other place whatsoever and wheresoever in the Borrower’s possession or occupation or at any other premises or place; and/or ii) All the debts, that is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights which are now due and owing or which may at any time hereafter during the continuance of this security becomes due and owing to the Borrower in the course of its business by any person, firm, company or body corporate or by a Government Department or office or any Municipal or Local or Public or Semi Government Body or authority or any body corporate or undertaking or project whatever in the public sector. iii) The movable plant and machinery, vehicles and other fixed assets which may now or at any time hereafter belong to the Borrower or come to the Borrower’s disposal any of the above which is or may be in course of transit or awaiting transit by any mode of transport to the Borrower’s factory or premises or at any other place whatsoever and wheresoever in the Borrower’s possession or occupation or at any other premises or place.
Short particulars of the property charged (Including location of the property)	Hypothecation by way first charge on: i) Stock in Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties, now stored at or being stored or which may hereafter be brought into or stored at the premises, factories or warehouses or at any such place of the Borrower; any of the above which is or may be in course of transit or awaiting transit by any mode of transport to the Borrower’s factory or premises or at any other place whatsoever and wheresoever in the Borrower’s possession or occupation or at any other premises or place; and/or ii) All the debts, that is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights which are now due and owing or which may at any time hereafter during the continuance of this security becomes due and owing to the Borrower in the course of its business by any person, firm, company or body corporate or by a Government Department or office or any Municipal or Local or Public or Semi Government Body or authority or any body corporate or undertaking or project whatever in the public sector. iii) The movable plant and machinery, vehicles and other fixed assets which may now or at any time hereafter belong to the Borrower or come to the Borrower’s disposal any of the above which is or may be in course of transit or awaiting transit by any mode of transport to the Borrower’s factory or premises or at any other place whatsoever and wheresoever in the Borrower’s possession or occupation or at any other premises or place.

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	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	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)	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

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 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.56.02
UK Pound	1	Rs.86.78
Euro	1	Rs.68.87

INFORMATION DETAILS

Report Prepared by :

PRL

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	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		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
-	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.