MIRA INFORM REPORT

Report Date :

11.07.2012

IDENTIFICATION DETAILS

Name :	KLASSIK LAMITEX PRIVATE LIMITED
Registered Office :	Johar Building, Suite No. 6A, 6^th Floor, 22, Lu Tusun Sarani, Kolkata-700073, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.03.2005
Com. Reg. No.:	21-102198
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U18102WB2005PTC102198
TAN No.: [Tax Deduction & Collection Account No.]	CALK04217D
PAN No.: [Permanent Account No.]	AACCK5275E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Textile Laminates and PVC Coated Fabrics.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 120000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Profitability of the company appears to be low. 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 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

LOCATIONS

Registered Office :	Johar Building, Suite No. 6A, 6^th Floor, 22, Lu Tusun Sarani, Kolkata-700073, West Bengal, India
Tel. No.:	91-33-40077936 / 40077937
Fax No.:	Not Available
E-Mail :	rajeshrungta@hotmail.com rajeshruntga@klassiklamitex.com
Head Office :	1104 A, Chiranjiv Towers, 43, Nehru Place, New Delhi-110017, India
Tel. No.:	91-11-26436610 / 46125780
Fax No.:	91-11-41000946
Factory 1 :	COATED FABRIC DIVISION Village Sanpali, PO, Railways, 84, Milestone NH-8, Rewari-123106, Haryana, India
Factory 2 :	LAMINATION DIVISION (OLD EXISTING UNIT) B-15 and C-18, UPSIDC Industrial Area, Kosi Kalan, Mathura-281403, Uttar Pradesh, India
Tel No.:	91-5662-235617
Site Office :	D-337, Ground Floor, Golden Heights, 82, Milestone NH-8, Rewari-123401, Haryana, India

DIRECTORS

As on 10.09.2011

Name :

Mr. Rajesh Rungta

Designation :

Director

Address :

Flat D, 3^rd Floor, 8, Dr. Ashutosh Sastri Road, Kolkata-700010, West Bengal, India

Date of Birth/Age :

09.09.1963

Date of Appointment :

11.03.2005

Din No.:

00073857

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	Company/ LLP Status	Defaulting status
1	U51909WB1993PTC058818	WARDHAMAN TRADE AND COMMERCE PRIVATE LIMITED	Director	14/08/2003	14/08/2003	Active	NO
2	U18102WB2005PTC102198	KLASSIK LAMITEX PRIVATE LIMITED	Managing director	11/03/2005	11/03/2005	Active	NO

Name :

Mr. Shyam Sundar Rungta

Designation :

Director

Address :

Flat D, 3^rd Floor, 8, Dr. Ashutosh Sastri Road, Kolkata-700010, West Bengal, India

Date of Birth/Age :

27.01.1938

Date of Appointment :

11.03.2005

Din No.:

00073975

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	Company/ LLP Status	Defaulting status
1	U51909WB1993PTC058818	WARDHAMAN TRADE AND COMMERCE PRIVATE LIMITED	Director	12/05/2003	12/05/2003	Active	NO
2	U18102WB2005PTC102198	KLASSIK LAMITEX PRIVATE LIMITED	Director	11/03/2005	11/03/2005	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.09.2011

Names of Shareholders	No. of Shares
Bimla Rungta	1000
Rajesh Rungta	85000
Rajesh Rungta HUF	1000
Shyam Sundar Rungta	12000
Rashmi Rungta	1000
Total	100000

As on 10.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Textile Laminates and PVC Coated Fabrics.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Textile Laminated with PU Foam	59032090

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Textile Laminated with PU Foam	Linear Mtrs.	NA	2400000	1384594.80
Side Cuttings, Trimmings (Scrap)	Kgs.	NA	NA	4128.40

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India

· Kotak Mahindra Bank

· ICICI Bank

Facilities :

UNSECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Bodies Corporate	74.518	0.000
Total	74.518	0.000

Banking Relations :	--
Financial Institution:	Haryana State Industrial and Infrastructure Development Corporation Limited, C-13 and 14, Institutional Area, Sector 6, Panchkula-134109, Haryana, India
Auditors :
Name :	Anil Goenka and Company Chartered Accountants
Address :	10, Ganesh Chandra Avenue, 2^nd Floor, Room No. 11B, Kolkata-700013, West Bengal, India
Tel. No.:	91-33-22219033 / 40036112
Mobile No.:	91-9830038380
E-Mail :	anilgoenka@hotmail.com
Pan No.:	AAQFA9769A
Related Parties:	Wardhaman Trade and Commerce Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- 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	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		30.237	23.568	20.772
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		31.237	24.568	21.772
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		74.518	0.000	7.812
TOTAL BORROWING		74.518	0.000	7.812
DEFERRED TAX LIABILITIES		0.000	0.000	0.037
TOTAL		105.755	24.568	29.621
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		41.972	5.258	3.450
Capital work-in-progress		3.290	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	4.696	3.104	3.064
	Sundry Debtors	30.712	36.668	32.489
	Cash & Bank Balances	2.875	0.128	0.363
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	35.159	7.030	6.990
Total Current Assets		73.442	46.930	42.906
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.564	27.597	16.425
	Other Current Liabilities	0.380	0.023	0.293
	Provisions	0.005	0.000	0.017
Total Current Liabilities		12.949	27.620	16.735
Net Current Assets		60.493	19.310	26.171
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		105.755	24.568	29.621

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	376.046	275.366	276.039
		Other Income	1.492	0.930	0.951
		TOTAL (A)	377.538	276.296	276.990
Less	EXPENSES
		Office Expenses
		Administrative Expenses	365.743	269.824	270.079
		Advertising Expenses
		TOTAL (B)	365.743	269.824	270.079
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11.795	6.472	6.911
Less	FINANCIAL EXPENSES (D)		1.162	0.563	0.714
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.633	5.909	6.197
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.995	0.845	0.379
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		9.638	5.064	5.818
Less	TAX (H)		2.969	2.269	1.873
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		6.669	2.795	3.945
	IMPORTS
		Stores & Spares	NA	0.000	0.621
	TOTAL IMPORTS		NA	0.000	0.621
	Earnings / (Loss) Per Share (Rs.)		66.69	27.95	39.45

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.77	1.01	1.42
Net Profit Margin (PBT/Sales)	(%)	2.56	1.84	2.11
Return on Total Assets (PBT/Total Assets}	(%)	8.35	9.70	12.55
Return on Investment (ROI) (PBT/Networth)		0.31	0.21	0.27
Debt Equity Ratio (Total Liability/Networth)		2.80	1.12	1.13
Current Ratio (Current Asset/Current Liability)		5.67	1.70	2.56

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	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	Yes
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

NOTE:

The registered office of the company has been shifted from Room No. 23/2, 4^th Floor, 35, C.R. Avenue, Kolkata-700012, West Bengal, India to the present address w.e.f. 10.09.2009.

OPERATIONS:

The company has achieved a much higher turnover as compared to the previous year due to efforts put in by the directors and other top officials of the company. The directors are trying to improve this increased turnover by approaching newer customers and expect even better results next year. The directors have embarked on an ambitious project of manufacturing synthetic leather at Rewari in Haryana. The project is expected to go on stream in the coming Fiscal Year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U18102WB2005PTC102198
Name of the company	KLASSIK LAMITEX PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Johar Building, Suite No. 6A, 6^th Floor, 22, Lu Tusun Sarani, Kolkata-700073, West Bengal, India
Type of charge	Immovable Property
Particular of charge holder	Haryana State Industrial and Infrastructure Development Corporation Limited, C-13 and 14, Institutional Area, Sector 6, Panchkula-134109, Haryana, India
Email	hsidc@vsnl.net
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation made on 11th day of January, 2012 for a term loan of Rs. 1350.00 lakhs secured by company's assets.
Date of instrument Creating the charge	11.01.2012
Amount secured by the charge	Rs.135.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Prevailing rate of interest of the lender at present being 13.50 % (Floating) Terms of Repayment Twenty Seven, equal, quarterly installments of Rs.5.000 Millions each. Margin As per agreement Extent and Operation of the charge A first charge over the borrower's immovable and movable properties including its machinery, spares tools and accessories, present and future except book debts, stock of Raw materials, semi-finished and finished goods, consumable stores and such other movables as may be agreed for obtaining working capital facilities
Short particulars of the property charged	Equitable mortgage of Company's 8.25 acres land at village Sanpali, P.O. Raliawas, 84 Milestone NH8, Rewari, Haryana 123106. Documents not executed. All Buildings, Plant and machinery, other accessories, movable and immovable assets situated at village Sanpali, P.O. Raliawas, 84 Milestone NH8, Rewari, Haryana 123106.

FIXED ASSETS:

· Office Building

· Motor Car

· Scooter Motor Cycle

· Fax Machine

· Air Conditioner

· Power Invertors

· Cooler

· Refrigerator

· Television

· Water Purifier

· Furniture and Fixtures

· Computer and Computer Software

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.55.80
UK Pound	1	Rs.86.53
Euro	1	Rs.68.58

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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.