MIRA INFORM REPORT

Report Date :

17.07.2012

IDENTIFICATION DETAILS

Name :	OMKAR PUF INSULATION PRIVATE LIMITED
Registered Office :	R-875, TTC Industrial Area, MIDC, Near Golden Garage, Rabale, Navi Mumbai – 400 701, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.04.2005
Com. Reg. No.:	11-152614
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U26999MH2005PTC152614
TAN No.: [Tax Deduction & Collection Account No.]	MUMO03679E
PAN No.: [Permanent Account No.]	AAACO7384C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of PU Foam, PUF Sheets Supports, Rigid PU Foam, PUF Pipe Sections and Slabs, Insulated Pipe Sections.
No. of Employees :	45 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 52000
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 on a 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. Sanjay Haripant Valsangkar
Designation :	Director
Contact No.:	91-9821024110
Date :	14.07.2012

LOCATIONS

Registered Office/ Factory :	R-875, TTC Industrial Area, MIDC, Near Golden Garage, Rabale, Navi Mumbai – 400 701, Maharashtra, India
Tel. No.:	91-22-27641347/ 27641362/ 61
Mobile No.:	91-9821024110 (Mr. Sanjay Haripant Valsangkar)
Fax No.:	91-22-27641347
E-Mail :	omkarpufinsulation@yahoo.co.in response@omkarpufinsulation.com
Website :	www.omkarpufinsulation.com
Area :	6000 Sq. ft.
Location :	Owned

\DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Sanjay Haripant Valsangkar
Designation :	Director
Address :	1003, Chandan Apartment, Hutatma Chaphekar Bandhu Marg, Mulund (East), Mumbai – 400 081, Maharashtra, India
Date of Birth/Age :	05.11.1961
Date of Appointment :	24.05.2007
DIN No.:	00145880
Name :	Mr. Prafull Sadanand Joshi
Designation :	Director
Address :	305, Chintamani Co-Operative Housing Society, B K Road, Mulund (East), Mumbai – 400 081, Maharashtra, India
Date of Birth/Age :	08.01.1961
Date of Appointment :	13.04.2005
DIN No.:	00671385
Name :	Mrs. Yugandhara Sanjay Valsangkar
Designation :	Director
Address :	A/4, Vishakha Co-Operative Housing Society, Sane Guruji Nagar, Mulund (East), Mumbai – 400 081, Maharashtra, India
Date of Birth/Age :	31.05.1969
Date of Appointment :	13.04.2005
DIN No.:	00671591
Name :	Mrs. Pravina Prafulla Joshi
Designation :	Director
Address :	305, Chintamani Co-Operative Housing Society, B K Road, Mulund (East), Mumbai – 400 081, Maharashtra, India
Date of Birth/Age :	16.10.1964
Date of Appointment :	13.04.2005
DIN No.:	02639850

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Sanjay Haripant Valsangkar	2500
Prafull Sadanand Joshi	2500
Yugandhara Sanjay Valsangkar	2500
Pravina Prafulla Joshi	2500
Total	10000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of PU Foam, PUF Sheets Supports, Rigid PU Foam, PUF Pipe Sections and Slabs, Insulated Pipe Sections.
Products :	· Foam Rexine · PU Products · PUF Sheets · PUF Pipe Sections · PUF Pipe Supports · PUF Sandwich Panels
Imports :
Products :	Machinery
Countries :	China
Terms :
Selling :	L/C
Purchasing :	L/C

GENERAL INFORMATION

Suppliers :

· Alfa Chemo Plast Private Limited

· Amrit Chem

· BASF Polyurethanes India Limited

· Bayer Material Science Private Limited

· Expanded Polymer Systems Private Limited

· Tandy Innovative Chemicals Private Limited

· Igloo Refrigeration and Engineering

· Huntsman International (India) Private Limited

Customers :

Construction

No. of Employees :

45 (Approximately)

Bankers :

· Bank of India

Mulund (East) Branch, Mulund, Mumbai – 400 081, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loans and Advances from Banks
Loan from Bank of India (Secured against Plant and Machinery)	1.012	1.450
Loan from Bank of India (Secured against Factory Building)	0.000	1.235
Cash Credit
Bank of India CC A/c (Debtors)	1.316	2.082
Bank of India CC A/c – 2 (Stock)	0.496	(0.001)
Total	2.824	4.766
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors	11.316	10.566
Total	11.316	10.566

Banking Relations :	--
Auditors :
Name :	CVK and Associates Chartered Accountant
Address :	A-103/ 104, Varad Laxmi, Gokhale Road, Mulund (East), Mumbai – 400 081, Maharashtra, India
PAN No.:	AAAFC3657K

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12.851	8.811	6.704
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		12.951	8.911	6.804
LOAN FUNDS
1] Secured Loans		2.824	4.766	3.898
2] Unsecured Loans		11.316	10.566	5.629
TOTAL BORROWING		14.140	15.332	9.527
DEFERRED TAX LIABILITIES		0.757	0.744	0.000
TOTAL		27.848	24.987	16.331
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.523	13.900	9.538
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.046
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.260	2.048	1.764
	Sundry Debtors	18.148	12.176	8.635
	Cash & Bank Balances	1.744	1.185	0.053
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.829	2.869	2.236
Total Current Assets		24.981	18.278	12.688
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	4.586	3.020	1.242
	Other Current Liabilities	1.825	1.056	1.402
	Provisions	4.245	3.115	3.304
Total Current Liabilities		10.656	7.191	5.948
Net Current Assets		14.325	11.087	6.740
MISCELLANEOUS EXPENSES		0.000	0.000	0.007
TOTAL		27.848	24.987	16.331

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	TURNOVER		7.079	54.569	48.740
	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		8.026	5.358	5.653
Less/ Add	DEPRECIATION/ AMORTISATION		1.849	1.306	1.372
	PROFIT BEFORE TAX		6.177	4.052	4.281
Less	TAX		2.012	1.951	1.208
	PROFIT AFTER TAX		4.165	2.101	3.073
	Earnings Per Share (Rs.)		416.500	210.10	--

Particulars	31.03.2012
Sales Turnover (Approximately)	86.000

Expected Sales (2012-13): Rs.100.000 Millions

The above information has been parted by Mr. Sanjay Haripant Valsangkar.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	16.04	12.59	19.26
Return on Investment (ROI) (PBT/Networth)		0.48	0.45	0.63
Debt Equity Ratio (Total Liability/Networth)		1.91	2.53	2.27
Current Ratio (Current Asset/Current Liability)		2.34	2.54	2.13

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	Yes
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

NOTE

The Registered Office of the company has been shifted from, Navsagar Factory Compound, Lake Road, Bhandup (West), Mumbai – 400 078, India to the present address w.e.f. 01.12.2006.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	90365684
Corporate identity number of the company	U26999MH2005PTC152614
Name of the company	OMKAR PUF INSULATION PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	R-875, TTC Industrial Area, MIDC, Near Golden Garage, Rabale, Navi Mumbai – 400701, Maharashtra, India omkarpufinsulation@yahoo.co.in
Type of charge	Immovable property Book Debts Movable Property Floating Charge Others: Current and Fixed Assets
Particular of charge holder	Bank of India Mulund (East) Branch, Shree Vallabh Apartments, Hanuman Chowk, Lokmanya Tilak Road, Mulund-East, Mumbai – 400080, Maharashtra, India adlalwani@rediffmail.com
Nature of description of the instrument creating or modifying the charge	1. Hypothecation cum loan agreement 2. General counter guarantee and indemnity covering several guarantees within the sanctioned limit (All the above agreements constitute a single charge)
Date of instrument Creating the charge	15/12/2011
Amount secured by the charge	Rs.9.700 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest ROI=3.5% over base rate presently 14.25 % for cash credit accounts, 4%over base rate (inclusive of tenor prem of 0.5%) presently 14.75% for term loan and/or as stipulated by bank from time to time Terms of Repayment Term loan to be repaid presently 14.25 % for cash credit accounts and/over as stipulated by bank from time to time Margin Stock=25%, Book Debts=40%, Term Loan=26% , L.C.=25% in Banks TDR, Guarantees=25% in bank's TDR and/or as stipulated by bank from time to time Extent and Operation of the charge First Charge (Present and Future)=Total Limit Rs.9.700 Millions ((1) Cash Credit (Hyp of Stock)= Rs.1.500 Millions, (2) Cash Credit (Hyp of Book Debts)= Rs.1.500 Millions, (3)term loan(Hyp of Machinery)= Rs.1.700 Millions = Total Fund Based Limit (1+2+3)=Rs.4.700 Millions (1) LC Import/ Inland = Rs.5.000 Millions (2) Guarantee Inland=Rs.2.500 Millions = Total Non Fund Based Limits (Maximum 1+2) = Rs.5.000 Millions and/or as stipulated by bank from time to time Others As stipualted by bank from time to time and as per agreement attached and as per sanction letter of the bank
Short particulars of the property charged	First Charge (Present and Future on following assets):- Hypothecation of all stock/ inventories/ goods/ products/ spares/ tools kept at borrower place/ factories/ godowns/ premises or wherever else on transit including all material/goods bought under letter of credit/guarantee Hypothecation of all book debts and receivables Hypothecation of all plant and machinery installed or to be installed Hypothecation of all current, movable and fixed assets of the company EMG of company's factory land and Building at R-875 TTC Industrial Area MIDC Reabale Navi Mumbai with all fixed assets
Particulars of the present modification	By this modification limit is enhanced to Rs.9.700 Millions (1) Cash Credit (Hypothecation of Stock) = Rs.1.500 Millions, (2) cash credit (Hypothecation of Book Debts) = Rs.1.500 Millions, (3) Term Loan (Hypothecation of Machinery) = Rs.1.700 Millions = Total Fund Based Limit (1+2+3) = Rs.4.700 Millions (1) LC Import/Inland = Rs.5.000 Million (2) Guarantee Inland = Rs.2.500 Millions = Total Non Fund Based Limits (Maximum 1+2) = Rs.5.000 Millions, securities are continued as given by original charge as well as by modifications.

FIXED ASSETS:

· Land

· Compressor

· Computer

· EPABX

· Fax Machine

· Furniture

· Machinery

· Moulds

· Office Equipment

· Rabale – Factory Shed

· Motor Vehicle

· Water Coolers

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.55.66
UK Pound	1	Rs.85.89
Euro	1	Rs.67.88

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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		48

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.