MIRA INFORM REPORT

Report Date :

26.07.2012

IDENTIFICATION DETAILS

Name :	REAL INNERSPRING TECHNOLOGIES PRIVATE LIMITED
Registered Office :	111, M.J. Shopping Centre, 3A Veer Savarkar Block, Shakarpur, Delhi – 110092
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.03.2004
Com. Reg. No.:	55-125143
Capital Investment / Paid-up Capital :	Rs. 9.500 Millions
CIN No.: [Company Identification No.]	U74899DL2004PTC125143
TAN No.: [Tax Deduction & Collection Account No.]	DELR11114F
PAN No.: [Permanent Account No.]	AACCR7126D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Suppliers of Pocket Spring Units, Bonnell Spring Units, Pocketed Spring Units, Pocketed String Mattresses, and Bonnell Spring Mattresses
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 50000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	111, M.J. Shopping Centre, 3A Veer Savarkar Block, Shakarpur, Delhi – 110092, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	roc.databank@gmail.com
Website :	http://www.spring-mattresses.com
Factory :	B-7, Sector – 3, Noida, 201, 301, Uttar Pradesh
Tel. No.:	91-120-4737700/01

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Shobhit Gupta

Designation :

Director

Address :

43/1, Rajpura Road, Civil Lines, Delhi, India

Date of Appointment :

12.03.2004

DIN No.:

00033275

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1985PTC021158	POLYTRON INDUSTRIES PRIVATE LIMITED	Director	01/05/2001	01/05/2001	-	Active	NO
2	U74899DL2004PTC125143	REAL INNERSPRING TECHNOLOGIES PRIVATE LIMITED	Director	12/03/2004	12/03/2004	-	Active	NO
3	U51909DL2006PTC151060	SWASTIK FMCG SALES PRIVATE LIMITED	Director	17/07/2006	17/07/2006	-	Active	NO
4	U15495DL2006PLC154723	CATCH FOODS (INDIA) LIMITED	Director	12/10/2006	12/10/2006	-	Active	NO
5	U74999DL2006PTC156576	ARSUS ORGANICS AND PACKAGING PRIVATE LIMITED	Director	14/12/2006	14/12/2006	-	Active	NO
6	U74899DL2005PTC142931	DS REALETORS PRIVATE LIMITED	Director	31/12/2008	16/06/2007	31/03/2009	Active	NO
7	U70101DL2006PTC146854	ABHISAR BUILDWELL PRIVATE LIMITED	Whole-time director	01/05/2012	01/01/2009	-	Active	NO
8	U51909DL2009PLC186344	SWASTIKSUBHAM INTERNATIONAL LIMITED	Director	01/07/2009	01/07/2009	-	Active	NO
9	U17120DL2008PTC179874	NOWOTEK TEXTILES PRIVATE LIMITED	Director	01/01/2011	01/01/2011	-	Active	NO

Name :

Nitin Gupta

Designation :

Director

Address :

91, Jagriti Enclave, Delhi, India

Date of Appointment :

12.03.2004

DIN No.:

00617807

Name :

Archit Gupta

Designation :

Director

Address :

43/1, Rajpur Road, Delhi – 110054, India

Date of Appointment :

01.04.2010

DIN No.:

00458769

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	U51909DL2006PTC151060	SWASTIK FMCG SALES PRIVATE LIMITED	Additional director	05/12/2007	05/12/2007	Active	NO
2	U74999DL2006PTC156576	ARSUS ORGANICS AND PACKAGING PRIVATE LIMITED	Director	26/03/2008	26/03/2008	Active	NO
3	U17120DL2008PTC179874	NOWOTEK TEXTILES PRIVATE LIMITED	Director	23/06/2008	23/06/2008	Active	NO
4	U20290DL2008PTC182592	SLEEPZONE MATTRESSES PRIVATE LIMITED	Additional director	01/09/2008	01/09/2008	Active	NO
5	U74899DL2004PTC125143	REAL INNERSPRING TECHNOLOGIES PRIVATE LIMITED	Director	30/09/2010	01/04/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Mr. Shobhit Gupta	185000
Mr. Nitin Gupta	38700
Ms. Rachna Gupta	376600
Ms. Archit Gupta	209700
Anjul Bansal	100000
Randhir Gupta	10
Satish Kumar Gupta	40000
Total	950010

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	89.47
Other top fifty shareholders	10.53
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Suppliers of Pocket Spring Units, Bonnell Spring Units, Pocketed Spring Units, Pocketed String Mattresses, and Bonnell Spring Mattresses

Products :

ITC Code	Product Descriptions
9402910	Spring Unit/ Matress
48195090	Composit Containers

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Corporation Bank, M-41, Connaught Circus Branch, New Delhi – 110001, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Corporation Bank – TL (Secured by EM on land and building and plant and machinery)	14.212	18.451
Corporation Bank (Secured by pledge of vehicle)	0.555	0.000
HDFC Bank (Secured by pledge of vehicle)	0.000	0.246
ICICI Bank (Secured by pledge of vehicle)	0.225	0.453
Tata Motors Finance Limited(Secured by pledge of vehicle)	0.127	0.318
ICICI Bank (Secured by pledge of vehicle)	0.021	0.099
ICICI Bank (Secured by pledge of vehicle)	0.192	0.263
Kotak Mahindra Prime Limited (Secured by pledge of vehicle)	0.143	0.201
Corporation Bank – TL (Secured by hypothecation of Stock and BD)	15.585	9.764
Total	31.060	29.795
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Directors and their relatives	6.956	4.376
From Shareholders	14.428	13.410
From Corporate Deposit	2.800	2.800
Total	24.184	20.586

Banking Relations :	--
Auditors :
Name :	JPRMS and Company Chartered Accountant
Address :	7, LGF, Shreshtha Vihar, Delhi - 110092, India
Tel. No.:	91-11-43023189/ 43023197
E-Mail :	office@jprms.com
Website :	www.jprms.com
Income-tax PAN of auditor or auditor's firm :	AAGFP9320A
Memberships :	ISPA
Associates :	v Multiplex Corporation v Multiplex Corporation Private Limited v Sleepzone Mattresses Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Share	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
950,010	Equity Share	Rs.10/- each	Rs. 9.500 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		9.500	9.500	8.500
2] Share Application Money		7.093	0.000	0.000
3] Reserves & Surplus		4.000	4.000	0.000
4] (Accumulated Losses)		(5.774)	(6.997)	(1.286)
NETWORTH		14.819	6.503	7.214
LOAN FUNDS
1] Secured Loans		31.060	29.795	30.967
2] Unsecured Loans		24.184	20.586	18.549
TOTAL BORROWING		55.244	50.381	49.516
DEFERRED TAX LIABILITIES		3.226	2.507	2.065
TOTAL		73.289	59.391	58.795
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		54.380	51.518	37.181
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	12.966	10.379	11.638
	Sundry Debtors	20.941	19.365	16.457
	Cash & Bank Balances	0.542	1.621	0.555
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.275	4.237	9.594
Total Current Assets		37.724	35.602	38.244
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	15.981	26.471	15.401
	Other Current Liabilities	3.557	2.379	2.614
	Provisions	0.000	0.000	0.134
Total Current Liabilities		19.538	28.850	18.149
Net Current Assets		18.186	6.752	20.095
MISCELLANEOUS EXPENSES		0.723	1.121	1.519
TOTAL		73.289	59.391	58.795

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	92.772	54.433	64.908
		Other Income	0.112	1.363	0.136
		TOTAL	92.884	55.796	65.044
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	90.941	60.686	64.222
	PROFIT/ LOSS BEFORE TAX		1.943	[4.890]	0.822
Less	TAX		0.720	0.821	1.427
	PROFIT/ LOSS AFTER TAX		1.223	[5.711]	[0.605]
	Earnings/ Losss Per Share (Rs.)		0.64	[6.01]	[0.71]

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.32	[10.24]	[0.93]
Net Profit Margin (PBT/Sales)	(%)	2.09	[8.98]	1.27
Return on Total Assets (PBT/Total Assets}	(%)	2.11	[6.56]	1.09
Return on Investment (ROI) (PBT/Networth)		0.13	[0.75]	0.11
Debt Equity Ratio (Total Liability/Networth)		5.05	12.18	9.38
Current Ratio (Current Asset/Current Liability)		1.93	1.23	1.90

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Passport No of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No

Note: The registered address of the company has been shifted from 12/1, Basement, Jeevan Raksha Building, New Delhi – 110002, India to the present address w.e.f. 01.04.2010

FINANCIAL RESULT

During the year the company has earned net profit/(loss) (before tax) of Rs. 1.943 Millions as against previous year’s loss figure of Rs. (5.295 Millions) The company is hopeful of performing better in coming years.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74899DL2004PTC125143
Name of the company	REAL INNERSPRING TECHNOLOGIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	111, M.J. Shopping Centre, 3A Veer Savarkar Block, Shakarpur, Delhi – 110092, India
This form is for	Modification of charge
Charge identification number of the modified	90044495
Type of charge	Book debts Movable property Others (Stock)
Particular of charge holder	Corporation Bank, M-41,Connaught Circus, New Delhi – 110001, India Email ID: cb141@corpbank.co.in
Nature of description of the instrument creating or modifying the charge	Fourth Supplementary Common deed of hypothecation of Movables/Assets/Debts.
Date of instrument Creating the charge	09.11.2011
Amount secured by the charge	Rs. 41.250 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC: Base Rate +3.10% i.e. 13.75% p.a. at present compounded monthly subject to change from time to time. TLS (Review) and TLS (Fresh) : Base Rate+3.70% i.e. 14.35% p.a. at present. Terms of Repayment As per terms of Sanction. Margin As per terms of Sanction. Extent and Operation of the charge Cash Credit : Rs. 20.000 Millions Term Loan-II(Review) : Rs. 11.750 Millions Inland/Import LC : Rs. 3,000 Millions Bank Guarantee : Rs. 1.000 Millions Term Loan-III (Fresh Sanction) : Rs. 5.500 Millions Others -NA-
Short particulars of the property charged	Exclusive charge by way of hypothecation of entire stock comprising vehicles, pares parts etc., entire receivables and other current assets of the company at its Showroom, Factory, Godown etc. and any other place belonging to or may belong to and held as owner/lessee/ licencee by the borrower company to be informed to the Bank. Exclusive Charge by way of hypothecation of plant and machinery and all other fixed assets (Existing as well as future) of the company. First Charge on Entire Plant & Machinery and Other Movables Assets of the Company.
Date of Modification	30.12.2008
Particulars of the present modification	The limits stands enhanced from Rs. 33.700 Millions to Rs. 41.250 Millions. Cash Credit : Rs.10.000 Millions to Rs.20.000 Millions TL-I (Review) : Rs. 2.100 Millions - TL-II (Review) : Rs.19.600 Millions to Rs.11.750 Millions Inland/Import LC : Rs. 1.000 Millions to Rs. 3.000 Millions Bank Guarantee : Rs. 1.000 Millions to Rs. 1.000 Millions TL-III (Fresh Sanction) : - Rs. 5.500 Millions

FIXED ASSETS:

v Office Cabin

v Land

v Building

v Furniture and Fixture

v Plant and Machinery

v Vehicle

v Commercial Vehicle

v Office Equipment

v Computer Periphery

v 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. 56.38
UK Pound	1	Rs. 87.44
Euro	1	Rs. 68.05

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.