MIRA INFORM REPORT

Report Date :

29.06.2012

IDENTIFICATION DETAILS

Name :	S AND H MANUFACTURING AND TRADING PRIVATE LIMITED
Registered Office :	43B and 55, Industrial Estate Kalyani, Nadia – 741235, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.03.1999
Com. Reg. No.:	21 088902
Capital Investment / Paid-up Capital :	Rs.1.386 Millions
CIN No.: [Company Identification No.]	U25192WB1999PTC088902
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Rubber Moulded Products Bicycle Tyre, Cycle Tyre Tube, Hot Water Bags and Others.
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 59000
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 on a secured 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. Sankar
Designation :	Office In charge
Contact No.:	91-9804487796
Date :	18.06.2012

LOCATIONS

Registered Office / Factory :	43B and 55, Industrial Estate Kalyani, Nadia – 741235, West Bengal, India
Tel. No.:	91-33-25025870/25025879/64605203
Mobile No.:	91-9804487796 (Mr. Sankar)
Fax No.:	91-33-25025869
E-Mail :	sankarbose@gmail.com phoneixrubber@gmail.com
Location :	Owned
Branch:	Patna, Bihar, India

DIRECTORS

As on 22.09.2011

Name :

Mrs. Sila Singh Ghose

Designation :

Director

Address :

B-11/190, Kalyani, Nadia – 741235, West Bengal, India

Date of Birth/Age :

20.12.1960

Date of Appointment :

04.03.1999

DIN No.:

01965301

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	U25192WB1999PTC088902	S AND H MANUFACTURING AND TRADING PRIVATE LIMITED	Director	4/03/1999	4/03/1999	-	Active	NO
2	U25203WB2010PTC151426	ALVIS TYRE PRIVATE LIMITED	Director	20/07/2010	20/07/2010	-	Active	NO
3	U51909WB2012PTC182883	REGATTA TECHNO-COM SYSTEM PRIVATE LIMITED	Managing director	19/06/2012	19/06/2012	-	Active	NO

Name :

Mr. Sourajit Ghosh

Designation :

Director

Address :

B-11/190, Kalyani, Nadia – 741235, West Bengal, India

Date of Birth/Age :

27.12.1989

Date of Appointment :

06.03.2008

DIN No.:

01990488

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	U25192WB1999PTC088902	S AND H MANUFACTURING AND TRADING PRIVATE LIMITED	Director	6/03/2008	6/03/2008	-	Active	NO
2	U25203WB2010PTC151426	ALVIS TYRE PRIVATE LIMITED	Director	20/07/2010	20/07/2010	-	Active	NO
3	U51909WB2012PTC182883	REGATTA TECHNO-COM SYSTEM PRIVATE LIMITED	Director	19/06/2012	19/06/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sankar
Designation :	Office In charge

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.09.2011

Names of Shareholders	No. of Shares
Sila Singh Ghose	138514
Sourajit Ghosh	86
Total	138600

As on 30.03.2012

Names of Allottees	No. of Shares
Sila Singh Ghose	461400
Sourajit Ghosh	10000
Total	471400

Equity Share Break up (Percentage of Total Equity)

As on 22.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Rubber Moulded Products Bicycle Tyre, Cycle Tyre Tube, Hot Water Bags and Others.
Terms :
Selling :	Credit (30 Days)
Purchasing :	Credit (30 Days)

PRODUCTION STATUS (31.03.2011)

Particulars	Unit	Actual Production
Hot Water Bags	Pcs	5900
Cycle Tyre		230000

GENERAL INFORMATION

Suppliers :

· Machinery Agency

· SRS Limited

Customers :

Wholesalers

· Milap Rim Industries

No. of Employees :

60 (Approximately)

Bankers :

· State Bank India, Kalyani Central Park, Kalyani – 741235, West Bengal, India

· Allahabad Bank, Red Cross Place Branch, 7, Red Cross Place, Kolkata – 700001, West Bengal, India

· Canara Bank, Kalyani Central Park, Kolkata, West Bengal, India

Facilities :

CC Rs.4.000 Millions (From State Bank India)

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Capital Reserve (Against Hypothecation of Building and Plant and Machinery)	2.980	1.500
Cash Credit account – State Bank of India, Kalyani Branch (Secured against hypothecation of stock of Raw Material Finished Goods, Work in Progress, Debtors and Personal Guarantee of Directors )	2.181	0.100
Total	5.161	1.600
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Director and Shareholders	4.805	4.805
Total	4.805	4.805

Banking Relations :	--
Auditors :
Name :	Prabir Kumar Saha Chartered Accountant
Address :	P-47 Scheme VI-M, Cit Road, Kolkata – 700054, West Bengal, India
Mobile No.:	9831264623
PAN.:	AIZPS0255L

CAPITAL STRUCTURE

As on 22.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
650000	Equity Shares	Rs.10/- each	Rs.6.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
610000	Equity Shares	Rs.10/- each	Rs.6.100 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs.1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
138600	Equity Shares	Rs.10/- each	Rs.1.386 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		1.386	1.386	1.386
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.195	0.195	0.195
4] (Accumulated Losses)		(2.173)	(2.729)	(3.079)
NETWORTH		(0.592)	(1.148)	(1.498)
LOAN FUNDS
1] Secured Loans		5.161	1.600	0.000
2] Unsecured Loans		4.805	4.805	4.569
TOTAL BORROWING		9.966	6.405	4.569
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		9.374	5.257	3.071
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.480	4.445	3.122
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	2.312	1.519	0.432
	Sundry Debtors	0.404	0.159	0.432
	Cash & Bank Balances	0.050	0.913	0.330
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.539	0.029	0.029
Total Current Assets		3.305	2.620	1.223
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.509	0.869	0.957
	Other Current Liabilities	1.902	0.939	0.318
	Provisions	0.000	0.000	0.000
Total Current Liabilities		3.411	1.808	1.275
Net Current Assets		(0.106)	0.812	(0.052)
MISCELLANEOUS EXPENSES		0.000	0.000	0.001
TOTAL		9.374	5.257	3.071

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	18.049	7.224	2.336
		Other Income	0.945	0.902	0.669
		Liability no Longer required	0.000	0.275	0.310
		TOTAL (A)	18.994	8.401	3.315
Less	EXPENSES
		Material Consumed	14.099	6.091	1.519
		Administrative and Other Expenses	2.320	0.842	0.779
		Employees Cost	0.908	0.712	0.400
		Increase /(Decrease) in Stock	(0.630)	(0.231)	(0.067)
		TOTAL (B)	16.697	7.414	2.631
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.297	0.987	0.684
Less	FINANCIAL EXPENSES (D)		0.715	0.139	0.005
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.582	0.848	0.679
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.899	0.438	0.399
	PROFIT BEFORE TAX (E-F) (G)		0.683	0.410	0.280
Less	TAX (I)		0.127	0.061	0.001
	PROFIT AFTER TAX (G-I) (J)		0.556	0.349	0.279
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(2.729)	(3.078)	(3.357)
	BALANCE CARRIED TO THE B/S		(2.173)	(2.729)	(3.078)
	Earnings Per Share (Rs.)		4.01	0.000	0.000

Particulars	31.03.2012
Sales Turnover (Approximately)	50.000 (Business Expansion)

Expected Sales (2012-2013): Rs. 100.000 Millions

The above information has been parted by Mr. Sankar – Office In Charge

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.93	4.15	8.12
Net Profit Margin (PBT/Sales)	(%)	3.78	5.68	11.99
Return on Total Assets (PBT/Total Assets}	(%)	20.67	15.65	22.89
Return on Investment (ROI) (PBT/Networth)		1.15	0.36	0.19
Debt Equity Ratio (Total Liability/Networth)		22.60	7.15	3.90
Current Ratio (Current Asset/Current Liability)		0.97	1.45	0.96

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	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%	Yes
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
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

ACCOUNTS AND OPERATION

During the year the turnover of the company has been increased from that of the earlier years and same is considered to form a significant impression regarding turn about towards the financial soundness by the Company. During the year company has procured good order from all over India

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25192WB1999PTC088902
Name of the company	S AND H MANUFACTURING AND TRADING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	43B and 55, Industrial Estate Kalyani, Nadia – 741235, West Bengal, India Email: phoneixrubber@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10199100
Type of charge	Immovable property
Particular of charge holder	State Bank India, Kalyani Central Park, Kalyani – 741235, West Bengal, India Email: sbi.01082@sbi.co.in
Nature of instrument creating charge	Letter of arrangement dated 29.03.2011.
Date of instrument Creating the charge	29.03.2011
Amount secured by the charge	Rs.7.400 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Working Capital- 5.50% Margin Above The Base Rate 8.25% Total 13.75% Term Loan 6.25% Margin Above The Base Rate 8.25% Total 14.50% Terms of Repayment Working capital- repayable on demand Term loan- will be repaid on 59 monthly instalments which is 57000/- + interest comencing on 22/05/2010 and the last instalments falling due on 22/03/2014 Margin Domestic Receivables- 25 % Extent and Operation of the charge CC - Rs. 4.000 Millions E M of Factory Land and Building Valued Rs .1.473 Millions and Tl – Rs.3.400 Millions - Hypothecation Of Stock and Receivables 12 Months as per letter of arrangement dated 29.03.2011. Others
Short particulars of the property or asset(s) charged (including complete address and location of the property)	E M of factory land and building located at 43 B & 55 Kalyani Industrial Estate Po- Kalyani , Dist - Nadia Pin- 741235 West Bengal, India
Particulars of the present modification	Enhancement of working capital loan of Rs 2.000 Millions

TRADE REFERENCE

· Machinery Agency

· SRS Limited

· Milap Rim Industries

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Electrical Installation

· Computer

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.56.91
UK Pound	1	Rs.71.24
Euro	1	Rs.88.90

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	--
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		14

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.