MIRA INFORM REPORT

Report Date :

10.03.2012

IDENTIFICATION DETAILS

Name :	ABDOS LAMITUBES PRIVATE LIMITED
Registered Office :	NH-37, Pub-Boragaon, P.O. Garchuk, Guwahati – 781 035, Assam
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.04.2004
Com. Reg. No.:	02-007382
Capital Investment / Paid-up Capital :	Rs.19.165 millions
CIN No.: [Company Identification No.]	U25202AS2004PTC007382
TAN No.: [Tax Deduction & Collection Account No.]	SHLA00443C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Multilayer Laminated Plastic Tubes.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 515000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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 normal 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 :	NH-37, Pub-Boragaon, P.O. Garchuk, Guwahati – 781 035, Assam, India
Tel. No.:	91-361-2270322/ 0331/ 0332/ 2272232/ 2740644
Fax No.:	91-361-2740640
E-Mail :	Abdos.care@abdosindia.com shyam@abdosindia.com info@abdosindia.com
Website :	http://www.abdosindia.com
Head Office :	Abdos House, Jalan Industrial Complex, Bombay Highway, N.H. 6, Biprannapara, Howrah – 711 411, West Bengal India
Tel. No.:	91-33-26696621/ 3056
Fax No.:	91-33-26692152

DIRECTORS

As on 30.09.2011

Name :

Mr. Arun Kumar Ram Gopal Agarwal

Designation :

Whole Time Director

Address :

8/1, Hardutrai Chamaria Road, Howrah – 711 101, West Bengal, India

Date of Birth/Age :

01.07.1957

Date of Appointment :

01.04.2007

DIN No.:

00212848

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1983PTC017067	Abhishek Agro Industries Private Limited	Director	20-08-89	20-08-89	Active	NO
2	U25206WB1994PLC063054	Abdos Polymers Limited	Director	27-04-94	27-04-94	Active	NO
3	U25202AS2004PTC007382	Abdos Lamitubes Private Limited	Whole-time director	01-04-07	12-04-04	Active	NO

Name :

Mr. Ajay Ram Gopal Agarwal

Designation :

Whole Time Director

Address :

8/1, Hardutrai Chamaria Road, Howrah – 711 101, West Bengal, India

Date of Birth/Age :

01.02.1966

Date of Appointment :

01.04.2007

DIN No.:

00214253

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1983PTC017067	Abhishek Agro Industries Private Limited	Director	20-08-89	20-08-89	Active	NO
2	U25206WB1994PLC063054	Abdos Polymers Limited	Director	27-04-94	27-04-94	Active	NO
3	U25202AS2004PTC007382	Abdos Lamitubes Private Limited	Whole-time director	01-04-07	12-04-04	Active	NO

Name :

Mr. Kamal Ram Gopal Agarwal

Designation :

Whole Time Director

Address :

8/1, Hardutrai Chamaria Road, Howrah – 711 101, West Bengal, India

Date of Birth/Age :

28.05.1963

Date of Appointment :

01.04.2007

DIN No.:

00212971

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25206WB1994PLC063054	Abdos Polymers Limited	Director	27-04-94	27-04-94	Active	NO
2	U51141WB1996PTC077384	Abdos Oils Private Limited	Director	19-02-96	19-02-96	Active	NO
3	U25202AS2004PTC007382	Abdos Lamitubes Private Limited	Whole-time director	01-04-07	12-04-04	Active	NO
4	U85100WB2008PTC123903	Abdos Labtech Private Limited	Director	10-03-08	10-03-08	Active	NO

Name :

Mr. Bijay Bishwanath Agarwal

Designation :

Whole Time Director

Address :

Tarun Nagar, 4^th Bye Lane, House No-1, 1^st Floor, Guwahati – 781 005, Assam, India

Date of Birth/Age :

15.04.1969

Date of Appointment :

01.04.2007

DIN No.:

00216157

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25202AS2004PTC007382	Abdos Lamitubes Private Limited	Whole-time director	01-04-07	01-05-04	Active	NO

Name :

Mr. Amit Atmaram Agarwal

Designation :

Whole Time Director

Address :

Tarun Nagar, 1st Bye Lane, House No-1, 1st Floor, Guwahati – 781 005, Assam, India

Date of Birth/Age :

16.05.1977

Date of Appointment :

01.04.2007

DIN No.:

00216246

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25202AS2004PTC007382	Abdos Lamitubes Private Limited	Whole-time director	01-04-07	01-05-04	Active	NO
2	U24241WB1995PLC068554	Abdos Consumer Care Limited	Director	01-02-06	01-02-06	Active	NO
3	U25200MH1955NPL009601	The Plastics Export Promotion Council	Director	29-09-11	29-09-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Agarwal Kamal	106980
Agarwal Bijay	99030
Agarwal Amit	71030
Agarwal Ajay	79490
Agarwal Kumar Arun	2800
Atmaram Agarwal and Sons HUF	73100
Bishwanath Agarwal and Sons HUF	124100
Agarwal Devi Durga	54100
Agarwal Kanta	47100
Agarwal Neetu	137600
Agarwal Pushpa	123600
Agarwal Kumar Raj	100
Ramgopal Agarwal and Sons HUF	22100
Ranglal Agarwal HUF	100100
Agarwal Kumar Sanjay	231100
Sanjay Kumar Agarwal and Sons HUF	112100
Abdos Oils Private Limited, India	381980
Atmaram Agarwal	150100
Total	1916510

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	19.93
Directors or relatives of directors	57.56
Other top fifty shareholders	22.51
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Multilayer Laminated Plastic Tubes.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	2011 Quantity [in Pcs. (mill)]
Licensed Capacity	N.A.
Installed Capacity	220
Actual Production	72.63

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Standard Chartered Bank, 23-25, M.G. Road, Mumbai – 400 001, Maharashtra, India
• Standard Chartered Bank, 90, M.G. Road, Fort, Mumbai – 400 001, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Banks:
Standard Chartered Bank – Term Loan (Secured by hypothecation of plant and machinery and guaranteed by Directors)	26.833	39.233
Packing Credit	0.000	0.000
Total	26.833	39.233

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Directors	0.000	0.000
From Shareholders	1.026	11.906
Total	1.026	11.906

Banking Relations :	--
Auditors :
Name :	Sampat Jain and Associates Chartered Accountants
Address :	Saraswati Apartments, 1^st Floor, Chilarai Nagar Path, Bhangagarh, Guwahati, 781 005, Assam, India
Income-tax PAN of auditor or auditor's firm :	AAHFS3251J
Associates :	v Abdos Oils Private Limited v Abdos Consumer Care Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1916510	Equity Shares	Rs.10/- each	Rs.19.165 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		19.165	19.165	19.165
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		109.560	87.091	69.786
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		128.725	106.256	88.951
LOAN FUNDS
1] Secured Loans		26.833	39.233	60.160
2] Unsecured Loans		1.026	11.906	11.311
TOTAL BORROWING		27.859	51.139	71.471
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		156.584	157.395	160.422
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		48.717	65.312	86.871
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		39.462	18.695	16.195
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	71.179	60.120	57.580
	Sundry Debtors	32.947	25.305	27.234
	Cash & Bank Balances	1.403	60.979	37.473
	Other Current Assets	4.109	4.029	3.720
	Loans & Advances	121.167	77.739	43.089
Total Current Assets		230.805	228.172	169.096
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	134.880	135.108	97.476
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	27.597	19.779	14.393
Total Current Liabilities		162.477	154.887	111.869
Net Current Assets		68.328	73.285	57.227
MISCELLANEOUS EXPENSES		0.077	0.103	0.129
TOTAL		156.584	157.395	160.422

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	620.942	608.140	NA
		Other Income
		TOTAL	620.942	608.140	NA
Less	EXPENSES
		Office Expenses	581.716	576.443	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	581.716	576.443	NA
	PROFIT BEFORE TAX		39.226	31.697	42.257
Less	TAX		7.818	5.424	4.951
	PROFIT AFTER TAX		31.408	26.273	37.306
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.090	4.786	41.449
Less	APPROPRIATIONS
		Dividend	7.666	7.666	7.666
		Dividend Tax	1.273	1.303	1.303
		Transfer to General Reserve	20.000	20.000	65.000
	BALANCE CARRIED TO THE B/S		4.560	2.090	4.786
	Earnings Per Share (Rs.)		16.39	13.71	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.06	4.32	NA
Return on Total Assets (PBT/Total Assets}	(%)	14.03	10.80	16.51
Return on Investment (ROI) (PBT/Networth)		0.30	0.30	0.48
Debt Equity Ratio (Total Liability/Networth)		1.48	1.94	2.06
Current Ratio (Current Asset/Current Liability)		1.42	1.47	1.51

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSETS:

· Plant and Machinery

· Air Compressor and Air Dryer

· Chiller

· Air Conditioner

· Generator

· Computer

· Vehicles

· Electrical Installation

· Fax Machine

· Fire Equipments

· Furniture and Fixture

· Gyser

· EPABX

· Plant and Machinery

· Weighing Scale

· Laboratory Equipment

· Xerox Machine

· Racking System

· Locker

· Office Equipments

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.50.02
UK Pound	1	Rs.79.00
Euro	1	Rs.66.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.