MIRA INFORM REPORT

Report Date :

20.03.2012

IDENTIFICATION DETAILS

Name :	VIKAS ELASTOCHEM AGENCIES PRIVATE LIMITED
Registered Office :	87, Sir M.V. Road, Rubber Industries India Compound, Andheri (East), Mumbai – 400 093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.04.1989
Com. Reg. No.:	11-051254
Capital Investment / Paid-up Capital :	Rs.0.105 million
CIN No.: [Company Identification No.]	U51495MH1989PTC051254
TAN No.: [Tax Deduction & Collection Account No.]	MUMV11086F MUMV10174D
PAN No.: [Permanent Account No.]	AAACV1560F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Rubber and Rubber Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 86000
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 :	87, Sir M.V. Road, Rubber Industries India Compound, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-66921101
Fax No.:	Not Available
E-Mail :	sales@elastochemie.com

DIRECTORS

As on 26.09.2011

Name :

Subramanian Kannan

Designation :

Director

Address :

16, Thiru Appartment, 3^rd Main Road, Raja Annamalaipuram, Chennai – 600 028, Tamilnadu, India

Date of Appointment :

03.04.1989

DIN No.:

03442350

Name :

Mr. Vinod Manoharlal Bhatia

Designation :

Director

Address :

132, S A Road-B, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

Date of Appointment :

03.04.1989

Name :

Mr. Anil Krishnadas Sampat

Designation :

Director

Address :

Bhagwan, Plot No.50, Vallabh Co-Operative Housing Society Limited, Road No.2, JVPD Scheme, Vile Parle (West), Mumbai – 400 058, Maharashtra, India

Date of Birth/Age :

04.04.1954

Date of Appointment :

03.04.1989

Date of Ceasing :

08.10.2011

DIN No.:

00999164

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67120MH1985PTC035372	Minoti Investment and Rubber Industries Private Limited	Director	16-02-85	16-02-85	-	Dormant	NO
2	U51495MH1989PTC051254	Vikas Elastochem Agencies Private Limited	Director	03-04-89	03-04-89	08-10-11	Active	NO
3	U25110MH1989PTC052081	Elastochemie Impex Private Limited	Director	07-06-89	07-06-89	-	Active	NO
4	U25110MH1989PTC052080	Anka Trading and Agencies Private Limited	Director	25-07-89	25-07-89	-	Active	NO
5	U25190MH2008PTC179060	Andheri Rubber Industries (India) Private Limited	Director	19-02-08	19-02-08	-	Active	YES

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders (Equity Shares)	No. of Shares
Anil Krishnadas Sampat	2999
Vinod Manoharlal Bhatia	333
Subramanian Kannan	3332
Trident Polychem Private Limited, India	3000
Minoti Anil Sampat	1
Mihika Anil Sampat	1
Geeta Subramanian Kanan	1
Kaumudi Anil Sampat	332
Total	9999

Names of Shareholders (Preference Shares)	No. of Shares
Kaumudi Anil Sampat	167
Vinod Manoharlal Bhatia	167
Subramanian Kannan	167
Total	501

As on 26.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Rubber and Rubber Chemicals.

Products :

Item Code No. (ITC Code)	4002
Product Description	Synthetic Rubber
Item Code No. (ITC Code)	3910
Product Description	Silicone Rubber

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Axis Bank Limited, CMC, Karumuthu Nilayam, No.192, Anna Salai, Chennai – 600 002, Tamilnadu, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Financial Institution (Secured against Vehicle)	0.725	0.457
Total	0.725	0.457

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Directors	6.754	6.459
From Shareholders	6.990	6.702
Total	13.744	13.161

Banking Relations :	--
Auditors :
Name :	Vora and Associates Chartered Accountants
Address :	103, Rewa Chambers, 31, New Marine Lines, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-22005934/ 22031110
Fax No.:	91-22-22063289
Income-tax PAN of auditor or auditor's firm :	AACFV6555H

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million
10000	11% Non Cumulative, Non Participating Redeemable Preference Shares (Redeemable at the company’s option by giving a notice of not less than 48 hours, but subject to and in accordance with the applicable provisions of the law for the time being in force)	Rs.10/- each	Rs.0.100 million
	Total		Rs.0.200 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9999	Equity Shares	Rs.10/- each	Rs.0.100 million
501	Redeemable Preference Shares	Rs.10/- each	Rs.0.005 million
	Total		Rs.0.105 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		0.105	0.105	0.105
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		21.295	12.958	9.112
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		21.400	13.063	9.217
LOAN FUNDS
1] Secured Loans		0.725	0.457	0.042
2] Unsecured Loans		13.744	13.161	12.441
TOTAL BORROWING		14.469	13.618	12.483
DEFERRED TAX LIABILITIES		0.014	0.009	0.009
TOTAL		35.883	26.690	21.709
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.006	1.131	1.300
Capital work-in-progress		0.000	0.631	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.882	9.766	8.513
	Sundry Debtors	25.661	25.663	21.214
	Cash & Bank Balances	0.708	2.225	0.703
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.443	0.646	0.653
Total Current Assets		44.694	38.300	31.083
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.356	13.372	10.674
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	1.461	0.000	0.000
Total Current Liabilities		10.817	13.372	10.674
Net Current Assets		33.877	24.928	20.409
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		35.883	26.690	21.709

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	127.333	94.835	74.873
		Other Income	1.020	NA	NA
		TOTAL	128.353	NA	NA
Less	EXPENSES
		Office Expenses	115.672	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	115.672	NA	NA
	PROFIT BEFORE TAX		12.681	5.576	2.400
Less	TAX		4.350	1.730	0.810
	PROFIT AFTER TAX		8.327	3.846	1.590
Add/ Less	Previous Year Adjustment		(0.011)	0.000	(0.008)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		11.276	7.430	5.833
	BALANCE CARRIED TO THE B/S		19.614	11.276	7.430
	EARNINGS IN FOREIGN CURRENCY
		Commission Earnings	0.132	0.258	0.266
	TOTAL EARNINGS		0.132	0.258	0.266
	IMPORT VALUE		41.009	28.140	12.804
	Earnings Per Share (Rs.)		833.86	384.59	159.80

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.49	NA	NA
Net Profit Margin (PBT/Sales)	(%)	9.96	5.88	3.21
Return on Total Assets (PBT/Total Assets}	(%)	27.15	14.14	7.41
Return on Investment (ROI) (PBT/Networth)		0.59	0.43	0.26
Debt Equity Ratio (Total Liability/Networth)		1.18	2.07	2.51
Current Ratio (Current Asset/Current Liability)		4.13	2.86	2.91

LOCAL AGENCY FURTHER INFORMATION

SALES:

Sales of Rs.127.333 millions was achieved during the previous year. The profit after tax was Rs.8.327 millions. The directors are hopeful to achieve better results in current year.

FIXED ASSETS:

v Furniture and Fixture

v Motor Car

v Tempo

v Scooter and Moped

v Weighting Scale

v Fax Machine

v Water Dispenser

v Air Conditioner

v Generator Honda

v Computer and Peripheral

v Pager/ Cell Phone/ Camera

v Bag Cleaner

v Vacuum Cleaner

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.50.12
UK Pound	1	Rs.79.37
Euro	1	Rs.66.00

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	8
--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		50

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.