1. Summary Information

		Country	India
Company Name	TULIP ELASTICS PRIVATE LIMITED	Principal Name 1	Mr. Krishan Kumar Mittal
Status	Satisfactory	Principal Name 2	Mr. Arun Kumar Mittal
		Registration #	55-046161
Street Address	Pankaj Chamber, Shop No. 102, H Block, Main Mark, First Floor, Sarita Vihar, New Delhi-110044
Established Date	24.10.1991	SIC Code	--
Telephone#	91-11-41054125/126	Business Style 1	Manufacturer
Fax #	91-11-41054127	Business Style 2	--
Homepage	--	Product Name 1	Narrow Woven Fabrics
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.10,019,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors 100.00%	Banking	State Bank of India
Public Limited Corp.	No	Business Period	21 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	72,737,000	Current Liabilities	20,749,000
Inventories	27,037,000	Long-term Liabilities	96,270,000
Fixed Assets	53,642,000	Other Liabilities	6,993,000
Deferred Assets	460,000	Total Liabilities	124,012,000
Invest& other Assets	000	Retained Earnings	19,845,000
		Net Worth	29,864,000
Total Assets	153,876,000	Total Liab. & Equity	153,876,000
Total Assets (Previous Year)	128,922,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	255,979,000	Net Profit	3,367,000
Sales(Previous yr)	190,146,000	Net Profit(Prev.yr)	2,720,000

MIRA INFORM REPORT

Report Date :

03.05.2012

IDENTIFICATION DETAILS

Name :	TULIP ELASTICS PRIVATE LIMITED
Registered Office :	Pankaj Chamber, Shop No. 102, H Block, Main Mark, First Floor, Sarita Vihar, New Delhi-110044
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.10.1991
Com. Reg. No.:	55-046161
Capital Investment / Paid-up Capital :	Rs.10.019 Millions
CIN No.: [Company Identification No.]	U74899DL1991PTC046161
TAN No.: [Tax Deduction & Collection Account No.]	DELT05694D DELT05293B
PAN No.: [Permanent Account No.]	AAACT0511C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Wide Range of Narrow Woven Fabrics.
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 110000
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 / Head Office :	Pankaj Chamber, Shop No. 102, H Block, Main Mark, First Floor, Sarita Vihar, New Delhi-110044, India
Tel. No.:	91-11-41054125/126
Fax No.:	91-11-41054127
E-Mail :	info@tulipelastics.com arvinair@yahoo.com
Factory :	C-15, Hosiery Complex, Phase II (Extension), Noida-201305, Uttar Pradesh, India
Tel. No.:	91-120-2562080/2562081
Fax No.:	91-120-2562079
Branch Office :	8/218, Arya Nagar, Flat No. C, Ground Floor, Inderlok Apartment, Kanpur-208002, Uttar Pradesh, India
Tel. No.:	91-512-2552876/2557032

DIRECTORS

As on 30.09.2011

Name :

Mr. Krishan Kumar Mittal

Designation :

Director

Address :

209, Hari Parshad Colony, YNR, Yamuna Nagar, Gurgaon-135001, Haryana, India

Date of Birth/Age :

13.01.1950

Date of Appointment :

24.10.1991

Din No.:

02657020

Name :

Mr. Arun Kumar Mittal

Designation :

Director

Address :

B-34, 12 Eastern Avenue, Maharani Bagh, New Delhi-110065, India

Date of Birth/Age :

19.10.1964

Date of Appointment :

11.09.1994

Din No.:

01232092

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	U74899DL1991PTC046161	TULIP ELASTICS PRIVATE LIMITED	Director	11-09-94	11-09-94	-	Active	NO
2	U74999DL2007PTC159669	GAJANAN HOME DECOR PRIVATE LIMITED	Director	23-02-07	23-02-07	-	Active	NO
3	U20296DL2007PTC161251	NARMADA CEREAL PRIVATE LIMITED	Director	05-06-07	28-03-07	-	Active	NO
4	U70109DL2006PTC154565	MADHAV ARCADE PRIVATE LIMITED	Additional director	22-03-08	22-03-08	13-10-08	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Krishan Kumar Mittal	10
N.K. Mittal	98010
Anita Mittal	212500
Payal Mittal	520
Deepika Mittal	500
K.K. Mittal HUF	346500
Arun Kumar Mittal	223850
Vandana Mittal	120000
Total	1001890

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Wide Range of Narrow Woven Fabrics.

PRODUCTION STATUS [AS ON 31.03.201]

Particulars	Unit	Actual Production
Narrow Woven Fabrics (Elastic Tape)	Mtrs.	28275364

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Okhla Industrial Estate, New Delhi-110020, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Cash Credit Facility From Andhra Bank [Secured against hypothecation of land, building, plant and machinery, inventories and book debts]	41.732	42.102
Term Loan From Andhra Bank	6.500	0.000
Total	48.232	42.102
Unsecured Loan
From Directors	8.324	0.282
From Others	39.714	38.312
Total	48.038	38.594

Banking Relations :	--
Auditors :
Name :	A K Nair and Company Chartered Accountants
Address :	C-192, Sarvodya Enclave, New Delhi-110017, India
Tel. No.:	91-11-26968617/26510296/41829162/63/64
E-Mail :	arvinair@yahoo.com
Pan No.:	AAGFA5904R

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1100000	Equity Shares	Rs.10/- each	Rs.11.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1001890	Equity Shares	Rs.10/- each	Rs.10.019 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		10.019	10.019	3.499
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		19.845	16.478	13.757
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		29.864	26.497	17.256
LOAN FUNDS
1] Secured Loans		48.232	42.102	30.727
2] Unsecured Loans		48.038	38.594	44.046
TOTAL BORROWING		96.270	80.696	74.773
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		126.134	107.193	92.029
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		53.642	42.157	27.523
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.460	0.409	0.349
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	27.037	22.332	21.396
	Sundry Debtors	57.083	39.162	37.126
	Cash & Bank Balances	6.890	13.953	10.555
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.764	10.909	13.263
Total Current Assets		99.774	86.356	82.340
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.499	13.896	7.196
	Other Current Liabilities	1.250	2.632	4.794
	Provisions	6.993	5.201	6.193
Total Current Liabilities		27.742	21.729	18.183
Net Current Assets		72.032	64.627	64.157
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		126.134	107.193	92.029

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES		255.979	190.146	175.601
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		10.763	9.016	7.597
Less/ Add	DEPRECIATION/ AMORTISATION		5.797	4.985	3.978
	PROFIT / (LOSS) BEFORE TAX		4.966	4.031	3.619
Less	TAX		1.599	1.311	1.321
	PROFIT / (LOSS) AFTER TAX		3.367	2.720	2.298
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13.750	11.030	9.032
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	0.300
	BALANCE CARRIED TO THE B/S		17.117	13.750	11.030
	Earnings / (Loss) Per Share (Rs.)		3.36	4.98	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	1.94	2.12	2.06
Return on Total Assets (PBT/Total Assets}	(%)	3.24	3.14	3.29
Return on Investment (ROI) (PBT/Networth)		0.17	0.15	0.21
Debt Equity Ratio (Total Liability/Networth)		4.15	3.87	5.39
Current Ratio (Current Asset/Current Liability)		3.60	3.97	4.53

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	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	No
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

FIXED ASSETS:

· Leasehold Land

· Residential Plot and Noida Building

· Office Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixtures

· 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.52.93
UK Pound	1	Rs.85.85
Euro	1	Rs.69.94

INFORMATION DETAILS

Report Prepared by :

TPT

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	NO
--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.