MIRA INFORM REPORT

Report Date :

12.05.2012

IDENTIFICATION DETAILS

Name :	EVERLAST COMPOSITE PRIVATE LIMITED
Registered Office :	C-306, OM CHS Limited, Radhagram, Dhobi Ghat, Opposite Vakola Bridge, Vakola, Santacruz (East) – 400055, Mumbai, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.01.2009
Com. Reg. No.:	11-189594
Capital Investment / Paid-up Capital :	Rs. 2.480 Millions
CIN No.: [Company Identification No.]	U74990MH2009PTC189594
TAN No.: [Tax Deduction & Collection Account No.]	MUME07714A
PAN No.: [Permanent Account No.]	AACCE1242R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Manhole Covers, Cats Pit, Gratings Catch Pit.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 16000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. 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. Current year Profit and Loss of the company is not available.

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 :	Ms. Prachi
Designation :	Account Assistant
Contact No.:	91-250-2481766
Date :	25.04.2012

LOCATIONS

Registered Office :	C-306, OM CHS Limited, Radhagram, Dhobi Ghat, Opposite Vakola Bridge, Vakola, Santacruz (East) – 400055, Mumbai, Maharashtra, India
Tel. No.:	91-25-28704407
Mobile No.:	91-9323657415 (Mr. Amrit)
Fax No.:	91-25-26120619
E-Mail :	vora_b@hotmail.com smruti@everlastcomposite.com adk@adkcorporation.in
Website :	http://www.everlastcomposites.com
Location :	Owned
Marketing Office :	Unit 123, Blue Rose industrial Estate, Western Express Highway, Near Metro Mall, Borivali (East), Vasai – 400066, Maharashtra, India
Tel. No.:	91-25-28704407/ 32939914/ 26120579/ 26120679/ 06061766/ 02481766
Fax No.:	91-250-2870440/ 26120679/ 2481766
Factory :	Plot No. 11 and 12, Khokha State, Opposite Nilkanth Industrial Estate, Sathivali, Vasai (East), Mumbai, Maharashtra, India
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Dilip Anandji Dedhia

Designation :

Director

Address :

11-B-41, Rustomji Regency, J.S. Road, Dahisar (West) - 400068, Mumbai, Maharashtra, India

Date of Birth/Age :

04.06.1965

Date of Appointment :

15.01.2009

DIN No.:

02404350

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	U74990MH2009PTC189594	EVERLAST COMPOSITES PRVATE LIMITED	Director	15-01-09	15-01-09	Active	NO
2	U25206MH2010PTC206924	MAGNUS COMPOSITES SYNERGIES PRIVATE LIMITED	Director	24-08-10	24-08-10	Active	NO

Name :

Mr. Amritlal Fulchand Sanghai

Designation :

Director

Address :

C-306, 3^rd Floor, OM CHS Limited, Dhobighat, Radhagram, Near Vakola Bridge, Santacruz (East) – 400055, Mumbai, Maharashtra, India

Date of Birth/Age :

21.09.1966

Date of Appointment :

15.01.2009

DIN No.:

02404365

Name :

Mr. Paras Yogesh Shah

Designation :

Director

Address :

C-2091, Oberoi Woods, Mohan Gokhle Road, Goregaon (East), Mumbai, Maharashtra, India

Date of Birth/Age :

28.09.1983

Date of Appointment :

28.02.2011

DIN No.:

03422104

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	U74990MH2009PTC189594	EVERLAST COMPOSITES PRVATE LIMITED	Director	30-09-11	28-02-11	Active	NO

KEY EXECUTIVES

Name :	Ms. Prachi
Designation :	Account Assistant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Mr. Dilip Anandji Dedhia	136200
Mr. Amritlal Fulchand Sanghai	74400
Mr. Paras Yogesh Shah	37400
Ms. Payal Shah	10
Mr. Yogesh Shah	10
Total	248020

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Manhole Covers, Cats Pit, Gratings Catch Pit.
Products :	· FRP Manhole Covers and Gratings · FRP Moulded Gratings · FRP Pultruded Sections · FRP Door and Frames · FRP Security Cabins · FRP Mobile Toilets · FRP Weather Sheds
Exports :
Products :	· FRP Manhole Covers and Gratings · FRP Moulded Gratings · FRP Pultruded Sections · FRP Door and Frames · FRP Security Cabins · FRP Mobile Toilets · FRP Weather Sheds
Countries :	Egypt, Kenya
Terms :
Selling :	Credit – 60 Days
Purchasing :	Credit – 60 Days

GENERAL INFORMATION

Suppliers :

· Network Polymers Private Limited

· Associated Polytech India Private Limited

· MCGM (Municipal Corporation of Greater Mumbai)

· PWD

· BARC

· MTNL

· MES

· MMRDA

· CIDCO

· Seven Hills Healthcare Private Limited

· Vijay Associates (Wadhva Group)

· Lodha Group

· IVRCL

Customers :

Contractors

· Relcon Infraprojects Limited

· Mahavir Constructions

No. of Employees :

20 (Approximately)

Bankers :

Bank of Maharashtra, Mumbai

Facilities :

Cash Credit Rs. 60.000 Millions

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Loan from Directors:
Dilip A. Dedhia	7.057	3.144
Amritlal Sanghai	2.927	0.003
Vinod R. Shah	7.023	2.134
Loan from Relatives:
Payal Shah	0.709	0.232
Yogesh Shah	0.473	0.238
Total	18.189	5.751

Banking Relations :	--
Auditors :
Name :	P.J. Salot and Company
Address :	15/23, Ganesh Wadi, 3^rd Floor, Room No. 3, Zaveri Bazar, Mumbai - 400002, Maharashtra, India
Tel. No.:	91-22-22404115/ 28958597
Mobile No.:	91-9920484258
E-Mail :	pankaj_salot@rediffmail.com
Income-tax PAN of auditor or auditor's firm :	AAFPP7132F
Associates/Subsidiaries :	ADA Corporation

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs. 10/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
248020	Equity Shares	Rs. 10/- each	Rs. 2.480 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		2.480	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.626	1.168	0.000
4] (Accumulated Losses)		0.000	0.000	(0.519)
NETWORTH		4.106	1.268	(0.419)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		18.189	5.751	0.453
TOTAL BORROWING		18.189	5.751	0.453
DEFERRED TAX LIABILITIES		0.440	0.104	0.000
TOTAL		22.735	7.123	0.034
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.126	2.222	0.204
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.867	3.007	0.088
	Sundry Debtors	14.073	12.203	0.232
	Cash & Bank Balances	1.352	3.164	0.014
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.919	1.310	1.428
Total Current Assets		24.211	19.684	1.762
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.864	7.384	0.082
	Other Current Liabilities	0.614	0.000	1.870
	Provisions	3.134	7.414	0.000
Total Current Liabilities		8.612	14.798	1.952
Net Current Assets		15.599	4.886	(0.190)
MISCELLANEOUS EXPENSES		0.010	0.015	0.020
TOTAL		22.735	7.123	0.034

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	35.369	0.206
		Other Income	0.020	0.000
		Increase/(Decrease) in Stock	2.919	0.088
		TOTAL (A)	38.308	0.294
Less	EXPENSES
		Cost of Purchase	23.084	0.279
		Manufacturing Expenses	5.232	0.000
		Employees Remuneration and Benefits	2.659	0.000
		Office and Administrative Expenses	2.551	0.532
		Selling and Distribution Expenses	1.988	0.000
		TOTAL (B)	35.514	0.811
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.794	(0.517)
Less	FINANCIAL EXPENSES (D)		0.459	0.001
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.335	(0.518)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.125	0.000
	PROFIT BEFORE TAX (E-F) (G)		2.210	(0.518)
Less	TAX (H)		0.523	0.000
	PROFIT AFTER TAX (G-H) (I)		1.687	(0.518)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.518)	0.000
	BALANCE CARRIED TO THE B/S		1.169	(0.518)
	Earnings Per Share (Rs.)		168.68	N.A.

Particulars		31.03.2012	31.03.2011
Sales Turnover	(Expansion of Business)	110.000	45.300

Expected Sales ( 2012- 2013 ) : Rs. 150.000 Millions

The above information has been parted by Ms.Prachi

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	N.A.	4.40	(53.74)
Net Profit Margin (PBT/Sales)	(%)	N.A.	6.25	(0.77)
Return on Total Assets (PBT/Total Assets}	(%)	N.A.	10.09	(8.04)
Return on Investment (ROI) (PBT/Networth)		N.A.	1.74	(0.38)
Debt Equity Ratio (Total Liability/Networth)		6.53	16.21	(5.74)
Current Ratio (Current Asset/Current Liability)		2.81	1.33	0.90

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
Year of Establishment	Yes
Locality of the firm	Yes
Constructions of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s background	Yes
No. of Employees	Yes
Name of person contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	Yes
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	Yes
Major suppliers	Yes
Major customers	Yes
Payments terms	Yes
Export / Import details	Yes
Market information	--
Litigations that the firm / promoter involved	--
Banking Details	Yes
Banking facility details	Yes
Conduct of the banking account	--
Buyer visit details	--
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if available	Yes

Bankers Charges Report as per Registry

Corporate identity number of the company	U74990MH2009PTC189594
Name of the company	EVERLAST COMPOSITES PRVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-306, OM CHS Limited, Radhagram, Dhobi Ghat, Opposite Vakola Bridge, Vakola, Santacruz (East) – 400055, Mumbai, Maharashtra, India
This form is for	Creation of charge
Type of charge	Book Debts Movable Property
Particular of charge holder	Bank of Maharashtra, Worli Branch, Ready Money Terrace, Worli Naka, Dr A B Road - 400018, Mumbai, Maharashtra, India Email id: bom50@mahabank.co.in
Nature of description of the instrument creating or modifying the charge	Composite deed of hypothecation for all facilities
Date of instrument Creating the charge	02.06.2011
Amount secured by the charge	Rs. 26.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash credit, Term Loan and Bank Guarantee: Base rate +3% i.e 13% p.a with monthly rest. For EPC/EBD/FOBN interest, commission etc. as per Bank C.O Guidelines Terms of Repayment Cash Credit on Demand. Term Loan Repayable within 60 Equal Monthly Instalments from the date of disbursement. Margin 25% against Cash Credit & Term Loan, 15 % against bank Guarantee and for PC 10% in banks favour. It is nil for FOBN. Extent and Operation of the charge Hypothecation charge on movables including stocks procured for export orders, book debts, IPRs etc as described in column 15 to cover Total Limits of Rs. 26.000 millions thus A. FUND BASED: cash credit (Stock & B.D) limit of Rs12.500 millions + EPC/EBD/FOBN (sub limit of CC) of Rs 6.500 millions B. NON FUND BASED: Bank Guarantee of Rs 3.500 millions + Term Loan of Rs10.0 millions along with interests, charges, costs, expenses vis a vis these limits and security created therefore. Others Hypothecation of stocks to be procured for execution of export orders shall be primary security for EPC Facility. Similarly export bills drawn under LC / Orders with usance up to 120 days.
Short particulars of the property charged	(i) Present and future movable / tangible properties, plant machineries like FRP Products, Vibrating Table Hydraulic Press, Sand Mixer, Grating Moulds, Cooling Tower, Air Compressor, Generator, FRP Bolts, (ii) Automization of moulded grating, Dust collection machine, Raw materials, Items, Inventories, Stock in process, Semi finished and finished, Stores and spares and consumables, Stock in trade, (iii) Goods in transit and present and future tangible and intangible assets, Vehicles, Goodwill, IPRs and all rights, interest and benefits of borrower in all contracts, agreements and amounts with right to recover (iv) And receive, all movables, installed orsituate at any place at any time and all outstanding monies, Claims including refund of duties under DDS / any other scheme, Receivables including under any cash (v) Incentive / other scheme, Bills, Invoices, Documents, Contracts engagements, Securities, Investments of borrowers, and all the book debts due or to be become due to the borrower at any time or from (vi) And all of the borrowers rights, titles, interest, benefits therein.

AS PER WEBSITE DETAILS:

PROFILE:

Subject is a manufacturer of fiberglass (FRP/GRP) composite products in India specializing in Manhole Covers and Frames, Moulded and Pultruded gratings, Pultruded Profiles and many other FRP products.

Glass Fiber reinforced plastic technology is a next generation technology which is fast replacing use of its traditional materials like CI, DI, Concrete, PVC, MS, etc due to its far superior properties. Just to mention a few, these products have zero scrap value, they are non corrosive and weather proof,  light in weight and can be manufactured in several decorative designs, colours and finishes. They have adopted this technology to design products that are suitable to both local and international markets.

Subject is an ISO 9001:2008 certified company and them products are been approved by MCGM, NMMC, MES, BARC – Department of Atomic Energy, MTNL, MMRDA and other reputed institutions and government bodies.

The Directors of this company bring in more than 40 years of combined experience working with fiberglass technology. Adopting modern technology, continuous product innovation and exceptional services have been the pillars behind them superior quality products and this has helped us in delivering greatest possible value to them customers.

Two dedicated sprawling manufacturing units on the outskirts of Mumbai and Aurangabad combined with adoption of stringent quality control and testing infrastructure and the team of trained and dedicated workforce which help them deliver superior quality products in large quantities within tight deadlines.

FIXED ASSETS:

· Plant and Machinery

· Computers

· Loft and Cabin

· U.P.S.

· Water Purifier

· Electrical Fittings

· Mobile phone

· Generator

· Furniture and Fixtures

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. 53.64
UK Pound	1	Rs. 86.42
Euro	1	Rs. 69.29

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.