MIRA INFORM REPORT

Report Date :

18.05.2012

IDENTIFICATION DETAILS

Name :	ENKAY FOAM PRIVATE LIMITED
Registered Office :	5/5777, Dev Nagar, Karol Bagh, New Delhi – 110005
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	22.10.1991
Com. Reg. No.:	55-033390
Capital Investment / Paid-up Capital :	Rs.9.500 Millions
CIN No.: [Company Identification No.]	U74899DL1991PTC033390
TAN No.: [Tax Deduction & Collection Account No.]	DELE03025B
PAN No.: [Permanent Account No.]	AAACE0462D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Flexible Polyurethane Foam, Rebonded Foam, Rexine and P.U. Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 61000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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 :	5/5777, Dev Nagar, Karol Bagh, New Delhi – 110005, India
Tel. No.:	91-11-25864564/ 25864568/ 25758311
Fax No.:	91-11-25758311
E-Mail :	cabadalgupta@gmail.com enkayfoam@hotmail.com
Factory :	Village Kherka, Delhi – Baghpat Road, District Baghpat – 201101, Uttar Pradesh, India
Tel No.:	91-121-2232405

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Saurabh Jain

Designation :

Director

Address :

103, Sainik Vihar, Pitam Pura, Delhi – 110034, India

Date of Appointment :

22.10.1991

DIN No.:

01645549

Name :

Mrs. Promila Jain

Designation :

Director

Address :

103, Sainik Vihar, Pitam Pura, Delhi – 110034, India

Date of Appointment :

22.10.1991

DIN No.:

01645750

Name :

Mr. Mayank Jain

Designation :

Director

Address :

103, Sainik Vihar, Delhi – 110034, India

Date of Birth/Age :

01.10.1980

Date of Appointment :

04.11.2010

DIN No.:

01452749

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	U25199DL1995PTC065909	PUF INDIA PRIVATE LIMITED	Director	2/4/2007	2/4/2007	Dormant	NO
2	U74899DL1991PTC033390	ENKAY FOAM PRIVATE LIMITED	Director	4/11/2010	4/11/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Bharat Bhushan Jain	228450
Vishav Bhushan Jain	59450
Mayaank Jain	47400
Saurabh Jain	42000
Basant Mala Jain	46700
V. B. Jain HUF (Karta)	10000
B. B. Jain HUF (Karta)	20000
Promila Jain	95300
Lata Jain	90500
Vijendra Kumar Jain	30000
Vinod Kumar Aggarwal	35000
Rimmi Jain	25000
Sheelly Jain	20200
Indo Dynamic Freight Private Limited, India	200000
Total	950000

(AS ON 30.09.2010)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Flexible Polyurethane Foam, Rebonded Foam, Rexine and P.U. Products.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Union Bank of India

38, Central Market, Punjabi Bagh, New Delhi – 110026, India

· ICICI Bank

· Barclays Bank

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
ICICI Bank	0.293	1.091
Barclays Bank	1.326	2.192
Cash Credit From Union Bank of India	39.510	39.833
Total	41.129	43.116
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Deposits from Directors, Shareholders and Others	6.295	7.561
Total	6.295	7.561

Banking Relations :	--
Financial Company :	· UP Financial Corporation Merut, Uttar Pradesh, India
Auditors :
Name :	Mittal Jindal and Associates Chartered Accountant
Address :	7/18, Ansari Road, Darya Ganj, New Delhi – 110002, India
Tel No.:	91-11-23275297/ 23281054/ 32494627
Fax No.:	91-11-23281054
Email :	hmkd9@rediffmail.com
PAN No.:	AESPG1189G

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
950000	Equity Shares	Rs.10/- each	Rs.9.500 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		9.500	9.500	7.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.701	5.538	5.513
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		15.201	15.038	13.013
LOAN FUNDS
1] Secured Loans		41.129	43.116	34.336
2] Unsecured Loans		6.295	7.561	7.659
TOTAL BORROWING		47.424	50.677	41.995
DEFERRED TAX LIABILITIES		0.273	0.272	0.270
TOTAL		62.898	65.987	55.278
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.451	7.251	7.626
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	34.817	46.535	32.870
	Sundry Debtors	44.611	33.031	57.917
	Cash & Bank Balances	1.708	0.982	1.439
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.965	1.356	0.579
Total Current Assets		82.101	81.904	92.805
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	25.010	22.596	44.666
	Other Current Liabilities	0.326	0.268	0.307
	Provisions	0.347	0.347	0.237
Total Current Liabilities		25.683	23.211	45.210
Net Current Assets		56.418	58.693	47.595
MISCELLANEOUS EXPENSES		0.029	0.043	0.057
TOTAL		62.898	65.987	55.278

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	152.728	94.584	88.481
		Other Income	0.584	0.110	1.273
		TOTAL	153.312	94.694	89.754
Less	EXPENSES
		TOTAL	153.149	94.556	89.054
	PROFIT BEFORE TAX		0.163	0.138	0.700

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	0.11	0.15	0.79
Return on Total Assets (PBT/Total Assets}	(%)	0.18	0.15	0.70
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.05
Debt Equity Ratio (Total Liability/Networth)		4.81	4.91	6.70
Current Ratio (Current Asset/Current Liability)		3.20	3.53	2.05

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

WORKING RESULTS

The company has made a Net profit of Rs.0.163 Million (After depreciation and Interests). The directors are hopeful to achieve better results in the next financial year.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	10145448
Corporate identity number of the company	U74899DL1991PTC033390
Name of the company	ENKAY FOAM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	5/5777 Dev Nagar, Karol Bagh, New Delhi – 110005, India cabadalgupta@gmail.com
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Union Bank of India 38, Central Market, Punjabi Bagh, New Delhi – 110026, India virendradel@gmail.com
Nature of description of the instrument creating or modifying the charge	Composite Hypothecation Deed
Date of instrument Creating the charge	18/10/2011
Amount secured by the charge	Rs.60.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Cash Credit (H): @ 4.75 % over Base Rate, presently 15.50% p. a. with monthly rests. Terms of Repayment Payable on demand. Margin 25 percent. Extent and Operation of the charge 100 percent.
Short particulars of the property charged	Hypothecation of all stocks of raw-materials, semi-finished goods, finished goods such as PU Foam etc. lying at Company's premises at Village Khakra Dist. Baghpat (UP) etc. or at any other place or in transit Hypothecation of all present and future book debts and plant and machinery, current and fixed assets of the company.
Particulars of the present modification	The Cash Credit (Hypo. of Stocks and Book Debts) limit stands enhanced from Rs.50.000 Millions to Rs.60.000 Millions. Cash Credit (H): @ 4.75 % over Base Rate, presently 15.50% p. a. with monthly rests. Other terms and conditions remain the same.

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.54.39
UK Pound	1	Rs.86.56
Euro	1	Rs.69.30

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		34

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.