MIRA INFORM REPORT

Report Date :

26.05.2012

IDENTIFICATION DETAILS

Name :	SPORTSFIELD SAFE PRODUCT INDIA PRIVATE LIMITED
Registered Office :	Office No. 4, Shankar Apartments, Kanaya Nagar, Kopri, Thane – 400603, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.05.2005
Com. Reg. No.:	11-153228
Capital Investment / Paid-up Capital :	Rs. 4.000 Millions
CIN No.: [Company Identification No.]	U36930MH2005PTC153228
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Synthetic safety rubber flooring.
No. of Employees :	60 (Approximately)

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 70000
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 and 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

INFORMATION PARTED BY

Name :	Mr. Jay Nair
Designation :	Director
Contact No.:	91-9892038923
Date :	24.05.2012

LOCATIONS

Registered Office :	Office No. 4, Shankar Apartments, Kanaya Nagar, Kopri, Thane – 400603, Maharashtra
Tel. No.:	91-22-25323187 / 3971 / 25980482
Mobile No.:	91-9867256110 (Mr. Gangan Suresh)
Fax No.:	91-22-25326810 / 25980482
E-Mail :	sportsfieldasia2005@yahoo.co.uk gangansureshh@yahoo.co.in
Website :	http://www.sportsfieldasia.com
Area :	400 sq. ft.
Location :	Owned
Factory:	Unit No. 20/21, Oswal Industrial Estate, Mumbai-Nashik Highway, Opp. Hotel Diamond Retreat, Asangaon, District: Thane - 421301, Maharashtra
Tel. No.:	91-2527-273750
Area :	5000 sq. ft.
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Jay Bhaskaran Nair
Designation :	Director
Address :	C/5, Kendriya Vidyalaya Qtrs, Ordinance Estate, Ambernath, Thane – 400601, Maharashtra, India
Date of Birth/Age :	07.06.1969
Date of Appointment :	12.05.2005
DIN No.:	02589114

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	U36930MH2005PTC153228	SPORTSFIELD SAFE PRODUCTS INDIA PRIVATE LIMITED	Director	12-05-05	12-05-05	Active	NO

Name :	Mr. Joseph Kurian Abraham
Designation :	Director
Address :	10, Herbert, Dr New Hyde Park, New York – 11040, United States
Date of Birth/Age :	22.08.1952
Date of Appointment :	12.05.2005

Name :	Mr. John Chandy Thonduthara
Designation :	Director
Address :	D-2, 203, Runwal Estate, Ghodbunder Road, Thane (West), Thane – 400607, Maharashtra, India
Date of Birth/Age :	16.05.1971
Date of Appointment :	19.05.2005
DIN No.:	03448358

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	U36930MH2005PTC153228	SPORTSFIELD SAFE PRODUCTS INDIA PRIVATE LIMITED	Additional director	19-05-05	19-05-05	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Jay Bhaskaran Nair	40000
Joseph Kurian Abraham	310500
Leela Joseph Abraham	49500
Total	400000

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :	Manufacturer of Synthetic safety rubber flooring.
Terms :
Selling :	Cheque
Purchasing :	Cheque

GENERAL INFORMATION

Customers :

End Users

• Indian Nevel Academy
• Henkel Adhesive and Technologies

No. of Employees :

60 (Approximately)

Bankers :

The Federal Bank Limited, Teen Petrol Pump, Naupada, Thane (West), Thane – 400602, Maharashtra, India

Facilities :

Cash Credit - Rs. 4.000 Millions

Secured Loans	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Working Capital Loan from Bank
The Federal Bank Limited (Loan from Bank under Cash Credit facilities are secured by Hypothecation of Trading Goods and assignment of Book debts both present and future and by first pari passu charge on the fixed assets of the company)	1.884	3.940
Total	1.884	3.940
Unsecured Loans	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Loan from Directors	3.755	6.755
Loan from Directors Relatives and Shareholders	0.459	0.759
Loan Vehicle	0.753	0.000
Total	4.967	7.514

Banking Relations :	--
Auditors :
Name :	V.S. Surve and Company Chartered Accountants
Address :	A-5 Moreshwar Apartment, Plot No.A-35, Sector -20, Nerul, Opp Nerul Railway Station, Navi Mumbai - 400706, Maharashtra, India
Tel. No.:	91-22-27725197
Mobile No.:	91-9870421400 / 9821899553
Fax No.:	AMQPS8949C
E-Mail :	vitthalssurve@yahoo.co.in cavithal67@rediffmait.com

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs. 10/- each	Rs. 4.000 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		4.000	1.000	1.000
2] Share Application Money		10.000	0.000	0.000
3] Reserves & Surplus		4.045	1.622	1.066
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		18.045	2.622	2.066
LOAN FUNDS
1] Secured Loans		1.884	3.940	1.647
2] Unsecured Loans		4.967	7.514	6.605
TOTAL BORROWING		6.851	11.454	8.252
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		24.896	14.076	10.318
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.776	4.465	2.394
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	6.437	5.684	3.021
	Sundry Debtors	14.982	4.813	0.000
	Cash & Bank Balances	0.044	0.043	0.019
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.601	2.149	7.655
Total Current Assets		29.064	12.689	10.695
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	6.853	2.416	1.779
	Other Current Liabilities	0.087	0.000	0.257
	Provisions	2.004	0.742	0.741
Total Current Liabilities		8.944	3.158	2.777
Net Current Assets		20.120	9.531	7.918
MISCELLANEOUS EXPENSES		0.000	0.080	0.006
TOTAL		24.896	14.076	10.318

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	12.477	7.283	12.664
		Other Income	10.875	0.000	0.000
		TOTAL (A)	23.352	7.283	12.664
Less	EXPENSES
		Cost of Goods sold	13.015	2.307	0.000
		Increased / (Decreased) in WIP / Finished Goods	0.543	0.000	0.000
		Employee Cost	1.770	1.928	8.808
		Administrative and Selling Expenses	3.219	1.407	1.332
		TOTAL (B)	18.547	5.642	10.140
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.805	1.641	2.524
Less	FINANCIAL EXPENSES (D)		0.492	0.449	0.128
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.313	1.192	2.396
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.689	0.388	0.389
	PROFIT BEFORE TAX (E-F) (G)		3.624	0.804	2.007
Less	TAX (H)		1.201	0.248	0.512
	PROFIT AFTER TAX (G-H) (I)		2.423	0.556	1.495
	Earnings Per Share (Rs.)		6.06	--	--

Particulars	31.03.2012
Sales Turnover (Approximately)	25.000

Expected Sales (2012-2013): Rs. 35.000 Millions

The above information has been parted by Mr. Jay Bhaskaran Nair.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	10.38	7.63	11.81
Net Profit Margin (PBT/Sales)	(%)	29.05	11.04	15.85
Return on Total Assets (PBT/Total Assets}	(%)	10.71	4.69	15.33
Return on Investment (ROI) (PBT/Networth)		0.20	0.31	0.97
Debt Equity Ratio (Total Liability/Networth)		0.88	5.57	5.34
Current Ratio (Current Asset/Current Liability)		3.25	4.02	3.85

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	Yes
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%	--------
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
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

FIXED ASSETS:

• Air Conditioner
• Computer
• Ele Installations
• Furniture and Fixtures
• Motor Bike
• Motor Car
• Office Cabins
• Office Fittings
• Office Premises
• Plant and Machinery

TRADE REFERENCES:

• Indian Nevel Academy
• Henkel Adhesive and Technologies

NOTE:

The registered office of the company has been shifted from 20/21, Oswal Industrial Estate, Village Asangaon, Opp. Diamond Retreat, Thane - 421321, Maharashtra, India to the present address w.e.f. 20.05.2011.

AS PER WEB DETAILS

PROFILE

Subject has been promoted by highly qualified professionals with long and successful years of experience in the field of manufacturing and marketing. This translates in to products of high quality and best of services to customers. The company manufacturing various types of new generation safety floorings in Thane, Maharashtra. The product range presently covers all type of safety floorings and weather shields. All their products matches quality as per international standards.

Established in the year 2005 they are one of the renowned manufacturers, suppliers, exporters and service providers of a wide range of safety floorings.

Their organization is supported by a team highly qualified and experienced professionals in the domain of manufacturing and marketing. They ensure that their range is as per the international standards of quality. Moreover due to their ethical business practices and customization facilities they have acquired a wide client base in Indian Subcontinent.

Under the able guidance of their mentors Mr. Josheph Abraham and Mr. Jagannath Nair. They have carved a niche for them selves in the market. With their sharp business insight and futuristic approach they have been able to comprehend the clients specific requirements.

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. 55.72
UK Pound	1	Rs. 87.26
Euro	1	Rs. 69.89

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	ACH

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.