MIRA INFORM REPORT

Report Date :

03.11.2012

IDENTIFICATION DETAILS

Name :	ANAND POLYURETHANES PRIVATE LIMITED
Registered Office :	Near Phase III, Industrial Area Extension, Gangyal, Jammu – 180010, Jammu and Kashmir
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.01.1998
Com. Reg. No.:	07-001794
Capital Investment / Paid-up Capital :	Rs.3.902 Millions
CIN No.: [Company Identification No.]	U25206JK1998PTC001794
TAN No.: [Tax Deduction & Collection Account No.]	AMRA10747C
PAN No.: [Permanent Account No.]	AACCA5820G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of PU Foam and Coir Jute Mattresses.
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 79000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. It has achieved some growth in its sales turnover during 2011. Trade relations are reported as fair. Business is active. Payments are reported o be usually correct. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Near Phase III, Industrial Area Extension, Gangyal, Jammu – 180010, Jammu and Kashmir, India
Tel. No.:	91-191-2481000
Fax No.:	91-191-2480049
E-Mail :	dkpa1@rediffmail.com ajay@nindiya.com

DIRECTORS

As on: 30.09.2011

Name :	Ms. Rama Anand
Designation :	Director
Address :	Phase - 3, Industrial Area, Gangyal, Jammu – 180010, Jammu and Kashmir, India
Date of Appointment :	28.01.1998
DIN No.:	01638163
Name :	Mr. Arjun Anand
Designation :	Director
Address :	Phase - 3, Industrial Area, Gangyal, Jammu – 180010, Jammu and Kashmir, India
Date of Appointment :	20.07.2009
DIN No.:	02711730

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Rama Anand	17970
Pushap Lata Anand	511
Rashi Anand	5320
Bimla Kohli	1000
Akshay Gandotra	2500
Neha Gandotra	2500
Dinesh Malhotra	500
Arun Anand	3550
Raman Mattoo	2500
Master Arjun Anand	2670
Total	39021

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of PU Foam and Coir Jute Mattresses.

GENERAL INFORMATION

Suppliers :

· Aar Vee Enterprises

· Adharsh Udhyog

· Ahangar Sons

· AIMA

· Anand Coir Foam Jammu Private Limited

· Annupam Studio

· Atlantic Steel Mills

· Ayush Auto Zone

· Bandana Furnishing House

· Bashir and Company

· B.K. Furnishing

· Caravel Logistics Private Limited

· Domestic Traders

· Gupta Furnishing House

· Highland Furnishers

· Home Attraction

· Incharge Central Furniture Store

· Janyal Furniture Industries

· J.K. Timber Traders

· Jyoti Foam Enterprises

· Kesar Shafi

· Krishna Coir Mattresses

· Mahajan Furniture Works

· Matting Centre

· Mir Fabrics

· M.M. Furnishing

Customers :

· Ajay Kumar Gupta A/C

· Alok Plastic Industries

· Abhishek Forwarding Agency

· Anil Kumar Gupta and Company

· Anmol Exim

· Anmol Transport Company

· Annapurna Laminators Private Limited

· Atlas Adhesives

· Audit Fee Payable

· Anand Quiltex Corporation

· Bhupinder Singh Bisht

· B.L. Textile Mills

· Essen International

· Jagjit Industries

· Kashmir Bombay Carriers

· Maa Durga Roadways

· Marvel Coverings

· Mohd. Saleem

· Mitsui and Company Limited

· Peekay Dealer Private Limited

· Pidilite Industries Limited

· Pitra Bhakti Textile

No. of Employees :

Not Available

Bankers :

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India

· Jammu and Kashmir Bank Limited, Trikuta Nagar, Jammu - 180012, Jammu and Kashmir, India

· Punjab National Bank, Gangyal, Jammu - 180010, Jammu and Kashmir, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Punjab National Bank T/L 16560	0.000	0.659
Punjab National Bank T/L 16579	0.000	0.477
HDFC Car Loan	0.608	0.923
Total	0.608	2.059

Banking Relations :	--
Auditors :
Name :	Kapahi and Associates Chartered Accountants
Address :	Gali Partapgarh, Kanak Mandi, Jammu – 180001, Jammu and Kashmir, India
Tel. No.:	91-191-2544713
PAN No.:	ABSPK2491G

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
39021	Equity Shares	Rs.100/- each	Rs.3.902 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		3.902	3.902	3.902
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		16.035	11.077	7.925
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		19.937	14.979	11.827
LOAN FUNDS
1] Secured Loans		0.608	2.059	12.033
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.608	2.059	12.033
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		20.545	17.038	23.860
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.486	8.891	10.178
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	22.118	17.164	13.966
	Sundry Debtors	7.296	5.837	9.391
	Cash & Bank Balances	6.737	1.958	0.585
	Other Current Assets	0.166	0.065	0.065
	Loans & Advances	0.189	0.250	0.432
Total Current Assets		36.506	25.274	24.439
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	23.735	13.319	7.237
	Other Current Liabilities	2.712	3.808	3.520
	Provisions	0.000	0.000	0.000
Total Current Liabilities		26.447	17.127	10.757
Net Current Assets		10.059	8.147	13.682
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		20.545	17.038	23.860

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	121.427	85.963	75.339
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		8.636	6.067	2.938
Less/ Add	DEPRECIATION/ AMORTISATION		1.366	1.445	1.743
	PROFIT BEFORE TAX		7.270	4.622	1.195
Less	TAX		1.876	1.508	0.403
	PROFIT AFTER TAX		5.394	3.114	0.792
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		11.077	7.925	7.401
	BALANCE CARRIED TO THE B/S		16.035	11.077	7.925
	Earnings Per Share (Rs.)		138.23	79.80	20.30

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	5.99	5.38	1.59
Return on Total Assets (PBT/Total Assets}	(%)	15.47	13.53	3.45
Return on Investment (ROI) (PBT/Networth)		0.36	0.31	0.10
Debt Equity Ratio (Total Liability/Networth)		1.36	1.28	1.93
Current Ratio (Current Asset/Current Liability)		1.38	1.48	2.27

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
18]	Major customers	Yes
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
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U25206JK1998PTC001794
Name of the company	ANAND POLYURETHANES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Phase III, Industrial Area Extension, Gangyal, Jammu – 180010, Jammu and Kashmir, India E-mail: dkpa1@rediffmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10341066
Type of charge	Immovable property
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India E-mail: rbbform8@hdfcbank.com
Nature of instrument creating charge	Memorandum recording past transactions of creation of mortagae by delivery of title deeds
Date of instrument Creating the charge	14.02.2012
Amount secured by the charge	Rs.40.521 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base Rate : 10 %, Interest Payment : Monthly Terms of Repayment Term loan to be repaid in 36 monthly installments and other facilities on demand Margin As May Be Stipulated By The Bank From Time To Time Extent and Operation of the charge "The Company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties security for the due repayment of Rs.40.521 Millions by the Company including principal amount of the Facility, interest, liquidated damages, costs, charges and expenses etc Others As per agreement
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Equitable mortgage of Industrial Property Situated At Plot No. 65, Phase Iii Gangyal, Jammu Measuring 3.75 Kanal equitable mortgage of industrial property situated at Plot No. 64-A, Phase III Gangyal, Jammu Measuring 1 Kanal
Particulars of the present modification	Charge is extended on immovable property of the company as collateral security on property situated at Plot No. 65, Phase Iii, Gangyal, Jammu and at Plot No. 64-A, Phase Iii, Gangyal, Jammu for the credit facility of Rs. 40.521 Millions.

FIXED ASSETS:

· Land (Leasehold)

· Building

· New Building

· Furniture and Fixture

· Computers

· Plant and Machinery

· Electric Fittings

· Generator

· Fire Fitting Equipment

· Fax Machine

· Transmission

· Air Conditioner

· Fan Heater

· Water Cooler

· Invertor

· Car

· Truck

· Scooter

· Digital Scale

· Cycle

· Mobile

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 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.53.66
UK Pound	1	Rs.86.37
Euro	1	Rs.69.24

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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.