MIRA INFORM REPORT

Report Date :

09.11.2012

IDENTIFICATION DETAILS

Name :	SUPREME PETROFOAM PRIVATE LIMITED
Registered Office :	Moti Nagar, G.T. Road, Khanna – 141401, Punjab
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.08.2006
Com. Reg. No.:	16-030580
Capital Investment / Paid-up Capital :	Rs. 5.000 Millions
CIN No.: [Company Identification No.]	U23209PB2006PTC030580
PAN No.: [Permanent Account No.]	AAKCS1257J
TIN No.:	03772022031
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Resale of PU Foam Sheets, Mattresses and Pillow Etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 27000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The profitability of the company appears to be low. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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/ Factory 1 :	Moti Nagar, G.T. Road, Khanna – 141401, Punjab, India
Tel. No.:	Not Available
Mobile No.:	91-9417300177 (Mr. Baljinder Kumar)
Fax No.:	Not Available
E-Mail :	supreme_foam@yahoo.co.in infosysfin@gmail.com info@sparsh-mattress.com
Website :	www.sparsh-mattress.com
Corporate Office :	H-7/206, Agarwal Plaza, Netaji Subhash Place, Pitam Pura, New Delhi – 110031, India
Tel. No.:	91-11-47015848
Factory 2 :	Supreme Petrofoam, Malerkotla Road, Village Payal, District Ludhiana, Punjab, India

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Baljinder Kumar

Designation :

Director

Address :

R/o W. No. 17, Moti Nagar , Khanna – 141401, Punjab, India

Date of Appointment :

31.08.2006

DIN No.:

01780346

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209PB1999PTC022758	SHIVAM PETRO FOAMS PRIVATE LIMITED	Director	08/07/1999	08/07/1999	05/01/2012	Active	NO
2	U93000DL2004PTC126198	GENEX CORPORATE SOLUTIONS PRIVATE LIMITED	Director	05/05/2004	05/05/2004	10/01/2010	Active	NO
3	U23209PB2006PTC030580	SUPREME PETROFOAM PRIVATE LIMITED	Director	31/08/2006	31/08/2006	-	Active	NO
4	U74120DL2008PTC173494	HINDUSTAN POLY FOAMS PRIVATE LIMITED	Director	01/02/2008	01/02/2008	22/04/2010	Active	NO
5	U93000DL2010PTC200547	SRG CONSULTANCY PRIVATE LIMITED	Director	21/09/2011	03/05/2010	16/07/2012	Active	NO

Name :

Mr. Raj Singla

Designation :

Director

Address :

R/o W. No. 17, Moti Nagar , Khanna – 141401, Punjab, India

Date of Appointment :

31.08.2006

DIN No.:

02446048

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U93000DL2004PTC126198	GENEX CORPORATE SOLUTIONS PRIVATE LIMITED	Director	05/05/2004	05/05/2004	10/01/2010	Active	NO
2	U23209PB2006PTC030580	SUPREME PETROFOAM PRIVATE LIMITED	Director	31/08/2006	31/08/2006	-	Active	NO
3	U93000DL2010PTC200547	SRG CONSULTANCY PRIVATE LIMITED	Director	21/09/2011	03/05/2010	16/07/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Baljinder Kumar	235000
Raj Singla	15000
SRG Consultancy Private Limited, India	250000
Total	500000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	50.00
Directors or relatives of directors	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Resale of PU Foam Sheets, Mattresses and Pillow Etc.

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
PU Foam Sheets	Kgs	N.A.	3 MT. Per Hour	249930

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Vadodara – 390015, Gujarat, India

Ø State Bank of Patiala, G.T. Road, Khanna – 141401, Punjab, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
State Bank of Patiala T/L A/c, Khanna	0.830	1.244
State Bank of Patiala C/C A/c, Khanna	7.121	4.886
Total	7.951	6.130
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
(Due to Directors and their proprietory Concern)	6.728	1.671
Total	6.728	1.671

Banking Relations :	--
Auditors :
Name :	Anil K Aggarwal and Associates Chartered Accountants
Address :	Loha Bazar, Mandi Gobindgarh – 147301, Punjab, India
Tel. No.:	91-1628-226669
Income-tax PAN of auditor or auditor's firm :	ABIPA5136G

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs.10/- each	Rs. 5.000 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		5.000	5.000	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.952	1.233	0.609
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6.952	6.233	3.109
LOAN FUNDS
1] Secured Loans		7.951	6.130	5.143
2] Unsecured Loans		6.728	1.671	2.123
TOTAL BORROWING		14.679	7.801	7.266
DEFERRED TAX LIABILITIES		0.403	0.286	0.212
TOTAL		22.034	14.320	10.587
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.051	3.454	3.208
Capital work-in-progress		0.057	0.255	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.444	6.963	8.042
	Sundry Debtors	16.003	13.559	2.480
	Cash & Bank Balances	0.733	0.508	1.462
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.227	1.255	0.350
Total Current Assets		34.407	22.285	12.334
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.815	10.412	3.847
	Other Current Liabilities	1.666	1.262	1.108
	Provisions	0.000	0.000	0.000
Total Current Liabilities		16.481	11.674	4.955
Net Current Assets		17.926	10.611	7.379
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		22.034	14.320	10 .587

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	51.748	41.078	18.855
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	50.495	40.021	18.398
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial Expenses)	(Including Financial Expenses)	(Including Financial and Depreciation Expenses)
Less	FINANCIAL EXPENSES (D)
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.253	1.057
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.202	0.155
	PROFIT BEFORE TAX (E-F) (G)		1.051	0.902	0.457
Less	TAX (H)		0.331	0.278	0.233
	PROFIT AFTER TAX (G-H) (I)		0.720	0.624	0.224
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.233	0.609	0.385
	BALANCE CARRIED TO THE B/S		1.953	1.233	0.609
	Earnings Per Share (Rs.)		1.44	1.25	0.90

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.39	1.52	1.19
Return on Total Assets (PBT/Total Assets}	(%)	2.73	3.50	2.94
Return on Investment (ROI) (PBT/Networth)		0.15	0.14	0.15
Debt Equity Ratio (Total Liability/Networth)		4.48	3.12	3.93
Current Ratio (Current Asset/Current Liability)		2.09	1.91	2.49

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	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
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

OPERATIONS AND OUTLOOK FOR THE CURRENT YEAR

The company has achieved satisfactory results in the current year as compared to the last year and the Management is quite hopeful to maintain and achieve high growth in future.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U23209PB2006PTC030580
Name of the company	SUPREME PETROFOAM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Moti Nagar, G.T. Road, Khanna - 141401, Punjab, India Email: infosysfin@gmail.com
This form is for	Modification of charge
Charge identification number of the modified	10301861
Type of charge	Immovable Property Book Debts Others (Stocks)
Particular of charge holder	ICICI Bank Limited, Landmark Race Course Circle, Alkapuri, Vadodara – 390015, Gujarat, India Email: manish.sinha2711@gmail.com
Nature of description of the instrument creating or modifying the charge	Supplemental deed of hypothecation and credit arrangement letter
Date of instrument Creating the charge	22.08.2012
Amount secured by the charge	Rs. 25.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC: Sum of I-BR+Spread p.a. subject to minimum of I-BR +4% p.a. plus interest tax (at present BR is 9.50% spread is 4.00% p.a.) BC: As quoted by IBG subject to ceiling as stipulated by RBI Terms of Repayment Repayable on demand Margin 25% on stocks and book debts (cover period 90 days). Cash Margin: 10% Extent and Operation of the charge 100%
Short particulars of the property charged	Exclusive charge by way of Hypothecation of firm entire stocks of Raw Materials, Semi Finished and Finished Goods, Consumable stores and spares and such other movables including book debts, bills whether documentary or clean, outstanding monies, receivables both present and future, in the form and manner satisfactory to the bank Unconditional and irrevocable personal guarantee of Sh. Inderjeet Singla, Raj Singla, Baljinder Singla, Santosh Rani and Sat Pal Singla 1. EM of property bearing Khata No. 243, Khatoni No. 278, Kila No. 4/21/2, 22, Vaka Rakba Bhatian, Moti Nagar, Teh. Khanna 2. EM of property bearing khata no. 263/296, 297, 298, 299, Mustkil No. 14/Kila No. 5/1, and mustkil No. 5//, Kila No. 25/2 min 25/2 min 25/3, Vaka Rakban, Bhatian, Teh Khanna 3. EM of property bearing Khata No. 417/722, Kila No. 96/2/1, 3/2, 4,5, and Khata No. 165/892, Kila No. 96/2 Tehsil Khanna
Date of latest modification prior to the present modification	27.07.2011
Particulars of the present modification	The Limits modified as under: (Amt in millions) Cash Credit 10.000 FLC 15.500 FLC(sub limit of CC) (7.500) Buyers Credit(sub limit of FLC) (15.500 ) Buyers Credit(sub limit of FLC) (7.500 ) ILC(sub limit of FLC ) (15.500) ILC(sub limit of FLC &CC ) (7.500) TOTAL 25.500 millions

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

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. 54.44
UK Pound	1	Rs. 87.00
Euro	1	Rs. 69.48

INFORMATION DETAILS

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	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		32

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.