MIRA INFORM REPORT

Report Date :

04.10.2012

IDENTIFICATION DETAILS

Name :	VEEKAY POLYCOATS LIMITED (w.e.f. 22.07.1995)
Formerly Known As :	VEEKAY POLYCOATS PRIVATE LIMITED
Registered Office :	Flat No-7D, 7^th Floor, Hansalya Building, 15 Barakhamba Road, New Delhi – 110001
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.11.1992
Com. Reg. No.:	55-051038
Capital Investment / Paid-up Capital :	Rs.132.637 Millions
CIN No.: [Company Identification No.]	U74899DL1992PLC051038
PAN No.: [Permanent Account No.]	AAACV3231F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Trader of Vinyl Product.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 2500000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. 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 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB+ (Long Term Rating)
Rating Explanation	Moderate risk of default
Date	14.02.2012
Rating Agency Name	CRISIL
Rating	A4+ (Short Term Rating)
Rating Explanation	Minimal degree of safety, it carry very high credit risk
Date	14.02.2012

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/ Head Office :	Flat No-7D, 7^th Floor, Hansalya Building, 15 Barakhamba Road, New Delhi – 110001, India
Tel. No.:	91-11-43135500/ 23352621/ 23355356
Fax No.:	91-11-23721847
E-Mail :	veekay12@satyam.net.in
Website :	http://www.veekaypolycoat.com
Marketing Office/ Factory 1:	40^th Milestone, Jaipur Highway, Vill. Narsinghpur, Gurgaon – 122001, Haryana, India
Tel No.:	91-124-2372397/ 2372242/ 2210234/ 4702100 to 4702199
Fax No.:	91-124-2371761
Email :	veekaypolycoats@yahoo.com
Factory 2:	Vill Binola P.O. Bhora Kalan, Gurgaon – 122001, Haryana, India
Tel No.:	91-124-3250977/ 3209904/ 3209905/ 3209906
Fax No.:	91-124-2018171
Email :	veekayounola@yahoo.co.in
Factory 3:	Plot No.2, Sector -3, I.I.E. SIDCUL, Haridwar – 249403, Uttarakhand, India
Tel No.:	91-1334-315997/ 234977/ 234978
Email :	veekaypolycoatlts@yahoo.com
Factory 4:	Plot No.SP-1, RIICO Industrial Area, Tapukara Bhiwadi, Alwar Bye Pass, District Alwar – 301707, Rajasthan, India
Tel No.:	91-1493-517100 to 517199
Email :	vkbhiwadi@yahoo.com

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Vinod Kumar Garg

Designation :

Managing Director

Address :

ND-27, Pitampura, Delhi – 110034, India

Date of Birth/Age :

25.10.1956

Date of Appointment :

01.04.2007

DIN No.:

00002673

Other Directorships :

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	Company/ LLP Status	Defaulting status
1	U74899DL1991PTC042594	VEEKAY FOTOKAD INDIA PRIVATE LIMITED	Director	02/01/1991	02/01/1991	Active	NO
2	U74899DL1992PLC051038	VEEKAY POLYCOATS LIMITED	Managing director	01/04/2007	18/11/1992	Active	NO
3	U21012DL2001PLC111372	VEEKAY SMARTEC LIMITED	Director	20/06/2001	20/06/2001	Active	NO
4	U27203DL2003PTC123774	ALUPAN COMPOSITE PANELS PRIVATE LIMITED	Director	31/12/2003	31/12/2003	Active	NO
5	U24232DL2005PTC143658	FERON LIFE SCIENCES PRIVATE LIMITED	Director	14/12/2005	14/12/2005	Active	NO
6	U24232DL2007PTC163284	FERON BIOPHARMACEUTICALS PRIVATE LIMITED	Director	11/05/2007	11/05/2007	Active	NO
7	U45208DL2008PTC177282	NEPHRINE RENAL CARE PRIVATE LIMITED	Director	28/04/2008	28/04/2008	Active	NO
8	U15132DL2010PTC207210	WENDY FOODS PROCESSING PRIVATE LIMITED	Director	18/08/2010	18/08/2010	Active	NO

Name :

Mr. Vijay Kumar Garg

Designation :

Whole Time Director

Address :

ND-27, Pitampura, Delhi – 110034, India

Date of Birth/Age :

08.07.1962

Date of Appointment :

01.04.2007

DIN No.:

00002689

Other Directorships :

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	Company/ LLP Status	Defaulting status
1	U74899DL1991PTC042594	VEEKAY FOTOKAD INDIA PRIVATE LIMITED	Director	02/01/1991	02/01/1991	Active	NO
2	U74899DL1992PLC051038	VEEKAY POLYCOATS LIMITED	Whole-time director	01/04/2007	18/11/1992	Active	NO
3	U21012DL2001PLC111372	VEEKAY SMARTEC LIMITED	Director	20/06/2001	20/06/2001	Active	NO
4	U33110DL2009PTC190409	RV HEALTHWAYS PRIVATE LIMITED	Director	19/05/2009	19/05/2009	Active	NO

Name :

Mr. Nitin Garg

Designation :

Director

Address :

ND-27, Pitampura, Delhi – 110034, India

Date of Birth/Age :

20.11.1982

Date of Appointment :

01.04.2010

DIN No.:

00002703

Other Directorships :

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	Company/ LLP Status	Defaulting status
1	U74899DL1992PLC051038	VEEKAY POLYCOATS LIMITED	Director	01/04/2010	13/10/2004	Active	NO
2	U27203DL2003PTC123774	ALUPAN COMPOSITE PANELS PRIVATE LIMITED	Whole-time director	01/04/2010	01/11/2004	Active	NO
3	U33110DL2009PTC190938	A.N. MEDICAL EQUIPMENTS PRIVATE LIMITED	Director	05/06/2009	05/06/2009	Active	NO

Name :

Mrs. Rekha Garg

Designation :

Director

Address :

ND-27, Pitampura, Delhi – 110034, India

Date of Birth/Age :

11.11.1963

Date of Appointment :

18.11.1992

DIN No.:

00002762

Other Directorships :

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	Company/ LLP Status	Defaulting status
1	U74899DL1992PLC051038	VEEKAY POLYCOATS LIMITED	Director	18/11/1992	18/11/1992	Active	NO
2	U33110DL2009PTC190409	RV HEALTHWAYS PRIVATE LIMITED	Director	19/05/2009	19/05/2009	Active	NO

Name :

Mr. Lokesh Kumar Garg

Designation :

Whole Time Director

Address :

ND-27, Pitampura, Delhi – 110034, India

Date of Birth/Age :

12.07.1972

Date of Appointment :

01.10.2011

DIN No.:

00003110

Other Directorships :

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	U21012DL2001PLC111372	VEEKAY SMARTEC LIMITED	Director	20/06/2001	20/06/2001	-	Active	NO
2	U74899DL1992PLC051038	VEEKAY POLYCOATS LIMITED	Whole-time director	01/10/2011	30/09/2002	-	Active	NO
3	U22110DL2008PTC180213	BATRA OFFSET PRINTERS PRIVATE LIMITED	Director	27/06/2008	27/06/2008	31/03/2010	Active	NO
4	U74999DL2009PTC191883	LKG EXPORTS PRIVATE LIMITED	Director	03/07/2009	03/07/2009	-	Active	NO

Name :

Mr. Praveen Bhatnagar

Designation :

Director

Address :

929, Sector-4, R.K. Puram, New Delhi- 110022, India

Date of Birth/Age :

02.03.1959

Date of Appointment :

30.09.2009

DIN No.:

01193544

Other Directorships :

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	Company/ LLP Status	Defaulting status
1	U24232DL2005PTC143658	FERON LIFE SCIENCES PRIVATE LIMITED	Director	14/12/2005	14/12/2005	Active	NO
2	U24231HR2006PTC036090	REFON LIFE SCIENCES PRIVATE LIMITED	Director	17/03/2006	17/03/2006	Strike off	NO
3	U24110DL2007PTC159404	XANTHINE CHEM PRIVATE LIMITED	Director	19/02/2007	19/02/2007	Active	NO
4	U24232DL2007PTC163284	FERON BIOPHARMACEUTICALS PRIVATE LIMITED	Director	11/05/2007	11/05/2007	Active	NO
5	U45208DL2008PTC177282	NEPHRINE RENAL CARE PRIVATE LIMITED	Director	28/04/2008	28/04/2008	Active	NO
6	U74899DL1992PLC051038	VEEKAY POLYCOATS LIMITED	Director	30/09/2009	01/07/2009	Active	NO

KEY EXECUTIVES

Name :	Mrs. Monika Gurwala
Designation :	Company Secretary
Date of Appointment :	01.08.2009
PAN No.:	AOUPG6811R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Vinod Kumar Garg	1476900
Vijay Kumar Garg	735900
Rekha Garg	81900
Anita Garg	8900
Risha Garg	13500
Nitin Garg	130500
Mayank Garg	112500
Sonal Garg	100000
Lokesh Garg	237500
Vinod Kumar Garg HUF	274000
Veekay Fotokad India Private Limited	3884000
Feron Biopharmaceuticals Private Limited	200000
Mahak Gulf General Trading, LLC	386566
Veekay Smartec Limited	1424500
A. N. Medical Equipments Private Limited	666000
EMM AAR Tourism Private Limited	698000
LKG Exports Private Limited	716000
M.N. Buildwell Private Limited	586000
RV Healthways Private Limited	396000
Alupan Composite Panels Private Limited	280000
Arion Commercial Private Limited	865000
Total	13273666

(AS ON 31.03.2012)

Names of Allottees	No. of Shares Allotted
Arion Commercial Private Limited, India	920000
Total	920000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	3.00
Bodies corporate	72.00
Directors or relatives of directors	22.00
Other top fifty shareholders	3.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Vinyl Product.

Products :

Products Description	Item Code No.
PVC Leather Cloth	59031090
PVC Sheetings	39219029
PVC Floor Coverngs	39181090
PP Spunbonded Non Woven	56039200
PP Spunlace Non Woven	56039100

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Licensed Capacity	Installed Capacity	Actual Production
			Sqm/ (Mtr.)	Kg
Coated Cotton Fabrics (Rexine)	NA	72.00 Lacs Mtr. P.A.	11975556	769372
PVC Film/Sheeting/Flooring	NA	8600 MT per annum	955210	5580688
PP SB Non Woven	NA	6000 MT per annum	--	--
PP Spum Bonded Non Woven	NA	--	--	5328254
PVC Flooring	NA	50.00 Lacs SQM PA	--	--
Knitted Fabric	NA	1500 MT per annum	--	649119
Spun Lace Non Woven	NA	1500 MT per annum	--	117435

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India (Lead Bank)

Overseas Branch, Jawahar Vyapar Bhawan 1, Tolstoy Marg, New Delhi - 110001, India

· State Bank of Mysore

· State Bank of Patiala

· State Bank of Travancore

· Citi Bank

· Standard Chartered Bank

· ICICI Bank

· Kotak Mahindra Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	240.461	128.887
Rupee term loans financial institutions secured	136.250	0.000
Rupee term loans others secured	190.922	34.185
Working capital loans banks secured	282.070	275.574
Loans taken for vehicles secured	4.542	8.950
Loans taken for other fixed assets secured	40.881	8.700
Total	895.126	456.296
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans others unsecured	3.000	3.500
Total	3.000	3.500

Banking Relations :	--
Auditors :
Name :	A. K Khetan and Company Chartered Accountants
Address :	422-A World Trade Centre, Barakhamba Lane , Connaught Place, New Delhi – 110001, India
Tel. No.:	91-11-41063941/ 23413941
E-Mail :	khetanandco@yahoo.co.in
PAN No.:	AAGPK5890A
Associates :	· Veekay Vinyl · Veekay Fotokad India Private Limited · Alupan Composite Panels Private Limited · Veekay Traders · Veekay Smartec Limited · R.V. Healthways Private Limited · Emm Aar Tourism Private Limited · A.N. Medical Equipments Private Limited · M.N. Buildwell Private Limited · LKG Exports Private Limited · Feron Life Sciences Private Limited · Feron Biopharmaceuticals Private Limited · Nephrine Renal Care Private Limited

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14383666	Equity Shares	Rs.10/- each	Rs.143.837 Millions

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13263666	Equity Shares	Rs.10/- each	Rs.132.637 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		132.637	122.937	78.101
2] Share Application Money		1.000	0.000	28.000
3] Reserves & Surplus		481.790	356.241	132.459
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		615.427	479.178	238.560
LOAN FUNDS
1] Secured Loans		895.126	456.296	258.504
2] Unsecured Loans		3.000	3.500	5.500
TOTAL BORROWING		898.126	459.796	264.004
DEFERRED TAX LIABILITIES		6.853	6.344	9.227
TOTAL		1520.406	945.318	511.791
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		479.491	370.470	185.125
Capital work-in-progress		505.613	40.635	53.308
INVESTMENT		18.518	16.090	14.090
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	513.560	273.915	171.401
	Sundry Debtors	356.478	476.120	275.807
	Cash & Bank Balances	76.504	39.123	38.970
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	131.165	112.716	62.929
Total Current Assets		1077.707	901.874	549.107
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	507.382	342.551	268.567
	Other Current Liabilities	32.431	22.846	10.903
	Provisions	21.110	18.354	10.369
Total Current Liabilities		560.923	383.751	289.839
Net Current Assets		516.784	518.123	259.268
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1520.406	945.318	511.791

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2058.666	1895.268	1464.920
		Other Income	32.927	13.285	3.366
		TOTAL (A)	2091.593	1908.553	1468.286
Less	EXPENSES
		Consumption materials changes inventories	1611.419	1493.359	1123.259
		Manufacturing service costs	215.095	177.791	88.372
		Employee related expenses	36.772	29.438	0.000
		Administrative selling other expenses	50.209	57.734	149.516
		TOTAL (B)	1913.495	1758.322	1361.147
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		178.098	150.231	107.139
Less	FINANCIAL EXPENSES (D)		73.184	55.470	55.228
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		104.914	94.761	51.911
Less/ Add	DEPRECIATION/ AMORTISATION (F)		44.816	34.816	21.087
	PROFIT BEFORE TAX (E-F) (G)		60.098	59.945	30.824
Less	TAX (H)		21.849	15.505	14.344
	PROFIT AFTER TAX (G-H) (I)		38.249	44.440	16.480
	EARNINGS IN FOREIGN CURRENCY		618.333	530.353	NA
	IMPORTS
		Raw Materials and Trading Goods	887.384	952.184	640.500
		Capital Goods	244.200	0.000	0.000
	TOTAL IMPORTS		1131.584	952.184	640.500
	Earnings Per Share (Rs.)		3.04	5.21	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.83	2.33	1.12
Net Profit Margin (PBT/Sales)	(%)	2.92	3.16	2.10
Return on Total Assets (PBT/Total Assets}	(%)	3.86	4.71	4.20
Return on Investment (ROI) (PBT/Networth)		0.10	0.13	0.13
Debt Equity Ratio (Total Liability/Networth)		2.37	1.76	2.32
Current Ratio (Current Asset/Current Liability)		1.92	2.35	1.89

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	Yes
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	Yes
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	Yes

FINANCIAL PERFORMANCE

During the year the profit before tax is maintained. Despite of the fact that interest charges and depreciation increased substantially, the directors expects better results in the coming years with the successful commissioning of the manufacturing unit of Bhiwadi. The sales and cash profits of the company during the year have shown an upward trend. The Company had also sustained the rise in interest cost.

PROJECT

The New Project at Bhiwadi has been successfully commissioned and the commercial production has been commenced from the third quarter of 2011-12. The implementation of the project was delayed due to delay in getting financial assistance from bank and financial institution. This will boost up the operation of the Company considerable and will create a strong presence of the Company in the market.

CONTINGENT LIABILITIES

a. Letter of Credit/ Buyers Credits procured by the company from State Bank of India is Rs.381.459 Millions (Previous year Rs. 381.189 Millions), State Bank of Mysore is Rs.57.755 Millions (Previous year Rs. Nil), State Bank of Patiala is Rs.162.600 Millions (Previous year Rs. Nil) State Bank of Travancore is Rs.143.900 Millions (Previous year Rs. NIL) and Barclays Bank Plc is Rs.69.707 Millions (Previous year Rs. Nil) pending as on the Balance Sheet date. Bank Guarantees issued by the State Bank of India as on the date of Balance Sheet are Rs.5.181 Millions.

b. The company has given Corporate Guarantee to State Bank of India in respect of working capital facilities of Rs.176.000 Millions (Rs.148.500 Millions) availed by Alupan Composite Panels Private Limited (a company under the same management), to ICICI Bank Limited in respect of Term Loan and Working Capital of Rs.15.500 Millions (Rs.15.500 Millions) and to SIDBI in respect of Term Loan of Rs.38.000 Millions (Rs.38.000 Millions) availed by Nephrine Renal Care Private Limited (a company under the same management) to ICICI Bank Limited (Formerly The Bank of Rajasthan Limited) in respect of working capital of Rs.12.500 Millions (Rs.12.500 Millions) availed by Feron Life Sciences Private Limited (a company under the same management).

c. The estimated amount of contracts remaining to be executed on capital account and not provided for, net of advances as on 31^st March, 2011 aggregated to Rs.167.341 Millions.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	10346830
Corporate identity number of the company	U74899DL1992PLC051038
Name of the company	VEEKAY POLYCOATS LIMITED
Address of the registered office or of the principal place of business in India of the company	Flat No-7D 7th Floor, Hansalya Building, 15 Barakhamba Road, New Delhi – 110001, India veekay12@satyam.net.in
Type of charge	Immovable Property
Particular of charge holder	State Bank of India (Lead Bank) Overseas Branch, Jawahar Vyapar Bhawan 1, Tolstoy Marg, New Delhi – 110001, India manish.aggarwal@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum of Entry dated 01/09/2012
Date of instrument Creating the charge	01.09.2012
Amount secured by the charge	Rs.1419.200 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest As per sanction terms and conditions mentioned in the consortium member banks sanction letter. Terms of Repayment As per sanction terms and conditions mentioned in the consortium member banks sanction letter. Margin As per sanction terms and conditions mentioned in the consortium member banks sanction letter. Extent and Operation of the charge Second Pari Passu Chage
Short particulars of the property charged	Second pari passu charge over the entire Fixed assets of the Company at Bhiwadi including EM of factory Land and Building at Plot No. SP-1, RIICO Industrial Area, Tapukara, Bhiwadi, District. Alwar, Rajasthan, for collaterally securing Working Capital Limits.
Particulars of the present modification	Second Pari Passu Chage in favour of:- 1. State Bank of Patiala of its enhanced working capital limit of Rs.287.100 Millions. 2. State Bank of Travancore of its Working Capital Limit of Rs.200.000 Millions. 3. Bank of Baroda of its working capital limit of Rs.295.000 Millions. 4. State Bank of India of its working capital limit of Rs. 637.100 Millions.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

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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.52.33
UK Pound	1	Rs.84.30
Euro	1	Rs.67.45

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.