MIRA INFORM REPORT

Report Date :

05.10.2012

IDENTIFICATION DETAILS

Name :	VEEKAY PLOYCOATS LIMITED

Registered Office :	Flat No.7-D, 7^th Floor, Hansalaya Building, 15, Barakhamba Road, New Delhi – 110001, Delhi

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.]	U74899DL1992PLC021038

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer and Exporter of PVC Flooring and Artificial Leather Cloth.

No. of Employees:	550 (Approximately)

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 2462000

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 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

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	Having moderate risk of default regarding timely servicing of financial obligation.
Date	February 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.

INFORMATION PARTED BY

Name :	Mr. Mukesh
Designation :	Marketing Executive
Contact No.:	91-9818150022
Date :	03.10.2012

LOCATIONS

Registered Office :	Flat No.7-D, 7^th Floor, Hansalaya Building, 15, Barakhamba Road, New Delhi – 110001, Delhi, India
Tel. No.:	91-11-43135500 / 23355356 / 23352621
Mobile No.:	91-9818150022 (Mr. Mukesh)
Fax No.:	91-11-23721847
E-Mail :	veekaypolycoats@gmail.com veekay12@satyam.net.in pptiwari@veekaypolycoat.com
Website :	http://www.veekayploycoat.com
Location :	Owned

Factory 1 :	40^th Milestone, Jaipur Highway, ViII, Narshinghpur, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-2372397 / 2372242 / 2210234 / 4702100
Fax No.:	91-124-2371761
E-Mail :	veekaypolycoats@yahoo.com

Factory 2 :	ViII, Binola, P.O. Bhora Kalan, Gurgaon, Haryana, India
Tel. No.:	91-124-3250977 / 2210234

DIRECTORS

As on 30.09.2011

Name :

Mr. Vinod Kumar Garg

Designation :

Managing Director

Address :

ND-27, Pitampura, New Delhi-110034, India

Date of Birth/Age :

25.10.1956

Qualification :

Post Graduate

Date of Appointment :

01.04.2007

Din No.:

00002673

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	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, New Delhi-110034, India

Date of Birth/Age :

08.07.1962

Qualification :

Graduate

Date of Appointment :

01.04.2007

Din No.:

00002689

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	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, New Delhi-110034, India

Date of Birth/Age :

20.11.1982

Qualification :

MBA

Date of Appointment :

01.04.2010

Din No.:

00002703

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	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, New Delhi-110034, India

Date of Birth/Age :

11.11.1963

Qualification :

Graduate

Date of Appointment :

18.11.1992

Din No.:

00002762

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	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 :

Director

Address :

ND-27, Pitampura, New Delhi-110034, India

Date of Birth/Age :

12.07.1972

Qualification :

Graduate

Date of Appointment :

01.10.2011

Din No.:

00003110

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	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! 10022, India

Date of Birth/Age :

02.03.1959

Qualification :

MBA

Date of Appointment :

30.09.2009

Din No.:

01193544

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	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 :	Mr. Mukesh
Designation :	Marketing Executive

Name :	Ms. Monika Gurwala
Designation :	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
Rekhagarg		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, India		3884000
Feron Biopharmaceuticals Private Limited, India		200000
Mahak Gulf General Trading, LLC		386566
Veekay Smartec Limited, India		1424500
A.N. Medical Equipments Private Limited, India		666000
Emm Aar Tourism Private Limited, India		698000
LKG Exports Private Limited, India		716000
M.N. Buildwell Private Limited, India		586000
RV Healthways Private Limited, India		396000
Alupan Composite Panels Private Limited , India		280000
Arion Commercial Private Limited, India		865000

Total		13273666

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

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 Exporter of PVC Flooring and Artificial Leather Cloth.

Products :

Products Description	ITC Code No.
PVC Leather Cloth	59031090
PVC Sheeting	39219029
PVC Floor Coverings	39181090
PP Spun Bonded Non Woven	56039100 / 200 / 300

Exports :

Products :

· PVC Floorings

· Rexine

Countries :

· China

· Dubai

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cash/Credit

Purchasing :

Cash/Credit

PRODUCTION STATUS As on 31.03.2011

Particulars	Installed Capacity
Coated Cotton Fabrics (Rexine)	72.00 Lacs Mtr. P.A.
PVC Film/Sheeting	8600 MT per annum
PP SB Non Woven	6000 MT per annum
PVC Flooring	50.00 Lacs SQM PA
Knitted Fabric	1500 MT per annum
Spunlace Non Woven	1500 MT per annum

Particulars	Actual Production
	Sqm/(Mtrs)	Kg.
Coated Cotton Fabrics (Rexine)	11975556	769372
PVC Film/Sheeting	955210	5580688
PP Spun Bonded Non Woven	-	5328254
Spun Lace Non Woven	-	117435
Knitted Fabric	-	649119

GENERAL INFORMATION

Customers :

Wholesalers, Retailers, End-users, OEM’s

No. of Employees :

550 (Approximately)

Bankers :

· State Bank of India (Lead Bank), Overseas Branch, Jawahar Vyapar Bhawan 1, Tolstoy Marg, New Delhi – 110001, India

· Bank of Patiala

· State Bank of Travancore

· Citi Bank

· ICICI Bank

· Kotak Mahindra Bank

· Standard Chartered Bank

Facilities :

Rs. In Millions

Secured Loans	As on 31.03.2011 Rs. in millions	As on 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	8.951
Loans taken for other fixed assets secured	40.881	8.699
Total	895.126	456.296

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 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 Accountant
Address :	422-A, World Trade Centre, Barakhamba Lane, Cannaught Place, New Delhi – 110001, India
Tel. No.:	91-11-41063941 / 23413941
E-Mail :	khetanandco@yahoo.co.in

Associate:	· Veekay Vinyl · Veekay Fotokad India Private Limited · Alupan Composite Panels Private Limited CIN No.: U27203DL2003PTC123774 · Veekay Traders · Veekay Smartec Limited CIN: U21012DL2001PLC111372 · 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 · Biopharmacuticals Private Limited · Nephrine Renal Care Private Limited CIN No.: U45208DL2008PTC177282

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital : Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.143.837 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

15,000,000	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	370.471	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	39.122	38.970
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	131.165	112.716	62.929
Total Current Assets		1077.707	901.873	549.107
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	507.382	342.552	268.567
	Other Current Liabilities	32.431	22.845	10.903
	Provisions	21.110	18.354	10.369
Total Current Liabilities		560.923	383.751	289.839
Net Current Assets		516.784	518.122	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
		Manufacturing service costs	215.095	177.791
		Employee related expenses	36.772	29.438
		Administrative selling other expenses	50.209	57.734
		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	55.471	55.228

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		104.914	94.760	51.911

Less/ Add	DEPRECIATION/ AMORTISATION (F)		44.816	34.815	21.087

	PROFIT BEFORE TAX (E-F) (G)		60.098	59.945	30.824

Less	TAX (H)		21.849	15.506	14.344

	PROFIT AFTER TAX (G-H) (I)		38.249	44.439	16.480

	EARNINGS IN FOREIGN CURRENCY		618.333	530.400	518.618

	IMPORTS
		Raw Materials and Trading goods	887.400	952.200	-
		Traveling and other expense	0.300	0.600	-
		Capital Goods	244.200	0.000	-
			1131.900	952.800

	Earnings Per Share (Rs.)		2.88	3.61	2.12

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

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
Promoters 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	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
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

Bankers Charges Report as per Registry

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 Bldg., 15 Barakhamba Road, New Delhi, Delhi – 110001, India Email: veekay12@satyam.net.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10346830
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 Email: manish.aggarwal@sbi.co.in
Nature of instrument creating 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 of the principal terms an 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 or asset(s) charged (including complete address and location of the property)	Second pari passu charge over the entire Fixed assets of the Company at Bhiwadi including EM of factory Land & Building at Plot No. SP-1,RIICO Industrial Area,Tapukara, Bhiwadi, Distt. Alwar, Rajasthan, for collaterally securing Working Capital Limits.
Date of instrument modifying the charge
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. 28.710 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
Furniture and Fixtures
Computer
Office Equipments
Electrical Installations
Tempo
Car
Scooter
Mobile Phones

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.51.98
UK Pound	1	Rs.83.68
Euro	1	Rs.67.20

INFORMATION DETAILS

Report Prepared by :

BYI

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	YES
--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.

MIRA INFORM REPORT

513.560

273.915

356.478

476.120

76.504

39.122

0.000

131.165

112.716

1077.707

507.382

342.552

32.431

22.845

21.110

18.354

560.923

516.784

518.122

2.33

3.16

4.71

0.13

1.76

2.35

Unit