MIRA INFORM REPORT

Report Date :

06.10.2012

IDENTIFICATION DETAILS

Name :	OSAKA RUBBER PRIVATE LIMITED
Registered Office :	103/6, Mittal Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.09.2004
Com. Reg. No.:	148461
Capital Investment/ Paid-up Capital:	Rs.19.381 Millions
CIN No.: [Company Identification No.]	U25100MH2004PTC148461
PAN No.: [Permanent Account No.]	AAACO6940L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Extracted and Molded Rubber Products
No. of Employees:	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 123000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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.

INFORMATION PARTED BY

Name :	Mr. Vinay Singh
Designation :	Chief Executive Officer
Contact No.:	91-9322261316
Date :	22.09.2012

LOCATIONS

Registered Office :	103/6, Mittal Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-42044204
Mobile No.:	91-9322261316 (Mr. Vinay Singh)
Fax No.:	91-22-42044205
E-Mail :	osakarubber@vsnl.com modiswapnil@mtnl.net.in
Website :	http://www.osakarubber.com
Area :	2000 sq. ft
Location :	Owned
Factory :	Shakti Udyog Nagar, Plot No. 38, Village Veoor Taluka, Palghur (E), Dist. Thane, Maharashtra, India
Tel. No.:	91-22-28502064/1083/66926577
Fax No.:	91-22-28504082

DIRECTORS

As on 29.09.2011

Name :

Mr. Satyendrakumar Rammurat Singh

Designation :

Director

Address :

2/104, Anmol, Andheri Kurla Road, Marol, Andheri (E), Mumbai – 400059

Date of Appointment :

09.09.2004

Din No.:

00422204

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	U25100MH2004PTC148461	OSAKA RUBBER PRIVATE LIMITED	Director	09/09/2004	09/09/2004	-	Active	NO
2	U24100MH2008PTC179621	MPP MANUFACTURING PRIVATE LIMITED.	Director	03/03/2008	03/03/2008	-	Active	NO

Name :

Mr. Kirandevi Karansiingh Jain

Designation :

Director

Address :

A/7-22, Mahesh Nagar, S V Road, Goregoan (W), Mumbai – 400062

Date of Appointment :

09.09.2004

Din No.:

00421994

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	U22219MH1994PTC081916	DEEP KAMAL PRINTING AND PACKAGING PRIVATE LIMITED	Director	15/03/2002	15/03/2002	-	Active	NO
2	U25100MH2004PTC148461	OSAKA RUBBER PRIVATE LIMITED	Director	09/09/2004	09/09/2004	-	Active	NO

Name :

Ms. Prerana Arun Bandkar

Designation :

Director

Address :

5, Aparna Apartmetns, R B Mehta Road, Ghatkopar (E), Mumbai – 400077

Date of Appointment :

09.09.2004

Din No.:

00422397

KEY EXECUTIVES

Name :	Mr. Vinay Singh
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Satyendra Rammurat Singh	269175
Satyendra Rammurat Singh HUF	70000
Kirandevi Karan Jain	285024
Prerna Arun Bandkar	202000
Arun Dharamji Bandkar	122915
Kapil Karan Jain	154910
Mahendra Karan Jain HUF	149260
Mahendra Karan Jain	83100
Mamta Mahendra Jain	46480
Pramila Satyaendra Singh	115600
Pranita Amit Singh	79382
Rambha Shahsi Singh	32400
Shahsi Satyendra Singh	170600
Vinay Satyendra Singh	157315
TOTAL	1938161

EQUITY SHARE BREAK UP (PERCENTAGE OF TOTAL EQUITY)

As on 29.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Extracted and Molded Rubber Products
Terms :
Selling :	Cash/Credit
Purchasing :	Cash/Credit

GENERAL INFORMATION

Customers :

End users, OEM’s

No. of Employees :

50 (Approximately)

Bankers :

The Bharat Co-Operative Bank (Mumbai) Limited, Andheri (Esst) Branch, Shop No.6 and 106, Ground Floor, Town Centre, Near Mittal Industrial Estate, Marol, Mumbai – 400059, Maharashtra, India

Facilities :

Rs. In Millions

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Working Capital Loans (CC ) From Bharat Coop Bank (Mumbai)Limited ( Secured against Inventories and Mortgage of Factory)	34.290	30.308
From Bharat Coop Bank (Mumbai) Limited- Term Loan (Secured against hyothecation of machinery)	15.136	15.449
kotak Mahindra Prime Limited (CAR LOAN)	1.444	0.000
Total	50.870	45.757

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
From Others	20.177	16.500
Total	20.177	16.500

Banking Relations :	--
Auditors :
Name :	G R Modi and Sons Chartered Accountant
Address :	12, Laxminarayan Shopping Centre, Poddar Park Road, Malad (E), Mumbai – 400097, Maharashtra, India
Tel. No.:	91-22-28834273/28829304
Fax No.:	91-22-28829304
E-Mail :	modiswapnil@mtnl.net.in
Pan No.:	AADFG7980N

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs. 10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1938161	Equity Shares	Rs. 10/- each	Rs.19.381 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		19.381	19.381	19.381
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		11.425	6.479	3.199
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.806	25.860	22.580
LOAN FUNDS
1] Secured Loans		50.870	45.757	43.027
2] Unsecured Loans		20.177	16.500	13.364
TOTAL BORROWING		71.047	62.257	56.391
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		101.853	88.117	78.971
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		42.341	41.813	16.329
Capital work-in-progress		0.000	0.000	25.478
INVESTMENT		0.100	0.100	0.100
DEFERREX TAX ASSETS		0.631	0.348	0.237
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.896	6.272	8.635
	Sundry Debtors	58.269	44.870	28.491
	Cash & Bank Balances	3.439	6.343	3.402
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.068	10.884	7.912
Total Current Assets		83.672	68.369	48.440
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.467	16.567	7.348
	Other Current Liabilities	0.091	0.159	0.204
	Provisions	2.545	6.025	4.326
Total Current Liabilities		25.103	22.751	11.878
Net Current Assets		58.569	45.618	36.562
MISCELLANEOUS EXPENSES		0.212	0.238	0.265
TOTAL		101.853	88.117	78.971

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		98.979	104.115
		Other Income		1.998	3.769
		TOTAL (A)	148.217	100.977	107.884
Less	EXPENSES
		Cost of Goods Sold		63.035	73.844
		Freight		1.680	1.958
		Consumption of stores & spare parts		1.530	1.691
		Power and fuel		2.353	1.536
		Rent		0.777	0.771
		Repair to machinery		0.865	0.811
		Compensation to Employees		7.976	6.873
		Insurance		0.242	0.251
		Workman and staff welfare expanse		0.169	0.152
		Sales promotion including publicity		0.221	0.191
		Advertisement		0.217	0.229
		Bad Debts		0.026	0.000
		Donation		0.010	0.000
		Commission		0.402	0.164
		Traveling expanses including foreign traveling		0.463	0.549
		Conveyance		0.269	0.386
		Telephone charges		0.334	0.290
		Gift		0.083	0.574
		Rate and taxes excluding taxes on Income		0.129	0.456
		Auditors Remuneration		0.040	0.040
		Other / Miscellaneous expanses		2.137	3.218
		TOTAL (B)	134.340	82.958	93.984
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.877	18.019	13.900
			Including Financial expense
Less	FINANCIAL EXPENSES (D)			7.300	6.258
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.877	10.719	7.642
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.572	5.851	2.478
	PROFIT BEFORE TAX (E-F) (G)		7.305	4.868	5.164
Less	TAX (H)		NA	1.588	1.804
	PROFIT AFTER TAX (G-H) (I)		NA	3.280	3.360
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	3.198	4.166
Less	APPROPRIATIONS
		Dividend	NA	0.000	3.715
		Tax on Dividend	NA	0.000	0.613
	BALANCE CARRIED TO THE B/S		NA	6.478	3.198
	Earnings Per Share (Rs.)		NA	1.69	3.33

Particulars	31.03.2012
Sales Turnover (Approximately)	160.000

Expected Sales (2012-2013): Rs.200.000 Millions

The above information has been parted by Mr. Vinay Singh (Chief Executive officer)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	3.24	3.11
Net Profit Margin (PBT/Sales)	(%)	NA	4.91	4.95
Return on Total Assets (PBT/Total Assets}	(%)	5.79	4.41	7.97
Return on Investment (ROI) (PBT/Networth)		0.24	0.18	0.22
Debt Equity Ratio (Total Liability/Networth)		3.12	3.28	3.02
Current Ratio (Current Asset/Current Liability)		3.33	3.00	4.07

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
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	Yes
Capital the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	No
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	No

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Electric Installation
• Printer/Computer

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.51.62
UK Pound	1	Rs.83.57
Euro	1	Rs.57.17

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		31

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.