MIRA INFORM REPORT

Report Date :

10.10.2012

IDENTIFICATION DETAILS

Name :	FIBRETUFF PRODUCTS INDIA PRIVATE LIMITED
Registered Office :	S.F.No.62/1, Salem Main Road, Atthanur - Village, Atthanur - Post, Atthanur – 636301, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.08.2008
Com. Reg. No.:	18-014700
Capital Investment / Paid-up Capital :	Rs.4.180 Millions
CIN No.: [Company Identification No.]	U25200TZ2008PTC014700
TAN No.: [Tax Deduction & Collection Account No.]	SHER03776D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of FRP Grating, FRP Automotive Battery Cover, FRP Meter Board,  FRP Bus Hood, etc
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 12000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears some accumulated losses recorded by the company. However, trade relations are reported to be fair. Business is active. Payments are reported slow but correct. The company can be considered for business dealing 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.

INFORMATION PARTED BY

Name :	Mr. Nandakumar Srinivasan
Designation :	Director
Contact No.:	91- 9443336463
Date :	09.10.2012

LOCATIONS

Registered Office / Factory :	S.F.No.62/1, Salem Main Road, Atthanur - Village, Atthanur - Post, Atthanur – 636301, Tamilnadu, India
Tel. No.:	91-4287-224818 / 224655
Mobile No.:	91- 9443336463 (Mr. Nandakumar Srinivasan)
Fax No.:	91-4287-224818 / 224655
E-Mail :	info@fibretuff.com enquiry@fibretuff.com fibretuff@eth.net pdmnsrivatsan@yahoo.co.in
Website :	http://www.fibretuff.com
Area :	30000 Sq. ft
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Nandakumar Srinivasan

Designation :

Director

Address :

44-A, Sowrastra Street, Rasipuram – 637408, Tamilnadu, India

Date of Birth/Age :

01.07.1959

Date of Appointment :

14.08.2008

DIN No.:

00420903

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	U24132TZ2003PLC010759	M.N.POLYESTER (INDIA) PRIVATE LIMITED	Director	9/9/2003	9/9/2003	-	Active	NO
2	U25200TZ2008PTC014700	FIBRETUFF PRODUCTS INDIA PRIVATE LIMITED	Director	14/08/2008	14/08/2008	-	Active	NO

Name :

Mrs. Rajalakshmi Ramaiyar

Designation :

Director

Address :

24, Sowrastra Street, Rasipuram – 637408, Tamilnadu, India

Date of Birth/Age :

04.08.1960

Date of Appointment :

14.08.2009

DIN No.:

02113028

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Nandakumar Srinivasan	106000
Rajalakshmi Ramaiyar	74000
Madhumitha S. Nandakumar	20000
Sakundhaladevi S.K. Srinivasan	10000
Sarnyadev S. S. Sukumar	10000
Balaji S. S. Sukumar	40000
Suganya S. Nandakumar	66000
Sukumar S. K. Srinivasan	44000
Geethasivaraj Sivaraj	4000
Baskar Thulasiraman	4000
Janakiraman Ramaiyar	4000
Jayachandran Ramaiyar	3000
Jayaprakash Kailasamudaliar	4000
Manogar Govindarajan	5000
Muthusamy	4000
Priya P. B. Santharam	4000
Varalakshmi P. B. Santharam	4000
Rajvee S. K. Balan	4000
Senguttuvan Arumugam	4000
Sivamani Gopal	4000
Total	418000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	94.00
Other top fifty shareholders	6.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of FRP Grating, FRP Automotive Battery Cover, FRP Meter Board,  FRP Bus Hood, etc

Products :

• FRP Bus Body Parts
• FRP Pultruded Grating
• FRP Suction Duct
• FRP Industrial Cover
• FRP Dash boards
• FRP Fan Shroud
• FRP Hood
• FRP Battery Cover
• FRP Meter Board 
• FRP Conveyor Buckets
• FRP Shield
• FRP Pultruded Sections
• FRP Moulded Grating
• FRP Conveyor Hood Cover

Product Description	Item Code No
Hood Assembly & Battery Cover	42953

Exports :

Products :

FRP Grating, FRP Automotive Battery Cover, FRP Meter Board,  FRP Bus Hood

Countries :

Egypt

Imports :

Products :

Raw Material and Machinery

Countries :

• China
• UK

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

GENERAL INFORMATION

Suppliers :

Vasavibala Resins and Chemicals Private Limited

Customers :

LMW – Coimbatore

No. of Employees :

25 (Approximately)

Bankers :

Lakshmi Vilas Bank, Kavarai Street, Rasipuram - 637408, Tamilnadu, India

Facilities :

TC Rs.3.000 Millions (Form Lakshmi Vilas Bank)

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
A. Term Loans from Scheduled Banks
- Lakshmi Vilas Bank Limited [secured on land and building and machinery both present and future]	1.981	2.346
- HDFC Bank Limited - Vehilcle Loan [secured on the Vehicle ]	0.233	0.433
B. Cash Credits from Scheduled Banks [secured on stock-in-trade/book debts]	1.633	2.000
Total	3.847	4.779
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans from Directors	2.600	2.100
Total	2.600	2.100

Banking Relations :	--
Auditors :
Name :	Gosavi Yardi and Company Chartered Accountants
Address :	Ketki, 4th Floor, Next To Alka Talkies, Sadashiv Peth, Pune – 411030, Maharashtra, India
PAN.:	AACVG6871D
Enterprises controlled by the Directors / Relatives :	Fibretuff Products, Narms Enterprises Fibrechem Products, Covai Seenu and Company M.N. Polyester India Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
418000	Equity Shares	Rs.10/- each	Rs.4.180 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		4.180	1.480	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.264	0.215	0.000
4] (Accumulated Losses)		(1.405)	(1.002)	(0.276)
NETWORTH		3.039	0.696	(0.176)
LOAN FUNDS
1] Secured Loans		3.847	4.779	3.025
2] Unsecured Loans		2.600	2.100	0.900
TOTAL BORROWING		6.447	6.879	3.925
DEFERRED TAX LIABILITIES		0.030	0.121	0.000
TOTAL		9.516	7.693	3.749
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.304	6.385	3.414
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.728	2.533	1.073
	Sundry Debtors	9.150	5.017	0.453
	Cash & Bank Balances	0.391	1.392	0.842
	Other Current Assets	0.040	0.035	0.005
	Loans & Advances	0.099	0.013	0.013
Total Current Assets		13.408	8.990	2.386
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.146	7.629	2.075
	Other Current Liabilities	0.077	0.084	0.011
	Provisions	0.000	0.000	0.000
Total Current Liabilities		10.223	7.713	2.086
Net Current Assets		3.185	1.277	0.300
MISCELLANEOUS EXPENSES		0.027	0.031	0.035
TOTAL		9.516	7.693	3.749

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	26.180	12.015	0.452
		Other Income	4.605	0.857	0.000
		TOTAL (A)	30.785	12.872	0.452
Less	EXPENSES
		Cost of goods sold	23.597	10.200
		Operations Office and Admn Expenses	6.197	1.948	0.623
		TOTAL (B)	29.794	12.148	0.623
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.991	0.724	(0.171)
Less	FINANCIAL EXPENSES (D)		0.585	0.499	0.077
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.406	0.225	(0.248)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.899	0.830	0.028
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(0.493)	(0.605)	(0.276)
Less	TAX (H)		(0.090)	0.121	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(0.403)	(0.726)	(0.276)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1.002)	(0.276)	0.000
	BALANCE / (LOSS) CARRIED TO THE B/S		(1.405)	(1.002)	(0.276)
	IMPORTS
		Raw Materials	0.897	NA	NA
	TOTAL IMPORTS		0.897	NA	NA
	Earnings / (Loss) Per Share (Rs.)		(0.96)	(4.91)	(27.61)

Particulars	31.03.2012
Sales Turnover (Approximately)	35.000

Expected Sales (2012-13) : Rs. 40.000 Millions

The above information has been parted by Mr. Nandakumar Srinivasan

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(1.31)	(5.64)	(61.06)
Net Profit Margin (PBT/Sales)	(%)	(1.88)	(5.05)	(61.06)
Return on Total Assets (PBT/Total Assets}	(%)	(2.50)	(3.93)	(4.76)
Return on Investment (ROI) (PBT/Networth)		(0.16)	(0.87)	(1.57)
Debt Equity Ratio (Total Liability/Networth)		5.49	20.96	(34.15)
Current Ratio (Current Asset/Current Liability)		1.31	1.17	1.14

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No

PERFORMANCE:

The revenue from the sale of the wide range of products dealt with by the company is Rs. 26.180 Millions. Adequate measures are being undertaken to increase the revenue in future.

The company has not accepted any deposits from the public, and the company being a private limited one is prohibited from accepting / inviting deposits from persons other than directors, members and their relatives.

TRADE REFERENCES

• Vasavibala Resins and Chemicals Private Limited
• LMW – Coimbatore

FIXED ASSETS

• Plant and Machinery
• Borewell
• Factory – Building
• Computers and Accessories
• Furniture and Fittings
• Office Equipments
• Vehicle - Swaraz

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 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.52.38
UK Pound	1	Rs.84.00
Euro	1	Rs.67.99

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.