MIRA INFORM REPORT

Report Date :

19.04.2013

IDENTIFICATION DETAILS

Name :	SELLOWRAP INDUSTRIES PRIVATE LIMITED (w.e.f. 16.02.2011)
Formerly Known As :	SELLOWRAP MANUFACTURING PRIVATE LIMITED
Registered Office :	208, Plot No. C 5, Abhishek Bldgdalia Estate, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.04.2004
Com. Reg. No.:	11-145548
Capital Investment / Paid-up Capital :	Rs. 94.903 Millions
CIN No.: [Company Identification No.]	U25202MH2004PTC145548
PAN No.: [Permanent Account No.]	AAICS1972L
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Automobile and White Goods components
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 800000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	208, Plot No. C 5, Abhishek Bldgdalia Estate, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	accountsho@sellowrap.com

DIRECTORS

As on: 29.09.2012

Name :	Mr. Saurabh Poddar
Designation :	Managing Director
Address :	A 501, Fairyland Co-operative Housing Society Limited, Plot No. 9A, 10^thRoad, Juhu, Vile Parle (West), Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	28.12.1973
Date of Appointment :	24.05.2005
PAN No.:	AFGPP1534F
DIN No.:	00032858
Name :	Mr. Sushil Kumar Poddar
Designation :	Director
Address :	F-704, Somvihar Appartment, R. K. Puram, New Delhi – 110022, India
Date of Birth/Age :	01.01.1947
Date of Appointment :	06.04.2004
PAN No.:	AFYPP8572R
DIN No.:	00149285
Name :	Mr. Ravi Kumar Jajodia
Designation :	Additional director
Address :	Plot No. 55, Ajmera Garden, Ajmera Road, Jaipur – 302019, Rajasthan, India
Date of Birth/Age :	18.04.1961
Date of Appointment :	18.03.2009
DIN No.:	02297549

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Sushil Kumar Poddar	2009600
Saurabh Poddar	1555200
Meena Poddar	342500
Pooja Poddar	995000
S.K. Poddar and Sons HUF	191000
Saurabh Marketing Private Limited	2477000
Anupama Bajoria	250000
Aparna Polyflex Private Limited	75000
Arvind Chemicals Limited	810000
Arvind Exports	70000
Kaizen Organics Private Limited	200000
Aditya Rungta HUF	10
Shyamsunder Rungta HUF	10
Arvind Coir Foam Private Limited	250000
Arvind International Limited	265000
Total	9490320

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	42.96
Directors or relatives of Directors	53.67
Other top fifty shareholders	3.37
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automobile and White Goods components

Products :

ITC 8 digit	Description of product
39269099	Plastic Components And Article of Foam PU
56039400	Article Of Non Woven Fabric
87081090	M. V. Parts

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of India, Juhu Branch, Plot No. 6-B, Nehru Nagar A, Juhu Tara Road, Mumbai – 400049, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term loans from banks	85.331	41.883
Term loans from others	0.000	58.415
Other Loans and Advance	1.974	3.058
Working capital loans from banks (Secured against hypothecation of Factory Land, Plant and Machinery at Gurgaon Plant and Stock and Book Debts)	66.332	43.739
Loans taken for vehicles (All car loans Secured Against hypothecation of Concern Car)	2.206	2.318
Total	155.843	149.413

Banking Relations :	--
Auditors :
Name :	Khurdia Jain and Company Chartered Accountant
Address :	C- 1 , 309 , Bharateeya Kala, Om Nagar, Sahar, Pipeline Road, Andheri (East), Mumbai - 400099
PAN.:	AAEFK1739J
Associates :	Sellowrap Epp India Private Limited CIN No.: U24130MH2005PTC155220

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
16000000	Equity Shares	Rs.10/- each	Rs. 160.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9490320	Equity Shares	Rs.10/- each	Rs. 94.903 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		94.903	89.150	89.150
2] Share Application Money		0.000	5.753	5.633
3] Reserves & Surplus		107.814	105.572	20.337
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		202.717	200.475	115.120
LOAN FUNDS
1] Secured Loans		155.844	149.413	91.733
2] Unsecured Loans		28.907	13.000	10.174
TOTAL BORROWING		184.751	162.413	101.907
DEFERRED TAX LIABILITIES		1.333	1.671	1.095
TOTAL		388.801	364.559	218.122
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		216.056	229.395	117.005
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		72.648	72.648	72.648
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	53.515	36.026	29.666
	Sundry Debtors	124.628	81.011	59.381
	Cash & Bank Balances	5.920	5.259	25.467
	Other Current Assets	1.584	0.336	9.868
	Loans & Advances	18.816	22.674	7.245
Total Current Assets		204.463	145.306	131.627
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	60.688	51.806	54.642
	Other Current Liabilities	43.678	30.984	44.946
	Provisions	0.000	0.000	3.570
Total Current Liabilities		104.366	82.790	103.158
Net Current Assets		100.097	62.516	28.469
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		388.801	364.559	218.122

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	418.076	332.358	220.361
		Other Income	4.487	4.935	1.373
		TOTAL (A)	422.563	337.293	221.734
Less	EXPENSES
		Office Expenses
		Administrative Expenses	376.356	304.497	200.427
		Advertising Expenses
		TOTAL (B)	376.356	304.497	200.427
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		46.207	32.796	21.307
Less	FINANCIAL EXPENSES (D)
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		42.766	31.193	16.476
Less/ Add	DEPRECIATION/ AMORTISATION (F)
	PROFIT BEFORE TAX (E-F) (G)		3.441	1.603	4.831
Less	TAX (H)		1.20	0.405	1.015
	PROFIT AFTER TAX (G-H) (I)		2.241	1.198	3.816
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		12.335	11.137	7.321
	BALANCE CARRIED TO THE B/S		14.576	12.335	11.137
	Earnings Per Share (Rs.)		0.24	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.53	0.36	1.72
Net Profit Margin (PBT/Sales)	(%)	0.82	0.48	2.19
Return on Total Assets (PBT/Total Assets}	(%)	0.82	0.43	1.94
Return on Investment (ROI) (PBT/Networth)		0.02	0.01	0.04
Debt Equity Ratio (Total Debt /Networth)		0.91	0.81	0.88
Current Ratio (Current Asset/Current Liability)		1.96	1.76	1.27

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25202MH2004PTC145548
Name of the company	SELLOWRAP INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	208, Plot No. C 5, Abhishek Bldgdalia Estate, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India accountsho@sellowrap.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80039909
Type of charge	Immovable property
Particular of charge holder	Bank of India, Juhu Branch, Plot No. 6-B, Nehru Nagar A, Juhu Tara Road, Mumbai – 400049, Maharashtra, India Juhu.MumbaiNorth@bankofindia.co.in
Nature of instrument creating charge	Entry No.222 for Record of Oral Assent.
Date of instrument Creating the charge	01.06.2012
Amount secured by the charge	Rs. 89.900 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest/Commission at the rate/s as may be notified by Bank from time to time. Terms of Repayment Cash Credit - On Demand and Term Loan as per existing guidelines Margin CC (Stocks)- 25% ,CC (Book Debts)- 40%, Term Loan-15% or as required by the Bank from time to time. Extent and Operation of the charge Company has ceded Second Charge on immovable property,as described at S.No.15 below for the enhanced CC Limit of Rs.62.500 Millions and TL Limit of Rs.27.400 Millions aggregating to Rs.89.900 Millions and SIDBI, Bandra Kurla Complex, Bandra (East) has a First Charge on that property covering its Term Loan facilities,sanctioned to the Company,which are fully detailed in the Copy of Entry No.222 attached. Others Limits enhanced from Rs.77.400 Millions to Rs.899 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All that piece and parcel of land or ground (Open plot) admeasuring 6400 sq. Metres bearing Plot Nos.D/57 and D/58 of Ranjangaon Industrial Area within the Village limit of Karegaon,Taluke Shirur, within the registration district of Pune city together with all building and structures thereon and plant and machinery attached to earth or permanently fastened to anything attached to the earth.
Date of instrument modifying the charge	03.01.2011
Particulars of the present modification	Equitable Mortgage on Company's immovable properties situated at Plot Nos.D/57 and D/58 of Ranjangaon Industrial Area within the village limit of Karegaon,Taluka Shirur,Dist.Pune, Now CC Limit has increased from Rs.50.000 Millions to Rs.62.500 Millions and TL Limit of Rs.27.400 Millions aggregating to Rs.89.900 Millions, thus the total charge enhanced from Rs.77.400 Millions to Rs.89.900 Millions on Second charge basis with SIDBI as a first charge holder.

UNSECURED LOAN

(Rs in Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Rupee term loans from others	23.523	6.755
Term loans from banks	2.493	2.418
Term loans from others	2.891	3.827
Total	28.907	13.000

FIXED ASSETS

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

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. 54.03
UK Pound	1	Rs. 82.43
Euro	1	Rs. 70.49

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
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	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.