MIRA INFORM REPORT

Report Date :

05.07.2013

IDENTIFICATION DETAILS

Name :	SICO VINYL PRIVATE LIMITED

Registered Office :	Sico House, Swastic Compound, Chincholi Bunder Road, Ram Baug, Malad (West), Mumbai – 400064, Maharashtra

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	10.05.1991

Com. Reg. No.:	11-061622

Capital Investment / Paid-up Capital :	Rs. 4.445 Millions

CIN No.: [Company Identification No.]	U19201MH1991PTC061622

TIN No.:	27300018795

PAN No.: [Permanent Account No.]	AAFCS8949C

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Industrial Safety Shoes, Industrial Gumboot.

No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 26000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having a moderate track record. There appear accumulated losses in the record. The company has achieved minimal profits during 2012. However, trade relations are fair. Business is active. Payment terms are slow. The company can be considered for business dealings with great 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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

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.

INFORMATION PARTED BY

Name :	Mr. Bhavik Jayant Shah
Designation :	Director
Contact No.:	91-9820034001
Date :	03.07.2013

LOCATIONS

Registered Office / Factory :	Sico House, Swastic Compound, Chincholi Bunder Road, Ram Baug, Malad (West), Mumbai – 400064, Maharashtra, India
Tel. No.:	91-22-8821123/8824845/2882454/28810927
Mobile No.:	91-9833492264 (Mr. Khalil Ahmad) 91-9820034001 (Mr. Bhavik Jayant Shah)
Fax No.:	91-22-8895520
E-Mail :	bhavik@sicosafety.com sico98@vsnl.com bjs007@rediffmail.com sico.udyog@yahoo.com
Website :	http://www.sicosafety.com
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :

Mrs. Jinal Bhavik Shah

Designation :

Director

Address :

102, Shreeji Darshan, 10^TH Floor, S.V. Road, Kandivali (West), Mumbai - 400067, Maharashtra, India

Date of Birth/Age :

01.06.1983

Date of Appointment :

29.09.2007

DIN No.:

00181243

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	U19200MH1987PTC042952	SICO UDYOG PRIVATE LIMITED	Director	30-09-06	30-09-06	-	Active	NO
2	U19201MH1991PTC061622	SICO VINYL PRIVATE LIMITED	Director	29-09-07	29-09-07	-	Active	NO

Name :

Mr. Jayant Hirji Shah

Designation :

Director

Address :

102, Shreeji Darshan, 10^TH Floor, S.V. Road, Kandivali (West), Mumbai - 400067, Maharashtra, India

Date of Birth/Age :

30.12.1951

Qualification :

B.Com

Date of Appointment :

10.05.1991

DIN No.:

01153896

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	U19201MH1991PTC061622	SICO VINYL PRIVATE LIMITED	Director	10-05-91	10-05-91	-	Active	NO
2	U19200MH1987PTC042952	SICO UDYOG PRIVATE LIMITED	Director	15-09-03	15-09-03	-	Active	NO

Name :

Mr. Bhavik Jayant Shah

Designation :

Director

Address :

102, Shreeji Darshan, 10^TH Floor, S.V. Road, Kandivali (West), Mumbai - 400067, Maharashtra, India

Date of Birth/Age :

08.04.1980

Date of Appointment :

01.04.2007

DIN No.:

01154070

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	U19200MH1987PTC042952	SICO UDYOG PRIVATE LIMITED	Director	01-04-00	01-04-00	-	Active	NO
2	U19201MH1991PTC061622	SICO VINYL PRIVATE LIMITED	Director	01-04-07	01-04-07	-	Active	NO

Name :

Mrs. Rajeshwari Jayant Shah

Designation :

Director

Address :

102, Shreeji Darshan, 10^TH Floor, S.V. Road, Kandivali (West), Mumbai - 400067, Maharashtra, India

Date of Birth/Age :

10.07.1954

Date of Appointment :

29.09.2007

DIN No.:

01472989

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	U19200MH1987PTC042952	SICO UDYOG PRIVATE LIMITED	Director	29-09-07	29-09-07	-	Active	NO
2	U19201MH1991PTC061622	SICO VINYL PRIVATE LIMITED	Director	29-09-07	29-09-07	-	Active	NO

KEY EXECUTIVES

Name :	Yogesh Dalvi and Associates
Designation :	Company Secretaries
Address :	92A, Sunrays Shopping Centre, Near Apna Baza, Charkop Market Juction, Kandivali (West), Mumbai – 400067
Mobile No.:	91-9867649941
E-Mail :	yogesh_dalvics@rediffmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders		No. of Shares
Rasik H. Shah		57986
Jayant Hirji Shaj		121974
Jhaverchand H. Shah		1
Rajeshwari Jayant Shah		12001
Jayant H. Shah (HUF)		1
Rasik H. Shah J/W Arti S. Parekh		1
Rasik H. Shah J/W Bhagyashree Corporation, 2013		1
Rasik H. Shah J/W Harshad Gala		1
Rasik H. Shah J/W Jagshi Valli		1
Rasik H. Shah J/W Maniben H. Gala		1
Rasik H. Shah J/W Manilal Samji		1
Rasik H. Shah J/W Mita Spareld		1
Rasik H. Shah J/W Hansa Parikh		1
Rasik H. Shah J/W Mulchand P. Shah		1

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Industrial Safety Shoes, Industrial Gumboot.

Products :	Rock Star Shoes Standard Range Long Gumboots Executive Shoes Economy Shoes Snow Ankle Boots Regular Shoes Shoe Cross Section Superlite Shoes Duratech Range

Terms :
Selling :	Cash / Credit (30 Days / 60 Days)

Purchasing :	Cash / Credit (30 Days / 60 Days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

20 (Approximately)

Bankers :

The Malad Shakari Bank Limited, 6 Sujata, 1^st Floor, Rani Sati Marg, Malad (East), Mumbai 400097, Maharashtra, India
Citi Bank
Kotak Mahindra Bank Limited
Bank of India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Term Loan	2.740	3.174
Loan from Directors	0.035	1.926
Loan from Family	3.052	3.160
Loan from Others	0.166	0.166
Short Term Borrowings
The Malad Sahakari Bank Limited	4.675	4.599
Total	10.668	13.025


Banking Relations :	---

Auditors :
Name :	Jignesh Savla and Associates Chartered Accountants
Address :	303, Annapurarna Sadan, Turel Pakhadi Road, Malad (West), Mumbai - 400064, Maharashtra, India
PAN No.:	AGLPS8164L

Memberships :	National Safety Council

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

444503	Equity Shares	Rs.10/- each	Rs.4.445 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.445	2.450
(b) Reserves & Surplus	(3.795)	(3.928)
(c) Money received against share warrants	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	0.650	(1.478)

(3) Non-Current Liabilities
(a) long-term borrowings	6.193	8.626
(b) Deferred tax liabilities (Net)	0.447	0.447
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	6.640	9.073

(4) Current Liabilities
(a) Short term borrowings	4.675	4.599
(b) Trade payables	4.188	5.396
(c) Other current liabilities	1.457	0.747
(d) Short-term provisions	0.196	0.085
Total Current Liabilities (4)	10.516	10.827

TOTAL	17.806	18.422

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.540	6.173
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.050	0.050
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.996	0.591
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	7.586	6.814

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	5.328	4.963
(c) Trade receivables	4.865	6.406
(d) Cash and cash equivalents	0.025	0.237
(e) Short-term loans and advances	0.002	0.002
(f) Other current assets	0.000	0.000
Total Current Assets	10.220	11.608

TOTAL	17.806	18.422

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.450
2] Share Application Money		0.000
3] Reserves & Surplus		0.050
4] (Accumulated Losses)		(1.465)
NETWORTH		1.035
LOAN FUNDS
1] Secured Loans		3.794
2] Unsecured Loans		3.311
TOTAL BORROWING		7.105
DEFERRED TAX LIABILITIES		0.000

TOTAL		8.140

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		6.417
Capital work-in-progress		0.000

INVESTMENT		0.052
DEFERREX TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.738
	Sundry Debtors	4.064
	Cash & Bank Balances	0.313
	Other Current Assets	0.000
	Loans & Advances	0.351
Total Current Assets		10.466
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.907
	Other Current Liabilities	0.508
	Provisions	0.380
Total Current Liabilities		8.795
Net Current Assets		1.671

MISCELLANEOUS EXPENSES		0.000

TOTAL		8.140

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Turnover	30.867	15.404	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA

Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		TOTAL	NA	NA	NA

	PROFIT / (LOSS) BEFORE TAX		0.132	(2.513)	(0.485)

Less	TAX		0.000	0.000	0.000

	PROFIT / (LOSS) AFTER TAX		0.132	(2.513)	(0.485)

	Earnings Per Share (Rs.)		0.30	(10.26)	NA

Particulars

31.03.2013

Sales Turnover (Approximately)

35.000

Expected Sales (2013-14) : Rs. 40.000 Millions

The above information has been parted by Mr. Bhavik Jayant Shah.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010

Return on Total Assets (PBT/Total Assets}	(%)	0.74	(13.68)	(2.87)

Return on Investment (ROI) (PBT/Networth)		0.20	1.70	(0.47)

Debt Equity Ratio (Total Debt /Networth)		16.72	(8.72)	6.86

Current Ratio (Current Asset/Current Liability)		0.97	1.07	1.19

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two 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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	No

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Unsecured Loan	0.200	0.200
Total	0.200	0.200

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U19201MH1991PTC061622
Name of the company	SICO VINYL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Sico House, Swastic Compound, Chincholi Bunder Road, Ram Baug, Malad (West), Mumbai – 400064, Maharashtra, India sico98@vsnl.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10258183
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	The Malad Shakari Bank Limited, 6 Sujata, 1^st Floor, Rani Sati Marg, Malad (East), Mumbai 400097, Maharashtra, India accounts@maladbank.com
Nature of instrument creating charge	Supplemental Agreement of Loan against Pledge/Hypothecation.
Date of instrument Creating the charge	21.03.2013
Amount secured by the charge	Rs.8.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest At present 15% p.a. at monthly rests or at rate as may at any time and from time to time be fixed in that behalf by the Bank. Terms of Repayment On Demand. Margin As required by the bank from time to time. Extent and Operation of the charge Balance due to bank shall be payable to bank at Mumbai office of Bank together with all further interest calculated as above provided at the rate above mentioned together with the amount of all further charges and expenses to the date of payment .This security is in addition to any other security already held by Bank. Others Facility and Revised Limit: Cash Credit Rs.8.500 Millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of Machineries, Stocks, Book debts belonging to borrower being movable properties and capable of passing by delivery both present and future whether installed or not and whether now lying loose or in cases and now being or at any time hereafter during the continuance of this agreement brought into or upon or at any time in course of transit to the premises, factory of borrower at Mumbai either by way of substitution or in addition or other place whatsoever.
Particulars of the present modification	1st Modification. The principal amount of charge on hypothecated assets is enhanced from Rs.4.600 Millions to Rs.8.500 Millions. Facility and Revised Limit: Cash Credit Rs.8.500 Millions.

FIXED ASSETS

Plant and Machinery
Air Conditioners
Computer
Dies and Moulds
Electrical Installations
Furniture’s and Fixtures
Motor Car
Land
Office Equipment
Camera

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.60.09
UK Pound	1	Rs.91.58
Euro	1	Rs.78.08

INFORMATION DETAILS

Information Gathered by :	JML

Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	--
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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

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

0.74

0.20

16.72

0.97

Unit