MIRA INFORM REPORT

Report Date :

10.07.2013

IDENTIFICATION DETAILS

Name :	VIKAS ELASTOCHEM AGENCIES PRIVATE LIMITED
Registered Office :	87, Sir M.V. Road, Rubber Industries India Compound, Andheri (East), Mumbai – 400 093, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.04.1989
Com. Reg. No.:	11-051254
Capital Investment / Paid-up Capital :	Rs.0.105 Million
CIN No.: [Company Identification No.]	U51495MH1989PTC051254
Legal Form :	Private Limited Liability Company
Line of Business :	Distributor of Synthetic Rubber and Rubber Chemical.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 110000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 :	87, Sir M.V. Road, Rubber Industries India Compound, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-66921101
Fax No.:	Not Available
E-Mail :	sales@elastochemie.com
Head Office :	New No:29,C.V.Raman Road, Alwarpet, Chennai – 600018, Tamilnadu, India

DIRECTORS

As on: 24.09.2012

Name :	Mr. Kannan Subramanian
Designation :	Director
Address :	16, Thiru Appartment, 3^rd Main Road, Raja Annamalaipuram, Chennai – 600 028, Tamilnadu, India
Date of Appointment :	03.04.1989
DIN No.:	03442350
Name :	Mr. Geetha Kannan
Designation :	Director
Address :	16, Thiru Appartment, 3 Rd Main Road, Raja Annamalaipuram, Chennai – 600028, Tamilnadu, India
Date of Appointment :	08.10.2011
DIN No.:	03639819

MAJOR SHAREHOLDERS

As on: 24.09.2012

Names of Shareholders (Equity Shares)	No. of Shares
Kannan Subramanian	7597
Geetha Kannan	2402
Total	9999

Names of Shareholders (Preference Shares)	No. of Shares
Kaumudi Anil Sampat	152
Vinod Manoharlal Bhatia	162
Subramanian Kannan	167
Trident Polychem Private Limited, India	5
Minoti Anil Sampat	5
Mihika Anil Sampat	5

Equity Share Break up (Percentage of Total Equity)

As on: 24.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Distributor of Synthetic Rubber and Rubber Chemical.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Axis Bank Limited, CBB, Karumuthu Nilayam, No.192, Anna Salai, Chennai – 600 002, Tamilnadu, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Term loan from Financial Institutions	0.486	0.458
SHORT TERM BORROWINGS
Working Capital loan from banks	12.334	0.000
Total	12.820	0.458

Banking Relations :
Auditors :
Name :	Vora and Associates Chartered Accountants
Address :	103, Rewa Chambers, 31, New Marine Lines, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-22005934/ 22031110
Fax No.:	91-22-22063289
PAN No.:	AACFV6555H

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million
10000	Preference Shares	Rs.10/- each	Rs.0.100 Million
	Total		Rs.0.200 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9999	Equity Shares	Rs.10/- each	Rs.0.100 Million
501	Preference Shares	Rs.10/- each	Rs.0.005 Million
	Total		Rs.0.105 Million

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	0.105	0.105
(b) Reserves & Surplus	29.515	21.296
(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)	29.620	21.401
(3) Non-Current Liabilities
(a) long-term borrowings	0.486	0.458
(b) Deferred tax liabilities (Net)	0.020	0.014
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.150
Total Non-current Liabilities (3)	0.506	0.622
(4) Current Liabilities
(a) Short term borrowings	25.944	13.744
(b) Trade payables	9.554	8.983
(c) Other current liabilities	0.969	1.273
(d) Short-term provisions	0.000	1.390
Total Current Liabilities (4)	36.467	25.390
TOTAL	66.593	47.413
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.141	2.006
(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	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.343	0.192
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	2.484	2.198
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	35.888	17.882
(c) Trade receivables	26.890	25.441
(d) Cash and cash equivalents	0.381	1.389
(e) Short-term loans and advances	0.950	0.503
(f) Other current assets	0.000	0.000
Total Current Assets	64.109	45.215
TOTAL	66.593	47.413

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.105
2] Share Application Money		0.000
3] Reserves & Surplus		12.958
4] (Accumulated Losses)		0.000
NETWORTH		13.063
LOAN FUNDS
1] Secured Loans		0.457
2] Unsecured Loans		13.161
TOTAL BORROWING		13.618
DEFERRED TAX LIABILITIES		0.009
TOTAL		26.690
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.131
Capital work-in-progress		0.631
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.766
	Sundry Debtors	25.663
	Cash & Bank Balances	2.225
	Other Current Assets	0.000
	Loans & Advances	0.646
Total Current Assets		38.300
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.372
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		13.372
Net Current Assets		24.928
MISCELLANEOUS EXPENSES		0.000
TOTAL		26.690

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	153.542	127.333	94.835
		Other Income	NA	1.020	NA
		TOTAL	NA	128.353	NA
Less	EXPENSES
		Office Expenses	NA	115.672	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	115.672	NA
	PROFIT BEFORE TAX		12.325	12.681	5.576
Less	TAX		4.106	4.350	1.730
	PROFIT AFTER TAX		8.219	8.327	3.846
Add/ Less	Previous Year Adjustment		0.000	(0.011)	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		19.614	11.276	7.430
	BALANCE CARRIED TO THE B/S		27.833	19.614	11.276
	EARNINGS IN FOREIGN CURRENCY
		Commission Earnings	NA	0.132	0.258
	TOTAL EARNINGS		NA	0.132	0.258
	IMPORT VALUE		NA	41.009	28.140
	Earnings Per Share (Rs.)		782.76	833.86	384.59

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	6.49	NA
Net Profit Margin (PBT/Sales)	(%)	8.03	9.96	5.88
Return on Total Assets (PBT/Total Assets}	(%)	18.51	26.75	14.14
Return on Investment (ROI) (PBT/Networth)		0.42	0.59	0.43
Debt Equity Ratio (Total Debt /Networth)		0.89	0.66	1.04
Current Ratio (Current Asset/Current Liability)		1.76	1.78	2.86

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	No
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	No
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)

Particulars	As on 31.03.2012	As on 31.03.2011
SHORT TERM BORROWINGS
Loans and advance from related parties	13.610	13.744
Total	13.610	13.744

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51495MH1989PTC051254
Name of the company	VIKAS ELASTOCHEM AGENCIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	87 Sir M V Road Andheri (East), Mumbai – 400093, Maharashtra, India sales@elastochemie.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10325123
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Axis Bank Limited, CMC, Karumuthu Nilayam, No.192, Anna Salai, Chennai - 600002, Tamilnadu, India n.parameswaran@axisbank.com
Nature of instrument creating charge	Supplemental deed of hypothecation
Date of instrument Creating the charge	03.05.2012
Amount secured by the charge	Rs.12.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base Rate +4.50% p.a.( with the applicable Base Rate being 10.00%p.a.) Terms of Repayment On Demand Margin 25%on stocks and receivables Extent and Operation of the charge Executed and as mentioned in point no.15 of this form. Others Nature of facility Existing Revised (in Lakhs) CC 100 100 Adhoc CC Nil 25 Total 100 125 All other terms and conditions as per the sanction letter and agreements executed on 03.05.2012.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation by way of Exclusive Charge on all current assets such as stock of raw material, work in progress, finished goods of the company, both present and future. Hypothecation by way of Exclusive Charge on all present and future Book debts, Outstanding monies, receivables, claims, contracts, securities, investment, rights, etc., both present and future. Hypothecation of way of First Charge on all Tangible Movable Plant and Machineries, furniture and fixtures, other installation, computers and other accessories, both present and future.
Particulars of the present modification	The amount secured by charge has been enhanced from Rs.0.100 Million to Rs.0.125 Million as detailed hereunder. Nature of facility Existing Revised (in Lakhs) CC 100 100 Adhoc CC Nil 25 Total 100 125 All other terms and conditions as per the sanction letter and agreements executed on 03.05.2012.

FIXED ASSETS:

• Furniture and Fixture
• Motor Car
• Tempo
• Scooter and Moped
• Weighting Scale
• Fax Machine
• Water Dispenser
• Air Conditioner
• Generator Honda
• Computer and Peripheral
• Pager/ Cell Phone/ Camera
• Bag Cleaner
• Vacuum Cleaner

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.60.07
UK Pound	1	Rs.89.91
Euro	1	Rs.77.43

INFORMATION DETAILS

Report Prepared by :

RAJ

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	8
--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	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		50

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.