MIRA INFORM REPORT

Report Date :

21.06.2013

IDENTIFICATION DETAILS

Name :	OLYMPIC LAMINATES PRIVATE LIMITED
Registered Office :	6, 1^st Floor, Patel Avenue, Near Gurudwara, S. G. Road, Ahmedabad – 380059, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.03.1999
Com. Reg. No.:	04-035650
Capital Investment / Paid-up Capital :	Rs. 16.500 Millions
CIN No.: [Company Identification No.]	U20299GJ1999PTC035650
TAN No.: [Tax Deduction & Collection Account No.]	AHMA02488D / AHMO00240C
PAN No.: [Permanent Account No.]	AAACO3029Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Decorative Laminates.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 1100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The latest financials of the company are not made available. However, as per previous year’s record, the company is found to be performing well. Trade relations are reported as decent. Business is active. Payment terms are usually correct and as per commitment. The company can be considered 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	November 06, 2012

Rating Agency Name	CRISIL
Rating	Short term rating : A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	November 06, 2012

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 :	6, 1^st Floor, Patel Avenue, Near Gurudwara, S. G. Road, Ahmedabad – 380059, Gujarat, India
Tel No.:	91-79-40017979
Fax No.:	Not Available
Email :	accounts@royalcrownlaminates.com royalead@sancharnet.com
Factory :	Block No. 49-50, Behind Kalpaturu Paper Mill, Village Karoli, Taluka-Kalol, Mehsana, Gujarat, India
Fax No.:	91-79-40017900
Email:	info@royaltouch.com

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Bharatkumar Ambalal Patel
Designation :	Director
Address :	9, Sweet Home Society, Shreys Tekra, Ambawadi, Ellisbridge, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	27.07.1961
Date of Appointment :	25.03.1999
DIN No.:	00203868
Name :	Mr. Jitendra Tulsidas Patel
Designation :	Director
Address :	11, Manekbaug Society, Satellite Road, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	15.06.1960
Date of Appointment :	09.07.1999
DIN No.:	00204168
Name :	Mr. Arvindkumar Ambalal Patel
Designation :	Director
Address :	8, Basant Rajab Park Society, Satellite Road, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	19.03.1957
Date of Appointment :	25.03.1999
DIN No.:	00211536

KEY EXECUTIVES

Name :	Mr. Dinesh
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Arvindkumar Ambalal Patel	218620
Bharatbhai Ambalal Patel	220130
Bharatbhai Tulsidas Prasania (Patel)	92000
Bharatbhai Tulsidas Prasania (HUF) (Patel)	64500
Chetanaben Parsania	66500
Dineshkumar Patel	106250
Dineshkumar Patel (HUF)	74400
Geetaben Patel	15000
Hinaben B Parasania	47000
Jay Ashwinbhai Patel	257250
Jitendrakumar Patel	101250
Jitendrakumar Patel (HUF)	64500
Monaben B Patel	15000
Nishaben A Patel	16500
Rajkumar Parasania	86198
Simagauri Parasania	62000
Tulsidas Parasania (HUF)	63700
Shiv Patel	79202
Total	1650000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Decorative Laminates.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity and Installed Capacity	Actual Production
Decorative Laminated Sheets	Nos.	2800000	2076910

GENERAL INFORMATION

Suppliers :

Ø Akashdeep Papers Private Limited

Ø Asian Solvochem Private Limited

Ø Alex Engineering Works

Ø D D Engineering

Ø G. E. B. (Uttar Gujarat Vij Company Limited)

Ø Jayant Shipping Agency Private Limited

Ø Jay Mahakali Engineering Works

Ø Lalibhai Trading Company Private Limited

Ø Multishaper (India) Private Limited

Ø Surface Logistics

Ø Rama Krishna Transport Corporation

Customers :

Wholesalers, Retailers and End Users

Ø Advanced Laminated Private Limited

Ø Anmol Laminates

Ø Bhatia Engineering Works

Ø Deco Mica Limited

Ø Delta Laminates

Ø Formica Holdings Limited

Ø Formica Limited

Ø MOF Office Automations Private Limited

Ø Royal Touch Laminates Private Limited

Ø Sumit Laminart Private Limited

No. of Employees :

Not Available

Bankers :

Ø Punjab National Bank, Ambawadi Branch, Harikrupa Tower, Eillisbridge, Ahmedabad - 380006, Gujarat, India

Ø HDFC Bank Limited, Ahmedabad - 380006, Gujarat, India

Ø ICICI Bank Limited, Landmarkrace Course Circle, Alkapuri, Baroda-390015, Gujarat, India

Ø Citibank N.A.

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Cash Credit A/c No. with Punjab National Bank Ambawadi Branch (Against hypothecation of Raw Material, WIP and Finished Goods and Book Debts)	66.679	36.153
Term Loan A/c. No. 53386 with Punjab National Bank, Ambawadi Branch, (Against hypothecation of Land, Building and Plant and Machinery)	4.441	7.727
Export Loan / (Credit USD A/c No.F081110086 with Citi Bank) (Secured against personal guarantee of Clean Loan Facility Secured Personal guarantee of Directors)	21.929	0.000
Cash Credit A/c No. 0710068003 with Citi Bank (Secured Against personal guarantee of Clean Loan facility secured personal guarantee of Directors)	7.160	0.000
Kotak Mahindra Prime Limited (Secured against Mercedes Car)	3.026	0.000
Total	103.235	43.880

Banking Relations :	--
Auditors :
Name :	Praodkumar Dad and Associates Chartered Accountants
Address :	110-112, Ashwamegh Avenue, Near Mithakhali Underbridge, Navrangpura, Ahmedabad - 380009, Gujarat, India
Tel. No.:	91-79-26466027
Mobile No.:	91-9824031207
Fax No.:	91-79-26466027
E-Mail :	capksassociates@yahoo.co.in
Income-tax PAN of auditor or auditor's firm :	AACFP3352Q
Subsidiary :	Olympic Glass Private Limited
Enterprises over which key management personnel have significant influence :	Ø Meghdev Enterprises Ø Royal Touch Laminates Private Limited Ø Silk Touch Vitrified Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1,650,000	Equity Shares	Rs. 10/- each	Rs. 16.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,650,000	Equity Shares	Rs. 10/- each	Rs. 16.500 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		16.500	16.500	16.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		270.343	224.997	153.181
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		286.843	241.497	169.681
LOAN FUNDS
1] Secured Loans		103.235	43.880	32.694
2] Unsecured Loans		18.254	2.204	39.376
TOTAL BORROWING		121.489	46.084	72.070
DEFERRED TAX LIABILITIES		5.767	6.148	5.642
TOTAL		414.099	293.729	247.393
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		139.038	117.607	93.052
Capital work-in-progress		0.000	0.000	16.782
INVESTMENT		0.129	0.160	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	260.879	196.940	130.525
	Sundry Debtors	121.368	93.173	68.771
	Cash & Bank Balances	76.629	50.842	0.555
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.267	1.861	21.093
Total Current Assets		460.143	342.816	220.944
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	133.618	140.278	66.965
	Other Current Liabilities	28.291	3.922	2.184
	Provisions	23.302	22.654	14.236
Total Current Liabilities		185.211	166.854	83.385
Net Current Assets		274.932	175.962	137.559
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		414.099	293.729	247.393

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	930.347	754.449	629.584
		Other Income	0.311	0.246	0.355
		TOTAL (A)	930.658	754.695	629.939
Less	EXPENSES
		Raw Material Consumed	746.884	534.485	475.149
		Direct Expenses	22.424	22.970	19.712
		Manufacturing and other Factory Expenses	61.933	51.802	41.524
		Salary and Wages	13.310	9.581	7.334
		Administration and General Expenses	4.873	2.976	2.925
		Selling and Distribution Expenses	21.094	14.699	14.502
		Director Remuneration	0.408	0.816	0.816
		Increase/(Decrease) in Finished Goods	(36.207)	2.493	(2.646)
		TOTAL (B)	834.719	639.822	559.316
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		95.939	114.873	70.623
Less	FINANCIAL EXPENSES (D)		9.626	5.156	5.190
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		86.313	109.717	65.433
Less/ Add	DEPRECIATION/ AMORTISATION (F)		17.999	14.769	11.904
	PROFIT BEFORE TAX (E-F) (G)		68.314	94.948	53.529
Less	TAX (H)		22.922	23.118	13.575
	PROFIT AFTER TAX (G-H) (I)		45.392	71.830	39.954
Less	PRIOR PERIOD (INCOME) / EXPENSES		0.047	0.013	0.114
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		119.998	53.181	18.341
Less	APPROPRIATIONS
		Transfer to General Reserve	5.000	5.000	5.000
	BALANCE CARRIED TO THE B/S		160.343	119.998	53.181
	EXPORT VALUE		104.999	100.246	84.852
	IMPORTS
		Raw Materials	186.236	149.682	136.729
		Capital Goods	11.916	4.351	10.318
	TOTAL IMPORTS		198.152	154.033	147.047
	Earnings Per Share (Rs.)		27.51	43.53	24.21

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.88	9.52	6.34
Net Profit Margin (PBT/Sales)	(%)	7.34	12.59	8.50
Return on Total Assets (PBT/Total Assets}	(%)	11.40	20.62	17.05
Return on Investment (ROI) (PBT/Networth)		0.24	0.39	0.32
Debt Equity Ratio (Total Debt/Networth)		0.42	0.19	0.42
Current Ratio (Current Asset/Current Liability)		2.48	2.05	2.65

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	Yes
18]	Major customers	Yes
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	No
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	Yes

UNSECURED LOANS

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors	11.557	0.190
From Shareholders	6.697	2.014
Total	18.254	2.204

Note:

The registered office of the company has been has been shifted from Shree Complex, 3^rd Floor, Opposite Sardar Patel Stadium, Navrangpura, Ahmedabad – 380017, Gujarat, India to the present address w.e.f.16.10.2009

FIXED ASSETS

Ø Factory and Other Land

Ø Tubewell

Ø Building

Ø Staff Colony

Ø Plant and Machinery

Ø Fire Extinguishment

Ø Electrical Fitting

Ø Lab Equipments

Ø Factory Stores

Ø Tools Hand Tools

Ø Welding Machine

Ø Furniture and Fixture

Ø Air Conditioner

Ø Computer

Ø Telecom Tools

Ø Vehicles  

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 tansactions 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. 59.70
UK Pound	1	Rs. 92.22
Euro	1	Rs. 79.19

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.