1. Summary Information

		Country	India
Company Name	H B RUBBER PRIVATE LIMITED	Principal Name 1	Mr. Harivansh Batra
Status	Moderate	Principal Name 2	Mr. Ritesh Jain
		Registration #	55-016537
Street Address	A-43, Preet Vihar, New Delhi-110092
Established Date	17.09.1983	SIC Code	--
Telephone#	Not Available	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	--
Homepage	--	Product Name 1	Footwear
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.4,800,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors 100.00%	Banking	Oriental Bank of Commerce
Public Limited Corp.	No	Business Period	30 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (28)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	28,034,000	Current Liabilities	27,899,000
Inventories	55,359,000	Long-term Liabilities	74,371,000
Fixed Assets	37,771,000	Other Liabilities	1,960,000
Deferred Assets	000	Total Liabilities	104,230,000
Invest& other Assets	000	Retained Earnings	12,134,000
		Net Worth	16,934,000
Total Assets	121,164,000	Total Liab. & Equity	121,164,000
Total Assets (Previous Year)	98,250,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	NA	Net Profit	1,435,000
Sales(Previous yr)	NA	Net Profit(Prev.yr)	1,481,000

MIRA INFORM REPORT

Report Date :

16.03.2013

IDENTIFICATION DETAILS

Name :	H B RUBBER PRIVATE LIMITED
Registered Office :	A-43, Preet Vihar, New Delhi-110092
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.09.1983
Com. Reg. No.:	55-016537
Capital Investment / Paid-up Capital :	Rs.4.800 Millions
CIN No.: [Company Identification No.]	U74899DL1983PTC016537
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of All Types of Footwear.
No. of Employees :	Not Available

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 67700
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears huge external borrowings recorded by the company. 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

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.

LOCATIONS

Registered Office :	A-43, Preet Vihar, New Delhi-110092, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	jainrakesh412@rediffmail.com haribans_batra@hotmail.com
Factory :	A, 48/2, Site IV, Industrial Area, Sahibabad, Ghaziabad, Uttar Pradesh, India
Tel No.:	91-120-2895511
Fax No.:	91-120-2897486

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Harivansh Batra
Designation :	Director
Address :	A-43, Preet Vihar, New Delhi-110092, India
Date of Birth/Age :	06.10.1950
Date of Appointment :	17.09.1983
Din No.:	00138839
Name :	Mr. Ritesh Jain
Designation :	Director
Address :	195, Gagan Vihar, New Delhi-110051, India
Date of Birth/Age :	01.02.1984
Date of Appointment :	15.05.2007
Din No.:	01488323
Name :	Mr. Nikhil Jain
Designation :	Director
Address :	194, Gagan Vihar, New Delhi-110051, India
Date of Birth/Age :	15.06.1983
Date of Appointment :	15.05.2007
Din No.:	01488299

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

AS ON 28.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturer of All Types of Footwear.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Oriental Bank of Commerce, SSI Site IV, Industrial Area, Sahibabad, Ghaziabad-201001, Uttar Pradesh, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Term Loan
Term Loan From OBC against hypothecation of vehicles		0.245
Term Loan From Kotak Mahindra against hypothecation of vehicles		0.609
Term Loan From OBC	74.371	0.388
Cash Credit / Working Capital Limit [Secured by hypothecation of stock, book debts and personal guarantee by the directors]		35.412
TOTAL	74.371	36.654

Banking Relations :	--
Auditors :
Name :	Sandeep Sharma Chartered Accountant
Address :	86, 1^st Floor, Navyug Market, Ghaziabad-201001, Uttar Pradesh, India
Tel. No.:	91-120-2790482/2793482/4157602
Fax No.:	91-120-4157602
E-Mail :	sansharmaca@redifmail.com
PAN No:	AFJPS2404N

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
48000	Equity Shares	Rs.100/- each	Rs.4.800 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		4.800	4.800	4.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12.134	10.697	9.217
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		16.934	15.497	14.017
LOAN FUNDS
1] Secured Loans		74.371	36.654	29.522
2] Unsecured Loans			27.079	12.003
TOTAL BORROWING		74.371	63.733	41.525
DEFERRED TAX LIABILITIES		1.960	1.788	1.585
TOTAL		93.265	81.018	57.127
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.771	38.504	20.610
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	55.359	20.802	20.137
	Sundry Debtors	24.446	35.227	24.467
	Cash & Bank Balances	1.866	1.472	0.824
	Other Current Assets	0.175	0.230	0.000
	Loans & Advances	1.547	2.015	3.642
Total Current Assets		83.393	59.746	49.070
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	26.337	15.265	11.645
	Other Current Liabilities	1.562	1.417	0.797
	Provisions	0.000	0.550	0.280
Total Current Liabilities		27.899	17.232	12.722
Net Current Assets		55.494	42.514	36.348
MISCELLANEOUS EXPENSES		0.000	0.000	0.169
TOTAL		93.265	81.018	57.127

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	NA	90.825
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
	EXPENSES
		TOTAL	NA	NA	100.374
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		4.304	3.974	NA
Less/ Add	DEPRECIATION/ AMORTISATION		1.977	1.743	NA
	PROFIT / (LOSS) BEFORE TAX		2.327	2.231	1.490
Less	TAX		0.892	0.750	0.515
	PROFIT / (LOSS) AFTER TAX		1.435	1.481	0.975
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.492	2.011	NA
	BALANCE CARRIED TO THE B/S		4.927	3.492	NA
	Earnings / (Loss) Per Share (Rs.)		29.90	30.85	20.30

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	1.92	2.27	2.14
Return on Investment (ROI) (PBT/Networth)		0.14	0.14	0.11
Debt Equity Ratio (Total Debt/Networth)		4.39	4.11	2.96
Current Ratio (Current Asset/Current Liability)		2.99	3.47	3.85

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 one year	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
From Directors	74.371	3.799
From Shareholders		22.557
Form Others		0.723
TOTAL	74.371	27.079

FIXED ASSETS:

• Land
• Building
• Generator
• Office Equipments
• Air Conditioner
• Car
• Scooter
• Computer
• Furniture and Fixtures

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.54.16
UK Pound	1	Rs.81.74
Euro	1	Rs.70.50

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	4
--CREDIT LINES	1~10	2
--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
--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
-	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.