MIRA INFORM REPORT

Report Date :

16.03.2013

IDENTIFICATION DETAILS

Name :	OSAKA RUBBER PRIVATE LIMITED
Registered Office :	103/6, Mittal Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.09.2004
Com. Reg. No.:	11-148461
Capital Investment/ Paid-up Capital:	Rs.19.381 Millions
CIN No.: [Company Identification No.]	U25100MH2004PTC148461
PAN No.: [Permanent Account No.]	AAACO6940L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Extracted and Molded Rubber Products
No. of Employees:	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 130000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears slight dip in the profitability. The reserve of the company appears to be insufficient and the external borrowing seems to be increasing our years. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with slight 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 – 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 :	103/6, Mittal Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-42044204
Fax No.:	91-22-42044205
E-Mail :	osakarubber@vsnl.com modiswapnil@mtnl.net.in
Website :	http://www.osakarubber.com
Area :	2000 sq. ft
Location :	Owned
Factory :	Shakti Udyog Nagar, Plot No. 38, Village Veoor Taluka, Palghur (East), District Thane, Maharashtra, India
Tel. No.:	91-22-28502064/1083/66926577
Fax No.:	91-22-28504082

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Satyendrakumar Rammurat Singh
Designation :	Director
Address :	2/104, Anmol, Andheri Kurla Road, Marol, Andheri (East), Mumbai – 400059, Maharashtra, India
Date of Appointment :	09.09.2004
DIN No.:	00422204

Other Directorship:

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	Company/ LLP Status	Defaulting status
1	U25100MH2004PTC148461	OSAKA RUBBER PRIVATE LIMITED	Director	09/09/2004	09/09/2004	Active	NO
2	U24100MH2008PTC179621	MPP MANUFACTURING PRIVATE LIMITED.	Director	03/03/2008	03/03/2008	Active	NO

Name :	Mr. Kirandevi Karansiingh Jain
Designation :	Director
Address :	A/7-22, Mahesh Nagar, S V Road, Goregoan (West), Mumbai – 400062, Maharashtra, India
Date of Appointment :	09.09.2004
DIN No.:	00421994

Other Directorship:

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	Company/ LLP Status	Defaulting status
1	U22219MH1994PTC081916	DEEP KAMAL PRINTING AND PACKAGING PRIVATE LIMITED	Director	15/03/2002	15/03/2002	Active	NO
2	U25100MH2004PTC148461	OSAKA RUBBER PRIVATE LIMITED	Director	09/09/2004	09/09/2004	Active	NO

Name :	Ms. Prerana Arun Bandkar
Designation :	Director
Address :	5, Aparna Apartments, R B Mehta Road, Ghatkopar (East), Mumbai – 400077, Maharashtra, India
Date of Appointment :	09.09.2004
DIN No.:	00422397

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Satyendra Rammurat Singh	269175
Satyendra Rammurat Singh HUF	70000
Kirandevi Karan Jain	285024
Prerna Arun Bandkar	202000
Arun Dharamji Bandkar	122915
Kapil Karan Jain	154910
Mahendra Karan Jain HUF	149260
Mahendra Karan Jain	83100
Mamta Mahendra Jain	46480
Pramila Satyaendra Singh	115600
Pranita Amit Singh	79382
Rambha Shahsi Singh	32400
Shahsi Satyendra Singh	170600
Vinay Satyendra Singh	157315
TOTAL	1938161

AS ON 29.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Extracted and Molded Rubber Products

GENERAL INFORMATION

No. of Employees :

50 (Approximately)

Bankers :

• The Bharat Co-Operative Bank (Mumbai) Limited, Andheri (Esst) Branch, Shop No.6 and 106, Ground Floor, Town Centre, Near Mittal Industrial Estate, Marol, Mumbai – 400059, Maharashtra, India
• Kotak Mahindra Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
LONG-TERM BORROWINGS
FROM BANKS
Car Loan from Kotak Mahindra Bank (Secured against Car)	0.884	1.444
Loan against Fixed Deposit (Secured against Bank FD)	1.615	0.000
Term Loan - I - From The Bharat Coop Bank	0.000	0.409
Term Loan - II - From The Bharat Coop Bank	6.375	0.000
Term Loan - III - From The Bharat Coop Bank	10.737	14.727
(All term loans are Secured against Factory building and personal; guarantee of directors)
SHORT TERM BORROWINGS
Loans repayable on demand
The Bharat Coop Bank Limited - CC Account (Secured against Inventories and Mortgage of Factory)	45.308	34.290
Bill Discounting	0.809	0.000
TOTAL	65.728	50.870

Banking Relations :	--
Auditors :
Name :	G R Modi and Sons Chartered Accountant
Address :	12, Laxminarayan Shopping Centre, Poddar Park Road, Malad (E), Mumbai – 400097, Maharashtra, India
Tel. No.:	91-22-28834273/28829304
Fax No.:	91-22-28829304
E-Mail :	modiswapnil@mtnl.net.in
PAN No.:	AADFG7980N

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1938161	Equity Shares	Rs.10/- each	Rs. 19.381 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		19.381	19.381	19.381
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		15.596	11.425	6.479
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		34.977	30.806	25.860
LOAN FUNDS
1] Secured Loans		65.728	50.870	45.757
2] Unsecured Loans		33.817	20.177	16.500
TOTAL BORROWING		99.545	71.047	62.257
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		134.522	101.853	88.117
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		38.047	42.341	41.813
Capital work-in-progress		9.849	0.000	0.000
INVESTMENT		0.100	0.100	0.100
DEFERREX TAX ASSETS		0.929	0.631	0.348
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	40.722	12.896	6.272
	Sundry Debtors	60.773	58.269	44.870
	Cash & Bank Balances	4.362	3.439	6.343
	Other Current Assets	0.186	0.212	0.000
	Loans & Advances	7.221	6.523	10.884
Total Current Assets		113.264	81.339	68.369
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.667	22.558	16.567
	Other Current Liabilities	0.000	0.000	0.159
	Provisions	0.000	0.000	6.025
Total Current Liabilities		27.667	22.558	22.751
Net Current Assets		85.597	58.781	45.618
MISCELLANEOUS EXPENSES		0.000	0.000	0.238
TOTAL		134.522	101.853	88.117

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	148.749	148.217	98.979
		Other Income			1.998
		TOTAL (A)	148.749	148.217	100.977
Less	EXPENSES
		Cost of Goods Sold	136.291	134.339	63.035
		Freight			1.680
		Consumption of stores & spare parts			1.530
		Power and fuel			2.353
		Rent			0.777
		Repair to machinery			0.865
		Compensation to Employees			7.976
		Insurance			0.242
		Workman and staff welfare expanse			0.169
		Sales promotion including publicity			0.221
		Advertisement			0.217
		Bad Debts			0.026
		Donation			0.010
		Commission			0.402
		Traveling expanses including foreign traveling			0.463
		Conveyance			0.269
		Telephone charges			0.334
		Gift			0.083
		Rate and taxes excluding taxes on Income			0.129
		Auditors Remuneration			0.040
		Other / Miscellaneous expanses			2.137
		TOTAL (B)	136.291	134.339	82.958
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		[Including Financial	[Including Financial	18.019
			Expenses]	Expenses]
Less	FINANCIAL EXPENSES (D)				7.300
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.458	13.878	10.719
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.424	6.573	5.851
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		6.034	7.305	4.868
Less	TAX (H)		NA	2.359	1.588
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		NA	4.946	3.280
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	3.198
	BALANCE CARRIED TO THE B/S		NA	NA	6.478
	Earnings Per Share (Rs.)		--	2.55	1.69

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	3.34	3.24
Net Profit Margin (PBT/Sales)	(%)	NA	NA	4.91
Return on Total Assets (PBT/Total Assets}	(%)	3.96	5.88	4.41
Return on Investment (ROI) (PBT/Networth)		0.17	0.24	0.18
Debt Equity Ratio (Total Debt /Networth)		2.85	2.31	2.41
Current Ratio (Current Asset/Current Liability)		4.09	3.61	3.01

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	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 31.03.2012	Rs. In Millions 31.03.2011
LONG-TERM BORROWINGS
LOANS FROM RELATED PARTIES
Amit Singh	2.500	2.500
Arun Badkar	0.200	0.000
Flex Chemie Industries	1.278	1.100
Kirandevi Jain	0.648	0.558
Osaka Rubber Products	0.573	0.406
Vinay Enterprises	28.618	15.613
TOTAL	33.817	20.177

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Electric Installation
• Printer/Computer

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 :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		36

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.