MIRA INFORM REPORT

Report Date :

21.03.2013

IDENTIFICATION DETAILS

Name :	EVERLAST COMPOSITES PRIVATE LIMITED
Registered Office :	C-306, OM CHS Limited, Radhagram, Dhobi Ghat, Off Vakola Bridge, Vakola, Santacruz (East), Mumbai – 400055, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.01.2009
Com. Reg. No.:	11-189594
Capital Investment / Paid-up Capital :	Rs. 2.481 Millions
CIN No.: [Company Identification No.]	U74990MH2009PTC189594
TAN No.: [Tax Deduction & Collection Account No.]	MUME07714A
PAN No.: [Permanent Account No.]	AACCE1242R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Manhole Covers, Cats Pit, Gratings Catch Pit.
No. of Employees :	20 (Approximately)

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 45000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Financial position of the company appears to be improving. 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 at usual trade terms and condition.

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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Amritlal Fulchand Sanghai
Designation :	Director
Contact No.:	91-9323657415
Date :	05.03.2013

LOCATIONS

Registered Office :	C-306, OM CHS Limited, Radhagram, Dhobi Ghat, Off Vakola Bridge, Vakola, Santacruz (East), Mumbai – 400055, Maharashtra, India
Tel. No.:	91-22-28704407
Mobile No.:	91-9323657415 Mr. Amritlal Fulchand Sanghai]
Fax No.:	91-22-28704408
E-Mail :	vora_b@hotmail.com info@everlastcomposites.com smruti@everlastcomposites.com adk@adkcorporation.in
Website :	http://www.everlastcomposites.com
Area :	2100 Sq. ft
Location :	Owned
Marketing Office :	Unit 123, Blue Rose Industrial Estate, Western Express Highway, Near Metro Mall, Borivali (East), Vasai – 400066, Maharashtra, India
Tel. No.:	91-22-28704407/ 32939914/ 28704408
Fax No.:	91-22-28704408
Area :	800 Sq. ft
Location :	Rented
Factory :	Plot No. 11 and 12, Khokha State, Opposite Nilkanth Industrial Estate, Sathivali, Vasai (East), Mumbai, Maharashtra, India
Location :	Owned

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Dilip Anandji Dedhia
Designation :	Director
Address :	C-2901, Oberoi Woods, Mohan Gokhale Road, Goregaon (East), Mumbai – 400063, Maharashtra, India
Date of Birth/Age :	04.06.1965
Date of Appointment :	15.01.2009
DIN No.:	02404350
Name :	Mr. Amritlal Fulchand Sanghai
Designation :	Director
Address :	C-306, 3^rd Floor, OM CHS Limited, Dhobighat, Radhagram, Near Vakola Bridge, Santacruz (East) – 400055, Mumbai, Maharashtra, India
Date of Birth/Age :	21.09.1966
Date of Appointment :	15.01.2009
DIN No.:	02404365
Name :	Mr. Paras Yogesh Shah
Designation :	Director
Address :	C-2091, Oberoi Woods, Mohan Gokhle Road, Goregaon (East), Mumbai, Maharashtra, India
Date of Birth/Age :	28.09.1983
Date of Appointment :	30.09.2011
DIN No.:	03422104

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Dilip Anandji Dedhia	136200
Amritlal Fulchand Sanghai	74400
Payal Shah	12410
Yogesh Shah	10
Paras Yogesh Shah	25000
Ankit Shantilal Dedhia	10
Dilip Anandji Dedhia HUF	10
Jyoti Yogesh Shah	10
Leena Shantilal Dedhia	10
Nita Dilip Dedhia	10
Shaurya Shantilal Dedhia	10
Shantilal Anandji Dedhia HUF	10
Total	248090

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 Manhole Covers, Cats Pit, Gratings Catch Pit.
Exports :
Products :	Ø FRP Manhole Covers and Gratings Ø FRP Moulded Gratings Ø FRP Pultruded Sections Ø FRP Door and Frames Ø FRP Security Cabins Ø FRP Mobile Toilets Ø FRP Weather Sheds
Countries :	Ø Middle East Ø Egypt Ø Kenya Ø Europe Ø US
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Ø ABEC Limited

Ø Akshay Components Private Limited

Ø Bhagwati Allied Products

Ø Crystel Fine Chemicals

Ø Delight Enterprises

Ø Electro Fab Engineers

Ø FRP Accessories

Ø Good Earth Engineering

Ø Infocom Network Limited

Ø Jaisheel Steel

Ø Kishan Enterprises

Ø Machemco Industries

Ø Orion Graphics

Ø Raj Asbestos Company

Ø Raj Pigments

Ø Giri Corporation

Customers :

End Users

Ø MCGM (Municipal Corporation of Greater Mumbai)

Ø PWD

Ø BARC

Ø MTNL

Ø MES

Ø MMRDA

Ø CIDCO

Ø Seven Hills Healthcare Private Limited

Ø Vijay Associates (Wadhva Group)

Ø Lodha Group

Ø IVRCL

Ø Relcon Infraprojects Limited

No. of Employees :

20 (Approximately)

Bankers :

Ø Bank of Maharashtra, Ready Money Terrace, Worli Naka, Dr. A B Road, Worli, Mumbai - 400018, Maharashtra, India [91-22-24363003]

Ø State Bank of India

Facilities :

Cash Credit Rs. 60.000 Millions, TL – Rs. 10.000 Millions [Bank of Maharashtra]

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Bank of Maharashtra	5.757	0.000
Total	5.757	0.000

Banking Relations :	--
Auditors :
Name :	S.B. Vora and Company Chartered Accountants
Address :	A-301, Rajeshri Accord, Telli Galli Cross Lane, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-26830300
Mobile No.:	91-9769684213
E-Mail :	sbvoraandco@gmail.com
Income-tax PAN of auditor or auditor's firm :	AFBPV9303D

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
248,100	Equity Shares	Rs. 10/- each	Rs. 2.481 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		2.481	2.480	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.748	1.626	1.168
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11.229	4.106	1.268
LOAN FUNDS
1] Secured Loans		5.757	0.000	0.000
2] Unsecured Loans		21.761	18.189	5.751
TOTAL BORROWING		27.518	18.189	5.751
DEFERRED TAX LIABILITIES		0.655	0.440	0.104
TOTAL		39.402	22.735	7.123
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.188	7.126	2.222
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.293	0.156	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.248	5.867	3.007
	Sundry Debtors	69.864	14.073	12.203
	Cash & Bank Balances	(38.993)	1.195	3.164
	Other Current Assets	5.530	2.569	0.000
	Loans & Advances	0.760	0.238	1.310
Total Current Assets		67.409	23.942	19.684
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	26.638	4.864	7.384
	Other Current Liabilities	12.807	1.364	0.000
	Provisions	5.043	2.261	7.414
Total Current Liabilities		44.488	8.489	14.798
Net Current Assets		22.921	15.453	4.886
MISCELLANEOUS EXPENSES		0.000	0.010	0.015
TOTAL		39.402	22.735	7.123

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income			35.369
		Other Income			0.020
		TOTAL (A)	N.A.	N.A.	35.389
Less	EXPENSES
		Cost of Purchase			23.084
		Manufacturing Expenses			5.232
		Employees Remuneration and Benefits			2.659
		Increase/(Decrease) in Stock			(2.919)
		Office and Administrative Expenses			2.551
		Selling and Distribution Expenses			1.988
		TOTAL (B)	N.A.	N.A.	32.595
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				2.794
Less	FINANCIAL EXPENSES (D)				0.459
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				2.335
Less/ Add	DEPRECIATION/ AMORTISATION (F)				0.125
	PROFIT BEFORE TAX (E-F) (G)		N.A.	N.A.	2.210
Less	TAX (H)		N.A.	N.A.	0.523
	PROFIT AFTER TAX (G-H) (I)		7.127	0.485	1.687
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		N.A.	N.A.	(0.518)
	BALANCE CARRIED TO THE B/S		N.A.	N.A.	1.169
	Earnings Per Share (Rs.)		28.73	1.96	168.68

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	N.A.	N.A.	4.40
Net Profit Margin (PBT/Sales)	(%)	N.A.	N.A.	6.25
Return on Total Assets (PBT/Total Assets}	(%)	N.A.	N.A.	10.09
Return on Investment (ROI) (PBT/Networth)		N.A.	N.A.	1.74
Debt Equity Ratio (Total Debt/Networth)		2.45	4.43	4.54
Current Ratio (Current Asset/Current Liability)		1.52	2.82	1.33

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	Yes
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 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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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 LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans and advances from related parties	21.761	18.189
Total	21.761	18.189

Note:

The registered address of the company has been shifted from II-B-41, Rustomjee Regency, J S Road, Dahisar (West), Mumbai – 400068, Maharashtra, India to the present w.e.f.10.09.2010

FINANCIAL RESULTS

The Company earned profit of Rs. 7.127 Millions (Previous Year: Profit of Rs 0.485 Million) during the year. In view to conserve reserve, the Directors do not recommend any dividend for the year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74990MH2009PTC189594
Name of the company	EVERLAST COMPOSITES PRVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-306, OM CHS Limited, Radhagram, Dhobi Ghat, Off Vakola Bridge, Vakola, Santacruz (East), Mumbai – 400055, Maharashtra, India Email: vora_b@hotmail.com
This form is for	Modification of charge
Charge identification number of the modified	10298173
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Bank of Maharashtra, Ready Money Terrace, Worli Naka, Dr. A B Road, Worli, Mumbai - 400018, Maharashtra, India Email: brmgr50@mahabank.co.in
Nature of description of the instrument creating or modifying the charge	Deed of hypothecation for all facilities
Date of instrument Creating the charge	16.03.2012
Amount secured by the charge	Rs. 73.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit Base Rate+ 3.75% i.e @14.35% p.a at present with monthly rest, Term Loan @3% above base rate Presently 10.60% and Bank Guarantee 3% above base rate Terms of Repayment CC On Demand, Term Loan repayable at 60 installment of Rs. 0.167 Million pm plus interest , due date is 31.7.2011 Margin 25% on cash credit. Margins vis a vis Existing Term Loan and Bank Guarantee, as per extant terms and conditions. Extent and Operation of the charge Charge of hypothecation on the movables including machineries, book debts, IPR's as per Sch IV and III respectively to the deed and stands extended from Rs.26.000 Millions to Rs. 73.500 Millions Thus : A. Fund Based: cash credit (Stock and B.D) limit of Rs 60.000 Millions B. Non Fund Based (Existing) : Bank Guarantee of Rs 3.500 Millions + Term Loan of Rs 10.000 Millions along with interests, charges, costs, expenses vis a vis these limits and security created therefore.
Short particulars of the property charged	Present and future movable / tangible properties, plant and machines including FRP Products, vibrating machine, hydraulic press, sand mixer, grating moulds, cooling tower, water generator, pultrusion machine, dies and moulds, Air Compressor, generator, machine for FRP bolts, Atomization of dust collection moulding frating, sanding and miscellaneous machinery, equipment, implements and vehicles etc, raw materials, items, inventories, stock in process, semfinished and finished, consumable stores and spares, stock in trade, goods in transit and present and future tangible and intangible assets, vehicles, goodwill, trademark, copy rights, patent and all rights, interest and benefits of borrower in or over all contracts and agreements and amounts including documents of title to goods and right to collect, receive, recover same with all movables, located or installed at any place any time and all outstanding monies, bills, receivables book debts due or to be become due to the borrower at any time or from time to time and all of the borrowers rights, titles, interest
Particulars of the present modification	Charge of hypothecation created on 02.06.2011 on the movables to secure overall credit facility of Rs. 26.000 Millions by This Modification Enhanced To Rs. 73.500 Millions Thus : A. fund based: cash credit (Stock and B.D) limit of Rs 60.000 Millions (increased from Rs. 12.500 Millions) B. Non Fund Based (Existing) : Bank Guarantee of Rs. 3.500 Millions + Term Loan of Rs 10.000 Millions

FIXED ASSETS:

Ø Plant and Machinery

Ø Computers

Ø Loft and Cabin

Ø U.P.S.

Ø Water Purifier

Ø Electrical Fittings

Ø Mobile phone

Ø Generator

Ø 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. 54.38
UK Pound	1	Rs. 82.07
Euro	1	Rs. 70.04

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	5
--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	YES
--AFFILIATION	YES/NO	NO
--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.