MIRA INFORM REPORT

Report Date :

22.10.2013

IDENTIFICATION DETAILS

Name :	LEO LAMINATES PRIVATE LIMITED
Registered Office :	Survey No.252, Gaganpahad, Ranga Reddy District - 501323, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.05.1992
Com. Reg. No.:	01-014227
Capital Investment / Paid-up Capital :	Rs. 1.750 Millions
CIN No.: [Company Identification No.]	U21012AP1992PTC014227
TAN No.: [Tax Deduction & Collection Account No.]	HYDL00475G
PAN No.: [Permanent Account No.]	AAACL2456L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Laminated Sheets.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 170000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears slight dip sales turnover and profit of the company during the year financial year 2012. However, general financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered for business dealing 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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

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 INFORMATION)

Name :	Mr. Piyush Agarwal
Designation :	Manager
Contact No.:	91-9989995909
Date :	18.10.2013

LOCATIONS

Registered Office/ Factory :	Survey No.252, Gaganpahad, Ranga Reddy District - 501323, Andhra Pradesh, India
Tel. No. :	91-40-65195909/ 24363001/ 20023280
Mobile No. :	91-9989995909 (Mr. Piyush Agarwal)
Fax No. :	91-40-24360066/ 24360009
E-Mail :	leolaminates0909@gmail.com info@leolaminates.com
Website :	www.leolaminates.com
Location :	Owned

DIRECTORS

As on 25.09.2012

Name :

Mr. Ravindra Kumar Agarwal

Designation :

Director

Address :

6-3-1186/A/1, Begumpet, Hyderabad - 500004, Andhra Pradesh, India

Date of Birth/Age :

26.04.1962

Date of Appointment :

13.05.1992

DIN No. :

00491876

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U21012AP1992PTC014227	LEO LAMINATES PRIVATE LIMITED	Director	13/05/1992	13/05/1992	-	Active	NO
2	U24134AP2002PLC039757	ABHEDYA INDUSTRIES LIMITED	Director	11/10/2002	11/10/2002	03/11/2009	Active	NO
3	U21012AP2004PTC043887	DEEVYA SHAKTI PAPER MILLS PRIVATE LIMITED	Managing director	31/03/2008	11/08/2004	-	Active	NO
4	U21012AP1994PTC017507	MEENAKSHI PAPER MILLS PRIVATE LIMITED	Additional director	01/01/2009	01/01/2009	30/03/2010	Active	NO
5	U20220AP1997PTC027639	PADMAVATI PLY PRIVATE LIMITED	Director	30/09/2009	25/08/2009	12/12/2012	Active	NO
6	U20299AP2013PTC089858	ELITE LAMINATES PRIVATE LIMITED	Director	05/09/2013	05/09/2013	-	Active	NO

Name :

Premlatha Agarwal

Designation :

Director

Address :

6-3-1186/A/1, Begumpet, Hyderabad - 500004, Andhra Pradesh, India

Date of Birth/Age :

30.03.1960

Date of Appointment :

13.05.1992

DIN No. :

00491889

KEY EXECUTIVES

Name :	Mr. Piyush Agarwal
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2012

Names of Shareholders	No. of Shares
Ravindra Kumar Agarwal	8801
Premalatha Agarwal	2001
Sushil Kumar Agarwal	2500
Madhulatha Agarwal	900
Gaurav Agarwal	3300
Total	17502

As on 25.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Laminated Sheets.
Exports :
Products :	Finished Goods
Countries :	· Srilanka · Bangladesh
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

Traders and End Users

No. of Employees :

150 (Approximately)

Bankers :

· ING Vysya Bank Limited, No.4-1-317 To 319, Troop Bazar, Abid Road, Hyderabad - 500001, Andhra Pradesh, India

· The A. P. Mahesh Co-Op. Urban Bank Limited, Begum Bazar Branch, Hyderabad, Andhra Pradesh, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Loans repayable on demand
from other parties	31.558	51.121
Other loans and advances (specify nature)	1.489	1.489
SHORT TERM BORROWINGS
Loans repayable on demand
From bank	1.775	(2.684)
Total	34.822	49.926

Banking Relations :	--
Auditors :
Name :	Beldi and Associates Chartered Accountants
Address :	H.No:6-3-609/195,Anand Nagar, Khairatabad, Hyderabad – 500004, Andhra Pradesh, India
Tel. No. :	91-40-23394274
Income-tax PAN of auditor or auditor's firm :	AABFB7838A

CAPITAL STRUCTURE

As on 25.09.2012

Authorised Capital : Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 1.752 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17502	Equity Shares	Rs.100/- each	Rs. 1.750 Millions

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	1.750	1.750
(b) Reserves & Surplus	40.223	36.618
(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)	41.973	38.368
(3) Non-Current Liabilities
(a) long-term borrowings	79.031	74.789
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	79.031	74.789
(4) Current Liabilities
(a) Short term borrowings	1.775	(2.684)
(b) Trade payables	1.763	(0.356)
(c) Other current liabilities	0.805	0.632
(d) Short-term provisions	1.010	1.135
Total Current Liabilities (4)	5.353	(1.273)
TOTAL	126.357	111.884
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.490	4.025
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.072	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	98.007	79.107
(c) Deferred tax assets (net)	0.717	0.694
(d) Long-term Loan and Advances	2.055	5.717
(e) Other Non-current assets	0.065	0.053
Total Non-Current Assets	106.406	89.596
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	10.550	11.887
(c) Trade receivables	8.093	9.229
(d) Cash and cash equivalents	0.167	0.520
(e) Short-term loans and advances	1.141	0.652
(f) Other current assets	0.000	0.000
Total Current Assets	19.951	22.288
TOTAL	126.357	111.884

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.750
2] Share Application Money		0.000
3] Reserves & Surplus		32.412
4] (Accumulated Losses)		0.000
NETWORTH		34.162
LOAN FUNDS
1] Secured Loans		60.547
2] Unsecured Loans		8.897
TOTAL BORROWING		69.444
DEFERRED TAX LIABILITIES		0.000
TOTAL		103.606
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.640
Capital work-in-progress		0.000
INVESTMENT		63.307
DEFERRED TAX ASSETS		0.641
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.805
	Sundry Debtors	9.891
	Cash & Bank Balances	1.518
	Other Current Assets	0.995
	Loans & Advances	16.508
Total Current Assets		41.717
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.894
	Other Current Liabilities	1.863
	Provisions	1.942
Total Current Liabilities		6.699
Net Current Assets		35.018
MISCELLANEOUS EXPENSES		0.000
TOTAL		103.606

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	75.118	79.749	93.800
		Other Income	0.300	1.952	1.005
		TOTAL (A)	75.418	81.701	94.805
Less	EXPENSES
		Cost of Materials consumes	48.215	53.061
		Employee benefits expense	2.626	2.930
		Other Expenses	10.294	11.493
		Changes in inventories of finished goods, work-in-progress and stock-in-Trade	(0.184)	(0.139)
		TOTAL (B)	60.951	67.345	78.633
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14.467	14.356	16.172
Less	FINANCIAL EXPENSES (D)		8.403	7.151	9.176
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.064	7.205	6.996
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.858	1.097	1.176
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		5.206	6.108	5.820
Less	TAX (H)		1.600	1.902	1.879
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		3.606	4.206	3.941
	Earnings / (Loss) Per Share (Rs.)		14.42	16.82	225.17

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.78	5.15	4.16
Net Profit Margin (PBT/Sales)	(%)	6.93	7.66	6.20
Return on Total Assets (PBT/Total Assets}	(%)	1.89	19.07	12.55
Return on Investment (ROI) (PBT/Networth)		0.12	0.16	0.17
Debt Equity Ratio (Total Debt/Networth)		1.93	1.88	2.03
Current Ratio (Current Asset/Current Liability)		3.73	(17.51)	6.23

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	Yes
10]	Designation of contact person	Yes
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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10369508	15/06/2012	62,650,000.00	ING VYSYA BANK LIMITED	NO.4-1-317 TO 319, TROOP BAZAR, ABID ROAD, HYDERABAD - 500001, ANDHRA PRADESH, INDIA	B45289634
2	10192257	25/01/2010 *	57,500,000.00	ING VYSYA BANK LIMITED	8-2-120/76/1/B,GROUND FLOOR,ASHOKA HITECH CHAMBERS, ROAD NO.2, BANJARA HILLS, HYDERABAD - 500034, ANDHRA PRADESH, INDIA	A79998704
3	10189386	30/03/2011 *	15,000,000.00	ING VYSYA BANK LIMITED	8-2-120/76/1/B,GROUND FLOOR,ASHOKA HITECH CHAMBERS, ROAD NO.2, BANJARA HILLS, HYDERABAD - 500034, ANDHRA PRADESH, INDIA	B13005731

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Deferred payment liabilities (Sales Tax Defferment)	3.124	3.124
Loans and advances from related parties	42.860	19.055
Total	45.984	22.179

PERFORMANCE

The Company has established a wide range of market over a period of 20 years. In tough competition from the other manufacturers in the field, the company could achieve favorable results and retained its profitability from'the operations.

FIXED ASSETS

· Land

· Factory Building

· Plant and Machinery

· Computer

· Air Conditioner

· Motor 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 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.61.49
UK Pound	1	Rs.99.41
Euro	1	Rs.84.12

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.