MIRA INFORM REPORT

Report Date :

19.07.2014

IDENTIFICATION DETAILS

Name :	MOTIBA SILICONE PRIVATE LIMITED
Registered Office :	Dreams 3, Flat No.1202/3/A Wing, L.B.S. Marg, Bhandup (West), Mumbai – 400078, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.10.2008
Com. Reg. No.:	11-187720
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U74999MH2008PTC187720
TAN No.: [Tax Deduction & Collection Account No.]	MUMM35508E
PAN No.: [Permanent Account No.]	AAFCM7786F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Rubber Products.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 200
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management has failed to file its financial record with government department 2013. As per available financial record of 2012, the company has incurred loss from its operational activities. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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 :	Ms. Samidha
Designation :	Accountant
Contact No.:	91-22-25950849
Date :	14.10.2013

LOCATIONS

Registered Office :	Dreams 3, Flat No.1202/3/A Wing, L.B.S. Marg, Bhandup (West), Mumbai – 400 078, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9892943969 (Mr. Ashwin Pandya)
Fax No.:	Not Available
E-Mail :	rbane2007@rediffmail.com sales@mangalpolysil.com motibasilicone@gmail.com
Website :	http://www.motibasilicone.com
Location :	Owned
Corporate Office :	10, Panna House, 1^st Floor, Devidayal Compound, Opposite Ishwar Nagar, L.B.S. Marg, Bhandup (West), Mumbai – 400 078, Maharashtra, India
Tel. No.:	91-22-25950849 / 25953492 / 93 / 25953989
Fax No.:	91-22-25953989
Location :	Rented
Factory :	Prerna Complex, Plot F-1, Unit No.14, Dapada Road, Val Village, Mankoli, Bhiwandi, Thane – 421 302, Maharashtra, India

DIRECTORS

As on 30.09.2012

Name :	Mr. Ashwin Mangaldas Pandya
Designation :	Managing Director
Address :	Dreams 3, Flat No.1202/3/A Wing, L.B.S. Marg, Bhandup (West), Mumbai – 400 078, Maharashtra, India
Date of Birth/Age :	21.11.1961
Date of Appointment :	22.10.2008
DIN No.:	02270660
Name :	Mr. Ankit Ashwin Pandya
Designation :	Director
Address :	Dreams 3, Flat No.1202/3/A Wing, L.B.S. Marg, Bhandup (West), Mumbai – 400 078, Maharashtra, India
Date of Birth/Age :	03.07.1990
Date of Appointment :	22.10.2008
DIN No.:	02269785

KEY EXECUTIVES

Name :	Ms. Samidha
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2012

Names of Shareholders	No. of Shares	%age
Ashwin Pandya	6000	60.00
Ankit Pandya	4000	40.00
Total	10000	100.00

As on 30.09.2012

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 of Rubber Products.
Products :	· Silicone Products · Gaskets and Bakeware · Baby and Infant Products · Mobile and Computer · Silicone Wrist Bands
Brand Names :	SILTECH
Exports :
Products :	Finished Goods
Countries :	Hong Kong
Imports :
Products :	Raw Materials
Countries :	¨ Hong Kong ¨ China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	25 (Approximately)
Bankers :	¨ Axis Bank Limited, Bhandup, Mumbai, Maharashtra, India ¨ Kotak Mahindra Bank, Bhandup, Mumbai, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Naushad and Company Chartered Accountants
Address :	1202-A, Malkani Towers, Bandivali Hill Road, Jogeshwari (West), Mumbai – 400 102, Maharashtra, India
Tel. No.:	91-22-26790556
PAN No.:	AABPJ9294K
Associates / Subsidiaries :	Mangal Polysil Address: Dreams 3, Flat No.1202/3/A Wing, L.B.S. Marg, Bhandup (West), Mumbai – 400 078, Maharashtra, India Line of Business: Manufacturer, Trader and Exporter of Rubber Products (Silicon, Synthetics Rubber) etc.

CAPITAL STRUCTURE

(AS ON 29.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

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	0.100	0.100
(b) Reserves & Surplus	(0.052)	0.055
(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)	0.048	0.155
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.196	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.196	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	28.075	13.677
(c) Other current liabilities	1.033	1.004
(d) Short-term provisions	0.000	0.00
Total Current Liabilities (4)	29.108	14.681
TOTAL	29.352	14.836
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14.094	7.510
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	14.094	7.510
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	8.921	6.171
(c) Trade receivables	0.581	0.055
(d) Cash and cash equivalents	0.208	0.481
(e) Short-term loans and advances	5.520	0.591
(f) Other current assets	0.028	0.028
Total Current Assets	15.258	7.326
TOTAL	29.352	14.836

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		0.034
4] (Accumulated Losses)		0.000
NETWORTH		0.134
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.610
TOTAL BORROWING		0.610
DEFERRED TAX LIABILITIES		0.000
TOTAL		0.744
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.944
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.752
	Sundry Debtors	0.000
	Cash & Bank Balances	0.470
	Other Current Assets	0.000
	Loans & Advances	0.383
Total Current Assets		2.605
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	2.336
	Other Current Liabilities	0.478
	Provisions	0.022
Total Current Liabilities		2.836
Net Current Assets		(0.231)
MISCELLANEOUS EXPENSES		0.031
TOTAL		0.744

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		TOTAL (A)	5.917	6.249	4.089
Less	EXPENSES
		Cost of Materials	4.148	5.894	3.039
		Payment to and Provision for Employees			0.067
		Operating, Financial and Other Expenses			0.797
		TOTAL (B)	4.148	5.894	3.903
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.769	0.355	0.186
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.659	0.330	0.046
	PROFIT BEFORE TAX (E-F) (G)		0.110	0.025	0.140
Less	TAX (H)		0.217	0.004	0.022
	PROFIT AFTER TAX (G-H) (I)		(0.107)	0.021	0.118
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.055	0.034	(0.084)
	BALANCE CARRIED TO THE B/S		(0.052)	0.055	0.034
	Earnings Per Share (Rs.)		(10.70)	2.08	11.80

Particulars	31.03.2014	31.03.2013
Sales Turnover (Approximately)	15.000	15.000

The above information has been parted by Mr. Samidha

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(1.81)	0.34	2.89
Return on Total Assets (PBT/Total Assets}	(%)	0.37	0.17	3.94
Return on Investment (ROI) (PBT/Networth)		2.29	0.16	1.04
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	4.55
Current Ratio (Current Asset/Current Liability)		0.52	0.50	0.92

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	0.100
Reserves & Surplus	0.055	(0.052)
Net worth	0.155	0.048
long-term borrowings	0.000	0.000
Short term borrowings	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	4.089	6.249	5.917
		52.825	(5.313)

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	4.089	6.249	5.917
Profit	0.118	0.021	(0.107)
	2.89%	0.34%	(1.81%)

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 five 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	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	No
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	Yes

INDEX OF CHARGES:

No Charges Exist For Charges

FIXED ASSETS:

· Electronics Equipments

· Plant and Machinery

· Dies and Tools

· Air Conditioner

· Furniture and Fixture

· Laptop

· Ownership Factory Gala

· Weighing Machine

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.60.33
UK Pound	1	Rs.103.18
Euro	1	Rs.81.58

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	KAR
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.