MIRA INFORM REPORT

Report Date :

16.05.2014

IDENTIFICATION DETAILS

Name :	VILAS POLYMER LIMITED
Registered Office :	SY. No. 312 Ameenpur Road, Bachupally (V) R. R. District, Hyderabad – 502302, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.03.1998
Com. Reg. No.:	01-029114
Capital Investment / Paid-up Capital :	Rs.8.000 Millions
CIN No.: [Company Identification No.]	U24134AP1998PLC029114
PAN No.: [Permanent Account No.]	AAACV9854A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacture of Automotive Tubes, Air Bags and Bladders.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1495000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects company’s sound financial risk profile marked by stable profitability, reputed client base and comfortable capital structure of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually 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.

INDIAN ECONOMIC OVERVIEW

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	October 08, 2013

Rating Agency Name	CARE
Rating	Short term bank facilities A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	October 08, 2013

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 DENIED BY

Name :	Ms. Lakshmi
Designation :	Office Executive
Contact No.:	91-40-23042326
Date :	14.05.2014

LOCATIONS

Registered Office :	SY. No. 312 Ameenpur Road, Bachupally (V) R. R. District, Hyderabad – 502302, Andhra Pradesh, India
Tel. No. :	91-40-23042326 / 23715233
Fax No. :	Not Available
E-Mail :	secretarial@agrlaws.com
factory	Plot no. 175, 176, 183, 184, and 185, Phase III IP, Pashamylaram, Patancheru Medak Dist. Andhra Pradesh, India

DIRECTORS

As on 20.09.2013

Name :

Mr. Rakesh Gupta

Designation :

Director

Date of Birth/Age :

27.03.1965

Date of Appointment :

14.06.2000

DIN No. :

00025216

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	U74899DL1994PLC062313	AMAZER INVESTMENT AND FINANCE LIMITED	Director	15/12/1997	15/12/1997	24/12/2007	Active	NO
2	U65100DL1998PLC095123	COSMIC INVESTMENTS LIMITED	Director	22/07/1998	22/07/1998	02/12/2009	Active	NO
3	U24134AP1998PLC029114	VILAS POLYMER LIMITED	Director	14/06/2000	14/06/2000	-	Active	NO
4	U72900HR2003PTC035099	MONETREE E-SERVICES PRIVATE LIMITED	Director	01/05/2003	01/05/2003	26/06/2009	Active	NO
5	U74999DL2003PTC120266	SPA YOGA PRIVATE LIMITED	Director	09/05/2003	09/05/2003	06/03/2008	Active	NO
6	U74999DL2001PTC112045	MILERS GLOBAL PVT LTD	Director	10/11/2003	10/11/2003	30/03/2009	Active	NO
7	U55101DL2005PTC132738	MAGPIE RESORTS PRIVATE LIMITED	Director	07/02/2005	07/02/2005	05/11/2007	Dormant	NO
8	U92120DL2005PLC135845	UFO MOVIEZ LIMITED	Nominee director	22/12/2006	10/05/2005	29/01/2008	Amalgamated	NO
9	U72900MH2005PTC154979	MAC SOLUTIONS PRIVATE LIMITED	Director	12/08/2005	12/08/2005	21/08/2010	Active	NO
10	U92490MH2004PTC148023	VALUABLE E-LOTT SOLUTIONS PRIVATE LIMITED	Director	23/09/2005	23/09/2005	10/07/2012	Active	NO
11	U72200DL1999PTC099475	VINAYAK INFOSYS PRIVATE LIMITED	Director	02/07/2007	17/10/2006	-	Active	NO
12	U74999DL2007PLC158296	Apollo Logisolutions Limited	Director	23/01/2007	23/01/2007	-	Amalgamated	NO
13	U92490DL2007PTC159649	V N Films Private limited	Director	22/02/2007	22/02/2007	01/04/2010	Active	NO
14	U92490DL2007PLC159794	Glassdoor Entertainment Limited	Director	27/02/2007	27/02/2007	15/04/2009	Active	NO
15	U74899DL2005PTC140965	UFO SOFTWARE TECHNOLOGIES PRIVATE LIMITED	Director	14/08/2007	18/05/2007	04/05/2011	Active	NO
16	U63000MH1999PTC121100	TREND CONTAINER SERVICES PRIVATE LIMITED	Director	29/09/2008	19/07/2007	03/02/2010	Active	NO
17	U63020DL1989PLC174286	APOLLO LOGISOLUTIONS LIMITED	Director	30/09/2008	19/07/2007	01/11/2012	Active	NO
18	U63012MH1999PTC121099	MODAL CONTAINER SERVICES PRIVATE LIMITED	Director	29/09/2008	19/07/2007	03/02/2010	Active	NO
19	U74140DL2007PLC168849	AMAZER TECHNO-CONSULTANTS LIMITED	Director	01/10/2007	01/10/2007	25/02/2008	Active	NO
20	U22300DL2008PTC172830	Valuable OutMedia Private Limited	Director	17/01/2008	17/01/2008	03/10/2011	Active	NO
21	U63020DL2008PTC175318	APOLLO-EVEREST KOOL SOLUTIONS PRIVATE LIMITED	Director	13/03/2008	13/03/2008	04/12/2009	Active	NO
22	U22120DL2004PLC164728	UFO MOVIEZ INDIA LIMITED	Director	25/08/2010	18/05/2010	08/04/2011	Active	NO
23	U24297DL2007PTC162027	AMIT DYECHEM PRIVATE LIMITED	Director	20/09/2011	26/05/2010	-	Active	NO
24	U63000DL2012PLC241538	APOLLO WORLD CONNECT LIMITED	Director	03/09/2012	03/09/2012	24/09/2012	Active	NO
25	U63090DL2013PTC261068	AF FERRARI SECURE LOGITECH PRIVATE LIMITED	Additional director	17/12/2013	17/12/2013	27/01/2014	Active	NO

Name :

Syed Warisuddin Naveed

Designation :

Director

Address :

4-1-1236/3, King Koti Road, Abids, Hyderabad – 500001, Andhra Pradesh, India

Date of Birth/Age :

22.03.1969

Date of Appointment :

23.04.1998

DIN No. :

00412867

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	U25100AP1996PTC024135	VENUS ELASTOMERS PRIVATE LIMITED	Director	20/05/1996	20/05/1996	-	Amalgamated	NO
2	U65992AP1996PTC024946	SIRI CAPITAL CREDIT PRIVATE LIMITED	Director	16/08/1996	16/08/1996	-	Active	YES
3	U24134AP1998PLC029114	VILAS POLYMER LIMITED	Director	23/04/1998	23/04/1998	-	Active	NO
4	U25112AP2001PLC037183	ACE TYRES LIMITED	Director	23/08/2001	23/08/2001	-	Active	NO
5	U29219AP2006PLC048987	LEXUS MACHINES LIMITED	Director	02/02/2006	02/02/2006	-	Active	NO

Name :

Yeturu Srinivasa Reddy

Designation :

Director

Address :

Plot No. 506, Sai Sadan Apts, Balkampet Road, S.R. Nagar, Hyderabad – 500038, Andhra Pradesh, India

Date of Birth/Age :

11.05.1967

Date of Appointment :

25.03.1998

DIN No. :

00413129

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	U25100AP1996PTC024135	VENUS ELASTOMERS PRIVATE LIMITED	Director	20/05/1996	20/05/1996	-	Amalgamated	NO
2	U24134AP1998PLC029114	VILAS POLYMER LIMITED	Director	25/03/1998	25/03/1998	-	Active	NO
3	U25112AP2001PLC037183	ACE TYRES LIMITED	Director	23/08/2001	23/08/2001	-	Active	NO

Name :

Edakunny Chakrapany Warrier

Designation :

Director

Address :

4B, Sheetal Apartment, Valikat Road, Trissur – 680002, Kerla, India

Date of Birth/Age :

22.02.1938

Date of Appointment :

14.06.2000

DIN No. :

00718766

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	U51909KL1992PTC006386	SHREE DHANYA ENTERPRISES PVT LTD	Director	12/02/1992	12/02/1992	-	Active	NO
2	U24134AP1998PLC029114	VILAS POLYMER LIMITED	Director	14/06/2000	14/06/2000	-	Active	NO
3	U51909KL1987PTC004724	DHANYA CONSUMERS P LTD	Director	01/10/2009	01/10/2009	-	Active	NO

Name :

Gangaram Raghunath Reddy

Designation :

Director

Address :

Plot No. 836, Road No. 43, Jubilee Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

06.10.1961

Date of Appointment :

23.04.1998

DIN No. :

00868925

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	U25199AP1987PLC008050	EXEL RUBBER LIMITED	Director	01/08/1988	01/08/1988	-	Active	NO
2	U25100AP1996PTC024135	VENUS ELASTOMERS PRIVATE LIMITED	Director	20/05/1996	20/05/1996	-	Amalgamated	NO
3	U24134AP1998PLC029114	VILAS POLYMER LIMITED	Director	23/04/1998	23/04/1998	-	Active	NO
4	U25112AP2001PLC037183	ACE TYRES LIMITED	Director	23/08/2001	23/08/2001	-	Active	NO
5	U29219AP2006PLC048987	LEXUS MACHINES LIMITED	Director	02/02/2006	02/02/2006	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Lakshmi
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.09.2013

Names of Shareholders	No. of Shares
Amazer Investment and Finance Limited	314000
Naianda Trading Company Private Limited	150000
G. R. Reddy	139800
G. Rjyalaxmi	100
G. Susheelamma	14500
G. Manjusha	22000
G. Shirisha	22000
Pothi Reddy Vani	5000
Pothi Reddy Vijaya	5000
Pothi Reddy Sridevi	5000
Syed Warisuddin Naveed	36200
S. W. Mujeeb	10000
C. R. K. Reddy	15100
Y Srinivas Reddy	45100
Y Sita Maha Laxmi	1100
B. Laxmikala	10100
V. B. Tapadia	5000
Total	800000

As on 20.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	41.38
Other top fifty shareholders	58.62
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of Automotive Tubes, Air Bags and Bladders.

Products :

Item Code No. (ITC Code)	Product Description
40129049	According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

State Bank of India, Commercial Branch, Bank Street, Koti, Hyderabad - 500095, Andhra Pradesh, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans repayable on demand from bank	30.015	28.304
Total	30.015	28.304

Banking Relations :	--
Auditors :
Name :	Shriram Narayan Associates Chartered Accountants
Address :	Flat No 106, Reliance Residency, D No 1-2-234/13/53-56, Ashok Nagar, Hyderabad – 500029, Andhra Pradesh India
PAN No. :	AAGFS4406G
Others :	² Exel Rubber Limited ² Ace Tyres Limited ² Lexus Machines Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.10/- each	Rs.8.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	8.000	8.000	8.000
(b) Reserves & Surplus	365.717	442.740	358.640
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	373.717	450.740	366.640
(3) Non-Current Liabilities
(a) long-term borrowings	17.859	21.765	21.765
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	10.634	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	28.493	21.765	21.765
(4) Current Liabilities
(a) Short term borrowings	30.015	28.304	30.393
(b) Trade payables	40.620	99.245	118.334
(c) Other current liabilities	0.000	10.577	6.198
(d) Short-term provisions	54.500	50.500	50.350
Total Current Liabilities (4)	125.135	188.626	205.275
TOTAL	527.345	661.131	593.680
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	156.144	170.233	190.303
(ii) Intangible Assets	0.896	0.000	0.000
(iii) Capital work-in-progress	0.000	4.929	3.598
(iv) Intangible assets under development	0.000	0.334	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.136	6.215	5.962
(e) Other Non-current assets	3.155	1.187	0.535
Total Non-Current Assets	165.331	182.898	200.398
(2) Current assets
(a) Current investments	0.000	15.004	32.695
(b) Inventories	94.850	141.563	93.508
(c) Trade receivables	136.475	183.210	141.278
(d) Cash and cash equivalents	56.140	66.285	53.221
(e) Short-term loans and advances	72.540	69.965	71.330
(f) Other current assets	2.009	2.206	1.250
Total Current Assets	362.014	478.233	393.282
TOTAL	527.345	661.131	593.680

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1395.244	1525.857	1015.210
		Other Income	10.746	6.057	3.323
		TOTAL	1405.990	1531.914	1018.533
Less	EXPENSES
		Cost of Materials Consumed	1001.855	1163.464	713.031
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	-17.678	-14.160	-4.225
		Employees benefits expense	57.134	47.654	29.968
		Expenditure on production, transportation and Other Expenditure	6.820	0.000	0.000
		Other expenses	166.836	151.658	115.150
		TOTAL	1214.967	1348.616	853.924
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		191.023	183.298	164.609
Less	FINANCIAL EXPENSES		1.337	2.370	1.325
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		189.686	180.928	163.284
Less/ Add	DEPRECIATION/ AMORTISATION		28.346	33.063	15.230
	PROFIT/ (LOSS) BEFORE TAX		161.340	147.865	148.054
Less	TAX		55.000	50.500	50.351
	PROFIT/ (LOSS) AFTER TAX		106.340	97.365	97.703
	Earnings / (Loss) Per Share (Rs.)		132.92	121.71	122.13

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	7.56	6.36	9.59
Net Profit Margin (PBT/Sales)	(%)	11.56	9.69	14.58
Return on Total Assets (PBT/Total Assets}	(%)	30.59	22.54	25.09
Return on Investment (ROI) (PBT/Networth)		0.43	0.33	0.40
Debt Equity Ratio (Total Debt/Networth)		0.13	0.11	0.14
Current Ratio (Current Asset/Current Liability)		2.89	2.54	1.92

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	8.000	8.000	8.000
Reserves & Surplus	358.640	442.740	365.717
Net worth	366.640	450.740	373.717
long-term borrowings	21.765	21.765	17.859
Short term borrowings	30.393	28.304	30.015
Total borrowings	52.158	50.069	47.874
Debt/Equity ratio	0.142	0.111	0.128

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1015.210	1525.857	1395.244
		50.300	(8.560)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1015.210	1525.857	1395.244
Profit	97.703	97.365	106.340
	9.62%	6.38%	7.62%

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	Yes
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	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

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Deferred payment liability	17.859	21.765
Total	17.859	21.765

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10198763	23/01/2010	30,000,000.00	State Bank of India	Commercial Branch, Bank Street, Koti, Hyderabad, Andhra Pradesh - 500095, INDIA	A78014636
2	90124982	17/02/2001 *	8,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, KOTI, HYDERABAD, Andhra Pradesh, INDIA	-
3	90129667	28/12/1998	8,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, KOTI, HYDERABAD, Andhra Pradesh, INDIA	-
4	90124979	28/10/1998	20,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, KOTI, HYDERABAD, Andhra Pradesh, INDIA	-

* Date of charge modification

OPERATIONAL RESULTS

During the financial year ended 31^st March, 2013, revenue from operations were Rs. 1395.244 millions as against Rs.1525.857 millions during the previous year, showing a down of 8.56%. The profit before depreciation and interest was Rs.191.023 millions which is an increase of Rs. 4.21% compared to the previous year profit of Rs.183.298 millions. The growth has happened due to increased supplies to the tyre companies and decrease in raw materials cost. The company was able to sustain the profitability of earlier year though cost and financial efficacies.

FUTURE PROSPECTS

Indian automobile industry is expected to grow by about 15% in the current year. The company’s growth prospects are linked to the growth in tyre industry, which is expected of steady growth swing current year. At the same time because of a good track record of consistent supplies and product quality, the company has become a preferred vendor to various leading tyre companies and this may result in increased off-take. The directors are hopeful of growth in turnovers and profits in the current year also. Capacities expansion is being planned to meet the expected rise in demand.

FIXED ASSETS

œ Land

œ Buildings

œ Plant and equipment

œ Furniture and fixtures

œ Vehicles

œ Office equipment

œ Office equipment

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.59.47
UK Pound	1	Rs.99.70
Euro	1	Rs.81.55

INFORMATION DETAILS

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

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.