MIRA INFORM REPORT

Report Date :

28.05.2007

IDENTIFICATION DETAILS

Name :	POLMANN INDIA LIMITED
Formerly Known As :	GREENHORN FINANCE LIMITED
Registered Office :	708 Maker Chambers Nariman Point, Mumbai;400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	18.06.1993
Com. Reg. No.:	072458
CIN No.: [Company Identification No.]	L65994MH1993PLC072458
TAN No.: [Tax Deduction & Collection Account No.]	MUMP1289E
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of Chemicals and allied products

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 150000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed Company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	708 Maker Chambers Nariman Point, Mumbai;400021, Maharashtra
Tel. No.:	91-22-2814530
Fax No:	91-22-281-4532

DIRECTORS

Name :	Mr. Vijay J. Bhimrajaka
Designation :	Director
Address :	184 Jupiter cuffe, Parade Colaba, Mumbai;400005, Maharashtra
Date of Birth/Age :	10.02.1949
Date of Appointment :	18.06.1993
Name :	Mr. Anoop J. Bhimrajka
Designation :	Director
Address :	14 Casablanca Cuffe, Parade Colaba, Mumbai;400005, Maharashtra
Date of Birth/Age :	05.08.1957
Date of Appointment :	18.02.1993
Name :	Mr. Vinod J. Bhimrajka
Designation :	Director
Address :	Sea- Lord, Cuffe Parade, Colaba, Mumbai;400005, Maharashtra
Date of Birth/Age :	15.06.1953
Date of Appointment :	18.06.1993
Name :	Mr. Vishwanath V. Bhimrajka
Designation :	Director
Date of Birth/Age :	30.06.1975
Date of Appointment :	29.09.1993
Name :	Mr. Siddhartha G. Bhimrajka
Designation :	Director
Date of Birth/Age :	12.05.1977
Date of Appointment :	29.09.1999
Name :	Mr. Amit G. Bhimrajka
Designation :	Director
Date of Birth/Age :	15.12.1979
Date of Appointment :	28.01.2002

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Anjali V. Bhimrajka	4500
Siddharth G. Bhimrajka	3000
Amit G. Bhimrajka	3000
Vishnu Kumar J. Bhimrajka HUF	1000
Vijay Kumar Bhimrajka	4450
Vinod Kumar Bhimrajka	4500
Sangeeta A. Bhimrajka
Category	Percentage
Director or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Chemicals and allied products
Products :	Product Description : Chemicals

GENERAL INFORMATION

Bankers :

Central Bank of India

Chandermukhi Building,

Nariman Point, Mumbai;400021

Facilities :

Secured loan	As on 31.03.2005 Rs in millions
ABN-AMRI Car Loan	1.319
Citi Bank Car Loan	--
Central Bank of India (cash Credit Against Hypothecation of Stocks	--

Banking Relations :	Satisfactory
Auditors :
Name :	Shri Vinodray Kasturchand Mehta Chartered Accountant
Address :	B-22, Shanker Vijay Rajwadi, Ghatkopar (East), Mumbai;400077, Maharashtra

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		2.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		37.199	25.924	15.936
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		39.699	26.424	16.436
LOAN FUNDS
1] Secured Loans		1.685	1.319	4.515
2] Unsecured Loans		11.052	1.963	20.567
TOTAL BORROWING		12.737	3.282	25.082
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		52.436	29.706	41.518
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.027	5.845	2.753
Capital work-in-progress		0.000	0.000	0.00
INVESTMENT		0.000	0.308	29.905
DEFERREX TAX ASSETS		0.320	0.097	0.037
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	38.770	49.790	70.434
	Sundry Debtors	42.332	50.477	27.121
	Cash & Bank Balances	0.278	1.777	0.030
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	90.594	39.879	58.676
Total Current Assets		171.974	141.923	156.261
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	105.835	108.467	147.438
	Provisions	19.050	10.000	0.000
Total Current Liabilities		124.885	118.467	147.438
Net Current Assets		47.089	23.456	8.823
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		52.436	29.706	41.518

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
Sales Turnover		431.540	413.453	368.657
Other Income		0.330	1.423	2.052
Total Income		431.870	414.876	370.709
Profit/(Loss) Before Tax		20.098	15.852	11.476
Provision for Taxation		0.000	0.000	3.884
Profit/(Loss) After Tax		20.098	15.852	7.592
Imports :
	Raw Materials	0.000	256.003	205.925
Total Imports		0.000	256.003	205.925
Expenditures :
	Cost of Goods Sold	0.000	0.000	320.759
	Commission Paid	0.000	0.000	9.605
	Manufacturing Expenses	0.000	0.000	23.829
	Selling and Distribution Expenses	0.000	0.000	3.506
	Salaries, Wages, Bonus, etc.	1.606	1.477	0.000
	Managerial Remuneration	10.200	5.515	0.000
	Payment to Auditors	0.028	0.055	0.000
	Interest	0.594	0.659	0.698
	Insurance Expenses	5.449	5.534	0.000
	Power & Fuel	0.000	0.000	0.000
	Depreciation & Amortization	1.789	1.485	0.834
	Other Expenditure	20.598	28.978	0.000
Total Expenditure		40.264	43.703	359.231

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
PAT / Total Income	(%)	4.65	3.82	2.04
Net Profit Margin (PBT/Sales)	(%)	4.65	3.83	3.11
Return on Total Assets (PBT/Total Assets}	(%)	11.35	10.72	7.21
Return on Investment (ROI) (PBT/Networth)		0.50	0.59	0.69
Debt Equity Ratio (Total Liability/Networth)		3.46	4.60	10.49
Current Ratio (Current Asset/Current Liability)		1.37	1.19	1.05

LOCAL AGENCY FURTHER INFORMATION

Name of the company	Polmann India Limited
Presented By	Central Bank of India and Polmann India limited
1) Date and description of instrument creating the change	Dated :21^st March,2001. a) Interest of Hypothecation b) Agreemetn of Hypothecation to cash credit Agreemetn ; and hypothecation of Book debts be signed by parties whose bills are discounted constitute a single charge for Rs.25.000 Millions
2) Amount secured by the charge/amount owing on the securities of charge	Rs.25.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	3. a) All movable property comprising inter alia machinery equipment Plant and Spares parts which now or hereafter from time to time during this security shall belong the Borrower where ever the same may be including in transit. b) All tangible movable property such as products stock-in- trade and goods of the Borrowers which now or hereafter from time to time during the security shall brought in stored or be in or about the premises, warehouse or any where else or godowns of the Borrower in Gala No.6,7 and 8, Khandero compound, opp. Rahmal Village, Bhiwandi Dist, thane or any where else in India c) All the Borrower present and future book debts outstanding moneys receivables claims bills, contracts, securities, investment, rights and assets d) all stocks shares marketable securities and others gods which now are or amy at any time hereafter be lodged with or held bythe Bank on account of the Borrower
4) Gist of the terms and conditions and extent and operation of the charge.	Margin : 25% on goods 10% on bills 50% on book debts Compound interest at the rate of 4 precent over the Bank Prime lending Rate subject to a minimum 16.5percent per annum or at such other rates as may from time to time be fixed by the Bank.
5) Name and Address and description of the person entitled to the charge.	Central Bank of India Chandermukhi Building, Nariman Point, Mumbai;400021
6) Date and brief description of instrument modifying the charge
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Fixed Assets;

Office Equipment

Scooter

Motor Car

Computer

History

The company was incorporated on 18^th June, 1993 at Mumbai in Maharashtra having Company Registration Number 72458.

The company was originally incorporated under the name & style of “GREENHORN FINANCE LIMITED”. Subsequently, the name was changed to present.

The company is in trade terms with :

J. K. Synthetic Limited

Sheela Foam Private Limited

Mriga Arts

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 records 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 records 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.40.53
UK Pound	1	Rs.80.41
Euro	1	Rs.54.52

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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