MIRA INFORM REPORT

Report Date :

05.08.2011

IDENTIFICATION DETAILS

Name :	PARADISE POLYMERS LIMITED
Registered Office :	4 Lunkao Tower, Near GPO, Jalgaon – 425001, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	11.11.1988
Com. Reg. No.:	049613
Capital Investment / Paid-up Capital :	Rs.11.528 Millions
CIN No.: [Company Identification No.]	U24130MH1988PLC049613
TAN No.: [Tax Deduction & Collection Account No.]	NSKP00801D
Legal Form :	A closely held Public Limited Liability Company
Line of Business :	Manufacturer of PVC Rigid Films.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 135296
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings 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.

INFORMATION PARTED BY

Name :	Mr. Mahesh
Designation :	Sales Manager
Contact No.:	91-9764995917
Date :	03.08.2011

LOCATIONS

Registered Office :	4 Lunkao Tower, Near GPO, Jalgaon – 425001, Maharashtra, India
Mobile No.:	91-9764995917 (Mr. Mahesh)
E-Mail :	paradisepolymers@yahoo.co.in
Location :	Owned
Factory 1 :	23, MIDC, Jalgaon, India

DIRECTORS

AS ON 31.03.2010

Name :	Mr. Randhirsing D Patil
Designation :	Director
Address :	19, Roopganga Colony, Ganeshwadi, Jalgaon – 425001
Date of Birth/Age :	24.05.1964
Date of Appointment :	11.11.1988
Name :	Mrs. Ritu R Patil
Designation :	Director
Address :	19, Roopganga Colony, Ganeshwadi, Jalgaon – 425001
Date of Birth/Age :	02.05.1969
Date of Appointment :	20.10.2000
Name :	Mr. Harkant Parikshit Oza
Designation :	Director
Address :	B-Mahavir Nidhi Ambadi Road, Vasai (West), Thane
Date of Birth/Age :	16.10.1949
Date of Appointment :	25.03.2003

KEY EXECUTIVES

Name :	Mr. Mahesh
Designation :	Sales Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2005

Names of Shareholders	No. of Shares
Randhirsing D Patil	68695
Dr. Anjali Patil	1700
Kishor Patil	95
Dilipsing Patil	220
Ritu Patil	1970
Rajeshwari Patil	10
Jaswantsing Patil	10
Subhashsing Daga	500
Sangeeta Bahekar	1500
Shhailesh Patel	200
Shabbir Amreliwala	100
	75000

BUSINESS DETAILS

Line of Business :	Manufacturer of PVC Rigid Films.
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Customers :	· Wholesalers · Retailers
No. of Employees :	70 (Approximately)
Bankers :	· Small Industries Development Bank of India, Jeevan Suman, LIC Building, 1st Floor, N-5, CIDCO,, Aurangabad - 431003, Maharashtra, India · State Bank of India, Jalgaon
Financial Institution:	Maharashtra State Financial Corporation, New Excelsior Cinema Bldg 5,7,8,9 , Floors A K Naik Marg Fort,, Mumbai - 400001, Maharashtra, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	V M Ringle and Company Chartered Accountant
Address :
Associates/Subsidiaries :	Simortex Polymers Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs.0.750 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2011
Sales Turnover (Approximately)	190.000

Expected Sales (2011-2012) : Rs.300.000 Millions

The above information has been parted by Mr. Mahesh (Sales Manager)

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		7.500	7.500
2] Share Application Money		4.028	0.000
3] Reserves & Surplus		22.296	20.231
4] (Accumulated Losses)		0.000	0.000
NETWORTH		33.824	27.731
LOAN FUNDS
1] Secured Loans		26.471	21.865
2] Unsecured Loans		0.340	3.189
TOTAL BORROWING		26.811	25.054
SALES DEFERRED TAX		6.367	6.750
TOTAL		67.002	59.535
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.008	14.124
Capital work-in-progress		0.000	0.000
INVESTMENT		0.304	0.304
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	26.134	20.631
	Sundry Debtors	52.210	48.520
	Cash & Bank Balances	4.651	1.065
	Other Current Assets	0.000	0.000
	Loans & Advances	10.334	10.170
Total Current Assets		93.329	80.386
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	40.639	35.279
	Provisions
Total Current Liabilities		40.639	35.279
Net Current Assets		52.690	45.107
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		67.002	59.535

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	108.769	110.156
		Other Income	1.611	0.437
		TOTAL (A)	110.380	110.593
Less	EXPENSES
		Increased / (Decreased) in Stock in Stock of Finished Goods and Process Stock	(0.883)	(10.493)
		Raw Material Consumed	81.523	96.482
		Wages	0.831	0.747
		Manufacturing Expenses	8.750	6.314
		Remuneration to Directors	0.720	0.720
		Management Expenses	2.104	1.599
		Selling and Distribution Expenses	6.753	6.200
		Income Tax	0.100	0.050
		TOTAL (B)	99.898	101.619
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10.482	8.974
Less	FINANCIAL EXPENSES (D)		6.353	6.214
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.129	2.760
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.064	1.236
	PROFIT BEFORE TAX (E-F) (G)		2.065	1.524
Less	TAX (I)		NA	NA
	PROFIT AFTER TAX (G-I) (J)		NA	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		17.497	15.973

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA
Net Profit Margin (PBT/Sales)	(%)	1.90	1.38
Return on Total Assets (PBT/Total Assets}	(%)	1.92	1.61
Return on Investment (ROI) (PBT/Networth)		0.06	0.05
Debt Equity Ratio (Total Liability/Networth)		1.99	2.18
Current Ratio (Current Asset/Current Liability)		2.29	2.28

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Sundry Creditors are not available

TRADE REFERENCES:

Reliance Industries Limited

FORM 8:

Corporate identity number of the company	U24130MH1988PLC049613
Name of the company	PARADISE POLYMERS LTD
Address of the registered office or of the principal place of business in India of the company	4 Lunkao Towersnear G P O, Jagaon – 425001, Maharashtra, India
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	Small Industries Development Bank of India
Nature of instrument creating charge	Equitable Mortgage By Way Of Deposit Of Title Deeds
Date of instrument Creating the charge	07/05/2010
Amount secured by the charge	Rs.63.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI) : - SIDBI's PLR + 1% And BPLR 12.5% CENTRAL BANK OF INDIA (CBI) : - BPLR Subject to revision from time to time Terms of Repayment First Charge : - SIDBI Term Loan of Rs.35.000 Millions: - 72 monthly installments after a moratorium of 18 month from the date of first disbursement of the loan. Central Bank of India Term Loan of Rs.50,00,000/- : - 20 quarterly installments with a moratorium of one year. Extent and Operation of the charge First pari passu charge to the extend of : - SIDBI Term Loan of Rs.35.000 Millions CBI Term Loan of Rs.5.000 Millions Second Charge of Central Bank of India. Second Charge on the properties of the borrower mentioned in the Agreements in respect of the working capital facilities granted by the bank to the extent of Rs.23.500 Millions to the borrower. Others Hence, total charge stand good, in the manner as mentioned in above to the extent of Rs.6,35,00,000/-
Short particulars of the property charged	All those piece and parcel of land admeasuring 7470 sq. mtrs. bearing plot no. E-23, in the Additional Jalgaon Industrial Arad within the village limits of Mehrun and within the limits of Jalgaon Municipal Council, Taluka and Registration Sub-District Jalgaon together with all building and structures thereon and plant and machinery attached to earth or permanently fastened to anything attached to earth.

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.44.41
UK Pound	1	Rs.72.69
Euro	1	Rs.63.55

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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
TOTAL		44

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.