1. Summary Information

		Country	India
Company Name	Plascare Industries Private Limited	Principal Name 1	Mr. Vasan Ramanujam
Status	Moderate	Principal Name 2	Mr. Ganapathy Vedachalam
		Registration #	18-052516
Street Address	181, First Floor, Usman Road, T. Nagar, Chennai – 600017, Tamilnadu, India
Established Date	11.02.2004	SIC Code	--
Telephone#	91-44-28142529/ 28141848/ 28141572/ 28142653	Business Style 1	Manufacturer
Fax #	91-44-28141918	Business Style 2	--
Homepage	http://www.plascareindustries.com	Product Name 1	Polycarbonate (PC)
# of employees	Not Available	Product Name 2	Polyethylene Tetra Phthalate (PET) Products
Paid up capital	Rs.31,592,200/-	Product Name 3	Bottles and Bowsers.
Shareholders	Foreign holdings- 91.04%, Directors or relatives of directors- 5.20%, Others- 3.76%	Banking	State Bank of India
Public Limited Corp.	No	Business Period	7 years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	B (26)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2008		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	50,946,000	Current Liabilities	15,174,000
Inventories	7,820,000	Long-term Liabilities	51,502,000
Fixed Assets	86,470,000	Other Liabilities	350,000
Deferred Assets	0,000	Total Liabilities	67,026,000
Invest& other Assets	3,422,000	Retained Earnings	0,000
		Net Worth	81,632,000
Total Assets	148,658,000	Total Liab. & Equity	148,658,000
Total Assets (Previous Year)	135,433,000
P/L Statement as of	31.03.2008		(Unit: Indian Rs.)
Total Income	117,414,000	Net Profit	2,725,000
Total Income (Previous yr)	104,775,000	Net Profit(Prev.yr)	1,665,000

MIRA INFORM REPORT

Report Date :

07.12.2011

IDENTIFICATION DETAILS

Name :	PLASCARE INDUSTRIES PRIVATE LIMITED
Formerly Known As :	SUIYO PLASTICS PRIVATE LIMITED
Registered Office :	181, First Floor, Usman Road, T. Nagar, Chennai – 600017, Tamilnadu
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	11.02.2004
Com. Reg. No.:	18-052516
Capital Investment / Paid-up Capital :	Rs.31.592 Millions
CIN No.: [Company Identification No.]	U25209TN2004PTC052516
TAN No.: [Tax Deduction & Collection Account No.]	CHES20667D
PAN No.: [Permanent Account No.]	AAHCS9088G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of all kinds of Polycarbonate (PC) and Polyethylene Tetra Phthalate (PET) Products, Caps and Containers, Bottles and Bowsers.
No. of Employees :	Not Available

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 330000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track records. The management of the company has not filed its financials with the government department after the year 2008. However, trade relations are reported as fair. Business is active. Payments are unknown. The company can be considered for business dealings with some cautions.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION DECLINED BY

Name :	Mr. Balaji
Designation :	Finance Head
Date :	05.12.2011

LOCATIONS

Registered Office :	181, First Floor, Usman Road, T. Nagar, Chennai – 600017, Tamilnadu, India
Tel. No.:	91-44-28142529/ 28141848/ 28141572/ 28142653
Fax No.:	91-44-28141918
E-Mail :	barathintl@eth.net plascareind@yahoo.com
Website :	http://www.plascareindustries.com

DIRECTORS

(AS ON 12.09.2008)

Name :

Mr. Vasan Ramanujam

Designation :

Managing Director

Date of Appointment :

11.02.2004

DIN No.:

00042903

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U63012TN1999PTC043678	CHENNAI MACHINES PRIVATE LIMITED	Director	6/12/1999	6/12/1999	12/7/2010	Active	YES
2	U25209TN2004PTC052516	PLASCARE INDUSTRIES PRIVATE LIMITED	Managing director	11/2/2004	11/2/2004	-	Active	YES
3	U25209TN2008PTC069036	ORANGE AQUA POLY PRODUCTS PRIVATE LIMITED	Director	27/08/2008	27/08/2008	26/03/2010	Active	NO
4	U25209TN2011PTC079430	BHARATH INTERNATIONAL MANUFACTURING AND TRADING PRIVATE LIMITED	Director	7/3/2011	7/3/2011	-	Active	NO

Name :

Mr. Ganapathy Vedachalam

Designation :

Director

Date of Appointment :

11.10.2007

DIN No.:

01761074

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U25209TN2004PTC052516	PLASCARE INDUSTRIES PRIVATE LIMITED	Director	11/10/2007	11/10/2007	-	Active	YES
2	U63012TN1999PTC043678	CHENNAI MACHINES PRIVATE LIMITED	Director	10/5/2008	10/5/2008	12/7/2010	Active	YES

Name :

Mr. Somendra Khosla

Designation :

Director

Date of Appointment :

20.08.2004

DIN No.:

00328681

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25209TN2004PTC052516	PLASCARE INDUSTRIES PRIVATE LIMITED	Director	20/08/2004	20/08/2004	Active	YES
2	L31909AP1988PLC008652	MIC ELECTRONICS LIMITED	Director	22/08/2006	22/08/2006	Active	NO

KEY EXECUTIVES

Name :	Mr. Balaji
Designation :	Finance Head
Email :	balaji@plascareindustries.in

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 12.09.2008)

Names of Shareholders	No. of Shares
Vasan Ramanujam	20400
Sridharan Angaswamy	44000
Somendra Khosla	100000

(AS ON 30.09.2008)

Equity Shares Break – Up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	91.04
Directors or relatives of directors	5.20
Others	3.76
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of all kinds of Polycarbonate (PC) and Polyethylene Tetra Phthalate (PET) Products, Caps and Containers, Bottles and Bowsers.

PRODUCTION STATUS (AS ON 31.03.2008)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
PC Jars	Nos.	NA	900,000	496,587

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India

T Nagar Branch, 2 Prakasam Road, T Nagar, Chennai – 600017, Tamilnadu, India

· Bank of Baroda

Mount Road Branch, 1 Club House road, Anna salai, Chennai – 600002, Tamilnadu, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Cash Credit from State bank of India (Against Hypothecation of stock, Plant and Machinery and Factory Building)	27.972	24.568
Term Loan I	7.489	12.353
Term Loan II	10.533	14.438
Term Loan III	4.938	0.000
Pre-Shipment Credit EPC	0.003	0.003
ICICI Car Loan	0.567	0.067
ICICI Fork Lift Loan	0.000	0.098
Total	51.502	51.527

Banking Relations :	--
Auditors :
Name :	Hari and Parameshwaran Chartered Accountant
Address :	New No.44, Old No.43, Block – B, Ground Floor, Pachaiyappa’s Collage Hostel Road, Chennai – 600031, Tamilnadu, India
PAN No.:	AALPP6407H

CAPITAL STRUCTURE

(AS ON 12.09.2008)

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Share	Rs.10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3159220	Equity Share	Rs.10/- each	Rs.31.592 Millions

(AS ON 31.03.2008)

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Share	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3159220	Equity Share	Rs.10/- each	Rs.31.592 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		31.592	31.592	31.592
2] Share Premium Accounts		47.238	47.238	47.239
3] Share Application Money		5.400	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(2.598)	(5.324)	(6.989)
NETWORTH		81.632	73.506	71.842
LOAN FUNDS
1] Secured Loans		51.502	51.527	53.144
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		51.502	51.527	53.144
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		133.134	125.033	124.986
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		86.470	91.303	77.777
Capital work-in-progress		3.422	0.000	0.967
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.820	9.178	10.402
	Sundry Debtors	33.469	19.725	15.993
	Cash & Bank Balances	5.931	2.389	4.308
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	11.546	12.838	24.152
Total Current Assets		58.766	44.130	54.855
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	12.573	8.347	7.165
	Other Current Liabilities	2.601	1.920	1.448
	Provisions	0.350	0.133	0.000
Total Current Liabilities		15.524	10.400	8.613
Net Current Assets		43.242	33.730	46.242
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		133.134	125.033	124.986

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2008	31.03.2007	31.03.2006
	TOTAL INCOME		117.414	104.775	62.299
Less	EXPENSES
		TOTAL	114.471	94.081	61.866
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(Including Depreciation)	10.694	0.433
Less/ Add	DEPRECIATION/ AMORTISATION			8.896	3.463
	PROFIT BEFORE TAX		2.942	1.798	(3.030)
Less	TAX		0.217	0.133	0.253
	PROFIT AFTER TAX		2.725	1.665	(3.283)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	12.266	5.565	2.486
	TOTAL EARNINGS		12.266	5.565	2.486
	IMPORTS
		Raw Materials	24.878	34.699	34.699
		Capital Goods	1.602	0.000	17.280
		Others	0.000	0.000	0.244
	TOTAL IMPORTS		26.480	34.699	52.223
	Earnings Per Share (Rs.)		0.86	--	--

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
PAT / Total Income	(%)	2.32	1.59	(5.27)
Return on Total Assets (PBT/Total Assets}	(%)	2.03	1.33	(2.28)
Return on Investment (ROI) (PBT/Networth)		0.04	0.02	(0.04)
Debt Equity Ratio (Total Liability/Networth)		0.82	0.84	0.86
Current Ratio (Current Asset/Current Liability)		3.79	4.24	6.37

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company	U25209TN2004PTC052516
Name of the company	PLASCARE INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	181, First Floor, Usman Road, T Nagar, Chennai- 600017, Tamilnadu, India plascareind@yahoo.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10214684
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	· Bank of Baroda Mount Road Branch, 1 Club House road, Anna salai, Chennai – 600002, Tamilnadu, India mountr@bankofbaroda.com
Nature of instrument creating charge	Supplemental composite agreement of hypothecation of goods, book-debts, movable machinery and vehicles.
Date of instrument Creating the charge	05.04.2011
Amount secured by the charge	Rs.399.900 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: As per agreement Terms of Repayment: As per agreement Margin: As per agreement Extent and Operation of the charge: On Hypothecation of all existing securities. Others: Nature of Facility Limit (Rs. in Millions) TL - III 3.800 TL - IV 119.900 TL - V 90.400 TL - VI Fresh 22.300 CC 110.000 BG 13.500 LC 40.000 Total 399.900
Particulars of the property charged	On Hypothecation of all existing securities.
Particulars of the present modification	Total Limit has been reduced from Rs.410.000 Millions to Rs.399.900 Millions Cash Credit limit increased from Rs.85.000 Millions to Rs.110.000 Millions and Term Loan IV (Fresh) - Rs.22.300 Millions availed with all existing securities.

FIXED ASSETS

· Land

· Factory Building

· Plant and Machinery

· Electrical Installments

· Mould

· Computers and Accessories

· Furniture and Fixtures

· Electrical Fittings

· Office Equipment

· 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 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] 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.51.39
UK Pound	1	Rs.80.20
Euro	1	Rs.68.92

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		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.