MIRA INFORM REPORT

Report Date :

12.12.2011

IDENTIFICATION DETAILS

Name :	POLYPLASTICS AUTOMOTIVE (INDIA) PRIVATE LIMITED (w.e.f.16.09.2009)
Formerly Known As :	MEDALLION INFOTECH PRIVATE LIMITED
Registered Office :	KP-13, Maurya Enclave, Pitampura, Delhi 110088
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.04.2007
Com. Reg. No.:	161744
Capital Investment / Paid-up Capital :	Rs.9.590 millions
CIN No.: [Company Identification No.]	U25190DL2007PTC161744
TAN No.: [Tax Deduction & Collection Account No.]	DELM165395C
PAN No.: [Permanent Account No.]	AAFCM0656C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automobile Spare Parts
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 732228
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track. Profitability of the company appears to be low. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow. 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

LOCATIONS

Registered Office :	KP-13, Maurya Enclave, Pitampura, Delhi 110088, India
E-Mail :	apvca@rediffmail.com systembawal@polyplasticsindia.com
Website:	www.polyplasticsindia.com
Factory :	22-23-24, Sector 7, Industrial Growth Centre, Bawal, Distt Rewari 123501, Haryana, India
Tel. No.:	91-128-4264111

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Kapil Gupta
Designation :	Director
Date of Appointment :	28.07.2009
DIN No.:	00650724

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	U25200HR1990PTC031136	Alandi Polyplastics Private Limited	Director	19/12/1990	19/12/1990	-	Active	NO
2	U25209HR1999PTC034177	K2 Cadem Technologies Private Limited	Director	19/03/1999	19/03/1999	-	Active	NO
3	U25206DL2004PTC126413	Gurgaon Polyplastics Private Limited	Director	18/05/2004	18/05/2004	-	Active	NO
4	U93030HR2008PTC038309	Polyplastics Uttar Bharat Private Limited	Director	01/09/2008	01/09/2008	-	Active	NO
5	U51103HR2008PTC038320	Polyplastics Industries (India) Private Limited.....	Director	01/04/2009	08/09/2008	-	Active	NO
6	U25190DL2007PTC161744	Polyplastics Automotive (India) Private Limited	Director	28/07/2009	28/07/2009	-	Active	NO
7	U24100DL2009PTC188940	Himalayan Skincare Private Limited	Additional director	14/01/2010	14/01/2010	-	Active	NO
8	U25517HR2010PTC040350	Polyplastics Auto Components Private Limited	Director	08/04/2010	08/04/2010	-	Active	NO
9	U31909PN2010PTC136173	Polyplastics Mechatronics Private Limited	Director	27/04/2010	27/04/2010	-	Active	NO

Name :	Mr. Kamal Gupta
Designation :	Director
Date of Appointment :	28.07.2009
DIN No.:	00650800

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	U25200HR1990PTC031136	Alandi Polyplastics Private Limited	Managing director	19/12/1990	19/12/1990	-	Active	NO
2	U25209HR1999PTC034177	K2 Cadem Technologies Private Limited	Managing director	19/03/1999	19/03/1999	-	Active	NO
3	U25206DL2004PTC126413	Gurgaon Polyplastics Private Limited	Director	18/05/2007	18/05/2007	-	Active	NO
4	U93030HR2008PTC038309	Polyplastics Uttar Bharat Private Limited	Director	01/09/2008	01/09/2008	-	Active	NO
5	U51103HR2008PTC038320	Polyplastics Industries (India) Private Limited.....	Managing director	01/04/2009	08/09/2008	-	Active	NO
6	U25190DL2007PTC161744	Polyplastics Automotive (India) Private Limited	Director	28/07/2009	28/07/2009	-	Active	NO
7	U24100DL2009PTC188940	Himalayan Skincare Private Limited	Additional director	14/01/2010	14/01/2010	-	Active	NO
8	U25517HR2010PTC040350	Polyplastics Auto Components Private Limited	Director	08/04/2010	08/04/2010	-	Active	NO
9	U31909PN2010PTC136173	Polyplastics Mechatronics Private Limited	Director	27/04/2010	27/04/2010	-	Active	NO

Name :	Mrs. Usha Goyal
Designation :	Director
Date of Appointment :	13.09.2007
DIN No.:	00787457

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	U25206DL2004PTC126413	Gurgaon Polyplastics Private Limited	Director	18/05/2004	18/05/2004	-	Active	NO
2	U29253DL2005PTC142299	Poly Color & Compounds Private Limited	Director	10/11/2005	10/11/2005	-	Active	NO
3	U25190DL2007PTC161744	Polyplastics Automotive (India) Private Limited	Director	30/09/2008	13/09/2007	-	Active	NO
4	U45400DL2007PTC169130	H R Kamdhenu Homes Private Limited	Director	08/10/2007	08/10/2007	-	Active	NO
5	U25208DL2007PTC169499	Goyal Engineering Polymers Private Limited	Director	17/10/2007	17/10/2007	-	Active	NO
6	U25203DL2009PTC193988	Gunjan Automotive Private Limited	Director	07/09/2009	07/09/2009	-	Active	NO
7	U25200DL2009PTC193992	Jahanvi Polyproducts Private Limited	Director	07/09/2009	07/09/2009	-	Active	NO
8	U67120DL2009PTC195086	Rakshat Portfolio Private Limited	Director	09/10/2009	09/10/2009	-	Active	NO

Name :	Mr. Pawan Goyal
Designation :	Director
Date of Appointment :	13.09.2007
DIN No.:	01640773

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	U25206DL2004PTC126413	Gurgaon Polyplastics Private Limited	Director	18/05/2004	18/05/2004	-	Active	NO
2	U25190DL2007PTC161744	Polyplastics Automotive (India) Private Limited	Director	30/09/2008	13/09/2007	-	Active	NO
3	U45400DL2007PTC169130	H R Kamdhenu Homes Private Limited	Director	08/10/2007	08/10/2007	-	Active	NO
4	U25208DL2007PTC169499	Goyal Engineering Polymers Private Limited	Director	17/10/2007	17/10/2007	-	Active	NO
5	U25203DL2009PTC193988	Gunjan Automotive Private Limited	Director	07/09/2009	07/09/2009	-	Active	NO
6	U25200DL2009PTC193992	Jahanvi Polyproducts Private Limited	Director	07/09/2009	07/09/2009	-	Active	NO
7	U67120DL2009PTC195086	Rakshat Portfolio Private Limited	Director	09/10/2009	09/10/2009	-	Active	NO
8	U29253DL2005PTC142299	Poly Color & Compounds Private Limited	Additional director	19/11/2010	19/11/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Mr. Pawan Goyal	247288
Mrs. Usha Goyal	247290
Polyplastics Industries (India) Private Limited, Haryana	464478
Total	959056

AS ON 30.09.2011

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		48.44
Directors or relatives of directors		51.56
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automobile Spare Parts

PRODUCTION STATUS

AS ON 31.03.2011

Particulars	Unit	Actual Production
Automobile Spare Parts	Nos.	8139741

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· Indian Overseas Bank, Delhi · Indian Overseas Bank, Rewari, Haryana · State Bank of Patiala
Facilities :	--

Banking Relations :	--
Auditors :
Name :	APV and Associates Chartered Accountant
Address :	C-5/1, 1^st Floor, Wazirpur Industrial Area, Delhi 110052, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs. 10 each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
959056	Equity Shares	Rs. 10 each	Rs.9.590 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		9.590	9.590	9.590
2] Share Application Money		172.165	103.960	53.800
3] Reserves & Surplus		1.302	0.681	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		183.057	114.231	63.390
LOAN FUNDS
1] Secured Loans		2.278	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		2.278	0.000	0.000
DEFERRED TAX LIABILITIES		1.164	0.180	0.000
TOTAL		186.499	114.411	63.390
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		326.944	186.500	11.904
Capital work-in-progress		16.608	57.561	54.598
INVESTMENT		0.250	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.470	10.019	0.000
	Sundry Debtors	41.927	4.251	0.000
	Cash & Bank Balances	1.034	0.013	0.002
	Other Current Assets	0.000	0.000	0.258
	Loans & Advances	15.376	15.357	17.336
Total Current Assets		78.807	29.640	17.596
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	225.656	120.423	0.000
	Other Current Liabilities	10.318	40.343	20.724
	Provisions	1.363	0.157	0.000
Total Current Liabilities		237.337	160.923	20.724
Net Current Assets		(158.530)	(131.283)	(3.128)
MISCELLANEOUS EXPENSES		1.227	1.633	0.016
TOTAL		186.499	114.411	63.390

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010
	RECEIPTS		126.981
	NET PROFIT / (LOSS) BEFORE DEPRECIATION AND TAX		12.899
Less	DEPRECIATION AND TAXES		12.217
	PROFIT / (LOSS) AFTER TAXES		0.682
	IMPORTS
		Capital Goods	15.272

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	NA
Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	NA
Return on Investment (ROI) (PBT/Networth)		NA	NA	NA
Debt Equity Ratio (Total Liability/Networth)		1.31	1.41	0.32
Current Ratio (Current Asset/Current Liability)		0.33	0.18	0.84

LOCAL AGENCY FURTHER INFORMATION

Not Available

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.52.23
UK Pound	1	Rs.81.55
Euro	1	Rs.69.60

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	4
--PROFITABILIRY	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.