1. Summary Information

		Country	India
Company Name	MODERN THERMOPLASTICS (INDIA) PRIVATE LIMITED	Principal Name 1	Mr. Uday Ramchandra Ralkar
Status	Moderate	Principal Name 2	Mr. Ramchandra Vithal Ralkar
		Registration #	11-044539
Street Address	At 7 Post, Village Awas, Taluka Alibag, District Raigad, Alibag – 400063, Maharashtra
Established Date	02.09.1987	SIC Code	--
Telephone#	91-9819837082	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	Exporter
Homepage	--	Product Name 1	Plastic Special Thermoware
# of employees	Not Available	Product Name 2	Polyester Thermoplastic
Paid up capital	Rs.15,000,000/-	Product Name 3	Polyethylene
Shareholders	Directors or relatives of Directors (100%)	Banking	Indusind Bank Limited
Public Limited Corp.	No	Business Period	24 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ca (14)
Related Company
Relation	Country	Company Name	CEO
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	30,920,000	Current Liabilities	44,045,000
Inventories	49,080,000	Long-term Liabilities	83,831,000
Fixed Assets	21,874,000	Other Liabilities	6,030,000
Deferred Assets	0,000	Total Liabilities	133,906,000
Invest& other Assets	57,771,000	Retained Earnings	0,000
		Net Worth	25,739,000
Total Assets	159,645,000	Total Liab. & Equity	159,645,000
Total Assets (Previous Year)	161,492,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	105,498,000	Net Profit	(9,934,000)
Sales(Previous yr)	187,611,000	Net Profit(Prev.yr)	1,134,000

MIRA INFORM REPORT

Report Date :

29.12.2011

IDENTIFICATION DETAILS

Name :	MODERN THERMOPLASTICS (INDIA) PRIVATE LIMITED
Registered Office :	At 7 Post, Village Awas, Taluka Alibag, District Raigad, Alibag – 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.09.1987
Com. Reg. No.:	11-044539
Capital Investment / Paid-up Capital :	Rs.15.000 Millions
CIN No.: [Company Identification No.]	U25209MH1987PTC044539
TAN No.: [Tax Deduction & Collection Account No.]	MUMM07075F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Plastics Special Thermoware, Polyester Thermoplastic and Polyethylene.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. However, Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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.

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 :	At 7 Post, Village Awas, Taluka Alibag, District Raigad, Alibag – 400063, Maharashtra, India
Tel. No.:	91-9819837082
Fax No.:	Not Available
E-Mail :	prashant@moderngroup.co.in

DIRECTORS

As on 30.09.2010

Name :

Mr. Uday Ramchandra Ralkar

Designation :

Director

Address :

101, Akshay Apartments, Plot No. 20, Amritvan Complex, Opposite Dindoshi Goregaon (East), Mumbai – 400063, Maharashtra, India

Date of Birth/Age :

24.05.1960

Date of Appointment :

02.09.1987

DIN No.:

01460438

Other Directorship :

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
U25209MH1987PTC044539	Modern Thermoplastics (India) Private Limited	Director	2/09/1987	2/09/1987	-	Active	NO
U25209MH1994PTC077210	Modernova Plastyles Private Limited	Director	22/03/1994	22/03/1994	-	Active	NO
U25209PN1999PTC014290	Kosi Plast Private Limited	Director	22/12/1999	22/12/1999	-	Active	NO

Name :

Mr. Ramchandra Vithal Ralkar

Designation :

Director

Address :

102, Plot No. 20, Amritvan Complex, Akshay Apartments, Ciba Road, Goregaon (East), Mumbai – 400063, Maharashtra, India

Date of Birth/Age :

22.11.1932

Date of Appointment :

02.09.1987

DIN No.:

01460556

Other Directorship :

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
U25209MH1987PTC044539	Modern Thermoplastics (India) Private Limited	Director	2/09/1987	2/09/1987	-	Active	NO
U25209MH1994PTC077210	Modernova Plastyles Private Limited	Director	22/03/1994	22/03/1994	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Uday Ramchandra Ralkar	59130
Ramchandra Vithal Ralkar	8430
Aruna Ramchandra Ralkar	25890
Nita Uday Ralkar	13800
Modern Appliances and Engineering Company, India	42750
Total	150000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Plastics Special Thermoware, Polyester Thermoplastic and Polyethylene.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Indusind Bank Limited, 425, D.B. Marg, Mumbai – 400004, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
i) Export Packing Credit Secured by charge on Raw material. Semi Finished and Finished goods, Debtors, other Curtent assets and entire fixed assets and personal guarantee of Directors. Secured by hypothecation on movable assets and corporate guarantee of Modernova Plastyles Private Limited	19.632	20.000
ii)Term Loan Secured by mortgages and hypothecation of Plant and Machinery and other Fixed assets. including the assets acquired from the TL and personal guarantee of Directors and corporate guarantee of Modernova Plastyles Private Limited Amount repayable within one year Rs.0.500 Million	27.500	0.500
iii) Bills Discounting Facility Secured by charge on Raw material. Semi Finished and Finished goods, Debtors, other Current assets and entire fixed assets and personal guarantee of Directors. Secured by hypothecation on movable assets and corporate guarantee of Modernova Plastyles Private Limited.	0.000	16.889
v ) FCNR Loan from lndusind Bank Limited Secured by charge on Raw material. Semi Finished and Finished goods. Debtors, other Current assets and entire fixed assets and personal guarantee of Directors	0.000	3.984
Total	47.132	41.373
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Shareholders and Directors	19.863	7.638
Deferred Sales Tax Loan from D.C.K Limited	4.115	4.115
Loan from Banks	3.121	15.542
Loan from Others	9.600	5.600
Total	36.699	32.895

Financial Institute :

IKEA Trading (India) Private Limited, F 4, Pushpanjali Farms Indian Oil Road, Bijwasan, New Delhi – 110037, India

Banking Relations :	--
Auditors :
Name :	Vivek V. Joshi and Associates Chartered Accountant
Address :	A – 708, 7^th Floor, Zaitoon Apartments, Above Chate Classes, Station Road, Goregaon (West), Mumbai – 400062, Maharashtra, India
PAN.:	AAAPJ4838M

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 Millions

Notes:

(Of the above 14250 Shares of Rs.100/- each fully paid up, allotted for consideration other than cash against acquisition of assets)

(Of the above 1.00.000 Shares of Rs.700/- each were allotted as fully paid up Bonus Shares by Capitalisation of Rs.1.236 Millions from General Reserve and Rs.8.763 Millions from Surplus in Profit and Loss Account)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		15.000	15.000	15.000
2] Share Application Money		24.162	24.162	24.162
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(13.423)	(3.489)	(4.623)
NETWORTH		25.739	35.673	34.539
LOAN FUNDS
1] Secured Loans		47.132	41.373	43.762
2] Unsecured Loans		36.699	32.895	33.580
TOTAL BORROWING		83.831	74.268	77.342
DEFERRED TAX LIABILITIES		0.969	0.969	1.061
TOTAL		110.539	110.910	112.942
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.874	25.069	28.121
Capital work-in-progress		53.413	53.413	37.697
INVESTMENT		4.351	4.351	4.351
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	49.080	52.423	62.056
	Sundry Debtors	1.262	9.389	21.618
	Cash & Bank Balances	0.270	1.722	1.081
	Other Current Assets	1.525	3.789	16.890
	Loans & Advances	27.863	11.322	10.006
Total Current Assets		80.000	78.645	111.651
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.995	36.069	50.967
	Other Current Liabilities	18.050	9.154	13.684
	Provisions	5.061	5.359	4.256
Total Current Liabilities		49.106	50.582	68.907
Net Current Assets		30.894	28.063	42.744
MISCELLANEOUS EXPENSES		0.007	0.014	0.029
TOTAL		110.539	110.910	112.942

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	105.498	187.611	18.500
		Other Income	94.860	0.492	220.179
		TOTAL (A)	10.638	188.103	238.679
Less	EXPENSES
		Office Expenses	7.167	173.217	220.770
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	7.167	173.217	220.770
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.471	14.886	17.909
Less	FINANCIAL EXPENSES (D)		9.930	9.135	9.445
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(6.459)	5.751	8.464
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.475	3.540	4.495
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(9.934)	2.211	3.969
Less	TAX (H)		0.000	1.077	(0.019)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(9.934)	1.134	3.988
	IMPORTS
		Raw Materials	0.000	91.559	119.905
	TOTAL IMPORTS		0.000	91.559	119.905
	Earnings Per Share (Rs.)		(66.23)	8.37	26.19

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	93.38	0.60	1.67
Net Profit Margin (PBT/Sales)	(%)	(9.42)	1.18	21.45
Return on Total Assets (PBT/Total Assets}	(%)	(9.75)	2.13	2.83
Return on Investment (ROI) (PBT/Networth)		0.39	0.06	0.11
Debt Equity Ratio (Total Liability/Networth)		5.16	3.49	4.23
Current Ratio (Current Asset/Current Liability)		1.63	1.55	1.62

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered address of the company 20, Kotkar Industrial Estate, Off Aarey Road, Goregaon (East), Mumbai, Maharashtra, India has been shifted to the present address w.e.f. 01.10.2007

PERFORMANCE

For the financial year 2009-10 the company has posted a fall in sales by Rs.105.498 Millions which is a 56% less over and above the previous year sale which was Rs.187.611 Millions.

The current fall in the sales is result of global recession faced by all business units all over the world. Looking at this shortfall, the Company Management has taken strategic decision to stop export business and the same has been discontinued from October, 2009 due to IKEA’s decision to stop procurement from Indian Market.

As a result of exports sales being discounted and no financial support from the business to develop domestic customers, the Company could not develop any domestic customer base. Hence the Company has taken decision to utilize its infrastructure for sister concern.

Due to continuous efforts, the Company has achieved decrease in its all cost which has supported to overcome the decrease in sales and has resulted in reduction in losses to some extent.

FORM 8

Corporate identity number of the company	U25209MH1987PTC044539
Name of the company	MODERN THERMOPLASTICS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	At 7 Post, Village Awas, Taluka Alibag, District Raigad, Alibag – 400063, Maharashtra, India Email Id : prashant@moderngroup.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10013974
Type of charge	Immovable property Movable property (not being pledge) Floating charge
Particular of charge holder	Indusind Bank Limited, 425, D. B. Marg, Mumbai – 400004, Maharashtra, India Email Id : vlaxman@vsnl.com
Nature of instrument creating charge	a) Supplementary Agreement of Hypothecation for Stocks, Book Debts, Receivables, etc. ; and b) Memorandum recording extension of Equitable Mortgage by deposit of title deeds (Collectively constitute a single charge for Rs.48.400 Millions)
Date of instrument Creating the charge	10.10.2009
Amount secured by the charge	Rs.48.400 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @ 3.75% below the prevailing Prime Lending Rate which is presently 16.75% p.a. subject to minimum of 13% p.a. plus interest tax at applicable rates, with monthly rests Terms of repayment Term Loan shall be repayable in suitable installments Margin As may be stipulated by the Bank from time to time Extent and operation of the charge i) The borrower hypothecates and charges to and in favour of the Bank the Fixed and Current Assets and Plant and Machinery and (ii) The Company accorded and gave oral consent to Bank to continue to hold and retain the title deeds (by way of Constructive delivery) in respect of its immovable properties
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of Plant and Machinery, entire fixed assets and inventory of raw materials, semi-finished and finished goods including book debts and At and Post Awas bearing Survey No.110-B having an area of 0-40-0 surrounded by Awas-Saswane Road in the east all other Current Assets
Date of instrument modifying the charge	14.01.2008
Particulars of the present modification	The Bank having at the request of the borrower has agreed to reduce the charge from Rs.52.300 Millions to Rs.48.400 Millions

FIXED ASSETS

· Freehold Land

· Factory Building

· Plant and Machinery

· Vehicles

· Computers

· Office Equipments

· Furniture and Fixtures

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.53.21
UK Pound	1	Rs.83.32
Euro	1	Rs.69.51

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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		14

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.