MIRA INFORM REPORT

Report Date :

22.01.2011

IDENTIFICATION DETAILS

Name :	NETWORK POLYMERS PRIVATE LIMITED
Registered Office :	27, West Hill, Nepean Sea Road, Mumbai-400036, Maharashtra
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	07.07.1989
Com. Reg. No.:	11-52507
CIN No.: [Company Identification No.]	U24110MH1989PTC052507
TAN No.: [Tax Deduction & Collection Account No.]	MUMN04101G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Awing Polyester Glass Fibre Laminates, Fiberglass Reinforced

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 65000
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.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Sushil Shah
Designation :	Director
Date :	21.01.2011

LOCATIONS

Registered Office :	27, West Hill, Nepean Sea Road, Mumbai-400036, Maharashtra, India
Tel. No.:	91-22-23082469
Fax No.:	91-22-23098143
E-Mail :	Shushil_shah@frapcc.com
Website :	www.frpacc.com
Area :	1000 sq.ft
Location :	Owned
Factory 1 :	N – 80, MIDC, Tarapur 401506, Maharashtra, India
Tel. No.:	91-2525-273706
Fax No.:	91-2525-270164
Administrative Office :	310, Creative Industrial Estate, N.M. Joshi Marg, Mumbai-400011, Maharashtra, India
Tel. No.:	91-22-3082469/3082874/3088143/23616973/23082874
Fax No.:	91-22-3072714

DIRECTORS

As On 30.09.2009

Name :	Mr. Sushil Chandrakant Shah
Designation :	Director
Address :	1401, 14 Shripal Nagar, Harkness Road, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	15.03.1958
Date of Appointment :	07.07.1989
DIN No. :	01395214
Name :	Mr. Sharad Jayantilal Sheth
Designation :	Director
Address :	27, Napeansea Road, West Hill, 3^rd Floor, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	02.03.1946
Date of Appointment :	07.07.1989
DIN No. :	01395488

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 30.09.2009

Names of Shareholders	No. of Shares
Sushhil Chandrakant Shah	36600
Sharad Jayantilal Sheth	18210
Mita Sushil Shah	2600
Ruchita Sushil Shah	5900
Saumil Sushil Shah	16900
Mirish Sunil Shah	17000
Kruti Sharad Sheth	22000
Tejal Mahendra Shah	500
Miloni Sunil Shah	7000
Frp Accessories	500
Shahkuntala M Tanna	100
Pravina M Purohit	100
Pradip Amratlal Thakkar	11000
Seema Pradip Thakkar	27600
Piya Pradip Thakkar	8750
Aditya Pradip Thakkar	9700
Gulabeen A Thakkar	1000
Bajiju Vishal Thakkar	34100
P. A Joshi	1500
Pallavi Joshi	1500
Bharat Shah	2500
Rupa Bharat Shah	2500
S. N Shah	2500
J. N Shah	2500
Raju A Bailur	2000
P. S. Kasat	200
Anandini Deolkar	10000
Total	244760

As On 30.09.2009

Category	Percentage
Other	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Awing Polyester Glass Fibre Laminates, Fiberglass Reinforced

Products :

Product Description	ITC Code
Polyster Reins	315102008

Terms :

Selling :

L/C, Cash, Credit: 30/60/90 Days

Purchasing :

Cash, Credit: 30/60/90 Days

GENERAL INFORMATION

Customers :

• End Users and OEM’s

No. of Employees :

80 (approximately)

Bankers :

• Bank of Maharashtra, Worli Branch, Ready Money Terrance, Dr. A.B. Road, Near Worli Naka, Mumbai-400018, Maharashtra, India
• Bank of India, Walkeshwar Branch, Mumbai, Maharashtra, India

Facilities :

Cash Credit: Rs. 11.000 Millions (Bank of Maharashtra)

Secured Loans	31.03.2009 (Rs. In Millions)	31.03.2008 (Rs. In Millions)
From Bank of Maharashtra (Secured by Mortgage of land and building and hypothecation of plant and machinery, stock, book debts and personal guarantee of Mr. Pradeep Thakkar)	14.585	18.981
Government Dues
S.T Payable Diferement Scheme	3.429	3.688
C.S.T Payable Diferement Scheme	0.098	0.113
Additional S.T Diferement Scheme	1.741	1.741
Additional C.S.T Diferement Scheme	1.256	1.256
Total	21.109	25.779

Unsecured Loans	31.03.2009 (Rs. In Millions)	31.03.2008 (Rs. In Millions)
From Directors
Sushil Shah	1.095	0.127
Sharad Sheth	0.593	0.593
From Shareholders	8.605	3.414
Total	10.293	4.134

Banking Relations :	--
Auditors :
Name :	Mahendra Doshi and Associates Chartered Accountant
Address :	45, Bhagwan Bhuvan, 4^th Floor, 196/198, Samuel Street, Masjid Bunder Road, Mumbai-400009, Maharashtra, India
Tel. No.:	91-22-23464358
Pan No.:	AAAPD9797M

CAPITAL STRUCTURE

As on 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
244760	Equity Shares	Rs. 10/- each	Rs. 2.448 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		2.448	2.448	2.448
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		13.892	13.093	11.970
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		16.340	15.541	14.418
LOAN FUNDS
1] Secured Loans		21.109	25.779	22.635
2] Unsecured Loans		10.293	4.134	3.582
TOTAL BORROWING		31.402	29.913	26.217
DEFERRED TAX LIABILITIES		0.572	0.000	0.000
TOTAL		48.314	45.454	40.635
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.410	2.560	2.785
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.766	9.787	12.125
	Sundry Debtors	67.915	78.760	71.250
	Cash & Bank Balances	0.399	1.370	0.715
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	16.354	5.078	4.695
Total Current Assets		97.434	94.995	88.785
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	45.293	46.430	44.704
	Other Current Liabilities	2.003	4.684	5.864
	Provisions	4.234	0.987	0.367
Total Current Liabilities		51.530	52.101	50.935
Net Current Assets		45.904	42.894	37.850
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		48.314	45.454	40.635

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008	31.03.2007
	SALES
		Income	234.526	230.035	214.722
		Other Income	1.776	NA	NA
		TOTAL	236.302	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses		NA	NA
		Advertising Expenses
		TOTAL	234.997
	PROFIT BEFORE TAX		1.305	1.762	0.811
Less	TAX		0.506	0.639	0.368
	PROFIT AFTER TAX		0.799	1.123	0.443
	Earnings Per Share (Rs.)		3	NA	NA

Particulars	31.03.2010
Sales Turnover (approximately)	240.000

Expected Sales (2010-2011): Rs. 300.000 Millions

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	0.34	NA	NA
Net Profit Margin (PBT/Sales)	(%)	0.56	0.77	0.38
Return on Total Assets (PBT/Total Assets}	(%)	1.31	1.81	0.89
Return on Investment (ROI) (PBT/Networth)		0.08	0.11	0.06
Debt Equity Ratio (Total Liability/Networth)		5.07	5.28	5.35
Current Ratio (Current Asset/Current Liability)		1.89	1.82	1.74

LOCAL AGENCY FURTHER INFORMATION

The Details of Sundry Creditors:

Rs. In Millions

Particulars	31.03.2009	31.03.2008	31.03.2007
Sundry Creditors	45.293	46.430	44.704

Financial Results:

During the year, turnover of company has increased from 230.000 millions to Rs. 234.500 millions. However profit after tax has decreased to Rs. 0.799 millions as compared to last year profit of Rs. 1.123 millions due to global recession. Due to necessity of funds for the business activity of the company, the directors do not recommend any dividend for the financial year 2008-2009.

Bankers Charges Report as per Registry

Name of the company	NETWORK POLYMERS PRIVATE LIMITED
Presented By	Bank of India, Walkeshwar Branch
1) Date and description of instrument creating the change	Memorandum of deposit of title deed dated 18.03.1997
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 1.900 Million
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	Land and building situated at Plot No. N -84, Tarapur Industrial Area of MIDC, Viilage Limit of Pamtembhi, Tarapore, District Thane (admesuring 1800 sq.meters)
4) Gist of the terms and conditions and extent and operation of the charge.	Second charge in favour of the bank in respect of a total credit facility of Rs. 1.900 millions together with interest 4.75% over prime lending rate min 20.25% p.a and other costs, charges, expenses and moneys payable.
5) Name and Address and description of the person entitled to the charge.	Bank of India, Walkeshwar Branch
6) Date and brief description of instrument modifying the charge	Nil
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.	Nil

Corporate identity number of the company	U24110MH1989PTC052507
Name of the company	NETWORK POLYMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	27, West Hill, Nepean Sea Road, Mumbai-400036, Maharashtra, India
This form is for	Modification of Charge
Type of charge	Equitable Mortgage or mortgage of property by depositing the title deeds
Particular of charge holder	Bank of Maharashtra, Worli Branch, Ready Money Terrance, Dr. A.B. Road, Near Worli Naka, Mumbai-400018, Maharashtra, India
Amount secured by the charge	Rs. 11.000 Millions
Description of the property charged indicating whether it is a charged on	Immovable properties
Particulars of the property charged	Land at village Pamtembhi in Registration District Palghar, District: Thane, admeasuring 1800 sq. meters and bearing Gat No. / Survey No. 80
Charge identification number of the charge to be modified	80002108
Brief description of the instrument modifying the charge	Memorandum of record of extension of equitable mortgage
Date of instrument modifying the charge	03.03.2005
Particulars of the present modification	Equitable Mortgage by deposit of title deeds made on 17.08.2001 as security for then aggregate limits of Rs.11.000 millions now extended to cover total limits Rs.18.000 millions C/C 12.000 millions Bills Dsg 6.000 millions

Fixed Assets:

· Land (Freehold)

· Plant and Machinery

· Electrical Installments

· Furniture, Fixtures

· Office equipment

· Lab Equipment

· Building

· Furniture

· Computer

· Scooter

· Fax Machine

· Storage Vert. Tank

· Refrigerator

· Mobile

· Vehicle Scooter

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. 45.70
UK Pound	1	Rs.72.78
Euro	1	Rs.61.65

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	5
--PROFITABILIRY	1~10	5
--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	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.