MIRA INFORM REPORT

Report Date :

06.07.2011

IDENTIFICATION DETAILS

Name :	MEENAKSHI POLYMERS PRIVATE LIMITED
Registered Office :	36, Sabarwal Market, Sadar Bazar, Delhi – 110 006
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.07.1986
Com. Reg. No.:	55-024860
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U74899DL1986PTC024860
TAN No.: [Tax Deduction & Collection Account No.]	DELM08349F
PAN No.: [Permanent Account No.]	AAACM3392G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Two Wheeler Seat Assembly and Auto Parts.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 655000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is well established and a reputed company having a fine track. Trade relations are fair. Payments are regular as per commitments. Business is active. The company can be considered good for normal 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. Sandeep Sareen
Designation :	Marketing Manager
Contact No.:	91-9910398587
Date :	05.07.2011

LOCATIONS

Registered Office :	36, Sabarwal Market, Sadar Bazar, Delhi – 110 006, India
Tel. No.:	91-11-23675475
Mobile No.:	91-9910398587 (Mr. Sandeep Sareen)
E-Mail:	mppl-2@sify.com avin_bhatia@yahoo.co.in sandeepsareen@meenakshipolymers.com
Website:	www.meenakshipolymers.com
Location :	Owned
Corporate Office :	E-478, Greater Kailash – 2, New Delhi – 110 048, India
Tel. No.:	91-11-29214034
Fax No.:	91-11-29217127
Branch Office :	Located at: · Birlova, Maneshwar, Haryana, India · Dadri, Uttar Pradesh, India
Factory 1 :	25 K.M, G.T Bullandshahar Road, Village - Kota, Dadri, Gautam Budh Nagar, Uttar Pradesh, India
Tel. No.:	91-120-2662693, 2662645, 2662578
Fax No.:	91-120-2662652
Factory 2 :	Plot No 33, Sector-34, Gurgaon, Haryana, India
Tel. No.:	91-124-2373639/ 4031621
Fax No.:	91-124-2210423
Factory 3 :	Plot No 161, Sector-3, IMT Manesat, District Gurgaon, Haryana, India
Tel. No.:	91-124-3211036/ 2290987
Fax No.:	91-124-2290987
Factory 4 :	Village and P.O:- Bhorakalan (Binola), District Gurgaon, Haryana, India
Tel. No.:	91-124-3261338
Factory 5 :	Plot No-14, Industrial Park-11, Village: Salempur Mehdood, Haridwar, Uttarakhand, India
Tel. No.:	91-1334-235516
Factory 6 :	E-126, Bahadrabad Indsutrial Area, Haridwar, Uttarakhand, India
Tel. No.:	91-1334-232178

DIRECTORS

As on 30.09.2010

Name :	Mrs. Anita Soni
Designation :	Director
Address :	81, The Mall, Civil Lines, Ludhiana – 141 001, Punjab, India
Date of Birth/Age :	27.01.1959
Qualification :	Graduate
Date of Appointment :	01.08.1996
DIN No.:	01018158
Name :	Mrs. Punam Soni
Designation :	Director
Address :	81, The Mall, Civil Lines, Ludhiana – 141 001, Punjab, India
Date of Birth/Age :	01.01.1961
Qualification :	Graduate
Date of Appointment :	01.08.1991
DIN No.:	01018205
Name :	Mr. Sanjeev Soni
Designation :	Director
Address :	81, The Mall, Civil Lines, Ludhiana – 141 001, Punjab, India
Date of Birth/Age :	15.10.1957
Qualification :	Graduate
Date of Appointment :	01.06.2006
DIN No.:	01479177
Name :	Mr. Raj Kumar Soni
Designation :	Director
Address :	81, The Mall, Civil Lines, Ludhiana – 141 001, Punjab, India
Date of Birth/Age :	01.03.1926
Qualification :	Graduate
Date of Appointment :	24.01.2007
DIN No.:	01021864
Other Directorship :	Name of the company: A.K. Silk Woollen Mills Limited CIN of company: U17113DL1962PLC003737 Designation: Director Name of the company: Murari Woollen Mills Limited CIN of company: U17113DL1966PLC004686 Designation: Director Name of the company: Jabco Industries Private Limited CIN of company: U74899DL1962PTC003763 Designation: Director Name of the company: Kaam Dhenu Wool Private Limited CIN of company: U17117DL1996PTC076942 Designation: Director

KEY EXECUTIVES

Name :	Mr. Sandeep Sareen
Designation :	Marketing Manager
Name :	Mr. Kunal Soni
Designation :	Chief Executive Officer
Name :	Mr. Rajesh Wadhwa
Designation :	GM Marketing

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Anita Soni	13950
Punam Soni	4645
Arjun Soni	1700
Kunal Soni	850
Rahul Soni	850
Bharat Soni	1005
Raj Kumar and Sons	200
Sanjeev Soni	76800
Total	100000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Two Wheeler Seat Assembly and Auto Parts.

Products :

v P. U. Foam

v Metal Base Plate for Two Wheelers

v Seat Cover for Two Wheelers

v Side Box / Side Bag for Two Wheelers

v Complete Seat Assembly for Two Wheelers

v Assembled Bus Seat

Name of the Product	Item Code Number
Polymers	375.8

Exports :

Products :

Seats

Countries :

China, Germany, Singapore

Imports :

Products :

Raw Materials

Countries :

China, Japan, Honk Kong, Germany

Terms :

Selling :

L/C, Cash and Credit (30 days)

Purchasing :

L/C, Cash and Credit (30 days)

GENERAL INFORMATION

Customers :

A. O.E.M.

v Hero Honda Motors Limited-45%

v Hero Puch Limited, Ghaziabad-100%

B. Other Customers

v JCBL, Ludhiana

v Grand Slam, Sahibabad

v Open Replacement Markets

v Monto Motors Limited

No. of Employees :

500 (Approximately)

Bankers :

v State Bank of India, New Delhi, India

v Small Industries Development Bank of India, Fortune Chambers, First Floor, SCO-16 and 17, Feroze Gandhi Market, Opposite Stock Exchange, Ludhiana – 141 001, Punjab, India

v HDFC Bank Limited

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From – A Bank GK -II
State Bank of India -G.K. – II, New Delhi, Against FDR	30.033	27.916
Small Industries Development Bank of India (Security against Binola and Haridwar Land, Building and Fixed Assets and Personal Guarantee of Directors)	86.875	35.740
From-Others
Hero Honda Finlease Limited (Against Machinery)	4.117	11.161
Total	121.025	74.817

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Share Holders and Directors	0.015	10.489
From Companies	35.500	53.500
Total	35.515	63.989

Banking Relations :	--
Financial Institution :	v Hero Honda Finance Limited, 34 Community Centre Basant Lokvasant Lok, Vasant Vihar, New Delhi – 110 057, India
Auditors :
Name :	Nanda and Bhatia Chartered Accountants
Address :	Red Cross Bhawan, The Mall, Ludhiana – 141 001, Punjab, India
Tel. No.:	91-124-2444948 / 2449986
Income-tax PAN of auditor or auditor's firm :	AABFN8498E
Memberships :	ISO-9001:2000
Association Concern :	v Govind Industries v Raj Kumar Soni and Sons HUF v Maya Auto Industries

CAPITAL STRUCTURE

As on 31.03.2010

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
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

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		10.000	10.000	1.320
2] Share Application Money		0.000	0.000	6.989
3] Reserves & Surplus		153.742	122.250	101.746
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		163.742	132.250	110.055
LOAN FUNDS
1] Secured Loans		121.025	74.817	88.328
2] Unsecured Loans		35.515	63.989	74.549
TOTAL BORROWING		156.540	138.806	162.877
DEFERRED TAX LIABILITIES		19.055	14.493	9.093
TOTAL		339.337	285.549	282.025
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		358.126	263.375	239.705
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	25.196	37.554	41.313
	Sundry Debtors	60.717	34.862	33.896
	Cash & Bank Balances	38.141	44.155	76.801
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	14.813	22.180	16.334
Total Current Assets		138.867	138.751	168.344
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	135.225	94.640	97.344
	Other Current Liabilities	14.711	14.987	18.930
	Provisions	7.720	6.950	9.750
Total Current Liabilities		157.656	116.577	126.024
Net Current Assets		(18.789)	22.174	42.320
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		339.337	285.549	282.025

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales Turnover	781.619 (Gross Receipts)	753.707	655.220
		Job Work Income	NA	0.002	0.020
		Miscellaneous Income	0.416	4.427	6.680
		TOTAL (A)	NA	758.136	661.920
Less	EXPENSES
		Cost of Materials	NA	576.858	502.945
		Manufacturing Expenses		28.878	21.740
		Establishment		44.669	32.338
		Administrative Expenses		43.678	39.509
		Selling and Distributors Expenses		4.714	3.403
		TOTAL (B)	NA	698.797	599.935
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	59.339	61.985
Less	FINANCIAL EXPENSES (D)		NA	16.827	19.910
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		56.168	42.512	42.075
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.394	9.654	7.467
	PROFIT BEFORE TAX (E-F) (G)		43.774	32.858	34.608
Less	TAX (H)		12.282	12.350	12.313
	PROFIT AFTER TAX (G-H) (I)		31.492	20.508	22.295
	Less: Ex. Pro. I. Tax		--	0.025	0.506
	Less: Ex. Pro. I. Tax		--	(0.021)	0.219
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.310	2.806	1.236
Less	APPROPRIATIONS
		Transfer to General Reserve	30.000	20.000	20.000
	BALANCE CARRIED TO THE B/S		4.802	3.310	2.806
	IMPORTS
		Raw Materials	NA	NA	132.291
		Capital Goods	NA	NA	5.437
	TOTAL IMPORTS		NA	NA	137.728
	Earnings Per Share (Rs.)		314.92	205.08	NA

Particulars	31.03.2011 (Approximately)
Sales Turnover	880.000

Expected Sales (2011-2012): Rs.1000.000 millions

The above information has been parted by Mr. Sandeep Sareen (Marketing Manager).

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	2.71	3.37
Net Profit Margin (PBT/Sales)	(%)	NA	4.36	5.28
Return on Total Assets (PBT/Total Assets}	(%)	8.81	8.17	8.48
Return on Investment (ROI) (PBT/Networth)		0.27	0.25	0.31
Debt Equity Ratio (Total Liability/Networth)		1.92	1.93	1.15
Current Ratio (Current Asset/Current Liability)		0.88	1.19	1.34

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

The gross receipts of the company for the year were Rs.781.619 millions as compared to 765.275 millions during the last year. Miscellaneous Income during the year was Rs.0.416 million.

FORM: 8

Corporate identity number of the company	U74899DL1986PTC024860
Name of the company	MEENAKSHI POLYMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	36, Sabarwal Market, Sadar Bazar, Delhi – 110 006, India E-Mail: my.client123@gmail.com
This form is for	Creation of charge
Type of charge	Immovable Property Book Debts Others (Plant and Machinery)
Particular of charge holder	Small Industries Development Bank of India, Fortune Chambers, First Floor, SCO-16 and 17, Feroze Gandhi Market, Opposite Stock Exchange, Ludhiana – 141 001, Punjab, India E-Mail: balbir@sidbi.in
Nature of description of the instrument creating or modifying the charge	Agreement for term loan limit-cum-hypothecation dated March 02, 2011. Declaration and undertaking dated March 02, 2011.
Date of instrument Creating the charge	02.03.2011
Amount secured by the charge	Rs.7.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Payable at the 0.50% above SIDBI's Prime Lending Rate (PLR) rising or failing therewith, with monthly rests. The current SIDBI PLR being 11.00% and current effective rate being 11.50% p.a. Terms of Repayment: Repayable in 50 monthly installments of Rs.0.150 million each, commencing after 3 months from the date of first disbursement of the loan. Extent and Operation of the charge: 1) Hypothecation of all movable assets of the co acquired under the scheme. (2) Extension of Hypothecation of all movables of company 3) Extension of mortgage of property in Khasra No. 1521, 15232, 1517, Industrial Plot No. 14, at Industrial Park - II, Phase I, Village Salempur, Mehdood-2, Pragna Roorkee, Tehsil and District Haridwar (4) Extension of mortgage of immovable property admeasuring 22 Kanal 14 Marla bearing Khewat No. 763, Khata No. 938, Mustil No. 126, Killa No. 4/2, 36, Mustil No. 127, Killa No. 1, Village Bhodakalan, Farrukh Nagar, Gurgaon.
Short particulars of the property charged	First charge and Extension of first charge by way of hypothecation in favour of SIDBI of all the movables including plant and machinery and equipments, tools, spares, accessories and all other assets acquired in c/w loan of Rs.30.000 millions (WCTL), Rs.68.000 millions (DCS), Rs. 50 Lac (DCS-ADHOC), Rs.5.000 millions under PCS and Rs.10.000 millions respectively on the terms and conditions of the loan agreement dated 29/05/2007, 05/09/2008, 22/12/2008, 13/11/2009 and 14/05/2010 respectively, located at (i) 25 Kms Bullandshar Road, Village Kote, Dadri, Gautam Budh Nagar, UP (ii) Plot No. 33, Sec. 34, EHTP, Gurgaon, Haryana, (iii) A-81 , Phase II, Industrial Area, Okhla, New Delhi (iv) Village Borakalyan, Binola , Gurgaon (v) Plot No.87 , Sector 3, IMT, Manesar (vi) Plot No 14, Industrial Estate , Salempur Mehdood-249403, Tehsil and District Haridwar, Uttarakhand Extension of first charge by way of mortgage of immovable property in Khasra No.1521, 1522, 1517, Industrial Plot No 14 at Industrial Park-II , Phase 1, Village Salempur, Mehdood 2, Pragna Rorkee, T and D Haridwar Uttarakhand comprised in Khasra No. 1521, 1522, 1517 owned by Meenakshi Polymors Private Limited Extension of first charge by way of equitable mortgage of immovable property admeasuring 22 Kanals, 14 Marla, Bearing, Khewat No. 763, Khata No. 938, Mustil No. 127, Killa No. 1, situated at Farrukh Nagar, Gurgaon vide sale deed no. 1836 dated 12/03/2004 owned by Meenakshi Polymors Private Limited.

Name of the company	MEENAKSHI POLYMERS PRIVATE LIMITED
1) Date and description of instrument creating the change	1] Agreement of Hypothecation of Plant and Machinery dated 1^stJune 2006 – Rs.15.000 Millions
2) Amount secured by the charge/amount owing on the securities of charge	Rs.15.000 Millions
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	1] Hypothecation of Plant and Machinery.
4) Name and Address and description of the person entitled to the charge.	Hero Honda Finance Limited, 34, Community Centre, Basant Lokvasant Lok, Vasan Vihar, New Delhi, Delhi – 110 057, India
5) Date and brief description of instrument modifying the charge	Deed of Hypothecation dated 1^stJune 2006
6) Date and brief description of instrument modifying the charge	NA
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.	NA

TRADE REFERENCES:

v Hero Honda Motors Limited

v Hero Puch Limited, Ghaziabad

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Moulds

· Tools and Dies

· Generator Set

· Lab Equipment

· Furniture and Fixture

· Computers

· Vehicles

· Office Equipments

· Capital Work In Progress

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.44.50
UK Pound	1	Rs.71.25
Euro	1	Rs.64.40

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.