MIRA INFORM REPORT

Report Date :

06.06.2011

IDENTIFICATION DETAILS

Name :	GUJARAT POLYFILMS PRIVATE LIMITED
Registered Office :	Block No. 492, N.H. No. 8, Palsana, Surat-394315, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.07.2004
Com. Reg. No.:	04-44479
Capital Investment / Paid-up Capital :	Rs.149.407 Millions
CIN No.: [Company Identification No.]	U17297GJ2004PTC044479
TAN No.: [Tax Deduction & Collection Account No.]	SRTGO1179D
PAN No.: [Permanent Account No.]	AACCG1781D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Dealing of DMT, PTA, PET CHIP, Polyester Film, BOPP Film, CP Films, PET Films, Metalized laminated, Lacquared Films, Metalized yarn, Zari, kesab, kalebattu etc used in Textiles.
No. of Employees :	Not Available

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 1369404
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appear some losses being incurred by the company in the current year i.e. 209-10. However, net worth appears to be satisfactory. 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

LOCATIONS

Registered Office/ Factory :	Block No. 492, N.H. No. 8, Palsana, Surat-394315, Gujarat, India
Tel. No.:	91-2622-265146/ 265164
Fax No.:	91-2622-265577
E-Mail :	sbmgandco@gmail.com info@caplon.in
Website :	http://www.caplon.in
Sales and Marketing Office :	203, Shyam Chamberss, Opposite Sub-Jall, Ring Road, Surag-395002, Gujarat, India
Tel. No.:	91-261-2344946
Fax No.:	91-261-2340946
E-Mail :	sales@caplon.in

DIRECTORS

As on 30.09.2010

Name :	Mr. Ankur N Patel
Designation :	Director
Address :	9/10, Satkaval Society, City Light, Surat-395007, Gujarat, India
Date of Birth/Age :	20.09.1978
Date of Appointment :	19.07.2004
Name :	Mr. Harishkumar T Patel
Designation :	Director
Address :	9/10, Satkaval Society, City Light, Surat-395007, Gujarat, India
Date of Birth/Age :	2302.1953
Date of Appointment :	22.07.2004
Name :	Mr. Mahendra Chaudhary
Designation :	Director
Address :	6-B, Rudraraj Apartment, Parle Point, Surat-395007, Gujarat, India
Date of Birth/Age :	09.06.1958
Date of Appointment :	22.07.2004
Name :	Mr. Ritesh Gupta
Designation :	Director
Address :	802, Prayag Appartment, Parle Point, Surat-395007, Gujarat, India
Date of Birth/Age :	24.02.1981
Date of Appointment :	22.07.2004
Date of Cessation :	17.07.2010
Name :	Mr. Pramod Kumar Chaudhary
Designation :	Director
Address :	7-B, Rudraraj Apatments, Opposite, Arihant Complex, Near Holiday Inn Hotel, Athwalines, Surat-395007, Gujarat, India
Date of Birth/Age :	06.10.1963
Date of Appointment :	01.05.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Abhishek Kokra	5000
Aayushi Bajaj	12000
Akshat Chaudhary	14000
Ankur H Patel	465000
Utkarsh Gupta	4000
Poonam Chand Bajaj	64000
Alka Bajaj	20000
Vaishali B Patel	160000
Vayudut Commercial Private Limited, India	1186350
Vikram Knittex Private Limited, India	120000
Ruchit B Patel	320000
Gujarat Embroideries Limited, India	1360000
Pratibha Fabrics Limited, India	860000
Pioneer Syntex Private Limited, India	850000
Spectrum Dyes and Chemicals Private Limited, India	1760000
Amol Fabtrade Private Limited	970000
Fast – N – Perfect Tracon Private Limited, India	609000
Anil Chaudhary	24000
Nirmala Gupta	142000
Bharat T Patel (HUF)	500000
Calision Fibres Private Limited, India	1126700
Harish T Patel	1671400
Harish T Patel and Sons (HUF)	1155350
Sushila H Patel	1538150
T M Synthetics Private Limited, India	55000
Manisha Chaudhary	18000
Manjulaben Chhatiyawala	40000
Noble Tax Industries Limited, India	80000
Noopur A Patel	241400
Paresh Chaudhary	52000
Vikram Polysters Private Limited, India	120000
Ideal Trade Links Private Limited, India	260000
Keyuri H Patel	280000
Maharshi B Patel	440000
Vikram Syntex Private Limited, India	753350
Marudhar Mudra Private Limited, India	120000
Hari Krishna Chaudhary	30000
Urmilla Chaudhary	24000
Gyanesh Chaudhary	24000
Nilam Chaudhary	24000
Meenakshi Chaudhary	24000
Total	17522700

Equity Share Breakup as on 30.09.2010

Category	Percentage of Holding
Bodies corporate (not mentioned above)	58.38
Directors or relatives of directors	32.17
Other top fifty (50) shareholders (Other than listed above)	9.45
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Dealing of DMT, PTA, PET CHIP, Polyester Film, BOPP Film, CP Films, PET Films, Metalized laminated, Lacquared Films, Metalized yarn, Zari, kesab, kalebattu etc used in Textiles.

GENERAL INFORMATION

Bankers :

· Syndicate Bank, Salabatpura Main Road, Surat-395003, Gujarat, India

· State Bank of India, SPLD Commercial Branch, Kiran Chambers, Opposite J K Tower, Ring Road, Surat-395002, Gujarat, India

· Canara Bank, Overseas Bank, Overseas Branch, Surat Vakar Sangh Building Ring Road, Surat-395002, Gujarat, India

· ICICI Bank Limited

· HDFC Bank Limited

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Term Loan
From Canara Bank	237.452	291.036
From Syndicate Bank	86.285	98.526
From State Bank of India	75.879	59.003
From Landesbank Baden – Wurttemberg	72.295	102.093
Working Capital Facility
From Canara Bank	148.945	109.905
From Syndicate Bank	50.600	43.480
Hire Purchase Facility
HDFC Bank Limited	0.811	0.408
Total	672.267	704.451

Banking Relations :	--
Financial Institute:	Cholamondalom Investment and Finance Company Limited
Auditors :
Name :	SNK and Company Chartered Accountant
Address :	SNK House, 31-A, Adarsh Society, Opposite Seventh Day Adventist, High School, Athwalines, Surat-395001, Gujarat, India
Tel. No.:	91-261-2656273/ 4/ 5544791/ 2/ 3299540/ 47
Fax No.:	91-261-2656868
Associates/ Subsidiaries :	Gijarat Embroideries Limited Spectrum Dyes And Chemicals Private Limited Calison Fibers Private Limited T M Synthetics Private Limited Vikram Knittex Private Limited General Trading Corporation

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
14000000	Equity Shares	Rs. 10/- each	Rs.140.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14940700	Equity Shares	Rs. 10/- each	Rs.149.407 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		149.407	136.457	113.609
2] Share Application Money		36.694	21.419	49.970
3] Reserves & Surplus		156.250	179.986	137.233
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		342.351	337.862	300.812
LOAN FUNDS
1] Secured Loans		672.267	704.451	529.582
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		672.267	704.451	529.582
DEFERRED TAX LIABILITIES		41.016	57.946	41.720
TOTAL		1055.634	1100.259	872.114
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		847.736	480.331	381.198
Capital work-in-progress		0.000	370.551	253.019
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	139.641	83.636	81.978
	Sundry Debtors	271.182	132.879	114.495
	Cash & Bank Balances	33.515	26.934	23.541
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	166.824	210.818	160.907
Total Current Assets		611.162	454.267	380.921
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	221.880	142.570
	Current Liabilities	169.305	51.089	127.797
	Provisions	12.079	11.290	15.345
Total Current Liabilities		403.264	204.949	143.142
Net Current Assets		207.898	249.318	260.538
MISCELLANEOUS EXPENSES		0.000	0.059	0.117
TOTAL		1055.634	1100.259	894.872

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1010.073	735.314	734.984
		Other Income		1.366	0.774
		TOTAL	1010.073	736.680	735.758
Less	EXPENSES
		TOTAL	1036.080	NA	NA
	PROFIT BEFORE TAX		(26.007)	NA	NA
Less	TAX		(16.930)	NA	NA
	PROFIT AFTER TAX		(9.077)	NA	NA
	Earnings Per Share (Rs.)		(2.02)	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(0.89)	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	(1.78)	NA	NA
Return on Investment (ROI) (PBT/Networth)		(0.07)	NA	NA
Debt Equity Ratio (Total Liability/Networth)		3.14	2.69	2.24
Current Ratio (Current Asset/Current Liability)		1.51	2.22	2.66

LOCAL AGENCY FURTHER INFORMATION

Note:

The Registered office of the company has been shifted from C-1/121, GIDC, Pandesara, Surat, Gujarat, India to present address w.e.f. 01.11.2007

Fixed Assets:

Spinning Project:

• Land and Site Development
• Factory Building and Road Construction
• Furniture and Fixtures
• Office Equipments
• Plant and Machinery
• Vehicles
• Computer and Printers
• Plant and Machinery - Barmag

Polymerization Project:

• Land and Site Development
• Building
• Furniture and Fixtures
• Electrical Fittings
• Plant and Machinery
• Pre-Operative Expenses
• Computer and Printers

Form 8:

Corporate identity number of the company	U17297GJ2004PTC044479
Name of the company	GUJARAT POLYFILMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Block No. 492, N.H. No. 8, Palsana, Surat-394315, Gujarat, India
This form is for	Modification of charge
Charge Identification (ID) number of the charge to be modified	80005394
Type of charge	Immovable property
Particular of charge holder	Canara Bank, Overseas Bank, Overseas Branch, Surat Vakar Sangh Building Ring Road, Surat-395002, Gujarat, India
Date of instrument Creating the charge	23.04.2011
Amount secured by the charge	Rs1235.680 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Collateral Security Hence Not Applicable Terms of Repayment Collateral Security Hence Not Applicable Margin Collateral Security Hence Not Applicable Extent and Operation of the charge (Equitable mortgage created to secure financial assistance granted to the company. . Others NIL
Date of last modification
Short Particulars	Plots of Land at Block No 491 & 492, Village Palsana, Dist Surat

Name of the company

GUJARAT POLYFILMS PRIVATE LIMITED

Presented By

Ritesh Kumar Gupta (Director)

1) Date and description of instrument creating the change

The Common Hypothecation Agreement dated 2^nd day of March, 2005, to secure the various limits aggregating to Rs. 380.000 Millions in favour of Canara Bank. A Certified copy of the said agreement is enclosed.

2) Amount secured by the charge/amount owing on the securities of charge

Canara Bank

Working Capital : Rs. 90.000 Millions

Term Loan : Rs. 290.000 Millions

Total : Rs. 380.000 Millions

Together with interest, additional interest, penal interest, costs, charges, commission, expenses and all other moneis, payable by the company to canara bank

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

Hypothecation of Stocks of Current assets of the company namely, stock of Raw materials, stock ion process, semi-Finished and Finished goods, packing materials, bills receivables and book debts and all other movables both present and future whether now lying loose or in cases or which are now lying or installed in or about or shall hereinafter from time to time during the continuance of this security of these presents be brought into or upon or to be stored or be in or about of the company’s factories, premises and godowns, or wherever else the same may be or be held by andy party to the order or disposition of the company or in the course of transit or on high seas or on order or delivery, howsoever and wheresoever in the possession of the company and either by of substitution or addition situated at C-/121, GIDC Pandesara, Surat-394221, Gujarat, India

4) Gist of the terms and conditions and extent and operation of the charge.

Margin: As per Banks Sanction From time to time

Interest: 10.25% p.a. (Working Capital)

8.50% p.a. (Term Loans)

Repayment : working Capital – On Demand

Term Loan – 23 Quarterly installments of

Rs. 12.000 Millions each and last installments of

Rs. 14.000 Millions

5) Name and Address and description of the person entitled to the charge.

Canara Bank, Overseas Bank, Overseas Branch, Surat Vakar Sangh Building Ring Road, Surat-395002, Gujarat, India

6) Date and brief description of instrument modifying the charge

The Supplemental Common Hypothecation Agreement dated 29^th day of December, 2005, to secure the various limits aggregating to Rs. 189.500 Millions in favour of Canara Bank. A certified copy of the said Agreement is enclosed.

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.

The existing limits are modified/ enhanced s under

	Existing Rs. In Millions	Rs. In Millions Modified
Working Capital	90.000	130.000
ILC/ FLC	0.000	40.000
Term Loans	290.000	397.000
Guarantee	0.000	2.500
Total	380.000	569.500

Hypothecation of Stock of Current Assets of the Company namely, Stocks of Raw Materials, Stock in process, Semi-finished and Finished Goods, Packing Materials, Bills Receivables and Book Debts and all other movables both present and future whether now lying loose or in cases or which are now lying or installed in or about or shall hereinafter form time to time during the continuance of this security of these presents be brought into or upon or to be stores or be in or about of the company’s factories, premises and godowns, or wherever else the same may be or be held by any party to the order or disposition of the company or in the course of transit of on high seas or on order or delivery, howsoever and wheresoever in the possession of the company and either by way of substitution or addition situated at C-1/121, GIDC Pandesara, Surat-394221, Guarat, India

Margin: As per Banks Sanction form time to time

Interest : 10.25% p.a. (Working Capital)

9.00% p.a. (Term Loans)

Repayment: Working Capital – On Demand

Term Loan – 23 Quarterly Installments of

Rs.4.500 Millions each and last installments of

Rs. 3.500 Millions

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.44.85
UK Pound	1	Rs.73.29
Euro	1	Rs.64.89

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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.