MIRA INFORM REPORT

Report Date :

28.03.2011

IDENTIFICATION DETAILS

Name :	POLMANN INDIA LIMITED
Formerly Known As :	GREENHORN FINANCE LIMITED
Registered Office :	184 - B, Maker Tower – E, 18^th Floor, Cuffe Parade, Mumbai-400005, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.06.1993
Com. Reg. No.:	11-72458
CIN No.: [Company Identification No.]	U65994MH1993PLC072458
TAN No.: [Tax Deduction & Collection Account No.]	MUMP1289E
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturing and supplying of packed chemicals and tailor made chemicals, industrial chemicals, pharmaceutical chemicals, rubber chemicals, paint chemicals, glass chemicals and textile chemicals.

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 1000000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are 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 DECLINED BY

Management Non Co-Operative.

LOCATIONS

Registered Office :	184-B, Maker Tower – E, 18^th Floor, Cuffe Parade, Mumbai-400005, Maharashtra, India
Tel. No.:	91-22-22814526 / 22814530 / 40504050 / 22875715 / 22154987 / 22185611
Fax No:	91-22-22814532
E-mail.:	info@polmannindia.com vlaxman@vsnl.com
Factory :	6 7 8, Thane Gala No. Ranahal Village Bhivandi, Khanderao Compaund, Maharashtra, India.
Tel. No.:	91-22-22814530

DIRECTORS

As on 29.09.2010

Name :	Mr. Vijay J. Bhimrajaka
Designation :	Director
Address :	184 Jupiter cuffe, Parade Colaba, Mumbai - 400005, Maharashtra, India
Date of Birth/Age :	10.02.1949
Date of Appointment :	18.06.1993
Name :	Mr. Rohan V. Bhimrajka
Designation :	Director
Address :	84, Sea- Lord, Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India
Date of Birth/Age :	04.08.1989
Date of Appointment :	01.04.2007
Name :	Mr. Vinod Kumar J. Bhimrajka
Designation :	Director
Address :	84, Sea- Lord, Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India
Date of Birth/Age :	15.06.1953
Date of Appointment :	18.06.1993
Name :	Mr. Vishwanath V. Bhimrajka
Designation :	Director
Date of Birth/Age :	30.06.1975
Date of Appointment :	29.09.1993
Name :	Mr. Siddharth G. Bhimrajka
Designation :	Director
Address :	43 – B, Jolly Maker – 1, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	12.05.1977
Date of Appointment :	29.09.1995
Name :	Mr. Amit G. Bhimrajka
Designation :	Director
Address :	43 – B, Jolly Maker – 1, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	15.12.1979
Date of Appointment :	28.01.2002
Name :	Mr. Dara Jehangir Bharucha
Designation :	Director
Address :	P-31, Cusrow Baug, S.B. Singh Road, Mumbai – 400 039, Maharashtra, India.
Date of Birth/Age :	12.01.1936
Date of Appointment :	01.04.2008
Name :	Mr. Vishnu J. Bhimrajka
Designation :	Director
Address :	183, Jupiter, Cuffe Parade, Mumbai – 400 005, Maharashtra, India.
Date of Birth/Age :	07.06.1964
Date of Appointment :	01.04.2006
Name :	Mr. Rajiv A. Bhimrajka
Designation :	Director
Address :	184, Jupiter, Cuffe Parade, Mumbai – 400 005, Maharashtra, India.
Date of Birth/Age :	02.03.1986
Date of Appointment :	01.04.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Shares
Rajkumari G. Bhimrajka	20000
Siddharth G. Bhimrajka	15000
Neha S. Bhimrajka	20500
Amit G. Bhimrajka	15000
Priyanka A. Bhimrajka	8000
Vinod Kumar J. Bhimrajka	20000
Asha Devi V Bhimrajka	36000
Rohan V. Bhimrajka	17500
Vinod Kumar J. Bhimrajka	5000
Sangeeta A. Bhimrajka	36000
Rajiv A. Bhimrajka	20000
Tanay A Bhimrajka	17500
Anoop Kumar J. Bhimrajka HUF	5000
Vishnu Kumar J. Bhimrajka	32500
Anjali V. Bhimrajka	36000
Vishnu Kumar J. Bhimrajka HUF	10000
Total	314000

As on 29.09.2010

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

BUSINESS DETAILS

Line of Business :

Manufacturing and supplying of packed chemicals and tailor made chemicals, industrial chemicals, pharmaceutical chemicals, rubber chemicals, paint chemicals, glass chemicals and textile chemicals.

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

v Central Bank of India, Chandermukhi Building, Nariman Point, Mumbai-400021, Maharashtra, India

v Citi Bank, DLF Square, Jacaranda Marg, M. Block, DLF City, Phase II, Gurgaon-122002, Haryana, India.

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
ICICI Car Loan	0.305	1.398
HDFC Bank Car Loan	9.512	1.695
Total	9.817	3.093
Unsecured Loan
Director Loan	0.000	10.401
Total	0.000	10.401

Banking Relations :	--
Auditors :
Name :	Mr. Vinodray Kasturchand Mehta Chartered Accountant
Address :	B-22, Shanker Vijay, Rajwadi, Ghatkopar (East), Mumbai-400077, Maharashtra, India

CAPITAL STRUCTURE

As on 29.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
314000	Equity Shares	Rs.10/- each	Rs.3.140 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		3.140	3.140	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		267.404	186.179	93.989
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		270.544	189.319	96.489
LOAN FUNDS
1] Secured Loans		9.817	3.093	2.134
2] Unsecured Loans		0.000	10.401	57.620
TOTAL BORROWING		9.817	13.494	59.753
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		280.361	202.813	156.243
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		31.029	7.598	6.376
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		14.690	1.256	5.273
DEFERREX TAX ASSETS		0.628	0.645	0.537
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	126.648	69.798	105.614
	Sundry Debtors	217.380	148.632	87.146
	Cash & Bank Balances	8.093	13.161	3.906
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	91.956	61.965	46.232
Total Current Assets		444.077	293.556	242.898
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	169.454	93.999	96.178
	Other Current Liabilities	28.282	0.000	2.663
	Provisions	12.396	6.335	0.000
Total Current Liabilities		210.132	100.334	98.841
Net Current Assets		233.945	193.222	144.057
MISCELLANEOUS EXPENSES		0.069	0.092	0.000
TOTAL		280.361	202.813	156.243

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	940.215	654.296	567.487
		Other Income	6.716	2.443	5.071
		TOTAL (A)	946.931	656.739	572.558
Less	EXPENSES
		Cost of Goods Sold	752.674	526.026	453.605
		Administrative Expenses	57.343	53.275	49.394
		Selling and Distribution Expenses	9.672	7.111	9.606
		Loss on Sale of Motor Car	0.000	0.063	0.000
		TOTAL (B)	819.689	586.475	512.605
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		127.242	70.264	59.953
Less	FINANCIAL EXPENSES (D)		0.489	1.192	4.032
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		126.753	69.072	55.921
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.035	1.890	1.721
	PROFIT BEFORE TAX (E-F) (G)		123.718	67.182	54.200
Less	TAX (H)		42.493	15.763	19.459
	PROFIT AFTER TAX (G-H) (I)		81.225	51.419	34.741
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		54.419	1.589	0.748
	EXCESS PROVISION FOR INCOME TAXATION		0.000	1.411	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	33.900
	BALANCE CARRIED TO THE B/S		135.644	54.419	1.589
	Earnings Per Share (Rs.)		258.68	163.75	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	8.57	7.83	6.07
Net Profit Margin (PBT/Sales)	(%)	13.16	10.27	9.55
Return on Total Assets (PBT/Total Assets}	(%)	26.04	22.31	21.74
Return on Investment (ROI) (PBT/Networth)		0.46	0.35	0.56
Debt Equity Ratio (Total Liability/Networth)		0.81	0.55	1.64
Current Ratio (Current Asset/Current Liability)		2.11	2.92	2.46

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors
Sundry Creditors for Goods	166.384	93.462	94.719
Sundry Creditors for Expenses	3.070	0.537	1.459
Total	169.454	93.999	96.178

Note: The registered office of the company has been shifted from 708 Maker Chamber, Nariman Point, Mumbai-400021, Maharashtra, India to the present address w.e.f. 22.06.2009

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10137017
Corporate identity number of the company	U65994MH1993PLC072458
Name of the company	POLMANN INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	184-B, Maker Tower – E, 18^th Floor, Cuffe Parade, Mumbai-400005, Maharashtra, India
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	Citi Bank, DLF Square, Jacaranda Marg, M. Block, DLF City, Phase II, Gurgaon-122002, Haryana, India.
Email	vlaxman@vsnl.com
Nature of description of the instrument creating or modifying the charge	Modification to Deed of Hypothecation.
Date of instrument Creating the charge	22.07.2010
Amount secured by the charge	Rs.164.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest to be charged at such rate/s as may be determined by the Bank from time to time. Terms of Repayment On Demand Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge The Borrower hypothecates to and charges in favour of the Bank by way of first exclusive charge on all the Company's Current Assets, both present and future as specified in Item No. 15 as security for repayment of Rs.164.000 Millions , together with interest, costs, charges, expenses and other monies payable thereunder.
Short particulars of the property charged	Hypothecation by way of first exclusive charge on Current assets (including stocks and Book Debts) of the Company both present and future.
Particulars of the present modification	The charge shall now stand increased from Rs.120.000 Millions to Rs.164.000 Millions in favour of the Bank.

FIXED ASSETS

v Office Equipment

v Scooter

v Motor Car

v Computer

v Shrirampur Ind. Area

v Warehouse (Building)

v Warehouse (Land)

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.44.65
UK Pound	1	Rs.71.91
Euro	1	Rs.63.28

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	6
--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.