MIRA INFORM REPORT

Report Date :

07.05.2011

IDENTIFICATION DETAILS

Name :	NOVEX POLY FILMS PRIVATE LIMITED
Registered Office :	305, Prashant Chambers, 5/7, Bhandari Cross Lane, Masjid Bunder, Mumbai 400003, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	04.03.1999
Com. Reg. No.:	11-118639
Capital Investment / Paid-up Capital :	Rs.0.510 million
CIN No.: [Company Identification No.]	U25200MH1999PTC118639
TAN No.: [Tax Deduction & Collection Account No.]	MUMN09796D
PAN No.: [Permanent Account No.]	AAACN9258J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of high quality Polythene Bags for packing of Pharmaceutical Bulk Drugs and fine chemicals.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 200000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. General financial position is good. Trade relations are reported as fair. Business is active. Payments are reported to be 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.

INFORMATION PARTED BY

Name :	Mr. Joy Shroff
Designation :	Director
Contact No.:	91-22-23410725
Date :	06.05.2011

LOCATIONS

Registered Office / Factory :	305, Prashant Chambers, 5/7, Bhandari Cross Lane, Masjid Bunder, Mumbai 400003, Maharashtra, India
Tel. No.:	91-22-23445290
Fax No.:	91-22-23410725
E-Mail :	Jay.novex@vsnl.net Jay@novexployfilms.in
Website :	http://www.novexpolyfilms.in
Area :	2500 Sq. ft.
Location	Owned

DIRECTORS

As on : 30.07.2010

Name :	Mr. Jay Mahesh Shroff
Designation :	Director
Address :	26, Jayat Mahal, D Road, Churchgate, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	19.05.1976
Date of Appointment :	04.03.1999
Name :	Mrs. Raksha Mahesh Shroff
Designation :	Director
Address :	26, Jayat Mahal, D Road, Churchgate, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	05.07.1949
Date of Appointment :	04.03.1999
Name :	Mr. Shrikant Kirtilal Shah
Designation :	Director
Address :	Dhun House, 1srt Floor, Tejpal Road, Gamdevi, Mumbai – 400007, Maharashtra, India
Date of Appointment :	16.08.1999

KEY EXECUTIVES

Name :	Mr. Mahesh Shroff
Designation :	Finance Controller

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.07.2010

Names of Shareholders	No. of Shares
Jay Mahesh Shroff	2400
Raksha Mahesh Shroff	2400
Shrikant Kirtilal Shah	100
Anand M Shroff	100
Mahesh S Shroff	100
Total	5100

As on : 30.07.2010

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

BUSINESS DETAILS

Line of Business :

Manufacturing of high quality Polythene Bags for packing of Pharmaceutical Bulk Drugs and fine chemicals.

Products :

ITC Code	Product Description
392390	Plastic Bags
392032	Plastic Film/Sheets
391700	Plastic Lay Flat Tubings

Terms :

Purchasing :

Cash, Credit (30 days )

Selling :

Cash, Credit (30 days )

GENERAL INFORMATION

Customers :

· End Users

· OEM’s

No. of Employees :

30 (Approximately)

Bankers :

The Saraswat Co-op Bank Limited, Masjid Bunder Branch, Mumbai 400003, Maharashtra, India

Facilities :

SECURED LOAN	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
FROM BANK (SARASWAT BANK
Working Capital Loan	11.724	10.824
Total	11.724	10.824
NOTE : Working capital loans from bank is secured by way of Hypothecation of stock in trade and book debts and Charge on plant and machinery of the co. And guaranteed by Directors and against f. D. Of group companies.
UNSECURED LOANS	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Directors	4.465	3.720
Shareholders	3.490	3.690
Total	7.955	7.410

Banking Relations :	--
Auditors :
Name :	Hemendra B Shah Chartered Accountant
Address :	13 Pethewadi, Jambli Gali, Borivali (West), Mumbai 400092, Maharashtra, India
Tel. No.:	91-22-8982105, 8982123

CAPITAL STRUCTURE

As on : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs. 100/-each	Rs. 1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5100	Equity Shares	Rs. 100/-each	Rs.0.510 million

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		0.510	0.510	0.510
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		48.726	39.092	30.075
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		49.236	39.602	30.585
LOAN FUNDS
1] Secured Loans		11.724	10.824	37.194
2] Unsecured Loans		7.955	7.410	10.297
TOTAL BORROWING		19.679	18.234	47.491
DEFERRED TAX LIABILITIES		1.240	1.142	1.200
TOTAL		70.155	58.978	79.276
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.287	15.308	16.720
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.025	0.025	0.026
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.836	8.973	12.904
	Sundry Debtors	46.302	31.827	46.601
	Cash & Bank Balances	0.495	0.007	0.122
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	14.675	13.150	14.059
Total Current Assets		69.308	53.957	73.686
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	4.297	1.064	1.985
	Sundry Creditors	2.520	1.798	2.279
	Provisions	10.659	7.461	6.903
Total Current Liabilities		17.476	10.323	11.167
Net Current Assets		51.832	43.634	62.519
MISCELLANEOUS EXPENSES		0.011	0.011	0.011
TOTAL		70.155	58.978	79.276

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	212.620	187.589	176.924
		Other Income	0.082	0.027	1.336
		TOTAL (A)	212.702	187.616	178.260
Less	EXPENSES
		Office Expenses
		Administrative Expenses	194.326	172.657	166.046
		Advertising Expenses
		Interest
		TOTAL	194.326	172.657	166.046
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		18.376	14.959	12.214
Less/ Add	DEPRECIATION/ AMORTISATION		2.599	2.454	2.110
	PROFIT BEFORE TAX		15.777	12.505	10.104
Less	TAX		5.550	2.891	2.505
	PROFIT AFTER TAX		10.227	9.614	7.599
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		34.892	27.175	20.974
Less	APPROPRIATIONS
		Transfer to General Reserve	1.300	1.300	1.100
		Dividend	0.084	0.086	0.043
		Tax on Dividend	0.510	0.510	0.255
	BALANCE CARRIED TO THE B/S		43.226	34.892	27.175
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.295	NA	NA
	TOTAL EARNINGS		0.295	NA	NA
	IMPORTS
		Raw Materials	34.616	18.628	24.003
	TOTAL IMPORTS		34.616	18.628	24.003
	Earnings Per Share (Rs.)		2005.47	1885.10	1490.10

Particulars	31.03.2011
Sales Turnover (Approximately)	240.000

Expected Sales ( 2011-2012 ) : Rs.300.000 millions

The above information has been parted by Mr. Jay Shroff.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.80	5.12	4.26
Net Profit Margin (PBT/Sales)	(%)	7.42	6.66	5.71
Return on Total Assets (PBT/Total Assets}	(%)	18.01	18.05	11.17
Return on Investment (ROI) (PBT/Networth)		0.32	0.31	0.33
Debt Equity Ratio (Total Liability/Networth)		0.75	0.72	1.91
Current Ratio (Current Asset/Current Liability)		3.96	5.22	6.59

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details :

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	2.520	1.798	2.279

DIVIDEND U/S. 217 (1) (C)

The Directors are pleased to declare dividend of 50% on 5,100 fully Paid up Equity Shares of Rs. 100/- each amounting to Rs. 0.510 million and income tax on it at Rs.0.084 million.

FIXED ASSETS :

• Factory Shed
• Factory Gala
• Office Premises
• Plant and Machinery
• Computer
• Electric Fitting
• Motor Cycle
• Motor Car
• Air Conditioner
• Furniture and Fixture

Form 8

Corporate identity number of the company	U25200MH1999PTC118639
Name of the company	NOVEX POLY FILMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	305, Prashant Chambers, 5/7, Bhandari Cross Lane, Masjid Bunder, Mumbai 400003, Maharashtra, India
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	The Saraswat Co-op Bank Limited, Address: Masjid Bunder Branch, Mumbai 400003, Maharashtra, India Email: njbhatia@rediffmail.com
Nature of instrument creating charge	Agreement of Hypothecation of Movable Property
Date of instrument Creating the charge	28.09.2007
Amount secured by the charge	Rs. 4.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 13% p.a. or at such rate as may be determined by the bank from time to time Terms of repayment As determined by the bank from time to time Margin As determined by the bank from time to time Extent and operation of the charge This is term loan facility
Short particulars of the property charged (Including location of the property)	Hypothecation of plant and machinery tangible movable property ( both present and future) belonging to the borrower and lying and being at the borrowers place of business at 305, Prashant Chambers, 5 Bhandari Cross Lane Masjid Bunder, Mumbai 3 or whereverelse the same may be. Hypothecation of bookdebts, outstandings, monies receivables, claims and bills.

Name of the company	NOVEX POLY FILMS PRIVATE LIMITED
Presented By	The Saraswat Co-op Bank Limited, Address: Masjid Bunder Branch, Mumbai 400003, Maharashtra, India
1) Date and description of instrument creating the change	Agreement of hypothecation of movable property Agreement of hypothecation of bookdebts Agreement of hypothecation pf plant and machinery All the agreement are dated 15 September 2000 and constitute single charge
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 1.000 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	All present and future stock, tangible movable property of the borrower. All present and future bookdebts, outstanding monies receivable, claims, bills due to the borrowers. All present and future plant and machinery tangible movable property of the borrower.
4) Gist of the terms and conditions and extent and operation of the charge.	To secure cash credit facility together with all interest cost charges and expenses granted by the bank to the borrower R O I: 14.75%p.a. or at such rate as may be fixed by the bank from time to time
5) Name and Address and description of the person entitled to the charge.	The Saraswat Co-op Bank Limited, Address: Masjid Bunder Branch, Mumbai 400003, Maharashtra, India
6) Date and brief description of instrument modifying the charge	Deed of hypothecation additional advances (Supplementary Deed) Agreement of hypothecation of movable property all the agreement are dated 20 December 2005 and constitute single charge.
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 original is dated 15 September 2000 for Rs. 1.000 million (registered on 5 October 2000 as document no 9) and further modified on 3 December 2003 making total Limit to Rs. 5.500 millions (registered on 1 January 2004 as document no 20)and on 30 December 2004 enhancing the limit of Rs. 13.500 millions (registered on 28 January 2005 as document no 24). Now by present modification dated 20 December 2005 the limit is enhanced by Rs. 10.000 millions making total limit to Rs. 23.500 millions rate of interest 11.50% p.a or at such rate may be determined by the bank from time to time.

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. 44.78
UK Pound	1	Rs. 73.42
Euro	1	Rs. 65.27

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		51

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.