MIRA INFORM REPORT

Report Date :

04.11.2011

IDENTIFICATION DETAILS

Name :	NOVEX POLY FILMS PRIVATE LIMITED
Registered Office :	305, Prasant Chambers, 5/7, Bhandari Cross Lane, Masjid Bunder, Mumbai 400003, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
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:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well 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.

INFORMATION DECLINED BY

Name :	Mr. Jay Shroff
Designation :	Director
Date :	03.11.2011

LOCATIONS

Registered Office :	305, Prasant Chambers, 5/7, Bhandari Cross Lane, Masjid Bunder, Mumbai 400003, Maharashtra, India
Tel. No.:	91-22-23410725/ 23445290
Fax No.:	91-22-23410725
E-Mail :	jay@novexpolyfilms.in

DIRECTORS

As on 27.07.2011

Name :	Mr. Jay Mahesh Shroff
Designation :	Managing Director
Address :	26, Jayant Mahal, D Road, Churchgate, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	19.05.1976
Date of Appointment :	04.03.1999
DIN NO:	00691652

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U25200MH1971PTC015001	Nova Plast Industries Private Limited	Director	20-09-94	20-09-94	-	Active	NO
2	U25200MH1999PTC118639	Novex Poly Films Private Limited	Managing director	04-03-99	04-03-99	-	Active Bottom of Form

Name :	Mrs. Raksha Mahesh Shroff
Designation :	Director
Address :	26, Jayant Mahal, D Road, Churchgate, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	05.07.1949
Date of Appointment :	04.03.1999
DIN NO:	00691886

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U25209MH1988PTC048972	Kisrhea Plastic Industries Private Limited	Director	26-12-90	26-12-90	-	Active	NO
2	U25200MH1999PTC118639	Novex Poly Films Private Limited	Director	04-03-99	04-03-99	-	Active	NO

Name :	Mr. Shrikant Kirtilal Shah
Designation :	Director
Address :	Dhun House, 1^st Floor, Tejpal Road, Gamdevi, Mumbai – 400007, Maharashtra, India
Date of Appointment :	16.08.1999
DIN NO:	00084054

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65990MH1990PTC059155	Kirtilal Trading Company Private Limited	Director	26-11-90	26-11-90	-	Active	NO
2	U32109PN1999PTC017928	Rajdeep Automation Private Limited	Director	21-06-99	21-06-99	-	Active	NO
3	U25200MH1999PTC118639	Novex Poly Films Private Limited	Director	16-08-99	16-08-99	15-09-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.07.2011

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

Equity Share Break up (Percentage of Total Equity)

AS ON 27.07.2011

Category	Percentage
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 :

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

PRODUCTION STATUS 31.03.2011

Particulars	Unit	Actual Production
Plastic Packaging Material	Kg	3479807

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

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

Facilities :

Secured Loans	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
From Bank (Saraswat Bank)
Working Capital Loan	15.950	11.725
Total	15.950	11.725

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 company and guaranteed by Directors and against F. D. of group companies.

Unsecured Loans	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
Directors	4.811	4.465
Shareholders	3.899	3.490
Total	8.710	7.955

Banking Relations :	--
Auditors :
Name :	Hemendra B Shah Chartered Accountant
Address :	13 Pethewadi, Jambli Gally, Borivali (West), Mumbai 400092, Maharashtra, India
Tel. No.:	91-22-8982105/ 28982123
PAN NO:	AIUPS1348F

CAPITAL STRUCTURE

As on 31.03.2011

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		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.510	0.510	0.510
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		62.584	48.726	39.093
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		63.094	49.236	39.603
LOAN FUNDS
1] Secured Loans		15.950	11.725	10.824
2] Unsecured Loans		8.710	7.955	7.410
TOTAL BORROWING		24.660	19.680	18.234
DEFERRED TAX LIABILITIES		1.440	1.240	1.140
TOTAL		89.194	70.156	58.977
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.185	18.287	15.309
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.025	0.025	0.025
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.024	7.836	8.973
	Sundry Debtors	53.722	46.302	31.827
	Cash & Bank Balances	0.030	0.495	0.004
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	24.691	14.675	13.150
Total Current Assets		89.467	69.308	53.954
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.517	6.743	2.817
	Other Current Liabilities	0.574	0.073	0.044
	Provisions	13.393	10.659	7.461
Total Current Liabilities		23.484	17.475	10.322
Net Current Assets		65.984	51.833	43.632
MISCELLANEOUS EXPENSES		0.000	0.011	0.011
TOTAL		89.194	70.156	58.977

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	240.320	212.620	187.589
		Other Income	0.051	0.082	2.233
		TOTAL	240.371	212.702	189.822
Less	EXPENSES
		Office Expenses	215.089	194.324	174.863
		Administrative Expenses
		Advertising Expenses
		TOTAL	215.089	194.324	174.863
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		25.282	18.378	14.959
Less/ Add	DEPRECIATION/ AMORTISATION		2.921	2.599	2.454
	PROFIT BEFORE TAX		22.361	15.779	12.505
Less	TAX		7.910	5.552	2.891
	PROFIT AFTER TAX		14.451	10.227	9.614
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		43.226	34.893	27.175
Less	APPROPRIATIONS
		Transfer to General Reserve	2.250	1.300	1.300
		Interim and Final Dividend	0.510	0.510	0.510
		Tax on Dividend	0.082	0.084	0.086
	BALANCE CARRIED TO THE B/S		54.835	43.226	34.893
	IMPORTS
		Raw Materials	54.939	34.616	18.628
	TOTAL IMPORTS		54.939	34.616	18.628
	Earnings Per Share (Rs.)		2833.52	2005.47	1885.10

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.01	4.80	5.06
Net Profit Margin (PBT/Sales)	(%)	9.30	7.42	6.66
Return on Total Assets (PBT/Total Assets}	(%)	19.84	18.01	18.05
Return on Investment (ROI) (PBT/Networth)		0.35	0.32	0.31
Debt Equity Ratio (Total Liability/Networth)		0.76	0.75	0.72
Current Ratio (Current Asset/Current Liability)		3.80	3.96	5.22

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

(Rs. in Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditor	5.029	2.520	1.798
Creditors for Expenses	4.488	4.223	1.019
Total	9.517	6.743	2.817

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

The Directors are pleased to declare dividend of 100% on 5,100 fully Paid up Equity Shares of Rs. 100/- each amounting to Rs. 0.510 Million and income tax on it Rs. 0.082 Million.

Bankers Charges Report as per Registry

This form is for	Creation of Charge
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, Prasant Chambers, 5/7, Bhandari Cross Lane, Masjid Bunder, Mumbai 400003, Maharashtra, India
Type of charge	Book Debts Movable Property (not being pledge) Floating charge
Particular of charge holder	The Saraswat Co-operative Bank Limited, Address: Masjid Bunder Branch, Mumbai 400003, Maharashtra, India Email: njbhatia@rediffmail.com
Nature of description of the instrument creating or modifying the 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 particulars 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	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.

Fixed Assets:

• Factory Shed
• Factory Building
• Office Premises
• Plant and Machinery
• Computer
• Electric Fitting
• Motor Cycle/ Scooter
• Motor Car
• Air Conditioner
• Furniture and Fixture
• C C TV and Camara

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. 49.37
UK Pound	1	Rs. 78.49
Euro	1	Rs. 67.59

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	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		50

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.