MIRA INFORM REPORT

Report Date :

17.11.2011

IDENTIFICATION DETAILS

Name :	SHREE TNB POLYMERS LIMITED NOBLE POLYMERS (DIVISION OF SHREE TNB POLYMERS LIMITED)
Registered Office :	Sr. No. 132/1/1/4, Behind Prince Pipes, Athal Road, Athal, Silvassa-396230, Dadra Nagar Haveli, Union Territory
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	07.03.2007
Com. Reg. No.:	54-000242
Capital Investment/ Paid-up Capital:	Rs. 74.042 Millions
CIN No.: [Company Identification No.]	U25209DN2007PLC000242
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Extruded Polymer Sheets, Plastic Piping System and PP Flute Boards Solution.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 540000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	Sr. No. 132/1/1/4, Behind Prince Pipes, Athal Road, Athal, Silvassa-396230, Dadra Nagar Haveli, Union Territory, India
Tel. No.:	91-260-2645359
Fax No.:	91-260-2645356
E-Mail :	balajipolymerslv@rediffmail.com sales@shreetnbpolymers.com
Website :	http://www.shreetnbpolymers.com
Factory :	No.110/2/6,8 and 9, Opposite Nandini Industrial Estate, Behind 66 KVA Road, Amli, Silvassa-396230, Dadra Nagar Haveli, Union Territory, India
Branch Office :	329/2628, Motial Nagar-II Opposite Bangur Nagar Police Chowky, Link Road, Goregaon (West), Muimbai-400090, Maharashtra, India
Tel. No.:	91-22-28726449
Fax No.:	91-22-28726022

DIRECTORS

As on 21.08.2010

Name :

Mr. Dilip Pranlal Joshi

Designation :

Whole Time Director

Address :

Poonam Complex, Kil Vani Naka, Silvassa-396230, Dadar Nagar Haveli, India

Date of Birth/Age :

05.10.1958

Date of Appointment :

01.09.2010

DIN No.:

01603776

Name :

Mr. Brijmohan Lalchand Maheshwari

Designation :

Managing Director

Address :

B-1, 302, Jamnotri Sadan, Bangur Nagar, Goregaon (West), Mumbai, Maharashtra, India

Date of Birth/Age :

03.03.1948

Date of Appointment :

07.03.2007

DIN No.:

00477404

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25200MH2004PTC144932	MAHESHWARI POLYCHEM PRIVATE LIMITED	Director	09-03-04	09-03-04	Active	NO
2	U25200MH1992PTC068049	PLASTOMEN PIPINGS PRIVATE LIMITED	Director	14-05-04	14-05-04	Active	NO
3	U25209DN2007PLC000242	SHREE TNB POLYMERS LIMITED	Managing director	06-10-09	07-03-07	Active	NO

Name :

Mr. Vijay Jaysukhlal Thosani

Designation :

Director

Address :

101, Pran Jyot Appartment, Amli, Silvassa, India

Date of Birth/Age :

01.06.1960

Date of Appointment :

07.03.2007

DIN No.:

01067515

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.08.2010

Names of Shareholders	No. of Shares
Brij Mohan Maheshwari	713125
Vijay Jaysukhlal Thosani	693125
Dilip Bhai P Joshi	676912
Reeta Raura	676875
Bina Vijay Thosani	414875
Vilas Ben Dilip Bhai Joshi	406125
Narayan K Gillani	375062
Rohit N Yagnik	368625
Hetal Dinesh Tank	338437
Pranav M Mehta	338437
Babubhai K Rudani	303125
Harshaben Rohit Yagnik	270750
Harnish N Zatakiya	241906
Jay J Teraiya	169218
Hemanshu Harilal Mehta	167875
Atul Harilal Mehta	161625
Rajesh Brijmohan Maheshwari	140375
Narendra B Maheshwari	140375
Nandkishore Maheshwari	140375
Deepak Hemani	37500
Shrinidhi Bakulbhai Bhatt	33825
Rushbah A Mehta	26250
Bhalabhai Savjibhai Rangparia	25750
Khodidasbhai Kanjibhai Rudani	25750
Valjibhai Kanjibhai Rudani	25750
Roshni Hemnani	25000
Alkaben A Mehta	21250
Preeti H Mehta	18750
Dhaval Ambashankar Mehta	16912
Gahanshyam Ravjibhai RAngparia	12875
Hasmukhbhai Popatbhai Ghadiya	12875
Ami A Thosani	12500
Dinesh Tank	12500
Kamlesh Pranlal Joshi	12500
Piyushll Hasmukhlall Mehta	12500
Nilesh Kantiala Mehta	10000
Bipinchandra J Vadhani	8750
Jyoti Bipinchandra Vadhani	8162
Rajni Maheshwari	7500
Seema Maheshwari	7500
Sapna Rajesh Maheshwari	7500
Jugal Kishore Somani HUF	6250
Daksha Navin Rawal	6250
Dakshaben P Tank	6250
Prakash D Tank	6250
Amarlata Maheswari	5750
Kalpesh Nyualbhai Zatakiya	5000
Nyal Chand Tarachan Zatakia	5000
Devendra Kumar	5000
Bimal V Shah	5000

Equity Share Breakup (Percentage of Total Equity)

As 30.09.2010

Category	Percentage
Bodies corporate	0.33
Directors or relatives of Directors	83.24
Other top fifty shareholders	10.99
Others	5.44
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Extruded Polymer Sheets, Plastic Piping System and
PP Flute Boards Solution.

Products :

Product Description	ITC Code
Plastic Rods, Sheets and Profiles	3916
Plastic Pipes and Fittings	3917

PRODUCTION STATUS AS ON (31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Plastic Sheets, Pipes, Roda, Fittings	Metric Ton	13170	5607

Note:

Installed capacities are certified by the managing director and relied upon by the auditors.

Production of pies and fittings include product on Job Work Basis.

GENERAL INFORMATION

Customers :

• Aarti Industries Limited, Vapi
• Adani Power Limited, Kutch, Gujarat
• Alok Industries Limited, Silvassa /Morai
• Atul Limited, Atul / Ankleshwar (Gujarat)
• Asahi Songwon Colors Limited, Padra, Baroda
• Bajaj Hindustan Limited, Noida
• Cadila Pharmaceuticals Limited, Ankleshwar (Gujarat)
• Century Rayon, Mumbai
• Deepak Nitrite Limited, Baroda
• Doshi Veolia Water Solutions PRIVATE Limited, Ahmedabad
• Essar Steels Limited, Hazira, Surat
• Glenmark Pharmaceuticals Limited, Ankleshwar
• Gharda Chemicals Limited, Lote (Maharashtra)
• Gujarat Heavy Chemicals Limited, Victor (Rajula)-Sarigam
• GMDC Limited
• GNFC Limited, Bharuch
• GSFC Limited, Baroda
• Gujarat Ambuja Cement Limited, Kodinar (Gujarat)
• Gujarat Industries Power Company Limited, Surat
• Hindustan Zinc Limited, Vishakhapatnam

No. of Employees :

Not Available

Bankers :

· Bank of Baroda, Silvassa Branch, Adivasi Vikas Sangathan Bhavan, Tokarkhada, Opposite Pioneer Hotel, Silvassa-396230, Dadra Nagar Haveli, Union Territory, India

Facilities :

Secured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
Cash Credit From Banks	111.064	82.165
Term Loans from Banks	61.914	39.486
Total	172.978	121.651
Note: Secured by hypothecation of stock of raw materials, semi finished goods, finished goods and book debts up to 90 days and further secured by way of extension of charger over immovable properties of the company. Secured by hypothecation of plant and machinery existing and future and further secured by way of extension of charge over immovable properties of the company. further secured by personal guarantee of 2 Directors and some shareholders Car Loans is secured by hypothecation of the vehicles financed by the banks.

Banking Relations :	--
Auditors :
Name :	PN and Associates Chartered Accountants
Address :	208, Skylon Complex, Near GIDC Char Rastal, Vapi-396195, Gujarat, India
Associates:	Rajesh Udhyog Shreeram Polymers Maheshwari Polychem Private Limited Shreeram Industrial Farbricators Garima Plastic Industries Gaurav Gilani Plastomen Drip Irrigation System Private Limited Vinayak Plastic Industries K C Phophaliya Chennai Polymer House Pune Polymer House

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs. 10/- each	Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7404246	Equity Shares	Rs. 10/- each	Rs. 74.042 Millions

Note:

Out of the above shares, 1480846, shares are allotted as fully paid by way of bonus share out of profit and loss A/C.

Out of the above shares, 5040000 shares issued other than cash for acquisition of running partnership business.

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		74.042	59.234	61.234
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		61.447	51.276	27.229
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		135.489	110.510	88.463
LOAN FUNDS
1] Secured Loans		172.978	121.651	98.728
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		172.978	121.651	98.728
DEFERRED TAX LIABILITIES		7.536	4.756	2.047
TOTAL		316.003	236.917	189.238
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		146.533	107.476	73.673
Capital work-in-progress		7.449	0.000	0.000
INVESTMENT		0.008	0.008	0.008
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	55.349	50.334	31.612
	Sundry Debtors	76.699	33.828	54.001
	Cash & Bank Balances	16.423	25.096	15.449
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	41.155	29.363	24.696
Total Current Assets		189.626	138.621	125.758
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.678	3.942	9.287
	Other Current Liabilities	12.689	2.126	2.059
	Provisions	8.246	4.137	0.000
Total Current Liabilities		27.613	10.205	11.346
Net Current Assets		162.013	128.416	114.412
MISCELLANEOUS EXPENSES		0.000	1.017	1.145
TOTAL		316.003	236.917	189.238

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	471.477	449.134	287.274
		Other Income	0.696	1.700	0.303
		TOTAL (A)	472.173	450.834	287.577
Less	EXPENSES
		Raw Material Consumption	350.231	318.722	222.613
		Manufacturing and Other Direct Expenses	32.544	28.445	16.182
		Payments and provision to employees	17.437	11.731	5.871
		Administrative Expenses	25.213	29.138	14.071
		Preoperative Expenses	0.000	0.000	0.127
		Increase/ Decrease in Stock	[16.048]	1.253	[1.470]
		TOTAL (B)	409.377	389.289	257.394
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		62.796	61.545	30.183
Less	FINANCIAL EXPENSES (D)		14.384	17.838	13.206
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		48.412	43.707	16.977
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.082	9.834	6.420
	PROFIT BEFORE TAX (E-F) (G)		36.330	33.873	10.557
Less	TAX (H)		11.351	9.826	3.664
	PROFIT AFTER TAX (G-H) (I)		24.979	24.047	6.893
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		30.940	6.893	0.000
	BALANCE CARRIED TO THE B/S		55.919	30.940	6.893
	IMPORTS
		Raw Materials	46.029	48.271	4.219
		Capital Goods	30.125	4.390	32.784
	TOTAL IMPORTS		76.154	52.661	37.003
	Basic/ Diluted Earnings Per Share (Rs.)		3.37	3.25	1.16

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.29	5.33	2.40
Net Profit Margin (PBT/Sales)	(%)	7.71	7.54	3.67
Return on Total Assets (PBT/Total Assets}	(%)	10.81	13.76	5.29
Return on Investment (ROI) (PBT/Networth)		0.27	0.31	0.12
Debt Equity Ratio (Total Liability/Networth)		1.48	1.19	1.24
Current Ratio (Current Asset/Current Liability)		6.87	13.58	11.08

LOCAL AGENCY FURTHER INFORMATION

New Projects:

The company is striving hard to select the best possible projects to be taken up in line with the existing portfolio and new ventures. The various projects short listed includes addition of one PP flute machine, One solid sheet line, one new pipe plant during the regular addition of capacities in existing units. The company is planned further addition of capacities inot diversified lines with the assistance of IPO proceeds. The team is working on R and D and market research of various products and looking forward to visit K2010 exhibition to freeze the best project. Company with its dedicated team plans for bright future for its stake holders.

Contingent Liabilities not provided for in respect of:

Particulars	31.03.2010 Rs. in Millions
a) Unexprire Letter of Credit	2.221
b) Disputed Liabilities for Income Tax (Which Appeal is Pending)	1.617
c) Expected Liabilities of Income Tax for Which Assessment pending	1.693

Bankers Charges Report as per Registry

Corporate identity number of the company	U25209DN2007PLC000242
Name of the company	SHREE TNB POLYMERS LIMITED
Address of the registered office or of the principal place of business in India of the company	Sr. No. 132/1/1/4, Behind Prince Pipes, Athal Road, Athal, Silvassa-396230, Dadra Nagar Haveli, Union Territory, India
This form is for	Modification of Charge
Charge identification number of the charge to be modified	10073361
Type of charge	Book Debts Movable Property
Particular of charge holder	Bank of Baroda, Silvassa Branch, Adivasi Vikas Sangathan Bhavan, Tokarkhada, Opposite Pioneer Hotel, Silvassa-396230, Dadra Nagar Haveli, Union Territory, India silvas@bankofbarod.com
Nature of instrument creating charge	Composite Agreement of Hypothecation of Goods, Book Debts, Movable Machinery and Vehicles
Date of instrument Creating the charge	29.03.2011
Amount secured by the charge	Rs. 89.587 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Term Loan 2- 4% above base rate i.e. 13.50% p.a. at pr. w. mr. r demand loan – same. Term Loan 3- Same, cash credit (hypo of stock and book debts) – 3.25% above base rate i.e. 12.75% p.a. w.m.r. Terms of Repayment Term Loan 2-72 monthly installment of Rs. 0.250 Million demand loan – 36 monthly installments of Rs. 0.100 Million each, term loan 3-60 monthly installments of Rs. 0.500 Million each, CC- on demand. Margin Term Loan 2- 25%, Demand loan – 25%, Term, Loan 2 – 29%, CC- 25% combined margin on RM, SIP, FG, Stores and Spares and Packaging materials and on book debts up to 90 days, Ban Guarantee- 10% cash margin (reduced from 25%) Extent and Operation of the charge The charge is secured against the properties of the company until the loan and interest are fully paid up.
Short particulars of the property charged	Hypothecation of movable machinery located at S. No. 132/1/1/4 within village limit of Athal, Silvassa, D and NH. Hypothecation of raw material, stock in process, finished goods, store and spares etc. Hypothecation of book debts.
Date of instrument modifying the charge	11.11.2009
Particulars of the present modification	Change schedule Demand loan from Rs. 3.200 Millions to Rs. 1.500 Millions Term Loan from Rs. 11.750 Millions to Rs. 7.500 Millions Term Loan from Rs. 30.000 Millions to Rs. 21.587 Millions CC Limit from Rs. 40.000 Millions to Rs. 50.000 Millions (Sub Limit Rs. 2.500 Millions) Bank Guarantee (EPCG) from Rs. 8.000 Millions to Rs. 8.000 Millions Bank Guarantee form Rs. 1.000 Million to Rs. 1.000 Million Overall limits have been changed from Rs. 93.950 Millions to Rs. 89.587 Millions.

Fixed Assets:

· Freehold Land

· Factory Building

· Plant and Machinery

· Electrical Installation

· Office Equipments

· Furniture and Fixture

· Air Conditioner

· Computer

· Industrial Gala

· Weighing Scale

· Fax Machine

· Fir Fight Equipment

· Laboratory Equipments

· Generator

· Mobile

· Staff Quarter

· EPABX System

· Micro Meter and Vernier Caliper

· Refrigerator

· Water Cooler

· Motor Car

· Vehicle Two Wheeler

· Photo Copy Machine

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. 50.90
UK Pound	1	Rs. 80.30
Euro	1	Rs. 68.47

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.