MIRA INFORM REPORT

Report Date :

28.11.2011

IDENTIFICATION DETAILS

Name :	NATIONAL POLYPLAST (INDIA) LIMITED
Registered Office :	‘Thiru Complex', II Floor, 44, Pantheon Road, Egmore, Chennai – 600008, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.04.1992
Com. Reg. No.:	18-022490
Capital Investment / Paid-up Capital :	Rs.80.453 Millions
CIN No.: [Company Identification No.]	U25209TN1992PLC022490
TAN No.: [Tax Deduction & Collection Account No.]	CHEN02027E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers of Plastic Injection Moulded products for the beverage sector
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 605000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an 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.

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 :	‘Thiru Complex', II Floor, 44, Pantheon Road, Egmore, Chennai – 600008, Tamil Nadu, India
Tel. No.:	91-44-28553456 / 43404340 / 28528555
Fax No.:	91-44-28553391
E-Mail :	contact@nationalgroup.in

DIRECTORS

As on 30.09.2011

Name :	Mr. Sudershan Parakh
Designation :	Whole-time director
Address :	44/1, Maharaja Surya Road, Alwarpet, Chennai – 600 018, Tamil Nadu, India
Date of Birth/Age :	20.05.1955
Date of Appointment :	16.04.1992
DIN No.:	01161124

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	L25209TN1989PLC017413	National Plastic Technologies Limited	Managing director	01-10-09	12-05-89	-	Active	NO
2	U65991TN1992PTC022493	Arihant Holdings (India) Private Limited	Director	16-04-92	16-04-92	-	Active	NO
3	U25209TN1992PLC022490	National Polyplast (India) Limited	Whole-time director	01-10-09	16-04-92	-	Active	NO

Name :	Mr. Bachhraj Parakh
Designation :	Director
Address :	44/1, Maharaja Surya Road, Alwarpet, Chennai – 600 018, Tamil Nadu, India
Date of Birth/Age :	16.05.1924
Date of Appointment :	16.04.1992
DIN No.:	01417295

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	U25209TN1992PLC022490	National Polyplast (India) Limited	Director	16-04-92	16-04-92	-	Active	NO
2	U65991TN1992PTC022493	Arihant Holdings (India) Private Limited	Director	16-04-92	16-04-92	-	Active	NO
3	L25209TN1989PLC017413	National Plastic Technologies Limited	Director	28-10-94	28-10-94	-	Active	NO

Name :	Mrs. Manju Kanwar Parakh
Designation :	Director
Address :	44/1, Maharaja Surya Road, Alwarpet, Chennai – 600 018, Tamil Nadu, India
Date of Birth/Age :	12.11.1959
Date of Appointment :	16.04.1992
DIN No.:	01417349

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	L25209TN1989PLC017413	National Plastic Technologies Limited	Director	12-05-89	12-05-89	-	Active	NO
2	U25209TN1992PLC022490	National Polyplast (India) Limited	Director	16-04-92	16-04-92	-	Active	NO

Name :	Mr. Alok Kumar Parakh
Designation :	Whole-time director
Address :	44/1, Maharaja Surya Road, Alwarpet, Chennai – 600 018, Tamil Nadu, India
Date of Birth/Age :	29.08.1976
Date of Appointment :	16.06.1993
DIN No.:	01417398

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	U25209TN1992PLC022490	National Polyplast (India) Limited	Whole-time director	01-04-08	16-06-93	-	Active	NO
2	L25209TN1989PLC017413	National Plastic Technologies Limited	Managing director	01-10-10	01-02-99	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Bachhraj Parakh	24157
Sudershan Parakh	1051718
Manju Parakh	12397
Sudhier K. Patel	25
Bhawarlal Nahata	25
Bachhraj Parakh (HUF)	8575
Arihant Parakh	14749
Alok Parakh	7350
Sudershan Parakh (HUF)	7350
Total	1126346

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others
Bodies corporate
Directors or relatives of Directors	100.00
Other top fifty shareholders
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Plastic Injection Moulded products for the beverage sector

Products :

Product Description	Item Code No.
Injection Moulded Plastic Crates	392390
Plastic Performs	392690
Chairs	94018000

PRODUCTION STATUS

As on 31.03.2010

Particulars	Unit	Actual Production
Plastic Moulds Components	Qty In Pcs.	481219367

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of India, Leather and International Branch, 177/1, Poonamalee High Road, Kilpauk, Chennai - 600010, Tamil Nadu, India
• IDBI Bank

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Term loans – State Bank of India		87.379
Term Loans – EDC		68.009
Term loans – IDBI Bank		3.732
Cash Credit – State Bank of India		47.262
Cash credit – IDBI Bank		0.003
Others		0.198
Total	335.632	206.583
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
IFST loan from Government of Tamilnadu TNGST/CST Deferral Laon		0.000
From Directors		48.065
Total	41.771	48.065

Banking Relations :	--
Auditors :
Name :	C.A Patel and Patel Chartered Accountants
Address :	442, Anna Salai, Parsn Maner, A Wing, 4th Floor , Flat No. 2, Chennai – 600006, Tamil Nadu, India
Tel. No.:	91-44-52144887 / 52144188
Mobile No.:	91-9840084595
PAN.:	AAAFC0598B
Related Parties :	National Plastic Technologies Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.100/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1126346	Equity Shares	Rs.10/- each	Rs.112.635 Millions

As on 31.03.2010

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.80.453 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		80.453	40.259	30.259
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		70.676	60.337	38.889
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		151.129	100.596	69.148
LOAN FUNDS
1] Secured Loans		335.632	206.583	77.032
2] Unsecured Loans		41.771	48.065	17.590
TOTAL BORROWING		377.403	254.648	94.622
DEFERRED TAX LIABILITIES		44.860	22.820	16.120
TOTAL		573.392	378.064	179.890
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		453.291	223.222	121.218
Capital work-in-progress		0.000	105.483	3.450
INVESTMENT		8.240	8.240	2.500
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	24.352	26.200	13.688
	Sundry Debtors	123.782	79.675	67.885
	Cash & Bank Balances	40.094	21.783	13.971
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	78.907	21.375	23.378
Total Current Assets		267.135	149.033	118.922
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	138.425	77.821	41.597
	Other Current Liabilities	0	26.556	22.884
	Provisions	16.849	3.543	1.719
Total Current Liabilities		155.274	107.920	66.200
Net Current Assets		111.861	41.113	52.722
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		573.392	378.064	179.890

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	427.985	273.334	155.952
		Other Income	1.506	1.885	0.632
		TOTAL (A)	429.491	275.219	156.584
Less	EXPENSES
		Cost of Material	117.798	94.427	59.666
		Manufacturing Expenses	148.899	97.086	57.187
		Payment to and Provision for Employees	8.061	4.618	3.289
		Administrative and Selling Expenses	17.702	8.698	5.169
		TOTAL (B)	292.460	204.829	125.311
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		137.031	70.390	31.273
Less	FINANCIAL EXPENSES (D)		35.938	15.674	7.835
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		101.093	54.716	23.438
Less/ Add	DEPRECIATION/ AMORTISATION (F)		32.005	16.261	8.615
	PROFIT BEFORE TAX (E-F) (G)		69.088	38.455	14.823
Less	TAX (I)		1.366	6.700	1.680
	PROFIT AFTER TAX (G-H) (I)		67.722	31.755	13.143
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		60.337	38.888	29.781
Less	APPROPRIATIONS
		Provision for Deferred Tax	22.040	6.700	2.252
		Provision for Freight Benefits Tax	0.000	0.063	0.065
		Provision for Dividend	4.401	3.028	1.469
		Divined Distribution Tax	0.748	0.515	0.250
	BALANCE CARRIED TO THE B/S		100.870	60.337	38.888
	IMPORTS
		Raw Materials		1.665	0.000
		Spares parts		0.376	0.000
		Capital Goods	NA	77.964	0.000
		Finished Goods		0.108	0.000
	TOTAL IMPORTS		NA	80.113	0.000
	Earnings Per Share (Rs.)		103.80	85.52	36.84

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	15.77	11.54	8.39
Net Profit Margin (PBT/Sales)	(%)	16.14	14.07	9.50
Return on Total Assets (PBT/Total Assets}	(%)	9.59	10.33	6.17
Return on Investment (ROI) (PBT/Networth)		0.46	0.38	0.21
Debt Equity Ratio (Total Liability/Networth)		3.52	3.60	2.33
Current Ratio (Current Asset/Current Liability)		1.72	1.38	1.80

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

During the year, the company set up another preform manufacturing plant in Uttarakhand and the operation there have stabilized. The company’s sales turnover increased from Rs.273.334 Millions to Rs.427.985 Millions Consequently. The Company Operating profit increased from Rs.71.390 Millions to Rs.137.030 Millions

FIXED ASSETS:

• Building
• Land
• Plant and Machinery
• Vehicles
• Furniture and Fittings
• Office Equipments
• Mould
• Electrical Fitting
• Computer
• Factory Equipments
• Lab Equipments

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.52.98
UK Pound	1	Rs.80.59
Euro	1	Rs.69.12

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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		46

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.