MIRA INFORM REPORT

Report Date :

08.10.2011

IDENTIFICATION DETAILS

Name :	DUGAR POLYMERS LIMITED (w.e.f. 03.12.2009)
Formerly Known As :	DUGAR POLYMERS PRIVATE LIMITED
Registered Office :	12/260 Shastri Nagar, Khatodara, Surat – 395002, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.02.2003
Com. Reg. No.:	04-042041
Capital Investment / Paid-up Capital :	Rs.10.867 Millions
CIN No.: [Company Identification No.]	U17119GJ2003PLC042041
TAN No.: [Tax Deduction & Collection Account No.]	SRTD01893D
PAN No.: [Permanent Account No.]	AABCD7959B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Plastic Sheets and Rods.
No. of Employees :	100 (Approximately)

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 200000
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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Vijay Surana
Designation :	Office Executive
Contact No.:	91-9377009043

LOCATIONS

Registered Office :	12/260 Shastri Nagar, Khatodara, Surat-395002, Gujarat, India
Tel. No.:	91-260-2669336/35
Mobile No.:	91-9099921200 (Mr. Rajesh Dugar) 91-9377009043 (Mr. Vijay)
Fax No.:	91-260-2669337
E-Mail :	dugarpolymers@hotmail.com info@durgars.com
Website :	www.dugars.in
Location :	Owned
Head Office / Factory 1:	Survey No.: 351/1, Dadra Nahiyavancy Road, Behind Dadra Garden Village, Dadracity, Silvasa 396230, Gujarat, India
Tel. No.:	91-260-2669336
Fax No.:	91-260-2669337
Area :	90000 sq. ft
Location :	Owned
Factory 2:	Survey No. 357/1/3, Behind Dadra Garden, Dadra Nagar Haveli, Silvassa 396230, Gujarat, India
Area :	30000 sq. ft.
Location :	Owned
Factory 3:	Plot No.26, GIDC, Icchapare, Bhatpare, Surat-394510, Gujarat, India
Area :	15000 sq. ft.
Location :	Owned
Branch Office :	1-11-240/5/1, 5^th Floor, shamlal Building, Begampet, Hyderabad, Andhra Pradesh, India

DIRECTORS

As on 30.09.2010

Name :

Mr. Rajesh Kumar Dugar

Designation :

Director

Address :

Plot No.35, DV Colony, Minister Road, Secunderabad-500003, Andhra Pradesh, India

Date of Birth/Age :

23.11.1973

Qualification :

Graduate

Date of Appointment :

20.02.2003

DIN No :

00730059

Other Directorship :

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
U17119GJ2003PLC042041	Dugar Polymers Limited	Managing director	20/03/2007	20/02/2003	-	Active	NO
U51909WB2007PTC119707	Ayushman Merchants Private Limited	Director	13/02/2009	13/02/2009	-	Active	NO
U31909AP2000PTC033496	Harita Capacitors Private Limited	Director	6/07/2009	6/07/2009	-	Active	NO
U51109WB2008PTC121716	Defodil Dealcom Private Limited	Director	7/05/2010	7/05/2010	30/08/2011	Active	NO

Name :

Ms. Renu M Dugar

Designation :

Director

Address :

1-8-155-6-6A, 301- Mark Residency, Prender Ghast Road, Secunderabad-500003, India

Date of Birth/Age :

08.02.1971

Qualification :

Graduate

Date of Appointment :

20.02.2007

DIN No :

00235675

Other Directorship :

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
U51909WB2004PTC100183	Chandantara Commercial Private Limited	Director	13/12/2005	13/12/2005	11/11/2010	Active	NO
U17119GJ2003PLC042041	Dugar Polymers Limited	Director	20/02/2007	20/02/2007	-	Active	NO
U51909WB2007PTC119707	Ayushman Merchants Private Limited	Director	14/03/2011	14/03/2011	-	Active	NO
U51109WB2008PTC121716	Defodil Dealcom Private Limited	Director	14/03/2011	14/03/2011	-	Active	NO

Name :

Mr. Manoj Kumar Dugar

Designation :

Director

Address :

1-8-155-6-6A, 301- Mark Residency, Prender Ghast Road, Secunderabad-500003, India

Date of Birth/Age :

25.05.1968

Qualification :

Graduate

Date of Appointment :

20.02.2003

DIN No :

00352733

Other Directorship :

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
U17119GJ2003PLC042041	Dugar Polymers Limited	Director	20/02/2003	20/02/2003	-	Active	NO
U65910KA1996PTC021091	New Age Vanilla and Spice Private Limited	Director	9/03/2005	9/03/2005	20/01/2010	Active	NO
U67120WB1995PTC072427	Meenakshi Finvest Private Limited	Director	9/05/2005	9/05/2005	19/01/2010	Active	NO
U05190KA1999PTC024996	Basudeo Enterprises Private Limited	Director	13/11/2006	13/11/2006	1/04/2010	Active	NO
U67120KA1986PTC007516	Abhinandan Investments Private Limited	Director	27/04/2007	27/04/2007	15/03/2008	Active	NO
U27203AP2007PTC054681	Welset Polypack Private Limited	Managing director	15/07/2011	14/07/2007	-	Active	NO
U51909WB2007PTC119707	Ayushman Merchants Private Limited	Director	13/02/2009	13/02/2009	-	Active	NO
U51109WB2008PTC121716	Defodil Dealcom Private Limited	Director	3/05/2010	3/05/2010	30/08/2011	Active	NO
U67120AP1996PTC023072	Pankaj Capfin Private Limited	Additional director	16/07/2010	16/07/2010	-	Active	NO
U18101AP2004PTC043986	Koushik Apparel Private Limited	Director	20/08/2011	20/08/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vijay Surana
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Manoj K Dugar	69450
Rajesh Kumar Dugar	147500
Renu M Dugar	163000
Sushil Kumar Surana	27920
Pratibha Surana	11000
Tara Devi Dugar	68750
Renu R Dugar	7500
Sohan Kumar	16000
Vinod Kumar	10800
Prasan Kumar	5300
Deepak Baid	5300
Pannalal Bohara	10600
Amarchand Bohara	15000
Punamchand Bohara	10000
Sushila Devi Bohara	22500

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Bodies corporate	12.54
Directors or relatives of Directors	37.72
Other top fifty shareholders	49.74
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Plastic Sheets and Rods

Products :

ITC CODE	PRODUCTS
39200000 / 39210000 / 39150000 / 39160000	Plastic Sheets and Shapes

Exports :

Products :

· Plastic Sheets and Rods

Countries :

· Sri Lanka

· Egypt

· Iran

· Saudi Arabia

Imports :

Products :

· Raw Material

Countries :

· USA

· Saudi Arabia

Terms :

Selling :

L/C, Cash, Credit (Advance)

Purchasing :

L/C, Cash, Credit

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· Dealers

· Manufacturer

No. of Employees :

100 (Approximately)

Bankers :

· Bank of Baroda, Vapi Industrial Estate, SSI Branch, C/M-14, Near Char Rasta, GIDC, Vapi-396195, Gujarat, India

· Central Bank of India, Bhatar Road Branch, Surat, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
1) Working Capital Loan from Bank	67.461	61.212
2) Term Loans	9.852	11.424
3) Vehicle Loans	0.980	1.288
Total	78.293	73.924

Notes:

i) Working capital facilities from bank are secured / to be secured by way of first charge on hypothecation of stock of raw materials, stock in progress, finished goods, stores and spares and book debts

ii) Terms loan from bank is secured by way of paripassu charge over land, plant and machinery and all other fixed assets of the company both present and future.

iii) The term loan and working capital loan bank are also secured by the personal guarantees of some of the Directors and Corporate Guarantee of M/s Basudeo Enterprises Private Limited

iv) Vehicles loans provided by bank are secured by hypothecation of respective assets.

Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Loan from Body Corporate	1.700	0.000
Total	1.700	0.000

Banking Relations :	--
Auditors :
Name :	S Bhalotia and Associates Chartered Accountants
Address :	20B, British India Street, 1^st Floor, Kolkata-700069, West Bengal, India
Tel. No.:	91-33-40047188 / 40070953
Fax No.:	91-33-40047014
Associates/Subsidiaries :	· Chandan Tara Commercial Private Limited · Ayushman Merchants Private Limited · Basudeo Enterprises Private Limited

CAPITAL STRUCTURE

After 30.09.2010

Authorised Capital : Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 17.567 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

AS ON 31.03.2010

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1086730	Equity Shares	Rs.10/- each	Rs.10.867 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		10.867	10.867	10.867
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		39.648	32.936	25.836
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		50.515	43.803	36.703
LOAN FUNDS
1] Secured Loans		78.293	73.924	63.419
2] Unsecured Loans		1.700	0.000	0.000
TOTAL BORROWING		79.993	73.924	63.419
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		130.508	117.727	100.122
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		27.700	29.798	16.138
Capital work-in-progress		6.957	0.000	12.062
INVESTMENT		0.242	0.242	1.092
DEFERREX TAX ASSETS		0.148	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	32.873	40.977	67.213
	Sundry Debtors	67.857	44.181	0.000
	Cash & Bank Balances	6.782	6.003	0.000
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.784	9.008	8.450
Total Current Assets		120.296	100.169	75.663
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20.709	12.179	3.798
	Other Current Liabilities	2.525	0.583	0.474
	Provisions	1.820	0.010	0.921
Total Current Liabilities		25.054	12.772	5.193
Net Current Assets		95.242	87.397	70.470
MISCELLANEOUS EXPENSES		0.219	0.290	0.360
TOTAL		130.508	117.727	100.122

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	244.891	205.372	191.299
		Other Income	1.211	0.440	1.164
		TOTAL (A)	246.102	205.812	192.463
Less	EXPENSES
		Raw Material Consumed	198.671	174.646	164.340
		Personal Cost	2.412	1.313	0.000
		Employees Remuneration	0.000	0.000	1.618
		Stores and Spares Consumed	0.869	0.000	0.000
		Selling and Distribution Expenses	0.000	0.000	0.486
		Manufacturer and Other Expenses	18.420	14.402	8.760
		Miscellaneous Expenses W/Off	0.000	0.000	0.065
		Excise Duty	1.826	0.000	0.000
		Increase/(Decrease) in Finished Goods	(1.815)	(6.725)	0.285
		TOTAL (B)	220.383	183.636	175.554
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		25.719	22.176	16.909
Less	FINANCIAL EXPENSES (D)		12.949	10.656	7.215
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.770	11.520	9.694
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.396	4.686	3.085
	PROFIT BEFORE TAX (E-F) (G)		8.374	6.834	6.609
Less	TAX (H)		1.662	(0.265)	1.140
	PROFIT AFTER TAX (G-H) (I)		6.712	7.099	5.469
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		21.959	14.860	9.391
	BALANCE CARRIED TO THE B/S		28.671	21.959	14.860
	IMPORTS VALUE		7.659	0.000	0.000
	Earnings Per Share (Rs.)		6.18	6.53	--

Particulars	31.03.2011
Sales Turnover (Approximately)	340.000

The above information has been parted by Mr. Vijay Surana

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.73	3.45	2.84
Net Profit Margin (PBT/Sales)	(%)	3.42	3.33	3.45
Return on Total Assets (PBT/Total Assets}	(%)	5.65	5.26	7.19
Return on Investment (ROI) (PBT/Networth)		0.16	0.16	0.18
Debt Equity Ratio (Total Liability/Networth)		2.08	1.98	1.86
Current Ratio (Current Asset/Current Liability)		4.80	7.84	14.56

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U17119GJ2003PLC042041
Name of the company	DUGAR POLYMERS LIMITED
Address of the registered office or of the principal place of business in India of the company	12/260 Shastrinagarkhatodra, Surat-395002, Gujarat, India
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Bank of Baroda, Vapi Industrial Estate, SSI Branch, C/M-14, Near Char Rasta, GIDC, Vapi-396195, Gujarat, India
Nature of instrument creating charge	Hypothecation Agreement
Date of instrument Creating the charge	23.03.2011
Amount secured by the charge	Rs. 205.908 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Term Loan I, III And IV, CC Limit - 3.50% Above Base Rate (BR) I.E. 13.00 % P.A., FCNR (B) Loan- 725 BPS Over 3 Months LIBOR Payable Monthly Terms of repayment Term Loan I - 48 Installment of Rs. 0.220 million and Last of 0.160 million. Term Loan III - 59 Installment of Rs. 0.208 million and Last of 0.210 million. Term Loan IV - 60 Installment of Rs. 0.113 million. CC Limit - On Demand Margin Term Loan I, III, IV - 25% On Machinery And Equipments, CC limit - 25% of materials, 40% for book debts up to 90 days Guarantee - 20% Uniform for all performance BG, mobilization/ advance payment BG, and 100% for all guarantees for disputed excise duty, sales tax, income tax dues. Extent and operation of the charge The Charge is secured against the properties charged in the loan until the loan and interest are fully paid up.
Short particulars of the property charged (Including location of the property)	Raw materials of polymers, plastic sheets, rods and pipes at S No. 357/1/3, Dadra, Silvassa and 351/1, Dadra, Silvassa, Plot No. 26, GIDC, Hazira, Bhatpore, Surat. Book Debts At S No. 357/1/3, Dadra, Silvassa And 351/1, Dadra, Silvassa, Plot No. 26, GIDC, Hazira, Bhatpore, Surat. Tangible Movable Plant And Machineries At S No. 357/1/3, Dadra, Silvassa And 351/1, Dadra, Silvassa, Plot No. 26, GIDC, Hazira, Bhatpore, Surat.

FIXED ASSETS:

• Dadra Land
• GIDC Surat Land
• Factory Building
• D G Set
• Plant and Machinery
• Tools and Other
• Office Equipments
• Transformer
• Air Conditioner
• Furniture and Fixture
• Telephone and Mobile
• Computers
• Colling Tower and Plant
• Moulders
• Bike
• Bike Pulser
• Hero Honda Bike
• Car Maruti 8020 Honda CRV
• Tempo
• Car Swift

TRADE REFERENCE:

• Spin Can Private Limited, Kolkata
• Kaveri Ultra Polymers Limited, Bangalore

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.49.13
UK Pound	1	Rs.75.97
Euro	1	Rs.65.99

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	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	YES
--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.