MIRA INFORM REPORT

Report Date :

15.10.2011

IDENTIFICATION DETAILS

Name :	J. J. Polyplast PRIVATE Limited
Formerly Known as :	J. J. Polyplast Limited
Registered Office :	C-206, 2^nd Floor, Ghatkopar Industrial Estate LBS Marg, Ghatkopar (west), Mumbai – 400 084, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.10.1997
Com. Reg. No.:	11-111395
Capital Investment / Paid-up Capital :	Rs. 19.126 millions
CIN No.: [Company Identification No.]	U25200MH1997PLC111395
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ05531B
PAN No.: [Permanent Account No.]	AAACJ4050C
Legal Form :	A Closely held Public Limited Liability Company.
Line of Business :	Manufacturer and Supplier of Dies and Mould.
No. of Employees :	Not divulged by the management

RATING & COMMENTS

MIRA’s Rating :

Ba ( 47 )

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

Maximum Credit Limit :	USD 160000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well – established and reputed company having satisfactory track. Trade relations are fair. 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. Sanjesh
Designation :	Executive Director
Date :	15.10.2011

LOCATIONS

Registered Office :	C-206, 2^nd Floor, Ghatkopar Industrial Estate LBS Marg, Ghatkopar (west), Mumbai – 400 084, Maharashtra
Tel. No.:	91-22-25007155 (6 lines)
Fax No.:	91-22-25007166
E-Mail :	jjpl@vsnl.com info@jjolyimpex.co.in
Websites :	www.jjpolylmpex.co.uk

DIRECTORS

As on : 30.09.2010

Name :

Mr. Joseph John Parakott

Designation :

Director

Address :

1303 / 1304 C Wing Lake Florence Lake, Hone Phase 1 Off Adi Shankar Acharya , Mumbai – 400 076, Maharashtra

Date of Birth/Age :

21.03.1970

Date of Appointment :

20.10.1997

Din No.:

01032342

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
U25200MH1997PTC111395	J.J. POLYPLAST Private Limited	Managing director	01-04-08	20-10-97	-	Active	NO
U65910MH1996PTC095827	AISHWARYA PLAST EXPORTS PRIVATE LIMITED	Director	28-06-03	28-06-03	-	Active	NO
U51490MH2005PTC155862	J J POLY IMPEX PRIVATE LIMITED	Director	02-09-05	02-09-05	-	Active	NO
U67190MH2008PTC179535	PARAKKOTT INVESTMENTS INDIA PRIVATE LIMITED	Director	28-02-08	28-02-08	-	Active	NO

Name :

Mr. Vijyachandran Govindan Menon

Designation :

Director

Address :

303, Building No. 09, Phase 3, Shubharambh Complex, Thane – 400610, Maharashtra

Date of Birth/Age :

27.04.1970

Date of Appointment :

02.09.2005

Din No.:

00347937

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
U65910MH1996PTC095827	AISHWARYA PLAST EXPORTS PRIVATE LIMITED	Director	10-05-04	10-05-04	-	Active	NO
U25200MH1997PTC111395	J.J. POLYPLAST Private Limited	Director	30-06-04	30-06-04	-	Active	NO
U51490MH2005PTC155862	J J POLY IMPEX PRIVATE LIMITED	Director	02-09-05	02-09-05	-	Active	NO
U67190MH2008PTC179535	PARAKKOTT INVESTMENTS INDIA PRIVATE LIMITED	Director	28-02-08	28-02-08	-	Active	NO

Name :

Mr. Samkulam Adhimurthy Viswanathan

Designation :

Director

Address :

C-403, Laxminarayan Complex, Sector 12 A, Koparkhairne, Navi Mumbai – 400 709, Maharashtra

Date of Birth/Age :

30.07.1963

Date of Appointment :

14.05.2008

Din No.:

02179426

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
U25200MH1997PTC111395	J.J. POLYPLAST Private Limited	Director	02-07-10	07-03-07	-	Active	NO
U65910MH1996PTC095827	AISHWARYA PLAST EXPORTS PRIVATE LIMITED	Director	02-06-10	14-05-08	-	Active	NO
U51490MH2005PTC155862	J J POLY IMPEX PRIVATE LIMITED	Director	02-06-10	14-05-08	-	Active	NO
U51900DL2011PTC215476	SANSAM POLYMERS PRIVATE LIMITED	Director	09-03-11	09-03-11	-	Active	NO

Name :

Mr. Sanjesh Jinnalal Jain

Designation :

Additional Director

Address :

6/7, Pankaj Apartments Near, LMV School Kotnis Marg, Mahim, Mumbai – 400016, Maharashtra, India

Date of Birth/Age :

12.09.1972

Date of Appointment :

10.06.2010

Din No.:

02436515

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
U51490MH2005PTC155862	J J POLY IMPEX PRIVATE LIMITED	Additional director	01-04-10	01-04-10	-	Active	NO
U65910MH1996PTC095827	AISHWARYA PLAST EXPORTS PRIVATE LIMITED	Additional director	01-04-10	01-04-10	-	Active	NO
U25200MH1997PTC111395	J.J. POLYPLAST Private Limited	Additional director	10-06-10	10-06-10	-	Active	NO
U51900DL2011PTC215476	SANSAM POLYMERS PRIVATE LIMITED	Director	09-03-11	09-03-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2010

Names of Shareholders		No. of Shares
Joseph John Parakott		554275
Suneeta Hemant Jain		15000
Hemant Jain		75690
John Parakott		11000
Alekutty Parakott		10000
Triloksingh Mehta		50500
J.N. Kanth Dye Chem Private Limited, India		15000
Shree Venkatesh Chem Color, India		5000
Menon Govindan Vijayach Andran		105000
Rosamma Parakott		35500
Margaret Kadam		25000
Nilesh Vijaykumar Kadam		30000
	Total	931965

As on : 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		2.00
Directors or relatives of directors		83.00
Others		15.00
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Dies and Mould.

GENERAL INFORMATION

No. of Employees :

Not divulged by the management

Bankers :

Union bank of India, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort,, Mumbai - 400023, Maharashtra

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Loans from banks
Secured Against Hypothecation of Goods	63.448	53.065
Secured Against Motor Car	1.291	1.751
Total	64.740	54.816

Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Other Loans	2.765	10.654
Total	2.765	10.654

Banking Relations :

---

Auditors :

Name :

Devarajan and Company

Chartered Accountants

Address :

408, Anurag Business Centre, Near Cinema, Chembur, Mumbai – 400 071, Maharashtra

Associates/Subsidiaries :

· J .J. Poly Impex Private Limited

· Aishwarya Plast Exports Private Limited

· K.K. Products

CAPITAL STRUCTURE

As on: 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs. 10/- each	Rs. 12.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
931965	Equity Shares	Rs. 10/- each	Rs. 9.319 millions
	Share Application Money Received		Rs. 9.807 millions
		TOTAL	Rs. 19.126 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		9.319	9.319	9.319
2] Share Application Money		9.806	15.540	0.000
3] Reserves & Surplus		21.840	18.299	16.066
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		40.965	43.158	25.385
LOAN FUNDS
1] Secured Loans		64.740	54.816	45.244
2] Unsecured Loans		2.765	10.654	36.045
TOTAL BORROWING		67.505	65.470	81.289
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		108.470	108.628	106.674
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.872	4.906	3.667
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.530	27.461	18.733
DEFERREX TAX ASSETS		0.077	0.211	0.342
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	71.872	29.789	10.162
	Sundry Debtors	25.042	66.651	188.317
	Cash & Bank Balances	19.904	17.909	9.670
	Other Current Assets	12.500	20.250	0.483
	Loans & Advances	79.575	31.815	17.187
Total Current Assets		208.893	166.414	225.819
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	2.775	12.876	56.541
	Sundry Creditors	96.978	73.488	82.216
	Provisions	5.153	4.010	3.145
Total Current Liabilities		104.906	90.374	141.902
Net Current Assets		103.987	76.040	83.917
MISCELLANEOUS EXPENSES		0.004	0.010	0.015
TOTAL		108.470	108.628	106.674

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	585.939	339.339	523.544
		Other Income	NA	8.609	8.437
		TOTAL (A)	NA	347.948	531.981
Less	EXPENSES
		Cost of Goods Sold		311.832	502.580
		Payment to and provision for employees		3.836	4.107
		Sales and Distribution expenses	NA	1.657	0.839
		Establishment and other expenses		9.360	4.545
		Loss on sale of assets		0.048	0.018
		Preliminary expenses w/off		0.005	0.005
		Profit in Partnership Firm	1.147	(0.822)	(0.228)
		TOTAL (B)	NA	325.916	511.866
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	22.032	20.115
Less	FINANCIAL EXPENSES (D)		NA	17.966	14.514
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.756	4.066	5.601
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.896	0.881	0.620
	PROFIT BEFORE TAX (E-F) (G)		4.860	3.185	4.981
Less	TAX (H)		1.320	0.952	1.684
	PROFIT AFTER TAX (G-H) (I)		3.540	2.233	3.297
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		18.299	16.066	16.145
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	0.000	0.079
	BALANCE CARRIED TO THE B/S		NA	18.299	16.066
	IMPORTS
		Raw Materials	1.652	3.760	NA
	TOTAL IMPORTS		1.652	3.760	NA
	Earnings Per Share (Rs.)		3.79	2.40	3.45

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.60	0.64	0.62
Net Profit Margin (PBT/Sales)	(%)	0.82	0.94	0.95
Return on Total Assets (PBT/Total Assets)	(%)	2.28	1.60	2.00
Return on Investment (ROI) (PBT/Networth)		0.11	0.07	0.20
Debt Equity Ratio (Total Liability/Networth)		4.20	3.61	8.79
Current Ratio (Current Asset/Current Liability)		1.99	1.84	1.59

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS :

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	96.978	73.488	82.216

OPERATION DURING THE YEAR :

The Director are pleased to inform that the company has achieved a top line of Rs. 585.900 millions, an increase of over 72% over the previous year of 72% over the previous year and after provision for taxation managed to add Rs. 3.590millions to its kitty as reserves. The current year net profit of Rs. 3.540 millions is an increment of over 58% when compared to the previous year figure of Rs. 2.233 millions.

The company continues to be successful in consolidating the gains over previous year and hopes to improve is presence in the market still further.

PROSPECTS :

The current era in polymer consumption has undergone a sea change throughout India. The concept of mills has led to phenomenal increase in consumption of polymers for packaging purpose. Moreover, polymer has made morals into many new areas of human life. The per capita consumption of plastic in India is around 6 Kgs and it is likely to touch the world average of 24 kgs by end of next decade. This phenomenal growth in terms of consumption had led to severe shortage of in domestic market and hence import of polymers continue to move in a great pace. The company so likely to touch Rs. 750.000 millions in top line in the current financial year and looks forward to accelerated growth.

CONTINGENT LIABILITIES AS CERTIFIED BY THE DIRECTORS IN RESPECT OF :-

(Rs. In Millions)

Particulars	31.03.2010
Bank Guarantee	477500
Surely under excise bond	6000000
Bank guarantee for K.K. Product	28600000

form 8:-

Corporate identity number of the company	U25200MH1997PLC111395
Name of the company	J. J. POLYPLAST PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-206, 2^nd Floor, Ghatkopar Industrial Estate LBS Marg, Ghatkopar (west), Mumbai – 400 084
This form is for	Modification of Charge
Type of charge	· Book Debts · Movable property (not being pledge)
Particular of charge holder	Union bank of India, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort,, Mumbai - 400023, Maharashtra
Nature of instrument creating charge	Supplementary memorandum of entry
Date of instrument Creating the charge	18.12.2010
Amount secured by the charge	Rs. 132.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Interest as determined by the bank from time to time. Terms of Repayment: On demand Margin: As per sanction terms. Extent and Operation of the charge: To secure various credit facilities aggregating to rs.132.973 millions granted by the bank to the company.
Short particulars of the property charged (Including location of the property)	Office premises at C 206 A, 2nd Floor, Ghatkopar Industrial Estate, Agra Road, Industrial Premises Chs Ltd., Off. Lbs Marg, Ghatkopar (West), Mumbai - 400 086. Unit No. F 226, Sharad Industrial Estate, Lake Road, Bhandup (West), Mumbai - 400 078 admeasuring 465 sq. Ft. Built up area on 2nd floor, on the part of sharad industrial estate, On the lease hold plot bearing cts no.203, 203/1 to 10, survey no.140. Unit No. C 205 A, 2nd Floor, Ghatkopar Industrial Estate, Agra Road Industrial Premises Chs Limited., Off. Lbs Marg, Ghatkopar (West), Mumbai - 400 086 admeasuring 463 sq. Ft. Constructed on land Bearing Plot No.133, 134, 145, 146, 154 and 155, Cts No.165, 165/1, 2 and 3 At Village Ghatkopar, Taluka Kurla District Mumbai Suburban.
Particular of present modification	Extension of equitable mortgage in favour of the bank in respect of the company's immovable properties viz. Office Premises No. C 206 A and Unit No. C 205 A, Ghatkopar Industrial Estate, Agra Road Industrial Premises Chs Limited., Off. Lbs Marg, Ghatkopar (West), Mumbai and Unit No. F 226, Sharad Industrial Estate, Lake Road, Bhandup (West), Mumbai to secure the enhanced credit facilities of rs.132.973 millions granted by the bank to the company together with interest and all other monies payable thereon.

FIXED ASSETS

· Computers

· Vehicles

· Office Equipments

· Office Premises

· Furniture and Fixtures

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. 49.06
UK Pound	1	Rs. 77.41
Euro	1	Rs. 67.72

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	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	no
--LITIGATION	YES/NO	no
--OTHER ADVERSE INFORMATION	YES/NO	no
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	no
--EXPORT ACTIVITIES	YES/NO	yes
--AFFILIATION	YES/NO	yes
--LISTED	YES/NO	no
--OTHER MERIT FACTORS	YES/NO	yes
TOTAL		47

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.