MIRA INFORM REPORT

Report Date :

18.10.2011

IDENTIFICATION DETAILS

Name :	PETRO PLAST INDUSTRIES LIMITED

Registered Office :	No.82, Mint Street, Sowcarpet, Chennai – 600079, Tamilnadu

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	16.03.1995

Com. Reg. No.:	18-030545

Capital Investment / Paid-up Capital :	Rs.17.398 Millions

CIN No.: [Company Identification No.]	U25209TN1995PLC030545

TAN No.: [Tax Deduction & Collection Account No.]	CHEP06584E

PAN No.: [Permanent Account No.]	AAACP4423B

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Traders of Plastic Granules.

No. of Employees :	32 (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 1170000

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

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. Anand Prakash Agarwal
Designation :	Managing Director

Name :	Mr. Nikesh Agarwal
Designation :	Key Executive
Contact No.:	91-9841020409

LOCATIONS

Registered Office :	No.82, Mint Street, Sowcarpet, Chennai – 600079, Tamilnadu, India
Tel. No.:	91-44-42171322
Fax No.:	91-44-42655575/ 26285893/ 94/ 95
E-Mail :	rajchemplast@ethi.net anandagarwal@eth.net padma_rcp@yahoo.com
Area :	4000 sq. ft
Location :	Owned

Corporate Office :	A 68 Anna Nagar East, Chennai – 600102, Tamilnadu, India
Tel. No.:	91-44-26285893/ 26285894/ 26285895/ 8945895 / 42171324
Fax No.:	91-44-26258952/ 42655575
Email :	ajayamit@hotmail.com raj_raj_4v_2002@yahoo.com

Warehouse :	They have warehouses at: Ambatur Industrial Estate
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :

Mr. Om Prakash Agarwal

Designation :

Managing Director

Address :

G -1125 1, Street 10, Main Road, Anna Nagar West, Chennai – 600040, Tamilnadu, India

Date of Birth/Age :

05.08.1968

Date of Appointment :

16.03.1995

DIN No.:

00634853

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
U70101TN1995PLC030048	Petro Enterprises Limited	Director	14/06/2009	3/02/1995	-	Active	NO
U67120TN1995PLC030047	Indus Valley Housing Limited	Managing director	3/02/1995	3/02/1995	-	Active	NO
U25209TN1995PLC030545	Petro Plast Industries Limited	Managing director	14/06/2009	16/03/1995	-	Active	NO
U25209TN1992PTC022746	Petro Plast (India) Private Limited	Director	1/04/2007	27/09/1997	-	Active	NO
U25209TN2004PTC053644	B.B. Asia Impex Private Limited	Director	6/07/2004	6/07/2004	-	Active	NO
U52321TN1996PTC036394	Petro Polymers Private Limited	Director	1/04/2007	1/04/2007	-	Active	NO

Name :

Ms. Saroj Agarwal

Designation :

Director

Address :

G -1125 1, Street 10, Main Road, Anna Nagar West, Chennai – 600040, Tamilnadu, India

Date of Birth/Age :

15.07.1956

Date of Appointment :

14.06.2009

DIN No.:

00638955

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
U25209TN2004PTC053644	B.B. Asia Impex Private Limited	Director	6/07/2006	6/07/2006	-	Active	NO
U25209TN1995PLC030545	Petro Plast Industries Limited	Director	14/06/2009	14/06/2009	-	Active	NO

Name :

Mr. Ajay Kumar Agarwal

Designation :

Director

Address :

G -1125 1, Street 10, Main Road, Anna Nagar West, Chennai – 600040, Tamilnadu, India

Date of Birth/Age :

02.11.1982

Date of Appointment :

14.06.2009

DIN No.:

00638926

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
U25209TN2004PTC053644	B.B. Asia Impex Private Limited	Director	6/07/2004	6/07/2004	-	Active	NO
U67120TN1995PLC030047	Indus Valley Housing Limited	Director	1/10/2004	1/10/2004	-	Active	NO
U70101TN1995PLC030048	Petro Enterprises Limited	Managing director	14/06/2009	1/10/2004	-	Active	NO
U52321TN1996PTC036394	Petro Polymers Private Limited	Director	1/04/2007	1/04/2007	-	Active	NO
U25209TN1995PLC030545	Petro Plast Industries Limited	Director	14/06/2009	14/06/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nikesh Agarwal
Designation :	Key Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Ajay Kumar Agarwal	85800
Bhagwathi Devi Agarwal	22800
Jagdish S. Pancholi	5000
Madanlal Surana	5000
Manju Agarwal	149000
Om Prakash Agarwal (HUF)	10800
Om Prakash Agarwal	158400
Praful H. Shah	5000
Pravin J. Kamdar	5000
Raj Kumar Agarwal	157000
Saroj Agarwal	124450
Shree Ganeshji	110
Shree Pitrarji Pitranji and Samast Devata	110
Usha Agarwal	163700
Shree Tirupati Balaji	110
M. Balasubramaniam	800
Amit Kumar Agarwal	157720
Petro Enterprises Limited, India	689000
Total	1739800

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Bodies corporate	40.00
Directors or relatives of Directors	59.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Traders of Plastic Granules.

Products :

Item Code (ITC CODE)	Product Description
390120	Plastic Granules
390120	Steel
390120	Rice

GENERAL INFORMATION

No. of Employees :

32 (Approximately)

Bankers :

· Tamilnad Mercantile Bank Limited, GT Branch, Anna Pillai Street, Chennai – 600001, Tamilnadu, India

· ICICI Bank Limited

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
ICICI Bank Limited -2 Nos.(Trailor A/C)	0.000	0.559
ICICI Bank Limited -2 Nos. (Trailor Body B)	0.000	0.236
ICICI Bank Limited – Tipper Loan	0.193	0.723
ICICI Bank Limited Trailor Loan -12 Vehicle	0.000	4.172
ICICI Bank Limited – Tn02v 7787 and Tn02u592	0.000	1.900
ICICI Limited- (Tipper Body Building)	0.024	0.089
Reliance Capital Limited – Trailor Loan	0.000	0.528
Reliance Capital- (Trailor Body Building L	0.000	0.223
Reliance Capital Limited – Tipper Loan	0.485	1.131
Tamilnad Mercantile Bank Limited – O.D	118.462	160.121
Total	119.164	169.682

Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Inter Corporate Loans	2.326	19.171
Indus Valley Housing	0.000	21.421
Total	2.326	40.592

Financial Institute :	· Reliance Capital Limited

Banking Relations :	--

Auditors :
Name :	C Ramasamy and B Srinivasan Chartered Accountants
Address :	37, Alagiri Nagar, II Street, Vadapalani, Chennai – 600026, Tamilnadu, India
PAN.:	AAAFC4336M

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1739800	Equity Shares	Rs.10/- each	Rs.17.398 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		17.398	17.398	17.398
2] Share Application Money		196.500	100.000	0.000
3] Reserves & Surplus		80.843	70.750	64.990
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		294.741	188.148	82.388
LOAN FUNDS
1] Secured Loans		119.164	169.682	145.938
2] Unsecured Loans		2.326	40.592	43.855
TOTAL BORROWING		121.490	210.274	189.793
DEFERRED TAX LIABILITIES		0.000	0.0000	0.000

TOTAL		416.231	398.422	272.181

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		7.440	20.087	25.321
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.750	0.750	0.750
DEFERREX TAX ASSETS		0.189	0.303	0.273

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	91.912	252.018	110.043
	Sundry Debtors	378.541	386.026	196.972
	Cash & Bank Balances	52.478	50.131	38.205
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	41.283	27.163	16.235
Total Current Assets		564.214	715.338	361.455
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	149.914	332.265	105.078
	Other Current Liabilities	2.222	3.112	4.601
	Provisions	4.226	2.679	5.939
Total Current Liabilities		156.362	338.056	115.618
Net Current Assets		407.852	377.282	245.837

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		416.231	398.422	272.181

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1917.271	1091.771	1721.532
		Other Income	15.782	15.804	13.656
		Closing Stock	87.806	197.043	57.967
		TOTAL (A)	2020.859	1304.618	1793.155

Less	EXPENSES
		Opening Stock	197.043	57.967	50.724
		Trade Expenses	1767.354	1185.202	1673.128
		Administrative Expenses	7.498	6.889	6.537
		Staff Expenses	1.448	1.155	0.954
		TOTAL (B)	1973.343	1251.213	1731.343

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		47.516	53.405	61.812

Less	FINANCIAL EXPENSES (D)		31.669	37.878	34.593

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.847	15.527	27.219

Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.390	7.096	8.778

	PROFIT BEFORE TAX (E-F) (G)		14.457	8.431	18.441

Less	TAX (I)		4.364	2.671	6.054

	PROFIT AFTER TAX (G-I) (J)		10.093	5.760	12.387

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		47.157	41.397	29.010

	BALANCE CARRIED TO THE B/S		57.250	47.157	41.397

	Earnings Per Share (Rs.)		5.80	3.31	7.12

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.49	0.44	0.69

Net Profit Margin (PBT/Sales)	(%)	0.75	0.77	1.07

Return on Total Assets (PBT/Total Assets}	(%)	2.53	1.14	4.77

Return on Investment (ROI) (PBT/Networth)		0.05	0.04	0.22

Debt Equity Ratio (Total Liability/Networth)		0.94	2.91	3.71

Current Ratio (Current Asset/Current Liability)		3.61	2.12	3.13

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE

The Company’s Turnover increased by 75.61%. Profit before Tax increased by 71.47%.

FORM 8

Corporate identity number of the company	U25209TN1995PLC030545
Name of the company	PETRO PLAST INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	No.82, Mint Street, Sowcarpet, Chennai – 600079, Tamilnadu, India Email Id : padma_rcp@yahoo.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Tamilnad Mercantile Bank Limited, GT Branch, Anna Pillai Street, Chennai – 600001, Tamilnadu, India Email Id : chennai_gt@tnmbonline.com
Nature of instrument creating charge	Agreement for demand cash credit on Hypothecation on Movable Properties and Letter of Hypothecation of Book Debts Loans
Date of instrument Creating the charge	19.03.2011
Amount secured by the charge	Rs.70.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Floating Rate as applicable of Credit Rating from time to time Terms of repayment Payable on demand Margin Stock -25% and Book Debts – 30% Extent and operation of the charge The borrower shall not, during the continuance of this agreement of Hypothecation or otherwise, charge or encumber any of the assets for the time being the subject or indented to be the subject of the security nor do or permit any act whereby the security herein before expressed to be given to the bank shall be any way prejudicially affected Other The company has availed the Adhoc cash credit limit
Short particulars of the property charged (Including location of the property)	Hypothecation of Stock in trade of Plastic Raw Materials, Plastic Granules and receivables

FIXED ASSETS

· Land

· Building

· Office Equipment

· Furniture and Fixture

· Computer

· Car

· Motor Cycle

· Machinery

· Trailor

· Tripper

· Weighing Scale

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.48.89
UK Pound	1	Rs.77.31
Euro	1	Rs.67.79

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	NO
--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.

MIRA INFORM REPORT

91.912

378.541

52.478

0.000

41.283

564.214

149.914

2.222

4.226

156.362

407.852

0.49

0.75

2.53

0.05

0.94

3.61

Unit