MIRA INFORM REPORT

Report Date :

19.10.2011

IDENTIFICATION DETAILS

Name :	JSON POLYMER PRIVATE LIMITED
Registered Office :	2A-12, Nalanda CHS Limited, Evershine Nagar, Near Ryan Int. School, Malad (west), Mumbai-400064, Maharashtra.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.10.2009
Com. Reg. No.:	11-196375
Capital Investment / Paid-up Capital :	Rs.0.500 million
CIN No.: [Company Identification No.]	U25190MH2009PTC196375
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ14732E
PAN No.: [Permanent Account No.]	AACCJ2391L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Suppliers of Rubbers and Plastic Part

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 5000
Status :	New Company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively new company establishing itself gradually. 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 :	2A-12 Nalanda CHS Limited, Evershine Nagar, Near Ryan Int. School, Malad (west), Mumbai-400064, Maharashtra, India.
Tel. No.:	91-22-26860877
E-Mail :	jsonpolymer@gmail.com ramkafale@gmail.com
Website :	www.jsonpolymer.com
Factory :	Gala No. 6, Ashoka Industrial Estate, Golani Complex, Waliv, Vasai (East), Thane-401208, Maharashtra, India.
Tel. No.:	91-0250-3219818
Fax No.:	91-0250-2450312
E-Mail :	jsonpolymer@gamil.com mayalj2004@yahoo.co.in

DIRECTORS

(AS ON 29.10.2010)

Name :

Mr. Laxman Narayan Jadhav

Designation :

Director

Address :

2A-12, Nalanda CHS Limited, Evershine Nagar, Malad(west), Mumbai-400064, Maharashtra, India.

Date of Birth/Age :

31.12.1966

Date of Appointment :

09.10.2009

DIN No :

02769492

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	U25190MH2009PTC196375	Json Polymer Private Limited	Director	9/10/2009	9/10/2009	-	Active	NO

Name :

Mrs. Maya Laxman Jadhav

Designation :

Director

Address :

2A-12, Nalanda CHS Limited, Evershine Nagar, Malad(west), Mumbai-400064, Maharashtra, India.

Date of Birth/Age :

26.08.1971

Date of Appointment :

09.10.2009

DIN No :

02769361

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	U25190MH2009PTC196375	Json Polymer Private Limited	Director	9/10/2009	9/10/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.10.2010)

Names of Shareholders	No. of Shares
Laxman Narayan Jadhav	3500
Maya Laxman Jadhav	1500
Total	5000

Equity Share Breakup

(AS ON 09.04.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Rubber and Plastic Part
Products :	v Mountings v Metal and Rubber Bonded v Matting v Reinforceed Pads v Hoses v ‘0’ Ring v Gasket v Oil Seal v Bridge Bearing Pad v Sheeting v Gear Shifter Ballow v Extruded Component v Speed Breaker Cover v Cork Packing Gasket v Sponge Rubber v Ebonite v Polymer v Compounds v Chemical v Plastic Components

GENERAL INFORMATION

Bankers :

State Bank of India, Small and Medium Enterpries Branch, Bassein Taluka Industrial Estate, Goraipada, Vasai (East), Thane-401208, Maharashtra, India

Facilities :

Unsecured Loans	31.03.2010 Rs. In Millions
From Others	0.700
From Directors/Managers	3.876
Total	4.576

Banking Relations :	--
Auditors :
Name :	Vikas V Joshi and Associates Chartered Accountant
Address :	A-708, 7th Floor, Zaitoon Apartments, opposite Bank of India, Station Road, Goregaon(west), Mumbai-400062, Maharashtra, India
Tel. No.:	91-22-32435571/5562
Fax No.:	91-22-30826443
E-Mail :	ca.vvjassociates@gmail.com

CAPITAL STRUCTURE

(As On 29.10.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Share	Rs.100/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000	Equity Share	Rs.100/- each	Rs.0.500 million

(As On 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Share	Rs.100/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Share	Rs.100/- each	Rs.0.100 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.756	0.234
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1.256	0.334
LOAN FUNDS
1] Secured Loans		4.742	0.000
2] Unsecured Loans		3.292	4.576
TOTAL BORROWING		8.034	4.576
DEFERRED TAX LIABILITIES		0.251	0.082
TOTAL		9.541	4.992
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.641	4.214
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.737	1.393
	Sundry Debtors	8.928	4.512
	Cash & Bank Balances	0.020	0.252
	Other Current Assets	0.000	0.000
	Loans & Advances	0.809	0.360
Total Current Assets		11.494	6.516
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.269	5.475
	Other Current Liabilities		0.000
	Provisions	0.357	0.306
Total Current Liabilities		6.626	5.781
Net Current Assets		4.868	0.735
MISCELLANEOUS EXPENSES		0.032	0.043
TOTAL		9.541	4.992

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	30.832	6.047
		Other Income	0.000	0.038
		TOTAL (A)	30.832	6.085
Less	EXPENSES
		Cost of Sales	16.011	5.044
		Manufacturing and Other Expenses	9.529	1.114
		Personnel Costs	0.697	0.212
		Selling and Distribution Cost	0.021	0.000
		Operating and Administration Expenses	1.814	0.466
		Preliminary Expenses written off	0.011	0.011
		Increase in Finished / Semi finished Stocks	0.124	[1.346]
		TOTAL (B)	28.207	5.501
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.625	0.584
Less	FINANCIAL EXPENSES (D)		0.607	0.076
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.018	0.508
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.033	0.130
	PROFIT BEFORE TAX (E-F) (G)		0.985	0.378
Less	TAX (I)		0.463	0.144
	PROFIT AFTER TAX (G-I) (J)		0.522	0.234
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.234	0.000
Less	APPROPRIATIONS
	Transfer to General Reserve		0.000	0.000
	Dividend		0.000	0.000
	Tax on Dividend		0.000	0.000
	BALANCE CARRIED TO THE B/S		0.756	0.234
	Earnings Per Share (Rs.)
	Basic		104.42	234.18
	Diluted		104.42	46.84

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	1.69	3.84
Net Profit Margin (PBT/Sales)	(%)	3.19	6.25
Return on Total Assets (PBT/Total Assets}	(%)	6.10	3.52
Return on Investment (ROI) (PBT/Networth)		0.78	1.13
Debt Equity Ratio (Total Liability/Networth)		11.67	31.01
Current Ratio (Current Asset/Current Liability)		1.73	1.13

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULT: As on 31.03.2010

In the first year of the Company, the company has achieved a targeted turnover of Rs.6.047 millions and a net profit (before tax and depreciation) of Rs.0.378 millions which is approximately 6% of turnover, The Directions are making efforts to better the situation in coming years.

FORM 8:

Corporate identity number of the company	U25190MH2009PTC196375
Name of the company	JSON POLYMER PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2A-12, Nalanda CHS Limited, Evershine Nagar, Near Ryan Int. School, Malad(west), Mumbai-400064, Maharashtra, India. E-mail Id- jsonpolymer@gmail.com
This form is for	Modification of charge
Charge identification number of the charge to be modified	10274188
Type of charge	Book debts Movable Property
Particular of charge holder	State Bank of India, Small and Medium Enterprise Branch, Bassein Taluka Indl. Estate, Goraipada, Vasai(east), Thane-401208, Maharashtra, India. E-mail Id-kamalax_saraf@hotmail.com
Nature of instrument creating charge	Supplemental Agreement of Loan cum Hypothecation
Date of instrument Creating the charge	29.08.2011
Amount secured by the charge	Rs.8.450 millions
Brief of the principal terms an conditions and extent and operation of the charge	a) Rate of Interest C.C.:3% above (Base Rate=9.5% w.e.f. 11.07.2011) present Effective. Rate 12.5% p.a. with monthly rest. T.L.:4.25% above (Base Rate=9.5%w.e.f. 11.07.2011) present Effective. Rate 13.25% p.a. with monthly rest. b) Terms of Payment: Term Loan of Rs.3.450 millions: 38 monthly installments of Rs.0.090 million each, with the first installment commencing on October 2011 and the last installment falling due on December 2014 of Rs.0.030 million + Interest. c) Margin Raw Materials indigenous : 25% Semi-Finished Goods : 33.33% Finished Goods : 33.33% Domestic Receivables : 40% d) Extent and operation of the charge : Cash Credit : Rs.5.000 millions Term Loan : Rs.3.450 millions -------------------------- Total = Rs.8.450 millions e) Others Not Applicable
Short Particulars of the property charged	i. All present and Future Stocks, Raw Materials, Goods, Book-Debts, and all other movable assets of the Borrower(s) including receivables, Documents of Title to Goods, Outstanding Monies, Bills, Invoices. ii. Documents, Contracts, Insurance Policies, Guarantees, Engagements, Securities, Investments and Rights and the present and Future Machinery. iii. Machinery such as : Below Dust-Covers, Packing Pads, Grommets, L-Rings, O-Rings and Seals from Fluro Elastomer (Viton), Silicon, Nitrile, etc.
Particulars of the present modification	The original Charge was created on 02.02.2011 for cash credit limit of Rs.5.000 millions now by the present modification dated 29.08.2011 the term loan limit has been increased by Rs.3.450 millions making total stands to Rs.8.450 millions. For Term Loan, Hypothecation of Machinery purchased out of Bank Finance. Hypothecation of existing Plant and Machinery as a primary security for the purpose of CGTMCE scheme. Collateral Security waived off.

FIXED ASSETS:

v Machinery

v Moulds and Tools

v Furniture

v Motor Car

v Computer

v Projector

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.77.58
Euro	1	Rs.67.58

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.