MIRA INFORM REPORT

Report Date :

20.10.2011

IDENTIFICATION DETAILS

Name :	POLI-FILM INDIA PRIVATE LIMITED (w.e.f. 22.01.2010)
Formerly Known As :	POLI-BAND INDIA PRIVATE LIMITED
Registered Office :	No. 8, Hill Crest Co Op HSG SCY Limited, North South Road, No. 10, Juhu Scheme, Mumbai 400049, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.06.2008
Com. Reg. No.:	183730
Capital Investment / Paid-up Capital :	Rs. 12.000 millions
CIN No.: [Company Identification No.]	U74900MH2008PTC183730
TAN No.: [Tax Deduction & Collection Account No.]	MUMP26029D
PAN No.: [Permanent Account No.]	AAECP7113N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Surface Protection Films and Importer of Machinery
No. of Employees :	22 Approximately

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 48000
Status :	Recently Commenced Business
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Though the company was incorporated in the year 2008, the company has recently commenced its commercial operations in the year November, 2009. Trade relations are fair. Business is active. Payments are reported to be slow. 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

INFORMATION PARTED BY

Name :	Mr. Sunil K
Designation :	Marketing Manager
Contact No.:	91-9320174785
Date :	17.10.2011

LOCATIONS

Registered Office :	No. 8, Hill Crest Co Op HSG SCY Limited, North South Road, No. 10, Juhu Scheme, Mumbai 400049, Maharashtra, India
Tel. No.:	91-22-65569366
Mobile No.:	91-9320174785 (Mr. Sunil)
Fax No.:	91-22-26200407
E-Mail :	Sudhirshah1956@rediffmail.com Sunil.kulkarni@pol-film.de
Website :	www.poli-film.com
Location :	Rented
Factory :	Located At: Vasai, Thane, Maharashtra, India
Location :	Leased for 10 years

DIRECTORS

AS ON 25.09.2010

Name :	Mr. Jens Kaufmann
Designation :	Director
Date of Birth/Age :	04.02.1963
Date of Appointment :	02.09.2009
DIN No.:	02471307

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	U74900MH2008PTC183730	Poli-Film India Private Limited	Director	02/09/2009	02/02/2009	-	Active	NO

Name :	Mr. Martin Oliver Hummel
Designation :	Director
Date of Birth/Age :	02.05.1961
Date of Appointment :	02.09.2009
DIN No.:	02310760

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	U74900MH2008PTC183730	Poli-Film India Private Limited	Director	02/09/2009	02/02/2009	-	Active	NO

Name :	Mr. Anil Digamber Bal
Designation :	Director
Date of Birth/Age :	22.05.1958
Date of Appointment :	01.10.2009
DIN No.:	02833179

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	U74900MH2008PTC183730	Poli-Film India Private Limited	Managing director	01/10/2009	01/10/2009	-	Active	NO

Name :	Mr. Raviv Byron
Designation :	Director
Date of Birth/Age :	30.03.1951
Date of Appointment :	21.06.2008
DIN No.:	01947640

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	U74140MH2006PTC158774	Haitech Agro Soultions Private Limited	Director	16/01/2006	16/01/2006	-	Active	YES
2	U74900MH2008PTC183730	Poli-Film India Private Limited	Additional director	29/08/2008	21/06/2008	-	Active	NO
3	U24100MH2011PTC215051	Haifa Chem And Fertilisers Private Limited	Director	21/03/2011	21/03/2011	-	Active	NO
4	U33110MH2011PTC218660	Haitech Instruments And Medical Solutions Private Limited	Director	15/06/2011	15/06/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sunil K
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.09.2010

Names of Shareholders	No. of Shares
POLI-FILM GMBH, Germany	1150000
Haitech Agro Solutions Private Limited, Mumbai	50000
Total	1200000

AS ON 25.09.2010

Equity Share Breakup		Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		95.83
Bodies corporate		4.17
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Surface Protection Films and Importer of Machinery
Products :	Surface Protection Films
Exports :
Products :	Surface Protection Films
Countries :	Germany, Italy
Imports :
Products :	Machinery
Countries :	China
Terms :
Selling :	L/C, Cash
Purchasing :	L/C, Cash (45 Days)

GENERAL INFORMATION

Customers :

· Manufacturing Company

· TATA

· Jindal Steel

No. of Employees :

22 Approximately

Bankers :

Societe Generale, Maker Chambers IV, 13^th Floor, P O Box 11635, Mumbai 400021, Maharashtra, India

Facilities :

Rs. In Millions

UNSECURED LOAN	31.03.2010	31.03.2009
ECB Loan
From Holding Company	25.645	0.000
Other
From Director	0.361	0.000
TOTAL	26.006	0.000

Banking Relations :	--
Auditors :
Name :	Arati Shah and Associates Chartered Accountant
Address :	210, Blue Moon Chambers, Nagindas Mater Road, Mumbai 400023, Maharashtra, India
Holding Company:	POLI-FILM GMBH, Germany
Associates/Subsidiaries :	Haitech Agro Solutions Private Limited, Mumbai

CAPITAL STRUCTURE

AS ON 25.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs. 10 each	Rs.12.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs. 10 each	Rs. 12.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		12.000	0.200
2] Share Application Money		0.000	3.200
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		12.000	3.400
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		26.006	0.000
TOTAL BORROWING		26.006	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		38.006	3.400
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.932	0.048
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	2.232	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	13.501	2.719
	Other Current Assets	0.000	0.000
	Loans & Advances	5.137	0.032
Total Current Assets		20.870	2.751
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.893	0.083
	Other Current Liabilities	0.071	0.000
	Provisions	0.000	0.000
Total Current Liabilities		3.964	0.083
Net Current Assets		16.906	2.668
MISCELLANEOUS EXPENSES		0.204	0.193
Pre Operative Expenses		2.964	0.491
TOTAL		38.006	3.400

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	2.49	0.02
Current Ratio (Current Asset/Current Liability)	5.26	33.14

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS

The directors are pleased to inform you that the company has commenced commercial production of surface protection film at the factory at Vasai, Thane, Maharashtra in the Month of Aril, 2010.

NOTE:

Registered office of the company has been shifted from Flat No. 103, 1^st Floor, Building No. 7, Sapphire Court, Azad Nagar, Dhake Colony J P Road, Andheri (West), Mumbai 400053, Maharashtra, India to the present address w.e.f. 10.12.2009

FIXED ASSETS:

· Factory Building civil Work

· Plant and Machinery

· Motor Car

· Computer Equipments

· Electrical Installations

· Furniture and Fixture

· Air Conditioner

FORM 8

Corporate identity number of the company	U74900MH2008PTC183730
Name of the company	POLI-FILM INDIA PRIVATE LIMITED (w.e.f. 22.01.2010)
Address of the registered office or of the principal place of business in India of the company	No. 8, Hill Crest Co Op HSG SCY Limited, North South Road, No. 10, Juhu Scheme, Mumbai 400049, Maharashtra, India
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Societe Generale, Maker Chambers IV, 13^th Floor, P O Box 11635, Mumbai 400021, Maharashtra, India Email: milind.kulkarni@socgen.com
Nature of instrument creating charge	Hypothecation Agreement
Date of instrument Creating the charge	01.12.2010
Amount secured by the charge	Rs. 10.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As advised by the Bank from time to time. Terms of repayment Repayable on demand. The facility is valid till 31/10/2011. Extent and operation of the charge First and exclusive hypothecation charge over Stock and book debts, Plant and Machinery situated at the Company's manufacturing unit at Vasai Dist Thane Maharashtra to secure the repayment of Working Capital Loan.
Short particulars of the property charged (Including location of the property)	Stock and book debts, Plant and Machinery situated at the Company's manufacturing unit at Vasai Dist Thane Maharashtra

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter's background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

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 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.49.18
UK Pound	1	Rs.77.49
Euro	1	Rs.67.96

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
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	2
--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.