MIRA INFORM REPORT

Report Date :

24.10.2011

IDENTIFICATION DETAILS

Name :	POLYGEL INDUSTRIES PRIVATE LIMITED (w.e.f.20.05.2009)
Formerly Known As :	POLYGEL TECHNOLOGIES (INDIA) PRIVATE LIMITED
Registered Office :	207, Bake House (New), 2nd Floor, MCC Lane, Fort, Mumbai – 400 023, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	04.08.1994
Com. Reg. No.:	11 – 080074
Capital Investment / Paid-up Capital :	Rs. 539.435 millions
CIN No.: [Company Identification No.]	U17120MH1994PTC080074
TAN No.: [Tax Deduction & Collection Account No.]	MUMP15162A
PAN No.: [Permanent Account No.]	AAACK4105E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Specialty Chemicals
No. of Employees :	Not divulged by management

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 2600000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, 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/ Head Office :	207, Bake House (New), 2^nd Floor, MCC Lane, Fort, Mumbai – 400 023, Maharashtra, India
Tel. No.:	91-22-65752647/22824031 / 2283 2529 / 5575 3235
Fax No.:	91-22-2283 1520
E-Mail :	suresh@polygelindia.com vinod.avs@gmail.com info@polygelindia.com ca.vinod2412@gmail.com
Website :	www.polygelindia.com
Factory 1 :	Survey No. 358/1P, Village Dadra, Behind Dadra Garden, Dadra and Nagar Haveli, U. T. - 396 191
Tel. No.:	91-260-3291204 / 1718
Fax No.:	91-260-2668551
Factory2:	(Organo-Metallic Compounds unit) Survey No. 358/1P, Village Dadra, Dadra and Nagar Haveli, U.T. – 396191, India
Factory 3:	Plot No. 1303, Village Cheri, 3^rd Phase, GIDC, Vapi, Gujarat, India
Administration Office :	L-1-205, The Great Eastern Galleria, Plot No. 20-Sector-4, Nerul (W), Plot No. 20, Sector-4, Navi Mumbai- 400 706, Maharashtra, India
Works :	(Adhesives Unit) Plot No. 15, Sector-2, Pant Nagar, Industrial Estate, Rudrapur-263153, Udham Singh Nagar, Uttarkhand (Construction Chemicals Unit). Plot No. 10/5, Behind Waliv Devi, Mandir, Waliv Naka, Vasai East, Thane-401208, Maharashtra, India
Branches:	Located at: · Bangalore · Chakarpur, Gurgaon · Indore, Madhya Pradesh · Hyderabad · Kolkata · Ahmedabad

DIRECTORS

As On : 30.09.2010

Name :

Capt. Vijay Kumar Maharajkishan Raichand

Designation :

Chairman

Address :

11-A, Dolphin, Pilot Bunder Road, Colaba, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

05.11.1940

Date of Appointment :

14.08.1994

DIN No :

00195251

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	U67120MH1985PTC038350	KHUKRI ENTERPRISES PRIVATE LIMITED	Managing director	17/12/1985	17/12/1985	01/10/2009	Active	NO
2	U51900MH1989PTC054428	KHUKRI EXPORTS PRIVATE LIMITED	Director	29/11/1989	29/11/1989	15/04/2010	Amalgamated	NO
3	U17299MH1989PTC054426	ANNAPURNA TEXTURISERS PRIVATE LIMITED	Director	29/11/1989	29/11/1989	20/08/2007	Active	NO
4	U65990MH1990PTC055353	INDRENI HOLDINGS PRIVATE LIMITED	Director	02/06/1990	02/06/1990	20/08/2007	Active	NO
5	U17120MH1991PTC060406	KANCHENJUNGA TEXTURISERS PRIVATE LIMITED	Director	21/02/1991	21/02/1991	20/08/2007	Active	NO
6	U25200MH1991PTC060496	KHUKRI PLASTICS PRIVATE LIMITED	Director	26/02/1991	26/02/1991	-	Active	NO
7	U17120MH1994PTC080074	POLYGEL INDUSTRIES PRIVATE LIMITED	Director	14/08/1994	14/08/1994	-	Active	NO
8	U55101MH1994PTC084009	RIVER VALLEY FOREST AND RESORTS PRIVATE LIMITED	Director	22/12/1994	22/12/1994	18/06/2009	Active	NO
9	U45200MH1990PTC056057	CRESCENT CONSTRUCTIONS PRIVATE LIMITED	Director	26/03/1996	26/03/1996	20/08/2007	Active	YES
10	U72900MH2001PTC131280	BLUE BROADBAND TECHNOLOGIES PRIVATE LIMITED	Director	19/03/2001	19/03/2001	-	Active	YES
11	L99999GJ1959PLC000892	BARODA RAYON CORPORATION LIMITED	Director	12/04/2001	12/04/2001	11/09/2008	Active	NO
12	U35100MH2003PTC141978	RIVER VALLEY MEADOWS AND TOWNSHIP PRIVATE LIMITED	Director	19/05/2005	19/05/2005	-	Active	NO
13	U17119GJ1987PTC009730	ADIL SYNTHETICS PRIVATE LIMITED	Managing director	09/07/2007	09/07/2007	09/03/2009	Strike off	NO
14	U45200MH2006PTC158624	CLARIDGES SEZ DEVELOPERS Private Limited	Director	30/07/2007	30/07/2007	08/09/2010	Active	NO
15	U24100MH2010PTC210751	RANVIJAY AGRO CHEMICALS PRIVATE LIMITED	Director	07/12/2010	07/12/2010	-	Active	NO
16	U52399MH2011PTC212066	DHOW COMMODITIES PRIVATE LIMITED	Director	10/01/2011	10/01/2011	-	Active	NO

Name :

Mr. Luv N. Shah

Designation :

Managing Director

Address :

302-A, Royal Manor, Juction of Veronica Road, Bandra (West), Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

14.06.1973

Date of Appointment :

02.12.1996

DIN No :

00616738

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	U17120MH1994PTC080074	POLYGEL INDUSTRIES PRIVATE LIMITED	Managing director	02/12/1996	02/12/1996	-	Active	NO
2	U72200MH2000PTC125267	SILGATE TECHNOLOGIES PRIVATE LIMITED	Director	24/03/2000	24/03/2000	-	Active	NO
3	U72900MH2001PTC131280	BLUE BROADBAND TECHNOLOGIES PRIVATE LIMITED	Director	19/03/2001	19/03/2001	-	Active	YES
4	U74900MH2007PTC173759	PEGASUS CONSTCHEM PRIVATE LIMITED	Director	03/09/2007	03/09/2007	-	Active	NO

Name :

Mr. Dhirendra Arvind Choudhary

Designation :

Director

Address :

B-204, Apollo, Hiranandani Estate, Dhobunder, Mumbai – 400 607, Maharashtra, India

Date of Birth/Age :

01.12.1964

Date of Appointment :

20.07.2006

DIN No :

00616396

Name :

Mr. Anil S. Phatangare

Designation :

Director

Address :

203, Golden Tower Chs Limited, Chharwada Road, Vapi, Gujarat

Date of Birth/Age :

22.03.1971

Date of Appointment :

20.07.2006

DIN No :

00609866

Name :

Mr. Vijay Dibagh Rai

Designation :

Director

Address :

90- Wood House Road, Colaba, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

13.10.1946

Date of Appointment :

28.03.2007

DIN No :

00075837

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	L24231CH1975PLC003603	PUNJAB CHEMICALS AND CROP PROTECTION LIMITED	Director	28/02/1985	28/02/1985	-	Active	NO
2	U70200MH1999PTC121160	HAVIRA CONSULTANTS PRIVATE LIMITED	Director	05/08/1999	05/08/1999	-	Active	NO
3	L26939KL1963PLC002039	ENGLISH INDIAN CLAYS LTD	Director	07/08/2000	07/08/2000	-	Active	NO
4	L99999MH1922PLC000987	GREAVES COTTON LIMITED	Director	21/03/2002	21/03/2002	-	Active	NO
5	U18101MH1999PTC118071	ZEBA HOME PRIVATE LIMITED	Director	12/09/2002	12/09/2002	26/11/2007	Active	NO
6	L22200MH1984PLC034055	NAVNEET PUBLICATIONS (INDIA) LIMITED	Director	28/04/2003	28/04/2003	-	Active	NO
7	U25209MH1992PTC069561	PRINCEWARE INTERNATIONAL PRIVATE LIMITED	Director	01/12/2003	01/12/2003	-	Active	NO
8	U29299MH1958PLC011250	GREAVES LEASING FINANCE LIMITED	Director	04/02/2005	04/02/2005	-	Active	NO
9	U24100MH1981PLC023801	AKOLA CHEMICALS (INDIA) LIMITED	Director	23/03/2005	23/03/2005	-	Active	NO
10	U74999AP2006PTC051788	VISWAS BUSINESS SYNERGIES Private LIMITED	Director	07/03/2007	07/03/2007	15/03/2010	Active	YES
11	U17120MH1994PTC080074	POLYGEL INDUSTRIES PRIVATE LIMITED	Additional director	28/03/2007	28/03/2007	-	Active	NO
12	U24239AP2006PLC050060	SRI BIOTECH LABORATORIES INDIA LIMITED	Director	30/09/2009	26/03/2009	-	Active	NO

Name :

Mr. Prem Raj Mehta

Designation :

Additional Director

Address :

S-3, Pemino, Altamount Road, Mumbai - 400 026, Maharashtra, India

Date of Birth/Age :

16.10.1944

Date of Appointment :

18.07.2010

DIN No :

00005622

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	U74130MH1987PTC045200	PATHFINDERS AND MARKET RESEARCH PVT LTD	Director	01/09/1991	01/09/1991	30/04/2008	Active	NO
2	U74300MH1987PTC045199	LIN-TV ADVERTSING PVT LTD	Director	01/09/1991	01/09/1991	30/04/2008	Active	NO
3	U74300MH1987PTC045201	INITIATIVE MEDIA (INDIA) PRIVATE LIMITED	Director	30/09/1991	30/09/1991	30/04/2008	Active	NO
4	U74300MH1993PTC073867	SPRINT ADVERTISING PRIVATE LIMITED	Director	09/09/1993	09/09/1993	30/04/2008	Active	NO
5	U74300MH1994PTC076348	PICKLE ADVERTISING PRIVATE LIMITED	Director	29/07/1994	29/07/1994	30/04/2008	Active	NO
6	U99999MH1997PLC105152	UNITAS CREATIVE TELEVISION LIMITED	Director	01/04/1997	01/04/1997	28/02/2009	Strike off	NO
7	U64201PN1998PLC012654	QUADRANT COMMUNICATIONS LIMITED	Director	13/06/1998	13/06/1998	30/04/2008	Active	NO
8	U74300MH1985PTC038353	KARISHMA ADVERTISING PRIVATE LIMITED	Director	13/08/1998	13/08/1998	30/04/2008	Active	NO
9	U74300MH1969PTC014391	LINTAS INDIA PRIVATE LIMITED	Managing director	22/06/1999	22/06/1999	30/04/2008	Active	NO
10	U24999MH1948NPL006309	AUDIT BUREAU OF CIRCULATIONS	Director	04/12/2001	04/12/2001	30/04/2008	Active	NO
11	U80301MH2002PTC136598	NORTHPOINT TRAINING AND RESEARCH PRIVATE LIMITED	Director	24/07/2002	24/07/2002	-	Active	NO
12	U67120MH1998PTC114377	ING INVESTMENT MANAGEMENT (INDIA) PRIVATE LIMITED	Director	10/10/2003	10/10/2003	-	Active	NO
13	L72200MH1990PLC056987	UTV SOFTWARE COMMUNICATIONS LIMITED	Director	04/09/2009	06/11/2008	-	Active	NO
14	U17120MH1994PTC080074	POLYGEL INDUSTRIES PRIVATE LIMITED	Director	30/09/2010	18/07/2010	-	Active	NO

Name :

Mr. Mohammed Abdul Muiz Moyeenuddin Chowshury

Designation :

Nominee Director

Address :

Flat No.0042, Building 330, Avenue 35, Aljanabiyah-0561, Bhahrain, India

Date of Birth/Age :

12.08.1967

Date of Appointment :

18.07.2010

DIN No :

03149929

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	U17120MH1994PTC080074	POLYGEL INDUSTRIES PRIVATE LIMITED	Nominee director	18/07/2010	18/07/2010	-	Active	NO
2	U72200MH2006PLC166403	IDHASOFT LIMITED	Director	29/12/2010	28/07/2010	-	Active	NO
3	U85110AP2006PTC051845	MedPlus Health Services Private Limited	Nominee director	30/09/2010	04/08/2010	04/03/2011	Active	NO
4	U52390AP2011PTC073471	City Square Wholesale Trading Private Limited	Nominee director	27/08/2011	26/08/2011	-	Active	NO

Name :

Mr. Navin Ramji Shah

Designation :

Additional Director

Address :

903-Bajaj Bhavan, Nariman Point, Mumbai -400021, Maharashtra, India

Date of Birth/Age :

12.03.1942

Date of Appointment :

24.06.2009

DIN No :

00308817

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	U01100MH1982PTC028074	NAVIN NURSERIES PVT LTD	Director	25/08/1982	25/08/1982	-	Active	NO
2	U67190MH1983PTC030522	SIMPLEX METALLURGICAL PRIVATE LIMITED	Director	10/05/1984	10/05/1984	-	Active	NO
3	U25209MH1984PTC034257	COMPLEX PLASTIC INDUSTRIES PVT LTD	Director	12/10/1984	12/10/1984	15/07/2008	Active	NO
4	U70102MH1984PTC034407	SIMSHAHS ESTATES AND TRADING COMPANY PVT LTD	Director	29/10/1984	29/10/1984	-	Active	NO
5	U70101MH1984PTC034408	CHANDRI ESTATES AND TRADING COMPANY PRIVATE LIMITED	Director	29/10/1984	29/10/1984	-	Active	NO
6	U32304MH1987PTC045472	SHEMAROO VIDEO RECORDING (BOMBAY) PRIVATE LIMITED	Director	01/12/1987	01/12/1987	-	Strike off	NO
7	U17120MH1994PTC080074	POLYGEL INDUSTRIES PRIVATE LIMITED	Additional director	24/06/2009	14/08/1994	-	Active	NO
8	U70102MH1999PTC121134	SEVENTY EIGHT BHK PRIVATE LIMITED	Director	04/08/1999	04/08/1999	-	Active	NO
9	U72200KA1997PTC022845	SIMPLEX SOLUTIONS PRIVATE LIMITED	Director	29/09/1999	29/09/1999	-	Active	NO
10	U74140KA1998PTC023768	SIMPLEX TMC PRIVATE LIMITED	Director	29/09/2004	29/09/2004	-	Active	NO
11	U74140MH2001PTC133622	SARJAN MERCANTILE PRIVATE LIMITED	Director	01/08/2006	01/08/2006	-	Active	NO
12	U31900GJ2007PTC050842	ADVANCED UTILITY MANAGEMENT PRIVATE LIMITED	Director	15/05/2007	15/05/2007	17/01/2011	Active	NO
13	U45400MH2009PTC193016	SIMPLEX PREFAB INFRASTRUCTURE ( INDIA ) PRIVATE LIMITED	Director	04/06/2009	04/06/2009	-	Active	NO
14	U67120CT1982PLC001961	CHHATISGARH INVESTMENTS LIMITED	Director	30/09/2010	31/01/2010	-	Active	NO
15	U91900MH2011NPL218872	Kutch Corporate Forum	Director	21/06/2011	21/06/2011	-	Active	NO

Name :

Mr. Jonathan De Squires

Designation :

Nominee Director

Address :

Villa 7, Gate 859, Road 5127, Al Quraya 551

Date of Birth/Age :

19.12.1951

Date of Appointment :

30.06.2008

DIN No :

02082231

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	U85110AP2006PTC051845	MedPlus Health Services Private Limited	Director	22/09/2008	19/11/2007	10/05/2010	Active	NO
2	U17120MH1994PTC080074	POLYGEL INDUSTRIES PRIVATE LIMITED	Nominee director	30/06/2008	30/06/2008	22/03/2010	Active	NO
3	U72200MH2006PLC166403	IDHASOFT LIMITED	Nominee director	28/08/2008	01/08/2008	23/03/2010	Active	NO

Name :

Mr. Bhatia Ranjeev

Designation :

Nominee Director

Address :

II Peridot, 22A Perry Cross Road, Bandra, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

27.02.1952

Date of Appointment :

30.06.2008

DIN No :

01928633

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	U85110AP2006PTC051845	MedPlus Health Services Private Limited	Director	22/09/2008	19/11/2007	04/03/2011	Active	NO
2	U17120MH1994PTC080074	POLYGEL INDUSTRIES PRIVATE LIMITED	Nominee director	30/06/2008	30/06/2008	-	Active	NO
3	U72200MH2006PLC166403	IDHASOFT LIMITED	Nominee director	28/08/2008	01/08/2008	-	Active	NO
4	U52390AP2011PTC073471	City Square Wholesale Trading Private Limited	Nominee director	27/08/2011	26/08/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Girish Madhukar Nachane
Designation :	Company Secretary
Date of Appointment :	22.12.2007
PAN No :	AADPN4696G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Anil Phatangare	156600
Chetan Shah	680000
Chetan Sanjay Minda	25000
Chandri Shah	640000
Capt. Vijay Raichand	1486600
Chetan Sangani / Geeta Sangani	6250
Daliya B. majumdar / B.C. Majumdar	12500
Distinctive Idea Incorporation, India	242600
Dhirendra Chaudhary	40000
Girish Nachane	5000
Hemant Shah / Sheela Shah	6250
Kalpana Jain	15625
Kalpana Jadhav	111100
Kavita Choudhary / Prabha Choudhary	102350
Ketan Shah / Moolchand Shah	12500
Kush Shah	770000
Lalita Agarwal	10
Luv Shah	837817
Luv Shah (HUF)	11100
Manorama Goyal	5500
Nandkishore Shah	27777
Pegasus Constchem Private Limited, India	871800
Pramod Sahu	17000
Priyanka V. rai	75000
Prabha Choudhary / Kavita Choudhary	83850
Neeta Shah	195318
Radhika Chopra	5500
Rajesh Jain	15625
Ratna Ghosh / Sapna Sur.	6250
Rajesh Agrawal	18000
Rinki P. Jain	50000
Rohini V. Bastawala / Pranav V. Bastawala	18750
Rahul Raichand	96100
Snehlata Chaplot	80000
S. B. Arondekar	6250
Shefali K. Shah	5500
Sonali K. Khakhar	5500
Simplex Metallurgical Private Limited, India	38888
Usha P. Shah	12500
Vikas Jain / Swati Jain	6250
Vinod P. Jain	15625
Vinod P. Jain - HUF	12500
Vishal K. Dua	20000
Western India Packaging Private Limited, India	222133
Polygel Venture	46855555
Col S V. S. Kadian	15000
Total	53943473

AS ON 30.09.2010

Equity Share breakup (percentage of total equity)
Category	Percentage
Foreign holdings(Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas corporate bodies or Others	87.31
Bodies corporate	2.10
Directors or relatives of directors	9.65
Other top fifty (50) shareholders	0.94
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Specialty Chemicals
Products :	Adhesives And Sealants Organic Titanate for Wire Enamels, Paints , Printing Inks And Coatings 2 mercaptobezimedazole for Nylon Tyre Cord Additives And Rubber Chemicals Cable gels for Telecommunication Cables

GENERAL INFORMATION

Customers :

For Construction Projects

· Raheja Group

· Kukreja Group

· Sheth Group

· Gammon India Limited

· B.e. Billimoria

· Gundecha Builders

· S.E. Décor

· Monto Enterprises

· Shreeji Trading Company

· Nitin Enterprises

Major Government Projects

· Tarapur Atomic power Station, Tarapur

· ONGC, Uran

· Hasdeo Bango Dam, Bilaspur

· Kabini Canal, Kollegal (Karnataka)

· Jakhan Irrigation, Baramullah (J and K)

· Sewerage and Drainage Division, Jammu

· Rajgaht Dam, Jhansi

· Bisalpur Dam project, Deoil and Rajmahal

· Dul Hasti Hydro Electric Project, New Delhi

No. of Employees :

Not divulged by management

Bankers :

Ø The Zoroastrian Co-operative Bank Limited, Mumbai, Main Branch, Yusuf Building, Ground Floor, V. N. Road, Fort, Mumbai-400001, Maharashtra, India

Ø Axis Bank Limited, Credit Management Centre, Unit No.6, Corporate Park, Sion Trombay Chembur, Mumbai-400071, Maharashtra, India

Facilities :

SECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Loan From Banks
Cash Credit from following Banks
a) Packing Credit from Axis Bank Limited	8.162	0.799
b) Cash Credit from Axis Bank Limited	58.597	54.772
A) PRIMARY SECURITY :
Hypothecation of Stock, Book Debts
B) Collateral Security :
a) Personal Guarantee of some of the Directors of the company
b) Security of Residential Premises at Dadra and Nagar Haveli to Axis Bank Limited
Note : The above loan is also secured by way of 1^st charge to Axis Bank Limited against :
a) Hypothecation of Fixed Assets and
b) Equitable Mortgage of Land and Factory Building at Dadra.
Factoring Facility with Global Trade Finance Private Limited Secured by way of performance guarantee of some of the Directors of the Company	0.008	0.008
Short Term Loan from Axis Bank Limited Secured against Fixed Deposits	0.000	49.085
Total	66.767	104.664

Banking Relations :	--
Auditors :
Name :	S. V. Ghatalia and Associates Chartered Accountant
Address :	Jalan Mill Compund, 95, Ganpatrao Kadam Marg, Lower Parel, Mumbai-400013, Maharashtra, India

CAPITAL STRUCTURE

As On : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Ordinary Equity Shares	Rs. 10/- each	Rs. 150.000 millions
40000000	Equity Shares	Rs. 10/- each	Rs. 400.000 millions
	Total		Rs. 550.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13943473	Ordinary Equity Shares	Rs. 10/- each	Rs. 139.435 millions
40000000	Equity Shares	Rs. 10/- each	Rs. 400.000 millions
	Total		Rs. 539.435 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		539.435	539.435	62.212
2] Share Application Money		0.000	0.000	28.236
3] Reserves & Surplus		159.680	220.613	58.284
4] (Accumulated Losses)		(34.490)	0.000	0.000
NETWORTH		664.625	760.048	148.732
LOAN FUNDS
1] Secured Loans		66.767	104.664	206.410
2] Unsecured Loans		0.000	0.000	24.529
TOTAL BORROWING		66.767	104.664	230.939
DEFERRED TAX LIABILITIES		0.000	23.422	22.493
TOTAL		731.392	888.134	402.164
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		353.467	340.377	141.615
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.100	0.100	0.100
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	226.763	177.276	119.147
	Sundry Debtors	240.716	216.836	129.974
	Cash & Bank Balances	6.039	154.485	6.312
	Other Current Assets	42.703	37.713	0.000
	Loans & Advances	34.007	54.447	84.746
Total Current Assets		550.228	640.757	340.179
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	138.295	116.567	89.811
	Other Current Liabilities	20.738	19.476	9.774
	Provisions	13.370	10.263	6.908
Total Current Liabilities		172.403	146.306	106.493
Net Current Assets		377.825	494.451	233.686
MISCELLANEOUS EXPENSES		0.000	53.206	26.763
TOTAL		731.392	888.134	402.164

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	870.173	861.338	762.360
		Other Income	13.656	13.469	3.892
		TOTAL (A)	883.829	874.807	766.252
Less	EXPENSES
		Office Expenses
		Administrative Expenses	893.277	844.260	710.098
		Advertising Expenses
		TOTAL (B)	893.277	844.260	710.098
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(9.448)	30.547	56.154
Less	FINANCIAL EXPENSES (D)		14.646	16.795	26.898
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		24.094	13.752	29.256
Less/ Add	DEPRECIATION/ AMORTISATION (F)		22.230	13.429	9.000
	PROFIT BEFORE TAX (E-F) (G)		(46.324)	0.323	20.256
Less	TAX (H)		(6.929)	2.717	2.300
	PROFIT AFTER TAX (G-H) (I)		(39.395)	(2.394)	4.087
	EXPORT VALUE		93.163	94.122	102.765
	Earnings Per Share (Rs.)		(0.73)	(0.04)	0.66

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(4.46)	(0.26)	0.53
Net Profit Margin (PBT/Sales)	(%)	(5.32)	0.03	2.66
Return on Total Assets (PBT/Total Assets}	(%)	(5.13)	0.03	4.20
Return on Investment (ROI) (PBT/Networth)		(0.07)	0.00	0.14
Debt Equity Ratio (Total Liability/Networth)		0.36	0.36	0.72
Current Ratio (Current Asset/Current Liability)		3.19	4.38	3.19

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered Office of the company has been shifted from “203, Coral Classic, 20^th Road, Chembur (East), Mumbai – 400 071, w.e.f 16.05.2005, Maharashtra, India” to present w.e.f 10.05.2006.

FINANCE

As at the end of the financial year, the company has working capital facilities of Rs. 110.000 millions (both fund based of Rs. 70.000 millions as well as Non Fund Based of Rs. 40.000 millions) from Axis Bank Limited.

BUSINESS OVERVIEW

There were signs of recovery in the Indian economy during the year and particularly in the Real estate sector towards the last quarter of the Financial Year. The year 2009 -2010 was a year of consolidation for the company and the focus was on integrating the acquired Businesses and bringing more efficiencies and productivity into the activities of the company.

Some important milestones achieved during the year were:

1. Increase in Sales from Rs. 861.338 millions to Rs.870.173 millions, an increase of 1.03%.

2. Implementation of ERP and Sales Force management Systems

3. Implementation of Performance Management System

4. Formation and Alignment of Organization Structure in line with Customer Requirements and Company Strategy

5. Establishment of Application Laboratory and Development of New Products by Business Verticals

6. Implementation of Logistics and Inventory management system

7. Implementation of Independent Risk Assessment and Credit Control Department and Policies

8. Alliances with International manufacturers of complementary products

9. Streamlining of Acquired Brands , SKU’s and Product Portfolio

10. Expansion of Titanates capacity from 800 M.T. per annum to 1500 M.T. per annum

11. Introduction of Distributor Management systems

12. Improvement in Manufacturing Cycle times

New products successfully launched in the market in 2009-10 are:

1. Silicon Sealants

2. Masking Tapes

3. Hot –Melt Adhesives

4. Titanium Chelates for Paints

5. Waterproofing Compounds Grouts and Anchors

The Company shifted its manufacturing facility of Construction Chemicals and Paints from Vasai to Vapi during the year

FORM 8

Corporate identity number of the company	U17120MH1994PTC080074
Name of the company	POLYGEL INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	207, Bake House (New), 2^nd Floor, MCC Lane, Fort, Mumbai – 400 023, Maharashtra, India
This form is for	Modification of charge
Type of charge	Immovable property Book debts Movable property (not being pledge) Others
Particular of charge holder	Axis Bank Limited, Credit Management Centre, Unit No.6, Corporate Park, Sion Trombay Chembur, Mumbai-400071, Maharashtra, India
Nature of instrument creating charge	Seventh Supplemental Deed of Hypothecation (SDH) dated 12.11.2010
Date of instrument Creating the charge	12.11.2010
Amount secured by the charge	Rs. 127.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per Sanction Letter or as stipulated by Bank from time to time. Terms of repayment As per Sanction Letter or as stipulated by Bank from time to time. Margin As per Sanction Letter or as stipulated by Bank from time to time. Extent and operation of the charge Bank granted Term Loan of Rs.12.500 millions thereby enhancing Credit facilities from Rs.115.000 millions to Rs.127.500 millions to secure limits specified in SDH. Security by hypo. of Present and Future mov., P and M, F and F etc., lying at Co's premises or elsewhere Stock of RM, WIP, FG, etc. lying at Co's premises or elsewhere and BDs, Outstanding monies, Receivables, due and owing to Co. in course of its business, given earlier des. in Sch. to SDH extended to secure enhanced limits.
Short particulars of the property charged (Including location of the property)	Hypothecation of Present and Future stock of RM, SIP, FG, other current assets stored at Co's factory or premises or elsewhere, O/S monies receivable, claims etc. due and owing to Co. in course of its business. Hypothecation of Present and Future movable Plant, mach., fixtures, fittings, furniture etc. lying at Co's factory or premises or elsewhere. First pari passu charge on immovable property of Company at Vill. Dadra in UT of Dadra and Nagar Haveli. Flat No. 106,103 and 107 constructed on S. No. 169/5P, Vill. Dadra in UT of Dadra and Nagar Haveli (up to limit of Rs.50.000 millions)
Charge identification number of the charge to be modified	80010434
Date of instrument modifying the charge	25.03.2010
Particulars of the present modification	Vide Modification, Bank granted Term Loan of Rs.12.500 millions thereby enhancing Credit facilities from Rs.115.000 millions to Rs.127.500 millions to secure limits specified in SDH. Security by hypo. of Present and Future mov., P and M, F and F etc., lying at Co's premises or elsewhere Stock of RM, WIP, FG, etc. lying at Co's premises or elsewhere and BDs, Outstanding monies, Receivables, due & owing to Co. in course of its business, given earlier des. in Sch. to SDH extended to secure enhanced limits.

FIXED ASSETS:

v Land – Freehold

v Factory Building

v Residential Premises

v Plant and Machinery

v Lab Equipments

v Electrical Installation

v Computer and Software

v Furniture and Fixtures

v Office Equipments

v Television

v Vehicles

v Patent and Trade Mark

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.50.06
UK Pound	1	Rs.79.16
Euro	1	Rs.69.03

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.