MIRA INFORM REPORT

Report Date :

10.04.2012

IDENTIFICATION DETAILS

Name :	BAJAJ CHEM-PLAST (INDIA) LIMITED
Registered Office :	Imambada Road, Nagpur – 440018, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.12.1979
Com. Reg. No.:	11-022021
Capital Investment / Paid-up Capital :	Rs.1.000 Millions
CIN No.: [Company Identification No.]	U29299MH1979PLC022021
TAN No.: [Tax Deduction & Collection Account No.]	NGBP02237E
PAN No.: [Permanent Account No.]	AAACB1488Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture and Exporter of Plast Fibre and Staple Fibre and Also Providing Engineers Job Work.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 35000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an old and established company having satisfactory track. The company has incurred some losses in the current year (i.e 2010-11). However, 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	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 :	Imambada Road, Nagpur – 440018, Maharashtra
Tel. No.:	91-712-2720071/75
Fax No.:	91-712-2728050
E-Mail :	cs@bajajngp.com akshayranka@yahoo.com
Factory 1:	D-5/1B, MIDC Hingna Industrial Estat, Nagpur – 440028, Maharashtra, India
Factory 2/ Branch Office :	C/55, MIDC Hingna Industrial Estat, Nagpur – 440028, Maharashtra, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Shreekishan Shyamsunder Bagdia

Designation :

Director

Address :

G-7, Abhinav Sangam, 2nd Floor, Laxminagar, Nagpur-440022, Maharashtra, India

Date of Birth/Age :

01.01.1959

Date of Appointment :

31.03.2007

DIN No.:

01442319

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	U29299MH1979PLC022021	BAJAJ CHEMO-PLAST (INDIA) LIMITED	Director	29-09-07	31-03-07	-	Active	NO

Name :

Mr. Shailendra Sagarmal Manawat

Designation :

Director

Address :

82/1, Jawaharlal Darda Marg, Rahate Colony, Nagpur-440022, Maharashtra, India

Date of Birth/Age :

17.11.1958

Date of Appointment :

14.08.2003

DIN No.:

00511931

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	U99999MH1984PTC032817	SUBHAM POLYMERS PVT LTD	Director	03-05-84	03-05-84	-	Under Process of Striking off	NO
2	U29299MH1979PLC022021	BAJAJ CHEMO-PLAST (INDIA) LIMITED	Director	14-08-03	14-08-03	-	Active	NO

Name :

Mr. Rajendra Prasad Mohanka

Designation :

Director

Address :

Utkkarsha Alankar, RNT Marg, Civil Lines, Nagpur-440 010, Maharashtra, India

Date of Birth/Age :

10.05.1948

Date of Appointment :

14.08.2003

DIN No.:

00235850

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	L50100MH1985PLC036945	ENBEE TRADE AND FINANCE LIMITED	Director	05-01-98	05-01-98	-	Active	NO
2	U29299MH1979PLC022021	BAJAJ CHEMO-PLAST (INDIA) LIMITED	Director	14-08-03	14-08-03	-	Active	NO
3	U25209MH2005PLC151713	LUK PLASTCON LIMITED	Director	02-03-05	02-03-05	-	Active	NO
4	U27104MH1972PLC020246	GAURAV PAPER MILLS LIMITED	Director	29-09-07	29-09-07	-	Active	NO
5	L74210MH1960PLC011830	SHARDA ISPAT LIMITED	Director	30-09-10	01-11-09	-	Active	NO

Name :

Mr. Nirmal Hariprasad Jejani

Designation :

Director

Address :

15, Tikekar Road, Dhantoli, Nagpur - 440 012, Maharashtra, India

Date of Birth/Age :

19.07.1952

Date of Appointment :

14.08.2003

DIN No.:

00563335

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	L51900MH1985PLC036521	TASHI INDIA LIMITED	Director	03-08-87	03-08-87	28-03-11	Active	NO
2	U72900MH2000PTC125802	GLS INFOTECH AND FINANCIAL SERVICES PRIVATE LIMITED	Director	12-04-00	12-04-00	-	Active	NO
3	U51101MH2003PTC141711	GLS AGRICULTURES AND PROPERTIES PRIVATE LIMITED	Director	12-08-03	12-08-03	-	Active	NO
4	U29299MH1979PLC022021	BAJAJ CHEMO-PLAST (INDIA) LIMITED	Director	14-08-03	14-08-03	-	Active	NO
5	U67120MH2003PTC142270	GLS INVESTMENTS SERVICES PRIVATE LIMITED	Director	18-09-03	18-09-03	-	Active	NO
6	U72200MH2005PTC152310	GLS INFOTECH PRIVATE LIMITED	Director	31-03-06	31-03-06	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Bajaj Sunil	800
Bajaj Rohit	800
Bajaj Bina	800
Bajaj Hargovind	10
Bajaj Ashish	1400
Bajaj Vinodkumar	50
Bajaj Kumkum	800
Bajaj Gayatridevi	350
Bajaj Shakunkaladevi	850
Pattarkine Madhav	100
Ranka Akshya	50
Agarwal Sunilchandra	50
Baiswar Kanhaiyalal	50
Pawar Bhaskar	50
Poddar Bhagirath	100
Laddhad Nandlal	100
Agrawal Shanta	250
Lad Rekha	400
Goyal Sangeeta	550
Bajaj Gangabisan	100
Bajaj Hargovind	10
Bajaj Vinodkumar	50
Ampee Textiles Private Limited, India	50
Bajaj Lav	387
Bajaj Kush	387
Bajaj Vedant	436
Bajaj Varun	470
Tharad Anita	550
TOTAL	10000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	0.05
Directors or relatives of Directors	99.95
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture and Exporter of Plast Fibre and Staple Fibre and Also Providing Engineers Job Work.
Products :	Plast Fibers and Staple Fibers

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Actual Production
Plast Fibers/ Staple Fibers	Kgs.	92301.430

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Axis Bank Limited State Bank of India

Banking Relations :	--
Auditors :
Name :	V.R. Inamdar and company Chartered Accountant
Address :	502, Paul Commercial Complex, Ajni Square, Wardha Road, Nagpur – 440015, Maharashtra, India
PAN.:	AABPI2880D

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs.100/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs.100/- each	Rs.1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7.858	8.868	7.782
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.858	9.868	8.782
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		10.594	11.521	10.709
TOTAL BORROWING		10.594	11.521	10.709
DEFERRED TAX LIABILITIES		0.375	0.329	0.155
TOTAL		19.827	21.718	19.646
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.410	10.833	11.303
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.075	0.075	0.075
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.633	2.150	1.684
	Sundry Debtors	10.847	7.903	5.816
	Cash & Bank Balances	0.529	2.253	1.891
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.669	3.898	4.122
Total Current Assets		16.678	16.204	13.513
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.123	1.112	0.848
	Other Current Liabilities	2.672	2.474	2.909
	Provisions	1.541	1.808	1.488
Total Current Liabilities		7.336	5.394	5.245
Net Current Assets		9.342	10.810	8.268
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		19.827	21.718	19.646

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	14.146	12.526	7.091
		Other Income	17.860	17.804	17.533
		TOTAL (A)	32.006	30.330	24.624
Less	EXPENSES
		Increase/Decrease in Stock	0.621	(0.227)	1.079
		Cost of Materials	8.844	7.738	3.098
		Personnel	15.971	15.112	14.792
		Excise Duty	1.252	0.726	0.572
		Other Expenses	4.377	2.194	1.348
		TOTAL (B)	31.065	25.543	20.889
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.941	4.787	3.735
Less	FINANCIAL EXPENSES (D)		1.422	1.703	1.222
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.481)	3.084	2.513
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.483	0.478	0.466
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(0.964)	2.606	2.047
Less	TAX (H)		0.046	1.520	0.094
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(1.010)	1.086	1.953
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.868	7.782	5.829
	BALANCE CARRIED TO THE B/S		7.858	8.868	7.782
	Earnings Per Share (Rs.)		(101.00)	108.62	195.30

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(3.16)	3.58	7.93
Net Profit Margin (PBT/Sales)	(%)	(6.81)	26.80	28.86
Return on Total Assets (PBT/Total Assets}	(%)	(3.56)	9.64	8.25
Return on Investment (ROI) (PBT/Networth)		(0.11)	0.26	0.23
Debt Equity Ratio (Total Liability/Networth)		2.02	1.71	1.82
Current Ratio (Current Asset/Current Liability)		2.27	3.00	2.58

LOCAL AGENCY FURTHER INFORMATION

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

WORKING AND PERFORMANCE

During the year performance of the Company was satisfactory and achieved turnover of Rs.31.385 millions. The Company has incurred loss before tax of Rs.0.964 millions because of increase in expenses like job work charges, stores and spares consumed, personnel and also there was few addition in fixed assets of the Company

The Board of Directors of the Company are trying their best to improve the performance of the Company.

FIXED ASSETS

• Land and Leasehold Land
• Factory Building
• Plant and Machinery
• Electrical Installation
• Computer
• Furniture and Fixture

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.51.05
UK Pound	1	Rs.81.09
Euro	1	Rs.67.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--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	NO
--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		43

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.