MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	DIPIKA POLYMERS PRIVATE LIMITED	Principal Name 1	Mr. Rakesh Kumar Jain
Status	Moderate	Principal Name 2	Mr. Anish R. Shah
		Registration #	55-140370
Street Address	G – 72, Kirti Nagar, New Delhi – 110 015, India
Established Date	05.09.2005	SIC Code	--
Telephone#	91-11-45061900	Business Style 1	Manufacturer
Fax #	91-11-45061922	Business Style 2	Exporter
Homepage	--	Product Name 1	Plastic Raw Materials
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs. 9,938,750/-	Product Name 3	--
Shareholders	Bodies Corporate - 30.00% Directors or Relatives of Directors - 70.00%	Banking	HDFC Bank Limited
Public Limited Corp.	No	Business Period	7 Years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	B (33)
Related Company
Relation	Country	Company Name	CEO
Associates Company	--	D. R. International Private Limited	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	197,306,000	Current Liabilities	97,854,000
Inventories	122,412,000	Long-term Liabilities	189,520,000
Fixed Assets	27,106,000	Other Liabilities	1,412,000
Deferred Assets	0.000	Total Liabilities	288,786,000
Invest& other Assets	29,000	Retained Earnings	48,128,000
		Net Worth	58,067,000
Total Assets	346,853,000	Total Liab. & Equity	346,853,000
Total Assets (Previous Year)	232,562,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	719,871,000	Net Profit	3,027,000
Sales(Previous yr)	708,267,000	Net Profit(Prev.yr)	22,406,000

MIRA INFORM REPORT

Report Date :

09.08.2012

IDENTIFICATION DETAILS

Name :	DIPIKA POLYMERS PRIVATE LIMITED

Registered Office :	G – 72, Kirti Nagar, New Delhi – 110 015

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	05.09.2005

Com. Reg. No.:	55-140370

Capital Investment / Paid-up Capital :	Rs. 9.939 millions

CIN No.: [Company Identification No.]	U25202DL2005PTC140370

TAN No.: [Tax Deduction & Collection Account No.]	DELD09171B

PAN No.: [Permanent Account No.]	AAEFD9794N

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer, Exporter and Importer of all kinds of Plastic Raw Materials.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 230000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track. There appears huge dip in the profitability of the company during 2011. 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 – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	G – 72, Kirti Nagar, New Delhi – 110 015, India
Tel. No.:	91-11-45061900
Fax No.:	91-11-45061922
E-Mail :	tina_deepika0809@yahoo.com mayor@drinternational.com chanderp2003@yahoo.co.in bhanwar@drinternational.com

Factory :	B – 96, Phase – II, Noida - 201301, Uttar Pradesh, India
Tel. No.:	91-120-2562759

DIRECTORS

As on 26.09.2011

Name :

Mr. Rohit Bhanwar Lal Jain

Designation :

Director

Address :

GB – 22, Shivaji Enclave, New Delhi – 110 027, India

Date of Birth/Age :

15.03.1983

Date of Appointment :

05.05.2009

DIN No.:

00626369

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L65910GJ1995PLC025312	ARIHANT CLASSIC FINANCE LIMITED	Managing director	1/4/2012	10/10/2000	-	Active	NO
2	U51495DL1996PTC081725	RISHAB SOFTECH SERVICES PRIVATE LIMITED	Director	15/03/2005	15/03/2005	8/10/2009	Active	NO
3	U25202DL2005PTC140370	DIPIKA POLYMERS PRIVATE LIMITED	Director	5/5/2009	5/5/2009	-	Active	NO
4	U25209DL2010PTC205434	I.K. POLYMERS NORTH PRIVATE LIMITED	Director	7/7/2010	7/7/2010	-	Active	NO
5	U24132DL1996PTC079867	D R INTERNATIONAL PRIVATE LIMITED	Director	1/9/2010	1/9/2010	-	Active	NO
6	U70101DL1999PTC100915	DEV KRIPA DEVELOPERS PRIVATE LIMITED	Director	20/05/2011	20/05/2011	-	Active	NO
7	U70101DL2011PTC227024	INNOVO INFRATECH PRIVATE LIMITED	Director	4/11/2011	4/11/2011	-	Active	NO

Name :

Mr. Rakesh Kumar Jain

Designation :

Director

Address :

224, Shiv Ganj, Ward No.19, District Sirohi, Rajasthan, India

Date of Birth/Age :

06.05.1984

Date of Appointment :

05.09.2005

DIN No.:

01086095

Name :

Mr. Anish R. Shah

Designation :

Director

Address :

A-65, Ramesh Nagar, New Delhi – 110 015, India

Date of Birth/Age :

03.06.1976

Date of Appointment :

05.09.2005

DIN No.:

00690736

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders		No. of Shares
Rakesh Kumar Jain		4000
Munny Jain		3000
Anish R. Shah		3000
Raman Kumar Kapur		37500
Mona Jain		110000
Rajiv Prakash Jain		40000
Varun Jain		15000
Jainendra Prakash Jain		35000
Narendra Prakash Jain		50000
Abhishek Jain		30000
Ravinder Prakash Jain		5000
Arihant Classic Finance Limited, India		302000
Rohit Jain		359375
Total		993875

As on 26.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	30.00
Directors or relatives of Directors	70.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of all kinds of Plastic Raw Materials.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, 9^th Floor, Ansal Classique Tower, Rajouri Garden, New Delhi – 110 027, India
Centurion Bank of Punjab Limited, J-2/4, Rajouri Garden, New Delhi – 110 027, India
ING Vysya Bank Limited, 55, Ground Floor, West Avenue Road, Punjabi Bagh, New Delhi – 110 026, India
Citibank N.A., Jeevan Bharti Building, 4^th Floor, 124 Connaught Circus, Connaught Place, New Delhi – 110 001, Delhi, India
Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
HDFC Bank (Against Hypothecation of Stock and Book Debt)	11.836
Axis Bank	0.000
Citi Bank-0325262001 (Against Hypothecation of Stock and Book Debt)	(1.142)	49.616
Ing Vysya Bank (Against Hypothecation of Stock and Book Debt)	7.235
FLC from Bank	54.043
Total	71.972	49.616

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loan from Director, Shareholders, Relative and Others	99.294	35.307
Loan from Body Corporates	18.254	14.583
Total	117.548	49.890


Banking Relations :	--

Auditors :
Name :	Chander Prakash and Company Chartered Accountants
Address :	207, Padma Tower – II, 22 Rajendra Place, New Delhi – 110 008, India
Tel. No.:	91-11-25731059/ 25731060/ 41539570
Mobile No.:	91-9810056108
Fax No.:	91-11-25741070
Qualification :	B.Com (Hons), F.C.A.
E-Mail :	ca@chanderparkash.com chanderp2003@yahoo.co.in
Website:	www.chanderparkash.com
PAN.:	AAHPP1487F

Associates Company :	· I.K. Polymer North Private Limited · D. R. International Private Limited · Arihant Classic Finace Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

993875	Equity Shares	Rs.10/- each	Rs. 9.939 Millions

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		9.939	9.939	6.345
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		48.128	45.350	20.161
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		58.067	55.289	26.506
LOAN FUNDS
1] Secured Loans		71.972	49.616	37.290
2] Unsecured Loans		117.548	49.890	63.381
TOTAL BORROWING		189.520	99.506	100.671
DEFERRED TAX LIABILITIES		0.022	0.059	0.025

TOTAL		247.609	154.854	127.202

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		27.106	7.497	1.489
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	122.412	58.836	109.557
	Sundry Debtors	151.662	104.922	139.911
	Cash & Bank Balances	0.084	0.848	3.495
	Other Current Assets	2.629	0.000	0.000
	Loans & Advances	42.931	60.383	29.231
Total Current Assets		319.718	224.989	282.194
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	74.902	43.880	92.404
	Other Current Liabilities	22.952	21.946	63.209
	Provisions	1.390	11.882	0.991
Total Current Liabilities		99.244	77.708	156.604
Net Current Assets		220.474	147.281	125.590

MISCELLANEOUS EXPENSES		0.029	0.076	0.123

TOTAL		247.609	154.854	127.202

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	719.871	708.267	495.263
		Other Income
		TOTAL	719.871	708.267	495.263

Less	EXPENSES
		Office Expenses
		Administrative Expenses	715.490	673.838	492.522
		Advertising Expenses
		TOTAL	715.490	673.838	492.522

	PROFIT BEFORE TAX		4.381	34.429	2.741

Less	TAX		1.354	12.023	1.054

	PROFIT AFTER TAX		3.027	22.406	1.687

	IMPORTS
		Trading Goods	709.482	638.795	458.005
	TOTAL IMPORTS		709.482	638.795	458.005

	Earnings Per Share (Rs.)		3.05	34.64	2.66

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.42	3.16	0.34

Return on Total Assets (PBT/Total Assets}	(%)	1.26	14.81	0.97

Return on Investment (ROI) (PBT/Networth)		0.08	0.62	0.10

Debt Equity Ratio (Total Liability/Networth)		4.97	3.21	9.71

Current Ratio (Current Asset/Current Liability)		3.22	2.89	1.80

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	(No)
10]	Designation of contact person	(No)
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	(Yes)
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 involved in	----------------------
23]	Banking Details	(Yes)
24]	Banking facility details	(Yes)
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)
31]	Date of Birth of Proprietor/Partner/Director, if available	(Yes)
32]	PAN of Proprietor/Partner/Director, if available	(No)
33]	Voter ID No of Proprietor/Partner/Director, if available	(No)
34]	External Agency Rating, if available	(No)

Note:

The registered office of the company has been shifted from E – 5, Mansarover Garden, New Delhi – 110 015 to the present address w.e.f. 01.08.2009.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25202DL2005PTC140370
Name of the company	DIPIKA POLYMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	G – 72, Kirti Nagar, New Delhi – 110 015, India bhanwar@drinternational.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge · Others (Whole CA (Both Present and Future))
Particular of charge holder	Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India dlbbcaddel@yesbank.in
Nature of instrument creating charge	Deed of Hypothecation Dated 23.03.2012.
Date of instrument Creating the charge	23.03.2012
Amount secured by the charge	Rs.51.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest BC-Comm. To be decided at the time of disbursement. OD (S.L of BC)-YBLBR+2.75%p.a, Current YBLBR is10.50% p.a, EROI is 13.25%p.a. FLC(S/U) (S.L of BC)-Comm.1%p.a to be charged only for Usance Letter of Credit. Terms of Repayment BC - 180 days. OD(S.L of BC) - Repayable on Demand. FLC(S/U) (S.L of BC) - Up to 180 days (including usance period of 120 days). Margin BC - 10% in the form of Fixed Deposit Receipts kept under lien with YBL. OD (S.L of BC) - Nil. FLC(S/U) (S.L of BC) - 10% in the form of Fixed Deposit Receipts kept under lien with YBL. Extent and Operation of the charge Subservient charge on all Current Assets (both present and future) of the Borrower.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Subservient charge on all Current Assets (both present and future) of the Borrower.

FIXED ASSETS

· Scooter

· Car

· Mobile Phone

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.55.14
UK Pound	1	Rs.86.00
Euro	1	Rs.68.31

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		33

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.

197,306,000

97,854,000

122,412,000

1,412,000

MIRA INFORM REPORT

122.412

58.836

109.557

151.662

104.922

139.911

0.084

0.848

3.495

2.629

0.000

0.000

42.931

60.383

29.231

319.718

224.989

74.902

43.880

92.404

22.952

21.946

63.209

1.390

11.882

0.991

99.244

77.708

220.474

147.281

125.590

0.42

3.16

0.34

1.26

14.81

0.97

0.08

0.62

0.10

4.97

3.21

9.71

3.22

2.89

1.80

Unit