1. Summary Information

		Country	India
Company Name	TUFLITE POLYMERS LIMITED	Principal Name 1	Mr. Shashikant Hargovindas Shah
Status	Satisfactory	Principal Name 2	Mrs. Indira Shashikant Shah
		Registration #	08-23272
Street Address	No. 240/1, Ganesh Krupa, 18^th Cross, Sadashiva Nagar, Bangalore – 560 080, Karnataka, India
Established Date	15.01.1998	SIC Code	--
Telephone#	91-80-40063000	Business Style 1	Manufacturer
Fax #	91-80-42525270	Business Style 2	Supplier
Homepage	--	Product Name 1	Corrugated Sheets
# of employees	Not Available	Product Name 2	Scratch Resistant Sheets
Paid up capital	Rs.27,223,000/-	Product Name 3	Plastic Polymers
Shareholders	Directors or relatives of directors 100%	Banking	Citi Bank
Public Limited Corp.	No	Business Period	14 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (43)
Related Company
Relation	Country	Company Name	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	71,296,000	Current Liabilities	76,127,000
Inventories	43,684,000	Long-term Liabilities	2,868,000
Fixed Assets	7,235,000	Other Liabilities	77,000
Deferred Assets	000	Total Liabilities	79,072,000
Invest& other Assets	000	Retained Earnings	15,796,000
		Net Worth	43,143,000
Total Assets	122,215,000	Total Liab. & Equity	122,215,000
Total Assets (Previous Year)	17,746,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	278,090,000	Net Profit	13,822,000
Sales(Previous yr)	7,383,000	Net Profit(Prev.yr)	320,000

MIRA INFORM REPORT

Report Date :

14.08.2012

IDENTIFICATION DETAILS

Name :	TUFLITE POLYMERS LIMITED (w.e.f. 11.02.2009)
Formerly Known As :	SHAH POLYMERS EXIM LIMITED
Registered Office :	No. 240/1, Ganesh Krupa, 18^th Cross, Sadashiva Nagar, Bangalore – 560 080, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.01.1998
Com. Reg. No.:	08-23272
Capital Investment / Paid-up Capital :	Rs.27.223 Millions
CIN No.: [Company Identification No.]	U25200KA1998PLC023272
TAN No.: [Tax Deduction & Collection Account No.]	BLRS15791G
PAN No.: [Permanent Account No.]	AACCS0373F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Supplier of Corrugated Sheets, Scratch Resistant Sheets, Plastic Polymers, Advertising Materials, Sheets and Aluminium Glazing Profiles.
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 170000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for normal 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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 :	No. 240/1, Ganesh Krupa, 18^th Cross, Sadashiva Nagar, Bangalore – 560 080, Karnataka, India
Tel. No.:	91-80-40063000 / 42525261 / 23608926 / 42525252
Mobile No.:	91-9845212239 (Mr. Mayur Bhagat)
Fax No.:	91-80-42525270
E-Mail :	vishwanath@tuflite.in krishnamurthyhn@gmail.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Shashikant Hargovindas Shah

Designation :

Director

Address :

No. 1, Ashirwad, 1^st Main, 1^st Block, Rajmahal Vilas, 2^nd Stage, Bangalore – 560 094, Karnataka, India

Date of Birth/Age :

03.11.1941

Date of Appointment :

15.01.1998

DIN No. :

00403048

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	Company/ LLP Status	Defaulting status
1	U25200KA1998PLC023272	TUFLITE POLYMERS LIMITED	Director	15/01/1998	15/01/1998	Active	NO
2	U25190TN2010PTC078592	I.K POLYMERS (SOUTH) PRIVATE LIMITED	Additional director	09/05/2011	09/05/2011	Active	NO

Name :

Mrs. Indira Shashikant Shah

Designation :

Director

Address :

No. 1, Ashirwad, 1^st Main, 1^st Block, Rajmahal Vilas, 2^nd Stage, Bangalore – 560 094, Karnataka, India

Date of Birth/Age :

03.09.1944

Date of Appointment :

30.09.2000

DIN No. :

00403098

Name :

Mr. Mukeshkumar Shashikant Shah

Designation :

Director

Address :

No. 1, Ashirwad, 1^st Main, 1^st Block, Rajmahal Vilas, 2^nd Stage, Bangalore – 560 094, Karnataka, India

Date of Birth/Age :

02.10.1964

Date of Appointment :

15.01.1998

DIN No. :

01251401

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	Company/ LLP Status	Defaulting status
1	U25200KA1998PLC023272	TUFLITE POLYMERS LIMITED	Managing director	14/12/2010	15/01/1998	Active	NO
2	U72200KA1999PTC025593	DATALINE TRANSCRIPTION PRIVATE LIMITED	Director	12/08/1999	12/08/1999	Active	NO

Name :

Mrs. Neeta Mukesh Shah

Designation :

Director

Address :

No. 1, Ashirwad, 1^st Main, 1^st Block, Rajmahal Vilas, 2^nd Stage, Bangalore – 560 094, Karnataka, India

Date of Birth/Age :

16.10.1966

Date of Appointment :

30.09.2000

DIN No. :

01596604

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	Company/ LLP Status	Defaulting status
1	U25200KA1998PLC023272	TUFLITE POLYMERS LIMITED	Whole-time director	14/12/2010	30/09/2000	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Mukeshkumar Shashikant Shah	1117100
Deepak Shah	24750
Shashikant Hargovindas Shah	250100
Indira Shashikant Shah	540100
Neeta Mukesh Shah	600100
Divya Deepak Shah	100
T R Sundar	100
Nupur Shah	190000
Total	2722350

As on 28.06.2012

Names of Allottees	No. of Shares
Tileron Enterprises Pte Limited, Singapore	78487
Total	78487

As on 31.01.2012

Names of Allottees	No. of Shares
Ankit lepine private limited	1500
Maanor Investments Private Limited, India	21000
Pallavi Apartments Private Limited, India	4500
Pashupati Dealcom Private Limited, India	13000
Swift Residency Private Limited, India	30000
Deepak Shah	1235
Total	71235

As on 28.12.2011

Names of Allottees	No. of Shares
Tileron Enterprises Pte Limited, Singapore	95630
Total	95630

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Corrugated Sheets, Scratch Resistant Sheets, Plastic Polymers, Advertising Materials, Sheets and Aluminium Glazing Profiles.

Products :

· Corrugated Sheets

· Scratch Resistant Sheets

· Plastic Polymers

· Advertising Materials

· Optical Products

· Structural Sheets

· Profiles

PRODUCT DESCRIPTION	ITC CODE
Plastic Sheets	39206190

GENERAL INFORMATION

Suppliers :

· Shah Polymers

· Tileron Enterprises Company Limited

· LG Hausys Limited

· Suraj Printers

· Krishna Metals

· Aroma Sign Industries

· Colour Vision

· Anmol Trading Corporation

· Technosys

· Poly projects

· Bhagya Creations

· Sri Krishna Fibre Products

· Genesis Roofings

· A’ Plus International

Customers :

· Sreenidhi Industries

· Bhagyalakshmi Stickers

· Image Labels Private Limited

· Japan Metal Building Systems Private Limited

· Fine Arts Plastics

· Glass Ornate

· ICP (India) Private Limited

· Premier Screens

· SM Techno Lab

· Vijayanand Roadlines Limited

· Plaso India

· R T Enterprise

· The Opal Designers

· Tata Power Company Limited

· Balaji Industries

· Future Value Retails

No. of Employees :

Not Available

Bankers :

· Citi Bank N A, 506-507, Level-5, Prestige Meridian-2, # 30, M G Road, Bangalore – 560 001, Karnataka, India

· State Bank of Patiala

· Standard Chartered Bank

· The Karur Vysya Bank

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Loans and advance form banks	2.868	0.000
Total	2.868	0.000
Unsecured Loan
From others [Other loans and advances]	0.000	0.300
Total	0.000	0.300

Banking Relations :	--
Auditors :
Name :	Patel Mohan Ramesh and Company Chartered Accountants
Address :	# 163/1, 4^th Main, 7^th Cross, Chamrajpet, Bangalore – 560 018, Karnataka, India
Fax No.:	91-80-26677164
Website:	http://www.pmrco.org
Pan No.:	AABFP5408N
Associates/Subsidiaries :

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2967702	Equity Shares	Rs.10/- each	Rs.29.677 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2722350	Equity Shares	Rs.10/- each	Rs.27.223 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		27.223	0.500	0.500
2] Share Application Money		0.124	0.247	0.247
3] Reserves & Surplus		15.796	1.915	1.595
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		43.143	2.662	2.342
LOAN FUNDS
1] Secured Loans		2.868	0.000	0.000
2] Unsecured Loans		0.000	0.300	0.000
TOTAL BORROWING		2.868	0.300	0.000
DEFERRED TAX LIABILITIES		0.077	0.000	0.000
TOTAL		46.088	2.962	2.342
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.235	0.220	0.250
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.001	0.002
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	43.684	6.591	1.611
	Sundry Debtors	57.343	6.911	0.714
	Cash & Bank Balances	10.466	2.074	2.138
	Other Current Assets	2.016	1.479	0.848
	Loans & Advances	1.471	0.470	0.454
Total Current Assets		114.980	17.525	5.765
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	73.272	14.724	2.696
	Other Current Liabilities	2.855	0.005	0.378
	Provisions	0.000	0.055	0.601
Total Current Liabilities		76.127	14.784	3.675
Net Current Assets		38.853	2.741	2.090
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		46.088	2.962	2.342

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	278.090	7.383	40.980
		Other Income	6.370	0.024	0.256
		TOTAL (A)	284.460	7.407	41.236
Less	EXPENSES
		Net Purchase / Consumption	218.761	10.681	32.749
		Manufacturing Expenses and Direct Expenses	57.526	0.000	0.012
		Administrative, Selling and Other Expenses	21.618	1.199	1.056
		Increase / (Decrease) in Stock	(37.092)	(4.980)	6.926
		TOTAL (B)	260.813	6.900	40.743
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		23.647	0.507	0.493
Less	FINANCIAL EXPENSES (D)		1.472	0.002	0.007
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		22.175	0.505	0.486
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.383	0.030	0.034
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		20.792	0.475	0.452
Less	TAX (H)		6.910	0.155	0.145
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		13.882	0.320	0.307
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.915	1.595	1.288
	BALANCE CARRIED TO THE B/S		15.797	1.915	1.595
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	8.453	0.000	0.000
	Earnings / (Loss) Per Share (Rs.)		10.43	6.40	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.88	4.32	0.74
Net Profit Margin (PBT/Sales)	(%)	7.47	6.43	1.10
Return on Total Assets (PBT/Total Assets}	(%)	17.01	2.68	7.51
Return on Investment (ROI) (PBT/Networth)		0.48	0.18	0.19
Debt Equity Ratio (Total Liability/Networth)		1.83	5.67	1.57
Current Ratio (Current Asset/Current Liability)		1.51	1.19	1.57

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	No
11) Turnover of firm for last three years	No
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 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) PAN of Proprietor/Partner/Director, if available	No
32) Date of Birth of Proprietor/Partner/Director, if available	Yes
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 No. 1, MSR Industrial Estate, Gokula, Bangalore-560054, India to the present address w.e.f. 26.04.2010.

OPERATIONS AND FUTURE PROSPECTS:

The company has established good clientele over the years and expects better business in coming years. The directors are confident that the future prospect of the company is bright.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10251314
Corporate identity number of the company	U25200KA1998PLC023272
Name of the company	TUFLITE POLYMERS LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 240/1, Ganesh Krupa, 18^th Cross, Sadashiva Nagar, Bangalore – 560 080, Karnataka, India
Type of charge	Book Debts Movable Property (not being pledge) Others
Particular of charge holder	· Citi Bank N A, 506-507, Level-5, Prestige Meridian-2, # 30, M G Road, Bangalore – 560 001, Karnataka, India Email: mounika.kancheti@citi.com
Nature of description of the instrument creating or modifying the charge	Deed of Modification
Date of instrument Creating the charge	13.08.2011
Amount secured by the charge	Rs.72.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As may be stipulated by the bank from time to time Terms of Repayment All facilities are repayable on demand Margin As agreed from time to time. Extent and Operation of the charge First exclusive charge on the current assets (including stocks and book debts) and movable fixed assets (including Plant and machinery, office equipments, furniture and fittings, etc.) of the Borrower both present and future.
Short particulars of the property charged	First exclusive charge on the current assets (including stocks and book debts) and movable fixed assets(including Plant and machinery, office equipments, furniture and fittings, etc.) both present and future
Particulars of the present modification	Enhancing the credit limit from Rs.47.000 Millions to Rs. 72.500 Millions which is an increase of Rs. 25.500 Millions.

FIXED ASSETS:

· Computer

· Electrical Equipment and Installations

· Furniture and Fittings

· Electrical Equipments

· Air Conditioner

· Goods Vehicles

· Canteen Utensils

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.55.42
UK Pound	1	Rs.86.77
Euro	1	Rs.68.03

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	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

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.