MIRA INFORM REPORT

Report Date :

18.08.2012

IDENTIFICATION DETAILS

Name :	PLASTRULON PROCESSORS PRIVATE LIMITED (W.e.f. 26.03.2011)
Formerly Known As :	PLASTRULON PROCESSORS LIMITED
Registered Office :	B102, Sagar Garden, LBS Marg, Mulund (West), Mumbai – 400080, Maharashtra,
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.01.1978
Com. Reg. No.:	11-020071
Capital Investment / Paid-up Capital :	Rs.1.670 Millions
CIN No.: [Company Identification No.]	U25200MH1978PTC020071
TAN No.: [Tax Deduction & Collection Account No.]	MUMM21293G
PAN No.: [Permanent Account No.]	AAACP2834N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of plastic lined piping, valves and equipment.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 83000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payment are reported to be usually correct and as per commitment. The company can be considered for normal business dealing at usual trade terms and condition.

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 :	B102, Sagar Garden, LBS Marg, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel. No.:	91-22-25602533 / 25610520
Fax No.:	91-22-25642548
E-Mail :	aryalotlikar@gmail.com sales.india@plastrulon.com sales@plastrulon.com
Website :	www.plastrulon.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Madhusudan Pralhad Tulaskar

Designation :

Director

Address :

404-405, Munshi Apartment, 3A Nahur Road, Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

24.04.1942

Date of Appointment :

01.04.2002

DIN No.:

00057129

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	U29190MH1990PTC059403	PLAS TRULON FLUOROPIPING PRIVATE LIMITED	Director	13/12/1990	13/12/1990	-	Strike off	NO
2	U27109MH1996PTC098783	ARMYLON METALIKS PRIVATE LIMITED	Director	10/04/1996	10/04/1996	-	Active	NO
3	U25200MH1978PTC020071	PLASTRULON PROCESSORS PRIVATE LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO

Name :

Mrs. Padmarani Madhusudan Tulaskar

Designation :

Director

Address :

404-405, Munshi Apartment, 3A Nahur Road, Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

04.02.1947

Date of Appointment :

10.01.1998

DIN No.:

00057263

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	U29190MH1990PTC059403	PLAS TRULON FLUOROPIPING PRIVATE LIMITED	Director	13/12/1990	13/12/1990	-	Strike off	NO
2	U27109MH1996PTC098783	ARMYLON METALIKS PRIVATE LIMITED	Director	10/04/1996	10/04/1996	-	Active	NO
3	U25200MH1978PTC020071	PLASTRULON PROCESSORS PRIVATE LIMITED	Director	10/01/1998	10/01/1998	-	Active	NO

Name :

Mr. Manish Madhusudan Tulaskar

Designation :

Director

Address :

404-405, Munshi Apartment, 3A Nahur Road, Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

12.05.1972

Date of Appointment :

01.04.2002

DIN No.:

00057218

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	U29190MH1990PTC059403	PLAS TRULON FLUOROPIPING PRIVATE LIMITED	Director	13/12/1990	13/12/1990	-	Strike off	NO
2	U27109MH1996PTC098783	ARMYLON METALIKS PRIVATE LIMITED	Director	10/04/1996	10/04/1996	-	Active	NO
3	U25200MH1978PTC020071	PLASTRULON PROCESSORS PRIVATE LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Madhusudan Tulaskar	6000
Padmarani Tulaskar	7245
Manish Tulaskar	2750
Mansi Tulaskar	220
Avanti Tulaskar	220
Satish Wagdhare	160
Manvi Tulaskar J.H.W. Avanti Tulaskar	105
Total	16700

As on 02.07.2012

Names of Shareholders	No. of Shares
Madhusudan Tulaskar	2000
Padmarani Tulaskar	2000
Manish Tulaskar	3000
Technochem Industrial Service, India	3150
Armylon Metaliks Private Limited, India	3150
Total	13300

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of plastic lined piping, valves and equipment.

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity
Pipes	Km. p.a.	500
Valves	Pcs p.a.	10000

Particulars	Unit	Actual Production
Valves	Nos	1927
PTFE Lined Pipes and Fittings	Nos	1575
Moulded Articles	Nos	301

GENERAL INFORMATION

Suppliers :

· Anil Stores

· Armylon Metaliks Private Limited

· Ashok Paint Agencies

· Atul Bearing and Tools Corpn

· Besto Plast

· ChemFlon Fabritech

· Crystal Cast Private Limited

· Deepali Enterprises

· Five Brothers Corporation

· Indoflon Polymers

· Mabel Engineering Private Limited

· Mahalaxmi Sales Corporation

· Mahavir Sys Power Private Limited

· Malushte Steels and Pipes

· Merson India Private Limited

· National Trading Company

· Om Steel

· R K Engg

· R. K. Steel

· R.H. Enterprises

· Rekha Trading Company

· Renuka Sales

· S B Engg

· S.R. Corporation

· S.S. Enterprises

· Satyam Steel Profile

Customers :

· Ballarpur Industries Limited

· Chemplast Sanrriar Limited

· Graphite India Limited

· ITT Corporation India Limited

· Agies Flow Technologies LLC

· Hindustan Insecitcides Limited

· JSW Steel Limited

· Nagarjuna Agrichem Limited

· Specturm Ethers Limited

· Reliance Industries Limited - Gujarat

· Companhia Petroquimica Pernambuco

· G.I.E. INC.

No. of Employees :

Not Available

Bankers :

· Bank of Baroda, K C Jainagar, Paras Plaza, Near Maruti Temple, Ratnagiri - 415612, Maharashtra, India

· Bank of Baroda Kolhapui

· Bank of Baroda Alkapuri

· Bank of Baroda Mulund

· HDFC Bank Limited

· Oriental Bank of Commerce

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Hypothication (Against Raw Materials, Semi Finished and Finished Goods)	8.535	8.592
Sunderam Finance Limited (Against Car)	0.000	0.048
Packing Credit Against Export Orders (Against Car)	0.000	2.000
Against Bank Fixed Deposit	0.717	0.713
Total	9.252	11.353
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Directors - M P Tulaskar	0.150	0.000
Total	0.150	0.000

Banking Relations :	--
Auditors :
Name :	V.K. Thanawala Chartered Accountant
Address :	505, Abhay Steel House, 5th Floor, 22 Baroada Street, Iron Market, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-23486678 / 23484336
Fax No.:	91-22-23481151
Qualification :	B.Com, F.C.A
PAN.:	AAAPT3237C
Entities where Key Management Personnel or relatives of Key Management Personnel have significant influence :	· Indoflone Polymers · Techno Chem Industries Services · Armylon Metailks Private Limited · Chemflon Febritiech

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
33000	Equity Shares	Rs.100/- each	Rs.3.300 Millions
2000	Preference Shares	Rs.100/- each	Rs.0.200 Millions
	Total		Rs.3.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.100/- each	Rs.3.000 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
33000	Equity Shares	Rs.100/- each	Rs.3.300 Millions
2000	Preference Shares	Rs.100/- each	Rs.0.200 Millions
	Total		Rs.3.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16700	Equity Shares	Rs.100/- each	Rs.1.670 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		1.670	1.670	1.670
2] Share Application Money		1.330	0.000	0.000
3] Reserves & Surplus		17.800	15.108	13.429
4] (Accumulated Losses)		0.000	0.000	13.735
NETWORTH		20.800	16.778	28.834
LOAN FUNDS
1] Secured Loans		9.252	11.353	2.500
2] Unsecured Loans		0.150	0.000	0.000
TOTAL BORROWING		9.402	11.353	2.500
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		30.202	28.131	31.334
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.873	6.769	6.428
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.928	0.928	0.374
DEFERREX TAX ASSETS		0.246	0.165	0.165
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.727	7.391	14.608
	Sundry Debtors	4.791	9.957	5.429
	Cash & Bank Balances	23.934	4.646	4.655
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.542	10.130	9.947
Total Current Assets		40.994	32.124	34.639
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.082	9.710	4.935
	Other Current Liabilities	0.683	0.870	4.962
	Provisions	2.100	1.275	0.375
Total Current Liabilities		17.865	11.855	10.272
Net Current Assets		23.129	20.269	24.367
MISCELLANEOUS EXPENSES		0.026	0.000	0.000
TOTAL		30.202	28.131	31.334

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	47.223	48.169	38.363
		Other Income	1.048	0.668	0.171
		TOTAL (A)	48.271	48.837	38.534
Less	EXPENSES
		Cost of Materials	22.985	27.020	19.806
		Manufacturer Expenses	11.259	9.451	8.944
		Administrative Expenses	5.650	5.370	4.662
		Selling and Distribution Expenses	2.730	1.948	1.974
		Increase / (Decrease) in Stock	(0.354)	0.159	(0.010)
		TOTAL (B)	42.270	43.948	35.376
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.001	4.889	3.158
Less	FINANCIAL EXPENSES (D)		1.141	1.281	1.308
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.860	3.608	1.850
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.930	0.866	0.930
	PROFIT BEFORE TAX (E-F) (G)		3.930	2.742	0.920
Less	TAX (H)		1.238	1.063	0.642
	PROFIT AFTER TAX (G-H) (I)		2.692	1.679	0.278
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.349	6.670	6.392
	BALANCE CARRIED TO THE B/S		11.041	8.349	6.670
	EARNINGS IN FOREIGN CURRENCY		35.665	21.658	20.951
	IMPORTS
		Raw Materials	4.724	2.633	10.322
	TOTAL IMPORTS		4.724	2.633	10.322
	Earnings Per Share (Rs.)		161.20	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.58	3.44	0.72
Net Profit Margin (PBT/Sales)	(%)	8.32	5.69	2.40
Return on Total Assets (PBT/Total Assets}	(%)	8.39	7.05	2.24
Return on Investment (ROI) (PBT/Networth)		0.19	0.16	0.03
Debt Equity Ratio (Total Liability/Networth)		1.31	1.38	0.44
Current Ratio (Current Asset/Current Liability)		2.29	2.71	3.37

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	(Yes)
18]	Major customers	(Yes)
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)

FIXED ASSETS

· Building at Ratnagiri

· Office Building

· Garage

· Land

· Plant and Machinery

· Furniture and Fixture

· Dies

· Electricals Installation

· Office Equipment

· Drafting Machine

· Computer

· Measuring Instruments

· Cars

· Cycle

· Well

AS PER WEBSITE

PROFILE

Subject is a leading manufacturer of plastic lined piping systems and equipments. Founded in 1983, PLASTRULON has been serving the chemical process industry in India and other countries in the middle-east and south-east Asia as well as the USA.

Subject products find application in petrochemical industry, fertilizer/agrochemical industry, pharmaceutical industry, heavy and fine chemicals industry, pollution control plants and many other chemical and allied industries like VC-PVC, Chlor-alkali, Chloro-methane, caustic soda, HF, bromine and acid pickling plants.

Subject is totally commited to supplying quality products made to international standards. PLASTRULON has completed more than 600 project orders for companies in and outside India. and is registered as approved supplier with all the leading project consultants in India. PLASTRULON has a highy experienced and trained technical work-force, skilled in the processing of fluoro-plastics backed by a fully computerised design department.

Subject has acquired technical know-how in the field of processing of PTFE and other fluoro-plastics from Du-pont® and Carbone Lorraine® of France. PLASTRULON has also developed many innovative products technologies and processes in-house for customised requirements and is constantly striving to meet the needs of its customers.

Subject and its allied companies have manufacturing facilities which include computerised design and CAD department ,casting foundry, casting and component machining workshop, molds/dies and tooling workshop, PTFE liner extrusion facility, Injection and transfer molding facility, pipes/fittings and equipment fabrication shop, pipes/fittings lining facility and quality control and testing facility.

Subject works are located at Mumbai, Ratnagiri and Kolhapur; in the state of Maharashtra, India. The head quarters are at Mumbai and offices or representatives in all the major chemical industry regions in India like Baroda, Delhi, Bokaro steel city, Bhilai, Hyderabad and Chennai

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.70
UK Pound	1	Rs.87.55
Euro	1	Rs.68.85

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.