MIRA INFORM REPORT

Report Date :

21.08.2012

IDENTIFICATION DETAILS

Name :	POLI-FILM INDIA PRIVATE LIMITED [w.e.f. 22.01.2010]
Formerly Known As :	POLI-BAND INDIA PRIVATE LIMITED
Registered Office :	102, Ranee Villa, 1^st Floor, Juhu Scheme, Road No. 10, Opposite Union Bank of India, Mumbai-400049, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.06.2008
Com. Reg. No.:	183730
Capital Investment / Paid-up Capital :	Rs. 12.000 millions
CIN No.: [Company Identification No.]	U74900MH2008PTC183730
TAN No.: [Tax Deduction & Collection Account No.]	MUMP26029D
PAN No.: [Permanent Account No.]	AAECP7113N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Surface Protection Films and Importer of Machinery.
No. of Employees :	30 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 15000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. It has incurred loss during 2011. Trade relations are reported as improving. Business is active. Payments are reported to be slow. The company can be considered for normal 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	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.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Mr. Pankaj Kapadia
Designation :	Finance Manager
Contact No.:	91-22-65569399
Date :	18.08.2012

LOCATIONS

Registered Office/ Factory 1 :	102, Ranee Villa, 1^st Floor, Juhu Scheme, Road No. 10, Opposite Union Bank of India, Mumbai-400049, Maharashtra, India
Tel. No.:	91-22-65569366
Fax No.:	91-22-26707566
E-Mail :	pankaj.polifilmindia@gmail.com
Website :	http://www.poli-film.com
Factory 2 :	Located at Vasai, District Thane, Maharashtra, India

DIRECTORS

As on 30.09.2011

Name :	Mr. Jens Kaufmann
Designation :	Director
Address:	Wipperfurth, Graf Von Galen Str. 6, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India
Date of Birth/Age :	04.02.1963
Date of Appointment :	02.09.2009
DIN No.:	02471307

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	U74900MH2008PTC183730	Poli-Film India Private Limited	Director	02/09/2009	02/02/2009	-	Active	NO

Name :	Mr. Martin Oliver Hummel
Designation :	Director
Address:	Wolfhagener Strass E-49, Wermelskirchen
Date of Birth/Age :	02.05.1961
Date of Appointment :	02.09.2009
DIN No.:	02310760

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	U74900MH2008PTC183730	Poli-Film India Private Limited	Director	02/09/2009	02/02/2009	-	Active	NO

Name :	Mr. Anil Digamber Bal
Designation :	Director
Address:	A-20, Abhijit Society, College Lane, Dadar, Mumbai-400028, Maharashtra, India
Date of Birth/Age :	22.05.1958
Date of Appointment :	01.10.2009
DIN No.:	02833179

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	U74900MH2008PTC183730	Poli-Film India Private Limited	Managing director	01/10/2009	01/10/2009	-	Active	NO

Name :	Mr. Raviv Byron
Designation :	Director
Address:	A-14, Pandurang Wadi, CHSL, 3^rd Floor, Juhu, Mumbai-400049, Maharashtra, India
Date of Birth/Age :	30.03.1951
Date of Appointment :	21.06.2008
DIN No.:	01947640

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	U74140MH2006PTC158774	Haitech Agro Soultions Private Limited	Director	16/01/2006	16/01/2006	-	Active	YES
2	U74900MH2008PTC183730	Poli-Film India Private Limited	Additional director	29/08/2008	21/06/2008	-	Active	NO
3	U24100MH2011PTC215051	Haifa Chem And Fertilisers Private Limited	Director	21/03/2011	21/03/2011	-	Active	NO
4	U33110MH2011PTC218660	Haitech Instruments And Medical Solutions Private Limited	Director	15/06/2011	15/06/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pankaj Kapadia
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Poli-Film GmbH, Germany	1199999
Runkil Christion	1
Total	1200000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Surface Protection Films and Importer of Machinery.
Exports :
Products :	Surface Protection Films
Countries :	· Dubai
Terms :
Selling :	L/C and Cash
Purchasing :	L/C and Cash

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Actual Production
Film	Kgs.	220657

GENERAL INFORMATION

Customers :

Others [Manufacture]

No. of Employees :

30 [Approximately]

Bankers :

Societe Generale Bank, Maker Chambers IV, 13^th Floor, P.O. Box 11635, Mumbai-400021, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Banks
Societe Generale Bank	6.862	0.000
Total	6.862	0.000
Unsecured Loan
From Others	25.928	25.645
From Directors / Managers	0.000	0.361
Total	25.928	26.006

Banking Relations :	--
Auditors :
Name :	G D Rajadhkyasha and Associates Chartered Accountants
Address :	427, A 4^th Floor, Shah and Nahar Industrial Estate, Sitaram Jadhav Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
Tel. No.:	91-22-24904017/2039
Pan No.:	AAHPR6330H
Holding Company :	Poli-Film GmbH, Germany

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs.10/- each	Rs.12.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs.10/- each	Rs.12.000 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		12.000	12.000	0.200
2] Share Application Money		0.000	0.000	3.200
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(8.187)	0.000	0.000
NETWORTH		3.813	12.000	3.400
LOAN FUNDS
1] Secured Loans		6.862	0.000	0.000
2] Unsecured Loans		25.928	26.006	0.000
TOTAL BORROWING		32.790	26.006	0.000
DEFERRED TAX LIABILITIES		0.863	0.000	0.000
TOTAL		37.466	38.006	3.400
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.974	17.932	0.048
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	3.471	2.232	0.000
	Sundry Debtors	11.235	0.000	0.000
	Cash & Bank Balances	0.937	13.501	2.719
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.715	5.137	0.032
Total Current Assets		18.358	20.870	2.751
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.091	3.893	0.083
	Other Current Liabilities	0.371	0.071	0.000
	Provisions	2.568	0.000	0.000
Total Current Liabilities		7.030	3.964	0.083
Net Current Assets		11.328	16.906	2.668
MISCELLANEOUS EXPENSES		0.164	0.204	0.193
PRE OPERATIVE EXPENSES		0.000	2.964	0.491
TOTAL		37.466	38.006	3.400

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income	30.467
		Other Income	0.256
		TOTAL (A)	30.723
Less	EXPENSES
		Office Expenses
		Administrative Expenses	36.090
		Advertising Expenses
		TOTAL (B)	36.090
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(5.367)
Less	FINANCIAL EXPENSES (D)		1.530
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(6.897)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.263
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(8.160)
Less	TAX (H)		0.027
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(8.187)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2.526
	IMPORTS
		Raw Materials	0.577
		Indigenous	22.972
	TOTAL IMPORTS		23.549
	Earnings / (Loss) Per Share (Rs.)		(6.82)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(26.65)	NA	NA
Net Profit Margin (PBT/Sales)	(%)	(26.78)	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	(18.41)	NA	NA
Return on Investment (ROI) (PBT/Networth)		(2.14)	NA	NA
Debt Equity Ratio (Total Liability/Networth)		10.44	2.50	0.02
Current Ratio (Current Asset/Current Liability)		2.61	5.26	33.14

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	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last one year	Yes
12) Profitability for last one year	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	Yes
20) Export / Import details (if applicable)	Yes
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 8, Hill Crest Co-operative Housing Society Limited, North South Road No. 10, Juhu Scheme, Mumbai-400049, Maharashtra, India to the present address w.e.f. 02.04.2012.

OPERATIONS:

The company commenced commercial production of surface protection film at the factory at Vasai, District Thane, Maharashtra in the month of April 2010. The company achieved sales of Rs.30.467 Millions and resulted into net loss of Rs.8.187 Millions during the first year for its operation. This was mainly on account of low margin and stiff competition from unorganized and small sectors. The company expects to improve its working results in the coming years with export orders on hand and expected improvement in the local market.

FORM 8

Corporate identity number of the company	U74900MH2008PTC183730
Name of the company	POLI-FILM INDIA PRIVATE LIMITED (w.e.f. 22.01.2010)
Address of the registered office or of the principal place of business in India of the company	8, Hill Crest Co-operative Housing Society Limited, North South Road No. 10, Juhu Scheme, Mumbai-400049, Maharashtra, India
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Societe Generale, Maker Chambers IV, 13^th Floor, P O Box 11635, Mumbai 400021, Maharashtra, India Email: milind.kulkarni@socgen.com
Nature of instrument creating charge	Hypothecation Agreement
Date of instrument Creating the charge	01.12.2010
Amount secured by the charge	Rs. 10.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As advised by the Bank from time to time. Terms of repayment Repayable on demand. The facility is valid till 31/10/2011. Extent and operation of the charge First and exclusive hypothecation charge over Stock and book debts, Plant and Machinery situated at the Company's manufacturing unit at Vasai District Thane Maharashtra to secure the repayment of Working Capital Loan.
Short particulars of the property charged (Including location of the property)	Stock and book debts, Plant and Machinery situated at the Company's manufacturing unit at Vasai Dist Thane Maharashtra

FIXED ASSETS:

· Factory Building civil Work

· Plant and Machinery

· Motor Car

· Computer Equipments

· Electrical Installations

· Furniture and Fixture

· Air Conditioner

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.55.70
UK Pound	1	Rs.87.55
Euro	1	Rs.68.85

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.