MIRA INFORM REPORT

Report Date :

24.08.2012

IDENTIFICATION DETAILS

Name :	PRADIP POLYFILS PRIVATE LIMITED
Registered Office :	Post Box No.69, NIF Compound, Chhapra Road, Navsari – 369445, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.11.1987
Com. Reg. No.:	04-010143
Capital Investment / Paid-up Capital :	Rs.28.000 Millions
CIN No.: [Company Identification No.]	U25209GJ1987PTC010143
TAN No.: [Tax Deduction & Collection Account No.]	SRTP00434A/ SRTP01612C
PAN No.: [Permanent Account No.]	AABCP7172J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Quality Polypropylene Filter Plates.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 250000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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 – 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 DECLINED

Management Non Co-operative

Contact No.: 91-2637-258668

LOCATIONS

Registered Office :	Post Box No.69, NIF Compound, Chhapra Road, Navsari – 369445, Gujarat, India
Tel. No.:	91-2637-258668/ 250667
Fax No.:	91-2637-259182
E-Mail :	account@windwell.com ppl@pradippolyfils.com
Website :	http://www.pradippolyfils.com

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Vijay Ratilal Kansara
Designation :	Managing Director
Address :	21, Sunder Nagar, Jamalpore, Navsari – 396445, Gujarat, India
Date of Birth/Age :	22.11.1961
Date of Appointment :	16.11.1987
DIN No.:	00105884
Name :	Mr. Ramesh Pranjivandas Kansara
Designation :	Director
Address :	502, Lakeview Appartment, Dudhia Talav, Arvind Marg, Navsari – 396445, Gujarat, India
Date of Birth/Age :	03.05.1939
Date of Appointment :	16.11.1987
DIN No.:	00107031
Name :	Mr. Pradip Ratilal Kansara
Designation :	Director
Address :	21, Sunder Nagar, Jamalpore, Navsari – 396445, Gujarat, India
Date of Birth/Age :	12.09.1955
Date of Appointment :	16.11.1987
DIN No.:	00106796
Name :	Mr. Shailesh Ratilal Kansara
Designation :	Director
Address :	26.12.1957
Date of Birth/Age :	21, Sunder Nagar, Jamalpore, Navsari – 396445, Gujarat, India
Date of Appointment :	16.11.1987
DIN No.:	00106854
Name :	Mr. Ketan Hasmukh Kansara
Designation :	Director
Address :	21, Sunder Nagar, Jamalpore, Navsari – 396445, Gujarat, India
Date of Birth/Age :	10.08.1969
Date of Appointment :	16.11.1987
DIN No.:	00106912
Name :	Mr. Anup Ramesh Kansara
Designation :	Additional Director
Address :	33, Sunder Nagar, Jamalpore, Navsari – 396445, Gujarat, India
Date of Birth/Age :	06.10.1982
Date of Appointment :	01.04.2011
DIN No.:	01510191
Name :	Mr. Amit Dineshbhai Kansara
Designation :	Additional Director
Address :	22, Sunder Nagar, Jamalpore, Navsari – 396445, Gujarat, India
Date of Birth/Age :	12.12.1978
Date of Appointment :	01.04.2011
Voter ID No.:	DFG1671833
DIN No.:	03498323
Name :	Mrs. Mrunal Jayeshbhai Kansara
Designation :	Additional Director
Address :	23, Sunder Nagar, Jamalpore, Navsari – 396445, Gujarat, India
Date of Birth/Age :	11.05.1981
Date of Appointment :	01.04.2011
Voter ID No.:	DFG1671767
DIN No.:	03498338

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Hasmukh P. Kansara	50000
Ramesh Pranjivandas Kansara	40000
Shailesh Ratilal Kansara	200000
Pradip Ratilal Kansara	150000
Vijay Ratilal Kansara	200000
Dinesh S. Kansara	20000
Jayesh S. Kansara	50000
Ketan Hasmukh Kansara	270000
Anup Ramesh Kansara	144000
Amit Dineshbhai Kansara	145000
Mrunal Jayeshbhai Kansara	100000
Sastyen P. Kansara	100000
Pratimaben R. Kansara	40000
Ilaben P. kansara	70000
Jayshreeben S. Kansara	150000
Jayanaben V. Kansara	150000
Arunabem D. Kansara	20000
Kaushikaben J. Kansara (HUF)	45000
Hasmukh P. Kansara (HUF)	30000
Ramesh P. Kansara (HUF)	40000
Jayesh S. Kansara (HUF)	45000
Dinesh S. Kansara (HUF)	25000
Pradip R. Kansara (HUF)	49000
Ritaben K. Kansara	100000
Kaushal P. Kansara	100000
Shailesh R. Kansara (HUF)	119000
Vijay R. Kansara (HUF)	119000
Ketan H. Kansara (HUF)	89000
Dipmala A. Kansara	30000
Jash A. Kansara	40000
Ishita M. Kansara	40000
Amruta A. Kansara	30000
Total	2800000

(AS ON 09.11.2011)

Names of Allottees	No. of Shares Allotted
Hasmukh P. Kansara	10000
Ramesh P. Kansara	8000
Shailesh R. Kansara	40000
Pradip R. Kansara	30000
Vijay R. Kansara	40000
Dinesh S. Kansara	4000
Jayesh S. Kansara	10000
Ketan H. Kansara	54000
Anup R. Kansara	28800
Amit D. Kansara	29000
Mrunal J. Kansara	20000
Satyen P. Kansara	20000
Pratimaben R. Kansara	8000
Ilaben P. Kansara	14000
Jayshreeben S. Kansara	30000
Naynaben V. Kansara	30000
Arunaben D. Kansara	4000
Kaushikaben J. Kansara	9000
Hasmukh P. Kansara (HUF)	6000
Ramesh P. Kansara (HUF)	8000
Jayesh S. Kansara (HUF)	9000
Dinesh S. Kansara (HUF)	5000
Pradip R. Kansara (HUF)	9800
Ritaben K. Kansara	20000
Kaushal P. Kansara	20000
Shailesh R. Kansara (HUF)	23800
Vijay R. Kansara (HUF)	23800
Ketan H. Kansara (HUF)	17800
Dipmala A. Kansara	6000
Jash A Kansara	8000
Ishita M. Kansara	8000
Amruta A. Kansara	6000
Total	560000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Quality Polypropylene Filter Plates.

Products :

Products Description	Item Code No.
Filter Plate	Not Applicable

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Filter Plates and Its Accessories	MT	--	1300	725.43

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Canara Bank

Main Branch Kadiawad, Navsari – 396 445, Gujarat, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Term Loans From FIS
Canara Bank – Machinery Term Loan - I	4.857	6.301
Canara Bank – Machinery term Loan -II	5.850	0.000
Canara Bank – Car Loan A/c	0.565	0.000
Working Capital
Canara Bank (Cash Credit) A/c	1.690	1.384
Canara Bank (Packing Credit) A/c	0.000	2.740
Total	12.962	10.425
NOTE: · Term Loan – I for Machineries purchased from Canara Bank, Main Branch, Navsari is secured by hypothecation of Land and Building. · Term Loan – II for Machineries purchased from Canara Bank, Main Branch, Navsari is secured by hypothecation of Land and Building. · Term Loan for Indigo Manza Car purchased from Canara Bank, Main Branch, Navsari is secured by hypothecation of Car. · Working Capital facilities from Canara Bank comprises of OCC Packing Credit and FBE/FDB limit of Rs.10.000 Millions against goods meant for export and FLC limit of Rs.18.300 Millions for Import of Raw materials. The said loan is secured by hypothecation of goods and Book debts and second charge over the machineries.
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Shareholders and Relatives	31.036	41.833
Total	31.036	41.833

Banking Relations :	--
Auditors :
Name :	JMN Associates Chartered Accountant
Address :	JMN House, Opposite Bombay House, Surat – 396445, Gujarat, India
PAN No.:	AAFPN6954R
Associates :	· NIF Mechanical Works Private Limited · Ultra Filtech

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3360000	Equity Shares	Rs.10/- each	Rs.33.600 Millions

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2800000	Equity Shares	Rs.10/- each	Rs.28.000 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		28.000	20.403	19.996
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		34.395	14.967	12.040
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		62.395	35.370	32.036
LOAN FUNDS
1] Secured Loans		12.962	10.425	5.162
2] Unsecured Loans		31.036	41.833	33.781
TOTAL BORROWING		43.998	52.258	38.943
DEFERRED TAX LIABILITIES		1.121	0.913	0.356
TOTAL		107.514	88.541	71.335
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		39.177	28.168	22.128
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	36.747	35.174	30.206
	Sundry Debtors	42.271	42.029	33.714
	Cash & Bank Balances	24.631	4.265	5.425
	Other Current Assets	23.959	10.746	9.590
	Loans & Advances	5.167	0.806	3.400
Total Current Assets		132.775	93.020	82.335
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	14.561	14.653	13.004
	Other Current Liabilities	19.700	1.959	5.881
	Provisions	30.177	16.035	14.243
Total Current Liabilities		64.438	32.647	33.128
Net Current Assets		68.337	60.373	49.207
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		107.514	88.541	71.335

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	169.590	71.329	95.540
		Other Income	1.010	1.995	5.348
		TOTAL	170.600	73.324	100.888
Less	EXPENSES
		TOTAL	130.111	569.140	78.580
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		40.489	17.184	22.308
Less/ Add	DEPRECIATION/ AMORTISATION		7.428	5.920	4.031
	PROFIT BEFORE TAX		33.061	11.264	18.277
Less	TAX		11.548	3.563	6.260
	PROFIT AFTER TAX		21.513	7.701	12.017
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		14.967	12.040	3.532
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	0.000
		Proposed Dividend @ 25% on Equity Shares of Rs.10/- each	7.000	4.080	2.999
		Tax on Dividend	1.163	0.694	0.510
	BALANCE CARRIED TO THE B/S		28.317	14.967	12.040
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	157.248	65.908	91.910
	TOTAL EARNINGS		157.248	65.908	91.910
	IMPORTS
		Raw Materials	60.641	24.783	37.159
		Stores & Spares	8.275	2.389	1.360
	TOTAL IMPORTS		68.916	27.172	38.519
	Earnings Per Share (Rs.)		0.77	0.38	6.01

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	12.61	10.50	11.91
Net Profit Margin (PBT/Sales)	(%)	19.49	15.79	19.13
Return on Total Assets (PBT/Total Assets}	(%)	19.23	5.33	17.50
Return on Investment (ROI) (PBT/Networth)		0.53	0.32	0.57
Debt Equity Ratio (Total Liability/Networth)		1.74	2.40	2.25
Current Ratio (Current Asset/Current Liability)		2.06	2.85	2.49

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	Yes
External Agency Rating, if available	No

BUSINESS PERFORMANCE :

During the year, the turnover of the company has increased to Rs.169.590 Millions against Rs.71.329 Millions in the previous year representing increase of 138%.

During the year 2010-11, the company has achieved net profit after depreciation and tax of Rs.22.154 Millions as against Rs.7.702 Millions in 2009-10. The increase in profit is mainly due to increase in turnover of Rs.98.261 Millions.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	80008958
Corporate identity number of the company	U25209GJ1987PTC010143
Name of the company	PRADIP POLYFILS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Post Box No. 69, NIF Compound, Chhapra Road, Navsari – 369445, Gujarat, India account@windwell.com
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	Canara Bank Main Branch, Navasari – 396445, Gujarat, India ahd1151@canbank.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental common hypothecation agreement and letter evidencing deposit of title deeds for additional limit granted on the very security (property) already given to the bank.
Date of instrument Creating the charge	10.03.2011
Amount secured by the charge	Rs.41.170 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest 1. PC/FDB/FBE Rs.8.500 Millions - 9.5% Base Rate + 1.50(9+.50) 2. OCC Rs.1.500 Millions -13.00% pa (base rate + 4.00%) 3. Term Loan (ST) Rs.6.670 Millions - Base Rate + 4.5%, Floating, Presently 13.50% Terms of Repayment To be repaid in 54 Months. 53 monthly installment of Rs.0.124 Million and alst installment of Rs.0.123 Million interest as and when due including during moratorium period. Margin 1. PC/FDB/FBE Rs.8.500 Millions - PC -10% on FOB value 20% other FDB/FBE-NIL 2. OCC Rs.1.500 Millions - 25% 3. Term Loan (ST) Rs.6.670 Millions - 28.56% for machineries and accessories to be financed. Extent and Operation of the charge This Charge will operate against all the stocks, raw materials, work in progress, book debts and machineries.
Date of latest modification prior to the present modification	10/12/2009
Particulars of the present modification	The present modification will increase the charge on assets from Rs.34.500 Millions to Rs.41.170 Millions by the creation of additional term loan of Rs.6.670 Millions. The CC limit after modification will be Rs.28.300 Millions and Term loan-1 of Rs.6.200 Millions and Term Loan-2 of Rs.6.670 Millions.

FIXED ASSETS:

· Building

· Plant and Machinery

· Dies and Equipments

· Electrification A/c

· Furniture and Fixture

· Motor Cycle

· Computer

· Accessories and Equipment

· Office Equipment

· Software development

· Motor Car

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.55.19
UK Pound	1	Rs.87.65
Euro	1	Rs.69.16

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION		0
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.