MIRA INFORM REPORT

Report Date :

30.08.2012

IDENTIFICATION DETAILS

Name :	LILA POLYMERS PRIVATE LIMITED
Registered Office :	123, Mittal Tower, C Wing, 12^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.12.2002
Com. Reg. No.:	11-138388
Capital Investment / Paid-up Capital :	Rs. 2.020 Millions
CIN No.: [Company Identification No.]	U24134MH2002PTC138388
IEC No.:	0303018011
TAN No.: [Tax Deduction & Collection Account No.]	MUML04277A
PAN No.: [Permanent Account No.]	AAACL8784H
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Exporter and Importer of Polymers.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 190000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB- (Bill Discounting)
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	03.10.2011

Rating Agency Name	CRISIL
Rating	A3 (Bank Guarantee)
Rating Explanation	Moderate degree of safety
Date	03.10.2011

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

Name :	Mr. Mathew George
Designation :	Accounts Manager
Contact No.:	91-22-40831111
Date :	30.08.2012

LOCATIONS

Registered Office :	123, Mittal Tower, C Wing, 12^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-40831111/ 1112 (100 Lines) / 28514616 / 66306541
Mobile No.:	91-9987037405 (Mr. Mathew George)
Fax No.:	91-22-40831122
E-Mail :	mathew@lilapolymers.com jrt@lilapolymers.com
Website :	http://www.lilapolymers.com
Area:	957 sq. ft.
Location:	Owned
Branch Office:	189/V, Shed No. 5, Bahutha Savli, Vadodara – 391 770, Gujarat, India
Location:	Rented
Warehouse :	Located at: · Thane · Vadodara
Associate Offices:	· Singapore · Indonesia · Bangladesh · Korea

DIRECTORS

AS ON 29.09.2011

Name :	Mr. Jagdish Ranjit Tanna
Designation :	Director
Address :	Flat No. 11, Neel Sagar, Agkhan Road, Worli Sea Face, Mumbai – 400 018, Maharashtra, India
Date of Birth/Age :	11.04.1969
Qualification:	Graduate
Date of Appointment :	24.12.2002
DIN No.:	00494471
Name :	Mrs. Reshma Jagdish Tanna
Designation :	Director
Address :	Flat No. 11, Neel Sagar, Agkhan Road, Worli Sea Face, Mumbai – 400 018, Maharashtra, India
Date of Birth/Age :	27.11.1970
Qualification:	Graduate
Date of Appointment :	24.12.2002
DIN No.:	00494514

KEY EXECUTIVES

Name :	Mr. Mathew George
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Jagdish Ranjit Tanna	117000
Reshma Jagdish Tanna	63000
Archanaa Vinay Birla	9000
Quest Profin Advisor Private Limited, India	4000
ANS Global Limited, Bangladesh	9000
TOTAL	202000

AS ON 29.09.2011

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	93.56
Others	6.44
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Trader, Exporter and Importer of Polymers.
Products :	Polymers · Polyethylene Low Density Polyethylene (LDPE) Linear Low Density Polyethylene (LLDPE) High Density Polyethylene (HDPE) Raffia Grade1 HMHDPE · Polypropylene Polypropylene (PP) · Polyethylene Terephthalate (PET) Bottle Grade Fiber Grade · Polyvinyl Chloride Polyvinyl Chloride (PVC) · Styrenes General Purpose Polystyrene (GPPS) High Impact Polystyrene (HIPS) Acrylonitrile Butadiene Styrene (ABS) Other Products Carbon Black HDPE PIPES Chemicals · Alcohols Methanol · Anhydrides Phthalic Anhydride · Chloralkali Chemicals Caustic Soda · Fibre Intermediates Caprolactam (CPL) Triethylene Glycol (TEG) Monoethylene Glycol (MEG) Diethylene Glycol (DEG) · Others Phosphoric acid (Food Grade and Technical Grade) Paraffin Wax (Fully refined and Semi refined) Hydrogen Peroxide Titanium Dioxide (Anatase and Rutile) · General Commodities Finished Products PP Ropes Baler Twines · Metal Products Iron and Steel High Melting Scrap 1 (HMS 1) High Melting Scrap 2 (HMS 2) Steel billets
Exports :
Countries :	Europe
Imports :
Products :	Polymers
Countries :	Far East Countries Singapore Hong Kong America Dubai
Terms :
Selling :	L/C, CAD
Purchasing :	L/C, CAD

GENERAL INFORMATION

Suppliers :

• Mits Shupsha

Customers :

• Manufacturer

No. of Employees :

25 (Approximately)

Bankers :

· Canara Bank, Mandvi Branch, Sujeer House, 74, 76, Kazi Sayed Street, Mumbai- 400 003, Maharashtra, India

· Standard Chartered Bank, SME Credit, Crescenzo, 3A/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India

· HDFC Bank

· IDBI Bank

· ICICI Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Kotak Mahindra Prime Limited		1.480
Bill Discounting – Canara Bank	23.420	0.000
TOTAL	23.420	1.480

Banking Relations :	--
Auditors :
Name :	Jatin G. Solanki Chartered Accountants
Address :	2/59, Gokul, R B Mehta Marg, Ghatkopar, Mumbai – 400 077, Maharashtra, India
Tel. No.:	91-22-21027981
PAN No.:	AABPS5281J
Sister Concern :	Lila Polymers (Proprietorship Firm) Address : 123, Mittal Tower, 12^th Floor, C Wing, Nariman Point, Mumbai – 400021, Maharashtra, India Line of Business: Trader and Importer of Polymers.

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
202000	Equity Shares	Rs.10/- each	Rs. 2.020 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		2.020	2.020	1.890
2] Share Application Money		0.000	0.000	9.500
3] Reserves & Surplus		45.878	39.274	19.411
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		47.898	41.294	30.801
LOAN FUNDS
1] Secured Loans		23.420	1.480	5.483
2] Unsecured Loans		19.532	22.888	9.973
TOTAL BORROWING		42.952	24.368	15.456
DEFERRED TAX LIABILITIES		0.000	0.009	0.000
TOTAL		90.850	65.671	46.257
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.791	5.224	1.296
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.226	0.000	0.000
DEFERREX TAX ASSETS		0.043	0.000	0.035
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.030	23.781	20.107
	Sundry Debtors	24.401	16.958	19.102
	Cash & Bank Balances	11.504	18.659	16.764
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	50.379	12.313	27.876
Total Current Assets		115.314	71.711	83.849
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	29.524	11.268	38.930
	Other Current Liabilities
	Provisions	0.000	0.000	0.000
Total Current Liabilities		29.524	11.268	38.930
Net Current Assets		85.790	60.443	44.919
MISCELLANEOUS EXPENSES		0.000	0.004	0.007
TOTAL		90.850	65.671	46.257

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	955.931	687.648	528.524
		Other Income	NA	NA	3.098
		TOTAL (A)	NA	NA	531.622
Less	EXPENSES
		Cost of Goods Sold	984.301	706.227	512.893
		Indirect Expenses			12.136
		TOTAL (B)	984.301	706.227	525.029
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	NA	6.593
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	NA	0.438
	PROFIT BEFORE TAX (E-F) (G)		9.644	10.126	6.155
Less	TAX (H)		3.040	3.233	2.034
	PROFIT AFTER TAX (G-H) (I)		6.604	6.893	4.121
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	11.980
	BALANCE CARRIED TO THE B/S		NA	NA	16.101
	Earnings Per Share (Rs.)		32.69	34.12	21.80

Particulars	31.03.2012
Sales Turnover (Approximately)	1120.000

Expected Sales (2012-2013) : Rs. 1600.000 Millions

The above information has been parted by Mr. Mathew.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	0.78
Net Profit Margin (PBT/Sales)	(%)	1.01	1.47	1.16
Return on Total Assets (PBT/Total Assets}	(%)	8.09	13.16	7.23
Return on Investment (ROI) (PBT/Networth)		0.20	0.25	0.20
Debt Equity Ratio (Total Liability/Networth)		1.51	0.86	1.77
Current Ratio (Current Asset/Current Liability)		3.91	6.36	2.15

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	Yes
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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
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]	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	Yes

NOTE

Sundry creditors details are not available.

FORM 8

Corporate identity number of the company	U24134MH2002PTC138388
Name of the company	LILA POLYMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	123, Mittal Tower, C Wing, 12^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Standard Chartered Bank, SME Credit, Crescenzo, 3A/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India
Nature of instrument creating charge	Hypothecation Agreement
Date of instrument Creating the charge	12.05.2012
Amount secured by the charge	Rs. 100.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As agreed by and with the Bank from time to time. Terms of repayment As agreed by and with the Bank from time to time. Margin As applicable, if any. Extent and operation of the charge The Bank is having is having pari passu charge with Canara Bank on the security given by the Company
Short particulars of the property charged (Including location of the property)	Hypothecation by way of pari passu charge on: a) All the stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise b) All the present and future book debts, outstanding moneys receivable, claims and bills.

TRADE REFERENCES

• Mits Shupsha

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. 55.66
UK Pound	1	Rs. 88.04
Euro	1	Rs. 69.91

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		41

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.