MIRA INFORM REPORT

Report Date :

04.12.2012

IDENTIFICATION DETAILS

Name :	CREST COMPOSITES AND PLASTICS PRIVATE LIMITED
Registered Office :	Survey No. 609, Village, Shetra, District Kheda, Ahmedabad-387560, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.09.1989
Com. Reg. No.:	04-012778
Capital Investment / Paid-up Capital :	Rs.14.925 Millions
CIN No.: [Company Identification No.]	U25209GJ1989PTC012778
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of a Wide Range of International Quality Resins for a Diverse Range of Applications And Requirements.
No. of Employees :	100 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 412000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Even though the company has achieved some growth in its sales turnover during 2012, the profitability appears to be low. However, trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered 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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB – [Fund Based - Cash Credit and Term Loan] [Suspended]
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	November 2012

Rating Agency Name	ICRA
Rating	A3 [Non Fund Based – Letter of Credit]
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	November 2012

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. Pankaj Dave
Designation :	Accounts Department
Contact No.:	91-2694-281351

LOCATIONS

Registered / Head Office / Factory :	Survey No. 609, Village, Shetra, District Kheda, Ahmedabad-387560, Gujarat, India
Tel. No.:	91-2694-281351 / 2694281694 / 2694281352
Mobile No.:	91-9426175245 (Mr. Ranjeet Sen) 91-9426417352 (Mr. Susanta Kumar Pramanik)
Fax No.:	91-2694-281352
E-Mail :	crespolad@sancharnet.in cpol@crestcomposites.com
Website :	http://www.crestcomposites.com
Location :	Owned
Corporative / Administrative Office :	E-44, Satellite Apartment, Near Kameshwar School Road, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-65121758
Fax No.:	91-79-66610991
Regional Representation :	Located At: · Chennai · Mumbai · Kolkata

DIRECTORS

AS ON 10.09.2012

Name :

Mr. Ranjit Sen

Designation :

Director

Address :

G-44, Satallite Appa Rtment, Jodhpur, 4 Road, Cross Sing Satellite, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

28.08.1958

Date of Appointment :

22.09.1989

Din No.:

00471492

Name :

Mr. Susant C Pramanik

Designation :

Director

Address :

C-502, Sagun Caasa, Opposite Vrujvihar Towers, Satelite, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

10.10.1972

Date of Appointment :

02.02.2007

Din No.:

01276292

Name :

Mr. Prakash Ramesh Udeshi

Designation :

Director

Address :

401, Shikhar, 3 Manilaxmi Society, Vibhag – B, Behind Drive In Cinema, Gurukul, Ahmadebad-380054, Gujarat, India

Date of Birth/Age :

05.10.1972

Date of Appointment :

05.10.2008

Din No.:

01619756

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	U25209GJ1989PTC012778	CREST COMPOSITES AND PLASTICS PRIVATE LIMITED	Director	05/10/2006	05/10/2006	-	Active	NO
2	U65910GJ1994PTC021742	SYNERGY FINANCIAL SERVICES PRIVATE LIMITED	Director	12/04/2007	12/04/2007	-	Active	NO
3	U74140GJ2010PTC060669	AMIGOS FINSERVE PRIVATE LIMITED	Director	12/05/2010	12/05/2010	26/04/2012	Active	NO

Name :

Mr. Raja Gopal Rangachari

Designation :

Director

Address :

502-Kanha Parthsar, Tyavnue, 132-Ft. Ring Raod, Satelite, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

30.12.1952

Date of Appointment :

01.07.2005

Din No.:

00118219

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	U51909GJ1985PTC008149	TRINITY MARKETING PRIVATE LIMITED	Director	01/06/2005	01/06/2005	Active	NO
2	U51494GJ2005PTC046302	TRINITY GENEXT SUPPLY PRIVATE LIMITED	Director	22/06/2005	22/06/2005	Active	NO
3	U25209GJ1989PTC012778	CREST COMPOSITES AND PLASTICS PRIVATE LIMITED	Director	01/07/2005	01/07/2005	Active	NO
4	U74910MH2012PTC234925	NOVA HUMAN RESOURCES OUTSOURCING PRIVATE LIMITED	Director	24/08/2012	24/08/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Pankaj Dave
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 10.09.2012

Names of Shareholders	No. of Shares
Ranjit Sen	63098
Ashutosh Vaidya	8349
Sunanda Bose	11830
Surjit Sen	2761
Suhita Sinha	328
Sukhendu Dasgupta	200
Suparna Sen	3940
Ashok Sharma	4760
S B Sharma	180
V L Gadre	1
Supriya Sen	5115
R R Gopal	7598
Susant C Pramanik	500
Gayatri Sen	590
Ami Udeshi	3000
Saraswati Pramanik	7000
Benasedo Spa	28500
TOTAL	147750

AS ON 10.09.2012

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]	19.29
Directors or relatives of directors	80.71
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of a Wide Range of International Quality Resins for a Diverse Range of Applications And Requirements.

GENERAL INFORMATION

No. of Employees :

100 [Approximately]

Bankers :

· Oriental Bank of Commerce, G-2, Samedh, Near Associated Petrol Pump, C G Road, Ahmedabad-380006, Gujarat, India

· Bank of India, Panchvati, Ellisbridge, Ahmedabad-380006, Gujarat, India

· HDFC Bank Limited

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Secured Loan	142.531	65.295
TOTAL	142.531	65.295
Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Unsecured Loan	142.531	65.295
TOTAL	142.531	65.295

Banking Relations :	--
Auditors :
Name :	Milind A. Joshi and Associates Chartered Accountants
Address :	Dharmakook, Rambari, Bhadra, Ahmedabad-380001, Gujarat, India
PAN No:	AAPMP0845Q

CAPITAL STRUCTURE

AS ON 10.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
147750	Equity Shares	Rs.100/- each	Rs.14.775 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
149250	Equity Shares	Rs.100/- each	Rs.14.925 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		14.925	14.775	11.925
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		88.282	81.772	38.885
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		103.207	96.547	50.810
LOAN FUNDS
1] Secured Loans		142.531	65.295	47.047
2] Unsecured Loans				10.012
TOTAL BORROWING		142.531	65.295	57.059
DEFERRED TAX LIABILITIES		6.465	4.059	3.766
TOTAL		252.203	165.901	111.635
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		134.566	70.219	71.282
Capital work-in-progress		0.000	12.896	7.200
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	66.559	55.347	51.191
	Sundry Debtors	223.710	159.839	117.574
	Cash & Bank Balances	21.479	11.816	7.297
	Other Current Assets	0.527	0.691	0.000
	Loans & Advances	25.280	16.202	11.575
Total Current Assets		337.555	243.895	187.637
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	205.297	150.272	115.753
	Other Current Liabilities	8.676	8.564	37.236
	Provisions	5.945	4.273	1.694
Total Current Liabilities		219.918	163.109	154.683
Net Current Assets		117.637	80.786	32.954
MISCELLANEOUS EXPENSES		0.000	0.000	0.199
TOTAL		252.203	163.901	111.635

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	701.613	590.092	467.640
		Other Income	1.027	1.697	0.624
		TOTAL (A)	702.640	591.789	468.264
Less	EXPENSES
		Consumption of Materials	589.342	497.791
		Employee Benefits Expenses	15.959	12.988
		Other Expenses	59.395	52.044	430.385
		Changes in Inventories of Finished Goods, Stock in Process and Stock in Trade	(3.168)	(3.210)
		TOTAL (B)	661.528	559.613	430.385
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		41.112	32.176	37.879
Less	FINANCIAL EXPENSES (D)		14.345	9.127	7.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		26.767	23.049	30.879
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.337	13.200	6.448
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		11.430	9.849	24.431
Less	TAX (H)		4.707	2.793	7.765
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		6.723	7.056	16.666
	EARNINGS IN FOREIGN CURRENCY		3.432	1.519	NA
	IMPORTS		56.851	87.555	NA
	Earnings / (Loss) Per Share (Rs.)		45.45	54.73	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.96	1.19	3.55
Net Profit Margin (PBT/Sales)	(%)	1.63	1.67	5.22
Return on Total Assets (PBT/Total Assets}	(%)	2.42	3.14	9.44
Return on Investment (ROI) (PBT/Networth)		0.11	0.10	0.48
Debt Equity Ratio (Total Liability/Networth)		3.52	2.37	4.17
Current Ratio (Current Asset/Current Liability)		1.53	1.50	1.21

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	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	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	Yes

OPERATIONS:

The company was able to increase the sales tonnage, turnover as well as its operational margin during the year as compared to the previous year. They were however constrained with high raw material costs, coupled with high interest rates.

The operation were also hampered with the step weakening of the Indian rupee vis-à-vis U.S. Dollars. With regular raw material imports being done at their end on credit against L/C, the increase payment of imports had an impact on the bottom line of the company.

The increase in percentage growth of sales and tonnage as compared to the previous year are as under:
	2011-2012	2010-2011	Increase
Sales Value [Rs. in Millions ]	801.794	668.760	19.89%
Sales Tonnage [Kgs.]	6.141	5.566	10.32%

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10011732
Corporate identity number of the company	U25209GJ1989PTC012778
Name of the company	CREST COMPOSITES AND PLASTICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No. 609, Village, Shetra, District Kheda, Ahmedabad-387560, Gujarat, India
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge
Particular of charge holder	Oriental Bank of Commerce, G-2, Samedh, Near Associated Petrol Pump, C G Road, Ahmedabad-380006, Gujarat, India Email: bm1051@obc.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental agreement to secure credit / loan facilities; agreement of term loan
Date of instrument Creating the charge	29.02.2012
Amount secured by the charge	Rs.223.225 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit and Term Loan I to V - BR + 3% and Term Loan VI - BR + 3.5% Terms of Repayment As Per Original Agreement Margin As Per Original Agreement Extent and Operation of the charge First Charge Till Repayment of Credit Facility
Short particulars of the property charged	Hypothecation of stock and book debts, existing and future plant and machinery including fixed assets of the company. Hypothecation of all the inventories of the unit (existing and Future) i.e. stocks of raw material, consumable, finished goods, semi finished goods, stores, spares and receivables of the Company.
Date of latest modification prior to the present modification	22.11.2010
Particulars of the present modification	Bank has enhanced the said credit facility by Rs. 14.800 Millions making aggregate charge to Rs. 223.225 Millions.

FIXED ASSETS

· Land

· Shed and Building

· Plant and Machinery

· Laboratory Instruments

· Electrical Installations

· Office Equipments

· Furniture and Fixture

· Vehicle

· Ancillaries Equipments

· Technical Know how

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 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.54.56
UK Pound	1	Rs.87.45
Euro	1	Rs.71.08

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	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		36

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.