MIRA INFORM REPORT

Report Date :

10.12.2012

IDENTIFICATION DETAILS

Name :	PSV POLYMERS PRIVATE LIMITED (w.e.f.18.09.2012)
Formerly Known As :	TOSHNIWAL ASSOCIATES PRIVATE LIMITED
Registered Office :	E-156, Mandore Industrial Area, Jodhpur - 342001, Rajasthan
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.04.1995
Com. Reg. No.:	17-009859
Capital Investment / Paid-up Capital :	Rs. 8.000 Millions
CIN No.: [Company Identification No.]	U24119RJ1995PTC009859
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Agro Products including Gum, Guar, etc.
No. of Employees :	Not Available

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 237000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The latest financial is missing from government department. However, from the previous year record the company appears to be satisfactory. Trade relations are reported to be fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealing with some cautions.

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

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 :	E-156, Mandore Industrial Area, Jodhpur - 342001, Rajasthan, India
Tel. No.:	91-291-2577144
Fax No.:	91-291-2577144
E-Mail :	kalani@datainfosys.net info@psvpolymers.com shrey@psvpolymers.com
Website :	http://www.psvpolymers.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Pawan Kumar Jain

Designation :

Director

Address :

50, Mahaveer Nagar, Residency Road, Jodhpur – 342003, Rajasthan, India

Date of Birth/Age :

09.09.1972

Date of Appointment :

30.06.2002

DIN No.:

00338546

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	U24119RJ1995PTC009859	PSV POLYMERS PRIVATE LIMITED	Director	30/06/2002	30/06/2002	-	Active	NO
2	U45201RJ1994PTC009189	LALIT CONVERTERS PRIVATE LIMITED	Director	26/09/2009	20/10/2008	-	Active	NO
3	U25201RJ1988PTC004535	E P I MACHINE PRIVATE LIMITED	Director	20/03/2010	20/03/2010	12/08/2011	Active	NO

Name :

Mrs. Sehjal Jain

Designation :

Director

Address :

50, Mahaveer Nagar, Residency Road, Jodhpur – 342003, Rajasthan, India

Date of Birth/Age :

25.04.1972

Date of Appointment :

30.06.2002

DIN No.:

00338612

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	U24119RJ1995PTC009859	PSV POLYMERS PRIVATE LIMITED	Director	30/06/2002	30/06/2002	-	Active	NO
2	U45201RJ1994PTC009189	LALIT CONVERTERS PRIVATE LIMITED	Director	26/09/2009	20/10/2008	-	Active	NO
3	U25201RJ1988PTC004535	E P I MACHINE PRIVATE LIMITED	Director	20/03/2010	20/03/2010	30/07/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Ramesh Kumar Shivnani
Designation :	Company Secretary
Address :	B-4, Om Shree Tower, Opposite J.P. Phatak, Near Lotus Dairy, Sahkar Marg, Jaipur, Rajasthan, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Pawan Kumar Jain	685900
Sehjal Jain	114100
Total	800000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Agro Products including Gum, Guar, etc.

Products :

ITC Code	Product Descriptions
Guar Gum and Guar Gum Powder	130232.03

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Guar Gum Powder	M.T.	N.A.	3000.00	1947.72
Guar Dal Korma	M.T.	N.A.	4000.00	1200.00
Guar Korma/ Churi	M.T.	N.A.	4000.00	2700.00

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø Axis Bank Limited, Plot No. 654, Prince Tower, Residency Road, Near Jaljog Circle, Jodhpur – 342001, Rajasthan, India

Ø UCO Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Term Loan
UCO Bank	0.000	(0.303)
Working Capital Loans
UCO Bank Packing Credit	0.000	108.547
UCO Bank Cash Credit	0.000	0.967
UCO Bank FBP	0.000	18.645
Axis Bank Packing Credit	118.436	0.000
Axis Bank Cash Credit	26.167	0.000
Axis Bank FBP	1.437	0.000
Vehicle Loans
Axis Bank	1.750	0.000
Total	147.790	127.856
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Banks	3.044	0.000
From Shareholders	11.130	8.121
Total	14.174	8.121

Banking Relations :	--
Auditors :
Name :	SCM Associates Chartered Accountants
Address :	Opposite Kankaria Building, Chopasni Road, Jodhpur – 342001, Rajasthan, India
Income-tax PAN of auditor or auditor's firm :	AAMFS8014N
Subsidiaries :	Lalit Converters Private Limited [U45201RJ1994PTC009189]
Enterprises over which significant influence can be exercised by persons at :	Ø Pee Ess Impex Ø P.S. Logistics Ø Vadera Internationals Ø Shrey Enterprises

CAPITAL STRUCTURE

AFTER 29.09.2012

Authorised Capital : Rs. 12.500 Millions

Issued, Subscribed & Paid-up Capital : Rs. 8.300 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1,250,000	Equity Shares	Rs. 10/- each	Rs. 12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
800,000	Equity Shares	Rs.10/- each	Rs. 8.000 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		8.000	8.000	6.000
2] Share Application Money		5.733	0.000	0.000
3] Reserves & Surplus		45.443	38.775	23.514
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		59.176	46.775	29.514
LOAN FUNDS
1] Secured Loans		147.790	127.856	147.586
2] Unsecured Loans		14.174	8.121	6.834
TOTAL BORROWING		161.964	135.977	154.420
DEFERRED TAX LIABILITIES		0.704	0.536	1.258
TOTAL		221.844	183.288	185.192
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		20.716	18.097	20.977
Capital work-in-progress		0.000	0.000	0.441
INVESTMENT		4.799	4.799	1.799
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	134.402	92.710	76.790
	Sundry Debtors	57.361	62.347	61.872
	Cash & Bank Balances	0.769	(0.860)	0.944
	Other Current Assets	1.360	1.484	1.445
	Loans & Advances	21.006	7.870	27.338
Total Current Assets		214.898	163.551	168.389
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.653	2.811	2.312
	Other Current Liabilities	4.806	0.176	2.141
	Provisions	1.110	0.172	1.966
Total Current Liabilities		18.569	3.159	6.419
Net Current Assets		196.329	160.392	161.970
MISCELLANEOUS EXPENSES		0.000	0.000	0.005
TOTAL		221.844	183.288	185.192

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	950.527	847.604	758.096
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	940.484	837.934	748.614
	PROFIT BEFORE TAX		10.043	9.670	9.482
Less	TAX		3.375	2.412	3.883
	PROFIT AFTER TAX		6.668	7.258	5.599
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	402.257	298.359	353.683
	Earnings Per Share (Rs.)		8.34	9.07	9.33

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.70	0.86	0.74
Return on Total Assets (PBT/Total Assets}	(%)	4.26	5.32	5.01
Return on Investment (ROI) (PBT/Networth)		0.17	0.21	0.32
Debt Equity Ratio (Total Liability/Networth)		3.05	2.97	5.45
Current Ratio (Current Asset/Current Liability)		11.57	51.77	26.23

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	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	No
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

Note: The registered address of the company has been shifted from C 165, Mandore Industrial Area, Jodhpur - 342001, Rajasthan, India to the present w.e.f.20.09.2012

FINANCIAL ACTIVITY

The Company has earned profit before tax of Rs.10.043 Millions during the financial year ending 31st March 2011 which is evident from the profit and loss account and is better in comparison to the previous year

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24119RJ1995PTC009859
Name of the company	TOSHNIWAL ASSOCIATES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C 165, Mandore Industrial Area, Jodhpur - 342001, Rajasthan, India Email: kalani@datainfosys.net
This form is for	Modification of charge
Charge identification number of the modified	10253538
Type of charge	Immovable Property Any interest in immovable property Book Debts Movable Property
Particular of charge holder	Axis Bank Limited, Plot No. 654, Prince Tower, Residency Road, Near Jaljog Circle, Jodhpur – 342001, Rajasthan, India Email: deepak.khanna@axisbank.com
Nature of description of the instrument creating or modifying the charge	Term loan agreement Supplemental deed of hypothecation Memorandum of entry Copy of board resolution For CC limit of Rs. 22.500 Millions, FBN/FBP/FBD/Advance against Export Bills/ EBRD-Rs. 202.500 Millions, EPC Sub Limit of PSC of Rs. 167.500 Millions Fresh Term Loan of Rs. 15.000 Millions, LER of Rs. 2.500 Millions
Date of instrument Creating the charge	16.12.2011
Amount secured by the charge	Rs. 242.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest FOR CC LIMIT/TL - 4.00% above base rate i.e. 14.00% p.a. payable at monthly interval For EPC/PSC- 1.50% above base rate i.e. 11.50% p.a. payable at monthly interval. Terms of Repayment CC LIMIT-On Demand For EPC -EPC will be allowed upto 180 days or expiry of contract/ export letters of credit for shipment whichever is earlier For term loan of Rs. 15.000 Millions - First installment due on April 2012 (Amount repayable in 48 months - monthly installments of Rs.0.313 Million each). Interest to be paid as and when due. Margin Stocks- 25% Book Debts Inland-40% Cover period 90 days Extent and Operation of the charge First and exclusive charge by way of hypothecation of current assets of the borrower including stocks, book debts and other current assets ,both present and future First and Exclusive charge by way of EM of Factory land and building situated at Plot No E-156, Mandore Industrial Area, Jodhpur in the name of the Toshniwal Associates Private Limited. First and Exclusive charge by way of Hypothecation of movable fixed assets (other then vehicles) of the borrower Company, both present and future. FDR of Rs. 0.500 Million. Others Personal Guarantee: Shri Pawan Jain, Smt. Sehjal Jain, M/s Shrey International
Short particulars of the property charged	1st and exclusive charge by way of hyp. of current assets of the borrower company including stocks, book debts and other current assets ,both present and future First and Exclusive charge by way of EM of Factory land and building situated at Plot no E-156, Mandore Industrial Area, Jodhpur in the name of the M/s Toshniwal Associates Private Limited First and Exclusive charge by way of Hypothecation of movable fixed assets (other then vehicles) of the borrower, both present and future. FDR of Rs. 0.500 Million
Date of latest modification prior to the present modification	29.08.2011
Particulars of the present modification	FBN/FBP/FBD/advance against export bills/ EBRD- has been increased from Rs. 167.500 Millions to Rs. 202.500 Millions including EPC of Rs. 167.500 Millions (sub limit of PSC) Fresh term loan of Rs. 15.000 Millions has been sanctioned ler limits of Rs. 6.000 Millions has been reduced to Rs. 2.500 Millions Total fund based and non fund based limit enhanced from Rs.196.000 Millions to Rs. 242.500 Millions

FIXED ASSETS:

Ø Land

Ø Factory Building

Ø Office Building

Ø Plant and Machinery

Ø Office and Other Equipments

Ø Furniture

Ø Vehicles

Ø Computer and Software

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. 54.02
UK Pound	1	Rs. 87.00
Euro	1	Rs. 70.22

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	YES
--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.