MIRA INFORM REPORT

Report Date :

22.12.2012

IDENTIFICATION DETAILS

Name :	WEST COAST POLYCHEM PRIVATE LIMITED (w.e.f. 21.03.2003)
Formerly Known As :	WEST COAST adhesives PRIVATE LIMITED
Registered Office :	136, Tardeo Road, Hind Rubber Building, Mumbai – 400034, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.08.1992
Com. Reg. No.:	11-068258
Capital Investment / Paid-up Capital :	Rs. 5.000 millions
CIN No.: [Company Identification No.]	u25190mh1992ptc068258
IEC No.:	0392059738
TAN No.: [Tax Deduction & Collection Account No.]	mumw023958
PAN No.: [Permanent Account No.]	AAACW0529R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Distribution of Synthetic Adhesives, Rubber Chemicals, Synthetic Rubber and Compound, Polyurethane Rubber and Cast Polyurethanes.
No. of Employees :	27 (Approximately) (In Office – 12, In Factory - 15)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 130000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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

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.

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. Uttam K. Jhunjhunwalla
Designation :	Director
Contact No.:	91-9820026866
Date :	20.12.2012

LOCATIONS

Registered Office :	136, Tardeo Road, Hind Rubber Building, Mumbai – 400034, Maharashtra, India
Tel. No.:	91-22-23543471/ 23513754
Mobile No.:	91-9820026866 (Mr. Uttam)
Fax No.:	91-22-23523360
E-Mail :	sales@westcoastpolychem.com wcpl@vsnl.com accounts@westcoastpolychem.com tardeo@vsnl.com uttam@westcoastpolychem.com
Website :	www.westcoastpolychem.com
Location:	Rented
Area:	1000 sq. ft.
Factory:	Plot No. A-753, TTC Industrial Area, MIDC, Navi Mumbai – 400705, Maharashtra India
Tel. No.:	91-22-27780102
Fax No.:	91-22-27780726
Location:	Owned
Area:	16500 sq. ft.
Branch:	Plot No. 27/38, Luxmi Ratan Compound, Industrial Area, Faridabad – 121001, Haryana, India
Tel. No.:	91-129-4313517
Location:	Rented
Area:	1000 sq. ft.

DIRECTORS

As on: 29.09.2012

Name :	Mr. Uttamkumar Kishorechandra Jhunjhunwalla
Designation :	Director
Address :	41, Panorama, 203 Walkeshwar Road, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	02.05.1967
Qualification :	B.Com, MBA
Experience :	23 Years
Date of Appointment :	24.08.1992
DIN No.:	01262588

Name :	Mr. Bharatendu Kishorechandra Jhunjhunwalla
Designation :	Director
Address :	11, Panorama, 203 Walkeshwar Road, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	14.12.1974
Qualification :	B. Com
Experience :	16 Years
Date of Appointment :	03.03.2010
DIN No.:	02132730

MAJOR SHAREHOLDERS

As on: 29.09.2012

Names of Shareholders	No. of Shares
Uttamkumar Kishorechandra Jhunjhunwalla	90000
Kishorechandra Shankarlal Jhunjhunwalla	71000
Radha Kishorechandra Jhunjhunwala	75000
Uttamkumar Kishorechandra Jhunjhunwalla (HUF)	2500
Bharat Kishorechandra Jhunjhunwalla	75000
Shefali Uttam Jhunjhunwalla	75000
Kishorechandra Shankarlal Jhunjhunwalla (HUF)	2500
Kishorechandra Shankarlal Jhunjhunwalla (HUF)	12500
Spersh Finance and Investment Private Limited, India	77500
Aparna Bharat Jhujhunwala	5000
Bharat Kishorechandra Jhunjhunwalla (HUF)	4500
Varun Uttam Jhunjhunwalla	9500
Total	500000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	15.50
Directors or relatives of Directors	84.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Distribution of Synthetic Adhesives, Rubber Chemicals, Synthetic Rubber and Compound, Polyurethane Rubber and Cast Polyurethanes.
Agencies Held :	Dow Chemical, USA MLPC International, France Chemtura Corporation, USA TSE Industries Inc, USA
Imports :
Products :	Synthetic Adhesive Rubber Chemicals Synthetic Rubber / Urethanes
Countries :	USA, France
Terms :
Selling :	Credit (90 days)
Purchasing :	Credit (90 days)

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Installed Capacity
Synthetic Adhesive, Rubber Compound	740MT/PA

GENERAL INFORMATION

Customers :

Wholesaler and End Users

No. of Employees :

27 (Approximately) (In Office – 12, In Factory - 15)

Bankers :

· Bank of Baroda, Nariman Point Branch, Foreshore Building, Gen Bhosale Marg, Nariman point, Mumbai – 400 021, Maharashtra, India

· Standard Chartered Bank

· Central Bank of India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
HDFC Bank Limited	0.136	0.443
Bank of Baroda C/C A/c 12920500000116	4.488	19.047
Total	4.624	19.490
Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Loan From Related Parties	42.327	21.397
Total	42.327	21.397

Banking Relations :	----
Auditors :
Name :	Prajapati and Associates Chartered Accountants
Address :	103, Sakhi Apartments, M.G. Road, Kandivali (West), Mumbai – 400067, Maharashtra India
Tel. No.:	91-22-28654935
E-mail:	prajapati.ca@gmail.com
PAN No.:	AAEFP5836B

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

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

Issued Share Capital:

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

Subscribed & Paid-up Capital :

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

1. Reconciliation off share capital

	As at 31-Mar-2012
Particulars	Number	Rs. In Millions
Equity Shares (Face Value Rs 10.00)
Shares outstanding at the beginning of the year	500000	5.000
Shares Issued during the year	-	-
Shares bought back during the year	-	-
Shares outstanding at the end of the year	500000	5.000

2. Shares in the company held by other company

Particulars	Equity Shares
	Number	Rs. In Millions
Spersh Finance and Investment Private Limited	77500	0.775

3. Shareholders holding more than 5% of Share

Particulars	As at 31-Mar-2012
	Number	% of Holding
Uttam K Jhunjhunwalla	90000	18
Kishorchandra S. Jhunjhunwalla	71000	14
Radha K Jhunjhunwalla	75000	15
Bharat K. Jhunjhunwalla	75000	15
Sheflii U Jhunjhunwalla	75000	15
Spersh Finance and Investment Private Limited	77500	15

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		5.000	5.000	5.000
2] Share Application Money		10.000	10.000	5.000
3] Reserves & Surplus		17.940	14.615	10.743
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		32.940	29.615	20.743
LOAN FUNDS
1] Secured Loans		4.624	19.490	0.364
2] Unsecured Loans		42.327	21.397	26.210
TOTAL BORROWING		46.951	40.887	26.574
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		79.891	70.502	47.317
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.686	8.337	7.742
Capital work-in-progress		3.003	0.565	0.565
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.184	0.096	0.035
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	39.932	35.841	21.757
	Sundry Debtors	36.489	31.619	28.764
	Cash & Bank Balances	0.867	0.442	0.451
	Other Current Assets	8.975	5.870	0.120
	Loans & Advances	11.915	2.914	5.894
Total Current Assets		98.178	76.686	56.986
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.358	3.702	10.313
	Other Current Liabilities	9.331	5.318	7.698
	Provisions	6.471	6.162	0.000
Total Current Liabilities		28.160	15.182	18.011
Net Current Assets		70.018	61.504	38.975
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		79.891	70.502	47.317

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	179.027	168.406
		Other Income	0.357	0.010
		TOTAL (A)	179.384	168.416	NA
Less	EXPENSES
		Cost of material consumed	125.205	116.235
		Changes in inventories	(0.583)	(1.023)
		Employee benefit expense	16.090	15.686
		Other Expense	26.725	25.519
		TOTAL (B)	167.437	156.417	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11.947	11.999	NA
Less	FINANCIAL EXPENSES (D)		5.912	4.858	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.035	7.141	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.197	1.369	NA
	PROFIT BEFORE TAX (E-F) (G)		4.838	5.772	NA
Less	TAX (I)		1.513	1.888	NA
	PROFIT AFTER TAX (G-I) (J)		3.325	3.884	4.211
	EARNING IN FOREIGN CURRENCY
	Other Earning		0.226	0.233	NA
	TOTAL EARNINGS		0.226	0.233	NA
	Earnings Per Share (Rs.)		6.65	7.76	8.42

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.85	2.31	NA
Net Profit Margin (PBT/Sales)	(%)	2.70	3.43	NA
Return on Total Assets (PBT/Total Assets}	(%)	4.61	6.79	NA
Return on Investment (ROI) (PBT/Networth)		0.14	0.19	NA
Debt Equity Ratio (Total Liability/Networth)		2.28	1.89	2.15
Current Ratio (Current Asset/Current Liability)		3.49	5.05	3.16

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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]	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

FINANCIAL STATUS OF THE COMPANY

During the year the Company has made a profit of Rs.4.838 Millions and the Directors are hopeful of doing better in the forthcoming year.

TRADE REFERENCES:

• Nishigandha Polymers Private Limted, Mumbai (Mr. Sunil More - 91-9322509623)
• INARCO Limited, Mumbai (Mr. G. V. Aras – 91-9892726070)
• Henkel Troson India Limited, Gurgaon (Mr. Parveen Yadav – 91-9311078288)
• Lohia Starlinger Limited, Kanpur (Mr. P. Dass – 91-9936294117)

FIXED ASSETS

• Land and Building
• Electric Installation
• Plant and Machinery
• Laboratory Equipments
• Delivery Van
• Office Equipments
• Software
• Air Conditioner
• Telephone Equipments
• Technical Know How
• Wooden Shed
• 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 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.55.09
UK Pound	1	Rs.89.54
Euro	1	Rs.72.77

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--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	no
--LISTED	YES/NO	no
--OTHER MERIT FACTORS	YES/NO	yes
TOTAL		45

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.