MIRA INFORM REPORT

Report Date :

14.02.2012

IDENTIFICATION DETAILS

Name :	SAIBABA POLYMER TECHNOLOGIES PRIVATE LIMITED
Registered Office :	Plot No.153, Industrial Area, Kattedan Shivrampally, Hyderabad - 500 077, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	22.11.2004
Com. Reg. No.:	01-044660
Capital Investment / Paid-up Capital :	Rs.17.500 millions
CIN No.: [Company Identification No.]	U25209AP2004PTC044660
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Injection Moulding PPCP Pails for Paint and Chemical Industry.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management has not filed the financials of the company with the government departments after the year 2008. However, business is active. Payments are unknown. The company can be considered for business dealings on a secured 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	Plot No.153, Industrial Area, Kattedan Shivrampally, Hyderabad - 500 077, Andhra Pradesh, India
Tel. No.:	91-40-24361131
Fax No.:	91-40-24362837
E-Mail :	plastics@babaindia.net
Website :	http://www.babaindia.net
Factory :	F1/1, SIPCOT Industrial Park, Sriperumbudur - 602 105, Kancheepuram District, Tamilnadu, India

DIRECTORS

As on 10.10.2008

Name :

Mr. Prabhaker Pidisetty

Designation :

Managing Director

Address :

Door No:1-8-430/20/A, Inside Uma Garden Chikkadapally, Hyderabad - 500 020, Andhra Pradesh, India

Date of Birth/Age :

13.08.1958

Date of Appointment :

22.11.2004

DIN No.:

01665405

Name :

Ms. Sujatha Pidisetty

Designation :

Director

Address :

Door No:1-8-430/20/A, Inside Uma Garden Chikkadapally, Hyderabad - 500 020, Andhra Pradesh, India

Date of Birth/Age :

07.01.1964

Date of Appointment :

22.11.2004

DIN No.:

01665415

Name :

Mr. Praveen Chandra Pidisetty

Designation :

Director

Address :

Door No:1-8-430/20/A, Inside Uma Garden Chikkadapally, Hyderabad - 500 020, Andhra Pradesh, India

Date of Birth/Age :

23.09.1984

Date of Appointment :

22.11.2004

DIN No.:

01665439

Name :

Mr. Pavan Chandra Pidisetty

Designation :

Director

Address :

Door No:1-8-430/20/A, Inside Uma Garden Chikkadapally, Hyderabad - 500 020, Andhra Pradesh, India

Date of Birth/Age :

18.04.1986

Date of Appointment :

22.11.2004

DIN No.:

01665457

Name :

Mr. Tella Anil Kumar

Designation :

Director

Address :

Plot No.60, IDA Phase II, Patencheru Opposite: Asian Paints, Hyderabad – 502 319, Andhra Pradesh, India

Date of Birth/Age :

10.05.1965

Date of Appointment :

22.11.2004

DIN No.:

02442850

Name :

Sireesha Mallella

Designation :

Director

Address :

1-1-230/2/4, Vevek Nagar, Chikkadpally, Hyderabad – 500 020, Andhra Pradesh, India

Date of Birth/Age :

08.03.1983

Date of Appointment :

10.10.2008

DIN No.:

02278762

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25209AP2004PTC044660	Saibaba Polymer Technologies Private Limited	Director	10-10-08	21-07-08	Active	YES

Name :

Mr. Jagan Mohan Rao Inakollu

Designation :

Director

Address :

F.No.501, Anusha Enclave, Opposite Pratibha High School, Dharma Reddy Colony, KPHB, Hyderabad – 500 072, Andhra Pradesh, India

Date of Birth/Age :

25.08.1969

Date of Appointment :

10.10.2008

DIN No.:

02339561

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25209AP2004PTC044660	Saibaba Polymer Technologies Private Limited	Director	10-10-08	26-08-08	Active	YES

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.10.2008

Names of Shareholders	No. of Shares
Pidisetty Prabhaker	1518500
Pidisetty Praveen Chandra	128500
Pidisetty Sujatha	1000
Pidisetty Pavan Chandra	101000
Tella Anil Kumar	1000
Total	1750000

As on 10.10.2008

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Injection Moulding PPCP Pails for Paint and Chemical Industry.
Products :	Plastic Pails (Jars and Lids)

PRODUCTION STATUS (AS ON 31.03.2008)

Installed Capacity:

Class of goods	Unit	Installed Capacity
Plastic Pails	Numbers	1500000

Notes:

i) The products of the company are exempt from licensing procedures.

ii) Installed capacity, being a technical matter has not been verified by the auditors and relied on the management’s certificate.

Particulars	Production Qty-Nos.
Plastic Pails (Jars and Lids)	4571063

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v State Bank of India, SEIE, Kattedan, Hyderabad – 500 077, Andhra Pradesh, India

v HDFC Bank Limited

Facilities :

Secured Loans	31.03.2008 Rs. In Millions	31.03.2007 Rs. In Millions
From State Bank of India
a) Term Loan	44.657	28.295
b) Working Capital Loan (Term loan and cash credit are secured by hypothecation of all the fixed and current assets of the company present and future subject to the exclusive charge created on hypothecation of vehicles. These loans are further guaranteed by all the directors of the company along with five others to the extent of Rs.62.500 millions)	30.623	20.001
Vehicle hire purchase finance loans from:
HDFC Bank Limited	0.079	0.532
State Bank of India	0.000	0.312
Total	75.359	49.140

Unsecured Loans	31.03.2008 Rs. In Millions	31.03.2007 Rs. In Millions
From: Directors	0.782	10.198
Total	0.782	10.198

Banking Relations :	--
Auditors :
Name :	Brahmayya and Company Chartered Accountants
Address :	403 and 404, Golden Green Apartments, Irrum Manzil Colony, Hyderabad – 500 082, Andhra Pradesh, India
Tel. No.:	91-40-23370002/ 4
Fax No.:	91-40-23379988
E-Mail :	hydbrahmayya@yahoo.com
Income-tax PAN of auditor or auditor's firm :	AADFB8032G

CAPITAL STRUCTURE

After 10.10.2008

Authorised Capital : Rs.30.000 millions

Issued, Subscribed & Paid-up Capital : Rs.23.252 millions

As on 10.10.2008

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,750,000	Equity Shares	Rs.10/- each	Rs.17.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		17.500	17.500	17.500
2] Share Application Money		12.028	6.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(0.191)	(9.293)	(8.554)
NETWORTH		29.337	14.207	8.946
LOAN FUNDS
1] Secured Loans		75.359	49.140	43.246
2] Unsecured Loans		0.782	10.198	5.712
TOTAL BORROWING		76.141	59.338	48.958
DEFERRED TAX LIABILITIES		1.390	0.000	0.365
TOTAL		106.868	73.545	58.269
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		63.564	50.564	44.767
Capital work-in-progress		14.523	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.112	13.564	10.263
	Sundry Debtors	23.298	12.907	4.173
	Cash & Bank Balances	1.734	0.866	1.209
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.326	5.328	3.386
Total Current Assets		55.470	32.665	19.031
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.639	9.644	5.463
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	1.050	0.040	0.066
Total Current Liabilities		26.689	9.684	5.529
Net Current Assets		28.781	22.981	13.502
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		106.868	73.545	58.269

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2008	31.03.2007
	SALES
		Revenue	192.041	88.875
		Other Income	0.337	0.014
		TOTAL	192.378	88.889
Less	EXPENSES
		Office Expenses	180.837	89.953
		Administrative Expenses
		Advertising Expenses
		TOTAL	180.837	89.953
	PROFIT/ (LOSS) BEFORE TAX		11.541	(1.064)
	TAX		11.732	8.959
	PROFIT/ (LOSS) AFTER TAX		(0.191)	(9.293)
	Earnings/ (Loss) Per Share (Rs.)		(0.11)	(5.31)

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
PAT / Total Income	(%)	(0.10)	(10.45)	NA
Net Profit Margin (PBT/Sales)	(%)	6.01	(1.20)	NA
Return on Total Assets (PBT/Total Assets}	(%)	9.70	(1.28)	NA
Return on Investment (ROI) (PBT/Networth)		0.39	(0.07)	NA
Debt Equity Ratio (Total Liability/Networth)		3.51	4.86	6.09
Current Ratio (Current Asset/Current Liability)		2.08	3.37	3.44

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	90260221
Corporate identity number of the company	U25209AP2004PTC044660
Name of the company	SAIBABA POLYMER TECHNOLOGIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.153, Industrial Area, Kattedan Shivrampally, Hyderabad - 500 077, Andhra Pradesh, India
Type of charge	Immovable property Any interest in immovable property Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	State Bank of India, SEIE, Kattedan, Hyderabad – 500 077, Andhra Pradesh, India E-Mail: sa.05328@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental Agreement of loan cum hypothecation Letter of Arrangement Guarantee Agreement
Date of instrument Creating the charge	29.05.2009
Amount secured by the charge	Rs.86.497 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 0.75% above SBAR with a minimum of 13.00% Terms of Repayment: New facility in the name of SME Care to be repaid in 6 monthly installments of Rs.1.000 million commencing from October 2009. Interest to be paid monthly. For other facilities as per earlier charge documents. Margin: Fund Based Limits Raw Materials: Indigenous 25% Semi Finished Goods: 25% Finished Goods : 25% Domestic Receivables: 30% Non-Fund Based Limits LOC: 25% Bank Guarantees: 15% Extent and Operation of the charge: Charge operates as security for due repayment of loan facilities to the extent of Rs.86.477 millions to the state Bank of India along with interest, penal interest, prepayment charges, damages and reimbursement of expenses incurred in terms of loan agreement.
Short particulars of the property charged	Hypothecation of all chargeable current assets of the company Hypothecation of all existing and proposed fixed assets of the unit acquired out of bank finance.
Date of latest modification prior to the present modification	21.09.2007
Particulars of the present modification	New Facility under SME Care amounting to Rs.6.000 millions sectioned. Thereby overall outstanding limits reduced to Rs.86.497 millions as details below. CC Limit - Rs.30.000 millions. SME Care (New Facility) - Rs.6.000 millions. Outstanding Balance of TL I - Rs.13.602 millions Outstanding Balance of TL II - Rs.8.547 millions Outstanding Balance of TL III - Rs.18.348 millions Letter of credit and BG - Rs.10.000 millions

FIXED ASSETS:

v Land

v Building

v Plant and Machinery

v Moulds

v Furniture and Office Equipment

v Computer

v Vehicle

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.49.32
UK Pound	1	Rs.77.84
Euro	1	Rs.65.35

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	-
--CREDIT LINES	1~10	1
--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		15

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.