MIRA INFORM REPORT

Report Date :

17.01.2012

IDENTIFICATION DETAILS

Name :	LIPI POLYMERS PRIVATE LIMITED
Registered Office :	Plot No. 32, Nehru Nagar, 1^st Link Street, Old Mahabalipuram Road, Kottivakkam, Chennai – 600041, Tamilnadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	14.07.2008
Com. Reg. No.:	18-068552
Capital Investment / Paid-up Capital :	Rs.3.300 Millions
CIN No.: [Company Identification No.]	U74999TN2008PTC068552
TAN No.: [Tax Deduction & Collection Account No.]	CHEL04377C
PAN No.: [Permanent Account No.]	AABCL4913B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of World Class Plastic Welding Machines and Equipments.
No. of Employees :	30 (Approximately)

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 40000
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.

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

INFORMATION PARTED BY

Name :	Mrs. Laxmi
Designation :	Sales Co-ordinator
Contact No.:	91-44-24543389
Date :	14.01.2012

LOCATIONS

Registered Office :	Plot No. 32, Nehru Nagar, 1^st Link Street, Old Mahabalipuram Road, Kottivakkam, Chennai – 600041, Tamilnadu, India
Tel. No.:	91-44-24543436/24543444/24543389
Fax No.:	91-44-24543435/24523435
E-Mail :	info@lipipolymers.com pcschn1@gmail.com
Website :	www.lipipolymers.com
Area :	1800 Sq. ft
Location :	Owned
Factory :	105, 2^nd Link Street, Nehru Nagar, Rajiv Gandhi Salai, Kottivakkam, Chennai – 600041, Tamilnadu, India

DIRECTORS

As on 30.09.2010

Name :

Mr. Mathew Varghese

Designation :

Director

Address :

C-15, Kottur Villa No. 5, Lock Street, Kotturpuram, Chennai- 600085, Tamilnadu, India

Date of Birth/Age :

10.01.1963

Qualification :

B. Com

Date of Appointment :

14.07.2008

DIN No.:

01956362

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U52399TN2001PTC047448	LIPI Marketing Private Limited	Director	16/07/2001	16/07/2001	-	Active	NO
U51900TN2008PTC068293	ASM Marketing Private Limited	Director	20/06/2008	20/06/2008	-	Active	NO
U74999TN2008PTC068552	LIPI Polymers Private Limited	Director	14/07/2008	14/07/2008	-	Active	NO
U74999TN2011PTC082449	Aqua Polyfit India Private Limited	Director	22/09/2011	22/09/2011	-	Active	NO
U45400TN2010PTC076503	Pressmach Infrastructure Private Limited	Additional director	1/12/2011	1/12/2011	-	Active	NO

Name :

Mr. Durai Arun Kumar

Designation :

Director

Address :

No.19, Old No. 5/3, Gangaiamman Koil Street, Kodambakkam, Chennai- 600024, Tamilnadu, India

Date of Birth/Age :

30.01.1970

Qualification :

BE

Date of Appointment :

14.07.2008

DIN No.:

02133086

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U74999TN2008PTC068552	LIPI Polymers Private Limited	Director	14/07/2008	14/07/2008	-	Active	NO
U74999TN2011PTC082449	Aqua Polyfit India Private Limited	Director	22/09/2011	22/09/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Laxmi
Designation :	Sales Co-ordinator

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Mathew Varghese	165000
Durai Arun Kumar	165000
Total	330000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of World Class Plastic Welding Machines and Equipments.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO.
Automatic Hot-Air Wedge Welding Machine Twinny – S	85158090
Automatic Hot-Wedge Welding Machine Astro 230V/1800	85158090
Automatic Tape Welding Machine Tapemat, 50 mm 400V	85158090

· Hot Air Guns

· Tarpaulin and Flex Seaming Machines

· Wedge Welding Machines

· Extruders

· Heaters and Blowers

· U- PVC Window Manufacturing Machines etc.

Exports :

Products :

Welding Machines

Countries :

Sri Lanka

Imports :

Products :

Hot Air Guns

Countries :

· Italy

· China

Terms :

Selling :

L/C/ Cash/ Credit

Purchasing :

L/C/ Cash/ Credit

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

No. of Employees :

30 (Approximately)

Bankers :

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India

· Canara Bank, Perungudi, Chennai, Tamilnadu, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Kotak Mahindra Prime Loan	0.175	0.000
ICICI Vehicle Loan	1.070	0.000
Total	1.245	0.000

Financial Institute :	Kotak Mahindra Prime
Banking Relations :	--
Auditors :
Name :	Victoria Mathew and Santha Kumar Chartered Accountant
Address :	Z-1, Lotus Colony, Nandanam, Chennai – 600035, Tamilnadu, India
Tel. No.:	91-44-24338963
PAN.:	AABPM0763D

CAPITAL STRUCTURE

As on 31.03.2010

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
330000	Equity Shares	Rs.10/- each	Rs.3.300 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		3.300	3.300
2] Share Application Money		1.300	0.000
3] Reserves & Surplus		7.773	1.939
4] (Accumulated Losses)		0.000	0.000
NETWORTH		12.373	5.239
LOAN FUNDS
1] Secured Loans		1.245	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		1.245	0.000
DEFERRED TAX LIABILITIES		0.064	0.042
TOTAL		13.682	5.281
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.761	0.762
Capital work-in-progress		0.0000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.951	15.614
	Sundry Debtors	7.504	5.555
	Cash & Bank Balances	0.920	1.088
	Other Current Assets	0.000	0.000
	Loans & Advances	1.050	0.941
Total Current Assets		26.425	23.198
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.252	16.687
	Other Current Liabilities	1.540	1.088
	Provisions	2.800	1.004
Total Current Liabilities		15.592	18.779
Net Current Assets		10.833	4.419
MISCELLANEOUS EXPENSES		0.088	0.100
TOTAL		13.682	5.281

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	72.543	25.333
		Other Income	1.616	0.802
		TOTAL	74.159	26.135
Less	EXPENSES
		Office Expenses	65.160	23.101
		Administrative Expenses
		Advertising Expenses
		TOTAL	65.160	23.101
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		8.999	3.034
Less/ Add	DEPRECIATION/ AMORTISATION		0.343	0.050
	PROFIT BEFORE TAX		8.656	2.984
Less	TAX		2.822	1.045
	PROFIT AFTER TAX		5.834	1.939
Add	BALANCE BROUGHT FORWARD FROM PREVIOUS YEAR		1.638	NA
	BALANCE CARRIED TO B/S		7.472	NA
	Earnings Per Share (Rs.)		17.68	5.88

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	7.86	7.42
Net Profit Margin (PBT/Sales)	(%)	11.93	11.78
Return on Total Assets (PBT/Total Assets}	(%)	29.66	12.45
Return on Investment (ROI) (PBT/Networth)		0.70	0.57
Debt Equity Ratio (Total Liability/Networth)		1.36	3.58
Current Ratio (Current Asset/Current Liability)		1.69	1.24

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U74999TN2008PTC068552
Name of the company	LIPI POLYMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 32, Nehru Nagar 1^st Link Street, Old Mahabalipuram Road, Kottivakkam, Chennai – 600041, Tamil Nadu, India Email Id : pcschn1@gmail.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India Email Id : veena.s@icicibank.com
Nature of instrument creating charge	Deed of Hypothecation (WCF)
Date of instrument Creating the charge	20.12.2010
Amount secured by the charge	Rs.5.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest All other terms and conditions are as per the sanction letter and as determined by the banker from time to time Terms of repayment Repayable Together with all interest, cost, charges, expenses which may accrue or debited to the respective accounts from time to time. All other terms and conditions are as per the sanction letter and as determined by the banker from time to time Margin All other terms and conditions are as per the sanction letter and as determined by the banker from time to time Extent and operation of the charge Exclusive charge in favour of the Bank by way of hypothecation of the firms entire stocks of raw materials, semi finished and finished goods, consumable stores and spares and such other movables including book debts, bills whether documentary or clean, outstanding monies, receivables, both present and future, in a form and manner satisfactory to the Bank Others Amount of the Secured Facilities in the agreegate not exceeding Rs.5.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The Whole of the Borrowers stocks of raw materials, goods in process, semi finished and finished goods, consumable stores and spares and such other movables

FIXED ASSETS

· Computers

· Cell Phone

· Air Conditioner

· Printer

· Furniture and Fittings

· Motor Vehicle

· Software

· Electronic Weighing Machine

· Bench Grinder

· Infrared Thermometre

· Variable Islator Tranformer

· Digital Camera

· HVT High Voltagebreakdown Te

· Fusion 3C

· Delta Dragon 315

· Gamma 100 Welding Machine

· Roll up Stand

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.51.65
UK Pound	1	Rs.79.09
Euro	1	Rs.65.32

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
--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	YES
--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.