MIRA INFORM REPORT

Report Date :

05.07.2012

IDENTIFICATION DETAILS

Name :	BENGAL POLYMERS PRIVATE LIMITED
Registered Office :	1/1A, Vansittart Row, 3^rd Floor, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.06.1986
Com. Reg. No.:	21-040765
Capital Investment / Paid-up Capital :	Rs.2.960 Millions
CIN No.: [Company Identification No.]	U25191WB1986PTC040765
TAN No.: [Tax Deduction & Collection Account No.]	CALB00653C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of H2O Soluble Stabilizer, H2O Soluble Hydrographic Film, H2O Soluble Laundry Bags, H2O Soluble Packaging Film and More.
No. of Employees :	8 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 27000
Status :	Small Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. However, trade relations are reported are fair. Business is active. Payments are reported to be slow. The company can be considered for small business dealings 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 – 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 :	Mr. Sanjay Agarwal
Designation :	Account Manager
Contact No.:	91-33-40069603
Date :	27.06.2012

LOCATIONS

Registered Office :	1/1A, Vansittart Row, 3^rd Floor, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-40069600/ 22486643
Fax No.:	91-33-22486654
E-Mail :	info@bengalpolymers.in
Website :	http://www.bengalpolymers.in
Location :	Owned
Factory :	Gate No.3, Lane No.4, Jalan Industrial Complex, Junglepore, National Highway (Bombay Road), Howrah – 711411, West Bengal, India
Location :	Rented

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Shyam Sunder Bajaj

Designation :

Director

Address :

17/1G, Alipore Road, Madhuvan, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

22.05.1942

Date of Appointment :

06.06.1986

DIN No.:

00148417

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	U36900WB1982PTC044885	TRILINGA SAFETY GLASS PVT LTD	Director	29/11/1984	29/11/1984	-	Active	NO
2	U24131WB1985PTC039043	CAB SEAL PVT LTD	Director	05/06/1985	05/06/1985	-	Active	NO
3	U26910WB1985PLC039124	INDUSTRIAL TAPES & FABRICS PRIVATE LIMITED	Director	28/06/1985	28/06/1985	-	Active	NO
4	U51491WB1986PTC040550	NBS EXPORTS PVT LTD	Director	18/04/1986	18/04/1986	29/07/2008	Active	NO
5	U25191WB1986PTC040765	BENGAL POLYMERS PVT. LTD.	Director	06/06/1986	06/06/1986	-	Active	NO
6	U26100WB2007PTC118271	INTAF POLYGLASS PRIVATE LIMITED	Director	03/09/2007	03/09/2007	-	Active	NO
7	U67120WB2008PTC129629	BM STOCK BROKING PRIVATE LIMITED	Director	25/09/2008	25/09/2008	-	Active	NO

Name :

Mr. Sumit Bajaj

Designation :

Director

Address :

Flat No.12-B, 59-A, Chowringhee Road, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

17.04.1975

Date of Appointment :

02.08.1994

DIN No.:

00148411

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	U36900WB1982PTC044885	TRILINGA SAFETY GLASS PVT LTD	Director	21/08/1993	21/08/1993	Active	NO
2	U25191WB1986PTC040765	BENGAL POLYMERS PVT. LTD.	Director	02/08/1994	02/08/1994	Active	NO
3	U26910WB1985PLC039124	INDUSTRIAL TAPES & FABRICS PRIVATE LIMITED	Director	01/08/1996	01/08/1996	Active	NO
4	U72100WB2007PTC113748	S.B.Endeavours and Learnings Private Limited	Director	28/02/2007	28/02/2007	Active	NO
5	U51491WB1986PTC040550	NBS EXPORTS PVT LTD	Director	30/09/2008	05/07/2008	Active	NO

Name :

Mrs. Sonal Bajaj

Designation :

Director

Address :

5-A, Alipore Park Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

14.11.1975

Date of Appointment :

24.02.2007

DIN No.:

01165449

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	U70101WB2007PTC113410	SWAYAM ESTATES PRIVATE LIMITED	Director	14/02/2007	14/02/2007	Active	NO
2	U25191WB1986PTC040765	BENGAL POLYMERS PVT. LTD.	Director	24/02/2007	24/02/2007	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay Agarwal
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Shyam Sunder Bajaj	12100
Shashi Balal Bajaj	100
Sanjay Agarwal	3000
Vinod Agarwal	12500
Anita Agarwal	3000
Brindavan Chandra Ghosh	1900
Pushpa Devi Agarwal	2000
Anita Agarwal	100
Sabita Agarwal	500
Durga Devi Jewrajka	200
Ram Niwas Agarwal	50
Bimal Bajaj	100
Pushpa Agarwal	100
Savita Somani	1500
Babu Lal Choudhary	100
Sumit Bajaj	7500

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	74.34
Directors or relatives of directors	24.57
Other	1.09
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of H2O Soluble Stabilizer, H2O Soluble Hydrographic Film, H2O Soluble Laundry Bags, H2O Soluble Packaging Film and More.

Products :

Products Description	Item Code No.
Polyester Resin	390750

Imports :

Products :

Raw Materials

Countries :

· China

· USA

Terms :

Selling :

Advance

Purchasing :

Advance

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Polyster Resign	Kg.	20445

GENERAL INFORMATION

Suppliers :

· Global Capitalink Limited

· Mech Metal Corporation

· Mukherjee Printers

· Paul’s Scientific Industries

· Shibam Enterprises

Customers :

Wholesalers

· Cab Seal Private Limited

· Industrial Tapes and Fabrics Private Limited

No. of Employees :

8 (Approximately)

Bankers :

· HDFC Bank, Kolkata

· Punjab National Bank, Kolkata

· Indian Bank

Facilities :

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Shareholders	3.875	4.186
From Body Corporate	6.336	1.134
From Other	0.084	0.083
From Directors	0.125	0.111
Total	10.420	5.514

Banking Relations :	--
Auditors :
Name :	Khiwasara Singhi and Company Chartered Accountant
Address :	1^st Floor, Block-E, Mercantile Buildings, 9/12, Lal Bazar Street, Kolkata – 700001, West Bengal, India
PAN No.:	AHKPS8114N
Associates/Subsidiaries :	· Industrial Tapes and Fabrics Private Limited

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
350000	Equity Shares	Rs.10/- each	Rs.3.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
295950	Equity Shares	Rs.10/- each	Rs.2.960 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		2.960	2.960	2.560
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.697	3.480	2.880
4] (Accumulated Losses)		0.000	(0.124)	(0.154)
NETWORTH		6.657	6.316	5.286
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		10.420	5.514	4.293
TOTAL BORROWING		10.420	5.514	4.293
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		17.077	11.830	9.579
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.463	7.942	8.238
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.134	0.911	0.097
	Sundry Debtors	2.467	2.190	0.442
	Cash & Bank Balances	0.091	0.391	0.409
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.369	0.501	0.638
Total Current Assets		10.061	3.993	1.586
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.356	0.132	0.295
	Other Current Liabilities
	Provisions	0.131	0.013	0.000
Total Current Liabilities		0.487	0.145	0.295
Net Current Assets		9.574	3.848	1.291
MISCELLANEOUS EXPENSES		0.040	0.040	0.050
TOTAL		17.077	11.830	9.579

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	7.546	5.210	0.895
		Other Income	0.025	0.027	0.024
		TOTAL (A)	7.571	5.237	0.919
Less	EXPENSES
		TOTAL (B)	5.338	3.481	1.114
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.233	1.756	(0.195)
Less	FINANCIAL EXPENSES (D)		0.864	0.703	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.369	1.053	(0.195)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.897	1.009	0.000
	PROFIT BEFORE TAX (E-F) (G)		0.472	0.044	(0.195)
Less	TAX (H)		0.131	0.013	0.000
	PROFIT AFTER TAX (G-H) (I)		0.341	0.031	(0.195)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.123)	(0.154)	--
	BALANCE CARRIED TO THE B/S		0.218	(0.123)	--
	Earnings Per Share (Rs.)		1.15	0.10	--

Particulars	31.03.2012
Sales Turnover (Approximately)	15.000

Expected Sales (2012-13): Rs.20.000 Millions

The above information has been parted by Mr. Sanjay Agarwal.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.50	0.59	(21.22)
Net Profit Margin (PBT/Sales)	(%)	6.25	0.84	(21.79)
Return on Total Assets (PBT/Total Assets}	(%)	2.69	0.37	(1.98)
Return on Investment (ROI) (PBT/Networth)		0.07	0.01	(0.04)
Debt Equity Ratio (Total Liability/Networth)		1.64	0.90	0.87
Current Ratio (Current Asset/Current Liability)		20.66	27.54	5.38

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	No
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

FINANCIAL RESULTS

The turnover of the company Rs.7.546 Million from Rs.5.210 Millions compared to the preceding year. The result Showing a net Profit of Rs.0.341 Million and are hopeful and are hopeful of achieving better results in the coming years.

FIXED ASSETS:

· Office Equipment

· Factory Land

· Factory Shed

· Furniture and Fixture

· Generator

· Plant and Machinery

· Electric Installations

· Air Conditioner

· Laboratory Equipments

· Fire Extinguisher

· Computer

· Water Purifier Systems

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.54.55
UK Pound	1	Rs.85.48
Euro	1	Rs.68.70

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	NIT

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	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		26

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.