MIRA INFORM REPORT

Report Date :

13.07.2012

IDENTIFICATION DETAILS

Name :	PREMIUM POLYALLOYS PRIVATE LIMITED
Registered Office :	Plot No. 417 / 418, GIDC Industrial Estate, Waghodia, Vadodara-391760, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.11.1990
Com. Reg. No.:	04-014654
Capital Investment / Paid-up Capital :	Rs.2.450 Millions
CIN No.: [Company Identification No.]	U27101GJ1990PTC014654
TAN No.: [Tax Deduction & Collection Account No.]	BRDP01067D
PAN No.: [Permanent Account No.]	AABCP2640P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Dealer of All Kinds of Filled Polymers or Compounded Polymers.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 740000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Reserves of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered 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

LOCATIONS

Registered Office/ Factory 1 :	Plot No. 417 / 418, GIDC Industrial Estate, Waghodia, Vadodara-391760, Gujarat, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	maildeveshpathak@rediffmail.com
Corporate Office :	111, Neelkanth Commercial Centre, Plot No 122-123, Sahar Road, Andheri (East), Mumbai-400099, Maharashtra, India
Tel. No.:	91-22-42365203
Fax No.:	91-22-42365222
Factory 2 :	Shed No. A/2/28, GDDIDC, Somnath Industrial Estae, Daman, Union Territory, India
Factory 3 :	G-219, II, D Center, RIICO, Kaladwas, Udaipur, Rajasthan, India
Factory 4 :	R.S. No. 113/2, Pudhu Nagar, Thirvandarkoil, Pondichery-605102, India
Factory 5 :	Plot No. 302, MIN Village, Bahmraula, Kichha Road, Rudrapur, U.S. Nagar, Uttaranchal-263153, Uttarakhand, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Dilip S. Humad

Designation :

Director

Address :

A-7, Parshik Society, Makarpura Road, Vadodara-390010, Gujarat, India

Date of Birth/Age :

08-04.1958

Date of Appointment :

29.07.1995

Name :

Mrs. Rekha Bhupendra Humad

Designation :

Director

Address :

802, Prakash Building, 5^th Road, Plot No. 56, Vile Parle (West), Mumbai-400056, Maharashtra, India

Date of Birth/Age :

01.01.1963

Date of Appointment :

12.12.1990

Din No.:

01672606

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	U27101GJ1990PTC014654	PREMIUM POLYALLOYS PRIVATE LIMITED	Director	12/12/1990	12/12/1990	Active	NO
2	U67120MH1995PTC090680	HUMAD SECURITIES AND INVESTMENTS PRIVATE LIMITED	Director	17/07/1995	17/07/1995	Active	YES
3	U36990AS2009PTC008956	PREMIUM GRANULES PRIVATE LIMITED	Director	20/04/2010	20/04/2010	Active	NO

Name :

Mr. Bhupendra K. Humad

Designation :

Director

Address :

802, Prakash Building, 5^th Road, Plot No. 56, Vile Parle (West), Mumbai-400056, Maharashtra, India

Date of Birth/Age :

01.07.1955

Qualification :

15.06.2005

Din No.:

00786033

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	U25209GJ1986PTC009087	PERFECT COLOURANTS AND PLASTICS PRIVATE LIMITED	Director	04/01/1995	04/01/1995	-	Active	NO
2	U27300MH1989PTC052155	PRAFUL METAL WORKS PRIVATE LIMITED	Director	10/05/2000	10/05/2000	16/03/2009	Active	NO
3	U24221MH2000PTC129645	SUN SPECTRATECH PRIVATE LIMITED	Director	17/11/2000	17/11/2000	-	Active	NO
4	U27101GJ1990PTC014654	PREMIUM POLYALLOYS PRIVATE LIMITED	Director	15/06/2005	15/06/2005	-	Active	NO
5	U36990AS2009PTC008956	PREMIUM GRANULES PRIVATE LIMITED	Director	16/02/2009	16/02/2009	-	Active	NO

Name :

Mr. Paresh Rameshchandra Majithia

Designation :

Director

Date of Appointment :

21.01.2010

Din No.:

02853083

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Rekha Bhupendra Humad	98830
Bhupendra K. Humad	74835
Ankush B. Humad	54335
Bhupendra K. Humad HUF	17000
Total	245000

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Dealer of All Kinds of Filled Polymers or Compounded Polymers.

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Actual Production [Qty. Kg.]
Waghodia
Own	423376
Job Work	0
Daman Unit 20
Own	14129783
Job Work	-
Daman Unit 33
Own	11723617
Job Work	-
Udaipur
Own	36100
Job Work	-
Pondichery
Own	1483227
Job Work	-
Rudrapur
Own	506744
Job Work	-

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Citi Bank, Trent House, 2^nd Floor, G Block, Plot No. C60, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India
• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
• State Bank of India, Specialized SSI Branch, GIDC Industrial Estate,, Makapura, Baroda-390010, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Cash Credit HDFC Bank Limited	0.737	0.025
Cash Credit Citi Bank	26.373	6.241
Export Packing Credit Citi Bank [Cash Credit / EPC against hypothecation of all movable assets and mortgage of land and building of Daman and Waghodia]	33.097	23.935
Cash Credit State Bank of India	0.561	0.811
Kotak Mahindra Prime Limited Car Loan	1.311	0.000
HDFC Bank Car Loan	0.885	0.659
Total	62.964	31.671
Unsecured Loan
From Directors, Shareholders and Relatives	8.289	4.495
Total	8.289	4.495

Banking Relations :	--
Auditors :
Name :	Lalit R Mehta and Associates Chartered Accountants
Address :	Prasanna House, Associated Society, Opposite Radhakrishna Park, Akota Stadium, Vadodara-390020, Gujarat, India
Pan No.:	AAUPM0018Q

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
245000	Equity Shares	Rs.10/- each	Rs.2.450 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		2.450	2.450	2.450
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		182.828	140.912	108.671
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		185.278	143.362	111.121
LOAN FUNDS
1] Secured Loans		61.964	31.671	27.350
2] Unsecured Loans		8.289	4.495	2.832
TOTAL BORROWING		70.253	36.166	30.182
DEFERRED TAX LIABILITIES		5.529	6.212	3.449
TOTAL		261.060	185.740	144.752
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		51.967	49.593	33.059
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		23.221	14.945	4.176
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	47.881	29.669	25.165
	Sundry Debtors	143.385	117.072	76.740
	Cash & Bank Balances	5.181	3.893	16.205
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	39.318	26.554	24.840
Total Current Assets		235.765	177.188	142.950
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	40.190	46.589	20.978
	Other Current Liabilities	9.703	9.397	14.455
	Provisions	0.000	0.000	0.000
Total Current Liabilities		49.893	55.986	35.433
Net Current Assets		185.872	121.202	107.517
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		261.060	185.740	144.752

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	NA	NA
		Other Income
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	53.960	NA
Less	FINANCIAL EXPENSES (D)		4.160	4.188	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	49.772	31.116
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.997	4.559	3.455
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		NA	45.213	27.661
Less	TAX (H)		NA	12.569	3.542
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		41.082	32.644	24.119
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	96.034	75.158
Add/ Less	EXPENSES / INCOME ADJUSTMENTS		NA	(0.022)	0.020
	EARLIER YEAR INCOME TAX AND FBT		NA	(0.004)	0.166
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	0.367	0.367
		Proposed Dividend	NA	0.062	0.062
		Dividend Distribution Tax	NA	4.000	3.000
	BALANCE CARRIED TO THE B/S		NA	124.223	96.034
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	155.180	NA	NA
	Earnings / (Loss) Per Share (Rs.)		167.68	133.24	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	NA	19.94	15.72
Return on Investment (ROI) (PBT/Networth)		NA	0.32	0.25
Debt Equity Ratio (Total Liability/Networth)		0.65	0.64	0.59
Current Ratio (Current Asset/Current Liability)		4.73	3.16	4.03

LOCAL AGENCY FURTHER INFORMATION

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	No
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	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	Yes
30) Major Shareholders, if available	Yes

NOTE:

The registered office of the company has been shifted from No. 3, First Floor, Gokul Building No. 5, Chala-Daman Road, Chala, Vapi-396191, Gujarat, India to the present address w.e.f. 23.09.2008.

FINANCIAL RESULTS AND WORKING:

During the year company has made profit of Rs.41.082 Millions (Rs.32.644 Millions) after providing depreciation of Rs.5.997 Millions (Rs.4.558 Millions) and payment of finance charges of Rs.4.160 Millions (Rs.4.188 Millions). During the current year, they expect improvement in the working of the company.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10111070
Corporate identity number of the company	U27101GJ1990PTC014654
Name of the company	PREMIUM POLYALLOYS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 417 / 418, GIDC Industrial Estate, Waghodia, Vadodara-391760, Gujarat, India
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge Immovable Property
Particular of charge holder	Citi Bank, Trent House, 2^nd Floor, G Block, Plot No. C60, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India Email: vlaxman@vsnl.com
Nature of description of the instrument creating or modifying the charge	a) Deed of Modification. b) Modification to Memorandum of Entry (Collectively constitute a single charge for Rs.80.000 Millions)
Date of instrument Creating the charge	17.02.2011
Amount secured by the charge	Rs.80.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest to be charged at such rate/s as may be determined by the Bank from time to time. Terms of Repayment On Demand Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge (a) The Current Assets and Movable Fixed Assets of the Company as described in Column No.15 hypothecated as and by way of first exclusive charge as security ; and (b) Company accorded and gave oral consent to Bank to continue to hold and retain the title deeds (by way of Constructive delivery) in respect of its immovable properties as mentioned under Item No 15 as security for repayment of credit facilities of Rs.80.000 Millions by the Company, with interest, liquidated damages, costs, charges and expenses.
Short particulars of the property charged	Hypothecation of first exclusive charge on the Current Assets and Movable Fixed assets of the Company, both present and future. Immovable properties lying and situated at Shed no.A2-33, Daman Industrial Estate, Survey No.673/1, 3 and 4, Dabhel, Taluka Daman, District Daman. Immovable properties lying and situated at Shed no.A2-32, Daman Industrial Estate, Survey No.673/1, 2 and 3, Dabhel, Taluka Daman, District Daman. Immovable properties lying and situated at Shed no.A2-28, Daman Industrial Estate, Survey No.673/311/674/1 and 675/4, Dabhel, Taluka Daman, District Daman. Immovable properties lying and situated at Shed no.A2-26, Daman Industrial Estate, Survey No.673/2 and 676/10, Dabhel, Taluka Daman, District Daman. Immovable properties lying and situated at Shed No.417 and 418, GIDC Estate, Waghodia, Vadodara.
Date of latest modification prior to the present modification	03.09.2010
Particulars of the present modification	The charge shall now stand increased from Rs.50.000 Millions to Rs.80.0000 Millions in favour of Citibank N.A.

FIXED ASSETS:

• Land
• Building for Staff Qua
• Factory Building
• Plant and Machinery
• Electrical Installation
• Laboratory Equipment
• Furniture and Fixture
• Vehicles
• Computer
• D G Set
• Office Equipment

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.55.70
UK Pound	1	Rs.86.28
Euro	1	Rs.68.15

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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		50

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.