MIRA INFORM REPORT

Report Date :

09.06.2012

IDENTIFICATION DETAILS

Name :	POLYGEL INDUSTRIES PRIVATE LIMITED (w.e.f.20.05.2009)
Formerly Known As :	POLYGEL TECHNOLOGIES (INDIA) PRIVATE LIMITED (w.e.f. 28.02.2000) KHUKRI POLYTEX PRIVATE LIMITED
Registered Office :	207, Bake House (New), 2nd Floor, MCC Lane, Fort, Mumbai – 400023, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.08.1994
Com. Reg. No.:	11–080074
Capital Investment / Paid-up Capital :	Rs. 539.435 Millions
CIN No.: [Company Identification No.]	U17120MH1994PTC080074
TAN No.: [Tax Deduction & Collection Account No.]	MUMP15162A
PAN No.: [Permanent Account No.]	AAACK4105F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing Adhesives, Constructions Chemicals and Speciality Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 2200000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 :	207, Bake House (New), 2nd Floor, MCC Lane, Fort, Mumbai – 400023, Maharashtra, India
Tel. No.:	91-22-65752647/22824031 / 22832529 / 39536215
Fax No.:	91-22-2283 1520
E-Mail :	suresh@polygelindia.com vinod.avs@gmail.com info@polygelindia.com ca.vinod2412@gmail.com
Website :	www.polygelindia.com
Head Office :	L-1-205, The Great Eastern Galleria, Plot No. 20-Sector-4, Nerul (West), Plot No. 20, Sector-4, Navi Mumbai- 400 706, Maharashtra, India
Tel. No.:	91-22-39536200
Fax No.:	91-22-39536299
Factory 1 :	Plot No. 15, Sector – 2, 11E, Pantnagar, Rudrapur – 263153, Uttrakhand, India
Factory 2 :	Survey No. 358/1P, Village Dadra, Behind Dadra Garden, Dadra and Nagar Haveli, U. T. - 396 191, India
Tel. No.:	91-260-3291204 / 1718
Fax No.:	91-260-2668551
Factory 3 :	Plot No. 17 and 18, Old MIDC Area Seoni, Akola – 444104, Maharashtra, India
Marketing Office :	Sidhpura Industrial Estate, Gala No. 25, Off. S.V. Road, Gai Wadi, Opposite Kamath’s Club, Goregaon (West), Mumbai – 400062, Maharashtra, India
Branch Office :	Located at: · Ahmedabad · Bangalore · Hyderabad · Indore, Madhya Pradesh · Kolkata · New Delhi · Pune

DIRECTORS

AS ON 30.09.2011

Name :

Capt. Vijaykumar Maharajkrishan Raichand

Designation :

Chairman

Address :

11-A, Dolphin, Sadasiv Park Pilot Bunder Road, Colaba, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

05.11.1940

Date of Appointment :

14.08.1994

DIN No.:

00195251

Other Directorship :

S.No.	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
1	U67120MH1985PTC038350	KHUKRI ENTERPRISES PRIVATE LIMITED	Managing director	17-12-85	17-12-85	01-10-09	Active	NO
2	U51900MH1989PTC054428	KHUKRI EXPORTS PRIVATE LIMITED	Director	29-11-89	29-11-89	15-04-10	Amalgamated	NO
3	U17299MH1989PTC054426	ANNAPURNA TEXTURISERS PRIVATE LIMITED	Director	29-11-89	29-11-89	20-08-07	Active	NO
4	U65990MH1990PTC055353	INDRENI HOLDINGS PRIVATE LIMITED	Director	02-06-90	02-06-90	20-08-07	Active	NO
5	U17120MH1991PTC060406	KANCHENJUNGA TEXTURISERS PRIVATE LIMITED	Director	21-02-91	21-02-91	20-08-07	Active	NO
6	U25200MH1991PTC060496	KHUKRI PLASTICS PRIVATE LIMITED	Director	26-02-91	26-02-91	-	Active	NO
7	U17120MH1994PTC080074	POLYGEL INDUSTRIES PRIVATE LIMITED	Director	14-08-94	14-08-94	-	Active	NO
8	U55101MH1994PTC084009	RIVER VALLEY FOREST AND RESORTS PRIVATE LIMITED	Director	22-12-94	22-12-94	18-06-09	Active	NO
9	U45200MH1990PTC056057	CRESCENT CONSTRUCTIONS PRIVATE LIMITED	Director	26-03-96	26-03-96	20-08-07	Active	YES
10	U72900MH2001PTC131280	BLUE BROADBAND TECHNOLOGIES PRIVATE LIMITED	Director	19-03-01	19-03-01	-	Active	NO
11	L99999GJ1959PLC000892	THE BARODA RAYON CORPORATION LIMITED	Director	12-04-01	12-04-01	11-09-08	Active	NO
12	U35100MH2003PTC141978	RIVER VALLEY MEADOWS AND TOWNSHIP PRIVATE LIMITED	Director	19-05-05	19-05-05	-	Active	NO
13	U17119GJ1987PTC009730	ADIL SYNTHETICS PRIVATE LIMITED	Managing director	09-07-07	09-07-07	09-03-09	Strike off	NO
14	U45200MH2006PTC158624	CLARIDGES SEZ DEVELOPERS Private Limited	Director	30-07-07	30-07-07	08-09-10	Active	NO
15	U24100MH2010PTC210751	RANVIJAY AGRO CHEMICALS PRIVATE LIMITED	Director	07-12-10	07-12-10	-	Active	NO
16	U52399MH2011PTC212066	DHOW COMMODITIES PRIVATE LIMITED	Director	10-01-11	10-01-11	-	Active	NO

Name :

Mr. Luv Nandkishore Shah

Designation :

Managing director

Address :

302-A, Royal Manor, Juction of Veronica Road, Bandra (West), Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

14.06.1973

Date of Appointment :

02.12.1996

DIN No.:

00616738

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	U17120MH1994PTC080074	POLYGEL INDUSTRIES PRIVATE LIMITED	Managing director	02-12-96	02-12-96	Active	NO
2	U72200MH2000PTC125267	SILGATE TECHNOLOGIES PRIVATE LIMITED	Director	24-03-00	24-03-00	Active	NO
3	U72900MH2001PTC131280	BLUE BROADBAND TECHNOLOGIES PRIVATE LIMITED	Director	19-03-01	19-03-01	Active	NO
4	U74900MH2007PTC173759	PEGASUS CONSTCHEM PRIVATE LIMITED	Director	03-09-07	03-09-07	Active	NO
5	U24297MH2011PTC223720	POLYGEL PERFORMANCE MATERIALS PRIVATE LIMITED	Director	09-11-11	09-11-11	Active	NO

Name :

Mr. Vijay Dilbagh Rai

Designation :

Additional director

Address :

90- Wood House Road, Pillot Bunder, Colaba, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

13.10.1946

Date of Appointment :

28.03.2007

DIN No.:

00075837

Other Directorship :

S.No.	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
1	L24231CH1975PLC003603	PUNJAB CHEMICALS AND CROP PROTECTION LIMITED	Director	28-02-85	28-02-85	-	Active	NO
2	U70200MH1999PTC121160	HAVIRA CONSULTANTS PRIVATE LIMITED	Director	05-08-99	05-08-99	-	Active	NO
3	L26939KL1963PLC002039	ENGLISH INDIAN CLAYS LIMITED	Director	07-08-00	07-08-00	-	Active	NO
4	L99999MH1922PLC000987	GREAVES COTTON LIMITED	Director	21-03-02	21-03-02	-	Active	NO
5	U18101MH1999PTC118071	ZEBA HOME PRIVATE LIMITED	Director	12-09-02	12-09-02	26-11-07	Active	NO
6	L22200MH1984PLC034055	NAVNEET PUBLICATIONS (INDIA) LIMITED	Director	28-04-03	28-04-03	04-10-11	Active	NO
7	U25209MH1992PTC069561	PRINCEWARE INTERNATIONAL PRIVATE LIMITED	Director	01-12-03	01-12-03	-	Active	NO
8	U29299MH1958PLC011250	GREAVES LEASING FINANCE LIMITED	Director	04-02-05	04-02-05	-	Active	NO
9	U24100MH1981PLC023801	AKOLA CHEMICALS (INDIA) LIMITED	Director	23-03-05	23-03-05	-	Active	NO
10	U74999AP2006PTC051788	VISWAS BUSINESS SYNERGIES Private LIMITED	Director	07-03-07	07-03-07	15-03-10	Active	YES
11	U17120MH1994PTC080074	POLYGEL INDUSTRIES PRIVATE LIMITED	Additional director	28-03-07	28-03-07	-	Active	NO
12	U24239AP2006PLC050060	SRI BIOTECH LABORATORIES INDIA LIMITED	Director	30-09-09	26-03-09	-	Active	NO
13	U24297MH2011PTC223720	Polygel Performance Materials Private Limited	Director	09-11-11	09-11-11	-	Active	NO
14	U51909MH2011PTC221827	PIMEX INDIA PRIVATE LIMITED	Additional director	05-01-12	05-01-12	-	Active	NO

Name :

Mr. Navin Ramji Shah

Designation :

Additional director

Address :

903-Bajaj Bhavan, Nariman Point, Mumbai -400021, Maharashtra, India

Date of Birth/Age :

12.03.1942

Date of Appointment :

24.06.2009

DIN No.:

00308817

Other Directorship :

S.No.	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
1	U01100MH1982PTC028074	NAVIN NURSERIES PRIVATE LIMITED	Director	25-08-82	25-08-82	-	Active	NO
2	U67190MH1983PTC030522	SIMPLEX METALLURGICAL PRIVATE LIMITED	Director	10-05-84	10-05-84	-	Active	NO
3	U25209MH1984PTC034257	COMPLEX PLASTIC INDUSTRIES PRIVATE LIMITED	Director	12-10-84	12-10-84	15-07-08	Active	NO
4	U70102MH1984PTC034407	SIMSHAHS ESTATES AND TRADING COMPANY PRIVATE LIMITED	Director	29-10-84	29-10-84	-	Active	NO
5	U70101MH1984PTC034408	CHANDRI ESTATES AND TRADING COMPANY PRIVATE LIMITED	Director	29-10-84	29-10-84	-	Active	NO
6	U32304MH1987PTC045472	SHEMAROO VIDEO RECORDING (BOMBAY) PRIVATE LIMITED	Director	01-12-87	01-12-87	-	Strike off	NO
7	U17120MH1994PTC080074	POLYGEL INDUSTRIES PRIVATE LIMITED	Additional director	24-06-09	14-08-94	-	Active	NO
8	U70102MH1999PTC121134	SEVENTY EIGHT BHK PRIVATE LIMITED	Director	04-08-99	04-08-99	-	Active	NO
9	U72200KA1997PTC022845	SIMPLEX SOLUTIONS PRIVATE LIMITED	Director	29-09-99	29-09-99	-	Active	NO
10	U74140KA1998PTC023768	SIMPLEX TMC PRIVATE LIMITED	Director	29-09-04	29-09-04	-	Active	NO
11	U74140MH2001PTC133622	SARJAN MERCANTILE PRIVATE LIMITED	Director	01-08-06	01-08-06	-	Active	NO
12	U31900GJ2007PTC050842	ADVANCED UTILITY MANAGEMENT PRIVATE LIMITED	Director	15-05-07	15-05-07	17-01-11	Active	NO
13	U45400MH2009PTC193016	SIMPLEX PREFAB INFRASTRUCTURE (INDIA) PRIVATE LIMITED	Director	04-06-09	04-06-09	-	Active	NO
14	L67120CT1982PLC001961	CHHATISGARH INVESTMENTS LIMITED	Director	30-09-10	31-01-10	-	Active	NO
15	U91900MH2011NPL218872	KUTCH CORPORATE FORUM	Director	21-06-11	21-06-11	-	Active	NO

Name :

Mr. Anil Sayaji Phatangare

Designation :

Director (Technical)

Address :

203, Golden Tower CHS Limited, Chharwada Road, Vapi – 396195, Gujarat, India

Date of Birth/Age :

22.03.1971

Date of Appointment :

20.07.2006

DIN No.:

00609866

Name :

Mr. Prem Raj Mehta

Designation :

Director

Address :

S-3, Pemino, Altamount Road, Mumbai - 400 026, Maharashtra, India

Date of Birth/Age :

16.10.1944

Date of Appointment :

18.07.2010

DIN No.:

00005622

Other Directorship :

S.No.	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
1	U74130MH1987PTC045200	PATHFINDERS AND MARKET RESEARCH PRIVATE LIMITED	Director	01-09-91	01-09-91	30-04-08	Active	NO
2	U74300MH1987PTC045199	LIN-TV ADVERTSING PRIVATE LIMITED	Director	01-09-91	01-09-91	30-04-08	Active	NO
3	U74300MH1987PTC045201	INITIATIVE MEDIA (INDIA) PRIVATE LIMITED	Director	30-09-91	30-09-91	30-04-08	Active	NO
4	U74300MH1993PTC073867	SPRINT ADVERTISING PRIVATE LIMITED	Director	09-09-93	09-09-93	30-04-08	Active	NO
5	U74300MH1994PTC076348	PICKLE ADVERTISING PRIVATE LIMITED	Director	29-07-94	29-07-94	30-04-08	Active	NO
6	U99999MH1997PLC105152	UNITAS CREATIVE TELEVISION LIMITED	Director	01-04-97	01-04-97	28-02-09	Strike off	NO
7	U64201PN1998PLC012654	QUADRANT COMMUNICATIONS LIMITED	Director	13-06-98	13-06-98	30-04-08	Active	NO
8	U74300MH1985PTC038353	KARISHMA ADVERTISING PRIVATE LIMITED	Director	13-08-98	13-08-98	30-04-08	Active	NO
9	U74300MH1969PTC014391	LINTAS INDIA PRIVATE LIMITED	Managing director	22-06-99	22-06-99	30-04-08	Active	NO
10	U24999MH1948NPL006309	AUDIT BUREAU OF CIRCULATIONS	Director	04-12-01	04-12-01	30-04-08	Active	NO
11	U80301MH2002PTC136598	NORTHPOINT TRAINING AND RESEARCH PRIVATE LIMITED	Director	24-07-02	24-07-02	-	Active	NO
12	U67120MH1998PTC114377	ING INVESTMENT MANAGEMENT (INDIA) PRIVATE LIMITED	Director	10-10-03	10-10-03	-	Active	NO
13	L72200MH1990PLC056987	UTV SOFTWARE COMMUNICATIONS LIMITED	Director	04-09-09	06-11-08	16-03-12	Active	NO
14	U17120MH1994PTC080074	POLYGEL INDUSTRIES PRIVATE LIMITED	Director	30-09-10	18-07-10	-	Active	NO

Name :

Mr. Bhatia Ranjeev

Designation :

Nominee director

Address :

II Peridot, 22A Perry Cross Road, Bandra, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

27.02.1972

Date of Appointment :

30.06.2008

DIN No.:

01928633

Other Directorship :

S.No.	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
1	U85110AP2006PTC051845	MEDPLUS HEALTH SERVICES PRIVATE LIMITED	Director	22-09-08	19-11-07	04-03-11	Active	NO
2	U17120MH1994PTC080074	POLYGEL INDUSTRIES PRIVATE LIMITED	Nominee director	30-06-08	30-06-08	-	Active	NO
3	U72200MH2006PLC166403	IDHASOFT LIMITED	Nominee director	28-08-08	01-08-08	-	Active	NO
4	U52390AP2011PTC073471	CITY SQUARE WHOLESALE TRADING PRIVATE LIMITED	Nominee director	27-08-11	26-08-11	-	Active	NO

Name :

Mr. Mohammed Abdul Muiz Moyeenuddin Chowdhury

Designation :

Nominee director

Address :

Flat No.0042, Building 0330, Avenue 35, Aljanabiyah-561, Bhahrain

Date of Birth/Age :

12.08.1967

Date of Appointment :

18.07.2010

DIN No.:

03149929

Other Directorship :

S.No.	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
1	U17120MH1994PTC080074	POLYGEL INDUSTRIES PRIVATE LIMITED	Nominee director	18-07-10	18-07-10	-	Active	NO
2	U72200MH2006PLC166403	IDHASOFT LIMITED	Director	29-12-10	28-07-10	-	Active	NO
3	U85110AP2006PTC051845	MEDPLUS HEALTH SERVICES PRIVATE LIMITED	Nominee director	30-09-10	04-08-10	04-03-11	Active	NO
4	U52390AP2011PTC073471	CITY SQUARE WHOLESALE TRADING PRIVATE LIMITED	Nominee director	27-08-11	26-08-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Girish Madhukar Nachane
Designation :	Secretary
Address :	601, Dilip Kunj Opposite Lions Garden, LBS Marg, Kurla, Mumbai -400070, Maharashtra, India
Date of Appointment :	22.12.2007
PAN No.:	AADPN4696G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares	Percentage of Shares
Anil Phatangare	156600	0.29
Chetan Shah	680000	1.26
Chetan Sanjay Minda	25000	0.05
Chandri Shah	640000	1.19
Capt. Vijay Raichand	1486600	2.76
Chetan Sangani / Geeta Sangani	6250	0.01
Daliya B. Majumdar / B.C. Majumdar	12500	0.02
Distinctive Idea Incorporation, India	242600	0.45
Dhirendra Choudhary	40000	0.07
Girish Nachane	5000	0.01
Hemant Shah / Sheela Shah	6250	0.01
Kalpana Jain	15625	0.21
Kalpana Jadhav	111100	0.03
Kavita Choudhary / Prabha Choudhary	102350	0.19
Ketan Shah / Moolchand Shah	12500	0.02
Kush Shah	770000	1.43
Lalita Agarwal	10	0.00
Luv Shah	837817	1.55
Luv Shah (HUF)	11100	0.02
Manorama Goyal	5500	0.01
Nandkishore Shah	27777	0.05
Pegasus Constchem Private Limited, India	850000	1.58
Pramod Sahu	17000	0.03
Priyanka V. Rai	75000	0.14
Prabha Choudhary / Kavita Choudhary	83850	0.16
Neeta Shah	195318	0.36
Radhika Chopra	5500	0.01
Rajesh Jain	15625	0.03
Ratna Ghosh / Sapna Sur.	6250	0.01
Rajesh Agrawal	18000	0.03
Rinki P. Jain	50000	0.09
Rohini V. Bastawala / Pranav V. Bastawala	18750	0.03
Rahul Raichand	96100	0.18
Snehlata Chaplot	80000	0.15
S. B. Arondekar	6250	0.01
Shefali K. Shah	5500	0.01
Sonali K. Khakhar	5500	0.01
Simplex Metallurgical Private Limited, India	38888	0.07
Usha P. Shah	12500	0.02
Vikas Jain / Swati Jain	6250	0.01
Vinod P. Jain	15625	0.03
Vinod P. Jain - HUF	12500	0.02
Vishal K. Dua	20000	0.04
Western India Packaging Private Limited, India	222133	0.41
Polygel Venture Limited	46855555	86.86
S V. S. Kadian	15000	0.03
Prem Raj Mehta	21800	0.04
Total	53943473	100

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	87.31
Bodies corporate	2.06
Directors or relatives of directors	9.20
Others	1.43
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of manufacturing Adhesives, Constructions Chemicals and Speciality Chemicals.
Products :	Adhesives and Sealants Organic Titanate for Wire Enamels, Paints , Printing Inks And Coatings 2 mercaptobezimedazole for Nylon Tyre Cord Additives And Rubber Chemicals Cable gels for Telecommunication Cables

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Licensed Capacity (MT)	Installed Capacity	Actual Production (Kg)
Cable Gels	N.A.	600	196,657
Adhesive and Construction Chemicals	N.A.	30,000	15,120,660
Speciality Chemicals	N.A.	1,750	1,575,356

GENERAL INFORMATION

Customers :

v Raheja Group

v Gundecha Builders

v Shiv Parvati

v A.G. Developers

v R.C. Builders

v Evershine Group

v Marathon Group

v Kukreja Group

v S.K. Décor

v Preeto Color Company

v R.R. Enterprises

v Kalpataru Group

v Sheth Group

v Monto Enterprises

v Paint Art

v Akurti Nirman

No. of Employees :

Not Available

Bankers :

Ø The Zoroastrian Co-operative Bank Limited, Mumbai, Main Branch, Yusuf Building, Ground Floor, V. N. Road, Fort, Mumbai-400001, Maharashtra, India

Ø Axis Bank Limited, Axis House, Bombay Dyeing Mills Compound, Ground Floor, Pandurang Budhkar Marg, Worli, Mumbai - 400025 Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working capital loans banks secured	(A)72.869	(B)66.758
Loans taken for other fixed assets secured	(C)11.458	(D)0.000
Deposits related parties secured	(E)0.008	(F)0.008
Other debt secured	10.762	0.000
Total	95.097	66.766
Notes (A) a) Cash Credit from Axis Bank Limited. : 67400340 b) Packing Credit From Axis Bank Limited : 5468371 (C) Long Term Loan from Axis Bank Limited : 11458334 (a) Hypothecation of Fixed Assets and : 0 (E) Factoring Facility with Global Trade Finance Private Limited : 8122 : 0 Secured by way of performance guarantee of some of the : 0

Banking Relations :	--
Auditors :
Name :	S V. Ghatalia and Associates Chartered Accountants
Address :	14th Floor, The Ruby 29 Senapati Bapat Marg, Dadar (West), Mumbai 400028, Maharashtra, India
Tel. No.:	91-22-61920000
Fax No.:	91-22-61921000
Income-tax PAN of auditor or auditor's firm :	AACFS6921Q
Parties which have significant influence over the Company :	Polygel Ventures Limited ( Mauritius )
Related Party :	· Khukri Enterprises Private Limited · Khukri Plastics Private Limited · Western India Packaging · Simplex Metallurgical Private Limited · Dumaire International Services

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Ordinary Equity Shares	Rs. 10/- each	Rs. 150.000 Millions
40000000	Equity Shares (Series A)	Rs. 10/- each	Rs. 400.000 Millions
55000000	Equity Shares	Rs. 10/- each	Rs. 550.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13943473	Ordinary Equity Shares	Rs. 10/- each	Rs. 139.435 Millions
40000000	Equity Shares (Series A)	Rs. 10/- each	Rs. 400.000 Millions
53943473	Equity Shares	Rs. 10/- each	Rs. 539.435 Millions

Notes

(Note: - Series A Shares carry 8% cumulative preference dividend):0

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		539.435	539.435	539.435
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		159.680	159.680	220.613
4] (Accumulated Losses)		(109.092)	(34.490)	0.000
NETWORTH		590.023	664.625	760.048
LOAN FUNDS
1] Secured Loans		95.097	66.767	104.664
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		95.097	66.767	104.664
DEFERRED TAX LIABILITIES		0.000	0.000	23.422
TOTAL		685.120	731.392	888.134
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		343.972	353.467	340.377
Capital work-in-progress		8.643	0.000	0.000
INVESTMENT		0.100	0.100	0.100
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	215.229	226.763	177.276
	Sundry Debtors	205.775	240.716	216.836
	Cash & Bank Balances	31.810	6.039	154.485
	Other Current Assets	0.000	0.000	37.713
	Loans & Advances	82.461	76.710	54.447
Total Current Assets		535.275	550.228	640.757
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	176.238	138.295	116.567
	Other Current Liabilities	17.744	20.738	17.476
	Provisions	8.888	13.370	10.263
Total Current Liabilities		202.870	172.403	144.306
Net Current Assets		332.405	377.825	496.451
MISCELLANEOUS EXPENSES		0.000	0.000	53.206
TOTAL		685.120	731.392	888.134

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	932.424	870.173	861.338
		Other Income	11.526	13.656	13.469
		TOTAL	943.950	883.829	874.807
Less	EXPENSES		979.781	893.277	844.260
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(35.831)	(9.448)	30.547
Less	FINANCIAL EXPENSES		10.337	14.646	16.795
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(46.168)	(24.094)	13.752
Less/ Add	DEPRECIATION/ AMORTISATION		22.850	22.230	13.429
	PROFIT/ (LOSS) BEFORE TAX		(69.018)	(46.324)	0.323
Less	TAX		1.855	6.929	2.717
	PROFIT/ (LOSS) AFTER TAX		(70.873)	(39.395)	(2.394)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	235.832	93.163	94.122
	TOTAL EARNINGS		235.832	93.163	94.122
	IMPORTS
		Raw Materials	77.318	91.205	N.A.
		Domestic Raw Materials	579.929	549.891	N.A.
	TOTAL IMPORTS		657.247	641.096	N.A.
	Earnings/ (Loss) Per Share (Rs.)		(1.31)	(0.73)	(0.04)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(7.51)	(4.46)	(0.26)
Net Profit Margin (PBT/Sales)	(%)	(7.40)	(5.32)	0.03
Return on Total Assets (PBT/Total Assets}	(%)	(7.85)	(5.13)	0.03
Return on Investment (ROI) (PBT/Networth)		(0.12)	(0.07)	0.00
Debt Equity Ratio (Total Liability/Networth)		0.51	0.36	0.36
Current Ratio (Current Asset/Current Liability)		2.64	3.19	4.38

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. Constitution 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	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	Yes
17. Major suppliers	No
18. Major customers	Yes
19. Payments terms	No
20. Export / Import details	No
21. Market information	--
22. Litigations that the firm / promoter involved	--
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 Address of the company has been shifted fro, 203, Coral Classic, 20th Road, Chembur East, Mumbai - 400071, Maharashtra, India to the present address w.e.f. 10.05.2006

NATURE OF OPERATIONS:

Subject is engaged in the business of manufacturing Adhesives, Constructions Chemicals and Speciality Chemicals

FINANCE

As at the end of the financial year, your company has working capital facilities of Rs. 145.000 Millions (both fund based of Rs. 100.000 Millions as well as Non Fund Based of Rs. 45.000 Millions) from Axis Bank Ltd. The Company took a Term Loan of Rs. 12.500 Millions from Axis Bank Ltd. to finance its expansion of Titanates Plant.

CONTINGENT LIABILITIES:

Particulars	31.03.2011 (Rs. in Millions)	31.03.2010(Rs. in Millions)
Income Tax Demand for Assessment Year 2007-08	2.674	2.674

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17120MH1994PTC080074
Name of the company	POLYGEL INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	207, Bake House( New), 2nd Floor, Mcc Lane, Fort, Mumbai - 400023, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the modified	80010434
Type of charge	Immovable property Book Debts Movable Property Others (Stock of RM, FG, P and M etc.)
Particular of charge holder	CIN No.: L65110GJ1993PLC020769 Axis Bank Limited, Axis House, Bombay Dyeing Mills Compound, Ground Floor, Pandurang Budhkar Marg, Worli, Mumbai - 400025 Maharashtra, India Email ID: suyashri@vsnl.com
Nature of description of the instrument creating or modifying the charge	Agreement dated 09.03.2012.
Date of instrument Creating the charge	09.03.2012.
Amount secured by the charge	Rs. 157.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Sanction Letter No.AXISME/Mumbai-1/MS/1212/2011-12 dated 25.02.2012 or as stipulated by Bank from time to time. Terms of Repayment As per Sanction Letter No.AXISME/Mumbai-1/MS/1212/2011-12 dated 25.02.2012 or as stipulated by Bank from time to time. Margin As per Sanction Letter No.AXISME/Mumbai-1/MS/1212/2011-12 dated 25.02.2012 or as stipulated by Bank from time to time. Extent and Operation of the charge Credit facilities aggregate. to Rs. 157.500 Millions granted by Bank have been realigned. Realigned limits are specified in Part II of 1st Scheme of Agreement. Security by way of 1st charge on present and future stock of RM, SIP, FG, packing mat., etc. lying at Company’s premises or in transit, and BDs, O/s monies, bills etc. due and owing to Co. and Imm. Prop. at S.No. 358/1P, Vil. Dadra, UT of D and NH, given earlier, des. in 2nd Scheme to Agreement, extended as security to secure realigned limit of Rs. 157.500 Millions.
Short particulars of the property charged	Hypothecation of Present and Future stock of RM, SIP, FG, other current assets stored at Company’s factory or premises or elsewhere, O/S monies receivable, claims etc. due and owing to Co. in course of its business. Hypothecation of Present and Future movable Plant, mach., fixtures, fittings, furniture etc. lying at Company’s factory or premises or elsewhere. First pari passu charge on immovable property of Company at Village Dadra in UT of Dadra and Nagar Haveli. Flat No. 106,103 and 107 constructed on S. No. 169/5P, Village Dadra in UT of Dadra and Nagar Haveli
Date of latest modification prior to the present modification	31.03.2011
Particulars of the present modification	Credit facilities aggregate to Rs. 157.500 Millions granted by Bank have been realigned. Realigned limits are specified in Part II of 1st Scheme of Agreement. Security by way of 1st charge on present and future stock of RM, SIP, FG, packing mat., etc. lying at Company's premises or in transit, and BDs, O/s monies, bills etc. due and owing to Co. and Imm. Prop. at S.No. 358/1P, Village Dadra, UT of D and NH, given earlier, des. in 2nd Scheme to Agreement, extended as security to secure realigned limit of Rs. 157.500 Millions

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. 55.36
UK Pound	1	Rs. 85.64
Euro	1	Rs. 69.21

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.