MIRA INFORM REPORT

Report Date :

16.06.2012

IDENTIFICATION DETAILS

Name :	MACRO POLYMERS PRIVATE LIMITED
Registered Office :	165, Maha Gujarat Industrial Estate, Sarkhej-Bavla Road, P.O. Moraiya, Taluka Sanand, Ahmedabad – 382 213, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.12.1994
Com. Reg. No.:	04-024006
Capital Investment / Paid-up Capital :	Rs.9.538 millions
CIN No.: [Company Identification No.]	U17119GJ1994PTC024006
TAN No.: [Tax Deduction & Collection Account No.]	AHMM00005F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Resins Allied Products.
No. of Employees :	Not Available

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 420000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well 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

LOCATIONS

Registered Office :	165, Maha Gujarat Industrial Estate, Sarkhej-Bavla Road, P.O. Moraiya, Taluka Sanand, Ahmedabad – 382 213, Gujarat, India
Tel. No.:	91-2717-251091/92
Fax No.:	91-2717-251092
E-Mail :	sales@synresin.com accounts@synresin.com mail@synresin.com
Website :	http://www.synresin.com

DIRECTORS

AS ON 01.09.2010

Name :	Mr. Shirish Manidhara Parikh
Designation :	Chairman
Address :	9, Goldan Tulip, B/H Shreyas School, Ambawadi, Ahmedabad – 380 015, Gujarat, India
Date of Birth/Age :	16.11.1934
Date of Appointment :	29.12.1994
DIN No.:	00608055
Name :	Mr. Mayank Shirish Parikh
Designation :	Director
Address :	9, Goldan Tulip, B/H Shreyas School, Ambawadi, Ahmedabad – 380 015, Gujarat, India
Date of Birth/Age :	13.12.1970
Date of Appointment :	29.12.1994
DIN No.:	00608042

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 01.09.2010

Names of Shareholders	No. of Shares
Shriiuka Parikh. Jointly with Jayshree N. Parikh Nikunj R. Parikh	38000
Javesh H. Joshi Jointly with Bharti J. Joshi	15200
Indira J. Parikh Jointly with Sushrut J. Parikh	22800
Falauni Yoqesh Patel. Jointly with Yogesh Narendra Patel	19000
Gita Hariprasad Dalal. Jointly with Hariprasad Trikamlal Dalal	11400
Arun P. Sheth	76000
Shirish M. parikh. Jointly with Radhika S. Parikh	209000
Radhika S. Parikh. Jointly With Shirish M. Parikh Mayank S. Parikh	114000
Kusum M. Parikh. Jointly With Shirish M. Parikh Radhika S. Parikh	152000
Shruti R. Bhaqat Jointly With Radhika S. Parikh Shirish M. Parikh	38000
Mavank S. Parikh Jointly With Shirish M. Parikh Radhika S. Parikh	209000
Alpa kunivihari Jariwala Jointly With Kunjvihari Jariwala	19000
Kaushika Dhananiava Jariwala Jointly with Dhananjaya Gokaldas Jariwala	19000
Shirish M. Parikh	7600
Ushadevi Verma	3800
Total	953800

AS ON 01.09.2010

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

BUSINESS DETAILS

Line of Business :	Manufacturer of Resins Allied Products.
Products :	v Acrylic Resins v Speciality / Modified Alkyd Resins v Butylated MF Resin v Alkyd Resins v Butylated UF Resin v Maleic Modified Rosin Ester v Epoxy Resin v Polyamide Hardner v Ketone Resin v Phenolic Resin v Polyester Resin
Exports :
Countries :	· Middle East · Africa, · Asian · South East Asian Countries

4PRODUCTION STATUS (AS ON 31.03.2011)

Licensed Capacity (As certified by Directors) - NA

Installed Capacity (As certified by Directors) – 18000 M.T.

Particulars	Unit	Actual Production
Synthetic Resins	Kgs	8864711

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v State Bank of India,

Bapunagar Industrial Estate Branch, Bapunagar, Ahmedabad – 380024, Gujarat, India

v HDFC Bank Limited

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
1. Secured Loans I. Cash Credit Facility from State Bank of India	47.166	5.446
II. State Bank of India Packing Credit on Foreign Currency	0.075	17.918
III. State Bank of India Term Loan (Secured Loan I, II, III are secured by 1. Hypothecation of entire stocks of raw materials, semi finished goods, finished goods, stores, spares, book debts/ receivables, all other current assets. 2. Immovable properties of the company viz. (a) Plot No.165, S.No.67, 70, 75 and 123 of GVMSAV Limited. (b) S.No.426/2 Sub Plot No.133, Mouje Moraiya, Taluka-Sanand, District Ahmedabad)	44.701	49.423
2. Term Loans from HDFC Bank (Car Loan – Honda City)	0.427	0.697
Total	92.369	73.484
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
I. From Directors	0.000	0.000
II. From Members	0.162	2.242
III. Buyers Credit	57.773	25.426
Total	57.935	27.668

Banking Relations :	--
Auditors :
Name :	Vijay Shah and Company Chartered Accountants
Address :	201, Samrudhi, Opposite Old High Court, Ahmedabad – 380 014, Gujarat, India
PAN No.:	AACFV6045L

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
953800	Equity Shares	Rs.10/- each	Rs.9.538 millions

(Out of the above 928700 equity shares have been allotted as bonus shares by capitalization of Reserve and Surplus.)

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		9.538	9.538	9.538
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		94.553	64.719	44.609
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		104.091	74.257	54.147
LOAN FUNDS
1] Secured Loans		92.369	73.484	36.594
2] Unsecured Loans		57.935	27.668	11.334
TOTAL BORROWING		150.304	101.152	47.928
DEFERRED TAX LIABILITIES		5.329	5.309	0.768
TOTAL		259.724	180.718	102.843
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		107.363	112.295	63.005
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	46.803	41.937	18.821
	Sundry Debtors	163.777	94.281	69.027
	Cash & Bank Balances	19.650	0.778	1.276
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	44.410	11.799	11.237
Total Current Assets		274.640	148.795	100.361
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	106.309	56.070	39.646
	Other Current Liabilities	12.410	21.381	14.142
	Provisions	3.560	2.921	6.735
Total Current Liabilities		122.279	80.372	60.523
Net Current Assets		152.361	68.423	39.838
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		259.724	180.718	102.843

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	644.975	402.814	398.750
		Processing Charges & Other Income	22.125	16.953	18.430
		TOTAL	667.100	419.767	417.180
Less	EXPENSES
		Office Expenses
		Administrative Expenses	592.366	368.416	375.515
		Advertising Expenses
		TOTAL	592.366	368.416	375.515
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		74.734	51.351	41.665
Less/ Add	DEPRECIATION/ AMORTISATION		27.382	13.979	9.495
	PROFIT BEFORE TAX		47.352	37.372	32.170
Less	TAX		15.820	14.041	11.241
	PROFIT AFTER TAX		31.532	23.331	20.929
Add	EXCESS/ (SHORT) PROVISION OF INCOME TAX OF EARLIER YEARS		1.083	(0.432)	0.035
Less	APPROPRIATIONS
		Proposed Dividend	2.385	0.477	2.385
		Interim Dividend	0.000	1.908	0.000
		Tax on Proposed Dividend	0.396	0.405	0.405
		Transfer to General Reserve	5.000	3.522	2.500
	BALANCE CARRIED TO THE B/S		24.834	16.587	15.674
	EARNINGS IN FOREIGN CURRENCY
		Export of Finished Goods	237.803	110.340	136.737
	TOTAL EARNINGS		237.803	110.340	136.737
	IMPORTS
		Raw Materials	74.847	51.803	51.537
	TOTAL IMPORTS		74.847	51.803	51.537
	Earnings Per Share (Rs.)		33.06	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.73	5.56	5.02
Net Profit Margin (PBT/Sales)	(%)	7.34	9.28	8.07
Return on Total Assets (PBT/Total Assets}	(%)	12.40	14.31	19.69
Return on Investment (ROI) (PBT/Networth)		0.45	0.50	0.59
Debt Equity Ratio (Total Liability/Networth)		2.62	2.44	2.00
Current Ratio (Current Asset/Current Liability)		2.25	1.85	1.66

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	No
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	Yes
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
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

OPERATIONS:

During the year, the Company has achieved sales of Rs.644.975 millions with growth 60% and Profit of Rs.31.532 millions with 35% growth over previous year.

FORM 8:

Corporate identity number of the company	U17119GJ1994PTC024006
Name of the company	MACRO POLYMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	165, Maha Gujarat Industrial Estate, Sarkhej-Bavla Road, P.O. Moraiya, Taluka Sanand, Ahmedabad – 382 213, Gujarat, India E-Mail: accounts@synresin.com
This form is for	Modification of charge
Charge identification number of the modified	90100479
Type of charge	Immovable Property Others (Extension of mortgage over immovable property)
Particular of charge holder	State Bank of India, Bapunagar Industrial Estate Branch, Bapunagar, Ahmedabad – 380 024, Gujarat, India E-Mail: p.gangdev@sbi.co.in
Nature of description of the instrument creating or modifying the charge	a) Memorandum relating to deposit of title deeds for creation of further charge for term loan overall limit where the initial charges created by way of mortgage by deposit of title deeds (Form no. C.10A), dated 28.02.2011.
Date of instrument Creating the charge	28.02.2011
Amount secured by the charge	Rs.149.100 millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest: (a) WC - At 6.50% above base rate (BR=8.25%), Present effective rate 14.75% p.a. with monthly rests. (b) Existing TL-Interest on term loan is as per the earlier sanction (c) FCNR TL-As per earlier sanction Terms of Repayment: (a) Working capital-Repayable on demand (b) Existing TL-Repayable as per earlier sanction letter Margin: (i) Raw materials ( imported) -15% (ii) Raw materials (indigenous) -25% (iii) Semi finished goods - 30% (iv) Finished goods - 30% (v) Book debts/receivables -50% (vi) Export packing credit-10% (vii) Term loan ( Plant and Machinery and open TL)- 25% (viii)Term loan against wind mill - 26% (ix) Letter of credit -15%. Extent and Operation of the charge: The existing credit facilities enhanced from Rs.131.200 millions to Rs.149.100 millions secured byway extension of mortgage over immovable properties, more described in schedule of part-II (Property 1 and 2) hereunder written as continuing security for due repayment and discharge of all monies including interest, costs, charges, expenses due/or payable by the borrower to the Bank. Others: The credit facilities secured as under (i) DCC (Stc and BD)-Rs.70.000 millions (ii) EPC/FBD (within DCC)-Rs.(27.500) millions (iii) Existing term loan-Rs.44.100 millions (iv) Letter of credit-Rs.35.000 millions (v) Buyers credit- Rs.(70.000) millions. Making overall aggregate credit facilities of Rs.149.100 millions.
Short particulars of the property charged	All that piece or parcel of land situated at Plot no.165, adms.1111 sq.yds of Survey No.67, 70, 75 and 123 of GVMSAV Limited Odhav, Ahmedabad. All that NA land bearing Survey No.426/2, P, adms.1710 sq. mtrs. Sub Plot No.133 of Mouje Moraiya, Taluka-Sanand, District-Ahmedabad.
Date of latest modification prior to the present modification	10.03.2010
Particulars of the present modification	The original charge (ID No.90100479) created on 08.07.96 for Rs.1.000 million have been modified from time to time and lastly modified on 10.03.10 for Rs.131.200 millions is now being further modified on 28.02.11 by extension of mortgage over immovable properties to Rs.149.100 millions as under (i) DCC (Stc and BD)-Rs.70.000 millions (ii) EPC/FBD (within DCC)-Rs.(27.500) millions (iii) Existing term loan-Rs.44.100 millions (iv) Letter of credit-Rs.35.000 millions (v) Buyers credit- Rs (70.000) millions.

FIXED ASSETS:

v Factory Land (Moraiya)

v Factory (Moraiya Plot No.136 A, B, C, D)

v Factory (Moraiya Plot No.133)

v Office Building Under Construction (Moraiya)

v Factory Building

v Office Building

v Servant Quarters

v Plant and Machinery

v Furniture and Fixtures

v Diesel Electric Generator Set

v Scientific R and D Lab Equipment

v Computers

v Electrical Installation

v Technical Books

v Fire Extinguishers

v Effluent Treatment Plant

v Office Equipments

v Vehicles

v Tube Well

v R and D Building (Moraiya)

v Storage Shed (RM/FG)

v Software ERP

v Close Circuit Camera System - Moraiya

v Wind Turbine Generator ATS 376 and 377/2

v TF Heater No.3 Under Installation

WEBSITE DETAILS:

PROFILE:

They subject is a private limited and an ISO 9001:2008 certified company located at Odhav and Moraiya at Gujarat in Western India.  The company is built on a foundation of technocrats who have experience of five decades in the manufacture of Synthetic Resin for Paints, Printing Inks and Adhesive Industries.

Their Chairman Mr. Shirish Parikh started factory in 1962. In 1995 they turned into Private Limited Company. Since the inception of the company in 1995 with an installed capacity of just 500 tones per year, and now they are achieving 15,000 tones per annum.  The credit of the company’s rapid progress is largely attributed to the most valued customers for patronizing the products of the company, hard work done by all the employees and an unprecedented support extended by all the stack holders and well wishers.

Currently they are one of the manufacturer of resins in India and exporting to Middle East, Africa, Asian and south east Asian Countries. They are known for their consistent quality and uninterrupted supply position. They can provide performance guarantee for the material supplied by them. They have manufacturing capacity so as to give full container load with one single batch.

They are committed to deliver customers consistent quality products and an assurance of the quality for the entire range of the products.  This assurance begins from the purchase of the raw materials, its analytical testing and approval before consumption, stringent control of processing parameters, intermediate quality monitoring and approval of the finished products before dispatch.  The norms of Quality Assurance Department are being strictly followed, without any compromise and deviation from the standards.  They laid down stringent specification and procedures for the purchase of raw materials, processing parameters and specification of the finished goods testing in detail.

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.55.76
UK Pound	1	Rs.86.69
Euro	1	Rs.70.44

INFORMATION DETAILS

Report Prepared by :

NIT

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	5
--PROFITABILIRY	1~10	4
--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.