MIRA INFORM REPORT

Report Date :

18.06.2012

IDENTIFICATION DETAILS

Name :	SYNPOL PRODUCTS PRIVATE LIMITED
Registered Office :	77, Guj Vepari Mahamandaludyogik Vasapet Limited, Odhav, Ahmedabad – 382415, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.12.1973
Com. Reg. No.:	04-002440
Capital Investment / Paid-up Capital :	Rs.3.000 Millions
CIN No.: [Company Identification No.]	U24299GJ1973PTC002440
TAN No.: [Tax Deduction & Collection Account No.]	AHMS00166F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of an extensive array of formaldehyde resins, phenol formaldehyde resins, ketone formaldehyde resins, industrial formaldehyde resins, auxiliary chemicals and synthetic resins.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 660000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is on well established company having satisfactory track. Financial company is doing well. Trade relations are reported to be fair. Business is active. Payment are reported to be regular and as per commitment. 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 :	77, Guj Vepari Mahamandaludyogik Vasapet Limited, Odhav, Ahmedabad – 382415, Gujarat, India
Tel. No.:	91-79-22901564 / 22901565
Fax No.:	91-79-22901566
E-Mail :	synpol@synpolproducts.com
Website :	www.synpolproducts.net

DIRECTORS

As on 29.09.2011

Name :

Mr. Vinod Jesukhlal Kothari

Designation :

Chairman and Managing Director

Address :

5, Unique Park, Nandi Hills, Opposite JSRo Gate, Satelute Road, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

09.07.1934

Date of Appointment :

11.12.1973

DIN No.:

00169308

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	U24299GJ1973PTC002440	SYNPOL PRODUCTS PRIVATE LIMITED	Managing director	11/12/1973	11/12/1973	-	Active	NO
2	U31200DD1993PLC001892	BHARAT RESINS LIMITED	Director	19/03/1993	19/03/1993	-	Active	NO

Name :

Mr. Vinay Ladharam Joshi

Designation :

Director

Address :

1502, Tivoli Center, Avenue, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

21.04.1947

Date of Appointment :

11.12.1973

DIN No.:

00043600

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	U24299GJ1973PTC002440	SYNPOL PRODUCTS PRIVATE LIMITED	Director	11/12/1973	11/12/1973	-	Active	NO
2	U31200DD1993PLC001892	BHARAT RESINS LIMITED	Managing director	1/4/2009	19/03/1993	-	Active	NO

Name :

Mr. Parag Prabhashanker Joshi

Designation :

Director

Address :

Sector -5, Bungalow No.5, Kalhaar Bungalows, Shilaj, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

25.08.1968

Date of Appointment :

03.07.2007

DIN No.:

01685969

Name :

Mr. Jesal Kirit Kothari

Designation :

Director

Address :

10, ashni Co-operative Housing Society, Behind Aristo Ville, Satellite Road, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

20.04.1979

Date of Appointment :

03.07.2007

DIN No.:

01685983

Name :

Mrs. Sujata Vinod Kothari

Designation :

Director

Address :

5, Unique Park, Nandi Hills, Opposite JSRo Gate, Satelute Road, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

29.09.1973

Date of Appointment :

03.07.2007

DIN No.:

02389614

Name :

Mr. Hira Prabhashanker Joshi

Designation :

Director

Address :

Sector -5, Bungalow No.5, Kalhaar Bungalows, Shilaj, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

02.10.1942

Date of Appointment :

31.07.2007

DIN No.:

01715503

Name :

Mr. Vikram Harsukh Kothari

Designation :

Director

Address :

10, Mount Eminence, 4^th Floor, off. Naoroji Gamadia Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

29.10.1958

Date of Appointment :

29.11.2008

DIN No.:

00601155

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	U33130MH1990PTC058429	SOORYA CONTROLS PRIVATE LIMITED	Director	8/10/1990	8/10/1990	-	Active	NO
2	U65990MH1992PTC066358	SESHA INNDVATIONS PRIVATE LIMITED	Director	13/04/1992	13/04/1992	-	Strike off	NO
3	U24299GJ1973PTC002440	SYNPOL PRODUCTS PRIVATE LIMITED	Director	29/09/2009	29/11/2008	-	Active	NO
4	U31200DD1993PLC001892	BHARAT RESINS LIMITED	Director	30/06/2009	30/03/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Harsukhrai Narbheram Kothari	1000
Vinod Jesukhlal Kothari	1003
Vinay Ladharam Joshi	938
Damooardas Kalidas Joshi	375
Kirit Jesukhlal Kothari	450
Minal Vinod Kothari	1624
Shilpa Vinod Kothari	1625
Sujata Vinod Kothari	1624
Vasanti Kirit Kothari	450
Urmila Vinod Kothari	750
Hira Prabhashanker Joshi	600
Jayesh Prabhashanker Joshi	1180
Manish Prabhashanker Joshi	1180
Vikarm Harsukhrai Kothari	475
Rajiv Harsukhrai Kothari	475
Sarla Harsukhrai Kothari	450
Shantu Vinay Joshi	1079
Vikram Harsukhrai Kothari	1050
Jayesh Prabhashanker Joshi	750
Vinay Ladharam Joshi	938
Vilkarm Harsukhrai Joshi	600

As on 29.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of an extensive array of formaldehyde resins, phenol formaldehyde resins, ketone formaldehyde resins, industrial formaldehyde resins, auxiliary chemicals and synthetic resins.
Products :	· Resins Products · Polyamide Resins · Acrylic Resins · Polyvinyl Butyral Resins · Epoxy Resins Reactive Diluents · Ketone Formaldehyde Resins · Hardeners and Accelerators

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	State Bank of India, GVMSAV Limited, Odhav Branch, Odhav,, Ahmedabad - 382415, Gujarat, India

Banking Relations :	--
Auditors :
Name :	Vijay Shah and Company Chartered Accountants
Address :	201, Samruddhi Building, Opposite Old Gujarat High Court, Ahmedabad – 380014, Gujarat, India
PAN.:	AACFV6045L

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.100/- each	Rs.3.000 Millions

Of the above share, 8000 Equity Share have been allotted as fully paid bonus share by way of capitalization of general reserve

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		3.000	3.000	3.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		162.862	122.106	87.197
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		165.862	125.106	90.197
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.501	1.090	1.104
TOTAL		166.363	126.196	91.301
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.336	23.582	25.358
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		62.480	60.500	37.937
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	45.216	30.880	29.381
	Sundry Debtors	46.547	47.747	37.003
	Cash & Bank Balances	20.085	9.814	12.448
	Other Current Assets	0.190	0.111	0.241
	Loans & Advances	49.450	31.527	25.649
Total Current Assets		161.488	120.079	104.722
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	32.376	31.967	37.428
	Other Current Liabilities	9.450	8.322
	Provisions	39.115	37.676	39.288
Total Current Liabilities		80.941	77.965	76.716
Net Current Assets		80.547	42.114	28.006
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		166.363	126.196	91.301

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	203.328	176.995	153.055
		Sales (Export)	90.408	91.752	95.585
		Excise Duty on Closing Stock of Finished Goods	0.083	0.000	0.678
		Other Income	12.636	5.149	5.071
		TOTAL (A)	306.455	273.896	254.389
Less	EXPENSES
		Increase / (Decrease) in Stocks	(2.037)	(1.370)	4.798
		Cost of Raw Materials Sold	7.145	6.074	3.239
		Raw Materials Consumed	176.723	153.083	138.368
		Stores, Power, Fuel, Repairs etc	20.844	20.355	18.523
		Employees Emoluments	23.183	21.250	20.599
		Administrative and Other Expenses	14.251	14.058	13.265
		Pollution Control Expense	0.745	0.773	0.766
		Excise Duty on Closing Stock of Finished Goods	0.000	0.256	0.000
		TOTAL (B)	240.854	214.479	199.558
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		65.601	59.417	54.831
Less	FINANCIAL EXPENSES (D)		0.012	0.015	0.383
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		65.589	59.402	54.448
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.807	4.401	4.312
	PROFIT BEFORE TAX (E-F) (G)		61.782	55.001	50.136
Less	TAX (H)		10.566	9.597	1.906
	PROFIT AFTER TAX (G-H) (I)		51.216	45.404	48.230
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		72.576	47.667	26.496
Less	APPROPRIATIONS
		Transfer to General Reserve	7.500	10.000	6.000
		Dividend	9.000	9.000	9.000
		Tax on Dividend	1.460	1.495	1.530
		Interim Dividend	0.000	0.000	9.000
		Tax on Interim Dividend	0.000	0.000	1.529
	BALANCE CARRIED TO THE B/S		105.832	72.576	47.667
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	89.305	89.669	NA
	TOTAL EARNINGS		89.305	89.669	NA
	IMPORTS
		Raw Materials	36.943	26.804	NA
	TOTAL IMPORTS		36.943	26.804	NA
	Earnings Per Share (Rs.)		1687	1514	1575

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	16.71	16.58	18.96
Net Profit Margin (PBT/Sales)	(%)	30.39	31.07	32.76
Return on Total Assets (PBT/Total Assets}	(%)	33.43	38.29	38.54
Return on Investment (ROI) (PBT/Networth)		0.37	0.44	0.56
Debt Equity Ratio (Total Liability/Networth)		0.49	0.62	0.85
Current Ratio (Current Asset/Current Liability)		2.00	1.54	1.37

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	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	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	--
23) Banking Details	Yes
24) Banking facility details	No
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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24299GJ1973PTC002440
Name of the company	SYNPOL PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	77 Guj Vepari Mahamandaludyogik Vasapet Limited, Odhav, Ahmedabad – 382415, Gujarat, India synpol@synpolproducts.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80027499
Type of charge	· Immovable property · Others (EM over immovable property)
Particular of charge holder	State Bank of India, GVMSAV Limited, Odhav Branch, Odhav, Ahmedabad – 382415, Gujarat, India p.gangdev@sbi.co.in
Nature of instrument creating charge	Bank letter for release of collateral security and change in limit to Rs.27.000 Millions, dated 08.06.2010.
Date of instrument Creating the charge	06.06.2010
Amount secured by the charge	Rs.27.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @ 12.25% p.a. with monthly rest linked to SBAR/at SBAR which is subject to change from time to time.(present effective rate 12.25% p.a) Terms of Repayment Repayable on demand Margin Raw materials ( imported)-20%,Raw materials (indigenous)-25%, Finished goods-35%, Book debts/receivables-50%, Letter of credit - 20%, Bank guarantee-20% Extent and Operation of the charge The existing credit facilities reduced from Rs.47.000 Millions to Rs.27.000 Millions secured by immovable properties of the company located at Plot No.77,78,79 and 80 of survey No.67, GVMSAV Limited, Odhav, Ahmedabad and release of charge on immovable properties of company located Village -Lamba Bander, Tal.-Kalyanpur, District .-Jamnagar bearing survey no. 227, adms. 54431 sq. mtrs or thereabout. Others The details of credit facilities secured as under : DCC : Rs. 15.000 Millions EPC/FBD : Rs.(10.000) Millions LC : Rs. 10.000 Millions BG : Rs. 2.000 Millions Making overall aggregate credit facilities of Rs.27.000 Millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Immovable properties of the company located at plot no.77,78,79 and 80 of survey no.67,GVMSAV Limited, Odhav ,Ahmedabad
Date of instrument modifying the charge	27.03.2007
Particulars of the present modification	The original charge (ID No.80027499) created on 23.12.1998 for Rs.36.762 Millions was subsequently modified from time to time and lastly modified on 27.03.2007 for Rs.47.000 Millions is now being reduced to Rs.27.000 Millions by release of charge on immovable properties of company located at Village - Lamba Bander, Tal. - Kalyanpur, District - Jamnagar bearing survey no.227, admeasuring 54431 sq.mtrs or thereabout. Now, the amount of charge on immovables assets/properties reduced to aggregate of Rs.27.000 Millions.

Fixed Assets

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipments

· Computer

· Electric Installations

· Vehicles

· Technical Book

· Fire Extinguisher

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 :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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		53

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.