MIRA INFORM REPORT

Report Date :

20.06.2012

IDENTIFICATION DETAILS

Name :	GHOSH POLYMERS PRIVATE LIMITED
Registered Office :	AD-128, Sushil Jyoti Avenue, Prafullah Kanan, Rabindra Pally, Kolkata-700101, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.10.2005
Com. Reg. No.:	21-105787
Capital Investment/ Paid-up Capital:	Rs. 18.000 Millions
CIN No.: [Company Identification No.]	U25209WB2005PTC105787
TAN No.: [Tax Deduction & Collection Account No.]	CALG04384C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Packaging Polymer Film.
No. of Employees:	58 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Even though the company has earned some profits during the current year 2011, it is unable to cover the accumulated losses of previous years. Business is active. Payments are reported to be slow. Initially, the company can be considered for business dealings on a safe and secured 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

INFORMATION PARTED BY

Name :	Mr. Sumanto
Designation :	Accounts Executive
Contact No.:	91-33-25712601
Date :	18.06.2012

LOCATIONS

Registered Office :	AD-128, Sushil Jyoti Avenue, Prafullah Kanan, Rabindra Pally, Kolkata-700101, West Bengal, India
Tel. No.:	91-33-25714073/ 2601/ 5980
Fax No.:	91-33-25717504
E-Mail :	ghoshexp@cal.vsnl.net.in ghoshpolymers@vsnl.net sen.prakashkr@gmail.com
Website :	www.ghoshexport.com
Area :	700 Sq. Ft
Location :	Owned
Factory :	99, Thakur Pukur, (N. W Road), Barasat, Kolkata-700128, West Bengal, India
Tel No:	91-33-25260264
Location :	Leased

DIRECTORS

As on 30.09.2011

Name :

Mr. Sankar Lal Ghosh

Designation :

Director

Address :

Noapara Old Kalibari, 24 Parganas North, Barasat– 700124, West Bengal, India

Date of Birth/Age :

01.10.1950

Date of Appointment :

04.10.2005

Din No.:

00732112

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	U19129WB2004PTC098004	GHOSH EXPORTS PRIVATE LIMITED	Director	04-03-04	04-03-04	Active	NO
2	U25209WB2005PTC105787	GHOSH POLYMERS PRIVATE LIMITED	Director	04-10-05	04-10-05	Active	NO

Name :

Mr. Aveseke Ghosh

Designation :

Director

Address :

Noapara Old Kalibari, 24 Parganas North, Barasat– 700124, West Bengal, India

Date of Birth/Age :

23.11.1978

Date of Appointment :

04.10.2005

Din No.:

01743002

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	U19129WB2004PTC098004	GHOSH EXPORTS PRIVATE LIMITED	Director	04-03-04	04-03-04	Active	NO
2	U25209WB2005PTC105787	GHOSH POLYMERS PRIVATE LIMITED	Director	04-10-05	04-10-05	Active	NO

KEY EXECUTIVES

Name :	Mr. Sumanto
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Sankar Lal Ghosh	900000
Aveseke Ghosh	900000
Total	1800000

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 of Packaging Polymer Film.

Products :

PRODUCT DESCRIPTION	ITC CODE
Packaging Polymer Film	392069.03

Terms :

Selling :

Cash and Credit [30 Days]

Purchasing :

Cash and Credit [30 Days]

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Installed Capacity	Actual Production
Packing Materials:
Printed Materials	2040 M.T.	633067 KG

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

58 (Approximately)

Bankers :

Union Bank of India, Kolkata Overseas Branch, 9, India Exchange Place, Kolkata-700001, West Bengal, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Bank:
Term Loan	16.495	22.442
Cash Credit [Secured on hypothecation of plant and machinery, stock of raw materials, goods in process, finished goods, other assets and equitable mortgage of factory, land and building and personal guarantee of directors and company]	11.529	13.511
Total	28.024	35.953
Unsecured Loan
Form Directors	13.491	12.611
Total	13.491	12.611

Banking Relations :	--
Auditors :
Name :	J.N. Banerjee and Company Chartered Accountants
Address :	5 and 6, Pannalal Banerjee Lane, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-22481114/ 15 (Office) 91-33-22904578/ 24637690 (Residence)
Pan No.:	ACZPB7036Q
Associates/Subsidiaries :	Ghosh Export Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1800000	Equity Shares	Rs.10/- each	Rs.18.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1800000	Equity Shares	Rs.10/- each	Rs.18.000 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		18.000	18.000	9.000
2] Share Application Money		0.000	0.000	9.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(13.929)	(14.806)	(5.692)
NETWORTH		4.071	3.194	12.308
LOAN FUNDS
1] Secured Loans		28.024	35.953	37.059
2] Unsecured Loans		13.491	12.611	7.691
TOTAL BORROWING		41.515	48.564	44.750
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		45.586	51.758	57.058
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		33.774	38.681	44.389
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	34.083	18.735	8.849
	Sundry Debtors	12.920	6.945	2.481
	Cash & Bank Balances	0.620	0.464	0.322
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.595	3.803	4.863
Total Current Assets		50.218	29.947	16.515
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	33.965	16.545	3.703
	Other Current Liabilities	4.463	0.351	0.160
	Provisions	0.000	0.000	0.011
Total Current Liabilities		38.428	16.896	3.874
Net Current Assets		11.790	13.051	12.641
MISCELLANEOUS EXPENSES		0.022	0.026	0.028
TOTAL		45.586	51.758	57.058

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	121.947	48.025	7.412
		Other Income	0.319	0.326	0.067
		TOTAL	122.266	48.351	7.479
Less	EXPENSES
		Office Expenses
		Administrative Expenses	116.306	51.587	10.111
		Advertising Expenses
		TOTAL	116.306	51.587	10.111
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		5.960	(3.236)	(2.632)
Less/ Add	DEPRECIATION/ AMORTISATION		5.082	5.879	3.049
	PROFIT / (LOSS) BEFORE TAX		0.878	(9.115)	(5.681)
Less	TAX		0.000	(0.001)	0.011
	PROFIT / (LOSS) AFTER TAX		0.878	(9.114)	(5.692)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(14.806)	(5.692)	0.000
	BALANCE CARRIED TO THE B/S		(13.928)	(14.806)	(5.692)
	Earnings / (Loss) Per Share (Rs.)		0.98	(10.13)	(6.32)

Particulars	31.03.2012
Sales Turnover [Approximately]	160.000

Expected Sales (2012-13) : Rs.200.000 Millions.

The above information has been parted by Mr. Sumanto.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.72	(18.85)	(76.10)
Net Profit Margin (PBT/Sales)	(%)	0.72	(18.97)	(76.64)
Return on Total Assets (PBT/Total Assets}	(%)	1.05	(13.28)	(9.32)
Return on Investment (ROI) (PBT/Networth)		0.22	(2.85)	(0.46)
Debt Equity Ratio (Total Liability/Networth)		19.64	20.49	3.95
Current Ratio (Current Asset/Current Liability)		1.31	1.77	4.26

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	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
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	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
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

WORKING RESULTS AND FUTURE PROSPECTS:

The turnover of the company increase to Rs.48.025 Millions from Rs.121.947 Millions, registering an increase of 153.92% with improvement of turnover, the company also achieved a small profit of Rs.0.878 Million. The future prospect of the company looks goods as the company is now receiving good response from large clients.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10107553
Corporate identity number of the company	U25209WB2005PTC105787
Name of the company	GHOSH POLYMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	AD-128, Sushil Jyoti Avenue, Prafullah Kanan, Rabindra Pally, Kolkata-700101, West Bengal, India
Type of charge	Book Debts Movable Property [not being pledge] Others
Particular of charge holder	Union Bank of India, Kolkata Overseas Branch, 9, India Exchange Place, Kolkata-700001, West Bengal, India
Email	cbsoverseaskolkata@unionbankofindia.com
Nature of description of the instrument creating or modifying the charge	Composite Hypothecation Deed (SD-20)
Date of instrument Creating the charge	12.04.2012
Amount secured by the charge	Rs.31.816 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC(Hypothecation) Lt Rs.14.000 Millions, Interest@BR+4.75% p.a. b)Secured Loan Lt Rs.5.000 Millions, Interest @BR+2.50% p.a. c)Term Loan Lt (o/s level) Rs.12.816 Millions, Interest@BR+4.75% p.a. Rate of Interest applied on monthly rests Terms of Repayment Entire Credit facilities comprising of a) CC (Hypothecation) Lt Rs14.000 Millions and b) Secured Loan Lt Rs.5.000 Millions are repayable on demand. Credit facilities comprising of Term Loan Lt (o/s level) Rs.12.816 Millions are repayable as per existing schedule i.e., in 72 monthly installments commenced from May 2008 together with interest and other costs. Margin a)CC(Hypothecation) Lt Rs.14.000 Millions, Margin 25% b)Secured Loan Lt Rs.5.000 Millions, Margin 25% c)Term Loan Lt (o/s level) Rs.12.816 Millions, Margin 25% Extent and Operation of the charge 1.Hypothecationothecation by way of first charge on entire existing and future a)Stocks of raw materials, WIP, finished products including leather products etc, stored /lying at co's premises/ works at 99,Thakurpukur (N W Road), Barasat, Kolkata-128 or elsewhere the same may be or are in course of transit b) Plant and Machineries and other fixed assets c) Book Debts d) Deposits held as Margin / Collateral or otherwise with the Bank including the same of third party and under lien and discharged favouring the Bank Others Inter-alia to secure the aforesaid credit facilities amounting to Rs.31.816 Millions, sanctioned and extended by Union Bank of India, Kolkata Overseas Branch to M/s Ghosh Polymers (P) Limited, the company has created charge on its assets as mentioned under paragraph 6(a) and (b), 13(d) and 15 hereunder and as per the instrument cited under paragraph 9 and all other supporting security documents executed by the company in favour of the Bank.
Short particulars of the property charged	Stocks of raw materials, WIP, finished products including leather products etc, stored /lying at co's premises/ works at 99, Thakurpukur (N W Road), Barasat, Kolkata-128 or elsewhere or in transit. Plant and Machineries and other fixed assets situated at Co's works /premises at 99,Thakurpukur (N W Road), Barasat, Kolkata-128 or elsewhere or in transit. Book Debts Deposits held as Margin / Collateral or otherwise with the Bank including the same of third party and under lien and discharged favouring Union Bank of India, Kolkata Overseas Branch
Particulars of the present modification	By this modification overall charge registered against the company in favour of Union Bank of India, Kolkata Overseas Branch stands modified from earlier Rs.35.174 Millions to now Rs.31.816 Millions including change in Terms of sanction i.e., substitution of Securities and other terms.

FIXED ASSETS:

• Land
• Factory Building
• Plant and Machinery
• Furniture and Fixtures
• Vehicles

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.56.01
UK Pound	1	Rs.87.85
Euro	1	Rs.70.54

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		11

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.