MIRA INFORM REPORT

Report Date :

05.03.2012

IDENTIFICATION DETAILS

Name :	SHAKTI POLYWEAVE PRIVATE LIMITED
Registered Office :	801, Narnarayan Complex, Opposite Navranpura Post Office, Navrangpura, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.12.1997
Com. Reg. No.:	04-033436
Capital Investment/ Paid-up Capital:	Rs.9.500 Millions
CIN No.: [Company Identification No.]	U17110GJ1997PTC033436
TAN No.: [Tax Deduction & Collection Account No.]	AHMS00120B
PAN No.: [Permanent Account No.]	AACCS1107M
Legal Form :	Private Limited Liability Company
Line of Business :	The Company produce the best quality products and provide complete solutions in woven polypropylene market
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 295000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an 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 :	801, Narnarayan Complex, Opposite Navranpura Post Office, Navrangpura, Ahmedabad – 380009, Gujarat
Tel. No.:	91-79-26442149
Fax No.:	91-79-26560115
E-Mail :	generall@shaktipolyweave.co.in hans@shaktipolyweave.co.in
Website :	http://www.shaktipolyweave.com
Factory :	Plot No. 401/ 4-401/5, GIDC Est Dholka, Ahmedabad – 387810, India
Tel No:	91-917-26565792

DIRECTORS

(As on 17.09.2011)

Name :

Mr. Hanskumar Agarwal

Designation :

Managing Director

Address :

1, Ishwar Park, Navrangpura, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

04.02.1977

Date of Appointment :

17.12.1997

DIN No:

00013290

Other Directorships :

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	U17119GJ1975PTC002850	SHREE JAGDAMBA TEXTILES PRIVATE LIMITED	Director	25/10/1997	25/10/1997	20/04/2009	Active	NO
2	U17110GJ1997PTC033436	SHAKTI POLYWEAVE PRIVATE LIMITED	Managing director	1/8/2007	17/12/1997	-	Active	NO
3	U72200GJ1999PTC036269	SHRI AMBICA POLYMER PRIVATE LIMITED	Director	1/4/2008	1/7/2005	20/04/2009	Active	NO
4	U01403GJ2008PTC052795	SHREE AMBICA GEOTEX PRIVATE LIMITED	Additional director	14/04/2008	14/04/2008	7/1/2009	Active	NO

Name :

Mr. Jyotiprasad Kanhaiyalal Taparia

Designation :

Director

Address :

101, Laxmivilas, 87, Nepeansea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

21.11.1944

Date of Appointment :

27.08.2009

DIN No:

00157746

Other Directorships :

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	U24236MH1987PLC044813	FAMY CARE LIMITED	Whole-time director	1/4/2011	28/09/1987	-	Active	NO
2	U01100MH1995PTC087946	GYAN PLANTATIONS PRIVATE LIMITED	Director	2/5/1995	2/5/1995	-	Active	NO
3	U01100MH1995PTC087948	SAROJ PLANTATIONS PRIVATE LIMITED	Director	10/5/1995	10/5/1995	-	Active	NO
4	U01100MH1995PTC087949	MAKARAND PLANTATIONS PRIVATE LIMITED	Director	10/5/1995	10/5/1995	-	Active	NO
5	U25202MH1995PTC088387	FAMY STERI PRIVATE LIMITED	Director	15/05/1995	15/05/1995	-	Active	NO
6	U24232GA1997PTC002375	KENPACK PHARMA PRIVATE LIMITED	Director	4/7/1997	4/7/1997	-	Active	NO
7	U51909MH2004PTC148478	PEEPAL TRADING AND AGENCIES PRIVATE LIMITED	Director	9/9/2004	9/9/2004	31/03/2008	Active	NO
8	U51909MH2004PTC148474	SILVA TRADING AND AGENCIES PRIVATE LIMITED	Director	9/9/2004	9/9/2004	31/03/2008	Active	NO
9	U45200MH2004PTC148885	SHUBH GRAH PRAVESH PRIVATE LIMITED	Director	29/09/2004	29/09/2004	-	Active	NO
10	U45200MH2004PTC148886	VASTU SHINING BUILDERS PRIVATE LIMITED	Director	29/09/2004	29/09/2004	-	Active	NO
11	U51909MH2006PTC165687	Sanguinity Trading Company Private Limited	Additional director	10/4/2007	10/4/2007	-	Active	NO
12	U65993MH2000PTC128124	CARE INTEGRATED SERVICES PRIVATE LIMITED	Director	1/8/2007	1/8/2007	18/09/2007	Active	NO
13	U24232GA1997PTC002374	BEACH HEALTHCARE PRIVATE LIMITED	Director	6/8/2007	6/8/2007	-	Active	NO
14	L31300DN1961PLC000232	IMP POWERS LIMITED	Director	5/12/2008	23/01/2008	29/01/2010	Active	NO
15	U24139MH2004PTC144395	TARAKESH PHARMA PRIVATE LIMITED	Director	30/09/2009	5/8/2008	-	Active	NO
16	U25190MH1998PTC114824	HEVEA FINE PRODUCTS PRIVATE LIMITED	Director	28/09/2009	5/8/2008	-	Active	NO
17	U17110GJ1997PTC033436	SHAKTI POLYWEAVE PRIVATE LIMITED	Director	27/08/2009	1/10/2008	-	Active	NO
18	U40109MH2008PTC187793	FAMY ENERGY PRIVATE LIMITED	Director	27/10/2008	27/10/2008	-	Active	NO
19	U85110MH2008PTC187843	COMPLETE DIABETES CARE PRIVATE LIMITED	Director	29/10/2008	29/10/2008	-	Active	NO
20	U80903MH2011PTC216683	INTEGRATED EDUTEAM SOLUTIONS PRIVATE LIMITED	Director	26/04/2011	26/04/2011	-	Active	NO

Name :

Mr. Sanjeevkumar Jyotiprasad Taparia

Designation :

Director

Address :

101, Laxmivilas, 87, Nepeansea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

29.07.1967

Date of Appointment :

27.08.2009

DIN No:

00157770

Other Directorships :

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	U01100MH1995PTC087948	SAROJ PLANTATIONS PRIVATE LIMITED	Director	28/09/1996	28/09/1996	-	Active	NO
2	U01100MH1995PTC087949	MAKARAND PLANTATIONS PRIVATE LIMITED	Director	28/09/1996	28/09/1996	-	Active	NO
3	U01100MH1995PTC087946	GYAN PLANTATIONS PRIVATE LIMITED	Director	28/09/1996	28/09/1996	-	Active	NO
4	U25202MH1995PTC088387	FAMY STERI PRIVATE LIMITED	Director	13/11/1996	13/11/1996	-	Active	NO
5	U27200MH1995PTC084250	SAI CYLINDERS PRIVATE LIMITED	Director	7/4/1997	7/4/1997	31/08/2010	Active	NO
6	U24232GA1997PTC002375	KENPACK PHARMA PRIVATE LIMITED	Director	4/7/1997	4/7/1997	-	Active	NO
7	U24236MH1987PLC044813	FAMY CARE LIMITED	Managing director	1/4/2011	10/9/1998	-	Active	NO
8	U51909MH2004PTC148478	PEEPAL TRADING AND AGENCIES PRIVATE LIMITED	Director	9/9/2004	9/9/2004	31/03/2008	Active	NO
9	U51909MH2004PTC148474	SILVA TRADING AND AGENCIES PRIVATE LIMITED	Director	9/9/2004	9/9/2004	31/03/2008	Active	NO
10	U45200MH2004PTC148885	SHUBH GRAH PRAVESH PRIVATE LIMITED	Director	29/09/2004	29/09/2004	-	Active	NO
11	U45200MH2004PTC148886	VASTU SHINING BUILDERS PRIVATE LIMITED	Director	29/09/2004	29/09/2004	-	Active	NO
12	L25200GJ1984PLC050560	GOPALA POLYPLAST LTD	Director	26/06/2006	26/06/2006	10/3/2008	Active	NO
13	U51909MH2006PTC165687	Sanguinity Trading Company Private Limited	Director	27/12/2006	27/12/2006	-	Active	NO
14	U24232GA1997PTC002374	BEACH HEALTHCARE PRIVATE LIMITED	Director	6/8/2007	6/8/2007	-	Active	NO
15	U24139MH2004PTC144395	TARAKESH PHARMA PRIVATE LIMITED	Director	30/09/2009	5/8/2008	-	Active	NO
16	U25190MH1998PTC114824	HEVEA FINE PRODUCTS PRIVATE LIMITED	Director	28/09/2009	5/8/2008	-	Active	NO
17	U17110GJ1997PTC033436	SHAKTI POLYWEAVE PRIVATE LIMITED	Director	27/08/2009	1/10/2008	-	Active	NO
18	U40109MH2008PTC187793	FAMY ENERGY PRIVATE LIMITED	Director	27/10/2008	27/10/2008	-	Active	NO
19	U85110MH2008PTC187843	COMPLETE DIABETES CARE PRIVATE LIMITED	Director	29/10/2008	29/10/2008	-	Active	NO
20	U80903MH2011PTC216683	INTEGRATED EDUTEAM SOLUTIONS PRIVATE LIMITED	Director	26/04/2011	26/04/2011	-	Active	NO

Name :

Mr. Ashutosh Jyotiprasad Taparia

Designation :

Director

Address :

101, Laxmivilas, 87, Nepeansea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

25.01.1973

Date of Appointment :

27.08.2009

DIN No:

00178771

Other Directorships :

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	U01100MH1995PTC087949	MAKARAND PLANTATIONS PRIVATE LIMITED	Director	28/09/1996	28/09/1996	-	Active	NO
2	U01100MH1995PTC087946	GYAN PLANTATIONS PRIVATE LIMITED	Director	28/09/1996	28/09/1996	-	Active	NO
3	U25202MH1995PTC088387	FAMY STERI PRIVATE LIMITED	Director	13/11/1996	13/11/1996	-	Active	NO
4	U24236MH1987PLC044813	FAMY CARE LIMITED	Managing director	1/7/2010	10/9/1998	-	Active	NO
5	U51909MH2004PTC148478	PEEPAL TRADING AND AGENCIES PRIVATE LIMITED	Director	9/9/2004	9/9/2004	31/03/2008	Active	NO
6	U51909MH2004PTC148474	SILVA TRADING AND AGENCIES PRIVATE LIMITED	Director	9/9/2004	9/9/2004	31/03/2008	Active	NO
7	U45200MH2004PTC148885	SHUBH GRAH PRAVESH PRIVATE LIMITED	Director	29/09/2004	29/09/2004	-	Active	NO
8	U45200MH2004PTC148886	VASTU SHINING BUILDERS PRIVATE LIMITED	Director	29/09/2004	29/09/2004	-	Active	NO
9	U01100MH1995PTC087948	SAROJ PLANTATIONS PRIVATE LIMITED	Director	28/09/2006	28/09/2006	-	Active	NO
10	U51909MH2006PTC165687	Sanguinity Trading Company Private Limited	Director	27/12/2006	27/12/2006	-	Active	NO
11	U24232GA1997PTC002374	BEACH HEALTHCARE PRIVATE LIMITED	Director	6/8/2007	6/8/2007	-	Active	NO
12	U24139MH2004PTC144395	TARAKESH PHARMA PRIVATE LIMITED	Director	30/09/2009	5/8/2008	-	Active	NO
13	U25190MH1998PTC114824	HEVEA FINE PRODUCTS PRIVATE LIMITED	Director	28/09/2009	5/8/2008	-	Active	NO
14	U17110GJ1997PTC033436	SHAKTI POLYWEAVE PRIVATE LIMITED	Director	27/08/2009	1/10/2008	-	Active	NO
15	U40109MH2008PTC187793	FAMY ENERGY PRIVATE LIMITED	Director	27/10/2008	27/10/2008	-	Active	NO
16	U85110MH2008PTC187843	COMPLETE DIABETES CARE PRIVATE LIMITED	Director	29/10/2008	29/10/2008	-	Active	NO
17	U24232GA1997PTC002375	KENPACK PHARMA PRIVATE LIMITED	Director	12/1/2011	12/1/2011	-	Active	NO
18	U80903MH2011PTC216683	INTEGRATED EDUTEAM SOLUTIONS PRIVATE LIMITED	Director	26/04/2011	26/04/2011	-	Active	NO

Name :

Mr. Jatanlal Gulabchand Surana

Designation :

Director

Address :

204, Vishvakarma Colony, Maninagar, Ahmedabad – 380008, Gujarat, India

Date of Birth/Age :

11.03.1956

Date of Appointment :

27.08.2009

DIN No:

02706412

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 17.09.2011)

Names of Shareholders	No. of Shares
Radhadevi Ramakant Bhojanagarwalla and Ramakant Bhojanagarwalla	239800
Hanskumar Ramakant Agarwal and Ramakant Bhojnagarwalla	70000
Shradha Hanskumar Agarwal	160000
Hanskumar ramakant Agarwal and Ramakant Jhabarmal	200
Ramakant Bhojnagarwalla	260000
Hanskumar Agarwal	220000
Total	950000

(As on 17.09.2011)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.000

BUSINESS DETAILS

Line of Business :

The Company produce the best quality products and provide complete solutions in woven polypropylene market

Products :

	HDPE	P.P.
Item Code No.	39232100	39232900
Product Description	Woven bags
Item Code No.	39269009.90
Product Description	Woven fabrics

• PP Woven Bags
• Fabric
• FIBC
• Box Bag
• Siltfence
• Geotextile
• Ground Cover
• Lumber Cover

PRODUCTION STATUS

Licensed Capacity	Unit	31.03.2011
PP/ HDPE Tape	M.T.	10000
Installed Capacity	M.T.	5200
Actual Production
WOVEN Fabrics and Bags [laminated and Unlaminated]	M.T.	8111.537

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of India, Ahmedabad Main Branch, Mezanine Floor, BOI Building, Bhadra P B No. 8, Ahmedabad – 380001, Gujarat, India
• Indian Overseas Bank, Stadium Road Branch, Navrangpura, Ahmedabad – 380009, Gujarat, India

Facilities :

Secured Loan	31.03.2011	31.03.2010
	(Rs. In millions)
1 Term Loan from Bank : (a) Rupee Limits (Secured by first charge on entire fixed assets and second charges on current assets of the Company. The said term loan is further secured by personal guarantees of directors and others)	19.105	16.221
2 Export Packing Credit : (Secured by hypothecation of current assets viz. Raw Materials, Stock in Process, finished Goods, other stocks and debtors, second charge over rued assets and personal guarantee of director of Company and others.)	14.889	66.729
3 Packing Credit Foreign Currency: Secured by hypothecation of current assets viz, raw materials, Stock in Process, finished goods, other stocks and debtors, second charge over fixed assets and personal guarantee of director of company and others)	26.390	0.000
4Foreign Bill Purchase (Secured by hypothecation of current assets viz. Raw Materials, stock in Process, finished Goods, other stocks and debtors, second charge over fixed assets and personal guarantee of director of Company and others.)	45.514	22.024
Buyers Credit from Bank (secured by guarantee of Indian overseas bank in lieu of letter of credit sanctioned by lndian Overseas Bank )	66.992	32.086
Cash Credit Limits: (Secured by hypothecation of current assets viz. Raw materials, Stock in Process, finished Goods, other stocks and debtors, second charge over fixed assets and personal guarantee of director of company and others)	9.565	0.000
Vehicle Loan (Secured against vehicle financed)	1.247	0.000
TOTAL	183.702	137.060
Secured loan	31.032011	31.03.2010
	(Rs. In millions)
(a) From Shareholders	1.035	3.395
(b) From Body Corporates	21.544	5.587
TOTAL	22.579	8.982

Banking Relations :	--
Auditors :
Name :	G.C. Surana and Company Chartered Accountants
Address :	Surana House, Opposite Narnarayan Complex, Near Navrangpura Post Office, Ahmedabad – 380009, Gujarat, India
PAN No.:	ACBPS8897C

CAPITAL STRUCTURE

(As on 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Share	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
950,000	Equity Share	Rs.10/- each	Rs.9.500 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		9.500	9.500	9.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		64.183	44.861	36.850
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		73.683	54.361	46.350
LOAN FUNDS
1] Secured Loans		183.702	137.060	115.599
2] Unsecured Loans		22.578	8.982	20.531
TOTAL BORROWING		206.280	146.042	136.130
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		279.963	200.403	182.480
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		57.653	59.388	56.747
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.408	1.408	1.408
DEFERREX TAX ASSETS		2.292	3.867	3.135
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	127.697	90.838	67.303
	Sundry Debtors	93.692	75.323	67.086
	Cash & Bank Balances	19.112	10.011	11.347
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	44.324	36.341	50.916
Total Current Assets		284.825	212.513	196.652
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	50.075	50.765	40.765
	Other Current Liabilities	8.823	23.870	25.226
	Provisions	7.317	2.138	9.528
Total Current Liabilities		66.215	76.773	75.519
Net Current Assets		218.610	135.740	121.133
MISCELLANEOUS EXPENSES		0.000	0.000	0.057
TOTAL		279.963	200.403	182.480

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	849.009	718.399	710.742
		Other Income	0.000	0.000	0.000
		TOTAL (A)	849.009	718.399	710.742
Less	EXPENSES
		Raw Material Consumed	544.022	451.590	455.414
		Purchases of Traded goods	3.165	7.249	16.491
		Manufacturing Expenses	139.072	131.484	121.180
		Expenses of Employees	27.491	21.311	13.914
		Sales, administration and Other Expenses	98.024	74.258	61.933
		Increase / decrease in Inventories	(20.579)	(6.044)	4.135
		TOTAL (B)	791.195	679.848	673.067
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		57.814	38.551	37.675
Less	FINANCIAL EXPENSES (D)		17.504	13.348	15.727
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		40.310	25.203	21.948
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.857	12.574	13.180
	PROFIT BEFORE TAX (E-F) (G)		26.453	12.629	8.768
Less	TAX (H)		7.131	4.618	3.385
	PROFIT AFTER TAX (G-H) (I)		19.322	8.011	5.383
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		34.661	26.650	21.267
	BALANCE CARRIED TO THE B/S		53.983	34.661	26.650
	EARNINGS IN FOREIGN CURRENCY		659.198	531.982	572.299
	IMPORTS
		Raw Materials	199.027	172.554	6.833
		Stores & Spares	2.224	0.000	0.094
		Capital Goods	0.417	5.032	11.745
	TOTAL IMPORTS		201.668	177.586	18.672
	Earnings Per Share (Rs.)		20.34	8.43	5.67

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.28	1.12	0.76
Net Profit Margin (PBT/Sales)	(%)	3.12	1.76	1.23
Return on Total Assets (PBT/Total Assets}	(%)	7.72	4.64	3.46
Return on Investment (ROI) (PBT/Networth)		0.36	0.23	0.19
Debt Equity Ratio (Total Liability/Networth)		3.70	4.10	4.57
Current Ratio (Current Asset/Current Liability)		4.30	2.77	2.60

LOCAL AGENCY FURTHER INFORMATION

Note:

The Registered office of the company has been shifted from 803, Narnarayan Complex, Opposite Navranpura Post Office, Navrangpura, Ahmedabad – 380009, Gujarat to the present address w.e.f. 01.04.2008

FINANCE:

During the year, the company had incurred capital expenditure of Rs.12.124 Millions which was financed out of term loan of Rs.6.849 Millions from Bank and balance Rs.5.275 Millions from internal accruals. During the year the company had taken Rs.6.849 Millions as Term Loan and repaid Rs.3.964 Millions towards the same term loan. Further the Working Capital Limits (including Non Fund Based) has been increased from Rs.178.000 millions to Rs.246.200 Millions

Bankers Charges Report as per Registry

Corporate identity number of the company	U17110GJ1997PTC033436
Name of the company	SHAKTI POLYWEAVE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	801, Narnarayan Complex, Opposite Navranpura Post Office, Navrangpura, Ahmedabad – 380009, Gujarat, India
This form is for	Modification of Charge
Charge identification number of the charge to be modified	10226683
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	Bank of India, Ahmedabad Main Branch, Mezanine Floor, BOI Building, Bhadra P B No. 8, Ahmedabad – 380001, Gujarat, India
Nature of instrument creating charge	First Supplemental deed of hypothecation of plant and machinery, stocks and book debts executed by the company to secure modified, revised and increased the fund based and non fund based aggregate limit of Rs.316.900 Millions
Date of instrument Creating the charge	25.10.2011
Amount secured by the charge	Rs.316.900 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest TM LN - 4% over BR PRSNT 14.75% P A CC 3.50% Over BR PRES 14.25% P. A. EPC / PCFC / FBN / FBP / FBD / FCBD / FCBP - ROI APPL to export credits LC / BYR CRD - 50% OF APPL charges - as per BKS rules Terms of Repayment CC stock / BK DTS (90 DAYS) / EPC / PCFC / FBN / FBD / FBP/ FCBD / FCBP / LC / BUYERS CRDT / BK GUA - on demand / annual review TM LN - 1) TL - I : 39 monthly installment each of Rs.0.167 millions com from April 2010 2) TL - II : 60 monthly installment each of Rs.1,62,000/- com from April 2010 3) TL - III : 60 monthly installment each of Rs. 0.167 millions com from February 2011 4) TL - IV : 24 monthly installment each of Rs.0.163 million com from next month of disbursement Margin TM LN I, II, III - 25%, TL IV - 25.55% CC Stocks - 25 % CC BK DTS (90 DAYS) - 30% EPC / PCFC - 10% FBN / FBD / FBP / FCBD / FCBP - NIL LC / buyers Credit / BK GUA - 10% Extent and Operation of the charge First and exclusive hypothecation charge on all tangible movable properties being plant and machinery, stocks of materials and book debts and all other movable assets of the company to secure the modified, revised and increased fund based and non fund based aggregate limits of Rs.316.900 millions along with interest, additional interest, penal interest, liquidated damages, costs, charges, commission and all other amount due to the bank from time to time of what so ever nature. Others Amount Rs. IN Millions TM LN I, II, III & IV 23.8 CC STK / BK DTS 20.0 EPC / PCFC 200.0 FBN 200.0 FBD / FBP 80.0, FCBD / FCBP 80.0 MAX EXP CREDITS 200.0 MAX WC 200.0 TOT FB LIM 223.8 LC 80.0 One Time Lc 1.31 Buyrs Credit 80.0 One Time BYRCRD (1.31) BK GUA 20.0 TOTAL 316.9
Short Particulars of the property charged	All movable plant and machinery, equipments whether installed or not and whether lying loose or in cases lying at plot no 401/4, 401/5 & 7, GIDC Dholka - 387 810 or else. All stock of raw materials such as polypropylene, HDPE granules etc. semi finished goods / finished goods such as Geotextile, Jumbo Bags etc lying at plot no 401/4, 401/5 &7, GIDC Dholka - 387 810 or else all present and future book debts, outstandings, money receivables, claims, bills etc
Particulars of the present modification	Bank Granted / REV TL from 26.200 Millions to Rs.23.800 Millions , new CC stock of 20.000 millions, additional expenses credit Rs.70.000 Millions with max working Capital Rs.200.000 Millions additional LC limit Rs.20.000 Millions and buyer credit Rs.20.000 millions, one time LC / buyer credit Rs.13.100 Millions and thereby total FB & NFB aggregate limit are modified and revised and increased from Rs.246.200 Millions to Rs.316.900 Millions thus first and excluding CH by way of hypothecation on all plant and machinery, stocks of materials, book debts and other movable assets will get extended and operate for Rs.316.900 Millions w. e. f. 25.10.2011

CONTINGENT LIABILITIES :

PARTICULARS	31.03.2011	31.03.2010
	(Rs. In Millions)
Bank Guarantee	0.500	1.112
Show Cause Notice / Demand on account of Excise Duty on Sale of Capital Goods.	4.199	3.688
Letter of Credit	0.000	9.390

(The Company does not expect any liability in view of the legal opinion obtained, therefore no provision have been made.)

FIXED ASSETS :

• Land
• Factory- Building
• Plant and Machinery
• Electrical Installations
• Office Equipments
• Computers and Software
• Air Conditioners
• Scooter
• Motor Cars
• Furniture

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.49.35
UK Pound	1	Rs.78.68
Euro	1	Rs.65.63

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--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		49

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.