MIRA INFORM REPORT

Report Date :

06.03.2012

IDENTIFICATION DETAILS

Name :	SURESH POLYMERS PRIVATE LIMITED

Registered Office :	U-145, MIDC Industrial Estate, Heingna Road, Nagpur-440016, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	17.06.1992

Com. Reg. No.:	11-67280

Capital Investment / Paid-up Capital :	Rs.1.000 Million

CIN No.: [Company Identification No.]	U25209MH1992PTC067280

TAN No.: [Tax Deduction & Collection Account No.]	NGPS04868D

PAN No.: [Permanent Account No.]	AACCS5301D

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturers and Exporters of Stretch Wrap Cling Films and Polyester Poly Laminated Pouches

No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 47000

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.

INFORMATION DECLINED BY

Name :	Mr. Sureshkumar Gandhi
Designation :	Director
Contact No.:	91-9373108257/ 9373106660
Date :	02.03.2012

LOCATIONS

Registered Office :	U-145, MIDC Industrial Estate, Heingna Road, Nagpur-440016, Maharashtra, India
Tel. No.:	91-7104-236335
Mobile No.:	91-9373106660/ 9373108257
Fax No.:	91-7104-236335, 91-712-2547404
E-Mail :	surewrap@dataone.in sureshpoly@dataone.in surewrap_ngp@sancharnet.in surewrap@gmail.com
Website :	www.surewrap.com

DIRECTORS

As on 30.09.2011

Name :	Mr. Sureshkumar Tarachand Gandhi
Designation :	Director
Address :	305, Himalaya Classic, 89, Shivaji Nagar, Nagpur-440010, Maharashtra, India
Date of Birth/Age :	16.01.1964
Date of Appointment :	17.06.1992
DIN No.:	01906643

Name :	Mrs. Vibha Sureshkumar Gandhi
Designation :	Director
Address :	305, Himalaya Classic, 89, Shivaji Nagar, Nagpur-440010, Maharashtra, India
Date of Birth/Age :	14.05.1972
Date of Appointment :	15.03.1996
DIN No.:	01749769

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders		No. of Shares
Sureshkumar Tarachand Gandhi		3650
Dilipkumar Tarachadn Gandhi		3050
Basanti Tarachadn Gandhi		2000
Usha Dilipkumar Gandhi		950
Vibha Sureshkumar Gandhi		350
Total		10000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporters of Stretch Wrap Cling Films and Polyester Poly Laminated Pouches

PRODUCTION STATUS

As on 31.03.2011

Installed Capacity 432 m

HMHDPE/LDPE/LLDPE – Films, Rolls, Liners (3 shift a day at 300 working days)

Particulars	Unit	Actual Production

Plastics Materials - HMHDPE/LDPE/LLDPE – Films, Rolls, Liners	MT	693.81
Scrap – Plastic Wastes	MT	32.60
Film Sent for Printing	MT	0.00

GENERAL INFORMATION

Suppliers :

A.V. Engineers
Agarwal Petroleum Corporation
Ajmera Brothers and Company
Anjali Corporation
Asian Ink Manufacturers
Avinav Marketing Inc.
Bankim Plast Private Limited
Bhavik Enterprises Limited
Bombay Roto Engravure
Cosmo Films Limited
Dic India Private Limited
Qtar Petrochemical Co Limited
R. P. Electrical
Raj Steel and Rolling Shutter
Rajesh Nimje (Painting Works)
Rakesh Enterprises
Reliance Industries Limited
S K Traders
S S Resines Private Limited.
Sdbp Compositions
Sheetal Trading Co
Sita Packaging Private Limited
Shree Amba Metal and Chemicals
Shree Stationery
Shri Radha Sarveshwar Laminates Private Limited
Speciality Products

Customers :

Ace Calderys Limited
Acme Automation Private Limited
Adroit Pharmaceuticals Private Limited
Ama Extrusion Private Limited.
Ama Industries Private Limited
Ankurseeds P Limited.
Apr Sacks Limited
Arbutus Delighting World
Ashok Leyland Limited
Atmarav Industries
Balaji Steel Industries Limited
Balaji Steel Industries Limited(C-108)
Brajesh Packaging Private Limited
Candico (India) Limited.
Currency Note Pres
Karamchand Ti Iapar Bros. (Cs)
K K Wash Systems Private Limited
Kusalava International Limited,
Lakhani Dyestuffs Private Limited
Liberson Industries Private Limited
Rasoya Proteins Limited
Raymond Limited
Red Ray Laboratories
Rei Agro Limited
Roots Industries Limited
Rukhmini Flexipack

No. of Employees :

60 (Approximately)

Bankers :

Axis Bank Limited, Rabindranath Tagore Road, M.G. Civil Lines, Nagpur – 440001, Maharashtra, India
State Bank of India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Cash Credit Loan from Axis Bank	6.759	9.517
Total	6.759	9.517
Notes: The cash credit loan/ Limit S.B.I, MIDC – IFB Branch, Nagpur is fully secured by hypothecation of Raw Material, Stores and Spares, W.I.P, Finished goods and Charge over book debts and Additional Security by way of charge over the land and building and machinery of company
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Ganeshji Maharaj	0.000	0.000
Maa Mahalaakhshmi	0.000	0.000
Dilipkumart Gandhi	0.813	0.734
Dilipkumar. Gandhi HUF	0.809	0.830
Basant T. Gandhi	0.158	0.000
V S. Gandhi	0.035	0.284
Suresh Kumar T. Gandhi	0.937	0.846
Suresh Kumar T. Gandhi (H.U.F.)	1.163	0.854
Sunita P Bang	1.084	1.430
Usha D. Gandhi	0.003	0.003
Gandhi Family Trust (Aop)	1.942	1.752
Total	6.944	6.733

Banking Relations :	--

Auditors :
Name :	V Ravikumar and Associates Chartered Accountant
Address :	B-4/6, Shree Apartments, 2, Khare Town, Dharampeth, Nagpur-440010, Maharashtra, India
Tel. No.:	91-712-2544043/ 2549359
Fax No.:	91-712-2549359
Email:	vrkumar65@gmail.com
PAN.:	AAOPR5990E

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

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		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.807	9.677	8.426
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11.807	10.677	9.426
LOAN FUNDS
1] Secured Loans		6.759	9.517	5.104
2] Unsecured Loans		6.944	6.733	4.866
TOTAL BORROWING		13.703	16.250	9.970
Sales Tax Deferral		1.377	2.062	2.747

TOTAL		26.887	28.989	22.143

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		7.737	7.802	8.674
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	10.342	3.582	4.007
	Sundry Debtors	15.455	17.108	12.433
	Cash & Bank Balances	0.450	1.846	0.072
	Other Current Assets	1.277	5.162	0.566
	Loans & Advances	0.807	0.586	0.402
Total Current Assets		28.331	28.284	17.480
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.424	4.926	1.266
	Other Current Liabilities	2.757	2.171	1.480
	Provisions	0.000	0.000	1.265
Total Current Liabilities		9.181	7.097	4.011
Net Current Assets		19.150	21.187	12.469

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		26.887	28.989	22.143

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	74.062	73.605
		Other Income	0.228	0.283
		TOTAL (A)	74.290	73.888	61.250

Less	EXPENSES
		Decrease In Stock	0.000	0.216
		Raw Material Consumed	62.119	58.950
		Store and Spares Consumed	0.418	0.650
		Power and Fuel	2.102	1.651
		Salary and Wages	0.446	0.377
		Works and Operating Expenses	3.434	4.203
		Administrative and Establishment Exp.	1.813	2.053
		Distribution and Selling Expenses	0.562	1.369
		Sales Tax	0.446	0.492
		Increase in stock	(0.763)	0.000
		TOTAL (B)	70.577	69.961	60.234 (Including Financial Expenses and Deprecation)

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.713	3.927

Less	FINANCIAL EXPENSES (D)		1.607	1.522

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.106	2.405

Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.062	1.203

	PROFIT BEFORE TAX (E-F) (G)		1.044	1.202	1.015

Less	TAX (I)		0.338	0.373	NA

	PROFIT AFTER TAX (G-I) (J)		0.706	0.829	NA

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.271	6.442	NA

	BALANCE CARRIED TO THE B/S		7.977	7.271	6.442

	Earnings Per Share (Rs.)		70.60	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.95	1.12	NA

Net Profit Margin (PBT/Sales)	(%)	1.41	1.63	NA

Return on Total Assets (PBT/Total Assets}	(%)	2.89	3.33	3.88

Return on Investment (ROI) (PBT/Networth)		0.09	0.11	0.11

Debt Equity Ratio (Total Liability/Networth)		1.94	2.19	1.48

Current Ratio (Current Asset/Current Liability)		3.09	3.99	4.36

LOCAL AGENCY FURTHER INFORMATION

Details of Creditors

Particulars	31.03.2011	31.03.2010	31.03.2009
	Rs. in Millions

Sundry Creditors	6.424	4.926	1.266
TOTAL	6.424	4.926	1.266

Details of Creditors (Partial Detail)

Particulars	31.03.2011	31.03.2010	31.03.2009
	Rs. in Millions
A.V. Engineers	(0.001)	0.005	0.000
Agarwal Petroleum Corporation	0.000	0.005	0.000
Ajmera Brothers and Company	(0.001)	0.000	0.000
Anjali Corporation	0.000	(0.051)	0.000
Asian Ink Manufacturers	0.000	0.015	0.015
Avinav Marketing Inc.	0.000	0.035	0.001
Bankim Plast Private Limited	0.851	0.000	0.032
Bhavik Enterprises Limited	0.024	0.017	0.412
Dic India Private Limited	0.000	(0.004)	0.024
Qtar Petrochemical Co Limited	0.486	0.000	0.000
R. P. Electrical	0.013	0.000	0.000
Raj Steel and Rolling Shutter	(0.021)	0.000	0.000
Rajesh Nimje (Painting Works)	0.001	0.006	0.000
Rakesh Enterprises	0.615	1.030	0.002
0Reliance Industries Limited	(0.013)	0.000	0.114

Operation

The financial results have shown a marked improvement over the previous year, for the same period. The company has achieved healthy growth rate in turnover.

Fixed Assets:

· Leasehold Land

· Factory Building

· Plant and Machinery

· Furniture and Fixture

· Motor Vehicle

· Office Equipments

· Office Block

· Office Furniture

· Computer

· Electrical Installation

· Factory Building WIP

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.49.80
UK Pound	1	Rs.78.79
Euro	1	Rs.65.74

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.

MIRA INFORM REPORT

10.342

3.582

15.455

17.108

0.450

1.846

1.277

5.162

0.807

0.586

28.331

28.284

2.757

0.000

9.181

19.150

0.95

1.41

2.89

0.09

1.94

3.09

Unit