MIRA INFORM REPORT

Report Date :

09.03.2012

IDENTIFICATION DETAILS

Name :	VISION POLYMER PRIVATE LIMITED
Registered Office :	Plot No.33, Panoli Industrial Area, GIDC, Panoli, Taluka-Ankleshwar, Panoli-394116, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	04.06.2007
Com. Reg. No.:	04-051022
Capital Investment / Paid-up Capital :	Rs. 2.680 Million
CIN No.: [Company Identification No.]	U25200GJ2007PTC051022
TAN No.: [Tax Deduction & Collection Account No.]	BRDV01171C
PAN No.: [Permanent Account No.]	AACCV4992M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of tools, Die and Injection Molding
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 55000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has been successful in wiping off the accumulated losses of previous years. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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/Factory :	Plot No.33, Panoli Industrial Area, GIDC, Panoli, Taluka-Ankleshwar, Panoli-394116, Gujarat, India.
Tel. No.:	91-2646-272171
E-Mail :	Narendracontractor1965@gmail.com mcafilling@yahoo.co.in vision_guj@yahoo.co.in
Website :	http://www.visionpolymer.com

DIRECTORS

As on 30.09.2010

Name :

Mr. Narendra Ganpatbhai Contractor

Designation :

Managing Director

Address :

Sagrampura, Bhandariwad, Surat-395002, Gujarat, India.

Date of Birth/Age :

23.02.1965

Date of Appointment :

04.06.2007

DIN No.:

01530611

Other Directorship :

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	U25200GJ2007PTC051022	VISION POLYMER PRIVATE LIMITED	Managing director	25/03/2009	4/6/2007	-	Active	NO

Name :

Mr. Shailesh Bhandari

Designation :

Director

Address :

6933 Golden Hills Way, Mississauga- L5W1V2.

Date of Birth/Age :

21.11.1966

Date of Appointment :

04.06.2007

DIN No.:

02613392

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Narendra Contractor	100
Shailesh Bandari	261300
Divyesh Bandari	3300
Mukesh Patel	3300
Total	268000

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 of tools, Die and Injection Molding

Products :

Tools and die division * Vertical milling Model VF-3.5 With a 3 axis DRO. * Brute VMC V1600 3 axis table size 63"x 35" * FADAL VMC 4020 table 40"x 20" * Vertical Machining center CHEN HO * Radial Drilling Model BVR-3 * Surface Grinder Pinnacle Model SUMO-75 * EDM Spark Erosion AGIE Elox Mond 50 * EDM Spark Erosion ,Electronica Model EMS 5535 * EDM Spark Erosion Tool Craft * Lathe M/C Parkle size 7ft. * Light Duty Lathe (Make Priya.) * Hacksaw (Make Vishal.) * CNC Vertical milling (Make Batliboi) Model Chetak-75 * Horizontal Milling With Vertical Head (Make Batliboi) Injection Molding Division * Injection Molding Machine HPM Model HPM 730- 730 Ton * Injection Molding Machine Electronica SA 4700/3000e – 470 Ton * Injection Molding Machine Goldstar IDE350EB – 350 Ton * Injection Molding Machine Ferromatic- Milacron MT- 225-10-6-225–225 Ton * Injection Molding Machine Goyani (India) Model GM-110 Number of Machines : 05 – 110 Ton * Injection Molding Machine Goyani ( India) Model GM-80 Number of Machines: 07 – 080 Ton * Injection Molding Machine Battenfield 46BA460 – 033 Ton

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Dena Bank, Naryanmuni Bhawan, Charkhana Chakla, Rampura, Surat-395003, Gujarat, India.

Facilities :

Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Loan from Director and Manager
Shailesh Bhandari	11.276	12.988
Total	11.276	12.988

Banking Relations :	--
Auditors :
Name :	Rahuldeo and Company Chartered Accountant
Address :	S-35, UMA Complex, GIDC, Ankleshwar-393002, Gujarat, India.
PAN.:	AEAPP0126N

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs. 3.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
268000	Equity Shares	Rs.10/- each	Rs. 2.680 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		2.680	0.100	0.100
2] Share Application Money		0.000	11.609	11.609
3] Reserves & Surplus		11.315	0.000	0.003
4] (Accumulated Losses)		0.000	(0.137)	0.000
NETWORTH		13.995	11.572	11.712
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		11.276	12.988	0.000
TOTAL BORROWING		11.276	12.988	0.000
DEFERRED TAX LIABILITIES		0.111	0.000	0.000
TOTAL		25.382	24.560	11.712
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.808	25.014	8.081
Capital work-in-progress		0.000	0.000	2.619
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.627	2.023	0.000
	Sundry Debtors	3.924	1.818	0.000
	Cash & Bank Balances	0.775	0.145	1.228
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.604	1.158	0.102
Total Current Assets		7.930	5.144	1.330
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.511	6.474	0.830
	Other Current Liabilities	0.007	(0.303)	0.021
	Provisions	0.346	0.104	0.029
Total Current Liabilities		7.864	6.275	0.880
Net Current Assets		0.066	(1.131)	0.450
MISCELLANEOUS EXPENSES		0.508	0.677	0.562
TOTAL		25.382	24.560	11.712

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income		1.817	0.000
		Other Income		0.141	0.005
		TOTAL (A)		1.958	0.005
Less	EXPENSES
		Administrative Expenses		0.497	0.000
		TOTAL (B)		0.497	0.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			1.461	0.005
Less	FINANCIAL EXPENSES (D)			0.001	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	1.460	0.005
Less/ Add	DEPRECIATION/ AMORTISATION (F)			1.599	0.002
	PROFIT BEFORE TAX (E-F) (G)			(0.139)	0.003
Less	TAX (I)			0.002	0.000
	PROFIT AFTER TAX (G-I) (J)			(0.141)	0.003
	IMPORTS
	TOTAL IMPORTS		33270 $	61000 $	Nil
	Earnings Per Share (Rs.)		-	-	-

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	(7.20)	60
Net Profit Margin (PBT/Sales)	(%)	NA	(7.65)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	NA	(0.46)	0.03
Return on Investment (ROI) (PBT/Networth)		NA	(0.01)	0.00
Debt Equity Ratio (Total Liability/Networth)		1.37	1.66	0.08
Current Ratio (Current Asset/Current Liability)		1.00	0.82	1.51

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The registered office of the company has been shifted from 2/713, Bhandariwad, Sagrampura, Surat-395002, Gujarat, India to the present address w. e. f 16.03.2011.

FORM 8:

Corporate identity number of the company	U25200GJ2007PTC051022
Name of the company	VISION POLYMER PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.33, Panoli Industrial Area, GIDC, Panoli, Taluka-Ankleshwar, Panoli-394116, Gujarat, India. Email- narendracontractor1965@gmail.com
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Dena Bank, Naryanmuni Bhawan, Charkhana Chakla, Rampura, Surat-395003, Gujarat, India.
Nature of instrument creating charge	Instrument relating to deposit of title deed
Date of instrument Creating the charge	09.05.2011
Amount secured by the charge	Rs. 176.016 Million
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All the pieces and parcel of immovable property Plot No.33/1 admeasuring about 6212.50 sq. mts of the land bearing revenue survey Nos.267/P,268/P,274/P,269/P,272/P,271/P situated at Panoli Industrial Estate at Moje: Village: Sanjali, Taluka: Ankleshwar; Dist. Bharuch owned by GIDC Ankleshwar lease hold by m/s.Vision Polymer Private Limited its director Narendra G. Contractor. All the pieces and parcel of immovable property known as property bearing plot no.33 admeasuring about 6203.77 sq.mts of the land bearing survey Nos 273/p & 228/p situated at Panoli industrial Estate notified area at Moje: Village: Sanjali, taluka: Ankleshwar; Dist. Bharuch. All the pieces and parcel of immovable property known as plot no.11 admeasuring about 104.69 sq. mts paikee 62 sq mts ground floor parking and first second floor situated at 'Vadia Nagar Adajan Circle Adajan Surat. the land revenue survey no.518 to 520,524,531,532 & 537 Block No.518 & 532 F. P no.12 F. p. no.55-70-72 of Moje Adajan; Taluka: Choryasi; Dist Surat, owned by 1. Purvi S Bhandari 2. Sharmistha M Patel 3. Mallika D Bhandari

FIXED ASSETS:

· Office Building

· Factory Building

· Land

· Plant and Machinery

· Electrical Installation

· Computer

· Furniture and Fixtures

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.50.57
UK Pound	1	Rs.79.56
Euro	1	Rs.66.49

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		26

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.