MIRA INFORM REPORT

Report Date :

27.03.2012

IDENTIFICATION DETAILS

Name :	PLIOGRIP RESINS AND CHEMICALS PRIVATE LIMITED
Registered Office :	6/10, Kishkant Hind Co-operative Housing Society, Duncan Causeway Road, Chunabhatti, Mumbai – 400022, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.02.1989
Com. Reg. No.:	11-050629
Capital Investment / Paid-up Capital :	Rs.9.400 Millions
CIN No.: [Company Identification No.]	U24200MH1989PTC050629
TAN No.: [Tax Deduction & Collection Account No.]	MUMP16475E
PAN No.: [Permanent Account No.]	AAACP2252Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Unsaturated Polyster Resin, Accelerators, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 160000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established and reputed 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 :	6/10, Kishkant Hind Co-Operative Housing Society, Duncan Causeway Road, Chunabhatti, Mumbai – 400 022, Maharashtra, India
Mobile No.:	91-9324255433
E-Mail :	mkd9629@gmail.com pliogripw78@vsnl.net info@pliogrip.co.in
Website :	http://www.pliogrip.co.in
Area :	7000 Sq. ft.
Location :	Owned
Corporate Office / Factory 1 :	Plot No.W-78, Phase-II, MIDC, Dombivili (East), District:Thane-421203, Maharashtra, India
Tel. No.:	91-251-2871078
Mobile No.:	91-9324255435 / 433
Fax No.:	91-251-2873498
Area :	5000 Sq. ft.
Location :	Owned
Factory 2 :	Plot No. A/681, T.T.C Industrial Area, MIDC, Pawane Village, Navi Mumbai – 400 705, Maharashtra, India
Tel. No.:	91-22-27780742 / 29202870 / 29252090
Mobile No.:	91-9820078238

DIRECTORS

As on 30.09.2011

Name :

Mr. Vijay Popatlal Shah

Designation :

Director

Address :

6/10, Kishkant Vrindavan Society, Chunabhatti Sion (East), Mumbai:-400022, Maharashtra, India

Date of Birth/Age :

15.04.1968

Date of Appointment :

09.02.1989

DIN No.:

00797342

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	U24200MH1989PTC050629	PLIOGRIP RESINS AND CHEMICALS PRIVATE LIMITED	Director	9/02/1989	9/02/1989	-	Active	NO
2	U29253MH2009PTC195470	FRP ENGINEERS PRIVATE LIMITED	Director	3/09/2009	3/09/2009	-	Active	NO

Name :

Mr. Girish Popatlal Shah

Designation :

Director

Address :

6/10, Kishkant Vrindavan Society, Chunabhatti Sion (East), Mumbai:-400022, Maharashtra, India

Date of Birth/Age :

20.07.1962

Date of Appointment :

09.02.1989

DIN No.:

00797346

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	U24200MH1989PTC050629	PLIOGRIP RESINS AND CHEMICALS PRIVATE LIMITED	Director	9/02/1989	9/02/1989	-	Active	NO
2	U29253MH2011PTC222682	G.R.P ENGINEERS PRIVATE LIMITED	Director	4/10/2011	4/10/2011	-	Active	NO

Name :

Mr. Pradeep Popatlal Shah

Designation :

Director

Address :

B/5, Jeevan Vihar, Ground Floor, 5 Manav Mandir Road, Malabar Hill, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

20.03.1956

Date of Appointment :

15.03.2002

DIN No.:

01561578

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	U24110MH1997PTC109759	PLIO-RESINS PRIVATE LIMITED	Director	31/07/1997	31/07/1997	-	Active	NO
2	U24200MH1989PTC050629	PLIOGRIP RESINS AND CHEMICALS PRIVATE LIMITED	Director	15/03/2002	15/03/2002	-	Active	NO
3	U29253MH2009PTC195470	FRP ENGINEERS PRIVATE LIMITED	Director	3/09/2009	3/09/2009	-	Active	NO

Name :

Shrenik Ashok Shah

Designation :

Director

Address :

B/306,Shripal Nagar, J.M. Mehta Road, Walkeshwar, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

24.05.1984

Date of Appointment :

02.11.2009

DIN No.:

02723857

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	U24200MH1989PTC050629	PLIOGRIP RESINS AND CHEMICALS PRIVATE LIMITED	Director	2/11/2009	2/11/2009	-	Active	NO
2	U29253MH2011PTC222682	G.R.P ENGINEERS PRIVATE LIMITED	Director	4/10/2011	4/10/2011	-	Active	NO

Name :

Mr. Priten Ashok Shah

Designation :

Director

Address :

6/10, Kishkant Vrindavan Society, Chunabhatti Sion (East), Mumbai:-400022, Maharashtra, India

Date of Birth/Age :

02.03.1983

Date of Appointment :

02.11.2009

DIN No.:

02723912

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	U24200MH1989PTC050629	PLIOGRIP RESINS AND CHEMICALS PRIVATE LIMITED	Director	2/11/2009	2/11/2009	-	Active	NO
2	U29253MH2011PTC222682	G.R.P ENGINEERS PRIVATE LIMITED	Director	4/10/2011	4/10/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Girish Popatlal Shah	35729
Vijay Popatlal Shah	8534
Varsha Pradeep Shah	3225
Pradeep Popatlal Shah HUF	230
Bhumika Pradeep Shah	2010
Pradeep Popatlal Shah	17880
Popatlal Jadhavji Shah HUF	1380
Popatlal Jadhavji Shah HUF	915
Priten Ashok Shah	1447
Neena Girish Shah	11000
Girish Popatlal Shah HUF	11500
Ashok Popatlal Shah	30
Ashok Popatlal Shah HUF	30
Bhavan Ashok Shah	30
Vijay Poaptalal Shah	30
Pinky Vijay Shah	30
Total	94000

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 :

Manufacturer of Unsaturated Polyster Resin, Accelerators, etc.

Products :

Product Description	Item Code
Polyster Resign and Chemical Products	316102008

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Dombivli Industrial Estate Branch, MIDC, Industrial Estate, Dombivli (East), Mumbai – 421 203, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
State Bank of India, Dombivli MIDC Branch (Secured against Machinery Raw Materials and Book Debts)	20.095	10.117
S.B.I. Foreign L.C.	4.152	3.315
S.B.I. SPL. Facility	0.000	2.500
Total	24.247	15.932
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors and Shareholders	3.875	7.622
Total	3.875	7.622

Banking Relations :	--
Auditors :
Name :	Mahendra Doshi and Associates Chartered Accountants
Address :	196/198, Samuel Street, 45 Bhagwan Bhuvan, Masjid Bunder (West), Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-23464358
PAN.:	AAAPD9797M

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
94000	Equity Shares	Rs.100/- each	Rs.9.400 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		9.400	9.400	9.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		31.060	27.250	23.518
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		40.460	36.650	32.918
LOAN FUNDS
1] Secured Loans		24.247	15.932	17.880
2] Unsecured Loans		3.875	7.622	13.360
TOTAL BORROWING		28.122	23.554	31.240
DEFERRED TAX LIABILITIES		0.000	0.233	0.130
TOTAL		68.582	60.437	64.288
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.082	13.232	12.276
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.052	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.192	17.193	10.780
	Sundry Debtors	61.305	75.675	57.419
	Cash & Bank Balances	0.194	0.922	0.119
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.356	3.701	4.526
Total Current Assets		81.047	97.491	72.844
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	31.803	48.091	19.011
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	1.796	2.195	1.821
Total Current Liabilities		33.599	50.286	20.832
Net Current Assets		47.448	47.205	52.012
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		68.582	60.437	64.288

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	TURNOVER	186.992	147.787	110.780
	PROFIT BEFORE TAX	5.880	5.650	5.321
Less	TAX	1.785	1.816	1.698
	PROFIT AFTER TAX	4.095	3.834	3.623
	Earnings Per Share (Rs.)	43.57	40.79	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	5.75	5.10	6.25
Return on Investment (ROI) (PBT/Networth)		0.15	0.15	0.16
Debt Equity Ratio (Total Liability/Networth)		1.53	2.01	1.58
Current Ratio (Current Asset/Current Liability)		2.41	1.94	3.50

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL PERFORMANCE:-

The company has earned Net Profit after tax of Rs.4.095 Millions compared to last years profit of Rs.3.834 Millions. Due to necessity of Funds for the business activity of the Company, the Director do not recommend any dividend for the financial year 2010-2011.

FIXED ASSETS

· Land

· Plant and Machinery

· Factory Building

· Scale

· Furniture

· Vehicles

· Mobile Phone

· Laboratory

· Computer

· Refregerator

· Vessels

· Fax Machine

· Generator

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.51.31
UK Pound	1	Rs.81.37
Euro	1	Rs.67.98

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.