1. Summary Information

		Country	India
Company Name	PONDICHERRY POLYMERS PRIVATE LIMITED	Principal Name 1	Mr. Arun Kumar Kainya
Status	Satisfactory	Principal Name 2	Mrs. Savita Kainya
		Registration #	18-038908
Street Address	K G Plaza, S7, S8, S9, 2^nd Floor, 41-44, General Patters Road, Chennai-600002, Tamilnadu, India
Established Date	28.08.1997	SIC Code	--
Telephone#	91-44-28605133/ 32927214	Business Style 1	Manufacturer
Fax #	91-44-28603411	Business Style 2	Supplier
Homepage	http://www.prristine.com	Product Name 1	PET Performs
# of employees	Not Available	Product Name 2	Containers
Paid up capital	Rs. 7,950,000/-	Product Name 3	--
Shareholders	Bodies corporate (3.03%) Directors or relatives of Directors (96.75%)	Banking	Punjab National Bank
Public Limited Corp.	NO	Business Period	15 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
Associates	India	Abhay Polymers Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	101,275,000	Current Liabilities	43,298,000
Inventories	56,018,000	Long-term Liabilities	146,378,000
Fixed Assets	61,715,000	Other Liabilities	4,065,000
Deferred Assets	--	Total Liabilities	193,741,000
Invest& other Assets	14,000	Retained Earnings	17,331,000
		Net Worth	25,281,000
Total Assets	219,022,000	Total Liab. & Equity	219,022,000
Total Assets (Previous Year)	131,084,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	183,432,000	Net Profit	1,090,000
Sales(Previous yr)	149,805,000	Net Profit(Prev.yr)	1,874,000

MIRA INFORM REPORT

Report Date :

28.03.2012

IDENTIFICATION DETAILS

Name :	PONDICHERRY POLYMERS PRIVATE LIMITED
Registered Office :	K G Plaza, S7, S8, S9, 2^nd Floor, 41-44, General Patters Road, Chennai-600002, Tami Nadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.08.1997
Com. Reg. No.:	18-038908
Capital Investment / Paid-up Capital :	Rs.7.950 Millions
CIN No.: [Company Identification No.]	U25209TN1997PTC 038908
TAN No.: [Tax Deduction & Collection Account No.]	CHEP02254A
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Supplier of PET Performs and Containers.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 100000
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 :	K G Plaza, S7, S8, S9, 2^nd Floor, 41-44, General Patters Road, Chennai-600002, Tamilnadu, India
Tel. No.:	91-44-28605133 / 32927214
Fax No.:	91-44-28603411
E-Mail :	arun@pppkainya.com info@prristine.com
Website :	http://www.prristine.com
Factory :	Pondy Villupuram Road, T. V. Koil, Pondicherry-605102, India
Tel. No.:	91-413-2640769/ 3291904
Fax No.:	91-413-2640770
E-Mail :	factory@prristine.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Arun Kumar Kainya

Designation :

Managing Director

Address :

High Breeze 5A, 5^th Floor, 4^th Crosss, St. 16/17 Ormes Road, Kilpauk Chennai-600010, Tamilnadu, India

Date of Birth/Age :

01.02.1963

Date of Appointment :

28.08.1997

DIN No.:

00004269

Name :

Mrs. Savita Kainya

Designation :

Director

Address :

High Breeze 5A, 5^th Floor, 4^th Crosss, St. 16/17 Ormes Road, Kilpauk Chennai-600010, Tamilnadu, India

Date of Birth/Age :

04.04.1965

Date of Appointment :

28.08.1997

DIN No.:

00004287

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	U25209TN1997PTC038908	PONDICHERRY POLYMERS PRIVATE LIMITED	Director	28-08-97	28-08-97	-	Active	NO
2	U14200TZ2011PTC017535	MURUGAN MINES PRIVATE LIMITED	Director	31-10-11	31-10-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Arun Kumar Kainya	380250
Savita Kainya	314000
Abhay Kainya	29050
Navita Kainya	31650
Deejay Plastics (Private) Limited, Tamilnadu, India	50
Manju Latha More	4000
Mahendra Kumar More	12000
Ekadalia Properties Private Limited, Kolkata, India	5400
Mahurat Holding and Investments Private Limited, Kolkata, India	18600
Total	795000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	3.03
Directors or relatives of Directors	96.97
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of PET Performs and Containers.

Products :

Product Description	ITC Code
PET Products	39269000

PRODUCTION STATUS AS ON (31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Pet Products	KG	1200000	1753439

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Punjab National Bank, Purasawalkam Branch, Raja Annamalai Road, Pursawalkam, Chennai-600084, Tamil Nadu, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Term Loans (Secured by Equitable Mortgage of Land and Factory Building at Pondichery by deposit of title deed and hypothecation by way of first charge on the present and future fixed assets of the company and guaranteed by the directors of the company.)	24.122	4.851
Cash Credit	61.562	45.153
Bills Discounting (Secured by hypothecation of Raw Materials, Stocks and Spares, Work in process and finished goods and guaranteed by the directors of the company)	15.067	19.575
Vehicle Loans (Secured by Hypothecation of the respective Vehicles)	3.476	0.00
Total	104.227	69.579
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Directors and Others	42.151	15.822
Total	42.151	15.822

Banking Relations :	--
Auditors :
Name :	Singhi and Company Chartered Accountant
Address :	1, Philips Street, Chennai-600001, Tamilnadu, India
Tel. No.:	91-44-42621416
Fax No.:	91-44-25384536
E-Mail :	Chennai@singhico.com
PAN.:	AACFS0926P
Firm/company over which certain key management personnel exercise significant influence	A.A. Agencies Abhay Polymers Private Limited, Mysore

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
795000	Equity Shares	Rs.10/- each	Rs.7.950 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		7.950	7.950	7.950
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		17.331	16.241	15.295
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		25.281	24.191	23.245
LOAN FUNDS
1] Secured Loans		104.227	69.579	63.128
2] Unsecured Loans		42.151	15.822	14.090
TOTAL BORROWING		146.378	85.401	77.218
DEFERRED TAX LIABILITIES		4.065	3.129	3.392
TOTAL		175.724	112.721	103.855
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		61.715	34.968	39.857
Capital work-in-progress		0.000	0.094	0.000
INVESTMENT		0.014	0.056	0.024
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	56.018	47.324	41.420
	Sundry Debtors	69.008	31.843	16.466
	Cash & Bank Balances	9.753	9.174	7.342
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	22.514	7.625	14.094
Total Current Assets		157.293	95.966	79.322
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	34.490	11.284	11.530
	Other Current Liabilities	8.308	5.052	1.963
	Provisions	0.500	2.027	1.855
Total Current Liabilities		43.298	18.363	15.348
Net Current Assets		113.995	77.603	63.974
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		175.724	112.721	103.855

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	183.432	149.805	133.397
		Other Income	0.353	0.398
		TOTAL (A)	183.785	150.203	133.397
Less	EXPENSES
		(Increase) / Decrease in Stock	(2.454)	(7.611)
		Cost of Materials	142.733	116.003
		Expenses	21.506	21.594
		TOTAL (B)	161.785	129.986	(128.495 including Financial and Depreciation Expenses)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		22.000	20.217
Less	FINANCIAL EXPENSES (D)		12.178	11.088
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.822	9.129
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.227	6.418
	PROFIT BEFORE TAX (E-F) (G)		2.595	2.711	4.902
Less	TAX (I)		1.505	0.837	2.112
	PROFIT AFTER TAX (G-I) (J)		1.090	1.874	2.790
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.500	5.554	4.694
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	1.000	1.000
	BALANCE CARRIED TO THE B/S		6.590	5.500	5.554
	Earnings Per Share (Rs.)		1.37	2.36	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.59	1.25	2.09
Net Profit Margin (PBT/Sales)	(%)	1.41	1.81	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.18	2.07	4.11
Return on Investment (ROI) (PBT/Networth)		0.10	0.11	0.21
Debt Equity Ratio (Total Liability/Networth)		7.50	4.90	3.98
Current Ratio (Current Asset/Current Liability)		3.63	5.23	5.18

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE REVIEW

During the financial year the performance of the company was not satisfactory and the net profit after tax for the current year amounted to Rs.1.090 millions. The directors are confident that the financial performance of the company will improve significantly in the coming years.

Note:

The registered office of the company has been shifted from KG Plaza T-4, 3^rd Floor, 41-44 General Patters Road, Chennai-600002, Tamil Nadu, India to present address w.e.f.16.03.2011

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25209TN1997PTC 038908
Name of the company	PONDICHERRY POLYMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	K G Plaza, S7, S8, S9, 2^nd Floor, 41-44, General Patters Road, Chennai-600002, Tamil Nadu, India arun@pppkainya.com
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	90290165
Type of charge	Immovable Property Book Debts Movable Property (not being pledge)
Particular of charge holder	Punjab National Bank, Purasawalkam Branch, Raja Annamalai Road, Pursawalkam, Chennai-600084, Tamil Nadu, India bo2511@pnb.co.in
Nature of instrument creating charge	Hypothecation of Goods and book debts to secure cash credit facility agreement to mortgage
Date of instrument Creating the charge	12.07.2011
Amount secured by the charge	Rs.105.695 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate Of Interest CC- BR (100%) + 5.00% = 15% P.A. ILC/FLC Commission As Per Bank Guidelines Terms Of Repayment CC - RENEWABLE EVERY YEAR ILC/FLC - NOT EXCEEDING 90 DAYS Margin CC - 25% FOR STOCK 40% FOR DEBTORS ILC/FLC - 10% BY WAY OF FD TL - 34.59% OR The Difference Between The Cost Of Machineries And Loan Amount Whichever Is Higher Extent And Operation Of The Charge EM of factory land measuring 26784 sq.ft and building thereon at thiruvandarkoil, pondicherry hypothecation of entire movable block assets including plant and machinery (only residual value) exclusive 1st charge by way of hypothecation of all current assets including stock and book debts, present and future of the company kept at the borrowers premises or elsewhere
Short particulars of the property or asset(s) charged (including complete address and location of the property)	EM of Factory Land measuring 26784 sq.ft. and building thereon at Thiruvandarkoil, Pondicherry. EM of Land of 3 Acres bearing plot No. S-58 SIPCOT Industrial Complex Phase III Ranipat Mukundarayapuram Village Phase III wallaja Taluk Vellore District Exclusive 1^st charge by way of hypothecation of all current assets including stock and book debts, present and future of the company kept at the borrower premises or elsewhere.
Date of instrument modifying the charge	12.05.2011
Particulars of the present modification	Particulars Old Limits New Limits (Rs. In Millions) Cash Credit 65000 65000 LC(ILC/FLC) DA/DP 20000 20000 Term Loan Iii 3366 3366 Term Loan Iv 16920 16920 Tl (Vehicle) 409 409 -------------- -------------- Total 105695 105695

Fixed Assets:

· Freehold Land

· Buildings

· Plant and Machinery and Electrical Installation etc.

· Computer

· Furniture and Fixture, Office Equipments etc.

· Vehicles and Cycles

· Fire Fittings Equipments

AS PER WEBSITE

PROFILE:

Infrastructure:

They have a world class manufacturing facility, in a sprawling area of about 21000 sq ft. with state of the art manufacturing unit equipped with microprocessor controls, fully automated plant and machinery. The present capacity is 450-500 MTs per month.

They understand the need for the modern machinery in order to have a competitive advantage in the market. Hence they have the best possible machinery ranging from ASB Nissei to Ferromatic machines for injection molding. For blow molding, they have the latest blowing machine to give the customers the best quality products possible.

Pondicherry Polymers was established in the year 1997. Located in Pondicherry, they are engaged in the manufacturing and supplying various ranges of PET preforms, PET bottles and jars. The preforms are manufactured in various neck types, sizes and weights to suit the requirement of the customer. The products are made from premium grade raw materials procured from trusted vendors. The quality products are extensively applicable in the customers’ industry type like edible oil, agrochemicals, lubricants, fruit juices, mineral water, chemicals etc. The ability to deliver to such diverse industries has earned them an enviable position in the polymer industry.

Strengthened with rich expertise in technology, they are led by a pool of experienced professionals to deliver quality products. Through value-engineered PET performs, PET bottles and jars the company offers a greater cost saving advantage to customers.

DIRECTORS PROFILE:

The company is being managed under the guidance of Mr. Arun Kumar Kainya.  With a vast experience of more than 10 years in PET products manufacturing, he has scaled the company to new heights. His hard work and customer-friendly approach has led to the growth of the company. He has a broad network of peers, contacts, resources and references to develop the business. Their joint efforts have helped them in achieving a reputed position in the industry.

His transparent business dealing is responsible for the ever growing clientele. Owing to his sharp business acumen and constant efforts to maintain the quality of the products they are growing progressively. His constant encouragement of the employees helps to deliver the reliable products within stipulated time frame.

His future plan is to become a world class PET manufacturer by manufacturing new PET products and high quality standard in the product range.

He also aims towards achieving the highest level of business efficiency with integrity and honesty in order to create a benchmark in PET products.

MANAGEMENT TEAM:

They have a strong team of employees comprising of engineers, technicians supervisors, skilled and unskilled labors. Every individual of the team works as a team that makes every problem and issue easy to be sorted out and solved easily. Moreover, the team members are well versed with the technological advancement. The separate research and development unit help them in developing the products to meet with the changing demands of the industry. They work constantly to produce the range as per the international standards.

THE TEAM:

Production Team

Consists of highly trained and experienced technical experts, capable of producing any PET product within the stipulated time.

Marketing Team

They are responsible for the reach of the products in the industry. The credit for the never ending client list goes to the Marketing team.

Accounts Team

They are responsible for the smooth financial flow in the company. The accounts are accurately maintained up to date.

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.50.91
UK Pound	1	Rs.81.27
Euro	1	Rs.67.98

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	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		45

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.