MIRA INFORM REPORT

Report Date :

08.05.2012

IDENTIFICATION DETAILS

Name :	NEXGEN FLUOROPOLYMERS PRIVATE LIMITED
Registered Office :	2^nd Floor, Pavitra House, 4 and 5, Shahzada Bagh Extension, Delhi – 110035
Country :	India
Financials (as on) :	31.03.2011 (Consolidated)
Date of Incorporation :	19.06.2010
Com. Reg. No.:	55-204308
Capital Investment / Paid-up Capital :	Rs. 5.525 Millions
CIN No.: [Company Identification No.]	U25190DL2010PTC204308
TAN No.: [Tax Deduction & Collection Account No.]	DELN10991B
PAN No.: [Permanent Account No.]	AADCN3119R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of PTFE/FEP/PFA products.
No. of Employees :	60 (Approximately)

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 4400
Status :	New Company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively new company established it self gradually. 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 same caution.

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

INFORMATION PARTED BY

Name :	Mrs. Jyoti
Designation :	Accountants
Contact No.:	91-11-23652312
Date :	02.05.2012

LOCATIONS

Registered Office :	2^nd Floor, Pavitra House, 4 and 5, Shahzada Bagh Extension, Delhi– 110035, India
Tel. No.:	91-11-26352312 / 23652313 / 23654835 / 32506465
Mobile No.:	91-9873250001 [Mr. Naveen Gupta]
Fax No.:	91-11-23647117
E-Mail :	info@nexgenfluoro.com shashigargca@gmail.com akandco@hotmail.com naveen.298@gmail.com nexgen.fluoro@gmail.com
Website :	http://www.nexgenfluoro.com
Area :	1000 Sq.ft
Location :	Owned
Factory :	Industrial Plot No. E-202, EPIP, Neemrana Industrial Area, District Alwar, Rajasthan, India
Area :	5000 Sq.ft
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Naveen Gupta

Designation :

Director

Address :

298, Kohat Enclave, Pitampura – 110034, India

Date of Birth/Age :

22.06.1964

Din No. :

00307930

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	U74899DL1992PTC049863	PAVITRA BRASS PRIVATE LIMITED	Director	6/8/1992	6/8/1992	-	Active	NO
2	U74899DL1995PTC069080	ICY LEASING AND FINANCE Private limited	Director	15/01/2001	15/01/2001	-	Active	NO
3	U74899DL1991PTC046326	ENMASSE SOLUTIONS PRIVATE LIMITED	Director	1/6/2006	1/6/2006	-	Active	NO
4	U25190DL2010PTC200052	THREE G FLUOROPOLYMERS PRIVATE LIMITED	Director	12/3/2010	12/3/2010	10/1/2011	Active	NO
5	U25190DL2010PTC204308	NEXGEN FLUOROPOLYMERS PRIVATE LIMITED	Director	19/06/2010	19/06/2010	-	Active	NO
6	U74140DL2011PTC221918	ADROIT FLUOROPOLYMERS PRIVATE LIMITED	Director	5/7/2011	5/7/2011	-	Active	NO

Name :

Mr. Sanjeev Jain

Designation :

Director

Address :

28/25, Punjabi Bagh Extension, New Delhi – 110026, India

Date of Birth/Age :

16.11.1971

Din No. :

00949242

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	U51909MH2006PTC163826	ESSENTIAL BULK COMMODITIES PRIVATE LIMITED	Director	10/11/2006	10/11/2006	-	Active	NO
2	U25190DL2010PTC200052	THREE G FLUOROPOLYMERS PRIVATE LIMITED	Director	12/3/2010	12/3/2010	10/1/2011	Active	NO
3	U25190DL2010PTC204308	NEXGEN FLUOROPOLYMERS PRIVATE LIMITED	Director	19/06/2010	19/06/2010	-	Active	NO
4	U74899DL1991PTC046326	ENMASSE SOLUTIONS PRIVATE LIMITED	Additional director	11/5/2011	11/5/2011	-	Active	NO
5	U74140DL2011PTC221918	ADROIT FLUOROPOLYMERS PRIVATE LIMITED	Director	5/7/2011	5/7/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Bhagrathi Devi	1000
Bimla Devi	1000
Parveen Gupta	1000
Suresh Kumar (HUF) Karta Suresh Kumar Jataiwa	1000
Kamal Kumar Jain (HUF) Karta Kamal Kumar	500
Bimla Devi	19000
Parveen Gupta	19000
Naveen Gupta	305000
Sanjeev Jain	205000
Total	552500

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 and Exporter of PTFE/FEP/PFA products.
Products :	Ø Stock Shapes · Moulded Sheet · Moulded Rods/Bushes · Extruded Rod · Extruded Tubes Ø Thread Seal Tape · Finished Products · Etched Sheets Ø Sealing Products · Envelope Gasket · Compound O-Ring · Packing · Gasket · Ball Valve Seat · Gasket Tape · Adhesive Tape · Diaphragm Ø Lined Pipes and Fittings · Lined Pipe · Lined Bellows · Lined Elbows · Lined Tees · Lined Reducer · Lined Cross · Lined Strainers Ø Lined Valves · Butterfly Valve · Ball Valve · Globe Valve · Check Valve · Gate Valve · Diaphragm Valve · Plug Valve Ø Skived Sheets and Tapes Ø Expanded PTFE · Expanded Sheets · Expanded PTFE Gasket · Expanded PTFE Tape Ø Laboratory Products Ø Dimpled Sheet and Disc
Exports :
Products :	PTFE/FEP/PFA
Countries :	· USA · China · Germany
Imports :
Products :	Material
Countries :	China
Terms :
Selling :	Cash
Purchasing :	Cash

GENERAL INFORMATION

Customers :

Wholesalers, Retailers And End Users

· Automat Industries

· Auto Tech Industries Private Limited

· Broker Packaging Private Limited

· Denso India Limited

· Dhwani Polymers Industries

· Euro Solo Energy Systems Private Limited

· Gmp Technical Solutions

· Gujarat Fluropolymers Limited

· Gujarat Flurochemicals Limited

· Iol Chemicals And Pharmaceuticals Limited

· Indian Farmer

· Fertilizer Corporative Limited (IFFCO)

· Jyoti Laboratories

· Mother Dairy Fruits and Vegetable Private Limited

· Pidilite Industries Limited

· Progressive Tools and Components Private Limited

· Ranbaxy Laboratories Limited

· Vimal Polymers Industrial etc.

No. of Employees :

60 (Approximately)

Bankers :

· HDFC Bank

· Bank of Baroda, Punjabi Bagh, New Delhi – 110026, India

Facilities :

SECURED LOAN	As on 31.03.2011 (Rs. in Millions)
Rajasthan State industrial Development and Investment Corporations (Against Lien on Plot No. E – 202, Industrial. Area, EPIP, Neemana, Rajasthan)	4.129
Total	4.129
UNSECURED LOAN	As on 31.03.2011 (Rs. in Millions)
Director and Shareholder	3.912
Inter Corporate	6.816
Total	10.728

Banking Relations :	--
Auditors :
Name :	Androz and Company Chartered Accountants
Address :	A-101, 2nd Floor, Group Indusrial Area, Wazirpur, New Delhi – 110052, India
PAN No :	AABFS7061C
Memberships :	FIFO, Plastic Export Promotion, etc.

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Share	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
552500	Equity Shares	Rs.10/- each	Rs.5.525 Millions

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Share	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14500	Equity Shares	Rs.10/- each	Rs.0.145 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

(CONSOLIDATED BALANCE SHEET)

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		0.145
2] Share Application Money		0.880
3] Reserves & Surplus		0.075
4] (Accumulated Losses)		0.000
NETWORTH		1.100
LOAN FUNDS
1] Secured Loans		4.129
2] Unsecured Loans		10.728
TOTAL BORROWING		14.857
DEFERRED TAX LIABILITIES		0.003
TOTAL		15.960
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.660
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.464
	Sundry Debtors	0.569
	Cash & Bank Balances	1.416
	Other Current Assets	0.030
	Loans & Advances	7.549
Total Current Assets		24.028
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.925
	Other Current Liabilities	2.434
	Provisions	0.369
Total Current Liabilities		14.728
Net Current Assets		9.300
MISCELLANEOUS EXPENSES		0.000
TOTAL		15.960

(CONSOLIDATED PROFIT & LOSS ACCOUNT)

	PARTICULARS		31.03.2011
	SALES
		Income	16.189
		Other Income	0.001
		TOTAL (A)	16.190
Less	EXPENSES
		Cost of goods Sold	12.804
		Direct Expenses	0.338
		Administrative and other Expenses	2.116
		Preliminary Expenses	0.007
		TOTAL (B)	15.265
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.925
Less	FINANCIAL EXPENSES		0.734
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.191
Less/ Add	DEPRECIATION/ AMORTISATION		0.014
	PROFIT BEFORE TAX		0.177
Less	TAX		0.102
	PROFIT AFTER TAX		0.075
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000
	BALANCE CARRIED TO THE B/S		0.075
	Earnings Per Share (Rs.)		0.14

Particulars	31.03.2012
Sales Turnover (Approximately)	30.000

The above information has been parted by Mrs. Jyoti

KEY RATIOS

PARTICULARS		31.03.2011
PAT / Total Income	(%)	0.46
Net Profit Margin (PBT/Sales)	(%)	1.09
Return on Total Assets (PBT/Total Assets}	(%)	0.58
Return on Investment (ROI) (PBT/Networth)		0.16
Debt Equity Ratio (Total Liability/Networth)		26.90
Current Ratio (Current Asset/Current Liability)		1.63

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last one years	Yes
12) Profitability for last one years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Working Results:

The company had a Net Profit of Rs. 1.77 Millions before providing Provision for Taxation of Rs.0.100 Million. The company was able to achieve a turnover of Rs. 16.189 Millions during the year under consideration.

Bankers Charges Report as per Registry

Corporate identity number of the company	U25190DL2010PTC204308
Name of the company	NEXGEN FLUOROPOLYMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2^nd Floor, Pavitra House, 4 and 5, Shahzada Bagh Extension, Delhi– 110035, India shashigargca@gmail.com
This form is for	Modification of charges
Charge identification (ID) number of the charge to be modified	10344442
Type of charge	Immovable Property
Particular of charge holder	Bank of Baroda, Punjabi Bagh, New Delhi – 110026, India akandco@hotmail.com
Nature of instrument creating charge	Memorandum of Entry dated 29.03.2012
Date of instrument Creating the charge	29.03.2012
Amount secured by the charge	Rs.43.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest @14.75% P.a Terms of Repayment Cash Credit Payable on demand, Term Loan :60 monthly installments of Rs.0.533 Million each commencing from April, 2013, the last installment being of Rs. 0.540 Million Margin 25% on Stock, Receivables, 25% on Plant and Machinery, 30% on construction of building Extent and Operation of the charge 100% Others The above is to secure various credit facilities amounting to Rs. 43.000 Millions granted to the company together with interest, costs, expenses and other charges etc. The details are as follows: A. Cash Credit - Rs. 11.000 Millions B. Term Loan - Rs. 32.000 Millions TOTAL - Rs. 43.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	As per Annexure Equitable Mortgage on Immovable property of the company situated at Plot no. 202E, EPIP, Industrial Area, Nimrana, Disttrict Alwar, Rajasthan.
Date of instrument modifying the charge	29.03.2012
Particulars of the present modification	Existing Credit facilities amounting to Rs. 430.00 lacs (Cash Credit - Rs. 11.000 Millions, Term Loan - Rs32.000 Millions) shall be further collaterally secured by way Equitable Mortgage on Immovable property of the company situated at Plot no. 202 E, EPIP, Industrial Area, Nimrana, Distt. Alwar, Rajasthan. Other Terms and Conditions remain the same.

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 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.53.34
UK Pound	1	Rs.86.09
Euro	1	Rs.69.37

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--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.