MIRA INFORM REPORT

Report Date :

16.05.2012

IDENTIFICATION DETAILS

Name :	HYUNDAI ENGINEERING PLASTICS INDIA PRIVATE LIMITED
Registered Office :	No. 137A, Vayalur Village, Thiruvallur – 602 105, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.01.2007
Com. Reg. No.:	18-62145
Capital Investment / Paid-up Capital :	Rs.176.676 Millions
CIN No.: [Company Identification No.]	U29113TN2007PTC062145
TAN No.: [Tax Deduction & Collection Account No.]	CHEH04059G
PAN No.: [Permanent Account No.]	AABCH8073Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plastics Raw Materials.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 882000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Financial position of the company is improving. The company has been successful in wiping off the accu8mulated 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 small to mediocre business dealings at usual trade terms and conditions. 2011 and 2010 Profit and loss of the company is not available.

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 :	No. 137A, Vayalur Village, Thiruvallur – 602105, Tamilnadu, India
Tel. No.:	91-44-27692253
Fax No.:	91-44-27692348
E-Mail :	abshsh01@hanmail.net mrs.hep@rediffail.com
Website :	http://www.hyundai-ep.com
Head Office :	No. 29, Devadi Street, Mylapore, Chennai – 600004, Tamilnadu, India

DIRECTORS

AS ON 29.09.2011

Name :

Mr. Kun Won Lee

Designation :

Director

Address :

Yeock Sam Dong Gae NA RI Apartment, 34-806, Kangnam GU, Seoul – 135795, Korea

Date of Birth/Age :

26.08.1945

Date of Appointment :

24.01.2007

DIN No.:

01821967

Name :

Mr. Han Sang Hoe

Designation :

Director

Address :

Jamwon-Dong Woosung Apartment, 103-901 Seocho GU, Seoul – 137 790, Korea

Date of Birth/Age :

10.12.1959

Date of Appointment :

24.01.2007

DIN No.:

01786819

Name :

Mr. Min Kyu Kim

Designation :

Alternate Director

Address :

T-4, Navim’s Rasenda Gardens, 146 Royapettah High Road, Chennai – 600014, Tamilnadu, India

Date of Birth/Age :

14.11.1978

Date of Appointment :

01.02.2010

Date of Ceasing :

28.12.2011

DIN No.:

02948843

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	U29113TN2007PTC062145	HYUNDAI ENGINEERING PLASTICS INDIA PRIVATE LIMITED	Alternate director	1/2/2010	1/2/2010	28/12/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Hyundai Engineering Plastics Company Limited, Korea	17667603
Sang Hoe Han	10
Total	17667613

AS ON 30.09.2011

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Plastics Raw Materials.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Korea Exim Bank

· Citi Bank

· Shinhan Bank, No.8, Thirumalai Mudali Street, Walajapet – 632513, Tamilnadu, India

Facilities :

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee Term Loans Banks Unsecured	178.420	180.560
Working Capital Loans Unsecured	447.500	290.000
Total	625.920	470.560

Banking Relations :	--
Auditors :
Name :	Sukumar and Associates Chartered Accountant
Address :	29, Devadi Street, Mylapore, Chennai – 600 004, Tamilnadu, India
Tel No.:	91-44-24642340/ 24610939/ 24615161/ 24641199
Fax No.:	91-44-24641199
PAN No.:	AANFS9673C
Email :	sukumarn@vsnl.com sukumarn@airtelmail.in
Holding Company :	· Hyundai Engineering Plastics Company Limited, Korea

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
18000000	Equity Shares	Rs.10/- each	Rs.180.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17667613	Equity Shares	Rs.10/- each	Rs.176.676 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		176.676	176.676	176.676
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		43.783	0.000	0.000
4] (Accumulated Losses)		0.000	(4.289)	(78.046)
NETWORTH		220.459	172.387	98.630
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		625.920	470.560	393.840
TOTAL BORROWING		625.920	470.560	393.840
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		846.379	642.947	492.470
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		279.966	259.372	300.144
Capital work-in-progress		16.500	4.230	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		6.377	8.629	1.428
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	213.316	191.124	203.153
	Sundry Debtors	474.296	317.995	196.352
	Cash & Bank Balances	19.967	60.857	13.016
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	150.260	64.494	55.407
Total Current Assets		857.839	634.470	467.928
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	264.537	233.306	261.240
	Other Current Liabilities	27.103	23.134	15.707
	Provisions	22.663	7.314	0.083
Total Current Liabilities		314.303	263.754	277.030
Net Current Assets		543.536	370.716	190.898
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		846.379	642.947	492.470

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009
	SALES
		Income	588.136
		Other Income	6.235
		TOTAL (A)	594.371
Less	EXPENSES
		Increase / Decrease in Stock	(44.004)
		Materials Consumed	462.856
		Manufacturing Expenses	49.356
		Administrative Expenses	26.676
		Royalty Fee	16.562
		Preliminary Expenses Written Off	0.049
		Payments and Benefit for Employees	0.000
		Extra Ordinary Items	80.789
		TOTAL (B)	592.284
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.087
Less	FINANCIAL EXPENSES (D)		28.701
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(26.614)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		43.473
	PROFIT BEFORE TAX (E-F) (G)		(70.087)
Less	TAX (H)		(1.564)
	PROFIT AFTER TAX (G-H) (I)		(68.523)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(9.522)
	BALANCE CARRIED TO THE B/S		(78.045)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	(11.53)
Net Profit Margin (PBT/Sales)	(%)	NA	NA	(11.92)
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	(9.13)
Return on Investment (ROI) (PBT/Networth)		NA	NA	(0.71)
Debt Equity Ratio (Total Liability/Networth)		4.26	4.26	6.80
Current Ratio (Current Asset/Current Liability)		2.73	2.41	1.69

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	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last one year	Yes
12) Profitability for last one year	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
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

NOTE:

The Registered Office of the company has been shifted from # 4-6 TTK Road, 2^nd Cross Street, Bharthi Flats, 3^rd Floor, T1 Alwarpet, Chennai, Tamilnadu, India, to the present address w.e.f. 31.12.2007.

FORM 8:

Corporate identity number of the company	U29113TN2007PTC062145
Name of the company	HYUNDAI ENGINEERING PLASTICS INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No.137A Vayalur Village, Thiruvallur – 602105, Tamilnadu, India mrs.hep@rediffmail.com
This form is for	Creation of charge
Type of charge	Immovable Property Movable Property (Not being pledge)
Particular of charge holder	Shinhan Bank No.8, Thirumalai Mudali Street, Walajapet – 632513, Tamilnadu, India shbiz8063@shinhan.com
Nature of description of the instrument creating or modifying the charge	Credit Facility Agreement, Deed of Hypothecation and Simple Mortgage Deed Dated 25-Jan-2012
Date of instrument Creating the charge	25/01/2012
Amount secured by the charge	Rs.45.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest BASE Rate +2.35%, On 25-Jan-2012 it is 8.25%+2.35%=10.60% Terms of Repayment The loan has to repaid at the end of the 12 months from the date of first availment Margin As decided from the bank from time to time. Extent and Operation of the charge Until the loan is repaid in full with all interest and charges
Short particulars of the property charged	8.38 acres of land with factory building at Survey Nos 191/ 10,191/ 11,191/ 12B,191/ 12C,192/ 2,192/ 3,192/ 5,192/ 8A,192/ 8B,192/ 10A,192/ 10C At Vayalur Village, Tiruvallur District and Taluk. Plant and Machinery in full both existing and future situated at the factories of Hyundai Engineering Plastics India Private Limited. not limited to the plant and machinery found in above survey number

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Container

· Vehicle

· Computer and Software

· Furniture and Fittings

· Office Equipment

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.53.84
UK Pound	1	Rs.86.72
Euro	1	Rs.69.17

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		33

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.