MIRA INFORM REPORT

Report Date :

16.05.2012

IDENTIFICATION DETAILS

Name :	VISION POLYMER PRIVATE LIMITED
Registered Office :	Plot No.33, Panoli Industrial Area, GIDC, Panoli, Taluka-Ankleshwar, Panoli – 394 116, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.06.2007
Com. Reg. No.:	04-051022
Capital Investment / Paid-up Capital :	Rs.2.680 Millions
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 :

Ba (42)

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

Maximum Credit Limit :	USD 207000
Status :	Satisfactory
Payment Behaviour :	Slow but 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 slow but correct. The company can be considered for small to mediocre 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/ Factory :	Plot No.33, Panoli Industrial Area, GIDC, Panoli, Taluka-Ankleshwar, Panoli – 394 116, Gujarat, India
Tel. No.:	91-2646-272171
Fax 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 30.09.2011

Name :

Mr. Narendra Ganpatbhai Contractor

Designation :

Managing Director

Address :

Sagrampura, Bhandariwad, Surat – 395 002, 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	Company Status	Defaulting status
1	U25200GJ2007PTC051022	Vision Polymer Private Limited	Managing director	25-03-09	04-06-07	Active	NO

Name :

Mr. Divyeshkumar Narendra Bhai Bhandari

Designation :

Director

Address :

6933 Golden Hills Way, Mississauga, Canada L5W1V2

Date of Birth/Age :

26.09.1969

Date of Appointment :

27.01.2011

DIN No.:

03402992

Name :

Mr. Shailesh Narendra Bhai Bhandari

Designation :

Director

Address :

6933 Golden Hills Way, Mississauga, Canada L5W1V2

Date of Birth/Age :

21.11.1966

Date of Appointment :

04.06.2007

DIN No.:

02613392

Name :

Mr. Mukeshchandra Lalbhai Patel

Designation :

Director

Address :

711 Dollybird Lane, Mississauga On, Mississauga, Canada L5W1H1

Date of Birth/Age :

23.12.1964

Date of Appointment :

27.01.2011

DIN No.:

03402988

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

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

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Tools, Die and Injection Molding.

GENERAL INFORMATION

Suppliers :

v Ashirwad Poly Plast

v ABCO International

v Amit Enterprise

v Anmol Stationery

v BSNL

v Deep Engineering Works

v Good Luck Glass

v H M Tools and Dies

v Ideal Tools Center

v Kaka Polymers

v Perfect Tool Center

v Ravi Steel Company

v Project MNGT Consultancy

v Perry Johnson Certification Private Limited

v Jainam Enterprise

v Himax Engineering

v Heat and Control System

Customers :

v Vision Matelizers Inc (Sale)

v Vision Matelizers Inc (Dies and Module)

No. of Employees :

Not Available

Bankers :

v Dena Bank, Naryanmuni Bhawan, Charkhana Chakla, Rampura, Surat – 395 003, Gujarat, India

v Oriental Bank of Commerce

Facilities :

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Shailesh Bhandari	36.488	11.276
Vision Metalizers Inc	11.399	0.000
Vision Polymer Private Limited (Unit-I)	48.699	0.000
Total	96.586	11.276

Banking Relations :	--
Auditors :
Name :	S.J. Thakkar and Associates Chartered Accountants
Address :	B-402, Tirupati Plaza, Near Collector Office, Athwagate, Surat – 395 001, Gujarat, India
Tel. No.:	91-261-2477177/ 6534477
Income-tax PAN of auditor or auditor's firm :	AAOPT2335B
Related Parties :	Vision Metalizers Inc

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

As on 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
268000	Equity Shares	Rs.10/- each	Rs.2.680 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		2.680	2.680	0.100
2] Share Application Money		36.761	0.000	11.610
3] Reserves & Surplus		12.420	11.315	0.000
4] (Accumulated Losses)		0.000	0.000	(0.137)
NETWORTH		51.861	13.995	11.573
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		96.586	11.276	12.988
TOTAL BORROWING		96.586	11.276	12.988
DEFERRED TAX LIABILITIES		0.177	0.112	0.000
TOTAL		148.624	25.383	24.561
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		48.888	24.808	25.014
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.206	1.627	2.023
	Sundry Debtors	10.771	3.924	1.818
	Cash & Bank Balances	5.197	0.775	0.145
	Other Current Assets	0.000	0.000	0.000
	Loans, Advances & Deposits	93.903	1.604	1.159
Total Current Assets		111.077	7.930	5.145
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.734	7.511	6.474
	Other Current Liabilities	0.091	0.007	(0.303)
	Provisions	0.450	0.346	0.105
Total Current Liabilities		12.275	7.864	6.276
Net Current Assets		98.802	0.066	(1.131)
MISCELLANEOUS EXPENSES		0.934	0.509	0.678
TOTAL		148.624	25.383	24.561

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and Income from Operations	14.162	13.444	1.818
		Other Income	0.286	0.334	0.141
		TOTAL (A)	14.448	13.778	1.959
Less	EXPENSES
		Cost of Goods Sold	6.041	5.526	2.025
		Manufacturing Expenses	1.758	1.049
		Employee Cost and Benefits	0.917	0.418
		Administrative and Selling Expenses	1.244	0.937
		P & P Expenses W/off	0.169	0.169
		TOTAL (B)	10.129	8.099	2.025
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.319	5.679	(0.066)
Less	FINANCIAL EXPENSES (D)		0.077	0.002	0.002
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.242	5.677	(0.068)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.797	2.859	0.071
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		1.445	2.818	(0.139)
Less	TAX (H)		0.339	0.396	0.002
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1.106	2.422	(0.141)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.285	(0.137)	NA
	BALANCE CARRIED TO THE B/S		3.391	2.285	NA
	EARNINGS IN FOREIGN CURRENCY		9.696	6.424	NA
	VALUE OF IMPORT ON C.I.F. BASIS		US $ 797262.87	US $ 33270.00	US $ 61000.00
	Earnings/ (Loss) Per Share (Rs.)		4.16	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.66	17.58	(7.20)
Net Profit Margin (PBT/Sales)	(%)	10.20	20.96	(7.65)
Return on Total Assets (PBT/Total Assets}	(%)	0.90	8.61	(0.46)
Return on Investment (ROI) (PBT/Networth)		0.03	0.20	(0.01)
Debt Equity Ratio (Total Liability/Networth)		2.10	1.37	1.66
Current Ratio (Current Asset/Current Liability)		9.05	1.00	0.82

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 three years	Yes
12) Profitability for last three 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	Yes
17) Major suppliers	Yes
18) Major customers	Yes
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 2/713, Bhandariwad, Sagrampura, Surat – 395 002, Gujarat, India to the present address w.e.f. 16.03.2011.

PERFORMANCE AND FUTURE OUTLOOK:

During the year, there has been an increment in the turnover of the company from Rs.13.444 millions to Rs.14.162 millions and the company have earned net profit of Rs.1.106 millions. The directors have adopted various effective measures regarding operational restructuring and cost reduction so as to translate the operational efficiency of the company into profitability of the company. Further, the director’s efforts in the direction of efficient management, reliable decision making and dedication to work have brought the company so far on the way of progress.

Moreover, to sustain the growth in the competitive age, your company has given their maximum emphasize on quality and cost control aspects of the finished product and your directors are confident that the Company will grow in much faster pace in the domestic as well as in the international market in the coming years.

SHARE CAPITAL:

During the period, the company has increased its authorised share capital from Rs.3.000 millions to Rs.10.000 millions.

Bankers Charges Report as per Registry

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 – 394 116, Gujarat, India E-Mail: 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 – 395 003, Gujarat, India E-Mail: ramsur@denabank.co.in
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 Millions
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 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 and 228/p situated at Panoli Industrial Estate notified area at Moje: Village: Sanjali, taluka: Ankleshwar; District 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 and 537 Block No.518 and 532 F. P No.12 F. P. No.55-70-72 of Moje Adajan; Taluka: Choryasi; District Surat, owned by 1. Purvi S. Bhandari 2. Sharmistha M. Patel 3. Mallika D. Bhandari

FIXED ASSETS:

v Office Building

v Factory Building

v Land

v Plant and Machinery

v Electrical Installations

v Computer

v Electrical Installations

v Furniture and Fixtures

v Electrification

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 :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	4
--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		42

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.