MIRA INFORM REPORT

Report Date :

28.11.2012

IDENTIFICATION DETAILS

Name :	VIJAYNEHA POLYMERS PRIVATE LIMITED
Registered Office :	Survey No. 67, Mailardev Pally Village, Rajendranagar, Ranga Reddy District, Hyderabad, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.07.2003
Com. Reg. No.:	01-041378
Capital Investment / Paid-up Capital :	Rs. 18.651 Millions
CIN No.: [Company Identification No.]	U25209AP2003PTC041378
TAN No.: [Tax Deduction & Collection Account No.]	HYDV02342E
PAN No.: [Permanent Account No.]	AABCV7309K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of varieties of plastic bags and allied products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 678000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The latest financials of the company are not made available. as per previous year’s record, there appears huge external borrowings recorded by the company. However, the company has established market position, supported by its diversified clientele. Trade relations are reported as fair. Business is active. Payments terms are unknown in absence of latest financials. The company can be considered for business dealings with some cautions.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Short term rating : A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	May 23, 2012

Rating Agency Name	CRISIL
Rating	Long term rating : BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	May 23, 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Survey No. 67, Mailardev Pally Village, Rajendranagar, Ranga Reddy District, Hyderabad, Andhra Pradesh, India
Tel. No.:	91-40-24615259/ 24777659/ 24446906
Fax No.:	91-40-24446902
E-Mail :	hareesh@vijayneha.com
Website :	www.vijayneha.com
Administrative Office :	15-7-476, Begum Bazar, Hyderabad – 500012, Andhra Pradesh, India
Tel. No.:	91-40-24615259/ 24777659
Fax No.:	01-40-24446902
E-Mail :	admin@vijayneha.com
Factory :	8-3-332, Mailardev Pally, Rajendra Nagar, Hyderabad – 500005, Andhra Pradesh, India
Tel. No.:	91-40-24446906/ 24442644/ 20021125
Fax No.:	91-40-24446902
E-Mail :	info@vijayneha.com

DIRECTORS

AS ON 15.09.2012

Name :

Mr. Shiv Kumar Gupta

Designation :

Director

Address :

No. 5, Ambience Fort, Attapur, Ranga Reddy, Hyderabad – 500064, Andhra Pradesh, India

Date of Birth/Age :

11.01.1975

Date of Appointment :

22.07.2003

Voter ID No.:

MXR5276894

DIN No.:

00856522

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U25209AP2003PTC041378	VIJAYNEHA POLYMERS PRIVATE LIMITED	Director	22/07/2003	22/07/2003	Active	NO
2	U31909AP1994PTC017075	V.N.DISTRIBUTIONS PRIVATE LIMITED	Director	10/09/2003	10/09/2003	Active	NO

Name :

Mrs. Chandra Bhaga

Designation :

Director

Address :

No. 5, Ambience Fort, Attapur, Ranga Reddy, Hyderabad – 500064, Andhra Pradesh, India

Date of Birth/Age :

23.10.1949

Date of Appointment :

22.07.2003

Voter ID No.:

MXR5604715

DIN No.:

01017032

KEY EXECUTIVES

Name :	Mr. Kumar
Designation :	Administrative Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.09.2012

Names of Shareholders	No. of Shares
Shiv Kumar Gupta	810000
Chandra Bhaga	250000
Aruna Gupta	589997
Shiv Kumar Gupta – (HUF)	99500
Anju Gupta	3500
Manju Agarwal	3500
V.N. Distributors Private limited, India	135000
Tara Sales Corporation, India	25
Moallim Ali	3500
Zarina Fatima	3500
Gopalal Goud	3500
Samata Goud	3000
Kesari Reddy	2500
Kesari Aruna	2500
Jogaya Mukku	2500
Satyawani Mukku	2500
Jagdamba Traders (India)	6
Kishore Agarwal	6
Pushpabhai Agarwal	6
Sarda Plastics (India)	5
Bajarang Suiting House, India	25
Total	1915070

AS ON 15.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	7.00
Directors or relatives of directors	92.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of varieties of plastic bags and allied products.
Products :	Ø Multilayer Films Ø Laminated Rolls and pouches Ø Carry Bags (T-Shirt Bags) Ø Kirana Bags Ø Poly Bags Ø Liners Ø Garbage Bags Ø Bag on Roll Ø Polypropylene Bags Ø LD/LLDPE Bags
Brand Names :	Ø Shiva Gold Ø Shiva Ruby Ø Shiva Diamond Ø Shiva Silver Janatha Ø Citizen Ø Chandra

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	80.351	72.298
Rupee term loans others secured	1.125	1.647
Working capital loans banks secured	328.920	100.842
Total	410.396	174.787
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans others unsecured	20.462	56.460
Total	20.462	56.460

Banking Relations :	--
Auditors :
Name :	M.K.A. Associates Chartered Accountant
Address :	No.7, 4-1-969/7, Surabhi Shradha Ahuja Estate Abids, Hyderabad – 500001, India
Tel. No.:	91-40-65168900
Fax No.:	91-40-24758964
E-Mail :	mka_ca@rediffmail.com
Income-tax PAN of auditor or auditor's firm :	AAHFM2660F
Enterprises owned by the Directors and relatives :	Ø Chandra plastic Industries Ø Neha poly pack Ø V.N. Distributions Private Limited

CAPITAL STRUCTURE

AS ON 15.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2,500,000	Equity Shares	Rs. 10/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,915,070	Equity Shares	Rs.10/- each	Rs. 19.151 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Share	Rs.10/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1865070	Equity Share	Rs.10/- each	Rs.18.651 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		18.651	17.651	17.551
2] Share Application Money		28.000	5.000	10.015
3] Reserves & Surplus		122.875	87.710	52.091
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		169.526	110.361	79.657
LOAN FUNDS
1] Secured Loans		410.396	174.787	132.120
2] Unsecured Loans		20.462	56.460	53.304
TOTAL BORROWING		430.858	231.247	185.424
DEFERRED TAX LIABILITIES		20.533	17.996	11.269
TOTAL		620.917	359.604	276.350
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		169.932	176.615	127.386
Capital work-in-progress		57.604	4.725	5.037
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	199.280	138.896	104.428
	Sundry Debtors	282.360	108.951	66.202
	Cash & Bank Balances	21.510	13.170	11.998
	Other Current Assets	3.376	1.749	0.000
	Loans & Advances	99.865	16.220	23.406
Total Current Assets		606.391	278.986	206.034
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	192.050	86.395	52.292
	Other Current Liabilities	8.579	7.374	6.636
	Provisions	12.408	6.994	3.233
Total Current Liabilities		213.037	100.763	62.161
Net Current Assets		393.354	178.223	143.873
MISCELLANEOUS EXPENSES		0.027	0.041	0.054
TOTAL		620.917	359.604	276.350

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1451.530	1200.195	734.656
		Other Income	N.A.	N.A.	N.A.
		TOTAL (A)	N.A.	N.A.	N.A.
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	N.A.	N.A.	N.A.
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		85.984	71.990	46.803
Less	FINANCIAL EXPENSES (D)		29.050	23.592	14.337