MIRA INFORM REPORT

Report Date :

18.10.2012

IDENTIFICATION DETAILS

Name :	KESONA POLYMATS PRIVATE LIMITED
Registered Office :	K-131/2, MIDC, Waluj, Aurangabad – 431133, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.10.1996
Com. Reg. No.:	11-103111
Capital Investment / Paid-up Capital :	Rs.7.200 Millions
CIN No.: [Company Identification No.]	U25209MH1996PTC103111
TAN No.: [Tax Deduction & Collection Account No.]	NSKK01961B
PAN No.: [Permanent Account No.]	AABCK4678A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Poly Propylene Mats.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 69000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Mr. Gade, the accountant has confirmed that the company has recorded sales of Rs.35.000 Millions during 2011, which is not verified by us. Profit and Loss statement is not made available for the year 2010 and 2011. However, trade relations are reported as fair. Business is active. Payments terms are unknown. The company can be considered for business dealings with some 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 – 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	SE 2B
Rating Explanation	High performance capability and moderate financial strength.
Date	February 2010

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.

INFORMATION PARTED BY

Name :	Mr. Gade
Designation :	Accountant
Contact No.:	91-240-2555327
Date :	16.10.2012

LOCATIONS

Registered Office/ Factory :	K-131/2, MIDC, Waluj, Aurangabad – 431133, Maharashtra, India
Tel. No.:	91-240-2555327
Fax No.:	91-240-2555146
E-Mail :	skdak@rediffmail.com kesonapoly@hotmail.com
Area :	400 Sq ft
Location :	Owned

SOLE PROPRIETOR/PARTNERS/DIRECTORS

As on: 30.09.2011

Name :

Mr. Jaidatta Sonajirao Kshirsagar

Designation :

Director

Address :

202 Bhima Worlisagar, Sir Pochkhanwala Road, Worli, Mumbai – 400025, Maharashtra

Date of Birth/Age :

07.12.1948

Date of Appointment :

07.10.1996

DIN No.:

02174846

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209MH1996PTC103111	KESONA POLYMATS PRIVATE LIMITED	Director	07/10/1996	07/10/1996	-	Active	NO
2	U99999MH1996PTC103265	KESONA PLAST PRIVATE LIMITED	Director	14/10/1996	14/10/1996	-	Amalgamated	NO
3	U64201PN2006PTC129328	SKYNET TELEPORT PRIVATE LIMITED	Director	13/12/2006	13/12/2006	07/02/2011	Active	NO
4	U45200MH1996SGC101586	MAHARASHTRA STATE ROAD DEVELOPMENT CORPORATION LIMITED	Director	09/11/2009	09/11/2009	-	Active	NO

Name :

Mr. Ram Vishnupant Golhar

Designation :

Director

Address :

Dupex – 03, Kasliwal Aangan, Dnyaneshar Nagar, Aurangabad-431001, Maharashtra, India

Date of Birth/Age :

13.05.1970

Date of Appointment :

27.12.2007

DIN No.:

01974915

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1996PTC103265	KESONA PLAST PRIVATE LIMITED	Director	25/12/2007	25/12/2007	-	Amalgamated	NO
2	U25209MH1996PTC103111	KESONA POLYMATS PRIVATE LIMITED	Director	27/12/2007	27/12/2007	-	Active	NO

Name :

Mr. Rohit Kshirsagar

Designation :

Director

Address :

202, Bhima Building, SIR Poachkhanwala Road, Worli Sagar Co-operative Housing Society, Worli, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

05.06.1981

Date of Appointment :

20.04.2010

DIN No.:

02953435

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209MH1996PTC103111	KESONA POLYMATS PRIVATE LIMITED	Director	20/04/2010	20/04/2010	-	Active	NO
2	U51909MH2005PTC152783	RADLECH TECHNOLOGIES PRIVATE LIMITED	Director	15/09/2010	15/09/2010	-	Active	YES
3	U40100MH2005PTC154373	REGENT ENERGY (INDIA) PRIVATE LIMITED	Director	05/11/2010	05/11/2010	-	Active	NO
4	U64201PN2006PTC129328	SKYNET TELEPORT PRIVATE LIMITED	Additional director	03/01/2011	03/01/2011	-	Active	NO

Name :

Mr. Pratibha Jaydatta Kshirsagar

Designation :

Director

Address :

202 Bhima, Warli Sagar Co-operative Housing Limited, 68-69 Sir Pochkhanwal Road, Worli Hill Estate, Worli, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

09.06.1954

Date of Appointment :

20.03.2012

DIN No.:

05233589

KEY EXECUTIVES

Name :	Mr. Gade
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Jaidatta Kshirsagar	61000
Vithal Kshirsagar	10999

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Poly Propylene Mats.
Products :	Perfumed Mats House Hold Mats Slim Mats Travel Mats Beach Mat Yoga Mat Tent Mats Namazi Mats Promotion Mat
Exports :
Products :	Poly Propylene Mats
Countries :	Jeddah UK USA France Malaysia
Terms :
Selling :	Cash and Credit (30 days/ 60 days)
Purchasing :	L/C, Cash and Credit (30 days/ 60 days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and OEM’s

No. of Employees :

30 (Approximately)

Bankers :

• ICICI Bank Limited, Adalat Road, Aurangabad, Maharashtra, India
• State Bank of India, Industrial Valley Branch

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Secured Loan (Other than Debentures)	12.114	11.697
Total	12.114	11.697
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Unsecured Loan	0.500	2.400
Total	0.500	2.400

Banking Relations :	--
Auditors :
Name :	Karkhanis and Kothari Chartered Accountants
Address :	R-3, Amruta Residency, Vedant Nagar, Station Road, Aurangabad-431005, Maharashtra, India
PAN No.:	AADFJ8448D

CAPITAL STRUCTURE

As on: 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
145000	Equity Shares	Rs.100/- each	Rs.14.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72000	Equity Shares	Rs.100/- each	Rs.7.200 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		7.200	7.200	7.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.138	2.490	1.675
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		17.338	9.690	8.875
LOAN FUNDS
1] Secured Loans		12.114	11.697	3.040
2] Unsecured Loans		0.500	2.400	2.400
TOTAL BORROWING		12.614	14.097	5.440
DEFERRED TAX LIABILITIES			0.000	0.000
TOTAL		29.952	23.787	14.315
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.564	5.635	6.756
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.748	2.449	2.036
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.500	8.127	9.809
	Sundry Debtors	4.978	5.245	1.527
	Cash & Bank Balances	8.696	11.279	0.262
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.418	0.359	2.415
Total Current Assets		24.592	25.010	14.013
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.012	3.698	3.096
	Other Current Liabilities
	Provisions	1.940	5.609	5.408
Total Current Liabilities		5.952	9.307	8.504
Net Current Assets		18.640	15.703	5.509
MISCELLANEOUS EXPENSES		0.000	0.000	0.014
TOTAL		29.952	23.787	14.315

Particulars	31.03.2012	31.03.2011
Sales Turnover (Approximately)	40.000	35.000

Expected Sales (2012-2013): Rs.45.000 Millions

The above information has been parted by Mr. Gade

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	1.07	2.41	1.57
Current Ratio (Current Asset/Current Liability)	4.12	2.68	1.65

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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 two years	Yes
12]	Profitability for last two years	No
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note:

The Registered Office of the company has been shifted from Bale Pir Nagar Road, Beed - 431122, Maharashtra, India to the present address w.e.f. 02.02.2012

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.52.75
UK Pound	1	Rs.85.08
Euro	1	Rs.69.04

INFORMATION DETAILS

Information Gathered by :	SLP
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		34

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.