MIRA INFORM REPORT

Report Date :

23.10.2012

IDENTIFICATION DETAILS

Name :	NIRMAL POLY PLAST PRIVATE LIMITED
Registered Office :	49/50, Mathuria Apartment, M.V. Road, Andheri (East), Mumbai - 400069, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.01.1989
Com. Reg. No.:	11-050419
Capital Investment / Paid-up Capital :	Rs. 30.000 Millions
CIN No.: [Company Identification No.]	U25200MH1989PTC050419
TAN No.: [Tax Deduction & Collection Account No.]	MUMN10276A
PAN No.: [Permanent Account No.]	AAACN3772F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of plastic moulded articles, household articles, etc.
No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 270000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management of the company has not filed its financial after the year 2010. However, trade relations are reported as fair. Business is active. Payments are unknown. 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

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 DENIED BY

Name :	Mr. Harshit
Designation :	Director
Contact No.:	91-22-26833000
Date :	22.10.2012

LOCATIONS

Registered Office :	49/50, Mathuria Apartment, M.V. Road, Andheri (East), Mumbai - 400069, Maharashtra
Tel. No.:	91-22-26833000 / 26834000
Mobile No.:	91-9833394333 (Mr. Harshit Shah)
Fax No.:	91-22-26840000
E-Mail :	accounts@ratanplastics.com
Website :	http://www.globalsources.com/nirmalpp.co
Factory :	Plot No. 34 and 34A, Daman Industrial Estate, GIDC, Daman, India

DIRECTORS

AS ON 27.09.2010

Name :

Mr. Vinod Kanji Shah

Designation :

Whole-time director

Address :

Vijaya Bhuvan, Bajaj Road, Vile Parle (West), Mumbai - 400056, Maharashtra, India

Date of Birth/Age :

28.02.1958

Date of Appointment :

01.01.1991

DIN No.:

00143268

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	U25200MH1989PTC050419	NIRMAL POLY PLAST PRIVATE LIMITED	Whole-time director	01/01/1991	01/01/1991	-	Active	NO
2	L65990MH1995PLC089838	INVENTURE GROWTH AND SECURITIES LIMITED	Director	27/06/1995	27/06/1995	-	Active	NO
3	U29220MH2006PTC159419	CUTTING EDGE MULTIPRODUCTS PRIVATE LIMITED	Director	01/02/2006	01/02/2006	25/03/2011	Active	NO
4	U18101MH2006PTC161781	BOB-BERRY FASHION PRIVATE LIMITED	Director	11/05/2006	11/05/2006	-	Active	NO
5	L32300MH2004PLC145995	EURO MULTIVISION LIMITED	Director	26/09/2007	23/07/2007	02/01/2012	Active	NO
6	U51909MH2008PLC183472	INVENTURE WEALTH MANAGEMENT LIMITED	Director	12/06/2008	12/06/2008	-	Active	NO
7	U66000MH2008PTC177574	INVENTURE INSURANCE BROKING PRIVATE LIMITED	Director	30/09/2010	01/02/2010	-	Active	NO

Name :

Mr. Padamshi Kanji Shah

Designation :

Whole-time director

Address :

Fabina House, 1^st Floor, Bajaj Road, Vile Parle (West), Mumbai - 400056, Maharashtra, India

Date of Birth/Age :

14.07.1959

Date of Appointment :

31.03.1995

DIN No.:

00737581

Name :

Mr. Harshit Vinod Shah

Designation :

Whole-time director

Address :

Vijaya Bhuvan, Bajaj Road, Vile Parle (West), Mumbai - 400056, Maharashtra, India

Date of Birth/Age :

20.10.1981

Date of Appointment :

01.03.2003

DIN No.:

00737402

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2010

Names of Shareholders	No. of Shares
Kanji Bharmal Shah (HUF)	25800
Ratan Vinod Shah	13800
Amrutben Kanji Shah	19800
Padamshi Kanji Shah	90000
Vinod Kanji Shah	76200
Navin Kanji Shah	56400
Vinod Kanji Shah (HUF)	7200
Padamshi Kanji Shah (HUF)	4800
Navin Kanji Shah (HUF)	6000
Total	300000

AS ON 27.09.2010

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

BUSINESS DETAILS

Line of Business :

Manufacturer of plastic moulded articles, household articles, etc.

Products :

ITC Code	Product Descriptions
392490.9	Articles made up of HDP/PP

GENERAL INFORMATION

No. of Employees :

Information declined by management

Bankers :

Ø HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Ø ICICI Bank Limited

Ø Canara Bank

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Banks
ICICI Bank (Hypothecation of Vehicle)	0.000	0.029
ICICI Bank (Hypothecation of Vehicle)	0.107	0.377
Overdraft account with Canara Bank (Secured against assets of the company and personal guarantee of Directors) (Fund based limited Rs. 16.000 Millions) (Non Fund based limited Rs. 4.000 Millions)	0.000	0.846
Total	0.107	1.252

Banking Relations :	--
Auditors :
Name :	Ravi A Shah and Associates Chartered Accountants
Address :	10, Shriniket Apartments, 23 Bajaj Road, Vile Parle West, Mumbai – 400056, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AWCPS3095F

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
300,000	Equity Shares	Rs. 100/- each	Rs. 30.000 Millions
100,000	Preference Shares	Rs. 100/- each	Rs. 10.000 Millions
	Total		Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300,000	Equity Shares	Rs. 100/- each	Rs. 30.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		30.000	30.000	30.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		38.763	37.966	37.153
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		68.763	67.966	67.153
LOAN FUNDS
1] Secured Loans		0.107	1.252	12.864
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.107	1.252	12.864
DEFERRED TAX LIABILITIES		1.885	3.103	3.103
TOTAL		70.755	72.321	83.120
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.774	24.619	25.926
Capital work-in-progress		1.000	0.000	0.000
INVESTMENT		5.917	1.776	1.200
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.000	8.904	20.171
	Sundry Debtors	21.667	22.826	19.274
	Cash & Bank Balances	15.135	9.640	4.076
	Other Current Assets	0.000	2.867	12.198
	Loans & Advances	5.220	6.005	6.577
Total Current Assets		57.022	50.242	62.296
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.888	0.391	1.570
	Other Current Liabilities	0.915	1.997	2.948
	Provisions	3.155	1.928	1.784
Total Current Liabilities		5.958	4.316	6.302
Net Current Assets		51.064	45.926	55.994
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		70.755	72.321	83.120

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income			93801.222
		Other Income			N.A.
		TOTAL	N.A.	11517.753	N.A.
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	N.A.	11488.431	N.A.
	PROFIT/ (LOSS) BEFORE TAX		N.A.	29.322	3548.570
Less	TAX		N.A.	77.816	1657.989
	PROFIT/ (LOSS) AFTER TAX		N.A.	(48.494)	1890.581
	EARNINGS IN FOREIGN CURRENCY
		Sale of Finished Goods	N.A.	93.716	76.111
	IMPORTS
		Purchase of Raw Material	N.A.	36.524	21.286
	Earnings/ (Loss) Per Share (Rs.)		N.A.	(3.23)	6.30

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	N.A.	(0.42)	N.A.
Net Profit Margin (PBT/Sales)	(%)	N.A.	N.A.	3.78
Return on Total Assets (PBT/Total Assets}	(%)	N.A.	39.17	4022.32
Return on Investment (ROI) (PBT/Networth)		N.A.	0.43	52.84
Debt Equity Ratio (Total Liability/Networth)		0.09	0.08	0.29
Current Ratio (Current Asset/Current Liability)		9.57	11.64	9.89

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	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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	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	No
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	No

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25200MH1989PTC050419
Name of the company	NIRMAL POLY PLAST PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	49/50 Mathuria Apartment M V Road, Andheri (East), Mumbai - 400069, Maharashtra, India Email:accounts@ratanplastics.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India Email: RBBform8@hdfcbank.com CIN No.: L65920MH1994PLC080618
Nature of description of the instrument creating or modifying the charge	Letter of Hypothecation.
Date of instrument Creating the charge	30.06.2012
Amount secured by the charge	Rs. 30.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment On demand. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge Hypothecation by way of First Charge on Stocks and Book Debts, Plant and Machinery, Vehicles and other Fixed Assets etc. to secure as a continuing security as mentioned in Column No.15 below for the repayment of Rs. 30.000 Millions together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank. Others Nil
Short particulars of the property charged	Stock-in-trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties All the Debts, that is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts, guarantees The movable plant and machinery, vehicles and other fixed assets which may now or at any time hereafter belong to the Borrower or come to the Borrowers

FIXED ASSETS:

v Leasehold Land

v Building

v Mould and Dies

v Plant and Machinery

v Computers

v Motor Vehicles

v Office Equipment

v Furniture

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. 53.67
UK Pound	1	Rs. 86.05
Euro	1	Rs. 70.07

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.