MIRA INFORM REPORT

Report Date :

05.09.2012

IDENTIFICATION DETAILS

Name :	A P POLYPLAST PRIVATE LIMITED
Registered Office :	K-3, Udyog Nagar, Peera Garhi, New Delhi-110041
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.10.1987
Com. Reg. No.:	55-029491
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U74899DL1987PTC029491
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of a wide range of Packaging Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 41000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability appears to be low. Financial condition of the company seems to be improving. Trade relations are reported as fair. Business is active. Payments are reported to be slow. 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

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 :	K-3, Udyog Nagar, Peera Garhi, New Delhi-110041, India
Tel. No.:	91-11-25481599/25182173/65493115
Fax No.:	91-11-25963152
E-Mail :	ahmedfca@gmail.com appoly@vsnl.net info@appolyplast.co.in
Website :	http://www.appolyplast.co.in

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Ashok Kumar Bansal
Designation :	Director
Address :	HD-38, Pitampura, New Delhi, India
Date of Appointment :	13.10.1987
Din No.:	00254805
Name :	Ms. Nisha Gupta
Designation :	Director
Address :	B-1/50, Ashok Vihar, Phase II, New Delhi-110052, India
Date of Appointment :	10.11.1993
Name :	Mr. Ajay Kumar
Designation :	Director
Address :	B-1/50, Ashok Vihar, Phase II, New Delhi-110052, India
Date of Appointment :	30.10.2004
Din No.:	00284311

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Ashok Kumar Bansal	1500
Ajay Kumar	1670
Ashok Kumar Bansal (Karta HUF)	1000
Nisha Gupta	1500
Swati Goyal	500
Vaibhav Goyal	290
Rakesh Gupta	50
Anil Kumar Jain	50
Prem Lata Bansal	1000
Mahavir Singh	50
Neena Gupta	100
Shiv Kumar	50
Rajeev Sharma	10
Nitin Goyal	50
Liladhar Almal	50
Rekha Gupta	10
Manish Jain	10
Sanjeev Gupta	15
Madhu Jain	15
Saurabh Goel	250
Narman Bansal	230
Ritu Bansal	280
Ajay Kumar (Karta HUF)	50
Sunil Jain	420
Prabha Aggrawal	10
Amit Aggarwal	10
Geeta Devi Moyal	800
Sarika Moyal	800
Mamta Bansal	10
Anusuiya Goyal	10
Rajiv Kumar Goyal (Karta HUF)	10
Vivek Almal	10
Lalita Almal	10
Kamal Goel	10
Abhinav Gupta	10
Aditi Gupta	10
Asha Rani Bansal	50
Ashok Agrawal (Karta HUF)	10
Pawan Kumar	10
Radhey Sham Bansal (Karta HUF)	180
Natraj Steels Private Limited, India	8000
Mahabir Prasad	10
Anita Rani	1400
Asha Rani Bansal	1000
Ashok Kumar Bansal	2000
Deepak Jain	3000
Kamla Jain	1200
Mahesh Jain	3000
Mahesh Jain HUF	3000
Manju Bala	50
Naman Bansal	1000
Nishu Bansal	300
Piyush Bansal	1000
Pooja Kansal	400
Prem Lata Bansal	1400
Radhey Sham Bansal HUF	2000
Rajinder Kumar	180
Rajinder Kumar HUF	350
Rakesh Kumar	1500
Samira Goyal	880
Saurabh Goel	1150
Shashi Bala	500
Shubham Bansal	300
Vaibhav Goel	2000
Pawan Kumar Bansal HUF	1550
Swati Goel	200
Ajay Kumar	1000
Leena Rani	350
Devender Kumar	180
TOTAL	50000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	42.00
Directors or relatives of directors	58.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of a wide range of Packaging Products.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of India, New Delhi, SME Branch, D-4, Udyog Nagar, Rohtak Road, New Delhi-110041, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Bank of India [Against hypothecation of stocks and debtors]
Cash Credit	2.463	2.498
Book Debts	12.382	12.180
BOI Channel Credit	2.500	2.422
Term Loan	5.425	2.707
Car Loan	1.338	0.937
Ganeshji Maharaj	0.001	0.001
TOTAL	24.109	20.745
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Loan From Directors	1.010	1.552
Loans From Shareholders	11.596	14.213
Loan From Company and Others	0.513	0.513
TOTAL	13.119	16.278

Banking Relations :	--
Auditors :
Name :	KPMR and Associates Chartered Accountants
Address :	211, Delhi Chamber, Delhi Gate, New Delhi-110002, India
Tel. No.:	91-11-23262425/23287038
Fax No.:	91-11-23269723
Email:	Kpmr.ca@gmail.com faruqui.co@gmail.com
Pan No.:	AAAFF1124G

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
80000	Equity Shares	Rs.100/- each	Rs.8.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 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		5.000	1.911	1.911
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.433	4.496	3.976
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10.433	6.407	5.887
LOAN FUNDS
1] Secured Loans		24.109	20.745	19.559
2] Unsecured Loans		13.119	16.278	19.625
TOTAL BORROWING		37.228	37.023	39.184
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		47.661	43.430	45.071
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.118	9.585	9.632
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.021	8.895	5.451
	Sundry Debtors	38.997	36.363	33.851
	Cash & Bank Balances	0.084	0.317	0.014
	Other Current Assets	6.521	4.554	4.176
	Loans & Advances	1.319	1.559	0.789
Total Current Assets		58.942	51.688	44.281
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.392	7.539	3.583
	Other Current Liabilities	5.156	8.290	3.629
	Provisions	0.851	2.014	1.630
Total Current Liabilities		21.399	17.843	8.842
Net Current Assets		37.543	33.845	35.439
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		47.661	43.430	45.071

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	169.847	145.930	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		2.585	1.796	1.896
Less/ Add	DEPRECIATION/ AMORTISATION		1.096	0.892	0.901
	PROFIT / (LOSS) BEFORE TAX		1.489	0.904	0.995
Less	TAX		NA	NA	NA
	PROFIT / (LOSS) AFTER TAX		NA	NA	NA
	Earnings / (Loss) Per Share (Rs.)		NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	0.88	0.62	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.15	1.48	1.85
Return on Investment (ROI) (PBT/Networth)		0.14	0.14	0.17
Debt Equity Ratio (Total Liability/Networth)		5.62	8.56	8.15
Current Ratio (Current Asset/Current Liability)		2.75	2.90	5.00

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last two 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	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	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

FINANCIAL RESULTS:

During the year the company has started direct imports of raw materials and it has resulted in increase profitability. The directors are hopeful that the business scenario shall further improve in the ensuing year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10282059
Corporate identity number of the company	U74899DL1987PTC029491
Name of the company	A P POLYPLAST PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	K-3, Udyog Nagar, Peera Garhi, New Delhi-110041, India
Type of charge	Movable Property [not being pledge]
Particular of charge holder	Bank of India, New Delhi, SME Branch, D-4, Udyog Nagar, Rohtak Road, New Delhi-110041, India
Email	virendradel@gmail.com
Nature of description of the instrument creating or modifying the charge	Hypothecation of Tangible Movable Machinery and Plant
Date of instrument Creating the charge	25.04.2012
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 LC(I/F) DP/DA - 90 days / Buyer's Credit -180 days / Letter of Comfort : As per extant guidelines. Terms of Repayment Payable on demand. Margin 20 percent. Extent and Operation of the charge 100 percent.
Short particulars of the property charged	Hypothecation of stocks of raw materials e. g. Dana, Chemicals, Colours, finished goods etc. stored / to be stored at the borrowers premises at Delhi or wherever else the same may be.
Particulars of the present modification	The LC(I/F)DP/DA-90days/Buyer's Credit-180days/Letter of Comfort limit of Rs.30.000 Millions shall also be collaterally secured by hypothecation of all tangible movable machinery and plant (both present and future) as described in the list of machinery attached to this deed whether installed or not and whether lying loose or in cases at site or in transit or which may at any time during the continuance of this security be installed or lying loose or about the borrower's premises, godowns at Delhi or wherever else.

FIXED ASSETS:

• Plant and Machinery
• Furniture and Fixtures
• Generator
• Car
• Computer
• Pager
• Scooter
• Office Accessories
• Cycle
• Motor Cycle
• Water Cooler
• Air Conditioner

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.55.54
UK Pound	1	Rs.88.23
Euro	1	Rs.70.02

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	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		36

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.