MIRA INFORM REPORT

Report Date :

07.09.2012

IDENTIFICATION DETAILS

Name :	G M POLYPLAST PRIVATE LIMITED
Registered Office :	A-39/49, New Empire Industrial Estate, Kondivita Road, J.B. Nagar, Andheri(East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.11.2003
Com. Reg. No.:	11-143299
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U25200MH2003PTC143299
TAN No.: [Tax Deduction & Collection Account No.]	MUMG09869G
PAN No.: [Permanent Account No.]	AACCG0610R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Plastic P.P.
No. of Employees :	8 (Approximately)

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 29000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financial position of the company is improving. It has recorded an increase in its sales turnover during 2011. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for 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 – 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 PARTED BY

Name :	Mr. Pravin
Designation :	Accounts Manager
Contact No.:	91- 22-30889729
Date :	05.09.2012

LOCATIONS

Registered Office :	A-39/49, New Empire Industrial Estate, Kondivita Road, J.B. Nagar, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-30889722/ 30889723/ 30889727/ 30889729/ 28369722
Fax No.:	91-22-28209552
E-Mail :	gmpolyplast@rediffmail.com
Website :	http://www.gmpolyplast.com
Factory 1 :	A-66, New Empire Industrial Estate, Kondivita Road, Near Camlin, J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-28369722 / 28369403 / 28325179
Fax No.:	91-22-28209552
Location :	Owned
Branches :	Located at: Andheri Vikhroli

DIRECTORS

AS ON 29.09.2011

Name :

Ms. Sarita Dinesh Sharma

Designation :

Director

Address :

103, Lumiere Tower, Picnic Cottage, Seven Bungalows, Andheri (West), Mumbai – 400 061, Maharashtra, India

Date of Birth/Age :

14.05.1979

Qualification :

B.Com

Date of Appointment :

27.11.2003

DIN No.:

00128337

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	U25209MH1999PTC120486	MAHIMA GOLDPLAST PRIVATE LIMITED	Director	31/08/2000	31/08/2000	Active	YES
2	U25200MH2003PTC143299	G M POLYPLAST PRIVATE LIMITED	Director	27/11/2003	27/11/2003	Active	NO

Name :

Mr. Dinesh Balbeer Sharma

Designation :

Director

Address :

103, Lumiere Tower, Picnic Cottage, Seven Bungalows, Andheri (West), Mumbai – 400 061, Maharashtra, India

Date of Birth/Age :

03.09.1977

Qualification :

B.Sc.

Date of Appointment :

27.11.2003

DIN No.:

00418667

KEY EXECUTIVES

Name :	Mr. Pravin
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Dinesh Sharma	500
Sarita Sharma	500
Total	1000

AS ON 29.09.2011

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

BUSINESS DETAILS

Line of Business :	Manufacturers of Plastic P.P.
Products :	v Rigid PVC Films v Non Toxic Film for Food Packing v Rigid Film for Stationary v Rigid PVC for Packing and Folding v ABS Sheets v HIPS Sheets v Polypropylene (PP) Sheets v Table Mats v Polypropylene (PP) Box v CD-ROM Holder v Plastic Garbage Can v Polypropylene (PP) Bags
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

No. of Employees :

8 (Approximately)

Bankers :

v The Saraswat Co-operative Bank Limited, Marol Branch, Marol Maroshi Road, Marol Village, Andheri (East), Mumbai – 400 059, Maharashtra, India

v The Saraswat Co-operative Bank Limited, SME Vikroli Branch, Prabhat Bhavan, LBS Marg, Vikroli West, Mumbai – 400079, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Cash Credit from Banks (Secured by hypothecation of stock and book debts)	8.995	11.485
Total	8.995	11.485

Banking Relations :	--
Auditors :
Name :	Vivek V Joshi and Associates Chartered Accountants
Address :	A-708, Zaitoon Apartments, Station Road, Goregaon (West), Mumbai – 400 062, Maharashtra, India
Tel. No.:	91-22-32435571/ 5562
Mobile No.:	91-9833634732
E-Mail :	ca.vvjassociates@gmail.com
Income-tax PAN of auditor or auditor's firm :	AAAPJ4838M

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs. 100/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,000	Equity Share	Rs. 100/- each	Rs. 0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		0.900	0.900	0.900
3] Reserves & Surplus		6.453	3.636	1.773
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7.453	4.636	2.773
LOAN FUNDS
1] Secured Loans		8.995	11.485	4.666
2] Unsecured Loans		2.200	7.768	6.941
TOTAL BORROWING		11.195	19.253	11.607
DEFERRED TAX LIABILITIES		0.168	0.288	0.224
TOTAL		18.816	24.177	14.604
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.274	7.839	8.544
Capital work-in-progress		0.800	0.000	0.000
INVESTMENT		0.025	0.025	0.025
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.096	6.973	3.505
	Sundry Debtors	66.444	52.684	28.215
	Cash & Bank Balances	4.869	1.490	1.023
	Other Current Assets	0.362	0.075	0.000
	Loans & Advances	5.165	2.841	2.049
Total Current Assets		81.936	64.063	34.792
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	58.081	41.492	26.247
	Other Current Liabilities	6.282	3.266	0.420
	Provisions	4.856	2.992	2.090
Total Current Liabilities		69.219	47.750	28.757
Net Current Assets		12.717	16.313	6.035
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		18.816	24.177	14.604

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	223.330	188.453	144.024
		Other Income	1.537	0.589	0.026
		TOTAL	224.867	189.042	144.050
Less	EXPENSES
		Materials	195.345	160.042	122.665
		Payment to Employees	1.536	1.832	1.151
		Operating and General Expenses	22.453	23.124	15.732
		Decretion / Accretion to Stocks	(0.134)	(0.577)	0.272
		TOTAL	219.200	184.421	139.820
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		5.667	4.621	4.230
Less	FINANCIAL EXPENSES		0.451	0.766	0.241
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		5.216	3.855	3.989
Less/ Add	DEPRECIATION/ AMORTISATION		1.170	1.039	1.755
	PROFIT BEFORE TAX AND EXTRAORDINARY ITEMS		4.046	2.816	2.234
	PRIOR PERIOD ITEMS		0.240	0.000	0.000
	PROFIT BEFORE TAX		3.806	2.816	2.234
Less	TAX		0.990	0.953	0.819
	PROFIT AFTER TAX		2.816	1.863	1.415
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.636	1.773	0.514
Less	Adjustment relating to earlier Years		0.000	0.000	0.156
	BALANCE CARRIED TO THE B/S		6.452	3.636	1.773
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Export	7.284	3.069	1.644
	Earnings Per Share (Rs.)		2816.29	1863.55	1414.56

Particulars	31.03.2012
Sales Turnover (Approximately)	230.000

Expected Sales ( 2012-2013 ) : Rs. 250.000 Millions

The above information has been parted by Mr. Pravin (Accounts Manager)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.25	0.99	0.98
Net Profit Margin (PBT/Sales)	(%)	1.70	1.49	1.22
Return on Total Assets (PBT/Total Assets}	(%)	4.36	3.92	5.16
Return on Investment (ROI) (PBT/Networth)		0.51	0.61	0.81
Debt Equity Ratio (Total Liability/Networth)		10.79	14.45	14.56
Current Ratio (Current Asset/Current Liability)		1.18	1.34	1.21

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	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)	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]	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

Note: The registered address of the company has been shifted from Gala No. 1, 2, 3 Meenakshi Industrial Estate No. 2, Naikpada, Vasai (East) – 401208, Maharashtra, India to the present

REVIEW OF OPERATION:

The company has achieved targeted turnover and expects to improve in coming years. The turnover has increased by almost 19% from last year. The net profit before tax has gone up by 36% which is remarkable compared to the highly competitive market.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25200MH2003PTC143299
Name of the company	G M Polyplast Private Limited
Address of the registered office or of the principal place of business in India of the company	A-49,New Empire Industrial Estate, Kandivitta Road, Marol Andheri–East, Mumbai – 400059,Maharashtra, India
This form is for	Modification of charge
Charge identification number of the modified	90242556
Type of charge	Book debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	The Saraswat Co- Operative Bank Limited SME Vikhroli Branch, Prabhat Bhavan, LBS Marg, Vikhroli – West, Mumbai – 400079,Maharashtra,India Email ID: njbhatia@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation for Additional Advances
Date of instrument Creating the charge	23.01.2010
Amount secured by the charge	Rs.12.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 14% p.a or at such rate as may be determined by the bank from time to time Terms of Repayment On demand Margin 30% Extent and Operation of the charge This is cash credit facility
Short particulars of the property charged	Hypothecation of stock book debts tangible movable property (both present and future) belonging to the borrowers and lying and being at borrowers place of business at A/39, 49 New Emire Industrial Estate, Marol, Andheri East Mumbai or wherever else the same maybe. Hypothecation of book debts, outstanding, monies, receivable, claims and bills
Date of latest modification prior to the present modification	14.10.2008
Particulars of the present modification	The cash credit limit is enhanced from Rs. 7.500 Millions to Rs. 12.500 Millions

CONTINGENT LIABILITIES:

Bank Guarantee given by the company for Rs. 0.350 Million power at Daman factory

FIXED ASSETS

v Furniture

v Plant and Machinery

v Computer

v Motor Car

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. 55.97
UK Pound	1	Rs. 89.02
Euro	1	Rs. 70.61

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--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	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

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.