MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	ENGINEERED POLYMERS (INDIA) PRIVATE LIMITED	Principal Name 1	Mr. Sundarji Lalji Bheda
Status	Good	Principal Name 2	Mr. Talakshi Lalji Bheda
		Registration #	04-003464
Street Address	705, Prasham Apartment, Kasturba Gandhi Road, Rajkot – 360001, Gujarat, India
Established Date	25.07.1979	SIC Code	--
Telephone#	91-281-2477404	Business Style 1	Manufacturer
Fax #	91-281-2477406	Business Style 2	Supplier
Homepage	bheda@mtnl.net.in	Product Name 1	Extruded and Cast Stock Shapes
# of employees	Not Available	Product Name 2	Rods
Paid up capital	Rs. 500,000/-	Product Name 3	Tubes and Machined Polymers
Shareholders	Directors or relatives of directors – 100%	Banking	Union Bank of India
Public Limited Corp.	No	Business Period	33 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (52)
Related Company
Relation	Country	Company Name	CEO
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	43,852,000	Current Liabilities	3,309,000
Inventories	4,881,000	Long-term Liabilities	8,411,000
Fixed Assets	47,249,000	Other Liabilities	18,862,000
Deferred Assets	0	Total Liabilities	30,582,000
Invest& other Assets	0	Retained Earnings	64,900,000
		Net Worth	65,400,000
Total Assets	95,982,000	Total Liab. & Equity	95,982,000
Total Assets (Previous Year)	93,809,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	75,568,000	Net Profit	12,443,000
Sales(Previous yr)	57,704,000	Net Profit(Prev.yr)	7,274,000

MIRA INFORM REPORT

Report Date :

08.09.2012

IDENTIFICATION DETAILS

Name :	ENGINEERED POLYMERS (INDIA) PRIVATE LIMITED

Registered Office :	705, Prasham Apartment, Kasturba Gandhi Road, Rajkot – 360001, Gujarat

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	25.07.1979

Com. Reg. No.:	04-003464

Capital Investment / Paid-up Capital :	Rs. 0.500 Million

CIN No.: [Company Identification No.]	U25209GJ1979PTC003464

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Supplier of extruded and cast stock shapes, rods, tubes and machined polymers

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 260000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a established company having good track record. Financially company has performed well. Trade relation are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealing at usual trade terms and condition.

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

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 :	705, Prasham Apartment, Kasturba Gandhi Road, Rajkot – 360001, Gujarat, India
Tel. No.:	91-281-2477404/ 5
Fax No.:	91-281-2477406
E-Mail :	bheda@mtnl.net.in
Website :	http://www.bheda.com

Branch Office :	86, Jigni Industrial Area, Banglore - 562 106, Karnataka, India
Tel. No.:	91-80-2782 5374
Fax No.:	91-80-2782 6339
E-Mail :	info@enplasin.com sales@enplasin.com

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Sundarji Lalji Bheda

Designation :

Director

Address :

23, Kanti Building, V. Mehta Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

01.01.1933

Date of Appointment :

25.07.1979

PAN No.:

ADBPB1237C

DIN No.:

00301238

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	U25209GJ1979PTC003464	ENGINEERED POLYMERS (INDIA) PRIVATE LIMITED	Director	25/07/1979	25/07/1979	Active	NO
2	U51900MH1996PTC104216	AVEAN INTERNATIONAL PRIVATE LIMITED	Director	29/11/1996	29/11/1996	Active	NO
3	U65990MH2000PTC126380	NALANDA SECURITIES PRIVATE LIMITED	Director	01/08/2000	01/08/2000	Active	NO

Name :

Mr. Talakshi Lalji Bheda

Designation :

Director

Address :

601, Coral Juhu Sai Darshan Co-operative Housing Society Limited, Gulmohar Cross Road, No.5, JVPD Scheme, Vile Parle (West), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

25.01.1938

Date of Appointment :

25.07.1979

PAN No.:

AAOPB1512A

DIN No.:

00624844

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	U25209GJ1979PTC003464	ENGINEERED POLYMERS (INDIA) PRIVATE LIMITED	Director	25/07/1979	25/07/1979	-	Active	NO
2	U22211GJ1982PTC005564	DELUX PRINTING PRESS PRIVATE LIMITED	Director	07/10/1982	07/10/1982	15/03/2010	Active	NO
3	U51900MH1996PTC104216	AVEAN INTERNATIONAL PRIVATE LIMITED	Director	30/01/2004	30/01/2004	-	Active	NO

Name :

Mr. Kishor Sundarji Bheda

Designation :

Director

Address :

23, Kanti Building, V. Mehta Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

30.11.1958

Date of Appointment :

06.01.1997

PAN No.:

AAOPB1509K

DIN No.:

00619481

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	U25209GJ1979PTC003464	ENGINEERED POLYMERS (INDIA) PRIVATE LIMITED	Director	06/01/1997	06/01/1997	-	Active	NO
2	U91110MH1976GAP019243	INDIAN OILSEEDS AND PRODUCE EXPORT PROMOTION COUNCIL	Director	14/09/1997	14/09/1997	30/09/2009	Active	NO
3	U51900MH1996PTC104216	AVEAN INTERNATIONAL PRIVATE LIMITED	Director	30/01/2004	30/01/2004	-	Active	NO
4	U45200GJ2006PTC047485	MERRY GOLD INFRASTRUCTURE PRIVATE LIMITED	Director	09/08/2006	09/08/2006	08/04/2011	Active	NO
5	U91110WB1957NPL023474	SHELLAC AND FOREST PRODUCTS EXPORT PROMOTION COUNCIL	Director	02/06/2009	02/06/2009	-	Active	NO

Name :

Mr. Jayant Sundarji Bheda

Designation :

Director

Address :

553, 8^TH Main, 4^th “B” Block, Korumangala, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

07.04.1953

Date of Appointment :

07.02.1983

PAN No.:

AAOPB1513B

DIN No.:

00676517

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders		No. of Shares
Sundarji Lalji Bheda		452
Talakshi Lalji Bheda		450
Zaverchand L. Bheda		375
Jayant Sundarji Bheda		450
Kishor Sundarji Bheda		450
Yogini J. Bheda		200
Ketan T. Bheda		450
Jahnavi K. Bheda		350
Zaverchand L. Bheda HUF		100
Kuntal Z. Bheda		475
Rashmiben Z. Bheda		300
Aditya J. Bheda		250
Naushil J. Bheda		250
Jay K. Bheda		448
Total		5000

AS ON 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of extruded and cast stock shapes, rods, tubes and machined polymers

Products :

ITC Code	Product Descriptions
39.16	Cast Nylon
39.16	Extruded Acetal

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø Union Bank of India, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai – 400023, Maharashtra, India

Ø ICICI Bank Limited

Ø HDFC Bank Limited

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Car Loan ICICI Bank Limited	0.611	0.933
Car Loan from HDFC Bank Limited	0.000	0.214
Union Bank of India – Term Loan	4.500	0.000
Total	5.111	1.147

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors	3.300	24.132
From Others	0.000	0.145
Total	3.300	24.277


Banking Relations :	--

Auditors :
Name :	Dipak C. Parikh and Company Chartered Accountants
Address :	Room No. 18, 1st Floor, Om Shanti Building, 42, Babu Genu Road, Kalbadevi, Mumbai – 400002, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AACPP1362L

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

100,000	Equity Shares	Rs. 100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

5,000	Equity Share	Rs. 100/- each	Rs. 0.500 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		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		64.900	52.457	45.214
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		65.400	52.957	45.714
LOAN FUNDS
1] Secured Loans		5.111	1.147	0.553
2] Unsecured Loans		3.300	24.277	22.206
TOTAL BORROWING		8.411	25.424	22.759
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		73.811	78.381	68.473

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		47.249	44.854	29.014
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	4.881	3.089	13.258
	Sundry Debtors	11.218	15.766	12.309
	Cash & Bank Balances	2.697	4.527	5.937
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	29.937	25.573	21.334
Total Current Assets		48.733	48.955	52.838
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.448	0.796	1.035
	Other Current Liabilities	1.861	0.870	1.199
	Provisions	18.862	13.762	11.145
Total Current Liabilities		22.171	15.428	13.379
Net Current Assets		26.562	33.527	37.459

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		73.811	78.381	68.473

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	75.568	57.704	52.150
		Other Income	N.A.	N.A.	N.A.
		TOTAL	N.A.	N.A.	N.A.

Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	N.A.	N.A.	N.A.

	PROFIT BEFORE TAX		17.543	10.009	9.500

Less	TAX		5.100	2.735	2.878

	PROFIT AFTER TAX		12.443	7.274	6.622

	Earnings Per Share (Rs.)		2488.60	1454.80	1324.40

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	23.21	17.35	18.22

Return on Total Assets (PBT/Total Assets}	(%)	18.28	10.67	11.61

Return on Investment (ROI) (PBT/Networth)		0.27	0.19	0.21

Debt Equity Ratio (Total Liability/Networth)		0.47	0.77	0.79

Current Ratio (Current Asset/Current Liability)		2.20	3.17	3.95

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 three 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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FIXED ASSETS:

Ø Computer

Ø Vehicles

Ø Furniture and Fixture

Ø Freehold Land

Ø Factory Building

Ø Plant and Machinery

Ø Research and Development

Ø Mould and Tools

Ø Generator

Ø Electric Installations

Ø Vehicles

Ø Office Equipment

Ø Air Conditioner

Ø Vaccume Cleaner

Ø UPS

Ø Oven

Ø Drilling Machine

Ø Fax Machine

Ø Refrigerator

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. 55.52
UK Pound	1	Rs. 88.49
Euro	1	Rs. 70.20

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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.

MIRA INFORM REPORT

4.881

11.218

2.697

0.000

29.937

48.733

1.448

1.861

18.862

22.171

26.562

Unit