MIRA INFORM REPORT

Report Date :

16.02.2013

IDENTIFICATION DETAILS

Name :	J P POLYMERS PRIVATE LIMITED
Registered Office :	J. P. House, Plot No.11, B. J. Patel Road, Ramchandra Lane, Junction, Malad (West), Mumbai-400064, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.09.2004
Com. Reg. No.:	11-148732
Capital Investment / Paid-up Capital :	Rs. 2.746 Millions
CIN No.: [Company Identification No.]	U24134MH2004PTC148732
Legal Form :	Private Limited Liability Company
Line of Business :	Importer, Wholesalers, Distributors and Supplier of Engineering polymers, Polycarbonate, Nylon6, Nylon66, PBT, Acrylic - PMMA (Sumitomo), K-Resin, Transparent Abs, Pom, Uhmw-pe, Abs, San, PPS, LCP.
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 350000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The latest financials are not made available with the government department. As per previous year’s, the performance of the company seems to be good. Trade relations are reported to be fair. Business is active. Payments are unknown. The company can be considered for business dealings with slight 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 :	J. P. House, Plot No.11, B. J. Patel Road, Ramchandra Lane, Junction, Malad (West), Mumbai-400064, Maharashtra, India
Tel. No.:	91-22-67895555 / 67895599
Fax No.:	91-22-67895500
E-Mail :	mail@ppolymers.in jiten.mathuria@jppolymers.in
Website :	www.ppolymers.com

DIRECTORS

As on: 30.09.2011

Name :

Mr. Jinten Prataprai Mathuria

Designation :

Director

Address :

1702-A, Panchsheel Heights, Mahavir Nagar, Kandivali (West), Mumbai-400067, Maharashtra, India

Date of Birth :

16.07.1973

Date of Appointment :

21.09.2004

DIN No.:

00297090

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	U24134MH2004PTC148732	J P POLYMERS PRIVATE LIMITED	Director	21/09/2004	21/09/2004	-	Active	NO
2	U25209MH2006PLC163933	NEXT POLYMERS LIMITED	Director	21/08/2006	21/08/2006	-	Active	NO
3	U74999MH2010PLC204184	J. P. PLASCHEM LIMITED	Director	17/05/2011	14/06/2010	-	Active	NO

Name :

Ms. Mita Jiten Mathuria

Designation :

Director

Address :

1702-A, Panchsheel Heights, Mahavir Nagar, Kandivali (West), Mumbai-400067, Maharashtra, India

Date of Birth :

06.12.1974

Date of Appointment :

01.02.2006

DIN No.:

00742972

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	U24134MH2004PTC148732	J P POLYMERS PRIVATE LIMITED	Director	01/02/2006	01/02/2006	-	Active	NO
2	U74999MH2010PLC204184	J. P. PLASCHEM LIMITED	Director	14/06/2010	14/06/2010	20/05/2011	Active	NO

Name :

Mr. Prataprai Pranjivandas Mathuria

Designation :

Director

Address :

1702-A, Panchsheel Heights, Mahavir Nagar, Kandivali (West), Mumbai-400067, Maharashtra, India

Date of Birth :

27.06.1943

Date of Appointment :

21.09.2004

DIN No.:

01240485

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	U24134MH2004PTC148732	J P POLYMERS PRIVATE LIMITED	Director	21/09/2004	21/09/2004	-	Active	NO
2	U74999MH2010PLC204184	J. P. PLASCHEM LIMITED	Director	14/06/2010	14/06/2010	-	Active	NO
3	U25209MH2006PLC163933	NEXT POLYMERS LIMITED	Director	30/09/2011	01/12/2010	-	Active	NO

MAJOR SHAREHOLDERS

As on: 30.09.2011

Names of Shareholders	No. of Shares
Jinten Prataprai Mathuria	111500
Mita Jiten Mathuria	40000
Prataprai Pranjivandas Mathuria	65000
Bharati Mathuria	20000
Hemlata Jain	38000
Girish Irny	100
Total	274600

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of Directors	86.12
Other top fifty shareholders	13.88
Total	100.00

BUSINESS DETAILS

Line of Business :

Importer, Wholesalers, Distributors and Supplier of Engineering polymers, Polycarbonate, Nylon6, Nylon66, PBT, Acrylic - PMMA (Sumitomo), K-Resin, Transparent Abs, Pom, Uhmw-pe, Abs, San, PPS, LCP.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Standard Chartered Bank, Standard Chartered Tower, 201B/1, Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India

· The Shamrao Vithal Co-operative Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans secured
Working capital loans banks secured	102.017	60.154
Loans taken for fixed assets secured
Loans taken for vehicles secured	0.000	0.127
Total	102.017	60.281
Note Working Capital Loan from a bank viz. The Shamrao Vithal Co-operative Bank Limited has been secured by hypothecation of stock and debtors and, further secured by properties own by the directors and personal guarantees of all directors. Working Capital Loan from Standard Chartered Bank Limited has been secured by hypothecation of stock and debtors and further secured by properties own by the directors, personal guarantees of all directors and fixed deposits.

Banking Relations :	--
Auditors :
Name :	K. M. Shah and Associates Chartered Accountants
Address :	115, Viral Shopping Centre, Mantri Wadi, Off Sainath Road, Malad (West), Mumbai-400064, Maharashtra, India
PAN.:	AAKFK3468N
Associates :	· Next Ploymers Limited CIN No.:- U25209MH2006PLC163933 · J. P. Plaschem Limited CIN No.: - U74999MH2010PLC204184

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
274600	Equity Shares	Rs.10/- each	Rs. 2.746 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		2.746	2.745	2.365
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		86.541	63.991	33.180
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		89.287	66.736	35.545
LOAN FUNDS
1] Secured Loans		102.017	60.281	35.396
2] Unsecured Loans		35.814	26.748	20.028
TOTAL BORROWING		137.831	87.029	55.424
DEFERRED TAX LIABILITIES		0.000	0.000	0.046
TOTAL		227.118	153.765	91.015
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.505	6.651	6.734
Capital work-in-progress		4.153	0.000	0.000
INVESTMENT		0.500	0.500	0.500
DEFERREX TAX ASSETS		0.158	1.085	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	216.314	168.890	60.464
	Sundry Debtors	249.126	166.192	135.537
	Cash & Bank Balances	54.592	26.205	15.676
	Other Current Assets	0.000	0.000	0.317
	Loans & Advances	73.701	16.213	8.378
Total Current Assets		593.733	377.500	220.372
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	73.778	64.741	45.644
	Other Current Liabilities	279.485	138.980	84.451
	Provisions	22.668	28.250	6.510
Total Current Liabilities		375.931	231.971	136.605
Net Current Assets		217.802	145.529	83.767
MISCELLANEOUS EXPENSES		0.000	0.000	0.014
TOTAL		227.118	153.765	91.015

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
SALES
	Income	1271.172	723.751
	Other Income
	TOTAL	1271.172	723.751
EXPENSES
	Cost of Goods Sold	1132.473	633.589
	Payment to and Provisions for Employees	13.531	6.066
	Administrative Expenses	83.716	49.762
	TOTAL	1229.720	689.417
PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		41.452	34.334
FINANCIAL EXPENSES		3.422	2.248
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		38.030	32.086	NA
DEPRECIATION/ AMORTISATION		0.777	0.652
PROFIT BEFORE TAX		37.228	31.434
TAX		14.703	9.743
PROFIT AFTER TAX		22.525	21.691
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		36.871	15.180
BALANCE CARRIED TO THE B/S		59.396	36.871
Earnings Per Share (Rs.)		82.03	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.77	3.00	NA
Return on Total Assets (PBT/Total Assets}	(%)	6.22	8.16	NA
Return on Investment (ROI) (PBT/Networth)		0.42	0.47	NA
Debt Equity Ratio (Total Debt/Networth)		1.54	1.30	1.56
Current Ratio (Current Asset/Current Liability)		1.58	1.63	1.61

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 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	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

Registered office address has been shifted from J. P. House Plot No.11, Opposite SNDT College, Liberty Garden Road, Malad (West), Mumbai-400064, Maharashtra, India to the present address w.e.f. 01.08.2010.

REVIEW OF THE OPERATIONS:

During the year, the performance of the company remained encouraging. The company earned total revenue of Rs. 1271.172 Millions against Rs. 723.751 Millions and posted a net profit of Rs. 22.525 Millions as against Rs. 21.691 Millions last year. It is expected to continue the trend in the current year.

UNSECURED LOAN:

Particulars	As on 31.03.2011	As on 31.03.2010
Rupee term loans unsecured
Rupee term loans banks unsecured	0.000	1.263
Working capital loans unsecured
Working capital loans banks unsecured	2.868	0.00
Loans directors unsecured	31.405	22.855
Other debt unsecured	1.541	2.630
Total	35.814	26.748

BANKERS CHARGES REPORT AS PER REGISTRY:

Corporate identity number of the company	U24134MH2004PTC148732
Name of the company	J P POLYMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	J. P. House, Plot No.11, B. J. Patel Road, Ramchandra Lane, Junction, Malad (West), Mumbai-400064, Maharashtra, India
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Standard Chartered Bank, Standard Chartered Tower, 201B/1, Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India
Nature of instrument creating charge	Memorandum of Entry, Guarantee Agreement
Date of instrument Creating the charge	04.11.2011
Amount secured by the charge	Rs. 61.750 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As agreed by and with the Bank from time to time. Terms of repayment As agreed by and with the Bank from time to time. Margin As applicable, if any. Extent and operation of the charge First charge on the immovable property situated at Unit No. 601, 6th Floor, Western Edge - I, Western Express Highway, Borivali (East), Mumbai 400066
Short particulars of the property charged (Including location of the property)	Immovable property at Unit No. 601, 6th Floor, Western Edge - I, Western Express Highway, Borivali (East), Mumbai 400066

FFIXED ASSETS

· Computer

· Printers

· U.P.S.

· Office Equipments

· Software

· Motor Car

· Scooter

· Tempo

· Furniture and Electric Fittings

· Land

· Building Premises

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.53.99
UK Pound	1	Rs.83.72
Euro	1	Rs.72.09

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	YES
--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.