MIRA INFORM REPORT

Report Date :

09.07.2013

IDENTIFICATION DETAILS

Name :	V. S. POLYMERS PRIVATE LIMITED
Registered Office :	315, PP Tower, Netaji Subhash Place, Pitampura, Delhi - 110034
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.11.1996
Com. Reg. No.:	55-083527
Capital Investment / Paid-up Capital :	Rs. 6.177 millions
CIN No.: [Company Identification No.]	U24119DL1996PTC083527
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter, Importer and Supplier of Chlorinated Paraffins and Hydrochloric Acids.
No. of Employees :	Not Available

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 89000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for business dealings 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 :	315, PP Tower, Netaji Subhash Place, Pitampura, Delhi – 110034, India
Tel. No.:	91-11-47049211 / 214
Fax No.:	91-11-43850818 / 27354102
E-Mail :	info@flowteckgroup.in roc.rajneesh@gmail.com sales@flowtechgroup.in ssdahiya@flowtechgroup.in
Website :	www.flowtechgroup.In
Corporate Office :	202, P P Towers, Netaji Subhash Place, Pitampura, Delhi – 110034, India
Factory :	Village – Kuranwala, Barwala Road, Dera Bassi District, Patiala, Punjab, India
Factory :	Also Located at · Haryana · West Bengal

DIRECTORS

As on 18.09.2012

Name :

Mr. Jagbir Singh Ahlawat

Designation :

Director

Address :

E – 170, Antriksh Appartment, Sector – 14, Rohini, Delhi - 110085, India

Date of Birth/Age :

25.10.1959

Date of Appointment :

01.07.2005

DIN No. :

01139187

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	U25202DL1996PTC078956	FLOW TECH CHEMICALS PRIVATE LIMITED	Director	12-10-02	12-10-02	-	Active	NO
2	U24119DL1996PTC083527	V.S. POLYMERS PRIVATE LIMITED	Director	01-07-05	01-07-05	-	Active	NO
3	U24117DL2006PTC155523	SNJ CHEMEX PRIVATE LIMITED	Director	15-11-06	15-11-06	-	Active	NO
4	U27100DL2010PTC209529	FLOWTECH INDUSTRIAL PROJECTS PRIVATE LIMITED	Director	19-10-10	19-10-10	-	Active	NO
5	U24119DL1993PTC125350	PRAYAG CHEMICALS PRIVATE LIMITED	Director	01-04-12	01-04-12	-	Active	NO

Name :

Mr. Ravinder Singh

Designation :

Director

Address :

1151, Block GH, 5-7, Paschim Vihar, New Delhi – 110087, India

Date of Birth/Age :

25.08.1966

Date of Appointment :

01.07.2005

DIN No. :

02854329

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	U24119DL1996PTC083527	V.S. POLYMERS PRIVATE LIMITED	Director	01-07-05	01-07-05	-	Active	NO
2	U27100DL2010PTC209529	FLOWTECH INDUSTRIAL PROJECTS PRIVATE LIMITED	Director	19-10-10	19-10-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 18.09.2012

Names of Shareholders	No. of Shares
Jagbir S. Ahlawat	243140
Ravinder Singh	288530
Bhim Singh	85000
Ishwar Singh Dahiya	1000
Total	617670

As on 18.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter, Importer and Supplier of Chlorinated Paraffins and Hydrochloric Acids.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· State Bank of India, Rajpura Township, Branch Code 1712., Rajpura, Rajpura - 140401, Punjab, India · Standard Chartered Bank, 10, Parliament Street, New Delhi – 110001, India · Kotak Mahindra Bank

Banking Relations :	--
Financial Institution :	Reliance Capital Limited
Auditors :
Name :	Rajneesh Associates Chartered Accountants
Address :	C-60, 3^rd Floor, C-Block,Community Centre, Janak Cinema Complex, Janak Puri, Delhi – 110058, India
Tel. No.:	91-11-25524986 / 25534966
Mobile No.:	91-9810073042
Fax No.:	91-11-25554986
E-mail:	ca@arxadvisors.com
PAN No. :	AAAFR5530N
Group Companies :	· Prayag Chemicals Private Limited · Shahenshah Chemicals · Flow Tech Chemicals Private Limited · Tara Mercantile Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
617670	Equity Shares	Rs.10/- each	Rs. 6.177 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6.177	6.177
(b) Reserves & Surplus	16.167	14.160
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	22.344	20.337
(3) Non-Current Liabilities
(a) long-term borrowings	5.846	6.534
(b) Deferred tax liabilities (Net)	0.282	0.182
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	6.128	6.716
(4) Current Liabilities
(a) Short term borrowings	25.931	14.556
(b) Trade payables	17.456	21.860
(c) Other current liabilities	1.618	3.564
(d) Short-term provisions	0.029	0.000
Total Current Liabilities (4)	45.034	39.980
TOTAL	73.506	67.033
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.531	6.375
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	8.531	6.375
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	8.708	16.454
(c) Trade receivables	50.550	37.149
(d) Cash and cash equivalents	2.153	1.190
(e) Short-term loans and advances	3.564	5.865
(f) Other current assets	0.000	0.000
Total Current Assets	64.975	60.658
TOTAL	73.506	67.033

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		6.177
2] Share Application Money		0.000
3] Reserves & Surplus		12.381
4] (Accumulated Losses)		0.000
NETWORTH		18.558
LOAN FUNDS
1] Secured Loans		21.595
2] Unsecured Loans		5.264
TOTAL BORROWING		26.859
DEFERRED TAX LIABILITIES		0.189
TOTAL		45.606
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.381
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.958
	Sundry Debtors	32.334
	Cash & Bank Balances	0.974
	Other Current Assets	10.736
	Loans & Advances	1.419
Total Current Assets		53.421
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.425
	Other Current Liabilities	0.771
	Provisions	0.000
Total Current Liabilities		14.196
Net Current Assets		39.225
MISCELLANEOUS EXPENSES		0.000
TOTAL		45.606

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		2.936	2.592	2.061
Less	TAX		NA	0.082	0.637
	PROFIT AFTER TAX		NA	2.510	1.424
	Earnings Per Share (Rs.)		NA	4.06	2.31

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	3.99	3.87	3.45
Return on Investment (ROI) (PBT/Networth)		0.13	0.13	0.11
Debt Equity Ratio (Total Debt/Networth)		1.42	1.04	1.45
Current Ratio (Current Asset/Current Liability)		1.44	1.52	3.76

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

NOTE

The registered office of the company has been shifted from B – 302, Welcome Apartment, Sector – 9, Rohini, Delhi – 100085, India to the present address w.e.f. 01.11.2011

OPERATIONS

During the period, the company's commercial operations resulted in PBT of 2.936 millions (Previous Year PBT Rs. 2.592 millions)

FUTURE PROSPECTS

The management is concentrating on further growth in operations and is optimistic about the future prospects of the company.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24119DL1996PTC083527
Name of the company	V.S. POLYMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	315, PP Tower, Netaji Subhash Place, Pitampura, Delhi – 110034, India E-mail: roc.rajneesh@gmail.com
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Standard Chartered Bank, 10, Parliament Street, New Delhi – 110001, India E-mail: sme.form8@sc.com
Nature of instrument creating charge	Memorandum of Entry.
Date of instrument Creating the charge	04.01.2012
Amount secured by the charge	Rs. 161.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per agreement. Terms of Repayment As per agreement. Margin As per agreement. Extent and Operation of the charge Extent and Operation - 100% Others The above is to secure the following :- (Rs. In millions) Flow Well Plast chem Private Limited -37.500 Tara Mercantile Private Limited - 41.500 Prayag Chemicals Private Limited - 36.500 V S Polymers Private Limited - 27.000 Shahenshah Chemicals - 19.000
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Equitable mortgage by way of first charge over company's immoveable property i.e land measuring 2 bigha 18 biswa 10 biswansi in the layout plan of dera basi together with all buildings and structures thereon or to be thereon.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Air – Conditioner

· Generator

· Fire Fighting Equipment

· Tubewell

· Computer

· Storage Tank

· Mobile Phone

· Car

· Trucks

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 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.61.05
UK Pound	1	Rs.90.89
Euro	1	Rs.78.27

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.