MIRA INFORM REPORT

Report Date :

05.03.2013

IDENTIFICATION DETAILS

Name :	J.J. POLYPLAST PRIVATE LIMITED (w.e.f. 03.06.2010)
Formerly Known As :	J.J. Polyplast Limited
Registered Office :	C-206, 2^nd Floor, Ghatkopar Industrial Estate LBS Marg, Ghatkopar (west), Mumbai – 400084, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.10.1997
Com. Reg. No.:	11-111395
Capital Investment / Paid-up Capital :	Rs.25.000 Millions
CIN No.: [Company Identification No.]	U25200MH1997PLC111395
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ05531B
PAN No.: [Permanent Account No.]	AAACJ4050C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Dies and Mould.
No. of Employees :	Information declined by the management.

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 230000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of JJ Group of companies. It is an established company having a moderate track record. The profitability of the company appears to be low and there seems to be weak debt protection. However, trade relations are reported to be fair. Business is active. Payments are slow but correct. The company can be considered for business dealing 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.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB- (Long Term Rating)
Rating Explanation	This rating are considered to have moderate risk of default regarding timely servicing of financial obligation.
Date	February 22, 2012

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 DECLINED BY

Name :	Mr. Sanjesh Jain
Designation :	Director
Contact No.:	91-22-25007155
Date :	04.02.2013

LOCATIONS

Registered Office/ Corporate Office :	C-206, 2^nd Floor, Ghatkopar Industrial Estate LBS Marg, Ghatkopar (west), Mumbai – 400084, Maharashtra, India
Tel. No.:	91-22-25007155 (8 lines)
Fax No.:	91-22-25007166
E-Mail :	jjpl@vsnl.com info@jjpolyimpax.co.in marketing@jjpolyimpex.co.in
Websites :	www.jjpolyimpex.co.uk

DIRECTORS

As on: 21.09.2012

Name :	Mr. Joseph John Parakkott
Designation :	Director
Address :	1303 / 1304 C Wing Lake Florence Lake, Hone Phase 1 Off Adi Shankar Acharya , Mumbai – 400 076, Maharashtra
Date of Birth/Age :	21.03.1970
Date of Appointment :	20.10.1997
PAN No.:	AGSPP9092M
DIN No.:	01032342
Name :	Mr. Vijyachandran Govindan Menon
Designation :	Director
Address :	303, Building No. 09, Phase 3, Shubharambh Complex, Thane – 400610, Maharashtra
Date of Birth/Age :	27.04.1970
Date of Appointment :	30.06.2004
PAN No.:	AJJPM6000G
DIN No.:	00347937
Name :	Mr. Sanjesh Jinnalal Jain
Designation :	Additional Director
Address :	6/7, Pankaj Apartments, Near LVM School, Kotnis Marg, Mahim, Mumbai – 400016, Maharashtra, India
Date of Birth/Age :	12.09.1972
Date of Appointment :	21.09.2012
PAN No.:	AAKPJ3456B
DIN No.:	02436515

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 21.09.2012

Names of Shareholders	No. of Shares
Joseph John Parakkott	897310
Hemantkumar P. Jain	75690
Suneeta Hemantkumar Jain	15000
John Parakkott	11000
Alekutty Parakkott	10000
Triloksingh Mehta	50500
J. N. Kant Dyechem Private Limited, India	15000
Shri Venkatesh Chem Colour, India	5000
Vijayachandran Govindan Menon	105000
Rosamma Parakkott	35500
Margaret Nilesh Kadam	25000
Nilesh Vijaykumar Kadam	30000
Parakkott Investment India Private Limited, India	1225000
Total	2500000

Equity Share Break up (Percentage of Total Equity)

As on: 21.09.2012

Category	Percentage
Bodies corporate	49.80
Directors or relatives of directors	44.55
Other top fifty shareholders	5.65
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Dies and Mould.

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· Standard Chartered Bank, SME Credit, Crescenzo, 3a/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India

· Union bank of India, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India

· The Saraswat Co-Operative Bank Limited, Ghatkopar Branch, Ghatkopar, Mumbai – 400086, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Rupee term loans from banks (Loan amount of Rs. 1.750 Millions secured against hypothecation of car) (Repayable in 60 monthly instalments of Rs.0.040 Million and carries interest @ 12.9% p.a.)	0.154	0.579
Loans repayable on demand from banks	322.585	185.745
Total	322.739	186.324

Banking Relations :	--
Auditors :
Name :	R. Devarajan and Company Chartered Accountants
Address :	408, Anurag Business, Centre, Near Amar Theatre, Chembur, Mumbai - 400 071, Maharashtra, India
Tel No.:	91-22-67655509
Fax No.:	91-22-67655510
E-Mail :	svs@rdevco.in
PAN No.:	AAEFR0229A
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Parakkott Investments India Private Limited
Associate :	· Aishwarya Plast Exports Private Limited · K K Products · J J Poly Impex Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		25.000	19.320	9.320
2] Share Application Money		0.000	5.680	9.806
3] Reserves & Surplus		33.546	26.114	21.840
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		58.546	51.114	40.966
LOAN FUNDS
1] Secured Loans		322.739	186.324	64.740
2] Unsecured Loans		39.385	15.893	2.765
TOTAL BORROWING		362.124	202.217	67.505
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		420.670	253.331	108.471
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.780	3.256	3.872
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.557	0.557	0.530
DEFERREX TAX ASSETS		0.123	0.130	0.076
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	128.393	122.253	71.873
	Sundry Debtors	212.683	97.441	25.043
	Cash & Bank Balances	50.208	20.702	19.905
	Other Current Assets	0.000	0.242	12.500
	Other Non Current Assets	0.000	0.622	0.000
	Loans & Advances	75.581	53.351	79.575
Total Current Assets		466.865	294.611	208.896
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	31.157	26.897	96.978
	Other Current Liabilities	18.925	18.233	2.775
	Provisions	0.573	0.093	5.154
Total Current Liabilities		50.655	45.223	104.907
Net Current Assets		416.210	249.388	103.989
MISCELLANEOUS EXPENSES		0.000	0.000	0.004
TOTAL		420.670	253.331	108.471

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Income	1390.808
		Other Income	NA
		TOTAL	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		12.114
Less/ Add	DEPRECIATION/ AMORTISATION		0.541
	PROFIT BEFORE TAX		11.573
Less	TAX		4.037
	PROFIT AFTER TAX		7.536
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		26.113
	Earnings Per Share (Rs.)
	Basic		2.97
	Diluted		2.97

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	881.115	585.940
		Other Income	1.411	5.500
		TOTAL	882.526	591.440
Less	EXPENSES
		Cost of Goods Sold	832.866	552.899
		Payments to and Provision for Employees	7.661	6.740
		Sales and Distributions Expenses	2.874	1.874
		Establishment / other Expenses	12.361	5.653
		Preliminary Expenses Written Off	0.004	0.005
		TOTAL	855.766	567.171
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		26.760	24.269
Less	FINANCIAL EXPENSES		20.011	19.659
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		6.749	4.610
Less/ Add	DEPRECIATION/ AMORTISATION		0.578	0.896
	PROFIT BEFORE PROFIT IN PARTNERSHIP FIRM (K. K. PRODUCTS)		6.171	3.714
Add	PROFIT IN PARTNERSHIP FIRM (K. K. PRODUCTS)		0.000	1.146
	PROFIT BEFORE TAX		6.171	4.860
Less	TAX		1.962	1.319
	PROFIT AFTER TAX		4.209	3.541
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		21.840	18.299
Less	APPROPRIATIONS
		Excess Provision for Income Tax	0.064	0.000
	BALANCE CARRIED TO THE B/S		26.113	21.840
		Raw Materials	428.117	269.659
	TOTAL IMPORTS		428.117	269.659
	Earnings Per Share (Rs.) - Basic - Diluted		3.11 2.85	3.80 3.79

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	0.48	0.60
Net Profit Margin (PBT/Sales)	(%)	0.83	0.70	0.83
Return on Total Assets (PBT/Total Assets)	(%)	2.46	2.07	2.28
Return on Investment (ROI) (PBT/Networth)		0.20	0.12	0.12
Debt Equity Ratio (Total Debt/Networth)		6.19	3.96	1.65
Current Ratio (Current Asset/Current Liability)		9.22	6.51	1.99

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors	31.157	26.897	96.978
Total	31.157	26.897	96.978

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

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Loans repayable on demand from others	30.740	4.633
Loans and advances from related parties	8.645	11.260
Total	39.385	15.893

OPERATIONS DURING THE YEAR

The Company has achieved a top line of Rs 1390.800 Millions, an increase of 58% over the previous year and after provision for taxation managed to add Rs. 7.536 Millions to its kitty as reserves. The current year net profit of Rs. 7.536 Millions is an increase of 79% when compared to the previous year figure of Rs.4.209 Millions.

The Company continues to be successful in consolidating the gains over previous year and hopes to improve its presence in the market still further.

PROSPECTS

The current era in polymer consumption has undergone a sea change throughout India. The concept of Malls has led to phenomenal increase in consumption of polymers for packaging purpose. Moreover, polymer has made inroads into many new areas of human life. The per capita consumption of plastic in India is around 6 kgs and it is likely to touch the world average of 24 kgs by end of next decade. This phenomenal growth in terms of consumption has led to severe shortage in domestic market and hence import of polymers continue to move in a great pace. The Company is likely to touch Rs. 1700.000 Millions in top line in the current financial year and looks forward to accelerated growth.

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U25200MH1997PTC111395
Name of the company	J.J. POLYPLAST PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-206, 2^nd Floor, Ghatkopar Industrial Estate LBS Marg, Ghatkopar (west), Mumbai – 400084, Maharashtra, India E-mail: info@jjpolyimpex.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10378204
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	Standard Chartered Bank, SME Credit, Crescenzo, 3a/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India E-mail: sme.form8@sc.com
Nature of instrument creating charge	Hypothecation Agreement - Supplemental
Date of instrument Creating the charge	03.01.2013
Amount secured by the charge	Rs.117.500 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 The Bank is having first pari passu charge on the security given by the Company
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation by way of first pari passu charge on: a) all the stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandis all the present and future book debts, outstanding moneys receivable, claims and bills.
Particulars of the present modification	The existing charge amt of Rs.50.000 Millions enhanced to Rs.117.500 Millions and is also secured against hypothecation by way of first pari passu charge on: a) all the stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise b) all the present and future book debts, outstanding moneys receivable, claims and bills. (as more described in agreement)

FIXED ASSETS:

· Buildings

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

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.55.05
UK Pound	1	Rs.82.75
Euro	1	Rs.71.61

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VRN

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.