MIRA INFORM REPORT

Report Date :

15.03.2013

IDENTIFICATION DETAILS

Name :	POLMANN INDIA LIMITED
Formerly Known As :	GREENHORN FINANCE LIMITED
Registered Office :	184 – B, Maker Tower – E, 18^th Floor, Cuffe Parade, Mumbai – 40005, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.06.1993
Com. Reg. No.:	11-072458
Capital Investment / Paid-up Capital :	Rs.3.140 Millions
CIN No.: [Company Identification No.]	U65994MH1993PLC072458
TAN No.: [Tax Deduction & Collection Account No.]	MUMP1289E
PAN No.: [Permanent Account No.]	AAACG1409N
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturing and supplying of Packed Chemicals and Tailor Made Chemicals, Industrial Chemicals, Pharmaceutical Chemicals, Rubber Chemicals, Paint Chemicals, Glass Chemicals and Textile Chemicals.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (57)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a fine track record. There appears slight dip in the profitability during 2012. However, financial position of the company appears to be sound. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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.

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	SME 2
Rating Explanation	High credit quality and very low credit risk
Date	03.07.2012

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. Bhagwati
Designation :	Finance Head
Contact No.:	91-9870950022
Date :	13.03.2013

LOCATIONS

Registered Office :	184-B, Maker Tower – E, 18^th Floor, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Tel. No.:	91-22-22814526/ 22814530/ 40504050/ 22875715/ 22154987/ 22185611
Fax No:	91-22-22814532
E-mail.:	info@polmannindia.com vlaxman@vsnl.com
Factory :	6 7 8, Thane Gala No. Ranahal Village Bhivandi, Khanderao Compaund, Maharashtra, India.
Tel. No.:	91-22-22814530

DIRECTORS

(AS ON 29.09.2012)

Name :	Mr. Vijay Jagdishprasad Bhimrajka
Designation :	Director
Address :	14, Casablanca, Cuffee Parade, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	12.02.1949
Date of Appointment :	29.09.1993
DIN No.:	00339726
Name :	Mr. Rohan Vinod Bhimrajka
Designation :	Director
Address :	84, Sea- Lord, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	04.08.1985
Date of Appointment :	01.04.2007
PAN No.:	AHOPB9428N
DIN No.:	00340059
Name :	Mr. Vinodkumar Jagdishprasad Bhimrajka
Designation :	Director
Address :	84, Sea- Lord, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	15.03.1953
Date of Appointment :	18.06.1993
PAN No.:	AABPB7347N
DIN No.:	00339527
Name :	Mr. Vishwanath Vijaykumar Bhimrajka
Designation :	Director
Address :	14, Casablanca, Cuffee Parade, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	30.06.1975
Date of Appointment :	29.09.1993
PAN No.:	AABPB7340M
DIN No.:	00339856
Name :	Mr. Siddharth Ganeshprasad Bhimrajka
Designation :	Director
Address :	43 – B, Jolly Maker – 1, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	12.05.1977
Date of Appointment :	29.09.1995
PAN No.:	AAEPB8894M
DIN No.:	00339900
Name :	Mr. Amit Ganeshprasad Bhimrajka
Designation :	Director
Address :	43 – B, Jolly Maker – 1, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	15.12.1979
Date of Appointment :	28.01.2002
PAN No.:	AEZPB9587L
DIN No.:	00340002
Name :	Mr. Dara Jehangir Bharucha
Designation :	Director
Address :	P-31, Cusrow Baug, S.B. Singh Road, Mumbai – 400 039, Maharashtra, India.
Date of Birth/Age :	12.01.1936
Date of Appointment :	01.04.2008
DIN No.:	00823456
Name :	Mr. Vishnukumar Jagdishprasad Bhimrajka
Designation :	Director
Address :	183, Jupiter, Cuffe Parade, Mumbai – 400 005, Maharashtra, India.
Date of Birth/Age :	07.04.1964
Date of Appointment :	04.04.2006
PAN No.:	AABPB7343J
DIN No.:	00339428
Name :	Mr. Rajiv Anoop Bhimrajka
Designation :	Director
Address :	184, Jupiter, Cuffe Parade, Mumbai – 400 005, Maharashtra, India.
Date of Birth/Age :	02.03.1986
Date of Appointment :	01.04.2006
PAN No.:	AHWPB8394B
DIN No.:	01739611
Name :	Mr. Tanay Anoop Bhimrajka
Designation :	Additional director
Address :	183, Jupiter, Cuffe Parade, Mumbai – 400 005, Maharashtra, India.
Date of Birth/Age :	17.05.1994
Date of Appointment :	16.01.2013
DIN No.:	06395263

KEY EXECUTIVES

Name :	Mr. Bhagwati
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2012)

Names of Shareholders	No. of Shares
Rajkumari G. Bhimrajka	20000
Siddharth G. Bhimrajka	15000
Neha S. Bhimrajka	20500
Amit G. Bhimrajka	15000
Vinod Kumar J. Bhimrajka	15000
Asha Devi V Bhimrajka	36000
Rohan V. Bhimrajka	17500
Vinod Kumar J. Bhimrajka	5000
Sangeeta A. Bhimrajka	36000
Rajiv A. Bhimrajka	20000
Tanay A Bhimrajka	17500
Anoop Kumar J. Bhimrajka HUF	5000
Vishnu Kumar J. Bhimrajka	20000
Anjali V. Bhimrajka	36000
Vishnu Kumar J. Bhimrajka HUF	22500
Priyanka Bhimrajka	8000
Anoop Kumar J. Bhimrajka HUF	5000
Total	314000

Equity Share Break up (Percentage of Total Equity)

(AS ON 29.09.2012)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and supplying of Packed Chemicals and Tailor Made Chemicals, Industrial Chemicals, Pharmaceutical Chemicals, Rubber Chemicals, Paint Chemicals, Glass Chemicals and Textile Chemicals.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

• Central Bank of India, Chandermukhi Building, Nariman Point, Mumbai-400021, Maharashtra, India

• Citi Bank, DLF Square, Jacaranda Marg, M. Block, DLF City, Phase II, Gurgaon – 122002, Haryana, India.

Facilities :

(Rs. In Millions)

Secured Loans	31.03.2012	31.03.2011
Loans Taken for Vehicles	11.423	5.943
Total	11.423	5.943

Banking Relations :	--
Auditors :
Name :	Vinod K Mehta and Company Chartered Accountants
Address :	B-5, Satyam Shopping Centre, 2nd Floor , Ghatkopar (East), Mumbai – 400077, Maharashtra, India
PAN No.:	AADFV6947N
Related Parties (As on 31.03.2011) :	· Saraswati Chemicals

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
314000	Equity Shares	Rs.10/- each	Rs.3.140 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		3.140	3.140	3.140
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		425.646	370.709	267.404
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		428.786	373.849	270.544
LOAN FUNDS
1] Secured Loans		11.423	5.943	9.817
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		11.423	5.943	9.817
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		440.209	379.792	280.361
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		71.584	64.948	31.029
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	14.690
DEFERREX TAX ASSETS		0.291	0.282	0.628
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	232.368	197.469	126.648
	Sundry Debtors	335.889	285.278	217.380
	Cash & Bank Balances	(2.696)	(0.624)	8.093
	Other Current Assets	0.023	0.046	0.000
	Loans & Advances	161.087	99.712	91.956
Total Current Assets		726.671	581.881	444.077
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	325.642	223.444	169.454
	Other Current Liabilities	28.533	33.807	28.282
	Provisions	4.162	10.068	12.396
Total Current Liabilities		358.337	267.319	210.132
Net Current Assets		368.334	314.562	233.945
MISCELLANEOUS EXPENSES		0.000	0.046	0.069
TOTAL		440.209	379.792	280.361

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1396.424	1228.773	940.215
		Other Income	3.064	2.172	6.739
		TOTAL (A)	1399.488	1230.945	946.954
Less	EXPENSES
		Cost of materials consumed	19.349	3.058	818.205
		Purchases of stock-in-trade	1179.652	1017.716
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(31.515)	(60.921)
		Employee benefit expense	9.967	10.821
		Other expenses	98.543	94.115
		Exceptional items	29.137	0.025
		TOTAL (B)	1305.133	1064.814	818.205
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		94.355	166.131	128.749
Less	FINANCIAL EXPENSES (D)		4.665	3.809	1.973
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		89.690	162.322	126.776
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.263	7.172	3.035
	PROFIT BEFORE TAX (E-F) (G)		79.427	155.150	123.741
Less	TAX (H)		24.491	51.845	42.516
	PROFIT AFTER TAX (G-H) (I)		54.936	103.305	81.225
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		238.949	135.644	54.419
	BALANCE CARRIED TO THE B/S		293.885	238.949	135.644
	Earnings Per Share (Rs.)		174.96	329.00	258.68

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.93	8.39	8.57
Net Profit Margin (PBT/Sales)	(%)	5.69	12.63	13.16
Return on Total Assets (PBT/Total Assets}	(%)	9.95	23.99	26.04
Return on Investment (ROI) (PBT/Networth)		0.19	0.42	0.46
Debt Equity Ratio (Total debt/Networth)		0.03	0.02	0.04
Current Ratio (Current Asset/Current Liability)		2.03	2.18	2.11

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITOR DETAILS

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors	325.642	223.444	169.454
Total	325.642	223.444	169.454

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

NOTE:

The registered office of the company has been shifted from 708 Maker Chamber, Nariman Point, Mumbai-400021, Maharashtra, India to the present address w.e.f. 22.06.2009

CONTINGENT LIABILITY:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
Indemnity for guarantees given by bank	11.900	3.510

FIXED ASSETS:

· Office Equipment

· Scooter

· Motor Car

· Computer

· Shrirampur Ind. Area

· Warehouse (Building)

· Warehouse (Land)

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.54.44
UK Pound	1	Rs.81.33
Euro	1	Rs.70.50

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		57

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.