MIRA INFORM REPORT

Report Date :

23.03.2013

IDENTIFICATION DETAILS

Name :	POLYMER MARKETING PRIVATE LIMITED
Registered Office :	T C 38/1851, Vanchikulam, Poothole P O, Thrissur – 680 004, Kerala
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.12.2004
Com. Reg. No.:	09-017691
Capital Investment / Paid-up Capital :	Rs.3.296 millions
CIN No.: [Company Identification No.]	U51495KL2004PTC017691
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of Polymer.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 37000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears some dip in turnover and profitability of the company during current year. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal 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.

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 :	T C 38/1851, Vanchikulam, Poothole P O, Thrissur – 680 004, Kerala, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	sreekumaracs@gmail.com

DIRECTORS

As on 29.09.2012

Name :	Mr. Raghavan Cheruvare
Designation :	Managing Director
Address :	32/371, Shreyas, Ittiyampurathu House, Kuttankulangara Lane, Punkunnam P.O., Thrissur – 680 002, Kerala, India
Date of Birth/Age :	22.03.1946
Date of Appointment :	16.12.2004
DIN No.:	00365208
Name :	Mr. Mohandas Mangat
Designation :	Director
Address :	31/153, TC/1/894, Mangat House, P.O. Punkunnam, Thrissur – 680 002, Kerala, India
Date of Birth/Age :	18.05.1959
Date of Appointment :	16.12.2004
DIN No.:	00851770
Name :	Mr. Vijayakumar Moothedath
Designation :	Whole Time Director
Address :	TC/2/1363, 114, Hari Nagar, P.O. Punkunnam, Thrissur – 680 002, Kerala, India
Date of Birth/Age :	02.06.1948
Date of Appointment :	16.12.2004
DIN No.:	00851798
Name :	Mukundan Cheruvara
Designation :	Director
Address :	32/293, Chakkumchath House, Kuttankulangara Lane, P.O. Punkunnam, Thrissur – 680 002, Kerala, India
Date of Birth/Age :	23.05.1959
Date of Appointment :	16.12.2004
DIN No.:	00851826
Name :	Mr. Ramdas Kizhakkeveettil Prabhakaran Nair
Designation :	Director
Address :	2/52, Pulincheri Thazhathu Valappil House, P.O. Edakkalathur, Tholoor, Thrissur – 680 552, Kerala, India
Date of Birth/Age :	28.05.1966
Date of Appointment :	16.12.2004
DIN No.:	01458837
Name :	Mr. Gopinathan Kaduveetil Kumaran
Designation :	Director
Address :	Advocate Kaduveettil, VIII/398, P O Mannuthy, Thrissur – 680 651, Kerala, India
Date of Birth/Age :	08.06.1949
Date of Appointment :	16.12.2004
DIN No.:	01809740

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
C. Raghavan	412
M. Vijayakumar	412
K.K. Gopinathan	411
M. Mohandas	412
K.P. Ramdas	412
C. Mukundan	412
K.S. Peethambaran	412
C. Gopakumar	412
Babu Harilal	1
Total	3296

As on 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	75.00
Other top fifty shareholders	25.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading of Polymer.
Products :	Plastic Raw Material

GENERAL INFORMATION

Suppliers :

• K.V.N. Impex (Private) Limited
• NCT Middle East FZE
• Sabic Saudi Arabia
• Shyamplastic Consultants
• V.G. Saraf and Sons

No. of Employees :

Not Available

Bankers :

• State Bank of India, SIB Branch, Maheswari Building, M.G. Road, Thrissur, Thrissur – 680 001, Kerala, India
• ICICI Bank Limited
• Corporation Bank, Thrissur, Kerala, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
State Bank of India Cash Credit Account	3.886	4.671
Secured Loans from ICICI Bank		0.077
Total	3.886	4.748

Banking Relations :	--
Auditors :
Name :	P.A. Balakrishnan Chartered Accountant
Address :	Hilal Building, Railway Station Road, Thrissur – 680 001, Kerala, India
Income-tax PAN of auditor or auditor's firm :	ADCPB1584D
Enterprise in which key managerial personnel has significant influence :	Frontline Builders and Developers, Thrissur

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.1000/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3296	Equity Shares	Rs.1000/- each	Rs.3.296 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		3.296	2.896	2.496
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.911	4.866	3.606
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		9.207	7.762	6.102
LOAN FUNDS
1] Secured Loans		3.886	4.748	2.701
2] Unsecured Loans		1.838	1.788	1.788
TOTAL BORROWING		5.724	6.536	4.489
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		14.931	14.298	10.591
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.168	0.550	0.438
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.804	2.650	0.000
DEFERRED TAX ASSETS		0.047	0.042	0.044
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.268	2.684	12.252
	Sundry Debtors	8.957	5.778	3.801
	Cash & Bank Balances	0.757	0.402	0.097
	Other Current Assets	3.240	1.396	0.000
	Loans & Advances	5.666	5.205	7.746
Total Current Assets		22.888	15.465	23.896
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.159	2.060	12.318
	Other Current Liabilities	1.114	1.742	0.509
	Provisions	0.703	0.607	0.966
Total Current Liabilities		11.976	4.409	13.793
Net Current Assets		10.912	11.056	10.103
MISCELLANEOUS EXPENSES		0.000	0.000	0.006
TOTAL		14.931	14.298	10.591

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
SALES
	Income	93.900	103.568	87.435
	Other Income
	TOTAL	93.900	103.568	87.435
EXPENSES
	Office Expenses	92.400	101.696	83.152
	Administrative Expenses
	Advertising Expenses
	TOTAL	92.400	101.696	83.152
PROFIT BEFORE TAX		1.500	1.872	4.233
TAX		0.455	0.612	1.276
PROFIT AFTER TAX		1.045	1.260	2.957
Earnings Per Share (Rs.)		317.00	435.00	1185.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.11	1.22	3.38
Return on Total Assets (PBT/Total Assets}	(%)	5.76	11.69	17.40
Return on Investment (ROI) (PBT/Networth)		0.16	0.24	0.69
Debt Equity Ratio (Total Debt/Networth)		0.62	0.84	0.74
Current Ratio (Current Asset/Current Liability)		1.91	3.51	1.73

LOCAL AGENCY FURTHER INFORMATION

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	Yes
17) Major suppliers	Yes
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

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Loan from Shareholders	1.838	1.788
Total	1.838	1.788

FIXED ASSETS:

· EPABX

· Air Conditioner

· Weighing Balance

· Motor Car/ Vehicle

· Furniture and Fixtures

· Computer

· Cease Fire Equipments

· Sign Board

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.54.34
UK Pound	1	Rs.82.55
Euro	1	Rs.70.10

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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		43

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.