MIRA INFORM REPORT

Report Date :

23.03.2013

IDENTIFICATION DETAILS

Name :	VISION POLYMER PRIVATE LIMITED
Registered Office :	Plot No.33, Panoli Industrial Area, GIDC, Panoli, Taluka-Ankleshwar, Panoli – 394116, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.06.2007
Com. Reg. No.:	04-051022
Capital Investment / Paid-up Capital :	Rs.2.680 Millions
CIN No.: [Company Identification No.]	U25200GJ2007PTC051022
TAN No.: [Tax Deduction & Collection Account No.]	BRDV01171C
PAN No.: [Permanent Account No.]	AACCV4992M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Tools, Die and Injection Molding.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 200000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively small company having a moderate track record. Its scale of activities is limited. There appears huge external borrowing recorded by the company which acts as a threat to the company’s liquidity. It has incurred loss from its operation during 2012. However, trade relations are reported as fair. Business is active. Payment terms are slow. The company can be considered for small to mediocre business dealings with some 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/ Factory :	Plot No.33, Panoli Industrial Area, GIDC, Panoli, Taluka-Ankleshwar, Panoli – 394 116, Gujarat, India
Tel. No.:	91-2646-272171
Fax No.:	91-2646-272171
E-Mail :	narendracontractor1965@gmail.com mcafilling@yahoo.co.in vision_guj@yahoo.co.in
Website :	http://www.visionpolymer.com

DIRECTORS

(AS ON 28.09.2012)

Name :	Mr. Narendra Ganpatbhai Contractor
Designation :	Managing Director
Address :	Sagrampura, Bhandariwad, Surat – 395 002, Gujarat, India.
Date of Birth/Age :	23.02.1965
Date of Appointment :	04.06.2007
DIN No.:	01530611
Name :	Mr. Divyeshkumar Narendra Bhai Bhandari
Designation :	Director
Address :	6933 Golden Hills Way, Mississauga, Canada L5W1V2
Date of Birth/Age :	26.09.1969
Date of Appointment :	27.01.2011
DIN No.:	03402992
Name :	Mr. Shailesh Narendra Bhai Bhandari
Designation :	Director
Address :	6933 Golden Hills Way, Mississauga, Canada L5W1V2
Date of Birth/Age :	21.11.1966
Date of Appointment :	04.06.2007
DIN No.:	02613392
Name :	Mr. Mukeshchandra Lalbhai Patel
Designation :	Director
Address :	711 Dollybird Lane, Mississauga On, Mississauga, Canada L5W1H1
Date of Birth/Age :	23.12.1964
Date of Appointment :	27.01.2011
DIN No.:	03402988

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 28.09.2012)

Names of Shareholders	No. of Shares
Narendra Contractor	100
Shailesh N. Bhandari	612812
Divyesh Bhandari	88610
Mukesh Patel	201188
Ontario Inc., Canada	133200
Total	1035910

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	12.86
Directors or relatives of directors	87.14
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Tools, Die and Injection Molding.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v Dena Bank

Naryanmuni Bhawan, Charkhana Chakla, Rampura, Surat – 395003, Gujarat, India

v Oriental Bank of Commerce

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term Loans
From Banks	5.000	0.000
Total	5.000	0.000

Banking Relations :	--
Auditors :
Name :	S. J. Thakkar and Associates Chartered Accountants
Address :	B-402, Tirupati Plaza, Near Collector Office, Athwagate, Surat – 395001, Gujarat, India
Tel No.:	91-261-2477177/ 6534477
PAN No.:	AAOPT2335B

CAPITAL STRUCTURE

(AS ON 28.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
1100000	Equity Shares	Rs.10/- each	Rs.11.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1035910	Equity Shares	Rs.10/- each	Rs.10.359 Millions

(AS ON 31.03.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
1100000	Equity Shares	Rs.10/- each	Rs.11.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
268000	Equity Shares	Rs.10/- each	Rs.2.680 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		2.680	2.680	2.680
2] Share Application Money		36.761	36.761	0.000
3] Reserves & Surplus		9.388	12.420	11.315
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		48.829	51.861	13.995
LOAN FUNDS
1] Secured Loans		5.000	0.000	0.000
2] Unsecured Loans		157.569	96.586	11.276
TOTAL BORROWING		162.569	96.586	11.276
DEFERRED TAX LIABILITIES		4.277	0.177	0.112
TOTAL		215.675	148.624	25.383
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		233.684	48.888	24.808
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		3.324	4.255	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.845	1.206	1.627
	Sundry Debtors	10.668	10.771	3.924
	Cash & Bank Balances	9.047	0.942	0.775
	Other Current Assets	8.043	0.934	0.000
	Loans & Advances	63.573	93.903	1.604
Total Current Assets		98.176	107.756	7.930
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	119.072	11.689	7.511
	Other Current Liabilities	0.049	0.092	0.007
	Provisions	0.388	0.464	0.346
Total Current Liabilities		119.509	12.245	7.864
Net Current Assets		(21.333)	95.511	0.066
MISCELLANEOUS EXPENSES		0.000	0.000	0.509
TOTAL		215.675	148.624	25.383

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Sales and Income from Operations	12.220	14.162	13.444
		Other Income	2.232	0.286	0.334
		TOTAL (A)	14.452	14.448	13.778
Less	EXPENSES
		Cost of Material Consumed	11.290	7.377
		Changes in Inventories of finished goods, work-in-progress And stock-in-trade	(5.638)	0.421	8.099
		Employee Benefits Expenses	1.686	0.989
		Other Administrative Expenses	1.443	1.142
		TOTAL (B)	8.781	9.929	8.099
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.671	4.519	5.679
Less	FINANCIAL EXPENSES (D)		0.193	0.108	0.002
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.478	4.411	5.677
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.482	2.966	2.859
	PROFIT BEFORE TAX (E-F) (G)		0.996	1.445	2.818
Less	TAX (H)		4.300	0.339	0.396
	PROFIT AFTER TAX (G-H) (I)		(3.304)	1.106	2.422
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.390	2.284	(0.138)
	MAT Credit (A.Y. 2012-13)		0.200	0.000	0.000
	MAT Credit (A.Y. 2011-12)		0.071	0.000	0.000
	BALANCE CARRIED TO THE B/S		0.664	3.390	2.284
	EARNINGS IN FOREIGN CURRENCY		8.377	9.696	6.424
	VALUE OF IMPORT ON C.I.F. BASIS		US $ 74466.00	US $ 797262.87	US $ 33270.00
	Earnings Per Share (Rs.)		(12.33)	4.13	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(22.86)	7.66	17.58
Net Profit Margin (PBT/Sales)	(%)	8.15	10.20	20.96
Return on Total Assets (PBT/Total Assets}	(%)	0.30	0.92	8.61
Return on Investment (ROI) (PBT/Networth)		0.02	0.03	0.20
Debt Equity Ratio (Total Debt/Networth)		3.33	1.86	0.81
Current Ratio (Current Asset/Current Liability)		0.82	8.80	1.01

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	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	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

UNSECURED LOANS

Particular	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans and advances from related parties	63.945	60.098
Loans from Directors	93.624	36.486
Total	157.569	96.586

NOTE:

The registered office of the company has been shifted from 2/713, Bhandariwad, Sagrampura, Surat – 395002, Gujarat, India to the present address w.e.f. 16.03.2011.

FIXED ASSETS:

v Land

v Factory Building

v Computer

v Plant and Machinery

v Vehicles

v R. O. Plant

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.82.56
Euro	1	Rs.70.10

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.