MIRA INFORM REPORT

Report Date :

28.03.2013

IDENTIFICATION DETAILS

Name :	SANDHYA CHEMPLAST PRIVATE LIMITED
Registered Office :	1B, LSC, Nariana Industrial Area, Phase-II, Delhi - 110028
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.05.2010
Com. Reg. No.:	55-203222
Capital Investment / Paid-up Capital :	Rs. 38.982 Millions
CIN No.: [Company Identification No.]	U24100DL2010PTC203222
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of Plastic Raw Materials like H.D.P.E., L.L.D.P.E, P.V.C Resin and Cement Sheet, Iron Sheet, Almonds and all types of Dry Fruits items.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 180000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Reserves of the company appear to be low. The company has also recorded huge external borrowings. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for 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 :	1B, LSC, Nariana Industrial Area, Phase-II, Delhi – 110028, India
Tel. No.:	91-11-47596700/ 25770456
Fax No.:	91-11-45611287
E-Mail :	sandhyachemplast@yahoo.co.in

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Rajesh Gupta
Designation :	Director
Address :	F-19/14, Sector-8, Rohini, Delhi, India
Date of Birth/Age :	12.03.1974
Date of Appointment :	27.05.2010
DIN No.:	00949722
Name :	Mrs. Neha Gupta
Designation :	Director
Address :	429, Deepali Pitampura, Delhi – 110088, India
Date of Birth/Age :	13.03.1981
Date of Appointment :	27.05.2010
DIN No.:	03045936

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Rajesh Gupta	2729283
Neha Gupta	1517912
Meenu Gupta	1000
Total	4248195

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading of Plastic Raw Materials like H.D.P.E., L.L.D.P.E, P.V.C Resin and Cement Sheet, Iron Sheet, Almonds and all types of Dry Fruits items.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø Standard Chartered Bank, 10, Parliament Street, New Delhi - 110001, India

Ø Syndicate Bank

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Standard Chartered Bank (OD A/c)	32.793	13.367
Standard Chartered Bank (WCDL Loan)	40.000	0.000
Standard Chartered Bank LC Account	8.806	18.432
Total	81.599	31.799
Note: Secured by hypothecation of stock and book debts and collaterally secured by mortgage of immovable property of directors The above loans carry interest @ 13% to 14% p.a.

Banking Relations :	--
Auditors :
Name :	Rajender Kumar Sharma and Company Chartered Accountants
Address :	2412/181, Tri Nagar, Delhi – 110035, India
Tel. No.:	91-11-27383832/ 27383427
Income-tax PAN of auditor or auditor's firm :	AATPS6496H
Enterprises on which KMP/ relatives of KMP exercise significant influences :	Ø M.R. Gupta and Company Private Limited Ø Radhey Krishna Overseas Ø Bharat Test House

CAPITAL STRUCTURE

AS ON 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,248,195	Equity Shares	Rs. 10/- each	Rs. 42.482 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,898,195	Equity Shares	Rs. 10/- each	Rs. 38.982 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		38.982	22.222
2] Share Application Money		3.671	8.770
3] Reserves & Surplus		2.307	0.731
4] (Accumulated Losses)		0.000	0.000
NETWORTH		44.960	31.723
LOAN FUNDS
1] Secured Loans		81.599	31.799
2] Unsecured Loans		0.250	0.250
TOTAL BORROWING		81.849	32.049
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		126.809	63.772
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.314	2.693
Capital work-in-progress		0.000	0.000
INVESTMENT		0.005	0.005
DEFERRED TAX ASSETS		0.016	0.002
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	42.125	24.106
	Sundry Debtors	144.341	85.984
	Cash & Bank Balances	1.103	0.939
	Other Current Assets	1.562	1.627
	Loans & Advances	2.282	1.964
Total Current Assets		191.413	114.620
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	65.753	52.621
	Other Current Liabilities	2.011	0.877
	Provisions	0.175	0.050
Total Current Liabilities		67.939	53.548
Net Current Assets		123.474	61.072
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		126.809	63.772

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2012	31.03.2011
	SALES
		Income		886.443	454.136
		Other Income		0.000	0.149
		TOTAL (A)		886.443	454.285
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)		878.211	450.623
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			8.232	3.662
Less	FINANCIAL EXPENSES (D)			5.800	2.333
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			2.432	1.329
Less/ Add	DEPRECIATION/ AMORTISATION (F)			0.133	0.120
	PROFIT BEFORE TAX (E-F) (G)			2.299	1.209
Less	TAX (H)			0.701	0.350
	PROFIT AFTER TAX (G-H) (I)			1.598	0.859
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			0.731	0.000
Add	DEFERRED TAX ASSETS/ LIABILITIES			0.014	0.002
Less	PREVIOUS YEAR INCOME TAX			0.036	0.000
Less	SHARE CAPITAL ENHANCEMENT EXPENSE			0.000	0.130
	BALANCE CARRIED TO THE B/S			2.307	0.731
	Earnings Per Share (Rs.)			0.58	0.39

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
PAT / Total Income	(%)	0.18	0.19
Net Profit Margin (PBT/Sales)	(%)	0.26	0.27
Return on Total Assets (PBT/Total Assets}	(%)	1.18	1.03
Return on Investment (ROI) (PBT/Networth)		0.05	0.03
Debt Equity Ratio (Total Debt/Networth)		1.82	1.01
Current Ratio (Current Asset/Current Liability)		2.82	2.14

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 two years	Yes
12]	Profitability for last two 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	No

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans and Advance from Related Parties	0.250	0.250
Total	0.250	0.250

CORPORATE INFORMATION:

Subject is a private limited Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is primarily engaged in the business of trading of plastic raw materials like H.D.P.E., L.L.D.P.E, P.V.C Resin and Cement Sheet, Iron Sheet, Almonds and all types of Dry Fruits items since 27.05.2010.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24100DL2010PTC203222
Name of the company	SANDHYA CHEMPLAST PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1B, LSC, Nariana Industrial Area, Phase-II, Delhi – 110028, India Email: sandhyachemplast@yahoo.co.in
This form is for	Modification of charge
Charge identification number of the modified	10240700
Type of charge	Book debts Others [1st and Exclusive Charge Over Current Assets]
Particular of charge holder	Standard Chartered Bank, 10, Parliament Street, New Delhi - 110001, India Email: sme.form8@sc.com
Nature of description of the instrument creating or modifying the charge	Hypothecation agreement (supplemental)
Date of instrument Creating the charge	25.10.2012
Amount secured by the charge	Rs. 343.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Per Facility Letter Dated 25.10.2012 Terms of Repayment As Per Facility Letter Dated 25.10.2012 Margin As Per Facility Letter Dated 25.10.2012 Extent and Operation of the charge Extent and Operation - 100%
Short particulars of the property charged	Hypothecation by way of first and exclusive charge over all present and future current assets of the company stored or to be stored at the company's godowns or premises or wherever else the same may be.
Date of Modification	10.10.2011
Particulars of the present modification	Bank's first and exclusive charge over all present and future current assets of the company stored or to be stored at the company's godowns or premises or wherever else the same may be, already registered for Rs. 277.500 Millions shall stand enhanced to Rs. 343.000 Millions.

FIXED ASSETS:

Ø Land

Ø Plant and Machinery

Ø Furniture and Fixture

Ø Office Equipments

Ø Vehicles

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. 54.10
UK Pound	1	Rs. 82.47
Euro	1	Rs. 70.49

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.