MIRA INFORM REPORT

Report Date :

09.05.2013

IDENTIFICATION DETAILS

Name :	MAYFAIR POLLYMERS PRIVATE LIMITED
Registered Office :	Mayfair Compound, National Highway No.8, Himatnagar – 383 001, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.08.1992
Com. Reg. No.:	04-018118
Capital Investment / Paid-up Capital :	Rs.11.800 millions
CIN No.: [Company Identification No.]	U25209GJ1992PTC018118
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of PVC and H.D.P.E. Pipes.
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 99000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The management of the company has failed to file its financials with the Government Department for the year 2012. Mr. Alpesh Patel, from Accounts Department has provided us with all information but the financials are not verified. As per previous year’s record, the financial strength of the company is found moderate. However, trade relations are reported as fair. Business is active. Payment terms are unknown. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Rating: BB-
Rating Explanation	Moderate risk of default.
Date	February, 2012

Rating Agency Name	ICRA
Rating	Short term Rating: A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	February, 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 PARTED BY

Name :	Mr. Alpesh Patel
Designation :	Accounts Department
Contact No.:	91-2772-240750
Date :	08.05.2013

LOCATIONS

Registered Office/ Factory :	Mayfair Compound, National Highway No.8, Himatnagar – 383 001, Gujarat, India
Tel. No.:	91-2772-240750/ 244831/ 240059
Fax No.:	91-2772-240362
E-Mail :	smayfair5@rediffmail.com
Location :	Rented

DIRECTORS

As on 15.09.2011

Name :	Mr. Susmitbhai Sumantbhai Patel
Designation :	Director
Address :	Mayfair Compound, N.H. No.8, Himatnagar – 383 001, Gujarat, India
Date of Birth/Age :	07.08.1963
Date of Appointment :	06.08.1992
DIN No.:	00294964
Name :	Mrs. Manisha Susmit Patel
Designation :	Director
Address :	Mayfair Compound, N.H. No.8, Himatnagar - 383 001, Gujarat, India
Date of Birth/Age :	29.10.1967
Date of Appointment :	06.08.1992
DIN No.:	00295059

KEY EXECUTIVES

Name :	Mr. Alpesh Patel
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.09.2011

Names of Shareholders	No. of Shares
Susmit Sumant Patel	28785
Sumant Somabhai Patel	22400
Samir Sumant Patel	29640
Manisha Susmit Patel	3495
Priti Sumant Patel	14255
Roma Susmit Patel	2000
Rohan Susmit Patel	1950
Rambhaben P. Sachaniya	6005
Parshotam J. Sachaniya	5
Samit P. Patel	4460
Ilaben Surendra Patel	301
Pratima Arvind Pandya	1
Sonal Sumant Patel	1
Sumant Somabhai Patel-HUF	2001
Susmit Sumant Patel-HUF	1
Sunita Samir Patel	2400
Surendra Patel	300
Total	118000

As on 15.09.2011

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

BUSINESS DETAILS

Line of Business :	Manufacturing of PVC and H.D.P.E. Pipes.
Products :	v Rigid PVC ISI Pipes v Ringfit ISI Pipes v PVC SWR Pipes v PVC Plumbing Pipes–Blue/White v Casing Pipes–Blue/White v HDPE Pipes v Sprinkler Irrigation Pipes v HDPE PLB Cable Ducts
Imports :
Products :	Raw Materials
Countries :	v Korea v Taiwan v Mexico
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Rigid PVC Pipes (Inc. Scrape)	Kgs.	3578838
H.D.P.E. Pipes (Inc. Scrape)	Mtrs.	128589

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

60 (Approximately)

Bankers :

v State Bank of India, Shri Hari Om Complex, Bear Old Market Yard, Himatnagar – 383 001, Gujarat, India

v State Bank of India, Chhaparia Road Branch, Himatnagar – 383 001, Gujarat, India

v HDFC Bank Limited

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
A. State Bank of India, Hmt C.C. (Secured against inventories.)	15.775	15.129
B. State Bank of India, Hmt O.D. (Secured against debtors/ bills)	2.015	1.992
C. Sundaram Finance Limited	0.412	0.000
D. HDFC Bank Limited	1.041	0.000
E. State Bank of India	5.043	0.000
Total	24.286	17.121

Banking Relations :	--
Financial Institution :	Sundaram Finance Limited
Auditors :
Name :	Deepak R. Soni and Company Chartered Accountants
Address :	Opposite Swaminarayan Temple, Dr. Gandhi Road, Himatnagar – 383 001, Gujarat, India
Tel. No.:	91-2772-242780/ 242781
E-Mail :	deepak_soni11@yahoo.com
Income-tax PAN of auditor or auditor's firm :	ACDPS9854R

CAPITAL STRUCTURE

As on 15.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
120000	Equity Shares	Rs.100/- each	Rs.12.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
118000	Equity Shares	Rs.100/- each	Rs.11.800 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		11.800	11.800	11.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12.877	9.530	6.956
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		24.677	21.330	18.756
LOAN FUNDS
1] Secured Loans		24.286	17.121	11.919
2] Unsecured Loans		29.231	28.554	25.982
TOTAL BORROWING		53.517	45.675	37.901
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		78.194	67.005	56.657
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.590	15.193	7.955
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.010	0.010	0.010
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	39.602	27.994	20.946
	Sundry Debtors	23.645	30.714	33.573
	Cash & Bank Balances	0.556	1.876	1.087
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	22.584	11.260	7.837
Total Current Assets		86.387	71.844	63.443
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	26.343	13.742	8.457
	Other Current Liabilities	4.273	4.411	4.906
	Provisions	2.177	1.889	1.388
Total Current Liabilities		32.793	20.042	14.751
Net Current Assets		53.594	51.802	48.692
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		78.194	67.005	56.657

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	226.775	150.460	127.549
		Other Income	5.978	12.118
		TOTAL (A)	232.753	162.578	127.549
Less	EXPENSES
		Office Expenses	222.374	151.166	120.761
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	222.374	151.166	120.761
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10.379	11.412	6.788
Less	INTEREST (D)		2.153	5.602	3.120
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.226	5.810	3.668
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.471	2.092	1.126
	PROFIT BEFORE TAX (E-F) (G)		4.755	3.718	2.542
Less	TAX (H)		1.408	1.143	0.806
	PROFIT AFTER TAX (G-H) (I)		3.347	2.575	1.736
	IMPORTS
		Raw Materials	140.455	81.915	46.630
	TOTAL IMPORTS		140.455	81.915	46.630
	Earnings Per Share (Rs.)		28.36	21.82	29.35

Particulars	31.03.2013	31.03.2012
Sales Turnover (Approximately)	320.000	220.000

The above information has been parted by Mr. Alpesh Patel (Accounts Department).

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.44	1.58	1.36
Net Profit Margin (PBT/Sales)	(%)	2.10	2.47	NA
Return on Total Assets (PBT/Total Assets}	(%)	4.28	4.27	3.56
Return on Investment (ROI) (PBT/Networth)		0.19	0.17	0.14
Debt Equity Ratio (Total Debt/Networth)		2.17	2.14	2.02
Current Ratio (Current Asset/Current Liability)		2.63	3.58	4.30

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
- Creditors for goods and revenue expenses	26.074	13.079	8.457
- Sundry Creditors for Expenses	0.269	0.000	0.000
- Creditor for Capital Expenditure	0.000	0.663	0.000
Total	26.343	13.742	8.457

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	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last five 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	Yes
20) Export / Import details (if applicable)	Yes
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	No
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

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
A. From Shareholders	29.231	27.928
B. Interoperate Deposits	0.000	0.626
Total	29.231	28.554

FINANCIAL RESULT:

During the year company has achieved turnover of Rs.226.775 millions compared to Rs.150.460 millions of previous year. After considering all the expenses, company has achieved profit of Rs.4.755 millions after providing interest of Rs.2.153 millions and depreciation to the tune of Rs.3.471 millions during the year.

Company has started getting success in achieving better market share and is continuously making its efforts to re-achieve still better market share.

FIXED ASSETS

v Land

v Plant – Machineries and Electrical Installation

v Building (Factory)

v Lab Equipments

v Computers

v Vehicles

v Office Equipment

v Furniture and Fixture

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.54.16
UK Pound	1	Rs.83.88
Euro	1	Rs.71.00

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.