MIRA INFORM REPORT

Report Date :

30.11.2013

IDENTIFICATION DETAILS

Name :	WINLEY POLYMERS PRIVATE LIMITED
Registered Office :	N – 59, MIDC Area, Jalgaon – 425 003, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.11.1999
Com. Reg. No.:	11-122803
Capital Investment / Paid-up Capital :	Rs.8.000 Millions
CIN No.: [Company Identification No.]	U25209MH1999PTC122803
TAN No.: [Tax Deduction & Collection Account No.]	NSKW00098A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of PET Preforms and Caps.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 93000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE2B
Rating Explanation	Moderate Financial Strength and High Performance Capability.
Date	12.09.2012

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

LOCATIONS

Registered Office :	N – 59, MIDC Area, Jalgaon – 425 003, Maharashtra, India
Tel. No.:	91-257-2213399/ 2272988
Fax No.:	91-257-2213399
E-Mail :	nar_guru@hotmail.com pridepet@sancharnet.in info@pridepetindia.com sales@pridepetindia.com
Website :	www.pridepetindia.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Pramod Fulchand Sancheti

Designation :

Director

Address :

18, “Waves and Winds”, Mehroom Lake Choupaty, Near St. Teressa, Jalgaon – 425002, Maharashtra, India

Date of Birth/Age :

30.04.1961

Date of Appointment :

26.11.1999

DIN No.:

01196056

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209MH1999PTC122803	WINLEY POLYMERS PRIVATE LIMITED	Director	26/11/1999	26/11/1999	-	Active	NO
2	U25200MH2004PTC148056	KPET CONTAINERS PRIVATE LIMITED	Director	17/08/2004	17/08/2004	01/01/2011	Active	NO
3	U25209MH2007PTC171431	PRIDE PLAAST PRIVATE LIMITED	Director	08/06/2007	08/06/2007	-	Active	NO
4	U74999MH2007PTC174844	ORION METALMOULDERS PRIVATE LIMITED	Director	09/10/2007	09/10/2007	01/01/2010	Active	NO
5	U29195GJ2013PTC074064	ADP PACKAGING PRIVATE LIMITED	Director	19/03/2013	19/03/2013	-	Active	NO

Name :

Mrs. Shobha Pramod Sancheti

Designation :

Director

Address :

18, “Waves and Winds”, Mehroom Lake Choupaty, Near St. Teressa, Jalgaon – 425002, Maharashtra, India

Date of Birth/Age :

01.05.1959

Date of Appointment :

26.11.1999

DIN No.:

02019151

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U25209MH1999PTC122803	WINLEY POLYMERS PRIVATE LIMITED	Director	26/11/1999	26/11/1999	Active	NO
2	U25209MH2007PTC171431	PRIDE PLAAST PRIVATE LIMITED	Director	08/06/2007	08/06/2007	Active	NO

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Pramod Fulchand Sancheti	315800
Shobha Pramod Sancheti	282196
Ratika P. Sancheti	25064
Poras P. Sancheti through guardian Mr. Pramod Sancheti	11940
Anil P. Sancheti	46000
Pramod P. Sancheti (HUF)	119000
Total	800000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of PET Preforms and Caps.
Products :	· Bottle Preforms - For Oil/Mineral Water    · Caps and Closures · Cosmetics, Pharma , Flavoured Hair Oil Preforms  · Bottle Preforms-Soda Grade-CSD · Jar Preforms · Liquor Preforms · Fresh Juices Warm Filled Bottle Preforms

GENERAL INFORMATION

Suppliers :

· Abhishek Agency

· B.K. Polymax India Private Limited

· Minocha Enterprises Private Limited

· Polyone Polymers Private Limited

· Reliance Industries Limited

· Resin Distributors Limited

· Hi Tech international

· Kris Flexipacks Private Limited

· Nova Polychem Private Limited

· Simplex Chempack Private limited

Customers :

· Aayushri Packaging

· Agrawal Beverage and Company

· All Plus Enterprises

· Asha Agro Industries

· Asli Health Foods private Limited

· Atharv Aditya Enterprises

· Bidvai Chemical Private Limited

· Camberwell Beverages Private Limited

· C.G. Cleaning Chemical

· Chaitanya Neer Jal Private Limited

No. of Employees :

Not Available

Bankers :

Oriental Bank of Commerce, 1, Housing Society, Patel Plaza, Jalgaon – 425 001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Oriental Bank of Commerce – TL 176	2.659	4.004
Oriental Bank of Commerce – TL 244	6.755	10.467
Oriental Bank of Commerce – TL 350	7.517	9.368
Oriental Bank of Commerce – TL 767	5.302	0.000
Oriental Bank of Commerce – TL 53	0.000	1.171
Short Term Borrowings
Oriental Bank of Commerce-Letter of Credit	12.406	4.905
Oriental Bank of Commerce (Cash Credit)	15.056	11.901
Oriental Bank of Commerce - FDOD	0.000	1.100
Total	49.695	42.916

Banking Relations :	--
Auditors :
Name :	Kailas B. Thakare and Company Chartered Accountants
Address :	107, First Floor, New B J Market, Jalgaon – 425001, Maharashtra, India
Tel No.:	91-257-2226340
Pan No.:	ABWPT0135A

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs. 10/- each	Rs.8.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs. 10/- each	Rs.8.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	8.000	8.000	8.000
(b) Reserves & Surplus	15.490	11.626	9.667
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	23.490	19.626	17.667
(3) Non-Current Liabilities
(a) long-term borrowings	22.233	25.010	20.732
(b) Deferred tax liabilities (Net)	2.392	3.113	2.629
(c) Other long term liabilities	0.061	0.061	0.061
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	24.686	28.184	23.422
(4) Current Liabilities
(a) Short term borrowings	28.138	17.905	13.392
(b) Trade payables	17.783	8.775	5.985
(c) Other current liabilities	7.820	10.148	2.677
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	53.741	36.828	22.054
TOTAL	101.917	84.638	63.143
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	39.311	41.005	29.618
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6.154	5.390	4.720
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.068	0.075	0.074
Total Non-Current Assets	45.533	46.470	34.412
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	26.416	17.992	14.504
(c) Trade receivables	24.288	12.552	9.620
(d) Cash and cash equivalents	0.969	1.353	1.194
(e) Short-term loans and advances	0.317	1.359	2.568
(f) Other current assets	4.394	4.912	0.845
Total Current Assets	56.384	38.168	28.731
TOTAL	101.917	84.638	63.143

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	NET PROFIT FOR THE PERIOD		2.364	1.959	2.849
Add :	SUBSIDIARY RECEIVED FROM CLCSS		1.500	NIL	NIL
Less:	BONUS SHARES ALLOTTED		NIL	NIL	NIL
Add:	AMOUNT OF SURPLUS BROUGHT FORWARD FROM PREVIOUS YEAR		11.626	9.667	6.818
	BALANCE CARRIED TO BALANCE SHEET		15.490	11.626	9.667

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt /Networth)	2.14	2.19	1.93
Current Ratio (Current Asset/Current Liability)	1.05	1.04	1.30

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	No
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	Yes
18]	Major customers	Yes
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Mrs. Alka Sanjay Patil	0.400	0.000
Mrs. Shobha Pramod Sancheti	0.036	0.000
Pramod Sancheti (HUF)	0.240	0.000
Total	0.676	0.000

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10367663	06/07/2012	6,000,000.00	ORIENTAL BANK OF COMMERCE	1, HOUSING SOCIETY, PATEL PLAZA, JALGAON – 425 001, MAHARASHTRA, INDIA	B44575561
2	10282764	16/03/2011	10,500,000.00	ORIENTAL BANK OF COMMERCE	1, HOUSING SOCIETY, PATEL PLAZA, JALGAON – 425 001, MAHARASHTRA, INDIA	B10851020
3	10211020	25/02/2010	16,750,000.00	ORIENTAL BANK OF COMMERCE	PATEL PLAZA, JALGAON – 425 001, MAHARASHTRA, INDIA	A82555921
4	10141835	15/01/2009	7,500,000.00	ORIENTAL BANK OF COMMERCE	PATEL PLAZA, JALGAON – 425 001, MAHARASHTRA, INDIA	A56350556
5	10020392	17/09/2013 *	82,750,000.00	ORIENTAL BANK OF COMMERCE	1, HOUSING SOCIETY, PATEL PLAZA, JALGAON – 425 001, MAHARASHTRA, INDIA	B89012199
6	10020394	06/07/2012 *	40,315,000.00	ORIENTAL BANK OF COMMERCE	1, HOUSING SOCIETY, PATEL PLAZA, JALGAON – 425 001, MAHARASHTRA, INDIA	B44575835

* Date of charge modification

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Factory Building

· Plant and Machinery

· Moulds and Accessories

· Electric Installation

· CCTV Systems

· Water Purifier Systems

· Inverter

· Weighting Machine

· Boaring

· Furniture

· Computer and Peripherals

· Loose Tools

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.62.39
UK Pound	1	Rs.102.06
Euro	1	Rs.84.98

INFORMATION DETAILS

Report Prepared by :

NKT

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	4
--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		42

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.