MIRA INFORM REPORT

Report Date :

03.09.2013

IDENTIFICATION DETAILS

Name :	G M POLYPLAST PRIVATE LIMITED
Registered Office :	A-66, New Empire Industrial Estate, Kondivita Road, Near Camlin, J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.11.2003
Com. Reg. No.:	11-143299
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U25200MH2003PTC143299
TAN No.: [Tax Deduction & Collection Account No.]	MUMG09869G
PAN No.: [Permanent Account No.]	AACCG0610R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Plastic P.P.
No. of Employees :	8 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 36000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Profit margin of the company appears to be good. Their appears a sharp dip in the sales turnover of the company due to increasing cost of fuel and taxes. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings at usual trade terms and condition.

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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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. Tushar
Designation :	General Manager
Contact No.:	91-22-30889723
Date :	28.09.2013

LOCATIONS

Registered Office / Factory 1 ::	A-66, New Empire Industrial Estate, Kondivita Road, Near Camlin, J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-28369722 / 28369403 / 28325179
Fax No.:	91-22-28209552
E-Mail :	gmpolyplast@rediffmail.com tushar@egpolyplast.com
Website :	http://www.gmpolyplast.com
Location:	Owned
Factory 1 :	Plot No. 17, survey No. 217, Opposite Sigma Packaging, Village Dadra, Silvassa, Dadra – 396230, Dadra and Nagar Haveli, India
Branches :	Located at: Andheri Vikhroli

DIRECTORS

As on 27.09.2012

Name :

Ms. Sarita Dinesh Sharma

Designation :

Director

Address :

103, Lumiere Tower, Picnic Cottage, Seven Bungalows, Andheri (West), Mumbai – 400 061, Maharashtra, India

Date of Birth/Age :

14.05.1979

Qualification :

B.Com

Date of Appointment :

27.11.2003

DIN No.:

00128337

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	U25209MH1999PTC120486	MAHIMA GOLDPLAST PRIVATE LIMITED	Director	31/08/2000	31/08/2000	Active	YES
2	U25200MH2003PTC143299	G M POLYPLAST PRIVATE LIMITED	Director	27/11/2003	27/11/2003	Active	NO

Name :

Mr. Dinesh Balbeer Sharma

Designation :

Director

Address :

103, Lumiere Tower, Picnic Cottage, Seven Bungalows, Andheri (West), Mumbai – 400 061, Maharashtra, India

Date of Birth/Age :

03.09.1977

Qualification :

B.Sc.

Date of Appointment :

27.11.2003

DIN No.:

00418667

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	U25200MH2003PTC143299	G M POLYPLAST PRIVATE LIMITED	Director	27/11/2003	27/11/2003	-	Active	NO
2	U74120MH2013PTC239300	ACE EXTRUSIONS PRIVATE LIMITED	Director	04/01/2013	04/01/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Tushar
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2012

Names of Shareholders	No. of Shares
Dinesh Sharma	500
Sarita Sharma	500
Total	1000

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2012

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

BUSINESS DETAILS

Line of Business :	Manufacturers of Plastic P.P.
Products :	v Rigid PVC Films v Non Toxic Film for Food Packing v Rigid Film for Stationary v Rigid PVC for Packing and Folding v ABS Sheets v HIPS Sheets v Polypropylene (PP) Sheets v Table Mats v Polypropylene (PP) Box v CD-ROM Holder v Plastic Garbage Can v Polypropylene (PP) Bags
Exports :
Products :	Finished Good
Countries :	Gulf Countries
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	8 (Approximately)
Bankers :	v The Saraswat Co-operative Bank Limited, Marol Branch, Marol Maroshi Road, Marol Village, Andheri (East), Mumbai – 400 059, Maharashtra, India v The Saraswat Co-operative Bank Limited, SME Vikroli Branch, Prabhat Bhavan, LBS Marg, Vikroli West, Mumbai – 400079, Maharashtra, India

Banking Relations :
Auditors :
Name :	Vivek V Joshi and Associates Chartered Accountants
Address :	A-708, Zaitoon Apartments, Station Road, Goregaon (West), Mumbai – 400 062, Maharashtra, India
Tel. No.:	91-22-32435571/ 5562
Mobile No.:	91-9833634732
E-Mail :	ca.vvjassociates@gmail.com
Income-tax PAN of auditor or auditor's firm :	AAJFV3117A

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs. 100/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,000	Equity Share	Rs. 100/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100
(b) Reserves & Surplus	7.987	6.453
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.900	0.900
Total Shareholders’ Funds (1) + (2)	8.987	7.453
(3) Non-Current Liabilities
(a) long-term borrowings	1.800	2.200
(b) Deferred tax liabilities (Net)	0.131	0.168
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1.931	2.368
(4) Current Liabilities
(a) Short term borrowings	10.572	8.995
(b) Trade payables	23.266	59.617
(c) Other current liabilities	12.575	6.738
(d) Short-term provisions	0.882	1.260
Total Current Liabilities (4)	47.295	76.610
TOTAL	58.213	86.431
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.721	5.274
(ii) Intangible Assets	9.822	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.025	0.025
(c) Deferred tax assets (net)	0.384	1.376
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	14.952	6.675
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	4.799	5.096
(c) Trade receivables	30.206	66.444
(d) Cash and cash equivalents	3.629	5.246
(e) Short-term loans and advances	4.627	2.970
(f) Other current assets	0.000	0.000
Total Current Assets	43.261	79.756
TOTAL	58.213	86.431

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.900
3] Reserves & Surplus		3.636
4] (Accumulated Losses)		0.000
NETWORTH		4.636
LOAN FUNDS
1] Secured Loans		11.485
2] Unsecured Loans		7.768
TOTAL BORROWING		19.253
DEFERRED TAX LIABILITIES		0.288
TOTAL		24.177
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.839
Capital work-in-progress		0.000
INVESTMENT		0.025
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.973
	Sundry Debtors	52.684
	Cash & Bank Balances	1.490
	Other Current Assets	0.075
	Loans & Advances	2.841
Total Current Assets		64.063
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	41.492
	Other Current Liabilities	3.266
	Provisions	2.992
Total Current Liabilities		47.750
Net Current Assets		16.313
MISCELLANEOUS EXPENSES		0.000
TOTAL		24.177

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	120.685	224.109	188.453
		Other Income	0.128	0.757	0.589
		TOTAL (A)	120.813	224.866	189.042
Less	EXPENSES
		Cost of material consumed	100.207	195.345
		Changes in inventories of finished Goods, work-in-progress and stock-in-trade	(0.164)	(0.134)
		Other Manufacturing Expenses	11.186	16.165
		Employee benefits Expenses	1.191	2.061
		Other Expenses	3.916	5.687
		Exceptional Items	0.120	0.240
		TOTAL (B)	116.456	219.364	184.234
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.357	5.502	4.808
Less	FINANCIAL EXPENSES (D)		1.349	0.526	0.766
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.008	4.976	1.039
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.791	1.170	3.769
	PROFIT BEFORE TAX (E-F) (G)		2.217	3.806	2.816
Less	TAX (H)		0.682	0.990	0.953
	PROFIT AFTER TAX (G-H) (I)		1.535	2.816	1.863
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.452	3.636	1.773
	BALANCE CARRIED TO THE B/S		7.897	6.452	3.636
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Export	11.097	7.284	3.069
	TOTAL EARNINGS		11.097	7.284	3.069
	Earnings Per Share (Rs.)		1534.60	2816.29	1863.55

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.27	1.25	0.99
Net Profit Margin (PBT/Sales)	(%)	1.84	1.69	1.49
Return on Total Assets (PBT/Total Assets}	(%)	3.84	4.48	3.92
Return on Investment (ROI) (PBT/Networth)		0.25	0.51	0.61
Debt Equity Ratio (Total Debt /Networth)		1.38	1.50	4.15
Current Ratio (Current Asset/Current Liability)		4.81	10.70	1.34

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	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	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

REVIEW OF OPERATION:

The company has achieved a lower turnover in current year as compared to last year. During the year, company closed its operation in Mumbai due to increasing cost of fuel and taxes which is the major factor for reduced turnover. The company has starred a new unit at Dadra which shall become operative in coming year and help achieve the targeted turnover.

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Loans and advances from related parties	1.800	2.200
Short-term borrowings
Loans repayable on demand From banks Cash credit facility with Saraswat cooperative Bank Limited	10.572	8.995
Total	12.372	11.195
NOTE: Cash credit facility is secured by -Hypothecation of stock and book debts -Personal guarantee of directors -Equitable mortgage of industries premises owned by director

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90242556	23/01/2010 *	12,500,000.00	THE SARASWAT CO-OPERATIVE BANK LTD	SME VIKHROLI BRANCH, PRABHAT BHAVAN, LBS MARG, VI KHROLI WEST, MUMBAI, MAHARASHTRA - 400079, INDIA	A78731536

Note: * Date of charge modification

FIXED ASSETS

v Furniture

v Plant and Machinery

v Computer

v Motor Car

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.62.36
UK Pound	1	Rs.101.20
Euro	1	Rs.84.54

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	KVT

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	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.