MIRA INFORM REPORT

Report Date :

17.09.2013

IDENTIFICATION DETAILS

Name :	BARODA POLYFORM PRIVATE LIMITED
Registered Office :	107, First Floor, Panorama Complex, R C Dutt Road, Vadodara – 390007, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.03.1992
Com. Reg. No.:	04-017297
Capital Investment / Paid-up Capital :	Rs.1.066 Millions
CIN No.: [Company Identification No.]	U25209GJ1992PTC017297
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Plastic Tanks and Containers.
No. of Employees :	40 (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 41000
Status :	Satisfactory
Payment Behaviour :	Usually 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 usually correct. The company can be considered normal for 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

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 :	Ms. Maduri
Designation :	Accounts Manager
Contact No.:	91-265-3058114
Date :	02.09.2013

LOCATIONS

Registered Office :	107, First Floor, Panorama Complex, R C Dutt Road, Vadodara – 390007, Gujarat, India
Tel. No.:	91-265-3058114
Fax No.:	91-265-2340172
E-Mail :	accounts@barodapolyform.com maildeveshpathak@rediffmail.com
Website :	www.barodapolyform.com
Area :	750 Sq. ft.
Location :	Rented
Factory :	713, Majusar Taluka Savli District Vadodara, Gujarat, India
Area :	1500 Sq. ft.
Location :	Owned

DIRECTORS

As on: 29.09.2012

Name :

Mr. Dhunrumi Boman Patel

Designation :

Director

Address :

32, Alka Society, Akota, Vadodara – 390020, Gujarat, India

Date of Birth/Age :

03.04.1956

Date of Appointment :

13.03.1992

DIN No.:

00921690

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	U51902MH1991PTC060057	CENTRUM TRADING PRIVATE LIMITED	Director	06/03/1991	06/03/1991	-	Active	YES
2	U25209GJ1992PTC017297	BARODA POLYFORM PRIVATE LIMITED	Director	13/03/1992	13/03/1992	-	Active	NO
3	U29299GJ1999PTC035500	MODULAR TANKS PRIVATE LIMITED	Director	25/02/1999	25/02/1999	-	Active	NO
4	U70100MH1998PTC115606	MRUDULA REALTORS AND TRADERS PRIVATE LIMITED	Director	05/04/2013	05/04/2013	-	Active	NO

Name :

Ms. Harleenkaur Chawla

Designation :

Director

Address :

69, Kunj Society, Alkapuri, Vadodara – 390007, Gujarat, India

Date of Birth/Age :

10.04.1961

Date of Appointment :

13.03.1992

DIN No.:

01237225

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	U51909GJ1991PTC016677	HARLEEN MARKETING PRIVATE LIMITED	Director	27/11/1991	27/11/1991	-	Active	NO
2	U51909GJ1992PTC017108	CHAWLA MARKETING PRIVATE LIMITED	Director	14/02/1992	14/02/1992	-	Active	NO
3	U25209GJ1992PTC017297	BARODA POLYFORM PVT LTD	Director	13/03/1992	13/03/1992	-	Active	NO
4	U29299GJ1999PTC035500	MODULAR TANKS PRIVATE LIMITED	Director	25/02/1999	25/02/1999	-	Active	NO
5	U27100GJ1984PTC006852	PUNJAB STEEL ROLLING MILLS (BARODA) PRIVATE LIMITED	Director	29/09/2012	19/04/2012	-	Active	NO

Name :

Mr. Shivindersingh Charansingh Chawla

Designation :

Managing director

Address :

69, Kunj Society, Alkapuri, Vadodara – 390007, Gujarat, India

Date of Birth/Age :

14.05.1955

Date of Appointment :

30.03.1995

DIN No.:

02955805

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	U51909GJ1991PTC016677	HARLEEN MARKETING PRIVATE LIMITED	Director	27/11/1991	27/11/1991	-	Active	NO
2	U51909GJ1992PTC017108	CHAWLA MARKETING PRIVATE LIMITED	Director	14/02/1992	14/02/1992	-	Active	NO
3	U25209GJ1992PTC017297	BARODA POLYFORM PRIVATE LIMITED	Managing director	30/03/1995	30/03/1995	-	Active	NO
4	U27100GJ1984PTC006852	PUNJAB STEEL ROLLING MILLS (BARODA) PRIVATE LIMITED	Director	24/08/2011	09/04/2011	-	Active	NO
5	U25209PB1989PTC009710	FRONTIER POLYMERS PRIVATE LIMITED	Director	29/09/2012	01/04/2012	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Maduri
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

As on: 29.09.2012

Names of Shareholders	No. of Shares
Dhanrumi Patel	53300
Harleenkaur Chawla	53295
Charansingh Chawla	5
Total	106600

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Plastic Tanks and Containers.
Exports :
Products :	Plastic Tanks
Countries :	Australia
Imports :
Products :	Raw Material
Countries :	Saudi Arabia
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Nilkamal Limited

Customers :

End Users

• Eshwar Agency

No. of Employees :

40 (Approximately)

Bankers :

Union Bank of India, Alkapuri Branch, Vadodara, Gujarat, India

Tel. No.: 91-265-2337134

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
SHORT TERM BORROWINGS
Working Capital Loans from Banks	1.770	(0.350)
Total	1.770	(0.350)

Banking Relations :	--
Auditors :
Name :	Amar Shah and Associates Chartered Accountants
Address :	40, Vikasnagar Society, Nandalaya Compound, Old Padra Road, Vadodara – 390020, Gujarat, India
Tel. No.:	91-265-2356565
Fax No.:	91-265-2314823
E-Mail :	amarshahca@hotmail.com
PAN No.:	AAGFA1387A

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
110000	Equity Shares	Rs.10/- each	Rs.1.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
106600	Equity Shares	Rs.10/- each	Rs.1.066 Millions

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	1.066	1.066
(b) Reserves & Surplus	9.228	4.834
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	10.294	5.900
(3) Non-Current Liabilities
(a) long-term borrowings	7.648	11.898
(b) Deferred tax liabilities (Net)	0.985	0.957
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	8.633	12.855
(4) Current Liabilities
(a) Short term borrowings	1.770	(0.350)
(b) Trade payables	5.954	6.697
(c) Other current liabilities	1.221	1.434
(d) Short-term provisions	2.531	0.110
Total Current Liabilities (4)	11.476	7.891
TOTAL	30.403	26.646
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.295	7.176
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.211	0.211
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	7.506	7.387
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	8.789	10.326
(c) Trade receivables	10.022	6.974
(d) Cash and cash equivalents	0.357	0.287
(e) Short-term loans and advances	3.729	1.672
(f) Other current assets	0.000	0.000
Total Current Assets	22.897	19.259
TOTAL	30.403	26.646

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.066
2] Share Application Money		0.000
3] Reserves & Surplus		3.040
4] (Accumulated Losses)		0.000
NETWORTH		4.106
LOAN FUNDS
1] Secured Loans		0.762
2] Unsecured Loans		9.108
TOTAL BORROWING		9.870
DEFERRED TAX LIABILITIES		2.027
TOTAL		16.003
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.639
Capital work-in-progress		0.000
INVESTMENT		0.725
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.070
	Sundry Debtors	5.649
	Cash & Bank Balances	0.223
	Other Current Assets	0.000
	Loans & Advances	2.129
Total Current Assets		14.071
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.118
	Other Current Liabilities	1.314
	Provisions	0.000
Total Current Liabilities		5.432
Net Current Assets		8.639
MISCELLANEOUS EXPENSES		0.000
TOTAL		16.003

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	48.004	33.553	33.839
		Other Income
		TOTAL (A)	48.004	33.553	33.839
Less	EXPENSES
		Office Expenses	40.735	32.014	28.429
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	40.735	32.014	28.429
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.269	1.539	5.419
Less	FINANCIAL EXPENSES (D)		0.056	0.097	0.051
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.213	1.442	5.368
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.791	0.723	0.695
	PROFIT BEFORE TAX (E-F) (G)		6.422	0.719	4.673
Less	TAX (H)		2.028	(1.075)	2.494
	PROFIT AFTER TAX (G-H) (I)		4.394	1.794	2.179
	IMPORTS
		Raw Materials	0.000	7.327	7.755
	TOTAL IMPORTS		0.000	7.327	7.755
	Earnings Per Share (Rs.)		41.22	16.83	20.44

Particulars	31.03.2013
Sales Turnover (Approximately)	50.000

The above information has been parted by (Ms. Maduri – Accounts Manager)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	9.15	5.35	6.43
Return on Total Assets (PBT/Total Assets}	(%)	21.12	2.70	22.56
Return on Investment (ROI) (PBT/Networth)		0.62	0.12	1.13
Debt Equity Ratio (Total Debt /Networth)		0.91	1.96	2.40
Current Ratio (Current Asset/Current Liability)		2.00	2.44	2.59

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	Yes
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	Yes
18]	Major customers	Yes
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

UNSECURED LOAN:

(Rs. in Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Loans and advances from related parties	7.648	11.898
Total	7.648	11.898

OPERATIONS:

During the year, there is an increase in turnover .However there is stiff increase in Raw material price because of increase in crude price and also there is a stiff competition in local market of plastic tanks from big players. Because of stiff competition, the company can't pass all the increase in Raw Material prices to the final customers during the year, there is fall in the gross profit during the year, The company expects to make turnaround in near future.

TRADE REFERENCES:

• Nilkamal Limited
• Eshwar Agency

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY.

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Electrical Installations
• Furniture and Fixtures
• Office Equipments

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.62.48
UK Pound	1	Rs.99.66
Euro	1	Rs.83.50

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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.