MIRA INFORM REPORT

Report Date :

30.12.2014

IDENTIFICATION DETAILS

Name :	SPECIALTY POLYFILMS (INDIA) PRIVATE LIMITED
Registered Office :	F-89, M.I.D.C. Area, Waluj, Aurangabad – 431136, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.03.2000
Com. Reg. No.:	11-125209
Capital Investment / Paid-up Capital :	Rs.30.000 Millions
CIN No.: [Company Identification No.]	U25209MH2000PTC125209
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	NSKS04309E/ NSKS04348B/ NSKS07046E
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Importer of all kinds of plastic films including soft, flexible, rigid, and semi-rigid plastics films, Plastic components including PVC etc.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflect SPPL’s stable business risk profile marked by its diversified product profile, sound financial base and comfortable liquidity of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = BB
Rating Explanation	Inadequate degree of safety and high credit risk
Date	December 17, 2014

Rating Agency Name	CRISIL
Rating	Short term rating = A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	December 17, 2014

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 31-03-2014.

INFORMATION DENIED

Management Non-Co-operative (91-240-2534046)

LOCATIONS

Registered Office :	F-89, M.I.D.C. Area, Waluj, Aurangabad – 431136, Maharashtra, India
Tel. No.:	91-240-2534046
Fax No.:	91-240-2554046
E-Mail :	specialty@satyam.net.in marketing@specialty-films.com export@specialty-films.com asha@specialty-films.com shantanu@specialty-films.com
Website :	http://www.specialty-films.com
Location :	Owned

DIRECTORS

As on 27.08.2014

Name :	Shantanu Manohar Deshpande
Designation :	Chairman cum Managing Director
Address :	18, Sahyog Nagar, Ulkanagar, Garkheda, Aurangabad – 431 005, Maharashtra, India
Date of Birth/Age :	21.09.1969
Qualification :	B E Computer Science
Date of Appointment :	23.03.2000
DIN No. :	00388944
Name :	Mrs. Asha Shantanu Deshpande
Designation :	Managing Director
Address :	18, Sahyog Nagar, Ulkanagar, Garkheda, Aurangabad – 431 005, Maharashtra, India
Date of Birth/Age :	02.12.1972
Date of Appointment :	02.04.2012
DIN No. :	00389026
Name :	Mr. Shashank Manohar Deshpande
Designation :	Director
Address :	4, Paraside HSC. Society Baner Road, Baner, Pune – 411045, Maharashtra, India
Date of Birth/Age :	14.09.1967
Date of Appointment :	23.03.2000
DIN No. :	02286877

MAJOR SHAREHOLDERS

As on 27.08.2014

Names of Shareholders	No. of Shares	%age
Deshpande Manohar Shantanu	1865468	62.18
Deshpande Manohar Shashank	271645	9.05
Deshpande Manohar Madhavi	53550	1.79
Deshpande Shantanu Asha	800837	26.69
Deshpande Shashank Priya	8500	0.28
Total	3000000	100.00

As on 27.08.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of all kinds of plastic films including soft, flexible, rigid, and semi-rigid plastics films, Plastic components including PVC etc.
Products :	Rigid Semi-rigid Plastics films Plastic components Including PVC Polystyrene
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	State Bank of India
Branch Address	Industrial Finance Branch, Jaggi’s Building, Kranti Chowk, Jalna Road, Aurangabad – 431 005, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Ashok Patil and Associates Chartered Accountants
Address :	"A.P. Heights", Behind Gopal Cultural Hall, New Osmanpura, Aurangabad – 431 005, Maharashtra, India
PAN No.:	ABFPP1555R
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/-each	Rs.30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/-each	Rs.30.000 Million

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30.000	30.000	29.000
(b) Reserves & Surplus	59.845	45.407	28.144
(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)	89.845	75.407	57.144
(3) Non-Current Liabilities
(a) long-term borrowings	14.031	32.335	53.833
(b) Deferred tax liabilities (Net)	0.000	2.483	4.664
(c) Other long term liabilities	0.578	1.799	1.950
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	14.609	36.617	60.447
(4) Current Liabilities
(a) Short term borrowings	98.777	94.522	81.574
(b) Trade payables	38.108	23.491	24.672
(c) Other current liabilities	24.171	21.627	18.205
(d) Short-term provisions	12.044	7.909	6.361
Total Current Liabilities (4)	173.100	147.549	130.812
TOTAL	277.554	259.573	248.403
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	75.523	87.794	82.270
(ii) Intangible Assets	0.519	0.502	0.546
(iii) Capital work-in-progress	12.251	2.657	13.390
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.110	0.110	0.110
(c) Deferred tax assets (net)	0.489	0.000	0.000
(d) Long-term Loan and Advances	0.686	0.591	0.619
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	89.578	91.654	96.935
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	70.070	63.696	75.851
(c) Trade receivables	91.693	75.709	62.299
(d) Cash and cash equivalents	16.387	18.844	3.550
(e) Short-term loans and advances	5.187	4.901	3.498
(f) Other current assets	4.639	4.769	6.270
Total Current Assets	187.976	167.919	151.468
TOTAL	277.554	259.573	248.403

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	490.517	419.339	330.781
	Other Income	1.277	0.434	0.185
	TOTAL	491.794	419.773	330.966
Less	EXPENSES	446.739	376.334	307.773
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	45.055	43.439	23.193
Less/ Add	DEPRECIATION/ AMORTISATION	18.080	20.074	12.940
	PROFIT/ (LOSS) BEFORE TAX	26.975	23.365	10.253
Less	TAX	9.027	7.701	3.369
	PROFIT/ (LOSS) AFTER TAX	17.948	15.664	6.884
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	120.523	98.457	73.178
	TOTAL EARNINGS	120.523	98.457	73.178
	Earnings / (Loss) Per Share (Rs.)	5.98	5.22	2.37

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	3.65	3.73	2.08
Return on Total Assets (PBT/Total Assets}	(%)	10.19	9.10	4.36
Return on Investment (ROI) (PBT/Networth)		0.30	0.31	0.18
Debt Equity Ratio (Total Liability/Networth)		1.26	1.68	2.37
Current Ratio (Current Asset/Current Liability)		1.09	1.14	1.16

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	29.000	30.000	30.000
Reserves & Surplus	28.144	45.407	59.845
Net worth	57.144	75.407	89.845
long-term borrowings	53.833	32.335	14.031
Short term borrowings	81.574	94.522	98.777
Total borrowings	135.407	126.857	112.808
Debt/Equity ratio	2.370	1.682	1.256

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	330.781	419.339	490.517
		26.772	16.974

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	330.781	419.339	490.517
Profit	6.884	15.664	17.948
	2.08%	3.74%	3.66%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBTS = NOT AVAILABLE

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	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	No
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

PERFORMANCE:

During the year, the company has achieved sales turnover of Rs.490.517 Million as compared to the sales turnover of Rs.419.340 Million of last year at a growth rate of 16.97% and has earned Cash Profit of Rs.45.055 Million during this year as compared to Cash Profit of Rs.43.439 Million of preceding year.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10029811	24/11/2006	97,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH. JAGGI'S BUILDING, KRANTI CHOWK, JALNA ROAD, AURANGABAD, Maharashtra - 431005, INDIA	A07829278
2	10008301	26/11/2014 *	153,000,000.00	STATE BANK OF INDIA	Industrial Finance Branch, Jaggi's Building, Jalna Road, Kranti Chowk,, Aurangabad, Maharashtra -  431005, INDIA	C35778182

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.63.65
UK Pound	1	Rs.99.14
Euro	1	Rs.77.60

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	KAR
Report Prepared by :	PNM

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
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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		43

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.