MIRA INFORM REPORT

Report Date :

06.05.2014

IDENTIFICATION DETAILS

Name :	MG POLYPLAST INDUSTRIES PRIVATE LIMITED

Formerly Known As :	MGI GLASS PRIVATE LIMITED

Registered Office :	B-1/64, First Floor, Ashok Vihar, Phase-II, Delhi – 110 052

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	22.10.2010

Com. Reg. No.:	55-209724

Capital Investment / Paid-up Capital :	Rs.22.092 millions

CIN No.: [Company Identification No.]	U26100DL2010PTC209724

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer, Exporter and Importer of Polycarbonate and PS Sheets.

No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 347000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. Profitability of the company seems to be low during 2013. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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. Manish Garg
Designation :	Director
Contact No.:	91-9818411482
Date :	05.05.2014

LOCATIONS

Registered Office :	B-1/64, First Floor, Ashok Vihar, Phase-II, Delhi – 110 052, India
Tel. No.:	Not Available
Mobile No.:	91-9818411482 (Mr. Manish)
Fax No.:	Not Available
E-Mail :	manish@mgpolyplast.com For Domestic Sales – sales@mgpolyplast.com For Export Sales – export@mgpolyplast.com sanjaymangla2004@yahoo.co.in
Website :	http://www.mgpolyplast.com
Location :	Owned

Corporate Office :	Building No.2152/2, Chuna Mandi, Paharganj, New Delhi – 110 055, India
Tel. No.:	91-11-23583000
Fax No.:	91-11-45063838
Location :	Owned

Factory :	F-191, 192 and G-184, EPIP, RIICO Industrial Area, Neemrana, District Alwar Rajasthan, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Manish Garg

Designation :

Director

Address :

B-1-64, Ashok Vihar, Phase-II, Delhi – 110 052, India

Date of Birth/Age :

04.02.1983

Date of Appointment :

22.10.2010

DIN No.:

01810208

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	U45200DL2007PTC170475	A. G. BUILDTECH PRIVATE LIMITED	Director	15-11-2007	15-11-2007	-	Active	NO
2	U74140DL2007PTC168290	SUSHANT CONSULTANTS PRIVATE LIMITED	Director	16-08-2010	16-08-2010	22-01-2011	Active	NO
3	U26100DL2010PTC209724	MG POLYPLAST INDUSTRIES PRIVATE LIMITED	Director	22-10-2010	22-10-2010	-	Active	NO
4	U36101DL2006PTC144855	GNT WOOD MARK PRIVATE LIMITED	Director	27-08-2013	27-08-2013	-	Active	NO
5	U28112HR2010PTC040160	ARVIND PRECISION ENGINEERS PRIVATE LIMITED	Director	30-10-2013	30-10-2013	-	Active	NO

Name :

Mr. Sanjay Kumar

Designation :

Director

Address :

C-31, Rohit Kunj, Pitampura, Delhi – 110 034, India

Date of Birth/Age :

09.12.1968

Date of Appointment :

22.10.2010

DIN No.:

02210115

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	U45201DL2006PTC146506	PINNACLE BUILDTECH PRIVATE LIMITED	Director	06-06-2008	06-06-2008	-	Active	NO
2	U72300DL1995PTC065069	ADWYT INTERNATIONAL PRIVATE LIMITED	Director	29-09-2009	08-05-2009	-	Active	NO
3	U74140DL2007PTC168290	SUSHANT CONSULTANTS PRIVATE LIMITED	Director	16-08-2010	16-08-2010	22-01-2011	Active	NO
4	U26100DL2010PTC209724	MG POLYPLAST INDUSTRIES PRIVATE LIMITED	Director	22-10-2010	22-10-2010	-	Active	NO
5	U36101DL2006PTC144855	GNT WOOD MARK PRIVATE LIMITED	Director	27-08-2013	27-08-2013	-	Active	NO
6	U28112HR2010PTC040160	ARVIND PRECISION ENGINEERS PRIVATE LIMITED	Director	30-10-2013	30-10-2013	-	Active	NO

Name :

Ms. Manju Gupta

Designation :

Additional Director

Address :

C-31, Rohit Kunj, Pitampura, Delhi – 110 034, India

Date of Birth/Age :

10.01.1971

Date of Appointment :

01.12.2011

DIN No.:

02641521

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	U72300DL1995PTC065069	ADWYT INTERNATIONAL PRIVATE LIMITED	Director	29-09-2009	08-05-2009	-	Active	NO
2	U74900DL2011PTC225868	UNI STAR (INDIA) PRIVATE LIMITED	Director	05-10-2011	05-10-2011	02-12-2013	Active	NO
3	U26100DL2010PTC209724	MG POLYPLAST INDUSTRIES PRIVATE LIMITED	Additional director	01-12-2011	01-12-2011	-	Active	NO

Name :

Mr. Ashok Garg

Designation :

Director

Address :

B-1-64, Ashok Vihar, Phase-II, Delhi – 110 052, India

Date of Birth/Age :

09.01.1965

Date of Appointment :

22.10.2010

DIN No.:

03174036

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	U74140DL2007PTC168290	SUSHANT CONSULTANTS PRIVATE LIMITED	Director	16-08-2010	16-08-2010	22-01-2011	Active	NO
2	U26100DL2010PTC209724	MG POLYPLAST INDUSTRIES PRIVATE LIMITED	Director	22-10-2010	22-10-2010	-	Active	NO
3	U36101DL2006PTC144855	GNT WOOD MARK PRIVATE LIMITED	Additional director	03-01-2014	03-01-2014	-	Active	NO
4	U28112HR2010PTC040160	ARVIND PRECISION ENGINEERS PRIVATE LIMITED	Additional director	14-02-2014	14-02-2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Manish Garg	85000	3.85
Sanjay Kumar	375000	16.97
Manju Gupta	539200	24.41
Ashok Garg	1210000	54.77
Total	2209200	100.00

AS ON 30.09.2013

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

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Polycarbonate and PS Sheets.

Products :	Extruded Acrylic Sheets Polycarbonate Compact Sheets Polycarbonate Hollow/Multiwall Sheets Polystyrene Sheets Polycarbonate Embossed Sheets Polystyerene Embossed Sheets PS-Acrylic Mirror Sheets Polycarbonate Accessories

Exports :
Products :	Polycarbonate and PS Sheets
Countries :	UK

Imports :
Products :	Finished Goods/ Raw Materials
Countries :	Thailand Spain Singapore

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Sabic India Private Limited

Customers :

Wholesalers and End Users

Pawan Plastic, New Delhi

No. of Employees :

150 (Approximately)

Bankers :

Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400 021, Maharashtra, India
Kotak Mahindra Bank Limited, Palam Branch, New Delhi, India (Tel. No.: 91-11-45521060)
ICICI Bank Limited
HDFC Bank Limited

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
ICICI Bank A/c (Car Loan)	0.652	1.004
HDFC Car Loan A/c	0.865	0.000
Kotak Mahindra Bank	0.000	3.419
Total	1.517	4.423


Banking Relations :	--

Auditors :
Name :	Ashish ID Garg and Associates Chartered Accountants
Address :	C-3/117, Ashok Vihar, Phase-2, Delhi – 110 052, India
PAN No.:	AAMFA4036G

Other Related Parties :	Garg Enterprises

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2209200	Equity Shares	Rs.10/- each	Rs.22.092 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	22.092	22.092	4.200
(b) Reserves & Surplus	37.280	36.321	(0.617)
I Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	27.275	0.000	0.000
Total Shareholders’ Funds (1) + (2)	86.647	58.413	3.583

(3) Non-Current Liabilities
(a) long-term borrowings	1.517	4.423	0.000
(b) Deferred tax liabilities (Net)	0.011	0.090	0.000
I Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1.528	4.513	0.000

(4) Current Liabilities
(a) Short term borrowings	38.750	37.225	27.775
(b) Trade payables	48.251	27.983	0.192
I Other current liabilities	2.592	10.420	0.342
(d) Short-term provisions	0.367	0.128	0.000
Total Current Liabilities (4)	89.960	75.756	28.309

TOTAL	178.135	138.682	31.892

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	33.670	28.169	18.047
(ii) Intangible Assets	0.032	0.036	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	0.000	0.000	0.000
I Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.773	0.499	0.479
I Other Non-current assets	0.080	0.120	0.160
Total Non-Current Assets	35.555	28.824	18.686

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	31.198	28.849	5.424
I Trade receivables	75.118	68.215	2.156
(d) Cash and cash equivalents	10.377	8.801	4.200
I Short-term loans and advances	12.078	1.911	0.000
(f) Other current assets	13.809	2.082	1.426
Total Current Assets	142.580	109.858	13.206

TOTAL	178.135	138.682	31.892

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	428.214	257.973	1.946
		Other Income	1.096	0.257	0.051
		TOTAL (A)	429.310	258.230	1.997

Less	EXPENSES
		Office Expenses	422.624	254.605	2.247
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	422.624	254.605	2.247 (Including financial expenses)

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.686	3.625

Less	FINANCIAL EXPENSES (D)		2.240	0.181

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.446	3.444	(0.270)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.058	2.073	0.347

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		1.388	1.371	(0.617)

Less	TAX (H)		0.429	0.217	0.000

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.959	1.154	(0.617)

	Earnings / (Loss) Per Share (Rs.)		0.43	0.52	(1.47)

Particulars

31.03.2014

Sales Turnover (Approximately)

940.000

The above information has been parted by Mr. Manish Garg (Director).

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	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10335211	30/01/2014*	167,500,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B95174876

* Date of charge modification

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans and Advance From Relatives	38.750	37.225
Total	38.750	37.225

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.60.05
UK Pound	1	Rs.101.32
Euro	1	Rs.83.34

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	RAS

Report Prepared by :	SMN

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.