MIRA INFORM REPORT

Report Date :

10.05.2014

IDENTIFICATION DETAILS

Name :	SSPL POLYMERS PRIVATE LIMITED
Registered Office :	C-34A, First Floor, Hari Nagar, Clock Tower, New Delhi – 110064
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.07.2012
Com. Reg. No.:	55-238505
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U24290DL2012PTC238505
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of water proofing chemical and adhesives.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 40000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track record. Company has achieved fair sales turnover in first year of operation but profitability of the company is low. However, trade relation are improving. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution.

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	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

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. Mahendra Sharma
Designation :	General manager
Contact No.:	91-8980222233
Date :	07.05.2014

LOCATIONS

Registered Office :	C-34A, First Floor, Hari Nagar, Clock Tower, New Delhi – 110064, India
Tel. No.:	91-11-26328651
Mobile No.:	91-8980222233 (Mr. Mahendra Sharma) 91-9810683789 (Mr. Khalid Usmani)
Fax No.:	91-11-26328651
E-Mail :	s_mahendra@hotmail.com
Factory :	115/1 Daman Industrial Estate, Kadaiya, Nani, Daman – 396210, India
Tel. No.:	91-260-2221251

DIRECTORS

AS ON 27.09.2013

Name :

Mr. Khalid Kamal Usmani

Designation :

Director

Address :

S-367, Shakti Nagar, Indira Nagar, Lucknow – 226016, Uttar Pradesh, India

Date of Birth/Age :

01.01.1971

Date of Appointment :

06.07.2012

DIN No.:

01280319

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	U24219DL2003PTC123644	STAR COATINGS AND MEMBRANES PRIVATE LIMITED	Director	23/12/2003	23/12/2003	-	Active	NO
2	U24100MH2004PTC143902	STAR SPECIALTIES POLYMERS PRIVATE LIMITED	Director	07/01/2004	07/01/2004	27/08/2011	Active	NO
3	U24119DL2004PTC125409	STAR ENGINEERING CHEMICALS APPLICATORS PRIVATE LIMITED	Director	25/03/2004	25/03/2004	-	Active	NO
4	U74999DL2004PTC129603	PARAMOUNT POLYTREAT CHEMICALS PRIVATE LIMITED	Director	01/10/2004	01/10/2004	-	Active	NO
5	U24290DL2012PTC238505	SSPL Polymers Private Limited	Director	06/07/2012	06/07/2012	-	Active	NO

Name :

Mr. Tarik Kamal Usmani

Designation :

Director

Address :

VPO, Raiganj, Ghaziapur – 271830, Uttar Pradesh, India

Date of Birth/Age :

10.08.1963

Date of Appointment :

06.07.2012

DIN No.:

03573668

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	U24100MH2011FTC220981	Reda Chemicals India Private Limited	Director	16/08/2011	16/08/2011	Active	NO
2	U24290DL2012PTC238505	SSPL Polymers Private Limited	Director	06/07/2012	06/07/2012	Active	NO

Name :

Mr. Mohammad Hamid

Designation :

Director

Address :

Vill, Rasoolpcir, PC Hameedpcir, Ghosi Mau - 275304, India

Date of Birth/Age :

30.06.1969

Date of Appointment :

06.07.2012

DIN No.:

05217867

KEY EXECUTIVES

Name :	Mr. Mahendra Sharma
Designation :	General manager

MAJOR SHAREHOLDERS

AS ON 27.09.2013

Names of Shareholders	No. of Shares	% of Holding
Khalid Kamal Usmani	400000	40.00
Tarik Kamal Usmani	400001	40.00
Mohammad Hamid	200001	20.00
Total	1000002	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 27.09.2013

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of water proofing chemical and adhesives.
Imports :
Products :	Raw Material
Countries :	· Dubai · Thailand
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :	Visen Industries Limited
Customers :	Paramount Poly trade Chemical Private Limited
No. of Employees :	30 (Approximately)
Bankers :	ICICI Bank Limited, Okhla Industrial Area, Okhla, New Delhi – 110020, India

Banking Relations :

--

Auditors :

Name :

Vinod Goyal and Associates

Chartered Accountants

Address :

A-19, Office No.301, 3^rd Floor, Guru Nank Nagar, Pura (Near V3S Mall), Laxmi Nagar, Delhi – 110092, India

PAN No.:

AAIFV8752G

Sister Concern :

Name :	Star Coating and Membrance Private Limited
Address :	Delhi, India
Line of Business :	Distributor of construction chemical.
Name :	Paramount Ploy Treat Chemical Private Limited
Address :	Delhi, India
Line of Business :	Trader of adhesive and cleaning chemical.

CAPITAL STRUCTURE

AS ON 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000002	Equity Shares	Rs.10/- each	Rs.10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000
(b) Reserves & Surplus	0.034
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	10.034
(3) Non-Current Liabilities
(a) long-term borrowings	0.000
(b) Deferred tax liabilities (Net)	0.079
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	0.079
(4) Current Liabilities
(a) Short term borrowings	1.100
(b) Trade payables	11.851
(c) Other current liabilities	0.038
(d) Short-term provisions	0.144
Total Current Liabilities (4)	13.133
TOTAL	23.246
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.664
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	0.000
(e) Other Non-current assets	0.000
Total Non-Current Assets	4.664
(2) Current assets
(a) Current investments	0.000
(b) Inventories	5.742
(c) Trade receivables	8.691
(d) Cash and cash equivalents	3.673
(e) Short-term loans and advances	0.091
(f) Other current assets	0.385
Total Current Assets	18.582
TOTAL	23.246

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013
	SALES
		Income	21.017
		Other Income	NA
		TOTAL	NA
Less	EXPENSES
		TOTAL	20.876
	PROFIT/(LOSS) BEFORE TAX		0.168
Less	TAX		0.134
	PROFIT/(LOSS) AFTER TAX		0.034
	Earnings Per Share (Rs.)		0.03

KEY RATIOS

PARTICULARS		31.03.2013
Net Profit Margin (PBT/Sales)	(%)	0.80
Return on Total Assets (PBT/Total Assets}	(%)	0.72
Return on Investment (ROI) (PBT/Networth)		0.02
Debt Equity Ratio (Total Debt /Networth)		0.11
Current Ratio (Current Asset/Current Liability)		1.41

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 one year	Yes
12]	Profitability for last one year	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]	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 LOANS:

Particulars	31.03.2013 Rs. In Millions
Short Term Borrowings
Long Term Repayable on Demand/ within 12 Months
From Directors	1.100
Total	1.100

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10451779	30/09/2013	6,200,000.00	ICICI BANK LIMITED	OKHLA INDUSTRIAL AREA, OKHLA, NEW DELHI - 110020, INDIA	B86054467

FIXED ASSETS:

· Air Conditioner

· Office Equipment

· Computer Hardware

· Furniture and Fixture

· Lab Equipment

· Electrical Equipment and Fixtures

· Plant and Machinery

· Lease hold assets

· Computer software

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 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.101.65
Euro	1	Rs.83.07

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUM
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.