MIRA INFORM REPORT

Report No. :	317120
Report Date :	15.04.2015

IDENTIFICATION DETAILS

Name :	APEX TECHNO POLYMER PRIVATE LIMITED
Registered Office :	802‐ Atlanta, Sonawala Road, Goregaon (East), Mumbai-400063, Maharashtra
Tel No.:	91-22-61444333
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.07.2008
Com. Reg. No.:	11-184898
Capital Investment / Paid-up Capital :	Rs. 10.000 Million
CIN No.: [Company Identification No.]	U51109MH2008PTC184898
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMV16220B
PAN No.: [Permanent Account No.]	AACCV8027B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of wholesaler and distributor of plastic granules and plastic products.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. As per ROC the date of balance sheet (i.e, financial filed) is shown as 31.03.2014 but the documents related to the financial for the year 2014 are not available from any sources. As per available financial of 2013, profit margins of the company seems to be low. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Not Available

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 PARTED BY

Name :	Mr. Ravi Nayak
Designation :	Accounts Head
Contact No.:	91-22-61444333
Date :	13.04.2015

LOCATIONS

Registered Office/ Corporate office :	802‐ Atlanta, Sonawala Road, Goregaon (East), Mumbai-400063, Maharashtra, India
Tel. No.:	91-22-61444333
Fax No.:	91-22-61444325
E-Mail :	ravi@apextechnopolymer.com
Website :	www.apextechoplast.com
Area :	1400 sq. ft.
Location :	Owned
Branch Office :	Located at Bhiwandi Chennai Bangalore

DIRECTORS

As on 30.09.2013

Name :	Mr. Khozema Asgarali Jaorawala
Designation :	Director
Address :	105, Sarkar Tower Ii, F Wing, 50th Nesbit Road, Mazgaon, Mumbai, 400010, Maharashtra, India
Date of Appointment :	18.08.2008
DIN No.:	02091114
Name :	Mr. Siraj Asgarali Jaorawala
Designation :	Director
Address :	5, Rodeff Solemn Building, 23, Sussex Road, Byculla, Mumbai‐400027, Maharashtra, India
Date of Appointment :	18.08.2008
DIN No.:	02091132

KEY EXECUTIVES

Name :	Mr. Ravi Nayak
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage
Khozema Asgarali Jaorawala	90000	9.00
Siraj Asgarali Jaorawala	90000	9.00
Sharifa A. Jorawala	730000	73.00
Tasneem S. Jorawala	90000	9.00
Total	1000000	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of wholesaler and distributor of plastic granules and plastic products.
Products :	Plastic Granules Plastic Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Engineering Plastic
Countries :	Korea Japan
Terms :
Selling :	L/C and Credit (90 Days)
Purchasing :	L/C and Credit (60 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Starulation Industry
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 :	Magneti Marelli
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 :

40 (Approximately)

Bankers :

Banker Name :	Apana Sahakari Bank Ltd.
Branch Address :	Shatrunjay, Giriraj Complex, 1st Floor,Tanaji Chowk, New Mill Road, Kurla (West), Mumbai - 400070, Maharashtra, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	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

• Janaseva Sahakari Bank (Borivli) Limited Acme Amay CHS, Vishveshwar Road, Goregaon (East), Mumbai - 400063, Maharashtra, India
• HDFC Bank
• State Bank of India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2013	As on 31.03.2013
Short Term Borrowing
External Commercial Borrowing	47.186	16.766
Cash Credit Sahakari Bank	74.841	44.774
Total	122.027	61.540

Auditors :
Name :	Deepak Maru and Co. Chartered Accountants
Address :	2, Gajanan Colony, Room No. 5, Goregaon West, Mumbai-400062, Maharashtra, India
PAN No.:	AAFFD1247F
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	Apex Technoplast Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 million

FINANCIAL DATA

[all figures are in Rupees Million]

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	10.000	5.000	0.100
(b) Reserves & Surplus	17.380	5.089	0.318
(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)	27.380	10.089	0.418
(3) Non-Current Liabilities
(a) long-term borrowings	46.168	8.948	1.860
(b) Deferred tax liabilities (Net)	0.214	0.039	0.000
(c) 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)	46.382	8.987	1.860
(4) Current Liabilities
(a) Short term borrowings	122.028	71.597	0.000
(b) Trade payables	176.540	93.501	0.000
(c) Other current liabilities	3.668	1.444	0.011
(d) Short-term provisions	5.107	7.290	0.052
Total Current Liabilities (4)	307.343	173.832	0.063
TOTAL	381.105	192.908	2.341
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.234	1.155	0.000
(ii) Intangible Assets	0.000	0.000	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	1.468	1.468	1.468
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	5.345	1.466	0.000
Total Non-Current Assets	14.047	4.089	1.468
(2) Current assets
(a) Current investments	0.500	0.500	0.000
(b) Inventories	135.341	57.038	0.000
(c) Trade receivables	183.875	103.832	0.000
(d) Cash and cash equivalents	34.863	25.480	0.873
(e) Short-term loans and advances	12.479	1.969	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	367.058	188.819	0.873
TOTAL	381.105	192.908	2.341

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	699.874	338.616	0.000
Less	EXPENSES
		TOTAL	696.526	331.711	0.325
	PROFIT BEFORE TAX		3.348	6.905	(0.325)
Less	TAX		1.057	2.134	0.000
	PROFIT AFTER TAX		2.291	4.771	(0.325)
	Earnings Per Share (Rs.)		2.29	--	--

Particulars	31.03.2015	31.03.2014
Sales Turnover (Approximately)	1360.000	1100.000

The above information has been parted by Mr. Ravi Nayak (Accounts Head)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	0.33	1.41	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.88	3.61	(37.23)
Return on Investment (ROI) (PBT/Networth)		0.12	0.68	(0.78)
Debt Equity Ratio (Total Debt /Networth)		6.14	7.98	4.45
Current Ratio (Current Asset/Current Liability)		1.19	1.09	13.86

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	5.000	10.000
Reserves & Surplus	0.318	5.089	17.380
Net worth	0.418	10.089	27.380
long-term borrowings	1.860	8.948	46.168
Short term borrowings	0.000	71.597	122.028
Total borrowings	1.860	80.545	168.196
Debt/Equity ratio	4.450	7.983	6.143

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Sales	338.616	699.874
		106.687

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Sales	338.616	699.874
Profit	4.771	2.291
	1.41%	0.33%

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	No
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	Yes
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

LITIGATION DETAILS
Bench:- Bombay
Presentation Date:- 04/08/2014
Lodging No. :	CAL/371/2014	Failing Date:-	04/08/2014	Reg. No.:-		CA/340/2014
Reg. Date:-	21/08/2014
Lodging No.:-		CPL/273/2014	Reg No.:-		CP/723/2014
Petitioner:-	PADMINI PETROPLAST PRIVATE LIMITED	Respondent:-	APEX TECHNO POLYMER PRIVATE LIMITED
Petn.Adv:-	SIDDHARTH MURARKA (416)
District:-	MUMBAI
Bench:-	SINGLE	Category:-	COMPANY APPLN. FOR APPT. OF PROVIDIONAL LIQUIDATOR
Status:-	Admitted(Unready)	Stage:-	PETITIONS FOR HEARING [ORIGINAL SIDE MATTERS]
		Stage:-	FOR ADMISSION - FRESH [ORIGINAL SIDE MATTERS]
Last Date:-	19/03/2015
Last Coram:-	HON'BLE SHRI JUSTICE S.J. KATHAWALLA
Act. :	Companies Act & Rules 1956		Under Section 450,275

(Rs. In Million)

UNSECURED LOAN	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Loan from Directors and their friend and relatives
Khozema Asgarali Jaorawala	1.400	6.789
Siraj Asgarali Jaorawala	0.822	2.159
Anilkumar T. Jain	2.000	0.000
Siddheshwar Impex	1.563	0.000
Jetiben R. Shah	0.650	0.000
Rashmika Shah	0.600	0.000
Inter Company deposit
Dandekar Inks and Adhesives Limited	5.000	5.057
Empower India Limited	13.471	0.000
Nakshtra business Private Limited	7.533	0.000
Yashika Jewels Private Limited	5.405	5.000
Aadishwar Diamond Private Limited	5.120	0.000
Gangotri Exim Private Limited	2.605	0.000
Total	46.169	19.005

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10452581	10/09/2013	50,000,000.00	JANASEVA SAHAKARI BANK(BORIVLI) LIMITED	Acme Amay CHS, Vishveshwar Road,, Goregaon (East), Mumbai, Maharashtra - 400063, INDIA	B86485034
2	10335946	21/11/2014 *	125,000,000.00	APNA SAHAKARI BANK LIMITED	SHATRUNJAY, GIRIRAJ COMPLEX, 1ST FLOOR,, TANAJI CHOWK, NEW MILL ROAD, KURLA (WEST), MUMBAI, Maharashtra - 400070, INDIA	C39057997
3	10286423	10/07/2012 *	75,000,000.00	APNA SAHAKARI BANK LIMITED	SHATRUNJAY, GIRIRAJ COMPLEX, 1ST FLOOR,, TANAJI CHOWK, NEW MILL ROAD, KURLA (WEST), MUMBAI, Maharashtra - 400070, INDIA	B44994002
4	10286425	30/04/2011	100,000,000.00	APNA SAHAKARI BANK LIMITED	SHATRUNJAY, GIRIRAJ COMPLEX, 1ST FLOOR,, TANAJI CHOWK, NEW MILL ROAD, KURLA (WEST), MUMBAI, Maharashtra - 400070, INDIA	B12659942

* Date of charge modification

FIXED ASSETS

• Computers
• Furniture and fixture
• Air conditioner
• 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.62.38
UK Pound	1	Rs.91.06
Euro	1	Rs.66.16

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	DIV
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	YES
--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		28

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.