MIRA INFORM REPORT

Report No. :	303293
Report Date :	15.01.2015

IDENTIFICATION DETAILS

Name :	ADVENTEC POLYMERS PRIVATE LIMITED
Registered Office :	40 Strand Road 3^rd Floor, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.11.2002
Com. Reg. No.:	21-095430
Capital Investment / Paid-up Capital :	Rs. 8.906 Millions
CIN No.: [Company Identification No.]	U24231WB2002PTC095430
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of polyvinyl Chloride pipes and fittings, CPVC pipes and fittings.
No. of Employees :	100 (Approximately)

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

Maximum Credit Limit :	USD 90000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound. 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.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

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. Manish Shah
Designation :	Finance Manager
Contact No.:	91-33-22433396
Date :	14.01.2015

LOCATIONS

Registered Office :	40 Strand Road 3^rd Floor, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22433396/ 33-22433397
Fax No.:	91-33-22432395
E-Mail :	statutary@oriplast.com
Website :	http://www.oriplast.com
Factory :	F-188 (K and L), Riico Industrial Area, Phase – II, Alwar, Behror – 301701, Rajasthan, India

DIRECTORS

AS ON 30.09.2014

Name :

Ashish Agarwal

Designation :

Director

Address :

51/1, Bon Behari Bose Road, Howrah – 711101, West Bengal, India

Date of Birth/Age :

20.05.1977

Date of Appointment :

26.11.2002

Voter ID No.:

WB/24/164/069073

DIN No.:

00365451

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	U24231WB2002PTC095430	ADVENTEC POLYMERS PRIVATE LIMITED	Director	26/11/2002	26/11/2002	-	Active	NO
2	U65999WB1996PTC081124	TRIBHUWAN CREDIT & PROPERTIES PVT LTD	Director	27/03/2006	27/03/2006	-	Active	NO
3	U19202WB1988PLC044642	ORI PLAST LTD.	Director	30/03/2006	30/03/2006	-	Active	NO
4	U25208WB2007PTC120606	PARAM POLYMERS PRIVATE LIMITED	Additional director	01/12/2010	01/12/2010	-	Active	NO
5	U25209WB2008PTC121986	ACCURATE POLYMERS PRIVATE LIMITED	Director	28/02/2011	28/02/2011	-	Active	NO

Name :

Rekha Agarwal

Designation :

Director

Address :

51/3/A, Strand Road, Kolkata – 700007, West Bengal, India

Date of Birth/Age :

20.12.1961

Date of Appointment :

26.11.2002

Voter ID No.:

WB/21/142/123525

DIN No.:

00407904

Name :

Mr. Ramesh Kumar Bajaj

Designation :

Director

Address :

4, Gopinath Chongder Lane, Howrah – 711101, West Bengal, India

Date of Birth/Age :

14.10.1959

Date of Appointment :

03.04.2006

Voter ID No.:

WB/24/164/054117

DIN No.:

00428227

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	U70101WB1998PTC087876	RJB CONSTRUCTIONS PRIVATE LIMITED	Director	04/09/1999	04/09/1999	-	Active	NO
2	U24231WB2002PTC095430	ADVENTEC POLYMERS PRIVATE LIMITED	Director	03/04/2006	03/04/2006	-	Active	NO
3	U25208WB2007PTC120606	PARAM POLYMERS PRIVATE LIMITED	Director	26/11/2007	26/11/2007	-	Active	NO

Name :

Mr. Harshvardhan Agarwal

Designation :

Additional Director

Address :

12A/4, Judges Court Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

04.07.1982

Date of Appointment :

01.12.2010

DIN No.:

00364194

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	U65999WB1996PTC081124	TRIBHUWAN CREDIT & PROPERTIES PVT LTD	Director	28/08/2000	28/08/2000	-	Active	NO
2	U65999WB1996PTC081123	ALKARAJ PROPERTIES & VINIYOG PVT LTD	Director	28/08/2000	28/08/2000	-	Active	NO
3	U19202WB1988PLC044642	ORI PLAST LTD.	Director	01/09/2008	01/09/2008	-	Active	NO
4	U25208WB2007PTC120606	PARAM POLYMERS PRIVATE LIMITED	Additional director	01/12/2010	01/12/2010	-	Active	NO
5	U24231WB2002PTC095430	ADVENTEC POLYMERS PRIVATE LIMITED	Additional director	01/12/2010	01/12/2010	-	Active	NO
6	U25209WB2008PTC121986	ACCURATE POLYMERS PRIVATE LIMITED	Director	28/02/2011	28/02/2011	-	Active	NO
7	U25209WB1992PTC055595	C A POLYCARE PVT LTD	Director	01/11/2011	01/11/2011	-	Active	NO
8	U93000DL2012NPL238679	Indian Plumbing Skills Council	Director	18/12/2013	22/12/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manish Shah
Designation :	Finance Manager

MAJOR SHAREHOLDERS

AS ON 31.03.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Ashish Agarwal	60200	6.76
Harshvardhan Agarwal	100200	11.25
Rekha Agarwal	120000	13.47
Sweta Agarwal	200	0.02
Sawalram Agarwal (HUF)	30000	3.37
Kailash Chand Agarwal	100000	11.23
Anita Agarwal	400000	44.91
Kamal Kishore Agarwal	40000	4.49
Bela Agarwal	40000	4.49
Total	890600	100.000

AS ON 31.03.2014

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 of polyvinyl Chloride pipes and fittings, CPVC pipes and fittings.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	USA Korea South East Asia European Countries
Terms :
Selling :	Cash, Credit and Advance Payment
Purchasing :	Cash, Credit and Advance Payment

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

• Wholesalers
• Retailers
• End Users

No. of Employees :

100 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	N.S. Road Branch, Kolkata, Chennai, 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)	Rs. 67.500 Millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
SHORT TERM BORROWINGS
Rupee loan form banks cash credit	49.963	33.069
Buyers credit	0.000	5.142
Total	49.963	38.211

Auditors :
Name :	Surendra Yamuna and Associates Chartered Accountant
Address :	32, Ezra Street, 8th Floor, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22353694/ 40052104
Mobile No.:	91-9830501763/ 9330033423
PAN No.:	AAVFS9204P
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
890,600	Equity Shares	Rs. 10/- each	Rs. 8.906 Millions

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	8.906	8.906	8.906
(b) Reserves & Surplus	25.683	21.799	16.861
(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)	34.589	30.705	25.767
(3) Non-Current Liabilities
(a) long-term borrowings	10.700	10.700	10.700
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	2.150	1.702	1.650
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	12.850	12.402	12.350
(4) Current Liabilities
(a) Short term borrowings	49.963	38.211	29.323
(b) Trade payables	1.697	9.437	14.543
(c) Other current liabilities	12.433	13.921	6.441
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	64.093	61.569	50.307
TOTAL	111.532	104.676	88.424
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	25.812	27.167	29.619
(ii) Intangible Assets	0.027	0.000	0.000
(iii) Capital work-in-progress	0.432	0.432	0.617
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.027	0.027	0.027
(c) Deferred tax assets (net)	1.520	1.626	1.556
(d) Long-term Loan and Advances	2.191	2.161	2.350
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	30.009	31.413	34.169
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	57.108	48.484	35.181
(c) Trade receivables	7.855	6.740	7.650
(d) Cash and cash equivalents	6.462	8.441	4.723
(e) Short-term loans and advances	9.495	9.045	6.325
(f) Other current assets	0.603	0.553	0.376
Total Current Assets	81.523	73.263	54.255
TOTAL	111.532	104.676	88.424

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	289.800	304.800	199.453
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		9.169	11.953	7.557
Less/ Add	DEPRECIATION/ AMORTISATION		3.588	4.962	6.005
	PROFIT/ (LOSS) BEFORE TAX		5.581	6.991	1.552
Less	TAX		1.698	2.053	0.626
	PROFIT/ (LOSS) AFTER TAX		3.883	4.938	0.926
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.798	6.313	5.387
Less	APPROPRIATIONS
		Transfer to General Reserve	3.000	2.453	0.000
	BALANCE CARRIED TO THE B/S		9.681	8.798	6.313
	Earnings / (Loss) Per Share (Rs.)		4.36	5.54	1.04

Expected Sales (2014-15): Rs. 300.000 Millions

The above information has been parted by Mr. Manish Shah (Finance Manager).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	1.34	1.62	0.46
Return on Total Assets (PBT/Total Assets}	(%)	5.09	6.81	1.80
Return on Investment (ROI) (PBT/Networth)		0.16	0.23	0.06
Debt Equity Ratio (Total Liability/Networth)		1.75	1.59	1.55
Current Ratio (Current Asset/Current Liability)		1.27	1.19	1.08

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	8.906	8.906	8.906
Reserves & Surplus	16.861	21.799	25.683
Net worth	25.767	30.705	34.589
long-term borrowings	10.700	10.700	10.700
Short term borrowings	29.323	38.211	49.963
Total borrowings	40.023	48.911	60.663
Debt/Equity ratio	1.553	1.593	1.754

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	199.453	304.800	289.800
		52.818	(4.921)

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	199.453	304.800	289.800
Profit	0.926	4.938	3.883
	0.46%	1.62%	1.34%

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%	No
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
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	Yes
34]	External Agency Rating, if available	No

OPERATIONS:

During the year the workings of the company had effected due to fall in the turnover from Rs. 304.800 Millions to Rs. 289.800 Millions. Further to this other operating revenue had also fallen from Rs. 0.603 Millions to Rs. 0.186 Millions. This was due to frequent up and down in the prices of raw materials. The directors are looking for better and new range of products for the further growth and business of the company and directors are in opinion that company will achieve further better results during the current year.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10214615	22/02/2014 *	67,500,000.00	STATE BANK OF INDIA	N. S. Road Branch, 8, N. S. Road, Kolkata, West Bengal - 700001, INDIA	B97336572

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
From directors	2.400	2.400
From shareholders	8.300	8.300
Total	10.700	10.700

FIXED ASSETS

• Land
• Buildings
• Plant and Machinery
• Electrical Installation
• Vehicles
• Office Equipments
• Furniture and Fixture

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. 62.15
UK Pound	1	Rs. 94.24
Euro	1	Rs. 73.29

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	JYO

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	YES
--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.