MIRA INFORM REPORT

Report No. :	325868
Report Date :	05.06.2015

IDENTIFICATION DETAILS

Name :	S.G. POLYTEX INDIA PRIVATE LIMITED
Registered Office :	391/1, Somachettiyar Thottam, Trichy Road, Tirupur – 641 664, Tamilnadu
Tel. No.:	91-9361063030
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.06.2013
Com. Reg. No.:	18-019585
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U25200TZ2013PTC019585
IEC No.:	Not Available
TIN No.:	33366247615
CST No.:	756418
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AATCS2308F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing and sale of PVC film, self-adhesive tapes, jumbo rolls-self-adhesive tape, BOPB adhesive, textile garments, yarns, clothes of all types.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track record. For the financial year ended 2014, company has reported minimal revenue from operation and it has incurred accumulated losses. Rating further constrained on account of company’s limited track record of business operations and huge external borrowing taken by the company. Business is active. Payment terms are reported to be slow. In view of limited track record of business operations along with negative reserves, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2013.

INFORMATION DECLINED BY

Name :	Mr. R.S. Gokul Kumar (Son of Director)
Designation :	Not Divulged
Contact No.:	91-9361063030
Date :	04.06.2015

LOCATIONS

Registered Office :	391/1, Somachettiyar Thottam, Trichy Road, Tirupur – 641 664, Tamilnadu, India
Tel. No.:	Not Available
Mobile No.:	91-9361063030 (Mr. R.S. Gokul Kumar)
Fax No.:	Not Available
E-Mail :	sgplastics@gmail.com
Factory :	SF No.391/1, R.S. No.391/1A1, D No.297, Somu Chettiar Thottam, Near Kovai Road, Palladam Taluk, Tirupur – 641 664, Tamilnadu, India

DIRECTORS

AS ON 26.09.2014

Name :	Mrs. S. Vasanthi
Designation :	Director
Address :	Old No.190, New No.2/434, Chinnakodangipalayam, Palladam – 641 662, Tamilnadu, India
Date of Birth/Age :	06.06.1968
Date of Appointment :	12.06.2013
DIN No.:	06603739
Name :	Mr. E. Sundaram
Designation :	Director
Address :	Old No.190, New No.2/434, Chinnakodangipalayam, Palladam – 641 662, Tamilnadu, India
Date of Birth/Age :	07.04.1965
Date of Appointment :	12.06.2013
DIN No.:	06603749

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
E. Sundaram	50000	50.00
S. Vasanthi	50000	50.00
Total	100000	100.00

AS ON 10.12.2014

Names of Allottees	No. of Shares
E. Sundaram	200000
Vasanthi	200000
Total	400000

AS ON 26.09.2014

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

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturing and sale of PVC film, self-adhesive tapes, jumbo rolls-self-adhesive tape, BOPB adhesive, textile garments, yarns, clothes of all types.
Products :	PVC Film Self-Adhesive Tapes Jumbo Rolls-Self-Adhesive Tape BOPB Adhesive Textile Garments Yarns, etc.
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

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

Information declined by the Management.

Bankers :

Banker Name	The Catholic Syrian Bank Limited
Branch Address	Seetha's Arcade, 141, Kumaran Road, Coimbatore – 641 601, Tamilnadu, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
MICR Code	641047102
IFSC Code	CSBK0000209
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

Facilities :

Secured Loans	31.03.2014 (Rs. in Million)
LONG TERM BORROWINGS
Term Loans
From Banks
CSB Term Loan-650001	0.366
CSB Term Loan-650002	1.560
CSB Term Loan-650003	0.271
CSB Term Loan-650004	0.000
SHORT TERM BORROWINGS
Cash Credit Loan from Bank
The Catholic Syrian Bank – 708001	7.026
The Catholic Syrian Bank – 710501	5.880
Total	15.103

Banking Relations :	--
Auditors :
Name :	Bakthavachalam and Company Chartered Accountants
Address :	15/67A, K G Layout, 8^th Cross, Bharathi Park, Saibaba Colony, Coimbatore – 641 011, Tamilnadu, India
Tel. No.:	91-422-2439392
Mobile No.:	91-9443723239
E-Mail :	bandco.ca@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AADFB5331Q
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AFTER 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 million

AS ON 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014
I.              EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	0.100
(b) Reserves & Surplus	(0.075)
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.900
Total Shareholders’ Funds (1) + (2)	0.925
(3) Non-Current Liabilities
(a) Long-term borrowings	3.671
(b) Deferred tax liabilities (Net)	0.142
(c) Other long term liabilities	0.000
(d) Long-term provisions	0.000
Total Non-current Liabilities (3)	3.813
(4) Current Liabilities
(a) Short term borrowings	12.906
(b) Trade payables	5.324
(c) Other current liabilities	3.074
(d) Short-term provisions	0.963
Total Current Liabilities (4)	22.267
TOTAL	27.005
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.872
(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	1.200
(e) Other Non-current assets	0.000
Total Non-Current Assets	14.072
(2) Current assets
(a) Current investments	0.000
(b) Inventories	6.153
(c) Trade receivables	4.965
(d) Cash and cash equivalents	0.387
(e) Short-term loans and advances	1.428
(f) Other current assets	0.000
Total Current Assets	12.933
TOTAL	27.005

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014
	SALES
		Income		9.768
		Other Income
		TOTAL		9.768
Less	EXPENSES
		TOTAL		8.743
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			1.025
Less	FINANCIAL EXPENSES			0.240
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			0.785
Less/ Add	DEPRECIATION/ AMORTISATION			0.559
	PROFIT/ (LOSS) BEFORE TAX			0.226
Less	TAX			0.141
	PROFIT/ (LOSS) AFTER TAX			0.085
	Earnings/ (Loss) Per Share (Rs.)			0.85

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014
Current Maturities of Long term debt	3.043
Cash generated from operations	NA

KEY RATIOS

PARTICULARS		31.03.2014
Net Profit Margin (PAT / Total Income)	(%)	0.87
Operating Profit Margin (PBIDT/ Total Income)	(%)	10.49
Return on Total Assets (PBT/Total Assets}	(%)	0.84
Return on Investment (ROI) (PBT/Networth)		0.24
Debt Equity Ratio (Total Debt /Networth)		21.21
Current Ratio (Current Asset/Current Liability)		0.58

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last about one year	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last about one year	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Particulars	31.03.2014 (Rs. in Million)
LONG TERM BORROWINGS
Loan from Directors
E. Sundaram	1.062
Vasanthi	0.412
Total	1.474

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10502614	23/12/2014 *	20,500,000.00	THE CATHOLIC SYRIAN BANK LIMITED	SEETHA'S ARCADE, 141, KUMARAN ROAD, COIMBATORE – 641 601, TAMILNADU, INDIA	C43337757
2	10488688	07/03/2014	891,000.00	THE CATHOLIC SYRIAN BANK LIMITED	SEETHA'S ARCADE, 141, KUMARAN ROAD, COIMBATORE – 641 601, TAMILNADU, INDIA	C02907301
3	10502451	07/03/2014	1,600,000.00	THE CATHOLIC SYRIAN BANK LIMITED	SEETHA'S ARCADE, 141, KUMARAN ROAD, COIMBATORE – 641 601, TAMILNADU, INDIA	C02997799
4	10502612	07/03/2014	2,100,000.00	THE CATHOLIC SYRIAN BANK LIMITED	SEETHA'S ARCADE, 141, KUMARAN ROAD, COIMBATORE – 641 601, TAMILNADU, INDIA	C03015344
5	10502616	07/03/2014	2,723,000.00	THE CATHOLIC SYRIAN BANK LIMITED	SEETHA'S ARCADE, 141, KUMARAN ROAD, COIMBATORE – 641 601, TAMILNADU, INDIA	C03027844
6	10502445	07/03/2014	7,000,000.00	THE CATHOLIC SYRIAN BANK LIMITED	SEETHA'S ARCADE, 141, KUMARAN ROAD, COIMBATORE – 641 601, TAMILNADU, INDIA	C02936342

* Date of charge modification

FIXED ASSETS

· Computer

· Machineries

· Electrical and Fittings

· Furniture and Fittings

· Vehicles

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.64.18
UK Pound	1	Rs.98.30
Euro	1	Rs.72.25

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--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		11

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.