MIRA INFORM REPORT

Report No. :	338933
Report Date :	02.09.2015

IDENTIFICATION DETAILS

Name :	POLYBLENDS INDIA PRIVATE LIMITED
Registered Office :	H-12, Ground Floor, Kirti Nagar, New Delhi - 110015
Tel. No.:	91-124-4368112
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.11.1993
Com. Reg. No.:	55-056119
Capital Investment / Paid-up Capital :	Rs. 15.000 Million
CIN No.: [Company Identification No.]	U74899DL1993PTC056119
IEC No.:	0504053205
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACP6383L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plastic Products, Filled Compounds and Master Batches of all kind of Plastic Raw Materials.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (35)

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 :	Clear
Comments :	Subject is an established company having moderate track record. Rating takes into consideration moderate financial risk profile of the company marked by leveraged capital structure and less cash in hand reported in FY 14 over previous year. However, company has reported growth in its sales turnover along with fair profit margin. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of increasing borrowings, 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	CRISIL
Rating	Long term rating = B (Suspended)
Rating Explanation	Risk prone credit quality and carried very high credit risk.
Date	November 14, 2014

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. Roy
Designation :	Accountant
Contact No.:	91-124-4368112
Date :	28.08.2015

LOCATIONS

Registered Office :	H-12, Ground Floor, Kirti Nagar, New Delhi – 110015, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	polyblends@gmail.com
Factory :	Plot No. 144, Sector 7, IMT Manesar, Gurgaon – 122050, Haryana, India
Tel. No.:	91-124-4368111-3
Fax No.:	91-124-4368110

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Vijay Jain

Designation :

Director

Address :

L-21, Kirti Nagar, New Delhi – 110015, India

Date of Appointment :

17.11.1995

DIN No.:

00772050

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	U74899DL1993PTC056119	POLYBLENDS INDIA PRIVATE LIMITED	Director	17-11-1995	17-11-1995	Active	NO
2	U45201UP1999PTC024989	SIDDHA PROMOTERS PRIVATE LIMITED	Director	30-09-2014	30-09-2014	Active	NO

Name :

Mrs. Rita Jain

Designation :

Director

Address :

L-21, Kirti Nagar, New Delhi – 110015, India

Date of Appointment :

19.11.1993

DIN No.:

02414991

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	U74899DL1993PTC056119	POLYBLENDS INDIA PRIVATE LIMITED	Director	19-11-1993	19-11-1993	Active	NO
2	U45201UP1999PTC024989	SIDDHA PROMOTERS PRIVATE LIMITED	Director	30-09-2014	30-09-2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Roy
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Vijay Jain	59000
Rita Jain	10000
Vijay Jain (HUF)	15000
Select Product Private Limited, India	2500
Mupnar Trexim Private Limited, India	5000
Pallavi Apartment Private Limited, India	5000
Rani Sati Apartmants Private Limited, India	5000
Sunavi Trading and Investment Components, India	5000
Jutax Trade (I) Private Limited, India	2500
Progressive Fintrax Private Limited, India	5000
Vasha Holding Private Limited, India	2500
Nawalsons Holdings Private Limited, India	1500
Manor Investments Private Limited, India	4000
Sadgi Communication Private Limited, India	10000
Octal Commodities Private Limited, India	2000
Haridwar Trades Private Limited, India	4000
Ankit Tracom Private Limited, India	2000
Banka Finance and Securities Private Limited, India	2000
Gold Moon Fiscal Services Private Limited, India	5000
Nandraj Commercial Private Limited, India	1000
Monalisa Commercial Private Limited, India	1000
Gajeshwar Sales Private Limited, India	1000
Total	150000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	44.00
Directors or relatives of directors	56.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Plastic Products, Filled Compounds and Master Batches of all kind of Plastic Raw Materials.
Brand Names :	--
Agencies Held :	--
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 (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· HDFC Bank Limited

9TH Floor, Ansal Classique Tower, Rajouri Garden, New Delhi - 110027, Delhi, India

· Indusind Bank Limited

Dr. Gopal Das Bhawan, 28 Barakhamba Road, New Delhi - 110001, Delhi, India

· HDFC Bank Limited

HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

· State Bank Of Bikaner and Jaipur

Kirti Nagar, New Delhi, Delhi, India

· Union Bank of India

Lodhi Colony, New Delhi - 110003, Delhi, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Vehicle loan from Banking and Finance Companies	0.346	0.239
SHORT TERM BORROWINGS
Working capital loan from Indusind Bank	127.355	101.428
Vehicle loan from Banking and Finance Companies	0.258	1.582
Personal loan from Banking and Finance Companies	2.610	4.274
Interest accrued but not due	0.087	0.118
Total	130.656	107.641
SHORT TERM BORROWINGS Secured against hypothecation by way of first and exclusive charge on all present and future current assets inclusive of all stock and book debts and equitable mortgage of land and building of the company along with properties of the directors.

Banking Relations :	--
Auditors :
Name :	Gupta Jalan and Associates Chartered Accountants
Address :	405, Crown Heights, Sector-10, Rohini, New Delhi – 110085, India
Tel. No.:	91-11-45610610/ 43043878
E-Mail :	rnjalan@gmail.com
Income-tax PAN of auditor or auditor's firm :	AAAFG5993N
Memberships :	--
Collaborators :	--
Related Party :	Rita Enterprises

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
150,000	Equity Shares	Rs. 100/- each	Rs. 15.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150,000	Equity Shares	Rs. 100/- each	Rs. 15.000 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	15.000	15.000	15.000
(b) Reserves & Surplus	27.641	24.014	20.720
(c) Money received against share warrants	0.000	0.002	0.002
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	42.641	39.016	35.722
(3) Non-Current Liabilities
(a) Long-term borrowings	31.617	40.055	24.257
(b) Deferred tax liabilities (Net)	0.000	0.000	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)	31.617	40.055	24.257
(4) Current Liabilities
(a) Short term borrowings	130.310	107.402	101.737
(b) Trade payables	110.988	99.524	49.127
(c) Other current liabilities	2.578	2.113	1.934
(d) Short-term provisions	3.868	5.076	2.214
Total Current Liabilities (4)	247.744	214.115	155.012
TOTAL	322.002	293.186	214.991
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18.801	14.633	15.912
(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	0.000	0.000	0.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.223	2.891	1.366
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	20.024	17.524	17.778
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	142.958	121.780	85.697
(c) Trade receivables	142.419	136.090	88.322
(d) Cash and cash equivalents	4.301	6.795	7.504
(e) Short-term loans and advances	12.300	10.997	15.690
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	301.978	275.662	197.213
TOTAL	322.002	293.186	214.991

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	358.477	305.559	258.947
		Other Income	3.877	10.292	1.643
		TOTAL (A)	362.354	315.851	260.590
Less	EXPENSES
		Cost of Materials Consumed	294.642	274.541	235.194
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	15.407	(4.442)	(16.821)
		Employees benefits expense	7.528	6.993	7.294
		Other expenses	14.407	11.013	12.067
		TOTAL (B)	331.984	288.105	237.734
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		30.370	27.746	22.856
Less	FINANCIAL EXPENSES (D)		23.501	21.332	16.481
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.869	6.414	6.375
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.346	1.418	1.751
	PROFIT BEFORE TAX (E-F) (G)		5.523	4.996	4.624
Less	TAX (H)		1.896	1.702	1.574
	PROFIT AFTER TAX (G-H) (I)		3.627	3.294	3.050
	Earnings Per Share (Rs.)		24.18	21.96	20.00

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net Cash flow from (used in) Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.01	1.08	1.18
Operating Profit Margin (PBDIT/Sales)	(%)	8.47	9.08	8.83
Return on Total Assets (PBT/Total Assets}	(%)	1.72	1.70	2.16
Return on Investment (ROI) (PBT/Networth)		0.13	0.13	0.13
Debt Equity Ratio (Total Liability/Networth)		3.80	3.78	3.53
Current Ratio (Current Asset/Current Liability)		1.22	1.29	1.27

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	15.000	15.000	15.000
Reserves & Surplus	20.720	24.014	27.641
Money received against share warrants	0.002	0.002	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	35.722	39.016	42.641
Long-term borrowings	24.257	40.055	31.617
Short term borrowings	101.737	107.402	130.310
Total borrowings	125.994	147.457	161.927
Debt/Equity ratio	3.527	3.779	3.797

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	258.947	305.559	358.477
		18.001	17.318

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	258.947	305.559	358.477
Profit	3.050	3.294	3.627
	1.18%	1.08%	1.01%

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	Yes
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	Yes
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 three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10450589	25/02/2014 *	130,000,000.00	INDUSIND BANK LIMITED	DR. GOPAL DAS BHAWAN, 28 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B98599640

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Personal Loan from Banking and Finance Companies	4.554	7.147
From Directors and their relatives	16.446	22.232
From Others	10.271	10.437
Total	31.271	39.816

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from 8/41, Kirti Nagar, Industrial Area, New Delhi – 110015, India to the present address w.e.f.17.08.2009.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Electrical Fittings

· Furniture and Fixture

· Office Equipment

· Electronics Equipment

· 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. 66.26
UK Pound	1	Rs. 101.99
Euro	1	Rs. 74.79

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KIN
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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		35

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.