MIRA INFORM REPORT

Report Date :

16.12.2008

IDENTIFICATION DETAILS

Name :	PREMIER HOLLOWARES PRIVATE LIMITED
Registered Office :	Rikhav Ground Floor, R. V. Kidwai Marg, Next to Uganda Petrol Pump, Wadala (West), Mumbai – 400031, Maharashtra
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	24.02.1997
Com. Reg. No.:	11-106121
CIN No.: [Company Identification No.]	U28129MH1997PTC106121
TAN No.: [Tax Deduction & Collection Account No.]	MUMP16021F
PAN No.: [Permanent Account No.]	AAACP6458N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Drums and Barrels Sheets and Plastic HMHDPE

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 900000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well-established company having satisfactory track. Trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

INFORMATION DECLINED BY

Name :	Mr. Shailesh Thakkar
Designation :	Account Manager
Date :	11.12.2008

LOCATIONS

Registered Office :	Rikhav Ground Floor, R. V. Kidwai Marg, Next to Uganda Petrol Pump, Wadala (West), Mumbai – 400031, Maharashtra, India
Tel. No.:	91-22-24160002
Fax No.:	91-22-24156210
E-Mail :	accounts@pgpl.com
Websites :	www.pgpl.com
Location :	Owned
Factory :	1080, Kharadpada, Naroli, District – Silvassa, Dadra and Nagar Hawelli – 396233, India
Tel. No.:	91-260-650652
Fax No.:	91-260-650890
Location:	Owned

DIRECTORS

Name :	Mr. Ramesh Hariram Thacker
Designation :	Director
Address :	33, Sahstra Sadan, Kings Circle, Mumbai – 400019, Maharashtra, India
Date of Birth/Age :	25.12.1940
Date of Appointment :	24.02.1997
Name :	Mr. Dhiren Hariram Thacker
Designation :	Director
Address :	514-B, Amar Kunj, Matunga, Mumbai - 400019, Maharashtra, India
Date of Birth/Age :	04.07.1944
Date of Appointment :	24.02.1997
Name :	Mr. Neil Dhiren Thacker
Designation :	Director
Address :	514-B, Amar Kunj, Matunga, Mumbai - 400019, Maharashtra, India
Date of Birth/Age :	29.11.1970
Date of Appointment :	24.02.1997
Name :	Mr. Hitesh Ramesh Thacker
Designation :	Director
Address :	33/5, Sahastra Sadan, 2^nd Floor, Kings Circle, Mumbai – 400019, Maharashtra, India
Date of Birth/Age :	05.12.1974
Date of Appointment :	01.04.2006
Directorship in other companies:
CIN of the Company :	U99999mh1986pTC040565
Name of the company :	Stan Cans Private Limited
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Sandeep Gandhi and Company
Designation :	Company Secretary
Name :	Mr. Shailesh Thakkar
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2007

Names of Shareholders	No. of Shares
Mr. Dhiren Thacker	70005
Mr. Ramesh Thacker	35000
Mr. Mr. Neil Thacker	10505
Mrs. Maniben Thacker	24500
Mrs. Sushila Thacker	12250
Mr. Hitesh Thacker	10505
Mrs. Meena Thacker	12250

AS ON 30.09.2007

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Drums and Barrels Sheets and Plastic HMHDPE
Products :	Barrels (In Aluminium, Sheet Metal, Stainless Steel, Tin ), Drums (In Aluminium, Sheet Metal, Stainless Steel, Tin )
Exports :
Products :	Drums and Barrels Sheets
Imports :
Products :	Raw Material

PRODUCTION STATUS (as on 31.03.2004)

Particulars	Unit	Actual Production
Drums and Barrels	Numbers	344852

GENERAL INFORMATION

No. of Employees :

About 200

Bankers :

• Dena Bank, Silvassa

• ICICI Bank Limited

• State Bank of India, Mumbai

• HDFC Bank Limited, Mumbai

• Municipal Co-operative Bank Limited

• Central Bank of India, Naigaum Branch, New Hindmata Cutpiece Cloth Market, Ambedkar Road, Mumbai – 400 014, Maharashtra

Facilities :

Secured loans	31.03.2007 (Rs. In millions)
HDFC Bank Limited (Secured against Fixed Deposits )	13.309
Central Bank of India (Secured against hypothecation of stock)	7.264
ICICI Bank Limited (Secured against hypothecation of Motor Car)	0.181
Total	20.754

Unsecured loans	31.03.2007 (Rs. In millions)
From Director	12.701
From shareholders	6.038
Intercorporate Borrowings	7.806
From Relative	5.308
Ttoal	31.853

Banking Relations :

Satisfactory

Auditors :

Name 1:

Khandwala and Shah

Chartered Accountants

Address :

4-B, 4^th Floor, Kakad House, 11, New Marin Lines, Mumbai- 400020

Tel. No.:

91-22-56315883

Name 2 :

Hinesh R Doshi and Company

Chartered Accountants

Address :

Shriram Bhuvan, 2^nd Floor, 772, Tilak Road, Opposite Best Office, Dadar T T, Mumbai – 400 014, Maharashtra

Tel No.:

91-22-24128111/24132475

Fax No.:

91-22-24184061

E-mail:

hineshdoshi@vsnl.com

Associates/Subsidiaries :

Nil

CAPITAL STRUCTURE

AS ON 30.09.2007

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs. 100/- Each	Rs. 25.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
175015	Equity Shares	Rs. 100/- Each	Rs. 17.502 millions

Note:

Out of the above, 105009 Equity Shares were issued as fully paid Bonus Shares by capitalization of profit and Loss Account.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		17.502	7.000	7.001
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		161.556	134.449	86.680
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		179.058	141.449	93.681
LOAN FUNDS
1] Secured Loans		20.755	10.848	0.000
2] Unsecured Loans		31.853	37.263	18.112
TOTAL BORROWING		52.608	48.111	18.112
DEFERRED TAX LIABILITIES		3.205	2.305	1.901
TOTAL		234.871	191.865	113.694
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		58.528	44.452	34.544
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	51.543	55.818	13.989
	Sundry Debtors	104.246	74.893	62.415
	Cash & Bank Balances	28.996	45.834	9.640
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	19.201	22.890	12.246
Total Current Assets		203.986	199.435	98.290
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	27.643	52.031	19.158
	Provisions	0.000	0.000	0.000
Total Current Liabilities		27.643	52.031	19.158
Net Current Assets		176.343	147.404	79.132
MISCELLANEOUS EXPENSES		0.000	0.009	0.018
TOTAL		234.871	191.865	113.694

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		445.592	430.886	405.333
Other Income		0.000	0.000	0.000
Total Income		445.592	430.886	405.333
Profit/(Loss) Before Tax		50.337	63.083	23.272
Provision for Taxation		12.758	15.436	6.431
Profit/(Loss) After Tax		37.579	47.647	16.841
Expenditures :
	Interest
	Financial Charges	3.744	3.754	3.445
	Depreciation & Amortization	8.129	5.117	4.121
	Other Expenditure	383.382	358.932	374.495
Total Expenditure		395.255	367.803	382.061

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	8.43	11.06	4.15
Net Profit Margin (PBT/Sales)	(%)	11.30	14.64	5.74
Return on Total Assets (PBT/Total Assets}	(%)	19.17	25.86	17.52
Return on Investment (ROI) (PBT/Networth)		0.28	0.45	0.25
Debt Equity Ratio (Total Liability/Networth)		0.45	0.71	0.40
Current Ratio (Current Asset/Current Liability)		7.38	3.83	5.13

LOCAL AGENCY FURTHER INFORMATION

Review of Operations:-

During the year, the company achieved a turnover of Rs. 442.587 millions an increase of 3.28% than the previous year turnover of Rs. 428.515 millions. The company made other income of Rs. 3.005 millions (previous year Rs. 2.370 millions) during the year. The company made a net profit of before tax of Rs. 50.336 millions as compared to Rs. 63.083 millions made in the previous year.

FIXED ASSETS:-

• Plant and Machinery
• Leasehold Land
• Flat Premises
• Electrical Fittings
• Cycle
• Scooter
• Fire extinguisher
• Water cooler
• Freehold Land
• Factory Building
• Furniture and Fixtures
• Office Apartments
• Motor car
• Computers
• Office Premises

Form 8:-

Corporate identity number of the company	U28129MH1997PTC106121
Name of the company	PREMIER HOLLOWARES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Rikhav Ground Floor, R. V. Kidwai Marg, Next to Uganda Petrol Pump, Wadala (West), Mumbai – 400031, Maharashtra, India
This form is for	Modification of charge
Type of charge	· Book debts · Movable Property (not being pledge)
Particular of charge holder	Central Bank of India, Naigaum Branch, New Hindmata Cutpiece Cloth Market, Ambedkar Road, Mumbai – 400 014, Maharashtra, India E-Mail: bmmumn1209@centralbank.co.in
Nature of instrument creating charge	Agreement of hypothecation (Goods, plant and Machineries, Book debts and other movable assets)
Date of instrument Creating the charge	09.05.2008
Amount secured by the charge	Rs. 30.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest : On Cash Credit – Bank Prime Leading Rate On OD against Book Debts – Bank Prime Lending Rate + 1.00% Terms of Repayment: On Demand Margin: On Cash Credit – 25% On OD against Book Debts – 50% Extent and Operation of the charge: The charge is extent to security for payment ands discharge by the company to the bank a sum of Rs. 30.000 millions credit facilities granted by the bank and all other monies at any time payable by the company together with all interest, discount, commission, charges, costs, and expenses payable to or incurred by the bank in relation to the credit facilities.
Short particulars of the property charged (Including location of the property)	Stocks of raw material, consumable stores and spares, Packing material, etc Present and Future book debts, outstanding monies, receivables, claims, bills, etc All the tangible, movable properties and assets of the company including plants, machineries, tools and accessories, stores, spares, relating to the plant and machineries, furniture, articles, office equipment, computer electrical installation. Location: survey No. 1080, Village Naroli UT of Dadra and Nagar Haveli.

Name of the company	PREMIER HOLLOWARES PRIVATE LIMITED
Presented By	MR. DHIREN H. THACKER, DIRECTOR
1) Date and description of instrument creating the change	1] Agreement of Hypothecation to secure Demand Cash Credit against goods dated 21^st August, 2002.
2) Amount secured by the charge/amount owing on the securities of charge	Rs 7.500 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	The Borrower hypothecates in favour of the bank all tangible moveable properties such as products, stock in trade and goods, whether finished or raw or in process of manufacturer and all articles manufactured thereon belonging to the borrowers which now are or hereafter from time to time during this security shall be bought in, stored or be in or about the premises, ware house or godowns of said Borrowers
4) Gist of the terms and conditions and extent and operation of the charge.	Rate of interest – Compound interest at the rate of PLR + 2.5% over Prime Lending rate of the bank or at such other rates as may from time to time fixed by the bank by notice in writing to the borrower with quarterly / half yearly rests calculated according to the bank’s usual practice.
5) Name and Address and description of the person entitled to the charge.	Central Bank of India Naigaum Branch, New Hindmata Cutpiece Cloth Market, Ambedkar Road, Dadar, Mumbai - 400014

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 records 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.47.94
UK Pound	1	Rs.72.07
Euro	1	Rs.64.70

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
TOTAL		54

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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