MIRA INFORM REPORT

Report Date :

19.12.2008

IDENTIFICATION DETAILS

Name :	DHWANI POLYPRINTS PRIVATE LIMITED
Registered Office :	402, Vertex Vikas, “A” Sir M.V. Road, Andheri (East), Mumabi-400069, Maharashtra
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	22.06.1978
Com. Reg. No.:	020424
CIN No.: [Company Identification No.]	U25209MH1978PTC020424
IEC No.:	0397018568
PAN No.: [Permanent Account No.]	AACD3775C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Plastic Bags, Layflat Tubings and Films

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 65000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track records. Trade relations are fair. Financial position is satisfactory. The company is doing well. It can be considered good for normal business dealings at usual trade terms and conditions.

INFORMATION PARTED BY

Name :	Mr. Sanjay S Roongta
Designation :	Director
Contact No.:	91-9322515070

LOCATIONS

Registered Office :	402, Vertex Vikas, “A” Sir M.V. Road, Andheri (East), Mumabi-400069, Maharashtra, India
Tel. No.:	91-22-26835460/ 61
Fax No.:	91-22-26840256
E-Mail :	diamondpolyplast@vsnl.net dhwanipolyprints@hotmail.com
Website :	http://www.diamondplyplast.com
Administrative office :	215/5, Madan Mahal, Sir, M.V Road, Andheri (East), Mumbai-400069, Maharashtra, India
Tel. No.:	91-22-26835459/ 26848417
Fax No.:	91-22-26841038
Mobile No.:	91-9322515245
Area :	1000 sq.ft (Owned)
Factory :	A2-5, GDDIDC, Daman Industrial Estate, Somnath Road, Daman-396215, India
Tel. No.:	91-260-2252574/ 2252967
E-Mail :	factory@diamondpolyplast.com
Area :	16500 sq.ft (Owned)
Branch office :	119, Jash Yarn and Textile Market, Ring Road, Surat, Gujarat, India
Tel. No.:	91-261-2328974/ 2322993

DIRECTORS

Name :	Mr. Rajesh S Roongta
Designation :	Director
Address :	4/703, Anmol, Sir M V Road, Andheri (East), Mumbai-400059, Maharashtra, India
Date of Birth/Age :	45 Years
Qualification :	B.Com
Experience :	24 Years
Name :	Mr. Sanjay S Roongta
Designation :	Director
Address :	4/704, Anmol, Sir M V Road, Andheri (East), Mumbai-400059, Maharashtra, India
Date of Birth/Age :	40 Years
Qualification :	B.E. (Electronics)
Experience :	19 Years

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Mr. Rajesh S Roongta	1560
Sanjay S Roongta	1110
Total	2670

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Plastic Bags, Layflat Tubings and Films

Products :

HM –HDPE

· T-Shirt Bags

· Shopping Bags

· Garbage Bags

· Angle Seal Liner Bag

· Tubing

· Films/ Sheets

· Industrial Liner

LDPE

· Shopping Bags

· Christmas Tree Bags

· Garbage Bags

· Angle Seal Liner Bag

· Tubing

· Films/ Sheets

· Industrial Liner

PP

· Tubing

· Garment Bags

· Butcher Sheets

· Laundry Bags

· Food Bags

Product Description	Item Code Number
Layflat Tubings	3917.00
Plastic Films	3920.39
Plastic Bags	3923.90

Exports :

Products :

• HMHDPE – Film/Bags/Tubing
• LDPE-Film/ Bags/ Tubing
• PP-Film/Bags/ Tubing

Countries :

U.K and Germany

Imports :

Products :

PP/ HM – HDPE/ LLDPE/ LDPE and Raw Material

Countries :

· Qatar

· Saudi Arabia

· Malaysia

· Thailand

Terms :

Selling :

Credit ( 30-60 Days)

Purchasing :

Cash

PRODUCTION STATUS

Particulars	Unit	Installed Capacity	Actual Production
Bags/ Layout Tubing/ Films	MT	2000	1167.224

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· Others

· End Users

No. of Employees :

58 (Office 10, Factory 45, Branch 03)

Bankers :

Central Bank of India J.B. Nagar, Andheri (East), Mumbai-400059, Maharashtra, India

Facilities :

Cash Credit Rs. 13.000 Millions and Overdraft Rs. 7.500 Millions

Secured loans as on 31.03.2008

Particulars	Rs. In million
Cash credit (secured against hypothecation of stocks)	12.116
Overdraft (secured against hypothecation of debtors)	4.454

From other banks
ICICI Bank Limited car loan account (secured against hypothecation of car)	1.071
Reliance capital limited (secured against hypothecation of TATA 909	0.651
Total	18.292

Unsecured loans as on 31.03.2008

Particulars	Rs. In million
Directors	0.025
Shareholders	0.161
Other banks	1.250
Total	1.436

Banking Relations :	Satisfactory
Auditors :
Name :	S.K. Tibrewala Associates Chartered Accountant
Address :	Building No. 48, Off No. 2316, Ground Floor, Gulmohar Society, Near MHDA, Bandra (East), Mumbai-400051, Maharashtra, India
Tel. No.:	91-22-26450618
Fax No.:	91-22-26515316

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
6000	Equity Shares	Rs. 100/- each	Rs. 0.600 Million
39000	Preference Share	Rs. 100/- each	Rs. 3.900 Millions
	Total		Rs. 4.500 Milllions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5020	Equity Shares	Rs. 100/- each	Rs. 0.502 Million
20500	15 % Cumulative Redeemable Preference Shares	Rs. 100/- each	Rs. 2.050 Millions
650	10% Cumulative Redeemable Preference Shares	Rs. 100/- each	Rs. 0.065 Million
	Total		Rs. 2.617 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		2.617
2] Share Application Money		0.000
3] Reserves & Surplus		10.520
4] (Accumulated Losses)		0.000
NETWORTH		13.137
LOAN FUNDS
1] Secured Loans		18.294
2] Unsecured Loans		1.436
TOTAL BORROWING		19.730
DEFERRED TAX LIABILITIES		0.792
TOTAL		33.659
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.921
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.639
	Sundry Debtors	16.091
	Cash & Bank Balances	0.896
	Other Current Assets	0.000
	Loans & Advances	6.162
Total Current Assets		34.788
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	10.713
	Provisions	1.337
Total Current Liabilities		12.050
Net Current Assets		22.738
MISCELLANEOUS EXPENSES		0.000
TOTAL		33.659

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2008
Sales Turnover		110.239
Other Income		0.295
Total Income		110.534
Profit/(Loss) Before Tax		1.581
Provision for Taxation		0.818
Profit/(Loss) After Tax		0.763
Earnings in Foreign Currency :
	Export Earnings	16.261
Imports :
	Import Value	3.238
Expenditures :
	Cost of Goods Sold	86.690
	Manufacturing Expenses	9.812
	Administrative Expenses	4.488
	Interest	3.569
	Depreciation & Amortization	1.157
	Other Expenditure	3.237
Total Expenditure		108.953

KEY RATIOS

PARTICULARS		31.03.2008
PAT / Total Income	(%)	0.69
Net Profit Margin (PBT/Sales)	(%)	1.43
Return on Total Assets (PBT/Total Assets}	(%)	3.46
Return on Investment (ROI) (PBT/Networth)		0.12
Debt Equity Ratio (Total Liability/Networth)		2.41
Current Ratio (Current Asset/Current Liability)		2.86

LOCAL AGENCY FURTHER INFORMATION

Additional Requirement of Indiamart for Trust-Seal

Service Tax No. : AAACD3775 ST001

Excise Registration No.: AACD3755 CXM001

VAT / TIN : 25000004326 (Claimed by the management but can’t be verify on line)

IEC Code : 0397018568

PAN / TAN : AACD3775C

Bank Name : Central Bank of India

Bank Address : J.B. Nagar, Andheri (East), Mumbai-400059, Maharashtra, India

Bank A/c. No.: 1206808643

Account Since : 1996

In case of any affiliations / memberships / certifications :

Name : The All India Plastics Manufacturers Association

Expiry Date :October 2009

Name : The Plastic Export Promotion Council

Expiry Date : March 2009

Name : Organisation of Plastic Processors of Industries

Expiry Date : March2009

Trade References:

· Valia Impex Private Limited

Address: Ground Floor, Kailsh Tower, ‘A’ Wing, Behind S.T.C Colony, Western Express Highway, Andheri (East), Mumbai-400069, Maharashtra, India

Contact Person: Mr. Bhavesh Valia

· Plastechem Industries

Address: 1, Usha, Hanuman Road, Pitalewadi, Vile Parle (East), Mumbai-400057, Maharashtra, India

Contact Person: Mr. Pawan Saraf

FIXED ASSETS

Ø Plant and machinery

Ø Electrical installation

Ø Computers

Ø Factory equipments

Ø Furniture and fixture

Ø Office equipment

Ø Vehicles

Ø Commercial vehicle

Ø Computer software

Ø Air conditioner

Ø Factory building

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 records 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.47.28
UK Pound	1	Rs.73.43
Euro	1	Rs.68.22

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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