MIRA INFORM REPORT

Report Date :

14.04.2011

IDENTIFICATION DETAILS

Name :	BHAVI TUBES AND CONTAINERS PRIVATE LIMITED
Registered Office :	B/14, Patel Park, Nehru Road, Santacruz East, Mumbai 400029, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.03.1992
Com. Reg. No.:	11-066055
CIN No.: [Company Identification No.]	U28129MH1992PTC066055
TAN No.: [Tax Deduction & Collection Account No.]	MUMB05556F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer ,Exporter and Importer of Personal care Products like, Toothpaste, Skincare, Haircare, Babycare, etc.

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 21000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Profitability of the company is low, however the networth appears to be satisfactory. Trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal business dealings at usual trade terms and conditions.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Vijay Patel
Designation :	Director
Date :	08.04.2011

LOCATIONS

Registered Office :	B/14, Patel Park, Nehru Road, Santacruz East, Mumbai 400029, Maharashtra, India
Tel. No.:	91-22-26650882 / 26650916 / 26650920
Fax No.:	91-22-26650892
E-Mail :	bhavi@vsnl.com ashardeepak@hotmail.com
Website :	www.bhavigroup.com
Area :	1000 sq ft
Location :	Owned
Factory :	730, At Post. Rakanpur, Near Santaj Village 382721, Taluka: Kalol, Gandhinagar, Gujarat
Tel:	91-2764-286611, 2866113
Fax:	91-2764-286114
Regional Office :	13 / B, Tulip Bungalows, Part-2, Off: Drive-Inn Road, Thaltej, Ahmedabad - 380054, Gujarat, INDIA.
Tel. No.:	91-79-27455264 / 27438716
Fax No.:	91-79-27431166

DIRECTORS

As on 30.09.2010

Name :	Mr. Yogesh Patel
Designation :	Director
Address :	F-53, Patel Park, Opp. P and T Quarters, Santacruz (E), Mumbai – 400029, Maharashtra, India
Date of Birth/Age :	20.06.1967
Qualification :	B.E (Electronics)
Date of Appointment :	24.03.1992
Name :	Mr. Vijay Patel
Designation :	Director
Address :	F-53, Patel Park, Opp. P and T Quarters, Santacruz (E), Mumbai – 400029, Maharashtra, India
Date of Birth/Age :	06.04.1965
Qualification :	B.E (Electronics and commercial)
Date of Appointment :	24.03.1992
Name :	Mr. Bipinchandra Bhogilal Patel
Designation :	Director
Address :	9-B, Gokul Apartment, Behind Octroy Naka, Nava Wadaj, Ahmedabad-380013, Gujarat, India
Date of Birth/Age :	03.12.1960
Qualification :	B.SC
Date of Appointment :	24.03.1992
Name :	Mr. Hiten B Patel
Designation :	Director
Address :	F-53, Patel Park, Opposite P and T Quarters, Santacruz (E), Mumbai – 400029, Maharashtra, India
Date of Birth/Age :	10.12.1968
Qualification :	B.E (Chemicals and Plant)
Date of Appointment :	18.01.2000

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Vijay Bhagubhai Patel	2210
Yogesh Patel	1625
Bipinbhai Patel	1105
Hiten B Patel	2275
Shantaben B Patel	3900
Roopali V Patel	260
Dhara Y Patel	845
Vandana H Patel	260
B S Patel HUF	260
Somnath Patel HUF	260
Total	13000

As on 30.09.2010

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

BUSINESS DETAILS

Line of Business :	Manufacturer ,Exporter and Importer of Personal care Products like, Toothpaste, Skincare, Haircare, Babycare, etc.
Products :	· Oral Care (Toothpaste W/Wo Brush) · Skin Care (Beauty Cream/Lotions/Oils) · Hair Care (Shampoos/Conditioners/Creams) · Face Care (Shaving Cream/Face Wash/Mask) Baby Care (Baby Oil/ Diaper Rash/Bubble Bath)
Exports :
Products :	Personal Care Products
Countries :	USA England Korea New Zealand
Imports :
Countries :	Europe Indonesia Germany Malaysia
Terms :
Purchasing :	Advance Payment

GENERAL INFORMATION

Suppliers :

v Bhagrith Boxes Private Limited

v Essel Propack Limited

v Gulshan Polyoles Limited

v Kismat Printpack

v Madhu Silica Private Limited

v Megnish Packing Industries

v Parthsarthi Polymers

v Perfect Traders

v Swati Industries

v T Alimahomed and Company

v Venayl Plast

v R K Pathak

v TNT India Limited

v R B Patel

v Sunica Pasta

Customers :

Wholesalers

No. of Employees :

115 (Approximately)

Bankers :

v Oriental Bank of Commerce, Ahmedabad

v Oriental Bank of Commerce overseas Branch, Nariman Point.

v Oriental Bank of Commerce Santacruz (W) Mumbai.

v State Bank of India, Santacruz (E) Mumbai.

Facilities :

Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Directors	11.215	19.294
From Shareholders and Others	10.458	10.347
Total	21.673	29.641

Banking Relations :	--
Auditors :
Name :	Deepak Ashar and Associates Chartered Accountants
Address :	C/8, Shivram Apartments, Ramchandra Lane, Malad West, Mumbai – 400064, Maharashtra, India

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
13000	Equity Shares	Rs.100/- each	Rs.1.300 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13000	Equity Shares	Rs.100/- each	Rs.1.300 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		1.300	1.300	1.300
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.018	3.967	4.415
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.318	5.267	5.715
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		21.673	29.641	29.588
TOTAL BORROWING		21.673	29.641	29.588
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		26.991	34.908	35.303
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.453	6.750	7.729
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.039	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	45.218	36.570	36.288
	Sundry Debtors	4.772	1.710	3.858
	Cash & Bank Balances	4.310	9.656	8.883
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.609	17.405	11.056
Total Current Assets		64.909	65.341	60.085
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	34.986	31.917	15.493
	Other Current Liabilities	9.238	4.418	16.725
	Provisions	1.255	0.946	0.381
Total Current Liabilities		45.479	37.281	32.599
Net Current Assets		19.430	28.060	27.486
MISCELLANEOUS EXPENSES		0.069	0.098	0.088
TOTAL		26.991	34.908	35.303

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	Sales (Approximately)		180.000	120.000	NA
	PROFIT BEFORE TAX AND DEPRECIATION		1.844	1.313	2.722
Less/ Add	DEPRECIATION/ AMORTISATION		1.343	1.196	1.354
	PROFIT BEFORE TAX		0.501	0.117	1.368
Less	TAX		0.450	0.565	0.240
	PROFIT AFTER TAX		0.051	(0.448)	1.128
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.167	0.615	(0.413)
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	0.100
	BALANCE CARRIED TO THE B/S		0.218	0.167	0.615
	IMPORTS		17.404	6.653	2.290
	Earnings Per Share (Rs.)		3.92	NA	NA

Expected Sales (2010-2011) : Rs.300.000 millions.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	0.69	0.16	2.02
Return on Investment (ROI) (PBT/Networth)		0.09	0.02	0.24
Debt Equity Ratio (Total Liability/Networth)		12.63	12.71	10.88
Current Ratio (Current Asset/Current Liability)		1.43	1.75	1.84

LOCAL AGENCY FURTHER INFORMATION

Fixed Assets

• Computer
• Plant and Machinery
• Motors Cars
• Two Wheelers
• Furniture and Fixtures
• Land

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.44.48
UK Pound	1	Rs.72.37
Euro	1	Rs.64.42

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
--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		45

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.