MIRA INFORM REPORT

Report Date :

03.12.2011

IDENTIFICATION DETAILS

Name :	SV PLASTOCHEM PRIVATE LIMITED
Registered Office :	Gat No.603, At and Post Janor, Taluka Sindori, District Nashik – 422066, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.09.1997
Com. Reg. No.:	11-110678
Capital Investment / Paid-up Capital :	Rs.2.962 Millions
CIN No.: [Company Identification No.]	U24110MH1997PTC110678
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Tin Based Components.
No. of Employees :	40 (Approximately)

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 320000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for 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.

INFORMATION PARTED BY

Name :	Mr. Priti Patil
Designation :	Marketing Manager
Contact No.:	91-253-2597815
Date :	01.12.2011

LOCATIONS

Registered Office/ Factory :	Gat No.603, At and Post Janor, Taluka Sindori, District Nashik – 422066, Maharashtra, India
Tel. No.:	91-253-2597815
Fax No.:	91-253-2501129
E-Mail :	svplastochem@bsnl.in roc@neenadshah.in
Location :	Owned
Corporate Office :	A 1/2 Sriramkunj Complex, Takali Road, Dwarka Circle, Nashik – 422011, Maharashtra, India
Tel No.:	91-253-2597815/ 2595338/ 2594810
Fax No.:	91-253-2501129
Email :	svplastochem@sancharnet.in

DIRECTORS

(AS ON 27.09.2011)

Name :

Mr. Kishore Ramkrishnarao Dhokne

Designation :

Director

Address :

21, B 1, Shriramkunj, Takli Road, Nashik – 422001, Maharashtra, India

Date of Appointment :

15.09.1997

DIN No.:

00521082

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24110MH1997PTC110678	SV PLASTOCHEM PRIVATE LIMITED	Director	15/09/1997	15/09/1997	Active	NO
2	U85191MH2006PTC160553	ADVENT LIFESCIENCES PRIVATE LIMITED	Director	19/06/2006	19/06/2006	Active	NO

Name :

Mrs. Bharti Kishore Dhokne

Designation :

Director

Address :

S. No.2A/2 Plot No.60, Madhur, D’Souza Colony, Nashik – 422005, Maharashtra, India

Date of Appointment :

01.03.2010

DIN No.:

03424140

KEY EXECUTIVES

Name :	Mr. Priti Patil
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 27.09.2011)

Names of Shareholders	No. of Shares
Kishore R. Dhokne	193036
Nitin G. Nagpurkar	89110
Ranjana N. Nihul	14000
Sulbha M. Shirke	1
Ramkrishna P. Mahod	1
Sunil M. Gound	1
Vijay M. Jawade	1
Pravin K. Kokate	1
Ravindra R. Dhokne	1
Uttamrao G. Nagpurkar	2
Ramkrishna M. Dhokne	1
Atul Bansal	1
Kiran B. Kokate	1
Manohar R. Dhokne	1
Rekhatai Lande	1
Subhash M. Tale	1
Dattatrya C. Ghogare	1
Ganesh V. Thakre	1
Manoj U. Nagpurkar	1
Ramdasrao G. Nagpurkar	1
Suryabhan G. Nagpurkar	1
Mahadeorao N. Gound	1
Shamrao G. Shokne	1
Shobha M. Gound	1
Dilip M. Jawade	1
Anil K. Kokate	1
Total	296170

(AS ON 30.09.2011)

Equity Shares Break – Up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Tin Based Components.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Major Metals

Customers :

Retailers and End Users

· Matrix Laboratory

No. of Employees :

40 (Approximately)

Bankers :

· Bank of Maharashtra

Nashik Branch, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Car Loan
Bank of Maharashtra (Tata 407)	0.051	0.230
Bank of Maharashtra (Tata Safari)	0.133	0.492
Bank of Maharashtra (Honda Accord)	1.500	0.000
Working Capital Loan
Bank of Maharashtra CC A/c (20002205496)	0.008	0.000
Bank of Maharashtra CC A/c (20105243899)	32.203	22.317
(secured against hypothecation of stocks, book Debts and All the above loans are personally guaranteed by the directors)
Total	33.895	23.039
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From directors and shareholders	0.754	0.786
From Others	0.484	0.484
Sales Tax Deferred	8.657	8.657
Total	9.895	9.927

Banking Relations :	--
Auditors :
Name :	Patil Hiran Jajoo and Company Chartered Accountant
Address :	1 and 4, B Wing, Niwas Plaza, Behind HDFC House, Sharanpur Trimbak Road, Nashik – 422005, Maharashtra, India
PAN No.:	AAJFP7660C

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Share	Rs.10/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
296170	Equity Share	Rs.10/- each	Rs.2.962 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		2.962	2.962	2.962
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		78.205	66.977	56.001
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		81.167	69.939	58.963
LOAN FUNDS
1] Secured Loans		33.895	23.039	27.055
2] Unsecured Loans		9.895	9.927	11.177
TOTAL BORROWING		43.790	32.966	38.232
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		124.957	102.905	97.195
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.852	8.122	5.179
Capital work-in-progress		0.669	1.427	3.094
INVESTMENT		0.005	0.005	0.005
DEFERREX TAX ASSETS		0.889	0.381	0.783
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.167	21.766	23.909
	Sundry Debtors	109.401	69.820	71.533
	Cash & Bank Balances	3.030	3.532	2.470
	Other Current Assets	19.389	17.042	0.087
	Loans & Advances	6.447	7.766	20.816
Total Current Assets		157.434	119.926	118.815
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	33.554	18.330	28.456
	Other Current Liabilities	2.269	0.409	0.000
	Provisions	9.069	8.217	2.225
Total Current Liabilities		44.892	26.956	30.681
Net Current Assets		112.542	92.970	88.134
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		124.957	102.905	97.195

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	TOTAL INCOME (A)		NA	274.248	232.406
Less	EXPENSES
		TOTAL (B)	NA	253.416	226.278
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	20.832	10.409
Less	FINANCIAL EXPENSES (D)		NA	2.604	3.142
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	18.228	7.267
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	1.491	1.139
	PROFIT BEFORE TAX (E-F) (G)		NA	16.737	6.128
Less	TAX (H)		NA	5.760	1.050
	PROFIT AFTER TAX (G-H) (I)		11.228	10.977	5.078
	EARNINGS IN FOREIGN CURRENCY		2,09,480 USD	81,274 USD	8644,197 USD
	IMPORTS VALUE		1,426,622 USD 34,944 Euro	--	82,468,578 USD
	Earnings Per Share (Rs.)		37.91	37.06	17.15

Expected Sales (2011-12): Rs.400.000 Millions

The above information has been parted by Ms. Priti.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	4.00	2.18
Return on Total Assets (PBT/Total Assets}	(%)	NA	13.07	4.94
Return on Investment (ROI) (PBT/Networth)		NA	0.24	0.10
Debt Equity Ratio (Total Liability/Networth)		1.09	0.86	1.17
Current Ratio (Current Asset/Current Liability)		3.51	4.45	3.87

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors	33.554	18.330	28.456

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	-------
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last two years	Yes
Profitability for last three years	-------
Reasons for variation <> 20%	-------
Estimation for coming financial year	Yes
Capital in the business	No
Details of sister concerns	-------
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	-------
Market Information	-------
Litigations that the firm/ Promoters Involved in	-------
Banking details	Yes
Banking Facility Details	No
Conduct of the Banking Account	-------
Buyer visit details	-------
Financials, if provided	No
Incorporation details is applicable	-------
Last Accounts filed at ROC	-------
Major Shareholders, if available	-------

ACCOUNTS

As per the accounts laid before the financial results for the period ended on 31^st march, 2011 shows a profit of Rs.11.228 millions (Previous year of Rs.10.977 Millions)

CONTINGENT LIABILITIES:

· Letters of Credit issued in favour of third parties: Rs.7.337 Millions

· Bank Guaranteed issued in favour of custom authorities: Rs.0.900 Million

TRADE REFERENCE:

· Matrix Laboratory

· Major Metals

FIXED ASSETS:

· Land

· Building

· Row House

· Plant and Machinery

· Furniture

· Computers

· Office Equipment

· Car

· Mobile Phone

· Two Wheeler

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.51.65
UK Pound	1	Rs.81.06
Euro	1	Rs.69.51

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	NO
--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.