MIRA INFORM REPORT

Report Date :

22.12.2011

IDENTIFICATION DETAILS

Name :	DHWANI POLYPRINTS PRIVATE LIMITED
Registered Office :	215/5, Magan Mahal, Sir, M. V. Road, Andheri (East), Mumbai – 400 069, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.02.1996
Com. Reg. No.:	11-97698
Capital Investment / Paid-up Capital :	Rs.2.552 Millions
CIN No.: [Company Identification No.]	U25200MH1996PTC097698
PAN No.: [Permanent Account No.]	AACD3775C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of PP/HM/HDPE/LDPE, Cubin Films Bags, Security Bags, Plasting Mailing Envelope etc.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 80000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are 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. Rajesh S Roongta
Designation :	Director
Contact No.:	91-9322515070
Date :	21.12.2011

LOCATIONS

Registered Office :	215/5, Magan Mahal, Sir, M. V. Road, Andheri (East), Mumbai – 400 069, Maharashtra, India
Tel. No.:	91-22-26835459 / 26848417 / 26841038
Mobile No.:	91-9322515070 (Mr. Sanjay Roongta)
Fax No.:	91-22-26841038
E-Mail :	dhwani@diamondpolyplast.com sanjay@diamondpolyplast.com factory@diamondpolyplast.com aditya@diamondpolyplast.com
Website :	www.plasticbagsmanufacturers.net
Location :	Owned
Factory :	A2-5, GIDC, Daman Industrial Estate, Somnath Road, Daman – 396 215, Daman and Diu
Tel. No.:	91-260-2252574/ 2252967
Branch office :	199, Jash Yarn and Textile Market Ring Road, Surat – 395 003, Gujarat, India
Tel. No.:	91-261-2328974/ 2322993

DIRECTORS

As on 29.09.2011

Name :	Mr. Rajesh S Roongta
Designation :	Director
Address :	4/703, Anmol, Sir M V Road, Andheri (East), Mumbai - 400 059, Maharashtra, India
Date of Birth/Age :	30.06.1963
Date of Appointment :	27.02.1996
DIN No:	00141604
Name :	Mr. Sanjay S Roongta
Designation :	Director
Address :	4/704, Anmol, Sir M V Road, Andheri (East), Mumbai - 400 059, Maharashtra, India
Date of Birth/Age :	14.01.1968
Date of Appointment :	27.02.1996
DIN No:	00231976

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Equity Shareholders	No. of Shares
Shivprasad B Roongta	1000
Rajesh S Roongta	1560
Sanjay S Roongta	1110
Barkha S. Roongta	500
Shivprasad B Roongta (HUF)	500
Aditya R. Roongta	250
Dhwani R. Roongta	100
Total	5020

Names of Preference Shareholders	No. of Shares
Shivprasad B Roongta	2000
Rajesh S Roongta	14500
Rajesh S Roongta	4000
Total	20500

As on 29.09.2011

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

BUSINESS DETAILS

Line of Business :	Manufacturer of PP/HM/HDPE/LDPE, Cubin Films Bags, Security Bags, Plasting Mailing Envelope etc.
Exports :
Products :	Plastic Bags
Countries :	· UK · Germany · Dubai
Imports :
Products :	Plastic Granules
Countries :	· Thailand · Saudi Arabia · Singapore · Belgium · Malaysia
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Tubings and Bags	MT	NA	3000.000	2158.281

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· End Users

No. of Employees :

80 (Approximately)

Bankers :

· Central Bank of India, J.B. Nagar Branch, Opposite Kohinoor Continental Hotel, J. B. Nagar, Adheri Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra, India

· HDFC Bank Limited

· ICICI Bank Limited

· State Bank of India

Facilities :

Cash Credit Rs.15.000 millions (Central Bank of India)

TL Rs.0.200 million (Central Bank of India)

Secured loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
From Central Bank of India :
a) Term Loan V (Secured against hypothecation of plant and machinery)	1.689	2.123
b) Term Loan VI (Secured against hypothecation of plant and machinery)	4.634	2.622
c) Cash Credit (Secured against hypothecation of stocks)	13.729	14.877
d) Overdraft (Secured against hypothecation of debtors)	12.646	10.824
From other banks
HDFC Bank Limited Car Loan A/C (Secured against hypothecation of car)	0.392	0.747
HDFC Bank Limited Car Loan A/C (Secured against hypothecation of car)	0.549	0.000
HDFC Bank Limited Car Loan A/C (Secured against hypothecation of car)	0.379	0.000
SBI Car Loan (Secured against hypothecation of car)	0.205	0.322
ICICI Bank limited Car Loan A/C (Secured against hypothecation of car)	0.000	0.291
Reliance Capital Limited (Secured against hypothecation of TATA 909)	0.000	0.199
Total	34.223	32.005

Unsecured loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Loans from :
Directors	3.067	0.046
Shareholders	1.459	1.097
Other Banks	7.749	2.938
Inter Corporate Deposit	2.500	0.000
Total	14.775	4.081

Banking Relations :

--

Auditors :

Name :

S. K. Tibrewala

Chartered Accountant

Address :

Building No. 48, Office No. 2316, Gulmohar Society, Gandhi Nagar, Bandra (East), Mumbai - 400 051, Maharashtra, India

Tel. No.:

91-22-26450618

Fax No.:

91-22-26515316

PAN No :

AABPT8656N

Sister Concerns :

Diamond Poly Plast

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

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

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
	Total		Rs.2.552 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		2.552	2.552	2.552
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		17.453	14.670	12.150
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		20.005	17.222	14.702
LOAN FUNDS
1] Secured Loans		34.223	32.005	28.142
2] Unsecured Loans		14.775	4.081	3.144
TOTAL BORROWING		48.998	36.086	31.286
DEFERRED TAX LIABILITIES		1.673	1.350	1.002
TOTAL		70.676	54.658	46.990
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.192	18.741	13.886
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	18.265	11.982	10.986
	Sundry Debtors	28.225	24.451	19.313
	Cash & Bank Balances	6.206	1.790	4.274
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.802	5.307	6.910
Total Current Assets		58.498	43.530	41.483
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.310	6.787	7.376
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	1.704	0.826	1.003
Total Current Liabilities		12.014	7.613	8.379
Net Current Assets		46.484	35.917	33.104
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		70.676	54.658	46.990

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales (Net)	230.342	194.348	147.815
		Other Income	0.208	0.909	NA
		TOTAL (A)	230.550	195.257	NA
Less	EXPENSES
		Material Consumed	190.207	159.228	NA
		Manufacturing and Other Expenses	27.013	24.698
		Cenvat Paid	0.981	0.833
		Sales Tax Paid on Assessment	0.000	0.011
		Loss on sale of Commercial Vehicle	0.000	0.047
		Loss on sale of Vehicle	0.051	0.053
		TOTAL (B)	218.252	184.870	NA
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		12.298	10.387	8.017
Less	INTEREST (D)		5.515	4.771	4.022
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.783	5.616	3.995
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.478	1.921	1.419
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		4.305	3.695	2.576
Less	TAX (H)		1.522	1.176	0.924
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		2.783	2.519	1.652
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.630	0.411	0.480
Less	APPROPRIATIONS
		Transfer to General Reserve	2.800	2.300	1.700
		10% Preference Dividend	0.000	0.000	0.018
		Dividend Tax	0.000	0.000	0.003
	BALANCE CARRIED TO THE B/S		0.613	0.630	0.411
	EARNINGS IN FOREIGN CURRENCY		11.889	19.015	11.011
	IMPORTS
		Raw Materials	40.552	37.542	8.579
		Capital Goods	2.810	0.000	0.937
	TOTAL IMPORTS		43.362	37.542	9.516
	Earnings Per Share (Rs.)		109.05	98.71	64.73

Expected Sales (2011-2012) : Rs.250.000 millions

The above information has been parted by Mr. Sanjay Roongta

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.21	1.29	NA
Net Profit Margin (PBT/Sales)	(%)	1.87	1.90	1.74
Return on Total Assets (PBT/Total Assets}	(%)	5.21	5.93	4.65
Return on Investment (ROI) (PBT/Networth)		0.22	0.21	0.18
Debt Equity Ratio (Total Liability/Networth)		3.05	2.54	2.70
Current Ratio (Current Asset/Current Liability)		4.87	5.72	4.95

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Particulars	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Sundry Creditors	10.310	6.787	7.376

Sr. No.	Check List by Info Agents
1.	Year of Establishment	YES
2.	Locality of the firm	YES
3.	Constitutions of the firm	YES
4.	Premises details	YES
5.	Type of Business	YES
6.	Line of Business	YES
7.	Promoter’s background	--
8.	No. of employees	YES
9.	Name of person contacted	YES
10.	Designation of contact person	YES
11.	Turnover of firm for last two years	YES
12.	Profitability for last three years	--
13.	Reasons for variations <> 20%	YES
14.	Estimation for coming financial year	YES
15.	Capital in the business	NO
16.	Details of sister concerns	YES
17.	Major Suppliers	NO
18.	Major Customers	NO
19.	Payment terms	YES
20.	Export / Import details (is applicable)	YES
21.	Market information	--
22.	Litigation that the firm / promoter involved in	--
23.	Banking Details	YES
24.	Banking facility details	YES
25.	Conduct of the banking account	--
26.	Buyer visit details	--
27.	Financials, if provided	NO
28.	Incorporation details, if applicable	--
29.	Last accounts filed at ROC	--
30.	Major Shareholders, is available	--

OPERATIONS

Inspite of global volatility in crude oil products and competitive market conditions, the Company could achieve 18% growth in turnover. Policy intervention to curb inflation including through gradual withdrawal of stimulus, liquidity restraints and interest rates, compounded by volatility in petro-product prices and competitive market conditions globally are relevant dimensions. In this background, the operations and results of the Company for the year have improved substantially as a result of the investments made in modernisation of machinery and expansion into new product lines.

They remain optimistic, on the future but mindful of uncertainties arising from volatile input prices, market swings, inflation and global and domestic economic cycles.

The company could achieve an 18% growth in turnover at Rs.230.300 millions against a turnover of Rs.194.300 millions in the earlier year. The increased turnover can be attributed to the increased production capacity and to the newly added product range.

The net profit before tax has increased from 3.695 millions to Rs.4.305 millions, an increase of 16%. The profit has increased due to cost effective measures taken by company, better sales realisations and due to the newly added product range.

Form 8

Corporate identity number of the company	U25200MH1996PTC097698
Name of the company	DHWANI POLYPRINTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	215/5, Magan Mahal, SIR. M.V. Road, Andheri (East), Mumbai – 400 069, Maharashtra, India.
This form is for	Book Debts
Type of charge	Modification of charge
Particular of charge holder	Central Bank of India, J.B. Nagar Branch, Opposite Kohinoor Continental Hotel, J. B. Nagar, Adheri Kurla Road, Andheri (East), Mumbai-400059, Maharashtra, India E-Mail : emailroc@rediffmail.com
Nature of instrument creating charge	Agreement of Hypothecation Book Debts
Date of instrument Creating the charge	22.03.2010
Amount secured by the charge	Rs.12.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - Interest rate at BPLR with qly rest or such other rate as agreed by the Borrower Company with the Bank Terms of repayment - As Agreed by Borrower Company with the Bank Margin - 40 % of Hypothecated Assets Extent and operation of the charge - At the request of the Borrower Company the Bank has enhanced the ODBD limits from Rs.7.500 Millions to Rs.12.500 Millions. To secure the due repayment of the Banking Limits and for all costs, interest and other charges thereon, continuation of the first charge and hypothecation of Book debts of the Company both present and future. Total charge stands modified from Rs.7.500 Millions to Rs.12.500 Millions
Particulars of the property charged	Continuation of the first charge and hypothecation of Book debts of the Company both present and future
Particulars of the present modification	At the request of the Borrower Company the Bank has enhanced the ODBD limits from Rs.7.500 Millions to Rs.12.500 Millions. To secure the due repayment of the Banking Limits and for all costs, interest and other charges thereon, continuation of the first charge and hypothecation of Book debts of the Company both present and future. Total charge stands modified from Rs.7.500 Millions to Rs.12.500 Millions

FIXED ASSETS

· Plant and machinery

· Electrical installation

· Computers

· Factory equipments

· Furniture and fixture

· Office equipment

· Vehicles

· Commercial vehicle

· Computer software

· Air conditioner

· 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.52.67
UK Pound	1	Rs.82.53
Euro	1	Rs.69.13

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		48

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.