MIRA INFORM REPORT

Report Date :

24.02.2011

IDENTIFICATION DETAILS

Name :	PLENCO CLOSURES PRIVATE LIMITED
Registered Office :	72 Raja Industries Estate, P K Road, Mulund West, Mumbai – 400080, Maharashtra
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	21.08.2003
Com. Reg. No.:	141823
CIN No.: [Company Identification No.]	U29195MH2003PTC141823
TAN No.: [Tax Deduction & Collection Account No.]	MUMP15755F
PAN No.: [Permanent Account No.]	AADCP1787D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Tamper Evident Plastic Caps for Non Carbonated Beverages

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 298244
Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is progressing well. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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.

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 (GENERAL DETAILS)

Name :	Ms. Anita
Designation :	Accounts Department
Date :	23.02.2011

LOCATIONS

Registered Office :	72 Raja Industries Estate, P K Road, Mulund West, Mumbai – 400080, Maharashtra, India
Tel. No. :	91-22-25662146
E-Mail :	sales@plencoindia.com
Regional Offices :	Delhi Office 805, Jaina Tower I, District Centre, Janakpuri, New Delhi – 110 058, India Tel. No. : - 91-11-25526011 Bangalore Office No. 74,  1st main road, Lower Palace Orchards, Sadashiv Nagar - Bangalore - 560 080 India Tel. No. :- 91-80-23346772 Fax No. :- 91-80- 23346774
Corporate Office/Head Office :	B-504, Pratik Industrial Estate, Opp. Wockhardt Hospital, Mulund - Goregaon Link Road, Bhandup (W), Mumbai – 400 078, India
Tel. No.:	91-22-41622828
Fax No.:	91-22-41622803
Factory 1 :	Plot Number 22 / 28, Govt, Industrial Estate, Phase II, Piparia, Silvassa - 396 230 (D. and N.H.) India.
Tel. No.:	91-260-3206837/ 2640171

DIRECTORS

AS ON 30.09.2009

Name :	Mr. Adish A. Shetty
Designation :	Director
Address :	1801, Odyssey I, Chs Limited, Hirannandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
Date of Birth/Age :	02.09.1988
Qualification :	IT
Date of Appointment :	16.03.2007
Name :	Mr. Anand M. Shetty
Designation :	Director
Address :	1801, Odyssey I, Chs Limited, Hirannandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
Date of Birth/Age :	08.01.1953
Date of Appointment :	21.11.2003
Name :	Mrs. Shashirekha A. Shetty
Designation :	Director
Address :	1801, Odyssey I, Chs Limited, Hirannandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
Date of Birth/Age :	01.06.1959
Qualification :	BA
Date of Appointment :	21.11.2003
Name :	Mr. Pravir A. Shetty
Designation :	Director
Address :	1801, Odyssey I, Chs Limited, Hirannandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
Date of Birth/Age :	24.01.1984
Qualification :	MBA Finance
Date of Appointment :	21.11.2003

KEY EXECUTIVES

Name :	Ms. Anita
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2009

Names of Shareholders	No. of Shares
Mr. Anand M. Shetty	1890000
Mr. Arya Mittara	125000
Mr. Adish A. Shetty	50000
Mr. Pravir A. Shetty	120000
Mrs. Shashirekha A. Shetty	180000
Organic Industries Limited, Mumbai	980000
Trident Polymers Private Limited, Mumbai	300000
Total	3645000

Equity share breakup (percentage of total equity) AS ON 30.09.2009

Category	Percentage of Holding
Bodies corporate	35.12
Directors or relatives of directors	61.45
Others	3.43
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Tamper Evident Plastic Caps for Non Carbonated Beverages
Products :	Hotfill/ Warmfill Juices Package Drinking Water Cold Filling Applications Pharma Formulation Edible Oil Paints Stainers
Exports :
Products :	Non Carbonated Beverages
Countries :	Dubai
Imports :
Products :	Raw Material
Countries :	Thailand
Terms :
Selling :	L/C, Cash, Credit
Purchasing :	L/C, Cash, Credit

GENERAL INFORMATION

Employees :

14 (In office 04 + In factory 10)

Bankers :

The Shamrao Vithal Co-Op. Bank Limited, Jayant Acrade, Rajawadi Naka, Ghatkopar East, Mumbai – 400077, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Cash Credit Loans
Secured by
The North kanara GSB Co-Op. Bank Limited	36.515	26.220
Shamrao Vithal Co-Op. Bank Limited	48.346	34.159
Packing Credit Loan from Shamrao Vithal Co-Op. Bank Limited	1.256	4.304
Term Loan
Secured by factory building, plant and machinery and other fixed assets	7.392	98.242
Term Loan A/c - 827	47.698	8.096
NKOSB Co-Op. Bank Limited	38.098	0.000
Shamrao Vithal Co-Op. Bank Limited	94.219	120.737
Vehicle Loans
ICICI Bank	0.104	0.160
ICICI Bank – Skoda	0.978	01.200
ICICI Bank – Skoda	0.884	0.000
Tata Capital Limited (Honda City)	0.509	0.00
Kotak Mahindra Prime Limited	0.066	0.146
Total	275.556	293.266
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Directors and Share Holders	1.940	1.500
From Others-HDFC Bank Limited	0.390	0.721
Total	2.330	2.221

Banking Relations :	-
Auditors :
Name :	Sadashiv Shetty and Company Chartered Accountant
Address :	102, Datta Ratna Building, Sir Bhalchandra Road, Dadar, Mumbai – 400014, Maharashtra, India
Associates/Subsidiaries :	Trimurti Polymers Organics Limited

CAPITAL STRUCTURE

AS ON 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
40,00,000	Equity Shares	Rs. 10/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
36,45,000	Equity Shares	Rs. 10/- each	Rs.36.450 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Expected Sales (2010-2011) : Rs.500.000 Millions

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		36.450	36.450	22.000
2] Share Application Money		0.00	0.000	0.000
3] Reserves & Surplus		38.111	16.372	8.253
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		74.561	52.822	30.253
LOAN FUNDS
1] Secured Loans		275.556	293.267	207.569
2] Unsecured Loans		2.331	2.221	1.484
TOTAL BORROWING		277.887	295.488	209.053
DEFERRED TAX LIABILITIES		7.625	6.014	0.639
TOTAL		360.073	354.324	239.945
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		255.552	244.099	186.655
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.302	0.201	0.052
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	46.407	39.151	22.763
	Sundry Debtors	49.390	43.965	17.808
	Cash & Bank Balances	1.962	0.707	0.831
	Other Current Assets	0.000	47.097	28.327
	Loans & Advances	26.779	0.000	0.000
Total Current Assets		124.538	130.920	69.729
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.400	15.105	13.264
	Others Current Liabilities	2.347	2.999	2.803
	Provisions	3.111	3.462	1.260
Total Current Liabilities		20.858	21.566	17.327
Net Current Assets		103.680	109.354	52.402
MISCELLANEOUS EXPENSES		0.539	0.670	0.836
TOTAL		360.073	354.324	239.945

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008	31.03.2007
	SALES
		Income	389.004	NA	195.086
		Other Income		NA	0.306
		TOTAL	389.004	NA	195.392
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		26.344	15.639	9.677
Less	TAX		2.996	7.521	1.739
	PROFIT AFTER TAX		23.348	8.118	7.938
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	27.394	24.100	NA
	TOTAL EARNINGS		27.394	24.100	NA
	IMPORTS
		Raw Materials	25.982	33.347	NA
		Capital Goods	0.200	54.165	NA
	TOTAL IMPORTS		26.182	87.512	NA
	Earnings Per Share (Rs.)		6.41	--	--

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	6.00	NA	4.06
Net Profit Margin (PBT/Sales)	(%)	NA	NA	4.96
Return on Total Assets (PBT/Total Assets}	(%)	6.93	4.16	3.77
Return on Investment (ROI) (PBT/Networth)		0.35	0.29	0.31
Debt Equity Ratio (Total Liability/Networth)		4.01	6.00	7.48
Current Ratio (Current Asset/Current Liability)		5.97	6.07	4.02

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details:

Particulars	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009	Rs. In Millions 31.03.2008
Sundry Creditors (Capital)	0.731	2.658	(1.512)
Sundry Creditors (Expenses)	4.487	3.158	2.683
Sundry Creditors (Purchases)	4.447	5.943	3.308
Sundry Creditors (Raw Material)	5.735	3.346	8.786

FORM 8:

Corporate identity number of the company	U29195MH2003PTC141823
Name of the company	PLENCO CLOSURES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	72 Raja Industries Estate, P K Road, Mulund West, Mumbai – 400080, Maharashtra, India
This form is for	Modification of Charge
Type of charge	Book Debts Movable property (not being pledge)
Particular of charge holder	The Shamrao Vithal Co-Op. Bank Limited, Jayant Acrade, Rajawadi Naka, Ghatkopar East, Mumbai – 400077, Maharashtra, India m.g.kalekar.associates@gmail.com
Nature of instrument creating charge	1) Second supplemental joint deed of hypothecation 2) Second supplemental working capital consortium agreement 3) Second supplemental inter-se agreement (all these agreements together constitute a single modification)
Date of instrument Creating the charge	11.08.2009
Amount secured by the charge	Rs. 117.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Rate of interest as per sanction letter of SVCB and NKGSB Bank. Margin As may be decided, from time to time, by the banks Extent and operation of the charge to secure the due repayment of the following credit facilities aggregating Rs. 117.500 Millions, together with interest, costs and expenses thereon, granted by the following banks to the company 1) Cash credit of Rs. 47.500 millions, letter of credit of Rs. 10.000 millions, packing credit of Rs. 5.000 millions and bank guarantee of Rs. 12.500 millions granted by The Shamrao Vithal Co-op. Bank Limited. 2) Cash credit of RS. 37.500 millions (Increase from Rs. 35.000 millions) and letter of credit of Rs. 5.000 millions granted by the NKGSB Co-op. Bank Limited.
Particulars of the property charged	Stocks of raw materials, goods-in-process of manufacturer and all finished and manufactured goods and articles with all stores, including meant for exports, unfinished goods, import goods. All, present and future, book-debts, outstanding monies, receivables, claims, bills, rights to or in movable properties and moveable assets of the company. All tangibe movable machinery, plant machinery, fixtures, fittings other installations, cranes, furniture, computer and other accessories vehicles together with spares, tools and accessories.
Date of instrument modifying the charge	10.12.2008
Particulars of the present modification	By this modification, the additional cash credit facility of Rs. 2.500 millions has been granted by NKGSB Bank to the company. Hence, the aggregate credit facilities have been enhanced from Rs. 115.000 millions to Rs. 117.500 millions 1) CC of Rs. 47.500 millions, L/C of RS. 10.000 millions, packing credit of Rs. 5.000 millions and B. G. of Rs. 12.500 millions granted by SVC Bank and 2) Cash credit of Rs. 37.500 millions and letter of credit of RS. 5.000 millions granted by NKGSB Bank therefore, the overall charge now stands at Rs. 117.500 millions

Corporate identity number of the company	U29195MH2003PTC141823
Name of the company	PLENCO CLOSURES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	72 Raja Industries Estate, P K Road, Mulund West, Mumbai – 400080, Maharashtra, India
This form is for	Modification of charge
Type of charge	Immovable Property
Particular of charge holder	THE SHAMRAO VITHAL CO-OP. BANK LTD.
Nature of instrument creating charge	No instrument was executed. However, the equitable mortgage has been extended, over the immoveable property more particularly described in Column (15) hereof.
Date of instrument Creating the charge	21/06/2010
Amount secured by the charge	Rs.448.700 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As may be decided, from time to time, by the Banks Margin As may be decided, from time to time, by the Banks Extent and Operation of the charge To secure the due repayment of the credit facilities aggregating Rs.448.700 Millions, together with interest, costs, charges and expenses thereon, granted by the Banks to the Company (being Rs.283.700 Millions granted by SVC Bank and Rs.165.000 Millions granted by NKGSB Bank) as more particularly described in the Recording Letter attached.
Short particulars of the property charged	Plot No.22 adm.700 sq. mtrs. atS.No.212,Vil - Piparia, U.T. of Dadra and Nagar Haveli, with entire structure adm.1200 sq. mts. thereon and plant & machinery installed thereat Plot No.28, adm.2700 sq. mts. of the Govt. Indl. Estate,Phase II,Silvassa of U.T.of Dadra and Nagar Haveli, with entire structure of factory shed/bldg consisting of ground+2 upper floors

TRADE REFERENCES:

• Coco – Cola India
• Indian Railways
• Parle Agro Private Limited
• Bisleri International Limited

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.45.20
UK Pound	1	Rs.73.16
Euro	1	Rs.61.88

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

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.