MIRA INFORM REPORT

Report Date :

18.01.2011

Note : The company has shifted from the above address.

IDENTIFICATION DETAILS

Name :	DHWANI POLYPRINTS PRIVATE LIMITED
Registered Office :	215/5, Magan Mahal Sir M V Road, Andheri (East), Mumbai – 400069, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	27.02.1996
Com. Reg. No.:	11-20424
CIN No.: [Company Identification No.]	U25209MH1978PTC020424
PAN No.: [Permanent Account No.]	AACD3775C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of industrial Packaging Bags.

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 68888
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company 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.

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 :	Miss Jagruti
Designation :	Accounts Department
Date :	23.12.2010

LOCATIONS

Registered Office :	215/5, Madan Mahal, Sir, M.V Road, Andheri (East), Mumbai-400069, Maharashtra, India
Tel. No.:	91-22-26848417
Fax No.:	91-22-26841038
E-Mail :	diamondpolyplast@vsnl.net dhwanipolyprints@hotmail.com dhwani@diamondpolyplast.com
Website :	www.diamondplyplast.com
Area :	1000 sq.fts
Location :	Owned
Factory :	A2-5, GIDC, Daman Industrial Estate, Somnath Road, Daman-396215
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
Tel. No.:	91-261-2328974/ 2322993
Location :	Owned

DIRECTORS

As on : 24.09.2010

Name :	Mr. Rajesh S Roongta
Designation :	Director
Address :	4/703, Anmol, Sir M V Road, Andheri (East), Mumbai-400 069, Maharashtra, India
Date of Birth/Age :	30.06.1963
Qualification :	B.Com
Date of Appointment :	27.02.1996
DIN No:	00141604
E-Mail:	rajesh@diamondpolyplast.com
Name :	Mr. Sanjay S Roongta
Designation :	Director
Address :	4/704, Anmol, Sir M V Road, Andheri (East), Mumbai-400 069, Maharashtra, India
Date of Birth/Age :	14.01.1968
Qualification :	B.E. (Electronics)
Date of Appointment :	27.02.1996
DIN No:	00231976
E-Mail :	sanjay@diamondpolyplast.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 24.09.2010

Names of Shareholders	No. of Shares
Mr. Shivprasad B. Roongta	1000
Mr. Rajesh S. Roongta	1560
Mr. Sanjay S. Roongta	1110
Mr. Barkha S. Roongta	500
Mr. Shivprasad B. Roongta (HUF)	500
Mr. Aditya Roongta	250
Mr. Dhwani R. Roongta	100
Mr. Shivprasad B. Roongta	2000
Mr. Rajesh S. Roongta	10500
Mr. Sanjay S. Roongta	4000
Mrs. Seema A. Sureka	4000
TOTAL	25520

As on : 24.09.2010

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Industrial Packaging Bags.

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 :

Industrial Packaging Bags

Countries :

U.K and Germany

Imports :

Products :

Plastic Granules

Countries :

Saudi Arabia

Terms :

Selling :

L/C, Cash, Credit

Purchasing :

L/C, Cash, Credit

PRODUCTION STATUS AS ON : 24.09.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Tubing & Bags	MT	N.A.	2000.000	1603.766

GENERAL INFORMATION

Customers :

Corporates

No. of Employees :

60 (in office -20 and in factory – 40)

Bankers :

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

Facilities :

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

Secured loans :

Particulars	As on 31.03.2010 Rs. In million	As on 31.03.2009 Rs. In million
From Central Bank of India :
a) Term Loan V (Secured against hypothecation of plant and machinery)	2.122	2.161
b) Term Loan VI (Secured against hypothecation of Plant and Machinery)	2.622	0.000
b) Cash Credit (Secured against hypothecation of stocks)	14.877	16.190
c) Overdraft (Secured against hypothecation of debtors)	10.824	7.586
From other banks
HDFC Bank Limited Car Loan A/C (Secured against hypothecation of car)	0.748	1.069
ICICI Bank limited Car Loan A/C (Secured against hypothecation of car)	0.291	0.698
Reliance Capital Limited (Secured against hypothecation of TATA 909)	0.199	0.438
SBI Car Loan (Secured against hypothecation of Car)	0.323	--
Total	32.006	28.142

Unsecured loans

Particulars	As on 31.03.2010 Rs. In million	As on 31.03.2009 Rs. In million
Loans from :
Directors	0.046	0.028
Shareholders	1.097	0.472
Other Banks	2.937	2.644
Total	4.080	3.144

Banking Relations :

Satisfactory

Auditors :

S.K. Tibrewala Associates

Chartered Accountant

Address :

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

Tel. No.:

91-22-26450618

Fax No.:

91-22-26515316

Pan No :

AABPT8656N

Associates / Subsidiaries :

Nil

CAPITAL STRUCTURE

As on 31.03.2010

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		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		2.552	2.552	2.617
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		14.670	12.150	10.520
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		17.222	14.702	13.137
LOAN FUNDS
1] Secured Loans		32.005	28.142	18.294
2] Unsecured Loans		4.080	3.144	1.436
TOTAL BORROWING		36.085	31.286	19.730
DEFERRED TAX LIABILITIES		1.350	1.002	0.792
TOTAL		54.657	46.990	33.659
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.742	13.886	10.921
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	11.982	10.986	11.639
	Sundry Debtors	24.450	19.313	16.091
	Cash & Bank Balances	1.790	4.274	0.896
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.306	6.910	6.162
Total Current Assets		43.528	41.483	34.788
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.787	7.376	10.713
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.826	1.003	1.337
Total Current Liabilities		7.613	8.379	12.050
Net Current Assets		35.915	33.104	22.738
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		54.657	46.990	33.659

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	194.300	147.815	110.240
		Other Income	0.000	0.545	0.000
		TOTAL (A)	194.300	148.360	119.370
Less	EXPENSES
		Office Expenses
		Administrative Expenses	183.915	140.346	111.141
		Advertising Expenses
		TOTAL (B)	183.915	140.346	111.141
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10.385	8.014	6.229
Less	FINANCIAL EXPENSES (D)		4.770	4.021	3.491
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.615	3.993	2.738
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.921	1.418	1.157
	PROFIT BEFORE TAX (E-F) (G)		3.694	2.575	1.581
Less	TAX (I)		1.175	0.924	0.819
	PROFIT AFTER TAX (G-I) (J)		2.519	1.651	0.762
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.411	0.480	0.417
Less	APPROPRIATIONS
		Transfer to General Reserve	2.300	1.700	0.700
		Dividend Preference 10%	0.000	0.018	0.000
		Tax on Dividend	0.000	0.002	0.000
	BALANCE CARRIED TO THE B/S		0.630	0.410	0.480
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	19.015	11.011	16.692
	TOTAL EARNINGS		19.015	11.011	16.692
	IMPORTS
		Raw Material	0.645	9.516	3.142
	TOTAL IMPORTS		0.645	9.516	3.142
	Earnings Per Share (Rs.)		--	325.00	----

Expected Sales (2010-2011) : Rs. 250.000 Millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.29	1.11	0.80
Net Profit Margin (PBT/Sales)	(%)	1.90	1.74	1.43
Return on Total Assets (PBT/Total Assets}	(%)	5.93	4.65	4.54
Return on Investment (ROI) (PBT/Networth)		0.21	0.18	0.12
Debt Equity Ratio (Total Liability/Networth)		2.53	2.70	0.92
Current Ratio (Current Asset/Current Liability)		5.71	4.95	2.89

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS :

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	6.787	7.376	10.713
Total	6.787	7.376	10.713

IMPORTANT NOTE :

Last time Mr. Sanjay Roogta had confirmed the date of Incorporation as 22.06.1978 but as per government records the Date of incorporation is 27.02.1996

OPERATIONS :

The operations and results of the company for one year under review can be considered generally in line with the changed market conditions due to receding recessionary trend and improved market conditions in the company’s business sectors.

The company could achieve 31% growth in turnover at Rs. 194.300 millions against a turnover of Rs. 147.800 millions in the earlier year due to better networking efforts.

The net profit before tax has increased from 257.500 millions to Rs. 369.500 millions an increase of 43% the profit has increased due to cost effective measures taken by company and prope management in better sales operations.

Trade References:

• Reliance Industries Limited
• Aditya Birla
• Videocon Induistries

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

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	· Immovable property · Any interest in immovable property
Type of charge	Creation of charge
Particular of charge holder	Central Bank of India, J.B. Nagar Branch, Andheri (East), Mumbai – 400 059, Maharashtra, India. E-Mail : emailroc@rediffmail.com
Nature of instrument creating charge	Memorandum of entry
Date of instrument Creating the charge	07.01.2008
Amount secured by the charge	Rs.18.137 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Terms of repayment Repayment, as agreed between the borrower company and the Bank from time to time. Margin As agreed by the company and the Bank Extent and operation of the charge At the request of the borrower company the Bank has revised the overall Banking limits to Rs.18.137 Millions, against mortgage of lease hold rights in the immovable property i.e. Plot of land and mortgage of shed No.A 2-6, Daman Industrial Estate, Somnath Road, Daman 396 210
Particulars of the property charged	At the request of the borrower company the Bank has revised the overall Banking limits to Rs.18.137 Millions, against mortgage of lease hold rights in the immovable property i.e. Plot of land and mortgage of shed No.A 2-6, Daman Indudtrial Estate, Somnath Road, Daman 396 210

Name of the company	DHWANI POLYPRINTS PRIVATE LIMITED
Presented By	Mr. Rajesh Roongta, Director
1) Date and description of instrument creating the change	Letter of Hypothecation executed on 2^nd May, 1997
2) Amount secured by the charge/amount owing on the securities of charge	Rs.12.569 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All movable property comprising inter alia machinery equipment plant and spare part which now or hereafter from time to time during this security shall belong to the Borrower wherever the same may be including in transit, and situated at shed A2-6, Daman Industrial Estate, Somnath Road, Daman – 396 215.
4) Gist of the terms and conditions and extent and operation of the charge.	The security stated in column No.3 above is taken for the due repayment of the various facilities with interest viz. Term loan for purchase of Machinery and tools Rs.0.675 Million, D.P.G. – Rs.2.944 Millions, Cash Credit (Hyp) Limit – Rs.2.250 Millions, O/D against Book Debts (upto 90 days) – Rs.2.200 millions, Import D.P.L/C – Rs.3.000 Millions and Bank Guarantee (Financial) Limit – Rs.1.500 Millions granted by the Bank. Rate of interest as may be applicable from time to time
5) Name and Address and description of the person entitled to the charge.	Central Bank of India, J.B. Nagar Branch, Andheri (East), Mumbai – 400 059.
6) Date and brief description of instrument modifying the charge	Letter of Hypothecation dated 20^th January 2003.
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	02.05.1997 – Original Charge of Rs.12.569 Millions was created by Letter of Hypothecation dated 2^nd May 1997 (Registered at Sr. No. 6 on 10^th July, 1997) Then, by 1^st modification vide Letter of Hypothecation dated 15^th July 1999. (Registeres at Sr. No.26 on 20^th August 1999) 15.07.1999 – The various limits increased from Rs.12.569 millions to Rs.15.159 millions viz. Cash Credit – Rs.6.000 millions, with sub limit of overdraft – (Rs.3.500 millions) Letter of credit – Rs.5.000 Millions Bank Guarantee – Rs.1.500 Millions Term Loan – Rs.0.893 Millions Deffered Payment Guarantee – Rs.1.766 Millions Then, by 2^nd modification vide Letter of Hypothecation dated 23^rd January 2001. (Registered at Sr. No. 41 dated 19^th March 2001) 23.01.2001 – The various limits reduced from Rs.15.159 millions to Rs.12.500 millions viz. Cash Credit - Rs.10.000 Millions Import L/C (DP) - Rs.2.000 Millions Bank Guarantee – Rs.0.500 Millions Then by 3^rd modification vide letter of hypothecation dated 13^th June 2002. (Registered at Sr.No.53 dated 24^th July 2002. 13.06.2002 – The various limits increased from Rs.12.500 millions to Rs.18.500 millions viz. Cash Credit - Rs.10.000 Millions Import L/C (DP) - Rs.2.000 Millions Import/Inland L/C (DA) – Rs.2.000 Millions Bank Guarantee - Rs.2.500 Millions Term Loan - Rs.2.000 Millions Mow vide above reffered Letter of Hypothecation the various limits aggregating to Rs.18.500 millions are increased to Rs.21.000 Millions. The details whereof are as follows: Facilities Amount (Rs. In Millions) Cash Credit 12.500 Import L/C (DP) 3.000 Import/Inland L/C (DA) 3.000 Bank Guarantee 2.500 21.000

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. 45.59
UK Pound	1	Rs. 72.31
Euro	1	Rs. 60.73

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.