MIRA INFORM REPORT

Report Date :

15.11.2011

IDENTIFICATION DETAILS

Name :	SARASWATI PLASTOTECH INDIA PRIVATE LIMITED

Registered Office :	1708, 3B-2, Mohali – 160059, Punjab

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	22.10.2009

Com. Reg. No.:	16-033308

Capital Investment / Paid-up Capital :	Rs. 21.036 Millions

CIN No.: [Company Identification No.]	U25200PB2009PTC033308

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Plastics Bottles of all kinds.

No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is a relatively new company having moderate track. There appear huge losses incurred by the company in the current year i.e 2010-11. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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. Suraj Kumar Bansal
Designation :	Director
Contact No.:	91-9906023636
Date :	14.11.2011

LOCATIONS

Registered Office :	1708, 3B-2, Mohali – 160059, Punjab, India
Tel. No.:	91-1923-220081
Mobile No.:	91-9906023636 (Mr.Suraj Kumar Bansal)
Fax No.:	Not Available
E-Mail :	surajkbansal@gmail.com manik1996@yahoo.co.in
Location :	Owned

Factory :	Lane 4, Phase 1,SIDCO Industrial Complex, Bari Brahmana, Jammu – 181133, Jammu Kashmir, India
Tel. No.:	91-1923-220081
Fax No.:	91-1923-221433
E-Mail :	Plasto.saraswati@gmail.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Suraj Kumar Bansal

Designation :

Director

Address :

H. No 7, Green Park, Ambala Cantt, Haryana – 133001, Punjab, India

Date of Birth/Age :

15.03.1979

Date of Appointment :

26.10.2009

DIN No.:

02006116

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24211PB1999PTC022404	Saraswati Agro Chemicals (India) Private Limited	Director	31-01-05	31-01-05	-	Active	NO
2	U25200PB2009PTC033308	Saraswati Plastotech India Private Limited	Managing director	26-10-09	22-10-09	-	Active	NO

Name :

Mrs. Sushma Bansal

Designation :

Director

Address :

H.No.1708, Phase – 3-B-2, Part-1, District – S.S. Nagar, Mohali , Punjab – 160055, India

Date of Appointment :

06.11.2009

DIN No.:

02377812

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24211PB1999PTC022404	Saraswati Agro Chemicals (India) Private Limited	Director	05-06-05	05-06-05	-	Active	NO
2	U25200PB2009PTC033308	Saraswati Plastotech India Private Limited	Director	06-11-09	06-11-09	-	Active	NO

Name :

Mr. Lalit Kumar Bansal

Designation :

Director

Address :

H.No.1708, Phase – 3-B-2, Part-1, District – S.S. Nagar, Mohali , Punjab – 160055, India

Date of Appointment :

26.10.2009

DIN No.:

02760030

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24120PB2009PTC033188	Punjab Pesticides Industeries Private Limited	Director	04-09-09	04-09-09	-	Active	NO
2	U25200PB2009PTC033308	Saraswati Plastotech India Private Limited	Director	26-10-09	26-10-09	-	Active	NO

Name :

Mrs. Nidhi Jain

Designation :

Director

Address :

H. No 7, Green Park, Ambala Cantt, Haryana – 133001, Punjab, India

Date of Appointment :

26.10.2009

DIN No.:

02841487

Name :

Mr. Ravindra Mittal

Designation :

Director

Address :

A-3, 122 Paschim Vihar, New Delhi – 110063, India

Date of Birth/Age :

18.07.1964

Date of Appointment :

22.10.2009

DIN No.:

01094367

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U25202DL1995PTC066278	Ravi Metal Products Private Limited	Director	13-03-95	13-03-95	-	Active	NO
2	U74950DL1997PTC085405	Saksham Containers Private Limited	Director	26-02-97	26-02-97	-	Active	NO
3	U74899DL1995PLC065498	Delhi Tin Met Limited	Director	07-06-07	07-06-07	17-11-08	Active	NO
4	U25200PB2009PTC033308	Saraswati Plastotech India Private Limited	Director	22-10-09	22-10-09	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders		No. of Shares
Ravindra Mittal		3000
Suraj Kumar Bansal		258500
Sushma Bansal		200000
Lalit Kumar Bansal		761500
Nidhi Jain		300000
Saraswati Agro Chemicals India Private Limited, India		580000
Sanjeev Aggarwal		100
Ashok Kumar Dhiman		500
TOTAL		2103600

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Plastics Bottles of all kinds.

Products :	Protective Packaging Material Plastic Corrugated Sheet Multilayer Packaging Films Stretch Film Plastics Wrapping Pe Extruded Net Air Bubble Rolls

Selling :	Cash and Credit

Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Aeon Systems
Alpine Containers Private Limited
Excel Pack Limited
Dynamic Tools
H.V. Enterprise
Jap Industries
KBG Traders
Magna Metal and Mill Store
Mella Enterprises Limited
Reliance
B M S

Customers :

Retailers

ACE Engineering Company
A.K Biotech
Bayer Crop Science Limited
KBG Traders Sale
Modern Insecticides Limited
Chanlin
B S S

No. of Employees :

200 (Approximately)

Bankers :

State Bank of India, Jammu Cantt Branch, Jammu – 180003, Jammu Kashmir, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
State Bank of India Term Loan 1	141.186	151.259
State Bank of India Term Loan 2 (Against mortgage of fixed assets)	245.412	0.000
State Bank of India Jammu Cantt	72.925	40.328
Total	459.523	191.587
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
S.K Bansal	0.355	0.355
Ravinder Mittal	0.311	0.211
Saraswati Agro Chemicals India Private Limited	183.484	125.334
Total	184.150	125.900

Banking Relations :	--

Auditors :
Name :	Vijay Gupta and Company Chartered Accountant
Address :	233-Uco Bank Lane, Gole Market, Gandhi Nagar, Jammu - 180001, Jammu Kashmir, India
Tel. No.:	91-191-2437733/2437744
PAN.:	ABAPG0037A

Sister Concern :	Saraswati Agro Chemicals Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2103600	Equity Shares	Rs.10/- each	Rs. 21.036 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		21.036	21.036
2] Share Application Money		0.280	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(45.518)	0.000
NETWORTH		(24.202)	21.036
LOAN FUNDS
1] Secured Loans		459.523	191.587
2] Unsecured Loans		184.150	125.900
TOTAL BORROWING		643.673	317.487
DEFERRED TAX LIABILITIES		0.000	0.000

TOTAL		619.471	338.523

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		456.012	94.254
Capital work-in-progress		0.000	0.000

INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	68.057	6.139
	Sundry Debtors	17.499	0.000
	Cash & Bank Balances	1.896	9.071
	Other Current Assets	69.185	2.347
	Loans & Advances	118.121	218.755
Total Current Assets		274.758	236.312
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	109.545	2.603
	Other Current Liabilities	0.000	0.000
	Provisions	2.001	1.171
Total Current Liabilities		111.546	3.774
Net Current Assets		263.212	232.538

MISCELLANEOUS EXPENSES		0.247	11.731

TOTAL		619.471	338.523

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Sales	92.551
		Other Income	0.270
		TOTAL	92.821

Less	EXPENSES
		Cost of Goods Sold	34.379
		Bank Interest	23.862
		Advertising Expenses	0.015
		Car Expenses	0.309
		Clearing and Forwarding Charges	0.217
		Telephone Expenses	0.342
		Traveling and Conveyance	0.314
		Water Charges	0.012
		Boarding and Lodging Expenses	1.172
		Establishment	5.725
		ESI Contribution	1.027
		House Rent Allowances	3.527
		Staff and Labour Welfare	1.265
		Other Expenses	31.454
		TOTAL	103.620

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(10.799)

Less/ Add	DEPRECIATION/ AMORTISATION		34.719

	NET PFOFIT/LOSS		(45.518)

Particulars

April 2011 to October 2011

Sales Turnover

320.000

Expected Sales (2011-2012): Rs.500.000 Millions

The above information has been parted by Mr. Suraj Kumar Bansal – Director

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	(49.04)	0.00

Net Profit Margin (PBT/Sales)	(%)	(49.18)	0.00

Return on Total Assets (PBT/Total Assets}	(%)	(6.23)	0.00

Return on Investment (ROI) (PBT/Networth)		1.88	0.00

Debt Equity Ratio (Total Liability/Networth)		(31.20)	4.66

Current Ratio (Current Asset/Current Liability)		2.46	1.025

LOCAL AGENCY FURTHER INFORMATION

Check list by Info Agents	Available in Reports ( Yes/No)
Year Of Establishment	Yes
Locality of the Firm	Yes
Constitutions 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 fort last one years	Yes
Profitability for last three years	No
Reasons For Variation<>20%	No
Estimation for coming financial year	Yes
Capital in Business	Yes
Details of Sister Concern	Yes
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details (if Applicable)	No
Market Information	--
Litigations that the firm / Promoter involved in	--
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	No
Incorporation details, if applicable	--
Last Account filed at ROC	--
Major shareholder , if available	--

FORM 8

Corporate identity number of the company	U25200PB2009PTC033308
Name of the company	SARASWATI PLASTOTECH INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1708, 3B-2, Mohali, Punjab – 160059, India Email: manik1996@yahoo.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10210205
Type of charge	Immovable Property Book Debts Movable Property (not being pledge)
Particular of charge holder	State Bank of India, Jammu Cantt Branch, Jammu, Jammu Kashmir – 180003, India Email : manik1996@yahoo.co.in
Nature of instrument creating charge	Agreement Dated 05.07.2011
Date of instrument Creating the charge	15.07.2011
Amount secured by the charge	Rs. 490.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : 4.25% above base rate which is presently 9.50% present effective rate 13.75% per annum rising or falling therewith on daily products with monthly rests. Terms of Repayment : Reschdulement of existing of term loan of Rs. 150.000 millions, with repayment commenced from October 2010 with extension in the tenor from 69 months to 93 months including an initial moratorium of 9 months with reset clause of 12 months. Reschdulement of existing of term loan of Rs.340.000 millions with repayment commenced from December 2011 instead December 2010 with extension in the tenor from 63 months to 87 months including an initial moratorium of 17 months instead of 3 months with reset clause of 12 months. Margin: Raw Materials-25% Stocks-in-process-25% Finished goods-25% Book debts/receivables-40% Term Loan- 25%-30% Extent and Operation of the charge: 100% Others: Guarantee-1. Lalit Kumar Bansal, Suraj Kumar Bansal,Sushma Bansal, Nidhi Jain.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of raw materials, stocks, book debts and receivables, finished goods and semi finished goods and entire current assets Hypothecation of all types of plant and machinery acquired/ to be acquired in the name of saraswati plastotech india private Limited Equitable mortgage of land measuring 19.00 kanal and constructions raised/ to be raised thereon allotted by J and K SIDCO for industrial unit situated at SIDCO industrial complex bari brahamana J and K
Date of instrument modifying the charge	04.08.2010
Particulars of the present modification	Reschdulement of existing of term loan of Rs. 150.000 millions, with repayment commenced from October 2010 with extension in the tenor from 69 months to 93 months including an intial moratorium of 9 months with reset clause of 12 months. Reschdulement of existing of term loan of Rs. 340.000 millions, with repayment commenced from December 2011 instead December 2010 with extension in the tenor from 63 months to 87 months including an initial moratorium of 17 months instead of 3 months with reset clause of 12 months.

FIXED ASSETS

Land
Building
Furniture and Fixture
Plant and Machinery
Refrigerator
Electric Fitting
Laboratory Equipment
Computer
Air Conditioner
Vehicle
Tool and Equipment
Mobile Telephone
LCD
Water Cooler
Car

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.50.08
UK Pound	1	Rs.80.36
Euro	1	Rs.68.83

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.

MIRA INFORM REPORT

68.057

17.499

1.896

69.185

118.121

109.545

0.000

2.001

111.546

263.212

Unit