MIRA INFORM REPORT

Report Date :

23.11.2011

IDENTIFICATION DETAILS

Name :	PLENCO CLOSURES PRIVATE LIMITED
Registered Office :	72, Raja Industrial Estate, P K Road, Mulund (West), Mumbai – 400080, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.08.2003
Com. Reg. No.:	11-141823
Capital Investment / Paid-up Capital :	Rs.36.450 Millions
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.
No. of Employees :	14 (Approximately) (In office 04 + In factory 10)

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 360000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. 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 DECLINED BY

Name :	Mr. Prasad Bhatt
Designation :	Chief Finance Officer
Contact No.:	91-22-41622828
Date :	23.11.2011

LOCATIONS

Registered Office :	72, Raja Industrial Estate, P K Road, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel. No. :	91-22-25662146/ 25645457
Fax No.:	Not Available
E-Mail :	sales@plencoindia.com
Corporate Office/Head Office :	B-504, Pratik Industrial Estate, Opposite Wockhardt Hospital, Mulund - Goregaon Link Road, Bhandup (West), Mumbai – 400 078, India
Tel. No.:	91-22-41622828 (100 Lines)
Fax No.:	91-22-41622803
Factory :	Plot Number 22 / 28, Govt, Industrial Estate, Phase II, Piparia, Silvassa - 396 230 (D. and N.H.) India.
Tel. No.:	91-260-3206837/ 2640171
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 Karnataka, India Tel. No. :- 91-80-23346772 Fax No. :- 91-80- 23346774

DIRECTORS

(AS ON 23.09.2010)

Name :

Mr. Anand Monappa Shetty

Designation :

Managing Director

Address :

1801, Odyssey I, Chs Limited, Hirannandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

08.01.1953

Date of Appointment :

01.03.2004

DIN No.:

01287510

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	U25200MH1988PTC048174	PRAVIR POLYMERS PRIVATE LIMITED	Director	20/07/1988	20/07/1988	Active	NO
2	U25201MH1997PLC106819	ORGANIC INDUSTRIES LIMITED	Managing director	7/4/2007	28/03/1997	Active	NO
3	U29195MH2003PTC141823	PLENCO CLOSURES PRIVATE LIMITED	Managing director	1/3/2004	1/3/2004	Active	NO
4	U24100MH2006PTC159289	JAGUAR SURFACTANTS PRIVATE LIMITED	Director	27/01/2006	27/01/2006	Active	NO
5	U25203MH2006PTC159777	TRIDENT POLYMERS PRIVATE LIMITED	Whole-time director	16/02/2006	16/02/2006	Active	NO
6	U52331MH2008PTC187839	TRIMURTHI PLASTOMECH PRIVATE LIMITED	Director	29/10/2008	29/10/2008	Active	NO

Name :

Mr. Adish Anand 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

DIN No.:

01210843

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	U25201MH1997PLC106819	ORGANIC INDUSTRIES LIMITED	Director	16/03/2007	16/03/2007	Active	NO
2	U29195MH2003PTC141823	PLENCO CLOSURES PRIVATE LIMITED	Director	16/03/2007	16/03/2007	Active	NO
3	U52331MH2008PTC187839	TRIMURTHI PLASTOMECH PRIVATE LIMITED	Director	29/10/2008	29/10/2008	Active	NO

Name :

Mrs. Shashirekha A. Shetty

Designation :

Director

Address :

18, Odyssey, Hirannandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

01.06.1959

Qualification :

BA

Date of Appointment :

21.11.2003

DIN No.:

02135741

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	U25200MH1988PTC048174	PRAVIR POLYMERS PVT LTD.	Director	20/07/1988	20/07/1988	Active	NO
2	U25201MH1997PLC106819	ORGANIC INDUSTRIES LIMITED	Director	25/03/1997	25/03/1997	Active	NO
3	U29195MH2003PTC141823	PLENCO CLOSURES PRIVATE LIMITED	Director	21/08/2003	21/08/2003	Active	NO
4	U25203MH2006PTC159777	TRIDENT POLYMERS PRIVATE LIMITED	Whole-time director	16/02/2006	16/02/2006	Active	NO
5	U52331MH2008PTC187839	TRIMURTHI PLASTOMECH PRIVATE LIMITED	Director	29/10/2008	29/10/2008	Active	NO

Name :

Mr. Pravir Anand 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 :

01.03.2004

DIN No.:

01287484

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	U25201MH1997PLC106819	ORGANIC INDUSTRIES LIMITED	Director	28/06/2002	28/06/2002	Active	NO
2	U29195MH2003PTC141823	PLENCO CLOSURES PRIVATE LIMITED	Director	1/3/2004	1/3/2004	Active	NO
3	U52331MH2008PTC187839	TRIMURTHI PLASTOMECH PRIVATE LIMITED	Director	29/10/2008	29/10/2008	Active	NO

KEY EXECUTIVES

Name :	Mr. Prasad Bhatt
Designation :	Chief Finance Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 23.09.2010)

Names of Shareholders	No. of Shares
Anand M. Shetty	1970000
Adish A. Shetty	550000
Pravir A. Shetty	620000
Shashirekha A. Shetty	380000
Arya Mittara	125000
Total	3645000

(AS ON 30.09.2010)

Equity share breakup

Category	Percentage
Bodies corporate	35.11
Directors or relatives of directors	64.89
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 Strainers

GENERAL INFORMATION

Customers :

· Coca Cola India and Coca Cola Maldives

· Pepsico India

· Perle Agro Private Limited

· Bisleri International limited

· Cavin Care

· Godrej Foods Limited

· Hindustan Unilever Limited

No. of Employees :

14 (Approximately) (In office 04 + In factory 10)

Bankers :

· The Shamrao Vithal Co-Operative Bank Limited,

Jayant Acrade, Rajawadi Naka, Ghatkopar East, Mumbai – 400077, Maharashtra, India

· HDFC Bank

· ICICI Bank

· NKGSB Co-Operative Bank Limited

· The North Kanara GSB Co-Operative Bank Limited

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Cash Credit Loans
Secured by
The North Kanara GSB Co-Operative Bank Limited	38.221	35.575
Shamrao Vithal Co-Operative Bank Limited	30.440	48.346
Packing Credit Loan from Shamrao Vithal Co-Op. Bank Limited	2.364	1.256
Term Loan
Secured by factory building, plant and machinery and other fixed assets
Term Loan A/c - 827	--	7.593
NKGSB Co-Operative Bank Limited	93.849	47.328
Shamrao Vithal Co-Operative Bank Limited	115.030	132.917
Vehicle Loans
ICICI Bank	0.044	0.104
ICICI Bank – Skoda	0.730	0.978
ICICI Bank – Skoda	0.599	0.884
Tata Capital Limited (Honda City)	0.464	0.509
Kotak Mahindra Prime Limited	--	0.066
HDFC Car Loan	0.457	--
HDFC Car Loan – Maruti Suzuki	0.154	--
Total	282.352	275.556
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Directors and Share Holders	32.944	1.940
From Others-HDFC Bank Limited	7.129	0.391
Total	40.073	2.331

Banking Relations :	--
Auditors :
Name :	Sadashiv Shetty and Company Chartered Accountant
Address :	102, Datta Ratna Building, Sir Bhalchandra Road, Dadar, Mumbai – 400014, Maharashtra, India
Tel No.:	91-22-24112755/ 24114825
PAN No.:	AALPS9113P
Email :	sadashiv_shetty@vsnl.net
Associates/Subsidiaries (As on 31.03.2009) :	· Trimurti Polymers · Organics Limited

CAPITAL STRUCTURE

(AS ON 23.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3645000	Equity Shares	Rs.10/- each	Rs.36.450 Millions

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3645000	Equity Shares	Rs.10/- each	Rs.36.450 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		36.450	36.450	36.450
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		52.512	38.111	16.372
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		88.962	74.561	52.822
LOAN FUNDS
1] Secured Loans		282.352	275.556	293.267
2] Unsecured Loans		40.073	2.331	2.221
TOTAL BORROWING		322.425	277.887	295.488
DEFERRED TAX LIABILITIES		7.319	7.625	6.014
TOTAL		418.706	360.073	354.324
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		278.145	255.552	244.099
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.302	0.302	0.201
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	99.313	46.407	39.151
	Sundry Debtors	41.639	49.390	43.965
	Cash & Bank Balances	8.704	1.962	0.707
	Other Current Assets	23.151	26.779	47.097
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		172.807	124.538	130.920
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	23.841	15.400	15.105
	Other Current Liabilities	3.389	2.463	2.999
	Provisions	5.750	2.995	3.462
Total Current Liabilities		32.980	20.858	21.566
Net Current Assets		139.827	103.680	109.354
MISCELLANEOUS EXPENSES		0.432	0.539	0.670
TOTAL		418.706	360.073	354.324

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	TOTAL INCOME		NA	389.004	NA
Less	TOTAL EXPENSES		NA	325.678	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		58.406	63.326	43.818
Less/ Add	DEPRECIATION/ AMORTISATION		41.143	36.982	28.179
	PROFIT BEFORE TAX		17.263	26.344	15.639
	BALANCE OF LAST YEAR		38.112	16.372	8.254
	Taxation of current and Earlier Years Adjusted		2.863	4.604	7.521
	BALANCE CARRIED OVER TO B/S		52.512	38.112	16.372
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	35.621	27.394	24.100
	TOTAL EARNINGS		35.621	27.394	24.100
	IMPORTS
		Raw Materials	NA	25.982	33.347
		Capital Goods	NA	0.200	54.165
	TOTAL IMPORTS		NA	26.182	87.512
	Earnings Per Share (Rs.)		--	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	3.83	6.93	4.16
Return on Investment (ROI) (PBT/Networth)		0.19	0.35	0.30
Debt Equity Ratio (Total Liability/Networth)		4.00	4.01	6.00
Current Ratio (Current Asset/Current Liability)		5.24	5.97	6.07

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Sundry Creditors (Capital)	0.521	0.731	2.658
Sundry Creditors (Expenses)	6.444	4.487	3.158
Sundry Creditors (Purchases)	5.291	4.447	5.943
Sundry Creditors (Raw Material)	11.585	5.735	3.346
Total	23.841	15.400	15.105

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 Industrial Estate, P K Road, Mulund West, Mumbai – 400080, Maharashtra, India sales@plencoindia.com
This form is for	Creation 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 legaldept@svcbank.com
Nature of instrument creating charge	Joint Deed of Hypothecation for Term Loan
Date of instrument Creating the charge	03.02.2011
Amount secured by the charge	Rs.20.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 1) The Shamrao Vithal Co-operative Bank Limited ("SVC Bank") Term Loan of Rs.11.200 Millions : Rate of Interests : PLR-1.5% p.a 2) The NKGSB Co- operative Bank Limited ("NKGSB Bank") Term Loan of Rs.8.800 Millions : Rate of Int : 14% p.a Terms of Repayment: The terms of repayment of principal amount Margin As may be Decided, From time to time, by the Bank. Extent and operation of the charge To secure the due repayment of Term Loan(s) aggregating Rs.20.000 Millions granted to the Company (being Rs.12.200 Millions granted by SVC Bank and Rs.8.800 Millions granted by NKGSB Bank).
Particulars of the property charged	All Plant and Machinery, other assets at Company's Factory at Plot No. 27&29, Vill-Paud, Tal- Khalapur, Dist-Raigad and all other Tangible Movable Assets. All Present and Future, stocks of raw materials, WIP, finished goods, etc. and Books-Debts of the Company

FIXED ASSETS:

· Plant and Machinery

· Dies and Tools

· Factory Equipments

· Electricity Fittings

· Furniture and Fixture

· Factory Premises

· Computer

· Office Equipment

· Motor Car

· Buildings

· Land

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] 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.52.70
UK Pound	1	Rs.82.44
Euro	1	Rs.71.08

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	YES
--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.