MIRA INFORM REPORT

Report Date :

10.09.2011

IDENTIFICATION DETAILS

Name :	PLASTO CONTAINERS (INDIA) PRIVATE LIMITED
Registered Office :	J-3, M.I.D.C., Hingna Road, Nagpur – 440 016, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	04.12.1986
Com. Reg. No.:	11-41789
Capital Investment / Paid-up Capital :	Rs.1.485 Millions
CIN No.: [Company Identification No.]	U25200MH1986PTC041789
TAN No.: [Tax Deduction & Collection Account No.]	NGPP02292D
PAN No.: [Permanent Account No.]	AACCP2243B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Pipes
No. of Employees :	50 Approximately

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 69000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Financial position of the company is improving. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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. Mithalesh Bharadwajy
Designation :	Accountant
Contact No.:	91-7104-236671
Date :	08.09.2011

LOCATIONS

Registered Office/Factory :	J-3, M.I.D.C., Hingna Road, Nagpur – 440 016, Maharashtra, India
Tel. No.:	91-7104-236671 91-712-2532051
Fax No.:	91-7104-645768
E-Mail :	plastopipes@yahoo.com r_c_agrawal@yahoo.co.in accounts@plasto.in
Website :	www.vaibhavplastimoulds.com
Area :	5000 sq. ft.
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :	Mrs. Alka Nilesh Agrawal
Designation :	Whole Time Director
Address :	House No. 580, Godavari, Tekdi Road, Sadar, Nagpur – 440 001, Maharashtra, India
Date of Birth/Age :	17.12.1969
Date of Appointment :	01.12.2001
DIN No.:	00171052

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	U25200MH1986PTC041789	Plasto Containers (India) Private Limited	Whole-time director	01-12-01	01-12-01	Active	NO

Name :	Mr. Nilesh Rameshchandra Agrawal
Designation :	Managing Director
Address :	House No. 580, Godavari, Tekdi Road, Sadar, Nagpur – 440 001, Maharashtra, India
Date of Birth/Age :	15.04.1969
Date of Appointment :	01.02.2004
DIN No.:	00170708

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	U25200MH1986PTC041789	Plasto Containers (India) Private Limited	Managing director	01-02-04	01-02-04	Active	NO
2	U22210MH2008PTC186047	R C Printing and Packaging Private Limited	Director	21-08-08	21-08-08	Active	NO
3	U36100MH1993PTC074135	Vaibhav Plastimoulds Private Limited	Whole-time director	18-06-10	18-06-10	Active	NO
4	U25206MH2010PTC207824	R C Plasto Tanks and Pipes Private Limited	Director	18-09-10	18-09-10	Active	NO

Name :	Mr. Vishal Rameshchand Agrawal
Designation :	Whole Time Director
Address :	House No. 580, Godavari, Tekdi Road, Sadar, Nagpur – 440 001, Maharashtra, India
Date of Birth/Age :	05.07.1973
Date of Appointment :	01.04.2010
DIN No.:	00170814

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	U36100MH1993PTC074135	Vaibhav Plastimoulds Private Limited	Whole-time director	24-09-93	24-09-93	Active	NO
2	U25200MH1986PTC041789	Plasto Containers (India) Private Limited	Whole-time director	01-04-10	01-04-10	Active	NO
3	U25206MH2010PTC207824	R C Plasto Tanks and Pipes Private Limited	Director	18-09-10	18-09-10	Active	NO

Name :	Ms. Neha Vaibhav Agrawal
Designation :	Whole Time Director
Address :	580, Tekdi Road, Sadar, Nagpur – 440 001, Maharashtra, India
Date of Birth/Age :	02.04.1982
Date of Appointment :	23.06.2010
DIN No.:	03106039

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	U25200MH1986PTC041789	Plasto Containers (India) Private Limited	Whole-time director	23-06-10	23-06-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010 (Equity Shares)

Names of Shareholders	No. of Shares
Urmiladevi R. Agrawal	3000
Alka Agrawal JT Nilesh R. Agrawal	3800
Vishal Agrawal (HUF) JT. Alpana V. Agrawal	1200
Nilesh Agrawal (HUF) JT. Alka Agrawal	700
Puranchand Agrawal (HUF) JT. Rameshchand Agrawal	650
Nilesh Agrawal JT. Alka Agrawal	3305
Alpana Agrawal JT. Vishal Agrawal	135
Ankit K. Agrawal	64
Archana P. Agrawal	220
Kapila Agrawal	80
Sandesh Khemka JT. Rashmi Khemka	40
Vishakha P. Bansal JT. Pankaj Bansal	260
Rajendra Bansal	100
Nilesh R. Agrawal (HUF)	300
Total	13854

As on 30.09.2010 (Cumulative Preference Shares)

Names of Shareholders	No. of Shares
Urmiladevi R. Agrawal	300
Nilesh Agrawal JT. Alka Agrawal	700
Total	1000

As on 30.09.2010

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Pipes
Imports :
Products :	Raw Material
Countries :	Middle east
Terms :
Selling :	Cash, Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :

· End User’s

· OEM’s

No. of Employees :

50 Approximately

Bankers :

· State Bank of India, SME City Credit Centre, Shraddhanandpeth, Nagpur – 440022, Maharashtra, India

· State Bank of India

Hingna Industrial Estate (Nagpur) Branch, Plot No. X-43, MIDC Area, Nagpur – 440 016, Maharashtra, India

· Punjab National Bank

· NNSB Bank

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
SBI Car Loan	0.000	0.005
PNB Loan A/c No. 75	0.282	0.000
PNB Loan A/c No. 93	0.063	0.000
State Bank of India C C Loan	9.305	11.036
State Bank of India Term Loan (A/c no. 30260261202)	6.590	10.138
Cholamandalam Investment and Finance	0.009	0.106
NNSB Bank (A/c no. 52)	0.186	0.185
Short term O/D	0.013	1.000
State Bank of India Term Loan (A/c no. 30723346274)	10.860	4.762
Total	27.308	27.232

Note

· Vehicle loans from SBI, PNB and Cholamandalam Investment and Finance is secured by Hypothecation of Vehicles personal guarantee of Directors.

· State Bank of Cash Credit limit is secured by Hypothecation of entire stock of Raw Material and finished goods and personal guarantee of Directors.

· State Bank of India Term Loan is secured by Hypothecation of Plant and Machinery and Personal guarantee of Directors.

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
From Directors and Relatives
Vishakha Investments	1.006	0.330
Vishal Builders	0.000	2.000
Neelesh R Agrawal	0.000	0.013
Agrawal and Company	0.000	1.500
HDFC Term Loan – A/C	12.872	0.000
ICICI Term Loan	5.328	0.000
Total	19.206	3.843

Banking Relations :	-
Auditors :
Name :	Radheshyam Sarda and Company Chartered Accountant
Address :	Ganpati Appartment, Khare Town, Dharampeth, Nagpur – 440 010, Maharashtra, India
Associates/Subsidiaries :	Vaibhav Plastimoulds Private Limited Address - J-2, M.I.D.C., Hingna Road, Nagpur – 440016, Maharashtra, India Line of Business - Manufacturer of Pipes

CAPITAL STRUCTURE

After 30.09.2010

Authorised Capital : Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.1.515 Millions

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
29000	Equity Shares	Rs.100/- each	Rs.2.900 Millions
1000	Preferences Shares	Rs.100/- each	Rs.0.100 Million
	Total		Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13854	Equity Shares	Rs.100/- each	Rs.1.385 Millions
1000	Preferences Shares	Rs.100/- each	Rs.0.100 Million
	Total		Rs.1.485 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
14000	Equity Shares	Rs.100/- each	Rs.1.400 Millions
1000	12% Reedeemable Preferences Shares	Rs.100/- each	Rs.0.100 Million
	Total		Rs.1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13854	Equity Shares	Rs.100/- each	Rs.1.385 Millions
1000	12% Reedeemable Preferences Shares	Rs.100/- each	Rs.0.100 Million
	Total		Rs.1.485 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		1.485	1.485	1.361
2] Share Application Money		0.000	0.000	6.220
3] Share Premium		0.000	0.000	7.220
4] Reserves & Surplus		15.768	13.845	0.529
5] (Accumulated Losses)		0.000	(0.718)	(1.357)
NETWORTH		17.253	14.612	13.973
LOAN FUNDS
1] Secured Loans		27.308	27.232	17.065
2] Unsecured Loans		19.206	3.843	4.477
TOTAL BORROWING		46.514	31.075	21.542
DEFERRED TAX LIABILITIES		1.752	0.733	0.746
TOTAL		65.519	46.420	36.261
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		36.578	26.621	16.672
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.062	0.057	0.052
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	22.711	17.888	15.874
	Sundry Debtors	9.696	3.739	1.970
	Cash & Bank Balances	1.621	0.563	0.192
	Other Current Assets	3.704	3.343	1.259
	Loans & Advances	3.150	0.000	1.893
	Deposits	0.636	0.603	0.484
Total Current Assets		41.518	26.136	21.672
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.457	5.096	0.722
	Other Current Liabilities	0.552	1.216	1.245
	Provisions	0.669	0.082	0.168
Total Current Liabilities		12.678	6.394	2.135
Net Current Assets		28.840	19.742	19.537
MISCELLANEOUS EXPENSES		0.039	0.000	0.000
TOTAL		65.519	46.420	36.261

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	138.451	78.169	24.446
		Other Income
		TOTAL (A)	138.451	78.169	24.446
Less	EXPENSES
		Office Expenses	125.465	71.603	22.303
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	125.465	71.603	22.303
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		12.986	6.566	2.143
Less	FINANCIAL CHARGES (D)		3.928	2.610	0.885
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.058	3.956	1.258
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.729	3.216	1.297
	PROFIT/LOSS BEFORE TAX (E-F) (G)		4.329	0.740	(0.039)
Less	TAX (H)		1.688	0.101	0.696
	PROFIT/LOSS AFTER TAX (G-H) (I)		2.641	0.639	(0.735)
	Earnings Per Share (Rs.)		177.80	--	--

Particulars	31.03.2011
Sales Turnover (Approximately)	166.400

The above information has been parted by Mr. Mithalesh Bharadwajy

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.91	0.82	(3.01)
Return on Total Assets (PBT/Total Assets}	(%)	5.54	1.40	(0.10)
Return on Investment (ROI) (PBT/Networth)		0.25	0.05	0.00
Debt Equity Ratio (Total Liability/Networth)		3.43	2.56	1.69
Current Ratio (Current Asset/Current Liability)		3.27	4.09	10.15

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Particulars	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions	As on 31.03.2008 Rs. in millions
Due to Others	11.461	5.096	0.722
Less : Creditors having Debit Balance	(0.004)	0.000	0.000
Total	11.457	5.096	0.722

Note – The Registered office address of the company has been shifted from 532 New Cotton Market Rd., Nagpur – 440018, Maharashtra, India, w.e.f. 20.07.2007 to present.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	10085246
Corporate identity number of the company	U25200MH1986PTC041789
Name of the company	LASTO CONTAINERS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	J-3, M.I.D.C., Hingna Road, Nagpur – 440 016, Maharashtra, India
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	State Bank of India Hingna Industrial Estate (Nagpur) Branch, Plot No. X-43, MIDC Area, Nagpur – 440 016, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	1. Letter of Arrangement (SME-1) 2. Supplemental Agreement of Loan-Cum-Hypothecation (SME-4)
Date of instrument Creating the charge	29.01.2011
Amount secured by the charge	Rs.89.770 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of interest DCC: @14.50% p.a. with monthly rests SLOC: @15.50% p.a. with monthly rests Term Loan: @15.25% p.a. with monthly rests Terms of repayment Working Capital: On Demand Term Loan: Remain unchanged Margin Raw Materials (Indigenous) - 25% Finished Goods - 25% Domestic Receivables - 40% Letters of Credit - 20% Extent and operation of the charge Existing credit facilities of Rs.53.950 millions (DCC of Rs.12.500 millions, SLOC of Rs.1.000 million, TL-1 of Rs.17.500 millions, TL-2 of Rs.15.950 millions and LC of Rs.7.000 millions) enhanced to Rs.89.770 millions (DCC of Rs.35.000 millions, SLOC of Rs.5.000 millions, TL-1 of Rs.17.500 millions, TL-2 of Rs.15.950 millions, LC of Rs.16.000 millions and Forward Contract of Rs.0.320 million) against first charge by way of hyp. of entire Stocks and Book Debts, receivables including goods in transit and Plant and Machinery of the Company.
Short particulars of the property charged	Hypothecation of Stocks of raw materials, Finished Goods and Book Debts and other movable assets of the Company. Hypothecation of Plant and Machinery at J-3, M.I.D.C. Industrial Estate, Hingna, Nagpur.
Particulars of the present modification	Existing credit facilities of Rs.53.950 millions (DCC of Rs.12.500 millions, SLOC of Rs.1.000 million, TL-1 of Rs.17.500 millions, TL-2 of Rs.15.950 millions and LC of Rs.7.000 millions) enhanced to Rs.89.770 millions (DCC of Rs.35.000 millions, SLOC of Rs.5.000 millions, TL-1 of Rs.17.500 millions, TL-2 of Rs.15.950 millions, LC of Rs.16.000 millions and Forward Contract of Rs.0.320 million) against first charge by way of hyp. of entire Stocks and Book Debts, receivables including goods in transit and Plant and Machinery of the Company.

FIXED ASSETS

· Land and Building

· Plant and Machinery

· Electrical Installation

· Furniture and Fixture

· Truck

· Car

· Air Conditioner

· Computer

· Office Equipment

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.46.38
UK Pound	1	Rs.74.01
Euro	1	Rs.64.48

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		33

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.