MIRA INFORM REPORT

Report Date :

23.09.2011

IDENTIFICATION DETAILS

Name :	ORNATE PLASTICS PRIVATE LIMITED
Registered Office :	3, Rajputpara, Paramount Commercial Complex, Rajkot – 360 002, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.05.1986
Com. Reg. No.:	04-8654
Capital Investment / Paid-up Capital :	Rs.1.350 Millions
CIN No.: [Company Identification No.]	U25209GJ1986PTC008654
TAN No.: [Tax Deduction & Collection Account No.]	RKTO00159F
PAN No.: [Permanent Account No.]	AAACO2475L
Legal Form :	Private limited liability company
Line of Business :	Manufacturer, Exporter and Supplier of UPVC Pressure Pipes, UPVC Plumbing Pipes (Threadless), UPVC SWR Ring Fit Pipes, PVC Suction Hose Pipes, PVC Braided Hose Pipes, PVC Tubing/Garden Hose Pipes, Plastic Water Storage Tanks, etc.
No. of Employees :	87 Approximately

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 21000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track records. The company has incurred some losses in the current year i.e. 2009-10. 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 – 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 :	Mr. Sachin
Designation :	Manager
Contact No.:	91-9824504545
Date :	12.09.2011

LOCATIONS

Registered Office :	3, Rajputpara, Paramount Commercial Complex, Rajkot – 360 002, Gujarat, India
Tel No.:	91-281-2228439 / 2243015
Mobile No.:	91-9824504545 (Mr. Sachin)
Fax No.:	91-281-2228439
E-Mail :	info@paramountplasticgroup.com pritics@sify.com
Factory :	8-B, Old National Highway, Near Banan Bore Village, District Surendra Nagar, Gujarat, India

DIRECTORS

As on 30.09.2010

Name :	Mr. Sureshchandra Harjivanbhai Sanghvi
Designation :	Director
Address :	Labh Residency, Surya Society, Opposite Gondhiya Hosiptal, Rajkot – 360 005, Gujarat, India
Date of Birth/Age :	25.09.1947
Date of Appointment :	01.05.1986
DIN No.:	00614468

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	U25209GJ1986PTC008654	Ornate Plastics Private Limited	Director	01-05-86	01-05-86	Active	NO

Name :	Mr. Kishorchandra Harjivanbhai Sanghvi
Designation :	Director
Address :	Labh Residence, Block -3, Surya Society, Opposite Gondhiya Hosiptal, Rajkot – 360 005, Gujarat, India
Date of Birth/Age :	21.11.1945
Date of Appointment :	29.02.2004
DIN No.:	00614483

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	U25209GJ1986PTC008654	Ornate Plastics Private Limited	Director	29-02-04	29-02-04	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Sureshbhai H Sanghvi	419
Meenaben S Sanghvi	107
Kishorebhai H Snaghvi	305
Naynaben K Snaghvi	216
Chirag S Sanghvi	123
Sachin K Sanghvi	77
Sumit K Sanghvi	51
Kishorbhai H Sanghvi – HUF	26
Sureshbhai H Sanghvi - HUF	26
Total	1350

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, Exporter and Supplier of UPVC Pressure Pipes, UPVC Plumbing Pipes (Threadless), UPVC SWR Ring Fit Pipes, PVC Suction Hose Pipes, PVC Braided Hose Pipes, PVC Tubing/Garden Hose Pipes, Plastic Water Storage Tanks, etc.
Products :	· UPVC Pressure Pipes · UPVC Plumbing Pipes (Threadless) · UPVC SWR Ring Fit Pipes · PVC Suction Hose Pipes · PVC Braided Hose Pipes · PVC Tubing / Garden Hose Pipes · Plastic Water Storage Tanks
Exports :
Products :	UPVC Pressure Pipes
Countries :	USA
Terms :
Selling :	Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Suppliers :

· Balaji Export House

· Chandan Traders

· Chem Plast

· M K Industries

· M L Trading Company

· Nagda Chemicals

· Platinum Paints Limited

· Reliance Industries Limited

· Silverline Plastpacks Private Limited

· Vimal Microns Limited

Customers :

· Wholesalers

· Retailers

· Aman Machinery Stores

· Aroma Polymers

· Devi Traders

· Devikrupa Pipes

· Gaytri Sales Corporation

· Gee Tee India

· Geeta Sales Agencies

· Gokul Traders

· Green Ply Industry Limited

· Jhulelal Traders

· Kores Tiles Private Limited

· Navkar Enterprise

No. of Employees :

87 Approximately

Bankers :

· HDFC Bank, Rajputpara, Rajkot, Gujarat, India

· HDFC Bank Limited

HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai – 400 013, Maharashtra, India

· State Bank of India

· DCBL Bank

· Kotak Mahindra Bank

· State Bank of Saurashtra – SSI Branch, Gondal Road, Rajkot – 360002, Gujarat, India

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Cash Credit
From HDFC Bank	7.970	5.199
Vehicle Loans
Bajaj Auto Fin. – Loan	1.460	0.078
HDFC Swift Loan	0.091	0.258
HDFC Eicher Loan	0.140	0.392
HDFC i-10 Loan	0.250	0.350
Overdraft
From HDFC Bank OD A/c.	0.000	2.603
Total	9.911	8.880

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
From Shareholders	6.706	4.932
Total	6.706	4.932

Banking Relations :	-
Auditors :
Name :	Dodiya Mehta and Company Chartered Accountant
Address :	601, Shilp Tower, Tagore Road, Rajkot – 360 002, Gujarat, India
PAN No.:	AACFD5674P
Associates :	Navkar Enterprises

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1500	Equity Shares	Rs.1000/- each	Rs.1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1350	Equity Shares	Rs.1000/- each	Rs.1.350 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		1.350	1.350	1.350
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.859	4.149	4.181
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.209	5.499	5.531
LOAN FUNDS
1] Secured Loans		9.911	8.880	5.607
2] Unsecured Loans		6.706	4.932	7.046
TOTAL BORROWING		16.617	13.812	12.653
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		21.826	19.311	18.184
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.762	3.072	3.562
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.189	0.189
DEFERREX TAX ASSETS		0.115	0.062	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.859	7.355	11.353
	Sundry Debtors	13.294	8.544	10.784
	Cash & Bank Balances	1.362	0.387	0.720
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.566	5.556	1.406
Total Current Assets		24.081	21.842	24.263
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.641	5.248	9.056
	Other Current Liabilities	0.462	0.502	0.774
	Provisions	0.029	0.104	0.000
Total Current Liabilities		7.132	5.854	9.830
Net Current Assets		16.949	15.988	14.433
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		21.826	19.311	18.184

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales of Manufacturing Goods	44.057	37.682	21.982
		Sales of Trading Goods	1.223	6.501	12.496
		Other Income	0.214	0.411	0.885
		TOTAL (A)	45.494	44.594	35.363
Less	EXPENSES
		Consumption of Raw Materials	33.043	25.726	21.136
		Manufacturing Expenses	5.675	4.550	4.234
		(Increase) / Decrease in Finished Stock	0.065	3.687	(5.414)
		Purchase of Trading Goods	0.059	3.379	6.834
		(Increase) / Decrease in Traded Goods	0.974	1.469	4.232
		Administrative, Selling and Other Expenses	3.710	3.314	2.497
		TOTAL (B)	43.526	42.125	33.519
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.968	2.469	1.844
Less	FINANCIAL EXPENSES (D)		1.712	1.674	1.006
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.256	0.795	0.838
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.588	0.718	0.416
	PROFIT/LOSS BEFORE TAX (E-F) (G)		(0.332)	0.077	0.422
Less	TAX (H)		(0.042)	0.042	0.017
	PROFIT/LOSS AFTER TAX (G-H) (I)		(0.290)	0.035	0.405
	Earnings Per Share (Rs.)		(214.81)	--	--

Particulars	31.03.2011
Sales Turnover (Approximately)	50.000

Expected Sales (2011-2012) : Rs.180.000 millions

The above information has been parted by Mr. Sachin

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(0.64)	0.08	1.15
Net Profit Margin (PBT/Sales)	(%)	(0.73)	0.17	1.22
Return on Total Assets (PBT/Total Assets}	(%)	(1.15)	0.31	1.52
Return on Investment (ROI) (PBT/Networth)		(0.06)	0.01	0.08
Debt Equity Ratio (Total Liability/Networth)		4.56	3.58	4.06
Current Ratio (Current Asset/Current Liability)		3.38	3.73	2.47

LOCAL AGENCY FURTHER INFORMATION

NOTE

The Registered Office of the company has been shifted from Plastic House, Near Bhabha Guest House, Dhebarbhaui Road, Rajkot – 360 001, Gujarat, India to the present address.

TRADE REFERENCES

· Reliance Industries

· Finolax Industries

REVIEW PERFORMANCE OF THE COMPANY

The performance of the company for the TWENTY Second operational year. The pride directors of the company feel enormous happiness while reporting that the Company has achieved cash profit of Rs.0.256 million in current year. Total turnover of the company during the year was Rs.45.280 millions as compared to Rs.44.183 millions in previous year. This shows 2.49% increase as compared to previous year. Profit before interest and depreciation was Rs.1.968 millions as compared to Rs.2.469 millions in previous year. Net Profit after depreciation and interest was Rs.(0.332 million). In the previous year the same figure was profit of Rs.0.077 million.

Bankers Charges Report as per Registry

Corporate identity number of the company	U25209GJ1986PTC008654
Name of the company	ORNATE PLASTICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plastic House, Near Bhabha Guest House, Dhebarbhaui Road, Rajkot – 360 001, Gujarat, India
This form is for	Modification of charge
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai – 400 013, Maharashtra, India
Nature of instrument creating charge	Supplemental memorandum relating to Hypothecation of Stock, Book debts and Machinery.
Date of instrument Creating the charge	19.04.2010
Amount secured by the charge	Rs.13.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest at the rate as may be communicated by bank time to time. Terms of repayment Working Capital facility payable on demand and- Term loan facility shall be repayable in suitable installments. Margin As may be stipulated by bank from time to time. Extent and operation of the charge Hypothecation by way of First charge on Company's Stock, Book debts, Machinery etc.. to secure as continuing securities for repayment of Rs.13.000 millions together with interest, charge, expenses and other money due and payable by the company to the bank. Others NIL.
Particulars of the property charged	Hypothecation of First charge over stock, book debt and Machinery.
Particulars of the present modification	The charge shall now increased upto Rs.13.000 millions [Comprising: Cash credit 8.000 millions, latter of credit of Rs.2.000 millions, latter credit (Sub limit of CC facility of Rs.2.000 millions), Term Loan of Rs.3.000 millions] against security of stock, Book debt and machinery of the company.

FIXED ASSETS

· Land

· Air conditioners

· Building

· Computer

· Chilling plant

· Cycle

· Eicher truck

· Electric fittings

· Fax machine

· Furniture

· Hyundai i10

· Laboratory instrument

· Mobile phone

· Maruti – Swift

· Pager

· Plant and machinery

· Tate Ace

· Television set

· TVS Scooty Pep

· Weight Machine

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.48.82
UK Pound	1	Rs.75.48
Euro	1	Rs.66.10

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.