MIRA INFORM REPORT

Report Date :

24.09.2011

IDENTIFICATION DETAILS

Name :	MEGA FLEX PLASTICS LIMITED

Registered Office :	14/1C Jainuddin Mistry Lane Ground Floor, New Alipore, Kolkata -700027, West Bengal

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	18.11.2003

Com. Reg. No.:	21-097273

Capital Investment / Paid-up Capital :	Rs. 14.544 Millions

CIN No.: [Company Identification No.]	U25209WB2003PLC097273

TAN No.: [Tax Deduction & Collection Account No.]	CALM08314F

PAN No.: [Permanent Account No.]	AADMC7598R

Legal Form :	A closely held public limited liability company

Line of Business :	Manufacturer of PP LENO Bags

No. of Employees :	Not available

RATING & COMMENTS

MIRA’s Rating :

B(29)

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

Maximum Credit Limit :	USD 174000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	14/1C Jainuddin Mistry Lane Ground Floor, New Alipore, Kolkata – 700027, West Bengal, India
Tel. No.:	91-33-22827405/08
E-Mail :	sanjay@megaflex.in/ megaflexplastics@vsnl.net

Marketing Office :	4, Ho-Chi- Minh Sarani Suite 4B, 4^th Floor, Kolkata – 700071, West Bengal, India
Tel. No.:	91-33-22827405/7408
Fax No.:	91-33-22824019
E-Mail :	mkg@megaflex.in

Factory :	Polypark, Plot No. PPD3 Vill: Sandhipur, P.O.: Joynagar Howrah, West Bengal – 711302, India
Tel. No.:	91-9432208458

DIRECTORS

AS ON 30.09.2010

Name :

Mr. Rakesh Sethia

Designation :

Director

Address :

108, Old China Bazar Street, Kolkata – 700001, West Bengal, India

Date of Appointment :

18.11.2003

DIN No.:

00409033

Other Directorship:

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
U24239WB2000PTC092507	Nezone Herbals Private Limited	Director	11-10-00	11-10-00	-	Active	NO
U63022WB2003PTC096241	Nanesh Cold Storage Private Limited	Director	22-05-03	22-05-03	-	Active	NO
U25209WB2003PLC097273	Mega Flex Plastics Limited	Whole-time director	01-12-10	18-11-03	-	Active	NO
U25200WB2004PLC098359	Samta Polymers Limited	Director	20-04-04	20-04-04	-	Active	NO
U45201WB1989PTC046675	Channel Plastics Private Limited	Director	28-12-06	28-12-06	-	Active	NO
U25200WB2009PTC132890	Gateway Polymer Private Limited	Director	19-02-09	19-02-09	05-11-09	Active	NO
U85190WB2010PTC153942	Slx Healthcare Private Limited	Director	08-10-10	08-10-10	-	Active	NO
U24134WB1996PTC077221	Samta Plastics Private Limited	Director	11-03-11	11-03-11	-	Active	NO
U52100WB2009PTC132575	Pragatisheel Commercial Private Limited	Director	01-04-11	01-04-11	-	Active	NO
U52190WB2011PTC166897	Red Oranges Retail Private Limited	Director	27-08-11	27-08-11	-	Active	NO Bottom of Form

Name :

Mr. Hukum Chand Bothra

Designation :

Director

Address :

108, Old China Bazar Street, Kolkata – 700001, West Bengal, India

Date of Appointment :

01.06.2004

DIN No.:

00550653

Other Directorship:

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
U21014WB1990PTC049207	Samta Packaging Private Limited	Director	01-01-93	01-01-93	-	Active	NO
U45201WB1989PTC046675	Channel Plastics Private Limited	Director	03-07-00	03-07-00	-	Active	NO
U63022WB2003PTC096241	Nanesh Cold Storage Private Limited	Director	22-05-03	22-05-03	-	Active	NO
U25209WB2003PLC097273	Mega Flex Plastics Limited	Whole-time director	01-12-10	01-06-04	-	Active	NO
U45400WB2009PTC132159	Oxide Infrastructure Private Limited	Director	01-08-11	01-08-11	-	Active	NO
U52100WB2010PTC147415	Deserve Vintrade Private Limited	Director	01-08-11	01-08-11	-	Active	NO
U52100WB2010PTC147416	Highland Barter Private Limited	Director	01-08-11	01-08-11	-	Active	NO

Name :

Mr. Anup Chand Sethia

Designation :

Director

Address :

108, Old China Bazar Street, Kolkata – 700001, West Bengal.

Date of Appointment :

18.11.2003

DIN No.:

00409048

Other Directorship:

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
U21014WB1990PTC049207	Samta Packaging Private Limited	Director	11-06-90	11-06-90	10-12-10	Active	NO
U24134WB1996PTC077221	Samta Plastics Private Limited	Director	13-02-96	13-02-96	01-12-10	Active	NO
U63022WB2003PTC096241	Nanesh Cold Storage Private Limited	Director	22-05-03	22-05-03	01-12-10	Active	NO
U25209WB2003PLC097273	Mega Flex Plastics Limited	Director	18-11-03	18-11-03	01-12-10	Active	NO
U25200WB2004PLC098359	Samta Polymers Limited	Director	20-04-04	20-04-04	01-12-10	Active	NO
U45201WB1989PTC046675	Channel Plastics Private Limited	Director	26-12-05	26-12-05	01-12-10	Active	NO
U63010WB2007PTC112488	Crossland Services Private Limited	Director	19-05-08	10-01-07	01-12-10	Active	NO
U25200WB2009PTC132890	Gateway Polymer Private Limited	Director	19-02-09	19-02-09	05-11-09	Active	NO

Name :

Mr. Subhash Chandra Kakar

Designation :

Director

Address :

UV- 2004D, Udayan, 1050/1, Survey Park, Kolkata- 700075, West Bengal, India

Date of Appointment :

01.09.2006

DIN No.:

00550604

Other Directorship:

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
U24134WB1996PTC077221	Samta Plastics Pvt Ltd	Director	13-02-96	13-02-96	-	Active	NO
U25209WB2003PLC097273	Mega Flex Plastics Limited	Director	01-09-06	01-09-06	-	Active	NO
U63010WB2007PTC112488	Crossland Services Private Limited	Director	10-01-07	10-01-07	-	Active	NO

Name :

Kamal Kumar Sharma

Designation :

Director

Address :

1/1, Lord Sinha Road, Kolkata – 700071, West Bengal, India

Date of Appointment :

01.09.2006

DIN No.:

00679235

Other Directorship:

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
U25209WB2003PLC097273	Mega Flex Plastics Limited	Director	01-09-06	01-09-06	-	Active	NO

Name:

Mr. Mohan Lal Parakh

Address:

Director

Date of Appointment:

23.05.2008

DIN No.:

02186254

Other Directorship:

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
U21014WB1990PTC049207	Samta Packaging Private Limited	Director	11-06-90	11-06-90	-	Active	NO
U25209WB2003PLC097273	Mega Flex Plastics Limited	Whole-time director	01-12-10	23-05-08	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.09.2010

Names of Shareholders	No. of Shares
Rakesh Sethia	51500
Anup Chand Sethia	65250
Channel Plastics Private Limited, India	580600
Hukum Chand Bothra	12100
Khem Chand Bhotra	21100
Rajesh Bothra	4600
Tara Chand Bothra	11350
Samta Plastics Private Limited, India	60100
Bothra Chand Tara	55000
Bothra Preeti	13200
Bothra Chand Khem	34000
Bothra Dimple	25500
Bothra Chand Hukum	32900
Bothra Rajesh	25700
Sharma Ram Gopi	55000
Bothra Devi Jamuna	28000
Sharma Kumar Kamal	20000
Sethia Nillima	61000
Samta Polymers Limited, India	135000
Sethia Usha	95500
Samta Packaging Private Limited, India	37500
Bothra Sangeeta	26000
Kakar Chandra Subhash	3000
Sethia Devi Ratan	450
Total	1454350

Equity Break up

AS ON 30.09.2010

Category	Percentage
Bodies corporate	2.58
Directors or relatives of Directors	40.67
Other top fifty shareholders	0.03
Others	56.72
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of PP LENO Bags

Products :

ITC CODE	Product Description
39.20	PP/HDPE woven sacks

GENERAL INFORMATION

No. of employees:

Not available

Bankers :

· State Bank of India, SSI Branch Bhowanipore, ‘Premlata’, 2^nd Floor 39, Shakespeare Sarani, Kolkata – 700017, West Bengal, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Term Loan from State Bank of India(secured against mortagage of immovable properties of the company on first charge basis, including accrued interest)	19.434	39.035
Term Loan from State Bank of India(in Foreign Currency)	29.630	0.000
Accrued Interest(Secured against mortgage of immovable properties of the company on first charge basis, including accrued interest)	0.179	0.000
Cash Credit from State Bank of India(secured against hypothecation of raw materials, finished goods and work in progress and mortgage of immovable properties of the company on second charge basis)	18.695	17.251
EPC from State Bank of India	3.907	0.000
Axis Bank(secured against hypothecation of Car Swift)	0.459	0.000
State Bank of India(secured against hypothecation of Car Fista)	0.568	0.000
TML Financial Services Limited(secured against hypothecation of Indica Car)	0.161	0.223
Total	73.033	56.509

Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Bentron Commodities Private Limited	0.000	2.000
Chitravali Vincon Private Limited	0.000	5.000
Greenline Tracon Private Limited	0.000	2.000
Mayukh Construction Private Limited	0.000	5.050
Narottamka Trade and Vyapaar Private Limited	0.000	2.000
Poddar Agro Co. Private Limited	0.000	1.000
Sohini Tie-up Private Limited	0.000	3.000
Total	0.000	20.050


Banking Relations :	---

Auditors :
Name :	R. Bhutra and Company Chartered Accountant
Address :	11A, Maharshi Devendra Road, 6^th Floor, Kolkata – 700007, West Bengal, India
Tel. No.:	91-22748619
E-Mail :	rbc_kol@yahoo.co.in
PAN No.:	AAGFR1345F

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount

1750000	Equity Shares	Rs.10/- each	Rs. 17.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1454350	Equity Shares	Rs.10/- each	Rs.14.544 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		14.544	14.344	13.969
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		28.891	23.539	21.189
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		43.435	37.883	35.158
LOAN FUNDS
1] Secured Loans		73.033	56.509	64.090
2] Unsecured Loans		0.000	20.050	2.700
TOTAL BORROWING		73.033	76.559	66.790
DEFERRED TAX LIABILITIES		3.792	1.911	1.246

TOTAL		120.260	116.353	103.194

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		94.005	71.294	68.466
Capital work-in-progress		0.000	6.053	6.943

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.772	17.617	14.965
	Sundry Debtors	6.650	5.591	3.576
	Cash & Bank Balances	10.237	2.912	1.818
	Other Current Assets	0.000	0.000	0.000
	Loans, Advances and Deposits	38.878	17.163	8.384
Total Current Assets		72.537	43.283	28.743
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Current Liabilities	44.440	3.678	0.663
	Provisions	1.923	0.721	0.458
Total Current Liabilities		46.363	4.399	1.121
Net Current Assets		26.174	38.884	27.622

MISCELLANEOUS EXPENSES		0.081	0.122	0.163

TOTAL		120.260	116.353	103.194

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	189.722	94.411	49.950
		Other Income	6.409	5.077	0.089
		TOTAL (A)	196.131	99.488	50.039

Less	EXPENSES
		Inventory Increase/ Decrease	0.844	(2.652)	(14.965)
		Manufacturing Expenses	158.924	77.545	48.252
		Administrative and Selling Expenses	7.398	4.637	2.994
		TOTAL (B)	167.166	79.530	36.281

	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		28.965	19.958	13.758

Less	FINANCIAL EXPENSES (D)		11.878	10.646	5.053

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.087	9.312	8.705

Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.301	7.160	4.601

	PROFIT BEFORE TAX (E-F) (G)		7.786	2.152	4.104

Less	TAX (H)		3.083	0.928	1.705

	PROFIT AFTER TAX (G-H) (I)		4.703	1.224	2.399

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.551	2.327	(0.072)

	BALANCE CARRIED TO THE B/S		8.254	3.551	2.327

	TOTAL EARNINGS		8.254	3.551	2.327

	Earnings Per Share (Rs.)		5.68	2.44	1.60

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.39	1.23	4.79

Net Profit Margin (PBT/Sales)	(%)	4.10	2.27	8.21

Return on Total Assets (PBT/Total Assets}	(%)	4.67	1.87	4.22

Return on Investment (ROI) (PBT/Networth)		0.17	0.06	0.12

Debt Equity Ratio (Total Liability/Networth)		2.74	2.13	1.93

Current Ratio (Current Asset/Current Liability)		1.56	9.83	25.64

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U25209WB2003PLC097273
Name of the company	MEGA FLEX PLASTICS LIMITED
Address of the registered office or of the principal place of business in India of the company	14/C, Jainuddin Mistry Lane, Ground Floor, New Alipore, Kolkata – 700027, West Bengal, India Email Id: megaflexplastics@vsnl.net
This form is for	Creation of charge
Type of charge	Others
Particular of charge holder	State Bank of India, SSI Branch Bhowanipore, ‘Premlata’, 2^nd Floor 39, Shakespeare Sarani, Kolkata – 700017, West Bengal, India Email Id: sbi04833@sbi.co.in
Nature of instrument creating charge	Guarantee Agreement (SME-3) read with Letter of Arrangement(SME-1) vides Ref. No. GEN/17/47, dated: 11.06.2011 of the Principle Borrower SLX Healthcare Private Limited.
Date of instrument Creating the charge	21.06.2011
Amount secured by the charge	Rs. 7.200 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest shall be payable by the Principle Borrower SLX Heathcare Private Limited. Terms of repayment All repayment terms shall be complied by the Principle Borrower SLX Healthcare Private Limited. Margin As stipulated by the Bank for the respective assets/facilities of the Principle Borrower SLX Healthcare Private Limited from time to time. Extent and operation of the charge Charge shall operate by way of corporate guarantee over all assets(less liabilities) of the guarantor company. Other The charge has been created as corporate guarantee to secure the Term Loan of Rs. 7.200 Millions sanctioned by the State Bank of India to the Principle Borrower M/s SLX Healthcare Private Limited, a sister / associate concern of the guarantor company.
Short particulars of the property charged (Including location of the property)	All assets, less all liabilities of the Company as on date. *Corporate Guarantee.

Fixed Assets:

· Plant and Machinery

· Factory Building

· Warehouse

· Computers

· Electrical Installations

· Furniture and Fixture

· Land

· Office Equipment

· Mobile Sets

· Motor Car

· Motor Cycle

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. 49.67
UK Pound	1	Rs.76.50
Euro	1	Rs.66.98

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
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	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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

16.772

6.650

10.237

0.000

38.878

72.537

44.440

1.923

46.363

26.174

2.39

4.10

4.67

0.17

2.74

1.56

Unit