MIRA INFORM REPORT

Report Date :

04.04.2012

IDENTIFICATION DETAILS

Name :	DEEJAY PLASTICS PRIVATE LIMITED
Registered Office :	Agarwal House, 9 and 10, Vepery Church Road, Vepery, Chennai – 600007, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.07.1983
Com. Reg. No.:	18-10212
Capital Investment / Paid-up Capital :	Rs.2.000 Millions
CIN No.: [Company Identification No.]	U24294TN1983PTC010212
TAN No.: [Tax Deduction & Collection Account No.]	Ched00031d
PAN No.: [Permanent Account No.]	AAACD1722D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and exporter of plastics and Plastics Products
No. of Employees :	Not Available

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 130000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	Agarwal House, 9 and 10, Vepery Church Road, Vepery, Chennai – 600007, Tamilnadu, India
Tel. No.:	91-44-26612909
Fax No.:	91-44-42041333
E-Mail :	djppl@airtelbroadband.in djpl@airtelbroadband.in accounts@sindoorin.com info@sindoori.com smapl@vsnl.com djpl@airtelmail.in
Factory 1 :	Plot No. F4, SIPCOT Industrial Complex, Gummidipoondi, Tamilnadu, India
Factory 2 :	32, Perumal Koil Garden Street, Chennai – 600 079, Tamilnadu, India

DIRECTORS

(AS ON 26.09.2011)

Name :

Mr. Rajendra Kumar Agarwal

Designation :

Director

Address :

No.144, LUZ Church Road, Mylapore, Chennai – 600 004, Tamilnadu, India

Date of Birth/Age :

29.07.1948

Date of Appointment :

27.07.1983

DIN No.:

00483819

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	U24294TN1983PTC010212	DEEJAY PLASTICS PRIVATE LIMITED	Director	27/07/1983	27/07/1983	Active	NO
2	U25209TN1986PTC012739	DEEJAY POLYMERS PRIVATE LIMITED	Director	3/3/1986	3/3/1986	Active	NO

Name :

Mrs. Damayanthi Agarwal

Designation :

Director

Address :

No.144, LUZ Church Road, Mylapore, Chennai – 600 004, Tamilnadu, India

Date of Birth/Age :

02.01.1932

Date of Appointment :

27.07.1983

Date of Ceasing :

22.10.2011

DIN No.:

00483804

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	U24294TN1983PTC010212	DEEJAY PLASTICS PRIVATE LIMITED	Director	27/07/1983	27/07/1983	22/10/2011	Active	NO

Name :

Mr. Madhu Agarwal

Designation :

Additional Director

Address :

No.145, LUZ Church Road, Mylapore, Chennai – 600 004, Tamilnadu, India

Date of Birth/Age :

24.05.1962

Date of Appointment :

01.11.2010

DIN No.:

00886972

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	U25209TN2003PTC051972	DEEJAY MULTIFILMS PRIVATE LIMITED	Director	17/11/2003	17/11/2003	Active	NO
2	U24294TN1983PTC010212	DEEJAY PLASTICS PRIVATE LIMITED	Director	26/09/2011	1/11/2010	Active	NO

Name :

Mrs. Vandana Agarwal

Designation :

Additional Director

Address :

Old No.144, New No.84, Luz Church Road, Maylapore, Chennai – 600004, Tamilnadu, India

Date of Birth/Age :

25.02.1979

Date of Appointment :

01.11.2010

DIN No.:

00839708

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	U25209TN2003PTC051972	DEEJAY MULTIFILMS PRIVATE LIMITED	Director	17/11/2003	17/11/2003	Active	NO
2	U24294TN1983PTC010212	DEEJAY PLASTICS PRIVATE LIMITED	Director	26/09/2011	1/11/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 26.09.2011)

Names of Shareholders	No. of Shares
Rajendra Kumar Agarwal	3025
Damayanthi Agarwal	3750
Indu agarwal	1750
Vishal Agarwal	600
Deepa Agarwal	600
Kailash Prasad Sonthalia	800
Rukmani Devi Jhajaria	1550
Parvathi Devi Sonthalia	1550
Sunil Kumar Jhajaria	400
J. Harishankar Agarwal	1000
Praful Agarwal	25
Aditya Agarwal HUF	840
B. Sureshchand	110
Athmaram Arjunram	150
Rajendra Kumar Agarwal HUF	200
J. Harisjhankar Agarwal HUF	300
Madhu Agarwal	700
Harshavardhan	2650
Total	20000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and exporter of plastics and Plastics Products

PRODUCTION STATUS (AS ON 31.03.2011)

Licensed Capacity: 1440 M. T. Per Annuam

Installed Capacity: 1440 M. T. per Annuam

Particulars	Unit	Actual Production
Film	Kgs	678994.300
Waste	Kgs	51358.660

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of Bikaner and Jaipur

29, Rajaji Salai, Chennai – 600001, Tamilnadu, India

· ICICI Bank

· Canara Bank

· Indian Bank

· South Indian Bank

· HDFC Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
BMW India Financial Services Private Limited (Secured Against Hypothecation of Vehicles)	0.350	0.089
Term Loan (Secured against Factory Building, Plant and Machinery)	0.000	0.039
SBBJ Bank (Secured Against Stock)	0.000	2.034
Total	0.350	2.162
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
ICICI Bank Ch. Financing	21.323	14.265
Komal Polymers Loan	0.008	0.008
R K Agarwal HUF	4.563	6.246
Total	25.894	20.519

Banking Relations :	--
Auditors :
Name :	Sanjiv shah and associates Chartered Accountants
Address :	Adarsh Apartment, II Floor, # 80, Vepery, Chennai – 600 007, Tamilnadu, India
Tel. No.:	91-44-25610842/ 0892
PAN No.:	AAAFS9494G
Email :	mail@ssaca.in

CAPITAL STRUCTURE

(AS ON 26.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
22500	Equity Share	Rs.100/- each	Rs.2.250 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Share	Rs.100/- each	Rs.2.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		2.000	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		30.364	26.198	24.120
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		32.364	28.198	26.120
LOAN FUNDS
1] Secured Loans		0.350	2.162	16.918
2] Unsecured Loans		25.894	20.519	6.779
TOTAL BORROWING		26.244	22.681	23.697
DEFERRED TAX LIABILITIES		0.080	0.088	0.102
TOTAL		58.688	50.967	49.919
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.812	7.378	8.331
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.059	6.328	8.204
	Sundry Debtors	36.732	22.513	32.575
	Cash & Bank Balances	0.725	0.295	0.190
	Other Current Assets	3.006	2.613	1.132
	Loans & Advances	13.588	17.244	6.675
Total Current Assets		60.110	48.993	48.776
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	8.094	4.457	6.294
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.140	0.947	0.894
Total Current Liabilities		8.234	5.404	7.188
Net Current Assets		51.876	43.589	41.588
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		58.688	50.967	49.919

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL	95.118	87.774	113.117
Less	EXPENSES
		TOTAL	89.090	84.757	110.372
	PROFIT BEFORE TAX		6.028	3.017	2.745
Less	TAX		1.879	0.961	0.937
	PROFIT AFTER TAX		4.149	2.056	1.808
	IMPORTS
		Raw Materials	12.883	7.525	7.525
	TOTAL IMPORTS		12.883	7.525	7.525
	Earnings Per Share (Rs.)		207.44	102.54	90.42

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.36	2.34	1.60
Return on Total Assets (PBT/Total Assets}	(%)	9.01	5.35	4.81
Return on Investment (ROI) (PBT/Networth)		0.19	0.11	0.11
Debt Equity Ratio (Total Liability/Networth)		1.07	1.00	1.18
Current Ratio (Current Asset/Current Liability)		7.30	9.07	6.79

LOCAL AGENCY FURTHER INFORMATION

WORKING OF THE COMPANY

During the financial year 2010-11 the company’s working has resulted in a pre tax profit of Rs.5.999 Millions barring unforeseen circumstances the Directors expect the working still better.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	90306582
Corporate identity number of the company	U24294TN1983PTC010212
Name of the company	DEEJAY PLASTICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Agarwal House, 9 & 10, Vepery Church Road, Vepery, Chennai- 600007, Tamilnadu, India
Type of charge	Immovable property
Particular of charge holder	State Bank of Bikaner and Jaipur 29, Rajaji Salai, Chennai – 600001, Tamilnadu, India sbbj10286@sbbj.co.in
Nature of description of the instrument creating or modifying the charge	Letter Confirming for deposit of Title Deeds executed by M/s. Deejay Plastics Private Limited to secure the credit facilities sanctioned to M/s. Deejay Multipacks Private Limited.
Date of instrument Creating the charge	28/11/2008
Amount secured by the charge	Rs.23.800 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per the sanction letter and as determined by the banker from time to time. Terms of Repayment As per the sanction letter and as determined by the banker from time to time. Margin As per the sanction letter and as determined by the banker from time to time. Extent and Operation of the charge As per the instruments executed on 28.11.2008 and as mentioned in the Column No.14 of this e Form 8. Others Company Name Limit (Amount in Rupees) Deejay Multipacks Private Limited 183.00 Deejay Plastics Private Limited 55.00 Total Amount Secured by this Charge 238.00 All other terms and conditions as per the sanction letter and instruments executed 28.11.2008.
Short particulars of the property charged	Equitable Mortgage by deposit of title deeds of the following properties owned by M/s. Deejay Plastics Private Limited to secure the modified credit facilities enjoyed by the M/s. Deejay Multipacks Private Limited Description of Property Mortgaged : Plot No. F 4, SIPCOT Industrial Complex, Gummidipoondi.
Date of latest modification prior to the present modification	29.04.2005
Particulars of the present modification	The mortgage over the immovable property owned by M/s. Deejay Plastics Private Limited (Present Credit Facility Rs.5.500 Millions), is now extended to secure the enhanced credit facility of Rs.18.300 Millions sanctioned to Deejay Multipacks Private Limited, hence the final amount secured by this charge is now stands as Rs.23.800 Millions. All other terms and conditions as per the original charge and subsequent modification remains unchanged.

fixed assets

· Plant and Machinery

· Dies and Modules

· Vehicles

· Land

· Leasehold Land

· Factory Building

· Office Building

· Electrical Fittings

· EPABX

· Flat

· Computers

· UPS

· Office Equipments

· Motor 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.50.56
UK Pound	1	Rs.81.05
Euro	1	Rs.67.49

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	4
--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	NO
--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.