MIRA INFORM REPORT

Report Date :

04.04.2012

IDENTIFICATION DETAILS

Name :	VOLGADELITE PLASTIC UDYOG LIMITED (w.e.f. 01.06.2011)
Formerly Known As :	VOLGADELITE PLASTIC UDYOG PRIVATE LIMITED
Registered Office :	Unit No. 230 and 231, Building No. 2, Sonal Link Industrial Estate, Link Road, Malad (West), Mumbai – 400064, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.05.1994
Com. Reg. No.:	11-78300
Capital Investment / Paid-up Capital :	Rs.31.710 Millions
CIN No.: [Company Identification No.]	U25209MH1994PLC078300
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Packaging Materials
No. of Employees :	100 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 350976
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.

INFORMATION PARTED BY

Name :	Ms. Kalpana
Designation :	Accounts Executive
Contact No.:	91-22-28810575
Date :	03.04.2012

LOCATIONS

Registered Office/Corporate Office :	Unit No. 230 and 231, Building No. 2, Sonal Link Industrial Estate, Link Road, Malad (West), Mumbai – 400064, Maharashtra, India
Tel. No.:	91-22-28810575 / 28885955
Fax No.:	91-22-28888189
E-Mail :	volgadpu@bom8.vsnl.net.in droliagroup@vsnl.com kalpana@volgaplastic.com
Website :	www.volgaplastic.com
Location:	Owned
Factory :	Survey No. 49, Hissa No. 3-A, Plot No. C, Sagpada, Village Devdal, Kaman Road, Taluka Vasai, Dist Thane, Maharashtra, India
Tel. No.:	91-95250-2210555 / 2210300 / 2210321 / 2210322

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Pramod Kumar Mahendrapal Drolia
Designation :	Director
Address :	D-201, Panchvati Garden, Upper Govind Nagar, Malad (East), Mumbai – 400097, Maharashtra, India
Date of Birth/Age :	13.01.1952
Date of Appointment :	10.05.1994
Name :	Mr. Praveen Kumar Mahendrapal Drolia
Designation :	Director
Address :	408, Turakia Park, M. G. Road, Kandivali (West), Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	05.01.1959
Date of Appointment :	10.05.1994
Name :	Mr. Bipin Kumar Pramod Drolia
Designation :	Director
Address :	D-201, Panchvati Garden, Upper Govind Nagar, Malad (East), Mumbai – 400097, Maharashtra, India
Date of Birth/Age :	05.09.1975
Date of Appointment :	04.03.2010

KEY EXECUTIVES

Name :	Ms. Kalpana
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Mahendrapal Drolia	100
Ginidevi Drolia	100
Pramod Kumar Drolia	502100
Pramod Kumar Drolia (HUF)	4100
Pravin Kumar Drolia (HUF)	106100
Amit Kumar Drolia	97650
Pravin Kumar Drolia	791810
Sunil Kumar Agarwal	11500
Riddhi (Sikha) Kumari Drolia	115200
Latika Kumar Drolia	55300
Yashasvi Kumar Drolia	21700
Binadevi Drolia	131010
Bipin Kumar Drolia	516510
Bipin Kumar Drolia (HUF)	8500
Synthico Marketing Private Limited, Calcutta, India	110000
Jemtech Engineering Private Limited, Calcutta, India	100000
Wizard Traders Private Limited, Calcutta, India	100000
Mahendrapal Praveen Kumar (HUF)	62010
Sangeetadevi Drolia	31110
Sunil Kumar Agarwal	23500
Oriental Finlease Limited, Calcutta, India	250000
Aajiwan Industries Limited, Mumbai, India	46700
Rekha Drolia	70000
Bina Knitwear	16000
TOTAL	3171000

AS ON 30.09.2011

Category	Percentage
Bodies corporate	19.13
Directors or relatives of Directors	79.26
Other top fifty shareholders	1.61
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Packaging Materials
Terms :
Selling :	Cash, Credit (30-60 Days )
Purchasing :	Cash, Credit (30-60 Days )

GENERAL INFORMATION

Customers :

Wholesaler, Retailers, End Users

No. of Employees :

100 Approximately

Bankers :

State Bank of India, Malad West Branch, S. V. Road, Near Chincholi Phatak, Malad West, Mumbai – 400064, Maharashtra, India

Facilities :

(Rs. in Millions)

SECURED LOANS	31.03.2011	31.03.2010
From Bank
(A) Term Loans
Foreign Currency Loan	33.488	43.522
Rupee Loans	53.568	23.146
(B) Packing Credit Advances
Rupee Loan	9.460	2.968
(C) Working Capital Loans
Foreign Currency Loan	58.599	46.241
Rupee Loans	47.574	51.008
(D) Others
Rupee Loans	0.564	0.201
(E) From L.I.C.
Rupee Loans	1.446	1.445
(F) From Banks and Institutions
Rupee Loans	13.918	14.516
Total	218.617	183.047
NOTE: A) Secured against equitable mortgage and hypothecation charge on all existing and proposed immoveable and moveable assets of the Comapny and personally guaranteed by two of the Directors and personal Fixed Assets of Directors are taken as a collateral security. B) Released against export orders/LC's. C) Hypothecation of stock and book debts Collateral Security by extention of charge on the Fixed 'Assets of the Company and personal fixed assets of Directors and personally guaranted by two of the Directors. D) Against pledge of Vehicles. E) Against pledge of Keyman-jnsurance Policy. F) Business loans accepted on EMI basis as per loan agreement, against PDC and personally guarenteed by the Directors
UNSECURED LOANS	31.03.2011	31.03.2010
From Directors	0.074	5.540
From Others	37.425	21.505
Inter-Corporate Deposits	6.703	3.391
Total	44.202	30.436

Banking Relations :	--
Auditors :
Name :	A.K. Sonthalia and Company Chartered Accountant
Address :	381-M, Kalbadevi Road, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-66332328

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
14500000	Equity Shares	Rs.10/- each	Rs.145.000 Millions
500000	3% Redeemable Preference Shares	Rs.10/- each	Rs.5.000 Millions
	Total		Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3171000	Equity Shares	Rs.10/-each	Rs.31.710 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		31.710	31.710	28.010
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		56.034	41.545	31.403
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		87.744	73.255	59.413
LOAN FUNDS
1] Secured Loans		218.617	183.047	152.187
2] Unsecured Loans		44.202	30.436	32.382
TOTAL BORROWING		262.819	213.483	184.569
DEFERRED TAX LIABILITIES		10.067	5.424	0.000
TOTAL		360.630	292.162	243.982
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		147.862	112.668	96.574
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	88.709	79.295	58.090
	Sundry Debtors	223.278	187.826	106.572
	Cash & Bank Balances	19.288	14.382	7.614
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	35.900	24.713	21.180
Total Current Assets		367.175	306.216	193.456
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	147.826	102.618	44.097
	Other Current Liabilities	3.176	22.284	1.951
	Provisions	3.405	1.820	0.000
Total Current Liabilities		154.407	126.722	46.048
Net Current Assets		212.768	179.494	147.408
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		360.630	292.162	243.982

PROFIT & LOSS ACCOUNT

Expected Sales (2011-2012) : Rs.800.000 millions

The above information has been parted by Mr. Kalpana

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	722.855	572.223	412.854
		Other Income	0.794	0.766	2.119
		TOTAL (A)	723.649	572.989	414.973
Less	EXPENSES
		Manufacturing and Other Expenses	630.018	555.985	376.742
		Increase / (Decrease) in Stock	24.015	(26.394)	0.000
		TOTAL (B)	654.033	529.591	376.742
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		69.616	43.398	38.231
Less	FINANCIAL EXPENSES (D)		31.968	21.275	19.652
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		37.648	22.123	18.579
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.716	10.738	8.698
	PROFIT BEFORE TAX (E-F) (G)		23.932	11.385	9.881
Less	TAX (I)		9.444	8.624	1.200
	PROFIT AFTER TAX (G-I) (J)		14.488	2.761	8.681
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.776	5.403	2.233
	Prior Period Adjustments		0.000	(0.388)	(0.011)
Less	APPROPRIATIONS
		Transfer to General Reserve	12.000	4.000	5.500
	BALANCE CARRIED TO THE B/S		6.264	3.776	5.403
	Earnings Per Share (Rs.)		4.56	2.58	3.10

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.00	0.48	2.09
Net Profit Margin (PBT/Sales)	(%)	3.31	1.99	2.39
Return on Total Assets (PBT/Total Assets}	(%)	4.64	2.72	3.41
Return on Investment (ROI) (PBT/Networth)		0.27	0.15	0.17
Debt Equity Ratio (Total Liability/Networth)		4.86	4.64	3.88
Current Ratio (Current Asset/Current Liability)		2.37	2.42	4.20

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

Rs. In Millions

Particular	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	147.826	102.618	44.097

OPERATIONS:

The Company has achieved revenue receipts of Rs. 722.885 millions in compare to last year of Rs. 572.222 millions and net profit after tax of Rs. 14.489 millions in compare to Rs.2.762 millions in the preceding year after successfully started commercial production on the imported lamination machine which has improved both production and quality of various products of the company. The directors are hopeful to deliver more better growth and earning in the next financial year.

FORM 8:

Corporate identity number of the company	U25209MH1994PLC078300
Name of the company	VOLGADELITE PLASTIC UDYOG LIMITED (w.e.f. 01.06.2011)
Address of the registered office or of the principal place of business in India of the company	Unit No. 230 and 231, Building No. 2, Sonal Link Industrial Estate, Link Road, Malad (West), Mumbai – 400064, Maharashtra, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	State Bank of India, Malad West Branch, S. V. Road, Near Chincholi Phatak, Malad West, Mumbai – 400064, Maharashtra, India Email: sbi.00552@sbi.co.in
Nature of instrument creating charge	No instrument was executed. Charge created by way of equitable mortgage by deposit of title deeds by constructive delivery
Date of instrument Creating the charge	14.01.2012
Amount secured by the charge	Rs. 499.400 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Not Applicable Terms of repayment Not Applicable Margin Not Applicable Extent and operation of the charge Security to cover the principal amount together with all interest discount, commission, costs, charges and expenses.
Short particulars of the property charged (Including location of the property)	All that piece and parcel of land on hereditament being Plot No.C, admg. HR 0 -80- 0 shown in Pink Colour and Plot No.D admg. HR 0-40-0 shown in Brown Sienna lying being and situated at Village Devdal Tal. Vasai Dist. Thane together with building, structures, plant and machinery, furniture and fixtures both present and future.
Date of instrument modifying the charge	23.09.2011
Particulars of the present modification	Charge over immovable properties is now extended to secure the enhanced credit facilities aggregating Rs.499.400 millions

FIXED ASSETS :

• Factory Building
• Plant and Machinery
• Electric Installations
• Computers
• Air Conditioners
• Vehicles
• Factory Equipments
• Office Equipments
• Furniture and Fixtures

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter's background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	--
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	--
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

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.67.48

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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.