MIRA INFORM REPORT

Report Date :

09.04.2012

IDENTIFICATION DETAILS

Name :	TILAK POLYPACK PRIVATE LIMITED
Registered Office :	729/2, Rakanpur Village, Opposite Jogni Mata Temple Lane, B/H. Bhavi Tubes, Rakanpur-382721, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.02.1995
Com. Reg. No.:	04-24526
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U17119GJ1995PTC024526
TAN No.: [Tax Deduction & Collection Account No.]	AHMT00613E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Co-Extruded Multilayer Film, Flexible Laminated Roll and Pouches
No. of Employees :	51 [In office 05 + In factory 46]

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 74000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having satisfactory track records. Trade relations are fair. Business is active. Payments are reported as usually made 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 :	Mr. Agam Pankaj Shah
Designation :	Director
Contact No.:	91-9824540191
Date :	18.02.2012

LOCATIONS

Registered Office / Factory :	729/2, Rakanpur Village, Opposite Jogni Mata Temple Lane, B/H. Bhavi Tubes, Rakanpur-382721, Gujarat, India
Tel. No.:	91-2764-286370
Mobile No. :	91-9824540191 [Mr. Agam Pankaj Shah]
Fax No.:	91-2764-286370
E-Mail :	info@tilakpolypack.com y_sanjayshah@yahoo.com
Website :	http://www.tilakpolypack.com
Area :	40000 Sq. ft.
Location :	Owned

DIRECTORS

AS ON 27.09.2011

Name :	Mr. Pankaj Mithalal Shah
Designation :	Chairman cum Managing Director
Address :	15, Kekaran Society, Near Gulab Tower, Thaltej, Ahmedabad – 380 054, Gujarat, India
Date of Birth/Age :	09.04.1951
Qualification :	Mechanical Engineer
Date of Appointment :	08.02.1995
Din No.:	01434725
Name :	Mr. Agam Pankaj Shah
Designation :	Director
Address :	15, Kekaran Society, Near Gulab Tower, Thaltej, Ahmedabad – 380 054, Gujarat, India
Date of Birth/Age :	25.10.1981
Qualification :	Engineer (Software)
Date of Appointment :	25.07.2000
Din No.:	01319146

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2011

Names of Shareholders	No. of Shares
Pankaj Mithalal Shah	21001
Meenaben Pankaj Shah	10000
Ragini Mithalal Shah	1
Pankaj Mithalal Shah HUF	1001
Agam Pankaj Shah	14001
Arti Pankaj Shah	4000
Total	50004

AS ON 27.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Co-Extruded Multilayer Film, Flexible Laminated Roll and Pouches

Products :

Product Description	ITC Code
Co-Extruded Multilayer Film	3920.32
Flexible Packaging Material	3923.90

Imports :

Products :

· SCG Plastic Co

· Qatar petrochemical Co Limited

· LG International Corp

Countries :

· Thailand

· Qatar

· Korea

Terms :

Selling :

L/C, Cash and Credit (60 days)

Purchasing :

L/C, Cash and Credit (30 days)

PRODUCTION STATUS [AS ON 31.03.2011]

Licensed Capacity	3600 Tpa
Installed Capacity	3600 Tpa
Actual Production	2105468 Kgs.

GENERAL INFORMATION

Suppliers :

· Qatar Petrochemical

· SCG, Thailand

Customers :

Wholesalers and Retailers

· Raviraj Films

No. of Employees :

51 [In office 05 + In factory 46]

Bankers :

Bank of Baroda, Kalol Branch, M G Road, Kalol-382721, Gujarat, India

Facilities :

Cash Credit – Rs.30.000 Millions

Letter Credit – Rs. 20.000 Millions

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Loan from scheduled bank
Bank of Baroda CC A/C [Secured by hypothecation of stocks and book debts and mortgage of factory land and building at GIDC Rakanpur, District Gandhinagar.]	23.874	16.320
Bank of Baroda
Machinery	6.000	7.600
Citi Bank Wagon R	0.004	0.004
HDFC Bank Limited [4351 Civic] [Secured by way of hypothecation of vehicle and personal guarantee of directors.]	0.884	1.150
Total	30.762	25.074
Unsecured Loan
Deposits
From Directors (Interest Bearing)	2.636	2.532
Form Shareholders	6.083	6.083
Total	8.719	8.615

Banking Relations :	--
Auditors :
Name :	C Patel and Company Chartered Accountants
Address :	2, Sahyadri Apartments, Near Stadium Under Pass, Navrangpura, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-26441279/26448017
Pan No.:	AABFC1342E

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50004	Equity Shares	Rs.100/- each	Rs.5.000 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		5.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		13.559	11.192	10.009
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		18.559	16.192	15.009
LOAN FUNDS
1] Secured Loans		30.762	25.074	16.056
2] Unsecured Loans		8.719	8.615	7.732
TOTAL BORROWING		39.481	33.689	23.788
DEFERRED TAX LIABILITIES		2.391	2.112	1.956
TOTAL		60.431	51.993	40.753
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.844	22.811	14.222
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.003	0.140	0.140
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.281	8.065	6.042
	Sundry Debtors	33.939	25.880	21.777
	Cash & Bank Balances	3.176	0.999	1.956
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.866	3.618	2.540
Total Current Assets		56.262	38.562	32.315
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.270	7.252	3.675
	Other Current Liabilities	1.608	1.533	1.573
	Provisions	0.800	0.735	0.676
Total Current Liabilities		17.678	9.520	5.924
Net Current Assets		38.584	29.042	26.391
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		60.431	51.993	40.753

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	208.557	116.487	106.263
		Other Income	2.187	2.280	2.137
		TOTAL	210.744	118.767	108.400
Less	EXPENSES
		Raw Materials Consumption	173.599	96.032	87.862
		Payment to and Provision for Directors	1.080	0.725	0.720
		Payment to and Provision for Employees	4.582	3.397	2.367
		Manufacturing Expenses	12.049	7.708	6.517
		Administrative Expenses	8.890	4.859	3.590
		Increase / Decrease in Stocks	0.365	(0.677)	1.534
		TOTAL	200.565	112.044	102.590
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		10.179	6.723	5.810
Less	FINANCIAL EXPENSES		5.205	3.011	2.824
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		4.974	3.712	2.986
Less/ Add	DEPRECIATION/ AMORTISATION		1.528	1.287	0.706
	PROFIT BEFORE TAX		3.446	2.425	2.280
Less	Prior Period Expenses		0.000	0.316	0.000
	FBT (Excess Provision Written Off)		0.000	0.035	0.000
	Deferred Tax Expenses		0.279	0.156	0.155
	Provision for Income Tax		0.800	0.735	0.675
	PROFIT AFTER TAX		2.367	1.183	1.450
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.052	8.869	7.419
	BALANCE CARRIED TO THE B/S		12.419	10.052	8.869
	IMPORTS		45.843	19.703	NA
	Earnings Per Share (Rs.)		47.34	2.37	28.99

Expected Sales (2011-12) : Rs.220.000 Millions.

The above information has been parted by Mr. Agam Pankaj Shah.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.12	1.00	1.34
Net Profit Margin (PBT/Sales)	(%)	1.65	2.08	2.15
Return on Total Assets (PBT/Total Assets}	(%)	4.41	3.95	4.90
Return on Investment (ROI) (PBT/Networth)		0.19	0.15	0.15
Debt Equity Ratio (Total Liability/Networth)		3.07	2.67	1.98
Current Ratio (Current Asset/Current Liability)		3.18	4.05	5.45

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors	15.270	7.252	3.675

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	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	Yes
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	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

NOTE:

The Registered Office of the company has been shifted from 15A, Manek Baug Society, S M Road, Ahmedabad – 380 015, Gujarat, India to the present address w.e.f. 07.04.2007.

OPERATIONS:

The company has manufactured film of Kgs. 2105468 (Including job work qty. of 31031 Kgs.) as against Kg. 1075960 in the previous year and achieved sales of Rs.208.557 millions during the year as against Rs.116.487 millions in the previous year. They hope that production and sales will increase in the next year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10014176
Corporate identity number of the company	U17119GJ1995PTC024526
Name of the company	TILAK POLYPACK PVT LTD
Address of the registered office or of the principal place of business in India of the company	729/2, Rakanpur Village, Opposite Jogni Mata Temple Lane, B/H. Bhavi Tubes, Rakanpur-382721, Gujarat, India
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge
Particular of charge holder	Bank of Baroda, Kalol Branch, M G Road, Kalol-382721, Gujarat, India
Email	kalol@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Supplemental composite agreement of hypothecation of goods, book debts, movable machineries and vehicles
Date of instrument Creating the charge	20.10.2011
Amount secured by the charge	Rs.56.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit =3.25% above Base rate, Per annum with Monthly rest. Terms of Repayment As specified in principal agreement entered into with the bank. Margin stock =25%, Book-Debts =25% Moveable machinery and cash =25% Extent and Operation of the charge The hypothecation of properties of the Company will be security for due repayment of advances granted by the bank including interest thereon and other incidental expenses as described by the Bank.
Short particulars of the property charged	hypothecation of goods, book debts, movable machineries and vehicles (more specifically described in supplemental composite agreement of hypothecation of goods, book debts, movable machineries (cont.) And vehicles and principal agreement entered with the bank.
Particulars of the present modification	The bank has increased total limit of advances from Rs. 48.000 millions to Rs. 56.000 millions consisting of cash credit of Rs. 30.000 millions, ILC/ FLC of Rs. 20.000 millions and term loan of Rs. 6.000 millions.

TRADE REFERENCES:

· Qatar Petrochemical

· SCG, Thailand

· Raviraj Films

FIXED ASSETS:

• Land
• Factory Land
• Electric Fittings
• Machinery
• Computer
• Tata Safari
• Furniture and Fixture
• Water Cooler
• Air Conditioner
• Laboratory 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.51.04
UK Pound	1	Rs.81.08
Euro	1	Rs.67.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--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		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.