MIRA INFORM REPORT

Report Date :

10.04.2012

IDENTIFICATION DETAILS

Name :	VISHAL CONTAINERS LIMIITED (w.e.f 02.01.2008)
Formerly Known As :	VISHAL CONTAINERS PRIVATE LIMIITED
Registered Office :	919, GIDC Estate, Chhatralta Kalol, Gandhi Nagar, Chhatral – 382729, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.05.2004
Com. Reg. No.:	044121
Capital Investment/ Paid-up Capital:	Rs. 27.178 Millions
CIN No.: [Company Identification No.]	U28129GJ2004PLC044121
TAN No.: [Tax Deduction & Collection Account No.]	AHMV01757A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Paper and Plastic Packaging
No. of Employees:	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 315000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is well 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

INFORMATION PARTED BY

Name :	Mr. Kunal Patel
Designation :	Director
Contact No.:	91-9825016937
Date:	16.03.2012

LOCATIONS

Registered Office/Factory :	919, GIDC Estate, Chhatral, TA: Kalol, Phase – 1, Dist. Gandhi Nagar, Chhatral – 382729, Gujarat, India
Tel. No.:	91-2764-233409/233667/233666
Mobile No.:	91-9825016937 (Mr. Kunal Patel)
Fax No.:	91-2764-232367
E-Mail :	kunal@vishal-packaging.com
	sales@vishal-packaging.com
	vishalpapers@yahoo.com
Website :	www.vishal-packaging.com
Area :	Owned

DIRECTORS

(AS ON 20.09.2011)

Name :

Mr. Aravind Mafatlal Patel

Designation :

Managing Director

Address :

B- 1, Motinagar Society Kalol, Mehsana, Kalol – 382731 – Gujarat, India

Date of Appointment :

15.05.2006

Din Number:

01659177

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	U28129GJ2004PLC044121	VISHAL CONTAINERS LIMITED	Managing director	1/8/2011	15/05/2006	-	Active	NO
2	U37200GJ2009PTC056538	ENVIRO PLASTECH PRIVATE LIMITED	Director	21/11/2011	23/04/2009	-	Active	NO

Name :

Mr. Rajendra Kumar Mafatlal Patel

Designation :

Whole Time Director

Address :

35/B, Shrinagar Society Near Swaminarayan Temple, At Post Kalol, Gandhi Nagar Gujarat – 322731, India

Date of Appointment :

15.05.2006

Din Number:

01659164

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	U28129GJ2004PLC044121	VISHAL CONTAINERS LIMITED	Whole-time director	1/8/2011	15/05/2006	-	Active	NO
2	U37200GJ2009PTC056538	ENVIRO PLASTECH PRIVATE LIMITED	Director	23/04/2009	23/04/2009	28/08/2010	Active	NO

Name :

Mr. Kunal Aravindbhai Patel

Designation :

Whole Time Director

Address :

B – 1, Motinagar Society, Kalol Mehsana, Kalol – 382731, Gujarat, India

Date of Appointment :

11.05.2004

Din Number:

01658143

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	U28129GJ2004PLC044121	VISHAL CONTAINERS LIMITED	Whole-time director	1/8/2011	11/5/2004	-	Active	NO
2	U37200GJ2009PTC056538	ENVIRO PLASTECH PRIVATE LIMITED	Director	23/04/2009	23/04/2009	28/08/2010	Active	NO

Name :

Mr. Ramanbhai. V. Patel

Designation :

Director

Address :

304, Shreeji Apartment, Vardhman Nagar, Kalol – 382721, Gujarat, India

Date of Appointment :

01.09.2009

Din Number:

00996239

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	U67120GJ1995PLC028446	WELL FIN SECURITIES LIMITED	Director	16/12/2004	16/12/2004	-	Active	NO
2	U67120GJ2008PTC052820	NISHTHA CAPITAL SERVICES PRIVATE LIMITED	Director	5/2/2008	5/2/2008	8/12/2011	Active	NO
3	U28129GJ2004PLC044121	VISHAL CONTAINERS LIMITED	Director	1/9/2009	1/9/2009	-	Active	NO

Name :

Mr. Pankaj Kumar Patel

Designation :

Director

Address :

L/3, Karnavati Apartment, Hiravadi, Mahavirnagar, Saijpur, Bogha, Ahemdabad-382345 Gujarat, India

Date of Appointment :

01.09.2009

Din Number:

03194483

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 20.09.2011)

Names of Shareholders	No. of Equity Shares
Indubhai Saubhagyachand Doshi	1255
Roshan Kumar Mangilal Lunkad	1020
Mamtaben Babulal Lunker	1020
Prahladbhai Nathtalal Patel	1000
Lalitabhen sharma	960
Vanita Parag Shah	930
Alpesh Rasiklal Shah	675
Sohanraj Badarmalji Sanklecha	650
Dipakbhai k Shah	510
Bhadresh Ramabhai Patel	500
Ashok Kumar Parasmal Bohra	410
Kalpesh Hiralal Shah	290
Ashit shah	280
Madhublal Indubhai Doshi	265
Saurabh Vishnubhai Patel	250

(AS ON 20.09.2011)

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	0.03
Bodies corporate	0.08
Directors or relatives of directors	98.09
Other top fifty shareholders	0.49
Others	1.31
Total	100

BUSINESS DETAILS

Line of Business :	Manufacturer of Paper and Plastic Packaging
Exports :
Products :	Paper and Plastic Packaging
Countries :	· Middle East, · Africa · European Countries
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	L/C Cash/ Credit (30 to 60 Days)
Purchasing :	L/C Cash/ Credit (30 to 60 Days)

(AS ON 31.003.2011)

PRODUCTION STATUS

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Corrugated Boxes/Offset Printed Carton/ Pouch and Rolls and Woven Bags	(kgs)	NA	NA	5884475
Processed Kraft /Duplex Paper	(kgs)	NA	NA	420

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

200 (Approximately)

Bankers :

· Punjab National Bank, Gandhi Nagar

· State Bank of India

· State Bank of Saurashtra

· Axis Bank

Facilities :

SECURED LOAN	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
TERM LOAN
Punjab National Bank Term Loan A/c No 4042000IC00000211	4.021	7.882
Punjab National Bank Term Loan A/c No 4042000IC00000202	0.155	0.769
Punjab National Bank Term Loan A/c No 4042000IC00000293	9.750	12.933
Punjab National Bank Term Loan A/c No 4042000IC00000345	9.145	0.000
Punjab National Bank Term Loan A/c No 4042000IC000003 Note: Term loans are secured by equitable mortgage of factory land and building and hypothecation of plant and machinery and personal guarantee of director	11.484	0.000
VEHICLE LOAN
Sundram Finance limited	0.259	0.635
Punjab National Bank Term Loan A/c No. 10	0.255	0.502
Punjab National Bank Term Loan A/c No. 14
Punjab National Bank Term Loan A/c No. 32 Note: Vehicle Loan are secured by hypothecation of specific vehicles	0.594	0.330
WORKING CAPITAL LOAN WORKING CAPITAL LOAN
Punjab National Bank H.P.C.C A/C Note: Secured by way of Hypothecation of Finished Goods , Raw material, Stock in Process, Stores and Spares, Book Debts and First Charges of Fixed Assets and Personal Guarantee of Directors	66.346	48.094
Total	102.009	71.145
UN SECURED LOANS
From Director and share Holders	22.241	5.842
Inter corporate Deposit	13.375	13.318
Trade Deposit	20.000	20.800
Total	55.616	39.960

Banking Relations :	--
Auditors :
Name :	Babubhai Patel and Company Chartered Accountant
Address :	2^nd Floor, A/10 & 11, Ajanta Commercial Center, Near Income Tax Office, Ashram Road, Ahembabad – 380014, Gujarat, India
Pan Number:	ABCPP5322K

CAPITAL STRUCTURE

(AS ON 20.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
4,000,000	Equity Share	Rs.10/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Share	Rs.10/- each	Rs.30.000 Millions

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
4,000,000	Equity Share	Rs.10/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2717870	Equity Share Note: Out of above 2232870 Equity Shares fully paid up. Issued for consideration other than cash and 360000 Equity Shares issued by way of Preferential Allotment	Rs.10/- each	Rs. 27.178Millions

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		27.178	22.329	18.728
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		51.715	42.224	31.213
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		78.893	64.553	49.941
LOAN FUNDS
1] Secured Loans		102.010	71.145	75.288
2] Unsecured Loans		56.617	39.960	30.128
TOTAL BORROWING		158.627	111.105	105.416
DEFERRED TAX LIABILITIES		7.752	2.827	2.827
TOTAL		245.272	174.485	158.184
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		102.332	88.476	73.939
Capital work-in-progress		12.521	3.851	2.279
INVESTMENT		1.687	0.059	0.226
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	83.480	62.469	40.519
	Sundry Debtors	98.351	82.897	72.617
	Cash & Bank Balances	5.440	4.405	1.132
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	46.168	15.469	12.380
Total Current Assets		233.439	165.240	126.648
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	93.634	70.536
	Other Current Liabilities	0.000	0.000	38.637
	Provisions	11.126	8.676	6.435
Total Current Liabilities		104.760	79.212	45.072
Net Current Assets		128.679	86.028	81.576
MISCELLANEOUS EXPENSES		0.053	0.071	0.164
TOTAL		245.272	178.485	158.184

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	448.635	328.169	252.767
		Other Income	8.891	7.193	6.652
		TOTAL (A)	457.526	335.362	259.419
Less	EXPENSES
		Manufacturing Expenses	384.427	282.946
		Administrative Expenses	8.498	6.154
		Employee remuneration and benefits Expenses	30.398	22.650
		Selling and Distribution Expense	5.516	3.820
		Differed revenue expense	0.000	0.075
		Bad debts written off	0.000	1.059
		Increase/Decrease in stock	(5.443)	(7.312)
		TOTAL (B)	423.396	309.392	237.644
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		34.130	25.970	21.775
Less	FINANCIAL EXPENSES (D)		14.479	10.264	9.789
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.651	15.706	11.986
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.636	6.088	5.183
	PROFIT BEFORE TAX (E-F) (G)		12.015	9.618	6.803
Less	TAX (H)		7.375	2.206	1.220
	PROFIT AFTER TAX (G-H) (I)		4.640	7.411	5.583
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	6.026	2.107	Nil
	IMPORTS
		Capital Goods	2.435	Nil	2.202
	Earnings Per Share (Rs.)		2.02	3.32	2.98

Expected Sales (2011-2012) : Rs. 580.000 Millions

The above information has been parted by Mr. Kunal Patel

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.01	2.20	2.15
Net Profit Margin (PBT/Sales)	(%)	2.68	2.93	2.69
Return on Total Assets (PBT/Total Assets}	(%)	3.58	3.80	3.39
Return on Investment (ROI) (PBT/Networth)		0.15	0.14	0.14
Debt Equity Ratio (Total Liability/Networth)		1.32	1.22	0.90
Current Ratio (Current Asset/Current Liability)		2.23	2.08	2.81

LOCAL AGENCY FURTHER INFORMATION

Note:

Registered office of the company has been shifted from 919, GIDC Chhatral Ta: Kalol Dist. Gandhi nagar w.e.f 11.05.2004

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last two years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	Yes
Payment Terms	Yes
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

FIXED ASSETS: 

• Building
• Computers
• Electric Installation
• Fire Fighting Equipment
• Office Equipments
• Vehicles
• Furniture

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. 51.28
UK Pound	1	Rs. 81.38
Euro	1	Rs. 67.01

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.