MIRA INFORM REPORT

Report Date :

01.08.2012

IDENTIFICATION DETAILS

Name :	HITESH PLASTICS PRIVATE LIMITED
Registered Office :	405 ACME Industrial Park, 4^nd Floor, Off I.B. Patel Road, Goregaon (East), Mumbai – 400 063, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.03.1989
Com. Reg. No.:	11-50912
Capital Investment / Paid-up Capital :	Rs.96.096 Millions
CIN No.: [Company Identification No.]	U25209MH1989PTC050912
TAN No.: [Tax Deduction & Collection Account No.]	MUMH06997E
PAN No.: [Permanent Account No.]	AAACH3437P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Plastics Products.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Maximum Credit Limit :	USD 710000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is and 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 caution.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB (Fund Based Limit Term Loan) BBB (Fund Based Limit Cash Credit)
Rating Explanation	Moderate credit risk.
Date	13.07.2012

Rating Agency Name	ICRA
Rating	A2 (Non-Fund Based Limit)
Rating Explanation	Low credit risk.
Date	13.07.2012

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. C.P. Sodhani
Designation :	Voice President of Finance and Account Department
Contact No.:	91-8879031115
Date :	31.07.2012

LOCATIONS

Registered Office :	405 ACME Industrial Park, 4^nd Floor, Off I.B. Patel Road, Goregaon (East), Mumbai – 400 063, Maharashtra, India
Tel. No.:	91-22-26861701/ 26861781
Mobile No.:	91-8879031115 [Mr. C.P. Sodhani]
Fax No.:	91-22-26862714/ 26865372
E-Mail :	cavijayjain@yahoo.co.in amit@sunrisecontainers.com admin@tampropack.com finance@sunricecontainers.com dadra@sunrisecontainers.com
Website :	http://www.sunrisecontainers.com
Factory 1 :	40, DIC Industrial Area, Tehsil, Nalagarh, Solan, Baddi, Himachal Pradesh, India
Factory 2 :	B-5/6 18 and 19, Zero Tax Industrial Estate, Dadra – 396 230, Union Territory, India
Tel. No.:	91-260-2668627
Factory 3 :	Survey 221/5/2/ Dadra Nagar Haveli – 396191, Union Territory, India
Factory 4 :	J – 59, MIDC, Jalgaon – 425003, Maharashtra, India

DIRECTORS

AS ON 28.09.2011

Name :	Mr. Kanhaiyalal Mundhra
Designation :	Director
Address :	601 C, Millenium Garden, Upper Govind Nagar, Malad (East), Maharashtra, India
Date of Birth/Age :	01.01.1944
Qualification :	B.Com
Date of Appointment :	01.04.1993
DIN No.:	00087385
Name :	Mr. Hitesh Kumar Mundhra
Designation :	Director
Address :	601 C, Millenium Garden, Upper Govind Nagar, Malad (East), Maharashtra, India
Qualification :	M.B.A.
Date of Appointment :	10.04.2005
DIN No.:	00087454
Name :	Mr. Bhagwandas Gilda
Designation :	Director
Address :	802, Rajendra Ratna CHS Limited, Mahesh Nagar, S.V. Road, Goregaon (W), Mumbai – 400063, Maharashtra, India
Date of Birth/Age :	09.08.1953
Qualification :	Graduate
Date of Appointment :	01.04.2009
DIN No.:	02474159
Voter ID No.:	WCS2022549
Name :	Mr. Sanjay Kumar Ramshiromani Singh
Designation :	Director
Address :	C – 33, Purvanchal CHS Limited, Plot No. 1 E, Sector I, Airoli, Navi Mumbai – 400706, Maharashtra, India
Date of Birth/Age :	17.08.1979
Qualification :	Graduate
Date of Appointment :	01.04.2009
DIN No.:	02251898
Name :	Mr. Arya Mittara
Designation :	Director
Address :	E 1/19, Godrej Park, Barve Village, Kadakppa, Kalyan (West), Mumbai – 421301, Maharashtra, India
Date of Birth/Age :	09.01.1957
Qualification :	Graduate
Date of Appointment :	01.04.2009
DIN No.:	01390561

KEY EXECUTIVES

Name :	Mr. C.P. Sodhani
Designation :	Voice President of Finance and Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2011

Names of Shareholders	No. of Shares
Chandadevi Mundhra	1144000
Kanhaiyalal Mundhra	7220400
Hitesh Kumar Mundhra	1232000
Brijmohan Rathi	8800
Geeta Rathi	4400
Total	9609600

AS ON 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Plastics Products.

Products :

ITC Code No.	Product Description
390422	Plastic Pet Preforms
390422	Cap

Exports :

Products :

Plastic Products

Countries :

· Africa

· Dubai

Imports :

Products :

Raw Materials

Countries :

· Asia

Terms :

Selling :

L/C / Cash

Purchasing :

L/C / Cash

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Pet Preforms	Pcs.	NA	NA	106271855
Cap	Pcs.	NA	NA	1336355481

GENERAL INFORMATION

Customers :

Others [Manufacture]

No. of Employees :

200 (Approximately)

Bankers :

· State Bank of India, Industrial Finance Branch, Chincholi Phatak, S.V. Road, Malad (West), Mumbai – 400 064, Maharashtra, India

· The North Kanara GSB Co-operative Bank Limited, 361, Laxmi Sadan, V.P. Road, Firgaon, Mumbai – 400004, Maharashtra, India

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2011 [Rs. in Millions]	31.03.2010 [Rs. in Millions]
Rupee term loans banks secured	29.831	48.868
Foreign currency loans banks secured	299.021	252.721
Working capital loans banks secured	67.471	101.011
Loans taken for vehicles secured	0.241	0.460
Total	396.564	403.060
UNSECURED LOANS	31.03.2011 [Rs. in Millions]	31.03.2010 [Rs. in Millions]
Working capital loans others unsecured	8.750	8.750
Loans directors unsecured	77.200	50.000
Other debt unsecured	23.500	23.500
Total	109.450	82.250

Banking Relations :	--
Auditors :
Name :	Jain Vijay and Company Chartered accountant
Address :	305, Sona Chambers, 507/509, J.S.S. Road, Chira Bazar, Mumbai – 400 002, Maharashtra, India
Pan No.:	AACPJ0536E
Associates :	· Sunrise Containers Private Limited Address : 4^th Floor, Acme Industrial Park, Off I B Patel Road, Goregaon (East), Mumbai – 400 063, Maharashtra, India Tel No.: 91-22-26861701 · Clear Pack Containers · M Pet Containers Private Limited · H. K. Moulders · Sunpet Industrial Corporation · Sunrise Containers Limited · K. L. Mundhra Investment and Trading Private Limited · D. K. Mundhra Investment and Trading Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity shares	Rs.10 /- Each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9609600	Equity shares	Rs.10 /- Each	Rs.96.096 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		96.096	96.096	1.092
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		82.500	82.268	122.162
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		178.596	178.364	123.254
LOAN FUNDS
1] Secured Loans		396.564	403.060	151.473
2] Unsecured Loans		109.450	82.250	0.000
TOTAL BORROWING		506.014	485.310	151.473
DEFERRED TAX LIABILITIES		0.000	8.871	3.515
TOTAL		684.610	672.545	278.242
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		321.012	396.883	170.740
Capital work-in-progress		1.347	5.313	4.154
INVESTMENT		0.908	0.908	0.908
DEFERREX TAX ASSETS		6.731	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	145.390	65.806	25.478
	Sundry Debtors	134.816	105.572	34.277
	Cash & Bank Balances	48.064	86.197	28.366
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	81.574	56.318	42.098
Total Current Assets		409.844	313.893	130.219
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	23.253	19.088	9.690
	Other Current Liabilities	18.083	8.976	8.023
	Provisions	13.896	16.389	10.066
Total Current Liabilities		55.232	44.453	27.779
Net Current Assets		354.612	269.440	102.440
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		684.610	672.545	278.242

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and Other Income	904.201	538.104	284.190
		TOTAL (A)	904.201	538.104	284.190
Less	EXPENSES
		TOTAL (B)	787.314	398.371	243.288
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		116.887	139.733	40.902
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		116.887	139.733	40.902
Less/ Add	DEPRECIATION/ AMORTISATION (F)		107.543	58.766	14.993
	PROFIT BEFORE TAX (E-F) (G)		9.344	80.967	25.909
Less	TAX (H)		(2.084)	12.481	11.470
	PROFIT AFTER TAX (G-H) (I)		11.428	68.486	14.439
	EARNINGS IN FOREIGN CURRENCY		96.624	19.758	NA
	IMPORTS
		Raw Materials	10.015	185.094	122.986
		Stores & Spares	210.187	67.475	17.148
		Capital Goods	0.049	0.530	0.421
	TOTAL IMPORTS		220.251	253.099	140.555
	Earnings Per Share (Rs.)		1.19	7.13	1.50

Particulars	31.03.2012
Sales Turnover [Approximately]	1050.000

Expected Sales (2012-13) : Rs.1250.000 Millions.

The above information has been parted by Mr. C.P. Sodhani.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.26	13.36	4.66
Return on Total Assets (PBT/Total Assets}	(%)	1.28	11.39	8.61
Return on Investment (ROI) (PBT/Networth)		0.05	0.45	0.21
Debt Equity Ratio (Total Liability/Networth)		3.14	2.97	1.45
Current Ratio (Current Asset/Current Liability)		7.42	7.06	4.69

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011 [Rs. in Millions]	31.03.2010 [Rs. in Millions]	31.03.2009 [Rs. in Millions]
Sundry Creditors
- Creditors Due Small Micro Enterprises	0.000	0.000	0.000
- Creditors Due Others	23.253	19.088	9.690
Total	23.253	19.088	9.690

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	No
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 three 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	Yes
17) Major suppliers	No
18) Major customers	No
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
31) PAN of Proprietor/Partner/Director, if available	No
32) Passport No of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	Yes

PERFORMANCE:

The Sales and other income of the Company has increased to Rs 904.201 Millions as compared to last year Rs 538.103 Millions But Due to Increase in Finance Cost and Higher Provision of Dep. the profit after tax for the year has been decreased to Rs. 11.428 Millions as compare to previous year Rs.68.486 Millions.

FORM NO. 8

Corporate identity number of the company	U25209MH1989PTC050912
Name of the company	HITESH PLASTICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	405, Acme Industrial Park Off, I B Patel Road, Goregaon (East), Mumbai – 400 063, Maharashtra, India cavijayjain@yahoo.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90242408
Type of charge	Immovable Property
Particular of charge holder	State Bank of India Industrial Finance Branch, Chincholi Phatak, S.V. Road, Malad West, Mumbai – 400064, Maharashtra, India sbi.04760@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	06/12/2010
Amount secured by the charge	Rs.469.800 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge Security to cover the principal amount together with interest, charges, costs, expenses etc.
Short particulars of the property charged	Immovable property of the company viz., all piece or parcel of the non agricultural land bearing S.No.221/5/2 admg. 1600 sq. mtrs. and existing factory building ground + 1 up, village Dadra of the Union Territory of Dadra and Nagar Haveli for industrial purpose with all rights, title and interest connected with the said premises. Factory land and building at plot no.40, measuring 700 sq. mtrs., situated in DIC Industrial Area, Baddi, Tahsil Nalaghar, District Solan, Himachal Pradesh. All that piece and parcel of land known Plot No. J-59 in the Jalgaon Industrial Area, within the village limits of Mehrun Taluka and Registration Sub- District Jalgaon District and Registration District Jalgaon containing by admeasurements 5760 Sq. mtrs. or thereabout.
Date of instrument modifying the charge	06/12/2010
Particulars of the present modification	Charge over Immovable properties is now extended to secure the enhanced credit facilities aggregating Rs.469.800 Millions.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

a) Estimated amount of contract remaining to be executed on capital account net of advance Rs.Nil (Previous Year Rs. Nil)

b) Guarantees given by the bankers of the Company (net of margin) amounting to Rs Nil- (P.Y Rs NIL/-)

c) Inland/Foreign letter of credit issued by bank (net of margin) amounting to Rs248.322 Millions (P.Y Rs 248.322 Millions)

FIXED ASSETS

· Freehold Land

· Factory Building

· Plant and Machinery

· Mould and Dies

· Electrical Installation

· Furniture and Fixtures

· Scooter

· Office Equipments

· Air Conditioner

· Generator

· Computer

· Cycle

· Flat

· 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.55.80
UK Pound	1	Rs.87.67
Euro	1	Rs.68.45

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		35

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.