MIRA INFORM REPORT

Report Date :

11.08.2012

IDENTIFICATION DETAILS

Name :	PLASTO-PACK (INDIA) PRIVATE LIMITED
Registered Office :	Plot No.N-11, M.I.D.C., Hingna Road, Nagpur – 440016, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.02.1992
Com. Reg. No.:	11-065543
Capital Investment / Paid-up Capital :	Rs.0.782 Million
CIN No.: [Company Identification No.]	U25191MH1992PTC065543
TAN No.: [Tax Deduction & Collection Account No.]	NGPP00408C
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Dealer of Rigid/ Flexible PVC Pipes/ Fittings/ Tubes/ Sections/ Profiles, PVC Resins Corrugated Boxes and all types of Bags, Sacks, Fabrics, Sheet/ Tubes, Boxes/ Containers, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 27100
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. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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.

LOCATIONS

Registered Office :	Plot No.N-11, M.I.D.C., Hingna Road, Nagpur – 440 016, Maharashtra, India
Tel. No.:	91-712-2770549 91-7104-236041
Fax No.:	91-7104-235401
E-Mail :	plasto_ngp@sancharnet.in sanjeev@nagpur.vsnl.net.in plastopack_daga@yahoo.co.in

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Gopaldas Kedarnath Daga

Designation :

Managing Director

Address :

204, Jagat Regency, Old Bhandara, Near R.K. Floor Mill, Nagpur – 440008, Maharashtra, India

Date of Birth/Age :

07.12.1955

Date of Appointment :

21.02.1992

DIN No.:

02024186

Name :

Ms. Geetadevi Gopaldas Daga

Designation :

Whole-time Director

Address :

24, Jagat Regency, Bhandara Road, Near R. K. Floor Mill, Nagpur – 440008, Maharashtra, India

Date of Birth/Age :

04.11.1956

Date of Appointment :

01.04.2011

DIN No.:

02315275

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U25191MH1992PTC065543	PLASTO-PACK (INDIA) PRIVATE LIMITED	Whole-time director	01/04/2011	01/10/2008	Active	NO

Name :

Ms. Sheela Sanjeev Tenani

Designation :

Whole-time Director

Address :

303, Pritam Apartments, Behind HDFC House, VIP Road, Civil Lines, Nagpur – 440001, Maharashtra, India

Date of Birth/Age :

21.04.1971

Date of Appointment :

01.04.2011

DIN No.:

00150630

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U25191MH1992PTC065543	PLASTO-PACK (INDIA) PRIVATE LIMITED	Whole-time director	01/04/2011	05/06/2006	Active	NO

Name :

Mr. Sanjeev Bulkidas Tenani

Designation :

Whole-time Director

Address :

303, V. P. Road, Pritam Apartments, Civil Lines, Nagpur – 440001, Maharashtra, India

Date of Birth/Age :

01.01.1965

Date of Appointment :

01.04.2011

DIN No.:

02024217

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U25191MH1992PTC065543	PLASTO-PACK (INDIA) PRIVATE LIMITED	Whole-time director	01/04/2011	21/02/1992	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Gopaldas Kedarnath Daga	2888
Kedarnath Narayandas Daga	1
Sanjeev Bulkidas Tenani	391
Sheela Sanjeev Tenani	2964
Ajay Bulkidas Tenani	350
Geetadevi Gopaldas Daga	250
Girdhardas Kedarnath Daga	1
Sitadevi Girdhardas Daga	1
Navinkumar Girdhardas Daga	1
Smita Gopaldas Daga	1
Ashish Gopaldas Daga	1
Gita Gopaldas Daga and Gopaldas Kedarnath Daga	970
Madhusudan Narayandas Daga	1
Total	7820

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Dealer of Rigid/ Flexible PVC Pipes/ Fittings/ Tubes/ Sections/ Profiles, PVC Resins Corrugated Boxes and all types of Bags, Sacks, Fabrics, Sheet/ Tubes, Boxes/ Containers, etc.

Products :

Products Description	Item Code No.
PVC Profiles	39.17
Casing and Caping	--

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
PVC Profiles/ Door Strip	MT	NA	488	286.898

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Nagpur Nagrik Sahakari Bank Limited

Itwari Branch, Near Shahid Chowk, Nagpur – 440002, Maharashtra, India

· Axis Bank Limited

Trishul, 3rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Nagpur Nagrik Sahakari Bank Limited Hypothecation Account (Against hypothecation of stock and book debt)	4.928	4.200
Tata Capital Limited (Figo) (Against Hypothecation of Car)	0.263	0.000
Tata Capital Limited (Against hypothecation of car)	0.019	0.239
Tata Capital Limited (I 20) (Against hypothecation of car)	0.270	0.394
Total	5.480	4.833
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors	5.442	5.669
From Shareholders	3.710	5.236
Sales Tax Deferred Loan	0.690	1.082
Total	9.842	11.987

Banking Relations :	--
Auditors :
Name :	Gupta Sarda and Bagdia Chartered Accountants
Address :	“Business Plaza”, 6, Farm Land, Central Bazar Road, Lokmat Square, Nagpur – 440 010, Maharashtra, India
Tel No.:	91-712-2437195/ 2438181
PAN No.:	AAAFG8821D
Enterprise on which key management personnel along with relatives can exercise significant influences.	· Shree Trading Company · Daga Supari Centre · Lalit Associates

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7820	Equity Shares	Rs.100/- each	Rs.0.782 million

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		0.782	0.782	0.782
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.981	3.783	2.553
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6.763	4.565	3.335
LOAN FUNDS
1] Secured Loans		5.480	4.833	4.670
2] Unsecured Loans		9.842	11.987	10.999
TOTAL BORROWING		15.322	16.820	15.669
DEFERRED TAX LIABILITIES		0.076	0.079	0.037
TOTAL		22.161	21.464	19.041
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.945	5.111	3.559
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.148	0.100	0.100
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.656	3.089	3.259
	Sundry Debtors	17.223	17.098	14.639
	Cash & Bank Balances	0.661	0.883	0.675
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.923	1.447	1.745
Total Current Assets		24.463	22.517	20.318
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	5.198	4.123	3.306
	Other Current Liabilities	1.421	1.497	1.216
	Provisions	1.776	0.644	0.414
Total Current Liabilities		8.395	6.264	4.936
Net Current Assets		16.068	16.253	15.382
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		22.161	21.464	19.041

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	39.986	29.474	22.414
		Other Income	0.075	0.080	0.118
		Closing Stock	1.193	0.856	1.487
		TOTAL (A)	41.254	30.410	24.019
Less	EXPENSES
		Opening Stock	0.856	1.487	1.348
		Raw Material Consumed	25.260	16.906	13.811
		Employees Cost	1.310	1.094	0.921
		Manufacturing Expenses	3.088	2.859	2.094
		Other Expenses	4.272	3.799	2.988
		TOTAL (B)	34.786	26.145	21.162
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.468	4.265	2.857
Less	FINANCIAL EXPENSES (D)		2.075	2.007	1.970
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.393	2.258	0.887
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.066	0.755	0.810
	PROFIT BEFORE TAX (E-F) (G)		3.327	1.503	0.077
Less	TAX (H)		1.129	0.523	(0.059)
	PROFIT AFTER TAX (G-H) (I)		2.198	0.980	0.136
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.345	1.365	1.229
	BALANCE CARRIED TO THE B/S		4.543	2.345	1.365
	Earnings Per Share (Rs.)		281.02	125.33	17.32

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.33	3.22	0.57
Net Profit Margin (PBT/Sales)	(%)	8.32	5.10	0.34
Return on Total Assets (PBT/Total Assets}	(%)	10.94	5.44	0.32
Return on Investment (ROI) (PBT/Networth)		0.49	0.33	0.02
Debt Equity Ratio (Total Liability/Networth)		3.51	5.06	6.18
Current Ratio (Current Asset/Current Liability)		2.91	3.59	4.12

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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	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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered office of the company has been shifted from 85, Daga Sadanwardhan Nagar, Nagpur – 440008, Maharashtra to the present address w.e.f. 01.01.2009.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	10342457
Corporate identity number of the company	U25191MH1992PTC065543
Name of the company	PLASTO-PACK (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. N-11, MIDC, Hingna Road, Nagpur – 440016, Maharashtra, India plasto_ngp@sancharnet.in
Type of charge	Immovable Property
Particular of charge holder	Axis Bank Limited Trishul, 3rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380006, Gujarat, India k.chengappa@axisbank.com
Nature of description of the instrument creating or modifying the charge	Memorandum of entry (equitable mortgage by deposit of title deeds
Date of instrument Creating the charge	05/06/2012
Amount secured by the charge	Rs.10.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest: As per the terms and conditions of vide equitable mortgage by deposit of title deeds dated 05/06/2012 Terms of Repayment: 0041s per the terms and conditions of vide equitable mortgage by deposit of title deeds dated 05/06/2012 Margin: As per the terms and conditions of vide equitable mortgage by deposit of title deeds dated 05/06/2012 Extent and Operation of the charge: First and exclusive charge over the properties mortgaged vide equitable mortgage by deposit of title deeds dated 05/06/2012
Short particulars of the property charged	All that piece and parcel of land known as Plot No. N-11, admeasuring 2280.00 sq. mtrs., in the Nagpur Industrial Area, within the Village Limits of Nildoh, Tahsil- Hingna, District-Nagpur.
Particulars of the present modification	By way of this modification additional security granted over immovable properties of company. The limits remain unchanged.

FIXED ASSETS:

· Land

· Factory Building

· Furniture

· Machinery

· Moulds and Dies

· Laboratory Equipment

· Electrification

· Weighing Machine

· Typewriter

· Fax Machine

· EPABX

· Air Conditioner

· Computer

· Scooter

· Car

· Television

· Mobile

· Invertor

· Camera

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.55.34
UK Pound	1	Rs.86.45
Euro	1	Rs.68.04

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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.