MIRA INFORM REPORT

Report Date :

21.08.2012

IDENTIFICATION DETAILS

Name :	SIMPLAST INDIA PRIVATE LIMITED
Registered Office :	1568, Church Road, Kashmere Gate, New Delhi - 110006
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.01.2007
Com. Reg. No.:	55-158350
Capital Investment / Paid-up Capital :	Rs. 103.794 Millions
CIN No.: [Company Identification No.]	U51109DL2007PTC158350
TAN No.: [Tax Deduction & Collection Account No.]	DELS32769C
PAN No.: [Permanent Account No.]	AAKCS5500J
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of design, development, manufacturing and marketing of plastic products.
No. of Employees :	25 (Approximately)

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 500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a group company of Italy based Nuova Simplast S.n.C Di Lorenzin V and Ci. It is having satisfactory track record. Financially company performance seem good. Trade relations are reported to be fair. Business is active. Payment are reported to be usually correct and as per commitment. The company can be considered for normal business dealing at usual trade terms and condition.

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.

INFORMATION PARTED BY

Name :	Mr. Gaurav Kumar Chugh
Designation :	Secretary
Contact No.:	91-9311246659
Date :	20.08.2012

LOCATIONS

Registered Office :	1568, Church Road, Kashmere Gate, New Delhi – 110006, India
Tel. No.:	91-120-4217763
Mobile No.:	91-9311246659 (Mr. Gaurav)
Fax No.:	91-120-4217764
E-Mail :	simplast.india@simplast.com
Website :	http://www.simplast.com
Location :	Owned
Factory 1 :	C-14, Phase – II, Noida - 201301, Uttar Pradesh, India
Tel. No.:	91-120-4217761/ 62/ 63
Fax No.:	91-120- 4217764

DIRECTORS

AS ON 08.06.2012

Name :

Mr. Balbir Singh Bhasin

Designation :

Additional director

Address :

B-144, Sector - 36, Gautam Budh Nagar, Noida – 201305, Uttar Pradesh, India

Date of Birth/Age :

18.11.1939

Date of Appointment :

10.02.2007

Passport No.:

G3731882

DIN No.:

00786973

Name :

Vincenzo Lorenzin

Designation :

Additional director

Address :

San Cassiano : 6/25, Alba CN, Italy - 12051

Date of Birth/Age :

03.10.1943

Date of Appointment :

10.02.2007

Passport No.:

D248438

DIN No.:

01274135

Name :

Massimiliano Lorenzin

Designation :

Additional director

Address :

12/A, Strada Del Mazzucco, Mondovi CN, Italy - 12084

Date of Birth/Age :

18.08.1972

Date of Appointment :

25.06.2008

Passport No.:

F520395

DIN No.:

02136889

Name :

Marcella Lorenzin

Designation :

Additional director

Address :

36/U, Via Pieroni, Alba CN, Italy - 12051

Date of Birth/Age :

11.12.1974

Date of Appointment :

25.06.2008

Passport No.:

AA0734605

DIN No.:

02136961

Name :

Gioele Lorenzin

Designation :

Director

Address :

Via Pieroni, 36/U Alba(cn), Italy - 12051

Date of Birth/Age :

22.06.1982

Date of Appointment :

17.12.2010

DIN No.:

03040474

Other Directorship:

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	U51109DL2007PTC158350	SIMPLAST INDIA PRIVATE LIMITED	Director	25/08/2011	17/12/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Gaurav Kumar Chugh
Designation :	Secretary
Address :	P - 499, Jalvayu Vihar, Gautam Budh Nagar, Greater Noida – 201308, Uttar Pradesh, India
Date of Birth/Age :	20.01.1979
Date of Appointment :	01.11.2007
PAN No.:	AEMPC7089K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 08.06.2012

Names of Shareholders	No. of Shares
Balbir Singh Bhasin	10000
Nuova Simplast Di. Lorenzin Vincenzo and Ci, Italy	10369370
Total	10379370

AS ON 08.06.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	99.90
Directors or relatives of directors	0.10
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of design, development, manufacturing and marketing of plastic products.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS AS ON (31.03.2011)

Particulars	Unit	Licensed Capacity and Installed Capacity	Actual Production Qty.
Plastic Products	Nos.	60000	40715

GENERAL INFORMATION

Suppliers :

Associated Road Carriers Limited

Customers :

Wholesalers and Retailers

No. of Employees :

25 (Approximately)

Bankers :

BNP Paribas Bank, New Delhi, India

Facilities :

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Foreign currency loans others unsecured	33.615	33.198
Total	33.615	33.198

Banking Relations :	--
Auditors :
Name :	J.N. Sharma and Company Chartered Accountants
Address :	1568 Church Road, Kashmere Gate, Delhi – 110006, India
Income-tax PAN of auditor or auditor's firm :	AAAFJ6568N
Holding Company :	Nuova Simplast S.n.C Di Lorenzin V and Ci, Italy

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12,000,000	Equity Shares	Rs. 10/- each	Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,379,370	Equity Shares	Rs. 10/- each	Rs. 103.794 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		103.794	103.794	82.154
2] Share Application Money		0.000	0.000	21.640
3] Reserves & Surplus		22.851	9.998	1.664
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		126.645	113.792	105.458
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		33.615	33.198	32.548
TOTAL BORROWING		33.615	33.198	32.548
DEFERRED TAX LIABILITIES		3.405	2.494	0.930
TOTAL		163.665	146.484	138.936
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		105.536	87.829	87.387
Capital work-in-progress		0.000	0.000	0.248
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	24.371	26.243	16.542
	Sundry Debtors	22.827	17.186	10.969
	Cash & Bank Balances	12.607	14.823	18.853
	Other Current Assets	0.198	0.157	0.208
	Loans & Advances	16.988	10.172	6.858
Total Current Assets		76.991	68.581	53.430
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.170	5.501	1.388
	Other Current Liabilities	1.799	1.824	1.412
	Provisions	6.164	0.143	0.143
Total Current Liabilities		19.133	7.468	2.943
Net Current Assets		57.858	61.113	50.487
MISCELLANEOUS EXPENSES		0.271	0.542	0.814
TOTAL		163.665	146.484	138.936

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	101.909	58.684	43.317
		Other Income	1.459	1.147	0.617
		TOTAL	103.368	59.831	43.934
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	82.067	49.934	39.967
	PROFIT BEFORE TAX		21.301	9.897	3.967
Less	TAX		8.447	1.564	1.444
	PROFIT AFTER TAX		12.854	8.333	2.523
	Earnings Per Share (Rs.)		1.24	0.80	N.A.

Particulars	31.03.2012
Sales Turnover (Approximately)	210.000

Expected Sales ( 2012-2013 ) : Rs. 250.000 Millions

The above information has been parted by Mr. Gaurav Kumar Chugh (Secretary)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	12.44	14.20	5.74
Net Profit Margin (PBT/Sales)	(%)	20.90	16.86	9.16
Return on Total Assets (PBT/Total Assets}	(%)	11.67	6.33	2.82
Return on Investment (ROI) (PBT/Networth)		0.17	0.09	0.04
Debt Equity Ratio (Total Liability/Networth)		0.42	0.36	0.34
Current Ratio (Current Asset/Current Liability)		4.02	9.18	18.15

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	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	Yes
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	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

BACKGROUND

Simplast India Private Limited (The Company), is a group company of Italy based Nuova Simplast S.n.C Di Lorenzin V and Ci., pioneers in the field of Rotational Moulding. The Company was incorporated on January 24, 2007 and is engaged in the business of design, development, manufacturing and marketing of plastic products. In the first phase of production the company has planned to serve the requirement of Engineering Industries in India such as Tractor manufacturing units who were previously being served from Italy based plants.

REVIEW OF OPERATIONS

The successful completion of the financial year 2010-2011. During the year the effective policies and decision making helped the company to perform far better than it has performed last year. During the year company has achieved the gross turnover of Rs. 101.910 Millions in comparison of last financial year’s turnover of 58.680 Millions. Growth of almost 74% from last year has been reported in the turnover of the company. Operating profit before tax for the year is Rs. 21.300 Millions. Growth of almost 115% from last year’s operating profit has been reported.

FIXED ASSETS:

· Leasehold Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Electric Installation

· Molds

· Tools Dies and Patterns

· Air Conditioner

· Inspection and Laboratory Equipment

· Computer

· Fire Fighting Equipment

· Office Equipment

· Refrigerator

· Software

· Vehicle s

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 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. 55.70
UK Pound	1	Rs. 87.55
Euro	1	Rs. 68.85

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BVA

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	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		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

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.