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MIRA INFORM REPORT

Report Date :

16.02.2012

Tel. No.:

91-2764-286608

NOTE:

Correct name of the company is “NAVRANG POLYFILMS PRIVATE LIMITED”

IDENTIFICATION DETAILS

Name :	NAVRANG POLYFILMS PRIVATE LIMITED
Registered Office :	14, Kekarav Society, Opposite Someshwar III, B/h Gulab Tower, Thaltej, Ahmedabad – 380054, Gujarat
Country :	India
Date of Incorporation :	22.06.2011
Com. Reg. No.:	066019
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U25202GJ2011PTC066019
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Plastic Films.
No. of Employees :	56 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a successor of Navrang Polyfilms Partnership Concern started in the year 2002. Trade relations are reported as fair. Business is active. Payments are unknown. 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.

INFORMATION PARTED BY

Name :	Mr. Darshan
Designation :	Director
Contact No.:	91-9825645450
Date :	15.02.2012

LOCATIONS

Registered Office :	14, Kekarav Society, Opposite Someshwar III, B/h Gulab Tower, Thaltej, Ahmedabad – 380054, Gujarat, India
Tel. No.:	91-2764-286608
Mobile No.:	91-9825645450 (Mr. Dharshan)
Fax No.:	91-2764-286608
E-Mail :	rupawala_ca@yahoo.co.in navrangapoly@hotmail.com
Website :	http://www.navrangpolyfilms.com (Under Construction)
Factory/ Corporate/ Head Office :	Plot No.830, Opposite Jogani Mata Temple, Nruma Marbel Santej, Gandhinagar – 382721, Gujarat, India
Tel. No.:	91-2764-286608
Fax No.:	91-2764-286608

DIRECTORS

Name :

Mr. Darshan Harshadbhai Shah

Designation :

Director

Address :

14, Kekarav Society, Opposite Someshwar III, B/h Gulab Tower, Thaltej, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

25.02.1983

Qualification :

B.E.

Date of Appointment :

22.06.2011

DIN No.:

03356021

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25202GJ2011PTC066019	NAVRANG POLYFILMS PRIVATE LIMITED	Director	22/06/2011	22/06/2011	Active	NO
2	U25209GJ2011PTC067070	NPF POLYFILMS PRIVATE LIMITED	Director	9/9/2011	9/9/2011	Active	NO

Name :

Mr. Samkit Harshadbhai Shah

Designation :

Director

Address :

14, Kekarav Society, Opposite Someshwar III, B/h Gulab Tower, Thaltej, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

25.02.1971

Qualification :

B.E.

Date of Appointment :

22.06.2011

DIN No.:

03355304

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25202GJ2011PTC066019	NAVRANG POLYFILMS PRIVATE LIMITED	Director	22/06/2011	22/06/2011	Active	NO
2	U25209GJ2011PTC067070	NPF POLYFILMS PRIVATE LIMITED	Director	9/9/2011	9/9/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 17.07.2011)

Names of Shareholders	Share in Profit/ Loss %	No. of Shares
Samkit Harshad Shah	47.50%	243750
Darshan Harshad Shah	47.50%	243750
Dipali Samkit Shah	1.00 %	2500
Nilam Darshan Shah	1.00 %	2500
Harshadbhai Mithalal Shah	1.00 %	2500
Pravinaben Jarshad Shah	1.00 %	2500
Hetalben Dharmesh Vora	1.00 %	2500
Total	100.00%	500000

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Plastic Films.
Exports :
Products :	Plastic Films
Countries :	African Countries
Imports :
Products :	Raw Materials
Countries :	Singapore
Terms :
Selling :	Credit (10 days)
Purchasing :	L/C and Credit (10 days)

GENERAL INFORMATION

Suppliers :	· Reliance Industries
Customers :	Manufacturer · Capco · Jewel Papers Private Limited · Alka Plastics
No. of Employees :	56 (Approximately)
Bankers :	· Nutun Nagarik Sahakari Bank Limited Central Office, Near Samartheshwar Mahadevji, Near Law Garden, Ellisbridge, Ahmedabad – 380006, Gujarat, India · IDBI Bank Gandhinagar, Gujarat, India
Facilities :	Cash Credit – Rs.40.000 Millions from Nutun Nagrik Sahkari Bank

Banking Relations :	--
Auditors :
Name :	G. M. Patel and Associates Chartered Accountant

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Share	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Share	Rs.10/- each	Rs.5.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2011
Sales Turnover (Approximately)	260.000

Expected Sales (2011-12): Rs.270.000 Millions

The above information has been parted by Mr. Darshan.

NAVRANG POLYFILMS

(PARTNERSHIP FIRM)

BALANCE SHEET

SOURCES OF FUNDS		01.04.2011 to 10.06.2011
SHAREHOLDERS FUNDS
1] Share Capital		8.674
2] Share Application Money		0.000
3] Reserves & Surplus		1.038
4] (Accumulated Losses)		0.000
NETWORTH		9.712
LOAN FUNDS
1] Secured Loans		45.360
2] Unsecured Loans		15.461
TOTAL BORROWING		60.821
DEFERRED TAX LIABILITIES		0.000
TOTAL		70.533
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.878
Capital work-in-progress		0.000
INVESTMENT		0.005
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.430
	Sundry Debtors	45.560
	Cash & Bank Balances	3.717
	Other Current Assets	1.074
	Loans & Advances	1.533
Total Current Assets		70.314
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	24.690
	Other Current Liabilities	(0.851)
	Provisions	0.000
Total Current Liabilities		23.839
Net Current Assets		46.475
MISCELLANEOUS EXPENSES		0.175
TOTAL		70.533

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	-----
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last one years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-----
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	-----
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	No
Incorporation details is applicable	-----
Last Accounts filed at ROC	-----
Major Shareholders, if available	-----

TRADE REFERENCE:

· Reliance Industries

· Capco

· Jewel Papers Private Limited

· Alka Plastics

FORM 8:

Corporate identity number of the company	U25202GJ2011PTC066019
Name of the company	NAVRANG POLYFILMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	14, Kekarav Society, Opposite Someshwar III, B/h Gulab Tower, Thaltej, Ahmedabad – 380054, Gujarat
This form is for	Creation of Charge
Type of charge	Movable Property (not being pledge)
Particular of charge holder	· Nutun Nagarik Sahakari Bank Limited Central Office, Near Samartheshwar Mahadevji, Near Law Garden, Ellisbridge, Ahmedabad – 380006, Gujarat, India pranav07shah@yahoo.co.in
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation of Plant and Machinery Dated 23.11.2011
Date of instrument Creating the charge	23.11.2011
Amount secured by the charge	Rs.2.600 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 13.00% (Floating) Terms of Repayment Repayment in 60 monthly installment (EMI) each of Rs.60,000/- Margin 30.00% Extent and Operation of the charge The charge shall operate as first and exclusive charge on the plant and machinery of the company costing Rs.3.718 Millions. Others Personal Guarantee of (1.01) Harshadbhai Mithalal Shah (1.02) Pravinaben Harshadbhai Shah (1.03) All directors of the company Investment in shares of the Bank for an amount of Rs.100/-
Short particulars of the property charged	The charge is created of the following plant and machinery of th3e company viz (1) Windsor model duke 1250/50-50-50 non IBC blown Film Machine and (2) Multi Drive system Machine Installed at its factory situated at Plot No.830, Opposite Jogni Mata’s Mandir, Village: Rakanpur, Santej, Tal: Kalol, District: Gandhinagar.

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.49.33
UK Pound	1	Rs.77.41
Euro	1	Rs.64.84

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.