x

MIRA INFORM REPORT

Report Date :

16.02.2012

Tel. No.:

91-22-40562222

IDENTIFICATION DETAILS

Name :	SANGEETA POLY PACK PRIVATE LIMITED
Registered Office :	106, Golden Chambers, Andheri Link Road, Andheri (West), Mumbai – 400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.10.1997
Com. Reg. No.:	11-111394
Capital Investment / Paid-up Capital :	Rs. 2.400 Millions
CIN No.: [Company Identification No.]	U25200MH1997PTC111394
TAN No.: [Tax Deduction & Collection Account No.]	MUMS24765G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plastic Sheets.
No. of Employees :	50 (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 350000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are 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.

INFORMATION PARTED BY

Name :	Mr. Hemant
Designation :	Market Manager
Contact No.:	91-22-40562222
Date :	15.02.2012

LOCATIONS

Registered / Admin Office :	106, Golden Chambers, Andheri Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-40562222 / 66939491
Fax No.:	91-22-40562232 / 66939490
E-Mail :	sales@ppsheets.com sangeeta_@vsnl.com info@sangeetapolypack.com accounts@sangeetapolypack.com
Website :	www.sangeetapolypack.com
Area :	1100 Sq. ft
Location :	Owned

NOTE: The factory address in data based has been shifted to other place and address not divulged.

DIRECTORS

As on 30.09.2011

Name :

Mr. Amardeep Harpal Singh Arora

Designation :

Additional Director

Address :

902, Embassy Tower, Versova Road, Andheri (West), Mumbai – 400 061, Maharashtra, India.

Date of Birth/Age :

01.10.1973

Date of Appointment :

01.11.2006

Din No.:

01321797

Name :

Mr. Harpal Agya Singh

Designation :

Director

Address :

901, Embassy Tower, Versova Road, Andheri (West), Mumbai – 400 061, Maharashtra, India

Date of Birth/Age :

15.09.1944

Date of Appointment :

20.10.1997

Din No.:

01321672

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	U25200MH1997PTC111394	SANGEETA POLY PACK PRIVATE LIMITED	Director	20-10-97	20-10-97	Active	NO
2	U91100MH2010NPL207178	PLASTIC BAG MANUFACTURERS ASSOCIATION OF INDIA	Director	27-08-10	27-08-10	Active	NO

Name :

Mrs. Sangeeta Harpal Singh

Designation :

Director

Address :

902, Embassy Tower, Versova Road, Andheri (West), Mumbai – 400 061, Maharashtra, India.

Date of Birth/Age :

15.04.1947

Date of Appointment :

20.10.1997

Din No.:

00375380

Name :

Mr. Ramanjit Harpal Singh

Designation :

Director

Address :

902, Embassy Tower, Versova Road, Andheri (West), Mumbai – 400 061, Maharashtra, India.

Date of Birth/Age :

01.03.1975

Date of Appointment :

20.10.1997

Din No.:

00375083

KEY EXECUTIVES

Name :	Mr. Hemant
Designation :	Market Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Harpal Agya Singh	84000
Ramajit Harpal Singh	43200
Sangeeta Harpal Singh	52800
Gursimran Harpal Kaur	12000
Amardeep Harpal Singh Arora	48000
Total	240000

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 of Plastic Sheets.

Products :

Item Code No. (ITC Code)	Product Description
3917.00	Plastic Tubing/ Rolls
3923.90	Plastic Bags
3920.23	Plastic Sheet

Exports :

Products :

Plastic Sheets

Countries :

· US

· Dubai

Terms :

Selling :

Depends

Purchasing :

Depends

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity
Plastics Tubings/ Rolls/ Sheets/ Bags	KG.	600000

NOTE: As certified by the management and relied on by the auditors being a technical matter.

ACTUAL PRODUCTION:

Particular	Actual Production [Qty. KG]
Plastic Rolls/ Tubing	0.000
Plastic Bags	0.000
Plastic Sheet	4190867.500
Plastic Scrap	71637.800
Plastic Folders	312788.7

NOTE: Production of Plastic Tubing excludes qty manufactured for captive consumption.

GENERAL INFORMATION

Customers :

Others [Manufacturer]

No. of Employees :

50 (Approximately)

Bankers :

Dena Bank, Manish Nagar Branch, J.P. Road, Four Bungalows, Andheri (West), Mumbai- 400053, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Term Loan from Dena Bank – Manish Nagar, Andheri (West)
Term Loan TL 100410	0.000	0.871
Accrued interest on Term Loan (Installments due within one year Rs. nil)	0.000	0.008
Term Loan TL 100412
Accrued interest on Term Loan	4.275	6.612
(Installments due within one year Rs. 2.340 Million)	0.045	0.065
Term Loan TL 54021007
Accrued interest on Term Loan	3.416	4.417
(Installments due within one year Rs. 1.000 Millions)	0.036	0.041
Term Loan TL 54021008
Accrued interest on Term Loan	6.187	7.963
(Installments due within one year Rs. 1.777 Million)	0.065	0.074
Term Loan TL 077854021001 from Dena Bank
Accrued interest on Term Loan (Installments due within one year Rs. 3.000 Millions)	6.700	9.700
(From Manish Nagar – Andheri secured by charge on all movable plant and machinery of the company both present and future)	0.070	0.091
Cash Credit account – CC 33 from Dena Bank Manish Nagar (Secured against hypothecation of stocks and Book debts)	48.961	38.351
Tata Capital Limited (Car Loan) (Secured against hypothecation of vehicle) (EMI due within one year including interest Rs.0.697 millions)	1.255	1.793
HSBC	11.132	0.000
Total	82.142	69.986
Unsecured Loan
From Directors and Shareholders	16.570	10.063
Total	16.570	10.063

Banking Relations :	--
Auditors :
Name :	N.B. Jhunjhunwala and Company Chartered Accountants
Address :	306, Corporate Avenue, Sonawala Lane, Goregaon (East), Mumbai – 400063, Maharashtra, India.
Tel. No.:	91-22-26852202
Fax No.:	91-22-26852202
E-Mail :	nbca@hotmail.com
Pan No.:	AACPJ3970A
Sister Concerns :	v Raman Plastomers v Sangeeta Poly Products v Sangeeta Print-N-Pack

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
440000	Equity Shares	Rs.10/- each	Rs.4.400 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
240000	Equity Shares	Rs.10/- each	Rs.2.400 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		2.400	2.400	2.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		86.573	64.060	46.008
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		88.973	66.460	48.408
LOAN FUNDS
1] Secured Loans		82.142	69.986	61.839
2] Unsecured Loans		16.570	10.063	8.110
TOTAL BORROWING		98.712	80.049	69.949
DEFERRED TAX LIABILITIES		3.353	3.277	2.102
TOTAL		191.038	149.786	120.459
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		93.109	87.491	62.797
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	32.075	16.780	22.310
	Sundry Debtors	72.635	49.793	36.706
	Cash & Bank Balances	1.437	0.877	1.022
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	22.569	14.962	12.282
Total Current Assets		128.716	82.412	72.320
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.238	7.742	4.893
	Other Current Liabilities	0.590	0.060	3.138
	Provisions	14.959	12.315	6.627
Total Current Liabilities		30.787	20.117	14.658
Net Current Assets		97.929	62.295	57.662
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		191.038	149.786	120.459

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	420.949	301.080	221.591
Less	EXPENSES
		Office Expenses
		Administrative Expenses	363.417	253.471	196.997
		Advertising Expenses
		TOTAL (B)	363.417	253.471	196.997
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		57.532	47.609	24.594
Less	FINANCIAL EXPENSES (D)		9.967	8.035	6.133
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		47.565	39.574	18.461
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.023	7.842	5.625
	PROFIT BEFORE TAX (E-F) (G)		37.542	31.732	12.836
Less	TAX (H)		13.076	11.525	4.528
	PROFIT AFTER TAX (G-H) (I)		24.466	20.207	8.308
	INCOME TAX		0.007	(0.190)	(0.010)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		57.060	41.008	36.397
Less	APPROPRIATIONS
		Transfer to General Reserve	2.000	2.000	1.800
		Proposed Dividend	1.680	1.680	1.613
		Dividend Tax	0.279	0.286	0.274
	BALANCE CARRIED TO THE B/S		77.574	57.059	41.008
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.900	3.634	1.714
	IMPORTS
		Raw Materials	59.760	15.750	3.110
	Earnings Per Share (Rs.)		101.94	84.20	36.06

Expected Sales (2011-12) : Rs.550.000 Millions.

The above information has been parted by Mr. Hemant.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.81	6.71	3.75
Return on Total Assets (PBT/Total Assets}	(%)	16.92	18.68	9.49
Return on Investment (ROI) (PBT/Networth)		0.42	0.48	0.27
Debt Equity Ratio (Total Liability/Networth)		1.45	1.51	1.75
Current Ratio (Current Asset/Current Liability)		4.18	4.10	4.93

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
For Goods	13.056	2.884	1.916
For Expenses	1.878	1.540	2.977
For Capital Goods	0.304	3.318	0.000
Total	15.238	7.742	4.893

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last one year	Yes
12) Profitability for last three years	No
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	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

NOTE:

The registered office of the company has been shifted from 2, Prem Industrial Estate, Subhash Road, Jogeshwari (East), Mumbai-400060, Maharashtra, India to the present address w.e.f. 07.05.2010.

OPERATIONS:

During the year, the company has achieved total turnover and other income of Rs. 420.949 Millions (Rs. 301.080 Millions). The company has earned net profit of Rs. 37.542 Millions (Rs.31.732 Millions). The directors are hopeful for achieving better results in the future.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	90142246
Corporate identity number of the company	U25200MH1997PTC111394
Name of the company	SANGEETA POLY PACK PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	106, Golden Chambers, Andheri Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	Dena Bank, Manish Nagar Branch, J.P. Road, Four Bungalows, Andheri (West), Mumbai- 400053, Maharashtra, India
Email	manish@denabank.co.in
Nature of description of the instrument creating or modifying the charge	Unattested memorandum of modification of hypothecation agreement.
Date of instrument Creating the charge	28.03.2011
Amount secured by the charge	Rs.101.329 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base rate + 3.55% p.a. floating with monthly rests or at such other rate as may be revised by the bank from time to time. Terms of Repayment 1/ Working capital facilities are payable on demand 2/ Term loan (existing): As per existing terms of bank sanction Margin - CC hypothecation at 25% each on stocks and book debts (upto 90 days) - LC (DA/DP/I/F-90 days) (for purchase of raw materials) at 10% - LC (DP/DA F-90 days)-cum-buyer's credit 360 days (for purchase of machinery) at 25% - Guarantee (P/F) at 10% for performance and 25% for financial - Term loan: As per existing terms of bank sanction Extent and Operation of the charge Security created by way of first charge and to cover the principal amount together with interest, costs, charges, commission, etc. Others 1/ Security created in respect of the following credit facilities: Cash credit Rs.50.000 Millions Letter of credit Rs.21.250 Millions Bank guarantees Rs. 2.000 Millions Term Loan (existing) Rs.20.579 Millions 2/ Commission on bank guarantee and letter of credit: As per HO guidelines issued from time to time.
Short particulars of the property charged	All stocks of raw materials, goods in process and finished goods such as plastic tubing rolls, plastic bags, polypropylene, plastic sheets etc., consumable stores and spares, packing materials etc. both Present and future, being or thereafter brought into or upon or then or thereafter in course of transit to any godowns, jathas or place whatsoever and wheresoever in the possession or occupation of the co All the tangible, movable properties and assets of whatsoever nature incl. plant, machinery, tools and accessories, stores, spares, relating to the plant and machinery, furniture, articles, office Equipments, computers and things belonging to the company and lying and being at their premises/factories at Sangeeta Ind. Est., B Wing, Somnath Rd, Dabhel, Daman being movable properties and capable Of passing by delivery, both present and future whether installed or not and whether lying loose or in cases and being or at any time thereinafter brought into or upon or at any time in course of Transit to the premises / factories of the company at Andheri West or other place whatsoever and wheresoever in the possession or occupation of the company. All present and future book debts, outstandings, moneys, receivables, claims, bills, rights, to or in movable properties and movable assets and which are now due, owing or payable or belonging to the Company in the course of its business by any person, firm, company or body corporate or by the Govt. Dept. or office or any Municipal of local or public or Semi Govt. body or authority or any body Corporate or undertaking or project whatever in the public sector.
Date of latest modification prior to the present modification	03.03.2010
Particulars of the present modification	Charge over movable properties stands enhanced from Rs.89.623 Millions to Rs.93.829 Millions.

CONTINGENT LIABILITY NOT PROVIDED FOR [AS ON 31.03.2011]

1. Estimated amount of contracts remaining to be executed on capital account (Net of advance) Rs. 1.000 Million

2. Outstanding Bank Guarantees Rs. 1.000 Million

FIXED ASSETS:

v Plant and Machineries

v Furniture and Fixtures

v Electrical Installation

v Computer and Peripherals

v Office Premises

v Flat

v Air Conditioner

v Refrigerator

v Vehicles

v Factory Shed

v Office Equipments

v Land at Somnath

v Factory Building at Somnath

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.49.25
UK Pound	1	Rs.77.45
Euro	1	Rs.64.89

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	YES
--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
-	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.