MIRA INFORM REPORT

Report Date :

20.02.2012

IDENTIFICATION DETAILS

Name :	MULTIFILMS PLASTICS PRIVATE LIMITED
Registered Office :	C-11, MIDC Kherdchiplun, Ratnagiri-415604, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.11.1981
Com. Reg. No.:	11-025717
Capital Investment / Paid-up Capital :	Rs.22.881 Millions
CIN No.: [Company Identification No.]	U25209MH1981PTC025717
TAN No.: [Tax Deduction & Collection Account No.]	MUMM20041A
PAN No.: [Permanent Account No.]	AAACM3017A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Multi Layer Plastic Films.
No. of Employees :	Information Declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ca (23)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 DECLINED BY

Name :	Ms. Vaishali
Designation :	Account Department
Date :	17.02.2012
Contact No.:	91-2355-256527

LOCATIONS

Registered Office / Factory :	C-11, MIDC Kherdchiplun, Ratnagiri-415604, Maharashtra, India
Tel. No.:	91-2355-256527
Fax No.:	Not Available
E-Mail :	mppl@bom7.vsnl.net.in
Corporate Office :	Ground Floor, Office No. 2, Laxmi Nilayam, Nanda Patkar Road, Vile Parle (East), Mumbai-400057, Maharashtra, India
Tel. No.:	91-22-26120607 / 26153794 / 26153994
Tel Fax No.:	91-22-26185992
E-Mail :	mppl@bom7.vsnl.net.in

DIRECTORS

As on : 30.09.2011

Name :	Mr. Sudhir Shankar Bandiwadekar
Designation :	Whole Time Director
Address :	6, Sudarshan CHS, Mahant Road, Vile Parle (East), Mumbai-40057, Maharashtra, India
Date of Birth/Age :	26.02.1952
Date of Appointment :	27.11.1981
DIN No.:	00323282

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U25209MH1981PTC025717	Multifilms Plastics Private Limited	Whole-time director	27-11-81	27-11-81	-	Active	NO
2	U70101MH1956PTC009781	Shree Bombay Cotton Mills Estate Private Limited	Director	15-05-95	15-05-95	-	Active	NO

Name :	Ms. Rita Pavankumar
Designation :	Director
Address :	49-B, Bhagirathi, Nehru Road, Vile Parle (East), Mumbai-40057, Maharashtra, India
Date of Birth/Age :	08.09.1962
Date of Appointment :	01.02.1996
DIN No.:	00322476

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65910MH1986PTC041624	Keen Investment and Leasing Limited	Director	19-11-86	19-11-86	-	Active	NO
2	U51900MH1987PTC043424	Miraj Commercial and Trading Private Limited	Director	08-05-87	08-05-87	-	Active	NO
3	U67120MH1979PTC021574	Elite Agencies Private Limited	Director	02-01-88	02-01-88	-	Amalgamated	NO
4	U17120MH1961PTC011933	Man Made Fibres Private Limited	Director	24-09-88	24-09-88	12-10-09	Active	NO
5	U45200MH1982PLC027753	Flora Fountain Properties Limited	Director	28-03-90	28-03-90	-	Active	NO
6	U65990MH1981PLC025260	Zillion Investment Company Limited	Director	21-08-91	21-08-91	-	Active	NO
7	U25209MH1993PTC073086	Manisha Polyfilm Private Limited	Director	20-05-95	20-05-95	-	Amalgamated	NO
8	U25209MH1981PTC025717	Multifilms Plastics Private Limited	Director	01-02-96	01-02-96	-	Active	NO
9	U15100MH1975PTC018191	S M Shetiseva Private Limited	Director	03-01-97	03-01-97	-	Active	NO
10	L65990PN1977PLC141282	Dalal Street Investments Limited	Director	29-10-98	29-10-98	-	Active	NO
11	U17100MH1980PLC023583	HBL Plastics Limited	Director	11-11-98	11-11-98	-	Amalgamated	NO
12	U70101MH1956PTC009781	Shree Bombay Cotton Mills Estate Private Limited	Director	07-12-98	07-12-98	-	Active	NO
13	U17120MH1960PTC011905	Fibre Spinners Private Limited	Director	08-12-98	08-12-98	-	Amalgamated	NO
14	L51900MH1980PLC022532	Mack Trading Company Limited	Director	09-12-98	09-12-98	-	Active	NO
15	U65990MH1984PLC033634	Persepolis Holdings Limited	Director	10-12-98	10-12-98	-	Amalgamated	NO
16	U72200MH1997PTC111556	N and N Systems and Software Private Limited	Director	08-07-02	08-07-02	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Vaishali
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2011

Names of Shareholders	No. of Shares
Sudhir Shankar Bandiwadekar	111800
Manisha Bandiwadekar	100
S. M. Sheti Seva Private Limited, India	539000
Elite Agencies Private Limited, India	539000
HBL Plastics Limited, India	10000
Mahal Plastics and Fibers Private Limited, India	10000
Resham Resha Private Limited, India	539000
Bandiwadekar Sudhir	100
D.S. Agro Farms Private Limited, India	539000
Pavankumar Sanwarmal	100
Total	2288100

As on : 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	95.00
Directors or relatives of directors	5.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Multi Layer Plastic Films.

GENERAL INFORMATION

No. of Employees :

Information Declined by the management.

Bankers :

• Bank of India, Mumbai Overseas Branch, 70-80, Mahatma Ghandi Road, Mezzaine Floor, Mumbai - 400023, Maharashtra, India
• The Shamrao Vithal Co-Operative Bank Limited, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Facilities :

Particulars	As on31.03.2011 (Rs. In Millions)	As on31.03.2010 (Rs. In Millions)
Secured Loans
Deferred Sales Tax	19.969	20.757
Cash Credit (Borrowing from Bank of India is secured by the Hypothecation of raw materials, goods in process, finished goods packing material all present and Future outstanding moneys receivable and second charges against Company's Fixed Assets.)	22.330	8.357
Packing Credit (Credit granted by Bank of India for export orders )	0.000	2.929
Buyers Credit (Credit Granted by bank of India for Import orders)	2.080	0.000
Term Loan from Bank of India (Borrowing from Bank of India is secured against charges on New Plant and Building at C-11, Chiplun)	9.199	12.399
Total	53.578	44.442
Particulars	As on31.03.2011 (Rs. In Millions)	As on31.03.2010 (Rs. In Millions)
Unsecured Loans
From Shareholders and Their Relatives	21.044	3.318
Inter – Corporate Loans	10.766	6.741
Total	31.810	10.059

Banking Relations :	--
Auditors :
Name :	A. K. Nevatia and Associates Chartered Accountants
Address :	19, Laxmi Narayan Shopping Centre, First Floor, Poddar Road, Malad (East), Mumbai-400097, Maharashtra, India
Tel. No.:	91-22-28836667
Tel Fax No.:	91-22-28829045
E-Mail :	ak_nevetia@yahoo.com
PAN No.:	ABWPN4663M

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital : Rs.51.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.37.881 Millions

As on : 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Share	Rs.10/- Each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2288100	Equity Share	Rs.10/- Each	Rs.22.881 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		22.881	22.881	1.680
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.002	6.924	6.935
4] (Accumulated Losses)		(35.683)	(27.169)	(28.034)
NETWORTH		(4.800)	2.636	(19.419)
LOAN FUNDS
1] Secured Loans		53.578	44.442	29.290
2] Unsecured Loans		31.810	10.059	25.000
TOTAL BORROWING		85.388	54.501	54.290
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		80.588	57.137	34.871
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		35.826	34.748	20.381
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.105	0.866	0.055
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	32.874	18.184	5.655
	Sundry Debtors	19.396	7.229	16.546
	Cash & Bank Balances	1.128	2.188	1.634
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	15.059	14.397	8.783
Total Current Assets		68.457	41.998	32.618
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	20.588	13.317	11.440
	Sundry Creditors	2.674	6.603	7.068
	Provisions	0.700	0.800	0.000
Total Current Liabilities		23.962	20.720	18.508
Net Current Assets		44.495	21.278	14.110
MISCELLANEOUS EXPENSES		0.162	0.245	0.325
TOTAL		80.588	57.137	34.871

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	247.520	136.224	121.380
		Other Income	0.226	0.528	0.569
		TOTAL (A)	247.746	136.752	121.949
Less	EXPENSES
		Manufacturing Expenses	30.080	19.568	15.285
		Administrative Expenses	6.091	4.439	3.678
		Raw Material, Printing and Packing Material Consumed	185.993	105.217	88.918
		Increase/(Decrease) in Finished Goods	2.685	(4.636)	3.676
		Selling and Distribution Expenses	2.161	1.621	2.628
		Miscellaneous Expenses w/off	0.081	0.081	0.081
		Other Expenditure	1.179	0.551	0.242
		TOTAL (B)	228.270	126.841	114.508
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.476	9.911	7.441
Less	FINANCIAL EXPENSES (D)		8.921	5.652	4.699
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.555	4.259	2.742
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.206	2.720	2.952
	PROFIT BEFORE TAX (E-F) (G)		7.349	1.539	(0.210)
Less	TAX (I)		0.349	0.802	0.000
	PROFIT AFTER TAX (G-I) (J)		7.000	0.737	(0.210)
Less	PREVIOUS YEAR ADJUSTMENTS		0.000	0.000	0.967
Add	PREVIOUS YEAR ADJUSTMENTS		0.000	0.011	0.000
Add / Less	FRINGE BENEFIT TAX FOR P.Y.		0.000	(0.003)	0.070
Less	LOSS ON SALE OF MACHINE		0.000	0.010	0.000
Add	EXCESS PROVISION WRITTEN BACK		0.000	0.129	0.000
Add (Less)	CARRIED FORWARD LOSSES OF MANGESH PLAST		(15.513)	0.000	0.000
Add /Less	LESS BALANCE BROUGHT FORWARD FROM PREVIOUS YEAR		(27.169)	(28.033)	(28.033)
	BALANCE CARRIED TO THE B/S		(35.682)	(27.169)	(28.033)
	Earnings Per Share (Rs.)		3.06	0.32	1.25

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.83	0.53	(0.17)
Net Profit Margin (PBT/Sales)	(%)	2.97	1.12	(0.17)
Return on Total Assets (PBT/Total Assets}	(%)	7.05	2.00	(0.40)
Return on Investment (ROI) (PBT/Networth)		(1.53)	0.58	(0.01)
Debt Equity Ratio (Total Liability/Networth)		(22.78)	28.53	(3.75)
Current Ratio (Current Asset/Current Liability)		1.54	2.02	1.76

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details:

Particulars	As on 31.03.2011 (Rs. In Millions )	As on 31.03.2010 (Rs. In Millions )	As on 31.03.2009 (Rs. In Millions )
Sundry Creditors	20.588	13.317	11.440

Operations and Expansion:

The company’s performance was satisfactory during the year. The company achieved its turnover as achieve its targets of Net Profit. The future of the company seems to be bright.

Form : 8

Corporate identity number of the company	U25209MH1981PTC025717
Name of the company	MULTIFILMS PLASTICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-11, MIDC Kherdchiplun, Ratnagiri-415604, Maharashtra, India Email ID: mppl@bom7.vsnl.net.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10178340
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Bank of India, Mumbai Overseas Branch, 70 - 80, Mahatma Gandhi Road, Mezzaine Floor, Mumbai – 400023, Maharashtra, India E-mail : overseas.MumbaiSouth@bankofindia.co.in
Nature of instrument creating charge	Supplemental Deed of Hypothecation
Date of instrument Creating the charge	11.01.2012
Amount secured by the charge	Rs.71.600 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest : Interest /Commission as per Schedule III of Supplemental deed of hyp. attached or at such other rate/s of interest as may be notified by the Bank from time to time. Terms of repayment : TL: First 8 Quarters since Dec.09 Rs.0.800 millions p.q, Next 4 Quarters Rs.0.900 millions p.q., Next 4 Quarters Rs.1.000 millions p.q. CC: On Demand and L/C: On Due Date. Margin : As required by the bank from time to time . Extent and operation of the charge : The bank is having first charge on the security, as described in Sr.No.15, given by the company. Other : Revised Facilities and Limits : A) FBL- 1) TL : Rs.7.600 Millions, 2)CC(Stocks/BD)PCFC/EPC/FBP/DP 90 days) Rs.32.000 Millions, B)NFBL: 3) L/C (I /F) DP/DA 120 days/Buyers Credit Rs.32.000 Millions , 4)Bank Guarantee (I/F) (within L/C Limit Rs.2.500 Millions), Total (A + B) Rs.71.600 Millions.
Short particulars of the property charged (Including location of the property)	A) All that piece and parcel of land known as Gr. Floor, Shop No.2, Laxmi Nilayam, Nanda Patkar Road, Ville Parle(E),Mumbai - 400057 in the state Maharashtra admeasuring 415 Sq. ft.(Carpet Area) together with the construction standing thereon and together with the construction that hereafter be made and also together with fixtures, fittings and other things attached thereto. B) Hypothecation of Stock, book debts and machinery (more particularly described in attached Supplemental deed of Hypothecation.) C)Equitable mortgage by deposit of title deeds of immovable assets(present and future) of the company situated at C - 11, MIDC, Chiplun, and W/3 and W/4, MIDC, Chiplun, Maharashtra.
Date of instrument modifying the charge	28.11.2011
Particulars of the present modification	The principal amount of charge on the mortgaged property continues at Rs.49.800 Millions. The principal amount of charge on Hypothecated assets is now enhanced from Rs.49.800 Millions to Rs.71.600 Millions. Revised Facilities and Limits : A) FBL: 1) TL : Rs.7.600 Millions , 2) CC (Stocks/BD)PCFC/EPC/FBP/DP 90 days) Rs.32.000 Millions , B)NFBL: 3) L/C (I /F) DP/DA 120 days/Buyers Credit Rs.32.000 Millions, 4)Bank Guarantee (I/F) (within L/C Limit Rs.2.500 Millions ), Total (A + B) Rs.71.600 Millions.

Fixed Assets

• Land
• Factory Building
• Plant and Machinery
• Motor Car
• Furniture and Fixture
• Office Equipment
• Typewriters
• Motor Cycle
• Computer
• Air Conditioners
• Office Premises

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.49.21
UK Pound	1	Rs.77.75
Euro	1	Rs.64.58

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		23

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.