MIRA INFORM REPORT

Report Date :

21.02.2012

IDENTIFICATION DETAILS

Name :	KETAN PLASTIC INDUSTRIES PRIVATE LIMITED
Registered Office :	Survey No. 363, (1) (13), Shree Ganesh Industrial Estate, Kachigaon, Daman – 396210, Goa.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.06.1996
Com. Reg. No.:	56-002124
Capital Investment/ Paid-up Capital:	Rs.9.625 Millions
CIN No.: [Company Identification No.]	U25201DD1996PTC002124
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Polypropylene and Polypropylene Woven Products
No. of Employees:	200 (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 210000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some dip in the profitability of the company. However, Networth appears to be satisfactory. Trade relations are reported as 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. Dhanesh
Designation :	Director
Contact No.:	91-9324800017
Date :	17.02.2012

LOCATIONS

Registered Office/ Factory :	Survey No. 363, (1) (13), Shree Ganesh Industrial Estate, Kachigaon, Daman and Diu – 396210, Goa, India
Tel. No.:	91-260-2242231 / 3097292
Mobile No.:	91-9324800017 – (Mr. Dhanesh)
Fax No.:	91-260-2242231 / 24929204
E-Mail :	sales@ketanindia.com dhanesh@ketanindia.com
Website :	http://www.ketanindia.com
Area :	2000 Sq.ft (Approximately)
Location :	Owned
Factory :	597/2 (4), village Dhabel, Daman, Maharashtra, India
Area :	70000 Sq.ft.
Location :	Owned
Administrative Office :	DS-2, Mathuradas mill compound, Lower Parel, Mumbai – 400012, Maharashtra, India
Tel. No.:	91-22-24929204
Fax No.:	91-22-24973466
E-Mail :	kpil@vsnl.com sales@ketanindia.com

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Dhanesh Jhunjhunwala

Designation :

Director

Address :

6/5 Bhagwati Apartments S V Road, Malad (West), Mumbai – 400 064, Maharashtra

Date of Birth/Age :

01.06.1968

Qualification :

B.Com

Experience :

15 Years

Date of Appointment :

20.06.1996

Din No.:

00001013

Other Directorships :

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	U25200MH1988PTC048044	KETAN PLASTICS PRIVATE LIMITED	Director	08-07-88	08-07-88	Active	NO
2	U25201DD1996PTC002124	KETAN PLASTIC INDUSTRIES PRIVATE LIMITED	Director	20-06-96	20-06-96	Active	NO

Name :

Mrs. Draupatidevi Banwarilal Jhunjhunwala

Designation :

Director

Address :

6/5 Bhagwati Apartments S V Road, Malad (West), Mumbai – 400 064, Maharashtra

Date of Birth/Age :

10.03.1941

Date of Appointment :

20.06.1996

DIN No.:

00001025

Other Directorships :

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	U25201DD1996PTC002124	KETAN PLASTIC INDUSTRIES PRIVATE LIMITED	Director	20-06-96	20-06-96	Active	NO

Name :

Mr. Banwarilal Radheshyam Jhunjhunwala

Designation :

Chairman

Address :

6/5 Bhagwati Apartments S V Road, Malad (West), Mumbai – 400 064, Maharashtra

Date of Birth/Age :

10.11.1932

Qualification :

B.Com LLB

Experience :

40Years

Date of Appointment :

01.10.2007

DIN No.:

00001024

Other Directorships :

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	U25200MH1988PTC048044	KETAN PLASTICS PRIVATE LIMITED	Director	08-07-88	08-07-88	Active	NO
2	U25201DD1996PTC002124	KETAN PLASTIC INDUSTRIES PRIVATE LIMITED	Director	29-09-08	01-10-07	Active	NO

Name :

Mr. Ramakant Banwarilal Jhunjhunwala

Designation :

Director

Address :

6/5 Bhagwati Apartments S V Road, Malad (West), Mumbai – 400 064, Maharashtra

Date of Birth/Age :

13.01.1962

Qualification :

B.E Management

Experience :

20 Years

Date of Appointment :

01.10.2007

DIN No.:

00001022

Other Directorships :

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	U25200MH1988PTC048044	KETAN PLASTICS PRIVATE LIMITED	Director	08-07-88	08-07-88	-	Active	NO
2	L92110MH1997PLC112461	GLORY POLY FILMS LIMITED	Director	02-12-05	02-12-05	05-04-10	Active	NO
3	U25201DD1996PTC002124	KETAN PLASTIC INDUSTRIES PRIVATE LIMITED	Director	29-09-08	01-10-07	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Ramakant Banwarilal Jhunjhunwala	53500
Draupatidevi Banwarilal Jhunjhunwala	241000
Mona Dhanesh Jhunjhunwala	53500
Banwarilal Radheshyam Jhunjhunwala	66125
Dhanesh Banwarilal Jhunjhunwala	216635
Madhu Ramakant Jhunjhunwala	139125
Kavita Naresh Jhunjhunwala	26625
Naresh Banwarilala Jhunjhunwala	26010
Ketan Plastic Industries Private Limited, Mumbai, India	75000
Ketan Ramakant Jhunjhunwala	65000
Total	962520

(AS ON 30.09.2011)

Category	Percentage
Bodies corporate	7.79
Directors or relatives of directors	92.21
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Polypropylene and Polypropylene Woven Products

Products :

· HDPE / PP Woven Bags / Sacks

· HDPE / PP Bags and Sacks

· PP Woven Laminated Gusseted Bags

· Tarpaulins

· PP Woven Valve Type Bags

· Sand bags

Item Code No. (ITC Code)	3926.90
Product Description	HDPE/PP Woven Fabric
Item Code No. (ITC Code)	3923.90
Product Description	Plastic HDPE/PP/LDPE BAGS
Item Code No. (ITC Code)	3915.90
Product Description	Plastic Scrap

Exports :

Products :

Polypropylene and Polypropylene Woven Products

Countries :

Middle east

Europe

America

Imports :

Products :

Raw Material

Countries :

Saudi Arabia

Thailand

Singapore

Europe

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON : 31.03.2011)

Class of Goods: - HDPE/PP tapes/fabrics/sacks laminated/ unlaminated

Installed capacity (In tonnes) : 6840.00

Particulars	Units	Actual Production
HDPE/PP Plastic Sacks	Pcs	24809351
Plastic fabrics laminated	Kg	709481.480
Plastic fabrics unlaminated	Kg	2266701.500
Plastic bags	Pcs	3195194
Plastic Scrap	Kg	156225.200
Plastic Sheet Tubing	--	589490.000

GENERAL INFORMATION

Suppliers :

Reliance

Customers :

Wholesalers, Retailers and End Users

· Gail India Limited

No. of Employees :

200( Approximately)

Bankers :

· Bank of India , Malad(West) Branch, Swami Vivekanand Road, Opposite Natraj Market, Malad (West), Mumbai – 400064, Maharashtra , India

· UCO Bank

Facilities :

Cash and Credit – Rs.165.000 Millions (From Bank of India)

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Term Loan 2845C (From the economic Development Corporation of Goa Daman and Diu Limited Secured by Charge on all Movable Plant And Machinery of the Company both Present and future and equitable mortgaged on freehold Land and Building). Installments due with in one year Rs.2.000 millions.	3.598	5.598
Interest Accrued and due on Term Loan	0.095	0.145
Term Loan from Bank of India (W) 003170210000009 (From Bank of India Malad(w) secured by charge on all movable plant and machineries of the company both present and future and equitable mortgage on freehold Land and building situated at Somnath)	74.999	82.499
Foreign Currency Working capital Loan	25.196	25.441
Export Packing Credit	1.400	2.053
Cash Credit-003130100801150 From Bank of India Malad West secured by Hypothecation of Book Debts and finished goods, Raw materials, WIP) (Term loan and working capital loan are guaranteed by the directors of the company)	14.092	20.051
Total	119.381	135.790
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Company Ketan Plastic Private Limited	0.863	0.756
Vazir Polymers Limited	1.500	0.000
Niranjan Shipping Agency Private Limited	0.000	7.000
Govardhan Polyplast Private Limited	2.029	0.000
From Shareholders and relatives	32.879	28.122
Total	37.271	35.878

Banking Relations :	--
Auditors :
Name :	B.C. Jain and Company Chartered Accountants
Address :	601, Jolly Bhawan No. 2, 51, New Marine Lines, Mumbai - 400 020, Maharashtra, India
Tel. No.:	91-22-43408888
E-Mail :	cacisa@jainandjain.com
PAN No:	AAAFJ1726A

CAPITAL STRUCTURE

(As on 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,00	Equity Share	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
96,25,20	Equity Share	Rs.10/- each	Rs.9.625 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		9.625	9.625	6.625
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		42.902	40.234	26.829
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		52.527	49.859	33.454
LOAN FUNDS
1] Secured Loans		119.381	135.790	36.659
2] Unsecured Loans		37.271	35.878	34.251
TOTAL BORROWING		156.652	171.668	70.91
DEFERRED TAX LIABILITIES		11.810	10.022	7.061
TOTAL		220.989	231.549	111.425
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		157.762	158.067	93.277
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.018	0.018	0.019
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	84.724	45.524	26.738
	Sundry Debtors	23.687	58.426	23.440
	Cash & Bank Balances	7.985	5.395	4.014
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	19.455	19.902	6.672
Total Current Assets		135.851	129.247	60.864
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	67.298	50.541	38.849
	Other Current Liabilities	4.323	2.243	3.447
	Provisions	1.021	3.000	0.439
Total Current Liabilities		72.642	55.783	42.735
Net Current Assets		63.209	73.464	18.129
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		220.989	231.549	111.425

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	430.234	411.625	185.799
		Other Income	0.484	1.654	0.576
		TOTAL (A)	430.718	413.279	186.375
Less	EXPENSES
		Office Expenses
		Administrative Expenses	396.611	371.856	174.069
		Advertising Expenses
		TOTAL (B)	396.611	371.856	174.069
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		34.107	41.423	12.306
Less	FINANCIAL EXPENSES (D)		19.052	13.440	7.206
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.055	27.983	5.100
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.543	11.624	4.057
	PROFIT BEFORE TAX (E-F) (G)		5.512	16.359	1.043
Less	TAX (H)		2.810	5.960	0.472
	PROFIT AFTER TAX (G-H) (I)		2.702	10.399	0.571
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		36.535	26.129	25.662
	BALANCE CARRIED TO THE B/S		39.203	36.535	26.129
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	119.808	75.694	51.609
	TOTAL EARNINGS
	IMPORTS
		Raw Materials	238.120	226.097	31.595
	TOTAL IMPORTS
	Earnings Per Share (Rs.)		2.81	10.93	3.22

Expected Sales (2011-2012) : Rs.520.000 Millions

The above information has been parted by Mr. Dhanesh

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.63	2.51	0.31
Net Profit Margin (PBT/Sales)	(%)	1.28	3.97	0.56
Return on Total Assets (PBT/Total Assets}	(%)	1.88	5.69	0.68
Return on Investment (ROI) (PBT/Networth)		0.10	0.32	0.03
Debt Equity Ratio (Total Liability/Networth)		4.37	4.56	3.40
Current Ratio (Current Asset/Current Liability)		1.87	2.31	1.42

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors
For Goods	55.359	37.157	27.882
For Expenses and Capital Goods	11.939	13.384	10.967
Total	67.298	50.541	38.849

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	-
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last two years	Yes
Profitability for last three years	-
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	No
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

OPERATIONS:-

The company has achieved sales of Rs.430.174 millions. The Directors are hopeful of better results during the current Financial Year.

CONTINGENT LIABILITY NOT PROVIDED FOR:

Estimated amount of contracts remaining to be executed on capital account (Net of advance) Rs.0.000 millions (15.000 millions)

Outstanding Bank Guarantees Rs.1.216 Millions (Rs.0.216 Millions)

Letter of credit issued by bank Rs.18.729 Millions (Rs.6.099 Millions)

The Sales Tax Authorities have raised demand of Rs.0.021 Million for the year ended 31st March 99 and Rs.0.056 Million for the year ended 31st March 2000. The company has preferred appeal against the order and in appeal the order is remanded back to officer for recalculation.

Fixed Assets:-

· Freehold Land

· Factory Building

· Plant and Machinery

· Vehicles

· Electrical Installation

· Flat at Vapi

· Office Equipments

· Furniture and Fixture

· Computers

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	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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	NO
--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.