MIRA INFORM REPORT

Report Date :

12.01.2012

IDENTIFICATION DETAILS

Name :	PLENCO CLOSURES PRIVATE LIMITED
Registered Office :	72, Raja Industrial Estate, P K Road, Mulund (West), Mumbai – 400080, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.08.2003
Com. Reg. No.:	11-141823
Capital Investment / Paid-up Capital :	Rs.36.450 Millions
CIN No.: [Company Identification No.]	U29195MH2003PTC141823
TAN No.: [Tax Deduction & Collection Account No.]	MUMP15755F
PAN No.: [Permanent Account No.]	AADCP1787D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Tamper Evident Plastic Caps for Non Carbonated Beverages.
No. of Employees :	14 (Approximately) (In office 04 + In factory 10)

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

Maximum Credit Limit :	USD 333000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some losses being incurred by the company in the current year. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	72, Raja Industrial Estate, P K Road, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel. No. :	91-22-25662146/ 25645457
Fax No.:	Not Available
E-Mail :	sales@plencoindia.com
Corporate Office/Head Office :	B-504, Pratik Industrial Estate, Opposite Wockhardt Hospital, Mulund - Goregaon Link Road, Bhandup (West), Mumbai – 400 078, India
Tel. No.:	91-22-41622828 (100 Lines)
Fax No.:	91-22-41622803
Factory :	Plot Number 22 / 28, Govt, Industrial Estate, Phase II, Piparia, Silvassa - 396 230 (D. and N.H.) India.
Tel. No.:	91-260-3206837/ 2640171
Regional Offices :	· Delhi Office 805, Jaina Tower I, District Centre, Janakpuri, New Delhi – 110 058, India Tel. No. : - 91-11-25526011 · Bangalore Office No. 74,  1st main road, Lower Palace Orchards, Sadashiv Nagar - Bangalore - 560 080 Karnataka, India Tel. No. :- 91-80-23346772 Fax No. :- 91-80- 23346774

DIRECTORS

As on : 30.09.2011

Name :

Mr. Anand Monappa Shetty

Designation :

Managing Director

Address :

1801, Odyssey I, 18^th Floor, Hirannandani Gardens, A.S. Marg, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

08.01.1953

Date of Appointment :

01.03.2004

DIN No.:

01287510

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	U25200MH1988PTC048174	PRAVIR POLYMERS PRIVATE LIMITED	Director	20/07/1988	20/07/1988	Active	NO
2	U25201MH1997PLC106819	ORGANIC INDUSTRIES LIMITED	Managing director	7/4/2007	28/03/1997	Active	NO
3	U29195MH2003PTC141823	PLENCO CLOSURES PRIVATE LIMITED	Managing director	1/3/2004	1/3/2004	Active	NO
4	U24100MH2006PTC159289	JAGUAR SURFACTANTS PRIVATE LIMITED	Director	27/01/2006	27/01/2006	Active	NO
5	U25203MH2006PTC159777	TRIDENT POLYMERS PRIVATE LIMITED	Whole-time director	16/02/2006	16/02/2006	Active	NO
6	U52331MH2008PTC187839	TRIMURTHI PLASTOMECH PRIVATE LIMITED	Director	29/10/2008	29/10/2008	Active	NO

Name :

Mr. Adish Anand Shetty

Designation :

Director

Address :

1801, Odyssey I, CHS Limited, Hirannandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

02.09.1988

Qualification :

IT

Date of Appointment :

16.03.2007

DIN No.:

01210843

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	U25201MH1997PLC106819	ORGANIC INDUSTRIES LIMITED	Director	16/03/2007	16/03/2007	Active	NO
2	U29195MH2003PTC141823	PLENCO CLOSURES PRIVATE LIMITED	Director	16/03/2007	16/03/2007	Active	NO
3	U52331MH2008PTC187839	TRIMURTHI PLASTOMECH PRIVATE LIMITED	Director	29/10/2008	29/10/2008	Active	NO

Name :

Mrs. Shashirekha A. Shetty

Designation :

Director

Address :

18, Odyssey, Hirannandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

01.06.1959

Qualification :

BA

Date of Appointment :

21.11.2003

DIN No.:

02135741

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	U25200MH1988PTC048174	PRAVIR POLYMERS PVT LTD.	Director	20/07/1988	20/07/1988	Active	NO
2	U25201MH1997PLC106819	ORGANIC INDUSTRIES LIMITED	Director	25/03/1997	25/03/1997	Active	NO
3	U29195MH2003PTC141823	PLENCO CLOSURES PRIVATE LIMITED	Director	21/08/2003	21/08/2003	Active	NO
4	U25203MH2006PTC159777	TRIDENT POLYMERS PRIVATE LIMITED	Whole-time director	16/02/2006	16/02/2006	Active	NO
5	U52331MH2008PTC187839	TRIMURTHI PLASTOMECH PRIVATE LIMITED	Director	29/10/2008	29/10/2008	Active	NO

Name :

Mr. Pravir Anand Shetty

Designation :

Director

Address :

1801, Odyssey I, CHS Limited, Hirannandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

24.01.1984

Qualification :

MBA Finance

Date of Appointment :

01.03.2004

DIN No.:

01287484

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	U25201MH1997PLC106819	ORGANIC INDUSTRIES LIMITED	Director	28/06/2002	28/06/2002	Active	NO
2	U29195MH2003PTC141823	PLENCO CLOSURES PRIVATE LIMITED	Director	1/3/2004	1/3/2004	Active	NO
3	U52331MH2008PTC187839	TRIMURTHI PLASTOMECH PRIVATE LIMITED	Director	29/10/2008	29/10/2008	Active	NO

KEY EXECUTIVES

Name :	Mr. Prasad Bhatt
Designation :	Chief Finance Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2011

Names of Shareholders	No. of Shares
Anand M. Shetty	1015000
Adish A. Shetty	580000
Organics Industries Limited, India	980000
Trident Polymers Private Limited, India	300000
Pravir A. Shetty	590000
Shashirekha A. Shetty	180000
Total	3645000

As on : 30.09.2011

Equity share breakup

Category	Percentage
Bodies corporate	35.12
Directors or relatives of directors	64.88
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Tamper Evident Plastic Caps for Non Carbonated Beverages.
Products :	· Hotfill/ Warmfill Juices · Package Drinking Water · Cold Filling Applications · Pharma Formulation · Edible Oil · Paints Strainers

GENERAL INFORMATION

No. of Employees :

14 (Approximately) (In office 04 + In factory 10)

Bankers :

· The Shamrao Vithal Co-Operative Bank Limited,

Jayant Acrade, Rajawadi Naka, Ghatkopar East, Mumbai – 400077, Maharashtra, India

· HDFC Bank

· ICICI Bank

· NKGSB Co-Operative Bank Limited

· The North Kanara GSB Co-Operative Bank Limited

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Cash Credit Loans
Secured by
The North Kanara GSB Co-Operative Bank Limited	29.463	38.221
Shamrao Vithal Co-Operative Bank Limited	50.432	30.440
Packing Credit Loan from Shamrao Vithal Co-Op. Bank Limited	3.409	2.364
Term Loan
Secured by factory building, plant and machinery and other fixed assets
Term Loan A/c - 827		--
NKGSB Co-Operative Bank Limited	96.496	93.849
Shamrao Vithal Co-Operative Bank Limited	90.139	115.030
Vehicle Loans
ICICI Bank	0.000	0.044
ICICI Bank – Skoda	0.452	0.730
ICICI Bank – Skoda	0.274	0.599
Tata Capital Limited (Honda City)	0.348	0.464
Kotak Mahindra Prime Limited	0.000	--
HDFC Car Loan	0.373	0.457
HDFC Car Loan – Maruti Suzuki	0.125	0.154
Total	271.511	282.352
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors and Share Holders	39.919	32.944
From Others-HDFC Bank Limited	0.000	7.129
Total	39.919	40.073

Banking Relations :	--
Auditors :
Name :	Rakesh Agarwal and Associates Chartered Accountant
Address :	M-2, Sharda Chamber No.1, 31, Keshavji Naik Road, Bhat Bazar, Masjid Bunder (West), Mumbai – 400009, Maharashtra, India
Associates/Subsidiaries (As on 31.03.2009) :	· Trimurti Polymers · Organics Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3645000	Equity Shares	Rs.10/- each	Rs.36.450 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		36.450	36.450	36.450
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		46.850	52.512	38.111
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		83.300	88.962	74.561
LOAN FUNDS
1] Secured Loans		271.511	282.352	275.556
2] Unsecured Loans		39.919	40.073	2.331
TOTAL BORROWING		311.430	322.425	277.887
DEFERRED TAX LIABILITIES		10.001	7.319	7.625
TOTAL		404.731	418.706	360.073
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		243.530	278.145	255.552
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.303	0.302	0.302
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	125.780	99.313	46.407
	Sundry Debtors	34.801	29.838	49.390
	Cash & Bank Balances	0.490	8.704	1.962
	Other Current Assets	28.319	30.4787	26.779
	Loans & Advances	9.880	4.474	0.000
Total Current Assets		199.270	172.807	124.538
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	29.479	23.841	15.400
	Other Current Liabilities	3.467	3.389	2.463
	Provisions	5.750	5.750	2.995
Total Current Liabilities		38.696	32.980	20.858
Net Current Assets		160.574	139.827	103.680
MISCELLANEOUS EXPENSES		0.324	0.432	0.539
TOTAL		404.731	418.706	360.073

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	TOTAL INCOME		296.475	325.099	389.004
Less	TOTAL EXPENSES		299.456	266.693	325.678
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(2.981)	58.406	63.326
Less/ Add	DEPRECIATION/ AMORTISATION		NA	41.143	36.982
	PROFIT BEFORE TAX		(2.981)	17.263	26.344
Less	TAX		2.680	31.663	NA
	PROFIT AFTER TAX		(5.661)	(14.400)	NA
	BALANCE OF LAST YEAR		52.512	38.112	16.372
	TAXATION OF CURRENT AND EARLIER YEARS ADJUSTED		NA	2.863	4.604
	BALANCE CARRIED OVER TO B/S		NA	52.512	38.112
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	54.713	35.621	27.394
	TOTAL EARNINGS		54.713	35.621	27.394
	IMPORTS
		Raw Materials	NA	NA	25.982
		Capital Goods	NA	NA	0.200
	TOTAL IMPORTS		NA	NA	26.182
	Earnings Per Share (Rs.)		--	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	(0.67)	3.83	6.93
Return on Investment (ROI) (PBT/Networth)		(0.03)	0.19	0.35
Debt Equity Ratio (Total Liability/Networth)		4.20	4.00	4.01
Current Ratio (Current Asset/Current Liability)		5.14	5.24	5.97

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company	U29195MH2003PTC141823
Name of the company	PLENCO CLOSURES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	72 Raja Industrial Estate, P K Road, Mulund West, Mumbai – 400080, Maharashtra, India sales@plencoindia.com
This form is for	Creation of Charge
Type of charge	· Book Debts · Movable property (not being pledge)
Particular of charge holder	The Shamrao Vithal Co-Op. Bank Limited, Jayant Acrade, Rajawadi Naka, Ghatkopar East, Mumbai – 400077, Maharashtra, India legaldept@svcbank.com
Nature of instrument creating charge	Joint Deed of Hypothecation for Term Loan
Date of instrument Creating the charge	03.02.2011
Amount secured by the charge	Rs.20.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 1) The Shamrao Vithal Co-operative Bank Limited ("SVC Bank") Term Loan of Rs.11.200 Millions : Rate of Interests : PLR-1.5% p.a 2) The NKGSB Co- operative Bank Limited ("NKGSB Bank") Term Loan of Rs.8.800 Millions : Rate of Int : 14% p.a Terms of Repayment: The terms of repayment of principal amount Margin As may be Decided, From time to time, by the Bank. Extent and operation of the charge To secure the due repayment of Term Loan(s) aggregating Rs.20.000 Millions granted to the Company (being Rs.12.200 Millions granted by SVC Bank and Rs.8.800 Millions granted by NKGSB Bank).
Particulars of the property charged	All Plant and Machinery, other assets at Company's Factory at Plot No. 27&29, Vill-Paud, Tal- Khalapur, Dist-Raigad and all other Tangible Movable Assets. All Present and Future, stocks of raw materials, WIP, finished goods, etc. and Books-Debts of the Company

FIXED ASSETS:

· Plant and Machinery

· Dies and Tools

· Factory Equipments

· Electricity Fittings

· Furniture and Fixture

· Factory Premises

· Computer

· Office Equipment

· Motor Car

· Buildings

· Land

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. 51.74
UK Pound	1	Rs. 80.00
Euro	1	Rs. 65.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	NO
--AFFILIATION	YES/NO	YES
--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.