MIRA INFORM REPORT

Report Date :

02.06.2012

IDENTIFICATION DETAILS

Name :	TEXPLAST INDUSTRIES LIMITED
Registered Office :	Gut No 39/40 Village Nehroli, Taluka Wada, Thane – 421312, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.12.1970
Com. Reg. No.:	11-014933
Capital Investment / Paid-up Capital :	Rs.50.926 Millions
CIN No.: [Company Identification No.]	L27100MH1970PLC014933
TAN No.: [Tax Deduction & Collection Account No.]	MUMT09989A
PAN No.: [Permanent Account No.]	AAACT6218N
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.
Line of Business :	Manufacturers of HDPE Woven Bags used for packaging of, Chemicals and Fertilizers.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 350000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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 / Factory Office:	Gut No. 39/40, Village Nehroli, Taluka Wada, Thane – 421312, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	accounts@texplast.com
Website :	www.texplast.com
Corporate Office :	210-212, Anand Estate, 2nd Floor, 189/A, Sane Guruji Marg, Mumbai – 400011, Maharashtra, India
Tel. No.:	91-22-23075019/ 23075022/ 23075308
Fax No.:	91-22-23075019
E-Mail :	texplast@vsnl.com

DIRECTORS

As on 29.09.2011

Name :	Mr. Sukumar N. Shah
Designation :	Chairman and Managing Director
Name :	Mr. Rahul S. Shah
Designation :	Wholetime Director
Name :	Mr. P V Narayanan
Designation :	Director
Name :	Mr. Amit B. Bothra
Designation :	Director
Name :	Mr. Bharat N Doshi
Designation :	Director
Name :	Mr. S B patil
Designation :	Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2012

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2,725,850	53.71
Bodies Corporate	474,250	9.35
Sub Total	3,200,100	63.06
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	3,200,100	63.06
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	145,500	2.87
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	621,400	12.25
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	945,000	18.62
Any Others (Specify)	162,700	3.21
ESOP/ESOS/ESPS	2,000	0.04
NRIs/OCBs	160,700	3.17
Sub Total	1,874,600	36.94
Total Public shareholding (B)	1,874,600	36.94
Total (A)+(B)	5,074,700	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	5,074,700	-

BUSINESS DETAILS

Line of Business :

Manufacturers of HDPE Woven Bags used for packaging of, Chemicals and Fertilizers.

Products :

PRODUCT DESCRIPTION	ITC CODE NO.
Jumbo Bags and Woven Sacks	392390

PRODUCTION STATUS As on 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
FIBC’s, Jumbo Bags,Woven Sacks etc.	M. T.	10332	1727.861
Fabric , Thread, Liner etc	M. T.	NA	2699.125
Production for Others (Job)	M. T.	NA	550.703
Scrap	M. T.	NA	353.573

Note: The installed capacity is as certified by a Director and being a technical matter is acceted by Auditors without verification.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Indian Overseas Bank, 378, Lady Jamshedji Road, Mumbai – 400016, Maharashtra, India

· Axis Bank

· Kotak Mahindra Prime Limited

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Term Loan
Term Loan in INR (From Indian Overseas Bank)	8.602	41.038
Term Loan in Foreign Currency (From Indian Overseas Bank)	45.621	0.000
Buyers Credit in Foreign Currency (From Indian Overseas Bank) (All Above secured against mortgage of Land, Building and Hypothecation of Plant and Machineries present and future and personal guarantee by chairman and Managing Director) The above loan include amount repayable within one year is Rs.2751.600 Millions	16.102	0.000
Vehicle Loan
From Bank (Axis Bank)	0.100	0.206
From NBFC (Kotak Mahindra Prime Limited) (Secured against Hypothecation of respective vehicle and PDCs for principal and Interest payable thereon) The above loan includes amount repayable within one year is Rs.0.300 Million	0.634	0.000
Working Capital Loan (From Indian Overseas Bank) Working capital amount are secured against hypothecation of Book Debts, Inventory and a lien on fixed Deposits of Rs.10.000 millions and charge on all fixed assets of the company movable and immovable and personal guarantee by chairman and managing director in his personal capacity	60.717	37.955
Lease Finance
Lease Finance Form Mafatlal Finance (NBFC)	0.929	0.929
Total	132.705	80.128
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Director (Maximum Outstanding during the year Rs.13.397 Millions)	13.397	7.059
Inter Corporate Loan	20.752	2.736
Deferred Liability
Sales Tax The above loan include amount repayable within one year is Rs.0.821 Million	4.424	4.424
Total	38.573	14.219

Banking Relations :	--
Auditors :
Name :	Anand Jain and Associates Chartered Accountants
Subsidiaries:	Pristine Chemicals Private Limited, India

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5460000	Equity Shares	Rs.10/- each	Rs. 54.600 Millions
800	Preference Share	Rs.500/- each	Rs. 0.400 Million
	Total		Rs. 55.000 Millions

Issued, Subscribed

No. of Shares	Type	Value	Amount
5110300	Equity Shares	Rs.10/- each	Rs. 51.103 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
5074700	Equity Shares	Rs.10/- each	Rs. 50.747 Millions
	Forfeited Equity Shares		Rs. 0.179 Millions
	Total		Rs. 50.926 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		50.926	50.926	50.976
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		38.259	29.046	69.065
4] (Accumulated Losses)		0.000	0.000	(47.893)
NETWORTH		89.185	79.972	72.148
LOAN FUNDS
1] Secured Loans		132.705	80.128	55.984
2] Unsecured Loans		38.573	14.219	14.894
TOTAL BORROWING		171.278	94.347	70.878
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		260.463	174.319	143.026
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		83.812	65.712	49.734
Capital work-in-progress		50.389	7.684	0.000
INVESTMENT		0.017	0.017	0.017
DEFERREX TAX ASSETS		1.110	0.390	1.455
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	117.901	62.808	57.211
	Sundry Debtors	63.240	39.692	31.962
	Cash & Bank Balances	25.747	19.506	10.706
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	25.874	28.395	28.908
Total Current Assets		232.762	150.401	128.787
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	94.421	40.800	29.287
	Other Current Liabilities	9.656	7.912	5.837
	Provisions	3.550	1.173	1.843
Total Current Liabilities		107.627	49.885	36.967
Net Current Assets		125.135	100.516	91.820
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		260.463	174.319	143.026

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	282.383	260.254	274.779
		Export Incentives	7.043	7.057	9.086
		Fluctuation in Foreign Currency	3.833	(1.207)	0.000
		Other Income	37.763	24.272	27.212
		TOTAL (A)	331.022	290.376	311.077
Less	EXPENSES
		Purchase	0.000	7.933	0.000
		Raw Material Consumed	249.730	182.099	194.324
		Employments Cost	28.919	21.481	21.613
		Manufacturing Cost	27.835	24.545	26.679
		Administrative, Selling and General Expenses	35.631	33.258	31.147
		Increase/(Decrease) in Stock	(48.506)	(13.064)	(13.550)
		TOTAL (B)	293.609	256.252	260.213
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		37.413	34.124	50.864
Less	FINANCIAL EXPENSES (D)		16.843	12.405	16.907
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		20.570	21.719	33.957
Less/ Add	DEPRECIATION/ AMORTISATION		10.435	7.640	5.675
	PROFIT BEFORE TAX AND PRIOR PERIOD ADJUSTMENTS		10.135	14.079	28.282
Less	PRIOR PERIOD ADJUSTMENTS		0.152	1.551	0.262
	PROFIT BEFORE TAX		9.983	12.528	28.020
Less	TAX		0.769	4.653	12.358
	PROFIT AFTER TAX		9.214	7.875	15.662
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.783	(47.894)	(63.556)
Add	TRANSFERRED FROM GENERAL RESERVE		0.000	41.852	0.000
Less	APPROPRIATIONS
		Capital Redemption Reserve	0.000	0.050	0.000
	BALANCE CARRIED TO THE B/S		10.997	1.783	(47.894)
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	210.466	201.544	245.392
	TOTAL EARNINGS		210.466	201.544	245.392
	IMPORTS
		Raw Materials	2.530	18.591	10.442
		Capital Goods	18.980	0.000	0.000
	TOTAL IMPORTS		21.510	18.591	10.442
	Earnings Per Share (Rs.)		1.82	1.55	3.09

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011	31.03.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	61.290	150.410	110.940	347.300
Total Expenditure	72.440	155.030	128.910	321.530
PBIDT (Excl OI)	(11.150)	(4.620)	(17.970)	25.770
Other Income	13.950	8.750	19.760	33.650
Operating Profit	2.800	4.130	1.790	59.420
Interest	6.670	6.810	8.830	10.390
Exceptional Items	0.000	0.000	0.000	(0.010)
PBDT	(3.870)	(2.680)	(7.040)	49.020
Depreciation	2.780	6.910	5.220	5.400
Profit Before Tax	(6.650)	(9.590)	(12.260)	43.620
Tax	0.000	0.000	(8.350)	4.280
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	(6.650)	(9.590)	(3.900)	39.330
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	(6.650)	(9.590)	(3.900)	39.330

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.78	2.71	5.03
Net Profit Margin (PBT/Sales)	(%)	3.54	4.81	10.19
Return on Total Assets (PBT/Total Assets}	(%)	4.29	8.33	21.76
Return on Investment (ROI) (PBT/Networth)		0.11	0.56	0.39
Debt Equity Ratio (Total Liability/Networth)		1.20	0.62	0.51
Current Ratio (Current Asset/Current Liability)		2.16	3.01	3.48

LOCAL AGENCY FURTHER INFORMATION

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	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

(a) Industrial Structure and Development

The INR 140 bn. flexible bulk packaging industry that includes woven sacks, leno bags, wrapping fabric and flexible intermediate bulk container (FIBC) is growing at over 20% with FIBC containers expected to grow three fold in the next 5 years riding an increased industrial production and a shift toward higher-value containers offering enhanced performance and supply chain efficiency. In fact, the global slowdown has been an opportunity for the Indian FIBC manufacturers as the production cuts by the companies in Europe and USA has resulted in the sourcing shifting to India adding an important factor to the growth story.

Flexible intermediate Bulk Containers (FIBC) industry is very capable and highly developed. India manufacturers and the present output of the Indian FIBC industry is 125,000 MT per year valued at about Rs.1,350 crores. India has registered growth of 20% over the last 10 years. Domestic demand in India is valued at about Rs.30 crores per annum. The country is a large player in the international FIBC business and ranks behind only China in the global supply scenario. The India FIBC industry exports over 95% of its output.

The $500 billion global packaging industry is multi-technology, multi product and multi process industry. The company is focused on the $5 Billion FIBC segment. The FIBC industry is set to grow at about 10% globally and 13-15% per annum domestically over the next five years basically on account of growing demand for FIBC in end-use industry and growing acceptance of FIBC over other forms of packaging.

The Company manufactures FIBC Bags and woven sacks. More than 80% of the Company’s turnover comprises of exports.

Indian Economy:

The Indian economy, on the back of improved agricultural output, strong private consumption, robust investment, and a pick-up in exports, has rebounded strongly with a GDP growth of 8.6 per cent in 2010-11. However, inflation has emerged as a major concern. While the GDP has shown a slight increase during the year 2010-11 as compared to the year 2009-10, the overall expectations of attaining the double digit GDP growth is still eluding India. The Ministry of Finance indicates that a growth of 9% is expected during the year 2011-12. Taking into consideration the continued tightening of monetary policy and further escalation in global oil prices, it is expected that India will be able to achieve a GDP growth rate of 8 to 8.5% during the financial year 2011-12. The Indian manufacturing industry had registered an overall growth of only 7.8% during April-February 2010-11 as against 10% seen during April-February 2009-10. The increase in inflation from 8.31% in February 2011 to 8.98% in March 2011, will affect the performance of most companies. The high interest rate regime is a compromise for high growth and not enough is being done to control inflation through supply side interventions. India needs to go towards a more balanced interest rate regime aligned to sustain the pace of growth.

60% of the domestic FIBC demand is due to the petrochemical and mineral industries. The petrochemical industry is expected to be one of the fastest growing end-use segments for FIBCs.

Packing materials made from textiles include wrapping fabric, polyolefin woven sacks, hessian (commonly known as jute) bags and FIBCs. Industries that predominantly use packaging textiles are increasingly switching to FIBC as it offers benefits over the hessian bags, such as lower cost, better protection of contents, ease in procurement of the required polymer grades and more convenient handling. Further, FIBCs are finding newer applications such as UN bags (for hazardous goods) and clean room bags (used for food products such as milk powder, starch, spices and bulk drugs). These are a small but growing proportion of the total domestic FIBC consumption.

(b) Review of Operations

The Company exports FIBC bags mainly to buyers from European and Scandinavian/American countries. The volatile Euro / Dollar, which remained so for the major part of the year under review and did not stabilize at all, affected the export sales realization. This had an adverse impact on the profit margins. The Company earned a lower pre-tax profit of Rs.998.300 Millions as against Rs.12.528 Millions of the corresponding previous year.

Jumbo Bags being a labour oriented product, It requires more labour and work space for production. During the year under review, the Company imported Multifilament Yarn Plant and successfully commenced production of Multifilament Yarn. Currently, major production is utilized for in-house consumption. As a result of which, purchase at higher rates have stopped. The Company has also started selling in small quantities and they will sell more in second half of 2011

Export Recognition Award and Certification

It gives immense pleasure to inform their stakeholders that the Company has received an Award from the State Government of Maharashtra for appreciation towards export achievement in respect of plastic products for the year 2009-2010.

On the Export performance of past three years the Director General of Foreign Trade (DGFT) issued a certificate of recognition, status holder as “EXPORT HOUSE“in the month of November, 2010.

Contingent Liabilities

a) MSEB Liability approx Rs.1.300 Millions (Previous Year Rs.1.300 Millions)

b) Central Excise Liability Rs. NIL (Previous Year Rs.0.500 Millions)

c) Letter of Credit of Rs.21.796 Millions (Previous Year Rs.14.996 Millions)

d) Interest on Rs.0.929 Millions approx on disputed lease finance

e) Bank Guarantee of Rs. NIL (Previous Year Rs.1.902 Millions)

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2012

				Rs in Millions	Rs in Millions
	Particulars			Quarter ended	Year Ended
				31.03.2012	31.03.2012
				(Unaudited)	(Unaudited)
1	(a) Net Sales/Income from Operations			347.300	677.472
	(b)Other Operating Income			0.000	0.000
2	Expenditure
	(a)		Increase/(Decrease) in Stock-in-trade and work in progress	(15.800)	(57.022)
	(b)		Consumption of raw materials	108.731	392.206
	©		Purchase of traded Goods	197.775	217.233
	(d)		Employees Cost	4.832	14.114
	(e)		Depreciation	5.403	20.307
	(f )		(Gain) /Loss in Forex Valuation	(4.745)	2.247
	(g)		Other Expenditure	26.004	104.363
			Total (Any item exceeding 10% of the total Expenditure to be shown separately)	322.200	693.446
3			Profit from operation before other income, interest and other exceptional items(1-2)	25.100	(15.974)
4			Other Income	28.911	63.728
5			profit before interest and exceptional items(3+4)	54.011	47.754
6	Interest			10.392	32.705
7	Profit after interest but before exceptional items(5-6)			43.619	15.048
8	Exceptional Items			0.008	0.023
9	Profit(+)/Loss(-) from Ordinary Activities before tax (7-8)			43.611	15.025
10	Provision for Taxation
	- Income Tax			4.874	4.874
	- Deferred Tax			(0.596)	(0.596)
11	Net Profit(+)/Loss(-) from Ordinary Activities after tax( 9-10)			39.333	10.747
12	Extra Ordinary Items			--	--
13	Net Profit(+)/Loss(-) for the period (1112)			39.333	10.747
14	Paid-up Equity Share Capital Rs.2/ per share			51.103	51.103
15	Reserves excluding revaluation reserves			38.259	--
16		Earning Per Share
(a)		Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year(not to be annualised)		7.70	2.12
(b)		Basic and diluted EPS after Extraordinary items for the period, for the year to date and for the previous year(not to be annualised)		7.70	2.12
17		Public Shareholding
		Number of Shares		1841000	1841000
		Percentage of Shareholding		36.28%	36.28%
18		Promoters and Promoter group
		a) Pledged/Encumbered
		Number of shares		0	0
		Percentage of Shares (as a % of the total shareholding of promoter and promoter group)		0.00%	0.00%
		Percentage of Shares (as a % of the total share capital of the Company)		0.00%	0.00%
		b) Non-encumbered
		Number of shares		3233700	3233700
		Percentage of Shares (as a % of the total shareholding of promoter and promoter group)		100.00%	100.00%
		Percentage of Shares (as a % of the total share capital of the Company)		63.28%	63.28%

Note:

1. The above financial result were taken on record by Board of Directors in its meeting held on 12.05.2012

2. Invester complaints Pending as on 01.10.2011 Nil. Received during the quarter Nil. Pending unresolved as on 31.03.2012 Nil.

3. The figures for the previous period are regrouped to make them comparable

4. In the last quarterly result due to arithmetical mistake in deferred tax wrongly added in the loss which is recertified.

STATEMENT OF ASSETS AND LIABILITIES:

In Millions

Sr.	PARTICULARS	31.03.2012
1	Shareholders Fund
	Capital	51.103
	Reserves and Surplus	49.089
2	Loan Funds	301.484
3	Deferred Tax Liability (Net)	0.000
	Total	401.676
4	Fixed Assets	147.204
5	Investment	0.017
6	Deferred Tax Assets	1.707
7	Current Assets
	Inventories	194.666
	Sundry Debtors	272.605
	Cash and Bank Balance	31.575
	Loans and Advance	22.578
8	Less: Current Liabilities and Provisions
	Liabilities	263.801
	Provisions	4.874
	Net Current Assets	401.676
9	Misc. Expenditure to the extent not written off or adjusted	0.000
	Total	401.676

FIXED ASSETS

· Land (Owned)

· Building

· Plant and Machinery

· Electrical Installation

· Office Equipments

· Furniture and Fixture

· Computers

· Vehicles

WEBSITE DETAILS

THE COMPANY

The Texplast Group was established in 1971, as manufacturers of HDPE Woven Bags used for packaging of, Chemicals and Fertilizers

In 1989 Texplast was the foremost unit to have produced successfully the 'Jumbo Bag', an order (2000 bags of 1000 Kg) processed for a prominent Blue Chip Company.

Now from millennium onwards they have manufacturing capacity of 600,000 jumbo bags (500kg. To 1500kg capacity) per annum and small bags manufacturing capacity of (10 to 50kg capacity bag) 6 million bags per annum.

The Company is headed competently by their Chairman and Managing Director Mr. Sukumar Shah, who having spent more than 30 years in the Plastics Industry enjoys the respect and admiration of all as an innovator and developer of Products and Services.

As appreciation of his credentials, he has been elected to the Governing Body of the Indian Institute of Packaging (India's Premier body for Packaging Development). A status bestowed, and represented by only the very best of prominent Indian blue chip Companies.

Texplast, under the stewardship of Mr. Shah, has in place, a team of motivated and competent executives. Each team member is experts in their field, talented achievers, and managers of individual profit centers.

The core competence of the Group is based on, innovation, product specialization, quality standards of manufacturing, customer relationship, and impeccable pre and post sales service.

The Group has adhered to the standards necessary for ISO 9000 compliance and is in the advanced stage of getting certified in the very near future. Quality plans are in place and every member of the group is prepared to achieve at the earliest.

Texplast strongly believes in giving individual attention to customers in order to know them better. They believe in developing healthy relationship with you as an individual, and not only for the patronage. Their staff who are their assets believe in going all out in order to understand the needs and satisfy and make Texplast an extension of the Organization.

LOCATION AND INFRASTRUCTURE

FIBC plant is sprawling over 5 acres and has a covered area of 4000 Sq. Meters. is located 70 Kms from all seasoned ports - Mumbai and JNPT (Nhava Sheva) well connected by State Highway, at Nehroli, Wada, District – Thane

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.55.19
UK Pound	1	Rs.86.03
Euro	1	Rs.69.12

INFORMATION DETAILS

Report Prepared by :

KVT

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	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.