MIRA INFORM REPORT

Report Date :

05.06.2012

IDENTIFICATION DETAILS

Name :	CLEAR POLYPLAST INDIA PRIVATE LIMITED
Formerly Known As :	CRYSTAL MATS PRIVATE LIMITED
Registered Office :	404/111, ACME Industrial Park, Off. I. B. Patel Road, Goregaon (East), Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.09.1986
Com. Reg. No.:	11-040925
Capital Investment / Paid-up Capital :	Rs.0.584 Million
CIN No.: [Company Identification No.]	U17226MH1986PTC040925
TAN No.: [Tax Deduction & Collection Account No.]	MUMC08865D
PAN No.: [Permanent Account No.]	AABCC1280E
Legal Form :	Private Limited Liability Company
Line of Business :	Suppliers and Manufacturer of Plain, Printer, Laminated Plastic Bags and Rollers.
No. of Employees :	Not Divulged

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 140000
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. It is due to increase cost of raw materials. 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.09.2011)	Current Rating (31.12.2011)
India	A1	A1

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

INFORMATION DECLINED BY

Name :	Mr. Baldua
Designation :	Finance Manager
Contact No.:	91-22-26862188/ 85
Date :	30.05.2012

LOCATIONS

Registered Office :	404/111, ACME Industrial Park, Off. I. B. Patel Road, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-26862188/ 32426227
Fax No.:	91-22-26862185
E-Mail :	cavijayjain@yahoo.co.in mail@crystalcontainers.com dkmundhra@crystalcontainers.com
Factory 1:	Plot No.150, GIDC, Opposite Giranti, Umbergaon – 396170, Gujarat, India
Tel No.:	91-260-2242343
Factory 2:	Plot No.3, Sr. No.380/1(3) Modern Industrial Area, Zari Causeway Road, Kachigam, Daman – 396210, Daman and Diu, India
Factory 3:	Unit No.1, Roongta Industrial Estate, Zari Causeway Road, Kachigam, Daman – 396210, Daman and Diu, India

DIRECTORS

(AS ON 28.09.2011)

Name :	Mr. Devkishan Mannalal Mundhra
Designation :	Director
Address :	401, Milinium Garden, Upper Govind Nagar, 'C' Wing, Malad (East), Mumbai - 400 097, Maharashtra, India
Date of Birth/Age :	15.06.1950
Date of Appointment :	17.09.1986
DIN No.:	00095233
Name :	Mr. Kanhaiyalal Mundhra
Designation :	Director
Address :	805, Rajendra Ratna, Mahesh Nagar, Goregaon (West), Mumbai – 400062, Maharashtra, India
Date of Birth/Age :	01.01.1944
Date of Appointment :	17.09.1986
DIN No.:	00087385
Name :	Mr. Shree Kishan Mundhra
Designation :	Director
Address :	R-15/16, Sapta Ratna Co-operative Housing Society Limited, sundar Nagar, Malad (West), Mumbai – 400064, Maharashtra, India
Date of Birth/Age :	03.04.1952
Date of Appointment :	17.09.1986
DIN No.:	00094994

KEY EXECUTIVES

Name :	Mr. Baldua
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 28.09.2011)

Names of Shareholders	No. of Shares
Kanhaiyalal Mundhra	1350
Devkishan Mannalal Mundhra	50550
Shree Kishan Mundhra	2000
Rajesh Kumar Mundhra	1500
Bhagwati Devi Mundhra	2000
Santosh Kumar Mundhra	1000
Total	58400

(AS ON 02.01.2012)

Names of Allotment	No. of Shares Allotted
Devkishan Mannalal Mundhra	330000
Umesh Kumar Mundhra	90000
Rajesh Kumar Mundhra	90000
Dinesh Kumar Mundhra	90000
Total	600000

(AS ON 28.09.2011)

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Suppliers and Manufacturer of Plain, Printer, Laminated Plastic Bags and Rollers.

Products :

Products Description	Items Code No.
Bopp Pouches, Laminated Film	3904

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Electricity (KWH)	100 Kg	148.57
Laminated and Printed Film Pouch	1000 Pcs	112.24

Particulars	Unit	Actual Production
Pouches	Pcs	6259800
Zipper Profile	Mtr	2440500
Laminated and Printed Roll	Kg	472913

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Citi Bank N.A.

Wockhardt Towers, Ground Floor, West Wing, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

· Citi Bank N.A.

Trent House, 2nd Floor, G Block, Plot No.C-60, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

· Bank of Baroda

Mangaldas Market Branch, Mumbai – 400002, Maharashtra, India

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Term Loan CITI Bank NA (Repayable with in one Year Rs.8.750 Millions)	18.125	9.375
Working Capital Loan CITI Bank NA	6.658	5.898
Total	24.783	15.273
Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
From Directors	22.205	8.884
Total	22.205	8.884

Banking Relations :
Auditors :
Name :	Jain Vijay and Company Chartered Accountant
Address :	305, Sona Chamber, 507/509 J S S Road, Chira Bazar, Mumbai – 4000002, Maharashtra, India
PAN No.:	AACPJ0536E
Associates :	· Rajesh Plastics · Crystal Containers · Crystal Pack Industries

CAPITAL STRUCTURE

(AS ON 28.09.2011)

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
658400	Equity Shares	Rs.10/- each	Rs.6.584 Millions

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
58400	Equity Shares	Rs.10/- each	Rs.0.584 Million

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		0.584	0.584	0.584
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		33.914	33.080	28.913
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		34.498	33.664	29.497
LOAN FUNDS
1] Secured Loans		24.783	15.273	13.731
2] Unsecured Loans		22.205	8.884	0.000
TOTAL BORROWING		46.988	24.157	13.731
DEFERRED TAX LIABILITIES		0.000	0.000	0.432
TOTAL		81.486	57.821	43.660
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		38.254	26.759	30.184
Capital work-in-progress		19.191	12.891	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.832	0.453	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.481	12.298	6.582
	Sundry Debtors	6.248	5.052	4.121
	Cash & Bank Balances	0.709	0.972	0.515
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.485	6.053	5.795
Total Current Assets		28.923	24.375	17.013
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.874	3.689	1.870
	Other Current Liabilities	1.360	1.289	0.938
	Provisions	0.480	1.679	0.729
Total Current Liabilities		5.714	6.657	3.537
Net Current Assets		23.209	17.718	13.476
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		81.486	57.821	43.660

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	92.428	80.751	52.942
		Other Income	0.139	0.032	0.408
		TOTAL	92.567	80.783	53.350
Less	EXPENSES
		TOTAL	83.330	68.099	43.889
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		9.237	12.684	9.461
Less/ Add	DEPRECIATION/ AMORTISATION		8.302	7.681	2.706
	PROFIT BEFORE TAX		0.935	5.003	6.755
Less	TAX		0.101	0.792	1.861
	PROFIT AFTER TAX		0.834	4.211	4.894
	IMPORTS
		Raw Materials	2.964	3.502	1.063
		Capital Goods	1.274	2.285	0.000
	TOTAL IMPORTS		4.238	5.787	1.063
	Earnings Per Share (Rs.)		14.28	72.10	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.90	5.21	9.17
Net Profit Margin (PBT/Sales)	(%)	1.01	6.20	0.13
Return on Total Assets (PBT/Total Assets}	(%)	1.39	9.78	14.31
Return on Investment (ROI) (PBT/Networth)		0.03	0.15	0.23
Debt Equity Ratio (Total Liability/Networth)		1.53	0.92	0.59
Current Ratio (Current Asset/Current Liability)		5.06	3.66	4.81

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

PERFORMANCE:

During the year, the gross sales of the Company has increased to Rs.101.020 Millions as compared to previous year Rs.86.889 Millions but due to increase in raw material cost the Cash Profit of the Company has decreased to Rs.9.237 Millions as compared to previous year Rs.12.684 Millions

EXPANSION:

The Company has planed further expansion of printing unit at Umergaon (Gujarat). The Company has acquired at

Leasehold land at GIDC Area, Umergaon. The New Construction work has been started and order for new machineries has been placed. The Total Cost of the project is estimated at Rs.150.000 Millions, which will be financed by way of further issue of capital and term Loan.

CONTINGENT LIABILITIES (As on 31.03.2011)

Bank Guarantee given by bank to electricity department (Net of Margin Money) Rs.0.360 Million

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U17226MH1986PTC040925
Name of the company	CLEAR POLYPLAST INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	404, ACME Industrail Park, Off I B Patel Road, Goregaon (East), Mumbai – 400063, Maharashtra, India cavijayjain@yahoo.co.in
Type of charge	Movable Property Floating Charge
Particular of charge holder	· Citi Bank N.A. Trent House, 2nd Floor, G Block, Plot No.C-60, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India vlaxman@vsnl.com
Nature of description of the instrument creating or modifying the charge	Term Loan Agreement.
Date of instrument Creating the charge	26/08/2010
Amount secured by the charge	Rs.15.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per negotiated rates. Terms of Repayment The Loan shall be repayable over a period of 3 years in monthly installments. Margin As may be stipulated by Bank from time to time. Extent and Operation of the charge The hypothecated Assets by way of first exclusive charge for payment to the Bank of all monies at any time due and payable by the Borrower to the Bank in respect of the credit facilities including balance of the credit facilities, as also the monies due on bills of exchange/pro-notes/negotiable instruments which Bank may have discounted or become interested together with interest, costs, charges and expenses and other monies payable by the Borrower. Others The Clear Polyplast India Private Limited ("the Borrower") and Crystal Containers ("the Guarantor") further agrees to create a mortgage of its properties located at (i) Plot No.3, Sr. No.380/1(3) Modern Industrial Area, Zari Causeway Road, Kachigam, Daman - 396210 and (ii) Unit No.1 Roongta Industrial Estate, Zari Causeway Road, Kachigam, Daman - 396210, respectively.
Short particulars of the property charged	All the Borrower's and Guarantor's Plant and Machinery and other moveable fixed assets machinery spares, tools and accessories and other movables, both present

FIXED ASSETS

· Land at Umergaon

· Factory Building

· Plant and Machinery

· Electrical Installations

· Office Equipment

· Furniture and Fixture

· Bicycle

· Computer

· Air Conditioner

· Scooter

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.55.52
UK Pound	1	Rs.85.29
Euro	1	Rs.68.86

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	NIT

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	NO
--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

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.