MIRA INFORM REPORT

Report Date :

06.06.2012

IDENTIFICATION DETAILS

Name :	MULTIPLAST PRINTING (INDIA) PRIVATE LIMITED
Registered Office :	412, Anand, 82-84, Kazi Sayed Street, Mumbai – 400 003, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.10.1992
Com. Reg. No.:	11-068857
Capital Investment / Paid-up Capital :	Rs.3.400 millions
CIN No.: [Company Identification No.]	U22100MH1992PTC068857
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of High Barrier Printed Laminates and Other Flexible Packaging Materials.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (22)

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.

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

INFORMATION PARTED BY

Name :	Mr. S.N. Wagh
Designation :	Production Manager
Contact No.:	91-9370099591
Date :	05.06.2012

LOCATIONS

Registered Office/ Branch Office :	412, Anand, 82-84, Kazi Sayed Street, Mumbai – 400 003, Maharashtra, India
Tel. No.:	91-22-32605447/ 23449416/ 23449330
Mobile No.:	91-9370099591 (Mr. S.N. Wagh)
Fax No.:	91-22-23449416
E-Mail :	info@multiplastindia.com mplast_mlg@yahoo.co.in
Website :	http://www.multiplastindia.com
Location :	Owned
Head Office/ Factory :	Gat No.33, Nilgavan Phata, Nampur Road, Malegaon – 423 023, Nashik, Maharashtra, India
Tel. No.:	91-2554-253790/ 1/ 2
Fax No.:	91-2554-253790
E-Mail :	santosh.lodha@multiplastindia.com rajendra.lodha@multiplastindia.com

DIRECTORS

As on 28.09.2011

Name :

Mr. Santosh Nemichand Lodha

Designation :

Director

Address :

P.B. No.92, M.G. Nagar, Malegaon, Nashik – 423 203, Maharashtra, India

Date of Birth/Age :

23.11.1957

Date of Appointment :

01.10.1992

DIN No.:

00076160

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	U22100MH1992PTC068857	Multiplast Printing (India) Private Limited	Director	01-10-92	01-10-92	Active	NO
2	U65990MH1992PTC066625	Multiplus Capital Management Private Limited	Director	01-10-92	01-10-92	Active	NO
3	U74999MH2011PTC212987	Multidesign Packaging (I) Private Limited	Director	04-02-11	04-02-11	Active	NO

Name :

Mr. Rajendra Nemichand Lodha

Designation :

Director

Address :

P.B. No.92, M.G. Nagar, Malegaon, Nashik – 423 203, Maharashtra, India

Date of Birth/Age :

15.08.1954

Date of Appointment :

01.10.1992

DIN No.:

00076144

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	U65990MH1992PTC066625	Multiplus Capital Management Private Limited	Director	01-05-92	01-05-92	Active	NO
2	U22100MH1992PTC068857	Multiplast Printing (India) Private Limited	Director	01-10-92	01-10-92	Active	NO
3	U74999MH2011PTC212987	Multidesign Packaging (I) Private Limited	Director	04-02-11	04-02-11	Active	NO

KEY EXECUTIVES

Name :	Mr. S.N. Wagh
Designation :	Production Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

Names of Shareholders	No. of Shares
Lodha N. Rajendrakumar	8560
Lodha N. Santoshkumar	9080
Lodha C. Nemichand HUF	3000
Lodha N. Ushabai	1000
Lodha R. Saral	2000
Lodha S. Sunita	2000
Lodha N. Rajendrakumar-HUF	360
Lodha S. Saloni	500
Lodha S. Siddhartha	500
Lodha R. Snehil	500
Lodha R. Sidhant	500
Motilal Girharilal Agharkar	6000
Total	34000

As on 28.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of High Barrier Printed Laminates and Other Flexible Packaging Materials.
Products :	v Printed Laminated Pouch v Printed PVC Roll v Printed BOPP Film
Exports :
Products :	Flexible Packaging Materials
Countries :	v Middle East v Canada v UK
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :	Manufacturing Company v Hindustan Lever Limited v Tahira Foods, U.K. v Sapat Tea v Nilon's Foods v Ravalgaon v Charak Pharmaceuticals v Intervet India v Capital Foods v ADF Frozen Foods Limited v Mahyco Seeds Limited v Taj Frozen v Wipro Consumer Division v Nirmal Seeds v Snowcem India v Jain Irrigation
No. of Employees :	100 (Approximately)
Bankers :	v IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India v The Janalaxmi Co-operative Bank Limited v State Bank of India Limited, Malegaon, Nashik, Maharashtra, India v State Bank of India Limited, Mumbai, Maharashtra, India v The Namco Bank Limited, Malegaon, Nashik, Maharashtra, India v IDBI Bank Limited, Nashik, Maharashtra, India v The Nashik Marchant Co-operative Bank, H.O.A/16/17, Rathi Chowk, Industrial Area, Satpur, Nashik – 422 007 Maharashtra, India

Banking Relations :	--
Auditors :
Name :	S.B. Chhajed and Company Chartered Accountants
Address :	202, Inder Tower, Kakasaheb Gadgil Mark Dadar (West), Mumbai – 400 025, Maharashtra, India
Tel. No.:	91-22-24316302/ 09
Income-tax PAN of auditor or auditor's firm :	ABCFS0439E

CAPITAL STRUCTURE

As on 28.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
35000	Equity Shares	Rs.100/- each	Rs.3.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
34000	Equity Shares	Rs.100/- each	Rs.3.400 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		3.400	2.400	2.400
2] Share Premium Reserve		4.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(19.512)	(20.075)	(19.711)
NETWORTH		(12.112)	(17.675)	(17.311)
LOAN FUNDS
1] Secured Loans		14.788	16.730	16.218
2] Unsecured Loans		34.447	38.015	34.958
TOTAL BORROWING		49.235	54.745	51.176
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		37.123	37.070	33.865
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.135	7.866	8.887
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.234	0.234	0.234
DEFERRED TAX ASSETS		7.700	7.671	6.110
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.270	12.899	11.394
	Sundry Debtors	17.822	16.621	13.905
	Cash & Bank Balances	1.238	0.809	0.442
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.234	1.729	2.010
Total Current Assets		37.564	32.058	27.751
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.484	9.008	7.392
	Other Current Liabilities	0.552	0.533	0.568
	Provisions	1.474	1.218	1.157
Total Current Liabilities		16.510	10.759	9.117
Net Current Assets		21.054	21.299	18.634
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		37.123	37.070	33.865

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	66.092	43.686	36.566
		Conversion Charges	3.654	5.872	6.140
		Other Income	NA	0.535	0.610
		TOTAL (A)	NA	50.093	43.316
Less	EXPENSES
		Cost of Goods Sold	NA	35.022	28.953
		Wages, Salaries and Bonus		2.539	2.134
		Power Consumed		1.248	0.918
		Diesel Expenses for Generator		0.519	0.616
		Carriage Inward		0.124	0.175
		Stores Consumed		0.480	0.504
		Conversion Charges		1.076	0.724
		Salaries and Bonus		0.603	0.607
		Contribution to Provident Fund		0.209	0.203
		Directors Remuneration		0.672	0.648
		Staff Welfare expenses		0.056	0.053
		Insurance Charges		0.103	0.112
		Repairs and Maintenance		0.930	0.455
		Petrol Expenses		0.581	0.518
		Free sample		0.004	0.003
		Membership and subscription Charges		0.016	0.020
		Conveyance		0.016	0.016
		Traveling & Lodging		0.158	0.187
		Office Expenses		0.086	0.080
		Festival /Pooja Expenses		0.023	0.019
		Entertainment Expenses		0.000	0.002
		Printing and Stationery		0.060	0.046
		Postage and Telephone		0.218	0.228
		Legal and Professional Fees		0.041	0.087
		Bank Charges and Commission		2.831	2.958
		Audit Fees& Income Tax Matters		0.055	0.055
		Service Tax		0.014	0.005
		Packing Expenses		0.611	0.300
		Rebate & Discount, Bad debts		0.029	0.117
		Advertisement Expenses		0.005	0.002
		Motor Car Expenses		0.213	0.199
		Rent, Rates & Taxes		0.108	0.111
		Provision for Gratuity		0.050	0.050
		Excise Duty		0.080	0.014
		S. Debtors W/back		0.000	0.225
		TOTAL (B)	NA	48.780	41.344
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.920	1.313	1.972
Less	INTEREST (D)		1.138	2.049	1.807
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.782	(0.736)	0.165
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.134	1.189	1.382
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		0.648	(1.925)	(1.217)
Less	TAX (H)		0.084	(1.561)	(6.554)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.564	(0.364)	5.337
	Earnings/ (Loss) Per Share (Rs.)		16.58	(15.18)	222.38

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	(0.73)	12.32
Net Profit Margin (PBT/Sales)	(%)	0.98	(4.41)	(3.33)
Return on Total Assets (PBT/Total Assets}	(%)	1.42	(4.82)	(3.32)
Return on Investment (ROI) (PBT/Networth)		(0.05)	0.11	0.07
Debt Equity Ratio (Total Liability/Networth)		(5.43)	(3.71)	(3.48)
Current Ratio (Current Asset/Current Liability)		2.28	2.98	3.04

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	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	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
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	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

OPERATIONS:

The Sales during the year is Rs.66.092 millions as against last year's Rs.43.686 millions and conversion charges during the year is Rs.3.654 millions as against last years Rs.5.872 millions. There is marginal increase in turnover of the company due to good orders from Hindustan Uni Lever Limited, Maharashtra Hybrid Seeds Company Limited, Nilons Enterprises Private Limited, The Ravagaon Sugar Farm Limited, Bejo Sheetal Seeds Private Limited, Nikasu Frozen Foods International, Sunshine Agro Private Limited, Medibios Laboratories, Spectra Foods and Bereragages and Capital Foods Limited and the Directors would further like to state that the turnover would further increase in coming years.

Few more clients have shown interest for sourcing their packaging requirements from them and are confident that growth will be continued in coming months as well.

The decrease in Conversion charges is due to decrease in business from Ravalgaon Sugar Factory Limited.

Bankers Charges Report as per Registry

Corporate identity number of the company	U22100MH1992PTC068857
Name of the company	MULTIPLAST PRINTING (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	412, Anand, 82-84, Kazi Sayed Street, Mumbai – 400 003, Maharashtra, India E-Mail: mplast_mlg@yahoo.co.in
This form is for	Creation of charge
Type of charge	Immovable Property Movable Property (not being pledge)
Particular of charge holder	The Nashik Marchant Co-operative Bank, H.O.A/16/17, Rathi Chowk, Industrial Area, Satpur, Nashik – 422 007 Maharashtra, India E-Mail: khan_anjum77@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Mortgage Deed
Date of instrument Creating the charge	28.09.2011
Amount secured by the charge	Rs.24.100 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: At present 15.5% per annum charge at monthly rest and as per banks norms from time to time. Terms of Repayment: Hypothecation loan to be review/renew annually or to be paid on demand. And Machinery loan to be repaid in 84 monthly installments other term and condition as per banks norms from time to time. Margin: As per bank norms from time to time. Extent and Operation of the charge: Till repayment of entire loan amount of Rs.24.100 millions (Hypothecation Rs.9.100 millions and Machinery loan Rs.15.000 millions) along with interest and all other cost charges of banks as per norms and terms and conditions of attached mortgage deed.
Short particulars of the property charged	Mortgage of all that piece and parcel of Factory Building admeasuring 1098 Sq.Mtrs, along with watchman cabin and Generator Room 47.57 Sq.Mrts in Nilgavan Grampanchayat property No.366. and Built up area on the land admeasuring 12437 Sq.Mtrs Located at Gat No.33/2, PO Nilgavan Taluka-Malegaon District Nashik.

FIXED ASSETS:

v Factory Building

v Plant and Machinery

v Electrical Installation

v Furniture and Fixture

v Fax Machine/ Intercom

v Computer

v Vehicles

v Chain Stitch Sewing Machine

v Air Heater

v Stretch Wrapping Machine

v Electrical Scale Machine

v Strapping Machine

v Compressor

v Rewinding Machine

v Stabilizer

WEBSITE DETAILS:

PROFILE:

Subject is established in 1992 and started its commercial production in 1994.

It is strategically located at Malegaon which is at convenient distance from JNPT Port Mumbai and well connected by state highways with other parts of country.

Subject specializes in manufacturing of High Barrier printed laminates and other flexible packaging materials with state-of-the-art technology.

Subject is well known for its Quality, Service, and Commitments. It caters the flexible packaging requirement of customers from diversified fields ranging from food to seeds and Engineering to Pharmaceuticals

Subject is a composite unit catering different packaging requirements of various clients. Their strength is their commitment to their Clients for complete satisfaction.

Printing

v They print for various and versatile clients manufacturing ice cream, pickles confectionary, frozen food, spare parts, Oil, cement paints, spices, Rubber, Sauces, adhesives, Pharmaceuticals etc.

v They also do surface printing on various substrates like PVC, Met PVC etc.

Lamination

v Laminates from 20 mic to 200 mic Poly is possible with them.

v Lamination of 2 ply to 4 ply.

v Lamination suitable for frozen vegetables withstanding -18 degree celcius to high temperature substance filling is manufactured.

v They are having Solvent based lamination facility.

Pouching

v They manufacture pouches like Standy, Gusseted, Zip lock, Side seal, Three side seal, Valve pouches, reusable etc.

v They also manufacture Ribbeted, Dori or thread pouches and Bags.

v Maximum pouch size is 500 mm x 800 mm can be manufactured.

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.55.56
UK Pound	1	Rs.85.52
Euro	1	Rs.69.50

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		22

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.