MIRA INFORM REPORT

Report Date :

20.06.2012

IDENTIFICATION DETAILS

Name :	KABRA PLASTICS LIMITED
Registered Office :	B-729, Wing b, 7^th Floor, International Trade Centre, Majura Gate, Ring Road, Surat – 395001, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	09.03.1995
Com. Reg. No.:	04-024946
Capital Investment / Paid-up Capital :	Rs.66.560 Millions
CIN No.: [Company Identification No.]	U25209GJ1995PLC024946
IEC No.:	A closely held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of BOPP Film, PVC Film, Matalized Bopp, PVC and Polyester Film of high quality and scraps
No. of Employees :	130 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 359000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management has not provided the financial detail of the company. However, trade relations are reported as fair. Business is active. Payments are unknown. The concern can be considered for business dealing 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

INFORMATION PARTED BY (General Details)

Name :	Mr. M.L Sharma
Designation :	Accountant
Contact No.:	91-261-2475360
Date :	15.06.2012

LOCATIONS

Registered Office :	B-729, Wing b, 7^th Floor, International Trade Centre, Majura Gate, Ring Road, Surat – 395001, Gujarat, India
Tel. No.:	91-261-2475360/ 1
Fax No.:	91-261-2475363
E-Mail :	kabraplastics@yahoo.com kabraplastics@gmail.com kabra@kabraplastics.com daman@kabraplastics.com kabraplastics@drdcs.net
Website :	www.kabraplastics.com
Location :	Owned
Factory :	Plot No. 5, Sr/No.57/2 (6-7), Village, Dunetha, Bhenslore, Daman – 396210, India
Tel. No.:	91-260-2262911/ 2262922
Fax No.:	91-260-2260411/ 396210

DIRECTORS

As on 30.09.2011

Name :

Mrs. Amita Kabra

Designation :

Director

Address :

A – 5/1, Sharee Somnath Mahadev Cooperative Housing Society Limited, Parle Point, Surat, Gujarat.

Date of Birth/Age :

26.06.1968

Date of Appointment :

09.03.1995

DIN No.:

00052353

Other directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209GJ1995PLC024946	KABRA PLASTICS LIMITED	Whole-time director	1/4/2009	9/3/1995	-	Active	NO
2	U17119GJ1989PTC011910	KABRA SYNTHETICS PRIVATE LIMITED	Director	30/11/2004	30/11/2004	23/03/2010	Active	NO

Name :

Ms. Gitadevi Kabra

Designation :

Director

Address :

A – 5/1, Sharee Somnath Mahadev Cooperative Housing Society Limited, Parle Point, Surat, Gujarat.

Date of Birth/Age :

01.12.1944

Date of Appointment :

09.03.1995

DIN No.:

00052379

Other directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209GJ1983PTC005913	NEW GUJARAT POLYPLAST PRIVATE LIMITED	Director	11/7/1983	11/7/1983	12/6/2008	Active	NO
2	U25209GJ1995PLC024946	KABRA PLASTICS LIMITED	Director	9/3/1995	9/3/1995	-	Active	NO

Name :

Mr. Binod Kumar Kabra

Designation :

Managing Director

Address :

40/1, 1^st Floor, Somnath Mhadev Co Op. Housing Society, Surat – 395007, Gujarat, India

Date of Birth/Age :

28.05.1967

Date of Appointment :

09.03.1995

DIN No.:

00052407

Other directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209GJ1983PTC005913	NEW GUJARAT POLYPLAST PRIVATE LIMITED	Director	1/4/1986	1/4/1986	-	Active	NO
2	U17119GJ1989PTC011910	KABRA SYNTHETICS PRIVATE LIMITED	Director	20/02/1989	20/02/1989	23/03/2010	Active	NO
3	U25209GJ1995PLC024946	KABRA PLASTICS LIMITED	Managing director	1/4/2009	9/3/1995	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Binodkumar Kabra	517500
Gitadevi Kabra	725000
Amita Kabra	712500
Kabra Synthetic Private Limited, India	55000
Binodkumar Kabra – HUF	465000
Nilima Kamlesh Mehta	30000
Kamlesh Kailash Mehta	30000
Bhagya Laxmi Commercial Private Limited, India	40000
Sushil Kumar Laxmi Devi Jain	15000
Mahavirprasad Munnidevi Jain	10000
Naisha Mohanlal Dalal	10000
Shitla Prasad Mangilal Ajmera	37500
Rajendra Kumar Hanumanprasad Dhanuka	10000
Girija Shankar Nagarmal Agarwal	70000
Harish Fatehchand Kabra	20000
Fatehchand Dulichand Kabra	20000
Dipesh Binodkumar Kabra	565000
Manish Mahavirprasad Jain	10000
Meera Gyanchand Jain	12500
Govind Prasad Hanuman Prasad Dhandhuka	10000
Ashish Fatehchand Kabra	20000
Master Bharatkumar HUF	7500
Gyaychand Jain	130000
Madhu Ganesh Chandak	17500
Veenit Jamunadas Kothari	15000

List of Allottees (As on 23.03.2012)

Names of Allottees	No. of Shares
Simpro Vanijya Private Limited, India	10400
Urmila Biyani	600
Chaturbhuj Dhanraj Totla	2600
Mamta Totla	600
Aarti Taparia	600
Subhrekha Vyapaar Private Limited, India	7000
Total	21800

List of Allottees (As on 17.10.2011)

Names of Allottees	No. of Shares
Vidhata Consultancy Private Limited, India	4000
Balram Shyamsundar Sharma	700
Shyam Sundar Ramdeen Sharma	300
Gajendra Singh Motisingh Ravalji	600
Renu Shyamsunder Sharma	600
Swaraganga Viniyam Limited, India	5000
Anita Girdharila Vaishnav	600
Kaushlya Devi Shyamsundar Sharma	400
Nirmala Rameshchadra Malu	700
Rameshchadra Malu	700
Urviah Malu	600
Madhu Purushottam Totla	1000
Chetna Suppliers Private Limited, India	5000
Purushottam Totla	1000
Swarnganga Viniyam Limited, India	5500
S.K. Stock Dealers Private Limited, India	4000
Sonal Gajendra Ravlji	1000
Chetna Suppliers Private Limited, India	3000
S.K. Stock Dealers Private Limited, India	5000
Samyak Private Electronics Limited, India	3000
Shubh Suppliers Limited, India	8400
Anita Hatwarlal Sharma	200
Natwarlal Sharma (HUF)	200
Shivraj Kedarmal Sharma	200
Shyam Sundmr Magilal Sharma	200
Vishnu Rambilash Sharma	200
Shubh Suppliers Limited, India	6000
Vidhata Consultancy Private Limited, India	2000
Achi Finance and Management Consultancy Private Limited, India	5000
Achi Finance and Management Consultancy Private Limited, India	3500
Koshiah Vyapaar Private Limited, India	3000
Total	71600

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	39.00
Directors or relatives of Directors	29.00
Other top fifty shareholders	32.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of BOPP Film, PVC Film, Matalized Bopp, PVC and Polyester Film of high quality and scraps.
Exports :
Products :	BOPP Film, PVC Film, Matalized Bopp, PVC and Polyester Film of high quality and scraps.
Countries :	Asian Countries
Imports :
Products :	Raw Material
Countries :	Gulf Countries
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Installed Capacity	Actual Production
BOPP Film	MT	2400	2400
Matalising Bopp	MT	7200	1200
PVC Film	MT	1200	1200

GENERAL INFORMATION

Customer:

Manufacturer and Dealers

No. of Employees :

130 (Approximately)

Bankers :

· Bank of Baroda, Parsi Sheri Branch, P. B. No.328, Khandwala Sheri, Bhagal, Surat - 395003, Gujarat, India

· HDFC Bank, Surat, India

· IDBI Bank Limited, IDBI Tower WTC Complex, Branch Office At Ghod Dod Road, Surat - 395001, Gujarat, India

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Bank of Baroda – Cash Credit (Secured by a first charge on stock and bad debts, both present and future and second charge by way of mortgage/hypothecation crated over all the immovable properties and plant and machinery of the company and also guaranteed by director of the company)	174.745	122.516
Bank of Baroda – Term Loan	2.727	0.000
HDFC Bank Car Loan	1.172	1.507
TOTAL	178.644	124.023

Banking Relations :	--
Auditors :
Name :	C S Jariwala and Company Chartered Accountant
Address :	6^th Floor, President Plaza, C- Block, Ring Rod, Athwagate, Surat – 395001, Gujarat, India

CAPITAL STRUCTURE

After As on 30.09.2011

Authorised Capital:

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6749400	Equity Shares	Rs.10/- each	Rs.67.494 Millions

As on 31.03.2011

Authorised Capital:

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6656000	Equity Shares	Rs.10/- each	Rs.66.560 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		62.560	29.860	29.860
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		27.300	21.428	12.639
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		89.860	51.288	42.499
LOAN FUNDS
1] Secured Loans		178.644	124.023	42.902
2] Unsecured Loans		1.063	18.478	23.105
TOTAL BORROWING		179.707	142.501	66.007
DEFERRED TAX LIABILITIES		9.015	8.680	6.524
TOTAL		278.582	202.769	115.030
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		86.099	65.723	62.391
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.800	0.800	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	37.762	34.600	15.106
	Sundry Debtors	247.658	113.505	111.810
	Cash & Bank Balances	16.555	0.980	6.676
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	31.722	31.419	7.445
Total Current Assets		333.697	180.504	141.037
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	120.508	28.203	76.877
	Other Current Liabilities	20.679	14.847	10.543
	Provisions	2.656	1.508	0.978
Total Current Liabilities		143.843	44.558	88.398
Net Current Assets		189.854	135.946	52.639
MISCELLANEOUS EXPENSES		1.829	0.300	0.000
TOTAL		278.582	202.769	115.030

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1227.536	513.281	332.382
		Other Income	0.000	0.528	1.578
		TOTAL (A)	1227.536	513.809	333.960
Less	EXPENSES
		Raw Material Consumed / Purchase	1045.144	454.310	247.015
		Manufacturing and Other Expenses	92.003	25.966	25.521
		Excise Duty	50.031	12.968	26.682
		Increased / (Decreased) in Stock	0.286	(14.941)	3.908
		TOTAL (B)	1187.464	478.303	303.126
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		40.072	35.506	30.834
Less	FINANCIAL EXPENSES (D)		23.633	15.558	14.947
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		16.439	19.948	15.887
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.348	6.218	6.183
	EXTRA ORDINARY ITEMS
	LOSS ON SALE OF FIXED ASSETS		0.000	1.129	0.664
	PROFIT BEFORE TAX (E-F) (G)		9.091	12.601	9.040
Less	TAX (I)		3.219	3.813	2.133
	PROFIT AFTER TAX (G-I) (J)		5.872	8.788	6.907
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		11.528	2.739	(4.167)
	BALANCE CARRIED TO THE B/S		17.400	11.527	2.740
	IMPORTS
		Raw Materials	103.551	1.977	0.000
		Stores & Spares	7.499	0.799	1.770
		Capital Goods	0.000	1.073	0.000
	TOTAL IMPORTS		111.050	3.849	1.770
	Earnings Per Share (Rs.)		0.94	2.94	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.49	1.71	2.07
Net Profit Margin (PBT/Sales)	(%)	0.74	2.45	2.72
Return on Total Assets (PBT/Total Assets}	(%)	2.17	5.11	4.44
Return on Investment (ROI) (PBT/Networth)		0.10	0.24	0.21
Debt Equity Ratio (Total Liability/Networth)		3.60	3.64	3.63
Current Ratio (Current Asset/Current Liability)		2.32	4.05	1.59

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	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	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	No
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	No
30) Major Shareholders, if available	Yes

Note:

The Registered Office of the company has been shifted from 352/B Ashwani Kumar Road Patel Colony Surat – 395008, Gujarat, India to the present address w.e.f.01.05.2009

Bankers Charges Report as per Registry

Corporate identity number of the company	U25209GJ1995PLC024946
Name of the company	KABRA PLASTICS LIMITED
Address of the registered office or of the principal place of business in India of the company	B-729, Wing b, 7^th Floor, International Trade Centre, Majura Gate, Ring Road, Surat – 395001, Gujarat kabraplastics@drdcs.net
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · (Others) -Stock
Particular of charge holder	Bank of Baroda, Parsi Sheri Branch, P. B. No.328, Khandwala Sheri, Bhagal, Surat - 395003, Gujarat, India parsis@bankofbaroda.com
Nature of instrument creating charge	Hypothecation Agreement
Date of instrument Creating the charge	10.03.2012
Amount secured by the charge	Rs.30.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 8.25% above Base Rate (Present Base Rate is 10.75%) Terms of Repayment On Demand Margin 25.00 % stock 30.00 % book debts Extent and Operation of the charge First and Exclusive charge on the assets
Short particulars of the property charged	All the stock of raw material, work in progress, semi finished goods of plastic fibers, Aluminum Foil Etc Both Present And Future Of The Company. All The Present And Future Book Debts, Outstanding, Monies Receivables, Claims, Bills, Contracts Etc. Of The company. All the tangible movable machinery and plant and cranes, boats and crafts and the vehicles of the company together with all accessories and spares parts situated at Daman and Surat.

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.56.01
UK Pound	1	Rs.87.85
Euro	1	Rs.70.54

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.