MIRA INFORM REPORT

Report Date :

28.06.2012

IDENTIFICATION DETAILS

Name :	ROTOTON POLY PACK PRIVATE LIMITED
Registered Office :	20, Samrat Industrial Area, B/H S.T. Work Shop, Gondal road, Rajkot – 360004, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.08.1994
Com. Reg. No.:	04-022748
Capital Investment / Paid-up Capital :	Rs. 2.000 Millions
CIN No.: [Company Identification No.]	U17119GJ1994PTC022748
TAN No.: [Tax Deduction & Collection Account No.]	RKTR00547B
PAN No.: [Permanent Account No.]	AABCR0096F
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Packaging Materials.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Networth of the company appears to satisfactory. But profitability of the company appears to be low. However, trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. 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 (30.06.2011)	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. Sudhakar
Designation :	Accountant Manager
Contact No.:	91-9427505541
Date :	26.06.2012

LOCATIONS

Registered Office :	20, Samrat Industrial Area, B/H S.T. Work Shop, Gondal road, Rajkot – 360004, Gujarat, India
Tel. No.:	91-281-2375668
Mobile No.:	91-9427505541 (Mr. Sudhakar)
Fax No.:	Not Available
E-Mail :	contact@rototon.in rotton@icenet.in
Website :	http://www.rototon.in
Area :	1500 sq.ft.
Location :	Owned
Factory :	Udyog Nagar Colony, Near Bhambhani Casting, Rajkot – 360002, Gujarat, India
Area :	5000 sq.ft.
Location :	Owned

DIRECTORS

As on 31.03.2011

Name :	Mr. Vasantrai Makanji Gadhesa
Designation :	Director
Address :	20-Samrat Ind. Area, BH- ST.Workshop, Gondal Road, Rajkot.- 360001, Gujarat, India
Date of Birth/Age :	01.03.1954
Date of Appointment :	11.08.1994
DIN No.:	00063392

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	Company/ LLP Status	Defaulting status
1	U17119GJ1994PTC022748	ROTOTON POLY PACK PVT LTD	Director	11-08-94	11-08-94	Active	NO
2	U25202GJ2012PTC070190	DEV FLEXIPACK PRIVATE LIMITED	Director	04-05-12	04-05-12	Active	NO

Name :	Mr. Chirag Vasantkumar Gadhesa
Designation :	Director
Address :	"Ikshavaru", 8, Tapovan Society, Rajkot - 360001, Gujarat, India
Date of Birth/Age :	22.12.1980
Date of Appointment :	31.12.1998
DIN No.:	00208495

KEY EXECUTIVES

Name :	Mr. Sudhakar
Designation :	Accountant Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Vasantkumar Gadhesa	119970
Chirag Vasantkumar Gadhesa	59990
Chirag Vasantkumar Gadhesa (HUF)	10
Ashokbhai J. Jadeja	6650
Bhavnaben V. Gadesha	10
Devang V. Gadesha	9
Kiritsinh J. Jadeha	6700
Poojaen C. Gadesha	10
Raghurajsinh J. Jadeja	6650
Devang V. Gadesha (HUF)	1
TOTAL	200000

(AS ON 30.09.2011)

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Packaging Materials.
Exports :
Products :	Packaging Materials
Countries :	South Africa
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Flexible Laminated Packaging in Form of Rolls / Pouches	TON	N.A.	600	550

GENERAL INFORMATION

Suppliers :

Marudhar Industries Limited

Customers :

End Users

• Kailash Manufacturer

No. of Employees :

70 (Approximately)

Bankers :

• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (W), Mumbai - 400013, Maharashtra, India
• Oriental Bank of Commerce, First Floor, Krishna Palace, Panchvati Main Road, Rajkot - 360001, Gujarat, India

Facilities :

Cash Credit Rs. 15.000 Millions

Secured Loans	Rs. in million 31.03.2011	Rs. in million 31.03.2010
HDFC Car Loan	2.983	0.257
Oriental Bank of Commerce		3.370
Total	2.983	3.627
Unsecured Loans	Rs. in million 31.03.2011	Rs. in million 31.03.2010
Deposit from Directors	18.130	2.845
Deposit from Shareholders		11.506
Total	18.130	14.351

Banking Relations :	--
Auditors :
Name :	K .P. Bhansali and Company Chartered Accountants
Address :	709, Everest Complex, Opp. Shashtri Ground, Rajkot - 360001, Gujarat, India
PAN NO.:	ABTPB9381J

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs. 2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs. 2.000 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		2.000	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		23.965	22.140	11.973
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		25.965	24.140	13.973
LOAN FUNDS
1] Secured Loans		2.983	3.627	3.564
2] Unsecured Loans		18.130	14.351	12.900
TOTAL BORROWING		21.113	17.978	16.464
DEFERRED TAX LIABILITIES		4.391	3.444	2.069
TOTAL		51.469	45.562	32.506
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		29.331	21.495	13.846
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	5.600
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.166	10.333	13.157
	Sundry Debtors	22.682	24.394	14.374
	Cash & Bank Balances	1.267	0.608	0.374
	Other Current Assets	0.000	0.000	0.039
	Loans & Advances	2.029	2.921	1.225
Total Current Assets		37.144	38.256	29.169
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	15.006	11.861	12.234
	Other Current Liabilities		2.328	1.680
	Provisions	0.000	0.000	2.195
Total Current Liabilities		15.006	14.189	16.109
Net Current Assets		22.138	24.067	13.060
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		51.469	45.562	32.506

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES TURNOVER		153.305	124.792	106.586
Less	EXPENSES		145.696	111.939	99.379
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		7.609	12.853	7.207
Less/ Add	DEPRECIATION/ AMORTISATION		1.760	1.215	0.973
	PROFIT BEFORE TAX		5.849	11.638	6.234
Less	TAX		4.025	1.471	NA
	PROFIT AFTER TAX		1.824	10.167	NA
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	NA	6.013	0.513
	TOTAL EARNINGS		NA	6.013	0.513
	Earnings Per Share (Rs.)		9.12	50.83	--

Particulars	31.03.2012
Sales Turnover (Approximately)	160.000

Expected Sales (2012-2013) : Rs. 180.000 Millions

The above information has been parted by Mr. Sudhakar

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.19	8.15	NA
Net Profit Margin (PBT/Sales)	(%)	3.82	9.33	5.85
Return on Total Assets (PBT/Total Assets}	(%)	8.80	19.48	14.49
Return on Investment (ROI) (PBT/Networth)		0.23	0.48	0.45
Debt Equity Ratio (Total Liability/Networth)		1.56	1.48	2.48
Current Ratio (Current Asset/Current Liability)		2.48	2.70	1.81

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	---------
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	------------
Litigations that the firm/ Promoters Involved in	------------
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-------------
Buyer visit details	------------
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

NOTE:

Registered office of the company has been shifted from Udyog Nagar Colony, Near Bhambhani Casting, Gondal Road, Rajkot – 360002, Gujarat, India to the present address w.e.f. 01.09.2008.

FORM 8

Corporate identity number of the company	U17119GJ1994PTC022748
Name of the company	ROTOTON POLY PACK PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	20, Samrat Industrial Area, B/H S.T. Work Shop, Gondal road, Rajkot – 360004, Gujarat, India
This form is for	Creation of charge
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (W), Mumbai - 400013, Maharashtra, India Email: RBBform8@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Letter of Hypothecation
Date of instrument Creating the charge	25.04.2012
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 12.25* p. a.( Base rate + 2.25% HDFC current Basr rate is 10%) Terms of Repayment Repayable on Demand Margin 25% on paid Stock ( upto 180 days) 50% on debtors (upto 90 days) Extent and Operation of the charge The charge shall be in operation till the entire amount charge on all present and future current assets inclusive of all stocks, book debts. Including interest, if any is repaid.
Short particulars of the property charged	Hypothecation by way of first and exclusive charge on all present and future current assets inclusive of all stocks, book debts.

TRADE REFERENCES:

• Marudhar Industries Limited
• Kailash Manufacturer

FIXED ASSSETS:

• Factory Land
• Building
• Plant and Machinery
• Car and Jeep
• Scooty Pep
• Computer System
• Furniture and Fixtures

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. 57.22
UK Pound	1	Rs. 89.42
Euro	1	Rs. 71.46

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	ACH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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.