MIRA INFORM REPORT

Report Date :

06.03.2012

IDENTIFICATION DETAILS

Name :	VEESHANA POLYPACK PRIVATE LIMITED
Registered Office :	B-708, Primium House Ellis Bridge, Ahmedabad – 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.10.1999
Com. Reg. No.:	04-036738
Capital Investment / Paid-up Capital :	Rs.4.000 Millions
CIN No.: [Company Identification No.]	U25200GJ1999PTC036738
TAN No.: [Tax Deduction & Collection Account No.]	AHMV01552F/ AHMV01880E
PAN No.: [Permanent Account No.]	AAACV9597L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Packing Material.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 97000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are 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.

INFORMATION PARTED BY

Name :	Mr. Vipul Arvindbhai Shah
Designation :	Director
Contact No.:	91-9824058775
Date :	05.03.2012

LOCATIONS

Registered Office :	B-708, Primium House, Near Gabdhigarm Railway Station, Ellisbridge, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26587692
Mobile No.:	91-9824058775 (Mr. Vipul Arvindbhai Shah) 91-9824010035 (Mr. Minesh Arvindbhai Shah)
Fax No.:	91-79-26582490
E-Mail :	mhtrivedica@yahoo.com mhtrivedica@yahoo.co.in mail@veeshnapoly.com
Location :	Owned
Factory :	244/B, Sarsa Patia Road, Village Kanera, Ta-Kheda, District Kheda, Gujarat, India
Tel. No.:	91-2694-288865/ 15
Location :	Owned

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Vipul Arvindbhai Shah
Designation :	Director
Address :	36, Avani Tower, Near Shreyas Cross, N G Ambawadi – 380015, Gujarat, India
Date of Appointment :	18.10.1999
DIN No.:	00519968
Name :	Mr. Minesh Arvindbhai Shah
Designation :	Director
Address :	36, Avani Tower, Near Shreyas Cross, N G Ambawadi – 380015, Gujarat, India
Date of Appointment :	18.10.2006
DIN No.:	00520194

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares (Equity)
Vipul Arvindbhai Shah	100000
Minesh Arvindbhai Shah	100000
Total (A)	200000
Names of Shareholders	No. of Shares (Preference)
Data Innovation (India) Private Limited, India	10000
KEN Securities Limited, India	20000
Naxus Software Limited, India	30000
Ishwarlal Associates	60000
Gujarat Zaveri Spinners Limited, India	20000
MIK Marketing Private Limited, India	50000
Shree Enterprise, India	10000
Total (B)	200000
Total (A + B)	400000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Packing Material.
Products :	· HDPE Fabrics · HDPE Bags · LDPE Rolls · LDPE Bags · HDPE Strips
Exports :
Products :	Packing Material
Countries :	Russia
Imports :
Products :	Raw Materials
Countries :	Qatar
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
HDPE Fabric	Kgs.	NA	Not Fixed	2009331.15
HDPE Bags	Kgs.	NA	Not Fixed	1837989.05
LDPE Rolls	Kgs.	NA	Not Fixed	1900.00
LDPE Bags	Kgs.	NA	Not Fixed	325296.70

GENERAL INFORMATION

Suppliers :

· Reliance Petrochemicals Limited

Customers :

End Users, OEM’s and Sugar, Salt Industries and Manufacturing Company

· Tata Limited

No. of Employees :

300 (Approximately)

Bankers :

· Bank of Baroda

Navrangpura Branch, Navrangpura, Ahmedabad – 380009, Gujarat, India

· HDFC Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Bank of India
Term Loan (Against Hypothecation of Plant and Machinery)	14.366	11.636
Above loan is also personally guaranteed by Directors
Total	14.366	11.636
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Short Term Loans and Advance From:
From directors and Relatives	22.380	18.468
Short Terms Loan	5.493	1.960
In Current A/c with HDFC Bank Overdrawn	0.002	0.002
Total	27.875	20.430

Banking Relations :	--
Auditors :
Name :	Mahesh Trivedi and Company Chartered accountant
Address :	A-711, Fairdeal House, Near Swastik Cross Road, Ahmedabad – 380009, Gujarat, India
Tel No.:	91-79-26421487 (O)/ 26607404 (R)
PAN No.:	AAJPT7754M
Email :	mhtrivedica@yahoo.co.in
Other Related Parties :	· Veeshna Polypack · Veeshna Plastic private Limited · Veeshna Plastic · Veeshna Trading company

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Share	Rs.10/- each	Rs.2.000 Millions
200000	Preference Share	Rs.10/- each	Rs.2.000 Millions
	Total		Rs.4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Share	Rs.10/- each	Rs.2.000 Millions
200000	Preference Share	Rs.10/- each	Rs.2.000 Millions
	Total		Rs.4.000 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		4.000	4.000	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		20.342	16.939	14.410
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		24.342	20.939	18.410
LOAN FUNDS
1] Secured Loans		14.366	11.636	6.696
2] Unsecured Loans		27.875	20.430	10.772
TOTAL BORROWING		42.241	32.066	17.468
DEFERRED TAX LIABILITIES		1.410	1.410	1.208
TOTAL		67.993	54.415	37.086
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.160	22.856	17.348
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.285	8.345	2.720
	Sundry Debtors	36.257	31.073	20.837
	Cash & Bank Balances	20.180	17.083	15.316
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.354	2.917	3.250
Total Current Assets		70.076	59.418	42.123
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	30.071	26.033	14.000
	Other Current Liabilities	0.160	0.098	6.737
	Provisions	2.012	1.728	1.648
Total Current Liabilities		32.243	27.859	22.385
Net Current Assets		37.833	31.559	19.738
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		67.993	54.415	37.086

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	255.767	185.334	123.593
		Other Income	2.699	1.760	1.194
		Closing Stock	8.683	5.647	1.777
		TOTAL	267.149	192.741	126.564
Less	EXPENSES
		Opening Stock	5.647	1.777	1.846
		Raw Materials Consumed	17.201	12.877	84.337
		Vat Paid on Purchases	6.963	6.096	3.988
		Imported Raw Materials Consumed	21.864	9.546	1.624
		Stores Consumed	2.575	3.195	1.538
		Power and Fuel Charges	8.147	9.412	7.829
		Freight and Octroi	4.094	1.894	1.384
		Salaries, Wages and Bonus	3.992	1.784	1.539
		Travelling Expenses	0.131	0.036	0.039
		Vehicle Petrol and Maintenance	0.247	0.185	0.198
		Other Expenses	188.976	140.327	17.809
		TOTAL	259.837	187.129	122.131
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		7.312	5.612	4.433
Less/ Add	DEPRECIATION/ AMORTISATION		3.400	2.753	2.556
	PROFIT BEFORE TAX		3.912	2.859	1.877
Less	TAX		0.509	1.086	0.475
	PROFIT AFTER TAX		3.403	1.773	1.402
	IMPORTS
		Raw Materials	21.864	10.529	NA
	TOTAL IMPORTS		21.864	10.529	NA
	Earnings Per Share (Rs.)		17.02	4.43	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.27	0.92	1.11
Net Profit Margin (PBT/Sales)	(%)	1.53	1.54	1.52
Return on Total Assets (PBT/Total Assets}	(%)	3.90	3.47	3.16
Return on Investment (ROI) (PBT/Networth)		0.16	0.14	0.10
Debt Equity Ratio (Total Liability/Networth)		3.06	2.86	2.16
Current Ratio (Current Asset/Current Liability)		2.17	2.13	1.88

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors
- Sundry Creditors for Goods/ Expenses	26.790	23.488	13.184
- Sundry creditors for Export	3.281	2.545	0.816
Total	30.071	26.033	14.000

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	-----
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	No
Reasons for variation <> 20%	No
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
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	No
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	No
Incorporation details is applicable	-----
Last Accounts filed at ROC	-----
Major Shareholders, if available	-----

NOTE:

The Registered office of the company has been shifted from, Old Dalia Building, Opposite Town Hall, Ellisbridge, Ahmedabad - 380006, Gujarat, India, to the present address w.e.f 21.11.2005.

OPERATIONS:

The performance of the company was satisfactory in the market and has achieved sale of Rs.257.326 Millions during previous year.

TRADE REFERENCE:

· Tata Limited

· Reliance Petrochemicals Limited

FORM 8:

Corporate identity number of the company	U25200GJ1999PTC036738
Name of the company	VEESHANA POLYPACK PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B 708 Primium House, Ellisbridge, Ahmedabad – 380006, Gujarat, India mhtrivedica@yahoo.com
This form is for	Modification of charge
Charge identification number of the modified	80046971
Type of charge	Immovable Property
Particular of charge holder	Bank of Baroda Navrangpura Branch, Navrangpura, Ahmedabad – 380009, Gujarat, India navran@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Instrument of extension relating to deposit of title deed Dtd. 24th September, 2009.
Date of instrument Creating the charge	24/09/2009
Amount secured by the charge	Rs.31.250 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest On Term Loan @ 0.50% p.a below BPLR i.e.11.50 % p.m and On Cash Credit @ 0.50% p.a below BPLR i.e11.50% p.m at present subject to change as per credit rating and RBI/ Bank's guidelines issued from time to time. Terms of Repayment 1) Term Loan I: Repayable in 66 months (incl. moratorium of 6 months) repayable by 60 equal monthly installments each of Rs.0.125 Millions, (as per existing terms and conditions) 2) Term Loan II: Repayable in 66 months (Incl. moratorium of 6 months). Repayment to start from 01/04/2010 3) Cash Credit Facility: 12 months subject to annual review. Margin 1) 35.47% On Plant and Machineries and Others. 2) (a) Stocks : 25% (b) Book Debts : 50% Extent and Operation of the charge The bank shall have the first and exclusive charge over the properties mentioned in column 15 and the extension in relation to deposit of title deed dated 24/09/2009.
Short particulars of the property charged	Piece and Parcel of N.A. Land bearing Plot No. B of Block No. 244 situated within the Village Limits of Kanera, Tal. Kheda, District and regt. Sub District Kheda in the State of Gujarat containing by admeasurements 4131.38 sq. mtrs. together with other buildings and other structures, erections and godowns and fixed and machinery fixtures and fittings erected or installed thereon.
Date of latest modification prior to the present modification	10.03.2008
Particulars of the present modification	The term loan and cash credit limit has been revised as under: 1) Term Loan 1 Existing Limit 6.500 Millions, Revised Limit 6.250 Millions 2) Term Loan 2 Existing Limit NIL, Revised Limit 17.500 Millions 3) Cash Credit Existing Limit 7.500 Millions, Revised Limit 7.500 Millions Total Revised Limit is Rs.31.250 Millions

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Electronic Installation

· D G Set

· Computer

· Furniture

· Office Building

· 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.49.35
UK Pound	1	Rs.78.68
Euro	1	Rs.65.63

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
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	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.