MIRA INFORM REPORT

Report Date :

12.03.2012

IDENTIFICATION DETAILS

Name :	AVI GLOBAL PLAST PRIVATE LIMITED (w.e.f. 27.08.2008) AVI VINYLS PRIVATE LIMITED – AMALGAMATED WITH AVI GLOBAL PLAST PRIVATE LIMITED

Formerly Known As :	COLLAR PACK PRIVATE LIMITED

Registered Office :	Survey No.266/4/5/6, Village Dunetha, Bhenslore, Nanidaman – 396 210, Daman and Diu

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	27.03.2001

Com. Reg. No.:	24-002958

Capital Investment / Paid-up Capital :	Rs.7.049 Millions

CIN No.: [Company Identification No.]	U18101DD2001PTC002958

Legal Form :	Private Limited Liability Company.

Line of Business :	Manufacturer and Exporter of Calendered Rigid PVC Films.

No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 688000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is a well established company having satisfactory track. 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

(30.06.2011)

Current Rating

(30.09.2011)

India

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. Rajendra
Designation :	Account Executive
Contact No.:	91-22-39559396
Date :	07.03.2012

LOCATIONS

Registered Office/ Factory :	Survey No.266/4/5/6, Village Dunetha, Bhenslore, Nanidaman – 396 210, Daman and Diu, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	durve@avigloplast.com sethi@avigloplast.com info@avigloplast.com
Website :	www.avigloplast.com
Location :	Owned

Head Office :	49, Bharagava House, Marol Co-operative Industrial Estate, M.V. Road, Sakinaka, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-39559393/ 39559396
Fax No.:	91-22-39559327

DIRECTORS

As on 30.09.2011

Name :

Mr. Akhilesh Kameshwar Prasad Bhargava

Designation :

Director

Address :

604, Hill-n-sea Apartments, Nargis Dutt Road, Palli Hill, Bandra (West), Mumbai - 400 050, Maharashtra, India

Date of Birth/Age :

35 Years

Qualification :

B.Com, M.B.A.

Date of Appointment :

24.09.2004

Experience :

11 Years

DIN No.:

00380931

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	U18101DD2001PTC002958	AVI Global Plast Private Limited	Director	24-09-04	24-09-04	Active	NO
2	U41000MH2005PTC150554	Cooldeck Aqua Solutions Private Limited	Director	11-01-05	11-01-05	Active	NO
3	U24130MH2005PTC154963	AVI Vinyls Private Limited	Director	21-07-05	21-07-05	Active	YES

Name :

Mr. Sukhdeep Singh Ravinder Singh Sethi

Designation :

Director

Address :

B-503, Sushila Baug, S.V. Road, Santacruz (West), Mumbai – 400 054, Maharashtra, India

Date of Appointment :

24.09.2004

DIN No.:

00381016

Name :

Mr. Kameshwar Bhargava

Designation :

Director

Address :

603 / 604, Hill-n-Sea Apartments, Nargis Dutt Road, Palli Hill, Bandra (West), Mumbai – 400 050, Maharashtra, India

Date of Appointment :

24.09.2004

DIN No.:

02031330

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	U15540MH1991PTC060263	Bhargava Foods Private Limited	Managing director	12-02-91	12-02-91	Active	NO
2	U18101DD2001PTC002958	AVI Global Plast Private Limited	Director	24-09-04	24-09-04	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajendra
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares	Percentage of holding
Shares-Akhilesh Bhargava	361825	51.33
Share Capital-Akhilesh and Kameshwar	80000	11.35
Share Capital-Avneesh Bhargava	14100	2.00
Share Capital-Bhaskar Bhargava HUF	4500	0.64
Share Capital-Bhaskar Bhargava	650	0.09
Share Capital-Geeta Bhargava	58860	8.35
Share Capital-Kameshwar Prasad	60416	8.57
Share Capital-Pooja Bhargava	8650	1.23
Share Capital-Pranay Bhargava	10175	1.44
Share Capital-Rishika Bhargava	14100	2.00
Share Capital-Shashi Bhargava	27000	3.83
Share Capital-Sneh Bhargava	5850	0.83
Share Capital-Teenal Shethi	23500	3.33
Share Capital-V.P. Bhargava	7050	1.00
Shares-Sukhdeep Singh Sethi	14100	2.00
Shares-Rajveer Singh Sethi	14100	2.00
Total	704876	100.00

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Calendered Rigid PVC Films.

Products :	PVC Films Shirt Packaging Accessories Stationery Tags Hang Tabs

Exports :
Products :	Calendered Rigid PVC Films
Countries :	Spain Sri Lanka

Imports :
Products :	Raw Materials
Countries :	Kenya Taiwan Germany

Terms :
Selling :	L/C / Cash Credit (30 Days / 60 Days / 90 Days)

Purchasing :	L/C / Cash Credit (30 Days / 60 Days / 90 Days)

GENERAL INFORMATION

Customers :

Retailers and Exporter

No. of Employees :

250 (Approximately)

Bankers :

State Bank of India, MIDC, Andheri (East) Branch, Plot No B-1, Central Road, Andheri (East), Mumbai – 400 093, Maharashtra, India
Canara Bank, SSI Branch Sadkinaka, Andheri (East), Mumbai – 400 072, Maharashtra, India
AXIS Bank
HDFC Bank

Facilities :

Secured Loan	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Form Sate Bank of India
Rupee term Loans	30.591	41.349
Foreign Currency Term loans	100.653	100.675
Working Capital Loans Form State Bank of India
Demand Cash Credit (DCC)	66.623	34.118
FCNR (B)	78.325	95.246
Export Packing Credit	11.296	3.220
Acceptances under DALCs	36.518	26.576
Acceptances Under buyers Credits	99.052	26.230
Auto Loans
From HDFC Bank	0.533	0.953
From AXIS Bank	0.199	0.291
Total	423.790	328.658
1.Terms Loans from SSI (A) above are secured against: a) Hypothecation of fixed assets acquired out of bank finance, b) Equitable Mortgage of - 1) Land situated at Survey No, 2SG/4, 256/5, 266/6,269/4 and 258/1 within Village - Dunitha, Nanidaman, Daman ii) Building constructed on above said plots iii) land and Building situated at Survey No, 43/9 (P), MV Road, J.B.Nagar, Andheri (E) Mumbai - 400 059 2. The working capita! loans are secured by w/ay of hypothecation of stock in trade comprising raw material, work-in -progress, finished goods and book debts of the company and extension of equitable mortgages under term loans. 3. Term loans and working capital limits are guaranteed by three directors of the company. 4. Auto Loans from Banks (C) above are secured against Motor Vehicles.
Unsecured Loan	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Directors	4.162	5.966
Shareholders	3.895	3.430
Relatives	2.785	1.535
Others	2.950	9.850
Total	13.792	20.781


Banking Relations :	--

Auditors :
Name :	R.A. Singh and Associates Chartered Accountants
Address :	25, Saibaba Shopping Centre, Keshavrao Kadam Marg, Mumbai Central, Mumbai – 400 008, Maharashtra, India
Tel. No.:	91-22-23006009 / 23006011
PAN.:	AAEPS4107J

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
704876	Equity Shares	Rs.10/- each	Rs.7.049 Millions

Includes

A) 120000 bonus equity shares of Rs.10/- each issued on 13.12.2006

B) 185750 Equity Shares of Rs.10/- each fully paid up allotted on 01.03.2008 consequent upon amalgamation of Avi Vinyls Private Limited with the company w.e.f. 01.01.08 pursuant to Bombay High Court Orders dated 25.07.2008 in Company Petitions Nos. 483 and 484 of 2008 u/s. 391/394 of the Companies Act, 1956

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		7.049	7.049	7.049
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		165.009	155.035	137.864
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		172.058	162.084	144.913
LOAN FUNDS
1] Secured Loans		423.790	328.658	294.670
2] Unsecured Loans		13.792	20.781	12.721
TOTAL BORROWING		437.582	349.439	307.391
DEFERRED TAX LIABILITIES		15.053	18.396	15.296

TOTAL		624.693	529.919	467.600

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		309.902	320.961	312.046
Capital work-in-progress		0.000	0.194	6.367

INVESTMENT		0.014	0.014	0.014
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	131.717	84.232	65.876
	Sundry Debtors	218.221	164.360	101.226
	Cash & Bank Balances	22.455	18.333	13.838
	Other Current Assets	1.258	1.265	1.336
	Loans & Advances	35.040	20.625	30.931
Total Current Assets		408.691	288.815	213.207
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	75.068	62.521	50.997
	Other Current Liabilities	17.311	15.640	13.441
	Provisions	1.789	2.349	0.232
Total Current Liabilities		94.168	80.510	64.670
Net Current Assets		314.523	208.305	148.537

MISCELLANEOUS EXPENSES		0.254	0.445	0.636

TOTAL		624.693	529.919	467.600

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	985.784	714.376	678.980
		Other Income	8.372	12.114	11.123
		TOTAL	994.156	726.490	690.103

Less	EXPENSES
		Office Expenses	936.640	657.437	659.780
		Administrative Expenses
		Advertising Expenses
		TOTAL	936.640	657.437	659.780

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		57.516	69.053	30.323

Less/ Add	DEPRECIATION/ AMORTISATION		43.085	42.600	20.509

	PROFIT BEFORE TAX		14.431	26.453	9.814

Less	TAX		4.457	9.282	3.711

	PROFIT AFTER TAX		9.974	17.171	6.103

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		21.247	6.437	0.334

Less	APPROPRIATIONS
		Transfer to General Reserve	3.122	2.361	0.000
	BALANCE CARRIED TO THE B/S		28.099	21.247	6.437

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	132.247	57.243	NA
	TOTAL EARNINGS		132.247	57.243	NA

	Earnings Per Share (Rs.)		14.15	24.36	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.00	2.36	0.88

Net Profit Margin (PBT/Sales)	(%)	1.46	3.70	1.45

Return on Total Assets (PBT/Total Assets}	(%)	2.01	4.34	1.87

Return on Investment (ROI) (PBT/Networth)		0.08	0.16	0.07

Debt Equity Ratio (Total Liability/Networth)		3.09	2.65	2.57

Current Ratio (Current Asset/Current Liability)		4.34	3.59	3.30

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	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	No
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	--
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
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	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Note:

The registered office of the company has been shifted from Survey No.57/1/9, Dunetha Village, Bhenslore Nanidaman – 396 210, Daman and Diu to present address w.e.f. 30.09.2008.

OPERATIONS AT NEW SITE

The company's growth in sales consequent upon amalgamations, shifting, expansion and establishment of operations at new site have shown improvements as above. Their Directors' are confident to improve further the performance in coming years.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U18101DD2001PTC002958
Name of the company	AVI GLOBAL PLAST PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No.266/4/5/6, Village Dunetha, Bhenslore, Nanidaman – 396 210, Daman and Diu , India E-Mail: info@avigloplast.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10108613
Type of charge	Immovable property Others (Release Property)
Particular of charge holder	State Bank of India, MIDC, Andheri (East) Branch, Plot No.B-1, Central Road, Andheri (East), Mumbai – 400 093, Maharashtra, India E-Mail: ajith.mathew@sbi.co.in
Nature of instrument creating charge	Sate Bank of India Letter for no objection in releasing charge on the Property
Date of instrument Creating the charge	18.08.2011
Amount secured by the charge	Rs.527.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest All other terms and conditions as per the sanctioned letter and loan agreement. Terms of Repayments All other terms and conditions as per the sanctioned letter and loan agreement. Margin All other terms and conditions as per the sanctioned letter and loan agreement Extent and Operation of the Charge All other terms and conditions as per the sanctioned letter and loan agreement Others All other terms and conditions as per the sanctioned letter and loan agreement
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Compartment No.43, Marol Co-operative industrial Estate Limited, Off M.V. Road, J.B. Nagar, Andheri East, Mumbai, Maharashtra, India
Date of instrument modifying the charge	30.06.2011
Particulars of the present modification	Release of equitable mortgage and Bank’s charge over property situated at compartment No.43, Marol Co-operative industrial Estate Limited, Off M.V. Road, J.B. Nagar, Andheri East, Mumbai, Maharashtra, India. The said property was previously offered as a security to the bank and hereby has been released by the bank consequent to satisfaction of charge by the Bank.

FIXED ASSETS

· Land (Freehold)

· Trade Mark / Brand

· Buildings (Residential Unit)

· Building (Industrial Unit)

· Plant and Machinery

· Equipments

· Dies and Tools

· Motor Vehicles

· Computers

· Furniture

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.50.02
UK Pound	1	Rs.79.01
Euro	1	Rs.66.18

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.

MIRA INFORM REPORT

131.717

218.221

22.455

1.258

35.040

408.691

75.068

17.311

1.789

94.168

314.523

1.00

1.46

2.01

0.08

3.09

4.34

Unit