MIRA INFORM REPORT

Report Date :

14.03.2012

IDENTIFICATION DETAILS

Name :	DEV-PET CONTAINERS PRIVATE LIMITED
Registered Office :	Plot No. 29, GIDC Industrial Estate, GIDC Kadi-382715, Gujarat.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.09.2006
Com. Reg. No.:	04-049186
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U28992GJ2006PTC049186
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Packaging Products like Plastic Pet Bottles, Pet Bottles, Pet Preform, plastic Cap.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 4000
Status :	Small Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for small to mediocre business dealings with some caution.

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. Vivek Patel
Designation :	Director
Contact No.:	91-9327911517
Date :	29.02.2012

LOCATIONS

Registered Office/ Factory :	Plot No. 29, GIDC Industrial Estate, GIDC Kadi – 382715, Gujarat, India.
Tel. No.:	91-2764-242100
Mobile No.:	91-9327911517 (Mr. Vivek Patel) 91-9979861091 (Mr. Bhavesh Patel)
Fax No.:	91-2764-242100
E-Mail :	devpetcpl@yahoo.co.in cb@corpbank.co.in masterpetind@yahoo.com
Area :	1000 sq. ft.
Location :	Owned

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Vivek Ishwarbhai Patel

Designation :

Whole-Time Director

Address :

11, Karnavati Society, Kadi Village, Kundal (Part), Kadi-382715, Gujarat, India.

Date of Birth/Age :

26.11.1967

Date of Appointment :

29.09.2006

DIN No.:

01877087

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	U28992GJ2006PTC049186	DEV-PET CONTAINERS PRIVATE LIMITED	Whole-time director	01-10-09	29-09-06	Active	NO

Name :

Mr. Gautam Jayantilal Patel

Designation :

Whole-Time Director

Address :

20, Ghanshyam Nagar Society, Kundal, Kadi (N.G)-382715, Gujarat, India.

Date of Birth/Age :

25.07.1975

Date of Appointment :

29.09.2006

DIN No.:

01891110

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	U28992GJ2006PTC049186	DEV-PET CONTAINERS PRIVATE LIMITED	Whole-time director	01-10-09	29-09-06	Active	NO

Name :

Mr. Bhaveshkumar Ishwarlal Patel

Designation :

Whole-Time Director

Address :

52, Indralok Society, Opposite Gayatri Mandir, Tal: Kalol, District Mehsana, Kalol-382721, Gujarat, India.

Date of Birth/Age :

26.10.1979

Date of Appointment :

29.09.2006

DIN No.:

01881897

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	U28992GJ2006PTC049186	DEV-PET CONTAINERS PRIVATE LIMITED	Whole-time director	01-10-09	29-09-06	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Gautam Jayantilal Patel	3200
Vivek Ishwarbhai Patel	3195
Bhaveshkumar Ishwarlal Patel	3595
Patel kirtibhai Khemabhai	5
Manishaben Mayuriben Patel	5
Total	10000

(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 Packaging Products like Plastic Pet Bottles, Pet Bottles, Pet Preform, Plastic Cap.
Products :	· Pet Bottles and Jars · Pharma Pet Bottles · Confectionery Pet Jars · Pet Preform · Pickles Pet Jars · Edible Oil Pet Bottles · Cosmetic Pet Bottles and Jars · Surgical Packaging Pet Containers, etc.
Exports :
Products :	Finished Goods
Countries :	Nepal
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

• Avadhoot Traders
• Bhagyoday Trading Company
• Raymond Packaging
• Prikam Machinery Private Limited
• Radha Madhav Corporation Limited
• Real Engineering Works
• Vignam Electronics Private Limited
• Yamunaji Enterprises
• Dhiren Plastic Industries
• Kothari Polymers
• Technocraft Incorporated
• Hirva Enterprises

Customers :

Manufacturing Company

No. of Employees :

15 (Approximately)

Bankers :

· Corporation Bank,

Sarva Vidhyalaya Campus, Kadi-Kalyanpura, MDR Road, B/H. Railway Station, District Mehsana (Gujarat), Kadi-382715, Gujarat, India.

· Co-operative Bank, Gujarat, India

· Shree Kadi Nagrik Sahkari Bank Limited

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Corporation Bank Term Loan	0.000	0.910
Corporation Bank Cash Credit	0.000	1.306
Shree Kadi Nagrik Sahkari Bank Limited	0.835
Total	0.835	2.216
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors, Shareholders and Relatives	4.965	4.302
Total	4.965	4.302

Banking Relations :	--
Auditors :
Name :	V.V. Patel and Company Chartered Accountant
Address :	101, 1^st Floor, Shanti Arcade, Near Akash III, 132 Ft. Ring Road, Naranpura, Ahemedabad-380013, India.
Tel. No.:	91-79-27430594/27430595
PAN No.:	AAFFV1912P

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.060
3] Reserves & Surplus		0.987	0.686	0.191
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.087	0.786	0.351
LOAN FUNDS
1] Secured Loans		0.835	2.216	2.319
2] Unsecured Loans		4.965	4.302	3.506
TOTAL BORROWING		5.800	6.518	5.825
DEFERRED TAX LIABILITIES		0.179	0.174	0.192
TOTAL		7.066	7.478	6.368
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.327	6.255	4.265
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.050	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.750	0.667	0.433
	Sundry Debtors	1.309	2.362	2.022
	Cash & Bank Balances	0.835	0.040	0.232
	Other Current Assets	0.176	0.232	0.091
	Loans & Advances	0.344	0.155	0.258
Total Current Assets		3.414	3.456	3.036
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.695	1.543	0.715
	Other Current Liabilities	0.000	0.231	0.000
	Provisions	1.030	0.462	0.224
Total Current Liabilities		1.725	2.236	0.939
Net Current Assets		1.689	1.220	2.097
MISCELLANEOUS EXPENSES		0.000	0.003	0.006
TOTAL		7.066	7.478	6.368

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	18.819	15.867	12.021
		Other Income	0.194	0.250	0.195
		TOTAL (A)	19.013	16.117	12.216
Less	EXPENSES
		Manufacturing Expenses			1.976
		Administrative Expenses			1.748
		Other Expenditure			6.590
		Increase/(Decrease) in Finished Goods			0.113
		TOTAL (B)	17.637	14.886	10.427
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial Expenses)	(Including Financial Expenses)	1.789
Less	FINANCIAL EXPENSES (D)				0.746
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.376	1.231	1.043
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.973	0.648	0.507
	PROFIT BEFORE TAX (E-F) (G)		0.403	0.583	0.536
Less	TAX (H)		0.101	0.089	0.140
	PROFIT AFTER TAX (G-H) (I)		0.302	0.494	0.396
	Earnings Per Share (Rs.)		30.17	--	--

Expected Sales (2011-12): Rs.22.000 Millions

The above information has been parted by Mr. Vivek Patel.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.53	3.07	3.24
Net Profit Margin (PBT/Sales)	(%)	2.14	3.67	4.46
Return on Total Assets (PBT/Total Assets}	(%)	4.61	6.00	7.34
Return on Investment (ROI) (PBT/Networth)		0.37	0.74	1.53
Debt Equity Ratio (Total Liability/Networth)		6.92	11.14	19.27
Current Ratio (Current Asset/Current Liability)		1.98	1.55	3.23

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	-----
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	Yes
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	No
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	-----

OPERATIONS:

Total turnover of the company is Rs.18.800 millions as compared to Rs.16.000 millions in the previous year and 0.396 million in the previous year. And generated profit after taxation of Rs.0.301 Millions compared to Rs.0.494 Millions in the previous year.

TRADE REFERENCE:

· Bajaj Food Limited

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U28992GJ2006PTC049186
Name of the company	DEV-PET CONTAINERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 29, GIDC Industrial Estate, GIDC Kadi-382715, Gujarat, India.
Type of charge	Immovable property Book Debts Movable property
Particular of charge holder	Corporation Bank, Sarva Vidhyalaya Campus, Kadi-Kalyanpura, MDR Road, B/H. Railway Station, District Mehsana (Gujarat), Kadi-382715, Gujarat, India.
Email ID	cb@corpbank.co.in
Nature of description of the instrument creating or modifying the charge	1. Common Deed of Hypothecation of Movables/Assets/Debts Rs. 6.600 millions 2. Agreement for Term Loan Rs. 5.100 millions 3. Memorandum of Deposit of Title Deeds Rs. 6.600 millions
Date of instrument Creating the charge	31.03.2007
Amount secured by the charge	Rs. 6.600 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Term Loan - 11.50 % p.a. at present subject to revision from time to time. Cash Credit (hypothecation) - 11.00 % p.a. at present subhect to revision from time to time. Terms of Repayment Term Loan - repaid in 28 quarterly installments of Rs.0.183 millions (last installment of Rs.0.159 millions) with initial repayment holiday of 6 months. Interest to be served as and when debited/due. C.C. (Hypothecation) - Running Account repayable on demand subject to annual renewal. Margin Term Loan – Building 25 % Machineries 25 % C.C. (Hypothecation) – Stock - 30 % Book Debts 50 % (Age of Book Debt - 90 days) Extent and Operation of the charge First Charge by way of Hypothecation of machineries and other fixed assets and stock consisting of raw materials, work in process materials finished goods, stocks and book debts of the Company. First Charge by Equitable Mortgage by deposit of title deeds on factory land and building at Plot no. 29, GIDC, Opposite Saraswati Oil Mills, Kadi, District Mehsana. Others Other terms and conditions as per Common Deed of Hypothecation of Movables/Assets/Debts, Agreement for Term Loan and Memorandum of Deposit of Title Deeds.
Short particulars of the property charged	First Charge by way of Hypothecation of machineries and other fixed assets and stock consisting of raw materials, work in process materials finished goods, stocks and book debts of the Company and First Charge by Equitable Mortgage by deposit of title deeds of N.a. land of GIDC, Kadi of Mouje Kadi, Taluka: Kadi in Registration District Mehsana and sub-district Kadi, being Plot no. 29 admeasuring 864.75 Sq. Mtrs. in GIDC Kadi Industrial Estate, Kaid, District Mehsana in favour of Corporation Bank.

FIXED ASSETS:

· Land

· Electric Installation

· Factory Buildings

· Air Polucation

· Moulds and Dais

· Air Conditioner

· Moulds and Machinery

· Computer

· Furniture

· Machinery

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 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.49.85
UK Pound	1	Rs.77.97
Euro	1	Rs.65.62

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.