MIRA INFORM REPORT

Report Date :

09.05.2012

IDENTIFICATION DETAILS

Name :	BONUS PLASTICS PRIVATE LIMITED
Registered Office :	G-6, Diamond Square, Near Navjeevan Press, Ashram Road, Ahmedabad – 380 014, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.06.1988
Com. Reg. No.:	04-010796
Capital Investment/ Paid-up Capital:	Rs.6.000 millions
CIN No.: [Company Identification No.]	U24200GJ1988PTC010796
IEC No.:	0888032871
TIN No.:	24074501024
TAN No.: [Tax Deduction & Collection Account No.]	AHMB01323A / AAACB4753C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Narrow Woven Fabrics, Industrial Woven Fabrics, Nylon Woven Fabrics, PP Webbings and Belts.
No. of Employees:	150 (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 80724
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION DECLINED BY

Name :	Mr. Nikhil R. Parikh
Designation :	Director
Contact No.:	91-9327009323
Date :	21.04.2012

LOCATIONS

Registered Office :	G-6, Diamond Square, Near Navjeevan Press, Ashram Road, Ahmedabad – 380 014, Gujarat, India
Tel. No.:	91-79-27540214/ 27542873/ 31009323/ 30080220/ 30080330
Mobile No.:	91-9327009323 (Mr. Nikhil R. Parikh)
Fax No.:	91-79-27544774/ 30080440
E-Mail :	bonus@vsnl.net bonusad1@sancharnet.in nrparikh@eth.net info@bonusplastics.net
Website :	http://www.bonusplastics.co.in
Area :	3000 sq. ft.
Location :	Owned
Factory :	41/42, Ashwamegh Industrial Estate, Opposite S.B.I., Sarkhej Bavla Highway, Changodar – 382 213, Ahmedabad, Gujarat, India
Tel. No.:	91-2717-308444
Area :	10000 sq. yards
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Parikh Rajendra Sakalchand
Designation :	Managing Director
Address :	A-5, Kailash Tower, Ambalal Ice Cream Lane, Navrangpura, Ahmedabad - 380 009, Gujarat, India
Date of Birth/Age :	21.10.1935
Qualification :	B. Sc.
Date of Appointment :	06.06.1988
DIN No.:	00215702
Name :	Mr. Parikh Rocky Rajendra
Designation :	Director
Address :	A-5, Kailash Tower, Ambalal Ice Cream Lane, Navrangpura, Ahmedabad - 380 009, Gujarat, India
Date of Birth/Age :	26.06.1966
Qualification :	B. E. [Plastics]
Date of Appointment :	14.01.1996
DIN No.:	00186998
Name :	Mr. Parikh Nikhil Rajendra
Designation :	Director
Address :	A-5, Kailash Tower, Ambalal Ice Cream Lane, Navrangpura, Ahmedabad - 380 009, Gujarat, India
Date of Birth/Age :	02.09.1964
Qualification :	B.E. [Mech.]
Date of Appointment :	06.06.1988
DIN No.:	01649094

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Equity Shareholders
Rejendra S. Parikh	41450
Nikhil. R. Parikh	8500
Nikhil. R. Parikh HUF	500
Rocky R. Parikh	8500
Rocky R. Parikh HUF	1000
Suryakant N. Dalal	1
Sivani D. Shah	1
Anupam D. Shah	1
Snehal D. Shah	1
Shaily D. Shah	1
Raj Snehal Shah	1
Sonal S. Shah	1
Sriraj S. Shah	1
Lalbhai M. Shah	1
Shimul D. Shah	1
Prakas S. Mehta	10
Deepak D Shah	10
Divyabala D. Shah	10
Divyabala M. Sheth	10
Total	60000

AS ON 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Narrow Woven Fabrics, Industrial Woven Fabrics, Nylon Woven Fabrics, PP Webbings and Belts.

Products :

Product Description	Item Code No
Poly Propylene Filament Yarn	54026908
HDPE Fabrics	54026909
P. P. Narrow Woven Fabrics	58063200

· Polypropylene Multifilament Yarn

· Webbings (Narrow Woven Fabrics)

· Trouser Belts/ Safety Belts

· Curtain Tapes

Brand Names :

“BONUS”

Exports :

Products :

· Polypropylene Multifilament Yarn

· Webbings (Narrow Woven Fabrics)

· Trouser Belts/ Safety Belts

· Curtain Tapes

Countries :

· Middle East

· Gulf Countries

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Installed Capacity
P. P. Narrow Woven Fabrics	32 Looms

GENERAL INFORMATION

Customer : 

Wholesaler , Retailer, End Users and OEM’s

No. of Employees :

150 (Approximately)

Bankers :

Corporation Bank, Navrangpura Branch, Navrangpura, Ahmedabad – 380 006, Gujarat, India

 Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Corporation Bank (CC against hypothecation of Stock) All the above loans are personally guaranteed by the directors	0.000	9.385
Total	0.000	9.385

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Sharafi Deposits from
- Directors	3.600	0.000
- Share Holders	0.800	0.000
Total	4.400	0.000

Banking Relations :	--
Auditors :
Name :	Bhadresh and Siddharth Associates Chartered Accountants
Address :	203, Nalanda Enclave, Pritamnagar, Ahmedabad – 380 007, Gujarat, India
Tel. No.:	91-79-26581961/ 26584907
Fax No.:	91-79-26609779
Pan No.:	AACFB3138N
Memberships :	SRTEPC (Synthetic and Rayon Textiles Export Promotion Council) GSPMA (Gujarat State Plastic Manufacturers Association) ATPMA

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
80000	Equity Shares	Rs.100/- each	Rs.8.000 millions
20000	Preference Shares	Rs.100/- each	Rs.2.000 millions
	Total		Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60000	Equity Shares	Rs.100/- each	Rs.6.000 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		6.000	6.000	6.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		14.181	13.490	11.220
4] (Accumulated Losses)		0.000	0.000	0.00
NETWORTH		20.181	19.490	17.220
LOAN FUNDS
1] Secured Loans		0.000	9.385	11.130
2] Unsecured Loans		4.400	0.000	2.290
TOTAL BORROWING		4.400	9.385	13.420
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		24.581	28.875	30.640
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.587	10.439	8.255
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	6.230	6.964	11.157
	Sundry Debtors	9.474	10.942	7.698
	Cash & Bank Balances	2.992	1.381	1.337
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.701	7.191	8.870
Total Current Assets		21.397	26.478	29.062
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.372	0.756	3.058
	Other Current Liabilities	3.439	2.987	0.366
	Provisions	3.592	4.299	3.253
Total Current Liabilities		7.403	8.042	6.677
Net Current Assets		13.994	18.436	22.385
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		24.581	28.875	30.640

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	106.133	100.255	85.793
		Other Income	1.449	1.468	5.113
		TOTAL (A)	107.582	101.723	90.906
Less	EXPENSES
		Cost of goods sold	61.505	53.779	51.339
		Manufacturing Expenses	31.379	26.872	21.326
		Administrative and Selling Expenses	8.406	8.607	6.594
		Increase/(Decrease) in Stocks	(0.812)	1.911	0.242
		TOTAL (B)	100.478	91.169	79.501
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.104	10.554	11.405
Less	INTEREST (D)		0.621	0.937	1.375
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.483	9.617	10.030
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.200	2.804	1.682
	PROFIT BEFORE TAX (E-F) (G)		4.283	6.813	8.348
Less	TAX (H)		1.500	2.444	2.799
	PROFIT AFTER TAX (G-H) (I)		2.783	4.369	5.549
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.971	7.201	5.495
Less	APPROPRIATIONS
		Transfer to General Reserve	0.300	0.500	0.550
		Transfer to Capital Reserve	0.000	0.000	2.240
		Proposed Dividend	1.800	1.800	0.900
		Dividend Tax	0.292	0.299	0.153
	BALANCE CARRIED TO THE B/S		9.362	8.971	7.201
	EARNINGS IN FOREIGN CURRENCY
		Fabrics	NA	13.183	6.432
		Yarn	NA	1.053	1.614
		Stores & Spares	NA	0.051	0.000
	TOTAL EARNINGS		NA	14.287	8.046
	Earnings Per Share (Rs.)		46.38	72.82	92.49

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.58	4.29	6.10
Net Profit Margin (PBT/Sales)	(%)	4.03	6.79	9.73
Return on Total Assets (PBT/Total Assets}	(%)	13.39	18.45	22.37
Return on Investment (ROI) (PBT/Networth)		0.21	0.34	0.48
Debt Equity Ratio (Total Liability/Networth)		0.58	0.89	1.17
Current Ratio (Current Asset/Current Liability)		2.89	3.29	4.35

LOCAL AGENCY FURTHER INFORMATION

Note:

The Registered Office of the company has been shifted from 10/A-1/A Shreeji Baug Flats, B/H Navrangpura Police Station, Ahmedabad, Gujarat to the present address w. e. f. 01.01.2007.

FUTURE PROSPECTS:

In spite of the severe competition from the unorganized market, the products of the company is being well received in the market which is on account of better quality. The company is constantly changing the product mix as per the needs of the market so as to improve the profitability.

FORM 8:

This form is for	Modification of charge
Charge identification number of the charge to be modified	90110618
Corporate identity number of the company	U24200GJ1988PTC010796
Name of the company	BONUS PLASTIC PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	10/A-1/A Shreeji Baug Flats, B/H Navrangpura Police Station, Ahmedabad, Gujarat, India
Type of charge	Movable Property
Particular of charge holder	Corporation Bank, Navrangpura Ahmedabad – 380 006, Gujarat, India E-Mail: Cb668@corpbank.co.in
Nature of description of the instrument creating or modifying the charge	Supplementary common deed of hypothecation of movable assets / debts
Date of instrument Creating the charge	14.10.2006
Amount secured by the charge	Rs. 14.750 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit 10.50 % p.a. Term Loan 12.00 % p.a. Terms of repayment 37 EMI of 53.300 starting from 13.07.2007 Margin Cash credit 30 % Term loan 25 % Extent operation of the charge All the movable property of the company including stock book debts and machinery.
Short particulars of the property charged	All movable property i.e. stock, plant and machinery, things, goods, book debts etc.

FIXED ASSETS:

· Land

· Factory building

· Plant and Machinery

· Electric installation

· Furniture and fixtures

· Office equipments

· Vehicles

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	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
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)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
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	Yes
30) Major Shareholders, if available	Yes

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.52.85
UK Pound	1	Rs.85.44
Euro	1	Rs.68.81

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	PRL

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
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	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.