MIRA INFORM REPORT

Report Date :

28.11.2012

IDENTIFICATION DETAILS

Name :	SANGIR PLASTICS PRIVATE LIMITED
Registered Office :	Sangir House, 366/2933, Motilal Nagar 2, Goregaon West, Mumbai-400062, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.04.1982
Com. Reg. No.:	11-027000
Capital Investment / Paid-up Capital :	Rs.3.663 Millions
CIN No.: [Company Identification No.]	U25200MH1982PTC027000
TAN No.: [Tax Deduction & Collection Account No.]	MUMS36969C
PAN No.: [Permanent Account No.]	AABCS3737J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Thermoplastics Piping Solutions.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 726584
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DENIED

Management Non Co-operative.

LOCATIONS

Registered Office/Corporate office :	Sangir House, 366/2933, Motilal Nagar 2, Goregaon West, Mumbai-400062, Maharashtra, India
Tel. No.:	91-22-28724023/6120
Fax No.:	91-22-28741794
E-Mail :	sangir@vsnl.com anand@sangir.in
Factory 1:	A1/2212 and 2213, Phase III, GIDC, Vapi - 396 195, Gujarat. India
Tel. No.:	91-260-2430238
Fax No.:	91-260-2420310
Factory 2:	Survey 146, 147 and 148, Behind Raymond Limited, Udawada-Khadki Road, NH8, Western Express Highway, Taluka Pardi, Vapi-396185, Gujarat, India
E-Mail :	production2@sangir.in

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Ramkumar Mohanlal Mandhana

Designation :

Director

Address :

B1 501, Jamunotri Sadan, Bangur Nagar, Goregaon West, Mumbai-400049, Maharashtra, India

Date of Birth/Age :

08.10.1946

Date of Appointment :

20.08.1996

Din No.:

00808369

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	U25200MH1982PTC027000	SANGIR PLASTICS PRIVATE LIMITED	Whole-time director	15/04/2008	20/08/1996	Active	NO

Name :

Mr. Sushil Kumar Ramkunwar Mandhana

Designation :

Director

Address :

B1 502, Jamunotri Sadan, Bangur Nagar, Goregaon West, Mumbai-400049, Maharashtra, India

Date of Birth/Age :

10.02.1971

Date of Appointment :

20.08.1996

Din No.:

00763859

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	U25200MH1982PTC027000	SANGIR PLASTICS PRIVATE LIMITED	Whole-time director	20/08/1996	20/08/1996	Active	NO
2	U29212RJ1997PTC014132	TRF PLASTOCHEM PRIVATE LIMITED	Director	02/03/2007	02/03/2007	Active	NO

Name :

Mr. Anandkumar Ramkunwar Mandhana

Designation :

Director

Address :

B1 501, Jamunotri Sadan, Bangur Nagar, Goregaon West, Mumbai-400049, Maharashtra, India

Date of Birth/Age :

04.07.1977

Date of Appointment :

27.12.2003

DIN No.:

00987100

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	U25200MH1982PTC027000	SANGIR PLASTICS PRIVATE LIMITED	Whole-time director	15/04/2008	27/12/2003	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Ramkunwar Mandhana	7900
Anandkumar Ramkunwar Mandhana	9742
Sumitradevi Mandhana	2740
Sushil Kumar Mandhana	5030
Sunita Sushil Mandhana	1388
Shivprasad Kabra	10
Sheetal Anand Mandhana	2810
Nitin Jethaliya	10
Ayuvardhan Project consultants Private Limited, India	7000
TOTAL	36630

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	91.11
Other top fifty shareholders	80.83
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Thermoplastics Piping Solutions.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Tubes, Pipes and Fittings thereof made of Polymer of Ethylene and Polypropylene	3917,20, 21, 22 and 40

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
HDPE/PP Pipes, Fittings and Rods	M. Ton	6000.00	5500.00	4495.98

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai-400013, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loan	27.336	23.009
Cash Credit Item A) and B) against pledge of fixed deposits and book debts, hypothecation of stock, machinery, goods under L/C and equitable mortgage of lease hold land, factory building and personal guarantee of directors of the company.	30.855	14.655
Vehicle Loan*	0.566	0.897
From Others:-
Vehicle Loan* (*Secured against Hypothecation of Vehicle)	0.090	0.328
Total	58.847	38.889
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors	16.012	22.976
From Body Corporate	40.923	56.702
From Shareholders and Relatives	16.519	15.963
Total	73.454	95.641

Banking Relations :	--
Auditors :
Name :	S. S. Rathi and Company Chartered Accountants
Address :	401 Shreeshivdutta Apartment, Station Road, Goregaon (West), Mumbai - 400062, Maharashtra, India
Tel. No.:	91-22-23434382/28757415/28762159
Fax No.:	91-22-28757415/28762159
Email:	info@ssrca.com ssrathica@gmail.com

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
36630	Equity Shares	Rs.100/- each	Rs.3.663 Millions

(1485 shares of Rs.100/- each were allotted as fully paid up Bonus by capitalization of free reserves)

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		3.663	2.963	1.481
2] Share Application Money		4.100	0.000	0.000
3] Reserves & Surplus		173.883	96.386	69.697
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		181.646	99.349	71.178
LOAN FUNDS
1] Secured Loans		58.847	38.889	3.661
2] Unsecured Loans		73.454	95.641	71.688
TOTAL BORROWING		132.301	134.530	75.349
DEFERRED TAX LIABILITIES		2.826	3.914	2.103
TOTAL		316.773	237.793	148.630
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		120.124	95.870	31.141
Capital work-in-progress		1.827	1.713	18.220
INVESTMENT		1.150	1.300	1.300
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	144.107	67.878	33.780
	Sundry Debtors	128.886	81.438	67.806
	Cash & Bank Balances	9.364	10.772	28.808
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	38.453	29.388	26.513
Total Current Assets		320.810	189.476	156.907
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	80.104	36.195	7.064
	Other Current Liabilities	47.034	14.371	40.954
	Provisions	0.000	0.000	10.920
Total Current Liabilities		127.138	50.566	58.938
Net Current Assets		193.672	138.910	97.969
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		316.773	237.793	148.630

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income			327.850
		Other Income			1.289
		TOTAL (A)	631.699	385.454	329.139
Less	EXPENSES
		Cost of Sales			241.187
		Personal Cost			9.120
		Manufacturing, Administration and Others Expenses			33.449
		Increase / Decrease in Inventory			0.039
		TOTAL (B)	547.968	333.359	283.795
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				45.344
Less	FINANCIAL EXPENSES (D)				8.205
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		83.731	52.095	37.139
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.683	10.132	4.228
	PROFIT BEFORE TAX (E-F) (G)		69.048	41.963	32.911
Less	TAX (H)		22.112	13.618	12.175
	PROFIT AFTER TAX (G-H) (I)		46.936	28.345	20.736
Less	EARLIER YEARS EXCESS TAX PAID WRITTEN OFF		0.240	0.000	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		87.928	61.238	40.502
Less	APPROPRIATIONS
		Interim Dividend	0.000	0.148	0.000
		Dividend Distribution Tax	0.000	0.025	0.000
		Fully Paid Bonus Shares	0.000	1.481	0.000
	BALANCE CARRIED TO THE B/S		134.624	87.929	61.238
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	95.979	18.506	36.062
	IMPORTS
		Raw Materials	257.374	145.650	80.090
		Purchase for Trading	5.199	0.556	1.963
		Capital Goods	8.317	0.000	0.000
	TOTAL IMPORTS		270.890	146.206	82.053
	Earnings Per Share (Rs.)		1575.00	956.63	1399.68

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.43	7.35	6.30
Net Profit Margin (PBT/Sales)	(%)	NA	NA	10.04
Return on Total Assets (PBT/Total Assets}	(%)	15.66	14.12	17.50
Return on Investment (ROI) (PBT/Networth)		0.38	0.42	0.46
Debt Equity Ratio (Total Liability/Networth)		1.43	1.98	1.89
Current Ratio (Current Asset/Current Liability)		2.52	3.23	2.66

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
20]	Export / Import details (if applicable)	No
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	No
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered office address of the company has been shifted from 507 Adamji Building413 Narsi Natha Street

Masjid Bunder, Mumbai – 400009, Maharashtra, India to present address w.e.f. 27.09.2008

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25200MH1982PTC027000
Name of the company	SANGIR PLASTICS PVT LTD
Address of the registered office or of the principal place of business in India of the company	Sangir House, 366/2933 , Motilal Nagar 2, Goregaon West, Mumbai – 400062, Maharashtra, India
This form is for	Modification of charge
Type of charge	Movable Property
Particular of charge holder	HDFC Bank Limited
Nature of instrument creating charge	Memorandum recording past transactions of creation of Mortgage by Delivery of Title Deeds.
Date of instrument Creating the charge	30/04/2012
Amount secured by the charge	Rs.213.800 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment Working capital facility shall be payable On Demand. Term Loan facility shall be repayable in suitable installments. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge The Company accorded and gave oral consent to Bank to continue to hold and retain the title deeds (by way of Constructive delivery) in respect of its immovable properties as stated under Item No.15 below, as security for repayment of Rs. 213.800 Millions by the Company, together with principal, interest, liquidated damages, costs, charges and expenses.
Short particulars of the property charged	Immovable property being 147/2 Hedol 0-57-67 No. 288 Paldi Taluka Dist Valsad. Immovable property being Survey no 146/2 Hed 2-49 Motiwala Dist. Valsad
Date of instrument modifying the charge	29/04/2012
Particulars of the present modification	The charge shall now stand increased from Rs. 173.800 Millions to Rs. 213.800 Millions, in favour the Bank against the equitable mortgage of immovable properties being lying and situated at Paldi and Motiwala Dist Valsad.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

Bank Performance Guarantee Rs. 2.186 Millions (P.Y. Rs. 3.606 Millions). All Bank Guarantees are secured in form of 20% Margin's of Company's Fixed Deposit lodge with the Bank.

Capital Commitment towards enhancement of plant capacity, outstanding at the end of Year is Rs. 3.142 Millions (P.Y. 11.000 Millions)

Other Claims i.e. Bills Discounted with the Bank not acknowledge as debts Rs.0.711 Million

FIXED ASSETS:

• Land
• Building
• Plant and machinery
• Electric installations
• Vehicles
• Dies and Moulds
• Furniture and fixture
• Office Equipments
• Factory Equipments
• Motor car
• Computers
• Flat.

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] 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.55.70
UK Pound	1	Rs.89.34
Euro	1	Rs.72.35

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.