MIRA INFORM REPORT

Report Date :

25.10.2012

IDENTIFICATION DETAILS

Name :	SKI PLASTOWARE PRIVATE LIMITED
Registered Office :	A/8, Minerva Industrial Estate, Opposite Asha Nagar, Mulund (West), Mumbai-400080, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.09.2006
Com. Reg. No.:	11-164606
Capital Investment / Paid-up Capital :	Rs.4.700 millions
CIN No.: [Company Identification No.]	U25209MH2006PTC164606
TIN No.:	27780563283
TAN No.: [Tax Deduction & Collection Account No.]	MUMS54821E
PAN No.: [Permanent Account No.]	AAKCS1551P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Plastic Household and Promotional Products.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 46000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The latest financial of the company are missing from the government department. However, trade relations are reported as fair. Business is active. Payments are unknown. The company can be considered for business dealings with some cautions.

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 – 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 DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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 PARTED BY

Name :	Mr. Mitesh Parikh
Designation :	Director
Contact No.:	91-9820126126
Date :	22.10.2012

LOCATIONS

Registered Office :	A/8, Minerva Industrial Estate, Opposite Asha Nagar, Mulund (West), Mumbai-400080, Maharashtra, India
Tel. No.:	91- 22-67551110/ 09
Mobile No.:	91-9820126126 (Mr. Mitesh Parikh)
Fax No.:	91-22-67551108
E-Mail :	skiplastic@hotmail.com
Website :	www.skiplastic.net
Area :	5000 sq. ft
Location :	Owned
Factory :	Survey No. 84/A/3 (P), Station Road, Asangaon (East), Shahapur, Thane-421601, Maharashtra, India
Area :	25000 sq. ft
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :

Mr. Mitesh Anilkumar Parikh

Designation :

Director

Address :

D 201, 202, Silver Oak, Vasant Garden, Swapna Nagari, Mulund (West), Mumbai-400080, Maharashtra, India

Date of Birth/Age :

21.08.1971

Date of Appointment :

15.09.2006

DIN No.:

00497556

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209MH2006PTC164606	SKI PLASTOWARE PRIVATE LIMITED	Director	15/09/2006	15/09/2006	-	Active	NO
2	U51495MH2008PTC177398	KRISHNA PROMOTIONS PRIVATE LIMITED	Director	05/01/2008	05/01/2008	01/03/2008	Active	NO

Name :

Ms. Vaishali Samir Parikh

Designation :

Additional director

Address :

D 201, 202, Silver Oak, Vasant Garden, Swapna Nagari, Mulund (West), Mumbai-400080, Maharashtra, India

Date of Birth/Age :

09.09.1974

Date of Appointment :

01.02.2008

DIN No.:

01947903

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Mitesh Anil Parikh	23000
Samir Anil Parikh	6000
Anil Manmohandas Parikh	3000
Vaishali Samir Parikh	7500
Samir Anilkumar Parikh HUF	1300
Mitesh Anilkumar Parikh HUF	50
Snehal Mitesh Parikh	50
Manmohandas P Parikh	100
Goyal Financial (India) Private Limited, India	1000
Kumaon Engineering Private Limited, India	1000
Meadow Venture Private Limited, Mumbai, India	1000
Nimbus Industries Limited, Mumbai, India	2000
Jolly Multi Trade Private Limited, India	1000
Total	47000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Bodies corporate	12.77
Directors or relatives of Directors	87.23
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Plastic Household and Promotional Products.
Products :	Plastic Articles, Plastic Household Items, Containers and Bottles for packaging.
Exports :
Products :	Plastic Household and Promotional Products
Countries :	· Yaman · South Africa · Dubai · Asian Country
Imports :
Products :	Raw Material
Countries :	· Korea · China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Reliance Industries Limited

Customers :

End Users

· Hindustan Unilever Limited

· Novartis India Limited

· Bharti Wal Mart Private Limited

No. of Employees :

300 (Approximately)

Bankers :

Bank of India, Chakala Branch, Opposite Sangam Cinema, Sir M. V. Road, Andheri (East), Mumbai - 400093, Maharashtra, India

HDFC Bank

Facilities :

Secured Loan	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Term Loan with Bank of India (Secured against Factory Building and Machinery)	11.944	4.974
HDFC Bank	0.318	0.472
Reliance Capital Limited	0.476	0.000
Cash Credit facility secured by hypothecation of stock and book debts	3.973	4.436
Total	16.711	9.882
Unsecured Loan	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Loans from Directors and Share Holders	3.789	3.739
Total	3.789	3.739

Banking Relations :	--
Financial Institution:	Tata Capital Financial Services Limited, One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai - 400001, Maharashtra, India
Auditors :
Name :	Arvind Nagda and Company Chartered Accountants
Address :	2, New Laxmi Niwas, Zaver Road, Near Railway Station, Mulund (West), Mumbai-400080, Maharashtra, India
Tel. No.:	91-22-25900870
E-Mail :	ahn123@rediffmail.com
PAN No.:	ABZPN0360J
Associates:	Krishna Promotion Private Limited Address: A/8, Minerva Industrial Estate, Opposite Asha Nagar, Mulund (West), Mumbai-400080, Maharashtra Line of Business: Manufacturer and Exporter of Plastic Household and Promotional Products.

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
47000	Equity Shares	Rs.100/- each	Rs.4.700 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		4.700	4.700	1.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6.749	4.110	0.623
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11.449	8.810	2.523
LOAN FUNDS
1] Secured Loans		16.711	9.882	0.000
2] Unsecured Loans		3.789	3.739	4.938
TOTAL BORROWING		20.500	13.621	4.938
DEFERRED TAX LIABILITIES		0.643	0.233	0.000
TOTAL		32.592	22.664	7.461
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		27.772	22.582	6.101
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.035
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.358	4.097	1.570
	Sundry Debtors	21.456	21.030	7.425
	Cash & Bank Balances	0.718	0.457	0.361
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.778	3.648	0.581
Total Current Assets		31.310	29.232	9.937
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.180	27.820	7.978
	Other Current Liabilities	0.905	0.781	0.261
	Provisions	1.407	0.552	0.377
Total Current Liabilities		26.492	29.153	8.616
Net Current Assets		4.818	0.079	1.321
MISCELLANEOUS EXPENSES		0.002	0.003	0.004
TOTAL		32.592	22.664	7.461

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	116.918	43.183	19.766
		Other Income		2.741	1.477
		TOTAL	116.918	45.924	21.243
Less	TOTAL EXPENSES		112.969	44.395	20.498
	PROFIT BEFORE TAX		3.949	1.529	0.745
Less	TAX		1.310	0.439	0.327
	PROFIT AFTER TAX		2.639	1.087	0.418
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.710	0.623	0.206
	BALANCE CARRIED TO THE B/S		4.349	1.710	0.624
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.989	0.291	Nil
	TOTAL EARNINGS		1.989	0.291	Nil
	IMPORTS
		Capital Goods	0.000	5.436	Nil
	TOTAL IMPORTS		0.000	5.436	Nil
	Earnings Per Share (Rs.)		56.14	44.92	21.98

Particulars	31.03.2012	31.03.2011
Sales Turnover (Approximately)	230.000	148.000

Expected Sales (2012-2013): Rs.300.000 Millions

The above information has been parted by Mr. Mitesh Parikh (Director)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.26	2.37	1.97
Net Profit Margin (PBT/Sales)	(%)	NA	3.54	3.77
Return on Total Assets (PBT/Total Assets}	(%)	6.68	2.95	4.65
Return on Investment (ROI) (PBT/Networth)		0.34	0.17	0.30
Debt Equity Ratio (Total Liability/Networth)		4.10	4.86	5.37
Current Ratio (Current Asset/Current Liability)		1.18	1.00	1.15

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAIL:

(Rs. in Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	24.180	21.865	7.930
Sundry Creditors for Fixed Assets		5.955	0.048
Total	24.180	27.820	7.978

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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25209MH2006PTC164606
Name of the company	SKI PLASTOWARE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A/8, Minerva Industrial Estate, Opposite Asha Nagar, Mulund (West), Mumbai-400080, Maharashtra, India Email: skiplastic@hotmail.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Tata Capital Financial Services Limited, One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai - 400001, Maharashtra, India Email: avan.doomasia@tatacapital.com
Nature of instrument creating charge	Loan Cum Hypothecation Cum Guarantee Agreement Dated 02.07.2012
Date of instrument Creating the charge	02.07.2012
Amount secured by the charge	Rs.3.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Long Term Lending Rate (LTLR) @ 18.00% per annum Rate of Interest @ LTLR minus 3.50% per annum Terms of Repayment Principal and Interest amount to be repaid in 36 months Margin 25% of invoice/machine value backed by bank statement Extent and Operation of the charge The charge extends to the due repayment of the loan of Rs. 3.000 Millions including the interest, additional interest, costs, charges, expenses and all other monies payable under the Loan Cum Hypothecation Cum Guarantee Agreement dated 02.07.2012 In the event of default in payment of interest or repayment of principal amount of the Loan the Borrower shall pay to the Lender, further interest @ 4% p.a. as penal interest
Short particulars of the property or asset(s) charged (including complete address and location of the property)	2 Nos Plastic Injection Moulding Machine

Fixed Assets:

· Land

· Factory Premises

· Plant and Machinery

· Office Equipments

· Computer

· Furniture and Fixtures

· Electrical Fittings

· Moulds

· Motor Car

· New Factory Building

· Slotted Angle

· Air Conditioner

· Lift

· Tempo

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.53.59
UK Pound	1	Rs.85.81
Euro	1	Rs.69.91

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.