MIRA INFORM REPORT

Report Date :

24.09.2012

IDENTIFICATION DETAILS

Name :	PATCO PLAST PRIVATE LIMITED
Registered Office :	A-43, Block No. 431, Ashwamegh Industrial Estate, Sarkhej Bavla Highway, Changodar, Ahmedabad-380058, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.09.2008
Com. Reg. No.:	04-055017
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U25209GJ2008PTC055017
TAN No.: [Tax Deduction & Collection Account No.]	AHMP06544G
PAN No.: [Permanent Account No.]	AAECP8114B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Plastic Moulded Products.
No. of Employees :	50 [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 48000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Reserve of the company appears to be insufficient. However, trade relations are reported to be fair. Business is active. Payments are slow but correct. The company can be considered for 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 – 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 [GENERAL DETAILS]

Name :	Mr. Kaushal Manubhai Patel
Designation :	Director
Contact No.:	91-9825071997
Date :	22.09.2012

LOCATIONS

Registered Office/ Factory :	A-43, Block No. 431, Ashwamegh Industrial Estate, Sarkhej Bavla Highway, Changodar, Ahmedabad-380058, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9825071997 [Mr. Kaushal Manubhai Patel]
Fax No.:	Not Available
E-Mail :	patcoplast@yahoo.com info@patcoplast.com
Website :	http://www.patcoplast.com
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Apurva Hashmukhbhai Patel

Designation :

Director

Address :

11, Navyug Society, Station Road, Limdi, District, Surendranagar, Gujarat, India

Date of Appointment :

11.09.2008

Din No.:

02297875

Name :

Mr. Bharatbhai Virjibhai Patel

Designation :

Director

Address :

11, Navyug Society, Station Road, Limdi, District, Surendranagar, Gujarat, India

Date of Birth/Age :

31.12.1956

Date of Appointment :

16.10.2008

Din No.:

05197386

Vote Id No.:

JNF3081023

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	U25209GJ2008PTC055017	PATCO PLAST PRIVATE LIMITED	Director	30/09/2009	16/10/2008	Active	NO

Name :

Mr. Mayurbhai Virjibhai Patel

Designation :

Director

Address :

F-304, Sanskar Apartment, Behind Sailby Hospital, Opposite Karnavati Club, Satellite, Ahmedabad, Gujarat, India

Date of Birth/Age :

26.05.1962

Date of Appointment :

16.10.2008

Din No.:

05211382

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	U25209GJ2008PTC055017	PATCO PLAST PRIVATE LIMITED	Director	30/09/2009	16/10/2008	Active	NO

Name :

Mr. Kaushal Manubhai Patel

Designation :

Director

Address :

B-102, Saubhagya Apartment, Near Sola Over Bridge, Thaltej, Ahmedabad, Gujarat, India

Date of Appointment :

11.09.2008

Din No.:

02297868

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	U25209GJ2008PTC055017	PATCO PLAST PRIVATE LIMITED	Director	11/09/2008	11/09/2008	Active	NO
2	U25209GJ2012PTC069071	SPL PLAST PRIVATE LIMITED	Director	16/02/2012	16/02/2012	Active	NO

Name :

Mr. Shailesh Rughnathbhai Patel

Designation :

Director

Address :

19, Chanchal Baug Society, Near Ranna Park, Ghatlodiya, Ahmedabad, Gujarat, India

Date of Appointment :

11.09.2008

Din No.:

02297865

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	U25209GJ2008PTC055017	PATCO PLAST PRIVATE LIMITED	Director	11/09/2008	11/09/2008	Active	NO
2	U25209GJ2012PTC069071	SPL PLAST PRIVATE LIMITED	Director	16/02/2012	16/02/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Apurva Hashmukhbhai Patel	277000
Bharatbhai Virjibhai Patel	320500
Mayurbhai Virjibhai Patel	60000
Kaushal Manubhai Patel	230000
Shailesh Rughnathbhai Patel	112500
TOTAL	1000000

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 Trader of Plastic Moulded Products.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

50 [Approximately]

Bankers :

State Bank of India, Ambawadi Branch Premises, Bhudarpura Road, Ahmedabad-380015, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
State Bank of India T/L 30696945378	11.938	14.092
State Bank of India CC A/C	9.155	4.734
TOTAL	21.093	18.826
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Shareholder	9.015	5.235
TOTAL	9.015	5.235

Banking Relations :	--
Auditors :
Name :	Rajiv I. Ravani and Company Chartered Accountants
Address :	205, Shanti House, Behind Sardar Patel Seva Samaj Hall, Near Mithakali Six Road, Ahmedabad-380006, Gujarat, India
Tel. No.:	91-79-26447150
E-Mail :	rravanico@gmail.com
Pan No.:	AAGFR9697E

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs.10.000 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		10.000	10.000	10.000
2] Share Application Money		0.020	0.020	0.020
3] Reserves & Surplus		2.125	0.000	0.000
4] (Accumulated Losses)		0.000	(1.916)	(0.204)
NETWORTH		12.145	8.104	9.816
LOAN FUNDS
1] Secured Loans		21.093	18.826	14.689
2] Unsecured Loans		9.015	5.235	4.065
TOTAL BORROWING		30.108	24.061	18.754
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		42.253	32.165	28.570
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.557	19.380	20.684
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	15.601	6.596	1.101
	Sundry Debtors	6.876	0.420	0.116
	Cash & Bank Balances	0.071	0.142	0.942
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.240	6.230	6.294
Total Current Assets		26.788	13.388	8.453
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.911	0.764	0.783
	Other Current Liabilities	0.462	0.074	0.008
	Provisions	0.860	0.000	0.011
Total Current Liabilities		4.233	0.838	0.802
Net Current Assets		22.555	12.550	7.651
MISCELLANEOUS EXPENSES		0.141	0.235	0.235
TOTAL		42.253	32.165	28.570

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	57.130	9.258	0.000
		Other Income	0.579	0.086	0.339
		TOTAL (A)	57.709	9.344	0.339
Less	EXPENSES
		Consumption of raw materials	42.936	9.460	1.100
		Consumption of packing material	0.921	0.181	0.068
		Manufacturing expenses	4.308	1.662	0.000
		Admin, selling and distribution expenses	2.394	0.120	0.241
		Preliminary expenses written off	0.094	0.000	0.000
		Increase / decrease in stocks	(1.513)	(4.917)	(1.101)
		TOTAL (B)	49.140	6.506	0.308
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.569	2.838	0.031
Less	FINANCIAL EXPENSES (D)		3.039	2.002	0.234
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.530	0.836	(0.203)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.368	2.548	0.000
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		3.162	(1.712)	(0.203)
Less	TAX (H)		0.621	0.000	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		2.541	(1.712)	(0.203)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1.916)	(0.203)	0.000
	BALANCE CARRIED TO THE B/S		0.625	(1.916)	(0.203)
	Earnings / (Loss) Per Share (Rs.)		2.54	(1.71)	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.40	(18.32)	(59.88)
Net Profit Margin (PBT/Sales)	(%)	5.53	(18.49)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	6.82	(5.22)	(0.70)
Return on Investment (ROI) (PBT/Networth)		0.26	(0.21)	(0.02)
Debt Equity Ratio (Total Liability/Networth)		2.83	3.07	1.99
Current Ratio (Current Asset/Current Liability)		6.33	15.97	10.54

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
SUNDRY CREDITORS
Due to micro, small and medium enterprises	0.000	0.000	0.000
Other	2.911	0.764	0.783
TOTAL	2.911	0.764	0.783

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	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)	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	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

NOTE:

The registered office of the company has been shifted from 12, Harikrishna Nagar Society, Near Leva Patel Hostel, Surendranagar-363001, Gujarat, India to the present address w.e.f. 01.03.2009.

WORKING HIGHLIGHTS:

During the year the company has total income of Rs.57.544 Millions in the form of sale of plastic moulds, interest and trade discount and has net profit of Rs.2.538 Millions.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10150961
Corporate identity number of the company	U25209GJ2008PTC055017
Name of the company	PATCO PLAST PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-43, Block No. 431, Ashwamegh Industrial Estate, Sarkhej Bavla Highway, Changodar, Ahmedabad-380058, Gujarat, India
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge Immovable Property Others
Particular of charge holder	State Bank of India, Ambawadi Branch Premises, Bhudarpura Road, Ahmedabad-380015, Gujarat, India
Email	nitin.chauhan@sbi.co.in
Nature of description of the instrument creating or modifying the charge	1. Supplemental agreement of loan cum hypothecation 2. Memorandum relating to deposit of title deeds for creation of further charge for term loan over all limit.
Date of instrument Creating the charge	01.07.2011
Amount secured by the charge	Rs.37.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Working capital = 6.00% above base rate. Present effective rate 15.25% p.a. Term loan - I = 7.00% above base rate. Present effective rate 16.25% p.a. Term loan II= 6.75% above base rate. i.e. 16% p.a. Terms of Repayment Working capital = repayable on demand Term loan - I = at the time of sanction (84 monthly installment commencing from October, 2009). Term loan - II = to be rapid in 70 monthly installment of Rs.0.100 million with first installment commencing on 20.01.2012 and last installment falling due 20.10.2017. Margin Raw Materials (Indigenous) = 25% Finished Goods = 40% Domestic Receivables = 50% Extent and Operation of the charge The property will be security for due repayment of total advances of Rs. 37.000 millions along with interest.
Short particulars of the property charged	For cash credit - hypothecation of stocks and book debts and other current assets of the company of loan cum hypothecation Term loan - i = hypothecation of plant and machinery and other equipments, to supplemental agreement of loan cum hypothecation dated 01.07.2011. Term loan = ii hypothecation of plant and machinery to be purchased out of bank finance. (Description of machinery is as available in supplemental agreement of loan cum hypothecation dated 01.07.2011. Equitable mortgage of land and building at Plot No. A-43, Ashwamegh Industrial Estate, Changodar, Sarkhej Bavla Highway, Ahmedabad admeasuring 2400 sq. Meters registered as in name of the Company as collateral security for total advances of Rs. 37.000 millions. Third party guarantee = personal guarantee of all the directors of the company namely, Mr. Kaushalkumar Patel, Mr. Shailesh Patel, Mr. Apoorva Patel and Mr. Bharat Patel.
Particulars of the present modification	The bank has enhanced total fund based limit to Rs. 37.000 millions by granting an additional term loan of Rs. 12.000 millions The properties will be security for due repayment of principle amount as well as interest amount to the bank.

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Computer

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 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.53.90
UK Pound	1	Rs.87.60
Euro	1	Rs.70.00

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

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	NO
--AFFILIATION	YES/NO	NO
--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.