MIRA INFORM REPORT

Report Date :

24.04.2013

IDENTIFICATION DETAILS

Name :	ANGI PLAST PRIVATE LIMITED
Registered Office :	Plot No 4803, Phase-IV, GIDC Vatva, Ahmedabad-382445, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.01.1994
Com. Reg. No.:	04-021072
Capital Investment / Paid-up Capital :	Rs. 3.000 Millions
CIN No.: [Company Identification No.]	U33119GJ1994PTC021072
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Medical Devices
No. of Employees :	Information denied by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 68000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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 DECLINED BY

Name :	Mr. Saji
Designation :	Accounts Department
Contact No.:	91-9099963240
Date :	22.04.2013

LOCATIONS

Registered Office :	Plot No 4803, Phase-IV, GIDC Vatva, Ahmedabad-382445, Gujarat, India
Tel. No.:	91-79-25841967 / 25840661
Mobile No.:	91-9099963240 (Mr. Saji)
Fax No.:	91-79-25841009
E-Mail :	angiplast@angiplast.com angiplast@gmail.com
Website :	www.angiplast.com

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Ashit Bipin Shah
Designation :	Managing Director
Address :	2, Kameshwar Park Society, Satellite Road, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	12.06.1967
Date of Appointment :	18.01.1994
DIN No.:	00494741
Name :	Mr. Rajeshbhai Sadashiv Panchapande
Designation :	Director
Address :	B-230, Kamalapark, Bhagirth, Ghodasar, Ahmedabad-380050, Gujarat, India
Date of Birth/Age :	21.04.1970
Date of Appointment :	25.09.2008
DIN No.:	02331134

KEY EXECUTIVES

Name :	Mr. Saji
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Ashit Bipin Shah	185100
Dimple Ashit Shah	35000
Ashit Bipin Shah HUF	9800
Aditya Ashit Shah	35000
Sanjana Ashit Shah	35000
Hemlata D Patel	100
TOTAL	300000

AS ON 28.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	99.97
Other top fifty shareholders	0.03
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Medical Devices

Products :

ITC CODE	PRODUCT
901890 08	Medical Devices

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Sets / Medical Devices	No. In Lacs	350.00	168.32

GENERAL INFORMATION

No. of Employees :

Information denied by the management

Bankers :

· The Kalupur Commercial Co-Operative Bank Limited, Swastik Char Rasta Branch, Ahmedabad-380006, Gujarat, India

· Bank of Maharashtra

· HDFC Bank Limited

· Axis Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long Term Borrowings
KCCB Machinery Loan A/C (302/24)	0.951	1.450
KCCB Machinery Loan A/C (302/30)	1.677	0.000
HDFC Car Loan	0.206	0.278
Short Term Borrowings
KCCB Machinery Loan A/C (302/24)	0.500	0.500
KCCB Machinery Loan A/C (302/30)	0.800	0.000
KCCB Export Packing Credit	22.000	21.499
HDFC Car Loan	0.071	0.065
KCCB- C. C. A/C (360/1)	(0.760)	0.274
TOTAL	25.445	24.066
NOTES SHORT TERM BORROWINGS a. The Term Loan, cash credit and bill discounting of customers from The Kalupur Commercial Co-Operative Bank Limited are secured against the hypothecation of Raw Materials, Stores, Plant and Machinery, Book Debts and Land and Factory at Plot No. 4803 and 4804, Vatva, Ahmedabad. b. Vehicle Loan from HDFC Bank is secured against H P A of motor Vehicle.

Banking Relations :	--
Auditors :
Name :	Atul B Gandhi and Company Chartered Accountant
Address :	1, Asha Complex, Behind NAvranpura Police Station, Navrangpura, Ahmedabad-380009, Gujarat, India
PAN No.:	ABAPG9787H

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs. 3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs. 3.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		3.000	3.000	3.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		14.118	10.619	9.317
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		17.118	13.619	12.317
LOAN FUNDS
1] Secured Loans		25.445	24.066	20.606
2] Unsecured Loans		1.200	1.620	1.395
TOTAL BORROWING		26.645	25.686	22.001
DEFERRED TAX LIABILITIES		2.791	2.683	2.602
ADVANCE FROM CUSTOMER		0.000	0.000	1.613
TOTAL		46.554	41.988	38.533
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.237	21.002	20.685
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.528	0.528	0.528
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	22.401	21.356	18.479
	Sundry Debtors	41.988	13.289	11.539
	Cash & Bank Balances	3.659	4.996	2.558
	Other Current Assets	0.477	0.563	0.000
	Loans & Advances	7.095	5.122	12.857
Total Current Assets		75.620	45.326	45.433
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	45.504	18.174	25.991
	Other Current Liabilities	2.746	4.308	0.000
	Provisions	3.581	2.386	2.122
Total Current Liabilities		51.831	24.868	28.113
Net Current Assets		23.789	20.458	17.320
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		46.554	41.988	38.533

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	183.200	123.739	132.577
		Other Income
		TOTAL (A)	183.200	123.739	132.577
Less	EXPENSES
		Office Expenses	171.635	120.957	130.269
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	171.635	120.957	130.269
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11.565	[Including Financial	[Including Financial
				Expenses	Expenses
Less	FINANCIAL EXPENSES (D)		3.170	And	And
				Depreciation ]	Depreciation ]
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.395
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.558
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		5.837	2.782	2.308
Less	TAX (H)		1.816	0.956	0.736
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		4.021	1.826	1.572
Less	APPROPRIATIONS
		Transfer to General Reserve	0.200	NA	NA
		Dividend	0.450	NA	NA
		Tax on Dividend	0.073	NA	NA
	BALANCE CARRIED TO THE B/S		3.298	NA	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	124.559	86.913	94.515
	TOTAL EARNINGS		124.559	86.913	94.515
	IMPORTS
		Raw Materials	2.897	5.532	3.289
		Stores & Spares	0.170	0.066	0.189
		Capital Goods	0.750	0.270	0.467
	TOTAL IMPORTS		3.817	5.868	3.945
	Earnings Per Share (Rs.)		13.40	6.09	5.24

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.19	1.48	1.19
Return on Total Assets (PBT/Total Assets}	(%)	5.96	4.19	3.49
Return on Investment (ROI) (PBT/Networth)		0.34	0.20	0.19
Debt Equity Ratio (Total Debt /Networth)		1.56	1.89	1.79
Current Ratio (Current Asset/Current Liability)		1.46	1.82	1.62

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	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	No
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
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

Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Unsecured Loan	1.200	1.620
TOTAL	1.200	1.620

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Trade Payable for Goods	45.504	18.174	25.991
TOTAL	45.504	18.174	25.991

OPERATION

The Gross Sales for the year amount to Rs. 183.200 Million and Gross Profit before providing Depreciation of Rs. 2.558 Millions and Interest of Rs. 3.170 Millions is Rs. 11.565 Millions.

The report almost a 35% increase in sales. This was mainly because of UNOPS tender of Rs. 40.000 Millions. Further there is an improvement in profitability mainly because of favorable exchange rate and focus market scheme.

FORM 8

Corporate identity number of the company	U33119GJ1994PTC021072
Name of the company	ANGI PLAST PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No 4803, Phase-IV, GIDC Vatva, Ahmedabad-382445, Gujarat, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	90101138
Type of charge	· Immovable property · Book debts · Others
Particular of charge holder	The Kalupur Commercial Co-Operative Bank Limited, Swastik Char Rasta Branch, Ahmedabad-380006, Gujarat, India
Nature of instrument creating charge	Agreement For Hypothecation Of Stocks / Goods
Date of instrument Creating the charge	17.01.2013
Amount secured by the charge	Rs. 34.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As Per Terms of Sanction. Terms of repayment As Per Terms of Sanction Margin As Per Terms of Sanction Extent and operation of the charge The bank has first and exclusive charge on stock, book debts and immovable property of the company till repayment of following credit facilities extended by bank to the company. 1) Cash credit-hypothecation stock cum book debts:- Rs. 2.000 Millions 2) EPC cum FBP:-Rs. 24.000 Millions ( for EPC cum FBP of Rs. 3.000 Millions there is a separate charge ID registered with roc) 3) LC cum buyers credit:- Rs. 4.500 Millions 4) Bank guarantee:- Rs. 4.000 Millions
Short particulars of the property charged (Including location of the property)	Lease Hold Land Being Plot No. 4804(Phase-Iv) Admeasuring 704 Sq. Mtrs. Together With Factory Building Adm. 322.79 Sq. Mtrs. Standing Thereon Bearing R.S. No. 324 Paiki of Mouje Ramol of Dascroi Taluka In The Registration District of Ahmedabad and Sub District of Ahmedabad 5 (Narol) Situated Within Industrial Estate Gujarat Industrial Development Corporation, Vatva, Ahmedabad. Lease Hold Land Being Plot No. 4803(Phase-Iv) Admeasuring 704 Sq. Mtrs. Together With Factory Building Adm. 305.86 Sq. Mtrs. Standing Thereon Bearing R.S. No. 342 Paiki of Mouje Ramol of Dascroi Taluka In The Registration District of Ahmedabad And Sub Disttrict of Ahmedabad 5 (Narol) Situated Within Industrial Estate Gujarat Industrial Development Corporation, Vatva, Ahmedabad. Stock and Book Debts of The Company as Prescribed In Original Document / Form / Agreement. Stock And Book Debts of The Company as Prescribed In The Agreement For Hypothecation Attached Herewith.
Date of instrument modifying the charge	09.01.2013
Particulars of the present modification	By This Modification The Enhanced/ Additional EPC Cum FBP Limit of Rs. 3.000 Millions is Now Also Secured By First And Exclusive Charge on Stock and Book Debts of The Company. Total Charge on Stock, Book Debt and Immovable Property is Rs. 34.500 Millions

FIXED ASSETS

· Land

· Factory Building

· Plant and Machinery

· Electric Installation

· Moulds and Dies

· Computers

· Office Equipments

· Vehicles

· Laboratory Equipments

· Furniture and Fixtures

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. 54.29
UK Pound	1	Rs. 82.87
Euro	1	Rs. 70.80

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.