MIRA INFORM REPORT

Report Date :

07.08.2013

IDENTIFICATION DETAILS

Name :	SUNBIRD SEALS AND PLASTICS PRIVATE LIMITED
Registered Office :	405, Kalpataru Plaza, Chincholi Bunder Road, Malad (West), Mumbai – 400 064, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.02.1984
Com. Reg. No.:	11-031993
Capital Investment / Paid-up Capital :	Rs.1.200 millions
CIN No.: [Company Identification No.]	U25200MH1984PTC031993
TAN No.: [Tax Deduction & Collection Account No.]	MUMS39170F
PAN No.: [Permanent Account No.]	AACCS2630P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Plastic Seals.
No. of Employees :	Approximately 67 (In Office – 7, In Factory – 60)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 31300
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered normal for business dealings at usual terms and condition. Latest Profit and Loss A/c of the company is not available. [i.e. 31.03.2012]

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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. Parimal Parikh
Designation :	Marketing Department
Contact No.:	91-22-28880865
Date :	06.08.2013

LOCATIONS

Registered Office :	405, Kalpataru Plaza, Chincholi Bunder Road, Malad (West), Mumbai – 400 064, Maharashtra, India
Tel. No.:	91-22-28880865/ 28880866/ 28880867/ 32571625
Mobile No.:	91-9821185875 (Mr. Rustom Jal Doctor)
Fax No.:	91-22-28880868
E-Mail :	contact@kiranmehtaca.com sunbirdseals@gmail.com sunbird@mtnl.net.in rusidoctor@gmail.com
Website :	http://www.sunbirdseals.com
Location :	Owned
Factory :	Located at: v Kaali Pahadi, Valsad, Gujarat v Pardi

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Rustom Jal Doctor

Designation :

Director

Address :

403, Building No.3, Baheram Baug, Parsi Colony, Oshiwara, Jogeshwari, Mumbai – 400 012, Maharashtra, India

Date of Birth/Age :

19.08.1945

Date of Appointment :

01.11.2006

DIN No.:

00146904

Name :

Mr. Darayas Jamshedji Pardiwala

Designation :

Director

Address :

Saikrupa, NH No.8, Near GIDC, Killa Pardi, Pardi – 396 125, Gujarat, India

Date of Birth/Age :

25.02.1955

Date of Appointment :

04.06.2011

DIN No.:

00378239

Other Directorship :

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U41000MH2009NPL194289	WEL-TREAT ENVIRO MANAGEMENT ORGANISATION	Director	22-07-09	22-07-09	Active	NO
2	U25200MH1984PTC031993	SUNBIRD SEALS AND PLASTICS PRIVATE LIMITED	Director	04-06-11	04-06-11	Active	NO

Name :

Mr. Dinesh Nanjibhai Patel

Designation :

Director

Address :

204, B/3, Manglam Park, Near Piplod Jakat Naka, Piplod, Surat – 395 007, Gujarat, India

Date of Birth/Age :

10.07.1975

Date of Appointment :

21.06.2011

DIN No.:

01109561

Other Directorship :

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24117GJ2003PTC042789	RHYTHM CHEMICALS PRIVATE LIMITED	Director	22-08-03	22-08-03	Active	NO
2	U25200MH1984PTC031993	SUNBIRD SEALS AND PLASTICS PRIVATE LIMITED	Director	21-06-11	21-06-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Parimal Parikh
Designation :	Marketing Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Darayas Jamshedji Pardiwala	58600
Jasmin J. Kansara	18900
Bepsi Darayas Pardiwala	7700
Burzin Aspy Unwala	3600
Darshnaben Kantibhai Patel	2000
Davendra K. Patel Kantibhai V. Patel	4000
Dineshkumar Nanjibhai Patel	1000
Hiraben K. Patel	2100
Pearl Burzin Uniwala	5400
Kainaaz Darayaz Pardiwala	10100
Beli K. Chokasi	6600
TOTAL	120000

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 Plastic Seals.
Products :	v Sealing Devices v Pliers v Drum Seals v Plastic Seals v Security Seals
Exports :
Products :	v Sealing Devices v Pliers
Countries :	v Dubai v Argentina v South Africa
Terms :
Selling :	Advance
Purchasing :	Depends

PRODUCTION STATUS [AS ON 31.03.2011]

Licensed Capacity: The Industries (Development) Regulation Act, 1951 does not apply to this unit and therefore the question of licensed capacity does not arise.

Installed Capacity: 24 Lakhs sealing Devices per month on three shift basis. The installed capacity shown above is as certified by the Directors and this being a technical matter has been relied upon by the Auditors without verification.

GENERAL INFORMATION

Suppliers :	Reliance
Customers :	Others v Bharat Petroleum v IOCL v BPCL v HPCL v ONGC v Reliance v Gail v Total v HOCL v SHELL v Mansoor Industries v Middle East Airlines
No. of Employees :	Approximately 67 (In Office – 7, In Factory – 60)
Bankers :	v Citi Bank, Mumbai, Maharashtra, India v Bank of Baroda, Mumbai, Maharashtra, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Kiran Mehta and Company Chartered Accountants
Address :	65, M.G. Road, Flora Fountain, 1^st Floor, Fort, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22677062/ 22675140
Fax No.:	91-22-22641135
E-Mail :	contact@kiranmehtaca.com
PAN No:	AAAFK3940M
Memberships :	Dun and Bradstreet (NSIC-D&B-SMERA)

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs.1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
120000	Equity Shares	Rs.10/- each	Rs.1.200 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.200	1.200
(b) Reserves & Surplus	6.634	6.405
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7.834	7.605
(3) Non-Current Liabilities
(a) long-term borrowings	9.250	2.700
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	9.250	2.700
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.749	0.599
(c) Other current liabilities	0.417	0.284
(d) Short-term provisions	1.296	1.495
Total Current Liabilities (4)	2.462	2.378
TOTAL	19.546	12.683
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.316	3.905
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	1.063	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.013	0.013
(c) Deferred tax assets (net)	0.045	0.063
(d) Long-term Loan and Advances	2.077	1.485
(e) Other Non-current assets	0.281	0.283
Total Non-Current Assets	11.795	5.749
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2.270	3.072
(c) Trade receivables	2.946	1.552
(d) Cash and cash equivalents	1.495	1.712
(e) Short-term loans and advances	0.035	0.008
(f) Other current assets	1.005	0.590
Total Current Assets	7.751	6.934
TOTAL	19.546	12.683

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.200
2] Share Application Money		0.000
3] Reserves & Surplus		5.754
4] (Accumulated Losses)		0.000
NETWORTH		6.954
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		2.700
TOTAL BORROWING		2.700
DEFERRED TAX LIABILITIES		0.000
TOTAL		9.654
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.797
Capital work-in-progress		0.000
INVESTMENT		0.097
DEFERREX TAX ASSETS		0.030
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.420
	Sundry Debtors	1.179
	Cash & Bank Balances	1.572
	Other Current Assets	1.353
	Loans & Advances	1.153
Total Current Assets		7.677
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.186
	Other Current Liabilities	0.078
	Provisions	1.683
Total Current Liabilities		1.947
Net Current Assets		5.730
MISCELLANEOUS EXPENSES		0.000
TOTAL		9.654

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	21.117	NA
Less	EXPENSES
		TOTAL	19.764 [Including Depreciation]	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			1.159
Less/ Add	DEPRECIATION/ AMORTISATION			0.918
	PROFIT / (LOSS) BEFORE TAX		1.353	0.241
Less	TAX		0.550	NA
	PROFIT / (LOSS) AFTER TAX		0.803	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.464	1.356
	TOTAL EARNINGS		1.464	1.356
	Earnings / (Loss) Per Share (Rs.)		6.69	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	3.80	NA
Return on Total Assets (PBT/Total Assets}	(%)	NA	10.73	NA
Return on Investment (ROI) (PBT/Networth)		NA	0.18	0.03
Debt Equity Ratio (Total Debt/Networth)		1.18	0.18	0.39
Current Ratio (Current Asset/Current Liability)		3.15	2.92	3.94

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for one year	Yes
12]	Profitability for last two 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
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	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90218945	17/10/1992	780,000.00	SARDAR BHILADWALLA PARDI PEOPLE' CO-OPERATIVE BANK LIMITED	KILLA PARDI, VALSAD- 396125, GUJARAT, INDIA	-

NOTE:

The registered office of the company has been shifted from 815, Building No.3, Navjivan Co-Operative Housing Society, Lamington Road, Mumbai – 400 008, Maharashtra to the present address w.e.f. 21.11.2011.

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Loans and Advances from Related Parties	9.250	2.700
TOTAL	9.250	2.700

FIXED ASSETS:

Land and Building

v Old Building (Compound Wall)

v New Office Premises

v Factory Land at Pardi

v New Building

v Factory Shed at Pardi

v Generator Shed

Plant and Machinery

v Plant and Machinery

v Generator

v Dies and Tools

v Electrical Installation

Office Equipment

v Office Equipment

v Typewriter

v Water Dispensing Unit

v Fan

v Calculator

v Mobile

v Fax Machine

v Computer

v Furniture and Fixtures

v Air Purifier

v Air Conditioner

Vehicles

v Scooter

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.61.54
UK Pound	1	Rs.94.37
Euro	1	Rs.81.57

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	TPT

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	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.