MIRA INFORM REPORT

Report Date :

20.12.2013

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) :	31.03.2013
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 :

Ba (46)

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

Maximum Credit Limit :	USD 1118000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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.

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 30.09.2013

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 30.09.2013

Names of Shareholders	No. of Shares
Ramkunwar Mandhana	7900
Anandkumar Ramkunwar Mandhana	9736
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
Kisan Gopal Rathi HUF	4
Balkrishna Rathi	2
TOTAL	36630

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	19.11
Directors or relatives of directors	80.83
Other top fifty shareholders	0.06
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 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Term Loan
From HDFC Bank	17.708	28.223
Short Term Borrowings
Loan Repayable on Demand
From HDFC Bank Buyer Credit	73.910	25.579
TOTAL	91.618	53.802

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
E-Mail :	info@ssrca.com ssrathica@gmail.com
PAN No:	AAOFS2521C
Associates :	· TRF Plastochem Private Limited · Shreeram Enterprises · Siddhivinayak Plastic Works

CAPITAL STRUCTURE

AS ON 31.03.2013

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3.663	3.663	3.663
(b) Reserves & Surplus	275.945	214.146	173.883
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	279.608	217.809	177.546
(3) Non-Current Liabilities
(a) long-term borrowings	128.809	112.887	71.787
(b) Deferred tax liabilities (Net)	2.378	5.365	2.826
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	131.187	118.252	74.613
(4) Current Liabilities
(a) Short term borrowings	73.910	25.579	30.855
(b) Trade payables	64.768	82.590	68.557
(c) Other current liabilities	58.030	64.854	91.400
(d) Short-term provisions	36.067	24.120	24.140
Total Current Liabilities (4)	232.775	197.143	214.952
TOTAL	643.570	533.204	467.111
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	164.305	159.565	120.124
(ii) Intangible Assets	0.089	0.148	0.000
(iii) Capital work-in-progress	5.318	0.000	1.827
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.150	1.150	1.150
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	13.211	6.471	9.585
(e) Other Non-current assets	0.289	0.393	0.823
Total Non-Current Assets	184.362	167.727	133.509
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	156.200	132.244	144.106
(c) Trade receivables	185.615	177.277	128.886
(d) Cash and cash equivalents	60.473	17.760	9.418
(e) Short-term loans and advances	54.754	37.072	50.215
(f) Other current assets	2.166	1.124	0.977
Total Current Assets	459.208	365.477	333.602
TOTAL	643.570	53..204	467.111

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	907.776	707.870	599.763
Less	EXPENSES
		TOTAL	793.839	624.763	516.032
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		113.937	83.107	83.731
Less/ Add	DEPRECIATION/ AMORTISATION		22.637	19.282	14.683
	PROFIT / (LOSS) BEFORE TAX		91.300	63.825	69.048
Less	TAX		29.500	23.562	22.352
	PROFIT / (LOSS) AFTER TAX		61.800	40.263	46.696
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports (Net of Return)	110.944	149.323	95.979
	TOTAL EARNINGS		110.944	149.323	95.979
	IMPORTS
		Raw Materials	334.428	201.623	257.374
		Capital Goods	6.563	3.277	8.317
		Travelling Expenses	0.024	0.705	5.199
	TOTAL IMPORTS		341.015	205.605	270.890
	Earnings / (Loss) Per Share (Rs.)		1687.14	1099.18	--

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	6.81	5.69	7.79
Return on Total Assets (PBT/Total Assets}	(%)	14.33	11.99	14.87
Return on Investment (ROI) (PBT/Networth)		0.33	0.29	0.39
Debt Equity Ratio (Total Debt/Networth)		0.73	0.64	0.57
Current Ratio (Current Asset/Current Liability)		1.97	1.85	1.55

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	Yes
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	--
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	10182061	01/10/2013 *	383,800,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, Maharashtra, INDIA	B86524204
2	10158872	01/10/2013 *	383,800,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, Maharashtra, INDIA	B86524972
* Date of charge modification

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

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
From Related Parties	55.411	40.893
Others	55.690	43.771
TOTAL	111.101	84.664

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 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.62.38
UK Pound	1	Rs.102.15
Euro	1	Rs.85.29

INFORMATION DETAILS

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.