MIRA INFORM REPORT

Report Date :

04.02.2013

IDENTIFICATION DETAILS

Name :	HITESH PLASTICS PRIVATE LIMITED
Registered Office :	405 ACME Industrial Park, 4^nd Floor, Off I.B. Patel Road, Goregaon (East), Mumbai – 400 063, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.03.1989
Com. Reg. No.:	11-050912
Capital Investment / Paid-up Capital :	Rs. 96.096 Millions
CIN No.: [Company Identification No.]	U25209MH1989PTC050912
TAN No.: [Tax Deduction & Collection Account No.]	MUMH06997E
PAN No.: [Permanent Account No.]	AAACH3437P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Plastics Products.
No. of Employees :	150 (Approximately)

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 770000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The financial position of the company is improving. The performance capability seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. 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.

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. C. P. Sodhani
Designation :	Vice President of Finance and Accounts Department
Contact No.:	91-8879031115
Date :	02.02.2013

LOCATIONS

Registered Office :	405 ACME Industrial Park, 4^nd Floor, Off I.B. Patel Road, Goregaon (East), Mumbai – 400 063, Maharashtra, India
Tel. No.:	91-22-26861701/ 26861781
Mobile No.:	91-8879031115 [Mr. C.P. Sodhani]
Fax No.:	91-22-26862714/ 26865372
E-Mail :	cavijayjain@yahoo.co.in amit@sunrisecontainers.com admin@tampropack.com finance@sunricecontainers.com dadra@sunrisecontainers.com
Website :	http://www.sunrisecontainers.com
Location :	Owned
Factory 1 :	40, DIC Industrial Area, Tehsil, Nalagarh, Solan, Baddi, Himachal Pradesh, India
Factory 2 :	J – 59, MIDC, Jalgaon – 425003, Maharashtra, India

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Kanhaiyalal Mundhra
Designation :	Director
Address :	601 C, Millenium Garden, Upper Govind Nagar, Malad (East), Mumbai – 400097, Maharashtra, India
Date of Birth/Age :	01.01.1944
Qualification :	B.Com
Date of Appointment :	01.04.1993
PAN No.:	AADPM9403G
DIN No.:	00087385
Name :	Mr. Hitesh Kumar Mundhra
Designation :	Director
Address :	601 C, Millenium Garden, Upper Govind Nagar, Malad (East), Mumbai – 400097, Maharashtra, India
Date of Birth/Age :	03.04.1982
Qualification :	MBA
Date of Appointment :	10.04.2005
PAN No.:	AFTPM6295H
DIN No.:	00087454
Name :	Mr. Bhagwandas Gilda
Designation :	Director
Address :	802, Rajendra Ratna CHS Limited, Mahesh Nagar, S.V. Road, Goregaon (West), Mumbai – 400063, Maharashtra, India
Date of Birth/Age :	09.08.1953
Qualification :	Graduate
Date of Appointment :	01.04.2009
DIN No.:	02474159

KEY EXECUTIVES

Name :	Mr. C. P. Sodhani
Designation :	Vice President of Finance and Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Chandadevi Mundhra	1144000
Kanhaiyalal Mundhra	7233600
Hiteshkumar Mundhra	1232000
Total	9609600

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Plastics Products.

Products :

ITC Code	Product Descriptions
390422	Plastic Pet Preforms
390422	Cap

Exports :

Products :

Finished Goods

Countries :

Ø Africa

Ø Dubai

Imports :

Products :

Raw Materials

Countries :

Ø Asia

Terms :

Selling :

L/C, Cash and Credit 30 Days

Purchasing :

L/C and Cash

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Pet Preforms	Pcs.	NA	NA	106271855
Cap	Pcs.	NA	NA	1336355481

GENERAL INFORMATION

Customers :

Others (Manufacturers)

No. of Employees :

150 (Approximately)

Bankers :

Ø State Bank of India, Industrial Finance Branch, Chincholi Phatak, S.V. Road, Malad (West), Mumbai – 400064, Maharashtra, India (Tel No.: 91-22-28827870)

Ø HDFC Bank Limited, Goregaon (East) Branch, Mumbai, Maharashtra, India (Tel No.: 91-22-28561818)

Ø ICICI Bank Limited

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term loans from banks	24.148	244.892
Loans repayable on demand	0.000	76.550
Total	24.148	321.442
Note: (A) A. Secured Loans: (a) Nature of security: (i) 1. Term Loan from State bank of India is secured by hypothecation of assets Silvassa and Haridwar hypothecation charge on company's all other fixed assets and further purchased from bank finance and equitable mortage of Company's guaranteed by the directors personally. Land and Building (Unit no 2, at survey no 221-5/2,Dadra, Silvasa and Factory at Plot No 40, DL Industrial Area, District Solan, Himachal Pradesh and equitable mortage of factory at Plot No J-59,Additional MiDC ,Jalgaonand charge on Company's entire movables machineries (II) Term loan from ICICI Bank is secured by hypothecation of specific vehicles. © Personal Gurantee Shri K.L. Mundhra Shri Hitesh Kumar Mundhra (d) 1.Maturity profile of secured term loans are as below (*) FCNRB Term Loan Year 2013-14 24,147,696 2. Buyers Credit in Foreign Currency shall be converted into Term Loan in Indian Rupees during the financial Year 2012-13 which shall be repayable in 48 monthly instalments

Banking Relations :	--
Auditors :
Name :	Jain Vijay Company Chartered Accountants
Address :	305 Sona Chamber, 507/509, Chira Bazar JSS Road, 3^Rd Floor, Mumbai – 400002, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AACPJ0536E
Associates :	Ø Clear Pack Containers Ø M-Pet Containers Private Limited Ø H.K. Moulders Ø Sunpet Industrial Corporation Ø Sunrise Containers Limited Ø K.L. Mundhra Investment and Trading Private Limited Ø D.K. Mundhra Investment and Trading Private Limited Ø Sun Packaging Systems

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9,609,600	Equity Shares	Rs. 10/- each	Rs. 96.096 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		96.096	96.096	96.096
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		97.443	82.500	82.268
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		193.539	178.596	178.364
LOAN FUNDS
1] Secured Loans		24.148	321.442	403.060
2] Unsecured Loans		273.526	142.670	82.250
TOTAL BORROWING		297.674	464.112	485.310
DEFERRED TAX LIABILITIES		0.000	0.000	8.871
TOTAL		491.213	642.708	672.545
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		251.874	321.012	396.883
Capital work-in-progress		0.000	1.347	5.313
INVESTMENT		0.908	0.908	0.908
DEFERRED TAX ASSETS		18.402	6.731	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	129.430	145.389	65.806
	Sundry Debtors	169.963	134.816	105.572
	Cash & Bank Balances	37.450	48.064	86.197
	Other Current Assets	2.398	3.953	0.000
	Loans & Advances	42.501	64.101	56.319
Total Current Assets		381.742	396.323	313.894
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	43.998	23.253	19.088
	Other Current Liabilities	92.441	59.984	8.976
	Provisions	25.274	0.376	16.389
Total Current Liabilities		161.713	83.613	44.453
Net Current Assets		220.029	312.710	269.441
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		491.213	642.708	672.545

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1170.314 (Total Revenue)
		Other Income	N.A.
		TOTAL (A)	N.A.	904.201	538.104
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	N.A.	787.314	398.371
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			116.887	139.733
Less	FINANCIAL EXPENSES (D)			0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		130.068	116.887	139.733
Less/ Add	DEPRECIATION/ AMORTISATION (F)		87.493	107.543	58.766
	PROFIT BEFORE TAX (E-F) (G)		42.575	9.344	80.967
Less	TAX (H)		20.595	(2.084)	12.481
	PROFIT AFTER TAX (G-H) (I)		21.980	11.428	68.486
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	N.A.	96.624	19.758
	IMPORTS
		Raw Materials		10.015	185.094
		Stores & Spares		210.187	67.475
		Capital Goods		0.049	0.530
	TOTAL IMPORTS		N.A.	220.251	253.099
	Earnings Per Share (Rs.)		2.29	1.19	7.13

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	N.A.	1.26	12.73
Return on Total Assets (PBT/Total Assets}	(%)	6.72	1.30	11.39
Return on Investment (ROI) (PBT/Networth)		0.22	0.05	0.45
Debt Equity Ratio (Total Debt/Networth)		1.54	2.60	2.72
Current Ratio (Current Asset/Current Liability)		2.36	4.74	7.06

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Trade payable	43.998	23.253	19.088

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	Yes
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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Long term borrowing	218.802	109.450
Term loans from others	54.724	33.220
Total	273.526	142.670

LITIGATION DETAILS:

HIGH COURT OF BOMBAY

Stamp No: WPST/7051/2012 Filing Date: 14.03.2012 Reg. No.: WP/2493/2012 Reg. Date: 16.03.2012

Petitioner: Maharashtra State Electricity Distrib Respondent: Hitesh Plastics and ORS

Petn.Adv.: M.V. Kini and Company Resp.Adv.: Ajay S. Varekar for R. No. 2

District: Mumbai

Bench: Single

Status: Admitted (Unready)

Last Date: 21.11.2012 Stage: For Admission – After Notice

Last Coram: Hon’ble Shri Justice B.P. Dharmadhikari

CORPORATE INFORMATION

Subject is a private limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. It is a closely held Company. The company is engaged in the manufacturing and selling of Pet performs and Cap. The Company has four units situated at Dadra Unit 1, Dadra Unit 2, Jalgaon and Baddi. The Company caters to both domestic and international markets

FIXED ASSETS

Ø Freehold Land

Ø Factory Building

Ø Plant and Machinery

Ø Mould and Dies

Ø Electrical Installation

Ø Furniture and Fixtures

Ø Scooter

Ø Office Equipments

Ø Air Conditioner

Ø Generator

Ø Computer

Ø Cycle

Ø Flat

Ø Motor Car

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. 53.32
UK Pound	1	Rs. 84.60
Euro	1	Rs. 72.63

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

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	4
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		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.