MIRA INFORM REPORT

Report Date :

02.01.2013

IDENTIFICATION DETAILS

Name :	PATIDAR PLASTICS PRIVATE LIMITED
Registered Office :	9, Sonal Industrial Estate, 8-B National Highway, Gondal Road, Veraval, Shapar, Rajkot – 360002, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.08.1990
Com. Reg. No.:	04-014230
Capital Investment / Paid-up Capital :	Rs.1.252 Millions
CIN No.: [Company Identification No.]	U25209GJ1990PTC014230
TAN No.: [Tax Deduction & Collection Account No.]	RKTP00480E
PAN No.: [Permanent Account No.]	AABCP2769H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plastic Moulded Household Products.
No. of Employees :	5 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 6000
Status :	Small Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively small company in its field. It’s scale of activities are limited. The company has achieved minimal turnover and profit. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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. Rasiklal R. Trambadiya
Designation :	Director
Contact No.:	91-9824263744
Date :	31.12.2012

LOCATIONS

Registered Office/ Factory :	9, Sonal Industrial Estate, 8-B National Highway, Gondal Road, Veraval, Shapar, Rajkot – 360002, Gujarat, India
Tel. No.:	91-2728-252209
Mobile No.:	91-9824263744 (Mr. Rasiklal)
Fax No.:	Not Available
E-Mail :	meerat2@gmail.com vibha.vaibhav@gmail.com
Area :	500 sq. ft.
Location :	Owned

DIRECTORS

(AS ON 29.09.2012)

Name :	Mr. Rasiklal Ratibhai Trambadiya
Designation :	Director
Address :	Sahajanand, 33, Shantiniketan Kalawad Road, Rajkot – 360005, Gujarat, India
Date of Birth/Age :	26.01.1954
Date of Appointment :	20.08.1990
DIN No.:	00402672
Name :	Mrs. Madhuben Rasiklal Trambadiya
Designation :	Director
Address :	602, Hilton Apartment, Opposite Bansi Park, Rajkot – 360005, Gujarat, India
Date of Birth/Age :	10.01.1963
Date of Appointment :	30.05.2012
DIN No.:	05338821

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2012)

Names of Shareholders	No. of Shares
Navinchandra Trambadia	23000
Rasiklalndra Trambadia	22000
Chhahanlal Nadpara	19900
Bharatkumar Trambadia	15500
Dineshkumar Nadpara	2500
Hareshkumar Nadpara	1900
Devjibhai Nadpara	1900
Thakarshibhai Nadpara	4900
Harshaben Trambadia	7500
Madhuben Trambadia	10000
Dinaben Trambadia	12000
Kundanben Patel	3900
Vrujlarlal Kadecha	100
Mitesh Kadecha	100
Total	125200

(AS ON 29.09.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Plastic Moulded Household Products.

Products :

Products Description	Item Code No.
Household Plastic Articles	392690.09

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Licensed Capacity	Installed Capacity	Actual Production
Plastic Moulded Articles	No Licence is required	288 Mts. P.A.	MT on Singla Shift basis 18,536.86

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

5 (Approximately)

Bankers :

· Bank of India

Rajkot, Gujarat, India

· Rajkot Nagrik Sahakari Bank

Facilities :

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loan from directors and shareholders	1.715	2.007
Total	1.715	2.007

Banking Relations :	--
Auditors :
Name :	Gadhia Karachiwala and Company Chartered Accountant
Address :	307, Hira Panna, Dr. Yagnik Road, Rajkot – 360001, Gujarat, India
Tel No.:	91-2728-2460806 (O)/ 2451075 (R)
PAN No.:	ABNPG1630Q

CAPITAL STRUCTURE

(AS ON 29.09.2012)

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
125200	Equity Shares	Rs.10/- each	Rs.1.252 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		1.252	1.252	1.252
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.127	0.067	1.236
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.379	1.319	2.488
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.106
2] Unsecured Loans		1.715	2.007	2.313
TOTAL BORROWING		1.715	2.007	2.419
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3.094	3.326	4.907
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.543	0.609	0.685
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.005
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.135	0.763	1.210
	Sundry Debtors	1.431	1.447	1.551
	Cash & Bank Balances	0.023	0.481	0.118
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.228	0.213	0.196
Total Current Assets		2.817	2.904	3.075
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.098	0.020	0.000
	Other Current Liabilities	0.092	0.102	0.083
	Provisions	0.076	0.065	0.014
Total Current Liabilities		0.266	0.187	0.097
Net Current Assets		2.551	2.717	2.978
MISCELLANEOUS EXPENSES		0.000	0.000	1.239
TOTAL		3.094	3.326	4.907

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2.542	3.968	3.534
		Other Income	NA	0.285	NA
		TOTAL	NA	4.253	NA
Less	EXPENSES
		TOTAL	NA	4.089	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.138	0.164	0.151
Less/ Add	DEPRECIATION/ AMORTISATION		0.065	0.075	0.087
	PROFIT BEFORE TAX		0.073	0.089	0.064
Less	TAX		0.014	0.018	0.000
	PROFIT AFTER TAX		0.059	0.071	0.064
Less	Accumulated Profit/ Loss		(1.169)	(1.240)	(1.304)
	BALANCE CARRIED TO THE B/S		(1.110)	(1.169)	(1.240)
	Earnings Per Share (Rs.)		(0.47)	--	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	1.67	NA
Net Profit Margin (PBT/Sales)	(%)	2.87	2.24	1.81
Return on Total Assets (PBT/Total Assets}	(%)	2.17	2.53	1.70
Return on Investment (ROI) (PBT/Networth)		0.05	0.07	0.03
Debt Equity Ratio (Total Liability/Networth)		1.44	3.58	1.01
Current Ratio (Current Asset/Current Liability)		10.59	15.53	31.70

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditors
- Micro, Small and Medium Enterprise	0.000	0.000	0.000
- Others	0.098	0.020	0.000
Total	0.098	0.020	0.000

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	Yes
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]	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

OPERATIONS

The turnover for the year is Rs.2.542 Millions while turnover for the previous year was Rs.3.968 Millions. The production of various shapes and sizes of plastics moulded household articles is 18536.86 Kgs. as against the production of 28523.360 kgs. of previous year. The Company has made net profit of Rs.0.059 Million for the year as against the net profit of Rs.0.071 Million for previous year. Production, sales and profit for the year has creased as compared to previous year. This is because of heavy competition in the market and slack in the market as a whole. The directors are trying their best to increase production sales and profit. The Company is progressing gradually. The director that on account of change in production and marketing strategy, the company will made progress on both the front i.e. sales and profit in next year.

The production and marketing strategy of the Company, the performance as a whole of the company will be very encouraging and much better in the next year.

FIXED ASSETS:

· Land and Development

· Building

· Plant and Machinery

· Electric Installation

· Dies and Mould

· Furniture

· Typewriter

· Motor Car

· Air Conditioner

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.54.78
UK Pound	1	Rs.88.51
Euro	1	Rs.72.26

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	2
--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		28

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.