MIRA INFORM REPORT

Report Date :

07.01.2013

IDENTIFICATION DETAILS

Name :	SHUBHRA PLASTICS PRIVATE LIMITED
Registered Office :	M-184, MIDC Waluj, Aurangabad – 431136, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.12.2003
Com. Reg. No.:	11-143562
Capital Investment / Paid-up Capital :	Rs. 5.000 Millions
CIN No.: [Company Identification No.]	U25200MH2003PTC143562
TAN No.: [Tax Deduction & Collection Account No.]	NSKS06868B
PAN No.: [Permanent Account No.]	AAHCS8735Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of plastics, various types of plastic caps.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 28000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears some loss during the current year recorded by the company. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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

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 DECLINED BY

Name :	Mr. Ramesh Khadke
Designation :	Factory Manager
Contact No.:	91-240-2551572
Date :	05.01.2013

LOCATIONS

Registered Office/ Factory :	M-184, MIDC Waluj, Aurangabad – 431136, Maharashtra, India
Tel. No.:	91-240-2551572/ 5647606
Fax No.:	91-240-2551572/ 2551571
E-Mail :	shubhra_plastics@vaidyagroup.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Ramesh Sakharam Vaidya

Designation :

Director

Address :

N-4, C-37, CIDCO, Aurangabad – 431003, Maharashtra, India

Date of Birth/Age :

22.11.1950

Date of Appointment :

16.12.2003 

DIN No.:

01642624

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	U65990MH1988PTC048621	R-VISION PLASTIC INDUSTRIES PRIVATE LIMITED	Director	25/08/1988	25/08/1988	Active	NO
2	U25209MH1991PTC064299	SMITSHILP PLASTIC INDUSTRIES PRIVATE LIMITED	Director	04/12/1991	04/12/1991	Active	NO
3	U25200MH1999PTC121608	PRECISION PLASTIC ENGINEERING PRIVATE LIMITED	Director	06/09/1999	06/09/1999	Active	NO
4	U25200MH2002PTC137777	VARSA PLASTIC INDUSTRIES PRIVATE LIMITED	Director	01/11/2002	01/11/2002	Active	NO
5	U25200MH2003PTC143562	SHUBHRA PLASTICS PRIVATE LIMITED	Director	16/12/2003	16/12/2003	Active	NO
6	U25203MH2007PTC167024	ROHAN PLASTICS ENGINEERING PRIVATE LIMITED	Director	15/01/2007	15/01/2007	Active	NO
7	U25206MH2004PTC144476	YASH PRECISION PLASTICS PRIVATE LIMITED	Director	11/02/2007	11/02/2007	Active	NO

Name :

Mrs. Sujata Sunil Shah

Designation :

Director

Address :

S N Electricals, 70 Bhagyanagar, Aurangabad – 431003, Maharashtra, India

Date of Birth/Age :

01.09.1963

Date of Appointment :

01.02.2004

DIN No.:

02509830

Name :

Mrs. Smita Ramesh Vaidya

Designation :

Director

Address :

N-4, C-37, CIDCO, Aurangabad – 431003, Maharashtra, India

Date of Birth/Age :

13.08.1958

Date of Appointment :

01.02.2004

DIN No.:

00090251

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	U25209MH1991PTC064299	SMITSHILP PLASTIC INDUSTRIES PRIVATE LIMITED	Director	04/12/1991	04/12/1991	Active	NO
2	U25200MH1999PTC121608	PRECISION PLASTIC ENGINEERING PRIVATE LIMITED	Director	06/09/1999	06/09/1999	Active	NO
3	U25200MH2002PTC137777	VARSA PLASTIC INDUSTRIES PRIVATE LIMITED	Director	01/11/2002	01/11/2002	Active	NO
4	U65990MH1988PTC048621	R-VISION PLASTIC INDUSTRIES PRIVATE LIMITED	Director	02/03/2003	02/03/2003	Active	NO
5	U25200MH2003PTC143562	SHUBHRA PLASTICS PRIVATE LIMITED	Director	01/02/2004	01/02/2004	Active	NO

KEY EXECUTIVES

Name :	Mr. Ramesh Khadke
Designation :	Factory Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Ramesh Sakharam Vaidya	25000
Sujata Sunil Shah	25000
Total	50000

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturer of plastics, various types of plastic caps.

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Licensed Capacity	Installed Capacity
Plastics Caps	Not Applicable	252000000

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø State Bank of Hyderabad, Aurangabad Branch, Town Centre, CIDCO, Aurangabad – 431003, Maharashtra, India

Ø Indian Overseas Bank, Aurangabad Branch, Opposite St. Francis School, Jalna Road, Aurangabad – 431001, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term loans
Indian Overseas Bank	0.000	(0.316)
State Bank of Hyderabad *	7.383	7.996
State Bank of Hyderabad *	2.210	0.000
Cash credit from State Bank of Hyderabad	9.906	9.353
Total	19.499	17.033
Note: * Secured against mortgage of land and building, hypothecation of plant and machinery and other assets, also secured by Personal guarantee of directors.
Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loan from Mr. Ramesh S Vaidya	2.075	3.000
Loan from Mrs. Sujata Sunil Shah	3.075	2.000
Advance from customers	0.231	0.000
Total	5.381	5.000

Banking Relations :	--
Auditors :
Name :	V D Abhyankar and Associates Chartered Accountants
Address :	F. No. 3 Rukmini Apartments, Chetna Nagar, Aurangabad – 431133, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABFV9246N

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 100/- each	Rs. 5.000 Millions

The reconciliation of the number of equity shares outstanding as at 31.03.2012 is set out below

Particulars	31.03.2012
	Number	Amount in millions
Shares outstanding at the beginning of the year	50000	5.000
Shares issued during the year	--	--
Shares bought back/ other movements during the year	--	--
Shares outstanding at the end of the year	50000	5.000

The details of shareholder holding more than 5% shares is set out below

Name of shareholders	31.03.2012
	Number	% of Holding
Sujata Sunil Shah	25000	50.00
Ramesh Sakharam Vaidya	25000	50.00

The company has only one class of shares referred to as equity shares having a face value of Rs. 100 each. Each holder of equity shares is entitled to one vote per share and proportionate amount of dividend if declared to the total number of shares.

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		5.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.035	3.835	0.187
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7.035	8.835	5.187
LOAN FUNDS
1] Secured Loans		19.499	17.033	9.022
2] Unsecured Loans		5.381	5.000	0.000
TOTAL BORROWING		24.880	22.033	9.022
DEFERRED TAX LIABILITIES		0.447	0.000	0.015
TOTAL		32.362	30.868	14.224
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		31.876	14.351	8.659
Capital work-in-progress		0.000	6.060	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	1.842	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.753	3.491	4.691
	Sundry Debtors	8.905	10.436	9.952
	Cash & Bank Balances	0.479	3.295	0.566
	Other Current Assets	0.034	0.015	0.523
	Loans & Advances	1.876	1.572	0.080
Total Current Assets		19.047	18.809	15.812
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.758	6.695
	Other Current Liabilities	4.810	2.248	8.878
	Provisions	0.993	1.251	1.369
Total Current Liabilities		18.561	10.194	10.247
Net Current Assets		0.486	8.615	5.565
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		32.362	30.868	14.224

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	53.844	49.851	51.456
	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	52.544	47.581	47.356
	PROFIT/ (LOSS) BEFORE TAX		0.967	2.270	4.197
Less	TAX		2.767	(1.378)	1.489
	PROFIT/ (LOSS) AFTER TAX		(1.800)	3.648	2.708
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	0.000	N.A.
	CIF VALUE OF IMPORTS		0.000	2.207	N.A.
	Earnings/ (Loss) Per Share (Rs.)		(36.00)	72.96	54.16

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(3.34)	7.32	5.27
Return on Total Assets (PBT/Total Assets}	(%)	1.90	6.85	17.15
Return on Investment (ROI) (PBT/Networth)		0.14	0.26	0.81
Debt Equity Ratio (Total Liability/Networth)		6.17	3.28	3.71
Current Ratio (Current Asset/Current Liability)		1.03	1.85	1.54

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)	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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25200MH2003PTC143562
Name of the company	SHUBHRA PLASTICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	M-184, MIDC Waluj, Aurangabad – 431136, Maharashtra, India Email: shubhra_plastic@vaidyagroup.com
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	State Bank of Hyderabad, Aurangabad Branch, Town Centre, CIDCO, Aurangabad – 431003, Maharashtra, India Email: avinash.acharaya@sbhyd.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum for recording creation of mortgage by deposit of title deeds. C.C. – 10.000 Millions T.L. - 13.500 Millions ------------------------ Total: 23.500 Millions
Date of instrument Creating the charge	12.05.2011
Amount secured by the charge	Rs. 23.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Facility - CRA : Pricing* C.C. - @ 5% above BR with a min of 14% p.a. T.L. - @ 5.5% above BR with a min of 14.5% Terms of Repayment On Demand Margin RM : Domestic Imported - 25% SIP / FG - 25% Receivables ( Cover Period 90 Days) - 50% Plant and Machinery - 25% Building - 40% Extent and Operation of the charge The Charge will operate to the extent of Rs.23.005 Millions on the Security offered by the Company.
Short particulars of the property charged	The Borrower Company doth hereby equitable mortgage the property situated at: Plot No. K - 84, MIDC, Waluj, Aurangabad.

FIXED ASSETS:

Ø Land

Ø Building

Ø Plant and Machinery

Ø Tools and Dies

Ø Office Equipments

Ø Furniture and Fixture

Ø Electrification

Ø Computer

Ø Air Conditioner

Ø Fax Machine

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. 54.85
UK Pound	1	Rs. 88.16
Euro	1	Rs. 71.54

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

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	4
--RESERVES	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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.