MIRA INFORM REPORT

Report Date :

09.01.2013

IDENTIFICATION DETAILS

Name :	MULTISTAR POLYFILMS PRIVATE LIMITED
Registered Office :	42, Shankar Nagar, Itkheda Parisar, Paithan Road, Aurangabad – 431005, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.03.2007
Com. Reg. No.:	11-168298
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U92120MH2007PTC168298
TIN No.:	VAT TIN NO.:27630602990V CST TIN NO.:27630602990C
TAN No.: [Tax Deduction & Collection Account No.]	NSKM06152G
PAN No.: [Permanent Account No.]	AAFCM0084Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Polythene Films, Lamination, Milk Films
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management of the company has failed to filed to 2010-11 and 2011-12 financials with the government department. Management remain non co-operative denied to part any information about the company. From the available financials the company positions seems to be weak. There appears huge accumulated losses recorded by the company. However, business is active. Payments are unknown. The company can be considered for business dealings on a secured 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.

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. Kavendra Ramrao Patil
Designation :	Managing director
Contact No.:	91-9370553555 / 9372745354/ 55
Date :	05.01.2013

LOCATIONS

Registered Office :	42, Shankar Nagar, Itkheda Parisar, Paithan Road, Aurangabad – 431005, Maharashtra, India
Tel. No.:	91-240-2552612
Mobile No.:	91-9370553555 / 9372745354/ 55 (Mr. Kavendra Ramrao Patil)
Fax No.:	91-240-2553555
E-Mail :	sarmcpl@dataone.in mdr_cc@sify.com

DIRECTORS

As on 21.06.2010

Name :	Mr. Kavendra Ramrao Patil
Designation :	Managing director
Address :	42, Shankar Nagar, Itkheda Parisar, Paithan Road, Aurangabad – 431005, Maharashtra, India
Date of Birth/Age :	30.07.1970
Date of Appointment :	02.03.2007
PAN No.:	AMDPP3552D
DIN No.:	02197655
Name :	Mrs. Sarika Kavendra Patil
Designation :	Director
Address :	42, Shankar Nagar, Itkheda Parisar, Paithan Road, Aurangabad – 431005, Maharashtra, India
Date of Birth/Age :	21.02.1977
Date of Appointment :	02.03.2007
PAN No.:	AKXPP7083K
DIN No.:	02199497
Name :	Mr. Nilesh Ramrao Patil
Designation :	Director
Address :	42, Shankar Nagar, Itkheda Parisar, Paithan Road, Aurangabad – 431005, Maharashtra, India
Date of Birth/Age :	29.09.1976
Date of Appointment :	02.03.2007
DIN No.:	02231762

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.06.2010

Names of Shareholders	No. of Shares
Kavendra Ramrao Patil	8000
Sarika Kavendra Patil	1000
Nilesh Ramrao Patil	1000
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on 21.06.2010

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Polythene Films, Lamination, Milk Films.

GENERAL INFORMATION

Customers :

· Agarwal Printer

· ASTARC Agro and Foods Private Limited

· Aurangabad Dist. Co. Op. Milk P. U.

· Balaji Packagings

· Devi Packagings

· Dot Packtech Industries

· Gobs Construction

· Lait Enterprises

· Mahalaxmi Laminators

· Orion Laminates Limited

· Pary Enterprises India Limited

· Pravin Industries

· Sai Om Industries

· Samarth Enterprises

· Sanket Polymers

· Seven Star Chem Plast

No. of Employees :

Information declined by the management.

Bankers :

The Saraswat Co-Operative Bank Limited, Railway Station Road Branch, Kanchan Chambers, Kranti Chowk, Aurangabad – 431005, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2010	As on 31.03.2009
The Saraswat Co-Operative Bank Term Loan	4.792	3.216
The Saraswat Co-Operative Bank Cash Credit	8.822	6.024
Total	13.614	9.240
Unsecured Loan	As on 31.03.2010	As on 31.03.2009
From Others	4.783	1.435
Total	4.783	1.435

Banking Relations :	--
Auditors :
Name :	B. P. Singh and Company Chartered Accountants
Address :	414, Labh Chembers, Station Road, Aurangabad – 431005, Maharashtra, India
PAN No.:	ARMPS8125P

CAPITAL STRUCTURE

After 21.06.2010

Authorised Capital : Rs.5.500 Millions

Issued, Subscribed & Paid-up Capital : Rs.0.500 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.174	4.609	2.400
4] (Accumulated Losses)		(1.493)	(1.885)	(0.455)
NETWORTH		3.781	2.824	2.045
LOAN FUNDS
1] Secured Loans		13.614	9.240	9.808
2] Unsecured Loans		4.783	1.435	0.000
TOTAL BORROWING		18.397	10.675	9.808
DEFERRED TAX LIABILITIES		0.119	0.139	0.032
TOTAL		22.297	13.638	11.885
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.402	8.681	5.559
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	2.504
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.867	3.960	3.510
	Sundry Debtors	11.022	6.143	4.856
	Cash & Bank Balances	0.040	0.059	0.082
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.828	1.628	1.446
Total Current Assets		20.757	11.790	9.894
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.131	6.339	5.932
	Other Current Liabilities	0.794	0.564	0.218
	Provisions	0.000	0.000	0.000
Total Current Liabilities		5.925	6.903	6.150
Net Current Assets		14.832	4.887	3.744
MISCELLANEOUS EXPENSES		0.063	0.070	0.078
TOTAL		22.297	13.638	11.885

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	49.884	36.334	12.822
		Indirect Income	0.336	0.403	0.006
		Deferred Tax Income	0.020	0.000	0.000
		TOTAL (A)	50.240	36.737	12.828
Less	EXPENSES
		Cost of Goods Sold	40.679	32.350	10.471
		Direct Expenses	4.228	2.529	1.251
		Employee Cost	1.235	0.841	0.458
		Office and Administrative Expenses	0.650	0.236	0.263
		TOTAL (B)	46.792	35.956	12.443
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.448	0.781	0.385
Less	FINANCIAL EXPENSES (D)		1.902	1.378	0.183
	PROFIT / (LOSS)BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.546	(0.597)	0.202
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.148	0.721	0.625
	PROFIT / (LOSS)BEFORE TAX (E-F) (G)		0.398	(1.318)	(0.423)
Less	TAX (H)		0.007	0.112	0.032
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.391	(1.430)	(0.455)
	Earnings / (Loss) Per Share (Rs.)		39.10	NA	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.78	(3.89)	3.55
Net Profit Margin (PBT/Sales)	(%)	0.80	(3.63)	(3.30)
Return on Total Assets (PBT/Total Assets}	(%)	1.41	(6.44)	(2.74)
Return on Investment (ROI) (PBT/Networth)		0.11	(0.47)	(0.21)
Debt Equity Ratio (Total Liability/Networth)		6.43	6.22	7.80
Current Ratio (Current Asset/Current Liability)		3.50	1.71	1.61

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2010	31.03.20009	31.03.2008
Sundry Creditors	5.131	6.339	5.932

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	Yes
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	No
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

PERFORMANCE:

During the year, the company has successfully increased its production capacity and also had acquired major co-operative sector orders.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company

U92120MH2007PTC168298

Name of the company

MULTISTAR POLYFILMS PRIVATE. LIMITED

Address of the registered office or of the principal place of business in India of the company

42, Shankar Nagar, Itkheda Parisar, Paithan Road, Aurangabad – 431005, Maharashtra, India

E-mail Id : mdr_cc@sify.com

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

10211060

Type of charge

Immovable property

Particular of charge holder

The Saraswat Co-Operative Bank Limited, Railway Station Road Branch, Kanchan Chambers, Kranti Chowk, Aurangabad – 431005, Maharashtra, India

E-mail id : mdr.rocmail@gmail.com

Nature of instrument creating charge

1. Supplementary Recording letter of evidencing deposit of title deeds by way of collateral security

(Supplementary Equitable Mortgage by way of collateral security )

2. Supplementary Recording letter of evidencing deposit of title deeds by way of collateral security

(Supplementary Equitable Mortgage by way of collateral security )

(both constitute a single charge )

Date of instrument Creating the charge

29.01.2010

Amount secured by the charge

Rs.15.285 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

Interest @ 14.00% p.a. with monthly rests or such other rate as agreed by the Borrower company with the Bank from time to time.

Terms of Repayment

As agreed by the Borrower Company with the bank from time to time.

Margin

As agreed by the Borrower Company with the bank from time to time.

Extent and Operation of the charge

At the request of the Company, the bank has Enhancing Cash Credit Limits of Rs. 6.000 Millions to Rs. 9.000 Millions and Total Banking Limits enhancing from Rs. 12.285 Millions to Rs. 15.285 Millions against the continuation of the existing charge and Charge on Plot No. M-67, and K-174 MIDC Waluj, Aurangabad by way of collateral security. Charge to secure the due repayment of the limits and for all costs, interest and other charges thereon.

Others

(Rs. In Millions)

Nature of Facility	Existing Limit	Present Limit
Cash Credit	6.000	9.000
Term Loan	3.585	3.585
Term Loan	2.700	2.700
Total	12.285	15.285

Short particulars of the property or asset(s) charged (including complete address and location of the property)

Given Collateral Security of M/s. Neha Industries of All that piece or parcel of Immovable property Bearing Plot no. K-184 Admn. 800 Sq. Mts. situated at Industrial Area, Waluj, Aurangabad within Village Limits of Ranjangaon, Taluka Gangapur, District Aurangabad outside of Municipal Corporation, alongwith Building constructed or to be constructed thereon All that piece or parcel of Immovable property Bearing Plot no. M-67 Admn. 760 Sq. Mts. situated at Industrial Area, Waluj, Aurangabad within Village Limits of Ranjangaon and Jogeshwar, Taluka Gangapur, District Aurangabad outside of Municipal Corporation, alongwith Factory Shed constructed thereon.

Date of instrument modifying the charge

25.04.2009

Particulars of the present modification

At the request of the Company, the bank has Enhancing Cash Credit Limits of Rs.6.000 Millions to Rs. 9.000 Millions and Total Banking Limits enhancing from Rs. 12.285 Millions to Rs. 15.285 Millions against the continuation of the existing charge and Charge on Plot No. M-67, and K-174 MIDC Waluj, Aurangabad by way of collateral security. Charge to secure the due repayment of the limits and for all costs, interest and other charges thereon

FIXED ASSETS:

· Building

· Computer

· Furniture and Fixtures

· Electrification

· Plant and Machinery

· Office Equipments

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.55.33
UK Pound	1	Rs.89.05
Euro	1	Rs.72.57

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--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		12

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.