MIRA INFORM REPORT

Report Date :

09.01.2013

IDENTIFICATION DETAILS

Name :	PLASTONA
Registered Office :	206, Umrigar Building, 2^nd Floor, Above Badshah Cold Drink, Opposite Crawford Market, Mumbai - 400 003, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Year of Establishment :	1992
Capital Investment / Paid-up Capital :	Rs.57.457 Millions
TAN No.: [Tax Deduction & Collection Account No.]	AADFP9199A
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Manufacturer and Exporter of Plastic Household Equipments
No. of Employees :	200 (Approximately)

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 220000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having satisfactory track record. Trade relations are reported as fair. Business is active. Payment terms are usually correct. The concern can be considered for business dealings with some caution.

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. Vinit Shah
Designation :	Partner
Contact No.:	91-9322221562
Date :	12.12.2012

LOCATIONS

Registered Office :	206, Umrigar Building, 2^nd Floor, Above Badshah Cold Drink, Opposite Crawford Market, Mumbai – 400 003, Maharashtra, India
Tel. No.:	91-22-23451614 / 23451192
Mobile No.:	91-9322221562 (Mr. Vinit Shah)
Fax No.:	91-22-28510443 / 23465719
E-Mail :	sales@viphousewares.com
Website :	http://www.viphousewares.com
Location :	Owned
Factory :	360 / 1 and 2, Shree Ganesh Industrial Estate, Kachigam, Nani Daman - 396210, India.
Tel. No.:	91-260-2242639 / 3296696
Fax No.:	91-260-2244382

PARTNERS

Name :	Mr. C. K. Shah
Designation :	Partner
Date of Birth/Age :	64 Year
Qualification :	BSC
Name :	Mr. Vinit Shah
Designation :	Partner
Date of Birth/Age :	37 Years
Qualification :	B Com
PAN No.: [Permanent Account No.]	AANPS7860F
Name :	Mr. Lalit J. Shah
Designation :	Partner
Date of Birth/Age :	68 Years
Qualification :	B Com

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Plastic Household Equipments
Products :	· Packaging Boxes · Fridge and Kitchen Containers · Water Bottles · Insulated Water Bottles · Pencil Boxes · Lunch Boxes · Baby Gifts · Stockwell · Container Sets · Microwave Safe Items · Kitchenwares · Housewares · Soap Cases, Soap Dishes and Washing Brushes · Vanity Cases, Thread Boxes and Safari Boxes · Planters, Trays and Sprayers · Stock Well
Exports :
Products :	Plastic Household Equipments
Countries :	· Dubai · Saudi Arabia · Sri Lanka · Mauritius
Imports :
Products :	Raw Materials
Countries :	· Korea · UAE
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :

Bhavik Enterprises

Customers :

End Users

· Mahalaxmi Distributor, Chennai

No. of Employees :

200 (Approximately)

Bankers :

· HDFC Bank, Crawford Market

· Citi Bank

· Bank of India

· Saraswat Bank

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Unsecured Loan	23.455	16.400
Total	23.455	16.400

Banking Relations :	--
Auditors :
Name :	Deepak Shah Chartered Accountant

CAPITAL STRUCTURE

As on 31.03.2012

Capital Investment :
Owned :	Rs.57.457 Millions (Estimated)
Borrowed :	--
Total :	Rs.57.457 Millions (Estimated)

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] Partner’s Capital		57.457	65.438	66.527
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		57.457	65.438	66.527
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		23.455	16.400	3.370
TOTAL BORROWING		23.455	16.400	3.370
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		80.912	81.838	69.897
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.723	12.773	14.281
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories
	Sundry Debtors
	Cash & Bank Balances	69.210	70.975	58.826
	Other Current Assets
	Loans & Advances
Total Current Assets		69.210	70.975	58.826
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	3.021	1.910	3.210
	Provisions
Total Current Liabilities		3.021	1.910	3.210
Net Current Assets		66.189	69.065	55.616
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		80.912	81.838	69.897

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	174.451	160.403	159.598
		Other Income	1.235	2.211	5.993
		TOTAL	175.686	162.614	165.591
Less	EXPENSES
		Cost of Good Sold	2.137	(8.126)	-4.242
		Materials Consumed and Other Manufacturer Expenses	112.719	107.708	108.049
		Administrative Expenses	2.357	1.387	2.682
		Selling Distribution Expenses	10.256	8.308	7.196
		Long Term Loss on Shares	0.131	0.000	0.000
		Remuneration to Partners	1.200	1.200	0.000
		TOTAL	128.800	110.477	113.685
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		46.886	52.137	51.906
Less	FINANCIAL EXPENSES		5.115	3.925	3.343
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		41.771	48.212	48.563
Less/ Add	DEPRECIATION/ AMORTISATION		2.410	2.155	0.000
	NET PROFIT		39.361	46.057	48.563

Expected Sales (2012-13) : Rs.200.000 Millions

The above information has been parted by Mr. Vinit Shah

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	22.40	28.32	29.33
Net Profit Margin (PBT/Sales)	(%)	22.46	28.71	30.43
Return on Total Assets (PBT/Total Assets}	(%)	46.90	54.99	66.43
Return on Investment (ROI) (PBT/Networth)		0.68	0.70	0.73
Debt Equity Ratio (Total Liability/Networth)		0.46	0.28	0.10
Current Ratio (Current Asset/Current Liability)		22.91	37.16	18.33

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Rs. In Millions

Particular	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors	Not Available	Not Available	Not Available
Total	Not Available	Not Available	Not Available

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
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

TRADE REFERENCES

· Bhavik Enterprises

· Mahalaxmi Distributor, Chennai

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 records 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 records 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.72.33

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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.