MIRA INFORM REPORT

Report Date :

24.01.2013

IDENTIFICATION DETAILS

Name :	SABARI PLASTIC PRIVATE LIMITED
Registered Office :	7/139, Jai Shastri Nagar, 4^th Floor, Mulund Colony, Mulund (West), Mumbai - 400082, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.03.2002
Com. Reg. No.:	11-135195
Capital Investment / Paid-up Capital :	Rs.0.400 Million
CIN No.: [Company Identification No.]	U25206MH2002PTC135195
TAN No.: [Tax Deduction & Collection Account No.]	MUMS34004F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Chemical Equipment, Plastic Equipment Wind Mill Parts and FRP Mouldings
No. of Employees :	120 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 15000
Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as decent. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealings at usual 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.

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 PARTED BY

Name :	Mrs. Archana
Designation :	Accountant
Contact No.:	91-22-27641847
Date :	11.01.2013

LOCATIONS

Registered Office/Factory 1:	7/139, Jai Shastri Nagar, 4^th Floor, Mulund Colony, Mulund (West), Mumbai – 400 082, Maharashtra, India
Tel. No.:	91-22-27641847
Mobile No.:	91-22-27641847 [Mrs. Archana]
Fax No.:	91-22-27641479
E-Mail :	narayanan_47@yahoo.com sabariplastic03@yahoo.com
Location :	Owned
Factory 2:	A-427/9, TTC Industrial Area, Thane - Belapur Road, MIDC Rabale, Navi Mumbai – 400701, Maharashtra, India.
Tel. No.:	91-22-27641847 / 25678390
Fax No.:	91-22-27641479

DIRECTORS

AS ON 30.09.2012

Name :	Mr. Narayanan Kavanapilli Nair
Designation :	Director
Address :	7 / 139, Jai Shastri Nagar, 4^th Floor, Mulund Colony, Mulund (West), Mumbai 400 082, Maharashtra, India
Date of Birth/Age :	10.11.1947
Date of Appointment :	15.03.2002
DIN No.:	00400351
Name :	Mr. Dayaram Hariram Verma
Designation :	Director
Address :	C – 701, Hill View Apartments, L B S Marg, Vikhroli (West), Mumbai 400 083, Maharashtra, India
Date of Birth/Age :	10.09.1964
Date of Appointment :	15.03.2002
DIN No.:	00400290
Name :	Mr. Piyush Kantilal Gandhi
Designation :	Director
Address :	3/302, Amalfi, Raheja Gardens, LBS Marg, Thane (W), Mumbai – 400604, Maharashtra, India
Date of Birth/Age :	06.11.1969
Date of Appointment :	15.03.2002
DIN No.:	00400389
Name :	Mrs. Anindita Harish Mondal
Designation :	Director
Address :	Plot No. 278/1/1, Sai Krupa Society – 1, Beside Priti Appartment, Daman – 396210, Daman and Diu, India
Date of Birth/Age :	02.01.1968
Date of Appointment :	15.03.2002
DIN No.:	02052911

KEY EXECUTIVES

Name :	Mrs. Archana
Designation :	Accountant

MAJOR SHAREHOLDERS

AS ON 30.09.2012

Names of Shareholders	No. of Shares
Narayanan Kavanapilli Nair	10000
Dayaram Hariram Verma	10000
Piyush Kantilal Gandhi	10000
Anindita Harish Mondal	10000
TOTAL	40000

AS ON 30.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Chemical Equipment, Plastic Equipment Wind Mill Parts and FRP Mouldings
Products :	FRP Moulded Wind Mill Covers Storage Tanks and Reaction Vessels Water Treatment Plants Electrical Panel Boards Reaction Vessels with Agitator Assembly Ladders and Railings FRP Grating and Cable Trays PP/FRP Pressure Vessels Epoxy Coating and Lining Products Sandwich Construction of Blade Parts mills FRP Electric Junction Boxes Fume Extraction System Scrubbing System Tanks with Level Indicator Rectangular ETP Tanks FRP Pipes and Fittings PP/FRP Blowers ETP Plants
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :	Associated Polymers Cross Agencies Dujodwala Paper Chemicals Limited FRP Trading Company Grand Polycoats Company Private Limited GRP Accessories Jewel Polymers Private Limited Master Tools Centre Morex Petrochem Limited S Ganesh and Company Solar Rexin Private Limited
Customers :	Wholesalers and Retailers Amber Chemicals Amuden Chemicals Private Limited Associated Polymers Bhumija Enterprise Birla Associates Cross Agencies Divine Petrochemcials Private Limited FRP Trading Company FRP Trading Private Limited GRP Accessories Hari Om Enterprises Interlink Traders Jain Electric and Hardware Jnam Sales Agency Krishna Enterprises Master Tools Centre P. K. Traders Radhe Enterprises S. S. Enterprises S Ganesh and Company The Janata Agencies Private Limited Ener Con India Limited
No. of Employees :	120 (Approximately)
Bankers :	Canara Bank, Branch Mulund (West), Mumbai – 400082, Maharashtra, India IDBI Bank, Thane Janata Bank, Thane
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Kiran Nandu and Company Chartered Accountants
Address :	8, Mid Town Plaza, Shivaji Nagar, Wagle Estate, Thane 400 604, Maharashtra, India
Tel. No.:	91-22-25824282
E-Mail :	kiran.nandu@Intassociate.com
PAN No.:	AAHPN7514M
Subsidiaries :	FIBER Plastic Products
Related Parties :	Glass Fiber Equipments Ayyappa Enterprises Aditya Enterprises

CAPITAL STRUCTURE

AS ON 31.03.2012

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
40000	Equity Shares	Rs.10/- each	Rs.0.400 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		0.400	0.400	0.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.404	0.542	0.000
4] (Accumulated Losses)		0.000	0.000	(0.387)
NETWORTH		3.804	0.942	0.013
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		1.756	1.585	1.430
TOTAL BORROWING		1.756	1.585	1.430
DEFERRED TAX LIABILITIES		0.001	0.006	0.000
TOTAL		5.561	2.533	1.443
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.661	5.730	5.686
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.007
DEFERREX TAX ASSETS		0.000	0.000	0.003
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.812	10.405	4.523
	Sundry Debtors	62.922	47.160	45.017
	Cash & Bank Balances	4.201	2.232	3.973
	Other Current Assets	7.278	7.345	2.987
	Loans & Advances	0.725	0.773	0.425
Total Current Assets		78.938	67.915	56.925
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	76.316	65.882
	Other Current Liabilities	2.202	2.486	61.178
	Provisions	0.520	2.744	0.000
Total Current Liabilities		79.038	71.112	61.178
Net Current Assets		(0.100)	(3.197)	(4.253)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5.561	2.533	1.443

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2009
	SALES
		Income			130.341
		Other Income			0.000
		TOTAL	194.983	197.106	130.341
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		Financial Expenses
		TOTAL	189.986	191.872	127.013
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		4.997	5.234	3.328
Less/ Add	DEPRECIATION/ AMORTISATION		0.669	0.616	0.508
	PROFIT / (LOSS) BEFORE TAX		4.328	4.618	2.820
Less	TAX		1.207	1.583	0.623
	PROFIT / (LOSS) AFTER TAX		3.121	3.035	2.197
	Earnings Per Share (Rs.)		78.03	N.A	N.A

Expected Sales (2012-2013) : Rs.200.000 Millions

The above information has been parted by Ms. Archana.[Accountant]

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.60	1.54	1.68
Net Profit Margin (PBT/Sales)	(%)	N.A	N.A	2.16
Return on Total Assets (PBT/Total Assets}	(%)	5.12	0.06	4.50
Return on Investment (ROI) (PBT/Networth)		1.14	4.90	0.59
Debt Equity Ratio (Total Liability/Networth)		21.23	77.17	13.19
Current Ratio (Current Asset/Current Liability)		0.99	0.96	0.93

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	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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	No
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

UNSECURED LOAN

Particulars	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Anindita Mondal Loan	1.756	1.585
TOTAL	1.756	1.585

TRADE REFERENCES

• Enercon India Limited
• Solar Rexin Private Limited

FIXED ASSETS

• Plot
• Building
• Furniture and fixtures
• Electric Fittings
• Plant and Machinery
• Air Conditioner
• EPABX System
• Fax Machine
• Bajaj Chetak
• Computer and Systems
• 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.53.77
UK Pound	1	Rs.85.14
Euro	1	Rs.71.57

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	HET

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.