MIRA INFORM REPORT

Report Date :

10.06.2013

IDENTIFICATION DETAILS

Name :	INTERPLEX INDIA PRIVATE LIMITED
Registered Office :	404-B, Bakhtavar, Colaba, Mumbai – 400005, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.10.1986
Com. Reg. No.:	11-041325
Capital Investment / Paid-up Capital :	Rs. 5.000 Millions
CIN No.: [Company Identification No.]	U25200MH1986PTC041325
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Processing of Cellulose Acetate, PET Sheet, PET Straps and Thermoformed Products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 459000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears huge loss during 2012. However, networth appears to be good. 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 slight caution.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BB
Rating Explanation	ICRA has suspended its rating ‘BB’ due to lack of information.
Date	April 2013

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

MANAGEMENT NON-COOPERATIVE [91-22-22150827 / 22152660]

LOCATIONS

Registered Office :	404-B, Bakhtavar, Colaba, Mumbai – 400005, Maharashtra, India
Tel. No.:	91-22-22150827/ 22152660
Fax No.:	91-22-22152660
E-Mail :	info@interplexindia.com nspatel@interplexindia.com ssraassociates@gmail.com
Website :	http://www.interplexindia.com
Admin/ Corporate/ Marketing Office :	602-A, Concorde, R.C. Dutt Road, Alkapuri, Vadodara - 390007, Gujarat, India
Tel. No.:	91-265-2353444
Fax No.:	91-265-2310750
Factory :	314/1, Village Baska, Halol, Panchmahal, Vadodara - 389350, Gujarat, India
Fax No.:	91-2676-247218
E-Mail :	info@interplexindia.com

DIRECTORS

AS ON 29.09.2012

Name :

Dr. Hiralal Patel

Designation :

Director

Address :

404-B, Bakhtavar, Colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

19.09.1919

Date of Appointment :

14.07.1987

DIN No.:

00033429

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U51900MH1986PTC041580	APTICON PRIVATE LIMITED	Director	14/11/1986	14/11/1986	-	Active	NO
2	U25200MH1986PTC041325	INTERPLEX INDIA PRIVATE LIMITED	Director	14/07/1987	14/07/1987	-	Active	NO
3	U65993MH2004PTC144260	CLEARWATER CAPITAL PARTNERS INDIA PRIVATE LIMITED	Director	10/05/2004	10/05/2004	04/04/2009	Active	NO
4	U25203MH2012PTC229660	INTERPLEX MAZZUCCHELLI PRIVATE LIMITED	Director	13/04/2012	13/04/2012	-	Active	NO

Name :

Mr. Sunil Hiralal Patel

Designation :

Director

Address :

404-B, Bakhtavar, Colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

21.10.1958

Date of Appointment :

01.08.2001

DIN No.:

01771097

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	U25200MH1986PTC041325	INTERPLEX INDIA PRIVATE LIMITED	Director	01/08/2001	01/08/2001	Active	NO
2	U51900MH1986PTC041580	APTICON PRIVATE LIMITED	Director	21/04/2007	21/04/2007	Active	NO

Name :

Mrs. Neena Sunil Patel

Designation :

Director

Address :

404-B, Bakhtavar, Colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

28.11.1968

Date of Appointment :

01.11.2007

DIN No.:

01869691

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	U25200MH1986PTC041325	INTERPLEX INDIA PRIVATE LIMITED	Director	01/11/2007	01/11/2007	Active	NO
2	U51900MH1986PTC041580	APTICON PRIVATE LIMITED	Director	01/10/2011	01/10/2011	Active	NO
3	U25203MH2012PTC229660	INTERPLEX MAZZUCCHELLI PRIVATE LIMITED	Director	13/04/2012	13/04/2012	Active	NO

Name :

Mr. Vidya Sagar Sood

Designation :

Director

Address :

B-2, Extension 5, Safdarjung Enclave, New Delhi – 110029, India

Date of Birth/Age :

20.10.1927

Date of Appointment :

21.10.1986

DIN No.:

02600048

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Sunil Hiralal Patel	5000
Anurag Sunil Patel joint with Neena Sunil Patel	42900
Neena Sunil Patel	409200
Neena Sunil Patel joint with Anurag Sunil Patel	42900
Total	500000

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 :

Manufacturing and Processing of Cellulose Acetate, PET Sheet, PET Straps and Thermoformed Products.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Ø Union Bank of India, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India

Ø Canara Bank, B.S. Marg Branch, Mumbai - 400023, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
From Union Bank of India
Term Loan	35.170	64.294
Buyer's Credit for Capital Goods	6.345	8.457
From Kotak Mahindra Prime Car Loan (Secured against Car)	1.749	1.240
Working Capital Loans
Cash Credit - from Union Bank of	49.498	35.619
Buyer's Credit for Raw Material	73.799	58.301
Total	166.561	167.911
Notes: a. Term Loans from Union Bank of India is secured by joint equitable mortgage of Company's land and building and hypothecation of plant and machineries and other movable assets of the Company. The same is repayable in FY 2013-14. b. Above secured loans are further secured by way of personal guarantees of Mr. Sunil H Patel and Mrs. Neena Patel, Directors of the Company. c. Security for Buyers Credit for Capital Goods is secured against guarantee given by Union Bank of India, M S Marg, Mumbai

Banking Relations :	--
Auditors :
Name :	Kuldip Mehta and Company Chartered Accountants
Address :	25 - R, 9th Floor, Navjivan Commercial Premises, Lamington Road, Mumbai – 400008, Maharashtra, India
Tel. No.:	91-22-67991582/ 66335760
Fax No.:	91-22-23061214
E-Mail :	cakuldipmehta@gmail.com
Income-tax PAN of auditor or auditor's firm :	AABPM7017Q
Associates :	Apticon Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 10/- each	Rs. 5.000 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		5.000	5.000	3.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		109.795	124.987	117.250
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		114.795	129.987	120.750
LOAN FUNDS
1] Secured Loans		166.561	167.911	178.472
2] Unsecured Loans		8.500	8.500	10.000
TOTAL BORROWING		175.061	176.411	188.472
DEFERRED TAX LIABILITIES		0.000	14.008	11.454
TOTAL		289.856	320.406	320.676
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		199.570	205.243	214.418
Capital work-in-progress		0.009	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	61.955	59.230	41.105
	Sundry Debtors	43.670	39.836	37.901
	Cash & Bank Balances	26.523	25.607	16.326
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	34.435	35.574	41.785
Total Current Assets		166.583	160.247	137.117
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	35.276	13.064	25.374
	Other Current Liabilities	41.030	32.020	0.010
	Provisions	0.000	0.000	5.475
Total Current Liabilities		76.306	45.084	30.859
Net Current Assets		90.277	115.163	106.258
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		289.856	320.406	320.676

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	332.404	302.355
		Other Income	3.540	1.409
		TOTAL (A)	335.944	303.764	283.442
Less	EXPENSES
		Raw Material Consumed	272.174	200.226
		Changes in inventories of finished goods and stock in process	(3.080)	9.343
		Employee benefit expenses	17.376	16.911
		Other expenses	44.390	37.462
		TOTAL (B)	330.860	263.942	245.169
Less	PROFIT/ [LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.084	39.822	38.273
Less	FINANCIAL EXPENSES (D)		18.363	10.893	8.711
	PROFIT/ [LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(13.279)	28.929	29.562
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.475	15.272	14.165
	PROFIT/ [LOSS] BEFORE TAX (E-F) (G)		(28.754)	13.657	15.397
Less	TAX (H)		(14.008)	5.278	4.984
	PROFIT/ [LOSS] AFTER TAX (G-H) (I)		(14.746)	8.379	10.413
	PRIOR PERIOD ADJUSTMENT		0.000	0.000	(0.121)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		110.542	102.163	91.871
	BALANCE CARRIED TO THE B/S		95.796	110.542	102.163
	IMPORTS
		Raw Materials	109.088	100.346	N.A.
	Earnings/ [Loss] Per Share (Rs.)		(29.49)	23.94	29.75

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(4.39)	2.76	3.67
Net Profit Margin (PBT/Sales)	(%)	(8.65)	4.52	N.A.
Return on Total Assets (PBT/Total Assets}	(%)	(7.85)	3.74	4.38
Return on Investment (ROI) (PBT/Networth)		(0.25)	0.11	0.13
Debt Equity Ratio (Total Debt/Networth)		1.52	1.36	1.56
Current Ratio (Current Asset/Current Liability)		2.18	3.55	4.44

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	No
10]	Designation of contact person	No
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	Yes
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	Yes

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
From Directors	8.500	8.500
Total	8.500	8.500

COMPANY INFORMATION:

Subject is a manufacturing company whose core activities are multi layer co-extrusion and compounding. Interplex specializes in processing Cellulose Acetate, PET Sheet, PET Straps and Thermoformed Products. Company has its registered office in Mumbai.

FUTURE OUTLOOK

The company has implemented price increases at the beginning of the new financial year to recover margins in products impacted by input cost increases. There is a steady increase in the demand of PET products in existing markets and the company is aggressively exploring new markets for all products.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25200MH1986PTC041325
Name of the company	INTERPLEX INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	404-B, Bakhtavar, Colaba, Mumbai – 400005, Maharashtra, India Email: nspatel@interplexindia.com
This form is for	Modification of charge
Charge identification number of the modified	10070498
Type of charge	Immovable property
Particular of charge holder	Union Bank of India, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India Email: msmcredit@unionbankofindia.com
Nature of description of the instrument creating or modifying the charge	Extension of Equitable Mortgage
Date of instrument Creating the charge	07.11.2012
Amount secured by the charge	Rs. 252.700 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Together with Interest, Compound Interest, Additional Interest in case of Default, Exchange Fluctuations, Costs, Charges, Expenses etc. thereon Terms of Repayment Term Loan in Installments, and other facilities on Demand Margin As per sanction terms Extent and Operation of the charge To additionally secure various Credit facilities aggregating to Rs.252.700 Millions granted by the Bank to the Company as under: 1. Imp. LC (DA 360 Days) / Buyers Credit Rs.100.000 Millions 2. Buyers Credit for Capital Goods (DA 360 days extended upto 3 Years) Rs. 10.000 Millions 3. CC (Hyp) of St/BD Rs. 55.000 Millions. W/W CC (Hyp) IFB, Baroda (Rs. 5.000 Millions) W/W FDBP/FUDBP/AFUBC (Sight &/or 120 days DA) (Rs.5.000 Millions) W/W Packing Credit (Rs.2.500 Millions) T4.erm Loan Rs.87.700 Millions Total aggregating to Rs. 252.700 Millions Others Interchangeability 50% from NFB limits to Cash Credit upto the extent of Rs.110.000 Millions subject to NFB limits and Cash Credit limit should not exceed Rs.165.000 Millions at any point of time
Short particulars of the property charged	Extension of Equitable Mortgage by Deposit of Title Deeds or Oral Consent in respect of Companies Immovable Property Viz. R. S. No. 314/1 paiky 3 acre and 11 Gunthas at Village - Baska, Sub-District Halol, Taluka District Panchamahal in the state of Gujarat and containing by admeasurements of 3 Acres and 11 Gunthas or there about together with the Structure standing thereon and bounded by: On or towards North: By Land of R. S. No. 313/1 and 313/2, On or towards South: N. H. Road of Baroda-Godra On or towards East: By Land of R. S No. 315 and 316 On or towards West: By Land of R. S. No.302, 303 and 310 (p).
Date of Modification	13.02.2012
Particulars of the present modification	Vide this modification there is no change in the charge amount of Rs.252.700 Millions. However there is change in composition of limits and secured by Extension of Equitable Mortgage by Deposit of Title Deeds or Oral Consent in respect of Companies Immovable Property Viz. R.S. No.314/1 paiky 3 acre and 11 Gunthas at Village - Baska, Sub-District Halol, Taluka District Panchamahal in the state of Gujarat and containing by admeasurements of 3 Acres and 11 Gunthas

FIXED ASSETS:

Ø Freehold Land

Ø Site Development

Ø Factory Building

Ø Office Premises

Ø Plant and Machinery

Ø Electrical Installation

Ø Furniture and Fixture

Ø Office Equipment

Ø Vehicles

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. 56.74
UK Pound	1	Rs. 88.53
Euro	1	Rs. 75.20

INFORMATION DETAILS

Information Gathered by :	PDT
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	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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.