MIRA INFORM REPORT

Report Date :

26.06.2013

IDENTIFICATION DETAILS

Name :	BILLION PLASTICS PRIVATE LIMITED
Registered Office :	101, Himalaya House, 79, R.A. Marg,, Mumbai – 400 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.05.1965
Com. Reg. No.:	11-013200
Capital Investment / Paid-up Capital :	Rs.0.321 million
CIN No.: [Company Identification No.]	U25209MH1965PTC013200
TAN No.: [Tax Deduction & Collection Account No.]	MUMB11991A MUMB11294D
PAN No.: [Permanent Account No.]	AAACB1940P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Supplier and Exporter of PVC Transparent Tubing, PVC Braided Hoses, Corrugated Pipes, PVC Steel Spring Hose, Rigid Reinforced PVC Flexible Suction and Delivery Hoses, etc.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 430000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a good track record. There appears slight dip in sales turnover during 2012. However, general financial strength seems to be strong. Liquidity position is good. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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

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 (GENERAL DETAILS)

Name :	Mr. Vinay Gandhi
Designation :	General Manager
Contact No.:	91-9820108303
Date :	24.06.2013

LOCATIONS

Registered Office :	101, Himalaya House, 79, R.A. Marg, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22621673/ 22621674/ 22621675
Mobile No.:	91-9820108303 (Mr. Vinay Gandhi)
Fax No.:	91-22-22621672/ 22843213
E-Mail :	billionplastics@gmail.com billion@mtnl.net.in
Website :	http://www.billionplastics.in
Location :	Owned
Factory :	Survey No.57/1(7), Village Dunetha, Daman, Gujarat, India

DIRECTORS

As on 26.09.2012

Name :	Mr. Gulabrai Vrajdas Gandhi
Designation :	Director
Address :	21, Vallabh Apartments, 87, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India
Date of Birth/Age :	05.08.1928
Date of Appointment :	06.05.1965
DIN No.:	00642353
Name :	Mr. Pradeep Gulabrai Gandhi
Designation :	Director
Address :	21, Vallabh Apartments, 87, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India
Date of Birth/Age :	11.07.1959
Date of Appointment :	15.12.1977
DIN No.:	00642408
Name :	Mr. Ajay Gulabrai Gandhi
Designation :	Director
Address :	B-252, Grand Paradi, A. Kranti Road, Mumbai – 400 036, Maharashtra, India
Date of Birth/Age :	19.04.1957
Date of Appointment :	15.12.1977
DIN No.:	01633803

KEY EXECUTIVES

Name :	Mr. Vinay Gandhi
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2012

Names of Shareholders	No. of Shares
Gulabhai V. Gandhi and Shantaben G. Gandhi	99
Shantaben G. Gandhi and Gulabhai V. Gandhi	100
Ajay G. Gandhi and Aarti A. Gandhi	100
Pradeep G. Gandhi and Chhaya P. Gandhi	1510
Jayashree S. Morzaria and Subhash K. Monaria	1
Ajay G. Gandhi (H.U.F) and Aarti A. Gandhi	40
Pradeep G. Gandhi (H.U.F) and Chhaya P. Gandhi	50
Consumers Plastics Private Limited, India	10
Aarti A. Gandhi and Ajay G. Gandhi	11
Chhaya P. Gandhi and Pradeep G. Gandhi	686
Heeral Pradeep Gandhi and Chhaya P. Gandhi	1
Shamit Ajay Gandhi and Aarti A. Gandhi	1
Vinay P. Gandhi and Pradeep G. Gandhi	401
Heeral P. Gandhi and Pradeep G. Gandhi	200
Total	3210

As on 26.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	0.31
Directors or relatives of Directors	99.69
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Supplier and Exporter of PVC Transparent Tubing, PVC Braided Hoses, Corrugated Pipes, PVC Steel Spring Hose, Rigid Reinforced PVC Flexible Suction and Delivery Hoses, etc.

Products :

Item Code No. (ITC Code)	39172110
Product Description	PVC Tubing and Corrugated Pipes
Item Code No. (ITC Code)	39042290
Product Description	PVC Compound

· PVC Compounds and Master Batches

· PVC Transparent Tubing

· PVC Braided Hoses

· Corrugated Pipes

· PVC Steel Spring Hose

· Rigid Reinforced PVC Flexible Suction and Delivery Hoses (Medium Duty)

· Rigid Reinforced PVC Flexible Suction and Delivery Hoses (Heavy Duty)

· Rigid Embedded PVC Flexible Spiral Duct Hose

· Steel Wire Reinforced Vinyl Hoses (GPI)

· Steel Wire Reinforced Vinyl Hoses (CPPL), etc.

· EVA Tubing

· Epoxy Plasticizers

· PVC Compounds

Exports :

Products :

PVC Transparent Tubing, PVC Braided

Countries :

· Middle East

· Dubai

Imports :

Products :

Raw Material

Countries :

Taiwan

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
PVC Tubing and Corrugated Pipes	Mtrs.	4921551
PVC Compound	Kgs.	683723
Master Batch	Kgs.	24965
Wastage	Kgs.	75794

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

100 (Approximately)

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

· State Bank of India, Saki Naka Branch, Vihar Lake Road, Mumbai – 400 072, Maharashtra, India

Tel. No.: 22-28598866

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long term borrowings
from State Bank of India (against hypothecation of vehicle)	0.000	0.136
From HDFC Bank (against hypothecation of vehicle)	0.701	0.000
Short term borrowings
HDFC Bank-CCA/c. (Secured against hypothecation of stock of Finished goods and Book Debts )	1.691	5.016
Total	2.392	5.152

Banking Relations :	---
Auditors :
Name :	Ladhawala and Shah Chartered Accountants
Address :	Maitri Heights, 1^st Floor, 74, Bhaudaji Road, Matunga C.R., Mumbai – 400 019, Maharashtra, India
PAN No.:	AAAFL0743R

CAPITAL STRUCTURE

As on 26.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3210	Equity Shares	Rs.100/- each	Rs.0.321 million

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3210	Equity Shares	Rs.100/- each	Rs.0.321 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.321	0.321
(b) Reserves & Surplus	108.000	97.855
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	108.321	98.176
(3) Non-Current Liabilities
(a) long-term borrowings	0.701	0.136
(b) Deferred tax liabilities (Net)	4.036	4.037
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	4.737	4.173
(4) Current Liabilities
(a) Short term borrowings	10.824	16.611
(b) Trade payables	2.905	1.711
(c) Other current liabilities	4.080	3.722
(d) Short-term provisions	8.615	3.065
Total Current Liabilities (4)	26.424	25.109
TOTAL	139.482	127.458
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18.777	19.857
(ii) Intangible Assets	0.150	0.150
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	8.748	7.177
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.185	0.185
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	27.860	27.369
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	14.430	10.924
(c) Trade receivables	9.728	11.398
(d) Cash and cash equivalents	1.993	1.621
(e) Short-term loans and advances	85.471	76.146
(f) Other current assets	0.000	0.000
Total Current Assets	111.622	100.089
TOTAL	139.482	127.458

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.321
2] Share Application Money		0.000
3] Reserves & Surplus		92.491
4] (Accumulated Losses)		0.000
NETWORTH		92.812
LOAN FUNDS
1] Secured Loans		0.490
2] Unsecured Loans		3.764
TOTAL BORROWING		4.254
DEFERRED TAX LIABILITIES		4.037
TOTAL		101.103
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.907
Capital work-in-progress		0.000
INVESTMENT		7.177
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.321
	Sundry Debtors	16.632
	Cash & Bank Balances	2.444
	Other Current Assets	0.000
	Loans & Advances	52.905
Total Current Assets		83.302
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.720
	Other Current Liabilities	0.548
	Provisions	5.015
Total Current Liabilities		11.283
Net Current Assets		72.019
MISCELLANEOUS EXPENSES		0.000
TOTAL		101.103

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	70.636	66.117	81.989
		Other Income		11.205	9.272
		TOTAL	70.636	77.322	91.261
Less	EXPENSES
		Office Expenses
		Administrative Expenses	54.942	68.895	78.176
		Advertising Expenses
		TOTAL	54.942	68.895	78.176
	PROFIT BEFORE TAX		15.694	8.427	13.085
Less	TAX		5.550	3.063	7.131
	PROFIT AFTER TAX		10.144	5.364	5.954
	IMPORTS
		Raw Materials	NA	NA	4.900
	TOTAL IMPORTS		NA	NA	4.900
	Earnings Per Share (Rs.)		3.16	1.67	1.86

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	14.36	6.94	6.52
Net Profit Margin (PBT/Sales)	(%)	NA	12.75	15.96
Return on Total Assets (PBT/Total Assets}	(%)	12.00	7.01	12.44
Return on Investment (ROI) (PBT/Networth)		0.14	0.09	0.14
Debt Equity Ratio (Total Debt /Networth)		0.21	0.34	0.05
Current Ratio (Current Asset/Current Liability)		4.22	3.99	7.38

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
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	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

Note:

The registered office of the company has been shifted from 1^st Floor, 5-D, Mogra Village, Near Railway Subway, Andheri (East), Mumbai – 400 069, Maharashtra to the present address w.e.f. 16.05.2008.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Short term borrowings
From Directors	1.037	1.007
From Shareholders	8.096	10.588
Total	9.133	11.595

FIXED ASSETS:

· Goodwill

· Land at Daman

· Factory Building (At Daman)

· Godown

· Office Premises

· Plant and Machinery

· Electrical Fittings and Installations

· Dies and Moulds

· Furniture and Fixtures

· Air Conditioner

· Computer

· Office Equipments

· Motor Cars

· Factory 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.59.70
UK Pound	1	Rs.92.25
Euro	1	Rs.78.38

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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

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.