MIRA INFORM REPORT

Report Date :

03.05.2013

IDENTIFICATION DETAILS

Name :	LTS PLASTICS (INDIA) PRIVATE LIMITED
Registered Office :	Kaikhali Chiriamore P. O. R. -Gopalpur, 24 Parganas (N), Kolkata – 743518, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.11.1997
Com. Reg. No.:	21-085891
Capital Investment / Paid-up Capital :	Rs. 10.783 Millions
CIN No.: [Company Identification No.]	U25209WB1997PTC085891
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Exporter of PE Container Liners, Wide Width Film, UV Stabilized Film. Pond Liners, Jumbo Bag Liner, Jumbo Bag and PP Woven Fabric.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 300000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The sales turnover for the year 2010, 2011, 2012 is not available. However, as per balance sheet statement for the year 2012, the company seems normal for business dealing. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company 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.

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

EXTERNAL AGENCY RATING

Rating Agency Name	BRICK WORK
Rating	(BWR) BB: Long Term Fund Based
Rating Explanation	Facilities with this are considered to have moderate risk of default regarding timely servicing of financial obligation.
Date	October 2012

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.

LOCATIONS

Registered Office/ Factory :	Kaikhali Chiriamore P. O. R. -Gopalpur, 24 Parganas (N) – 743518, West Bengal, India
Tel. No.:	91-33-25799862/ 25733862
Mobile No.:	91-9330010817 (Mr. Hinglaz K)
Fax No.:	91-33-25731314
E-Mail :	Its_india@rediffmail.com
Head Office :	Factory Para, Chiriamore Kaikhali, Kolkata – 700136, West Bengal, India

DIRECTORS

As on: 29.09.2012

Name :	Mr. Mano Ranjan Saha
Designation :	Director
Address :	10, Gorkha Basi Road, Kolkata – 700028, West Bengal, India
Date of Birth/Age :	10.04.1961
Date of Appointment :	29.09.2001
DIN No.:	00621708
Name :	Mr. Chitta Ranjan Saha
Designation :	Director
Address :	10, Gorkha Basi Road, Kolkata – 700028, West Bengal, India
Date of Birth/Age :	10.03.1959
Date of Appointment :	13.11.1997
DIN No.:	00621665
Name :	Mr. Desh Bandu Saha
Designation :	Director
Address :	10, Gorkha Basi Road, Kolkata – 700028, West Bengal, India
Date of Birth/Age :	12.07.1957
Date of Appointment :	29.09.2001
DIN No.:	00621690

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Desh Bandu Saha	358183
Chitta Ranjan Saha	358183
Mano Ranjan Saha	358134
Rama Saha	1250
Rina Saha	1250
Gouri Saha	1250
Total	1078250

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of PE Container Liners, Wide Width Film, UV Stabilized Film, Pond Liners, Jumbo Bag Liner, Jumbo Bag and PP Woven Fabric.
Products :	PE Container Liners Wide Width Film UV Stabilized Film Pond Liners Jumbo Bag Liner Jumbo Bag PP Woven Fabric.

PRODUCTION STATUS As on 31.03.2012

Particulars	Unit	Actual Production
Finished Goods Poly Propelene Bags	KGS	2362759
Work-in-Progress	KGS	3171974
Waste Product sale after reprocessed in plastic graniules	KGS	121319

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

United Bank of India, Salt Lake, Branch, BD 17, Salt Lake, Sector – 1, Kolkata – 700064, West Bengal, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Working Capital Loans	99.308	90.074
Total	99.308	90.074
Working Capital loans are secured by hypothecation of present and future stock of raw materials, stock-in-process. Finished stock, book debts outstanding monies and receivable

Banking Relations :	--
Auditors :
Name :	P K B and Associates Chartered Accountants
Address :	Uttara Commercial Complex, 3rd Floor, 9b Kit Scheme Viiim, Ultadanga Main Road, Kolkata – 700067, West Bengal, India
PAN No.:	AAKFP8353K

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital:

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1078250	Equity Shares	Rs.10/- each	Rs.10.783 Millions

THE DETAILS OF SHAREHOLDERS HOLDING MORE THAN 5% SHARE

	As on 31.03.2012
Name of Shareholder	No of Shares	% held
Desh Bandhu Saha	358183	33.21
Chitta Ranjan Saha	358183	33.21
Mano Ranjan Saha	358184	33.21

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		10.783	10.783	10.783
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		69.516	67.084	66.977
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		80.299	77.866	77.760
LOAN FUNDS
1] Secured Loans		99.308	90.074	66.759
2] Unsecured Loans		9.868	10.065	9.631
TOTAL BORROWING		109.176	100.139	76.390
DEFERRED TAX LIABILITIES		1.305	1.204	1.154
TOTAL		190.780	179.210	155.304
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		49.810	55.463	58.761
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	106.241	85.345	40.244
	Sundry Debtors	49.553	44.571	37.519
	Cash & Bank Balances	1.957	1.626	17.746
	Other Current Assets	0.306	0.127	0.000
	Loans & Advances	2.338	7.344	4.375
Total Current Assets		160.395	139.013	99.884
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.333	8.372	2.649
	Other Current Liabilities	5.305	6.894	0.219
	Provisions	0.787	0.000	0.473
Total Current Liabilities		19.425	15.266	3.341
Net Current Assets		140.970	123.747	96.543
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		190.780	179.210	155.304

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
SALES
	Income
	Other Income
	TOTAL	NA	NA	NA
EXPENSES
	Office Expenses
	Administrative Expenses
	Advertising Expenses
	TOTAL	NA	NA	NA
PROFIT BEFORE TAX		NA	NA	NA
TAX		NA	NA	NA
PROFIT/ (LOSS) AFTER TAX		2.431	0.108	(4.270)
EARNINGS IN FOREIGN CURRENCY
	Export Earnings	161.549	123.280	67.464
TOTAL EARNINGS		161.549	123.280	67.646
IMPORTS
	Raw Materials	119.729	114.915	45.956
TOTAL IMPORTS		119.729	114.915	45.956
Earnings Per Share (Rs.)		2.25	0.10	(3.96)

KEY RATIOS

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Debt Equity Ratio (Total Debt/Networth)	1.36	1.28	0.98
Current Ratio (Current Asset/Current Liability)	8.25	9.11	29.89

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	No
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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FINANCIAL RESULTS

During the year, the company has earned a profit of Rs. 2.431 Millions

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25209WB1997PTC085891
Name of the company	LTS PLASTICS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Kaikhali Chiriamorepo -R- Gopalpur, 24 Parganas (N), Kolkata – 743518, West Bengal, India lts_india@rediffmail.com
This form is for	Modification of charge
Charge identification number of the charge to be modified	80016974
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	United Bank of India Salt Lake, Branch, BD 17, Salt Lake, Sector – 1, Kolkata – 700064, West Bengal, India bmslk@unitedbank.co.in
Nature of instrument creating charge	Enhancement of overall limit by modification of the existing charge from Rs.117.500 Millions to Rs 181. 000 Millions by the following instruments: Hypo of Goods Hypo of Debts and Moveable Assets (Primary security) Hypo of Debts and Moveable Assets (Additional Security) Hypo of Plant & Machinery Extension of Equitable Mortgage
Date of instrument Creating the charge	28.03.2012
Amount secured by the charge	Rs. 181.000 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest For Cash Credit: BR + 5.50% i.e. 16.10% For PC cum FBP/ FBD: BR +1.25% i.e. 11.85% (maximum) Terms of repayment On Demand/ Review within twelve months. However, the accommodation is for working capital loan which is generally continuing in nature. Margin @25% on Cash Credit @20% Cash Margin for LC @25% Cash Margin for LG Nil on Packing Credit cum FBP/ FBD Extent and operation of the charge By the present modification, the overall limit is increased from the existing limit of Rs.117.500 Millions to Rs 181.000 Millions. The present charge shall rank pari passu with the existing charges.
Short particulars of the property or assets charged (including complete address and location of the property)	Entire Plant and Machinery both present and future belonging to the company situated at Falta SEZ, Plot No. 37B, Sector - 1, Falta, South 24 Parganas, West Bengal, PIN-743504 or anywhere else. Entire current assets including raw materials, work in process, finished and semi finished goods, packing materials, receivables, bills and other moveable assets of the company, present and future. All the assets as stated above situated at Falta SEZ, Plot No. 37B, Sector - 1, Falta, South 24 Parganas, West Bengal, PIN-743504 or anywhere else, by way of first charge. Extension of Equitable Mortgage of property situated at Chiriamore Kaikhali, 24 Parganas, covering land 10 cottah 2 chhatak.
Date of modification prior to the present modification	24.06.2009
Particulars of the present modification	By the present modification, the overall limit is increased to Rs 181.000 Millions by way of hypothecation of Plant and Machinery, Goods, Debts and Moveable Assets of the Company as first charge.

UNSECURED LOAN

(Rs in Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Loan From Directors	9.244	9.468
Loan From Shareholders	0.624	0.597
Total	9.868	10.065

FIXED ASSETS

• Computer
• Electric Installation
• Fax Machine
• Furniture and Fittings
• Motor Car
• Motor Cycle
• Plant and Machinery
• Shed and Building
• Typewriter
• Mobile Phone
• Air Conditioner
• Acrylic Unit

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. 53.74
UK Pound	1	Rs. 83.54
Euro	1	Rs. 70.72

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.