MIRA INFORM REPORT

Report Date :

07.05.2013

IDENTIFICATION DETAILS

Name :	FIBRE FOILS LIMITED
Registered Office :	Plot No. A 6, Street No. 5, MIDC, Andheri (East), Mumbai – 400 093, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.10.1968
Com. Reg. No.:	11-14111
Capital Investment / Paid-up Capital :	Rs.61.379 Millions
CIN No.: [Company Identification No.]	U21010MH1968PLC14111
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Paper Cores and Tubes, Composite, Fibre Drums Laminated Composite Containers and POY Tubes
No. of Employees :	350 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1330000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Three appears some loss recorded by the company during 2011-2012. However, the general financial position is good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. 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.

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. Deshpande
Designation :	Accounts Department
Contact No.:	91-22-28326228
Date :	06.05.2013

LOCATIONS

Registered / Corporate Office :	Plot No. A 6, Street No. 5, MIDC Road, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-28326228 / 2832 8609
Fax No.:	91-22-28372145
E-Mail :	shetron@vsnl.com
Website :	www.shetrongroup.com
Factory :	Khopoli Near Mumbai, Village Dheku, Off Khopoli-Pen Road., Taluka: Khalapur, Raigad-410 203, India
Tel. No.:	95-2192-263408 / 263410 / 268930
Fax No.:	95-2192-268619

DIRECTORS

AS ON 24.09.2012

Name :	Mr. Diwakar Sanku Shetty
Designation :	Director
Address :	Divya Dr. R S Jain Marg, Gandhirram Road, Juhu , Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	03.06.1943
Date of Appointment :	09.10.1968
Din No.:	00432755
Name :	Mr. Praveen Vittal Mally
Designation :	Director
Address :	Vionna Building, Flat No.5, Plot No.12, JVPD Scheme, Juhu, Mumbai- 4000493Yashoda
Date of Birth/Age :	05.01.1966
Date of Appointment :	01.08.1998
Din No.:	00798354
Name :	Mrs. Yashoda Diwakar Shetty
Designation :	Director
Address :	Divya Dr. R S Jain Marg, Gandhirram Road, Juhu , Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	11.07.1951
Date of Appointment :	15.07.1977
Din No.:	00798116
Name :	Mr. Daksharaj Divakar Shetty
Designation :	Director
Address :	Divya Dr. R S Jain Marg, Gandhirram Road, Juhu, Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	06.11.1977
Date of Appointment :	10.05.2004
Din No.:	00798056

KEY EXECUTIVES

Name :	Mr. Deshpande
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.09.2012

Names of Shareholders	No. of Shares
Diwakar Sanku Shetty	63717
Yashoda Diwakar Shetty	61993
Daksharaj Divakar Shetty	41386
Karunya Shetty	400
Konjal Machines Private Limited, India	60060
Shetron Enterprises Private Limited, India	164614
N S Shetty	200
Midwest Services Limited, UAE	125000
Praveen Mally	400
Raksha Mally	46752
Diya Mally	350
Riya Mally	350
Niksha Nayak	47404
Kartik Nayak	400
Krishang Nayak	365
Banika Nayak	400
TOTAL	613791

AS ON 24.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	21.00
Directors or relatives of directors	43.00
Other top fifty shareholders	36.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Paper Cores and Tubes, Composite, Fibre Drums Laminated Composite Containers and POY Tubes

Products :

Item Code No.	Product Description
09020484	Laminated Composite Containers
028060145	Special Tubes
0208060237	Paper Drums

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Paper Containers and Drums	In Million Nos.	26.29	19.16
Paper Tubes and Cores	In Million Nos.	6.72	6.60

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

350 [Approximately]

Bankers :

• Union Bank of India, Andheri (East) Branch, Mayani Manor, Sir, M.V.Road, Andheri (East),, Mumbai - 400069, Maharashtra, India
• The Cosmos Co-operative Bank Limited, Vile Parle Branch, Nehru Road, Vile Parle (East), Mumbai-400057, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Term loans from banks	113.552	129.443
Loans taken for vehicles	2.569	0.220
Other loans and advances	85.779	13.091
TOTAL	201.900	142.754

Banking Relations :	--
Auditors :
Name :	B.M. Chaturvedi and Company Chartered Accountant
Address :	32, Jolly Maker Chambers II, Nariman Point, Mumbai – 400021, Maharashtra, India
PAN No:	ABLPC2269H
Associates/Subsidiaries :	Shetron Limited [L21014KA1980PLC003842] Sansha Systems Limited [85110KA1985PLC006749] Shetron Enterprises Private Limited [U67120MH1982PTC028993] Bunts Property Private Limited [U45200MH1974PTC018017] Konjal Machines Private Limited Fibre Boards Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
615000	Equity Shares	Rs.100/- each	Rs.61.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
613791	Equity Shares	Rs.100/- each	Rs.61.379 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		61.379	61.379	61.379
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		272.591	287.744	284.702
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		333.970	349.123	346.081
LOAN FUNDS
1] Secured Loans		201.900	142.754	108.017
2] Unsecured Loans		10.792	24.122	32.420
TOTAL BORROWING		212.692	166.876	140.437
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		546.662	515.999	486.518
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		381.706	385.696	380.446
Capital work-in-progress		0.000	0.000	6.690
INVESTMENT		1.055	1.065	0.965
DEFERREX TAX ASSETS		5.169	0.023	0.023
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	128.375	84.007	63.294
	Sundry Debtors	67.777	68.177	7.184
	Cash & Bank Balances	38.988	16.836	67.861
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	15.670	14.329	14.083
Total Current Assets		250.810	183.349	152.422
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	67.113	16.598	36.290
	Other Current Liabilities	24.965	35.755	14.479
	Provisions	0.000	1.781	3.259
Total Current Liabilities		92.078	54.134	54.028
Net Current Assets		158.732	129.215	98.394
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		546.662	515.999	486.518

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	438.802	431.677	342.201
		Other Income	9.011	1.689	11.385
		TOTAL (A)	447.813	433.366	353.586
Less	EXPENSES
		Cost of materials consumed	298.341	254.120
		Employee benefit expense	36.738	27.351	313.814
		Other expenses	93.891	111.889
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(5.060)	(0.314)
		TOTAL (B)	423.910	393.046	313.814
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		23.903	40.320	39.772
Less	FINANCIAL EXPENSES (D)		27.239	19.231	12.789
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(3.336)	21.089	26.983
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.971	12.273	11.209
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(16.307)	8.816	15.774
Less	TAX (H)		(5.147)	1.781	2.938
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(11.160)	7.035	12.836
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		62.315	55.280	42.446
	BALANCE CARRIED TO THE B/S		51.155	62.315	55.280
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	136.459	135.938	49.350
	IMPORTS
		Raw Materials	127.513	72.715	37.605
	Earnings / (Loss) Per Share (Rs.)		(26.57)	14.36	20.91

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(2.49)	1.62	3.63
Net Profit Margin (PBT/Sales)	(%)	(3.72)	2.04	4.61
Return on Total Assets (PBT/Total Assets}	(%)	(2.57)	1.55	2.96
Return on Investment (ROI) (PBT/Networth)		(0.05)	0.03	0.05
Debt Equity Ratio (Total Debt/Networth)		0.64	0.47	0.56
Current Ratio (Current Asset/Current Liability)		2.72	3.39	2.82

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2012 [Rs. in millions]	31.03.2011 [Rs. in millions]	31.03.2010 [Rs. in millions]
Sundry Creditors	67.113	16.598	36.290

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	Yes
17]	Major suppliers	No
18]	Major customers	No
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	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Deferred payment liabilities	10.792	24.122
TOTAL	10.792	24.122

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.53.95
UK Pound	1	Rs.84.03
Euro	1	Rs.70.72

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.