MIRA INFORM REPORT

Report Date :

08.05.2013

IDENTIFICATION DETAILS

Name :	SHRIJI POLYMERS (INDIA) LIMITED (w.e.f. 16.09.2011)
Formerly Known As :	SHRIJI POLYMERS (INDIA) PRIVATE LIMITED (w.e.f. 10.12.2004) SELVEL COMMERCIAL PRIVATE LIMITED
Registered Office :	15D, Industrial Area, Maxi Road, Ujjain-456010, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.07.1996
Com. Reg. No.:	10-011027
Capital Investment / Paid-up Capital :	Rs. 110.951 millions
CIN No.: [Company Identification No.]	U51102MP1996PLC011027
PAN No.: [Permanent Account No.]	AAICS6990E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Packing Material like Plastic Bottles and Plastics Caps.
No. of Employees :	300 (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 940000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct 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 – 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

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 :	Mr. Rakesh Bhatnagar
Designation :	Marketing Head
Contact No.:	91-9425917871
Date :	07.05.2013

LOCATIONS

Registered Office / Factory:	15D, Industrial Area, Maxi Road, Ujjain-456010, Madhya Pradesh, India
Tel. No.:	91-734-2524071 / 73
Mobile No.:	91-9425917871 / 9752412220(Mr. Rakesh Bhatnagar)
Fax No.:	91-734-2526645
E-Mail :	accounts@packingpeople.com
Website :	www.packingpeople.com
Location :	Owned

DIRECTORS

As on 28.09.2012

Name :	Mr. Anand Bangur
Designation :	Managing director
Address :	`Shrinilayam' 1, Ramkrishna Colony, Dewas Road, Ujjain-456010, Madhya Pradesh, India
Date of Birth/Age :	26.03.1963
Qualification :	Graduate
Date of Appointment :	01.02.2011
PAN No.:	ABRPB5355M
DIN No.:	00017170
Name :	Mr. Vishnu Jajoo
Designation :	Whole-time director
Address :	106, Shivaji Park Colony, Dewas Road, Ujjain- 456010, Madhya Pradesh, India
Date of Birth/Age :	10.11.1975
Qualification :	Graduate
Date of Appointment :	01.02.2011
PAN No.:	ABMPJI228Q
DIN No.:	00806268
Name :	Mr. Sharad Mohan Jhanwar
Designation :	Director
Address :	210, Laxmi Nagar, Opposite Mahaveer Digamber Jain Temple, Ujjain- 456010, Madhya Pradesh, India
Date of Birth/Age :	11.12.1956
Qualification :	Graduate
Date of Appointment :	30.09.2010
DIN No.:	03268856
Name :	Beni Gopal Lahoti
Designation :	Director
Address :	69, Veer Durga Das Nagar, Pali- 306401, Rajashthan, India
Date of Birth/Age :	04.07.1957
Qualification :	Graduate
Date of Appointment :	15.06.2011
DIN No.:	01471115
Name :	Mr. Banwari Lal Kasat
Designation :	Director
Address :	Flat No. 402, Dilpasand Residency, Manorama Ganj, Indore-452001, Madhya Pradesh, India
Date of Birth/Age :	06.09.1950
Qualification :	Graduate
Date of Appointment :	15.06.2011
DIN No.:	03569703

KEY EXECUTIVES

Name :	Mr. Rakesh
Designation :	Marketing Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Jajoo Vishnu	808610
Bangur Anand	3648040
Swati Comm. Private Limited, India	1694000
Arpit Packaging Private Limtied, India	891000
Vyanktesh Securities Private Limited, India	1199000
Somani Veena	935000
Bangur Anusha	429000
Dyuti Jajoo U/G Shweta Jajoo	599500
Kriti Jajoo U/G Shweta Jajoo	354750
Jajoo B.S.	436150
Navyug Vyapaar Private Limited, India	100000
Total	11095050

As on 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	35.01
Directors or relatives of Directors	64.99
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Packing Material like Plastic Bottles and Plastics Caps.

Products :

Item Code No.	Product Description
39231020	Packing Containers or clousers

Exports :

Products :

Packing Material like Plastic Bottles and Plastics Caps

Countries :

• Europe
• USA
• Middle East

Imports :

Products :

Raw Material

Countries :

• USA
• Europe
• China

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity
Containers	MT	992	992
Closures	No.	135 Lakhs	135 Lakhs

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

300 (Approximately)

Bankers :

• Punjab National Bank, Kanthal Branch, Ujjain - 456006, Madhya Pradesh, India
• State Bank Of Indore, Ujjain Branch, Madhya Pradesh, India
• Small Industries Development Bank Of India
• State Bank of India
• ICICI Bank Limited
• Bank of Baroda

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Rupee term loans from banks	66.488	7.063
Working capital loans from banks	38.312	20.158
Total	104.800	27.221

Banking Relations :	--
Auditors :
Name :	V.K. Ladha and Associates Chartered Accountants
Address :	36, Dravid Margkshir Sagar Colony, Ujjain-456001, Madhya Pradesh, India
PAN No.:	AACFV8671N
Other Related Parties :	v Shriniwas Containers and Closoures Private Limited v Tirrupati Corrugated v Shree Packers v Arpit Plastics Private Limited v Padma Polytex Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
16000000	Equity Shares	Rs.10/- each	Rs. 160.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11095050	Equity Shares	Rs.10/- each	Rs. 110.951 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		110.951	9.996	9.996
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		124.110	135.412	91.875
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		235.061	145.408	101.871
LOAN FUNDS
1] Secured Loans		104.800	27.221	38.810
2] Unsecured Loans		27.575	33.660	0.197
TOTAL BORROWING		132.375	60.881	39.007
DEFERRED TAX LIABILITIES		15.870	10.491	9.003
TOTAL		383.306	216.780	149.881
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		128.705	82.812	72.860
Capital work-in-progress		154.399	15.220	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	51.970	53.265	38.100
	Sundry Debtors	94.441	88.791	68.872
	Cash & Bank Balances	10.110	0.267	8.119
	Other Current Assets	24.895	13.626	27.061
	Loans & Advances	33.077	32.581	15.591
Total Current Assets		214.493	188.530	157.743
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	40.381	38.399	58.968
	Other Current Liabilities	42.845	7.818	3.414
	Provisions	31.065	23.565	18.340
Total Current Liabilities		114.291	69.782	80.722
Net Current Assets		100.202	118.748	77.021
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		383.306	216.780	149.881

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	488.326	392.200	318.906
		Other Income	6.594	1.890	4.787
		TOTAL (A)	494.920	394.090	323.693
Less	EXPENSES
		Cost of materials consumed	321.331	242.214
		Employee benefit expense	19.057	13.778	258.933
		Other expenses	43.698	54.880
		Exceptional Items	5.360	1.007
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(5.213)	1.848
		TOTAL (B)	384.233	313.727	258.933
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		110.687	80.363	64.760
Less	FINANCIAL EXPENSES (D)		7.650	7.139	5.344
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		103.037	73.224	59.416
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.409	4.661	3.785
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		95.628	68.543	55.631
Less	TAX (H)		32.451	23.825	19.447
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		63.177	44.738	36.184
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	6.845	11.660
Less	APPROPRIATIONS
		Proposed Dividend	NA	NA	0.999
		Transfer to General Reserve	NA	NA	40.000
	BALANCE CARRIED TO THE B/S		NA	NA	6.845
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on FOB basis	7.300	0.000	0.000
	TOTAL EARNINGS		7.300	0.000	0.000
	IMPORTS
		Raw Materials	58.901	73.621	NA
		Capital Goods	12.105	2.839	NA
	TOTAL IMPORTS		71.006	76.460	NA
	Earnings / (Loss) Per Share (Rs.)		9.96	44.81

Particulars	31.03.2013
Sales Turnover (Approximately)	530.000

Expected Sales (2013-2014): Rs. 600.000 millions

The above information has been parted by Mr. Rakesh Bhatnagar (Marketing Head)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	12.77	11.35	11.18
Net Profit Margin (PBT/Sales)	(%)	19.58	17.48	17.44
Return on Total Assets (PBT/Total Assets}	(%)	27.86	25.26	24.12
Return on Investment (ROI) (PBT/Networth)		0.41	0.47	0.55
Debt Equity Ratio (Total Debt/Networth)		0.56	0.42	0.38
Current Ratio (Current Asset/Current Liability)		1.88	2.70	1.95

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

YEAR UNDER REVIEW

Sales of the Company have registered an increase of 24.51% over the sales of the previous year. The said increase is due to strict quality controls at various levels and product friendly market of the products of the Company.

Further Addition in clients has fuelled growth in the year coupled with results of studies at clients level is over. This has added more market for the Company. Addition of product range has also made the Company's growth earlier and faster.

During the year under review, the Company has :

a. commissioned one Wind Mill in Vill. Nandvel, Dist. Mandsaur at a cost of Rs.37.185 millions to generate electric energy for sale and/or captive consumption. The production of electric energy has been started and generated 2710 units upto 31st March 2012

The Company has entered into an agreement with M.P. Power Management Company Limited on 20.06.2012 for sale of electric energy so produced for a period of 25 years.

b. set up manufacturing facilities for containers and closures at Indore SEZ in Pithampur, Dist. Dhar (MP). The Company has begun the trial run of the Plant and the quality of end product is upto the standards set for the same.

c. purchased the assets comprising of Land, Buildings, Sheds and Plant and Machinery of the going concern in the State of Goa at a cost of Rs. 47.000 millions.

The line of manufacturing of the aforesaid concern is similar to that of the Company

MERGER/AMALGAMATION

To pool the resources, The Directors have approved the merger of the going concern Shriniwas Containers and Closures Private Limited with the Company which is subject to the applicable provisions of the Companies Act, 1956 and approval of the Hon'ble High Court having jurisdiction over the Companies.

The Company has filed the necessary petition to the Hon'ble High Court, M.P. bench at Indore for necessary orders in the matter of merger as aforesaid.

Further, the Hon'ble High Court of M.P. bench at Indore has issued necessary directions for convening of the Meetings of Shareholders, Creditors and Unsecured Creditors to be held on September 8, 2012.

UNSECURED LOAN

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
Loans and advances from related parties	27.575	33.660
Total	27.575	33.660

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51102MP1996PLC011027
Name of the company	SHRIJI POLYMERS (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	15D, Industrial Area, Maxi Road, Ujjain-456010, Madhya Pradesh, India E-mail: accounts@packingpeople.com
This form is for	Creation of charge
Type of charge	Others (Stocks of Raw Mat.finished and semi finished goods)
Particular of charge holder	State Bank of India, Freeganj, Ujjain-456010, Madhya Pradesh, India E-mail: deepak.girkar@sbi.co.in
Nature of instrument creating charge	Agreement of Loan-cum-Hypothecation dated January 31, 2013 executed in favour of State Bank of India to secure the repayment and due discharge of the Cash Credit (Hypothecation) and Book Debts and ILC/FLC facility upto Rs.211.000 millions (Cash Credit (Hyp) and Book Debts Rs.150.000 millions, ILC/FLC Rs.60.000 millions and Derivatives/CEL Rs.1.000 millions) provided/to be provided to the Company.
Date of instrument Creating the charge	31.01.2013
Amount secured by the charge	Rs. 211.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 2% above Base Rate present effective rate 11.75% p.a. or such other rate as may be notified by the bank from time to time. Terms of Repayment On demand Margin RM - 25% Finished Goods - 30% Components (Consumable Spares) - 30% Domestic Receivables - 50% Extent and Operation of the charge First Charge over entire Current Assets by way of Hypothecation of the entire Stocks of raw materials, finished goods Stock in process and spares, packing materials etc at Company's premises at Ujjain, Pithampur and Goa and goods in transit/shipment and Book Debts. Others 1.Personal Guarantee of Sarvashri Anand Bangur and Vishnu Jajoo, Directors and Smt. Mangla Bangur and Veena Somani. 2. Corporate Guarantee of Padma Polytex India Private Limited
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First Charge over entire Current Assets by way of Hypothecation of the entire Stocks of raw materials, finished goods Stock in process and spares, packing materials etc at Company's premises at Ujjain Ujjain, Pithampur and Goa and goods in transit/shipment and Book Debts.

CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR) :

(Rs. in millions)

PARTICULARS	31.03.2012
Income Tax Matters	1.084
Sales Tax Matters	0.965

FIXED ASSETS

v Tangible Assets

• Freehold Land
• Lease Hold Land
• Buildings
• Plant and Equipment
• Wind Mill
• Furniture and Fixtures
• Vehicles
• Office equipment

v Intangible Assets

• Software
  

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.54.16
UK Pound	1	Rs.83.88
Euro	1	Rs.71.00

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	MRI

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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--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.