MIRA INFORM REPORT

Report Date :

01.04.2014

IDENTIFICATION DETAILS

Name :	ALL TIME PLASTICS PRIVATE LIMITED
Registered Office :	B/30, Royal Industrial Estate, Naigoan Cross Road, Wadala, Mumbai – 400031, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	08.03.2001
Com. Reg. No.:	11-131139
Capital Investment / Paid-up Capital :	Rs. 10.000 Millions
CIN No.: [Company Identification No.]	U25209MH2001PTC131139
TAN No.: [Tax Deduction & Collection Account No.]	MUMA14515E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Articles from Plastics.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 246000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. External borrowing of the company is huge. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution. Note: Profit and Loss Statement is not available with us. Mr. Hussain, Accounts Manager informed that “All Time Plastics Private Limited” has taken over “Pyramid Plastics”, it will be effect from 1^st April, 2014.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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. Hussain
Designation :	Accounts Manager
Contact No.:	91-22-66208900
Date :	29.03.2014

LOCATIONS

Registered Office :	B/30, Royal Industrial Estate, Naigoan Cross Road, Wadala, Mumbai – 400031, Maharashtra, India
Tel. No.:	91-22-66208900
Fax No.:	91-22-66208999
E-Mail :	sales@alltimeplastics.com kailesh@alltimeplastics.com hussain@alltimeplastics.com
Website :	http://www.alltimeplastics.com
Factory 1 :	Survey No.190/1/2, 190/1/1/2, 190/1/3, Gandhigram, Dokmardi-Kilvani Road, Village: Amili, Silvassa – 396230, Union Territory of Dadra and Nagar Haveli., India
Tel. No.:	91-260-2630901/ 2630902
E-Mail :	info@alltimeplastics.com
Factory 2 :	377/1 (1 and 2), Kachigam Char Rasta, Daman, Daman and Diu (U.T.), India
Tel. No.:	91-260-2242505-2242
Fax No.:	91-260-2242506

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Kailesh Punamchand Shah

Designation :

Director

Address :

1502, Spring Tower, GD Ambedkar Marg, Dadar (East), Mumbai – 400014, Maharashtra, India

Date of Birth/Age :

04.06.1962

Date of Appointment :

08.03.2001

Voter ID No.:

MT/06/033/016061

DIN No.:

00268442

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	U25209MH1983PTC031535	HARPOON PLASTOCHEM INDUSTRIES PRIVATE LIMITED	Director	09/12/1983	09/12/1983	25/03/2009	Active	NO
2	U25209MH2001PTC131139	ALL TIME PLASTICS PRIVATE LIMITED	Director	08/03/2001	08/03/2001	-	Active	NO

Name :

Mr. Bhupesh Punamchand Shah

Designation :

Director

Address :

Flat 502, Pranav Residency, Bhimani Street, Matunga (East), Mumbai – 400019, Maharashtra, India

Date of Birth/Age :

04.04.1964

Date of Appointment :

08.03.2001

Voter ID No.:

MT/06/033/016062

DIN No.:

00281295

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	U25209MH1983PTC031535	HARPOON PLASTOCHEM INDUSTRIES PRIVATE LIMITED	Director	09/10/1996	09/10/1996	25/03/2009	Active	NO
2	U25209MH2001PTC131139	ALL TIME PLASTICS PRIVATE LIMITED	Director	08/03/2001	08/03/2001	-	Active	NO

Name :

Mr. Nilesh Punamchand Shah

Designation :

Director

Address :

702, Rustom Villa, Parsi Colony, Dr. Ghani Road, Dadar, Mumbai – 400014, Maharashtra, India

Date of Birth/Age :

29.09.1965

Date of Appointment :

08.03.2001

Voter ID No.:

MT/06/033/093253

DIN No.:

00281407

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	U25209MH1983PTC031535	HARPOON PLASTOCHEM INDUSTRIES PRIVATE LIMITED	Managing director	09/10/1996	09/10/1996	25/03/2009	Active	NO
2	U25209MH2001PTC131139	ALL TIME PLASTICS PRIVATE LIMITED	Director	08/03/2001	08/03/2001	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Hussain
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Vasanti Punamchand Shah	252700	25.27
Kailesh Punamchand Shah	249000	24.90
Bhupesh Punamchand Shah	249000	24.90
Nilesh Punamchand Shah	249000	24.90
Rupal Kailesh Shah	100	0.01
Kajal Bhupesh Shah	100	0.01
Sangeeta Nilesh Shah	100	0.01
Total	1000000	100.00

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Articles from Plastics.
Products/ Services :	v Containers v Material Handling v Bathware v Tea and Juice Strainers v Tableware and Serveware v Kitchen aids and Home Utility v Hangers v Cutting Boards v Bulk Storage
Exports :
Products :	Finished Goods
Countries :	v Gulf Countries v Europe v US v Middle East
Imports :
Products :	Raw Material
Countries :	v Singapore v Malaysia v Gulf Countries
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

No. of Employees :

200 (Approximately)

Bankers :

v DBS Bank Limited

221, Fort House , 3^rd Floor, D.N. Road, Fort, Mumbai – 400001, Maharashtra, India

v DBS Bank Limited, Singapore

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loans From DBS Bank Limited, Singapore (Secured with against movable and immovable property of the company and personal guarantee of all the Directors)	87.500	117.500
SHORT TERM BORROWINGS
From DBS Bank Limited, Singapore (Secured with against movable and immovable property of the company personal guarantee of all the Directors)	43.217	2.418
Total	130.717	119.918

Banking Relations :	--
Auditors :
Name :	Mihir Shah and Associates Chartered Accountants
Address :	B-11, 1st Floor, Royal Industrial Estate, Sewree Wadala Roda No 26, Wadala, Mumbai – 400031, Maharashtra, India
Tel. No.:	91-22-24166068/ 72
Income-tax PAN of auditor or auditor's firm :	AAKPS3076Q
Entities in which Key Management Personnel/ Relatives have significant influence :	Pyramid Plastics

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	10.000	10.000
(b) Reserves & Surplus	51.566	44.490	40.196
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	61.566	54.490	50.196
(3) Non-Current Liabilities
(a) long-term borrowings	177.585	192.390	215.300
(b) Deferred tax liabilities (Net)	4.321	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	181.906	192.390	215.300
(4) Current Liabilities
(a) Short term borrowings	43.217	2.418	22.511
(b) Trade payables	54.252	48.261	20.466
(c) Other current liabilities	35.652	33.796	10.729
(d) Short-term provisions	3.139	0.014	0.000
Total Current Liabilities (4)	136.260	84.489	53.706
TOTAL	379.732	331.369	319.202
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	248.333	242.278	242.703
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.122	2.007	27.996
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	4.214	0.000
(d) Long-term Loan and Advances	5.625	2.786	0.459
(e) Other Non-current assets	0.143	0.075	0.040
Total Non-Current Assets	255.223	251.360	271.198
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	78.198	62.835	47.052
(c) Trade receivables	38.257	13.489	0.000
(d) Cash and cash equivalents	2.944	0.959	0.551
(e) Short-term loans and advances	5.110	2.726	0.401
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	124.509	80.009	48.004
TOTAL	379.732	331.369	319.202

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX		7.076	4.294	(5.241)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	515.846	394.241	0.000
	Earnings/ (Loss) Per Share (Rs.)		7.08	4.29	(5.24)

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt/Networth)	3.59	3.58	4.74
Current Ratio (Current Asset/Current Liability)	0.91	0.95	0.89

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	10.000	10.000	10.000
Reserves & Surplus	40.196	44.490	51.566
Net worth	50.196	54.490	61.566
long-term borrowings	215.300	192.390	177.585
Short term borrowings	22.511	2.418	43.217
Total borrowings	237.811	194.808	220.802
Debt/Equity ratio	4.738	3.575	3.586

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10279188	04/03/2011	302,500,000.00	DBS BANK LIMITED	221, FORT HOUSE, 3RD FLOOR, D.N.ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	B10275410
2	10225248	18/06/2010	132,500,000.00	DBS BANK LIMITED	221, FORT HOUSE, 3RD FLOOR, D.N.ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	A87800744
3	10225245	18/06/2010	170,000,000.00	DBS BANK LIMITED	221, FORT HOUSE, 3RD FLOOR, D.N.ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	A87800413

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans and Advances from related parties	90.085	74.890
Total	90.085	74.890

CORPORATE INFORMATION

Subject is part of All Time Group Companies. It was incorporated on 08.03.2001 and began its operations on 24.03.2011. The company is a 100% Export Oriented Unit and is in business of manufacturer of Moulded Plastic Articles.

FIXED ASSETS:

Tangible Assets (Owned)

v Land

v Building

v Plant and Machinery

v Computer Hardware

v Furniture and Fixtures

v Office Equipment

v Vehicles

Intangible Assets (Acquired)

v Computer 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. 60.10
UK Pound	1	Rs. 99.85
Euro	1	Rs. 82.58

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.